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The
finatiqul
lin:nude
Volume 136
New York, Saturday, April 29 1933.
Number 3540
The Financial Situation
HE spirit which dominates legislation at Washington at the present time and .which makes
Congress no longer amenable either to reason or common sense, was well illustrated this week in the proposal made in the Senate to attach a provision to the •
Farm Relief Bill authorizing a soldier bonus payment
in amount of about $2,400,000,000 to the veterans of
the late war. This proposal was offered along with
the extensive provisions for currency inflation and
the devaluation of the gold dollar, which have been
the subject of such extended debate in the Senate.
Fortunately, the bonus provision was rejected when
President Roosevelt let it be known that he was opposed to it, receiving only 28 votes as against 60 in
opposition. The spirit which inspires such proposals, as also the all-embracing provisions for widespread inflation, is the delusion that the United
States Treasury is an endless reservoir of cash and
of credit, which needs only to be tapped to yield unlimited funds for the benefit of all human kind. Furthermore, the Federal Government is supposed to be
able to provide a sovereign remedy .for all the economic and other ills with which the country may be
afflicted and, in fact, all the ills which may be
troubling the world at large, now that we have begun
to take the whole family of nations into our care.
While we have escaped the necessity of providing
the huge cash bonus referred to, we are left saddled
with the provisions of all the inflationary proposals
which have been added as a rider to the Farm Relief
Bill. These provisions are numerous, and they are
charged with infinite capacity for mischief. All the
different proposals, notwithstanding their objectionable character, have been separately approved by
decisive majorities. On Wednesday .the silver
amendment authorizing the President "by proclamation to fix the weight of the gold dollar in grains 9/10
fine and also to fix the weight of the silver dollar in
grains 9/10 fine at a definite ratio in relation, to the
gold dollar at such amounts as he finds necessary
from his investigation to stabilize domestic prices or
to protect the foreign commerce against the adverse
effect of depreciated foreign currencies, and to provide for the unlimited coinage of such gold and silver
at the ratio so fixed," passed the Senate by a vote of
41 to 26 (the remaining Senators being paired), and
on Thursday the provision for the devaluation of the
gold dollar found approval by a vote of 53 to 35, the
vote in this case being on the motion of Senator Reed
of Pennsylvania to strike out the clause which gives
to the President authority to diminish the gold content of the dollar to the extent of 50%. Yesterday
the Farm Relief Bill itself, with all the inflationary
T
provisions included, passed the Senate by a vote of
64 to 20.
All these different provisions have the same object
in view, namely,to depreciate the American currency
in order to bring about arise in commodity values,
and not a word can be said in defense of any of them
from a sane and rational standpoint guided by the
light of experience, besides which there seems no
likelihood that the object sought can be obtained.
We will go further than this and say that the different proposals are not only indefensible, but must
be considered little short of monstrous. We have no
desire to indulge in extravagant language and wish
to be temperate in our discussion of the subject, but
no other word than "monstrous" appears so well
fitted to describe their true nature and character.
And on that point it is highly significant that Senator Carter Glass, who played such an important
part in the framing of the Federal Reserve Act, has
found himself-obliged to oppose all the different provisions and to register his vote against the Relief
Bill itself, in one of the most pathetic and at the same
time most convincing speeches ever delivered in the
Senate chamber, Mr. Glass being feeble from sickness and having dragged himself to speak in opposition as a matter of conscience and conviction.
Consider the proposal for reducing the gold content of the dollar. As we pointed out last week,
President Roosevelt, by asking for authority to make
this reduction, placed himself in opposition to the
course pursued by the long line of his predecessors
in office in previous periods of depression when the
same economic errors as are now finding such wide
acceptance were urged as remedies. We mentioned
in particular the action of General Grant during the
greenback era, and of Grover Cleveland during the
silver crusade. That we should now be obliged to
fight out all over again the issues raised during the
campaign of William Jennings Bryan seems almost
incredible, but is an issue that now confronts the
country and an issue, moreover, that there was not
the slightest reason for raising, except that our
worthy President who started his Presidential career
in such brilliant fashion only a few weeks ago has
seen fit now to bring the issue to the front again out
of a desire to engage in the Utopian task of equalizing the currency and economic systems of the entire
world, a dream impossible of accomplishment because of the diverse and conflicting interests involved, even with the most loyal co-operation of all
those in high authority.
But in the course now entered upon the objections
go deeper than this. They involve moral and ethical
2838
Financial Chronicle
considerations that strike at the very foundations of
our Government. The matter concerns the integrity
and stability of the country's unit of value. In these
circumstances what justification can now be offered
on Mr. Roosevelt's behalf in departing from the accepted course of all previous occupants of the Presidential chair? One and all swore to protect and defend the Constitution, and the gold content of the
dollar may be said to have been an integral part of
the Constitution in having always been held sacred
and free from all assaults and tampering for debasement. Gold might sell at an enormous premium, as
it did during the Civil War, but no one ever seriously
proposed to wipe out the premium by reducing the
weight of the gold dollar. The paper unit might be
worth more or worth less, depending upon the degree
of the depreciation, but the gold unit was always of
definite weight and never subject to change. Now
it is to be at the haphazard determination of a single
individual, the President of the United States, and
apparently subject to constant change, whenever
said individual concludes to make a new determination, since there is no limit to the unprecedented
power thus conferred and exacted by the present
Executive.
We mean that there is no limit of a year or two
years, during which the power thus given is to be
exercised. , The provision is a continuous one, and
there is thus nothing to prevent a succeeding President, or, indeed, the same President, to make a
new,change to give the gold dollar less weight or
more weight, thereby leaving the matter always open
and hence injecting an everlasting element of uncertainty. And let the reader notice how wide is the
latitude allowed the President. He is allowed to
fix the weight of the gold dollar, and the silver dollar as well, in order "to stabilize domestic prices or
to protect the foreign commerce against the adverse
effect of depreciated foreign currencies" which means
that he could make changes over and over again. In
this state of things what can henceforth be said on
behalf of the integrity and stability of our gold unit,
so long the pride of the country, and which, as
already stated, every previous President of the
United States has deemed it his bounden duty to
guard and protect. Is such a departure calculated
to restore trade and commerce, which is the primary
purpose in mind? Is it not rather likely to retard
trade revival now ao strongly in its incipiency?
No wonder Carter Glass is moved to pitiful expressions in viewing the prospects under the great change
that is to be inaugurated. Mr. Glass, in his address,
said with much feeling:
"I wrote with my own hand that provision of the
national Democratic piatform which declared for a
sound currency to be preserved at all hazards.
"I was unable because of illness to make more than
one-speech during the entire Presidential campaign.
And in. that one speech, with all the righteous indignation that I could summon and in terms perhaps
of some bitterness, I reproached the then President
of the United States and Secretary of the Treasury
for saying that this country was within two weeks of
going off the gold standard.
"The reaction to that speech—and I do not say it
in any boastful way—was that I now have found in
excess of 5,000 telegrams'and letters from people,
mostly strangers to me, commending that utterance.
The first telegram in the first bound volume is one
from Franklin D. Roosevelt, now President of the
United States, who said the speech was to him an
inspiration.
April 29 1933
"In his public utterances at Brooklyn and at other
places he textually commended, that part of the
speech which so bitterly criticized his political adversary and competitor for suggesting that this country was in.
imminent danger of going off the gold
standard.
"This simple recital will indicate that I have not
deserted anybody or any party in opposing the bill.
I am simply consistently maintaining an attitude of
earnest conviction on public questions which is more
important to me than the favor of party or potentate."
It deserves also to be noted here that even Norman
Thomas, the Socialist candidate for President last
year, cannot see his way clear to endorsing the inflation program which has now so suddenly been thrust
upon the country. And on what ground does Mr.
Thomas base his objections? He says that "to give
one man such power and to subject him to the enormous forces which will struggle for its use is not in
the long run the way to safety or of wisdom." The
pith of this statement is in the reference "to the enormous forces which will struggle" for the use of the
new powers, and it answers the argument made on
behalf of Mr. Roosevelt that he means to use the
extraordinary powers conferred upon him only sparingly, or perhaps not at all. He will be subject to
these enormous forces, and it will be impossible for
him to resist them if the scheme does not work out
in the way sought and produce the results immediately expected of it. The conclusion is irresistible
that no such power should be conferred upon the
Chief Executive, not alone because it .does violence
to the ethical considerations involved, but because it
involves such great and palpable dangers.
There are other propositions in the inflationary
scheme no less monstrous than reducing the weight
of the gold dollar. There is first of all the proposition endowing the President with authority to direct the Secretary of the Treasury to enter into agreements with the several Federal Reserve banks and
with- the Federal Reserve Board whereby the Federal Reserve Board will "and it is hereby authorized
to, notwithstanding any provisions of law or rules
and regulations to the contrary, permit such Reserve
banks to agree that they will" engage in open market
operations in obligations of the Federal Government
or corporations in which the United States is the
principal stockholder to purchase Treasury bills or
other obligations of the United States in an aggregate sum of $3,000,000,000 in addition to those they
may now hold. As they already hold $1,837,072,000
of Government securities, this would mean that they
would ultimately hold close to $5,000,000,000 of
United States Government obligations, and against
these there would be no reserve requirements.
What is to be said of the liquidity of a central
banking system thus burdened with obligations
which they could not dispose of? Is there not here
an element of the gravest danger? Is there not, in
short, a possibility of wrecking the entire Federal
Reserve System? We hear much nowadays of the
desirability of having all the banks in the United
States join the'Federal Reserve System, but does not
another consideration now come up? Is there not
danger,in view of the fact that the Reserve banks are
so largely to Tose their liquidity (and it should be
remembered that a new series of Federal Reserve
bank notes has recently been Created, against which
no reserves are required)—is there not a serious
danger that some banks may be driven out of the
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Volume 136
Reserve System, instead of banks outside the System
being induced to come in? Is it overdrawing the
picture to call a proposal involving such menace
"monstrous"? .Mr. Glass, in speaking of these large
holdings of Government obligations and the direction now to increase them, says: "It (the Reserve
System) cannot dispose of them without utterly demoralizing the entire bond market of the United
States; and yet here we have a proposition to accentuate that disastrous condition and further to
imperil the Reserve System by adding $3,000,000,000
more of United States bonds to its portfolios."
•
Then there is the provision permitting the President to direct the Secretary of the Treasury to issue
up to $3,000,000,000 United States notes under an
Act approved Feb. 25 1862, "for the purpose of
meeting maturing Federal obligations, to repaysums
borrowed by the United States, and for purchasing
United States bonds and other interest-bearing obligations of the United States." This is a return to
the greenback era and indicates how far we are
drifting from the safe and sound standards to which
the country has been committed for at least half a
century or more. These are irredeemable obligations except that 4% of the amount outstanding is
to be canceled each year. As further indicating the
character of this forced issue, it is provided that
"such notes and all other coins and currencies heretofore or hereafter.issued by or under the authority of
the United States shall be legal tender for all debts
public and private."
Most important .of all is the fact there is not the
least assurance that the general level of commodity
.prices can be permanently raised as a result of all
these inflationary (or deflationary) and debasing
measures and proposals. Reference is constantly
being made to the advantages that Great Britain is
deriving from the depreciation of the pound sterling.
These advantages are not to be found in a study of
the indexes of commodity prices as prepared by the
different authorities. Great Britain cast off the gold
standard on Sept. 21 1932, and while at first these
commodity indexes showed a rise, the rise was
quickly checked, and then
downward movement
carried the level lower and lower, just as was the
experience of the United States which all the time
remained on a gold basis.
All the different indexes agree on that point.
Thus the Statist Index number of wholesale prices
which is a continuation of the Sauerbeck's figures
long held in high esteem and which.are based on the
1867-77 record as 100 shows that while the average
of wholesale commodity prices in September 1931
was 94.9% and there was a rise from that figure to
102.0 in February 1932, almost uninterrupted decline followed thereafter with the result that for
March 1933 the average is down to 90.6, several
points lower than when the depreciation in the
value of the pound sterling began. The Index figures of the British Board of Trade and that of the
London "Economist" tell the same story. These
figures start from a different basis, but the trend
is closely identical. The Board of Trade Index for
September 1931 was 99.2, and froth this there was
a rise to 106.4 in November, but now the average is
back to 98.9 for February 1933 (the March figures
not having appeared yet); similarly the "Economist" figure, which for the end of September 1931
was 89.6, rose to 92.2 at the end of February 1932,
but is now back to only 82.7 in February 1933. .We
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Financial Chronicle
have compiled the following little table to show the
changes in the index numbers of the three authorities referred to:
Board of
Trade. Economist Statist.
1931-August
September
October
November
December
1932
-January
February
March
April
May
June
July
August
September
October
November
December
1933
-January
February
March '
99.5
99.2
104.4
106.4
105.8
105.8
105.3
104.6
. 102.4
100.7
98.1
97.7
99.5
102.1
101.1
101.1
101.0
100.3
98.9
85.7
89.6
90.1
90.7
90.6
90.0
92.2
88.5
86.3
83.3
80.9
82.7
85.2
88.1
85.3
85.7
84.1
84.2
82.7
____
93.1
94.9
96.8
97.6
100.5
99.6
102.0
98.9
97.0
94.4"
90.6
92.8
94.9
94.6
91.5
91.6
91.4
91.5
90.6
90.6
There is no reason to think that the result would
be any different if the different countries combined
in an effort to establish a permanently higher level
of commodity values, through the marking down•of
their different units of values, supposing that all
the different countries could be prevailed upon to
engage in the process of depreciation. The reason
is that commodity values cannot be permanently
controlled by fluctuations in the volume of banking
credit or of the circulating medium. Stock Exchange prices might for a time be influenced by such
tactics. The fluctuations in commodity prices, however, are governed largely by factors lying mainly
outside of banking credit or currency issues-the
determining factor, especially in the case of agricultural products being supplies in relation to demand, and it is to be remembered that currency or
credit inflation alone can add nothing to either production or consumption.
We are told by the advocates of this new inflationary scheme that the inflation contemplated is
to be controlled inflation. But experience teaches
that there is no such thing as controlled inflation,
that inflation quickly gets out of hand and that then
expansion continues until the bubble bursts and the
inevitable collapse occurs. In an address recently
delivered before the Economic Club of New York,
Dr. Edwin Walter Kemmerer, Research Professor
in International Finance at Princeton University,
quotes with approval the illustration given by
Henry J. Haskell before the United States Committee on Finance, in which the latter said: "PHmanly inflation is like a balky and unruly horse.
It simply refuses to be guided by the rider. At first
it balks. The rider applies whip and spur, and still
it will not budge. And then of a sudden it bolts,
and there is no controlling it. When it finally stops,
it throws its rider, and he is left lying flat on the
ground."
Then there is the provision for accepting silver
bullion in settlement for the debts owing by Great
Britain, France and other countries to the United
States. The object here also is to raise price; that
is, the price of the metal silver. Why should the
United States engage in loading itself up with silver? Great Britain is said to be agreeable to the
proposal, but who is responsible for the big collapse in the price of the metal? The responsibility
rests almost entirely upon Great Britain and the
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Financial Chronicle
policy it has been pursuing with reference to India's
large silver holdings. If we go back to 1926 we will
find that in response to a report of a Royal Commission India was put on a gold basis, and that as
part of the scheme it was determined to dispose of
the greater portion of the Indian Government's
huge reserve of silver. Dealers estimated this to
amount at that time to about 530,000,000 ounces.
The report called for a reduction in this stock to
140,000,000 ounces, leaving approximately 400,000,000 ounces to be thrown upon the market to be
spread over a period of 10 years.
. This stock of silver has been in process of disposal
ever since, and has had a great weakening effect
upon the price of the metal. The price of silver at
that time was in the neighborhood of 30 pence an
ounce. Early the present year, and until recently,
it sold at 17 pence an ounce, though during the
present week, on the prospect of large takings of
the metal on behalf of the United States, or to turn
over to the United States, the price suddenly jumped
.up from 17 4 pence to 20% pence.
1
/
Not only that, but two years ago an additional
duty was imposed on importations of silver into
India. Early in 1931 the Indian Government raised
the import duty on silver two annas per ounce, or
to 6 annas, equivalent to 14.58c. per ounce. No
doubt an advance in the price of silver would be
welcome, but why should the United States engage
in carrying the load when Great Britain's Indian
dependency is all the time engaged in depreciating
the price of the metal by throwing its surplus stocks
upon the market?
The silver provision in the Farm Relief Bill
authorizes the President to accept silver in amounts
not to exceed in the aggregate in value in United
States currency $200,000,000 in payment of the
whole or any part of any amount of principal
or interest due from any foreign government or governments on account of any indebtedness to our
Government, such silver to be accepted at not to
exceed 50c. an ounce—the price here in New York
/
the present week has advanced to 3458c. an ounce.
The authority of the President to accept silver is
limited to a period of not to exceed one year from
the passage of the Act. The silver clause also provides that the President shall cause silver certificates to be issued in denominations of $1 to the total
number of dollars for which silver was accepted in
payment of debts. Such silver certificates are to be
used by the Treasurer of the United States in payment of any obligations of the United States. It
may be agreeable to the silver interests to have the
United States take over these large holdings of
unsalable silver, but why should the United States
burden itself with such stocks and plunge a step
further in the debasement of its currency?
April 29 1933
ordinating committee of •five members. The railroads in each group will select the members of the
committee representing that group. In selecting the
committees the carriers will vote in proportion to
their mileage.
The general purpose is to avoid unnecessary duplication of services; to control accessory services, ineluding airlines, bus lines and trucks; to avoid
wastes and preventable expenses; to promote financial reorganization of the capital structure of the
carriers, so as to reduce fixed charges and to arrange for the study of other means of improving
transportation. Wide power is given to the three
regional committees to initiate economies voluntarily. If they are unable to agree, the co-ordinator
is to act. The co-ordinator is empowered to issue and
enforce orders, and these orders are to remain in
force until vacated, suspended or set aside by the
Inter-State Commerce Commission. Appeal lies
from the co-ordinator to the Commerce Commission.
An important feature of the measure is that the
Inter-State Commerce Commission shall not approve
a Reconstruction Finance Corporation loan, nor
permit a carrier to make a bond issue, unless it finds
"that the financial structure of the carrier is such
that there is reasonable prospect that such carrier
can, without reorganization, survive the existing
economic depression and provide for its capital
needs thereafter." Judging from past action, this
is a provision which will be rigidly enforced by the
Commission. The measure preserves collective bargaining with the railway unions, and declares that
the measure shall not be construed so as to amend
or modify in any way the Railway Labor Act or contracts entered into under the same. This we believe
to be a mistake. Collective bargaining between the
employees of a single road or system and the managers of such railroad system is right and proper,
but where collective bargaining is construed to mean
that all the employees of all the different systems
in the entire country may combine and be permitted
to act together to present and enforce their demands,
even to the point of inaugurating a strike, then collective bargaining becomes a grave danger to the
State. The State then places itself in the power of
the unions and renders itself practically helpless,
since the unions, by reason of the magnitude of the
forces which they represent, may bring the whole
transportation system of the entire country to a complete standstill. Obviously, no Government should
ever permit itself to be placed in such a predicament.
Besides this, the provisions of the existing law regarding railway labor are exceedingly complicated
and .difficult of determination. For that reason
alone the law should be changed to the extent at least
of the clarification of its provisions and in the process the other objectionable features should also be
eliminated.
HE provisions of the Administration bill for the
HE weekly condition statements of the Federal
regulation of the railroads were made public
Reserve banks this time present no new or dison Thursday evening. The bill is along the lines indicated by current reports for the past several weeks. tinctive features if we except the fact that the amount
A Federal co-ordinator of transportation is pro- of Federal Reserve bank notes in circulation against
vided, with power to relieve the railroads from the which no reserves need be kept, continues steadily inoperation of the anti-trust laws,the Inter-State Com- creasing, even if slowly. The present week this new
merce Commission Act, and State and Federal laws, species of notes has increased from $24,529,000 to
for an emergency period of one year. The railroads $36,798,000. Apart from this, the changes are of
of the country will be divided into three groups: an the same nature as those of previous weeks since
Eastern group, a Southern Group, and a Western the time when the acute stage of the banking crisis
group, and each group will be ruled by a regional co- was reached, which is tantamount to saying that the
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Volume 136
Financial Chronicle
procezs of contraction, now considerably slowed
down, is still under way. Member bank borrowing
keeps getting lower, the volume of Reserve credit
outstanding as a result keeps diminishing, the volume of Federal Reserve notes in circulation also
keeps contracting, while the gold holdings are still
a growing item. The present week -the amount of
Reserve notes in circulation has fallen from $3,477,393,000 to $3,424,114,000. Member bank borrowing,
as reflected in the discount holdings of the 12 Reserve
institutions, has further declined during the week
from $414,270,000 to $385,001,000, and the holdings
of acceptances bought in the open market are also
again slightly lower at $177,450,000 against $208,443,000. Holdings of United States Government
securities, on the other hand, remain almost absolutely unchanged, the amount for the present Week,
• at $1,837,072,000, comparing with $1,837,104,000 last
week. This is of interest in view of the provision in
the inflation amendment to the Farm Relief Bill conferring authority upon the President to direct the
purchase by the Federal Reserve banks of three billion dollars more of United states securities, but,
of course, the Farm Relief Bill, with the inflation
amendment attached, has not yet been enacted into
law, and in the meantime the Federal Reserve
authorities are continuing their recent policy of not
adding further to their holdings of United States
securities.
With the discounts smaller and the acceptance
holdings likewise reduced, the volume of Reserve
credit outstanding, as measured by the total of the
bill and security holdings, continues on its downward course, though still remaining much larger
than 12 months ago. The total this week at $2,404,974,000 compares with $2,465,376,040 last week and
with $1,773,745,000 a year ago on April 27 1932. The
gold holdings of the 12 Reserve banks have further
increased during the week from $3,365,595,000 to
$3,396,338,000. Owing to this addition to the gold
reserves, concurrently with the reduction in the
amount of Federal.Reserve notes outstanding, and
some slight reduction also in the total of the deposits
(due almost entirely to a fall in member bank reserves from $2,158,636,000 to $2,135,808,000), the
ratio of total reserves to deposit and Federal Reserve
note liabilities combined has further risen during
the week from 61.5% to 62.7%. The amount of
United States securities held as part collateral for
Federal Reserve notes has been further reduced during the week from $690,000,000 to $650,500,000. The
amount of acceptances held for account of foreign
central banks is somewhat lower the present week
at $48,280,000 against $50,223,000. A year ago the
acceptance holdings of foreign central banks aggregated no less than $297,735,000. On the other hand,
foreign bank deposits with the Reserve institutions
have increased during the week from $11,088,000 to
$26,810,000.
MONG the changes in corporate dividends the
present week that of the Consolidated Gas Co.
of New ,York stands conspicuous in having reduced
the quarterly dividend on common from $1 a share to
85c. a share. At the same time the New York Steam
Corp., a subsidiary of the Consolidated Gas Co., reduced its quarterly distribution on common from
65c. a share to 55c.a share. Tidewater Power Co.cut
the quarterly dividend on the $6 cumul. pref. stock
from $1.50 a share to 75c. a share. The Long Island
A
2841
Lighting Co. omitted the quarterly dividend on its
common stock. The Public Service Co. of Indiana
suspended quarterly dividends on its $6 cumul. pref.
stock. The Sherwin-Williams Co. of Cleveland
passed the quarterly dividend on common, and the
Minneapolis-Honeywell Regulator Co. also omitted
the quarterly dividend usually payable about May 15
on the common stock. The Hudson & Manhattan RR.
took no action on the semi-annual dividend ordinarily payable about June 1, on the common stock. Six
months ago the.company reduced the semi-annual
payment to$1.25 a share from $1.75 a share.
HE New York stock market has shown considerable irregularity the present week, but on the
whole has moved towards somewhat higher levels.
There have been larger or smaller downward reactions on every day ofthe week, but brisk recoveries
have on each occasion quickly ensued. There has
been extensive liquidation, some of it in large blocks
by individuals who have little faith in the success
of the scheme for raising commodity prices to a
permanently higher level, but the market has taken
these sales well, and in face, too, of a contraction
in the volume of trading. The daily sales have fallen
from a high total of 4,805,160 shares on Monday to
only 1,880,175 shares on Thursday. On Friday the
action the previous day of the Senate in approving
the provision for reducing the gold content of the
dollar, following the vote on Wednesday in favor
of the coinage of silver on the basis of 16 to 1, acted
as a new spur on stock prices, causing further gains
in a number of stocks and increasing the day's transactions to 2,163,630 shares. Allied Chemical & Dye
has been a weak feature all through on the action
of the New York Stock Exchange in insisting that
the company furnish greater detail regarding its
condition and threatening action which implied the
stock might be stricken from the Stock Exchange
list unless the demands of the Exchange were complied with. The bond market has given a good account of itself, and has further advanced.
One of the events of the week has been a sharp
,rise in the price of silver, the London quotation on
Tuesday touching a high of 20 7/16 pence per ounce,
/
and being quoted yesterday at 20 pence against 191 2
4
1
/
pence on Friday of last week and only 17 pence
early in the month. This was on the favorable developments regarding silver in the United States
Senate.. Here in New York the price yesterday was
/
3458c., against 3414c. on Friday of last week. The
/
commodity markets also have shown a favorable
trend in maintaining the greater part of their large
advance of the previous week, and of the earlier part
of the month. The May option for wheat in Chicago
4c. at the
/
closed yesterday at 651 2c. against 653
of last week, and spot cotton here in
close on Friday
New York was quoted at 7.50c. yesterday against
7.50c. on Friday of last week. At the same time
increasing activity has been reported in the iron
and steel trade, the "Iron Age" saying that "the
steel mills of the country are now engaged to 25%
of capacity against 23% the previous week and
191 2% the week before." The "Iron Age" observed
/
that "the present rate of steel output was the highest for any week since March 1932." Steel prices,
too, showed growing firmness. Of the stocks sold
on the New York Stock Exchange, 359 touched new
high levels for the year the present week, while 19
stocks dropped to new low levels. On the New
T
2842
Financial Chronicle
York Curb Exchange the record for the week is 184
new highs and 109 new lows. The call loan rate
on the Stock Exchange has continued unaltered at
1% throughout the week.
Trading this week has not been of such enormous
proportions as last week, and yet was quite large in
the early days, though dwindling later as uncertainty
regarding the course of legislation at Washington,
and its character, developed. On the New York
Stock Exchange the sales at the half-day session on
Saturday last were 2,275,510 shares; on Monday
they were 4,805,160 shares; on Tuesday 3,504,290
shares; on Wednesday 25914,900 shares; on Thursday
1,880,175 shares, and on Friday 2,163,630 shares.
On the New York Curb Exchange the sales on Saturday last were 268,303 shares; on Monday 526,529
shares; on Tuesday 316,580 shares; on Wednesday
362,670 shares; on Thursday. 281,132 shares, and
on Friday 241,115 shares.
As compared with Friday of last week, moderate
gains appear as a rule. General Electric closed
yesterday at 175 against 161% on Friday of last
%
week; North American at 20% against 203/2; Standard
Gas & Electric at 10% against 9; Consolidated Gas of
N. Y. at 47 against 441 2; Pacific Gas & Electric at
/
233 against 22; Columbia Gas & Electric at 14
%
against 13; Electric Power & Light at 63' against
61%; Public Service of N. J. at 385 against 373';
%
International Harvester at 29 against 26%; J. I.
Case Threshing Machine at 533' against 50%; Sears,
Roebuck & Co. at 221% against 213%; Montgomery
Ward & Co. at 191% against 17%; Woolworth at 343/8
against 34; Safeway Stores at 44 against 413;
Western Union Telegraph at 323% against 25; Ameri3
can Tel. & Tel. at 95% against 93;International Tel.
& Tel. at 10% against 10; American Can at 743
against 72; United States Industrial Alcohol at 271%
against 253'; Commercial Solvents at 165 against
%
161%; Shattuck & Co. at 7 against 7%, and Corn
Products at 687 against 67.
%
Allied Chemical & Dye closed yesterday at 873
against 89% on Fridity of last week; Associated Dry
Goods•at 8 against 7%; E. I. du Pont de Nemours
at 483 against 43 .. National Cash Register A at
8;
%
12 against 113'; International Nickel at 131% against
121%; Timken Roller Bearing at 233/ against 22;
Johns-Manville at 243' against 23; Gillette Safety
Razor at 111% against 11%; National Dairy Products
at 163 against 163; Texas Gulf Sulphur at 24
4
against 233 ; American & Foreign Power at 83
%
%
against 8; Freeport-Texas at 28 against 27; United
Gas Improvement at 161% against 163/2; National
%
Biscuit at 453 against 431%; Coca-Cola at 79 against
783/8; Continental Can at 53 against 483'; Eastman
Kodak at 62 against 57; Gold Dust Corp. at 183
%
against 17%; Standard Brands at 183 against 17%;
4
Paramount Publix Corp. ctfs. at % against %;
Westinghouse Elec. & Mfg. at 323% against 303 ;
4
Drug, Inc. at 40% against 401%; Columbian Carbon
at 373/ against 351 2 Reynolds Tobacco class B at
/
;
%
373 against 35; Lorillard at 183' against 17; Liggett
& Myers class B at 78 against 75%; and Yellow
Truck & Coach at 43/i against
The steel shares have advanced with the rest of the
list. United States Steel closed yesterday at 43
against 40% on Friday of last week; United States
%
Steel pref. at 753% against 723 ;Bethlehem Steel at
1
233%against 213', and Vanadium at 16 against 15%.
In the auto group, Auburn Auto closed yesterday at
•
April 29 1933
%
443 against 393 on •Firday of last week; General
4
Motors at 191% against 163 ; Chrysler at 16 against
%
133; Nash Motors at 153 against 135 ; Packard
4
%
Motors at 2% against 23 ; Hupp Motors at 33'
%
against 23 , and Hudson Motor Car at 63' against
4
4 8 In the rubber group, Goodyear Tire & Rubber
.
closed yesterday at 261% against 233' on Friday 'of
last week; B. F. Goodrich at 81% against 81%, and
United States Rubber at 73i against 6%.
The railroads have not in all cases advanced with
the general list. Pennsylvania RR. closed yesterday
at 20 against 193/2 on Friday of last week; Atchison
%
Topeka & Santa Fe at 473 against 46%; Atlantic
Coast Line at 27 against 233%; Chicago Rock Island
& Pacific at 4 against 4; New York Central.at 221%
against 223 ;Baltimore & Ohio at 121% against 11%;
4
New Haven at 163' against 153 ; Union Pacific at
4
2
72% against 713/; Missouri Pacific at 2 bid against
2; Southern Pacific at 183% against 173'; MissouriKansas-Texas at 93' against 9%; Southern Ry. at
113% against 7%; Chesapeake & Ohio at 311% against
30; Northern Pacific qt 173' against 17, and Great
Northern at 141% against 123/
8
.
The oil shares have been pretty steady. Standard
Oil of N. J. closed yesterday at 33% against 333é
on Friday of last week; Standard Oil of Calif. at
4
293' against 283 ; Atlantic Refining at 17 against
171%, and Texas Corp. at 151% against 16%. In
the copper group, Anaconda Copper closed yesterday
%
at 113 against 103 on Friday of last week; Kenne
%
cott Copper at 153' against 143g; American Smelting
& Refining at 28% against 263 ; Phelps-Dodge at
4
9% against 934; Cerro de Pasco Copper at 213'
against 191%, and Calumet & Hecla at 4 against 3%.
PRICE trends were slightly irregular this week on
stock exchanges in the foremost European
financial centers. The
shock to confidence occasioned by the American lapse from the gold standard
was partly overcome, and in place of the declines of
last week quotations tended to move upward. The
London market recovered most readily from the
shock, being aided by the announcement of Chancellor of the Exchequer Neville Chamberlain that an
increase would be requested in the British Exchange
Equalization fund. Some stimulation also was de.
rived from the initialing of new trade treaties with
Denmark and Argentina, which are epected to help
British trade. Although quotations slowly improved on the London exchange under these influences, uncertainty still prevailed on the Paris Bourse
and the Berlin Boerse. Nervousness regarding the
action of the United States Government
was
especially pronounced at Paris, where it
was
assumed in some quarters that a gold embargo
also
will be necessary eventually. Berlin was more
concerned with the effect of the measure on trade.
It
was assumed that American exports might be stimulated slightly, and the competition with German
products increased, by any substantial devaluation
of the dollar. Trade reports from all the leading
industrial countries of Europe continue to reflect
a
stagnation which parallels our own.
The London Stock Exchange was quiet and
slightly uncertain at the opening Monday, but a firm
tone developed as trading progressed. British funds
declined very slightly, owing to the imminence of
the
budget speech. Industrial stocks improved quite
generally, however, and Anglo-American trading
favorites also showed gains. The trend Tuesday was
Volume 136
Financial Chronicle
2843
good in all departments of the market. British favorites also improved. After a firm .opening
funds received support, and a majority of the indus- yesterday, prices softened and net changes were
trial stocks also advanced. South African gold min- small at the close.
ing stocks improved markedly owing to a recession
OREIGN political and financial circles remained
in sterling exchange. International securities were
mystified this week regarding the decision of
favored on good overnight reports from New York.
The market Wednesday was influenced only a little President Roosevelt to place an embargo on gold exby the budget speech which Chancellor of the Exche- ports from the United States and his attempt to obquer Neville Chamberlain delivered late the previous tain authority from Congress for inflationary exday. British funds were a trifle easier at first but pedients, but the fears at first engendered by these
recovered and closed unchanged. Brewery stocks startling developments have diminished materially.
were in demand on the reduction in the beer tax, but The international atmosphere improved markedly
the gains were reduced by profit-taking toward the after last Saturday, as a result of formal assurances
close. Other' industrial securities changed only by Secretary of State Cordell Hull that the American
slightly. Kaffir gold.mining shares again boomed, monetary measures were not intended as a "club" in
as the sterling rate declined further. Anglo-Amer- the international economic conversations, but are
ican trading specialties'closed firm after early weak- designed merely to bring about commodity price imness. The general tone remained firm Thursday, provement in this country. The assurances were
with business on a very small scale. British funds conveyed last Saturday to the British, French,
received fresh support, and most industrial stocks Italian and Gernian Governments in messages sent
also improved. The gold mining section attracted to the American diplomatic representatives in the
further attention as the rise continued. Trans. four countries. "It is important," Mr. Hull said,
Atlantic securities were moderately better on favor- "that our recent monetary action be understood not
able reports from New York. Further small gains as a step in international contest or conflict and not
were recorded in all departments of the marlset. as a move to get a weapon in the scheduled international conversations. It was a measure required by
yesterday. .
. The Paris Bourse was steady in the first session circumstances and designed to enable us in this counof the week, but turnover was light.. All attention try to work out an improvement in prices which was
was centered on the American dollar and the possible essential. It may be hoped that other countries, by
courses open to the French clavernment in the present taking suitable monetary measures, will assist in
international currency situation. Week-end declara- producing the desired price improvement. The ultitions by the French Cabinet that the franc will be mate aim is to* create a price condition under which
firmly maintained in value aided mist securities a the world can again be prosperous, and not to seek
little, and some of the international issues a. good any special American advantage.".
deal. Suez Canal,Rio Tinto and Royal Dutch shares
Prime Minister Ramsay MacDonald of Great
showed the largest gains. The trend was reversed Britain made some interesting comments•on the gold
Tuesday, most secUrities declining at Paris because situation in the coursa of an address in Washington,
of renewed uncertainty on the franc. Gold mining last Saturday, before the National Press Club. He
stocks advanced, but other issues drifted downward repudiated gently the suggestions from many Euroin a quiet market. Further losses developed in pean quarters that the American abandonment pf
Wednesday's session on the Bourse, with the same the gold standard was in retaliation for similar
influences still prevalent. Lack of definite reports measures elsewhere, but at thc same time described
concerning the international conversations at Wash- the British action in Septembir 1931 as dictated by
ington added to the unsettlement. The tendency an absolute necessity to which Great Britain sucThursday remained soft, all securities receding cumbed only after tremendous exertions. "I hear
slowly with the exception of South African gold min- some people using the ugly word retaliation," Mr.
ing issues. An advance in the latter section reflected MacDonald said. "To me the very sound of retaliathe gains at London. The downward tendency was tion is repulsive, but what is worse than the sound
of the word is the spirit behind it. Nations—the
resumed in quiet trading yesterday.
The Berlin Boerse was irregular in the initial -United States, Great Britain, France--must protect
trading, Monday, with a majority of securities show- themselves." The way of protection, he urged, was
ing fractional declines for the day. The changes through agreements with other countries, and on the
occurred in exceptionally light dealings, and they currency question also;agreements must be reached.
were regarded as unimportant. Most traders and
"When we were coming over a great crisis broke
investors preferred to await the outcome of the out," the Prime Minister remarked. "When we left
American measures contemplated by President Southampton we had no warning of it at all, and
.
Roosevelt and his advisers. A somewhat more con- when we landed in New York it had ,broken. These
fident atmosphere prevailed during Tuesday's deal- crises create very, very delicate international reacings on the Boerse, but trading again was restricted tions. They can't be helped. Nobody can be blamed
to narrow limits. Some of the brewery stocks im- for them. I remember our own. If I live until I
proved, but most issues were uncertain and changes reach the age of Methuselah I shall never forget that
were small at the close. After an unsettled opening, hectic week-end, the week-end beginning with enorWednesday, prices advanced on the Berlin market.' mous drains upon our deposits in banks, not from
Business was concentrated largely in a few issues, inside but from outside—drains which we had to
which moved upward sharply while the rest of the meet in gold. Can you imagine that in the early days
market idled. The active stocks were subjected to of that crisis we said gayly and light-heartedly:'Let
profit-taking toward the end, and best prices were it rip. We will go off gold. .There are benefits in
not maintained. Similar tendencies again prevailed being off gold and we will reap them!' My friends.
on the Boerse in Thursday's session. Brewery stocks that is doing the whole genius of the British nation
were in best demand, but a few other speculative a grave injustice. We had honor; we had responsi-
F
2844
Financial Chronicle
April 29 1933
bility; we strove to fulfill both. We borrowed and strengthened Exchange Equalization Fund, the
borrowed, but the drain kept on. Finally, the de- , pound stages a counter-offensive in depreciation,
cision was taken. There was no alternative."
this will be purely accidental and not the result of
In view of the American lapse from the gold stand- design. Although the Chancellor mentioned no figard,the question again was debated eagerly this week ures for the new borrowings of the exchange fund,
whether France, Belgium, Holland and Switzerland city opinion for some weeks has suggested that total
will be able to remain on their present gold bases. resources for this undertaking of £500,000,000 would
It was generally agreed that French measures will not be excessive."
determine the ability of the other countries to adhere
Also of exceptional interest in the present interto the gold standard. Financial experts in Paris national currency situation was an agreement, requickly concluded :that France may be obliged soon ported from Paris, Wednesday, as virtually conto place an embargo on gold exports as a protective cluded, whereunder the British Exchange Equalizameasure, but it was pointed out at the same time that tion Fund would cease to convert its franc credits
this does not necessitate devaluation of the French into gold and instead make loans to the French
franc. Premier Edouard Daladier conferred at Treasury at the current interest rate. An initial
length on April 21- with Clement Moret, Governor of purchase of 2,000,000,000 francs of Treasury bonds
the Bank of France, and he stated after the confer- out of the franc holdings of the Exchange Fund is
'
'ence that he would never assume the responsibility contemplated, it is reported. This *means, a Paris
for devaluing the franc. M. Daladier elaborated his report to the New York "Times" said, that the Britviews in a political speech, Monday. "Our unit of ish would be able to continue to manipulate the pound
currency, the franc, has nothing to fear from the freely,'keeping it down, as they have been doing in
fluctuations of other currencies," the Premier stated. the past, by selling pounds against francs. "Both
"The franc remains the most strongly supported and for France and Great Britain, and particularly for
the most stable currency unit in the world to-day. Great Britain, a powerful weapon would be gained
We hope that the Washington conversations between in the discussions in Washington regarding stabilstatesmen will make it possible for our American and ization," the dispatch added. "It would enable the
.
British friends to emerge from the Phase of monetary two European countries virtually to keep their curuncertainties and will facilitate renewal of ex- rencies at the present levels if they desired." It was
changes between the nations in preparation for the noted in a Paris report to the New York "Herald
success of the world economic conference." Remark- Tribune" that the British presumably have received
ing that it had become a question whether a war of guarantees that the franc will not be devalued for
currencies now was to be added to the tariff war, M. political ends. "From the political point of view,
Daladier indicated the French were convinced they this move seems to be the Franco-British answer to
could withstand it.
President Roosevelt's action in taking the dollar off
Germany, also, will make every endeavor to main- gold," the dispatch continued. "It fulfills the ends
tain the gold exchange standard and keep the Reichs- of both nations by enabling the British to make good
mark at its gold parity, according to an official state- their determination not to let sterling rise no matter
ment issued in Berlin late last week. "The American what the dollar does, while permitting the French
to
action is no reason for Germany adopting a similar stick to their resolution to keep the franc on the gold
currency policy," the statement said. It was pointed standard."
out by financial experts in Berlin, a dispatch to the
The reports regarding use of the exchange equalNew York "Herald Tribune" said, that an American ization fund for support of the franc gained
only a
policy of controlled inflation would work•to the dis- partial confirmation yesterday, when the French
advantage of the Gerrnan export industry and thus Minister of Finance, Georges Bonnet, announced
cripple Germany's capacity to pay her debts. It that' the French Treasury had obtained a loan of
would also, however, make it easier for the Reich to £30,000,000 from a group of British banks. It was
effect debt payments to the United States in terms .suggested that this loan would take the place of
a
of the depreciated dollar, it was added. "The view 5,000,000,000-franc internal loan previously contemis taken here," the dispatch said, "that the gold plated. "The French Treasury," the Finance
Minisclause in business contracts will have no validity in ter said,"has just concluded an operation by which
'
the present juncture, since a nation which volun- it has contracted with a group of,English banks
for a
tarily depreciates its own currency has no right to loan if £30,000,000 sterling for six months, with
the
ask for full gold value of its demands."
.
privilege of reimbursement at the end of three
Despite official denials in Washington and Lon- months. This banking credit has been obtained
at
don, the belief persisted throughout Europe that the the rate of 21 z70." In a semi-official French state/
action by the United States presaged a competition ment it was explained that the French Treasury will
in currency depreciation, with the United States and thus benefit from the abundance of loanable funds
Great Britain the chief contestants. This view was in the British market. "This loan will be
provided
reflected markedly in London dispatches regarding by British banks, not by the British Treasury or the
the announcement by the British Chancellor of the Exchange Equalization Fund," the statement conExchequer, Neville Chamberlain, that an increase in tinued. "The latter will remain outside the
operathe £150,000,000 Exchange Equalization Fund will tion. However, its efforts to prevent the increase in
be sought. "Mr. Chamberlain spoke of the necessity the value of sterling will be temporarily eased,
for protection against 'refuge' money which has thanks to the buying of francs against sterling,
been coming into England," a London report to the which the French Treasury will require to be effectuNew York "Herald Tribune" said. "Presumably ated in order to utilize the loan in France." It was
this amiable circumlocution deceived .no one who noted in Paris reports, moreover, that the Bank of
heard the budget speech; but it preserved the inter- France holds £30,00.0,000,and it is indicated that this
national amenities, and established a moral basis for Sum will be turned over to the French Treasury when
the argument that if, through the operation4 of the the loan is repaid. In this way exchange risks on the
Volume 136
Financial Chronicle
2845
The Washington conversations are a direct outloan were avoided. Washington dispatches remarked that the State'Department had been assured growth of requests by European debtor nations.for
by French representatives that France and Great reviews of the war debt settlements, and it is hardly
Britain are not concluding a .financial entente to be doubted that exchanges of views regarding the
debts occupied a prominent place in the discussions.
against the dollar.
There were rumors from Paris,last Saturday,that The scope of the conversations was rapidly widened,
the United States Government has suggested to however, even before they began. It was indicated
France and Great Britain the creation of a huge by President Roosevelt that the British, French and
world credit pool to aid the expansion of interna- other leaders had been invited to discuss all subjects
tional trade. The pool would be intended for credit of mutual interest. The view prevailed in Washingeipansion on a vast scale, a dispatch to the New York ton, indeed, that international currency and ex"Times" said. Funds for this pool would be obtained change questions might well outweigh in importance
by an international bond issue, guaranteed by the the exploratory talks on the war debts. Emphasis
United States, France and Great Britain,it was sug- also was placed beforehand on the need for reducgested. "France's first reaction to the suggestion tions of tariffs and import quotas, and the removal
is unfavorable, but it is reported they are willing to of other restrictions on trade. International disdiscuss the matter at the forthcoming World Eco- armament, Which has been under fruitless discussion
nomic Conference, which they feel more than ever at Geneva for 15 months, also is to be considered.
But definite agreements were to be left to the World
should take place soon."
The view was expressed in all markets that the Monetary and Economic Conference, and the WashUnited States dollar is not likely to depreciate to ington conversations thus assumed the character of
any great extent in international centers, even preliminary exchanges, designed to assure the sucthough it no longer is attached to its normal gold -cess of this long delayed gathering of the nations
anchor. It was remarked in London early in the in London.
week that the recessions in the dollar, as measured
in other currencies, do not necessarily reflect a perHE Washington conversations were started late
manent change in relationships. When the exchanges
April 21, after the arrival of Prime Minister
settle down'to more normal movements, it is ex- MacDonald and his entourage in the capital, where
pected in London that sterling will move back the party was greeted with the utmost cordiality by
gradually to the level of around P.40 which it held President Roosevelt. While the visitors were on
before President Roosevelt declared the gold em- their way to these shores a new element was introbargo. In Berlin it was ppinted out persistently that duced into the international situation by the dethe "organic tendency" of the dollar is upward parture of the 'United States from the gold standard.
rather than downward, owing to the favorable Amer- and a little strain was evident at first as a result of
ican balance of trade and the heavy debt service re- this occurrence. Mr. MacDonald gave an indication
mittances constantly being made to the United. of this in the course of an address before the National
States by many other countries. In Amsterdam it Press'Club in Washington, last Saturday, in which
was maintained by financial authorities that the he emphasized the tremendous efforts made by Great
dollar would not depreciate beyond 10%, unless the Britain to remain on the gold standard before the
"competition of depreciated currencies" occasioned reluctant conclusion was reached in September 1931
a reduction in the gold content of the dollar.
that further efforts would be useless. Press dispatches from other countries made it plain that there
URING the past week all world problems of out- was almost universal fear in other lands that the
r
standing importance were thoroughly explored American action was mainly for bargaining purin a series of conversations conducted at Washington poses. Such thoughts were modified, however, after
by President Roosevelt with Prime Minister Mac- Secretary of State Cordell Hull gave assurances last
Donald of Great Britain, M. Herriot of France, and Saturday that the move was not in any sense a
Prime Minister Bennett of Canada. It is plain that weapon for the international conversations.
every attempt was made at these meetings to find a
It was rapidly made manifest by Prime Minister
foundation for the economic recovery of the world, MacDonald and President Roosevelt that the stiff
while avenues also were sought for the settlement of formalities of the diplomatic code would be laid
such exceedingly difficult problems as those of the aside during the conversations. Several frank and
war debts and disarmament. Definite• agreements cordial talks were held at the White House, last
were excluded from the start as not within the scope Saturday. Mr. MacDonald and his daughter, Miss
of the conferences, and it will, therefore, be for the Ishbel, enjoyed the hospitality of the President and
future to discldse the actual accomplishments. In Mrs. Roosevelt, and this arrangement doubtless comthe course of the discussions the statesmen issued a pensated somewhat for the briefness of the Prime
series of laconic joint statements, which furnished Minister's stay. While the White House discussions
outlines of the subjects explored but gave only the were in progress, British diplomatic,and economic
barest indications of the trend of the exchanges. experts who accompanied the Prime Minister conPress accounts, on the other hand, supplied an enor- ferred at great length with their American colmous mass of informal conjecture, but many of the leagues. These first efforts were directed, it is unstatements obviously were based on slim evidence, derstood, toward general survey of the problems of
while some of them were glaringly contradictory. In mutual interest, with specific attention paid to the
these circumstances no very clear idea of the signifi- probable bases of any accord to be reached at the
cance of the conversations can be gained, as yet.
World Economic Conference on monetary and tariff
Although estimates of the results plainly would questions.
President Roosevelt and Prime Minister MacDonbe premature,it is equally certain that only good can
be accomplished by such international exchanges of ald cruised down the Potomac on Sunday, discussing
views as those still in progress at Washington.
the varied aspects of the international disarmament
T
D
2846
Financial Chronicle
and economic problems. On their return late the
same day a statement was issued to the effect that
the business of the Disarmament Conference at Ge.
neva had been thoroughly surveyed. The experts
continued their discussions in the capital, meanwhile, and presented to the two leaders the results
of their deliberations. .A further conference between
the two leaders followed, which was attended also
by Secretary of State Hull and the British Ambassador, Sir Ronald Lindsay. A formal communication
issued at midnight stated that the discussions centered around the monetary aspects of the agenda of
the World Economic Conference.
M. Edouard Herriot of France arrived in the capital last Sunday, but his first discussion with President Roosevelt was held Monday. Piime Minister
Richard B.Bennett of Canada also reached the capital on that day, and was received by the President
late Monday. There was, on 'Monday, Tuesday and
Wednesday an almost continual interplay of meetings between President Roosevelt and his distinguished guests. On Tuesday evening, moreover, the
American, British, French and Canadian leaders
gathered at the White House for a general exchange
of views. The programs of the visitors were crowded
with functions, at which opportunities were presented for talks with Senator Borah, former Secretary of State Stimson and many other prominent political figures in the capital. In the general gathering at the White House, Tuesday, members of the
Senate Foreign Relations Committee and the House
Foreign Affairs Committee also participated. The
meetings thus assumed a most comprehensive
character.
At the close of a long day of conferences, Monday,
Mr. Roosevelt and Mr. MacDonald issued a statement which gave some indication of the broadening
and deepening nature of the discussions. "Among
the subjects considered," it wis said,"were the world
price level, central bank policies, monetary standards, exchange restrictions, improvement of the
status of silver'and, in addition, a number of world
problems relating to trade and particularly the limitation of trade restrictions." It was again remarked
expressly in this statement that agreement with reference to any of these subjects has been reserved Rh.
the World Monetary and Economic Conference
itself, as"it has never been the purpose of the present
discussions to conclude definite agreements." At
the close of further conferences, Tuesday, President
Roosevelt and Prime Minister MacDonald issued a
statement saying that the problem of the debt of the
British Government to the United States Government had been discussed. "Both have faced the realities and the obligations and both believe that as a
result there is laid the basis of a clearer understanding of the situation affecting the two nations," the
statement continued. "It would be wholly misleading to intimate.that any plan or settlement is under
way. It is the simple truth that thus far only preliminary explorations of many routes have been commenced. The point to be emphasized is that with the
most friendly spirit progress is being made. After
the Prime Minister's departure these conversations
can well continue in London and Washington."
Prime Minister MacDonald concluded his visit
Wednesday, and as he departed for New York to sail
at midnight on the Berengaria the impression prevailed in Washington that sufficient progress had
been made to insure the success of the Geneva Dis-
April 29 1933
armament Conference and the World Economic Conference. Just before this visit was terminated,President Roosevelt and Prime Minister. MacDonald
issued the last and most significant joint statement
in the series. They found in the talks, the statement
indicated, unity of both purpose and method. The
statement follows:
"As stated yeSterday, our discussions on the questions
facing the World Conference were not designed to result in
definitive agreements, which must be left to the conference
itself.
"But they showed that our two governments were looking
with a like purpose and a close similarity of method at the
main objectives of the conference, and were impressed by
the vital necessity of assuring international agreements for
their realization in the interests of the peoples of all
countries.
"The practical measures which are required for their realization were analyzed and explored. The necessity for an
Increase in the general level of commodity prices was recognized as primary and fundamental.
"To this end simultaneous action needs to be .taken both
in the economic and in the monetary field. Commercial policies have to be set to a new orientation. There should be a
constructive effort to moderate the network of restrictions
of all sorts by which commerce is at present hampered, such
as excessive tariffs, quotas, exchange restrictions, &c.
"Central banks should by concerted action provide an adequate expansion of credit and every means should be used to
get the credit thus created into circulation.
"Enterprise must be stimulated by creating conditions
favorable to business recovery and governments can contribute by the development of appropriate programs of capital. expenditure. The ultimate re-establishment of equilibrium in the international exchanges should also be contemplated.
•
"We must, when circumstance permit, re-establish an international monetary standard which will operate successfully without depressing prices and avoid the repetition of
the mistakes which have produced such disastrous results
in the past.
"'In this connection the question of silver, which is of such
importance in trade with the Orient. was discussed and proposals were tentatively suggested,for the improvement of its
status.
• "These questions are all interrelated and cannot be settled
by any individual country acting by itself. The achievement
of sound and lasting world recovery depends on co-ordinating
domestic remedies and supplementing them by concurrent
and simnItaneous'action in the international field.
"The proposals examined will be discussed with the representatives of the other nations who !have been invited to
Washington with a view to securing the fullest possible
measure of common understanding before the conference
meets. Iris the hope of both governments that It may be
possible to convene the conference for June.
'.'We have in these talks found a reassurance of unity of
purpose and method. They have given a fresh impetus to
the solution of the problems that weigh so heavily upon the
most stable, industrious and deserving men and women of
the world—the human foundation of our civilization whose
hard 'lot it is our common object to alleviate."
-0--
EDOUARD HERRIOT of France insisted on
• his arrival in New York, last Sunday, that
he came as a "missionary," intent on "the economic
restoration of the world, war on unemployment, organization for peace and the development of international commerce." In a press interview at the
capital, M. Herriot refused to discuss specific matters, but remarked rather significantly that he was
interested in anything which might keep stable the
price of his tobacco. He acted in his private capacity
as a French citizen in his formal conversations with
President Roosevelt, and the discussions which began on Monday were said to be open and frank.
There were no joint statements by President Roosevelt and M. Herriot to indicate the course and progress of their early discussions, but some aspects of
M
Volume 136
Financial Chronicle
the conversations were made plain in press reports
from the capital. Eipecially significant were indications, Monday, that the two leaders were exploring means for associating the United States with international efforts to check aggressor nations. Noteworthy also were reports that the French leader had
added financial security to the political and military
security which have long constituted cardinal points
in the French program.
A resume of his conversations with President
Roosevelt was made available by M. Herriot Thursday, as the discussions were drawing to a close.
Among the positive gains achieved, he said, is the
knowledge that the World Economic Conference can
indeed be held, a fact of which the French delegation
was far from sure on its arrival in this country. A
tariff truce also was regarded as a possibility, this
arrangement to last until the economic conference
begins, probably on June 12. Disarmament and
security were said to have gained considerable
ground in the last few days. Those close to the
French mission were reported in a Washington dispatch of Thursday to the New York "Times" as certain of some sort of postponement of the war debt
payment due June 15, and of settlement of the overdue instalment. M. Herriot left Washington yesterday on his return journey to France.
Three separate pronouncements were issued in •
Wasllington yesterday, at the conclusion of the discussions between President Roosevelt and M. Herriot. I These statements disclosed very little, and
they were considered eplightening chiefly because
they omitted so much. As they met for a final exchan s'e of views, President Roosevelt and M. Herriot
issued a statement explaining that the "entire situation" had been considered from the two viewpoints
on the intergovernmental debts. The conversations
on debts are to be continued in Paris and Washington. At the conclusion of their last meeting the two
leaders stated that "at no time has understanding
been more necessary between France and the United
States for the maintenance of peace, for progressive
and simultaneous economic disarmament and the
restoration of stable monetary conditions in an
atmosphere of general security." Commercial policies and monetary problems were examined, and the
conclusion of definite agreements reserved for the
World Economic Conference. M. Herriot finally
issued a statement over his own signature in which
he expressed the usual amiable sentiments, as well
as his satisfaction "at what we have been able to
achieve in such a limited time." Invitations for the
meeting of the World Economic Conference on
June 12 will be issued in a few hours, he added, but
already the views of France and the United States
have been brought much nearer on "certain
points."
Prime Minister Bennett of Canada made clear in
a formal statement, Tuesday, that his chief concern
in the Washington conversations would be an increase of trade between Canada and the United
States. The President has done a great and helpful
thing in asking representatives of the nations to meet
him in Washington, the Prime Minister declared.
He called for bold and unselfish action to defeat the
forces of disruption and cure the world of its tragic
trouble and distress. Washington dispatches of
Wednesday stated that Mr. Bennett had apparently
come to the capital prepared to do some real bargaining with President Roosevelt on trade between the
2847
two countries. The approach to these matters was
discussed by Mr. Bennett with Secretary of State
Cordell Hull on that day, and a statement issued
jointly indicated that the talk covered "problems relating to the World Monetary and Economic Conference and related questions of special importance to
the two governments themselves." These conversations are to continue.
MONG the most interesting of the incidental developments at the Washington conferences
were definite indications that the United States Government has made no promises of a moratorium on
war debts, to cover the June 15 instalments. It was
indicated at the White House, Wednesday, according to a dispatch to the New York "Times," that the
President will ask Congress for powers during its
recess to adjust the war debts and to negotiate tariff
treaties. A number of reports from Washington reflected the impression in some circles there that the
President would declare a moratorium on the intergovernmental debt's. The belief that a moratorium
would be declared was especially pronounced in
French quarters. Dispatches from Paris indicated
that the French Government also held this view,and
was preparing to remedy the default on the Dec. 15
instalment of $19,250,000, on the understanding that
the June 15 payment would be postponed. It was
stated authoritatively in Washington on Thursday,
however, that the United States has made no promises regarding the war debt instalments to France.
"President Roosevelt authorized the announcement," a dispatch to the New York 'Herald Tribune"
said, "that he had no moratorium in mind in planning to seek certain powers from Congress to deal
with the debt question." This was viewed a virtual
notice to all the debtor countries that the United
States expects payment of the $144,000,000 due on
June 15.
Also of great importance in connection with the
Washington parleys was a substantial agreement .to
begin the World Economic and Monetary Conference
on June 12. This agreement was reached Tuesday,
at the general meeting attended by President Roosev,lt, Prime Minister MacDonald, and former Premier Herriot. The British Foreign Secretary, Sir
John Simon, announced in London early in the week
that the organizing committee of the conference
would meet in the British capital to-day in order to
name a date for the start Of the conference. London
dispatches stated that June 12 certainly will be
selected, unless some large nation offers serious
objections.
The Washington conferences will continue for
some time to come, however, despite the early date
now foreshadowed for the World Monetary and Economic Conference. The Italian Finance Minister.
Guido Jung, sailed from Genoa, Tuesday, to represent his Government in the exchanges with President
Roosevelt. It was indicated by the Italian Minister
as he sailed that the war debt question will be in the
foreground of the conference. Dr. Hjalmar Schacht,
President of the Reichsbank, will arrive in New York
early next month at the head of a small German delegation to discuss with President Roosevelt the preparations for the World Economic Conference. The
German Government indicated last week that it
would be represented by its Ambassador, Dr. Hans
Luther, and the decision to send Dr. Schacht thus
marks a change in the German attitude. Special mis-
A
2848
Financial Chronicle
sions from the Argentine, Brazil, Japan and other
countries are en route.
--•-FTER a protracted recess for the Easter holidays, consideration of the international disarmament problem was resumed at Geneva, Tuesday, by the General Disarmament Conference. The
meetings were far overshadowed by the simultaneous
conferences in Washington on this and other questions of interest to the leading nations. As the delegations gathered in Geneva the atmosphere was decidedly gloomy. Fifteen months have now been
spent in fruitless talk, and the delegates are unable
even to find a way to discontinue the conference. A
little hopefulness was injected into the proceedings,
Wednesday, when Norman H. Davis, of the United
States, informed the Conference that the United
States realized the necessity for security measures
of some sort as a preliminary to disarmament. Mr.
Davis was very cautious in his pronouncements, and
he stated specifically that the United States is not
yet ready to embody the principle of consultation in
a formal treaty. He pointed out, however, that the
United States already consults with other nations
when threats to peace arise. "Our ability to make
our collaboration effective will depend,in large part,
upon the measure of disarmament we are able now
to achieve," Mr. Davis warned the gathering. It was
assumed in Geneva that these comments reflected
progress in the Franco-American conversations at
Washington toward some measure of understanding
on the disarmament impasse. The impression made
was sufficient tp stir some of the subcommittees to
relatively active consideration of the problems bequeathed to them by the general conference. Another adjournment of the conference is expected
soon, in order to await the decisions of the World
Monetary and Economic Conference in London.
A
HANCELLOR OF THE EXCHEQUER NEVILLE CHAMBERLAIN presented to the
Etouse of Commons, Tuesday, the second budget of
the present National Government of Great Britain.
The document disclosed few changes in the financial
policies of the Government. Perhaps the most important statement by the Chancellor was the incidental disclosure•that the Commons will be asked
at a later date to authorize an increase in the Exchange Equalization Fund of £150,000,000 to an unnamed figure. Mr. Chamberlain hastened to assure
the Commons that "there is no connection between
the American action in restoring the embargo on the
export of gold and the increase in our Exchange
Fund, which was decided upon long before we had
any conception that the United States might abandon the gold standard." The procedure adopted a
year ago of omitting any provision for war debts payments or reparations receipts was again followed,
pending a "final settlement." The Chancellor explained that in the current fiscal year scheduled payments to the United States amount to $193,500,000,
equivalent at last Saturday's rate of exchange to
£51,000,000. Scheduled receipts from reparations
and allied war debts in the same period amount to
£64;500,000. The only genuine surprise in the budget
speech was a statement by the Chancellor that no
provision would be made in the fiscal year for the
sinking fund for redemption of the national debt.
Last year the debt redemption item was £32,500,000.
C
•
April 29 1933
For the fiscal year which began April 1, revenue
was estimated by Mr. Chamberlain at £698,777,000,
while ordinary expenditure was placed at £697,486,000, giving an estimated surplus of £1,291,000.
The corresponding figures for last year were £745,000,000 and £777,000,000, the.Chancellor remarked,
the deficit of £32,000,000 having been met by borrowing. The deficit would have been only £3,300,000 if
the December debt payment to the United States had
not been made, he added. Only a few changes in taxation were indicated in the address, and the lack of
any noteworthy relief caused considerable grumbling among the Members of Parliament. The standard income tax rate of 5 shillings in the pound was
retained, but the old method of collecting the tax in
two equal half-yearly instalments will be resumed,
in place of Mr. Snowden's expedient of collecting
three-quarters in January and one-quarter in July.
The duty on beer is to be decreased sufficiently to
permit of a lowering of the retail price by one penny
the pint. The companies' capital duty impost of 1%
/
will be reduced to 1 2%,relieving industry to the extent of £1,500,000 annually. Increases in revenue
are expected chiefly from an advance of a penny in
the gallon in the tax on motor spirits, and from
heavier vehicle license taxes. Foreign matches will
be taxed a little more heavily, in order to provide
greater preference for British matches. The budget
was regarded as in keeping with the principles of
orthodox finance. London observers predicted that
it will be accepted readily by all parties in the House
of Commons.
EASURES of trade retaliation by the ffritish
Government in the diplomatic dispute regarding the trial of six British engineers at Moscow have
called forth similar expedients by the Russian Soviets, and Anglo-Russian trade is at a virtual standstill. Relations between the two countries naturally
are strained by these developments, and this factor
was perhaps somewhat in the mind of Prime Minister
Ramsay MacDonald when he declared at Washington last Saturday that the very sound of the word
retaliation was repulsive to him. It is to be noted,
however, that these noble sentiments of the Prime
Minister have not been given practical expression
in any objections on his part to the policy of retaliation against Russia instituted by his own National
Government. The British embargo on 80% of her
Russian imports became effective Wednesday. It
was widely believed in London that the embargo will
be lifted if the two imprisoned British engineers are
released and banished from Russia. The impression
prevails, moreover, that the Soviet authorities soon
will find an ocasion for the release of the engineers
who were convicted of sabotage in the recent trial at
MORCONV. The Soviet Government, stung by the embargo, issued an order last Saturday for a complete
prohibition of Russian purchases in Great Britain,
also to begin Wednesday. The embargo ordered by
Moscow applies even to the use of British vessels for
Russian cargoes. This exhibition of nationalistic
resentment on the part of the Moscow authorities is
no more in keeping with Communist principles than
the British measures are in keeping with Prime Minister MacDonald's expressions. All such steps are
profoundly deplorable. They constitute t! menace to
world peace and cause further sharp reductions in
the already small volume of world trade.
•
M
ty
Financial Chronicle
Volume 136
2849
THERE have been no changes the present week 444,865 francs and the previous year at 77,230,864,1 , in the discount rates of any of the foreign 170 francs. French commercial bills discounted
Central banks. Present rates at the leading centers . and advanpes against securities reveal decreases of
325,000,000 ftancs and 9,000,000 francs, while
are shown in the following table:
creditor current accounts is up 358,000,000 francs.
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
The proportion of gold on hand to sight liabilities
PreRaze In
Raze In
Pre.foss
Date
stands now at 77.69% as compared with 70.21% a
Effect
Date
Couture. Effect
dour
Cowart ,
Apr.28 Estabtished. Rate.
Ar.28 Established. Rate.
year ago. Below we furnish a comparison of the
Austria. — _ 5
Mar. 23 1933 6
Holland... 24 Apr. 18 1932 3
. 34 Jan. 13 1932 24 Hungary-- 434 Oct. 17 BM 5
Belgium..
various items for three years:
Bulgaria._ 84 May 17 1932 94 IndIa.
34 Feb 181933 4
Chile
Colombia..
Csechoslo•
wilds_ ....
Danzig....
Denmark. _
England._ _
Estonia.— _
Finland_ _
France. ___
Germany..
Greece
434 Aug. 23 1932
5
Sept. 19 1932
34
4
3%
2
54
6
2%
4
9
54
6
Jan. 25 1933 434
July 12 1932 5
Oct. 12 1932 4
June 30 1932 24
Jan. 29 1932 834
Jan. 31 1933 7
Oct. 9 1931 2
Sept.21 1932 5
Dee. 3 1932 10
Ireland....
Italy
Japan
Lithuania
Norway_ _ _
Poland_ __ Portugal.-Rumania. _
South Miles
Spain
Sweden.....
Switseriand
June 30 1932
3
4
Jan. 9 1933
4.38 Aug. 18 1932
May 5 1932
7
Sept. 1 1932
4
Oct. 20 1932
6
Mar. 14 1933
6
Apr. 7 1933
6
Feb. 21 1933
4
Oct. 22 1932
6
334 Sept. 1 1932
Jan. 22 1931
2
34
5
5.11
7%
44
7%
64
7
6
64
4
214
In London open market discounts for short bills
on Friday were %%, as against M@9-16% on
Friday of last week, and @9-16% for three months'
bills, as against 9-16@%% on Friday of last week.
8
Money on call in London yesterday was /%. At
Paris the open market rate remains at 23'% and in
Switzerland at 13/2%.
-DIE Bank of 26
England statement for the week
•L ended Apr.
gain in gold hold-
shows another
ings amounting this time to £2,023,404. This brings
the total.to £186,858,351, the highest it has ever been.
A week ago the figure was £184,834,947 and two
weeks ago, £179,336,484. These two latter figures
also were new high records at the time they were
reported. In the corresponding week last year the
Bank held only £121,476,671. Note circulation decreased £4,188,000 the past week and this together
with the gain in bullion brought about an increase of
£6,212,000 in reserves. Public deposits rose £870,000 while other deposits fell off £1,948,321. The
latter consists of bankers' accounts which decreased
£3,039,481 and other accounts which increased £1,091,160. The reserve ratio rose almost 5% from
45.83% a.week ago to 50.34%; a year the ratio was
37.34%. Loans on Government securities decreased
£6,670,000 and those on other securities £578,781.
Of the latter amount £198,172 was from discounts
and advances and £380,609 from securities. The
rate of discount is unchanged at 2%. Below we
show a five-year comparison of the figures:
•
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
April 26
1933.
April 27
1932.
April 29
1931.
April 30
1930.
May 1
1929.
£
£
£
E
£
Circulation a
371,935,000 352,814,389 349,814,864 358,821,877 361,371,339
Public deposits
10,783,000 23,351,318 17,678,342 21,002,374 10,939,252
Other deposits
138,041,048 93,567,044 85,953,083 102,723.246 99,162,663
Bankers accounts. 100,936,137 58,284,080 48,923,885 66,162,239 60,688,826
Other accounts
37,104,911 35,282,964 37,029,198 36,561,007 38,473,837
Govt.securities
68,532,000 62,620,906 31,089,684 59,237,629 45,351,855
Other securities
23,082,981 28,352 776 32,844,901 16,754,058 25,069,757
Dint.& advances_ 11,631,385 11,534:7 6 7,198,173 6,755,228 9,285,812
9
Securities
11,451,596 16,817,980 25,646,728 9,998,830 15,783,945
Reserve notes &coin 74,923,000 43,662 282 57,412,522 65,461,916 57,394,824
Coin and bullion.... 186,858,351 121,476;671 147,227,386 164,283,793 158,766,163
Proportion of reserve
to liabilities
52.90%
52.12%
50.34%
55.39%
37.34%
Bank rate
2.7A01
3t
3%
A 4OM
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.
•
HE Bank of France in its statement for the
week ended April 21 shows a decrease in gold
holdings of 245,340,057 francs. Total gold holdings
are now at 80,834,642,742 francs, in comparison
with 77,480,944,575 francs last year and 55,615,943,177 francs the previous year. Credit balances
abroad rose 72,000,000 francs while bills bought
abroad declined 73,000,000 francs. Notes in circulation reveal a contraction of 842,000,000 francs,
reducing the total of notes outstanding to 83,781,988,.
745 francs. Last year circulation stood at 81,145,-
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold holdings
'
Credit bals. abroad_
aFrench commercial
bills discounted
bBills bought abroad
Adv. agent secure_
Note circulation
Credit current accts.
Proportion of gold
on hand to siglft
liabilities
April 21 1933. April 221932.April 24 1931.
Francs.
Francs.
Francs.
Francs.
—245,340,557 80,834,642,742 77,480,944,575 55,615,943,177
+72,000,000 2,426,309,137 4,567,468.504 6,905,513,764
—325,000,000 3,188,034,388 4,403,364,444 6,502,473,319
—73,000,000 1,455,681,582 7,791,903,500 19,399,848,565
—9,000,000 2,675,737,201 2,750,968,806 2,794,577,842
—842,000,000 83,781,988,745 81,145,444,865 77,230,864,170
+358,000,000 20,266,652,291 29,209,774,812 23,741,519,952
+0.12%
77.69%
70.21%
55.08%
a Includes bills purchased in France. b Includes bills discounted abroad.
HE Reichsbank's statement for third quarter
of April shows a further decrease in gold and
bullion, this time of 14,288,000 marks. The total
of bullion is now 407,075,000 marks, in comparison
with 859,925,000 marks a year ago and 2,347,505,000
marks two years ago. A decrease also appears in
reserve in foreign currency of 3,478,000 marks, in
bills of exchange and checis of 151,464,000 marks,
in advances of 3,201,000 marks, in investments of
573,000 marks and in other assets of 53,381,000
marks. The proportion of gold and foreign currency
to note circulation now stands at 15.6%, as compared
with 25.5% last year and 67.3% the previous year.
Notes in circulation reveal a reduction of 144,295,000
marks, bringing the total of the item down to 3,278,-.
239,000 marks. Circulation last year was 3,875,165,000 marks and the previous year 3,684,824,000
marks. Silver and other coin, notes on other German
banks, other daily maturing obligations and other
liabilities register increases of 94,966,000 marks,
4,684,000 marks, 12,097,000 marks and 5,463,000
marks respectively. Below we furnish a comparison
of the various.items for three years:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets—
Gold and bullion •
Of which depos. abroad
Reeve In foreign curr—
Bills of exch. dr checks__
Silver and other coin_ —
Notes on 0th. Ger. bks_
Advances
Investments
Other assets
Liabilities—
Notes in circulation_
0th. daily matur. oblig.
Other liabilities
Propor.of gold dr foreign
curr. to note cireuEn_
Apr. 22 1933. Apr. 23 1932. Apr. 23 1931.
Retchsmarks. Reichsmarks. Reichsmarks. Reichsmarks.
—14,288,000 407,075,000 859,925,000 2,347,505,000
65,025,000
94,974,000 207,638,000
No change
—3,478.000 104,891,000 129,045,000 132,083.000
—151,464,000 2,538,899,000 2,896,318,000 1,456,250,000
+94,966,000 300,616,000 279,590,000 206,676,000
14,539,000
11,661,000
+4,684,000
21,731,000
83,282,000 136.804,000
70,125,000
—3,201,000
—573,000 317,930,000 ;61,561,000 102,634,000
—53,381,000 345.896,000 886,142.000 489,993,000
—144,295,000 3,278,239,000 3,875,165,000 3,684,824,000
+12,097,000 872,083,000 370,234,000 453,108.000
+5,463,000 163,231,000 694,699,000 261,817,000
+0.1%
15.6%
25.5%
67.3%
--•-ONEY rates in the New York market'remained
abnormally easy this week, under the influence
of the Federal Reserve policy, made effective through
open market operations. The chief item of interest
to the market was the Treasury offering of $500,000,000 three-year 27 % notes, announced Monday.
A
Subscriptions came in slowly at the start, but they
increased with remarkable speed when the Federal
Reserve stimulated the market by buying outstanding note issues with nearby maturities. Books were
closed Tuesday night by Secretary Woodin. The
Treasury also sold an issue of $80,000,000 in 91-day
discount bills, Monday, at an average cost of 0.51%.
Bankers' bill rates were reduced by A of 1%
Tuesday, by all dealers. The Federal Reserve- bill
buying rate remained unchanged, however, at 2%
M
Financial Chronicle
2850
for maturities up to 90 days, 23/% for 91 to 120-day
maturities, and 23/2% for bills due 121 to 180 days.
Commercial paper rates held steady Call loans on.
:
the New York Stock Exchange were 1% for all
transactions of the week,• but there were offerings
every day in the outside market at 4%. Time
3
loan rates- were shaded. Brokers' loans against
stock and bond collateral increased $75,000,000 in
the week to Wednesday night, according to the usual
tabulation of the Federal Reserve Bank of New York.
pall loan rates on the
in detail
DEALINGExchangeallwithdaY tothe week for both
Stock
day, 1% has been
from
through
the ruling
quotation
new loans and renewals. There has been no activity
in time money during the present week. Rates are
nominal at 1% for 30 to 90-day periods, 1@13.%
for four months and 1@13/2% for five and six months.
The market for commercial paper has been moderately active this week and a fair supply of paper has
been available-. Rates continue at 2@23/2% for
extra choice names running from 4 to 6 months and
2M@)234% for names less known.
acceptances has
THE market for prime bankers'the present week
been extremely quiet during
with only. an occasional transaction of the very
highest.type of offerings. Rates were reduced on
Tuesday A of 1% in both the bid and asked columns
for all maturities. The quotations of the American
Acceptance Ccuncil for bills np to and including
three-months' bills are %% bid and M% asked; for
A
3
four months, 7 % bid and 4% asked; for five and
six months, 13/8% bid and 1% asked. The bill
buying rate of the New York Reserve Bank is 2%
for bills running from 1 to 90 days. No rates are
quoted for bills of longer maturities. The Federal
Reserve banks' holdings of acceptances have dropped
during the week from $208,443,000 to $177,450,000.
Their holdings of acceptances for foreign correspondents, also decreased during the week from $50,223,000
to $48,280,000. Open market rates .for acceptances
are as follows:
SPOT DELIVERY.
--120 Days
-—180 Days— —150 Days
Bid. Asked.
Bid. Asked.
Bid. Asked.
1
I%
1
I%
Prime eligible bills
—90Dar— —80 Days 1— —30 Days—
Bid. Asked.
Bid. Asked
Bid. Asked.
34
Prime eligible DM
.34
34
%
34
FOR DELIVERY WITHIN THIRTY DAYS
14% bid
Eligible member banks
1%% bid
Eligible non-member banks
been no changes this week in the
THERE have rates of the Federal Reserve banks.
rediscount
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
,Boeton..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas Cit7
Della'
San Francisco
Rate in
Effect on
April 28.
Dale
Established.
PTeClOUS
334
3
314
334
354
334
334
334
334
334
334
33-1
Oct. 17 1931
Apr. 7 1933
Oct. 22 1931
Oct. 24 1931
Jan. 25 1932
Nov. 14 1931
Mar. 4 1933
Oct. t2 1931
Sent. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
334
3
3
4
3
234
Rate.
234
4
3
4
234
foreign
exchange
STERLINGissued fromand all the as alast exchanges
result of the
continue utterly demoralized
Washington
week and.
which
events
ihe continued discussion of deflation here and deg-
April 29 1933
radation of the dollar. Markets in London and
elsewhere are jumpy and nervous. Fluctuations are
extremely erratic and wide. Traders are hesitant to
take positions and only the most imperative transactions are effected. Sterling and all other currencies
are strong against the dollar, but toward the close of
the week the dollar recovered to a considerable extent
from the extremely depressed quotations of last
week. The range for sterling this week has been
A
between 3.717 and 3.885 for bankers' sight bills,
A
compared with a range of between 3.443/ and 3.919'
last week. The range for cable transfers has been
between 3.72 and 3.8834, compared with a range
A
of between 3.445 and 3.913/ a week ago. So far as
actual trading is concerned the telephones in foreign
exchange trading rooms of the banks might as well be
silent, for most of the talk has to deal only with speculative guesses as to the course of exchange in any
currency. The market is' rife, as is the public press,
with rumors regarding the ultimate stabilization
point of sterling and the extent to which inflation
may be carried in this country. Especially useless
is all speculative discussion regarding the gold content of the dollar. Whether it will be cut 10%, 15%,
20%, or 50% or whether it will continue as it is now
and should always remain, at 23.22 grains of pure
gold and 25.8 grains of gold 9-10 fine.
Speculation as to the course of the dollar is futile.
There is not a man in the world who knows what may
yet be done regarding the gold content of the dollar..
Its future is not at this moment discernible even to
the single high-placed individual in whose hands rests
its fate and the future fiscal and fiduciary policy of
the United States. Markets are awaiting with nervous anxiety the outcome of the economic-political
conversations now taking place in Washington with
the high authorities of other countries. It is quite
probable that nothing of a nature constructive to the
market can be known regarding these conversations
until their influence develops in the forthcoming
world economic conference. The press in all capitals
abounds in speculation, also as to the rate at which
sterling may be stabilized with respect to the dollar
and its former gold parity of 4.8665. From moment
to moment the market hears that London is intent
upon stabilizing the pound at around 3.50 and again
at 4.00, but there is no hint from any quarter which
would indicate that either of these guesses is more
nearly correct than the faith and expectation of the
small circle of conservative, sound, and honest
opinion which looks forward with confidence to the
restoration of a pound sterling at 4.8665.
Perhaps the most important item bearing on the
immediate future prospects of sterling was the announcement in Parliament by Chancellor of the
Exchequer Chamberlain that the borrowing powers
of the Exchange Equalization Fund would be increased. According to the authority granted a year
ago when the Fund was created to control the fluctuations of sterling, the Fund was giVen power to
borrow up to £150,000,000, accomplished by an
increase in the floating debt. Until now no official
figures have been given out as to how much further
the borrowing power of the Equalization Fund may
be extended. It is even possible that the figure may
be kept secret, but the London money market has
for several days past been talking of a possible
£500,000,000. Gold is bought abroad or in the
London open market at prices ranging over the past
several months at from 118s. to 120s. an ounce and
Volume 136
Financial Chronicle
is sold to the Bank of England probably at the
Bank's statutory buying price of 84s. 10d. an ounce.
The market has been expecting an increase in the
borrowing power of the Fund for some time. Chancellor Chamberlain in his talk before the House of
Commons emphasized the fact that the decision to
increase the Fund was•reached prior to the suspension
of the gold standard by the United States and asserted that "America's action was prompted by
purely internal considerations." This statement was
obviously intended to dispel rumors rampant in all
markets of an impending currency war between the
two countries. Foreign markets continue to impose
the greatest confidence in the pound and in London
as the leading money market of the world, despite
the fact that the pound is not on gold and that funds
are so abundant in Lombard Street as to be almost
unlendable at the lowest interest rates. Pertinent
to this fact, Mr. Chamberlain told the House of
Commons on Monday that the decision to increase
the Equalization Fund was due to increasing shortterm balances flowing into Great Britain in recent
months. "The new phenomenon is in no way related
to the permanent value of sterling," he said. "It
has taken the form of removal of funds from other
countries into this country because it was considered
the safest place to deposit."
On Tuesday the Bank of England withdrew
$2,199,500 of its earmarked gold from New York.
This is the first time since restrictions were imposed
on exchange here that Great Britain has taken any
gold from its New York stock. Later in the week
France withdrew $4,993,000 from its New Yotk earmarked gold. The gold earmarked with the Federal
Reserve Bank of New York prior to the abandonment of gold by the United States is exempt from
embargo as the earmarked gold is regarded as the
property of the foreign central bank to which it is
accredited. Nevertheless these two gold shipments
doubtless had some influence in strengthening the
• dollar this week with• respect to sterling and the
Continental foreign exchanges. The amount and
ownership of gold earmarked in New York or in any
central bank are never disclosed, but close observers
believe that from $320,000,000 to $350,000,000 is
now earmarked in New York and it is believed that
the British portion is more than $200,000,000.
Exemplifying the ease of money and the plethora of
funds in the London market, call nioney against bills
was in abundant supply this week at from X% to
%, two-months' bills at 7-16% to
threemonths' bills at
to 9-16%, four-months' bills
at 9-16% to /%, and six-months' bills at X%
to /
78
"%. On Monday the Bank of England bought
£322,363 in gold bars. On Thursday the Bank
bought £49,638 in gold bars. This week the Bank of
England shows an increase in gold holdings of
£2,023,404, the total standing at the record high
level of £186,858,351, which compares with £121,476,671 a year ago and with the maximum requirement recommended by the Cunliffe Committee of
£150,000,000. Foir the week ended April 26 the
Bank's ratio moved up from 45.83% to 50L34%,
which compares with 37.34% a year ago.
At the Port of New York the gold movement for
the week ended April 26, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$239,000, chiefly from Latin-American countries.
Gold exports totaled $7,193,000, of which $4,993,000
was shipped to France and $2,200,000 to England.
2851
The Reserve Bank reported a decrease of $2,200,000
in gold earmarked for foreign account. In tabular
form, the gold movement at the Port of New York
.
for the week ended April 26, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, APRIL 20—APRIL 26, INCL.
Exports.
Imports.
$4,993,000 to France
$239,000 chiefly from Latin2,200,000 to England
American countries
$7,193,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease? $2,200,000
$239,000 total
The above figures are for the week ended Wednesday evening. On Thursday and Friday there were
no imports or exports of the metal or change in gold
held earmarked for' foreign account. For the week
ended Wednesday evening approximately $137,000
of gold was teceived at San Francisco from China.
On Thursday approximately $51,000 more of gold
was received from China at San Francisco.
Canadian exchange continues at a severe disqount,
though owing to the greater firmness in sterling with
respect to the dollar the rate was more in favor of
Montreal than at any time in several weeks. It was
officially announced during the week that the gold
redemption clause for Dominion notes had been
suspended by Order in Council. This announcement
had no effect on the Canadian rate as the suspension
has been a matter of fact for a few years. On Saturday last Montreal funds were at a discount of 12%,
on Monday at 12%
8%,on Tuesday at 13%, on Wednesday at 13
on Thursday at 13 13-16%, and
on Friday at 13%.
Referring to day-to-day rates, sterling exchange
on Saturday last was firm but cautiously dealt in.
Bankers' sight was 3.791 @3.83%; cable transfers
/
3.80@3.84. On Monday Sterling moved higher but
the market was hesitant. The range was 3.86@
3.885 for bankers' sight and 3.86%@3.8834 for
4
cable transfers. On Tuesday the market continued
jumpy. Bankers' sight was 3.85@3.863/; cable
2
transfers 3.8538@3.8634. On Wednesday the pound
4
was lower. The range was 3.77%@3.801 for
bankers' sight and 3.78@3.803/ for cable transfers.
On Thursday the market continued to be governed
by doubts, with narrow trading and wide fluctua/
Ban6rs' sight was 3.71%@3.745 8; cable
transfers, 3.72@3.7434. On Friday sterling again
2
spurted upward. The range was 3.723/@3.78% for
/ .7932 for cable transfers.
bankers' sight and 3.72 8@3
Closing quotations on Friday were 3.773/2 for demand
and 3.783 for cable transfers. Commercial sight
-day bills at 3.763.; 90
-day
bills finished at 3.79 60
bills at .3.7534; documents for payment (60 days) at
2
3.79, and seven-day grain bills at 3.763/. Cotton
and grain for payment closed at 3.7932.
Continental countries conXCHANGE
Ethetinues to as on the excessively high with respect
be quoted
dollar,
has been the case since the
to
United
States abandoned the gold standard last week. The
Continentals have receded fractionally from the high
quotations of Friday a week ago but there is no essential change in the situation. Paris and all the European markets are nervous and hesitant in consequence
of the uncertainties over the dollar and owing to the
wide fluctuations in the pound. On Saturday the
French finance minister, M. Bonet, asserted that
France will without question remain on the gold
standard. The statement was made after a Cabinet
meeting and stressed the need of world monetary
2852
Financial Chronicle
stability. As noted above, $4,993,000 in gold was
shipped from New York to France during the week.
This shipment together with one of $2,200,000 to
England, was a factor in strengthening dollar exchange with respect to the franc and othei Continental currencies this week. On Friday press dispatches
announced that an accord was signed ,between the
Bank of England and the French Treasury by which
a sum between 2,000,000,000 and 2,500,000,000
francs will be made available to the French Treasury.
The francs now in Paris are a part of the large holdings of the British Exchange Equalization Fund,
bought in the course of operations to stabilize sterling.
The accord will avoid shipment of gold from Paris
to London, at least for the time being. France has
lost a great deal of gold to England in the past
few months, but these losses have not been fully
disclosed in the weekly statement of the Bank
of France because they have been offset by deliveries of gold by the Reichsbank and by the
Swiss and Dutch national banks. Money rates
have been firming up in Paris owing in part to
hoarding, in part to heavy borrowing by the State and
other public bodies, and also to the movement of gold
from Paris to London and the transfer of funds to
London. This week the Bank of France shows a
loss in gold holdings of fr. 245,340,057. On April
21 total gold holdings of the institution stood at
fr. 80,834,642,742, which compares with fr. 77,480,944,575 a year ago and with fr. 28,935,000,000 in
June 1928, when the unit was stabilized. The
Bank's ratio stands at 77.69%, which compares with
77.57% on April 14, with 70.21% a year ago, and
with legal• requirements of 35%.
German marks, like all the major currencies, are
quoted at extremely high prices with respect to the
dollar, but the quotations are largely nominal and
exchange between the two countries is almost at a
stanstill. Berlin dispatches on Friday stated that
Dr. Hjalmar Schacht, President of the Reichsbank,
has sailed to New York to take part in the conversations which are now being held on international
capital relation.
Italian lire are firm, although trading either way
as between Italy and the United States.is extremely
limited. Recent Milan dispatches stated that Italian
banking circles are greatly concerned over the
probable interpretation of .the gold clause in dollar
bonds, as substantial amounts of Italian dollar bonds
are outstanding. Guido Jung, Italian Minister of
Finance, is now on the way to confer with President
Roosevelt in Washington. The Austrian National
Bank announced on Wednesday that the official exchange rate for the schilling henceforth will cease to
be based on the dollar, but will be based on the Swiss
and French francs. The Governor of the National
Bank of Belgium made a statement on Saturday to
the effect that Belgium is determined to defend the
gold parity of the belga.
The London check rate on Paris closed on Friday
at 86.40, against 89.37 on Friday of last week. In
New York .sight bills on the French center finished
on Friday at 4.363/2, against 4.193/2 on Friday of
A
last week; cable transfers at 4.363 , against 4.20,
and commercial sight bills at 4.39, against 4.23.
Antwerp belgas finished at 15.47 for bankers' sight
bills and at 15.48 for cable transfers, against 14.993/
and 15.00. Final quotations for Berlin marks were
25.74 for bankers' sight bills and 25.75 for cable
transfers, in comparison with 24.793' and 24.80.
April 29 1933
Italian lire closed at 5.763/ for bankers' sight bills
3
and at 5.77 for cable transfers, against 5.57% and
5.58. Austrian schillings closed- at 14.75, against
14.00; exchange on Czechoslovakia at 3.39, against
3.40; on Bucharest at 0.70, against 0.75; on Poland
at 12.70, against 11.40, and on Finland at 1.70,
against 1.78. Greek exchange closed at 0.63 for
bankers' sight bills and at 0.64 for cable transfers,
against 0.63 and 0.64.
GE on the countries neutral during thb
EXCHAN.fluctuations in demoralized on account
war is of course greatly
of the wide
sterling and dollar exchange. Were it not for the break-down of the dollar
and the consequent soaring of sterling, the underlying
situation of the neutral units would be no different
• now from that prevailing several months ago.. Swiss
francs and Dutch guilders would be ruling around
dollar parity, whereas now they are quoted at impracticably high premiums over the dollar and are
largely nominal. Both the National Bank of Holland
and the National Bank of Switzerland made public
announcement of their determination to adhere to
the gold standard. Because of the slump in the
dollar, Amsterdam financial authorities have decided
to establish a committee for the protection of holders
of bonds containing the gold clause. The Scandinavian currencies are inclined to move in strict sympathy with sterling, but these units were unsettled
this week because of a break in Swedish kronor which
was brought about by rising inflationary demands in
Sweden.
Bankers' sight on Amsterdam finished on Friday
at 44.54, against 43.093/ on Friday of last• week;
cable transfers at 44.55, against 43.10, and commercial sight bills at 44.50, against 43.00. Swiss francs
closed at 21.49M for checks and at 21.50 for cable
transfers, against 20.643/ and 20.65. Copenhagen
checks finished at 16.893/2 and cable transfers at
16.90, against 17.093/ and 17.10. Checks on Sweden
closed at 19.593/ and cable transfers at 19.60,
against 20.093/b and 20.10; while checks on Norway
finished at 19.393/i and cable transfers at 19.40,
against 19.593/ and 19.60. Spanish pesetas closed
at 9.483/ for bankers' sight bills and at 9.49 for cable
transfers; against 9.163/ and 9.17.
XCHANGE On the South American countries
presents no new features of importance. The
Argentine exchange authorities have instituted stricter control over peso exchange by reducing the
amount of foreign currency drafts which can be obtained without a permit from the Exchange Control
Commission. •The amount has been cut to 1,000
paper pesos from 5,000. It would appear that this
action has been taken to prevent the flight of capital
through the drawing of drafts for excessive amounts
against Argentine imports. It is understood, however, that legitimate transactions, covered by drafts
up to 5,000 paper pesos, will continue to receive
preferential treatment.
Argentine paper pesos closed on Friday nominally
A
at 253 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/ Peru is nominal at
s.
16.05, against 17.00.
E
Financial Chronicle
Volume 136
.
XCHANGE on the Far Eastern countries is, of
course, greatly demoralized because of the disturbance which has arisen between dollar exchange*
and sterling since the abandonment of gold by
Washington. The quotations are to a large extent
nominal and do not reflect actual transactions in
volume. The Indian rupee fluctuates with the
pound sterling, to which it is attached at the rate of
is. 6d. per rupee. Exchange on Hong Kong and
Shanghai is higher in consequence of the firmer
quotations for silver, which was officially quoted this
week in New York at from 353 cents to 373( cents
per fine ounce, whereas a few weeks ago the price
was around 26 cents an ounce. Japanese yen are
firm owing largely to the altered relationship between
the pound sterling, and the United States dollar.
Closing quotations for yen checks yesterday were
23, against 233 on Friday of last week. Hong
Kong closed at 26 5-16@263/,against 26 5 16@261 ;
2
A
/,
Shanghai at 24%@243 against 243; Manila at
503/2, against 51%; Singapore at 443., against 463'(;
%
Bombay at 283 , against 29.00, and Calcutta at
%
283 , against 29.00.
E
URSUANT
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE HATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF AOT OF 1922,
APRIL 22 1933 TO APRIL 28 1933, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York,
Value in United States Money.
Country and Monetary
Unit.
April 22. April 24.1 April 25. April 26. April27.1April 28.
EUROPE-$
$
3
3
I
$
$
Austria,schilling__. .140300* .140000* .139500* .141875* .142125* .141875*
Belgium, belga
152312 .153236 I .155045 .153525 .152933 .154169
Bulgaria, lev
007166* .007150* .007150* .007200* .007200* .007266*
Czechoslovakia, kron .033875 .034000 .033300 .033281 .032968 .033293
Denmark, krone
170166 .172318 .171458 .168766 .166663 .167875
England, pound
sterling
3 813636 3.863571 3.850480 3.792053 3.733666 3.774000
Finland, Markka_.
.016625* .016875 .016850 .016757 .016616 .016850
France, franc
042486 .043378 .043775 .043333 .043220 .043668
Germany, relchsmark .252090 .253045 .254625 .252841 .251976 .254153
Greece, drachma
006125* .006069 .006135 .006162 .006216 .006275
Holland, guilder
.435854. .442958 .446627 .443091 .441585 .445285
Hungary, pengo
.175050* .174500* .174500* .177250* .174750* .177250*
Italy, lira
056576 .057453 .057951 .057317 .057006 .057521
Norway. krone
.195727 .197100 .198683 .193508 .191772 .193245
Poland, zloty
113500* .113000* .117375 .124375 .113333* .124000*
Portugal, escudo
.033000 .033660 .034083 .033550 .033645 .034300
Rumania,leu
006325* .006133 .006275 .006512 .006600 .006466
Spain, peseta
092925 .094409 .095250 .094425 .093892 .094707
Sweden, krona
2004E4 .200509 •.199608 .195963 .193500 ,194638
Switzerland, franc_ .._ .207520 .212745 .215118 .213008 .211853 .214492
Yugoslavia, dlnar... .014833* .015333 .015500* .015250 .014980 .014880
;
ASIA.
ChinaChefoo dollar
231250 .240833 .242083 .236458 .235833 .237500
Hankow dollar_ _ _•_ .231250 .240833 .242083 .236458 .235833 .237500
Shanghai dollar_ _ __ .232812 .24(1625 .241562 .237031 .237500 .238125
Tientsin dollar
231250 .240833 .242083 .236458 .235833 .237500
Hong Kong dollar
.255000 .263125 .265000 .258750 .260000 .260312
India, rupee •
286150 .289350 .288500 .283300 .280500 .281900
Japan, yen
231875 .234250 .240937 .236400 .233125 .233500
Singapore (8.8.) dollar .436250 .446250 .445000 .436875 .432500 .431250
NORTH AMER.Canada, dollar
879250 .880416 .871354 .861979 .861510 .866458.
Cuba, peso
999187 .999162 .999203 .999162 .999300 .999237
Mexico, peso (silver). .297000 .289650 .290725 .290020 .289450 .288775
Newfoundland, dollar .876750 .877750 .868500 .859000 .859125 .863825
SOUTH AMER.Argentina, Peso (gold) .656247* .653649 .654625* .650059* .654625* .647603'
Brazil, milreis
.076400* .076500 .076400* .076675* .076300* .076300'
Chile, peso
060500* .080250 .060250* .060250* .060250* .060250'
Uruguay, peso
475750* .475000* .475000* .495000* .495000* .493333'
Colombia, peso
.862100* .862100* .862100* .882100* .862100* .862100'
OTHER
Australia, pound
13.052500 3.076666 3.055000 3.021250 2.966666 3.008333
New Zealand; pound_13.058125 3.084166 3.062083 3.028750 2.974166 3.016250
0.....tk Andra found.13,7M819 2 Rinn9s 2 70019c11 2 7419 4 2 072222 2 790A09
,
•Nominal rates, firm rates not available.
HE following table indicates the amount of gold
bullion in the principal European banks as of
April 27 1933, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks Of.
England_ _
France a___
Gertnanyb _
Spain
.
Italy _ .. _ _
Netherlands
Nat. peg
SwItzerrd._
Sweden__ _ _
DenMark. _
Norway - - -
1933.
£
186,858,351
648,677,142
17,102,500
90,365,000
67,669,000
79,645,000
76,311,000
88,537,000
12,116,000
7,397,000
8,380,000
1832.
£
121,476,671
619,847,556
38,350,150
90,017,000
60,868,000
74,324,000
72,011,000
66,030,000
11,440,000
8,032,000
6,561,000
1931.
£
147,227,386
444,927,545
106,993,350
96,852,000
57,434,000
37,166,000
41,245,000
25,712,000
13,321,000
9,546,000
8,133,000
1930.
£
164,283,793
338,806,523
120,785,750
98,756,000
56,261,000
35,979,000
33,799,000
22,846,000
13,531,000
9,572,000
8,145,000
1929.
t
158,766,163
286,304,664
94,529,020
102,392,000
56,520,000
35,184,000
28,607,000
19,239.000
13,049,000
9,593,000
8,157,000
Total week_ 1,281,057,993 1.168,957,377 988,557,281 902,565,066 810,390:847
Prey. week_ 1,281,023,509 1,166,160,214 991,696,802 901,553,694 814,789.340
a These a e the gold holdings of the Bank of France as reported In the new form
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which tile present year is E3,251,250.
2853
The First Stage of the Washington Conferences
and Its Bearing on America's Future.
Prime Minister MacDonald has come and gone, and
all the world is agog to know what agreements or
understandings have been reached between him and
President Roosevelt. For light on that subject we
have, in the first place, the joint statement issued on
Thursday regarding the conversations. The discussions, it is pointed out,"were not designed to result
in definitive agreements," those being left to the
World Economic Conference which is expected to
meet in June. A number of "practical measures"
necessary to international agreement were, ho.wever,
"analyzed and explored," and regarding these the
two Governments found "a like purpose and a close
similarity of metbod." The measures in question in-
clude "an increase in the general level of commodity
prices," "constructive effort to moderate the network of restrictions," such as excessive tariffs,
quotas and exchange restrictions, which hamper
commerce, "concerted action" by central banks to
provide "an adequate expansion of credit" and the
use of"every means"to get the credit into circulation,
and the stimulation of enterprise by "creating conditions favorable to business recovery," with "appropriate programs of capital expenditure" as a government contribution. An ultimate equilibrium in international exchange, an international monetary
standard "when circumstances permit" which will
"operate suc&ssfully without depressing prices,"
and an improvement of the status of silver are also
mentioned. None of these questions, the.statement
adds, can be settled "by any individual country acting by itself," but world recovery must be achieved
by "co-ordinating domestic remedies and supplementing them by concurrent and simultaneous action in the international field."
Official communiques, of course, rarely tell, much
that is specific, and statesmen, some one has remarked, must often appear to agree when in fact they
differ. In this case as in others, what is given out
officially has to be read between the lines, and supplemented and interpreted by what experienced correspondents, with access to unofficial, but often reliable
sources of information, are able to add. Mr. Roosevelt and Mr. MacDonald hardly needed to say that
they had not intended to come to precise agreements,
since neither of them was in a position to guarantee
that any agreement would be carried out, and the
knowledge that agreements had been made would
prejudice the work of the proposed Economic Conference. Even the general phrases of Wednesday's
official statement appear to have occasioned apprehension in England. The London correspondent of
the New York "Evening Post" reported on Thursday
that "it would take a 'political upheaval to convert
the Tories to a campaign of public spending," that
it would "cost a political revolution to get them to
abandon the quota system" which has already been
embodied in the recent or pending commercial treaties with Denmark, Sweden, Norway and Argentina,
that nothing-short of a "personal revolution" woad
induce Mr. Montagu Norman to cd-o.perate in any
radical expansion of credit, and that the Treasury
was"known to be fundamentally opposed to any plan
to rehabilitate silver through artificial price raising." Other London advices reported resentment at
the report that Mr. MacDonald had supported some
high figure for the stabilization of the pound when
British trade interests want the pound kept down.
2854
Financial Chronicle
If these forecasts are correct, the agreements, whatever they are, that were reached at Washington may
need considerable interpretation to make them acceptable to Parliament or the British public.
Nevertheless, putting together what has been said
officially and what has been allowed to leak out
through the press regarding Mr. Roosevelt's conversations with Mr. MacDonald, it is not difficult to perceive the substantial outlines of the program to which
Mr. Roosevelt, with whose attitude this country is
of course primarily concerned, has committed himself. There is to be a World Economic Conference,
but its work will be largely cut and dried because of
the Washington conversations. The Conference,
with the United States and Great Britain, and very
possibly France, taking the lead, is to be urged to
do something to raise the level of commodity prices,
remove impediments to international trade, press the
central banks to expand credit and devise means of
forcing it into circulation, encourage governments
to go in largely for public works on capital account,
and "do something" for silver. The war debts are to
be postponed until after the Conference, and Mr.
Roosevelt was represented on Thursday as expecting
that the June instalments will be paid, but since revision or cancellation of the debts has been the largest reason for British or French interest in the Washington conversations, and not only Mr.'MacDonald
but M. Herriot, who has been conferring with Mr.
Roosevelt during the past week, are understood to
be well pleased with the course that matters have
taken thus far, the conclusion seems irresistible
that an ultimate reduction of the debts, with or
without some change in the terms of payment, is
in Mr. Roosevelt's mind. A world truce on tariffs
until the Conference meets was also indicated by
Secretary of State Hull on Thursday as under consideration, with the United States "favorably inclined."
So much for the economic side. What Norman H.
Davis, special Ambassador of the United States to
Europe, told the Disarmament Conference at Geneva
on Wednesday is of even greater importance. In a
written statement Mr. Davis, after referring to the
proposals of joint action by members of the League
and non-members in promoting peace through consultation and co-operation, announced that it is now
"both the policy and the practice of the United States
to confer where questions of peace are concerned."
Later, referring to the need of a disarmament that
Would prevent successful aggression, he said:"There
is a realization that this can be brought about especially by two means: abandonment of weapons which
facilitate aggression and continuous supervision of
armaments. To that end it may well be found advisable to reinforce those measures of supervision and
control already envisaged. We are in agreement that
the efforts of States that are members of the League
and non-member States should be co-ordinated not
only in determining measures of disarmament but
in their effective supervision." The United States,
in other words, is prepared to co-operate with the
League not only in reducing armaments, but in the
supervision of armaments afterwards—one of the
things that France has demanded in its long campaign for security as the price of disarmament. On
Friday Mr. Davis further emphasized the new policy
of the United States by promising American support
for the British disarmament plan that is before the
Conference.
April 29 1933
Mr. Roosevelt has not yet asked Congress for the
sweeping authority which he is known to desire to
eoncluae commercial treaties and other agreements,
including a settlement of the war debts. The opposition which the Thomas inflation bill and the Black
thirty-hour bill have encountered has doubtless led
him to await a more propitious time for presAng his
request, and there was an advantage in having the
conference with Mr. MacDonald successfully out of
the way. There should be no mistaking, however,the
seriousness of the course which Mr. Roosevelt,led on
by the group of young radicals who appear to be his
most influential advisers, is marking out for the
country. In return for European concessions which,
it is hoped,will restore financial, industrial and commercial prosperity,relieve unemployment and insure
political stability, the United States is to embark
upon a program of so-called co-operation with Europe
whose magnitude is without precedent save during
the World War. Not only are a number of large and
complicated economic operations to be undertaken
through the formal agency of a World Conference,
but in most of them the Federal Reserve System,
which at other points is being brought almost completely under the control of the President as a
result of recent legislation, will naturally be expected
to take a prominent part. Commodity prices, monetary standards, credit, and government expenditure
for public works are all to be thrown into the international pot, irrespective of what Congress or the
country think about it, in the hope that some new
mixtures may be evolved which will fit supposed
world needs.
This new orientation of American policy Would be
a subject of national concern if it related only to
economic matters. It becomes of graver concern
when it is seen to include also politics. By so much
as the war debts are reduced—and reduction, in one
form or another, is the price which Mr. Roosevelt
must apparently pay for British and French support
at other points—the burden of paying them is transferred to the American taxpayer and European
efforts to escape payment have their reward. Surrender to the French demand for Security, whether
by formal co-operation with the League in the international supervision of armaments or in any other
way, will not only make the United States an ally of
the League, but will, it is to be feared, plunge it into
the thick of the political rivalries and animosities
which are rapidly dividing Europe into hostile
camps, reviving the old system of alliances, and
threatening war: It is not without significance that
political talk at Washington during the past week
has not hesitated to predict the entry of the United
States into some kind of a consultative pact from
whose operation Europe would be primarily the
beneficiary, and the prediction has been sharpened
by Mr. Davis's carefully prepared remarks at Geneva. We more than once criticized President Hoover for his eagerness to take a hand in European
political affairs. but the prospect held out by what
appears to be Mr. Roosevelt's program projects the
United States into Europe far beyond anything that
Mr. Hoover proposed.
One can only hope that Mr. Roosevelt and his advisers, contemplating the vision of a world rebuilt
and refurnished under American supervision, will • •
not lose touch with the plain realitieS of the situation, or allow their zeal for world welfare to draw
them into a game in which the United States will
Volume 136
Financial Chronicle
2855
the other seven divisions increased their proportions
of the nation's industry during the period. But only
in the East North Central Division, which had about
23% of the factory wage jobs in 1899, and almost.
29% of them in 1929, were the gains of sufficient
volume to challenge seriously the long supremacy of
the manufacturing East. The changes in percentage
of the population living in the three principal industrial divisions were very small in comparison with
the changes in percentage of wage jobs located there.
It is emphasized that changes in the amount and
in the distribution of industry obviously affect occu.
pational opportunities and modify the proportion of
in each of the principal three occuemployed persons
pational fields—namely, the extractive industries
(agriculture, fishers and mining); manufacturing
and mechanical industries; and other industries and
services, consisting of transportation and communication trade, and public, professional, domestic and
clerical services. The extractive industries furnished jobs to about 36% of the gainfully employed
in 1910 and to 24% in 1930. The proportion of
workers reporting employment in manufacturing or
mechanical lines increased from 28% to 29%, while
the persons engaged in "other industries and services" rose from 37% to 47% of the total in 20 years.
Factory wage jobs increased from 70% to 72% per
1,000 population during the same period.
The study reveals that eight industries, or combiRedistribution of Industry in Past Thirty
nations of industries,engaged primarily in the manuYears.
facture of meat, lumber products, tobacco, ships,
An intensive study of the tendencies toward con- mbsical instruments, leather and woolen and
centration and toward dispersion of manufactures worsted goods, and in the construction and repair
in the United States, recently made by the Bureau of steam railway equipment, radically reduced their
of the Census, indicates that at the beginning of the wage jobs in all the divisions from a total of 1,960,601
present century industry was decidedly concentrated to 1,300,599. Several of these industries reduced
within the manufacturing East, with New England quantity of output in approximately the same proand the Middle Atlantic States in possession of more portion, while others actually increased their volume
than half of the total, as measured in terms of wage chiefly through increased mechanization of their
jobs. By adding the East North Central States, it plants. The manufacturing East lost some of its
was shown that exactly three-fourths of the nation's former share. In this instance, however, New Engmanufacturing was located within the region land's percentage increased, the Middle Atlantic
bounded by the Great Lakes and the St. Lawrence States bearing the brunt of the reduction in wage
River on-the north, the Mississippi River of the west, jobs. The drastic decline in the shipbuilding industhe Ohio River and Mason and Dixon's Line on the try—the largest single cause of the geographic reapsouth, and the Atlantic Ocean on the east. This portionment of these eight industries or combinaregion contained, however, only 49% of the total tions—while felt in all sections, was sufficient in
the Pacific division to cut down the percentage of
population.
The following 30 years brought about profound that division by one-half. The expansion of logging
changes both in industry and in the population. The operations in the Northwest added approximately
latter increased 62%, and industrial wage jobs 25% to the lumber industry in the Pacific and Mounalmost 88%, resulting in an increase of such jobs tain divisions, and lessened the shares of all others.
from 62 to 72 per 1,000 population. The physical
Other industries, such as shoe manufacturing.
volume of manufactured products nearly trebled— 49% of which, as measured by wage jobs, was done
increasing 195%—making a gain of 82% in manu- in New England in 1919, developed rapidly throughfactured goods per capita of the total population.
out the South, and in the North Central States, leavthe geographic redistribu- ing New England with only 39% of the total in 1929.
According to the study,
tion of industry which took place between 1899 and Some migration of cotton goods manufacture oc1929, while on a somewhat smaller scale than were curred, the New England share falling from 47% to
the increases in wage jobs and in physical output, 30%. The only other division having as much as
was, nevertheless, considerable. The figures dis- 10% of the industry—the South Atlantic—increased
close a tendency toward decentralization, manifested its percentage from 38% to 54% during the 30-year
both in sectional shifts and in *dispersion from the period. Fifty-four per cent. of the wage jobs in steel
works and rolling mills in 1919 were reported in the
large cities outward.
The most important changes occurred in the lead- Middle Atlantic States; only 44% were located there
ing three industrial divisions—the New England,the 10 years later, the East North Central States having
Middle Atlantic, and the East North Central. The increased their share of the industry total from 32%
two Eastern divisions of the group, with a combined to 40%.
Some dispersion of industry is disclosed in the
total of 52% of all factory wage jobs in 1899, reported only 41% of the total 30 years later. Six of statistics for the areas of concentration. The pri-
be left "holding the bag." We do not believe that
an international conference can raise the level of
ot
commodity prices, and we think it would be calamity to force the central banks to pour t more
credit. There is nothing that an international conference can do to establish a monetary standard so
long as Great Britain prefers a depreciated pound
because it is commercially profitable, France and
other countries adhere to the gold standard, and the
United States hoards its gold and goes in for inflation. We see nothing but political danger in agreements that bind the United States to the League of
.
Nations and make it an ultimate guardian and guarantor of world peace. These are some of the realities
which a policy of wholesale international co-operation presents to the American people at the present
time, and Mr. Roosevelt has need of courage as well
as wisdom in resisting the pressure that is upon him
to make the United States the regulator of everything, and to hold American aid to courses which
will not hinder American recovery or compromise
American political independence. He may well be
content to allow his great abilities, his keen and
broad sympathy, and his personal charm of manner
to work for the removal of discord wherever those
qualities are welcome, without inviting commitments and entanglements which we feel confident
neither Congress nor the country will approve.
2856
Financial Chrotiicle
mary areas, which had as a group about 45% of the
nation's factory wage jobs in 1899, did not quite hold
that proportion through the following 30 years of
rapid industrial expansion, their share having
dropped to 44% in 1929. These large urban areas
did, however, more than approximately maintain
their 1899 share of the country's population. Their
proportion of that total increased in three decades
from 22% to about 33%. In the secondary regions
adjoining the large centers industry grew relatively
more than it did in the centers themselves,increasing
the share of the total wage jobs in the outlying areas
from 18% to 21%.
It is pointed out that the effect of redistributions
of industry in the past 30 years—both regionally and
in the areas of concentration—has been to establish
more nearly an equilibrium between population and
wage jobs. The extent to which this has taken place
is revealed in the narrowing of the extremes in wage
jobs per 1,000 population from 34% in other areas
and 124% in the primary areas in 1899, to 45 and 106,
respectively, in the two types or regions in 1929.
Despite the tendency toward manufacturing decentralization, generally observable in the statistics
presented in the report, industry remains quite
highly concentrated in large urban cities. The dispersion which has occurred consists principally of
expansion into areas adjoining the dominant population and industry centers, rather than into the thousands of smaller cities and towns throughout the
country.
It is impossible to say whether these decentralizing tendencies are as strong as they have been generally described. Much recent literature on the subject of industry • location refers quite emphatically
to a definite reversal of industry. Misunderstanding
sometimes arises from the fact that reports of industry migrations are likely to be exaggerated. When
news that plants or industries are moving from one
section of the country to another is investigated, it
is often found that the migration, while possibly involving several factories, is relatively unimportant
as measured by the resultant geographic redistribution of wage jobs for the entire industry.
The study deals only in a broad way with the subject of the location of manufactures since the beginning of the century, and practically no consideration
has been given to the forces which have brought
about industrial migration and determined location.
Some quantitative measurement, however, of such
influences could possibly be made from data collected by the Bureau of the Census and other business and statistical organizations.
April 29 1933
under authority granted by Congress. Several plans
covering big systems on a broad scale have been
promulgated, but not one has yet been adopted and
put into execution.
Absolute harmony has prevailed between the
Pennsylvania and the Reading, because the officers
and directors of each company realized the need of a
change which might bring the two seashore lines out
of the red and into the line of prosperity, which will
assure the meeting of fixed charges and in time, perhaps, the payment of dividends. The task was approached with full realization of the necessity of
coming to an agreement in order to meet severe competition arising chiefly from highly improved highways constructed at State expense, thus enabling
buses and trucks to divert passenger and freight
traffic from the rail carriers, and making it convenient for thousands of owners of automobiles to
travel comfortably to and from the seashore resorts
without availing themselves of the use of costly
equipment provided by the railroads.
Construction of three bridges across the Delaware'
River also added to the troubles of the railroads, as
before such facilities were afforded automobiles en
route to the shore had to utilize the ferries operated
by the Pennsylvania- and the Reading railroads.
Loss of this revenue further depleted the income of
the steam carriers, and in addition made it more convenient for automobile owners to journey in their
own cars instead of using the trains.
Five applications are pending before the I. C.
-S.
Commission, including :that of the Pennsylvania, to
purchase stock of the Atlantic RR. from the Reading; for the Pennsylvania and the Reading to guarantee payment of rental to the West Jersey & Seashore; for authority on the part of the Atlantic City
RR. to construct connections with the West Jersey;
for the West Jersey to abandon portions of its lines;
for approval of assignment of the lease of the West
Jersey to the Atlantic City RR. and the acquisition
of trackage rights.
The two railroads are wholly within the State of
New Jersey, and they operate in the same general
territory in Southern New Jersey, serving Atlantic
City, Ocean City, Sea Isle City, Avalon, Stone Harbor, Wildwood and Cape May, much of the trackage
being parallel.
It is proposed that the Atlantic shall be owned
two-thirds by the Pennsylvania and one-third by the
Reading. The Atlantic board of 10 members shall,
consist of six directors nominated by the Pennsylvania and four by the Reading, the President and
the Vice-President of Atlantic to alternate yearly
between the Pennsylvania and the Reading. The
rental will be sufficient to pay Atlantic interest on
Model Railway Merger Plan—Result of Five
bonds and 6% upon its stock.
Years' Work of Officials of Pennsylvania
The Kaighn's Point terminal of the Atlantic on
and Reading Railroads.
the Delaware River will be abandoned, and the West
The Inter-State Commerce Commission, having Jersey terminal near the center of
Camden on the
fixed May 12 for the arguments (the hearings having river front will be used jointly for
pa.senger and
been concluded) on the applications for unified freight business by the Pennsylvania
and the Atlanoperation of the Atlantic City RR., owned by the tic. Much of the trackage of the West
Jersey from
Reading Co., and the West Jersey & Seashore, leased Ocean City to Cape May will be
abandoned, and from
by the Pennsylvania RR., the end of a long contro- Winslow Junction to Atlantic City the
tracks of the
versy over this prospective merger appears to be in Atlantic will be abandoned, to obviate
duplication.
sight.
Where short stretches of tracks of West Jersey can
The proceedings have attracted widespread atten- be used to advantage at points from Ocean
City to
tion, as they are setting a precedent for similar appli- Cape May connections will be made with the
Atlantic
cations for mergers and unified operation as pro- tracks, thus minimizing maintenance expenses
and
jected some years ago by the I.-S. C. Commission, preserving service and terminals at seashore points.
Volume 136
Financial Chronicle
2857 •
Some years ago the Pennsylvania management
From Winslow Junction to Atlantic City the
thought it had settled the problems of passenger
service will be wholly over West Jersey tracks, and
the construction of a highfrom the Junction to Ocean City, Wildwood and traffic to Atlantic City by
be utilized, each speed third rail road via Pleasantville, but even this
Cape May the Atlantic tracks will
out. Over a part of thii
road having its own trackage from Camden to modern facility is'losing
single car instead of a
Winslow Junction. Sufficient tracks of West Jer- road gas engines moving a
economy,and there is a strong
sey will be retained to afford service by the Atlantic train are operated for
third rail project, or a considto Strathmere, Sea Isle City and Cape May, and probability, that the
be abandoned. One
great care' has been taken not to impair service to erable part of it, will in time
of the present plan is that 194 public
great advantage
interior towns in Southern New Jersey.
will be eliminated.
The estimated saving of $1,600,000 yearly in net and 47 private grade crossings
Many years ago, when electrical railroads. were
Separate
earnings is regarded as very conservative.
Gloucester," as William
operation in 1932 resulted in a combined deficit of experimental, the "Duke of
astonished Philadelphians by
$1,582,054. 'or the last 10 years Atlantic has made Thompson was known,
of constructing an electric
a deficit annually, the greatest being $1,080,834, in announcing his intention
Atlantic City. Those were
1928. In the same period West Jersey made deficits railroad from Camden to
young and the "Duke"
in 1931 and 1932. In a decade the average deficit the days when trollies were
fortune out of his race track and
yearly for Atlantic was $562,911, while the average was reaping a
amusement park down the Delaware. The daring
annual net income of West Jersey was $742,151.
however, was soon
Since 1923 passengers carried by Atlantic declined project of providing competition,
com- nipped in the bud. Were the "Duke" living to-day he
from 5,492,842 to 2,179,755 in 1932. A similar
for saving him
parison for West Jersey shows a decline from would probably thank his opponents
from so rash an act.
13,596,625 to 4,051,406.
September were the
June, July, August and
Visions Astound the French.
months of heaviest passenger traffic on each line, the "Brain Trust's"
York "Times.")
[Arthur ICrock in Washington dispatch, April 26 to New
percentage for those months on the Atlantic being
a brave new world in which humanity is
Clear visions of
54.39% of the total, and on the West Jersey 51.71%. to live happily under President Roosevelt are responsible for
Frequent and fast service, coupled with special rates, the daring and multiplicity of the ideas of those advisers
excursions being run as low as $1 for the round trip who are collectively known as "the brain trust." The ferastounded the French
from Philadelphia to seashore points, failed to over- tility of their minds has particularly s. Those Americans
sus- visitors to the international conversation some recent legislacome deficits. Freight revenue for the decade
who have begun to wince or cry out at
tained a decrease of 43% on the Atlantic and 52% on tive devices will best.understand the bewilderment of the
the West Jersey.
French.
The rapid procession of methods to do what has been
Unfavorable economic conditions and highway
has
tion are the causes attributed for the bad considered the "undoable," when reduced to writing,
transporta
been calmly viewed by most of the visiting British, although
showing, every point on the railroads being reached
some of them have revealed touches of cynicism.
by hard surfaced roads paralleling the rail lines. In
This group does not seem to include the Prime Minister.
seven years improved 'highways in the territory in- As he said to the newspaper men to-thy: "We are going
creased nearly 100% to 1,953 miles, whereas the com- away with a determination we are going to come to an
agreement because it is our moral duty to come to an agreebined mileage of the two railroads is 502.5 miles.
Sixty-two bus lines and 123 truck lines serve the ment."
That sentence pretty well expresses the confidence of
district covered by the railroads. . In 1925, the year members of the "brain trust" in the final triumph of their
before the Delaware River bridge was opened, the devices. Difficulties, insurmountable in the past, will be
Camden ferry accommodated 2,893,035 vehicles, but swept away because of the moral duty that they must be
by last year this traffic had gradually dropped to swept away.
And it must be said for their attitude that thus far this
696,633. Of the total of 13,739,282 vehicles crossing
week it has wrought very well. While not so sure of the certhe Delaware River last year 78.6% moved over the tain operation of proposed plans, the British are ready to
bridge.
try them. The French remain more skeptical, but they are
Of the vehicle's crossing the Delaware River since nothing like so doubtful to-day as when they arrived last
the bridge was opened in 1925 79% were pleasure Sunday.
The "brain trust" is an interesting as well as confident
cars, averaging 10,572,222 yearly, or.28,965 per day,
group. Its members almost completely occupy the inner
while trucks averaged 1,349,489 annually, or 3,697 chamber of the President's ear.
daily, and buses averaged 1,289,172 yearly, or 3,532
They produced the farm relief bill and the Thomas amenddaily. The decrease in rail traffic was concurrent ment. They worked out the currency devalorizing and stabilization formula which has been the basis of discussion
with the increase in highway traffic.
among the experts. They sponsor the bill for the stimulation
The resident population of the nine principal
of private industry under Government supervision of wages,
towns served by the railroads is 94,996. The summer hours of labor and production.
population is difficult to determine, but is probably
The Muscle Shoals plan, with its bright picture of the
10 times the number of permanent residents. A whole Tennessee Valley as a pastoral Pittsburgh, is theirs.
When the problem arose how to get Congressional augreat many Philadelphians make their homes in the
thority for the President to deal flexibly and finally with
seaside towns during the summer, and the heads of
war debts and tariffs, the "brain trust" found in their books
• the families commute daily to Philadelphia, a service the Washingtonian plan of getting parliamentary "advice" in
which cannot be rendered by any other means than advance of seeking "consent" to an executive negotiation.
When the.Constitution presented difficulties—as it has on
those provided by the railroads—speed,low cost and
several occasions since Marh 4—it was the "brain trust"
consideration. .
safety being taken into
set boundaries upon the
The complicated problems which the railroad who concluded that if Congress
exercise of executive power the statute could be kept within
officials are attempting to solve deeply concern the the framework of that elastic instrument.
general public as well as the investors and manageThis solution has been applied to the economy bill and the
Thomas amendment.
ment of the respective carriers.
• 2858
Financial Chronicle
April 29 1933
a stabilization of exchanges by their inspirational abandonment of the dollar,they have got just what they expected.
For in this vital field the net of Mr. MacDonald's amiable
visit is exactly nothing. As expressed in the beautiful
language of a diplomatic note: "The ultimate re-establishment of equilibrium in the international exchanges should
also be contemplated." First blood for the great inflationary
experiment recorded in such words as "ultimate" and "contemplated" can scarcely be regarded as a world-shaking
achievement.
But it was in the domestic field that the Administration
professed to see the real gains. What has happened there?
First of all, admission comes reluctantly from supporters of
the Administration that the bill is an awful mess and must
be radically amended. "Controlled inflation" by a group of
professors is not quite so easy as was expected. For these
learned gentlemen cannot function under the ideal conditions
of a laboratory experiment. They must draw a bill, and
the President must execute it with a free silverite, greenback
Democratic majority in Congress yipping at their heels. It
is now conceded that the bill as drawn does include a plain
greenback provision. Why shouldn't it, since it is sponsored
by Senator Elmer Thomas, of Oklahoma, one of the wildest
greenbaokers in captivity? The friends of the President
are now alarmed and demand that this folly be eliminated.
But it is far easier to get such a clause in than to get
it out.
As for Section 3, it is concededly a badly drawn mess of
words, purporting to grant an appalling power to the President—to reduce the gold content of the dollar to 50%, with
no limitation as to time or economic necessity. Senator
Connally now concedes that this is of dubious constitutionality. So,in this other vital sectionrof the bill, the professors
are in head-on collision with the Constitution of the United
States.
Perhaps even more alarming has been the discovery by
the country that the President took this leap in the dark,
against the almost unanimous advice of practical experts
abOut him,from Carter Glass to the Secretary of the Treasury, and including the weight of authority of banking and
foreign exchange experts everywhere. There was no. necessity whatever for the embargo, in the opinion of the experts.
There was nothing in the experience of Great Britain to
justify the experiment. The natural level of the dollar was
up, not down. The price level in this country was not falling. And so on. The whole supposed factual and logical
basis-for the step has been blown to bits, and the country
finds itself embarked upon a needless and perilous experiment with no better reason given than the word of a group
of theorists without practical experience in either banking or
foreign exchange.
Nor are the political bearings of the experiment exactly
cheerful for the President. As the truth begins to percolate
it is seen that the worst sufferers from inflation by Governmental fiat are the wage earners, and the only probable
beneficiaries the farmers and the speculators. Next in line
among the sufferers come the small owners of capital, whose
holdings are chiefly in bonds, savings banks and life insurance—investments fixed in amount. The larger capitalist
,
with the ability and knowledge to invest in stocks, is
likely
to make speculative profits. Senator Thomas called the
bill
a measure to take $200,000,000,000 from one group and give
it to another group. He was exactly right. But he should
have added that the second group, the beneficiary, was
the
farmer and the large capitalist, and the first the wage earner
and the small investor.
There is, therefore, left a-ter seven days of debate just
one
defense of the embargo and inflation that is still vocal.
That
comes from the man who believes that things
cannot be
worse and that any experiment is worth trying once.
But
things can be worse—as Germany can testify. And
they
can be better—if only the country and its President
have
the patience and courage to carry on without
resorting to
shots in the arm that can cure nothing and may do
appalling
damage.
The degree to which the members of this group have
impressed the President can readily be determined by noting
the number of measures listed above which he has made his
own. It is only a partial list. More short cuts to the brave,
new world may be expected.
Woodrow Wilson was a professor himself, and that perhaps
is one reason why few teachers of theory prevailed in his
councils. He relied upon Oscar W. Underwood, a legislator
of long experinece, to write the administration tariff bill.
His currency bill was chiefly from the hand of Carter Glass.
When the World War came along, Mr. Wilson called
business men and industrial scientists as his chief aides.
This marks an important difference in the atmosphere of
the two Democratic administrations. The change has particularly grieved business men and political leaders who have
been used to having a major part in national policies.
It has surprised the British and concerned the French,
neither of whom is much inclined to go to the colleges for
statesmanship.
By unanimous vote the "brain trust" is headed by Raymond Moley, Assistant Secretary of State. He is miles
ahead of his fellow-collegians in influence and mental fertility. To him come all the schemes he does not himself
invent, and he passes on them. When his thumbs go down,
the scheme usually goes.down also.
He is an ambitious man, with a fine gift for impressing
and pleasing all kinds of people not always possessed by men
of his training. Although for years he has lectured to the
young, he has none of the schoolmaster's manner.
Many people believe that Mr. Moley's dream is to be
Secretary of State. If he is named Vice-Chairman of the
American delegation to the London conference—an office
never before created—they will feel that he is on his way.
Associated with Mr. Moley in the "brain trust" are Rex
Tugwell, Assistant Secretary of Agriculture; Dr". Mordecai'
Ezekiel, economist for the same department; A. A. Berle of
the Reconstruction Finance Corporation, E. A. Goldenweiser of the Federal Reserve Board, Herbert Feis, economist of the State Department, and William I. Myers of the
Farm Board.
Working closely with these, but with a pragmatic background they all lack, is the Secretary of Labor, Miss Frances
Perkins.
When Professors Take Charge.
[Editorial in New York "Herald Tribune" for April
27.1
As the effects of the.first jab in the arm wear off, the
country is plainly more than a little worried over the cure-all
drug called inflation. The first dose was just a promise—
and what beautiful dreams it ptoduced! Exchange was
about to be stabilized, stocks and commodities were to go
kiting, everybody was to be prosperous —long live the 50
-cent
dollar!
Now the headache of the morning after is already unmistakable in many quarters. Such is the familiar inevitable
history of the inflationary treatment, and it is interesting to
see even the first preliminary stage following the classic
formula. Nothing is more certain to produce a temporary
thrill, a delusion of wellbeing; nothing is more certain than
that, as the effects wear off, the patient feels worse than ever.
That is the chief viciousness of inflation.• It is in literal
truth a habit-forming drug, requiring ever larger and larger
doses to keep the patient satisfied.
In this case the treatment was to be applied by a group
of professors. Yes, inflation had had bad effects in the past;
it had ruined Germany and all but ruined France. But this
wa to be a new dosage, a new technique. "Controlled
inflation" was the new prescription, the magic formula. It
is easy to see why President Roosevelt, beset by the softmoney majority of his party in Congress, "fell for" these
siren words. Here was a solution for all his political troubles.
His strategic position would be, for the time being, greatly
strengthened by yielding ground.
Had the President thought his way through to the end?
It is difficult to believe that he had. Rather was that
sudden decision for an embargo one of those hasty leaps
which seem to be a Rooseveltian specialty. The Administration has protested loudly that nothing was farther from
its mind than the effect upon Great Britain. Of course, it
must be believed. But unfortunately neither Mr. MacDonald in his oddly caustic Press' Club speech nor Mr.
Neville Chamberlain by his typically blunt budgetary challenge seems to have appreciated this innocence. At any
ra e, i Mi. Roosevelt and Mr. Hull expected no gain toward
The Course of the Bond Market.
Bonds advanced quite generally in price this
week, gaining
more than they lost last week when the Governme
nt took
final steps to go off the gold standard. High grade
bonds
recovered their losses of the last ten days, while
the lowest
grade averages are approximately at their highs
since the
bank holiday. The price average of 120 domestic
bonds
stood at 77.11 on Friday, which compares with 74.77
a week
Financial Chronicle
Volume 136
ago and 75.82 two weeks ago. Short term interest rates
were slightly easier this week. •
Long term United States government bonds have followed
the general price trend of Aaa bonds in recent weeks. The
averages have recovered about half of the loss since their
recent high on March 17, and are well above the low point
of March 3. The average price of the long term Treasury
issues stood at 101.04 on Friday, while a week ago it was
99.98 and two weeks ago 101.62.
Railroad bonds strengthened this week, with moderate
advances recorded for the highest grade issues and more substantial advances for the medium grade and speculative issues.
Atchison, Topeka & Santa Fe gen. 4s, 1995, gained 1%
2
points, from 8534 to 87. Pennsylvania 43/s, 1965, 2M
points, from 77% to 7932, and Union Pacific 4s, 1947, 1%
points,from 93 to 97%. Certain less active issues fluctuated
violently, Pennsylvania, Ohio & Detroit 13's, 1977, from 79 •
to 71, closing the week at 75. Among the medium grade
issues gains of three to five points were common. Southern
5s, 1994, advanced from 62% to 70, and Kansas City
Southern 3s, 1950, from 54 to 57%. Among the low-priced
issues, some of the best price advances were recorded by
Louisiana & Arkansas 5s, 1969, which gained 73 points,
from 263' to 33%, Southern 4s, 1956, 93' points, from 27
to 36M,and Lehigh Valley 4s, 2003, 3 points, from 32 to 35.
The price average of 40 railroad bonds stood at 74.36 on
Friday, bompared to 71.38 a week ago and 71.19 two weeks
ago.
Utility bond prices during the week showed a strong tendency to advance. Recovery from the year's lowest levels
of last week was made by high grade utility issues. American
Tel. & Tel. 5s, 1965, gained 15 points, from 96 last Friday
%
5
3
to 97% this Friday, while Duquesne Light 43/5, 1967 were
4
13/i points higher, from 993 to 101%. In the more speculative group, Indianapolis Power & Light 5s, 1957, recovered
43 points for the week,from 733. to 78, and Florida Power
MOODY'S BOND YIELD AVERAGES..
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES..
(Based on Average Fields).
1933
Das
Average,.
'Apr. 28
27
26
25
24
22
21
20
19
18
17
15
14
13
12
11
10
8
7
6
5
4
3
1
Weekly
May.24
17
3
Feb. 24
17
10
a
.40
120
120 DOMeniC4 Ott Ratings.
120 Domestics
by Groups.
DOMed-
Aaa.
Aa.
A.
Baa.
RR.
75.61
75.50
75.40
74.88
74.46
74.46
74.46
74.46
74.36
74.46
74.77
100.00
100.33
100.49
100.17
100.00
99.84
99.52
99.52
99.36
99.36
99.52
85.35 74.46 58.32 74.36
.
84.97 74.25 58.18 74.15
84.60 73.95 57.50 73.75
84.10 73.15 58.64 72.75
84.47 72.45 56.58 72.65
83.60 72.28 56.06 71.77
83.35 72.16 55.73 71.38
82.99 71.87 54.92 70.15
84.35 72.55 54.81 70.43
85.35 73.45 54.98 71.00
85.61 73.65 55.04 71.29
85.99 73.85 55.04 71.19
Stock Excha age Clo sed.
85.87 73.95 54.80 71.09
85.87 73.65 54.43 71.00
85.61 73.85 54.18 70.90
85.23 72.75 53.88 70.71
85.10 72.65 53.16 70.52
85.10 72.65 53.28 70.62
84.97 72.75 53.28 70.81
85.10 72.75 53.40 71.00
84.72 72.55 53.34 71.00
84.97 72.85 53.40 71.00
85.48 72.85 53.88 71.38
77.88_
79.11
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
83.97
74.15
82.82
57.57
101.64
102.30
99.04
102 98
104.51
106.89
105.37
105.54
105.03
105.54
104.85
106.07
97.47
103.99
85.61
87.83
89.17
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
92.97
82.99
89.72
71.38
77.11 99.68
76.89 99.68
76.35 99.20
75.71 99.04
75.50 98.88
74.98 98.41
74.87 97.78
74.15 97.47
74.77 99.04
75.50 99.84
75.61 100.00
75.82 100.17
75.82
77.33
72.06
76.25
79.45
81.54
80.49
81.18
81.07
81.90
79.34
81.90
71.87
78.55
54.43
57.24
58.52
54.18
57.98
60.60
62.48
61.34
62.95
63.11
64.31
61.56
64.55
53.16
67.86
37.94
2859
5
& Light 5s, 1954, gained 4% points, from 53 to 57%. The
rise in price was selective among these issues, however. For
instance, Central Illinois Public Service 43/2s, 1981, changed
only M point, from 50 to 493, and Puget Sound Power &
4
Light 432s, 1950, lost 13j points, from 493 to 48. The
price average of 40 utility issues stood at 74.05 on Friday,
comparing with 72.16 and 74.57'one and two weeks ago,
respectively.
On the average, industrial bonds were stronger during the
week, the gains shifting, however, to issues representing
heavier industries. Steel bonds did better, with reports of a
gain in the rate of operations in that industry. Bethlehem
Steel 5s, 1942, advanced to 863,a gain of 7 points from 793
4
a week ago. Republic Iron & Steel 5Ms„ 1953, gained 5
points to 51 from 46, and Illinois Steel 4s,1940, recovered
4
33 points from 96 to 993 . Tire and rubber company
4
bonds extended previous gains on a smaller scale and sugar
issues *held a large part of their previous • sharp advances.
Oils did moderataly better, despite renewed uncertainties
in the industry. Food and merchandising issues displayed
better tendencies and even motion picture bonds experienced
a temporary flurry in price. The price average of 40 industrial bonds stood at 83.35 on Friday, at 81.30 a week ago
and 82.26 two weeks ago.
The foreign bond market during the past week was characterized by a general advance interest in the lower grade issues, such as Chileans and Bolivians, being marked. The
Danish and German government bonds con'inued strong
and during the latter part of the week higher prices were
seen for the Argentine i •sues. The obligations of B 31gium
were one of the weak spots of the list, declining an ave age of
2 points. The average yield on 40 foreign bonds stood at
10.6% on Friday, which compares with 10.58% a week
ago and 10.87% two weeks ago.
Moody's computed bond prices and bond yield averages
appear in the tables below:
73.65
74.57
69.59
73.15
75.50
77.77
76.25
76.25
75.09
75.71
71.96
77.99
69.59
78.99
47.58
P. U. Indus.
74.05
73.95
73.55
72.95
72.85
72.36
72.08
71.96
73.05
74.15
74.25
74.57
83.35
83.11
82.26
81.78
81.66
81.54
81.30
81.07
81.54
81.90
82.02
82.26
74.67
74.46
74.46
73.75
73.25
73.25
73.15
73.35
72.95
73.05
73.35
81.90
81.42
81.30
80.60
80.14
79.91
79.80
79.56
79.34
79.91
80.14
78.10
80.49
76.35
80.60
83.8.5
85.89
85.99
87.56
88.23
89.17
88.23
89.31
71.98
87.69
65.71
82.14
82.74
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.58
86.38
87.69
78.44
85.61
62.09
AU
120
1933
Domes
Daily
tic.
Averages
Apr. 28__
27__
26__
25__
24._
22__
21.20._
19__
18__
17__
15__
14._
13__
12-11-10__
8._
7_-_
6_
• 5__
4__
3__
1__
Weekly
Mar.24__
17__
3__
Feb. 24_
17_
10__
3....
Jan. 27__
2013_
8._
Low 1933
HigJi 1933
Low 1932
High 1932
Yr. A00Apr.28'32
2 Yr3.4 vO
An,
29'51
120 Domestics by Ratings.
Aaa.
Aa.
A.
6.47
6.49
6.54
6.60
6.62
6.67
6.70
6.75
6.69
6.62
6.61
6.59
4.77
4.77
4.80
4.81
4.82
4.85
4.89
4.91
4.81
4.76
4.75
4.74
5.77
5.80
5.83
5.87
5.84
5.91
5.93
5.96
5.85
5.77
5.75
5.72
6.81
6.62
6.63
6.88
6.72
6.72
6.72
8.72
6.73
6.72
6.69
4.75
4.73
4.72
4.74
4.75
4.76
4.78
4.78
4.79
4.79
4.78
5.73
5.73
5.75
5.78
5.79
5.79
5.80
5.79
5.82
5.80
5.76
6.72
6.74
6.77
6.85
6.92
6.94
6.95
6.98
6.91
6.82
8.80
6.78
Stock
..6.77
6.80
6.78
6.89
6.90
6.90
6.89
6.89
6.91
8.88
6.88
6.40
6.29
6.70
6.32
6.10
5.94
6.81
5.95
5.96
5.89
6.07
5.88
6.75
5.99
8.74
7.29
4.65
4.61
4.81
4.57
4.48
4.40
4.43
4.42
4.45
4.42
4.48
4.39
4.91
4.51
5.75
5.58
5.48
5.76
5.47
5.36
5.23
5.24
5.25
5,29
5.26
5.37
5.21
5.96
5.44
7.03
6.59
6.45
6.96
6.55
6.26
6.08
6.17
6.11
8.12
6.05
8-27
6.05
6.98
6.34
9.23
.
Bea.
120 Domestic,
by Gs....ip..
RR.
P. II.
indult.
8.63
6.73
6.76
5.93
8.65
6.75
6.77
5.95
8.75
6.79
6.81
6.02
8.88
6.89
6.87
6.06
8.88
6.90
6.88
6.07
8.97
6.99
6.93 '
6.08
9.02
7.03
6.96
6.10
9.15
7.16
6.97
8.12
9.20
7.13
6.86
6.08
9.14
7.07
6.75
6.05
9.13
7.04
6.74
6.04
9.13
7.05
6.71
6.02
Excha age Clo sed.
9.17
7.06
6.70
6.05
9.23
7.07
6.72
6.09
9.27
7.08
6.72
6.10
9.32
7.10
6.79
6.16
9.44
7.12
6.84
6.20
9.42
7.11
6.84
6.22
9.42
7.09
6.85
6.23
9.40 * 7.07
6.83
6.25
9.41
7.07
7.87
6.27
9.40
7.07
6.88
6.22
9.32
7.03
6.83
6.29
10.26
10.35
10.37
10.47
10.49
10.54
10.58
10.61
10.88
10.97
10.98
10.87
8.79
8.60
9.27
8.68
8.31
8.06
8.21
8.00
7.98
7.83
8.18
7.80
9.44
7.41
12.96
10.78
10.73
11.19
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.98
9.60
11.19
9.85
15.83
6.80
6.71
7.22
6.86
6.62
8.41
6.55
8.55
6.66
6.60
6.97
8.39
7.22
6.30
10.49
6.38
6.03
6.17
5.98
6.54
8.35
6.16
6.96
5.89
580
5.72
5.70
5.72
5.76
5.60
6.69
5.55
5.67
5.48
5.60
5.55
5.69
5.47
5.59
6.37
gm
cm . 5,75
7.68
8.11
10.83
10.75
10.73
10.96
11.00
11.02
11.01
10.94
10.86
10.82
10.80
Jan. 27
20
13
8
High 1933
Low 1933
High 1932
Low 1932
Year Aye
7.58 10.43
6.02
8.33
5.13
6.54
Apr. 28 1932_ _ _ 68.94 94.14 82.26 66.38 47.87 60.45 76.35 71.57
7.01 13.54
I Two Years AgoA AA
5.48
4.42
4.82
5.63
7.05
5.57
5.u(i
Apr. 29 1931..__ 89.17 05.54 98.88 87.17 71.19 87.96 96.08 83.97
6.94
*MM.
-These prices are computed from average yield on the basis of one "Ideal" bond 4% coupon, maturing in 31 years) and do not Purport to show either
the average level or the average movement of actual price Quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages; the latter being the truer picture of the bond market.
Chronicle" on Jan. 14 1933, page 222. For Moody's index of bond prices
IThe last complete list of bonds used in computing these Indexes was published In the Chronicle" of Feb.6 1932. Dace 907.
by months back to 1928. refer to the -
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, April 28 1933.
General business experienced another week of advancing
activity in almost all lines. The improvement was not
accompanied by so much of the furore pf speculative enthusiasm rampant immediately after the withdrawal of the
country from the gold standard, but it has been steadj and
more than seasonal. The Washington "News" budget has
1
4
been both large and significant. Most of the week has been
occupied by the Senate with the discussion of suggested
additions of all sorts to the omnibus Farm Relief Bill. The
unimpeachable character, however,of some of the opposition
to the most flagrant of these uneconomic proposals has been
of such a nature as to cause a sober second thought to be
awakened throughout the nation. A reflection of this can
be traced in the hesitancy shown recently by the more
2860
Financial Chronicle
April 29 1933
speculative markets. The imminence of uncontrolled and than expected. Spring building is slow. Planting is well
unopposed inflation was no longer taken for granted. Se- advanced.
In San Francisco inflation talk has imparted a stronger
curity prices for example have moved more conservatively
while the volume of trading has fallen off to proportions more tone. Hops have been the highest in 13 years and recently
in keeping with actual trade conditions. The trend has been. barley has risen sharply in price.
Taking all trade indices into consideration the past week
somewhat reactionary although not violently so. The price
of grain futures and other speculative commodities has been has been unique in the number of its advances. While it
generally lower in the past few days due principally to a more is true that they have taken place from a very low level of
cautious attitude on the part of traders and investors. prices the fact remains the improvement has been general
Bonds have been relatively stronger, as the action of the and has been sustained now for several weeks in succession.
As to the stock market, on the 22nd, with total sales of
dollar in the foreign exchange market has been more stable.
Cash prices for commodities, however, have been generally 2,275,514 shares, stocks resumed their upward swing. The
higher, particularly for foodstuffs. Steel output has risen average gain of active stocks at the close approximated
to approximately 25% of capacity which is a new high mark 2M points. The so-called inventory shares were the most
for the year, and a further advance in the volume of opera- popular, but the rails and utilities also showed marked
tions is expected to follow almost immediately. Demand strength. Car loadings showed a gain over the preceding
from the motor industry has been steel's largest backlog week of about 6,900 cars, but were still 12.8% lower than
but railroad buying is looked for in a short time. Demand for the same week last year. Bonds were active with total
sales of $5,926,000 and closed generally higher. U. S.
for structural steel has been small.
Automobile manufacturers have been operating at a Governments were strong and so were domestic corporation
higher rate_ than in March and production for May is ex- bonds. Speculative railroad issues scored some very subpected to be even greater. Some companies have been doing stantial advances. Foreign governments were generally
a larger business this April than they did in the same month higher with the exception of French 7s and German bonds
last year. Retail trade has improved in all sections. In were particularly firm. On the 24th, prices closed about a
spite of cooler weather the purchase of spring merchandise point higher with continued heavy trading amounting to
has been more than seasonal. This has been particularly 4,805,160 shares. At one time during the day the market
true in the case of textiles, clothing and shoes. Wholesale was somewhat higher than the close, but profit taking
trade has been gaining steadily. Retail stocks have been caused part of the advance to be lost. The official announcekept almost at the vanishing point and the unexpected de- ment that Canada had departed from the gold standard was
mand caused in part by the desire to replenish and stock up really no news. News affecting the tobacco stocks came too
with goods at current prices in fear of currency inflation has late to cause any reaction in the day. It was contradictory
.
been a material help to wholesalers. The demand for in its way, one item being an advance in cigarette prices by
glassware has improved partly owing to the heavy demand the largest chain store grocery and the forecast of further
for beer bottles, tumblers and goblets. Hides have con- upward revision, while the other item had to do with the
tinued their strength of the previous week and leather prices enactment of a 3c. tax on all packages of cigarettes in the
have also advanced. Shoe manufacturers are again operat- State of Alabama. The cut in East Texas oil prices also
ing at near capacity. Carloadmgs have been steadily up- came too late to have much effect. Bonds were strong with
ward. Failures were smaller in April and are expected to be sharp advances in the speculative list. Total sales were
fewer than for the same month during the past few years. $18,545,000. U. S: Governments were firm and the advance
Bank clearings have been a little better although the volume in German bonds was a feature.
On the 25th trading fell off to some extent and the market
continues below that of last year. Electric power output
has increased in some instances above the 1932 level. The was lower. Total sales were 3,504,290 shares. Its action
railroad outlook is considered more encouraging although the generally was more normal. After the close the Steel Corp'.
comparison of earnings between March 1933 and 1932 makes a announced that they would continue the preferred dividend
bad showing. The adoption of the administration's railroad at the reduced rate of 50c. a share a quarter. Bonds were
relief measure as published this morning was followed how- again firm although transactions were also reduced in this
ever by lower prices for railroad stocks to-day. Wool prices department. Sales were $14,130,000. United States Govhave been stronger. The silver provision of the Farm bill ernments were again strong. Domestic corporations were
has helped to cause a sharp advance in that metal while tin irregular and so were foreign loans generally. On the 26th
activity again declined, total sales approximating 2,914,900
and copper are both higher.
In New York instead of retail trade contracting after shares. Net changes for the day were a half to one point
the Easter buying period it has broadened in many lines. higher on the average for the active stocks and it seemed
The increased activity in Wall Street has already made its as though the market were taking a breathing spell after its
influence felt and sales of better grades of merchandise and recent burst of abnormal activity. Industrial news was
even some luxuries have been partly a reflex of the increased generally better. Steel operations were up to about 25%,
activity in the financial district. Demand for clothing, electric power output showed an increase and the belief
furniture, electric refrigerators and household goods has appeared to be gaining ground in Wall Street that inflaincreased. Chicago has been affected to some extent by tionary measures by the Government would be tempered.
the same sort of influence with a like result. Steel output Bonds were generally strong with sales of $14,000,000.
has increased to 24% of capacity and prices have firmed up United States Governments were sluggish and declined but
in several departments, although no actual advance is ex- - most other obligations, particularly of the specUlative group,
pected before the middle of the summer. Chicago also advanced. Foreign issues were mixed.
On the 27th the falling off in the volume of trading inhas seen an increase in the demand for higher-priced goods
of all sorts. In Boston wool advanced 3 to 5c. with a brisk dicated that the speculative enthusiasm which burst out
inquiry, but actual sales to mills were little larger. Cotton early last week had quieted itself pending further developmills were not at all anxious to sell in the face df inflation ments at Washington. Total sales were 1,880,175 shares
talk. Trade in the department stores increased. In St. and the price trend was somewhat lower. Trade news was
Louis the rise in commodity prices has braced the general generally bullish. The Consolidated Gas Co. reduced their
situation. Steel production has increased. In Philadelphia dividend to a $3.40 annual basis, compared with $4.00
sentiment has improved as well as business. Increasd heretofore paid, but the action of the stock had forecast this
employment has come with the increase in industry. In step. Dollar exchange continued the advance and steel
dresses and hosiery, orders have largely increased. Idle news continued to improve. Bond transactions totaled
$11,343,000. The volume seemed decidedly small after the
mills and factories are going into new hands.
Cleveland trade has continued to increase and freight recent activity. Prices were irregular. United States
In
movement has shown more than the seasonal expansion Governments were generally higher and so were German
partly owing to the greater activity in the beer 'trade and obligations. Brokers'loans rose $75,000,000 during the week
related business. Automobile operations are up. Steel to a total of $461,000,000.
To-day prices moved in a narrow range with gains and
output has increased with the first demand for rails in some
Tire makers have had to increase .their output to losses about evenly distributed. Total sales were 2,163,634
time.
keep pace with larger orders. The upturn in grain prices shares. The close was near the high prices of the day and
in the last hour the quality of the buying was more imhas helped trade.
In Minneapolis retail trade has benefited by a general pressive. The dollar was weak again and the rumor of the
stir in produce markets especially in grain. The flour ship- establishment of an equalization fund by our Government
ments too are large. Post Easter trade has held up better was denied in responsible quarters. Commodities were
Volume 136
Financial Chronicle
2861
practically all lower and trade news wa. generally favorable. five years. Advices referring thereto were contained as
Bonds were comparatively dull with total sales of $9,100,000. follows in a Washington dispatch April 20 to the New York
The trend was irregularly lower. The strength in Argentine "Times":
The McAdoo bill also would provide a sinking fund for the new notes
and Australian bonds was a feature in the foreign departand would give the Federal Reserve Board certain broad powers to expand
ment while the weakness of some high grade domestic utility credit by manipulating the reserve balances required to be maintained
against deposits in member banks.
issues was worthy of note.
his plan provided a means
A report from Youngstown, Ohio, on April 27 stated that ofThe former Secretary of the Treasury said that over-inflation
inflating the currency that would prevent
and unconthe Farrell Works of the American Sheet & Tin Plate Co. trollable inflation of bank credit.
Mr. McAdoo observed that the Treasury has outstanding about $7,000.30 hot mills, 18 turns, starting on next Monday.
will operate
less than
It is the first time in more than three and one-half years that 000,000 in short-term debt maturing inof 1933. five years, over three
billion of which falls due before the end
this property has operated at capacity. The same company's
"The Treasury," he said, "may have to borrow within the next twelve
plant at Mercer, Pa., and the Farrell Plant of the American months a total of between $6.000.000,000 and $7,000.000,000."
On March 31 there were outstanding $3,575,092,200 in Treasury notes,
Steel & Wire Co. also will operate next week on enlarged $2.369,182,000 in certificates and $817,202,000 in bills maturing within
schedules. Pittsfield, Mass., reported that the Berkshire five years; the certificates and bills mature before the and of 1933.
Mr. McAdoo Said the disadvantages of continuing and increasing the
Woolen Co. has received an order for manufacture of men's
short-term debt are obvious.
clothing sufficient to keep the plant in operation at capacity
"Apart from the enormous volume and complexity of the operations
for at least several weeks, according to Dennis T. Noonan, . involved, it is manifestly unwise to continue a policy which absorbs such
a vast amount of bank credit," he said. "The weight of the Treasury
President. The firm employs 400 workers. A dispatch floating debt should be taken off the banks and they should be left free to
from Salisburg, N. C., said: "Klumac Cotton Mill inaugu- employ their resources by the extension of needed profits for the legitimate
rated to-day a full-time schedule of three eight-hour shifts. arid necessary business of the country.
"An issue
proposed is the
While the industry has operated some machinery part time, best solutionof Treasury notes or currency such as I havemade for retireof the problem, especially since provision is
With 100 ment of this currency over a reasonable period of time.
•100 looms started for the first time in two years.
-just as sound as are the long-time
"My proposal is for a sound currency
employees, the rug mill also started to-day. Larger orders
and short-term obligations of the United States now held by the banks
are reported."
and the public generally."
Greenville, S. C., reported that a decided upturn has been
registered in textile activities during the past week. A Monthly Indexes of Federal Reserve Board-Industrial
majority of mills in this area have increased their operating
Production During March Lower than in February.
time and many have called back to work employees who had
The. Federal Reserve Board, under date of April 26,
been laid off temporarily. One mill was reported to have issued asfollows,its monthly indexes of industrial production,
called back 500 workers. A dispatch from Fitzgerald, Fa.,. factory employment, &c.:
said: "The Fitzgerald Cotton Mills Co., operators of mills
BUSINESS INDEXES.
here and in Cochran, have gone on a double shift, both day
(Index numbers of the Federal Reserve Board 1923-25=100)*
and night, putting about 200 men back to work."
Adjusted for
Without
The weather was clear in New York over the week-end
Seasonal Variation. Seasonal Adjustment.
and temperatures were higher on Sunday. As a rule there
1933.
1932.
1933.
1932.
was little change in temperature from the previous day
Mar. Feb. Mar. Mar. Feb. Mar.
Northern
throughout the country. The cessation of floods in
Industrial production, total
64
67
pal
65
p60
68
New York permitted a resumption of shipping on the barge
Manufactures
64
p58
62
p59
63
66
Minerals
p77
84
p71
79
76
77
York had 32 to 56 Construction contracts, valuer-Total p14
canal after a week of inactivity. New
p14
19
26
16
26
Residential
p8
15
p8
.8
7
16
degrees, Boston 30 to 54, Chicago 36 to 60, Kansas City
All other
27
p18
36
p18
23
35
82, Philadelphia 34 to 56, St. Factory employment
44 to 64, New Orleans 64 to
59.4
56.7
56.6
66.4
59.2 66.3
36.9
52.3
40.0
'Louis 40 to 62, Winnipeg 42 to 70. On the 24th the Gulf Factory payrolls
Freight-car loadings
50
54
61
48
51
58
p56
60
72
P50
49
69
States, the Ohio Valley and from Lake Michigan south- Department store sales
westward to Iowa had showers and thunderstorms. The INDUSTRIAL PRODUCTION-INDEX BY CROUPS AND INDUSTRIES.*
(Adjusted for seasonal variation.)
Atlantic States from North Carolina northward had higher
temperatures while the northern plain States, Upper Lake
Manufactures.
Mining.
Group and
regions and Ontario had colder weather. New York had
• industry.
1933.
1932.
Industry.
1933.
1932.
39 to 67, Atlanta 52 to 62, Boston 44 to 74, Chicago 46 to
Mar. Feb. Mar.
Mar, Feb. Mar.
to 66, Omaha
70, Detroit 44 to 66, Minneapolis-St. Paul 50
34 Bituminous coal- - -_ p51
21
31
63
70
50 to 70,San Antonio 54 to 86, Seattle 54 to 66 and Winnipeg iron and steel
Textiles
p78
83
82 Anthracite coal
p76
64
81
Food products
84 Petroleum
89
p113 110 109
P90
30 to 42.
Paper and printing__ _
__
p85
99 Zinc
44
44
45
On the 25th New York had generally clear weather with Lumber cut
22
20
26 Silver
44
30
30
33
28
Automobiles
45
40
55
temperatures ranging from 53 to 62. Boston had 52 to 70, Leather and shoes__ p27 p90 92 Lead
p85
40 r41
53
Cement
Chicago 38 to 42, Montreal 46, Pittsburgh 50 to 64, Salt Petroleum refining_
__
132 136
54
73
Lake City 48 to 68, Washington 58 to 70, and Winnipeg 32 Rubber tires
Tobacco manufactures 99 115 109
•
to 38. On the 26th in the plains States and along the Atlan-INDEXES Mr GROUPS
FACTORY EMPLOYMENT AND PAYROLLS
tic Coast with the exception of the Southern part of the latter,
AND INDUSTRIES.
lower temperatures occurred. It was clear in New York
are for payroll period ending nearest middle of month.)
(Underlying figures .
with temperatures ranging from 44 to 52, Atlanta had 54 to
Paltrolls.
EmPlairment•
62, Boston 46 to 50, Chicago 36 to 42, Minneapolis-St. Paul
Adjusted for Sea- Without Seasonal Without Seasonal.
28 to 48, Philadelphia 48 to 56, Los Angeles 50 to 68, and St. ' Group and Industry.
sonal Variations. , Adjustment.
Adjustment.
Louis 46 to 64. On the 27th temperatures were higher over
1933.
1933.
1932.
1932.
1933.
1932.
most of the country aside from the Pacific and South Atlantic
MarlFeb. Mar. Mar. Feb. Mar. Mar. Feb. Mar.
coasts, New England and Northern Texas. New York had
48,3 51.4 60.9 49.1 51.8 61.8 22.4 24.7 35.4
clear and rather brisk weather, temperatures ranged from 35 Iron and steel
42.2 44.2 59.2 42.8 44.4 60.0 24.0 28.3 42.6
Machinery
to 52 degrees. Atlanta had 52 to 64, Boston 36 to 50, Chi- Textiles, group
70.4 71.0 67.7 72.3 73.5 41.3 48.2 59.3
65
Fabrics
66.9 72.2 71.9 68.1 73.7 73.2 40.8 48.4 55.8
cago 26 to 56, Detroit 30 to 50, Kansas City 46 to 70, Mon61.9 66.1 68.9 66.7 69.0 74.3 42.4 47.7 66.4
Wearing apparel
78.4 79.2 83.1 76.9 78.4 81.4 59.8 62.7 74.4
Food
treal 26 to 40, Philadelphia 38 to 56,Portland, Ore., 50 to 76, Paper and'
78.5 79.9 86.2 78.7 80.1 86.4 63.3 65.8 82.4
printing
San Francisco 48 to 60, St. Louis 42 to 66, Washington 38 to Lumber
32.5 34.4 41.2 31.8 33.4 40.3 14.3 16.3 24.5
Transportation equipment _ _ 41.7 45.0 53.4 42.5 45.1 54.7 29.2 32.1 45.2
62, Winnipeg 24 to 46.
Automobiles
41.9 48.9 60.9 43.9 49.6 63.7 27.0 32.2 51.3
Leather
75.7 75.6 80.2 76.6 77.3 81.2 47.1 50.0 62.3
It was 41 to 56 degrees here to-day and the forecast was Cement, clay and glass
38.9 39.9 50.1 38.1 37.8 48.9 20.6 20.9 322
Nonferrous metals
41.0 44.4 54.3 42.3 45.3 56.1 25.1 27.4 42.1
for fair and, warmer to-night and to-morrow. Overnight Chemicals, group
75.6 76.4 78.6 78.2 77.3 81.1 60.4 60.8 70.1
.
Boston had 36 to 50 degrees, Portland, Me., 32 to 42, ChiPetroleum
76.6 76.7 79.5 75.8 75.7 78.7 64.5 64.3 72.9
56.6 59.1 67.0 57.0 59.4 67.4 31.1 35.8 .51.3
cago 48 to 56, Cincinnati 42 yo 60, Cleveland 38 to 48, Mil- Rubber products
Tobacco
57.8 64.1 70.8 57.6 63.4 70.4 36.0 40.2 52.2
waukee 44 to 68, Kansas City 56 to 70, St. Louis 50 to 66,
•Indexes of production, car load ngs, and department store sales based on daily
averages.
• Los Angeles'54 to 68, San Francisco 48 to 60 and Montreal centered at p Preliminary. r Revised. z Based on three-month moving averages,
2d month.
32 to 40.
Loading of Railroad Revenue Freight a Little Larger.
Senator McAdoo's Inflation Proposal-Calls for Issue
Loading of revenue freight for the week ended on April 15
of $8,000,000,000 Notes and Expansion of Credit.
totaled 494,215 cars, the car service division of the American
An inflation proposal recently introduced by Senator Railway Association announced on April 22. This was an
McAdoo of California provides for the issuance of ,000,- increase of 6,919 cars above the preceding week, but 72,611
- cars under the same week in 1932 and 265,279 ears under
000,000 in United States notes with which to retire the short
time indebtedness of the Treasury falling due in the next the same week in 1931. Details are as follows:
2862
Financial Chronicle
Miscellaneous freight loading for the week of April 15 totaled 183,463
cars, an increase of 7,859 cars above the preceding week, but 21,663 cars
under the corresponding week in 1932 and 130,150 cars under the same week
in 1931.
Loading of merchandise less than carload lot freight totaled 160,523 cars,
a decrease of 127 cars under the preceding week, 26,422 cars below the
corresponding week last year and 64,850 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 33,857 cars,
778 cars above the preceding week, and 2.003 cars above the corresponding
week last year, but a decrease of 5,784 cars below the same week In 1931.
In the Western districts alone, grain and grain products loading for the
week ended on April 15 tothled 21,750 cars, an increase Of 1,327 cars above
the same week last year.
Forest products loading totaled 16,765 cars. 110 cars above the preceding
week, but 3,249 cars under the same week in 1932 and 17,331 cars below
the corresponding week in 1931.
Ore loading amounted to 2,536 cars, an increase of 804 cars above the
week before, but 1,785 cars below the corresponding week in 1932 and
4,882 cars below the same week in 1931.
Coal loading amounted to 78,792 cars, a decrease of 2,002 cars below the
preceding week, 15.564 cars below the corresponding week in 1932, and
32,155 cars below the same week in 1931.
Coke loading amounted to 3,166 cars, 285 cars below the preceding week,
899 cars below the same week last year and 3,216 cars below the same week
two years ago.
Live stock loading amounted to 15,113 cars, a decrease of 218 cars below
the preceding week, 5,032 cars below the same week last year and 6.911
cars below tlje same week two years ago. In the Western districts alone,
loading of live stock for the week ended on April 15 totaled 11,828 cars, a
decrease of 4,052 cars compared with the same week last year.
April 29 1933
All districts reported reductions in the total loading of all commodities
compared with the same week in 1932 and also compared with the same week
In 1931.
Loading of revenue freight in 1933 compared with the two previous
years follows:
1933.
Four weeks in January
Four weeks in February
Four seeks in March
Week ended April 1
Week ended April 8
Week ended April 15
1932.
1,910,496
1,957,981
1,841.202
494,588
487,296
494,215
7,185,778
Total
2,266,771
2,243,221,
2,280,837
544,961
545,623
566,826
8,448,239
1931.
2,873,211
2,334,119
2,936,928
727,852
737,272
759,494
10.968,876
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended April 15.
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 April 8. During the latter period a total of 29 roads
showed increases over the corresponding week last year, the
•most important of which were the Chesapeake & Ohio Ry.,
•the Seaboard Air Line Ry., the St. Louis San Francisco Ry.,
the International Great Northern RR., and the Texas &
Pacific Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNEGTIONS (NUMBER OF CARS)
-WEEK ENDED APRIL 8.
Total Revenue
Freight Loaded.
Railroads.
1933.
1932.
2.146
3.737
10,304
879
3,035
13,812
645
262
4,274
8.705
2,151
1.974
10.211
950
339
4,762
9,956
2,296
2.447
11.460
1,099
27,750
34,558
28,527
32,359
6,099
9,591
11,805
225
1,982
8,307
1.490
18,193
2,036
405
364
6,877
10,455
15,051
285
2,261
9.794
1,597
26.086
1,637
478
443
5.583
4,924
10.967
1,541
708
5,980
30
20,258
1,801
36
173
6,526
5,751
12,138
1,810
952
5,773
33
24,157
2,067
19
270
60,497
74,964
52.001
59,496
388
1.134
6,701
14
189
220
1,265
2,640
5.349
2,481
3,335
3.512
2.667
736
4,582
2.369
529
1,313
7.475
44
206
197
1,416
2,294
5,945
3,630
4,193
4,022
3,355
1,013
4,897
2,046
617
1,840
10,146
92
373
263
2,154
4.430
8.284
4.743
5,173
6,136
5,738
1,504
6,345
3,382
821
1,498
8,211
44
70
1,648
627
4,812
6,228
163
6,638
3,505
3,093
628
5,989
1,687
• 908
1,546
8,813
106
105
1,840
775
5,564
7,350
170
7,372
3,413
4,023
580
6,433
1,748
37.582
42,375
61.220
45,662
50,746
110.618
130,622
170,742 .126.190
142,601
•
1,531 ' 1.921
2,806
3,086
7.812
6,494
598
660
2,159
2,620
9,030
11,130
565
541
23,183
Total
Group B:
4,679
Delaware & Hudson
7,228
Delaware Lackawanna & West9,598
Erie
•
171
Lehigh & Hudson River
1,400
Lehigh & New England
6.548
Lehigh Valley
1,1081
Montour
16,606
New York Central
1,9371
New York ontario & Western
328
Pittsburgh & Shawmut
252
Pitta.Shawmut& Northern-Total
Group C:
Min Arbor
Dhicago Ind. & Louisville
Mese. an. Chic. & St. LouisDentral Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_
Detroit Toledo & Ironton
Drand Trunk Western
dichigan Central
donongahela
gew York Chicago & St. Louis_
'ere Marquette
'ittsburgh & Lake Erie'
'Ittsburgh & West Virginia
Wabash
Wheeling & i-ake Erie
'
;rand total Eastern District
.
Allegheny District21,073
laitlmore 4 Ohio
1,002
lessemer & Lake Erie
'
217
luffalo Creek & Gauley
4,817
)entral RR.of New Jersey
1ornwall
1Umberland & Pennsylvania__.
144
72
Jgonier Valley
853
..ong Island
46,373
"ennsylvania System
10,039
leading Co
2,546
Inion (Pittsburgh)
52
Vest Virginia Northern
2,335
Western Maryland
25,028
856
143
8,720
47
278
138
1.255
56,632
13.117
3,893
32
2.977
33,267
1,967
203
9,306
3
405
141
1,554
76.502
10.599
8.962
43
3.373
89,523
111,116
152,325
Total
1933.
10,618
567
7
9,034
35
13
2,557
26,574
12,673
538
11,564
881
5
10,471
59
13
17
3,417
30,808
14,569
794
3,192
39,032
40.222
•Figures of preceding week. r Estimated.
55,055
275
737
768
3,993
179
886
838
376
775
16.017
13,407
129
148
1,963
2,755
618
448
Total Loads Received
from Connections.
1931.
1933.
193
757
909
2,050
155
430
1,348
403
624
7,319
3,568
472
237
1.386
2,311
319
526
1932.
165
611
860
2,069
166
336
1,225
377
617
7,078
3,158
362
268
1.014
1,925
235
451
42.454
44,312
64,288
22.987
20,967
81,486
84,534
119,341
49,180
46,353
777
11,923
1,948
14,343
2.840
355
323
2,623
275
6,752
425
1,592
4,102
6,620
795
1,062
13,418
2,434
15,178
2,796
419
373
3.043
301
7.327
505
1,630
4.110
7,666
1,109
1,440
18.750
2,808
21,185
4,160
680
1,054
5,748
358
8,866
627
2,326
5.125
9,712
1.209
1,254
6,595
1.811
5,289
2,337
.
40
333
3,094
141
1,757
318
1,145
. 1,683
1,771
985
1,004
7,422
2,038
6,014
2,839
103
328
3,353
145
1,813
393
1,369
1,810
1,982
787
55,693
61,371
84,054
28,513
31,398
Central Western District
Atch. Top. At Santa Fe System_ • 17,141
2,811
Alton
152
Bingham & Garfield
•
Chicago Burlington & QuineY
12,430
10,206
Chicago Rock Island & Pacific_
Chicago* Eastern Illinois
2,002
742
Colorado & Southern
'
Denver dr Rio Grande Western_
1,387
152
Denver 4 Salt Lake
Fort Worth & Denver City
1,207
418
Northwestern Pacific
69
Peoria & Pekin Union
Southern Pacific (Pacific)
11,519
Bt. Joseph & Grand Island.-199
274
Toledo Peoria & Western
10.308
Union Pacific System
211
Utah
1,260
Western Pacific
19,034
2,841
173
13,203
11,829
1,881
931
1.529
95
1,206
469
165
14,012
222
273
11.018
238
1,146
24,236
3,633
274
18,603
15,748
3,041
1,115
2,251
232
1,119
713
166
17,690
272
257
14,145
276
1,529
3,491
1,439
22
5,077
4,901
1,500
761
1,549
8
'903
180
66
2;283
222
*839
5,001
2
1,205
62.488
80,265
105,300
29,450
32,343
• 129
144
136
2,270
162
112
154
3,353
275
196
183
x3,185
2,385
278
119
1,061
2,169
318
127
1,286
4,119
90
1,445
944
290
480
*80
4,288
11,125
52
1,571
122
1,366
1,325
77
538
81
4,513
14160
33
6,127
252
2,028
1,510
226
889
123
5,539
17,461
39
1,673
691
1,237
650
543
140
331
2,025
6,053
14
1,825
611
1.170
842
345
254
209
2,217
6,514
16
6,951
16
1,820
6,746
90
2,125
9,7n
2.640
2,92
10
8
7
1,323
2, 69
924
1,266
5,180
4,596
1,532
20
5,691
3.444
1.597
21
7.100
5,136
2,349
48
2,292
2,992
1,894
36
2,493
3,242
1,657
36
45,852
45,281
64,977
24,532
29.590
Total
Grand total Southern District
•
.
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Mite.St. Paul & Pacific
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie
Northern Pacific
Spokane Portland & Seattle
Total
3,733
1,552
25
6,273
5,842
1.
712
791
1,816
4
655
201 .
33
3,087
187
646
5.636
9
1.101
76,071
9
Total
Southwestern District
Alton & Southern
Burlington Rock Island
-Fort
District
Pocahontas
, Smith & Western
15.878
19,077
6,244
5,218 Gulf Coast Lines
1'6,202
atesapeate & Ohlo
16.130
3,173
12,594
12,484
3,117 yHoluiton & Brazos Valley
(orfolk & Western
1,218
1,167 International-Great Northern....
2.370
1,539
Torfolk AC Portsmouth Belt Line
557
538
2,423
2,956
405 Kansas Oklahoma & Gulf
2.393
Irglnlan
Kansas City Southern
40,533
11,173
32,434
9,907 Louisiana & Arkansas
Total
31,636
Litchfield & Madison
Southern DistrictMidland Valley
Group A:
Missouri & North Arkansas
3,910
14,042
9.904
3,882 Missouri-Karws-s-Texas Lines...
Ilantic Coast Line
9,621
860
1,373
1.157
1,090 Missouri Pacific
3inchtield
759
448
856 Natchez & Southern
670
1,059
Charleston & Western Carolina_
417
137
297
111
tirham & Southern
122
378 Quanah Acme & Pacific
78
138
56
145 St. Louis-San Francisco
1ainesville Az Midland
45
1,839
1,170
1.520
1,228 St. Louis Southwestern
forfolk Southern
1,412
506
743
475
873 ySan Antonio Uvalde & Gulf...
iedmont & Northern
477
421
3,588
3.484 Southern Pacific in Texas & La_
318
Ichmond Frederick. & Potom_
260
3,284
10,313
2,952 Texas & Pacific
7,968
7,759
mboard Alr Lipe
25,499
10,256
9,711 Terminal RR.Assn. of St. Louis
18,589
17,801
mthern System
177
611
182
787 Weatherford Min. Wells & N. W
rinston-Salem Southbound_._
150
Total
*190
706
709
3,987
164
1,350
878
347
772
14.807
12,885
85
163
1,781
2,817
545
298
3,473
65.817
Group B:
Alabama Tenn.& Northern___.
Atlanta Birmingham & Coast_
-West. JUL of Ala
&U.& W,P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chats & St. Louis_
New Orleans-Great Northern
Tennessee Central
1932.
e4m
1933.
Total Revenue
Freight Loaded.
Railroads.
NOVWC. ...0AM.-*OMMV,0
0
Mt M.NnNMMO=.000MM.4.0:
.
1931.
49,853
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford
Rutland
Total
1932.
Total Loads Receired
from Connections.
26,193
25.386
y Included in Gulf Coast Lines.
Total
•
2863
Financial Chronicle
Volume 136
Federal Reserve Board's Summary of Business Conditions in United States-Increased Activity Noted
Following Return of Flow of Currency with Reopening of Banks-Decline in Factory Employment. .
silver also contributed. Wheat, corn and sugar were lower,
while cotton, lead, coffee, silk and cocoa were unchanged,
or practically so.
The movement of the Index for each day of the past.
week, with comparisons, is shown below:
Production and distribution of commodities, which declined during the latter part of February and ,the early part
of March, increased after the middle. of the latter month,
according to the Federal Reserve Board's monthly summary
of business conditions in the United States, issued April 25.
The Board says:
"The return flow of currency to the banks, which began with the reopening of banks on March 13, continued in April Following the announcement
of
by the President on April 19 that the issuance of licenses for export
gold would be suspended, the value of foreign currencies in terms of the
in the comdollar advanced considerably, and there was increased activity
modity and security markets."
The summary also states: .
Production and EmployMent.
•
April 22
Sat.
Mon. April 24
Tues. April 25
Wed. April 26
Thurs. April 27'
April 28
Fri.
100.5
102.9
102.2
102.4
102.4
101.5
99.7
85.9
103.9
79.3
102.9
78.7
.
Week ago. Fri. April 21
Year ago April 30
High, Sept. 6
1932
Low, Dec. 31
1933iHigh, April 24
fLow, Feb. 4
Slight Increase Noted in Wholesale Price Index of
United States Department of Labor During Week
of April 15.
The -Bureau of Labor Statistics of the United States Department of Labor announces that its index number of wholesale prices for the week ending April 15 stands at 60.3 as
compared with 66.1 for the week ending April 8, showing
an increase of approximately 0.3 of 1%. Continuing, the
Bureau said:
commodiThese index numbers are derived from price quotations of 784
"Production at factories and mines decreased from February to March.
and based
ties, weighted according to the importance of each commodity
contrary to seasonal tendency, and the board's seasonally adjusted index
on average prices for the year 1926 as 100.0.
declined from 64% of the 1923-25 average to 60%, compared with a low
The accompanying statement shows the index numbers of groups of comlevel of 58% induly 1932."
modities for the weeks ending March 18, 25, and April 1, 8 and 15 1933:
"At steel mills there was a decline in activity from an average of 20%
of capacity in February to 15% in March, followed by an increase to more
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MARCH 18. •
than 20% for April. In the automobile industry, where there was a sharp
25. AND APRIL 1, 8 AND 15 1933.
contraction in output when the banks were closed, there was a rapid in-,
(1926=100.0).
crease after the'reopening of banks.
"From February to March production in the food and cotton textile
Week Ending.
industries showed little change In volume. 'Activity in the woolen industry
declined sharply and there was a reduction in daily average output at shoe
Afar, 18. Mar.25. April 1. April 8. April 1.5.
factories. At lumber mills activity increased from the low rate of February
60.3
60.1
60.1
60.5
60.4
All commodities
while the output of bituminous coal declined by a substantial amount.
44.5
44-0
43.4
43.6
43.4
farm products
"The volume of factory employment and payrolls showed a considerable
55.7
55.3
54.7
55.4
54.8
Foods
March. Compre68.3
68.5
68.7
decline from the middle of February to the middle of
.68.8
68.1
leather products
Hides and
50.9
50.9
51.0
51.1
51:1
hensive figures on developments since the reopening of banks are not yet
Textile products
62.6
62.9
63.2
63.6
63.7
Fuel aid lighting
available.
76.9
76.7
77.0
77.4
77.5
Metals and metal products
"Value of construction contracts awarded in the first quarter, as reported 0 Building materials
70.4
69.9
70.4
70.2
70.1
quarter of
71.2
71.3
71.6
71.7
71.5
by the F. W. Dodge Corporation, was smaller than in the last
and drugs
Chemicals
72.2
72.3
72.3
72.3
72.3
Housefurnishing goods
1932 by about one-third.
57.9
57.6
59.3
57.7
59 3
Miscellaneous
Distribution
ings, on a daily average basis, declined from
"Volume of freight-carload
substantial
February to March by about 7%, reflecting in large part a
National Fertilizer Association Reports Largest Gain
freight and
reduction in shipments of coal. Shipments of miscellaneous
in Commodity Prices During Week Ended April 22
declined in the early
merchandise, which usually increase at this season,
in Several Years.
part of March and increased after the'middle of the month.
latter part
"Department store sales, which had declined sharply in the
after the
Wholesale commodity prices, during the latest week,
rapidly
of February and in the first half of March, increased
showed the largest weekly gain in several years according to
reopening of banks.
Wholesale Prices
widely during
"Wholesale prices of leading commoditi6s fluctuated
March and the first three weeks of April.
cotton,
"In this period, grain prices increased sharply and prices of
important raw
hides, non-ferrous metals, pig iron, scrap steel, and several
there were
materials advanced considerably. During the same period
steel
reductions in the prices of rayon, petroleum, and certain finished
products.
•
Bank Credit
"Currency returned rapidly to the reserve banks and the Treasury following the reopening of the banks, and on April 19, the volume of money
in circulation was $1,500,000,000 less than on March 13, when the peak of
the demand was reached.
• "Funds arising from the return flow of currency were used to reduce the
reserve banks' holdings of discounted bills by 81.035.000,000, and their
holdings of acceptances by $200,000,000. At the same time member banks
reserve balances increased by 8390.000,000.
"As a result of the decline in Federal Reserve note circulation and an
Increase in Federal Reserve Bank reserves, chiefly through the redeposit
of gold and gold certificates, the reserve ratio of the twelve Federal Reserve
Banks combined advanced from 46.5% on March 13 to 61.5% on April 19.
"Deposits of reporting member banks in New York increased rapidly
after the reopening of the banks, and on April 19 net demand deposits
were 6620,000,000 larger than on March 15, reflecting in part an increase
of 8380,000,000 In bankers' balances, as funds were redeposited by interior
banks.
"Money rates in the open market, after a temporary advance in the early
part of March, declined rapidly, but were still somewhat higher than early
In February.
"By April 21 rates on prime commercial paper had declined from 4%%
to a range of 234 %; rates on 90-day bankers' acceptances from 334% to
five-eights of 1%,and rates on renewals of call loans on the Stock Exchange
from 5% to 1%•
"On April 7 the discount rate of the Federal Reserve Bank of New York
-day bankers'
was reduced from 334 to 3%. The Bank's buying rate on 90
acceptances was reduced from 334% on March 13 to 2% on March 22."
the index of the National Fertilizer Association. This index
advanced 11 points during the latest week. During the preceeding week there was a gain 'clf three points and two weeks
ago there was also an upturn of three points. The index has,
therefore, advanced 17 points dying the latest three weeks.
This is perhaps the largest continuous gain in more than
two years. The latest index number, 58.2, is at about the
same level as at the first of 1933. A year ago the index
stood at 61.9. (The three-year average 1926-1928 equals
100.) Under date of April 24 the Association also noted:
the latest
Only one of the 14 major groups in the index declined during
by the reducweek. This was a small loss in the fuel group brought about
and fiVe showed
tion in the prices for gasoline. Eight groups advanced
and textiles.
no change. The largest gains were shown in foods,fats and oils
Materially were grains, feeds and livestock and
Other groups that advanced
metals. Smaller gains were noted for miscellaneous commodities, building
materials and chemicals and drugs.
During the latest week 53 commodities advanced. This is the largest
number of weekly upturns in many months. During the prsceding week
42 commodities showed price gains. During the latest week there were
only six commodities that showed price losses. During the preceding week
there were 17 price reductions and two weeks agolhere were 21 price reductions. The advances among the prices during the latest week applied to
farm products and basic raw materials togethet with semi-manufactured
articles. Among the farm products, gains were shown in the prices for
cotton, corn, wheat, eggs, potatoes, apples and feedstuffs. Cattle and
hogs were slightly lower. Among the basic raw materials that advanced
were copper, heavy melting steel, lumber, hides and rubber. Silver
advanced more than four cents per ounce during the latest week. Other
articles that advanced included butter, cottonseed oil, flour, cotton yarns,
burlap, silk and turpentine. The commodities that declined were gasoline,
finished steel, choice and good cattle and light and heavyweight hogs.
All of these losses were comparatively small.
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928=100).
Moody's Daily Index of Staple Commodity Prices
Reacts After Making New High for the Year.
The sharp upward movement in commodity prices initiated during the previous week continued during the
first two days of the week in review, after which a slight
reaction set in, and Moody's Daily Index of Staple Commodity Prices closed the week with an advance of 1.8 points
to 101.5. On Monday the Index number was 102.9, the
highest this year, representing an advance of more than
30% above the low of Feb. 4.
Seven of the 15 commodities included in the Index closed
higher for the week, the most important advances being in
hides, wool and scrap steel, while hogs, rubber, copper and
Per Cent
Each Group
Bears to the
Total Index,
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3
100.0
Group.
Latest
PreWeek
April 22 ceding
Week.
1931.
59.5
Foods
50.5
Fuel
Grains, feeds.and livestock- 43.0 •
45.8
Textiles
Miscellaneous commodities_ - 58.6
84.9
Automobiles
71.7
Building materials
• 68.2
Metals
75.9
House-furnishing goods
Fats and oils
48.2
. Chemicals and drugs
87.2
61.5
Fertilizer materials
Mixed fertilizer
62.4
Agricultural implements
90.2
All groups combined
AR's
57.6
50.6
41.6
43.7
58.2
84.9
71.6
66.9
75.9
43.9
87.1
61.5
62.4
90.2
A9 1
Month
Ago.
56.6
51.8
41.3
43.6
58.3
84.9
71.3 .
68.3
76.0
42.2
87.4
61.1
62.5
90.2 •
n, n
Year
Ago,
62.3
61.6
45.7
47.0
60.6
89.2
72.9
71.8
81.2
41.8
87.9
71.1
73.3
92.2
as n
2864
Financial Chronicle
"Annalist" Weekly Wholesale Price Index Up Sharply
on Paper Basis-Lower in Terms of Gold.
A sharp rise of 2.6 points parried the "Annalist" weekly
index of wholesale commodity prices to 86.3 on April 25,
from 83.7 (revised) the week before, an advance of 4:6 points
in three weeks and of 6.6 from the post-war low of 79.7
'
on Feb. 28. The "Annalist" adds:
•
April 29 1933
.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL
TOTALS IN
MANUFACTURING INDUSTRIES.
(12
-Mouth Average 1926=100).
Manufacturing Industries.
Employment.
March
1932.
Feb.
1933.
Payroll Totals.
March March
1933. 1932.
Feb.
1933.
March
1933.
General index
64.5
57.5
55.1
48.2
38.4
33.4
,
Food and kindred products
80.2
77.4
76.4
71.3
60.1
58.1
Baking
83.5
77.0
76.4
75.8
62.1
60.3
Beverages
72.3
64.8
76.2
61.5
49.7
68.4
Butter
93.7
89.0
88.9
84.9
68.8
68.3
Confectionery
71.2
75.5
70.7
59.3
52.6
44.7
Flour
84.8
81.0
80.5
71.2
61.9
60.9
Ice cream
.68.3
61.7
61.9
62.8
46.6
46.0
Slaughtering and meat packing- 85.9
84.6
82.5
74.8
65.9
61.4
Sugar, beet
26.5
49.1
35.4
28.3
33.6
30.1
Sugar refining, cane
76.6
74.1
74.6
69.7
57.7
65.0
Textiles and their products
73.4
72.1
67.5
55.3
45.8
39.0
Fabrics:
73.2
73.6
67.9
55.4
48.3
40.4
Carpets and rugs
62.4
49.6
47.8
41.3
25.2
25.6
Cotton goods
75.0
74.3
72.0
57.0
April 25 1933. April 18 1933. April 26 1932.
48.0
44.0
Cotton small wares
86.6
79.8
74.8
70.0
56.8
48.0
Dyeing and finishing textiles_ 85.8
78.2
Farm products
75.3
72.4
56.7
71.4
49.4
68.1
69.7
Knit goods
81.6
79.7
Food products
77.2
62.5
•
50.1
93.4
46.0
89.6
.
93.3
Silk and rayon goods
58.0
59.6
Textile products
51.3
38.6
36.5
*71.8
a69.6
29,5
74.3
Woolen and worsted goods- - 68.5
78.3
Fuels
59.9
53.4
57.1
102.0
102.3
35.5
Wearing apparel:
133.6
73.9
68.6
Metals
66.8
55.1
41.0
94.8
36.4
93.0
96.5
Clothing, men's
71.2
68.2
Building materials
66.5
47.4
106.6
39.1
38.7
106.6
107.9
Clothing, women's
77.5
69.5
Chemicals
67.0
61.9
42.2
95.0
35.8
95.0
95.8
Corsets end allied garments
108.1 102.6 '102.4
Miscellaneous
95.2
68.4 '
80.7
88.1
68.1
Hats, fur felt
82.6
67.0
66.5
64.3
41.5
37.1
33.4
Men's furnishings
66.1
All enrnmndltiem
63.3
60.3
RR.A
51.0
33.8
Aga 7
32.2
an R
Millinery
84.3
72.0
69.8
67.3
43.2
374
• Shirts and collars
•Provisional. a Revised.
60.3
58.2
57.9
41.1
34.5
34.7
Iron and steel and their products
THE "ANNALIST" MONTHLY INDEX OF WHOLESA
not including machinery_ _ _ - 61.0
LE COMMODITY
51.3
49.1
35.2
24.5
224
Bolts, nuts, washers and rivets- 68.0
• PRICES.
61.1
59.2
42.5
32.6
28.1
Cast-iron Pine38.1
23.4
19.4
Unadjusted for Seasonal Variation. 1913=100.
25.4
11.2
11.0
Cutlery (not including silver
.
and plated cutlery) and edge
tools
74.9
59.3
54.2
55.1
April 1933. March 1933.. April 1932.
37.5
26.7
Forgings, iron and steel
67.7
51.4
50.1
39.9
24.9
22.8.
Hardware
57.6
49.0
Farm products
47.0
34.8
68.1
23.2
20.7
a65.0
71.5
Iron and steel
61.6
53.0
Food products
50.1
32.8
89.9
23.6
21.3
a87.0
Plumbers' supplies
94.0
65.5
Textile products
54.5
58.8
39.2
*68.6
25.9
a66.9
32.5
Steam and hot • Water heating
75.6
Fuels
102.0
102.9
129.3
apparatus and steam fittings- 43.6
34.8
Metals
30.5
26.0
93,4
18.2
'94.3
16.0
96.6
Stoves
51.4
43.0
Building materials
41.9
30.6
• 106.6
23.2
21.7
106.6
Structural & ornamental metal
107.7
Chemicals
•
95,0
a95.5
95.8
work
54.3
37.3
Miscellaneous
37.8
34.4
17.4
68.0
17.2
68.4
83.4
Tin cans and other tinware-- 73.4
70.3
68.4
46.7
39.7
38.4
Tools (not Including edge tools.
All commodities
83.7
a81.9
90.7
machine tools, files ds saws)
73.2
59.2
55.7 '474
30.6
27.2
•Provisional. a Revised.
Wirework
98.1
89.1
87.4
81.8
58.6
52.1
Machinery, not including trans
Most of the commodities in the agricultural group advanced,
portation equipment
as did the
58.1
43.9
42.4
39.8
25.4
23.2
non-ferrous metals, many of the gains being large.
Agricultural implements
40.8' 29.9
Among the more im28.8
34.0
21.6
19,0
Cash registers, adding machinft
portant were wheat (advancing 8.9% for the week), corn
(5.6%), lard
dc calculating machines
75.3
62.5
(18.2%). coffee (6.5%), cotton (10.9%). sllkd (23.8%), hides
61.5
54.5
42.7
41.0
Electrical machinery,apparatus
(25.0%).
copper (19.8%), tin (15.0%), and zinc (17.3%). These
and supplies
693
compare with
46.4
45.3
53.2
30.3
28.9
an average rise of 9.3% for foreign gold currencies in terms
Engines, turbines, tractors and
of the dollar,
water wheels
51.4
and of 20.9% in the "Annalist" weighted average of 43
40.0
37.9
33.9
24.7
22.8
stocks. While
Foundry & machine sho prodni 53.2
42.3
40.8
prices of the more speculative commodities and those
33.1
19.4
21.6
entering into the
achlne tools
44.6
31.0
27.3
30.1
18.8
15.0
world markets advanced sharply, for only a part of them
Radios and phonographs
64.1
61.9
were the gains
61.0
51.1
45.5
42.0
large enouglito offset the drop in the dollar.
Textile machinery and parts
66.1
55.0
53.2
50.6
32.7
29.2
Typewriters and supplies
71.4
53.8 . 52.0
45.8
29.8
27.5
Nonferrous metals Sz their prodls 60.6
50.8
48.7
43.1
30.4
28.1
Aluminum manufactures
55.5
47.8
Employment in United States During March
47.6
33.1
29.6
28.5
Brass, bronze & copper prod'ts- 59.6
Declined
48.7
46.0
40.1
26.5
24.3
Clocks and watches and time4.2% as Compared with February-Payrolls
Down
recording devices
52.0
38.0
34.9
33.1
22.3
16.6
8.2%. .
Jewelry
43.3
34.8
33.2
31.9
21.1
19.1
•
Lighting equipment
74.7
60.5
55.7
57.8
40.4
35.1
The indexes of employment and payrolls in manufacturing
Silverware and plated ware-- 64.6
58.7
58.0
46.6
31.8
31.3
Smelting and refining: copper,
industries compiled by the Bureau of Labor Statistics
lead and zinc
66.8
55.9
56.6
of
45.9
35.0
33.4
Stamped and enameled ware_ ... 67.1
60.5 '
55.9
the U.S. Department of Labor are based on reports covering Transportation equipment
494
35.9
31.7
63.3
48.5
43.5
49.0
26.3
30.6
229.9 185.8 196.4 234.5
Aircraft
payrolls *ending nearest the 15th of each month
187.7 197.4
obtained
Automobiles
65.2
50.8
44.9
49.9
31.3
26,3
from a wide field of representative establishments in
Cars, electric St steam railroad- 22.8
17.2
17.2
14.8
9.0
the
9.2
Locomotives
20.8
11.8
10.3
18.2
important manufacturing industries of the United States.
74
64
•
Shipbuilding
88.7
61.1
57.8
73.7
43.4
39.6'
52.5
47.3
47.0
These indexes of employment and payroll are figures show- Railroad repair shops
42.9
35.9
34.8
Electric railroad
71.4
65.0
64.4
65.8
52.5
52.1
Steam
51.0
45.9
ing the percentage which the number of employees or weekly Lumber railroad products
45/
41.1
34.6
33.5
and allied
40.1
33.4
31.9
24.1
16.2
14.4
payrolls in any month represent, compared with employment
51.8
Furniture
43.1
39.9
31.4
21.2
16.7
Lumber, millwork
40.4
31.2
28.7
25.1
and payrolls in a selected base period. The year 1926 is
15.8
13.8
Lumber, sawmills
35.3
29.8
29.0
19.9
13.3
12.8
Turpentine and rosin
45.1
the Bureau's index base year for manufacturing industries, Stone, clay and glass products- 48.1 40.9 42.0 35.4 32.1 33.4
38.7 .37.1
33.2
20.8
20.7
Brick, tlle and terra coda
29.5
and the average of the 12
19.4
-monthly indexes of employment
19.3
14.2
7.7
7.2
43.1
Cement
29.7
30.0
28.4 .14.9
15.3
and payrolls in that year is represented by 100%. In noting
Glass
64.9
55.4
56.6
50.8
37.9
37.4
Marble, granite, slate & other
this, the Bureau reported.as follows under date of April 19:
Products
52.4
36.6
37.4
40.3
21.3
22.5
Pottery
A comparison of the index of employment in March 1933
69.2
57.5
57.0
48.4
(55.1) with the
31.0
30.4
Leather and Its manufactures- - -- 80.2
76.5
75.8
February employment index (57.5), shows a decrease in
60.2
48.4
454
Boots and shoes
82.6
employment of
77.7
77.3
60.0
4.2% over the month interval. The March 1933 index of
47.0
44.4
Leather
70.7
71.6
payrolls (33.4)
69.7
57.7 • 53.1
49.5.
shows a decline of 8.2% compared with the February
Paper and printing
84.2
78.1
76.8
payroll index of
76.5
61.2
58.8
Boxes, paper
73.3
68.3
36.4. A coTparison of the employment indexes in March
68.9
65.9
53.7
51.4.
1933 and March
Paper and pulp
77.8
72.5
72.5
1932 shows a decrease of 14.6% in employment over the year
61.0
46.5
45.2
Printing-book and job
80.1.
71.0
interval,
67.5
71.9
54.9
while the index of payrolls in March 1933 is 30.7% below
51.0
ptg.._newepapersit periodicals_ 101.1
96.8
the level of
95.8
95.3
80.2
77.8.
the corresponding month of the previous year.
79.9
Chemicals and allied products
76.5
76.4
69.7
59.7 • 58.5.
• 88.9
Chemicals
88.8
The decreases in employment and payrolls between February
86.4
70.9
61.4
60.2
and March
Cottonseed, oll, cake and meal- 46.5
40.6
38.4
45.3
1933 can be attributed very largely to the bank holiday which
34.1
33.0.
Druggists' preparations
79.6
70.5
caused a
69.8
79.7
70.0
60.5
general curtailment of manufacturing activities during the
Ezpioslves
77.9
70.2
75.7
early part
56.4
47.0
47.7
Fertilizers
of March. A slightly offsetting influence in these general
63.9
56.7
67.4
42.7
32.6
decreases was
36.3.
Paints and varnishes
74.2
84.2
reflected in the Increase In employment and payrolls in the
63.3
65.0
47.3
43.5.
Petroleum refining
beverage
65.2
62.7
62.8
60.1
Industry, in anticipation of beer legislation.
53.0
53.2
143.7 149.1 142.0 133.1
Rayon and allied products_
121.0 114.5.
The changes in employment and payrolls in March 1933 are
Soap
96.8
95.1
93.7
89.4
based on
78.0
76.3
Rubber products
68.5
reports supplied by 18.107 establishments in 89 of the principal
62.6
60.2
49.8
36.8
32.2*
manuRubber boots and shoes
59.8
49.2
45.3
43.4
facturing industries of the 'United States. These establishments
34.0
26.8
Rubber goods, other than boots,
•
reported
2,471.792 employees on their payrolls whose combined weekly earnings
shoes, tires and inner tubes.. 83.3
82.0
79.7
60.3
51.7
46.1
Rubbeetires and inner tubes
65.1
were $38.921.474. The employment reports received from
58.6
56.7
47.7
32.3
these co28.7'
Tobacco manufactures
72.5
65.5
operating establishments cover approximately 50% of the total
59.5
56.5
42.8
38.4
number
Chewing de smoking tobacco
of wage earners in all manufacturing industries of the country.
and snuff
88.9
89.5
86.4
72.0
65.4
60.3
The decreases in employment and payrolls between February
Cigars and eistarettes_
70.4
02.4
56.1
53.4
and
40.1
35.7
March 1933 are contrary to the usual February-March trends.
While
decreases in employment and payrolls betwen these two months
Non-Manufacturing Industries.
have
been reported in a few instances since 1923, the average change
in emIn addition to securing data concerning the changes in
ployment between February and March over the preceding 10
-year interval
has been an increase of 0.4% and the average increase In payrolls
employment and payroll in manufacturing industries, the
has
been 1.2%.
Bureau of Labor Statistics also collects monthly employment
The indexes of both employment and payrolls dropped to new low levels
data from representative firms in 16 non-manufacturing
In March 1933, the employment index falling 0.2% below the low
point
of July 1932, and the payroll index dropping 6.7% below the low
industries. The 16 non-manufacturing industries surveyed,
point
of January 1933.
The monthly average for April, reflecting the advance of the
weekly
figures, moved up to 83.7, from 81.9 (revised) for
March, 80.4 (revised)
for February, and 90.7 for April 1932. In terms of gold
(based on quotations for France, Switzerland, Holland and Belgium,showing a depreciatio
n
of 8.5% in the dollar during the week) the weekly index fell to
77.2. from
81.9 last week and 82.9 two weeks ago.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODI
TY
.
PRICES.
Unadjusted for Seasonal Variation. 1913=100.
together with percentages of change over the month interval.
Financial Chronicle
Volume 136
and the index numbers of employment and payrolls, where
available, are shown in the table below. The year 1929
was used as the index base or 100 in computing the index
numbers of these non-manufacturing industries, as information for earlier years is not available from the Bureau's
records. The year 1929 may be considered a fairly normal
recent year for these non-manufacturing industries.
A large number of co-operating establishments in these
non-manufacturing industries reported decreases in employment and payrolls from February to March, due to
the bank holiday. The Bureau continues:
Month of-
-Inventories
Natural Gasoline Output Off 1,8% in 1932
Materially Lower.
According to the United States Bureau of Mines, Department of Commerce, the production of natural gasoline
in 1932, according to preliminary figures, totaled 1;502,400,000 gallons, a decline from 1931 of 18%. In Decefftber.
1932, several districts, particularly Kettleman Hills, showed
an increased output over the previous month, but no State
or major district showed a larger production in 1932 than
in 1931. Stocks of natural gasoline at the plants were
materially lowered in 1932, beginning in May, and the
total on hand at the close of the year, 18,840,000 gallons,
was 8,230,000 gallons below the total on hand Jan. 1 1932.
However, this reduction was more than balanced by an
increase in stocks of natural gasoline at refineries, added the
Bureau:
PRODUCTION OF NATURAL1GASOLINE (GALLONS).
•
56.8
37.2
17.8
17.4
41.7
72.0
71.6
48.8
30.7
17:4
17.8
42.5
71.5
71.9
-14.1
-17.3
-2.6
+2.1
+2.0
-0.7
+0.3
70.4
74.1
73.4
73.8
35.1
74.4
69.8
73.1
71.4
72.4
33.2
73.0
-0.9
-1.4
-2.7
-1.8
-5.3
-1.8
60.6
58.6
58.4
55.9
25.9
55.5
59.4
57.1
55.1
53.5
24.2
52.9
70.9
71.2
+0.4
42.4
41.0
97.0
a
-0.2
+0.2
84.7
a
84.1
x
•
-2.0
-2.6
-5.7
-4.3
-6.5
-4.7
-3.3
96.8
I
-0.7
+3.3
Indexes are not computed as data for index base year are not available.
•
Electric Output Off 2.6% as Compared with Same
Period in 1932, the Smallest Percentage Decline
Since Week of Sept. 26 1931.
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 April 22 1933 was
1,431,095,000 kwh., compared with 1,409,603,000 kwh. in
the preceding week and 1,469,810,000 kwh. in the corresponding period in 1932. The percentage decrease as compared with a year ago was 2.6%, the smallest since the week
of Sept. 26, 1931. For the latter period the decline as compared with the same period in 1930 amounted to 3.2%.
PER CENT CHANGES.
Major Geographic
.
Regions.
Week Ended
Week Ended
Week Ended
Apr. 22 1933. Apr. 15 1933. Apr. 8 1933.
Atlantic Seaboard_ -- _
New England (alone)__
Central Industrial-- - Pacific Coast
+0.1
+1.1
-3.6
-6.4
-4.9
6.1)
-6.3
-6.6
Total United States.
-2.6
-4.8
'
-2.7
-3.8
-5.7
-6.8
Week Ended
Apr.1 1933.
-4.6
-7.2
-8.1
-5.7
-5.3
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 ofJan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
Me.
A
1933.
Week of-
1,495,116,000 Jan. 16
1,484,089,000 Jan. 23
1,469,636,000 Jan. 30
1.454.913,000 Feb. 8
'1,482,509,000 Feb. 13
1.469,732,000 Feb. 20
1,425,511,000 Feb. 27
1,422,875,000 Mar. 5
1,390,607,000 Mar. 12
1,375.207,000 Mar. 19
1,409,655,000 Mar. 26
1,402,142,000 Apr. 2
1.399,367,000 Apr. 9
1.409,603.000 Apr. 16
1,431,095,000 A9r. 23
Apr. 30
Ifear
5
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 Apr. 4
1,465,076,000 Apr. 11
1,480,738,000 Apr. 11
1,469,810,000 Apr. 25
1,454,505,000 May 2
1 590 ASS 000 May 0
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%
1.633353,000 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 5.3%
1,647,078.000 4.5%
1,641,253,000 4.8%
1.675,570,000 2.6%
1,644.437,000
1537_298.000
Stoats End of Month.
-Dec. 1932 Jan.
-Dec. 1931 Dec. 1932. Nov. 1932.
Jan.
Appalachian
Illinois, Kentucky, Indiana_
Oklahoma
Oklahoma CltY
Osage County
Seminole
Rest of State
Kansas
Texas
Panhandle
North Texas
West Central
Rest of State
Louisiana
Arkansas
Rocky Mountain
California
Huntington Beach
Kettleman Hills
Long Beach
Santa Fe Springs
Ventura Avenue
Rest of State
Total
Daily average
Total (barrels)
Illailv savarnor•
§A§§§§§§§§§§§§§§§1§§§§§
.....
§§gtgtg?EFIC§§§§§?§§§§
5 ;
;
` 113g4fir.;=.,igg'4kg-.1,7 thigitir..'
44
C,1
-7.1
-2.5
-4.8
+0.9
-1.0
-0.9
-0.7
Production.
'
NNNIONNCNCOC
54.6
67.6
30.0
35.1
56.5
73.2
76.9
1933
Under
1932.
1930.
77 442 112 nen R8063989000 89 487 090 ono
Tnt.n1
E?F§M §0 .4g i.1 g10
58.7
69.3
31.5
34.8
57.0
73.9
77.4
Anthracite mining
Bituminous coal mining
Metalliferous mining
Quarrying & non-metallic min'g
Crude petroleum producing _ _- _
Telephone and telegraph
Power and light
Electric-railroad & motor bus
operation & maintenance
Wholesale trade
Retail trade
Hotels
Canning and preserving
Laundries
Dyeing and cleaning
'
Banks, brokerage, Insurance.
land real estate
Building construction
1931.
•February 1933 has one less working day than February 1932 (Lean Veer).
•
• Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power Industry and the weekly figures are
based on about 70%.
FEBRUARY AND MARCH 1933, IN NON-MANUFACTURING INDUSTRIES.
Industries.
1932.
1933.
January ___ _ 0,480,897.000 7,011,736,000 7,435,782.000 8,021,749,000 7.6%
February ___ .5.835.263.000 6,494,091,000 6,678,915,000 7,066,788,000 10.1%
6,771,684,000 7,370,687.000 7.580,335,000
March
April
6,294,302,000 7.184.514.000 7,416,191.000
6,219,554,000 7.180.210.000 7,494.807,000
May
June
6,130,077,000 7,070,729,000 7.239,697,11'
6,112,175,000 7,286.576,000 7,363,730,111
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
December..
6,638,424,000 7,288,025.000 7,566,601,000
----
Two of these 16 non-manufacturing industries showed gains in both
employment and payrolls over the month interval, the building con.
struction industry reporting an increase of 0.2% in employment and
lallic mining industry
3.3% in payrolls, and the quarrying and non-met
reporting an increase of 0.9% in employment and 2.1% in payrolls. These
March, as does the dyeing
two industries normally show improvement in
and cleaning industry, which reported an increase of 0.4% in employment
coupled, however, with a decrease of 3.3% in weekly earnings. The
crude petroleum producing and the power and light industries reported
increases in payrolls of 2.0% and 0.3%, respectively, coupled with small
losses in employment. In the remaining 11 industries, degreases in both
employment and payrolls were reported. The greatest decrease in employment over the month interval (7.1% in the anthracite mining industry)
was a seasonal decline as was the drop of 2.5% in the bituminous mining
industry. Both of these coal mining industries reported pronounced decreases in payroll from February to March due to reduced operating time.
The canning and preserving industry reported a loss of 5.3% during this
between season period .and the metalliferous raining industry reported
and
trade establishments reported 2.7% fewer
a decrease of 4.8%.
employees in March than in the preceding month, the hotel and laundry
Industries reported decreases in employment of 1.8% each, and the wholesale trade industry reported a decrease of 1.4%. In the remaining four
Industries in which decreased employment and payrolls were reported,
the decreases in employment were 1% or less.
INDEX OF EMPLOYMENT AND PAYROLL TOTALS IN FEBRUARY AND
MARCH 1933, TOGETHER WITH PER CENTS OF CHANGE BETWEEN
Per Cent
Indexes of
Per Cent
Indexes of
of
Payroll Totals.
of
Employment.
• (Avg.1929=100) Change (flog1929=-.--100) Change
Feb. to
to
Feb.
Feb. March March
Feb, March March
1933.
1933. 1933.
1933.
1933. 1933.
2865
DATA FOR RECENT MONTHS.
1,746.000
191,000
5,711,000
751,000
637,000
2,071,000
2,252.000
410,000
6,388,000
3,485,000
644.000
1,340,000
919,000
715,000
164,000
879,000
2,636,000
1,695,000
205.000
7,041,000
917,000
766,000
3,047,000
2,311,000
508,000
6,155,000
3,291,000
547,000
1,307,000
1,010,000
744,000
259,000
1,021,000
2.450,000
1,502,400,000 1,831,900,000 18,840,000• 20,078,00
5,020,000
4,100,000
35,772,000
43,617,000
449,000
478,000
08 000
110000
Gas Utility Sales Drop in February.
Revenues of the manufactured and natural gas industry
aggregated $66,807,500 for February 1933, as compared
with $71,552,300 for February 1932, a decline of 6.6%,
it was announced on April 21, by the American Gas Association, which further reported as follows:
The manufactured gas industry reported revenues of $32,871,800 for the
month, a drop of 8.3% from a year ago, while revenues of the natural gas
Industry totaled $33,935,700, or 4.9% less than for February 1932.
Sales of manufactured gas reported for February totaled 30.949,300,000
cubic feet, a decline of 6.8%, while natural gas sales for the month were
86,261,700,000 cubic feet, a drop of 0.6%•
The decline in sales volume appeared to characterize most sections of the '
country, although not to the same extent. In New England February
sales were 11% under a year ago, while in the Middle Atlantic States the
decline was much less, amounting to 5.2% for New Jersey and 4.2% for
New York. In Pennsylvania the loss was only 3.8%. The curtailment
in manufactured gas sales was more pronounced in the East North Central
States, Wisconsin showing a loss of 7% and Illinois of 8%. In Michigan,
February sales were 11% under a year ago, while revenues were less by
nearly 16%, the relatively greater decline of revenues in that State doubtless reflecting in part the banking troubles experienced during the latter
part of February.
Sales of natural gas in the Mid-Continent areas showed a gain for the
month over a year ago. In Texas the increase amounted to 2%, while
Oklahoma companies reported a gain of nearly 5%.
City Employees in Boston 'Put on Five-Day Week
Order Issued by Mayor Curley Decrees Salary Cuts
Ranging from 5% to 15%.
The Boston "Transcript" of April 21 states that beginning
that day (April 21) Boston city employees under an executive
order would be placed on a five-day week basis and subjected to cuts in salaries ranging from 5% to 15%. The
paper quoted continued in part:
The order was promulgated immediately after a two-hour conference
between Mayor Curley and a dozen or more of the leading bankers of
2866
Financial Chronicle
Boston in the Mayor's office, which was characterized by the Mayor as
being "satisfactory." The bankers agreed, according to the Mayor, to
co-operate with him, not only to provide the city with necessary funds to
meet current obligations in anticipation of taxes, but to lend the money
at a reasonable rate of interest. Moreover, the bankers agreed to place
before the investing publlc the financial situation of the city which, the
Mayor remarked, is superior to that of nearly every other American
city. . ..
The banks, according to the Mayor, agreed to co-operate with the city
In the enactment of legislation for increasing revenue, or equitably apportioning the same and providing substantial relief for home owners,
which will include support of a plan to enable the city to use its cemetery
fund accumulations as well as a portion of the pension money, and support
legislation recommended by Governor Ely for the relief of cities and
towns. . . .
The salary reductions which go Into effect to-day are based on the
recently-passed legislation. Those receiving up to $1,000 a year will be
reduced 5%: those receiving from $1,000 to $1,600. inclusive, 10%, and
those receiving more than $1,600, 15%.
For a tull year the readjustments would mean $5,000,000 to the city
treasury. For the balance of this year they will mean about $3,500,000.
.,.
•
If there is not favorable response to the executive order within 10 days
the Mayor is empowered to make the reductions effective and they will
be retroactive.
The five-day week, which has been a moot question among the Mayor's
advisors for several weeks, will affect all city employees without loss of
salary, except the police, fire, institutions and hospital departments.
Business Conditions During March in Western States
Improved According to Bank of America (California)-Building Permits Increased 28.1% Over
February.
A brightening of the business map of the Far West during
the month of March is evidenced by three definite factors,
according to a weekly comment by the Bank of America,
Pacific Coast branch banking institution. These factors are a
net increase of 28.1% hi March building permits over
February in 58 cities in eight western States, sharp rises in
the price of hops and malt barley, and a total of $182,000,000
of engineering contracts awarded or pending in the 11
Western States since Jan. 1. An announcement issued with
regard to the bank's weekly Oomment, also said:
States reporting increases in building permits were Arizona
28.6%
California 46.9%, Idaho 114.4%, Oregon 41.8%, and Washington showing
the greatest increase of 121.1%.
Hop growers in Washington, Oregon and California, only
important
hop producing area of the United States, in the last month have
seen the
price of hops increased 150% over last year. Similarly. California
farmers
who produce about 10% of the country's barley, have enjoyed
an appreciable rise in prices for their grain.
Out of a total of more than 3182,000,000 of engineering contracts
awarded
or pending, the 11 Western States are feeling the stimulus of
$154,099,911
in work already placed under contract since the first of the year.
Definite
bid opening dates have been set for construction of the additional
projects
totaling 328,500.000.
Contracts awarded to date for projects now under construction
are:
Bridges, $59,060,294; tunnels, $30,596,765; dams, $44,231,435;
sewers,
$208,620; river and harbor work,$1,575,813;streets and roads,
$11,185,156;
pipe lines, $1,631,019; railroad, $3,000,000; water supply,
$107,165; miscellaneous, $2,503,644.
Review of Industrial Situation in Illinois by:Industry
During March According to Illinois Department of
Labor-Decreases Noted in Employment and•Payrolls as Compared with February.
"Employment in Illinois industries decreased 1.5% and
payrolls decreased 4.5% between February andlMarch 1933,
as shown by reports of 1,540 manufacturing and non-manufacturing establishments of the State," according to Howard
B. Myers, Chief of the Division of Statistics & Research of
the Illinois Department of Labor. In his review of the
industrial situation in Illinois by industry issued April '18,
Mr. Myers also said that "the 1,540 reporting establishments
employed 262;462 wage-earners in March, and disbursed
weekly a total of $5,104,974 in wages." Continuing, Mr.
Myers further said:
Decreases of 2.4% in employment and 8.2% in payrolls
were reported
by 1,023 manufacturing' establishments, which employed
157,562 wage
earners in March and paid out weekly $2,567,074 In wages.
A decrease of 5-10ths of 1% in payrolls, with practically no
change in
employment, was reported by 517 non-manufacturing
establishrnents, employing 104,900 wage-earners in March and disbursing
$2,537,900 weekly
in wages.
Nominal man-hours of work, reported by 1,003 firms,
declined 3.4%
between February and March; 667 manufacturing firms reported
a decrease
of 4.4% and 336 non-manuacturing firms showed a decrease of
.7 of 1%.
Reports indicate that the banking holidays were in large part
responsible
for the declines. Many firma closed down or restricted operations
because
of lack of orders during the holiday, and others apparently reduced
operations for fear they would be unable to meet their regular payrolls. The
March
declines lowered the all-industry employment index to 55.8,
a drop of 15.2%
below March 1932. The all-industry payroll index dropped
to 36.4, a
decrease of 27.9% from March 1932. These index numbers
are based on
the average of the three years 1925-1927 as 100. Both the employment
and payroll indexes in March 1933, stood at the lowest points on
record
In the 11 years for which data are available..
Female workers were more severely affected by the reductions in
activity
than were males. In all industries combined, the employment of females
decreased 2.8% and payrolls 6.4%, whereas the employMent of
males
decreased 1.0% and their payrolls 5.1%. In the manufacturing industries
April 29 1933
female employment decreased 3.9% and payrolls 14.3%, compared with
losses for males of 2.1% and 7.5%. In.the non-manufacturing industries
a somewhat different situation existed. The number of females employed
decreased 1.4% but total wage payments to women workers
increased
.3 of 1%. The employment of males increased 1.4% in the non-manpfacturing industries, but total wage payments to males declined 1.5%.
The manufacturing Industries, with decreases of 2.4% in employment
and 8.2% in payrolls, were mainly responsible for the March declines.
In
February, the gains in industrial activity were due to the manufacturin
g
industries. The March losses were generally distributed. Seven of
the
nine main manufacturing groups showed declines in employment, and eight
showed payroll decreases. No major manufacturing group increased both
employment and payrolls above the February level.
The metals, machinery and conveyences group experiencesd decreases
of 2.2% in employment and 7.5% in payrolls from the preceding month.
Cars and locomotives, which was the only industry to increase both employment and payrolls, reported gains of 39.6% in number of workers
employed and 57.7% in total wage payments. Despite these increases,
which were mainly seasonal, the employment index for the cars and locomotives industry stood at only 10.6 for Maich, and the payroll index
at 6.9 (indexes based on monthly average 1925-1927 as 100). The automobile and accessory industry increased payrolls 5.4%. but decreased
employment 3.8%, and the non-ferrous metals industry maintained payrolls substantially at the February level while decreasing employment
1.1%.
All other industries in the group decreased both employment and total
wage payments; the Iron and steel industry suffered least, reducing emploment .3 of 1% and payrolls 3.6% while tools and cutlery reported
the
heaviest declines, 10.3% in employment and 22.4% in total wage payments.
The stone, clay and glass group reduced employment .7 of 1% but maintained payrolls at about the February level. The glass industry added
6.1% more workers, and paid out 14.9% more in wages, largely due to
an increased demand for bottles caused by the recent beer legislation.
The other industries in the group experiencesd sharp declines.
Wood products reduced operations more sharply than any other reporting group. Decreases of 12.7% in employment and 30.9% In payrolls
more than offset the gains of the preceding month. All industries in the
group reported declines in March. Pianos and musical instruments
were most severely affected, showing decreases of 27.9% in employment
and 50.6% in payrolls.
The furs and leather goods group decreased employment
1% and payrolls 9.5%, thereby losing most of the gains reported for February. The
large boot and shoe industry laid off 1.3% of its workers and decreased
total wage payments 9.6%.
Employment in the chemicals, oils and paints group decreased only
0.2.of 1%, while payrolls declined 4.9%. Employment gains reported
by mineral and vegetable oils and by miscellaneous chemicals practically
offset the losses experienced by drugs and chemicals and by paints, dyes
and colors. All reporting industries decreased payrolls, with the paints,
dyes and colors industry contributing most of the loss.
• Printing and paper goods, the only manufacturing group which reduced
both employment and payrolls in February, reported further declines in
March of 7.9% in employment and 7.8% in total wage payments. Paper
boxes, bags and tubes maintained employment in March and increased
payrolls 3.1%. Reporting lithographing and engraving firms increased
employment slightly but decreased payrolls.' All other industries of the
group reported doyennes in both items.
The textile group of industries added 2.2% more wage-earners but decreased wage payments 3.5%. The knit goods industry was, mainly
responsible for these gains, although they were shared by some other
Industries of the group.
The decrease of 17.9% in payrolls reported for the clothing and millinery group marked the end of the busy season for this group of industries.
Employment for the group, however, increased 1% in March this year.
Men's overalls and work clothes, men's hats and caps, and women's
clothing reported employment gains, and the first of these industries
reported a marked payroll gain as well. Other reporting industries experienced declines.
The food, beverages and tobacco group reported decreases of 2.5% in,
employment and 7% in payrolls. Six industries of the group
reported
employment gains, but only two increased payrolls. The large slaughtering
and meat packing industry decreased employment 2.8% and payrolls
8%. The beverage industry, after its phenomenal February gains,
added
5.3% more workers in March, but decreased wage payments 5.4%.
Employment and payrolls In the combined non-manufacturing industries were apparently little affected by the bank helidays. These
Industries maintained employment substantially unchanged, but
decreased
payrolls 0.5 of 1%.
The losses in the wholesale and retail trade group marked the third
consecutive month of declining activity. In March the group decreased
employment 2.4% and payrolls 3.5%. Reporting wholesale dry goods
,
and wholesale grocery establishments increased employment slightly,
but reduced wage payments, and department stores and metal jobbing
establishments reported slight payroll increases but reduced employment.
Mall order houses and milk distributing industries decreased both items.
The services group decreased employment 2.9% and payrolls 7.4%.
Hotels and restaurants were mainly responsible for the losses; reporting
laundering, cleaning and dyeing establishments Increased employment
but
reduced wage payments.
The large public utilities group continued to report moderate gains,
increasing employment 0.4 of 1% and payrolls 2.6% in March. All
industries of the group contributed to the payroll gain, and all but the
telephone industry also increased employment.
Thirty-two reporting coal mines increased employment 1.2% but, due
mainly to decreased operating scheduled, reduced total wage payments
29.8%. The 251 reporting building and contracting firms showed a
sharp seasonal increase in activity, adding 18.1% more workers and paying
out 29.1% more in wages. All industries contributed to the increases.
Wage reductions ranging from 4% to 32% were reported by 38 establishments in March. These reductions affected 4,961 wage earners, or
1.9% of the total number of wage earners employed by all reporting establishments. Weekly earnings for March averaged $19.45 for all reporting
Industries; $21.19 for males and $12.80 for females. For the manufacturing
industries weekly earnings averaged $16.29; $18.49 for males and $10.12
for females. For the non-manufacturing industries the respective averages
were $24.19. $26.91 and $15.88.
Mr. Myers issued a review of the industrial situation in
Illinois by cities as follows on April 17:
•
Most sections of the State experienced curtailments in industrial activity from February to March 1933. Decreases of 1.5% in employment
and 4.5% in payrolls were reported by 1,540 manufacturing and nonmanufacturing establishments in Illinois. These reporting firms employed
a total of 262,462 wage earners in March and disbursed $5,104,974 weekly
in wages. Manufacturing Industries, which were responsible for most of
the losses,.decreased employment 2.4% and payrolls 8.2%. Reporting
folume
136
non-manufacturing establishments maintained employment at the February
level, but decreased payrolls 0.5 of 1%. Reports indicate that the bank
holiday was responsible in large part for the declines.
Eleven: of the 21 Illinois cities for which data are separately tabulated
showed declines in both employment and payrolls during the month.
The group of cities classified as "all others" also showed declines in both
items. Three cities decreased employment but increased payrolls, three
increased employment but decreased payrolls, and four cities reported
both employment and payroll gains.
The Chicago metropolitan area reported somewhat smaller declines than
did the State as a whole, decreasing employment 1.2% and payrolls 3.5%.
Ninety-four firms located within the metropolitan area, but outside Chicago,
reported sharp gains of 6% in employment and 5.6% in payrolls, continuing the substantial upward movement begun in February. The
685 reporting firms located within the corporate limits of Chicago decreased employment 1.6% and total wage payments 3.9%.
The Chicago losses were caused by reductions in the manufacturing
industries, which decreased their employment volume 3% and their payrolls
10.2%. Declines were nearly universal in the manufacturing groups.
All of the nine main groups of manufacturing industries decreased payrolls sharply; the losses ranged from 5.3% for chemicals, oils and paints.
to 30.1% for wood products. Seven of the nine groups also decreased
employment, while two showed small increases-0.2 of 1% for chemicals.
oils and paints, and 1.9% for clothing and millinery. The metals group
reported declines of 2.8% in employment and 9.2% in payrolls. Chicago
non-manufacturing industries maintained employment at the February
level and increased payrolls 1.3%. Employment and payroll gains were
reported for public utilities and building,and contracting, while wholesale
and retail trade and services experienced declines.
Of the 11 cities which reported losses in both employment and payrolls
for March, Bloomington, Danville, Peoria. Rockford, Springfield and
Sterling-Rock Falls were the most seriously affected.
Most of the marked decreases reported for Bloomington were caused
by the metals and foods groups, although printing also decreased activity
somewhat. The trade group was mainly responsible for the declines
reported for the non-manufacturing industries.
The sharp decreases reported for Danville were caused principally by
the non-manufacturing industries. Public utilities, represented mainly
by railroad repair shops and coal mining and building and contracting,
reduced activity sharply; while trade experienced a smaller decline. The •
metals group was largely ,responsible for the decline reported for manufacturing.
In Peoria the employment and payroll losses were contributed by all
the reporting groups in the non-manufacturing industries and by most of
the manufacturing groups. The metals group was responsible for a large
part of the manufacturing loss, though the chemicals group decreased payrolls sharply and wood products and printing reported smaller declines.
The small employment decrease reported for Rockford was caused
mainly by reporting metal and wood products establishments. Most of
the reporting groups contributed to the 15.4% payroll loss with the metals
group responsible for most of the decline.
The metals group was mainly responsible for the decreases reported
for Springfield. The printing and textile groups reduced payrolls substantially; the former group also reduced employment, while the latter
maintained employment unchanged. A public utility was mainly responsible for the decrease in payrolls reported by the non-manufacturing
Industries.
The decrease reported for the Sterling-Rock Falls area reflected sharp
reductions in the metals and foods groups.
The declines reported for East St. Louis were caused mainly by losses
In the metals and chemicals groups of industries, which more than offset
moderate gains reported by the stone, clay and glass group.
The stone, clay and glass group was mainly responsible for the employment decrease in the La Salle-Peru-Oglesby area. Payroll losses
reported by the stone, clay and glass, metals, chemicals and coal mining
groups caused payrolls to decline despite increases in the foods, trade
and building and contracting groups of industries.
In the Kankakee-Bradley territory the gains reported by the stone,
clay and glass, metals and chemical groups were more than offset by decreases in other groups, resulting in a slight decline in employment and
a more miu'ked decrease in payrolls for the two cities.
The losses reported by Moline were caused by curtailments in the metals,
printing and foods groups.
The four cities reporting increases in both employment and payrolls
were Alton, Decatur. Elgin and Rock Island. The largest percentage
increases were reported for Elgin. In this city employment increased
7.4% and payrolls 7.9% over February, due to increases in‘the metals,
wood products and building and contracting groups.
In Alton a large glass bottle factory was responsible for most of the
gains reported, although the metals group increased employment and
payrolls, while the chemicals group increased employment but decreased
payrolls. The somewhat smaller gains reported for Rock Island were
caused mainly by increased activity in a rubber concern, although all the
manufacturing groups, except the wood products group, shared in the
upward movement.
The moderate increases reported for Decatur were due mainly to increased activity in the public utilities group; manufacturing industries
• increased employment slightly but decreased total wage payments.
Industries in Joliet reported
moderate increase in employment and a
decline in wage payments. Most of the manufacturing industries shared
in the employment increase, while all the manufacturing groups except
the chemicals group decreased payrolls.
Average weekly earnings in all reporting industries throughout the
State were $19.45 in March, a decrease from the average of $20.19 in
February. The average earnings of male workers declined from $22.13
in February to $21.19 in March, and earnings of female workers declined
from $13.58 to $12.80. Weekly earnings of manufacturing workers
averaged $16.29 in March; $18.49 for men and $10.12 for women. In
the non-manufacturing division weekly earnings averaged $24.19; $26.91
for men and $15.88 for women.
Farm labor and general outdoor work showed only slight improvement
over February and remained much below normal. The Division of Highways of the Illinois Department of Public Works and Buildings reported
9,734 men employed on highway construction in the State during March,
compared with 9,589 men in February. Reporting coal mines of the
State increased employment 1.2%, but decreased payrolls 29.8%, largely
through decreased operating schedules. The number of positions open
at the Minolta free employment offices dropped sharply, from 12,415 in
February to 6,927 in March. The number of registrations at these offices
decreased by a smaller percentage, from 17,529 in February to 14,009
in March, and consequently the ratio of registrations to positions open
rose from 141.2 In•February to 202.2 in March. A total of 6,313 persons
were reported placed by the free employment offices in March, compared
with 11.800 in February.
2867
Financial Chronicle
Lumber Output Heavier Than Any Previous 1933 Week
But Below Last Year.
Production at the lumber mills during the week ended
April 22 was the heaviest of any week of 1933 although 9%
below that of the corresponding week of last year, and new
business, although not attaining the record of some recent
weeks, was 8% above that reported for the previous week
and 4% above last year, according to telegraphic reports to
the National Lumber Manufacturers Association from regional associations covering the operations of 663 leading
softwood and hardwoodmills. Except for one week, lumber
shipments were heaviest of any week of 1933 to date. They
were nearly 150,000,000 feet, according to the Association,
which further reported as follows:
Production totaled 110.494.000 feet and orders 135,843.000 feet. All
regions showed orders above production. softwoods being 20% above and
hardwoods 53% above. New business at Northern pine mills was the
heaviest of the year. These mills have had no production since last November.
Comfared with last year, all regions show excess of orders except Western
pine mills, which are 13% below the corresponding week of 1932. All
softwood orders are 4% above last year; hardwood orders 9% above.
Except for northern hardwoods, all regions reported production below the
corresponding week of last year.
New business at the Southern pine mills was 46% of capacity; at Western
pine mills, 22%; at Southern hardwood mills. 30%; compared with 37, 18
and 34% respectively, for the previous week.
Forest products carloadings during the week ended April 15 were 16,765
cars, 110 cars above the preceding week but 3,249 cars under the same week
of 1932. The week ended April 15 was the highest week but one of 1933
In these carloadings.
• Lumber orders reported for the week ended April 22 1933. by 414 softwood mills totaled 120,259.000 .feet, or 20% above the production of the
same mills. Shipments as reported for the same week were 134,489,000
feet, or 34% above production. Production was 100.306,000 feet.
Reports from 265 hardwood mills give new business as 15,584,000 feet,
or 53% above prodliction. Shipments as reported for the same week were
15,278,000 feet, or 50% above production. Production was 10,188,000
feet.
Unfilled Orders.
Reports from 362 softwood mills give unfilled orders of 363.048.000
feet, on April 22 1933, or the equivalent of 14 dayi' production. The
532 identical mills (hardwood and softwood) report unfilled orders as
438,300,000 feet on April 22 1933, or the equivalent of 15 days' average
production, as compared with 466,116,000 feet, or the equivalent of 16
days' average production on similar date a year ago.
Last week's production of 401 identical softwood mills was 96,443.000
feet. and a year ago it was 105,616,000 feet; shipments were respectively
127,483,000 feet and 125,793,000; and orders received 117,292.000 feet
and 113.095,000. In the case of hardwoods, 187 identical mills reported
production last week and a year ago 8,842.000 feet and 10,254,000; shipments 12,655,000 feet and 11.409,000; and orders 12,181,000 feet and
11,144,000.
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 the week ended April 22:
I UNSHIPPED ORDERS.
I
Feet.
Domestic cargo
22,234,000 delivery ____100,821,000
79,125,000
12,866,000 Foreign
64,386,000
23,862,000 Rail
4,838,000
NEW BUSINESS.
Feet.
Domestic cargo
delivery
Export
Rail
Local
244,332,000
63,800,000 Total
Total
Production for the week was 60.346,000 feet.
SHIPMENTS.
Coastwise' and
intercoastal _ 31,460,000
Export
19,808,000
Rail
22,612,000
Local
4,838,000
Total
78,718,000
Southern Pine.
The Southern Pine Association reported from New Orleans that for 102
mills reporting, shipments were 17% above production, and orders 29%
above production and 10% above shipments. New business taken during
the week amounted to 26,434,000 feet (previous week 22.096,000 at 105
mills); shipments 24,002,000 feet (previous week 24,872.000); and production 20.493,000 feet (previous week 21,070.000). 'Production was 35%
and orders 46% of capacity, compared with 35% and 37% for the previous
week. Orders on hand at the end of the week at 100 mills were 57,226.000
feet. The.100 identical mills reported a decrease in production of 15%.
and in new business a gain of 21%, as compared with the same week a
year ago.
1Vestern Pine.
The Western Pine Association reported from Portland, Ore., that for
110 mills reporting, shipments were 48% above production, and orders
37% above production and 8% below shipments. New business taken
during the week amounted to 26,443.000 feet.(previous week 23,664,000
at 112 mills); shipments 28,622,000 feet (previous week 28.500,000); and
production 19,337.000 feet (previous week 18,341.000). Production was
16% and orders 22% of capacity, compared with 14% and 18% for the
previous week. Orders on hand at the end of the week at 109 mills were
96.974.000 feet. The 107 identical mills reported a decrease in production
of 17%, and in new business a decrease of 13%. 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 2,095,000 feet and new business 2,290.
000 feet. The same mills reported new business 44% greater than for
the same week last year.
-Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 16 mills as 130,000 feet. shipments 1,052.000 and orders 1,292.000 feet. Orders were 16% of capacity
compared with 13% the previous week. The 15 identical mills reported
a gain of 97% in production and a gain of 64% in new business, compared
with the same week a year ago.
Hardwood Reports.
Tho Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 249 mills as 9,823,000 feet, shipments 14.258,000 and,
new business 14,835.000. Production was 20% and orders 30% of capacity, compared with 20% and 23% the previous week. The 172 identical
2868
Financial Chronicle
mills reported production 14% less and new business
8% greater than for
the same week last year.
The Northern Hemlock and Hardwood Manufacturers
Association, of
Oshkosh, Wis., reported production from 18 mills
at 365.000 feet, shipments 1,020,000 and orders 749,000 feet. Orders
were 13% of capacity.
compared with 19% the previous week. The
15 identical mills reported
a gain of 2% in production and a gain of 32%
in orders, compared with
the same.week last year.
Factory Production of Automobiles in March.
March factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts
made in the United States and reported as completed units
or vehicles), based on data reported to the Bureau of the
Census, consisted of 118,592 vehicles, of which 99,885 were
passenger cars, 18,047 trucks, and 660 taxicabs, as compared with 106,825 vehicles in February, 118,959 vehicles in
March 1932, and 276,405 vehicles in March 1931.
The table below is based on figures received from 123
manufacturers in the United States, 35 making passenger
ears and 105 making trucks (17 making both passenger
cars and trucks). (The total number of manufacturers
heretofore reported as 144 has been reduced due to certain
establishments going out of business, discontinuing manufacture of automobiles, or being merged with other establishments.) Figures for taxicabs include only those built
specifically for that purpose;figures for trucks include ambulances, funeral cars, fire apparatus, street sweepers, and
buses. Canadian figures are supplied by the Dominion
Bureau of Statistics.
NUMBER OF YERICLES.
United Slates.
Year and
Month.
Pissenger•
Canada.
TaziTrucks. cabs.:
PassenTotal. ger Cars. Trunks.
33,531
39,521
45.161
512
529
410
6,496
9,871
12,993
4,552
7,529
10,483
1,944
2,342
2,510
548,529 118,213
1,451
29,360
22,564
6,796
286,252
271,135
210,036
183,993
155,321
109,087
57,764
48,185
96.754
50,022
45,688
40,244
$4,317
31,772
31,338
21,727
19,683
23,844
685
340
360
180
104
141
651
999
1,144
17,159 14,043
12,738 10.621
6,836• 5,583
4,220
3,151
4,544
3,426
2,646
2,108
1,440
761
1,247
812
2:432
2,024
3,116
2,117
1,252
1,069
Total (year)_ 2,389,738 1,967,055 416,648
6,035
82,621
65,093
17,528
Total.
171,848
219,940
276,405
1931
January
February
March
Cars.
137,805
179,890
230,834
Total(3 mos) 668,193
April
May
June
July
August
September
October
November
December _
336,939
317,163
250,640
218,490
187,197
140,566
80,142
68,867
121,541
1932
January
February March
1,118
538
679
435
408
June
July
August
September
October
November
December
98,706
94,085
99,325
20,541
23,308
19,560
97
25
74
3,731
5,477
8.318
3,112
4,494
6,604
619
983
1.714
355,721
292,116
63.409
196
17,526
14,210
3,316
148,326
184,295
183,106
109,143
90,325
84,150
48,702
59,567
107,353
Total(3 mos)
April
MAY
•
119,344
117,418
118,959
120,908
157.883
180,103
94,678
75,898
84,735
35,102
47,293
85,858
27,389
28,539
22,768
14,438
14,418
19,402
13,595
12,025
21,204
31
73
235
6,810
8,221
7,112
5,660 . 1,150
7,269
952
6,308
806
27
7,472
9
13
5
239
291
6,773
4,067
2,342
2,923
2,204
2.139
3,166
1,741
2,361
1,669
1,561
901
601
582
535
578
Total (year). 1,370,678 1,134,372 23.5,187 1,119
.
60,816
50,718
10,098
5
152
660
3,358
3,298
6,632
2,921
3,025
5,927
•
437
273
705
817
13,288
11,873
1933January
Febivary
March
*130,044
•108,825
118,592
Total (3 mos)
355,481
*108,321 *21,718.
91,340 •15,333
99.885 18,047
299,548
55,098
699
1.415
•• Revised. x Includes only factory-built taxicabs, and not private passenger
cars converted Into vehicles for hire.
Federal
Board Sells Nearly All Its Holdings Of
Wheat.
Henry Morgenthau Jr., announced on April 18 that he
was reaching the first goal he set for himself when he became
Farm Board Chairman Mar. 6, to get the Hoover-created
Board out of "the farm commodity stabilization business."
Associated Press advices from Washington April 18 from
which we quote also said:
Farm
He announced after the close of the market that the Board is "entirely
out" of May wheat futures, that its holdings of other futures are "small"
and that it intends to dispose of these within a short time.
It•no longer holds cash wheat except amounts which have been ordered
turned over to the Red Cross, he said, and the relief organization has
obtained possession of most of this, distributing it among the needy
In
many States.
Two years ago the Farm Board owned about 325.000,000 bushels of
wheat after its effort of 1929 and 1930 to "peg" grain prices. It also had
possession of about 3,500,000 bales of cotton.
It no longer has cotton for sale, the Red Cross having received the last
of Its holdings. The relief organization expects to complete the transfer
of the last bales late in the summer. .
When Mr. Morgenthau assumed office the Board through the Grain
Stabilization Corporation, owned about 30,300,000 bushles of wheat
futures. He favored selling it at a rate which he said "would not disturb
the market," in order to liquidate the Board's investment and to reduce
the cost of the corporation's continuance.
The corporation's Chicago office, which had more than 100 employes
In March, now has four, and as soon as its affairs have been wound up.
Mr. Morgenthau intends to dissolve it.
April 29 1933
Ills aides are attempting to compute the exact loss resulting from
the
stabilization operations. The Board was given control of a revolving
fund
of $500,000,000 at its beginning, and Mr. Morgenthau estimates
that the
aggregate loss will be about $350,000,000. of which the wheat stabilizatio
n
venture will form the largest individual item.
On April 18, Chairman Henry Morgenthau, announced
that at the close of the grain exchanges Thursday all of The
Grain Stabilization Corporation's holdings of May wheat
futurts in all markets had been sold. The announcement
further said:
The Grain Stabilization Corporation does not now possess any
of tha
May futures.
Mr. Morgenthau has previously announced that The Grain Stabilization
Corporation does not own any cash wheat.,
On April 20, Mr. Mcrgenthau announced the completion
of the sale of all July wheat futures held by The Grain
Stabilization CorpDration.
Wheat Stocks in Interior Mills and Elevators, April 1.
Stocks of wheat in interior mills and elevators on April 1
1933 are estimated by the Crop Reporting Board of the
United • States Department of Agriculture to have been
98,796,000 bushels.
Stocks on the same date last year were estimated to have been 69,827,000
bushels (revised), and two years ago 72,253,000 bushels (revised). This
report is intended to include only wheat stocks in country elevators
and
the smaller interior mills whiah are not included either in the Department's
reports on stocks of wheat in 39 markets or in the Bureau of the Census
report on stocks of wheat in merchant mills and attached elevators.
The
estimate is based largely on reports from about 4,800 interior mills
and
elevators, representing, roughly, a fourth of the elevator capacity
in wheatproducing and country milling regions.
Stocks are much greater than last year in the Pacific Northwest and
in
the hard red spring wheat States. In most other-States stocks
are less than
last year.
Decrease of 28,829 Tons of Flaxseed Crushed During
Quarter Ended March 31 as Compared with Same
Quarter 1932.
The Bureau of the Census announces that, according to
preliminary figures, there were 22 mills in the United States
which crushed flaxseed during the quarter ending March 31
1933, reporting a crush of 122,178 tons of flaxseed and a pro.duction of 79,563,929 pounds of linseed oil. These figures
compare with 151,007 tons of. seed crushed and 99,783,339
pounds of oil produced for the corresponding quarter in
1932; 183,980 tons of seed and 118,417,218 pounds of oil in
1931; 223,036 tons of seed and 145,969,802 pounds of oil
in
1930; 303,503 tons of seed and 202,353,031 pounds of oil
in
1929, and 332,777 tons of seed and 223,750,569 pounds of oil
in 1928. The Bureau also announced the following
on
April 15:
•
Stocks of flaxseed at the mills on March 31 1933 amounted to
46,101 tons
compared with 42,082 tons for the same date in 1932, with
65,661 tons in
1931, with 81,154 tons in 1930, with 127,258 tons in
1929, and with
119,306 tons in 1928. Stocks of linseed oil reported by
'the crusher; were
110,454,878 pounds on March 31 1933 compared with
132,987;044 pounds
for the same date in 1932, with 79,175,433 pounds in 1931, with
pounds in 1930 with 141,309,480 pounds in 1929, and with 107,383,232
184,642,215
pounds in 1928.
Review of Sugar Market for Week Ended
April 21
Prices at New High Level for Past Two
Years
Effect of Inflation Proposals.on Sugar.
•
In Its review of the sugar market for
the week ended
April 21, the New York Coffee. and Sugar Exchange, Inc.,
said:
In one of the most exciting weeks in recent years, the bull
market in
sugar reached new high levels for the past two years.
Sugar has had
a consistent bull market since late in January of this year,
and from that
time prices have improved more than 100%. The basis for
the bull
market
has been the improved statistical position °ranger together
with indications
of help from the sugar industry and for Cuba from
President Roosevelt and
his Administration. Last week the inflation development
s gave the bull
market a new momentum which attracted additional
speculative interests to
sugar. In the futures market on the New York Coffee and
Sugar Exchange
prices advanced 14 to 16 points. Wall Streeters call sugar the
"blue chip
commodity" because each point fluctuation is equal to $11.20
per contract.
Refiners came into the 'sugar market in an important way
as the week
closed, purchasing thousands of tons of actual' and cleaning up
the market
of all offerings up to the 1.25c. level. Late Friday a sale of
Cubas took
place at 1.28c. a pound, the highest price seen in the world
sugar market in
two years. Refiners advanced their price 10 points on Thursday,
bringing
the price up to 4.30c. a pound. This was followed by another
20-point
advance on April 21, which brought refined sugar prices
up to 4.50c. a
pound.
A feature of the sugar situation has been the great public
participation
In the sugar futures trading on the New York Coffee and
Sugar
Exchange.
For the five days of this week ending April 21 the turnover on the
Exchange
was 352,150 tons, an amount equivalent to 17% of the entire
volume of
trading so far this year. Only a few times in the bull market days
preceding
1929 has such a volume of business been witnessed.
When the United States went off the gold standard and there was
a rush
to buy commodities, Wall Street showed a preference for sugar over
many
other commodities because the factors that had started the bull
market in
sugar three months ago did not include inflation.
•
Volume
136
Financial Chronicle
2869
Texas Producers
Improvement Reported in Cocoa Prices During Week Petroleum and Its Products—East
Shutting Wells in Protest as PriceiAgain Drops to
Advanced.
Ended April 21—Futures Prices Also
Ten Cents—Production of Field Considered BeThe New York Cocoa Exchange, in reviewing the cocoa
yond All Market Conditions—Actions are Setback
market during the week ended April 21, said:
to General Rehabilitation of Entire Industry.
Cocoa prices had a 10% improvement during the week as Wall Street
interests perceived in the inflation news from Washington a future enhanceIn a week replete with startling developments, the producment in the value of cocoa. Cocoa futures prices advanced 31 to 35 points
tion of the vast East Texas field was increased to 791,000
rise in British Sterling and attendant indications ofinflaas a result of the
barrels daily by the Railroad Commission; prices were slashed
tion. Firms which had been inactive in the cocoa market for years, were
in on the buying side of the market. The volume of trading was the best
40c. a barrel to a new price of 10c. a barrel by the Texas
months. Actual developments in the
enjoyed on the Exchange in several
Corporation and other majors, and finally, late in the week,
cocoa situation were unimportant and ignored in the scramble to buy.
Market students were of•the opinion that if manufacturers had not been so
individual operators of the field voluntarily shut down their •
comfortably supplied at the time, the 'advance would have been much
wells in a desperate effort to combat the ruinous price situagreater, but manufacturers were in the fortunate position where they could
interests took advantage of the opportunity
tion which has again sent the price of crude down to levels
sit on the sidelines. Producing
to conduct some hedging operations.
which make impossible any idea of profit for the producer,
and tend in general to disrupt the entire crude and refined
sections of the industry.
Increase of 71,000 Bales Reported by New York Cotton
The new allowable for the field was announced by the
Exchange in Consumption of American Cotton in
Railroad Commission after the potential tests during the
World During March over February.
Apr. 6 to 21 shutdown disclosed a potential daily output of
World consumption of Anierican cotton during March 128,000,000 barrels.
totaled 1,164,000 bales, according to the New York Cotton
The action of the Texas Co. was accompanied by a stateExchange Service, as against 1,093,000 in February, 1,171,- • ment from R. C. Holmes, President, reminding the industry
000 in March last year, 979,000 two years ago and 1,059,000 that his company had previously publicly agreed2to post a
three years ago. The Exchange Service also said as follows price of 75c. a barrel for 35.0 to 35.9 gravity, east Texas
under date of April 24:
crude, "if on Apr. 11933, or prior to Apr. 1,the authorities
During the eight months'of the current season from Aug. 1 to March 31
of the Texas and Oklahoma shall have fixed the allowable
approximately 9,152,000 bales of American
world cotton spinners used
of crude proauction in line with reasonable market requirecotton as against 8,390.000 in the corresponding portion of last season,
7,254.000 two seasons ago and 9.160.000 three seasons ago. March
ments." Therefore, it is evident that the Texas Corporation,
cotton consumption was larger than February consumption owing to the
and other majors, consider that the Texas Railroad Comthan February. The United States
fact that March had more working days
mission did not take into consideration the market demand
used 483,000 bales of American cotton in March as against 434,000 in
February; Great Britain, 135,000 as against 128.000; the Continent,
factor in setting the allowable at so high a figure. As a
against 209,000.
327,000 as against 308,000. and the Orient. 203,000 as
matter of fact, the actual purchasing comraittments in the
In all sections of the world cotton spinning industry. March mill activity
showed a decline from February on a daily rate basis.
field are about 350,000 barrels daily. A further disturbing
feature of the new field order is that there is no. certainty
that even its extreme laxity in production could be enforced,
Raw Stocks of Hides at End of February 13.1' ;) Below and that illegal output would add several hundred thousands
Year Ago Due to Large Absorption Over Production of barrels daily, bringing the field to more than 1,000,000
by Tanning Industry During 1932 and 1933.
barrels a day, or about half the entire country's production,
• A report of the New York Hide Exchange issued April 19 under the averages which have maintained for some time past
shows that the absorption of hides by the tanning industry of about 2,000,000 barrels daily from all fields.
On Thursday Governor M. A. Ferguson approved the
during 1932 and 1933 exceeded hide production to such an
extent that raw stocks in all hands at the end of February marginal well bill in Texas, permitting the reduction of the
were 13.1% below the corresponding period of a year ago. former 40-barrel minimum in oil proration orders to a scale
This was accompanied by a reduction in stocks of finished approximating 20 barrels per well for east Texas. The law
cattle hide leather, which at the end of February 1933, was became effective immediately, and• under it the Railroad
about 6% less than the same time in 1932. While the total Commission could reduce its 791,000 figure.
However, the actual production in East Texas is now
leather consumption has shown a decline of 84% during the
first two months of this year as cpmpared with the same running about 200,000 barrels per day, according to hurried
period in 1932, the report notes that it has held up exceedingly estimates. The voluntary curtailment includes both total
well in the shoe industry, which consumes approximately shut
-downs and a limit of 40 barrels per well, regardless of
85% of all cattle hide leather. Sloe production for the first commission orders permitting much greater output. Recogtwo months of 1933 was 3.8% ahead of the similar period nizing the voluntary efforts being-made in the field to bring
of 1932.
some sort of order out of the sudden collapse of the price
The relfort further points out that a continued reduction structure, the Railroad Commission has ruled that those
in the visible supply of hides and leather in the United States producers voluntarily curtailing now will be permi` ed to
has taken place since November 1930, when stocks totalled produce the back allowable later on when the situation be16,553,000 hides against 14,983,000 at the end of February comes more adjusted.
1933, these being tile lowest reported stocks since September
The East Texas operators recognize their great danger
1929, when hides were selling at 17e. against the present lies in getting the price back to 50c. a barrel. The action
level of 04e. E. L. McKendrew,President of the Exchange, of the Magnolia Petroleum Co., subsidiary of Soconysaid as follows:
Vacuum, in establishing their new price at 25c. a barrel,
Growing rumors of inflation naturally throw the searchlight of public
instead of going all the way down to 10c., is taken as a warninterest on all commodities. As the sensitiveness of hide prices has been
ing that this is the figure at which the majors will ultimately
generally recognized, the latest statistical report of the New York Hide
Exchange is of more than passing interest at this time.
establish their revised structures.
The statistical Picture on hides and leather is quite different from that
Any extended operation of the field at the 10e. level will
most other commodities. Unlike our primary agricultural products
of
be certain to exercise a depressing influence in the other
where the maintenance of production in the face of declining consumption
has created surplus stocks, there appears to be no burdensome surplus of
crude centers, which have not as yet felt the reverberations
either hides or leather. This was principally brought about by the fact •
of the drastic cut.
hides are a by-product and during a subnormal period with its decline
that
The serious plight of the major companies, beset not only
In most consumption, there is a falling off in cattle kill and a corresponding
decline in the production of hides, regardless of the leather requirements.
by overproduction, low refined products prices, but also by
"racketeering" in several forms, was outlined by President.
Holmes of the Texas Corp., who stated at the company's
Retail Cigarette Prices Raised by Great Atlantic 8c annual meeting on Apr. 25 that "I say to you frankly that this
Pacific Tea Company—Safeway Stores, Inc. Also company is losing more money to-day than it has ever lost
Take Action.
in its history. It is not because we have not the raw material
•
The Great Atlantic & Pacific Tea Co. increased the prices and have not the market; it is because of those two racketof the standard brand cigarettes in the Eastern division on eering activities (illegal production and evasion of taxes and
Apr. 24 to lle, a package, 2 for 21 cents or $1.05 a carton. gasoline laws) and the reluctance of many interests in the
The price previously had been 10c. a package or $1 a carton. industry to fight them." He pointed out that a small minSafeway Stores, Inc., with stores mostly west of the Mis- ority in any business can defeat the constructive activities of
sissippi, also advanced the retail price of the leading brands. a very large majority. He declared that it is vitally necessary'
that the states and federal government should enter into
The new prices are 2 packages for 23e. and $1.09 a carton.
The last previous change in the price of the leading stand- further co-operation, and that "a certain amount of coercion
must be placed on a small minority that is a destructive one."
ard brands was noted in our issue of Feb. 18, p. 1115.
2870
Financial Chronicle
Touching on the oil storage situation, Mr. Holmes said that
oil companies are in such financial condition that they must
take oil out of storage, "and we have had to do the same
thing. We have had to take oil out of storage and convert it
into money, because we did not know what the future held
for us."
R. S. Ellison, President of Stanolind, in announcing the
new East Texas prices, said that "overproduction, partly
caused in the past by production of oil in violation of the law,
and now confirmed or increased under the new allowable
fixed by the Texas Railroad Commission, threatens to dis• rapt the whole crude situation,in the mid-continent.
"Crude oil is only worth what can be realized on its derivatives.. For some time past, realization on petroleum
products has not justified the prevailing prices for crude,
but this company has continued to pay such prices in the
hope that production would shortly be brought into balance
with consumption. This hope now appears to have been
in vain."
The Shell Petroleum cut to 10c. was accompanied by a
statement from R.g.a. van der Woude, who declared: "The.
Shell Petroleum Corp. reaffirms its conviction that the
producer of. crude oil under an efficient system of proration
is entitled to receive a price which will allow a fair margin
of profit to the producer. This same thought and conviction
was expressed by the committee of fifteen representing the
Governor's Conference'and major and independent oil producers in their recommendation to the Secretary of the
Interior dated March 29. Unfortunately it is not possible
to differentiate between producers, and a small minority of
producers by producing in total disregard of proration
orders, and the interest of the oil industry, and the welfare
of the country, have created a situation which makes it impossible to give effect to paying the producer a price in line
with the above expressed conviction and thought.
"The situation has been aggravated by recent proration
orders which do not take into consideration market requirements and' which place the allowable production for Texas
on an impossible basis. The Shell Petroleum is therefore
reluctantly compelled to reduce its posted price in the east
Texas field and has posted a price. of 100. a barrel. Only by
maintaining field allowables consistent with market requirements and the rigid enforcement of valid orders in accordance
with such allowables can crude oil prices be maintained on a
reasonable basis."
The price changes follow:
April 24
-The Texas Corp. posts new price of 10c. a barrel for all East
Texas crude. Price met by Humble Oil & Refining Co.; Shell Union;
Stanolind; Sun Oil Co.; Tidewater Oil Co.; Arkansas Fuel and Empire;
Sinclair. Magnolia Petroleum Co. posts new price of 250. a barrel, a reduction of 25c. as against general reduction of 40c. a barrel by others.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. 1. degrees are not shown.)
Bradford. Pa
$1.47 I Eldorado. Ark.. 40
.52
Corning, Pa
.75 Rusk, Tex,. 40 and over
.52
Illinois
.62 Salt Creek Wyo., 40 and over._
.52
Western Kentucky
40-.50
Mid-Continent. Okla., 40 and
IMidland Dist.. Mich
.70
above
.521 Sunburst. Mont
Hutchinson. Tex.. 40 and over__ .10-.25 Santa Fe Springs. Calif.. 40 & over 1.05
.75
SpIndletop, Tex., 40 and over
.52 Huntington.'Calif.. 26
.75
Winkler, Tex
.10-25 Petrolla. Canada
1 75
Smackover, Ark.. 24 and over
.521
REFINED PRODUCTS
-DEMAND SPASMODIC AS TRADE
AWAITS DECISIVE TREND OF CRUDE OIL SITUATION
SEASONAL DEMAND CREATES IMPROVEMENT IN MOTORING FUELS AND LUBRICANTS
-GRADE C ADVANCE
HALTED BY SUDDEN CRUDE PRICE CUTS.
Demand for all refined products took on a spasmodic
appearance this week as the trade paused to consider the •
developments in the, crude oil markets. The expected
advance in the price of Grade C,•blinker fuel, now posted
at 75c. a barrel in bulk, was halted by the drop in East
Texas crude of 40c. a barrel to a low price of 10c. It had
been expected that the.bunker fuel price advance would be
at least 10c. a barrel, to a new price of 85c.
•
Seasonal demand for motoring fuels and lubricants is developing in fair volume,approximately reaching expectations.
However, the normal price advances which would accompany
the growth of spring and summer motoring demand are not
as yet being posted. The leaders here are believed to be
operating on the theory that to advance prices now and
then have to reduce them if the crude situation is not relieved
would be poor psychology, and that they would benefit more
by awaiting a definite trend in the East Texas situation.
Naturally, if the 10c. price persists, it will have its effect on
other fields and. the resulting general cut in crude prices
would have to be reflected in refined products.
Diesel oil has been moving freely, despite the uncertainty
of the future, and the price holds firm at $1.65 per barrel,
April 29 1933
in bulk at refineries. Lubricants are showing a stronger
tone, with prices firm.
Refiners have not yet established prices for ,domestic
heating oils for next winter delivery, declining to sell for
delivery more than a few days ahead.
Kerosene has firmed up- slightly,,with the market now
steady at 53.4c. a gallon for 41-43 in bulk at refineries.
No price changes were posted this week.
Gasoline. Service Station. Tax-Included.
5 145 Cleveland
5.18 New Orleans
5.128
19 Denver
.18 Philadelphia
12
15 Detroit
135 San Francisco:
145 Houston
17
Third grade
139
165 Jacksonville
195
Above 65 octane__ 180
14 Kansas City
155 Premium
.214
15 Minneapolis
.147 St. Louts
14
Kerosene, 41-43, Water White, Tank Car, F.O.B. Ltd, Refinery.
(Btas
e yonne)-- _S.0531 ;Chicago
5.02H-.0334 I New Orleans, ex__ _S.0334
Texas
03 I Los Ang.,ex__ .0431-.06 1Tulsa
.0431-.03H
Fuel 011, F.O.B. Refinery or Terminal.
•
(Bayonne)California 27 plus D
Gulf Coast C
5.85
Bunker C
2.75
S.75-1.00 Chicago 18-22 D...42%-.50
Diesel 28-30 D____ 1.85 New Orleans C
.60 Philadelphia C
.70
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Gas Oil, F.O.B. Refinery or Terminal.
Y.(Bayonne)i Chicago'Tulsa
5 0134
28 plus CI O_..$.033 -.04l 32-380 0
8.01% I
U. S. Gasoline, Motor (Above'65 Octane). Tank Car
F.O.B. Refinery.
N. Y.(Bayonne)N. Y.(Bayonne)(Chicago
i..04-.0544
05„0
Standard Oil. N. J.- •
Shell Eastern Pet_S.04% New Orleans, ex.
Motor, U. 8.--2.04,1 New YorkArkansas...... .04.-0431
Motor,standard .05
Colonial-Beacon,__ .05
California
Stand. Oil, N. Y _ .05
x Texas
.04,‘ Los Angeles, ex _ .04- 07
0 4-.07
8
Tide Water 011 Co .05
Gulf
.05
Gulf ports
.05-.0531
Richfield 011 (Cal) .0631
Republic 011
.05 Tulsa
Warner-Quin. Co_ .0551
Pennsylvanla_.- 08- 081
. 53 M
0
x "Fire Chief." 5.05.
•
Natural Gasoline Production Gained Slightly in
January-Inventories Increased for First Time
Since April 1932.
The production of natural gasoline in January 1933 was
practically on the same leyel as in December, the total
output increasing from 121,300,000 gallons in December to
121,700,000 gallons in January, the United States Bureau
of Mines, Department of Commerce, reports. A few of
the major producing districts showed increased output in
January, although these gains were not large in any case.
Production in the East Texas field (Cherokee, Rusk, Gregg,
Smith and Upshur Counties) reported for the first time,
totaled 1,100,000 gallons, which undoubtedly represented a
material gain over December. Stocks on hand at the plants
increased for the first time since April 1932, and totaled
22,625,000 gallons on Jan,. 31.
PRODUCTION OF NATURAL GASOLINE (IN GALLONS).
Produaton.
*
Stocks End of Month.
Jan. 1933. Dec. 1932. Jan. 1932. Jan. 1533. Dec.
1932.
Appalachian
6,400,000 6,900,000 7,400,000- -51-00
1797 0
- - 1,748,000
Illinois, Ky., Indiana
800.000
800.000
600.000
205,000
Oklahoma
28,800,000 28,800,000 36,000,000 7,451,0001 • 191,000
5,711,000
Kansas
2,200,000 2,200,000 2,600,000
426,0001
410,000
Texas
29,400,000 28,500,000 31.000,000
7,029,000J 6,388,000
LouLslana
3,500.000 3,200,000 4,700,000
801
1,400,000 1,300,000 1.700,000
Arkansas
143,000
164,000
Rocky Mountain_ -- 4,900,000 4,700,000 5,200,000
California
44,300,000 45,100,000 51,200,000 3 °5921,000
1,4513 M° 2,6
73718°5;700°
121,700,000 121,300,000 140,400,000 22,625,0001
Total
18,840,000
Daily average
3,030.000 3,910,000 4,530,
Total (In barrels)2,898.000 2,888,000 3,342,I 1 I
539.0001
449,000
Daily average
93,000
93,000
108.000
Plans for French Petroleum Monopoly.
An announcement issued April 24 by the Department of
Commerce at Washington stated:
The plan to form a Government monopoly on Imports of crude petroleum
appears to be considered more favorably in French petroleum circles
than
before, according to a report to the Commerce Department from Assistant
Trade Commissioner E. C. Taylor, Paris. The Idea relates to a monopoly,
either directly or on imports of crude petroleum.
Theoretically, the monopoly is intended to produce a revenue for
the
the state. Considerable doubt exists in various sections of the trade as
to
the attainment of this objective without causing higher prices for
petroleum
products. It is pointed out that the petroleum refining Industry of France
is still quite new, much of it still being in the formative stage.
Petroleum imports into France for the first two months of this year,
latest period for which figures are available, amounted to 5,426,372 barrels
compared with 3,692,402 barrels in the corresponding period last year.
Receipts of crude alone were five times those received in the first two months
of 1932.
These imports may give an idea of the activity of the French refining
industry, which exported in January and February this year a volume
of
products equal to the exports for the entire year of 1929, and
also 1930.
Deliveries to consumers of gasoline from the French refineries amounted
to
779,611 barrels in the first two months of this year compared with 195,534
barrels in the corresponding months 0( 1932. Apparent French consumption of gasoline increased from 2;337,500 barrels in January and February
1932 to total 2,560.000 barrels in the first two months of this year.
Exports of French refinery products in the first two months of
this year
came to 100,558 barrels, of which 80,318 consisted of fuel oil and
12,208 of
gasoline. Petroleum products destined for the French navy and
merchant
marine were 86,695 barrels, almost entirely gas and fuel oils, compared
with
670 barrels in the first two months of 1932.
2871
Financial Chronicle
Petroleum Output in United States, According
to Preliminary Figures, Declined 69,236,000 Barrels
-Crude Stocks Off 32,201,000 Barrels.
in 1932
According to reports received by the Bureau of Mines,
Department of Commerce, preliminary figures show that
the total production of crude petroleum in the United
States in 1932 was 781,845,000 barrels, a decrease of 69,236,000 barrels from 1931. Texas was again the leading
producing State, although its output for the year, 311,069,000 barrels, was 6% below the total in 1931. The output of the east Texas oil field in 1932 was 120,158,000
barrels compared with 109,630,000 barrels in 1931. The
number of producing wells in the east Texas field rose from
about 3,600 on Jan. 1 to about 9,500 on Dec. 31, while
the daily allowable per well on Jan. 1 was 100 bar/els and
37 barrels on Dec. 17. Drilling activity increased in 1932,
when 10,444 oil wells were completed in the United States,
compared with 6,788 in 1931. The Bureau adds: •
Crude
Total crude runs to stills in 1932 fell to 819,997,000 barrels from 894.608,000 barrels in 1931. Crude stoeks declined 32,201.000 barrels during
the year. Drafts were made in stocks of all oils in eight of the 12 months
of 1932; the net decline in these stocks was 43.564.000 bairels. the total
amount on hand Dec. 31 was 588,172.000 barrels.
The indicated domestic demand for motor fuel for 1932 was 373,770.000
barrels, or 7.3% less than in 1931. Total demand, including 35,434.000
barrels exported, was 409,204,000 barrels, a decrease of 8.9% from 1931.
Stocks of motor fuel on Dec. 31 1932 totaled 49,671,000 barrels, compared
with 47,152,000 barrels on hand a month ago and with 51,521,000 barrels
on hand a year ago. The percentage yield of gasoline continued to increase, amounting to 44.7% in. 1932, compared with 44.3% in 1931. The
majority of the minor refined products showed declines in production and
demand in 1932; a notable exception was kerosene, which showed the first
annual increase in indicated demand since 1925.
The refinery data of this report were compiled from schedules of 335
refineries, with an aggregate daily recorded crude-oil capacity of 3,550,302
barrels, which operated at 60% of their capacity in December 1932.
SUPPLY AND DEMAND OF ALL OILS DURING 1932 AND 1931.
(Including wax, coke, and asphalt, in thousands of barrels of 42 U. S. gallons.)
Jan.to Jan.to
Dec.
Dec.
1932. 1931.
Jan.to Jan.to
Dec.
Dec.
1932. 1931.
New Supply
Domestic:
781,845 851,081
Crude petroleum
2,136 2,332
Daily average
35,772 43,617
Natural gasoline
1,144 1,826
Sense'.b
Total production _ 818,761 896,524
Daily average_ -- 2,237 2,456
Imports:
44,688 47,250
Crude petroleum
Refined products__ _ 29,757 38,837
Total new supply, all oils 893,206 982,611
.2,440 2,692
Daily average
Decrease in stocks, all
•
43,564 44.98'9
Oils
Demand-Cowl.
833,682 903,206
Domestic demand
2,278 2,475
Daily average
Excess of daily average
domestic produetion
819
241
over domestic demand
qmrks(End of Montli)Crude petroleum:
299,378 328.805
East of California
39,340 42,114
California_c
Tot. refinable crude 338,718 370,919
3,197 2,818
Natural gasoline
Refined products.c_... 246,257 257,999
Grand total stocks all oils 588,172 631,736
221
230
Days' supply
1027600
936,770
2,659 2,815 Bunker oil (incl. above
in domestic demand). 38,152 43,714
27,393 25.535
.
75.1195 OR R514
a Deficiency. b Based upon production of coke reported to Coal Division by
those by-product coke plants that recover benzol products. c California heavy
crude and residual fuel included under refined products.
Demand
Total demand
'Daily average
•
Exports:
Crude petroleum
Refined products
PRODUCTION OF CRUDE PETROLEUM IN 1932 AND 1931.
(Thousands of barrels of 42 U. B. gallons.)
Jan. to Jan.to
Dec.
Dec.
1932. 1931.a
Jan.to Jan.to
Dec.
Dec.
1932. 1931.8
Arkansas
11,907 14,791
•
California:
Kettleman Hills
21,661 17,544
Long Beach
27,436 30,167
Santa Fe Springs
22,538 24,273
Rest of State •
106,193 116,846
Total California_
178,128 188,830
Colorado
1,177 '1,543
Illinois
4,661 5,039
Indiana--Southwestern.
776
803
Northeastern
28
37
Total Indiana:..._
804
840
Kansas
34,300 37,018
Kentucky6,264 6,456
6
Louisiana-Gulf ..oast_ 11,355 9.560
10,123 12,244
Rest of State
Total Louisiana- _ 21,478 21,804
.6,729 3,789
Michigan
2,449 2,830
Montana
12,511 15,227
New Mexico
3,501 3,363
New York
Ohio:.
Central & Eastern... 3.532 4,212
1,065 1,115
Northwestern
4,597 5,327
Total Ohio
Oklahoma:
Oklahoma City_ ...... 32,924 46,337
42,983 47,883
Seminole
76,714 86,354
Rest of State
Total Oklahoma... 152,621 180,574
12,403 11,892
Pennsylvania
5
6
Tennessee
41,791 48,032
Texas-Gulf Coast
63,542 78,524
Worst Texas
120,158 109.630
East Texas
85,578 96,251
Rest of State
311,069 332,437
Total Texas
3,882 4,472
West Virginia
Wyoming-Salt Creek._ 8,006 8,834
5,353 6,000
Rest of State
Total Wyoming.... 13,359 14,834
United States total
751 545 RAI 651
a Includes 7,000 barrels for Alaska and Utah.
NUMBER OF WELLS COMPLETED IN THE UNITED STATES.a
-Dec. 1932.
Jan.
011
Gas
Dry
Jan -Dec. 1931.
10.444
1.027
3,5139
6.788
1.985
3,659
15,040
12,432
Total
a From "011 & Gas Journal" and Califorins, office of the American Petroleum
Institute:
Crude Oil Producti n Declined During the Week Ended
April 22 1933, Due to Curtailment of Operations in
East Texas Field.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended April 22
1933 was 1,795,50Q barrels, compared with 1;934,000 barrels
per day during the preceding week, a daily average production for the four weeks ended April 22 of 2,047,650 barrels
and an average daily output of 2,267,900 barrels for the
week ended April 23 1932. The decline in production
reflects the complete shut down in the East Texas field.
Stocks of motor fuel at all points fell off 565,000 barrels
during the week ended April 22 1933 as compared with an
increase of 78,000 barrels during the preceding week.
Reports received for the week ended April 22 1933 from
refining companies controlling 91.6% of the 3,856,300 barrel
estimated daily potential refining capacity of the United
States,..indicate that 2,207,000 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,
38,287,000 barrels of gasoline and 122,654,000 barrels 'of
gas and fuel oil. Gasoline at bulk terminals, in transit and
in pipe lines, amounted to 15,614,000 barrels. Cracked
gasoline production by companies owning 95.4% of the
potential charging capacity of all cracking units, averaged
438,000 barrels daily during the week.
The report for the week ended April 22 1933 follows .in
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels of 42 Gallons Each.)
Week
Ended
Apr. 22
1933.
•
377,450
Oklahoma
115,250
Kansas
43,800
Panhandle Texas
52,150
North Texas
23,300
West Central Texas
159,750
West Texas
58,250
East Central Texas
x
East lkexas
41,150
Conroe
48.900
Southwest Texas
29,900
'
North Louisiana
Arkansas.30,200
115,000
Coastal Texas (not including onroe)42,200
Coastal Louisiana
87,600
Eastern (not including Michigan)
16,850
Michigan
.29,300
Wyoming
5,050
Montana
2,350
Colorado
36,250
New Mexico
480,800
California
Average
4 ITeeks
Ended
Apr. 22
1933.
Week
Ended
Apr. 15
1933.
336,050
121,350
48,400
52.200
23,050
160,450
58,600
178,050
39,100
49,150
30,850
30,300
114,100
41,700
90,450
14,600
31,400
5,050
2,550
36,100
470,500
Week
Ended
Apr. 23
1932.
387,050
119,650
47,550
52,200
22,850
161.400
58,450
245.800
38,800
49,450
30,400
30,350
114,600
40,600
90,600
14,700
30,900
5,050
2,500
36,550
468.200
468,950
98,450
52,550
48,650
24,850
180.550
56,550
346,350
54,850
29,450
34,900
107,350
34,250
104,350
18,800
.39,500
6,750
3,400
37,100
520,300
x1.795.500 1.934.000 2.047.650 2.261.900
x East Texas figures represent the week ended 7 a.m. Tuesday morning April 18,
during that week.
and reflect the complete shut down
Total
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED APRIL 22 1933.
(Figures In barrels of 42 gallons each.)
•
.
Muria.
Daily Refining Capacity
of Plants.
Reporting.
Potential
Rate.
East Coast
Appalachian-Ind.. III., Ky....
Okla., Kan.,Mo.
Inland Texas•
Texas Gulf
Louisiana Gulf._
-Ark._
North La.
Rocky Mountain
California
Total.
644.700 638,700
144,700 135,000
434,900 424,000
459,300 390,000
315,300 177,700
555,000 542,000
146,000 142,000
79,000
89,300
152,000 138.000
915,100 866,100
%
CO
tr, 00 e0 CO
00 CO
&COO .4.4CO 1P•4 CR
Volume 136
Crude Runs
to Mk.
%
Daily OyerAverage. Wed.
484.000
89.000
295,000
220,000
81,000
448,000
100,000
42,000
34,000
414,000
a Motor
Fuel
Stocks.
Gat asuf
Fuel Oil
Stocks.
75.8 16,293,000 6,109,060
847,000
65.9 2,068,000
69.6 8,623,000 3.550.000
56.4 5,451,000 3.036,000
45.6 1,763,000 • 2,117.000
82.7 5,504,000 5,896,000
70.4 1,527,000 2,034,000
637.000
337.000
53.2
645,000
24.6 1.458,000
47.8 14,327,000 97,783,000
Totals week:
April 22 1933_ 3.856,300 3,532,500 91.6 2,207,000 62.5 c57351000 122,654,000
Anr11 15 1631 2 556 win 1 522 FAO 111.6 2 201 ow 62.3 d57916000 122.372.000
•Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of April 22 compared with certain April 1932 Bureau figures:
58.360,000 barrels
A.P. I. estimate of B.of M.bads, week Awn 22 1933_b
d67,760,000 barrels
U.S.B.of M.motor fuel stocks, April 1 1932
d68.811.000 barrels
U.S. B.of M. motor fuel stocks. April 30 1932
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
cTneludes 38,287,000 barrels at refineries, 15,814.000 at bulk terminals In transit
add pipe lines and 3,450,000 barrels of other motor fuel stocks.
d Revised.
January Output of Crude Oil Continued Below Same
Month Last Year--Further Reduction Noted in
Total Stocks of All Oils.
According to reports received by the Bureau of Mines,
Department of'Commerce; the production of crude petroleum
in the United States during January 1933 totaled 63,998,000
barrels, or a daily average of 2,064,000 barrels. This represents an increase of 192,000 barrels over the daily average
of the previous month, but is 94,000 barrels under the daily
average of a year ago. Production in the East Texas field
totaled 10,447,000 barrels, or a daily average of 337,000
barrels. This was nearly double the December output as
the field was closed in for the last two weeks of that month.
The number of oil wells completed in the East Texas field
declined from. 348 in December to 253 in January but the
daily average initial production remained at 2,400.barrels.
Production at Conroe, the active field in therexas Gulf
2872
Financial Chronicle
coast, remainedbractically unchanged, but material gains
in output were recorded in Kansas and in the Oklahoma
City pool. The Bureau further reports as follows:
The refinery demand for crude in January was virtually
the same as in
December. Withdrawals from crude stocks were continued,
the net
decline in January being 3.367.000 barrels. Total stocks
of all oils also
continued to decline, the net withdrawal in January amounting
to 4,134,000
barrels. The major part of this decline was recorded in
crude oil stocks.
as a decrease in fuel oil stocks was nearly compensated by a gain
in motor
fuel stocks.
The daily avel'age production of motor fuel in January
was 1,000,000
barrels, a decrease. of 24,000 barrels from December.
The indicated domestic demand for motor fuel totaled 26,442,000 barrels, a daily
average of
853,000 barrels. This represents an increase of 1.4% over the
daily average of January 1932; however, the daily average total demand
(domestic
demand plus exports) was 1.8% below a year ago. Stocks of
motor fuel
continued to increase but at a lower rate than recorded a year
ago and in
December 1932. Motor fuel stocks on Jan. 31 totaled 55,910,000
barrels,
of which 3,198,000 barrels was natural gasoline.
Notable occurrences in the statistics of the minor refined products were
continued increases in the production of kerosene and fuel oils and a
further
decline in consumption of lubricating oils. Stocks of wax continued
to
decline although the total demand was considerably less than in December.
The refinery data of this report were compiled from refineries with
an
aggregate daily recorded crude-oil capacity of 3,549.052 barrels.
These
refineries operated during January at 60% of their recorded capacity,
given
above, compared with a ratio of 60% in December 1932.
SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt in thousands of barrels of
42 U. S. galionS.)
Jan.
1933.
Jan.
1932.
58,044
1,872
2.888
96
61,028
1,969
63.384
2.113
2,855
94
66,333
2,211
66,884 73,327
2,158 . 2,365
3.342
3.517
115
• 126
70.341 76,970
2,269
2,483
2,746
1,164
64,938
2,095
1,963
1,210
69.506
2,317
2,047
3,550
75,938
2,450
4,315
2.903
84,188
, 2,716
4,134
10,083
9,122
590
e3,374
75,131
2,424
75,011
78,628
2,420 • 2,621
76,528
2,489
80,814
2,607
1,937
.6,316
66,878
2.157
2,154
4,621
68,248
2,201
1,318
5,696
71.614
2.387
1,592
7,030
67.906
2,191
1,071
6,101
73,642
2,376
4
Decrease in stocks, all oils
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
• Domestic demand
Daily average
Excess of daily average domestic production over domestic demand__ _
1 Nov.
1932.
2,831
1,175
70.997
2,290
New Supply
Domestic:
Crude petroleum
Daily average
Natural gasoline
Benzol_a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
Dec.
1932.
63,998
2,064
2,898
95
68,991
2,161
Month.
b232
111176
78
107
Dec.
1931.
Stocks (Elul of Month)
-
Crude petroleum:
East of California
California c
Total refinable crude
Natural gasoline_d
Refined products.c
296,054 299,378 307,281 326,603 328,805
39,297 39,340 40,264 42,431 42,114
335,351 338,718 347,545 369,034 370,919
3,198
3,203
3,049
2,967
2,818
245,489 246,251 247,661 259,145 257,999
Grand total stocks all oils
Days'supply
584,038 588,172 598,255 631,148 631,736
241
243
228
25
238
'
hunker oil (included above in domestic (demand)
2.702
2.751
2.763
3,031
3,447
a Based upon production of coke reported to Coal Division by those
by-product
coke plants that recover benzol products. b Deficiency. c California heavy
crude
and residual fuel included under refined products. d Includes motor blends
held
at natural gasoline plants e Increase. t Revbied.
PRODUCTION OF CRUDE PETROLEUM.
(Thousands of barrels 01 42 U.S. gallons.)
January 1933.
Total.
Arkansas
California:
Kettlemati Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana:
•
Southwestern
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana:
Gulf coast
Rest of State
Total Louisiana
Michigan
Montana
New Mexico
New York
Ohio:
Central and Eastern
Northwestern
Total Ohio
Oklahoma:
Oklahoma City
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee •
Texas: •
Gulf coast
West Texas
East Texas
Rest of State
Total Texas
West Virginia
Wyoming:
Salt Creek
Rest of State
Total Wyoming
IT' a Irnfal
.943
1,795
2,125
1,894
8,846
14,460
88
297
Daily
Average
December 1932.
Total.
30
Daily
Average
922
30
.58 • 1,845
• 69
2,179
55
1,731
284
8.840
466 44,595
' 3
84
- 9
289
60
70
56
285
471
3
9
48
2
49
2.933
438
2
95
14
49
2
2_ _ _ _
51
2
2,642
85
453
15
*
January 1932.
Total.
Daily
Average
983
32
1,868
2,415
2,024
9,225
15,532
114 .
431
69
- 3
72
2,954
498
60
79
65
297
501
4
4
14
2
2
95
16
1,038
876
1,912
447
169
1.003
253
879
791
1,670
471
175
1,170
322
• 38
11
9
3
12
.9
2
11
292
84
376
9
3
12
3,221
3,404
5,857
12,482
974
ss
27
60
17
5
28
8
273
86
359
•
33
1,022
29
840
62
1,862
14 . 515
5
172
32 •
856
8
262
104
110
189
403
32
2.227
72
3,306
107
6.282 • 202
11,815
381
981
32
3,739
3.900
6,160
13,799
1,082
120
126
199
3,814
4,960
10,447
6,665
25,886
204
123
160
337
215
83.5
9
3,834
5,048
5,306
6,738
20,926
296
124
182
171
218
675
9
• 3,278
5,391
9,854
7,216
25.737
333
105
174
318
233
830
11
666
344
1,010
22
11
aa
603
362
965
19
12'
31
727
457
1,184
'23
15
38
63.998
2.084
58.044
66.884
2.158
279
79
358
33
1.872
29
25
54
15
6
445
34
•
April 29 1933.
NUMBER OF WELLS COMPLETED IN THE UNITED
STATES.a
•
Jan. 1933. Dec. 1932. bNov. 1932. Jan. 1932.
Dec. 1931.
Oil
Gas
Dry
639
78
266
793
88
319
855
89
304
642
125
197
744
129
240
Total
983
1,200
1,248 •
964
1,113
a From "Oil and Gas Journal- and California office of
the American Petroleum
Institute. b Revised.
Cuban Import Duties on Oleo Oil Heavily Increase
d.
As a result of recent official customs classification, Cuban
oleo oil import duties received heavy increases, it Is made
known in a report to the Commerce Department's Tariffs
Division from Commercial Attache Albert Nuffer, Havana.
The announcement in the matter by the Department of Commerce, on April 11, likewise said:
The Cuban Treasury circular; promulgated April 4, for customs
purposes,
reclassified oleo oil from its former classification as
refined tallow to a
new classification as oleomargarine, dutiable at $40 per
100 kilos.
In its former classification, oleo oil was dutiable at
$2.40 per 100 gross
kilos, plus a general surtax of 3% of duty and a consumptio
n tax, payable
on the domestic as well as on the imported product, of
lc. per Spanish
pound of 1.0161 English pounds.
•
In the new classification, oleo oil will pay duty at
$40 per 100 kilos,
being exempt from surtax, but with a tare allowance of
12% of the gross
weight, if packed in ordinary boxes, tierces, or cans,
or 35%• of gross
weight, if packed in other-containers of wood, glass, or
tin, provided the
latter does not exceed the correct tare. In addition, there
is a consumption
tax, applying equally to the domestic products, of $3 per
100 kilos.
Two South American Countries, Chile and Peru,
Plan Barter.
Two South American countries are planning barter deals.
according to a report to the Commerce Department's Mineral
Division from Assistant Commercial Attache Harold M. Randall, Santiago, Chile. The Department (on April 13) further
reported:
The countries are Chile and Peru. The proposed barter deal involves
exchange of Chilean coal for Peruvian petroleum products,
mainly gasoline.
It is the claim of the administration of the Arica-La
Paz Railway, spon• sore of the proposition, that not only will Chile be
greatly benefited b.V
having at hand a certain supply of petroleum products
received through
this exchange, but that likewise the Chilean coal industry
will be stimulated
by a valuable new outlet..
The first and most important deterrent to the barter
deal is the Chilean
exchange control law which requires a deposit equivalent
to the value of
the outgoing shipments against the importation of
other essentials. It
would be necessary to make an exception to this
proposed barter. This,
apparently, the Exchange Control Commission has
refused to do.
It is possible that some trade might be developed
provided sufficient
preference is given to Chilean coal, but to date there
have been practically
no Peruvian imports of Chilean coal and it is doubted
locally if it can
easily displace the coal from other countries, chiefly
England.
Those supporting the proposal before the Chilean
Government plan again
to solicit special consideration from the Exchange
Control Commission as
they believe that a worthwhile trade could be developed.
more or less free
•
Major Non-Ferrous Metals Sharply Higher as Inflation
Talk Persists.
"Metal and Mineral Markets" writing under date of
April 27, says that trading in non-ferrous metals broadened
out considerably in the last week, and prices, with few
exceptions, moved upward. So far most of the buying
might be regarded as speculative .in character, as actual
inflation has not yet made itself evident. Inasmuch as
the Administration's program, announced during the week.
left no one in the dark as to what may be,expected to lift
commodity prices. .operators quickly turned to the metals
,
to take full advantage of whatever inflationary measures
may result from the movement that has been set in.motion.
Contrasted with a week ago, the following advances have
taken place:. Copper, lc.; lead, he.; tin, 2c.; zinc, %43.;
silver, 3c. an ounce; quicksilver, 163 a flask, and platinum,
§2.50 an ounce. The same publication continued as follows:
Capper Strong at 834c.
•
Though talk of inflation was chiefly responsible for the
upturn in values
that set in early in the period, close students of the market
felt that further
progress is being made in the matter of curtailing domestic
production,
and the situation at the close yesterday was such that
offerings of the
meta1 Tecasd ay ery
on bh urme v A p
.
April 211, a nfalprtces firmOf copper changed hands
a0 a d r ionnage
at 6c.4
delivered Connecticut. Before the day came to a close
a small quantity
l
brought as high as 6Mc. Qn the following day, Friday,
business booked,'
was about equally distributed between 6c. and 64c.,
With no change MI
the situation on Saturday. Buying interest increased on Monday,
and '
the spread in prices moved up to 6ii@6Mc.. The next
day was the most
active in the week, with sales at prices ranging from 6M to 6Mc..
Connecticut. All of the business booked yesterday was at 634c.
Most sellers
virtually withdrew from the market, believing that they have
nothing
to lose by holding on to copper under present circumstan
ces. Sales for
the week in the domestic market exceeded 7,000 tons. Copper
and brass
Products were advanced Mc. by mills.
Foreign buyers also were active, and the market abroad advanced
almost
daily, though not to the same extent as here. Sales abroad
yesterday
were made at prices ranging from the equivalent of 5.90c. to 6.15c.,
c.i.f.
usual European ports.
Volume 136
Financial Chronicle
Effective April 24, the carload price of copper sulphate was advanced
25c., establishing the quotation at $3.25 per 100 lb., f.o.b. New York,
with the usual differentials for special sizes and smaller quantities.
Exports of refined copper from the United States during March amounted
to 10.143 tons, against 9,504 tons in February, and 9,719 tons in January,
according to the United States Department of Commerce. Export and
import statistics for the United States for March 1932 and 1933, in short
tons, follow:
.Exports.
March
1933.
1932.
1,152
5
Unrefined, ore and othes forms_a
10,143
12,464
Refined
1.137
1,809
Scrap
977622
Rods
43
108 •
Plates, and other forms
Imports.
245
82
Ore, and other forrns_a
1.012
2,410
Concentrate_ a
35
Regulus, coarse, and cement
7.254
9,174'
Unrefined
10.720
Refined
a Copper content.
Lead Active at 3.50c., New York.
A brisk demand for lead accompanied the advance in prices last Thursday
to 3.50c., New York, which price the American Smelting & Refining Co.
announced that day as its contract settling basis, and 3.375c.. St. Louis.
This demand, particularly strong on Thursday and Friday. continued
throughout the week, the total volume of sales for the period exceeding
10,000 tons. The last two days, however, inquiry feA off slightly; the
tendency in this direction was undoubtedly encouraged by the hesitancy
with which sellers offered metal at the prevailing price level on those two
days. Both actual consumption requirements and speculative interest
entered into the buying of the week, with the belief that National currency inflation was imminent governing to no small degree the market
operations of a number of purchasers. Business of the week was well
distributed among the various consuming interests.
The statistical outlook for•the metal continues to improve; an early and
steady reduction in refined metal stocks is generally expected.
Heavy Zinc Sales.
The active call for zinc reported in the preceding week continued in
the seven-day period that ended yesterday, though demand was not up
to the high mark in the last few days. During the calendar week ended
April 22 more than 9,000 tons of zinc were purchased at steadily rising
prices. Last Thursday was a particularly trying day for sellers, as prices
realized on that day showed a range of 3.30c. to 3.75c.• Quite a little
•
June-July metal was included in the tonnage moved. During the last
few days the metal sold at 3.65c. and 3.70c.
Tin Advance Continues.
A good demand for tin, on the part of both consumers and speculators,
prevailed in the domestic market throughout last week, with trading
activity diminishing slightly the last two days. Prices continued to
improve. Straits spot advancing from the 28c. level of April 19 to 30.25c.
on Tuesday. This price trend was said to be attributable to several
factors other than actual Increased demand-namely, the influence of
favorable sterling exchange rates, viewpoint of buyers concerning National
currency inflation, and betterment in the statistical outlook for the metal.
The tin pool, according to reports in the trade, will probably extend the
33 1-3% curtailment plan into 1934, and not sell any of the London stock.
of metal during the period of the curtailment. Statistics for the month
of April are generally expected to show a further decrease in world stocks
Another development of an encouraging nature is the increased activity•
at the tin-plate mills in this country, which are said to be operating at
about 50% of capacity; this represents an increase of 5% in the last week.
Chinese tin, 99%, was quoted as follows: April 20, 27.75c.; April 21
27.875c.; April 22, 27.875c.; April 24, 28.25c.: April 25. 28.50c.; April 26
28.125c.
•
Steel Production Rises Further Operations Now at
25% of Capacity-Pig Iron and Steel Scrap Prices
. Higher.
Sharp increases in scrap prices, amounting in some
instances to as much as $2 a ton,further strengthening of pig
iron quotations, the elimination of many of the concessions
that have been granted to finished steel buyers, the prospective blowing in of additional blast furnaces, and an expansion
in the rate of steel ingot production to 25% of the country's
capacity against 23% last week and 15% at the beginning of
the month are indications of the broadening activities in the
iron and steel industry and among the consuming industries
that use iron and steel as their .principal raw materials,
states the "Iron Age" of April 27, which further reports as
follows:
The present rate of steel output is the highest for ady week since March
1932. Moreover, the volume of incoming business this month has been the
largest for many steel companies in fully a year. The steel industry is
now quite confident that the recent acceleration will continue at least
.
through May, with prospects beyond that time more or less dependent upon
developments at Washington that are now in the. making, particularly'with
respect to various inflationary measures before Congress, including the
proposed bond issue for public works.
Thus far, however, the improvement that has occurred in steel buying
is almost wholly of a non-speculative character. While some steel consumers
would like to cover their requirements for the third quarter on even the
entire last half at present prices, steel companies are discouraging such
efforts and probably will put into effect price advances on some products.
sheets and strip steel in particular, before the time arrives for third quarter
contracting. Motor car makers would like to escape the payment of higher
steel prices, and one important company is considering the purchase of a
considerable quantity of steel to put in stock as a protection against a
higher. steel cost.
The automobile industry is still in the forefront as a buyer of steel.
Further large orders are expected within two weeks on top of a heavy
tonnage placed in the past week. Motor car output is rising, as retail sales
expand. and schedules for May indicate that April output of about 150,000
cars will be considerably exceeded next month. Automobile manufacturers
are pushing steel mills for deliveries. Truck shipments of steel have been
rushed to parts makers so that motor car schedules would not be disrupted.
TM plate specifications are second only to automobile requirements in
increasing the average rate of steel production. Tin plate output in the
2873
entire country has risen above last week's rate of 50%. The Wheeling
district, where tin plate is an important item of manufacture, is operating
at well above 50% of capacity.
There has also been a further increase in miscellaneous business, which,
with automobile tonnage, has lifted sheet mill schedules to 30%. strip
mills to 35% and bar mill schedules to 25%.
Prospects of railroad buying are improving. The Pennsylvania may
buy at least 25,000 tons of rails, and some car work in important volume
has been decided upon. The American Refrigerator Transit Co. will
rebuild 1,300 refrigerator cars, the Wilson Car Line will build 50 refrigerator
cars in its own shops, and the Inter-State Railroad will repair 100 cars.
Because of the reputed value of the scrap market as a barometer of iron
and steel trade conditions,the marked gain in scrap prices this week becomes
an item of paramount importance. The Pittsburgh market, which has been
strengthening for several weeks, has recorded a further rise of only 25c. a
ton on heavy melting scrap, but the Chicago price on this grade has gone
up $2, and in eastern Pennsylvania the average price is $1.25 above that
of a week ago. In some districts there is a scramble for scrap. The Detroit
steel plant may bring in scrap by boat from other points on the Lakes. A
shortage of scrap, which is intensified by the fact that many holders are
waiting for still higher prices, has caused scrap brokers to become cautious
in taking orders, as sthe advance has been so rapid that some of them are
now executing recent contracts without profit. The "Iron Age" heavy
melting steel composite price has risen to $8.83 against $7.67 last week, and
1931.
Is now the highest since the first Week of October .
With the recent advance in Southern pig iron prices now in effect, the
increased to $14.01, a return to the level
"Iron Age" pig iron composite has
of June 1932. Pittsburgh and Valley producers have announced an advance
of 50c. a ton on basic pig iron. The finished steel composite price is
unchanged at 1.867c. alb., but does not include galvanized sheets, on which
quotations are now $2 a ton higher. All non-ferrous metals have gone up
during the week.
Iron and steel exports in March at 80,567 tons, were the largest for any
month since July 1931. Scrap accounted for 57.522 tons, or 71% of the
month's total. Imports in March totaled 22.114 tons, the highest since
December.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tent plata:
25 1933, 1.887e. a Lb.
Apr.
1 867e. wire, rails, blaek pipe and *heels.
One week ago
•1.923e. These products make 85% of the
One month ago
1.9700. United State output.
One year ago
Low.
High.
1 948e. Jan. 8
1.367e. Apr. 18
1933
1.926e. Feb. 2
1 977c. Oct. 4
1932
1.945e. Dec. 29
2.037c. Jan. 13
1931
2.018e. Dec. 9
2273c. Jan. 7
1930
2.2830. Oct. 29
2 317e. Apr. 2
1929
2.217c. July 17
2286°. Dec. 11
1928
2.2120. Nov. 1
2 402c Jan. 4
1927
Pig Iron.
Based on average of basic iron at Valley
Apr. 25 1938, $14.01 a Gross Ton.
One week ago
$13.68 furnace foundry irons at Chicago
One month ago
13.56 Philadelphia, Buffalo. Vela and 131rmingham.
One year ago
14.35
Low.
High.
113.56 Ian. $
314.01 Apr. 25
13.56 Dec. 6
. 14.81 Jan. 5
15.79 Dec. 15
15.90 Jan. 6
15.90 Dec. 16
18.21 Jan 7
18.21 Dec. 17
18.71 May 14
17.04 July 24
18.59 Nov. 27
17.54 Nov. 1
19.71 Jan. 4
Steel Scrap.
Based on No. 1 heavy melting steel
Apr. 25 1933. 38.83 a Gross Ton
One week ago
87.671 quotations at Pittsburgh. Philadelphia
One month ago
7.08 I and Chicago.
8 041
One year ago
Lod! •
High.
86.75 Jan. 3
88.83 Apr. 25
1983
6.42 July 5
8.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan. 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
1933
1932
1931
1930
1929
1928
1927
Steel ingot production is scheduled to expand to 27%
this week, compared with 25% last week and 203.4% two
weeks ago-the 'sharpest rise of the depression, recouping
all the ground lost since early February 1932, stated "Steel'?
of Cleveland on April 24. "Steel" further went on to say:
Gains were made during the week in all districts. except Detroit, which
held to 38%; Cleveland moved up to 36%; Pittsburgh to 21%; Chicage
to 23%%; eastern Pennsylvania to 14%; Youngstown to 22%; Buffalo
to 25%; Birmingham to 20%.
Because some mills are picking semi finished steel off their stockpiles,
finishing mill activity has forged ahead to an even greater extent than the
Ingot rate implies. This bulge in operations is traceable to definite consumer requirements, placed prior to announcement of Washington's inflationary program.
Widespread and unmistakable indications of further improvement in
Iron and steel demand, followed by the general strengthening of corn
modity prices, released enthusiasm pent up during almost four years of
depression, revealing the strong, underlying aspirations for quick recovery.
Scrap rose so sharply last week that dealers began to avoid orders.
Adjustments in foreign exchanges began to lessen foreign competition
in pig iron, iron ore and ferro-alloys. On practically every finished steel
product makers talked of impending price advances. And to find a volume
of business comparable with that placed on their books during the week
they went back to the spring months of 1932.
Larger transactions and an apparent scarcity of scrap again raised prices
50 cents to $1 in all districts: Heavy melting steel at Chicago sold at
an advance of $1.50 to $1.80 a ton. Several important direct deals were
made between railroads and steel mills, such as the sale of 30,000 twill
by the New York Central to the Carnegie Steel Co., and the reported
exchange of 100,000 tons by the Pennsylvania RR. for approximately
25,000 tons of rails.
A strongly rising trend in pig iron shipments is attributed in considerable
measure to the higher prices of scrap for foundry mixtures. With a rush
of new inquiries, Pittsburgh furnaces are withdrawing pig iron quotations.
Southern makers are adopting a new method of quoting in the North,
makihg their prices just competitive with Northern iron. A Cleveland
steel works has lighted another blast furnace.
Broader, miscellaneous demands, plus a moderate increase in automotive
specifications, still constitute the main support of the finished steel markets. Structural shape awards for the week, 14,213 tons, show a substantial gain, aided by 6,600 tons for the St.. Louis Federal building. The
Reconstruction Finance Corporation has indicated early approval o
loan for a New York tunnel requiring 150,000 tons.
2874
Financial Chronicle
Railroad purchasing still is lacking. The Erie has placed 5,000 tons
of track fastenings. Seasonal buying of cast pipe by municipalities is
far below normal. St. Louis has distributed 3,400 tons of pipe.
Rising for the third consecutive month, this country's Iron and steel
exports in March reached 80,567 gross tons, largest in 20 months, compared with 63,936 in February. Imports, after declining three successive
months, increased to 22,114 tons from 19,748 in February.
Sentiment regarding finished steel prices is stronger, though makers
have committed themselves to most consumers for second quarter. It
is believed the first effect of a general inflationary trend will,be to make
present official prices more applicable in the spot market. Pittsburgh
mills this week expect to advance strip steel $3 per ton.
"Steel's" finished steel composite this week is unchanged at $44.90;
the iron and steel composite is up 4 cents to $28.18, due to the advance of
$2 a ton in galvanized sheets,and the scrap composite is up 88 cents to $7.75.
Steel ingot production for the week ended April 24
recorded an increase of nearly 43 % to about 2434% of
capacity, according to the "Wall Street Journal" of April 26.
In the preceding week the rate was a shade over 20%, while
two weeks ago it was 1734%. The "Journal" continues
to say:
U. S. Steel Corp. Is credited with a rate of approximately 22%, against
Bituminous Coal Output Increased During Week Ended
April 15 1933
-Anthracite Production Again Falls
Off..
According to the United States Bureau of Mines, Department of Commerce, there were produced 'during the week
ended April 15 1933 a total of 4,850,000 net tons of bituminous coal and 717,000 tons of anthracite, compared with
4,755,000 tons of bituminous coal and 874,000 tons of anthracite during the preceding week and 4,950,000 tons of bituminous coal and 1,322,000 tons of anthracite during the corresponding period last year.
During the month of March 1933 output amounted to
23,685,000 net tons of bituminous coal and 4,519,000 tons
of anthracite, as against 32,250,000 tons of bituminous coal
and 4,789,000 tons of anthracite in the same month last year
Calendar Year to Date.
April 18
1932.
1933.
1932.
1929.
Bltuminoal coal: a
Weekly total_ _ - 4,850,000 4,755,000 4,950,000 87,930,000 97,014,000 158508000
Daily average- - 808,000 793,000 825,000 989,000 1,093,000 1.781,000
Pa.anthracite: b
Weekly total-- 717,000 874.000 1,322,000 14,248,000 15,119,000 20,951,000
Daily average_. 119,500 145,700 220,300
162,800
172,800
239.400
Beehive coke:
Weekly total-9,700
12,000
13,600
284,400
288,400 1,796,400
Daily average__
1,617
2.000
2,267
3,160
3,204
19,960
a Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan county. washery and dredge coal, local sales and colliery fuel. c Sublect
to revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (IN NET TONS
-000 OMITTED).
'
Week Ended
Monthly Production.
Apr.8 Apr. 1 March
1933. 1933. 1933.
Feb. March
1933. 1932.
Alabama
135
615
Ark. and Okla__ 13
73
Colorado
63
379
Illinois
694 3,230
Indiana
219 1,019
Iowa
51
260
Kansas & Missouri
82
427
Kentucky-Eastern
379 1,780
114
Western
624
Maryland
27
117
8
Michigan
36
Montana
29
152
New Mexico
17
80
North Dakota-28
160
Ohio
269 1,395
1,375 6,110
Pennsylvania (bit.)
Tennessee
49
240
11
Texas
63
Utah
165
35
•
Virginia147
666
' 17
Washington
93
West Virginia:
1,065 4,609
Southern_a
248 1,135
Northern_b ____
Wyoming
257
61
10
2
Other States-e-___
"
ANNUAL CAPACITIES AS OF DEC. 31 1931 AND11932, IN GROSS TONS.
Pig Iron and Ferro-Alloys.
FerroTotal Pig Iron
' Pig Iron.
Alloys. and Ferro-Alloys.
Dee. 31 1932
49,653,575
*802,400
50,455,975
Dec. 31 1931
50,937,775
*802,400
51,740,175
*Annual capacity of blast furnaces only.
steel Ingots.
Basic Oil. Acid O.H. Bessemer. Electric. Crucible.
Total.
Dec. 311932
58,609.140 881,990 7,895,000 792,960 20,086 68,199,176
Dec. 31 1931
58,50.5,640 897,990 8,070,000 805,240 20,086 68,298,956
April 8
1933.d
M.-1.4
Survey of Capacities for Pig Iron, Ferro-Alloys and
Steel Ingots-Comparative Figures for 1931 and
1932.
The survey of capacities for pig iron, ferro-alloys, and
steel ingots made annually by the American Iron and Steel
Institute, has now been completed and shows the following
results, the Institute announced on April 21:
Week Ended
April lb
1933.c
N*N.S.C.0.-.MM*.
.NN
*
*
Industry.
Independents.
U. S. Steel.
1932*
1931
4734-34
50 -1
4834-34
1930
77
80
75
1929
101 +1
103 +3
99 +3
1928
84 -1
90 +1
80 +1
•Not available.
It was in this week of 1929 that the steel Industry reached its peak for
that year. U. S. Steel produced 3% in excess of what had been considered
Its theoretical capacity and this brought the industry to above the 100%
figure.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
M.-1=30.4.00*N
*
N
M.-.
19% in the week before and 1634% two weeks ago. Independents are
running at a much higher rate than the leading interest, being credited with
about 2734%, compared with 21% in the previous week and 18% two
weeks ago.
The following table gives the percentage of production for the comes
spending weeks of past years, with the approximate changes from the week
Immediately preceding:
•
April 29 1933
and 27,134,000 tons of bituminous coal and 4,275,000 tons of
anthracite in February 1933. The Bureau's statement
follows:
664
707
253
152
614
550
3,635 6,175
1,230 1,627
312
377
577
550
2,184 2,400
760
788
128
164
40
49
206
199
114
100
255
149
1,580 1,532
6,093 7.096
280
334
58
51
327
206
770 '
731
126
152
5,406
1,187
320
15
Coal Year to Date.
19321933.
19311932.
7,790
2,277
5,210
28,268
11,797
3,208
5,478
26,027
9,254
1,282
338
2,040
1,180
1,610
13,383
75,005
3,124
640
2,666
8,080
1,462
10,578 17,621
2.938' 5,107
6,507 9,465
45,315 58,407
13,942 17,809
3,433 4,184
5,809 6,671
29,635 45,197
8,229 13,448
1,885 2,551
322
798
2,405 3,308
1,467 2,471
1,631 1,803
19,472 23,776
89,731 139,691
4,223 5,358
705 1,055
3,358 4,821
9.307 12,525
1,863 2,415
19291930.
5,834 63.698 73,853 99,967
1,979 17,545 23,658 35,885
339 3,855 4,886 8,536
9
174
223
182
Total Mum.coal 4,755 .5,138 23,685 27,134 32,250 295,391 365,332 521,090
Penna. anthracite_
874 1,005 4,519 4,275 4,789 49,246 56,014 73.116
Total coal
5,629 8,141 28,204 31,409 37.039 344,637 421,346 594.201
a Includes operat ons on the N dr W.; C. & 0. Virginian; K. & M., and B. C.
& G. b Rest of State, including Panhandle. c This group is not strictly comparable
In the several years
Nova Scotian Coal Industry Presses Canadian Government for Assistance to Meet Competition from •
Vnited States Collieries.
The Department of Commerce at Washington issued the
following on April 24:
The extent of the "disorganization of the bituminous coal industry in the
United States" is set forth by the Nova Scotia coal Industry as one of
the reasons the Canadian government should take some further action to
protect the home industry from competition arising south of the international boundary, according to a report received in the Minerals Division
of the Commerce Department from Trade _Commissioner E. G. Sabine,
Montreal.
The Nova Scotia coal industry has been urging the Canadian government
to institute a quota system on coal Imports which could be applied to
different sections of Canada, and to consider the granting of further subsidies to the native industry.
The coal miners, as they press for favorable consideration of a plan to
help them meet the competition of coal from the United States, declare
further than the "extent of the disorganization of the bituminous coal
Industry in the United States may be gauged from the fact that the capacity
of the bituminous mines for production is conservatively n:mated at 700
million tons. The maximum production has been 600 million tons, and
the actual production in 1932 was under 250 million tons.
"It requires only the disposal of 1% of the production capacity of the
United States bituminous mines to displace the entire annual production
of the Nova Scotian collieries."
The Canadian government has not yet acted on the latest requests for
'assistance to the Nova Scotian collieries.
•
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended April 26, as reported by
the Federal Reserve banks, was $2,457,000,000, a decrease
of $53,000,000 compared with the preceding week and an
increase of $698,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On April 28 total Reserve bank credit amounted to 82,412,000,000, a
decrease of $78,000,000 for the week. This decrease corresponds with
decreases of 874,000.060 in money In circulation and $23,000,000 in member
bank reserve balances offset in part by decreases of 03,000,000 in monetary
gold stock and $7,000,000 in Treasury currency, adjusted, and an increase
of $9,000,000 in unexpended capital funds, non-member deposits, dm.
Bills discounted declined $2§,000.000 at the Federal Reserve Bank of
New York, $8,000,000 at San Francisco, $5,000,000 at Kansas City, and
$29,000,000 at all Federal Reserve banks. The System's holdings of bills
bought in open market declined $31,000.000, while holdings of United
States Tceasury notes increased $48,000,000 and those of Treasury certificates and bills declined by a like amotInt.
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 notincluddd
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Beard'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 statementin full for the week ended April 26, in comparison with the preceding week and with the corresponding
date last year, will be found on a subsequent page, namely,
2921.
Beginning with the statement of March 15 1933, new
items were included, as follows:
April 26 1933 Ayrti 19 1933 April 27 1932
•
S
175,000,000 179.000,000
• Reserve with Federal Reserve Bank_ __ 172,000,000
14,000,000
42,000,000
45.000,000
Cash in vault,
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 ofsuch hetes.
3, "Special deposits-member banks" and "special deposits-nonmember banks," representing the amount of segregated deposits received
fiom 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.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year
qded April 26 1933 were as follows:
Deism (—)
Increase (+)
Since
AprI126 1933. April 19 1933. April 27 1932.
385,000,000 —29.000,000
177,000,000 —31,000,000
1 837,000,000
12,000.000 —18,000,000
—147.000,000
+131,000,000
+646,000,000
—5,000,000
TOTAL RES'VE BANK CREDIT-2,412,000,000 —78.000.000
Monetary gold stock
4 310.000,000 —3,000,000
1,935,000,000 —7,000,000
Treasury currency adjusted
+627,000,000
—58,000.000
+152,000,000
5 994,000,000 —74,000,000
Money in circulation
2,136,000,000 —23,000,000
Member bank reserve balances
Unexpended capital funds, nonmem527,000,000 +9.000.000
ber deposits, ,443
+596,00(1,000
+22,000,000
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
+103,000,000
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 eame 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 an increase of $75,000,000;the total of these
loans on April 26 1933 standing at $461,000,000 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" increased from $363,000,000 to
$439,000,000, while loans "for account of out-of-town banks"
decreased from $20,0Q0,000 to $18,000,000, and loans "for
account'of others" increased from $3,000,000 to $4,000,001.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
April 28 1933 April 19 1933 April 27 1932
Loans and investments—total
6 627.000.000 6,439,000,000.6,525,000,000
Loans—total
3 225,000,000 3,073,000,000 3,958,000,000
On securities
All other
Investments—total
U.S. Government securities
Other securities
1.611,000.000 1,538,000,000 1,925,000,000
1,614,000.000 1.535,000.0002,033,0000,000
3,403.000,000 3,866.000,000 2.567.000,000
2.269,000,000 2.236.000,000 1.652.000,000
1,133,000,000 1,130,000,000 915,000,000
Reserve With Federal Reserve Bank---- 874,000,000
41,000.000
Cash in vault
882,000,000
40,000.000
832,000,000
40,000,000
Net demand deposits
Time deposits
Government deposits
5,372,000,000 5,136,000,000 5,040,000,000
748,000,000 749.000,000 779,000,000
87.000,000 117,000,000
67,000,000
Due from banks
Due to banks_
58,000,000
59,000,000
69.000,000
1,212,000,000 1,138,000,000 1,099,000,000
23,000.000
Borrowings from Federa Reserve Bank_
Loans on secur. to brokers & dealers;
439,000,000
For own account
18.000.000
For account of out-of-town banks-4,000.000
For account of others
363,000,000
20,000,000
3,000,000
427,000,000
59,000,000
9,000,000
481,000,000
386,000,000
495,000,000
Total
On demand
On time
Loans and investments—tots
318,000,000 242,000,000 390,000,000
145,000,000 144,000,000 105,000,000
Chicago.
1 096,000,000 1,090,000,000 1,360,000,000
Loans—total
625,000,000
629,000,000
On securities
All other
Inveetments- total
346,000,000
279.000,000
471,000,000
347.000,000 539,000.000
282,000.000 391.000.000
, •
461,000.000 430.000,000
262,000,000
209,000.000
248,000,000
213.000,000
U. S. Government securities
Other securities
2875
Financial Chronicle
Volume 136
930,000,000
232,000,000
198,000,000
Net demand deposits
Time deposits
Government deposits
815,000,000
349,000,000
8,000,000
793,000,000 888,000,000
345,000,000 376,000,000
11,000,000
10,000,000
Due from banks
Due to banks
226,000,000
223,000,000
205,000.000
219,000,000
Borrowings from Federal Reserve Bank_
182,000,000
265,000,000
1,000,000
Economic Discussions of Representative of Foreign
Powers with President Roosevelt at Washington—
Conversations with J. Ramsay MacDonald of Great
Britain, Richard P. Bennett of Canada, and
Former Premier Herriot of France—Discussions
Preliminary to World Conference—Debt and
Currency Problems Considered.
The first of the series of conferences at Washington between
President Roosevelt and the representative of foreign Powers,
at which various economic problems form the principal
topic of discussion, was begun on Friday, April 21, and
continued up to and including April 26. During that
period President Roosevelt and Prime• Minister J. Ramsay
MacDonald of Great Britain talked over leading economic)
questions. They were joined early in the week by former
Premier Edouard Herriot of France and Richard P. Bennett,
Prime Minister of Canada, and on the evening of April 25
the foreign statesmen were entertained at dinner at the
White House. As indicated by official communiques issued
at Washington the conversations concerned such subjects
as the world price level, Central Bank policies, monetary
standards, exchange restrictions, improvement of the status
of silver, the limitation of trade restrictions and the problems
of the debt of the British Government to the United States.
Despite innumerable unofficial intimations of agreements
concluded as a result of these discussions, the official communiques said unequivocally that' no agreements had been
made, but rather that "agreement had been reserved for
the World Monetary.and Economic Conference." It was
.
added that it was not the purpose of the discussions to eonelude agreements, but rather they were designed "to explore
and to map out the territory to be covered."
So far as discussions on the debt problems were concerned,
the official statement said that "only,preliminary explorations of the many different routes have been commenced,"
although the "most friendly progress" was made.
A series of communiques and joint statements, relative
to the meetings between the President and the . Prime
Minister, were made public during the conversations. The
final joint statement by President Roosevelt and Prime
Minister MacDonald was issued as follows on April 26:
As stated yesterday, our discussions on the questions facing the World
Conference were not designed to result in definitive agreements, which
must be left to the Conference itself.
But they showed that our two governments were looking with a like
purpose and a close similarity of method at the main objectives of the
Conference, and were impressed by the vital necessity of assuring international agreements for their realization in the interests of the peoples
of all countries.
The practical measures which are required for their realization were
analyzed and explored. The necessity for an increase in the general level
of commodity prices was recognized as primary and fundamental.
To this end simultaneous action needs to be taken both in the economic
and in the monetary field. Commercial policies have to be set to a new
orientation. There should be a constructive effort to moderate the network of restrictions of all sorts by which commerce is at ilresent hampered,
such as excessive tariffs, quotas, exchange restrictions, dre.
Central banks Should by concerted action provide an adequate expansion
of credit and every means should be used to get the credit thus created
Into circulation.
Enterprise must be stimulated by creating conditions favorable to
business recovery and governments can contribute by the development
of appropriate programs of capital expenditure. The ultimate re-establishment of equilibrium in the international exchanges should also be
contemplated.
We must when circumstances permit re-establish an international monetary standard which will operate successfully without depressing prices
and avoid the repetition of the mistakes which have produced such disastrous
results in the past.
In this connection the question of silver, which is of such importance In
'trade with the Orient, was discussed and proposals were tentatively suggested for the improvement of its status.
These questions are all inter-related and cannot be settled by any individual country acting by itself. The achievement of sound and lasting
world recovery depends on co-ordinating domestic remedies and supplementing them by concurrent and simultaneous action in the international
field.
The proposals examined will be discussed with tile representatives of
the other nations who have been invited to Washington with a view to
securing the fullest possible measure of common understanding before
the Conference meets. It is the hope of both governments that it may
be possible to convene the Conference for June.
We have in these talks found a reassurance of unity of purpose and
method. They have given a fresh impetus to the solution of the problems
that weigh so heavily upon the most stable, industrious and deserving
men and women of the world—the human foundation of our civilisation
whose hard lot it is our common object to alleviate.
2876
Financial Chronicle
The generataims of the conferences which Mr. MacDonald's visit initiates
•
Include the following:
Reduction of tariffs and trade barriers to permit quick resumption of
the two-way international trade.
Stabilization of currencies.
Tariff Reductions Sought.
In this general program the apparent purpose of the Roosevelt administration is to pave the way to a general reduction of tariffs to a certain
extent and then to negotiate reciprocal tariff agreementia. Along this
general line the agreement of the British is expected.
Another objective of the President is to stabilize currencies, the instability being reckoned as disastrous to trade. The question of where the
currencies shall be pegged presents more of a problem. Domestic creditor
and debtor relations as well as international trade advantages are involved.
The British have been operating to keep the pound at a substantial. discount became of the advantages accruing in export sales. It would be
within the President's program to have an international agreement for
the lowering of the gold ratio behind currencies, perhaps the gold devalueCon of currencies and the redistribution of the world's gold supply.
Regarding the conversations on April 22 we quote the
following from the Washington dispatch on that date to
the New York "Times":
Seek Basis for Action.
• The discussions to-day among the President and Premier MacDonald
and their advisers were aimed at finding an actual basis for agreements
between the United States and Great Britain on the course to be pursued
In overcoming the obstacles to a recoxPery of international financial stability
and a resumption of normal world commodity prices and commerce.
The conferences to-day began at the White House in the same room
where the Prime Minister and President Roosevelt held their personal
meeting last night. At the meeting, besides the heads of the two Governments,were Secretary Hull,Assistant Secretary Moley and Senator Pittman;
Herbert Fels, economic adviser to the State Department; William C.
Bullitt, special assistant to the Secretary of State; the British Ambassador,
Sir Ronald Lindsay; Sir Robert Vansittart, permanent Under-Secretary
ef State for Foreign Affairs of Great Britain; Sir Frederick Leith-Ross,
chief economic adviser of his Majesty's Government; James Barlow and
Arnold E. Overton, both economic experts.
Mr. Roosevelt talked at some length on the economic problem. Mr.
MacDonald then outlined his attitude and there were some observations
by others present. But for the most part the talking was done by the two
principals.
Experts Hold Session.
With the main lines charted. Secretary Hull and the American experts met with the British officials in the afternoon at the British Embassy.
This meeting was described as "just conversation."
The experts worked in joint session at the British Embassy all the afternoon. At the end of their first meeting they had decided on no definite
reco'mmendations, according to statements made for them, and indications
were that another full day might elapse before anything of a concrete
nature would be forth coming. . ..
As to the conversations on April 22, the following official
communique was issued at the conclusion of. the White
House conference that nay: •
"A preliminary discussion was held this forenoon beteen the President
and the Prime Minister at which the following were present:
"President Roosevelt, Prime Minister MacDonald, Secretary Hull,
Ambassador Lindsay, Raymond Moley, Assistant Secretary of State;
Chairman Pittman of the Senate Foreign Relations Committee, Herbert
Fels,economic adviser of the State Department; William 0 Bullitt, special
assistant to the Secretary of State; Sir Robert Vansittart, Sir Frederick
Leith-Ross, James Barlow and Arnold E. Overton.
"The main problems of the World Economic Conference were reviewed
and a decision was reached that these should be allocated in the first instance
to,. the experts, who would commence their discussions this afternoon and
continue them to-morrow."
The conversations cohtinued on Sunday, April 23, as to
which the Washington correspondent of the "Times" had
the following to say in part:
As the President and Prime Minister Ramsay MacDonald cruised down
the Potomac to-day on the yacht Sequoia, discussing the problems of the
Geneva Disarmament Conference, the group of Anglo-American economic
experts, meeting twice at the State Department, were coming to a general
agreement on stabilizing the dollar and the pound at their "true value,"
and Edouard Herriot, France's envoy, arriving at his Washington hotel,
was adding international political questions to the economic picture.
The experts went to the White House to-night to inform the President
and the Prime Minister of the results of their discussions. It is reported
that they told the heads of the two governments hat tliey have agreed that
the dollar and the pound should be simultaneously stabilized, but are not
yet in accord as to the figures which would represent true value. The
British think that $3.50 for the pound is about right, while the Americans
prefer $4. Tentatively, the dollar was discussed for stabilization at about
85 cents. To-morrow the franc will be brought into the conversation.
Cheered by Day's Talk.
• When the distinguished excursionists returned to the White House
to-night they issued a communique to that effect as follows:
To-day was occupied in a thorough survey of the business of the Disarmament Conference at Geneva.
It was felt by both the President and the Prime Minister that the results
o 1 the day's conversations would considerably advance the prospects of
the success both of the Disarmament Conference and of the International
Economic Conference.
The President will continue the discussion of disarmament problems
with M. Herriot.
After they had received UM report of the experts the President and
Premier MacDonald began another conference in which their advisers
joined. This lasted for three hours until midnight and the discussions
dealt chiefly with themonetary aspects of the agenda of the World Economic
Conference.
The monetary sections of the Economic Conference agenda set forth
onditions under which a free international gold standard could be restored. They also deal with lowering the gold backing of currency and
increasing the price of silver.
Second Communique Issued.
At the end of the meeting the following communique, which seemed
to confirm the indications that the experts were nearing a basis of accord
on the stabilization of currency and exchange, was issued:
April 29. 1933
• The President and Mr. MacDonald had a further meeting
at which the Secretary of State. the British Ambassador, and this evening
British and
American experts were present. Some of the subjects generally
outlined
at Saturday's meetings were explored in further detail.
The discussions centered around the monetary aspects • qf the agenda
of the World Economic Conference. After helpful exchange
of
it was arranged that a further discussion between the experts shouldviews
place at the office of the Secretary of State on Monday morning take
at 11
o'clock preliminary to a further conference with the President
and Mr.
MacDonald on Monday afternoon at 3.30 o'clock. . . .
First Meeting of the Experts.
• The two groups of experts and advisers, not yet in accord
as to the
consequence of taking the first path, first met in Secretary Hull's
office
at 10.30 this morning and recessed at 1 o'clock. They met
again about
3 o'clock, refusing to make any comment, even "off the record" (this
Administration's pet phrase). The official list of those
present follows:
For the United States.—Secretary Hull. Assistant Secretary
Moley,
Senator Pittman, Herbert Feis, Economic Adviser of the State
Department, and W. C. Bullitt of the State Department,
For Great Britain.—Ambassador Sir Ronald Lindsay, Sir
Frederick
•Leith-Ross, Mr. Overton, T. K. Bewley of the Treasury, and
H. C.
Chalkley, Commercial Counselor of the Exchequer.
President Roosevelt began his conversations with former
Premier Herriot of France in the evening of April 24. Fropm
the Washington dispatch April 24 to the "Herald Tribune"
we quote:
The French representative's remarks on leaving the White
House were
the first clear-cut indication of the extent to which the President
was prepared to go in his frank discussion of the situation with his foreign
conferees.
The conversation with M. Herriot,in which French and American
experts
participated, it was said in French quarters virtually assured
acceptance
by France of a revised agenda for the world economic conference,
credited
to President Roosevelt and designed to include bi-metallism and
related
problems opened by the American abandonment of the gold
standard.
By implication,such acceptance by France would mean that the
inclusion
of bi-metallism was agreeable to Great Britain, it was pointed
out. The
subject was omitted from the agenda worked out at Geneva specifically
because the preparatory committee found it "impracticable" to
include it
unless the most important economic powers should find it
unobjectionable.
At that time the United States was fighting to maintain the
gold standard
and the agenda committee did not believe tile subject could be
introduced
safely in the London conference.
Talks iVith McDonald Ending.
The disclosure followed a day in which the spokesmen
of the three
principal nations to be represented in the World Economic
Conference met
for the first time under the White House roof, and, joined
by Richard B.
Bennett/ Prime •Minister of Canada, pledged the
co-operation of their.,
governments in the attempt to marshal an international
attack on the
depression.
The President and Mr. MacDonald and their experts
practically wound
up the Anglo-American discussions during the afternoon without reaching
definite agreements but with a clarification of atmosphere
showing them
not far apart op fundamental proposals for concerted action
to stimulate
world trade.
A Joint statement by the President and Mr. MacDonald
said they had
explored the main subjects on the agenda of the world
conference with
gratifying results, but had reserved agreements for the
conference itself,
which now seems' certain to be attempted late in June.
The question of
war debts was unmentioned in the communique.
Supplemental information indicated that the Americans
and British, in
a remarkable spirit of good will, had cleared away
misunderstandings and
stated their nationalistic viewpoints.
.
The following joint statement was issued April
24 by
President Roosevelt and Prime Minister MacDonald:
The Prime Minister, the President. the British Ambassador
retary of State met this afternoon with the officials and experts and the Secparticipating
in the discussions of the past few days. They reviewed
the substance of
their discessions with deep satisfaction.
Among the subjects considered in these discussions were the
level, central bank policies, monetary standards, exchange world price
restrictions,
improvement of the status of silver and, in addition, a
lumber of world
problems relating to trade and particularly the limitation oftrade
restrictions.
Agreement with reference to any of these subjects has
beenreserved for
the World Monetary and Economic Conference itae14.
It was never the purbose of the present discussions to
conclude definitive
agreements. They were designed to explore and to map
out the territory
to be covered. This purpose has been admirably served
by the conversations which have taken place.
In a report of the developments on April 25 the
Washington
correspondent of the New York "Times" said in part:
During the course of a day culminated by a White House
dinner attended
by.Prime Minister MacDonald of Great Britain and M.
Herriot, the envoy
of the French Republic, and a post
-prandial fireside
conversation which was
joined by Canada's Prime Minister, and later by members
of those committees of Congress which deal with foreign affairs, the
President revealed a
sympathetic and co-operative attitude tovard the problems
of other nations,
which has produced among their representatives a feeling of
great optimism
with respect to the Geneva conference on disarmament
and the London
meeting which will deal with the stabilization of currencies and
trade restrictions.
•
Communique on War Debt.
An official communique, issued by the President and
Prime Minister
MacDonald, related that the two statesmen had discussed
the British war
debt, in which discussion they "faced the realities and the
obligations."
The nearest to a definite program offered for consideration
is the international currency devaluation plan. It is said to have
been prepared for
Mr. Moley, Assistant Secretary of State, by another
professor, and to
have Mr. Moley's favorable regard. In brief, its points
are:
1. Devalue currencies simultaneously.
2. Take the "real value" of each currency as the point
from which to •
start devaluation, by "real value" being meant the price
to which any currency would settle on international exchange if
unsupported.
3. Devalue so as to obtain automatic gold redistribution by
fixing lower
currency values in ceuetries poor in gold—like Great Britain
and
than in countries like France and the United States. This, Germany—
it is argued,
would automatically siphon gold into those countries.
This plan has brought about much argument as to detail,
but the objective it•seeks is not queetioned • When the American experts
have brought
up some of their other ideas, the French particularly are
said to have felt
that the exploratory terrain is getting too broad. One of
these is the scheme
of a common gold standard for all the world. Another is the
proposal of
Volume 136
.Financial Chronicle
a central bank pool to prevent quick changes in currency values—a sort of
.
International money guarantee of currency prices.
But the experts have found the discussions stimulating and most of
them seem convinced that London will winnow the wheat from the chaff
*in these plans. The American group was joined toLclay by Lewis Douglas,
Director of the Budget, and Mr. Tugwell, Assistant Secretary of Agriculture. The regular personnel was Composed of Messrs. Hull and Moley.
Dr. Herbert Fels, William C. Malin, Charles W. Taussig and James P.
Warburg.
The French group which met with them included Charles Rist, economic
advisor of the government; Robert Coulondere of-the Foreign Office, Paul
Ethel, Director of the Department of Commerce; Jean Jacques Bizet.
Assistant Director of the Movement of Funds; Emanuel Monick, financial
attaché of the embassy, and Maurice Garreau-Dombasle, commercial
attache of the embassy.
•
:Premier Bennett Actire.
Canada came into the picture to-day as its Prime Minister, Mr. Bennett,
became more active. He told newspaper men, whom he received at the
Canadian Legation, that there is nothing in the Ottawa pacts to prevent
trade agreements with the United States. These need not be reciprocal,
he said, to benefit both signatories, and it seems evident that Canada is as
willing to shatter precedents and engage in a new economic deal as Mr.
Roosevelt could wish.
That nation is particularly interested in wheat and silver, both of which
commodities are prominent in the discussions. it has favored an international wheat control, but there was no United States agency which could
attempt it. Under the allotment plan in the farm bill the agency is created,
and allied control by the United States, Canada,Australia and the Argentine
would appeal very much to this country's best customer and next-door
neighbor to the north.
There is no doubt that all concerned are preparing confidently for the
London meeting in June.
The joint statement issued April 25 by President Roosevelt
and Prime Minister MacDonald follows:
During the day the Prime Minister and the President have discussed
the problems of the debts of the British Government to the United States
Government. Both have faced the realities and the obligations, and
both believe that as a result there is laid the basis of a clear understanding
of the situation affecting the two nations.
It would be wholly misleading to intimate that any plan or any settlement is under way. It is the simple truth that thus far only preliminary
exploration of many different routes has been commenced.
The point to be emphasized is that with the most friendly spirit progress
is being made.
After the Prime Minister's departure these conversations can well.continue in London and Washington.
The final joint statement, issued April 26, is given at the
outset of this item. On that day, said the advices from
Washington to the "Times," Mr. MacDonald and his party
departed in a cheerful mood, produced not only by the close
accord of British and American viewpoints, as revealed in
the conversations, but encouraged about the attitude of
the French. The seine account said:
An admission at the White House to-day that the President will ask
congress for powers during its recess to adjust the war debts as well as
abroad
to negotiate tariff treaties brought final conviction to those from
who have been engaged in the Washington conversations this week that
the Geneva Disarmament Conference and the World Monetary and
Economic Conference at London are, destined for success.
This news from the White House, where confirmation of previous reports
with
to the same effect had been refused, came late in a day that began
Minister of
a joint communique, issued by the President and the Prime
Great Britain before the departure of the latter, in which the two statesmen
confidently announced:
"We have in therm talks found a reassurance of unity of purpose and
methods."
They reported accord on every general remedy favored by the United
States and Great Britain for currency and trade stabilization.
Prime Minister MacDonald sailed for England at 11 p. m.
April 26; prior to his sailing he delivered an address before
the Pilgrims of the 'United States, to which we refer in
another item in this issue.
Prime Minister MacDonald of Great Britain Arrives
in United States for Conferences with President
Roosevelt—Declares Concerted Action by Great
Britain and United States Is Necessary in War
on Poverty.
Prime Minister J. Ramsay MacDonald of Great Britain
arrived in the United States on April 21, coming at the invitation of President Roosevelt to take part in economic discussions preliminary to the World Economic Conference. He
was accompanied by his daughter Ishbel and a staff of experts and advisers. After arriving in New York harbor on
the Berengaria he was taken off the liner et Quarantine.
A formal welcome was extended him by the city through
Grover A. Whalen and by representatives of the State Department, following which he boarded a train from Jersey
City for Washington, where he arrived the same afternoon.
In a prepared statement to the press, Mr. MacDonald said:
I wish to take the opportunity as I land in the United States' of greeting
generous
my American friends. I well remember the warm welcome and the
hospitality which you gave to me in 1929. The friendship between our two
countries, then augmented, has continued, I am happy to feel, to this day.
Particularly am I pleased to meet your President and discuss with him
in at Ctiequers to his
our common responsibilities. On March 4 I listened
inaugural address, and since that day have followed with increasing interest
the expectations which
the courageous efforts he has been making to fulfill
sprang from that remarkable speech.
Your President has been good enough to invite me, both as Prime Minister
of my country and as Chairman of the World Economic Conference, to
come' over to explore the problems which have to be dealt with ab that
•
2877
gathering. I have accepted because I believe that we two are in harmony
of spirit regarding all great world causes, and agree that the most pressing
Of these at the moment is the removal of the economic distress that has
befallen us. We must strive to clear the obstacles which block the highways
of trade, both within our own countries and between the nations, and so
restore the hope of employment to the workless millions who look to earn
their living in factory and field.
I hope to have with the President a frank exchange of views over a wide
range of issues, both economic and political. In the short time at our
disposal, definite agreements, of course, are not to be looked for; they
concern other countries as well as ourselves. But the way must be paved
for concerted action, and I believe our meeting is necessary to that end.
A short interview which Mr.' MacDonald gave to newspaper reporters who met him on his arrival in New York
harbor was described, in part, as follows by the New York
"Times," April 22:
he greeted the newspaper men as old friends.
"I am glad to see you again," he said as he took a seat in the center of
the room, surrounded by scores of newspaper men, with photognephers
perched on chairs and tables on the periphery of the crowd. Although exuding amiability and anxious to please the press and photographers as much
as possible, Mr. MacDonald would not enter upon any extended discussion di
the questions he is to take up with the President or make any comment on
political problems affecting Europe.
In reply to a question concerning war debts and the likelihood of its
being take up in the conversations with President Roosevelt, Mr. MacDonald said: "It would be inadvisable to go into details of that at this
moment." He only sought to emphasize in general terms the importance of
the mission upon which he is now engaged as a preliminary step to the
World Economic Conference and such other measures as may be discussed
in Washington.
The Prime Minister discounted the effect which the abandonment of the
gold standard by the United States, a development which caught him
unawares while on the high seas, was likely to have upon his present
mission.
Denies Di.rmay at Gold Action.
Asked if be was disappointed with President Roosevelt's action with •
respect to the' gold standard, Mr. MacDonald hastened to reply: "Oh,
gracious, no 1" He added that he had- but meager information on this
matter, saying that the unprecedented step in fiscal policy taken by the
United States served only to accentuate the necessity for action.
"Do you think America's going off the gold standard will affect your
country or your negotiations here?" Mr. MacDonald was asked.
"So far as I am concerned, not at all," the Prime Minister replied. "It
only brings out in higher light the stress of the world. It is what both
your President and myself are trying to face and, I hope, to face successfully."
"The news came to us on board ship in very short and very brief form,"
he added. "I am really without information beyond the bare fact that the
United States has gone off the gold standard."
•
Mr. MacDonald also delivered a brief radio address from
the steamer Macom, which took him off the Berengaria at
Quarantine. This address, which was broadcast over a
nation-wide hook-up, follows:
The last time I was with you I came on a mission of peace, so that
together we might create a public psYchology which could pursm the
fruitful avenues of peaceful' co-operation as to our respective armaments.
I am on the same mission still.
Since those days we have all encountered the storm and stress of bad
times, and many have suffered great losses. All' over the world we are
at war with depression. To-day I have come to America for the purpose
of discussing with your President how we can conduct that war against
unmerited poverty. I come at the invitation of President Roosevelt to
discuss particularly with him the tasks that lie before- the World Economic .
Conference, and I came in the same spirit of neighborly co-operation as
brought me here last time.
The well-being of all who buy and sell and labor with body and mind,
of all who seek to give the State service and rightly-claim a reward for that
service—those people are our concern. Their problems are our problems.
It is, believe me, a great privilege, a great pleasure, to join with friends in
this work.
Address of J. Ramsay MacDonald Prime Minister of
Great Britain at Dinner in New York City of
Pilgrims of United States—Pleads For Anglo.
American,Friendship and Co-Operation.
Before his departure for Europe on the Cunard liner
Berengaria, which sailed at 11 p. m. April 26, Prime Minister
J. Ramsay MacDonald of Great Britain, addressed a dinner
.
given that night in his honor by the Pilgrims of the United
States. The dinner was held in the Waldorf-Astoria Hotel
in New York City, and was attended by more than a thousand members of the Society. The event marked the conclusion of the Prime Minister's six day visit to this country
to engage in conversations with President Roosevelt on
problems affecting both countries. In his address the Prime
Minister.said, "personal confidence, personal contact of that
character, has become absolutely essential if we are to successfully meet the intricate problems that now become the
great problems of the world." "Alliances," he said, "I do
not want them, nor do you. An alliance is a bargain. Of
what use is a bargain except for hampering purposes when
.
hearts are beating in harmony, when minds are looking to
the same goal and when the determination of the best is
guiding feet towards that goal?" He added:
That is the co-operation I want; the co-operation of free nations; the
co-operation of peoples who can talk candidly to each other; the combination of sums when common respect and common confidence determine
a common policy.
•
2878
Financial Chronicle
The Prime Minister observed that "what we mused most
over was that your problems are our problems." He continued:
"So far as that is concerned, there might have been no Atlantic at all,
and no American Revolution, in that we are a family, whether you like it
or not.
"It is, therefore, an international problem. It is not an accident. What
has been happening to give you problems of enormous unemployment has
been happening with us, has been happening with France, has been happening with Germany, and so on. And what has brought me to America
at the present moment is to discuss with the President as to how American
experience, American brains and intelligence. American business capacity,
could join with ours and try to make our people happier, better, and put
more sunshine and happiness and peace into their lives.
Pleading for Afiglo-American friendship and co-operation,
he said:
"Let's put documents on one side. Let us put signatures on one side.
Let us substitute for them the less tangible; but the more real friendship
basecbupon a complete understanding of each other,a friendship which
will allow a quarrel, a friendship which will allow a difference of opinion, a
friendship which will not be broken if we were to vote against each other
in the League of Nations, a friendship that suffers long and is kind because
it is based upon a complete understanding which enables us to do just like
individuals do—look into each other's eyes, express sentiments hard and
honest and cruel as any Scotsman can—and immediately afterwards show
by a merry twinkle in the eye, and a smile that almost twinkles at the
edges of one's mouth, that the moment of wrath has passed and that the
sun is shining upon our relationships again."
The following is the text of Prime Minister MacDonald's
address before the Pilgrims:
Mr. President, Your Excellency, and nentlemen:
"I have been introduced to you-to-night in words all too warm in their
praise, and you have responded with a hearty hospitality which, though
very striking, is, I must say, only the ending of a series of welcomes which
the warm-hearted American people have shown me since I landed on your
shores at the end of last week.
"The Pilgrims exist for one purpose, and for one purpose only; that is
to keep hands stretched across the Atlantic. Ah, my friends. I wonder if
even you can estimate to its full value what that means.
"May I venture to say this, that at this moment, and so far as one can
see for many and many a year to come, no greater blessing can come upon
the nations of this world than that Great Britain and America should
remain in affectionate relationships?
"Alliances—I do not want them, nor do you. An alliance is a bargain
Of what use is a bargain, except for hampering purposes, when hearts
are beating in harmony, when minds are looking to the same goal and when
. the determination of the best is guiding feet toward that goal?
"That is the co-operation I want, the co-operation of free nations, the
co-operation of peoples who can talk candidly to each other, the combination which comes when common respect and common confidence determine a common policy. Anglo-American relations, I hope, will always be
that, because that to you, to us and to the world at large is going to yield
,
the west precious results.
"I would like to take this opportunity, on behalf of my daughter and
myself, to send a parting message of good-will to the American folks, the
American folks who speak our language, who are inspired by geniuses that
both of us can claim as ours—Shakespeare, Milton; a great political philosophy of liberty, independence, which you may have asserted against us.
and whilst you took it, we blessed you for the services you did to us.
• "Runnymede—what shall I say—Bunker Hill--shall I think of them
as being engraven side by side in the annals of the American people and
In the annals of the British people who have remained at home?
"What a precious example, lifting us both out of a narrow nationalism
and enabling us to breathe the genial and the generous air of free men and
free women inspired by moral ideals which they desire to apply to the
solution of the practical problems of life.
•
Conversations With President.
April 29 1933
is wrong, how such high forms of creation may be able to keep peacefully
evolving into greater and greater liberty, and higher and higher
happiness.
If they are thwarted, what can happen?
"The human being who is educated, and who has a.keen sense of right
and wrong, who can feel grievances, and by the very fact that he
feels
grievances he is differentiated from the brute creation—we must take him
as our partner, we must make him feel that society is a family
and that
the rules of the family hold good there. We must ask him to
give his
services.
"The society of the future is to be no place for loafers. The society
of the future is to be no place for men and women who enjoy
without
giving service. But the society of the future must provide that
men and
women who are anxious to give service which will entitle them
to an honest
and an honorable living—the society of the future must give them
the opportunity to do that service. That is the problem we are up against to-day.
"And again, as your President said, it Is not a national problem.
If I
had time to go out'to the West, to have talked, say, to your
farmers—
your farmers puzzled, with their hearts overcast with gloom, because
when
the harvest ripens and is gathered in it gives them no
equivalent; your
farmers, facing nature closer than any of us do, find there is no
mistake
with nature, that the seasons follow each other as God provided:
that the
corn sprouts, that it gets into ear, that the ear ripens, and that
the thrashing follows; and, nevertheless, he looks upon a home, not
happy in prosperity, but clouded by distress.
"If I had gone to him, what could I have said to him? I could
have
said, 'My friend, come to Lancashire with me,come to
Yorkshire with me,
where the miners are, and every problem that you have is
precisely the
same as the problem that we are facing there.'
• "America, one of the things that your President and I mused
over in
those hours after the old day had gone and the new day
had already been
born—one of the things that we mused most over was that your
problems
are our problems. So far as that is concerned, there
might have been no
Atlantic at all, and no American Revolution, in that we are
a family
whether you like it or not.
International Problem.
"It is, therefore, an international problem. It is not an
accident. What.
has been happening to give you problems of enormous
unemployment has
been happening with us, has been happening with'France,
has been happening with Germany, and so on. And what has brought
me to America
at the present morbent is to discuss with the President
as to how American
experience. American brains and intelligence, American
business capacitY.
could join with ours and try to make our people happier,
better, and put
more sunshine and happiness and peace into their lives.
"We want to turn our backs upon the past. We have
had our wars; we
have had our waste, we have had our escapades. I
hope your children
will be generous in their judgments upon us.
"Turn our backs upon them. Let us look to the
future, and when we
meet in this international economic conference, which
I hope will be very
soon, then, my friends, we don't sit at opposite sides
of a table.
• "I want you to sit at the same side of the table with
us and others, other
enlightened nations; other nations that do appreciate
their duty to the
Individual, and with courage and yet with reason and
common sense, but
with courage face those problems and produce
constructive proposals for
overcoming them.
"There is another great question. I was here
before and I talked to
you about it. It is not solved yet. The mills of God
grind slowly. One
of the burdens, I think, that has been put upon our
backs is to have a
patience, a steadiness and a loyalty to the good that will
enable us not to
get impatient when the mills of God do grind slowly.
"We also talked about disarmament.
"Well, things have deteriorated a little, I think,
since I was here four
years ago, not because of what you have done and not
because of what.
we have done.
•Sees Victory In Our Own Life Time.
"What I say to you now is this: Keep the faith—keep
the faith—we
shall win—you and we. Those declarations we made,
those professions
that we made, those aims that we put before us to
secure peace on this
earth and an abiding good-will to all men—they will
win. And there is
no reason why we should not see that victory during
our own lifetime.
"I do not know who invented the expression 'a war
to end war.'
would like to speak very plainly, even if you will accuse
me of being rude.
But whoever invented that was a fool.
"The one certain thing about war is that it makes
another one equally
certain. In all peace treaties that are imposed upon the
vanquished there
is a secret clause. Statesmen may say there is not.
There is, although
the statesmen have never seen it.
"The secret clause is the date of the next war. That is
inevitable unless
the nations of broad, generous minds—deep,
penetrating minds that see.
the tooth lying glittering away below the surface—use
the opportunity of a
militarist peace to create a spiritual peace. And that
is what we are
engaged in trying to do at the present moment.
"My friends, the thought of all these things Is
good. It is good to us.
all that we should take counsel together. Even if it
brought us no benefit
except this: that friendship, the most precious thing
is also the most precious thing between nations. It between individuals.
broadens, it lightens.
It deepens the happiness of life. To feel secure
sitting under your own
fig- trees—none daring to make you afraid—Isn't
that the foundation of
real life, of worship and awe at the wonderful things
that we have inherited
by the simple reason of our birth and our appearance
on this earth?
"But It is more than that., It is a very good thing,
as I have hinted.
for all the other nations of the earth, that we, too,
not in the alliances—I'
repeat it—not bound together by documents that
are written and sealed.
and filed at the League of Nations, or kept in secret in
our Foreign Offices.
Not that sort of thing. That belongs to the past,
which has always failed.
to carry out the spirit of those documents.
'!When I arrived at the White House, I shook hands with a host who
happened to be your President. as a guest who happened to he the prime
Minister of Great Britain. When I left this morning, I shook hands with
a host and a President who in the brief interval of a long week-end had
come to be regarded by me as an old and firm friend.
"Your President hinted at the power of personal contact and diplomacy.
The world will never be able to do without that now. We were all very
stilted and dignified gentlemen who never could regard ourselves as being
out of uniform. Visits across the seas—personal hand-shaking—a determination to put difficulties in the mIddle of a table and to look at them
all around in conversation, using all the power of personality to help both
sides out of their entanglement.
"Personal contact of that character has become absolutely essential if
we are to successfully meet the intricate problems that now become the
great problems of the world.
"To-day, how many are the influences of disruption? How many
mouths whisper into your ears stories, ideas, suggestions, that make for
disruption? You and I, my friends, you, the Pilgrims Society, as one of
influence, occupies some little position, have to lay our heads together.
have to lay our minds togethbr, have to lay our consciences together, to
repeal those influences of disruption and to put into their place influences
of co-operation and mutual helpfulness.
"The business that has brought us together on this occasion is a very
difficult business. We can talk lightly of it, but it is not going to be solved
in a day.
Present Day Problems.
"Your President was perfectly right in suggesting to you that this is
Pleads For Friendship and Co-Operation. •
not one of the ordinary crises that nations go through. I am not at all
"Let's put documents on one side. Let us but
signatures on one side.
sure, my friends, but that when you and I are dust, and when our grandLet us substitute for them the less tangible but
the more real friendship.
children and our great-grandchildren look back upon these days through
based upon a complete understanding of each other, a
friendship which
which we are living and striving to straighten out, it will not be an old
will allow a quarrel, a friendship which will allow a
difference of opinion, a
chapter in our mutual histories that will be taken down by them to read
friendship which will not be broken if we were to vote
of that story. It will be the beginning of a new volume altogether. The
in the League of Nations, a friendship that suffers long against each other
and is kind because
world's great age begins anew.
It is based upon a complete understanding which
enables us to do just
"Ah, how much you and I hope that those grandchildren and greatlike individuals do—look into each other's eyes, express
sentiments hard'
golden years have returned!
grandchildren of ours can add to what the
and honest and cruel as any Scotsman can floughter]
and immediately
But whether that may be so or not, there we are—hosts and guests -afterward show by a merry twinkle in the eye and
a smile that almost
pledged, I believe, pledged as deeply as honest men can pledge themselves,
twinkles at the edges of one's mouth, that the moment of wrath
has passed
that by the blessing of God and by our use of our own courage and common
and that the sun is shining upon our relationships again.
That Is my idea.
sense our great-grandchildren will be able to add that line about the reof an Anglo-American friendship and co-operation.
old problem.
turning golden age. It is an
"My friends, I am awfully sorry to leave you, but it
reminds me of a
"It is as old as the world. It is a problem of how-to keep cupboards
story. I think I will venture it.
full. It is the old problem of how human beings with a mind that can
"ThFre was a fellow-countryman of mine who,like so many
of my fellowthink, with a consdience that can pass judgment on whet is right and what
clansmen, was about to pass under the uncongenial
hands of the public;
Volume 136
executioner. And Dougall spent the last night in jail playing cards with
his jailers.
"When the morning came, Dougall was still laying down his cards. The
knocle came on the door, and Dougall was informed that the time had
come And Dougall said; 'Go away. Let me finish my game.' Dougall
was told It was impossible, and Dougall, rising up like a gentleman. apologized to his partners in the card game that he was not able to finish the
game, and the words he used were—.Time awaits me.'
"I say to you,'The ship awaits me.'
"My operation is not so tragic as the operation that my fellow-countryman was about to undergo, but I am inclined almost to use his language.
which expresses my great regret that I have to leave you whilst the night
is still young. It is only just 10. but I have to turn my back upon you,
and when I awaken to-morrow morning I shall be far out at sea.
"But, my friends, do believe me when I say this—when I give you
assurance of this—I may be able to come back, or I may not. Who can
read what is written upon those scrolls kept in the dark? But should I
come back or should I not—and I speak for my daughter as well—we shall
never forget the quiet, the genial, the so touchingly eloquent welcome
that we got in the White House from your President and right along the
way down to the pleasant, smiling-faced girl who stood on the pavement
to wave us a godspeed as we went past; that, finished up by this very distinguished company, this• very representative company, this company
which is determined to give us a good send-off and show us how generous.
how good and how helpful is the heart of the American people. Thank
you very much."
Address of Prime Minister J. Ramsey MacDonald of
Great Britain Before National Press Club in Washington—More Necessary Than Ever that International Economic Conference Be Held—Deplores
Tariffs and Trade Restrictions—Agreement on
These and Currency Questions the Only ProtecStandard.
tion—England's Abandonment of
Indicating the purpose of his visit to this country, Great
Britain's Prime Minister, J. Ramsay MacDonald, addressing the National Press Club in Washington, on April 22, declared that "your great President and myself have begun a
co-operation, co-operation that we are both determined on—
not at all because it is merely an Anglo-American concern—
.
but we have begun a co-operation which with others I believe will discover how the present distress of the world can
be removed and how all those who are willing to give service
to the community may get an economic return which will .
enable them to live adequate and good lives." The British
Prime Minister referred to the action of both Great Britain
and the United States in suspending the gold standard, and
In his reference to the currency question stated that "agreement is the only protection." "Contact, exchange," said
Mr. MacDonald, "is the life of all of us, individual nations,
the whole world, and that spirit of co-operation, that spirit
which recognizes that in these days more than ever, and in
the future even more than to-day,'those problems of money,
of labor, of trade, or national prosperity, of wealth, of high
standards of living, are international problems." The Prime
Minister also said:
cord.
Tariffs, restrictions of all kinds, quotas—of what use are they in a free
and sane world? Exchange is as profitable in trade as it is in ideas. How
miserable we would be, even you men with such a great experience behind
you upon which you can draw, if you were isolated amongst yourselves.
The Prime Minister declared that "it is more necessary
than ever that the international economic conference should
be held." He observed:
Wealth, happiness, contentment enjoyed by large populations living on
high standards of life can only be maintained by a freely flowing international exchange. And how we are going to devise that freely flowing
exchange is to be the main purpose of the international economic conferences. Self-sufficiency in the economic field on the part of nations ultimately ends in the poverty of their own people,
Mr, MacDonald's address was delivered at a luncheon of
the Press Club, at which he was the guest of honor. The
address, broadcast throughout the country, over the National Broadcasting network, and by short-wave to England,
is given in full 'as follows:
Mr. Chairman and hosts of the National Press Club, I am really delighted
to be your guest once again.
As I was being led into this room my attention was drawn to one of
those plaques, the matrix which you have used for decoration purposes,
and upon that plaque I saw what I took to be a very humane warning—
"The food gets worse."
You do yourselves a great injustice. Lively as are my recollections of
the last luncheon you gave me four years ago, I can assure you, my friends,
I will take away with me now a still livelier recollection of your very
hospitable entertainment.
We have set to-day a perfect model of a press communique. That communique, so brief, so true, so economical, practicing the great national virtue
of the moment, couched in such good English and leaving you an absolutely
boundless field for the exereise of your own imagination.
Well, as the Chairman has been good enough to say, I have come to
America once again upon a mission. The last time disarmament. The
last time we were trying to tackle that extraordinary trouble of why people
build up year upon year and decade upon decade piles of armament for their
security, although as a matter of fact every chapter of history tells you
that those arms have never been used for security ; they have always been
used for war.
It was an irrational position. It is the sort of thing that makes sane
men ponder upon mass psychology.
2879
Financial Chronicle
Here on Invitation of the President—Millions Unemployed in England and
America.
To-day I am here on the invitation of your President, your very mild,
forceful and courageous President, to face another problem equally curious,
equally absurd in its features. In America at this moment and in Great
Britain there are millions of men who want work and can't get it.
There are millions of families that want to be clothed and eonnot be
clothed. There is spare labor; there is potential demand. And yet, by
wtat magic, by what sinister device should those who want to clothe the
naked be kept from clothing the naked? Why is it that those who are
inadequately clad, wishing to give service to the community for an economic return, while the community is craving for that service, cannot
have the opportunity of rendering it so that they might demand the labor
of the workers ,who consume its products?
The same is true in England. We are told almost every day that we
have got 3,000,000 unemployed men. We are told in the adjoining column
of the newspapers that hundreds of thousands of families are living under
inadequate conditions of life. And yet, the text of both columns by some
strange device cannot be brought to wipe each other out and bring happiness, peace and contentment to the mass of the people.
Purpose of Visit.
Governments cannot be indifferent to a state of things like that. Your
President ana I, with our friends, our admirable expert friends, have begun
to consider what we can do to find the solution of these problems. In a
short time the international economic conference, we hope, is to meet.
And what is it going to meet for? It is going to meet for the purpose
of trying to discover how by wise international government action the
American farmer can acquire a market and a good price, may get a market
and a good price, simply by bringing natural economic laws into operation
so that by the ordinary operation of demand and supply, the exchange of
labor made effective by the ability to consume, the farmer may go out in
lightness of heart sowing his seed in the springtime, come in the automn
still with gladness of heart, bearing in his sheaves, knowing that there is
not only a market for him but that there is a good price, and by the simple
fact that he gets his price he may in turn become an employer of town
labor, and labor in all its forms of expression from one end of the world
to the other.
Nationalist Economics Lead to Impoverishment.
We want the machinery of production and of consumption to begin to
go round again, and we can't do that by any system of pure nationalist
econdnics. And, my American friends, if you want to come across a good
nationalist, go to Scotland in order to find him. I am proud of being a
nationalist; I am proud of my history; I am proud of my culture ; I am
proud of my kith and my kin; I am proud of the part that we have played
in the history of mankind. But if I translate that pride of mine, that
nationality of mine, into nationalist economics, if I engage in the tragic
delusion of imagining that Scotland, made economically self-contained, is
going to make its contribution to the world's wealth, then what I shall find
is this: That I shall both impoverish myself and impoverish my neighbors
outside of my own boundaries.
Wealth, happiness, contentment enjoyed by large populations living on
high standards of life can only be-maintained by a freely flowing international exchange. And how are we going to devise that freely flowing
exchange is to be the main purpose of the international economic conference.
Self-sufficiency in the economic field on the part of nations ultimately
ends in the poverty of their own people.
When I speak to an American audience I am sensible of the fact that
I am speaking to an audience that believes in representative -democracy.
And when you come to think about it I think you will agree with me that
the problem is not merely one of economics and poverty. Your people are
now educated. The working classes of the world are no longer serfs. They
are capable of thinking; they are capable of understanding the reasons why
and wherefore. Crush those people down by economic failure to poverty
and you do not merely rear a stunted population, but you create a revolution in your population, an impatient population, a population that will
not dare to look upon year after year the slow moving machinery of democracy, that will rush to quicker and rapider methods.
Why? Because those methods promise what they never can perform to
men without hope, men with broken hearts, men who see life savings disappearing, and people who have not got long views. They are people who
characteristically have short views. And this conference, therefore, is
not only going to deal with the problem of an economic machine that foil
various reasons has ceased to work effectively, but indirectly this conference is to be a great steadying democratic power in the world, maintaining liberty and self-respect at the same time when it sets broken men and
women upon their feet.
Gold Abandonment.
There is a tremendous responsibility upon the press at the present
moment. When we were coming over a great crisis broke out. When we
left Southampton we had no warning of it at all. When we landed in New
York it had broken. These crises create very, very delicate international
reactions. They can't be helped. Nobody can be blamed for them.
I remember our own. My friends, if I live until I reach the age of
Methuselah I shall never forget that hectic week-end, the week-end beginning
with enormous drains upon our deposits in banks, not from inside the
country-but from outside—drains which we had to meet in gold.
Can you imagine that in the early days of that crisis we said gayly and
light-heartedly, "Let it rip. Let it rip. We will go off gold. There are
benefits in being off gold, and we will reap them."
My friends, that is doing the whole genus of the British nation a grave
injustice. We had honor; we had responsibility ; we strove to fulfill both.
We borrowed, borrowed, borrowed; but the drain kept on.
Finally the decision was taken. There was no alternative. Before we
went off gold our costs of production were too high in relation to the
value of our commodities. _We were living under an increasing and adverse
drain. Nobody can live long under that, and when we went off we saved
the situation. And we did not fall off; we gradually slipped off. A very
great difference, at any rate psychologically.
The struggle we put up to maintain our position is remembered to this
day by every nation in the world that was watching us and that was involved
in that crisis. But when we were off, can you blame us? Will any of you
put your hands on your hearts and say you blame us if we said, "Never
again, if we can help it, shall be go through the terrible days of that
week-end?"
Views Sound of Retaliation as Repulsive.
Now what is the meaning of that? I hear some people using the ugly
word "retaliation." To me the very sound of retaliation is repulsive, but
2880
Financial Chronicle
what is worse than the sound of the world is the spirit behind it. Nations,
the United States, Great Britain, France, must protect themselves. But
how do you protect yourselves? By retaliation? That is to drag conditions down and down and down through a vicious spiral, a descending
spiral course.
When I came here four years ago I was trying to pursuade you that
competition in armaments was wrong. Now, I say precisely the same
thing in. relation to this new position that the nations of the world have
got to face. If you, politically and nationally, want to keep secure and
be protected, come to agreements with the other nations; get your roundtable conferences going and honored by other nations. Then you can sit
under your fig tree, no man making you afraid.
Currency Question—Agreement• Only Protection.
And so on this currency question, agreement is the only Protection. We
have been going through difficult times. What is the way to handle them?
.
Agree on how to get out of them. Come together and show that combination
together to do the right, the wise, the sane thing, to pursue policies which
meet all our requirements, which are based upon mutual understanding, and
then carry those out like honorable gentlemen. That is the only Spirit in
which we can get our national exchanges settled, so that all nations will
flourish under them and no nation be victimized by any other nation's
obligations:
So I say that it is More necessary than ever that the interqational economic conference should be held. Its difficulties may have been somewhat
increased. What are we for but to meet difficulties, whether they are
increased or not? The very jact that the difficulties have been increased,
showing that the world is still deteriorating, showing that we have not yet
reached an equilibrium, the proofs that that is so only mean that there is
more need to hasten up this conference and to make every nation feel that
it is its duty, both to itself and to its neighbor, to agree with all the others
on common action. Therefore, I hope that our French friends and our
Italian friends and all the others will be spurred to seek agreement rather
than to discourage or to make no attempt to come to agreement.
So that is, briefly, my friends, what our purpose is. Tariffs, restrictions
of all kinds, quotas—of what use are they in a free and sane world? Exchange is as profitable in trade as it is in ideas. How miserable we would
be, even you men with such a great experience behind you upon which you
can draw, if -you were isolated amcing yourselves. But even you men, if
you were doomed—for that is the word—if you were doomed to isolation
in this world, cut off from the great living world of thought and ideas and
experiment outside, and had to live upon the imagination which you could
create for yourselves and the knowledge which you have already acquired,
how long will you keep fresh in mind and strong in body? How long will
that energy remain in you which makes your writings so virile and your
thoughts so much worth other peoples' while studying?
Contact and Exchange .
Life of Individuals, Nations and World..
Contact, exchange, that it the life of all of us, individuals, nations, the
whole world, and that spirit of co-operation, that spirit which recognizes
that in these days more than ever, and in the future even more than to-day,
those problems of money, of labor, of trade, of national prosperity, of
wealth, of high standards of living, are international problems. And in
.that spirit and in that belief I an glad to say that both your great President
and myself have begun a co-operation, co-operation that we are both determined on—not at all because it is not merely an Anglo-American concern,
but we have begun a co-operation which others, I believe, will discover how
the present distress of the world can be removed and how all those who
are willing to give service to the community may get in economic return
which will enable them to live dequate and good lives. If we didn't believe
that, I think neither one of us would have met each other this morning.
Now, my friends, after that rather dull talk I swing suddenly back,'
because I am conscious that time is precious to all of you. I swing suddenly
back, and, looking around your faces and recognizing a fair number who
did me honor four. years ago, I renew to yet! my thanks and my appreciation
for the National Press Qlub's hospitality.
From a Washington dispatch, April 22, to the New York
"Times" we quote: •
Mr. MacDonald was seated at the luncheon between William Phillips,
Under-Secretary of State, and Raymond P. Brandt, President of the National
Press Club. Sir Robert Vansittart, the British Permanent Under-Secretary
of State for Foreign Affairs, and other members of the British delegation
who attended seemed to have lost the traces of bewilderment and apprehension over the American gold embargo which were noticeable when they
landed in New York,
Sir Josiah Stamp, British Economist, Says American
Business Should Expect Good Results from
President Roosevelt's Financial Measures If They
Effect Curb on Speculation—Favors Reflation
Which Will Enable Business to Make Profit—
Purpose of British Equalization Fund.
Sir Josiah Stamp, British economist, was reported in Associated Press accounts from London, on April 21, as stating
that "if the speculative and gambling spirit is kept in Vieek"
there is every reason why American business should expect
good results from President Roosevelt's new financial
measures. The accounts continued:
"It would seem that the President or his supporters are bent on arresting
the decline in prices," Sir Josiah said.
"This is a fundamental operation. It may have the effect of weakening
the dollar for a time, but if it succeeds in reviving confidence internally
and is done carefully it also revives confidence externally.
"There is every reason why American businesses should be hopeful of
good results if the speculative and gambling spirit is kept in check.
"What is wanted is such a measure of reflation as will enable businesses
to make a profit and businesses to pay their debts, but not such an amount
of reflation as will encourage speculation on the stock market."
Assertions that the American departure from gold was caused by British
manipulation were characterized as "fantastic" in official circles, which
declared that Britain's exchange equalization fund was not used to that end.
"The purpose of the exchange equalization fund," a competent commentator said, "is to maintain the pound sterling on as even a keel as
possible and thus facilitate the restoration of international trade. The
fund is not intended nor is it used to break either the dollar or any other
foreign currency."
April
29
1933
From a copyright 'cablegram to the New York "Herald
Tribune," April 22, we take the following:
"America's action," he [Sir Josiah] said, "makes a speedy holding of
the world economic conference more necessary than ever." He urged, however, that nothing must be barred ifrun discussion at the conference, if it is
to succeed, neither the question of tariffs nor the war debts.
In fact, an international agreement greatly increasing the freedom of
international debts mainly in goods and services instead of by huge tranIders
of gold, was named by Sir Josiah as essential for a return to the gold
standard, regardless 'of the gold ratio upon which such return would be
based.
"The ratio itself," he explained, "is not so important as is international
agreement upon a set of rules which alone would make return to the gold
standard possible—rules which would permit international payments to be
made mainly by transfers of goods and services ihstead of by transfers of
gold.
"Otherwise, regardless of the gold ratio at which the currencies of the
world might be stabilized, there would be, sooner or later, a return to the
present conditions, under which gold has been steadily drawn to and wholly
or partly immobilized in two or three countries, and the gold standard
system would break down again. There also must• be no return to the
conditions under which gold has been shipped rapidly for short terms from
one country to another for speculative purposes."
Sir Josiah took decided issue with the critics in this country who have
Interpreted President Roosevelt's currency decision as a terrific blow at
Great Britain's national economy, and particularly her export trade.
"I welcome," he said, "any action by America tending to bring about
reflation of 'anti-deflation,' tar whatever you like to call it. Though it may
have some restrictive effect upon our export trade that is of small consequence compared to the desirability of restoring the trade and prosperity of
the United States—a restoration which is bound to be reflected throughout
the world."
With regard to the present conference at Washington between Mr. Roosevelt and J. Ramsay MacDonald, British Prime Minister, Sir Josiah said
he did not think, the conference could or should result in any agreement
regarding the question of a return to the gold standard by Great Britain.
He said: "The 'sterling bloc' of countries is too great for any political.
decision to be taken without all members of it being consulted. All that
can be done there (at Washington) is to have an exchange of views and
reach an agreement on the widest possible program of discussion at the
world economic eonference."
•
Sir Josiah Indicated the necessity of some sort of temporary international
agreement for currency stabilization and world reflation as a preliminary
to a later, permanent arrangement for return to the gold standard under the
conditions he outlined. He raised the question whether the United States
was really "off" gold and, if so, what was the status of gold contract clauses
in debt agreements.
Sir Josiah expressed the belief that France would be able, for a long time
at least, to remain on the gold standard if she believed it to be profitable .
to do so, but that, if and when France abandoned gold, Germany and the
few remaining gold standard countries would immediately have to follow suit.
•
•
Economic Discussions of Representatives of Foreign
Powers with President Roosevelt—France and
United States in Accord as to Main Objectives of
World Conference—Statements Relative to Roosevelt-Herriot Conversations.
With the conclusion ye4terday (Apr. 28) of the conversations which have been held in Washington this week between
President Roosevelt and former Premier of Prance Herriot,
two joint statements were issued which indicated that Pratice
and the United States had reached a substantial agreement
as to the principal objectives of the World Economic Conference, to be held in June.
The first statement,issued as the President and M.Herriot
met for a final conference, said:
•
The President.has discussed with M.Herriot the problem of intergovernmental debts:
The President has set forth the entire situation from the American point
of view and M.Herriot has explained how the problem appears to the French
Government and Parliament.
This long exchange of'views, which was of the most frank and friendly
character, was for the purpose of reaching a clearer understanding of the
realities of the situation and will undoubtedly help in determining the steps
to be taken hereafter.
It is the hope of the President and of M. Herriot that these conversations, which have proved to be of value, may be continued in Paris and in
Washington after M. Herriot has had an opportunity to report to the
French Government.
At the conclusion of their last conference, the President and
M. Herriot issued a second and more detailed statement,
which said that "as complete an understanding as possible"
had been reached, and that collaboration on a world-wide
basis would be continued. This statement read as follows:
Our conversations had as their object and as their result as complete
an understanding as possible between our two countries in regard to our
common problems, the conclusion of definite agreements being reserved
for the world economic conference.
At no moment has understanding been more necessary between France
and the United States for the maintenance of peace, for progressive and
simultaneous economic disarmament and the restoration of stable monetary
conditions in an atrposphere of general security.
We have noted with deep satisfaction that our two Governments are
looking with like purpose at the main problems of the world and the objectives of the world economic conference.
The Government of the United States and the French Government
have been able already to announce their full agreement in regard to the
necessity of a prompt meeting of this conference, the object of which must
be to bring about a rapid revival of world activity and the raising of world
prices by diminishing all sorts of Impediments to international commerce
such as tariffs, quotas and exchange restrictions, and by the reestablishment of a normal financial and monetary situation.
We have examined in particular the manner in which commercial policies
should develop for the purpose of promoting rather than restricting International trade.
Volume 135
Financial Chronicle
We have studied monetary problems and the different methods possible
for a co-ordination of central bank policies; the remedies which may be
brought forward to attack the menacing problem of unemployment and
the stagnation of business by the execution of programs of public works to
be carried out by the different governments by such methods as are within
their means; the effects of the depression on silver and the different methods
proposed to improve its status.
The questions which are Wore the world to-day are for the most part,
in our opinion, intimately bound up with one another.
They constitute the separate elements of a single problem, the sound
and permanent solution of which should be sought in an international
collaboration supplementing the indispensable domestic efforts of each
country.
The worldwide suffering of millions of unemployed demands without
delay that this collaboration, which has been so happily begun here, should
be continued.
In conclusion, our free and cordial exchange of views has led us together
to record the will of our two countrieS to continue this collaboration and to
seek to extend it to all other nations in order to assure to the peoples of the
world the opportunity to labor under conditions of real peace.
Shortly before leaving Washington yesterday afternoon,
M. Herriot made public- a statement in which he expressed
appreciation of the efforts of President Roosevelt and other
members of the American Government with whom he worked.
The text of that statement follows:
Before sailing back to France, I wish to thank the American people for
the kind reception my fellow-workers and myself have met on their part
First of all. I must pay a most grateful tribute to President Roosevelt, with
whom I have had the privilege to hold such long and valuable conversations.
In the course of a life extending already over a good many years, I had
the op'portunity of meeting many Prime Ministers and heads of governments. This time I had the great joy to come across a man endowed with
spendid powers, a man in whom idealism and realism, are happily blended.
a man able at the time to discuss the most Intricate matters in a genial
atmosphere, deeply versed in technical and human knowledge and worthy.
of his great predecessors.
I fully understand to-day the proud confidence of a people who chose
such a leader and who, under his guidance will see its authority in the
world affairs rise still higher.
I found the same kind support, the same bnlightening competence in
my intercourse with Secretary of State Cordell Hull and all the members of
the Cabinet and Under-Secretary of State William Phillips who attended
our parleys. I extend the thanks I offer them to all their aides.
I will strictly avoid intruding ever so little upon the United States politics
which concern no one but them selves. Moreover. I got in touch with
most interesting and channing'men belonging to all political parties. I •
shall take away with me the most pleasant recollections of my Interviews
with the members of the Foreign Affairs committees of the Senate and
House. I shall not forget either the kindness shown to me by Senator
J. T. Robinson (Dem.) floor leader, or my interesting talks with Senator
Borah and Senator Reed, as well as the hearty welcome of the Vice-President
and of the Speaker, Henry. T. Rainey.
Were I able to do so I should be delighted to come and work here in
all freedom of mind, merely to increase my knowledge of and information
about a people to whom, aas., Y'renchman, a devotee to liberal Institutions.
I feel so 'deeply attached. .
I rejoice at what we have been -able to achieve in such limited time.
A week ago we might very well have wondered whether the World Economic
Conference could meet at all and, in the event of its meeting, at what date
it would meet. Now we know for certain that it is to begin its work on
June 12.
Within a few hours the invitations will be issued and on certain points
we have already brought out views much nharer to each other—an excellent
way of proceeding, which President Roosevelt has rightly advocated while
he launched new nations concerning the world disarmament and security.
Recent events have taught us a dreadful lesson, namely that, the world
cannot, without great risks, be divided into water-tight compartments.
Either spontaneously or under the pressure of events, the solidarity of
nations must come into being, and find guarantees, if the universe is to be
kept from utter surrender to the evil spirit of war. 'Europe is not alone
in danger. And now. I recall Walt Whitman's famous lines in his "Leaves
of Grass":
Years of the modern' Years of the unperformed'
Your horizon rises, I see it parting away for more august dramas.
I see not America only, not only liberty's nation, but other nations preparing,
I see tremendous entrances and exits, new combinations, the solidarity
of races,
I see that force advancing with irresistible power on the world's stage,
I see free, completely arm'd and victorious and very haughty with law
on one side and peace on the other.
The time has come for all statesmen to work jointly and bring to life
that great man's dreams which are also those of the peoples of the earth.
To that end we have worked in Washington. Of course we could not
in one week map out a complete scheme for the world recovery, but we
have at least fixed up the first landmarks.
As for me, my ambition would be to bring France and the United States
to a better knowledge of each other. The word "propaganda" is sometimes spoken; the word, to me, appears as a stupid and almost loathsome
word. The only justified propaganda I can conceive is that which consists in the spreading of truth, through fair and undisturbed information.
I came over to this country to bring you a message from grance; from
France as she truly is, from France who suffered so dreadfully during the
Great War, that France who works in offices, warehouses, workshops or
fields.
Citizens of the United States, trust a man who had to fight for his ideas.
France has no hatred against any people,she longs for peace; she only wants
never to be invaded again. She Is only a mother who wishes to ahelter
front death on the battlefields the children that are left her. Do not trust
those who show you another picture of our country.
But on the other hand I shall endeavor, as I have already done many
times, to interpret the United States to my countrymen. I shall tell
them what they really are and why I feel so deeply attached to them.
iSs I shall explain that this land is the land of liberty and that in the hour
when brute force and persecutions seem to drive us back to barbarity
there is on this Continent a great nation which means to obey nothing
but the dictates of reason and justice.
I will recall to them that on the front of your history the Declaration
of Independence—that elder sister of our Declaration of the Rights of
Man—is deeply engraved.
That your old motto has lost nothing of its strength in those times of
uncertainty and suffering—"Life. Liberty and the Pursuit of Happiness"—
•
2881
the city of Washington has witnessed these last few days, the meeting of
the representatives from three liberty-loving nations—the United States,
Great Britain and France.
There rises to my memory the following fragment of a letter written
in France by Benjamin Franklin to his friend Hartley, on Oct. 16 1783:
"What America would be as happy as the Sabine girls if she could be the
means of uniting, in perpetual peace, her, father and her husband? What
repeated follies are those repeated wars? You do not want to conquer and
govern one another. Why, then, should you continually be employed
in injuring and destroying each other?"
It seems to me that in these words lies the best plan of action. We
gathered here not to seek any selfish ends, not to combine paltry schemes,
but to work jointly for this double aim, the maintenance of freedom and
the organization of peace.
Sir John Simons Calls Meeting for To-day April 29)
of Organizing Committee of World Economic
Conference.
Foreign Secretary Sir John Simon on April 24 summoned
the organizing committee of the World Economic Conference
for a meeting in London to-day (April 29). Associated Press
advices from London, April 24, said.
London hailed the action as meaning that the gathering of the nations
to remedy the world's economic ills at last was under way after hanging
fire more than a year.
With Norman H. Davis coming from Geneva to represent the United
States, and with the other major powers represented on the organizing committee, the Foreign Secretary is expected not to allow the committeemen
to leave London until a date for convtniiig the conference has been set.
Expectations are that he will do this under direct orders from Prime Minister MacDonald.
Whether the opening can be before early July depends on whether Japan
will insist upon two months' notice of the date of the first session. •
Until Mr. Davis arrived in Europe recently with President Roosevelt's
speed-up instructions, the official view in London was that three months'
time would be needed between the setting of the opening date by the
organizing committee and the actual convening of the conference.
Mr. Davis gained an agreement to cut this time to three weeks, but
Japan wanted two months to get her delegation here from Tokio.
Sir John will preside at the organizing committee session in Downing
Street on Saturday.
Canada Formally Abandons Gold Standard by Suspending Redemption of Dominion Notes in Gold-Initial Step Was Taken in December 1931, with
Embargo on Gold Exports.
The Dominion of Canada officially abandoned the gold
standard when, on 'April 24, Finance Minister Edgar N.
Rhodes told Parliament that the Dominion had suspended
redemption of Dominion notes in gold. This action was
taken by Order in Council passed under authority of a bill
which declared the Governor-in-Council might, from time
to time and for such periods as he might deem advisable,
suspend the operation of existing gold standard law.
For all practical purposes Canada has not been considered
generally as adhering to the gold standard since December
1931, when an embargo was imposed against the free export
of gold. Since that time Canadian exchange in the United
States has been at a discount, which at times ranged as high
as '20%.
Proposed Increase in Great Britain's Exchange.
Equalization Fund.
Bearing on the British Budget and the announcement of
the British Chancellor of plans to increase the exchange
equalization fund, a London cablegram April 25 to the New
York "Journal of Commerce" said in part:
In order to support the efforts of the British Treasury to maintain a stable
external rate for the pound. the equalization fund of f150.000,000 will be
increased, Chancellor of the Exchequer Neville Chamberlain announced
to-day in his budget speech.
The fund is being increased in order to permit the continued building up
of gold reserves in London, he said. The decision to expang the fund was
made *before America abandoned the gold standard so that the move
should not be considered the British answer to a fall of the dollar. . .
Budget Is Balanced.
The increase in the equalization fund was well received in trade quarters.
Business sentiment strongly favors a low exchange rate for the pound—
$3.50 is considered comfortable.
A large equalization fund will of course permit heavy offerings of sterling
in world markets. This would temper any advance resulting from the
flight of capital from gold countries. With the increase in the.equalization
fund it is expected that the Bank of England will continue to bid for open
market gold at a premium, perhaps even raising the premium.
Mr. Chamberlain said that an increase in the fund is necessary because
of the growing volume of short term funds being deposited in London.
These funds were deposited in other countries and then suddenly withdrawn. They might just as suddenly be taken out ofLondon, Mr. Chamberlain said. Consequently, it is essential that adequate reserves against
these balances be built up; with a larger fund,this can be done.
Increase in British Exchange Equalization Fund—
United States Advantage Held in Danger.
The following (United Press) from London, April 25, is
from the New York "Herald Tribune":
President Roosevelt's present tactical advantage in the dollar-pound
restabilization situation was regarded here to-night as endangered by the
British Government's decision, announced during the presentation of the
budget in Parliament, to increase the exchange equalization fund. This
2882
Financial Chronicle
fund, created after Great Britain left the gold standard in September 1931,
is used to prevent violent fluctuations of the pound sterling in terms of
foreign currencies.
One of London's leading financial experts told The United Press that he
believed Neville Chamberlain, Chancellor of the Exchequer, thus had
demonstrated his determination not to •restabilize sterling until autumn
at the earliest.
Keynes Hails Larger Fund.
General opinion was that Mr. Chamberlain's announcement in Parliament
was precipitated by the American departure from the gold standard. The
financial expert said he believed that the Chancellor's statement to the contrary was "more diplomatic than exact," inasmuch as some time ago he
had anticipated that the 'United States might depart from gold and had
formulated his own financial plans accordingly.
The United Press learned that the equalization fund would be increased
almost immediately. Various sums were rumored in the financial district,
some mentioning a figure as high as .C500,000,000 (31,925,000,000) at
current exchange of $3.85). However, best advices indicated that it
would be considerably more moderate and possibly would not be raised
above £200,000,000 ($770,000,000) from £150,000,000 ($577,500,000),
the present figure.
Dollar-Sterling Duel Foreseen.
John Maynard Keynes, widely known British economist, in a special
article in to-morrow's "Daily Mail," commenting on the budget, welcomes
the enlargement of the equalization fund, "demonstrating that we intend
to remain the masters of our own situation."
"The United States is perfectly entitled to reduce the gold content of
the dollar," Mr. Keynes continues. "There is much to be said for this
policy, not only for America, but for the rest of the world; but we must be
firmly resolved to maintain the relative exchange value of our own currency at a figure adjusted to our.own wage levels."
To-morrow's "Financial News" will publish an article foreseeing the
possibility of a "duel between the British equalization account and the
American equivalent."
"We would stand to win an advantage," the article continues. "Despite
the situation created by the abandonment of the gold standard in the United
States, we will hold most of the trumps. • We are not handicapped by any
gold clauses, such as those which tend to prevent the American authorities
from depreciating the dollar too much.
"Moreover, the United States authorities have had practically no experience in exchange control. Apart from occasional intervention in Paris in
support of the dollar, they have had no opportunity of acquiring the technical knowledge required for such highly intricate operations."
Anglo-French Co-operation Cited.
The financial editor of "the Daily Telegraph" asserts that the strengthening of the equalization fund "should quiet any anxiety which must have
been felt lately regarding the future of the pound. . . .The proposal
also seems to confirm the report from Paris that co-operation between
London and Paris may be expected to prevent any fresh exchange complications."
He referred to the rumored agreement that Great Britain would lend
France her present franc holdings in the equalization account so fresh
resources of the account could be devoted more effectively to holding down
sterling with a minimum risk of loss on franc dealings.
London "Daily Mail" Declares Payment of Great
Britain's War Debt to United States Is Made Impossible by Suspension by Latter of Gold Standard,
Lord Rothermere's "Daily Mail" declared on April 22
that payment of Great Britain's war debts to the United
States is now impossible. This was noted in Associated
Press accounts from London, which went on to say:
The paper said the abandonment of the gold standard by the United
States made it "entirely beyond our power to continue the payment of the
debt instalments."
The "Mail" is one of the most widely circulated papers in England and
the Rothermere press controls many provincial newspapers.
The war debts have been a foremost topic since Prime Minister Ramsay
/vIacDonald's departure for Washington and there is a wide belief that he
will return with a moratorium on at least the June 15 payments.
A belief by high financial authorities- that France will quit the gold
standard was reported in the "Daily Herald." Its financial writer claimed
information that the Bank of England has begun to sell francs it acquired
during the operation of the exchange equalization fund.
This Government fund was used to support both the dollar and the franc
since England's departure from the gold standard but ceased to support the
dollar after the United States left a gold basis.
British Budget Presented to House by Chancellor
Chamberlain—No Provision for Debt Payment to
United States—Proposal to Increase Exchange
Equalization Fund to Protect Pound—Revenue
£697,777,000—£32,000,000 Deficit Last Year Laid to
Payment to United States and Low Income Tax
Yield—New Taxes.
The omission from the British Budget of provision for war
debt payments to the United States, and plans to increase
the exchange equalization fund (now L150,000,000), have
been noted with the introduction of the Budget in the British
House of Commons on April 25 by Chancellor of the Exchequer Neville Chamberlain. The Chancellor in presenting this (the second) Budget to the House, told the expectant
nation (we quote from a London cablegram April 25 to the
New:York "Times") that for another year it must remain
the most heavily taxed community in the world. His
speech lasted more than two hours, but he could have read
all the "reliefs" that Britons are going to get.from the back
of a visiting card, said the "Times" cablegram, which went
on to say:
make no provision either for
Mr. Chamberlain proposed, as last year, to
receipts from Great Britain's debtors. He prowar debt payments or for
exchange equalization fund, but he hastened to explain
poees to increase the
April 29 1933
that such increase had nothing whatsoever to do with the recent abandonment of the gold standard in the United States.
,
[The equalization fund has been used by the British treasury to stabilize
the exchange rate of sterling. In this process dollars have been bought
and sold in order to regulate their exchange.]
Nothing for Sinking Fund.
There was only one big surprise. No provision, he said, would be made
this year for the sinking fund for the redemption of the National debt,
which last year swallowed £32,500,000. [The pound is currently quoted at
$3.88.] Loud ministerial cheers greeted this announcement, but for the rest
the tense, crowded house,sat back, and listened in glum silence as the budget
scales were gradually manipulated into balance.
There has been a deficit of £32,000,000, which will be met by borrowing.
Expenditure during the past year was E777,000,000 and revenue £745.000,000. But for the debt payment to the United States, the deficit would.
have been only £3,300,000.
The Chancellor of the Exchequer estimated the total revenue for 1933-34
at £698,777,000, which he expects will give a surplus of £1,291,000 over
ordinary expenditure. Around this comparatively narrow margin were
juggled new "reliefs" and new taxes. Beer is to be cheaper and better.
The duty, he explained, is to be reduced so as to permit a reduction of
one penny a pint in the price to the consumer and to allow for "some improvement in quality."
In the standard rate for the income tax of five shillings in the pound,
there is to be no reduction whatsoever. However, the old method of collect-yearly instalments, instead of three-quarters
ing this tax in two equal half
in January and one-quarter in July, is to be restored.
The Budget Explained.
Mr. Chamberlain's explanations of some of the more important points
of his budget follow:
Budget Deficit.
We have a net shortage of revenue of £22,000,000, increased expenditure
of £11,000,000 and a payment to the United States of £29,000,000, totaling
E62,000,000. From these we can deduct savings in interest on the debt
and a reduction in the sinking fund to £17,250,000, making in round figures
£29,000,000, leaving a net deficit of £33,000,000 or, making allowance for
an estimated budget surplus of £800,000, an actual budget deficit of L32.000,000.
Reparations, War Debts.
Under the Lausanne agreement we suspended the payment of certain
reparations and war debts which were due to us. At present they remain
in suspense. Sooner or later, doubtless, a final settlement will be made,
determining their disposition, as well as our debt to the United States.
This year we should be liable to make payments to the United States
amounting to $193,500,000, equivalent at last Saturday's [April 221 rate
of exchange to £51,000,000. Against this we should receive reparations
and allied war debts and the like totaling £64,500,000.
It must be obvious that none of these figures. representing either assets
or liabilities, can be said yet to be in final form. Therefore I proposelto
adopt the same procedure as last year and to make no provision eitherfor
payments to America or for receipts from other countries.
Exchange Equalization.
.1 am happy to say that the fears expressed in the last budget that the
work of the exchange equalization account might involve heavy losses
proved unjustified. I believe that both traders in Great Britain.and the
governments of other countries whose currencies either are linked with
sterling or closely follow it appreciate that the account played an important
part in maintaining the stability of the exchange rate.
I say without hesitation that it has proved its value. It has smoothed
out the hour-by-hour fluctuations for the benefit of everybody concerned.
Some time ago I decided it would be necessary to make an addition to
the reserve of the account, and later I propose to ask the House of Commons to grant it.•
There is no connection between the American action in restoring the
embargo on the export of gold and the increase in our exchange, which
was decided upon long before we had any conception that the United
States Government might abandon the gold standard.
We recognized from the first that the President's action was in no sense
related to any relations or conversations with other countries but was
prompted by purely internal considerations. We are happy to think that
our desire for international co operation is shared in the United. States,
and, while we cannot disguise from ourselves that the situation, as it has
developed in recent days, has involved some anxieties and requires the
closest consideration, we shall await with the friendliest interest the future
measures the President has doubtless in mind, which we earnestly hope
will promote the establishment of renewed
confidence..
•
World Prices.
In my opinion, pessimism about our financial position Nis no justification
in fact. The decline in the yield of taxes reflects a decline in national income, which again is intimately associated with a fall in prices; and a tali
in world prices affects the capacity of our customers to buy from us and
also sterling prices.
Although it is impossible to say whether this long-drawn-out fall in
world prices has yet ended, nevertheiss sterling prices, which are more
Important to us, have remained steady for the last eighteen months.
The Future.
I feel most hopeful. The prospect for any considerable advance toward
prosperity lies in collaboration with other nations, and the very success
which this Government has achieved has assigned to us a part second in
importance to none in collaboration of that kind.
It was in order to prepare the way for a common understanding by
direct contact with the head of the State that Prime Minister MacDonald
accepted President Roosevelt's invitation to visit Washington. That his
mission, undertaken with a full sense of his responsibility for the welfare
of Great Britain, may prove fruitful in establishing a clear perception
among the nations of the possibilities of common action for the benefit
of the world will be the earnest prayer of every member of this House.
Mr. Chamberlain resisted all efforts to induce him, against his better
judgment, to introduce an unbalanced budget for the sake of affording
some relief to income taxpayers.
New Taxes.
Briefly summarized, the new taxes are as follows:
The duty on foreign matches is to be raised from 45. 4d. to 4s. 9d. a
gross, giving a preference of 5d. a gross for British matches, which are in
keen competition with the Soviet product.
On British sparkling wines there will be a surtax of 6s. a gallon.
The duty on cigarette lighters is increased from 6d. to ls. for home
products and to Is. 6d. for foreign products.
A penny a gallon is added to the tax on fuel oil, gas oil, lubricating oil
and kerosene oils.
Financial Chronicle
Volume 130
A substantial increase is planned in the tax on heavy road vehieles, effective next January, to yeild about £1,750,000 for a full year.
Imdustry Gets Some Relief.
•
The sole effective tax reduction appears to be in the companies' capital
duty, now 1%, which is reduced to 10s.%, which will relieve industry to
the extent of £1,500,000. The interest on arrears in death duties and the
excess profits duty are reduced to 3%.
The budget estimates are as follows:
Expenditure.
Reenue.
£224,000,000
£228,750,000 National debt
Income tax
51,000,000 Payments to Northern Ire'Surtax
6,750,000
74,750,000 land
Estate duties
20,400.000 Consolidated debt fund serStamps
3,550,000
vice
2,200,000
Profits duties
29,726,000
800,000 Army
Land tax
4,443,000
.Customs
167,965,000 Navy
17,036,000
Excise taxes
101,182,000 Air force
Motor duties
5,000,000 Pensions, fighting forces— 17,754,000
2,000,000
Civil services, home
Post office profits
11,700,000
6,329,000
.Crown lands
1,230,000 Civil services, abroad
15,864,000
Sundry loan receipts- _ _L
3,800,000 Law department
51,205,000
Miscellaneous
30,000,000 Education
Health, labor insurance, old
and widows' pensions 132,495,000
age
9,042,000
Trade department
8,136,000
Office of Works
48,889,000
War and civil pensions
Exchequer contributions to
45,311,000
local authorities '
Supplementary estimates,
22,500,000
Labor department '
12,469,000
Cost of tax collection
Total revenue
£698,777,000 Total expenditure
£697,486,000
No Date in Sight for Stabilization of British Pound,
—Chancellor Chamberlain's Proposals Held to
Have Less Bearing Than Prime Minister MacDonald's Parley in United Stares. •
The following (Associated Press) from London, April 26,
is from the New York "Evening Post":
Chancellor of the Exchequer Neville Chamberlain's proposal to increase
the exchange equalization fund was believed in financial circles to-day to
have no relation to the date when Great Britain will stabilize the pound.
Since Great Britain went off the gold standard the fund has been used
to buy and sell dollars and francs to protect the pound.
Financial leaders consider the Washington conversations between
President Roosevelt and Prime Minister MacDonald are likely to have more
bearing on the whole question of stabilization.
The Chancellor's announcement in his budget speech yesterday was
considered a precautionary step, but it commits the Government to no
set policy and can be adjusted on the shortest notice to meet the world
monetary situation.
Financial circles regard Chamberlain's exchange policy favorably as
evidence that until there is a general world restabilization, Great Britain
is determined to maintain the pound sterling at a level which will enable
British industries to compete on an equitable heals with those of other
countries.
The uncertain trend of foreign currencies such as was recently experienced In the market was expected to be better avoided when increased
funds, through the exchange stabilization operations, are put into use.
British Loan to France--Treasury Announces It Has
Borrowed £30,000,000 from English Banks.
According to United Press advices (copyright) from Paris
April 28 to the New York "Sun," a French loan from Great
Britain of £30,000,000 ($119,100,000 at yesterday's [April
28] official close of sterling) to bolster France's financial
podtion was announced officially'last night by the Finance
Ministry. The copyright message continued:
Although the statement said the British Treasury and the exchange
equalization fund were not involved in the transaction, it appeared that
the British Government, by its sanction of the loan, was ready to become
a holder of French short term bonds to the amount in question.
The bonds, although the financing was attributed in the statement to
English banks, presumably would be bought from the holdings in francs
of the British equalization fund instead of converting the francs to gold.
The Finance Ministry's statement said:
"The French Treasury has just concluded an operation by which it
has contracted with a group of English banks for a loan of E30,000,000
for six months with the privilege of reimbursement at the end of three months.
"This banking credit has been obtained at the rate of 2ji%."
2883
Associated Press advices from Paris yesterday (April 28)
stating that an accord between the Bank of England and the
French Treasury, by which funds will be made available to
the Treasury, was signed yesterday (April 28) added:
News of the signature immediately pushed down the pound sterling.
Cabinet Votes to Hold to Gold Standard—Urges
Speedy Calling of London Parley—Weighs Ban on
United States Dumping.
French
France's determination to remain on the gold standard
and hold to the present gold parity for the franc was reaffirmed on April 22 by Georges Bonnet, Minister of Finance,
as the 'Government's spokesman, following the meeting
policy in view
which the Cabinet held here to determine
of the new conditions resulting from the American abandonment of the gold standard. The foregoing is from a Paris
.
cablegram (copyright) April 22 to the New York "Herald
Tribune" which added:
At the meeting the Cabinet decided to urge that the world economic
conference be assembled at the earliest date possible and drew up additional
instructions for dispatch to former Premier Edouard Herriot, who is to
reach Washington to-morrow to confer with President Roosevelt.
The Cabinet also made a preliminary survey of measures which it might
prove necessary to take in order to protect the French market from any
dumping of American goods which would be favored by a depreciation of
American currency.
In M. Bonnet's statement to the press there was reflected the unanimous
opinion at the Cabinet meeting that the French Government could not
contemplate devalorization of the franc or abandonment by France of
the gold standard.
"All the experts," M. Bonnet said, "have unceasingly proclaimed that
one of the fundamental causes of the economic Crisis in the world is monetary
instability. One of the principal objectives of the world economic conference
therefore should be a remedy for this condition. Hence France's position
is quite clear.
"France desires that all countries should return as soon as possible to
the gold standard. It is not necessary for me to add that there cannot, for
a single moment, be any question of our abandoning the gold standard
purselves."
Taking into account the great changes which America's abandonment
of gold has made in M. Herriot's position, the Cabinet to-clay renewed
its instructions to act with the utmost caution, to keep in close touch with
Paris and to reaffirm emphatically France's intention to remain on the
gold standard.
In the absence from Paris to-day of the Minister of Commerce, Louis
Serre, the Cabinet prepared no definite measures of defense for the French
market. The Ministers did, however, study the possibility of applying a
surtax on imports Into France from America. A surtax of 15% at present
is applied to goods from England and Japan. While no specific move in
this direction will be made before the situation becomes clearer, the Government feels that it is desirable to be prepared to act in case of need.
Bourse Fears More Inflation.
Following the Cabinet meeting Premier Edouard Daladier called upon
President Albert Lebrun at the Elysee Palace and informed him of the
Cabinet's plans.
Some doubts are expressed in financial circles here as to whether the 8
or 10% drop to date in the exchange value of the dollar will satisfy American
producers and exporters. These circles expect a further depreciation, to be
regulated by some device resembling the exchange equalization fund which
operates in the case of the British pound.
The newspaper "Le Temps" declares, however, that the exchanges must
be stabilized if anything good is to come of the world economic conference,
and adds: "It is inconceivable that the gravest of world problems can be
solved, or the general economic situation bettered, by starting with monetary instability. The force of events will compel stabilization of the currencies, if it is desired to attain some fruitful and lasting achievement,
which can never be had unless all thought is abandoned of a competitive
inflation in the dollar and the pound."
French Bank Cuts Foreign Balances—Conversion of
450,000,000 Francs Into Gold Indicated by Latest
Statement.
Under date of April 23 a wireless message from Paris to
the New York "Times" stated:
• The money market was dull this week, rates being practically unchanged.
Gives Light on Finances.
with 2% outside discounts and call money at 134%. The return of the Bank
of France was satisfactory,showing that the gold reserve rose more than
The transaction reveals the seriousness of France's financial difficulties,
650,000,000 francs, 200,000,000 francs being arrivals in gold chiefly from
In which she finds it expedient to seek a foreign loan instead of floating in
Switzerland and 450,000,000 francs received apparently as a result of
the French market the second half of the 10.000.000,000 (B) franc loan
which 5.000,000.000 (B) already has
conversion of foreign balances into bullion, as this item decreased the same
recently authorized by Parliament,
been issued.
amount since the previous return.
It was considered significant that the last French conversion loan, issued
During the same period the Reichsbank repaid its credit and the German
at par of 100 francs, was quoted to-day at 87 francs, a depreciation of 13 per
gold reserve decreased 225,000.000 marks.
Circulation decreased from 85,360,000,000 to 84.623.000,000, but current
centum, making it evident that the internal market is not at present in a
accounts increased nearly 1,000.000,000. The cover ratio is 77.57,compared
position to support a new issue.
A semi-official note on the accord said:
with 77.06, the highest figure since Feb. 17.
"The French Treasury is prepared to contract in London a short-term
loan, thereby benefiting by the superabundance of free money in the British
money market.
French Public Retains Faith in Stability of France
"By thus procuring pounds, the French Treasury will transform them
into francs on exchange in accordance with its needs and in accord with
Paris advices April 22 are quoted as follows from the New
the Bank of England.
York 'Times":
British Banks to Provide Loan.
"The loan will be provided by British banks, not by the British Treasury
Regarding the action of the French Government on the currency, no
or the exchange equalization fund. The latter will remain outside the
anxiety is felt at the moment in Paris. The Bank of France's gold reserve
operation. However, its efforts to prevent the increase in value of sterling
is high and again rose last week. The cautious credit policy followed by
will be temporarily eased, thanks to the buying of francs against sterling,
French banks leaves room for hope that so long as the French public retains
which the French Treasury will require to be effectuated in order to utilize
the loan in France."
• confidence In the franc there will not be any mass export of gold.
Public confidence depends, above all, on the Government's financial
It was admitted that both governments would co-operate, but not in
policy and restoration of the budget equilibrium. Technically speaking,
relation to the fall of the dollar.
the franc's solidity is above suspicion. The Paris Bourse received news of
France holds £30,000,000, a relic of purchases during the
The Bank of
the dollar's devaluation without nervousness, and international shares,
period before the franc was stabilized after the war. The Bank of France
especially those of commodity-producing concerns, were very firm, while
will cede this sum to the Treasury when the reimbursement of the loan is
French routes sagged on the announcement that the Government will issue
necessary, thereby practically avoiding the exchange risks which otherwise
another loan in a few week's time.
would be attached to a loan contracted in pounds sterling.
af
2884
Financial Chronicle
French Revenue Declines—March Tax Collections
Drop 84,000,000 Francs.
The following from Paris April 26 is from the New York
"Times":
Tax collections for March totaled 2,430,000,000 francs, about 84,000,000
less than in March 1932, the French revenue service announced to-day.
For the first three months of 1933 collections reached 7,973,000,000, as
compared with 8,576.000.000 in the same period in 1932.
Professor Einstein Is Expelled from Supervisory Board
of German Bureau of Standards Because of His
"Attitude Toward National Renascence."
Professor Albert Einstein was expelled from the supervisory
board of the German Bureau of Standards on April 21, on
the ground that "the attitude he has taken toward the
National Renascence of Germany has made his remaining a
member impossible." The Institute, according to the Berlin
correspondent of the New York "Times", was originally
designed as a Bureau of Standards but has since grown into
one of the most important homes for research in physics in
Germany.
Dr. Hjalmar Schacht to Attend Washington Economic
Discussions.
•
Dr. Hja1mar Schakt, President of the German Reichsbank,
plans to leave Berlin for Washington next week in order to
take part in the economic discussions now being conducted
by President Roosevelt, according to reports from Berlin
April 25.
Germans Will Stop Gold Payments in United States—
New Policy, It Is Said, to Hold as Long as Dollar
Is Depreciated.
In Berlin advices April 21 to the New York "Times," it
was stated that German debts to Ainerican creditors are
not likely to be redeemed on a gold basis as long as dollar
depreciation lasts, it is indicated in a statement understood
to have been authorized by the Reichsbank. The "Times"
account from Berlin continued:
• •
Of the effects of the devaluation of the dollar the statement says:
"As Germany has considerable commitments, she would be able to
redeem her debts at a lower price. This may be assumed to hold true
even despite the gold clauses In her debt agreements, since a legal term
could hardly be defended which would accord to a country the right to
refuse the gold value of its commitments through legislative act while
at the same time maintaining the gold value of its claims."
"By studying the American balance of payments and trade." the statement said further, "the conclusion must be reached that the dollar's organic
tendency in the long run is upward rathe- than downward."
German industrialists are more concerned than bankers over the American gold embargo. As long as domestic prices in the United States do
not rise in accordance with the international depreciation of the dollar,
the advantage to American exporters will soon be felt in Germany's foreign
trade, it is pointed out.
The amount of German dollar balances is believed offset by the amount
of American balances in Germany.
German shipping companies will immediately feel the effect of the
depreciation, especially the North German Lloyd, as 70% of its passengers.
are on the North Atlantic lines.
Berlin Fears Inflation Will Be Spread and Trade Hurt
by Change in United .States Dollar.
Stating that the decision of the United States to abandon
the dollar gold standard after successfully overcoming the
domestic bank crisis came as a complete surprise and fell
like a bombshell in financial Berlin. Advices April 22 from
Berlin to the New York "Times" added:
The measure was regarded with skepticism and in some quarters condemned.
From the viewpoint of the world generally, it is feared this action will
impede progress on currency restabilization and possibly Jeopardize the
international economic conference. Also, as the French franc plays no
role in world trade, it may dislocate international commerce by killing
the laat remaining stable standard of value, commodities. It is not believed that it will accelerate the stabilization of sterling. On the contrary, it is feared to be strengthening everywhere the inflationist-devaluers
and managed-currency enthusiasts who probably will demand- further
depreciation in order to counteract the American's supposed advantage
in export trade. This may also introduce a systematic currency manipulation as a weapon in International competition and so aggravate existing
excesses of mercantilism.
Germany fears further deterioration of her heavily passive trade balance
with the United States and the influence on her own domestic inflationists.
While the Reichsbank persists in proclaiming that the stability of the
mark will be maintained, because among other reasons depreciation in
Germany, once begun, could not be stopped, agitation of international
debtors who are avowed Hitlerite inflationists will certainly be increased.
At the present time Germany does not stand to lose from dollar depreciation. She holds few dollars and would profit on the short-term debt,
which is largely payable In dollar currency.
Although she would not gain on the long-term debt, which is payable
In gold. the Reichsbank In an inspired press statement, implies that it
would, on the ground of reciprocity, claim to pay the long-term debt in
depreciated dollars. Dr. Hjalmar Schacht, the Bank's President, continues
resolved to oppose any depreciation of the mark which would compel the
complete suspension of external debt payments.
April 29 1933
Dollar Off in Germany—Mark Not Hurt by
International Rediscount Credit Payment.
The following Berlin account April 22 is from the New
York "Times":
The Reichsbank on Thursday !April 201 reduced the dollar quotation
to 3.90 and on Friday [April 21] to 3.84 which is the approximate international parity. Stability of the mark will be unaffected by the decline
in the Reichsbank' reserves to 531,000,000 marks as a consequence of
g
repayment of international rediscount credit.
In reality the Reichsbank never felt justified in using this part of its.
reserves for supporting exchange, as the credit was liable to be recalled
on short notice. The stability of the mark remains dependent on an
adequate export surplus.
Berlin Stocks Rise on United States Gold Policy.
In its April 24 issue, the New York "Times" published
the following from Berlin April 22:
The Boerse reopened after the holidays with a reaction. Heavy selling
of public utilities caused by fear of Government regulations, carried
also to other sections of the list. Wednesday there was further selling
in utilities. Later the decision to abndoned the dollar gold standard and •
advance Wall Street talk induced general buying, with substantial gains
in steels, potashes and breweries. Friday there was an active market in
electricals, chemicals and machineries. After a reaction due to profittaking, the week ended with a new general rise, closing with gains and a
sharp advance in Siemens & Halske. Karstadt sold cIff on the reorganization plan.
The American currency decision resulted in general selling of certified
dollar bonds in the last three days of the week, showing generally a substantial decline.
Trade Groups Deny Germany Export Rise --Contradicting Official Reports They Assert March
Showed a Heavy Decline.
From Berlin April 22 the New York "Times" reported
the following:
The official report of an increase in exports in March conflicts with
reports of industrial associations, which unanimously affirm that exports
In March heavily declined. The increase Is satisfactory as in the same
month in 1932 they decreased. Exports of manufactured goods have
risen 9%, chiefly machinery and textiles, but also heavy iron steel.
Exports in general are increasing to stable currency countries such as
France. Holland and Switzerland, whereas to paper money States it is •
declining. The last tariff increases were sharply checked by the import
of lard from the United States, also wood. Export surplus in the first quarter was 113,000.000 mark! against 352,000,000 marks in the same quarter
of 1932.
Increased Circulation of Silver in German; Said to
Create Bctter Market for Coin Purses.
Advices as follows were issued .1 pril 24 by the Department of Commerce at Washington:
The German Government policy of attempting to popularize silver coins
as a medium of exchange has resulted in an
Improved demand for coin
purses, according to a report from Consul Richard R. Willey. Leipzig.
made,public by the Commerce Department.
Dr. Hans Luther, New German Ambassador, Presents
Credentials to President Roosevelt- Expresses
Desire to Promote World Peace President, in
Reply, Praises Dr. Luther's Accomplishments in
Economic Co-operation and International Understanding.
Dr. Hans Luther, recently-appointed German Ambassador
to the United States, presented his credentials to President
Roosevelt on April 21. In his formal address he declared
that his Government desired the maintenance of world peace,
and wished political and economic co-operation with other
countries in an effort to overcome the depression. The
arrival of Dr. Luther in the United States was noted in our
Issue of April 22, page 2898. He is official representative of
his Government in the economic discussions with the President and the State Department.
Dr. Luther's remarks to the President, on April 21, follow:
Mr. President: The Government of the German Reich hiving entrusted
me with the office of Ambassador Extraordinary and Plenipotentiary to the
United States of America, it is my great distinction to present to your
Excellency the letter of the German Reichsprasident, Accrediting me to you
In that capacity.
I enter upon this office at a moment when a revolution has just occurred
In Germany which had not only a political character but was also an expression of an intense intellectual movement.
This movement among the German people aiming at the surmounting of
the destructive forces of materialism and striving for the renovation of all
public and political life is of long standing and has grown from year
to year.
It resulted a few weeks ago in the creation of the present national Government, to whom not only the majority of the German electorate have
expressed their confidence but to whom more than two-thirds of the German
Parliament gave special and far-reaching powers over a long period.
The aims pursued by this Government were set•forth clearly and frankly
by the Chancellor of the German Reich in his programmatic address
to the
Reichstag. In respect to foreign relations they denote a firm adherence to
the maintenance and fortifying of world peace as well as a readiness for
intelligent political and economic collaboration with the other countries
for the purpose of overcoming the crushing depression which burdens
world
economy.
I therefore consider it my foremost duty to do everything in any power
to foster and strengthen the relations of trusting co-operation
existing
between the German Reich and the United States of America.
Volume 136
Financial Chronicle
I consider it no less important a task to cultivate and to develop more
and more the friendly relations between the peoples of the two countries
which rest on mutual economic interdependence and a manifold cultural
exchange.
The discharge of the duties incident to so honored and responsible an
office as mine will not be difficult if you, Mr. President, will favor me with
your illustrious support and your kind confidence, which I may ask you
particularly on this occasion to grant me.
I gladly avail myself of this auspicious occasion to express to your Excellency the sincerest wishes of Reichsprasident von Hindenburg for the welfare and well-being of the United States of America and to convey to you,
Mr. President, his personal greetings, which he has asked me especially to
transmit to you.
.
To this I take the 'liberty of adding, Mr. President, my own sincerest
wishes for your personal well-being.
In reply, President Roosevelt said:
.
Mr. Ambassador: It affords me great pleasure to receive the letters
which accredit you as Ambassador Extraordinary and Plenipotentiary of
the German Reich near this Government, At the satire time I accept the
letters of recall of your distinguished predecessor.
In carrying on the task to which your predecessor so successfully devoted •
. himself, you may rest assured, Mr. Ambassador, that the agencies of this
Government will at all times be prepared to render you the most full and
cordial co-operation. I need scarcely add that I shall personally be happy '
to facilitate and promote in every possible way the success of your mission.
Your own past accomplishments in the field of international understandand practical economic co-operation are well k own in
ing! this country.
They are in themselves an augury of the success f the aspirations for
fruitful co-operation and friendly relations, to whic you have just given
'expression. I have every confidence that these aspirations will be met in a
spirit of the most generous co-operation and .good-will here.
In welcoming you to Washington, I express the hope that your sojourn in
this country may be most agreeable and attended with the fullest personal
happiness.
I would also request that you extend to the President of the Reich my
cordial thanks for the personal messages which he has been good enough to
convey through you, and that you in turn express to him my most sincere
wishes for the welfare and prosperity of Germany and for his personal health
and happiness.
—...—......--.
Total of 20,000 Persons Arrested by National Socialist
Government in Germany Since March 9—Half of
Number Taken in Custody in Prussia.
•
More than 10,000 persons have been taken into "protective
cUstody" by the police of Prussia since March 9, according to
figures issued on April 19 by the Prussian Ministry of the
Interior. The Berlin correspondent of the New York
"Times" states that estimates place the number taken into
custody in otter parts of Germany during the same period
as at least 10,000. )Included in this number is a total of 5,400
In Bavaria.
"Protective arrest" according to the "Times" dispatch) is defined as
an arrest either to protect the arrested person (presumably from the fervor
of Germany's "reawakening") or to protect "reawakened Germany" from
possible machinations against the Nazi revolution. In an enormous majority
of the cases the latter is the real ground for arrest.
German-Swiss Additional Commercial Agreement with
Reciprocal Concessions Provisionally Effective.
An additional agreement to the German-Swiss commercial
treaty of Nov. 5 1932, recently became effective provisionally, according to a report to the Commerce Department's Tariff Division. The Department on April 19 said:
The agreement provides that Swiss dynamos, electric motors, converters,
as well as finished armatures and collectors, transformers and reaction coils,
which are imported unassembled, shall be dutiable in Germany at the
same rates. under item 907, as the complete products, on the understanding
that any secondary parts or even single main parts which may be missing
shall not be taken into account, and that in spite of such missing parts,
the product shall be dutiable according to its actual total weight when
imported.
In return, Switzerland agrees to fix the contingent for imports of sawn
timber from Germany, number 237 of the Swiss customs tariff, at not less
than 5,000 metric tons annually.
The agreement further provides that 'the above concessions shall be
retroactively effective as of Jan. 1 1933, inasmuch as the importation of
certain electro-technical products in a disassembled state from Switzerland
to Germany had already begun in December 1932.
The agreement is to become definitely effective on the 10th day after
the exchange of ratifications and will remain in force as long as the commercial treaty of Nov. 5 1932.
.
The United States is on a most-favored-nation basis with both Germany
and Switzerland.
Munich, Germany, Officials May Not Buy Foreign
Gocids.
The following advices came from the • Department of
Commerce at Washington on April 13:
The Mayor of Munich, Germany, has recently made public a decree
stating that no goods may be purchased by city authorities from large
German or foreign department stores, one-price stores, chain stores of any
description, consumers' corporations or any non-German firms, according
to a report to the Commerce Department's Regional Division from Assistant
Commercial Attache-Douglas Miller, Berlin.
Non-German firms are considered for this purpose to be all firms belonging
chiefly to or under the management of foreigners and Jews, it was stated
in the official municipal decree.
This is the finq time that a written decree has been published in Germany. under official sanction stating that goods may not be purchased
from a firm principally owned by foreigners or managed by foreigners or
Jews. This new regulation is directly in line with the recent developments
throughout the Reich and Is expected locally to be followed in other parts
of the country.
2885
Insurance Rates on German Shipments Increased by
Czechoslovak Companies.
An. announcement by the Department of Commerce at
Washington was isSueil as follows on April 18:
Increases in inland marine rates on all shipments to or through German
territory have been announced by the Association of Transportation
Insurance Companies of Czechoslovakia, which includes about 20 major
companies, according to a report to'the Commerce Department's Commercial Laws Division from its Prague office.
Insurance covering theft and pilferage of securities was increased from
0.33 to 1.03 crowns per 1,000;coverage against breakage, theft and Pilferage
of other securities was increased from 0.50 to 1.25 crowns per 1,000. it
was announced.
—0—
. Finland Gives Farmers Export Bounties.
Export bounties, intended to stabilize prices, are being
paid by the Finnish Government on all exports of butter
and cheese during 1933, according to a report received by
the Commerce Department's Foodstuffs Division. The
Department of Commerce at Washington in announcing
this on March 15 added:
Under -the terms of a recent Finnish law, exporters of butter and
cheese meeting all the requirements established by the,government for
these products, are to • receive a bounty of not more than three 'Finnish
marks per kilo on butter exports and two marks per kilo on cheese exports.
As the law was passed primarily to aid current prices of these products,
it is reported that the amounts of the bounties will be automatically
reduced if the wholesale prices of the commodities should rise above a
stated amount.
Exports of butter from Finland during 1932 amounted to 82,019,706
pounds while cheese exports totaled 7,225,043 pounds, according to Finnish
figures. While the United States did net take any of the butter exported
during the year, approximately 442,080 pounds of cheese were purchased
from Finland during 1932.
Netherlands Business at Low Ebb- Bill for State
Control of Agriculture in Parliament.
Although business sentiment is at a low ebb in the Netherlands, there is a feeling in some local quarters.that the general situation is no worse than it was at the close of 1932,
according to a report of the Commerce Department's Regional Division. The Department, in indicating this on
April 19, also said, in part:
Financial circles in the Netherlands during the past month were strongly
influenced by developments in the United States, since the Netherlands, in
addition to being on the gold standard, is also a substantial holler of
American securities. . . .
A bill which would in effect establish State control over practically all
forms of firming activities in the Netherlands has been submitted to the
Legislature and is expected to be enacted Into law at an early date.
The bill calls for centralization of the numerous farm support organizations, set up in the past few years, into one Farm Crisis Relief Fund Administration to which are granted broad powers of regulation, with severe punishment to transgressors. The proposed Farm, Crisis Bureau would have
power to regulate production, trading, price-fixing and exporting of the
majority of farm products. It will replace the many bureaus now function.
log in aid of specific sections of agriculture, horticulture, gardening, and
dairying.
Imports for the two months of the current year totaled 181,000,000 Florins
against 241,000,000 Florins for the corresponding period last year, while
exports totaled 112,000,000 Florins against 146,000,000 Florins. The percentage of imports covered by exports was 62.2 against 60.5 in January and
February 1932.
(Florin equals about 41c., United States.)
Latvian Grain Monopoly Held Unprofitable-- Inability
to Pay Loan from Bank of Latvia to Finance
Purchase of Grain Will Result in Increased Prices
for Wheat Stock.
Under date of April 18, an announcement issued by the
Department of Commerce said:
The Latvian grain monopoly, established in June 1932, is said in domestic
grain circles to have failed in its purpose to earn a profit and prevent increased bread.prices in the country, according to a report to the Commerce
Department's Foodstuffs Division from Assistant Trade Commissioner E. B.
Ansley, Riga.
At the time of the creation of the grain monopoly it was anticipated that
a net profit of about 2,000,000 Lats, or $386,000, would have been earned
by April 1 1933. This profit was to accrue from the sale of imported
wheat to local millers at prices considerably higher than quoted on the
international market, enabling the Monopoly to fix prices to be paid for
Latvian grain on a higher level, thereby assisting the farmers in the
country.
Because of the high prices fixed by the Government last spring for locally
produced grain, local farmers increased their acreage for wheat and rye,
which resulted in a 1932 crop sufficient to meet the entire local requirements this year.
Instead of selling to the Monopoly, farmers sold large portions of their
grain direct to the millers at prices slightly below the prices fixed by the
Government, in order to secure cash and to avoid deductions by the Monopoly
for taxee and for loans advanced to purchase seeds and fertilizers.
Local millers were thus able to purchase all the grain required during
the past seven months direct from the farmers at prices below the prices
fixed by the Monopoly. Consequently, the Monopoly has sold only 4,000
metric tons of wheat and 7,500 tons of rye grain since the last harvest.
On March 15 1933 it was reported that the stock of grain held by the
Monopoly amounted to 17,500 metric tons of wheat and 35,000 tons of rye,
which is believed to be sufficient to supply the needs in this.marliet until
the next harvest.
In order to finance the purchase and re-sale of grain, the Monopoly borrowed from the Bank of Latvia 15,000,000 Late at 6% interest. Due to
Financial Chronicle .
2886
the fact that the Monopoly has not been able to sell its grain to local millers
as rapidly as anticipated, it has not been able to repay the loan to the Bank
of Latvia and it must now increase the price for the present stock of wheat
and rye to meet the interest charges or face a loss. If the price for the
Monopoly's grain sold to the local millers is increased, it will certainly be
reflected in an increased price for bread in this country, and thus defeat
one of the original reasons for forming the Monopoly, it was pointed out.
Soviet Sown Area Triple Last •Year's-25,000,000 Acres
Reported Planted as Against 8,000,000 in Same
Period of 1932.
•
. The following cablegram from Walter Duranty, at Moscow, April 20, Is from the New York "Times":
The Soviet press published a communique to-day from the Southern "grain
front" that Is far more important in the eyes of the Soviet Union than a
dozen big political trials. And the news is good.
By April 15 a total of 25,000,000 acres had been planted, as compared
with 8,000,000 up to the same date last year. The figures for the period
this year are 7,000,000 acres in the Ukraine, as against 1,250,000 last
year; 3,500,000 in the North Caucasius this year, as compared with
2,250,000 last year; 3,500,000 acres in the Lower Volga region, as against
50,000 last year. And similar gains are recorded by other regions.
Altogether, 10.9% of the sowing program has been accomplished. This
*figure is significant, but less so than the feeling in high Government circles
in Moscow, which is evidently optimistic..
At the full-dress reception given last night by Foreign Commissar Lit-.
vinoff to members of the foreign diplomatic corps—at which British diplomats were conspicuously absent—Karl Radek, prominent Soviet commentator, voiced the Russian sentiment to the writer, thus:
"What the British will do about the embargo we do not know. What
America will do about recognition we do not know. We don't even know
what Japan will do about war, and all three of these unknown quantities
have great importance.
"But what counts most to us is this year's harvest. If the crops are
good—and the prospects so far are better than we expected—we can tell
the whole world where to get off."
So Catherine the Great, who knew her Russia in days before Czarism
became effete, once said, "One good crop in this country atones for 10 years
of political errors." Or. in the modern Bolshevist phraseology, one good
crop compensates for the sweat, strain and bureaucratic muddle of two FiveYear Plans.
Czechoslovakia Considering Government Guarantee
of Exports.
In line with the policieis now in effect in various European
countries guaranteeing part of all export credits extended
by their nationals to foreign governments or corporations,
Czechoslovakia is now considering the adoption of such a
polidy, it is indicated in a report to the Commerce Department's Finance and Investment Division from Commercial
Attache Don C. Bliss,.Prague. The Department on March
13 further said:
Legislation empowering the Government to guarantee Czechoslovak
exporters the credits extended to foreign purchasers up to a total of 600
million crowns is now pending with early passage expected, it is reported.
Increasing interest in the governmental guarantee has been manifest by
exporters and the Ministry of Finance has already received numerous
petitions to guarantee export credits. Despite the fact that the bill has
not yet been approved by the legislature more than 40 such requests have
been received it is stated, asking guarantee of credits totaling 230 million
crowns.
The bulk of these petitions were received from the iron and steel industry,
it is reported, many of which were for credit guarantee for shipments to
Soviet Russia. (Crown equals about 3 cents U. S. Currency.)
Patriotic Unemployment-Loan
Campaign.
Czechoslovakia's first patriotic unemployment-loan drive
Is being conducted with the aid of an intensive newspaper
advertising and radio'campaign, according to a report to the
Commerce Department's finance division from Commercial
Attache K. L. Rankin, Prague. The Department's advices,
April 21, said:
Czechoslovakia
Has
Within the first two days of the campaign to raise money for the Government's unemployment program, more than 500,000,000 crowns, or about
$15,000,000, were subscribed through banking institutions, insurance companies, industrial organizations and a large number of small subscribers.
The Minister of Finance expects that many taxpayers in arrears will take
advantage of the 25% reduction offered them on subscribing to the loan
fund and that in this way about 800,000,000 crowns, or about $24,000,000,
will be realized.
It is believed that the Government estimates an approximate yield of
2,000,000,000 crowns, or about $60,000,000, from the loan.
Soviet Russia Protests to Japan that Its Interests in
Chinese Eastern Ry, Are Being Violated, Despite
. Promises of Protection—Note to Japanese Ambassador at Moscow Says Soviet Citizens Are
Subjected to Indignities.
L. 31. Karakhan, Assistant Soviet Commissar for Foreign
Affairs, on April 17 sent to Tamekichi Ota,.Japanese Ambassada to Moscow, a note protesting that the rights and interests of the Soviet Union along the Chinese Eastern Railway
in Manchuria have been jeopardized by recent events in that
territory, Recording to Associated Press dispatches from
Moscow, April 17. The article states that the Soviet Commissar declared that despite reiterated assurances from
:
April 29 1933
Japan that Russian interests would be protected, the Soviet's
rights in connection with the line have been imperiled. We
quote further from the Mdscow dispatch:
"Moreover," the document said, "murder, looting and mass arrests of
Soviet citizens were never so serious as now. Since, by its numerous assurances to the Soviet Government, the Japanese Government has taken upon
Itself the responsibility of protecting the rights of the Soviet Union, the
Soviet Government now insists that effective measures be taken insuring the
protection of the Soviet Union's interests."
. M. Rarakhan directed the attention of the Japanese Ambassador to the
fact that the Japanese Government had not yet paid for the transportation
of its troops over the Chinese Eastern Railway, which failure was said to
have caused the accumulation of a huge indebtedness and the consequent
unbalancing .of the railway budget.
Severing of the railroad's' connection with the Trans-Baikal RR. and
the "complete disorganization" of the Eastern line because of the bandit
attacks also were charged in the note, which was transmitted to the Japanese Ambassador yesterday.
[Recent dispatches from the Orient have predicted a clash between Soviet
Russia and Japan over the Chinese Eastern Railway. Manchukuo recently
sent an ultimatum to Moscow demanding the return of rolling stock that had
been detained in Russian territory, and this move was taken in Moscow as.
an indication that Japan was intent On seizing the railroad and adding it to
per system. Dispatches from that city had told of strengthening of the
Soviet military forces in Eastern Siberia.]
Diplomatic Relitions Between Russia and China Are
Formally Resumed—Arrival of Soviet Ambassador
at Shanghai Marks End of Break that Had Lasted
Since 1927.
Diplomatic relations between Soviet Russia and China,
which had been broken off since 1927, were officially restored on April 23 when Dmitri Bogomoloff, newly-appointed
Soviet Ambassador, arrived in Shanghai with a staff of 10
persons, including a Consul-General for Shanghai. According to a cable dispatch from that city to the New York
"Times," M. Bogomoloff was given a noisy greeting by Chinese Communist students, but did not make any public address on the occasion, or submit to newspaper interviews.
He said, however, that he would leave shortly for Nanking,
Where the Embassy will be established, to present his credentials.
Soviet Russia Declares 100% Embargo on Purchases
from Great Britain-Other Measures in Retaliation
for British Embargo, Forbid Chartering of English
Shipping—"Trade War" Follows Trial of British
Engineers in Moscow.
As a counter move to the declaration by the British Government of an 80% embargo on Russia imports, effective
April 26, the Soviet Government retaliated on April 22 by
ordering the prohibition of any purchases from Great Britain
and by imposing other restrictive measures. These various
moves came as the aftermath of the trial in Moscow of six
British engineers who were accused of sabotage and espionage. Five of the engineers were found guilty, and two were
sentenced to prison, while the others were exiled from
Russia. The trial, and the British embargo on imports from
Russia, were described in our issue of April 22, page 2697.
The Soviet restrictive measures, proclaimed April 22, are
given as follows in an Associated Press dispatch of that date
from Moscow:
Four of the measures were adopted by the Foreign Trade Commissariat.
They read: •
First—Foreign trade organizations in Soviet Russia are prohibited from
giving any orders to Great Britain or effecting any purchases with that
country.
Second—Sovfracht, the Soviet Government's ship chartering organization,
is prohibited from chartering any vessel sailing under the British flag.
Third—Introduction of restrictive rules for British goods in transit via
Russia.
Fourth—Transit and re-export organizations are ordered to reduce to the
utmost utilization of British ports and bases.
All these measures are to remain in force during the time of validity of
the embargo applied April 19 on imports to Great Britain of main items
of Soviet exports.
The fifth • retaliatory measure, invoked by the Commissariat for Water
Transport, instructs "all chiefs of ports to charge vessels under the British
Hag higher rates as port duties instead of the preferential duties British
ships paid during the period of validity of the Soviet-British trade agreement."
An editorial in the newspaper "For Industrialization," organ of the Commissariat for Heavy Industry, forecast the reprisals yesterday when it
asserted, "The British embargo is a two-edged sword and the English bourgeoisie may still have the experience of a cut of the sharpest edge."
Soviet Commissar Litvinov Issues Statement Indirectly
Attacking Great Britain for Embargo on Russian
Trade---Says Such Barriers Are Not "Proper
Preparation for World Economic Conference."
The attitude toward recent trade differences between
Soviet Russia and Great Britain was outlined on April 22
In a formal statement .to the press by Maxim M. Litvinov,
Soviet Foreign Commissor. M. Litvinov, in the statement
Financial Chronicle
Volume 136
2887
Brazil Makes Remittance to England.
which was issued by the Soviet Foreign Office, refrained
From the New York "Herald Tribune" we take the followfrom mentioning Great Britain by name, the inference was
that that country was meant when he said that such pleas- ing (United Press) from Rio de Ja.niero• April 14:
A total of £769,274 was remitted to England to-day by the Bank of
ures as embargoes against Russian trade "hardly appear a
Brazil to meet service requirements on the country's foreign debts, accordproper preparation for the World Economic Conference, one • ing to a Treasury Department announcement. The Bank remitted E542,of the problems of wthich is to regulate and normalize foreign 744 on the Rothschild £6,500,000 credit, on which the Government's
remittance of £226,530 was
trade on a world scale." The text of the official statement amortization now totals £5,462,092. Acurrent month on other debts.also
made to England to meet service for the
follows:
Russian external trade policy is based on firm foundations which have
E. V. Morgan, Ambassador to Brazil En Route to United
not been altered since the beginning of our foreign trade, and which we do
States.
not propose to alter in the future.
This policy is based on:
Under date of April 23 Associated Press.advices from Rio
(1) Economic intercourse between countries of the world, and, particude Janiero, Brazil, said:
larly, between major powers, irrespective of social and political systems
obtaining in them.
Edwin•V. Morgan, United States Ambassador to Brazil,sailed for Lisbon,
(2) Advantages accruing to each country from trade with other countries
Portugal, to-day. From Lisbon he will return to the United States, sailing
and confidence between the contracting countries based on a real solvency
;
from Cherbourg, France on May 24. He plans to arrive in New York
approved,by the fulfillment of commercial and financial obligations.
coincident with the Brazilian delegation to the Washington international
(3) Absence of political upheavals in s•olations between trading countries
conference.
as an inherent condition *of stability of trade relations.
Liberty fof official representatives of trading countries to fulfill the
(4)
Australian Gold Yield—Production in 1932 Increased
normal functions necessary for trade.
to 700,000 Ounces from 595,123 in Previous Year.
(5) Lawful intercourse between governmental representatives and citizens
of trading countries.
The following from Yelbourne (Australia) is from the
(6).Subjection of foreigners to the jurisdiction of countries where they
"Wall Street Journal" of April 24:
are resident.
An improvement in Australian gold production as compared with the
Elasticity of imports is an exclusive peculiarity of the Soviet Union.
previous year was recorded in 1932, the total being about- 700.000 fine
Regarding the elasticity of our imports, it should be borne in mind that not
ounces valued at £2,973,400, exclusive of the exchange premium. This
only their very wide expansion, but, also, their contraction, is possible.
compares with 595,123 ounces valued at £2,527,916, in 1931. and 466.593
Our interests in imports decreases annually. We can already, without
ounces valued at £1,981,955 in 1930.
detriment to the tempo of our construction, reduce our imports, and we are
• In West Australia. production for 1932 was 605,561 ounces valued at
naturally doing this and will continue to do so proportionately with the
Other
£2,572,259, against 510,572 ounces valued at £2.168,770 in 1931
reduction of our exports.
States' yields in 1932 were: New South Wales 27,941 ounces (19.673 in
We are convinced not only that those countries which may compel us to
1931); Queensland 20,228 ounces (13,147 ounces); Victoria 47.745 ounces
reduce our imports will expose themkellies to the greater loss but, also, that'
(43.638 ounces).
such a reduction will react adversely upon the trend of the general world
Values of receipts of gold at the Melbourne and Perth'mints were: 1932.
crisis.
£3,741,712; 1931, £2,880,928. These values were augmented by receipts
To-morrow is the fifteenth anniversary of our foreign trade monopoly.
of old gold for which the prices were attractive. The Melbourne receipts
It is unnecessary to mention the system which, from our viewpoint, has
increased by £403,417, and the Perth by £457,367.
entirely justified itself. We know this system serves as an object of envy
on the part of other States, and that some of them even attempt to introIncrease in Gold Production in Ontario.
duce it partially at home.
At one time it was feared abroad that the Soviet Government Would utilize
Canadian Press advices from Toronto April 19 stated:
the monopoly in foreign trade for political ends. These fears, however, have
Production figures for Ontario gold mines as reported to the Department
proved quite baseless and have never been substantiated.
of Mines for March were $4,059,248, an increase of $443,894 over the
The Soviet Government has had dealings with friendly, semi-friendly and
returns for February and more than half a million above the January total.
hostile countries, and even with those countries with whom it had no official
Total production for the first quarter of 1933 was $11,179,800, compared
relations, but, by its nature, foreign trade demands a certain legal framewith $11,330,309 for the corresponding quarter last year.
work, whose absence affects its development.
Hollinger, in the Porcupine field, again led, followed in order by Lake
Naturally, trade is developed for preference with countries which have
Shore, McIntyre, Took Hughes and Dome.
contributed toward the creation of the necessary conditions therefor. Trade
March receipts of crude gold bullion at the Royal Canadian Mint from
development and trade stability demand a certain calm and lack of upheaval.
Ontario mines were 247,631 ounces, containing 197.052 fine ounces of gold
Neither trade development nor trade stability is possible if the slightest
and 272.122 fine ounces of silver, having a total value of $4.080,738.
friction or political clash between governments might, at any time, dislocate trade, or if the governments assume the right to liberate their citizens
Gold Mining Resumed in Alaska.
or commercial enterprises from engagements and contracts in commercial
agreements or treaties.
On April 18 the Department of Commerce at Washington
Such measures hardly appear a proper preparation for the World Economic
made the following announcement:
Conference, one of the problems of which is to regulate and normalize
Mild weather has permitted early resumption of gold placer mining in
foreign trade on a world scale.
the interior of Alaska, and four large dredges have begun operations in the
Fairbanks district, according to a report to the Commerce Department's
Survey by American Council of Foreign Bondholders Regional Division from the Alaska Chamber of Commerce, Juneau.
Winter prospecting in the Fairbanks District has been very encouraging
of Foreign Dollar Bonds in Default.
and there is every prospect of increased production this season. Easter
In a survey of foreign dollar bonds in default on interest Creek in this district has just been taken over by a large company and
dredges will be used in remhaing the area. Cold weather still prevails in
payments, the American Council of Foreign Bondholders, the Nome mining district but according to reports sufficient snow has
Inc., classifies 136 loans under heads of their respective list- fallen during the winter to insure adequate water supply for summer mining.
ings, and summarizes losses to American investors as follows: Shipments of gold to Continental United States during March were valued
at $379.492.
Market Valuation.
New York Listings. Outstanding.
Low.
Current. Issues.
Stock Exchange
$1.175.274,700 $103,403,250 $168,995,730
87
Josephus Daniels Presents Credentials as United
Curb Association_ _ _ _
11,065,940
153,309,000
21,466,570
21
Unlisted
11,634,800
170,472,800
15.521,290
28
States Ambassador to Mexico—Tells President
Total
$1.499,056.500
$126,103.990
$205,983.590
The Council in presenting its survey says:
136
.
Of the total'outstanding 51% is for Europe and 69% for South and
Central America, but the three ICreuger and two Russian loans account for
$21.9.006,000 out of $462,392,300, the quota for Europe.
Seven of the 28 unlisted issues in default are Hungarian, six Colombian
and five Brazilian.
Wars in South America are still playing havoc with government revenues
which should be available for bond service.
A Czechoslovak munition company declared a 20% dividend on April 10.
Is that where our money is going? asks the Council.
Status of Dollar in Argentina.
• The following Buenos Aires cablegram, April 21, is from
the New York "Times":
The dollar continued to improve to-day, closing at 161.60 gold pesos to
$100, compared with 156.15 yesterday. To-day's quotation makes the
paper peso worth 27.24 cents, compared with yesterjlay's 28.18.
Argentina Tightens Exchange Curb—Fixes Drastic
•
Rules to Protect Peso.
Associated Press advices from Buenos Aires, April 25, are
taken as follows from the New York "Times":
The Finance Ministry tightened exchange restrictions to-day, estimating
that 300,000,000 pesos (at present equivalent to about $85,000,000) less
than in 1932 are available for foreign exchange in 1933.
Hereafter permission to export pesos will require the unanimous consent
of a control commission, and personal applications will be refused except
In the most urgent instances.
Rodriguez New Social Era Binds the United States
and the Mexicans.
Josephus Daniels, recently-appointed United States
Ambassador to Mexico, presented his credentials to President
Rodriguez in Mexico City on April 24. In his address to
the President Mr. Daniels stressed the ties between the
United States and Mexico and praised recent advances in
the latter country. Mr. Daniels said in part:
'I am happy to bring to your Excellency, to all the agencies of government
of the Mexican Republic and to the whole people of Your Excellency's
great country a message of the friendliest regard from the President of
the United States of America. He charged me to bear to your Excellency
and your countrymen the assurance that the people of the country over
which he presides entertain the kindliest sentiment of neighborliness,
founded upon common interest and a common destiny.
To this assurance of his personal esteem I am commissioned to convey
his confidence that in the wise working out of any problem which may
confront both rerialics their action will be such as to knit them together
in indissoluble ties of friendship.
In this period, when mankind everywhere is moving toward a better
social system, it is gratifying that, as never before, the United States of
America and the United Modcan States are facing the necessary changes
with no slavish adherence to precedent or tradition. They have, rather,
embarked upon new and well-considered experiments with an optimism
born of cohrage. Both are animated by faith that the social order now
In the making in both .
countries will guarantee to all men equality, justice..
liberty and full enjoyment of the fruits of their labor.
In reply President Rodriguez said:
It is with real satisfaction that I receive and cherish the very significant
words of your speech. You may be certalp—and I would like for you to
convey this to President Roosevelt and your fellow citizens—that there
2888
Financial Chronicle
exists in Mexico for the United States the same friendly and neighborly
sentiment based on common interests and a common destiny which you
assure me prevails in your country. . . .
The recognition—so frankly and courageously expressed—of the fact
that humanity is passing through a period in which it is obliged to seek
a better social system is of inestimable worth to this country, which was
one of the first in the new social era which is beginning to decide to take
a new course in meeting vital needs and satisfying the demands of collective
justice without feeling bound by precedent or tradition.
Since this social movement began in Mexico her administrations have
sought a better understanding of human problems and a closer relation
to all their actions with those problems, thus meeting the greatest social
need of these new times and fulfilling the duty to which your President
also has given expression in exactly that form which you now so aptly
confirm.
Rest assured, Mr. Ambassador, that in Mexico you will meet every
facility to discharge your high Office and that the same sentiments, friendship and co-operation which you have expressed animate and will continue
to animate the people and Government of Mexico in their attitude toward
the Government and great people of the United States.
Mexico Suggests Mutual Bank Aid—President Rodrigut z Says He Would Discuss Proposal if Made at
Washington—Believes Silver Is About to Do What
Oil Did in War in Drawing Money into Country.
The following statement was made on April 21 by President Abelardo Rodriguez of Mexico, according to a Mexico
City cablegram April 22 to the New York "Times":
I believe the United States has proceeded with courtesy and consideration for Mexico in regard to the forthcoming economic conferences.
. A point in particular for Mexico vill be in relation to silver, and the
Mexican Commission will go North duly prepared to discuss matters
relative to international commerce and the depreciation and fluctuation
of Mexican money with regard to the dollar.
These are for us essential points. I believe solution of the problem
must include the utilization of silver. The qutstion of tariffs must be
most important, and Secretary Hull's statement expressing the necessity
for international co-operation among the American peoples must be considered as basic for the success of the conferences.
Without precise details I do not think it unlikely that Washington
will treat for the establishment of an organization to aid banking cooperation, and Mexico will be ready to discuss such a proposal.
Although the primary object of the Washington conferences is not
concerned with private loans, it is possible that claims between Mexico
and the United States may crop up, and in such case the Mexican Chancellery may suggest a lump settlement.
In decreeing an embargo on gold exports President Roosevelt takes his
country off the gold standard, and I understand by that measure the
United States will give the dollar a closer relation with the moneys of other
countries, thus raising the prices of merchandise and labor's wages.
Regarding tariffs, that question presents extreme difficulties. Economists agree on the necessity for reduction, but the vested interests think
otherwise. I think the fixing of customs duties should be an administrative
rather than a legislative function.
The revalorization of silver is a concrete problem for Mexico. I think
the United States can go ahead on any plan to that effect without previous
arrangement with England and France, but my view is that any such
plan would have a better chance of success with the agreement of those
countries.
Mexico is approaching a period of successful economic development
and one of prosperity for all her industries. As during the war period
we were owners of wealth-giving petroleum, at present, during the monetary
aspect of the world crisis, we have an increased percentage of the indispensable white metal.
New York Stock Exchange Takes Steps to Force Allied
Chemical & Dye Corp. to Clarify Financial Statements—Issues Complete File of Correspondence of
Committie on Stock List and Corporation's Officers
—Stock Committee to Meet May 3 at Which Time
Officers Will Have Opportunity to Be Heard.
The New York Stock Exchange announced April 26 that
since Dec. 10 1929 the Committee on Stock List has tried
unsuccessfully to persuade the Allied Chemical & Dye Corp.
to issue more detailed reports to its stockholders. The
complete file of the correspondence of the Committee on
Stock List with Orlando F. Weber, President, and H. F.
Atherton, Secretary, of the Allied Chemical, shows that the
Exchange received several complaints from stockholders
concerning the lack of detailed information in the company's
annual reports, that the Exchange suggested many changes
in the income account and balance sheet statements, that
officers of the company replied that the points mentioned
were taken up by the company and officials of the Exchange
prior to the execution of the existing listing agreement which
placed the shares on the Exchange.
In a new effort to obtain changes by the corporation in its
method of issuing annual reports, the Governing Committee
of the Exchange has authorized the holding of a special
meeting on May 3, at which time the officers of the Allied
Chemical Corporation will have an opportunity to appear.
The following is the resolution adopted by the Governing
Committee of the New York Stock Exchange on April 26
with reference to the matter:
• Resolved, That a copy of this report be transmitted to the president and
directors of Allied Chemical & Dye Corp.. and be given to the public prose,
and that action thereon be deferred until a special meeting of the Governing
Committee to be held on Wednesday, May 3 1933, at 3:10 p.m., at which
time an opportunity will be given officials of the corporation to appear or
to submit a statement.
April 29 1933
The Committee on. Stock List in transmitting to the Governing Committee the complete file of correspondence between the Committee and the corporation, begins with the
•
folloyhng observations:
In connection with the applications dated Dec. 10 1929 and Dec.9 1930,
the committee had prolonged discussions with officers of Allied Chemical
& Dye Corp., with a view to securing for the stockholders more adequate
information in regard to the operating results of the corporation and its
financial position, but these discussions led to no tangible result. The
inadequate character of the information contained in the published reports
of Allied Chemical & Dye Corp. has been a matter of concern to the Committee on Stock List from the time of these discussions down to date, and
the question has been one of constant discussion or correspondence with
the company. •
• Allied Chemical.& Dye Corp. has, during this period, frequently made
representations to the Committee to the effect that the publication of
information along the lines urged by the Committee would be damaging
to the corporation in the conduct of its business. Appreciating that the
special nature of the business of this corporation might lend some justification to this viewpoint, the Committee felt an obligation to proceed carefully,
and it has therefore limited its requests to changes which it considered
essential for the protection of the stockholders and not fairly demonstrable
as harmful to the business of the company.
The report deals with the correspondence, starting with
.
a letter dated March 22 1932 by the Committee on Stock List
to Orlando F. Weber, President of the Allied Chemical, corporation, to the final letter dated April 21 1933 of H. F.
Atherton, Secretary of the corporation, to the Exchange.
The correspondence which took place this year resulted from
the receipt of the 1932 annual statement by the Exchange.
The report dealing with this phase of the matter is as follows:
On March 17 1933. the Committee received a copy of the annual report
of the corporation, and then learned that no change had been made in the
form of the financial statements of the company, and that no more adequate
information was furnished to stockholders than had been given in previous
years.
In view of the fact that the annual meeting of the corporation was to
be held on April 24 1933, the Committee felt that it should again communicate its views to'the corporation, with the request that certain specific
action be taken for the information of all stockholders. The following letter
was therefore sent to the president of the corporation:
March 28 1933.
"Mr. Orlando Weber, President,
"Allied Chemical & Dye Corporation,
"61 Broadway, New York, N. Y.
"Dear Mr. Weber:
"The Committee on Stock List has been for some time discussing with
you the form in which the accounts of Allied Chemical & Dye Corp. are
presented to its stockholders, with a view to determining whether it can
prevail upon you to amplify the information heretofore made available.
"Without going intethe more remote histort,of these discussions, we
refer you to our letter of June 23 1932 addreatied to you, your reply of
Aug. 19 1932, our letter of Aug. 23 1932, and your reply of Aug. 25 1932.
"Subsequent to the receipt of your letter of Aug. 25 1932. we were given
to understand that a Committee of your Board of Directors had been
appointed to go into this whole question further with a view to determining
in connection with the report to be issued covering operations for the year
1932, what consideration. If any, was to be given to the views advanced by
the Conunitte on Stock List.
"We understand that a matter of grave personal concern obliged an
active member of your Committee to absent himself from New York for
a considerable period, and we recognize that this circumstance may have
had something to do with the unfavorable outcome of our negotiations with
your company, which has now taken the form of the issuance of the report
for the year 1932 in the same form in which it has been previously published.
"Some of the questions at issue the Committee intends to take up with
you further at any early date, and in respect to these desire's at this time
merely to reiterate the position heretofore taken. However, one matter in
respect to .which suggestions have already been made to you by the Committee, i.e., your treatment of marketable securities, appears to be of
such a character as to require prompt action on your part, and it accordingly
forms the subject of this letter.
"In the report of Allied Chemical & Dye Corp.for the year ending Dec.31
193.0, there is included, under the heading 'Current Assets,' an !tent reeding
'U. S. Government and Other Marketable Securities $92,982,868.27.' In
the President's letter, dated March 19 1931, it is stated that'U. S. Government and other marketable securities, stated at cost, had a market value as
of Dec. 31 1939. substantially in excess of cost.'
"In the report for the year ending Dec. 31 1931, there is included, ander
this heading 'Current Assets.' and item 'U. S. Government and other
Marketable Securities $94,638,154.79: In the President's letter, dated
March 17 1932, it is stated that 'Marketable securities, which in a large
measure relate directly or indirectly to the company's operations, are
stated at cost. Market value as of Dec. 31 1931, was less than cost.'
"Then there follows this paragraph: 'With a realization that the worldwide economic readjustment now being experienced may be attended by s
i
continuance of disturbed business conditions, it has been deemed advisable
to transfer $40,000,000 from surplus to contingency reserves for the purpose
of amply protecting the company's operations and assets against future
contingencies.'
"In the report for the year ending Dee. 311932, there is included, unties
the heading 'Current Assets,' an item 'U. S. Government and other Marketable Securities $92,404,341.36: In the President's letter, dated March 9
1933, it is stated 'U. S. Government and other marketable securities are
stated at cost. The difference between cost and market value is amply
provided for in the general =aliment"' reserves created for the protection
of the company's assets and operations.'
"In this connection, reference is made to items appearing in the press
about April 26 1932, purporting to convey the substance of statements
made by management at the annual meeting of stockholders. From a
New York newspaper item of that date we quote as follows: 'It was stated
that reserves include ample protection to marketable securities which had
a market valueon Dec.31
.1931 of approximately $33,000,000 less than cost.'
"A consideration of'all of the foregoing suggests the following observations:
"If the statement attributed to management at the meeting in April 1932
Is substar Cony correct, it is hard for us to view the inclusion of U. S.
Government and other marketable securities at cost under the heading
'Current Assets,' in the report for the year 1931, as other than distinctly
misleading, because it would seem clear that current assets were being overstated at least to the extent of the indicated depreciation. Furthermore.
Volume 136
Financial Chronicle
if the statement attributed to management is correct, it is hard for us to
understand the justification for the paragraph in the President's letter
describing the transfer from surplus to contingency reserves as "for the
purpose of amply protecting the company's operations and assets against
_future contingencies.'
"Similarly, the inclusion of U. S. Government and other Marketable
Securities' in an amount of $92,404,341.38 under the heading 'Current
Assets' In the balance sheet as of Dec. 31 1932, seems to us misleading, in
that this item can only properly be considered as a current asset to the
extent to which it represents the reasonable market value of the securities.
"The fact that 'the difference between cost and market value is amply
Provided for in the general contingency reserves' would seem in no way to
Invalidate our objection. It is a generally accepted rule that no asset
should be carried as a current asset at a figure exceeding its current value
to a going concern. Your accounts for 1930 were in conformity with this
rule, the securities being carried at cost, and market value being stated
to be in excess of cost. This rule is recognized in your treatment of inventories, which are stated in your report to be valued at cost or market whichever is lower. If such treatment is appropriate in the case of inventories,
it is even more clearly called for in the case of marketable securities.
"Accordingly, it appears to this Committee that the balance sheet in its
present form is misleading and the statement contained in the report
regarding U. S. Government and other marketable securities is wholly
inadequate.
"Furthermore, the Committee is at a loss to understand why, having
Tecognixed the propriety of giving some additional information in regard
to this item to such stockholders as happened to be present at your annual
meeting or who read the report thereof, you should have been unwilling,
notwithstanding the requests of this Committee, to give such information
to all your stockholders in the annual report just published.
"Under these circumstances, the Committee requests that, at the earliest
possible moment, and in this connection we suggest a date in no event later
than your annual meeting to be held, we understand, in April of this year,
you issue a statement designed to clear up any possible misunderstanding.
This statement should go at least so far as to show how much of the general
contingency reserve was required as of Dec. 31 1932, to bring'U. S. Govern
meat and other Marketable Securities' down to market value, and what
other part, If any, of the contingency reserve was similarly required to
properly reflect any shrinkage in any other current assets as of that date:
and it should state clearly that the current assets are less than the amount
of $150,654,699.08, at which they are now carried in your balance sheet,
by such an amount as may be determined upon as necessary to reduce
'U. S. Government and other Marketable Securities' to market, and other
current assets to their value as of Dec, 311932.
"In making this request, the Committee feels that the principle which it
asks you to recognize is established beyond question; that the amounta
involved (being in 1931 in excess of $30,000,000, or more than one third
of the balance sheet value of the securities) are very substantial, and that
no question of disclosure which might be detrimental to the commercial
interests of your company Is conceivably Involved.
"If, in connection with this request. you decided to go further and separate
Ii, S. Government Securities from the item 'U. S. Government and other
Marketable Securities,' the Committee would feel that another matter
heretofore discussed With you and subject to fair criticism would have been
appropriately dealt with.
,.
"The other questions whicb ,have been the subject of correspondence
between your company and the Cominittee will be taken up later in connection with a general review upon which the Exchange is now engaged
of existing practice in relation, to accounts and audits.
"The Committee would appreciate hearing from you at your early con.
venience regarding this matter.
"Yours very truly,
"FRANK ALTSCHUL,
"Chairman, Committee on Stock List."
Under date of April 21 1933 the Committee received the following reply:
"April 21 1933.
"Mr. Frank Altschul, Chairman, Committee on Stock List, New York
Stock Exchange, New York City.
"Dear Mr. Altschuk—In response to the request contained in your letter
of March 28th, we are glad to advise you that we propose to state at our
annual stockholders' meeting, to be held on the 24th instant, the market
value at Dec, 311932, of the item 'U. S. Government and Other Marketable
Securities' in the balance sheet contained in our last annual report, together
with a statement as to the sufficiency of the contingency reservereto cover
the difference between such market value and the cost value as appearing
In the balance sheet.
"As you understand, we disagree with your suggestion that our balance
sheetStatement of this item at cost is misleading because the market value
at the date of the balance sheet was less than cost. Our report itself explicitly
states that this Item is shown at cost, and that the d fference between cost
and market value is amply provided for in the general contingency reserves.
No stockholder has ever indicated to us—or, in so far as we are aware, to
anyone else—any misunderstanding in this regard.
"With reference to the views expressed In your letter regarding the
proper accounting procedure applicable to current assets In general and
marketable securities in particular, we would suggest that there may be
some variety of proper procedure in this regard. For example, your views
are evidently net shared by the Comptroller of the Currency, the Federal
Reserve Board, the Superintendent of Banks of the State of New York
and a number of representative corporations the securities of which are
listed on the New York Stock Exchange, as indicated by recent published
balance sheets of National and State banks and other corporations.
"Very truly yours,
"H. F. ATIIERTON, Secretary."
Frank Altschul. Chairman of the Committee on Stock
List, in transmitting the report to the Governing Committee, concludes: •
' According to reports appearing in the public press, at the annual meeting
of stockholders held on April 24 1933, the Chairman of the meeting stated
that the securities held had a market value on Dec. 31 1932 of approximately
$28,000,000 less than their coat, and that reserves had been provided which
were ample to take care of this depreciation. No statement appears to have
been made calling specific attention to the over-statement of current assets
resulting from this cause, and no statement appears to have been made as
to what part, if any, of the contingency reserve was required to reflect
any shrinkage in other current assets.
Prom the same source it appears that at the meeting a stockholder asked
several questions looking toward the disclosure of additional information
in part, along much the same lines as had been suggested by this Committee.
and was told that there would be no change in the Company's method of
issuing statements.
In view of the foregoing correspondence, and the press statements referred
to, the Committee on Stock List is forced to the conclusion that further
2889
discussion with the CozporatIon will prove unavailing, and therefore reports
the matter to the Governing Committee for such action as it may deem
appropriate in the circumstances.
•
Gerard Criticizes Allied Chemical & Dye Corporation's
"Secrecy" in Reports—Questions on Investments
and Income Not Satisfactorily. Answered, He Says
Later.
The New York "Times" April 25 had the following:
At the annual meeting, yesterday (April 24) of stockholders of the Allied
Chemical & Dye Corp., James W. Gerard,former Ambassador to Germany,
protested against. the "policy of secrecy" which he said the corporation
had followed in its reports to shareholders.
After the meeting Mr. Gerard, who spoke as a stockholder, said his
inquiries for additional Information had not been answered satisfactorily.
"A stockholder," Mr. Gerard said, "is entitled to such information as
I requested. The corporation should not be regarded as a blind pool."
Mr. Gerard's questions were 'addressed to F. J. Emmerich, Vice-Pros.
and Controller, who presided at the meeting. The former Ambassador
protested that the company's balance sheet and income account were
Inadequate. With regard to the income account, he said the only information available was "gross income after provision for depreciation, obsolescence, all State and local taxes, repairs and renewals.''
"The income account should be itemized," Mr. Gerard said, "to show
the source of the company's income, as well as the charge for depreciation.
The stockholders should be told what proportion of the earnings is from
stock market operations and what was derived from manufacturing."
Company to Make No Change.
The stockholders were told that there would be no change in the company's
method of issuing statements.
Mr. Gerard declared the company could give much information to
stockholders that would be of no assistance to competitors. Concerning
an item of $92,404,341 in the balance sheet on Dec.31 1932,labeled "United
States Government and other manketable securities," he asked how much
of this sum was represented by bonds and how much by other securities.
He also inquired whether the investments were carried at cost or market,
and what the depreciation amounted to.
Mr. Gerrard's question as to the proportion of investments in bonds
and in other securities was not answered. In reply to the one on depredation of the investments, it was stated that on Dec. 31 the securities had a
market value of approximately $28,000,000 less than the cost, which was
$92,404,341. Reserves which had been provided were ample to take care
of the depreciation, it was said.
Investments in Similar Lines,
Mr. Exnmerich said the investments included, aside from the United
States Government bonds, securities in lines connected with the company's
business.
Mr. Gerrard sought to learn which subsidiary companies contributed
to the consolidated income account for last year, and requested information
concerning the nature of another investment item amounting to $12,892,510
In "bonds and stocks of other companies."
Mr. Emmerich said that while net earnings for the first quarter had
fallen short of dividend requirements, the company's cash position was.
unimpaired.
Allied Chemical & Dye Case Is Viewed as First Test in
Enforcement of Rule by Exchange—Stock May Be
Removed.
•
The New York "Times" April 27 had the following:
The Stock Exchange is making an issue of the controversy with the
Allied Chemical company because, if it maintains a firm stand, the discussion
of similar matters with other companies will be simplified. For several
years the Exchange has been carrying on a campaign for better and more
fully authenticated corporation reports. While this campaign has obtained
results, progress has been impeded at times by the absence of a suitable
weapon to force reforms upon companies whose securities have already been
admitted to the list, according to officials of the Exchange.
In bringing the dispute with Allied Chemical to a head the Exchange
it is believed, is serving notice that it is ready to take drastic action if its
accounting requirements are not mot.
What action would be taken by the governing committee in the event
that the management of Allied Chemical rejects the Exchange's suggestions
was not intimated. The only disciplinary action which the Exchange can
take, under such circumstances, is to strike from the list the Allied Chemical
stock, which has been traded in since 1920. This drastic step the Exchange
has never taken because of a company's accounting methods, since it was
felt that unoffending stockholders would be penalized for the policies,of the
management.
In an address in 1931, however, Richard Whitney, President of the
Exchange, outlined disciplinary steps that would be taken against corporations in circumstances similar to those of the present controversy, lie said
their stocks woilld be removed unless the violations of the Exchange's rules
were remedied promptly after notice.
Comment by New York State Insurance Department
on O'Brien-Garnjost Bill Recently Approved by,
Governor Lehman—Bill Sponsored by Department
Makes Spreading of False Rumors Regarding Financial Conditions of Insurance Companies a Misdemeanor.
The following statement was issued on April 21 by George
S. Van Schaick; Superintendent of Insurance of New York
State:
It will be gratifying to most insurance circles to know that Governor
Lehman has approved tha O'Brien-Garnjost bill sponsored by the Insurance Department making it a misdemeanor for a person to wilfully and
knowingly make, circulate or transmit, untrue statements or rumors derogatory to the financial condition or affecting the solvency or financial standing of any insurance corporation doing business in this State.
It is hoped that this enactment will serve notice 'as ndthing else could
do that not only is the spreading of false reports as to financial standing
of insurance companies unethical and despicable, but now a penal offense.
Unfounded and false rumors as to insurance companies are sometimes
malicious in their origin, often due to keen competitive practices but prob-
2890
Financial Chronicle
April 29 1933
ably more often attributable to the human propensity to talk and spread'
"Since the filing of this application a momentous decision has been
socalled inside information.
.arrived at by those in control of our national government. Our temporary
The harm that is done, particularly in trying times,is great and cannot be
abandonment of the gold standard has resulted in an upward surge in
measured. When a company has some difficult problem with excellent
prices of commodities and securities. Undoubtedly there has been a marked
prospects of a successful outcome, the rumormonger can an destroy public
change in sentiment. Confidence in the policy of the administration to
confidence as to sometimes deal a fatal blow to what would otherwise
lead the country out of the depression has visibly increased and ,this is
have been a safe and going concern.
evidenced by rapidly rising prices.
This new provision of the Penal Law should be vigoriously enforced.
"The administration at Washington is bending every effort to effect
The violation of any law by a broker or agent licensed by this Departa restoration of confidence and to preserve the financial integrity of our
ment is one of the specific statutory grounds for revocation of such license.
Institutions. The Court may not disregard its plain duty to keep open the
No one should hold a certificate of authority from this Department as a
opportunity for a reorganization of the respondent's affairs on a basis that
broker, agent or public adjuster, who is not competent and trustworthy.
will be satisfactory to its creditors, policyholders and stockholders. In
It is perfectly obvious that any such licensee who for competitive reasons
t e meantime their interests are being adequately protected with the
or otherwise spreads mandrills or false rumors or assertions relative to the
au' intendent in control of the assets of the insured and with no new
financial standing and stability of insurance companies is untrustworthy
b Imes being written."
and will be dealt with accordingly by the Department.
tice Frankenthaler stated that the insurance company contends that
It is not the purpose of the new law to stifle the truth. The public is
th de of the creditors have already indicated their willingness to
entitled to have the fullest available information concerning the financial
he plan.
responsibility of every company licensed to do an insurance business in the
State of New York. No one wishes to prevent the dissemination of true
ames P. Warburg of International Acceptance Bank
and accurate information. The policy of' this State is to encourage full
and fair information.
Urged Gold Reserve Cut—First Proposed ReducOn the other hand, this Department will not consider the manageme
tion and Making Up the Deficiency with Silver—
of any company under its jurisdiction to be responsible and proper which
Said Plan Would Not Mean "Free Coinage"—
encourages or permits its representatives or employees to spread or assist
in spreading false and inaccurate information as to competitors.
Scheme Would Net Work Without Co-operation
• There is tic:thing so insidious as a half truth. If insurance men would
of Other Nations, He Held in House in 1932.
only realize the harm and public loss entailed by the spreading of unfounded
rumors they would see that with frequency they are their own worst
The proposal for a currency plan under which the gold
enemies.
Boston Association of Stock Exchange Firms
Elects Officers.
At the annual meeting of.the Boston Association of Stock
Exchange Firms, on April 21, the following were re-elected
governors to serve for three years: Ralph Hornblower, of
Hornblower & Weeks; Lester Watson, of Hayden, Stone 8z
Co.; Freeman Hinckley, of Wrenn Bros. & Co., and J. Dudley
Clark, of H. C. Wainwright & Co.
• The following officers were elected: William D. Elwell,
of Whitney & Elwell, Chairman of the Board; Lester Watson, of Hayden, Stone & Co., Vice-Chairman; George Tyson,
of Townsend, Anthony & Tyson, Treasurer, and Edward H.
Kittredge, of Hornblower & Weeks, Secretary and Assistant
Treasurer.
Rutgers
Respite Granted Globe &
Fire Insurance Co.—
Court Allows 15 Days for Company to Set Up
Reorganization Plan—Decision with Creditors.
Supreme Court Justice Alfred Frankenthaler, who heard
the application by George S. Van Schaick, State Superintendent of Insurance, to liquidate the Globe & Rutgers
Fire Insurance Co., handed down April 27 a decision granting the application unless within 15 days after the service
of the order to be entered hereon the solvency of the respondent (the insurince company) is assured to my satisfaction,
either through the assent of a sufficient number of creditors,
policyholders and stockholders to an acceptable plan of
reorganization, or otherwise." The New York "Times,"
April 28 had the following: •
Justice Frankenthaler stated that the Superintendent of Insurance,
who has been in possession of the Company since March 24, contends
that "further efforts to rehabilitate it would be futile," while the company
by a committee of rehabilitation and certain reinsurers opposes the liquidation on the plea that "a reasonable opportunity ahould be afforded to submit a plan of reorganization" to its creditors, policyholders and stockholders. The Court stated that the Insurance Department had properly
stopped the writing of new business.
The opinion says that the Globe and Rutgers assented to the rehabilitation order with an understanding with the Insurance Department that
a "rehabilitation committee would be organized immediately and legislation would be sought from Congress permitting the Reconstruction Finance
Corporation to purchase preferred stock in insurance companies as well
as in national banks, with a view to enabling the respondent to obtain
new capital from the Corporation or else to convert into preferred stock
an existing $10,000,000 loan, now payable to the Corporation."
Depends on Altitude of Creditors.
,
The decision held that the success of the reorganization plan depends
primarily upon the willingness of creditors having claims in excess of
$17,000,000 to accept preferred stock for what is due them. If Congress
should authorize the purchase by the Reconstruction Finance Corporation
of preferred stock in insurance companies, it is suggested that new capital
may be obtained from that Corporation through issuing first preferred
stock Having priority over that issued to other creditors. The company
proposes also in the alternative that the Reconstruction Finance Corporation accept preferred stock in exchange for its existing loan, which is not
included in the $17,000,000 of claims.
"Of course this necessarily presupposes the enactment of the enabling
legislation," said Justice Frankenthaler. "Assuminethat a plan of reorganization along the lines indicated can be consununated, the interests of
the creditors, policyholders and stockholders would manifestly best be
served by granting a reasonable length of time within which to obtain the
consents and approval necessary. If the entire plan be adopted, the solvency of the insurer would be restored and it might resume the writing of
new business."
Decline in Value of Assets.
The Court pointed out that the company's investments had been car-.
valuation of about $61,000,000, although the market value on
ried at a
March 24 was only $21,000,000, which amount had increased to some extent
since then.
Justice Frankenthaler said that the views of the Superintendent of
In.surance "are not to be disregarded or brushed aside except for very
cogent reasons." The opinion continues:
reserves of governments would be reduced and the deficiency
made up by the substitution of silver was first suggested in
general terms to a Congressional committee by James P.
Warburg of New York, President of the International
Acceptance Bank, who has been sitting in as an adviser to
the conferees. The foregoing is from a Washington dispatch April 24 to the New York "Times" from which we
also quote:
One plan now being considered by the experts advising President Roosevelt and Premier MacDonald, it is understood, is that the gold reserve
be reduced from the recognized 40% to 35% or less, and that silver to the
value needed to make up the difference be used. The theory is that silver
would be bought and sold by the governments as the price of that metal
fluctuated, so as to maintain in the reserves a sufficient quantity to meet
the requirements.
In outlining such a plan to the House Coinage, Weights and Measures
Committee in March 1932, Mr. Warburg said:
"We have a gold reserve of 40%. If we say 5% of that must be silver
at market price, if obtainable below a certain figure, and 25% must be
gold, or perhaps 30%, and the rest may be gold or silver, then we should
provide a means whereby silver would be bought when it was under a
given market value and sold when it reached higher levds. In that way
you would be placing silver in the same class with gold."
Only a "Form of Bimetalism."
Mr. Warburg at that time said he had not carefully studied the plan,
but pointed out that, while it might be called a "form of bimetalism," it
did not call for a fixed ratio or the free coinage of silver. He said that be
would have a central buying agency, possibly the Bank for International
Settlements, concentrate the buying in one place.
"You could work out' a plan that would be independent," he added,
"and call a conference and try to get the other nations to agree to it.
"But for us to try to carry this out alone would be a mistake—we are
the largest stronghold of gold--and if we get something of this kind started,
unless there were a concerted action of the mmfey nations, in which we
take the lead, I do not think the effect would be good."
Opponents of such a plan are understood to hold that it would mean
asking foreign nations to enter into what amounted to speculative purchases and sales of silver, and that to obtain their consent to it important
inducements in other directions would have to be offered.
Speculation as to Whether Maturities of Federal Bonds
Would Be Met at Lower Value If Dollar Is Cut
Washington Officials Non-Committal—Hold Policy
on Securities All Payable in Gold, Would Depend
on Congress.
From the New York "Times" we qupte the followinig from
Washington April 25:
What attitude the Government would take in regard to the payment of
its security obligations in the event of a reduction in the gold content of the
dollar has been a matter of conjecture since the introduction of the controlled
Inflation amendment to the farm relief bill. This would grant the President
authority to devalue the dollar by not more than 50% if he held such a course
necessary.
Market operations in Treasury securities have not reflected any concern.
on the part of purchasers, and Government security prices have strengthened somewhat in the last few days. This indicates, officials believe, that
the buyers do not believe the permissive authority will ever housed.
Special interest was aroused because of the /act that the offering of 3
year Treasury notes marketed on Monday [April 24] carried the provision,
that they would be payable in the gold dollar of to-day.
All Issues Call for Gold.
Among the quesions cropping up was whether the Government, if a cut
in the gold content actually was made, would pay off in coin of the present
content, thus sustaining a loss, or meet its obligations
with the devaluated
coin, thus appearing to repudiate a contract.
As a matter of fact, more than $20,000,000,000 of Government obligations outstanding are in the same category as the latest issue of notes. and
in this matter the Treasury had no discretion.
The Liberty Loan acts under which the issues have been made dictated
"principal and interest thereof shall be payable in United States gold coin
of the present standard of value."
There has been no occasion for the Government to make any decision up
to this time. Payment has in almost every instance been made by check
or paper currency and scarcely a demand had been made upon the Government for gold for them since the obligations were marketed.
Officials refused to discuss the subject to-day, holding that it
would
be Purely a matter of speculation as to what course would be mapped.
probably by legislation, in the event a change of the gold content was
made.
Financial Chronicle
Volume 136
Congress Action Doubted.
That Congress,in the event such a contingency arose and a cut of perhaps
20% were made in the dollar's value, would legislate to the effect that the
Government must pay $120 in the ne.w coin for each $100 par value of the
outstanding securities was held by some to be extremely doubtful.
%But it was emphasized that such questions could not be answered with
any assurance at this time.
At present, while interest and principal of all obligations are payable in
gold, the immediate interest payments and maturities are not being met
in that form as a result of the provisions of the President's gold embargo
proclamation and the Executive orders which followed it.
As far as can be learned, holders of securities meanwhile appeared to be
content to accept payment by check or other form of currency as usual.
Gold for Contracts Held Imperiled—Expert Says
Clauses Would Be Invalid if the Dollar Content
Were Reduced.
•
•
The following (Associated Press) from Washington
April 22, is from the New York "Times":
If the gold content of the dollar should be reduced by President Roosevelt
under the Thomas inflation bill now heading through Congress, the gold
clause behind billions of dollars' worth of American contracts might be
automatically invalidated.
One of the foremost money experts of the Treasury, who declined to allow
the use of his name, because of the delicacy of the subject, told the Associated Press to-day that he believed this would be the outcome. The
pending legislation would permit reduction of the gold content by as much
as 50%.
The gold clause is one providing that the sum called for in many specific
instances shall be paid in United States gold dollars of the weight ani fineness which is legal at the time the contract is drawn.
By custom it has been written into bonds and mortgages since the greenback agitation of the '90s. It was originated by those who, fearful of
inflation, sought a way to assure repayment to themselves of the same
actual value they invested or lent. Billions of dollars' worth of contracts
containing the gold clause have matured since and been paid in paper
money, the recipients generally unaware that they were entitled to gold.
The contention of the authority who believed the gold clause would
become invalid, while emphatic that his was not an official opinion, was,
first, that the gold clause had no right to be written into agreements at
any time anyhow, since it is actually impossible of fulfillment. With
billions of dollars' worth so written, there is not enough gold in the world
to make them all good.
Second, he said, not only are railroad and industrial bonds so written,
but the promise also is contained in the obligations of the Governmentof the
United States and the bonds of foreign governments.
Should the Government render this contractural clause Invalid by decree,
legislation or constitutional amendment, and remain immune under the
Constitution from action, logical reasoning would compel the (mulls to
declare private gold debtors likewise exempt from fulfillment, he held.
Volume of Commercial Paper Outstanding as Reported
to Federal Reserve Bank of New York $71,900,000
on March 31, as Compared with $84,200,000 on
Feb. 28.
The New York Federal Reserve Bank issued the following
release under date of April 25:
•
Reports received by this Bank from commercial paper dealers show a
total of $71.900,000 of open market commercial paper outstanding on
March 31 1933.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 311931:
1933—
mar.31
Feb. 28
Jan. 31
1932—
Dec. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
1932—
$71,900.000 June
84,200,000 May 31
84,600,000 Apr. 30
Mar. 31
81,100,000 Feb. 29
109,600,000 Jan. 31
113,200,000
1931—
110,100,000 Dec. 31
108,100,000 Nov.30
100,400,000 Oct. 31
$103,300,000
111,100,000
107,800,000
105,606,000
102,818,000
107,902,000
117,714,784
173,684,384
210,000,000
•
Bank Probe in Missouri—Committee Makes Six Recommendations Respecting Liquidation of Defunct
Institutions Over 8
-Year Period.
From the Kansas City "Star" we take the following (Associated Press) from Jefferson City, Mo., April 18:
The house to-day adopted the report of a special committee which has
been investigating the liquidation of 265 defunct Missouri banks and trust
companies over an 8
-year period.
The report was signed by its Chairman, Representative Roy Hamlin of
Marion County, and Representatives Henry P. Lay, Benton County;
.
Edgar J. Keating, Kansas City, majority floor leader and A. L. McCawley,
Jasper County.
Representative Lawrence Presley, the only Republican member of the
committee, did not sign the report.
Would Keep Up Inquiry.
The Comraittee made six recommendations for the future conduct of
liquidations, among them a suggestion that Attorttey-General Roy McKittrick "be instructed to carry on the investigation."
The recommendations of the committee:
That no bank be permitted to engage in the business of buying, soiling,
trading or negotiating in stocks and bonds.
That no bank be permitted to lend any money to any officer of the bank.
for himself or any of his business enterprises.
That moneys now on hand as cash held by the liquidators be disbursed
to the depositors as dividends except where prevented from doing so by
order of court or court procedure.
' That the attorney general be instructed to carry on the investigation
of the defunct banks and trust companies.
That a special deputy be appointed in the office of the State Finance
Commissioner whose only duty it shall be to look after matters pertaining
to defunct banks and trust companies, and looking toward a shorter period
of liquidation at minimum of expense and looking toward the curtailment of
the current monthly expenses of liquidation.
That the present banking laws be amended in reference to the liquidation
of defunct banks and trust companies whereby a committee of the directors.
of not loss than three or more than five members, be appointed to work
with the Finance department in liquidations.
2891
Offers No Defense.
Presley, in a minority report, said he could "not concur in all the majority report," but that his failure to do so was not an attempt to defend
the Finance Department or any attorney who has been in its employ.
"Neither do I feel justified in critizing them for something that I know
nothing about," Presley's report continues.
Presley concurred in recommendations one, two three and six of the
report.
"I can see no harm in the fourth recommendation and much good might
be accomplished," he said. "I have serious doubt as to the advisability of
the fifth recommendation."
An addenda to the report said "the Committee deems it fair to state
in connection with its comment on the liquidation of the Holland Banking
Co. at Springfield. that Farrington & Curtis and Patterson & Patterson
rendered valuable services in favor of the depositors in discovering, suing
for, and collecting large sums of money due from other banks which were
not inventoried, and it is the judgment of the Committee that.the fees
allowed for such services were not excessive and resulted in considerable
benefit to the depositors."
From Associated Press advices April 14 from Jefferson
City, we also quote:
In the liquidation of closed Missouri State banks and trust companies
from Sept. 25 1923, to Jan. 1 last, "the public generally has lost vast sums
of money," said a report completed to-day by Representative Roy Hamlin,
Chairman of the special House Investigating Committee.
Depositors in the 265 defunct institutions, the report said, received only
$10,501,608. or 24% of the total deposits of $48,086.623 at the time the
banks closed.
The total cost and expense of liquidation was placed at $2,534,525.
including $823,194 in salaries to liquidators and attorney's fees of $330.472.
•
Offering of $500,000,000 or Thereabouts ofi Three-Year
VA% Treasury Notes—Treasury Seeks to Attract
Small Investor—Books Closed as Issue Is Oversubscribed.
Secretary of the Treasury William H. Woodin announced
on Apr. 23 a ne* offering of $500,000,000 or thereabouts of
three-year 2%% Treasury notes Series C-1936. The proceeds
of the offering will be used to meet current Government requirements including about $239,000,000 of Treasury Certificates and about $6,500,000 in interest on the public debt
which become due and payable on May 2. Secretary Woodin
announced on Apr. 25 that the offering had been oversubscribed. The books for the new bills were closed on that
day except for subscriptions of $10,000 or less. These books
in turn were closed on Apr. 27. • The New York "Times"
of Apr. 24 in referring to the offering, in advices from Washington, Apr. 23, said in part:
•
In making the offering at this low rate (2%%) the Treasury displayed
confidence in the demand for such securities, despite the fact that the
Nation is off the gold standard and the consideration by Congress oflegislation which would permit inflationary measures of a broad character in
an effort to restore commodity prices, if a more conservative course of
large scale open market operations by the Federal Reserve banks failed
of that purpose.
A wide distribution of the new securities is expected to get some money
out of hoarding, and the issue also will supply small investors with safe
investments. If the program is successful and there is a wide popular
subscription the securities will be diverted to some extent from the banks
A definite effort of this kind to get a Government offering to the small
investor has not been pressed on a large scale since the Liberty Loan
drives. In connection with the latter securities, speakers engaged in a
campaign and an appeal was made to the patriotism of the people. There
has been discussion of similar Maks in marketing large security issues at
this time, particularly for the purpose of refunding outstanding high
interest-bearing bonds or floating a bond issue for public works to relieve
unemployment if that was felt necessary. But there has been no announcement that such a campaign will be staged.
The May 2 issue will exceed the,maturity of certificates of indebtedness
by around $260,000,000 and bring the total of the outstanding public
debt to about $21,713,448,000 when the transaction is completed. The
increase for'the fiscal year will be in excess of $3,116,000,000.
As indicative of the Treasury's efforts to attract the small
iffiestor, Secretary Woodin, in his announcement of the
offering on Apr. 23 stated that the right was reserved to the
Secretary of the Treasury "to increase the offering by an
amount sufficient to allot in full all subscriptions up to
$10,000." He added that "the books will be kept open
several days for the receipt of subscriptions for that class."
The notes will be dated May 2 1933 and will bear interest
from that date. They will mature on Apr. 15 1936 and will
not be subject to call before the maturity date. The Treasury circular states that "the principal and interest of the
notes will be payable in United States gold coin of the present
standard of value." The notes will be exempt,"both as to
principal and interest, from all taxation (except estate Or
inheritance taxes) now or hereafter imposed by the United
States, any State, or any of the possessions of the United
States or by any local taxing authority."
In its issue of Apr. 25 the "Times" said:
• The closest comparison to the rate named on the new issue (2%%) is
afforded by the issue of 2,i% notes due on Dec. 15 1936 or eight months
longer than the 274s, which will mature on April 15 1936. The 2s closed
on Saturday slightly below par for both bid and asked and moved
to Dar
at the opening of business yesterday. The close for this Issue was 100 6-32
bid and log 16-32 asked, on which basis the yield would be 2.60%.
The last issue of Treasury notes, offered in January of
this year to the amount of $250,000,000 or thereabouts, and
Financial ChronicIt.
running for five years, bore 25 %. That offering was re4
ferred to in these columns Jan. 28, page 598. Secretary
Woodin's announcement of the offering the present week
follows:
The Treasury is to-day (April 23) offering for subscription at par and accrued interest, through the Federal Reserve banks, $500,000.000, or
thereabouts, three-year 274% Treasury notes of Series C-1936, with the
right reserved to the Secretary of the Treasury to Increase the offering
by an amount sufficient to allot in full all subscriptions up to 310.000.
The books will be kept open several days for the receipt of subscriptions of
that class.
The notes will be dated May 2 1933. and will bear interest from that
date at the rate of 2%% per annum payable on a semi-annual basis. They
will mature on April.15 1936 and will not be subject to call for redemption
before that date.
The nptea will be exempt, both as to principal and interest, from All taxation (except estate or inheritance taxes) now or hereafter imposed by the
United States, any State, or any of the possessions of the United States
or by any local taxing authority.
Applications will be received at the Federal Reserve banks or their
branches, and at the Treasury Department, Washington, as official agencies
of the United States. Banking institutions generally will handle applications for subscribers but only Federal Reserve banks and the Treasury
Department are authorized to act as official agencies. Banking institutions
which have been licensed to resume their normal banking functions are
permitted to handle subscriptions in the usual manner. Unlicensed banking
Institutions are authorized to accept applications for subscribers and to
hold in segregated accounts funds tendered in payment pending transmittal
to a Federal Reserve bank or branch.
Subscriptions, unless made by an incorporated bank or trust company,
or by a responsible and recognized dealer in Government securities, must
be accompanied by payment of 10% of the amount of notes applied for,
provided, however,that cash subscriptions may be accompanied by payment
In full.
Subscriptions for amounts up to $10,000, and subscriptions for which
payment is to be tendered in Treasury certificates of indebtedness of Series
B-1933, maturing May 2 1933, will be allotted in full.
The notes will be issued in bearer form only, in denominations of $100.
$500,31.000, $5,000, $10,000 and $100,000, with interest coupons attached,
payable on a semi-annual basis on Oct. 15 1933, and thereafter on April 15
and Oct. 15 in each year.
About $239,000.000 of Treasury certificates and about $6,500,000 in
.
'interest on the public debt become due and payable on May 2 1933.
Governor Harrison, in a circular dated -Apr. 24 (No. 1215)
calling attention to the new Treasury offering said:
Subject to the terms of this offering and to the provisions of Treasury
Department Circular No. 92, revised Feb. 23 1932, qualified depositaries
will be permitted to make payment for Treasury notes of this series by
credit to "War Loan Deposit Accounts:" and in this connection the attention of qualified depositaries is called to the fact that, as stated in Treasury
Department Circular No. 92, revised Feb. 23 1932, each depositary will
be required to pay interest at the rate of one-half of one per cent per annum
on daily balances in the "War Loan Deposit Account."
Attention is invited to the fact that if a bank or trust company receives
subscriptions to this offering from its customers it will be required to
certify in its application that it has received subscriptions from Its customers
in the amounts opposite each customer's name as set forth in a list to be
attached to and made part of its application; that such customers have
made or have agreed to make payment for the full amount which may be
allotted on account of such subscriptions; that it has received from each
subscriber ether than from incorporated banks, trust companies, or responsible and recognized dealers in Government securities payment in full
or payment of 10% of the amount of each such subscription; and that its
own actual requirements are included in the total Subscriptions as one
subscription and one class.
The subscription books for this offering are now open and applications
will be received by this bank as fiscal agent of the United States. Subscriptions should be made on subscription blanks and mailed immediately,
or if made by telegram or letter, should be confirmed on subscription blanks.
Such telegrams or letters should indicate whether the subscriptions are cash
subscriptions or exchange subscriptions. Where such telegraphic or letter
subscription is made by a bank, the telegram or letter should contain a
complete classification of the subscriptions, if any,for the customers of the
subscribing bank as provided for in the subscription blank.
The following notice, dated Apr. 25, regarding the closing
of the books, was issued by Gov. Harrison:
To AU Banks and Trust Companies in the Second Federal RAerve District
and Others Concerned:
In accordance with instructions from the Treasury Department the
.
subscription books for the offering of 234% United States of America
Treasury Notes Series C-1936, maturing April 15 1936, closed at the close
of business to-day, Tuesday, April 25 1933, except for the receipt of
subscriptions for amounts of $10,000 or less. In accordance with previous
announcement the subscription books will remain open until further notice
for the receipt of subscriptions of that class.
All subscriptions actually mailed before mid-night Tuesday Apri125 1933,
as shown by post office cancellation, will be considered as having been
entered before the close of the subscription books.
The following later notice (dated Apr. 27) issued by Governor Harrison:
To All Banks and Trust Companies in the Second Federal Reserve District
and Others Concerned:
In accordance with instructions from the Treasury pepartment the subscription books for the offering of 2%% United States of America Treasury
Notes of Series 0-1936, maturing April 15 1936, which were closed at the
close of business Tuesday, April 25 1933 except for the receipt of subscriptions for amounts of $10,000 or less, were closed for such subscriptions at
the close of business to-day, Thursday, April 27 1933.
•
All subscriptions of that class actually mailed before midnight Thursday,
April 27. 1933, as shown by post uffIce cancellation, will be considered as
having been entered before the close of the subscription books.
amount of $60,000,000 or thereabouts, dated May 3 1933.
There is no issue of bills maturing on May 3. The new bills:
will mature on Aug. 2 1933, and cn the maturity date the
face amount will be payable without interest. Bids to the
offering will be received at the Federal Reserve Banks, or
the branches thereof, up to 2 p. m., Eastern standard time,..
Monday,May 1, 1933. Tenders will not be received at the
Treasury Department. The bills will be sold on a discount
basis to the highest bidders. They will be issued in bearer
form only, and in amounts or denominations of $1,000,
$10;000, $100,000, $500,000, and $1,000,000 (maturity
value). Secretary Woodin's announcement 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 be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers In investment securities 'Tenders from others'must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the.closing hour for receipt of tenders on May 1 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 ReservoBanks in cash or other immediately available funds
on May
3 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
otherwise recognized, for the purposes of any tax now or hereafter'imposed
by the United States or any of its possmsions.
Tenders of $290,184,000 Received to Offering of $80,000,000 or Thereabouts of 91-day Treasury Bills
Dated April 26—Bids Totaling $80,295,000 Accepted—Average Price 0.51%.
Bids amounting to $80,295,000 were accepted to the offering of 0,000,000 91-day Treasury bills, dated April 26, for
which bids were asked at the Federal Reserve Banks on April
24, according to an announcement made that day by Secri3tary of the Treasury William H. Woedin. The offering was
noted in our issue of April 22, page 2708. Tenders to the
offering which brought an average rate on a bank discount
basis of 0.51%, amounted to $290,184,000. The last previous offering of bills,'dated April 19, brought an average
rate of 0.49%. The average price of the bills dated April
26 is 99.870. Secretary Woodin's announcement was reported as follows by the New York "Herald Tribune" of
April 25 in Washington advices, dated April 24:
Wiliam H. Woodin, Secretary of the Treasury, announced to-day
(April 24), that the tenders for $80,000,000 or thereabouts, of 91-day
Treasury bills, dated April 26, which were opened at the Federal Reserve
Banks to-dtforayone biunted to $299,19 0 .
at 9:9
E ep
, amod of uo,000Z 84
Except
the highest bid made was
99,881.
equivalent to an interest rate of about 0.47% on an annual basis. The
lowest bid accepted was 99,867, equivalent to an interest rate of about
0:53%. Only part of the amount bid for at the latter price was accepted.
The total amount of bids accepted was 380,295,000. The average price of
Treasury bills to be issued is 99.870, and the average rate about
0.51%•
President Roosevelt Praises Press in Message to Conventions of Press Associations.
On the eve of the annual meeting of the Associated Press,
to be followed by conventions of other newspaper organizations, "Editor and Publisher" on April 23 published the
following letter of greeting from President Roosevelt:
THE WHITE HOUSE.
Washington, Aprll 19 1933.
To Editor and Publisher—Approaching conventions of the press associations, newspaper publishers, editors and national advertising
agencies
afford me a welcome opportunity to pay tribute to them.
Collectively and separately, these great institutions and their efficient
workers have contributed generously to good government and to
the general
betterment of our national life. They also have made possible a
continuous
enlightened public opinign, giving to our people a knowledge based
upon
facts accurately presented.
Of this high service I am deeply appreciative, and to the whole of newspaperdom I offer warmest congratulations upon the service performed
and
earnest wishes for its continuance for the good of the people and the
government of our country.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Roosevelt's Message to Associated
Press
Regretting Inability to Attend Annual Luncheon.
With his inability to be present at the annual luncheon of
the Associated Press at the Waldorf-Astoria Hotel in New
York on Aprir24, President Roosevelt in a letter to Frank B.
Noyes, President of the Associated Pim, expressed his
President
New
Offering of 91
-Day Treasury Bills to Amount of
$60,000.00)or Thereabouts—To be Dated May 3
1933.
Secretary of the Treasury Woodin, on April 27, invited
tenders to a new offering of 91-day Treasury bills to the
April 29 1933
Volume 136
Financial Chronicle
regret that he could not attend. Led by President Noyes,
the gathering drank in water a toast to President Roosevelt.'
In place of the latter, Senator Robinson of Arkansas (Democratic leader of the Senate) addressed the gathering and his
address is referred to elsewhere in this issue of our paper.
The letter from President Roosevelt followsr
It was with extreme-regret and only after keeping the matter under
advisement up to the last moment that I found myself compelled to decline
the invitation to attend the annual luncheon of the Associated Press and
even unable to comply with yoUr interesting suggestion that I address the
luncheon by long-distance telephone.
I am sure that you and the gentlemen who will participate in this luncheon
will appreciate the demands on my time just at present which make it
impossible for me to accept many of the invitations which, like yours, I
would be only too glad to accept under normal conditions. An added
difficulty in the way of complying with your request that I address you
lies in the fact that just at that time I will probably be in conference with
some of the foreign respresentatives who will be my guests at the White
House.
Please convey to all those present my regret and my cordial greetings.
Secretary of Treasury Woodin Warns Hoarders to
Turn in Gold—Posters Sent to Banks and Postoffices, Giving Text of Executive Order—Data on
Gold Withdrawals Will Be Given to AttorneyGeneral for Court Action after May 1.
. A final warning to gold hoarders was issued on AprIl 25
by Secretary of the Treasury Woodin that all gold coin,
bullion and gold certificates must be in the Federal Reserve
banks or the Treasury on or before May 1. According to a
Washington dispatch, April 25, to the New York "Times,"
the approximate amount 'of gold outstanding'April 10 was
$773,000,000. The gold stocks on that date were $4,313,000,000, while $3,365,000,000 was held as reserves by the Federal Reserve banks and $175,000,000 by the Treasury as reserves. The dispateh continued:
2893
the Muscle Shoals power project. The bill will go to the
Senate, where it is expected to undergo considerable revision
by Senator Norris. Its principal provisions, as passed by
the House; were summarized as follows by the New York
"Herald Tribune" Washington correspondent April 25:
Establishment of the Tennessee Valley Authority, a Government corporation to operate the war-built Muscle Shoals project in the interest of
"national defense, agriculture and industrial development, navigation and
flood control.':
That the corporation may lease or operate the nitrate plant requiring
the production of a minimum of 10,000 tons of fixed nitrogen for fertilizer
the first two years.
Authority for the sale of surplus power developed by the existing Muscle
Shoals plant and for the building of the Cove Creek dam on the Clinch
River in Tennessee, and a third dam at Muscle Shoals in the Tennessee
River in Alabama, to supplement the existing power development.
Additional authority for the building of other dams in the Tennessee
River as market conditions warrant, a section likely to be altered in the
Senate, where the Norris bill is certain to be substituted. •
Authority for the Government to develop power transmission linos and
sell surplus power, giving preference to states, counties and municipalities.
A $50,000.000 bond issue and an appropriation of $10,000,000.
Direction that surveys be made as the basis for a report to Congress on
economic planning for the development of the Tennessee River basin.
The House began debate on the Muscle Shoals bill on
April 22, following its favorable report by the Military
Affairs Committee. (Committee hearings on the measure,
and various changes that were introduced, were detailed in
our issue of Apri1.22, page 2714.) In reporting the measure
on the floor of the House, Representative McSwain, Chairman of the Military Affairs Committee, said on April 22
that "the President himself did not write the bill. He
studied its provisions, however, and approved them."
Further debate, was described as follows, by the Washington
correspondent of the New York "Times" on April 25:
A reasonable amount of gold required for use in industry, professions or
the arts was excepted from the order. Exceptions were also allowed for
gold coin and gold certificates not exceeding $100 owned by any one person
ahd for rare gold coins having a recognized special value to collectors.
. Much of the debate to-day, which lasted for two hours, centered about
the strict rule under which the measure was brought to the floor. It was
condemned by Representative Snell, minority leader, who said the Republicans had become so accustomed to "gag" rules that they would indeed
be surprised if the Democrats ever brought in a bill and allowed the opponents to talk.
The rule bars all except committee amendments.
Warning Posters Sent Out.
Posters were sent to all post offices and banking Institutions quoting the
President's proclamation, with a request to publicly display them in a
final effort to acquaint the public with the requirements of the order.
The return flow of gold has been slowed up somewhat by inflation moves
• a the Government, in the Opinion of financial authorities.
After May I the Treasury will report to Attorney-General Cummings on
the hoarding situation. Mr. Cummings said that appropriate action would
be taken, although, without advance knowledge of the facts, he could not
specify what course would 1WPuraued.
A partial list of large withdrawals of gold is in the possession of the
Federal Reserve banks. They will report to the Treasury and an effort
will be made to determine whether the gold has been returned or what
disposition was made of it.
Taber Attacks Bill.
Representative Taber of New York, ranking minority member of the
Appropriation Committee, asserted that the passage of the bill would mean
an ultimate expenditure of $1,100,000,000, and he denied there was any
need in Southern States now for fertilizer or electrical power.
"Despite the cost of fertilizer," he said, "there are so many sources of
supply that it is a drug on the market."
His statement was answered by Representative Almon of Alabama.
who denied that the industry would be injured, because the Government
would purchase materials for fertilizer manufacture. He added that the
Muscle Shoals nitrate plant was simply a "mixer."
. Representative Ransley of Pennsylvania, a member of the committee
who was one of the signers of the minority report, declared that more than
$70,000,000 would be needed to complete the first two projects.
Text of Woodin's Statement.
The text of Secretary Woodin's statement follows:
"Secretary Woodin to-day called attention to the fact that under the
provisions of the President's order of April 5 1933, forbidding the hoarding
of gold coin, gold bullion and•gold certificates, persons who own gold coin,
gold bullion or gold certificates are required to deliver their holdings to a
Federal Reserve bank, branch or agency, or to any member bank of the
Federal Reserve System, on or before next Monday, May 1 1933, except
as provided in certain cases specified in the order. A fine of $10,000 or
10 years' imprisonment, or both, may be imposed as the penalty for failure
to comply with the terms of the order.
"Gold in reasonable amount, actually required for use in industry, profession or art, is excepted from the order to deliver on or before May 1.
An exception is also allowed in the ease of gold coin and gold certificates in
an amount not exceeding'$100 belonging to any one person, and in the case
of gold coins having a recognized special value to collectora of rare and
unusual coins.
To Display Executive Order.
"In a final effort to acquaint the public with the requirements of the
President's order, and the criminal penalties provided for violations of the
order, the Treasury Department is forwarding to every post office and banking institution a printed notice in the form of a poster and intended for
public display, setting forth the Executive order in full. Persons having
gold coin, gold bullion or gold certificates should acquaint themselves with
the exact terms of the Executive order.
•"To facilitate the identification of gold certificates, as distinguished
from other currency, the Treastiry points out that gold certificates may be
identified by. the words 'gold certificate' appearing thereon. In the case
of gold certificates of the small-size currency, which were first issued in
1929, the title 'gold certificate' appears on the face of the certificate, and
in the case of gold certificates of the large-size currency (the issue of which
was discontinued in 1929) the title 'gold certificate' appears on the back.
"The serial number and Treasury seal on the face of a gold certificate
are printed in yellow. While Federal Reserve notes and United States
notes
are redeemable in gold and bear a provision to that effect, they are
not
'gold certificates' and are not, therefore, required to be surrendered."
Loss of Millions Predicted.
"The plants are obsolete," he said. "It will cost other millions to
modernize them. The passage of the bill will be (be entering wedge to
socialistic government and it will drive out of business the large fertilizer
industry."
•
Representative Byrns, the majority leader, admitted that the measure
was brought out under 'what was commonly called "gag" rule, but said
that the Republicans agreed to the rule and hoped that the bill would be
passed
Representative O'Connor of New York then partly dispelled the growing
ill-feeling and brought laughter with the remark:
"Sure, the 'gag' rule was requested by the Republiean minority. They
wanted it so they could protest for the power companies without endangering
Passage of the bill."
Muscle Shoals Power Bill Is Passed by House of Representatives, 306 to 91—Measure Sent to Senate,
Where Substitutions Are Expected by Senator
Norris.
The House of Representatives on April 25, by a vote of
306 to 91, passed the McSwain bill to create the Tennessee
Valley Authority recommended by President Roosevelt, to
develop a large area in the Southeastern states, including
Fertilizer Companies in Telegram to President Roosevelt Submit Industry's Attitude on Operation of
Muscle Shoals Plants—Government Operation
Would Have Unfair Advantages in Competition
with Private Industry—Pledge Support to Tennessee Valley Conservation Project.
Seventy-five fertilizer companies, most of them members
of the National Fertilizer Association, on April 18, joined
in sending a telegram to President Roosevelt giving the
industry's attitude on the proposed operation of the Muscle
Shoals nitrogen plants for the competitive manufacture of
chemical fertilizers. The message expresses hearty accord
with the President's message to Congress of April 10 which
relates to flops' control, soil erosion, afforestation, elimination from agricultural use of marginal lands, and distribution
and diversification of industry in the Tennessee Valley.
Bills before Congress purporting to have the. President's
approval, particularly the McSain-Hill-Almon Bill in the
House, the President is advised, would authorize the manufacture and sale of fertilizer by the Government on a large
scale in competition with private industry. Such activity
on the part of the Government, the message states, would
jeopardize a capital investment of $350,000,000 and the jobs
of some 25,600 persons now engaged in fertilizer production. Present plants, it is pointed out, have an annual
capacity of 12,000,000 tons of fertilizer, with a peak produc-
2894
Financial Chronicle•
tion in 1930 of 8,290,000 tons. In 1932 the total volume of
business was only 4,300,000 tons, the decrease being due to
the loss of farm purchasing power and, despite the granting
of large amounts of credit to farmers. The .message continues.
Obviously private industry could not compete with the Government,
and the asset value of existing plants, already gravely reduced, would in
many cases actually be destroyed. Private industry must pay taxes, the
Government corporation would not. Private industry, to .continue existence, must include in its costs insurance, depreciation, amortization, and
numerous items never appropriately provided for under direct or indirect
Government operation. The proposed Government corporation would
have other unfair advantages in competition with private industry, including the right of access to the patents of private companies with which it
would compete.
If Congress shall ultimately determine that the public interest requires
that the Government or any corporation set up to act for it shall undertake
the competitive manufacture, distribution and sale of fertilizers, it should
first purchase and take over properties now being used in such manufacture,
paying therefor the.normal value of said properties which should be determined in a manner similar to that provided in pending legislation for the
determination for other purposes of value of real estate condemned for use
by the corporate body created.
In behalf of the industry, it is also said.
The Nodis Bill, already reported favorably by the Senate Committee on
Agriculture, apparently provides primarily for experimental fertilizer manufacture. The McSwain-Hill-Almon Bill, now before the Committee on
Military Affairs of the House, would inject the Government into the
fertilizer business on a large scale and without providing any proper safeguards for private industry. On account of this fundamental difference
between the Senate and House bills, fertilizer manufacturers feel justified
in seeking an expression of the President's position before action is taken
by Congress.
The fertilizer industry feels that a greater service to a larger number of
farmers could be rendered by experimentation and research in production
of fertilizers at Muscle Shoals than by mere mass production. The benefits
of any discoveries made in the Government laboratories and plant would
be quickly passed on to all farmers in the United States, whereas mere mass
production would reach only those farmers located within 200 to 300 miles
•
of the Shoals, if indeed it would benefit eve-i them.
$500,000,000 Relief Bill Passed by House of Representatives by Vote of 331 to 42—Similar Measure
Was Recently Approved by Senate, But Conference
Committee Will Act on Minor Differences-Project
Provides Both Direct Federal Grants and Also
Loans to States.
The House of Representatives, by a vote of 331 to 42,
passed on April 21, the Wagner-Lewis bill providing $500,000,000 for the relief of unemployment. Passage of a similar
measure by the Senate.on March 30 was noted in our issue
of April 1, page 2162. Although the bill as approved by the
House is substantially the same as that passed by the Senate,.
several minor differences will result in the measure going to
conference. Both bills provide for a total of $500,000,000 in
emergency relief, but the House measure includes $250,000,000 for unrestricted grants and a like amount for loans to the
States by the Reconstruction Finance Corporation, in the
proportion of one-third Federal funds and two-thirds State
appropriations. The Senate authorized' $200,000,000 for
such projects and $300,000,000 for direct grants.
On April 25, the Senate Committee agreed to the changes •
made by the House, added several minor amendments,
and then approved the bill.
Action in the House preceding the passage of the bill was
described as follows in a Washington dispatch, April 21, to
the New York "Herald Tribune":
The Bill, as finally approved by the House, was a House measure bearing
the name of Representative David Lewis, Democrat, or Maryland, an
action designed to rebuff the Senate for originating a "money measure"
constitutional privilege of the House. As the result, the Bill will have to
be repassed in the Senate, a development which indicates further delay
In disposing of this segment Of President Roosevelt's emergency relief
program.
Banking Committee Flouted.
In the same manner in which the House Democrats took the civil service
requirement from the personnel proposed for elaborate machinery provided in the Farm Price-Fixing Bill, now pending in the Senate. they
succeeded to-day in flouting the recommendation of the Banking and
Currency Committee and amended the relief Bill on the floor to permit
unrestricted apportionment of the jobs.
Representative Claude A. Fuller (Dem.), of Arkansas, a member of the
patronage committee, offered the amendment to kill the civil service section,
and the House adopted it with cheers. Later, when the House was ready
to vote on final passage, Representative Robert Luce (Rep.), of Massachusetts, an opponent throughout of the provision for .outright gift of
$250.000,000 to the States, forced a record vote on the civil service feature,
but the House sustained, by a vote of 215 to 161, the vociferous affirmative
action taken when it was first proposed by Representative Fuller.
Democratic•leaders, including Representative Henry B. Steagall (Dem.),
of Alabama. In charge of the bill as Chairman of the Banking Committee,
voted with Representative Luce, but they had made little stir to head off
the stampede in the first instance.
Although the bill as approved by the House is substantially the same as
the measure passed by the Senate and the difference could be ironed out
speedily were it not for the parliamentary controversy Over respective
House and Senate rights, the House did write in some amendment in
addition to the civil service elimination.
$250,000,000 Grants Unrestricted.
Both bills provide a total of $500,000,000 in emergency relief, but the
Mouse measure carries $250.000,000for unrestricted grants and $250,000,000
•
April 29 1933
for loans to the States by the Reconstruction Finance Corporation to
match all State and local relief expenditures in the proportion of onethird Federal funds. The Senate authorized $200,000,000 to be thus
matched in towns and $300,000,000 for direct grants.
An amendment also was adopted to limit the salary of the Federal
relief administrator to be appointed by the President to direct the distribution of the funds to $8,500, the salary now received by a member
of Congress. It was proposed by Representative Carroll L. Beedy (Rep.),
of Maine, after the defeat of the civil service provision.
Representative Steagall and other Democratic leaders wanted the bill
unchanged, they asserted, because the President had given it his approval
as written as the second measure of the relief program to supplement
the reforestation act and to be followed by the public works program
still td be submitted to Congress. They insisted that it was a relief measure
and should be considered as such, free of any suggestions of job-providing
politics.
A long series of minor amendments and a major effort by Representative
John 13. Hollister (Rep.), of Ohio. to change the bill to place ,the full_
$500,000,000 in the category of loans rather than in part for gifts were
'
easily defeated. This was the center of the Republican opposition and
was made the basis of Representative Luce's motion to recommit.
The roll call was taken on' the effort of Representative Luce to force
the House to reserve its action wiping out the civil service requirements,
which had been taken by mere acclaim. A roar of disapproval went up
when Representative Luce insisted upon putting the members on record
on the question, but a sufficient number arose to make the roll call in order.
The roll call to sustain Representative Fuller's patronage amendment
eliminating the civil service feature was adopted by a vote of 215 to 161.
Mayor O'Brien of New York City Urges Further Liberalization of Federal Relief Measures—In Telegram
to New York Senators Asks That Bill Provide for
Federal Grants to States on Basis of One to Two,
Rather Than One to Three.
A proposal that Federal gl•ants of relief to States be made
on 'the basis of one-half the sum expended by States and
their sub-divisions, rather than one-third, was contained
in a telegram sent by Mayor O'Brien of New York City on
April 22 to Senators Wagner and Copeland of New York.
Mayor O'Brien referred to the passage of the $500,000,000
relief bill by the House and Senate, and requested the
liberalization of its provisions. Senator Wagner referred the
telegram to the Senate Banking and Currency Committee.
The telegram read .as follows:
The City of New York through its taxpayers and citizens has responded
most generously to the cause of unemployment relief during the past
three years, without stint or reluctance.
The citizens' relief groups and private agencies have expended almost
all of their resources and are experiencing difficulty in carrying on this
•
great work.
The city's emergency home and work relief operations are caring for
which is steadily increasing. As a matter of fact
over 200,006 families,
the increase in the number seeking and receiving relief from public funds
has increased over 100% during the past roar months.
Fifty five thousand new family applications are being received monthly
through the home relief bureaus. Public relief expenditures have increased 80% during the past six months. The usual public relief extended by the city, such as child welfare, veteran relief, care of the blind,
dependent children, health, hospitals, &c., is not included.
Emergency funds being expended through public agencies in New York
City at the present time are $7,000,000 per month.
Relief to the unemployed has now become a matter of serious concern
in so far as the city of New York, and I believe other municipalities, are
concerned, and not only is it a matter of assistance to the municipalities
from State governments, but it is a mandate on the Federal Government
to place all resources possible to aid the municipalities.
The Lewis-Wagner bill now before the House and Congress, providing
for the appropriation by the Federal Government of 3500,000,000, should
be expedited and enacted into law at the earliest moment and I would
suggest the following amendments:
The bill provides that $200,000,000 shall be made in grants to States
and municipalities on a one to three basis. I would respectfully recommend
that the bill be amended to have the grants to States made on a one to
two basis. This amendment would give the State and city of New York
a better opportunity for the raising of its funds through taxation.
Nearly $11,000,080 Spent For Relief Work in March
by Welfare Council of New York City--Expenditures For Relief by Public and Private Agencies at
New High Figures—Work Urged in Behalf of
Breadwinners - Close to 300,000 Families Now
Accorded Relief.
Nearly $11,000,000 was spent for relief in New York
City during the month of March, it is shown by an analysis
made public April 20, by the Welfare Council of New York
City, the clearing house of practically all the health and
welfare organizations in the city. According to the Council
the number of families receiving relief is now close to 271,000
an increase of 20,000 families over February and 59,000 more
families than were on relief rolls March of last year. The
Council's announcement, April 20, also said:
The combined expenditures of all public and private agencies for relief
to persons in their homes were $10,776,000 during March this year, $1,200,000 more than in February when all previous records were broken, according to the Welfare Council. During March of last year the combined
relief expenditures of all these agencies were $8.348.000 and the number
of families aided was 212,000. These figures are exclusive of expenditures
for the care of homeless in the Municipal Lodging House and similar
shelters operated by private societies, the care of sick and indigent in
institutions and those services of family welfare societies not classed as
relief, such as day nurseries and health services.
The private agencies—those financed by contributions—spent $1.847.000
for relief during March of this year and assisted more than 41,000 families:
Volume 136
Financial Chronicle
of this, $1,283,000 was spent by the Gibson Committee's Work and Relief
Bureau, $467,000 by the 11 family welfare societies and the rest by the
local Red Cross.the Salvation Army and societies aiding engineers,chemists,
actors and musicians.
The public agencies, those financed out of tax funds, spent $8,692,000
for relief in this city during March and assisted 218,000 families the Welfare
Council reports. Of this amount nearly $4,500.000 was spent by the
Home Relief Bureau and nearly $2,500,000 by the City Work Bureau,
both of the Department of Public Welfare. The same department of the
city government also disbursed in the last month $662,000 for old age
relief. The Board of Child Welfare distributed $776,000 to widowed,
abandoned and other destitute mothers. Six thousand dollars was spent
in March on an experimental project for the rehabilitation of homeless
meta, transported from-a life on the Bowery and in the Municipal Lodging
House to a work camp at Bear Mountain where they are building an airport
and cutting trails through the woods and at the same time regaining health
and merale.
COmmenting on this analysis of the situation by the
Research Bureau of the Council, William Hodson, Executive
Director, said:
As the number of families under care of public and private relief agencies
mounts to such unprecedented iota!: and to include such a large proportion
of the entire population, we are fixed with the tremendous task of preventing disintegration of families and demoralization of thousands of
individuals through idleness and with the problem of sustaining morale
among breadwinners who have been out of work for months and in many
cases Years•
The relief which is being given to nearly 300,000 families—relief on a
mere subsistence level—is essential, but this community must not forget
that relief even on this large scale is no solution of its ultimate problem.
We must find ways sooner or later—and preferably sooner—to put these
breadwinners for more than 1,000,000 persons back to work so that they
may earn their daily bread rather than have it handed to them month
after month and year after year, with all the harmful influences of such
enforced idleness.
The vast majority of those receiving relief still are eager for work, we
are told by social workers in immediate touch with destitute families,
but many are rapidly reaching the point where it may be difficult or impossible for them to work again because of physical or mental deterioration.
It is as important for the community to avert such a calamity as to keep
People from starving. And work of some sort—any sort, at a living wage—
is the only answer to this most serious problem.
Formal Assurance Given to European Powers by
Secretary of State Hull that Money Moves of
United States Were Not Designed as Weapon—
Merely Intended to Effect Price Improvement in
this Country.
Formal assurance was given by Secretary Hull on April 21
to the Foreign Offices in London, Berlin, Paris and Rome
that the recent American monetary legislation was not intended as a "club" in the international economic conversations, but merely to bring about price improvements in this
country. This was noted in a Washington dispatch, April 22,
to the New York "Times," which indicated that the assurance was conveyed in the following telegram, sent April 21
to the American Embassies in those four capitals:
In explanation of recent monetary legislation introduced in Congress,
your attention is called to the authoritative statement given out yesterday,
April 20, explaining the provisions of the legislation submitted in Congress.
It is important that our recent monetary action be understood not as a
step in international contest or conflict and not as a move to get a weapon
in the scheduled international conversations. It was a measure required
by circumstances and designed to enable us in this country to work out an
improvement in prices which was essential.
It may be hoped that other countries, by taking suitable monetary measures, will assist in producing the desired price improvement.
The ultimate aim is to create a price condition under which the world
can again be prosperous, and not to seek any special American advantage.
Further advices, April 22, from Washington, are also taken
as follows from the "Times":
Secretary Hull's word to European Powers that no "club" was sought in
our monetary moves for use at the economic conference was designed to
quiet fears abroad that such a weapon was the aim of the legislation.
The message was decided on after the Secretary's assistants in the conference told him that such formal assurance concerning the President's
intention should be sent. He acquiesced in their views, although earlier he
said he planned no message.
The persistence of reports that President Roosevelt had fashioned a "club"
and increasing apprehension of France on this score apparently led to his
decision.
Mr. Hull had stated informally in the morning that the monetary legislation was due to domestic conditions, and it is understood that this view
had been communicated even earlier by the British Embassy to Prime Mm.
later MacDonald on the Berengaria, on informal information from State
Department officials.
The telegram of assurance indicated that Senator Robinson, the Democratic floor leader, was speaking without Administration warrant yesterday
afternoon, if, in urging speedy enactment of the money legislation, he
intended to convey an impression that the President desired a weapon.
Secretary Hull, however, decided to send the telegram before Senator
Robinson expressed his views, it was said to-day.
' The "authoritative statement" of April 20 referred to in the telegram
was an Associated Press dispatch summarizing provisions and purposes of
the currency legislation which was published in newspapers yesterday
morning.
. Puts Price Issue Before Parley.
Secretary Hull's expressed hope "that other countries, by taking suitable
monetary measures, will assist in producing the desired price improvement,"
has, in informed opinion, formally proposed an issue for the economic conversations.
The United States, it was pointed out, thus officially has proposed for
exploration methods by which world prices may be raised. This, it was
suggested by experts, might be accomplished through stabilization of cur-
2895
rencies, possibly with a reduced cover, or it might be done by an expansionist program of Government-stimulated public works in all countries.
Both methods were suggested in the report of the preparatory committee
for the world monetary and Economic Conference, but the public works pro.
gram would presumably tend to depart from recommendations of the committee for balanced budgets.
Recently a growing favor toward an expanded public works program as a
stimulus to business has been noted in Great Britain, but France appears
to be lukewarm toward it.
No great opposition to a reduced cover for currency, however, has appeared
in any countries, while the expedient has been urged by many committees
and experts in the past two years.
Lower Cover Discussed.
."We have suggested," the preparatory committee said, "that the minimum coser requirements of central banks should be lowered, and have also
expressed the opinion that some countries should allow holdings of foreign
exchange to be included in the legal reserves.
"The difficulties connected with the uneven distribution of gold in the
world will to some extent be mitigated by these measures; but they are,
of course, not in themselves sufficient."
Continuing, the committee said:
"Experience during the past few years has clearly shown that cover provisions in the statutes. of many central banks have not been sufficiently
elastic to permit the utilization of reserves for meeting foreign payments to
an extent which would be justified in case of emergency.
"The increased volume of short-term funds capable of moving rapidly
from one country to another may represent an extra burden on the balance
of payments.
"Moreover, when the national economy has for one reason or another
become less flexible it may take longer to restore a lost equilibrium, and
during the intervening period a larger amount of gold may have to be
exported.
"We suggest that the conference should stress the need of introducing
greater elasticity in the primary cover regulations of our central banks,
particularly so as to make the reserves more fully available to meet fluctuations in the balance of payments.
"A great advance would be made if legal minimum requirements of gold
(or of gold and foreign exchange) were substantially lowered below the
customary 33 to 40 ratio. The margin available for payments abroad—
representing the difference between the actual holdings and the legal minimum—would then be considerably greater."
Senate Approves Administration's Measure for "Controlled Inflation" as Part of Farm Relief Bill—
Latter Finally .Adopted—Project for Payment of
Bonus With New Money Defeated—Clause for
Decrease in Gold Content of Dollar Retained.
The Senate late yesterday (April 28) passed the Thomas
amendment to the Farm Relief Bill, authorizing President
Roosevelt to ,initiate various measures for "controlled
inflation," and then by an almost identical vote approved
the Farm Relief Bill itself. The vote on the inflation amendment was 64 to 21, and that on the Farm Relief Bill, with
the amendment attached, was 64 to 20.
Earlier yesterday afternoon the Senate had rejected an
amendment to the inflation bill that would have given the
President the optional power to pay the bonus with new
money if he should so desire. That proposal was defeated
after Senator Robinson of Arkansas, the Democratic leader,
had told the Senate that President Roosevelt was opposed
to attaching it to the inflation measure, and would not use
.
the power, even if it were provided.
After the bonus proposal had been defeated the Senate,
before taking the ballot on the inflation measure as an
entitety, voted to increase from $100,000,000 to $200,000,000
the amount of war debt payments to be made paYable in
silver under the administration inflation program, but later
advices from Washington indicated the Senate would reconsider this decision.
On Apr. 26 the Senate authorized free coinage of silver at
a fixed ratio to gold. This was provided in the Wheeler-King
amendment, permitting the President to fix a currency ratio
between gold and silver, although not making mandatory
the free coinage of silver. The vote favoring this amend
mend was 41 to 26.
The President, under the amendment,would be authorized:
"By proclamation, to fix the weight of the gold dollar in grains nine-
tenths fine and also to fix the weight of the silver dollar in grains ninetenths fine at a definite fixed ratio in relation to the gold dollar at such
amounts as he finds necessary from his investigation to staoilize domestic
prices or to protect the foreign commerce against the adverse effect of depreciated foreign currencies, and to provide for the unlimited coinage of
such gold and silver at the ratio so fixed."
Attention to Congressional action in Washington during
the past week was focused almost entirely upon the Senate
debate on the Thomas amendment to the Farm Relief Bill,
framed admittedly to invest the President with wide powers
that would enable him to embark upon a program of "controlled inflation." The introduction of the amendment on
Apr. 20, and its reference to the Senate Banking and Currency Committee, were described in our issue of Apr. 22,
pages 2718 to 2720. The amendment was reported out of
the Banking and Currency Committee on Friday, Apr. 21.
A new issue was injected into the Senate discussion,
Apr.. 26, when Senator Robinson of Indiana brought up the
2896
Financial Chronicle
soldiers'• bonus question by introducing an amendment
directing the Secretary of the Treasury to issue more than
$2,000,000,000 Treasury notes to pay off the veterans' compensation certificates. The day's debate, as outlined in
Associated Press Washington dispatches, proceeded as
follows:
Senator Connally (Dem.. Tex.), a pro-inflationist, was the first speaker
frequently interrupted by Senator Reed (Rep.,Pa.) and other anti-expansion Senators.
Senator Robinson of Arkansas, the Democratic chieftain, and Senator
Reed engaged in an interchange while the Texan had the floor, both agreeing that unless international exchanges were stabilized America and Great
Britain faced the danger of a duel to depreciate currencies.
Mr. Glass got into the debate briefly during Mr.Connally's speech,saying
he was "amazed and distressed" to hear Mr. Connally express doubt
whether the Government was morally obligated to pay its bonds in gold
dollars of the present value.
Senator Connally conceded the clause authorizing the President to lower
the gold content of the dollar by 50% was "not without grave doubt" as
to conAtitutionality.
"Such question can never be decided by the Supreme Court," he said,
''until the Government undertakes to exercise the power of changing the
gold content and its further exercise of power by declaring that such new
dollars shall be tenderable on debts and obligations therefore existing,
contracts providing for gold clauses of the present standard of weight and
fineness to the contrary notwithstanding."
"The question is so fundamental," Mr. Connally added, "it is hoped
some occasion may soon be found for determination by the highest court."
Assails Hoover Steps.
He assailed Hoover Administration recovery steps, including the Hawley
Smoot tariff of 1930, the moratorium of 1931, and the Reconstruction
Finance Corporation.
"We saw the tide of distress sweep over the tariff dikes they enacted,"
the Texan said. "And another remedy was the Hoover moratorium. We
tried that and the forces of depression, despair and lower prices went marching on and on.
"Then we were told by the Senator from Pennsylvania that the It. F. C.
would solve the problem. That was inflation. We know now what a
double-barreled failure that was."
Interrupting Mr. Connally's speech and using the floor in the Texan's
time, Senators Reed and Robinson of Arkansas entered their exchange.
Praise for Roosevelt.
Mr. Reed praised President Roosevelt for seeking to work out an international agreement on monetary stabilization after informing Mr. Connally that the reason the American dollar sank abroad when the recent
gold embargo was announced was "all the talk and belief it was the first
step in the inflation of the American dollar."
Mr. Reed agreed with Mr. Robinson that "in order to effectuate a
prompt and fair stabilization" of the dollar and other currencies an international.agreement is necessary.
The most important move on the part of the Senate
occurred on Apr. 27, on which date it defeated the motion by
Senator Reed to strike out the provision in the Thomas inflation amendment to the Farm Bill, giving the President
power to decrease the gold content of the dollar by as much
as 50%—a total of 53 votes were recorded against the motion
while 35 (11 Democrats and 24 Republicans) favored its
adoption. From a Washington dispatch, Apr. 27 we quote:
An eloquent argument against the inflation amendment ta the farm
relief bill, delivered by Senator Glass, marked to-day's session. Against
parts of the measure he used such terms as "immoral."
The vote on the dollar devaluation clause was cast on a motion by
Senator Reed to strike out a section of the Thomas inflation amendment.
• Forty-four Democrats and 8 Republicans voted against Mr. Reed's
motion, despite the fact that he had revised it to retain a provision allowing
free coinage of silver. He hoped by this change to win support from silver
advocates.
Bonus Amendment Changed.
As the bonus question became the centre of attention, Senator Robinson of Indiana modified his amendment to make cash payment discretionary
with the President. He hoped thus to draw votes to his proposal, but,
while it may receive fairly substantial support,defeat is considered certain.
As debate on the bonus began late to-day, Senators Long, Robinson
of Indiana and Copeland spoke in favor of the Robinson plan.
Senator Copeland stated that he was an original advocate of a cash
bonus for veterans; that he voted against a measure similar to the pending
one last year because of the economic condition of the country, but that
now, with a large issue of new currency in sight, he felt free to vote again
for the bonus since it Would not require the issuance of money beyond legal
authorization.
It was the Reed motion and the general inflation program, however,
which occupied most of the Senate session to-day.
Glass Pleads for "Sound Money."
JIM before the vote on the Reed motion Senator Glass delivered a
stirring speech in which he explained that, although utterly loyal to his
party, he could not go with the Administration on the inflation program.
With a low but intense, firm voice, and with tears in his eyes, Senator
Glass commanded the silent and respectful attention of the Senator as he
recalled that "with my own hand" he wrote the "sound money" plank
in the last Democratic platform; told the Senate that after his only speech
in the Democratic campaign—a speech in furtherance of this pledge—
Franklin D. Roosevelt himself, then a candidate for President, was among
5,000 persons who telegraphed their congratulations.
He explained his fears on inflation, declared finally his belief that the
Thomas amendment spelled the ruin for the country's credit and impotence
for the Federal Reserve System.
The Virginian has been under a physician's care, and apparently a
failure in strength forced him to stop the explanation of his stand midway.
He nervously fingered a pamphlet on his desk while Senators and spectators
In the gallery sat silent. Then he said quietly:
"I find I must desist."
He quickly concluded now, saying:
"I regret to disagree with my colleagues. It is painful to disagree with
the occupant of the White House, whom I love and respect, and who has
exhibited unparalleled courage in trying to bring the Government within
its budgetary requirements. '
April 29 1933
"But whether it be a commonplace, or whether it be sensational, I am
one Democrat who is going to vote against this inflation amendment if
every one of the 95 other Senators votes for it. I may have regret, but shall
never make apologies for action upon my own conviction and conscience."
In the test on the gold section that followed 10 Democrats voted with
Seantor Glass, including Senator McAdoo, also a former Secretary of the
Treasury.
However, many more than these grouped around Senator Glass to
congratulate him, including Senator Barkley and Senator Norris, who
are among those opposed to the Virginian's ideas.
Senator Reed Opens Devaluation Debate.
These demonstrations,• however, only emphasized the Isolation of Mr.
Glass, who some weeks ago, at the inception of inflation agitation in this
Congress, observed ruefully that "this age is passing me by."
The vote on the gold section cleared the way for what leaders expect
to be final action on the inflation amendment to-morrow. Unless other
amendments are offered, the Senate faces a clearly defined COU1138, ineluding, first, the expected defeat of the soldier-bonus amendment, and,
finally, the adoption of the Hayden amendment, which now authorizes
acceptance of $200,000,000 in silver at a value not to exceed 50 cents an
ounce in payment of war debts.
The silver amendment, in which the amount involved has been raised
from $100,000,000 by agreement, is considered certain to pass, since it
has been pronounced acceptable by Senator Robinson, the Democratic
leader.
The vote on the gold devlauation clause was reached only after three
long days of debate in opposition, marshaled by Senator Reed.
Obtaining the floor at the opening of to-day's session, Senator Reed
voiced arguments similar to those he has used heretofore, and then, during
an exchange with Senator Barkley, declared an opinion that adjournment of
Congress would be a major influence toward business recovery.
As soon as the Thomas inflation amendment came to the
floor of the Senate on.Apr. 21 the attack from the Republican
side of the Chamber began. This attack did not lessen in
intensity with the start of the new week, but rather seemed to
gain in strength, and to win over additional adherents. The
object of the conservative, "sound-money" bloc
principal .
was to emasculate the amendment of some of its most radical
provisions: notably the section which would permit the President to reduce the gold content of the dollar by as much as
50%.
The fight for the amendment as written was led by its
author, Senator Thomas of Oklahoma; by Senator Robinson
of Arkansas, the Democratic floor leader, and by Senator
Harrison of Mississippi. These men were supported by other
speakers, including Senator Borah, who expressed, however,
doubt as to the constitutionality of the "gold-content-of-the
dollar" section. Although this group theoretically represented the administration in the effort to force prompt passage
of the amendment, it contained within itself many widely
divergent elements. On the one hand, were the radical
inflationists, headed by Senator Thomas who, in the course
of debate, made the startling statement that the purpose of
the amendment was to transfer $200,000,000,000 of purchasing power from bank depositors and bondholders to the
debtors of the country. At the other extreme were men
like Senator Robinson, some of whom intimated that the
power sought for the President would be employed only
sparingly, and suggested that it would be wiser to give him
that power than to allow still more radical measures to
originate in Congress.
The opposition to the Thomas amendment was led by
Senator Reed of Pennsylvania, and most of his followers
were members of the conservative Republican stamp, although some Democrats also enlisted under the anti-inflation
banner. One of the most dramatic incidents of the entire
debate was when Senator Carter Glass on Apr. 27, delivered
an address in which he flatly opposed practically every major
feature of the amendment. This address is given elsewhere
in our issue of to-day.
The Republican opposition opened the attack on inflation
on Apr. 21 with a declaration of policy, signed by Senators
Reed and Walcott, Minority Leader Snell and Representative
Luce of Massachusetts, ranking minority member of the
House Committee on Banking and Currency. This was
given in our issue of Apr. 22, p. 2721.
Although the Thomas amendment was not called up in the
Senate for consideration immediately after it was reported
from committee, debate developed with little loss of time
that afternoon (Apr. 21). We quote from the New York
"Times" advices from Washington:
"Dynamite," Says Senator Reed.
"President Roosevelt's program for inflation reminds me of nothing so
much as a child playing with dynamite," Senator Reed declared.
However, he added, he hopes to defeat the amendment, which, he contended, involves a potential inflation of $20,000,000,000. He arrived at
this estimate by combining a potential $3,000,000,000 Federal Reserve note
Issue. $3,000,000.000 of Treasury notes, $6,000,000,000 by doubling the
present currency issue by a 50% reduction in the gold content of the dollar,
and $8.000,000,000 that could be Issued, as he figured it, against reserve
gold stocks in the United States not now needed for currency backing.
He contended that "it is impossible to control inflation" and described
what he said would be the depreciation of life insurance policies and savings
bank deposits. No nation ever had Improved its position by such a course,
he asserted.
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Financial Chronicle
Senator Vandenberg handed to the Pennsylvanian a German note with a
face value of billions of marks. Its present value of 234 cents, Senator Reed
said, was an example of the result of inflation.
•
Senator Pittman, replying to Senator Reed, denied flatly that the amendment provides for such inflation as Germany experienced, pointing out that
a sinking fund would retire the proposed currency issue.
He termed the opposition speech "the same old-fashioned scare," and
added.
"Your threats and scares are going to have no effect whatever."
To Remain in Farm Bill.
Senator Robinson. in delivering the ultimatum of the Democratic leadership, promised "fair consideration of the amendment," after stating that it
will not be divorced from the farm bill, a statement he reiterated later in
debate with Senator McNary, the Republican leader.
"If we wish to strengthen the hands of the President," Senator Robinson
went on,"in the very heroic and difficult task which bets assuming—a task
in which, in my judgment, he has the support of 95% of the people—if we
want to give him encouragement and assistance, we should define his
authority in time for that definition to be reflected in his negotiations which
are commencing this evening."
On the following day (Saturday, Apr. 22) Senator Reed
of Pennsylvania appealed to the country to "wake up"
and defeat "this insane plan." Before a recess was taken
until Monday the Thomas amendment became the pending
business of the Senate. The way was paved for its consideration through defeat by a vote of 44 to 25 of the Frazier
inflation amendment which would have authorized issuance
of low-interest bonds to a total of ,500,000,000 to pay off
farm mortgages and, if the bonds should not find a market,
the issuance of a like amount of currency. The "Times"
account of the day's debate, in part, follows:
Mr. Reed opened to-day's attack with a reference to the President's
recent message asking authority to cancel government contracts. Although
Senator King assured Senator Reed that this request related only to "fraudulent postal contracts," Senator Reed took this as the basis for a question
whether it did not refer to government bonds and have some direct connection with inflation.
"What do you expect will happen to the credit of the United States,'he'
asked, "If its obligations are repudiated by inflation? What will happen
when the administration has so soon.forgotten its pledge to stand by its
sound money at all hazards? To do this would be to swindle investors who
only a few days ago were buying government bonds, relying on the pledge
that they would be redeemed in gold."
Senator Reed said his office was "littered" with telegrams of congratulation on his opening speech yesterday opposing inflation, and added:
"I hope citizens will send telegrams to all Senators telling their views on
this insane project."
Administration leaders disregarded for the time being Senator Reed's
speech, but Senator Long drew an analogy between the Pennsylvanian's
arguments and the Roman Triumvir, Craasus, telling the Senate that when
Crassus had demanded gold of Roman citizens until they had no more,
and
still demanded gold, they poured molten gold down his throat.
Meanwhile on the same day (Apr. 22), a heated debate on
inflation was under way in the House of Representatives.
Here Minority Leader Snell of New York, one of the signers
of the Republican "declaration of policy," defended that
statement against attack by Representative Rankin of Mississippi, who assailed former Secretaries of the Treasury
Mellon and Mills and charged them with part authorship
of the document.
Speech of Senator Glass Against Administration's
"Controlled Inflation" Measure—Sees "National
Repudiation" in Devaluation of Gold Dollar.
Senator Carter Glass, former Secretary- of the Treasury,
in the Senate on April 27 delivered a vigorous attack against
the Administration's "Controlled Inflation" measure, offered
as an amendment (by Senator Thomas), to the farm relief
bill. In another item in this issue of 3ur paper we refer
to the Senate debate on the measure during the current
week, in which mention is made of the opposition to the
inflation proposals voiced' by Senator Glass. From a
Washington Dispatch April 27 to the New York "Times" we
take the following verbatim report of the speech delivered
.by Senator Glass in the Senate that day:
Mr. President, it has been my desire to make a somewhat complete
exposition of the pending bill in order that I may Indicate to the Senate
and to the country precisely why I feel compelled to vote against it. I
rind myself physically unable to do that, however, but I cannot refrain
from briefly indicating my objection to the measure.
The newspapers of yesterday and to-day have stated that the senior
Senator from Virginia has created a sensation by disagreeing with
the
President. The implication is, of course, that any Senator who now
preserves his intellectual Integrity and consistently maintains the views which
he has privately and publicly expressed for many years Is creating a sensation. I have not deserted my party.
I wrote with my own hand that provision of the national Democratic
platform which declared for a sound currency to be preserved at all hazards.
I was unable because of illness to make more than one speech during
the entire Presidential campaign. And in that one speech, with all the
righteous indignation that I could summon, and In terms perhaps of some
bitterness, I reproached the then President of the United States and Secretary of the Treasury for saying that this country was within two weeks of
going off the gold standard.
The reaction to that speech—and I do not say it in any boastful way—
was that I now have found in excess of 5,000 telegrams and letters from
people mostly strangers to me commending that utterance. The first
telegram in the first bound volume is one from Franklin D Roosevelt,
now President of the United States, who said the speech was to him an
Inspiration.
2897.
In his public utterances at Brooklyn and at other places he textually
commended that part of the speech which so bitterly criticized his political
adversary and competitor for suggesting that this country was in imminent
danger of going off the gold standard.
This simple recital will indicate that I have not deserted anybody or
any party in opposing the bill. I am simply consistently maintaining an
attitude of earnest conviction on public questions which is more important
to me than the favor of party or potentate.
I object to the first section of the bill because, as I said yesterday, it
creates the Federal Reserve Bank System into a servile agency of the Treasury Department.
Sees Reserve Board Made "Mere Agency.
It was not instituted for that purpose. We took the reserve funds
of
the national bank associations of the United States by law out of the money
centres, rescued them from the hands of the stock gamblers, and impounded
them in regional Federal Reserve Banks for the avowed use of commerce
and industry and agriculture.
Giving the Federal Reserve Board the right to define eligible paper
within certain limitations, we expressly denied to it the right to comprehend
In its definition those who were engaged In stock gambling and speculation;
and we set up this system, not as an adjunct to the Treasury Department—
which has used it as a door mat—not to finance the public indebtedness
of the United States, but to respond to the requirements of the tradesmen
and of the industry and of the agricultural interests of this country, the
agricultural interest being given precedence in the maturity of its paper.
The first section of this bill transforms it from a system of that kind
Into a mere agency of the Treasury Department, to be dominated by the
Secretary of Agriculture, and to be used, not for business purposes, but
to enable the Government to float its term and time indebtedness.
To-day the Federal Reserve System has a gold supply on the 40%
reserve basis that would enable it to expand its credits nearly $4,000.000.000.
It has choked its portfolios with nearly $2,000,000,000 of Government
bonds, practically by direction of the Secretary of the Treasury and the
Board here, not a dollar of which it required in its business.
It did that in a financial adventure upon the principle of the insane
Goldsborough bill, which assumed that by an inflation of the currency the
commodity prices of the country would be Increased.
It has to-day every dollar of those bonds without any use. It cannot
dispose of them without utterly demoralizing the entire bond market of
-the United States; and yet here we have a proposition to accentuate that
disastrous condition and further imperil the Reserve System by adding
$3.000,000 more of United States bonds to its portfolios.
What does that mean to the business interests of the country? It
means that just in that measure the Federal Reserve banks of the United
States will be unable to accommodate their member banks, and just in
that measure their member banks will be unable to accommodate trade.
Bill's First Section Is Called "Vicious."
That is what it means. It does not mean inflation; it means deflation;
and all that was accomplished in that transaction I may say to the limited
credit of the Federal Reserve Board and Banks was to release nearly
$2,000,000,000 of Reserve indebtedness of the member banks to the Federal
Reserve banks with the vain idea that the Federal Reserve banks thereupon
would release credits to business, which they did not do and they are not
doing, and there is nothing in this bill that compels them to do it, and
there is nothing in any law that can compel member banks to loan the
deposits of their depositors to anybody for any purpose.
I think the first section of the bill is vicious. The authors and proponents of it thought it was ineffective. They did not dare make it imperative, because it would have been confiscation and unconstitutional.
They made it permissive; and the distinguished Senator from Idaho
(Mr. Borah) thinks that that does not mean impairment. If he could
know as I know the influences at work that have applied themselves to.
the activities of the Federal Reserve Board and Banks, he would know
that it means $3,000,000,000 more of the United States securities in the
portfolios of the Federal Reserve banks, and an almost literal wiping out
of the facilities of those institutions to accommodate trade.
Very likely I shall surprise some of my colleagues by the statement that
the least objectionable feature of the bill is the so-called greenback feature.
It is the most defensible feature of the bill.
It is perhaps the only feature of the bill that will get any so-called money
in circulation above that now in circulation. It means simply to transform
time obligations of the United States, bearing interest, into demand obligations of the United States; and those who hold to the gold standard
have said to you that it would wipe out every dollar of the reserve gold in
the United States Treasury over night—and it would if people would
demand redemption
But experience over a long period of years has determined that even less
than 4% Is required to meet the redemption demands in ordinary times,lest
people should be unpatriotic enough to raid their own Treasury; and this
feature of the bill provides a 4% redemption fund for the retirement of
those greenbacks.
While I do not advocate that section of the bill, I again say it is the
most defensible provision of the bill. I do not advocate it primarily because
the Federal Reserve System is now, with its gold reserve, prepared to
expand to the extent of $1.000,000,000 more than the proposed $3,000.000,000 of greenbacks, and because business is not being tratuiacted they
do not expand, and because confidence has not yet been restored they do
not expand; and are we here doing anything to restore confidence?
Why, we have literally destroyed the mortgage bond market of this
country. The Federal Land Banks, with all the millions of assistance the
Government has given them, cannot sell their tax-exempt bonds to-day—
not to save their life. There is no market for them. We have destroyed
the mortgage bond market.
"National Repudiation" Seen in Gold Action.
We are proceeding upon the assumption that nobody hereafter
will
desire credit; that farmers hereafter will not want credit or need
it. because
we are destroying credit and largely have donse so.
No man outside of a lunatic asylum will loan his money to-day
on farm
mortgages, because we have destroyed the market for farm
mortgages,
and for almost all types of mortgages.
I cannot in any circumstances, painful as it is to me to
differ from the
occupant of the White House and from my party colleagues,
support the
second provision of this bill, relating to the devaluation of
the gold dollar.
England went off the gold standard because she was
compelled to do
so, and not from choice. She had lees than $1,000,000
in gold left after
paying her indebtedness to the United States. Of course
she went off the
gold standard; and going off has not resulted in
increasing the prices of
commodities. There was a temporary flurry then, as there
has been in
this country now; but the inevitable reaction came.
Why are we going off the gold standard?
With nearly 40% of the
entire gold supply of the world, why are we going off the gold
standard?.
With all the earmarked gold, with all the securities of ours
they hold,
foreign governments could withdraw in total less than $700.000,000
of
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Financial Chronicle
our gold, which would leave us an ample fund to gold, in the extremest
case, to maintain gold payments both abroad and at home.
To me, the suggestion that we may devalue the gold dollar 50% means
national repudiation. To me it means dishonor; in my conception of it,
it is immoral.
All the legalistic arguments which the lawyers of the Senate, men of
eminent ability and refinement, may make here, or have made here, have
not dislodged from my mind the irrevocable conviction that it is immoral,
and that it means not only a contravention of my party's platform in that
respect, but of the promises of party spokesmen during the campaign.
Mr. President, there was never any necessity fora gold embargo. There
Is no necessity for making statutory criminals of citizens of the United
States who may please to take their property in the shape of gbld or
currency out of banks and use it for their own purposes as they may please.
As I remarked to the Senator from Pennsylvania the other day we have
gone beyond the cruel extremities of the French and they made it a capital
crime, punishable at the guillotine, for any tradesman or individual citizen
of the realm to discriminate in favor of gold and against their. printing
press currency. We have gone beyond that. We have said that no man
may have his gold, under penalty of ten years in the penitentiary or $10,000
fine.
Tribute to Roosevelt On Budget Cuts.
April 29 1933
the securities for their own portfolios, or they lend their clients the money
with which to purchase them, taking the securities as collateral.
This is a temporary form of inflation because the securities must eventually
be repaid. An individual, like a government, can give a false impression
of prosperity for a time by calling upon his credit facilities and living
beyond his means. He can even increase the prices of things in his immediate vicinity, such as land around his own home in case he uses his
borrowings to purchase land. But both the increased prices and his own
visionary prosperity will quickly disappear when his creditors call for their
reckoning. In the case of governments, the day of reckoning comes when
principal and interest payments must be met from the proceeds of taxes.
The nation is suffering now from the effects of a day of reckoning after an
orgy of debt creation, national, municipal and individual.
Dollar Devaluation.
Another form of currency manipulation that has been strongly advocated
is the devaluation of the dollar. In itself, this is not inflation at all. It
is too often assumed that a devaluation of the dollar through a reduction
of its gold content, say by one-half, would immediately and, automatically
cause prices in terms of dollars to double. Such an assumption is entirely
unwarranted. Devaluation would simply mean that the holders of gold—
that is, for the most part, the Federal Reserve banks, the Government, and
An expansion of the currency? Federal Reserve notes outstanding to-day
the hoarder—would immediately be able to write up the dollar value of
exceed by nearly $3,000,000,000 the outstanding Reserve notes in 1929,
their gold holdings by the amount of the devaluation. It would mean, therein those days of prosperity on paper, prosperity in the orgies of the stock
fore, an increased percentage of gold reserve against currency and bank
gamblers who have ruined this country.
deposits. The higher reserve might become the basis for an expansion of
Yet we have not been willing tg pass a bank bill in the Congress of the
credit on the new standard of valuation; but in itself the devaluation could
United States designed and effectively framed to avert a repetition of that
not directly affect the prices of domestic commodities, although psychosort of thing.
logical reactions not subject to accurate analysis might, of course, have a
If there were need to 'go off the gold standard, very well, I would say
stimulating influence on prices. Gold holdings outside of the Federal Relet us go off the gold standard; but there has been no need for that. If
serve banks and the Federal Treasury are insignificant as far as their aggrethere were need for currency expansion, I would say let us expand, though
gate purchasing power is concerned.
I fail to comprehend how much better off one is with $2 which will purchase
Some form Of inflation is advocated on the ground that it would assist
no more than the $1 which he had yesterday.
debtors. This would be tine in so far as inventory values were increased,
The history of inflation has been recited. Bacon, the wisest philosopher
since Christ, the author of the inductive system, from which we have relative labor costs reduced, and business activity and earning power stimudrawn all of our inventions, valued experience.
lated. On the other hand, the individual wage earner or holder of a fixed
Edmund Buda), the great rhetorician of all times, was logician enough
income might find it more difficult to meet his debt requirements because
to magnify experience.
of his reduced margin of income over and above his cost of living. The
Patrick Henry, the great advocate of human liberty, said that his feet • real sufferers from inflation would be the holders of fixed values and incomes
were lighted by the lamp of experience.
—commercial and savings bank depositors, bondholders, annuitants, beneYet here to-day we are flying right in the face of human experience,
ficiaries of trust funds, and insurance policyholders—and the great masses
rejecting it all.
of wage earners and salaried workers, who would revert to their position
My colleagues talk about serving the public. What public? The men
of World War days, when they were forced to struggle for increased wages
who work for a wage, the neediest of all classes of the public; the clerks
and salaries against a rising cost of living. In recent years, the position
and the stenographers and the professional men, constituting in the aggreof wage and salary earners, in many cases, has been exactly the opposite:
gate half, yea, more than half, of our laboring population, will be the
many workers have received increases in real wages, inasmuch as
to suffer under this unbridled expansion. That is what it is, because money wages have fallen only after a fall in the cost of living, and their
People
then
the rein is so loose that the steed will never stop until he goes over the
not commensurately.
precipice and kills his rider at the bottom thereof.
Recent British Experience.
Mr. President, I find that I must desist. I regret to disagree with my
colleagues. It is painful to disagree with the occupant of the White House,
The experience of England since the abandonment of the gold standard
whom I love and respect, and who has exhibited unparalleled courage in
has been mentioned as an argument in favor of some similar policy in this
trying to bring the Government within its budgetary requirements.
country. • The greater stability of the British price level has often been
But whether it be a commonplace, or whether it be sensation, I am one
cited. As a matter of fact, that stability has not been so great as has
Democrat who is going to vote against this inflation amendment, if every
sometimes been assumed; a sharp advance immediately after the departure
one of the ninety-five other Senators votes for it.
from gold has been followed by a gradual decline. Moreover, the interI may have regret, but shall never make apologies for acting upon my
national financial positions of Great Britain and- the United States are
own conviction and conscience
radically different. Great Britain in the past has had a large export balance of invisible items that has enabled her to afford an import balance in
commodity trade. The depression cut so deeply into the invisible balance
Efforts at Monetary Manipulation Still Among Realms as to
make England's international financial position untenable under the
of Dangerous Experiment, According to Guaranty existing gold parity of the pound sterling. In the case of the United
Trust Co. of New York—Finds Inflationary States, no such situation exists. There is still art export balance in comannual income from foreign investments to offset
Schemes Hamper Rather Than Promote Business modity trade and a large imports, such as
tourist expenditures and investgreatly reduced invisible
Recovery.
ments in new foreign securities.
The foregoing analysis is based, for the most part, on the assumption that
Pointing out that "efforts at monetary manipulation still
inflation could be made to operate at the time and in
manner
belong in the realm of dangerous experiments," the Guar- This assumption is open to serious question. Inflation the Germanyintended.
in
had the
unexpected effect of loosing a flood of speculation that carried prices to
anty Trust Co. of New York, in the current issue of "The
levels far higher than seemed to be warranted by the increase in the amount
Guaranty Survey" (its review of business and financial conof money in circulation. The Government found itself
ditions in the United States and abroad, published April 24), obligations, and further inflation was the only possibleunable to meet its
solution. On the
added:
other hand, the effort made in this country last year to produce credit
•
expansion by means of an easy money policy on the part of the Federal ReAgitation for the adoption of such policies would quickly subside if men
serve banks failed 'to exert any perceptible influence on credit or prices.
in general could be brought to realize that the law of supply and demand
is as valid and as powerful in the field of money and finance as it is in the
field of commerce and industry. Attempts to interfere with the operation
Insurance Heads for Mild Inflation — Executives See
of that law entail consequences far beyond the ability of anyone to foresee.
The recent crisis in American banking proved, if proof were needed, that
No Danger if Currency Rise Is Held to 10 to 15%—
confidence, not gold, is the primary essential in the maintenance of financial
Warn on Radical Change:—Harm to Policy Holders
stability. No gold ratio short of 100% can be called a safe ratio as long
Feared.
as confidence is lacking. More specifically, the recent experience proved
that a serious possibility of inflation is not consistent with confidence.
Current problems in the life insurance field created by the
The results of financial tinkering are so ungertain and so dangerous in their
mortgage situation and by the indications of currency
potentialities that inflationary schemes must inevitably hamper, rather
than promote, sound and orderly business recovery as long as they remain
inflation were discussed by insurance executives on April 25
Important elements in the ecenomic outlook.
at a special meeting in New York
The "Survey" notes ,that despite the active discussion of
inflation in this country in recent months, it is evident that
a vast amount of confusion still exists as to its meaning and
.
probable effects. "The two forms of inflation that have been
most widely advocated recently are direct currency inflation
and the inflation of credit through Government borrowing,"
says the "Survey," which continues:
Direct currency inflation comes about through the printing of new money
by the Government to pay its debts. This is the form of inflation that took
place in Germany after the World War and that resulted in the complete
destruction of the currency and a period of economic chaos from which the
country has not yet recovered. It is so palpably unsound and so disastrous
in its effects that few serious students of economic affairs have had the
temerity to advocate it.
Credit inflation through Government borrowing is what might be termed
a temporary inflation. Government borrowing is inflationary in its effects
only in so far as it places immediate purchasing power at the disposal of the
Government without reducing private purchasing power by an equivalent
amount. This comes about chiefly through an expansion of bank credit to
absorb the additional Government obligations. Either the banks purchase
City of the Life Office
Management Association at the Hotel New Yorker. Regarding the meeting, the New York "Times" of April 26
had the following to say:
F. L. Rowland, Secretary of the Lincoln Life Insurance Co. of Fort
Wayne, Ind., stressed the role of life insurance companies in resisting
deflation of real estate values by refusal to "dump property on the market"
and declared that the companies would continue to find it to their advantage
to pursue this policy.
"Liberal assistance has been granted borrowers to enable them to retain
possession of their property," he said, "and foreclosures have been resorted
to only when the situation appeared hopeless."
He also favored a policy of refusing to depress rents below what might
be termed the "market price" for any giver; community. Such reduction
of rentals might occur, he pointed out, if the insurance companies should
adopt highly competitive rent schedules in order to fill buildings they have
taken over.
Inflation Problems were discussed from the floor after an address on the
subject by Claude L. Benner, Vice-President of the Continental American
Life Insurance Co. The consensus among the insurance executives appeared
to be that a moderate inflation, estimated by some of those present at from
10 to 15%, would cause no exceptionally difficult insurance problems, but
that a greater inflation might cause serious problems.
Financial Chronicle
Volume 136
Mr. Benner declared that inflation would work in general to the detriment of policy holders and beneficiaries, since these would be paid in depreciated dollars. He added that inflation appears to place a premium upon
what has been regarded as non-conservative management, since those
companies which have invested most heavily in speculative securities may
be expected to benefit most from any rise in prices.
Mr.Rowland presided as General Chairman. Other papers were presented
by Herbert C. Murphy of the Connecticut General Life Insurance Co.,
H. F. Chadeayne of the Missouri State Life Insurance Co., N. C. Faskett
of the Equitable Life Insurance Co: of Iowa, and Robert C. Thomson of
the Mutual Benefit Life Insurance Co.
House Passes Home Mortgage Refinancing Bill—
Measure Authorizes Government Financing on
Homes Appraised at Not More Than $15,000—
Direct Cash-Loans Amendment Defeated.
The administration's $2,300,000,000 home mortgage refinancing bill was passed yesterday•(April 28) by the House
of Representatives by a vote 383 to 4. The measure now
goes to the Senate% The bill was reported by the House
Banking Committee on April 25, after an amendment had
been adopted to permit loans to be made on property up to
$15,000 in value. The committee retained the interest rate
of bonds to be issued at 4% and that on loans at 5%.
The only important amendment to the bill that was
adopted by the House after the measure had been reported
from Committee was offered by Representative Wolcott on
April 27. It provided for a cash advance not to exceed 30%
of the appraised value of the home, and then only in the
event the holder of the mortgage refused to accept Government bonds.
An amendment offered by Representative Cochran of
Missouri to authorize direct cash loans to home owners
instead of refinancing through bond issues was defeated on
April 28 by a vote of 133 to 78. Many other amendments
seeking to increase the amount of appraised value of homes
on which loans may be advanced were also defeated. Summarizing the salient features of the measure as passed by the
House, Washington advices of the Associated Press April
28 said:
The bill repeals the direct loan provision under the home loan act of
1932, but appropriates $200.000,000 for the capital of the Home Owners
Loan Association to be organized by the Home Loan Bank board. This
association is allowed to issue $2,000,000 in eighteen-year bonds, of which
the interest of not exceeding 5% is guaranteed by the Government. Loans
are to be made at 4% interest.
Administration's Federal Security Bill Approved by
Senate Committee.
The Administration's bill for the regulation of security
issues was ready for the Senate on April 27. On that date
the Senate Banking and Currency Committee approved the
bill without a record vote after a motion by Senator John G.
Townsend, Republican, of Delaware, to hcld it up for further study was defeated by a tie vote,4 to 4. On the previous
day (April 26) the Committee had voted 4 to 3 to report
it but had reconsidered to grant one more day's consideration.
On April 27, Associated Press advices from Washington said:
The purpose of the bill is to bring all new issues of stocks and bonds
under the scrutiny of the Federal Trade Commission, so the investing
public may be protected against fraud and may have a real opportunity
of knowing in advance what it is buying •
So long had the bill been in Senate and House committees that many of
its supporters had begun to fear it would not get through this session.
but Chairman Duncan U. Fletcher of the Senate Banking Committee,
which to-day voted approval, with the Roosevelt Proposals virtually
unchanged, announced he would ask for Senate action promptly.
Submitted to Congress to "protect the public with the least possible
interference to honest business," the bill requires registration of all security
issues, both domestic and foreign, with the Federal Trade Commission.
Full information on the borrowing company, the purpose of the issue, its
financing and other pertinent details for the protection of the investor
must be subinitted.
"It puts the burden of telling the whole truth on the seller," President
Roosevelt said, in recommending the bill. "It should give impetus to honest
dealing in securities and thereby bring back public confidence."
Many changes were made by the committee, but the only fundamental
alteration was elimination of a clause which could have been interpreted
to apply to securities already on the market.
Prospects for action on the bill in the Senate are good since the only major
measures ahead of it are the Muscle Shoals bill and the unemployment
relief measure, neither of which is expected to take much time.
Senator Hiram Johnson, Republican. of California, has announced he
approved early this week by the Judiciary
will offer as an amendment his
Committee, to set up a foreign securities board to scrutinize all foreign
loans floated in this country. This would go much further than the Administration plan, in that it would give the board the right to block flotation
of foreign loans, while the Federal Trade Commission under the President's
proposal could only require full publicity.
pill,
Johnson Bill to Regulate Sale of Foreign Securities
in United States Approved by Senate Judiciary
Committee.
The Johnson bill to regulate the sale of .foreign securities
in the United States through a "foreign securities board"
with far-reaching authority was approved on April 24 by
2899
the Senate Judiciary Committee. Associated Press advices
from Washington on that date said:
•Introduced by Senator Johnson of California following his investigation of foreign security sales through the Senate Finance Committee.
it was approved by the Committee, 7 to 1, with only Senator King of
Utah opposing.
It would authorize a board composed of the Secretaries of State and
Commerce and the governor of the Federal Reserve Board to supervise
the issuance of foreign securities.
No foreign loans could be floated in this country without approval.
In passing on loans the Board would be required to consider the general
financial condition of the borrower; the political stability of the borrower's
country; the trade position of the country; security; remedies in case of
default; methods of financing the loan; the foreign exchange situation;
and the effect on foreign relations of the United States.
American underwriters of foreign loans would be required to furnish
the Board with full information about the proposed issue and proposed
commissions.
The committee added an amendment to the bill to protect American
manufacturers by providing that foreign securities could be accepted in
exchange for goods without consent of the Board.
Senator Johnson plans to offer his bill as an amendment to the administration measure to control the Issuance of securities and protect investors.
but if that measure is unduly delayed it is possible for his measure to be
taken up independently.
The bill had been favorably reported to the Senate Judiciary committee
on April 15 by a subcommittee headed by Senator McCarron, Democrat.
of Nevada.
Changes in Federal Security Bill Proposed at Senate
Committee Hearing by President Carter of New
York State Society of Certified Public Accountants
—Committee Urged to Go Slow in Enactment of
•
Legislation.
Recommendations for changes in the Federal Security Bill
were made on April 1 by Colonel Arthur H. Carter, President
of the New York State Society of Certified Public Accountants, at a bearing in WaShington before the Senate Committee on Banking and Currency. In presenting his views
as to changes in the bill, Colonel Carter expressed the hope
that those "entrusted with this important task will make
haste slowly since this is a tremendously vital piece of legislation which need not be rushed into law." "The security
business," he added, "is at low ebb." Colonel Carter's statement, with added explanatory revisions in brackets, was
published as follows in the Society's "Monthly Bulletin":
At the outset I with to state that my sympathies are with the general
principles of the proposed bill known as the Federal Securities Act. I also
wish to have it understood that I would advocate that, if possible, the
proposed bill be changes so as to afford even greater protection to the
investor than it now contemplates.
Seeks to Protect Investor.
The purpose of this bill is well understood as intended to protect the
investor from unscrupulous issuers, but not to penalize the many thoroughly
honest houses of issue, corporations, and businesses whose issues have been
sold with abolute honesty and on the highest plane of business ethics. I am
sure that you do not intend that this legislation shall injure a single honest
issuer of securities but rather will throw the dishonest issuer out of
business.
When this bill was made public considerable favorable attention was
attracted to the statement that it was designed to emphasize the principle
of caveat venditor as much as caveat emptor.
As the bill now reads it places upon the Federal Trade Commission the
responsibility of determining many questions surrounding the issuance of
securities. By its present terms, it imposes highly technical responsibilities
upon the Commission as to accounting principles, their proper application
and their clear expression in financial statements.
Furthermore, it imposes upon the Commission the responsibility of detecting the unscrupulous issuers who nmy attempt to veil the true picture of
their enterprises. Thus the burden of proof would be placed upon the
Commission rather than upon the issuer to develop full and reliable
information.
Suggests Three Years' Statements.
To avoid this I suggest that lines 21, 22 and 23 of Subsection 4•A under
Section 5 on page 8 be amended to include the following:
"issuers income, expenses, fixed charges and analysis of surpftis for the three
years, or if in actual business for lees than three years."
(As the proposed Act now reads it calls for "a statement of the amount
of the issuer's income, expenses, and fixed charges during the preceding
fiscal year, or if in actual business for less than one year, then for such
time as the issuer has been in actual business.")
It is most difficult to judge the average earning capacity of a corporation
by studying an income and surplus statement for one year. At present,
prospectuses accompanying the issuance of securities generally give such
statements for three years or more.
The cardinal importance of the income account is explained by the fact
that the value of a business is dependent mainly on its earning capacity.
Examination By Independent C. P. A.
At the end of Subsection 4-A of Section 5 on page 8 I would suggest that
the following be added:
'The accounts pertaining to Such balance sheet, statement of income and surplus
shall have been examined by an independent certified public accountant and his
report shall present his certificate wherein he shall express his opinion as to the
correctness of the assets, liabilities, reserves, capital and surplus as of the balance
sheet date and also the income statement for the period indicated."
(This addition to the Act would cause an applicant for permission to issue
securities to have his accounts examined by an independent certified public
accountant before making application to the Federal Trade Commission
rather than afterward and at the will of the Commission, as now provided
in the proposed Act.)
The effect of this would be to make the most reliable information, after
an independent examination of the accounts and records, a prerequisite to
the registration statement presented to the Commission rather than leaving
the data to be called for if desired.
2900
Financial
Such independently examined statements are now recognized as essenti
to a prospectus describing an issue of securities.
If this suggestion is acceptable, I believe the definitions in the
should be enlarged to include the term "independent certified
accountant."
I suggest the following:
"An independent certified public accountant shall mean and include a
n or
Partnership qualified to practice the profession of accountancy under the
s of a
State or a political subdivision of the United States."
Defines "Certified" in Proposed Act.
In order to clarify the use of the word "certified," as used in connection
with the seriices of certified public accountants (Section 6, Subsection 1),
the following definition should be introduced into the bill, under the head
of "Definition of terms," as follows:
"The word 'certified', as used herein in connection with services of public accountants,shall be taken to mean an expression of opinion by such public accountants
after an examination of the accounts of the issuer."
This provision would,remove any possibility of attestation of the statements with but superficial and perfunctory comparison of the statements
with the books.
In line 22 of Subsection 9-A under Section 5, page 10, I suggest that the
following be substituted:
"Shall be certified under oath by the issuer that to the best of his knowledge and
belief, the statements, exhibits and documents are correct."
(As the proposed provision now reads it contains features that would be
objectionable to any responsible person, to-wit: "all of the statements,
exhibits, and documents of every kind required by the Commission under*
Subsection (a-1) to (a-9) of this Section, except properly certified public
documents, shall be verified by oath in such manner and form as may be
required by the Commission.")
Balance Sheet Expression of Opinion.
There is a disposition to look upon the balance sheet as representing
definitely ascertainable facts whereas in reality it can only be, at best, an
expression of opinion based upon conventions; such conventions result from
well established accounting principles and, in part, upon the opinions of
others as to values.
I further suggest that Subsection F of Section 6 on page 13 be amended
to read as follows:
"That the enterprise or business of the issue, or person, or the security is not, in
the opinion of the Commission, based upon sound principles, and that revocation
Is in the interest of the public welfare."
(In this amendment the words, "in the opinion of the Commission," were
inserted because the Commission can do no more without delving into the
accounts and records and making a most thorough examination.)
Change the latter part of Subsection F of Section 6, on page 14, beginning
after the word "discretion," so as to read:
"Require the production of a balance sheet exhibiting the assets and
of any issuer, representative, or underwriter and his income statement for a liabilities
sufficient
period to be satisfactorily informative, both to be certified as the result of an examination of the books and accounts by an independent certified public accountant."
(In the Act it was left with the Commission to decide whether or not an
accountant should be asked to make an examination. Also the Commission
was to select and approve the accountant, whereas we of the profession believe
that a certified public accountant qualified under the laws of some
State
or political subdivision is sufficient.
As the Section now stands in the Act, it reads as follows: "Require
the
production of a balpnce sheet exhibiting the assets and liabilities
of any
issuer, representative, or underwriter, or his income statement, or
both, to
be certified to by a public accountant, approved by the Commission.")
I believe that line 14 of Subsection E of Section 8 on page 17 should
read
as follows:
"A statement showing the certificate of an Independent certified public accountant
aa
-provided in Section 4."
(This is self-explanatory, and 'would depend on the acceptance by
the
Banking and Currency Committee of the suggested change in Section 4.)
In my opinion Part 2 of the same Subsection should be amended to read
as follows:
"Income, expenses and surplus for the three years lust preceding the offering or
I!in actual business for less than that period then for such time as the issuer has been
active business."
(Whereas the Section now calls for only a statement of "profits and loss
during the year just preceding the offering, my suggested amendment would
bring forth more information.)
Would Impound Proceeds of Issue.
In this connection I should like to read what I said to the National Association of Securities Commissioners at their meeting in Cincinnati last fall:
"It would seem exceedingly difficult, if not impossible, for any one, no matter how
skilled, to properly Judge the merits of an investment security without having comparative balance sheets of recent dates, income and surplus statements for at least
the last three years, and other data disclosing information as to the integrity of the
management and the economic position of the enterprise.
"The information required of either a new or an old enterprise applying for authority to sell securities should be comprehensive. The balance sheet giving effect to
the sale of securities should indicate the net amount to become available for carrying
out the purpose for which the issue was intended when and as the entire issue is sold.
There should be disclosed the expenses incident to the sale of the securities and
to the organization of a new enterprise. There should also be included a statement
of the property or other assets to be acquired, the basis upon which such assets are
to be valued, and an agreement requiring certification as to the ownership of such
properties or assets when, and as, they are acquired. Furthermore, until n certain
adequate portion of the monies required for the purpose have been received, all
monies should be held in escrow to be released to the corporation, or returned to the
Investors If an adequate amount has not been received."
In my opinion, it is most important that line 13 of Subsection A under
Section 11 on page 30 be amended to delete the following words:
"or political subdivision or agency thereof."
This deletion would remove municipal securities from those to which the
bill does not apply.
(The Act omitted municipal securities from the requirements contained
therein. This would be contrary to the wishes of a large and well-informed
body of pu)flc o 'r ion which believes that the issues of municipalities should
be cloeW sc inized.)
I Js6pe
t you gentlemen entrusted with this important tas
ill make
h e s
ly, since this is a tremendously vital piece of legislatio which
,,i4e4,eft be rushed into law. The,security selling business is at low Ib,p.
Senate Passes Bulkley Bill to Facilitate Payments t
Depositors in Closed Banks by Broadening Law
for Borrowing.
From National Banks-Advices (Associated Press) from
Washington yesterday (April 28) said:
ronicle
April 29
The Bulkley bill to speed up payments to depositors in closed banks
by broadening the law for borrowing from National banks was passed
to-day by the Senate.
The bill removes a limitation preventing a National bank from lending
more than 10% of its capital and surplus to one borrower, 11' the Comptroller of the Currency approves.
It is detigned to permit new banks organized to take over closed institutions to make large loans to the closed banks for payments to depositors.
This is the procedure being followed by the Treasury in liquidating
closed banks.
, Under date of April 18 the Washington correspondent
of the New York "Journal of Commerce" had the following
to say regarding the bill:
A bill amending the National Bank Act to facilitate organization of
National banks through the country was to-day introduced in the Senate
by Senator Bulkley (Dem., Ohio).
Under existing law, National banks are prohibited from making loans
to any individual or corporation in an amount exceeding 10% of the lending bank's capital and surplus. The proposal of Senator Bulkley would
remove this restriction on loans by one National bank to another, or to
State banks and their receivers, conservators Or other agents p1 seed in
charge of those banks by Federal or State authorities.
Express approval of each such loan by the Comptroller of the Currency
would be required.
Senator Bulkley said he had discussed his proposal with leading members
of the Senate Banking and Currency Committee and met a favorable
response. He said he also had reason to believe the Administration, through
the Treasury Department, would be favorable to his proposed amendment.
National Association of Real Estate Boards Proposes
Bill for National Mortgage Discount System.
A proposed•bill providing for a Federal institution adequate
to deal with the entire urban mortgage problem has been
placed before President Roosevelt and before Committees
of the House and Senate by the National Association of Real
Estate Boards. The Association under date of April 19 in
its announcement regarding its proposals said:
The measure has been drawn directly from the experience of member
boards of the Association as to present critical needs, expressed in answer
to a recent detailed questionnaire, and from an
extensive study of the
whole problem which the Association has been carrying on over the past
two-year period. This study has involved discussion of all phases of mortgage financing in meetings of the Association's board of directors, its special
committees, its various Divisions, and its general delegate
body.
SYNOPSIS OF THE BILL.
The measure would set up a general mortgage discount system for the
United States, to provide for the Nation's long term financing the same
kind of discount facilities which the Federal Reserve System now
gives
for short term commercial paper.
The proposed system would provide in a conservative but comprehensive
manner for all classes of mortgages other than agricultural, but
with special
consideration to home mortgages and low cost housing.
Would Extend Scope of Federal Home Loan Bank.
It would enlarge and extend the scope of the Federal Home
Loan Bank.
by amendment of the Act creating that institution, so as to take advantage
of its organization and to preserve the benefits of State legislation authorizing State corporations to transact business with it.
To indicate the enlarged functioning it proposes that the
name be changed
to The Federal Mortgage Bank.
Workable Relief for Home Owner First Aim.
A workable plan of emergency relief for the home owner in
his mortgage
problem is the first object of the bill. The Association's
measure in its
emergency provisions has points of similarity to the bill at
present outlined
as the Administration's home mortgage relief measure. It
differs in these
major respects:
1. It provides for the working out of the whole problem
of urban mortgage relief.
2. It would require no new institution.
4 ij werlt,calldingno rew pstatc
3 Itndou id len for onn eal eublie
mortgages would be left in the
existing
normal private Channels.
Would Liquefy Insurance Company Funds: Aid
Reorganization
The bill has been drafted with close attention to actual
and actual mortgage conditions. It is on a broad basis mortgage practice
but Is conservative
In its provisions. It would at once enable insurance
companies, banks,
and other financing institutions to liquefy considerably
their existing
mortgage holdings. It would at once open the new
financing urgently needed
to carry out re-organization of mortgage issues on
apartment buildings,
offine soUiidlng tanwoulher large-sca m strly urrengthen the whole existing
lc b doi ngs t d ot d both enorleousuctst es.
financing structure of the country and enormously
accelerate the reorganization needed to pave the way to recovery,
Interest on Bonds Guaranteed by United
States.
Financing of the proposed institution, in addition
to stock subscription
required from member Institutions, would be by the
issue of bonds of the
Bank, with interest guaranteed by the United
States, using present bond
Issuing power of Home banks.
Would Take Over Mortgages.
As an emergency provision the Bank would be
given authority to take.
over mortgages from its members, giving its bonds
in exchange. Mortgages
so taken, the bill provides, must first be adjusted
as to term and interest
rate. The adjustment may be made over: a
two-year period, members
getting a portion of the benefit at once, the rest on
completion of the new
arrangement.
Conciliators would be set up to investigate cases
in which the mortgagor
is unable to maintain his mortgage, and to endeavor
to affect adjustment
of interest and principal in such cases.
Direct Loans to Home Owners.
The bill as drafted provides that any home owner
whose home comes
within the limits of the proposed Act, and who is
unable to obtain money
on a home mortgage from any other source, may
obtain the same from the
bank of the district in which his home is located on
the same comparable
terms and conditions as provided for other borrowers.
This provision is
no longer to be effective when the Federal Government
has had its stock
retired. (Stock is that already authorized for Home Banks).
Volume 136
Financial Chronicle
Aimed to Prevent Emergencies.
It would be the aim of the proposed Act to effect reasonable reductions
In interest and carrying charges of mortgage indebtedness, and to prevent
the recurrence of emergencies in connection with such mortgage indebtedness by adequate provision for the facilitation of credit and by the stabilization of those conditions which effect long term credit relations.
Membership in the enlarged system (the proposed Federal Mortgage Bank)
would be open to any responsible person or corporation engaged in the
business of making urban mortgages.
(Membership in the present Home Loan Bank System is a highly restrictive membership.)
Stock subscription required,of member institutions: An initial subscription
of $1.000 capital stock. In addition, members using the bank are to subscribe in proportion to their use by a provision that 5% of all amounts
due on mortgages discounted shall be maintained as a stock subscription.
Discount limits would be as follows: .
1. Home mortgages, Amortized: Existing home mortgages (on single or
two-family homes) not exceeding 18 years of life, amortized at the rate of
not less than 2% per annum (excepting that during the first three years
of the mortgage no amortization need be provided) might be discounted up
to the face thereof, but not exceeding two-thirds of the fair worth of the
property.
2. Low cost housing; Home mortgages, unamortized: Existing home mortgages unamortized not exceeding five years in life; and existing home
mortgages amortized at 2% not exceeding 15 years of life, on low cost
multiple dwellings, may be discounted up to the face thereof, not exceeding
55% of the fair worth of the property.
3. All other classes of sound mortgages on improved property may be discounted up to the face thereof, but not exceeding one-third of the fair
worth of the property.
Recourse and reserve to protect Bank: Institutions under State or Federal
inspection can discount to the face of the mortgage, less the stock subscription of 5%,but the bank has recourse against the member on each mortgage
discounted. For uninspected institutions, or for the purpose of releasing
liability, a reserve shall be retained in the hands of the Bank, equaling 20%
of the sum discounted.
Interest rate to mortgagor: If mortgage is to be eligible for discount. shall
not exceed 6%, and charges for title search and placement shall not exceed
one initial charge of 5%.
Interest rate on bonds of the proposed Federal Mortgage Bank: to bss
determined, but there shall be a differential of not to exceed 1%% between
the rate on the bond and the rate on the mortgage. This automatically
determines the rate on the bonds within narrow limits based upon the current
mortgage rate and should result, if the bonds become saleable on a low
return basis, in a general reduction in mortgage interest.
For additional security to the bonds, 110% of the issue must be held
against the issue In sums due on mortgages in possession.
Emergency provision permitting exchange of bonds of the Bank for the
portfolios of mortgages in possession of a member: The member must first
adjust such mortgages so that they be at least of five-year term, with no
amortization for three years, and the interest reduced so that it does not
exceed )a' of 1% in excess of the interest provided on the bonds. (If the
% interest, the mortgage interest would be 43a TO.)
bonds bear
The Bank may place immediately in possession of the member its bonds
to the amount of 50% of the face of the mortgages, and within two years
final adjustment is to be made on the basis of 80% of the fair worth of the
property on amortized home mortgages as described above, and 55% of
the fair worth of the property on other mortgages, appraisal and analysis
of such valuations to be furnished by the member for check by the Bank.
2901
or modify in any way the railway labor act or contracts entered into under that act. Failing action by the regional
committees, the co-ordinator will have power to issue such
orders for economies and operation of the law as meet with
the public interest. "Any order so issued by the co-ordinator
may provide for the creation and administration of such just
pooling arrangements or for such other just compensation as
he may deem necessary or desirable." Appeal from orders
of the co-ordinator may be made to the Inter-State Commerce Commission.
The text of the bill reads as follows:
A BILL.
To relieve the existing national emergency in relation to inter-state railroad transportation and to amend Sections 5, 15A and 19A of the Inter-State
•
Commerce Act, as amended.
Be it enacted by the Senate and House of Representatives of the United
States in Congress assembled. •
That this act may be cited as the "Emergency Railroad Transportation
Act, 1933."
TITLE I.
Emergency Powers.
Sec. 1. As used in this act—
(a) The term "commission" means the Inter-State Commerce Commission.
(b) The term "co-ordinator" means the Federal Co-ordinator of Transportation for whose appointment or designation the act provides.
(c) The term "committee" means any one of the regional co-ordinating
committees for whose creation the act provides.
(d) The term "carrier" means any common carrier by railroad *subject
to the provisions of the Inter-State Commerce Act, as amended, including
any receiver or trustee thereof.
(e) The term "rates" means rates, fares and charges and all classiliaations, regulations and practices, relating thereto.
in relation
Sec„2. In order to protect and foster inter-state commerce
and
to railroad transportation by preventing and relieving obstructions
and
burdens thereon resulting from the present acute economic emergency,
of transin order to safeguard and maintain an adequate national system
Co-ordinator of
portation, there is hereby created the office of Federal
the advice
Transportation, who shall be appointed by the .President with
the memberand consent of the Senate or be designated by the President from
ship of the commission. If so designated, the co-ordinator shall be relieved
extent
from other duties as commissioner during his term of service to such
and
as the President may direct. The coordinator shall have such powers
with the apduties as are hereinafter set forth and prescribed, and may,
of such assistants
proval of the President, appoint and fix the compensation
as
and agents, in addition to the assistance provided by the commission,
may be necessary to the performance of his duties under this act, not subject
to the civil service laws and the classification act of 1923, as amended.
The office of the co-ordinator shall be in Washington, District of Columbia,
and the commission shall provide such office space, facilities and asgistance
as he may request and it is able to furnish. The co-ordinator shall receive
such compensation as the President shall fix except that, if designated from
addition to that which
is the special committee appointed by the commission, he shall receive no compensation in
The following
President of he receives as a member of the commission. lines of the carriers into three
President W. C. Miller, Washington, D. C.,
Sec. 3. The co-ordinator shall divide the
group,
the Association, to represent all phases of real estate in the groups, to wit: an Eastern group, a Southern group, and a Westernin such
and may from time to time make such changes or subdivisions
drafting of the bill:
earliest practicgroups as he may deem to be necessary or desirable. At the
Walter S. Schmidt, Cincinnati, Ohio, Chairman.
groups,
able date after the co-ordinator shall have initially designated such
W. C. Miller, Washington, D. C.. President of the Association.
group,
three regional co-ordinating committees shall be created, one for each
Illinois.
J. Soule Warterfield, Chicago,
The
and each committee shall consist of not more than five members.
Robert Bratton, Nashville, Tennessee.
or through
carriers in each group, acting each through its Board of Directors,
Leonard P. Reaume, Detroit, Michigan.
select
shall
an officer or officers designated for the purpose by such Board,
Edward A. MacDougall, New York, N. Y.
prescribe
the members of the committees representing that group, and shall
Herbert U. Nelson, Chicago, Executive Secretary of the Assn., Secretary
operate. In such selection each
the rules under which such committee shall
Members of the Sub-committee of the Senate conducting carrier shall have a vote in proportion to its mileage lying within the group,
committees
public hearings on mortgage relief legislation are:
subject to the approval of the co-ordinator. Members of the
may be removed from office and vacancies filled in like manner.
Robert J. Bulkley, Ohio, Chairman.
and promote or
Sec. 4. The purposes of this act are (1) to encourage
Alben W. Barkley, Kentucky.
unnecessary
require action on the part of the carriers which will (a) avoid
William 0. McAdoo, CalKornia,
nature and permit the
duplication of services and facilities of whatsoever
Robert F. Wagner, New York.
thereto or requisite to such
joint use of terminals and trackage incident
John G. Townsend, Jr., Delaware.
owned or
James Couzens, Michigan.
joint use; (b) control allowances, accessorial services, including
affecting
partly owned air lines, bus lines, or trucks and other practices
may
service or operation, to the end that undue impairment of net earnings
wastes and preventable expense and unreasonNew Railroad Bill to Give Emergency Power—Would be prevented; and (c) avoid individual carriers; and (2) to promote finanable disturbance of rates by
Set Aside Anti-Trust and Inter-State Commerce cial reorganization of the capital structure of carriers so as to reduce fixed
n Laws—Office of Federal Co-ordinator charges to the extent consistent with the public interest, the stability of
Commissio
railway credit, with due regard to existing legal rights; and (3) to proof Transportation Created—Carriers to Be Divided
vide for the immediate study of other means of improving transportation
into Three Groups.
conditions in all its forms and the preparatiou of plans therefor.
Sec. 5. It shall be the duty of the committees, on their own initiative,
A Federal railroad co-ordinator, with power to enforce his
severally within each group and jointly where more than one group is
decisions and. with certain exceptions, to waive the antiaffected, to carry out the purposes set forth in subdivision (1) cd Section 4,
trust 1.1‘‘ and other Federal and State statutes, is provided
so far as such action can be voluntarily accomplished by the carriers. In
in the text of the Administration bill now awaiting the final such instances as the committees are unable, for any reason, legal or otherwise, to carry out such purposes by such voluntary action, they shall recomapproval of President Roosevelt. The bill provides that the
mend to the co-ordinator that he give appropriate directions to the carriers
of the country shall be divided by the co-ordinator by order; and the co-ordinator is hereby authorized and directed to issue
.railroads
and Western, with each
and enforce such orders if he finds them to be consistent with public ininto three groups, Eastern, Southern
this act, and such orders shall
purposes
group ruled by committees of five members each, the com- terest and in furtherance of thevacated byof or susptnded or set aside or
him
effect
selected by the railroads themselves, the vote in remain in by the until they are hereinafter provided. Any order so issued
mitteemen
commission as
modified
on the mile- by the
the selection of the representatives to be based
co-ordinator may provide for the creation and administration of such
shall just pooling arrangements or for such just compensation as he may deem
age of the railroads involved. The regional committees
necessary or desirable and in furtherance of the purposes of this act.
"encourage and promote or require" action by the carriers
Sec. 6. The co-ordinator shall confer freely with the committees and
will avoid unneCessary duplication of services, pro- shall give them the benefit of his advice and assistance in administering the
which
the committees,.the
mote financial reorganization to reduce fixed charges and authority granted them by this act. At his request assistants and agents
shall furnish him or his
carriers and the
control accessorial services such as air and bus lines, so that such information commission as tie may desire in investigating any matter
and reports
railroad earnings may not be unduly impaired.
within the sc•ope of his duties under this act. If in any instance a comare preserved for the
mittee fails to act with respect to any matter which the co-ordinator has
The rights of collective bargaining
brought to its attention and upon which he is of the opinion that it should
labor unions, and the proposed law will not amend
raPway
2902
Financial Chronicle
April 29 1933
act, under the provisions of Section 4, he is hereby authorized and directed
The applications of the Chicago North Shore & Milwaukee
to issue and enforce such.order, giving appropriate directions to the carRR., Eureka-Nevada Ry., Louisiana Southern Ry. and
riers with respect to such matter as he shall find to be consistent with the
the Santa Fe Northwestern Ry. for loans of $768,000,
public interest. Any order so issued by the co-ordinator shall remain in
$10,000, $40,000 and $100,000 respectively from the Reconeffect until it is vacated by him or suspended or set aside by the Commisstruction Finance Corporation have been denied by the
sion, as hereinafter provided, and it may include provision for the creation
Commission on the general grounds that the respective earnand administration of such just pooling arrangements or for such just compensation as he may deem necessary or desirable and in furtherance of the
ing power of the properties operated and the security offered
purposes of this act.
by the applicants as a pledge for the proposed loans are not
Sec. 7. The co-ordinator shall provide means whereby such central comsuch as to afford reasonable assurance of their ability to
mittees as may be selected by and represent railway labor organizations in
repay the loan.
each of the groups shall be advised of any contemplated orders requiring
The Great Northern Ry. has applied to the Commission
changes in service or operation which will affect the interests of the emfor authority to borrow 86,000,000 from the Reconstruction
ployees, and he shall confer freely with such committees before issuing any
Finance Corporation to assist it in paying bond interest
such order.
due July 1. An application for a loan of $50,000 has also
Sec. 8. Any interested party, whether carrier, shipper or employee, disbeen made by the receiver of the Santa Fe, San Juan- &
satisfied with any order of the co-ordinator may file a petition with the
Northern road. .
commission asking that such order be reviewed and suspended pending such
review. If the commission, upon considering such petition, finds reason
Details in connection with the loan now approved follow:
to believe that the order may' be unjust to the petitioner or inconsistent
Wabash Railway Co.
with the public interest, the commission is hereby authorized and directed
' The original application in this proceeding was filed by Walter S. Framilin
to grant such review and, in its discretion, the commission may suspend
and Frank C. Nicodemus Jr., receivers, on Jan. 23 1932, requesting
the order if it Ends immediate enforcement thereof would result in irrepara
loan of 318,500,000from the Reconstruction Finance Corporation.
Amendable damage to the petitioner or work grave injury to the public interest;
ments to the original application were filed on various dates. We
have
but if the commission suspends an order it shall expedite the hearings and
approved the following loans: $7,173,800 on Feb. 10 1932;
31,567.200
decision on that order f1,9 much as possible. Thereupon the commission shall,
on May 17 1932: $4,575,000 on Aug. 1 1932, and $1,500,000 on
Nov. 23
after due notice and a public hearing, review the order and take such ac1932, a total of $14,825,000. The applicants, on March 29 1933,
filed
tion in accord with the purposes of this act as it finds to be just and conan amending supplement to the original application requesting a further
sistent with the public interest, either confirming the order or setting it
loan.
aside or reissuing it in modified form, and any order so confirmed or reFourth Supplemental Request of Applicants.
issued shall thereafter remain in effect until vacated or modified by the
The applicants seek a further loan of not exceeding $3,000,000 for three
commission.
years for the purpose of paying the interest on underlying mortgage bonds
Sec. 9. The carriers affected by any order of the co-ordinator or comand the instalments of principal and interest on equipment obligations
mission made pursuant to this act shall, so long as such order is in effect,
due between April 1 and Oct. 1, and part of the interest due during October
be, and they are hereby relieved from the operation of the "anti-trust laws,"
and November 1933. These requirements are as follows:
as designated in Sec. 1 of the act entitled "An Act to Supplement Existing
On or about April 1 1933:
Laws Against Unlawfhl Restraints and Monopolies, and for Other Purposes,"
To pay interest due April 1 1933:
approved Oct. 15 1914, and of all other restraints or prohibitions by law,
Omaha Division 335% bonds
$55,308
To pay principal and interest due April 1 1933:
State or Federal; other than such as are for the protection of the
public
Equipment trust 43.6% certificates,ser. G:
health or safety, in so far as may be necessary to enable them to do anyInterest
$39,375
thing authorized or required by such order made pursuant to this act:
Principal
• Pro175,000 • 214,375
$269,683
vided, however, that nothing herein shall be construed to repeal, amend,
On or about May 11933:
suspend or modify any of the requirements of the railway labor act or the
To
, pay interest due May 11933:
duties and obligations imposed thereunder or through contracts entered into
let mtge. 5% bonds
*847,275
Columbia & St. Louis RR.4% bonds_ _
in accordance with the provisions of said act.
4,000 $851.275
Sec. 10. The willful failure or refusal of any carrier or of any officer
To pay interest due June 1 1933:
or employee of any carrier to comply with the terms of any order of the
Equip. trust 5 certificates, series D._ 24,900
coordinator or of the commission made pursuant to this act shall be a
Equip. trust 5 certificates, series E._ 29,925
misEquip. trust 4 % certificates, series F 50.220 105,045
demeanor, and upon conviction thereof the carrier or person offending shall
956,320
be subject to a fine of not less than $1,000 or more than $20,000 for each
On or about July 11933:
offense, and each day during which such carrier or person shall willfully
To pay interest due July 11933:
Detroit & Chicago Extension 5% bonds
fail or refuse to comply with the terms of such order shall constitute
a
Des Moines Division 4% bonds
separate offense. It shall be the duty of any District Attorney of
1st Lien Terminal 4% gold bonds
the
335
71AO
United States to whom the co-ordinator shall apply to institute in the
proper
To pay principal and interest due July 1 1933:
Cowl and to prosecute under the direction of the Attorney-General
of the
Equip. trust 53i% certificates, series C:
United States all necessary proceedings for the enforcement of
Interest
the provisions of this act and for the punishment of all violations thereof,
Principal
MUM
and the
156,110
cost and expenses of such prosecution shall be paid out of the appropriation
To pay interest due July 15 193:3:
for the expense of the Courts of the United States.
Equip. trust 6% certificates of 1920-- _ $45.324
45.324
35 1.781
Sec. 11. It shall further be the duty of the co-ordinator, and he
is hereby
• authorized and directed, forthwith to investigate and consider
On or about August 11933:
means, not
To pay interest due Aug. 11933:
provided for in this act, of improving transportation conditions
throughout
2d mortgage 5% bonds
3349,825 3349.825
the country, including the ability, financial or otherwise, of the
To pay mincipal and interest due Aug. 11933:
carriers to
Equipment trust 5% certificates of 1922:
improve their properties and furnish service and charge rates which
will
Interest
$35 375
promote the commerce and industry of the country and including also
• Principal
the
283.000
stability of railroad labor employment and other improvement of
Equip. trust 434% certificates,series 11
railroad
labor conditions; and from time to time he shall submit to the commission
Interest
55,687 374.062
such recommendations calling for further legislation to these ends
as he
To pay interest due Sept. 1 1933:
may deem necessary or desirable in the public interest. The commission
Toledo & Chicago Division 4% bonds $60,000
60,000
783.887
shall promptly transmit such recommendations, together with its comments
On or about Nov. 11933:
thereon, to the President and to the Congress.
To apply on payment of interest due Nov. 11933:
Sec. 12. .The expenses of the co-ordinator except so far as they are borne
1st mortgage 5% bonds totaling $847,275
635,326
by the commission in accordance with the provisions of Section 2, shall
be
.
Total-------------------------------------------allowed and paid, on the presentation of itemized vouchers therefor
--- $3,000.000
apRegarding the interest due April 1 the receivers
proved by the co-ordinator, out of a fund obtained from assessments on
petitioned the court
the
for instructions, and by order dated March 31 1933 the
carriers. It shall be the duty of each carrier to pay into this fund $1 for
the receivers defer payment upon the first mortgage bonds, court ruled that
every mile of road operated by it on Dec. 31 1932, as reported to the
Omaha Division,
comand the series 0 equipment trust certificates pending
mission, and it shall be the duty of the Secretary of the Treasury to
action upon this
collect
loan application.
such assessments. Any amount remaining in the fund when this act
ceases
The fourth loan, $1,500,000, approved for the
to have effect shall be returned by the Secretary of the Treasury
applicants on Nov. 23
to the
1932, provided $735,747 for equipment trust obligations
carriers in proportion to their contributions. The carriers and the
due on or before
Pullman
Dec. 1 1932 and $764,253 for similar requirements in
Company shall be permitted anything in the Inter-State Commerce
January
Act, as
cording to the statement then made by the applicants, the loan 1933. Acamended, to the contrary notwithstanding, to provide free transportatio
of $1,500,000
would enable them to pay all expenses and fixed
n
charges for a period of
and other carrier service to the co-ordinator and his assistants and
some seven months. However, the forecast of cash
agents.
position then filed
Sec. 13. The commission shall not approve a loan to a carrier
indicated that the applicants' cash would be entirely
under
exhausted by June
the Reconstruction Finance Corporation Act, nor shall it authorize
30 1933.
a carrier to issue bonds or other evidence of indebtedness under the
The applicants state that no part of the further loan
Inter-State
applied for can be
Commerce Act, as amended, unless it shall find that the financial
Obtained through banking channels or from the general
structure
public.
of the carrier is such that there is reasonable prospect that such
carder can
Necessities of the Applicants.
without reorganization survive the existing economic depression and
provide for its capital needs thereafter.
Reference was made in our third supplemental report
of Nov. 23 1932
to the applicants' earnings as indicated for 1932,
Sec. 14. This act shall cease to have effect at the end of one year after
compared with the forecasts originally made. Below is shown a summary
the effective date, unless extended by a proclamation of the President
of the actual results
for
of operations for the Year, together with a forecast
one year or any part thereof, but orders of the co-ordinator or the commisdated April 29 1932.
which reflects the diminished revenues resulting from
sion made thereunder shall continue in effect until vacated by the
the miners' strike
commisin the Illinois coal fields.
sion or set aside by other lawful authority.
-1932
Forecast,
Actual.
Railway operating revenues
$40,561,452 $37,785,633
Wabash Ry. io Receive Additional Loan from Recon- Railway operating expenses
35,351,85.3 30.684,901
Railway operating ratio
87.16%
struction Finance Corporation—Loans Denied to Net railway operating income_,
81.21%
def$1,947.932
$524,669
Gross ineome---- _
Four Roads—Great Northern Ry. Seeks Loan of Total deductions_ a---------------------------defF,325,491 1.370.051
--------------------------- 4.980.527 5.027,234
Net income_ a------------------------------$6,000,000.
def6,30$
. a Excluding interest on refunding and general mortgage .018 net:3,657.183
bends,in default.
The Inter-State Commerce Commission on April 25
The loss during 1932 was less than that indicated by
any of the forecasts
approved a further loan of $3,000,000 to the Wabash Ry. filed since the granting of the first loan. It closely approximates
the
forecast accompanying the original
from the Reconstruction Finance Corporation to meet interest loss due to greatly diminished revenuesapplication in January 1932. The
was substantially offset by economies
on bonds and instalments of principal and interest on equip- in operation. The applicants contend that the decline
in their revenues
ment trust obligations. The Commission previously 'has from 1931 to 1932 was greater in percentage than the decline on the Class I
railroads as a whole, while the receivers' operating
expenses were reduced
approved four loans aggregating $14,825,000 to the Wabash. in larger ratio than was the case with those
roads.
2R R
$153,350
Volume 136
2903
Financial Chronicle
Reviewing the past operations of the Wabash, the applicants show that
the railroad earnings for the years 1915 to 1930. Inclusive, represented
2.61 times interest on underlying and divisional mortgage bonds, leaving
a sum equivalent to 7.54 times the interest on equipment trust obligations.
During the two years of the receivership, 1931 and 1932, there was a
deficit of $4,789,906 in the amount required to pay the interest on the
underlying bonds, while the equipment trustinterest amounted to $1,524,003.
The following statements appear in the present supplement to the
application:
"Emergency financial aid to prevent defaults under underlying mortgage
bonds and equipment trust obligations of the character here involved is
vital in a number of public aspects. Such defaults contract income in
quarters where stability of income is a matter of public concern, and occasion insidious and contagious liquidation of intrinsically sound securities
which are closely related to the integrity of our banking and currency
system.
"Without repeating all that was said in the original application. it should
be reiterated here that the underlying bonds sought to be protected through
the financial aid now asked have not been in default in a period of over
to 1915
80 years and all were protected through a receivership from 1911time the
and finally survived the drastic 1915 reogranization, since which
earning power of the property has been immeasurably increased by heavy
capital contributions represented by junior securities.
"At least $15,000,000 was contributed to the property on capital account
In the 1915 reorganization. $60.000.000 more was contributed between
1925 and 1931 by the refunding and general mortgage bondholders. This
new money contributed since 1915 and largely expended by the railway
company under Commission authority actually exceeds the total aggregate
amount of the underlying bonds and equipment trust obligations which
the applicants are now seeking to protect.
"It would, therefore, seem that these underlying bonds and equipment
trust obligations ought to be sound and conservative from an investment
standpoint wholly apart from the earning power of the property prior
to the 1911-1915 receivership and reorganization.
"The two records of sustained earning power, one in the pre-war period,
the other in the post-war period, show that a capital structure based
or
dAuch
taos
u
shallust obligatio
sr rgis
n erest e r onds ) t uipment tr
itntierlyirtf abing oir
tam
refund
ed
be
additional
retire receivers' certificates Issued within the limits of the original application
for emergency financial aid will not be a top-heavy capital structure, but,
on the contrary, will be a sound and conservative capital structure such
as has stood in a most convincing fashion the actual test of time."
The applicants express conviction that the further loan, if granted.
will enable them to operate during 1933 under a program as complete as
that followed in 1932, with maintenance at the present standard and
-trust
the payment of all fixed charges on underlying bonds, equipment
obligations, and outstanding receivers' certificates, without recourse to
further borrowing. A cash forecast submitted shows that, without the
$3,000,000 herein requested, the cash deficit at the close of 1933 will be
$2,640,163. The amount of cash reported on hand Jan. 1 1933 was
$1,996,858. '
Including certain interest and sinking fund payments accrued and
unpaid Jan. 1 1933,'the applicants' fixed obligations during 1933 consist
principally of $4,842,120 of interest on underlying bonds, equipment trusts,
and receivers' certificates, and $2,271,840 of sinking fund and equipment
maturity payments. As of the close of the year, the accrued interest
on the refunding and general mortgage bonds, in default and aggregating
860.867,000, principal, will be $6,037,494, and the accrued sinking fund
payments in connection with the same bonds will amount to $..,642,276.
In our original report in this proceeding, 180 I. C. Q. 487, we stated
that the tentative rate-making value of the Wabash properties, if increased
by the net additions and betterments between valuation date and Dec. 31
1930 resulted in the sum of $198,730,734. As of Dec. 31 1932 the total
principal amount of underlying and divisional bonds and equipment
obligations outstanding, which are ahead of the refunding and general
mortgage bonds and the receivers certificates, was $74,968,700.
3. That the applicants should agree with the Finance Corporation that
all of the security for this and any other loan by that Corporation to the
applicants shall apply equally and ratably as security for all of such loans.
Belgium Plans to Tax All Insurance Policies.
Under date of Marcl 16 the Department of Commerce
issued the following:
Belgium proposes to tax all insurance policies written in Belgium, according to a report to the Commerce Department's Division of Commercial
Laws—from Assistant Commercial Attache Leigh W. Hunt. Brussels.
Under the Commercial Code a stamp tax has been collected on insurance
policies written by companies or branches in Belgium. Policies contracted
by a broker on behalf of foreign companies not operating in Belgium through
a branch thus escaped this tax. This was said to work to the disadvantage
of insurance companies established in Belgium.
It is now proposed to apply this tax to all policies issued to persons
residing in Belgium, or concerning property In Belgium. even if the owner
resides abroad. If such insurance policies are placed through an intermediary residing in Belgium, the intermediary is responsible for payment
of the tax. If the insurance is placed direct by the company or by an
intermediary not residing in Belgium, the insured is responsible for the
payment of the tax.
Committee Representing Shareholders of Liberty
National Bank & Trust Co., New York, to Bring
Suit to Set Aside Exchange for Stock with Harriman
National Bank & Trust Co.
A committee composed of Sydney G. Willcox, Chairman.
H. Jay Hayes and Arthur F. Mueller has been formed to
represent shareholders who exchanged their holdings of Liberty National Bank & Trust Co. in New York for stock of
Harriman National Bank & Truk Co., now in the hands of
a conservator. An announcement in the matter says:
The committee, members of which jointly exchanged over 9,300 shares
of Liberty stock for slightly in excess of 50 shares of Harriman stock, is
inviting holders to join with them for the purpose of united and concerted
action to protect their mutual interests, to prosecute their rights, and to
institute litigation which, in the opinion of the committee's counsel, Sheppard Jones & Seipp, will result in restoring depositing holders to their
former status as Liberty Bank stockholders. This in turn would carry
with it the right to share in all liquidating dividends. On Feb. 25 1933
Liberty Bank stockholders who had not exchanged their shares were notified
that they were entitled to a liquidating dividend of $11.50 per share of
Liberty Bank stock. Deposits are requested with- Security Transfer k
Registrar Co., New York, depositary. Edwin H. Bailey, 27 Cedar Street,
New York, is Secretary.
The Committee states that in any efforts to ascertain and determine its
rights, assurances have already been received of complete co-operation on
the part of the conservator and his counsel. The Harriman Bank and all
parties concerned have been notified that Liberty shareholders to be represented by the committee have prior right and claim to the assets of the
Harriman Bank to the extent that they were augmented by assets of the
Liberty or proceeds thereof.
Security.
As security for the proposed loan the applicants offer an equivalent
amount of receivers' certificates, to bear interest at a rate to be fixed by
the Finance Corporation, to be dated May 1 1933 and to mature May 1
1935 or, if the Finance Corporation should prefer, to be dated Feb. 1
1933, and to mature Feb. 1 1935, so as to conform as to date and maturity,
as well as to lien and rank. to the receivers' certificates of the first series,
which were originally issued with the maturity date Feb. 1 1933 but, were
refunded by a new issue maturing Feb. 1 1935. These represent a lien
upon all the railroad property, real and personal, and the franchises covered
by the lien of the refunding and general mortgage dated Jan. 1 1925 and
indentures supplemental thereto, prior and superior in all respects to the
lien of that mortgage but subordinate to senior and underlying mortgages
upon the property or any part thereof, to the extent that each such senior
or underlying mortgage or lien has priority to the refunding and general
mortgage.
The receivers' certificates which have been issued to secure the reconstruction loans heretofore approved consist of $10,250,000 of the first series,
described above, and $1,575,000 of series A certificates, equal in rank
to the first series, maturing Aug. 1 1935 and additionally secured by a
direct first lien on certain securities described in our second supplemental
report dated Aug. 11932, 187 I. C. C. 195, under a trust agreement drawn
in accordance with the requirements of the Finance Corporation. There
have also been issued $4,575,000 of series B certificates, secured by direct
and equal lien on the aforesaid securities but junior in rank to the first
aeries, the series A, and the refunding and general mortgage bonds. The
series B certificates have been pledged with certain banks as collateral
security for a like amount of loans, as described in our second supplemental
report. Other than the above, there are no receivers' certificates outstanding. All certificates pledged with the Finance Corporation are to
apply equally and ratably as security for all loans by that corporation
to the applicants.
The applicants submit a forecast of income for 1933, based on actual
results of operation during January and February, showing total gross
revenues of $35,786,203, total operating expenses of $29,507,653, deficit
in net railway operating income of $315,614, and deficit in net income
of $4,969,262. Included in the charges is the interest on the receivers'
certificates now outstanding.
The forecast is based upon the assumption of 577,034 carloads of revenue
freight in 1933, as compared with 598,951 carloads in 1932. The largest
business reported in a single year was 1,053,147 cars, in 1929.
Board of Governors of Investment Bankers' Association
to Meet at White Sulphur Springs, W. Va., May
13-17.
Frank M. Gordon, President of the Investment Bankers'
Association of America, announced on April 23 that the
annual May meeting of the Association's Board of Governors
will be held at White Sulphur Springs, May 13 to 17. The
more important business sessions of the Board, Mr. Gordon
said, will be on May 13 and 14, so that members wishing to
return to their businesses as early as possible may do so at
the end of the second day of the meeting. Members of certain committees will convene May 2, he said, to complete
reports that they will submit to the Board. Only present
and past members of the Board and members of the Association's National Committees are eligible to attend the meeting.
Conclusions.
We conclude:
1. That we should approve a further loan of not to exceed $3,000,000
for a term not exceeding
to the applicants by the Finance Corporation,
three years from the making of each advance thereon, for the purpose of
paying, in part, the principal and interest obligations due between April 1
and Nov. 1 1933 inclusive, as set forth in the supplemental application
filed March 29 1933, and in this report.
Finance Corporation, as
2. That the applicants should pledge with the
collateral security for, or as direct evidence of. said further loan, an equal
principal amount of receivers' certificates duly authorized by the courts
certificates securing or evidencing
of jurisdiction and of equal rank to the
the loans heretofore approved by us.
Sale of the complete issue of $380,000 in preferred stock of
the Danbury National Bank of Danbury, Conn., was
announced by the institution on April 25, according to
Associated Press advices from Danbury on that date, which
continuing said:
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of April 22 (page 2734)
of the bank holidays put in force in the various States, the
following further action is recorded:
CALIFORNIA.
According to the Portland "Oregonian" of April 20, plans
for the formation of a new bank in Oakland, Calif., to be
known as the Central Bank of Oakland, with capital of
$6,500,000, to take over both the Central National, which
has been closed, and the Central Savings Bank, which has
remained in operation, were laid before stockholders of the
two banks in Oakland on April 19. Plans called for the opening the new bank Monday, April 24, it was said.
CONNECTICUT.
The bank has been operating under restrictions since the bank holiday.
with deposits of $2,700,000 involved. The Comptroller of the Currency
said unrestricted operations would be permitted if the capitalization were
increased. Meanwhile $1,500,000 in trust deposits have been received.
Officials said an application would be filed immediately for permission
to operate without restrictions.
2904
Financial Chronicle
FLORIDA.
A plan for the reorganization of the Ocala National Bank
.at Ocala, Fla., closed since President Roosevelt decreed a
National holiday last month, was announced on April 18 by
officers of the institution, according to a dispatch from that
place by the Associated Press, which continuing said:
The plan calls for raising $185,000 and it was announced that stockholders would contribute $105,000 toward the sum and depositors would
be asked to waive 10% of their deposits, to obtain the remainder.
It was announced that the, bank remained closed because of the slump
in the bond market,which resulted in a shrinkage of assets.
Officials said that under the new plan, the bank would be 100% liquid
and obtain the highest rating possible from the Government.
Associated Press advices from Tallahassee, Fla., on April
19 reported that the Florida State Banking Department on
that day reported that the Bank of Ocala had suspended
business and had been taken over by R. E. Waterman,
State bank examiner. The dispatch added:
April 29 1933
IOWA.
According to a Sioux City, Ia., dispatch, on April 25,
printed in the Des Moines "Register," a committee of depositors of the Security National Bank of that city on April
24 sent to the Comptroller of the Currency a counter proposal to that suggested by the bank's officers for reorganization of the institution. We quote further, in part, from the
dispatch as follows:
The Security National has been in charge of a Federal conservator since
the national banking holiday.
The depositors' proposal, according to W. D. Morton, committee Chairman, would make the entire 2,500 shares of the bank stock available for
purchase by depositors. Outside interests would be permitted to purchase
any stock unclaimed by depositors.
LOUISIANA.
The new National Bank of Commerce in New Orleans,
New Orleans, La., which replaces the Canal Bank & Trust
The institution was capitalized at $15,000 and on Feb. 6 had deposits of
Co. of that city has now been organized, according to the
$36,000. The Banking Department said it was one of the banks which
New Orleans "Times Picayune" of April 19, which stated
had not obtained a permit from the department to resume normal business
following the banking holiday.
that depositors of the old Canal Bank & Trust Co. and other
ILLINOIS.
citizens of New Orleans had subscribed the required 60,000
On April 20 Edward J. Barrett, State Auditor of Illinois, shares of common stock, or $1,500,000. The new National
authorized the reopening for unrestricted business of the bank is to be capitalized at $3,000,000, half of which is to
following institutions: Chicago, Howard Avert& Trust & be furnished by the Reconstruction Finance Corporation.
Savings Bank; Reynolds, Reynolds State Bank; Taylor According to the "Times Picayune" of April 23 the ollowing
Ridge, State Bank of Taylor Ridge; Geneseo, Central Trust. directors have been chosen for the new bank:
& Savings Bank of Genesee; Fairbury, Farmers' State Bank
H. Thom Cottam, A. D. Geoghegan, Oliver 0. Lucas, President of the
Canal Bank & Trust Co.; A. Q. Petersen, George Plant, George G. Westof Fairbury.
L. Kemper Williams
Clay
Beckner,
The Chicago "Tribune" of April 20 stated that plans were feldt andR. Foster, Dominick of the old Board, andIsrael, W. S.
Graffagnino, Mayer
Richard
J.
Love.
understood to be nearing completion for the organization of Mississippi State Superintendent of Banks, and Paul H. Maloney, Jr.
a new bank by Norman B. Collins, President of the Security
A subsequent issue of the same paper, April 25, stated
13/11c of Chicago, which is now paying off its depositors in that at a meeting of the directors of the new bank held on
full. We quote further from the "Tribune" as follows:
Monday, April 24, the chief officers of the institution were
The location of the new bank has not been decided definitely as yet. No
.
appointed, namely, A. D. Geoghegan, Chairman of the
lease has been closed, but it is expected the arrangements will be made in
a few days. The old bank was located at 767 Milwaukee Av'enue
Board; Oliver C. Lucas, President; Clay W. Beckner,
It is understood that $250,000 of capital for the new bank is assured.
Executive Vice-President, and Dale Graham, Cashier. Other
The Howard Avenue Trust & Savings Bank of Chicago officers of the bank,it was said, would be chosen at a meeting
opened for unrestricted business on April 20, freeing a of the directors to be held in a few days, Mr. Geoghegan
quarter of a million of deposits which had been tied up since announced. Mr. Geoghegan was also reported as saying:
the beginning of the bank holiday. The Chicago "Tribune"
"All the essentials incident to the organization of the new national bank
of April 20, from which the foregoing is taken, continuing were gone over With the national bank examiner and the legal department
of the bank.
said:
Oscar A.'Crept Chairman of the Board, announced last night (April 19)
that stockholders have put $100,000 of new money into the institution,
which is the only remaining bank in the Rogers Park district. The capital
structure remains unchanged with capital of $200,000 and surplus and
undivided profits of $21,000. The new money. Mr. Kropf said, was raised
to place the institution in an adequately liquid position.
"We will resume business with the strength of our bank clearly demonstrated," he said. "We have withstood the conditions which have carried
down five banks in our district and now have been able to put $100,000 of
new money in the bank. We expect to make some additions to out Board
of Directors and operating force which will be announced in the next week."
According to the Chicago "Journal of Commerce" of
April 20, the officers of the bank other than Mr. Kropf
are G. K. Hall, President; Raymond W. Beach, William L.
Johnson and H. G. Shallenberger, Vice-Presidents and
V. W. Becking, Cashier.
According to advices from Galena, Ill., to the Chicago
"Tribune" under date of April 20, sale of 1,600 shares of
stock in the new First National Bank of Galena was completed on that day after a three days' campaign by a committee of citizens. Capital of the new national bank will
be $160,000, it was stated.
Edward J. Barrett, State Auditor of Illinois, on April 25
declared that most Chicago banks which have been unable
to reopen after the moratorium will be dissolved and that
plans for such early dissolution are being made, according
to'the Chicago "Journal of Commerce" of April 26. Comparatively few of the 226 institutions in Chicago and suburbs
- ill be permitted to resume, Mr. Barrett was quoted as
.
saying. The Chicago banks which remain closed, as named
in the paper mentioned, are:
Aetna State, 2375 Lincoln Avenue.
Austin State, 5645 W. Lake Street.
Belmont
-Sheffield Trust & Savings. 1005 Belmont Avenue,
East Side Trust & Savings. 10101 Ewing Avenue.
Edgewater Trust & Savings 5545 Broadway Avenue.
Halsted Street State, 6910 Halsted Street.
I-C Trust & Savings, Fifty-third and Lake Park Avenue.
South Chicago Savings, 2959 Ninety-second Street.
West Thirty-first Street State, 555 W. Thirty-first Street.
West Side Trust & Savings, 1201 S. Halsted Street.
The Chicago paper also quoted Mr. Barrett as saying that many closed
banks were little more than payroll offices or currency exchanges. Ile
emphasized that not only must reorganization plans possess strength but
the management must be capable.
INDIANA.
According to the Indianapolis "News" of April 12, the
Newburg State Bank at Newburg, Ind. received a Grade A
license on April 11. Previously the bank had a B rating,
it was said.
"With the co-operation of the Federal Reserve Bank, the Comptroller
of the Currency, the Reconstruction Finance Corporation and the State
authorities, which is being received, all necessary steps are being taken to
insure an early opening of the bank.
"There are many details to be worked out in connection with these four
governmental departments, so that it is difficult to say at this time on just
what date the bank will open for business, but every effort is being made to
do so as soon as possible."
MAINE.
Concerning the affairs of the Fidelity Trust Co. and Casco
Mercantile Trust Co., both of Portland, Maine, advices
by the Associated Press from Portland on April 20 stated
that the executive committees representing the depositors
of the two banks were informed on that day that the Reconstruction Finance Corporation had agreed to loan between
$6,000,000 and $7,000,000 on the assets of the closed institutions, if an when $500,000 is subscribed for capital stock
of a proposed new National bank. We quote furthermore
from the dispatch as follows:
The two State institutions, both of which failed to open after the bank
holiday, had combined deposits of approximately $42.000,000.
The money'derived from the loan would be distributed proportionally
among depositors in the form of credits in the new National bank and would
carry no restrictions as to withdrawaLs, it was said.
The announcement was made by James C. Boyd and Robinson Verrill,
representing his father. Harry M. Verrill. conservator of the Casco Mercantile. Boyd and the elder Verrill had been in Washington early this week
conferring with Federal authorities.
The new bank would be named the National Bank of Commerce, this
designation having been approved by Government officials, it was
announced.
The assets of the closed banks. under the proposed arrangement, would
remain in the hands of the conservators for orderly liquidation.
MARYLAND.
The Millington Bank of Maryland, at Millington, Md.,
opened on April 22 on a 100% withdrawal basis, with a.ssets
of $200,000. It had been operating on a 2% withdrawal
basis since the bank holiday. Associated Press advices from
Millington, reporting the above, went on to say:
The reopening was effected by a reorganization, which wiped out all
losses and put $10.800 in new money into the institution by reducing the
par value of the old capital stock from $25 to $10 and the issuance of additional 900 shares of $10 par stock at $12 to restore the capital to the original
$15,000.
MASSACHUSETTS.
With reference to the affairs of the Worcester Bank &
Trust Co. of Worcester, Mass., a dispatch from that city
to the New York "Herald Tribune" on April 25 stated that
according to a statement released that day by George Avery
White, conservator of the institution, it is expected that a
Financial Chronicle
Volume 136
reorganization plan, to be announced shortly, will make
available for immediate use as large a percentage of the
present deposits of the bank as possible and that, with the
co-operation of the larger depositors, the small depositors
may have their deposits available 'in full. The advices
went on to say:
For the balance of the deposits not immediately released, the depositors
will retain an interest in the balance of the assets of the bank, which will be
administered so that depositors will derive from them their full value, the
statement continues.
Mr. White adds that the operation of any plan contemplates the bank
commissioner assessing stockholders the par value of their stock, as
authorized by law.
Depositors and stockholders' committees have also been selected to
represent the various groups of the bank. The statement was read to the
directorate of the bank at a special meeting.
MICHIGAN.
That the Federal Reserve Bank in Chicago has disapproved
the opening of Michigan banks on the basis of their liquid
assets is indicated in the following Lansing, Mich., dispatch
on April 25, to the New York "Times:"
Governor Comstock assailed Treasury officials to-day as he received word
from the Chicago Federal Reserve Bank that the "Michigan plan" for
reopening banks on the basis of their liquid assets had been rejected.
Plans for resumption of business by some 200 Michigan banks. 57 of
them State bank members of the Federal Reserve System, must be dropped
unless a modification of the ruling is obtained. Governor Comstock
declared that disapproval of the plan "will sink Michigan," and expressed
the opinion that "President Roosevelt does not know what goes on in the
Treasury Department."
The communication from Federal Reserve authorities said that no license
would•be issued to a Federal Reserve member bank unless it could open on
a 100% basis.
Under the Michigan plan,' reopening would be permitted with discursement of deposits equal to liquid assets and the issuance to depositors of
special trust certificates against frozen assets.
Reorganizations under which scores of Michigan banks have already been
permitted to reopen on petition of 25% of the depositors are even banned
In the future under the Federal ruling, according to Rudolph E. Reichert.
State Bank Commissioner. These reorganizations have been based on
depositors' agreements to leave a percentage of their funds frozen for
specified periods of time.
It is learnt from the Detroit "Free Press" of April 23,that
Frank J. Maurice, President of the Highland Park State
Bank of Highland Park, Mich., on April 22 accepted the
appointment as conservator of three Grand Rapids banks.
The paper mentioned went on to say:
He will continue in his capacity as President of the Highland Park State
Bank, devoting whatever time is necessary to reorganizing the Grand
Rapids institutions for the benefit of their depositors and the city as a whole.
"I will in no sense be a receiver or a liquidator," Mr. Maurice said.
The banks of which Mr. Maurice will be conservator are the Grand
Rapids Savings Bank, the East Grand Rapids State Bank and the Galewood-Wyoming State Bank.
MINNESOTA.
A dispatch from St. Paul, Minn., under date of April 15
to the "Wall Street Journal" reported that John N. Peyton,
State Bank Commissioner for Minnesota, had closed the
People's State Bank of Eveleth, Minn., and placed the
institution in the hands of a conservator for reorganization.
The bank had deposits of $314,420 on Dec. 31 1932, it was
said. The same dispatch also reported that the Commissioner had closed the Theilman State Bank at Theilman,
Minn. This bank,it was stated, had deposits of $150,000 at
the end of last year.
Later St. Paul advices to the "Wall Street Journal" on
April 22 indicated thai the State Bank of Mizpa, Mizpa,
Minn., had been closed by Mr. Peyton "in the best interests
of depositors." Deposits totaled $40,000 at the end of last
year, it was said.
A more recent dispatch from St. Paul to the same paper
(April 26) stated that the State Bank Commissioner had
announced on April 24 the discontinuance of the Citizens'
State Bank of Janesville, Minn., with deposits of approximately $271,000. The bank had been operating under the
State reorganization law since the bank holiday, it was said.
The dispatch added:
Fifteen State banks, said Mr. Peyton, had completed reorganization over
the week-end and had been authorized to resume regular business, bringing
the total for the State to 361 reopenings.
Reopening of fifteen Minnesota State banks, which had
been operating under the reorganization law while undergoing reorganization, was announc d by the State Commissioner of Banks on April 24, according to the Minneapolis
"Journal" of that date. As a result, it was said, there are
now 361 State banks conducting usual banking functions,
including 10 trust companies and one savings bank. The
banks reopening for usual business, as named in the paper
mentioned, are as follows:
Lake City Bank & Trust Co., Citizens State Bank of Clara City. State
Bank of Kerkhoven, Rushford State Bank, First State Bank of Onamia,
Mihone State Bank, Nicollet County Bank of St. Peter, St. Stephen State
Dank, Farmers State Bank of Evansville, Blackduck State Bank, First
State Bank of Meriden, Farmers' State Bank of Welsh. Farmers' & Merchants State Bank of Blooming Prairie, Sprague State Bank of Caledonia
and Caledonia State Bank,
2905
MISSISSIPPI.
Mississippi State Banking Department on April 18
reported the reopening of the People's Bank at Louin, Miss.,
as the 185th State institution to resume normal business since
the National and State banking holidays were decreed.
Prior to the bank holiday there were 216 State banks in
Mississippi. Associated Press advices from Jackson, Miss.,
reporting the foregoing, went on to say:
the
The Bank of Louin originally had been scheduled for a merger withBay Springs Bank at Bay Springs, but officials said their programs had
been worked out separately.
Borrowing upon the assets of the Merchants' Bank &
Trust Co. of Jackson, Miss., and organization of a new State
bank which would take over the r ssets of the old institution
as well as the assets of the Capital National Bank of Jackson
and its subsidiary, the Citizens' Savings Bank & Trust Co.,
(indicated in these columns last week, page 2735) was denied
by Judge V.J. Stricker of the Hinds County Chancery Court
in a decision handed down on April 22. Instead, Judge
Stricker ordered J. S. Love, State Superintendent of Banks,
in whose hands the Merchants'Bank & Trust Co. was placed
on April 8 and who had proposed the organization of the
new institution, to proceed with "an orderly, expeditious and
economical liquidation of the bank." In reporting the
matter, a Jackson dispatch to the New Orleans "Times
Picayune" said in part as follows:
None of the officials of the Capital National Bank, nor its conservator,
J. T. Brown, would indicate to-night (Awil 22) what their future plans for
reopening or liquidation are. The Comptroller had not sanctioned the
proposed organization of a new bank.
The new bank, under Loves proposal, was to have been financed in the
erection of its capital structure by the Reconstruction Finance Corporatton
to the extent of $300,000, provided local interests, mainly depositors, put
up a like sum.
This proposal, carrying an additional agreement to pledge all of the
unencumbered assets of the Merchants' bank to the It.. F. C. for a loan of
$1.500,000 for a possible 40% dividend to the depositors, was illegal, the
Chancellor thought, he states in his decree, and, furthermore, he declared
his belief that the proposal was unfair to the depositors and could become
disastrous to their interests.
The Chancellor's decision apparently closed the doors to any plan for
the formation of a -new bank in Jackson which depends upon use of assets
of the old Merchants' bank to start organization.
Out of 35 or more State banks opening after reorganization programs,
only two have remained open, Chancellor Stricker pointed out in his decree.
"You knbw from experience that the organization of crippled banks in this
State has not been a success," continues the Chancellor, citing other results.
'Such closures of reorganized banks have but added to the public suffering."
"What better illustration do we need of this than the very case now
before us?" he asked. "More than a year ago, when the Merchants' Bank
& Trust Co. was having its serious difficulties, and was about to close its
doors, it negotiated a loan of $1.000,000 from the R. F. C. and proceeded
upon a supposedly sound and reorganized basis.
"And yet, with its business in hand, and as a going concern, with $1,000,000 to its credit, it is now in liquidation, with an inventory which reflects
its unfortunate struggle, and with a balance of approximately $600,000
unpaid on its loans. Three other banks here have gone the same route,
and yet it is proposed to set up another tied in on money to be advanced
on the assets of two of them.
"As much as I deplore these details they are public facts, which cannot
be ignored, and which serve to remind us of the care we should exercise
in considering the matter now before us." . . .
Superintendent Love, who took over the Merchants' bank on April 8
and who since has been trying to work out a reorganization plan, declared
when he learned of the Chancellor's decision that he was "not a quitter':
and that he would continue his efforts. He had not read the statement,
which was handed to him while he was interviewing the newspapermen in
his office. . ."I have no statement to make." he said.
MISSOURI.
It is learnt from the St. Louis "Globe-Democrat" of April
25 that Ethan A. H. Shepley, a partner in the law firm of
Nagel, Kirgy & Shepley of St. Louis, has been selected as
President of the new South Side Bank & Trust Co. of St.
Louis which will take over the Lafayette-South Side Bank
& Trust Co. and the South Side National Bank (both of
which have been operating on a restricted basis since the
bank holiday). Joseph L. Rehme, former President of the
Lafayette-South Side Bank & Trust Co., will remain with
the new institution in an official capacity, it was said. The
bank was chartered by the State Finance Commissioner of
Missouri on April 13. Formation of the institution with
provision for free capital fully pledged and subscribed in
excess of $3,000,000, was referred to in these columns last
week, page 2735.
The St. Louis "Globe-Democrat" of April 23 is authority
for the statement that the Comptroller of the Currency on
April 22 appointed Jack Bernhardt, attache of the chief
National bank examiner's office.in St. Louis receiver for the,
Cherokee National Bank of that city. Mr. Bernhardt, who
took over his new duties immediately replaced Vance L.
Sailor, who had been acting as conservator. Appointment
of a receiver does not preclude reorganization, it was stated,
but it indicates immediate reorganization is out of the
question. As noted in these columns in our April 8 issue
page 2362 three officers and a bookkeeper of the bank (one
of them being Henry P. Mueller, President of the institution)
2906
Financial Chronicle
are charged with alleged embezzlement of the institution's
funds and are at liberty on bonds. We quote further in
part from the "Globe-Democrat," as follows:
An alleged shortage in accounts of the depository were discovered shortly
after an audit was begun by National bank examiners March 24. Amount
of this discrepancy was variously estimated at between $100,000 and
$160,000.
The examination of conservator Sailor has been completed. While he
would not reveal his findings, it was learned the figures are put at approximately $185,000.
Mueller was appointed conservator of his bank March 16. He was succeeded by Sailor March 31, when the alleged account shortage was disclosed.
It is understood immediate reorganization is impossible, not only because
of the shortage, but on account of bond account depreciation and condition
of loans.
NEW JERSEY.
.
At a mass meeting of depositors of the Orange National
Bank of Orange, N.J., on April 2J announcement was made
that the bank must raise another $250,000 in addition to
$1,000,000 already stipulated by the Comptroller of the
Currency before it can resume business. It was also brought
out at the meeting that the Comptroller has decreed there
must be a change in the Board of Directors and executive
officers. The Newark "News" of April 21, from which the
above information is obtained, went on to say in part:
Announcement of the increase in capital stoc.k and surplus required was
made by William Howe Davis of the special depositors' committee of 17
in a lengthy report detailing conditions at the bank and the work thus far
accomplished toward its rehabilitation. Davis stated much of the bank's
actually convertible assets have been ordered written off.
He instanced unsecured loans ordered written off where the principal has
not been reduced in two years. several $100,000 loans were written off in
this respect alone, Mr. Davis said, and another large sum in the secured
loan account. Much of this money, he explained, will be realized when
normal business conditions come about.
In its report the committee said:
"The present condition of the bank is due in part to causes over which
the management had no control and which are common to the whole
financial world, and in part to errors of judgment on the part of the officers
of the bank, but we wish to say that we have found no evidence of intentional
wrong-doing on the part of any officers, directors or employees of the
bank." . . .
"The bank cannot be opened until licensed by the Comptroller of the
Treasury," the statement continued. "We have been advised by the
officials of that department that such license would nob be granted until a
new plan had been presented embracing not only the required amount of
new capital but also the following points:
"A change in the Board of Directors and executive officers. A fair con
tribution toward the capital required to reopen the bank by th0 present
stockholders either in cash or by the surrender of the common stock.
"All of the present board and the executive officers, will tender their
resignations at the proper time and a new board of directors and the necessary executive officers will be appointed and will assume the management
and direction of the bank before it reopens. . . .
"As to the second point, we beg to report that after repeated conference
with the representatives of the stockholders and with the Federal authorities, we are endeavoring to perfect an agreement with the stockholders, and
to secure an official approval thereof, by which 75% of the common stock
will be turned in either to the bank or a committee appointed for the
purpose, with the understanding that when it is determined at what price
the same shall be resold each common stockholder shall be granted the first
right to repurchase, within a reasonable time, a number of shares equal to
those surrendered by him at the price fixed; otherwise the shares may be
sold to other persons."
Relative to the additional $250,000 now required by the Government the
report said: "As to the amount of new capital required, in our conferences
with the Federal authorities they stated the $1,000,000 first mentioned by
them to the officers of the bank was not intended to be a definite commitment but rather an informal expression of their views in round numbers.
"After further consideration they have fixed the sum to be so raised at
$1,250,000. This amount will enable the bank to comply with the requirements of the Department as to charging off all bad, slow or doubtful loans
reducing the value of its real estate and bringing its portfolio of securities
down to present market prices, thereby making the bank intrinsically
sound.
"This sum may be raised either by the sale of preferred stock or by the
sale of preferred and common stock. In this connection, we wish to state
that the Comptroller of the Currency, through his representatives, has
communicated to your committee the results of the last examination of the
bank and explained the reasons actuating him in determining the necessary
charge-offs.
"We believe he has been conservative in his valuations, and his determination as to the amount of new capital necessary to properly rehabilitate the
bank may be relied upon with confidence by all parties in interest, and that
the amount when so contributed will make the bank sound and enable it
to resume normal business operations when it opens."
The report pledges no substantial dividends shall be paid on the common
stock until the preferred stock with all cumulative dividends shall be
retired. "The purpose of the Government," the report reads, "as expressed
over and over again, is to protect those who are putting up their money for
the reinstatement of the bank."
At the close of the meeting many depositors subscribed, but the amount
received was not announced. The amount raised to date was announced
as $750.000.
A dispatch from Pompton Lakes, N. J., on April 24 to
the Newark "News" reported that the First National Bank
& Trust Co. of Pompton Lakes had received approval from
Washington on April 22 of its reorganization plan. Stockholders had already approved the plan it was said and it was
now being submitted to the depositors for their approval.
The dispatch continuing said in part:
The plan provides for raising $850,000 by an assessment of 45% on all
depositors except charity and municipal funds which, it is understood, will
be exempt.
Depositors to be assessed are asked to purchase new preferred stock which
will have a par value of $10 a share, but which will be sold for $30. The
accounts.
$20 extra will be placed in the surplus and resources
April 29 1933
The new issue will be of 20,000 shares and will increase the bank's
capitalization from $200,000 to $400,000. The bank was originally capitalized at $100,000, but last June a stock issue of $100,000 was sold.
Before the reorganization can be effected, depositors controlling 75%
of the total deposits in the bank must approve the plan. Depositors will
be asked to subscribe to the new stock issued by letter and stock application
blanks being mailed to-day (April 24). Depositors with less than $60 in
the bank will not be asked to subscribe.
NEW YORK STATE.
The Jordan National Bank, of Jordan, N. Y., has been
licensed by the Secretary of the Treasury to resume full
banking operations.•
The Sarb.toga National Bank of Saratoga Springs, N. Y.,
closed since the bank holiday, was reopened for business on
April 25 under reorganized management. Its new President
is Louis W. Noland, former President of the Saratoga State
Waters Corp. Walter P. Butler, former president of the
Bank, became Chairman of the.Board. A dispatch by the
Associated Press, reparting the above, went on to say:
Depositors agreed to sign over their rights to 15% of their deposits,
accepting preferred stock in return. Stockholders put up $100,000, an
amount equal to the capital, to strengthen the capital structure.
NORTH CAROLINA.
In regard to the affairs of the North Carolina Bank &
Trust Co., head office Greensboro, N. C., advices from that
city on April 17, printed in the Raleigh "News & Observer"
stated that at a meeting of the Board of Directors on that
day the plan which has been under consideration for the
re-oFanization of the bank was submitted by the executive
officers, fully discussed, and unanimously approved by the
Board. A committee was appointed to present the plan to
the Reconstruction Finance Corporation at Washington,
and the Commissioner of Banks at Raleigh. As soon as the
details of the plan are submitted to these officials and
approved by them,it will be presented to all stockholders and
depositors for their consideration, it is announced by N. S.
Calhoun, President. The dispatch continuing said:
Under the plan as submitted and approved, it was unanimously agreed
that all capital stock necessary for the organization of the new bank, which
is not obtained from the Reconstruction Finance Corporation, will be
provided by the stockholders of the present bank.
OKLAHOMA.
A new $8,000,000 banking institution in the Southwest
was brought into existence on April 24 with the announcement by Jesse H. Jones, Director of the Reconstruction
Finance Corporation, that the corporation had subscribed
for 84,000,000 of preferred stock in a new National bank,
the National Bank of Tulsa, Tulsa, Okla. The subscription
of this stock was authorized by the Secretary of Treasury,
Wm.H. Woodin, upon proper application by common stockholders, who had subscribed.to $4,000,000 of new common
capital.
This new institution,chartered April 24 by the Comptroller
of Currency began functioning as a new N'ational bank on
Tuesday, April 25, has taken over the business of the
Exchange National Bank of Tulsa, acquiring all of its assets
and assuming 100% of its deposits and other liabilities.
One of the conditions under which the Reconstruction
Finance Corporation purchased the $4,000,000 preferred
stock, was that the subscribers to the common stock would,
as soon as possible, offer to the depositors and the public,
the right to participate in the ownership of this new bank by
subscribing to the shares of the common stock, at the
purchase price paid by the original subscribers. The
announcement by the corporation went on to say:
The National Bank of Tulsa will open for business in the quarters occupied
by the Exchange National Bank, and will serve the depositors of the
Exchange National Bank and the community of Tulsa without interruption.
All depositors' accounts on the books of the Exchange National Bank will
be automatically transferred to the National Bank of ll'ulaa and any check
drawn against funds in the Exchange National Bank, will be honored by the
National Bank of Tulsa.
The formation of this new bank is the result of negotiations between the
Reconstruction Finance Corporation and the new stockholders. It will
represent the first large bank in the Southwest, in which the Government
has entered into a partnership with the common stockholders. All requirements of the Reconstruction Finance Corporation, Comptroller of the
Currency, the Secretary of the Treasury and the Federal Reserve Bank,
have been met. This institution, with its $8,000,000 of new capital funds
gives Tulsa one of the largest banks in the Southwest.
OHIO.
With reference to the new National bank to be formed to
replace the First Central Trust Co. of Akron, Ohio, a dispatch by the Associated Press from that city on April 19
contained the following:
A committee of five business men to organize the projected National Bank
of Akron, as successor to the unlicensed First-Central Trust Co., was
announced to-day (April 19) by Sterling B. Cramer, former First
-Central
President. This committee, which will choose the Board of Directors for
the proposed bank, will begin functioning as soon as plans for the National
bank are formally approved by the Government. On the committee are:
Hasket H. Kuhn, former President of the Chamber of Commerce; E. C.
Volume 136
Financial Chronicle
Shaw, philanthropist; John Kraker, foundry head; John M. Doran, wholesale house head, and Hurl J. Albrecht, President of a local grocery chain.
Akron advices on the same date, April 19, to the Celevland
"Plain Dealer" stated that John R. Eckler, conservator for
the First-Central Trust Co., late that day made public his
compilation of transfers of capital stock of the bank since
last Dec. 31. The list discloses that 3,273 shares were
transferred in the period Jan. 9 to March 17, which at a
value of $50 a share represents $163,650. We quote further
from the dispatch as follows:
This list has been filed with Ira J. Fulton, State Superintenflient of Banks,
with a second list of shares transferred prior to Jan. 1, which the conservator
said was being investigated.
Fifteen transfers of blocks of more than 100 shares are shown by the list,
which includes 92 separate transactions.
There are 2,200 stockholders, of which the Credit Corp. of Akron is the
largest with 37,601 shares, it was shown.
A Court test to determine whether the Credit Corp. Is subject to double
liability on its holdings was seen by Lewis F. Laylin, Assistant Ohio
Attorney-General here as counsel for the conservator.
The Credit Corp. was formed by Akron industralists and business men
late in 1931 to put across the merger of the Central Depositors Bank and
-City Trust & Savings Bank when Akron's banking troubles first
the First
broke.
Stock in the merged banks was subscribed by the corporation, which also
made loans approximating $13,000,000, later absorbed by the Reconstruction Finance Corporation.
•
That the Reconstruction Finance Corporation had on
April 25 approved the plan for the formation of a new
National bank in Akron as successor to the First-Central
Trust Co. was reported in the following Associated Press
dispatch from Washington, D. C., on that date:
The Reconstruction Finance Corporation approved to-day a plan for
creating a new bank in Akron, Ohio, to be known as the National Bank of
Akron, which will replace the First
-Central Trust Co. of that city. The
plan, proposed by a conunittee headed by S. B. Cramer of Akron (President
of the First-Central Trust Co.) calls for subscription of 51,250,000 of
common stock by Akron citizens. When this is accomplished the Reconstruction Corporation will buy $1,000,000 of preferred stock in the bank.
The Reconstruction Corporation stipulated that immediately upon
organization of the new bank, depositors of the First
-Central Trust Co.
are to receive 20% of their deposits. This will be the•first liquidation
dividend.
Frank L. Niederauer, Cashier, has been appointed conservator of the First National Bank of Bryan, Ohio, being
the third conservator appointed in Bryan, according to
advices from that place on April 20, which added:
A. L. Gebhard is at the Farmers' National and Frank Radabaugh at the
Union Savings Bank.
That the plan for the reorganization of the People's Bank
& Savings Co. of Cincinnati, Ohio, is progressing, is indicated
in the following taken from the Cincinnati "Enquirer" of
April 21:
Approval of the plan of the reorganization of the Peoples' Bank & Savings
Co. has been given by a majority of the stockholders, Senator Alfred M.
Cohen. President of the bank, said last night.
Through voluntary action, more than $100,000 was subscribed, he said,
at a meeting of stockholders at which more than 60% of the capital stock
was represented.
Gilbert Bettman, former Attorney-General of Ohio, has been retained as
counsel for the bank during the negotiations for its reorganization, Senator
Cohen said. He stated that plans for reorganization are progressing
satisfactorily.
Associated Press advices from Columbus, Ohio, on April 20
reported that two State banks in Ohio, including one that
had been in the hands of a conservator, on that date were
licensed by the State Banking Department to reopen for
business on an unrestricted basis. We quote further from
the dispatch as follows:
The Ridgeway Banking Co., Ridgeway, Hardin County, was the first
State financial institution to emerge from the hands of a conservator and
gain a license to resume normal operations.
The bank was placed in the hands of L. A. Reeder, Ridgeway, as conservator 10 days ago.
Another reopening license was granted the Hardy Banking Co., North
Baltimore, Wood County.
A dispatch from Fostoria, Ohio, on April 21, printed in
the Toledo "Blade" stated that a plan for the immediate
resumption of normal activities by the Commercial Bank &
Savings Co. of Fostoria, was announced on April 20. We
quote further from the advices as follows:
The plan, which has been approved by the Ohio State Banking Department, will make 65% of deposits available at once and participation certificates for the remainder will be issued to depositors. No dividends will be
paid to stockholders until all participation certificates have been retired.
Savings under $20 will be released in full, as will school savings, Christmas
club money and public funds.
Approval of depositors is now being sought. Officials believed the bank
will be opened for normal business early next (this) week.
Preparatory to organizing a new bank from the assets of
the Lima First American Trust Co., a depositors' committee
were to begin on April 22 the organization of 10 10-man
teams to solicit creditors of the institution for waivers of
their deposits, according to Lima advices on April 22,
appearing in the Toledo "Blade," which went on to say:
Stock in the new bank will be allowed for the deposits. At least 62%
of the deposits must be represented in the signatures to the waiver agreement before the bank can be chartered.
2907
OREGON.
It is learnt from the Portland "Oregonian" of April 12
that plans are under way for the organization of a new
National bank in Albany, Ore., to replace the First National
Bank of Albany and the Albany State Bank now operating
under restrictions. Stockholders and depositors of the two
institution9 decided on this course at a joint meeting where
it was proposed that the new institution would be capitalized
at $100,000, with an initial surplus of $10,000, and that it
would hold the liquid assets of the two banks and 50% of
their deposits. The "Oregonian" continuing, said:
Under the plan agreed upon completion of the organization will be contingent upon securing of consent from each depositor to waive 50% of his
deposits. A committee was named to receive subscriptions to capitalstock
and to obtain the necessary waivers.
Criticized assets of the two Albany banks would, it was said, be taken
over by the proposed new bank, this feature being incorporated in the
reorganization plan as worked out at the joint meeting. These would
stand as security against the remaining 50% of total deposits which would
be held in trust and credited to depositors' accounts in the new institution
as the criticized assets were liquidated.
Both the First National and Albany State banks are owned by the same
stock controlling corporation. Albany State has a capital of $50.000.
with surplus and undivided profits of $90,000, 'while First National is
capitalized at $125,000 and surplus and undivided profits total in excess of
536,000.
Plans for the new National bank were said yesterday to have met practically a unanimous response.
PENNSYLVANIA.
The Philadelphia "Ledger" of April 25 stated that the
Federal Reserve Bank of Philadelphia had announced on
April 24 that A. A. Shiffer had been appointed conservator
of the First National Bank, of New Berlin, Pa. Mr. Shiffer
is Cashier of the institution.
SOUTH CAROLINA.
Details of plans for the formation of a new National bank,
which would liquidate the old National Loan & Exchange
Bank of Columbia, S. C., Were announced on April 19 by
the depositors' committee, headed by Joseph Walker. These
plans have been approved by the Comptroller of the Currency
in Washington and also approved at a meeting on April 18
of a group of citizens interested in the affairs of the bank,
which is now being operated by a conservator. Under the
proposed plans, depositors in the National Loan & Exchange
Bank would subscribe for stock in the proposed new bank in
an amount approximating 20% of their present claims. A
statement issued by the depositors' committee, as contained
in the Columbia "State" of April 20, from which the foregoing is also taken, said in part as follows:
1. Formation of a new National bank, a member of the Federal Reserve
System, with common capital stock of $200,000. and paid in surplus of
$50,000. Par value of the stock will be $10 per share, and the stock will
be sold at $12.50 per share.
It is expected that the depositors of the National Loan and Exchange
Bank (hereinafter spoken of as the "Old Bank") will subscribe for this
stock in an amount approximating 20% of their present claims, and pay
for the same out of the proceeds of distributions and liquidating dividends
to be paid by the Old Bank. as hereinafter explained.
This 20% will be calculated to the nearest $12.50 of the amount of the
claim, and in determining the 20%. the total due any one depositor, in
checIdng account, in savings, on certificate of deposit, and in any other
way, except preferred claims, will be added and constitute the amount on
which the subscription is to be calculated. No depositor having a total
credit of lees than $62.50 shall be required to subscribe to stock, but will
be given an opportunity so to do. . . .
The old depositors subscribing to the common stock of the New Bank
under this plan will assign all distributions and dividends to their committee. consisting of Joseph Walker, Chairman; C. H. Jones, C. S. Leinon,
J. E. Timberlake and G. H. Crawford, with authority to use same to pay
such subscriptions, and to borrow thereon.to make such payment.
It is hoped that with these assignments in hand, funds may be borrowed
thereon at once from outside sources to supply the entire cash subscription
to the stock of the New Bank prior to'any distribution made by the Old
Bank.
2. The officers of the new bank, by and with the approval of its directors,
may then purchase such assets of the old bank as are, in their judgment,
sound and liquid, to the extent that they deem this wise.
3. The cash on hand in the old bank is now approximately $170,000.
This, together with other cash collected and secured, as explained above,
should enable the conservator to apply to the Comptroller of the currency
for permission to make a complete and ratable distribution of not less than
10% to all depositors and other creditors of the old bank.
The dividends due those depositors who subscribe to the stock of the
new bank will be at once paid over to the committee of depositors hereinabove referred to. This committee will take these funds and immediately
reduce the amount borrowed on the assignments as set forth in paragraph 1.
Assessment of Stock.
Immediately after this distribution of 10% application will be made to
the Comptroller of the Currency for a receiver for the old bank. This
will at once bring about a 100% assessment upon the stock of the old bank,
upon which the receiver should realize immediately, $130,000. and probably
5150,000 within three months, at which time the receiver can pay a second
dividend of 10%.
When the receiver has discharged his duties with reference to the assessment of shareholders of the old bank, the depositors' committee will apply
to the Comptroller of the Currency to take over the remaining assets of
the old bank and to place the same in the hands of a committee, trustee or
trustees selected by the depositors and other creditors of the old bank, to
complete the liquidation of said assets for the benefit of the depositors and
other creditors of the old bank. It is uncertain as yet whether this can be
accomplished without the consent of all the depositors, and other creditors
of the old bank. In any event the new bank can assist in the liquidation of
Financial Chronicle
2908
the assets of the old bank, even if carried out by a Comptroller's receiver,
and co-operate to prevent any sacrifice of the assets of the old bank. . .
Further liquidating dividends will be paid to all depositors and other
creditors of the old bank as quickly as the remaining assets can be converted into cash without undue sacrifice. Under this plan the depositors
and other creditors of the old bank will receive everything to which they
are entitled, including a 100% assessment on the stockholders of the old
bank.
The liquidation of the old bank will be accomplished in the most econom.
ical and advantageous way possible under the law. If the Comptroller of
the Currency will permit the new bank to take charge of the liquidation
of the old bank, as liquidating agent, then the depositors and creditors of
the old bank may have this done. Whether the Comptroller will permit
this is as yet uncertain. . . .
It is learnt from the Columbia "State" of April 19 that the
Bank of Buffalo at Buffalo, Union County, S. C., was given
authority on that day to reopen by the South Carolina State
Board of Bank Control under a depositors' agreement. The
•
paper mentioned went on to say:
Julian H. Scarborough, Chairman of the Bank Board, in making the
announcement last night (April 18) said that the agreement with depositors
was made last June and was the same one on which the institution was
operating at the time of the banking holiday.
VIRGINIA.
The Virginia State Corporation Commission on April 25
authorized the Bank of Hampton, Hampton, Va., to suspend business for a period of 30 days, ending at the close of
the business .day, May 25. Associated Press advices.from
Richmond on the date named, authority for the foregoing,
went on to say:
The authorization was granted at the request of the bank's board of
directors. The suspension schedule provides that all existing deposits be
held intact and that no withdrawals thereon or payment thereon be honored
or made; and that no new deposits be accepted or received.
Banks Under Conservators Reopening.,
Associated Press advices from Washington, April 24, state
that the process of reopening banks placed under conservators
at the end of the bank holiday on April 22 has resulted
in 360 of them obtaining licenses to resume unrestricted
operations. There now are almost 5,000 National banks
operating.
Additional List of Banks Licensed to Resume Operations in New York Federal Reserve District.
Supplementing its previous statements, noted in our issues
of March 18, page 1799; MarCh 25, page 2002; April 1,
page 2172; April 15, page 2550, and April 22, page 2737,
the Federal Reserve Bank of New York issued the following
list showing additional banking institutions in the Second
(New York) Federal Reserve District which have been
licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1217, April 26 1933.1
MEMBER BANKS.
NEW YORK STATE.
Clyde—The Briggs National Bank & Trust Co. of Clyde.
Islip—The First National Bank of Islip.
Saratoga Springs—Saratoga National Bank of Saratoga Springs.
Wellsville—'The Citizens National Bank of Wellsville.
* Bank in Buffalo Branch territory.
- GEORGE L. HARRISON, Governor.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The sale of a New York Stock Exchange seat. was arranged April 28 at $1254000, off $5,000 from the previous
transaction, April 21.
Arrangements were made for the sale of a New York
Curb Exchange membership at $30,000, unchanged from
the last previous sale of April 20.
Frank W. Lovatt sold his third membership April 27 on
the National Raw Silk Exchange to Richard T. Haniss, Sr.;
at $1,100, an advance of $150 over the previous transaction.
The New York Cocoa Exchange membership of the estate
of Luis Yglesias was sold April 25 to E. A. Canals° for
$1,975,an advance of $75 over the last previous sale,April 21.
The membership of Harry Bamberger in the New York
Cotton Exchange was sold April 21 to Locke Brown for
$15,000, the price being $1,000 in advance of the previous
sale, April 20.
A _membership on the Chicago Stock Exchange was sold
April 25 at $4,500, up $1,000 from the last previous sale.
Later in the week, on April 28, one sold for $4,250.
Paul W. Mellon, son of Andrew W. Mellon, the former
Secretary of the Treasury and former Ambassador to England, will join the staff of the Bankers Trust Company, New
April 29 1933
York, temporarily on May 1. It was stated that he will
remain only two months when he expects to return to Pittsburgh and resume his association with the Mellon National
Bank there. He will be connected with the statistical and
investigation department of the Bankers Trust which has to
do with ascertaining the value of securities.
Notice has been sent by the Chase National Bank, New
York, to the shareholders of the bank, calling attention to
the fact that a special meeting will be held at the bank's
head office, 18 Pine Street, on May 16, to vote upon a proposal to reduce the number of directors of the bank from
72 to not more than 40. At the same time stockholders of
the Chase Securities Corporation have been notified of a
special meeting on May 16 to act on various proposals incident to the separation of the business of the affiliates from
-details of which were given in our issue
that of the bank,
of April 8, page 2358.
Wm. M. nook, Chairman of the Board of the New York
Shipbuilding Corporation and Paolino Gerli, Vice-President
and Director of E. Gerli & Company, Inc., silk importers,
have been elected directors of Manufacturers Trust Company of New York.
The Wallabout office of Manufacturers Trust Company
was moved a week ago from 240 Flushing Avenue, Brooklyn,
to larger quarters at 210 Flushing Avenue, corner Washington Avenue.
F. H. McKnight resigned on April 24 as President and
Director of the Grace National Bank of New York. Mr.
McKnight, who is an expert on • international banking affairs, was formerly connected with Morgan interests in
Europe.
Anton G. Hodenpyl, a Director of the J. G. White Engineering Corporation and J. G. White & Co., died on April
23 at Richmond, Va. Mr. Hodenpyl, who lived in Locust
Valley, L. I., was 80 years old. He was born Nov. 7 1852, in
Grand Rapids, Michigan. Mr. Hodenpyl began his business
career in July 1868, in Grand Rapids. In 1888 he organized
The Michigan Trust Co., Grand Rapids, and served as Secretary and Vice-President until 190), when he came to New
York as a member of the firm of King, Hodenpyl & Co.,
Brokers, 7 Wall St. and Chicago, he also became a member
of the firm of Hodenpyl, Walbridge & Co., which latter firm
became Hodenpyl, Hardy & Company on Jan. 1 1911. He
was a pioneer in the electric power and light industry, having served as President of Commonwealth Power Railway
& Light Co., The Michigan Light Co., Union Railway, Gas
& Electric Co., The Evansville Light Co., Peoria Light Co.,
Springfield (Ill.) Railway and Light Co., most of which companies have been merged into the present Commonwealth
and Southern Corporation. At the time of his death Mr.
Hodenpyl was a director of the Matinecock Bank of Locust
Valley, L. I., the Netherland-American Foundation, and the
Piping Rock Water Co.
With reference to the affairs of the Plymouth County
Trust Co. of Brockton, Mass., which closed its doors in December 1931, the Boston'"Herald" of April 26 had the following to say:
With $200,000 becoming available to depositors in the savings department of the closed Plymouth County Trust Co., Brockton (April 25), Arthur Guy, State Bank Commissioner, declared the program of his department, interrupted by the bank holiday, has been resumed with regard to
banks closed before the holiday.
The $200,000 became available to the Brockton bank's depositors when
Judge Wait of the Supreme Court approved Guy's application for payment
of an additional 10% dividend. The action brought the total sum released to date from the bank to more than $800,000.
Francis Henshaw Dewey, Chairman of the Board of Directors of the Mechanics' National Bank of Worcester, Mass.,
and for the past 40 years identified with the industrial and
commercial growth of that city, died at his home in Worcester on April 20. He was 77 years of age. Mr. Dewey, who
was an official or director of some of the most important
corporations in Massachusetts, was born In Worcester and
was graduated from Williams College with the degree of
Bachelor of Arts in 1876, receiving his law degree at Harvard
three years later. In 1897 he was Vice-President of the
Worcester County Bar Association. Prior to becoming
Chairman of the Board of the Mechanics' National Bank, the
deceased banker served the institution as President for 32
years. Among other numerous interests, he was President
of the Norwich & Worcester RR. Co. and the New London
Volume 136
Financial Chronicle •
Northern RR. Co.; Vice-President of the Worcester Morris
Plan Co.; a trustee of the Worcester Mechanics' Savings
Bank and the New England Investment & Security Co., and a
director of the New England Telephone & Telegraph Co., of
which he was a member of the Executive Committee, the
Massachusetts Bonding & Insurance Co., and the Worcester
Gas Light Co.
The Massachusetts Supreme.Court on April 18 approved a
reorganization plan for the closed Central Trust Co., Cambridge, which, if adopted, would make available to the depositors substantial credits in a new trust company planned
to take over the business of the closed institution, according
to the Boston "Herald" of April 19, from which we also take
.
the following:
2909
Our last reference to the Steneck Trust Co., which has
been in the hands of a receiver since June 1931, appeared in
the "Chronicle" of Sept. 24 last, page 2104.
Colonel Arthur F. Foran has been elected President of the
Flemington National Bank & Trust Co., of Flemington, N. J.,
to succeed Finnan R. Williamson, who died recently, according to advices from that place to the Newark "News" on
April 20, which added:
In announcing the Court's approval to the plan, Bank Commissioner
Arthur Guy declared in a statement that consummation of the plan will
depend largely upon the response of stockholders of the Central Trust Co.
to the payments expected of them under the plan. 6.w
• "In this connection," his statement said, "the plan contemplates that the
stockholders will make at least $750,000 of new cash available, of which
$500,000 will be used by the new trust company as capital and surplus, and
the balance to be used for the benefit of the depositors in both savings and
commercial departments of the old bank."
Our last previous reference to the affairs of the Ceilna
Trust Co., which was taken over by the Massachusetts State
Banking Department on May 10 1932, appeared in the
"Chronicle" of June 4 last, page 4099.
Concerning the affairs of the Windsor Locks Trust & Safe
Deposit Co., Windsor Locks, Conn., the closing of which, on
Dec. 18 1931, was noted in our issue of Dec. 26 of that year,
page 4271, the Hartford "Courant" of April 19 carried the
following:
Judge Alfred C. Baldwin of the Superior Court approved Tuesday a dividend of 10%, totaling $195,000, for the depositors of the savings and commercial departments of the Windsor Locks Trust & Safe Deposit Co., of
which William H. Leete is receiver. Frank E. Healy, counsel for the
receiver, presented the motion. The Court also approved -transfer of $5,000
from the commercial to the savings department of the bank.
Our last previous reference to the institution appeared in
the "Chronicle" of Feb. 4 1933, page 785.
Colonel Foran is Comptroller of the Port of New York. He is head of
the Foran Foundry & Manufacturing Co.
Wilbur H. Zhnerman, President of . the Tioga National
Bank & Trust Co. of Philadelphia, Pa., died on April 23 at
the Graduate Hospital of the University. of Pennsylvania
after a prolonged illness. The deceased banker was born in
Steubenville, Ohio, but went to Philadelphia many years ago.
He had been President of the Tioga National Bank & Trust
Co. since its organization in 1926. He was 56 years of age.
Application for a charter for the new bank which has been
organized to take over the assets of the closed Diamond National Bank and Monongahela National Bank of Pittsburgh,
Pa., was approved by the Comptroller of the Currency on '
April 25. Pittsburgh advices to the York "Times," authority
for the above,-continuing said:
The bank will open soon with capital, surplus and undivided profits of
$1,050,000, made up of cash subscriptions. It will be called the Pitt
National Bank of Pittsburgh and will occupy the quarters of the Diamond
National.
A part of the "frozen" deposits in the two closed banks will become
available immediately, it was said. The proportion is estimated at 45%
-the Mononof the deposits of the Diamond National, and 60% of those of
gahela National.
The Monongahela National Bank closed Oct. 21 1931,
while the Diamond National Bank suspended Nov. 14 1932.
Our last previous reference to the organization of the new
bank appeared in the "Chronicle" of March 11 last, page
1690.
Payments to depositors of four closed Pennsylvania banks
were announced on April 21 by Dr. William D. Gordon, State
Secretary of Banking for that State, according to the Philadelphia "Ledger" of April 22. They follow:
At a meeting of the directors of the Capitol National Bank
;
2
/
Miners' Bank of McAdoo, Pa., 71%,amounting to $16,898, on May 5
& Trust Co. of Hartford, Conn., on April 26, the resignation
The Bank of Auburn, Pa., 12/4%, amounting to $71,154, on May 5.
of Nathan D. Prince as President of the institution was ac$12,663, on May 3.
Smicksburg (Pa.) State Bank 10%, amounting to
People's Trust Co., Annville, Pa., 10%, amounting to $34,520, on May 8.
cepted with regret. According to Ernest J. Eddy, Chairman
The paper mentioned added:
of the Board of Directors, Mr. Prince plans to devote more
In the case of the Miners' Bank, the payment will represent a total distime to his personal affairs. He will continue as a member
2
/
tribution to date of 421%, the Bank of Auburn 30%, the Smicksbur"
of the Board. Mr. Prince became President of the Capitol State Bank, 25%, and the People's Trust Co., 50%.
January of the present year.
National Bank
Trust Co. in
Previously he had been identified in an executive capacity
The Board of Directors of the Tradesmen's National Bank
with the Hartford Connecticut Trust Co. seventeen years, • & Trust Co. of Philadelphia, Pa., has declared a quarterly
the last seven of which as President. The Hartford "Cou- dividend of $1.50 per share, at the rate of 6% per annum,
rant" of April 27, from which the above information is obpayable May 1 1933 to stockholders of record at the close
tained, continuing said:
of business April 26 1933.
Mr. Prince brought about the revamping of the capital structure of the
Capitol National Bank & Trust Co. last Mardh and the complete divorcement of the Capitol National Co., the investment affiliate.
After gmduation from the Killingly High School, Mr. Prince entered
his banking career at the Windham County National Bank and succeeded
Timothy E. Hopkins, who deceased in the Presidency. In 1915 he came to
Hartford and associated with Meigs H. Whaples at the Connecticut Trust
& Safe Deposit Co. in capacity of Vice-President. When that bank was
merged with the Hartford Trust Co. in 1919 Mr. Prince was elected Vice.
President.
Mr. Prince has been active in banking in Connecticut, serving as President of the Connecticut Bankers Association and as Treasurer of the American Bankers Association, in which he had a prominent part.
A plan for the organization of a new bank in Hoboken,
N. J. to be known as the Seaboard Trust Co., to assume all
the affairs of the closed Steneck Trust Co. of Hoboken, has
been submitted to the Court of Chancery, according to an
announcement on April 26 by William H. Kelly, Commissioner of Banking and Insurance for New Jersey. Newark
advices to the New York "Times" on April 27, from which
the foregoing is learnt, continuing said:
The plan had been worked out by a reorganization committee headed by
Joseph Garibaldi and had the approval of the State Banking and Insurance
Department, Commissioner Kelly said. He expected favorable action by
the Court early next week.
According to the plans, depositors who had $100 or less in the Steneck
when it was closed would receive payment in full as soon as the Seaboard
Trust Company began business. Depositors who had larger claims would
%
2
/
get 30% in cash at once, 55% in 51 serial bonds of the municipality
of North Bergen held by the bank, 5% in trust certificates on a fund of
other assets of the Steneck cotnpany, and the remaining 10% in stock of
the Seaboard Trust. The new bank would occupy the quarters of the
Steneck Trust.
The North Bergen municipal bonds have a normal market value of $5,500,000 and are the largest single asset of the Steneck bank.
The reorganization conwnittee had been advised on its plans by F. Eberstadt & Co. and Irving Rossi of New York City.
Four warrants charging Ross H. Lloyd with illegal acts
as President of the closed Dime Bank Title & Trust Co. of
Wilkes-Barre, Pa., were served on him at his home in that
city on April 20, according to advices by the Associated
Press from Wilkes-Barre on the date named, from which we
quote further, in part, as follows.:
The charges include conspiracy "with John Doe and others" to defraud
the bank, embezzlement, misapplication of bank funds and making false
entries in the books of the institution.
The warrants were issued by Alderman Frank B. Brown and were based
on information sworn to by Walter Oliver, a special deputy in the State
Banking Department.
Issuance of the warrants followed a renewed study to-day (April 20) in
the District Attorney's office of the report of the special audit of the bank
made by Alvin M. Powell & Co., accountants, ordered after a depositor and
stockholder had petitioned the County Court to institute a Grand Jury
investigation of the bank's affairs.
The National Savings & Trust Co. of Washington,. D. C..
will omit its usual quarterly dividend. A notice to the stockholders, under date of April 20, says:
Your company has earned during the period from Jan. 1 through March 31
1933 more than twice the amount of its usual quarterly dividend.
The Board of Directors has decided, however, that it is wise to omit
declaring the quarterly dividend payable May 1.
It is the announced policy of the National Government that all financial
institutions should make every effort to conserve their assets.
The Board of Directors of your company concurs in this policy and its
action is in conformity with it.
The First National Bank of East Rainelle, P. 0. Rainelle,
West Va., went into voluntary liquidation on April 6. The
Institution was absorbed by the Roaceverte National Bank
of Ronceverte, West Va.
2910
Financial Chronicle
Advices from Fremont, Ohio, on April 18, printed in the
Toledo "Blade," stated that I. J. Fulton, State Superintendent of Banks for Ohio, on April 17 filed application in
the Common Pleas Court of Fremont for authority to pay a
third dividend of 15% to depositors and other creditors of
the closed Helena Banking Co.
False rumors that the Cleveland Trust Co. of Cleveland,
Ohio, was about to close its doors caused a severe "run" on
the institution on Wednesday morning, April 26. Cleveland
advices to the New York "Times," in reporting the matter,
said:
Early this morning scores of depositors appeared to withdraw their savings.
Harris Creech, President of the trust company, climbed upon a counter
and spoke to the crowd, saying:
"I am Harris Creech, President of this bank. Unfounded rumors have
been circulated, musing many depositors to withdraw their money. In
order to accommodate them, this bank will remain open until 5 o'clock
to-day instead of 3 o'clock, the regular closing hour, and will be open tomorrow morning at 9 o'clock."
April 29 1933
It Is learnt from Chicago advices to the New York "Times"
on April 26 that Seymour Stedman and Alexander L. Jerema,
Vice-Presidents of the defunct City State Bank of Chicago,
and three former directors of the institution, were found
"guilty" on that day of receiving deposits while knowing the
bank to be insolvent. The jurors ruled that Stedman and
Jerenia must serve one to three years in the penitentiary
and pay fines of $210 each. Fines of $210 each, without
prison terms, were imposed.on the directors, Morrison M.
Castle, William C. Hartray and Edwin G. Rellihen. Motion
for a new trial, it was said, in behalf of all the defendants
was set far hearing by Judge Francis B. Allegretti for May 6.
The closing of the City State Bank of Chicago (which was
owned by the Co-operative Society of America) on Nov. 2
1929, was noted in our issue of Nov.9 of that year, page 2962.
On April 17 the Northern Trust Co. of Chicago, Ill., opened
its new mezzanine-which has been built above the main banking room on the second floor. The new section will be used
by all of the senior and divisional officers, credit and foreign
A dispatch from Cleveland on Wednesday night by the As- departments, correspondent bank division
and loan and dissociated Press stated that E. R. Fancher, Governor of the count tellers. The Chicago "Journal
of Commerce" of
Cleveland Federal Reserve Bank had announced that night • April 17, in noting the matter, continuing,
said:
that he had been advised by the Treasury Department that
The new addition, which was necessitated by the continued growth of the
it had detailed a special corps of Federal investigators to trust company's banking clientele, contains several unique features, includCleveland to "investigate false and malicious rumors about ing new style full-vision tellers' cages, solid bronze railings of simple design,
and walls paneled in imported English oak.
Cleveland banks." Mr. Faucher said:
Work is to be started at once in making minor
"The Treasury Department informs E. R. Fancher, Governor Federal Reserve Bank of Cleveland, that a special corps of operatives has been detailed to Cleveland to investigate false and malicious rumors which are being circulated concerning the condition of the banks in this city. These
men will work under the direction of William G. Harper, agent in charge
of the secret service division of the Treasury Department in the Cleveland
district."
.
Later, the dispatch said, Mr. Fancher issued a public statement concerning the Federal investigation of malicious
rumors, and added:
"Anxiety concerning deposits in licensed banks in Cleveland is unwarranted. These banks were licensed and reopened for full operation after
careful determination of their condition.
"They are sound and they have and will continue to have full support of
the Federal Reserve Bank of Cleveland. These banks are deserving of the
fullest confidence of the depositors and the entire community."
In its statement of March 31 last, the Cleveland Trust Co.
showed total time 'and demand deposits of $225,644,791, with
total assets of $257,477,047. Capital stock Is $13,800,000.
According to advices by the United Press on Thursday,
Apr. 27, normal operations were resumed by the Cleveland
Trust Co. and its 58 branches on that day, President Creech
announcing at noon that deposits had equaled withdrawals.
alterations to the main
banking room on the second floor, which. is to be devoted to paying and
receiving, opening of personal checking accounts and customer service.
The savings department will be remodeled extensively by July 1 to care for
Increased business. Deposits in this department have more than trebled in
the past three years.
United States Senator Couzens of Michigan announced on
April 18 that he had put up $100,000 to form a new bank in
Birmingham, Mich., a small town outside of Detroit Without
banking facilities. The only bank in the town, -about 17
miles from Detroit, has failed to open since the banking holiday. In noting the above, Associated Press advices from
Washington went on to say:
Senator Couzens told newspaper men he had applied for a charter to open
a State bank with $100,000 capital, all of which he is subscribing. He is
naming the institution the Wabeek Bank, after his farm. Wabeek is an
Indian word meaning "The Best Place." Senator °omens maintains his
Michigan office at Birmingham.
Two Wisconsin State banks, the State Bank at Mishicott
and the Tischmills State Bank, at Tischmills, opened on
April 13 after a two months' closing, as branches of the Two
Rivers Savings Bank, at Two Rivers, Wis., according to a
dispatch from Manitowoc, Wis., on that date to the MilDr. J. Charles Bowman, heretofore a Vice-President, was
. waukee "Sentinel," which went on to say:
made President of the Genoa Banking Co., Genoa, Ohio, at
The three institutions have been merged, but all will continue
a recent meeting of the directors. He succeeds the late Car- the two smaller ones as auxiliaries of the parent bank, owned to operate,
by Schroeder
sen N. Hensen. Other officers of the bank are: Dr. Galen Interests.
The merger increases the Two Rivers bank's capital stock from
F. Bowman, Toledo, Ohio, and Oharles Wood, Vice-Presi$80,000
to $130,000.
dents; Erritt G. Bowland, Cashier and Paul F. Lehman, Assistant Cashier. Genoa advices on April 22, printed in the
The Milwaukee "Sentinel" of April 14 stated that William
Toledo "Blade," reporting the above, added.:
F. Style, Comptroller of Wisconsin Bankshares Corp., was
Dr. Bowman, one of the original founders of the institution, has been a
elected Treasurer at a meeting of directors on April 18. He
director of the bank more than 29 years and served as a Vice-President
succeeds Edward A. Bacon, who resigned recently. The
many years.
"Sentinel" went on to Say:
According to the Toledo "Blade" of April 18, a 5% diviMr. Style began his banking career as a messenger with the old
First
dend, amounting to $10,000, was being paid on that day to National Bank in 1908, later becoming teller, bookkeeper and auditor. Ile
was with the First Wisconsin Co. several years, becoming Assistant
the Industrial Bank of Toledo, Ohio. This makes 35% that
Treasurer
and then Treasurer.
has been returned to stockholders after a 100% payment to
In 1930 he took his Bankshares post. He was elected a director
of Bankdepositors of the institution, Which voted to liquidate volun- shares at a meeting two months ago.
Stock of the Wisconsin Bankshares Corp. being on a
tarily more than a year ago. The bank is still carrying on
semi-annual dividend
basis, no action is due on the dividend until the June meeting.
its collections at 210 Huron Street. The paper mentioned
furthermore stated that the assets remaining on the books
Effective Feb. 28 1933, the Commercial National Bank
of
carry a book value more than equal to the remainder of the Madison, Wis., capitalized at
$200,000, was placed in voluncapital.
tary liquidation. The institution was succeeded by the
Com•
mercial State Bank of the same place.
According to a dispatch from Greencastle, Ind., to the
Indianapolis "News," under date of April 18, consolidation
The Atlantic National Bank at Atlantic, Iowa, went
into
of the First National Bank and the Citizens' Trust Co., both
voluntary liquidation on March 15. This bank, which was
of Greencastle, was announced on that day. The consoli- capitalized at $100,000, was succeeded by the
Atlantic State
dated bank, which has resources of more than $1,500,000, will Bank of Atlantic.
be known as the First-Citizens' Bank & Trust Co. Russell E.
As of April 11 1933, the First National Bank of
Brown is President of the new bank, and C. C. Gillen, a
Coon
Rapids, Iowa, capitalized at $25,000, was placed in voluntary
former Congressman, Vice-President, it was stated.
liquidation. It was succeeded by the First State Bank
of
The American National Bank of Rushville, Ind., failed to Coon Rapids.
open for business on April 22. Associated Press advices from
Waterloo, Iowa, advices to the Des Moines "Register,"
Rushville, reporting this, added:
on
April 20, stated that organizers of the new Union National
J. S. Sanders, a National Bank Examiner, was in charge. No statement
Bank & Trust Co. of Waterloo announced the previous
had been issued by him or officials of the bank.
day
that all the stock lhad been sold and the new
institution
Volume 136
Financial Chronicle
2911
would probably open for business June 1, in the First National Bank Building. The dispatch furthermore said:
which was capitalized at $25,000, was absorbed by the Citizens' State Bank of the same place.
Opening of the bank will release $1,300,000 of the money now tied up
Iii the closed Commercial National Bank. Sale of the stock gives the bank a
capital of $200,000 and a surplus of $50,000.
The turning point in an eight-month drive for the new bank came with
the sale of a block of 500 shares of stock by a committee of 25 business men.
The First National Bank of Rule, Tex., with capital of
$30,000, went into voluntary liquidation on April 14 last. It
has been taken over by the Farmers' State Bank of Rule.
Closing of the Commercial National Bank of Waterloo was
noted in the "Chronicle" of July 16 1932, page 416.
On April 17, the Comptroller of the Currency granted a
charter to the First National Bank at Ardmore, Ardmore,
Okla. The new bank, which is capitalized at $100,000, succeeds the First National Bank in Ardmore. E. A. Walker
and Ed. Sandlin, are President and Cashier, respectively of
the new institution.
According to the "Commercial West" of April 15, the First
National Bank of Missoula, Mont., said to be the oldest bank
In that State, celebrated its 60th birthday on April 11. A
group of early-day Missoulans started the institution by subscribing $50,000 capital. C. P. Higgins 'was the first President and Fred Kennett the first Cashier. Present officers,
is listed in the paper mentioned, are: A. R. Jacobs, President; H. R. Greene, Vice-President; Theodore Jacobs,
Cashier, and Ernest Anderson, Assistant Cadhier.
Tallahassee, Fla., advices, on April 18, by the Associated
Press stated that the Florida State Banking Department on
that day announced permission had been granted the Hernando State Bank at Brooksville to increase its capital stock
from $15,000 to $25,000.
Effective Mar. 31 last, the First National Bank of Redondo, Redondo Beach, Calif., was placed in voluntary liquidation. The institution, which was capitalized at $200,000,
was absorbed by the Bank of America National Trust & Savings Association (head office San Francisco).
Closing of the Bank of Glenmora at Glenmora, La., on
April 18 was noted in a dispatch by the Associated Press
from that place, which said:
Earl Huthnance, President of the Bank of Glenmora, announced to-day
that the bank had been closed on resolution of its Board of Directors who
requested the State Banking Department to take charge with a view to
reorganization.
The Whitney National Bank of New Orleans, La., on April
25 absorbed its affiliated institution, the Whitney Bank &
Trust Co., thus creating a single institution with capital
funds of $7,000,000, according to a New Orleans dispatch on
that date appearing in the New York "Journal of Commerce."
The merger eliminates the State charter of the trust company. New Orleans advices to the "Wall Street Journal"
contained additional information, as follows:
The stockholders have been asked to assent that all liabilities be assumed
by Whitney National, which would operate the trust and savings business
of the Whitney Trust & Savings Bank.
The reason for the change, says J. K. O'Keefe, President, in a letter to
stockholders, is that present and possible legislation is more favorable
permanently to .National banks than to State banks.
According to Associated Press advices from Baton Rouge,
La., on April 18 the Louisiana National Bank of Baton Rouge
on that date took over the Louisiana Trust & Savings Bank,
its subsidiary institution. The merger places the entire deposits of the Louisiana Trust & Savings Bank in the National bank, with the latter assuming payment to depositors
it was stated. The banks in the past thave operated in the
same building.
George Champion has tendered his resignation as a VicePresident and director of the Canal Bank & Trust Co., A. D.
Geoghegan, Chairman of the Board of the bank, announced
xin April 17. In noting this, the New Orleans "Times-Picayune" of April 18 said, in part:
Mr. Geoghegan said that Mr. Champion contemplates forming a connection in the East, and added that the resignation will be referred to the
Board at its next regular meeting.
Mr. Champion became a Vice-President of the Canal Bank in March 1931,
coming here from the Chase National Bank of New York, where he was a
junior officer. He went to the Chase Co. from the Equitable Trust Co.
when the two companies merged in 1930.
He is a native of Illinois and a graduate of Dartmouth.
A charter was issued on April 8 1933 by the Comptroller
of the Currency for the First National Bank in Valley Mills,
Valley Mills. Tex. The new institution, which is capitalized
at $25,000; will succeed the First National Bank in Valley
Mills. A. S. Tweedy and L. E. Walker are President and
CaShier, respectively, of the new bank.
A charter was issued on April 14 by the Comptroller of
the Currency for the Wichita National Bank of Wichita
Palls, Tex., with capital• of $200,000. The new institution
succeeds the Wichita State Bank & Trust Co. of Wichita
Falls. John Hirsch! is President of the new bank and Lester
Jones, Cashier.
As of Mar. 31 1933, the First National Bank of Orange,
Tex., went into voluntary liquidation. The institution,
which was capitalized at $300,000, is succeeded by the First
National Bank in Orange.
The First National Bank of Knox City, Tex., was placed
in voluntary liquidation on April 15 last. The institution,
On April 1 1933, three Portland, Ore:, banks, the First National Bank of Linnton (Portland), capital $25,000; the
Citizens' National Bank, capital $200,000, and the Peninsula
National Bank, capital $200,000, were placed in voluntary
liquidation. These institutions, as indicated in our issue of
April 15, page 2553, were absorbed by the United States National Bank of Portland (of which they were affiliates) and
became branches of that bank.
Directors of the Canadian Bank of Commerce (head office
Toronto, Ont.) on April 21 declared a quarterly dividend of
$2, less a 5% Canadian tax in the case of non-residents, payable on June 1 next to stock of record April 30. Previously
the bank paid $2.50 quarterly.
At a meeting of the directors of the Bank of Montreal,
Montreal, Canada, the quarterly dividend of the institution
was reduced from $2.50 a share to $2 a share, less a 5%
Canadian tax for non-residents of Canada.
On April 21 the directors of the Royal Bank of Canada
(head office Montreal) reduced the quarterly dividend rate
from $2.50 to $2, less a 5% Canadian tax in case of non-residents of Canada, payable in Canadian money on June- 1 1933
to stockholders of record April 29.
THE WEEK ON THE NEW YORK STOCK EXCHANGE
Trading on the New York stock market gradually simmered down during the present week, though there have
been frequent rallies and the course of prices has been
towards slightly higher levels. Some profit taking was
apparent on Monday, but this was quickly absorbed in the
rally toward the end of the day. Call money renewed at
1% on Monday and remained unchanged at that rate on
each and every day of the week. •
The market was active and strong during the abbreviated
session on Saturday, and while prices were up on the day,
they were slightly lower than the best for the recovery.
Speculative interest centered in the gold mining stocks,rails,
oils, sugars and steels and many moderate-sized gains were
registered as the market closed. The gold mining shares
scored a number of new tops including Dome and Home
stake, the latter closing at 2043/2, with a rfet gain of 53/2
points. The railroad issues were featured by advances in
Pennsylvania, Chesapeake & Ohio, Great Northern and
Southern Pacific. Many favorites in the sugar stocks moved
forward, including among others, South Porto Rico, Great
Western and American Sugar. Pivotal industrials were
somewhat higher and just before the end of the session,
motor stocks had a sharp rally that carried some of the
more active issues to higher levels. The outstanding gains
for the day were Air Reduction, 2 points to 64; Allied Chemical & Dye, 234 points to 92; American Can, 33% points to
%
7334; American Sugar Refining, 35 points to 503/3; Amer3
Tel. & Tel., 23 points to 94%; American Tobacc B,
%
5
points to 75%;Atlantic Coast Line,2 points to 255 ;Auburn
%
Auto,27 points to 42%; Bethlehem Steel, 2 points to 233/2;
%
J. I. Case Co., 2 points to 525 ; Cerro de Pasco, 23/2 points
%
to 2134; Continental Can, 23/2 points to 51; Corn Products.
4
(3), 31 points to 7034; Crucible Steel pref., 3 points to 28;
Cuban-American Sugar pref.,4 points to 48;Eastman Kodak,
2 points to 59. McKeesport Tin Plate, 434 points to 693/2;
2912
Financial Chronicle
Union Pacific, 23% points to 743%; United Fruit, 23% points
to 45; United States Steel pref., 23% points to 743/8; Studebaker pref., 2 points to 15; South Porto'Rico Sugar, 33%
points to 28, and Republic Steel pref., 23% points to 21.
Prices were somewhat mixed on Monday, and while the
early trading was featured by large transactions, profit
taking soon appeared and a number of prominent issues lost
some or all of their gains. Several groups showed decided
strength during the first hour, especially public utilities,
oil stocks and packing company shares, all of which were
higher at some period during the day. American Tel. &
Tel. was a special favorite during the morning trading and
was bought in large volume on a rising mcrket, and so
were United States Steel, General Motors and General
Electric. Most of the gains held until the last hour when the
market reacted downward. The gains at the close were
largely fractional, though there were a few prominent issues
that showed advances of a point or more when the session
came to a close. Among these were Allied Chemical & Dye,
23% points to 943%; American Tel. & Tel., 13% points to 96;
J. I. Case, 13% points to 5438; Du Pont, 13% points to 473/8;
Woolworth, 1 point to 36; United Aircraft,' 13% points to
273/g; Union Carbide, 23% points to 32; International Har/
.
vester, 1 point to 29, and General Motors, 13% points to 1855
Trading was somewhat lighter and many issues slipped
back on Tuesday, the losses ranging from fractions to 3 or
more points among the active issues. There 'Were ocoasional
exceptions to the trend, particularly among the motor shares
and aviation issues. Madio Corp. also was strong and
moved to its top for the year. The losses at the close included among others: Allied Chemical & Dye, 33/i points to
91; American Sugar Refining, 13/i points to 483%;. American
Tel. & Tel., 1 point to 95; American Tobacco B, 13%
points to 733%; Atchison; 13% points to 663%; Bethlehem
I. Case, 23% points to 523%;
Steel, 13% points to 22%;
Corn Products, 13% points to 683/2; New York Central, 1%
%
points to 223/2;'Pennsylvania RR., 1 point to 193 ; Sears,
Roebuck,13% points to 21N;Standard Oil of N.J., 13% points
to 33; Union Carbide & Carbon, 1H points to 303/2; Union
Pacific, 134 points to 723%; United Aircraft, 13% points to
263%; United States Steel, 1 point to 423%, and Woolworth,
I% points to 3434•
Irregularity was the dominating feature of the stock market
on Wednesday, and while most of the popular issues were
down at the opening, there was a fractional recovery later
in the day. Pivotal stocks met persistent selling and so did
the railroad shares, and despite the burst of strength during
the closing hour, prices were lower as the session ended.
Western Union was an outstanding strong spot and closed
with a gain of 33/ points to 323%. Other noteworthy gains
for the day were American Beet Sugar pref., 4 points to
3
243/; American Metals pref., 38% points to 34%; American
8
Hide & Leather pref., 23% points to 24; Atlantic Coast Line,
23% points to 273%; Brooklyn Union Gas, 2 points to 71;
Central Railroad of N. J., 12 points to 69; Eastman Kodak,
234 points to 623%; Industrial Rayon, 2H points to 4134;
Louisville- & Nashville, 134 points to 373%; New York &
Harlem, 3 points to 110; New Haven, 13/i points to 163%;
Outlet Co., 234 points to 27; Pittsburgh Coal pref., 434
%
points to 41; Reading Co., 23 points to 31; Republic Steel
%
pref., 2 points to 22; Safeway Stores pref., 23 points to
%
833%; Southern Ry. pref., 2 points to 123 ; United States
Leather pref., 4 points to 54, and Union Pacific, 1 point to
73%.
Trading in,the share market was extremely dull on Thursday and the changes were generally within a narrow range.
The turnover was the smallest of the week, the total reaching
less than 2,000,000 shares. Allied Chemical & Dye broke
about 5 points at one period when it became known that
the governors of the Stock Exchange had summoned the
officials and requested a fuller statement by May 3. Oil
stocks rallied on short covering, but most of the leading
issues were down at the close. The final quotations showed
that a number of prominent issues were off on the day,
the declines including Allied Chemical & Dye, 43.4 points
%
4
to 85%; American Can, 13 points to 723 ; American
Tobacco B, 17 3 points to 733%; Corn Products, 134 points
/
to 67; Union Pacific, 134 points to 723%; Auburn Auto,
2 points to 43; Central RR. of N. J., 3 points to 64; Norfolk
& Western,3 points to 135, and United State Tobacco (4.40),
23% points to 80.
Trading was without noteworthy feature as the market
quieted down on Friday. In the morning dealings many
prominent stocks were under pressure and losses ranging
up to 3 or more points were recorded all along the line. As
April 29 1933
the day progressed, a smart rally developed and most of the
early losses were cancelled. Practically all groups moved
upward as the rally got under way, though the gains, on the
whole were not especially interesting. Stocks closing on
the side of the advance included among others, Allied
Chemical & Dye, 13 points to 873%; Air Reduction,1313
4
points to 643%; American Can, 13 points to 873%; Auburn
4
Auto, 13 points to 443%; Brooklyn Union Gas, 23 points
4
%
to 723 ; Central RR. of N. J., 33% points to 673%; Colum4
bian Carbon, 2 points to 373%; Firestone pref., 234 points to
613%; International Business Machine, 3 points to 107i
Southern Railway pref., 234 points to 16; and West Penn
Power pref., 4 points to 97. At the close, the market was
strong around the best prices of the day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
April 28 1933.
Railroad
State,
and Missal. MunkSpat dt
Bonds.
Porn Bonds.
Stocks,
Number
Shares.
2,275,510
4,805,160
3,504,290
2,914,900
1,880,175
2,163,630
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
$6,201,000
11,093,000
9,026,000
9,631,000
7,403,000
6,547,000
$2,233,000
3,888,000
3,147,000
3,027,000
2,864,000
2,898,000
Total
Bond
Sales.
31,092,000
3,559,500
1,957,000
2,369,000
1,075,000
810,500
$9,526,000
18,540,500
14,130,000
15,027,000
11,342,800
10,255,000
17.543.665 $49901 000 $15,057,000 510,863,800 875.021,500
Week Ended AprU 28.
Sates at
New }tot Stock
Exchange.
1932.
1933.
17,543,665
-No,of shares_
Stocks
Bonds.
$10,863,800
Government bonds,__
18,057,000
State & foreign bondsRailroad & misc. bonds 49,901,000
Total
United
StMes
Bonds.
Jon. I to Aprfl 28.
1993.
1932.
5,110,600
107,636,175
130,135,385
$8,974,000
11,277,000
25,200,300
$196,483,800
232,417,000
520,789,900
8245,977,100
244,329,500
520,921,300
$78,821.800 $45,451,300
$949,690.700 $1,011,227,900
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
•
Week Ended
April 28 1933.
Saturday
Monday._
Tuesday
Wednesday
Thursday
Friday
Total
P,olr cv.dar rallepA
Boston.
Phtladelphta.
Baltimore.
Shares. Bond Sales. Shares. Bond Salts. Shares. Bond Sales.
33,709
78,643
57,466
41,089
26,720
7,800
$14,850
10.000
6,800
1,000
8,550
5,000
23,171
48,389
37,512
33,521
30,950
8,535
11,000
1,000
2,000
9,500
924
3,487
1,085
1,551
1,286
946
$1,000
1,000
2,000
6,000
9,000
245,427
46,200
182,078
23,500
9,279
18,000
950 676
215.100
238 5511
591 non
In Ala
egl tam
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 29), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 11.4% below those for the corresponding week last year.
Our preliminary total stands at $4,118,186,873, against
$4,649,464,734 for the same week in 1932. At this center
there is a loss for the five days ended Friday of 1.4%. Our
comparative summary for the week follows:
•
Clearings-Returns by Telegraph,
Week Ending April 29.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
•
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Twelve cities, five days
Other cities, five days
1933.
1932.
$2,276,895,706 32,308,971,184
145,206,884
200,328,408
164,000,000
219,000,000
151,000,000'
204,000,000
39,801,693
48,858,778
41,300,000
47,300,000
73,000,000
82,214,000
No longer will re port clearings
51,769,845
65,593,242
6,249,680
56,333,724
37,905,819,
50,187,837
26,429,172
39,436,034
41,132,507
.----------$3,014,558,699 $3,363,355,714
417,263,695
466,187,885
Per
Cent.
-1.4
-27.5
-25.1
-26.0
-18.6
-12.7
-10.0
-21.1
-88.9
-24.5
-35.7
-10.4
-10.5
Total all cities, five days
All cities, one day
33,431,822,304
686,364,479
$3,829,543,599
819,921,135
-10.4
-16.3
Total all cities for week
34,118.186.873
84.649.464.734
-11.4
Complete and exact details for the week covered by the
foregoing will appear in our ssue 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 April 22. For
'that week there is a decrease of 17.7%, the aggregate of
clearings for the whole country being $4,025,344,278, against
$4,889,658,440 in the same week in 1932. Outside of this
city there is a decrease of 26.3%, the bank clearings at this
(enter recording a loss of 12.2%. We group the cities according to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District, including this city, the totals show a loss of 12.4%,
in the Boston Reserve District of 20.9% and in the Phila.'
delphia Reserve District of 21.8%. In the Cleveland
Reserve District the totals record a diminution of 29.5%,
in the Richmond Reserve District of 33.9% and in the Atlanta
Reserve District of 16.4%. The Chicago Reserve District
suffers a contraction of 44.9%, the St. Louis Reserve District of 11.1% and the Minneapolis Reserve District of
1.7%. In the Kansas City Reserve District the decrease
is 26.9%, in the Dallas Reserve District 15.1% and in the
San Francisco Reserve District 22.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
.
Inc.or
1931.
Dec.
1932,
1933.
Week Ended Apr. 22 1933
Week Ended April 22,
Clearings at
1933.
Total(17 cities)
1930.
$
$
8
%
Federal Reserve Diets.
2
8,
550,57 839
857 608
380, ,
231,834,080 -20.9
183,323,343
15t Bo60on_ --_ 12 cities
2,720,354,442 3,105,973,435 -12.4 5,681,836,402 7,506,713.384
2nd New York.,12 "
517,010,975
427,720.598
280,606,937 -21.8
219,382,768
3rd Philadelphia 9 "
418,176,984
318,821,336
208,551,844 -29.5
147,060,971
4th Cleveland__ _ 5 "
173,484,708
142,202,334
102,957,646 -33.5
68,102.821
6th Richmond__ 6 "
147,387,225
121,785,386
92,504,336 -16.4
77,346,423
Atlanta_ _ _._10 "
6th
878,338,695
651,870,499
378,093,195 -44.9
208,435,452
7th Chicago_ __ _ 1 i "
170,436,873
123.653,305
88,478,564 -11.1
78,660,401
8th Bt. Louis_ _ _ 4 -112,700,422
86,864,202
66,950,616 -1.7
65,796,605
Oth Minneapolis 7 "
178,218,265
133,070,034
102,115,698 -26.9
74,614,578
10th KansaaCity 9 "
57,552,538
48,280,208
37,155,962 -15.1
31,563,112
_ 5 "
11th Dallas_ - _
323,377,704
265.084,398
194,435,909 -22.5
150,703,362
1255 San Fran._14 "
110 cities
Tot.al
Outside N. Y. City
8,382,116,308 11,033,974,602
2,831,877,178 3,681.098,602
4,025,344,278 4,889,658,140 -17.7
1,388,001,707 1,884,748,923 -26.3
32 cities
156 909 aim
241.603.439
356,726,089
18.5
Week Ended April 22.
1933.
1932.
Inc. or
Dec.
First Federal Reserve Dist rict-Boston
378,945- 15.6
Maine-Bangor__
319,680
2,196,783 -68.1
Portland
700,198
-Boston _ _
Mass.
180,892,480 200,513,339 -19.8
895,948 -35.6
Fall
576,935
269,275 -15.6
Lowell
227,167
New Bedford
678,188 -22.6
524,942
3,094,652 -22.
Springfield _
2,404,075
1,736,975 --53.9
800,373
Worcester
-Hartford
7,634,281 -3.
Conn.
7,342,336
5,872,904 -40.
New Haven3,482,264
It.I.-Providence
8,180,900 -30.
5,708,200
344,693
N. H.-Manche'r
381,890 -9.
Total(12 cities)
183,323,343
1931.
Second Feder al Reserve D istrict-New
-Albany
N. Y.
8,514,622
4,803,469
Binghamton697,035
1,509,884
Buffalo
19,412,923
26,038,380
726,238
1,031,883
Jamestown_,
292,844
559,550
New York _. 2,837,342,571 3,004,909,517
Rochester
6,235,223
5,270,887
4,706,346
Syracuse
2,414,972
2,798,594
Conn.--Stamford
2,369,280
Sq.J.
542,136
-Montclair
461,655
Newark
21,454,562
16,373,980
Northern N.J31,383,891
26,477,435
1930.
703,722
483,780
4,884,449
2,707,598
340,033,920 495,975,258
1,152,855
940,891
993,409
487,175
1,071,529
809,727
4,963,434
3,891,858
3,551,123
2,362,273
16,457,809
9,907,496
8,646,343
7,458,057
11,651,800
11,353,200
745,298
421,631
20.9
231,834,080 -
380,857,606
550,576,829
York
6,227,338
5,087,233
+77.3
1,122.251
1,256,083
53.8
48,173,597
38,536,124
-25.4
921,273
757,041
-29.6
1,199,944
886,569
-47.9
12.2 5,550,239,130 7,352,876,000
10,371,427
8,843,911
-15.5
.5,744,734
4,125,632
-48.7
3,959,827
3,477,606
-15.3
765,781
631,33
-14.8
36,990,558
29,092,623
-23.7
38,842,719
38,391,054
-15.6
Total(12 cities) 2,720,354,442 3,105,973,435 -12.4 5,681.806,402 7,506,713,384
Third Federal Reserve DIs trict-Phila delphi a511,333
1,755,919
-Altoona,
Pa.
458,000 -38.3
282,618
Bethlehem
Clearing Hou se has SUOMI ded ale arings tempor
1,034,528
896,355
Chester
442,250 -43.0
252,253
2,082.913
2.218.350
Lancaster
1,148.583 -47.1
607,402
Philadelphia_ -- 211,000,000 269,000,000 -21.6 408,000,000 494,000,000
3,713,647
2,841,152
Reading
2,201,049 -55.6
978,191
5,009.664
4,296,517
Scranton
2,387,304 -17.0
1,981,450
3,381,258
3,097.052
Wilkes-Barre _
1,629,732 -9.2
1,480,127
1,699,839
2,040,046
York
573,727
1,070,019 -18.3
4.013.000
15.1
N.J.
4,160,000
-Trenton_
1,927,000
2,270,000 Total(9 cities)-
219,382,768
280,606,937 -21.8
427,720,598
517,010,975
Fourth Feder al Reserve D istrict-Cle veland
-Akron-.
Ohio
Majority b ants unlioens ed; cle ari- ng House n ot functioning
Canton
81,492,443
Cincinnati
55,076,562
32,321,269
45,153,000 -28.4
Cleveland
99,377,038 119,867,882
38,831,286
68,810,903 -43.6
Columbus
11,280,000
18,596,900
6,911,700
6,880.500 +0.5
1,800,214
Mansfield
1,389,408
765,582
1.266,567 -39.6
Youngstown_ _
218,419,765
-Pittsburgh _
Pa.
68,231,134
79,558,971 -14.2 151,698,33
Total(5 cities).
208,551.844 -29.5
318,821,336
418.178,984
Fifth Federal Reserve Dist rict-Richm ondIAT.Va.-Huntin'n
62,882
436,871 -85.6
Va.-Norfolk_
13.3
2.088.000
2,408,033 _
Richmond
22,351,956
25,385,968 -12.0
-Charleston
19.5
699,281
888,243 6.C.
36.6
Md.-Baltimore_
53,826,754 34,137,059
i).C.-Washing'n
56.3
8,763,643
20,031,777 -
598,734
3,173,000
34,485,603
1,572,988
78,217,853
24.154,156
933,070
4,328,404
44,725,000
2.111,449
98,861,254
22,525,531
142,202.334
173.484,708
Total(6 cities).
147,080,971
68,102,821
33.9
102,957,646 -
Sixth Federal Reserve Dist rict-Atiant a2,000,000
-Knoxville
'Tenn,
3,829.719
2,333,003 +64.2
12,744,769
9,179.521
9,187,609 -0.1
is Nashville
36,306,126
.Ga.-Atlanta___ _
29,600,000
32,700,000 -9.5
1,430.943
1,020,526
902,978 +13.0
Augusta
689,949
8.6
Macon
482,403
422,650
13,581,913
9.880,589
10,004,806 -3.2
14,862,224
9,630,683 +2.5
Ala.-Birm'gham
9,867,107
,
1,185,756
834,72 -20.3
665,275
4.Mobile
Clearing H ouse not tune tioning at present.
-Jackson
Miss.
100,129
,Vicksburg
85,232 -4.9
81,036
38,903.577
50.7
La.-NewOrleans *13,000,000
26,382,91 Total(10 cities)
•77,346,423
•
92,504,336 -16.4
121,785,386
208,435,452
44.9
378,093,195 -
.
Eighth Federa I Reserve Die trict-St Lc UIS-Ind.
-Evansville_
61,500,000 -13.0
53,500,000
Mo.-St. Louis-16,810,269 -8.4
15,402,676
Ky.-Louisville-Owensboro---9,539,448 0.4
9,497,208
Tenn.-Memphis
No clearing s; only one ha nk open
Ill.
-Jacksonville
628,847 58.6
260,517
Quincy
1930.
1931.
2,400,000
22,338,675
38,210,840
1,366,486
1,069,587
15,363,940
18,331,180
1,224,430
122,654
46,959.833
147,387,225
651,970,499
878.338,695
88,400,000
22,438,659
114,600,000
35,963,742
11,998,959
18,696,223
815,689
1,176,908
88,478,564 -11.1
123,653,305
170,438,873
Ninth Federal Reserve Dis trict-Minn eapolls
2,201,602 31.8
1,500,846
Minn.
-Duluth_
45,482,181
+2.5
46,609,453
Minneapolis_
14,842,960 -8.6
13,808,333
St. Paul
1,898,312 -20.0
1,358,532
No. Dak.-Fargo
809,585 22.8
470,750
S. D.
-Aberdeen
42,9
362,384 206,763
Mont. Billings 1,753,812 +5.0
1,841,928
Helena
3,432,543
58,577,987
18,717,188
1,682,618
846,406
464,988
3,142,472
3.767,715
78,214,983
24,277,839
1,800,246
1,007,508
600.456
3,031,677
112,700,422
Total(4 cities)
78,660,401
282.026,404
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Clearings al
Inc. or
Dec.
1932.
Seventh Feder al Reserve D 'strict-Ch IC2g0No clearing s due to bank holiday
Mich.
-Adrian _
421,212
601,346
1,130,028
382,191
Ann Arbor_ _
87.2 150,466,369 206,986,180
68,798,253 8,809,033
Detroit
73.4
4,333,131
5,620,298
2,553,834 679,317
Grand Rapids_
3,054,412
79.7
2,386,158
1,015,000 206,484
Lansing
2,925,023
64.3
2,243,654
1,048,219 373,881
-Ft. Wayne
Ind.
11,850,000 -36.2
21,567,000
19,159,000
7,565,000
Indianapolis- _ _
73.5
2,345,452
2,542,751
1,328,857 352,143
South Bend_ _ _
6,407,031
18.3
4,118,253
3,045,263 2,486,849
Terre Haute26.821,374
34.6
21,844,884
14,757,031 9,647.207
Wis.-Milwaukee
•Ia„-Ced. Rapids Clearing H use not functi oning a t present.
39.2
6,898,446
10,665.160
5,508,737 3,346,88
Des Moines5,212,899
22.1 3 3,803,099
2,362,715 1.839,683
Sioux City_ _ _ _
Only one b ank open; no clearing a available.
Waterloo
2,173,870
2,147,097
1,103,300 -81.9
*200,000
-Bloomington
Ill.
259,149,s19 -34.7 420,534,410 575,318,380
169,292,14
Chicago
774,866 • 1,154,261
529,476 -35.1
343,41
.
Decatur
3,509,802
4.446,905
2,337,399 -28.9
- 1,662,64
Peoria
2,088,914
3,034,331
35.8
785,853 504,15
Rockford
2,706,794
2,307,618
1,498,227
744,42
Springfield_ _
•
Canada
2913
Financial Chronicle
Volume 136
1.7
-
86,864,202
Tenth Federal Reserve Dis trict-Kans as146,748 -71.0
42,521
Neb.-Fremont_ No clearing s available.
Hastings
1,827,067 --31.8
1,250,454
Lincoln
21,345,591 --32.5
14,403,638
Omaha
1,747,188 -22.5
1,353,603
-Topeka _ _
Kan.
4,187,993 --60.8
1,842,713
Wichita
08,447,333 -22.8
52,844,648
Mo.-Kan. City,
-22.9
2,912,011 St. Joseph
2,246,506
684,922 --35.3
443,441
Colo.-Colo.SPIds
a
a
a
Denver
-52.6
816,843 387,054
Pueblo
2,392,900
34,274,150
2975,940
4,444,409
82,718,933
3,952,060
882,290
a
1,201,015
2,777,211
38,886,339
2,998,583
6.220,778
119,621,660
4,969,083
1,066,691
a
1,404.134'
102,115,898 --28.9
133.070,034
178,218,285
Total(7 cities)-
Total(9 cities).
66,950.816
85,796,605
74,614,578
Eleventh Fade ral Reserve District -03 atlas913,942 --35.8
Texas-Austin_ _
588,751
27,267,310 -14.9
23,216,138
Dallas
4,812,243 -13.8
4,147,517
Fort Worth- _ _
1,736,000 --21.5
1,364,000
Galveston
2,426,487
La -Shreveport.
2,246,706
Total(5 cities)-
31,563,112
273,786
228,337
37,155,982 -15.1
1,278,796
1,143,697
39,750,729
34,413,068
9,503,582
7,213,892
1,969,000
1,907,000
3,602,551 _ 5,050,431
48,280,208
-San Franci S03-Twelfth Feder al Reserve D strict
31,088,705
17.9
24,388,877 -Seattle
20,020,612
Wash.
42.3
9,157,000
6,114,000 Spokane
3,528,000
883,718
641,034 -69.5
195,301
Yakima27,681,121
20.4
18,664,528 14,849,240
Oregon-Portland
12.4
14,054,893
9,472,078 Utah-S. L. City
8,295,931
6,690,125
23.4
3,810,561 2,918,541
-Long Beach
Cal.
No longer will report cle stings.
Los Angeles
5,253,306
3,582,118 -31.1
2,467,210
Pasadena
7,894,944
2,486,185 . 6,922,583 -64.1
Sacramento - _
6,274,283
-43.8
4,233,206 2,387,301
San Diego
89,747,485 110,508,207 -18.8 147,974.682
San Francisco.
2,584,127
2,200,194 -49.7
1,105,655
SanJose
1,914,845
42.2
1,452,72 984,804
Santa Barbara1,904,849
'1,170,79 -34.5
767,216
Santa Monica,
1,727,800
1,275,02 -25.5
949,881
Stockton
57,552,538
42,216,100
10.887,000
841.970
32,809,511
17,364,614
7,208.983
5,577,659
5,413,343
5,743,599
187,183,438
2,539,982
. 1,642,910
1,901,395
2,047,200
Total(14 cities) 150,703,362 194,435,909 -22.5 285,084,398 323,377,704
Grand total (110
cities)
4 025,344,278 4,889,858,440 -17.7 8,382,116,308 11033974,602
Outside New York 1,388,001,707 1,884,748,923 -26.3 2,831,877,178 3,681,098,602
Week Ended April 20.
Clearings at
1933.'
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William__ _
New Westminster
Medicine Hat_ _.
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_,
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
1932.
Inc.or
Dec.
1931.
1930.
$
$
$
%
$
94,642,646
75,289,527 -31.2 127,344,347
51,769.389
88,484,856
72,317,641 -23.4 109,102,119
55,368,458
27,155,137
44,001,440
34,628,855 -12.2
30,418,045
18,891,443
16,140,000
12,671,060 -26.6
9,295,958
6,002,420
4,869,791 -38.0
7,543,402
3,020,437
6,245,023
4,715,432
3,979,173 -31.5
2,724,681
2,251,663
2,148,911 -27.6
3,004,077
1,555,118
.5,245,333
4,861,262
3,580,04 -29.8
2,514,615
6,881,687
6,203,312
5,425,58 -35.0
3,527,436
1,607,45 -27.5
2,024,369
2,695,089
1,165,030
949,026
2,068,471
1,542,40 -35.2
999,178
2.801.784
2,829,865
2,371,05 -28.1
1,751,066
4,366,114 -38.8
5,231,883
4,415.06.3
2,674,463
4,555,818 -45.4
3,313,891 . 4,418,316
2,489,323
364,907 -30.3
433,700
433,220
254,159 .
319,796 -18.1
453,385
405,548
261,780
1,867,361
1,434,966 -34.2
1,827,877
943,859
946,745
540,869 -27.8
789,397
390,484
1,066,016
758,659 -26.2
1,006,659
560,175
620,379
823,316 -26.5
828,428
457,913
741,501
432,985 -36.0
531,440
277,041
276,036
179,285 -18.9
235,854
145,396
815,823
555,085 -22.9
683,853
427,918
632,601 -23.9
782,654
481,181
716,620
983,866
750,719 -16.7
984,597
625,721
3,731,638
2,785,489
2,928,609 -37.6
1,827,543
353,468
310,364 -45.6
168,881
366,895
871,063
639,253 -27.4
464,395
779,588
652.408
512,041 -28.0
368.663
600,996
473,157
433,234 -25.8
321,393
533,683
652.446
545,421
286,197
398,676 -28.2
1,040,095
434,640 -14.1
693,853
373,521
196.909,395
241,603,439 -18.5
356,726,089
282.026.404
a No longer reports weekly clearings. b Clearing House not functioning at present.
•Estimated.
Financial Chronicle
April 29 1933
THE CURB EXCHANGE.
Electric, 203% to 233/2; American Laundry Machine, 9 to
Moderate and irregular price fluctuations have character- 93/2; Atlas Corp., 93% to 932; Brazil Traction & Light, 83% to
ized the movements on the Curb Exchange during most of 83; Commonwealth Edison, 553% to 563/2; Consolidated Gas
3
of Baltimore, 44%
the present week. There have been brief periods of selling Bond & Share, 143 to 473%; Cord Corp.,6% to 83/2; Electric
% to 153%; Gulf Oil of Pennsylvania, 34 to
and, at times, the market has shown a sagging tendency but 35; Hudson Bay Mining,53% to 5/g;International Petroleum,
3
the undertone has, as a rule, been fairly strong. Oil stocks 123/i to 133%; New York Tel. pref., 110 to 1103/2; Pennsylhave been in demand and public utilities have attracted vania Water & Power Co., 46 to 463/2; Singer Manufacturing
considerable speculative attention, and while the volume of Co., 103 to 1133%; A. 0. Smith, 323% to 40; Standard Oil of
sales was fairly high on Monday and Tuesday, it gradually Indiana, 233% to 233%; Swift & 13% 133% to 15; Teck Hughes,
33% to 33%; United Gas Corp.,Co.,to 13 ,and United Light
%
tapered off as the week progressed. On Saturday, the & Power A, 3 to 3%.
3
market finished higher, though trading was slow during the
A complete record of Curb Exchange transactions for the
early dealings. Metal stocks led the forward movement, week will be found on page 2941.
particularly the copper group which moved briskly upward
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
all along the line. Gold shares also forged ahead and a numStocks
Bonds (Par Vatut)•
ber of the more popular issues reached new tops. Specialties
Week Ended
(Number
April 28 1933.
were in active demand, particularly Singer Manufacturing
of.
Foreign
Foreign
Shares). Domestic. Gorernmeta. Cotp07016.
Total.
Co., which broke into new high ground at 103 with a net
268,303 $2,160,000
$60,000
$90,000 $2,310,006
gain of 3 points. Electric Bond & Share was active and Saturday
Monday
526,529 3,981,000
71,000
165,000 4,217,000.
316,580 3,288,000
several other of the public utilities group moved to higher Tuesday
152,000
1.54,000 3,594,000.
Wednesday
362,670 3,361,000
158,000
95,000 3,614,000
,levels. Stocks in the industrial section were generally Thursday
281,132 2,828,000
155,000
139,000 3,122,000'
241,115 2,869,000
74,000
109,000 3,052,000.
higher and oil shares eased off under realizing sales. Most Friday
Total
1,996,329 $18,487,000
$670,000 $752,000 $19,909,006
of the curb stocks followed the big board on Monday and
the market moved upward under the leadership of the oil
Sates at
Week Ended April 28.
Jan. 1 to Arrn 28.
New York Curb
shafes and miscellaneous issues. The forward swing was
Exchange.
1933.
1932.
1933.
1932.
interrupted at times by profit taking but prices displayed Stocks—No,
of shares_
1,996,329
595,781
14,027,619
18,255,260.
a strong under tone and most of it was quickly absorbed.
Bonds.
Domestic
Public utilities were strong, particularly Electric Bond & Foreign government _ 318,487,000 313,323,000 $265,946,000 $259,736,100
670,000
454,000
11,194,000
9,757,006
752,000
707,000
Share which broke through 17 at its top for the day. Ameri- Foreign corporate
15,228,000
12,122,006
319,909,000 $14,484,000
Total
can Gas and American Light & Traction were stronger, and
$292,368,000
3281,615,106
so were Columbia Gas & Electric cony. pref., Consolidated
Gas of Baltimore and Commonwealth Edison. Industrial
CURRENT NOTICES.
specialties also were active, A. 0. Smith at one time moving
—"INDEX OF ECONOMIC
up 3 points to 37. Nearly all the oil shares did better as POLITAN LIFE INSURANCE REPORTS" PUBLISHED BY METROCO.—A new "Index of Economic Reports"
they moved ahead under the guidance of Gulf Oil of Penn- hail been published by the Policyholders' Service Bureau of
the Metropolisylvania which reached a new peak for the year. Humble tan Life Insurance Co. Listed in this publication are the titles of over 500
on problems of business
Oil also moved sharply upward and Derby Oil pref. gained reports and articles available for distribution management which have been
published and made
by the Bureau. An announce113/2 points. Investment shares were stringer.'
ment issued by the Bureau in the matter added:
"Practically the entire range of business management is represented by the
Following sharp losses during the early trading on Tuesday,
the market rallied toward the close and the initial declines Studies catalogued in the Index"—advertising; selling and merchandising;
credit and collections; budgeting; accounting and finance; purchasing;
Prowere, to a large extent, erased. Trading simmered down duction management and engineering; personnel management;
business reas the day progressed, though many of the active stocks con- search;and industrial health and safety. Preliminary sections of the booklet
describe the nature and scope
tinued to attract considerable speculative attention.. The which they were prepared. of these economic surveys, and the bases'on
Great Atlantic & Pacific Tea Co., for instance, at one time
"Illustrative of the wide range of interest represented by
the materia
was up nearly 10 points and reached a new peak at 15934 listed in the booklet are the titles of a few representative reports: Those
include: 'The Manufacturing Expense Budget.' Effective Credit
with a gain of 6 points. Cord Corp. was active and also ment.' 'Soling by Employees,' 'Methods of
manageOrganizing and
moved into new high ground and substantial gains were Industrial Safety Contests,' Improving Dealer Accounting Conducting
Practices.'
recorded by Buckeye Pipe Line, Glen Alden Coal and Cel- 'Radio as an Advertising Medium,' 'Air Conditions and the Comfort a
anese 1st pref. Pivotal utilities like American Gas were Workers,' Training Driver Salesmen,' and 'Employee Suggestion Syssteady, while most of the industrials were more or less affected
The reports are the result of investigations conducted by the Policyby profit taking. Gold Mining shares were weak and New- holders' Service Bureau. A bird's-eye view of the Bureau, the announcement notes, is given in the introduction to the "Index," which states
that
mont Mining was under pressure. Most of the losses of the its efforts are devoted to the cause of better management
in business and
preceding day were recovered on Wednesday, though the In the interest of the economic health or well-being of the insurance company's
greater part of the improvementdeveloped around the close. ists 26,000,000 policyholders. The Bureau's staff is made up of specialtrained and experienced in the different
Public utilities and miscellaneous stocks were in good demand of the "Index of Economic Reports" may fields of management. Copies
be obtained by writing to
the
and gradually worked upward. Aluminum Co. of America Policyholders' Service Bureau,-Metropolitan Life Insurance Co., 1 Madison
Avenue, New York City:
improved and recorded a gain of nearly 3 points. Electric
—NEW YORK LIFE ASSETS
Bond & Share dipped to about 15 and then moved ahead Ledger assets of the New York LifeINCREASE IN FIRST QUARTER.—
Insurance Co. increased by
2 points. American Gas & Electric, Columbia Gas pref. and during the first quarter of 1933 and the company made new $14.610,346
investments
aggregating 815.294,395, it was announced on April 24 by
numerous other power issues were stronger. Oil shares lagged
Thomas A.
Buckner, President of the company. Payments to policyholders
amounted
behind with a strong tendency toward the selling side. Metal to $64.469.138. or $3,454.225 more than during the
first quarter of 1932.
stocks were heavy at times, though the gold mining issues Cash on hand and In banks on March 31 amounted to $30.831,538, an
inwere in demand at higher prices. The curb list was decidedly crease of $3,033.934 over the aggregate cash and bank balances of the comirregular on Thursday as most of the shares churned around pany at the beginning of 1933. members
—The election of three new
to
without definite trend. Several industrials in which there York. Inc., is announced by Walter Dutton,the Rubber Exchange of New
Secretary. They are Richard
was only a limited amount of trading moved up a point or F. Babcock, of Winthrop, Mitchell & Co.: Clarence H. Greenwald, 1140
Fifth Avenue and Theodore S. Watson, of Watson & White.
more and there were numerous other stocks in which the
—Harold S. Smith,recently with the First
variations ranged from 1 to 3 points during the trading. many years with Graham, Parsons as Co. and Detroit Co. and previously for
Estabrook St co., has become
Electric Bond & Share was quiet and steady, but American associated with Minsch, Monell & Co., Inc., and will assume charge of the
organization of the company's municipal bond department.
Gas & Electric and a few other of the more popular issues
—Holt, Rose
showed modest improvement. Singer Manufacturing Co. a special circular & Troster, 74 Trinity Place, New York, have prepared
showing earnings of New York City banks for first
quarter
rallied 'about 5 points and Axton. Fisher, Childs pref. and of 1933, based upon their quarterly statements; also book values
as of
Armstrong Cork were also higher. Mining stocks were ir- March 31.
—Nelson Douglass, formerly Vice-President and sales manager
regular but oil shares held fairly well.
of
Curb trading was dull and prices were irregular on Friday Blyth & Co., has organized the firm of Nelson Douglass & Co. to conduct
and about the only transaction of note was the advance of a general securities business in the Van Nuys Building, Los Angeles.
—James Talcott, Inc., has been appointed factor for the Assawaga Co..
3 points in Fisk Rubber pref. Public utilities were generally
of woolens
lower, Consolidated Gas of Baltimore yielding about 2 Klilingly, Conn., manufacturershosiery. and Huntly-Jackaon Co.. High
Point, N. 0.. manufacturers of
points to 45, and Electric Bond & Share about a point to
—prank Churchwell, formerly of George B. Gibbons & Co. is now in
143%. Montgomery Ward A was in supply, and dropped charge of
the municipal department of Leach Bros., Inc.
more than a point and Aluminum Co. of America dipped
—F. S. Yantis & Co., Inc., New York,
over 2 points. Toward the end of the session the market and Frederic B. Ogden are now associated announce that Berry H. Collins
with them.
worked up a moderate rally and a few of the mining stocks
_T. E. Joiner & Co., Inc., Chicago, announce the removal of
their
showed modest gains. Oil shares were heavy during, the offices to 208 South La Salle Street.
forenoon but recovered a part of their loss before the end of
—mead, Irvine & Co., Baltimore, have prepared an analysis of
First
the session. The changes for the week were generally on National Bank of Baltimore.
the side of the advance. Representative stocks closing on
—Rammons & Co.,Inc., New York,are distributing an analysis of Lily..
the upside included such popular issues as American Gas & Tulip Cup Corporation.
2914
Volume 136
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS.
of
We reprint the following from the weekly circular
written under date 'of
Samuel Montagu & Co. of London,
April 12 1933:
2915
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:
24 Apr.25 Apr.26 Apr. 27 Apr.28
Apr. 22 Apr.
1933. 1933.
1933. 1933. 1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs
11.400 11,300 11,300 11,100 11.100
11,400
Bank of France
1,540 1,530 1,500 1,490
1,530 1,530
Banque de Paris et Pays Bas
345
355 . 345
358
350
Banque d'Unlon Parhdenne
-iii
256
268
253
Canadian Pacific
17,205 17,476 17,160 17,150 17,150
Canal de Suez
2,225 2,210 2,195 2,195
2,210
Cie Distr d'Electricite
amounted to £1,978,181.
2,010 1:556
2,060 2,070 2,060 2,020
on the
Cie Generale d'Electricite
--Substantial amounts of bar gold (including about £1,100,000
56
56
55
53
53
Cie Generale Transatiantique„
471
471
475
in the open market during the week. Some
463
472
10th inst.) were available
Citroen B
proportion
1:1546
1,110 1,100
Comptoir Nationale d'Escompte 1,120 1,130 1,130
Purchases were made for the Continent, but again the larger
190
190
190
190
190
200
Coty Inc
was secured for a destination not disclosed.
327
327
326
327
319
Courderes
__
727
727
735
Quotations during the week:
742
735
of
Credit Commercial de France
Equivalent Value
• Per Fine
4,560 4,560 4,540 4,510 4,460 4,430
Credit Fonder de France
£ Sterling.
Oz.
2,090 2,120 2,090 2,090 2,080 2,070
Credit Lyonnais
I48. 0.79d.
120s. 9%cl.
April 6
d'Electricite is Par 2,200 2,220 2,210 2,190 2,160 2,180
Distribution
14s. 0.504.
121s.
April 7
2,400 2,440 2,430 2,440 2,410 2,390
Minx Lyonnais
14s. 0.454.
_ -121s. %el.
623
623
629
April 8
620
612
Energie Electrique du Nord....
14s. 0.62d.
877
120s. 11d.
877
884
890
April 10
890
Energie Electrique du Littoral
14s. 0.04d.
55
53
121s. 4d.
56
55
53
April 11
53
French Line
13s. 11.58d.
97
98
98
121s. 8d.'
98
91
April 12
91
Gaieties Lafayette
14s. 0.33d.
870
860
1215. 1.50d.
870
880
Average
Gas le Bon
530
530
530
540
860-ii
540
Kuhlmann
we'a the United Kingdom imports and exports of gold
The following
750
750
770
770
780
760
L'Air Liquide
975
975
registered from ii 1.1-lay on the 3rd inst. to mid-day on-the 10th inst.
970
970
Lyon (9. L. M.)
-316
320
320
Exports.
320
330
320
Imports.
Mines de Courrieres
410
410
410
£832,500
480
420
415
Mines dee Leas
$2,049,960 Portugal
British South Africa
553,092
1,310 1,300 1,300 '1,290 1,300 1,300
France
Nord RY
British West Africa
169,740
Netherlands
RY845
1,753,172
Orleans
Australia
-916 -610 "Eli
15,350
920
-iio -550
Pane, France
1,015,480 Italy
British India
98
98
8.117
97
97
96
112,163 Belgium
Pathe Capital
British Malaya
-ita
980
7,725
990 1.010
970 1,020
Pechiney
'21,534 Austria
Iraq
66.40 67.20
5,365 . Renew 3%
67.70 68.00 67.90 67.40
11,514 Other countries
Trinidad and Tobago..
107.10 107.80 108.20 107.80 107.00 108.10
Rentes 5% 1920
14,473
Netherlands
80.30 80.40 80.20 79.60 79.90
80.50
Rentes 4% 1917
24,640
Other countries
87.20 86.40 87.00
87.50 87.40 87.30
Rentes 414% 1932 A
1,550 1,554 1,551
£1,591,889
1.550 1,580 1.550
7tota' Dutch
£5,074,696
1,098 1,110 1,105 1,112 1,112
Saint Gobain C. dr C
£683.000.
Shipments of gold from Bombay la3t week amounted to about
1,345 1,357 1,360 1,366 1,366
& Ole
Schneider
consigned to
-466
460
470
470
480
470
Soc.ete Andre Citroen.
'The 5.5. "Rawalpindi" carries £647,000 of which £181,000 is
79 ,
80
81
85
84
83
Socigte Francaise Ford
London, £102,000 to Amsterdam and £364,000 to New York: the s.s.
'
130
135
133
139
145
128
Societe Generale Fonclere
---2,440
2,440
."President Hayes" has £36,000 consigned to Marseilles.
2,425 2,435 2,435
Societk Lyonnaise
583
583
584
585
585
Marselialse
Societe
SILVER.
17,200 17,500 17,500 17,100 17,000 17,166
Suez
Prices have shown wider movements during the past week, another
151
151
151
158
148
Tubize Artificial Silk pref.--.-iio
740
740
740
750
wave of speculative buying following reports from Washington of con730
Union d'Electricite
170
160
160
versations between the U. S. Secretary of State and the British Ambassador
Union des Mines
---70
70
71
69
68
silver were said to have been
Wagon-Lits
during which methods of raising the price of
discussed. It was Indicated that the question would be one of the subjects
to be considered by the World Economic Conference.
THE BERLIN STOCK EXCHANGE.
The first half of the week was quiet with China and the Indian Bazaars
working both ways and America continuing to give support. On the afterThe Berlin Stock Exchange resumed trading on Friday,
decree
noon of the 10th inst..'following the news referred to above, there was a
April 29 1932,after having been closed by Government stocks
keen demand from America and, on the 11th inst., further buying for
ive
this quarter and other speculative enquiry carried prices to 17.15-16d.
since Sept. 18 1931. Closing prices of representathave been
for cash and 184. for two months' delivery representing a rise of 9-16d.
as received by cable each day of the past week
over the quotations of the previous day. Shanghai exchange showed
little response to the advance and with buyers hesitating, China selling
as follows:
Apr. Apr. Apr. Apr. Apr. Apr.
caused a reaction to-day to 17%d. and 17 11-16d. for the respective de27. 28.
26.
25.
22. 24.
liveries.
Per Cent of Par
In the circumstances the condition of the market is uncertain but, at
poresent, the maintenance of prices would seem to depend largely on specu136 137 138 136 135
136
Relchsbank (12%)97
96
96
96
lative demand.
96
96
Berliner EIandels-Geseinchaft (5%)
52
53
53
53
It was announced on April 6 that the Chinese Government now require
53
53
Commers-und Privat-Bank A.0
67
67
67
to be made in terms of new silver dollars instead of in taels:
68
transactions
69
Deutsche Bank und Disconto-Gesellachaft- 69
81
61
81
61
61
61
the new dollars are exchangeable for taels on the basis of 8100 for 71.50 taels.
Bank
Dresdner
101
101
The "Times" Shanghai correspondent under date April 7 stated that "in
100 100 101
Deutsche Reichsbahn (Ger. Rya / IA.(7%).100
29
29
29
30
making the dollar the only legal currency the Government apparently
31
Allgemeine ElektrIzitaeta-Gesell. (A.E.G.). 32
110 113 115
expect to force the banks to desert the tael and in furtherance of this object
105 108
105
Berliner Kraft u. Licht (10%)
113 114 116
111
on silver in order to induce
have, in addition, imposed a 2%% export duty
110 109
Dessauer Gas (7%)
97
97
93
93
91
91
the banks to have their silver minted, the cost of mintage being the same
Oesfuerel (4%)
99 100 103 105 106
99
as the new duty."
Hamburg. Elektr.-Werke 48 14%)
exports of silver
The following were the United Kingdom imports and
185 163 164 163 165 165
Siemens & Halske (7%1
145
144 142 145
registered from mid-day on the 3rd inst. to mid-day on the 10th inst.:
143
I. G. Farbenindustrie (7%)
205 204 205 205 203 207
Exports
Imports.
Salzdetturth (9%)
209 209 208 208 208 209
Germany
llraunkohle (10%)
£31.572 United States of America__ £58,710
Rheinische
116 117 117 118 119 119
11.710
Netherlands
26266 British India
Deutsche Erdoel (4%)
78
78
76
76
74
76
Irish Free State
60,003 French Possessions in India_ 5,500
Mannesmann Roehren
19
19
20
20
20
21
3,297
Germany
Chile
5.181
Hamm
20
20
20
21
21
21
1,788
Australia
22,086 France
Nnrddeutscher Lloyd
1,210
Iraq
3,120 Sweden
•Proposed. a Ex-div.
1,934
Belgium
2,250 Other countries
Other countries
5,031
for
In the following we also give New York quotations
£84.149
£155,509
German and other foreign unlisted dollar bonds as of April 28
Quotations during the week
1933:
IN NEW YORK.
IN LONDON.
Bid. Ask.
Rid. Ask.
(Cents per Ounce .999 Fine).
Bar Silver oer Os. Std.
30 Hungarian Defaulted COM) 140
27
Anhalt 78 to 1346
Cash Dello. 2 Mos. Deli,.
71
- -Hungarian Hal Bk 7%a.'32 87
1945. 5100
Argentine 5%.
27
April 5
33'2 3612
.April 6-17 7-16d, 174cl.
Koholyt 6141, 1943
58
pieces
27
April 6
18
12
April 7_ _17%d.
17 9-16d.
1 2212 2412 Karstsdt 6s, 1943
Antioquia 8%, 1946
27
April 7
April 8_ _17 Sid.
42
1734d.
71 Land M Bk, Warsaw 86.'41 38
AustrianDefaultedCoupons I 65
April 8
63
April 10_1734d.
27M
17 7-16d.
Pr. 61i11;46 60
26 Leipzig Oland
Bank of Colombia.7%.'47 124
285i
April 10
April 11_17 15-16d. I8d.
29
26 Leipzig Trade Fair 7e, 1953 26
Bank of Colombia.7%,'48 124
28 5-16
April 11
April 12-1730.
17 11-18d.
39 Luneberg Power. Light &
36
Bavaria 614. to 1945
44
47
Average_ .17.521d.
17.573d.
Water 7%. 1948
Bavarian Palatinate Cons.
37
24 4412
34
The highest rate of exchange on New York recorded during the period
30 Mannheim .t Palat 71. 1941 4
27
Cit. 7% to 1945
S.3.42% and the lowest $3.40%.
is to 1945
from the 6th inst. to the 12th inst. was
Bogota (Colombia)614.'47 184 1912 Munich
30
8 Munk.Bk, Hessen,75 to '45 27
f 8
RETURNS.
1940
Bolovia 6%.
INDIAN CURRENCY
Municipal Gas & Flee Corp
Buenos Aires 6.* 61 Scrip! 8
April 7. Mar. 31. Mar. 22.
36
(/n Lacs of Rupees)ItecklIngbausen. 7s. 1947 32
56
Brandenburg Elec. 63. 1953 54
17614
17690
17650
6012 6211
Notes in circulation
Brazil Funding 5%,'31-'51 3712 .3812 Nassau Landbank 674s, '31..
11110
11186
11143
Nat Central Savings Bk of
Silver coin and bullilon in India
British Hungarian Bank
2591
2600
2603
36
Hunga., 774u, 1962____ I 34
Gold coin and Wien in India
35
133
1962
6
3913
3904
3904
ois
e 1
m tg!
Natioas 7%ungarisn & Ind
Securities (Indian Government)
Brown Coal Ind. Corp.
of about 161.300,000
60
57
The stocks in Shanghai on the 8th inst. consistedbars as
6145, 1953
40
1
3
33
compared with
4
ounces in Byre°, 240,000,000 dollars and 9,320 silver
Call (Colombia) 7%. 1647 r 1014 113 Oberpfalz Elec 7%, 1646 _ 38
6 Oldenburg-Free State 7%
about 160,200,000 ounces in sycee, 230.000,000 dollars and 9.840 silver
Callao (Peru) 71.1%, 1944 f 4
30
27
bars on the 1st inst.
Ceara (Brazil) 8%. 1947 1 6
9
rA
t419 legre 7%. 1968_ _
1 1312 14
Porte 4
's
City Savings Bank, Buda32 Protestant Church (GerC 301
pest. 7s, 1953
1 79
ENGLISH FINANCIAL MARKET-PER CABLE.,
Deutsche Ilk 6.7'32 unat'd
33
36
.
n B
;k 7g pra
PrO n y)West1g a es '33 1 6512 6711
Dortmund Mon URI 68.'48 311
52
29 Rhine Westph Elec 7a 1936 48
26
The daily closing quotations for securities, &c., at London, Duisberg 7% to 1945
30 Rio de Janeiro 6%, 1933. 1 1214 1414
27
Duesseldorf 7a to 1945....
as reported by cable, have been as follows the past Week:
50
53 Rom cath Church 614s.'48 48
East Prussian Pr. 6e, 1953, 52
Frt.,
Thurs.,
Wed.,
R C Church Welfare 7s. '411 4112 43
Mon.,
Sat.,
European Mortgage & In76
rues..
Apr. 25. Apr. 26. Apr, 27. Apr. 28,
Apr. 22, Apr. 24,
vestment 714a, 1966___. 14014 4114 Saarbruecken M Bk 6s,'47 73
20 3-16d. 20c1.
1112 13
114 Salvador 7%, 19o7
20 1-18d. 207-16(1. 1874d.
French Govt. 514s, 1937._ 110
Silver, per cm__ 1974cl.
107 Santa Catharine (Brazil)
105
118s.2d. 119s.10d. 121s.2d. 1218.4d. 1229.6d.
118s.
Gold, p. fine oz
French Nat. Mall S.S. 6s.62
7514
75%
75%
8%, 1947
7514
27
30
Consols, 2Si% 75%
Frankfurt 75 to 1945
7474
1211
1102
65 Santander (Colom, 75, 1948 /912 1111
British 3%%German An. Cable 78. 1945 62
100%
10034
10074
1
Sao Paulo (Brazil) 6s 1947 '1012 12
10274
101%
10174
German Building & Land.
'32 1 58
3312 Saxon Public Works5%,
32
'British 4%bank 64%, 1948
110%
11074
11074
62
11014
70 slaxon State Mtge 6s. 1947 48
65
11034
1960-90
Haiti 6% 10.53
11074
60 Stem & Fialske deb fie, 2930 285 315
French Rental
Flarnb-Am Line 674a to '40 57
67.20
66.40
67.40
67.90
South Amer Ilya 6%, 1933 9112 9311
68.00
On Paris)3% fr. 67.70
Hanover Harz Water Wks
43
30
32 Stettin Pub Utii 78, 1948_ 41
French War I.'n
6%, 1957
45 Tucuman City 7a, 1951_ _ 1 1614 1714
Housing & Real Imp 75,'48 35
(in Paris)5%
108.10
107.00
107.80
34
108.20
107.80
31 Tucuman Prov, 75, 1950._ 1 31
Cent Mut 7s '37 1 29
1920 anion._ 107.10
Mingarian
30
Vesten Elm Hy 7s, 1947___ 27
Hungarian Discount & Ex3t
32
2812 Annenberg 7. to 1945
The priee of silver in New York on the same days has been:
change Bank 7s. 1963.. 1271
Silver In N. Y.,
Flat price.
3514
3414
3511
36
3774
per oz. (eta.) 3514
GOLD.
to £176,532,791
The Bank of England gold reserve against notes amounted
with the previous
on the 5th inst., an Increase of £4,693,741 as compared
Wednesday.
under review
Purchases of bar gold made by the Bank during the week
2916
Financial Chronicle
Commercialand AxiscellaneonsBents CanadianBreadstuffs Figures Brought from Page 3007.
-All
the statements below, regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by from figures collected by the New York Produce Exchangus
e.
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:
Receipts atChicago
Minneapolis_
Duluth
Milwaukee_ _ _
Toledo
Detroit
Indianapolis
St. Louis_ _ _ _
Peoria
Kansas City
Omaha
St. Joseph
Wichita
Sioux City_
Buffalo
Flour.
Wheat.
Corn.
Oats.
Rye.
Barley.
bls.1961bs.bush. 60 lbs bush. 56 lbs. bush. 32 lbs bush.481bs. bush.561bs.
186,006
743,111 1,037,000
235,000
49,000
266,000
1,083 1 I i
230,000
273,000
104,000 506,000
943,1
7,000
61,000129,000
87,000
14,000
7,111
186,000
174,000
19,000
275,000
40 1 1 I
21,000
71,000
20,111
9,000
12,000
2,000
20,000
11,000
61, Ii
425,000
582,000
138,000
208,000
529,000
217,000
1,000
18,000
80,000
32,000
384,000
102,000
18,000
15,000
403,000
430,000
66,000
219,000
412,000
69,000
,111
145,000
105,000
139,000
2,000
11,000
111,000
30,000
1,000
18,000
•
210,000
190,000
Tot. wk.'33
Same wk., '32
Same wk., '31
444,000
372,000
364,000
4,150,000
4,382,000
4,810,000
4,168,000
2,605,000
5,498,000
1,997,000
305,000 1,208,000
1,446,000
80,000
486,000
1,931,000 • 162,000
647,000
Since Aug.1.1932
14,477,000 255,163,000 143,922,000 68,797,000 8,753,0003
2,324,000
1931
15,825,000 257,091.000 100,717,000 55,981,000 5,524,0002
1930
16,226,000353,009,000163,933,000 91,530,00018,766,000 7,620,000
42,048,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday April 22, follow:
Receipts al-
Flour.
Wheal.
Corn.
Oats.
Rye.
Barley.
bbls.1961bs bush. 60185.bush.56 lb*.bush. 32lbs.bush.Vilbs.bush...1
618s.
New York....
114,111
7,I l I
3,000
18,000
Philadelphia 37,118
10,001
2,111
Baltimore_ _ _
13,t 1
,111
14,111
18,'''
011
1,000
New Orleans*
72,11i
48,111
12,111
39,000
Galveston.39,000
Montreal ..___
15,000
400,000
32,'''
Boston
35,000
1.000
2,111
Halifax
22,111
181,111
3,000
•
Tot. wk.'33
284,000
640,111
94,000
118 11
5,111
1,000
Since Jan. 1'33 4,625,111 10,398,000 1,444,111 1,333,111
167,000
65,000
Week 1932.,,.
291,111 1,600.111
72,000
185,000
587,I I 1
326,000
Since Jan. 1'32 5,152. s 24,447,000 1,330 111 2,071,011 2,452,000
792,000
.• Receipts do not include grain passing through New Orleans for
foreign ports
on through IA s of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 22 193g, are shown in the annexed
statement:
Exports fromNew York
Boston
.
Baltimore
New Orleans
Montreal
lIallfax
Wheat.
Corn.
'Bushels. Bushels.
65,000
40,000
Total week 1933._
686,000
1532
3 404 000
Oats.
Rye.
1,000
5,000
15,000
22,000
400,000
181,000
RAMA WfWk
Flour.
12(100
Barley.
Barrels. Bushels. Bushels. Bushels.
20,775
3,000
32,000
3,000
63,775
00.277
38,000
76.0(10
666.000
376000
The destinat'on of these exports for the week and since
July 1 1932 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 toApr. 22 July 1
1933.
1932.
. Barrels. Barrles.
United Kingdom_ 29,330 1,650,084
Continent
12,115
643,956
So. & Cent. Amer
__
106,000
West Indies
11,000
531,400
Brit.No.Am. Cols
4,000
58,600
Other countries
7,330
158,051
Total 1933
Total 1932_ _
Wheat.
Week
April 22
1933.
Since
July 1
1932.
Corn.
Week
April 22
1933.
Bushels.
Bushels.
Busehsl.
208,000 45,022,000
472,000 70,100,000
9,447,000
6,000
143,000
2,000
520,000
63,775 3,153,091
686,000 125,234,000
_ 96 277 4 725 640 3.404.000 129.436.000
Since
July 1
1932.
Bushels.
1,046,000
3,636,000
11,000
71,000
5,000
2,000
4,771,000
12.000
481.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 22, were as follows:
GRAIN STOCKS.
Wheat,
Corn,
bush.
bush.
Oats,
Rye.
Barley
United States
bush.
bush.
bush,
Boston
8,000
1,000
New York
58,000
270,000
22,000
1,000
Philadelphia
382,000
16,000
30,000
7,000
2,000
Baltimore
275,000 . 39,000
28,000
6,000
3,000
New Orleans
51;000
162,000
124,000
11,000
Galveeton
474,000
7,000
Fort Worth
2,924,000
44,000
598,000
4,000
74,000
Wichita
1,574,000
Hutchinson
4,672,000
1,000
St. Joseph
3,279,000
979,000
259,000
Kansas City
36,878,000
901,000
272,000
54,000
76,000
Omaha
12,610.000 2,618,000 1,359,000
45,000
22,000
Sioux City
1,181,000
240,000
85,000
3,000
9,000
St. Louis
3,397,000 2,024,000
287,000
4,000
7,000
Indianapolis
424,000 1,561,000
648,000
Peoria
3,000
124,000
ChiCago
8,072,000 12,447,000 3,041,000 1,670,000
455,000
On Lakes
485,000
754,000
Milwaukee
.3,933,000 1,376,000
594,000
10,000
288,000
" afloat
353,000
Minneapolis
23,486,000 1,144,000 10,291,000 3,690,000 5,542,000
Duluth
18,129,000
490,000 2,949,000 1,937,000 1,360,000
Detroit
115,000
12,000
22,000
31,000
30,000
Buffalo
2,851,000 4,655,000
467,000
498,000
488,000
" afloat
294.000
304,000
142.000
Total April 22 1933_125,544,000 30,392,000 21,350,000 7,972,000
Total April 15 1933_128,389,000 31,267,000 22,251,000 7,827,000 8,364,000
Total April 23 1933._l82.326,000 21,155,000 13,550,000 9,267,000 8,239,000
2,470,000
-Bonded grain not included above: Wheat, New York, 96,000
Note.
bushels:
Boston, 213,000; Buffalo, 1,148,000; Buffalo afloat, 1,144,000: Duluth,
7
,000:
Erie, 544,000; Canal. 111,000; total, 3,263,000 bushels, against 7,028,000 bushels
In 1932.
April 29 1933'
Wheat,
bush,
Montreal and other Bay
river dr seab'd points__ 14,535,000
Ft. Wm.& Pt. Arthur__ 72,778,000
Other Canadian
14,629,000
Corn,
bush,
Oats,
bush,
Rye,
bush.
Barley_
bush,
850,000 1,454,000
2,270,000 1,938,000
1,214,000
30,000
644,0011
1,748,006
375,000'
Total April 22 1933...101,942,000
4,334,000 3,422,000
Total April 15 1933...104,682,000
4,514,000 3,590,000
Total April 23 1932... 64,829,000
3,341,000 8,202,000
Summary
American
125,544,000 30,392,000 21,350,000 7,972,000
Canadian
'
101,942,000
4,334,000 3,422,000
Total April 22 1933_227,486,000 30,392,000
25,684,000 11,394,000
Total April 15 1933...233,071,000 31,267,000
Total April 23 1932_247,155,000 21,155,000 26,765,000 11,417,000
16,891,000 17,469,000
2,767,006
2,851,006
4,030,066
8,364,006
2,767,001)
11,131,000.
11,090,000
6,500,006
The world's shipments of wheat And corn, as
Broomhall to the New York Produce Exchange,furnished by
for the week
ending Friday, April 22, and since July 2 1932 and July
1
1931, are shown in the following:
.
Exports.
Week
A pril 21
1933.*
Wheat.
Since
July 2
1932.
Corn.
Since
July 1
1931.
Week
April 21
1933.
Since
July 2
1932.
Since
July 1
1931.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels. I Bushels.
North Amer_ 2,842,000246,978,000262.358,000
6,000 5,458,006
Black Sea_
19,456,000 108,460,000 2,729.000 57,511,000 2,080,000'
28,229.000
Argentina... 3,142,000 82,418,000 114.316,000
3,450,000 165,821,000 320,198,000
ralla
a
_ 4,135,000132,391,000126.424,111
India
600,1 1 1
0th. eountr s
200,000 22,445,000 28,902,000
297,000, 29,523,000 17.597,000
Total__ _ 10,319,000 503,688,000641.060,000 6,482,000
'
258,313,000368,104,000
National Banks.-The following information regardi
ng
National banks is from the office of the Comptroller
of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Apr1114-Wichita National Bank of Wichita
Falls, Wichita
Falls, Tex
$200,000
President. John Hirschi; Cashier, Lester
Jones. Will
succeed Wichita State Bank St Trust Co.,
Wichita
Falls, Tex.
Apr. 17
-First National Bank at Ardmore, Ardmore,
Okla
100,000
President, E. A. Walker; Cashier, Ed
Sandhi].
succeed the First National Bank in Ardmore, Will
Ardmore, Ardmore, Olda.
APPLICATION TO ORGANIZE
RECEIVED WITH
TITLE REQUESTED.
Apr. 17
-The Commercial National Bank of Lake
Worth, Lake
Worth, Florida
Correspondent. R. D. McElroy, Lake
Worth, Fla.
50,006,
VOLUNTARY LIQUIDATIONS.
Apr. 17
-The First National Bank of Knox City, Tex
25,000
Effective April 15 1933. Liq. Agent, T. E.
Robbins,
Knox City, Tex. Absorbed by the
Citizens State
Bank of Knox City, T.
Apr. 18
-The First National Bank of Orange. Tex
300.000
Effective March 31 1933. Liq. Agent, W.
H.
Orange, Tex. Succeeded by First National Stark,
Bank in
Orange, Tex., Charter No. 13661.
BRANCHES AUTHORIZED UNDER ACT OF
FEB. 25 1927Apr. 18
-National Bank of Detroit, Detroit, Mich.
Locations of Branches.
1. 3044 West Grand Blvd.
12. 4765 Warren Avenue Wert
2. 6499 Chene Street
13. 1473 Gratiot Avenue
3. 9601 Gratiot Avenue
14. 13771 Gratlot Avenue
4. 11410 Mach Avenue
15. 7701 Mach Avenue
5. 13244 Jefferson Ave. East
16. 9300 Kercheval Avenue
6. 6465 Jefferson Ave. East
17. 8001 Vernor Highway West
7. 7870 Jefferson Ave. West
.
4 Michigan venue
8. 5460 Fort Street West
19. 4629 Grand River
Avenue
9. 5622 Michigan Avenue
20. 16121 Livernois Avenue
10. 9143 Grand River Ave.
21. 9048 Linwood Avenue
11. 14350 Grand River Ave.
22. 11341 Woodward
Avenue
(Certificates Nos. 777A to 798A, incl.)
Apr. 22
-National Bank of Detroit, Detroit, Mich.
Locations of Branches.
1. 14901 East Warren Ave. 3. 170 Bagley
Avenue
2. 6301 Gratiot Avenue
(Certificates Nos. 799A, 800A and 801A)
Auction Sales.-Among other securities, the
not actually dealt in at the Stock Exchange, were sold following,
at auction
in New York, Boston, Philadelphia and
Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Sh.
1,000 New York Dock Co., pref., par $400
100 Clio Medics, Inc.(N. Y.), no par
7
$500 lot
500 Guilford Chester Water Co., common, no par
is
158 Hudson View Gardens, Inc.; Proprietary lease for
apartment No. 32 In
apartment building known as "Hudson View Gardens"
in N. Y. City _ _31,000 lot
155 15-67 Underwriters Trust Co., par 8100
20
45 South American Mines Co. (Maine), par $25
$45 lot
Bonds.
Per Cent81,000 Northwestern Power Co., Ltd. (Canada), 6%
1st mtge. sinking fund
convertible gold bonds, series A,due Jan. 2 1960;
District bond, first series, 6%, due July 1 1938:$1,000 Roosevelt Irrigation
$1,000 New Orleans Pontchartrain Bridge Co„ 1st mtge. sinking fund 7% gam bonds
due Sept. 1,
1946; 8500 Roosevelt Water Conservation District,
Arizona Fourth Series
bond,6% certificate of deposit, due April 11939;82,000
City of Coral Gables
Municipal Improvement bonds, dated Jan.
Florida,
11927, 6% certificates
of deposit ($1,000 due Jan. 11934, and $1,000 due Jan.
t500 lot
cove_
$6,375 Bond and First Mortgage datedApril 8 1929, due 11935)
April 8 1930,
leg lots Hos. 22, 23, 24 and 25 in town of White
Plains, New York
$102 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per 85_
21 Philadelphia National Bank, par $20
47
25 Oentral-Penn National Bank, par $20
21
28 Real Estate-Land Title and Trust Co, par $10
634
32 Integrity Trust Co., par 310
7
1 Northern Trust Co., par 8100
400
2 Fidelity Philadelphia Trust Co., par 8100
300
22 Pennsylvania Co. for Insurances on Lives & Granting
Annuities, par $10_ _ 261C
65 Atlantic Elevator Co., common
20
8 Philadelphia Bourse, common, par $50
734
1 Athenaeum of Philadelphia
120
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Sh..
10 Zenda Gold Mines-------------------S0.200
500 Adargius Mines-------------------- ------------------------------------------------------50.25 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
100 United States Trust Co., Boston, par $10
1 Boston Insurance Co, par $100
50 Elks Building Corp. of Cambridge, preferred, par $10
10 Great Northern Paper Co., par $25
20 Central Maine Power Co., 7% preferred, par $100
Bonds.
$2,000 Federal Power di Light, deb. 68, Nov. 1965 tea
$ per Sh.
6
340
$6 lot
11%
5644
Per Cent.
1044 flat
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.
2917
Financial Chronicle
Volume 136.
When
Per
Cent. Payable.
Railroads (Steam).
Hudson & Manhattan, corn. div. omitte d.
-a.)__ 93440
Nashville dr Decatur 744% gtd. (s.
$2
Norfolk & Western common (guar.).—
2144
-a.)
Phila. Bait. di Wash.(s.
50c
Reading Co., pref.(guar.)
July
June
June
June
Books Closed
Days Inclusive.
1 Holders of rec. June 20
19 Holders of rec. May 31
30
8 Holders of rec. May 18
Public Utilities.
60c June 30 Holders of rec. June 16
Bridgeport Gas Light Co.(guar-)
$2 June 1 Holders of rec. May 12
Brooklyn Edison Co. (quar.)
$144 July 1 Holders of rec. June 1
Brooklyn Union Gas Co.(guar.)
50e May 31 Holders of rec. Apr. 20
Central Mass. Light & Pow.(quar.)......
134% May 15 Holders of rec. Apr. 29
6% preferred (guar.)
62450 June 1 Holders of rec. May.15
Connecticut Power Co. corn.(quar.)
85e June 15 Holders of rec. May 12
Consolidated Gas Co.of N.Y.com.(gu.)
Holders of rec. May 20
50e June
Dayton Pow. dr Light6% pref.(mthly.).
Holders of rec. Apr. 20
$14.4 May
Derby Gas & Elec.,$7 pref.(guar.)
Holders of rec Apr. 20
2144 May
2644 Preferred (guar.)
Holders of rec. May 10
Eastern Shore Pub. Serv., $646 pf.(qu.) El% June
Holders of rec. May 10
$144 June
$6 preferred (guar.)
Holders of rec. Apr. 27
75d May
Edison El. Ill. Co.of Brockton (quar.)..
Holders of rec. May 19
$1 June
Empire dr Bay State Telep.4% gtd.(gu.)
Holders of rec. Apr. 28
144% June
Empire Gas & Elec.,6% pf. A.(guar.)
Holders of rec. Apr. 28
144% June
7% Preferred (guar.)
Holders of rec. Apr. 28
June
6% Preferred C(guar.)
145%
European Electric Corp., Ltd.—
744e May 15 Holders of rec. May 1
A & 13 (guar.)
Common
600 May 1 Holders of rec. Apr. 27
Fall River Gas Works
Frankford & Southwark,Phila. City '
Passenger Ry
$4,4 July 1 Holders of rec. June 1
Gas Securities Co. common (monthly)._ ‘94% May 1 Holders of rec. Apr. 15
50c May 1 Holders of rec. Apr. 15
Preferred (monthly)
$144 May 15 Holders of rec. Apr. 28
Georgian P.& L.Co.,$6 pref.(guar.)
June 1 Holders of rec. May 16
750
Hackensack Water Co.(s-a)
$144 May 10 Holders of rec. Apr. 29
Illuminating & Power Securities
Preferred (guar.)
$141 May 15 Holders of rec. Apr. 29
15c June 1 Holders of rec. May 1
Industrial di Power Securities (guar.).—
Kentucky Utilities Co.7% prior pf.(qu.) 8740 May 20 Holders of rec. May 1
Long Island Lighting Co.common—Div. omitted
Luzerne Cty. G.&El.,$7, let PI.(guar.) $1,4 May 15 Holders of rec. Apr. 29
$6, 1st preferred (guar.)
$144 May 15 Holders of rec. Apr. 29
Malone Lt. & Pow. Co. $6 pref. (guar.)- $144 May 1 Holders of rec. Apr. 22
Milwaukee El. Ry.& Lt.6% pf.(gu.)_ _ 13 % June 1 Holders of rec. May 15
1
,
$2 May 15 Holders of rec. Apr. 30
Montreal Light, Ht. & Pow. Co.(guar.)
80c May 20 Holders of rec. May 10
Mutual Telep. Co.(Hawaii)(monthly)
dNew Brunswick Telep., Ltd. (quar.).... 1244c Apr. 15 Holders of rec. Mar. 31
550 June 1 Holders of rec. May 15
New York Steam Corp.,common (au.).North Amer. Edison Co., pref. (quar.)... $134 June 1 Holders of rec. May 15
$144 May 15 Holders of rec. May 1
North American Electric $6 pref
May 1 Holders of rec. Apr. 30
Orange County Tel.,$6 pref.(s-a)
$3
Public Service Co. of Indiana $6 pref.— Div. o mitted.
50e May 31 Holders of rec. May 1
Public Service Corp.of N.J.6% pf.(ra0.)
$144 May 10 Holders of rec. Apr. 29
Public Utilities Corp.(guar.)
Railway di Light Securities Co. PL(q11.)
2144 May 1 Holders of rec. Apr. 26
Somerset Union & Middlesex Ltg.(a•-a.)
$2 June 1 Holders of rec. May 15
Southeast Mass. Pow. & Elec. (guar.)._
50c Apr. 29 Holders of rec. Apr. 20
$2 May 15 Holders of rec. May 5
Stamford Water Co.(guar.)
Syracuse Lighting CO.6% pref.(quar.)- 1,5% May 15 Holders of rec. Apr. 30
a%% preferred
1,4% May 15 Holders of rec. Apr. 30
(guar.)
8% preferred (guar.)
2% May 15 Holders of rec. Apr. 30
Tampa Electric Co.common (quara
560 May 15 Holders of rec. Apr. 28
Preferred series A (guar.)
$144 May 15 Holders of rec. Apr. 28
Tide Water Power $6 Pref• (guar.)
• 75a June 1 Holders of rec. May 10
May 1
Trustee Standard Utility Shares
110
United Gas Impt. Co.common (aunt.)..
300 June 30 Holders of rec. May 31
Preferred (guar.)
2144 June 30 Holders of rec. May 31
Utility Equities Corp. $544 priority stk_
$144 June 1 Holders of rec. May 15
Washington Gas Light Co. (guar.)
900 May 1 Holders of rec. Apr. 26
Winchondon El. Lt.& Pow.Co.(guar.)$2 Apr. 29 Holders of rec. Apr. 20
Name of Company.
•
When
Per
Share. Payable.
Miscellaneous (Concluded).
Firestone Tire & Rubber, pref. (guar.)._ $1 34 June 1 Holders of rec. May 15
May 1 Holders of rec. Apr. 22
250
Fort Worth Stockyards Co
June 1 Holders of rec. May 15
50c
Freeport Texas Co.,cam.(guar.)
General Outdoor Advertising prof. (OIL) $144 May 15 Holders of rec. May 5
75c June 1 Holders of rec. May 10
Grand Union Co.$3 cony. pref. (guar.).
Guelph Carpet a Worsted Spinning
144% May 1 Holders of rec. Apr. 20
Mills, Ltd., 63.4% pref. (guar.)
25° June 5 Holders of rec. May 24
Hawalla Commercial & Sugar (mthly.)—
200 May 15 Holders of rec. May 10
Hawaiian Sugar Co. (monthly)
250 June 1 Holders of rec. May 18
Hobart Mfg. Co.common (guar.)
5144 June 1 Holders of rec. May 15
Hooven & Allison preferred (guar.)
5114 June 1 Holders of rec. May 11
Horn & Harden(N. Y.) pref.(guar.).—
744c May 1 Holders cif rec. Apr. 22
International Mining Corp.(guar.)
May 1 Holders of tee. Apr. 24
Jackson & Curtis Secs., $6 pref.(guar.). 500
May 5 Holders of rec. Apr. 21
5%
Johnson & Phillips, Ltd., ord.reg
5%
May 12 Holders of rec. Apr. 28
Amer. dep.rec
25° July 1 Holders of rec. June 13
Jones & Laughlin Steel Corp. 7% pf.(qu)
Jones(J.Edw.)Royalty Trust set. D Ws $5.94 Apr. 25 Holders of rec. Mar. 25
$1.08 Apr. 25 Holders of rec. Mar. 25
Series E certificates
10c June 1 Holders of rec. May 25
Kekoha Sugar Co.(monthly)
8144 June 1 Holders of rec. May 20a
A'pref.(guar.)
Kendall Co. class
in% May 15 Holders of rec. May 14
La Salle & Koch Co.7% pref.(guar.)
$144 May 1 Holders of rec. Apr. 26
Lawson Realty Co. pref. (guar.)
10c May 31 Holders of rec. Apr. 29
Lehigh Coal dr Nay.Co.(quar.)
June 1 Holders of rec. May 15
50c
lahn & Fink Prods.Co., corn.(guar.)$144 June 1 Holders of rec. May 17
pref.(guar.)
Lord & Taylor Co. 1st
May 15 Holders of rec. May 15
250
MacMillan Co.(guar.)
$144 May 8 Holders of rec. May 8
$6 Preferred (guar.)
20 May 1 Holders of rec. Apr. 25
Majestic Royalty
15° May 1 Holders of rec. Apr. 30
Marine Bancorporation (guar.)
May 1 Holders of rec. Apr. 25
Sc
Maul Agricultural Co., Ltd.(monthly).25e May 1 Holders of rec. Apr. 24
-a.)
McKesson & Robbins. Ltd.(s.
$344 May 1 Holders of rec. Apr. 24
Preferred (s -a.)
Minneapolis-Honeywell Regulator—Corn mon dry action deferred.
$134 May I Holders of rec. Apr. 21
Morris Plan Co.of Rhode Island (qua
$1 May 3 Holders of rec. Apr. 20
Nashua Gummed & Coated Paper Co
$1 May 15 Holders of rec. Apr. 29
-a.)
National Casket Co.common (s.
National Founders Corp. $344 Pt. A(q.) 8744c May 5 Holdere of rec. Apr. 25
27.16 ft May 1
Cond. Milk ord
Nestle & Anglo-Swiss
The June 1 Holders of rec. May 15
Northam Warren Corp. pref. (guar.)...
lac May 16 Holders of rec. May 12
Oahu Hy. de Land Co.(monthly)
Sc May 15 Holders of rec. May 6
Monthly
5c May 15 Holders of rec. May 6
Oahu Sugar, Ltd.(monthly)
20c May 20 Holders of rec. May 10
Co.(monthly)
Onomea Sugar
Fender (David) Grocery Co. cl. A (qua_ 87440 June 1 Holders of rec. May 20
h50c May 1 Holders of rec. Apr. 25
Randall Co. class A
$2 May 1 Holders of rec. Apr. 20
Real Estate Trust Co. of,Phlla. (1.-a.)._
Apr. 28 Holders of rec. Apr. 27
52
Reward 011
25e June I Holders of rec. May 154
Metals Co. (guar.)
Reynolds
$1 May 1 Holders of rec. Apr. 24
Russell Motor Car Co., Ltd., 7% pref._
75c July 1 Holders of rec. June 19
Safeway Stores, Inc., common (guar.)._
151% July 1 Holders of rec. June 19,
7% preferred (guar.)
Pi% July 1 Holders of rec. June 19
6% preferred (guar.)
Seaboard Nat. Security 6% pref.(qu.).. 3734e May 1 Holders of rec. Apr. 20
June 1 Holders of rec. May 15
Second Invs. Corp.(It. I.),6% p1.(qu.)_ 75c
Second Scott Nor. Inv. Trust Ltd
May 3 Holders of rec. Apr. 18
6%
Ordinary
244% May 3 Holders of rec. Apr. 18
Preferred (guar.)
1% May 1 Holders of rec. Apr. 24
Second Standard Royalties, Ltd., pref._
Apr. 29 Holders of rec. Apr. 20
35°
Security Insurance(guar-)
June 1 Holders of rec. May 15
Security Invest.(R. I.), prof. (quar.).._ 75c
$1 May 1 Holders of rec. Apr. 10
New Hay.(s -a.).
Security Thrift Corp.,
5114 June 1 Holders of rec. May 15
Sherwin-Williams Co., pref. A (guar.)._
Common dividend omitted..
$194 May 15 Holders of rec. May 1
Smith (A.0.) Corp., pref.(guar.)
30 May 1 Holders of rec. Apr. 24
Standard Corp., Inc. (guar.)
25o June 15 Holders of rec. May 25
Co. common (guar.)
Sun 011
5144 June 1 Holders of rec. May 10
Preferred (guar.)
Tobacco Securities Trust Co., Ltd.—
zro 5% May 23 Holders of rec. Apr. 25
Amer. dep. recta. ord. reg.,interim...
May 10 Holders of rec. May 4
250
Trunz Pork Stores, Inc.(guar.)
May 15 Holders of rec. May 5
be
Trust Shares of Amer..registered
25e May 10 Holders of rec. May 1
Union Storage Co.(guar.)
25e May 12 Holders of rec. May 2
United Engineering & Fdy. corn. (qu.)..
2144 May 12 Holders of rec. May 2
Preferred (guar.)
July 1 Holders of rec. June 20
250
•
U.S. Playing Card Co.(guar.)
States Steel Corp. pref.(guar.)._ Mail% May 29 Holders of rec. May 1
United
Venezuelan 011 Concession, Ltd.—
zw744%
Common (final)
0
Vulcan Detinning CO., pref. (quar.)---- $134 July 20 Holders of rec. July 7
$2 May 1 Holders of rec. Apr. 13
Walton (Chas. S.) dr Co., pref.(guar.)._
The June 1 Holders of rec. May 15
Warren (Northam) Corp., $3 pref. (qu.)
$1 May 15 Holders of rec. May 15
Watob Paper Co., pref. (guar.)
$1 June 1 Holders of rec. May 15
Wesson 011 & Snowdrift cony. pref.(qu.)
144% May 1 Holders of rec. Apr. 25
pref. (guar.)
Whiting Corp.634%
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Fire Insurance,
Per
Apr. 30 Holders of rec. Aron 20
American General Ins. Co.(guar.)
15c
Share.
Name- of Company.
American Ins. Co. (III.) (guar.)
50c May 1 Holders of rec. Apr. 20
May 10 Holders of rec. May 8
Bankers & Shippers Ins.(N. Y.),(guar.) 50c
Railroads (Steam).
Merchants Fire Assur. Corp., Prof. (qu.) $134 May 1 Holders of tea. Apr. 24
$444
Atlanta & Charlotte Air Line (s-a)
Quarterly
25c May 1 Holders of rec. Apr. 24
52.125
Boston di Providence (guar.)
Pacific Fire Ins. Co.of N.Y.(guar.)---50c May 8 Holders of rec. May 6
$2.125
Quarterly
Seaboard Ins. CO.(Bait.)(qrier.)
1214c May 15 Holders of rec. May 5
$3
Chesapeake & Ohio. preferred (S.-a.)
Security Ins. Co.(quar.)
25c May 1 Holders of rec. Apr. 21
144%
Clue. Sand.& Cleve.6% pref. (3.-a.)
Westchester Fire Ins. Co.(guar.)
25c May 1 Holders of rec. Apr. 21
Clev. One.& St. Louis 5% pref.(quar.). 151%
•
Cleveland & Pittsburgh. guar (guar.)— 87440
Miscellaneous.
50c
Special guaranteed (guar.)
Allied Kid Co., preferred (guar.)
$144 May 1 Holders of rec. Apr. 25
87440
Guaranteed (guar.)
1 Holders of red May 20
250 June
American Arch Co. common (quar•) --500
Special guaranteed (quar.)
American Chicle Co.(guar.)
July 1 Holders of rec. June 12
50c
87340
Guaranteed (guar.)
Extra
July I Holders'of rec. June 12
25c
50e
Special guaranteed (guar.)
Apr. 20
American Crayon 6% pref. (quar.)
134% May 1 Holders of rec.
Dallas Ry.& Term. Co. 7% pf. (qu.).. 1'4%
June I Holders of rec. May 15
Americas Home Prods. Co. monthly).. 25c
(
SI
I baaware RR. co. to
_
Holders of rec. May 5
America.' News Co.(hi
-monthly)
May 15
250
$1.15
Elmira & Williamsport
Amer. Tobacco Co. corn. di cost. B(qu.) $144 June 1 Holders of rec. May 10
40
Erle & Pittsburgh 7% guaranteed (guar.) 871
250 Juno 1 Holders of rec. May 20
Archer-Daniels-Midland common
57340
7% guaranteed (guar.)
Babcock & Wilcox—
87 440
7% guaranteed (guar.)
Amer. deposit receipts ord. reg.(final) _ rw 3% May 12 Holders of rec. Apr. 26
80e
Guaranteed betterment (guar.)
Extra
w144% May 12 Holders of rec. Apr. 26
804
Guaranteed betterment (quar
Bamberger (L.)& Co.6)4% pref.(au). lai% June 1 Holders of rec. May 15
800
Guaranteed betterment (guar.)
Beldiag-Corticelli, Ltd., prof.(guar.) - - 2144 June 15 Holders of rec. May 31
52
Grand Rapids & Indiana (5.-a)
May 15 Holders of rec. May 10
50c
Block Bros. Tobacco(guar.)
Kansas City St. Louis & Chicago (qu.).. $114
6% preferred(quar.)
$144 June 30 Holders of rec. June 20
$644
Mahoning Coal RR ,corn.(guar.)
June 1 Holders of rec. May 5
Blue Ridge Corp.opt.$3 cony. pf (qua Mill Creek dr Mine Hill Nay.& RR.(s-a) $I%
400 June 1 Holders of rec. May 15
Borden Co., ommon (guar.)
$2
-a
Morris & Essex Extension (s. 1
Boss Mfg. oo. common (guar.)
250 May 15 Holders of rec. Apr. 29
$4
Nashua & Lowell (8.-a.)
British Controlled Oilfields, Ltd.,7% pf.
3% July 1
Norfolk & Western adjust. pref.(guar.). $1
75c June 15 Holders of rec. May 31
Buckeye Pipe Line Co.(guar.)
314
North Carolina (5.-a.i
Buckeye Steel Casting Co. prof. (quar.).. $144 May 1 Holders of rec. Apr. 24
$114
Northern RR.of N.H.(guar.)
0% preferred (guar.)
2144 May 1 Holders of rec. Apr. 24
North. RR.of New Jet. 4% god. (guar.) SI
$114 May I Holders of rec. Apr. 25
Bunte isms., pref.(guar.)
$1
4% guaranteed (guar.)
75c May 15 Holders of rec. Apr. 30
Cedar Rapids Mfg. de Power (guar.)... _
Et
75o May 15 Holders of rec. May 5 ' 4% guaranteed (guar.)
Champion Hardware Co.(guar.)
-a.)
2!..5%
Ontario dr Quebec debenture (s.
50c May 1 Holders of rec. Apr. 17
Charlton Mills (Fall River)
$3
Semi-annual
Cherry Burrell Corp. pref.—Div. omitte d.
Passaic & Delaware Extension (s.-a
25c June 1 Holders of rec. June 19
Chicago Yellow Cab Co. (guar.)
75e
Chicago June. Ry. & Iln. Stk. Yds.(gu.) $214 July 1 Holders of rec. June 15 , Pitts. Bess.& Lake Erie corn.
$144
6% preferred (guar.)
6% preferred (guar.)
8114 July 1 Holders of rec. June 15
Pittsburgh Fort Wayne & Chicago (gu.) 151%
Apr. 29 Holders of rec. Apr. 24
Columbus Dental Mfg. (guar.)
%
7% preferred (guar.)
Se June 1 Holders of rec. May 15
Deere & Co. preferred (quar.)
%
Quarterly
250 June 1 Holders of rec. May 15
Diamond Match Co. co moon (guar.).- 151%
7% Preferred (guar.)
12140 May 15 Holders of rec. May 1
Distributors Group (guar.)
151%
Quarterly
150 May I Holders of rec. Apr. 24
Dominguez Oil Fields (monthly)
154%
7% preferred (guar.)
87c May I Holders of rec. Apr. 25
Esmond Milk preferred (guar.)
Books Closed
Days Inclusive.
When
Payable.
Books Closed
Days Inclusive.
Sept. 1 Holders of rec. Aug. 20
July 1 Holders of rec. 4une 20.
Oct. 1 Holders of rec. Sept.20.
July 1 Holders of rec. June 8
May 1 Holders of rec. Apr. 15
Apr. 29 Holders of rec. Apr. 20
Holders of rya. May 10
June
Holders of rec. May 10
June
Holders of rec. Aug. lb
Sept.
Holders or rec. Aug. 10
Sept.
Horders of rec. Nov. 10
Dec.
Holders of rec. Nov. 10
ries3
Holders of rec. Apr. 20
May
Holders of rec. June 15
July
Holders of rec. Apr. 20
May
June 10 Holders of rec. May 31
Sept. 10 Holders of rec. Aug. 31
Dec. 10 Holders of rec. Nov. 30
June 1 Holders of rec. may 31
Sept. 1 Holders of ree. Aug. 31
Dee. I Holders of rec. Nov.30
June 20 Holders of rec. June 10
May I Holders of rec. Apr. 19
May 1 Holders of rec. Apr. 12
July 10 Holders of rec. July 3
May I Holders of rec. Apr. 22
May 1 Holders of rec. Apr. 15
May 19 Holders of rec. Apr. 29
Aug. 1 Holders of rec. July 20
'
Apr. 29 Holders of rec. Apr. 541
June 1 Holders of rec. May 23
Sept. 1 Holders of rec. Aug. 21
Dec I Holders of rec. Nov. 20
June 1 Holders of rec. May 1
June 1 Holders of rec. May 1
May 1 Holders of rec. Apr. 22
Oct. 1 Holders of rec. Sept. 15
June I Holders of rec. May la
July I Holders of rec. June I
July 4 Holders of rec. June I
Oct. 1 Holders of rec. Sept.
Oct. 3 Holders of rec. Sept.
Jan.2'34 Holders of rec Dec.
Jan.C34 Holders of roe Dec
2918
Name of Company.
•
Financial Chronicle
Per
When
Share. Payable.
Railroads (Steam)
-(Concluded).
Pittsburgh Youngstown
Ashtabula
7% preferred (guar.)
%
7% preferred (quar.)
%
7% preferred (guar.)
%
Reading Co.(quar./
'
250
Richmond Fredricksburg & Potomac
7% guaranteed (s.-a.)
34%
6% guaranteed (8.-a.)
3%
Syracuse Binghamton & N. Y.(guar.)._ $3
United N.J. RR.& Canal Co.(quar.).
$281
Quarterly
$284
Utica Chenango Je Susg. Val.(s.-a.)---- $3
Virginian Railway, pref. (guar.)
$14
Books Closed
Days Inclusire.
.
Name Of Conspanv.
April 29 1933
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Pacific Gas & Elec. Co.,6% pref. (qu.)_ 3734e May 1 Holders of rec. Apr. 29
634% preferred ((Plan)
343
4c May I Holders of ree. Apr. 29
Peninsular Telep. Co., (titian)
250
July
Holders of reo. June 15
7% preferred
134% May I Holders of rec. May 5
7% preferred (quar.)
(quar.)
134% Aug. 1 Holders of rec. Aug. 5
7% preferred (quar.)
134% Nov. 1 Holders of rec. Nov. 5
May 1 Holders of rec. Apr. 30
7% preferred (guar.)
.134% 2-15-34 Holders of rec. 2-5-34
May 1 Holders of rec. Apr. 30
Pennsylvania Pwr. Co..$6.60 pref.(mo.) 550
May
Holders of roe. Apr. 20
May 1 Holders of reo. Apr. 22 . $6.60 preferred (monthly)
550
June
Holders of rec. May 20
July 10 Holders of rec. June 20
$6 preferred (quarterly)
$184 June
Holders of rec. May 20
Oct. 10 Holders of rec. Sept. 20
Philadelphia Co.,6% cum. pref. (5.
-a.)- •
% May
Holders of rec. Alm 1
May I Holders of reo. Apr. 15
Philadelphia Elec. Co. (quar.)
45c May
Holders of ree. Apr. 10
May 1 Holders Of rec. Apr. 15
$5 preferred (quar.)
814 May
Holders of reo. Apr. 10
Philadelphia Sub. Wat. Co., pref.(am). 181% June
Holders of reo. MILY 125
Public Utilities.
Potomac Edison Co.,7% pref.(guar.)._ 134% May
Holders of rec. Apr. 20
Alabama Power Co.. $5 pref. (quar.).
I lt% May 1 Holders of rec. Apr. 15
14% May
6% preferred (quar.)
Holders of rec. Apr. 20
American Cities Pow. & Lt. Corp.
Princeton Water Co.(guar.)
750 May
Holders of rec. Aor. 20
Class A (guar.)
m75c May 1 Holders of rec. Apr. Sc Public Service Co. of Colorado
American Gas & Elec Co.. Pref.(quar.) $134
May 1 Holders of rec. Apr. 7
58 1-3c May
7% preferred (monthly)
Holders of rec. Apr. 15
Amer. Light & Trae. Co. common (qu.)
50c May 1 Holders of rec. Apr. 140
6% preferred (monthly)
May
50c
Holders of rec. Apr. 15
Preferred (guar.)
14% May 1 Holders of rec. Apr. 14a
41 2-3c May
5% preferred (monthly)
Holders of rec. Apr. 15
Amer. War. Works & El. Co., Inc.(flu.).
25e May 1 Holders of rec. Apr. 7
Pub.Serv. Corp. of N.J.6% pf.(mo.)_
500 Apr. 2 Holders of rec. Apr. 1
Voting Mtn certificate/ (Cluar.)
250 May 1 Holders of rec. Apr. 7
,
6% preferred (montnly)
50c May 3 Holders of rec. May 1
Associated Telep. Co., Ltd., pref. (qu.) 3784c May 1 Holders of rec. Apr. 15
Public Service Co.of N.Ill., corn.(qu.). 750
May
Holders of rec. Apr. 15
Bangor Hydro-Elect. Co., corn. (guar.) 3734c May 1 Holders of rec. Apr. 10
7% preferred (guar.)
14% May
Holders of rec. Apr. 15
Binghamton Gas Works 64% Pf.(qu.)
% May 1 Holders of rec. Apr. 21
6% preferred (guar.)
Holders of rec. Apr. 15
184% May
British Coltimdia Telco.,6% 2nd p1.(qu) 184% May 1 Holders of rec. Apr. 15
Quebec Power (quar.)
250
May I Holders of rec. Apr. 28
Buffalo, Niagara & Erie Power Co.Rhode Island Pub. Secy. Co.,el. A(cm) 61
May
Holders of rec. Apr. 15
$5 preferred (guar.)
all( May 1 Holders of ree. Apr. 15
50c
Preferred (quar.)
May
Holders of rec. Apr. 15
Calgary Power Co.. Ltd.,6% p1.(guar.) 14% May 1 Holaers of rec. Apr. 15
Rochester G.& E.Corp.,7% pi. B (qu.) 134% June
Holders of rec. Apr. 27
California Water Serv. Co.,6% Pf.(au.) 14% May 15 Hosiers of rec. Apr. 30
6% preferred C (quay.)
June
Holders of rec. Apr. 27'
Canadian Hydro-Elec.,6% 1st pf.(qu.)- 1184% June 1 Holders of rec. May I
6% preferred D (guar.)
134% June
Holders of rec. Apr. 27
Central Arizona Lt. & Pr. $7 pref.(qu.). $18‘ May 1 Holders of rec. Apr. 19
Rockland Light & Power (guar.)
20e
May
Holders of rec. Apr. 15
$6 preferred (gturr.)
$14 May 1 Holders of rec. Apr. 19
Shawinigan Water at Power Co.(guar.). t I2c May 1 Holders of rec. Apr. 21
Central Hudson Gas & El. corn.(guar.).
200 May 1 Holders of rec. Mar. 31
Shenange Valley Water Co.6% pt.(an.) 184% June
Holders of rec. May 20
Central Kansas Power 7% pref.(guar.). 134% July 15 Holders of rec. June 30
Sierra Pacific Electric Co.. pref. (guar.) $134 May
Holders of rec. Apr. 20
7% preferred (quar.)
131% Oct. 15 Holders of rec. Sept. 30
50e May
Common (guar.)
Holders of re0 Apr. 20
.
7% preferred (guar.)
134% 1-15-34 Holders of rec. Dec. 31
Sioux City Gas & El. Co. 7% pt.(qu.).. 134% May I Holders of rec. Apr. 29
6% preferred (quar.)
184% July 15 Holders of rec. June 30
Southern Calif. Edison Co.. Ltd.
6% preferred (guar.)
184% Oct. 15 Holders of rec. Sept.30
Common (quar.)
2% May I Holders of reo. Apr. 20
6% preferred (guar.)
14% 1-15-34 Holders of rec. Dec. 31
Southern California Gas Corp.
Central Illinois Public Service Co.
$134 May 3 Holders of roe. Apr. 30
$664 preferred (guar.)
6% preferred (quar.)
50c
May 15 Holders of rec. Apr. 22
Southern Can.Pow.Co., Ltd..com.(riU.) I 25e May I Holders of rec. Apr. 29
preferred (guar.)
$6
May 15 Holders of rec. Apr. 22
50c
Standard Power dc Light, Pref. (guar.)-14 May
Holders of rec. Apr. 154
Central Power & Lt. Co.7% pref.(qu.). 87840 May 1 Holders of rec. Apr. 15
Suburban El. Sec.6% let pref.(qu.).... 14% May
Holders of rec. Apr. 15
6% preferred (guar.)
75c May I Holders of rec. Apr. 15
200
Telephone Investment (monthly)
May
Holders of rec. Apr. 20
City Water of Chattanooga 6% pt.(qu.) 184% May 1 Holders of rec. Apr. 20
200
Monthly
June
Solders of rec. May 20
Consumers Power Co.,$5 pref. (guar.)-- 814 July 1 Holders of rec. June 15
200
Monthly
July
Holders of rec. June 20 .
6% preferred (guar.)
184% July 1 Holders of rec. June 15
Tennessee Elec. Pow. Co.,5% pf.
Ili% July
Holders of roe. June 15
5.6% preferred (guar.)
1.65% July I Holders of rec. June 15
14% July
6% preferred (quar.)
Holders of reo. June 15
7% preferred (guar.)
% July 1 Holders of rec. June 15
% July
7% preferred (quar.)
Holders of ree. June 15
5% preferred (monthly)
50e May I Holders of rec. Apr. 15
$1.80 July
7.2% preferred ((Plan)
Holders of reo. June 15
6% preferred (monthly)
50e June 1 Holders of rec. May 15
500
May
6% preferred (monthly)
Holders of rec. Apr. 16
6% preferred (monthly)
50c July 1 Holders of rec. June 15
500
6% preferred (monthly)
June
Holders of reo. May 15
6.6% preferred (monthly)
550 May 1 Holders ot rec. Apr. 15
500
6% preferred (monthly)
July
Holders of rec. June 15
6.6% preferred (monthly)
550 June 1 Holders of rec. May 15
60e
May
7.2% preferred (monthly)
Holders of reo. Apr. 16
6.6% preferred (monthly)
Mc July 1 Holders of rec. June 15
600
7.2% preferred (monthly)
June
Holders of ren May 15
Columbia Gas& Elec. Corp.common..__
.120c May 15 Holders of rec. Apr. 20
600
July
7.2 preferred (monthly)
Holders of rec. June 15
6% preferred (guar.)
% May 15 Holders of rec. Apr. 20
Tennessee Public Service $6 td. (an.)... $14 May
Holders of rec. Apr. 17
5% cony. preferred (quar.)134% May 15 Holders of rec. Apr. 20
Texas Power & Lt. Co. 7% pref. (qu.).._
May
Holders of rec. Apr. 15
5% cum. pref. (guar.)
131% May 15 Holders of rec. Apr. 20
$14 May
$6 preferred (quar.)
Holders of reo. Apr. 15
Columbus Ky.. Pr. & Lt., pref. B (qu.)
$134 May 1 Holders of rec. Apr. 15
Toledo Edison Co.. 7% pref. (monthly) 58 1-3c May
Holders of roe. Apr. 15
Commonwealth Edison (guar.)
$1 34 May 1 Holders of rec. Apr. 15
50e
6% preferred (guar.)
May
Holders of rec. Apr. 15
Commonwealth TAIL Corp. p1. C(qu.)-- al% June 1 Holders of reo. May 15
41 2-3c May
5% preferred (quar.)
Holders of rec. API% 15
Concord Gas Co.(s.
-a.)
53
June 15 Holders of rec. June 5
United Light & Railways (Del.)
7% preferred (guar.)
$131 May 15 Holders of rec. Apr. 30
581-3e May
7% preferred (monthly)
Holders of rec. Aor. 15
Connecticut Light & Power,534% (qu.)_ 134% June I Holders of rec. May 15
530,
July
6.36% preferred (monthly)
Holders of rec. June 15
664% preferred (guar.)
134% dJune 1 Holders of rec. May 15
50e May
6% preferred (monthly)
Holders of rec. Apr. 15
Connecticut Ky.& Ltg. Co.corn.(qu.)_ _ 51.125 May 15 Holders of rec. Apr. 29
United Ohio Utilities Co.,6% Pref.(gm) $114 May
Holders of rec. Apr. 12
Plaferred (guar.)
51.125 May 15 Holders of rec. Apr. 29
Utica Gas& Elec. Co.7% pref.(quay.)..
May I Holders Of rec. May 5
Congo!. Gas Co.of N. Y.,5% Pf.
14% May 1 Holders of rec. Mar. 31
$14 May
56
Holders of rec. Apr. 20
Cumberland Co.P.dc L.6% pf.(quar.).. 184% May 1 Holders of rec. Apr. 150 West preferred (guar.)
Penn El. Co. 7% pref.(quar.).... 14% May I Holders of rec. Apr. 20
Dallas Power & Lt. Co.7% pt. (quar.)... 1 It% May 1 Holders of rec. Apr. 21
14% May I Holders of rec. Apr. 20
(3% Preferred (guar.)
S6 preferred (quar.)
$14 May I Holders of rec. Apr. 21
May
West Penn Power Co.. 6% Pref. (quay.) 184%
Holders of rec. Apr. 6
Davenport Water 6% pret. (quar.)
14% May 1 Holders of rec. Apr. 20
14% May
7% preferred
!folders of reo. Apr. 5
Dayton Pow.,k Light.6% pref.(mthly)_ 500
May I Holders of rec. Apr. 20
Western United Corp.. 634% pref. (qu.)
% May
Holders of rec. Apr. 15
Eastern Utilities Associates corn.(qu.)._
25e • May 15 Holders of rec. Apr. 27
Edison Elec. III. Co.of Boston (guar.) - 824 May 1 Holders of rec. Apr. 10a
Bank & Trust Cos.
Electric Bond & Share Co.,$6 pref.(qu.) 614
May 1 Holders of rec. Apr. 6
Amsterdam City Nat. Bk. (N.Y.)(qtr.) 3384 Apr. 30 Holders of rec. Apr. 15
6.5 preferred (guar.)
$188 May 1 Holders of rec. Apr. 6
May I Holders of rec. Apr. 20
Corn Exchange Bank Trust Co. (guar.) 750
Electric Power Associates. Inc.
Kings County Trust Co.(qUar.)
$20 May 1 Holders of rec. Apr. 25
Common & class A
100
May 1 Holders of rec. Apr. 15
Elizabeth & Trenton RR.(s.
$1
-a.)
Oct. 1 Holders of rec. Sept.20
Fire Insurance Cos.
5% preferred (5.-a )
$IM Oct. 1 Holders of rec. Sept.20
400 May 1 Holders of rec. Apr. 15
Camden Fire Ins. Co.(s.
-a.)
Empire & Bay State Teleg 4% gtd. (qtr.) $1
June 1 Holders of rec. May 20
May 15 Holders of roe. Apr. 29
Fire Association of Philadelphia
$1
4% guaranteed (guar.)
$1
Sept. I Holders of rec. Aug. 21
250 May I Holders of rec. Apr. 20
Franklin Fire Insurance Co.(guar.).—
4% guaranteed (guar.)
$1
Dec. I Holders of rec. Nov.20
250 May I Holders of rec. Apr. 16
Home Insurance Co. (1/110
.)
Escanaba Pow.& Tree.6% pref.((W.).- 134% May I Holders of rec. 1 pr. 26
150 June 10 Holders of reo. June 1
North River Ins. Co. (guar.)
14% Aug. 1 Holders of rec. July 27
6% preferred (guar.)
500 Apr, 29 Holders of rec. Apr. 17
Northwestern National Ins. Co
184% Nov. 1 Holders of rec. Oct. 27
6% preferred (guar.)
300. May 1 Holders of rec. Apr. 20
United Staten Fire Ins. Co.(Muir)
6% preferred (guar-)
14% 2-1-'34 Holders of rec. Jan. 27
Franklin Telep., 24% guar. stk. (s.
-a.) $184 May 1 Holders of rec. Apr. 15
Miscellaneous.
Greenfield Gas Light Co.6% pf.(qu.)-.
75e May 1 Holders of rec. Apr. 15
Abraham & Straus. Inc., pref. (guar.).- 8131 May 1 Holders of reo. Apr. 15
Hartford Electric Light Co.(quar.)..- 6834c May .1 Holders of rec. Apr. 15
Adams-Millis Corp..7% 1st Pre• ( )1%% May I Holders of"err. Apr. 21
(Mar
Havana Elec. dr Util. Co.6% pref
h75c May 15 Holders of rec. Apr. 20
100
May I Holders of ree. Apr. 18
Affiliated Products, Inc.(monthly)
Houston Lighting & Power Co.
Alaska J unearr Gold Min.Co.,corn.(qu.) 150
May 1 Holders of reo. Apr. 10
7% preferred ((Man)
% May 1 Holders of rec. Apr. 15
Allied Chemical & Dye Corp. com.(fla.)- 6184 May 1 Holders of rec. Apr. 11
$14 May 1 Holders of rec. Apr. 15
$6 preferred (guar.)
50e
June 30 Holders of rec. June 15
Aluminum Mfg.. Inc.,corn.(quar.)
Idaho Power Co. 7% pref.((Man)
% May I Holders of rec. Apr. 15
50e
Common (guar.)
Sept.30 Holders of rec. Sept. 15
$6 preferred (guar.)
$134 May 1 Holders of rec. Apr. 15
50e
Dec. 31 Holders of reo. Dec. 15
Common (guar.)
Illinois Northern Ut11. Co.7% p1.(CPO - Ili% May 1 Holders of rec. Apr. 15
Preferred (quar.)
Mar. 31 Holders of re0. Mar. 15
8% preferred (quar.)
% May 1 Holders of rec. Apr. 15
$14 June 3 Holders of rec. June 15
Preferred (quar.)
Illinois Pow.& Lt. Corp.,a% Pf. ONO- - $134
May 1 Holders of rec. Apr. 10
Preferred (Mum)
$134 Sept.3 Holders of rec. Sept. 15
Internat. Utilities Corp. 67 pref. (qu.)- $134 May 1 Holders of rec. Apr. 155
SlIi Dec. 3 Holders of rec. Deo. 15
Preferred (guar.)
$3Si preferred (quar.)
874c May 1 Holders of rec. Apr. 150 American Can Co. common (quar.)
$I
May 1 Holders of rec. Apr. 240
Jamaica Wster Supply Co.
50c
Apr, 2 Holders of rec. Apr. 15
Amerada Corp.. capital stock (guar.)
14% May 1 Holders of roe. Apr. 10
734% preferred (6.-a )
American Crayon Co.. 6% Pref. ffluar•l 134% May
Holders of rec. Apr. 20
Kokomo Water Works Co.6% p1. (qu.) 184% May 1 Holders of rec. Apr. 20*
American Envelope.7% oral.(guar.).
% June
Holders of reo. May 25
Lehigh Power Securities, $8 pref. (qu.)- 614 May 1 Holders of rec. Apr. 22
7% preferred (guar.)
% Sept.
Holders of rec. Aug. 25
Common (guar.)
25e
June I Holders of rec. May 10
134% Dee,
7% preferred (guar.)
Holders of rec. Nov.25
Lincoln Tel.& Tel.,6% pref. A (quar.) 14% May 20 Holders of rec. Apr. 30
10c May 1 Holders of rec. Apr. 30
American Factors (monthly)
Lone Star Gas Corp.634% pref.(gm)... 14% May 1 Holders of rec. Apr. 20
25e
American Hardware (guar.)
July
Holders of rec. June 17
Ism Angeles Gas & El.6% pref.(qu.) -- 134% May 15 Hollers of rec. Apr. 29
250
Quarterly
Oct.
Holders of rec. Sept. 16
Louisiana Pow.& Light Co., $6 pf.(qu.) 5134 May 1 Holders of rec. Apr. 13
250
Quarterly
1-1-34 Holders of rec. Dec. 16
Louisville G.& E.(Del.), A&B cm.(MI.) 4334c June 24 Holders of roe. May 31
Amer. Home Products Corp. (mthly.)..
25e May
Holders of rec. Apr. I4a
Michigan Gas & Elec. Co.
750 May I Holders of reo. Apr..30
American Investors, S3 pref.(guar
% May 1 Holders of rec. Apr. 15
7% Prior lien stock (guar.)
American Investors Co.of Ill., cl. A (qu.) 50e
May
.)-Holders of reo. Apr. 20
$6 prior lien stock (guar.)
$134 May I Holders or rec. Apr. 15
American Machine & Foundry Co.
Milwaukee El. Ry..k Lt. Co.6% gat(r1t0 I % May 1 Holders of rec. Apr. 20
200
May
Common (guar.)
Holders of rec. API% 15
Mississippi Pow.& Lt. Co.$6 1st pf.(qu) 614 May I Holders of rec. Apr. 16
40o
May
American Paper Goods,(
Holders of rec. Apr. 22
quar )
'
Mohawk Ilud.son Pow.Corp..ist pf.
May 1 Holders of reo. Apr. 15
(quo $134
14% June 1
7% Preferred (quar.)
Monmouth Consol. Water 7% pf.(qu.). 134% May 15 Holders of rec. May
500
May I Holders of roe. Apr. 28
American Re-Insurance, (guar.)
Montana Power Co., $6 pref. (quar.)
$114 May I Holders of rec. Apr. 17
50c May
American Ship Building Co.(guar.).—
Holders of rec. Apr. 15
Montreal Lt., Ht. & Pow., corn. (guar.) 137c .pr. 30 Holders of rec. M ar 31
Amoskeag Co.. common (a-s)
111
July
Holders of tee. Juno 24
Nat:onal Power & Light Co. corn. pi oar.
25e June 1 Holders of rec. May 10
)
11211 July
Preferred (sa)
Holders of rec. Joao 24
Si 34 may 1 Holders of rec. Apr. 8
$6 preferred (guar.)
Archer-Daniels-Midland Co., pref. (qu.) $188 May
Holders of rec. Apr. 20
Nevada California Elec Corp.pref.(qu.) Si
May 1 Holders of rec. Mar.30
h8134 June
Artloom Corp., preferred
'Holders of rec. May 17
New Brunswick Telep (guar.)
d12840 dApr.I5 Holders of rec. Mar. 3
$34 May
Atlantic Steel Co., 7% pref. (5.-a.)
Holders of rec. Apr. 21
New England Water, Lt. & Pow. Assoc.
Atlas Powder Co Orel (guar.)
$14 May
Holders of rec. Apr. 20
Preferred (guar.)
$134 May 1 Holders of rec. Apr. .15
Austin. Nichols & Co Inc.. pr. A lau.) 25e
May
Holders of roe. Apr. 14
Northern N. Y. Utilities, Inc.
Badger Paper Mills, 6% pref. (quar.).. 75e
May
Holders of rec. Apr. 20
7% first preferred (guar.)
14% May 1 Holders of rec. Apr. 15
Bankers investment Trust of Am.(6.-a.)
150 June 3 Holders of rec. June 15
Northern States Power Co.(Del.)
$184
Barber(W.II.), pref.(quar.)
July
Holders of roe. June 26
Common class A (guar.)
1% May 1 Holders of rec. Mar. 31
Preferred (guar.)
Holders of Teo. Sept.26
81% Oct.
Ohio Public Service Co., 7% pref. (mo.) 58 1-30 May 1 Holders of rec. Apr. 15
Beacon Mfg., pref. (guar.)
$184 May 1 Holders of rec. Apr. 30
500
6% preferred (monthly)
May 1 Holders of rec. Apr. 15
Beatty Bros., 1st pref. A (guar.)
$184 May
Holders of rec. Apr. 15
41 2-3c May I Holders of rec. Apr. 15
5% preferred (monthly)
Belding Corticelll, Ltd. (guar.)
May
81
Holders of rec. Apr. 15
Pacific lighting Corp., corn. (guar.)._
75c May 15 Holders of ren Apr. 20
Beneficial Industrial Loan Corp.
Pacific Power & Light Co.
Common (guar.)
3784e Apr. 3 Holders of rec. Apr. 17
60130 May 1 Holders of rec. Apr. 18
7% preferred
Preferred series A (guar.)
8734c Apr. 3 Holders of rec. Apr. 17
5750 May 1 Holders of rec. Apr. 18
$o preferred
Bloomingdale Bras., pref.(guar.)
$18( May
Holders of rec. Apr. 20
June 1
Sept. 1
Dec. 1
May 11
Holders of reo. May 20
Holders of ree. Aug. 21
Holders of rec. Nov.20
Holders of rec. Apr. 18
Financial Chronicle
Volume 136
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Mariner's, common (guar.)
May 15 Holders of rec. May 1
25e
May 15 Holders of rec. May 1
Preferred (guar.)
75e
Bohack (H. C.) Co., coin. (guar.)
25e
May 15 Holders of roe. Apr. 25
1st preferred (guar.)
$1% May 15 Holders of rec. Apr. 25
2nd preferred (guar.)
$114 May 15 Holders of rec. Apr. 25
Bohack Realty Corp., lot pref. (guar.) _
$154 May 15 Holders of rec. Apr. 25
Bon Aml Co., class A (grew.)
Apr. 30 Holders of rec. Apr. 15
$1
Hornet. Pee.. class A
25e
Jan, 12 Holders of rec. Jan. 12
Bourjois, Inc., $2% pref. (guar.)
6814c May 15 Holders of rec. May I
British United Shoe Mach. Co., Ltd.
American dep. rec. ord. reg
w7)4% June 8 Holders of rec. May 22
.
Britman Elec. Co., pref.(guar.)
$114 May 1 Holders of rec. Apr. 15
Broadway Dept. Stoics, 7% pref. (qu.)_
75e May 1 Holders of rec. Apr. 18
Brown Shoe Co., pref. (guar.)
15e% May 1 Holders of rec. Apr. 20
Bullock Fund, Ltd
15e May 1 Holders of rec. Apr. 15
Burger Bros., 8% pref. (guar.)
$1
July I Holders of rec. June 15
8% preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
$1
Burroughs Adding Mach. (guar.)
June 5 Holders of rec. May 5
10c
Byers (A. M.) Co., 7% pref. (guar.)...
50e May I Holders of rec. Apr. 14
Calamba Sugar Estates, common
40e July 1 Holders of rec. June 15
Canape Corp.63.% pref.(guar.)
154% May 1 Holders of rec. Apr. 15
Canadian Bronze Co.. Ltd., corn.(qu.)-- t 15e May 1 Holders of rec. Apr. 20
Prefeered (guar.)
'
$1% May 1 Holders of rec. Apr. 20
Canadian Converters Co. corn. (guar.) 50e
May 15 Holders of rec. Apr. 30
Canadian Dredge di Dock, pref. (quar.) $15e May 1 Holders of rec. Apr. 13
Canadian Investment Fund, Ltd
Special shares (initial)
15e May I Holders of rec. Apr. 15
Canadian Investors Corp., Ltd. (guar.) 100
May 1 Holders of rec. Apr. 15
...apital Management Corp
May 1 Holders of rec. Apr. 20
15e
Cartier, Ine.. 7% pret
871.40. Jan. 31 Holders of me. Jan. 14
Central Illinois Securities Co., pref.(qu.) 5150 May 1 Holders of rec. Apr. 20
Centrifugal Pipe Line Corp.cap.stk.(qurr
100. May lb Holders of rec. May 5
Capital stock (guar.)
10e. Aug 15 Holders of roe. Aug. 5
Capital stock (guar.)
100. Nov. 15 Holders of rec. Nov. 6
Chain Belt Co.(guar.)
100
May 15 Holders of rec. May 1
Chaffs Corp., rem
May 1 Holders of rec. Apr. 27
25e
ChM.Dock & Canal Co.
654% Preferred C (guar.)
pi% June 1 Holders of rec. May 15
Chickasha Cotton Oil Co
250
May 1 Holders of rec. Apr. 14
Chipman Knitting Mills, 7% prof (s-a)-- 3Se% July I Holders of rec. June 30
Cluett, Peabody & Co.common (quar.)250 May 1 Holders of rec. Apr. 20
Columba Sugar Estates, corn. (guar.)._ 40e
July 1 Holders of me. June 15
7% preferred (guar.)
July 1 Holders of rec. June 15
35e
Confederate Investors Ltd., pref.(qu.)_
May 1 Holders of roe. Apr. 15
75e
Confederation Life Assoc. (quar.)
81 June 30 Holders of tee. June 25
Quarterly
Si Sept.30 Holders of reo. Sept.25
Quarterly
$1 Dec. 31 Holders of rec. Dee. 25
Congoleum Nairn, Prof. (guar.)
$114 June 1 Holders of roe. May 15
Consolidated Chemical Indus. pf.A(qu.) 375ee May I Holders of rec. Apr. 15
Consolidated Cigar, 65e% pref.(guar.)- 3114 May 1 Holders of rec. Apr. 17
7% preferred (guar.)
lei% June 1 Holders of rec. May 16
Consolidated Oil Corp.,8% pref. (qu.).
2% May 15 Holders of me. May 1
Continental Can Co. Inc. corn. (gu.).- 50e
May 15 Holders of rec. May la
Coon (W. B.) Co. 7% pref. (quar.)--- lei% May I Holders of roe. Apr. 12
Cottrell(C. B.)& Boas Co.(annual)._ $4
July 1
6% preferred (guar.)
154% July 1
6% preferred ()guar.)
134% Oct. 1
6% preferred (quar.)
134% 1-1-'34
Cresson Con.sol. Gold Min. de Mill.(qu.) 10
May 15 Holders of rec. Apr. 29
Crum & Fenger, preferred (guar.)
June 30 Holders of rec. June 19
$2
Cudahy Packing,6% preferred (s-a)
May 1 Holders of rec. Apr. 20
3%
7% preferred (s-a)
3)4% May 1 Holders of roe Apr. 20
Cuneo Press, Inc. (guar.)
May 1 Holders of rec. Apr. 20
300
63e% preferred (guar.)
lei% June 15 Holders of rec. June 1
'Deposited Bank Shares, N.Y., A (8.
-a.). e2)4% July 1 Holders of rec., May 15
Diamond Ice & Coal, 7% pref.(quar.)
154% May 1 Holders of rec. Apr. 25
Dividend Shares, Inc
1.90 May 1 Holders of rec. Apr. 15
Dominion Bridge Co.. Ltd. (guar.)._ • I 50e. May 15 Holders of tee API% 2
9
Dominion Scottish Investments, 5% pi. 250
May 1 Holders of rec. Apr.•20
Dow Chemical Co. (guar.)
May 15 Holders of rec. May 1
50c
Preferred (guar.)
114% May 15 Holders of rec. May 1
Eastern Theatres, Ltd.. corn. (quar.).... 50c
June 1 Holders of rec. Apr. 29
Eureka Pipe Line (guar.)
$1
May 1 Holders of rec. Apr. 15
Ewa Plantation Co. (guar.)
600. May 15 Holders of rec. May 5
Exchange Buffet Corp. (guar.)
634 c Apr. 29 Holders of rec. Apr. 22
Faber, Coe & Gr., pref. (quar.)
51% May 1 Holders of me. Apr. 20
Farbenindustrie (I. G.) common
7%
Federal Knitting Mills Co. (guar.)
62/4c May 1 Holders of rec. Apr. 15
Federal Service Finance Corp. (quar.)_. 50e
Apr. 30 Holders of rec. Mar. 31
7% preferred (guar.)
51% Apr. 30 Holders of rec. Mar. 31
Fibreboard Prod., Inc.,6% prof.(quar.) 13e % May I Holders of rec. Apr. 15
Fidelity Fund, Inc. (guar.)
50c
May 1 Holders of rec. Apr. 20
Freeport Texas, new 6% pref. (gust.)... 154% May I Holders of rec. Apr. 14
General Cigar Co., Inc., corn.(quar.)_. - $1
May 1 Holders of rec. Apr. 17
Preferred (guar.)
$154 June 1 Holders of rec. May 22
General Foods Corp., corn. (guar.)
40e
May 15 Holders of rec may 1
General Investors Trust
10e
May 1111oldere of roe. Mar. 31
General Mills (guar.)
75c
May 1 Holders of rec. Apr. 15a
General Stockyards Corp.,corn.(guar.). 150e
May 1 Holders of rec. Apr. 140
$6 preferred (guar.)
Si Se May 1 Holders of rec. Apr. 14a
General Motors Corp..$5 pref. (guar.)-- $154
May 1 Holders of tee. Apr. 10
Gillette Safety Razor preferred (guar.). $134 May I Holders of rec. Apr. 1
Gold Dust, voting trust (guar.)
30c
May 1 Holders of Me. Apr. 10
Gotham Silk Hosiery Co., 1st pref. (au.) 5134 May 1 Holders of rec. Apr. 12
Gottfried Baking Co., Inc.. el. A (guar.
75e. July . Holder. ot rm. June IL
Claes A (guar.)
75e, Ors. I Holders of rec. Sept 20
Preferred (guar.)
114% July 1 Holders of rec. June 20
Preferred (guar.)
154% Oct. 2 Holders of rec. Sept. 20
Preferred (guar.)
154% 311.2 '34 Holders of rec. Dec. 20
Grace(W. It.) & Co.,(I% pref.
3% June 30 Holders of rec. June 28
6% preferred (s.
3% Dee. 29 Holders of rec. Dec. 27
-a.)
Great Lakes Dredge & Dock Co.(guar.) 25a
May 15 Holders of rec. May 5
Great Lakes Engineering Works
So
May I Holders of rec. Apr. 24
Hale Bros. Stores, Inc.(guar.)
150 June 1 Holders of rec. May 15
Halle Bros. Co.,common (guar.)
Sc
Apr. 29 Holders of rec. Apr. 22
Preferred (guar.)
3134 Apr. 29 Holders of rec. Apr. 22
Hannibal Bridge Co., cam.(guar.)
32
July 20 Holders of rec. July 10
Quarterly
Oct. 20 Holders of roe. Oct. 10
$2
Harbauer Co. 7% pref.. (guar.)
114% July 1 Holders of rec. June 21
7% preferred (guar.)
lee % Oct. 1 Holders of rec. Sept. 21
7% preferred (guar.)
134% 1-1-34 Holders of rec. Dec. 21
Hardesty (It.), 7% pref. (guar.)
134% June I Holders of rec. May 15
lee % Sept. 1 Holden; of tee. Aug. lb
7% preferred (guar.)
7% preferred (guar.)
% Dee. 1 Holders of rec. Nov. 15
Hartford Times, Inc., pref.(guar.)
750 May 15 Holders of rec. May 1
May 5 Holders of rec. Apr. 24
Hawaiian Commercial & Sugar Co.(mo.) 25e
Hercules Powder Co., pref. (quar.)._.. $134 May 15 Holders of rec. May 4
May 15 Holders of rec. Apr. 25
Hershey Chocolate Corp., corn. (guar.). 75e
• $1
May 15 Holders of rec. Apr. 25
Preferred (guar.)
May 26 Holders of rec. May 19
Hibbard, Spencer, Bartlett & Co. (me.) BM
Monthly
100
June 30 Holders of rec. June 23
25e May 15 Holders of rec. Apr. 29'
Hormel(G. A.) Co. common (guar.) -1 Se% May 15 Holders of rec. Apr. 29
6% preferred A (guar.)
May I Holders of rec. Apr. 10
Horn & Harden Co.(N. Y.) (quar.)..._ 50e
$134 May 1 Holders of rec. Apr. 24
Home (Jos.) Co., pref.(guar.)
50c
Humberstone Shoe Co., Ltd. (quar.)_
May 1 Holders of me. Ale. 15
Imperial Chem. Industries, Ltd. (ffnal)-z w33'4% June 8 Holders of rec. Apr. 13
15c
May 15 Holders of rec. Apr. 28
Indiana Pipe Line Co., cap, stock
•
-Dividend act Ion defe rred.
r Industrial Rayon Corp.
Ingersoll-Rand Co. common (guar.)._ 373ee June 1 Holders of rec. May 5
Internat. Cigar Mach'y Co (guar )---- 373e May 1 Holders of rec. Apr 15
International Harvester pref. (guar.)--- $154 June 1 Holders of rec. May 5
International Ink, reef. (quar.)
5134 May 1 Holders of rec. Apr. 15
International Nickel Co. of Can.
11%% May 1 Holders of rec. Apr. 1
7% preferred (guar.)
International Shoe Co., pref. (monthly).
bOo. May I Holders of rect. Apr. 15
50o. June 1 Holders of tee. May 15
Preferred (monthly)
Kansas City Stockyards Co. of Maine
5% preferred (guar.)
% May 1 Holders of rec. Apr. 15
Quarterly
5134 May 1 Holders of rec. Apr. 15
100
May 1 Holders of rec. Apr. 25
Kekoba Sugar Co. (monthly)
Name of Company.
2919
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Klein (Emil D.) co.,common (gust.)... 1234c July 1 Holders of rec. June 20
Preferred (guar.)
$114 May 1 Holders of rec. Apr. 20
Knudsen Creamery Co., A & B (quar.)- 375ec May 20 Holders of rec. Apr. 30
May 1 Holders of rec. Apr. 11
Kress (S. H.) & Co., common (quar.)... 25e
j50c
May 1 Holders of rec. Apr. 11
Common extra
15c
May 1 Holders of rec. Apr. 11
Preferred (special)
250 June 1 Holders of rec. May 10
Kroger Grocery & Baking corn.(guar.)_ _
15e% July 1 Holders of rec. June 20
6% preferred (guar.)
lei% Aug. 1 Holders of rec. July 20
7% preferred (guar.)
1%% May 1 Holders of tee. Apr. 20
7% 2nd preferred (guar.)
lee% June 15 Holders of rec. June 5
Landis Machine. pref. (guar.)
Lane Bryant, Inc., 7% pref. (guar.)... lel% May 1 Holders of rec. Apr. 15
Lawbeck Corp. $6 pref. (guar.)
$134 May 1 Holders of rec. Apr. 20
Lazarus(F & R.) & Co., Prof.(guar.).- 513i May 1 Holders of red. Apr. 20
Liggett di Myers Tobacco
$1 June 1 Holders of rec. May 15
Common and common B (guar.)
600. May 1 Holders of rec. Apr. 25
Lincoln National Life Ins. Co.cap.stock
600. Aug. I Holders of rec. July 26
Capital stock
700. Nov. 1 Holders of rec. Oct. 26
Capital stock
100
June 1 Holders.of rec. May 15
Link Belt (guar.)
51% Jury 1 Holders of rec. Juue 15
Preferred (guar.)
July 1 Holders of tee. July I
$2
Lock Joint Pipe, preferred (guar.)
Loew's Boston Theatres Co.(quar.)---- dl5c. May 1 Holders of rec. Apr. 220
Loew's, Inc., $654 pref. (guar.)
$1% May 15 Holders of rec Apr. 28
Loose Wiles Biscuit Co. corn. (guar.).50c May 1 Holderteof rec. Apr. 180
Lunkenheimer Co.. pref.(guar.)
$1% July 1 Holders of rec. June 21
$t% Oct 2 Holders of rec. Sept.22
Preferred(guar.)
50e
May 15 Holders of rec. Apr. 21
Macy (It. H.)& Co.,corn.(guar.)
Magnin (I.) & Co.,6% pref. (gust.)....
% May 15 Holders of rec. May 5
rsi% Aug. 15 Holders of rec. Aug. 5
6% preferred (guar.)
6% preferred (guar.)
134% Nov.15 Holders of ree. Nov. 5
Managed Investments, Inc. (s.
-a.)
e234% May 1 Holders of rec. Apr. 10
May 1 Holders of rec. Apr. 15
McCall Corp.(guar.)
50c
u25c June 1 Holders of rec. May 1
McIntyre Porcupine Mines, Ltd.(gu.)-Bonus
u12 Sec June I Holders of rec. May 1
u1234c June 1 Holders of rec. May 1
Extra
30c May 1 Hogiers of rec. Apr. 14
Melville Shoe Co. common (guar.)
let preferred (guar.)
$134 May 1 Holders of rec. Apr. 14
7S4c May 1 Holders of rec. Apr. 14
2d preferred (guar.)
Mercantile Stores Co., Inc.,7% pt.(rm.) I Ye % May 15 Holders of roe. Apr. 29
May 1 Holders of rec. Apr. 27
Merchants' Refrig. Co.of N.Y.
(cm)
$1
May 1 Holders of rec. Apr. 20
Metal & Thermit Corp. (guar.)
75e May 1 Holders of rec. Apr. 20
Metropolitan Storage Warehouse (go.)..
75c May 15 Holders of rec. May 1
Moody's Investors, pref. (quar)
Moore (Wm,) Dry Goods Co.(guar.) $15e July 1
$134 Oct. 1
Quarterly
Quarterly
$134 1-1-'34
Morris Sc. & 10e. to $1 Bta.. 7% Pt.(au.) 154% July I
7% preferred (guar.)
% Oct. 1
7% preferred (guar.)
134% 1-2,34
Mortgage Corp. of Nova Scotia (guar.) - $1% May 1 Holders of rec. Apr. 24
Muller Bakeries 7% pref.(guar.)
lee% May 1 Holders of rec. Apr. 20
70e July 15 Holders of rec. June 16
National Biscuit Co. common (quar.)--$1% May 31 Holders of rec. May 15
Preferred (guar.)
22
May 1 Holders of rec. Apr. 20
National Carbon, pref. (guar.)
National Industrial Loan Corp.(guar.). 1654e May 15 Holders of roe. Apr. 30
National Lead Co., pref. A (guar.)
:IN June 15 Holders of reo. June 2
Preferred B (guar.)
51% May 1 Holders of re°. API. 2
1
'National Refin'g. pref. div. action defe rred.
1330 May 1 Holders of rec. Apr. 14
National Tea Co. pref.(guar.)
Nation-Wide Securities B
4c May 1 Holders of rec. Apr. 15
Neon Products of West. Canada (guar.).
75e May 1 Holders of roe. Apr. 15
New England Grain Prod., A pref.
- $134 July 15 Holders of rec July I
New Jersey Zinc Co.(guar.)
50c May 10 Holders of rec. Apr. 20
New Process Co. common {guar.)
25c May 1 Holders of rec. Apr. 26
Preferred (guar.)
1%% May 1 Holders of rec. Apr. 26
New York & Honduras Rosario MM.Co_ 374ec Apr. 29 Holders of roe. Ape. 13
New York Merchandise Co.7% pt.(V.) lee% May 1 Holders of tee. Apr. 70
Common (guar.)
25e May 1 Holders of roe. Apr. 20
Newberry (J. J.) & Co., 7% pref. (go.). lee% June 1 Holders of tee. May 15
Newberry (J. J ) Realty
8)4% preferred A (guar.)
134% May 1 Holders of IMO .Apr. 17
6% preferred B (guar.)
134% May 1 Holders of rec. Apr. 17
Niagara Share Corp. of Md.July 1 Borders of rec. June 15
Class A .$6 preferred (guar.)
5154 Oct. 1 Holders of rec. Sept. 15
Class A $fi preferred (guar.)
$154 Jan2'.34 Holders of roe. Dec. 16
Class A $6 preferred (guar.)
May 15 Holders of tee. may 1
Nineteen Hundred Corp.lelass A (guar.)
500. Aug. 15 Holders of tee. Aug. I
Class A (guar.)
500. Nov. 15 Holders of rec. Nov. 1
Claes 5, (guar.)
25e May 15
Class B (guar.)
Norwalk Tire & Rubber Co., pref. (qu.) 8734c July 1 Holders of rec. June 22
May 1 Holders of rec. Apr. 29
Oswego Fails Corp.,8% 1st pref.(guar..) 2%
50c May 1 Holders of rec. Apr. 20
Outlet Co. common (guar.)
$1% May 1 Holders of roe. Apr. 20
1st preferred (guar.)
$134 May 1 Holders of rec. Apr. 20
2d preferred (guar.)
50c May 15 Holders of rec. Apr. 29
Owens Illinois Glass Co. corn.(guar.)___
5155 July 1 Holders of rec. June 15
,
6% preferred (guar.)
Pacific Finance Corp. (Calif.)
20e May 1 Holders of rec. Apr. 15
8% preferred A (guar.)
16%e May 1 Holders of rec. Apr. 15
8)4% preferred C (guar.)
1754c May 1 Holders of rec. Apr. 15
7% preferred n (guar.)
75e
May 15 Holders of rec. May 5
Peumans, Ltd.. corn. (guar.)
$154 May 1 Holders of tee. Apr. 21
Preferred (guar.)
5e
May 1 Holders of me. Apr. 21
Pioneer Mill Co., Ltd.(monthly)
114% May 1 Holders of rec. Apr. 18
Portland Gas de Coxe Co.,7% pf.(qu.)_
6% preferred (guar.)
134% May 1 Holders of rec,. Apr. 18
5c May 1 Holders of rec. Apr. 20
Process Corp., com. (guar.)
Procter & Gamble Co., corn.(gust.).... 3714e May 15 Headers of rec. Apr. 25
Pullman, Inc.( guar.)
75e May 15 Holders of roe. Apr. 24
$4
May 1 Holders of too. Dee. 31
Puritan Ice Co., pref.(s.
-a.)
Ivo', May 31 Holders of rec. May 1
Quaker Oats Co.6% prof. (guar.)
Quarterly Income Shares, Inc
3340 May 1 Holders of rec. Apr. 15
750 May 1 Holders of rec. Apr. 20
Raymond Concrete Pile Co., pref.(gu.).
50e
May 1 Holders of rec. Apr. 21
Reed (C. A.) Co., A (guar.)
30e May 15 Holders of rec. May 1
Rich's, Inc., common (guar.)
114% June 30 Holders of rec. June 15
634% preferred (guar.)
US§ May 1 Holders of rec. Apr. 15
Riverside Cement Co.,$6 pref.(guar.)._
Rolls-Royce. Ltd.. Am.dep. rec. ord. reg zw8% May 26 Holders of rec. Mar. 31
Roos Bros., Inc. (Del.), 5614 pref. (qu.) '81340 May 1 Holders of rec. Apr. 15
Safety Car Heating & Lighting Co
El May 15 Holders of rec. May 1
St. Lawrence Flour Mills Co.,coin.(go.) 37.340 May 1 Holders of rec. Apr. 20
Preferred (guar.)
$154 May 1 Holders of rec. Apr. 20
Salt Creek Producers Assoc.(guar.).—
25e May 1 Holders of me. Apr. 15a
San Carlos Milling Co., Ltd.(extra)._
50e May 15 Holders of rec. May 7
Savannah Sugar Refining Co., com.(qu.) $114 May I Holders of rec. Apr. 15
7% preferred (guar.)
$154 May I Holders of rec. Apr. 15
Scott Paper Co.. 7% ser. A pref. (guar.) lee% May 1 Holders of rec. Apr. 15
154% May 1 Holders of rec. Apr. 15
6% series B preferred
30e May 15 Holders of rec. May 5
&rotten Dillon Co. (guar.)
Securities Corp. General, $7.pref.(guar.) $154 May 1 Holders of rec. Apr. 20
56 preferred (guar.)
$134 May 1 Holders of rec. Apr. 20
Seeman Bros., Inc., cam.(guar.)
6234c. May' 1 Holders of rec. Apr. 15
Selby Shoe Co., COM.(guar.)
35e
May 1 Holders of rec. Apr. 20
Preferred (guar.)
$114 May 1 Holders of ree. Apr. 20
Sharp & Dohme Co., pref. al. A (guar.).
500 May 1 Holders of rec. Apr. 1
Sheaffer(W. A.) Pen, Prof.(guar.)--$2
July 20 Holders of roe. June 30
l'referred (guar.)...........
$2
Oct. 20 Holders or rec. Sent. 30
Simpson(R.).8% pref.(s-a)
3%
May 1 Holders of rec. Apr. 15
Smith Agile. Chemical, pref.(guar.).— $1% May 1 Holders of rec. Apr. 20
Solvay Amer. Inv. Corp. pref. (goat,).. $1% May 15 Holders of rec. Apr. 15
Southern Pacific Golden Gate Co..
Common class A & B (guar.)
373ee May 15 Holders of rec. Apr. 30
Preferred (guar.)
$134 May 15 Holders of rec. Apr. 30
Standard Amer. Trust Shares, bearer... 31.72e May 1
Standard Cap & Seal Corp.,corn,(go.)..
60c May 15 Holders of rec. May 1
Stanley Works, 6% Prof. (guar.)
373.ee May 15 Holders of rec. may 6
Steel Co. of Can., common (guar.)
130e
May I Holders of rec. Apr. 7
I 43%c May 1 Holders of rec. Apr. 7
Preferred (guar.)
Super-Corporation of America,series A_
30e
May 1
Series B
.338301e May 1
•
2920
Financial Chronicle
Per
When
Share. Payable.
Name of Company
Miscellaneous (Concluded),
Superior Portland Cement (monthly).Tacony-Paimyra Bridge Co.
7.3i% preferred (guar.)
Teck-Hughes Gold Mines, Ltd.(quar.)
Telautograph Corp.. corn. (quar.)
Thatcher Mfg. Co., preferred (quar.)
Tide Water Oil Co.5% pref. (quar.)__
Trustee Shares, Amer.reg
Trustee Standard Utilities Sits., bearer_ Two Year Trustee Shares
Unilever, Ltd.
Common final.-36 Dutch cents-- -Union Oil Co. of California (quar.)
United Biscuit Co.of Amer.,corn.(qU.)Preferred (quar.)
United Companies of N.J.(quar.)
United Profit Sharing Corp.capstk.(s-a)
Preferred (s.
-a.)
United States Banking Corp.(monthly).
U. S. Pipe & Foundry Co.,corn.(guar.).
Common (quar.)
Common (quar.)
1st'preferred (quar.)
1st preferred (quar.)
1st preferred %tsar.)
United Verde Extension Mining Co
Universal Leaf Tobacco,corn.(quar.)
Walgreen Co., common (quar.)
Westinghouse Air Brake Co. (quar.)_
W.Va. Pulp & Paper Co., pref.(quar.)
Weston (Geo.), Ltd.. preferred (quar.)
Winstead Hosiery Co.(quar.)
Quarterly
Quarterly
Wiser Oil Co.(quar.)
Quarterly
Quarterly
Woolworth Co., corn.(quar.)
Worcester Salt
6% pref. (quar.)
Wrigley (Wm.)Co..
Jr. Co.(monthly)
Monthly
Monthly
Monthly
273e
May
1)4%
15c
25c
90c
11.1%
160
11c
21c
May
May
May
May
May
May
May
May
25e
40c
El%
1216
5%
50c
7c
12Fic.
1230.
12I9e.
30e.
300.
30c.
100
50c
25c
25o
$114
$1.39
81 )4
8134
25e
250
25c
60c
115%
25o.
25e
25e
250
Books Closed
Days Inclusive.
1 Holders of rec. Apr. 22
1
1
1
15
15
15
1
15
Holders of rec. Apr. 10
Holders of rec. Apr. 13
Holders of recs. Apr. 14
Holders of rec. Apr. 29
Holders of rec. Apr. 20
Holders of rec. May 5
May 16
May 10 Holders of rec. Apr. 20
June 1 Holders of rec. May 16
May 1 Holders of rec. Apr. 15
July 10 Holders of rec. June 20
Apr. 29 Holders of rec. Mar. 310
Apr. 29 Holders of rec. Mar. 31
May 1 Holders of rec. Apr. 17
July 20 Holders of rec. June 30
Oct. 20 Holders of rec. Sept.30
1-20-34 Holders of rec. Dec. 30
July 20 Holders of rec. June 30
Oct. 20 Hoidens of rec. Sept. 30
1-20-34 Holders of rec. Doe. 30
May 1 Holders of rec. Apr. 40
May 1 Holders of rec. Apr. 19
May 1 Holders of rec. Apr. 15
Apr. 29 Holders of rec. Mar.31
May 15 Holders of rec. May 1
May 1 Holders of roe. Apr. 20
May I Holders of rec. Apr. 15
Aug. 1 Holders of rec. July 15
Nov. 1 Holders of roe. Oct. 15
July 1 Holders of roe. June 10
Oct. 2 Holders of rec. Sept. 12
Jan2'34 Holders of rec. Doe. 12
June 1 Holders of rec. Apr. 24
May 15 Holders of rec. May 5
May 1 Holders of roe. Apr. 20
June 1 Holders of rec. May 20
July 1 Holders of rec. June 20
Aug. 1 Holders of rec. July 20
1 The New York Stock Exchange hss ruled that stock will nor be quoted exdividend on this date and not until further notice.
I 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.
Correction. e Payable in stook.
Payable in common stock. g Payable in scrip. 11 On account of accumulated
dividends. J Payable in preferred stork.
m Amer. Cities Power & Lt. Corp. pay 1-32 of 1 sh. of class B stock or cash at the
option of the holder. The corporation must receive notice within 10 days after
holders of record date to receive cash
o Unilever, Ltd.: the amount of silver will be fixed according to the rate of sterlingguilder exchange on April 28.
p Blue Ridge Corp. declared a div. at the rate of 1-32d of one share of the common
stock of the corporation for each share of such preference stock, or, at the option of
such holders (providing written notice thereof is received by the corporation on or
before May 15 1933) at the rate of 750. per share In cash.
r In view of existing conditions action on dividends is being deferred.
CPayable in Canadian funds.
U Payable In United States funds.
S A unit.
w Um deduction for expenses of depositary.
s Less tax.
y 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 "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
April 29 1933
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 22 1933.
Clearing House
Members.
*Surplus and Net Demand
Undivided
Deposits.
ProfUs,
Average.
• Capital.
s
s
s
Time
Depostts,
Average.
Totals
6,000,000
20,000,000
124,000,000
20,000,000
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
9.354,200
82.84.5,000
36,931,700
228,005,000
55,983,000 a766,550,000
46,119,500
237,309,000
181,299,900 6821,295,000
20,297,500
183,603,000
64,023,700
470.668,000
22,493,500
175,436,000
y72,579,800
323,801,000
62,764,901
290,481,000
5,756,300
22,135,000
113,199,600 c1.065,298,000
3,639,000
39,370,000
162,202,700 d498,419,000
20.481,100
24,569,000
5,549,000
36,841,000
2,145,400
8,100,000
22,104,000
175,861,000
8,669,000
39,132,000
4,439,300
35,576,000
a
9,697,000
32,709,000
163,060,000
29,066,000
41,588.000
96,104,000
48,835,000
20,749,000
22,886,000
51,715,000
1,576,000
96,327,000
2,839,000
49,809,000
264,000
5,266,000
1,464,000
15,037,000
2,024,000
28,006,000
617.185,000
Bank of N. Y.& Tr. Co_
Bank of Manhattar.Co..
National City Bank__ -.
Chemical Bk.& Tr. Co- Guaranty Trust Co
Manufacturers Tr. Co._
Cent. Hanover Bk.arTr.
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 Crust Co
New York Trust Co__ _ _
Confl Nat. Bk.& Tr.Co.
Public Nat.Bk.& Tr.Co.
820,034.400 5.525.294.000
719.021.000
*As per official reports: National, March 31 1933' State, March 31 1933; trust
companies, March 31 1933. x As of April 10 1933. y As of April 14 1933.
Includes deposits in foreign branches: (a) $166,674,000; (5) 242,014,000: (c) $59.
203,000; ((I) 529,336,000.
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
Clewing 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 April 21:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, APRIL 21 1933.
-STATE BANKS
NATIONAL
-AVERAGE FIGURES.
Loans,
Disc. and
Investments.
Res. Dep., Dep. Other
N. Y. and Ranks and
Elsewhere. Trust Cos.
Cash.
Manhattan
17,975,300
Grace National
Trade Bank of N.Y. 2,565,852
86,200
77.202
1,749,600
446.308
Brooklyn
Peoples National....
91,000
319,000
5.412,000
Gross
Deposits.
a
1,442,300 17,027,900
170,159 2.687,293
50,000
4,830.000
TRUST COMPANIES
-AVERAGE FIGURES,
Loans,
Disc. and
Investments.
Cash.
Res. Dep., Dep. Other
N. V. and Banks and
Elseheere. Trust Cos
ManhattanEmpire
Federation
Fiduciary
Fulton
United States
3
$
$
46,937,100 *2,606,000 7,782,700
43,689
5,624,035
413,073
*746,706 1.317,538
10,121,237
'
17,953,300 '2,516,300 1,256.400
1
68,845,196 5,650,000 20,680,358
Brooklyn
Brooklyn
Witlail OntInto
76,591,000
21_763.998
2,726,000 29,231,000
1.4130.831 7.658.733
Gross
Deposits
--8
IS
2,414,500 49,258,40(
629,955 5,194,051
123,000 10,691,521
848,600 17,945,90(
67,991,86f
158.000 97,009,00(
Od 00d2 Alt
•Includes amount with Federal Reserve as follows: Empire,$1;747,100;
fiduciary,
$307,686: Fulton. $2,351,800.
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 April 26 1933, in
comparison with the previous week and the corresponding date last year:
Apr. 26 1933. Apr. 19 1933. Apr. 271932.
_Resources Gold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury..
696.760,000
10,021.000
084,843,000
10,323,000
524,726.000
8,256,000
Gold held exclusively east. F. It. notes
Gold settlement fund with F. it. Board_
Gold and gold certificates held by bank_
706,781,000
106,044,000
203,299,000
695,166.000
115,3011100
193,906,000
532,982,000
133,670,000
251,077,000
1.016.124,000 1.004,377.000
917,729,000
Total gold reserves
Reserves other than gold
72,451,000
70,930,000
59,329,000
Total reserves
1,088,575,000 1,075,307,000
Non-reserve cash
26,972,000
26,009,000
Reoemntion Fund-F. R. bank notes-1,400,000
1.000.000
Bills discounted:
61,914,000
Secured by U. S. Govt. obligations-39,375,000
Other bills discounted
48,592,000
48,489,000
977,058,000
23,677.000
Resources (Concluded)
Gold held abroao
Due from foreign banks (red 5014)
Federal Reserve notes of other banks...
Uncollected items
Bank premises
All other resources...
Total resources
Apr. 26 1933. Apr. 19 1033.
Apr. 27
1,371,000
4,736,000
93,142,000
12,818,000
22,093,000
1.477,000
5,922,000
98,170.000
12,818,000
21,353,000
1932
2,036,000
3,929,000
98,009.000
14,817,000
14,513,000
2.095.584.000 2
,113,068,000 1,839,688,000
Lla6f1thes-
Fed. Reserve notes In actual circulation- 745,196,000 773,970,000 561,429,000
F. It. bank notes in actual circulation.23,839,000
16,987,000
Deposits-Member bank reserve acct.- 1,017 : 0 1,04ifa 1,000,888.000
111,000
Government
13,909,000
69,450,000
Foreign bank (see note)
14,597,000
35.389,000
Special deposIts-Member bank
5,208,000
5.114.000
Non-member bank
1,453,000
1,786,000
Total bill. discounted
87,967,000 110,403,000 104,839,
000 . Other deposit's
17,827,000
22,7213,000
10,780.000
Bills bought in open market
27,307,000
29,345,000
13,600,000
U. S. Government securities:
. 1,088,164,000 1.084.741.000 1,040,174.000
Total deposits
Bonds
187,195,000 187,196.000 130,534,000
Treasury notes
200,085,000 182,229,000
41,147,000 Deferred availability Items
87,011,000
80,016.000
93,858,000
Special Treasury certificates
Capital paid in
58,505,000
58405,000
59,166,000
338,094,000 355.949,000 412,175,000 Surplus
Other certificates and bill.
85,058,000
85,058,000
78,077.000
All other liabilities
7,811,000
7.785.000
9,984,000
Total U.S. Government securitiee-- 725,374,000 725.374,000 583,1356,000
4,927.000
4,792,000
Other securities (tee note).
3,152,000
Total liabilities
2,095,584,0002.113.068,000 1,819,688,000
Foreign loans on gold...
Deduct bills rediscounted ssttli other
Ratio of total reserves to deposit and
Federal Reserve banks
Fed ites‘'rve note liabilities combined
59.4%
57.9%
61.0%
Contingrot ilabritt on bills purchased
Total bills and securities (see notes— 845.440,000 870,049,000 703,647,000
for foreign correspcndents
15,798,000
16,760.000
97.918,000
NOTE. Beginning With the statement of Oct. 17 1925. two new items were added In order to 68 SW separately the amount of balances neld abroad and
amounts
due to foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate ? ore .ccu rkte etiiti p uo : tcnai o
a lt lian a d
red
orures oar h e n
.
:ted
to -Other securities," and tile caption, ''Total earnings assets" to "Total b1119 acid securities." Tile latter term was adopted 69 a
of the discount acceptances and securities acquired under the Provisions of Section 1.1 mai it of ins Fa,Ieu0l Reserve Act. +mice 1r was stated are tne only item. incl uded
therein
2921
Financial Chronicle
Volume 136
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,April 27,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
az 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 2874, 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 APR. 26 1953.
Mar. 8 1933. Apr. 27 1932.
Apr. 26 1933..1pr. 19 1933. Apr. 12 1933. Apr.5 1933. Mar.29 1933. Afar. 22 1933. liar. 151933.
S
s
s
$
$
s
$
S
RESOURCES.
S
2,269,856,000
2,671,746,000 2,627,454.000 2.590,790,000 2,575.405,000 2.530,940,000 2.458.432,000 2.215.268,000 1.931.656.000
2old with Federal Reserve agents
36,100,000
85,073,000 105.011.000 135,058,000 138,309.000
76,479.000
73.426,000
64,775.000
63,871,000
3016 redemption fund with U. S. Treas._
2,069,965.000 2,305.956,000
Gold held exclusively asst. F. R notes 2,735,617,000 2.692,229,000 2.664.216.000 2.651,884.000 2,616,013,000 2.563.443.000 2,350.326.000
321,495,000 327,719.000 281,560,000 247,582,000 266.101,000 301,237,000 278.547,000 313,878,000
307,419,000
3010 settlement fund with F 10. Board
335,027,000 394,700,000
Sold and gold certificates held by banks_ 353,302,000 351,871,000 323,511.000 345,393,000 373.171,000 362.778.000 359.214,000
3,278,837.000 3,236,766,000 3.192,322 0 0 3.010.777.000 2.683.539,000 3,014,534,000
.0
Total gold reserves
3,396,338,000 3,365,595,000 3,315,446,000
4.000 125,432,000 218,502,000
222,713,000 215.597.000 213,830,000 209.585.000 205,230,000 178.895,000 137.40'
Eteserves other than gold
1,233,036,000
:3,619,051,000 3,581,192,000 3,529,276,000 3,488.422,000 3,441.996.000 3,371,217,000 3,148,185,000 2,808.971.000
Total reserves
80.448,000
48,390,000
77,318,000
Non-reserve cash
106,105,000 106,957,000 109,901,000 110,070,000 131,396,000 125,346,000
170.000
740.000
1,100,000
1.100,000
1,400,000
1,601,000
Redemption fund-F.R. bank notei
3,293,000
1311b3 discounted:
000
239,458,
93,434,000 124,077,000 130.707,000 138.926.000 231.800,000 324,233,000 *769.602.000 982,188,000 292.366,000
Secured by U. S. Govt. obligations _
Other bills discounted
291,567,000 290,193,000 297.749,000 297,251.000 313.310.000 346.636.000 *462.714.000 431,748.000
531,821,000
Total bills discounted
385,001,000 414.270,000 428,456,000 436.177,000 545,110,000 670,869.000 1,232,316.000 1.413.936.000
45,874,000
Bills bought In open market
177,450,000 208,443,000 246,964,000 285.973.000 310,235.000 *352.315.000 403,316.000 417.289,000
U. S. Government securities:
422,627.000 425.013.000 425,313,000 346,399.000
421,476,000 421,506,000 421,590,000 421,774.000 422,776,000
Bonds
95,447,000
Treasury notes
506,083,000 457,873,000 457.872,000 457,871.000 457,872.000 457,874,000 465,084,000 459.015,000
19.000.000
Special Treasury certificates
749,386,000
909,513,000 957,725,000 957,721.000 957,723.000 957,722,000 983,886.000 989,937,000 996,466.000
Other certificates and bills
1,191.232,000
Total U. S. Government securities-- 1,837,072,000 1,837,104,000 1.837,183,000 1,837,368.000 1,838,370.000 1.864.387.000 1.899.034,000 1,880,794.000
4,815,000
5.831.000
5,644,000
5,394,000
5,541,000
5,541,000
5.402.000
5,559,000
Other securities
5,451,000
Foreign loans on gold
1,773,745.000
Total bills and securities
2,404,974,000 2,465.376,000 2.518,144.000 2,565,059,000 2,699,117,000 *2.892 965000 3,540,310,000 3.717,850,000
Gold held abroad
Due front foreign banks
Federal Reserve notes of other banks.-Uncollected Items
Bank premises
All other resources
Total resources
3,656,000
20,355,000
0
318,392.00
54,134,000
48,242,000
3,760,000
24,829,000
354.608,000
54,129,000
44.942,000
3,760.000
20,670,000
321.107.000
54,122,000
52.646,000
3,620,000
24,211,000
321.430,000
54,123,000
57,487,000
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 *60.305.000
3,610.000
17,955,000
366,178,000
54,028.000
53,568,000
3.615,000
12.719,000
344,518,000
54,029,000
54,555.000
5,695,000
14,914,000
347,315,000
57,855,000
35,100,000
7,044.647,000 5,548,108.000
6,576,202,000 6,637,394,000 6.611,026.000 6.625.522,000 6,749,825,000 *6,966236000 7,261,322,000
LIABILITIES.
2,526,572,000
F. R.Inotes In actual circulation
3,424,114.001 3,477,393,000 3.547,285.000 3,644,137.000 3.747,626,000 3,916.642,000 4,292,702,000 4,215,006,000
3.301.000
19.890,000
15,930,000
9.269,000
14.228.000
24.529,000
F. It. bank notes in actual circulation 36,798,000
Deposits:
000
2,114.423,
Member banks-reserve account
'135,808,000 2,158,636,000 2,098,079,000 1,975.731,000 1.987.311.000 1.917.618.000 *1963976,000 *1776 221.000
49,155,000
37,643,000
34,992,000
85,596,000
27,688,000
72,294,000 111,472,000
25,465,000
Government
37,165,000
49,598,000
49,175,000
23.040,000
10,097,000
10.935,000
14,491,000
17.409.000
11,068,000
Foreign banks
26,810,000
39,002,000
69,342,000
72,993,000
52.754,000 *40,109.000
63,445,000
75,60:3,000
Special deposits: Member bank
77.664,000
767.000
19,451,000
17.466,000
*4.851.000
9.120,000
15,254.000
18,921,000
16,155.000
Non-member bank21,024,000
39.518.000
36.985,000
47,441,000 *49,449,000 *64,075,000 *57,414,000
57,825,000
Other deposits
0
51,849,00
2,347,538,000 2.273,730,000 2,196,055.000 2,203,154.000 *2.154904000 2.123.739.000 1,951.222,000 2.234,200,000
Total deposits
',345,451,000
341,318,000
Deferred availability Items
315,218,000 333,854,000 314.530.000 315,745,000 331.388,000 *430.841,000 384,676,000 421,801.000 155,240,000
Capital paid in
150,330,000 149.700.000 149,630,000 149,617.000 149,645,000 149.793.000 150,210,000 150.120.000 259,421,000
278,599,000 278,599.000 278,599,000 278,599,000 278.599,000 278.599.000
Surplus
278.599,000 278,599,000
31.357,000
27,899.000
25,439,000
28,095,000
27.356.000
26,468,000
25,185,000
25,781,000
All other liabilities
25,692.000
7,261,322,000 7.044.647.0005.548,108,000
Total liabilities
0
3,576,202,00 6,637,394,000 6,611,026,000 6,625,522,000 6,749,825,000 *6.966236000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
Ratio of total reserve to deposits and
F. It. note liabilities combined
Rediscounts between Federal Reserve
banks
Contingent liability on bills purchased
for foreign correspondents
57.7%
56.9%
.
50 7%
61.5%
00.6%
56.1%
48,280,000
-
50,223,000
48.274.000
50,330.000
52.5%
46.9%
43.5%
63.3%
57.8%
•
54.3%
55.5%
49.1%
45.6%
67.9%
143,800,000
58.8%
62.7%
210,000,000
27,478,000
28,051.000
46.549.000
42,505,000
•
Maturity Distribution of Bills and
Short-Term Securities
1-15 days bills discounted
16-30 days bills discounted
81-60 days bills discounted
41-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
$
$
$
$
5
$
$
$
297,735,000
5
992,301.000 1,122,083,000 388,169,000
46.290.000. 35,894,000
53,398,000
50,743,000
74.154,000
91,878,000
37,239.000
61.312,000
713,371.000
19,779,000
10,097,000
15,368,000
254,905,000
24.725,000
48,636,000
49,133,000
7,602,000
287,935,000
22,051,000
49,318,000
47,222,000
7,744,000
294,881,000
26,271.000
33,731,000
63,319,000
8,254,000
298,339,000
28,447,000
38,823,000
61,700,000
8,868.000
396.353,000
33,408.000
42,898,000
62,495,000
9,956,000
502,668,000
32,170,000
58,205,000
66.836,000
10,990.000
385,001,000
414,270,000
428,456.000
436.177,000
545,110,000
670,869,000 1.232.316.000 1,413,930.000
531,824,000
78.144.000
72,677.000
119,424,000
A5,520,000
w 208.000
72,471,000
60,165,000
145,905,000
31,481.000
213,000
75,421.000
68,151.000
136.775,000
71,456,000
506,000
106,316,000
62,351,000
128,316,000
• 105,730.000
603,000
88.645.000
62.215,000
123,946,000
141,262,000
1,221,000
8,567,000
10,769,000
6,988,000
19,280,000
270,000
1-15 days bills bought in open market
08-30 days bills bought in open market
31-60 days bills bought In open nlarket
61-90 days bills bought In open market
Over 90 days bills bought In open market
71,214,000
74,240,000
26,022,000
5,923,000
51,000
68,531,000
73,052.000
59.024.000
7,715,000
121,000
60,566,000
76,618,000
100,380.000
9,108,000
202,000
Total bills bought In open market._..
177,450,000
208.443,000
246.964,000
285.973.000
310,235,000
352,309,000
403,316.000
417.289,000
45,874,000
1-15 days U. S. certificates and bills_
56-30 days U. S. certificates and bills
21-60 days U. S. certificates and bills
41-90 days U. S. certificates and bills.-Over 90 days certificates and bills
91,438,000
85,300,000
210,875,000
54,550,000
467,350,000
127,997,000
52,400,000
246,975,000
67,450,000
462,903,000
60,100.000
95,497,000
156,050,000
163.675,000
482.399,000
60,000,000
112,247,000
139,000,000
195,075.000
451,401,000
31,000,000
60,100,000
183.347.000
210,875,000
472,400,000
50,120,000
60,000,000
170,227,000
248,140.000
455,399,000
52,750,000
58,050,000
193,337,000
133,715,000
571.085,000
146,786,000
58,750,000
204.117.000
144,945.000
441,868.000
24.855,000
53,591,000
99,050,000
152,525,000
419,365,000
0
909,513,00
957,725,000
957,721,000
957,723,000
957.722,000
983,886,000 1,008,937,000
996,466,000
749,386,000
1-15 days municipal warrants
5,211,000
18-30 days municipal warrants-41-60 days municipal warrants
178,000
61-90 days municipal warrants
35.000
Over 90 days municipal warrants
27,000
5,346,000
5.333,000
5,333,000
5,288,000
5,280,000
5,535,000
5.555,000
177,000
26,000
10,000
51,000
152,000
5,000
51.000
152,000
5.000
84,000
30,000
84,000
30.000
51.000
58,000
51,000
25.000
3,202,000
1,388,000
52,000
110,000
63,000
5,559,000
5,541,000
5.541,000
5,402,000
5,394,000
5,644,000
5,631,000
4,815,000
Total U. S. certificates and bills
Total municipal warrants
Federal Reserve NotesIlasued to F. R. Bank by F. R. Agent
Illeld by Federal Reserve Bank
In actual circulation
Collateral Held by Aoent as Security
for Notes Issued to Banka:ty gold and gold certificate
'Gold fund-Federal Reserve Board
113y eligible paper
1U, 8. Government securities_
Total
• 'Leyland figures
5,451.000
3,715.341.000 3,760.879.000 3,843.960.000 3,965,202,000 4,092,652,000 4,314,448.000 4,728,517,000 4,550,680,000 2,762,674,000
291,227,000 283.486,000 296.675,000 321,065.000 345,026,000 398.106.000 435,815,000 335.674,000 236,102,000
3,424,114,000 3,477,393,000 3,547,285.000 3.644.137.000 3.747,626,000 3,916,342,000 4.292,702,000 4,215.006,000 2,526,572,000
•
1,317,411,000 1.298,619,000 1,303,955,000 1,281,070.000 1,248.105,000 1,262.847.000 1,091,383,000 805.571,000 966,726,000
1,354,335.000 1,328,835,000 1,286,835.000 1,294,335,000 1,282,835,000 1,195,585,00G 1.123,885,000 1,126.085,000 1,303.130,000
417,659,000 485.164,000 518,837,000 568,406,000 715.594,000 877.152,000 1,512.877,000 1.754.975,000 539,668,000
650,500,000 690.000,000 768.000.000 853.700,000 868,700,000 1.030,700,000 1,009,300,000 886.400.000
3 739.905.000 3,802,618,000 3.877.627,000 3,997.511.003 4.115.234.000 4.330.264.000 4.737.445.000 4.573.031.000 2.809.524.000
2922
Financial Chronicle
April 29 1933
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS APR. 26 1931.
Two Ciphers (00) omitted.
Federal Reserve Bank ofBoston. New York. Plata. Cleveland. Richmond Atlanta. Chicago. St. Louts. Iftnneap. Kan.Cttg. Dallas.
Total.
San Fran.
RESOURCES.
$
3
;old with Fed. Res. Agents. ___ 2,671,746,0 183,644,0
lold redm.fund with U.S.Treas.
63,781,0 5,694,0
8
3
8
S
$
696,760,0 163,000,0 211,970,0 144,080,0 82,955,0
10,021,0 6,059,0 7,764,0 2,550,0 3,828,0
8
/
$
8
$
$
776,097,0 119,565,0 51,984,0 78,890,0 19,538,0 143.283,0
10,258,0 1,690,0 2,477,0 3,203,0 1,379,0 8,948,0
Gold held excl. asst. F.R.note* 2,735,617,0 189,338,0
;old settlem't Mod with F.R.Bd 307,419,0 10,124,0
Iold & gold Ws,held by banks_ 353,302,0 23,526,0
706,781,0 169,059,0 219,734,0 146,630,0 88,783,0
106,044,0 9,065,0 13,621,0 15,062,0 8,703,0
203,299,0 22,396,0 23,448,0 8,694,0 8,491,0
786,355,0 121,255.0 54,461.0 82,093,0 20,917,0 152,211,0
61,986,0 20,299,0 10,695,0 21,479,0 5,887,0 24,454,0
13,547,0 2,607,0 2,508,0 12,502,0 5,813,0 26,471,0
3,396,338,0 222,988,0 1,016,124,0 200,520,0 256,803,0 173,086,0 103,977,0
861,888,0 144,161,0 67.664,0 116,074,0 32,617,0 203,138,0
Total gold reserves
teeerves other than gold
222,713,0 15,993,0
Total reserves
72,451,0 22,109,0 16,647,0 10,770,0
8,123,0
3,619,051,0 238,981,0 1,088,575,0 222,629,0 273,450.0 /81,156,0 112,100,0
/on reserve each
tedem.fund-F. Ii. bank notes_
Mils discounted:
Sec. by U.S. Govt.obligations
Other bills discounted
106,105,0
3,293,0
6,700,0
150,0
26,009,0
1,400,0
4,670,0
292,0
6,256,0
250,0
4,442,0
'
30,759,0
9,519,0
3,127,0
8,357,0
8,131,0 16,727.0
892,647,0 153,680,0 70,791,0 124,431,0 40,748,0 219,863,0
7,236,0
50,0
20,413,0
1,000,0
7,196,0
100,0
1,884,0
1,0
3,691,0
5,289,0 12,319,0
50,0
93,434,0 6,025,0
291,567,0 10,714,0
39,375,0 10,953,0 18,927,0 1,881.0 3,321,0
48,592.0 39,394,0 45,239,0 18,979,0 21,279,0
4,640,0
12,563,0
1,359,0
2,513,0
482,0 1,607,0
8,931,0 14,881,0
747,0 4.117,0
7,271,0 61,211.0
Total bills discounted
385,001,0 16,739,0
87,967,0 50,347,0 64,166,0 20,860,0 24,600,0
17,203,0
3,872,0
9,413,0 16,488,0
8,018,0 85,328,0
Mils bought in open market
I. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
177,450,0 38,018,0
27,307,0
49,374,0
7,378,0
7,359,0
421,476,0 19,739,0
506,083,0 27,563,0
5,565,0
3,628,0
3,210,0
9,708,0
187,195,0 30,911,0 36,364,0 9,916,0 10,082,0
200,085,0 39,905,0 52,658.0 14,362,0 14,504,0
4,918,0
530,0 20,457.0
39,902,0 13,957,0 17,273,0 12,409,0 18,019,0 25,729,0
57,779,0 19,487,0 14,086,0 16,777,0 11,615,0 37,262,0.
909,513,0 45.810,0
338,094,0 66,325,0 87,518,0 23,871,0 24,104,0
158,870,0 32,388,0 23,411,0 27,884,0 19,306,0 61,932,0
Total U.S. Govt.securities_ 1,837,072,0 93,112,0
725,374,0 137,141,0 176,540,0 48,149,0 48,670,0
256,551,0 65,832,0 54,770,0 57,070,0 48,940,0 124,923,0
Miser securities
Mils discounted for, or with
(-),other F. R. banks
4,792,0
5,451,0
Total bills and securities
2,404,974,0 147,869,0
his from foreign banks
3,656,0
278,0
WI. Res. notes of other banks20,355,0
440,0
Jacollecten items
318,392,0 36,216,0
lank premises
54,134,0 3,280,0
LH other resources
46,242,0
812,0
Total resources
525,0
27,0
845,440,0 193,578,0 244,332,0 72,219.0 82,978,0
1,371,0
399,0
358.0
141,0
127,0
4,736,0
349,0 1,188,0 1,677,0 1,081,0
93,142,0 24.633,0 29,028.0 25,923,0 9,582,0
12,818,0 3,272,0 .6,929,0 3,237,0 2,422,0
22,093,0 3.819,0 2,722,0 3,175,0 5,325,0
107,0
323,155,0 77,082,0 71,649,0 78,476,0 57,488,0 210,708,0
494,0
15,0
10,0
105,0
105.0
253,0
3,934,0 1,399,0
814,0 2,191,0
322.0 2,224,0
35,429,0 12,925,0 7,503,0 17,138,0 10,632,0 16,243,0
7.601,0 3,285,0 1,746,0 3,559,0 1,741.0 4,244,0
1,240,0 1,011,0 1,878,0 1,139,0 1,491,0 1,537.0
6 576,202,0 434,726,0 2,095,584,0 453,641,0 564,513,0 291,970,0 220,901,0 1,285,913,0 256,693,0 158,276,0 230,728.0 117,866,0 467,891,0
LIABILITIES.
P R.notes in actual circulation_ 3,424,114,0 230,428,0 745,196,0 252,089,0 345.599,0 171,608,0 138,809,0
.
P. R.bank notes In act'l circurn
23,839,0 4,811,0 3,373,0
36,798,0 2,794,0
Riposits:
Member bank-reserve account 2,135,808,0 123,986,0 1,036,908,0 112,805,0 120,085,0 62.128,0 41,486,0
Government
37,165,0
453,0
17,781,0 2,375,0 1,404.0 1,191,0 2,055.0
Foreign bank
26,810,0 1,948,0 '8,987,0 2,803,0 2,642,0 1,041,0
981,0
Special-Member bank
77,664,0 2,850,0
5,208,0 5,730,0 13,979,0 6,493,0 6,338,0
Non-member bank
16,155,0
1,453,0 1,432,0
780,0 1.403,0
428,0
Other deposits
51,849,0 4,211,0
17,827,0
219,0 4,559,0 4,668,0 2,682,0
Total deposits
/efernx1 avallabMty Items
lapital paid In
lupins
U other liabilities
Total liabilities
2,345,451,0 133,448,0 1,088,164,0
315,218,0 36,204,0
87,011,0
150,330,0 10,737,0
58,505,0
278,599.0 20,460,0
85,058,0
25,692,0
655,0
.7,811,0
125,364,0 143,429,0 76,924,0 53,968,0
25,338,0 27,330,0 24,715,0 9,933,0
15,839,0 13,941,0 5,407,0 4,631,0
29,242,0 28,294,0 11,616,0 10,544,0
958,0 2,547,0 1,700,0 3,016,0
886,60810 147,319.0 94.735,0 118,943,0 39,671,0 253,109,0
39,0
1,762,0
57,0
123,0
264,731,0 65,447,0 36,523,0 74,607,0 49,272,0 147.850,0
2,919,0
975,0 1,699,0 1,057,0 2,323,0 2,933,0
3,470,0
908,0
614,0
774,0
774,0 1,868,0
22,242,0 5,417,0 1.062,0 4,449,0
201,0 3,897,0
4,504,0 3,274,0 2,172,0
185,0
524,0
4,169,0 3,490,0 1,138,0
926,0
286,0 7,674,0
302,035,0 79,511,0 48,208,0 81,998,0 52,856,0 164,546,0
37,134,0 14,347,0 7,305,0 16,626,0 11,831,0 17,444,0
15.569,0 4,152,0 2,842,0 4,249,0 3,787,0 10,671,0
39,497,0 10,188,0 7,019,0 8,263,0 8,719,0 19,701,0
3,308,0 1,139,0 1,110,0
649,0
879,0 1,920,0
8,576,202,0 434,726,0 2,095,564,0453,641.0 584,513,0 291,970,0 220,901,0 1,285,913.0256,693.0 156,276,0 230,728,0 117,866,0 457,391.0
Memoranda.
teserve ratio (percent)
Iontingent liability on bills purchased for(nen correspondents
62.7
65.7
59.4
59.0
55.9
72.9
58.2
75.1
87.8
51.3
61.9
44.0
52.6
48280,0
3,553,0
15,798,0
5,111,0
4,819,0
1,898,0
1,787,0
6,328.0
1.655,0
1,120,0
1,412,0
1,412,0
3,407,6
FEDERAL RESERVE NOTE STATiMENT.
Federal Reserve Agent at-
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta.
Two Ciphers (001 omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 3,715,341,0 246,879,0
Held by Fed'I Reserve Bank. 291,227,0 16,451,0
In actual circulation
3,424,114,0 230,428,0
Collateral held by Agent as security for notes issued to bks:
Gold and gold certificates
1,317,411,0 67,627,0
Gold fund-F.R. Board
1,354,335,0 116,017,0
Eligible paper
417,659,0 46,18.5,0
U. B. Government securities
650,500,0 17,500,0
., gon on n nA, oon n
i
$
$
$
•
i
836,213,0 267,102,0 366,672,0'180,522,0 148,032,0
91,017,0 15,013,0 21,073,0 8,914,0 9,223,0
745,196,0 252,089,0 345,599,0 171,608,0 138,800,0
393,660,0
303,100,0
84,459,0
55,000,0
86,050,0 86,470,0 43,575,0
76,950,0 125,500,0 100,505,0
29,333,0 58,541,0 18,008,0
76,000,0 100,000,0 21,000,0
Chicago. St. Louis. Minneap. Ran.City, Dallas. SanFran.
1
8
8
i
g
/
943,176,0 159,311,0 98,496,0 128,415,0 42,671,0 297,852,0
56,568,0 11,992,0 3,761,0 9,472,0 3,000,0 44,743,0
886,608,0 147,319,0 94,735,0 118,943,0 39,671,0 253,109,0
21,955,0
61,000,0
28,775.0
40,000.0
420,097,0 39,885,0 26,984,0 20,090,0 18,538,0 92,500,0
356,000,0 79,700,0 25,000,0 58,800,0 1,000,0 50,783,0
62,429,0 9,656,0 14,451,0 14,094,0 7,704,0 46,024.0
105,000,0 31,000,0 34,000,0 37,000,0 19,000,0 115,000,0
Don oln n oao "OR n 1Al2 011 n 102 ASS n 1.61 720 0 043 128.0 180.221.0 100.435 n 120 ARA n &A 942 n sins
9070
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Cipher:(00) omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.)
Held 83 Fed'I Reserve Bank_
,
. $
In actual circulation
Collat.pledged agst.outst. notes:
Discounted & purchased bills.
U.S. Government securities__
57,594,0
20,796,0
Boston. New York.
$
3
Phila.
$
Cleveland Richmond Atlanta.
$
$
32,754,0
8,915,0
5,840,0 5,620,0
1,029,0 • 2,247,0
36,798,0
2,794,0
23,839,0
4,811,0
19,599,0
.57,754,0
7,625.0
32,754.0
10,342,0
8,000,0 ....-- -
32,754,0
8,000,0 10,342,0
1.067,0
200,0
200,0
3,373,0
CURRENT NOTICES.
-F. S. Yantis Se Co.. of New York, announce the opening of a branch
office at 120 S. La Salle Street, Chicago. In charge of Kenneth W. Lineberry, Vice-President, formerly associated with Chandler & Co. Mr.
Bradford W. Shaw, formerly with Burr & Co., Inc. is the Assistant VicePresident. Associated with them are Fred J. Cook, formerly with Fuller,
Cruttenden & Co., Edward P. Renter, Don G. Melds and T. R. Hansen
all formerly associated with Burr & Co., Inc. F. S. Yantis & Co. are to
engage in a general trading business, national in scope, and have coast to
coast wire anti trading facilities.
-Announcement is made of the formation of a new investment securities
organization under the name of Van Deventer, Spear 8c Co., Inc., with
headquarters in the Federal Trust Building, Newark, N. J., to specialize
in municipal and corporate securities with investment ratings. Kenneth
Spear, President of the new organization, was formerly associated with
Barr Brothers & Co., and also with M. M.Freeman & Co. Ludlow Van
Deventer Vice-President and Treasurer, was manager of the Newark office
of Graham, Parsons & Co.
'-Kidder, Peabody & Co., have announced that they are about to take
into their sales organization many members of the metropolitan New York
sales force of Chase Harris Forbes Corporation. This group will continue
under the direction of Eugene J. Hynes, at present Vice-President and Sales
Manager of the metropolitan area for Chase Harris Forbes, and will include
a number of the sales personnel affiliated with the Chase Securities Corporation in New York prior to Its combination with Harris, Forbes & Co.
$
160,0
121,0
180.0
123,0
39,0
57,0
320,0
5,000.0
2,000,0
10,000.0
5,320,0
2,000,0
$
1,067,0
7.625.0
$
10,000,0
6,840,0
4,048,0
77.353.0
Total collateral
Chicago. St. Louis. llf!lineal,. Kan.City. Dallas. San Fran.
1,762,0
S
5,800,0
4.038,0
$
$
3
200,0
770,0
123,0
245,0
245,0
-In view of the recent application of the Missouri Pacific RR. Co. for
voluntary reorganization under the newly enacted bankruptcy law. R. W.
Pressprich & Co., New York, have prepared a study of the past performance*
of this system and offer an outline of an hypothetical plan of reorganization
designed to fit the merits of each class of security which will be affected by
the actial reorganization.
-George A. Colston, F. Grainger Marburg and William J. Price, 3rd,
announce the formation of the firm of Colston, Marburg & Price, members
Baltimore Stock Exchange, to conduct a general investment business with
offices in the Keyser Building, Baltimore, Charles A. Becker will be in
charge of their Trading Department.
-The following New York investment and brokerage firms have
announced the removal of their offices: Burnett & Van Tuyl to 60
Wall St.:
Foster, Marvin & Co. to 2 Wall St.; Lansburgh Brothers to 30
Broad St.:
Wesley Mager & Co. to 32 Broadway; Scholle Brothers to 40 Wall
St., and
Edwin Wolff & Co. to 30 Broad St.
Announcement is made of the formation of the firm of
O'Mahony &
Robinson, consisting of John F. O'Mahony, formerly of O'Mahony
&
McNamara, and Edwin S. Robinson, formerly of Hardy & Co. The firm
will transact an over-the-counter business with offices at 42 Broadway.
Clinton Gilbert & Co., New York, have issued a brief summary
of
the current condition of 22 New York City banks and trust companies
based on voluntary statements as of March 31, 1933 or subsequent dates.
-Farr & Co., New York, have prepared an analysis of the Great
Western
Sugar Co.
Volume
2923
Financial Chronicle
28.
U. S. Treasury Bills—Friday, April
`°1-1"-riat
136
Rates quoted are for discount at purchase.
got'
(Chrrinirle
(Continerrizil
.
Bid.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
6 Mos.
12 Mos.
Including Postage—
$6.00
810.00
Within Continental United States except Alaska
6.75
11.50
In Dominion of Canada
and Central America. Spain, Mexico, U. S.
South
7.75
13.50
Possessions and Territories
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account of the fluctuations in the rates of exchange.
NOTICE.—On
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May
May
May
May
June
Terms of Advertising
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce, New York.
COMPANY.
Published every Saturday morning by WILLIAM B. DANA
Riggs;
President and Editor, Jacob Seibert: Business Manager, William D. of Co.
Treas.. William Dana Seibert; See., Herbert D.Seibert. Addresses ol all. Office
Wall Street, Friday Night, April 28 1933;
Railroad and Miscc Ilaneous Stocks.—The Review of the
Stock Market is given this week on page 2911.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for ,
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Lowest,
Highest.
Highest.
$ per share. S per share.$ per share.
Apr
Jan 45
45 Apr 24 42
Apr
Apr 69
69 Apr 26 38
164 Apr 24 124 Apr 194 Feb
7% Apr 24 234 Jan 74 Apr
Mar 2134 Feb
20 Apr 24 16
Mar 384 Feb
3634 Apr 27 31
234 Apr 25 134 Mar 234 Feb
Jan
44 Apr 8
614 Apr 27
Jan 234 Apr
234 Apr 27 1
Par Shares.
Railroads—
per share.
200 45 Apr 24
Caro Clinch & Ohio_ 100
Central RR of N J.100 3,000 54 Apr 24
310 15 Apr 25
Colo & So let pref_ _100
30 734 Apr 24
100
-Cuba lilt pref
500 19 Apr 22
Ill Cent preferred_ 100
100
70 35 Apr 26
Leased lines
60, 2 Apr 25
lot Rye of Cent Am_ _ -•
50, 64 Apr 27
100
Preferred
Apr 26
Iowa Central RR_ —100 1,420 1
Minn St I'& 58 M—
100
240, 5 Apr 24 54 Apr
Leased line
100
100 2 Apr 26 2 Apr
Preferred
50
120 4934 Apr 22 50 Apr
Morris & Essex
Nash Chatt & St L.100 1,1001 214 Apr 22 2534 Apr
30, 34 Apr 24 34 Apr
Pacific Coast 1st pt.100
10, 24 Apr 28 234 Apr
100
2d preferred
2001 16 Apr 26 16% Apr
South By NI &0 etfs100
Apr 7%
26 4
4 Apr 2
26
22 4934 Apr 56
Jan 2534
26 13
24 134 Feb 334
Feb 234
28 1
Jan 164
26 8
Mar
Jan
Jan
Apr
Apr
Apr
Apr
Indus. & Miscell.—
Feb 354 Apr
ASSO Dry Gds 1st pf 100 1.0001 324 Apr 27 354 Apr 24 18
Apr
Jan 32
100
400, 314 Apr 24 32 Apr 25 15
2d preferred
Apr
Feb 17
50: 144 Apr 26 1434 Apr 27 13
Austin Nichols prior A •
Apr 26 634 Apr 1234 Apr
Bigelow-Sanf'd Carpet *
530 10 Apr 28 1234
Apr 354 Feb
10; 30 Apr 25 30 Apr 25 24
Blumenthal & Co p1100
Mar
Brown Shoe pref _100
80110. Apr 22 110 Apr 22 losy, Mar 111
34 Jan 3.1 Apr
Burns Bros class A Ms•
Apr 27
100
34 Apr 27
Apr
Apr 11
25
Chile Copper
180 8 Apr 24 94 Apr 24
Feb
Apr 49
50 44 Apr 22 44 Apr 22 40
100
City Investing
50 24 Apr 28 24 Apr 28 134 Jan 234 Apr
City Stores class A _ _•
Apr
Apr 30
70 30 Apr 24 30 Apr 24 16
Cole Fuel Ar, Iron p1..100
-Comm Cred pref (7)-25
40 19 Apr 28 19 Apr 28 1834 Mar 2034 Jan
50 48 Apr 25 48 Apr 25 384 Apr 49% Apr
Consagarprpf x-war100
Apr
Mar 83
Cush'n Sons pf (7%)100
10 8234 Apr 25 8234 Apr 25 74
Apr
Dresser Mfg class A._ _* 1,300 9 Apr 22 11 Apr 26 64 Feb 11
Class 11
•
900 34 Apr 22 64 Apr 26 234 Mar 64 Apr
Apr
Durham Hos Mills pf 100
40 16 Apr 24 16 Apr 24 94 Feb 16
Apr
Apr 3
20 3 Apr 24 3 Apr 24 3
Emporium Capwell- •
24 Apr 24 234 Apr 24 Apr
Co pf Ws 100
100 234 Apr 2
Fairbanks
Feb 44 Apr
40 431 Apr 26 44 Apr 26
Fash Park Assoc pfd 100
Apr
Apr 106
Apr 24 97
Freeport Texas pref _100
400 10434 Apr 22 106
1%
14 Apr 26
34 Apr 69 Feb
Gen Gas & Flee Cl 11..*
50
4 Apr 26
Apr
Apr
10 69 Apr 24 69 Apr 24 69
Gold & Stock Teleg 100
Apr
Feb 25
Guantanamo Sug pf 100
20 20 Apr 28 25 Apr 22 5
•
Hamilton Watch
370 24 Apr 24 3 Apr 24 234 Apr 34 Feb
Hat Airs Prof A.
...100
20 74 Apr 24 74 Apr 24 5% Apr 74 Apr
Apr
20 120 Apr 27 120 Apr 27 1164 Mar 120
Helms (G W) pref__100
Jan
Iloudahle-Bershey clA•
100 534 Apr 24 53 Apr 24 434 Apr 6
Apr 44 Jan
lilt Comb Eng pf ethi-•
400 2 Apr 25 3 Apr 27 2
Feb 24 Apr
100 234 Apr 24 234 Apr 24 2
Kelsey Hayes Wheel Al
Jan
Laclede Gas pref. _ _100
120 38 Apr 22 40 Apr 25 3734 Apr 61
Feb 5
Apr
Mailinson dr Co pref 100
70 5 Apr 25 5 Apr 25 3
Jan 32
Mar
50 27 Apr 25 273-g Apr 25 22
Mengel Co pref. _ _ _100
Newport industries..._1 1,200 24 Apr 24 24 Apr 27 14 Mar 244 Apr
Apr
Jan 75
400 74 Apr 25 75 Apr 25 64
Omnibus Corp prof.100
Apr 105
Feb
100
10 100 Apr 24 100 Apr 24 100
Outlet Co pref
Apr 42 Jan
Common
10 27 Apr 26 27 Apr 26 22
31 Feb 3 Apr
.50
Penn Coal & Coke.
800 14 Apr 24 3 Apr 24
34 Feb 2 Apr
Pitts Terminal Coal 100 1,700 14 Apr 24 2 Apr 26
Apr
Jan 8
25 7 Apr 2
100
Preferred
10 7 Apr
Feb 20
Apr
7
50 17 Apr 25, 20 Apr 2
Revere Cop & Br pf 100
Apr
Sloss-Sheff St & Ir pf100 1,106 17 Apr 241 22 Apr 25 84 Feb 22
Underwood-Elliott-Fish
Feb
Apr 88
100
20 844 Apr 241 844 Apr 24 76
l'referred
20 105 Apr 281 105 Apr 28 10134 Jan 107% Jan
S Gypsum pref...100
Feb
Apr 103
200 100 Apr 25102 Apr 28 96
(Tidy Leaf Tob pref_ 100
Apr 10
Jan
Apr 22 4
20 4 Apr 22 4
Union Pipe & Rad pf100
• No par value.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, April 28.
Maturity.
Dec. 15 1933...
Sept. 15 1933...
June 15 1933_ _.
May 2 1933...
Aug. 11934...
Feb. I 1931L..
Don 15 1936 ...
Int.
Rate.
BM.
4%
134%
I 4%
2%
244%
24%
1
21 4%
1002,,
100lit
100•11
100
100"ir
982gii
9980ii
Asked.
—
1006.,
100,lir
10011 n
100in
,
101 11
99in
tool,
0.25%
0.25%
Bid.
Asked.
0.625%
0.625%
0.625%
0.625%
0.625%
0.625%
0.25%
0.25%
0.35%
0.35%
0.35%
0.35%
Asked.
0.625%
0.625%
0.625%
0.625%
0.625%
0.25%
0.25%
0.25%
June
June
July
July
July
July
21 1933
28 1933
5 1933
12 1933
19 1933
26 1933
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
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.
45 Cents
Transient display matter per agate line
On request
Contract and Card rates
Representative.
CHICAGO OFFICE—In charge of Fred. 11. Gray. Western State 0613.
208 South La Salle Street, Telephone
E C.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens. London.
STOCKS.
Week Ending April 28.
10 1933
17 1933
24 1933
31 1933
7 1933
Maturity.
In:.
Rate.
Bid.
Asked.
.
,
Mal 2 1934_ _
JUDO 15 1935._ _
Apr. 15 I'237._.
Aug. 1 1930....
Sept. 15 1937._.
Aug, 151933...
rim,. 15 1933_
3%
3%
3%
34%
34%
4%
4WW...
102
101is
1001sis
101l0n
100"rt
1012
.2
MD..
1024st
102%,
1001111
101"ii
100"n
RH'S,
102...
Daily Record of U. S. Bond Prices. Apr. 22 Apr. 24 Apr. 25 Apr. 26 Apr. 27 Apr. 28
_
100nn 100"rs
High 100"n 100"ir 100.lit 101
First Liberty Loan
34% bonds of 1932-47_ _ Low_ 100hr 100.a, 100",2 100":, 100,6s, 100",,
,
Close 100,0 2 10026a2 100t9s, 100",, 100"as 100",,
(First 3 4s)
98
307
190 . 201
577
133
Total sales in $1,000 units_ __
Converted 4% bonds of1 High
_ _ __
____
____
____
____
-___
Low_
1932-47 (First 48)._
Close
____
__—
____
____
____
Total sales in $1,000 units__.
_— 102in 1024: 101n,, 101lln 101"rs
Converted 44% bonds(High 102
of 1932-47 (First 4345)4Low_ 101flit 101iin 101nit al01.31 101". 101"ss
101"a, 101,6:: 101.s,
(Close 101"a 101"as 102
29
40
58
35
46
31
Total sales in $1,000 units_ _ _
-____ 102
Second converted 44% 111g h
102
.___
bonds of 1932-47 (First Low_
____ 102__ Close
Second 448)
1
-----____
Total salts in $1,000 units _ - .1;,
2
,
High 102",, 102.:, 102.,, 102", 1071;s; 102 ,
Fourth Liberty Loan
Low_ 1026,2 102":: 102",, 102.i, 102"s, 102"ss
4%% bonds of I933-38
in 10214n 102)iss
" 102it 102,
102..it 102,7
Close
(Fourth 434s)
70
105
1072
784
136
464
Total sales in $1,000 units_ _ _
High 1071n 107"s, 107"as 107.,, 107.,, 107"ss
Treasury
Lot,'.. 106.a, 1076,2 107"ss 107.as 107.:, 107",,
44s, 1947-52
,
Close 107 :, 107.,, 107.s, 107.32 107"tt 107,4n
113
55
34
147
492
43
Total sales in $1.000 units_ _ _
High 103ion 104 0, .104.n 104",, 104.2, 101.:,
,
104"a, 1042,2 1046s! 104 s,
Low. 103"as 104
4s. 1944-1954
Close 103"ir 1049it 104.as 104.as 104*,, 104",,
37
45
160
106
244
5.
Total sales in $1,000 units._.
,
High 10Iiiir 102lin 102"n 102un 102",, 102 :s
102.n 102in 102i,, 102
102
Low_ 101
36,14 1948-1956
,
Close 101"ri 102.,, 102.s, 102 s, 102.,, 102h,
62
111
57
51
59
11
Total sales in $1,000 units __ _
High 99,6,2 1006,, 100",, 100.s, 1006,2 1006s,
99l0n 994ln 100lit 100lir 100lit 100lis
Low
3348, 1943-1947
Close 99"n 100.,, 100.21 1006,, 1006,1 1006s,
16
47
30
81
66
61
Total sales In $1,000 units_ _ _
,
. 96"as 96l1it 96,0ii 96 4,, 96 :g
High 951
96in
95"st 96
Low_
94"rt 95l2st 96
3s, 1951-1955
96in
,
96" 96'u
Wu
95iln
Close 951it
26
377
459
443
659
36
Total sales in $1,000 unVs___
% 100Plii 100"4/ 100", 100"n
High 100'as 100,
100",, 100.,, 100., 10061,
09iiri 100
Low_
348. 1940-1943
, 100"as 100.,, 100., 100",,
100'6
Close 100
35
29
70
156
159
17
Total sales in 51,000 unfit._ _
100lir 100lln 100"as 100", 1001.1
High 100
99.a, 99., 100'at 1006,, 1006,2 1006,,
Low_
34is. 1941-43
1001a, 100.,, 1006,2 1006a, 100'n
Close 100
3
15
120
294
' 157
145
Total sales in $LOW units_ _ _
97"as
971Sa
, 9720,2 97,7a
High 9626,2 9720
97.11
976a,
96., 97",, 976,,
Low. 96
334s, 1946-1949
97", 97.:,
97l.tr 976:,
,ii
Close 961ls. 97l
31
160
156
258
308
100
Total sales in $1,000 units. _ _
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
,
100llit to 100 ln
10141n to 10147n
,
102Tir to 1021 o
0n
107.,, to 107)
1031in to 104Trs
99"st to 99l.rs
954in to 95.a,
96,6a: to 95,6,,
1 let 344s
5 1st 444,
6 4th 448
11 Tress 44s
6 Tress 48
1 Tress 3448 1943-47
1 Tress 3s
2 Tress 33.4s
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 3.7234%
Commercial on banks,
3.7834 for checks and 3.7234@3.7934 for cables.
payment
sight, 3.7934, 60 days, 3.78: 90 days, 3.774, and documents for
60 days, 3.7834. Cotton for payment, 3.7634.
rates for Paris bankers' francs were 4.3134
To-day's (Friday's) actual
04.38 for short. Amsterdam bankers' guilders were 44.10@44.54.
Exchange for Paris on London, 86.40, week's range, 89.18 francs high
and 86.37 francs low.
The week's range for exchange rates follows:
Checks.
Sterling. Actual—
3.8834
High for the week
3.7134
the week
Low for
Paris Bankers' Francs—
4.39
High for the week
4.2334
Low for the week
Germany Bankers' Marks—
25.74
High for the week
25.19
Low for the week
Amsterdam Bankers' Guilders—
44.74
High for the week
43.40
Low for the week
Cables.
3.8834
3.72
4.3934
4.24
25.75
25.20
44.75
43.45
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2914.
A complete record of Curb Exchange transactions for the
week will be found on page 2941.
CURRENT
NOTICES.
—Bankers Trust Company has moved its Stock Transfer, Coupon Paying
and Re3rganization Departments, which for the past few months have
been at 43 Exchange Place, to its new building with entrance at 5 Nassau
Street.
—Babcock. Rushton & Co., Chicago, announce the removal of their
offices to the fourth floor of the new Field Building at La Salle and Adams
Streets, a_s of May 1.
—Carl M. Loeb & Co., members New York Stock Exchange, have prepared a circular on the American Metal Co., Ltd.
April 29 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
13: FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
1LIST, SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
Apr. 22.
Monday
Apr. 24.
Tuesday
Apr. 25.
Wednesday
Apr. 26.
Thursday
Air. 27.
Friday
Apr. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
•PER SHARE
Range Since fatal
On basis of 100
-share lets.
PER SEARS
Range /er Prestos'
Year 1932.
Lowest.
Hfehest.
Lowest.
Highest.
E'per share $ per share $ Per share $ per share $ per share $ per share Shares,
Railroads
$ per share $ per shore
4558 4812 47 2 40 2 45 4 4
7
5
3
4514 473 103,200 Atch Topeka & Santa Fe--100 345 Feb 25 495* Apr 24 $ per share 11 Pr RAW/
3
74 4818 48 4 4638 48
4
4
1778 June 94
61
61
Jan
60
615
8 80 2 81
3
6012 61
80
8114 5812 8114 2,600
Preferred
'
1
50 Apr 3 68 Feb 9
35 July 86
022
12 213
Jan
2512 263
4 24
52 25
3
2814 28
5s 24 4 28
25 8 2712 24.100 Atlantic Coast Line RR..100l 1612 Feb 25 28 Apr 26
3
9 4 May 44 Sept
3
1114 1212 1212 133
8 1158 125g 1112 13
114 124 1114 1232 80,600 Baltimore & Ohio
100
814 Feb 27 1412 Apr 21
33 June 213 Jan
4
01218 1418 14
3
1538 1334 1434 1414 1512 14
143
4 14
1412 11,400
Preferred
100
912 Apr 5 153
4•Feb 9
6 June 4112 Jan
2534 2612 2612 2714 2614 2814 2814 27
2134 28
273 284 7,100 Bangor & Aroostook
2
501 20 Jan 5 2874 Apr 28
912 June 353 Aug
80 80
4
*78
7912 *78
7912 7912 7912 80
80
80
80
100
Preferred
100 68 8 Jan 4 85 Jan 27
3
50 June 91 Sept
*8
12
*8
12
*8
11
*7
*712 11
11
*7
11
Boston & Maine
lOOl
8 Apr 19 12 Mar 15
4 July
1934 Sept
*3 4 44 *3 4 412 *334 412 *3 4 412 *33
3
3
3
4 412 *34 412
Brooklyn & Queens Tr_No par
312 Mar 29
5 Mar 16
2 8 July
7
1014 Mar
*3712 40
40 40
40 40 .
3712 42
40
*40
40
484
300
Preferred
No pan 35 4 Apr 19 454 Jan 114
3
2314 June 58 Mar
31
32 8 3114 32 2 31
3
5
324 31
317
s 3018 3114 29
30 4 40,700 Skin Manb Transit _No par 213 Feb 25 3314 Apr 21
,
4
Ills June 5014 Mar
*75
78
75
7514 751s 754 75
*7514 7818 75
75
75
800
$13 Preferred series A.No pan 64 Mar 2 804 Mar 27
314 June 7833 Mar
7
8 118
4
7
8
1
1
*3
4 I
3
4
3
4 3.300 Brunswick Ter& Ry Seallo par
4 Jan 11
118 Apr 25
12 Apr
23* Aug
10
1114 1114 117
8 11
3
114 10 4 1158 1012 1114
1014 11
96,100 Canadian Pacific
25
712 Apr 3 145 Jan R
8
714 May 205* Mar
*47
65
*47
55
52
51
*5112 52
*5112 52
*5112 52
20 Caro Clinch & Ohio Mod_ .1001 5014 Apr 4 55 Jan 31
39 July 70 Feb
297 3112 3114 32
2
3012 3112 30 4 3238 30 4 317
3
3
8 3012 3112 77,400 Chesapeake & Oblo
251 245* Feb 28 323 Apr 26
4
9 4 July 3112 Jan
12
12
3
*12
*3
7
4 1
*2
8 1
•8
3
1
•3
2 1
100 Chic & East HI Ry Co
1001
12 Apr 18
118 Feb 10
12 July
*3
4
1
33 Aug
•7
4
8
1
*12
1
1
1
3
4
1
*3
4 1
6% preferred
12 Apr 5
400
1001
114 Jan 11
12 May
212 258
5 Aug
24 212
214 212
238
24
24 2 4
3
212 23
4 4,200 Chicago Great We,tern
3
182 Apr 6
100l
3 Jan 11
114 June
53 Aug
8
512 54
8
8 14
54 6
578 8
512 84
53
4 5 4 4,700
Preferred
3
100
212 Apr 5
83 Jan 10
s
212 May 1512 Jan
158
134
158 178
158 17
8
13
4 13
4
152 13
13
4 13
4
4 4.000 Chic MIlw St P & Pao__No par
1 Apr 6
23 Jan 9
s
34 June
412 Aug
212 278
23
4 3
212 23
4
25
2 23
212 212 6,300
212 23
4
4
Preferred
112 Feb 28
1001
312 Jan 11
118 May
8 Aug
4
5
5
512
412 5
414 5 4
45
8 5
,
44
,
5
59,800 Chicago & North Western_ 100
114 Apr 5
614 Jan 11
2 May 1412 Aug
7
8
712 814
612 754
85
8 714
714 7 4 •612 74 1,500
Preferred
,
iooI
2 Apr 5
914 Jan I I
4 Dec 31
4
Jan
412
412 5
412 41.2
44 5
44 43
4
4 14 5,100 ChlcagoRocklsl&Paoltic.100I
4
2 Apr 5
57 Apr 21
s
112 May
16 s Jan
3
512 512
57
8
612 63
6
612
6
6
2,300
7% preferred
512 6
312 Apr 10
100
812 Jan 11
314 Dec 271, Jan
43
4 434
478 5
41. 5
5
512 *4 4 514
5
5
8% preferred
3
27 Apr 11
1,700
s
100
712 Jan ii
2 May 2412 Jan
*IS
24
*15
24 .15
24
•15
•15
24
24
*15
24
Colorado & Southern
100 1514 Feb 24 1512 Feb 20
412 June 2912 Sept
5
514
57
3 614
54 64
57
2 133
4
5 4 57
3
512 53
s
4 8,700 Congo! RR of Cuba prof. 100
114 Feb 24
63 Apr 25
4
Dec 1 1 12 Jan
1
56
58
57
59
54
5614 55
54
584 545s 573
5712 42,000 Delaware & Hudson
2
100 3733 Feb 25 60 Apr 21
32 July 9212 Sept
243
23
4 24
2538 234 2412 23
2512 2312 245
2 234 2412 79,800 Delaware Lack & Western_ 50 IN Feb 25 2738 Jan ii
812 June 4578 Sept
278
278
3
3
*3
5
412 5
478 44
2
*3 4 47
,
500 Deny & Rio Gr West prof..100
2 Feb 28
5 Apr 26
112 Mar
8
1314
9 Jan
6
64 *54 6
8
8 14 *8
6 4 57
,
2
83
8 5,700 Erie
33 Apr 4
4
100
67 Apr 26
4
2 May
6 4 714
3
1134 Sept
612 7 8
3
65
8 84
67
2 73
74 7 4 5,300
7
3
714 712
First preferred
412 Apr 4
100
74 Apr 26
2 8 May 157 Aug
5
8
*37
8 5
*43
3 43
4
43
4 44
43
3
4 44
5
3
44 5
3
600
Second preferred
211 Apr 4
100
514 Jan II
2 May 1012 Aug
I14 1514 13 8 1558 1312 1438 13 8 15
5
3
1312 1412 1218 1412 113.300 Great Northern pest
100
43 Apr 5 1548 Apr 24
8
512 May 25
Jan
2
2
214 24
212 3
218 214
3
3
3
3
1,300 Gulf Mobile & Northern-100
134 Mar 31
3 Apr 21
,
2 May
*412 8
10 Sept
*4 2 7
5
*412 7
54 6
3
*5
7
6
6
300
Preferred
100
212 Mar 31
6 Apr 26
212 Dec 154 Sept
14 4 147
3
8 13 8 15
7
1318 14
13 4 137
3
7
4 134 13 2 1218 124 3,400 Hudson es Manhattan- _ _ 100 142 Feb 27 154 Apr 21
.
8 May 303 Jan
1612 1618 1712 1518 163
15
4
8 1518 17
1558 16
143 1614 42,800 Illinois Central
4
100
812 Apr 6 1812 Apr 21
43 June 2474 Sept
4
*54 712 *8
8
812
8
74 712
712 812
83
2 Pa
490
RR Sec Ws series A-1000
412 Apr 18
85 Apr 28
8
4 May
1412 Jan
614 812
514
84 612
134 8 2
,
5 4 57 12,900 Interboro Rapid Tran v t 0.100
3
5 4 64
3
2
Vs Feb 27
714 Mar 25
24 June
10
Mar
1012 11
1114 10 4 1112 1114 117
3
8 1014 11
9
1018 7,000 Kansas City Southern
100
812 Feb 27 12 Apr2I
214 June . 1145% Sept
*IS
157
14
8 15
52 /5 4 1514 15 8 15
3
153
3
8 15 8 153 *1412 15 4 1,600
3
2
3
Preferred
100 212 Mar 31
16 Feb9
5 June 2514 Sept
1212 13 4 1312 14 4 12 8 134 1278 1458 13
3
7
3
134 12
1212 18,400 Lehigh Valley
85 Feb 24 127 Jun 9
8
8
50
5 June 2914 Sept
34
3878 37
12 387
8 3812 3712 36 8 3812 38
7
384 36
373 28,800 Louisville ds Nashville_..100 2114 Jan 3 3912 Apr 21
4
712 May
•1518 16
*1518 17
Sept
1512 /512 •13
187 *13
17
8
•13
17
10 Manhattan RY 7% guar. 100 12 Mar 16 1818 Jan 28
9 Sept 38
46344
1012 10 4 1014 10 8 10
3
7
1118 10
9 4 1018
3
107
8
912 10
8,700 Mani] Fly Co mod 5% guar.100
6 Jan 3 1118 Apr 21
3
4 June 203 Mar
4
*2
3
*218 3
24
*2141 3
*212 24 *212 24
Market St Ry prior pref__100
*41,
17 Mar 3
8
2 4 Feb 3
1
218 Dec958
1 jzil
*Is
4
*4
14
0
4
14
,
4
14
12
3
8
3
8 2,300 Minneapolis & St Louts-100
Is Jan 23
12 Apr 27
118 112
4 214 •1
*3
Aug
2
*3
4 2
•
1
2
*1
2
100 Minn St Paul & SS Marle.100
12 Mar 20
13 Apr 21
4
12Dee
48 Sept
8
9
1018
958 1052
918 1018
94 93
4
94 9 8
7
918 9 2 35,900 Mo-Kan-Texas RR__ __No par
7
534 Jan 3 1134 Apr 21
114 May 13 Sept
19 8 20
3
21
14 19
1858 187
8 1912 2012 20
20
19
1912 7.600
Preferred series A
100 1112 Jan 3 2114 Apr 21
314 June 24 Sept
13
4 2
214 214
2
2
2•
218 *2
212 *2
218 1,400 Missouri Pacific,
100
114 Apr 1
434 Jan 11
22
8 314
112 May
318 312
314 3 2
5
2 8 314
7
22 3
7
2 4 27
3
8 5,900
Cony preferred
100
3s Apr 1
7 Jan 10
212 May
14
14
*4
14
14
14
83
3
*14
8
4
4 1,900 Nat Ry* of Merle° 2d pref_100
I Jan 3
3 Apr 20
8
Is Feb 216172 Sept
2158 234 233 2478
8
2178 2312 22
24
t
22
2312 204 223 203,700 New York Central
4
100 14 Feb 25 25 Apr 21
8 4 June 365 Jan
8
312 312
4
33
4 3 4 *34 3 4
313 31
3
. 3
312 312
3 4 33
3
4
900 N Y Chip & St Louts Co......100
As Jan 28
44 Feb 9
lir May
*3 4 4
3
3 4 44
3
4
4
414
4 14
312 .
4
314 3 2 2,700
3
Preferred series A
23s Apr 11
100
614 Feb 9
2 June 1253 Sepi
107 108
17 Ase
109 111
107 108
91 J un
107 110 4 10714 110
7
1083 108 4
4
3
290 N Y & Harlem
50 100 Mar 31 120 Jan 28
8214 May
15 4 167
3
8 1814 174 154 18 s
1512 173
8
2 157 1612 154 16 8 40,700 N Y N H & Hartford
3
3
100 Ills Feb 27 lgss Apr 21
6 May 3158 Jan
25
263
4 2814 2712 25 4 2 7
28 8 263 263
3
4
3
4 2812 2 ,
8 8 25
Cony preferred
0 2 7,200
100 18 Apr 4 30 4 Jun I I
3
117s July 783 Jan
4
11
1012 113
g
115
8 104 104
3
2 104 11
4 10 4 1112 1012 107
14,900 NY Ontario & Western.
..100
4
7 2 Jan 4 127 Apr 21
3
33 July
s
153 Sept
4
*14
*14
3
4
*14
*14
3
4
h
3
4
*14
3
4
NY Railways pre:
la mar 15
*14
3
4
3 Jan 20
8
No Par
.85*
4 Dec
78
7
8
*3
8
7
8
1
4
,12 1
Feb
34
"8
7
8
100 Norfolk Southern
*3
8
7
11
12 Apr 4
112 Jan 11
100
14 Dec
33 Sept
4
128 4 13114 133 1374 134 13512 13712 138
3
135 135
137 137
2,200 Norfolk & Western
100 11112Msr 2 138 Apr 26
57 June 135 Sept
*70
*70
78
78
78
78 .70
*70
*70
*70
78
78
Preferred100 77 Apr 3 R312 Jan 5
65 July 8112 Dee
161g 18 8 1712 183
3
4 16 8 177
8 17
5
183
4
4 163 177
8 184 1712 67,300 Northern Pacific
100
3
95* Apr 5 207 Apr 21
512 May 255* Sept
*14 312 4114 312 *114 4
•118 4
*118 4
•112 4
Pacific Coast
100
1 Jan 25
2 Jan 12
1 Mar
Sept
187 2012 2012 2114 1914 2012 1912 204 1912 20 8 1914 20 8 123,500 Pennsylvania
8
3
,
4
50 133 Jan 3 223a Apr 21
612 June 2332 .bi
3
%
*7
8 2
2
*1
*I
2
*1
•1
*1
2
2
2
Peoria & Eastern
7a Feb 17
100
114 Jan 17
7 May
s
514 SOP t
812 6
612 6 2
12
8 7
,
712
12 *5
712 74 *67
6 4 63
3
400 Pere Marquette
4
100
814 Feb 10
3 a Mar 3
7
13 June 18 Au I
4
9 4 1212 12
3
10
1012 10
10
12
9 8 1012 111
7
1014
880
Prior preferred
100
6 Jan 3 125* Feb 10
312 June 26 Aug
7
74
7 4 818
3
712 712 1.170
7
712 814
74 8
3
74
Preferred
100
412 Feb 28 1012 Feb 10
212 J une 24 Aug
*5
84 *5
818 *5
84 83
812
9 4 105
3
4
8 1014 1014 1,300 Pittsburgh & West Virginia 100
612 Apr 19 1038 Apr 27
6 Dec 2112 Aug
29
3012 3114 3214 3014 31
31
33
3012 32
3312 32
5,800 Reading
50 2312 Apr 5 3312 Apr 26
912 June 5214 Sept
*2314 25
*234 25
2512 295 *2514 294 *2314 29
25
25 •
8
100
52
181 preferred
50 25 Apr 25 31 Jan 14
15 July 33 Jan
•21
2714 *2118 2714 *22
25
25
25
2514 2812
25 .
25
200
2d preferred
50 2312 Mar 31 28 Jan 13
15 May 38 Sept
118
78
14
114
114
118
1
1
1
114
1
3,400 St Louis
7 Jan 30
-San Franclgoo___100
4
112 Jam 5
3 May
4
634 Jan
*114
112
112 17
112 17
8
118 13
8
114
s
1,
4
Ds
114 1,800
1st preferred
100
1 Apr 17
17 Jan 17
s
1 may
9 4 Jan
3
*314 11
*314 812 *314 11
,
*3 4 11
*314 9,
St Louis Southwestern..--100
2 *314 94
514 Mar 15
514 mar 15
3 may
1374 Sept
*44 20
.418 20
*418 20
*44 20
*418 20
*418 20
Preferred
100
4
83 Dec 2012 Jan
3
8
4
14
4
8
*4
•14
3
8
3
8
14 Jan 3
3
8 2,800 Seaboard Air Line
No par
3 Jan 5
8
la Jan
•3,
*3
1 Sept
8
7
g
7
8
,8
*3
7
8
•3
4
7
8
*3
8
8
*3
8
7
Preferred_
7
8
es Mar 25
100
7 Jan 10
8
14 Jan
13 Sept
8
167 18 4 1838 1938 17
3
8
4
8
183
8 173 184 174 18 8 157.500 Southern Pacific Co
2 167 195
5
100 1118 Feb 25 2014 Apr 21
612 June 373 Jan
4
712 812
85 1014
9
934 1178 93,700 Southern Railway
8
9 8 10 4
7
912
3
812
100
41s Mar 2 117 Apr 28
8
212May 1812 Sept
812 912 10
1212 1438 1252 184 63,500
1178
10 8 1114 10 4 14
3
3
Preferred_
57 Jan 3 1614 Apr 28
4
100
3 July 233 Sept
*11
4
29
15
15
154 1512 *1412 297 •14
16
16
20
8
500 Texas & Pacific
100 15 Apr 24 17 Apr 20
13 Nov 35 Sept
54 6
8
6
578 54
6
6
1,000 Third Avenue
512 612 *514 0
Cs Feb 25
100
63 Feb 3
4
38 May 14 Mar
7
*7
8
112 *1
112 *I
1
112
112 •1
112 *1
112 •
Twin City Rapid Trans No Par
112 „Ian 10
Ps Jan 20
14 Dec
74 912 •718 912
*7
912
912 94 *712 813
712 712 •
20
Preferred_
578 Apr 19
. 100
914 Apr 24
7 June 2 1j a e
41 J nn
u
745
71
8 73
754 717 7312 715 75 2 7214 74
8
2
3
7012 7312 55.100 Union Pacific
100 814 Apr 5 807 Mar 16 .271 July 9412 Feb
8
1
80
60 .61
6512 62
62
62
(30
80
60 • 80
60
700
Preferred
100 56 Apr 8 6812 Feb 10
40 May 714 Aug
*14 14 *112 14
•112 13
4
112 112 *112 13
*112 13
4
200 Wabash
4
112 Jan 4
100
218 Jan 10
7
sJUne
414 Aug
2
2
2
214 *24 212
24 218 *2
218 21g
900
212
Preferred A
100
Ils Apr 6
318 Jan 11
1 June
7
7 52
74 7 8
,
678 77 14.700 Western Maryland
718 7 8
7
7
7
8
3
74
74
4 Feb 27
100
83 Apr 21
8
112 May
113 Sept
64
714 7
14
7 4 7 4 *8
3
3
818 818 *7
1,000
5
1
82
,
2d preferred
,
84 84
,
100
83 Apr 21
2
5s Jan 12
'2 May
Sept
1
14
3
112 112
112
114
112 112 4,000 Western Pacific
112 •112 15
8
13
4
100
1 Apr 22
2 Jan 9
12 J une
1 21344
24 23
4
3
3 14
3
3
3
1,300
Preferred
*212 312 *212 3
3
100
17 Mar 2
2
3 2 Jan 11
5
3 May
4
87 Aug
8
Industrial lk Miscellaneous
2214 28
*2118 23
*24
25 8 *22
253 *23
3
25 4 *2212 253
3
4
900 Abraham & Straus
4
No par 134 Feb 23 26 Apr 24
10 June 2458 Aug
*6314 6914 *7014 94
*6314 94
94
94
*75
Preferred
*82
•75
94
1001 80 Mar 3 80 Mar 3 68 July
98 Mar
5 4 612
3
612 612
1312 1 3
572 63
34
8
8
83
8
53
4 8
No part
4 35,700 Adams Express
3 Feb 28
67 Apr 21
4
15 May
8
912 Sept
*52
54
80
68
62
82
62
62
62
82
62
Preferred_
83 4
400
,
lOot 39 April 6314 Apr 28
22 June 73 Sept
912 10,
•1012 113
1012 1012 1018 1012 10
4
1018
1,100 Adams Mills
No par
4 •912 10
8 Apr 7 153 Jan 9
4
12 June 303 Mar
4
614 7
74 812
014 814
63
8 87
8
7 4 83 14.200 Address Multher Corp_No par
3
74 83
4
4
54 Apr 15 101s Jan 3
84 Dec
38
8
14 Sept
27
8 278 .3
3
3
278 24 *258 24
258 24
700 Advance Homely
No par
13 Feb 21
4
3 Apr 20
114 June
44 Aug
111 2 10 4 10 4 11
3
5
10 8 114 10 2 11
5
3
1012 1052 1012 10 4 8.600 Affiliated Products Ine_No par
5
3
7s4 Mar 1
1114 Apr 20
44 May
1612 Mar
624 68
6114 64
614 654 62
62
64
6314 61
641/ 25,500 Air Reduction Inc
No par 4712 Feb 25 66 Apr 24
307 July 6311 Sept
a
•118
12
8
1
1
11.
2 4118 1.38
152 •1
15
8 *14 13
100 Air Way Elea Appliance No part
5, Feb 28
1 14 Jan 5
II Arne
35, Sept
1614 18
1812 1832 16
1652 15 4 1612 15
3
153
4 144 154 102,000 Alaska Juneau Gold Min...10I 1118 Jan 14 1838 Apr 24
734 June
163,, Jan
2
•118 2
•13
2
4 2
*134 2
*13
4 2
13
4 14
300 A P W Paper Co
No paei
1 Jan 5
2 Apr 24
7 Dec
8
4 Ma:
114
112
114
13
2
118 13
114 1 2
118
8
114
,
13 18,100 Allegheny Corp
2
13
4
Apr 4
par
78
No
13 Jan 11
4
Is May
35* Sept
23
2 3
12
238 23
2
2
24 218 1,800
23
218 24
2
218 214
Prof A with 230 ware__ .1001
1 Apr 5
318 Jan 5
84 May
814 Sept
. *212 3 2 *212 3
•112 25
2
2 212 *212 31
8 *112 25
,
*17
Peet A with 240 wa,r...100I
Ils Apr 17
212 Jan 4
es J1108
8 Seer:
411, 2
2
•1
*112 2
*112 2
2
2
.
5112 2
100
Pre( A without warr _100
114 M&30
23 Jan 6
4
1 June
4
8 Sept
*Bid and asked prices. no ealea 00 MIN day. a Optional as e. s Sold 15 days. s E4-cUvliend. r Et
-rights
•
New York Stock Record-Continued-Page 2
2925
RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
13.1" FOR SALES DURING THE WEEK OF STOCKS NOT
PER SHARE
PER SHARE
Range for Prerious
STOCKS
Sales
Range Since Jan 1.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Year 1932.
for
NEW YORK STOCK
On basis of 100 share tots.
EXCHANGE.
the
Friday
Wednesday Thursday
Tuesday
Monday
Higheet.
Highest.
Lowest.
Saturday
Lowest.
Week.
Apr. 28.
Apr. 27.
Ayr. 26.
Apr. 25.
Apr. 24.
Apr. 22.
per share $ per share $ per share $ per sears
$ per share $ per share Shares. Indus. & Miscall. (Con.) tar $ 5 Mar 30 1084 Apr 24
5 May 15 Sept
Per share 16 per share $ per share
$ per share
870 Allegheny Steel Co...__No par
3
3
9 4 94
101g 1012 1058
42 June 8814 Sept
4
1
/
4 1014 1058 10
912 103
par 7014 Feb 27 9134 Apr 24
91z 912
4
8912 83% 873 78.700 Allied Chemical & Dye.No 100 115 Apr 21 1217, Feb 1 . 9812 Apr 120 Dec
894 9112 85
4
/
4 891 93
8812 92% 924 913
Preferred
17,800
116 118
4
11712 1173
4 June 1538 Sept
4
1
/
*114 11712 117 11712 1174 11712 a116 118
tt Feb 27 12 Apr 20
Mfg_ __ _No par
15,700 Allis-Chalmers
1112 10% 1138 1014 114 10% 11
1158 11
2
1 A
41! July 10% .1an
11
1
10
524 Jan 10 10 Apr 20
3
914 9 4 1,700 Alptut Portland Cement No par
94 94 *9
912 • 912
91
*914 912
914 *9
Sept
4
/
11 Apr 27
58 Feb 21
2.100 Amalgam Leather Co_.No par
•158 2
154 17
158 134
152 158
4 Dec 10 Mar
158 13
4
138
*1
5 Feb22 12 Apr 24
800 70
12
12
12
12
12
117 117
12
12 Jan 2234 Sept
1012 1034 12
*10
No par 184 Mar 2 3018 Apr 19
er
refp Corpp
13,000 Amerada Cfired
2612 28
28
'
29'8 271 s
28
2914 28
1
/
312 June 154 Sept
714Mar 1 15/8 Apr 25
2812 2734 30
27
14% 11,500 Amer Agric Chem (Del) No par
14
1
/
1338 1312 1538 144 1538 1414 147
5 May 2212 Sept
13
13
8 Mar 2 1514 Apr 24
12
10
* 1414 143
4 4.000 American Bank Note
28 June 47 Feb
1434 1534 1418 1434 1412 147 *1114 118
5
13 8 15
50 34 Apr 7 40 Apr 25
150
37
37
40 40
27 Aug
14 Apr
8
40 40 *3634 42
8
57 Apr 20
1 Jan 30
3612 361 *3812 42
red
434 5 17.800 American BeetSugar_No par
8 5%
45
1 Apr
43* 44
412 51
934 Aug
158
4% 5
4
100
23* Jan 5 26 Apr 26
7% preferred
247 *20 2112 1.630
21
18
2078 2014 26
GI:June 1778 Sept
4
173 183
94 Mar 3 1912 Apr 20
1638 173
Am Bruke Shoe & Fdy_No p
3,600
4
1
/ 17
18
1858 1712 15
18
183* 19
40 July 90 Feb
1812 191
*17% 181
100 60 Mar 28 77 Apr 15
Preferred
80 *77 80
80 *77
*77
4
1
/
80
2958 June 73 Mar
*76 85 •76 80 *76
25 4912 Feb 25 2/614 Apr 24
4
4 7258 7414 7114 743 159,100 American Can
4
9312June 129 Mar
7214 7412 723 743
76 r73% 781
71
103 112 Feb 27 12834 Jan 28
Preferred
1,100
117 117 *11512 119 *11512 119
318 June 17 Sept
125 all8 1181 11514 117
Jan 23 1312 Apr 27
1
/
64
•1181z
par
12% 1312 1212 1312 11.800 American Car.f:Fdy---No 100 15 Feb 28 30 Apr 20
15 Dec 50 Aug
112 1234 1178 123
1218 13
111
11
Preferred
3.100
29
5
2814 29 8 28
281
28
28
281
2713 28
27% 273
74 Sept
1
/
14 Apr
4
1
/
3 Jan 10
158 Mar 31
No par
American Chaln.
200
1
/
218 24
212
212 24 *2
212
7 June 26 Jan
*2
21
32
.
21
*2
8 Jan 17
312Mar 1
7% preferred..100
200
64 64 *45s 7
*812 7
18 June 38 Nov
*512 7
*512 7
*512 7
No par 34 Mar 2 4134 Apr 21
414 2.203 American Chicle
84 Sept
2 July
4 Feb 9
3912 40 • 4014 4014 40 404 4012 4114 403* 212 1.000 Amer Colony pe Co
4
2 Feb 24
393 40
10
323
4
1
/ 2.2 *214 212 . 8 212 *218
2
*212 27
11 May 27 Sept
*24 3
_20 13 Feb 27 228 Jan 5
4 1912 2012 33.803 Am Comma Alcohol Corp_ par
193
5 Jan
1730 1818 18
4
3 Dec
187
2 Apr 25
1814 18
173* 18
1 Jan 5
17
Amer Encaustb• TIling.No
4 • 700
4
/
1
/
4 13
11
14 11
18
17
214 Apt 1534 Sept
112 2
4
/
11 1'2
*14 113
7
3 8 Apr 1 1038 Jae 6
503 Amer European Sec's_No par
4
512 53
1
/
1
/
*54 578 *54 534
8
2 May 15 Sept
6
37; Feb 27 107 Apr 20
4
/
61 81
8
6
6
-No par
8 78 87.800 Amer & Porn Power
918
8
83*
1
/
818 958
5 May 384 Jan
84 99 3
9
4
1
/ 9
7
714 Apr 4 19 Apr 20
No par
Preferred
4.100
1112 15
1514 16
164 1434 18
4
1
/
2 May 2114 Aug
1512 174 16
1458 16
158 Apr 4 12 Apr 20
No par
2d preferred
914 103* 5.800
4
1
/ 1014
9
934 108t
4
10
33 June 33 Jan
4
9
4
1
/ 103
9
4
1
/
13 Apr 21
9 1012
A A
No par
$6 preferred__
5,300
1212 1278
1238 1334 1258 13
612 Aug
3 May
114 1212 1212 133* 123* 13
818 Apr 22
1 Yr 5
n
203 Amer Hawauan S S Co-..-10
7
*8
7
858 *8
.8
3
4
1
/
6 Sept
1 May
7
*8
812 Apr 21
6 12 *614 7
6
212 Mar 2
3.500 Ame. Hide & Leather_No par
534 6
4
1
/ 618
6
478 May 27 Sept
3
54 614
4
1
/ 6
5
614
6
58 6
100 1312 Feb 14 2112 Apr 27
Preferred
1.900
23
2412 *20
23
24
25 June 513* Mar
23
2112 2112 22
4
*203 2218 *21
2912 Mar 1 40 Apr 20
6.101 Amer Home Products-No par
3658 37
4
3 38
373* 363 37
383* 3714 38
3
3 8 Dec 2158 Mar
37
33 Feb 24
7 Apr 21
38
37
No par
614 612 7.200 American Ice
63* 64
64
35 Dec 68 Mar
6
4
812 63
8 7
65
634
6
100 25 Feb 15 34 Mar 1.8
6% non-cum pret
50
33253 3312
34 *323* 3312 .
31
•
12Jua e
3112 3112 32
214 jnn 12 Septs g
,4 m
*3214 34
27 10's m 15
2 Apr21
338
14 Feb
814 914 35.300 Amer Internat. Corp.__No par
4 918
83
93*
9
9
3
94
94 1034
4
83 10
14 Apr 21
par
12
•14
4
3
4
3
4
3
1
: 1.100 Am 1. Frame & Foamfte No 100
4
3
*14
14
14
4
4• 2
0
414 Aug
1 July
24 Jan 28
114 Jan 3
Preferred
160
*112 2
2
2
2
2
*158 2
358 July 154 Aug
8 2
*15
*158 2
4
1
/
5 Jan 3 15 Apr 20
6.80 American Locomotive_ Na par
1334 1312 1118 1234 14
1718 Dec 49 Sept
1312 13
123* 133
4
/
4 13
1214 13
100 1734 Jan 3 391 Apr 20
Preferred
30
34
34 *31
35 *31
4
1
/
7 June 2214 Jan
35 *31
3812 3712 3712 35
*30
4
1
/
8 Feb 27 1434 Apr 20
par
133 1334 1312 13l2 7.30 Amer Mach & Fdry Co.No
1358 1412 1358 1414 1312 14
1312 14
38 Mar
1 June
2% Apr 21
1 Jan 27
900 Amer Mach & MetaLs_No Pa
238 28*
218 218
1'5June
4
1
/
9 Aug
.24 234
2
2
4
1
/
•24 2 • 212 24
318 Feb 21 113* Apr 27
Metal Co Ltd. __No pa
4 1018 1118 70.100 Amer cony preferred
1012 1012 113
6isJune 32 Aug
9
85
712 834
8 9
88 912
1512 Jan 4 38 Apr 27
00
6%
3812 3,140
34
1
/
3434 344 38
14 July 33 Jan
2934 3018 293* 313* 30
2912 30
17 Jan 20 30 Feb 6
10 Amer News Co Inc..Inc___No pa
4
4
183 183
3 Jun
174 Sept
94 Jan 11
19
*1812 19 *1812 19 *184 19
4 Feb 27
19 .18
*18
614 658 57.103 Amer Power & LIght_No pa
618 7
7
57
6
1514 June 58 Jan
4
1
/
814 6
684 73
634
_No pa
8
97 Air 5 2112 Jan 11
$13 preferred
1
/
8 1418 144 2.60
4
111 147
10 July 4914 Jan
1614 153* 1618 1412 16
9 Apr 1 214 Jan 12
154 1514 15
No par
$5 preferred
1,803
1278 13
14
318 June 1214 Sept
4
912 Apr 24
/
131 134 1312 1312 1358 1312 13
3
458 Feb 27
•12 8 13
4
1
/
814 8 103,33 Am gArt A Stand Sagest No pa
4
/
1
8 8 81
858 918
3 May 1852 Sept
3
8 4 912
918 912
4
1
/ 9
8
534 Mar 2 133* Apr 20
2
1158 1214 32,40 American Rolling Mill
1338 Jun r2914 Mar
4
/
4
/
1058 111 121 1318 1112 1258 II% 1218 1112 12% 234 2412 1.203 American Safety RAZJr No Pa
2018 Apr 6 25 Apr 20
38 Sept
4
8 June
2312 23
84
2334 24
4
1
/ 23
4
1
/ 24
1
/
14Feb 2
2378 23
20
24
*234
78 Mar
20 Amerlain Seating v t o_No pa
4
/
*118 11 •14 14 •14 178
% Sept
la AP
12 Apr 24
112 112 *112 2
4 Apr 8
*118 2
603 Amer Ship & Comm. ..No pa
15
8
8
ala
•3*
•14
10 June 2518 Jan
1
8
*3
12
%
:Mar 3 16 Apr 7
Ili
13
12
No pa
2 Amer StOpbulidlog Co
*1312 14
•1312 14
518 May 2714 Sept
14
*1312 14 •134 14
14
1034 Feb 25 3112 Apr 20
4
1
271s 18% 109.30 Amer Stneiting & Rehr.No pa
.314 2
4
1
/ 30
287 284 27
22 June 85 Jan
3014 2818 281
2512 2Ss 28
100 31 Jan 10 61 Apr 20
Preferred
1,603
58 58
59
5518 58's 58
573
15 July 55 Feb
57
5714 59
5514 56
2d Preferred 6% cum-.-100 2012 Jan 2 45 Apr 20
703
45
44
43
43
43
4
44
213 June 364 Aug
*42
434 4313 44
25 3212 Jan 10 44 Apr 24
4211 41
•
3.033 American Snuff
418 421
1212 423
43
43 ,*4214 43
1334 44
90 Jan 106 Sept
42 437
100 10218. Jan 9 • 101 Feb 23
Preferred
20
1044 104'4
3 May 1518 Sept
*103 105 *104 105 *104 105 *104 105 *101 105
458 Feb 28 12 Apr 20
958 101 19.203 Ames 'Steel Foundrieei_No par
101
97
93* 10
912 10s
8
918 107
10
9
100 373* Mar 28 56 Jan 9 34 July 80 Feb
Preferred
220
75
8
20 May 361 Mar
4
4612 4612 4714 49 *475 50 • 475 473* 47% 50 *50
No par 30 Feb 27 3934 Apr 28
3914 4.303 Amar.can Stores
39
391
39
13 June 3914 Jan
3834 3814 39
3814 38
4
1
/ 38
3712 37
100 2112 Jan 19 52 Apr 20
494 33,503 Amer Sugar Refining
4715
4718 49
4
45 May 90 Aug
/
5012 4912 511 4714 4912 484 50
46
100 80 Jan 19 100 Apr 19
Preferred
403
9714 9714
97
97
98
4
1
/ 978 98
97
.9612 100 .9612 98
3
234 Apr .1014 Aug
6 Jan 13 1018 Apr 20
918 912 9,900 Am Sumatra Tobacco_ _No par
4
1
/
878 8
9
6934 July 1373* Feb
912
914 93*
83* 934
4
/
81 9
164. 8012 Apr 18 10938 Jan II
9314 9534 225.703 Amer Telep & Teieg
98
4012 June 88 4 Mar
4
96
8 94
9312 973* 94
3
9434 933 983
91
.25 49 Feb 23 7234 Apr 24
American To bane°
7014 713* 9,200
44 June 8984 Mar
7234 7034 7112 7012 7212 7112 72
72
4
6814 72
Common class B _ ._....-25 5034 Feb 25 751 Apr 26
4 734 745* 723* 75% 65.700
9514 June 1184 Oct
7012 753* 7414 7512 7212 7414 7214 753
100 10234Mar 1 117 Jan 14
Preferred
1.700
111
10812 10812 *107
4 June 25 Jan
13 Apr 10
9 Jan 13
105 10814 105 105 .1105 107
•108 108
700 Am Type Founders--Na par
8
74 *7
07
.
8
1
/
7
104 July 70 Jan
7
7
7
8
7
7
7
100 10 Apr 6 187 Jan 11
Preferred
100
11 May 34% Mar
143* 1418 1412 1518 1412 1818 154 1534 .1412 15 23,70 3,01 Water Wits & Elec_No par 107 Apr 7 1912 Jan 9
14
14
8
4 1614 173* 1512 1614 5.800
11 May 31 Mar
4
1
/ 173
173
16
8 1812 1814 18
165
15
912 Apr 4 1634 Jan 9
Common vol tr otts_No par
1318
1458 1312 1378 13
26 June 75 Jan
4
/
131 1434 1334 1458 14
1212 13
No par 35 Mar 24 58 ,Jan 12
1st preferred
70
45
10 sere
354 474 *40
Al may
45 •
8% Apr 24
4
4612 463 *45 4712 45
47
*44
34 Mar 2
: 74 18.500 American Woolen__ . No pa
71
758 8
1512 Jan 394 Sept
4
8
4 87
73
712 84
8
1
/
4 87
73
8
78 87
100 22% Feb 16 393 Apr 25
Preferred
3614 384 33,00
38
141Vlay
214 Aug
3914 378
1.4 Apr 20
4
3918 363 3934 37
4
1
/ Feb 5
3314 3534 36
Am Writing Paper ctfa_No par
40
4
3
I2
•
11
28
8
l2
7
.12
8
7
4
.3
•13
78
*1:
2 July
8 Aug
314 Apr 10
4
3 Feb 17
Preferred certificates No par
*118 2
2
2
67 Sept
114 May
58
7
614 Apr 20
*2
4
1
/ *2
5
518 *2
*2
24 Feb 28
7,200 Amer Zinc Lead .1 dmeIt...1
5
412
6
5
47
5
10 June 35 Aug
3
4 4 54
518
518 53*
25 20 Feb 2 i 36 Apr 20
54 5
Preferred
341
3412 *30
19% Sept
3 Jun
3413 •30
4
/
341 *30
344 *30
*30 3414 *30
5 Feb 28 1518 Apr 20
Anaconda Copper MInIng_50
3 Apr 15 Sept
7 Apr 27
113* 1214 118* 1218 1012 1113 214.303 Anaconda Wire & CableNo par
13
1114 12
5
418 Jan 6
10 8 1214 12
203
7
7
7
7
514 May 1712 Mar
4
4 83
8 Jan 20 154 Mar 18
*6
74 •83
9
*8
6
No par
84 3
123* 3,403 Anchor Cap
11% 1214 125* 123* 12
40 May 75 Sept
118, 12
11% 12
1118 12
$6.50 cony preforred.No par 6212 Jan 11 70 Apr 20
4
3
9 Sept
118 May
70 *85 69 *65 893
84 Apr 21
70 *65
70 *65
258 Feb 7
70 *65
*65
401 Andes Copper MinIng_Na par
518 5'8
*518 7
7Apr 1512 Sept
1
.
. 54 7
612 *5
4
1
/ 61
6 •
Mar 3 1812 Apr 20
6
6
3
94
173k 4,100 Archer Daniels.8.11.11d_No par
17
8
177 18
85 . Aor 10014 Oct
.1812 191
4
1
/ 181 .3
4
/
17
1718 1712 181 17
100 95 Feb 23 100 Mar 18
7% preferred
*95 101 •95 101 .95 101
*95 101 .95 100 *95 101
21 May 61 Aug
Jan 3 6114 Apr 24
3.100 Armour & Co (Del) pref_100 41 Feb 28
55 55
58
234 Sept
56
%June
334 Apr 24
4
/
11
5614 5813 59 6114 60 6114 57 59
1
/
34 3% 101.503 ArOlUUr of Illinois class A-25
318 33
33
38
2 Sept
%June
314 31
4
/
21 Apr 24
318 314
2 4 314
'
4
3
3 Feb
25
Class B
50.300
134 2
*
1
/
14 17
134 2
21
312 May 15% Aug
17
4
/
178 21
7 Feb 27 22 Apr 24
4 1%
100
18
Preferred
1912 16,600
35 Aug
19
193* 18
I May
19 201
193* 211
1714 1912 1834 22
28 Apr 24
14 Jan 19
Arnold Constable Corp_ No par
•24
55 Sept
24 21
4
1
/ 284
2
234 27
4
/
24 278
11 Dec
212 212
4 Apr 28
2 Mar 27
No par
50 Artloom Corp
4
4
*352 4
4
/
*31 4
3 Aug
58 June
4
1
/
*3 . 4
4
/
*31 4
4
*3
114 Jan 11
Apr 17
34
,4
43
Associated Apparel Ind No par
1
•z4 1
4 1
*3
*34 1
3 May 11 Sept
1
..34 1
4 1
*3
312 Feb 20
93* Apr 24
1
Associated Dry Goods
3
7 4 814 21.803
75
81
5
7 8 81
8
87
8% 93*
612 July 1812 Aug
3
4
/
71 7 4
6% Mar 24 16 Feb 14
25
Associated Oil
1518
151 *11
1518 •11
1518 *11
151 *11
158 Dec 1214 Aug
1518 •11
*11
778 Apr 26
412 Mar 22
100 Atl G & W 188 Liaes_No par
*9
4
1
/ 1312
58 Dec 1512 Jan
7% 778 *912 131
•512 1312 *612 131
10
*5
512 Jan 14
44 Apr 11
100
Preferred
14
*9
14
4
1
/ • •9
13
*7
*612 15
*7
15
8% Feb 2178 Sept
*4% 15
19 Apr 24
28
25 1238 Feb
Refining
k 17
*
1718 077
1712 165 173* 16% 174 79,200 Atlantic
184 178 19
7 Dec 2.512 Feb
17
9 Feb 14 1512 Apr 27
No par
5.203 Atlas Powder
14
1478 144 1538 1412 1512 144 15
1212 1234 14
151
12
:June 7912 Jan
100 60 Apr 5 66 Jan 11
Preferred
40
64
61
37 Aug
63 63
82 82 *62 63
61
61
65
1 July
.61
3 Apr 24
4
/
11 Feb 27
No pa
400 Atlas Tack Corp
312
*3
3
3
312
*3
312 *3
2834 May 15134 Jan
4 212 •24 3
•13
3114 Feb28 5812 Jan II
Automobile_ _ _No pa
14
4258 4378 4734 45 4918 43 4812 4112 454 4112 4412 146.70' Auburn
178 Sept
. Is Feb
39
28 Apr 24
2
No par
a
7 Feb
400 Austin Nichol..
24 214 *114 214 *14 218
214 24
258 234
878 Dec
*2% 234
112 Jun
54 Feb 27 114 Apr 26
-5
98 114 10 8 1112 1018 11 366.700 Amnon Corp of Del(The)
5
94 1014
912 1018
10
2 May 12 Aug
9
614 Jan 10
358 Apr 12
pa
512 814 17.800 Elaidwth Loco Works_No
58
518 6
518 512
5
518 512
434 54
8 May 3718 Aug
4
1
/
9 Apr 4 1512 Apr 28
100
Preferred
1318 1414 1414 1512 2.22
1358
8 123* 1318 13
Feb
1258 143
12
15
12
10 Bamberger (L)& Co pref....100 6814 Feb 28 76 Apr 27 82 July 99 Aug
79
77 *73
*73
75
75
79
*75
79
79 *75
312
*75
2
7 Feb
12 Apr
18 Jan 1
No pa
Barker Brothers
17*
•74
178
•78
4
/
3 11
*7
*% 178
•% 17
4
1
/ 1%
*
338 June
7 Sent
6 Apr 24
3 Mar 2
5
4% 54 15.200 Barnsdal Corp
5 14
5
514 511
514 538
518 6
4
1
/ 514
4
2 Dec 13 Feb
314 Jan 6 21 Apr 26
670 Bayuk Cigars Ina.__No par
19
8 19
21
201.1 203
20
4 1834 20% 1914 20
183
30 Dec 69 Jan
•17
100 27 Jan 18 60 Apr 25
let preferred
60
65
65 *81
*61
*61
60 60
574 60
60 •
104 Nov 4312 Jan
155
7 Mar 2 18 Apr 20
50
4
1
/ 6,000 Beatrice Creamery
8 1412 15
154 1814 15% 157
1612
16
17
16% 16
15
100 45 Feb 24 70 Apr 25 62 Dec 95 Jan
Preferred
200
*6518 75
70 •65
70
70 70
*70
294 may 451 Dec
*70
20 45 Jan 5 5714 Apr 27
5714 5.100 Beech-Nut Packing Co
55 56% 56125714 57
7
51 8 55
84 Sept
4
1
/ 5488
2% Jan
83 53
614 Apr 20
4
1
/
3 Feb 20
6.900 Belding Hemlnway Co-No par
5
5
14
518 5
4
5
53
48 5
5
12 6
5
5738 June 62% Dec
3
54 5 4
Rvs part pref.-- 6214 Apr 7 69 Apr 25
100 Belgian Nat
8
*703
.6918
3
4
1
/
*68
69 69 *6918
412 MAY 183 Jan
4
5
618 Feb 27 1288 Apr 24
121* lila -- 4 92.500 Renal: Aviation
11% 1238 11% 12% 1114 117
,
1
/
514 June 244 Feb
1014 1112 114 125
9 Mar 2 2018 Apr 24
No par
19.300 Best & Co
8
8
4 1812 1914 183 1914 183 19
714 June 2958 Sept
,
1 1812 1878 204 1818 193
17
Bethlehem Steel Corp No par 1018 Mar 2 25 Apr 20
8
23% 244 2218 234 2214 2312 2214 2314 215 23% 89,200
1814 July 74 Jan
2118 234
100 2514 Feb 28 51 Apr 20
4
7% Preferred
4712 10.500
8
46% 49% 45 4612 457 4712 45 4 4612 45
84 Apr 20
424 46
35,June 10 Aug
312 Feb 28
No pa
812
800 Biaw-Knox Co
*712
•74
8% 84
818 818
4
1
/ 8
7 Jan 5
6'4June 14 Feb
*7
858 Feb 28
7% 815 *7
•7
Bloomingdale Brothers..Nopar
*714
*714
Jan
49 Dec 61
100 53 Jan 25 61 Apr 25
Preferred
100
_
*60
*80
*60 _61
61
6114
•
2214 Jan
8
47 Jun
912 Mgr 2 2012 Apr 28
2
18% 101- 17.300 Bohn Aluminum & 1:11t_No par,
18% 1784
1914 18
131 June 55 Nov
184 18% Ii8 18
17
No par 52 Feb 23 61 Apr 26
400 Bon Aml claw A
*60 61 •60 61
61
61
60 60
1 Aug
18 May
No pa
5714 5714 58 58
Booth Fisheries
_
114 Jan
14 Nov
100
let preferred
20 July 1318 Mar
25 18 Feb 27 204 Apr 27
.
19-5156 Borden Co (The)
294 283*
283* 29's 283*
27s 29 "iiii
582 Feb 28 1114 Apr 25
38 May 1414 Sept
10
-ii"
Corp
94 1034 30.000 Borg Warner Mills class A-50
1
/
4
1
/ 1014 104
104 1114 1014 10
11
114 Sent
14 Apr
fe Apr 17 r
58 Apr 17
•14
94 104 10
84
4
5
*4
Botany Cons
34
*14
*4 1
4 1
*8
278 June 118 Mar
4 1
4
*8
4
1
/
5 Apr 25
258 Feb 24
3
5 4 12.400 Brine Manufacturing..No par
3
5 11
Ma 5%
5% 5%
8
5
5
4% 54
414 411
day. a Optional sale.
*Bid and asked prices, no gales on this
x Ex-clIvIdet01. vls
righta.
e Cash sale.
New York Stock Record-Continued-Page 3
2926
:
Jr
April 29 1933
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
Apr. 22.
Monday
Apr. 24.
Tuesday
Apr. 25.
Wednesday
Apr. 26.
Thursday
Apr. 27.
Friday
Apr. 28.
Soles
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER .71ARE
Rance ,S1 ice Jan. 1
On basis of 100 share lots
PER SHARE
Raage for Previous
Year 1932
Lowest.
Highest.
.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share
5 per share Shares. Indus. & MinceII. (Con.) Par $ Per
share $ Per share $ per share $ per share
.7
10
9
9
*9
1212 *9
1212 *9
1012 *9
1012
100 Briggs & Stratton
No par
714 Feb 28 1012 Apr 20
69 69
69 12 71
4 May
69
1012 Jan
6912 71
71
70
71
723
70
4 4,000 Brooklyn Union Gas
No par 6312 Apr 5 82 Jan II
3712 3712 38
40 • 4014 403
46 June 8913 Mar
4 41
4114 41
4114 41
41
2,600 Brown Shoe Co
No par 2812 Mar 3 4114 Apr 26
4% 47g
414 5
23 July 36 Feb
*4
5
37
37
418 43
43*
4 *4
1,500 Bruns-Balke-Collender_No par
134 Mar 3
5 Mar 25
43
312 37
8
1% July
412
3 4 41 1
3
4
4%
41: Sept
4
418 *4
414 2,700 Bucyrus-Erie Co
10
2 Feb 27
412 Apr 20
.5
53*
53* 57
3
5% 514
ill June
512 53*
714 Sept
5% 53
8 *514 53
4 1,709
Preferred
5
23 Feb 23
4
6% Apr 20
*35% 387
8 3614 3614 *353* 3878 *353* 387 *353 3878 37
213 May 10% Sept
8
8
37
7% preferred
80
100 2012 Mar 31 37 Apr 28
13*
118
i's
118
35 June 80 Sept
118
114
114
114
112
112 *13 . 112 1,400 Budd (180) Nlfg
8
No par
3 Apr 15
4
2 Jan II
3
3
3
3
*312 412 *312 412 *4
13 Apr
3% Sept
412
438, 43
8
230
7% preferred
100
3 Mar 16
5 Jan 11
112
112
312 July
1% 112
14
112
13
4
Jan
1% 13
4
13
13
112
4
4
112 2,600 Budd Wheel
No par
1 Feb 8
214 Jan II
•113 214 *112 214 *112 2
5 Nlay
8
*112 2
412 Jan
*112 2
13
8 18
100 Bulova Watch
%Mar 2
No par
. 412 412
2 Apr 20
404 47s
5
47
512
1 Is Apr
312 Jan
43
4
412 43
4
4
418 2,500 Bullard Co
par
213 Feb 17
No
57 Apr 20
103 113
8
4
21 May
8 113 117
8
8 1118 113
8 Sept
1012 107 14,000 Burroughs Add Mach_No par
4 1114 1178 10% 1138
8
61s Feb 11
123 Apr 20
*214 24
27
27
614-June 1314 Aug '
4
213 212 02
23* 23
2 14
2
2
1.300 Bush Term
1 Apr 1
No par
33 Jan 5
434 *33
•27
4
8 412 *35
3 Dec 213 Mar
4
4
4
4
*3
5
*27
8 5
100
Debenture
100
1 Apr 3
914 Jan 11
*712 1212 *712 1212 *713 1212
7 Dee 65 Mar
712 712 *718 123
8 *7
1238
100 Bush Term Ridge gu pref-100
712 Apr 26 23 2 Jan 5
11
118 *1
,
1214 July 85 Jan
112
118
118
I%
1% *1
114 *I
114
600 Butte & Superior Mining._ _10
14 Apr 21
Feb 10
1
1
114
114
12 July
I
14
1
11.
17 Sept
1
118
114
1
118
118 5,206 Butte Copper & Zinc__ _ ___ _5
12 Mar 31
1% Apr 20
*13
4
I%
14 218
12 Apr
2
2 14
218
2 Sept
2'4
2
2's
2
2
1,800 Butterick Co
No par
114 Apr 10
214 Apr 2.
51 Sept
138 June
14% 1612 16% 17% 1518 163
8 15% 1612 1512 16
143 1618 17,400 Byers Co (A ND
4
No par
812 Feb 25 1818 Apr 20
*3012 4212 *35
7 May 243* Sept
45
*40
45
*40
45
*40
45
040
43
Preferred
100 3018 Mar 2 4614 Jan 19
35% May 69 Sept
163* 1718 17
18
1611 173
4 16 2 17
,
154 164 17,800 Callfornia Packing__ No Par
161 17
8
73 Mar 2 18 Apr 24
4
414 June Ill Sept
7
3
8
4
7
8
7
5
3 • %
4
7
3
8
4
3
4
3
4
.5
8
3* 3,100 Callahan Zinc-Lead
10
14 Jan 19
7 Apr 22
8
33
4 43
4
18 June
4
43
4
4
1 18 Sept
4%
4
4 18
4
4 15
312 4
18,900 Calumet & Ueda Cons Cop.25
2 Feb. 7
43 Apr 22
4
*3
43
8 *318 5
112 May
*318 5
7% Sept
4
4
*214 4
*2% 312
100 Campbell W & C Fdy
2 Feb 28
4 Apr 20
10
212 June
10
10
11
10
914 Aug
1012 1014 104 1014 1012 1018 103* 4,403 Canada Dry Ginger __No par
Ale
5
712 Feb 25 1134 Apr 8
21
2212 2318 233* 23
6 June 15 Sept
2312 22
23
2212 231s 2218 2218 5,200 Cannon Mills
No par 14 Feb 2 238 Apr 24
*618 77
1018 June 2334. Sept
7
7
7
7
7
7
*012 7
*612 7
1,103 Capital Adminls Cl A_ _ _No par
412 Feb 24
713 Apr 21
*15
3512 *15
218 Apr
3512 *15
2618 *15
913 Sept
2618 *15
2618 *15
2618
Preferred A
50 2518 Jan 18 26 Jan 10
50
19 June 32 Aug
8
53
533 56
5112 533
8 52
5414 513 54
4
503* 5312 167,803 Case (J I) Co
100 3012 Feb 27 53 Apr 24
56
163 June 653 Sept
4
57
59
5912 58
4
5914 5818 59
585 583* 582 583
8
4
4
750
Preferred certificates__ _100 41 Feb 27 60 Jan II
11
30 May 75
12
12
13
113* 1214
Jan
8 117 123
113* 123
8 1112 1218 25.70:: Caterpillar Tractor__ No par
5% M ar 2 13 Apr 20
77
8
8
43 June 15
8
914
Jan
812 914
84 9%
8% 9
913 101 1 20.205 Celane e Corp of Arn....No par
4% Feb 27 1014 Apr 28
*% 2
1 14 June 123* Sept
*78 2
78
78
*78 2
*I
2
%
7
203 Celotex Corp
8
No par
12 Mar 15
I Mar 17
33 Jan
•---7 Aug
8
3
8
%
% •---%
12
12
•14
3
8
*14
3
400
8
Certificates
No par
ss Feb 4
12 Apr 20
2 '2
5 Dec
8
2
2
214 Feb
*2
3
*2
3
*2
3
*2
3
220
Preferred
100
112 Jan 5
3 Jan ii
25
2838 28
1 18 Dec
2912 2812 28
712 Mar
27
273
4 2718 2714 27
273
8 9.200 Central Aguirre Asso__No par 14 Jan 3 2913 Apr 24
*23
4 3
713June 2012.Sept
27
27
218 2% *2% 27
*218 2% *25
8 278
200 Century Ribbon NIllis_No par
2 Apr 19
33* Jan 19
*60
70
*60
23* June
71
614 Jan
*61
70
*61
*61
65
65
65 65
20
Preferred
100 52 Feb 27 65 Apr 2S
1812 22
55 Dec 85
2012 2212 193 2114 1914 21
Jan
8
203* 2218 19 4 213 110,203 Cerro de Pasco Copper_No par
3
8
57 Jan 4 24 Apr 20
*13
4 2
2
312June 151/ Sept
2
2
2
*13
4 2
*13
4 2
13
4
13
4
700 Certain-Teed Products_No par
1 Jan 9
2 Apr 24
*518 15
% Dec
*5, 15
8
33 Feb
8
*5% 15
*518 15
12 15
*512 15
*5
7% preferred
100
4 Mar 27
6 Feb 2
43* Dec 185, Aug
13
13
1212 13
1212 123* 1214 1212 1212 1212 11
12
2,400 City Ice & Fuel
718 Mar 3 1418 Apr 20
*473* 5114 5018 5018 50
No par
11
Oct 2812 Feb
5018 *48
50
*48
50
*48
80
50
Preferred
100 45 Apr 7 z.52% Feb 15
16
19
19% 2012 18
433* Nov 68 Jan
18
*1518 1714 *1515 157
15% 1518 1,100 Checker Cab Mfg Corp
5
712 Mar 23 207 Jan 18
.
8
183 2012 20
4
1612 Aug 3018 Sept
21
1914 .20
1914 203
4
193* 2018 1918 2018 20.900 Chesapeake Corp
No par 147 Jan 3 2112 Apr 21
8
3
3
47 June £203 Sept
8
3 14 312
314
314
38
8 33*
4
3
314
23* 234 1,600 Chicago Pneumat Tool_No par
21s Mar 31
4 Feb 17
712 8
1 May
8
77
8
*7
63 Jan
4
8
8
*7
73
4 *7% 77
800
Cony preferred
No par
512 Feb 28
8 Apr 22
83
8 812
212 June 1214 Sept
812 9
97
*912
912 012 *912 0% *912 97
380 Chicago Yellow Cab_ No par
8
6% Jan 4
912 Apr 26
*12
1312 14
6 Dec
1412 13
14 Mar
14
1313 14
1312 14
*13
1312 1,300 Chickasha Cotton 011
10
5 Mar 2 15 Apr 20
312 3 2
5 June
,
34 3 4
1212 Sept
3
3
33
4 34
3
34
,
31 1
33
4 3 4 *318 33
3
700 Childs Co
4
No par
2 Feb 28
4 Jan 12
1314 1412 1434 1514 15
112 June
8 Sept
1618 147 157
8 1514 1 i7
143 .16 249,200 Chrysler Corp
5
73 Mar 3 1714 Jan 4
4
5 June 213 Sept
12
84
*12
4
3
4
3
8
3
8
5
8
5
8
5
8
5
8
3
8 1,400 City Stores
*12
14 Feb 28
No par
I Mar 111
*412 17
*5
17
*5
2% Jan
17
14 July
*5
17
*5
17
*5
17
Clark Equipment
5 Mar 24
No par
6 Feb 27
*13
14
1414 1412 145 15
314 July
8% Jan
4
*133 153 *1414 15
4
*13
15
500 Cluett Peabody dr Co- _No par 10 Jan 27 15 Apr 25
*90
95
*90
10 Apr 22 Mar
95
*90
95
*90
95
*90
95
*90
95
Preferred
100 90 Jan 4 9013 Apr I
7818 80
80
911 June 9(1
81
79
7912 7818 80
Feb
79
7912 77
79
7,200 Coca-Cola Co (The)_No par 7312 Jan 3 388 Mar 15
*44
45
*44
45
*4418 45
6813 Dec 120 Mar
*45
46
*45
46
45
45
100
Class A
No par 44 Apr 19 40 Feb I 1
1212 1312 1314 131
41% July 50 Mar
1214 13
123* 1234
12
13
12
1212 15,900 Colgate-Palmollve-Peet No par
7 Mar 30 13% Apr 24
67 67
1014 Dec 3113 Mar
*67
*68
70
70
68
611
6712 6712 65 65
600
6% preferred
100 49 Apr 3 81 Jan 18
5
53
4
54 6
65 June • 95 Mar
3
5
53
4
514 53
612
6
4
6
712 14,600 Collins & Allman
No par
3 Apr 4 . 713 Apr 28
*25
64
*25
63% *25
23
63% *25
637 *27
1.07 Mar
8
8
637s *27
637
8
Non-voting preferred.. _100 --------------------55 4 May
•10
4 1014 1014 •____ 10 4 •__ 1034 *_-_- 103 *.._,,
103
June 80 Mar
3
4
103
4
100 Colonial Beacon 011 Co_No par
10 Apr 7 12 Jan 4
7
712
734 83
9 Jan
8
73* 8
77
1212 Oct
63
72 8
,
7%
7% 6,000 Colorado Fuel dr Iron_.No par
312 Apr 4
834 Apr 20
3412 3614 36% 38
27 July
8
353 373
4 3512 3712 3458 36
4
147 Sept
8
35
3712 37,800 Columbian Carbon v t a No par 2318 Feb 27 3812
Apr 20
1312 May 41% Mar
*9
912 *9
914
9
10
*95
8 93
4
913 0 4
3
914 914
1,100 Columb Pict corp v I e.No par
1218 14
63* Mar 27 102 Jan 6
133 1478
13
14
13
414 May
1412 1314 1414
147 A ur
8
13% 14
9 Mar 31
173 Jan II
4
65
65
65
6512 *60 4 643* 6212 6212 *6212 643* 633 633 89,400 Columbia Gas & Elec. _No par
414 Juno 21 Sept
3
4
4
800
Preferred serlesA
100 59 Mar 2 775 Jan 10
53* 514
40 Apr 797 Aug
5 2 57
7
3
512 54
53* 512
1
8
51
8 534
512 57
8 3,600 Commercial Credit- - No par
.16
4 Feb 27
1818 *1612 17
618 Mar 1;
31 June 11 Mar
1612 17
*1612 17
*1612 17
1612 165
8 1,100
Class A
50 16 Feb 27 24% Feb 9
*1812 20
*1812 20
113 July 28 Sept
4
1812 1812 *19
20
*1812 20
*1812 20
50
Preferred B
25 • 18's Mar 21 2018 Mar I
*70
71
*7018 7012 *7018 7012 70, 70, *7018 7012 7012 71
101:June 21 Sept
8
8
120
634% first preferred_
27
29% 283 30 4 28
3
4
40 June 75 Nov
287
8 2712 2812 27
2812 2618 273* 25,900 Comm lowest Trust__ _ _100 70 Mar 24 7613 Feb 10
.No par 18 Mar 3 303 Apr 24
4
927 93
8912 92
10% June 277 Mar
87% 89
8
8812 8812 *88
9414 93
943
2,000
Cony preferred
No par 84 Jan 4 097 Jan 31
8
5512 June 82 Nov
6)4% 1st
Jan 18
1
3
8 173*
lS7 I7 8 165 -s
riUs - 1*/
iii 16 1513 16-3s 1T2 168 61,56 Commercial preferred o 100 10334 Feb 25 11112 Ntar 20 88 June 102 Dec
-34
Solvents_N par
9
1814 Apr
112 1%
134 2
312 May
13
8
17
8
1334 Sept
13
178
8
134
17
8
15
8 17 73,800 Conamonwith & Sou___No par
8
13 Apr 1
s
27 Jan 11
8
2812 2812 28
15
8June
30
283 297
5% Aug
4
8 2812 3014 28
2912 27
28
5.200
36 preferred series__ _No par 21 Apr 4 50 Jan 12
*31g 6
273 June 6812 Mar
s
*318 6
*3% 6
*3% 6
*318 6
*3% 6
Conde Nast Publio'ns_No par
3 Apr 4
3 Apr 4
9
934
912 1014
97 108
5 May 12 Sept
9 4 10
3
10
1114 1012 11
19,800 Congoleum-Nairn Ino_No par
73* Jan 31
1 114 Apr 27
*8
87
8
612 June 1214 Sept
812 S12
812 812
812 812 *85
8 9
83* 83
8
400 Congress Cigar
No par
914 Apr 21
613 Feb 24
4 May 11 Sept
*6
618
6
6 1s
6
6
*5 4 614 053
3
614 *53
4 6
400 Consolidated Cigar._..No par
312 Apr 6
613 Apr 20
35 Dec 2413 Jan
8
5018 *48
50
50
*48
493 *48
4
*48
50
50
*48
50
100
Prior preferred
100 31 Apr 5 508 Apr 22
23* 25
17 June 60 Mar
23
8 25
8
212. 23
4 *212 25
8
23* 23*
25
3 23* 1.000 Corm! Film Indus
1114 Jan 4 4 14 Jan 20
1
I June
73
4 8
8 12 8%
53 Jan
8
83
8
4
818 83
4
8
83*
8
8
2,700
Preferred
No par
117 Jan 23
2
8
57 Mar 21
4312 46
24 June 113 Mar
4513 4814 44% 4678 4512 4734 463 48
4
8
8
453* 471 160,300 Consolidated Gas Co__ _No par 40 Apr 3 6314 Jan 11
84
3112 June 688 Mar
84
a80 • 8414 83
84
*8312 85
85
8512 8514 86
3.600
Preferred
No par 080 Apr 24 99 Jan 3
7212 June 99% Dec
3
3
31* 318
3
3 14
3
3
*23
4 3
23
4 23
2,200 Consol Laundries Corp_No par
5% Jan 10
218 Apr 17
4 Dec 107 Jan
8
718 73*
712 81,
67
8 712
63* 7
612 63
4
612 63 126,100 Consol 011 Corp
4
5 Mar 3
No par
8% Apr 24
*9712 9912 *99 110
4 Juno
*99 110
9 Aug
9612 983 *96 2 100
*9612 100
4
,
200
8% preferred
100 9512 Mar 1 10014 Jan 1 1
79 Feb 101 Sept
*5
8
7
8
3
4
55 3,900 Consolidated Textile_
7
8
5
8
3
4
3
8
3
4
3
4
3
4
12
14Mar 1
_ _No par
78 Apr 20
312 33*
4
418
14 Mar
4
418
34 4
3
13* Aug
334 33
4 *33* 33
4 1.600 Container Corp class A._ - -20
118 Jan 10
514 Apr 20
13
112 2
2
%June
2% Feb
13
112
112
13
17
I%
4
8 2
17
8 2.500
Class B
No par
212 Apr 20
14 Feb 15
57
58 6
3
14 May
7
6
6
118 Jan
53
6%
53* 6
5
5
7,000 Continental Bak elms A No par
6
3
4
3 Mar 1
612 Apr 20
7
8
7
8
7
8
27 May
% 1
8
8 Sept
1
7
8
7
3
8
4
7
7
8 4,500
8
Class B
la Jan 5
1 Apr 20
No Par
43% 4314 43
13 Apr
43
4414 4434 *43
13 Aug
44
8
4314 4314 43
43
600
Preferred
100 36 Jan 3 443
a4814 51
247 June 475 Mar
8
5114 53
503* 527
527
51
8 51
517s 5114 53 42,700 Continental Can Inc....._20 3514 Feb 23 56 Apr 25
*43* 5
Apr 20
5
175
5
8June 41 Mar
5
5
43*
43* *412 43
4 *412 5
400 Cont'l Diamond Fibre
5
31: Feb 25
5% Jan 11
18
18%
3 Apr
19
197
8 1812 197
812 Sept
183 1918 183 19
4
4
18% 19
14.000 Continental Insurance. _ _2.50 1012 Mar 28 2
17
15
8
013 Apr 20
178
6% May 25% Aug
2
17
8 218
2
218
178 2
17
8 218 33.500 Continental Motors_ _:No par
I Mar 27
23 Jan 9
4
83
4 914
9' 10
5 May
8
83
334 Sept
4 03
83
8
8 0
87
83
818 83 132,800 Continental 011 of Del_No par
8
8
4
47 Mar 3 10 Apr 24
8
6512 7014 6918 713
35 June
8
5 6718 697
93 Sept
8
6614 6914 6612 68% 6514 69
53,000 Corn Products Refining._ _25 453* Feb 25 74 Apr
•12712 129 • 12712 12712 *12718 12812 12812 12812 a127 127
20
243 July 553 Sept
128 128
350
Preferred
3% 312
5
100 117,2 Mar 15 145 Jan 21
38 4
9912 June 140 Oct
3
312 37
8
12 2,800 Coty Inc
313 313
312 3
33* 312
No par a2 Mar 24
414 Jan 20
28
29
29
112 May
30
2812 30
73 Sept
2
29
2913 2812 29
2812 2918 6,500 Cream of Wheat ctfs_.No par 23 Feb 25 30 Apr 24
*4
414
414 414
1312 June 2612 Oct
43
414 47
43
47
578 .4,100 CrosleY Radio Corp._ _ _ No par
5%
8 6
214 Mar 28
0 Apr 27
213 223
8 2112 2218 2118 2178 2114 213* 21
214 May
2114 2018 21
7% Sept
4,400 Crown Cork & Seal_ _ No par 1114 Feb 27 2312 Mar 10
28, 2814 2813 2812 2614 28
4
277 May 237 Dee
8
8
2614 *2618 27
26
*2614 27% 1,200
$2.70 preferred
No par 2412 Feb 27 2912 Mar 24
158 2
2
173 June 3012 Nov
2
8
13
4 214
13
4
144
2
2
4 214
*13
1,800 Crown Zelferback et e.No par
1 Apr 10
214 Apr 25
*1514 157
8 157 1612 16
8
%June
3 Aug
16
1512 16 • 15
15
1412 1512 2,400 Crucible Steel of AmerIca_100
9 Mar 2 18 Apr 20
25 4 28
3
2712 31
6 May 2314 Jan
2712 273
4 28
28 18 28
2818 28
2812
800
Preferred
100 16 Feb 27 33 Apr 20
14 Dee 49'a Jan
.2
2
2
23*
2
214
2% 214
2
2 14
2
2
9,000 Cuba Co(The)
25 Apr 21
8
No par
% Feb 21
612 77
13 June
75
8 81
7
734
312 Sept
7
75
.5
67
65
8 712
8 7
23,000 Cuban-AmerIcan Sugar._ _ _10
118 Jan 16
457 4812 47
84 Apr 20
37 Aug
3 May
8
4814 44
467
8 4214 45
,
*4312 45
42
42
530
Preferred
100 10 Jan 9 4838 Apr 20
34
313 May 26 Aug
3412 343 35 4 35
4
3
36
3515 36
.34
36
35
35
2,800 Cudahy Packing
30 Apr 25
50 20 4 Feb 21
3
10 4 104 103 1112 1114 133
3
20 May 3513 Star
4
8 1212 14
1312 133* 123 14
4
8,600 Curtis Pub Co (The)___No par
612 Mat 3 14 Apr 26
7 June 31
*39
393
4 40
4112 40
Jan
42
40
41
4018 42
40
4214 7,100
Preferred •
No par 30 Feb 23 483* Jan 1.3
1% 2
2
218
37% Dee 86
2
2 18
Jan
17
2
218
178 218
44,300 CurtIss-WrIght
2
112 Feb 23
I
212 Jan 6
27
8 314
318 312
% May
27
314 Sept
3%
3
33*
3
3
7,000
Class A
313
3
8
1
37 Jan 9
2 Mar 30
814 812
112 Mar
45 Sept
87
8 9
812 87
77g 814 1.800 Cutler-Hammer Inc___No par
8
8 12
8
8
414 Jan 6
9 Apr 24
312 May
*13
4 212
2 4 212 .
,
12 Sept
21s 212
218
23* *2
212
2
2
500 Davega
6 Feb 3
5
8
15 Feb 23
73 Sept
__ ___ ____ ____ ___ ____ ____ ____ ____ ____ ...... Davison Stores Corp
2% Oct
Chemical
No par
%Mar 27
473 Jan 10
1 May
•114
*114 3
3
9% Sept
*114 3
*114
*114
3
3
*114
3
Debenham Securities
23, Jan 20
23 Jan 20
8
97 .10
1 June
1012 11
97 1014 *10
91
93* 1014
23* Dec
101
8
.,
97
0
8 1,900 Deere dr Co prof
614 Feb 24
1112 Apr 20
6% June
*53
56
1514 Jan
55
56
543 50
4
5413 57
5514 56
5514 5514 8,700 Detroit Edison
100 48 Apr 3 71% Jan 5
54 July 122
i12
25
*12
18
Jan
15
15
*15
20
1553 15% 153* 1512
300 Devoe & RaynnIds A__No par
10 Mar 1
153* Apr 27
7 May
217 2212 20
8
8
207 21
2134 2112 2178 21
163 Oct
4
217
8 215 22
3.900 Diamond NIetch__ .__No par
1713 Feb 28 2212 Apr 24
12 Apr 1918 Sept
*2718 2712 2612 2712 *2612 2712 *27
2712 27
27
2712 2712
000
Participating preferred _25 2618 Feb 27 28 Jan 2
0
2011 May 2634 Dcz
1718 183*
1718 1812 163* 1712 1614 1712 157 163* 16 • 163 65,500 Dome
4
Mines Ltd
No par
12 Feb 28 1812 Apr 24
7% Jan
127 Deo
8
1512 15 2 15
,
53 1618
1512 1618 1512 157
8
1518
15
1612 6,200 Dominion Stores
15
1012 Feb 27 1713 Apr 20
1114 June
1338 1414
135 143
8
1812 Sept
4 132 1412 134 1412 1312 1418 133 143* 65,400 Douglas Aircraft Ltd...No par
s
s
Co Inc No par
43 Apr 21
1014 Feb 1 I
1
5 June
4112 413* 4212 40 4 4218 40
40
3
183* Sept
413
4 4018 407
8 38% 40 4 32,800 Drug Inc
3
No par 29 Mar 31
45 Apr 20
23 May 57
*1
2 8 *1
3
Feb
218 *1
3
*1
15
8 *114
3
*114
3
Dunhill InternatIonal__No par
7 Apr 10
8
1% A Pr 10
3 Dee
8
312 Sept
*
•itid and asked prices. no SsleS On 11118 dll, a Optional Sale. r Ex-dividend.
1.
c Ca:11 sale. s Es-Mgr-its,
.
Kir FOR
,HIGH AND
Saturday
Apr. 22.
New York Stock Record-Continued--Page 4
2927
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
Lpiv
SALE PRICES
-PER SHARE, NOT PER CENT.
Monday
Apr. 24.
Tuesday
Apr. 25.
Wednesday
Apr. 26.
Thursday
Apr..27.
Friday
Apr. 28.
Sales
for
the
Week.
'
'
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share 3 per share $ per share $ per share 3 per share $ per share Shares. Indus. & Mlscell. (Con.) Par
912 10 .10
14
*10
14
*10
14
*10
*10
14
14
200 Duplan Silk
No par
94
*35
*85
*85
94
Duquesne Light lot pref. __I00
94
*85
93
*85
94
93
*85
438 5
8
414 43
43
8 43
4
44 453
34 4
3
418 414 4,100 Eastern Rolling M.11a__No par
5718 59
60
617
8 5912 603
8 5914 6212 6012 6214 59
6212 24,700 Eastman Kolak (N J)_Nr par
•11312 125 *11312 120 *11312 120 *11312 125 *11312 125
115 115
6% cum preferred
10
100
8
614 6 2
-612 7's
,
71
715 73
3
67
8 7 4 18,100 Eaton Mfg Co
4
714 712
No par
4338 46
45 8 4712. 453 473
3
8
8 455 474 45 4 4714 . 4512 483 243,000 E I du Pont de Nemours.___20
4
3
a98
9912 98
*98 100
98
994 9912 2,000
99
9814 9914 99
6% non-voting deb
100
1
1
3
4
7
8
1
12 1.900 Eitingon Schild
1
No par
4
kt . *3
3
4
3
4
3
4
*414 63
4
6 4 63
3
4 *5
63
634 *5
*5
63
100
4 *5
63
4
6 oi% cony 1st pret
100
17
137 1514 15
8
16
1818 165 173
4 1612 1714
8
8
1634 177 117,800 Eleo Auto-Lite (The)
5
80 *_-_- 83 •____ 83 •____ 83 •____ 83 •____ 83
80
10
Preferred
100
2
2
17
134
2
178
138
178
Electric Boat
13
4
15
8
17
8 4,200
3
134
112 15
8
15
8 13
4
4
134
15
13
8 *15
138
15
8
13
8 13 11,400 Elea Si Sins Ind Am shares__
4
4
55
8 63
8
612 714
614 63
4
6 8 60,500 Electnc Power & Light No par
614 718
5
614 67
6
8
1214 1212 1212 1312 *117 1212 1214 1212 13
8
1314 *1118 1258 2.300
Preferred
No par
1034 103
4 113 113
4
4 11
1112 10
107 1112 1,800
36 preferred '
1112 1112 12
8
Vo par
3018 3014 32
35
3314 3412 32
3218 33
4
3314 323 33
6,400 Elec Storage Battery_ _No par
'P.....
14 •---14 *---Elk Horn Coal Corp
14
*18
14
*18
No Par
14
14
*12
383
4 3918 3912 3434 3914 38
38
8,000 Endicott-Johnson Gorp_50
42
40
40
4034 40
*1073 111 *1073 10912 *107 109 *107 109 *107 109 *107 109
4
4
Preferred
100
612 63
8
612 63
4
*512 6
300 Engineers Public Serv_ _No par
7
614 614
612 612 *6
*24
*24
33
30
*24
30
*2212 30
35 cony preferred__ ..No par
30
*24
*22
30
25
22
25
22
25
25
24
*24
24
*2212 243
$155i preferred
No par
25
400
4
73
4 8•
7 8 911
7
9
-918 *8 8 9
878 93
93
8
4.500 Equitable Office Bldg_ _No par
8 *9
7
47
4'2 412 *4
43
8 438
438 412 *43
*411 412
8 5
600 Eureka Vacuum Clean..No par
1%
*13
8
15
8 *13
8
134
112 11
*13
112
8 17
200 Evans Products Co
8
5
134 .138
10
*10
10
25
*10
25
25
*10
*10
*10
25
10 Exchange Buffet Corp_No par
25
.
7
8
38
*3
3
,. Fairbanks Co_
1
*3
8
1,8
25
*3
2 14
8 14
8 14
*3
*3
212 23
3
4 *13
28 2 8
4 212
4
Preferred
70
212 212 *13 .23**13
1.00
4 22
,
•33
4 412
13 • 44 43
4
4
4
700 Fairbanks Morse dr Co. No par
412 414
4 2 41
,
*412 5
*10
*16
17
17
17
17
Preferred
16
17
*16
17
17
17
100
80
.8
8
118
*7 • 118
8
*7
•
2 118
Fashion l'ark Assoc_ __No par
4 11
*3
4 1,
*3
4 118
*3
8
4
*7
73
4 74
73
3
8
8 14 *8
500 Federal Light & Tree
15
87
8
8
714 714 *63
4 81
42
3312 3812 42
*40
Preferred
40
423 *40
Vo par
4
40 40
50
50 • *40
*2
212
2
2 12
400 Federal Motor Truck__No par
214 24 *2
4
2
*13
214
4 23
2
*7
8 1
100 Federal Screw Works__No par
*7
8
114
112
*4
114
*7
8
112
*7
3
73
78
8
4
214 23
212 23
214
212
214 214
8 218 1,200 Federal Water Serv A __No par
8
2,
234 23
•14
16
16
16
1614 1812 18
3,900 Federated Dept Stores_No par
17
8
18
*1612 177 *16
1814 133
4 183 1918 183 1978 183 1914 183 187
8
4
8
8
4
8
8 185 187 11,400 Fidel Phen Fire Ins N Y._2.50
*63
*Ps 612
8 8
612 63
*612 8
4 *612 8
110 Fifth Ave Bus Sec Corp.-Vo par
•612 8
15
16
15
•12
1612 1612 *1612 20 .1512 20
40 Filene's Sons
*1512 20
No par
31
*78
81
•78
*73
Preferred
81
100
50
85
.78
*78
81
81
81
8
1412 14% 143 1512 143 153 • 1414 15
4
1412 157 16,600 Firestone Tire dr Rubber_10
8
8
1412 15
613
4 62
63
61
Preferred Series A
*61
6112 1,600
63
100
60 60
5914 5914 60
12 5814 57
50
'8 577
57
4
8 56
56
583 10,000 First National Stores_ ....No par
58
5712 5812 58
Fisk Rubber
---- -. ---- ----lot preferred
___- ---- ---- ---- ---- ____ ____ ____ --- ---- ---- ---100
__-- ---- ---- ---- ---- ____ ____ ____ --- ---- ---- ---1st prof convertible
*712
*7
8
*7
*9
12
10
200 Florsheun Shoe clam A_No par
10
10
10
10
95
95 *80
*80
*82 - 95
95
*82
6% Preferred
95
_100
*82
*82
95
*4
5 2 539
3
. 512
53
4 63
No par
4
63 . 63
4
4 614 *6
4 *53
612 2,100 Follansbee Bros.
1014 1118 1012 1114
978 1012
No par
934 107
9 4 1011 8,400 Foster Wheeler
3
8
8
9 4 105
3
*4
4 2 *312 . 412 *3
,
4 44 *312 414 *312 4 4
Foundation Co
414 *33
No par
,
4
21
193 .2112 2112 22
213
4 2018 2112 2018 203
1
8
8 197 2014 4.100 Fourth Nat Invest w w
158 . 13
4
112 13
4
158 ' 214
13 14.000 Fax Film class A
4
13
4
2
No par
214
13
4 2
283 2978 28
4
2712 29
287
8 2814 287
10
4
8 273 2312 2712 2812 3'2,000 Freeport Texas Co
20
*12
*103 15
8
*12
20
140 Fuller (G A) prior pref _No par
12
12
*12
20
12
12
*4
612 *418 612 *4
612 *43
$6 26 pref
200
No par
8 612
414 414 *414 612
•114
1$8 .114
8 •114
15
100 Gabriel Co (The) ci A No par
13
8 •114
13
8
13
8
4
114 1, '118
*612 73
712 712
8
712 712
100 Gatnewell Co (The).
No par
612 612
712 712 *612 75*
3
5 4 618
514 312
512 57
53
8
8 54 7.300 Gen Amer Investors_ No par
512 57
514 512
8
6518 65 65
•56
*56
100
*56
7014 *56
Preferred
70
No par
70
*56
65
223 2314 2218 225
8
2114 22
8 2218 23
4
8 213 2234 40,700 Gen Amer Trans Corp
5
2218 227
113
8
912 1012 10
93 103
4
918 95* 14,600 General Asphalt
8
93 10
2
912 1014
No par
7 1612 17
17
1712 17
18
4
1714 177
175
8 163 1712 12,400 General Baking
5
8 17
_ *102 _ _ *10212 _ _ 10212 10212 103 103 *103
.102
20
.. _
$8 preferred
No par
*312 _-- 4
43
4
-414
400 General Bronze
37
8 - 2 *334 4
5
v35
318 4
*37 _4
•
3
25
8 3
3
278
278
2,900 General Cable
27
No par
8 3
8
234 34
25
8 33
5
5
5
5 12
1,800
514 514
a
Class A
5
No par
6
6
54
5
11
10
11
11
10
10
1,490
7% cum preferred
4
115
1038' 11
8 103 1114
11
100
35
35
3512 37
4
36
363
4 36
363
No par
4 3612 36'i 353 3612 4.500 General Cigar Inc
10414 10414 *10512 10912 *10514 10912 10512 10512 *106 1091 *106 .10912
160
100
7% preferred
16
17
17
177
8
1678 1312 1718 18
8
8 165 175 257,900 General Electric
177
17
No par
114 11
11
1114
11
Special
1118
1118 111g 17,006
1114
10
107 1-1 18 11
8
2934 304 a30
313o 30
54,700 General Foods
31
30
No par
304 3018 3034 29% 31
1
1
7
8
7
8
7
8
1
%
1
1,
8
7
8
7
8 4,200 Gsn'l Gas & Elee
1
No par
.812 10
*53 10
4
.83 10
4
Cons' pre! aeries A No par
10
*534 10
*7
•7
10
A_.
*9
14
93
4 93
4 *93 10
4
*3
10
14
*934 14
*9 4 14
3
57 pref class A '
Vo par
*10
14
*1012 14
*1012 14
*9
14
*1012 14
14
*8
38 prof class A
No par
2712 2712 2812 2912 303 303 V.2958_ *2938 _ _ •293 301
8
8
4
800 Gen nal Edison Else Corp..._
52
51
5238 54
5212 55
54
5318 533 - 4 5412 53
22.200 General Mills
54
No par
*94
943 .93
4
94
94
94
94
94
400
a94
94
94
Preferred
94
100
164 1712 a1712 185
8 1712 185s
1712 1818 1714 1818 1712 19l4 739,400 General Motors Corp
10
773 78
73
4
7812 7712 78
76
77
$5 preferred
7712 *7514 76
1,800
75
No par
7
*718 9
8
*7
8
.77
9
8 8
778 77
*718 8
200 Gen Outdoor Ad, A__.No par
*34 35
312 312 *314 312
8
313
Common
200
312 312 *318 312 *3123
No Dar
*518 514
514
512
6
612
270 General Printing Ink__ _No par
4 614
4 *53
53
4 53
53
4 53
4
*42
*42
51
51
*42
51
*4212 51
*45
*4212 51
51
$6 preferred
No par
3
3 14
3
34
23
8 3
4
27
4 *212 23
23
27
4
1,100 Gen Puble ServIce
23
No par
2114 23
2212 233
4 23
2314 223 24
2214 23% 23
21
4
7,400 Gen Railway Signall
No par
*77 10112 *77 __ _ *77
_ _ *82
_ *77 _
_ •77
100
6% Preferred
7
8
1
1
118
1
_118
1
118
7 I
8
7 ' -7
8
.
I
; 8 000 Gen Realty & Utilities
3
734 7
8
10
83 1014
4
*834 10
*812 93
4 *811 912 1.500
$6 preferred
No par
5
54
54 63
8
54
3
We
512 6
53
4 618
3,700 General Refractones_ No par
58 6
*16
18
18
18
*16
18
18
18
*16
20
*16
120 Gen Steel Castings prof No par
20
1114 1214
1218 123
4 113 1212 1112 1214 1078 1134 1078 1138 48,400 Gillette Safety Razor No par
4
53
5514 53
53
53% 5334 03
543
4 49% 5012 5012 50 2 1,600
Cony preferred
No par
,
1% 218
24 212
2
214
2
2 14
2
2 14
17
8 218 12,400 Gimbel Brothers
No par
13
11
*9
*9
*9
11
11
11
*9
*9
Preferred '
13
12
100
100
63
64 • 73
7
7
714
63
4 718
612 67
65* 65* 6,400 Glidden Co (The)
No par
49
48
503* 503 50 8 *503 60
48
8
3
8
*503 GO
8
140
*503 6012
Prior preferred
4
__100
6
618 . 612
6 12
57
8 63*
6,
4 68
672 714 18,200 Gobel (Adolf)
No par
63
4 758
1818 183
17% 185s 1814 19
4 183 1834 1818 1812 173 183 10.900 Gold Dust Corp v t c_ _No par
8
4
4
.95
__ *96 . _ *96 103
*96' 103
*96 103
*96 103
$6 cons' preferred
No pa
1i
73 _4 812
812 8
77 '814
73
834
73
4 858 31,800 Goodrich Co (B F)
83
8
No par
2 20 20
1912 19,
1912 195
8
1912 20
19%, 700
*18
*19
19
Preferred
100
267
2212 24% 25
8 2314 25 4 237 , 257
3
2418 25% 2312 2612 104.000 Goodyear Tire & Rubb_No pa
5112 534 554 52
543
5034
4 5314 5418 5312 54
5314 557 ' 7.700
1st preferred
8
No par
1112 1112 1112 12% 11
1112 11
11
8 1114 1112 4.600 Gotham Silk Bose
1014 103
No par
*30
55
.55
*30
*30
55
330
'
*30
55
55 .30
55
100
Preferred
13
8
17
11.
13
15* 2
1% '17 " 15
17
8
13 44,500 Graham-Paige Motors
8
1
15*
714 93
;
83
4 93
8
812 914
812 9
83
10,600 Granby Cons M Sm & Pr. _100
94
812 9
612 7
7
73
8
67
* 7
7
67
6% 67
8
612 63
4 3,700 Grand Union Co tr ctfa_No par
267 267
26
s
*2614 27
267
Cons' pre/ series
2612 2612 263* 27
900
2634 208
-No par
__ •135*
•1312 20
•135*
_ •137 25
*.137 25
3
8
Granite City Steel
No Pa
2512 2612 2614 -- 7
2418 2512 .1478-2(i- 261 --27 27
48
2712 27
14
2712 11,300 Grant (W T)
No par
8
,
814 8%
8 2 93
83
834 9
8 858
84 812
8
8% 11.000 Gt Nor Iron Ora Prop_ _No pa
1712 19
183 193 a17%19
4
8
177 19
177 1812 1712 1814 32.500 Great Western Sugar No par
9712 98
9812 10018 100 100
98
98
9812 981
330
*9812 100
Preferred
100
1
Ps
118
1
1
118
1
118
1
1
7
8
112 6,304 Grigsby-Grunow
No pa
214 234
13
4 238
214 23*
2 .218
24 24 •1% 2
6.300 Guantanamo Sugar._.-No Pa
16
16
1712 1712 16
16
16
1512 16
10
1612 2,100 Gulf States Steel
15
No par
27
3212 20
*20
*20
30
*2512 30
2114 25
2212 244
210
Preferred
100
165* 161 *1514 17% *1514 17
177 *17
4
1734
300 Hackensack Water_
165* 163 *17
25
8
8
*2612 285 *2612 285 *2612 285 *2612 285* •21312 285* .2612 285*
8
7% Preferred class A._ 25
25* 27
212 234
214 25
238 234
23
8
215 21 8,500 Hahn Dept Stores
23*
No par
3
8
*1514 1612 *15 4 1712 .147 1612 16
1512 151 *15
16
200
17
Preterred
100
414
414 414
412 *4
*4
*4
4
45*
4
*4
200 Hall Printing
43*
10
•1513 25
164 1614 *16
20
*16
25
*16
*16
25
10 Hamilton Watch Prof
25
100
547 *53
55
54
•52
04
*51
547 547 .5318 55
55
60 Hanna(M A) Co $7 pf_No par
.912 10
10
10
12
12
1112 111
1112 1212 115 12
8
800 Harbison-Walk Refrao_No par
•18
14
14
.18
14
14
.14
2
4
14 2,300 Hartman Corp clam 13_No par
14
14
14
38
3
.
8
3
3
8
8
*3
8
3
8
38 " 3
8
3
8
Class A
3
8
700
3
8
1/1
No par
•lihi and asked prices, no sales on thle day. a Optional sale. z ha-dividend. p Ex-rights
PER SHARE
Range Since Jars. 1
On bast, of 00-share tots.
Lowest.
$ per share
912 Apr 22
94 Apr 19
118 Mar 30
46 Apr 4
115 Apr 23
318 Mar 2
3218 Mar 2
9712 Apr 20
as Feb 4
4 Mar 29
10 Apr 4
7814 Mar 29
1 Jan 3
1 Feb 14
318 Feb 27
712 Apr 4
3614 Apr 5
21 Feb 16
4 Jan 4
26 Feb 27
107 Feb 17
4 Feb 23
1512 Apr 7
15 Apr 4
61, Mar 27
3 Apr 4
72, Mu' 1
10 Jan 4
__
I Feb 23
212 Mar 23
10 Feb 25
as Jan 26
434 Apr 6
38 Apr 2(1
3 Mar 16
4
3 Feb 27
4
15 Feb 25
8
712 Feb 27
1014 Mar 27
5 Mar 22
9 Apr 5
81 Apr 6
918 Apr 4
42 Mar 3
43 Mar 2
.
7 12Feb i
7
80 Apr 19
212 Feb 28
412 Feb 2S
2 Feb 27
135 Mar 1
8
3 Mar 29
4
1618 Feb 28
9 Jan 9
4 Jan 19
1 Feb 27
612 Jan 20
23 Feb 28
8
42 Feb 23
1334 Feb 28
458 Mar 3
13 Jan 3
993 Mar 30
4
218 Feb 6
114 Mar 31
214 Feb 27
612 Mar 30
29 Jan 3
100 Mar 15
1078 Apr 26
1118 Apr 20
21 Feb 24
38 Apr 1
318 Apr 3
7 Apr 20
5 Apr 6
2414 Jan 9
3512 Mar 3
9212 Msr 28
10 Feb 27
6512 Mar 3
518 Jan 9
212 Mar 1
314 Jan 4
31 Mar 18
2 Apr 6
1314 Jan 3
693 .1-In I
4
3 Feb 16
8
512 Jan 19
212 Feb 27
93 Feb 17
8
93 Apr 20
4
473 Apr 19
3 Feb 9
4
514 Mar 1
334 Mar 2
43 Apr 22
3 Feb 16
12 Feb 27
100 Jan 18
3 Mar 2
9 Feb 28
9,4 Feb 27
2734 Mar 2
73 Apr 4
8
41 Apr 3
1 Apr 3
378 Mar 2
35 Mar 2
2212 Apr .5
1118 Mar 24
1534 Feb 28
54 Feb 27
67 Jan 19
7212 Jan 3
%Mar 3
14 Jan 23
63 Feb 27
164 Jan 16
15 Mar 18
25 Apr 8
118 Feb 28
9 Apr 1
31g Feb 27
15 Feb 11
4512 Jan 4
613 Feb 25
18 Apr 3
14 Mar 18
Highest.
PER SHARE
Range for Precious
• Year 1932.
Lowest.
Highest.
$ Per share 5 per share $ per Mari
15 Jan 3
512 June 15 Sept
102 Jan 30
87 May 1013 Nov
8
518 Apr 20
1 June
612 Sept
6212 Apr 20
3514 July 873 Jan
4
130 Mar 20
99
Jan 125
Oct
8 Apr 25
3 June
97 Sept
8
483 Apr 28
4
22 July 593 Feb
4
106 Jan 5
803 June 10518 Aug
4
1 Apr 20
18 June
218 Sept
634 Apr 24
214 May 1212 Jan
204 Jan 11
812 June 323 Mar
4
88 Jan 5
61 June 10014 Feb
25 Apr 7
8
12 June
212 Jan
8
17 Apr 21
-7 June
8
4
Jan
83 Apr 20
4
23 July
4
16 Sept
2012 Jan 12
103 July 64
4
Jan
183 Jan 12
4
87 July 5512 Jan
8
35 Apr 34
1238 June 331 i Mar
18 Jan 4 I
18 Jan
3 Aug
4
42 Apr 27
16 July 37 4 Sept
,
108,8 Mar 16
98 May 115 Nov
912 Jan 11
4 June 25 Feb
32 Apr 21
16 July 51
Feb
35 Jan 27
18 July 57 Mar
11 Jan 3
1012 Dec 19
Jan
47 Felt 1
8
2 June
714 Mar
13 Apr 24
8
12May
24 Sept
10 Jan 4
93 Jan
4
113 Jan
4
.-__ ____ __
1 Sept
13 Sept
4
234 Apr 24
1 June
4 Aug
41 Apr 2()
214 Dec
618 Aug
18 Apr 6
10 Dec 473 Mar
4
1 Feb 20
12 June
17 Sept
8
1014 Jan 11
8,4 Dec 22
Jan
54 Feb 18
30 June 64 Mar
212Mar 27
112 May
334 Feb
118 Jan 5
- 12 May
23 Aug
8
24 Dec 103 Mar
312 Jan 24
8
1812 Apr 24
612 June 153 Sept
4
2014 Apr 21
6 May 2734 Jan
712 Mar 23
53 June
4
812 Mar
1612 Apr 25
7 Mar 1612 Sept
86 Jan 16
75 June 94
Jan
1712 Apr 20
1012 June 187 Aug
8
64 Apr 20
45 July 68 Aug
4
583 Apr 28
35 July 5412 Dec
18 Feb
3 Aug
4
__ _ ____ -_
14 Feb
238 Aug
18 Oct
2 Aug
-0 Apr i5
1- 414 Apr 10 Feb
97 Jan 10
63 July 99 Nov
6% Apr 25
2 June
84 Sept
117 Apr.21
8
3 May 15% Sept
43 Apr 20
4
1 July
714 Aug
233 Apr 20
4
10,4 June 223 Sept
8
212 Jan 10
1 July
57 Aug
8
297 Apr 24
8
10 May :285 Nov
8
13 Mar 16
24 May 26
Oct
74 Jan 17
3 June 32 Feb
13 Jan 26
8
14 June
312 Sept
9 Jan 27
512 Dec 17
Jan
618 Apr 20
12 June
512 Sept
65 Apr 24
26 June 71 Sept
2514 Apr 24
912 June 353 Mar
4
113 Apr 24
8
43 June 1512 Jan
.4
183* Apr 20
1012 June 195 Mar
8
10514 Jan 26
90 Jun 106 Sept
45 Apr 21
8
12 Jun
5 Aug
3i2 Apr 21
14 May
5 Sept
6 Apr 27
112 May
11 12 Sept
12 Mar 16
33 June 253 Sept
4
4
37 Apr 20
20 June 383 Mar
8
112 Jan 25
75 June 106 Dec
1812 Apr 25
812 May 2618 Jan
12 Jan 12
105 July 117 Sept
8
3112 Apr 20
195
8May 4012 Mar
112 Jan 3
3 July
8
23 Feb
4
1018 Apr 21
3 June 2434 Jan
14 Feb 23
514 July 30 Aug
14% Jan 11
514 July 40 Feb
303*.Apr 25
1818 Apr25 Mar
55 Apr 25
28 May 4812 Sept
98 Jan 10
76 July 9612 Dec
1914 Apr 28
71 s June 2434 Jan
'
7812 Apr 24
564 July 8714 Mar
8 Apr 25
4 June
9 Feb
312 Apr 20
25 Nov4 Jan
8
212 July
612 Apr 25
14
Jan
44 Apr 8
2712 June 60 Feb
43 Mar 16
4
1 May
718 Aug
2412 Apr 21
618 July 285* Jan
77 Feb 6
65 July 90
Jan
14 Apr 21
14 May
214 Sept
1014 Apr 25
5 June 163 Sept
4
638 Apr 24
13 June 153 Sept
4
8
18 Apr 22
8 Mar 27 Aug
2014 Jan 11
103 Jan 2414 Mar
8
75 Jan 9
45 June 7212 Aug
33 Aug
212 Apr 24
7 June
2
12 Apr 21
63* Dec 31
Jan
712 Apr 20
34 June 1034 Sept
5612 Jan 13
35 Apr 76 Sept
73 Apt 27
8 Aug
234 May
1938 Apr 20
814 Slay 205* Sept
103 Jan 4
70 July 10112 Dec
214 May
93 Apr 20
4
1 23* Sept
2212 Apr 20
7 May 3314 Sept
2712 Apr 20
512 May '293 Aug
4
557 Apr 28 '193 June 6912 Aug
4
133 Jan 5
4
74 Jan 304 Sept
41 Apr 3
5014 Jan 7012 Oct
212 Jan 11
1 May
434 Jan
95 Apr 24
2% June 115 Sept
8
814 Apr 20
93 mar
314 June
3412 Jan 9
22 Juno 3514 Mar
Feb10
1318
63 Jun
4
17 Sept
2712 Apr 27
1412 May 3014 Mar
938 Apr 20
5 Jun
1314 Jan
1938 Apr 20
314 Apr 12 Aug
1037 Apr 19
8
48 June 83 Aug'
114 Jan 5
12 Apr
23 Sept
25* Apr 20
18 Mar
1 Sept
1912 Jan 6
212 June 2118 Sept
3214 Apr 20
12 July 40
Oct
1814 Jan 12
15 May 23 Jan
28% Jan 12
19 Ma
28 Apr
27 Apr 20
52 July
44 Aug
1612 Apr 21
718 July 23 Aug
414 Feb 7
312 July
1118 Jan
18 Jan 11
20
Oct 30 Mar
54 8 Apr 25
33 May 70
Jan
1212 Apr 27
7 May 18 Sept
12 Jan 10
13 Dec
2 Sept
% Jan 5
%June
4 Mar
New York Stock Record-Continued-Page 5
2928
re FOR
April 29 1933
.
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Apr. 22.
Monday
Apr. 24.
Tuesday
Apr. 25.
Wednesday
Apr. 26.
Thursday
Apr. 27.
Friday
Apr. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
Ort basis of 100
-share lots.
PER SHARE
Range for Previous
Year 1932.
•
Lowest.
Highest.
Lowest.
Highest.
.
--5 per share $ per share 5 per share $ per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par 2 per share 5 per share $ per shdre $ per share
Hawaiian Pineapple Co Ltd_20 --------------------111 Nov 10 Jan
17 Jan 9
3
4Feb 27
No par
8
312 Sept
14 June
900 Hayes Body Corp
13
8
114
114
138
114
13
8
*114
112
18 *114
114
112
25 6912 Jan 16 85 Apr 25
50 June 815 Sept
400 Helme(0 W)
*80
83
85
85
85 85
85
85
*80
85
.78
84
7 Apr 20
3 Mar 20
No par
43 June
4
Hercules Motors
*6
7
813' Jan
"6
7
7
*6
7
*6
612 *6
*5
6
No par 15 Feb 27 2312 Apr 27
137 Aug 2912 Sept
8
8
4 2214 2312 2112 2314 16,200 Hercules Powder
1912 2012 197 223
183 183
4
4 19
197
100 85 Apr .5 9512 Feb 6
7012 June 95 Jan
$7 cum preferred
260
90
90
88
90
88
88
88
89
*8512 90
*8512 90
4312-July 83 Mar
4
54
54
*4812 51
50
5
014 5014 50% 1.000 Hershey Chocolate-No par 3518 Mar 29 573 Jan 11
48
x52
52
48
No par 643 Apr 5 80 Jan 9
7518 7518
4
67 'June 83 Mar
Cony preferred
75
900
7512 75
*75
763
4 75
76
77
75
76
Hoe (RI & Co class A_No par ____ ____ __ ____ ____
14 Apr
13 Jan
4
__
_ _
No par
7 Jan 30
Holland Furnace
31 Jan 4
314 Dec 121 Aug
1
44 1
17
Ii4 E
*lig i
*,vift 1
14 " C4 - 14 *4
..
"f4 1
1
i
214 Mar 2
312 Apr 20
8 4
200 Hellander & Sons (A) No par
23 Dec 103 Mar
4
5
*314 4
314 314 *2 8 314 *25
*314 4
*33
4 4
100 145 Jan 16 20512 Apr 24 .110 Feb 163 Dec
185 193
5,800 Homestake Mining
19978 2047 194 20512 19212 199
186 19114 181 186
8
1 Mar 2 2 12 Jan 10
1 May
412 Sept
2
2
2 18 214
214 214
218 212 8,70C Houdaille-Hershey cl B No par
214
28
3
214 233
4214 June 571 Jan
700 Household Finance part pf_50 4414 Apr 17 5114 Jan 12
4712 45 45
e4518 4618 *4518 46
4
*4518 45 8 443 4518 *45
3
814 Mar 3 1934 Apr 24
8N May 2814 Sept
17
14,600 Houston 011 of Tex tern ctfs100
163 1712 16
4
18
17
1612 177
8 18
19 4 1715 .19
3
412 Apr 24
8
17 Feb 28
118 May
538 Sept
5
Voting trust etN new____25
8
318 3 8 16,400
312 4
33
4 33
4
33
8 35
3-33 35
8
3 8 412
5
512 Jan 3 1914 Apr 20
25
1738 1514 1514 7,700 Howe Sound v t o
48 Dec 1612 Jan
8 16
14
8 15 8 163
5
163
4 1614 1712 1512 167
612 Apr 25
3 Feb 28
27 May 113 Jan
8
4
4 612 18,600 Hudson Motor Car--- _No par
53
618
43
4 518
58 58
3
7
6
612
6
6 18
6
158 Mar 3
338 Apr 25
10
112 May
53 Jan
8
3
3
23
4 318 15,600 Hupp Motor Car Corp
3
314
3
38
3
212 23
4
28 3
7
14 Mar 16
3 Jan 6
4
• 12
12 1,400 Indian Motocycle_-_-_No par
38 June
*12
5
8
218 Sept
12
12
12
12
12
12
12
12
118 Apr 11
2 Jan 4
10
1
Apr
23 Nov
4
2,200 Indian Refilling
112 2
112 *114 2
138
112
112 112 *114
*1 • 2
No par 24 Apr 4 4212 Apr 26
718 June 40 Sept
4212 4014 42
413 41,400 Industrial Rayon
4
.39
39% 38
37 8 36
3
33
35
36
Feb 27 4012 Apr 24
No par 1914
143 Apr 447 Sept
4
8
37 8 3612 3712 3512 3712 3412 3638 11,800 Ingersoll Rand
7
3412 3612 3712 401236
No par 12 Feb 27. 25 Apr 20
10 June 277 Sept
8.
2414 2312 2414 2218 2312 3,000 Inland Steel
3
23
23
2414 24 4 • 2312 2412 23
47 Apr 20
8
2 Feb 25
3
4May
7 4 Sept
3
4 414 4,400 Inspiration Cons Copper...20
33
414 412
4
414
418 47
8
418 4 8
3
414 414
114 Mar 29
212 Jan 16
1 June
37 Jan
8
1,100 Insuranshards Ctfs Ino,No par
2
158
13
4
15
8 15
8
2
4 2
2
2
*13
*15
8 13
4
412 Jan 10
13 Apr 6
4
-1
314 July
818 Sept
400 Insuranshares-Corp of Del
23
8
8 *2
2
2
*214 214
218 2N
*2
214 *2
23
58 Mar 21
15 Apr 20
8
14 Apr
318 Aug
114
114 114
800 Intercont'l Rubber--- _No par
114
13
8
13
8
114
114
112 112
13
8
114
412 Apr 20
218 Mar 1
15 July
8
No par
714 Sept
4
4
3,400 Interlake Iron
414 414
4
4 14
3 8 414
7
48
3
4N
34 4
3
No par
7 Feb 17
8
218 Apr 6
14 Apr
312 Aug
8 1,600 Internet Agricul
s
8 17
8 *112 17
15
8
17
8
17
8
17
17
112 112 *112 178
934 Apr 20
100
5 Jan 3
33 Apr 15 Aug
4
Prior preferred
10
*7
10
912 *7
912 *7
912 *7
*7
912 *7
4
5212 July 117 Mar
5,300 Int Business Machines_No par 753 Feb 28 107 Apr 28
10314 107
1033 104
4
10412 106
103 104
102 10212 102 104
43 Apr 21
1
2 8 Jan 16
7
4
114 May
51 Jan
,
412
418 43
8 4,600 Internet Carriers Ltd
4
412
4
414 412
48 44
3
3
4N
414
618 Mar 2 16 Apr 20
3 8 June 183 Jan
5
4
143
8 1312 1418 13,700 International Cement_No par
14
8 1418 141
13
133
4 1414 1512 1312 143
N Apr 13
3 Jan 10
4
12 May
17 Jan
8
14
14
N
14
14
3
8
14
14
14 58
38
5 47,100 Inter Comb Eng Corp-No par
8
6 Jan 5
13 Apr 12
8
412 Nov 21
No par
Jan
Cony preferred
3
2
27
8
25
8 258
25
8 33
4
23
4 314 5,700
3
23
8 3
8
135 Feb 28 30 Apr 20
10 8 July 3418 Aug
3
No par
8
8
8 27 8 287
5
25 4 2814 285 297
3
8 273 2914 2818 2914 273 29 144,200 Internet Hervester
4
6834 June 108
100 80 Jan 5 9712 Apr 28
Jan
Preferred
800
97N 9712
95 8 95 8 95 8 95 4 *9612 99
5
5
5
3
9418 96
*9312 96
4
61g Jan 11
212 Apr
25 June 115 Mar
8
8
414 45
418 5
8 9,900 Int Hydro-El Sys al A_ _No par
43
4 518
412 478
45
8 5
414 43
4
114 Jan 4
2N Apr 27
N June
414 Aug
23
8 3,100 Int Mercantile Marine_No par
178 2
2
23»
2
14 2 8
3
218 23
8
23
8 212 *214
63 Feb 27 .15 Apr 20
4
3'2 May 1212 Sept
1212 13
123 13
8
1214 1314 328,200 Int Nickel of Canada__No par
12
1312 1318 137
8 1212 1314
50 June 86 Mar
100 72 Jan 11 86 Apr 20
Preferred
300
*82
89
86
86
*81
84
86
86
*86
89
.86
90
13.June 12 Sept
8
43 Jan 25
4
212 Jan 4
4
*3
4
4 4
*3
80 Internet Paper 7% pref_ _100
*234 4
38 4
7
312 312 *23
112 Apr 24
12 June
12 Apr 21
438 Aug
138
138
114
12
13 . 8
8 13
114
1
118 2,300 Inter Pap & Pow el A-No par
1
1
1
1
14 May
14 Apr '1
7 Mar 15
8
2 Aug
No par
12
5
8
58
Class B
1
1
12
12
12
12
12
14
5
8 2,400
*N
N Jan 10
14 Apr
14 Jan 6
1N Sept
No par
Class C
400
3
8
*5
8
12
*14
3
8
3
8
12
*3
8
14
14
*14
15
41 Jan 16
13 Dec 123 Sept
4
8
100
2 Apr 5
Preferred
32
8
312 314
3
3 14 4,600
318 318
3
3
3N
27
318
558 Apr 15
3 Dec
312 Feb 28
83 Mar
4
51
*5
512
300 Int Printing Ink Corp_No par
512
512 51
*512 6
*512 6
*4N 6
4
100 35 Apr 18 43 Mar 22 2243 Jan 45 Nov
*35___
*35
Preferred
*36
_
_ _ *36
42
__ *36
_ *36
9 4 June 2312 Feb
3
4
No par 133 Mar 28 20N Apr 2.1
4 2
012 197 -1914 19
-12 193 -8 2
19 8 -5 2
20
2012 20 1012 5,200 International Belt
0
0
2014 July 4438 Jan
3818 10,800 International Shoe_ _ _ _No par 2438 Jan 3 38N Apr 26
4
37
37
373
4 3714 3812 373 38
37
3512 3512 37
712 July 26 Sept
2 4 Feb 25 3134 Apr 20
3
100
27
27
30
2614 2812 12,400 International Silver
2712 26
4
4 26
25
273
4 273 293
26 May 65 Feb
100 2412Mar 2 50 Apr 20
43
44
41
44
7% preferred
44 4 3912 42
3
760
7
42
4412 4312 45 8 42
4
518 Feb 28 13 Apr 20
25g May 153 Sept
Telep & Teleg-No par
103
4 10
1114 10
107 285,100 Inter
8
8
1114 10
8 105 113 .10
8
912 107
li2 Mar 2
278 Jan 11
Jan
IN May 11
214 212
2i4
238 212
214
218
218 1,200 Interstate Dept Stores_No par
3
212 2 4
212 212
18 June 5212 Jan
100 12 Apr 7 25 Jan 10
Preferred
*15
21
*13
21
*1314 20
*1314 20
21
*13
•13
21
5 Apr 24
212 Dec
7 Apr
17 Jan 24
8
No par
200 Intertype Corp
*3
5
5
*4
5
*3
5
*33
4 5
5
4
*33
4 43
1
11 Feb 27 21 Apr 21
1014 Apr 2012 Aug
3
20
*175 19
8
300 Island Creek Coal
5
•1712 2012 2018 2018 *1738 19 4 *17 8 1812 20
1518 May 35 Feb
No par 23 Feb 27 35 Apr 22
3414 3412 3414 35
3414 3434 34
3414 32N 3312 2,100 Jewel Tea Ins
3312 35
4
8
10 May 333 Sept
• No par 1214 Mar 2 253 Apr 25
2114 247 59.900 Johns-Manville
8
2414 233 25 4 243 255
8
3
8
8 2312 25
2212 23 8 23
5
100 42 Apr 5 62 Feb 1
45 July 993 Jan
4
Preferred
6012 6012 6018 6012 *58
440
583
4 5514 61
61
5812 55
*53
Jan
30 July 84
Steel pref.100 35 Feb 1 58 Apr 27
58
58
120 Jones'& Laugh
58
*5712 58
58
58
5612 *56
'56
65
56
4
9012 Apr 1133 Jan
K G P & List pref ser B No par 105 Apr 18 110 Jan 17
•__
105 *__ _ 105 *10014 105 *10014 105 *10014 105 *10014 105
258 Mar 15
43 Apr 28
4
3 May
914 Mar
ii
8 37
8
vi
4N
4
4
4 18 45
8
45
8 453
45
8 43
4 1,300 Kaufmann Dept Stores $12.50
67 Feb 27 12 Apr 26
8
25
43 July 1432 Sept
4
11
1112 101 1112 26,200 Kayser (J) & Co
12
10
1014 1012 113
4 1012 1114 11
238 Apr 24
5
7 Mar 2
s
218 23
8
214
238
238
218 238
218 23
8 7,300 Kelly-Springfield Tire
2
178 2
6 Feb 28 1312 Apr 27
No par
0% pref
1312 1212 133
8
800
*11 • 1212 *1018 1212 *1018 1212 12
11
*9
100
2 2June 2412 ifein
.3.
- 7 June 24 Sept
8% pref certifs of deposit_- ___. ---- -- ---- ---100
20 Jan 5312 Oct
6% preferred
% Jan 6
3 Jan 3
3
14 Dec
414 Jan
__-_ -_-- ---- __-- ---- _-_ ---- ---- ---- ---- --__ _--- ______ Kelsey Hayes Wheel-No Par
614 Apr 24
318 Feb 28
234 May 10% Feb
No par
8
534 658 53 26,000 Kelvinator Corp
8
533 655
Ps 232
5 4 614
553 614
17 July 38 Feb
431
pf ser A_No par 30 Jan 10 45 Apr 28
44
45
423
4
4212 421
240 Kendall Cops
42
42
39
40
39
*37
783 Feb 28 17 Apr 20
No par
47 June 1914 Sept
8
8
1414 1512 145 1512 1434 1512 1412 1512 170.500 Kennecott Copper
1614
4 15
14N 153
No par
57 Apr 6 10 Jan 25
g
612 Dec 1912 Jan
100 Kimberley-Clark
*912 1012 *912 1012 *912 1012
9
*9
1012 *9N 10
9
2 Apr 26
1 Apr 3
12 Apr
5 Sept
No par
600 Kinney Co
2
2
13
4 13
4 *114 27
8
15
8
112
118
114
*112 2
4 5 Feb 14
5
914 Apr 25
3 June 19 Aug
No Par
Preferred
6
812
8
430
7
612 *5
914 914
8
9
*6
15
512 Mar 2 10 4 Jan 10
3
10
65 July 19 Jan
8
858 918 44,900 Kresge (S S) Co
8 8 912
7
9
93
8
914
9
3
8
87
8
83
4 94
88 May 110 'Mar
100 88 Apr 4 100 Jan 6
*92
96
*92
96
20
7% preferred
*9014 96
96
*90
90
90
*8512 96
Jan
18 June 37
No par 27 Jan 17 31 Apr 20
200 Kress (El H) & Co
*28
33
*28
33
31
31
33
*31
*31
35
30
30
14 Jan 3
918 Jan
etne)--- 1-32 Jan 26
',,May
Kreuger & Toll (Am
1412 Feb 28 30 Apr 20
No par
10 May 1878 Mar
2312 168 2514 163 33:800 Kroger Groc & Bak
1
4
2
6
8
.
143 --. 2 3; 2655 275- 25 -- -12 25l8 if
4 6
25 May 563 Jan
4
4
2915 15,300 Lambert Co (The)--No par 2218 Mar 2 3412 Jan 12
4
,
8 298 30 8 293 3012 2914 3032 29
29
29N 2912 307
3 Feb 8
3 Feb 8
2 May
No par
7 8 Aug
5
Lane Bryant
6
"3
6
*3
6
"3
*3
6
6
6
*3
*3
712 Apr 28
4
8t8 Sept
5
33 Mar 2
134 Apr
61
718 712 11,500 Lee Rubber & Tire
612 67
8
63
4 714
67
8
614 7
8
57
8 57
8
57 Jan 5 107 Apr 20
s
35 Apr 11. Aug
8
10 4
3
1012 *818 1018 *9
200 Lehigh Portland Cement___50
1018 *8
1012 *9
10
"9
10
Jan
40 Dec 75
100 34 Feb 9 45 Mar 16
44
44
7% preferred
a
260
*4318 477 *4318 44
477
8 44 44
a4314 4412 *44
13 Apr 26
4
1 Jan 13
1 May
43 Aug
4
-No par
"112 15
8 1,500 Lehigh Valley Coal
8
4 "114 15
112 13
1s 112 *114 112
1s Ilz
212 Apr 10
358 Apr 26
50
114 July 1113 Aug
Preferred
1,300
3
3
35
8 *314 418 *2N 312
3
3
312
3
*3
14 F 27 5 8 Ap 20
0
3 N Juay 5174 Sept
6 m ne 2 18
0
4
53
4
15,100 Lehman Co (The)___No pa5r 3712 Fe b 28 257 A pr 20
54
533 541
55
4
55
557
8 533 557a 53
55
Corp53
2,200 Lehn dc Fink Prod Co
4
19 8 18
,
.12 1884 173 19
1914 *19
1912 19
1914 19
L •19
4
34M ar 1
107 Apr 20 ,334 May
938 Sept
Glass No par
8,900 Libby Owens Ford
8 1014 103
8
93 10
4
103
1014 10
914 934 10 ' 1012 10
/I
49 Feb 16 7814 Apr 24
3214 June 6512 Oct
77
7514 77
77
5,600 Liggett & Myers Tobacco.
3
3
7814 74 4 77 8 7612 77
7414 77
77
25 49N Feb 16 79 Apr 22
7514 78 46,800
34% May 6714 Sept
Series B
745 79
8
7712 787
8 7553 7818 7512 7812 7718 7814
100 121 Mar 22 132 Feb I 100 May 132
Oct
Preferred
200
12612 12612 *127 129 *127 129
*127 129 *127 12812 127 127
14 June 21 Mar
163 1718 1612 1718 3,700 Lily Tulip Cup Corp_No par 13 Apr 6 1714 Apr 24
4
1678 17
1614 17
1614 163
4 163 1714
4
812 Apr 193* Aug
Works-_No par 10 Jan 17 17N Apr 21
163
4 1618 1618 1,300 Lima Locomot
1612 1618 1612 16
1612 161z 1658 1658 16
63 Ape 17
4
9N Apr 21
No par
612 June 14 Mar
300 Link Belt Co
*812 9
9
9
8 2 812
,
914 914
3
*914 912 *914 9 4
No par 1014 Feb 25 193 Apr 27
8
9 May 22 Mar
8 177 183 26,200 Liquid Carbonic
184 193
8
8
4
187
8 173 19
18
1914 1814 19
17
812 Mar 22 2112 Jan 4
1314 May 373 Sept
4
1514 41,900 Loew's Incorporated_:-No par
8
3
8 1412 15 4 143 1514 14
14 13N 157
13N 137
8 1418 32
No par 35 Apr 4 5612 Jan 13
39 July 80 Sept
Preferred
800
5012 5012 *4514 49 4
3
50
50
*4918 497
8 49
51
*47
49
31 Jan 6
13 Feb 24
4
No par
5 Sept
17 June
8
23
8 23
8 4,200 Loft Incorporated
23
8
3
255
214 2 8
218 212
214
212
214 212
Feb 28
118 Feb 3
14 May
12
28 Aug
Long Bell Lumber A_-No par
*Sa
214
*5
8 214
*5
8 214
*58
214
*28 214
,
* g 214
25 1914 Feb 27 3512 Apr 24
16% July 3538 Feb
3384 3314 3414 12,000 Loose-Wiles Biscuit
8 33
3312 337
3112 32
3212 3512 3212 34
100 115 Jan 9 120 Jan 14
96 July 118 Oct
30
7% 1st preferred
118 118 *11314 119 *11314 119
119 119
•118 119 *118 119
8
No Par 103 Feb 16 1814 Apr 27
9 May 1838 Sept
4 1712 1814 1712 181a 87,300 Lorillard (P) Co
1712 173
1718 18
1612 1712. 17 8 18
5
100 8712 Feb 23 993 Apr 6
4
73% Jan 10818 Sept
97N *9512 2718
7% preferred
9718 *90
*85
9718 *85
*85 101
.
*85 101
Is Jan 5
114 Apr 26
214 July
No par
12 Jan
IN
114 *1
*1
13
8 3.900 Louisiana 011
118
118
1
1
•3
2
7
8
7
8
312 Feb 24
6 Apr 20
Jan
100
3 Dec 18
*418 12
*4N 12
Preferred
*4N 12
*4N 12
•418 612 *633 12
8
81:June 2338 Mar
4 1614 1614 1,200 Louisville Goa & El A_No par 137 Apr 8 1938 Jan 8
4
4
163 1634 163 163
*1612 17
1512 16121612 17
4 Feb 28
9 Apr 20
I
112 Jan 1138 Sept
818 818
712 712 2,600 Ludlum Steel
5
712 7 8
78 8
5
814
5
715 712' 7 8
No ParWe Mar 28 1712 Jan 20
612 Jan 26 Sept
Cony preferred
*1212 34
*1212 34
*1212 34
4
*1614 163 *167 34
4
*163 34
2
10 ' 912 Feb 16 15N Apr 24
9I2 Aug 1514 Feb
14
*14
143
4
600 MacAndrews & Forbes
14
*1312 15
15
1512 *13
12
12
15
100 74 , Apr 18 80 Apr 26
5713 May 80 Sept
6% preferred
79
*75
79
50
1 80
a79
7912 80
80
*75N 80
*75
A *75
No par 1312 Feb 27 28 Apr 27
4
10 June 283 Sept
24,800 Mack Trucks Ins
264 28
1
24
253
4 2512 2612 243 2614 2512 2618 26 .28
4
No par 24N Feb 25 4834 Apr 21
17 June 6013 Jan
46N 4
.
614 4512 471z 17,300 Macy (R H) Co Ins
47 4 4618 48
5
4612 46
4814 46
44
158 Mar 30
334 Apr 19
412 Sept
218 Jan
314 314 3400 Madison Elq Gard.v t o_No par
314
33
314
3
3N
3
14 333 .314 3 8
3 8 312
3
8
53 Mar 2 12N Apr 24
No par
412 Apr 133 Sept
4
1112 1158 11
118 7,500 Magma Copper
8
107 11
105 1218 1012 11
113 12
8
2 Apr 20
7 Feb 15
8
12 Jan
4 Sept
158
400 Mali:mon (El R) de Co_No par
13
4 *118 112 *118
4 *114
15
8
13
1
1
*112 13
4
100
14 Jan 4
3 4 Apr 20
3
18 Mar
214 Sept
Menet'Sugar
212 212
212 212
218 214 .1,270
278 278
.
25
8 3
3
314
34 Jan 6
73 Apr 20
100
4
314 Sept
14 Apr
Preferred
330
53
4 53
4
53
4 53
4
3
738
6
73
8
514 5 4
7
*5N
714
112 Jan 3
314 Mar 15
No par
1 Dec
43 Sept
4
Mandel Bros
314 •25
8 314 *25
8 314
8 *3
*258 37
*23
4 4
*318 4
25
533 Ayr 1
8N Apr 19
3N June
9 Aug
500 Manhattan Shirt
8N 812
814 84
9
812 *8
812 812 .8
*8
812
12 Jan 18
13 Apr 24
8
3 June
5
IN Aug
700 Maracaibo 011 Explor_No par
112
72
7
2
114 114
Ps 112 *1.
132
Ps
13
2
•1
612 June 143 Aug
214 Mar 31 WI Jan 9
8
718 5,700 Marine Midland Corp_ __ 10
7
75
7
718 715
714 8
8
7 8 814
7
8
6 Feb 27 111 Apr 27
4
No par
534 May 133 Sept
1118 1114 1112 1114 111z 4,200 Marlin-Rockwell
8 11
. 1012. 1012 1014 1012 1012 113
17 Jan 11
8
II Feb 28
12 Apr
312 Sept
3 13,400 Marmon Motor Car-No par
4
8
12
13 • 5
12
3
4
N
N
12
12
N
N
41 Jan 30
9 Apr 20
3 July 1312 Jan
8
8 12 9,300 Marshall Field & Co. No par
83
4
818 814
4
8
83
8 83
778 8s
812 9
9 June 207 Mar
8
8 2012 2114 2014 2114 19.400 MathiesoniAlkall WorksNo par 14 Feb 27 217 Apr 26
2ia8 2014 217
,
4
1814 1912 al93 2078 26
100 10018 Jan 20 103 Feb 9
893 Apr105 Jan
4
Preferred_
__
__ *101
__
_ *101 105 *101
__ .101
•101__ •101
4
23 Feb 24 23 Apr 20
9N June 20 Jan
8:100 May Department Stores-25
20
205
8 20 -2
0
19 2 4
0
1212 1912 -- 3- 20
21 2
0
19 -118 Apr 10
27 Jan 23
No par
s
I July
6 Aug
*2
212 *2
2
212
600 Maytag Co
2
214 238
2
2
*112 23
318 Apr 4
Ws Jan 13
3 Apr 1012 Sept
No par
Preferred
100
4
43
4 43
3
8 "434 57
4 57
8 *4 4 57
8 *43
*434 5 8 *43
7
4 57
No par 15 Apr 5 1812 Apr 17
2218 Dec 35N Jan
Prior preferred
•131z 2018 •1312 2018 .1312 201a •1312 2018 *1312 2018
01312 2018
days. 2Ex-dIvidend. p Ex-rights.
•Bid and asked prices. DO Wee on thla day. a OPtional sale. e Cash sale. s Sold 15
New York Stock Record-Continued-Page 6
•
2929
CM- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
-PER SHARE, NOT PER CE7.112'.
HIGH AND LOW SALE PRICES
'Saturday
Apr. 22.
Monday
, Apr. 24.
Tuesday
Apr. 25.
Wednesday
Apr. 26.
Thursday
Apr..27.
•
Friday
Apr. 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share iota.
On Oasts of 100
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share
Per
$ per share $ per share 5 per share $ per share $ per share $ per share Shares. Indus. & Miceli.(Con.) Par $ per share. 81912 share $ per share $
Apr 27
Jan
10 May 2.1
No par 13 Mar 3
1912 1912 1914 1912 1,800 McCall Corp
4 1814 1812 1814 1812 1814 19
173 173
4
612 Dec 16 Apr
3 Jan 12
3g Apr 15
400 McCrory Stores Class A No par
.1
114 01
11 118
/
4
114
114
114
114
114 *1
114
5 Dec
6 Jan 5
19
Jan
114 Jan 13
No par
Class B
112 *1
112
112 *1
112 *1
112 *1
112 *1
*1
20 Dec 62 Feb
212 Mar 17 21 Jan 9
Cony preferred.. _ .. _ 100
400
*312 4
8 4
*35
4
4
4'8
312 312
Cs
*3 4 312
,
4 Apr 21
7 Jan
/
1
4
212May
3 Apr 4
AieGraw-Hlil Pub Co_No par
5
*3
5
*3
5
03
*3
5
*3
5
*3
5
13 May 211 Dec
/
4
25 68,000 McIntyre Procupine Mines...5 18 Mar 16 2612 Apr 24
4 24
4
244 223 233
/
1
/
1
/
1
243 2614 244 2612 2418 254 24
4
28 June 6214 Feb
20,100 McKeesport Tin Plate_No par 444 Jan 4 7012 Apr 20
703
8 6814 6918 6718 70
.
811
633 697
4
s 6 4 7018 673 891 69
4
/
4
314 Apr 21
118 June
612 Sept
13 Mar 2
4
5
3,000 McKesson & Robbins
214
8
2
/
1
4
214 212
212 25
2 • 212
/
1
4
2
/ 3
1
4
234 23
318 May 23 Feb
63 Max 16
4
338 Mar 3
50
Cony pre( series A
/
1
4
514 512 1,500
/
1
54 518 *54 5
5
14 53
4
512 5
/
1
4
53
4 57
s
4 Mar
1 Jan 3
3 July
8
I4 Feb 2'
No par
12
12
3
8
3
3
4 8.300 Me Lellan Stores
4
*5
8
4
58
5
8
3
3
4
5*
34
7 Dec 36 Mar
8 Apr 25
218 Jan 16
100
8% cony pre) ser A
330
*4
6
*512 6
6
*4
612 8
58 6
3
54
5
Jan
Vs Dec 18
834 Feb 27 1512 Apr 26
No par
2,500 Melville Shoe
154 1412 148
/
1
15
15
1412 14
154 1512 15
15
•14
1 July
5 Aug
53 Mar 25
4
2 Mar 1
1
4 2,600 -Mengel CO (The)
412 43
412 *412 434
412
43
4 5
514
5
5
5
55* May 1912 Jan
7 Fe)) 24 1012 Apr 21
5
200 Mesta Machine Co
12
*1014 103 *1014 12
4
*1014 1112 1014 1014 1014 1014 *10
14 June 2214 Jan
IS Jan 2,
1312 Mar 1
100 Metro-Goldwyn Pict pref-27
*1514 17
*10814 17
16
*14
*14
17
*14
17
16
17
112 J un
1514 Sept
418 Apr 21
/
4
11 Mar 3
5
2 4.400 Miami Copper
33
/ 4
1
4
*312 35
4 4
378 • 3
314
33
4 4
3
/ 34
1
4
3
/
1
4
3 AP
/
1
4
8 Sept,
7-8 Apr 24
3 4 Mar 2
3
4
612 63 23,900 Mid-ContInent Petrol..No par
612 63
4
634 714
7
778
612 678
65
8 714
2 June 12 Sept
/
1
4
3 Mar 2
933 Apr 24
812 81z 6,700 Midianti Steel Prod....No par
812 9 2
3
65
8 818
84 8
,
/
1
4
8
/ 9
1
4
814 9
25 June 65 Sept
100 26 Mar 3 4 IN Jan 23
8% cum 1st are
200
4112 3814 3814
*3812 411 *40
38
38
39
*35
4112 *38
11 June 2312 Jan
/
1
4
13 Apr 4 17 Jan 10
400 Minn Honeywell Rexu No par
143
4
4
1514 1514 1512 1512 *12
143 . *13's 143 *13
4
13
15
3 Aug
/
1
4
1
4
24 Mar 16 . /June
/
1
72 Feb .1
14 2
/
1
17
112 IN *112 152 2,200 Minn Moline Pow impl No par
138
134
14 134
/
1
183
8
4 Dec 145 Aug
6 Feb 7 15 Apr 21
No par
Preferred
109
*8
1112
11
*1414 16
*8
16
*8
1212 1212 *8
16
5 June 14 Sept
/
1
4
7 Jan 23 -1118 Apr.27
113
8 6,803 Mohawk Carpet Mills_No par
111 11
/
4
1012 114 11
1112 11
11'2 11
,
93 10
4
3
13 May 30 4 Mar
/
1
4
.
301
371% 38'2 5,800 :Monsanto Chem Wks_No par 25 Mar 3 39 Apr 25
38
3712 3812 373
3512 37
/
1
8
3714, 384 38
3 May 1612 Sept
/
1
4
/
1
8 Feb 25 194 Ap 20
/
1
4
8
1714 187s 185 19'z 18
1918
18
181s 181 18 " 1918 329.100 Mont Ward & Co Inc.-NO par
/
4
19
20 May 3514 Mar
_No par '25 Jan 6 3. Apr 21
300 Morrel (J, & Co_.
*32
38
36
36
8
*341 -_ -- 347 3478
/
4
*3578 38
*35 8 38
7
18 May
34 Aug
12 Apr 20
18 Jan 9
.
Mother Lode Coalltion.N. par
12
. 12
12
12
12
1
32
12
3
8
-12
32
3
8 2,50)
1 14 Sept
7 Apr 28
s
14 Jan 5
14 Apr
7
8 2;003 Moto Meter Gauge& En No par
7
8
37,
714
3
2
12
12
7
8
3
8
12
3
3
12
3
7 June 29 8 Sept
/
1
4
15 Apr 20
73 Mar I
4
13
133 11,703 Motor Products Corp. No par
4
13
13 4 1312 1414 1314 1412 133 1414 1314 14
3
8
6 Sept
/
1
4
2 June
3 Jan 6
/
1
4
112 Mar 1
No par
3
312 314i 3,203 Motor Wheel.
318 3 8
,
318 314
234 314
*212 2 8
5
35*
/ Jan
1
4
2 June 13
612 Jan 6
112 Mar 21
No par
4
/ 4's 10,200 Mullins Mfg Co
1
4
4
/ 538
1
4
3 8 412
5
33
8 318
4
/ 5,
1
4
43
4 5
8
5 June 2712 Sept
8
163 Jan 10
5 Mar 21
No par
Cony preferred.
830
3
103 10 4 1012 1112
4
1012 1314 1012 12
912 13
912 912
1518 Sept
7 Aug
5 Mar 30 10 Apr 24
No par
200 Munstrurwear Inc
*712 1012 *712 1012 *712 1012 *712 1012'
912 10
*712 912
9 Mar
/
1
4
Ds July
33 Jan 6
4
11 Feb 25
/
4
10
3
/ 3381 18,600 Murray Corp of Amer
1
4
3
24 318
/
1
318 312
33
8
314 3
314 338
/
1
4
19 Feb
71 June
/
4
10 Apr 18
8 Jan 25
No par
Myers PA E Bros
*814 10
*8
12 , *814 10
*814 10
*818 10
*8
10
198 Sept
8 May
11 18 Apr 12 15 3 Apr 2S
No pa
141 1578, 61,300 Nash Motors Co
/
4
13
/ 1414 1418 144 14
1
4
/
1
154 144 1478 144 15
/
1
514 Sept
1 14 May
33 Apr 24
4
1 18 Feb 28
10
*3
38
3
,
312 3 4 • 314 314
*27
8 3 4 *Vs 314; 1,200 National Acme_ ...
3
23
4 3
6 Sept
/ May
1
4
212 Apr 26
11 Jan 27
/
4
100 National Bellas Hess prof..100
*2
21
2121
*218 212 *2
212
2 *2
212
212
/
1
201 July 484 Mar
/
4
/
1
4
10 3112 Feb 25 45 Apr 24
/ 45 4 54,609 National Biscuit
1
4
3
/
1
/
1
4212 4412 444 464
8 4312 451
4412 454 4414 464 • 43
/
1
100 118 Mar 3 1343 Jan 10 101 May 14214 Oct
7% cum prof
.12712 13378 *128 1337 *128 133 *128 134 *128 134 *128 134
/
1
4
2614 Dec 18 Sept
4
518 Mar 2 133 Apr 20
/
4
1034 1134 1212 133
4
/
4
8 113 1212 1112 1218 113 121 111 1218 25,500 Nat Cash Register A.. No pa
2
8
144 June 313 Mar
/
1
8
No par 1012 Feb -7 183 Apr 20
58,5110 Nat Dairy Prod
16
175* 1714 18
164 1712 1612 173
/
1
8 1812 174 1614 17
12 Jan 4
1, Mar 15
24 Aug
1* June
*14
12
' Nat Department Stores No par
12
.
*1
.18
/
1
4
*14
/
4
/
1
4
4
,18
1.,
*18 4 /
1
4
3 Jan 21
114 Dec 10 Aug
114 Feb 2
101
Preferred
/
1
*138 212 *14 21
3 212
8 212 *13
*11 214
/
4
*11 21; *13
/
4
/
1
4
13 June1 2714 Aug
313 40:200 National Distil Prod._ No pa? DV, Feb 15 32 Apr 27
4
8 30
2914 3014 30
304 323
/
1
303
4 2912 3114 30
31
2014 May 3211 Feb
40 24 Feb 8 36 Apr 27
preferred
52.50
1,900
3514 3514
8
3412 3412 343 , 35
3412 36
3412 343
/
1
4 344 35
8 Sept
/
1
4
3 JulyI
/
1
4
55
3
12 Apr 27
5 Feb 2
200 Nat Enam & Stan:intim _No par
812
7
7 8 *5
7
7
7
718 812
*5
78
7
77e *5
45 July 92 Jan
109 4314 Feb 2S 90 Apr 20
2.000 National Lead
86
86
86
86
8614 SS
8614 87
881 87
/
4
87
88
87 July 125 Mar
10.) Pit Mar 1 110 Feb ,
Preferred A
•102 10912 *102 120 *102 120 *102 120 *102 120 *102 115
Jan
61 July 105
Preferred IS
100 75 Feb 23 8518 Apr 20
*);(3 120
*8512 95
*85 120
*8512 120
*7012 120
*85 120
3
6 June 20 3 Sept
/
1
4
15,4 Jan 11
6-,, Apr I
4
10
103 - 103 117$ 1012 1132 101g 113
4
4
103 42,800 National Pow & Lt____No par
2 1012 1114 10
8
1312 July 337 Sept
IS Feb '7 3512 Apr 26
323 35 108,800 National Steel Corp_ _No par
4
2812 3112 311 33
/
1
/
4
31
34
/ 324 35
1
4
3314 35
312 J11111, 13 Sept
4 Apr 8
51)
7 Apr 24
15600 National Supply of Del
*538 6
6
612 7
612
5
/ 612
1
4
5
/ 5 4 *53
1
4
3
4 7
100 1; yen 23 26 Apr 25
1312 May 3918 Aug
Preferred
580
26
24
•23
24
25
253 *23
4
*23
25
26
26
26
19 Aug
/
1
4
411 July
, .1.311 6
412
2., Mai 27
10
5,700 National Surety
412
412
3
4
4
414
4
/
1
4
4
4
4
414
412
it)7 Ana
8
312 Nlay
No par
612 Jan 4 IS API 24
/ 54,600 National Tea Co
1
4
4
18
153 163
4
4 163 17
4 17
167 18
8
/ 1684 .173
1
4
17
17
512 Jan
1 12 Apt
34 Apr 211
No par
100 Nelsner Bros
1 12 Jan le
/
1
*24 3
*112 3
23
4 2 4 *212 3
3
.212 3
*112 3
212 May
/
1
1014 Sept
8 Apr 20
714 74 4,300 Nevada Consul Copper No par
4 Feb 28
7
714
712 734
712 7 4
3
3
712 712
7
/ 73
1
4
8 Sept
/
1
4
11 Jun
/
4
514 Apr 4
2 Feb I
No par
2,500 Newton Steel
4
434
34 4
3
-438 514
3 4 418
3
41 412 •418 412
/
4
1412 Sete
41 Jun
/
4
No par
1144 1,000 N Y Air Brake
10
6'3 Ayr 4 13 Apr 20
10
1018 1114 1114 1114
1112 1112 1114 1114 .9
10 Sept
3 Ins/
1
4
1011
5 Apr 25
5 Apr 2.3
100 New York Dock
*412 6
*212 5
6
!.31s 5
0412
*412. 6
5
5
20 Apr 30 Aug
Preferred
400
612 Mar 30 10 Apr 25
*83 11
4
8
'8
55
/ 8
1
4
*83 11
4
n'814 11
7
/ 10
1
4
3 4 Aug
3
1 14 Apr 21
No par
12 Apr 3
7.006 N Y Investors Ine
1
1
12 June
1
1
118
11
/
4
12 1
1
3
4 118
14
614 Feb
P. I lee
.4 .. A I.r 7
13 Jan 4
4
63
8 6
/
1
4
5
/ 614 7,200 N Y SillphIcig Corp part stk. _1
1
4
6
/ 714
1
4
57
8 612
65
614 612
7
20 June 57 Mar
1011 31 Jae, )1 6912 Apr 7
7% preferred
60
64
65
8 6014 6014
/ *6014 657
1
4
63
6314 *6012 6412 *6014 65
.83
•92
2318
195
8
373
4
53
4
.52
*6
•____
*17
8
818
212
9'
*28
•5
*114
133
4
•96
3
/
1
4
53
467
8
2112
283
4
13
691
/
4
212
----
86
95
2412
2112
373
4
6
/
1
4
54
8
27
11
/
4
8
/
1
4
24
3
10
3
6
4
1412
98
3
/
1
4
812
4914
2314
2912
13
70
2
/
1
4
--_
*83
9478
23 8
5
2118
3712
618
54.
*6
•15
'2
• 812
212
10
23
*312
*114
1412
*97
3
/
1
4
74
47
23
2912
14
70
-24
/
1
__
86
944
/
1
2512
222
37
/
1
4
658
54
8
2634
212
914
2
/
1
4
10
21
/
4
512
4
15
98
4
8
4912
2438
3012
15
723
4
278
____
*83
86
86
*83
*83
86
96
95
9312 9312 .9412 96
/ 23
1
4
/
1
4
225 2312 22
8
2314 235
8
/
4
204 2178 2012 211 191/ 207
3812 3812
381a 39
38
38
612 718
/
1
4
/ 7
1
4
8 x8
53* 67
55
59
5514 *55
054 .66
0512 6
/ 6
1
4
*55
8 614 *5
*2312 28
4
4 263 27
.21
263
2
2
218
2
21
214
7
/ 734
1
4
7
/ 7
1
4
/
1
4
75: 8
8
214 23
3
214 2 ),
214 212
818 818
*814 918
9
9
3
318
318 3
/
1
4
234 318
5
5
*4
5
/ 5438 5
1
4
412 512 *114 51
*114' 4
4
143
4 133 143
14
1438 15
*96
95
98
*96
*96
99
33
8 3
/
1
4
3
/
1
4
3
12
312 3
3
83
4 7lj
712 712
7
7'z
4912 x4814 490
47 4 4914 48
3
3
/
1
2314 244 22 4 2313
23
24.
8
8 273 2714
2818 287
2814 29
1312 13s
1314 14
3
/ 1318 14
1
4
/ *13 2 13
1
4
711
*70
7112 711 *7112 72
/
4
7112 .711
2
/ 2
1
4
212 27
2
7
2
/ 27
1
4
2 4 28
3
7
____ ____ ____ ____ ____ ____ ____ ___
•83
a931
/
4
23
2012
393
6
55
6
*16
11
/
4
7
/
1
4
238
814
*212
- *4
*312
1412
98
312
7
4714
23
/
1
4
29
85
9412
244
/
1
2138
39 4
3
612
55
6
263
4
2
/
1
4
8
2
/
1
4
9
23
4
812
4
15
/
1
4
98
384
7
/
1
4
504
/
1
24
291
7F2 V12 .712 i
;i2 1 18
/
* 12 - 3
;
;
ii2 li
;7i2 i
.
3
4
53
8
,
2
12
*5
8
3
4
3
8
3
3
*12
3
4
3
8
5
8
*5
8
3
4
3
4
h
3
4
*12
12
Thi
5
8
12
*12
h
*14
3
8
14
14
14
h
h
h
3
8
h
h
h
218
214
214
212
2
2
2
/
1
4
218 214
2
/ 23
1
4
8
2
/
1
4
12
12
12
12
3
3
3
8
12
12
12
12
/
1
4
5
5
2
2
21 214
/
4
218 214
24 214
2
2
2
2
688 1014 1018 103
4
912 1014
10
10
14 1018 10 4
3
9 4 10 2
3
3
012
•
I2
3*
7
8
*12
h
012
3
4
*h
h
*12
h
383 40
4
3938 4018 38
/ 3918 3912 4012 3912 401/4 403 4214
1
4
8
30
311 3112 32
/
4
/ 31
1
4
3212 32
323
4 315s 3312
3212 32
*100 10112 *100 10112 *100 10112 *100 10112 *100 10112 *100 1011
/
4
11 ' 14
/
4
11 178
/
4
/
1
17
8 2
*14 2
/
1
13
4 13
13
4
4 *Pa
*5
9
*5
9
*5 8 9
3
*538 718 *5 3 718 *53
3
8 718
*1618 17
*17
2738 *17
1814 17
•16
1814 *1512 1814
17
*6612
_ *66
70
70- 70 *70
__ _ .70
___ *70 ,
49 -49
51
533 *50
4
5212 50 - 12 5114 51
50 51
$2
64 612 *812 014
/
1
*715 84 *7
10
813 *8
S
814
74 712
712 8
/
1
4
7
7
14
714 7
7
/ 7
1
4
/
1
4
/
1
4
7
/ 78
1
4
3
912 10
9
912
9
97
8
918 10
'914 10
94 9 8
7
*27
27
27
*28
29
29
2614 267
8 2712 287 *26
31
8
0_ ___ 60
50 50 *---- 50 *..--- 50 *---- 50 •-_-- 50
37
8 41
418 412
/
4
3
/ 412
1
4
38 4
5
34 4
3
3
334 3 4
1014 1014 1012 1012 1014 1014 *912 1014 1014 1014 *912 1014
8 *318 912 *34 012
/ 012 *314 53
1
4
912 .3
*5
•3
12
8
k
8
*1712 7472 31712 7472 *1712 747 .1712 747 *1712 747 *1712 747
7
/ 8
1
4
/ • 814 8 8
1
4
7
7 4 83
3
8 a7 8 7 8
3
3
714
7
Pe 7 4
73
4
*411 5
*412 6
/
1
43
8 458 *44 5
34 312
*218 3
/
1
4
.1
3
.1
3
*112 184 *112 14
*112 13
4 *112 Pi
12
1
/
1
4
/
1
4
14
/
1
4
12
h
12
12
12
/
11
4
6h
63
4 63
63
4 71
614 *6
6
12 612 *6
6
/ 61
1
4
7
8
1
7
8
1
7
8
1
/ 1
1
4
/ 1
1
4
3*
7
8
Mg 1782
1714 1734
1814 187
177a 18
/ 187k
1
4
8 17
17 8 18
7
4 / 40
.39
1
4
39
40
40
*38 4 40
3
*384 40
/
1
*39 4 41
3
*35
8
/ 1118 1212 107 11
1
4
9'2
8
8
1118 12
9
111
8
25
*21
25
*2514 3112 *2714 29
25
26
26'2 2814 31
312
3 4 *3
3
*314 3 4 *3
3
3 4 33
3
3
7
314 34 *3 4 3
24
24
/
1
4
24
•18
20
*20
24
2012 2002 24
20
201
112 112
4
112
*1
112
112 112 0114 13
*1.18
11
1'2
4
*24
283 *2412 283
4
2818 2818 273 281k 28
26
26
28
• 90
58,700
73,500
1,600
87,000
500
200
30
9,900
75,300
4,200
1,100
3.900
100
26,100
50
11.500
2,146
20,100
27,600
5,800
1,700
450
54,100
ielii
1,400
800
1,000
16,000
2,90C
1,900
14,800
13,200
66,400
1,700
200
20
6,700
400
20,200
39,800
600
100
19,100
400
68.800
120
10,600
1,900
5,300
5,200
200
7,300
1,000
200
300
300
280
70 May 100 Oct
NY Steam 26 pref
No par SO Mar 4 00 Jun V
90 June 116918 Mar
$7 1st preferred
No Par 0,04 Apr 25 III) Jan 11
/
4
103 May 211 Sept
4
Noranda Mines Ltd
No par
17,, i&li 14 2512 Ain 24
1334 June 4314 Sept
15', Apr '1 3i.2 .1 till i 1
North American Co-- No par
2512 July 248 .Sept.
Preferred
50 .12 Fe),2, 41% Jan 12
/
1
4
1.4 Slay • 6 Dee
8
1
Fe), 27 z73 Apr 27
North Amer Aviation
...5
7412 tan IS, 49 July 88 .Sept
No Amer Edison pref__No par 43 Apr 1
Jan,
a
2 June
/
1
4
8 Mar 20
North German Lloyd
5 Apr 10
/
1
4
/
1
4
4
Northwestern Tele-frapt,___50 263 Apr 27 30 Feb 17, 15 June 33 Aug
34 Feb
212 Aug
2 Apr 24!
12
Norwalk Tire & Rubber No par
1 11, Feb 23
6 Jan 11 Aug
914 Apr 241
Ohio 011 Co.,.
4 Fen 27
/
1
4
No par
4 Aug
12 Apr
314 Mar 17
Oliver Farm Equip_ _ - _No par
118 Fen 27
0
212May 10, Aug
3 Feb 28 12 Apr 2
/
1
4
4
Preferred A. __ .. No oar
48 Mar
4
112 Jan
314 Apr 27
IN Mu -2
OmnIbUft Corp(The)vte No par
9 8 Jan
7
3 June
6 Apr 20
21 Feb 28
:
OPpenhelm Coll at Co_ _No par
314 June 15 Sept
514 Jan 12
Orpheum Circuit In° Oref_100
11 Jan 311
/
4
9 Slay 2212 Jan
Otis Elevator
No par 1018 Feb 27 1514 Apr 25
90 May 106 Nov
Preferred
100 9312 Apr 5 - 102 Jan 27
914 Sept
11 May
/
4
434 Jan 11
11 aisr 1
/
4
Otis Steel
No pat
/
1
4
318 May 20 Sept
/
1
4
Prior preferred
214 Feb 28 10 Jan 11
100
12 June 4214 Nov
Owens-IIIInols Glass Co____25 3112 Mar 3 5112 Apr 21
167 June 37 Feb
8
Pacific Gas & Eleetrlo
25 20 Apr 7 3114 Jan 11
20 4June 4712 Aug
3
3
Pacific Lf,g Corp
No par 2514 Mar 31 43 2 Jan 11
Pacific Mills
3
/
1
4May
6 Feb 21 15 Apr 24
100
14 Aug
4
58 June 1043 Mar
Pacific Telep & Teleg
100 55 Mar 3 8134 Jan 12
5 Jan
/
1
4
/
1
4
Packard Motor Car_No par
2 Jan 9 _ 112 July
IN Mar 24
6 July 14 Sept
Pan-Amer Pete & Trans
6 12 Jan 5 1212 Jan 11
Class B
714 July 1413 Sept
6 1112 Mar 2 1212 Feb 18
5 Jan 20
_IN0 pa
2 Apr 10 Sept
ii Apr 21
Park-Tilford Inc_
2 Jan
Parmelee TransOok14 June
/ Apr 20
1
4
%Mar 21
a'n_No par
114 Jan
14 Dec
118 Feb 17
38 Apr 18
Panhandle Prod & Ref.Npar
18 Apr 5
Paramount Public etts. ____10
7 Feb18
s
212 Apr 21
i Sept
1
34 JAW 9
Park Utah C M
is Ayr
14 May
N Jan 4
114 Aug
14 Jan 4
Pathe Exchange
No par
14 June
14
5 Feb
/
1
4
2 Jan 4
114 Jan 25
Preferred class A_ _ No par
3 July
/
1
4
912 Sept
Patino Mines as Enterpr No par
5 Jan 16 1212 Apr 20
/
1
4
14 Jan 10
43 Apr
2
3
41 Feb 16
Peerless Motor Car
34 June
16 June 3232 Mar
Penick & Ford
No pa 22512 Feb 27 4214 Apr 28
13 May 34 Mar
/
1
4
Penney (J C)
No Tar 1914 Mar 2 3312 Apr 28
60 June 91 Mar
Preferred
100 90 Jan 4 10412 Feb 17
84 Jan 25
12 Apr
212 Apr 20
Penn-Dixie Cement_No par
212 Aug
3 Nov
638 Apr 10
44 Mar 2
100
8_ Sept
Preferred series A
12 Oct 16?:May
10 4 Jan 25 17 Apt 20
3
Peoples Drug Stores_ --No pa
504 July 95 Feb
/
1
8 SX% cony preferred
100 65 Apr 11 75 Jan 18
39 July 121
8
People's0 L & C(C1110-100 413 Apt 18 78 Jan 9
Jan
814 Apr 28
5 Dec 124 Jan
512 Feb 2
Pet Milk
/
1
No par
Apr 24
2 g May
3
8
/
1
4
Ps Jan 3
Petroleum Corp of AM_No par
7 Sept
/
1
4
3 June 113 Sept
/
1
4
/
1
4
412 Jan 4 10 Apr 20
Phelps
25
2
-Dodge Corp
18 June 41 Mar
Philadelphia Co 6% pref-50 25 Apr 11 '32 Jan 20
48 June 75 Sept
$6 preferred
No par 49 Mar 27 50 Apr 24
co Jan 11
2 June
212 Feb 27
Phila & Read C&I
No par
7 Sept
/
1
4
7 June 13 Aug
Phillip Morris & CO Ltd----10
8 Feb 13 1012 Apr 20
5 Apr 21
3 Apr 123 Sept
/
1
4
3 Feb 8
Phillips Jones Corp
No par
2
10 Apr 32 Feb
Preferred
100
8 s Apr 24
7
2, June
434 Jan 4
Phillips Petroleum
No par
812 Sept
6
08 Apr 25
11 Mar 15
/
4
Phoenix HoslerY
2 Nov
91s Aug
23 Feb 27
8
Pierce-Arrow class A-_No par
112 Apr 18
- it* June
9 Jan
3 Apr 24
s
Pierce Oil Corp
14 Jan
4 Jan 3
25
N Sept
100
37 Feb 27
8
712 Apr 24
312 Jan
Preferred
9 Aug
1 Feb 11
23
/ Jan
1
4
Pierce Petroleum
12 May
No par
11 Vept
/
4
4
98 Feb 24 203 Apr 20
3
Pillsbury Flour Mills.. Nopar
913 Dec .2212 Jan
8
21 June 3152 Mar
Pirelli Co of Italy Amer shares 333 Apr 4 40 Apr 20
3
4 Feb 25 12 8 Apr 26
Pittsburgh Coal of Pa
100
3 May 113 Sept
8
Preferred
100 17 Jan 25 31 Apr 26
17 Dec 40 Jan
38 Apr 25
a
17 Feb 16
Pittsburgh Screw &BoltNo par
2 Apr
4 8 Aug
7
Pitta Steel 7% cum pref-100 1014 Jan 8 2412 Apr 28
/
1
4
9 June 24 Sept
12
11 Apr 2()
/
4
4
3 Feb 6
25
/ Dec
1
4
Pittsburgh United
3 Sept
/
1
4
3
100 15 4 Feb 27 281s Apr 24
14 May 44 Sept
Preferred-
'Bid and asked prices, no sales on this day. a Optional Bale. 411311-dividemd and ex-righta. a Bold 15 days. z Ex-dividend. e Cash sale
New York Stock Record-Continued-Page 7..
2930
April 29 1933
NrFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
,
HIGH AND LOW SALE PRICES' PER SHARE. NOT PER CENT.
Saturday
Apr. 22.
Monday
Apr. 24.
Tuesday
Apr. 25.
Wednesday
Apr. 26.
Thursday
Apr. 27.
Friday
Apr. 28.
Sales
for
the
Week.
.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
5 per share S per share $ per share $ per share $ per share 5 per share Shares Indus. & affscell. (Con.) Par $ Per share $ Per share
as Apr 1
12
12
5
8
5
8
710 Pittston Co (The)
No par
5
5
5
8
4
3
4
1
3
4
138 Apr 20
8
4
,
*3
8
8
8
8 14
714
77
8
7
7
7
718
5,400 Plymouth 011 Co
7
7
5
63 Feb 24 . 912 Jan 11
4
.314 414
418 418 *312 4
134 Apr 3
*312 4
*312 4
414 Apr 21
400 Poor & Co class B
No par
312 312
*3
314 *3
314
3
3
3
3
312 312
3
3
312 Jan 19
400 Porto Ric
15 Mar 23
8
-Am Tob cl A_No par
11
. *114
138
138
13
8
114
114
112
es Feb 27
*114
18
,
112 Apr 22
1,000
No par
Class 13
112
612 63
4
7
73
8
73
8 938
4 Feb 27 1218 Apr 28
11
105s .1218 25,100 Postai Tel & Cable 7% pref 100
914 1012
9
*73 20
8
*73
4
__
_
*63 _
*718__ •
4
_ *63
*7
4
Prairie Oil & Gas
25
55 Mar 21
8
6 Feb 11
1038 1012 11 If
1038 -11134 *934 To
912 - 25
7 afar 22 11 Apr 24
912
912 94 1,400 Prairie Pipe Line
*1
118
114
138 *118
138
112 *118 112 2,000 Pressed Steel Car
111
114
13
8
58 Jan 21
13 Apr 21
8
No par
4
5
6
6
•512 6
*512 6
*512 6
•
100
3 Jan 27
*512 6
6 Apr 24
500
Preferred
33
3738 36
364 363 3712 x36
8
3714 36
367
8 35
8
No par 195 Feb28 50 Apr 20
363 37,000 Procter & Gamble
8
.99 1003 100 100 *10018 1004 10018 10018 098 10078 10014 10014
8
120
5% prof (5er of Feb 1'29)100 97 Apr 18 10411 Jan 12
4
14 Jan 3
12
5
8
5
53 Apr 21
8
52
5
8
*14
5
8
700 Producers & Refiners Corp__60
•14
5
8
*14
52
*2
4
*2
4
4
5
*4
512 *4
512 *4
512
50
3 Feb 2
5 Jan 16
150
Preferred
3614 387
8 38
403
8 3712 3912 3814 4014 3812 393
4 37 8 3914 27,700 Pub Ser Corp of N J- __No par 3314 Apr 4 5514 Jan 11
3
.7012 74
71
71
7012 71
7014 7012 7012 71
70
71
2,100
No par 68 Apr 18 884 Jan 31
55 preferred
*86
87
90
87
87
88
88
88
8818 *88
100 80 Apr 4 10138 Jan 24
*87
88
700
6% Preferred
*94
99
*94
99
*94
98
*94
99
*94
99 .9414 99
8
- 100 017 Apr 17 11212 Jan 12
7% preferred
*1043 113 *109 110
8
106 112 *108 110 *10818 110
107 107
100 107 Apr 25 125 Jan 9
800
8% preferred
•____ 05
*87
95 •____ 93 *__
934 Mar 3 1034 Jan 11
93
*85
Pub Sec El & GLIA Pf $3_No par
93
*85
93
2841 .2912 x2918 2978 281 1 2958 2834 297
8 2912 3014 293 3118 31,500 Pullman Inc
No par ' 812 Jan 4 3118 Apr 28
4
11414
412
458 512
412 5
212 Mar 2
412 458
312 Apr 24
No par
412 45
8
414 43 31,200 Pure 011 (The)
4
36
36
397
8 37
36
373
4 3712 3814 *37
100 30 Mar. 3 82 Jan 12
373
4 37
3712
8% cony preferred
390
8 1212 1314 12
1112 123
578 Feb 24 137 Apr 28
4 123t 1312 127 1318 124 137 36,600 Purity Bakeries
133
8
No par
8
8
478 512
3 Feb 23
8
512 57
512 63
53
6 2 Apr 25
3
8
No par
4 64
53
4 64
512 5 346,600 Radio Corp of Amer
4
.1812 20
20 20
21
2278 21
227 *2014 22 8 20 '21
8
.7
8
50 1314 Feb28 227 Apr 25
1,300
Preferred
No par
612 Feb28 1518 Apr 25
12
1314 123 1518 1314 147
1012 12
4
4
8 123 134 13
Preferred 13
135 31,600
8
2
214
24 24
2
218
178 2
112 15
2
8
I Mar 31
218 14,100 Radlo-Keith-Orph
3 8 Jan 9
5
No par
.83
4 94
8
934 1034 1012 107
5 Feb 23 12 Apr 20
912 97
8
912 97
8 1012 11
6,800 Raybestos Manhattan_No par
878 9
918 914
9
10
9
9
9
9
1018
54 Feb 27 1018 Apr 27
83
4 94 5,000 Real Silk Hosiery
45
45
4512 4512 4512 45 8 *45
48
49
3
4912 50
49
100 25 Jan 4 50 Apr 28
500
Preferred
*3
8
1
14 Jan 3
2
3 Apr 27
8
No par
*3
8
1
•12 1
*12
*3 • 1
1
100 Reis(Robt)& Co
52
5
8
•13 10
4
*2
10
*218 10
*23 10
8
23
8 212 *214 10
100
1st preferred
Ds Jan 3
212 Apr 27
20
1
44 412
212 Feb 23
43
8 431
418 44
418• 412
8
4
4 14 9.500 Remington-Rand
43 Apr 20
4
4,
8 43
1212 1212 12
13
4
*1312 17
100
167
8 14
712 Feb 27 14 Apr 28
14
133 133 *14
4
700
let preferred
10
10
*1114 15
8 Feb 27 13 Feb 4
*1112 15
100
*1112 1612 *1112 1812 *1112 1612
10
2d preferred
234 3
314 43
47 Apr 25
4
358 418
414 47
5
13 Feb28
8
8
33
8 418 100,700 Reo Motor Car
4
458
8
95 107
8
1034
8 10
934 1014
812 93
4
10
103 • 07 103 83,700 Republic Steel Corp_ __No par
4
4 Feb 27 11 Apr 20
8
4
203 223
,1
8 195 207
02112 223
187 21
8
100
8
4 2114 223 14,400
9 Feb28 23 Apr 26
4
4
8 203 23
6% cow, preferred
212 5 4
3
4
4
114 Jan 10
4
414 *3
4
*3
414
5 4 *3
3
4 Apr 24
200 Revere Copper & Brass_No par
*212 534 *212 712 *512 712 *212 612 *6
214 Mar 2
6 Apr 28
612
6
6
100
No par
Class A
*914
912
94 97
6 i‘ Feb 27 103 Apr 27
8
8
914 1012
105
8 10
103
8 5,800 Reynolds Metal Co___ _No par
93 103
4
8 10
*234 4
112 Feb28
612 Jan 10
No par
4
4
33
4 33
312 312
4
23
4 3
33
4 33
700 Reynolds Spring
4
343 36
3712 365 3712 156,200 Reynolds (11 J)'rob class B_10 2812 Jan 3 3712 Apr 24
4
8
4
3612 3712 364 37 4 363 3712 363
,
8
10 60 Jan 5 622 Jan 21
4
*60
61
*80
6012 60
61
61
60
*60
80
60
65
210
Class A
14 Feb 21
4 Apr 25
5
8
*12
12
4
5
8
12
2,200 Richfield 011 of Calif_ __No par
12
*12
12
4
5
8
3
8
'*1014 103 .1038 1014
612 Feb 25 1058 Apr 24
11
No par
*814 10
10
300 Ritter Dental Mfg
4
105
8 *10
•10
11
5
312 35
8
33 . 4
518 Jan II
2 Apr 8
4
312 378
32 38
3
3
3
312
27
8 34 2,400 Russia Insurance Co
8
8
8 22
2238 213 22
4
2112 2112 2238 227
22
22
2112 217
8 4,100 Royal Dutch Co(NY shares) 175 Mar 2 237 Apr 20
612 Feb 27 185 Apr 20
8
• 10
4 15
4 1518 163
16
14
17
1614
53 163
16
4
1614 26.700 St Joseph Lead
17
42
4
No par 28 Mar 3 4514 Apr 20
4058 4258 423 44
437
8 4214 44
8 4218 .4514 434 447
20,500 Safeway Stores
100 72 Apr 5 88 Feb 1
a82
84
833
81
81
82
8 8312 8312 84
8114 8114 .81
6% preferred
70
100 50 4 Feb 15 96 Feb 2
92
,
92
93
92
92
93
92
9212
8
90
91
917 92
180
7% preferred
214 Apr 3
*312 438 *312 4
5 Feb 9
3
3
*3
312 312
212 212
478
600 Savage Arius Corp____No par
.7
8
1
7
8
1
5 Mar 3
8
14 Jan 5
1
78
1
1
1
1
*1
13
8 1,600 Schulte Retail Storee_No par
*318 6
.318 4
7 Jan 9
512 *4
34 34
100
318 Apr 25
512
54 54 *4
60
Preferred
31
31
31
3112 315
No par 28 Jan 21 32 Mar 16
*31
30 30
3112 31
8 315 315
8
8
220 Scott Paper Co
4
26
2778 273 283
8
4 25
273
8 25
263
8 2512 2614 2514 2614 33,400 Seaboard 011 Co of Del-No par 15 Feb 13 283 Apr 21
2 Jan 6
118 Feb 25
.14 2
*13
.13
8 2
8 2
*13 " 2
8
*13
8 2
*13
8 2
No par
Seagrave Corp
8
2114 2212 225. 2312 2138 223
2 214 223
8 21
2218 203 224 34,400 Sears. Roebuck & Co No par 1212 Feb 25 2478 Apr 20
4
3 Mar 16
212
*212 234
1
212 *214 25
114 Feb28
8
212 24
25
8 23
4
212 25
8 1,500 Second Nat Investors '
1 24 Feb24 36 Apr 24
35
36
3318 334 *305 304 *314 373 *3118 375
35
35
' 8
8
8
Preferred
400
18 Mar 28
3 Apr 20
4
No par
12
12
.
12
12
52
5
8
5
8
5
8
12
5
8
12
4,200 Seneca Copper
5
8
212 25
234 23
3 Apr 24
23
4 278
1 12 Feb 4
8
23
4 3
4
25
8 23
1
4
25
8 23 13,000 Servel Inc
4
4
53 Apr 8 10 Jan 5
73
4 818
73
74 712
No par
8 78
7
712 73
738 7,900 Shattuck (F 0)
4
714 73
4
7
518 Apr 27 I
112 Feb 23
*318 3 4
3
37
8 4
No par
414 414
412 478 2,200 Sharon Steel Hoop
418 418
414 518
4 Jan 6
24 Feb 27
3
3
3
3
3 14
No par
3
3.
314 312
3
2,800 Sharpe & 1)ohme
318
134
24
*2218 25
24
2's.*
*22
30
25
25
25
*23
27
300
Cony preferred ser A_No par 2114 Mar 2 2618 Jan 31
312 Feb 17
612 Apr 24
No par
512 6
512 6
54 512
5 8 612
7
4
512 5 8
7
5 2 53 27,400 Shell Union 011
,
3414 37
3712 40
100 2812 Mar 28 444 Jan 10
39
39
*33
40 40
3812 39
Cony preferred
40
2,000
Shubert Theatre Corp_NO Par - --- -,- - -, ---- ---- - 43 Feb28
8
814 Jan 11
No par
714
738 77
712
73
8 77
718 712
67
8 712
8
12,400 Simmons Co
8
7
8
712 Apr 24
47 Feb 28
8
10
7
63
4 7
7
65
8 7
7
712
612 612
6 2 61
,
4 8,900 Simms Petroleum
514 Apr 24
3 Feb 20
25
458 434
43
8 43
8
8
45
8 45
44 47
414
43
8
45
8 514
8 3,000 Skelly 011 Co
*3018 33
100 22 Feb 28 32 Apr 24
32
31
31
32
*31
*3018 33
31
Preferred
800
*3018 32
5 Mar 31
8
214. 214 *214 3
*214 23
212 212 *214 212
4
314 Apr 20
24 212
600 Snider racking Corp__No par
108 A apr 20
A
6 Mar 23 122 178 i%rprr.24
3
914 97
25
8
94 034 271,300 Socony Vacuum Corp
958 10
11
978 10
93 10 2
4
,
9
70
68
68
86
70
66
70
70
1,330 Solvay Am Invt Tr pref___100 58 Feb 25 70 Apr 20
70
70
70
70
4
2614 '275 35,100 So Porto Rico 8
8 253 28
8
8 255 273
8
4 2512 275
2412 2814 2714 287
a
12 Ja 2
1
ugae- --Ne P0% 116% j n 14
10
118 118 *115 11912 *115 11912 *115 11812 *115 11812
Preferred
•115 119
25 171rApr 7 28 Jan 11
1918 13,400 Southern Calif Edison
19
2018 20 20,
2 1954 2012 191 1 2018 1914 1912 18
114 Feb28
114 Feb28
*114 3
*114 3
*114 4
5
*1
Southern Dairies ol B_ _No par
5
5
*1
*1
4 Jan 18
55 Jan 13
*4
8
*4
7
518 *4
04
__
Spalding(AG)& Bros_No par
___
*4
*4
100 2518 Mar 28 31 Feb 3
50 *-- 7 , 50
lst preferred
*2518 50 *-___.- 52518 54
,
254 54
.2518 54 '
412 Feb 18
412 Feb 18
93
4
Spang Chalfant&Co IncNo par
4 *412 934 *41
4 *412 93
4 .412 93
.412 9 4 *412 93
3
100 1712 Feb 9 25 Apr 24
33
33
*21
*21
*23
33
Preferred
33
25
80
*21
21
*21
33
4
24 Apr 21
8
13
4 13
4 17
13
4 2
13
4 17
4 2,000 Sparks WIthington_ _ _ _No par . 3 Feb28
8 .13
14 2
13
4 17
8
la Jan 10
114 Apr 24
No par
140 Spear & Co
*4 112
*5
8 113
112
15
3
*5
8
*5
8
11-1
kl
3
-1
*5
8
712 Apr 10 1112 Apr 21
8
,
111g *10 8 1118 •107 1113 1.900 spencer Kellogg & Sons No pa
*1014 1078 11
1114 11
1112 114
5 Jan 3
518 Jan 11
No par
612
Spicer alfg Co
612 *5
612 *5
612 *5
•5
612 .54 612 *5
4
Cony preferred A_ _ _No par 113 Mar 21 20 Jan 31
____ **1612 _ _ *164 _ __ 51612. 20 .1612 20
•15 _ __ *16
1 Feb28
314 Apr 24
400 Spiegel-May-Stern Co_No par
*212 314
4 31
*3
34 *23
3
314 '314 53
3
-34
4
No Dor 133 Mar 2 19 Apr 20
187
8 18
18
183 85,900 Standard Brands
4
4 1814 19
173 1858 1814 19
4
177 183
8
No par 121 Feb 18 123 Jan 5
4
100
Preferred
12212 12212 12212 *12212 123 012212 123 *12212 123 *1223 123
*122
112 Apr 25
1 Jan 3
500 Stand Comm Tobacco_No par
14 13
8 *11
13
s
112
14
13
2
114 114
112
•1
518 Mar 31
1534 Jan 11
07 1012 28,000 Standard Gas A El Co_ No par
8
111. 1018 11
812 978 10
1178 1018 107
8 10
85 Apr 3 25 Jan 11
8
No par
1512 14
143
8 6,700
4
1414 1414
Preferred
4 1414 1514 143
1414 1512 1412 143
17 Apr 4 41 Jan 3
26
*2312 2518 *20
100
*23
*2212 28
$8 corn prior prat__ _No par
254 2514 2514 .2212 26
No par 20 Apr 4 4612 Jan 10
*2712 2912 293 293 *2712 2912 271z 2712 2812 2812 2812 2812
800
$7 corn prior pref
4
4
12 Mar 31
114 Apr 21
*4 1
1,300 Stand Investing Corp_No par
14
•7
8
I
•7
8
114
118 14
3
4
3
4
7
8
3
19 2 m
Jan
97
9718 9718
600 Standard 011 Export prof 100 92:2 Mar 3
9534 9534 *9612 9712 07
95 4 97
3
97
97
1014 A pr 260
3
0
28 8 2918 77,600 Standard 011 of Calif _No Par
,
2814 2934 2912 3012 28 8 2912 2838 2914 2818 29
5
4
8
15
147 15
8
15
15
15
•12
1512 15
15
1,400 Standard 011 of Kan3as__10 123 Apr 4 175 Jan 16
1412 15
4
324 333 141,500 Standard 011 of New Jersey_ 25 223 Mar 3 35 Apr 21
4
327 34
8
34
35
3
212 3313 3212 3318 3214 33
1 Feb 16
54
6 Mar 16
512 54
512 *4
Starrett Co (The) L S No par
*4
54 *4
512 *4
512 .4
as Janll
134 Apr 21
118
114 .1
114
114
500 Sterling Securities cl A_No par
114 *118
118
•114
112 .118
114
112 Feb 10
314 Apr 24
14
14 314
No par
Preferred
800
3
314 *3
314 3
*3. 314
312 *34 314
3
2318 2318 25
Convertible preferred____50 20 Mat 2 25 Apr 21
25
700
*21 2512 2312 2418 2312 2312 *2312 26
5 Apr 25
24 Feb 24
43
10
45
8
414 412 12,600 Stewart-Warner Corp
8
412 47
Cs 43
8
43
8 5
3 4 414
3
8
4
No Par
5 Feb 27 105 Jan 11
712 8
818 812
8
9
17,100 Stone & Webater '
812
814 9
8
712 812
54 Jan 8
112 Ma.20
3
33 21,500 Studebaker Corp (The) No Par
8
314 35
8
314 35
25
8 314
8
318 34
214 24
100
9 Apr 3 347 Jan 11
8
18
1812 19 • 1912 1,070
Preferred
21
133 17
4
213
4 21
20 4 19
3
18
37
37
3712 38
No par 35 Feb 25 38 Apr 24
37
37
.36
37
355 355
8
8 364 36%
900 Sun 011
100 89 Mar 16 98 Feb 2
9314 92
Preferred
93
180
9314 03
9214 .90
92
9314 .92
9314 *02
712 Feb 17 1018 Mar 18
10
,
800 Superheater Co (Tlae)__No par
83
4 9 4 .8
10
912 912
.91z 10
97
10
8 97
8
34 Jan 4
13 Feb 7
4
No par
112
112
112 112
4,300 Superior Oil
8
112 15s
112
13
4
15
8 15
14 15
8
5 Apr 26
2 Feb28
• 100
45
8 434
4
8 5
414 2,500 Superior Steel
438 412
4
4
43
44 412
358 Mar 15
1 Mar 22
• *112 3
Sweet's Co of Amer (The)_ _ _50
*114 25
*112 3
*112 3
•112 3
.112 3
8
Is Apr 6
4 Jan 5
•13
3
4
*14
*15
34
No par
12
12
*18
*18
Symington Co
5
4
*18
5
4
It Apr 11
7 Jan 13
3
No par
Class A
1.000
*5
8
3
4
3
4
54
5
4
3
4
3
4
3
4
54
7
8
*53
4
818 Feb 17 1018 Apr 25
10
No Vas
93
4 93
4 10
10
1,200 Telautograph Corp
10
10
1018 10
3
9 4 9 4 10
3
34 Max 1(1
No Par
23
4 24
23
4 23
4 3
234 278 *23
14 Feb28
278 278
4 1,500 Tennessee Corp
*212 2 8
7
4
25 103 Feb 28 1758 Apr 2.1
8
5
147 15 8 1412 1514 145 1514 91,700 Texas Corp (The)
8
8
8 153 1614
1512 167
8 164 175
1514 Feb 20 2534 Apr 20
No par
_
8 2314 24
4 2312 243
5
37.100 Texas Gulf
8 23 8 243
233 247,
4
8 2438 25
23
243
24 Apr 24
2
13 Mar 3
Sulphur28
3
218 214
2
214
8,200 Texas Pacific) Coal A011_ _ _ _10
2
214 238
8
t2
214 . 214 25
634 Apr 24
312 Mar 31
5138 53
4
512 54
54 53 26.000 Texas Pacific Land Trust__ __I
4
5 4 6,8
3
4
618 63
154 '63o
912 Mar 16
4 1,000 Thatcher atfg
5 Feb 15
No par
788 738 .712 73
8
73
8
73
8 73
72
4
714
712
67
8
67
No par 275 Feb 6 275 Feb 6
8
8
354 *2918 3518
$3.60 cony prof
*30
3518 *30
40
40 .30
*30
40
• *30
54 Apr 25
23 Mar 31
8
No par
55
8 •41s 55s
8 *4
600 The Fair
47
8 47
44 618
54 512
il *43
4 44
100 33 Feb 28 52 Apr 26
50 50
50
50
7% preferred_
52
80
59
52
59 .52
59 .52
_ 052
2 Apr 20
I Feb 28
No par
112 112
13
8
13
8
15
8
000 Thermold Co
4114
158
112
15
4
112
112 *112
4
I
10 Mar 1 163 Apr 21
16
1,000 Third Nat Investors
1612 1512 1512 1512 1512 1512 1512 16
16
16
16
•
d asked prices no sales on thLs day.
!Owl! sale.
“0Pt
5 Ex-dividend. y Ex-rights.
c Cash sale
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share -per share
5
88 Nov
'33 pee 1212 Sept
3
112 May
65s Sept
114 May
64 Sept
3 May
8
254 Aug
134 July 174 Sept
312 June
912 Sept
512 June 1214 Sept
34 June
4 Aug
25 June 17 Sept
8
1978 June 423 Jan
4
81 July 10312 Dec
Is May
15 Mar
8
I May
93 Mar
4
28 July 60 Mar
62 June 907 Sept
8
7112 June 10218 Aug
92's May 114 Mal'
100 July 13014 Mar
83 June 10312 Dec
1012 June 28 Sept
27 June
8
612 Aug
50 Jan 80 Aug
44 May 157 Mar
8
212 May 1312 Sept
10 June 327 Jan
8
338 May 235 Sept
8
112 June
73 Sept
4
438 July z123 Aug
4
218 July
812 Sept
7 June 30 Sept
Is Apr
14 Sept
cl
Dec
75 Sept
8
1 Slay
74 Aug
4 June 29 Aug
5 June 3112 Aug
112 Apr
37 Sept
8
17 June 137 Sept
8
8
5. June 287 Sept
8
I July
614 Sept
2 Dec 1212 Aug
55 July
8
117 Sept
8
3 Feb 127 Sept
8
264 June 4014 Jan
64 May 714 June
13 July
8
4 Jun,
4 July
12 Oct
112 may
94 Aug
1218 Apr 233 Sept
4
45 July
8
173 Sept
4
3018 July 6914 Mar
60 May 00
Oct
69 June 09
Oct
114 July
73 Feb
8
4 Dec
4
Jan
6 Oct 30 Jan
18 May 42 Feb
85 Apr 203 Dec
8
8
1
Apr
234 Jan
97 June 374 Jan
8
12 July
3 Aug
2114 June 3618 Aug
Aug
is May
1
112 June
534 Jan
5 May
123k Mar
112 July
734 Sept
17 June
8
7 Sept
1112 July • 304 Jan
212 Apr
834 Sept
18 May 6514 Sept
Is June
118 Aug
23 June 133 Sept
4
8
354 Apr
712 Aug
24 Feb
53 Sept
4
12 Jan 3312 Sept
17 Dec
8
713 Sept
Slay
1214 Sept
.Aprl,y
35il 2 ,
46 1
85l41 June 67 . Sept
I 18341211 SeptI
153 June 3234 Feb
4
114 May
3 Feb
412 July
12 Jan
25 Dec 95 Jan
984 mar
83 mar
4
15 Nov 4812 Jan
I May
5 Sept
4
12 July
13 Apr
8 May 11 Sept
3 Dec
8 8 Sept
7
91z June 18 Sept
58 May
5 Aug
838 June 1778 Aug
110 June 123 Dec
;a July
2 Jan
75 June 3414 Mar
8
1114 June 4114 Jan
21 July 6212 Aug
28 June 75
Jan
4 June
214 Aug
28.1
131,8 J= 1001 Septl)ec
317
:
7 Apr
194 Apr
3 July
18 May
5 July
8
1313 June
17 May
8
45 July
8
212 May
164 Aug
373 Sept
8
83 Sept
4
214 Sept
4 Sept
26 Aug
811 Sept
738 Sept
133 Sept
4
30 Nov 1047 Mar
8
243 Apr 397 Oct
4
8
68 July 02 Dec
7 June 1418 Sept
14 Jan
2 Sept
24 May
534 Sept
13 July
8
11
Jan
14 Mar
1 Sept
23 Aug
4
4 May
6 July 133 Mar
4
1 , May
43 Sept
s
94 June 1814 Sept
12 July 263 Feb
4
14 Apr
4 Aug
212 June
Slz Sept
2 Apr
10 Nov
2218 Apr 32 Dee
24 Dec
814 Sept
38 July 85
Jan
78 June
4 Sept
10 May 174 Dec
New York Stock Record-Concluded-Page 8
2931
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.'
.
•
PER SHARE
PER SHARE
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT. ' Sales
STOCKS
Range Since Jan, 1
Range or Previous
for
NEW YORK STOCK
On basis of 100 share lots.
Year 1932.
Saturday
Monday
Tuesday
the
Wednesday Thursday
Friday
EXCHANGE.
Apr. 22.
Apr. 24.
Apr. 25.
Apr. 26
Week.
Apr. 27.
Apr. 28.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share 5 per share Shares.
•73
4 838
812 812 *814 9
818 818 *8
812 8121
700
9
7 4 73
3
4
73
4 814 0712 818 *73
8121
800
4 8,
8
8
1
818 *73
1
1
53
4
1
400
5*1
7
8
4
*3
4
4
7
8
7
8
7
8
*14
20
20
*14
*14
20
*14
*14
20
20 .14
20 I
414 412
112 5
412 45
4121 29.300
8
44 458
43
8 43
414
8
38
3714 373
37
8 37
3712 37
37 .36
37 I 4.100
37
37
*10
15
914 914 *831 15
*83 15
• 4 15
4
83
*854 15 I
100
55
60
60 .51
55
60 .53
60
400
*57
583 SS3
60
4
4
214
212
23
4 3
27
8 34
3
3
314
312 358
3
33s1 26,500
2112 223
4 223 24
4
223 237
4
4
8 2212 233
4 2218 2312 213 23121 84,000
_
__ ____
____ ____ ____ ____
518 512
514
512
518 54
518 514
518 514
5
5 14 21,003
414 414
412
412
412 43
4
514
514
53
8 534
6
800
6 I
47
8 58
3
54 53
4
47
8 53
2
5
514
44 514
43
4 5 I 27,700
6012 605 605
*56
59
60
8
8 6012 6012 60
8
60 .505 60121 1.201
,
*2112 25 2 25
2512 2512 2614 .2538 26
2514 2514 243 253
4
4 3,000
*3
4 1
*3
4 1
*34
*3
1 1
1
*1
4
*3 . 1
4
1
4
4
4
44
.418 *33
4
4 4
37
8 37
34 37
8
8 3,900
7
8
7
8
4
4
*78
7
8
*7
7
8
i
8 114
500
114
1
21
1912 20
20
2014 214 2034 21
2012 2012 2012 2112 5.400
*714 9
812 9
8
8
800
*814 912 .
8
84 814 5814 87
285 294 30
8
32
30
314 30
3112 30
8
313
4 304 313 118,800
123
8 1258 1318 1218 123
12
8 123 123
123 29.400
8
8
4 1214 1212 1.2
143 1512 1512 1512 1434 1512 1412 1412 1314 1412 .133 1414
4
1,900
8
2418 26,
4 2512 277
8 25 4 273
3
8 26
8 2412 2612 360.200
2758 254 267
555
5712 59
587 *57
8
59
800
59
59
6018 59 4 59 4 *56
3
3
8
2012 213 2278 22
20
223
8 2212 2318 227 2312 227 227
8 4,700
8
8
.97
*97
99
99
97
*93
97
97
20
97
*93
97
*93
115 154 1514 1610 1412 153
8
8
1478 154 145 15
8
1518 .163 22,900
8
Indus.& Mlscell.(Cond.) Par
Thompson (J It)
25
Thompson Products IncNo par
Thompson-Starrett Co_No par
$3.50 cum pref
No par
Tidewater Assoc 011
No par
Preferred
100
Tide Water Oil
No par
Preferred
100
Timken Detroit Axle
10
Timken Roller Bear1ng_No par
Tobacco Products Corp No par
Class A
No par
Transamerica Corp
No par
Transue & Williams St'l No par
Tr -Continental Corp.. No par
6% preferred
No par
Trico Products Corp
No, par
Truax Traer Coal
No par
Truscon Steel
10
men dr Co
No par
Under Elliott Fisher Co No par
Union Bag &Pap Corp_No par
Union Carbide & Carb_No par
Union 011 California
25
Union Tank Car
No par
United Aircraft & Tran_No par
6% pref series A
50
United Biscuit
100
Preferred
100
United Carbon
No par
United Cigar Stores
1
Preferred
100
614
7
4
74 73
7
73
8
7
73
8
718 712
634 74 191,900 United Corp
No par
31
30
303 313
4
4 303 307
8
8 3.05 3118 31
31
30
Preferred
307 23,000
8
8
No par
*114
178
114
114 .112 14 .112 17
8 *112 14
8 *112 15
30 United Dyewood Corp__ --100
3
5238 2 4
212 25
8
212 23
8
212 314 ' 3
3
27
8 24 1,900 United Electric Coal__ _No par
4514 44
42
4614 43
4434 43
4414 4112 433 32.900 United Fruit
4438 42
4
No par
16
17
164 1712 16
4 1558 1612 57,990 United Gas Improve
163
4 1512 163
4 1618 163
No par
8738 .853 8812 *8612 89 .88
87 4 874 86
,
2
*8612 91
91
Preferred
300
No par
*12 2
*12 2
01. 2
.12 2
*12 2
United Paperboard
*12 2
100
*6
63
4
6
7
618. 612
4
7 4 5,600 United Piece Dye Wks_No par
3
64 73
7
638 612
70 .55
*55
70
*56
*57
70 .56
6 Si% preferred
70
70
70 .57
100
78
1
1
1
1
118
14 14
118 118 *1
118 2,600 United Stores class A__No par
_ .15 100
*4414
*45 . BO
*47
Preferred class A ___ _No par
53
54
*47
57
*47
28 28
284 2834 273 2812 2812 2812 2812 281e 2858 2818 1.800 Universal Leaf Tobacco No par
4
*8
10
10
11
11
280 Universal Pictures 1st pfd.100
11
1212
1112 13
10
.7
11
7
7
8
7
a
7
8
1
1
8
900 Universal Pipe & Rad_ _No par
*3
4
8 .
7
8
3
8
118
4
8 104 11
1018 107
1012 1078 1012 114 1014 1114 103 1118 12.400 US Pipe & Foundry
2
20
4
1412 1412 133 1412 143 144 1434 143 *1412 15
8
*1412 15
1,500
1st preferred
No par
4
.2
.1
*1
2
.1
U S Distrib Corp
2
2
*1
.1
.1
2
',
No par
U S Express
*11
*14
3
1
3
4
*11
3
4
100
*14
3
1
3
4
*14
3
2
*11
4
*9
9 8 93
5
93
4
94 938
.8 • 9
900 LT 13 Freight
9
9
9
No par
9
53
4 54
57
2 612
54 618
54 6
No par
614 2,300 US & Foreign Secur
'65* 64
*4814 53
*55
60
Preferred
5418 55
64.
300
56
*49
55
*55
•
574 55
No par
3014 30
315
8 2978 32
30
3214 17,300 U S Gypsum
31
3012 32
3112 33
20
.214 212
25
8 25
8 .218 .23
4 .218' 234 .218 253 *218 25
100 'if S Hoff NIach Corp_ _No par
8
2514 264 2
64 273
8
4 2 2 2612 a2512 263
254 273 .25,600 U S Industrial Alcolaol_No par
4,
273
8 26
518 512
6
73
8
614 67
25,700 US Leather v t e
8
63
2 7
614 710
No par
7
7
,
4
1414 153
4
113 133
8 1414 1512 1458 16
1414 1518 24,800
Class A v t (2
145 16
8
No par
4
50
*41
50
*47
*5
54
53
Prior preferred v t c
300
54
54
5512 54
100
*54
53
4 63
8
54 6
518 53
53
4
4
534
53
8 512
5
5, 11,109 US Realty & Inapt- --No par
2
65
8
Vs
72 8
,
7
74
7
63
4 73
No par
7 12
8
64 718 17.400 U S Rubber
1258 133
8
117 1278
8 12
1st preferred
123
1214 8,100
4 12
125
8 114 1212 11
100
35 8 404 40
3
42
4 38
4114 3812 4012 55,700 US Smelting Ref & m10_50
403
8 37' 3914 39
8
4814 4814 483 49 '4854, 4938 *49
4912 4838 484 7,000
Preferred
4912 49
50
8
395 4212 4234 4414 4112 43 • 4112 4314 413 425
8 404 43 342,500 US Steel Corp
8
100
47
7112 7 8 753 78
Preferred
4
74, 753
8
4 7314 7612 29,700
743 753
4
4 7412 76
100
80
80
83
80
83
1.800 U S Tobacco
80
83
4
No par
823 *77
8212 823
4 80
3
3 12
312 3 4
3
3.
314 13,300 Utilities Pow & Lt A.....No Par
33
3
8
3
34 34
3 12
12
4
3
8
Vadsco Sales
5
8
12 .4
No par
12 6.000
12
12
12
12
3
8
e____ 2112 __-- 2152 *---- 2112 •____ 2112 *._-_ 2112 *.._ 2112
Preferred
10
3 157
8
2 1614 17
1512 1612 15
28.400 Vanadium Corp of Am_No par
16
1612 1514 16,
4 15
*112 218
218 . 214
2
2
214
214
310 Van Raalte Co Inc
218 218
214 214
No par
42 .25
42 .25
*25
*27
5% non-cum pref
42
42
42
•25
*27
42
100
114
114
118
13
8
118
114
2 3,000 Virginia-Carolina Chem No par
114
13
14 112
13
8 133
*63
4 7
63
4 63
4
612 612 *614 7
1,000
63
.634 7
4 7
6% preferred
100
*40
41,
4 40
90
*41
*40
45
100
43
7% preferred
43
*40
43 .40
100
.63
120 Virginia El & Pow $6 pf No par
70 .
6912
8
694 693
697 *68
4 6912 6912 685 69
69
8
4 25
244 263
267
8 25
2718 2,570 Vulcan Dethining
4 25
257
8
8 24
265
8 245 263
100
63
4 64
67
2 7
7
4 63
4 2.200 Waldorf System
64 714
7 8 *712 7 8
63
5
5
No par
14 14 5114
112 *114
13
8
300 Walworth Co
13
8 *114
112
13
8
13
8
14
No par
*318 4,
4 5314 4
*33
4 4
33
4
334
354
334 *314 4
200 Ward Baking class A NO Da
1
lls
118
114
114 5118
114
114
114
114
1,500
Class B
114
114
No par
*13
17
*13
16
16 .13
16
1512
.13
16
16
100
*13
Preferred
. _100
2
24
218
212
214 3
23
4 3
8 25 84,900 Warner Bros Pictures
8
212 24
23
' 5
.3 .
812 *3
812 .6
8
812 .3
812 .3
*4
53.85 cony pref
852
No par
*7
8
14
.7
8
us
*3
4
1
900 Warner Quinland
118 *1
118
*sa
7
8
3
1
No par
514 54
5 8 512
,
5
8 7,400 Warren Bros
5 11
5
64
5
4 434
No par
513 55
11
11
10
11
1014 1034
113 1212 12
4
12
970
1012 12
Convertible pref._ _No par
. .83
4 9
9
10
1012 12
104 1112 10
1012 90
1012 6,300 Warren Fdy & Pipe
No par
.2
24 *2
28
5
212 24
372 4'
212 4
3
3 3 10,300 Webster Elsenlohr • No par
4
-16
1614
1612 163
4 16
1638 16 . 1634 163 1714 1614 17
4
15,700 Wesson 011 & Snowdrift No par
,*45
48
50
493
8 4912 4912 50
50
50
50
50
705• Cony preferred
50
No par
2414 264 2714 29
2612 293
8 284 323
4 3012 327
3 3052 324 207,100 Western Union Telegraph.. 100
8
8 2114 224 21
2112 2214 217 227
10,800 Westingh'se Air Brake_No par
4 1912 20
214 194 203
304 323
4 317 3 8 314 344 3214 3414 314 3314 3012 324 104,100 'Westinghouse El & Mfg--50
8 37
7212 74i2 7214 7214 7314 7314 . 7214 7214 7278 73
74
*72
400
1st preferred
50
*434 5
47
8 5
47
8 018
013 613
5
5114 4,800 Weston Flee 1nstrum t_No par
55*
5
1712 *12
1712 *11
*11
1712 11
1712 *11
1712 *11
11
100
Class A
No par
30
317
8 30
34
.3212 3414 34
344 3312 3312 *32
290 West Penn Elec clam A_No par
3412
404 40
42
40
3818 42
40
40
395 '404
8
3912 40
440
Preferred
100
35
35
3612 3514 3514 3412 35
35
3412 344 34:8
*34
210
6% preferred
100
93 .97
0652 9658 965* pfp, 93
994 97
97
*902 100
160 West Penn Power pref _ _1..100
*84
8812 *84
84
84
8812 .84
85
85
*83
85
8812
GO
6% preferred
100
4
4
.4
412
43
8 43
8 *4
43
8
4
14 414
44 418
700 West Dairy Prod el A.. Ns par
134
13
4
14 14
jig
14
13
4
14 1,700
14
14
13
4 14
Class B v to
No par
rs34 9 • 918 1018
912 912
912 . 914
9
912 1,990 Westvaco Chtorine PradNo par
912 912
*87
8 97
8 *812 9
072 •9
978
100 Wheeling Steel Corp__ ..No par
*812 97
912 912 *9
8
1912 1912 1912 .1512 20 .1514 20
.15
*1512 20
*1512 20
100 White Motor
50
___ _
-___ _ __ ____ ____ ___ _ __
_
_
Certificates of deposit _ _ ___
137 137
8
8 137 137
14
8
.13
14
8
14
14
1312 134 14
900 White Rock Min Spr Ott No par
1
1
1
1
1
1
•34
1
1,000 White Sewing Machine_No par
54
1
*3
1
4
252 212 *114
212 .13
133 212
8
2 4 27
3
8 2,2 .
8 212 •13
Cony preferred
600
No par
352 312
352 37
2
314
334
312 312
333 312
3
4 312 4,930 Wilcox 011 & Gas
5
____ •15
____ *15
____ ______ WIlcox-Itich el A cony _No par
18 .15
.15
*15 ---- .15
25
sVilJy*-OvenIa,,o4(The)5
Cony preferred
100
2It 3
24 212
24 3
3
234 272
24 3
212 24 8.030 Wilson & Co Inc
Hops,'
718 818
8
812
8
8
734 8
.712 8
,
812 . 7 4 3.900
Class A
No par
2838 2914 31
30
.2712 29
31.12 30 30
28
2,10)
.2812 2912
Preferred
100
33
35 j 5
3 8 33 8 354 333 347
63
3318 3418 50.700 WOolworth (F W)CO
3
5
8
8 333 34
4.
10
5
8 155 1618 1512 163
8
1412 1512 15 8 163
4
7,200 Worthington P dr M
4 1512 1612 143 151 1
100
24
24
*22
24
24 .2314 24
*2))
• 200
24 • .2312 31
24
Preferred A
100
25
*20
25 .21
*20
24 .2018 30 .2018 24
21
21
100
Preferred 11
10(1
49
11
1012 11
*10
97
8 94
11
10
150 Wright Aeronautical __No par
*958 10
*9
4118 42
4214 43
4314 44
424 434 423 4312 42
4
43
7.200 Wrigley(Wm)Jr (Del) No par
597 1212 *97 123
3
8
4 1054 10'4
1118 1118 1.400 Yale & Towne Mfg Co
1012 1112 1114 1114
25
33
4 418
4
44
372 418 16,400 Yellow Truck & Coach el B.10
418 4,1
4. 418
33
412
4
4 2012 214 *20
213 •
21
•20
213 *2012 213 *2012 2112 21
.
10
4
4
Preferred
100
(04 7
12
7
75*
714
7
2,600 Young Spring & Wire.,No par
7
7
63
4 74
7
7 12
155 1673 164 174 1614 171 1
8
1614 1758 1618 164 16
1712 24.100 Youngstown Sheet & T _No par
•7
34
•12
.4
3
78
8
8
7 ' 400 Zenith Radio Corp....No par
4
*3
8
55 . 78
8
7
8
5
8
5
518
5
5 18
6
518
5
5
434 434 3,900 Zonite Products Corp
454
1
• Bid and (taker, prices no sales on this day
°Optional site, 5 Sold seven days.z Ex-dividend
a Ex-rlittit.
$ per share 5 per share $ per share 5 per share
63 Mar 18
4
9 Apr 20
7 Nov
12
163 Mar
4
53 Jan 6
8
814 Apr 10
23 June 10 Feb
4
12 Mar 3
1 Apr 20
38 June
214 Aug
12 Jan 10 135 Apr 19
8
12 June 1712 Sept
5 Apr 24
34 Jan 13
2 Apr
53 Sept
8
2312 Apr 6 4418 Jan 12
20 Feb 60 Sept
014 Apr 20
014 Apr 20
5 June 16 Aug
45 Feb 2 60 Apr 24
30 Feb 62 Sept
112 N1ar 22
33 Apr 25
4
2 July
63 Sept
4
133 Feb 23 24 Apr 24
4
73 July 23 Jan
4
____ ____ __ __
_ __
27 Jan
8
63 Mar
8
65 Jan
8
9 Mar
238 Mar 2
6 Jan 4
218 Jan
718 Sept
278 Mar 21
6 Apr 28
214 July
812 Sept
6 Apr 20
23 Feb 27
4
112 May
512 Sept
41 Apr 8 605 Apr 23
8
42
Jan 72 Sept
2018 Feb 25 2614 Apr 25
193
8Nfay 3112 Mar
14 May
34 Feb 27
12 Apr 4
318 Jan
2 Mar 3
5 Apr 20
2 Apr • 714 Aug
14 Jan 4
12 May
3 Jan 16
4
318 Aug
914 Feb 24 2112 Apr 2S
738 July 243 Sept
8
9 Apr 24
512 Jan 13
512 June 1158 Aug
1934 Feb 24 32 Apr 24
15's May 364 Mar
8l2 Mar 2 1318 Apr 24
8 July
153 Sept
8
1012 Feb 21
1512 Apr 22
113 June 1914 Jan
4
1612 Mar 2 2834 Jan 11
612 May 3452 Sept
5112 Mar 1 6018 Apr 26
3014 May 58 Dec
1312 Feb 24 2312 Apr 27
11 July 2812 Mar
93 Mar 22 97 Feb 7
75 July 103 Star
8
1014 Feb 2.5 163 Apr 28
65 June 18 Sept
8
4 Jan 3
4 Jan 4
134 Jan
- 4 Nov
37 Jan 13
8
612 Feb 2
218 May 20 Jan
47 Mar 31 1018 Jan 11
8
312 June 14 Sept
244 Apr 1 373 Jan 6
8
20 June 3938 Sept
3 Feb 17
4
238 Apr 20
7 Apr
8
34 Sept
1 Mar 31
4 Jan 12
2 8 July
3
64 Aug
2314 Jan 3 48 Apr 20
1014 June 325* Aug
14 Mar 31 20 4 Jan 11
3
914 June 22 Sept
86 Apr 24 100 Jail 9
70 June 99 Dec
12 Jan 23
12 Jan 23
12 Dec
3 Aug
4
312 Mar 3
73 Apr 27
4
33 June 117 Sept
8
8
50 Apr 19 7412 Jan 25
6412 June 9312 Jan
14 May
34 Feb 28
138 Jan 5
3 Jan
45 Mar 21 514 Feb 3
27
Jan 4814 Mar
29 Apr 20
2112 Apr 1
11 May 31 Sept
10 Apr 24 15 Jan 21
103 Dec 50 Jan
4
14 Apr 4
1 Apr 24
218 Aug
12 Apr
1134 Apr 20
64 Mar 1
714 June 1818 Sept
124 Apr 10 144 Feb 10
1112 June 163 Aug
8
412 Jan 20
2 Feb 23
2 June
54 Dec
14 Jan
3 Jan 30
8
38 Jan 30
114 Sept
7 Feb 16 12 Mar 16
312 May 154 Sept
318 Feb 23
612 Apr 24
13 June
614 Sept
8
3612 Mar 28 55 Apr 25
26 June 64 Sept
18 Feb 2' 33 Apr 27
1012June 27 Sept
138 Apr 3
3 Jan 5
3 Apr
6 Sept
4
1312 Feb 28 2814 Apr 20
1314 Jun
3614 Sept
23 Mar 1
8
712 Apr 26
114 May
714 Sept
414 Feb 25 16 Apr 26
314 June 16 Sept
39 Feb 23 54 Apr 26
4414 Jun
7012 Sept
• 212 Feb 28
634 Apr 21
2 June 1134 Sept
24 Feb 27
918 Apr 20
114 June 1014 Aug
512 Feb 23 1412 Apr 20
4
318 June 203 Aug
1312 Jan 3 4378 Apr 20
10 June 223 Aug
4
3912.Jan 4 4912 Apr 27
31 July
454 Aur
2338 Mar 2 4412 Apr 20
2114 June 523 Feb
8
53 Mar 2 78 Apr 24
5112 June 113 Feb
69 Jan 9 85 Apr 20
55 June 66 Apr
17 Apr IS
8
414. Apr 21
112 May 103 Jan
8
32 Jan 6
5 Jan 30
8
14 Mar
118 Sept
1518 Jan 11 243
4Mar 20
12 June 20
Jan
73 Mar 2 1734 Apr 20
8
514 May 2334 Sept
3 Apr 13
2 1)ec
13 Jan 4
4
7 Feb
24 Jan 27 3812 Feb 17
1512 July 424 Sept
112 Apr 27
5 Feb 23
8
12 Mar
23 Aug
8
338 Nf ar 2
7 Apr 20
34 Feb
1114 Aug
35:4 Mar 31 5012 Jan 5
20 Apr 693 Nov
4
8
60 June 90 Sept
6514 Apr 17 855 Jan 25
124 Feb 25 2734 Apr 20
8
74 July 347 Aug
878 Jan 2U
55 Star 29
8
74 May 19 Jan
3 June
44 Aug
4
78 Apr 5
2 Jan 10
33 Apr 25
4
214 May 1014 Jan
218 Mar 15
114 Apr 20
34 May
25 Jan
58 Apr 13
8
12 May 4012 Mar
1112 Apr 17 18 Apr 20
12 June
1 Feb 25
3 Apr 25
412 Sept
414 Feb 7
83 Jan 21
8
4 June 20 Feb
%Mar 21
12May
112 Jan 13
214 Aug
618 Apr 26
212 Feb 25
14 May
8
83 Sept
712 Feb 14 124 Apr 27
2 June 17 2 Jan
,
5 Feb 20 12 Apr 25
714 May
1414 Sept
5 May
8
1 Jan 16
43 Apr 27
8
2 Jan
7 Mar 3 1714 Apr 27
818 July 20 Sept
40 Star 3 50 'Apr 26
423 July 5812 Sept
4
174 Feb 25 324 Apr 27
123 June 50 Feb
8
113 Jan 3 224 Apr 21
4
914 Apr
1818 Sept
193 Feb 25 3478 Apr 20
2
1552 June 4312 Sept
6012 Feb 2 7412 Apr 24
5212 June 82 Sept
618 Apr 26
312 Feb 27
212 Apr
914 Feb
1478 •Feb 7
10 Mar 31
1314 Apr
19
Jan
30 Apr 22 5112 Jan 13
25 May 80 Sept
22 June 76
37 Apr 4 63 Jan 13
Jan
3312 Apr 6 52 Jan 12
20 June 70 Jan
80 June iii. ()et
92 Apr 13 110 Jan 12
81 Apr 3 101 Jan 11
664 June 1013 Mar
4
212 Apr 5
43 Mar 111
8
312 Nov
1612 Mar
7 Mar 3'
8
1 June
17 Mar 17
8
43 Mar
8
5 Star 3 104 Apr 24
3 June 125 NIar
8
712 Jan 4 10 Apr 21
5 June 15 Sept
14 Jan 25 1912 Apr 21
67 Jun
8
2714 Sept
19 4 Nov 24
3
___- -- _ - -- --- -,- - __
Oct
1158 Apr 1
16 Jan 11
11 July 284 Mar
12 Jan 20
I Apr 21
14 AP
214 Aug
118 Jan 14
27 Apr 22
8
54 Apr
23 Sept
4
4 Apr 21
2 Mar 2
23 Ma
4
84 Aug
15 Mar 1
1814 Jan 1.2
1312 Jun
2012 Star
Mar 't0
24 Jan 4
'us
3 May
2
372 Sept
12 Feb 14 174 Jan 24
6 June 26
Jun
78 Jan 3
312 Apr 21)
5*.lune
134 Mar
4 Jan 3
834 Apr 20
15 Ma
8
47 Sept
8
19 Mar '2 3112 Apr 20
11 June 31 Mar
*2518 Apr 8 37.., Jan 5
22 June 455 Mar
8
• Mar 2 1744 Apr 20
5 May 24 Sept
14 Mar 15 24 Apr 24
1412June 41
Jan
14 Feb 24 21 Apr 28
12 May 31 Sept
6 Apr 5 11 Apr 24
34 Apr
1812 Sept
3412 Fen 2a 44 Apr 25
2514JuDe 57
Jan
7 Jan 20 1112 Apr 23
612 July
15 Sept
412 Apr 20
218 Mar 2
1.4 Jose
734 Sept
18 Mar 2 23% Feb '7
12 May 4018 sept
312 Mar 30
74 Apr'25
3 Juni
115* Sept
74 Fen 28 184 Apr 20
4 May 2712 Sept
4 Feb 27
1
Jan 16
4 May
2
Jan
34 Feb 2s
512 Mar 1
Dec
4
94 Mar
z F:, warrants.
2932
New York Stock Exchange -Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange owthtni of emoting Wadi was changed and pric,3 are now "and interest"-escept for Worms and delasdted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 28.
Price
Friday
Apr. 28.
Week's
Range or
Last Sale.
in
4
Range
Since
Jan. 1.
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr, 28.
Price
Et
Q.
Frfri v
Apr 2 .
.a5
Weik's
Ltt
ng
Rano,
Mao
Jan_ 1,
•
Bid
As* Low
High
High -Vo. Low
ifwa
6612 4212
4212
Dominican Rep Cust Ad 54s'42 MS 43
1
4212 450%
1940 AO 40 Sale 38
40
1st ser 510 of 1926
99151S103"ss
12
3518 41
40
37 Apr'33
2d series sink fund 5%s
1940 A0 39
101 10211n
a3414 401
4
/
4
1
/
4013 21
9953ss10211n Dresden (City) external 78_1945 MN 40 Sale 39
39
6512
Dutch East Indies extl 139._ _1947 .1 J 10312 Sale 102
4
1
/ 105
101",1102
69
93 105
105 Sale 104
-year external es
40
1962 M
131
9314 105 8
5
10214 Sale 10214
-year ext 534s. ..Mar 1953 M
30
8 13
1025
0011n10311n
4
90 19414
30-year exti 54s.__Nov 1953 MN 10214 10538 1024
4 18
1023
10311241111n
9213.1027
4
3214
99'41107"n El Salvador (Republic) 89 A_1948 3.1 3218 35
3214
1
28
43
_ 344 60 Dec'32 -1
/
Certificates of deposit
98111,1050n
971n102"ss Estonia (Republic of) 79___ _1967 J J 4718 4974 4612
4612
1
53
-.4
9311n 98"ss Finland (Republic) ext 6s___1945 MS 581g 6014 5812
60
12
5812 67
6312 61
External sinking fund 75_ _1950 MS 62
63
914 102"n
12
5918 72
3
6012 30
External sink fund 649_1956 MS 58 Sale 58
951:4102"ss
66
57
7
6 Sa
5
m
56
60,8
External sink fund e45_1958 FA 6
954n1004n
59
20
62
54
Finnish Mun Loan 6149 A__1954 AO
4
4
1
/ 61',
55
645 series B____1954 A0 5814 62
59
°3
6 38
APr'
External
State & City-See note below.
55
61
4
4
3059 22
973 973 Frankfort(city of) s f 614s_ -1953 MN 293 Sale 29
4
4
973 Feb'33
N Y City 44s
May 1957 M N
2518 51
French Republic eat! 714,....194l J 11 125 Sale a12312 1330118 200 120 13018
2
J O 12112 Sale 11938
12312 91 01121 12313
External 75 01 )924
1919
4
/
Foreign Govt. & Municipals.
29
2214 Apr'33
4
/
171 3412
1947 F A 23
Agric Mtge Bank a f es
774 r3517 German Government Interne29
1
Sinking fund 65 A__Apr 15 1948 A 0 24
4
4412 243
6814 31
done! 35-yr 5145 of 1930..1965 J 0 437 Sale 41
83 68%
_. 1963 M N 6814 Sale 64
3712 6414
Akershus (Dept) ext
93
8
_
66
814 84
1
/
7
40
10 4 German Republic eat) 781949 A 0 6312 Sale a6118
7
4
461
4
/
55_541 80
Antionula (Dept) coil 7sA .1945 J J
87
5
7 8 Sale
618 If
German Prov & Communal Ms
8
75
16
1945J
External s f 79 ser B
D 33 Sale 3012
34
(Cons Agile Loan)634s A.1958 3
8
, 1
4
83
1
/ 1012
6
63
1945 J .1
4
83 .83
External, t 7s ser C
8
29
5512
48
52 5213 Apr'33
1014 Graz (Municipality) 8.4
6
1945 J
4 878
83
914 15
8
External s f 78 ser D
64
50
4
1
/
5
78 8
5
4
1
/ Gt Brit & Ire(U K of) 514s-15994 M AN 104 Sale 010412 10518 5
9
4
4
1
/ 75
83
6
1957 A 0
.3
7
3 F
External at 7s tat ser
10278 1065
4
F A
10514 Jan'33
1
1012
812
5
Registered
712 812 812
External sec a 1 78 2d ser _ _1957 A 0
10514 10514
-6
fund loan f opt 1960.1990 M N a83'2 ill;.1e a8214 a86
8
.
I 4%
7
8•
8 94
45
1
/
74 8
638 072 a8712
External sec at 7,34 ser_ A957 A 0
7212 13
Greater Prague-See -Prague"
. 83
71
Antwerp (City) external 58_ A958 J 0 7212 Sale 71
173 2912 1758
4
4
1
/
17
41
,
55 4 Greek Governments f ser 75_1964 M N
4
,
55 4 29
Argentine Govt Pub Wks 68_1960 A 0 55 Sale 0513
016
2812
mg F A
17 Sale 1612
18
Sinking fund sec es
Argentine Nation (Govt of)
16 . 21
41
Haiti(Republic) a 1 68series A_'5'2 A 0
65
55
85
11 all
Sink funds 69 of June 1926-1959.1 D 5412 Sale 5114
s
783
31
71e 24
9
1946 A 0 72 Sa278 7 4
•
3518
72 2 63
Sale 515
76
56
4012 56
Hamburg (State) es
8
Eat' t 6s tal Oct 1925_ _ _ _1959 A 0 56
4
283 59
8
14
1
3117
55 4 51 a4018 553 Heidelberg (German) extl 7148'50 . J 287 Sale 273
4
4
1957 M S 547 Sale 5214
12
External a f es series A_
2614 80
1
587 Sale
4
1
/
544 36 a4034 5478 Helaingfors (City) ext 6148-198G .11.
8
19
61
'External 6s series IL _Dec 1958 J D 547 Sale 5114
47
21 Sale 5438
1
2418
4
23
59.38
2
43
3
55
40 8 65
Hungarian Munic Loan 7101 1945
7
.
"
11
En' f 65 of May 1926. _ _1960 M N 54 4 Sale 5218
7
16 4 2312
4
/
4
/
55
External s 1 7s_. _ _Sept 1 1946
100 0401 55
External f 68(State Ry).1960 M S 5412 Sale 0511
2
25
19
4014 5458 Hungarian Land M That 714s '61 M N a2518 Sale
8
a
4
/
4
1
/ 17
54
1
_1961 F A 545 Sale 511
24
• EMI es Sanitary
:1215
5
4
1
/ 3 -- 24 1 Aa2
M s
251t
pr
55
41
Sinking fund 74.4 ler B._1961 hi N 2312 --1
8
34
55
Works..
EAU es pub wks May 1927 1961 M N 545 Sale 52
2313 31
29
35
32
32
50
38
8
Hungary (Kingd of) 5 f 7140.1944 F A
56
50
1
Public Works en! 534s....1982 F A 495 Sale 4512
3114 45
80 Apr'33
61
4978 61
Irish Free State eat!5 f 59._1960 M N
2
_1945 M S 61 Sale 60
Argentine Treasury
1
/
764 80
4
993 213
7114 8114 Italy (Kingdom of) exti 78..1951 J 0 99 Sale 9712
289
80
4
_July15
Australia 30-yr 5s_ _ 59-- 1955.1 J a777 Sale 753
4
9414 101
4
1
/ 99
97
80
133
7214 8114 Italian Cred Consortium 7s A'37
4
36
External 59 of 1927 .Sept 1957 M S 7814 Sale 753
4
81
9 / 101
M S _,3- 895a a8313
7574 337
External sec a f 7s ser B_ _ _1947
9899
6818 773
1956 M N 74 Sale 71
4
External g 414s of 1928
6 a8912 97
91.1 Sale 89
0
8814 30
8512 95
Italian Public Utility eat] 78.1952 .
90
1943.1 D 8814 Sale 8512
Austrian (Govt) 5 f 7s
44
8413 9512
Sale 50
25
51
8
647
50
Internal sinking fund 7s_ _1957 J
5012
4
67
4
1
/
42
33 • 3812 69
3812
Japanese Govt 30-yr a t 84o-1954 F A 667 Sala 64
Bavaria(Free State) 810-1945 F A 4018 46
110
4514 67
sinking fund 54s_ _ _ 19
10112 26
. 957 M N
1r
53
85 A o 451782:: aile 50 4
98 102
3
1949 M S 9918 Sale 98
7
Beiglurn 25-yr en!6149
3512 63
94
9312 141 a8S1 98
4
1
/
89
4
/
Jugoslavia (State Mtge Bank)1955 .11 J 9114 Sale
External s168
8
175
4
10412 114
4
/
19
9914 1073
Secured 51 g 7s
4
External 30
-year, 7s.,,._ 1955 .1 D 1011 Sale 001
15
20
12
Sale 474
1947 F A
48
Leipzig (Germany) s f 7s
1956 M N 102 Sale 9912 10212 212
9812 106
Stabilization loan 79
8
61
42
0
4914
51
Lower Austria (Prov) 7348_1950 J 0 1104668
Bergen (Norway)ao 4914 601
4
/
65
4
1
/ 70
1
-year 6s...1931. M 14
10514
65
75
65
Lyons (City of) 15
107
Eati sink funds es_ _Oct 15 1949 A 0 63
109 0101 107
Sale 10514
13 ie
6518
1
63
751s Marseilles(City of) I5-yr 68.1934 MN
107
External sinking fund 5s_ A961.1 M S 6518 Sale 651g
107 al0114 107
D
9
4114 127
60. Medellin (Colombia)610_ _ -1954 J
8
103
78
Berlin (Germany)5 f 614/3__ _1950 A 0 40 Sale 39
4
4
1
/ 14
7
171
7314 14
24 ! 3
3118 65
3
4
2638 67
alexlcan Inig Asstng 410_ 1943 M N
3
External of es_ _ _June le 1958 .1 D 30 9 Sale 283
1
Vs, 3
1854
6
1
/
23
Mexico (US) ext1 es of 1899 i '45 Q , ____ ___ _ 26 Apr'30
15
Bogota (City) en!8 1 85._ _1945 A 0 184 Sale 18
458 0
64 Sale
1945 --712 57
4
1
/
3 Apr'33
614
A
712
4
Assenting 5s of 1899
Bolivia fRepublic of) extl 88_1947 M N
47
-- 5
34 634
5 Dec'32
6 Sale
514
54 95
6
Assenting Ss large
External secured 7a (f101)_1958 J J
314
559 ila 314
7
1969 M S
44 6
5
6 4 75
Assenting 4s of 1904___..___ ::::
4
1
/ 514
External s t 79(flat)
4 --2 4 - 7
314 6 5
314
-1
107
61 010114 107
Assenting 48 of 1910. . --- ---- -- - --- 314 Dec'32
Bordeaux (City of) le-yr 65.1934 M N 106 - Sale 10514
2412 49
4
1
/ 412 31
D 23% Bale 23
4_1941
1
1
1
/
164 2612
Assenting 45 of 1910 large.-.3
Brazil (U 9 of) external /
5
354
4
/
33
- 4
2238 158
1
/
6145 of 1926.1957 A 0 214 Sale 21
3
15 4 2.554
Assenting 4s of 1910 small_ _
External
5
5
3 8 10
4
1
/
214 3
---4. ---' 3 8
•
4
/
.....
' -.-138
143 2512
Trees 6s of'13 assent(large) :2%4 f--i :
External,f 614a of 1927_1957 A 0 22 Sale 211 r23
4
•
8
203 124
1
/
1952.1 D 194 Bale 18
Small
1212 23
70 (Central Ry)
-4
3% 6 8 .Bale 825• 8412
4
57
1935 kt S 55 Sale 49
4
1
/
49
40
4
1
/ 7212 Milan (City. Italy) eat)6149 1952. 8
Bremen (State of) extl 7s
103
90
80
68
1957 M 13 6712 Sale 6612
Minas Geraes (State) Brazil
Artabane (City) a t ea
16
8418 70
4
1
/
2312 49
6712 30
1958 M 13 22 Sale 2214
4
1
/ 75
19551 F A 66
6612
External s 1 63-48
6378 693
Sinking fund gold es
4
2358
12
7612 32
1950.1 D 7514 Sale a7312
7018 7812
Ext sec 1314s series A__1950 M S 23 Bale 2258
2358 69
-year a 16s
20
5
1113 23 8
6
10 Sale 1912
1952 J D 2
4 89
293
4
244 297 Montevideo (City o') 7s
20
1
/
Budapest (City) exit a I 6e.. _1962 J D 2914 Bale 287
8
4
8
125 21
4 35
158
1418
48
6
External of 6/1 aerie; A.. _1959 MN
Buenos Aires(City)6102 13 1955.1 J 45 Bale 45
46
37
19
11
7614 Sale 75
63
Apr'33
50
3714 50
New So Wales(State) eat] 58 1957 F A
19130 A 0 46
es ser C-2
External s f
77,4 1111
4
/
711 7712
4 a
:
i743 te 7414
7714 51
43
Apr 1958 !! (,
3912 Apr'33
344 46
External s 1 5s
External,f 6s aer C-3_1960 A 0 40
7712
71
4
1
/
85
3012 33
16
-year ext 6519 r
3012 Norway 20
86
Buenos Aires (Prov) extl 69_1961 M S 29 Sale 2712
4
/
811 8954
29
e 85
1944 F A 8867
Sale 2714
4
1
/
29
4 74
293
-year external es
20
87
Stpd (Sep 1 33 cOuP on)1961 M
2012 295
1
/
4
41 '8118 924
0
Sale 8312
1952 A
3018
8
-year external ea
30
1961 F A • 3018 Sale 267g
4
1
/ 97 04012 8818
8
86
173 3014
External s f 6148
• 196.5 J D 84 Sale 81
1
/
2914 20
413-year st 541)
8418 48 0744 85
21 12914
Stud (Aug 1 '33 coup on)1961 F A 294 Sale 2814
1
/
M S 8118 85
8914 32 a7213 804
78
1512 17
1
/
154
8 16
167
14
External s 1 5a___ Mar 15 1963
231f
Bulgaria (Kingdom) a I 78_1967 J J
83
75
75
25 Apr'33
25
Municipal Bank exti of 58.19117 J D 73
2212 2712
Stabil%) s 1.734s--Nov 15 1968 M N 23
3
1
/
744 78
. 75
.
4
1
/ Apr'33
Municipal Bank eat!01 59.1970 J D 73 _ _
7712
a75
F A
4
1
/
30 Sale 30
3114 16
15 Sale
11
4
1
/ Nuremburg (City) extl es_ 1952
16
4 16
Caidaa Dept of(ColoMbla)7301'48 J .1
5212
29
1953 M 8 5112 Sale 4958
5412 • 7
8314 153
8
79
4
Oriental Devel guar es
88
2
Canada (Dom'n of) 30-yr 48.1960 A 0 817 Bale 815
51,
35
VI N 4214 45 t 43
195/3
4
943 131
917 10112
Exti deb 5148
8
44
1952 M N 92 Sale 92.
es
3113 4512
17
4
1
/
9512 85
-year s f 115-1955 M N 83 Sall 80
8312
9314 10014 Oslo (City) 30
1938 F A 954 Sale 95
44a
4
80
88
1
7
69 8
8
697
4
1
/ 86 .
70
69
1954 J .1 60
Carlsbad (City) a f 811
•
_1953 .1 13 95 Sale 95
96
1218
5
12
4
1
/
8 • 1314 Panama (Rep) eat!
Cauca Val (Dept) Colom 748 46 A 0 1114 12
18
95 1027
4
8
514s_EAU f 5s ser A._ May 15 1963 MN 285 31
4
/
231
4
/
271 19
Central Agile Bank (Germany)
1812 46
'47 MS
Sala
4
1
/
8
112 al5
54
4
1
/ 75
8
8
Pernambuco (State of) eat! 78
4
1
/
10
Farm Loan s t 7s_ _Sept 15 1950 M S a557 Sale 51
602 104
6
1
/
9
7
4
1
/ 67
41
33
Peru (Rep of) external 78_ __1959 MS
8
72
41 Sale 38 •
8
Farm Loan t ea. _July 15 1960 J
4
1
/
3 10
5 Sale
41
712 162
160
1
/
Nat Loan extl s f es 1st ser 1960 J
334 6678
5
Farm Loan s f 65_ Met 15 196C A 0 41 Sale 3712
3.2 712
7
49
Id ser.196 I 60 05 4 Sale
Nat loan exti
112
Farm Loan 138 ser A Apr le 1938 A 0 49 Sale 44 .
4 95
77
515
4
4
1
/ 77
3
1
/
1012 89
4
3
18
6
417 71100511142 Poland (Rep of) gold es__ _1941) A 1) 584 Sale 57
8
914 Sale
Chile (Rep)-Exti a f 79„..:1942 M N
5814 30
5312 59
A0
4
/
7
9 4 107
8% Sale a753
Stabilization loan It 78. _1917 J J 571 Sale 5 9
54
1 5814 113
External sinking fund 65._1980 A (4
'
4
1
/
514 58.
4
1
/
65 Sala 6312
10
External atnk fund R 88-- _1956
45
8
6512 38 059
Ext sinking fund es...Feb 1961 F A
En4 Sale
69
14
17
8 81
17
95
4
1
/ 10
4
1512
8
Porto Alegre (City of) /0_1961 J
814 Sale
Jan 1961 J ./
Ry ref ext s t 6s
912 18
1012 54
4
78
4
1
/ 163 1512
4
1412
5
Exti guar sink fund 7148_1966• J _13
4
163
Ext sinking fund es_ _Sept 1961 M S
3
3
7 4 Sale
4
1
/ 17
8
4
1
/ 91
87
4
1
/ Prague (Greater City) 7 tis I952 MN
9
102 26
5
812 Sale
818
4
/
901 93
External sinking Lund 68...1962 M
51 5 air4 8x15 3612 Mar'33
778
912 57
5
Prussia (Free State) extl 6)4s
10
3712 88 a.33
8
87 Sale
External sinking fund 673..1963 M N
4
1
/
63
1952 A0 354 Sale 34
1012 26
Vs
External a f 65
912 Sale
D
4
/
71 13
Chile Mtge Bk 634s June 30 1957
36
31 18 611
,
97
1212 32
94
915 16
Queensland (State)extla I 7, 1941 AO 93 Sale 9278
1112 Sale 1112
f eMs of I926_.June 30 1961 .1
88
97
20
FA 8212 90 83
8 70
103
-year external es
612 1114
25
814
814 Sale
Apr 30 1961 A 0
Guar 5 t 65
8 16
833
85
79
47
19
10
42
4
/
612 111 Rhine-Main-Danube 7s A.. _19541 MS 4512 Sala 43
814 Sale
1962 M N
814
4512
41
Guar f 135
7115
8
17
Rio Grande do Sul eati of 88_1946 AO 16
4
R
7
4%
6
113
1960 M S
6 Sale
Cralean Cons Munle 79
22
17
12
13
14
16 Sala 1414
Apr'33
15
External sinking fund 85..1968
1612
12
Chine,e (Hukuang KY) 5s_ _1951 .1 D
1814 114
4
/
81 184
1
/
1518 Sala 15
82
83
External, f 74 of 1926_ .11966 MN
4
1
/ 88
APE 8512
17
4
/
181
Christiania (Os(o) 20-yr s f Rs '54 M S 80
9
42
13 Sale 13
3712
loan _14)67 J
8
355 57
4
1
/
38% 17
4
1
/
38 Sale
External,?78 Thisilin
1518
Cologne(City)Germany 634919511 M
8
814 1517A
60 1352 Sala
1814 3714 Rio de Janeiro 25
2814 113
-year 8188 11)46
28 Sale 26
1614
14
1312
9
Colombia (Rep) 69
18
Jan 1961
FA
131 Sala 13
4
/
2812 178
1612 37
External ate
4
1
/
5
s
13 8 54
64 13
Eat a t ea of 1928_ _Oct 1961 A 0 28 .Sale 26
A I
NIA 30
8514 Salt 85
Rome (City) eat' 6149
2814 25
8602 123
Colombia Mrs Bank 6145 of 1947 A 0 2614 Sale 22
9271
64
9
4
1
/
27
22
5
197 2914 Rotterdam (City) eat 60 _1995523 MN 098 Sale a94
2614 Sale 2214
Sinking fund 79 of 1926_ _1946 M N
9012 101 14
4 35
a087
7s 1959 FA 3514 Sale 3312
1104 30
264 12
Roumania (Monopolies)
4
/
39
3514 37
32
Sinking fund 79 of 1927___1947 F A 261 Sale 23
J 54
58
31
73
70
59
Saarbrueeken (City) ila_. 1953
52
1952 .1 D 70 Sale 63
7218
52
52
2
Copenhagen (City) es
7
67 4 Sao Paulo(City) 8s. _ Mar 1952 5474 1118 1412 13
4
1
/ 19
63
55
5
1953 M N 63 8 Sale 61
13
-year g 414s
25
1018 IS
1
MN
1012 SAIA 10
11
External is f 644 of 027._ 1957
.15
1054 le..
4
/
15 Sale 14
1114 49
714 131
4
1
/
Cordoba (City) eat' a I 71._ _1957 F A
19
2014 1818
31
San Paulo (State) exti f 5,6 1934
3
2474 31
4
3012 44 303
8
_Nov 15 1937 M N
22
167 23
External,f
6
195.1 1 .1
15 SID 15
4
3212 29
29
External see s f Iis
4
/
2444 301
26
15
Cordoba(Prov) Argentina 7,1942 J J
4
/
131 1471.
11
• S 12 2 17
,
External 8 f 7e, Water Uri 1954
13
1312
Costa Rica (Republic)
3 41184 1584
.1 .1
1212 Sale 111
27
External is I is
231x 27
3
4
1
/
134 40
4
1
/
4
/
gIA 15
7a Nov 1 1932 coupon on_1951 M N 26 Sale 26
A0 57 Sala
4
1
/
3
16
14
Secured f 75 •
19%
1518 Sale 1518
50.4. Mt
68
"fa May I 1936 coupon on.1951
4
567
59
17
9942
Santa FY (Prov Arg Rep) 78 19461 NI
20
83
9
7814 89
4
1
/ 1814
12
17%
Cuba (Republic) es of 1904_1944 si"A 8412 _ _ 82
1814
6
44 Stle 411
,
8212 10 07914 931 Saxon Pub Wks(Germany) 711 'IS FA
4
/
8212 Sale 8214
4
/
391 7764
44
External es of 1914 ser 4...1949 F A
45
.._1951 MN 41 Sale 4012
4
68
Gen ref guar 6 4s._
62 a75
73, 6712
6
1949 1 A 67
4212 20
37% 6915
External loan 414a_
65
23 a8312 75 4 Saxon State altge Inat 7s. 1945 Jo 59
69
.1 69 Sale 65
6114 14 05614 7413
59
7
Sinking fund 54s Jan 15 1953 .1
19-16 J
1
/
584 Sala 574
42
Sinking fund g 614.4 _Dee
32
4
62
43
5413 .68
Public wks 54a June 31) 1945 J D 4118 Sale 364
59
38
16 Sale 15
Serb/. Cr-units Sr Slovenes kts_ .1942 MN
8 12
163
14
4
1
/
22
Cundlnamarca (Dent) Colombia
i961 M
141
4
/
1412 56
1018 16
External /we 7s user It
8
1959 M N
123 Sale 1214
14
4
121 214s
15
External a I 63411
• r) 4458 Sala 4448 4518 30 40/ 4520
195v
,
4
/
991 Shoals (Prot of) eat! 70 ....1 1
48
9112 38
Czechoslovakia(Rep of)8s 1951 A 0 9112 Sale 88
8
311 Slit 3 4
F4512 6412 Silealan Landowner+ Man 6.1 19.7 FA
4
/
3
92
88
92
1952 A fa .89
301a 6011
filinkidtt fund 88 ser B
00
3112 15
8712 87
-3
5
92 8 aol....rta (Clty of) ext. 4.1 _1934 %I N 108 Sala 107
J a87 Sale 08112
714
-year exti6s___1942
Denmark 20
10814 39 190 10/
_144.) FA
47
13714 4119.9. (Pray/ airteprud
69
49
8314 55
15 .57.,
1955 F A 8314 Sale a753
45
8
47
4
External gold 534.'
5814 749
IOU • N 902 Sale 8914
4 Sweden external hosts S -4a
as;
4
88
723 137
6l84 100
External g 434a. _Apr 15 1962 A 0 07114 Sale I 64
_1946 A u
4
1
/
107 13113 106
Switzerland Gest esti 530
4
1
/
4
/
8
1073 118 al021 167
Deuttrhe Bk Am part etf 69_1932
15
4
75
271
77
7514 7714 75
..lent 1 1935
Stamped extd to .
sale• a Deferred delivery. .1 Accrued intereat payable at exehange rate of 44 10665 • wok under not se Matured Seoods •su. fuze 2937.
r cash
,
'ml,. 51)010)1 interval., ussucss in
NOTE-State and City Soseuritles.-SItlelet State and City seeUrIttes occur very rarely. on the New York Ste lo ExeMslate sold
num, securities beinc almost entirely at private sale over the coonter. Bid and Aikwl nuntationa. however, by settee •Iealera fn theme eee.intie. won be to.pel on a aubaegeneral head of "Quotations for Unit/dad Neeuritlea
anent page under the
High No.
Ask Low
814
U. S. G00000mont.
First Liberty Loan
1491
JD 1001131 Sale 1005ss 101
334% of 1932-47
Apr'33
JD 1001540102 101
Cony 4% of 1932-47
4
1
/
JD 1017633 Sale al011732 102 3 215
Cony 434 % of 1932-47
1
102
JD 1011633 --- 102
2d cony 44% of 1932-47
Fourth Liberty Loan
111
A 0 1041642 Sale 102. 102,133 2564
434% of 1933-38
1947-1952 AO 10714,1 Sale 106103410711n 874
Treasury 44a
1944-1954 JO 1041044 Sale 10311421041532 639
Treasury 4s
102"ss 244
1946-1958 MS 102632 Sale 101
Treasury 33411
Treasury 330
1943-1947 JD 1013731 Sale 99554110012n 277
963s2 Sale 94"n 98"s: 1994
Treasury 39___Sept 15 1951-1955 M
Treasury 3348 June le 1940-1943 JD 1001143 Sale 9921n 100"n 462
Treasury 34a Mar 15 1941-1943 MS 100743 Sale 9971n 10011:s 735
9717,2 1102
Treasury 334s June 15 1946-1949 JD 97160 Sale 96
Low
3
April 29 1933
.
New York Bond Record-Continued-Page 2
isst
BONDS•
Week's
Pries
Range
o
bt
Sines
Range or
11
Friday
N. Y. STOCK EXCHANGE
Jai.. I.
al
Last Sale.
..ia. Apr. 28.
• Week Ended Apr. 28.
High
High No. Low
Ask Low
Bid
Foreign Govt. & Municipals.
66
747
8
20
74
/
1
4
8
1955 F A 725 Sale 72
Sydney (city) at 5318
4412 64118
20 .3318 4512
44
Taiwan Elec Pow it f 545_1971 .1 J 43
26
3914
6
3914
Tokyo City 58 loan of 1912_1952 M 5 38 Bale 38
33
/ 50
1
4
15
48
External 8 f 5348 guar..-1961 A 0 48 Sale a46
8
13 8
7
2
113
4
1134 Sale 1,0
Tolima (Dent of) exti 78._ 1947 M N
61
7514
5
62
62
65
Trondidem (City) let 5316_1957 M N 64
451,4 6212
5
4914
4514
51.
Upper Austria (Prov) 78
1945 J D 50
8
External at 64s_June 15 1957 J D ___- 497 4978 Apr'33 ___-_ .44 r56
2112 4018
18
29
Uruguay (Republic) extl ths 1946 F A 29 Sale 27
1512 3114
135
25
25 Sale 21
1960 M N
External 6 t 136
4
163 32
93
25
2434 Sale 2012
External at 68_ __Nfay 1 1964 M N
94
98
/
1
4
6
98
Venetian Prov Nitse Bank 75 '52 A 0 963 9814 98
4
56
6818
573
4 15
57
/ 61
1
4
Vienna (City of) esti a t 68_1952 M N 58
35
411
/
4
39
/ 24
1
4
Warsaw (City) external 78_1958 F A 39 Sale 38
357 51
8
8
51
Yokohama (City) extl 68-1961 J D 5014 Sale 49
.
Railroad
Ala Gt Sou 1st cons A 58._1943 J D
1943.7 D
1st cons 48 ser B
Alb & Snag let guar 345-1946 A 0
451998 A 0
Alice & West 1st
g5
1942 M 13
Alleg Val gen guar g 46
Ann Arbor let g 4s____ _July 1995 Q .1
-Gen g 413_1995 A 0
Atch Top & S Fe
Registered
A 0
Adjustment gold 44_July 1995 Nov
Stamped
July 1995 MN
MN
Registered
Cony gold 48 of 1909.__1955.7 D
Cony 4s of 1905
1955.7 D
Cony g 48 issue of 1910_1960 1 D
Cony deb 41113
1948.3 D
Rocky Mtn Div tat 48_ _ _1965.7
Trans
-Con Short L 1st 48_1958 J
Cal-Aria 181 & ref 411a A_1962 M S
Atl Knoxv & Nor 1st g 58..1946 J 0
MI & Charl A List 4118 A1944 J
1st 30-year 58 series B
1944 J J
Atlantic City 1st cons 48.. _ _1951 J J
Atl Coast Line lit cons 4sJuly'52 M S
General unified 4318 A_ -J964 J D
L St N coil gold 48----Oet 1952 MN
Atl & Dan 1st g 45
1948 J J
2d 4.
1948 1 J
All & Yad 1st guar 46
1949 A 0
Amain Sr N W 1st gu g 55-1941 1 J
•
BONDS
N. Y. STOCK EXCHANGE
. Week Ended Apr. 28
t
-
0
= I.,
..'::Z
Chicago Great West 1st 48_1959 M S
ChM Ind & Loulay ref 163____1947 1 J
1947.7 J
Refunding gold E.s
Refunding 48 aeries C__1947 J 1
1st .S. gen Sc Betide A
1966 M DP
1st & gen 68 series B_May 1966.7 J
Chic Ind & Sou 50
-year 48_1956 1 J
Chic L S .6 East lat 4%8_1969 J D
Chi M & St P gen 45 ser A._I989 J J
Gen g 3318 ser B_May 1989 J J
May 1989.3 J
Gen 431s ser C
Gen 411s ser E
May 1989 J .1
May 1989 J J
Gen 414s ser F
Chic Milw St P & Pac 5s A__1975 F A
Cony adj 58
Jan 1 2000 A 0
Chic & No West gene 348_1987 M N
Q F
Registered_......
1917 M R
General 48
Stpd 48 nop-p Fed Inc tax '87 M N
Geo 411astpd Fed Inc tax-1987 MN
Gen 5s stpd Fed Inc tax.. 1987M N
Sinking fund deb 58
1933 M N
MN
Registered
,,-,
Stamped (10% part red)
15
-year secured g 6318-1916 61 S
let ref g 5s
May 2037 J D
1st & ref 431s stPd-MaY 2037 J D
ltit & ref 431s ser C May 2037 J D
1949 M N
Cony 446 series A
- 2933
.
Price
Friday
Apr. 28.
Week's
Rano or
Last Sale.
4
_63
a'S
Range
Mass
Jan. 1.
Big
High No. Low
Ask Low
High
2914 104
29 Sale 26
20
38
344 3314 Apr'33 ___/
1
22
28 . 43
_
35 Dec'32 ____ ____
15
58
17
_ 33 Mar'33 ____
33 - _33
9
12
9
1012 10
10 --17
12
12
9
/ 14
1
4
12
22
1
___
____ 6112 6112 Dec'32 ____ ___
94 Mar'33 ____
/
1
4
92
97
9410 - /
99
1
4
46
47
/ 42
1
4
38
78
45
48 4
3
40
427 3612 Mar'33 ____
2
35
45
40
52'
4812 33
4712 Sale 4514
105
49
47 8 4918 45
5
40
62
38
55
4812 26
4814 Sale 4614
11
22
183 442
4
1712 Sale 14
43
4
618 400
a518 Sale
3
/ 64
1
4
3
34
46
4112
43
36
50
43%
--------473 Aug'32 ____ ____
463
4 43
30 ---463
4
463 Sale 43
4
36
40
37
Apr'33 ____
70
45
47
Jan'33 ____
47 47
483 50
4
62
40
29
50
50 Sale 47
58
75
17
75
-___ 7612 71
59
6858
6
68
--------68
6012 6912
4
6912
6812,-_-- 68
43 8 5714
5
5612 24
5512 Sale 51
2318
15
2312 37
22 Sale 1818
15
.217
8 43
211
/
4
2012 Sale 20
15
22
58
22
20 4 Sale 19
3
626
4
14
4
/ 15
1
4
/
1
4
a1212 Sale 103
45
75 105 Sept'3I ____ ___ ____
_
____
--- 8012 Feb'32 ____
78
85
3 ____--/
1
4
8312
821 83
80 65
65
65 Mar'33 ____
60
65
89
984
/
1
4
93
92
945 91
8
2212 2818
23
7 24 . Apr'33__,..
20
82
/ 97
1
4
436
88
87 Sale a85
90
/ 9112
1
4
____ • __ 9012 Jan'33 ____
77
8714
79 Apr'33 -.-_
76 85
8112 126
774 8812
/
1
8012 sale 79
_ _
--------80 Aug'32 ____ ____
81
75 . 4 674 a74 Sale a74
13 a734 8312
75
/
1
a74 Sale 67312
50
65
53 Apr'33 ____
57
80 8 Chic R I & P Ry gen 48_ -1988 1 J 54
3
73
--------80 Mar'33 ---.1 J 46
5412 6412 Sept'32 __.,_ ____
Registered
8712 34 a79
•
95
8712 82
83
26 4 143
3
19 -- _Refunding gold 4s
1934 A 0 2514 Sale 2412
30 4
3
8312 85
84 Mar'33 _-__
__._ 78
28
26
181 29 4
/
4
Secured 434s series A
3
1952 M S 2412 Sale 24
90 9612
90 Mar'33 ---8014 91
322
812
12
4
6
1812
Cony g 4345
1960 M N 113 Sale
2
8812
8714 9714
8812 91. 8811
72 Mar'33 ___
72
78
--- 10312 Feb'31 ____ ____ ____ Ch St E. & N 0 5s__June 15 1951 J D 60 . 73
50
..13 __-1. __..- 6412 May'32 ____ ___ ____
_J Registered
Oct'32 ------------ 71
___ 75
__-- 8512 May'31 ____ ____ •___
Gold 311s
4
7112
June 15 1931 .1 D 41
6712 7512
7112 Sale 69
46 60
5
48
Memphis Div 1st g 48--_1951 J 0 48 Sale 48
--------78 Sept'32 ____ ___
47
46
36
47
98
66 --- Chic T H & So East 1st 58-1960 J 0 4214 Sale 4214
77
63
70
70 Sale 6612
144 30
/
1
8
113
20
Inc gu 56
Dec 1 1960 M S 1912 Sale 157
51
5814
584 59
/
1
58 Sale 55
91 1011
/
4
93 9212 • 9312 37
/
1
4
45
6058 Chic Un Sta'n 1st gu 4345 A_1963 J J 92
60
/ 209
1
4
60 Sale 5618
/
1
4
95 106
9812 46
1st 58 aeries B
1963J J 9612 Sale 9612
1314 2558
• 25
/ 27
1
4
2512 Sale 20
973
8 20
4
923 102%
1944.7 O 9438 Sale 94
8
16
Guaranteed g 58
1
16
16 Sale 16
13 10338 116
lst guar 6Hs series C
1
1963.7 . 103 110 10918 110
20
26
20 Apr'33
22
23
65 4 22
3
4
597 69
8
1952 J 1 653 Sale 60
____ 85 104 Mar'31 ____ __ ____ Chic & West Ind con 4s
8
6612 78
1st ref 53-4s series A
/
1
4
75
/ 12
1
4
1962 M S 753 Sale 74
___
74
86
70 Sept'32 ____ ____
50
59
Choc Okla & Gulf cons 58-1952 M N 44
78
Halt & Ohio 1st g 4s__ _July 1948 A 0 773 Sale 74
4
85 Apr'33 ____
91
85 - /
CM H & D 2d gold 448._ _1937 J J 83
88
1
4
72
80
Jan'33 ---Registered
___ 76
July 1948 Q J
*
95 Feb'33 ..
/
1
4
96
95 • 9558
C - St L & C 1st g 45.-Aug2 1936 Q F 85
-year cony 41
•
20
-Is
1933 M S ________ -__
3318 48
197
48
Registered
•
August 2 1936 Q F --------97 Oct'32 ____
Refund & gen 68 series A.19951 0 4614 Sale 43
82
83
811 42 a791 9012 Chi Leb & Nor 1st con gu 48_1942 M N ---------83 • Jan'33 ___
/
4
/
4
/
1
4
1st &old 63
July 1948 A 0 80 Sale 79
93 1004
/
1
1
93
93
95
2020 J J 90
3712 5012 CM Union Term 1st 431s
5012 121
Ref "& gen 65 series C____1995 J O 5012 Sale 4418
9612 10514
75
8
1st mtge fia series B
6112 7518
2020.7 J 9912 Sale 983 '100
30
66
P L E & W Va Sys ref 48_1941. M N 66 Sale 62 ,
9614 10338
1st mtge g .53 series C
1014 159
/
1
55
70
1957 M N 10012 Sale 100
64 8 88
7
Boutin* Div 1st 58
/
1
4
1950 1 J 64 Sale 62
_ _
/
1
45
/ 564 Clearfield & Mali lit gu 56.-1943 .1 J --------75 Sept'32 ___ ____
1
4
24
Tol & CM Div let ref 48A-1959 J 1 49 Sale 46
50
68 - 612
34
/ 46
1
4
2
Cleve Cin Chi & St L. gen 4s-1993 1 13 67
170
68 • . 68
75
46
7/
4
Ref & gen 58series D
2000 M S 46 Sale 411
85 . 385
8
86 Apr'33 ____
General 55 series B
25
/ 34
1
4
626
Cony 4.
46
1993J D 8312 90
34
1960 F A 32 Sale 2912
49
49
1
49
49
Ref & Impt 68 ser C
88
96
1941.7 1 ____ 70
Bangor & Aroostook let 58-1943 J J 90
95 90 Apr'33 ____
/
1
4
47
55
Ref &'rapt 53 ser D
7318
52 Apr'33 ___
54
65
Con ref 48
1963 J J 50
4
70
1951 J J 7018 72
70
__
Ref & impt 44s sew E
4814 156 • 37 a49
1977 1 J 46 Sale 44
Battle Crk & Slur 1st gu 38_1989 J 0 --------61 Feb'31 ____
Cairo Div 1st gold 4s
85
88
85 Mar'33 ____
82
1
4
88
80
1939 1 J 84
Beech Creek 1st gu g 4s
1936 J 1 __ __ 8212 80 Mar'33 _--- ___- _- /
64 8
7
Cin W & M Div 1st g 4s 1991 1 J ____ 63
60
60
1
/ 60
1
4
24 guar g Si
1936 J J ____ __-- 100 Jan•30 ____ ____ ____
St L. Div 1st coll tr g 4s- _1990 MN 68 Sale 6614
66
75
4
68
Beech Crk ext Isle 3Hs_ _1951 A 0 71
___- 88 Mar'31 ____ ____ ____
____
Spr & CO! Div late 4s
Belvidere Del cons gu 3348.1943. J
1940 M S 72
_--- 76 Dec'32 ____
7
W WVal Div lat g 48- - - _1940 J 1 ---- - __ - 5618 Aug'32 ____ ____ ____
/
4
87
/ 971
1
4
Big Sandy 1st 45 guar
1944.7 /3 75
95 90 Feb'33 ___53
74
Boston & Maine 1st fis A C..1967 M S 58 Sale 54
58 4 61
3
/
1
4
/
1
C C C & I gen cons g 68_1934 1 .7 100 Sale 100
5 100 1014
100
5412 74
93
1st M 58 aeries II
60
1955 M.N 60 Sale 5434
Clev Lor & W con 1st g 5s_J933 A 0
50
'
95 Mar'33 L_ __
_ 95
70
59
95
48
951
/
4
42
53
late 410 ser .11
1961 A 0 83
___
90 101 SepV31 ____ ___
Boston & NY Air Line 1st 481955 F A _-- 58
5418 6312 Cleveland & Mahon Vale fis 1938 1 J 50
2
545
4
548
/ Clev & Mar latipi g 4318
1
4
99 Feb'33 ____
1935 MN ____ 98
4
Bruns & West 1st gu g 4s 1938 J J
99
99
843 84
84 Mar'33 __-/
1
4
_
Clev & P gen gu 448 ser B 1942 A 0 90 ____ 91 June'32 ____ ___ -__
85
894
/
1
Buff Roch & Pitts gen g 58-1937 M 5
88 Mar'33 .._ __
A 0 --------86
Series B 314s
/
1
4
Coneol 411s
86
Jan'33 ____
3338 44
4312 88
86
1957 M N 43 Sale 393
5
/
1
4
Series A 411s
96 Mar'33 ____
99
461 64 •
/
4
Burl C R & Nor let & coil 58_1934 A 0 414 45
96
98
1942.7 J .90
Apr'33 --_41
/
1
Series C 348
84 Apr'33 ____
84
86
1948 MN ____ 90
Oct'32 ____ ____ ____
Series D 334s
1950 A F
_ __-- 83
80
85
/
1
4
Canada Sou cons au 5s A
80 Apr'33 _--80
1962 A 0 70
1977 F A --------81
Gen 4116 ser A
Oct'32 ____ ____
Canadian Nat guar 4 48-.1954 M S 844 90
7914 873
4
36
86
4
833
/
1
7112 77 Feb'33 ____
30
-year gold guar 446_1957 J J 8414 Sale 84
77 80
793 8734 Cleve San Line 1st gu 4%8.1961 A 0 66
8
86
73
6012 714
/
1
14
6712 15
6812 63
7934 8778 Cleve Union Term 1st 510_1972 A 0 62
39
Guaranteed gold 43111
86
1968 1 11 84 Sale 84
1st a f 56 series B
59
54
28
/
1
68 8
3
1973 A 0 5514 Sale 54
90a 78 a844 9312
Guaranteed g 5s
/
1
July 1969.7 J a89 Sale 884
49
26
8
55
1st s f guar 44i/series C 1977 A 0 5312 5814 531
/ 65
1
4
84
9334
90'4 54
Guaranteed g 58
Sale a88
/
4
Oct 1969 6 0 891
___
1945 J D 85 ____ 85 • Dec'32 ____ ____
Guaranteed g 56
90'4 17 a8438 934 Coal River Ry 1st gu 48
/
1
4
1970 F A 883 Sale 88
4
1
4
67' - /
2 83
1
/
4
711
/
4
7114 Sale 711
Colo & South ref & ext 446_1935 M N
Guar gold 41.6_June 15 1965.7 D 8614 Sale 85 4
8034 90
23
88
3
General mtge 43-4s ear A 1980 M N 52 Sale 491 - 534 74
48
58
/
4
/
1
Guar g 43is
SO
87 8
7
• 85's 24
•
1958 F A 8478 Sale a84
85
/ 8618
1
4
1948 A 0 -_- ---- 8518 Mar'33 ____
(=Mar g 448
53
793 8734 Col & H V 1st ext g 46
.
/ . 861
1
4
Sept 1951 M S 844 Sale 84:
/
1
993
4 57
Canadian North deb a t 78...1940 J 0 99 Sale 99
1955 F. A 82 ___ 8412 Dec'32 ____ ____ ____
/
1
96 1044 Col & Tol 1st ext 48
/
1
4
_• _
Conn & Passum Riv 1st 48 1943 A 0 66'4---- 90 Dee'30 ____
25
-year a? deb 6348
941 107
/
4
61
99
1946.3 i 9714 Sale 97
397 41112
8
40 Feb'33 ____ ____12
32
38
Consol Ry non-cony deb 48_1954 J J
10-yr gold 4%a_ Feb 15 1935.7 .1 9212 95
90
99
2
93
3
9312
40
46
Canadian Pac Ry 4% deb stock
1955.7 1 32 . - - 4012 Mar'33 ____
6812 • Non-cony deb 4s
49
5712 173
Sale a4914
57
Non-cony deb 48
Coll tr 4 3-4a
51 4612 Sept'32 ____ ____ ____
1955 A 0 2712 31 a55
63
784
/
1
4
1946 M S 63 Sale a583
__
68 equip tr etre
Non-cony deb 4s
45 Dec'31 ____ ____
1956.7 1 2712 29
8618 17
8012 90
/
1
4
1944 J J 85 4 8614 85
3
Coll tr g Si
10 -23
1914 154
1942.7 -D 1914 Sale 17
6812 8534 Cuba Nor Ry let 546
711 59
/
4
Dec 1 1954 J 0 714 Sale 6712
/
1
15
29
65
27
2512 Sale 1912
Collateral trust 4 46
Cuba RR let 50
94
-year 56 g 1952 J J
5312 77
60
1961 J J 5912 Sale 58
Car Cent let eons g 45
15
29
6
17
1st ref 748 series A
1
'
1936. 0 1612 Sale 1612
15
15
15 Mar'33 _
1949 J J
1212
Caro Clinch &0 1st 30-yr 58.193U 1 D 83
Apr'33 ____
11
26
11
15
lat lien & ref 6a ser B
1936.3 0 12
83
80
1
83
91
/ 90
1
4
1st & eons g 66 se. A _ Dec lb '52 J O 75
73 Apr'33 --68
80
80
Cart & Ad lat gu g 48
67
/
1
4
73
/ 88
1
4
/ 843
1
4
Del & Hudson lat & ref 4s__1943 M N t7338 Sale 67
4
60
_ 75 80 Feb'33 ---1981 J O
58
Cent Branch U P lit g 48_1948 1 D 26
94 Apr'33 ____
_ 94
9312 97
-...
1935 A 0
7
36
24
36
30
37
88
79
38
/
1
84
Central of Oa 1st g 5a_Nov 1945 F A
82 Sale 814
Gold 548
93
12
1937 M N
42
32
2
40
35
51) 36
___
___
Comm! gold 56
/
1
4
9
16
9 4 20 A)RR & Bridge 1st gu g 43_1936 F A 92 __- 92 Dec'32 ____
3
1945 M N
16 Sale 15
.3515 Sale 3212
Ref & sea 5344 series B 1959 A 0
36. 149 62612 - 3
912 Den & FIG 1st cons g 4a
37 8
1936 i
3
11
5
8
7+3
8
812 6 4
Ref & gen 58 series C_1959 A 0
27
49
3212
36
34
37
1936 J
Consul gold 434e
212 818
40
5
• 818 10
8 Sale
82
/
4
14 Sale 111 .14
050.5 R G West gen 66 Aug 1955 F A
Cbatt Div pur money if 48-1951 1 D 16 .25
814 163
15
23
2
15
4
15
Mae & Nor Div 1st g 58_1946 J J 18
94
21
11
22
/ 207 1814
1
4
Ref & Impt 58 ser B_-Apr 1978 A 0 18
8
/
1
___ - 934 June'31 ____ ...... ........
Mid Gs & Atl Div pur m 5a '47 1 J ___
___ 10212 Nos'31 ---- --. __- Des M & Ft D lat gu 48
1935
/
1
4
J J
3 Apr'33 ---I
10
Mobile DIY 1st g 5s
Certificates of deposit
..
.
1946 1 J
11 31
/
4
24 Dec'32 _
18 30
/
4
Des Plaines Val lat gen 446_1947 M 5 35 ---- 45 Apr'33 ---45
45
Oct'32 _--- ---- -Cent New Eng! 1st KU 4
55
68
/ Det & Mae 1st lien g 46
1
4
1955.7 11 --------34
55 Apr'33 __60
6-1961 1 1 30
Second gold 48
25
32
Cent RR & Bkg of Ga coil 56.1937 M N 33
1995 J D ____ 30 •25 Dec'32
3012 Apr'33 -__35
/
4
Central of N J gen g 6a
75
951 Detroit River Tunnel 446 1961 MN 75 ---- .75
82
28
85 '
1987 J J 83 Sale 82
- .
14
Dul Miasabe & Nor gen 56._1941 .1 J 10112___ 10314 Mar'33 ____ 103 103
90
go
Registered
/
1
4
90 Feb'33 _-__
84
1987 Q J
/
1
4
77
77i2 DM & Iron Range 1st 66 __.1937•0 9912
General 48
100
3
1987.7 J ____ 771 7712 Mar'33 ____
99 10212
/
1
4
/
4
6312 88i2 Dui Boo Shore & Atl 2 &J. _1937 1 J
Cent Par 1st ref gu g 48......1949 F A 6693 Sale a657
/
4
13 ApV33 ___15
1.2
8 a711 32
12
20
4
78
/ 783. East Ry Minn Nor Div 1st 4s'48 A 0 73 ____ 84 Feb'33 _ --1
4
Registered
F A _ ___ 78
84
84
/ Jan'33 ____
1
4
80
East T va & Ga Div 1st 58_1956 V N 70 Sale 65
Through Short List gu 461954A 0 a 34
70
68
84
70 a64 Apr'33 ____ a64
Guaranteed g fa
45
61 • Elgin Joliet & East 1st g 58_1941 M N 82 Sale 81
58
82
55
1960 F A 5112 Sale 51
11
78 4 8412
3
Charleston & Smelt 1st 76_1936 .1 J
_ El Paso & SW lat 5a
61
Feb'33 ____
___ 61
1965 A 0 ____
22
___- Ill June'31 ____ ___
Chat & Ohio 1st con g 58_1939 M N 102- Sale a1003 102
92 8612 Aug'32 ____
--.8
8
/ 96 610038 1063 Erle & Pitts g gu 346 set B 1940.3 J __ 1
4
____ -Registered
/
1
4
Series C 348 1989 M N
883 88
8
____ 8838 Feb'33 ____
•
/
1
4
_ 10112 102 Dec'32 _
1940.3 J ____
General gold 4)18
8758 1034 Erie RR 1st cony g 48 prior 1996 J J
/
1
74
1992 M 5 92
93
7012 13
7018 72 69
903
8
93
67
/ 7612
1
4
Registered
.
Registered
/
1
4
9012 96 Dec'32 _
1996.8 J ___- --- 57 June'32 __ -M 8 81
Ref & impt 43Is
1st comel gen lien g 44.:_1996 J ./ 5212 Sale 47
80
9334
1993 A 0 8314 Bale 80
83
/ 22
1
4
5212 103 -TAT, - 2
52lRef & Impt 4116 set B
1995 J J 8312 Sale 81
79
9312 • Registered
8312 10
Jan'33 --__
1996.7 J --------41
41
41
Craig Valley let 56....May 1940.7 J
91
98
Penn coil trust gold 4a
gg
gg
__ 100 98 Mar'33 _-__
99 A pr
'33 ____
1951 F A 99 100
Potts Creek Branch 1st 46_1946 1 .I1 80__ 945 Aug'32 ____ ____ .. __
50
-year cony 45 series A 195.3 A 0 45
30
/ 4512
1
4
8
4512 13
/ 50_ 43
1
4
lt & A Div let con if 4a 1939 J J 85 Series B
•
843
4
85
842 96
4
7
92
1953 A 0 4518 ---- 4218
45
/ 17
1
4
308 454
3
/
1
20 CO11801 gold 46._ _ 1989 J J 77
84
8612
Gen cony 48 aeries 0
/
1
40
/
1
4
854 Mar'33 --__
40
87
1953 A 0 ___ ____ 40 Mar'33 __
Warm Spring V 1st g 58_1941 M S ____ 100
_
Ref & impt 5s of 1927
Oct'32 ____ ......
92
1967 M N 3334 gale 30
347g 508
2014 347
8
Chic & Alton RR ref g 38_1949 A 0 43 Sale 40
44
34 7 30 --Ref & Impt be of 1930_1975 A 0 3312 Sale 3058
44
20% 3438
34 4 647
3
Chic Burl & Q-Ill Div 346_1949 .1 1 8018 82's 80
Erie &Jersey 1st 8 f 6a
80
91
9
83
8212 Apr'33 ____
1955 J J 823 87
4
8id 8212
Registered
___ . Geneseee River islet 6a 1957 J J 8412 Sale 82
J J _ _ _ __ 84 Dec'32 -_ , _,_.__
/
1
4
86
3
;a- 86
Illinois Divhdon 46
19438.7 . ii Sale 8918
Fla Cent & Pen 1st eons g 56 1943.7 J
92
Ws
1
2'5
18
3714 18
8712 1
18
15
18
General 48
78
93
/ Fitirtda East Coast let 446_1959 J D 35 Sale 3412
1
4
1955 M S 85 Sale 83
a854 10
/
1
40
43
34
/ 45
1
4
/
1
4
let & ref 4 316 aer n
1977 F A
lat & ref 58 series A
7012 43
851
.
7012 Sale 6912
68
412 Sale
1974 M S
3
/
1
4
3
6
46
.5
I
let & ref 58 ser A
1971 F A 80 Sale 783
761 93 8
/
4
7
37
5
80
CertMeatea of depodt
412
5
414 Sale
2
5
7
East Ill let 66_1934 A 0 2212 25
Chicago &
32
58
32 Apr'33 ____
Fonda Johns & Cloy let 411a 1952 14 N
4
412 8
3:2 8
1
8
C & E III Ry (new eo) gen 58.1951 M N
3
/ 125
1
4
8
4
612 94
614 Sale
(Amended) let cons 411s__1982 M N
214
Vs
2
2
/ Apr'33 ____
1
4
3
Chicago & Erie 1st gold 56.._1982 M N 88 Sale 68614
/ Fort St U D Co 1st g 4 481,941 J J --------87 Nov'32 _-__ --1
4
12 a8614 94
38
_-_-Ft W & Dan C 1st if 54s. _1961 J 0 91 100
92 Apr'33 ---SR
-92 .
r Cash sales, a DeferriM del very •Look Under Hat of Matured Sends on t•Mgr 3937
'
-iois 164
i
foo 100
'15'
tv
New York Bond Record-Continued-Page 3
2934
IsONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 28.
.6 3
'
t . ,. .
23I
.!,,,..
7
.;
Price
Friday
Apr. 28.
Range or
Last Sale.
.1
g:I.
c`o'
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 28.
b
.
. 4.,
2
'-,s.,
April 29 1933
Price
Friday
Apr. 28.
Week's
Range or
Last Sale.
1M
co63
Range
Since
Jan. 1,
I
Bid
60
Ask Low
72
6012
z'
......
c"Z". "W"'0<
O.t000,,
7,0,ZZOGZ ,,,
OzZ
High No. Low
High
Rid
4.81c Low
High No. Low
High
6012
1
5414 68
Minn & St Louis 1st cons 5s_1934
•
•
Ctfe of deposit
1934
2
10
212 Dec'32
614 65
518 Mar'33 ____
518 6
38 212 13
1st & refunding gold 4s__ _1949
12 -4
13
4
184
3
Ref & ext 50-yr 5s ser A 1962
7
8 8
118 Feb'33 ____
118
1Ia
10 „ 193 1912 Apr'33 ____
4
1912 1912
Certificates of deposit
-,-112 5 Dec'32
____ 40
37
35
5
2312 37
M St P & SS M con g 4.3 int gu '38
3312 Sale 29
3412 53
24
4'4:
--------100
Jan'31 __ ____
.
lst cons bs
20
33
1938
20
20
1
16
20
80
90
9612 Feb'33 ___
85 --9612
1st cons bs gu as to int
33 Sale 2812
1938
3312 50
2812 45
99 Sale 983
4
993
4 72
963 1043
4
4
1st & ref (3s series A
3
1946
9
10 Feb'33 ____
10
13
953 Sale 96
4
97
102
9414 1013
4
25
-year 54s
____ 12
1949
10 Apr'33 _ .._ _
0812 10
--------96 Nov'30 ____
lst ref 540 ser B
4714 Sale 45
1978
48
7
37
62
58 Sale 54
59
508 ____---4514 647
8
1st Chicago Term s f 4s_ _1941
--------955 Dec'30
8
697 Sale 67
8
697
8 10
663 80
4
Mississippi Central let 5s
6512 93 65 Apr'33 ____
1949
65
85
6972 Sale 697
8
697s
5
66
697
8
4812 Sale 43
4912 50
39
65
Mo-Ill RR 1st 5s ser A
155 Sale 1514
8
1959
155
8 11
15
2812
4614 Sale 42
4612 '22
4012 5118 Mo Ran & Tex lot gold 4s 1990
703 Sale 6812
4
7214 152
6812 897
8
4112 4412 40
45
30
37
483 Mo-K-T RR pr lien 55 ger A_1962
8
6612 Sale 62
66
64
59
75i2
44 Sale 4012
4512 127
34
4812
40-year 45 series B
1962
573 -___ 547
4
8 a563
4
6
5118 65
25
35
5712 Apr'31 ____ ____
__
Prior lien 445 ser D
1978
6012 Sale 59
603
4 33
55
68
312 8
314
314 12
314 _8
Cum adjust 59 ser A_Jan 1967
41 Sale 41
4512 53 a3212 4512
--------90 'Aug'32 ____
___ Mo Pac 1st & ref bs ser A__ _1965
29 Sale 28
3212 92
1812 3212
25
25
31
25
10 ____2212 3212
1975
General 9s
10 8 Sale
3
834
113 443
8
7
147
8
29 Sale 25
2918 27
23
32
1st & ref 5s series F
1977
2812 Sale 28
32
425
18
32
---------22 May'32 ____
__
let & ref 5s ser 0
1978
27 Sale 263
4
3012 159
1812 3012
8512 8812 84
85
2 ____-84
99
4 Sale
Cony gold 545
1949
33
4
612 209
3
133
8
701
4_ 79 Mar'33 __
79
80
1st ref g 55 series H
1980
29 Sale 29
32
112
1812 32
8512 91 8512 Mar'33 ____
8512 89
1st & ref bs ser I
1981
29 Sale 28
32
225
1814 32
75
85 ,78
78
6
78
86
Mo Pan 3d 7s ext at 4% July 1938
5712
_ 687 Jan'33 ____
8
687 7312
8
____ 9912 9812 Jan'33 ___
9812 9812 Mob dr 131r prior lien g 58_1945
--------100
Jan'33
9812 10018
Small
76 Sale 74
775
8 48
72
887
8
let Si gold 4s
---- ----53
1945
46 Sale 46
49
66
3918 55
Small
3778 81 July'31
Mobile & Ohio gen gold 4s_ _1938
__ 28 Mar'33 ____
28 r72
Illinois Central 1st gold 4s 1951 .1 J 82
_ _ 82
Apr'33 ____
7812 82
Mongomery Div 1st g 53_19-17
7-77 30
s
718 Apr'33 __ _ _
718 11
1st gold 340
1951 1 3 7612 Si 79 Feb'33
7812 793
4
Ref & impt 440
1977
6 Sale
5
5
3
414 5
Extended 1st gold 340_1951 A 0 7612 ___ - 78 Dec'32 ____
____ *____
Sec 5% notes
1938
6 Sale
5
6
11
414 6
1st gold 35 sterling
1951 M 9 .--, _,--- 73 Mar' 0 ----__. Mob &Mal let gu gold 43_1991
3
55
743 65 Mar'33 ____
4
64
65
Collateral trust old 4s
1952 A 0 .58 Sale 56
58
6
50
65
Mont C 1st gu Os
19371
---- 937 933 Jan'33 ____
8
4
933 9354
4
Refunding 0
1955 Si N 5514 Sale 5478
56
31
45
60
1937
___ 9214 92
let guar gold 55
Jan'33 __ _
90
92
Purchased lines 340
1952.3 .1 ____ 65
5413 Dec'32 ____ ____
_ Morris & Essex 1st gu 340_2000
71
74
73
74
26
M's 7812
Collateral trust gold 4s.__1953 SIN 45 Sale 45
45
15
40
_-4912
1955
Constr M 6s ser A
65
68
81
Oct'32
Refunding bs
62
1955M N 57
54
Apr'33
5218 64
1955
Constr 141 440 ser B
64
68 65 Apr'33 ____
60
/0 15
-year secured 6.40 g_1936 J J 675 71
8
69
6912
6
6018 72
40
-year 454*
4
Aug 1 1966 F A 373 Sale 3514
383 276
4
30
403 Nash Chatt & St L 4s ser A 1978
4
6312 69
62
7012
62
60
1
Cairo Bridge gold 45
1950 J D 58
5012 Mar'33
5012 65
N Fla & 8 let gu g .58
1937
80
83
70
Oct'32 ____
___
Litchfield Div lot gold 33_1951 .1 J --------58 Feb'33 ____
58
6014 Nat Ry of Mex pr lien 440 1957
118
15 18 Jluy'28 ___ _ - --- _-___
8
____
Louise Div &'I'erm g 35581953 J J 55_ _ 58
Apr'33 ____
633
8
58
Assent cash war rct No. 4 on
--------138 Apr'33
1 18 13
8
Omaha Div 1st gold 38_1951 F A ___ _ 6 6014 Feb'33 ____
- 4
60
6014
Guar 45 Apr '14 coupon_1977
112 25 1234 July'31.
8
St Louis Div & Term g 3s_1951 J .1 --------5913 Feb'33 ____
5912 5912
Assent cash war rct No. 500
112 214 213 Apr'33
1
r213
Gold 340
63 Feb'33 ____
1951 J J ___ 86
52 63
Nat RR Mee pr lien 445 Oct '26
Springfield Div 1st g 3343_1951 J J __ 75
5858 Nov'32 ____
_
Assent cash war rct No. 4 on
---- ---- 1
Apr'33
1
02
Western Lines lst g 4s
1951 F A 62. 7112 71
Feb'33 ____
---71
lot consold 48
_ _ 21
Apr'28
---- -_ _ _
III Cent and Chic St L & N 04 on
Assent cash war rct No.1951-112 131
1
Apr'33
1•
I%
Joint 1st ref 53 series A__ _1963 J D 50 Sale 45
50
106
387 51
8
Naugatuck RR 1st g 4s-_-- A954
____ 83
7112 Nov'32 ____
_--- - -- 1st & ref 44s series C.... _1963 J D 4418 Sale 4034
4612 113
37
49
New England RR cons Irs:_19-15
--------68 Mar'33 ____
08
68
Ind Bloom he West 1st ext 45 1940 A 0 73 ____ 80 Dec'31 ____ ____ ____
comp' guar 45
1915
Ind Ill & Iowa lot g In
1950.3 J --------75 Nov'32 ____
_ __
__ N J Junction RR guar lot 4s.1986
____ 81 92 Nor30 ___
---Ind & Louisville 1st gu 4s_ _1956 J J ____ 27
2714 Feb'33 _..__ ref impt 44s A '52
27 -30
NO he NE let
&
___ 38
36 ' 3612 17 • 30 1652
Ind Union Icy gen 55 ser A...1965 1 .1 60
92
9234 Feb'33 ____
9212 9214 New Orleans Term 1st 43_,.1953
____ 54
49
Apr'33 ____
49
53,
2
Gen & ref 5s series 13
19655 J 60
893 85
4
Jan'33 ____
85
85
N 0 Tex & Moe n-c Inc 53_1935
____ 35
20 Dec'32 __
lot & Grt Nor 1st (3s ser A 1952 1 J 243 Sale 23
--8
-2512 67
1814 26
,__1954
1st 5s series B
2014 Sale 20
2112 in -1612 /4
63 Sale
4
Adjustment Os ser A_July 1952 A 0
518
63
4 72
3
6
1st 58 series C
1956
2014 22
2112
2112
4
3
163 23
let 5s series II
19565 J -203 22
4
23
21
10
16 • 23
' 101 454* wiles D___
1950
1912 2312 1914
20
20
163 2212
4
lot g 5s series C
2112 Sale 2112
1956 J J
22
8
16
2114
let 540 series A
1954
203 22. 20
4
22
64
17
2512
Ink Rya Cent Amer 1st 5.1 B 1972 M N
36 Sale 35
36
13
3314 4212 N di C Mgr gen guar 43.0_1945
70
8912 8912 Aug'32 _ •
1st coil trust 6% g notes.1941 MN 37
45
31
Apr'33 ____
37
453 N Y B & SIB lot con g 5s 1935
4
100 __ _ 98 Mar'33 ... _ __
.
98 10034
1st lien & ref 640
1947 F A
2618
25
28
2
25
31
Iowa Central 1st gold 5s
1938
N Y Cent RR cony deb On..1935
5718 .Sale 53
58
59
46
6412
Certificates of deposit
J D
2
107
8 218 Mar'33
2
3
1998
Consol 4s series A
63 Sale 59
63
30
5712 70
1st dr ref g 40
1
212 112
1951 M S
212 45
1
212
Ref & impt 440 series A_ _2013
45 Sale 4112
46
212
3412 467
8
Ref & knot bs series C........2013
48 Sale 46
4912 518
39
5012
James Frank & Clear let 4s 1959 J D 52
60
66 Mar'33
55 . 66
N Y.Cent he bud Riv M 340 1997
74 Sale 72
74
39
683 8013
4
Kai A & G It 1st gu g 5s
1938 J 1 --------103 Mar'31
_ ____
_ _
1997
Registered
70
____ 70
. 7012 12
70
Kan & M lot go g 4s
7412
1990 A 0 40
70
60
Apr'33 __60 - 69
1931
Debenture gold 4s
6912 Sale 62
6812 119
73
60
K C Ft S he M by ref g 4s_1936 A 0 4712 Sale 4414
48
42 108
313 54
4
1942
30
-year debenture 48
75 6412 Feb'33
_
64
7112
Certificates of deposit
A 0 4712 Sale 44
4712
2
32
4834
Ref & impt 440 ser A
2013
45 Sale 40
46 -3i2
3412 47
Kan City Sou 1st gold 3s_ _ _1950 A 0 5712 Sale 5414
5712 33 048
62
Lake Shore coil gold 340_1998
66
60
6713 65
71
6712 12
Ref dr Inlet 58
54 Sale 4978
Apr 1950 J J
5612
54
47
45
1998
Registered
--,.. 6612 6512 Nov'32
Kansas City Term let 4s___1960 .1 J r88 Sale 843
4
9412
r88
83
61
Mich Cent coil gold 34s_ _1998
6412 67
65
66 • -- 16 -66- - - il
Kentucky Central gold 4s__1987 J .1 74
787 7414
8
75
10
7414 82
Registered
1998_.,.,_ 66
57
57
12 _
Kentucky &Ind Term 440_1961 1 J ____ SO
84 Aug'31 ___
__
_ N y Chic & St List g 4s........1937
67
74
66
67
13
66
7912
1961 .1
Stamped
.1 40
60
58
Apr'33 ____ - - --5758
Refunding 554s series A 1974
20 Sale 185
8
22
60
14
22
Plain
'1961 J .1
89 Apr'30 ------------Ref 440 series C
1978
17 Sale 15
10
19
282
12
1935
3-yr6% gold notes
13 Sale 1114 .. 1314 209
514 15 4
Lake Erie & West-let g 53_1937 J J 5812 Sale 58
'
60
10
58
6512 N Y Connect lot gu 440 A_1953
88 Sale 88
88
87
97
10
2d gold 53
1911 J .1
30
45
47
Oct'32 _
1953
1st guar 58 series B
88
95 99 Mar'33
94 100
Lake Sh & Mich So g 3;0_1997 J D 7612 7812 773
4
78
12
7134 82
N Y Erie 1st ext gold 43_1947
89 Sale 59
59
- 3
863 89
4
-----1997.3 D 7012
Registered
73
77
7312 Feb'33 _
N Y Greenw L gu g 53_1946
39
70
40 Dec'32
Lehigh &N Y lot gu g 4s_1945 41 5 45
6012 46
46
. 2
46
46
N Y & Harlem gold 340_2000
73 -___ 84 Mar'33 -_ - :
84
88
Leh Vol Harbor Term gu 58 1954 F A ____ 80
83 Nov'32 ____ ____
N Y Lack & W ref 440 B__ _1973
85
____ 90 Nov'32
____ _ _
__
Leh Val N Y lot gu g 454s_1946 J J
5712 663 60 Mar'33 ____
4
5978 ---- NY & Long Branch gen 4s_1941
6834
Lehigh Vol (Pa) cons g 48_2003 M N
35 Sale 3012 . 36
61
25
37
NY & NE Bost Term 4s
1939
--------0512 July'29
M N --------28
Registered
Jan'33 __
28
28
NY N H & II n-c deb 4s
1947
45
_ _ 49
60
4 -45- -56General cons 440
2003 M N
343 3714 333
4
9
4
353
4
3214 3812
Non-cony debenture 3413_1947
35 - - 50
44
Oct'32 -.
General cons bs
2003 M N
38 Sale 38
4014 33
33
423
8
Non-cony debenture 3;0_1951
41
_ _ 44 .
44
Leh V Term by lot gu g 5s 1941 A 0 90
95
94
Apr'33 ____
90
94
Non-cony debenture 4, .1955
15 45
45
10
45
58
Lex he East 1st 50-yr 5s cu.1065 A 0 7612 85
79 Mar'33 ____
79
8412
1956
Non-cony debenture 45
47
50
497
8
50
5
45
5612
Little Miami gen 4s series A_196: MN _ _ _I_
- - 9112 May'32 ____
____ __ .
1956
Cony debenture 340
35
43
44
Apr'33
44
61
Long Dock consol g 6s
1935 A 0 88 fob
3 9012 101
9012 Apr'33 _
1948
Cony debenture 68
65 Sale 60
6514 83
36
57
Long IslandRegistered
7014 Dec'32
General gold 4s
1938 J D 9314 97
9814 Mar'33 _.•
9512 98 4
3
1940
Collateral trust 65
6412 32;Ie 6312
65
6
59
.
83
Unified gold 48
1949 M S 83
82 Apr'33 _
82
9114
1957
Debenture 4
4018 Sale 3934
42
17
347 4514
2
Debenture gold 55
1934 J D 983 100
4
9712 Apr'33
97 101
1st & ref 440 ser of 1927..1967
52 Sale 48
525 132
8
20
-year p m deb 58
45
1937 M N 9114 Sale 9114
9114
1
91 100
65
''
Harlem It he Pt Chee lot 45 1954
82
86
88
Apr'33
88
90
Guar ref gold 4s
1949 M 14 83 Sale 793
4
83
9
7912 9118
Louisiana he Ark lot b.ser A_1969 J .1 333 Sale 2714
4
34
139
20 . 36
N Y 0 he W ref g 4s June_ ..1902
57 Sale 5638
.58
57
Louis & Jeff Bdge Co gd g 4s 1945 M S 57
5015 6014
70
753 Feb'33
4
__ a72
753
1955
4
General 45
49 Sale 4712
4938 38
43
52,2
Louisville he Nashville 58_ _1937 M N 684 Sale 985
.1
8
983
4
8
9634r103
NY Providence he Boston 43 1942
70
87
85 Nov'32
Unified gold 45
1940.3 1 88 Sale 8312
8814 40
8112 91
NY dr Putnam lot conga 4s_1993
55
72
64 Mar'33 - -_ -- .64- 43 3
-1Registered
• J J 82 Sale 82
82
2
77
85
N Y Susq he West let ref 53_1937
31
33
3034
34 - in
2212 34
1st refund 51.4* series A__2063 A 0 8212 Sale 75
8212 43
1937
6512 8212
2d gold 440
____ 33
21
Oct'32
let he ref bs series Is
---2003 A 0 713 7414 72
4
- 75
7
6312 76
1940
General gold 50
21
31
20
2012 ii
1612 .2612
1st he ref 440 aeries C
2003 A 0 73 Sale 69
733
4 53
5978 733
4
1913
Terminal 1st gold hs
5 8 72
03
64
64
64
Jan'33 __
Gold 5s
1941 A 0 8512 _r_ 87
Apr'33 ____
87
NY W Ches dr 11 lot sec I 440'46
88
38 Sale 3612
31
4634
3818 14.
-8
Paducah he Mem Div 45_ 1946 i A
55
__._ 56
Apr'33 ____
56
70
NI
St Louis Div 2d gold 3s._198( M S 3712 53
45 •
4812
6
93
53
Nord Ry ext sink fund 640 1950
01043 Sale al0312 10612 40
4
983 10612
4
Mob & Nfontg lot g 440_1945 NI 5 ____ 85
9412 65
85 Feb'33 ___
Norfolk South 1st he ref A 5s_1961
*
South by joint Monon 4s_1952 J J
55 Sale 52
55
51
40
58
Norfolk he South 1st gold 55.1941
83 113
4
4 93
4
1012
2
Atl Knoxv he Cin Div 4s 1955 M N 74
6
1312
7712 7512 Apr'33 ____
75
78
Norf he West RR impt&ext 69'34
10112 Sale 10112 10112
5 10112 10413
N & W by 1st rouse 4s__.1996
9212 Sale a8912
9372 62
87 100,
4
Mahon Coal RR let SI
1934 J .1 95 10018 100 'Apr'33
100 10114
1966
Registered
---- _---- 9418 Jan'33 ___
9418
9418
Manila 1111 (South Liner() 49 1939 M N 493 517 a493 Apr'33 ____ 0193 5331
8
4
8
8
DWI lot lien,& gong 4s..._19.14
95 Sale 95
9612 ,C2
9312 10112
1st ext 4s
•
1959 M N 45
80
5112 Jan'33 _
1911
60
5li2
Pocah C & C joint 43
95
9512 9312
9512
3
8912 991
.
Manitoba SW rolonizien 53 1934 1 D _
72
74
Jan'33 ____
74
751, North Cent gen he ref 5s A _ _197487
Aug'32
Man GB & N W lot 3404_ _1941 .1 J 45
60
47 Feb'33 ____
47
47 1974
Gen & ref 44s ser A
Mex Internet 1st 4s asstd._1977 M 5 -------- 2 Sept'32, ____
__ ____ North Ohio 1st guar g 5s. _ _1945
-=- 17-54 25 Apr'33
25
iE
Michigan Central Detroit he Bay
North Pacific prior lien 45_1997
7718 Sale a74
78 a74
.
78
871z
City Air Line 4s
1940 J J
•
98 Aug131 ------------Registered
--- - 7712 82 Feb'33 ____
8112 8213
Jack tans he Sag 340___ _1951 NI 5 ____
__ 79 May'26 ____
_ _
_
Gen lien ry he id n 38-Jan 2047
48
63
6613 a4912
615
5
5314
7
st gold 340
1952 MN
71
-79
80
Apr'33.
171
--84
Jan 2047 1
Registered
--- - 48
5512 Jan'33 1
5512 5512
Ref he impt 440 ser C
1979 J J 47
68
61
Feb'33 ____
61
64 .
Ref he Impt 454* series A _ _2047.
5412 60
5412
5518
6
50
64
Mid of N•J let ext 53
1940 A 0 ---- ---- 48
48
2
48
48
series
Ref he tront Ils sees B___2047 6912 Sale 66
60
7134 292
75,2
Mil & Nor lot ext 4 4s(1880)1934 1 0 ____ 585 87 June'32 _ _
8
____ ____
Ref he Impt 59 series C____2047 6014 Sale 563
4
6112 13
591s 6712
Cons ext 4545 (1884)
1934 J D
687 70 Nov'32 ____
8
____
_ _
Ref & Impt 5s series D__.2047 61
6412 60
60
5614 67,2
2
Mil Spar he N W let gu 45_1947 M 9 3912 Sale 3813
40
4
3412 - 4314 Nor by of Calif guar g 55._ .1938 ,
Milw he State Line lot 340_1941 J J ____ 70
40
Jan'331..___
40
40
From Elk & Mo Val 1st 135__1933 A 0
Gale bons & bend lot 53_1933 A 0
Ga dr Ala by 1st cons 5s Oct 1945 J .1
Ga Caro & Nor 1st gu g 581929Extended at 6% to July 1 1934 J J
Georgia Midland lot 3s_ _ _.1946 A 0
Gouv & Oswegatchle lot 5s_ _1942 J D
Gr R & 1 ext let gu g 440__1941 J J
Grand Trunk of Can deb 7(3_1940 A 0
15
-year s f 65
1936 M 5
Grays Point Term lot
1947 J D
Great Northern gen 705s..serA_1936 J .1
1st & ref 410 series A_1961 J .1
Stpd (without Sly 133 coup) ____
General 540 series EL
1952 J J
General 5s series C
1973 J J
General 440 series D
1976 J J
General 44s series E
1977 J ./
Green Bay & West deb ctts A.... Feb
Debentures ctfs B
Feb
Greenbrier by let gu 4s____1940 M N
Gulf Mob &Nor lot 540 B 1950 A 0
let mtge 5s series C
1950 A 0
Gulf & S I 1st ref & ter 5sFeb 1952 J J
Hocking Val let cons g 443_1999 J J
Housatonic TO cone g 5s
1937 MN
it & T C lot g 5s lot guar__ _1937 J J
Houston Belt dr Term 1st 53.1937 J .1
Houston E & W Tex let g 55_1933 MN
1st guar 5s
1933 MN
Bud dr Nlanhat 1st 55 ser A.1957 F A
Adjustment income 5s Feb 1957 A 0
.44,
:0:
:.
:0 W..<""00440-0 Z.400"-Z,
4G66000
040
IZZZZ00
,4mC , ,
Z" 'OZOZ 0200^<4Z,
0.4Z<OOOTTO
-
0
- - a Def•rred delivery. •Look under list of Matured Bends on mice 2937
______
1
rcath ,
tlie.
__.----
4
New York Bond Record--Continued-Page 4
.4.
.2
BONDS
.
N. Y. STOCK EXCHANGE gl
2'.; ri;
Week Ended Apr. 33.
Price
Friday
Apr. 28.
P7eek's
Range or
Last Sate.
.3
,.,e It
irz
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Apr. 23:
Price
5.:11
..
Friday
'''i.:
....C. Apr. 28.
2935
Week's
Range or
Last Sate.
g
1
V1
el'
Range
Since
Jan. 1.
High
High No. Low
Ask Lew
Bid.
High
No. Low
7012
7012 73
55
Southern Ity let eons g 58_1994 J .1 70 Sale 6112
3812 50
7
10
59
5812 59
.1 1 --------5812
_
Registered
____ ____
3612
3612 293
17
Devel &gen 4s series A_ _1956 A 0 3612 Sale 2512
_-80 80
____
4214
20
4214 230
1956 A 0 42 Sale 30
Devel & gen 68
70
70
_
2078 4312
4312 218
1956 A 0 43 Sale 30
Devel & gen 6418
4
9612
87
____ 46
46
Jan'33 ____
40
1996.1 J 55
Mem Div let g 55
7
99 105
54
36
21
54
8
19C1 .1 .1 52 Sale 477
St Louis Div let g 4e
10 100 107
62
62
60
60
9
East Tenn reorg lien g 55_1938 M 5 6018 70
89
75
42
33
33
20
42
Mobile & Ohio coil tr 48.._1938 NI 5 33 Sale 2578
22
18
22 Apr'33 ____
36
7312 8614 Spokane Internat 1st g 5s 1955 J 1 21
8
8512
8522 76
13-1938 F A 77
Pao RR of Mo 1st ext g 4
____ _ _ __
60 May'32 ___
Staten Island Ry 1st 434&...1943 .1 D ____ 74
85
75
75 Apr'33 ____
80
72
1938 J .1
20 extended gold 58
_ Sunbury & Lewiston 1st 48.1936.1 .3 --------97 Nov'31
____
Sept'32 __
87
90
Paducah & Ills let s f g 4310_1955 J J
---1 09612 103
s 5
1007
8
Paris-Orleans RR ext 5348...1988 M S 991- Sale 9918
34
32
25
1
Tenn Cent 1st 6s A or B__ _1947 A 0 32 Sale 32
46
36
Apr'33
1942 M 9 3212 3612 38
Paulista Ry 1st ref is f 7s
96 10114
8
4
Term Assn 01St List g 43481939 A 0 963 977 98 Apr'33 ____
88
71
34
7518 __-8
757 71 •
Pa Ohio &Det let &ref 4 Ms A '77 A 0 73
4
9112 10034
97
9312
8
1944 F A 967 100
1st cons gold 5s
9534 100
4
Pennsylvania RR cons g 48_1943 M N 903 ____ 98 Apr'33 ____
69
Apr'33 ____
69
8414
1953 J .1 6712 71
Gen refund 5 f g 4s
8
91 1003
4 29
92 3
1948 MN 9212 Sale 92
Consol gold 48
65
5
6812
59
7
92
90 10012 Texarkana & Ft S 1st 5418 A 1950 F A 65 Sale 6112
90
46 sterl stpd dollar May 1 1948 MN 93 101
65
60
1943 J 1 --------60 Apr'33 ____
NO
9412 10412 Tex .1,N con gold 5s
99111 29
sinking fund 4348_1960 F A 99 Sale 97
Consol
86 100
9
8812
4
923 86
7318 9114 Texas & Pac 1st gold 5s.__ _2000 J D 82
8 97
797
1965 .1 D 7912 Sale 7514
General 441s series A
_
_
9778
2clinc5s(Mar'28cpon)Dec2000 Mar --------95 Mar'29 __
78
8718 10
4
8
1968 J D 863 93 843
General 5s series B
iS
iiii ii
55
1977 A 0 5312 Sale 52
Gen & ref 5.5 series 13
95 10412
70
99
3
Sale 95 4
1936 F A 99
-year secured 6 Ms
15
5 55
553
4314 5 14
6
8
A 0 553 Sale 5114
Gen & ref 5s series C
1979
9212
73
18
79
-year secured gold 55_1964 M N 79 Sale 75
40
56
43
18
55
8
1980 J 0 5278 557 54
Gen & ref 58 series D
7314
56
79
67
1971 A 0 66 Sale 64
Deb g 4446
59
50
8
55
68 • 8512 Tex Pac-Mo Pac Ter 541s A 1964 M 5 55 Sale 55
8 92
737
4
1981 A 0 733 Sale 7112
General 442e eer D
86
86
8
Tol & Ohio Cent 1st gu 5s 1935 J 1 - - 847 86 Apr'33 ____
30 .38
3512 12
Peoria 44 Eastern 1st cons113_1940 A 0 34 Sale 34
75 Aug'32
80
Western Div 1st g 5s
334
1935 A 0 70
las
3
214
4 258 2
13
Apr
April 1990
Income 4s
73 18212
75 Feb'33 _ ___
80
General gold 5s
1935.3 1) 70
4
693 77
7
75
7212 Sale 7212
Peoria & l'ekin Un 1st 541s_ _1974 F A
44
50 Apr'33 ____
55
5212
1050 A 0 45
2834 4312 Tol St L & W 50-year g 4s
31
41
Pere Marquette 1st ser A 58_1956 J J 41 Sale 37
,
Tol WV & 0 gu 441s ser 13 1933 J J --------10014 Feb'33 ____ 100 4 10014
37
23
23
36
-- 32
1958.1 .1
let 48 series B
_ _
__ 961s Apr'31 ____
1942 NI 5 ____
1st guar 4s series C
3912
28
17
33
3912 35
let g 4418 series C
1980 M S 36-38
SO
8034
Feb'33 ____ ____- SO
89
Toronto Ham &Buff 1st g 4s1946 1 D 55 -94 101
9412 16
Phila Bait & Wash let g 48.1943 NI N 9412 Sale 94
8
4
903 1007
200
95
4
8
Union I'ac 1st RR & Id gr 4s 1947.1 J 947 Sale 913
97 100
____
95 98 Mar'33
1974 F A 85
General 58 series B
9712 991s
9712 Feb'33 ____
.1 J __ _ 94
Registered
88
81
83 85 Apr'33 -General g 440 series
78
_1977 -1 J
9312
84
30 a78
1
1st lien &ref 48
June 2008 NI 5 8,- Sale a8018
19
8 1.1
23
223
4
213
22
514s
4
Philippine Ry 1st 30-yrC..- '37 J J 213
95
32 075
82
1967.1 J .82 Sale 77
Gold 4418
.
4
20 _95 1053
98
983 97
8
June 2008 M 0 98
1st lien Sr ref 5s
95
11 0933 102
4
4
8
977 0933
PC C & St I. gu 441s A_ __.1940 A 0 95
4
30 d693 8618
78
75
7318
1968 J D 74
-year gold 4s
40
9612 30
94 10112
94
1942 A 0 9612 98
Series Ii 434s guar
96 10012
Apr'33 ____
S 9212 10012 96
1944 M
4
4
993 993 U NJ RR & Can gen Is
4
1942 M N 92. ____ 993 Feb'33 ____
Series C 440 guar
1933.1 .1 --------100 July'31
Utah SC Nor 1st ext 48
95
95
95 Feb'33 _
1945 M N
Series D 4s guar
85 85
i
85
8712 85
____ ____ Vandalla cons g 45 series A 1955 F A 81
Series E 440 guar gold....1949 F A _____- 8512 Oct'32 ____
_
1957 NI N 81 ._ 9312 Sept'31 ____ ____
8
917 Dec'32 ------------Cons 51 4s series B
Series F 4e guar gold
1953 I D
212
112 _-2
112 - -38 112 Apr'33 ___
1933 .1 J
9212 9212 Vera Cruz & P asst 440
9212 Feb'33 ____
1957 M N ____ ____
Series G 45 guar
92
80
80 Apr'33 ___
95
_ _1936 M N 80
.. Virginia Midland gen 58_
Series II cons guar 45_ _ 1980 F A --------80 Apr'32 ____ ____
i
69
60
60
___ 60
9812 Va & Southwest 1st gu 58.2003.3 J 60
9614 _-4
Series I eons guar 4415_ ..1963 F A 9312 9612 963 Mar'33 ____
3612 48
24
47
1st cons 58
3
1958 A 0 47 Sale 44
9712
9412 9312
Series J cons guar 441e_ _ _1964 M N 9412 Sale 9412
9614
81
54
87
4
Virginian Ry let 55 series A.1962 M N 863 Sale 8512
92
76
7
7312
8012 7612
General NI 55 series A-__ _1970 J D 77
78
8912
8012 12
_ _.,_ 7912
let mtge 441e series B1962 MN 80
7612 92
10
80
Gen tinge guar 5 ser 13_1975 A 0 80 Sale 7612
86
7412 29
69
7412 Sale 70
Gen 4448 series C
1977.1 J
e
657
43
57
52
Wabash RR 1st gold Es
1939 M N 52 Sale 46
33
45
3714 23
1939 F A 36 Sale 33
2d gold 5s
9958 9934
4
__ 993 Mar'33 ____
1934 J .1
Pitts McK & Y 20 gu 6s
_
Deb 6s series 13 registered 1939.1 J --------9818 May'29 ____
9114- 1940 A 0 ____ 100 100 Mar'33 ____ 100 102
Pitts Sh &I,E 1st g 55
3712 3712
____--3712 Apr'33 ____
__ 74
1st lien 50-year g term 45_1954 J J
1943.1 J --------100 Feb'33 ____ 100 10012
I et consol gold 55
62
6234
9818 6214 Feb'33 ____
48
_ _
_1941 J .1 ____
Det &Chic Ext 1st 5s_
_
____ 90 Nov'32 ____
65
1943 NI N
Pitts Va & Char 1st 4s
35
35
Jan'33 ____
35
Des Moines Div 1st g 45.1939 J J ____ 40
39
30 - Pitts & W Va 1st 444s ser A_1958 J D 30 .__ --30 Apr'33 ____
37
32
8
1941 A 0 ____ 277 32 Mar'33 ____
Omaha Div 1st g 341e
3812
30
32
34
1st NI 4316 series It
1958 A 0 34 Sale 32
55
41
4
41
41
Toledo & Chic Div g 4s 1941 M R ---- 55
3
3812
.34
30
lot Si 434s merles C
1960 A 0 34 Sale 33
3
54 9
94
9
4
83
812 9
8512 Oct'32 ____ ____ ____ Wabash Ry ref dr gen 534o A 1975 M S
85
Pitts Y & Ash 1st 4s ser A-1948 J D 80
512 938
15
9313
812 9
812
Ref&gen 5s(Feb'32 COUD)B '76 F A
____ 90 July'32 ____ ____ ____
leit gen 5s series 11
1962 F A 87
4
9'4
914 54
838
812 Sale
Ref & gen 441s series C__ _1978 A 0
8
Providence Secur deb 4e_ 1957 M N --------713 July'31 ____ ____ ____
8 9
43
8
812 918 812
9
Ref & gen 5s series D
1980 A 0
80 80
Providence Term let 48_..1956 PA S 75
___ 80 Mar'33 ____
50
60
Warren let ref gu g
...2000 F A 52 ____ 50 Feb'33 ____
4
341s_1
Washington Cent let gold 45 1948 Q M --------52 Feb'33 ____ 0513 52
78
68
66
75 66
Reading Co Jersey Cen coil 4s '61 A 0 68
91
87
Wash Term 1st gu 3418- -- _ 1945 F A ____ 90, 87 Apr'33 ___
7534 91
7812 14
Gen &ref 434s series A...,_1997 J J 7812 Sale 77
9212 95
95 Feb'33 ____
let 40-year guar 48
1945 F A ____ 94
9112
78
5
7812
Oen dr ref 4448 series 1L...1997 J .1 7812 Sale 78
64
5312 59
53
Oct'30 ____ ____ ____ Western Maryland 1st 4e__ _1952 A 0 5612 Sale 05534
1941 M N --------113
Rensselaer & Saratoga 68
52
43
6712
64
61
1st & ref 534s series A__ _ _1977 J 1 61
62
__
40 Sept'32 ____ ____
Rich & Nlerch 1st g 4s
1948 M N ____ 40
9914 10222
5
4 100
1937 1 J 100 Sale 0993
9712 West N Y & Pa 1st g 5s
9712 _Itichin Term Ry 1st gu 53_1952 1 J ---- 9712 9713 Apr'33 ---8514
80
80 Mar'33 __
General gold 45
1943 A 0 ---- 88
Sept'31 ____ ____ _
85
84
Rio Grande June 1st gu 58 1939 J D 55
2012 2978
8
297 110
1 Dee'32 ------------ Western Pac 1st 5s ser A_ 1946 M S 27 Sale 24
_
_ .
Rio Grande Sou 1st gold 45..
J .34519 . .. _ _
8
773
67
9
8
697
8
2361 1 J 697 Sale 67
___
--- West Shore 1st 45 guar
Guar 4s (Jan 1922 coupon) '40 J .1 --------712 Apr'28 ___
6414 74
Feb'33....
71
Registered
2361 J J ____ 66
84
55 9
8
563
55
Rio Grande West 1st gold 48_1939 J J 5860
71
65
70 Apr'33 ____
70
Wheel & L E ref 440 ser A_1966 Ni 5 55
2512 39
3712 32
lot con & roil trust 45 A 1949 A 0 3612 3712 3512
6212 80
6212 Apr'33 ____
Refunding 55 series B
1966 NI 5 80
1818 29
2212 52
R 1 Ark & Louis 1st 444s
1931 M S 213 Sale 2014
4
79
70
1
78
1949 NI 5 70 • 71
71
RR 1st consol 45
8
353 5112
2
4
463
Rut-Canada lot gu e 4e
4
19'9 J J 483 Sale 4634
4
24
183 24
24
4
1918 27
1942 1 D
5112 Wilk & East let gu g 5s
39
39 . Apr'33
Rutland 1st con 4418
1941 .1 J 38
_
_ _
1938 J D --------91.38 Oct'31 ___
Will & 9 F 1st gold 53
.
o lici
2
79
79
95
Winston-Salem S B 1st 48..1980 J 1 75
2
90
70
70
St JOS dc Grand Isl 1st 413_ _1947 J J
70 Sale 70
4
83 1312
1212 20
11
12
11
8
8
883 883 Wig Cent 50-yr 1st gen 45..1949J J
Feb'33 ___
St Lawr & Adr 1st g 58
4
1996 J J ____ 643 8838
11 14
7
6
612
7
612 Sale
_
Sup & Dul env & term 1st 48'36 M N
211 gold 68
4
663 Oct'32 ____ ____
1996 A 0 ____ 70
Wor & Conn East 1st 434s.._1943 J J --------8514 Sept'31 ____ ____ ____
_-St Louie Iron Mt & Southern44
8
353 54
160
Illy dr 0 Div 1st g
3814 Sale 37
_1933 M N
INDUSTRIALS.
40
3
2812 434
36
52
St L Peor & N W 1st 413_go 58_1918 J J 40
• •
•
•
1878 Abitibi Power & Paper 1st 58 1953 J D
8
8
187 195
St L-San Fran pr lien 45 A...1950 J J 1514 Sale 15
811 1712 Abraham & Straus deb 540.1943
1712 62
Certificates of deposit ____ ____
16 Sale 15
80
11
9014
89
8
857
A 0 86
89
With warrants
10
23
17
17
Prior lien 5e series B
1612 Sale 16
1950 J .3
28
5312 6411
63
4
93 1638 Adams Express coil tr g 48_ _1948 M 9 63 Sale 5912
8 38
163
Certificates of deposit
15 Sale 1412
92 • 99
14
99
1952 A 0 9812 Sale 0712
Adriatic Elec Co esti 7s-___
16
8
063 16
Con M 4418 series A
198
1978 M S 1514 Sale 1312
2412 33
2
25
614 1534 Albany Perfor Wrap Pap 88.1948 A 0 2412 2512 2412
3
15 4 232
Certifs of deposit stamped._ __ _
15 Sale 13
2512 37
,
35 2 158
6212 Allegany Corp coil tr 5s_ ___1944 F A 32 Salo 31
49
1
9t L S W 1st g 4s bond ctfe_1989 MN 50
54
534 51
2712 151 a1912 2834
Coll & cony 58
1949J D a27 Sale 25
25 g Is Inc bond etfs Nov _ _1980 J .1 ____ 35
3338 35
6
3338
3312
15
5
1238 418
934
1950 A 0 1014 Sale
Coll & cony 58
8
357
19
lot terminal & unifying 56_1952 1 J
2814 75
28 Sale 233
4
8
773
7612 65
65
76 Sale 74
2712 Allis-Chalmers Mfg deb 5s...1937 M N
Gen & ref g 58 ser A
12
4 56
103
1990.3 .1
19 Sale 15
63
55
53
2
4
563 55
Alpine-Nlontan Steel 1st 78.1955 M S 53
St Paul & K C Sh it. let 4418_1941 F A
38
68 028
38
3612 Sale 36
2614 55
15
55
52 Sale 52
8012 Amer Beet Sug cony deb 65_1935 F A
81 1' ds Duluth let con g 48.1968 .1 I) 75 ____ 75
75
1
75
*
St Paul E Gr 'Irk 1st 4413_1947 1 J --------82 Sept'32 ____ ___. ___' American Chain deb s f 6s 1933 A 0
7012 SO
3
79
79
A 0 7834 85
1942
2
96( Amer Cyanamid del/ bs
89
4
Mini,
Paul Min &St Man con 4E3_ 1933 J J 9095 93
93
41
8
233 41
894
let consol g 68
9612 Am & Foreign Pow deb 55 2030 M 9 39 Sale 36
89
1
1933 J J 923 97 419212 a9212
8
5512 31
523 6314
8
4
1953 J D 5478 507s 547
American Ice 8 f deb 5s
68 reduced to gold 43.4s.....1939.3 1 90
8
9318 091
947
8818 97
6
64
82
75
8312
Amer I G Chem cony 5418_ _1949 M N 7314 Sale 73
95
Registered
J I) ____
___ 9418 Feb'33 ____
92
16
75
6612 81
8
737 Sale 73
Am Intenaat Corp cony 5415 1949 J J
Mont ext 1st gold 19
86
1937 J 0 72 75 a81
75 Apr'33 ____
4 103 1051s
103
4
1939 A 0 1033 105 103
Amer Mach & Fdy 81 6s
7412 70 Apr'33 __
'70 71
Pacific ext gO 411(WM 113)-1940 J J 67
97
76
76
60
Amer Metal 544% notes_ _1934 A 0 76 Sale 7112
91 Sale 89
St Paul lib Dep 1st dc ref 55_1972 J J
8 14
933
89 101
78
99
90
90
Am Sin & R 1st 30-yr 5s ser A '47 A 0 90 Sale 8618
8
4 29 1023 10534
4 1033
8
Amer Sug Ref 5-year 6s__1937 J J 10318 1033 1023
8
573
7
64
5518 5712 55
54
9 A & Ar Pass let gu g 48_ _1943 J J
17 09512 10312
,
Am Tejo & Teleg COM 4s 1936 M 8 a98 Sale a9612 100
8214 90
Santa Fe Pres & MCC let 58_1942 M 5 8012 ____ 90 Mar'33 ____
1946.3 D 10214 Sale 10038 10214 179 100 10712
97
-year coil tr ts3
30
_--- 95
Say Ha & West let a 6s__ _ _1934 A 0 97
97
95
2
9312 223
93 107,2
_
1960 1 J 98 Sale 9618
Oct'31 _
35-year of deb 55
101
11131 A 0
lot gold 5s
216
103
9912 10912
-years f 5448
20
Scioto V & N E 1st gu 49.__1.0q9 NI N ____ _--- 9212
1943 NI N 10214 Sale 10014
9212
2 -90 .i
99 107 4
39
100
,
•
Cony deb 441s
1939 J J 9912 Sale 99
•
•
Seaboard Air Line 1st g 48_ _1950 A 0
9838 262
9212 10714
•
• •
1965 F A 975 Sale 9512
•
Debenture 55
Gold 48 stainped
1950 A 0
55
55
35
12
Jan'33 ____
3
612 Am Type Found deb 68-_ _1940 A 0 52 Sale 51
_
3
Certife of deposit stamped__ A 0 512 15
8
7418 963
4 35
763
77'2 7118
2
112
Adjustment 58
2
4 3
Oct 1919 F A
3
Am Wat Wks dr El coil tr 58_1934 A 0 77
12 2
49
41
61.
7214
•
•
Deb g 68 series A
Refunding 48
1975 NI N 5714 Sale 5312
1059 A 0
3
414
414 Sale
2
6
414
Certificates of deposit
27
4 021 14 37
4
5 Sale
234 514 Am Writing Paper lot g 6s_1947 J J 27 Sale 25
1945 NI 5
514 122
lot & cons (38 series A_
4
378
4 ' Sale
212 512
9
8
45
514 12
8
47 Sale
514 Anglo-Chilean Nitrate is... _1945 M N
4
13
Certificates 01 001,0811
85
80
2
814
6
814 Ark & Mem Bridge t Ter 58_1964 ivi s --------85 Apr'33 _ _
7
8
10
All & hires 30-yr lot g 4s_41933 M 5
81
97
77
a
817
Armour & Co (Ill) 1st 4403_1939 1 D 81 Sale 79
Seaboard All Fla let 1111 Os A 1935
71 18 77
93
77
315
1
2
A 0
4 212
212 Armour & Coot Del 53111- - -1933 J J 77 Sale 74
23
2
Certificates of deposit
4
69
16
1935
05
781s
Armstrong Cork cony deb 55.19403 D 8734 703 6712
Series It
2
8
21
F A
3
2
1
8
1
2
8
100212
Certificates of deposit
3 10012 1033
Associated Oil 6% g notes .1935 NI 5 1023 10212 1023
4
4
983 983
Atlanta Gas L lot 5s
4
1947 1 D --------988 Feb'33 __ _
___ 8914 Oct'32 ____
& No Ala coils gu g 5s___1936 F A 90
_ _ Atl Gulf dr W I SS coll tr 5s 1959 1 .1 42 11
478 Sale 363
35
4
,
43 2
So
75
75
2
84
75 97 10314
4 34
8512 Atlantic Refining deb 5e
993
8
Gen cons guar 50-year 55.1063 A 0 75 1937 .1 J 9914 10112 987
40
59
5518 Baldwin Loco Works 15t 53_ _1940 M N 80
48
4
853 80
SO
7918 95
4
So pac coil 4s(Cent Par c011)k'493 D 47 Sale 04114
181
7078 Batavian Petr guar deb 4418_1942 J J 9412 Sale 9412
59
53
9014 9578
95
(Oregon Lines) A 1977 M S 53 Sale 55
55
let 444e
70 Mar'33
70
4
873
86
1934 J D 60
83
6714 82
88
2
98
1936 1 J 86
Belding-Ileminway 68
20-year cony 5s
8
453 154
38i2 Z414 Bell Telco of Pass series 13_1948 1 J 103 Sale 10112 1033
1988 M S 4412 Sale 4112
8 75 101 111
Gold 4448
453 163
8
1st & ref 55 series C
3714 53
4
/
1960 A 0 10314 Sale 10012 10312 65 10012 1111
Gold 440 with warrants_ _1969 M N 44 Sale 41
4
4512 209
89
75
3614 527 Beneficial Indus Loan debits 1946 M 9 a77 Sale 77
8
1981 MN 4312 Sale 403
12
77
'
Gold 445
7138
71
45
3512 7012
s
3878
Berlin City Elec Co deb 634s 1951 .1 D 4118 45
6 0703 85
7412 715
1950 A 0 71
4
Ban Fran Term let 48
Deb sinking fund 641e
971s 102
36
,
69 2
_1959 F A
4514 Sale 393
5S
4514
4
So Par of Cal lst con gu g 881937 Si N 9712 ____ 9714 Apr'33 __
_
3514 6412
_ __
_
1955 A 0 45 Sale 3812
Debenture 68
66
44
So Par coast 181 gu g 45__1937 .1 J ______ 96 • Jan'30
-.80 a79
Berlin Elec El & Underg 64101958 A 0 40 Sale a3818
56
3312 637
2
1955 J J a6614 Sale 64
68% __47
42
• So Par RR lot ref 4s
____ ____ Beth Steel lot & ref 58 guar A '42 M N 863 Sale 793
90
71
.1 ____ ____ 9212 Mar'30 ____
27
4
87
4
Stamped (Federal tax). _ _1955 .1
95
79
30
-year p m & impt s f 58.1938 J J 8714 Sale 82
54
88
Ask
Biel
Og dr L Chem let gu g 4s__ _1948 J J 4512 Sale
Ohio Conreeting Ry 1st 45.1943 M 5 85-6
Ohio River RR 1st g 5s_ __ _ 1936 1 D _ __ 8
80
1937 A 0 70
General gold 55
Oregon RR & Nay coin g 48_1946 J 1) 88 Sale
Ore Short Line let cons g 58..19'6J J 80 100
1946.1 J 99 100
Guar stpd cons 5s
79 Sale
Ore-Wash SIR & Nav 4s_ ...1961 J .1
tow
42
97
80
70
83
99
100
76
High
4512
Nlar'32
Mar'33
Apr'33
91
100
10014
79
r Cash sales. d Due May. 1 Due Aug. a Deferred delivery
• Look under Het of Matured Bonds on page 2937.
New York Bond Record—Continued—Page.5
2936
BONDS
''
t
N. Y. STOCK EXCHANGE ta
Week Ended Apr. 28.
a,
.
Price
Friday
Apr. 28.
Week's
Range or
Last Sale.
4
,,. 1
f.
co
Range
Since
Jan. 1.
r.,.
BONDS•
.z
N. It. STOCK EXCHANGE
Week Ended Apr. 28.
*
t...
ut
'.,a,
April 29 1933
Price
,
Friday
Apr. 28,
Week's
Range or
Las! Sale.
4
,.c.3
ai
Range
Since
Jan. 1.
—
Low
High
42
5,512
923 9812
s
3318 61
Bid
Ask Low
High No, Low
Bid
Ask Low
High No.
High
Gulf States Steel deb 5 Ms___1942 .1 D 5512 Sale' 5218
8
20
13
20
20 Sale 17
5.512 10
614
8
5
8
41
8 Sale
96
Hackensack Water lot 4s_ __1952 J J 94 Sale 94
10
3318
Hansa SS LInes 65 with warr_1939 A 0 3314 36
44 6
712 ____ 6 Apr'30 ____
3418 24
Harpen Mining 68 with stk perch
4812 4314
4
war for corn stock of Am sbs'49 1 J 44
4
4412 17
4 Apr'33 ___
4
__
4314 7212
24
2
378 Havana Elm: consol g 5s____1952 F A
244
3334 24 Apr'33 ____
418 _412 2 Mar'33
18
8
10
-314 414 378
73
Deb 5)4s series of 1926__1951 M 5
1
378
1
37
8
4
73
4 25
314 10
2012 21
6512 7512 Hoe(R) dr Co lot 63s ser A.1934 A 0 16
Apr'33 ____
70 Apr'33 ____
1278 21
---- 69
10312 66 1003 108
10312 Sale 1003
18 Apr'33 ____
Holland-Amer Line 6s (flat)_1947 M N --_- 30
4
4
174 20
,
Houston Oil sink fund 534s- _1940 M N 46 4 Sale 4612
1025 Sale 10158 010412 54 100 108
8
49
35
38
53
Hudson Coal lot 3 f 5s ser A_1962 J D 3118 Sale 3118
8414 96
3258 86
883 252
4
8812 Sale 8612
2712 35
8
1949 MN 1017 103 10134 1017
51 Sept'32 ____ ____ ____ Hudson Co Ga8 1st g 53
____ 60
8
15 10158 108 4
,
_
_
_ Humble Oil& Refining 58_1937 A 0 102 Sale 1015
-------50 Nov'32 __
8 102
8
28 1003 104
i& s e7712 7858 i'
if
10312 Sale 10134 104
10313 77 1005 10714
8
Illinois Bell Telephone 581_1956 1 D 1033 Sale 101
4
26 1013 112
8
4
1940 A 0 993 Sale 9712
108 11718 Illinois Steel deb 4)s
95 10312
993
4 32
109 118 110 •Apr'33 __
30
34 03314
Ilseder Steel Corp mtge 63.._1948 F A
35
____ _-- 158 Feb'33 ____ 158 158
8
33
58 2
,
Ind Nat Gas & 011 ref 5s
9612 Feb'33 ____
1936 M N -„, _,
93 105
24
95
94 Sale 92
955 9612
8
7658 22
8
1978 A 0 765 Sale 7218
9778r1073 Inland Steel 1st 434*
4
56
8
102
101 10114 977
66
81
77 Sale 75
1st Ms f 4345 ser B
1981 F A
98 105'2
9912 14
99 10014 98
77
7
65
8012
42
7
49
4512 ____ 44
6712
8
14
5
3314 Interboro Rap Tran 1st 53_1966 J J 555 Sale 5518
26
14 Sale 11
5612 227
47
59
*
.
*
1932 A 0
33
10
-year 63
19
6412
35
32
28
36
1914 22
..
1912 Apr'33 __ _
Certificates of deposit ____ ____
37
19
51
51 Sale 43
51
14
1912
•
;
*
10
-year cony 7% notes__ _1932 M S
____ 621z 6214
2 100 1063
. Certificates of deposit ____ _
4
10212
Cal0&E Corp unf & ref 53_1937 M N 102 Sale 102
63
52
4
70
49 Sale 40
Cal Pack cony deb 58
1951 MN
623 7634 Interlake Iron 1st 5313
764 35
7512 7712 74
4
1910.3 J
50
51
32
50
9412 lot Agric Corp 1st dr coil tr 53
3 081
8112
Cal Petroleum cony deb s f 58 '39 F A a81 Sale a81
46
42 Apr'33 _ ___
Stamped extended to 1942_ _ _ M N 39
96
9 a83
8514
Cony deb of g 534o
1938 MN 85 Sale 8414
3812 42
Int Cement cony deb 5s
19:18 M N 6312 64
62
Camaguey Sugar ctfs of deposit
6414 68 050
61,
2
14
2 Internat Hydro El deb 63
8
for 1st 7s
1944 A 0 31 Sale 31
_ 214 ---1942 _
5 Apr'33 ____
8
186
36
2414 44
1941 A 0 31 Sale 31
Canada SS L 1st & gen 63_1941 AO 18__
Inter Mere Marine a f 6s_
3212 28 02912 .34014
103 20
4
167
8
173
4 11
B_1947 J J 43 Sale 4118
Cent Dist Tel 1st 30-yr 521_1943 J D 10312 106 1023
Internat Paper 58 ser A &4 102 108
4
10314
4412 83
39
494
1955 M S 1514 Sale 1314
Cent Hudson G & E 5s_Jan 1957 M S 102 103 10212 103
Ref s f 68 series A
5 100 107
16
32
10
16
50
12
75
53
8
lot Telep & Teleg deb g 4 Ms 1952 J J 317 Sale 26
Cent Ill Elec & Gas 1st 58 1951 F A 5178 Sale 5112
1713 3214
3214 614
C•ny deb 4345
1939.3 .1 '37 Sale 33
7012 93
3
Central Steel 1st go f 8s
79
7512 80
787
8
1941 MN
383 930
4
2018 38 4
,
357 Sale 29
8
Debs 55
3912
3712 44
Certain-toed Prod 5345 A
1955 F A
26
363 Sale 3414
8
1948 M S
37 1309
18
37
Investors Equity deb 5s A 1947 J D 81 Sale 80
6313 77
Chesap Corp cony 55 May 15 '47 M N 74 Sale 71
346
77
813
4 36
75
85
97 1057
8
83 83
Deb 5$ ser B with warr
1948 A 0 78
Ch G L & Coke lot gu g 5s 1937 J J 9912 100
9912 15
9812
83
3
80 , 85
83 81
. 4
Chicago Railways lot 5s stpd
Without warrants
1948 A 0 78
81
7
75
841s
*
*
*
Sept 11032 20% part. pd
F A
•
38
Childs CA deb Ss---------1943 A 0 38 Sale 34
25
393 K C Pow & Lt 1st 413s ser B_1957 J J 9818 100
4
133
987
8
__ ___ 1943
99
6
9612 104 2
,
A 99 Sale 9712. 100
1961 F
1st M 4 Ms
Chile Copper Co deb 5s
27
46
4012 92
1947.3 J 38 Sale 3712
62
96 1053
4
Kansas Gas & Electric 410_1980 J D 77 Sale 72
Cin CI dr E 1st M 4s A
90 100
9213 30
1968 A 0 9112 Sale 9018
7718 31
72
95
1612 194 165
38
613_1943 M N
38
Clearfleld Bit Coal 1st 43_1946 .1 J
3514 ____ 38 Apr'33 ____
8
Karstadt (Rudolph) 1st
I688 4114
2312 103
Keith (14. F.) Corp. 1st 63_ _ _1946 M S 34 Sale 34
2514
Slnall series B
1940.3 J
36
2014 37
5
1 a32 r4212 Kelly-Springfield Tire 6s...1942 A 038
3412
Colon 011 cony deb (is
3912 3912
3412
35
1938 J .1 26 4012 45
32
463
4
'
36
14
47
43
Colo Fuel &Ir Co gen 8 f 53_1943 F A
Kendall Co 5345 with warr 1948 NI 5 6514 69 a6512
3978 4412 4014
6814
55
16
6814
30 Sale 2412
Col Indus 1st & 0011 50 gu_1934 F A
1912 3018 Keystone Telep Co 1st 58.....1935 J 1 ---- 67
29
30
684, 7012
7012 Mar'33
3
8
66
893 Kings county El L & P 53_1937 A 0 1027 Sale 1017
8
743 111
4
Columbia G & E deb 5s May 1,952 M N 73 4 Sale 70
8
1027
8
6 10138 108
Purchase money 63
1997 A 0 1164 125 120
6812 89
2
7113
7112
Debenture .53
Apr 15 1952 A 0 7318 82
126
4 1153 135
4
7113 7412 7412
6612 877 Kings County Kiev let g 43_1949 F A
8
7434 123
• Debenture 5s
7114 7712
Jan 15 1961 1 J 7418 Sale 6912
4
7412
J 90 106 103
1954 .1
84
8
8514
9714 Kings Co Lighting 1st 5s
Columbus Ry . L lot 434s 19.57.3 .1 8514 Sale 84
I&
Apr'33
.. 100 10512
1954.3 ..1 ____ 110 11412 Mar'33 __
First and ref 6345
13
109
Secured cony g 534,-----1942 A 0 993 Sale 099
98 106
4
1114 11413
.36 J D 43
60
42
Kinney(GR)& Co 734% note8
42
53
i a42
9912
9912
2
1936 1 D 5312 Sale 4912
97 10314 Krelle Found'n Colltr 63
Commercial Credit sr 63 A__1934 MN 98,8 100
58 4 51
,
3114 6412
Kreuger & Toll class A ctfs of dep
9612 10
Coll tr 3 f 513% notes..... 1935 J .1 9619 Sale 96
96 100
M 5 1314 Sale 12
97 1047
8
296
99
Comm'i Invest Tr deb 5335_1949 F A a97 Sale 97
for sec 3 f g 53
1959
1312 91
10
1312
105
3 104 10818
Computing-Tab-Rec s f 6s__1941 J J 105 Sale 105
Conn Ity & L 1st & ref g4 Ms 1951 J J --------97 Mar'33 __
97 10112 Lackawanna Steel 1st bs A 1950 M S 75
_
10
80
79
80
75
87
1934 A 0 794 Sale 7918
95
Apr'33 ____
Stamped guar 4 Ms
1951 J .1 ____ 99
95 10112 Laclede G-L ref dr ext 53_
80
7918 96
15
1953 F A 51 Sale 5018
Consolidated Hydro-Elec Works
Coll & ref 53.48 series C
53
48
67 4
,
25
49 Sale 487
40
of Upper Wuertemberg 73_1956 .1 J --------40
Coll & ref 534s series D_ 1960 F A
40
13
66
8
487 6612
8
5112 23
4 Sale 0312
11
Cons Coal of Md lot & ref 53.1950 J D
6is 1212 Lautaro Nitrate Co Ltd 63..1954 3 .1
12
1212
13
9
24 5
47 226
8
8
Consol Gas(NY)deb 5 Ms —1945 F A 1013 Sale 9913 1027 126
81
9812 10714 Lehigh C & Nay of 4345 A..1954 1 J 77
4
78
80
5
774 90
Debenture 4 Ms
145
94
1951 J D 93 Sale 90
Cons sink fund 434s ser C.1954 1 J 77
8713 1017
7912 78
8
78
3
78
88
' Debenture 5s
1957 J J 977 Sale 95 .
- - 10018 Dec'32 _
8
93 10512 Lehigh Valley Coal 1st 55__ _1934 F A 997
9812 297
Consumers Gas of Chic gu 5s 19361 D 97 Sale 97
75
1944 F A 4512 - 15
101
45 Apr'33 _ - ---45
1st & ref a f 58
97 1053
4
__
60 2
,
Consumers Power 1st 58 C 1952 51 N 99 Sale 99
28
1954 F A 24
10012 11
1st & ref 6 f 58
99 107
25
25
20
i
25
Container Corp 1st 6s
33
1946 J D 59
1064 F A 25
534
59
1st & ref 3 f 5s
•
35
59
20
20
20
1618 20
8
25 Sale 25
15
-year deb 5s with warr_1943 .1 D 40 Sale 34
1974 F A
40
1st & ref s i 58
163 40
4
47
25
22
1
25
Mg J J 6812 71
675 75 66
Copenhagen Telep 5s
Secured 6% gold notes
15 065
68
8
-Feb 15 1954 F A
7312
7 5s
0
2
705
8
57
705
8
Corn Prod Rag 1st 25-yr s f 5s'34 M N 10112 102 0101
10214 50 101 10412 Liggett & Myers Tobacco 78_1944 A 0 12212 Sale 12112 123
8
31 1177 126 2
,
F A 10618 Sale 10514
Crown Cork & Seal of 65_1947 J. D 87 Sale 85
87
55
1951
4
79
901
108
56 102 110
Crown Williarnette Paper 63_1951 .1 J 62 Sale 5978
Loew's Inc deb of 68
1941 A 0 6314 Sale 62
56
64
20
62
64
24
48
8412
Crown Zellerbach deb 5s w w 1940 M S 04612 Sale a42
36
47
25
47
Lombard Elec 7s ser A
1952.3 0 8212 85
8118
83
7812 9014 i
17
*
*
1944 A 0 108 Sale 10612 108
Cuban Cane Prod deb 6s..
•
Lorillard (P) Co deb 78
1950 J J
9 0102 2 114 '
1951 F A 927 94
Cumb T & T lot & gen 5a
1937 J J 10212 Sale 101
8
10212 77 100 107
ba
9113
94
99
90
22
9712 9612
Louisville Gas & El(Ky) 58_1952 M N 96
9714 47
9414 10612
Del Power & Light 1st 450_1971 J 1 86
8
947 947
8
947
8
9 s 10212 Lower Austria Hydro El Pow
47
2
_ 48
1st & ref 434s
1st a IBMs
1944 F A
9118 99
933 944 Mar'33
8
1969 J J
4712 Apr'33 ____
45
53
9612 101 4
-------0612 Apr'33 ___
lot mortgage 43.55
1969 J J -.
,
90
88 100
4
8
McCrory Stores Corp deb 534s' J Ili 24 Sale 2214
Den Gas & El List & ref 8 f 53'51 M N 90 Sale 885
41
25
24
215 62
8
M N 3014 Sale 3018
MN 89
88 r963 McKesson & Robbins deb 534s'
4
3
89
93 88
Stamped as to Penns tax. 1951
50
35
231 3912
175
*
1942 A 0
9012 28
194O A 0 8912 Sale 08514
854 10354 Manati Sugar 1st St 7 Ms
Detroit Edison 58 ser A
i
____
12
1412 1514
1
8712
Gen & ref 58 series B
1514
Certificates of deposit
1955 1 0 8712 Sale 8712
3
8712 103
313 151
*
844 10312
85
8712 10
89
Stamped Oct 1931 coupon 1942 A 0
Gen dr ref 55 series C
1962 F A 86'
2
15
15
17
17
8212 38
Certificates of deposit_
Gen & ref 434s series D._1961 F A 8212 Sale 77
75 100
17
2
3
17
84 103 Manhat Ry (N Y) cons g 43_1990 - 0 33 Sale 33
46
89
A
Gen & ref bs series E • 1952 A 0 88 Sale 85
351* 84
29
3812
35
• ,--- 25
7034 91
176
83
Dodge Bros cony deb 6s .,,..,1940 M N 83 Sale 76
30 Apr'33 ____
Certificates of deposit
221* 31
Dold (Jacob) Pack is; 68_1942 M N 6712 Sale 6614
2d 40
• 2013 J D 23 Sale 23
65
2
70
6712
23
1
175s 25
Donner Steel lot ref 75 • 1942 J .1 70
Manila Elec RR & Lt8f 58._1953 M S 66 873 893 Mar'33 ____
75
71
747
8
73
57
6
4
4
89 4 8954
,
Duke-Price Pow 1st fisser A_1966 RI N 507 Sale 5014
43
5312 Mfrs Tr Co ctfs of panic in
5313 54
8
Duquesne Light 133 43.4s A ,1967 A 0 10014 Sale 994 r10114 117
Al Namm dr Son 1st 6s
1943 1 D 40
974 1053
8
55
40 Apr'33 _
40
5518
96 107
1st M g 4 34s series B__ - _1957 M S 10118 Sale 99
Marlon Steam Shovel s f 63_1947 A 0 . 3612 Sale 35
5
10118
3712 - 7
2514 38
Market St Ry 73 ser A..Aprli 1940 Q J 6112 Sale 61
61
9
6212
7535
*
*
*
*
41 Sale 39
warr_1945 fd N
East Cuba Bug 15-yr s f g 7348'37 M 5
Mead Corp 1st 63 with
41
26
30
50,2
Ed El III B
1957 A 0 97,8
__ 99 8
,
Bklyn lot cons 4s 1939 J J 98
95 10412 Merldlonale Elec 1st 78 A
9912 21
- 98
87
9912
9912 27
Apr'33 ___ 106 120
Ed Elec(N Y) 1st cons g 58_1995 J J 10734 110 106
Metr Ed lot & ref bs ser C 1953 1 J 85 -- - 85
-86
85
7
85
99
El Pow Corp (Germany) 634* '50 M S 4312 Sale 3914
4
1st g 4 Ms series D
44
1968 M 5 743 Sale 7112
4
35
367 682
8
75
7112 90
13
38
68
1st sinking fund 6348_ _ _1953 A 0 4118 Sale 39
Metrop Wat Sew & Dr 5343_1950 A 0 7212 Sale 7212
4312 53
.
7512 28
6518 7512
1114 40
Met West Side El(Chic)43_1938 F A
Ernesto Breda Co Is; M 78..19S4
11
Apr'33 _ _
11
15
72
80
754 22
Miag Mill Mach 1st s f 79_1956 1 D ..— 3 8 39
74
With stock purchase warrants. F A
745 79
8
87
674
39
Apr'33 __ -Midvale St & 00011 tr s f &I 1936 M 5 08514 Sale 84
86
46 80 95
1961 1 D 67 Sale 63
63
71
6
66
Federal Light & Tr 1st 53..„1942 M 5 66 Sale 6512
Milw El Ry & Lt 1st bs B
67
I3
65
84
Ion J .1 67 Sale 63
1st lien 3 1 53 stainped
1st mtge 5s
65
72
1
6612
6612
73
1942 M S 65
67
62
83
11
1
66
66
7712 Montana Power 1st bs A..
1st lien 6s stamped
1943 J 1 70 Sale 6318
66
69
1942 M 9 66
70
35
60
86
30-year deb 68 series B..1954 J D 4712 54
1962 J D 48 Sale 45
48
60
10
Deb 58 series A
51
50
45
62
26
48
90
Federated Metals s f 7s._ _ _1939 J D 885 ___ 90
81
4
90
Montecatini Min & A1012—
8
t
Flat deb s f g 78
Deb g 78
1937 1 J 9312 Sale 9213
93
9814
21
98
1940 1 J 09714 Sale 0974
9412 22 08714 984
Montreal Tram 1st & ref 58 1941 .7 1 82
*
*
*
*
Fisk Rubber lot a t 88
19 1 M 5
,
8414 8412
,
8412
78 s 8614
2
Framerlcan Ind Dev 20-yr7343•42 1 J 9712 Sale 96
Gen de ref a f 54 series A 1955 A 0 55
94 10114
9812 22
57 2 643 Feb'33 _ __ 06418 0612
,
4
1955 A 0 _ _ _ _ _ 6858 Feb'33 _ - _
Francisco Sug let s I 7%8_1942 M N 30
1012 46
Apr'33 _.
Gen & rots f bs ser FL
46
45
685 685
8
8
Gen & ref s 1 434s ser C 1955 A 0 55
_.r _ 7014 Oct'32 _73
80
3
7318
Gannett Co deb 63 ser A__,.1943 F A 73
Gen & ref of Es ser b)
1955 A 0 55 73
78
95
77 Sept'32 _:-- ---- --8112 79
__
Gas & El of Berg Co eon,g 561)09 1 D ____ 101
Morris & Co lot s f 4 348
1939 J -1 81
981s June'32 ____ ____
-81
Gelsenkirchen Mining 6s__ _1934 M 9 56 5912 5812 5918 23 53 -75 - Mortgage-Bond Co 48 ser 2_1966 A 0 21 40 4038 Dec'32 _ _ ii "ii" 11
..
1934 .1 D
8112 Murray Body 1st 6133
76
5
80
Gen Amer Investors deb Si A1952F A
4
7612 7912 793
55
75 Feb'33 :- -75- -Rif Gen Baking deb 8 f 5%•_ __ _1940 A 0 9912 100
97 10112 Mutual Fuel Gas lot gu g 58.1947 \I N ---- 1037 96
26
994
100
8
948 1074
8
8
i
96
36
5413 Mut Un Tel gtd 6sext at b% 1941 M N _- 967 75 Feb'33
29
Gen Cable 1st 8 f 5 Ms A__1947 J J 48 Sale 4414
48
8
75
75
98 102 4
3
Gen Electric deb g 3 Ms_ _ _ .1942 F A 98 Sale 98
100
,
3412 12
2914 6212 Namm (A I) & Son__See Mfrs Tr
Gen Elec(Germany) 78 Jan 15'45 1 J 325 38
31
8
.
•
2812
31
281 2 5712 Nassau Mee gu g 48 stpd
.
22
St deb(iMs
1951 J J 54 Sale 54
19401 D 291s 35
bl
16
5412
5612
294 30
20
-year s f deb 69
25
5578 Nat Acme lot s f 68
273
4
297
8 23
1918 M N
80
1942 J 0 53
54 Mar'33
53
54
Nat Dairy Prod deb 5%8_1948 F A 8213 Sale 79
1027
8 24 101 105
4
Gen Petrol 1st a I bs
1940 F A 1023 Sale 101
83
26(
1
774 91
Gen Pub Serv deb 534s
7138 864 Nat Steel Is; coil 58
1
78
1956 A 0 84 8 Sale 8112
78 Sale 78
1939.3 J
,
69
84 4
,
8484 286
47
66
12
Newark Consol Gas cons 53_1948 J 0 10212 10312 10212 Apr'33
56
Gen Steel Cast 534* with warr'493 1 56 Sale 523
4
10212 107
*
•
•
Gen Theatres Equip deb 63 1940 A 0
67
Newberry (JJ) Co 534% notes'40 A 0 65
67
82
67
65
8
Certificates of deposit
New Eng Tel & Tel 69 A.-1952 1 0 10212 10312 1013
1
2
5
17
8
17
8
118
2
4 10314 34 100 1111
/
4
1961 M N 99 Sale 9818
let g 4 Ms series B
11 03913 6518
44
Good Hope Steel & Ir sec 73_1945 A 0 44 Sale 4018*
9iii2 1074
9914 42
NJ Pow & Light 1st 434s_,1960 A 0 7613 Sale 76
62
80
747 115
8
Goodrich(B F)Co lat 613s__1947 J J 7312 Sale 7114
76
95
7712 24
133 03313 51
51
New ON Pub Serv 151 53 A_ _1952 A 0 5112 Sale 49
,
Cony deb 6a
1945 1 D 51 Sale 49 8
5112 27
4312 6413
First & ref 58 series B
68
86
8412 183
Goodyear Tire & Rubb lst 531957 M N 8418 Sale 81
1955 1 0 51 Sale 477
8
444 6412
60
51
1951 F A 5114 Sale 5114 052
N Y Dock 1st gold 4,
78
87
78 Mar'33 ____
Gotham Silk Hosiery aeb 65..1936 J D ____ 76
12
46
6014
5
*
0 '
0
034 A 0 2812 Bale 27
1940 F A
Coupler 1st s f 65
Serial 5% notes
Gould
2834 29
26
3713
52
Fr 3758 52 NY Edison 1st & ref 634o A_1941 A 0 109 Sale 108
50
Gt Cons El Pow (Japan) 7s 1944 F A 5018 52
1093
4 50 10654 115
lot lien & ref 5s serial B
1944 A 0 10378 Sale 103
4512 11
1950.3 .1 444 4712 45
31
455
8
1st & gen 3 f 630
27 111114 10882
104
.
lot lien & ref ba series C
1951 A 0 10314 Sale 10112 1033
4 88 101 108,
4
Bing & Bing deb 63s
1950 M S
Botany Cons Mills 11338.-1934 A 0
A 0
Certificates of deposit
Bowman-Blit Hotels 1st 7s1934
M S
Stmp as to pay 00 5435 pt red
Wway & 7th Ave lot cons 53_1943 J D
Certificates of deposit
J D
Brooklyn City RR 1st 53-1941 J J
Bklyn Edison Inc gen 55 A__1949 .1 J
Gen mtge 55 series E
1952 J J
Bklyn-Manh R T sec 6s
1968 J .1
Bklyn Qu Co & Sub con gtd 58'41 MN
1st 5s stamped
1941 J J
Bklyn Union El 1st g 5s..•_....1950 F A
Bklyn Un Gas 1st cons g 58_1945 M N
1st lien & ref 68 series A 1947 M N
Cony deb g 53s
1936 J J
Debenture gold 58
1950 .1 D
1st Hen & ref series B
1957 M N
Burr Gen El 413s series B..1981 F A
Bush Terminal 1st 4s
1052 A 0
Consol bs
1955 J .3
Bush Term Bldgs 5s gu tax ex '30 A 0
By-Prod Coke 1st 5 Ms A__ A945 M N
--
,Cash sales
a Deferred del very
•Look under Bet of Matured Bends on page 2937
!moor
2937
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 28.
1
11
Price
Friday
Apr. 28.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 28.
r.
Price
Friday
Azar, 28.
Week's
Range or.
Last Sale.
CO.1
Range
Since
Jan. 1.
High No. Low
Ask Low
High
Bid
High
•
High Ns. Low
Ask LOW
Bid
- •
9212 30
87
8
93
8 105
68 1018 11238 Solvay Am Invest Sc ser A.1942 MS 913 Sale 9162
10412 108 1027
N Y Gas El Lt H & Pow g 58 1948 J o,
99 107
1013
4 98
101% Sale 100
South Bell Tel & Tel 1st a f 5s '41 J J
974 108 a9314 103
Purchase money gold 4s_ _1949 F •A 9612 Sale 69314
44 100 1074
103
95
S'west Bell Tel let & ref fis_ _1954 FA 102% Sale 10114
75
75
75 Apr'33
NYLE&WCoal&RR5491'42 MN
26
80 4 81
3
4
65
Southern Colo Power 65 A._1947.2' 6118 Sale 603
N'Y L E & W Dock & Imp 5s'43 J J __-- 95 100 June 31
112 48
---3 Stand 01101 NJ deb 55 Dec 15'46 FA 10214 Sale 10114 102% 183 100 105
2g
118
112 118
N Y Rya Corp Inc 6.1._ _Jan 1965 Apr
8814 100
931 170
4212 Stand 011 of N Y deb 449_ _1951 J o 93 Sale 8912
443 41
4
41
1
32
J 41
Prior lien 65 series A
1965
•
99 Apr 33 __ _
99 10514 Stevens Hotel let 138 series A_1945
N Y & Itiehm Gas 1st(is A1951 MN 100 101
32% 96
30349Sale 2934
2014 4414
Studebaker Corp 6% g notes 1942 J
N Y State Rye let cone 4 ags A '62
105 110
MN
13
4 412 1
114
5
1
13 Syracuse Ltg Co let g 55. __1951 J D 99 100 105 Apr'33
4
Certificates of deposit
16
97 1044
97
98
99
Tenn Coal Iron & RR gen 55.1951 ▪ g 96
50-yr 1st cons 648 ser B__1962
21
55
58
50 58
112 112 Tenn Copp& Chem deb (is B 1944 M
5512 1
9
112 Feb'33
Certificates of deposit
,
77. 10014
79 4 37
3
98 109
Tenn Elec Pow 1st 65
10312
5
1947 J D 79 Bale 78 2
N Y Steam 63 ser A
1947 M N 10114 Sale 98
883 270
4
7714 • 93
94
21
90 10412 Texas Corp cony deb 5s___ _1944 A0 874 Sale 86
let mortgage 58
1951 M N 94 Sale a9012
41% 25
36
4512
Third Ave Ry 1st ref 48
92
13
90 104
1960 ''.3 4014 Sale 40
1st M 59)
1956 M N 9018 938 90
2312 147
20% 28%
149
9812 106
8
102
Ad1 Inc Sc tax-ex N Y_Jan 1960 A0 22 Sale 2178
N Y Tele') let & gene f 4,43_1939 M N 1017 Sale a99
1
86
83
86
90
89
39
387
8
40
7
387 6014 Third Ave RR 1st g 55
8
N Y Trap Rock 1st 6s
1937.2, 85
1948 J D
9612
89 102
Tobacco Prods(NJ)645_2022 MN 9412 Bale 9412
947 105
9614 17
Niag Lock &0Pow let 55 A_I955 A 0 9512 Sale 947
5
41 r57
54
r57
53
72 Toho Elm Power let 76_1955 MS 55% 60
5912 13
58
Niagara Share deb 543- _ _1950 M N 5918 60
Tokyo Elec Light Co Ltd
36
53
30
60
Norddeutsche Lloyd 20-yr 9168'47 M ra •35 Sale 3338
4412
44 • 89
30
4
• D 43 Sale 423
let Se dollar series
b
35
1018 2618
1953
Nor Amer Cem deb 645 A_ _1948 M S 14 Sale 14
102% 10814
6818 77
60
89
Trenton GA El let g 58_ _ _1949 MS 101 105 104 Apr'33
North Amer Co deb 58
1961 F A 6712 Sale 6618
1512 21
2
20%
3
67 .8678 Apr'33 ____
6614 87
Truax-Tmer Coal cony 645_1943 MN 20 4 Sale 2034
No Am Edison deb 5s ser A_1957 M S 61
4914 19
3912 55
683
4 51
613 891e Trumbull Steel 1st
3
4
1940 MN 4914 Sale 4512
Deb 545 ser B__ _Aug 15 1963 F A 68 4 Sale 64
6s_
_
10 Feb'32
6012 75
57
84% Twenty-third St Ry ref 5s_ _1982'.2
Deb 5s series C._ _Nov 15 1969 M N 595 6112 5812
3
0314
803
4
603
4
M 5 90 Sale 8812
9014 57
8812 10714 Tyrol Hydro-Elec Pow 748_1955 791 N
Nor Ohio Trac & Light 65..1947
624
1
5618
55
5618
94
79
Guar see s f 791
9112 1043
1952 FA
Nor States Pow 25-yr 53 A1941 A 0 9312 Sale 9112
4
98 10612
let & ref 5-yr 61 ser B
100
12
1941 A 0 9912 Sale 98
3712 54
26
54
52% 50
MS 51
86
90
Ullgawa Elec Powers f 7s._ _1915
86
1
North WT 1st fd g 4ags gtd_1934 J J 85
93 86
99%
8
99%
997 102
74
23
6314 74
Union Elec Lt 49 Pr(Mo)519_1933 MN 99% 101
Norweg Hydro-El Nit 534e_1957 M N 73 Sale 6912
94 10412
54
98
Gen mtge gold 5s •
Ohio Public Service 748 A 1946 A 0 9012 Sale 9012
904
1
90 105
1957 AO 9614 Sale 96
13 100 105
102
Un E L & P (III) 1st g 5146 A 1954 .1 J 11018 Sale 100
7
86 104
1st & ref 75 series B
8812
1947 F A 87 Sale 86
14% 18
1
1712
8
2311 Union Elev Ry(Chic) 591_ _1945 A0 163 _ -- 1712
1
14
Old Ben Coal 1st 6s
14
1612 14
1944 F A 14
1
99as 105 s
3
4
3
3
'
Ontario Power N F let 58_1943 F A 963 98 95 Apr'33
4
9312 1013 Union 011 30-yr (is A__May 1942 FA 1003 102 100 4 100 4
4
3
9612 100%
4
AO 993 _ - -- 9912 • 9912
* •
let II
Ontario Power Serv 1st 548_1950 ii
_
75
89
8312 40
Deb 58 with
Ontario Transmission 181 59_1945 M N 75
a95
1
91 10014
86. a95
__Apr 1945 J o 8114 Sale 79
8
9512 100
97 12
9712 97
United Biscuit of Am deb 68_1942 M N 96
1
64 a72
Oslo Gas & El Wks exti 58_ _1983 M S 6714 7312 654
65 4
3
warr_3
43
70
5714 59
574 Sale 56
193
4 18
94 2492 United Drug Co (Del) 5s___1953 M
Otis Steel let M 6s ser A
4
1941 M S 193 Sale 18
14 • 2214
14 Apr'33
1412 20
Owens-III Glass a t g 5s
99 4 13
3
99 1013 United Rye St L 1st g 4s___ _1934 J
4
4
1939• J 993 Sale 99
2914 5012
4714 124
23
;32
8
US Rubber let & ref 5sser A 1947 J J 4612 Sale 42
Pacific Coast Co 1st g 5s-1946 .1 D 2912 Sale 2512
2912
5
75
78
88
9914 1063 United SS Co 15
Pacific Gas & Eigen & ref Ss A '42 J J 1004 Sale 10018 10114 85
-year
_ _1937 M N 78 Sale 78
4
15)
29
4
37
6014
Pac Pub Serv 5% notes_ _ _1936 M S ____ 6712 69 Apr'33
6812 8812 Un Steel Works Corp 844sA_1951 J D 3612 Sale 333
6s_22
3012 80
37
3612 Sale 35
Sec s f 649 series C
Pacific Tel & Tel let 5s
4
1951 J
1937• J 10212 Sale 10112 10212 89 101 1073
29
594
354
3414 Sale 34
Sink fund deb 6345 ser A._1947 J
Ref mtge 58 series A_ _ __ _1952 M N 120 Sale 10012 10212 39 10014 1083
4
Pan-Am t'erCo(of Cal)conv 88'40 J O
United Steel Wks of Burbach•
934 99%
4
I
Certificates of deposit
33 4 29
3
25
Esch-Dudelange s I _ __1951 A0 9112 9438 963 • 964
33
333 30
8
3812
20 Dec'31
Paramount-Irway 1st 5 ags_ _1951• J 31 Sale 28
314 27
25
37 4 Universal Pipe & Bad dab Os 1936• D
5
7840
41
"Li" WLii
40 a3818
_
_ Unterelbe Power & Light 89_1953 AG 39
Certificates of deposit
6
67 ---8
1,
523 7214
4
56
4
4
67 Sale
D
412 187 Utah Lt & Tme 1st & ref 59_1944 A0 523 Sale 523
Paramount-Fam's-Lasky 63.1947
614 --- _- 17
--8
62
21
5712 74
Certificates of deposit
1018 12
- Utah Power & Light 1st 59_ _1944 FA 61 Sale 5912
101 105
Apr'33
Paramount Publix Corp 5)481950 F A
8 Sale
8
9 4 49
3
53 1814 Utica Elec L & P Ists f g 55.1950 ▪ J 100 103 101
4
103 10814
Certificates of deposit
712 10
Utica Gas & Elec ref & ext 551957ii 99 102. 105 Apr'33 _
712 Apr'33
2!
1318 343
23
4
Park-Lex 151 lea.4ehoId 648 1953
Util Power & Light 545._ _1947 J o 2014 Sale 20
•
12
30
2018 121
1812 Sale 18
Certificates of deposit
1012
107
3
a8
18
Deb 58 with warrants_ _.1959 F .A
1012 12
s
14%
14% 1( 14%
Parmelee Trans deb 6s-----1944
0 1312 Sale 1312
14
10
63 15
4
Deb 5s without warr_ _ _1959 FA 14% Sale 14%
Pat & Passaic G & El eons 58 1949 ▪ S 10112 10314 101
Apr'33 ____ 101 106 4
,
3134 48 4
3
47% 61
Pathe Etch deb 78 with warr 1937 M N 6812 Sale 6812
70 • 4712 72
72
Vanadium Corp of Am cony Sc'41 A0 4612 Sale 44
pa co go 3ags coil tr A reg_ _1937 MS
____ 87 Nov'31 _..-Vertlentes Sugar 1st ref 71);_1942
8 Apr'33
6
Its 8%
8
Guar 314s roll trust ser B.1941 F A 75
Jan'33
78
Certificates of deposit
104 14
1418 .1012 Mar'33
11
Guar 314s trust ethi C _ _ _1942• D
74
74
_ _ 74 Mar'33 ____
Victor Fuel 1st e f 5s
1953 J- J
95 105%
973
4
3
Guar 34s trust etre D__.1944 J
794 82 8 Va.Elee & Pow cony 5 age_ _1942 MS 97 4 Sale 98
3
---- 7912 7912 Jan'33
73- 47% 50
5
Guar 4s ser E trust Mrs_ _ _1952 M N 81
80
8312 Va Iron Coal & Coke 1st g .55 1949 MS 47% - - -- 473 Apr'33
84
80 Mar'33
9712 103
46
99
Secured gold 414a
Va Ry & Pow let & ref 5s_ 1934 J J 99 Sale 9712
4
743 90
4
1863 M N 783 Sale 7518
783
4 75
11
Jan'33
11
11
2
11
Penn-Dixie Cement let 8s A 1941 M S 44 Sale a4112
344 46
44
16
Walworth dab 6148 with warr '35 A0
Pennsylvania P & 1. Let 414e 1981 A 0 81 Sale 7814
18 Dec'32
2
12
A0
823 106
s
76
98 2
,
Without warrants
812 23
19
peop Gas L & C let cons 68_1943 A 0 10512 10811 103
13
14
4
let sinking fund 6s ser A_ _1945 A0 13 Sale 125
r10812 62 103 114
12
2614
2614 190
Refunding gold 5s
1947 M S 9212 9312 9212
9
9118 10712 Warner Bros Pict deb (is_..,1939 MS 22 Sale 2012
93
Registered
10
25
10 Apr'33
35
MS
98 Apr'32 _ _ _
Warner Co 1st ea with warr_1944 A () 13
12% 22
Phila Co sec 59 eeries A_ _ _ _1967 J D 7012 Sale 6812
ci6Without warrants
AO 1318 -- 12% Apr'33
733
4 97
1312 274
Phlia Elec Co 1st & ref 414e.1967 M N 9934 Sale 9712 100
1
16
16
1512 17
88
97 10512 Warner-Quthlan Co deb 6s__1939 M
14 10212 106 •
let & ret 48
9214 Sale 9112
90 100
25
Warner Sugar Ratio let 75_1941 J O .105 Sale 104% 105
93
1971 F A
8
& Reading C & I ref 5 1973 J J 503 Sale 48
15
30 ' 45
43
67
39 Sale 3614 a4014
Warren Bros Co deb 85
5112 109
M
4
1941
Cony deb 65 '
6 1003 108
3212 49
4
Wash Water Power f 55.._1939• J 1003 Sale 100 4 101
4
41
80
3
1949 M S 4012 Sale 3814
Phillips Petrol deb 54s._ _1939 J 1
7 102 11012
6718 75 4 Westchester Ltg 5s stpd g1
3
103
743 181
4
A g 73% Sale 7212
d-I950 J o 102 Sale 102
Pillsbury F1'r Mills 20-yr 68_1943
7 10018 108
102
7
95 104
West Penn Power ser A 58._1948 MS 10114 Sale 101
100
9912.Sale 9912
5 1003
Pirelli Co (Italy) cony 75_ _1952 M N 1004 10112 1003
10112 44 100 4 1094
2 a99
,
101 1023 10014
4
let 58 series E
4
4 100 4
3
1963 M
Pocah Con Collieries let s 1 5e '57 J . 80 .67 60
60 60
9912 107
let see 5s series G
60
10
11
1958 J o 101 10112 9912 100%
Port Arthur Can & Dk 68 A.1953 F A 51 Sale 51
50
65
51
10
un
64
88
1st m 6s series B
88%
4414 80 43 Aug9 8
'
4 32
6312
Western Electric deb 55... _1914 AO 8912 90
1953 F A
4313 7014 Western Union coli trust 55_1938'.3 74 Sale 823
33
75
Port Gen Elec 1st 44s ser C 1960 M S 49 Sale
124
52
75
4
Portland Gen Elec 1st 58_1935 J J9412 98
49 .3712 62
8
'5
9
94 101
9412
94
Funding & real eat g 448_1950 MN 554 Sale 47
55
72
Porto Rican Am Tob cony 13s 1942 J J
71% 116
31
13
18
33
8
15-year 6149
28 Sale 28
1936 FA 7012 sale 887
Postal Teleg & Cable coll 58_1953
3612 57 1
7
90
56
1618 3014
J 3114 Sale 231s
3014 564
25
-year gold 55
1951 ID 5512 Sale 484
l'ressed Steel Car cony g 58_1933 ii
3634 59
553 292
4
30
-year 591
1960 MS 55 Sale 47
2614 56
53
Pub Serv El & G let & ref 448'67 J D 9914 Sale 97
32
40
97 1083i Westphalia Un El Power 68_1953 J J 32 Sale 30 •
100
52
12
9714 105% Wheeling Steel Corp 1st 5481948.3' 61 Sale 56
ettle
61
4 38
let & ref 44s
983
4
1970 F A 983 Sale 974
413 5612
11
let & ref 48
91 10012
5612 47
93 4 27
3
let & ref 4 48 series B
1971 A 0 93 Sale 914
1953 AO 5612 Sale 54
683 7012 White Sew Mach (is with warr '36'.3 2018 31 2 31 Mar'33
4
Pure 011 s f 514W notes_
31
37
7212 37
,
1937 F A 724 Sale 7112
2212 37
St 53
,
1
2212
6312 774
6812 65
°
2212
2318. 30
J J ^
4% notes
1940 M S 66 Sale 66
Without warrants
6712
65
Purity Bakeries f deb 59_1948 J J 6712 Sale 66
2214 37
5
223
4
8712 14
223
4
211g 28
Panic s f deb 6s
1940 MN
Radio-Keith-Orpheum part paid
Wickwire Spencer St'l let 78_1935
etre for deb (is & corn stk 1937 24.N
Z2
Vs 212
____ 60 Dec'32
114 412 212
Ctf deo Chase Nat Bank_ -- Debenture gold 6s
____
88 Apr'33 _ _ _ _
7e (Nov 1927 coupon) Jan 1935
1941 J D 12
58
7
4
4
84
212
Remington Arms lat 5 f 05. _1937 M N77 11
212
1
23
4 212
75 Sale •70
Ctf dep Chase Nat Bank __ - MN
414 58
182
54
Rem Rand deb 5 ags with war '47 M N
35
79%
1
36
36
5178 Sale 4814
3418 39
WillYe-Overtand et 614s-1933 NI
65
8.3
24
itepub I & S 10-3
84
9314
68
Wilson & Co let st6e A_ _ _1941 A0 89 Sale 88% . 89% 50
0-Yi 538 f-1940 A 0 6634 Sale 66
30
53
39
Ref & gen 514s series A 1953 J J 51 Sale 46
51
52
66
38
66
Youngstown Sheet & Tube 65'78 ▪ J 6412 Sale 64
493 83
4
12
63
Revere Cop & Brass tis ger A 1948 148 61
52is 65
88
65
71) 55
let mtge s t 5s ser II..
1970 AG 84% Sale 63
32
4018 34
Rheinelbe Union 5 f 7s
664
1946 ▪ J 3914 Sale 3712
28
3712 68
5712
RbIne-Ruhr Water series(L.1953 J J 3314 Sale a32
50
77
5812 63
Rhine-Westphalia El Pr 75..1950 M N 5812 Sale a5012
36
4012 96
7012
Direct mtge 68
1952 M N 394 Sale 3738
4 70
393
Cons M es 01 1928
35 4 7014
,
1953 F A 39 Sale 37
(Negotiability Impaired by Maturity)
35
040 113
Con M8s of 1930 with warr'55 A
70
3912 Sale 38
•
Richfield 011 of Calif 139
1944 M N
Week's
Price
Range
1912 29
MATURED BONDS. • •
25 8 49
3
MN 26 Sale 23
Certificates of deposit
Range or
Since
Friday
N. Y. STOCK EXCHANGE
3712 41
41
5
41
Rims Steel let a f 78
44
1955 FA 41
Last Sale.
Jan. 1.
Aril 28.
Week Ended April 28.
9512 107
3
9612
Roch G & El gen M 5 Siemer C'48 NI S ____ 102 9612
_
---9914 WA
Apr'33
9914
Gen mtge 434e 9erles D__ _1977 818 •____
M 5
Rid
Ask Low
WWI No. Low
Moe
96 10514 Forsign Govt. & Municipals.
6 30 iS
95
Gen mtge Sc seriea E
5
6
1962
N 98 EIal!_ 86 Dec9
33
4
gas
4
Mexico Trews as assent large '33 J J
5% 412 Mar'33
_
Roeb & Pitts Cht I pm 59_1946
4
Apr'33
.1 .1
Small
113
99
314 8
90%
89
Royal Dutch 48 with warm', 1945 A 0 8812 /19 1e 8814
.
38 • 82
3912 12
Ruhr Chemical s t (is
•
1948 A 0 3912 Sale 38
Railroad.
67
34
85
85
8212 a82
9412 Bait & Ohio cony 448
1933 M
9412 l0 .81
St Joseph Lead deb 5 age_ __1941 MN 94 Sale 9212
Gala' Hous & Hand tat 5s
55
76
70 Mar'33
93
85
1933 A0
90 Feb'33
St Jos ay Lt Ilt & Pr 1st 58.1937 M N
79
70
39% 33
24 8
28
Norfolk South let & ref 5s L19111 FA
8
_
312 44 314
Apr'33
31
St L Rocky Mt & P 56 etpd.1955 J A 25
40
17
8 24
2% Feb'33
8
42
51
Seaboard Air Line hit st 46_1951 A 0
48
1
48
St Paul City Cable eons 511_1937
50
J
8
8
Gold 4s stamped
5
8 Sale
518 8
55
1950 A'0
51
Guaranteed 5$
1937
J
La _ 78 51 Mar'33 .... 51 92
_
7414
3
4
138 4
44 512 4
Refunding 4s
195 AO
,1
7514 Apr'33
San Antonio Pub Serv let 88 1952 J J _
25
1
35
30
.
Achille° Co guar 649 ... 1946.2 J 2
30
34
-()
.
•
6
2012 45
Industrials
35
Stamped (July 1933 coup on)
35 Sale 34
A h1r11 Pow t• Paper let 59_1953 J is 1212 Sale 103
9
4
13
1
28
54
45
45
103 1611
4
45
Guar 'if 614s seeles B. _ _1946
55
45
49
1
40
tmerican Chain deb s f 6s_1933 A0 48 Sale 47
33
70
6
40
40
Stamped
40
45
chi.. Res 5s stpd 20% part pal0 . FA
9
16
49
38
24
5712
5314 Sale 51%
5314 13
sharon :4tee1 Hoot) f 54s._1944 F A
24 Sale 20
1
4 614
Cuban Cane Prod deb Ils.. .195' 1 .1
69
85
113
34
3
78
414 Sale
514 128
Sheei Pipe Line s f deb Is...i982 M N 757 Sale 7212
8
FAS( Cuba Slag I5-yr 1 f 5744'37 M
65
215 1012
83
813 912 10
1014
7
7314 45
Shell Union Oil f dole As .._1947 M N
7212 Sale 71
5814
91
126
6312 833 Fhik Rubber 151 5 f 9 -----1941 MS 58 Sale 5514
73
45
15
4
58
Deb 55 with warrants,. _1949 A 0 73 Sale 7112
8
28
423 Gen Theatres Equip deb 58.1940 AO
42
1
13
4
2It
2111 Sale
24 47
Shinyetsu El Pow let 6)0..1952 J D 41
413 41
4
95
Gould Coupler 1st s 165
77
4% 1012
Apr'33 ___
8 4 Apr'33
3
512 7
1943 FA
79
Siemens & Bakke a f 78 ...1935 J J 75
85
5211
51
5914 58
Debenture 8 f 41 .. _ ..1951 M S a5818 Sale 55
Interboro Rap Than 68
91% 102
31
12
22
28
1932 A0 2014 Sale 19
21
94
Sierra & San Fran Power 59.1919 F A 94 Sale 911
10
-year 7% notes.
35
5912
Anemia E'er corp q f 6 491 _1946 F A
5112 71
1932 NI S 6112 Sale 614
63
72
384 24
3614 Sale 35
24
32
42% Menai sugar 1st s I 734s.-1942 A0 15 Sale 15
5
1514
3
37
Silesian-Am Corp coil Iris..1941 F A 37 Sale 3312
1514
Stmpd 0^t 1931 coupon_1942 A (
2212
11014 100
2
77
20
20
98
1
3
Sinclair rowel 011 I5-yr 7s__ _1937 M
98 Sale 95 4
RBIs 71.2
31 . 8812 9712 .ntario Power Seev 151 5 49.1950 J J
95
6714 Apr'33
let lien 8149 series B
1938 J I) 95 Sala 93
9912 1033 Pan-Am Pet Co (C411 cony 04 '411 J
254 3812
4
37
34
36 Sale 3112
Sinclair Pipe line s f its
1942 A 0 1007 103 1004 '10114 37
8
Pressed Steel Caliaanv g 54 1933 J J
597 70
2
37%
3514 5712
5
3612 43
40
8918 41
Skelly 011 deb 5145
1939 M
872 Sale 67%
Riehreld 011 o• Calif 65
1
97 101
1944 MN 26 Sale a2312
21
29as
143
26
994
Smith (A 0)Corp let 641_1933 M N 9812 9912 9914
Stevens Hotels eeriee k
I o45 .1 1
10
18
15
18
7
17
17%
'Cloth Wee. a Deterred 1.1 very • Look oncle Ilet of Matured Bends no LIM page.
,
•55
Matured Bonds
Financial Chronicle
April 29 1933
Outside Stock Exchanges
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Boston Stock Exchange.-RecOrd of transactions at
the Boston Stock Exchange, April 22 to April 28, both inclusive, compiled from official sales lists:
Range Since Jan. I.
Low,
High,.
Chicago Corp
•
Friday
•
Common
Sales
134 234 20,300
2
1
Feb
2% Apr
• 18% 17
Last Week's Range for
PreferredRange Since Jan. I.
19
3,650 12% Apr 19
Apr
Sale
of Prices.
Week.
Chicago Electric Mfg A •
314 331
20
3% Feb
3% Mar
StocksPar. Price. Low. High. Shares.
Ch No Sh&Mil RR cm_100
Low.
High.
1
1
20
1
Apr
Apr
1
474
Chi & N W Ry corm _-.100
5% 8,950
4
1% Apr
6% Jan
Railroad
Chicago Towel cony pt. •
60
60
30 5934 Jan 61
Apr
Boston & Albany
100 80
80
84
91 80
Jan 90
9
Jan Chicago Yellow Cab cap..'
9%
9%
400
Apr
9% Apr
Boston Elevated
100
Cities Service Co cod_ •
215
501 6034 Apr 70
6034 62
Feb
2% 3
17,750
62
• 3% Mar
Boston & Maine
Club Aluminum Uten Co.*
100 . 34 Feb
31
34
34 Jan
CI A 1st pfd stpd-100 12
1015 12
6
565
15
Feb
Apr Commonwealth Edison .100 56% 53
581( 5,650 50
Mar 82
Jan
Class 13 1st pref stpd-100 12
11% 1234
34 10
Apr 18
Jan Comm'y Tel Co cum part •
3%
2
400
2
Apr
3% Apr
Prior pref stpd
100 22
23
345 17
20
Feb 2534 Mar Const'n Mat'l Cp $335 pf *
1
I
100
% Mar
1% Feb
Boston & Providence
130
130 133
113 12814 Apr 133
5
Apr Consumers.Co corn
100
11
11
% Apr
Si Mar
East Mass St Ry pfd B_100
231 234
234
200
10
6
1,500
14 Jan
234 Apr Continental Steel corn. •
6
Apr 10
Apr
Maine Central
6
5
5
5 .
80
34 Apr 7 Jan Cord Corp
614 935 139,150
6%
4% Jan
915 Apr
NY N Haven & Hartford1,712 1134 Mar 1734 Jan Crane Co
1534 1734
100
Old Colony RR
Common
25
7614 77
50 73
Mar 79
534 6%
515
Feb
900
3
Feb
6% Apr
Pennsylvania RR
isg 2154 1.592 10 Feb 2134 Apr
60
Preferred
27
100
29
160 16
Feb 29 • Apr
Providence & Worcester-5
108 108 •
25 108
5
6
Apr 108
70
Apr Curtis Mfg Co corn
4
Mar
6
Apr
Hie° Household UM Corp 5
6
7
6%
1,530
3
Feb
7
Apr
Miscellaneous
Fitz Simons & Son (D&D)
Amer Tel & Tel
100 95
Common
•
9154 9834 5,982 8654 Apr 10934 Jan
634 7
634
250
4% Feb
7
Apr
Anioskeag Mig Co
955
254
134 Mar
334
334 434 1.450
334 Apr Godchaux Sugar Cl B- •
34 Mar
434 Apr
Andes Petroleum
5
60
14% 1454
6c
1.400
100 1031 Mar 14% Jan
Sc Apr
6c Apr Goldbiatt Bros Inc corn_ •
Bigelow Sanford Carpet
Great Lakes Aircraft cl A..•
700
14
54
Si Feb • Si Jan
Preferred
40
40
40
• 11
20 28
Feb 55
934 11
2,050
Jan Great Lakes D & D
6% Feb 11
Apr
Boston Personal Prop Trust
854
;4
7
340
754 854
Mar
134
934 Jan Grigsby Grunow Co corn.'
% Apr
i34 9,300
1% Jan
Brown Durrel Co
2
414
2
43.4 414
234
95
134 Feb
1,550
234 Apr Hall Printing common...10
43.4 Jan
10 _
East Boston Land
Hart-Carter cony prof...*
5
100 50c Apr The
75c 75e
5
5
50
3 1 Mar
Jan
3
Jan
Apr
5
East Gas & Fuel Assn
Hormel & Co common_ •
13
15
200 12
Feb 15
Apr
Common
•
354
354 434
2% 1,600
.713
334 AM 6% Jan Houdaille-Hershey Cl B..* 2% 2
1
Feb
2% Jan
100 56% 5654 61
415% prior pref
"293 54
Class A
6
6
Apr 70
Jan
100
3% Mar
6
Jan
100 41
6% cum pref
41
9
43
139 3534 Apr 59 .Feb Indep Pneum Tool v t c. •
20
10%
Feb
654 Apr 11
Eastern Steamship Lines.•
534 654
634
420
534 654
5
350
655 Apr • Jefferson Electric corn. •
Jan
3% Mar
634 Apr
Preferred
11.34 12
175 23
3434 347(
Feb 3434 Apr Kalamazoo Stove com_ •
150
4
Feb 12
b
Apr
Economy Grocery Stores__ _ ___ _ _
14
14
20 1134 Feb 15
18% 19
Apr Katz Drug Co common_l
400 1734 Mar 19% Feb
Edison Elec Ilium
HMI 135
13615 143
486 133
Mar 183
34
Jan Kellogg Switchboard comb0
200 25% Apr
54
114 Mar
Employers Group
15
25
5
Preferred
Jan
100
25
534 534
6
Feb
20
32
Mar
General Capital Corp
11% 12
50
165 1354 Mar 19
1754 1734 1834
Apr Ky Utll Jr cum pref_
300 11% Apr 243.4 Jan
Georgian Inc pref cl A _20
110
53.4 534
1
134 134
Mar
200
4
134 Apr Keystone St dr Wire corn.•
5% Apr
Mar
Gilchrist Corp
30
46
100
. 214 234
Preferred
234 Apr
30
20 25
3
Jan
Mar 30
Apr
Gillette Safety Razor-- •
1034 1234 2,206
954 Apr 2034 Jan Libby McNeill & Libby
HYgrade Sylvania Lamp Co
Common
3
10
15
135 12
15
234 334 12,450
Feb
15
Apr
134 Feb
334 Apr
International Hydro Ele0-4% .
310 .234 Apr
5
614 1,600
4
515
Jan Lindsay Nunn Pub $2 pref.
6
2
614 Apr
Jan
I% I%
Lion 011 Ref common- •
50
1% Feb
2% Jan
Libby McNeil & Libby __.150
a
5
3
1134 12% 1,000
3
154 Feb
Apr Lynch.Corp com
Feb 12% Apr
8
Loew's Theatres
714 Feb 1534 Apr
581
1334 1534
3
3
McCord Had & Mfg, A- •
150
114 Apr
Apr
3
M as.s Utilities Aa9013 V t 0.
2
•
2
2
1,100
134 Apr
2
2
234 Jan McGraw Electric corn_ •
50 . 1% Apr
2
Apr
Mergenthaler Linotype _ _ _ ___ _
24
24
10 1534 Feb 25
134 1%
Apr Manhattap-Dearborn corn'
250
194 Jan
134 Mar
N E Public Service
2
2
Marshall Field common-.
•
50
2
7% 8% 11,250
834
115 Mar
4
Jan
454 Feb
8% Apr
New Sag Tel & Tel- _100 78
76
79
870 72
Apr 94
Jan Mickelberry's Food Prod
100 1334
Pacific Mills
1434 1.305
13
4
1
514 Mar 1454 Apr
334 474 1.550
Common
Mar
5
234 Feb
Reece Buttonhole Nisch Co
45
654 635
634
%
655 Apr Middle West UM new- •
454 Jan
34 5.100
34
Si Jan
14 Jan
Shawmut Assn tr etre----• • 8
1,247
•
734 834
$6 cony pref A
614 Jan
834 Apr
100
33
%
34 Feb
Jail
1
Stone dr Webster
•
796
734 9
1
1
Feb 1134 Apr Midland United cony pf A•
554
300
% Apr
1% Jan
Swift & Co
• 15
1334 1574 6,638
Common
33
7
33
Feb
Si
1634 Apr
100
.4 Feb
15 Mar
Torrington Co
• '2935 29
2974
490 22
3
3
Apr 31
Apr 'Midland HUI 7% pr ilen100
20
3
5% Jan
Feb
Union Twist Drill
5
5
5
50
7
5
•
8
Apr
Jan Modine Mfg Co corn
8
100
6% Apr
Mar
8
United Carr Fastener Corp
234 214
17
200
17
134 Feb
50 14
234 Apr Natl Battery Co pref._ •
Apr
Apr 17
United Founders corn--%
34
•
1,653
Natl Elm,Pow A corn_
•
% Apr
134
34
31
50
134 Jan
1i Feb
•
Si Feb
Corp
25 3
U Shoe Mach
1
10
Natl Leather corn
834 3834 39.35 3,489 33
Jan 40
34
Apr
134 9.35
34 Mar
1% Apr
Preferred
31
31
262 3014 Jan 32
3134
Jan Nat'l Rep Inv Tr cony pfd'
100
'34
34
% Feb
% Mar
Venezuela Mex 011 Corp100
234 30c
250 234 Mar
400
%
%
IX Jan Nat'l Sec Invest Co corn. _I
35 Mar
% Jan
Waldorf System Inc
654 • 7%
1234 13
270
534 Feb . % Jan National-Standard corn..' 13
400 10
Apr
Feb
13
Waltham Watch preferred_ .
1015 1034
100
14
04 Feb 1334 Feb Noblitt-Sparks Ind corn_.• 13% 11
4,05
935 Mar 16% Jan
Prior preferred
29
29
•
333 3%
6 29
Apr 32
50
Mar North Amer car corn_
215 Apr
33-4 Jan
Warren Bros Co
•
5
534
634
1% 2
1,557
174
•
200
654 Apr No Amer Lt & Pwr corn.254 Feb
134 Apr
534 Jan
1Varren(SD)
815
*8
5
10
5
5
•550
Apr
5
Apr Northwest Bancorp coin- •
5
Feb 10% Mar
Northwest Eat corn
5% 514
534
•
150
2% Jan
Apr
6
Mining
Nor West HUICalumet & Heels
4
434
5
.100
380
Prior lien preferred.
5
454 Apr
5
134 Feb
Feb
5
Apr 12
Copper Range
25
980
234
234
4
4
4
134, Apr
15
234 Apr Parker Pen Co(The)cm _10
3
Apr
4
Apr
Isle Royal Copper
134
100
17% 17%
134
134 Apr Perfect Circle (The) Co-* 1731
10
14 Jan
16
.Jan 17% Apr
Keweenaw Copper
35e
25 350
35c
1
570 10c
1%
Jan 35c Apr Pines WInterfront com _5
35
1
234 Jail
Feb
870 87c
La Salle Copper Co
200 600 Feb 87e Apr Prima Co common
25
• 16% 1434 17% 8,450 10
1734 Apr
Feb
Magma Copper
40
1034 1034
734 Jan 1034 Apr Public Service of Nor III
20% 23
Mohawk Mining
10
Common
9
25
9
9
• 23
Apr
1,300 16
1334 Feb
Jan
Apr 48
19' 21
Common
100
550 16
Jail
Apr 47
Nipissing Mines
134 134
39
254 850
6% preferred
100
4135
Jan
134 Apr
480 3735 Apr 85
Jan
41% 45
North Butte
4,550 20o
28c 32c
300
100
7% preferred
Jan 34c Mar
380 40
Apr 95
Jan
40c 40c
10 40c Apr 550
Old Dominion Co
25
Jan • Quaker Oats Co
• 98
Pond Creek Pocohontas Co 13
1474
235
13
Common
9111 100% 2,650 63
954 Jan 1554 Apr
Feb 10015 Apr
Quincy Mining
600 70e
110 112
100
• 880 300 Feb 750
Preferred
220 106
Jan
Jan
Apr 117
Utah Apex Mining
600 3I0 Jan 950 Apr Railroad Shares corn
634 750
%
%
250
,14 Jan
34 Jan
Utah Metal & Tunnel_ _ _ _1 550
1914 22 •
.10
4,500 25e
55c 60c
Jan 630 Apr Rath Packing Co corn,
400 1514 Jan
Apr
22
Raytheon Mfg Co tom...* .434
3% 4%
1,650
116 Jai
4% Apr
Reliance Mfg
Bonds ,
Amoskeag Mfg Co 613_1948
10
9% 10
Common
934
Feb 4234 Apr
4234 4254 $1,000 31*
400
(1.
Feb
Apr
10
14
corn.* 10
9% 10% 1,100
Can Int Paper Co 66_1949
7,000 14
21
Apr 30
Jan Ryerson & Sons Inc
731 Mar 10% Apr
1334 13%
Chic Jet Ry & Un Stk 4s'40
85
5,000 85
86
Mar 91
150
Feb Sangamo Electric Co..,' 1334
5
Jan
13% Apr
East Mass St Ry 5s
8,800 25
2834 32
Jan 32
Si.
•
Apr Seaboard HUI Shares15
500
31 Ma
Si Jan
Series A 414s
1948 2694 2694 2134 6,000 2634 Apr 2734 Apr Sears, Itoebuck & Co com • 2254 20% 23% 6,650 1334 Feb 24% Apr
Series C 6s
1948
31
34
3354 5,000 31
34
Apr 3315 Apr Standard Dredge cony pf_'
150
15 Mar
1
Jan
•
Common
34
3(
50
% ma
Si Jan
• No par value.
434 4%
Storkilne Fur cony pfd...25
50
334 Jan
714 Mar
16 21;4 20
Swift International
2214 11,600 1234 Feb 24% Apr
Chicago Stock Exchange.
-Record of transactions at Swift dr Co
25 1534 1314 15% 65,550
7
Apr
16
Feb
9
Chicago Stock Exchange, April 22 to April 28, both in- Thompson (J ID com 25 834 8
2,000
654 Ma
933 Jan
28% 32
Union Carbide & Carbon,'
550 20
Feb 32
Apr
clusive, compiled from official sales lists:
U 8 Gypsum
30
20 32
32% 1,950 18
mar 32% Apr
U S Rad & Tel corn
834
8% 9
•
900
634 Fe
•
1114 Mar
Friday
Sales
•
1.
• WU & Ind Corp
I
• 1%
950
1% Jan
Last Week's Range for
34 Feb
Range Since Jan. 1.
2
Convertible preferred- •
2% 1,400
2
134 mar
31.4 Jan
Sale
Week.
of Prices.
5
Vortex Cup Co com
7% 1,950
7
454 Fe
StocksPar, Price. Low. High Shares.
Low.
-734 Apr
High.
Clam A
1735 18
400 17
Mar 19% Jan
13% 14% 1,550 • 1134 Fe
14
Walgreen Co common-Abbott Laboratoriescom_•
14% Apr
150 2134 Jan 29
2831 2834
Apr Ward (Montg) & Co el A.• 68
65
70
1,830 473.4 Fe
Adams (J D) Mfg com._.•
Apr
71
5
5
5
Apr
•- _
5
654 Feb Waukesha Motor corn_ •
1935 19%
40 12
American Pub Serv pref 100
Fe
235 234
10
215 Apr
1934 Apr
774 Feb Wayne Pump Co corn...'
%
15
50
Asbestos M fg Co corn.--1
% Ma
1
Jan
800
2
234
234
294
Apr
554 Jan Western Pwr Lt dr Tel A.
1
-1
20
Aesodates Inv Co corn_ •
1
1
Apr
Apr
34
.50 31
Mar 37
• 34
Mar Wienoldt Stores Inc corn...
454 5
150
4
Assoc Tel & Tel $6 pref.*
Apr
Apr
5
1
1
10
Apr
1
1
Apr Wisconsin Bank Shards
7% preferred
160
100
1
1
1'
Apr
6
Jan
•
Common (new)
4
4
350
3
Assoc Tel Util-'
Jan
Apr 10
Common
•
%
%
14
800
34 Apr
14 Jan
Bonds
Bestial] Blessing Co cora •
250
6
3
6
Feb
654 Apr Chic City Rys 5s____1927
48
4815 33,1300 4534. Mar 5014 Feb
Bendix Aviation corn._ -* 12
1054 1254 12,600
654 Feb 1234 Apr
Certificates of deposit... 4634 4614 4615 2,000 42
Borg-Warner Corp com_10 1054
Mar 64
Jun
534 Feb 1134 Apr ChicagoRailways
994 1134 38,100
5s 1927
Brach & SODS(E J) com •
534 6
700
6
Apr
454 Jan
Certificates of deposit... 5234 5254 53
2,000 49
Bruce Co(E L) own
Mar 5715 Jan
•
6
2,350
8
434 Jan' 8
Apr 208 So La Salle St Bldg
Bucyrus-Monlghan cl A__•
12
12
100 1134 Mar 12
Apr
54s
24
1958 24
25
24.000 1834 Feb 2831 Apr
Butler Brotherd
10
134 Feb
234
274 334 4,050
4
Apr
•No par value. r Coss sale. z Ex-dividend. y Ex-rights.
Canal Const Co cony pfd.•
300
115
134
134 Jan
2
Jan
Castle dr Co(AM)com_10
10
10
100
715 Apr 10
Apr
Toronto Stock Exchange.
-Record of transactions at
474' 474
Cent Cold Storage com__20
50
4
Jan
474 Apr
PS pref
Central Ill
•
170 15
1634 20
Apr 3334 Jan the Toronto Stock Exchange, April 22,to April 28, both inCent-III &vim corn
1
34
760
34
g Mar
% Jan clusive, compiled from official sales
lists:
Convertible preferred..'
5
.5
100
5
Feb
7
Jan
Cent Pub Serv Corp, A__1
110
Si
35
% Jan
Friday
54 Mar
Sales
Central Pub Utll vtc com-1
34
%
100
34
y Apr
i,
34 Mar
Last Week's Range for
Range Since Jan: 1.
Cent S W UM
of Prices.
Sale
Week.
•
Common
114
I
950
Feb
114
134
2
Jan
Stocks
Par Price. Low. High. Shares.
Low.
High.
i
60
. 12
12
Feb 19
Prior lien preferred
1334
834
Jan
•
Preferred
9
10
130
Mar 1034.Jan Abitibi Pr & Pap 6% pf-100
5
134 1%
134
50
1
Jan
254 Mar
rnrn enrn •
- ..
it
8
8
474 Jan
100
8
Ace Alberta Pacific Grain A_ •
43.4 474
5.5
334 Mar
454 Apr
•
•
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
100
Beatty Bros pref
100
Bell Telephone
Blue Ribbon Corp corn.•
50
834% preferred
Brantford Cordage lot pf 25
Brazilian T L de 13 corn_ _ _*
100
B C Packers pref
•
B C Power A
•
Building Products A
25
Burt(F N) Co corn
*
Brewers & Distillers
Canada Bread corn
Canada Cement corn._ _ _•
•
Preferred
Canada Steamship pret_100
Canadian Canners corn_ *
•
Cony preferred
100
1st preferred
Can Car & Fdry pref. .25
Can Dredg & Dock corn_ _*
Can General Elec com__50
50
Preferred
85
945
16%
11%
25%
1.00
53
84
1%
17
18%
9%
11%
16
11
25
75e
134 1%
3
5%
18
30
3
355
4
4
545
445 5%
46
46
1044 11%
1515
13% 1745
107 . 107
5245 52%
4
18X
Can Indus Alcohol A. •
2
Canadian 011 corn
7%
100
Preferred
80
25 12% 11%
Can Pacific Sty
Cockshutt Plow corn... •
5%
•
5
Consol Bakeries
5
Cons Mining & Smelt. 25 9034 81
100 17445 174
Consumers Gas
Crow's Nest Pass Coal_100
8
8
Dominion Stores cOm____*
•
Fanny Farmer corn
Ford Cool Canada A_ _ •
General Steel Wares eon'•
Goodyear T & R pret_ _100
Gypsum Lime & Alabas_ _•
IIInde & Dauche Paper_ _•
53
87
145
1745
1855
10
11%
18
12
26
1.00
Range Since Jan. 1.
High.
Low.
53
80
1
10
18
745
6
14%
1055
20
55e
Apr 57
Apr 100
Apr
1%
Feb 17%
Jan 20
Mar 10%
Jan
1235
Apr 18
12
AD
Feb 28
Jan 1.00
Feb
Jan
Apr
Apr
Mar
Jan
Mar
Apr
Apr
Jan
Apr
145
65
4,349
2%
426 13
45
234
245
5
3
1,025
17 46
9%
65
2,410 10
2 100
64 51
Ma
231
5%
Feb
Apr
30
4
Ma
4
Mar
Apr
5%
Apr 55
Apr
1231
1755
Ma
107
Fe
Ma
5645
Apr
Apr
Apr
Jan
Apr
Apr
Feb
Jan
Apr
Apr
Jan
10
397
160
15
200
5.533
10
115
65
145
65
1;5
2
90
645
120
945
15 80
80
9
1334 11,975
351
1,350
645
2
555
6
90% 6.664 54
118 170
176
8
50
8
Apr
Mar
2
Jan
Apr 10
Jan
Apr 96
Apr 16% Jan
Feb
634 Apr
Jan
6
Apr
Mar 9034- Apr
Mar
Jan 181
Feb
Apr 20
18%
11
8
1%
91
2%
3
Apr
Apr
Jan
Apr
Jan
Jan
Feb
Internat Milling let pr_ 100
102
* 15.00 13.75
Internat Nickel corn
•
Internat Utilities A
5%
Lake of Woods Mill corn_*
8%
Laura Seeord Candy com.• 39
3745
Loblaw Groceterlas A __ • 1135
114(
10%
Apr
Apr
Feb
Apr
Apr
Apr
Feb
Maple Leaf Milling prof 100
Massey-Harris corn
Monarch Knitting pref _100
Moore Corp corn
100
A
100
50
Nat Sewer Pipe A
Page-Hersey Tubes cool_*
•
Photo Engrav & Electro..
Pressed Metals corn
Jan 102
5 98
102
15.40 78,243 8.15 Mar 15.40
,f,4
5% Apr
5. 5
3
,
15
Mar
815
5
815
50
Jan 40
140 36
40
1,163 1055'Apr 12
12
340 10% Mar 1145
11
•
8
5
Apr
3
7
8
4
2% Mar
3,135
331 4
Apr 20
20
20
2
20
Mar
7
5
205
5% 6
Apr 79
65
55 65
66
Apr 8635
70
72
72
14
14
Apr
16
2
15
Apr 53%
79
40
48
44
Apr
935
10
8
8% 9
Apr
14%
17
851
8
8
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
18
7
2
2
7
3%
65
47
17
18
11
11
651
754
1%
13.4
85
87
1% 2%
2%
2
1,702
10
3,273
50
65
2,780
75
12%
8%
6
45
80
1%
2
Feb
Jan
Apr
Mar
Jan
Feb
Mar
2939
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, April 22 to April 28, both
inclusive, compiled from official sales lists:
Stocks-
noses
Friday
Lqst Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
•
American Stores
Bell Tel Co of Pa pref _100
Budd (E G) Mfg Co
•
Budd Wheel Co
•
Cambria Iron
50
Camden Fire Insurance__5
Central Airport
*
Consol Traction of N J_100
Electric Storage Battery100
Fire Association
10
Horn & Hard (Phila) corn •
Horn & Hard (N Y)com_5
100
Preferred
Insurance Co of N
__10
Lehigh Coal & Navigation•
A-Lehigh Valley
50
Pennroad Corp V T C____*
Pennsylvania RR
50
Penrui Salt Mfg
50
Phila Electric of Pa $5 pret*
Phila Elec Pow pref
25
Finis Rapid Transit_
50
Phila & Rd Coal & Iron__ *
Philadelphia Traction_ _ _50
10
Reliance Insurance
Scott Paper
*
Tacony-Palmyra Bridge_ _*
Tonopah-Belmont DeveLl
1
Tonopah Mining
Union Traction
50
•
United Gas Imp com
*
Preferred
Victory Insurance Co___10
3855
10855
155
145
33
9
1
1734
30
22
82
3634
734
154
20.
9434
30
4
,
is
3311
574
1645
87
Bonds
Baltimore & Ohlo 4%s 1960
Elec & Peoples tr ctfs 4s '45
Phila Elec (Pa) lot 5s 1966
3935
110
154
134
33
954
134
1734
3445
22
Range Since Jan. 1.
Low.
High.
Feb 3935 AM'
300 30
225 10634 Mar 11434 Jan
45 Mar
700
134 Jan
2
Jan
600
45 May
45 33
Apr 3434. Jan
400
9
Apr
1145 Mar
15-4 Jan
500
35 Apr
May
19
Mar
30 17
713 2145 Feb 3445 Apr
Mar 2234 Apr
250 18
82
2035
88
33%
654
1234
134
1834
3234
93
2934
154
351
1734
345
80
8334
300
2235
10
88
1,410
3641
735 3,700
590
1434
7,100
254
2134 26,900
150
38
1,840
9434
730
3034
200
151
260
434
200
1834
4
200
82
1734
8034
25
534
845
134
1351
2534
93
29
134
245
15
334
Apr 99
Jan 24
Feb 9335
Mar 3634
May
854
1445
Feb
Mar
234
Jan 2134
Mar 38
Apr 10334
Mar 33
254
Mar
431
Feb
Mar 2255
Apr
434
Jan
Apr
Jan
Apr
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
3134
21
55
45
545
1544
8655
4
50
3134
140
23
7,500
54
134 8,400
200
534
1734 14,670
265
8734
100
4
2821
hi
%
351
14
8634
354
Jan
Apr
Jan
Jan
Mar
Mar
Apr
Feb
3145
3034
45
154
1254
2034
9945
4
Apr
Jan
Feb
Apr
Jan
Jan
Jan
Apr
3334 335-4 $1,000 3334 Apr 3334 Apr
Apr 2154 Feb
1734 1954 16,500 15
Apr 11031 Feb
5.000 103
103 105
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, April 22 to April 28, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
1,420
934 Ain
* 1141
Arundel Corp
1134 1334
42 1334 Apr
Atl Coast Line (Conn)_ _50
•2051 24
Jan
1
130
1
1
Baltimore Tube
Simpson's Ltd prat --100 •14
14
Apc' Black & Decker corn
6
Ma
8
14
26
Feb
1
441
2 • 235
•
2
Stand Steel Cons corn _ _ _*
2%
Jan
1
2% 2%
235 Apr Ch & Pot Tel of Balt pf _100 11231 11234 113
145
Mar
17 112
Steel Co of Canada com_ • 1945
19
2155 Apr Comm. Credit Corp pf B25 1834
1,703 14% Fe
2155
94 1834 Mar
1834 1834
'
Preferred
i5
27
27
25 25 • Mar 2845 Apr Consol Gas,EL & Power.* 46
Apr
368 43
47
45
Walkers (Hiram) corn._ __•
6
4
Ma
5% 6% 3,148
635 Apr
20 10334 Apr
105 105
6% preferred ser D__100
Preferred
10%
10
11
Mar
054 Ma
1,685
10%
Apr
11 97
97
97
554% Prat wiser E__100
Western Can Flour Mills.*
434
5
Apr
4
4% 445
Feb
. 5
Apr
152 92
9235
100 9245 92
5% Preferred
Weston Ltd (Goo)
1635
1645 17
20% Jan
20 1645 AM
Preferred
100
Feb Eastern Rolling Mill
Apr 71
5 67
67
67
145 Feb
196
455
4'
•
Winnipeg Electric corn_ *
Mar
3% Jan Emerson Brom Seltzer Awl
2
2% 2%
110
.5 1534 Apr
1855 1835
441 Mar
75
834 9
Fidelity & Guar Fire Cp.10
Bank
Mar
60 15
25
23
50
Fidelity & Deposit
Commerce
ioo 122 120 123
Jan Finance Service
Apr 140
128 120
434 Apr
100
43.4 454
com cl A__
Dominion
100
Jan
124 126
Apr 148
43 124
445 Apr
100
5
5
Preferred
Imperial
100 128
Jan Houston Oil
Apr 158
82 123
126 128
1.565
23.4 Mar
335 331
345
preferred
Montreal
100 153
Apr 189
Jan
151
49 151
155
100
Nova Scotia
Jan Maryland Casualty Co....
Apr 263
100 230
230 233
1.260
134 Mar
254 231
23.4
Royal
100
Jan Merch de Miners
78 123% Apr 143
124 125
185 1945 Jan
2455 25
25
Toronto
1011 155
Jan Mt Vern-WoodbTransp__* 13
Apr 172
46 152
152 155
40
935 Mar
13
13
Mllls pre/
Apr
7
351
New Amsterdam Cas Ins
1034 1044
1034
Loan and Trust
15 6355 Apr
6335 6354
Northern Central
Canada Permanent__ _ _100
Apr 153
Jan Penna Water
61 120
120 122
Apr
157 40
45
4634
& Power...*
IIuron & Erie Mortgage 100
Apr 102
Jan U S
7 80
80
80
141 Max
1,840
354
334
Fidelity & Guar new 10
341
20% paid
Apr 18
Jan
* 13
43 13
13 •13
National Trust
100
Apr 212
Jan
4 185
185 185
Bonds
Toronto General Trusts 100
Mar 167
Jan Baltimore Traction
1 138
155 155
Co
Toronto Mortgage
Mar 9834 Jan
50
10 90
92
Apr
95
$1,000 13
15
' 15
North Balt Div 1st 5s'42
Apr
6,000 15
15
15
Lake Roland Sty let 5s_ _ _ _
•No par value.
Southern Bankers Secur
5,000 133.4 Feb
20
20
Corp coil trust notes 1938
Toronto Curb.-Record of transactions at the Toronto
United
Curb, April'22 to April 28, both inclusive, compiled from - hat 6sRy de Electric1949
1,000
834 Ain
10
10
((hat)
_
official sales lists:
at
.15
X
534
1335
1334
134
3,45
Jan 1.75
Mar
9
Apr
744
Mar 1734
Jan
16
Jan
3
Mar
5
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Distillers Corp Seagrams.•
Dominion Bridge
•
Dom Motors of Canada.10
Dominion Glass
English Elec ot Canada A _*
Goodyear T & R corn_ _ ....•
Hamilton Bridge com _ __ _•
4
1434
1
4034
5
40
234
Feb
Feb
Apr
Feb
Feb
Mar
Apr
Mar
Apr
Jan
Apr
Apr
Jan
Apr
8
62
341
434 441
1634 1834
134
1
50
50
8
8
6034 63
345 455
1,030
697
325
5
25
197
205
Range Since Jan. 1.
Low.
High.
544
1834
234
50
8
6735
455
834 841
29
2934
1834 1855
7
8
134
151
555
220
50
170
25
7
Feb
2055 Apr
1645 Mar
8
Jan
41 Mar
2X 3%
1635
1034 1235
145
1
435
20
225
130
254
16
915
41
Apr
Apr
Feb
Apr
394 Apr
25
Feb
1334 Jan
134 Apr
Oil
British American 011
•
9
Crown Dominion 011 Co_ •
Imperial 011 Ltd
' 951
International Petroleum..* 1434
11,212
10
9
100
2
235
18,437
054 11
1345 1534 15,728
734
134
751
1034
Apr
Apr
Apr
Mar
10
Apt
334 Jar
Apt
11
1544 Apr
McColl Frontenae 011 com•
Preferred
100
North Star 011 com
5
5
Preferred
•
Prairie Cities Oil, A
Bunerteat Petroleum ord __•
9
10
5834 60
45
45
245
234
1
1
115,d 14
Imperial Tobacco ord _ _ _ _5
Montreal L, II & P corm --•
National Breweries coin _ _•
Power Corp of Can com_ •
Rogers Majestic
•
Service Stations com A_ •
Preferred
loci
Shawinigan Water & Pwr_•
Stand Pay & Mans corn 5
.
• No par value.
29
1835
315
18
1034
934
60
13U
16
Jan
Apr
Jan
Apr
Feb
Feb
Jan
Feb
Jan
Jan
535
2434
12
34
445
5
354
Ape
Jan
Apr
Jam
Apr
Jan
Jan
334 Jam
25
Ain
Apt
18
1735 Jan
Jan
71
Jan
60
4
Jan
15
15
Aln
Apr
20
API
13%
Jar
• No par value.
Sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
StocksPar. Price. Low. High. Shares.
Brewing Corp corn
6,078
• 1.60
.30 1.75
•
9
Preferred
2,568
5% 9
Can Bud Breweries corn...*
7
1,035
6
634
Canada Malting Co
1,542
* 1734
16
1734
Canada Vinegars com_
•
285
1534 16
Canadian Wineries
•
190
134 3
Can Wire Bound Boxes. A•
120
5
5
•
445
1734
17
24
1
241
11634
20
65
11051
107
102
540
754 Mar
182 5435 Apr
Si Apr
310
100
134 Apr
10
45 Apr
Mar
455. 11
834
32
1834
814
151
10
61
134
3
1
14
Apr
Jan
Apr
Jan
Apr
Apr
Feb
Mar
Feb
Apr
Ara
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, April 22 to•April 28, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
•
Allegheny Steel
Aluminum Goods Mtg. •
Ark Nat Gas Corp pret__10
Armstrong Cork Co
•
•
Blaw-Knox Co
Columbia Gas dr Electric-5
Follansbee Bros pref.--1W
Fort Pittsburgh Brewing.'
Harbison Walker Ret
:•
Independent Brewing _ --50
Preferred
50
.Koppers G & Coke pfd_100
Lone Star Gas
•
Mesta Machine Co
5
Pittsburgh Brewing-----50
Preferred
50
Pittsburgh Forging Co_ •
Pittsburg Plate Glass.
..25
Pgh Screw & Bolt Corp..
Plymouth Oil Co
5
•
San Toy Mining
1
United Engine & Fdy
•
Westinghse Air Brake....'
Westinghse Elec & Mfg_3411
Western Public fiery v t e_•
Unlisted
General Motors Corp___10
Gull 011 Corp
25
Lone Star Gas 6% pret.100
Pennroad Corp
•
245
8%
13%
17
12%
48
641
15%
1645
3%
1245
19%
32
654
66
Range Since Jas. I.
High.
9
9%
75S
754
254 2%
654 7%
754 834
12% 14%
145
20
545
1,465
1,107
3,294
5%
7;5
2%
4%
4
955
Apr
Apr
Apr
Feb
Feb
Mar
934
8
3
7%
9
17%
Apr
Jan
Jan
Apr
Apr
Mar
17
244
12%
245
2%
48
735
1041
10
8,760
135
285
10
215
6,136
30
10
1%
6%
145
2
45
5
7
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Feb
20 '
274
1234
3%
454
65
751
1034
Jan
Mar
Apr
Mar
Mar
Jan
Jan
Apr
5% 541
1534 17
145 2
16X 163-4
354 335
7
855
185
555
220
285
800
800
5
10
14(
13
1%
634
Jan
Mar
Jan
Mar
Feb
Feb
10
19%
254
16%
3%
.9
Mar
Mar
Jan
Apr
Apr
Jan
30
30
1245 14
19% 22
3044 35
554 5%
1,000
412
745
904
1,670
la
10
1214
1945
4%
Feb
Feb
Jan
Feb
Mar
30
14
22
35
6
Apr
Apr
Apr
Apr
Mar
16% 18%
35
373.4
6535 66
1% 1%
2,389
1,500
117
50
9% Feb
2634 Jan
Apr
55
API'
1
17
145
10
145
255
45%
6%
10%
1 18%
37%
72
151
Apr
Apr
Feb
Feb
*al
Financml Chronicle
2940
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
.tocks (Cfncluded) Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
50
Pennsylvania RR
25
Standard Oil (N J)
United States Steel__ _100
1,239
18% 21
909
3235 3451
39:35 4455 .2,138
133.4 Feb
Mar
23
23?X, Feb
Apr
21
34% Apr
4434 Apr
Bonds
Pittsburgh Brewing fis 1949
* No par value.
71
65
72
72
33,000
Mar
Apr
Cleveland Stock Exchange.-Record of transactions at
Cle.veland Stock Exchange, April 22 to April 28, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Aetna Rubber common.._ _.
Allen Industries, pref___*
*
Apex Electrical Mfg
*
City Ice & Fuel
Cleve Eire 1116% pref_ _100
Cleve Ry "ctfs dep"_ _ _100
Columbus Auto Pts., pref.*
Federal Knitt Mills corn_ _*
Firestone T & IL 6% pfd100
•
Foote-Burt common
Geri T & R 6% pfdser A100
*
Goodyear T & Rub
core_Greif Bros Cooperage ci A*
Harbauer common
*
India Tire & Rub corn...*
Interlake Steamship corn.*
•
Jaeger Machine corn
Kelley Island L & Tr corn _*
Metro Pay Brick com____*
Mohawk Rubber com _ _ -*
National Carbon pref _ _100
National Refining corn.. _25
Nestle-LeMur class A_ ___•
"
Ohio Brass B
Packer Corp com
Patterson Sargent
Richman Brothers corn._ _*
•
Selberling Ribber com_,..
*
Selby Shoe coin
Sherwin-Williams com 25
Van Dorn Iron Works com•
•
Weinberger Drug
Youngstown S & T pref 100
h
12
36
45
2531
1034
334
54
135
3
h
26
235
%
%
10
10
434 4%
12
12%
98 100
36
38
155
155
26
27
60
60
73.4 , 734
45
45
2354 2631
1034 1034
3% 334
%
54
1734 1754
234 231
8
9
2
2
155
134
112 112
335
3
h
h
634 7
7
7
11
11
26
2954
2
2%
12
12
16
21
54
54
7
754
30
30
h
Range Since Jan. 1.
Low.
20
%
125
6
20
4
125
934
138 9535
117 29
225
134
65 26
50 4734
6
15
30 29
2,511
1034
100
8
60
2%
165
51
42 14
188
2%
118
634
28
2
299
1
33 110
160
3
23
35
435
5%
15
2
211
934
737 2234
1
720
140 10
1,746 1335
18
51
155
7
10 1734
High.
Jan
1
Jan 10
Feb
414
Apr 12
Mar 110,
Apr 4334
254
Apr
Mar 33
Apr 6234
Apr
9
Feb 45
Feb 2734
Mar 1034
Jan
33.1
Apr
234
Feb 1734
Apr
2%
Apr 10
Apr
4
Mar
135
Mar 12234
Apr
4
Apr
55
Jan
7
Feb
7
Jan 11
Apr 32
Mar
23-4
Jan 1234
Feb 2234
Apr
55
Feb
834
1eb 30
Jan
Apr
Jan
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Feb
Jan
Feb
Jan
Apr
Feb
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Jan
Apr
par Value.
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange, April 22 to April 28, both
inclusive, compiled from official sales lists:
*No
awes
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
r TZUfly
'
..
Stocks-
Aluminum Industries.....-0
Amer Laundry Machine_20
•
Amer Products corn
Amer Rolling Mill com__25
50
Burger Bros pref
100
Champ Fibre pref
' *
Churngold Corp
Cincinnati Adv Products.*
Cincinnati Ball Crank wet*
Cin Gas& Elec wet_ _100
Cincinnati Street Ry _ _50
50
On & Sub Bell Tel
City Ice & Fuel
:
Crosley Radio A
20
Eagle-Picher Lead
*
Formica Insulation
*
Gibson Art corn
100
Gruen Watch pref
*
Hobart Mfg
100
Int Print Ink prof
*
common
Kroger
Manischewitz common_ •
*
Magnavox Ltd
Procter & Gamble new_ _.'
eo
Pure 0116% pref
•
Richardson common
*
United Milk Crate A
10
U S Playing Card
0
US Print & Lith com_
6
9%
2
1034
4
434
70
3%
10
1
7234
434
59
12
434
4
•
• • 6
831
5
12
35
24%
6
10
2
13
44%
70
4
10
1
7334
555
60
12
634
434
6
11
5
15
35
2734
7
' 55
7. 54
35
37
27
24
7
7
15
15
1434 1555
3
4
10
784
25
481
60
10
345
110
1
92
844
340
5
1,053
350
10
134
30
276
3
323
45
3
803
30
200
100
205
50
.
Range Since Jan. 1.
Low.
3
6%
2
6%
44%
70
54
10
1
7034
4%
58
1034
2%
2%
5
7
5
10
35
1534
7
%
19%
20
4
15
9%
3
Mar
Mar
Apr
Feb
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Mar
Mar
Feb
Jan
Apr
Apr
Mar
Apr
Feb
Apr
Apr
Mar
Apr
Jan
Apr
Feb
Apr
High.
6
Apr
10
Mar
2
Apr
13
Apr
4431 Apr
70
Apr
434' Apr
10
Apr
1
Apr
93
Jan
8
Feb
64
Mar
14% Apr
634 Apr
551 Apr
8
Jan
11
Jan
5
Apr
15
Apr
4134 Feb
2734 Apr
9
Mar
34 Jan
37
Apr
48
Jan
734 Mar
15
Apr
1534 Apr
4f Jan
*No par value.
St. Louis Stock Exchange.-Record of transacti s at
St. Louis Stock Exchange, April 22 to April 28, bo inelusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
* 4055 37% 41
Brown Shoe coin
11034 110%
100
Preferred
10
9
"
Corno Mills corn
551 551
5
Curtis Mfg corn
20
20
100
Elder Mfg A
75 075
Ely & Walk DGds lst pf100
33-4 5
.25
Ham-Brown Shoe corn..
2
2
Hussman-Ligonier corn.....'
5
5
Hydraulic P Brick pref_10035
38
Intelmational Shoe corn__• 37
3034
• 3034 27
McQuay-Norris COM
635 735
634
Mo-Ptld Cement com_ _ _25
455 4%
Bearing Mauls com_•
Nati
8
1034
* 1034
Natl Candy corn
4
5
Rice-Stix D Gds com ___ *
S'western Bell Tel pref_100 11035 11035 11134
9
9
St1x, Baer & Fuller com_ •
631 7
6
Wagner Electric com___I5
Bonds
United Railways 4s_ _1934
15
Range Since Jan. 1.
Low.
502 29
50 109
573
834
434
20
20 20
10 67
202
235
1
100
45
434
130 26
294 2434
4%
95
60
4%
5%
383
3
195
416 10935
551
25
241
454
1534 52,000
15
High.
Apr 41
Jan 111
Mar 10
Apr
5%
Apr 20
Mar 75
Feb
5
Feb
2
Feb
5%
Mar 38
Mar 3034
Feb
734
Apr
434
Mar 1035
Feb
5
Apr 117
Feb 10.
7
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jab
Apr
Apr
2035 Feb
April 29 1933
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
3
Atlas Imp Diesel Eng A5. _ _
138
Bank of Calif N A
Bond & Share Co Ltd
355
Byron Jackson Co
Calamba Sugar corn
7% preferred
16%
California Packing Corp_ _ _
Calif Water Service pref._ _ -----Calif West Sts Life Ins cap..
1255
Caterpillar Tractor
Coast Cos G & E 6% 1st pf 60
1654
Cons Chem Indus A
Crocker First Nat Bank..
--- 2
3
Crown Zeller v t c
Prof A
Pref B
Firemans Fund IndemnityFirercans Fund Insurance.. 3635
7%
Food Mach Corp corn
Galland Mere Laundry_ _ _ _
5%
Golden Estate Co Ltd
Hale Bros Stores Inc
40
Hawaiian C & S Ltd
18%
Home F & M Ins Co
Honolulu 011 Corp Ltd__ _
Honolulu Plantation
3
3
130 138
251 355
155 1%
13% 14
14
15
15% 17%
63
63
17
17%
11% 12%
60
6434
16%' 17
200 200
1%
1134134
12
1155 12
1235 1234
3534 37
7% 834
29
29
5
6
6
6
39% 413-4
.18% 18%
'1034 10%
34% 38
3
3
3%
Investors Assoc(The)
14
1454
1434
Leslie Calif Salt Co
8351
LA Gas & Elec Corp pref_ _
'
Magnavox Co Ltd
8634
34
4% 436
I Magnin & Co corn
60
60
Mere Amer Realty 6% pfd_
19
20
Natornas Co
15 • 15
No Amer Inv 6% pfd
1355 14%
534% preferred
434 454
North Amer Oil Cons
9
9
Occidental Ins Co
4% 4%
Paauhau Sugar
24%
2314 23
Pacific Gas & Elec corn_ _
21% 22%
22
6% 1st preferred
19% 2051
534% preferred
2734 3055
28 •
Pacific Lighting Corp corn_
7834 7855 8055
6% meferred
55
54
34
Pac Pub Ser non vot corn....
3
354
Non voting preferred _ _ ----71
72 •
Pacific Tel & Tel.com
9934 101%
6% preferred
1535 16%
16
Paraffine Cos corn
54
Plg'n Whistle Preferred
51
4
5
Ry Equip & Realty 1st p18..
2
2
Series 2
Rainier Pulp & Paper Co- _ ------ 1155 11%
34
Richfield 011 7% preferred_
h
5%
534 8%
Shell Union 011 common__ _
50
50
Sherman Clay ar Co pr pref
9% 10
Socony-Vacuum Corp
18% 17
19%
Southern Pacific Co
6
6
So Pac Golden Gt A
3% 335
Spring Valley Water Co._ _
Standard 011 Cool Calif. --2934 2854 30%
22% 2234
Telephone Inv Corp
451
4% 4%
Tide Water Assd Oil corn...
3554 3554 3735
6% preferred
5
5
554
Transamerica Corp
12% 12
13
Union Oil Co of Calif
1% 3
3
Union Sugar Co corn '
13
13
7% preferred
24% 24% 27%
United Aircraft
Wells Fargo Bk & UT...... ------ 175 178
834 9%
-----Western MIA & Steel Co
Range Since Jan. 1.
Low.
2
245
78 101.
1%
2,165
125
1
8
229
160 11
13,634
855
' 10 63
430 13
24,044
551
177 60
• 893 11
5 185
1
3,085
225
734
7
170
10 1234
373 3434
555
1,360
25 2635
233
33-4
4%
150
532 2755
45 18
752
834
125 30
High.
gyi Apr
Feb
Feb 152% Jan
Feb
335 Apr
1% Jan
Mar
Mar 14
Apr
Apr
Mar 15
Mar 17% Apr
Apr
Apr 65
Apr 3155 Jan
Feb 1254 Apr
Apr 77
Jan
Mar 17
Apr
Apr 215
Feb
1% Apr
Feb
Mar 1255 Apr
Mar 1251 Apr
Apr 16
Feb
Jan
Mar 44
Jan
8% Apr
Mar 30
Apr
6
Apr
Apr
6% Jan
Apr
Jan 4155 Apr
Apr 22% Jan
Feb 10% Apr
Apr
Mar 38
54
234 Mar
334 Apr
430 1135 Feb
1434 Apr
174 83% Apr 98% Jan
620
54 Mar
55 Mar
• 100
43.4 Apr
3% Feb
60 60
Jan 6034 Feb
329 15
Feb 20
Apr
10 11
Mar 15
Apr
45 . 734 Apr 1434 Apr
1,175
355 Apr
53-4 Jan
20
834 Mar
103-4 Feb
260
355 Apr
434 Apr
Jan
12,210 2055 Apr 31
8,672 2134 Mar 2534 Jan
Jap
n
1,719 7 % Mar 92,3
1855 Apr
9
Jan
2,435 2555 Mar 43
339
5134
74 Apr
417
34.M
4%
%
3,180
760 67
. Apr 8135 Jan
Jan '
192 • 9954 Apr 110
1,437
855. Feb 16% Ayr
Jan
100
1
Feb
355
3i
Jan
Ajtpi
49
6
Apr
eebb
4
Feb
10
3
6
1% Mar
1134 Apr
150
Jan
300
34
54
2,588
3-4
Mar
25 50
Apr 61
Apr
200
634 Feb 10
10,641 1134 Feb 1954 .Jan
Apr
4%
386
25
5
251 Aan• 6%
j pr
15,164 20
Feb 30% Apr
Feb
100 2234 Apr 31
2,865
4% Apr
334 Feb
103 24
9% Apr 443-4 Jan
5% Jan
55,370
435 Mar
I%
Apr
8,988
Feb 13
1,270
10 113-4
7,677
M r 2 % MarA pr
Feb
Ar 18
3
Ja i
90 165
Apr 21034 Jan
1,179
535 Feb
934 Apr
Los Angeles Stock Exchange.-Record of transattions
at the Los Angeles Stock Exchange, April 22 to April 28,
both inclusive, compiled from official sales lists:
Stocks-
,
Erma!,
sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Alaska Juneau
Barnsdall Corp, A
5
10 •
Bolsa Cla1ca 011, A
Bway Dept St pref __100
California Packing Corp_ _0
*
Chrysler Corp
Citizens National Bank_20
'
Claude Neon Elee Prod- 5
Cons Oil Corp
Douglas Aircraft Co Inc_ .*
Goodyear T & R pref._100
.
Hancock 011 core, A
Los Ang Gas & Elec pref100
Los Ang Investment Co.10
Monolith Port Cem't corn •
Pacific Finance Corp cowl°
Pacific Gas & Elec com _ _25
25
6% 1st preferred
•
Pacific Lighting corn----*
6% Preferred
Pacific Mutual Life Ins_ _10
Pacific Western Oil Corp.*
Richfield Oil Co corn
•
25
Preferred
Seaboard National Bank 25
Secury let Nat Bk of LA25
Shell Union Oil Corp corn-5
So Calif Edison Ltd Com_25
25
°rig preferred
7% preferred, A25
• 25
6% preferred 13
535% preferred C_ _ _25
So Calif Gas series A pref 25
So Counties Gas 6% 91-100
Southern Pacific Co-__100
Standard Oil of Calif---- •
25
Superior Oil corn
Taylor Milling Corp
*
.
Transamerica Corp
Union Oil of Calif
25
Western Air Exp Corp 10
2%
15
30
6%
6%
1434
29
451
8251
1
2334
27%
2434
20
4034
18%
23%
20
1751
2234
29%
555
1234
1634
534
255
35
1674
14
30
634
674
14
29
4%
8231
2%
1
1634
534
254
35
16%
1555
30
1
755
1451
29
4%
85
3
1
4%
2134
2151
27%
7934
2434
3%
54
51
20
3934
5%
1855
33
2355
20
1734
223-4
8354
17%
28%
8
7
.5
12
14%
01
600
2334
600
21%
700
29
400
80
'200
26
450
4%
500
55
300
55
400
20
50
41
1,400
655
400
2034 3,700
3331
600
24
900
2034
1,400
18
1,500
2254
100
85
70
19% 2,500
3034 8,700
8
100
7
300
534 11,900
13
14,000
1451
200
Range Since Jan. 1.
Low.
100 14
500
3%
135
900
10 3234
100 1354
800
951
100 26
900
6
4,000
5%
500 1131
18 22
1,400
351
645 8234
800
1
100 ' 1
4
20
2131
2554
7934
19
255
54
h
20
35
455
17%
33
2254
1951
17%
2254
8334
1154
20
8
4
435
934
1234
High.
Apr
1634
Mar
534
Jae '3
Apr 45
Apr
1634
Mar 16%
Mar 38
Jan
734
734
Jan
1434
Jan
Mar 33
Feb
6
Apr 98
Jan . 3
1
Jan
Apr
Apr
Apr
Feb
Apr
Jan
Jan
Fen
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Apr
Apr
Mar
Apr
Mar
Mar
Feb
Jan
A pr
Mgr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Jan
Apr
Feb
Feb
Jen
Jail
Jail
Jan
Fel,
Jan
Apr
Jan
Apr
Jail
Jail
Apr
Jan
Jail
Feb
Jan
Jan
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Apr
Feb
634
3054
2551
43
9234
2934
454
34
55
27
4534
631',
2755
4054
2751
2431
223-4
223-4
90
1934
3055
8
7
5%
13
15
* No par value.
New York Produce Exchange Securities Market.
-Record of transac- Following is the record of transactions at the New York
San Francisco Stock Exchange.
Exchange Securities Market, April 22 to April 28,
tions at San Francisco Stock Exchange, April 22 to April 28, Produce
both inclusive, compiled from sales lists:
both inclusive, compiled from official sales lists:
•No par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Alaska Juneau Gold Mining
Anglo Calif Nat Bk of SF.
Assoc Ins Fund Inc
1555
12
15% 18%
11
1234
1%
154
2,375
1,797
610
Range Since Jan. 1.
Low.
1151 Jan
Apr
11
% Apr
High.
1834 Apr
20
Jan
1% Apr
StocksAdmiralty Alaska
AndesPetroluem
Bagdad Copper
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
1
5
1
70
6e
25e
90
715
25c
3,000
1,500
1,000
Range Since Jan. 1.
Low.
SO
Sc
15e
Mar
Jan
Jan
High.
190
7c
35c
Feb
Apr
Ayr
2941
Financial Chronicle
Volume 136
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Conzinued) Par Price. Low. High. Shares.
Heaton & Hubbell
Ilooven Auto Type
Huron Holding C-D
Intl Rustiess Iron
Eildun Mining
Krueger Brewery w 1
Macassa Mines
Mactadden Publica pr_
20c
1
1
1
1
1
1
*
High.
Low.
2%
7c
1%
12c
20c
40c
2%
2%
12e
3%
1
1
Bancamerica Blair
Barry-Hollinger
Columbia Baking 2 pr__
1
Como Mines
•
Continental Shares
•
Davison Chemical
1
Fade Radio
Fidelio Brewery w w
10
Fuel Oil Motors
1
General Electronics
Sales
Friday
for
Last Week's Range
li'tek.
of Prices.
sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. I.
2%
2%
Plc
3%
6
3
30e
1.90
13%
30c
100
2%
1,000
80
200
1%
1,000
12c
600
25e
100
40e
2% 12,600
300
2%
5,700
19e
3% 11,800
Mar
Apr
70
135 Apr
9c ,Mar
Feb
100
Apr
30c
Jan
2
Apr
2
Jan
100
2% Jan
2%
15c
1%
I9c
25c
34
3
2%
28c
3%
Apr
Jan
Apr
Jan
Apr
Mar
Jan
Apr
Feb
Apr
5.%
3
300
180
1.45
13%
30c
12
1,200
6
1,000
3
600
40c
8,400
21e
2.00 22,200
100
13%
10,000
33c
10
12
5%
1%
13e
10e
1.00
13%
19c
12
Jan
Mar
Apr
Feb
Mar
Apr
Jan
Apr
6
3
500
350
2.00
13%
33e
15%
10
Paramount Publix
Petroluem Conversion .J
1
Railways New
5
Retail Stores
*
Rossville Ale Jr Chem_
Shortwave & Television 1
1
Siscoe Gold
40c
1
•
I
5
10
1
be
8c
38c
4%
12c
15c
200
Feb
Apr
Jan
Mar
Apr
Apr
Apr
Jan
4%
I2c
20c
20c
I5c
20e
20c
Bonds
-D__ _1941
Intl Match 5s C
• No par value.
48c
1%
334
7%
3%
400
1.60
Apr
Feb
Jan
Jan
Apr
Jan
Apr
Feb
Apr
Jan
Mar
Apr
Jan
14c
34
4%
15e
1
23c
Feb
Jan
Apr
Apr
Feb
Mar
60
25c
2
6c
10c
Sc
3,600
1,300
10,400
6,700
4,000
2,500
10c
50e
High.
Low.
12e Mar
380 • Apr
34 Apr
6% Feb
Jan
1
15c
Apr
1.01 Mar
6,700
1,300
800
100
100
200
600
48c
25c
%
34
I%
1
7
7
331 3%
15e
150
1.38 1.60
United Cigar
Western Television
A
Willys-Overland
Wing Aero
Zenda Gold
'
Range Since Jan. 1.
Jan
16
6%. Apr
51,000
New York Curb Exchange-Weekly and Yearly Record
of the transactions on the New York Curb Exchange for
In the following extensive list we furnish a complete record
(April 28, 1933). It is compiled entirely
last (April 22 1933) and ending the present Friday,
the week beginning on Saturday
or bond, in
and is intended to include every security, whether stock
from the daily reports of the Curb Exchange itself,
which any dealings occurred during the week covered:
Sales
Friday
Last lireek's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Week Ended April 28.
Stocks-
Low.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
• Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Indus. & Miscellaneous
10
Ainsworth Mfg
Air Investors coin v t e •
10
Convertible preferred _
50
Alabama Gt Southern
•
4%
Allied Mills :no
Aluminum Co common _• 54
6% preference
150 49%
Aluminum Goods Mfg__ •
Aluminum Ltd
•
Common
Series C rights
Series I) rights
Amer Beverage Corp____5
3
100
American Book
American Capital class B_* • %
•
• $3 preferred
35% preferred
Amer Cyanamid
•
Class Ii non-vat
8%
Amer Dept Stores Corp_ _•
1
Amer Equities corn
Amer Founders Corp__ • .
1
American Investors
Warrants
Amer Laundry Machine_20
American Maize Products *
Anchor Post Fence
Arcturus Radio Tube_ __ _1
•
Armstrong Cork corn_
5
Art Metal Works
Assoc Elm
£1
Amer dep [CIS
Industries-.
ASEMC Rayon corn
Atlas Utilities Corp qom_•
934
• 38
$3 preference A
Warrants
*
Autonintic-Vot Mach
Axton Fisher TO cl A_110
100
Babcock & Wilcox
13ellanca Aircraft new_ _ _ _1
Beneficial Indus Loan_ _ _•
Bliss Co
*
Blumenthal & Co com
Blue Ridge Corp
1
Common
•
6% opt cony pref
•
I3ohack (II C)Co
•
Bourjois Inc
Brill Corp A
Brillo Manufacturing- - •
Class A
British Amer Tobacco Ltd
Amer deposit rcts bearer_
Amer dep rots ord reg .£1
Burma Corporation
Am dep rcts for reg she_
Butler Brothers new_ _10
10
10
4%
55
50
8
200
900
700
160
700
8.750
1,200
200
1%
34
5%
8
3
37%
37
7%
Feb
Jan
Mar
Jan
Apr
Feb
Mar
Apr
3
13.4
10
11%
434
60
5234
8
Feb
Apr
Apr
Jan
Apr
Apr
Mar
Apr
3035
27
3%
3
3% 6
2% 435
44
44
%
%
6
6
36
36
500
72
117
3,700
10
100
200
500
13
2
2
I%
34
"is
4*4
30%
Mar
Apr
Apr
Mar
Mar
Jan
Jan
Mar
31
3%
6
5%
44
%
6
36
Apr
Apr
Apr
Mar
Apr
Apr
Mar
Feb
53,800
734
200
X
31
200
234 234
4,800
X
2% 3% 2,50
01•
A
60
85
9%
9
10
19
19
300
1%
1
2,400
%
%
1,650
6% 7%
100
1.34
1%
3%
34
2%
%
2
Tre
63.4
15%
%
%
4%
A
Feb
Jan
Jan
Apr
Apr
Mar
Feb
Feb
Feb
Feb
Mar
Mar
8%
3r•
3
1%
3%
%
10
21
1%
34
744
1%
Apr
Feb
Jan
Mar,
Apr
Jan
Mar
Jan
Jan
Apr
Apr
Apr
400
3
3
700
,
7
. 4 1%
10% 41,800
9
37% 393' 1,000
334 334 9,400
100
2
2
350
42
40
2%
%
5%
33
2%
1%
25%
Apr
Apr
Apr
Mar
Feb
Jan
Feb
3%
I%
10%
3934
3%
2
55
Jan
Feb
Apr
Apr
Apr
Jan
Jan
25. Jan
Apr
2
z8% Apr
1% Jan
Feb
2
38%
2
1234
1%
334
38% 38%
2
2
8% 10%
134 al%
3% 3%
25
200
1,100
300
10
Mar
Mar
Mar
Apr
Feb
Feb
Apr
334 Mar
29% Jan
Feb
26
3% Jan
Star
1
1134 Apr
22%. Apr
700
200
Mar
16
1634 Jan
18% Apr
18% Apr
3,1.00
1,700
13.4 Fe
1% Feb
2% Apr
3% Apr
2%
2% 20,50
27% 22,30
5
22
200
3
30
1
1,90
11%
50
22%
18
18
3
10
22%
,
234
2434
22
2%
1
10
22%
18%
18%
2%
2%
2%
3
300
5% 6
•
5%
Carrier Corp
Celanese Corp of America
1,500
46
35
7% lot partic pref___100 46
320
6634
59
7% prior preferred _ __100
500
2%
2
•
Celluloid Corp corn
3% 1,000
3
3
Centrifugal Pipe Corp_ __
30
12
10
Childs Co preferred _ _ 100
81,200
2% 3
Cities Service common___•
1,600
15%
• 13%
13
preferred
200
•
1%
1
Prefered B
880
10
•
7
Preferred BB
600
1
34
%
Claude Neon Lights
500
•
Cleveland Tractor
1% 2%
100
JO
10
Colt's Patent Fire Arms.25
1,000
Consol Automatic Sterch.•
100
•
Consol Retail Stores
34
100
•
234 2%
Continental Securities
100
•
Continental Steel corn_
7;1 73.4
200
•
Cooper.13essmar com
1% 2
100
10
8
$3 prof class A w w_ _• 10
•
Cord Corp
634 934 129,100
8%
5
100
*
134 134
Corroon & Reynolds,,
400
3% 4
Crocker Wheeler Elec. •
334
Crown Cork Internet A.. •
3% 331 .1.100
100
934
Cunco Press COMMOR- -10
015 0%
Davdnport Hosiery Mlils
•
Deere dr Company
•
Detroit Aircraft Corp_
•
Dow Chemical
10
Driver-Harris Co
Dublier Condenser Corp_l
Eastern Util Investing A •
*
Easy Wash Mach cl
•
Eisler Electric Corp
Elea Power Assoc cora_ _1
1
Class A
Electric Shareholding
•
Common
$6 cum pref with warr_ _•
•
Fairchild Aviation
Federal Capital
16
4
Feb
27
51
2
2%
6%
z2
10%
1
5
Apr
Apr
Apr
Jan
Mar
Feb
Mar
Apr
Apr
Apr
Mar
Jan
Jan
Apr
Jan
Apr
Mar
Mar
Feb
Star
Fob
Jan
Apr
. 134
Ire
34
7%
1
434
434
54
234
93-4
10
6
6
29,000
17
15
100
34
34
20
3834 3834
200
5% 6
1,600
34
34
534
34
30
334
300
200
700
1,500
1,500
A
134
%
2%
2%
A
2
31.
3%
3%
234
37
134
21%
21
2%
%
6%
18%
37
34
51
2
%
4%
434
334
37
34
400
300
100
200
6
46
66%
2%
3%
17
3%
1754
I%
13
%
2%
10
34
%
234
73,4
2
10
954
1%
434
334
11%
Apr
7
Mar 17
Jai
"Is
Mar 39%
7
Feb
Jan . 1%
Apr
Jan
Apr
Apr
Apr
2% Mar
Apr
35
34 Apr
Feb
.34
2
1%
434
4%
Low.
High.
7
..
Apr
3% Mar . 7
SOO
7
6
F-E-D Corp
12% Apr
Mar
9
200
12% 12%
1234
Fiat Amer dep rts
First National Stores
Jan
110 108% Mar 112
7% Ist preferred_ _100110 110
2% Apr
A Apr
25
% 3% 1.5,100
334
Fisk Rubber Co
Apr
31
Jan
800 18
2635 31
100 31
Preferred
Ford Motor Co Ltd
Apr
4
234 Feb
3% 3.900
3%
3%
Amer dep rcts ord reg_ £1
Jan
7
4% Feb
5% 6% 3,900
6
Ford Motor of Can cl A_'
Jan
11
934 Feb
50
11
11
Clasg 11
Ford Motor of France434 Jan
Star
3
700
334
3
deposit rcts
Aerican
Foundation Company
334 Jan
234 Mar
100
2%
2%
Foreign shares
Apr
1
34 Jan
100
1
1
Franklin (H II) Mfg*
754 Jan
Mar
400 4
534
5
Garlock Packing
1
Apr
34 Mar
1,200
% 1
1
•
General Alloys Co
5% Apr
2% Jan
53.4 7.000
4A
.
General Aviation Corp ' 535
Apr
8
6% Jan
400
7% 734
734
den rots •
Gen Elm Ltd Am
Gen Theatres Equipment
34 Jan
% Feb
3,400
34
%
•
34
$3 cony preferred
Apr
Apr 27
10 23
27
General Tire & Rubber_ _2527
6% Apr 1134 Apr
11% 10,700
8
• 10%
Glen Alden Coal
534 Apr
Feb
4
700
53-4
434
5%
2
Underwriters
Globe
434 Apr
•
234 Apr
200
4% 434
Godchaux Sugars B
Goldman Sachs Trading_ _1 Name changed to P acific E astern Corp.
Tre Mar
A Jan
600
"is
34
1
Gold Seal Electrical
12% Apr
934 Jan
% 1,800
123
• 12% 10
Gorham $3 pref w w
Jan .155i Apr
6
1,000
13% 15
corn v t c_ __• 14
Gorham Mfg
8% Apr 2034 Feb
10% 1,450
10
Gray Telep Pay Station _•
Gt Alt & Pee TeaApr
Feb 163
930 128
159% 151 163
Non-vot com stoek ......•
Jan
Mar 124
220 118
7% bat preferred____100 119% 119% 120
Jan
Apr 15
100 11
11
11
Northern Paper Co25 11
Great
Jan
A Apr
% 6,700
%
%
Grocery Stores Prod v t c_•
Apr
Apr
Jan
Feb
Apr
3
a234
%
8
10
3%
50
48
7%
2%
24%
High.
Range Since Jan. 1.
Apr
Apr
Apr
Apr
Apr
Jan
Mar
Jan
Jan
Feb
Jan
Apr
Mar
Jan
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Apr
Feb
Apr
Mai'
Apr
Apr
Apr
Jan
Apr
Apr
434 Mar
48
Jan
I% Feb
31 Feb
100
34
34
Happiness Candy Stores_ •
100
-5 46% 46% 46%
Ilazel Atlas Glass Co__2
100
2
2
•
Hazeltine Corp
500
9% 11
Ileyden Chem:cal Corp_10 1034
400
203.4
20
•
Horn & Hardart
50
85% 8574
•
100
7% preferred
1,300
4
3
3%
Hy3rade Food Prod new_ _5
100
15
15
•
Hygrade Sylvania
300
8
8
Imperial Tobacco of Can_ 5
Imperial Tob of GB & Ire
200
17%
Am dep rcts for ord shs£1
Insurance Co of No Am_10 3634 FA 36% 3,200
100
1%
13.4
1%
Internal Hold & Invest_ _•
600
235
134
234
International Products_ fl
-134 2,400
Interstate Equities Corp
700
12;1 14
33 cum pref ser A
1,000
53-4
_0
Irving Air Chute new_ _31 13X • 534
34
4634
134
8
1734
85
2%
13
634
Mar
Apr
Mar
Apr
Jan
Feb
Mar
Feb
Feb
34
46%
234
11
22%
90
4
15 •
8
Jan
Apr
Jan
Apr
Apr
Jan
Apr
Apr
Apr
15
25
1%
34
%
9
4%
Feb
Mar
M
Apr
Feb
Jan
Apr
Apr
31671
134
2%
%
15%
53.4
r
Apr
Apr
Apr
Mar
Jan
Apr
2.200
800
A
2
Feb
AV
1
5
Jan
Apr
%
q
34
Jonas & Naumburg com--•
334 5
•
Kleinert Rubber com_
Kolster-Brandes Ltd
34
34
£1
%
American shares
Koppers Gas & Coke Co45
45
100
6% preferred
34
34
34
Foundry & Mach_ _.
•
134
1
1
Lercourt Realty new
4
. Preferred*4
634 734
7%
Lehigh Coal & Navigation •
234 334
Libby-McNeil & Libby_10
Louisiana Land & Explor_•
134
Mapes Consolidated Mfg." 24%
2
Staryland Casualty
A
1
Mavls Bottling cl A
Mayflower Associates_ _..• 3334
Mead Johnson & Co corn •
Merritt Chapman & Scott•
Midland Steel Prod*
$2 non-cum div shs_
Montgomery Ward & Co
• 67
Clam A
Mtge Bank of Colombia_ __ ______
134 1%
24%
24
%
x
234 2%
33% 35
5334 5534
%
%
4
4
66% 69.
1X
1%
%
34
*
Nat American Co
734
•
734
National Aviation
I%
134
Nati Belles Hess rpm_ _1
2734
National 13ond & Share.....• '28
80
Nat Dairy 13rod pfd A _ _100
2
234
Nal Investors common_ r
24
5.50 preferred100 24
1
%
%
34
National leather com_ __.
N
134
National Rubber Mach_ •
1%
134
Nat Service common
1
1%
Nat Steel warrants
31
National Sugar Refining _ _. 321%
National Union Radio- _ _1
35
•
11
NewberrY (J J) Co
New Mexico & Ariz Land_ I
1
New York Shipbuilding
N
434
434
1
Founders shares
434
434
Niagara Share of Md 43113_5
Niles-Bement-Pond
•
Northam Warren Corp- •
74
74
33
Convertible preferred_ •
127
Northwestern Yeast_ _ _100
200
34 Mar
45
20
34
900
1
600 •
200 z3
534
2,000
9,500
134
8,800
300
1 00
3,600
•
200
800
300
ab
j
Mar 51 3.i Fen
Jan
34 Jan
Star
134 Apr
Jan
Apr4
Jan
8
Apr
354 Apr
Feb
sis
21
11
1
27
3831
Apr
134
Feb24%
2%
jp
Aa
%
Star 35
Feb 55%
1
400
r
,
3'i
134 Apr
1,520
100
4
634 Feb
134 Feb
4
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apru
7134 Apr
Jan
3
34 Jan
100
34
734 2,100• 4% Apr
A Jan
174 10,400
Feb
400 z20
29
125 7634 Feb
8434
Feb
1
33.4 14.200
Mar
25 15
24
% Apr
1% 19,700
1% 7,200
34 Feb
lirs Mar
100
134
X Mar
134 6,000
7
% Feb
1,000
234
35% 8,100 22% Feb
34 Jan
200
35
Apr
100 10
11
34 Jan
1
100
% Jan
834 Jan
1% Mar
32% Apr
Jan
85
33.4 Apr
Apr
24
1%. Apr
134 Apr
134 Jan
134 Apr
Jan
3
35% Apr
34 Jan
Jan
13
1% Apr
13.4 Jan
Apr
3
434 Apr
634 Apr
Jan
7
834 Apr
534
434;
84
33
127
2,000
2,800
500
100 28%
10 105
Jan
Jan
33
127
Apr
Apr
Al•
2942
Financial Chronicle
firtaag
.uues
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Novadel-A gene Corp._ __•
Ohio Brass class 13
•
011stocks Ltd
5
Outboard Motors cl 13 •
Class A cony pref
•
Overseas Securities Co_ •
4135
7
Pacific East Corp
1
Pan-American Atrways_10
Paramount Motors
•
Parke, Davis & Co
•
Parker Rust
-Proof
•
Patterson-Sargent
•
Pennroad Corp new v t 0_1
Pepperell 'Mfg
100
Phillip Morris Inc
10
Phoenix Securities
Common
53 cony pref ser A
_10
Pilot Radio & Tube cl A •
Pltney-Bowes Postage
Meter
•
Pitts Bess & Lake Erie__50
Pitts & Lake Erie RR_ _50
Pittsburgh Plate Class..2)
Powdrell & Alexander_
•
Pratt & Lambert
Prop'McCollum IlosNlills•
Prudential Investors
•
$6 preferred
Pub UM Holding corn
•
Without warrants
Warrants
$3 cum preferred
•
Public Util Securities Corp
$7 part preferred
•
Pyrene Mfg Co
10
2%
34
1%
17%
32
1%
42
35
34
235
39% 42
6% 7%
5
5
. 36
155
I%
%
34
2%
31
4%
16%
304
40%
I%
34
1%
Range Since Jan. 1.
Low.
1,600
250
800
100
100
500
3451
6
3
%
155
55
Feb
Jan
Feb
Jan
Apr
Apr
3
13,900
3,200
34
4%
300
18
7,900
34%
1,350
25
10%
2% 18,000
42
200
135 2,500
I%
20
2%
1251
2055
1055
1%
2655
155
Apr
Feb
Feb
Mar
Mar
Apr
Mar
Feb
Feb
55
35
10
12
35
35
500
500
2,100
2% 2%
26
26
38
4055
1635 17
9 •9
10
10
15( 1%
5% 6%
71
73
1,300
25
350
1,800
200
100
200
7,000
200
he Mar
9% Feb
he Apr
2
26
28
13
8
10
155
3
57
Feb
Apr
Mar
F b
Mar
Jan
Jan
Feb
Mar
High.
45% Jan
751 Apr
534 Apr
la Feb
I% Jan
1
Jan
3
34 •
455
19%
34%
1055
2%
42
2%
Mar
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Jan
12
2
Mar
Apr
Mar
3%
30
40%
17
10
10%
3
655
73
April 29 1933
Fri*,y
Sales
Last Week's Range for
Sale
'of Prices.
1Veet.
Publities Utilities Par Price. Low. Hifrh. Shares.
Alabama Power $7 pref.. •
$6 preferred
•
Am Cities Pow dr Lt
Cony class A
25
New class B
1
Amer Common'Ith Power
.Class A common
•
Class B common
•
Amer Dist Telegraph N J
7% cony pref
100
Amer & Foreign Pow warr_
Amer Gas & Elea com___•
Preferred
•
Amer L & 'Fr corn
25
Am Sts Pub Serv class A •
Am Superpower Corp corn•
1st preferred
•
Preferred
•
Assoc Gas & Elec corn _•
Class A
Assoc Telep Utll com.
Range Since Jon, 1.
Low.
High.
37
37
3655 3655
3%
10
to
37
Apr
3655 Apr
65%
5655
2635 3754
35( 43-4
400
2,800
2555 Feb
3
Feb
3051 Feb
554 Jan
300
100
hi Mar
Nlar
ere Apr
Si Jan
55
55
6
2355
69%
12
3%
5651
134
155
86
5%
195.1
6955
12
I
33-1
5651
20
155
151
55
he
35
87
100
6% 7,100
2555 61,100
77
1,100
14% 6,500
1
200
51,700
5651
4,500
20
100
155
300
1% 6,200
100
54
86
2%
17%
6954
12
1
255
52
15
1
1
35
Apr
Apr
Mar
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Mar
9351
734
25%
9131
19%
1
53-4
69
3355
2%
254
Jan
Jan
Feb
Apr
Apr
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb Bell Telep of Can
74
74
100
100 70
Feb 83
Jan
Apr Brazilian Tr L dr P ord- •
8
8%
1,000
9
6
Apr
Feb
Apr Buff Meg dr East Pow_ _25 1755
1755 18%
800 16
Apr 2251 Jan
9
Jan Cables dr Wireless Ltd15,,
15,,
Jan ' Am dep rcts A ord shs El
15,, Jan
400
Apr
"14
Si,
Apr
Am dep nets B ord shs_ _1
he
300
, Apr
re
Jan
5%
Apr Cent Hud G & E vtc
1151 11% 11%
300 1054 Apr 13
Jan
Apr Cent P & L 7% pref. _i
20
20
00
.
50 20
Apr .38
Jan
Cent l'ub Serf $4 pref_
1•
1
•
50
1
Apr
1
Apr
5%
54 Apr Cent States Elec new corn 1
34 •
7,700
he Feb
3'6
2
2% 11,000
2
155 Feb
355 Apr
III Jan
Ill Apr
132
'le
'32
3,800
6
pref without warn 100
6
100
6
Apr
8
Jan
3
451 3,400
155 Mar
43.4 Jan
Warrants
%
3.4
200
Ile Apr
55 Apr
Cities Service P & L $6 pf •
1054 1055
50
9% Mar
16
Jan
1
1
1
100
Apr
2
Feb Cleve Mee Ilium corn____• 23
20% 23
2,200 2055 Mar 32% Jan
235
255 255
2% Jan
:200
255 Mar Columbia Gas & Cleo
86
Cony 5% pref
100 82% 81
800 68
Apr 96
Quaker Oats corn
Jan
•
9351 9835
Mar 9834 Apr Commonwealth Edison.100 5655 53
120 64
59
5,200 50
Apr 82% Jan
6% preferred
100
110 110
Mar 115
100 109
Feb Common dr Southern Corp_
Raytheon Mfg v t c
4
3
Feb
Si
200
,
4
Apr
2
4
Warrants
31
17,100
he Apr
Reeves (Daniel) corn
Jan
20
20%
200 1531 Jan 21
Apr Community Wat Sem.newl
55
200
55
54 Apr
Reliable Stores Corp
54 Apr
•
%
55 Apr
200
1
Apr Comm]GE L&P Halt corn • 4555 4451 47% 5,200 43% Apr
65
Reliance International__ •
Jan
100
I% Feb
Jan Cont'l G dr E 7% pr p1.100
41
41
50 40
Apr 57% Feb
Reliance Management__ •
% Jan
100
Jan
Reyburn Co Inc
10
% Apr
800
4
1% Apr East Gas ee Fuel Assec-__•
4%
451
1,000
4
ma
655 Feb
Reynolds Investing
•
55 Mar
600
455% prior preferred.100
Apr
60
60
50 5551 Apr 68
Jan
Richmond Radiator
•
55 Apr
10
42
42%
6% preferred
3.4 Apr
100
75 42
Apr 59% Feb
S7 convertible pref._ •
1% Apr
125
1% Apr East States Pow Corn B. •
1% 251
155
500
155 Mar
3
Jan
Roosevelt Field Inc
5
45 Jan
500
1% Mar East CHI Assoc corn
1354 1451
14
350 1355 Apr
22% Jan
Rossla International
VA Mar
300
Cony stock
155 2%
34 Jar.
151
•
1,200
155 Apr
Royal Typewriter
354 Jan
551 Mar
7
2,800
Apr Edison El Illum(Bos'n)100 135
135 141
30 135
Russeks Fifth Ave
Apr 174% Jan
154
I% Apr
100
1%
2% Apr Cleo Bond & Share com 5 15%
1455 1751 180,700 10
Feb 21% Jan
Ryerson (Jos T) & Son_ __• 10
10
10.
7% Mar 10
200
Apr
$5 cumul preferred....
2754 2751 32%
1.400 2255 Apr 4051 Jan
$6 preferred
• 30% 2954 33
3,400 25
Apr 43% Jan
Safety Car Heat&Light 100
27% 29
375 16% Feb 3051 Apr Electric l'wr & Lt 2d pf A • 105( 1055 1135
1,150
455 Feb
St Regis Paper corn
12
Jan
10
251 2% 6,400
234
155 mar
3% Jan
Option warrants
455 3,900
231
'355
1% Feb
Scoville Manufacturing_ 25
455 Jan
1455 15
150
9% Feb
15
Apr Empire Gas & Fuel
Seaboard Util Shares new I
200
55 Apr
34
51
%
6% preferred
7
8
54 Apr
100
50
6
Apr 10
Securities Allied Corp n-v-•
Jan
731
7%
7% Apr
100
Apr
9
100
634% preferred
75
6% Ma
11
Jan
Seeman Bros Inc
26
26
100 26
Jan 27
Jan . 7% preferred
100
835 9%
100
Segal Lock & Hardware *
14
Jan
734 Apr
55 Jan
55
51 2,100
Jan European Electric Corp
Selberling Rubber
2
•
2%
1,200
1% Apr
255 Apr
2% 2%
Class A
10
500
254 Ma
Selected Industries Ino3% Apr
Option warrants
36
1,000
51
35 Apr
Common
he Jan
1
1% 2
6,300
34 Feb
2
Apr
55% prior stock
25 40
40
45
Mar 45
200 33
Jan Florida P & L $7 pref__ •
13
13
100 12
Ma
Allotment certificates_ __
3354 Jan
41
40
2,000 2655 mar 47
45
Jan General Gas & Flee Corp ,
Sentry Safety Control_ _•
100
55 ' 55
55 Jan
36 cony pref series II_
34 Apr
8
851
250
3
Shenandoah Corp
Apr
11
Jan
Gen Pub Serv $6 pref__ •
.24 .26
80 18% Ma
Common
31
Jan
1
1% 2%
1,200
13 Feb
,
4
3% Mar Georgia Pow 36 pref
43% 46%
• 44
775 • 4355 Apr 70% Jan
6% cony pref
50 13% 12% 13%
575 11% Apr
15
Jan Green Mount Power 36 pf •
33
33
25 33
Sherwin Williams com 25 18
Apr 42
Jan
1635 21
1,400 12% Mar 22% Apr Illinois P & L $6 pref__ •
21% 22
175 18;5 Apr 3451 Jan
Silica Gel Corp v t c
.
•
800
he
54 Feb
51
Jan Internet Hydro-EfecSinger Mfg
100
103 113%
370 90
Mar 113% Apr
33.50 cony preferred. _.• 1334
13% 15
775 It
Apr 19% Jan'
Aner dep rots ord reg...E1
135 2
600
114 Jan
Apr Internatl Utility
2
SIsto Financial Corp
•
5
5
5
100
Apr
5
Apr
Class A
534 53-1
•
100 .5
Apr
Jan
Class 13
34
1
3,800
35 Fe
Smith(A 0)Corn
1;5 Mar
•
3255 41% 3,200 11% Feb 4151 Apr Interstate Pow $7 pref._
74 735
50
•
535 mar 11
Southern Corp common_ *
Jan
I% 2%
800
54 Jan
2% Apr Italian Superpower •A____•
155 1%
800
Spanish & General
34 Feb 2 Apr
Warrants
100
35
35
Si Ma
Amer dep rcts
El
55 Jan
35
he Jan
55
, Apr Long Island Ltg55 2,600
,e
Spelg May Stern655 qpf100
15
300 15
15
Apr 2855 Jan
Common
10% 1055
400 10g Apr 12%
•
Standard Cap & Seal com_ 5
r
21
21
100 1735 Apr 22% Apr
7% preferred
59
66%
100 59
350 59
Apr 82% Feb
Standard Investing Corp
6% prof class B
100 4831 4851 50
100 48% Apr 74
35.50 cony preferred_ •
Jan
9
50
6
Feb
9
10
Apr
Starrett Corporation
55 Apr
500
he
he
51 Apr Marconi Wire! T of Can.
1)5 1% 34,500
1%
51 Apr
151 Apr
6% pref with priv__ -50
1,800
"re Apr
34
55
5he Jan Mass Util Assoc corn v t c.;
1%
1%
135
200
1% Apr
Feb
Stinnes (Hugo) Corp - •
% Apr
200
1
Apr Memphis Nat Gas new5
.35
34
• 4
5
531
5,600
2% Feb
Strook & Co., Inc
534 Apr
235 Apr
100
351 Apr Middle West Utfl corn_ •
33( 351
he
51
1,300
54 Jan
Stutz Motor Car
8% Feb 1755 Jan Miss River Power pref_100
1251 1355
51 Jan
1,600
• 1354
75
75
10 75
Apr 7855 Apr
Sun Investing Co
155 Feb
3
100
3
3
Apr Mountain Sts To tit Tel 100
85
85
10 80% Apr 96
Swift & Co
Jan
1355 16
64,500
25 15%
Feb
16% Apr
7
National P & L $6 pref._• 4831 4851 5054
600 34
Apr 69
Swift Internacional
Jan
1951 23
13,300 12% Feb 25
15 2155
Apr New England Pow Assn
6% preferred
100 32% 3154 37
390 2655 Apr 48% Jan
Taggart Corp
•
I% Apr New England Tel & Tel 100
3( Apr
55
55 • 200
78
78
100 75
Apr 94
Technicolor Inc corn
Apr
3% 354 3,500
355
244 Feb
•
4
Jan NYP& L
77
78
pref_ _ _100
10(
77
Apr 99
Tobacco & Allied Stocks. •
Jan
29
Jan 30
29
100 22
Jan
NY Telep 655% pref._100 11055 109% 11051
225 109% Apr 11651 Jan
Tobacco Products of Del.1
e
Si 6,400
he Apr
36
he Jan Niagara Herd Pew Tobacco Products Export •
yi Apr
55 Jan
300
35
54
Common
931 1 1 55 8,200
15 10%
835 Mar 16 54 Jan
Todd Shipyards
1055 11%
•
300 ION Feb 12
Apr
Class A opt warrant....
1,800
34
'es Apr
Transcont Air Trans
0151, Jan
254 Jan
435 5% 2,600
5
•
5% Jan
Class B warr
2
2
10(
Trans Lux Pict Screen
1% Mar
3 15 Jan
Nor States Pow corn A.100 25
2451 26
2,300 23% Apr 40
Common
1%
800
2
155 Mar
Apr
Tr -Continental warrants__
2,900
I%
55 Apr
I% Apr Oklahoma Nat Gas prof 100
6% 6%
150
451 Jan
Tublze Chatilion Corp .1
7
Apr
2
1,900
Apr
455 6%
6%
6% Apr Pacific 0 & E 6% 1st Pt 25 2154 21% 22%
2,400 21% Mar 2554
Class A
Jan
13
300
951 13
855 Mar 13
Apr Pacific Public Service
Tung-Sol Lamp Wks
155 Jan
3
135 3
900
•
3
Apr
1st preferred
5% 5%
•
100
5% Apr
Ayr
Pa Water & Power Co_ •
44
4855 1,600 39
Apr 60
United Carr Fastener corn *
Mar
I% Feb
255 2%
200
254 Apr Philadelhpla Co corn
6
6
6
•
10
x5
United Chemicals Inc
Mar
Jan
8
Piffle Cleo $5 pref
9455 9455
•
•
2' 94% Apr 102
$3 cum & part pref
Feb
7
•
100
1055 1035
Jan 10% Apr Pub Service of Nor Iii.. •
22
22
50 22
United Dry Docks corn_ •
Apr 4351 Jan
1,000
51 Mar
% Apr Puget Sound P & L36
36
United Founders new___ _1
15,,
22,600
4( Apr
I% Mar
$5 preferred
12
17
• 17
so 12 Apr 255.1 Jan
United Profit-Sharing--- -•
55 Mar
100
3'
• 12
34
34
$6 preferred
12
1751
51 Feb
30
8
United Shoe Mach com_25 3834 3855 393.4
Mar
1751 Jan
675 30% Mar 40
Apr
Preferred
25
3855 39
250 3055 Mar 39
Apr Shawinigan Wat dr Pow_.•
9
9%
1051
1,600
8
US & Internixt'l Secur___•
Feb 1151 Jan
Sou Calif Edison
Ti.
Common
•
1,200
'ii Jan
31
7% preferred series A.25
• 51 Jan
2335 23%
600 22% Apr 27
1st pref with warrants.."
Jan
2455 25
500 17% Mar 25
Apr
6% wet/3er 13
19% 20
25
1,600 1955 Mar 24% Feb
United Stores Corp v t c.
300
555% preferred C
51 Jan
% Jan
51
31
1755
1735 • 1755
100 1.755 Mar 22% Jan
S Finishing Co
*
• Feb
2% 2%
100
2% Apr So'west Bell Tel prof...100 111
III
111
50 111
Apr 161% Feb
U S Foil class 13
1
1
254 Apr
1,000
3
355
3% Apr Standard P & L corn
• ....
5
5 •
100
Feb
555 Jan
U S Playing Card corn...10 15%
1,900
8
155( 16
Mar 16
Class B common
Apr
•
555 555
100
5
Apr
75,5 Feb
Universal Ins Co
3
5
20
100
5
Jan
5
I'referred
*Feb
24
26
100
27
400 16
Apr 36
Utility Equities common.'"
Jan
1%
1% 1%
500
15( Apr
2% Mar Swiss Amer Flee pref
22
2255
200 18% Mar 33 ' Jan
Priority stock
•
3131 334
310 25
Apr 41
Jan Tampa Electric Co
• 22
21
22%
600 1935 Apr 26% Feb
Utility & Indus Corp_
•
'100
1
1
1
Feb
1% Apr
Cony preferred
155 Apr
900
•
2
2%
3% Jan Union Gas of Canada__ •
2
2
100
1% Apr
Jan
3
United Corp warrants
2%
255 255
800
151 Mar
355 Jan
Van Camp Packing
100
55 Jan
54
34
3( Mar United Gas Corp corn newt
1% 2
1%
14,800
155 Feb
2% Jan
7% preferred
25
700
51 Jan
51
Pref non-voting
3-1
34 Mar
51
• 19% 19% 22
2,900 13
Feb 29
Jan
Walgreen Common
• 14
14
14
200 11% Feb 1451 Apr
Option warrants
55
54 1,000
51 Feb
Hiram Walker-Gooderham
1-4 Jan
United It & Pow corn A__•
3
2% 355 11,700
2
Mar
4% Jan
& Worts Ltd corn
•
555
5
534 Apr
5% 2,100' 355 Feb
Common clas II
•
251
254
234
200
Feb
5
Feb
Cumulative pref
•
9
7% Feb
1,200
9
9
9
Mar
$6 cony 1st pret
• 11
10
14% 2,800
Apr 19% Jan
Warren (John) Watson_ *
31 Jan
2,800
g Apr US Else Pow with wart_ •
%
Si
55
35 • 800
§ i Apr
13.4 Jan
West Auto Supply el A. _*
955 Jan
1455 1655
400
1655 Jan
Warrants
1,100
Apr
51 Feb
%Vest Tablet dc Stat V t o_ •
6
100
6
6
Apr
6
Apr Utah Pr & Lt $7 Prof
24
2535
125 20
Mar 36
Jan
•
Wilson Jones Co Corn
751 7%
Jan
100
751 Apr Util Pow & Lt corn
•
1%
155
154
3,600
155 Jan
51 Apr
Woolworth (F WI Ltd
Class B vtc
431 r551
200
2
Man
8
Feb
1434 15
Amer den rot* for ord shs
700 11% Jan
15% Apr
7% preferred
100
10
1054
25
5% Apr 254 Jan
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
Sale
Former Standard Oil
Week.
of PriCLS.
Subsidiaries Par Price. Lou'. High. Shares.
50
Buckeye Pipe Line
25
Chesebrough Mfg
Cumberland Pipe Line-,
Liquidation ctfs
25
Humble Oil & Ref
Imperial Oil (Can) couo--•
Registered
10
Indiana Pipe Line
5
N Y Transit
10
Northern Pipe Line
Ohio Oil Co 6% pref___100
25
South Penn 011
SolVest Pa Pipe Line_ _ _50
Standard 011 (Indiana)_.25
Standard 011 (KY) , 10
25
Standard 011 (Neb)
Standard 011(Ohio) corn 25
100
5% preferred
Other Oil Stocks
1
Amer Maracaibo Co
Arkansas Nat Gas corn_ •
•
Common clasa A
100
, Preferred
Atlantic Lobos 011 nom_ •
Preferred
50
British Am Oil coupon_ •
25c
Carib Synd cate
Colon 011 Corp corn
•
Columbia Oil dr Gas
10
Consol Royalty 011 vte.Cosden 011 Co
Ctfs of deposit
Creole Petroleum Corp_ _•
Crown Cent Petrol com__•
•
Darby Petroleum corn
•
Derby 011 & Ref com _
•
Preferred
Gulf Oil Corp of Penna__25
International Petroleum.•
•
Kirby Petroluem
Leonard Oil Develop_ 25
•
Lion 011 Refining
Lone Star Gas Corp
Niexico Ohio 011 Co
Middle States Petrol
•
Class A vte
Class Byte
•
Mountain Producers_ _ _10
•
National Fuel Gas
New Bradford Oil Co___25
5
Nor Cent Texas Oil
Nor European 011 corn_ _ _•
Pantepec 011 of Venez
Petroleum Corp of Amer
Stock purchase warr_
--Pure Oil Co 6% pref _ 100
Root Refg pr prof new. 10
Ryan Consol Petrol
Salt Creek Consol Oil_ _10
Salt Creek Prod Assn_ __10
Southland Royalty Co_ _.5
5
Sunray 011
•
Taxon 011 & Land Co_
Venezuela Petrol
5
1
Woodley Petroleum
z331
3131
2331
124
6
51
834
9
2134
3
5
73
1434
29
23
12
114
• 16%
65
Jan
Apr
29
90
Apr
Jan
.200
6
5434 6,600
21,800
10
200
934
400
4
100
3
100
5
100
73
1531
1,300
250
314
244 69,000
13
5,700
400
114
1831
1,100
65
20
5
40
634
631
334
3
44
704
11
2434
17
834
11
1534
60
Jan
Mar
Mar
Apr
Feb
Feb
Apr
Apr
Feb
Mar
Mar
Mar
Apr
Mar
Apr
6
5434
10
94
4
34
531
76
1534
33
2431
13
144
21
85
Apr
Apr
Apr
Apr
Feb
Feb
Jan
Jan
Apr
Jan
Apr
Apr
Jan
Jan
Jan
2,100
600
5,100
200
300
300
500
600
300
900
20
'is
131
zl
2
3ts
31
634
34
34
34
1
Mar
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Feb
Apr
Jan
34
2
2
334
34
2
834
1
%
14
1%
Jan
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Apr
200
300
31
131
1%
2%
%
1%
131
234
.
14
A
1%
1%
834
35
34
1
14
2
831
31
3-4
14
1%
4%
131
2
2%
1,00
434 54 25,300
4 n1
167
1%
14
234
34
35
1331
64
5
1
3%
1234
.3
Feb
Mar
Apr
Ma
Feb
Jan
Apr
Jai
Apr
Feb
34 Apr
2
Apr
254 Apr
3731 Apr
13% Apr
Mar
1
Ii, Jan
234 Jan
731 Jan
5
Apr
1,100
600
500
1.700
1,200
200
6,300
%
34
234
10
A
31
Jan
Jan
Jan
Fe
Jan
Apr
Jan
134
31
4%
134
1%
134
3-4
1
131
35
31
331
4
114 1231
A
1
135
135
35
h
1,500
.1
13
294
24
431
4
1
14
34
ri
44 455
34 4
31
35
a731 8
31
A
135 135
800
240
200
600
3,200
1,600
1,200
5,382
2,700
200
100
32%
4134
29
1634
131
225
25
26
%
.34 2,400
1,000
%
%
300
24 235
,
400
34
3,4
34 32,200
300
h
34
200
114
.
1
1,100
A
A
4
44 3,400
7
731 12,600
5
631 35,400
300
%
34
30% 354 22.200
5,100
404 45
25% 3131 20,600
1,900
14% 1635
1.500
155
135
Ohio Copper Co
1
Pacific Tin spec stk
•
Pioneer Gold Mines Ltd...1
635
Premier Gold kilning _ _ _1
34
Roan Antelope Copper_
-----St Anthony Gold klines_ _I
Shattuck Dann M ining. _ _5
131
Silver King Coalition ...5
5%
So Amer Gold & Plat__ _5
Standard Silver Lead_ _ _1
35
Teck-Hughes Mines
1
3%
Tonopah Belmont Devel_
3i
United Verde Extension 50c
2%
Utah Apex Mining
5
1
Walker Mining Co
Wenden Copper Mining...1
36
•
V. right-Hargreaves Ltd_.
435
5
Yukon Gold Co
4,700
34
1,100
6%
5
631
731 38,400
7,200
34
31
10% 114 2,300
'
is
400
900
134
13-4
200
5% 54
1,200
131
131
34 86,500
334 431 26,400
50(
34
2% 33-' 5,300
100
60
9,600
4
43-4 25,10
3,000
"is
3-4
Mining
Bunker 11111 &
Comstock Tun& Drain Col
.5
Consol Copper m
Copper Range Co
Consul (I M
1
Cresson
Cusl Mexican Mining. _50c
Evans Wallower Lead corn•
Falcon Lead Mines
1
Goldfield Consol klines_10
Heels Mining Co
25
Hollinger Consol G M.
„5
IBM Bay Min & Smelt.
Kerr Lake Mines
4
Lake Shore Minas Ltd_ _ _ 1
New Jersey Zinc
25
Newmont Mining Corp 10
N Y & Honduras Rosario10
NipissIng
--------5
Bonds
Alabama Power Co
1st & ref 69
1946
1951
1st & ref 58
1956
lot & ref 5s
let & ref Os
1968
1967
let & ref 4 3-48
Aluminum Co a f deb 55'52
Aluminum Ltd deb 55_1948
Amer & Coni'wealtlis Pow
Cony deb Gs
1940
Amer & Continental 551943
Am El Pow Corp deb 6s'57
Amer U & El deb 5s_ -2028
Am Gas & Pow deb 68.1939
1953
Secured deb Os
Am Pow & Lt deb 0s.2010
Am Radiat deb 44s-1947
Am Roll Mill deb 55_1948
44% notes___Nov 1033
Amer Seating cony 65.1930
Amer Thread 5318---1938
Appalachian El Pr 58_1956
Arkansas Pr & Lt 58- 1956
Associated Elea 431s- _ 1953
-Associated Gas &.EI Co
1938
Cony deb 548
1948
Cony deb 4348
1949
Cony deb 445
1950
Cony deb bs
1968
Deb 5s
Cony deb 5348-----1977
1950
Assoc Rayon 58
35
135
25
A
34
4
73,4
5%
76
61'
56
844
GO
71
15%
75
164
1531
454
88
4831
GO
78
304
14
13%
14%
1431
374
24 Mar
631 Apr
e31 Apr
24
34
25
24
z834
h
31
131
431
2
Si
43.1
335
3a
134 Jan
234 Apr
34 Feb
500
334 334
134 2
600
25
2531
100
3331 37% 20,200
11
1331 193,100
31
1
400
100
A
A
174
131
100
3,100
634 7
5
800
4
34
35
High.
Low.
25
71
28
29
794 82
6
53
831
Range Since Jan. 1.
27,000
7,000
3,000
11,000
45,000
75,00
54,000
i.
Apr
Apr
Apr
Jan
Apr
Apr
Feb
34. Mar
% Apr
'is
21
4
%
34
3
334
h
64
34
131
Jan
Apr
Apr
Feb
Feb
Feb
Feb
Jan
Apr
Jan
Mar
'is Apr
404 Feb
434 Apr
1% Apr
34 Jan
431 Apr
44 Apr
Si Apr
84 Apr
'is Apr
274Jan
1431
31
34
131
'is
14:
34
Jan
Mar
Apr
Feb
Jan
.Jan
Feb
Apr
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Jan
31
31
34
24
31
1
35
'ii
34
5;(
834
64
.4
1
35%
45
314
113%
11
4
Jan
Jan
Jan
Apt
Mar
Jan
Feb
Jan
Mar
Feb
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Feb
las
634
731
34
114
h
2
5%
14
31
434
34
33,4
1
"is
%
4%
34
II6
I i.
24
54
2%
4
25%
26%
114
7%
1
3
331
,
le
7
A
234
7.4
.
14
33,4
34
1%
3,4
33,4
i„
Apr 10031
75
664 Apr 97
61
Apr 95
Apr 8934
59
Apr 813.4
54
Apr 99
80
47% Mar 6.1
75
684
61
59
54
83
5731
78
70
05
60
5734
84%
0034
1
66
15%
724
16
14
404
85
44
52%
25
9731
734
624
29
h Apr
1% 6,000
Apr
6.000 64
71
164 24,000 5124 Apr
Apr
7531 94.000 69
Apr
8,000 13
17
11
Apr
15% 44,00
4634 203,000 32% Apr
Apr
12,000 83
88
484 196,000 33 • Apr
Apr
60 193,000 45
Apr
1,000 22
25
5,000 964 Jan
96
714 Apr
37,00
7834
Apr
24,000 62
64
32 146,000 25% Apr
231
7234
26
92
29
25%
644
97
55
7031
36
98%
9731
904
4734
14
17
1231
14%
14%
18%
36 •
74,000
17
18% 71,000
1731 311,000
194 161,000
1834 240,000
20% 28,000
14,000
38
Mar
Mar
Mar
Mar
Mar
Mar
Apr
26
27
264
28
27
3535
52
13
12%
113.4
1334
13
HI
33
Apr
Jan
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Apr
Apt
Apr
Apr
Apr
Apr
Apr
Feb
Bonds (Continued)-
2943
,
1 rida9
Sales
Last Week's Rang( for
o Prices.
lreek.
Sale
Price, Low. High.
Range Since Jan. 1.
Low.
Assoc Simm Hard 634 '33
1,000
6
7
7
Assoc T & T deb 5315 A '55 2431 2134 , 2431 65,000 15
Assoc Telex) Util 5345_1944
5
89,000
6
a531 7
6% notes
14
1933
1,000 13
14
•
Atlas Plywood 5.45___1943
33
2,000 27
33
Baldwin Loco Wks 5315'33
6331 65
8,000 50
Ctfs o Ideposit
64% 14,090 4815
61
63
Bait & Ohio Os ser F__1996 45
45 471,000 32
40
Bell Telep of Canada
1st M 55 series A.._1955 8931 a8731 894 23,000 87
lst M 58 serles B_ _ _1957 8831 87
89
20,000 8534
Ist M 5s ser C
9031 903.
j 3,000 . 87
1960
Birmingham Rice 44s 1968
60 • 4,000 60
60
6,000 40 •
Birmingham Gas 58...1959 404 40
41
Boston Consol Gas 55_1947 9931 9931 100
3,000 9934
Broad River Pwr 58 A _1954
33
35
17.000 2734
Buffalo Gen Elec 5s_...1939 1027-4 102 1023-4
7,000 101
6434
2,000
Canada Nor Power 55_1953
63
Canadian Nat Ry 75_1935 99
11,000
99 100
Canadian Pat Ry 65_1942 76
47,000
7531 77
Capital Adminls 5s_ __ 1953
Without warrants
1,000
70
70
With warrants
70
7.000
68
91,000
Carolina Pr & Lt 5s_ _ _ 1956 6331 5434 64
Caterpillar Tractor 5s_1935
21,000
8831 90
Cedar Rapids M & P Os '53
8834 34,000
87
Cent Ariz Lt & Pow 55 '60 79
7834 7931 23,000
2,000
Cent Illinois Light 50_1943 10/
101
101
Central Ill Pub Service
5s series E
1956 5531 52
5534 35,000
1st & ref 43-4s set F.1967 49% 48% 514 62,000
5s series G
1968 5431 5231 54% 19,000
504 25,000
4931 48
1981
4413 series II
9,000
Cent Ohio L & P 5s_ 1950 58 „
5534 58
5,000
Cent Power is ser D_ _1957 5231 5134 5231
5031 47,000
Cent Pow dr Lt 1st 55.1956 4934 49
Cent Pub Serv 5 3.1s_ _ _ 1949
274 22,000
With warrants
234 a234
61,000
30
32
Cent States Elec
_1948 30
Deb 5315 Sept 15 1954
55_With warrants
29% 294 3231 157,000
5,000
Without warrants__ _ _ ------ 3235 3231
78,000
Cent States P & L 5
28
32
'53 30
43,000
Chic Dist Elea Gen 4318 '70 6031 6034 62
1.000
78
Deb 5.34s
78
1935 78
35
35
5,000
Chic Pneu Tool 534s f42
22,000
Chic Rye 52 ctfs
1927 51% 5131 53
6,000
Cincinnati St Ry 68 B.1955 49
4834 49
Cities Service 55
1966 2934 274, 3234 64,000
Cony deb 5s
1950 3031 2834 3431 914,000
Cities Service Gas 531s '42 46
45
47
8,000
Cities Sem Gas Pipe L '43 6234 60
,
6331 25,000
Cities Serv P & L 545 1952 2934 2734 32 205,000
5315
1949 30
2734 32 34 100,000
Cleve Elec III 1st Is._1939
1954 10331
10331
Com me 5esi8 d Priv at 1961
5os sn rr es un
Ba se z A13
ek
1937 55
Commonwealth EdisonIst M 5s series A...1953 9334
1st ki 55 series B_ _ _1954 94
1st 431s series
_1956 87
87
lot Si 474* series D
C_4348 series E
-11995607 86
1st M 4s series F.-1981 79
5
series 0
1962 9831
Corn'wealth Subsid 531s'48 613.4
Community Pr & Lt 58 1957 3934
Connecticut light & Power
1954
531 series B
1956 99
41s series C
3
1962
58 series D
Conn River Pow 5s A 1952 9231
Consol G, EL & P 431s '35 10131
Consol Gas El Lt & P (Balt)
1969 10131
44s series G
4 1 ..s series H
.
,
1970
let cafe 14s
1981 94
Consol Gas (Bait City)
1939
5s
Gen Rime 43--4s
1954 10034
Consul Gas Utll Co1st & coil Os ser A._1943 31
Deb 6318 with warr 1943
Consumers Pow 4315_ _ 1958 9334
1st & ref Os
1936 1014
Cont'l Gas A El 5s. _ _1958 4435
Continental 011 5345_ _ 1937
Crane Co 5s_ _ _ _ A ug 11940 69%
Crucible Steel deb 55_1940 474
Cuban Telephone 734a 1941 60
Cudahy Pack deb 5315 1937 893-4
Sinking fund 55_ _ _ 1946 100
Cumber"d Co P&L 4345'56 724
High.
Mar
Feb
Mar
Apr
Mar
Apr
Apr
Feb
Feb
Apr
Mar
Apr
Feb
Apr
Apr
Feb
7
2634
244
5331
41
8634
65
45
Feb
Jan
Jan
Jan
Jan
Jan
Apr
Apr
10031 Jan
100
Jan
10034 Jan
80
Jan
5731 Jan
Jan
105
4831 Jan
1074 Jan
59
Mar 674
98
Apr 102
7031 Mar 9234
Jan
Jan
Jan
6734
67
54
88
8631
7734
984
Apr 7731
Apr 7731
Apr 7334
Mar 9774
Mar 9834
Apr 934
Apr 105
Feb
Feb
Jan
Jan
Jan
Jan
Jan
52
4855
52
48
5334
49
42
Apr
Apr
Apr
Apr
Apr
Apr
Apr
7931 Jan
7334 'Jan
Jan
78
73
Jan
Jan
76
75
Jan
67
Jan
34 Jan
274 Apr
434 Star
46
Jan
28
29
2334
584
74
2331
47
4831
244
244
42
54
25
254
Apr 47
Apr 35
Apr 41
Apr 8431
Apr e94
Jan 35
Mar 59
Apr 634
Mar 303.4
Mar 3874
Feb 58
Jan 74
Apr 41
Apr 4131
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1024 10334 29,000 1014 Star 10631 • Jan
102% 10434 18,00 1024 Apr 10834 Jan
Jan
10334 1034 6,000 102
Apr 110
.52
a91
92
083
8331
8431
7631
9634
57
3831
106
99
10131
91%
100%
55
9334
94
8834
8734
8734
793-4
9831
6131
40
18,000
Apr
684
Jan
1064 5,000 10234 Star 11034 Jan
99
3,000 99
Apr 10531 Feb
10231 13,000 9331 Apr 10734 Feb
93
49,000 9131 Apr 100
Jan
1014 11,000 99 34 Mar 10434 Feb
101 102
9,000
9634 9634 17,000
9431 48,000
93
104 104
9934 10034
303-4
4
924
100
4434
94
6734
4234
'57
8931
100
7234
4734
23,000 z9134 Apr 1064 Jan
Apr1054 Jan
18,000 92
54,000 zS34 Apr 1024 Jan
20,000 833.5 Apr 10134 Jan
43,000 82
Jan
Apr 101
117,000 7434 Apr
9331 Jan
102,000 95
Apr 1064 Jan
110,000 57
Apr 864 Jan
41,000 364 Apr 5231 Jn
Jan
98
Apr 106
9631 Apr 1074 Jan
9134 Apr 9934 Jan
1,000 10334 Mar 10834 Jan
8,000 9734 Apr 1073.4 Jan
31% 33,000 21
Jan 3134
4
Apr
534
4% 4,000
9331 58,000 9011' Apr 10434
Mar 106
10234 72,000 100
Apr 6131
46% 342,000 37
klar 9834
9631 51,000 92
36,000 65
Apr 7034
70
Apr 554
474 96,000 25
10,000 5531 Apr 73
60
9034 51,000 87
klar 924
10034 13,000 9931 Mar 10334
12,000 7234 Apr 9134
73
Mar
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Feb
Apr Dallas Pow &.Lt (18...l949
10131 11,000 100
101
Feb • Is series C
9931 1004 6,000 • 9934
1952
Feb Dayton Pow & Lt Is..
_1941 10034 100 1014 65,000 99
Apr Del Elee Power 534*. _1959 8516,000 60
65
62
Apr Denver Gas & Elm 53.1949 9831 9631 9931 8,000 9631
Apr Derby Gas & Elea 5s_ _ 1946
65
15,000 623-4
64
Apr Det City Gas Os ser A 1947
7934 81
9,000 75
Apr
17,000 6934
55 1st series B.
71
70
_1950 70
Apr Dixie Gulf Gas 631s 1937_With warrants
9,000 70
76
48
Duke Power 43.4s
88
1,000 88
88
East Utilltles Invest 1967
Jail
Os with warrants.. _1959 1334 a1331 1434 49,000
931
Jan Edison Elea III (Boston Jan
2-year 55
99341003-4 173,000 994
1934 100
Jan
5% notes
1935 100
9934 1003-4 155,000 9531
Jan El Paso Natl Gas 63-54 1943
Jan
With warrants
1.000 40
45
45
Jan Elec Power & Light 58_2030 30
2834 3134 483,000 21
El Paso Electric 5a____1950
69
69
2,000 65
Jan Empire Dist El 58_ _ _1952 4531 44
47
36,000 37
Feb Empire Oil& Ref 545 1942 3834
37
3934 98,000 2834
Jan Ercole Marelli Elec Mfg
Jan
Ohs with warr_ _1953 7031 70
71
10.000 66
Jan Erie Lighting rot
93
93°%
1067
2,000 90
Jan European Elec 6 35s_ _ _ 1965
7
Jan
Without warrants
63
63
4.000 60
Jan European Mtge Inv 75 C'67
25
30
27,000 23
Jan
Jan Fairbanks Morse deb 58_'42
5,000 46
5035 51
Jan Farmers Nat5itgeInst7s'63 2831
2814 2834
3,001
24
Apr Federal Water Serv 034554 26
77.000 18
021
26
Jan Finlanikis os Idential Sltge
B at c Res
Jan
50
494 5031 30,000 38
Jan Firestone Cot Mills 5s1.'98 79
961
28,000 68
7834 80
Firestone Tire & Rub 58'42
83
8474 22,000 71
Jan First Bohem Glass Works
Jan
78 without warrants 1057
1,000 60
6331 6374
Jan Fisk Rubber 53.1s__ _1931 4931 4631 4931 20,000 37
Jan
Certificates of deposit... 4831 4531 49 242,000 36
Jan
8.8 ctfs of dep
533,4 58 137,000 40
194
5731
Jan Ma Power Corp 545.1979 5031 5034 5131 28,000 44
Jan Florida Power & Lt 5s 1954 5734
55
00 168,000 48
Apr
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Apr 10834 Jan
Feb103% Feb
Apr 1004 Jan
Apr 83
Feb
Apr 1023,4 Jan
Apr 7434 Jan
Mar 983.4 Jan
Jan
Apr 91
Apr 87
Apr 102
Jan
Jan
Feb
23
Jan
Apr
Apr
1034
10334
Jan
Jan
Apr
Apr
Apr
Apr
Apr
5734
4734
8631
4834
48
Jan
Jan
Jan
Jan
Jan
Apr7635 Feb
Apr104
Jan
Star
Apr
703-4
36
Jan
Jan
Apr5214 Jan
Slur 30
Jan
Apr36
Jan
Jan
5074
Mar 8535
Apr88
Apr
Jan
Jan
Jan 654 Jan
Mar 50
Apr
Feb49
Apr
Apr
Feb56
Apr 6234 Jan
Jan
Mar 70
Financial Chronicle
Bonds (continued)
-
Friday
Sates
Last Week's Range for
Week.
of Prices.
Sala
Price. Low. High.
Ha66ensac. Water 58_1977
68-------1938
Hall Printing 5348-1947
Hamburg Electric 75_ _1935
Hamburg El & Und 5348'38
Hanna(M A)65
1934
Hood Rubber 10-yr 5365'36
75
1938
Houston Gulf Gas- .
1943
lst 68
634s with warrants.,1943
Hous L & P 1st 4Hs E 1981
Ist & ref 4365 ser D'..1978
1953
5s aeries A
Hudson Bay M & S 58_1935
Hungarian Hal Bk 734s '63
hydraulic Pow (Niag Falls)
1950
1st & ref 58
Bygrade Food Products
1949
6s series 1.1
Idaho Power 56
1947
Illinois Central RR 4345'34
III Nor Utilities 58- _1957
Illinois Power 58
1933
III Pow & L 1st 6s8er A '63
1st & ref 534s ser B_ 1954
let & ref fa ser C-_ _ 1956
81 deb 534sMay 1957
Independent 011&Gas 68'39
Indiana Electric Corp-1947
6s series A
1953
634s series B
1951
56 series C
Indiana General Serv 5s '48
Indiana & Mich Elea
let & ref 55
1955
Indiana Service 5s_ _ _ _ 1963
1st & ref 55
4_1950
Indianapolis Gas 58_ _.1952
Ind'polla P & L 58 ser A '57
International Power Sec
Secured 6 Hs ser C._1955
1957
7s series E
1952
75 series F
International Salt 58,1951
International Sec 5s 1947
Interstate Ir & Steel 5348'46
Interstate Natural Gas
65 without warrants 1936
Interstate Power 55_ _ _ 1957
1952
Debenture (is
Interstate Public Service
D
1956
Se
1958
4368 series F
Invest Co of Amer 56_1947
Without warrants
Iowa
-Nab L & P 5a
1957
Is series Is
1961
Iowa Pub Serv 551_
Isarco-Hydro-Elect- 1952
713
Isotta Fraschini 76--..1942
Without warrants
Italian Superpower of Del
Dabs 81 without war '63
67
42
5034
94
50
8934
95
63
92
97%
63
49
41
8134
8235
87
44
90
4334
58%
55
54
4234
52
82%
17%
18
78
87
88
77
47
4634
2334
4934
46
18,000 35%
120,000 5934
15,000 39
12,000 39
2,000 843,4
65
63
64%
6134 . 6034
71
77
67
66
64%
6734
77
76
76
76
38%
3734 3934 19,000
65
Jacksonville Gas 56-1942 41
40
43%
loo
Jamaica Water Sup5%a 55
Jersey C P & L 5s B
90
1947 87,4 86
4348 series C
1961 83% 80% 8334
Jones & Lau'lln Steel 58'39 101% 101% 102
Kansas Power 58
68
68
1947
Kansas Power & Light
195.5 87
6s sada;A
8634 88
Kentucky Utilities Co
55% 57
1st M 58
1981
70
67
6365 series D
1948 70
62
5365 series F
62
1955 62
53% 57
55 series I
1969 57
72
72
Kimberly-Clark 58 A_ _1943
Koppers0& C deb 55 1947 7334 72
76
Sink fund deb 5345_1950 77
7334 08
Kresge (SS) Co 55._ _ _1945 85
85
81
50
Laclede Gas 5345
1935
Laratan Gas Corp 63451935 7634 75%
Eehigh Pow Secur 68_2026 73% 6536
38
Leonard Teitz
_1946 38
Libby
Libby MoN & 736s--58'42 60% 52
80.
Long Island Ltg 65.__1945
Los Angeles Gas & Eleo1942 100% 100%
65
92
1961
let & get' 58
101
1939 102
5s
Louisiana Pow & Lt 58 1957 7536 7434
.1e
Louisville Gas .Elea
100%
1937
66 series A •
Manitoba Power 5368_1951 25% 20%
Mansfield Mining & Smelt
4834
78 without warrants_ 1941
4834 4834
75 with warrants 1941
Low.
High.
Bonds (Cotainued)-
Friday
Sates
Last Week's Range for
of Prices.
Week.
Sale
Price. Low. High.
$
Range Since Jon. L
Low.
High.
Maas Gas Co
35,000 71% Apr 94% Jan
Sink fund deb 58-1955 7234 7134 74
Apr 99
78
80
26,000 75
Jan
1946 79
63451
82
82
1949 82
Mar 8831 Feb
4,000 80
Mass UM Assoc 55_
9334 9334 1,000 92
Jan 95
Jan
Melbourne El Spy 71481946
Metropolitan Edison
13,000 68
68
74
Apr 86
Jan
1971
415 series E
Feb
21,000 100% Mar 103
9,000 79
79 n83
1962 81
Apr 97% Feb
55 series F
Mar 10334 Jan
18,000 99
34
3934 7,000 27% Mar 44% Jan
Mar 104
Feb Middle States Pet 6345 '45
25,000 100
Jan Middle West Uti NiesApr 75
1,000 65
9
934 7,000
9% Apr
3% Mar
9%
Jan
58 etre of deposit_ 1932
Mar 22
6,000 12
9%
9% Apr
834 9% 18,000
3% Mar
Sc ctfs of deposit_ _A933
Jan
11,000 1734 Mar 28
8
3% Mar
934 18,000
9%
934 Apr
Feb 67
55 ctf8 of deposit_ _1934
Apr•
33%000 22
8
434 Mar
9% 20,000
9% Apr
55 ctts of deposit. _.1935 • 9,4
Apr
28,000 3s34 Mar 49
11,00 17
41 , .46
Feb 46
Apr
Feb Midland Valley RR 58 1943 46
Mar 18
4,000 11
Apr 102% Jan
1
Apr Milwaukee Gas Lt 4346'67 9231 9134 9234 8,000
10,000 10% Apr 15
Jan
2% Apr 90
Minneap Gsa Lt 4345_1950 72% 7234 73% 5.000
a1003-4 10134 8,000 100
Mar 103% Feb
Apr 90% Jan Minn Gen Elec 5s._ _ _1934
67 253,000 60
62
• 99% 9934 1,000 9934 Apr 9934 Arp
Registered
Apr 59
Jan
40
42
23,000
40
57
1978
60
Apr 81
23,000 57
Jan
Minn P & L 4368
70'
70
1,000 70 .Mar 87
1955
Jan
58
3934 4434 33,000 38;4 Apr egg Jan
Apr 102
38,000 89
Feb
9036 93
22,000 44
45% 48
Apr 7334 Jan
Jan Missisiiippi Pow 55-1955 48
Apr 58
45% 53 272,000 45
29,000 50
Apr 83
Jan.
Apr 8634 Feb Miss Pow dr Lt 5s. 1957 ------ 53% 60
76
13,000 75
75
79
79
1.000 79
Apr 9234 Feb
Missouri Pow & Lt 534a '55
28,000 98% Apr 10534 Jan
Apr 7234 Apr' Miss River Pow 1st 55_1951 9934 98% 100
6934 72% 15,000 55
37% 41% 33,000 37% Am 65
Jan
Feb 87% Mar Missouri Public Barr 55'47 41
3,000 77
84 . 86
Apr 100% Jan Monon West Penn Pub Ser
95
94
6,000 94
5934 15,000 48
Jan
1st lien & ref 5345 B 1953 5634 53
Apr 76
Apr 60% Jan
52
'2,000 50
50
2934 3034 6,000 27
Jan
Apr 48
Jan Montana-Dak Pow 534534
90% 14,000 89
Apr 101
89
Apr 10636 Jan Montreal L H & P Con
9536 8,000 95
95
58,000 84
Feb 9634 Jan
let 65 ref 5s see A.._1951 85% 85% 89
Jan
1236 Apr 21
4,000
1434 15
85% 8634 14,000 82
1970
56 series B
Feb 9534 Jan
29
1,000 26% Apr 38% Jan Munson SS Line 6346_1937
29
10
1034 13,000
8
Jan
With warrants
Feb 11
Apr 101% Feb
93,4 9634 154,000 92
9334 13,000 92
Mar 100% Jan
93
96% 97% 42,000 9634 Mar 103% Jan
Jan Narragansett Elea 5e A '67 97
Apr 82
37,000 50
58% 65
4,000 96
•9634 97
1957
Jan
SaserlesU
Apr e103
Apr 74
Jan
1,000 53
58
58
61
67
51,000 50
Jan
Nat Pow 6, Lt 66 A_..'1026 66
Mar 85
Jan
Deb 58 series B...2030 57% 54% 6834 198,000 41
Mar 74
Feb
9,000 90% Apr 99
90% 92
Mar 10234 Feb Nat Public Service Se1978
49,000 96
97% 99
Certificates of deposit.-. 13% 13% 1434 50,000 11% Apr 2334 Jan
Feb
Mar 65
9,000 49
58% 63
89% 90% 28,000 83% Jan 90
1956 90
Apr
72% 8,006 62% Apr sag Jan National Tea 55
68
89% 8934 8,000 89% Apr 10134 Jan
Apr rsg Jan Nebraska Power 4348_1981
48,000 43
44
50
80
80% 6,000 80
2022
6s ser A
Apr 9834 Jan
Jan 09' Apr
99
58,000 92
97
Apr 25% Feb
Mar Neisner Bros Realty 65 '48 sog 1934 22% 30,000 17
4,000 31% Mar 40
3631 40
5034 58% 128,000 4754 Apr 69% Jan
Feb 48
Apr Nevada-Calif Elect 58.1956 57
47
2,000 44
47
8936 90
5,000 89
New'Amsterdam Gas 58'48
Apr 102% Jan
42% 95,000 37
Apr 59% Jan
23,000 31% Mar 51% Jan N E Gas & El Assn 68_1947 42% 40
38% 41
39% 42
43,000 3834 Apr 60
1948 42
Jan
Cony deb Se
9,000' 21% Mar 37% Jan
27. 32
3934 43 103,000 3754 Apr 59,4 Jan
1950 43
Cony deb 5.
80% 81% 8,000 7934 Apr 96% Jan
78% 82% 22,000 7836 Apr 9634 Jan New Eng Pow Assn 58_1948 47% 46% 5934 57,000 35,4 Mar 6234 Jan
Debenture 53455.---1954 4834 a4834 53% 129,000 40
Apr 104
Mar 65% Jan
Jan
92
1,000 90
92
Jan
Mar 89
Apr 66
Apr New ON Pub Serv 434s '35 46% 43% 48, 40,000 40
85
8734 30,000 77
27
3234 18,000 2534 Apr 4934 Jan
1949 32
65series A..
11,000 35% Feb 44
Apr
44
41
NY & For'gn by 53481948
65
65
5,000 65
Apr 7834 Mar
With warrants
5,000 99% Apr 107% Jan
9934 al01
88
oo 11,000 88 Apr 95 Jan
NY Penna & Ohio 4346'35 90
Jan
Apr 99
Apr 48
Feb N Y Pact Corp 1s1 4345;'67 86% 83% 86% 183,000 82
3,000 40
a44% a44
NYStateO&E 4345_1980 69% 6834 71% 38,000 6834 Apr 91% Jan
80
80
1,000 80
1962 80
Jan
88% 90
Apr 105
10,000 8834 Apr 102% Jan
5345
8434 87
10,000 82
Apr e46% Feb NY 65W'chester Ltg4s 2004 86%
Apr 9734 Jan
4034 43% 66,000 33
87
87% 8,000 85% Apr 100% •Feb
105 105% 13,000 10134 Mar 10834 Jan
9934 99% 1,000 9934 Apr 8100% Jan Niagara Falls Pow 651_1950
9734 99
20,000 97% Apr 106
Jan
1959 99
Apr 77
56series A
Jan
60
60,000 52
54
44
24,000 3534 Feb 46% Apr
Apr 72% Jan Nippon Elea Pow 6348 1953 4234 42
56
57,000 50
50
•
93,000 4534 Apr 71
Jan No American Lt & Pow
47% 55
72
6,000 6936 Apr 91
Jan
38
4234 45.000 38
5% serial notes___ _1936 ------ 70
Apr 60,1 Jan
74
74
4,000 74Apr 92
Feb
1935
5% serial notes
90% 091% 6,000 8434 'Mar 89036 Apr
86% 8634 2,000 8634• Apr 96% Jan
1934
5% serial notes
26
94,000 21g Apr 66
61
1956 2434 22
Jan
Apr 91
6346 series A
14,000 57
Feb
58*
24% 16,000 23
23
2,000 62 'Apr 91
63,4 67
Feb 36% Jan
Jan Nor Cont ULU 530-1948
83% 86
5,000 8334 Apr 102% Feb
48% 52
21,000 48% Apr :78% Jan Nor Ind G & E 6s...1952
5,000 98
100 100
Mar 105
Jan Northern Indiana PS
60% 66
25,
59% Apr 90% Feb
1st & ref 5s ser C-1966 64
65
67
25,000 59
1969
Feb
82% 6,000 80
Apr 99
55 series D
Apr 91
Jan
80
57,4 18,000 54
5734 54
1970
434e series E
Apr 8534 Jan
1734 10,000 1234 Apr 30
Jan
17
8434 10,000 80
80
11,000 14
Apr 32% Jan Nor Ohio Pow & LI 5346'51 84
Apr 103% Jan
1634 18
2,000 '78
78
80
Nor Ohio Tr & Lt 58_ _1956 78
Apr 10034 Jan
•
Apr 83,6 Jan No States Pr 536% notes'40 7236 7234 73% 9,000 70
Jan
8,000 65
67
Mar 92
65
Refunding 434s. _..1961 82% 79,4 8234 35,000 75
Apr 97% Jan
73% 79% 74,000 73H Apr 95% Jan
58
11,000 65
55
N'western Pub Serv 56 1957 58
Apr 75
Jan
•5,000 80
88
Mar 91 Feb
87
Apr 1013.4 Feb
1945 8534 8534 8534 1,000 85
3,000 85
94
Mar 96
Jan Ogden Gas 58
88
Apr 98
Jan
Jan Ohio Edison 1st 55_ -1960 8134 7734 82 105,000 73
84
9,000 7934 Mar 90
80
9134 93
12,000 91
Apr 10434 Jan
76
7734 16,000 7434 Mar 8034 Jan Ohio Power 1st 56 13-1952 93
Mar 51% Jan
let & ref 4348 ser D 1956 86% 82% 86% 24,000 81
Apr 9934 Jan
4634 47% 20,000 40
Apr 42
42
13,000 21
33
Apr Ohio Public Service Co
75% 7,000 75
75
' Apr 0534 Jan
1953
6s series C
72 . 77 .11,000 64
Feb 105% Mar
1954 72
1st & ref 55 ser D
Mar 8934 Jan
2,000 103
105- 105
71
74% 5,000 70
1961 71
5366 series E
Apr 90
Jan
Jan
95,000 3834 Apr 61
43
47
49,000 7034 Apr 91% Jan
22% 24% 49,000 20% Apr 4354 Jan Okla Gas & Elec 5s....1950 71% 703( 73
63
66
5,000 63
-1940
Deb 65 series A.
Mar 78 34 Jan
47% 6,000 35
Mar 5934 Jan
4634 4936 35,000 4636 Apr 78% Jan Okla Pow & Water 5s.1948 47% 43
37
38% 9,000 36
Apr 72
1941
Jan Oswego Falls 65
Apr 63
45
4834 37,000 45
Feb
Gary El & Gas 58 ear A 1934 46% 40 • 49
Gatineau Power 1st 5s 1958 64 3-4 63% 6534
Deb gold 65 June 15 1941 47% 46% 49%
Deb 611 series B - _ 1941 47% 46% 47%
_1940 50
50
General Bronze 6s
50
Gen Motors A ccept'Corp•
1934 •101 34 100% 101%
.5% serial notes
100% 102
5% serial notes..._. 1935 101
10134 101%
5% aerial notes- 1936
70
General Public Serv 55 1953
70
15
Gen Pub Util 635e A-1956
1634
22%
21
1933 21
6%a
37
General Refactorine 5s 1933 62
67
Gen N at 14 ks & El 5s 1943 42% 41% 43
1944
11 •all 34
66 series B
Certificates of deposit-- 1035 1034 12
Georgia Power ref 5s...1967
Georgia Pow & Lt 5a_ _ 1978
Gesture! deb Gs
195.3
Without warrants
Gillett, Safety Razor Sc '40
Glen Alden Coal 48
1965
1935
Glidden Co 5%s
Gobel (Adolf) 6368_ 1935
With warrants
Godchaux Sugar 7345-1941
Grand Trunk RY 6%5 1936
Grand Trunk West 4s_1950
.r
Great N. Pow 58._ _ _1935
Great Western Power 56'46
Guantanamo & West 6s '58
Guardian Investors 5s 1948
with warrants
Gulf 01101 ra 55
1937
1947
Sc._
Gulf St, es ''1I 551_1956
1961
436s series B
Range Since Jan. 1.
April 29 1933
25,000
25,000
2.000
27,000
29,000
2,000
62
68
64%
60;6
71
Mar
Apr
Apr
Apr
Apr
63
Jan
3736 Apr
16,000 30%
2,000 •99
16,000 86
58,000 8034
5,000 101
1,000 68
13,000
12,000
6,000
5,000
36,000
1,000
88,000
50,000
8,000
7,000
52
7634 2,000
7434 200,000
.38
1,000
61
80,000
3,000
80
83
4834
48%
4,000
2,000
Jan
Jan
Jan
Jan
Jan
75 • Feb
8434 Jan
84% Jan
8334 Jan
86% Feb
7834 Feb
47
Jan
Apr 51
Apr 102
Apr 101.36
Mar 96%
Apr 103%
Apr 80
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Feb
Mar
Apr
Apr
Apr
Apr
Apr
Mar
Apr
95
75
93
8034
7434
81%
7934
82
96
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
47
Mar 64
58% Jan 76%
Apr 88%
66'
Apr 68%
38
4634 Mar 61
8
Apr 100
Jan
Apr
Jan
Jan
Apr
Jan
Mar 10434
Apr 103%
Mar 106%
Apr 9434
Feb
Jan
Jan
Jan
55
67
56
52
72
70
72
77
1003.1 2,000 100
7,000 92
93
6,000 100%
102
7635 54,000 7436
8,000
101
25% 55,000
Mar 72
Apr r73
Mar 54%
Mar 5336
Apr 51
99
20
Ma 102% Jan
Apr 46
Jan
4734 Ay
47
Apr
53% Feb
Feb
54
Pacific Gas & El Co
1941 104% 104 10534
1st 6a series B
1952 9934 98% 100,4
1st dr ref 58 ser C
9634 97
series D
1955
66
91
let & ref 43 E_....1957 8836 88
-Is
87% 90%
let & ref 434e F._ _ _ 1960 89
64
6834
Pao Inv 55 without war _'48
Pae Pow 65 Light 58.-1955 51,5 49% 52
Pacific Western 0116345'43
60% 63%
With warrants
80
81
Palmer Corp of La 68_1938
43
43
Park & Tilford 68
1936
6334 67
Penn Cent L & P430 1977 64
34% 3434
Penn Dk & Wareh'se 68'49
51% 53%
Penn Electric 48
1971 53
Penn Ohio Ed- .
63
57
wart 50 57
68 ser A without
48% 52
Deb 534s series B..,1959 52
86
88
Penn-Ohio P & L 6348 1954 88
97
97
Penn Power 58
1956
81
81
Penn Public Service 68 C'47
70
73
so
1954
5s series D
9934 101%
Penn W at is Pow 5s
1940
95
95
1968
4348 series B
Peoples Gas Lt & Coke
97% 98
434% serial notes.- 1934
74%
72
1981
46 series B
90 •93
1957 92
66 series C
1
St 1
Peoples Lt & Pwr 5s 1979
10434 105
Phil* Electric! Co 55-1966
10134 104
Phil* Elec Pow 634s 1972 104
46
4734
Phil!. Rap Transit 6a..1962 46
Phil* Suburban Counties
-1957 97% 97% 98
Gas &
Hydro El CoPiedmontElea4345-lst & ref 6 Hs el A.-1960 6734 67% 69%
64% 64%
Piedmont dr Nor Ry 5s '54
82% 82%
Pittsburgh Coal 655_1949
67
65
1948 65
Pittsburgh Steel 6s
33% 35%
1953 35
Pomerania Klee 6s
44% 4534
1939 45
Poor & Co 65
83
87%
Portland Gas & Coke 5s '40 83
74
75%
Potomac Edison 62 E.1956 74
1961 ,6734 6734 68%
4345 series F
24,000 101
60,000 9834
15,000 .9531
51.000 8634
74,000 86
10,000 64
119,000 48
Mar
Apr
Apr
Apr
Mar
Apr
Apr
112%
106%
106%
101%
10134
76%
71%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
52,000
2,000
4,000
44,000
3,000
29,000
6734
7934
42
60
30
5134
Apr
Apr
Apr
Apr
Jan
Apr
67
8834
45
80H
3434
7431
Jan
Feb
Jan
Feb
Mar
Jan
20000
16:000
63
45
Apr
r
40 4
21; 0
0 00
1,000
86
96
81
70
99%
95
Apr
Mar
Apr
Apr
Apr
Mar
82
7536
103%
104
100
93
108
10;
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
10,000 9736 Mar 100%
52,000 66
Apr 93%
67 000 87% Apr 106%
100 0
:0
8134
Feb
Jan
Jan
Jan
14,000 102
z74
56,000 10134
4,000 46
•
3,000 9734
Jan
31,000
1.000
34.000
2,000
1124:000
7,000
7,000
12,000
13,000
Mar 11034 Jan
Apr
Feb
Mar 108
Apr 60% Jan
Apr 104%
65
Jan
6034 , Apr
82
32 .A pr
Ap
63I.i Feb
41
83
74
67
76,4
72%
89
70
Jan
Feb
Jan
Jan
694 Jan
Apr aa
Feb
AD 100
Jan
Apr 89% Jan
Apr 8634 Jan
Bonds (COntintred)-
Sales
Friday
.Last Week's Range •for
Week.
of Prices.
Sale
$
Price. Low. High.
Range Since Jan. 1.
102
Potomac Elec Power 5s '36
40
Power Corp(Can)43581 '59 42
1
Power Corp of NY
10,000
1947
57
57
534a
1942
8534 12,000
85
6345 ser A
Power Securities 6s-1949
9.000
46
45
45
American series
9834 1003.4 44,000
Procter & Gamble 414s '47 99
5134 26,000
Prussian Elec deb 65..1954 5174 47
PuirServ Newark Term.
1,000
99
99
1955
Railway Co 5s
2,000
87
87
Pub Serv N H 4145 B 1957
7,000
10531 106
Pub Serv of N J pet offs _ _
- ---- Pub Serv of Nor Illinois
00
1956 7034 673.4 7034 23,0
1st & ref as
19,000
69
66
1966 69
53 series C
1978
6134 6534 16,000
4148 series D_
75,000
66
1st & ref 434s Ser E_1980 66. 62
6131 6634 106,000
1st d: ref 4346 ser F_ 1981 66
1937 8834 8414 89 169,000
614,, series 0
8414 75,000
1952 8334 80
.1314s series 11
Pub Serv of Oklahoma5834 5214 5834 29,000
&:AK..
5915 19,000
1957 5934 55
5s series D
4915 35,000
Pub Serv Sub 5345 A.1949 4914 46
5031 5234 84,000
Puget Sound P d: L 514s'49 52
1st & ref 5s ser C._ _1950 5134 4931 5134 39,000
4511 4934 71,000
1st & ref 4Hs ser D.1950 48
Apr 10631 Feb
Jan
Apr 46
Apr
Apr
52
85
Apr 10634 Jan
99
Apr 9531 Feb
85
Jan
10331 Apr 119
66
61
60
61
6034
8034
7534
Apr 10034 Jan
Jan
Apr 98
Apr 9034 Jan
Apr 9114 Jan
Jan
Apr 93
Apr 1074 Jan
Feb
Apr 100
5234
54
42
47
4514
40
Apr
Apr
Apr
Apr
Apr
Mar
71
Apr
85
Apr 1834
Mar 48
Mar 10834
Apr 67
Apr 604
Mar 85
Jan
Feb
Jan
Feb
Jan
Jan
Jan
97,000
25,000
2,000
90
7
68
Jan
Apr 102
Apr 1634 Jan
Apr 8334 Jan
4,000
99
Mar 106
13,000
14,000
31,000
Jan
Jan
7934 Apr 98
Jan
9734 Mar 105
48
Apr 6714 Jan
7
5534
30
4954
49
50
57
4834
65
23
Apr
Apr
Apr
-./c.ri
Apr
Apr
Mar
Mar
Apr
Feb
914
7234
5011
60
65
64
7031
65
7034
30
52% 6,000 48
Sou Carodna Pow 58..1957 52
51
Southeast P & L 65-.2025
521‘ 57 263,000 4714
Without warrants
57
Sou Calif Edison 55...1951 9534 9434 9631 96,000 9434
Refunding 5s
1952 9534 9511 95% 12,000 9414
9534 26,000 9434
Refunding &triune 1 1954 9534 95
Gen & ref Lis
1939 1024 101% 10234 21,000 101
8134 5,000 79
Sou Calif Gas Co 410.1961
79
2,000 95
95
5348 series 11
95
1952
15,000 7334
7331 74
Sou Calif Gas Corp 55_1937 . 74
10.000 77
79
Sou Counties Gas 43481968
77
1,000 9134
93
.Southern Gas6Hs__ __1935
93
Apr
66
Sod Indiana G & E 530'57
Sou Indiana Ry 45_1951
Southern Natural Gas 65'44
Unstamped
Stamped
Sweat Assoc Telep 5s_1961
Southwest0& Efis A.1957
ta series B
1957
Sou'west I,t & Pow 56_1957
Sou'west Nat Gas 66.-1945
Sou'west Pow & Lt 68_2022
S'west Pub Serv 68 A..1945
15,000
11,000
19,000
4,000
70,000
133,000
27,00
40,000
7,000
3,000
40
9834 10035 37,000
17,000
40
34
4434
4634
37
6334
62
9034
3334
41%
57
47
44
4634 a48
37
37
63
66
6454
61
5054 52
33
35
• 3834 41%
97
58
34,000
4,000
3,000
33,000
18,000
15,000
8,000
38,000
3,000
Mar
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Jan
1944
then Co deb Os...
Union Amer Invest 55_1948
With warrants
Union Atlantic 434s_ _1937
Union Elea Lt & Power
4145
1q57
1t7
5 series B
Un Gulf Corp 35.July 1
Union Terminal 58_ _ _ _1942
United Elea (N J) 45-1949
Unqed Elec Serv 75..1956
United Industrial 634s 1941
1945
1st fla
United Lt &Pow 63.-1975
1 1959
1st 534s1974
Deb g 634s
1952
Un Lt & RI' 5148
1952
88 series A
.1973
6s eerier A
Jan
8234 Jan
10534 Jan
10534 Jan
10531 Jan
Jan
108
Jan
95
Jan
103
8934 Feb
9274 Jan
Jan
96
Apr 10514 Jan
Mar
Apr 45
39
3914
35
60
52
5014
26
32
554
Apr
Apr
Mar
Apr
Apr
Apr
Mar
Apr
Apr
15,000 6934 Mar
78
Staley (A E) Mfg 68_1942 78
73
Mar
Stand Gas d: Elea 68-1935 47
4531 4734 119,000 35
Apr
51,000 35
49
Cony 68
1935 47 • 46
63.000 2834 Apr
3434 38
Debenture 65
1951 3731
64,000 2834 Apr
a3431 37
Debenture 65_ Dee 1 1968 36
Standard Investing
Apr
6334 16.000 63
63
5148
1939 63
Apr
6234 4.000 61
55 without warr___.1937 6234 61
3731 110,000 21334 Apr
35
35
Stand Pow d:Lt65.-1957
Apr
12,000 10
14
Stand Telep 5148...„1943 1034 10
Stinnes (Hugo) Corp
Apr
46.000 32
35
40
78 without warr Oct 1 '36
Apr
82
34
15,000 30
78 without ware- .1946
9911•10011 9,000 9934 Apr
Sun 011 deb 5345
1939 100
1934
9934 9
9% 1,000 99 • Feb
5% notes
Sun Pipe Line 55
957 0034 6.000 9534 Apr
4
1940
13,000 60
Apr
60
65
Super Power of Ill 4348.'68 60
10,000 60
Apr
1st 434s
60
62
1970
Swift & Co let ma 158_1944 9934 ggh 1004 60,000 9634 Apr
16,000 87
Mar
a% notes
1940 914 913,4 92
Apr
98
4,000 97
Syracuse Lt is B
1957 97
.
97
eunessee Elea Pow 5a 1956
Tenn Pub Serv 55_ _ __1970
Ternalydro Elea 614s 1953
Texas Cities Gas 68-1948
Texas Elec Service 55.1960
Texas Gas UV 68.-1945
Texas Power & Lt 55..1958
55
1937
2022
Os
•
1934
Thermoid Co 65
With warrants
Tide Water Power 58_1979
1962
Toledo Edison 58
Twin City Ran Tr 5345'52
Apr
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Mar
98
34
49
49
56
8234
82
70
38
61:
70
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
8134
6434
66
5334
5331
Jan
Jan
Jan
Jan
Jan
6834 Feb
6814 Feb
5034 Jan
33H Jan
65
5934
10234
10114
100
84
8334
10334
97
1064
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
65
7034
7614
4714
69
16
70
90
66
65
72
78
4714
7034
174
73
92
66
1,00
7,000
45,000
4,000
42,000
14,000
83,000
22,000
1,000
65
70
69
46
86
1131
70
90
66
Apr 9531
Apr e94
Jan 8131
Feb 57
Apr 90
Feb '2134
Apr 92
Apr 104
Apr 8231
4611
8334
20
30
4434
8334
20
30
4611
8534
237.4
,1,000
13,000
94,000
45,000
2634
4414
8034
20
Apr
Apr
Apr
Apr
43
Jan
69
Jan
9934 Jan
32
Jan
22
21
704
78
1731
7211
97
77
42
43
32
3134
42
1,574
3034
2234 17,000
15
Jan
32
Feb
7234 7214
93,
92
9234
97
3,000
6,000
72
92
Ap
Ap
77
100
Jan
Jan
91
97
98
8434
97%
77
4331
43
36
6534
37
4334
69
3334
29,000
5,000
18,000
1,000
38,000
10,000
68,000
1,000
23,000
5,000
26,000
166,000
37,000
33.000
8
754
9234
96
843,4
95
7134
36
37
2731
543(
2934
3131
64
2534
Apr 9934
Apr 106
Apr 103
Apr 92
Mar 103
Apr 8331
Apr 88
Apr 68
M
A5 53
90
9234
97
8414
9634
7431
39 •
43
32
6414
31%
3934
65
3034
Apt
Avr
Apr
Apr
Sales
Friday
Last Week's Ranee for
of Prices.
Week.
Sale
$
Price. Low. High.
U S Rubber
3
-year 6% notes. _.193x
634% serial note;__I934
634% serial notes._1936
-__1937
614% Her al note
634% aerlai notes__1938
• 634% serial notes._ _1939
634% serial notes_ __1940
Utah Pow & Lt 65 A._2022
Utica Gas & Electric
1952
5s series E
Vamma Wat Pow 534,3 '57
Van Camp Packing 65_1948
Vs Exec & Power 55_1955
Va Public Seri'554s A 1946
1st ref 5s ser 13
1950
1946
65
7634 Feb
7734 Jan
8014 Jan
6734 Jan
Jan
66
Jan
63
Quebec Power 15873% 71
1968
Republic Gas 68 June 15'4
6,000 13
,14
Certificates of deposit- _
13
13
10,000 25
32
32
Rochester Cent Pow 50 '63 32
Rochester Ry & Lt 55.1954 10034 10034 10034 3,000 100
74,000 394
45
Ruhr Gas Corp 610_1953 4334 43
8,000 3534
39
38
Ruhr Housing 614s_ 1958
88
2,000 8039
Ryerson (J T)& Sons 5843 85
85
9334 9134 9334
834
7
7
St Louis Gas & Coke 68'47
69
San Antonio Pub Serv 5858 69
a68
San Diego Consol G & E5Hsseries D
101 101
1960
San Joaquin Lt & Power
7934 83
58 series D
1957
•
Sauda Fails 58 A
1955 100
99 100
Saxon Pub Works 65._ 1937
4914 51%
Schulte Real Estate 68 1935
Without warrants
935
8
934
Scripps (E U) deb 514s '43 6131 6131 6134
3331
Seattle Lighting 5s...1949 3134 31
Serval Inc 58
58
60
1948
5734
Shawinigan W & P 4148'67 5631 56
4148series 13
1968 57
5531 5734
1st 58series C
1970 6334 6331 6434
5735
let 4345 series D..._1970 5734 55
67
Sheffield steel 5345
1948 67
65
Sheridan Wyo Coal 68.1947 29
2974
29
Jan
60
9031 Feb
Apr6614 Jan
44
9814 Mar 10511 Feb
Jan
4334 Apr 70
7311 12,000
Sate Harbor Wat Pr 4346'79
Bonds (Concluded)
-
High.
Low.
10234 10,000 102
2,001 28
42
2945
Finan:ial Chronicle
Volume 136
Jan
Jan
Feb
Feb
Jan
Fe,
Jan
Jan
Jan
7234 Jan
5334 Jan
57
Jan
80
Jan
4814 Jan
Waldorf-Astoria Corp
78 with warrants_ __1954
Certificates of deposit_ _
Ward Baking. Co 68_ __1937
Wash Gas Light 55___1958
wash Water Power 55_1960
West Penn Elea
..2030
West Texas Util 55A_ 1957
55.Western Newspaper Union
Cony deb 68
1944
Western United Gas & Elea
1st 51413 ser A
1955
Westvaco Chlorine Corp
10-yr 5345 Mar 1_ _1937
Wisconsin Elec Pow 551954
Wis-Minn Lt & Pow 55194
Wisconsin Pow & Lt 5s '58
York Rys Co 58
I937
Foreign Government
And MunicipalitiesAgrio Mtge Bk (Colombia:
78
' 1946
7s
1947
Baden externa,-__1951
Buenos Aker(Prov)7145'47
78
April 1952
Cauca Valley 75
1948
Cent Bk of German State &
Pros' Banks 6s B
1951
6s series A
1952
Danish 534s
1955
55
lo53
Danzig Port & Waterways
645 July 1 1952
German Cons Munk 7s247
Secured 6,3
' 1947
Hanover (City) 75-1939
Hanover(Prov)630-1949
.Indus Mtge Bk (Finland)
181 mtge Coils 1 7s. _1944
Lima (City) Peru 83.4s 1958
Maranhao 7s
1958
Mendoza 714,3
1951
Mtge Bk of Bogota 78.1947
(Issue of May 1927)...,.
Issue of October 1927....
Mtge Bk of Chile 14_ _1931
Mtge Bk of Denmark 58'72
Parana (State) Brazil
78
1958
Rio de Janeiro 6345.-.1959
Russian Govt
634s
1919
634s certificates.-_1919
5348
1921
534s certificates
1921
Saar Basin Courities 751936
'Santa Fe 75
1945
Santiago 7s
1949
75
1961
731 4
3
58
36
37
35%
35
35
47
80
35
50
9234
511
4
431
9115 91
8134 80
90
90
4634
49
4034, 40
511
431
91%
82
90
49
43
8,000
7534 10,000
19
92
64
55
47
4,000
9,000
4,000
5,000
2,000
1:000
5,00
24,00
13,000
1,000
27,000
69,000
2854
34
29
714
51
6831
3531
35
5534
514
8
7
10
3
3
234
42
3831
3934
3931
40
6234
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr 103
92
Jan 753(
68
23%
1031 Feb
Apr 101
91
Mar 77
60
Apr 7134
54
Apr 6234
43
Feb
Apr
Jan
Jan
Jan
Jan
Jan
834
Mar
534
Feb
Apr 97
Mar 9414
Apr 10234
Apr 63
Apr 5434
Feb
Jan
Jan
Feb
Jan
Jan
Jan
5
234
9054
78
881€
4434
3514
9134
So
5,000 z21
Feb
30
64
Apr
8934 Feb
22
23
66
7034 79,000
.10134
9934 ,98
75
6514
7934
High.
Low.
Apr
87,000 68
84
9,000 ,5034 Apr
60
Feb
1,000 27
36
Apr
5,000 25
37
Feb
1.000 27
35%
Feb
4;000 27
36
Feb
5,000 25
36
Apr
7.000 45
so
92
75
15
91" - 91
6134
5434 54
46
46
6834
Range Since Jan. f.
10134 8,000 101
9931 18,000 97
1,000 70
75
3,000 6531
67
5,000 78
80
13,000
3,000
5,000
16,000
12,00
13,000
1754
16
3034
2531
19
7
Mar 191314 Jan
Jan
Mar 103
Feb
Apr 91
Apr 89% Jan
Jan
Apr 92
Apr
Mar
Apr
Feb
Mar
Mar
35
35
5714
35
30
11%
Mar
Mar
Jan
Jan
Jan
Jan
66
55
75
65,
Jan
Jan
Jan
Jan
2514
2634
32%
31
274
734
2834
2614
34
3114
29
934
50
32
65
61
5134 54,00
3514 37,00
19.000
69
61
2,000
4934 Ap
32
Ap
58
Mar
57
Jan
3934
3214
3134
5534
30
4034 4,000
36 123,000
81,000
35
5734 18,000
3331 6,000
39
3234
3034
54
2334
54
AP
8234
Ap
Mar 6134
Jan .61
Apr 5474
6134 6234 34,000
434 514 5,000
1034 2,000
10
6,000
23
22
59
4
634
17
Mar
Feb
Jan
Mar
2634 2631 2.000
7,000
26
25
28,000
10
8
2,000
60 60
1834 Feb
20
Mar
Apr
8
5714 Apr
7
10
834 20,000
10% 15,000
211 3
131 3
211 334
2
234
10134 102
15
15
6
8
634 7
6,000
69,000
25,000
10,000
5,000
1,000
16,000
4,000
Jan
Jan
Jan
Mar
Jan
Feb
73
r614 Jan
1234 Jan
Apr
23
30
31
13
66
934
Jan
Jan 12
. .
Ap
434
2
434
131 Mar
4
2
Mar
4
134 Ap
gy
Ap 102
1914
13
Ap
8
4
Mar
7
434 Jan
5
7
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Jan
Apr
Feb
Apr
Apr
• No par value. a Deferred delivery. a 0 d Certificates of deposit. eons Consolidated. cum Cumulative. cony Convertible. e See note below. en Mortgage. a Sold under ffie rule. r Sold for cash. v t e Voting trust certificates.
w I When issued. w w With warrants. z Ex-dividend. g w Without warrants.
n-v Non-voting stock.
a See alphabetical 118t below for "Deferred delivery" sales affecting the range
for the year:
American Electric Power 6s, 1957, AprIl 13, $1,000 at 1234
American Laundry Machinery, corn., March 16.94 at 10
American Manufacturing. pref., Feb. 7, 30 at 434.
Arkansas Natural Gas, corn., class A. March 15. 400 at 34.
Associated Gas & Elec. 514e, 1938, registered Jan. 24, 35,000 at 2331.
Associated Gas & Elee. 55 1968, registered, Mar. 29, $1,000 at 13.
Associated Telephone, $1.50 preferred, Feb. 9, 100 at 1934.
Beneficial Industrial Loan corn, April 14, 200 at 8.
Central States E,ecrric 5s 1948, April 7, $16,000 at 2734
Cities Service, corn., April 13. 100 at 134.
Commonwealth Edison 5s. series A, 1953, April 24, 85,000 at 91.
Commonwealth Edison 4345, series C 1956, April 24, 82,000 at 83.
.
Creole Petroleum Corp., Feb. 6, 50() at 3.
General Bronze Corp. 6s, 1940, April 10, 37,000 at 43.
Illinois Power 55 1933, Jan. 9. $13,000 at 10074.
Independent 011 & Gas 68, 1939, April 27, 31,000 at 914.
Indiana Electric 55. series C. 1951. Feb. 1 $ ,
, 7 000 at 80
.
International Petroleum. Feb. 2. 200 at 834.
Lercourt Realty Corp., pref. Aprl 4, 100 at 214.
Niagara
-Hudson Power alas B option warranter March 21, 100 a 134
Peoples Light & Power 5s, 1979, Jan. 5, $1,000 at 134, April 18, $2,000 at 74.
Reliance Management 55 w. w.1954, Mar. 27,$2,000 at 55.
Syracuse Lighting 5345, 1954, Feb. I, 81,000 at 10914.
Union American Investment Saw, w. 1948, April 12, $1,000 at 72.
Western Newspaper Union 6s. 1944, March 16, $1,000 at 21.
•See alphabetical list below for -Under the rule" sales affecting the range for
the year: •
Chicago District Electric 5345, 1953, Feb. 2, 87,000 at 9534.
Crown Central Petroleum corn., April 24, 67 at 1.
Federal Sugar Refining 6s, 1933. Jan. 5,82,000 at 4.
General Vending Os, 1937, Jan. 20. 31,000 at 434.
Hrgrade Food Products, new corn., March 15, 62 at 34.
Illinois Centra RR.4145, 1934, Feb. 9. 31.000 at 48.
Narragansett Electric 55, series B, 1957, Jan. 17,81,000 at 104.
New York & Westchester Ltg 581954, Mar. 27, $5,000 at 10634.
Niagara Hudson Power class A option warrants, Jan. 12, 100•at 1.
Salmon River Power, 58, 1957, Feb. 14, $1,000 at 10914.
Southwestern Public Service 6s, A, 1945, Feb. 14. 81.000 at 7p.
Tennessee Public Service 55. 1970. Jan. 13. 81.000 at 9534.
Van Sweringen Corp., Be, w. w. 1935. March 16. 32.000 at 9.
2946
Financial Chronicle
April 29 1933
Quotations for Unlisted Securities-Friday .Apr. 28
Port of New York Authority Bonds.
Public Utility Bonds.
Bid Ask
Bid Ask
Arthur Kill Bridges 454s
Bayonne Bridge 4s series C
series A 1933-46
M&S 57.00 6.50
1938-53
Jec.1 3 85 90
Inland Terminal 4)4e tier D
Geo. Washington Bridge
1936-60
M&S 67.00 6.25
48series B 1936-50___J&D 56.25 6.00 Holland Tunnel 4Xs series E
414s ser B 1939-53M&N 56.25 6.00
1933-60
M&S 8712 '90
U S. Insular Bonds.
Philippine Government
-1
4e 1934
45 1946
' 45s Oct 1959
43.4s July 1952
be April 1955
be Feb 1952
534e Aug 1941
Hawaii 4I4s Oct 1958
Bid Ask
97 100
86
90
88 92
88
92
90 94
90 94
99 101
97 100
Honolulu be
S Panama Is June! 1961_
2e Aug 1 1936
28 Nov 1 1938
Govt of Puerto Rico
434s July 1968
be July 1948
Federal Land Bank Bonds.
ole 1957 optional 1937.M&N
4e 1958 optional 1938.M&N
492e 1956 opt 1936____J&J
4)4e 1957 opt 1937____J&J
434e 1958 opt 1938.-M&N
ber 1941 optional 1931_M&N
ALL. 1022 nni• 1029
rsn
Bid
8012
8012
8114
8114
8114
8912
Ask
8112
8112
8214
8214
8214
9012
001ft 111111.
434e
4)4e
494e
43.4e
434s
43e
1942 opt 1932__M&N
1943 opt 1933____J&J
1953 opt 1933____J&J
1955 opt 1935____J&J
1956 opt 1938____J&J
1953 opt 1933____J&I
AL, !OSA nv. 1024
TAT
New York State Bonds.
Bid Ask
•
Canal & HighwayWorld War Bonus
55 Jan de Mar 1933 to 1938 53.60 -__
43•03 April 1933 to 1939__
be Jan & Mar 1936 to 1945 53.90 ___
44s April 1940 to 1949__
be Jan dr Mar 1946 to 1971 54.00 ___ Institution Building
45 Sept 1933 to 1940
Highway Imp 434e Sept '63 53.90 __ • 48 Sept 1941 to 1976
Canal Imp 43e Jan 1964___ 53.90 ___ Highway Improvement
Can & Imp High J & M 1965 53.90 ___
4s Mar dr Sept 1958 to'57
Barge CT 434s Jan 1945___ 53.90 ___ Canal Imp 481 & J '80 to'67
Barge CT 45 Jan 1942 to '46
•
Bid Ask
97 99
10112 10212
9914 9978
9914 9978
But
Amer S P55 Ns 1948_51.4N
3714
Atlanta G L bs 1947 __J&D 94
Cen G de E 5 s 1933_ F&A
21
1st lien eon tr 554e'46J&D 34
lit lien coil tr 65 '46_121&S 3734
Fed P S let 6s 1947___J&D 1412
Federated Utll 5348'57 M&S 33
Ill Wat Ser 1st Ss 1952.J&J 67
Iowa So UPI 5548 1950..J&J 38
Louis Light let Ss 1953_A&O 1013
4
Ask
4114 Newp N & Ham 511 '44-11&J
N Y Wat Ser be 1951_M&N
25 Oklahoma Gas 6s 1940_ _ _ _ _
373 Old Dom Pow bs_May 1551
4
412 Parr Shoals P bs 1952...A.40
4
18 Peoples L& P 5)4e 1941 J&J
38 Roanoke W W 58 1950_J&J
United Wat Gas & E 58 1941
71
4012 Western P S 5)45 1960_ F&A
Wheeling Electric 53 1941._
Bid Askj
73
7712
6012 64
633 6712
4
51
5512
40
3012
50
5412
79
44
49
97 100
Public Utility Stocks.
Par Bid Ask
Par Bid
Ask
Arizona Power pref.__.100
30 Kansas City Pub Serv pref• -_
Assoc Gas & El orig pref._•
2
33 Metro Edison 57 pref B___•
4
6212
$6.50 preferred
212 414
6% preferred ser C
•
50 54
27 preferred
•
214 4 Mississippi P & L 28 pref._• 26
2012
Atlantic City Elm $6 preL• 8212 86 M1813 River Power pref_100 8012 85
Bid Ask
Bangor Hydro-El 7% pf_100 9812 102 Mo Public Serv pref....100
9
8414 8514 Broad River Pow pf_ _100 2312 27 Nassau & Suffolk Ltg pf 100 55
60
8414 8514 Cent Ark Pub Serv pref.
3212 Nat Pub fiery pref A__ __100
-100
11
8314 8414 Cent Maine Pow 6% pf _100 WI; 4912 Newark Consol Gas_ _ _ _100 95
8314 8414 Cent Pub Serv Corp Pref-•
3 New Jersey Pow & Lt 26 pit •
8
63
8314 8414 Consumers Pow 6% pref.• 61
6312 N Y & Queens E L & P pf100 100 105
6% preferred
8414 8514
100 6712 8912
$141. $1211.
100 70
6.60% preferred
7212 Pacific Northwest P S____•
10
Dallas Pow de Lt 7% pref 100 9212 98
6% preferred
100
9
Derby Gas & Elec 27 pref.' 3212 36
Prior preferred
100
712
Essex-Hudson Gas
100 147
Philadelphia Co $5 pref__50 36
Bid A55
Foreign Lt & Pow unite-- 3912 43 Somerset Un Md Lt._ _100 70
7/Gas de Elec of Bergen__ _100 94
South Jersey Gas& Eleo_100 146
53.60
--•
Tenn Elec Pow 6% pref _100 . 33
Hudson County Gas
100 147
53.85
3512
62
Idaho Power 6% pref
United 0& E(NJ) pref 100 41
•
4312
7% preferred__ ______ 100 • 59
6212 Wash Ry & Elec com__ _100 240
53.60 -2
5% preferred
.100
53.90 --- Inland Pow & Lt pref.
100 82 85
Jamaica Water Supply pf:50 47 49 Western Power 7% pref.100 723
4
63.90
53.90
63.90 ..2..
Investment Trusts.
95
98
100
101
New York City Bonds.
Par B14 Ask
Par Bid ct
Administered Fund
• 12.90 13.90 Major Shares Corp
128
Amer Bankstocks Corp....
1.15 1.34 MaasInvestors Trust
1428 1614
9 Mohawk Investment Corp. 20
Amer Brit & Coot 26 pref .•
7
2812
1.45 Mutual Invest Trust class A
Amer Business Shares
1.3'
4
5
312 Mutual Management com.•
Amer Composite Tr Shares.
3
22
4
Amer & Continental Corp..
312 4t2 National Shawmut Bank... 2712 2812
12 National Trust Shares
AmFounders Corp 6% pf 50
7
53
4
5
7% preferred
50
712 13 National Wide Securities Co 2.62 2.72
10
Amer dr General Sec el A..
Voting trust certificates..
5
•
814 104
N Y Bank & Trust Shares_
1
Class B com
23
4 314
35 No Amer Bond trust etre__
6% preferred
• 28
7212 733
4
94
1
Amer Insuranstocks
13 No Amer Trust Shares
4
1.50
94
Series 1955
Assoc Standard 011 Shares_
312 4
1.92 2.15
94
238
Bancamerlca-Blair COM-2
Series 1956
1.92 2.15
13 Northern Securities
Bankers Nat Investli Corp•
9
lop 22
214 011 Shares Inc units
2
Bancsicilla Corp
New York Bank Stocks.
3
Old Colony Inv Tr corn_ _•
• 2.40
Basic Industry Shares
jig
Par Bid Ask
45e 70c Old Colony Trust A880C Sh•
Par Bid
Ask' British Type Invest A...1
712
9
Bank of Manhattan Co20 2014 2214 Lafayette National
25
512 812 Bullock
1018 11 18 Pacific Southern Invest Pf-8
11
Bank of Yorktown
100
35 Nat Bronx Bank
Class A
50 25
30
7
8 138
Bensonhurst Nati
100 25
34
National Exchange
20
Central Nat Corp class A_
18
25 13
Class It
16
14
Chase
20 2438 2638 Nat Safety Bank & Tr__ _25
Class B
d12 212 Petrol & Trad's Corp el A _•
212 412
(1
10
Citizens Bank of Bklyn_100
95 Penn Exchange
Century.Trust Shares
1438 1538 Quarterly Inc Shares
25
9
1.17 1.23
City (National)
20 2894 303 Peoples National
4
100
Chain & Gen EquIties
Representative Trust Shares 6.94 7.44
80
Comml Nat Bank & Tr_100 129 139 Public Nat Bank &.Tr _25 24
3 Royalties Management_ ___
1
Chartered Investors eom_ _•
26
Is
12
50
Preferred
55
Fifth Avenue
100 12/5. 1295 Richmond Nati
(114
Second Internet Sec cl A__•
20
Chelsea Exchange Corp A.:
14 112
First National of N Y__ _100 1335 1385 Sterling Nat Bank de Tr_ _25 1212 1512
ill
Class B common
Class B
12
82
Flatbush National
100 25
35 Textile Bank
122
1
Consolidated Equities Inc__
23
6% Preferred
26
60 10
15
Fort Greene
100
25 Trade Bank
Securities Corp Gen V) pf • d29
100 13
18 • Corporate Trust Shares.... 1.80
Grace National Bank
100
250 Washington Nat Bank_ _100
12 4
Series AA
Selected American Shares__ 2.00 2795
1.78
KIngsboro Nat Ban k _ _ _ _100 40
50 Yorkville(Nat Bank of)..100 30
Selected Cumulative She__ 5.41
Accumulative series
1.78
40
6.13
1.81 1.88 Selected Income Shares..,.
Series AA mod
278 314
1.81 1.88 Selected Man Trustees She_
Series ACC mod
43
8 472
Trust Companies.
Shawmut Association corn.'
Crum & Foster Ins Shares
77
8 8
Common B
8 Spencer Trask Fund
• 1114 1218
10
6
Par Bid Ask
Par Bid Ask
69 Standard All Amer Corp___ 3.35 3.60
...l00 66
7% preferred
Banes Comm Italians Tr100 140
25 2512 2712
_ County
12 Standard Amer Trust Shares 2.35
Crum & Foster Ins corn_ _• .8
Bank of Sicily Trust
20 10
12 Empire
20 1814 193
2.65
4
72
8% preferred
77 Standard Collet Trust She._
Bank of New York & Tr_100 295 305 Fulton
100 230 260
State Street Inv Corp
Cumulative Trust Shares... 3.05
Bankers
• Vs;
10 5612 5812 Guaranty
100 273 278
Super Corp of Am Tr She A 2.63
Bronx County
20
8 Irving Trust
5
10 1718 1738
AA
238
2
Brooklyn
91 Kings County
100 86
1.87 1.85
100 z1900 2000 Deposited Bank Shs ser A-_
Deposited Insur Shs A
238 23
4
2.78
BD
Diversified Tristee She B_-57
8
Central Hanover
20 12212 12612 Manufacturers
20 1312 15
1.67 1.85
c
•
2.35 2.55
Chemical Bank & Trust_10 343 363 New York
4,65 6.15
25 8412 8712
4
4
37
8 414
Clinton Trust
50 25
4.55 6.05
35 Title Guarantee dr Trust-20 173 1914
4
Dividend Shares
1.08 1.15 Supervised Shares
Colonial Trust
15 Trust Co of N A
100 11
1.19 1.29
100
70
Equity Trust Shares A
2.30 2.60
Cent Bk de Trust
10 1418 1518 Underwriters Trust
20 30
40
Fidelity'Fund Inc
462 5014 Trust Fund Shares
8
•Corn Exch Bk & Trust__ _20 533 553 United States
100 1425 1475
27
8 314
4
4
First Cominonstock Corp--• 1.29 1.44 Trust Shares of
212
278
Five-year Fixed Tr Shares__ 3.19
Trustee Stand InveetmentC 1.75 2.00
America_Fixed Trust Shares A
8.77
Guaranteed Railroad Stocks.
1.70 1.95
• 5.46
Trustee Standard 011 She A
(Guarantor in Parenthesis.)
3!2
314 33
Fundamental Tr Shares A..
-4
2
314 1Dividend
338 Trustee Amer Bank She A..
SharesB
•
2
Par n Dollars.
Bid.
Ask.
Fundamental Investors Inc. 1.68 1.83 TrusteedN Y Bank Shares. 1.25
12 20thCentury orig aeries_ 1.60 CIO
Guardian Invest pref w war
8
Alabama & Vicksburg (Ill Cent)
6.00
65
62
Serial B
Tmd Corp..* 32
2.10 2.40
Albany & Susquehanna (Delaware & Hudson)_100 11.00
150
160
Huron Holding Corp
12 Two-year Trust Shares
Oh 1114
Allegheny de Western (Buff Roch dr Pitts)
60
6.00
65
Incorporated Investors----• 1324 15
Beech Creek (New York Central)
20
2.00
50
25
Independence Tr Shares • 1.60 1.90 United Bank Trust
34 444
Boston & Albany (New York Central)
100
8.75
80
85
12 United Fixed Shares ser Y
Indus & Power Security...* 11
III 2
Boston & Providence (New Haven)
100
128
8.50
135
V t 0 units
1.10 1.20 United Insurance Trust_ -_
13
4
Canada Southern (New York Central)
3.00
100
36
44
S & British International
Internal Security Corp(Am)
Caro Clifichtleld & Ohio(L dr N 4 CL)
4%
4.00
100
45
50
Preferred
614% preferred
712 15
100
•
4
8
Common 5% stamped
100
5.00
ao
55
712 15 U S Elec Lt dr Pow Shares A
6% preferred
100
1112 12
Chic Cleve Cinc & St Louis pref(N Y Cent)_..100
5.00
50
65
Investment Co of America_•
2
2 "4
2.08 2.18
Cleveland & Pittsburgh (Pennsylvania)
3.60
56
50
60
11
Voting trust 8f132
8
7% preferred
100
87e 94e
Betterman stock
50
2.00
30
33
3 Un N Y Bank Trust C 3_ _
Investment Fund of 61 J..
2
34 4
3
Delaware (Pennsylvania)
2.00
27
30
InvestmentTrust of N Y •
3 a 414 Un Ins Tr She ser F
7
184
Georgia RR & Banking IL & N, A CL)
100 10.00
102
107
U S Shares tier II
Investors Trustee Shares
4.80
III 4
Lackawanna RR of NJ(Del Lack & Western)_100
4.00
58
62
Universal Trust Shares.... 2.33 2.38
Low Priced Shares
338
Michigan Central (New York Central)
100 50.00
500
700
Morris & Essex (Del Lack & Western)
3.875
50
48
52
New York Lackawanna & Western(D L dr W)_100
5.00
72
78
Telephone and Telegraph Stocks.
Northern Central (Pennsylvania)
4.00
60
60
63
Old Colony (N Y N H & Hartferd)
100
7.00
75
80
Par Bid Ask
Bid
Ask
Oswego & Syracuse (Del Lack & Western)
4.50
80
ao
58
pao &
40 NorthwA eIl Telpf 6)4.:10314 1052
Cuban Telephone
100
US1% 7120
%0
a
Pittsburgh Bess dr Lake Erie(U S Steel)
4
1.50
25
30
All Teleg
40
7% preferred
100
7
Preferred
3.00
ao
60
Porto Rico Telephone__ _100
Empire & Bay State Te1.100 30
.101"
Pittsburgh Fort Wayne &Chicago(Penn)
100
7.00
109
116
Roch Telep $6.60 1st pf _100 "W 100
Franklin Teleg 22.50_100 20
Preferred
7.00
100
135
140
Int Ocean Teleg 6%
100 50 60 So & All Teleg
11
Rensselaer & Saratoga (Delaware & Hudson) _100
6.90
92
98
• 70
TM States Tel & Tel $O_ _• 85
Lincoln Tel & Tel 7%
100
6.00
102
EN Louts Bridge 1st pre/(Terminal RR)
Wisconsin Telep 7% pref100 99 161New York Mutual Tel..100 1312
preferred
3.00
2nd
51
Tunnel RR St Louts (Terminal RR)
3.00
100
102
100 10.00
United New Jersey RR & Canal (Penna)
187
"i5i
5.00
100
Valley (Delaware Lackawanna & Western)
Sugar Stocks.
73
so
vieksburg Shreveport & Pacific (III Cent)
5.00
40
50
5.00
40
• Preferred.
51)
0
Pat BidBt4 AskIIPar 1314 '
4
'
Ask
WarrenRR of N I (Del Lack & Western)
3.50
SO
45 eugar Estates Oriente pf 100 --- 1
33
38
Fajardo Sugar
3.00
48
West Jersey & Sea hore (Penn)
50
Haytian Corp Amer
4 Last reported market.
e Defaulted.
z Ex-stock dividends.
•No par value.
a Ex-dividend.
Bid Ask
Bid
a3a May 1935
86
8712 04).1e June 1974
73
d334e May 1954
66
70 a43411 Feb 15 1978
73
a33.48 Nov 1954
66
70 a4Ns Jan 1977
73
a48 Nov 1955 dr 1956
68
72 a43(s Nov 15 1978
73
048 M & N 1957 to 1959- 70
72 o43(s March 1981
73
a4s May 1977
70
72 a4345 M & N 1957
7612
a4s Oct 1980
70
72 at 3Is July 1967
7612
c43ir Feb 15 1933 to 1940_ 57.00 6.25 a4)48 Dec 15 1974
7612
a4348 March 1980
70
72 a4)4e Dec 1 1979
7612
a4Its Sept 1960
7412
73
a4348 March 1962 & 1964
7412 a6s Jan 25 1935
73
9212
a4 Ns April 1966
7412 a6s Jan 25 1936
'73
9212
a434s April 15 1972
74i2 a6a Jan 25 1937
73
9212
a Interchangeable. S Basis. c Registered coupon (serlal). dCoupon.
Ask
7412
7412
7412
7412
7412
78
78
78
78
2947
Financial Chronicle
Volume 136
Quotations for Unlisted Securities-Friday Apr. 28-Concluded
Insurance Companies.
Chain Store Stocks.
Par
Par Bid
Ask
100
100
2 Melville Shoe pref
Butler(James)coin
NilUri') & Sons pref_ .100
100 . 242 6
Preferred
100 35MockJuds&Voehringerpf 100
Shoe pref
Diamond
ii- Murphy (S C)8% pref. 100
Edison Bros Stores pref.100 ;
3
•
___ Nat Shirt Shops (Del)
Fan Farmer Candy Sh pt._• 19
100
Preferred
9
•
4
Fishman(M II) Stores....
60 NY Merchandise let pf _100
100 40
Preferred
•
16 'Ugly-Wiggly Corp
Kobacker Stores pref._ _100
8100 - 9 ___ Reeves(Daniel) pref_ ___100
Lord & Taylor
___ Rogers Peet Co corn_ _100
100 59
1st preferred 6%
100
Schiff Co pref
_
100 69
Sec preferred 8%
Par
Ask
Bid
Aetna Casualty & Surety_10
71
66
10 Aetna Fire
712
5
10
Aetitp Life
35
25
25
Agri6ultural
80
72
10
American Alliance
2
1
10
American Colony
9
15
5
American •Equitable
7412
20
American Home
414
109American of Newark_ __ _2 M
American Re-insurance 10
6
5 10
American Reserve
55
65
25
American Surety
10
Automobile
Industrial Stocks.
Par
Alpha Portl Cement pf__100
100
American Book $4
50
W)1st pref
Bliss
10
2d pref B
Bohn Refrigerator pf___100
•
Bon Am!Co B corn
Brunsw-Balke-Col pref..100
100
Burden Iron pref
Canadian Celanese corn__ _•
100
Preferred
•
Carnation Co corn
100
Preferred 57
Chestnut & Smith corn._*
100
' Preferred
Color Pictures Inc
Columbia Baking corn____•
•
let preferred
•
2d preferred
Congoleum-Nairn 57 pf 100
•
Crosse & Blackwell com
Crowell Pub Co $1 corn__ _•
100
$7 preferred
Be Forest PhonoMm Corp__
•
Doehler Die Cast pref
Preferred SO)) par
Dry-Ice Holding Corp....
•
Eiseman Magneto com____•
100
Preferred
Gen Fireproofing $7 p1 100
•
Craton & Knight corn
100
Preferred
Herring-Hall-Mary Safe.100
100
Howe Scale
100
Preferred
Industrial Accept cora _ _•
100
Preferred
Locomotive Firebox Co_ _ _•
acfadden Publie'ns com_5
Par Bid
Macfadden Public'ne pf __ _• 12
100 80
_- Merck Corp $8 pref
47
National Licorice corn_ _100 16
3 National Paper & Type.100
New Haven Clock pref 100 11
51
2512 New Jersey Worsted pf_ _100 3714
• 11
4
338 Ohio Leather
100
30 Okonite Co $7 pref
9
Publication Corp corn
9
100 75
57 1st preferred
69
9
812
Riverside Silk Mills
_
514
Rockwood & Co
2
75100 33
Preferred
44 912
-4
13 Rolls-Royce of America_ •
4
3
14
1
Boxy Theatres unit
Common
, 3
1,
14
Preferre; A
,
12 _ ..
100 1812
Ruberold Co
100
•
2 Spittdorf Beth Elec
22 Standard Textile Pro___ 100
17
100
Class A
85
75
100
Class 13
12 114
.512
___ Stetson (.1 113 Co pref... _25
4
5
•
__ Taylor Milling Corp
2
12
Taylor Wharton Irek8tcom•
114
3
100
Preferred
__
8
13
15 Tenn Products Corp pref _50
6
4
40 TubizeChatillon cupt.__100 253
30
1
112 Unexcelled Mfg. Co
1
2
10 Walker Dishwasher corn_ •
7
White Rock Min Spring
15
10
100 74
57 let preferred
8 2
7
100 70
510 2d pref
10
5
1
100
Woodward Iron
4
100 40
2
111 25 Worcester Salt
100 - 36
8
33 Young (J SI Co com
214
10)) 77
7% preferred
112 3
Bid
60
43
9
112
_
12 3314
20
6
6212
712
Ask
Baltimore Amer
Bankers & Shippers
Boston
Ask
14
85
21
19
1712
Merchants Refrig 6s 1937_
N 0 Or No RR Is '55_F&A
N Y& Bob Ferr 5s'46 JAB
N Y Shiplidg 5s 1940_M&N
Pierce Butler & P 6)48 1942
Prudence Co Guar Coll
6S)s, 1961
Realty Assoc Sec 6s'37_J&J
el Broadway 5143'50_A&O
So Indiana Ity 4s 1951_ F&A
Stand Text Pr 6)45'42 MAS
Struthers \Veils Titusville
11348 1943'
Tol Term RR 4 Sis'57_1M&N
IJ S Steel 5s 1951
Witherbee Sherman (ls 1944
Certificates of deposit_ __ _
Woodward Iron 58 1952_J&J
15
40
12
1
2
112
2012
1
3
1
10
1114
5
412
35
2
3
_..4
50
50
82
Bid I.Ask
85
8
6107 133
8
6.5
60
60
e214 814
40
3012
4712
3412
5
43
3412
5212
38
10
3512 3912
7412
71
114
Kilmer Airplane & Mot_ _ _1
- 1,
Warner Aircraft Engine__ _•
Ask
99
250
350
40
14
10
Halifax Fire
50
Hamilton Fire
10
Hanover Fire
10
Ilarmonla
10
Hartford Fire
Hartford Steam Boiler_ ...10
5
Home
10
Home Fire Security
10
Homestead Fire
Hudson Insurance
Par Bid Ask
278 7
10
Importers & Expo( N Y._25
578
778
Knickerbocker:
8
33
43s
114
138
4
13
8
33
Lincoln Fire
Lloyds Ins of Amer
5
6
malesue Fire
2
Maryland Casualty
25
Mass Bonding & ins
Merchants Fire Assur comb0
Merch A Mira Fire Newark 5
10
218 318 Missouri States Life
2934
1934
10
National Casualty
341 366
10
National Fire
2
8
8
97 117 National lAbertY
20
7112 8112 National Union Fire
1078 New Amsterdam Can
,
7,
10
1814 2014 New Brunswick Fire
10
14 2
New England Fire
10
8 77 New liampehlre Fire
57
8
20
New Jersey
12
9
• 111
New York Fire
12.50
112 212 Northern
73 North
2 50
e.e
rtws rn
614
4 Noe itivter National_ _25
4212
25
1934 2314 Pacific Fire
10
4 434 Phoenix
33
5
Preferred Accident
1212 14
Providence-Washington _ _ 10
5
4 534 Public Fire
33
25
Rochester American
25
23
8
6
,
13 8 1518 St Paul Fire & Marine_ _25
4
6 Security New Haven_ __ _10
Springfield Fire & Marine 25
25
938 1 15s Stuyvesant
100
8
478 297 Sun Life Assurance
8
8
223 243
10C
8
8 93 Travelers
73
4
4
373 393
4
4
393 423 U S Fidelity & Guar Co_ __2
4
3
15 4 171, U S Fire
8
s 23
13
8 438
23
8
8
117 147
4
173 2134
8
8 43
33
8
8 47
27
8
33
39,2
8
33
25
1018
8
93
8
67
2614
578
614
4
283
8
103
5012
538
4112
438
29
1218
8
113
D78
2914
778
514
4
333
8
123
5512
4
293
14614 41 4
- 514 714
8
1878 207
314
30
104
2134
4
483
8
13
240
109
4
233
4
533
8
43
290
284
299
8 37
27
21
19
2
17
55s
718
Ask
Par Bid
Bond a: Mortgage Guar_20i
22 4
,
30
Empire Title & Guar_..100
80
Guaranty Title& Mortgage.
.04 33
4
Home Title Insurance __25
20
15
InternatIonal Germanic Ltd
Westchester Fire
2 50
1378
1578
Ask
5
2
45
2,
Ask
Par Rid
1014 1214
Lawyers Title & Guar __100
214 33
20
4
Lawyers Mortgage
1 1, 312
National Title Guaranty 100
84
134
10
N Y Title & Mtge
New York Real Estate Securities Exchange
Bonds and Stocks.
Bid
Actire Issues.
11
___
'
38
37
1012 13
__
12
188
1939
Drake, The es
10 East 40th St Bldg 65 1940
18-20 East 41st St Bldg 6840
Granada.The 6s 1938
16
96
14
412
23
22
19
10
Harding Court Apts MN__
Harriman Bldg 65 1951
Hotel Lexington 6s 1943
do Certificates
Letcourt Manhattan Bldg
5Its 1941
Lewis Morris Apts ctfs____
Lincoln Bldg. 5)4s 1953___
Locws Thee & Rlty Os'47 _ _ _
5
616 Madison Ave Bldg. 612
'38
Merchants' Nat. Prop. 6s
1556 a, tv
12
49
9
9
17
52
12
11
Bid
Actire Issues.
Ask
BonusAlbany Metropolitan Corp
1938 • .- .
6)4s.
Atlevton N.Y. Corp 5.Ms'47 12
11
do Certificates
Chrysler Bldg. 6s 1948
Colonial lia.1 Apts ctfs
Cranleigh (The) 65 1937....
Crossways Apts Bldg et's
e212 6
61912 22
Par Bid
Ask
2
10 Southern Air Transport __•
•
3 Swallow Airplane
112 United Aircraft Transport
Preferred x warr
•
General Alliance
5
Glens Falls Fire
5
Globe & Republic
10
Great Anse:lean
Great Amer Indemnity __ -.5
Ask
3514
2914
8
137
33
1218
8
. 57
8
8
.27
4
63
4
253
652
8
117
1614
Realty, Surety and Mortgage Companies.
Aeronautical Stocks.
•
10
Federal
Fidelity & Deposit of 111d_20
5
Firemen's
5
Franklin Fire
812
Chicago Bank Stocks.
Central Airport
5
5
Eagle
Excess
Par Bid
Par Bid lAsk
100 913
Amer Nat Bank 4,Trust.101) 50
60 First NatJonal
100
Central Republic
8 114 Harris Trust & Savings_ _100 237
7
100 335
6512 Northern Trust Co
Continental Ill Bk A Tr_100 63
Par Bid
Alexander Indus 8% p1.100
Aviation Sec Corp(N E)_2)
1
05
100
1
Carolina
100
City of New York
10
Colonial States Fire
Connecticut General Life_10
Consolidated Indemnity_ ..5
Continental Casualty. .10
10
Cosmopolitan
Industrial and Railroad Bonds.
Bid t Ask I
Adams Express 4s '47_J&D
American Meter 6s 1946_
8
793
Amer Tobacco 4s 1951 FAA
95I2 _
Am Type Fdrs Os 1937 MAN
4812 55
48
Debenture 6s 1939_ _M&N
Am Wire Fab 75 '42__III&S 45
65
hear Mountain-Hudson
River Bridge 7s 1953 A&O 6212 67
Chicago. Stock;Yds 53_1961 6012 64
Consol Coal 414s 1934 MAN
1218 1618
Consol Mach Tool 70_1942 66
10
Consol Tobacco 4s 1951._ _ _
9312 ___
Equit Office Bldg Is 1952___
4112 4512
Haytlan Corp 85 1938
el0
1212
70
IIoboken Ferry 5s 1946
65
Journal of Comm 63-48_1937 5012 55
Kane City Pub Serv 6e 1951 16 • 18
Loew's New Brd Prop
J&D • 53. 5712
fie 1945
214
Bid.
3314
2714
1178
2814
1018
8
37
6
8
7
3
54
4
2223
8
43
8
07
1414
Bonds (Concluded)
Millinery Center Bldg. 7s'44
Montague Court omee Bldg
610 1945
Mortgage Bond Co.of N.Y.
514s
Munson Bldg. 51is 1939...
N Y Athletic Club 68 1946_
New Weston Hot Ann 63'40
New Weston Hot Ann etfs_
1 Park Ave. Bldg. 6s 1939._
2 Park Ave. Bldg. 6s 1941._
Prudence Co. 5)45 1961____
Textile Bldg. 6s '58
263-71 west 38th St. Bldg
Os 1940
301 East 38th St. Bldg. ctfs_
Varick St. Sta. P.0.68 '41_
40 Wall St. Bldg. 65 1958._
134 Waverly Place Apts. ctf
West End Ave, 104th Street
Bldg 65 1939
1312 1712
1512
12
Stocks27 .2812
Beaux Arts Apts., Inc., units
3212 34
City A Suburban Homes Co
1312 F F French Inved'g Co corn
9
FF French Inveseir Co pref..
131, F F French Operatora Inc..
12
Ask
MI
_ .._
13
28
35
17
14
12
34
36
4014
25
39
43
27
12
12
73
33
14
17
17
30
35
18
8
_
-1812
16
121.
8
6
7
5
112 21,
12
7
65
55
Other Over-the-Counter Securities-Friday Apr. 28
Railroad Equipments.
Short Term Securities.
Allis-Chal Mfg Is May 1937
Amer Metal 534e 1934. A&O
Amer Wat Wks 5s 1934 A&O
Bid
'Ms
7278
7618
.436
7612 Mag Pet 434* Feb 15 '34-'35
Union 011 58 1935._ F&A
74
7634
Ask
Bid
99
9934 166"
Water Bonds.
Alton Water Se 1956_ _A&O
Ark Wat let Is A 1956_A&O
Ashtabula W W 5e'58.A&O
Atlantic Co Wat 55'68 M&S
0
Birm WW 1s1 5 Ms A'54A&O
let m 5s 11/5I ser II__J&D
lat be 1057 series C_F&A
Butler Water 5e 1957_ _A&O
City of Newcastle Wat 514'41
City W (Chat) Se B '54 J&D
1st 58 1957 miles C _M&N
Commonwealth Water
FAA
let 55 1956 13
let m Os 1957 sec C_F&A
Davenport W 58 1961 J&J
J&J
ES LA Int W 58'42
1st m is 1942 ser II.._J&J
let Os 1960 ser D._ _ F&A
Bid
78
77
70
70
Ask
81
81
75
75
93
85
85
73
82
88
88
96
90
90
76
85
02
92
85
85
80
70
82
70
90
90
84
72
85
72
Ilunt'ton W let 68'54__M&S
1st m Ss 1954 ser II-NI&S
5s 1962
Joplin W W 5s'57 ser AM&S
Kokomo W W Se 1958_J&D
Monm Con W 1st Ss'56 JAD
Morton Val W 5)4s'50_J&J
'Whin W W 1st 5s'57_M&N
St Joseph Wat 5s 1941.A &O
South Pitts Water Co
F&A
1st 5s 1955
lst & ref 50 '60 ser A _J&J
1st & ref 5s '60 ser B-Ida
Terre IFte WW 6s'49A J&D
...1&D
let m Is 1956 ser
Texarkana W let 58'58 FAA
Wichita Wat 1st Os '49 M&S
..FAA
let m 55 '50 ser B.
1st m Se 1900 ser C_MAN
Bid
88
77
75
70
70
75
82
SO
88
9412
90
90
95
80
70
93
80
80
Ask
St
80
72
75
80
85
84
92
9812
93
93
100
75
85
85
Atlantis Coast Line Os
Equipment 6 Ms
Baltimore & Ohlo th;
Equipment 434s & Is....
Buff Roch & Pitts equip 05.
CanadianPacific 4345 & 6s
Central RR of N J 6s
Chesapeake & Ohio 6s
Equipment 634s
Equipment 5s
Chicago & North West(is
Equipment 6
Chic R I & Pee 4 Ms &
EQuIPment Os
Colorado & Southern Os.- Delaware & Hudson 6s
Erie 4548 Is
Equipment Os
Great Northern Os
Equipment Ss
Hocking Valley 5s
Equipment Gs
Illinois Central 434s & 5s_ .._
Equipment fle
Equipment 75 &
Bid
6.25
6.00
7.50
7.50
7.50
6.25
5.50
4.75
4.75
4.75
10.00
10.00
12.00
12.00
6.00
5.00
9.00
9.00
5.75
5.75
5.25
5.50
9.00
9.00
9.00
Ask
5.25
5.00
6.50
6.50
6.00
5.50
4.50
4.25
4.25
4.25
8.00
8.00
8.50
8.50
5.00
4.25
7.50
7.60
5.00
5 00
4.75
4.75
7.50
7.50
7.50
Kanawha & Michigan 6s.._
Kansas City Southern 53.28,
Louisville & Nashville Os_ _
Equipment 634*
Minn St P dr SS M 43)s & 58
Equipment 834s & 7s_ _ _ _
Missouri Paeltle 8145
Equipment Os
Mobile & Ohio Is
New York Central 434e A 56
Equipment 68
Equipment 7s
Norfolk & Western 4 Ms__ _ _
Northern Pacific 78
Pacific Fruit Express 7s....
PennsylvaniaRR equip Os..
Pittsburgh & Lake Erie 0
Reading Co 414s & 58
St Louis & San Fran Eal
Southern Pacific Co 4 3.2s
Equipment 7s
Southern Ry 4345 & 5e
Equipment 6s
Toledo & Ohio Central Os...
Union Pacific 75
• No par value. 4 Last reported market.
e Defaulted.
Sid
6.00
8.50
6.51
6.50
12.00
12.00
12.00
12 00
12.00
8.00
00
8.00
4.50
5.00
4.50
5.25
6.50
4.75
13.00
5.25
5.25
12.00
12.00
6 50
4.50
Ask
5.50
7.00
5.50
5.50
8.50
8.50
8.50
5.50
8.60
7.00
7.00
7.00
3.00
4.50
3.50
4 50
5.75
4.25
8.50
4.75
4.75
8.00
8.00
5.50
3.60
Ex-dIvldend.
2948
Financial Chronicle
April 29 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, qua
terly 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 April 22. 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, April 21, 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 April number of the
"Monthly
Earnings'Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference
to every
return that has appeared since the last preceding number of the "Monthly Earnings Record."
The latter is
complete in and by itself, and for most persons will answer all purpbses. But to those persons
of seeing the record brought down to date every week, this further and supplementary index in who are desirous
will furnish an invaluable addition. The "Chronicle"index in conjunction with the"Monthly the "Chronicle"
will enable any one at a glance to find the very latest figures of current earnings and income, Earnings Record"
furnishing a cumulative record brought down to date each and every week—an absolutely unique service. A further
valuable feature
Is that at the end of every return, both in the"Chronicle" and the "Monthly Earnings Record," there is
a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete
annual report
of the company was published.
Issue of Chronicle
Name of Company—
When Published. Page.
Affiliated Products, Inc
Apr. 29..2954
Air Reduction Co
Apr. 29_2954
Air•Wdy Elec. Appliance Corp
Apr. 29_ 9 4
Akron Canton & Youngstown
Apr. 29_2949
Alabama Great Southern RR.Co
Apr. 29__2951
Alabama Power Co
Apr. 29..2954
Alleghany Corp
Apr. 22..2786
Al.ls.Chalmers Mfg. Co
Apr, 22..2777
Atlantic Coast Line RR
Apr. 29_2964
Alton & Southern
Apr. 29_2949
American Gas & Electric Co
Apr. 29_2954
American Ice Co
Apr. 29__2954
American Light & Traction Co
Apr. 22..2789
Amer. Machine & Metals, Inc
Apr. 29._2954
American Metal Co., Ltd
Apr. 29..2954
American Type Founders Co
Apr. 29_2954
Anaconda Wire & Cable Co
Apr. 22_2801
Anchor Cap Corp
Apr. 29__2976
Ann Arbor RR
Apr. 29_.2949
Archer-Daniels-Midland Co
Apr. 29_2954
Arcturus Radio Tube Co
Apr. 29_2954
Artloom Corp
Apr. 22_2778
Arundel Corp
Apr. 29..2954
The Atchison Topeka and Santa Fe
Ry. System
Apr. 29..2952
Atlanta Birmingham & Coast
Apr. 29_2949
Atlanta Gas Light Co
Apr. 22_2795
Atlantic City
,
Apr. 29...2949
Atlantic Gulf & W Indies SS.Lines_Apr. 29..2954
Atlas Powder Co_
Apr. 29_2955
Atlas Tack Corp
Apr. 29..2954
Baldwin Locomotive Works
Apr. 29_2955
Baltimore & Ohio RR
Apr. 29__2949
Bangor & Aroostook RR
Apr. 29..2952
. Baton Rouge Electric Co
Apr. 29..2955
BeldIng-Heminway Co
Apr. 29_2955
Bessemer & Lake Erie
Apr. 29_2949
Bethlehem Steel Corp
Apr. 29_2955
Bohn Aluminum & Brass Corp
Apr. 22_2778
Bon Ami Co
Apr. 29_2955
Boston Elevated Ry
Apr. 29..2955
Boston & Maine RR
Apr. 29_2952
Brazilian Traction Lt.& Pr. Co. Ltd_Apr. 29__2955
British Columbia Power Corp
Apr. 29_2955
Bklyn. Eastern District Terminal- Apr. 29__2949
Brooklyn Edison Co
Apr. 29..2935
Brunswick Balke Collender Co
Apr. 29_2955
California Water Service Co
Apr. 22_2796
Calumet & Hecla Consol.Copper Co_Apr. 29..2955
Cambria & Indiana
Apr. 29_2949
Canada Dry Ginger Ale, Inc
Apr. 29_2955
Canada Northern Power Corp
Apr. 29_2955
Canadian Nat'l Lines in New Engl Apr. 29__2949
Canal Construction Co
Apr. 29_2979
Carolina Clinchfield & Ohio Ry___ _Apr. 22..2793
(A. M.) Castle & Co
Apr. 29..2956
Central of Georgia Ry
Apr. 29_2949
Central RR. of New Jersey
Apr. 29..2949
Central Vermont Ry
Apr. 22__2777
Chesapeake & Ohio Ry
Apr. 22..2776
Chester Water Service Co
Apr. 29..2955
Chicago Aurora & Elgin Corp
Apr. 22..2796
Chicago Burlington & Quincy
Apr. 29_2949
Chicago & Eastern Illinois Ry
Apr. 29..29 9
Chicago & Erie
Apr. 29_2950
Chicago Great Western RR
.2788
Apr. 22.
Chicago Indianapolis & Loulsville_Apr. 22..2776
Chicago Milw. & St. P. & Pac. RR Apr. 29__2949
Chicago & North Western
Apr. 29_2950
Chic. Rock Isl. & Pac. Ry. System Apr. 29..2952
Chicago St. P. Minn. & Omaha
Apr. 29..2950
Chicago Union Station Co
Apr. 29_2970
Childs Co
Apr. 29__2956
Chrysler Corp
Apr. 22_2779
Cincinnati Advertising Products Co_Apr. 22..2803
Cincinnati Gas Ili Electric Co
Apr. 22._2796
Gin. N. Orleans & Tex.Pac. Ry. Co...Apr. 29_2951
Cities Service Co
Apr. 22__2790
Clark Equipment Corp
Apr. 22..2803
Clinchfield RR
Apr. 29..2950
Colorado Fuel & Iron Co
Apr. 29..2956
Commercial Solvents Corp
Apr. 29_2956
Commonwlth.Se Southern Corp
Apr. 29. 295,
Conemaugh & Black Lick
Apr. 22..2776
Congress Cigar Co
Apr. 29..2956
Connecticut Electric Service Co__ Apr. 22..2779
Consolidated Chemical Industries_ _Apr. 29_2956
Consolidated Gas Co. of N. Y
Apr. 29_2956
Consumers Power Co
Apr. 29..2956
Continental Can Co
Apr. 22._2779
Apr. 22._2779
Corn Products Refining Go
Apr. 22_ 2803
Crown Cork & Seal Corp
Apr. 29_2956
Crystal Tissue Co
Apr. 29__2962
Delaware & Hudson
Issue of Chronicle
Issue of Chronicle
Name of Company—
Name of Company—
When Published. Page
When Published. Page.
Delaware & Hudson RR. Corp
Apr. 29_ 2962 Minn. St. P. & S. S. Marie
Apr. 29_2950
Delaware Lackawanna & Western_ _Apr. 29. 2950 Missouri•Kansas-Texas
Apr. 29...2953
Denver & Rio C'de Western RR
Apr. 29_ 2952 Monongahela Connecting
Apr. 29..2950
Detroit & Mackinac
-Apr. 29_ 2950 Montour RR
Apr.
Detroit Street Railways
Apr. 22_2779 Moto Meter Gauge & Equipment Co.Apr. 22_2776
22...2808
Detroit Toledo & Ironton
Apr. 29..2950 Motor Products Corp
Apr. 22..2781
Detroit & Toledo Shore Line
Apr. 29..2950 Murray Corp
Apr. 22__2808
Duluth & Iron Range RR
Apr. 29..2970 National Acme Co
Apr. 29..2959
Duluth Missabe & Northern 12.y. •.Apr. 22...2789 National Tea Co
Apr. 22_2781
Duluth South Shore & Att. Ry. Co _Apr. 29_2970 (The) Nevada-California
Elec. Corp-Apr. 29__2959
Duluth Winnipeg & Pacific
29..2950 Newburgh & South Shore
*Apr.
Apr. 29..2951
Eastern Mass. Street Ry. Co
Apr. 29__2956 New England Power Association ..Apr. 29..2966
Eastern Utilities Associates
Apr. 22_2780 New Jersey & New York
Apr. 29_.2950
Eastman Kodak Co
Apr. 22 2785 New Orleans & Northeastern
APpr. 29..2951
Eaton hug. Co
Apr. 22..2780 Newport Industries, Inc
Apr. 29..2959
Edmonton Street Ry
Apr. 29_2956 New York Central
. Apr. 29._2951
New York Chicago &
El Paso Electric Co
Apr. 29__2956
St. Louis
Apr. 29__2951
Engineers Public Service Co
Apr. 29 2957 New York Dock Co
Apr. 29_2959
Erie RR. System
Apr. 29..2950 New York Edison Co
Apr.
Erie RR
Apr. 29_2956 New York New Haven & Hartford Apr. 29_ 29511
Fall River Gad Works Co
Apr. 22..2780 New York Ontario & Western Ry._Apr. 29_2953
22..2777
Fifth Ave. Bus Securities
Apr. 22..2780 New York Railways Corp
Apr. 29..2959
Florida East Coast"
Apr. 29..2950 New York Shipbuilding Corp
Apr. 29..2959
(Geo. A.) Fuller Co
Apr. 22..2780 New York Steam Corp
• Apr.
Galveston Wharf
Apr. 29_2950 New York Susquehanna & Western Apr. 29..2959
29..2951
Gary Rys. Co
Apr. 22__2797 N. Y. Westchester & Boston Ry.
Co_Apr. 29..2959
Garlock Packing Co
Apr. 22__2804 Niagara Falls Power Co
Apr. 22_2798
General Cable Corp
Apr 29_2957 Niagara Hudson Power Corp
:
Apr. 22_2798
General Electric Co
Apr. 29..2957 .Norfolk Southern
Apr. 29..2951
General Foods Corp
Apr. 29..2957 Norfolk & Western Ry. Co...
......Apr. 29..2952
General Motors Corp
Apr. 29..2957 North American CoApr.
29_2960
General Printing Ink Corp
Apr. 29_1957 Northern Alabama
Apr. 29..2951
General Ry. Signal Co
Apr. 29..2957 Northern Pacific
Apr. 29..2951
General Refractories Co
Apr. 29_2957 Ohio Edison Co_
Apr. 29_2960
Georgia Power Co
Apr. 29_2957 Ohio Water Servile Co
Apr. 29_2960
Georgia Southern & Florida Ry. -Apr. 29_2951 Orange Se Rock's d Elec. Co
Apr. 29__2960
(Adolf) Gobel, Inc
Oregon Short Line
Apr. 29..2957
Apr. 29__2951
Grand Trunk Western
Otis Elevator Co
Apr. 29..295
Apr.
-.2781
Great Northern
'Apr. 29__2950 Pan American Petroleum & TransGulf & Ship Island
port Co
Apr. 29__2950
Apr. 22...2808
Gulf States Steel Co
Apr. 22_2780 Pathe Exchange, Inc
Apr.
Gulf States Utilities Co
Apr. 29__2957 Patin° Mines & Enterprises Consol'dApr. 29__2960
22-2809
Haverhill Gas Light Co
Apr. '22_2780 Penick & Ford. Ltd
Apr. 29..2965
Hercules Powder.Co
Apr. 29..2957 Pennsylvania Coal & Coke Co
Apr. 29_2960
Holly Development Co
Apr. 22..2780 Pennsylvania Co
Apr. 29..2967
Honolulu Rapid Transit Co. Ltd..
Apr. 29..2957 Pennsylvania Dixie Cement Corp...
.Apr.
Houdaille Hershey Corp
Apr. 29..2953 Pennsylvania RR. Regional System_Apr. 22__2782
29_2953
Household Finance Corp
Apr. 29_ 2957 Pere Marquette Railway Co
Apr. 29..2953
Howe Sound Co
Apr. 29..2958 Philippine Ry
Apr. 29_2953
Hudson & Manhattan RR
Apr. 29_2958 Phillips Petroleum Co
Apr. 29..2960
Hupp Motor Car Corp
Apr. 29...2938 Pierce 011 Corp
Apr. 22..2809
Illinois Central System
Apr. 29_2950 Pierce Petroleum Corp
Apr. 22..2809
Illinois Central
Apr. 29_2950 Pittsburgh & Lake Erie
Apr. 29_2951
Illinois Water Service Co
Apr. 29..2958 Pittsbutgh & Shawmut RR
Industrial Rayon Corp
Apr. 22_2780 Pittsburgh Shawmut & Northern.. Apr. 29_2951
.Apr. 29..2951
Inland Steel Co
Apr. 29..2958 Pittsburgh Sub'ban Water Serv. Co_Apr. 29..2960
Interborough Rapid Transit Co. _Apr. 29_2958 Pittsburgh & West Virginia
Apr. 29..2951
International BusinessMach. Corp_Apr. 29__2953 Piltston Co
Apr. 22..2809
htternational Hydro-Elbc. System.
.Apr. 22..2791 Public Service Corp.of N.J
Apr.
International Paper & Power Co
Apr. 22_2905 Puget Sound Power & Light Co__ Apr. 22..2782
29_ _2960
International Rys. of Central Amer_Apr. 29..2969 Quebec Power Co
.
Intertype Corp
Apr. 29__2958 Rapid Electrotype
Apr. 29_'.2960
Island Creek Coal Co
Apr. 29__2958 Reading Co
Apr. 29..2951
Jones & Loughlin Steel Corp_
_ Apr. 29_2958 Reliance Mfg. Co. Inc
Apr. 22..2782
Kansas City Southern Ry.System. _Apr. 22_2777 Republic Steel Corp
Apr. 29__2960
Kelvinator Corp
Apr. 22__2780 Reynolds Spring Co
Apr. 22_2809
Kennecott Copper Co
Apr. 22__2806 Richm'd Fdksbg. & Potomac RR
Apr. 29..2951
Key West Electric Co
Apr. 29 2959 'utIand
Apr. 29__2951
Lake Terminal
Apr. 29__2950 Ruud Mfg. Co
Apr. 29__2960
Lambert Co
Apr. 29..2958 St. Louis-San Francisco
Apr. 29_2953
Lehigh Valley
Apr. 29_2950 St. Louis Southwestern Ry
Apr. 29...2953
Lehigh Valley Coal Corp
Apr. 29..2958 Savannah Elec. & Power Co
Apr.
Lily Tulip Cup Corp
Spring Brook Wtr.Serv.Co.Apr. 29_2960
Apr. 29...2958 Scranton
29 _.2960
Link Belt Co
Apr. 29__2958 Seaboard Air Line Ry
Apr.
ILion Oil Refining Co
Apr. 22_2807 Shawmut Bank Investment Trust.,.Apr. 29_2951
22..2810
Loblaw-Groceterlas, Ltd
Apr. 29_2959 Sierra Pacific Electric Co
Apr. 22..2782
Long Bell Lumber Corp
Apr. 29 2958 Socony Vacuum Corp
Apr. 22_ _2810
Loose Wiles Biscuit Co
Apr. 29_2959 Soo Line System
Apr. 29_2954
Louisiana Steam Generating Corp Apr. 29__2959 Southern California Edison
Co
Apr. 29..2961
Louisville & Nashville
Apr. 29__2950 Southern California Gas Co
Apr. 22..2799
Mac Andrews & Forbes Co
Apr. 22_2788 Southern Canada Power Co
Apr. 29_2960
Madison Square Garden Corp
Apr. 22_2781 Southern Pacific Co
Apr. 29..2967
Magma Copper Co
Apr. 22_2781 Southern Pacific System
Apr. 29._2953
Maine Central RR
Apr. 29_2952 Southern Ry
Apr. 29..2951
Market Street Railway Co
Apr. 29..2959 Standard Brands, Inc
Apr. 29__2961
Maryland & Pennsylvania RR
Apr. 22 _2794 Std. Oil Co. of Kansas (Del.)
Apr. 29 _ _2961
Mengel Co
Apr. 21..2781 Staten Island Rapid Transit
Apr. 29__2951
Mexican Light & Power Co
Apr. 29_2959 Superior 011 Co
Apr. 22_2782
Mexico Tramways Co
Apr. 29_2959 Tacony Palmyra Bridge Co
Apr. 29..2961
Midland Steel Products Co
Apr. 22..2781 Tampa Electric Co
Apr. 22..2783
Milwaukee Elec. Ry. & Light Cos
Apr: 22__2797 Teck Hughes Gold Mining Co
Apr. 22_2783
Mineral Range RR
Apr. 29_2971 Tennessee Central
Apr. 29 _.2951
Minneap. Honeywell Regulator Co...Apr. 29__2959 The Tennessee Electric
Power Co_ Apr. J9 __2961
Minneapolis & St. Louis
Apr. 29_2950 Terminal RR. Assn. of St. Louls
Apr. 29..2971
Financial Chronicle
Volume 136
Liaise of Chronicle
Wises Published. Pooe
Name 0/CompanyApr. 22..2783
Texas Gulf Sulphur Co
Apr. 29..2953
Texas & Pacific Fly
Apr. 29._296I
Third Avenue Ry. System
Apr. 22_2811
Timken Detroit Axle Co
Apr. 292951
Toledo Terminal
Apr. 292961
Union Carbide & Carbon Corp
Apr. 29_2962
Pacific RR
Union
Apr. 29_2951
1.
Union RR
Apr. 29..2990
U.S. Distributing Corp
Apr. 292961
Machy. Corp
U. S. Hoffman
Apr. 29296I
U. S. Leather Co
Apr. 22..2812
U. S. Radiator Corp
Apr. 29..2961
U.S. Steel Corp
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St. Louis
Southern
St. L'ouls Southwestern
Western Maryland
3d
3d
2d
2d
3d
2d
3d
Current
Year.
2,524,778
1,834,000
18,150
157.225
1,858,357
219,000
201.135
Previous
Dec.(-).
Year.
$
$
3,095,669 -568,891
2,063.000 -229,000
-1,350
19,500
20,841
178,066
74,144
1,932,§01
-33,668
252.668
53,431
254,566
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.
Inc. (+) Or
Dec.(-).
1932.
$
274.976.249
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
185,897,862
January
February
March
April
May
June
July
August
September
October
November
December
January
February
1931.
365.522.091
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
231,978,621
,
90.545.842
-69,289,775
85,983,406
-101.649,162
-114.034.479
123.273.269
138,851.525
-112.017.534
79.661.146
-64,475,794
51,606.559
42.454.535
-46.0011.776
46,080,759
-
s
January
February
March
ADM
May
June •
July
August
September
October
November
December
45,940.685
57,375,537
87,670.702
56.263.320
47,429.240
47.008035
46,125,932
62,540,800
83,092,939
98,336.295
63,966.101
57.854,695
1933.
45.603.257
41.460.593
January
February
Baltimore & Ohio System
Baltimore & Ohio1930.
1931.
1932m
•
1933.
•
MarchGross from railway-... $8,516,370 511,649,536 515,405,292 $17.805,405
3,874.223
3,533,716
2.719,160
Net from railway_ _ _ _ 2,029,831
2.519,002 .2,764,755
1,716,696
995,551
Net after rents
From Jan 1
44,345,965 51,231,181
Gross from railway_ _ _ 26,016.461 33,888.037
7,779,696' 10,247,370
7.466.873
Net from railway_ _ _ _ 6.785,348
6,805,218
4,560,723
4,474,203
3;811,396
Net after rents
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
24)881
241,189
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.
241,991
241.467
Inc.(+)or Dee.(-).
Net Earnings.
Meruh.
Amount.
1931.
1932.
Atlantic Coast Line1930.
1931.
1932.
1933.
MarchGross from railway__ - $4,035,983 $4.336.522 $6,755,090 57,504.235
2,748.929
2,522,178
1,145.684
Net from railway_ _ - - 1,440.218
1.881,318
1.603,230
389,663
708.243
Net after rents
From Jan. 1
from railway...._ 11,217,911 12.759,792 18,451.695 20,188,618
Gross
6,481.260
6,131,937
Net from railway__ _ - 3,680,180 3.162,894
4,300,439
3,734.956
1.211.813
1.810.712
Net after rents
Length of Road.
Gross Earnings.
Month.
.
$
72,023,230
66,078,525
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
56.187.604
$
Per Cent.
-26.082,545
-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
-36.24
-13.11
-20.18
-28.97
-41.41
-4748
-52.43
-34.12
-9.83
-3.51
-4.32
+8.11
-361,700
-14.727.011
-0.79
-26.21
Net Earnings Monthly to Latest Dates.
Akron Canton & Youngstown.
MardiGross from railway _ _
$93.671
11,754
Net from railway_ _ _ _
Net after rents
--1,588
From Jan 1
Grow front railway_ _ _
313,912
82,615
Net from railway__ _ _
24,915
Net after rents
'Alton & Southern1933.
March
571,113
Gross from rallway___
23.415
Net from railway_ _
14.003
Net after rents
From Jan. 1
' 217,328
Gross from railway...
_
72,081
Net from railway_
43,932
Net after rents
•
1932.
$151.402
57,832
35,750
1931.
5185.758
63,940
39,915
1930.
$274.300
101.417
61,138
410,813
144,597
77,328
502.161
153.260
74,515
744.997
251,117
130,888
1931.
$89,057
• 27.253
17,699
28,086
1932.
$n:231
246,638
89,113
55.247
1930.
257,517
79,533
49,639
Ann Arbor• 1930.
1931.
1932.
1933.
March$430,386
$394,731
$330,746
Gross from railway- -- $232,494
103,116
87.175
91,926
Net from railway_ _ _ _
39,590
46.620
41,464
49,131
Net after rents
1,430
From Jan 1
1,263.799
1.065.223
850.438
Gross from railway_ _ _
.645,978
_•
197,276
276.662
146,002
Net from railway_ _ _
67,003
106,235
50,337
23,099
Net after rents
-38,571
Atchison Topeka & Santa Fe System1930.
1931.
1932.
March1933.
Gross from railway-- $8,262.794 511.251.060 514,743.831 518,029.300
2.231,106
2,922,402
2,214,186
Net from railway_ -- 368,579
634,817
1,469.015
843,550
Net after rents
-779,193
From Jan. 1
Gross from railway_ -- 24.581,926 32,603,153 42,591,580 53.166,586
8,383.301
9.797.548
5,422,202
Net from railway-- -- 1,799,185
4.884,856
4,072,356
1,638.955
Net after rents
-1.627.589
Atlanta Birmingham & Coast
-1931.
1930.
1932.
March1933.
$341.786
$372.812
$255,560
Gross from railway_ - - $221,075
-21.008
-14,665
-14,104
10,042
Net from railway- _ -.
-64,498
-53.158
--44,964
Net after rents
-16,240
From Jan !903,823
1,048.248
693,787
590,976
Gross from railway..
142,296
-82,048
Net from railway.-..-.-27,361 -145,590 -255,405 -179,350
-104,341 -237,457 Net after rents
Atlantic City1931.
1930.
1932.
March
1933.
$200,947
$170.020
$133,406
$104,677
Gross from railway_ _
--76,740
-78.875
--37,471
-41,017
Net from railway_ _ _ _
81.392 -126,997 .--129.950
--90,051
Net after rents
From Jan 1
589,927
470,009
372,685
320,092
Gross from railway__ _
-226.355 -199,022
--113,306 -146,035 Net from ratiway_
-378,976 -363,837
-255,031 -278.209 Net after rents
'
Issue of Chronicle
Issue of ChrOnicle
When Published. Priori.
Name of CompanyWhen Published. Pam.
Name of C.mpanyApr. 29..2961
Apr. 29..2991 Westinghouse Elec. & mfg. Co
Pipe & Radiator Co
Universal
Apr. 29_2951
Apr. 29..2961 Wheeling & Lake Erie
Virginia Electric & Power Co
Apr. 29_2962
Mineral Spring CO
Apr. 292961 White Rock
Virginia Iron Coal & Coke
Apr. 22..2812
'Apr. 29..2951 (H. F.) Wilcox Oil & Gas Co
Virginian Ry. Co
Apr: 29._2962
Apr. 29..2951 Wilcox Rich Corp
Wabash Ry
Apr. 22__2812
Corp
Apr. 29_2961 Williams Steamship
Waldorf System, Inc
Apr. 22...2787
Apr. 29_2991 Wisconsin Central Itv.
Warren Brothers Co
Apr. 29_2962
Apr. 22_2812 Yale & Towne Mfg. Co
Washington Oil Co
Apr. 29..2950
Yazoo & Mississippi Valley
West Virginia Water Service Co. _Apr. 29..2962 (L. A.) Young Spring & Wire Corp _Apr. 29..2962
29..2954
Apr.
Western Maryland Ry. Co
Apr. 29__2962
Tube Coi
Apr. 22..2787 Youngstown Sheet &
Western Pacific RR.Co
Apr. 22..2784
Apr. 22_2786 Zenith RadloCorp
Western Pacific RR. Corp
Apr. 29..2962
Zonite Products Corp
Apr. 2.9..2961
Westinghouse Air Brake Co
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
•
reports: •
inc.( 4-)or
Period
Covered.
wk of April
wk of April
wk of April
wk of April
wk of April
wk of April
wk of April
2€49
Bangor & Aroostook1932.
1933.
March
$778,599
Gross from railway-- $774.080
388.637
430,041
railway_ ___
Net from
293,079
323.300
Net after rents
From Jan 1-.
2.080.366
Gross from railway.._ _ 1,983.507
990,849
Net from railway_ _ _ - 1,023.228
741.952
760,837
Net after rents
Bessemer & Lake Erie1932.
1933.
March$255,340
$168,567
Gross from railway__ _
Net from railway- _ __ -174.036 -138.670
-185,405 -159,267
Net after rents
From Jan. 1
739,105
509,319
Gross from railway
Net from railway_ -- -429,337 .-422,352
-442,500 -471,807
Net after rents
1930.
1931.
5935.349 51,024.284
511,493
456.050
405.791
353.335
2.519.834
1,108,404
842.339
2.849.394
1,340,353
1,059.940
1931.
$470.240
-156.725
-182,742
1930.
$637,030
-109.479
-119,425
1,332,202 " 1,910.034
-464,812 -182,829
173,375
-547,155
Boston & Maine
1930.
1931.
1932.
1933.
Ma?Tit$5,853,282
Grpss from railway_ _ _ $3,178,676 $4,221,387 $5,136,369
1,432.520
1,388,564
1,108.609
686,443
Net from railway_ _ _ _
977,438
913,415
679,180
309,570
Net after rents
From Jan 1
14,931.254 17,432,804
Gross from railway.-.. 9,322,942 12,160.752
4,246.196
3,866,825
2,936,750
Net from railway_ _ _ _ 1,924,900
2,797.068
2,447.533
1.668,813
953,617
Net after rents
Brooklyn Eastern District Terminal1931.
1932.
1933.
March$110,011
$79,528
$71,413
Gross from railway__ 48,497
3,5,150
31,079
Net from railway_ .. _ _
41,134
28,276
25,064
Net after rents
Jan 1
From
309,279
226,085
180,066
Gross from railway-.-..
134.566
94,482
60,849
Net from railway ._
113.878
74.361
42,121
Net after rents
Cambria & Indiana1931..
1932.
1933.
March$108,075
$104,626
Gross from railway--- $105,611
30.754
38:578
40.102
Net from railway_
90,766
80,453
. 84.645
Net after rents
From Jan 1
336,154
299.711
323,912
Gross from railway-.-..
102.953
98,841
129,254
Net from railway..
288.758
232.929
276,270
Net after rents
Canadian National System
•
Canadian Nat Lines in New England1931.
1932.
1933.
March
$130,284
$91.048
$74,341
Cross from railway-.-..
41,769
-44,169
_ '-22,171
Net from railway_ __
107.206
-99,726
-71.642
Net after rents
Jan 1
From
428,728
293,103
255,429
Gross from railway_ _ _
69.961
-94,251
Net from railway_ __ _ -42,066 -27411,284 -269,378
-190,191
Net after rents
1930.
$118,392
46.752
40.192
344.389
143,607
122.514
1930.
1930.
$202,787
3,959
--68.280
593.393
1.451
-216.021
Central of Georgia1930.
1931.
1932.
1933.
March$2076.522
Gross from railway_ - - $979,171 $1.149,313 $1,782,761
573.301
520.498
221,095
139,397
Net from railway....._
396.540
384.774
97,641
15,115
Net after rents
• From Jan 1
5,902.714
4,713.839
3.192.235
railway_ _ _ 2,634,486
Gress from
1,394.036
1.174,484
418,073
221.106
Net from railway
784,373
978.885
55,587
-158.957
Net after rents
Central RR. of New Jersey1931.
1930.
1932.
1933.
. MarchGross from railway__ $2,241,301 $2,803.112 S3,290,198 $4,261.228
675.514
858,716
747,666
650,887
Net from railway_ __ _
341,901
376,768
445,133
365,086
Net after rents
From Jan 1
7,998.472 10,018.781 12.808,780
Gross from railway__ _ 6.541.306
2,029,915
2.692,434
1,990,585
1,857.204
Net from railway_
1.137.242
1.555.547
1.100,511
1,049.113
Net after rents
•
Chicago Burlington & Quincy1930.
1931.
1932.
1933.
MarchGross from railway_ _ _ 55.166,697 $7,392,290 59.849.837 511,341,101
3,182,698
3,764.534
2,546,030
•Net from railway__ -- 1,133.093.
2,555,104
2,047.495
1.476.196
169,725
Net after rents
From Jan 1
Gross from railway.-.-. 15.435,888 21,262,322 29,066,639 34.016.864
9,480,416 11,179,704
6,147.490
3,301,164
Net from railway_ _
7,524,138
3.107,938
5.973,799
471.682
Net after rents
Chicago & Eastern Illinois1930.
1931.
1932.
1933.
MarchGross from railway- - - $889.923 $1,233,671 51.416.023 $1,747,011
237,744
187,947
239.839
Net from railway-.-...
-42.276
-68,839
501
-71,825
Net after rents
From Jan. 1
5.321,400
4,035,642
3,409.569
Gross from railway_ _ _ 2,782,023
640,048
411.168
249,154
Net from railway
-281,981 -304,413 -510,747 -185,736
Net after rents
Chicago Milwaukee St Paul & Pac1930.
1931.
1932.
1933.
• MarchGross from railway_ -- $5,800,009 57.403.548 $9,829,071 511.647,384
2.066.261
1.971,352
1,489.148
884.142
Net from railway__ -944.307
788.213
309,761
-205,232
Net after rents
From Jan 1
Gross from railway__ _ 17,143,685 21,022,261 27.747.873 34,053,809
6.202.527
3,586,273' 5,278,000
Net from railway-.. _ _ 2.366,146
2.758.830
1,705.912
7,176
-868,792
Net after rents
•
2950
Financial Chronicle
April 29 1933
Chicago & North WesternFlorida East Coast
March1933.
1932.
1931.
1930.
March1933.
1932.
Gross from railway.-- $4,849,696 $6,457.177 $8.725,342 $10,224,550
1931.
1930.
Gross from railway-- $992,175
$996,639 $1,290,255 $1,707,197
Netfrom railway_
1,150,550
1,771,934
1,765,626
Net from railway_ ___
490,462
450,718
Net after rents
503,501
792,184
-564,641
227,338
831,137
770,172
Net after rents
.• 362,594
296,067
From Jan. 1
325,522
583,098
From Jan 1Grossfrom railway..-- 14.350,511 18,446,399 25.044.350 30,593.789
Gross from railway__ _ 2,688,360 2.886,726
Net from railway
2,921,283 4,510,193 5,286,929
Net from railway__ _ _ 1,179,785 1,240,293 3,702,775 4,727,938
Net after rents
1,448,989 2,101,228
_1,463,245
135,242
1,721,700 2,258,229
Net after rents
818,796
771.088
906,486
1,478,278
Chicago R I & Pacific SystemGalveston Wharf
March1933.
1932.
1931.
1930.
March1933.
1932.
Gross from railway.. _ _ $4,589,382 $6,322.626 $8.686.340 $10,711,230
1931.
1930.
Gross from railway......
$97.015
Netfrom railway
$156.168
$127.612
8110.836
550,331
1,466,448 2,051,704 '2.838.072
Net from railway_ __34,016
Net after rents
46,584
26.896
21,678
-296.565
578,670 . 1,093,319
1,845,596
Net after rents
I
14,065
From Jan. 1
23,546
3.968
--2,958
From Jan. 1Gross from railway.-- 14,037,186 18.673,785 25,021,229 30,920,922
Gross from railway.-268.189
Netfrom railway
506.125
390.391
1,618,636 3,599,455 5,845,534 6,187,167
379,879
Net from railway_ _ -87,767
199,156
Net after rents
121,538
97.893
-909,967
856,124 2,948.650 3,183,534
Net after tents.
7,790
130,080
52.427
23.550
Chicago St Paul Minn & OmahaQrand Trunk Western
March1933.
1932.
1931.
1930.
. March.
1933.
1932.
Gross from railway_ -- $902,294 $1,255,461 $1.610,598 $2,019,099 .
* 1931.
1930.
Gross from railway.... $1,085,180 $1,403,316 $1,900,424
Netfrom railway
$2,551,136
142,030
206,128
360,554
Net from railway........
42,001
Net after rents
153.213
294,658
-113,621
576,587
-22,870
41,770
146,6/3
Net after rents
-167,985
From Jan. 1
-77,067
16,320
305,273
From Jan 1Grossfrom railway_ -- 2,739,586 3,633,537 4,615,537 6.140,639
Gross from railway..... 3,444,229 4,034,228 5,364,605
Netfrom railway
7,276,178
297,794
429,567
1,095,664,
Net from railway_ 255,993
246.310
et after rents
717,405
-302,458 -183,154
1,557,819
-71,088
538,142'
Net after rents
-369,930, -413,923 '
-262,011
700.181
ClinchfieldGreat Northern Railway• March,
1933.
1932:
1931.
1930.
MarchGross from railway...... $368,991
1933.
1932.
1404.029
$519,701
$562,427
1931.
1930.
Gross from railway
Net from railway........
$3,779.304 $4,448.867 86.330,996 87,461.180
162,670
155,008
208,139
194.048
Net from railway_ _ _ _
Net after rents
603.978
117,370
735,002 1,416,616
106,042
183.366
193,173
1,297,633
Net after rents
From Jan 1
-168,458
-48,975
574,260
506,355
From Jan. 1Gross from railway..
1,133,704
1,150,873
1,480,490
1,643,966 . Gross from railway...
Net from railway__ _ _
10,489.095 12,039,843 17.536.396 20,422,836
509,086
397,746
500,634
582,760
Net from railway_ _Net after rents
831.547
376,735
808,176 3,321,549 2,809,764
239,302
478.073
625,025
Net after rents
-1,325,366 -1,324.933
836,736
538,325
Del Lack & WesternMarch1933.
Gulf & Ship Island1932.
1931.
1930.
Gross from railway_._ $3,460,489 $4,462,665 85.016,896 85,588,146
March
1033.
- 1932.
1931.
1930.
Net from railway_ _ _ _
525,549 1,101,839
Gross from railway_
$106.161
1,105,867 1,032.613
$112,297
$167,530
$338,686
Net after rents
55.111 ' 652,572
Net from railway........
30.858
649,029
588,489
22,685
-12,846
100,906
From Jan 1
Net after rents
640
--5,578
-58.279
• 49,917
Gross from railway__ _ 9,893,940 12,289,911 14,871,808 17,116,106
From Jan 1
Net from railway_ _ _ _ 1,250,269 2.640.867 3,020,196 3,392,561
Gross from railway__
276.362
289,839
447,657
832209
Net after rents
-61,347 1,383.184
Net from railway_ _
43,386 •
1.705 482 2,023.781
17,855
--45,949
183.424
•
Net after rents
-50,111
•
-64,266 --171,739
Delaware & Hudson48,619
MarchIllinois Central System1933.
1932
1931
1930.
Grossfrom railway_
$1,626,971 $2,165,839 $2,52o.295 $2,924,086
March1933.
1932.
1931.
1930.
Net froF
_ _ _ .-82,799
Gross from railway.... $6,102,248 $8,125.559
N2,390
176,372
334,753
Net aft rents
-139.913
Net from railway_.... 1,572,347 2,354,570 $10,303,987 $13.871,936
81,734
88,337
208,421
From Jan 1
' Net after rents
722,239 1,470,713 1,652,124 3,238,742
583,511 2,071,003
Gross from railway.. _ _ 4,850,462 5,934,941
From Jan 1
7,839,444 9,466,883
Net from railway_ _ _ _ -292,518
Gross from railway...... 19,026,655 23,504,603 29.926,200
144,511
.695,380
1,473.742
Net after rents
-481,764 .--125,381
Net from railway.. _ _ _ 4,278,298 5.898.672 4,251,209 40,359.211
456,373
1,104.541
8,599,378
1,806,042 3,309,570
Net after rents
Denver & Rio Grande Western1,096,853 5,357,191
Illinois Central System
March1933.
1932.
1931.
1930.
Gross from railway.-- $1.056.583 $1.277,596 $1,918.495 82.229.148
Illinois Central RRNet from railway.-- • 137,967
March193,392
1933.
503.876
1932.
640.180
1931.
1930.
Net after rents.
15,870
Gross from railway--- $5,270,015 $7,025,879
60,069
364.431
494.568
From Jan 1
Net from railway_ .. _ _ 1,325.016 2,028,215 $8,857,476 $11,632,082
Gross from railway
3,286,371 4.070.369 5,765,881
Net after rents
696,099 1,365,460 1,461,639 2.665,553
7.064.467
681.226
1,768,945
Net from railway......
503.369
From Jan 1
606.773
1.436,660 1.792,123
Net after rents
126,276
Gross from railway...... 16,523,087 20418,920 25,730,937
185.261
1,040,938 1,324.195
33,917,372
railway...... 3,672,895 5.222,592
Net from
Detroit & MackinacNet after rents
1.881.492 3.303,045 3,867,625 6,999,187
March1,566,946 4,525,028
1933.
1932.
1931.
..,
1930.
Gross from railway_
$40,343
Yazoo & Miss Valley$52,896
$67,308
682,663'
,
Net from railway_ _ _
853
March4,678
1933.
14,941
1932.
7,950
1931.
Net after rents
1930.
-74,732
Gross from railway.... _ $832,233 $1,099,680 $1,446,511
-3,340
3,539
-1.309
$2,222,279
From Jan 1
Net from railway_ _ _ _
247,331
328.355
190,485 . 569,017
Gross from railway__ _.
106,069
148,840
Net after rents
186,048
26,140
228,989
105.253
97,715
Net from railway_ _ - _ -11,681
298,719
From Jan 19.329
27,855
--8,750
Net after rents
-30,051
-14,490
Gross from railway_ _ _ 2,503,568 3.085,683 4,195,263
356
--37.256
6,391,943
605.401
Net from railway_
676,080
Detroit Toledo & Ironton383,584
1,589,063
-75.450
Net after rents
6,525 -470,093
March1933.
823,879
1932.
1931.
1930.
Gross from railway_ _ _ $269,163
Lake Terminal$408,218
8723.606 81,184,315
Net from railway_ __ _
March1933.
101,329
1932.
.
113,889
296,371
618.657
1931.
1930.
Net after rents
Gross from railway....
$24,179
75,955
53,958
$19,097
222,278
506,623
$61.778
$59,026
From Jan 1
Net from railway _ ......
1,239
-2.588
•
1.299
-1.386
Gross from railway.. _ _
Net after rents
-2,388
910,988
1,149,379
-6.353
1.989.372 8,250,764
--5.595
-12,500
From Jan. 1
Net from railway_ _ 362,672
296.469
759,129 1,613,329
Gross from rallway
Net after rents
.69,795
211,324
59,841
114,910
536,632 1,287.733
159.228
163,596
Net from railway_ _ _ 3,407 . -7.090
Detroit & Toledo Shove Line-8.987
-13,759
Net after rents
-7.197
--18.986
March-29.253
1933.
1932.
-43.960
1931.
1930.
Lehigh ValleyGrossfrom railway- $182,171
$248,817
$309,185
6354,851
MarchNet from railway.. _
1933.
78,822
123,143
1932.
141.429
193.746
1931.
• 1930.
Gross from railway...... $2,976,491 $3,645,349
Net after rents
23,397
49,467
63,322
78,764
$4,396,612 $4,828,403
Net from railway... _ _
615,430
From Jan 1
773.887
687.758
672,174
Net after rents
Gross from railway.. _ _
239,560
687,537
773,135
402,077
885.720
1,222,948
306,026
305,007
From Jan 1
Net from railway_ _ _ 373,050
412,389
444,215
699,844
Gross from rallway
8,648.578 10.212,342 13,208,800
aier rents
Net
176,354
189,310
194,808
347,000
Net from railway
1,516,419
1,748,858 2,391,110 15,021,015
2,684,282
Duluth Winnipeg & PacificNet after rents
• 400.951
642,556
1,229.025
1,547,217
March1933.
1932.
1931.
1930
Louisville & Nashville
Gross from railway_ _ _
$50,190
$81,022
$102,816
$184,756
March1933.
1932.
Net from railway_ _ _ _
-27,030
-6,054
1931.
-23,333
1930.
24,701
Grossfrom railway._ 64,555,262 $6,013,779 $8,014,184
:
Net after rents
-11,311
6,460
-21,374
9,589
• Netfrom railway
1,085.042 1,557,347 89,486,524
From Jan 1
938,806
Net after rents
277,013
Gross from railway_ _ _
708,048
161,074
263,085
1.076,772
355.740
563,813
522,808
From Jan. 1Net from railway_
-75,009
-2.561
-35,525
78,877
Gross from railway_ -- 14,706,766 17,187,193
Net after rents
-24,467
23.410.105
39,328
-30,044
42,067
Net from railway
2,376,471 3.661,131 30,020,300
4,507,414
Net after rents
2,083,702 1,147,242 2,239,381
Erie System3,073.266
March1933.
1932.
1931.
Maine Central
1930.
Gross from railway.- $5,215,071 $6,608,744 $8,130,335 $9,057,894
March1933.
1932.
Net from railway_ _ _
1931.
743,666
1930.
1,291,671
1,685,574
Gross from railway
$827,380 $1,057.085 $1,340,805
1,288.799
Net after rents
999,313
491,379
1,433,841
Net from railway_ --932,661
ingi ?IN
! 328.253 81,716,979
From Jan 1
460,997
Net after rents
Gross from railway...... 15,582,428 18,707,686 23,171,958 27,229,538
171,404
318,652
From Jan. 1Net from railway_...... 2,301,666 2.962,935 4,306.749 4,161,713
Gross from railway.-- 2,356.728 2.957.821.
Net after rents
3.995.745 5.049.278
1,440,951
2,065,793
3,384,162 3,124,258
Net from railway........
547,999
551.792
917.743 1,329,695
Net after rents
290,704
260,576
Erie RR450,544
859,913
MarchMinn St Paul & Sault Ste Marie- •
1933.
1932.
1931.
1930.
Gross from railway
March$4,640,054 85.805.534 $7.134.143 $7.855.668
1933.
1932.
1931.
1930.
Net from railway....
,
Gross from railway.- $1.391.764 61,797,101
930.280
1,446.321
1.729.719 1,2464190
$2,458.342 $2,968,434
Net after rents
Net from railway_ _ _ _ -99,404
516.974
936,334
1.296,853
21,170
759.713
304,762
328.395
From Jan. 1
Net after rents
-360.948 -306.229
-57,249
-32.981
Grose from railway
From Jan. 1
13.702.806 16.460.750 20.355,338
Net from railway_....... 2,746,004 3,555.832 4.418,972 23.720,602
Gross from railway
4,038,171 4,940.150 7,003,869
4.071,933
8,653,069
Net after rents
Net from railway-- - -364,573 -273.551
1,425,043 2,018.677 3,195,604 2,662,215
690.602
760,600
Net after rents
1,198,592 -1,219,325 -351,902
-307.450
Chicago & ErieMinneapolis & St LouisMarch
1932.
1933.
1931.
1930.
March1933.
Gross from railway__ - $575.017
1932.
003.210
8996.193 81.202,227
1931.
1930.
Gross from railway_ _ .. $528,706
Net from rallway...._ $662.533
191,082
307.837
432.168
$917,343
499,305
$959.860
Net from railway_ _ _ -13,129
Net after rents
30,949
-25,595
62.978
136.988
132,160
172,949
39,206
Net after' rents
-69,892
-32,717
From Jan. 1
83,266
-69,520
From Jan 1
Grose from railway__- 1.879.622 2,246,935 2,816.621
3,508,935
Gross from railway...... 1,529,032
.___
Net from railway
1,935.372 2.495,363
698,735
794.217 1,123,538 1,462,438
2,904,130
Net from railway_ __ _ -81,609
73,558
Net after rents
•
47,116
15,908
188.559
169;753
462,044
135.591
Net after rents
-260,143 -125,642
-58,208 189,360
New Jersey & New York•
Monongahela Connecting
March1932.
1933.
1931.
1931).
March1933.
1932.
1931.
Gross from railway-$80,975
1930.
$93.722
$111.671
$115.358
' Gross from railway__
$37,941
$49.747
$104.135
Net from rallway____
$192,817
-5.675
5.133
36.873
10.318
Net from railway_ __ -8.786
-12.358
rents
8,079
Net after
-28,829
54.824
-18,829
2.865
-23.629
Net after rents
-12.919
-17,732
774
From Jan.1- •
35,419
From Jan. 1250,962
Gross from railway
281.361
324.691
349,348
Gloss from rall,vay
102.583
140.461
290,790
-4.122
10,914
Net from railway.-535.58$
64,040
Net from railway_ -- --4A,7P5
25.829
-54.983
6;146 •
-76.481
120.525
-65,694
Net after rents
-38.875
-82.571
Net after rents
-57,029
-71,092
--14.297
70.423
Volume 136
Newburgh & South Shore1931. ' 1930.
1932.
1933.
March$125.171
$88.988
$60,742
$43.114
Gross from railway.-12,809
-23,653
-289
Net from railway_ _ _ - -11,273
2,100
-35,163.
-7.3,13
rents
-16,959
Net after
From Jan. 1
329,013
263.923
172.623
131,936
Gross from railway
-46,948 ' 11,267
-12,156
-26.839
Net from railway--28.016
-79.127
-35.881
-46.424
Net after rents
New York Central System
New York Central1930.
1931.
1932.
1933.
MarchGross from railway_ 819,838,226 $28,424,442 834,578,299 $40.868,152
7.229.018 7.896.164 8,232,578
Netfrom railway
Net after rents
918,533 3,269,700 3.908.665 4,734,021
From Jan. 1•
Gross from railway.. _ _ '132,189,516 81,333,553 99,332,079 123,204,523
19,118,160 19,488,727 25,229,397
Netfrom railway
7,156,162 7,337.299 14,455,668
3.395,261
Net after rents
Pittsburgh & Lake Erie1930.
1931.
1932.
1933.
MarchGross from railway_ - - $842.730 $1.160,989 $1,715,643 $2,241,314
515,752
314,218
121,649
Net from railway
581,139
365,114
157.170
57,569
Net after rents
From Jan. 1
Grossfrom railway--- 2,596,906 3,281,505 4.854,836 6.884.270
759,950 1,162,335
296.254
Net from railway
1,530,047
974,457
421,137
244,402
Net after rents
•
2951
Financial Chronicle
New York Chicago & St Louis1930.
1931.
1932.
March1933.
Gross from railway
$2,176,326 $2,801,071 $83,616,709 $44,124,530
956,125
543,701
680,882 1.112.539
Net from railway_
604.409
609.791
215,349
Net after rents
146,985
From Jan 1
7,870,360 9.761,847 12,145,882
Gross from railway
6,545,297
2,818.002
1,873,560 2.327.491
Net from railway.... 1,704.087
1,574,051
806.505
491,115
Net after rents
491.577
NYNH& Hartford. 1930.
1931.
1932.
March1933.
Gross from railway... $5,025.082 $7,212,382 $8.734,686 $10,128,358
Net from railway..
1,027,757 2,349.038 . 2.802,835 3,100,494
1-.848,344
1,339.453 .1,631.023
Net after rents
157,452
From Jan 1
Gross from railway... 15.196,923 20,974.587 25,255,976 29.810,120
Net from railway...... 3,312,680 6,492,790 7,878.936 9,352,382
5.635,324
Net after rents
755,171 3,437.373 4,408,533
York Susquehanna & WesternNew
1930.
1931.
1932.
March1933.
5369.899
5391.471
$294,657
Gross from railway..-- $267,909
84.148
142,145
65,050
76.776
Net from railway._ -25.817
80,884
15.216
31,148
Net after rents
From Jan. 1
1.126,100
867,833 1,180.601
Gross from railway
792,546
265.250
426,420
199,304
Net from railway208,818
91,528
231,400
rents
0,875
Net after
72.543
Norfolk Southern1930.
1931.
1932.
March1933.
8526.248. $624,505
8358,223
Gross from railway_ -- $3305,045
152,139
85,382
5,734
Net from railway_ - -18.392
83,083
22,496
-47,117
Net after rents
-65,553
From Jan. 1
985,582 1,411,700 1,700,998
from railway--Gross
845,712
317,606
165.299
-35,371
Net from railway..... -101,161
119,409
--18,440
Net after rents
-247,127 -192,627
Reading Co
1930.
• 1931.
1932.
1933.
MarchGross from railway-- $3.853,584 $4.920.620 $6.594,595 p7.431.557
1.174.902
859.425
1,053.623
Net from railway---- 1,095.877
914,513
585.130
895,085
824.008
Wet after rents
From Jan. 111,456.916 14.377,365 19,221.035 22.456.070
Gross from railway
2.451.747 3.666.226
Net from railway_ --- 2,949,597 2.488.781
1.676.906 2.831.839
1.920,881
2.135.700
Net after rents
Richmond Fredericksb'g & Potomac
1930.
1931.
-1932.
March
8998.497 51.169.279
5702,988
Gross from railway-- 5567.966
365,849
385,282
186,419
140,603
Net from railway_ --230.033
246.308
97.827
50.724
Net after rents
From Jan. 1
1,648.532 2.052.782 2,681.818 3.152.899
Gross from railway
964.385
925.146
504,300
417.074
Net from railway_ _ _ _
581.175
553.127
219.341
163,126
Net after rents
RutlandMarch
Gross from railway.....
Net from railwayNet after rents
From Jan. 1
Gross from railway
Net from railway_ _ _ _
Net after rents
1933.
8255.351
-1,531
-10.084
1932.
5355.350
55.707
35,891
737:877
16.569
-10,870
981,868
100.245
47,187
1931.
$368,212
13,418
2,143
1930.
5454.330
53,727
41,823
1.074,948 . 1,296,504
115.962
27,515
86,180
20.348
St Louis-San Francisco System1930.
1931.
1932.
1933.
MarchGross from railway...... $2,954 701 $3.668.690 $44,914.976 $6.515.759
1.731.561
1.170.806
685.373
283.881
Net from railway.- - 1.271.345
779,442
237.991
-139.685
Net after rents
• From Jan. I
8.941,305 10.645,808 !4.433,049 19,008.596
Gross nom railway...
b.457.807 4.934,320
1,498.961
944,292
Net from railway_
185.490 2.139.862 3.879.38 f
-340.136
Net after rents
St'Louis Southwestern Ry.1930.
1931.
1932.
1933.
MarchGross from railway..... 5881.610 51.073,924 81.613.090 52.181.045
650.979
339.342
173.831
158,439
railway_ .. _ Net from
412.198
105.646
17,963
-5.730
Net after rents
From Jan. 1
5.814.723
Gross from railway..... 2.746,024 3.229.497 4,381.009 1,167,266.
709.197
490,038
515,785
Net from railway._...
563,960
42,259
-40,838
1.255
Net after rents
Seaboard Air Line'
1930.
1931.
1932.
1933.
March
Gross from railway..__ 52,921.763 83,158.147 84,496.992 $5,117,152
1,242.018
1,123,209
619,803
630.714
Net from railway____
726,370
628.258
245,906
255,650
Net after rents
From Jan 1
8,611,529 9,353,536 12,606.185 14.777.791
Gross from railway_
1,575,887 2.755,108 3,773,624
•Net from railway_ __ _ 1,726.370
1.279.630 2,361.233470,940
599.110
Net after rents
Southern Pacific System 1
1930.
1931.
1932,
933.
MarchGross from railway-- 89.013,359 812,269,018 816.988,180 t22.262.253
1,914,599 3,127.976 5 144.800
954,511
railway_ _ _ Net from
2.766,076
1,177,753
-721.852 -101,236
Net after rents
From Jan: 1
Gross from railway.... 26,365,251 .35,773,625 49.540.968 63.689.423
Net from railway.... 1.886.855 4.723.439 7.959.506 13.681.647
2.128,336 7.130.739
-3.064.471 -907,411
Net after rents
Norfolk & Western1930.
1931.
1932.
March1933.
Southern Ry System
Grost from railway-- $44,304.942 $5.597,387 $6,655.232 $8,258,779
Alabama Great Southern-'
1930.
Net from railway..--1.250,776 1,845.185 2.263.556 2.966.384
1931.
1932.
1933.
March1.696,004 2.200.735
1,344,130
Net after rents
$770,615
733,204
5560,673
$387,593
Gross from railway.... 5304,232
From Jan. 1
212,978
71.068
15,734
35,673
Net from railway_ .... •
Gross from railway... 14.674.418 15,873,772 19.549.988 26,167,845
171.908
44,314
-22,022
-3,479
Net after rents
Net from railway-- - 5,536,043 4,721,544 6.542.236 10,003,348
From Jan 1
Net after rents
3.927,807 3.091,568 4,762.312 7.948.889
2,152,140
1,086,957 1.573.471
866.520
Gross from railway...
426,301
124,974
-15,003
37,000
Net from railway_ _ _ _
Northern'Pacific308,990
32,936
1930.
• -92.869 -126,328
1931.
Net after rents
March1932.
1933.
$33,693,124 $5,390,244 $6,625,496
Gross from railway
$2,998.130
751,738 1,109,702
& Texas PacifIC
49,911
Net from railway.- - - -223,203
Cin New Orleans
1930.
1931.
1932.
758,185
461,700
1933.
March299,086
Net after rents
-498,251
5954.260 $1.262,599 $1,728,280
From Jan. 1
Gross from railway..... $809,461
481,946
180,068
.206,398
235,024
Gross from railway..
Net from railway_ _ _ 8.368,302 10,509,134 14,701,691 17,937,987
384,935
107.538
160,051
157.953
Net from railway...-- -911,483 -321,069 1.427,997 2,151,565
Net after rents
1,126,856
387,848
Net after rents
-1,699,259 -1,374,242
From Jan 1
from railway_ _ _ 2.404,112 2,775.376 3,832,702 4,983.319
Gross
Pennsylvania System1,238.007
563.090
505,557
698.388
Net from railway_ -- _
1930.
1931.
1932.
March1933.
979,681
347,228
367.559
515,574
Net after rents
Gross from railway---522,465.099 $31,689,061 $40,306,662 $49,351,947
Net from railway__ _ _ .4,917.017 7.112,712 7,688.685 11,222.143
Georgia Southern & FloridaNet after rents
3.925.496 3.797,204 7,291.733
1,939,478
1930.
1931.
1932.
1933.
MarchFrom Jan. 1
$3380,470
$297,264
5193,433
Gross from railway,. . $140,216
Gross from railway
67,898,607 90,767,541 115,294,970 144,216.707
54,075 •
81.82035,119
34,571
30.481,951
railway_ - Net from
Net from railway- 14.871,535 17.982.269 19.650,367
43,527
29.073
24.502
7.698
Net after rents
Net after rents
6.572.956 9,190,988 9,249.684 19.886.464
From Jan 1
Pennsylvania RR844.532
1.102,248
552,486
412.940
1930.
1931.
MarchGross from railway....
1932.
1933. •
145,952,
246,073
67.333
94,759
Net from railway- -- _
Gross from rallway
$22.419,913 $31,634,336 $40.236,529 849.272.716
90,166
160,581
36,884
37,169
. 4,925,154
Net from railway_ _ 7,880,202 7,699,219 11,232,642
Net after rents
Net after rents,
1,957,930 4,702,999 4.248,686 7.311,801
From Jan 1
New Orleans & Northeastern1931.
1930.
1932.
1933.
Gross from railway.... 67.768,175 90.602.943 115.082,905 143.970,661
March5294,431
$403,455
$199,301
Net from railway_ _....14,895,234 19,999,141 19.680,858 30.506,088
Gross from railway_ _ _ $133,934
35,029
108.576,
10.8.51
Not after rents
railway.. _ _ _ • -546
6,625,716 11,235,834 10,326,817 19,935.036
Net from
23.591
-34.281
-21,373
-40,885
Net after rents
Pere Marquette1930.
1931.
1932.
March1933.
From Jan 1
817,171
1.155,402
573.264
365,500
Gross from railway..- $1.528,857 $2,077,154 52.468.750 83.310,506
Gross from railway..
62,889
295.164
23.520
690,830
453.054
395.485
Net from railway_ _ .._
100,874
Net from railway..... -31,897
41.371.
--99,691 -133.658
442,259
244.313
-161,357
120,957
Net after rents
-87.413
Net after rents
From Jan. 1
•
Gross from railway.-- 4.940.805 5.831,866 6.878.310 9,587,602
Northern Alabama887.708
1,762,973
1931.
1930.
1932.
907.193
Net from railway_ --550.723
1933.
March963,769
231,748
545.876
$61.215
$97.288
254.615
Net after rents
-48.431
$34,457
Gross from railway
12,203
33,194
8,667
6.735
Net from railway.....
Pittsburgh & Shawmut7,492
-6.368
--12,125
-13,877
Net after rents
1931.
1930.
1932.
March1933.
$76.236
5111.829
$68,809
Gross from railway..- $52,173
From Jan 1
11.285
29.745
11,931
177,526
139,918
289.024
1.963
Net from railway.....
119.549
Gross from railway....
29.822
10,150
11.424
36,714
97.377
22,806
969
Net after rents
39,407
Net from railway_ _
21.403
-31,613
--20,887
From Jan. 1
-17.852
Net after rents
223.571
328,386
187,080
Gross from railway......
142.205
79.811
• 33.415
14.664
1.229
Net from railway......
Southern Ry28.922
83,925
14,525
1932.
1931.
1,974
1930.
Net after rents
1933.
•
MarchGross fram railway.- $5.726,338 $6,923,016 $8,948,756 810,704.797
Pittsburgh Shawmut & Northern1.258.149
1,701,318 2.328.586
1,285,713
1931.
1930.
1932.
Net tram railway_ _ _
March1933.
1.394.347
559,616
802,850
659,849
5111,996
5141,931
592,857
Net after rents
$69,891
Gross from railway.-38.129
33.439
12,167
9,747
Net from railway__ _ _
From Jan 1- '
29.629
27,611
5.361
1,504
Net after rents
Gross from railway.-- 17.212,492 19,734,928 25.252.732 31,211,204
From Jan. 1
4,109,300 6,468.506
Net from railway.... 4,026,542 3.006.081
422,7'73
323.163
264.622
207,059
Gross from railway.-865,933
1,565.580 3,735.790
2,125,234
Net after rents
83.245
114,708
Z7,417
21.926
Net from railway- - -67,912
86.151
8.027
1,174
Net after rents
Staten island Rapid Transit1930.
1931.
1932.
1933.
MarchPittsburgh & West Virginia1930.
8188.807
1931.
8173,723
1932.
8144.475
. 1933.
MarchGross from railway.... • 5132.056
33.826
$274,336
$278.975
32.188
$206.397
21.240
Net from railway...23.106
Gross from railway - -- $163,058
--6.205
85,541
67.461
--1.164
56,487
--13,581
-9,069
Net after rents
Net from railway
82.985
76,005
47,802
23,477
Net after rents
From Jan. 1
From Jan. 1
563.911
445,350 . 505.525
402,959
Gross from railway
906.285
767.376
591,744
474,833
Gross from railway- .,117.192.
97.943
75.007
76.625
Net from railway.....
282.332
183.452
124,304
front railway
36.72x
Sir Net
-461
-25.871
-24.604
Net after rents
204,466
316,845
89,625
63.586
KNet after rents
2952
Financial Chronicle
• April 29 1933
Tennessee CentralBangor & Aroostook RR.
March
1933.
1932.
1931.
1930.
Gross from railway_ _ $148,061
Month of March8178,496
1933.
1932.
8233.074
8254,713
1931.
1930.
Net from railway_ _ _ _
Gross oper. revenues...... $774,080
27,594
36.520
36.028
19,264
$778.599
$935,349 31.024.281
Net after rents
Oper. exps. (incl. maint.
10.642
17.874
12,693
-2,016
From Jan. 1
& depreciation)
" 344.039
389.962
479,299
512,791
Gross from rallway__I
476,805
515,034
685,038
738,074
Net from railway.. _ _ _
Net rev,from oper___ $430,041
117,118
102,070
93.051
72,076
$3388,637
$456,050
$511,493
Net after rents
Tax accruals
61,179
50,245
72,333
27,585
7.946
62,508
81,861
83.540'
Texas & PacificOperating income........ $357,708
$326,129
$374.189
$427,953
March
1932.
1933.
1931.
Other income-def
1930.
31.824
31,048
17,873
13,667
Gross from railway.. $1.504.667 $1,795,252 $2,693,415 $3.388,222
Net from railway.._ _ _
339,708
467,977
Gross income
866.280
1,126,014
$325,884
$295,081
$356,316
$414,286
Net after rents
123,598
Deduc. from gross inc.:
228.185
563.339
761,860
' From Jan. 1
Int. on funded debt_
67,135
67,381
67,705
73,571
Gross from railway
4,455,700 5.280,798 7,531.308 9,640.910
Other deductions_ _
303 .
465 •
356
503
Net from railway_ _ _
1,023,430
1,324,358 2.171.213 2,647.556
Net after rents
386.140
603,863
Total deductions
1,216,955
1.497,828
$67,438
$67,846
$68,061
$74,074
Net income
$258,446
5227.235
$288,265
$340,212
Toledo Terminal3 Mos. End. March 31
March
1932.
1933.
1931.
1930.
Gross operating revenues 31.983,507 52,080366 $2,519,834 $2.849,394
Gross from railway
• $54,688
$77.243
$108,929
$107.558
Oper. exps. (incl. maint.
Net from railway......_
9,294
18.141
30.257
26.468
& depreciation)
960,279 1,089,517 1,411,430 1,509.041
Net after rents
11,924
20,166
43,738
36,493
From Jan. 1
Net rev.. from oper _ $1,023,228
$990,849 31,108,404 31.340,353
Gross from railway__ _
184.098
225.264
288,673
321,877
Tax accruals
183,631
173,452
Net from railway_ __ _
215,136
223,363
41,260
58,926
84.520
90,638
Net after rents
52,420
72,081
117,235
124,129
• Operating income... _ _ $839,597
$817,397
$893.268 $1,116.990
Other income-def
Union Pacific System
61,706
59,354
32,790
21,114
Oregon Short LineGross income
$777,891
March- '
3758,043
1933.
• 1932.
$860,478 $1,095,876
1931.
1930.
Deduc. from gross inc.:
Gross from railway_ _ _ $1,421,083 $1,746,180 $2.469,861 $2,650,763
Int. on funded debt
201,405
Net from railway._
202.149
203,114
438,262
566,887
• 226,688
778,728
767.907
Other deductions__ _ _
1,904
2195
Net after rents
112,720
783
223,076
2,936
381,905
397,811
From Jan. 1
Total deductions
$203,309
Gross from railway__ _ 4.079.142 5,204,313 6,98,1.605 • 7,898,821
$204,344
$203,897
$229,624
Net income
$574,582
Net from railway... _ _ 1,035,401
$553,699
$656.581
1,483,317 2,041,717 2,427.197
$866,252
Net after rents
larLast conlete annual report in Financial Chronicle Apr. 1 '33, p. 2232
78,281
484,445
887,820
1,286,078
and Apr.8 '3$, p. 2413.
Union RR (Pennsylvania)March1933.
1932.
1931.
1930.
• Chicago Rock Island & Pacific.
Gross from railway_ _ _ $108.376
$214,301
$441,673
$671,733
Net from railway_ _
-83,266
-61,475
Month of March-- .
-46,706
87,683
1933.
1932.
1931.
•1930.
Net after rents
-78,984
-38.125
Freight revenue
-6.043
$33.766,038 $4,979,607 $6,845,603 • $8,298,519
90.185
From Jan. 1
Passenger revenue
362,016
663,436
981,752 1,852,692'
Gross from railway._ 340.290
615,519 1,262.926 1.928,908
Mall revenue
213,584
258,654
251.026
290,335
Net from railway_ _ _ _ -238.454 -217,662 -220,473
Express revenue
240,074
67,859
130,908
213,754
264.277
Net after rents •
-224,256 -159,881
Otheryevenue
-86.473
286,218
179,885
290,021
394,205
505.407
VirginianTotal ry. oper. rev...... $4,589,382 $6,322,626 38.686,340 $10,711,230
March1933. ' 1932.
1931.
1930. Railway oper. expenses_ 4.039,051
4,856.178 6,634,636 7,873.157
Gross from railway...... $1,037,767 $1.307,942 81,306,772 81.347.688
Net from railway
656,964
522.763
548,152
•Net rev,from ry. oper. $550.331 $1.06,448 $2,051,704 $2,838.073
Net after rents
421,292
548,478
442,919
467.114
Railway tax accruals......
485,000
525,000 . 550.000
550,000
From Jan. 1
Uncoil. railway revenue_
697
1,034
. 740
4,188
Gross from railway_ -. 3,337.013 3,729.240 3,977.153 4.759.9/4
Netfrom railway
1,858,123
1,741,101
2,298,692
Total ry. oper. Inc__
364,634
$940,414 $1,500,964 $2,283,885
Net after rents
1,446 136
;
1,564,493
1,481,132. 2,010,672
Equip. rents., deb. bal..
263,324
264,117
308,957
385,324
Joint tacit. rents., deb.
Wabashbalance
97,875
99,627
98,688
March52,965
1932.
1933.
1931.
1930.
Gross from railway..__ $2,690,262 $3,517,517 $4,438,042 $5,650,722
Net ry. oper. income_def3296,565
$576,670 $1,093,319 $1,845,596
Net from railway
385.227
692.756
797.943
1.265,434
3 Mos.End. Mar.31Net after rents
-164,907
129,942
216,627
680,194
Freight revenue
$11,482,334 314,822,863 $19,641.149 $23,622,663
From Jan 1
.
.
Passenger revenue
Gross from
1,222,961„409 2.945,132 4,314,837
_ 8,006.576
9.771;452 12.412,556 16,128,462
Mail revenue
612,668
Net from railway._ ._ 1,114,604
1.316,891
720,816
2,259,470 3,410,184
734,063
808,968
Express revenue
158,567
Net after rents
-501.624 • -345,128
293,370
530,759
607.779 .1.616.313
666,477
Other revenue
560,656
823.327
1,170.126
1,507,977
Western Maryland
March
Total ry. oper. rev_ _ 314.037,186 318,673,785
1933.
1932.
1931.
1930.
Groes from railway_ .... $915.673 31.194.329 31,365.212 31.550.116
Railway oper. expenses_ 12,418,550 15,074,330 $25,021,229 $30,920,922
19,175,695 24.733,755
Net from railway_ .... _
340.766
366,039
446.139
537.300
Net after rents
Net rev,from ry. oper. 31.618.636 13.599,455 35,845,534 36,187,167
271.778
293,096
377.380
470,326
From Jan 1
Railway tax accruals...... 1,460,000 1,575,000
1,650,000
1,970,000
Gross from railway_
2,730,723 3.452,192 3.935,940 4.593,679 . Uncoil, railway revenue_
4,110
5,409
3,473
14,095
' Net from
_ 1.014,630
1.148,901
1.384.865 1.566.791
Net after rents
Total ry. oper. IncOme $154,526 $2,019,046 $4,192.061 $4,503,072
814.100
922,209 1,170.848 1.390.287
Equip. rents
-deb. bal..
769,851
858,706
947,904
1.069,434
Wheeling & Lake ErieJointfac.rents-deb.bal.
294,642
304.216
295,507
250,104
March1933.
1932.
1931.
1930.
Gross.from
$579,712
Net ry. oper. income_def$909,967
3821.970 $1,051.434 31.424.395
$856,124 $2,948,650 33.183:534
Net fkom railway_ _ _ _
71,161
197,217
231.096
381.855
10
-Lost complete annual report in Financial Chronicle Mar. 4 '33, p. 1537
Net after rents
-18.146
92,063
127.759
278.315
From Jan. 1
Gross from railway_
Denver 8c Rio Grande Western RR.
1,940,494 2.250,230 2.865,537 4.046,486
Net from railway
398.624
481,014
548.544
Month of March1,048.985
1933.
1932.
1931.
1930,
Net after rents
113,193
165,708
226,934
Operating revenues
708,941
$1.056,583 31,277.596 31,918.494 $2,229,148
Operating expenses
918.616
1,084,204
1,414,619
1,588,967
Other Monthly Steam Railroad Reports.
-In the folNet revenue
3137,967
$193,392
$503,875
$640,180
lowing we show the monthly reports of STEAM railroad Net railway oper. inc_
15,870
60,069
364,430
494,568
Available
'companies received this week as issued by the companies Interest for interest_ _ _
2.694
56,10)
369,614
510,409
on funded debt_
440,340
444,031
447.724
541.221
themselves, where they embrace more .facts than are reDeficit
quired in the reports to the Inter-State Commerce Com3437.645
$387,930
378.109
$30,812.
3 Mos.End. Mar. mission, such as fixed charges, &c., or *here they differ in Operating revenues 31 $3,286,371 $4.070,369
$5.765,860 $7,064,467
Operating expenses
some other respect from the reports to the Commission.
2.783,003 3.463,595 4.329.200 5.272.343
Net revenue
$503,388
3606,773 $1,436,659 $1,792,123
Net railway oper. Inc_ _ _
The Atchison Topeka & Santa Fe Railway System.
126,276
• 185,261
1,040,937
1.324,195
Available for interest ... _
76.044
169.471
(Includes the Atchison. Topeka & Santa Fe Ry., Gulf, Colorado &
1.057,880
1,355.666
Interest on funded debt_ 1.324,927
1.336.004
1,347,081
1.627.572
Santa Ry., Panhandle & Santa Fe Ry.)
Month of MarchDeficit
1933.
1932.
$1,248,883 $1,166.532
1931.
1930.
$289,201
$271,905
Railway operating rev__ $8,262,794 $11,251.060 $14.743.831 $18.029.300
Mast complete annual report in Financial Chronicle April 22
la
Railway oper. expenses_ 7,894.215 9,036,874 11,821,429 15,798.194
'38, P.2788
Railway tax accruals......
990,772 1,170.700 1,236.946
1,166,497
Maine Central RR.
Other debits
157,000
199,935
216.439
429.791
Month of March1933.
1932.
1931.
Net ry. oper. income_def$779,193
1930.
Railway oper. revenues- $827,380 31.057.085 31,340,805
$843,550 $1,469,015
3634.817
Average miles operated_
31.716.979
Surplus after charges...... def26,490
13,552
13,545
13,343
13,134
13,697
12.701
153,122
3 Mos. End. March
3 Mos.End. Mar.31
Railway oper. revs
$24,581,926 $32,603,153 $42.591,580 $53.166,586
Railway oper. revenues_ 32.356.728 $2,957,821 33,995,745
Railway oper. expenses. 22,782,741
Surplus after charges
def201,522 def226.892 def16,241 35,049.278
Railway tax accruals _ _ 2.992,633 27.180.951 34.208,279 43,369.038
371,871
.
3,361.679 3,585,254 3.843.379
rirEast complete annual report in Financial Chronicle Mar. 25
Other debits
'33, p. 2061
434,141
421.567
725.690 1.069;311
Norfolk & Western Ry. Co.
Net ry. oper. income_df$1,627,589 $1,638,955 34,072.356 $4.884.856
Average miles operated..
13,556
Month of March13,545
1933.
13.340
13.134
1932.
1931.
1930.
arLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
Net railway oper. inc
$733,204 $1.344,129 $1,696.003 82.200.735
Other inc. Items (bal.)
145,548
129.916
260.336
316.214
Boston & Maine RR.
Gross Income
$878,752 81,474.046 $1,962.340 $2,516,950
Interest on funded debtMonth of March332.121
1932.
1933.
355.100
1931.
403,554
1930.
416,213
Net ry. oper. income...... $309,570
$679,180
S913.415
$977,438
Net income
Net misc. oper. income_
3546,631 $1,118,945 31.558.786 $2.100.736
Dr4,851
496
1,916
2,803
Prop. of oper. expenses
Other income
80.948
86,937
92,348
92,645
to operating revenues..
70.95%
67.03%
65.99%
64.08%
Prop, of transp. exp. to
Gross income
$385.667
$766,613 $1,007,679 $1,072,886
operating revenues......
Deduc's (rents, int.,&c.)
28.23%
647,438
25.88%
650.340
659,789
636,410
27.12%
25.02%
3 Mos.End. Mar.31
Net railway oper. inc
33.927.807 $3,091.568 $4.762,311 37.948.889
Net income
def$261,771
$116,273
3347.890
3436.476
Other inc. items (bal.)....
292.894
341,057
3 Mos. End. Mar. 31
526.274
606,716
Net ry. oper. income
$953,617 $1.668,812 $2,447,533 $2,797,068
Gross income
34.220,701 $3,432.625 35.288,585 $8,555,605
Net misc. oper. income_
Dr5,455
1.015
3,474
12.075
Interest on funded debt_
985,786
1.066.696
income
Other
1,214.312 1.251.841
266,458
289,939
310,271
309.078
Net income
$3,234,935 32.365.929 $4,074.273 37.303.964
Gross income
$1,214,620 $1,959,766 $2,761,278 $3,118,221
Prop. of oper. expenses
Deduc's (rents, int.,&c.) 1.944.397
1.943,601
2,036.677
1.939,669
to oper. revenues........
62.27%
70.26%
68.54%
61.77%
Prop, of transp. exp. to
den729,777
Net Income.....
416.165
$724,601 $1,178,552
operating revenues......
25.28%
27.62%
27.48%
24. 2%
10"last complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
iarLast complete annua report in Financial Chronicle Apr. 1
'33, p. 2281
•
4
-Texas Lines.
Missouri-Kansas
1930.
1931.
1932.
1933.
Month of March3,188
3,188
3,293
3,294
Mileage oper.(average)_
$1,652.518 $2,291,485 $2,842,377 $3,765,870
Operating revenues
2,715.940
2,091,653
1,829.443
1.507,816
expenses
Operating
655,918
413,156
110.147
Available for interest__ _ def167,069
410,043
405,714
405,248
404,369
Int. chgs. incl. adJ. bds$245,874
$7,442
def$571,438 def$295,100
Net income
3 Mos.End. Mar.31
3,188
3,188
3,293
• 3.294
Mileage oper. (average)
$5.119,220 $6,785,967 $8,278,625 $10,834,530
Operating revenues
6.328,838 8,147,286
5,260,556
4,564,189
Operating expenses
1,636,522
937,661
538,523
402,263
Available for interest--1,233,852
1,217,352
1,215,954
Int. chgs. incl. adj. bds- 1,213,313
$402,670
$1.615.581 def$677,430 def$279,691
Net income
Chronicle Mar. 25 '33, p. 2059
r4"Last complete annual report in Financiali
Pere Marquette Ry.
1932.
$120,957
66.153
1931.
$244,313
33.695
1930.
$442.259
35.955
$187.110
313,679
$278,008
304,000
$478,214
220,520
def$372,669 def$126.569
Net income
Income appllc. to sinking
8
2
fund & other res.funds
8126.577
$372,671
-Dr
Balance
• 3 Mos. End. Mar.31
$254.615
def$48,431
Net ry. oper. income
214,902
175.758
Non-oper. income
$25,992
$257.694
1933.
Month of MarchNet ry. oper. income_ _ _ def$87.413
30,579
Non-oper.income
def$56,833
Gross income
315.836
Int. on debt&oth. deduct
New York New Haven & Hartford RR.
1930.
1931.
1932.
1933.
Month of MarchGross (total oper. rev.)_ $5,025,082 $7,212,382 $8,734,686 $10,128,358
1,848,344
1,631.023
1,339,453
157,452
Net railway oper.income
1.216.205
1,034,889
470,009
def880.206
x Net after charges
3 Mos. End. Mar.31
Gross (total oper. rev.)_315,196,923 $20,974,587 $25,255,976 $29,810,120
3.437,373 4.408,533 5,635.324
755,171
Net railway oper. income
824.358 2,440.487 3,106,614
df2,369,599
x Net after charges
x Before guarantees on separately operated properties.
Last complete annual report in Financial Chronicle April 1 '33, p. 2232
and April 8 '33, p. 2414.
Gross income
Int. & other deductions_
8963.768
194,645
$423,637 81.158.413
661,059
894,352
1932.
$76,495
36,245
1931.
$63,181
40.383
1930.
$83,457
50,306
Net revenue
DeducaonsInterest on funded debt _
$31,006
$40.250
$22,797
$33,151
28,497
28,496
28,496
28,496
• $2,509
$11,753
def$5,698 .
$2,509
_ __ -__
Balance_
12 Mos.knd. Jan.31.Gross oper. revenue _ _ _ _ $559,655
424,859
Operating exp.& taxes_
$11,753
def$5,698
$4,654
8627,a28
431./47
$666,052
594.335
$776.542
546,738
$134.697
• $195,581
$161,717
8229.804
341.960
341,960
341,960
341,960
$146,378
$180,242
$112.155
41,855
76.293
28.214
$256,535
$140,369
Net income
Inc. approp. for inv. in
physical property-
Railway oper.incbme_ $2,695,315 $4,594,015 $4.786,419 $8,326,402
912.442
895.202
641.389
Equip. rents-Debit bal.
623.452
122.227
94,013
27,130
Jt. facil.rents-Deb.bal132,385
ry. oper. ineome- $1.939,478 $3,925,496 $3,797,204 $7,291,733
Net
Rev, shown above excl.
emergency
charges
$762,766
amounting to
$520.427
3 Mos. End. Mar.31Revenues
Freight
848.352,036 861.737.624 880,838.900 899,900.476
Passenger
12,031,705 17,428,368 23.359,564 30,428,476
Mail
. 2,763,814 3,076.698 3,171,955 3,339,714
1,615,660 1.969,763 3.295,956
Express
976,936
All other transportation- 1,496,447. 1,832,776 2.146,265 2,806,940
Incidental
2.190.967 2,958,599 3.572.535 4,240,189
224.672
184.659
127.356
Joint facility-Cr
105,035
19,516
16,671
15.913
Joint facility-Dr
18,333
$88,761,168$115,294.970$144,216,707
• Railway oper. revs-- 367,898,607
15.025,445 17,612,302
25,087,888 30,276.196
2,407,276 2,880.552
46,620.112 55.895,538
1,730.590 1.983.978
4.822,627 5,248,632
62.442
49.335
895,644.6038113.734.756
19.650.367 30,481,951
7.156,300 7.142,490
19,255
33,622
Railway oper. income- $9.153,045 $11,716.992 $12.460.445 $23,320,206
Wquip. rents (deb. bal.) 2,181.320 2,306,806 2,770,148 2,945,460
488,282
440.613
219,198
Jt.fedi. rents(deb. bal.)
398,769
Net ry. oper. income- 86.572,956 $9,190,988 $9,249,684 $19,886,464
Rev, shown above excl.
•
emergency charges
81.571.112 $2,006,373
amounting to
IZ"Last complete annual report in Financial Chronicle April 8 '33, p. 2410
St. Louis-San Francisco Ry. System.
1932.
1931.
1933.'
Month of March5,888
5,890
5,890
Operated mileage
$2,549,163 83.057.692 $4,013,215
Freight revenue
461.111
272,061
151,237
Passenger revenue
440.650
338,938
254.301
Other revenue
$2.954,701 13,668,690 $4,914,976
Total oper.revenue
577,534
507,820
527,882
Maint..of way & struc
893,841
785,212
767,552
Mahn.ofequipment
1,890.922
1,368.675
1.138,107
Transportatinn expenses
381,872
321.610
237,279
Other expenses
$2,670,820 $2,983,317 $3,744,170
779.442
237,991- .
def139,685
.
5,888
5,890
5,890
$7,649,568 $8,794,374 $11,669.568
1.480,011
878,055
528.010
1.283.470
973.378
762.728
$8,940,305.810,645,808 $14,433,049
1.631,279
1,563.407
1,547,790
2.456.837 2,706,418
2.284.854
3,410.712 4,152,035 5.493,245
1,144.260
974.567
752,657
$7',996,013 $9,146,847 810,975,202
Total oper. expenses
185,490 2,139,862
def340.136
Net ry. oper.income
r4rLast complete annual report in Financial Chronicle June 18'32, p. 448$
$231,748
191,889
1933.
$58,217
37,2r1
1.945.406 2.947,540 5,129,197 5,975,131
8,727.637 10,226,366
4,745.080 6,597.181
928.319
763.030
670.793
492,082
9.026,874 11,722.123 15,787.160 18,670,417
657,353
590,752
404,001
343,017
1,627,875 1,694.827
1.537.033
1.217,563
22,709
7.674
65,088
221,940
Railway oper. exps_ - _$17,548,082 $23.813,583 $32,617,977 $38,129,804
7,688,685 11.222.143
7.112,712
Net rev, from ry. oper_- 4.917,017
Railway tax accruals- - 2,216.700 2,514.900 2,898,000 2,892.466
3,275
4.266
3,797
iincollectible ry. revs_ _ _
5,002 •
Total oner. revenue
Maint. of w ty. & struct
Maint.of equipment
Transportatinn expens •1
Other expensm
11257,657
(The) Philippine Railway Co.
ExpensesMaint. of way & struc_ _
!
Maint. of equipm nt___
Traffic
Transportation
Miscellaneous operations
General
Trans. for invest.-Cr _ _
•
37
$25.993
Manth of JanuaryGross oper. revenue- _ -Oper. exp. & taxeg__
1930.
1931.
1932.
Month of March1933.
Revenues
Freight
$16.031,024 $22,011,777 $28.737,941 $34.577.665
7,619,526 9,951.798
5,555,741
Passenger
3,843.284
1,071,407 1,096.740 1,159,482
957.980
Mail
875,778 1,379.471
682.754
403,436
Expresi
961,703
758.107
629,889
502.099
All other transporta a__
1,164,597 1,456,032
940.454
Incidental
699,516
71,997
59,426
39.783
Joint facility-Credit..
34,724
6,201
5.453
5.510
6,964
Joint facility-Debit
Railway oper. rev----$22,465,099 $30,926,295 $40,306,662 $49,351.947
ExpensesMaint. of way & struc__ 5,776.763 8,150.118
Maint.. of equipment13.963.962 19,278.593
Traffic)
1,565,905 2,023.798
Transportation
27.346.423 35.500,700
Miscell. operations
927,907 , 1,295.281
General
3.792.627 4,634.427
104.018
Trans.for inv.-Cr
345,515
Railway oper. exps-- 453,027,072 $70,778,899
Net rev, from ry. oper- 14.871 535 17,982,269
Railway tax accruals- -- 5,702.800 6,255.600
9.677
Uncollectible ry. revs__ _
15,690
8469,517
946,251
$127,327
948.922
5
$497,354
$470,715
def$821,395 def$476,735
Net income
the. appl. tb 'sink. &
1.059
281
920
1.186
other reserve funds
8496,295
8470.997
$477,655
def$822.580
'Balance
21 '32, p. 3813
VarLast complete annual report in Financial Chronitle May
Pennsylvania RR. Regional System. •
total oper.expenses
Net ry. oper.Income
3 Mos.End. Mar.31Operated mileage
Freight revenue
Passenger revenue
Other revenue
2953
Financial Chr,onicle
Volume 136
Net revenue
Deduc ionsInt, on funded debt- • Net deficit
the. approp. for inv. in
physical property_ _ _ _
$207,263
'
2,524
$188,234 •
$209,788
-Dr
Balance
.
St. Louis Southwestern Ry. .
'1932.
$17.963
11,771
1933.
Mon,h of MarchNet r.,ilway riper. incnme def$5,729
7,749
Non-operating income
1931.
$105.645
10.279
$4,654 •
1930.
$412,197
10.266
$422,464
$115,925
.
$29,735
$2,019
Gross income •
228.210
259.616
264,345
289.192
Deduc.from gross inc_ _ _
$194,253
0 def$134,690
def$287,173.def$234,61
•
Net income
3 Mos.End. Mar.31
563,966
$42,259
$1.255 def$40,837
Net ry. oper. income
31,413
31,684
34.989
22,619
Non-operating income
$595,379
873.943
$23.875 def$5,848
Gross income
677.376
740.406
789.128
857,778
Deduc.from gross inc.__
381,997
8666,463
$794,976
$833,903
Net deficit
Chronicle Mar.26'32, p. 2325
OrLast complete annual report in Financial
•
• Southern Pacific System. ,
1930.
. 1931.
1932.
1933.
Month of March- 13,839
13,824
13,725
13,627
Aver, miles of road oper_
Rerenties$6,912,868 $9,196,897 812.776.617 $16,481.841
Freight
1.193.625 1,854.327 2.642,941 3.894.939
Passenger
410,278
402.294
364,026
331.343 '
Mail
516,335
487,694
363,692
188,492
Express
325,063461,089
267.329
247.882
transportationAll other
598,606
419.016
302.750
187,014
Incidental
27.436
18.741
13.186
10,747
Joint facility-Cr
128.275
84,189
93,190
def58,613
-Dr
Joint facility
$16,988,180 822.262.253
Railway oper. rev__-- $9,013,359 $12,269,018
•
ExpensesMaint. of way and struc.
Maint. of equipment-Traffic
Transportation
Miscellaneous
General
Transp, for invest.-Cr.
'1.062.839
1,870,546
389.604
3,805,028
159,172
792,180
def20,522
1,656,136
2.564,181
431,695
4,683.755
224,874
817,824
def24,046
2,284.876
3,425.955
546.581
6,474,338
306,324
900,294
def78.167
3.239,158
4,280,570
660,631
7.675,301
416,449
964.903
119.562
813.860.204 817.117,453
Railway oper.exp_--- 88,058,847 $10,354,418
Income 1.914,599 3,127.976 5,144,800
954,511
Net rev,from ry. oper-_
1,646,945
1,340.640
Railway tax accruals-- 1,208.805 1.412.280
5.249
4.196
5,779
3,523
Uncoil. ry. revenues---712,083
584,007
537,932
419,651
Equipment rents (net)-14,445
21.378
59,845
44,384
rents (net)Joint facility
$2,766,076
Net railway oper. inc_def$721,852 def$101,236 81.177,753
3 Mos. End. Mar.31
13,842
13,824
13,734
13,662
Aver. miles of road operRevenues
846.806.873
$19,693,989 $26,033,788 $36,100.670
Freight
3,990,682 6.085.597 8.891,984 11.580,890
Passenger
1,222,169
1.179.216
1,100,404
1,006,634
Mail
1,312,919
1.218,038
837,714
477,201
Extress
1,303,49.5
1.113,395
949,210
711.260
' All other transportation_
1,742,462
1,236.668
951,497
625,410
Incidental
78,448
59,142
40,145 •
32,096
Joint facility--Cr
357,835
258.145
224,730
172,021
Joint facility-Dr
Railway oper. rev.._- _$26,365,251 835.773,625 849,540.968 863.689,423
Expenses7,046,580 8,882,991
Maint.of way and struc- 3,364,566 4,686,869 10.374,373 12.692,614
Maint. of equipment_ - - 5,743,216 7.413,402
1,887,622
1,601.295
1,320,427
1.166.471
Traffic
11,374,952 14,508,309 19,093.914 22,788,062
'
Transportation
1,253.261
932,235
705,833
505,529
Miscellaneous
2,946,722
2,372.682 2,460,780 2.699,607
General
443.499
def45,445 def166,544
Transp. for invest.-Cr_ def49,019
Railway oper. exp..--$24,478,396 $31,050,185 $41,581.461 $50,007776
Income
Net rev,from ry. oper__ 1,886.855 4,723,439 7,959,506 13.681.647
Railway tax accruals__ _ 3,621,976 4,111,072 4,290,502 4.794,908
19,026
12.915
16,644
14,768
Uncoil. ry. revenues_ ___
1,760.489
1.599,189
1,384,933
-Dr _ 1,180,228
Equip. rents (net)
Dr23.516
Dr71,437
118,201
134,355
k
Joint facility rents (ne/)_
$7,130.739
Net ry. oper. income_df$3,064.471 def$907,411 $2,128:336
'33, p.1195
riirLast complete annual report in Financial Chronicle Feb.18
2954
Financial Chronicle
(Minneapolis St. Paul & Sault Ste. Marie Ry.
Co., including
Wisconsin Central Ry. Co.)
Month of March1933.
1932.
1931.
1930.
Net after rents-Def--- $360.948
$306.229
$57.249
$32.981
Other income (net)
-Dr
92.062
89.399
26,141
20.208
Int. on funded debt_--588,281
533,019
582.874
572,216
Net deficit
41.041.261
$928.647
$666.265
$625.405
Division of net def. between:
Soo Line
674,808
'644.392
331.657
306.292
Wise, Cent. Ry. Co..366,454
284.255
334.608
319,112
System deficit
$1,041.261
$928,647
$666.265
$625.405
3 Mos.End. Mar.31
Net after rents-Def
$1,198.591 $1.219.325
$351.902
$307.450
Other income (net)
-Dr.
263,149
244.266
54.846
22,066
Int. on funded debt..
1,704.586 1.569.827 1,698.831
1.668.595
Net deficit
43,466,327 43,033.419 $2,105,580 $1,998,111
Division of net def. 6etween:
Soo Line
2.073,749
1,005.453
Wise. Cent. Ry. Co._ 1,092,577 2,038.217 1,037.641
995.202 1.067.939
992,657
System deficit
$3.166,327 63.033,419 $2,105,580 $1,998,111
.3NPLast complete annual report in Financial Chronicle Apr. 22
'33, p.2791
Texas & Pacific Ry.
Month of March1933.
1932.
1931.
1930.
Operating revenues
$1,504,667 $1,795,252 $2,693,416 $3,388,222
Operating expenses
1,164.959
1,327,275 1.827,136
Net ry.from oper_
$339,708
$467.977
$866.280
Railway oper.income__ _
237,847
350,360
720,063
Net ry. oper. income
123,598
228,185
563,338
761,860
Grossincome
149,036
263,691
613,100
807,383
Net income
def205,189 def89,496
245,825
465,575
3Mos.End. Mar.31
Operating revenues
$4.455,700 $5,280,798 $7,531.308 $9,640,910
Operating expenses
3,432.270 3,956,440 5,360,095
Net res.from oper_ _
,023,4;)0 $1,324,358 $2,171,213
Railway oper.income__ _
716,701
970,954 1.793,835
Net ry. oper. income_
386,140
603,863
1,216,954
1.497,828
Gross income
•
475,734
710,500
1,355,984
1,638,028
Ne t income
•
def583,759 def360,949
279,087
603,868
rirLast complete annual report in Financial Chronicle Apr. 29
'35, p. 2968
1933.
1932.
$271,778
$293,096
13,463 •
9.931
1931.
$377,380
12,836
1930.
$470,326
15,754
Gross income
Fixed charges
$285,241
$303,027
4390,216
$486,080
271,837
270,124
288,110 •
289,786
Net income
$13:404
$32,903
2102,106
$196,294
3 Mos.End. Mar.31
Net ry. oper. income_ _ _
2814,100
4922,209 $1.170,848 $1,390,287
Other income
37,333
28,288
37,432
44,735
Gross income
$851,433
$950,497 $1,208,280 61,435,022
Fixed charges
• 816008
810.739
859.,603
871.116
Net income ___
$35,425
$139,758
$348.677
$563.906
fa"Last complete annual report in Financial Chronicle
May 14 '32, p.3629
Earnings of Large Telephone Companies.
State Commerce Commission at Washington -The Interhas issued a
monthly statement of the earnings of large telepho
panies having an annual operating revenue in ne comexcess of
$250,000. Below is a summary of the return:
No. of Co. Operating
Operating
Operating
Stations in Revenues. Expenses.
Income.
Service.
15,015.173 79,726,455 58,214,911 14.023,64
16.893,449 92,519,739 68,036.010 16,495,8 4
92
January 1933_ ..,January 1932
American Gas & Electric
Co.
(And Subsidiary Companies.)
-Month of March- 12 M03. End.
SubsidiariesMar. 31
1933.
1932.
1933.
Operating revenue
1932.
44.453.228 $5.122.174 $56.454,492 $63,639,
Operating expenses
090
2,148,886 2,420,396 26.150,913
29.037.538
Operating
$2,304,341 $2,701,778 $30,303.578
$34,601.551
Other income
57,729
51,692
846,296
944.664
Total income
$2.362.070 $2.753,471 $31.149,874
$35,546,216
Res. for renewals & replacements (deprec.)604,060 ' .593.830 7.071,978
6.907.173
Balance_ _
$1.758,009 $2,159,640 $24,077,896
428,639.024
Interest & other deducts. $927,765
2977,354 $11,392,012 $12,211.761
Pref. stock dIvidends___
417,750
378,628 4.937,675 4,541,657
Total deductions
$1.315,516 • $1.355,983 $16,329,688
$16,753,419
Balance
$412,493
$803,667 $7,748.207 $11.885,623
Portion applic. to min.
Interests
*92
•
594
Balance
8412,493
$803,656 37.748.300 $11,885.028
Amer.Gas & Elec. Co.Bal. of sub. cos. earnings
applic. to Amer. Gas &
Elec. Co
$412,493
$804,656 $7.748,300 $11.885,028
Int. & pref. divs. from
subsidiary companies_
426,559
437,817 5.293,041
5,625,077
Other income
25.955
95,466
532.069 1,260.736
Total Weenie
Expense
•
Balance
INDUSTRIAL'AND MISCELLANEOUS CO'S.
Affiliated Products, Inc.
Quar.End. March 311933.
1932.
1931.
1930.
Net income after taxes-- $160,863
$155,562 '
$412.317
$163,780
Earns, per sh. on 382,800
. shares of corn. stock- $0.42
$0.40
41.07
larLast complete annual report in Financial Chronicle Mar. 25 '33, $0.43
p. 2070
Air Reduction Co., Inc.
.
(And Subsidiaries)
3 Mos.End. Mar.311933.
1932.
1931.
1930.
Gross income
$2,770,488 $3.349.913 $4,479,015 $5,451,718
Operating expenses
1,931,184 2.238.195 2,814,798 3,244,677
Addition to reserves_ _ _ _
406.876
x392.776
519,592
513,329
Federal taxes
52,990
66.727
125,584
170,437
Net prof.after Fed.tax $379,437
$652,215 41,019,040 $1.523.276
Cap. stir. outst. (no par)
841.288
841,288
841,288
783,542
Earnings per share
$0.45
$0.77
$1.21
$1.94
x After deducting $100,000 resulting from the
adjustment to actual
scrap value as ascertained March 31 1932 of certain fully
depreciated assets.
WLast complete annual report in Financial Chronicle Jan. 28
'33, p. 559
Tht. & other deductions_
Pref, stock divs. to pub_
Total deductions
Balance
•
American Ice Co.
American Machine & Metals, Inc.
(And Subsidiaries)
3 Mos. End. March 311933.
1932.
1931.
Gross profit on sales
570,957
492,727
Interest, discounts. &c
.
47,487
•43,201
Gross income
$118,444
$135,928
$342.995'
*
Costs and expenses
130.110
197.298
339,765
Depreciation
14,786
21,114
47.231
Interest
26,332
31,305
39,000
Profit on bonds retired
Cr.52,416
l.
Net loss
$368
$113,789
$83,001
tgrLast complete annual report in Financial Chronicle Mar. 25'38, p. 2071
American Metal Co, Ltd.
3 Mos.End. Mar.311933.
1932.
1931.
1930.
•
Net profits after all expenses & depreciation loss$313,573 loss$240,044
$108,392
$773,273
Shs. common stock outstanding (no par) _
1.203,085
853,085
868,185
868,185
Earnings per share
Nil •
Nil
$0.01
• $0.77
lO"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1376
American Type Founders Co.
6 Mos. End.- •
Feb. 28 '33. Feb. 29 '32. Feb. 28 '31. Feb. 28 '30.
Net profits (est.) after
deprec.& Fed. taxes_ - $781.678 los4645.000
$300,000
$650,000
The detailed income account for six months ended Feb. 28 1933, follows:
Loss after expenses and after including $74.096 profit on bonds purchased
'for sinking fund and retirement $281,310; interest $204,116; depreciation
$296,252; net loss $781,678.
lag Last complete annual report in Financial Chronicle Dec. 17 '33, p. 4210
-
Archer-Daniels-Midland Co.
Period Ended April 11933-3 Mos.-1932
1933-9 Mos.-1932
Net profit after Fed, taxes,
deprec.,& other charges_ _ _ 6214,681 $213,553
3630.512 $658,426
Earns per sh. on 549,546 she.,
crim. stk. (no par)- - - _ _
$0.28
'40.28
$0.82
$0.87
l:"Last complete annual report in Financial Chronicle Sept. 3, '32, p. 1657
•
Arcturus Radio Tube Co.
3 Months Ended march 311933.
1932.
Net profit after expenses. deprec. & other charges.- 51.207 'loss$124.000
arLast complete annual report in Financial Chronicle April 29'33, p.2976
Arundel Corp.
1931.
$15,388
12,916
1930.
4333.694
47,350
$2.472
34,050
$286,344
35.100
250,000
Deficit
$55.403
3102.870
$31.578 sur$1.244
Shs.com.stk.out (no par)
.
391,700
392,800
400,000
400,000
Earnings Per share
NilNil
Nil
$0.63
a"Last complete annual report in Financial Chronicle Mar. 25
'33, p. 2071
Alabama Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
Month of March
12 Mos.End. Mar.311933.
1932.
1933.
1932.
Gross earnings
$1.190,060 $1,326,382 $15,199,973 $17,411,611
Oper. exps., incl. taxes
maintenance
• 84
495,586
543,924 6,323,478 7.685,236
'Gross income
$694,473
$782,457 $8,876,495 $9,726,374
Fixed charges
4,633,145 4,576,455
Net Income
34,243,349 15.149,919
Provision for retirement reserve
961,300
933,450
Dividends on preferred stock
2,341,620 2,317,056
Balance
$940,429 $1.899,413
igrl..ast complete annual report in Financi Chronicle April 15'33, p. 2597
'
$834,348 111269.416 $13,119,741
$17.914.002
213,566
215,784 2,596.378 2.608,210
177,811
177.811
2.133,738 2.133.738
391,378
393.595 4,730,116 4.741.948
1442,969
4875 820 48.389,625 $13.172.054
:
Quar.End,March 311933.
1932.
1931.
1930.
Net prof. aft. int., dope.,
Federal taxes. &c_ _ _ _loss$223,866
$86.104
448,086
$69,300
Earnings per share on $6
preferred stock
Nil
$0.56
$0.32
IZPLasi complete annual report in Financial Chronicle Mar. 11 '33, $0.46
p. 1721
Air-Way Electric Appliance Corp.
Quar.End. Mar.311933.
1932.
Operating income
108443,472 loss$89.921
Deprec.& Fed'! taxes......
11,931
12.949
Net profit
loss$55,403 loss$102,870,
Preferred dividends
Common dividends
"Iggt $119112 $13./BIN $18.11018
* Credit.
Western Maryland Ry.
Month of MarchNet railway oper.income
Other income
April 29 1933
•
Soo Line System.
3 Months Ended March 311933.
1932.
1931.
Net profit after charges
$13.720
$378,313
March net profit on $10,439 against $130.978 for the same month$406.136
in 1932.
OPLast complete annual report in Financial Chronicle Feb. 11, '33, p. 1019.
•
•
Atlantic Gulf & West Indies SS. Lines.
(And Subsidiary Companies)
'
Month of Februart --2 Mos. End.
Feb. 281933.1933.
1932.
Operating revenues
$2.011.766 41.917,i42 23,766.696 $3.698.790
Oper. exp. (incl. deprec.) 1.664,264
1.715.651
3,293.850 3.378.694
Net oper. revenues..
$347.502
$202,091
$505,846
6320,096
Taxes
17,352
21.828
38,261
42,088
Operating income
2330,149
$180,263
$467,584
$278,007
Other income
6,184
7,462
12.411
16,051
Gross income
$336,333
4187.725
$479,996
3294,059
Interest and rentals....
147.374
152.182
291,918
309.415
Net income
$188.959
$35,543
$188.077 def$15,356
ICg 'Las( complete annual report in Financial Chronicle May'?
'32,
p. 3453, and May 14 '32, p. 3639.
.
Atlas Tack Corp.
3 Mos.End. March 31- 1933.
1932.
1931.
1930.
Net sales
$212,509
$310,581 a$392,552 4460,729
Net loss after exp. & chgs
263
22,261
26,329
15.308
a Gross sales.
larLast complete annual report in Financial Chronicle April
1 15, p. 2247
so.
2955
Financial Chronicle
Volume 136
Brazilian Traction, Light & Power Co., Ltd.
Atlas Powder Co.
(And Subsidiaries)
1930.
1931.
1932.
- 1933.
3 Mos. End. Mar.31
Net sales
$1,875,414 $2,078,211 $3,299,122 $4,253,635
Cost of goods sold, de3,918.017
3,192,844
2,211,521
livery & other expenses 1,906,076
Net operating profit__ def$30,663 def$133,311
54,080
Other income
22,632
$106,277
64.690
$335,618
57,718
def$79,230
$170,968
13,676
$393,336
42,638
Net income
def$8,031 def$79,230
4,564,487
Surplus beginning of year 3,878,845
$157,291
3,355.520
$350,698
8704,:c,29
Gross income
Federal income tax
def$8.031
Total surplus
$3,870,813 $4,485,257 $8,512.811 $9,054,927
135.000
148,006
147,913
Preferred dividends_ __ _
133,660
261,435
261.435
130,717
Common dividends
Surplus March 31..
$3,737,154 $4,206,626 $8,103,370 $8,658.492
$0.83
$0.04
Nil
Nil
Earn, per sh. on corn. stk
-Last complete annual report in Financial Chronicle Feb. 4 '33, p. 837
rail
-Month of March- -3 Mos. End. Mar. 311932.
1933.
1932.
1933.
Gross earns, from oper__ $2,316,174 $2,543,222 $6,852,136 $7,370,524
3,260,101
3.209,565
1.123.632
1.080,262
Operatin gexpenses
$1.235.912 $1,419.590 $3,642.571 $4,110,423
Net earnings
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 amortizetion. Owing to exchange and remittance difficulties the rate of exchange
adopted for the month is necessarily arbitrary although less than the
official rate which is nominal only.
Oil Last complete annual report in Financial Chronicle June 25 '32, p. 4653
British Columbia Power Corp.
-Month of March- -9 Mos. End. Mar. 311932.
1933.
1932.
1933.
• $1,047,149 $1,180,314 39,782.137 $10,834,572
Gross earnings
6.019,088
5.452.951
801,909
702,946
Operating expenses_ _ _ _
Net earnings
3344,203
Brooklyn Edison Co., Inc.
Baldwin Locomotive Works.
(And Subsidiaries)
1933.
12 MorUhs EndedMarch 31$9.511,304
Sales
11.154,606
Costs and expenses
1,840,245
Depreciation
1932.
$17,698,359
19.172,292
1.812,806
$3,489,547
• 651,877
$3.286,739
732,602
$2,837,670
1,374,575
$2,554,137
• 1,646,528
26,500
•
dr.200,730
Operating loss
Other income
' Loss
Interest and miscellaneous deduct
•
Federal taxes
Midvale minority interest
cr.131,674
$4,426,895
$4,080,571
Net loss'
a'Last complete annual report in Financial Chronicle Jan. 28, '33, p. 653.
Baton Rouge Electric Co.
1932.
1933.
12 Months Ended March 31$1,437,642 $1,424,909
Gross earnings
524,969
504,424
Net operating revenue
Bal. for diva. & surp1.-(after prov. for retirement
215,608 , 241,341
reserve)
1545
FarLast complete annual report in Financial Chronicle Mar. 4 '33, p.
• Belding Heminway Co.
Earnings for 3 Months Ended March 31, 1933
Gross operating profit
General expenses
Depreciation
$335,218
259,618
13.164
Profit
Other income
$62,436
19.324
Total income
Idle plant, expenses, &c
Interest
$81,760
17.572
8.985
$55,203
Not profit
0
$ 247
33, p. 2.12
.
Earns, per sh. on 465.032 sirs. cap. stk. (no par)
Chronicle April 1
1.2T7..ast complete annual report in Financial
Bethlehem Steel Corp.
1930.
1931.
1932.
1933.
3 Mos.End. Mar 31Total inc. of copr. & its
$1,431.657 $7,551.977 $15,846,506
subsidiaries
loss$866,144
2,162.049
1,842,454
1,794,039
1,658,381
Interest charges
Prov.for deplet. deprec
3,606,971
3,767,581
3,323.387
3,244.926
and obsolescence
period_loss$5,769.451loss$3685769 $1,941.942 $10,077.486
Net inc. for
1.750.000
1,750.000
1,645,000
Preferred dividends_
4 800,000
3 200 000
Common dividends
Deficit for period_ ___x$5,769.451 x$5,330,769 x$3,008,058sur$3527,486
3.200,000
3.200,000
Sirs. com,stock out.(nopar)3,200,000 3,200,000
$2.60
$0.06
Nil
Nil
Earns, per sh. on corn
surplus.
x Deficiency provided from undivided
WLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1710
Bon Ami Co.
Quer. End. March 31- 1933.
$542,145
Gross profit on sales_ __ _
284,317
Operating profit
Depreciation
19,257
33,968
Fed.& Canadian taxes- _
24
Minor ty interest
1932.
$575.776
280,617
16,778
33.022
20
$378,405 $4,329,186 84,815.484
1931.
$639,009
348,875
15.750
37.819
35
1930.
$657,630
379,282
20,115
37,984
23
•
Per. End. Afar. 31- • 1933-3 Mos.-1932. 1933-12 Mos.-1932.
Sales of el. energy Kwh.266,068,650 288,461.328 1034506858 1103194561
Sales of electric energy_ -$12,085.939 $12,980,619 $44,856.355 $46,866,819
1.118,813
2,100.639
200,782
490,078
Miscellaneous revenue
Total oper. revenues_ _$12,576,017 313.181,401 $46,956.994 $47,985,632
5.168,308 19,726.523 21,263,998
4,582,387
Operating expenses
4,590.814
4,712,602
1.374,275
1,353,734
Retirement expense_
prov. for
Taxes (incl.
5.945.569
6.294.732
1,606,773
Federal tax)_..1,627,841
Operating income...._ $5,012,053 $5,032,046 $16.223,137.816,185,252
336,772
809,527
124,784
214,633
Non-operating revenuesNon-operating revenue
dr21.838 dr167,073 dr 96.385
dr23,226
deductions
Gross corporate inc_ _ _ $5,203,462 $5,134,990 516.865.591 816,425,638
2,222,326
3.349,802
646,637
837,408
Int. on long term debt.. _
Misc. int., anion.of debt
disc. & exp. & misc.
482,008
261.310
116,174
65,608
deductions
54,300,446 $4,372,180 $13,254,479 $13,721,304
Net income
p. 1373
EY'Last complete annual report in Financial Chronicle Feb. 25
Brunswick-Balke-Collender Co.
(And Subsidiaries)
3 Months Ended March 31
Sales •
Gross profit
Expenses
1932.
1933.
8574.408 81.098,460
372,649
181.322
610,512
418,253
$236,931
69.634
$237,863
119.447
$167,297
Loss
19.252
•
Depreciation and depletion
Interest
Inventory adjustment
Special payment in connection with cancellation of
leases of recreated companies
Losses on disposition of recreated companies
$118,416
61.700
2.727
21,714
A
Operating loss
Other income
88,036
14,427
$307,020
$186,549
Net loss
lerLast complete annual report in Financial Chronicle Apr. 22 '33, p. 2802
Calumet & Hecla Consolidated Copper Co.
Quar. End. Mar. 31-1933.
$858.390
Copper sales
5,264
Interest '
Miscellaneous
$863.654
Total receipts
Disbursements
Copper on hand Jan. 1.. 7.962,959
Prod., selling, admlnis.
661,568
and taxes
519,460
Deprecia'n & depletion_
9.674
Miscellaneous
1930.
1931.
1932.
$258,815 $2,095,037 $2,887,285
31,872
j 1,387
5.972
7.525
19,072
$264,787 $2.115.496 $2.926.682
7,330.487
6.826.690
2,982.165
1.069,891
154,115
14,622
1,861.112
642.879
42,451
3,014,164
512,405
33,312
Total expenditure_ ___ $9,153.661 38.569.116 39.373.132 36,542.048
Less cop, on hand Mar.
4.345,063
6,522,161
7,924,952
7,166,013
31
$644,164 32,850,971 82.196.985
Net expenditures__ -- $1,987,648
735.474 prof729,697
379,377
1.123,996
Loss for quarter
Nil
Nil
$0.36
Nil
Earnings per share
Canada Dry Ginger Ale Inc.
1933-6 Mos.-1932
Period End. Mar. 31- 1933-3 Mos.-1932.
Net profit after charges
$321,160
$295,271
$230,797
. $88,314
$11,742
818.181
386,388
Net profit__ _ _ ------ $231,068
taxes
and
Earns. per sh. on 100,000
Shs. corn, stock outstand.
$1.48
$1.35
$1.03
505.287
503,387
503,387
503.387
$1.03
so shs. cl. A stock
(no par)
$0.08
$0.17
$0.17
$0.03
Earns. per sh. on 200,000
Earnings per share
$0.80
$0.65
$0.86
shs. cl. 13 s ock
$0.65
. ler'Last complete annual report in Financial Chronicle Dec. 17,'32, p. 4209.
larLast complete annual report in Financial Chronicle Mar. 4 '33 p. 1554
Boston Elevated Ry.
-Month of March1933.
1932.
ReceiptsFrom fares-- _____ _ _______________ ___ _ _ __ $2.117,194 $2 491 784
' '
_From opor. of special cars, special motor coaches
1,826
1,468
and mall service _________ _ _ ___ _ ____ -____-_
From
Fro advertising in cars, on ___________ privileges
76,479
30,409
at stations, &c
2,510
4,158
From rent of equipment, tracks and facilities
4.472
5.215
From rent of buildings and other property
524
4,879
sale of power and other revenue
For
Total receipts from direct operation of the road_ 52.203,007 $2,537,915
21,596
7,511
Interest on deposits income from securities, &c___
Total receipts ______________________________ $2.224,604 $2,545,427
Cost of Service
$246,515
$184,783
Maintaining track, line equipment and buildings__
257,968
347,857
Maintaining cars,shop equipment, &c
178,832
149,467
Power
679,672
836,811
Transport. exps. (incl. wages of car service men)._
6,484
6,117
Salaries and expenses of general officers
102;617
78,298
Law expenses, injuries and damages, and insurance
110,061
96,815
general operating expenses
Other
112,184
126,864
Federal, State and municipal tax accruals
103,363
103,363
Rent for leased roads
232,880
231,550
tunnel and rapid transit lino rentals
Subway,
338.945
323,720
Interest on bonds and notes
5,475
5,975
Miscellaneous items
32,259,822 $2,606,804
Total cost of service
861.377
$35,217
Excess of cost of service over receipts
tarLost complete annual report in Financial Chronicle Feb. 25 '33, p. 1369
Canada Northern Power Corp.
Month of March.
1932.
1933.
8283.929
8293,569
89,860
91,816
Gross earnings
Operating expenses
.
3 Mos. End. Mar. 31.
1933.
1932.
3897,652
$866,348
271,966
269,901
$194,069
$625.686
$201,753
$596,447
Net earnings
WLast complete annual report in Financial Chronicle Mar. 25, '33, p. 2066.
Chester Water Service Co.
Year Ended Jan. 31Operating revenues
Operating expenses
Maintenance
General taxes
Net earns, before provs. for Federal inc. tax &
retirements and replacements
Other income
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
1933.
$476,487
1932.
$534,802'
132,723
26.311
15.443
140,618
21,785
20,871
$302,010
.2,795
$351,528
7,842
3304.805,
$359,370
149.140
1,181
1,222
10.960
25.349
1.576
148.995
998
1,196
14.474
25.750
1,227
Net income
$166,729
$115.378
Dividends on preferred stock
66,000
66.000
rarEast complete annual report in Financial Chronicle Apr. 22 '93, p. 2796
2956
Financial Chronicle
(A. M.) Castle & Co.
Quar. End. Mar. 311933:
1932.
1931.
1930.
Net profit after charges
and Federal taxes -_ 1088845,745 loss$61,642
$26,575
3134,410
Earns. per sh.on 120,000
shs.cap.stk.(Par $10)
Nil
Nil
$0.22
$1.12
ifeLast complete annual report in Financial Chronicle Jan. 28 '33, p. 663
Childs Company.
(And All Subsidiary Companies)
3 Months Ended.March 311933.
Sales & rentals
$4.350.630
Cost of sales & general expenses
3,974.575
1932.
$5,914,249
5,290,367
Income from operation
Other income Interest
$376,055
1623,882
$6,457
$2.305
Total income
$382,513
$626,187
Interest & discount
123.529
186,480
Income taxes
7.730
16,069
Depreciation & Amortization
166.058
233,195
Unamortized costs of units discontinued_ __ _
10.200
33.100
Reserved for Canadian Exchange & bad debts
129,396
65,904
Net profit
$9.092
$27,946
Note -The foregoing is subject to adjustment at the end of the year
when accounts are finally audited.
WI...4st complete annual report in Financial Chronicle Feb. 18,'33, p. 1191
Colorado Fuel & Iron Co.
(And Subsidiaries)
Quar. End. March 31- 1933.
1932.
1931.
1930.
x Total earnings
def$60,159
$288,892
3525,204 82,202,732
Other income
61.813
73,913
104,743
144,996
Total income
$1,657
8362,805
8629,948 $2,347,728
Interest
402,312
404,985
405,493
472,477
Deprec. and exhaustion
of minerals
350,041
357,099
471,670
581,094
Deficit
$750,695
$247.215prof1294,157
$399,279
x After operating expenses, selling and administration and general
expenses.
10
-Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1722
Commercial Solvents Corp.
1" 3 Mos.End. Mar.311933.
1932.
1931.
1930.
Net profit after all chgs.
and taxes
$224,758
$293,454
3537.544
3750.492
Shares com. stock out
la standing (no par)_ - 2,530,277 2,530,174 2.529,873 2,481,232
Earnings per share
$0.09
$0.12
$0.21
$0.30
U"Last complete annual report in Financial Chronicle Feb. 4 '33, p. 847
Congress Cigar Co., Inc.
Quar. End. March 31- 1933.
1932.
1931.
1930.
Net after all charges
incl. Federal taxes__ _loss$129,116
$102,913
$222.911
$267,288
Shares capital stock out
standing (no par).
336,800
336.800
350.000
350,000
Earnings per share
Nil
$0.30
$0.63
$0.76
tarLast complete anrival report in Financial Chronicle April 1 '33, p. 2249
Consolidated. Gas Co. of New York.
(Including Affiliated Companies)
Per. End. March 31- 1933-3 Mos.-1932. 1933-12 Mos.-1932.
Sales of gas
M.cubicfeet- - 11,275,614 12,992,378 40,353,640 41,491,188
-Sales of electric energy
M.kw.hours _ - 1.070,097 1,137,161 4,152,013 4,340,286
Bales of steam
M. pounds
4,800,125 4,625,694 11,320,518 9.994,556
Sales of gas
312,726.774 813.671,609 $46,284.367 $47,662,411
Sales of electric energy
45,462,032 48,896,828 170,424,440 179,827,687
Sales of steam
4,377,930 4,319,677 10,287,481
9.364,466
Miscellaneous sourees_ 355,053 1,068,620 2.704.896
95,499
Total oper.revenues_.$62,662,235 $67,243,166$228.064.908$239,559,461
25,216,104 27.068,456 103.270,944 109,553,275
Operating expenses
Retirement expense_ _
4,348,357 4,352.383 15,605,662 15.032,059
Taxes (incl. prov. for
8,414.987 8,473,333 33,123.244 31,689,943
Federal tax)
Operating income-___324.682,786 $27,348,994 $76.065,058 $83,284,183
178,525
469,117
91,602
Non-operating revenues547.117
Non-operating revenue
dr62,820 dr270.987 dr201,582
deductions
dr62,829
Gross corporate inc _ _ _324,711,559 $27.464,699 $76.263.187 $83,629,718
Deductions from gross
corporate income:
4,207,615 19,542,516 15,527,985
Int. on long term debt 5,004,201
Misc. int., amortiz. of
debt disc. & exp. &
783,577 1.573,432 2.685.119
misc. deductions.._
396,810
Dividends on preferred
stock of affiliated cos.
held by minority stock652,588 . 657,288
163,549
holders
162,841
419,147,707:$22,329,957 154.494,651. $64,759,326
Net income
Applicable to:
$5 cumulative preferred stock of Consolidated
$10,496,245 $10,495,330
Gas CoComnion stock of affiliated companies held by
405,921
minority stockholders
456,039
•
, Balance available for dividends on common stock
$43,592,485 $53,807.957
of Consolidated Gas Co
x Includes the interest of minority stockholders.
Income Statement of Consolidated Gas Company of New York
Per. End. March 31- 1933-3 Mos.-1932. 1933-12 Vros.-1932.
Sales of gas M. cubic ft. 5,439,812 5.871,220 18,991,554 19,811.712
Sales of gas
$5,876,895 $6,375,846 320.657.056 121.612.757
Miscellaneous sources
349,889 1,354,349 1,703.506 •
,293
April 29 1933
(The) Commonwealth & Southern Corp.
(And Subsidiary Companies)
-Month of March- -12 Mos. End. Mar. 311933.
1932.
1933.
1932.
Gross earnings
88.585.980,810,122,596 $110,384,715$127,356,099
Operating expenses, incl.
taxes and maintenance 4,108,546 4,709,825 50,279,704
58.330,528
Gross income
$4,477,434 $5.412,771 $60,105,010 869,025.570
Fixed charges, incl. int.,
amortiz. of debt disc.
& expense, & earnings
accr. on stock of subs.
not owned by the Commonwealth & Southern
Corp
40,141.568 38,446,471
Net income
$19,963,441 $30,579,095
Provision for retirement reserve
9,516,986 9,552,080
Dividends on preferred stock
8,996,066 8,995,041
Balance
$1,450,389 $12,031,977
"Last complete annual report in Financial Chronicle
May 14 '32, p. 3694
Consolidated Chemical Industries, Inc.
3 Months Ended March 31
1933.
Net profit after deprec., taxes, &c
$78,474
Earns, per sh. on 205,000 shs. cl.A pf. stk.(no par)
$0.38
1932.
$79,569
$0.39
Crystal Tissue Co.
Quarter Ended March 31
Net sales
Net loss after taxes & charges
•
1932.
$156,141
18,552
1931.
$266,977
4,916
Consumers Power Co.
(A Subsidary of the Commonwealth & Southern
Corp.)
-Month of March- -12 Ma,. End.
Mar. 311933.
1932.
1933.
1932.
Gross earnings
$2,037,391 $2,458,226 $26,795,624
$30,472,822
Operating expenses, incl.
taxes and maintenance
955,524
1.052,440 11,447,110 12,591.127
Gross income
$1,081,866 51,405,785 $15,348,513 817,881.695
Fixed charges
4,568,237 4.064.089
. Net income
$10.780,276 $13,817,606
Provision for retirement reserve
2,784,000 2,784,000
Dividends on preferred stock
4,157,172 4,170,223
Balance
$3,839,104 86,863,382
Ei'Last complete annual report in Financial Chronicle Apr. 15 '33, p.
2604
Eastern Massachusetts Street Railway Co.
.
-Month of March
--3 Mos.End,Mar.311933.
1932.
1933.
1932.
8494,533
$605,974 31.520,262 $1,842,598
333,052
411.072
952.162 1,223,825
Net rev, from oper8161.480
$194,901
$568,099. $618,773
Taxes_
22.132
25,464
66,283
70,528
$139,347
Balance
$169,437
$501,816
$542,245
Other income
12,283
11,235
32,653
30,284
Gross corp. Income_ _ 5151.631
$180,672
3534,469
$572,529
Interest on funded debt,
rents, &c
73,859
75.613
223,177
228,664
Available for deliree,
dividends, &c •
$77,771
$105.058
$311,292
8343,865
Deprec. & equalization..
108,403
111.005
340,296
344,700
Net income carried to
430,631
-Dr
profit & loss
$5,946
$29,003
6834
L KiirLast complete annual report in Financial Chronicle Mar. 11 '118, p. 1718
By. oper. revenues
By. oper. expenses
Revenue-Passenger
Advertising_
Special cars
Police
Mall carriers
Other revenue
of alch
Edmonton Street R
ar_
-Month3Mos. End. Mar.31.
•
Total surplus
$68,214
$74.493
$195.147
$216,253
2,838
7,233
232
6,885
22,788
4,501
2.428
7,083
206
7.237
23,577
4,206
8.570
20,656
637
20,737
65,776
13,795
8,448
21.442
652
22,258
69,018
11,960
$44,479
23,734
12,591
5.000
544,739
29,753
17,506
7,000
$130,174
64.972
37,774
16,000
$133,778
82,475
52,518
18,000.
$6,143
Total
Expenditures
Maintenance of track and
overhead
Maintenance of cars--Traffic
Power
Other transp. expensesGeneral and miscell_
Total operation
-Operation surplus
Fixed charges
Renewals
1933.
$191,565
825
93
699
1.113
850
1932.
$211,925
91
2
233
371
285
$73,638
313
26
233
371
509
$5,247
$11,198
$11,956
$87,613.
311
40
740
1,113
1,511
El Paso Electric Co.
$13,676,428 $15,134,840 $52,462,832 $57,422,186
Net income
10,496,245 10,495.330
Dividends declared on $5 preferred stock
12 Months Ended March 311933.
1932.
Gross earnings
$2.662,061 83.268.907
Netoperating revenue
1.122,764 1.417.644
Bal. for diva. & surplus-(After prov. for retire.
reserve)
451,917
740.769
KarLast complete annual report in Financial Chronicle Mar. 4'33, p. 1546
•
Erie RR. Co.
(Including Chicago & Erie RR. Co.)
Month of March1933.
1932.
1931.
1930.
Operating revenues____ $5,215,071 $6,608,744
Oper.expenses & taxes__ 4,471,406 5,317.072 $8,130,335 89.057,894
6.444,761
7.769,094
Operating income-- - $743,666 $1,291,671 $1,685.574
$1,288,799
Hire of equip. & jt.
rents
252.287
-net debit
292,359
251,733
356,138
Net ry. open income- 5491.379
$999.312 $1433,841
$932,661
3 Mos.End. Mar.31
$15,582,428 318,707.685
Operating revenues
Oper.expenses & taxes- 13,280,763 15.744.750 323,171.958 $27.229,536.
18,865,209 23,067,822
Operating income--- $2,301,666 $2,962.934 $4,306.749
$4,161.713
Hire of equip. & jt. faoil.
-net debit
rents
860,715
897,141
922,586
1,037.464
$41,966,587 $46.926,856
Balance available for common stock
Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1366
Net ry. oper. income- $1,440,951 $2,065,793 $3,384,162
$3.124,258
rirLast complete annual report in Financial Chronicle Mar 18 '88 p.
1976.
nd Apr.16.'38 p. 2698
Total oper.revenues.- $6,200,189 $6,725.735 $22,011,405 $23,316.264
Operating expenses
3,174,006 3,650.061 12,047,176 14,301,888
Retirement expense_
264,204
854,619
244,791
891,527
543,265 2.203,843 2,120,270
Taxes
547,851
Operating income_ --- $2,233,539 $2,268,203 56,905.765 $6.002,578
Non-operating revenues.- 13,726,182 14.837,879 54,418,888 58.605.279
Non-operating ievenue
1,207,273 1,224.537
deductions
315,226
303,310
Non-operating inc----$13,422,871 $14,522,653 $53,211,614 $57,380.741
Grose corporate inc_ _4315,656,411 $16.790,857 $60,117.380 863,383,320
1.362,500 6,469,423 4,943,032
Int. on long term debt- - 1.737,500
Misc. int. & amortiz. of
1,185,124
293,516
242,482
1,018,101
debt disc. & expense__
Volume
Gross earnings
Operation
Maintenance
Taxes
2957
Financial Chronicle
136
Engineers Public Service Co.
(And Constituent Cornpan ies.)
- 12 Mos. End. Mar. 31
-Month of March
1932.
1933.
1932.
1933.
$3,769,482 $43,437,300 $49,962,646
$3,300,561
17.171,073 20,532,450
1,547,473
1,328,150
229,148 2,336,946 2,874,447
180,958
330,343 3,994,060 4,026,149
349.770
9
$1,441,682 $1,662,517 $19.935,220 $22,529,59
Net oper. revenue__
110,170 1.203,005 1,267,205
x37,806
Inc.from other sources _
$1s479,488 $1,772,687 $21,138,226 $23.796,804
Balance
726,640 8.703.865 8.568,672
726,393
Interest and amortiz
Balance
Reserve for retirements
General Refractories Co.
•
(And Subsidiaries)
1932.
1933.
Quars. End. Mar.31before taxes
Earnings
$1,496
loss$28,386
interest, &c
21,030
.21.507
Corp. mimic.& inc. taxes
62.500
66.667
Interest on bonds
19,600
14,688
Bond disc. & expense_ _ _
3.607
• 5,211
Int. on floating debt_
71,031
68,896
Deprec.& depletion_ - -
1931.
1930.
$451,856
57.410
10.417
$939.156
97.235
31,454
83,373
11,063
70.817
1°84205.356 loss$176,272
2269,203
300,000
2760,041
375,000
Net intorno
Dividends
$753,095 $1,046,047 $12,434,360 $15.228.132
4,556,492 4,678,953
$7,877,867 $10,549,178
Balance
4,333.176
Divs. on pref. stock of constituent companies---- z4,334,925
$3,542.942 $6,216,001
Balance
Amount appllc. to com. stock of constit. cos. in
56,030
17.588
hands of public
$3,525,353 56,159,971
Balance for dividends and surplus
Divs,on pref.stock of Engineers Pub.Service Co- 2,323,549 2,323,545
Balance for cora,stock dividends & surplus---- $1,201,804 $3.836,425
$2.01
$.63
Earnings per share ofcommon stock c
(1932x Interest on funds for construction purposes of $783,374.65 Includes
investments. z
$826,573.53) and income from miscellaneous deducting 10.5% (1932-.
cum, dividends not paid of $665,490. c After
9.4%) of gross earnings for retirements.
available,
During a period averaging about 28 years for which records are
maintenance a
the companies in the Engineers group have expended for and in addition
total of 9.3% of their entire gross earnings fpr the period, 10.2% of such
have set aside for reserves or retained as surplus a total of
earnings.
'33, p. 1,014
KR"Last complete annual report in Financial Chronicle Feb. 11
General Cable Corp.
1930.
1931.
1932.
1933.
Quar.End. Mar.315626.287 51,377,297
$247,742
Gross profit
loss$19.793
818,333 1,319.323
514.414
364.720
Selling & administration
316.033
319.640
361,213
359,306
Depreciation
11,112
Cr23.064
18,652
43.437
Miscell. charges (net)
218.082
209,343
203,632
Interest
189.712
$487.253
$697,965
$850.169
Net loss
$976,978
p. 1557
IgiFLast complete annual report in Financial Chronicle Mar. 4 '33,
General Electric Co.
1930.
1931.
1932.
Quar. End. Mar. 311933.
Orders received
$25,511,644 $33,404,642 $60,366,297 $90,397,731
Net sales billed
26,101,001 37,876,399 61,959,801 91.205,732
Cost of sales billed, incl.
.oPer., maint. & deprec.
chip., res. & prov. for
all taxes
24,933,341 35,420,871 53.755,240 80,590.321
Net income from sales $1,167,661 $2,455,528 $8,204,561 $10,615,411
0th. inc. less int. paid &
sundry charges
1.671,150 2,696,895 3,283,521 4,427,110
Profit avail, for div__ $2,838,810 $5,152,423 $11,488,082 $15,042,521
643.731
643,748
643,756
643,761
Cash diva:on special stk.
Profits avail, for diva.
on common stock__ $2,195,050 $4,508,668 $10,844,334 $14,398,791
Shs. corn. stk. outstand.
(no par)
28,845 927 28,845,927 28,845,927 28,845.927
$0.50
$0.38
$0.16 4
Earnings per share
$b.08
-As a result of the transfer of radio receiving set and tube business,
Note.
sales billed, and not
outlined in the 1929 annual report, orders received,
Income from sales in 1930 does not include radio sets and tubes, but income
received will be included in other income.
'33, p. 2232
WLast complete annual report in Financial Chronicle April 1
.
230,797sur.$385,041
$176,272
$205,356
Deficit
Shs. cap. stk. outstand.
300,000
300.000
300,000
262.900
(no par)
$2.53
Nil
$0.90
Nil
•
Earnings per share
complete annual report in Financial Chronicle Mar.11 '33, p. 1725
larLast
Georgia Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of March--12 Mos.End. Mar.311932.
1933.1933.
8
193,
$1.724,483 $1;92 2403 $21,877.148 $24,639,831
earnings
Gross
Oper. exps., incl. taxes
889.689 9.300,576 11,484.947
779,320
& maintenance
Gross income
Fixed charges
8945,162 81.038,713 $12.576,571 $13.154,884
5.818,797 5,481,095
$6,757,774 $7,673,788
1,306,156
1,320,000
3,321,127 3,443.878
Net income
Provision for retirement reserve
Dividends on 1st preferred stock
•
$2,116.646 $2,923,752
Balance
294
OrLast complete annual report in Financial Chronicle July 9 '32, p.
(Adolf) Gobel, Inc.
(And Subsidiaries) •
Earningsfor First Quarter Ended Jan. 21 1933.
Net sales
Cost of sales
Selling,delivery,administrative and general expense
$4.698,712
3,947.968
723,072
Net profit from operations
Other income
$27,672
21,367,
Total
Other deductions
$49,040
64.930
Net loss
Dividends on preferred stocks of subsidiary companies
Adjustment of minority interest
$15,890
26 360
or33
112,218
Net loss for period
'32, p. 3504
rirLast complete annual report in Financial Chronicle Dec. 24
Gulf States Utilities Co.
1932.
1933.
•
12 Months Ended March 31$5,238.949 56.116,641
Gross earnings
2,320,420 2,735.181 .
•
operating revenue
Net
Bal. for diva. & surplus (after prov. for retirement
771,849 1.195.962
.
reserve)
4'33, p. 1546
OrLast complet annual report in Financial Chronicle Mar.
Hercules Powder Co.
1930.
1931.
1932.
3 Mos.End. Mar.31- 1933.
54.007,062 $4,477,277 $5,140,930 $6,865,889
Gross receipts
832,409
240.575
92,860
257.296
xNet earnings
100.874
24,115
5,655
30.318
Federal income tax (est.)
5731.535
$216,460
587.205
Net profit for period__ $226,978
Proceeds from sale of
capital stock in excess
177.765
110.425
of stated value
Surplus at begin, of year 9,727.806 12,254,665 13,329.725 13.380,896
$9,954,783 $12.341.871 213.656.610 214.289,896
Total surplus
199,922
199,922
199.922
185,255
Dividends on pref. stock
448.500
452.309
454.676
218,507
Dividends on corn. stock
General Foods Corp.
1930.
1931.
1932.
Quarter E'nd. Mar.31- 1933. •
• Surplus at March 3L. $9,551.021 511.687.273 113.004,379 213.641,474
603(379
606,234
606.234
Net profit after charges
582 679
Shs.com.stk.out.(no par)
56.88
Nil
$0.03
& Fed. taxes_
$3,238,168 $4,433,775 $5,572.399 $5,990,764
$6.07
Earnings per share
manufacturing.
Shares corn. stock
x From all sources after deducting all expenses incident to e of plants.
5,282.851
standing (no par)_ _ _ 5,251,498 5.277,746 5,257.407
extraordinary repairs, maintenanc
and sale, ordinary and
$1.13
$1.05
$0.84
$0.01
Earnings per share
from .accidents. depreciation, &c.
4 '33, p. 852
The company's statement for first quarter of 1933 shows gross profit
larLast complete annual report in Financial Chronicle Feb.
distributing, administrative and general
operations, $12,010,246; selling,
results of
expense, and other charges, including proportionate share in
for depreciation,
Honolulu Rapid Transit Co., Ltd.
operations of controlled companies, $7,849,423; provision
income taxes
-Month of March- -3 Mos. End. Mar. 31$495,351; miscellaneous income $155,230; and provision for
1932.
1933.
1932.
1933.
$582,534.
$230,025
$178,726
Mar. 25'33, p. 2057
$80,129
$62,408
Gross rev, from trans_ _ _
larLast complete annual report in Financial Chronicle
155,818
153,219
52,365
52,121
expenses__ _- Operating
574,207
$25,506
$27,823
General Motors Corp.
$10,287
Net rev. from trans_ _
4,612
5,173
1,410
2,025
1930.
1931.
Rev, other than transp_
1932.
1933.
Qtr. End. Mar.3178,820
30,680
14,313 ' 29,233
2
3
Net rev, from operat'ns
*Net sake
2120,000,163 $149,663,716 8218,246,77 5289.554.45
Deductions
Net earns., incl. equi31.131
24,000
10,377
8,000
Taxes assign,to ry. oper.
ties in undiv. pfts.
31.512
31.860 •
10.504
10,620
Depreciation
or losses of sub and
137
44.968.587
Replacements
9,693,027 28,999,409
aril. cos. not consol. 6.870,007
Earn, per sh, on corn.
$62,644
$55,998
$20,881
$18,620
20.98
$0.61
Total deduc.from rev.
• $0.17
50.1.1
after pref. dive_._
- •
transactions.
*Excluding inter-company and inter-divisional
16.175
8.352 del.25,318
def
.6,307
Net revenue
Apr. 1, 33, p. 2231
Chronicle
rirLast complete annual report in Financial
larLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1884
and April 15, 1933, p. 2595.
General Printing Ink Corp.
(And Subsidiaries)
1930.
1931.
1932.
- 1933.
Quarter End. Mar.31
$2,557,797
Net sales
2.308,375
Costs & expenses
$249,422
$254.720
$118,551
$78,255
Operating profit
33,999
23,987
19,649
15.664
Other income
$278,707
$283.421
$138,200
$93.919
Total income
37,842
40.914
37,835
35,640
Other deductions
28,122
29,400
15,000
10,600
Federal taxes
$217,457
$208,393
$85,365
247.679
Net profit
She. common stock out185.000
185.489
185,489
185,489
standing (no Par)---20.81
$0.77
20.12
Nil
Earnings per share
Financial Chronicle Feb. 25 '33, p. 1382
larLast complete annual report in
General Railway Signal Co.
1930.
1931.
1932.
1933.
End, Mar.31Quar.
Net earns, after deprec..
$187.522' $511.319
$52,832 loss$16.808
Federal taxes. &c____
Earnings per share on
$1.33
$0.47
Nil
$0.06
common stock
'33. p. 850
larLast complete annual report in Financial Chronicle Feb. 4
Household Finance Corp.
(And Subsidiaries)
1931.
1932.
1933.
Quarter Ended March 31$3,243,318 $3,205,262 $2,999.566
Gross income from operations
1.535.846
1.628.385
1.855.191
Operating expenses
Net income from operations
Other income credits
Gross income
Interest paid
Federalincome tax
Other charges
1
avig7
$1.31 4 :L570117 $1,49,1i8
$1.391.231 $1.579,728 51.468.510
255,425
288.855
178.901
148.024
178,245
160,014
30,964
27,075
69.283
5983,032 $1,085.553 81,034,097
Net income
2.933,220 2.891.530 2.918.340
Balance, surplus. Jan. 1
$3,916.251 $3,977.08353,952,437
Total surplus
.Dr29,794
Cr927
Other charges and credits (net)
Prem, paid purch. of Central Finance
69,831
Corp., Canada
177.600
224.358
222.623'
-Part. pref.stock •
Dividends
82,279
140.139
136.773
Class A common
412.137
410.210
309.358
Class II common
$3,203.303 23.250.627
$3,177,667
Balance. March 31
133.100 (inc. above)
19.472
Capital surplus
Total surplus per balance sheet--- 23.197.140 $3,336.403 $3,250,627
Chronicle Feb. 11'33, p. 1025
rifLast complete annual report in Financial
2958
Chronicle
Financial
April 29 1933
Houdaille-Hershey Corp.
31.Mos. Elided March 311933.
Nalloss after.int., deprec.. &c., but before prey.
for diva. on'Class A stk. of sub
$218,435
Inland Steel Co.
1932.
(And Subsidiaries)
1933.
1932.
1931.
1930.
$77.002
$268,916 31,785,590 $4,098,424
623,305
616,957
649,317
724,356
465,750
472,500
427,500
330.750
74,900
322,000.
Net income
loss$1,012,053loss$820,541
$633,873 $2,721,318
Shs.com.stk.out (no par) 1,200,000
.
1,200,000
1,200,000
1,200,000
Earnings per share
Nil
Nil
$0.5252.26
rarLast complete annual report in Financial Chronicle April 1 '33, .p. 2253
3 Mos.End,Mar.31
Net profit after expenses
Deprec. and depletion__
Interest
Federal taxes
$225,592
Howe Sound 'Co.
Quar End. Mar.31.
1933.
1932.
1931.
1930.
Production
Gold (ounces)
2,149
589
2,489
3.170
Silver (ounces)
625,394
795.704 1.078,408
Copper(pounds)_t
1,217.504 2,205,318 8,054,620 11M3.029
Lead(pounds)
17,903,325 22.232,713 29,168.294 16.079,543
Zinc(pounds)
10.473,537 3.163.129 22.692.729 9,179.452
Earnings
Value of metals produced $786,926
$954,895 $2,704,720 $3,538,813
Operating expenses
938,083
948,539 2,389,844 2,687.065
lb
Operating income--- _ def$151,158
$6,355 .$314.876
$851,748
Other income
86.782 •
87,296
129.696
102,307
Total ineome
def564,376
$93,652
5444,573
$954.055
Depreciation
61,171
70,330
124,875
231,024
t.
Netinc. before deplet_def$125,548
$23,321
$319,698
$723,030
Earns,per sh.on 496.038
shs.cap.stk.(po par)_
Nil
$0.04
$0.64
$1.46
Ila'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1726
International Business Machines Corp.
(Including Foreign Subsidiaries)
Quarter End. March 31- 1933.
1932.
1931.
1930.
Net inc. after int., res.,
depreciation & Federal
taxes (est.)
31.502.206 51.894.000 51,890,663 31.797,831
Shs. corn. stock (no par).
703,345
703,345
669,852
637,288
Earnings per share
$2.13
$2.69
$2.82
32.82
gwLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1712
Intertype Corp.
Quar. End. Mar. 31-. x1933.
.
Gross prof. before deprec $181,936
Head and branch office
selling expenses
194,091
Depreciation
35,844
Reserve for taxes
Hudson & Manhattan RR.
81932.
5151,077
1931.
5385.703
1930.
5490,233 •
194,788
35,549
cr.14,000
254,844
237,575
-Month of March
4.1,589
-3Mos.End.Mar.31
45,168
1933.
1932.
14,000
1933.
1982.
32,000
$729,364
$856,480 $2,141,945 $2,514,219 ' Net to
loss5.47.999 1058565,260
surplus
411.482
463.743
$75,270
1.198.113
$175,490
1.361.616
x Subject to adjustment at end of fiscal year.
Operating income_ _ -- $317,881
12rEast complete annual report in Financial Chronicle Mar. 4 '33, p. 1560
$392.737
$943,831 $1.152,602
Non-operating income
•
23,111
28,173
74,511
92,992
Island Creek Coal Co;
Gross income
$340,993
$420,911 $1,018.342 $1,245,594
1933..
Income charges
314,630
314.261
3 Mos.Ended March 31943.095
955,147
1932.
Net profit after deprec., deple., Federal taxes, &c__ $153 890 • $325,819
Net incomej
326,362
$106,650
Earns, per share on 593,865 she. corn, stock (par $1)
$75,246
3290,446
30.19
$0.48
rairLast complete.annual report in Financial Chronicle Apr.8 '33, p. 2412
ItYrLast complete annual report in Financial Chronicle April 29'39, p. 0000
Gross oper. revenues--Oper.exps.& taxes
Jones & Laughlin Steel Corp.
Hupp Motor Car Corp.
3'Mos.End. Mar
.311933.
Net sales
$1,576.071
Costs and expenses
1,892,3971
1931.
1930.
$5,256,168 $8.069,684
5,723.0387.843,913
1932.
Not
Not
available
Operating loss
Other income
3466,870prof8225.771
86,123
148.301
6,470
IP
Loss
Depreciation
Idle plant expenses
Federal tax
'$309,856
179,007
34,134
8256.230
203.925
136.021
$3380,747prof3374,072
300.164
298,221
9,102
Net loss
$522,997
5596,176
5680.911 prof$66.749
larLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1726
(And Subsidiaries)
1933.
3 Mos.End,Mar.311932.
1931.
1930.
Net after taxes
loss:5805,3841'531,117,003
Deprec. and depletion.... 1,148,372 1,161.201 $1,181,392 $5,092356
1.236,724
1,396,220
Interest
106.889
120885 ' 135,650
141,127
$2,060,645 $2,399,089
Net loss
$190,982
Preferred dividends_
146.785 1,027,493 1,027,493pf$3,555,009
1,027,493
Common dividends_
576,320
720,400
Deficit
$2,207.430 $3,426,582 $1,794,795sur$1807,116
Shares com. outstanding
(par $100)
573.320
573,320
576.30
576.320
Earns, per sh, on corn
Nil .
Nil
Nil
$4.38
larLast complete annual report in Financial Chronicle Mar. 11.'33, p. 1727
Illinois Water Service Co.
12 Months EndedOperating revenues
Operating expenses
Maintenance
General taxes
Key West Electric Co.
Feb. 28 '33. Feb. 29 '32.
12 Months Ended March 311933:
1932.
5610.351
$662,566
Gross earnings
$174,637. $204,152
217.722
235,241
Net operating revenue
69,368
82,622
35,679
42,720 .Bal.for dive. & surplus (after prov. for retirements
47.199
36,203
reserve)
22,116 •
49,923
ig"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1547
3309,751- $348,402
1.578
1,940
.,
Net earnings from operations
Other income
Gross corporate inpome
Interest on long-term debt
MIscell. int. (incl. int. charged to construction)._
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
Lambert Co.
$3311,329
157,500
756
587
10,099
• 19,500
2,092
$350,342
157,201
2,168
552
10,563
17,500
2,405
Net income
$120.794
$159,934
Dividends on preferked stock
53.400
53,400
-Interest on amounts due affiliated company is subordinated to
Note.
the payment of preferred stock dividends.
tar.La3/ complete annual report in Financial Chronicle April 22'33, p. 2797
Interborough Rapid Transit Co.
Month of March
9 Mos. End. Mar. 31 •
1933.
1932.
1933.
1932.
Gross op. revenue.... $5,210.946 $5,859,492 $44.516,774 $50,003.329
Operating expenses_ - 3,180,040 3,717.691' 29,898,114 32,211.921
Net op. revenue... $2,030.906 $2,141,800
Taxes
170.481
200.536
Income from op'n - $1,860,425 $1,941,264
Current rent deduct's
407,817
418.700
Balance
51,452,607 • 31,522,563
.Used for purch. of
assets of the enterp. der.40,430 def.49,536
Balance-city & co. $1,493,038 $1,572,099
P'ble to city under
Contract No. 3
555.694
175,713
Gross inc.from op'n $1,317,325 31,016.405
Fixed charges
1,118.799 1,157,273
Net Inc. from op'n
Non-operating income
Bal, before dedtg.
5% Manh, div.
rental
The amt. req'd for full
div. rental 5% on
Manh.ry. co. Modified Guarantee Stk.
pble. if earned_ __ _
314,618,660 317.791,408
1,664,251
1,777.940
2,112.181
$9.209,142
10,315,653
$9,837,707
10,487,388
•
2,086,837
2,086,837
Amt. by which the full
5% Manh. div. rtl.
was earned, def__ $33,164,516 $2,678,783
$30,459
$369,569
-The "Subway" and "System" Balances as shown herein for the
Note.
current month and for the nine months ended March 31 1933, are limited
as to the Subway to the amount the Company is entitled to retain for such
periods. On the basis of the present accounting there are no past due
Subway preferentials which the Company may collect from future Subway
Earnings.
"Current Rent Deductions" and "Fixed_ Charges" as stated herein are
based upon the outstanding securities of tire Company and its obligations
under leases, without attempting to state the portion of such obligation
which may be assumed by the Receivers. They reflect the cancellation of
the accrual heretofore made of the interest on overdue 7% Notesfrom Sept. 1
to Nov. 30 1932, and in lieu thereof the accrual of interest on First and
Refunding Mortgage 5% Bonds which were collateral to such notes from
•Sept. 1 1932 to March 31 1933.
O"Lostcomplete annual report in Financial Chronicle Aug.27,'32, p.1489.
Lehigh Valley Coal Corp.
3 Mos.End. Mar.311933.
xIncome from mining &
3183.794
selling coal
zinc. from other oper'ns Dr10,002
Other income
245,964
xGross income
$419,756
Int. carrying charges on
res. coal lands, Federal
477,446
taxes & misc. deduct'n
Deprec. and depletion
228,372
Inc. applic. to min. lots.. Cr 10,978
1932.
1931.
3203.578 31.160,351
Dr36:343
Dr33,677
261,992
434,575
$429,227 51.561,249
519,210
229,415
Cr2,822-
602,574
379,400
9,719
1930.
.
$389,963
Dr39,791
504,693
$854,865
657,490
347,968
Cr3,384
Lily-Tulip Cup Corp
175,713
$201,411 def$137,698def$1,077,679 def$591.946
231,870
(And Subsidiaries)
Quarters End. Mar.'31- 1933.
1932.
1931.
1930.
profits after taxes.- .5818,029 51,446,559 32.110.307
Net
32.068.267
Earns, per share on 748 996 shares capital stk.
(no par)
51.09
$1.93
52.81
$2.76
10 Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1385
-
Net loss for period.... $275,085
$
316,575prof3569,556
$147,209
227,118
512,954,408 $16,013,467 .. Shs. pref. stk. outst•crg.
227,094
226.135
225 133
Earnings per share
def$1.21
3.747.912
4.ef$1.39
3,767,648
$2.52
kil
Shs. corn. stk. outst'd'g_ 1,203,009 1702,698 1.201.940
1,200,116
Earnings per share
ef$0.37 ' der/0..40
$9,206,496 $12,245,819
$0.33
Nil
x Excludes depreciation and depletion.
def.178.360
295,929
Vi"Last complete annual report in Financial Chronicle Feb.25 '33,
p. 1885
$9,384,856 $11,949,889
•
$198,525 def$140,868 def$1,106,510 def$649,680
28.831
3.169
2,885
57,734
231.870
•
12 Months Ended March 31
Net,profit after deprec., Fed. taxes & other deduct.
Shares common stock outstanding
Earnings per share_
1933.
$275,454
184,545
$1.49
1932.
5547,813
189,545
$2.83
Link Belt Co.
(And Subsidiaries)
Period End. Mar.31- 1933-Mon/h-1932.
1933-3 Mos.-1932.'
Sales to customers
$436,747
$615,326 $1,419,246 $1,812,759
Cost of sales
514.464
670,500
1,684,325 2,034,154
Net loss on sales
$77,717
$55,174- - $265,079- $221,395
Other income
17,975
24,254
64,122
79,059
Net loss
$59,742530,920 - $200,956- $142,336
Sundry chgs.to income_ _
2.920
12.040
.
4715
32,373
Federal tax estimate.
100
Net loss to surplus_ _ _ _
562,663
524,960
$205,672
5174,809
Dividends paid
207.110
Deficit •
$62,663
342,960
$205,672
5381,919
0:2E"Last complete annual report in Financial Chronicle Feb. 25,
'33, p. 1386.
.
Long Bell Lumber Corp.
Earningsfor 3 Months Ended March 31 1933.
.......4
Loss before charges------------------------------------Depletion ----------------------------------------------- $212.721
304.046
Depreciation-------------------------------------------179.466
Interest-----------------------------------------------396.137
Net loss
81.091.360
rlitst complete annual report in Financial Chroncile Mar. 25 '53, p.
2080
•
Financial Chronicle
Volume 136
Loblaw Groceterias Ltd.
Period End. April 1- 1933-4 Weeks
-1932. 1933-44 Weeks
-1932.
Sales
31,675.466 51.195.118 $11.902,609 312.845,640
Net profit after charges
& income taxes
72.224
833,394
723,436
62,932
tarLast complete annual report in Financial Chronicle Aug. 6 '32, p. 998
Loose-Wiles Biscuit Co.
(And Subsidiaries)
.
3 Mos Ended March 311932.
1933.
Nee profit after Federal taxes deprec. & interest
but before approp. for sink. fund requirements__ 3365.097
$423,067
Shs. com. stock oustandlng (par 325)
547,991
526,000
Earns, per share
$0.65
$0.58
ra"Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1728
Louisiana Steam Generating Corp.
12 Months Ended March 311932.
1933.
Gross earnings
$2,140,735 $2.357.718
Net operating revenue
695.811
696.871
10'7..ast complete annual report in Financial Chronicle Mar. II '33, p. 1547
Market Street Railway Co.
-Month of March- 12 Mos. End. Mar. 31
1933.
1932.
1933.
1932.
$700,495 $7.574,078 $8,407,301
$616,089
Gross earnings
Net earns., incl, other
inc. before prov. for
retirements
Income charges
76,364
48,433
99.382
48,379
831,160
584,120
1,225,234
598,437
Balance
$626,796
3247.040
351,003
327,931
larLast complete annual report in Financial Chronicle Apr. 15'33, p. 2606
Mexican Light & Power Co.
(And Subsidiaries)
-Month of February- -2 Mos. Ended Feb.281933.
1932.
1933.
. 1932.
Gross earns,from oper_ _ $766,775
$905,880 $1,585,643 $1,919,893
Oper.and deprec. exps__
543,645
488,323
1,131,735
980.377
Net earnings
5788,158
3605.266
$362,235
$278,452
The operating results as shown in Canadian 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
matte up.
WEast complete annual report in Financial Chronicle July 16 '33, p. 458
Mexico Tramways Co.
-Month of February- -2 Mos.Ended Feb.281932.
1933.
1932.
1933.
Gross earns,from oper
3469,630 • 3636.753
$296,740
$224,861
Oper.and deprec. exps
629,143
750,495
354,943
301,637
Net earnings
5113,742
5159,513
358,203
576,776
The operating results as shown in Canadian 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.
131 Last complete annual report in Financial Chronicle July 16 '32, p. 458
-
Minneapolis
-Honeywell Regulator Co.
3 Mos. Ended March 311932.
1933.
Net sales
•
$575.923
$382,522
Net loss after all charges
147.746
128,256
rdrLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1030
National Acme Co.
Quarter End. Mar.31- 1933.
1930.
1931.
1932.
Net loss after all charges $154,794
$242,376pr0f$191,113
$263,829
WLast complete annual report in Financial Chronicle April 15,'33, p. 2624.
(The) Nevada-California Electric Corp.
(And Subsidiary Co.'s)
-Month of March- 12 Mos. End. Mar. 31
1932.
1933.
1932.
1933.
Gross opor. earnings-- 5394,298
3494,957 $4,831,810 $5,657,504
Maintenance
208,242
161,078
15,641
10,045
Taxes(incl.Fed, inc. tax)
431.675
401,700
35,594
34,424
Other oper. & gen. caps200,178
1,621,092 2,076,072
150,237
Total oper.&gen.exps.
& taxes
$251,414 12,183,871 12,715,990
$194,706
Operating profits
• 199,592
243.543 2,647.939 2,941,514
Non-open earns.(net)
2,254
101,372
73,573
3,947
Total income
$201,846
3247.491 32,721,513 53,042,886
Interest
132,506
130,904
1,559,772
1,568,357
Balance
569,340
$116,586 $1,153,155 51,483,114
Depreciation
66.p37
57,909
760,241
685,658
Balance'
$3, 03•
$58,677
$392.913
5797,456
Disc.& exp. on secs.sold
8.862
8,893
107.503
105,763
Misc. addns. & deducts.
(net Cr.)
28.071
1,278
250,533
52,020
Surp. avail, for red.
of bonds, dive., &c522,512
551,062
$535,943
$743,713
10"Last complete annual report in Financial Chronicle Apr. 15'33, p. 2607
Newport Industries, Inc.
(And Subsidiaries)
3 Months Ended March 31
Net sales
Cost & expenses
Depreciat on
Interest and other charges, net
1932.
3441,967
466,229
52,020
11.093
$44,540
21,023
8,163
Loss
Profit on sale of stock
Dividends received, &c
1933.
5413,608
406,455
46,869
4,824
$87.375
14.592
16,242
x Net loss
315,354
556,541
x Exclusive of idle plant expenses of $23A08 charged against reserve,
previously created for that purpose, in 1933 and $31,129 in 1932 and
proportion of losses of affiliated company amounting to $27,563 charged to
deficit account in 1933 and $47.492 in 1932.
02 Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2082
and April 29 '33, p. 2986.
•
New York Dock Co.
(Including New York Dock Trade Facilities Corp.)
1932.
1931.
1933.
Quar.End. AI&.311930.
$845,273
$649,062
Revenues
$895,219 51.135,140
421,026
406,074
347,128
Expenses
615.906
329.021
371,994
294.928
Taxes, interest, &c
361.267
5110,177
3102,199
3157.967
$7,005
Net income
Nil
Nil
Nil
Earns, per sh. on coin
$0.47
121"Last complete annual report in Financial Chronicle April 15,'33, p. 2625
2959
New York Edison Co.
Period End. Mar.31- 1933-3 Mos.-1932.
1933-12 Mos.-1932.
Sales of electric energykwh.
438.744,388 489.002.432 1704655.603
Sales of electric energy--517,698,529 $19,575.089 $67.171.479 1867289.061
373.819.712
Miscellaneous revenues_
269,057
247.059
1,080,049 1.120,317
Total open revenues-517,967,586 119.822,149 568.251.528 374.940.029
Operating expenses
9,349,686 9.788,562 38,513,076 39.713.643
Retirement expense__ -745,570
821.543 2,820.525 2,629.182
Taxes (incl. prov. for
Federal tax)
1,833,458 2.078.080 7,423.034 8,112,828
Operating income-- 36.038,872 37,133,964 319,494.893
Non-operating revenues_ 2,963,864 2,958.127 13.158.538 324.484.375
Non-oper. rev. deducts_ Dr128,026 Dr237.222 Dr875.024 11,374,096
Dr754.723
Gross corporate inc__ 38,874,711 39.854.869 331.778.407 335,103.748
Int. on long-term debt__ 1,616,950 1.461.540 6,469,736 5,377.458
Misc. int., amortiz. of
debt disc. & exp. &
misc. deductions
63.158
82,651
235.121
197.068
Net income
37.194.603 38,310,678 125.073,551 529,529,223
IlWLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1375
New York Railways Corp.
-Month of March- -3 Mos.End.Mar.311932.
1933.
1933.
1932.
$422,539
$423,848 51.206,845 31,216,749
62,200
43,374
166.888
111,395
*Deficit after charges_ sur$2,526
317,787
313,022
373.812
* These figures include bond interest and sinking fund requirements
of certain controlled companies (for which New York Railways Corp.
states it has no liability) which are in default, and excludes interest on
income bonds which has not been declared.
10 Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1886
Gross earnings
Balance after taxes
New York Shipbuilding Corp.
(Formerly American Brown Boveri Electric Corp.)
3 Months Ended March 311933.
1932.
Net profitfrom operation
3215,159
$311.758
Income from investment, &c
32,512
28,166
Miscellaneous income
1,494
12.347
Gross income
$249.465
$3352,271
Cash discount on sales
68
62
Interest on bonds
.50,894
54,034
Depreciation
68,914
67,870
Miscellaneous deductions
1931.
$52.448
24,639
21,008
$98.095
89
56,708
166,660
2,030
Net income
$129,289
$230,305xdf.$127.392
Earns, per sh. on 344,500 shs. panic.
stock (par $1)
$0.17
yd0.36
yNil
Earns, per sh. on 185,500 shs.
founders' stock (par $1)
$0.17
y$0.36
yNil
x Figure also includes operations of electrical division disposed of July
151931. y No par shares.
Note.-After preferred stock has received 7% per annum, participating
stock is entitled to 65% of the balance and the founders' stock 35%.
52Flast complete annual report in Financial Chronicle Mar. 4 '33, p. 1731
New York Steam Corp.
Period End. Mar,31- 1933-3 Mos.-1932.
Sales of steam
-M lbs-- 4.800,125 4,625,694
Sales of steam
54,377.929 54.319.677
Miscellaneous revenue
3.536
5.631
Total oper. revenues- $4,381,466 $4.325,307
Operating expenses
1.852,625
1.844,748
Retirement expense__
192.005
185,028
Taxes (incl. provision for
Federal tax)
340,375
314,817
Operating income..... $1,996.460 $1,980.715
Non-operating revenue_
21.180
22,645
Non-oper. rev. deductsDr7,004
Dr1.272
Gross corporate inc_- $2,010,636 52.002.088
359,798
Int. on long-term debt__
255,463
Misc. int. amortiz, of
debt disc. & exp. &
'
misc. deductions
53,434
106.372
1933-12 Mos.-1932.
11,320,518 9,994,556
310,287.481 $9,364,466
55.516
56.939
$10,342,998 39,421.406
5.591.467 5.169.527
452,821
399.782
1,100,073
815.595
$33.198,637 $33.036,501
37.672
75.02"
Dr23.522
DrA.26e
$3,212,787 $3,107,259
1.442.456 1.019.493
131,386
274.658
Net income
31.597.407 31,640.253 51.638.945 31.813,108
Preferred dividends_ __ 541.197
637,258
Balance for com.stock
3997.748 $1,175,852
rffMast complete annual report in Financial Chronicle Feb. 25 '33, p. 1375
New York Westchester 8c Boston Ry.
•
-Month of March- -3 Mos. End. Mar. 311933.
1932.
1933.
1932.
$138,594
$157,191
$419,811
$469.318
122.205
340,102
121,766
352,018
Net operating revenue
$16,389
$35,424
579.708
5117,302
Taxes
26,854
23,375
80,562
70,125
Operating income..--- def$10,465
$12,049
def$853
$47,177
Non-operating (neon e-1,999
2,210
6,604
7.086
.Gross income
def$8,465
514,260
35,751
$54,263
Deductions
Rents
36,259
33,520
100,594
108,780
Bond, note, equipment
trust certificate int.
206.156
(all int. on advances).
201,785
618,556
605,443
Other deductions
2.186
2.452
7,027
7,329
Total deductions
8240.496
$241,862
3726378
3721,553
Railway oper. revenue__
Railway open expense -
Net deficit
$250,327
$226,236
$720,427
$667,289
OrLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2423
Niagara Hudson Power Corp;
(And Subsidiaries)
Period End. Mar.31- 1933-3 Mos.-1932.
1933-12 Mos.-I932.
Kwh.generated & purch1283028,827 l8910,946 5242551.868 5726997,761
Sales of gas (cu. ft.)_ _1980601,900 2W0823,000 7910643.000 8356933,500
Operating revenues_ __ _$17.158,340x$19,270.816 $69,694,005476,631.314
Oper. revenue deducts
9.333,655 9,894.291 38,255.865 40,100,963
Operating income_ __ _ $7,824,684 39.376,525 331.438,140 336,530.351
Non operating income.232.432
267,018 1.022.902
1.049.635
Gross income
38.057.117 39.643.543 332,461,042 337,579,986
Int. on funded debt, &c. 3,199,785 3.087.553 12,739.212 12,235.189
Balance
$4.857.332 36.555.990 319,721.830 525.344,796
Divs. on pref. stocks of
subsidiaries
3.010.051 3,010.669 12,041,527 12.049.005
Net income
51,847,281 43.545,321 57.680.302413,295,791
x Changed to give effect to major adjustments made later in the year
1932.
WLast comelete annual report in Financial Chronicle April 22'33, p.2798
and April 29 33, p. 2974.
2960
Financial Chronicle
North American Co.
(And Subsidiary Companies)
1931.
1932.
1933.
12 Months Ended Mar. 31Gross earnings
$104,197,350 $115,781,217 8127,395,506
Operating exps., maint. & taxes
55.332,973 61,134.098 67,076.562
Net income from operation_ _ _ _ $48,864,377 $54,647,119 $60.318,943
x7,726.704
x6,692,137
x6,020,218
Dividends
583,996
342,132
305,947
Interest
306,561
1,483,966
Profits realized OD IDVOitMeDtS-Dr3,980
Exps. of holding co., &c., after
Dr573,994
Dr389,322
284.796
deduction of misc. credits-$54,901,766. $62,633,195 $68,505,049
Total income
Int. chgs. (incl. amortiz. of bond
discount and expense)
17,120,846 15,843.214 15,756,739
8,409.159
8,905,023
8,324,069
Preferred divs, of subsidiaries
1,532,995
1.745,938
1,054.641
Minority interests
14,437,546 13,684.686 13,686,023
Appropriations for deprec. res
Balance for divs. & surplus.._.. $13.964,663 $23,163,141 $28,411,326
1,820,034
1.820,034 • 1,820,034
Divs. on No. American pref. stock
Bal. for corn. stk. diva. & surp- $12,144,629 $21,343,107 $26,591.292
Earns, per rib, on aver. shs. outst.
$3.16
$1.63
$4.35
Note.
-Excludes gross earnings, operating expenses and all other details
of income accounts of former California subsidiaries for entire 12 months
ended March 31 1933 and 1932 and for 9 months and 18 days ended March
31 1931, and includes in other net income dividends the proportion applicable to these respective periods of dividends on the common stock
of Pacific Gas & Electric Co. received in consideration for the North
American interests in such subsidiaries.
x Includes stock dividends received from non-subsidiary companies taken
up, where retained, at amount charged in respect thereof to surplus of
issuing company: 1933, $128,548; 1932, $1.349,481; 1931. $1,214,803,
and, where sold, at proceeds of sale: 1933, none; 1932, $21,022; 1931.
$69,245.
10 Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1536
Ohio Edison Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of March- -12 Mos. End, Mar, 311932.
1933.
1932.
1933.
Gross earnings
$1,154.717 $1.439,921 814,836.986 $17,454,998
Operating exps., incl.
taxes & maintenance
580,402 6,006,526 6,683,428
488,959
Gross income
Fixed charges
.$665,757
$859,518 $8,830,460 $10.771,570
3,813,655 3.584,463
$5,016,805 $7,187,106
1,200,000
1,200,000
1,865,697 1,867,298
Net income
Provision for retirement reserve
Dividends on preferred stock
$1,951,107 $4,119,807
Balance
•
Ohio Water Service Co.
-Ohio Lakes Recreation Co.)
(And Subsidiary
Feb. 28 '33. Feb. 29 '32.
12 Months Ended$470,743
$522,297
revenues
Operating
161,520
Operating expenses
154,470
22,655
Maintenance
23,311
73,381
General taxes
78,304
Net earnings from operation
Other income
$213,188
18,303
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Interest on construction capitalized
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$231,491
$286,688
191,000
190,828
1,273
4,495
Cr93Cr36,921
10,648'
10,637
1,666
7,813
20,000
24,000
1,839
2,339
$266,211
20.477
Net income
$5,158
$83,498
x Dividends on preferred stock
54,284
x Preferred dividends for the year ended Feb. 28 1933, in the amount of
have not been declared, nor accrued on books, but are cumulative.
$77278,
Preferred dividends for the year ended Feb. 29 1932 do not include
$22,639 which have not been declared, nor accrued OD books, but which
are cumulative.
tarLast complete annual report in Financial Chronicle April 22 '33, p.2798
(The) Orange & Rockland Electric Co.
-Month of March- -3 Mos.End. Mar.311932.
1933.
1932.
1933.
$56,724
$737,446
$53,243
$766,291
Operating revenues.
Oper. exps., incl. taxes
405,041
32,002
30,571
408,222
but excl. depreciation7.386
89,163
7,563
87,251
Depreciation
Operating income_ - Other income
$13,678
2,968
$18,767
1,226
$243,242
33,501
$270,818
22,823
Gross income
Interest on funded debt..
Other interest
Amortization deductions
Other deductions
Diva.accrued on pref.stk.
Fed, income taxes incl,
in operating expenses_
816.646
5.208
136
1.148
333
8,167
$19,993
5,208
210
1,052
454
6,152
$276,743
62,500
896
13,681
4,209
94,133
$293,641
62,500
1,201
12,626
4,511
73,712
2,000
2,025
33.975
32,500
Pathe Exchange, Inc.
(And Subsidiary Companies)
Earnings for 13 Weeks Ended April 1 1933.
Gross sale & rentals
Cost of sales & rentals & selling & general administrative expenses (incl. 86,717 of amortization & depreciation of costs
of properties)
$67,897
91,055
Loss from operations
Interest earned
Dividends received
Miscellaneous income
-year 7% sinking fund gold debentures purDiscount on 10
chased for retirement leas unamortized discount & expense
applicable thereto
$53,158
2.790
49,000
3,981
Profit before interest
Interest on funded debt & amortization ofdiscount & exPense-
$31.724
49,574
9.112
$17,849
Loss for the 13 weeks ended Aprll 1 1933
1Z"Last complete annual report in Financial Chronicle April 8 '33, p. 2440
Penick & Ford, Ltd.
(And Subsidiaries)
1931.
1932.
1930.
Quarters End. Mar.31- 1933.
$849.539 $1,152,172 $1.404,283
$1,028,699
Gross earnings
639,652
500,974
532,941
421,272
Expenses
172,734
165,073
166,584
176,084
Depreciation
$175,834
$347.447
$616,427
Netinc. before Fed.tax $319,674
x Includes premium paid on preferred stock purchased for retirement
amounting to $39,561.
r"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1566
April 29 1933
Pennsylvania Coal & Coke Co.
(And Subsidiaries)
Quars. End. Mar. 311933.
1932.
1931.
1930.
Gross earnings
$476,047
$591,015
$936,802 $1.134,408
Oper. exps. & taxes (not
incl. Federal taxes)._ _
468.868
600,321
887,458 1,024,647
Operating income.....
$7,179 def$9,306
$49,343
$109,761
Miscellaneous income_ _ _
10,171
32,268
35,068
48.229
Gross income
$17,350
$22,962
$84.411
$157,989
Charges to income
14,24833,678 .
38,561
39,543
Depletion and deprec'n_
31,006
52,905
63;817
66.902
Deficit
$27,904
$63,620
$17,967 sur$51.545
Cast complete annual report in Financial Chronicle Apr. 15 '93, p. 2626
ler
Phillips Petrole9 . Co.
1 um
32
3 Mos.End. Mar.311933.
1931.
1930.
Gross earnings
$11,463,017 $13,271,426 $14,297,248 811,931,003
Expel. & Federal taxes_
10,034,803 10,176,356 11,224,364 7,602,357
.
Deprec.. deplet. retirement & other amortiz_ 3,607,835 5,231,992 3,692,235 2,723,801
.
Net loss
$2,179,621 $2,136,922
$619,351prof$1604844
larLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1368
Pittsburgh Suburban Water Service Co.
12 Months Ended Jan. 311933,
1932.
Operating revenues
$336,719
$335,649
Operating expenses
104.210
119,559
Maintenance
13,931
14,459
General taxes
8,078
9,594
Net earnings before provisions for Federal income tax and retirements and replacements_ _ $210,499
$192,038
Other income
420
692
•
Gross corporate income
$210,920
$192,730
Interest on long term debt
95,081
92,698
Amortiiation of debt discount and expense
3,310
2.934
Provision for Federal income tax
8,534
6,498
Provision for retirements and replacements
16,500 '
15,750
Miscellaneous deductions
1,230
787
Net income
$86,265
$74,064
Dividends on preferred stock
27,500
27,500
WEast complete annual report in Financial Chronicle April 15 '33, p. mos
Puget Sound Power & Light Co.
12 Months Ended March 311933.
1932.
Gross earnings
$13,058,358 $15,295,163
Net operating revenue
6 322 522 7 223 975
Bal.for diva.& surp.(after pros'.for retirem't res.)- 2,1524 2 3;008,630
8
10
-Last complete annual report in Financial Chronicle Mar. 4 '33, p. um
Rapid Electrotype Co.
(And Subsidiaries)
Earnings for Three Months Ended March 31 1933.
Net sales __ _ _ __ -- --. ---------------------- _
8265,340
Net profit after charges, taxes, depreciation, &c
------13,046
Earnings per share on 40,515 shares capital stock (no par)
$0.32
W'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1034
Republic Steel Corp.
3 Months Ended March 311933.
1932.
Operating profit
$220,830
$360,677
Interest
808.070
873,809
Deprec. & exhaustion of minerals - 1,866,195
1,878,462
1931.
31.277,302
918,324
1,976,571
Loss for period
$2,453,435
Trumbull Cliffs Furnace Co. pf. div.
68,133
$2,401,293 $1,617,593
75,000
75,000
Net loss
62,521,568 $2,476,293 $1,692,593
O'"Last complete annual report in Financial Chronible Mar. 18,'33, p. 1877
Ruud Manufacturing Co.
3 Months Ended March 31Net loss after depreciation,&c
11 3313
22,
1932.
$84,684
Savannah Electric & Power Co.
12 Months Ended March 311933.
1932.
Gross earnings
$1,840,739 $2,032,860
Net operating revenue
883,129 1,018,359Bal.for divs.& surp.(after prov.for retirem't res.)
325,219
563,246
nErLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1.94
9
Scranton-Spring Brook Water Service Co.
12 Months Ended Jan. 311933.
1932.
Operating Revenues
Water
$ . 6,643 $44,040,146
3 89
Gas
1,064,387
1,123,884
Total revenues
$4,961,031 $5,164,031
Operating expenses
1.130,808 1,189,124
Maintenance
240,523
260,170
General taxes
154,918
165,837
Reserved for contingencies
170,000
170,000
provs. for Federal income tax
Net earns, before
and retirements and replacements
$3,264,781 $3,378,900
Other income
10,969
19.405
Gross corporate income
$3,275,751 $3,398,30(3
Interest on mortgage debt
1,646,100
1,592,116
Interest on gold notes
95,404
146,540
Miscellaneous interest charges
12,095
14,556
Amortization of debt discount and expense
22,412
30,981
Provision for Federal income tax
85,494
97,010
replacements
Provision for retirements and
260,635
250,250
Miscellaneous deductions
_18,014
9,494
Net Income---------------------- 31,135,596 $1,257,358
Dividends on preferred stock
Note.
-The payment of interest on the special loan due Federal Water
Service Corp. is subordinated to the Payment of dividends on the company's cumulative preferred stock. At Jan. 31 1933, the cum. pref. diva.
not declared and the subordinated interest on the special loan not reflected
In the above financial statement were as follows:
Years Ended Jan. 31-1933.
1932.
Preferred Stock
$412,125
$85,859
Subordinated interest
251,455
128,561
Total
$66.3,580
$214,420
I"
Last complete annual report in Financial Chronicle Apr. 22'33, p. 2799
Southern Canada Power Co.
_month of larch- -6 IA End. der. 31-1933.
1932.
1933.
1932.
8168.903
8181,120 $1,095,365 $1,167,410
Gross earnings
62,431
Operating expenses
64,576
380,716
436,691
$106,472
$116.544
Net earnings
8714,649
$730,719
OrLast complete annual report in Financial Chronicle Dec. 3 '32, p. 8867
•
Financial Chronicle
Volume 136
Southern California Edison
Ltd.
-Month of March
- 12 Mos. End. Mar. 31
1933.
1932.
1932.
1933.
$2,466,789 $2,807,254 $36,175,679 $40,156,908
586.976 7,104,427 8.945,730
596,523
365,872 4,385,266 4.046.390
343,491
Gross earnings
Expenses
Taxes_
Total exps. & taxes___$940,013
Total net income
Fixed charges
$952.847 $11,489,692 $12,992.169
$1,526,776 $1,854,406 $24,685,986 $27,164,738
587,773 7.208,127 6.900.940
611,365
Balance
$915,410 $1,266,633 $17,477,858 $20,263,798
WLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1874
Standard Brands, Inc.
(And Subsidiaries)
a1930.
Quarter Ended Mar.31- 1933.
a1931.
a1932.
Gross profit after costs- -$10,883.400 $11,652,549 $12,074,559 $11,294,112
Expenses
7.209,840 7,119,576 7,685.142 7.630,379
13,673,560 $4,532,973 $4,389,417 $3,663,733
280.897
338,759
b223,732
188,044
Operating profit
Other income
Totalincome
13,861,604 54,756,706 $4,670.314 14,002,492
Charges
68,574
68,818
177,940
197,370
Federal and foreign taxes
539,747
423,043
572.538
478,153
Minority Interest
14.405
7.261
7,405
6,021
Net income
13,180,059 $3,998,967 14,054,588 $3,496,226
Preferred dividends_ _ _ 250,717
167.651
258,604
166,440
Common dividends
3,143.966 63,774,723 3,793,235 4,737,439
Surplus
$56,592
$2,749 df$1,491930
def$130,347
Profit and loss credits__ _
7,486
2,198
9,193
15,527
Profit and loss charges
42,549
30,131
32,219
15,037
Deficit
$25.184 51,514.956
3129,858 sur$21,529
fibs. common stock outstabding (no par)
12,645,166 12,641,833 12,644,002 12,633,170
Earnings per share
$0.30
$0.25
$0.30
$0.24
a Includes operations of the Brazilian subsidiary of Standard Brands,
Inc., for three months ended Feb. 29 1932, of the English subsidiaries of
Royal Baking Powder Co. for three months ended Feb. 29 1932, and for
two months ended Feb. 28 1931, and of the German and South African
subsidiaries of Royal Baking Powder Co. for three months ended Jan. 31
1932 and 1931. b Adjusted to exclude dividends on company's own common stock held by It.
10'1 ast complete annual report in Financial Chronicle Feb. 25 '33, p. 1365
,
1933.
220,166
$83,049
Total income
Operating & maintenance expenses_ _ •
Depreciation
Administration & general expenses.Taxes
Interest
Other expenses
$85,752
10,444
1932
287.781
$108,579
1,819
1931.
277.551
$103.955
$110,397
10.658
• 10,500
19,373
9,309
50,248
128
$103.955
10,078
7,500
16,016 '
10,703
50,569
2,703
14).500
15.564
7,830
49,569
30
Net profit
$10,179
$9,089
loss$8,186
Preferred dividends
7.500
7,500
7,500
Class A dividends
22,500
22,500
15,000
Common dividends
18,000
18,000
12,000
ItIN'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1392
(The) Tennessee Electric Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of March--12 Mos.End. Mar. 31
Gross earnings
3892,038 $1,029.346 $11,328,728 $13,375.104
Oper. exps., inel. taxes
& maintenance
5,276,869 6,469,913
502,201
430,371
Gross income
Fixed charges
$461.666
$527,145 $6,051,858 $6,905,190
2,659,337 2,430,095
Net income
Provision for retirement reserve
Dividends on preferred stock
$3,392.521 $4,475,095
1,260,000 1.260,000
1,551.370
1,542,603
Balance
$581,150 $1,672.491
Third Avenue Ry. System.
(Railway and Bus Operations.)
-Month of March--3 Mos. End. Mar. 31
Operating revenue---- • 1933.
1932.
1933.
1932.
Railway
$905,376 $1,045,867 $8,251,215 $9.730,420
Bus
216,012
246,379 2,025,454 2.240,182
Total operating rev-- $1,121,388 $1,292,246 $10,276.670 $11,970,603
Operating expenses
Railway
636,066
743.748 5.743,271
6,937,227
Bus
197,796
218,366 • 1.902,656
1,983.622
Total operating exps_ _ $833,862
$962,115 $7,645,926 $8,920,849
Net operating revenue
Railway
269,310
302,119 2,507,945 2.793,193
Bus
122.799
256,560
18,216
28.012
Tot, net operating rev $287,526
$330.131 $2,630,743 $3,049.753
Taxes
Railway
649.434
81.359
753,654
63,638
Bus
7.681
65,731
6,388
71,368
Total taxes
Operating income
Railway
Bus
$70.026
$89,041
$715,165
$825.023
205,672
11,828
220.760
20.330
1,858.511
57.068
2.039,538
185,191
Tot, operating income $217,500
Non-operating Income
Railway
26,274
Bus
992
Tot. non-oper. income
Gross income
Railway
Bus
$241,090 $1.915,579 $2,224,730
25.793
1,053
240.383
. 7,578
219.076
7.636
$27.266
$26,846
1247,961
$226,713
231,946
12,820
246.553
21,383
2,098,894
64.646
2,258.615
192,828
Total gross income
Deductions 5
Railway
Bus
$244.766
212,505
16,491
$267,937 $2,163,540 $2,451.443
219,819 1,930.732
1,984.816
17.498
150,428
152.874
Total deductions
Net income or loss
Railway
Bus
$228,996
$237.318 $2,081,161 $2,137,891
19,441
def3,671
26,734
3,884
168,161
def85,782
273.798
39.953
Total combined net income or loss-Railway and bus
$15771
$30,619
$82,379
$313,752
* Including full interest on adjustment bonds.
tarLast complete annual report in Financial Chronicle Oct. 8 '32. p. 2487
Standard Oil Co. of Kansas (Del.).
Earnings for Three Months Ended March 31 1933.
Net loss after taxes, depreciation, depletion and other charges__ $271.134
10 Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1037
-
Union Carbide & Carbon Corp.
(And Subsidiaries)
Quarters End. Mar.31- 1933.
1932.
1931.
1930.
Earns. (after prov. for
inc. & other taxes)$3,606,240 $4,015,780 $6.743,413 $8.755.165
Int.on fund.debt &
diva.on
pref. stk. of subs__
307.804
302,370
311,016
308.440
Deprec.,
chgs.(est.) 1,645,405
1.726.536
1,818,726
1,973.942
Balance
11,658,465 $1,981,440 14,613,671 $6,472,783
No.ofshe,corn. outstdg. 9,000,743 9,000.743
9.000.743 8,995.208
Earnings per share
$0.22
$0.18
$0.51
$0.72
120
-Last complete annual report in Financial Chronicle April 1 '33, p. 2281
United States Hoffman Machinery Corp.
(And Subsidiaries)
1932.
1933.
$172,662
$73,048
213,661
303,701
1931.
$369,746
358,806
1930.
$537.171
414.115
Profit from operations loss$140,613loss$131,038
Interest & other income_
34,396
28,684
$10,940
36,729
$123,056
44,144
Gross income _ .... _ __ _loss$111,929 loss$96,642
Depreciation
42.462
33,008
Res.& other income chgs
24,786
13,903
Income taxes accrued
936
133
Prov.for amortit. of pat.
59,562
$47.669
43,403
23,604
270
56.824
$167,200
40,972
40,404
3,210
56,234
Quar End. Mar 31.
Gross profit on sales- Sell., admin.& gen.
_
Net loss for period.. _
$76,432 sur$26,380
$158,973
1224,388
Earns,per sh.on 222,203
she.cap.atk.(no par).
Nil
Nil
Nil
$00.12
MPLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1219
United States Leather Co.
(And Subsidiaries)
Quer. End. March 311933.
• 1932.
1931.
1930.
Net loss after prov. for
deprec., taxes, repairs
and maintenance
$143,252
$23,174
$348010prof$176.127
larLast complete annual report in Financial Chronicle April 8 '33, p. 2444
United States Steel Corp.
Tacony-Palmyra Bridge Co.
3 vfonths Ended March 31Number of vehicles
Tolls, &c
Investments
Profit on sale of co.'s bonds retired,
2961
(And Subsidiaries)
Quar End. March 31.
1933.
1932.
1931.
1930.
aTotal earnings
def$3,795,473defS1136,607 $19,464,836 $49.615.397
Deprec.,depletion, &c__ 9,603,706 10,740.321 11,325,302 14,813,529
Balance
def$13399,179def11876,928 58,139.534 $34,801,868
Subsidiary bond interest 1,308,656
1,337,921
1,365,488
1,406,429
U.S. Steel bond interest
.3.578
3,700
8,989
14.269
Balance
Special income
Special expenses
def14.711,411def13218,549 $6,765,057 $33.381,171
62.396.636
c2.018,860
Net profit
def16,730,271def13218,549 16,765,057 $35.777,807
Preferred dividends- _ _ _ 1,801,405 6,304.919 6,304,919 6.304.919
Common dividends
15,223,378 14,981,533
Deficit
118,531,676 $19.523,468 $14,763,240sur14491,355
She. common stock outstanding (par $100)-- 8,703,252 8,703,252 8,699,073 8,560.876
Earnings per share
Nil
Nil$3.44
a After deducting all expenses incident to operations, irclfding those for
ordinary repairs and maintenance of plants, also taxes (including reserve
for Federal income taxes). b Represents quarterly apportionment of net
Interest on Federal tax refunds. c Proportion of overhead expenses (of
which taxes alone are $1,713,914) of the Lake Superior Iron Ore properties
and Great Lakes transportation service, normally included in the value
of the season's production of ore carried in inventories, but which because
of the extreme curtailment in tonnage of ore to be mined and shipped in
1933 is not so applied.
WEast complete annual report in Financial Chronicle Mar. 18 '33, P. 1875
Virginia Electric & Power Co.
12 Months Ended March 311933.
1932.
Gross earnings
$14,981,911 $16,727.942
Net operating revenue
7,180,351 7,727,227
Bal.for divs.& surp.(after prov.for retirem't res.) 3.475.429 3,876,118
KN"Last complete annual report in Financial Chronicle Mar. 4'33, p. 1560
Virginia Iron, Coal & Coke Co.
Quar. End. Mar. 31Gross operating revenue
Operating expenses
1933.
$227,879
218,480
1932.
$264,939
272,635
1931.
$399,492
372,824
1930.
$504.901
512,084
Net operating revenue
Rev,from other sources_
$9,399
18,920
loss$7,696
49,210
$26,668
99,114
def$7.1/34
30,957
Total net revenue_ _ _ Bond interest, &c
$28,319
41,368
$41,514
52,290
$125,781
59,528
$23,773
65,226
$13,049
Net loss
$10,776 prof$66,253
$41,453
rirLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1737
Waldorf System, Inc.
3 Months Ended March 311933.
1932.
1931.
Net profit after deprec., amortiz. &
Income taxes
$22,926
$145,361
$331,098
Shares common stock outstanding
438,219
438,419
461.610
Earnings per share
$0.05
$0.33
$9.70
10 Last complete annual report in Financial Chronicle April 29'33, p.2991
-
Western Public Service Co.
12 Months Ended March 311933.
1932.
Gross earnings
$1.973,954 $2,424.658
Net operating revenue
665,273
938.287'
Bal.for diva. & surp.(after prov.for retirem't res.) def13,635
213.675
rarLast complete annual report in Financial Chronicle Mar. 4'33, p.1550.
-
Westinghouse Air Brake Co.
(And Subsidiaries)
3 Months Ended March 311933.
1932.
193/.
Net profit after deprec., taxes,.&c..
$17,290
$379,594
$990,529
Earnings per share on caPital ski=
(no par)
$0.01
$0.12
$0.31
larLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2087
Westinghouse Electric & Mfg. Co.
.
(Including Proprietary Companies)
3 Vionths Ended Ilarch 311933.
1932.
1931.
Unfilled orders
$37.999.565 $36,598,246
Orders entered
112,847,801 20,388,658 30,100,410
Net sales billed
13.161.721 20,377.948 28.476.175
Net loss of combined cos
3.491,572 1,320,148 2,885,945
WLast complete annual report in Financial Chronicle mar. 18 '33, p. 1874
2962
Financial
West Virginia Water Service CO.
(And Sub., Bluefield Valley Water Works Co.)
Feb. 28 '33. Feb. 29 '32.
$1.036,269 $1,115.585
422,185
382,401
53,277
51.193
132,088
140,935
• 12 Months EndedOperating revenues
Operating expenses
Maintenance
General taxes
Net earnings from operation
Other income
$461,740
3.847
$508,035
2.457
Gross corporate income
Earnings on new props. for period prior to acquisInterest on long term debt
=scat.int. charges (incl. int. charged to constr.)Amortization of debt dscount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$465,587
$510,493
36,719
237.556
4,656
24,791
12.533
48 100
3,336
258,000
• 7,744
26.279
10,586
50,600
3,342
$142,801
68,985
7,500
year ended Feb. 28 1933 do not include
x Preferred dividends for the
$93,250. which have not been declared nor accrued on booing, but which are
cumulative.
y Preferred dividends on second preference stock for the year ended Feb.
29 1932, do not include $12,500, which have not been declared, nor accrued
on books, but which are cumulative.
W'Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2975
$109,036
5,750
Net income
x Dividends on preferred stock
y Dividends on second preference stock
White Rock Mineral Springs Co.
1932.
1931.
1933.
Quarter Ended March 31Net income after depreciation & Fed.
$212,526
8184.121
$127,170
taxes i
Earns, per sh. on 250,000 abs. corn.
$0.62
$0.73
$0.40
stk. (no par)
WLast complete annual report in Financial Chronicle April 15 '33, p. 2630
Wilcox-Rich Corp.
1932.
1933.
3 Months Ended March 31Deficit after all charges, Federal taxes and divi$23,203 sur$42.483
dends on class A stock
larLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1907
Yale & Towne Mfg
Co.
1931.
1932.
1933.
$142,264
955,830 loss$39,441
134,317
119,496
112,923
Quar,End. Mar.31.
Net earnings
Depreciation
Federal taxes
def$107,093 def$158,937
x121.644
x72.998
Net income
Dividends
$7,947
x243,328
1930.
$293,548
136.754
26,372
5130.422
486.656
5235,381
$356,234
$280,581
$180,091
. Deficit
Shares cont, stock out486,656
486,656
486,656
standing (par $25)--- '486.656
$0.02
Nil
$0.27
Nil
Earnings per share
x Estimated by Editor. y Includes other income of $33,449.
-Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2230
1120
(L. A.) Young Spring & Wire Corp.
Three Months Ended March 31Gross profit after depreciation
Other income
1933.
$128,199
28.662
1932.
$137,912
43,398
Total income
Expenses
Interest and other charges
Income taxes
$156,861
143,817
4,600
$181,310
170,000
4.737
800
88.444
85.773
Net income
$0.02
$0.01
Earnings per sh. on 388,198 shs. corn.stk.(no par)_
tarLast complete annual report in Financial Chronicle Apr. 29'33, p. 2995
Youngstown Sheet & Tube CO.
(And Subsidiaries).
.
Quar. End. Mar. 31a Net earnings
Other income
Total income
Deprec & depletion
Interest. &c
Idle plant e .p.&c chs.__
1933.
1932.
1930.
1931.
$1,331,871 $5,434,450
529,721
385.356
5425.262 loss$441.773 $1,717,227 55.964,171
1.614,647 1.991,707
1,618,192 1.556,831
925,489 1,455,758
954,499 1.059,132
1.325,941
$822,909pr$2,516.706
$3.473,370 $3,057,736
Net deficit
Common stock outstand1,186,034
1,200,000
1.200,000 1,186,184
ing (no par)
Nil
Nil
Nil
Earnings per share
*
a From operations after deducting all expenses, including charges for
repairs and maintenance and Federal taxes.
'Last complete annual report in Financial Chronicle Mar. 25'33, p. 2064
1:W'
Zonite Products Corp.
1932.
- 1933.
Three Months Ended March 31$267,125
3112,375
Operating profit
' 4,107
2,631
Interest
18,540
19.407
Depreciation
29,581
13,247
Federal taxes
1931.
$398,893
263
18,962
46,162
$3333,506
5214,897
577.096
Net profit
Earns, per sh. on 845.556 shs. capital
$0.25
$0.39
$0.09
stock outstanding (par Si)
la"Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2995
FINANCIAL REPORTS.
(The) Delaware & Hudson Co.
-Year Ended Dec. 311932)
(103d Annual Report
The remarks of President L. F. Loree, together with
comparative income statement and comparative balance
sheet for the year 1932 are given under "Reports and Documents" on subsequent pages. A consolidated income statement and consolidated balance sheet are also given.
As of April 1 1930 the company transferred to The Delaware & Hudson RR. Corp. all of the common carrier property
.owned and leased, operated by it within the United States.
of the railroad
,Company received the entire capital stock
'corporation, consisting of 515,470 shares (no par value).
given
The figures of The Delaware & Hudson RR. Corp. are
-V. 136, p. 2793.
,elsewhere in this issue.
Chronicle
*April 29 1933
(The) Delaware & Hudson RR. Corp.
-Year Ended Dec. 31 1932).
(Annual Report
The remarks of President L. F. Loree of the Delaware &
Hudson Co. will be found under "Reports & Documents"
on subsequent pages.
The figures in the following tables are of the Delaware &
Hudson Co. for the year 1929. The 1930 figures comprise
those of the Delaware & Hudson -Co. for the first three
months of the year and of the Delaware & Hudson RR.
Corp. for the last nine months of the year. The 1931 and
1932 figures'are for the Delaware & Hudson RR. Corp.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
No.tons carr.(rev.frt.)- 16,155,518 22,105.829 26,205,594 27,028,409
No.tons carried 1 mile_ _1981.132474 2586.791478 3180,905142 3464.181557
$.01023
$.01016
Av.rev. per ton per mile
$.01030
6.01017
Frt.rev.per mile road op. $23,288.79 $29,934.89 $36,735.33 • $39,506.01
Trainloads in tons (rev804.21
843.09
enue freight)
876.58
869.07
1,210,017 1.668,168 2,241:089 2,709,368
No. passengers carried
No. pass. carried 1 mile.. 46,253,906 64,217,295 83,878,351 99,861,930
5.0322
per mile
$.0301
Av.amt.per pass
5.0326
$.0329
Pass. rev, per mile road_ $1,844.24 $2,637.97 $3,437.18 $3,945.24
• 31.01
25.54
Av.no.pE.ss.per train mile
38.22
43.56
INCOME STATEMENT FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Total oper. revenue_ _ --$23,255,774 530.721,198 $37,948,340 $41,421,378
Total oper.expenses_ _ - _ 22.361,427 25,759,117 30.831,189 32,235,572
Net earns,before taxes $894,347 $4,922,081 $7.117,151 $9,185,806
Other Income
90,136
184,034
Hire of freight cars
166,948
170,346
154,990
189.290
Rent freight equipment_
260,682
176,409
160,400
128.367
&lit facility rents
170,670
152.256
Gross ry. oper.income $1,267,840 $5,455,804 $7,715,450 $9.684,818
957,379
788,461
Railway tax accruals_ _ _
1,444,000
1,135,500
803
3,733
Uncollectible ry. rev.. _- 1,623
2,072
79.474
97.272
Rent for equipment____
92,415
101,618
297.227
334.947
Joint facility rents
371.077
391.422
Net ry. oper. income_ detS67,043 $4,231,390 $5.806,33b S8,054,208
COMPARATIVE INCOME ACCOUNT FOR STATED PERIODS.
Year Ended Year Ended Apr.1 '30 to
Dec. 31 '32. Dec. 31 '31. Dec. 31 '30.
Period Ended$23.255,774 530.721,198 $28,470,303
revenues
Railway operating
22,361,427 25,799,116 22,813924
Railway operating expenses
$894,347 $4,922,082 $5,656,379
Net railway operating revenue
Operating Income Credits
90.136
-credit balance_ _
Hire of freight cars
184,034
142,088
38,000
Rent from locomotives
38,894
67,858
77,055
Rent from passenger-train cars
85,121
65,758
39,935
Rent from work equipment
65,274
82,424
128,367
Joint facility rent income
160,400
124,615
•
Gross railway operating income--- $1,267,840 $5.455,804 $6,139.123
Operating Income Debits
957,379
Railway tax accruals
788,461
1.072,000
803
Uncollectible railway revenues
3,733
1,566
• 2,776
Rent for locomotives
3,147
5,645
76.545
passenger-train cars
Rent for
93.726
67,081
153
Rent for work equipment
399
712
297,227
Joint facility rents
314,947
273,594
defS67,043 84,231.390 $4,718,524
Net railway operating income
Non-Operating Income
29,838
Income from lease of road
29.743
22,799
90.345
Miscellaneous rent income
95,683
74.017
:
1 309
5 565
Miscell. non-oper. physical property3,259
Dr.142
Dividend income
4,653
3.719
5 640
Income from funded securities
1:260
10,957
3145..628389
Income from unfunded securs.& accts.
1501301:491430468
39,574
51.976
other res. funds_
Income from sink. &
36,642
Miscellaneous income
1,686
$165.716 54,534..794 $4,908,710
Gross income
Deductions from Gross Income
1,759,038 1,814,574
Rent for leased roads
1,410,441
Miscellaneous rents
779
Miscellaneous tax accruals
1,260
2,54/415i3g7 2,52244:4058596722
Interest on funded debt
51
1,965,625
129.663
Interest on unfunded debt
1,888
Amortization of disct. on funded debt
73,156
48.770
16783:319506
Miscellaneous income charges
88,296
15,722
Net inc.-carried to profit & loss_def14.477,591
58.788 51,464.224
Nil
Earns, per share-nine months
$0.02
$2.84
BALANCE SHEET DEC. 31.
• GENERAL
1931.
1932.
.
1932.
1931.
Liabilities
$
Assets$
Inv.lord.& eq. 96.817,084 95,145,493 Capital stock I. 28 473,019 28,473,019
Grtints iuetilo o_f
eonstr n a dn.
Depos. in lieu of
125
mtg.prop.sold
20,334
873,734 Funded debt unMisc.phys. prop. 289,175
matured..... 59 140 850 59.408,250
Inv.In Mill. cos.:
5,229,185 5,229,184 Non-negot. debt
"
Stocks
700,000 to ann.cos.__ 4,412,000
700,000
• Bonds
337,721 Traf & car serv,
337.721
Notes
575,602
balances pay_
1,233,868
Advances_
312,952
404,479
Audited accts. dr
Other invostml:
5,130
ay 3,547,072 2,843,505
5,002
Stocks
wag
4,650 Misc. payablesects,
4,650
lie, 12
Miscellaneous
178,366
663,532 Int. antra unpd.
509,585
34,2'
Cash
33,386
58,107 Fundqd debt ma52,409
Special deposits_
tured unpaid_
75
Loans & bills rec.
13,01.0
23,000
Unmet.Int.accr.
Tref. Sr car eery.
443,790
450,986
684,081 Hnmatured rents
800,694
bals. receivle
accrued
Net baLs. reedy.
115,582
115,582
Other curr. flab_
•
from agents dr
716,991
823,792
99,343 Other det'd Habil 1,669,639 1,630,504
102,919
conductors_
908,938 1,157,664 Tax liability_ _
Misc. accts. rec.
670,963
788,198
Mat'l & supplies 2,936,492 2,915,139 Ins, and cas. res.
754,393
727,719
eciom precin
13.046 Accri deent.:
13,871
Ins. & dive. rec.
557,923
606,940
Other curnassets
13,838,938 13,022,903
12,283 Other unadlust.
11,683
Wks.fund.advs.
889,501
946,799
Ins.& other ids_
2,722,604 1.560,068
credits
8,285 Add'ns to prop.
21,239
Other def. assets
through Inc.&
Rents & Ins, presurplus......
miums paid in •
35 786
30,167
69,553 Profit and loss_def4,467,111
68,069
advance
592,834
829,099
755,944
Disc,on fund.dt.
277.689
218,715
Other unadj.deb
112,571,178 111,104.758 Total
Total
-V. 136, p. 2794.
x 515,740 shs. no par.
•
112,571,178 111,104,758
Union Pacific RR.
(36th Annual Report-Year Ended Dec. 31 1932.)
Extracts from the report, together with comparative income accounts and comparative balance sheet as of Dec. 31,
will be found under "Reports and Documents" on subsequent
pages of this issue.
Volume 136 .
Financial Chronicle
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1929.
1930.
1931.
1932. 3,021,329
2,270,235
1,694,489
1,109,225
Rev, pass. card..
Rev, pass. carr.
431.062,420 612,817.807 738.178,548 894,452.892
one mile
Rate per pass.per
2.89 cts.
2.82 cts.
2.59 cts.
2.38 cts.
mile
36,250.018
31,844,462
25,751,542
Rev. frt. (tons). 19,498.647
.
814 430 923 565
Tons per mile._ -7,982,255,54210.562,219,85312,858,923.10 . .
Av. rate per ton
1.172 cts.
1.164 cts.
1.158 cts.
1.158 cts.
per mile
Av.tralnI'd (rev.)
•
398
404
410
409
(tons)
-V.136, p. 2236.
.
Chicago Milwaukee St. Paul & Pacific RR.
(5th Annual.Report-Yeat Ended Dec. 31 1932.)
President H. A. Seandrett says in part:
.
2963
was anticipated, it was impossible for the carriers to maintain these higher
unregurates on the short haul traffic, due principally to competition of the them in
lated trucks, with the result that it has been necessary to reduceCommisamounts. Meanwhile, a petition was filed with the order set
substantial
sion seeking reopening of the case with the object of having itsthe longer
aside and thereby open the way for increase in the rates for is now on
hauls. The case has been reopened by the Commission and
rehearing.
was
As stated in last year's report, the Railroad Credit Corporation refunds
organized Jan. 1 1932 by participating carriers to administer the by the
ceived through the emergency freight rate increases authorized
and
-S. C. Commission and pooled in accordance with the Marshalling
I.
company
Distributing Plan. 1931. For the year ended Dec. 31 1932.
has
paid into the pool $1,702,897 of such emergency revenue. Company the
which was applied to
received from the corporation a loan of $2,000,000 security for this loan the
partial payment of interest due Aug. 1 1932. As
(2) its
or before July
company gave (1) its note due on demand on entitled in any26 19.34;
distribution of
Pledge of the distributive share to which it is
(3) a
the funds being administered by the Railroad Credit Corporation;
Railroad Credit
tri-party agreement dated July 27 1932 between it, the cash receipts of
Corporation and the Milwaukee Land Co.. assigning all
and taxes,
the Land company in excess of its current operating expenses
time pledged by it
and (4) the pledge of the equity of all collateral at anyto any loan now or
with the Reconstruction Finance Corporation, subject
hereafter made by the latter Corporation.
Finance CorOn April 15 1932 company applied to the Reconstruction by the Railloaned .
poration for such part of $10,996,331 as would not be of $8,000,000 was
thereto, a loan
road Credit Corporation. Pursuant
1932 and applied.
obtained of which $7,963,000 has been received in certificates, equip$1,759,038 to principal payments of equipment trust
Columbia RR. 1st mtge.
ment sublease and Bellingham Bay & British
securities outstanding
bonds,$3,908,426 to interest on fixed interest bearing collateral deposited
and $2,295,536 for additions and betterments. The$11,212.000 Chicago
with R. F. C. as security for the loan consists of (1) due 1989. series
Milwaukee & St. Paul Ry. gen. mtge. 5% gold bonds
advances to Chicago
assumed by company:(2) assignment of its interest in(3) $301,000 BellingUnion Station Co. in the amount of $3,971,233. and
mtge.5% bonds.
ham Bay & British Columbia RR. 1st
The reduced earnings of company are not peculiar to it, or to the railroad
industry, but are due to a general condition resulting in a greatly reduced
need for transportation.
Total operating revenues for 1932 were less than for any year since f913
part of
when the lines of the Puget Sound extension were included as amiles in
company's system. The volume of freight as measured by ton railroads
For all Class I
1932 was but 82% of the freight ton miles in 1913.
for
ton miles in 1932 were about the same as for 1910 and were lower than
any subsequent year.
year since
Freight Revenue for 1932 was $70,302,779, the lowest of any
1915.
with
Revenue per ton of revenue freight was $2.82 in 1932 as compared mills
10.25
$2.72 in 1931 and the average revenue per ton mile in 1932 was of revenue
average distance haul
as against 10.29 mills in 1931. The
freight in 1932 was 275 miles as compared with 264 miles in 1931. 1931 by
This decrease in freight revenue and tonnage for 1932 from
general classes of commodities was as follows:
GENERAL STATISTICS FOR CALENDAR YEARS.
•
Decrease
1929.
Tonnage. %
1930.
%
1931.
Revenue.
1932.
11,248
11,314
629,604 11.3
11,304
7.6
11,263
$1.058,253
Products of agriculture
oper., average _ _
Miles
493,158 20.8
3,650.825 26.2
Animals and products
utpment1,731
1,718
3,011,717 • 23.8
1,703
1,671
2,413,529 16.0
Products of mines
Locomotives
1,272
1,249
1.591,077 49.8
1,230
40.7
1,185
of forbsts
3,396,686
Products
Passenger equipment _
64,573
66,736
613,307 29.7
65,234
63,976
Manufactures and miscellaneous_ _ _ _ .8,317,456 28.1
Freight equipment._ _
4,601
4,169
303.175 30.7
3,900
3.448
Less carload merchandise
2.252,542 21.5
Company serv. equip.
8
8
7
7
Floating equipment _
Passenger Train Revenue in 1932 amounted to $11,391,954: as compared
Operations
with $15.846,298 in 1931, a decrease of 28.1%. Revenue from passenger
7,444,431
6,078,523
4,638,081
3,457,266
with $8,952,421 in
Passengers carried_
transportation in 1931 totaled $5,947,700 as compared
572,419,772
449,333,901
345,067,774
Pass. carried one mile_ 262,209,815
1931, a decrease of 33.6%. Due to the depression there has been less than
2.249 cts.
2.084 eta.
1.927 eta.
1,718 cts.
Rate per pass. per m
the normal amount of travel, but since 1920, when passenger business
59,130,698
49,653.316
38,257,678
has been
Freight (tons)carried. 29,225.330
reached its peak in the Western District, travel by railroad
15,187,866,199
Frt. (tons) carr. 1 m..8,122,139,450 10,328,695,329 12,732,958,837
rapidly declining and moving more and more over the highways, particularly
1.048 eta.
1.059 cts.
1.029 cts.
1.025 cts.
Rate per ton per mile_
by private automobile. Since 1920 the revenue decline in the case of comOM
$6.36
$5.78
$5.27
Earns, per frt. tr. mile
pany has been 80.8% as compared With 79.3% for the Western District.
from the rails to the highNo effective way has been found to meet the drift
INCOME ACCOUNT FOR CALENDAR YEARS.
way. Many unprofitable passenger trains have been discontinued and
1929.
1931.
passenger train miles were 11 169 226 in 1932 as compared with 16,219,840
1932.
$
• 1930.
$ •
in 1929, a reduction of 5.050,614 miles or 31.1%•
$
$
Operating RevenuesExcluding commutation passengers, the average miles per revenue pas70,302.779 91.392,070 115,638,093. 137,176,436
Freight
8,952.421 12.681,684 16,753,297
with 167.22 in 1931: the
senger carried in 1932 were 165.42, as compared
5.947,700
Passenger
9,327,127 11,749,627 14.447.211
average revenue per passenger in 1932 was $4.13 as compared with $4.80
7.440.209
Mail, express. &c
2,984,446
2.500.229
in 1931, and the revenue per passenger per mile in 1932 was 2.50 cents
1,752,154
1.210,145
Incidentals, &c
as compared with 2.87 cents in 1931.
171.361.385
Total oper. revenues_ 84,900,832 111,423,772 142,569,632
Operating Expenses.
-intensive efforts have been made to reduce operating expenses. As a result of an agreement entered into between the rail- • Expensesroads and the Railway Labor Executives' Association, a 10% deduction in
13,446,229 17.041.150 22.354,245 27.885,867
Maint. of way, &c
31,136,446
wages went into effect on Feb. 1 1932. This accounts for a reduction of
Maint. of equipment__ - 18,683,044 21.755,076 28.181.134
3.863.536
4.3% in operating expenses of 1932 as compared with 1931. As a result
3.824.992
3,344,361
2,812.759
Traffic expenses
of further negotiations an agreement was reached Dec. 21 1932 between the
33,545.311 43,165.900 53,124,009 '60,471.448
Transportation
4,647.003
4.411.557
the committee representing the
Conference Committee of Managers and
3.940,846
3,481,174
General expenses
1.346,621
1,078,634
Labor Executives' Association, which provides for a continua
751.060
509,799
Miscell. operations
er
550.058
tion up to and including Oct. 31 1933 of this 10 deduction, which under
678,767
728.947
400,197
Transp. for invest.-Crthe former agreement would have ceased Jan. 1 1933. Under the new
agreement either Party may serve notice on or after June 15 1933 of a desire
expenses__ 72.078.118 89,269,446 112.295.805 128.800,861
Total oper.
(75.16)
(78.74)
to change the basic rates of pay to become effective on or after Nov. 1 1933.
(80.09)
(84-90)
Per cent op.exp. to earn.
42,560,524
A very desirable provision of the new agreement is that the proceedings,
Net operating revenues_ 12,822,714 22,154,326 30,273,827
12,589
19.230
under provisions of the Railway Labor Act, shall be conducted nationally
20.322
34,901
Uncollectible ry. ret ___
9,648.912
9,501,000
Instead of between individual railroads and groups of employees, which
8.723,000
7,921,000
Taxes
might have resulted in much delay.
32,899,023
The compensation of all salaried employees receiving in excess of $3.600
Operating income_.. 4.866,813 13,411.004 20.753.597
per annum was reduced 10%, effective Oct. 1 1931, and a further reduction
of 10% in the case of such employees was made Feb. 1 1933.
Non-Operating Income
1.169.585
1,071.809
1,074,950
It is hardly possible to make reductions in operating expenses propor994,505
Rents received
339.018
• 364.224
419.452
tionate to the decrease in revenues for the reason that they include such
420,468
Income from lease of rd_
3,283.123
2.418,955
1,215,756
Items as depreciation and retirement charges, a large part of maintenance
685,424
Miscellaneous income_ _ _
and other items which vary but slightly with the volume of traffic. Charges
to expenses on account of depreciation and retirements of equipment vary
6,967,210 16,121,162 24,608.585 37.690.750
Gross income
With different railroads.
Deduct
Transportation expenses for 1932 were $33,545.311 compared with $43.22,002,054
165.900 for 1931, a decrease of $9,620,589 or 22.3%. The transportation
Interest on funded debt_ 22,981,736 23,003.276 22,786,616
29,034
37,140
12.416
55,352
ratio was 39.5% in 1932 compared with 41.3% for all other Class I roads
Int, on unfunded debt-of the Northwestern Region.
for hire of equip.,
Rents
6,591,029 8,461.685
6,854.133
Joint facilities, &c---- 7,101.898
Maintenance of way and structures expenses, exclusive of charges ac135,954
88,616
74,074
97,903
count of retirement of property amounting to $889.103 in 1932 were $12,Miscell. deductions_ _ _ _
557,126 as compared with 515.726,664 in 1931, a decrease of 20.2%. The
def4,894.816 7,062,023
average of the three years 1928 to 1930 was $24.400.000, and for the three
Balance, surplus_ --def23.269,678def13822.737 14,706.692 8.382,072
7,685,657
def8,010,733
Years 1925 to 1927 was $23,700,000: While a considerable part of the re-.
Previous surplus
197,285
283,781
255,033
38,029
duction since 1929 is due to curtailment of rail and tie programs and other
Miscellaneous credits_ _ _
maintenance work, still there have been substantial savings through
def5,882,047 10,095.657 15,641.380
and the reduction in cost
greater efficiency in methods and organization
Total surplus_ _ _ __def31.242,382
934.688
2,410,000
2,128,688
of labor.
Miscellaneous debits._ 1,578,859
Maintenance of equipment expenses for 1932. excluding charges for de7.685 657, 14,706,692
preciation and retirements of equipme'nt which amount to $7.864,047.
Total P.& L.sum - -def32,821,241 def8,010,733
were $10.818.997 compared with $14,443,217 for 1931. or a reduction of
COMPARATIVE BALANCE SHEET DEC. 31.
25.1%. The average of the three preceding years 1928 to 1930 was $23,1931.
286.322 and the average of the three years preceding the new company,
1932.
1931.
1932.
1925 to 1927, was $29.856,510. A large portion of the reduction in 1932
- Liabilities
under 1931 is due to less use of equipment account decreased volume of
Road dr equip_ _723,553,874 723,876,983 Common stock-136,838,628 136,973,393
• traffic. A part of the reduction is also due to decreased cost of labor
Preferred stock-119,298,300 119,293,900
Impt. on leased
78,893
and greater efficiency resulting from improved shop facilities and methods
80,810
417,379 Govt. grants...
417,865
railway prop_
in shop organization.
Funded debtDopes. In lieu of
unmatured_ __446.200,789.449.826.789
mtgd. prop'ty
-Accruals for railway taxes in 1932 were $7,921,000 as against
Taxes.
27,891 Equip. obliga'ns 35,909,411 29,011,257
32,401
sold
$8.723,000 in 1931, a reduction of $802,000 or 9.2%.
Loans& bill pay. 2,000,000
Miscell. physical
The attempts of all railroads during the past three years to reduce ex5,431,563 5,500,141 Trat. ar car-serv.
the dwindling revenues have brought to the fore
property
penses proportionate to
Ws. payable_ 2,192,827 2,245,257
bodies have made upon
Inv.In affil. cos.:
the staggering inroads which State and local taxing
5,362,296 5,360,159 Payrolls & vouch 4,903,426 6,007,677
Stocks
the income of the carriers in recent years. The period from 1920 through
236,165
196,361
1,497,801 Misc. accts. Pay.
1,523,801
paved highways of the country were built.
Bonds
1930 is that in which most of the
10,531,807 10,530,145 Int. mat. unp'd_ 3,201,965 3,174,831
Notes
In 1913 company received in railway operating revenues 17.5 cents for
6,837,564 5,399,896 Fund, debt mat.
Advances
dollar of investment in road and equipment and paid for each such
each
4,000
20,000
unpaid
505,794
479,103
Other invest.%
dollar invested .72 cents in taxes other than Federal, a ratio of 24 to 1.
11,554,766 13,001,105 Unmat. int. accr 2,828,704 2,776,662
Cash
In 1932 the revenue was 11.25 cents and the taxes 1.05 cents, a ratio of
2,202,541 5,002,876 Unmatured rents
'Time deposits
the burden placed on industry by the increased
11 to 1. This indicates
317,328
276,130
accrued
88,747
103,572
Special deposits_
cost of government. These taxes were 4.1% of the total revenue in 1913
444.249
381,610
574,217 Other curr. nab_
121,342
Loans & bills roe
and 9.3% of the total revenue for 1932.
Cony. adj. mtge.
car-serv.
Traf.&
-There was nothing earned by company in 1932 as a return on
General.
382,467
bond Int. accr.
304,900
bal. receivable
investment in road and equipment, including materials and supplies and
-unmatured_ 24,687,949 15,544,284
Due from agents
310,389
953,778
cash at the beginning of the year, as compared with a rate of return of 1.07%
•& conductors_ 2,150,357 2,166,052 Deferred habil
-S. C. Commission as a'
5.75% fixed by the I.
for the year 1931, and with
Misc, accts. rec. 1,960,859 2,462,790 Unad). credits 40,469,974 34,919,362
rate
Corp. surplus:
fair rate of return. For the entire Western District the averageFor of
Mat'ls & supprs 9,486,299 10,372,834
the
461,244 Add'ns to prop.
460,662
return for 1932 was .79% as compared with 1.92% for 1931. of
Int. & divs. rec.
return
27,654
thru. income
Northwestern Region, in which this company is grouped, the rate
22,880
0th. curr. assets
385,599
401,130
and surplus_ _
for 1932 was .02% as compared with 1.19% for 1931. The deficiency
Deferred assets_ 2,636,441 2,525,389
Western District for 1932 was $549.273.000 as
2,891,760 3,394,639 Fund. debt ret'd
In the fair return for the
Unactl. debits_
thru. income
compared with $429,487.000 for 1931; for the Northwestern Region,
43,104
43,104
$206,722,000 as compared with $165,878,000 for 1931; for this company,
and surplus..
Profit & loss_ _de132,821,241 def8,010,733
$45.340.000 as compared with $36,349,000 for 1931. to a decision of.
the
Reference was made in the annual report for 1931 Trunk Line
carriers
788.066.654 793,582,182
788,066,654 793,582.182
Total
1.-S. C. Commission on the application of Western in general,increased
Total
Commission's order,
for an increase in class rates. The decreased them on long haul traffic. As
-V. 136. p. 2235
haul traffic and
the rates on short
2964
Financial Chronicle
Atlantic Coast Line Railroad.
(99th Annual Report
-Year Ended Dec. 311932.)
Geo. B. Elliott, President, and Lyman Delano, Chairman,
state in part:
4% Certificates of Indebtedness.-Int. on 4% certificates of indebtedness
Is payable when declared by directors if sufficient income, after payment
of expenses and mortgage bond interest, has been earned. Interest
of
2% was paid May 2 1932, but the directors found that no income had been
earned to cover interest which ordinarily would have been payable Nov.
1932. Interest on certificates of indebtednesss is not cumulative but 1
preference over dividends on the preferred stock and common stock. has
Dividends.
-On the preferred stock a dividend of 23, %
4
March 17 1932, and paid on May 10 1932. No dividend on was declared
stock has been declared or paid since. No dividends on the preferred
the common
stock were declared during the year.
OPERATING REVENUES AND EXPENSES.
Operating revenues decreased
31.10
Operating expenses decreased
25.28
Railway tax accruals decreased
16.75
Net railway operating income decreased
97.72 o
The ratio of operating expenses to operating revenues
was 86.59%, as
compared with 79.85% for the previous year.
FREIGHT TRAIN MILES AND LOADING.
Freight cars per train mile decreased
Loaded cars per train mile decreased
Freight tons per freight train mile decreased
Loaded freight car mileage decreased
Total revenue freight car mileage decreased
Total revenue freight train mileage decreased
13.31
11.01
15.78
27.13
29.04
21.07 0
TRAFFIC.
Freight: Tons of freight earning revenue decreased
33.55
Tons carried one mile decreased
32.42
Mileage of revenue freight trains decreased
21.07
Passenger: Number of passengers carried decreased
25.88
Number of passengers carried one mile decreased
25.46
Mileage or revenue passenger trains decreased
14.18
Passengers per train mile decreased
13.33 o
General Remarks.
-During the year 1932 business in general and the
volume of traffic handled by company and the rail carriers generally
suffered
a further decline.
There were further reductions in general employment, in wages
salaries paid, and in the consumption of the products of agriculture. and
The
territory through which the railroad operates predominantly agricultural,
and its people suffered severely by reason ofis unprecedented low
the
prices
for their products.
. April 29 1933
STATISTICS FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Average miles operated5,144
5.157
5,157
5,152
Passengers carried
878,935
1.185.803
1.799,052 2,366,198
Pass. carried one mile__ _166,648,036 223,575,103 305,746,789 348,818,795
Freight carried (tons)
9.189,608 13,828.988 16,784,331 18,951,802
Tons carried one mile_1679878165 2485888520 2871257020 2381770100
,
Commodities Carried
Agricultural
1.565.321
2,300,317 2,528.376 2,636,594
Animals
113,395.
160,252
183,401
Mines
3,290,040
5,011.071
5.819,740 6,000,154
Forests
1,330,358 2.171.720 3,233,866 4,562,745
Manufactures
2,091,960 4,081.302 3,786,025 3,951,140
Miscellaneous
798.534
1,125,261
1,276,072
1,617,768
Totaltonnage
9.189.608 .13.828.988 16.784,331 18,951.802
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1932.
1931.
1930.
1929.
Freight
$28,669,066 $41,390,424 446,428,030 553,188,639
•
Passenger
4.622.457
7,488.762 10,538,341 12,132,623
Mail1,532,564 „
956
1,773,381
Express
1,135,375 1.889.362
1,942.017 2,627,742
ther transportation341,862
522,361
721,387
798.146
Incidental & joint facil
967.239
1.355,138
1,698.094
1.851,363
Railway oper. rev--- -$37,268,564 $54,088,005 $63,019.957
$72,371,894
Operating ExpensesMaint. of way & struc-- 55,809,113 $7,956,881 $9.787,465 $10,181.158
Maint. of equipment_
8,205.504 10,862,488
Traffic1,770.545 12.513.108 13.874,060
2,015,054
1,991.845
Transportation
14:795;163 20,105.138 22,643,245 24,667,140
Miscell.operations
295,504
477.521
655,232
654,564
General
1,672,265 2.031,084 2,099,810 2,095,193
Trans.for inv.-Cr
4,369
15,185
28,453
32,272
Operating expenses---$32,270,877 $43.188,471
Net from railway oper-_ 4,997,687 10.899,534 $49,685.460 $53,431,589
13.334,497
Tax accruals
3.975,000 4,775.000 5.525,000 18,940,305
6,240,000
Uncollectibles
13.599
13,128
29.851
45.793
Railway oper.income- 51.009.088 $6,111,407 $7.779,646
$12,1354,512
Non-operating Income
Hire of equipment
164,448
Joint facility rent income
397.904
408,929
400,781
447.244
Dividend income
498,850 3.268,496 4.894.056
4.691.391
Income from unfunded
securities & accounts_
121.201
270,776
516,969
614.335
Income from fund. secs_
413,081
439,902
471.133
464,722
Miscell. & other income_
305.169
733.806903,845
Dividend approp
deb2.470.281 4eb2,470.281
Salaries and Wages.
Gross income
$2,745,293 $11,233,320 812.327,957
-On Jan. 1 1932, a 10% reduction was
$17,470,216
salaries of officers and officals with supervisory positions. made in
Deduct
Effective
July 1 1932, an additional 10% reduction was made in such salaries,
Rent for leased roads.$82,576
$82,576
and
$82,576
effective Feb. 1 1933, a further monthly reduction of two days' com$82,578
Hire of equipment
944,399
1.395.248
557.377
pensation was made in the salaries of officers and subordinate
Joint facility rents
354,394
officials,
376,979
381,746
bringing the total reduction for that group up to approximately 25%.
391.999
Miscellaneous rents_ 280.769
328,584
420.716
Effective Feb. 1 1933. to continue for at least three months, monthly salaries
447,631
Separately oper prop- Icss800,827
and wages paid clerical forces were reduced by two working days'
Int. on unfunded debt56,739
55.305
52,709
pensation, is addition to the 10% decrease which became effective on com43,764
Int. on funded debt_ - - - 6,322,207
6,322,207 6,322,207 6,322.207
Feb. 1
1932. These additional reductions were necessitated by the
Int. & dive, on equip.
continued
downward'trend of operating revenues and to prevent, as far as possible,
trust notes,&c
294,998
355,271
415,544
further reductions in forces. The general reduction of 10%
433,400
Miscellaneous
293.613
296,292
310,770
Feb. 1 1932, in wages of all other employees, continued for oneeffective
297.412
Feb. 1 1933, and has been extended by agreement to Oct. 31 1933. year to
Net for year
def$6,685,229 82,020.858 83.784.310
Total
payrolls for the year 1932 were $20,470,808, compared with
$9,451.226
Inc.applie.to s.f.,&c.,fds
29.689
$27,940,453
29.367
28,215
In 1931. a decrease of 57,469.645.
28,476
Income approp. for inv.
in physical propertyCompetition by Trucks and in, Water Routes.
48.490
58,348
-The movement of citTus
90.292
fruit in freight and express service via all of the rail lines during
the 1931Trans. to P. & L._ _def$6,714.918 81.943.001 83.897.748
1932 season amounted to 17,035,926 boxes, or
Credit balance Jan. 1... 93,470.329 95,678,170 97,631.217 89,332.457
movement in freight and express service via all 75% of the.total crop; the
of the rail lines during the
92,958,632
Miscellaneous credit _ _ __
31,041
1930-1931 season amounted to 26.706,352 boxes, or 76.2%. of
518.375
449.383
the total
1.304,891
crop produced in that season. Estimated movement by truck from
'
Florida
Total surplus
$86,788,451 898 139 545
to other States in the 1931-1932 season was approximately
. . 8101.778.3488103.595.980
Pref. dividends
boxes,'or 12.3% of the total estimated commercial crop. In 2.800,000
"(254%)4.918
(5)9,835
(5)9,835
(8)g,g35
yCommon dividends_
season the movement by truck was estimated at 5,500,000 boxes1930-1931
(5M)4528849(7)5,763,989(7)5.763,989
Surplus appropriated for
of the crop. Approximately 1,689,709 boxes were handled in or 15.7%
1931-1932
physical property__ - _
24,146
season by boat liner, either direct or after delivery thereto by trucks,
29,681
216.755
as
89.115
Delayed income debits__
513.022
compared with 780,396 boxes in previous season. Approximately
1.200,000
Loss on retired road and
boxes were delivered by trucks to canning plants in Florida in the
equipment
37.412
1932 season as compared with 2,066,623 boxes in previous season. 193157.105
50.281
98,448
Debt disct. ext. through
The current surplus of idle shipping has found increased
surplus
for use during the past citrus fruit and truck season. As opportunity
port
-to-port
Cr4,672
Miscellaneous debits..136,308
43,767
rates of vessels in coastwise service are not subject to regulation by
59,317
8,048
the
I.
-S. C. Commission, these vessels, many of which are refrigerated, operate
Bal. credit Dec. 31_.$86.070,646 $93,470.329 895.678,170
without restrictions as to rates and practices to which company is subject.
897,631,217
Shs.corn. out.(par $100)
823.427
While freight rates have been lowered in an endeavor to overcome
823.427
823.427
823.427
the
Earns. per sh. on com___
Nil
$2.44
boat competition, such competition has been extremely difficult to meet
$7.58
$14.46
with success and a large movement of fruits and vegetables has been diverted
x Extra div. of Ili% in July and 134% in January (but
none in 1931)
from company's rails.
y See also x.
GENERAL BALANCE SHEET DEC. 31.
Railroad Credit Situation.
-The emergency increase in freight rates
1931.
1932.
granted by the I.
-S. C. Commission became effective on inter-S
1932.
1931.
AssetsLiabilities$
on Jan. 4 1932. Due to delay in State action the increase in tate traffic
$
intra-State
$
Road & equip__ 274,499,489 274,094,998 Common stock_ 81,342,700
rates did not apply in many States until after that date.
81,342,760
Impts. on leased
Class A Rich. &
The additional revenues for 1932 approximated only 50% of
419.766
417,977
property
P. RR.stock. 1,000,000
originally estimated. Under the Marshalling and Distributingthe amounts
Plan, 1931.
Sinking funds
21,919 Preferred stock.
21,919
the carriers assenting to the plan paid the additional revenues to the Railroad
196,700 1,000,000
Deposit in lieu of
Credit Corporation to be loaned by it to carriers needing assistance in
Prem.on•cap.stk
13::N17
mtgd. prop _ _.
32,442 Grants In ald of 4,836,989 4,
34,289
meeting their fixed interest obligations. For the period ended
Dec. 31
Misc. phys. prop
942,860
748,120
construction.
1932, such additional revenues of company aggregated 3628.745. of which
74,784
74,784
Inv.In MM.cos.:
Equip. tr. ob'ig_ 5,508,900
$9,431 has been reserved to pay claims, &c., as provided in the plan of
Stock
63,403,309 59,154,242 Mtge. bonds_ _108,332,000 6,573.200
distribution and the balance. $619,314 has been paid to the Railroad Credit
108,989.000
Bonds
6,023,706 4,045,706 Coll, trust bonds 35,000.000
Corporation. . Latter amount has been charged to that Corporation
Notes
1,619,022 3,541919 Miscellaneous_ 4,579,930 35,000,000
company's books, but repayment is contingent upon liquidation of on
4,579,930
the
Advances_ _
8,766,640 7,892,284 Traffic, &c., bal.
loans made by said Corporation.
551.119
666,526
Other invesets. 0,795,209 6,822,602 Accts. & wagesThe period during which the increased freight rates applied under the
.
Cash
2,524,951 9,638,357 Misc. accts. pay 2,657,787 3,151,280
Commission's order in Ex Parts 103 expired March 31 1933. On Feb.
1,322,956 1,088,099
16
Cash for diva..
Int. matured..
1933, application on behalf of the Class I rail carriers was made to the
.
385,067
387,447
I.
-S. C. Commission for authority to continue said emergency rate increases • Interest, &o.. 2,033,963 1,381,311 Divs. matured._
11,028
12,997
Bonds to secure
Fund. dl. mare 1662,000
without necessity of pooling receipts therefrom with the Railroad Credit
leases
11:225 thimat.int.
5 100 un ma ured
Corporation. On March 13 1933, the Commission issued decision author1,646,74•
5
25;225
19 100
.dtva 1,322,662
izing continuance of the rates, with certain slight modifications, until. Loans & bills rec
di o.
1,348,839
Traffic, Atc., bal. 1,344.010
cure.
Sept. 30 1933. The Commission expressed the view, without
,
58,846
Bal.from agents,
Deferred
condition, that continuance of the pooling and loaning planimposing a
28,363
would
&c
213,676 1'901;00 Tthe'llability.- __ 1,419,050
1
20 91 De0ax
5
advantageous. Thereupon the Commission was advised on behalf of be
1
Misc. accts. rec. 1,421,685
1,660,586 Ina. & cu. res.. ,763,587 2,320,575
railroads that the pooling plan could not be continued under existing the
794,975
arMat'ls & suppl's 5,103,167 6,002.252., 853,376
rangements and was not practicable inasmuch as a sufficient number of
int. & diva. roe.
222,715 1,494 317
1:506
carriers would not agree thereto. The Ciommission took no further action
31,68691:227209
Other assets....
3,488
Otli. adeuiproail.n& 1qcred
.
In the matter and the increased rates remain effective but receipts from April
Work.fund adv.
35,860 Corp. surplus: 33'393123:87°251
35,357
1 1933. will not be pooled.
Ins. At oth.funds
853,431
795,003
Add's to prop.
Valuation and Recapture.
-On July 13 1932, the I.-S. C.Commission made
UnadJust. debits
459,743 4,398,772
through Inc.
service on Company of final report of valuation, Finance Dbcket No. 930,
and surplus 4,406,639 4,382,493
decided Feb. 19 1932. covering valuation placed by the Commission upon
Profit and loss 86,070,646 93,470,329
company's property at June 30 1917. In making this report, the Commission summarizes its findings as follows:
Total
376,791,980 384,508,425
Total
"We have given careful consideration to all facts of record pertaining
376,791,980 384,508,425
x Includes $657,000 consolidated mortgage 6% bonds
to the value of the Coast Line as an economically developed, well mainRR. Co. matured Jan. 1 1933, which have been paid. of Northeastern
tained and seasoned property in operation as a going concern. We find
-V. 136. p. 2792.
that the value for rate-making purposes of the property of the Coast Line
owned and used for purposes of a common carrier, including $4.550,000
Central of Georgia Ry.
for working capital,is $162,130,000, of property owned but not used $1,276,(38th Annual Report-Year Ended Dec. 311932.)
112, and of property used by not owned $3.343.295."
Analysis of said final report shows that while increases of approximately
H. D. Pollard, receiver, and L. A. Downs, Chairman,
$10.000,00 in value were allowed as result of the hearings held by the
0
Commission upon the protest previously filed by company to the tentative
state in part:
valuation report, claims for other large increases which company believes
At the end of the year 1931 company did not have sufficient
were clearly substantiated at the hearings were not allowed. Counsel
to pay its taxes and its other current and pressing liabilities. cash on hand
advises that a valuation order of the Commission cannot be contested in
of the general business depression and financial conditions, On account
company was
until an attempt is made to Use the value found therein hr some legal
court
not able to borrow any money through usual channels, and
proceeding. No formal demand for payment by company has been made
therefore it
had to resort to borrowing from the Railroad Credit Corporation
and the
the Commission for amounts alleged to be payable under the recapture
by
Reconstruction Finance Corporation. During. 1932 the
provisions of the Inter-State Commerce Act, as amended.
rowed $1,692,681 from the E.G.0.,and $2,917,631.50 from company borthe It. F.C., a
•
total of $4,610,312.50, which sums were used to pay 1931 taxes, interest on
the company's debt, and other obligations.
In the latter part of 1932, it became apparent that the business conditions
in 1933 would not be better than in 1932 and that the company would
probably operate at as large a deficit in 1933 as it did in 1932. The company had exhausted its ability to borrow further sums from the R. C.C.
and R. F. C., and because of the general financial stringency, it was unable to borrow money elsewhere to carry on its operations.
On Dec. 19 1932, Alabama Fuel & Iron Co., a supply creditor of the
railway company, brought a bill against the company in the U. S. District
Court for the Southern District of Georgia, alleging the insolvency of the
company and asking for the appointment of a receiver for the property of
the company. It was deemed expedient for the protection of the creditors
and stockholders of the company to acquiesce in the appointment of a
receiver and on Dec. 19 1932, H. D. Pollard was appointed receiver of all
the properties and assets of Central of Georgia Ry. Co.,and duly qualified
as such.
INCOME STATEMENT FOR CALENDAR YEARS.
1929.
1931.
1930.
1932.
Operating Revenue$1,425.832 $2,101,708 $2,491.935 $2.740,661
Freight
1.037,761
477,157
781,732
257,571
Passenger
326,794
220,101
161,678
188,169
Mail, express, &c
113.777
64,558
27,529
47,364
Incidental
7.402
4,009
4,802
Joint facility
5.384
Total oper.revenues-. $1,876,618 $2,819,201 $3,563.710 $4,226,395
Operating Expenses$865,874
$348,631
$597,762
$668,629
Maint. of way & struc
996,907
493,572
687,593
786.197
Maint. of equipment.-39,765
21,235
23.330
24.823
Traffic
1,568,522
653,112
1.037,229
1.334.530
Transportation
67.919
30.597
47.133
58.798
Miscellaneous operations
32,077
53.846
31.361
28,155
General
2,516
1.373
632
1,062
Transp. for invest.-Cr.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1929.
1931.
1930.
x1932.
1,945
.
1,944
1,944
Average miles operated_-1,945
8,951,571
7,638,546
6,614,844
Rev, freight carried (tons). 4,277,824
Rev,freight carried 1 mile..916,700,433 1,280,533,972 1,538,096,294 1,791,306,414
1.20 eta.
1.20 cts.
1.19 cts.
Aver,rev, per ton per mile_
1.12 eta.
$5.78
$5.43
$4.75
Rev.per freight train mile._
$3.93
543.49
512.63
458.84
Aver,rev, train load (tona)_
394.82 .
1,661,123
1,266,782
820,877
Passengers carried
534,399
87,988,163 110,921.933
58,953,041
Pass. carried one mlle
35,442,227
3.09 cts.
3.10 eta.
3.10 eta.
3.10 cts.
Aver.rev. per pass. per m_ _
$0.88
$0.71
$0.54
$0.39
Earns, per pass. train mile.
$12,874
$10,843
$8,782
Oper.rev. per mile of road_
$5,938
x Combined corporate and receiver's accounts.
Total oper.expenses
Net revenue from oper
Taxes
Uncollectible revenues
Hire of equipment
Joint facility rents
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1930.
1931.
Railway Oper. Revenues
xi1932.
Freight
$9,116,300 $13,314,527 $16,288,838 $19,060,874
1,097,364 1,825,932 2,725,868 3,431,606
Passenger
1,918,736
1,575,486
1,441,411
1,028,321
Mail, express, &c
573,252
446.208
455,705
Incidental
270,944
49,523
46,030
38,913
34,719
Joint facility
Gross income
Deductions
Miscellaneous rents_ _ _ Int. on unfunde ddebt
Misc, income charges...
Int. on funded debt.-Int. on equilp.oblgations
Total ry. oper. revs
$11,547,648 $17.076,488 $21,082,429 $25,033.991
Railway Oper. Expenses$1,427,497 $1,758,313 $2,192,546 $3,381,879
Maint. of way & struct
2,290,480 3,015,092 3,504,784 4,397,931
Maint. of equipment
844,781
816,472
776,223
641,724
Traffic
Transportation
5,156.746 7,378,760 8,505,211 9,333,787
156,498
147,200
102,339
Miscellaneous operations
63,097
983,715 1,040,443
957,194
General
845,643
20,518
26,788
6,241
Transportation for invest.-Cr.__
2,670
Total ry. oper. expenses
Net, rev. from 17. oper
Railway tax accruals
Uncollectible ry. revenue
Railway oper. Income
Other Income
Net ry. oper. Income
Non-Operating Income
Dividend Income
Income from funded sec
MIscell. rent income
non-oper.income
$10,422,516 $13,981,681 $16,123,140 $19,134,802
1,125,132 3,094,807 4,959,289 5.899,190
1,152,238 1,342,074 1,322,863 1,530,394
9.068
8,163
6,776
•
5,490
def$32,597 $1,745,957 $3,628,263 $44,359,728
Cr40,548 Cr148,729
239,277 Dr164,393
def$271,874 $1,581,563 $3,668,811 $4,508,457
$226,039
161,799
126,340
112,494
$596,712
558,545
133,777
135,187
$543,729
523,433
123,927
152,989
$488,934
143,435
118,486
158,430
$909,285
Total non-oper.Income
$626,673 $1,424,227 $1,344,079
Grossincome
354,799 3,005.790 5,012,890 5,417,742
Deductions
Interest on funded debt
$3,004,679 $2,938,256 $2,971,179 $3,000,810
Int. on non-negotiable debt to
67,877
46,250
affiliated companies •
54,368
59,300
344,502
343,791
343,603
Rent for leased roads
343,597
246,508
243,905
261,301
Miscellaneous
288,900
Balance
def$3,341,676 clef$591,737sur$1407,7645ur$1758.044
Common dividends
(334)700.000(7)1,400,000(7)1,400,000
Balance,surplus
def$3,341,676 def$108,263
SW.corn. outstanding (par $100).
200,000
200,000
Nil
Earnings per share on common...
Nil
,x Combined corporate and receiver's accounts.
$7,764
200,000
$7.03
GENERAL BALANCE SHEET DEC. 31.
1932.
x1932.
1931.
AssetsLiabilities
$
$
20,000,000
byroad & equip 93,059,029 94,407,263 Stock
Imps.on leased ry
Grants in aid of
5,533
property since
construction _
June 30 1914. 4,025,178 4,091,882 Equip.obllgat'ns 4,200,000
Depos. In lieu of
Mortgage bonds. 48,613,000
132
mtgd.prop.sold
6,382 Underlying liens 4,846,000
Misc. phys. prop
269,000
553.720 • 570,004 Income bonds..
Inv. in MM.cos.:
Notes-R.F.C._ 2,917,632
Stocks
5,089,814. 5,089,614 Non-neg. debt to
Bonds
995,108
65,000
65 000
MM.cos
..
Notes 6, ars.
1.08118& bills pay 2,179.844
of indebtedTrait.& car-serv.
ness
566,760
9,532
balances pay _
566,760
749,339 1,402,019 Audited accts.&
Advances_ _ .._
Other investm'ts:
wages payable 1,396,755
344,238
218,249
Stocks
342,737 Misc, accts. pay.
321,852
149,921
Bonds
321,852 Int. matur.unpd
685,184
Notes, adv.,&c 878,550
37,101 Unmat, int. accr
1,195,785
633,713 Unmat.rents accr
10,726
Cash
21,092
21,529
15,956 0th. curr. liablls
Special deposits_
50,075
138,209
38,502 Deferred Habits_
Loans & bills rec„
80,325
Tax liability.. _ _
Trait.& carserv.
44,167
63,613 Accr. dep.,equIp 11,07,702
balances rec-.
Accrd. deprec.,
Net hal.ree.from
117,527
mIscell. phys.
92,823
agts.&conduc
238,582
381,410
510,303
property
Misc. accts. rec..
887,967 1,194,831 Oth. unadj.creds
263,779
Mat'ls& supplies
126,287 Addlls to prop.
83,348
Int. & dive. rec_
6,642
9,687
thro. income
Other curr. assets
4,007,737
17,878
and surplus
17,378
Work,fund adv.
370,540
380,540 Funded debt reInsur.& oth.fds.
47,263
tired through
.31,489
0th. defer. assets
229,213
income & sure
Rents & insur.
Profit and loss._ 7,652,901
& prem. paid in
10,752
8,960
advance
849,955
892,087
Dint.on fund dt
284,243
360,380
Oth.unadj.deblts
Total
110,092,326 111,295,269
Total
x Combined corporare and receiver's accounts.
-V. 130, p. 2416.
$358,044
200.080
$8.79
1931.
20,000,000
5,533
4,869,000
48,613,000
4,840,000
269,000
1,340,027
950,000
48,625
1,966,481
65,793
150,974
625,176
10,111
23,353
59,153
53,707
11,057,410
238,581
285,538
4,003,558
229,212
11,591,029
110,092,326 111,295,269
Georgia Southern & Florida Ry.
-Year Ended Dec. 31 1932.)
(39th Annual Report
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1930.
1931.
1929.
1932.
398 .
398
398
398
Miles operated
145.936
90.966
217.563
60.792
Passengers carried
Passengers carried 1 mile 9,803,708 14.954,651 23,454,473 30.738.791
Receipts per pass. per an. 2.627 cts. 3.191 cts. 3.333 cts. 3.376 cts.
1.357,627
1.263.553
1,436,494
813,815
Tons ?might carried- - Tonsfreight carr. 1 mile-110,025.215 153.055,221 189,425,606 207,823,299
1.319 eta.
1.373 eta. 1.316 cts.
per ton per mile- 1.296 eta.
Rates
$6,939
$8.755
$10,295
$4,633
Gross earns, per mile
2965
Financial Chronicle
Volume 136
$1,574,239 $2,423.752 $2,903,705 $3,590.317
636.078
395,449
660.005
302,379
281.961
278.168
216.566
174,289
1.909
. 2.257
788
292
2.952
Cr74,792 .
Cr17.898
Cr72.132
2,820
Cr385
Cr5.594 I Cr5,114
Operating income_-_ $205,525
Non-Operating Income$5.861
Miscell. rent Income_ _ _
3.563
Misc. non-op. phys. proo
4,293
Dividend income
Income from unfunded
931
securities and accounts
$201,111
$373,567
$427.624
$7,583
4,124
2,609
$8,332
3,601
14,536
$8,974
3.648
• 2.609
1,980
5.041
5.027
$220.174
$217.407
$405,078
$447.882
$390
654
1.949
297.295
29,153
. $390
6,030
1.952
296.665
32,977
$390
3.476
1.873
296.574
36,817
$3390
3,885
2.063
297.145
40.673
Balance of income..._def$109.266 def$120,607
34)17.100
1st pref. dividends
2d pref.dividends
$65,947
(5)34.200
)27.100
$103,726
(5)34,200
(5)54,200
$4,647
$137.707
Ball. carr. to P.& L.--def$109,266
Earns, per share on 20,Nil
Nil
Nil
000 sh.com.(par $100)
GENERAL BALANCE SHEET DEC. 31.
1932.
1931.
1932.
Liabilities
Assets
Invest. In road__ _ _12,808,790 12,809.295 Common stock... 2,000,000
Invest. In equip... 3,522,318 3,538,511 1st pref. stock _ _ _ _ 684,000
1,084,000
2d pref.stock
Sinking fund for
6,419,699
Funded debt
retirement of de73,458 Equip, trust obi*. 598,000
90,312
bentures
57,326 Loans & bills pay57,326
Misc, phys. prop..
1,300,000
able
Inv. in MM. cos.:
73,865 • 73,865 Traffic & car servStocks
37,314
ice bats. payable
3,750
38,320
Advances
1 Audited accts. &
1
Other investments
wages payable._ 376,033
127,489
55,206
Cash
50,906
102,984 Misc, accts. pay__
Special deposits... 102,632
Int. mat'd unpaid.
Traffic & car servInci.int.dueJan.1 221,770
143,344
92,521
ice bals.., receiv.
878
Divs. mat'd unpdBalances due from
12,240
1,203
2,240 Unmat, int. accrd.
agents & condue
8,171
182.507 Other curr. Habits.
Misc, accts. receiv 223,325
279,126 Deferred liabilities 436,685
200,675
Mat'l & supplies
801 Taxes accrued_ _ _ 43,815
303
Other curr. assets.
52,411
18,347 Operating reserves
14,900
Deferred assets...
403,354 Accrued deprec'n
Unadjusted debits 457,150
;on equip., &c... 1,268,400
Other unadj. cred_ 112,461
AddMs to property
since June 30'07
58,479
tiro. Inc. & surp
_
Profit and loss _ _ 2,983,784
17,738,845 17,816.390
Total
-V. 134, p. 3451.
Total
$15,326
$0.77
1931.
2,000,000
684,000
1,084,000
6,401,128
683,000
1,300,000
35,281
412,478
80,739
142,122
677
12,796
34,045
360,344
60.766
50,488
1,173,455
143,970
56,242
3,100,867
17,738,845 17,816,399
Chicago & Eastern Illinois Ry.
(11th Annual Report-Year Ended Dec. 31
T. O'Neal, President, states in part:
1932..)
C.
-The continued recession in business was reflected
Traffic Conditions.
in the operations of company during the entire year.,Forms of transcompany of
competitive with the rail carriers also deprved
portation
substantial traffic and revenue. Certain portions of the motor vehicle
laws enacted by the States of Illinois and Indiana. more than a year ago,
pertaining to maximum dimensions and weights, were enjoined by the
truck operators and the laws cannot be enforced until the injunctions
are dissolved. Labor troubles at the coal mines in Illinois and Indiana,
which resulted in most of the mines being closed down from April 1 to
Sept. 1, caused the loss of a large tonnage of traffic. Adverse weather
conditions resulted in almost a complete failure of the fruit crops in the
States of Illinois and Indiana,from which company,in normal years, enjoys
a substantial volume of traffic.
-The total bituminous coal tonnage handled by company.
Coal Tonnage.
during the year 1932 was 2,916.235, a decrease of 80,219. or 2.67%. Coal
traffic was adversely affected by the general depression as well as the
shutdown of the mines for five months. During the latter part of August
the mine operators and employees reached a settlement of their differences
whereby the employees agreed to a substantially reiucei scale of wages,
which, It is hoped, will eventually enable the mines in Illinois and Indiana,
at least partially to regain their former markets. Of the total bituminous
coal handled, 68% originated at mines on the lines of company co spared
with 66% during the year 1931. The percentage of coal revenue to freight
revenue was 28.5% compared with 23.2% in 1931.
-The revenue from grain showed an
Freight Traffic Other than Coal.
increase in 19:32 compared with 1931 because of the better crop conditions,
as did the revenue from sand, gravel and other road building materials
because of the construction of additional local highways, but with certain
minor exceptions all other commodities decre sod because of depressed
business conditions and motor truck competition. The total decrease in
commodities other than bituminous coal amounted to 937.802 tons. Labor
difficulties at the coal mines lessened the movement of supplies and traffic
other than coal Into the mining communities served by your company.
Freight Rates.
-The freight rate structure continues in a constant state
of revision. Many reductions were made during the year in an effort
-S. C. Commission
to meet motor truck and other competition. The I.
rendered a number of decisions during the year, and still have pending
many cases involving freight rates. Notwithstanding the application of
emergency charges authorized by the Commission in Ex Parte 103, the
average freight earnings of company dropped from $1.62 per ton in 1931
to $1.55 per ton in 1932. The emergency charges authorized by the
Commission in Ex Parte 103 became effective Jan. 4 1932 and produced,
during the year, a total of $351,144, which was turned into the Railroad
Credit Corporation under the Marshalling and Distributing Plan, 1931.
Traffic Density,
-Traffic density, represented by the average ton miles
of revenue freight per mile operated, decreased from 1,344,937 to 1,107.623.
Freight revenue per mile of road decreased from $12,626.99 to $10,458.27.
-Gross revenue from passengers decreased $658.847.50.
Passenger Traffic.
Revenue per passenger mile (commutation and miners train tickets excluded) decreased from 2.5 cents to 2.1 cents, and revenue per passenger
carried decreased from $4.16 to 53.52 while the average distance traveled
increased from 169 to 171 miles. The recession in business has caused
greatly reduced travel, but the private automobile and bus also continues
to deprive company of a substantial passenger traffic. An increased
number of low-rate excursion and low week-end fares were established
during the year in an effort to restore some of this travel to the rails. These
2966
Financial Chronicle
reduced rates account for the decrease in revenue per passenger
mile and
per passenger carried.
Reduction in unprofitable passenger train service during
the year resulted in a saving of 298,649 train miles under 1931.
or 13.1%. The
total reductions since 1930, for a full calendar
saving of 715,342 train miles, or 27% less than year, will result in a total
the actual mileage for the
year 1930.
Wages, &c.
-Effective Oct. 1 1931 a deduction of
the salaries of all officers and employees, not covered10% was made from
by
labor organizations, whose compensation was in excess of agreements with
$3,000 per annum.
Beginning June 16 1932 an additional 10% was made
from the same group
of officers and employees.
Effective Feb. 1 1932, through negotiations and by agreement,
a deduction of 10% was made from the wages of all
labor organizations, the deduction to continue employees affiliated with
until
a result of a subsequent agreement, the deductions Jan. 31 1933. As
Oct. 31 1933. Beginning on the same date, 10% was will continue until
deducted from the
wages of all employees not affiliated with labor organizations
whose compensation was less than $3,000 per annum.
Reconstruction Finance Corporation Loan.-Company secured
loans
aggregating $5,840,000 from the R. F. C. during the year, which
amount
was used in payment of maturing short-term notes, equipment
obligations
and taxes and for the purchase of new rail and track fastenings.
The
interest rate on these loans was reduced from 6%
to
%, effective
Jan. 1 1933.
Loans were also secured during the year from the Railroad
Credit Corporation aggregating $2,040,590, which amount was
used in
interest on bonds and equipment obligations. The interest payment of
rate on these
loans at Dec. 31 1932 was
%
GENERAL STATISTICS FOR CALENDAR YEARS.
1932.
1931.
1930.
1929.
Miles operated
939
939
946
946
Passengers carried
669,324
962,823
1,315,981
1,640,418
Pass. carried one mile
60,552,972 79,443,440 101,029,338 123,245.487
Revenue per passenger
.019 cts.
.023 cts.
.026 cts.
.028 cts.
Revenue freight (tons)
6,314,846
7,332,867
9,814,797 12,418,495
Rev.freight (tons 1 m.)1039936,087 1262829,045
1682581,630 2104170,475
Rev, per ton per mile
.0094 cts. .0094 cts. .0092 cts. .0093 cts.
INCOME ACCOUNT FOR CALENDAR YEARS•
Operating Revenue1932.
1931.
1930.
1929.
Freight
$9,819.162 $11,856.112 $15,387,823 $19,534,920
Passenger
1,179,967
1,838,814
2,618,532
3.410,201
Mail, express, &c
1.083,211
1,276,857
1,527.241
2,159,676
Other than transportat'n
107.834
164,178
250.703
293,479
'fetal oper. revenue...812,189,973 815,135,961
$19,784.299 $25,398,275
Maint. of way & struc__ 1,587,232
1,906,4842,210,562„
Maint. of equipment_., 2,151.415
3,201.491 x9,280,045
5,356,770
Traffic expenses
696,058
825,059
943.137
941,943
Transportation
5.435,627
6,856,958
8,306,537
9,380.420
Miscall, operations, &c_
81,835
138,301
128,979
168,696
General expenses
694,226
776.359
832.236
853,353
Total oper. expenses- 410.646,392 $13,704,652 $21,701,496
819,693.097
Net earnings
1,543,581
1,431,309loss1917,197
5,705,177
Taxes, &c
1,286.787
1,395,450
1.688.889
1,678,870
Operating income_ _
8256,794
$35,8581oss$3606086 $4,026,307
Operating Revenue
Hire of equip -Dr
796,092
90.146
1,218,006
1.186,815
Jt. facil. rent Inc -Dr.,
744,039
744,213
681.877
630,460
Other income
197,771
311,802
582,741
617,058
Total loss
$1,085,566 $1.388,695 $4,923,227pf$2.828,091
Interest
2,126,878
2,050,533
2,120,345
2,136,151
Rents
154,054
155,095
155,126
155.535
Miscellaneous
44,920
46,796
52,981
55.437
Total charges
$2,325,853 $2,252,424 $2,328,453 $2,347,123
Total loss
3,411,419
3,641,119
7,251.681 prof478.968
Inc. applic. to sinking &
other funds
356,227
316,421
297.582
278,144
Deficit
$3,767,846 $3,957,540 $7,549,264 sur$200.823
CONDENSED GENERAL BALANCE SILEET DEC.
31.
1932.
1931.
1932.
1931. •
Assets-s
Liabilities-$
$
$
Inv.in rd.& equip.77,457,562 77,378,892 Common stock-23,845,300
23,845,300
Impts. on leased
Preferred stock_ _ _22,046,100 22,040,100
property
164,516
155,327 Funded debt unSinking funds.._ _
7
matured
34,985,236 36,413,336
Deposits in lieu of
Loans & bills pay_ 7,880,590 3,200,000
mtged. prop'y__
102,452
1,405 Traffic & car serv.
Misc. illus. prop_ 1,787,194 1,773,292
bats. payable... 320,979
389,574 ..
Inv. in affil. cos.:
Audited accts. and
Stocks
2,585,601 2,585,601
wages payable__ 982,701 1.498,171
Bonds
705,040
756,720 Misc, accts. pay__ 102,949
117,636
Advances
1,676,684 1,321,254 Interest matured,
Other investments
7,881
151
unpaid
40,520
40,170
Cash
836,307
354,923 Unmatured interSpecial deposits-.
40,520
40,170
eat accrued
358,952
379,738
Loans dr bills tee..
.4,843
4,875 Unmatured rents
Traffic & car serv.
accrued
528,415
481,035
bals. receivable_
191,653
152,882 Other current ha
Net bal. rec., due
bilities
25,036
35,211
from agents and
Deferred liabils__.
85,899
107,392
conductors
190,011
155,410 Tax liability
1,541,587 1,631,094
Misc.accts. reedy. 515,702
576,643 Accrued depreciaMaterials & envoi_ 727,457
tion, equipment 3.896,487 3,495,031
993,838
Int.& divs. recefv.
6,111 Other unadjustable
6,010
Rents receivable._
24,280
19,216
credits
279,841
247,388
Other curr. assets_
2,151 Addns.to property
4,368
Work,funds advs.
15,766
19,146
through income
Other def'd assets_
29,404
40,952
and surplus_ _ _ _ 271,924
254,871
Rents Oe insurance
Sink. Id. reserves_ 2,905,905 2,549,678
prems. prepaid_
2,625
5,718 Appropriated surOth. unadj. debits 526,527
554,127
plus no.t inv't'd_ 1,961,304
848,696
Profit & loss-bal.
deficit
14,462,381 10,658,552
Total
87,597,344 86,901,868
Total
87,597,344 86,901,868
-V. 136, p. 2793.
New England Power Association (& Subs.).
(Annual Report-Year Ended Dec. 31 1932.)
Frank D. Comerford, President, states in part:
Major Corporate and Financial Activities -There were no companies
acquired by the Association during the year 1932.
On Dec. 1 1932, there were due $20,000,000 of New England Power
Assodation 5% gold notes and $7,500,000 North Boston Lighting Properties 534% secured gold notes. These obligations were fully paid at par
with interest, the Association's notes being called for redemption on
Nov. 18 1932 and North Boston Lighting Properties' notes being paid on
Dec. 1 1932.
New financing during the year was as follows:
(1) In May 1932 Narragansett Electric Co. sold $3,750,000 let mtge.
5% bonds, series B. to finance expenditures incurred in 1930 and 1931 for
additions, extensions and improvements to its plants and properties.
(2) In Oct. 1932 Connecticut River Power Co. sold $18,000,000 1st
mtge.5% bonds due Oct. 1 1952 and arranged $3,000,000 short-term loans
($2.000,000 of which was converted in Jan. 1933 to a 3
-year maturity),
providing funds by which that company was able to repay a substantial
amount to the Association on advances in connection with the 15
-mile
Falls Development and enabling the Association to pay its maturing gold
notes.
(3) In October 1932. North Boston Lighting Properties sold $9,000000
6% : gold notes due Oct. 15 1937 and the proceeds of this issue provided
01
,
for the retirement of its maturity on Dec. 1 1932 and in addition provided
funds which were loaned to subsidiary companies enabling the subsidiaries
to pay off a substantial amount of short-term indebtedness to banks.
April 29 1933
Power Production.
-Total production of electricity in
prattles constituting the Association was 2.075,000,000 1932 by all the corn
kwh. This was the
largest total in any year since the Association was
excess of 1931 when the same number of companiesformed and was even in
were in the Association.
Our usual comparative income statement for the
ended Dec. 31 1932 was published in V. 136, p. 2798. year
CONSOLIDATED BALANCE SHEET AS AT
DEC. 31.
1931.
1932.
1932.
1931.
AssetsLiabilities
Capital assets..363,524,445 360,281,598 Fret. stock
64,015,705 64,195,108
Work orders in
$2 pref. stock
622,304
838,464
progress
2,954,727 4,553,855 x Common stock 50,614,617
50,614,547
Cash
5,731,972 5,411,571 Subser. to pref.
Accts. & notes
stock
825,795
rec. (less res.) 6,235,270 7,431,666 Min.int.In com.
Div.& int. accr.
20,444
38,293
stock & surp.
Malls & suppl. 3,115,772 3,786,761
of subsidiaries 15,277,942 15,207,348
Prepaid charges
627,759
868,708 Pref. & class A
Accounts reedy.
stocks of subs. 49,174,482 49,430,588
from employ's
5% notes due
under savings
Dec. 1 1932_
20,000,000
and stock subAdv. from int.
scription plans
291,626
Hydro-E1.Sys. 3,000,000
Stocks held for
20-yr. 5% debs.
empl. subscr.
518,981
due 1948
25,000,000 25,000,000
Restricted dep.
534% gold debs- 25,000,000 25,000,000
and cash in
555% sec. serial
sinking funds218,371
1,177,656
notes
Securs. owned__ 14,379,585 13,357,486 Funded debt of 3,240,000 3,600,000
Accts.& notes rec
subsid. cos.,, 95,887,500 68,906.102
154,902
(not cur. due)
104,897 Notes payable
9,636,081 19,111,158
Unamort. bond
Accts. payable &
disc., &c., unseer.
(inc.prov,
adjusted deb_ 9,129,487 7,088,019
for inc. tax)._ 4,779,410 4,874,387
Dims. payable
1,231,446
1,233,269
Res, for deprec. 38,958,975 36,470,184
Other oper. reg. 1,268,206
1,603,433
Suspense credits 3,360,286
3,342,493
Surplus paid-in, 1,500,000 1,500,000
Surplus earned_ 13,525,781 13,092,226
406,092,736 404,911,096
Total
Total
406,092,736 404,911,090
x Represented by 932,609 shares of no par value.
-V. 136, p. 2798.
Cincinnati New Orleans 8c Texas Pacific Ry. Co.
(51st Annual Report-Year Ended Dec. 31 1932.)
•
TRAFFICSTATISTICS FOR CALENDAR
YEARS.
Operations1932.
1931.
1930
1929.
Miles operated-338
338
225,300
No.of pass.car d
357.578
527,628
705.147
Pass.car'd 1 mile 29,509,954
43,683,319
65,563.012
92,013,290
Rev,pass. perm.
2.59 cts.
3.06 cts.
3.15 cts.
3.22 cts.
Tons rev.frt.crd.
3.778,243
5.153.970
6.756,468
8,002,224
Tons frt.crd.1 m. 820.274.421 1.120,275,068 1,415,574,987 1,706,407,550
Rev, per ton per
mile
1.06 cts.
1.08 cts.
1.06 cts.
1.06 cts.
Av. train load
(rev.) tons...
509
515
527
550
Earns, per pass.
train mile_ _ _ _
$1.13
' $1.35
$1.53
$2.20
Gr. earns. per m•
29,970
42,548
53.352
66,503
INCOME ACCOUNT FOR CALENDAR YEARS
Operating Revenues-1932.
1931.
1930.
1929.
$8.682,399 $12,154,928
Freight
$14,960,439 $18,053,597
Passenger
763.457
1.338.858 2,062,916
2,958,708
Mail, express, &c
576,794
724.004
792.879
1.185,157
Incidental, ix
103.452 . 170,509
225.718
291,985
Total oper. revenue-610.126,102 $14.388,299 818,041,950
$22,489,448
Operating Expenses
Maintenance of way,&c. 1,321,142
2,580,700
2,742,279
4,570,624
Maint. of equipment-- - 2,728,989
3.538,655
4.098,228
5,097,934
287,175
Traffic expenses
391,280
456,257
Transportation
2,949.157
4,337,939
5,345,747 6,a, a
5
1
Miscellaneous operations
54.186
85.153
117,588
149,886
510,426
General expenses
628,693
664,135
cc
.7
Transport'n for Invest..
Cr.11,593
Cr1.1,11g
6
Cr.25,385
Total oper. expenses-- $7,851,083 $11,550,826 $13.384,156
$17,226,977
Net revenue from oper__ 2,275,019
2.837.474
4,657,794
5,262,471
Taxes
.019
790,685, , 82
1,113,875
Uncollectible revenues..
736
710
1.073
2,031
Hire of equipment
Cr.148,554
Cr.71,798
Cr.78.598
84,599
65.708
Joint facility rents
71.769
71,924
66,271
Operating income--- $1.737,111 $2,048.108
$3,620.613 $3,995,695
Non-Operating Income
1.419
Incomefrom lease ofroad
1.324
1,434
1,434
31,777
Miscel. rent income_ _ __
25,411
33,877
34,8114
Income from leased rail564
2,569
2,721'
6,405
12,710
Dividend income
8.026
8,026
8.026
Inc. from funded secur120,199
231.194
432,574
385,001
Income from unfunded
128.395
secur. & accounts_ __ 119.094
438,137
456.102
$2,032,175 $2,433.727
Gross income
$4,537,184 $4,887,647
Deductions
Rent from leased roads._ 1,636,576
1,842,755
1,874,246
1,684,789
14,926
Miscellaneous
13,229
31,867
31,888
67,894
Int. on equip. obligat'ns
80.722
93,549
108,378
15,974
Int, on unfunded debt
74,565
12.285
4,575
259
Mime]. income charges279
302
378
8296,548
Net income
$622.176 $2.724,934 $3,059.681
Preferred diva.(5%)_ - 122,670
122,670
122,670
122,670
(4)358.800 (11)988.700
Common diva
(8)717.800 (11)986,700
Bal. carried to credit
def$184,924 def$487.194
of profit & loss_
$1,884,864 $1,950,311
Shares of common outstanding (par $1 ) 89.700
89.700
89.700
Earns, per sh. on com--$5.57
$29.01
$32.75
.
GENERAL BA91.1N E SHEET DEC. 31.
8917 0
1 3.8400
11
1932.
1932.
A cacti$
Liabilities3
$
Investm't in road- 2,060,813 1,940,589 Common stock._ i.
8,970,000 8,97 100
3.
190, 0
Investm't in equip.21,428.351 21,504,299 Preferred stock,, _
Imp'ts on leased
Equip. trust oblig_ 2,453,400 2,453,400
1,271,400 1,515,200
railway prop_ ..24,60l,514 24,666,911 Traffic & car serv.
Misc. phys. prop__ 418,383
423,942
balances payable 119.590
97,435
Inv. in MM.cos.
Audited accounts_ 903,052
875.793
Stocks
364,001
384,001 IMntis.°m•acate'dts.
112,234
235.913
243,507
Bonds
243,507
pay
unpaid.
42
30
Advances
1,710,280 1,548,333 Divs. mat'd unpd _
937
25,039
118,109 Unmat. dive. decl.
Other investmls
116,214
10,223
10,222
Cash
2,372,829 2.526,024 Unmat. int. aecr'd
98,763
89,768
U.S. Govt.secure: 5,043,403 4,286,000 Unmat,rents seer. 499,629
505,878
Special deposits...
28,569 Other curt, liab__.
4,479
9,285
9,080
Traffic & car,serv.
Deferred liabilities
13,808
18.591
399,089 Taxes
balances recelv_ 386,503
558,294
577,412
Balance due from
Operating reserves
207,342
1,393 Accr'd depreciat'n 120,367
agents & conduc.
2,820
Misc,accts. receiv. 390,312 1,367,340
on equipment_ - 5,842,950 5,375,917
991,180 Other unadj. cred _ 1,141,948
Materlais & supp_ 942,984
1,335,080
138.753 Add'ns to property
Int.& dive. receiv_
161,755
Other curt, assets_
6,220
through income
7,763
Deferred assets _ _
55,100
46,530
and surplus... _29,032,428
417,711 Profit & loss, bal.. 9,505,076 28,532,414
Unadjusted debits 359,585
10,192,512
Total
60,662,027 81,027,033
Total
60,662,027 61,027,033
-V. 135, p. 3518.
Financial Chronicle
. Volume 136
The Alabama Great Southern Railroad Company.
-Year Ended Dec. 31 1932.)
(56th Annual Report
TRAFFIC STATISTIdS FOR CALENDAR YEARS. 1929.
1930.
1931.
. 1932.
315
315
315
315
Average miles operated_
502.566
349.522
228,771
191.873
Passengers carried
25,568.774 35.849,196 48,839,907
Passengers carried 1 mile 22,905,236
3.28 cts.
3.22 cts.
3.08 cts.
2.30 cts.
Rate per pass. per mile_
5,410,240
Revenue tons carried--- 1.988,295 3,234.810 4,117,608 827,034.885
643,798.700
Rev,tons carried! mlle_312,789,575 501,959,930
0.96 cts.
0.96 cts.
0.97 cts.
1.02 cts.
Rate per ton per mile.__
794.75
720.28
662.18
542.00
Av. train load rev. tons$32,816
$25,177
$19,315
$12,980
Gross earnings per mileCORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
1929.
1930.
1931.
1932.
Operating Revenues$3.185,511. $4,845,492 $6,191,961 17,905,373
Freight
1.600,221
787,717 1,155,861
526,064
Passenger
785,227
588,351
465,963
377,094
Mail, express, &c
Cr45,808
Dr1,940
Dr12,167
Cr1,980
lucid. & it. fad.(net)
Total oper. revenues.. $4,090,650 $6,087,004 *7.934.232 $10,336,630
Operating ExpensesMaint. of way & struct_ $640,659 $1,213,061 $1,274,113 $1.700,640
1,472,513 .1,707,330 2.097,806
Maintenance ofequip__ _ 1.244,525
253.716
.
.
130,
Traffic
1.531.962 2,192,940 2,599,654 2,913,024
Transportation
81,319
72,892
51,520
33,388
Miscell. operations
296.943
285,082
257,191
201,934
General
1,140
334
19
44
Transport. for inv.-Cr_
Total oper. expenses- $3,783,412 $5.375.690 $6,158,724 *7,342,308
1,775,508 2,994.322
711,314
307.237
Net rev,from operations
778,718
627.447
470,192
414,941
Taxes
236
363
538
457
Uncollectible revenues
388,501
290.194
217,934
99,830
Hire of equipment-Cr_
135,161
110,623
102.749
Joint facility rents
117,478
$355,768 $1,327,268 02,468,709
Operating income_ ___def$125,808
•
Non-Oper. Income
$15,279
*17.464
$18,807
income_ _ _
Miscall. rent
$18,904
7,513
4,096
2,339
Misc. non-op. phys.prop
2,276
333,216
1.710,545
333,216
131,067
Dividends income
Inc. from funded & un238,620
162,422
125,315
funded securities
97,809
50
• 57
13
Miscellaneous income_ _ _
1
*835.458 $3,221,852 33,063,387
• Gross income
$124,249
Deductions
$19,650
$19,650
$19,540
Rent for leased road__ _ _
$19,635
267
223
784
Miscellaneous rents_
932
5.943
2,132
25,633
Int. on unfunded debt,..
26,143
963
857
840
Miscell. income charges_
814
423,840
423,840
423,840
Interest on funded debt_
423,840
91.863
81,702
71,542
Int.. on equip. obligs__
61,383
$293,278 $2,693,446 $2,520,861
Net corporate income_def$408,499
Preferred dividends__ -(6%)202,821 (11)371,838 (14)473.249 (14)473,249
Ordinary dividends
(11)861,300(14)1096.200(14)1096,200
226.903,600 226,602,531
226,903,500 226,662,551 Total
SECURITIES OWNED DEC. 31 1932.
Total Par.
Shares.
Stocks*9,000 shs.
Baltimore Mail Steamship Co., corn
*9,000 shs.
Mail Steamship Co., pref
Baltimore
$240,000
2,400
Belt Ry. Co.of Chicago
108,000
1,080
Calumet Western Ry. Co
2,250,000
22,500
Depot & Station Co
Detroit Union RR.
250.000
2,500
Englewood Connecting By. Co
194.400
3,888
Erie & Pittsburgh RR.Co., guaranteed betterment- 24,6322.463.200
Grand Rapids & Indiana By. Co
4.960,000
49.600
Indianapolis & Frankfort RR. Co
2,150,000
21.500
Lake Erie & Pittsburgh By. Co
18.251,950
365,039
Lehigh Valley RR. Co., corn
435.600
4,356
Louisville Bridge & Terminal By. Co
36,220,000
362,200
Norfolk & Western By. Co., corn
100.000
1,000
'Norfolk & Western Ry. Co., pref
2.000.000
40.000
Ohio Connecting By. Co
652,600
6.526
Ohio River & Western Ry. Co
23,399,800
233,998
Pennsylvania Ohio & Detroit RR. Co
187,500
1,876
Pennsylvania-Ontario Transportation Co
36,192.300
Pittsburgh Cincinnati Chicago & St. Louis RR. Co_361.923
300.000
6,000
Valley & Cincinnati RR. Co
Pittsburgh Ohio
2,725,000
Co., pref_
Pittsburgh Youngstown & Ashtabula Ry. Co., corn_ 27,250
2.100,000
21,000
Pittsburgh Youngstown & Ashtabula By.
842.500
8,425
RR. Co
South Chicago & Southern
1,171,700
11.717
Terre Haute & Peoria RR. Co., pref
290,300
2,903
& Peoria RR. Co., corn
Terre Haute
36,290,000
362.900
Wabash By. Co., corn
31.290,000
312,900
Wabash By. Co., 5% pref. A
262,500
2,625
Walhonding Coal Co
100.000
1,000
Western Warehousing Co
375,000
7,500
Jersey & Seashore RR. Co., corn
West
1,200,000
12,000
Wheeling Terminal By. Co
320,000
3,200
Youngstown & Ravenna RR. Co
423,380
Miscellaneous
*207.745,730
stocks
Total
Bal. carried to profit
$951,412
and loss.. _ ------def$6111 320 def$939,860 $1,123,997
,
Earns, per share on 224,207 comb. pref. & ord.
$11.24
$12.01
$1.31
she.corn.stk.
Nil
(par $50)
-In addition to the dividends shown above for 1930. a special
• Note.
stock and a special dividividend of 12% ($405,642) was pajd on preferred
dend of 12% ($939,600) was paid on ordinary stock.
BALANCE SHEET DEC. 31.
1932.
1932.
1931.
$
AssetsLtalAlliiia5
5
Ordinary stock__ 7,830,000
Investment In road
and equipment-34,854,571 34,901,309 Preferred stock___ 3,380,350
9,518,000
12,248
Misc. Om prop27,870 Funded debt
Iny. in attn. cos.:
Equip. trust °Mfg. 1,173,000
grants In aid
Btocks
1,573,557 1,573,557 Govt.
1,958
481
Bowls
481 of constructionNotes
298,923
298,923 Traffic & car serv.
25,183
442,422 balances pay_ __
Advances
525,376
Other investments
50 Audited accts. and
50
wages payable__ 398,655
U. S. Government
29.253
2,042,427 2,411,058 Misc. accts. pay__
securities
3,085
Cash
556,782 Int. mat'd unpaid502,851
13.294
uno'd
247,203 Divs. mat'd
Special deposits_
12,111
Unmat'd divs. rec. 101,411
Traffic & car ser108,817 Fund, debt mat'd
vice bal. receiv_
83,993
486
unpaid
Agents' & couduc98,253
159 Unmat'd Mt. accr.
577
tom' balances_
1,454
current lab.
Misc, accts. receiv. 214,031
268,007 Other
7,445
325,917 Deferred liabilities
Matla & supplies.. 266,408
212,460
9,986 Taxes
9,535
Int.& diva. receiv77,447
937 Operating reserves
575
Other curr. assets23,200 Accrued depreciat'n
65,396
Deferred assets._
on equipment 3,459,981
Other unadjusted
173,109
210,790 Oth unadi. credits 542,601
debits
Add'ns to property
48,812
thro. inc. dr surp
Profit & loss bal_13,713,092
40,636,219 41 4104671
Total
-V. 134. p. 4380.
Total
1931.
$
7,830,000
3,380,350
9,518,000
1,374,000
Total
Bonds
notes
Fruit Growers Express Co. 5% serial mtge. 4%
Grand Rapids & Indiana By. Co., 2d
RR. Co., debenture 5%
Long Island
-year debenture 5%
Long Island RR. Co., 20
4%
New York Philadelphia & Norfolk RR.Co. inc. mtge.
-year 4U% secured
Pennsylvania Co.,35
-year secured 6)4%
Pennsylvania RR. Co., 15
Miscellaneous
Total bonds
$224,000
226,000
5.000
30,000
18.000
5.000
50.000
125.800
$683.800
$208,429,530
Total securities (par value)
$219,856,133
Carried on books at
(par value), are deposited as
Of the foregoing securities, $35,700,000
collateral.
-V. 135, p. 3688.•
•No par value.
Southern Pacific Company.
-Year Ended Dec. 31 1932.)
Annual Report
(49th
Hale Holden, President, states in part:
of surplus
-The following statements of income andto the close
Income Account.
surplus
show the net deficit for the year and the accumulated the Transportation
to Southern Pacific Co.stock from
of the year, accruing
controlled affiliated
System and from all separately operated solely
companies, combined:
Lines and Solely Controlled Affiliated
Net Deficit of the Southern Pacific the Year 1932. Compared with
1,958
Companies, Combined,for
Net Income for Year 1931. -Increased Deficit
•
52,812
Year Ended Compared With 1931.
Amount.
%
Dec. 31 1932.
444,166
$12.918,003
19,992
*Net deficit of Transportation System,. $5.779,631
433,331 13.30
3.690,370
3,125 *Net deficit of affiliated companies_ _ _ _
248,325
System
135,214
*Net deficit of Transportation solely
and of all separately operated
486
controlled affiliated cos., combined_ 59,470.001 *13,351.334
dividends.
76,155
The amounts reported exclude all inter-company
*
16,085
Controlled Affiliated ComSurplus of the Southern Pacific Lines and Solely
13,886
panies, Combined, to Dec. 31.1932.
79,676
Credit.
Debit.
79,971
*535.017,653
Total corporate surplus at Dec. 31 1931
of
3,177,201
Corporate surplus, at date of acquisition,
656,514
579,071
properties acquired during the year
•
Net deficit during the year as above)year,... $9.470,001
3,796.331
47,712
Miscellaneous adjustments during'the
522,407,835
1932
14,332,281
Credit balance Dec. 31
40,636,219 41,410,467
Pennsylvania Company.
-Year Ended Dec. 31 1932.)
(61st Annual Report
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
1930.
1931.
1932.
Dividend income
*7,391,058 $9,227,738 $12,335,284 $13,023,938
10.984
9,416
8,364
Miscell. rent income_.._
6.100
14,313
113,700
• 244
Income from fund.secur _
20,899
Income from unfunded
118,309
34,67140,044
securities & accounts_
28,636
10
395
, 5'
2
Miscellaneous income__ _
Gross income
57.446,694 09,271,023 $12,399.452 $13.266,941
Deductions
$630,859
$364,619
$750,204
$642,344
Tax accruals
Int. on funded debt_ __ _ ] 2,402,849 2.582,553 3,175,000 3,838.477
Int. on unfunded debt;
15.252 •
34,326
• 22,335
Maint. of invest. organ_
14.572
6,135
6,345
3,206
Miscall. income charges_
Cr1,385
$3,358,297 $3,827,246 $4,243,767
deductions
Total
$3,058,381
4.388,314 5,912,726 8,572,205 9,023,174
Net income
Balance transferred to
credit of prof. & loss $4,388,314 55,912,726 S8.572.205 $9,023,174
50.132,151 47,457,257 46,429,558 40,628,082
Previous surplus
Sundry net credits dur4,255,802
ing Year
348,052 3,738,317
Profit on sale of Recurs
554,868,517 *57,108.300 $55,001.763 553,907,058
Total surplus
Less div. approp----(4%)4.985,000(5)6,231.250(6)7,477.500(6)7,477,500
67,006
744,899
36,007
Sundry net debits
Profit and loss surplus,
$49,847,510 $50,132,151 $47,457,257 $46.429,558
Dec.31
2967
BALANCE SHEET DEC. 31.
1931.
1932.
1931.
1932.
$
$
Liabilities$
$
Assets4.571,867 4.561,817 Common stock_124,625,000 124,625,000
Misc. PhYs. prop
1%
, gold bonds 50,000,000 50,000.000
43
Securities owned:
39.435
36.269
219,206,948 219,601,731 Misc.accts. pay.
Stocks
60,395
47,643
441,378 Int. mat'd unpd.
649,185
Bonds
int.
387,396 Unmatured
1,140,552
Cash
395,833
395.833
462 accrued
12,800
Misc, accts. rec.
Accrued taxes
Int. & dive. rec- 1,307,846 1,315,464 Profit and loss,1,951,246 1,409.737
354,304
14,302
Misc. advances.
49,847,510 50,132,151
balance
$535.674,167 1535.674,167.
(The income account in detail was given in"Chronicle" Feb. 18, p. 1195.1
Transportation Operations-Southern Pacific Lines.
The following tabulation gives the transportation operations for the
the
five years 1928, 1929, 1930, 1931, and 1932, compared with 1917,year
last year prior to Federal control, and with 1921, the first complete
subsequent to Federal control. the figures being given in round thousand
dollars:
1929. 1928: 1921. 1917.
1932. 1931. 1930.
.$142,597$198,642$258,758$310,969$300.104$269,494$193,971
Operating revenues,,
73.51 102.41 133.40 160.32 154.72
WM 1917
52.91 73.71 96.02 115.39 111.36
% In 1921
Operating expenses....$115,203$151,708$187,645$219,698$216,734$212:iii3120:fili
____
95.52 125.79 155.59 182.17 179.71
% of 1917
54.19 71.37 88.27 103.35 101.96
% 011921
80.79 76.37 72.52 70.65 72.22 78.88 62.17
Operating ratio
Net rev.from ry. oper. $27,394 $46,934 571,113 $91,271 $83,370 $56,922 $73,370
37.34 63.97 96.92 124.40 113.63_• % 01 1917
48.13 82.45 124.93 160.34 146.46
% of 1921
Railway tax accruals 514,768 $17,057 $19,242 $22,264 521,525 $15,555 $13,792
107.08 123.67 139.52 161.43 156.07
% of 1917
95.04 109.77 123.83 143.28 138.52
% of 1921
Net ry. oper. income_ $5.606 $21,964 $43,109 $59,742 554.908 $35,947 $aiiii
9.01 35.28 69.25 95.97 88.20
% in 1917
15.60 61.10 119.92 166.19 152.75
% of 1921
Trafficunits(ton-miles,
all freight, plus three
times paas'ger-miles)
12,460 16,580 20,703 24,150 23.149 17,451 20,877
-millions
59.68 79.42 99.17 115.68 110.88
% of 1917
--_71.40 95.01 118.64 138.39 132.65
% of 1921
As has been stated in reports for previous years. the Transportation Act
shall be allowed to maintain schedules of
of 1920 provides that the railways
rates which will enable them to earn a fair return upon the aggregate,value
of railway property held for and used in the service of transportation such
fair return being 54%,as last fixed by the I.-8. C. Commission, under the
authority of the Act. The existing rate structure has failed, however, to
give company the fair return contemplated by the Act, in any year since
the Act became effective, although in that period, prior to the year 1930.
•
2968
.
Financial Chronicle
April 29 1933
company handled the largest volume of traffic
in its
traffic, payment of excessive commissions and acceptan
return upon the book value of road and equipme history. The rate of
ce of whatewr
nt of Southern Pacific
fares could be collected.
Lines has been as follows:
Motor Truck Corn petition.-The methods discusse
1921
3.36%11925
3 77% 1929
to recover some of the traffic lost to motor truck d in last year's report
4.02%
1922
competit
4.29 11926
continued and augmented as explained in the comment ors have been
3.98
1930
2.85
1923
s on Store-Door
4.81 11927
Pick-Up and Delivery Freight Service. There is
3.59
1,931
1 45
1924
3.99 11928
regulate motor truck operations $o as to bring a growing sentiment to
3.76
1932
.37
Average return for 12 years
abou,t a more equitable
basis of competition with other forms of
3.35%
Wages.
-In addition to the reduction
subject to governmental regulation, and this transportation that are now
sentiment is being translated
of all officers and employees, mentionedof 10% in the salaries and wages
into legislation designed to accomplish this result
in last year's report, which was
in various States through
made effective Jan. 1 1932, as to some of those
which your lines operate. In Oregon, Utah, New
involved, and effective
Mexico, and Texas,
Feb. 1 1932, as to the remainder, a further
laws regulating motor truck operations have been
reluctio
enacted, and there Is a
Aug. 1 1932, was made in the salaries of all officers n of 10% effective
fair chance for similar legislation in the State
receiving $10,000 or
of Nevada and increased
more, per annum. The saving in operating
regulation in California.
expenses, as the result of these
reductions, was $7,038.000. The estimate
15% Rate Increase 1931(Ex Pane No. 103).
that
-The
would result from the 10% reductions effective a saving of $9,000,000
to carriers' application for a 15% increase in rates, Commission in response
at the beginning of 1932,
was not fully realized due to later successi
on many commodities effective Jan.'4 1932. Theauthorized small increases
ve decreases in forces. The
period of reduction in wages of organized
increases in rates, after deductions for claims andrevenue derived from the
employe
accounting charges, was
national agreements was, by negotiation, extended es covered by local or
loaned to the Railroad Credit Corporation to be
to
used in
1933. The percentage reductions mentioned herein and including Oct. 31
certain conditions, to participating carriers who are making loans, under
were also applied to
unable to meet their
the salaries and wages of all officers and employe
fixed charges. The amount paid over to the Railroad
es of the solely controlled
Credit Corporation
affiliated companies.
from additional revenues accruing to Southern
On April 19 1933, by order of the Executive
controlled and jointly controlled affiliated Pacific Lines and its solely
Committee, a further reduccompanies for 1932 was
tion of 10% effective May 1 1933, was ordered
$1,894.888.
to be made in salaries of
all officers receiving over $4,200, per annum.
In accordance with the order of the I.
-S.
increases in rates were published to expire onC. Commission the emergency
St. LOWS Southwestern Railway.
-Under authority granted by the I.
March 31 1933. The carriers
-S. C.
asked for authority to continue the increased
Commission, in its order dated Jan. 12 1932,
rates after that date and
and its supplemental order
decision on this application was rendered by the
dated March 14 1932, company on April
14 1932, in addition to the 87.200
1933, permitting continuance of the emergency Commissionon March 7
shares of preferred stock and the 42,600 shares
increase
of common stock which it
1933. Revenues from these increases in rates, on traffic s until Sept. 30
already owned, purchased, as the result of
an agreement entered into in
loaded subsequent
to March 31 1933,
1930, 59,380 shares of preferred stock and 24,700
shares of common stock' lines such revenues will be retained by the carriers, respectively, on whose
of the St. Louis Southwestern Railway, and
accrue.
shares of Southern Pacific Co.common stock on April 19 1932, issued 37,459
and paid
Our usual comparative income account was publish
ing $1.323 in lieu of issuing 98 fractional shares of its in cash sums aggregated in
stock, in exchange for
V. 136, p. 1195.
37,315 shares of preferred stock and 45,504
shares of common stock of the
St. Louis Southwestern Ry. which had been
deposited with the Guaranty
BALANCE SHEET DEC.31 SOUTHERN PACIFIC CO.
Trust CO. of New York, under the terms of
AND
an
SYSTEM COMPANIES COMBINED.TRANSPORTATION
to the minority stockholders of the St. Louis offer made on June 16 1931,
•
Southwestern Ry. in which
the company agreed to exchange its own
1932.
1931.
common stock for St. Louis
1930.
1929.
AssetsSouthwestern Railway Co. stock.
$
$
$
$
Invest. in road and equip.1,502,844,545 1,517,509,132
During the period from April 19 1932, to Dec.
1,512,792,742 1,483,830,251
311932. company issued
Improvements on leased
11,047 additional shares of its common stock
and paid in
rail property
aggregating $932.40 in lieu of69 1-15 shares offractiona cash further sums
644,987
650,005
638,557
l stock, in exchange
634,653
Sinking funds
for 8,649 shares of preferred stock and
8.371,104
5,990,524
19,548,328
21,847,205
Deposits in lieu of mtge.
the St. Louis Southwestern Ry. With 17,780 shares of common stock of
these
property sold
pany, therefore, up to the close of business additional acquisitions com188,490
213,911
on Dec. 31 1932, owned an
791,470
2,966,437
Miseell. physical property
aggregate of 323.128 shares or 87.14% of
3,121,463
3,097,588
3,274,246
3,196,590
Invest. In affiliated cos.:
common and preferred stocks of the St. the 370,797 shares of outstanding
Louis Southwestern Ry.
Stocks
396,171,803 371,301,126 371,131,3
As stated in last year's report, the -S. C. Commiss
ion, approved a loan
Bonds
of not to exceed $18,000,000 by theI.
179.894,904 176,138,985 148,471.711 369,913,256
Reconstruction Finance Corporation
84 147,578,241
Other stocks and bonds 61,923,871
to the St. Louis Southwestern Ry., upon conditio
62,029,011
82,897,988
n the Southern Pacific Co.
83,433,198
Notes
would give its unrestricted guaranty
24,245,746
24,225,999
of the
23,923,640
24,060,605
Advances
interest of the notes evidencing such loan.collection of the principal and
57,682,771
49,368,745
47,099,051
45,758,295
Other investments
During the year 1932, the St. Louis Southwe
12,292,192
31,830,365
stern Ry.obtained from the
19,957,643
8,129,761
Cash
R. F. C., with approval of the Commiss
15,505,412
21,389,072
ion, loans totaling $17,684,450
22,571,739
28,359,732
Demand loans & deposits
on which company, in compliance with the
1,305
1,305
requirements of these govern1,305
3,138
Time drafts and deposits_
mental agencies, gave its unrestricted
6,000,000
guaranty of the collection of the
7,890,000
500.000
Special deposits
principal and interest. To Dec. 31 1932,
43,178
52,087
a total of $790.000 had been
58,642
36,349
Loans and bills receivable
repaid, leaving $16,894,450 outstanding
1,533.355
1,799.172
203.418
291,390
Traffic and car service
With the same unrestricted guarantyas of that date.
by
balance received
the collection of principal and interest, and the Southern Pacific Co. of
2,763,998
2,727,350
with the approval of the Com3,064,378
3,089,729
Net balance reedy. from
mission, the R. F. C., on Feb. 10 1933, and
Feb. 22 1933, approved the
agents & conductors_ _ _
1,232,824
granting of $1,105,550 of additional loans
1,683,547
to the St. Louis Southwestern
2,245,596
3,036,239
Miscall. account]; receiv.
By. To March 29 1933,$541,800 of the
3,830,200
4,800,457
addition
5,573,663
7,340,223
Material and supplies
and the remainder will be advanced in amounts al loans had been received
25,064,316
30,716,897
33,367,058
required from time to time
30,925,697
Interest and diva. receiv_
to meet cash requirements.
1,214,029
2,941,301
2,831,922
2,832,243
Rents receivable
Store
-Door Pidc-Up and Delivery Freight Service.
9,019
14,019
-The volume of traffic
14,019
14,019
Other current assets
secured by the Pacific Motor Transpor
5,740,378
7,278,848
t Co.
7,718,040
Working fund advances8,909,357
for the year 1931. Intra-State operations increased 43.42% over that
77,264
104,549
were extended so that this
89,912
128,990
Insurance, &o.. funds.service is now available to most of the
57,310
35,810
communities served by your lines in
35,810
35,810
Other deferred assets
California. Oregon, Arizona and Nevada.
2,480,074
1,072,113
1,234,085
2,130,383
Rents dv Insurance prem.
In addition to the three reported last
..
paid In advance
secured from the California Railroad year, Pacific Motor Transport Co.
263,120
276,372
Commission three new highway
251,043
147,844
Discount on capital stock
truck operating rights, two of which were
5,959,083
5,959,083
5.959.083
3,813,600
Discount on lunded debt_
permitted the Transport company to effectalternate route extensions that
12,994,362
13,384.546
savings in operating time and
10,820,436
8,978,086
Other unadjusted debts
expenses.
7,905,506
7.193,667
7,060,055
7,809,220
Under an arrangement with the Souther
--,n Pacific Co., Pacific Motor
Total
Transport Co. furnishes on a cost•plus
2,332,056,608 2,349,785,584
basis motor truck service wherever
2,321,512,942 2,277,770,543
needed and eesired by company, and between
Licerilittestruck service has been substituted for steam a number of points highway
freight deliveries and permitting company train service, providing earlier
Capital stock
377,248,809 372,403,5
to effect substantial savings in
rail operating expenses.
do trans. system cos. 383,471,817 383,488,486 372,403,866 372,403,866
80 383,466,160 381,069,840
Much of the competitive traffic handled
Prem. on capital stock... 86,304,845
6,304.845
by the Transport company has
6,304,845
6,304,845
Governmental grants_ _ _ _
been taken from competing motor trucks.
820,232
748,315
742,163
654,300
Funded debt
Considerable progress was made in Texas by
6821,584,374 827,084,787 784,872,7
the
28 744,342,448
port Co. in securing new patrons; but the volume Southern Pacific Trans-- Non-neg, debt to affiliated
companies
to general business conditions, and the growing of traffic decreased due
24,812,088
27,959,848
38,582,324
48,240,991
Traffic and car service
houses to extend their own truck deliveries into tendency of wholesale
wider areas. Operations
balance payable
were also affected by lack of enforcement of motor
2,385,611
3.087.058
carrier laws enacted by
3,538,358
4,513,804
Audited accounts and
the 42nd Texas Legislature (1931), this conditio
n growing out of court
wages payable
Injunctions graLted in many cases brought by
6,523,113
8,166,832
11.829,702
16,953,819
Loans and bills payable
peting with the Transport company. It is motor truck operators com7,002,050
believed that
3,000,000
Miscell. accounts payable
6,040,000
5.359,991
rendered by the U. S. Supreme Court Dec. 5 1932, upholdin the decision
5,775,108
1,743,275
g the validity
1,565,012
Interest payable and Int.
of the Texas truck laws, will substantially eliminate
local court interfermatured unpaid
3,677,449
ences heretofore prevailing.
4,035,756
4,036,574
Divs, payable and diva.
4,095,180
Southern Pacific Transport Co. of Louisiana was incorpor
ated, and commatured unpaid
menced operations on April 16 1932. The service was
8,824
3,768,986
5,631,129
immediately popular
Fund, debt matured unpd
5,827,284
and has been extended into all districts served by
45,550
69,520
your lines
63,570
222,580
Unmatured int. accrued_
In addition to store-door pick-up and delivery service, in Louisiana.
6,084,375
7.507,995
7,171,438
the Transport
0,547,275
Unmatured rents accrued
150,135
company secured authority of the Louisiana
184,984
171,332
Other current liabilities
189,885
for operation of motor trucks upon a total of Public Service Commission
206,275
399,397
511,523
1,836 miles
Liability for prov. funds
798,850
466,672
through co-ordination of the Transport company's truck of highway, and
416,748
33,750
Deferred liabilities
19.280
under contract) with rail operations, company has been service (operated
483,927
525,890
409,953
enabled to reduce
Tax liability
478,997
4,528,953
branch line train service, thus effecting reductions
5.231,292
of about 220.000 train6,363,653
Instr,and casual. reserves
9,140,492
, miles a year with resultant operating savings
2,712,274
3,120,208
of approximately $100,000
3,346,024
3.385,483
Aecr. deprec. of road and
annually. The new service has fully met expectat
equipment
c133,448,733 137,519,727
operating savings, and is recovering traffic previous ions in effecting rail
ly lost to highway and
129,483,284 121,002,316
Other unadjusted credit_ 38,359.815
waterway carriers.
36,673,825
36,656,551
Additions to property
34.410,255
The total charges to the public for the year
1932 for transportation of
through incame & surp_
10,895,403
shipments handled via rail and truck under the jurisidct
10,861,628
10,655,856
ion of the three
10,339,907
Fund.debt retired through
Transport.companies mentioned above, were $2,835,4
income and surplus.... 12,196,508
or 28.96%, more than for the two Transport compani 89 and were $636,756
11,931,710
26,454,020
es operating in 1931.
Sinking fund reserve....
26,193,120
8,522,591
8,009,093
21,600,786
20,114,924
Appropriated surplus not
Pacific Greyhound Corp. and Southland Greyhound Lines.
.
specifically Invested.. _ _
3,818,178
3,818.178
I These are independently operated bus lines in which
3,818,178
3,818,178
Front and loss
472,938,238 480,753,855
Southern Pacific
458,820.999 451,337,870
owns about a one-third interest.]
Total*
332,058,808 2,349,785.584
Pacific Greyhound Corp.and subeidigries
2
2,321,512,942 2,277,770,543
motor bus lines on the Pacific Coast south operating most of the important
a Represents (1) difference between 127,319,240, par
of
Lake City, Utah, and El Paso, Texas. earned Portland and west of Salt
value, 4% 20
-year cony.
bonds converted into common stock, and $21,014,8
net income of $412.960 for
00, par value, common stock
the year; an increase of $29,996 or 7.83%. compare
ssued in exchange therefor and i2) difference between
d with
3900, par value, and $1,305,
for year 1931. This result was accomplished during a periodthe net income
selling price, of 9 shares of common stock Issued at
$145 per share upon surrender
revenues by reducing service as traffic diminished, disposin of falling gross
of warrants attached to Southern Pacific Co. 40
g of equipment
-year
not required, thus saving depreciation and mainten
b Includes $131,353,358 owned by Southern Pacific 434% gold bonds of 1929.
ance charges, and by
obtaining a full year's benefit of lower wage
Transportation System companies, $6,026,000 held in Co., $12,889,009 owned by
scales made effective in
sinking funds of TransportaNovember 1931.
tion System companies. c Represents, principally
accrued depreciation on electric
"Nitecoach" service, using buses with sleeping
power plants and sub-stations, general office building
at San Francisco, oil storage
established between San Francisco and Los Angelesaccommodations, was
plants, grain elevators, and similar facilities.
via Coast and Valley
-V. 136, p. 2795.
routes, and between San Francisco and Medford, Oregon.
Where diminishing traffic on branch bus lines made
operate standard equipment, arrangements were made in unprofitable to
Texas & Pacific Ry.
performed by independent operators under suitable to have the service
those operators agree to feed traffic to Pacific Greyhou contracts whereby
-Year Ended Dec. 31 1932.)
(Annual Report
nd's main bus lines
and will not establish any other service In competition
with Pacific GreySTATISTICS OF OPERATIONS FOR
hound.
CALENDAR YEARS.
Southland Greyhound Lines, Inc. and subsidiaries,
operating most of
1932.
1931,
the important motor bus lines in Texas, had a net loss of
1930.
1929.
1,950
$143,244 for the 'Miles operated
1,951
year, compared with loss of $126,648 for 1931. Substantial
1,956
1,994
Operations
reductions
made in service and operating expenses but the savings were more were
than
Passengers carried
680.396
offset by falling off in revenues.
751,704
819.482
1,010,027
Pass. carried one mile.- -108.219,075 119,548,078
The agreement with other Greyhound Lines making
Southland Grey142.671,560 168,077,954
Rate per pass. per mile_ - 2.12 eta.
hound part of a new through route between Pacific Coast points
2.74 cts.
3.09 eta.
3.24 cts.
Freight (tons)
6,673,412 10,437,621 11,418,8
East, mentioned in last year's report, did not produce the additionand the
74 13,410.955
al busTons per mile
1325239789 2055266930 2736625,219319
iness expected, principally because of more intensive competit
0003,029
Av.rate per ton per nil
1.246 eta.
independent inter-State bus operators who used, as a means of ion with
1.168 eta.
1.107 eta.
1.155 eta.
obtaining
Av.tr-I'd (rev.) (tona)
448
520
552
556
2969
Financial Chronicle
Volume 136
INCOME ACCOUNT FOR CALENDAR YEARS
Operating Revenues
1931.
1930.
1929.
1932.
Freight
$16,511,723 $24,005,054 $30,286,655 $36,829,630
4,415,831
5,442,679
Passenger
3,282,023
2,297,841
Mail
881,547 • 1,279,207
815,687
850.888
Express
1,145,907
917,529
670,710
459,671
375,344
Miscellaneous
512,746
722,629
723,433
Incidental, &c
527.993
623.666
476,654
531.043
Total
$21,339,398 $30,007,959 $37,542,301 $45,696,434
Operating Expenses
Maintenance of way,&c. $2,046,834 $3,647,693 $5,638,322 $7,395,147
Maintenance ofequip_ _ _ 3.794,637
6,226,466
7,801,173
4,954.847
Traffic expenses
1,086,196
1,051,306
942,363
814,819
Transportation expenses 6,727,261
9,519,389 12,005,451 14,144,602
General expenses
1,484,020
1,505,670
1,369,365
1.292,813
Miscell. operations
377.396
342,020
278,823
240,752
Transportat'n for invest. Cr47.585
Cr97.849 Cr347,956 Cr438,814
Total oper. expenses_ _$14,869,530 $20,614,631 $26,421,279 $31,849,721
Net earnings
9,393,329 11,121,023 13,846,713
6,469,868
Tax accruals, &c
2.260,457
1,746,999
1.212.119
1,513.720
Operating income_ ___ 85,257,749 $7,879,608 $9,374,023 $11,586.256
Other operating income_
992,833
969,698
911,621
843,883
Total oper. income_ _ _ $6,101,632 $8,791.229 $10.366.856 $12.555,954
Hire of equipment
2,789,012
2,250,118
1,383,936
2,028,260
Rentals, &c
988,559.
892,651
881,050
845,849
Net inc. bet,fix. chgs_ $3,
8/1,848 $5,870,317 S7,235.687 $8,778,383
Non-operating income_ _
507.047
1,113,608
540;125
512.408
Gross income
$4,384,257 $6,410,442 $7,742,735 $9,891,991
Int. on funded debt.. _ _ _ 4,211,242 4,238.555
3,918,577
3,620,135
Int. on unfunded debt_ _
37,580
62,103
107,879
8,773
Misc,rents, taxes, &c.._ _
92,450
79,674
64,087 .
71,531
Net income
$92,710 $2,041,858 $3,652,191 $6,130,074
Preferred dividends.. _ _ _
1,185,150
1,185,150
1,185,150
296,288
Common dividends
1,453,313
1,937.700
1,937,695
Income balance
$529,341 $3,007,229
def$203,578 def$596,605
Earns, per sh.on 387,551
shs.com.stk.
$2.21
$12.76
(par $100)
Nil
$6.37
BALANCE SHEET DEC. 31.
1932.
1931.
1932.
1931.
Assets
Liabilities$
$
$
$
Inv. in road and
Common stock_ 38,755,000 38,755,000
equipment_ _ _187,876,909 189,583,838 Preferred stock_ 23,703,000 23,703,000
Dep. in lieu of
Fd. debt unmat. 84,539,600 85,698,800
mtged. prop_
225,638 Traf.& car serv.
Misc. phys. prop
535,844
456,763
657,720
bals. payable533,842
Inv. In aril. cos_ 10,764,243 9,698,604 Aud. accts. and
Other invests_
wages payable 2,035,867 1,735,254
105,434
101,884
Cash
940,156 1,638,329 Miscell. accounts
63,652
Time drafts &
70,197
payable
47,665
45:91 88
9 10
deposits
253,854 Int. mat'd unp'd
5,910
Special deposits_
60,586
59,135 Div. mat. unp'd
Loans & bills sec
378,011
401,569 Fund,debt, mat.
3,870
Traffic and car
3,870
unpaid
735,664
serv. bale. rec.
750,938
514,466
548,257 Unmat.int.accr_
Agts.& cond. bal
116,203
150,495 Unmatured rents
99,144
105,043
Misc. accts. rec. 1,238,082 1,372,281
accrued
63,697
Mat'ls & supple .
43,681
3,053,468 3,638,502 Other curr. liab.
92,662
Int. & dive. rec.
, 31,715
105,927
91,002 Other def. liab
0th. curr. assets
-283,568
131,942
12,818
.19,189 Tax liability.-_
Work, fd. advs.
15,074
19,927 Prem. on fund
22,002
22,002
Other def. assets
19,320
17,170 debt
Rents and Maur.
Accrued deprec.,
prom's prep'd
equipment_ _ 11,267,480 10,538,747
19,360
20,009
461,476
416,474
0th. unad). deb 1,601,317
1,366,309 Oth, unadj. creel.
Add'ns to prop.
thr.inc. & sur. 30,328,321. 30,326.990
Profit and loss
credit balance 14,777,377 16,551,617
Total
207,479,094 209,739,835
-V. 136, p. 2236.
Total
207,479,094 209,739,835
International Railways of Central America..
-Year Ended Dec. 31 1932.)
(Annual Report
-YEARS ENDED DEC. 31.
CONSOLIDATFD INCOME ACCOUNT
1929. 1932.
1931.
1930.
Railway operating rev__ $4,403,366 $5,208,652 $6.432.513 $7,578,993
3,524,728
3.785,055
4,451,501
Railway operating exp.. 2,787,222
5,896
65,000
216,900
232,346
Railway tax accruals_ _ _
339
3,453
631
Uncollectible ry. revenue
1,158
Railway oper. income_ $1,609,091 $1,618,585 $2,427,105 $2,894,514
253,449
341.039
452.794
484,352
'Net inc.from MISC oper.
208,625
230.289
289,633
Non-operating income__
301,654
-
Gross income
$2,071,165 $2,189,913 $3,169,532 $3,680,520
1,589,279
1,201,034
1,516,021
Int,on bonds and notes_ 1,485,105
107,761
109,100
110.900
65,456
Amort. of discount
Inc.applic. to Occidental
20
20
14
20
RR. minority interest
18,639
19,148
4,512
Miscell. income charges_
18,800
Net income
Sinking fund reserve_ __ _
Dividends pref. stock
$459,479
144,884
Balance,surplus
$314,50
Previous surplus
8.684,499
Donations
Unrefundable over.chges
Prof. on road & eq. sold_
Miscell. adjustments__ _ _
85,032
$546,132 $1,450485 $2,409,504
124,557
117,529
133.279
375,000
500,000
500.000
$37,853
8,607,613
616
106
336
185,596
$825,628 $1,791,975
5.846,868
7,604.714
1.381
975
304,224
249
44,190
Total
$9,084,126 $8.832,119 $8,736,922 $7,683,283
Deduct
10,840
7,207
Loss on retired rd. & eq.
13,487
Forfeiture of concession
25,000
dep.,Govt.of Honduras
118,469
53,569
31.042
140.413
Miscell. adjustments__ _
Bal. at cred., Dec. 31_ $9,039.597 $8,684.499 $8,607.613 $7,604.714
$2.62
$5.69
$0.12
Earns, per sh.common_ _
$0.99
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1932.
Assets$
$
Road & equipml_79,559,662 79,556,924
Imp, on leased ry.
82,926
85,002
property
786,697
Inv.In attn. cos794,393
369,390
Misc. phys. prop__ 386,910
Dep.in lieu of mtge
13,600
15,266
property sold....
•Other investments 1,367,270 1,367,270
827,536
972,420
Sinking fund
688,082
Cash
1,246,021
Time drafts & dep.
30,000
42,515
Special deposits_ __
38,418
301,075
Loans & bills rec.
43,962
24,972
Int. & dive. rem'ble
23,646
Agents & conduct's
43,850
992,730
Materials & supprs 845,391
612,420
Miscell. accotmt_ 609,955
Other def. assets__ 1,050,610
849,910
Dtsc.On fund. debt 2,151.940 2,267,188
92,401
Rent & insurance_
72,610
0th. unadj. debits.
14,204
43,230
1932,
1931.
Liabilities$
$
x Common stock__30,886,144 30,886,144
Preferred stock_ _ _10,000,000 10,000,000
Govermn't grants_ 7,471,837 7,471,837
Funded debt
23,734,291 23,958,291
Loans & bills pay_y1,800,000 2,058,815
102,283
Accts.& wages pay . 72,280
129,489
mt.& dive.
_ 119.174
336,364
346,230
Interest accrued
72,212
63,502
MIscell. accts. pay
Fund. debt mat'd
• mil
17,650
17,650
unpaid
Minority interest
NI
230
210
Occidental RR.
596,380
596,416
Tax liability
9.547
34,896
Ins.& casualty res.
Accrued deprec'n_ 3,612,629 3,208,131
47,595
24,883
Operating reserves
131,207
0th. unadj. credits 136,571
827,536
Sinking fund res._ 972,420
401.729
Appropriated surp. 401,729
Profit and loss_ _ _ _ 9,039.597 8,684,499
89,303,938 88,966,458
Total
89.303,938 88,966,458
Total
x Represented by 315,000 shares (no par). y On April 1 1933 company met this obligation by paying $200,000 in cash and issuing $1,600,000
new notes maturing April 1 1934.-V. 136, p. 2416.
General, Corporate and Investment News
STEAM RAILROADS.
Surplus Freight Cars.
-Class I railroads on March 31 had 681,203 surplus
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a decrease of 9,858 cars compared with March 14, at which time
there were 691,061 surplus freight cars. Surplus coal cars on March 31
totaled 244,242, an increase of 2,457 cars above the previous period; while
surplus box cars totaled 362,236, a decrease of 10.514 cars compared with
March 14. Reports also showed 33.225 surplus stock cars, a decrease
of 745 compared with March 14, while surplus refrigerator cars totaled
14,239, a decrease of 115 for the same period.
New Freight Cars and Locomotives Placed in Service During First Quarter.
Class I railroads of the United States in the first three months of 1933
placed in service 577 new freight cars, the car service division of the
American Railway Association announced. In the same period last
year 1,079 new freight cars were placed in service. The railroads on
April 1 this year had 1,873 new freight cars on order compared with 2,974
on the same day last year.
The railroads placed one locomotive in service in the first three months
this year compared with three in the same period In 193g. New locomotives on order on April 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.
Freight Cars in Need of Repair.
-Class I railroads on April 1 had 274,368
freight cars in need of repair or. 13.2% of the number on line, according to
the Car Service Division of the American Railway Association. This was
an increase of 4,990 cars above the number in need of repair on March 1,
at which time there were 269,378 or 12.9%. Freight cars in need of heavy
repairs on April 1 totaled 198.983 or 9.6%, an increase of 4,510 cars compared with the number in need of such repairs on March 1, while freight
cars in need of light repa
1.irs totaled 75,385 or 3.6%, an increase of 480
Compared with March
-Class I railroads of this country on April I
Locomotives in Need of Repair.
had 10,545 locomotives in need of classified repairs or 20.6% 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
255 compared with the number in need of such repairs on March 1, at which
time there were 10,290 locomotives in need of classified repairs or 20%.
Class I railroads on April 1 had 9,215 serviceable locomotives in storage
compared with 8,966 on March 1.
-Abolishes Position of Chairman
Boston.& Maine RR.
Two New Directm s.
The office of the Chairman of the board of directors was discontinued by
the board, at their organization meeting held on April 25, for the ensuing
year. There will be a resultant saving by the railroad of $15,000 per year,
the salary of the office.
Thomas Nelson Perkins, who had held the office since April 9 1930, will
Continue, as a member of the board of directors and of the executive committee, his active association with this company. He has been affiliated
with the Boston & Maine RR. since 1924, serving as a member of the
board, Chairman of the Executive committee, acting President and as
Chairman of the board.
At the meeting the board accepted the resignations of Walter C. Baylies
of Taunton, Mass., and Roger Pierce of Milton, Mass., as directors. Roger
Amory, trustee of the Weld and other estates of Boston and Westwood.
and James Garfield Lowell of Boston and Cambridge, were elected to:fill
-.V. 136, p. 2793.
the vacated place. ("Boston News Bureau.").
Boston Terminal C--- rustee Asks if It Can Give Paro.-T
tial Release of Mortgaged Property-Government Would Buy
Part of Property.
The trustee of the $15,663,000 bond issues covering the South Station
property, Boston, has brought a petition for instructions in the Supreme
Court at Boston as to whether it can give a partial release of the mortgage
In the sum of $1,050,000 to the Boston Terminal Co. and whether it can
Invest that amount of money, to be paid the Terminal company for part
of the property for use for the Postal Department, in bonds or other securities of the Federal Government or in bonds or other securities that are
legal investment for Massachusetts savings banks, or whether t can hold
that sum of money in trust. It also asks whether it can pay up to $100,000
to the Terminal company for new construction and whether It can pay
over to the Terminal company, on approval of the Department of Public
Ut lities, further sums for addit ons, betterments or improvements On
the property covered by the mortgage.
The petitioning bank is trustee of a bond issue of Feb. 1 1897 of $14.500.000 of
% bonds and of a bond issue of July 1 1930 of $1,163,000 of
4% bonds. The petition states that the 25 respondent savings banks and
John Roessle hold $7,7753300 of the registered bonds; and that of the second
ssue of bonds $290,000 are in registered form and are held by the savings
banks.
It is stated that on March 11 1933 the Federal Government agreed
to purchase for its Postal Department for the sum of $1,050,000 a certain
part of the Terminal property; that the assessed valuation of the property
covered by the mortgage is $15,810,000 and that its final value as found
by the I.
-S. C. Commission on June 30 1915 is $20,770,500, and that
the capital structure of the Terminal company is: Capital stock, $500,000;
mortgage bonds, 815,663,000.-V. 131, p. 781.
Central Argentine Ry.-Postpones Interim Dividends.
The directors announce that Argentina has, for some considerable time.
Imposed rigorous restrictions on exchange operations. Although the company possesses large funds available in Argentina, all recent efforts to
secure permits for remittance, except in payment for stores and materials..
have failed. The directors, therefore, regret that consideration of the interim
dividends on the 4)4% and 6% preference stocks must be postponed. The
whole situation is at present under consideration by representatives of the
British and Argentine Governments. (London "Stock Exchange Weekly
Official Intelligence.").
-V. 135, p. 4558.
Central of Georgia Ry.-May 1 Interest.
The Central of Georgia Ry. announces that funds to pay interest coupons
due May 1 1933, on the 5% collateral trust bonds, due May 1 1937, of
Central Railroad and Banking Co.'of Georgia, have been deposited with
Central Hanover Bank & Trust Co., trustee.
-V. 136, p. 2416.
Chicago & Eastern Illinois Ry.-Company Asks Securityholders to Advise It of Holdings.
-The company has issued
the following letter to its securityholders:.
This company will be required, on May 1 1933, to meet substantial payments for interest and taxes. Due to general business conditions, the net
revenues of this company, thus far this year, as well as for the year 1932.
have been insufficient to meet current charges, and at present funds_are
not available to meet the above-mentioned obligations.
2970
Financial Chronicle
It has become evident that a capital readjustment of this
necessary, and a plan therefor will be formulated, and, in due company is
course, will
be ready for submission.
For the purpose of effecting a plan in accordance with the recent Act of
Congress in aid of railroad reorganization, and to preserve the properties
and best interests of its securityholders, pending the consummation of
such plan, a petition has been filed by this company in the United States
District Court, at Chicago.
Please mail the enclosed card, giving information as to your holdings of
our securities, in order that, from time to time, we may keep you advised
as to progress in this situation.
Not to Pay May 1 Int.-
The interest due May 1 1933. on the general mortgage 5% gold bonds,
due 1951, will not be paid on that date.
-V.136, p: 2793.
Chicago Indianapolis & Louisville Ry.-Bonds Application Denied.
-
April 29 1933
Duluth & Iron Range RR.-Earnings.---Income Account for Year Ended Dec. 31.
Non-Operating Income1932. •
1931.
Income from lease of road
$1,212,213 $1,208,784
Miscellaneous non-operating physical property_
4,069
2,877
Income from funded securities
214,066
214,066
Income from accounts and deposits
334,215
315,414
Release of premium on funded debt
4,007
4,007
Miscellaneous income
59
8
Gross Income
$1.768,629 $1,745,157
Deductions from Gross Income
Railway tax accruals
Cr$21,010 Cr$169,114
Miscellaneous tax accruals
3,359
•3,670
Interest on funded debt outstanding
407.550
407,550
Interest on unfunded debt
11
Miscellaneous income charges
Cr105,054
272,599
Maintenance of investment organization
10,367
21,388
The I.
-S. C. Commission on April 10 denied the application of the company for authority to procure the authentication and delivery of $177,000
Total deductions
1st and gen. mtge. 6% gold bonds, series B to pledge and repledge the
$295,212
8536.104
bonds as collateral security for short-term notes.
Balance of net income for year
In denying the application the Commission stated in part:
$1,473,418 $1,209,053
The total athount of the applicant's capital liabilities, including capital
Balance Sheet Dec. 31.
stock and funded debt obligations actually outstanding, in its treasury,
1932.
1931.
and pledged, plus its surplus, is $53,168.391, and the total amount of its
1932.
1931.
Assets
Li bitfiles$
funded debt, including obligations actually outstanding, in its treasury, and
$
$
Property Inyestm't29,782,201 29,956,713 Capital stock
pledged, Is $32.791,759, or approximately 61.6% of its capital liabilities
, Misc.physical prop 2,586,949 2,412,301 Grants in aid of 6,500,000 8,500,000
plus surplus. The amount of the applicant's current liabilities is approxiOther investments. 4,856,480 4,858,480 construction _
mately four times that of its current assets; its interest charges for 1932
2,071,382 2,071,382
Cash
14,987
36,296 Funded debt
amounted to $1,516,761; and its net income account showed a deficit of
8,151,000 8,151,000
Special deposits__ _
8,450
4.075 Audited accts. Pay
$1,261,601 for 1931, $1,594,813 for 1932. and $221,351 for Jan. 1933.
855
5,914
Demand loans and
Misc, accts. parte
Under the circumstances we are unable to find that the proposed procure22
32
11,702,902 10,655,277 Int. matured unpd
deposits
ment by the applicant of authentication and delivery of additional bonds
8,450
4,075
Misc. accts.
594,274
578,110 Unmet. Int. accr'd 101,888
to be used as collateral security for notes as aforesaid is compatible with
101,888
Int. & divs. ree
45,368
45,368 Accrued tax nab_
the public interest. The application must, therefore, be denied.
34,763
172,387
D. M. & N. Ry.
Prem. on . funded
Commissioner Meyer, dissenting stated:
Co.rental unpd_ 188,127
205,685
debt
The fact that the applicant's capital structure is not as it should be may
20,037
24,044
Deferred assets_
2,541,533 2,599,627 Ins,fund reserve
be a good reason why it should not be permitted to issue and sell to investors
399,088
Unadjusted debits
24,024 Equip. & rd. depr. 399,068
23,919
additional bonds. But applicant is not proposing to do that. It asks
fund reserve__
authority merely to pledge the bonds as security for its notes. It alleges
Oth, unadJ. credits 7,660,239 7,272,789
that it can get the money it needs in no other way. Whether in view ofthe
369,733
373,339
Cap.snort. res.__ 9,949,074 9,949,074
denial of this application the two controlling carrier stockholders can and
Applic. surplus inwill provide the necessary funds remains to be seen. This denial gives the
vestment in prop
applicant a further push in the direction of a receivership if it will not
Swamp land grant 4,825,674 4,825,874
actually precipitate one. In my judgment this is too high a price to pay
income
for dogmatic adherence to theoretical ratios.
493,282
588,819
Profit and loss__ 11,759,923 10,936,691
Note Issue Authorized.
-
The I.-8. C. Commission on April 20 authorized the company to issue
not exceeding $233,000 of promissory notes to procure part of the funds
necessary to pay maturing interest.
The report of the Commission says in part:
The applicant states that the interest on its bonds and equipment trusts,
aggregating $161764, will become due between May 1 1933, and June 1
1933, both inclusive. It also states that interest amounting to $71,875 on
the bonds of the Monon Coal Co. which are guaranteed by it will be due
on. June 1 1933. To avoid default in the payment of the interest on its
obligations the applicant proposes to borrow $233,000 from the Railroad
Credit Corporation, and requests authority to issue notes to evidence its
indebtedness for the loan.
The proposed note or notes in the amount of $233,000 will be made
payable to the Credit Corporation or its order, will bear interest at the
current rediscount rate of the Federal Reserve Bank in the New York
district, and will mature on or before two years from the date of issue.
The applicant also requests authority to renew or extend any note or notes
which may be issued having a maturity of less than two years.
-V. 135,
p.3160.
Chicago & North Western Ry.-Plan Operative.
-
Holders of more than 93% of the 5% sinking fund debentures due May 1
1933, have accepted the offer of the company to pay 50% of the principal
amount of the debentures, with accrued interest, in cash, and to deliver,
in payment of the remaining 50%. a like amount of its general mortgage
5% gold bonds due Nov. 1 1987. or interim certificates, entitling the holder
to exchange the same in amounts aggregating $1,000, or multiples thereof,
for said bonds. Some holders of debentures who have not formally accepted
the plan have indicated their willingness to exchange their debentures when
the plan is declared operative.
The company believes that under the circumstances the remaining
debentures will be exchanged when the plan is put into effect, and ins,'
therefore, with the approval of Reconstruction Finance Corporation,
declared the plan operative.
Because the money to be advanced by Reconstruction Finance Corporation is available only for the payment of 50% in cash to assenting debenture holders, the company is not in a position to offer any other terms to
debenture holders who do not assent to the plan.
Debenture holders should surrender their debentures,at the office of the
company, Ill Broadway, New York, N. Y. on or after April 28 1933, and
as soon thereafter as Reconstruction Finance Corporation shall have
advanced the necessary funds, the company will make payment in cash of
an additional 40% (or, if 10% has not theretofore been advanced, of 50%)
of the principal amount of the surrendered debentures, together with the
full interest thereon from Nov. 1 1932, to May 11933, and will deliver its
general mortgage 5% gold bonds (or its interim certificates) in a principal
amount equal to the remaining 50% of the principal amount of the surrendered debentures.
Fully registered debentures or debentures registered as to principal should
be assigned in blank (or be accompanied by a detached bond power duly
executed) and the signature to the assignment should be guaranteed by a
bank known to the company or by a New York Stock Exchange firm.
V. 136. p. 2793.
Chicago Union Station Co.
-Earnings.
Calendar Years1931.
1932.
1930.
1929.•
Operating deficit
$991,405
$953.450 $1,183.979 $1,262,852
Non-operating income
4,602,081
4,639.082
4,832.732
4,913,236
Gross income
$3,647,677 $3,648,631 $3,648,752 $3,650,384
Int., amortization, &c
3.508,631
3.507.677
3.508,752
3,510,384
Net income
$140,000 $140,000
$140,000
IW
100
Comparative Balance Sheet Dec. 31. •
1931,
1932.
1932.
1931.
e
AssetsLiabilities$
$
$
Investmla in road-90,953,941 91,789,260 Capital stock
2,800,000 2,800,000
Cash
1,793,399 1.313.012 Funded debt
67,000.000 67,000,000
Special deposits__ 1,696,294 1,692,564 Non-negot. debt to
Time drafts & depe
19,027,446 19,027,445
affiliated cos
500,000
Traffic & car serAudited accts. ,S.
vice balance...._
32
wages payable
119,437
61
145,339
Net bal. receivable
Int. mat'red unp'd 1,691,294 1,687,564
from agents.._ _
147
169 Unmat. divs. decl. 140,000
140,000
Misc. accts. receiv 750,004
591,701 Unmat. Int. accr'd
29,167
29,167
• Mat'l & supplies__
28,082
44.102
40.774 Deferred liabilities
Rents receivable__
3,871
1,956,197 2,153,116
3,871 Tax liability
Work, fund adv__
250
150 0th. timid). credits 5,446,844 5,542,443
Lasur. & other fds. 304,219
304,219
Disc, on fund. debt 1,780,117 1,846,875
0th. unadj. debts_ 944,130
442.417
Total
-V. 134,
98,254.486 98,525,075
p. 4319.
Total
98,254,486 98,525,075
Cincinnati Union Terminal Co.
-New Terminal.
The company's new passenger terminal in Cincinnati, 0. was formally
placed in service on April 1. It was completed within 3% years, from the
time work was started, at a cost of $41,000,000. (See article, together with
photographs and maps in "Railway Age" of April 22, pages 575 to anp
incl. 5904-V. 136, p. 2793.
Detroit & Toledo Shore Line RR.
-Securities.
-S. C. Commission on April 13 authorized the company to pledge
The I.
and repledge not exceeding $1,000.000 of general & refunding mortgage gold
bonds,series A. as collateral security for short-term notes.
-V. 135, p. 4031.•
52,345,190 51,373,955
Total
--V. 136, p. 1543.
Total
52,345,190 51,373,955
Duluth South Shore & Atlantic Ry.
Co.-Earning8.Calendar Years1932.
1931.
1930.
1929.
Average mileage oper_-559.62
560.03
573.66
573.75
Revenue
Freight
$1,220,085 $1,936,851 $2,730,912
$3,409,336
Iron ore
73,431
223,845
298,791
473,997
Passenger
158,454
250,774
402.648
619,370
76,572
Mail
78,312
88.496
130,904
31,444
Express
51,641
64,609
92,857
74,050
Miscellaneous
160.152
164,145
84,346
Total
$1.634.036 82,701.575 $3,749,601
$4.810,810
ExpensesMaint. of way & Struc_ 378,175
531.981
708,588
860.249
Maint. of equipment
395,033
525,173
716,893
840,595
79,199
Traffic expenses
90,431
99.048
91,356
Transporation expenses_
869,334
1.245,141
1,614.600 2,038,940
Miscellaneous operations
15,102
22,368
31.783
35.632
100,685
General expenses
114.757
125,442
130.637
Transp. for invest.-Cr_
1.323
5,123
8,052
8,587
$1.836,205 $2,524,727 $3,288,301
Total
$3,988,822.
Net operating revenue_ - def202,169
176,848
461,299
982,679
Taxes accrued
320.893
355.153
399,487
375,839
521
Uncollected ry. revenue' 44
6,928
344
Operating income__ def$523,583 def$178,349
$54.885
$606,496
Non-operating Income
90,543
87.930
102,089
80,894
def$433.040 dot 90,418
Gross income
$156,974
$687,390
Interest, rentals, &c
1,060.485
984.814
1.012,400
1.094,017
$1,493,525 81.075.233
Net deficit
$855,425
$406.627
General Balance Sheet Dec. 31.
1931.
1932.
19%
12.000o.
AssetsLtabtlUtes- .
$
$
$
Investment in road
Common stock_ _ _12.0100032,000.
& equipment:
Preferred stock_ _ _10,000,000
Road
45,373,243 45,315,188 Fund,debt unamt.21,038,000 10,000,000
21,132,000
Equipment
4,241,152 4,343,894 Non-negot. debt to
Sinking funds.
17,750 Can. Pao, Ry._ 871.894
456,568.
Misc. phys. prop_ 269,017
264,596 South Shore Land
Inv. in affil. cos x1,505,452 1,496,093
Co..
30,000
Cash
73,685 South S dre Dock
97,918
Lto
Special deposits12,175
96.725 Co
1,000
Loans & bills rec
10,038 MIscell.sects. pay.
663
Traffic & car eery
Traffic & car serv,
balances reedy_ 119,040
98,150
balances payable
Due from agents &
Audited vouchers &
conductors_ _ _ _
51,718
44,469
wages unpaid_. 554842,021
49
5153
37440,651
287
248,337 Mat. int. unpaid _19,311,215
Misc. accts. rec. _ 117,924
18,706,310
Material & supplies 423,855
568,262 Matured Inc. ctfs.
Other current assets
235
3,0 0,00
0 0
Working fund adv
1.210 Un npa.interest on
umatid
1,248
Rent & ins. prem.
funded debt. _ _ 3,000,000
. 273,730
324754:000855
413 Tax liability
1,311
Paid in advance_
South Shore Dock
Other current liab. 322,460
27,127
Co. construct'n
Accr. deprec.-eq.
282.843 0th. timid). credits 1,888,397 1,843,948
aggreement acct
73,381
118,660
61,887
Other def. debts__
86,516 Additions to prop.
82,116
Profit and loss_ _16,960,246 15,399,863 through Inc. and
surplus........
63.931
60,614
Total
Total
69,323,444 68,355,285
69,323,444 68,355,285
x Mineral Range RR. Co. stock. $751.995; Lake
Trans. By. Co. stock, $87,300; Sainte Marie Union Superior Term. &
Depot Co.
$37,500; Mackinac Transportation Co. stock, $21,667: New Jersey stock,
Bridge
Construction Co. stock. $250; Sault Ste. Marie Bridge
South Shore Land Co. Ltd., stock, $3,000; South Shore Co. stock, $250;
Dock Co. stock,
$1,000; Railway Express Agency, Inc., stock, $100; Mineral Range
RR.
Co. equip. notes, $144,889; Mackinac Transportation
Co.
$202,844, Sainte Marie Union Depot Co. advances, $30,574;advances
Mineral
Range RR. Co. advances, $171,806; Railway Express
Agency.
advances. $5,600; Lake Superior Term. & Trans. Ry. Co. advances, Inc..
$5,000.
Railroad Credit Corp. advances $
.
41,677;
-V. 135. p. 1160.
Erie RR.
-Net Will Cover Charges-Road Ordered 24,549
Tons of Steel Rails.
Predictions that the road would better the results of
year. and earn sufficient money to meet its interest 1932 in the current
were made
at the annual meeting of stockholders April 11 by charges, E. Denny,
Charles
President of the road.
This showing, if accomplished, would be a decided improvement over
year's results, when a net loss of $3,100,000 after all charges was reported.
The road has placed orders for 24.549 tons of steel rails. This amount
represents its requirements for 1933 and will be allocated in the following
manner: 16,049 tons to the Carnegie Steel Co.: 2.000 tone to the Bethlehem
Steel Corp.', 4.500 tons to the Illinois Steel Co.. and 2.000 tons to Inland
Steel.
-V. 136, p. 2600. 2598.
Eureka-Nevada Ry.-R. F. C. Loan Denied.
-
The I.-8. C. Commission on April 15 deniel the company's application
fir authority to frirrow $10.000 from the Reconstruction Finance Corparation and canceled the certificate.
-V. 136, p. 1160.
-Files BankFonda Johnstown & Gloversville RR.
ruptcy Plea-Seeks Reorganization Under New Law.
The company has placed itself under control of the Federal Court for the
northern district of New York in accordance with the provisions of the new
bankruptcy law pending reorganization. J. Latin's Bees, President, has
been appointed temporary trustee. In a letter to holdets of the amended
first and consolidated general refunding mortgage bonds, Mr. Hees said:
"We regret to advise you that the downward trend of revenues reported
for 1932 has continued and the first quarter of this year shows a decrease
in gross revenues of 25%, or about 845,000, which has prevented the anticipated accumulation of funds to lift the Nov. 1 1932, default on your
bonds.
"This condition and the unexpected decicions of the Appellate Division
of the Supreme Court, First Department, of the State of New York last
week, affirming summary judgments obtained by parties who sued to
collect 434% coupons pertaining to non-assenting bonds and overruling
defenses of the company, have placed your company in an embarrassing
position.
"In fairness to you who hold the approximately 94% of the bonds which
assented to reduction of interest from 4%% to 2% per annum, and an ex- tension of principal to 1982, we have refused to pay these coupons at the
,
6
old rate of 43 % or to compromise with non-assenting bondholders, who
have refused to co-operate in the previous plan of readjustment. interests
"Upon conferring with counsel, it was concluded best for all
and the property, under these circumstances, to apply for a reorganization
under the recent Federal legislation providing for the readjustment of the
capitalization of railroad corporations.
"
- Application was therefore made to-day to the Federal Court for the
northern district of New York,and the President of your company was appointed temporary trustee, of the company's properties, pending final
hearing and preparation of a reorganization plan. This appointment will
serve as a "standstill" to all coupon suits and give the company a "breathing
spell" until a plan of reorganization can be developed which will be fair to
all security holders and meet ith the approval of the Inter-State Commerce
-.V. 136, p. 2794.
Commission and the Court."
-Earns.
Richmond Fredericksburg & Potomac RR.
1929.
1930.
1931.
1932.
Calendar YearsRy. oper. revenues-- $6,306,559 $8,915,245 $10,343.439 $11,843,825
8,142.466
7.876.346
4.931.939 6,677.195
Ry.oper. expenses
681.652
546,677
432.564
324,011
Ry, tax accruals
159
31
877
196
Uncollectible ry. revs__ _
584.604
612.548
636,867
486.158
Equip.& it. facility rents
Net ry.oper.income__
Non-operating income--
$564,255 $1.167,742 $1,307,836 $2.434,944
182.631
172,153
175.272
167,327
Gross income
Int, on funded debt
Other deductions
$731.582 $1,343.014 $1,479,989 $2,617.574
345.101
339.479
333.857
328,235
15.501
71.284
14,829
14.006
Net income
Cash dividends
$389.341
575,975
-Abandonment of Operation.
Grand Trunk Western RR.
-S. C. Commission on April 15 issued a certificate permitting the
The I.
company to abandon operation under trackage rights over the Ann Arbor
RR. between Owosso Junction and Ashley. 20.5 miles, all in Shlawassee
-V. 135, p. 2993.
and Gratiot Counties, Mich.
-Asks $6,000,000 R. F. C. Loan.
Great Northern RR.
to borrow
-S. C. Commission's approval
The company has asked the I.
.0,000,000 from the Reconstruction Finance Corporation to assist in paying bond interest due July 1. The road offers its general gold mortgage
-V. 135, p. 2794.
bonds as collateral security.
-Dividend Action Deferred.
Hudson & Manhattan RR.
-The directors at their meeting held on April 27 took no
action on the semi-annual dividend ordinarily payable about
June 1 on the outstanding $39,995,385 common stock, par
$100. Six months ago the semi-annual distribution was
-V. 136, p. 2412.
reduced to S1.25 from $1.75 per share.
-Abandonment.
Louisville & Nashville RR.
-S. C. Commission on March 27 issued a certificate permitting the
The I.
company to abandon a line of railroad extending from Princeton Junction,
Tenn., in a general northwesterly direction to Gracey. Ky., about.32 miles,
• all in Montgomery County, Tenn., and Christian County, Ky.-V. 136,
P. 1881,
-Earnings.
Mineral Range RR.
Calendar YearsAvge. mileage operatedFreight
Passenger
Mall
Expresa
Miscellaneous
1932.
56.59
$48,897
29
2,540
4398
5,534
1931.
56.59
$136.670
184
3,800
6,572
8,216
1930.
56.59
$198.148
752
4.390
10,153
11,998
1929.
56.59
$219.051
1,335
6,185
11,372
16.717
Total
ExpensesMaint. of way & struc
Maint. of equipment
•
Traffic expenses
'rransp. expenses
General expenses
Transp'n for Investment
$61,398
$155,443
$225,441
$254,660
33,547
13.030
2,435
48,170
7,243
Cr28
34,839
33,291
2,341
82,653
9,220
Cr3
53,366
43,091
2,307
107,719
9,821
Cr42
58,172
80,104
2.440
122,085
10,311
Cr9
$104,397
def42,999
17,572
$162,342
def6,899
32,794
$216.263
9,178
36,170
$273,103
der'8.443
45,699
Operating deficit
Other income
$60,571
14,551
$39.694
27.940
$26,992
34.130
$64,142
54,113
Gross income
Interest, rentals, &c
$46,020 def$11,753$7,137
121,817 ' 114,789
98.592
def$10,029
99.317
$107,651
$109,346
Total
Net oper. revenue
Taxes accrued
Net deficit
V.
- 135, P. 123.
$144,613
$133,571
Missouri Pacific RR.
-Abandonment.
-S. C. Commission on April 8 issued a certificate permitting the
The I.
company to abandon that part of a branch line of railroad extending from
Halley in a westerly direction to Dermott, 5.7 miles, all in Desha and
Chicot Counties, Ark.
-V. 136. p. 2601.
New Orleans Texas & Mexico Ry.-Bondholders' Protective Committee.
The following committee has been formed to protect the interest of the
1st mtge. gold bonds. series A, B.0 and D,and non-cum. income (secured)
gold bonds, series A.
G. 11. -Walker, Chairman; Willard V. King, Alex. Berger and George E.
Warren. Edward F. Hayes, Sec., 44 Wall St., New York, N. Y. Milbank,
Tweed, Hope & Webb, Counsel, 15 Broad Street, New York, N. Y. The
depositary 16 Chase National Bank of New York.
The committee in a notice issued April 25 states:
On March 31 1933, company filed its petition in the U. S. District Court
for the Eastern District of Missouri under the provisions of the Act of
Congress approved March 3 1933 amending the National Bankruptcy Act
to provide for the reorganization of railroads engaged in Inter-State Commerce. On April 1 1933, company defaulted in payment of interest due that
day on Its first mortgage gold bonds, series A and series B.
In view of the foregoing it is important that the holders of the bonds
should unite for their protection.
The bondholders are urged to deposit their bonds promptly with the
depositary. Coupon bonds deposited must have all unpaid coupons maturing
-V. 136, p. 2417.
on ()hater April 1 1933 attached.
New York Chicago & St. Louis RR.
-Application for
Reconstruction Loan Dismissed, Company Having Received
Advance from Railroad Credit Co poration.The application of the company to the Reconstruction Finance Corporation for a further loan of $2,100,000 filed Feb. 4 1933 has been dismissed by the 1.-S. C. Commission, the company having on Feb. 27 and
April 1 1933. procured loans from the Railroad Credit Corporation aggregating $2,100,000. On April 17 1933 the company withdrew its application
to the R. F. C. without prejudice to the consideration of any future ap-V. 136,
plications to the R. F. C. for loans to meet further requirements.
p. 2236.
Northern Pacific Ry.-Operation.The L-S. C. Commission on April 10 issued a certificate authorizing the
company to operate over a portion of the line of the Montana, Wyoming
& Southern RR. between Bridger and Belfry, approximately 12 miles,
-V. 136, p. 4558.
all in Carbon County, Mont.
2971
Financial Chronicle
Volume 136
Balance, surplus
$937,873 $1.125.681 $2,256,972
1.503.341
1.071.949
1.071,949
defS186.634 def$134,076
$751.631
$53.732
General Balance Sheet Dec 31.
1932.
1931.
1932.
Liabilities$
-•
•
Assets
Common stock__ _ 1,316,900
Invest. In road and
equIp.-Road_ _2.5,248,870 24,858,218 Guaranteed stock_ 500.400
8,652,628 8,644,552 Div.°Wig. stock__ 9,017,500
Equipment _ _
179,622 Non-voting 6% stk 4,000,000
Gen.expend ___
180,009
Long-term debt.- 7,461,100
in lieu of
Deposits
6,682 Loans & bills pay- 2.50,000
6,682
mtgd. prop. sold
753,393 'Traffic & car serv.
Misc. phys. prop_ _ 519,436
728,708
balances payable 188,843
Itw. In MM.cos_ _-778,808
920,275 Audited accts. &
Other investments 921,055
wages payable_ _ 289,791
305,375
144,644
Cash
77,540
500,897 Miscell. accts. pay.
Special deposits_ _ 277,240
93
Int. matured unpd
315
Loans & bills rec_ _
Divs. mat'd unpaid 277,147
serv.
Traffic & car
55,962
172,350 Unmat. int. accrd.
balances reedy. 122,091
17,828
Other curr. liabil_
Net bal. rec, from
8.379
55,856 Deferred liabilities
59,402
agents & conduc
75,440
911,949 Tax liability
Misc, accts. me_ _ 1,265,464
945,575 Accrued depreciat'n
& supp_ 818,092
Materials
9,828 -equipment_- _ 4,340,769
Int. & diva. me-9,940
351 Other unadj. crud. 1,138,575
Working fund adv-351
Approp. surplus- 1,903,610
Rents & ins, paid
9,340 Profit and loss..___ 5,578,8.53
5,472
In advance
566,290
Other unadj. debs- 488,231
39,498,729 39,569,263
Total
-V. 136, p. 2236.
Total
1931.
1,316,900
500,400
9,017,500
4.000,000
7,554.800
218,615
371.406
93.478
108
500,789
58,521
39,579
5,078
187,235
3,996,410
1,203,361
1,889,543
8.615,540
39,493.729 39,569.263
-Earnings.
Terminal RR. Assn. of St. Louis.
1929.
1930.
1931.
1932.
Calendar YearsRevenues
$5,349,628 $7,352.205 $9.613.005 $11.894,424
Switching
961,290
805.075
648,664
457,904
Incidental
324,125
274,245
233,420
154,264
Joint facility Dr
Total ry. oper. revs..- $5,653,267 $7,767,451 $10,140.836 $12.531.589
Expenses2,072,332
$999,939 $1,526.109
$741.203
Maint. of way & struct_
1,055.794
965,586
693,783
374.889
Maint of equipment
32.792
37,693
47.581
45,525
Traffic
5.509.907
4,755.583
3,815.686
Transportation-rail line 2,795,793
41.861
40,999
35,889
30.723
Miscellaneous operations
330,611
311.619
267,066
General
228,401
3,119
3,090
809
491
Transp. for inv.-Cr_
$4,216,042 $5,859,135 $7,634.499 $9,040.177
Total ry. oper. exp..
3.491,412
1,908,316 . 2,506.337
Net rev,from ry. oper
1,431,225
1,189,013
1,279,094
Railway tax accruals.
1.003.884
1,071.316
347
1,268
620
Uncollectible ry. revs_ _ _
727
Railway oper.income.. $365,182
Net rev, from miscel. opt See x
Tax,on misc. oper. prop.J
$903.812 $1,225,976 $2,302,051
loss16,726 loss25.864
See x
943
1.387
Total oper. income_ _
Total non-oper. income_
$903,812 $1,207,862 $2,275.244
2.217,016
2,250.282
2.269,896
$365,182
1,956,295
$2.321,477 $3,173,708 $3.458,144 $4.492.259
Gross income
162.332
128.061
y94,608
y64,092
-deb
Hire of freight cars
30.653
18.415
16,570
13.899
Joint facility rent
696.900
696,900
696,900
696,900
leased roads
Rent for
379,588
692,092
390.728
383,692
Miscellaneous rents_
142.149
89,300
63,200
68.036
M(seen.tax accruals__,,_
2.003.198 •
2,022,580
1,982,129
1,980,761
Int. on funded debt_
9.709
9,411
7,860
10.804
Int. on unfunded debt
Amortization of discount
65.987
75.611
87,096
51.354
on funded debt
14,084
. 11,152
x23,646
20,728
Miscell. income charges_
Inc. applic. to sinking tic
100.000
100.000
other reserve funds $968,789 • $189.032 • $85,379 sur$887.657
Deficit
x Includes expenses of miscellaneous operations and taxes on miscellaneous
operating property. y Includes rent for locomotives of $4.41 in 1932:
and 85 cents in 1931 and rent for work equipment of $9.
Consolidated Comparative General Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities
$
Assets$
Common stock_ _ 3,293,700 3,293,700
Invest. in road and
47,358,400 47,381,200
42,542,774 42,410,433 Funded debt
equipment
Traffic & car sem
Impt.on leased ry.
179,776
balance payable 297,441
12,198,967 12,184,225
Property
Misc. phys. prop 6,578.048 6,118,371 Audited accts. &
wages payable
1,200,749 1,304,457
Invest. In Mill. cos.:
34,324
10,360
7,272,322 7,272,322 Miso, accts. pay
Stocks
710,111
2 Int. matured unpd 710,403
2
Stocks unpledg'd
185,425
3 Unmat.int. accrd. 204,355
3
Bonds pledged._
48,360
Unmat.rents accrd
49,575
Other invests:
4 Tax liability
619,945
664,875
4
Stocks, unpl_ -Bonds, umpl____ 5,059,720 5,052.790 Accrd deprec.-rd. 4,353,170 4,354,591
2,490 Accrd. deprec.-eq 2,561,482 2.520.092
2,390
Notes
389,860 Accrued deprec.76,943
Cash
85,304
87,589
754,000
Ililsc• phys. Prop
Time drafts & dep.
709,178 0th. unadj. credits 4,606,433 4,517,204
. 709,470
Special deposits__
5,013 Additions to prop.
3,332
Loans & bills roc
through income
Net bal. rec, from
& surplus
2 827,892 2.714,752
agents & conduc344,873 Fund,debt,retired
429,795
tors
through income
743.074
636,442
Misc, accts. rec
96,163
554,327 & surplus
96,163
Material dc annul.- 462,379
116,932 Profit and loss17,415.599 18,536.149
85,439
Int. & divs. rec.555
430
Working fund adv.
Ins. & other funds. 2,567,850 2,982,523
Other def. assets._ 1,774,680 1,455,551
Rents & ins. prem.
29,544
35,327
paid in advance.
Disc,on cap. stock 3,293,600 3,293,600
Disc,on fund.debt 1,755,749 1,842,841
320,259
Other unadt.debits 251,306
Total
85,736,971 86,582,770
-V.135, p. 2828.
St. Louis-San
view.
Total
85,736,971 86.582,770
Francisco Ry.-Bondholders
Denied Re-
The U. S. Supreme Court has denied two holders of the 4% prior ion
mortgage bonds a review of lower court decision appointing James M
Kurn and John G. Lonsdale receivers of the railway.
2972
Financial Chronicle
_ Chairmen of 'Frisco Committees Propose Bankruptcy Procedure.'The chairmen of the three bondholding committees
road's reorganization are submitting to their members interested in the
a proposal
the new bankruptcy law be invoked to speed the reorganization. that
The
proposal is being submitted, it is said, in documentary form and
summary of the company's position, including a reference to thecontains a
the company to pay interest on its Kansas City Fort Scott & failure of
Memphis
bonds on the due date of April 1.
E. N. Brown, Chairman of the Readjustment Committee, has announced
his belief this interest payment will be met if the company is permitted
to
carry out its plans.
Given the formal approval of the membership of the
the Frisco will submit its plan to the 1.-S. C. Commission three committees,
and to the
It already has the consent of .the two-thirds of security holders courts.
required
by the bankruptcy law. The Commission previously has
for the plan by authorizing a $1,300,000 government loan shown approval
to the Frisco in
return for the'plan's submission.
-V. 136. p. 2601.
Union Pacific RR.
-Sold 67,152 Shares of New York
Central Stock in 1932 and Bought 100,000 Shares of Pennsylvania.The major change in stockholdings of the company during 1932.
as
revealed itt.the annual roport, was the sale cf 67,152 shares of New
Central stock and the purchase of 100,000 shares of Pennsylvani York
sale of the Central stock at a less of $6,256,692 reduced the Union a. The
Pacific's
holdings in that carrier to 200,000 shares as of Dec.
price of the Pennsylvania stock is not revealed. 31 1932. The purchase
-V. 136, p. 2236.
Wabash Ry.-$3,000,000 Loan Approved.
The I.-S. C. Commission has approved a further R. F.
000 to the receivers of the Wabash Ry. for the purpose C.loan of $3.000,of
onjlunderlying mortgage bonds and interest instalments paying interest
on equipment
obligations due between April 1 and Oct. 1, and part of the interest due
between Oct. and Nov. 1933.-V. 136. p. 2786.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of April 22.
-Production of electricity
4.8% below corresponding period last year.
-P.2682.
i
Alabama Water Service Co.-Earnings.,
-
Calendar YearsOperating revenues
Operating expenses
Maintenance
General taxes
1932.
$749,792
293.388
26,051
92,120
1931.
4843.924
311,609
37,686
96,376
1930.
• $872,276
331,989
. 37.340
87,057
1929.
$837,973
323.331
30,847
85.581
Net earns, from oper_
Other income
$338,233
4,755
$398,253
7.433
$415,890
4,623
$398,214
1,467
Gross corporate Inc_ _ _
Int. paid or accrued on
funded debt
Miscell. interest charges.
Reserved for retire., replacement & Federal
income tax Sz miscell.
deductions
$342,988
$405.686
$420,513
$399,681
212.921
1.142
213.872
5.644
199.775
2,644
194,041
3,436
80,422
48,308
68.767
62,307
Net income
Divs, paid or accrued on
preferred stock
x Not audited.
118.495
$137,861
$149,327
$139,896
37,324
40,506
April 29 1933
Associated Telep. Util. Co.
-Intervention
Chancellor Wolcott,at Wilmington. Del., has signed Granted.
the receivers to apply to the U. S. District Court to an order permitting
intervene in bank-
ruptcy petition against the company. Receivers said
they do not believe
the corporation is now or ever has been insolvent in the
bankruptcy sense.
and they believe it desirous that they intervene and defend
the corporation.
-V.136, p. 2795.
Baton Rouge Electric Co.-Earnings.--
For income statement for 12 months ended March 31
see "Earnings
Department" on a preceding page.
-V. 136. p. 1545.
Brooklyn Edison Co., Inc.-Earnings.
For income statement three and twelve months
ended March 31
"Earnings Department" on a preceding page..
---V. 136, p. 2237.
see
Central Illinois Light Co.
-Earnings.-
12 Mos End.Dec.31.
1932.
1931.
1930.
1929.
Gross earnings
$4,514,259 $4,965,577 $5,228,983 $5,136,159
exp., incl. taxes
• and maintenance
2,480,177
2.640.904
2,934,020
2,975,809
Fixed charges
370,122
352,072
355,795
358,194
Net income
$1,663,960 $1,972,601 $1,939.168 $1.802.158
Prov. for retire. reserve..
339,600
339,600
339,600
322,800
Dividend, pref. stock__ _
432,244
424,807
404,117
405,418
Common dividends
800.000
Not Reported
Balance
$92,116 11.208,194 11,195,451 $1,073.938
Comparative Balance Sheet Dec. 31.
1932.
1931.
•
1932.
1931.
Assets
Liabilities$
5
Property, plant &
7% pref. stk. cum_ 782,100
799,000
equip.nent
22
.811,170 22,637,942 6% pref.stock _ _ _ _ 6,296,300 6,289,600
Investments
45,635
341,135 a Corn mon stock__ 5,123,200 5,123,200
Debt dlscodnt and
Funded debt
7,178.500 7,178.500
expenses In proDeferred liabilities
86,145
98,596
cess of amortiz_ 255.755
280,743 Accounts payable_ 158.459
196,231
Deferred charges &
Dividends payable 108,116
107,355
prepaid accounts 143,704
51,415 Accrued taxes
674,596
718,955
Cash and working
Accrued interest
89,731
89,731
funds
182,980
284,691 Payments on pref.
7/.13. Treas. secur_ 715,500
146,037 stk. subscribed_
13,329
Accts. receivable _ 538,727
570,667 Reserves
2,699,648 2,457,093
Int. & div. sec
3,543
6,108 Prem. on p1. stk
16,707
14,025
Due on subscrlp.
Contributions for
to prof. stock__
22,428
extensions
125.582
88,279
Materials & suppl_ 111,072
192,141 Surplus
1,454,705 1,362,740
Total
24,808,120 24,533,305
Total
24,808,120 24,533,305
Represented by 100,000 shares of no par value.
-V. 136, p. 2603.
Oper,
Central Indiana Power Co.
-New Vice-President,
&c.
Chester 1). Porter has been elected Vice-President and General Manager
and will assume his new duties on June 1.
•
Edwin J. 13 loth, wao has boon Assistant to the President, has
been
electe 1 Vice-President.
William A. Sauer and Mr. Porter have been' elected members of
the
board of directors. succeeding Harold S. Patton and Mr. Shearon
resigned.
136, p. 2257.
Central West Utilities Co. (Kansas).
-Operating Certificate Granted.
Approval of the application of the company for
and certificate
to operate in 18.towns and communities formerlypurchaseby the
served
General
Utilities Co. was announced April 17 by the State Corporation
Commission
of Kansas.
The Central West Utilities was organized by the Stern Brothers
& Co.,
of Kansas City, Mo., for the purpose of ()weans the
properties, purchased at 'a Federal Court judicial sale after Gene-al Utilities was
thrown
into bankruptcy In February 19.12.-V. 136. 1). 22;8.
.
40.563
41.313
Balance Sheet Dec.31.
Assets1932.
I leilities1931.
1932.
1931.
Plant,prop.,eq.,&c$7,443,209 $7,640,145 Funded debt
$5,128,000 $5.414,000
Investml In other
Miscell. def. liab.
companies
35,130
61,517 & unadl. credits 111,306
122.764
Chester Water Service Co.
-Earnings.
Cash
37,682
52,922 Not & accts. pay
74,866
17,716
For income statement for 12 months ended Jan. 31 see "Earnings
Notes yecelvable
35,005
13,243 Due MM.cos
22,611
Depart5,582 .. nznt" on a preceding page.
4..
-V. 136, p. 2796.
Accts.receivable_ _
68,091
76.219 Int., taxes accrued
45,167
28,946
Unbilled revenue..
14,456
15,892 Miscell. accruals
2.030
Consolidated Gas Co. of New York.
-Annual
Due from attn. cos.
15,053 Reserves
456,518
410,352
Rate on Common Stock Decreased frewr4114-64349-2um-Dividend
Materials & suppl.
23,335
4,981 $13 cum. pref. stock 679,000 y679.400
shtere
.
Def. chge. & prezCommon stock
600,0001
The directors on April 27 declared a quarterly dividend of
paid accounts
75,855
77,169 Capital surplus_ - - 550,488 1,278,381
85 cents per share on the common stock, no par value,
Earned surplus_ _
. 62.776;
payable June 15 to holders of record May 12. This compares
with $1 per share paid each quarter from Dec. 16 1929
to
and incl. March 15 1933 and 75 cents per share each quarter
from Dec. 15 1928 to and incl. Sept. 16 1929. See
also
American Telephone & Telegraph Co.-Velephone New York Steam Corp. below.
Earnings.
-For income statement for three and twelve months
Service Extended to Guatemala.
ended
March 31 see "Earnings Department" on a preceding page.
-V.136,P.2239.
Telephone service was extended on April 17, to Guatemala City, it is
announced.
'Duluth Street Ry.-To Reduce Bonded Debt.
The service embraces. all Bell and Bell-connecting telephones in the
Reorganization plans calling for a reduction of the
United States, Canada, Cutra and Mexico. The cost of a three-minute
$3,184,500 to 11,219,000, have been approved by the bonded debt from
Minnesota RR. &
conversation between New York and Guatemala City will be 821.
Warehouse Commission, according to a Duluth (Minn.)
dispatch.
-V.
Guatemala is reached by a short-wave radio telephone circuit between
123, p. 2260.
stations of the Tropical Radio Telegraph Co. at Guatemala City and
stations of the A. T. & T. Co. at Miami, linked with the Bell System netE Paso Electric Co. Earnings.
work. This is the third Central American country to which service has
For income statement for 12 months ended March 31
see "Earnings
-V. 136, p. 2602.
been established.
Department" on a preceding page.
-B. 136, p. 1546.
Fall River Gas Works Co.
Appalachian Electric Power Co.
-Smaller Distribution.
-Plea Dismissed.A quarterly dividend of 60 cents per share was declared
Juage Luther D. Way of the U. S. District Court at Richmond, var.
common stock, par $25, payable May 1 to holders of record Apr. 24 on the
April 18 formally entered a decree dismissing the company's bill of comcompares with quarterly distributions of 75 cents per share April 27. This
plaint against the Federal Power Commission in the New River case.
previously made
The decree also contained an order granting an appeal to the Circuit Court on this issue.-Y. 135, p. 291.
of Appeals. It was entered in chambers before counsel for the power
" "Green Mountain Power Corp. Postpone Dividend.
-company and the Power Commission, who agreed to expedite formalities
Pending final
Total
$7,732,763 $7,957,142
Total
$7,732,763 $7,957,142
a Including unamortized debt discount and expense and commission on
capital stock. y Represented by 6.790 shares (no par) In 1932 (6.794 in
1931, no par). z Represented by 6,000 shares (no par).
-V. 138, P. 2418.
with the hope that the case would come up on appeal in the June term
of court.
The company asked for an appeal on the ground the Court erred in dismissing its bill of complaint because the Federal Power Act was unconstitutional
.-V. 136 p. 2418.
Associated Gas & Electric Co.
-Production.
--
The Associated System reports net output of electricity for week ended
April 15 amounting to 45,574,806 units (kwh.) a decrease of 2,799.494
units, or 5.8% under the total of 48,374,300 units reported for the corresponding period of 1932.
Total gas send-out in the second week of April aggregated 334,000,700
cubic feet, a decrease of less than 1% below the total of 337.152,700 cubic
-V.136. p. 2795.
feet produced in the same week of last year.
Atlanta Gas Light Co.
-Balance Sheet Dec. 31.1932.
1931.
1932.
determination in Washington as to the 3%
the directors this week adjourned their meeting without,tax on electricity',
the quarterly dividend of $1.50 per sh'are due June 1 on taking action on
stock, no par value. The management stated that if the $6 cum. pref.
Federal Government to pay an additional tax of 3% compelled by the
domestic and commercial electricity, the earnings of the on gross sales of
company will not
be sufficient in the second quarter to meet the preferred
dividend.
The last regular quarterly distribution of $1.50 per share
was made on
the pref. stock on March 1.-V. 134, P. 3096.
Gulf States Utilities Co.-Earnings.
For income statement for 12 months ended March
31 see "Earnings
Department" on a preceding page.
-V. 136, p. 1546.
Illinois Water Service Co.
-Earnings.
-
For income statement for 12 months ended Feb. 28 see
"Earnings DeptIrtment" on a preceding page.
-V. 136. p. 2797.
1931.
Assets$
Indiana Service Corp.
.
-New President.
Plant & franchises10,630,168 10,604,716 Preferred stock,- 600,000
At the annual election of officers by the board of
600,000
directors, John N.
51,624 • 119,916 Common stock_ __ 1,014,625 1,014.625
Shannahan who has been President was elected Chairman
Cash
of the company
200 • 2,157 Funded debt
6,799,000 6.835,000
Notes receivable
and Morse Dell Plain was elected President.
514,889 Accounts payable_ 152,568
recelvde. 348,300
Accounts
Other officers elected were: Samuel E. Mulholland
123,977
mils
Interest
Vice-Presidents: Dean H. Mitchell. Vice-President and Henry Bucher.
54,713
Due from MEL cos,
and Comptroller:
230,378 Due to attn. cos_
37,927
Bernard P. Shearon, Secretary and Treasurer;
Wats.& supplies-- 124,113
E. Thacker, Assistant
2,232
3,673 Accrued !labs
prepayments----96,990
2,787
Secretary and Assistant Treasurer, and IL FredNightingale, Assistant
R.
'Awe /meta_ ___
].
31,755
824,957 Deferred nabs
127,307
Secretary -V.136, p. 1718.
133,742
624,370
557,00
Def. debit Items__ 182.991 286,395 Reserves
" Interborough Rapid Transit Co. Receivershi
F
Investments -----283 Donated surplus
210,791 11,264,618 --p ArguEarned surplus_ _ _ 1,757,923
ments Ended.
Arguments in the Interborough-Manhattan receivership
Total
11,421,500 12,587,363
Total---------11,421,500 12,587.364
case ended
before the U. S. Supreme Court April 19. Former
Governor Nathan L.
Our usual comparative income statement for the year ended Dec. 31 Miller closed the address, reiterating that Circuit Judge Martin T.
Manton
was quite within his rights in designating himself to sit as a District
1932 was published in V. 138. p. 2795.
Judge
Volume 136
Financial Chronicle
and name the Interborough receivers, Victor J. Dowling and Thomas E.
Murray, Jr. Later the receivership was extended to include the Manhattan.
Louis Boehm,counsel for Lillian lioehrn, who with Benjamin F. Johnson,
is contesting the Manton action, said the Judge assumed powers outside
of his jurisniction.—V. 136, P. 2605.
International Hydro-Electric System.—Change in Par
Value Postponed.—
At the annual meeting of the stockholders held on April 26. President
A. R. Graustein stated that earnings of the New England Power Association fell off during 1932 because of the business depression, while earnings
of the Canadian liydro-Electric Corp., the other major subsidiary, actually
increased. This latter result was due to the fact that from 80% to 90%
of Canadian Hydro-Electric Corp's earnings come from long-term contracts
calling for the delivery of specific amounts of energy, whether or not that
amount is required. Earnings of the latter company are running somewhat
under those for last year duo to the exchange factor, he stated, adding
that operating earnings were slightly ahead. Earnings of New England
Power Association for the first quarter of this year were behind those of
last year, stated Mr. Graustein.
Asked why the company's class A stock was selliiig so low in relation to
earnings, President tiraustein explained that apprehension concerning
the future is reflected in the price. He stressed three elements (1) poor
first quarter earnings,(2) threat of Federal enactment of a 3% tax on gross
receipts and (3) earnings of Canadian Hydro are dependent largely upon the
newsprint business. He indicated that Canadian purchasers are taking
over $1,000,000 of power which they are not using. it is a question how
long tney will take this surplus willingly. The Canadian newsprint industry is "busted" he stated; not a single company is meeting its interest
requirements. He stated further that it would not surprise him to learn
that newsprint producers have defaulted on payment for power which they
are not using although they have contracted for it.
.Action on the proposal to change au of the stocks without par value into
the same number of par value !Blares of the same classes was postponed
until May 29. in case of the preferred, it is proposed to establish a par
value of $50 per share; $25 per share for class A;$20 for class ii, and Scents
per share for the common stock.
President Graustein told the shareholders that the management did not
like to make the change with respect to the class A shares unless at least
60% of the stock is recorded in favor of it. Less than that amount was
represented in the proxies received at this meeting, he said. The postponement until May 29 is to permit further opportunity for shareholders
to express themselves. Mr. Graustein declared that the proposal wassolely
in the interest of shareholders for the purpose of reducing transfer taxes.
—V. 136, P. 2791. .
'Kentucky Natural Gas Co.—Reorganization Plan.—
"
A plan of reorganization has been prepared by the protective
committee representing the.two-year 6% mtge. gold bonds.
The plan has the approval -of the receivers of the company
and of the Missouri-Kansas Pipe Line Co. as well as the noteholders' protective commitltee and the stockholder's protective committee representing these securities of the
Missouri-Kansas Pipe Line Co.
-year 6% mtge. gold bonds:
The following committee represents the 2
Mayo
J. H. Hillman, Jr., Chairman; T. 1. Christopher. J. J. Connor, Paul York.
New
and Thomas Watson. W. W. Dulles, Secretary, 63 Wall St., New York.
Cotton, Franklin, Wright & Gordon, Counsel, 63 Wall St.,
Chemical Bank & Trust Co., 165 Broadway, New York. depositary.
Digest of Reorganization Plan.
CondiPlort of the Company.—The company had outstanding on March 18
1932. $L591,000 2-year 6% mortgage gold bonds and owed approximately
$3,200,000 on unsecured open account to Missouri-Kansas Pipe Line Co.
and approximately $200,000 of unsecured indebtedness to other creditors.
In addition, approximately $63,000 of taxes (exclusive of penalties and
Interest) were owing and unpaid.
All of the capital stock of company is owned by Missouri-Kansas Pipe
Line Co., which also owns all of the capital stock of lndiana-Kentucky
Natural Gas Corp.
Company owns natural gas producing properties in western Kentucky
and a pipe line in western Kentucky and western Indiana. IndianaKentucky Natural Gas Corp. owns various local distributing systems in
Indiana and purchases its supply of natural gas from the company.
The bonds are secured by a mortgage upon substantially all of the mortgageable assets of the company and by the pledge of the capital stock of
indiana-Kentucky Natural Gas Corp.
Receivers were appointed by the Chancery Court of Delaware March 18
1932 and shortly tnereafter local receivers were appointed by the Federal
Courts for the Western District of Kentucky and for the Southern District
juriseictions. The
of Indiana, Indianapolis Division, in their respective receivers appointed
propertiesof the company are now being operated by the
by these Federal courts.
Shortly after the appointment of these receivers foreclosure proceedings
were instituted in the two Federal courts. The installments of interest
which became due on the bonds on Apr.I 1 1932 and Oct. 1 1932 are in default.
Missouri-Kansas Pipe Line Co. tnc Joiner of all of the capital stork of
the company and of indiana-Kentucky Natural Gas Corp. and the principal
unsecured creditor of the company, is in receivership, receivers having
been appointed on March 18 1932, by the Chancery Court of Delaware.
A receiver has also been appointed by the Federal Court in the Northern
District of Illinois.
--It is proposed that the assets of the company and
Summary of the Plan.
the stock of indiana-Kentucky Natural Gas Corp. be transferree in such
the committee may approve, free of the mortgage securing the
manlier as
bonds and of all other claims against the company. other than taxes which
are a Ilan upon toe property and other liens,.if any, which are prior to the
mortgage, to a new company to be organized under the name of Kentucky
Natural Gas Corp. under tne laws of Delaware or of such other State as
may be determined by the committee.
It is proposed that the holders of outstanding bonds and of unsecured
debt receive in exchange for their bonds and debt the securities of the new
company indicated below and that the new money required to consummate
the plan be subs_ribed by certain bondholders. unsecured
creditors of the
Tae plan imposes no assessment upon the
company as a condition to their participating. in the plan.
Basis of Exchange.—(1) Holders of 2-year 6% mortgage gold bonds, due
be entitled to
April 1 1933, of the company assenting to the plan will bonds
each $1,000 of
receive, upon consummation of the plan, forsubsequent coupons) (accomdeposited
coupons maturing April 1 1932 and
panied ny
under the plan:
(a) 10 snares of cumulative preferred stock, entitled to dividends at
company,
the rate of $i per share per year, of the newcompany. and
(b) 5 inures of common stock of the new the plan, whose claims against
Holders of unsecured debt assenting to
(2)
Chancery of Delaware or
the company shall be allowed by the Court of
over the receiverships,
by either of the Federal courts having jurisdiction the committee, will be
satisfactory to
or established in some other manner
aggregate of 18.781
entitled to receive, upon consummation of the plan, ancommon stock to be.
such
shares of the common stock of the new company,
in proportion to the amount of
distributed among such unsecured creditors
by each, thus allowed or
the unsecured indebtedness of the company held the new company thus
of
established. The amount of common stock assenting to the plan constiallotted to unsecured creditors of the company the new company (41,736
tutes about 45% of the total common stock of consummation ot the plan.
shares) which it is expected will be outstanding onfor the purpose of paying
New Moniy.—New money will be required
and the reorganization.
chirges and expenses incident to the receiverships of making the advances
the purpose
for toe purpose of paying taxes and forPipe Line Co. Arrangements have
receivers of Missouri-Kansas
to the
of 3350,000 to the new
been made for the advance by certain bondholders
working capital for the new
company for these purposes and to provide the new company at the time
money is to be borrowed by
company. Such
issue of promissory notes of the
of consummation of the plan against the
6% per annum, maturing
new company, bearing interest at the rate of at the option of the new
renewable,
four months from their date, and
months each.
company, for two additional periods of four may be required from time to
It is also anticipated that additional funds
uiaking other additions to
timefor the purpose of constructing laterals and be borrowed by the new
the pipe line, it is proposed that such money of the board of directors
the opinion
aompany from time to time whenever in
.
2973'
such funds can be advantageously invested in such construction. All such
loans shall be on terms to be approved by the board of directors of the new
company. in the opinion of the committee the new company will be in
a position to borrow the funds required for the above purposes on satisfactory terms, and the committee will assist the new company in arranging
such loans. The new company is to enter into an agreement with thereceivers of Missouri-Kansas Pipe Line Co. providing that without the
unanimous consent of the directors of the new company no common stock
of the new company shall be issued as consideration for any loan made
pursuant to this paragraph or pursuant to the preceding paragraph or for
any renewal of any such loan, unless such loan or renewal be for a period
of at least 5 years from the date of creation thereof.
The new company is to lend to the receivers of Missouri-Kansas Pipe
Line Co. the amount of the expenses incurred by them in connection with
applying for the approval of the various courts of the plan and with carrying
the same into effect,such advance not to exceed $1,500. The new company
is also to agree to lend to the receivers of Missouri-Kansas Pipe Line Co.
at any Dineen or before July I 1934, when demanded by them, an amount
not exceeding $10,000 which may. be required by such receivers for the
purpose of aiding in bringing about a reorganization of Missouri-Kansas
Pipe Line Co. The amounts advanced to said receivers shall be eyidenced
by promissory notes of the receivers, duly approved by the Court of
Chancery of Delaware, bearing interest at the rate of 6% per annum, and
maturing 6 months from the date thereof, which notes shall be a preferred
claim against the receivership estate prior to all claims of creditors of the
Missouri-Kansas Pipe Line Co. and prior to all other claims against the
receivers or the receivership estate, including fees of the receivers and their
counsel, except salaries, rent and other expenses incurred or paid by such
receivers during the period such loans are in force in maintaining an office
and performing their duties as such receivers.
Disposition of $175,000 Principal Amount of Bonds Issued to MissouriKansas Pipe Line Co., in Alleged Violation of Agreement with
Illinois National Supply Co.
Claim has been made upon the receivers of Missouri-Kansas Pipe Line
Co. by the lalinois National Supply Co. that certain bonds in the principal
amount of $175,000 be cancelled. Upon consummation of the plan such
claim for cancellation of the bonds is to be withdrawn.
Capitalization of the New Company.
Authorized. Outstanding.
46,000 shs. 45,910 811S:
Cumulative preferred stock
42,000 shs. 41,736 shs.
Common stock
Such preferred stock and common stock of the new company are to be
issued as follows:
Common
Preferred
Stock.
Stock.
•
To the holders of $4,591,000 principal amt. of bds_ 45,910 shs. 22,955 shs.
18.781 shs.
To the holders of unsecured indebtedness of the co_
Management of the New Company.—The new company is to have a board
of directors consisting of nine members. It is expected that the initial
board will consist of six members designated by the conunittee, namely.
T. I. Christopher. J. H. Hillman, Jr., J. G. Klingersrnith, Chas. A. Meyer
and Thomas Watson,of Pittsburgh, and W. L. Hartman, Jr., of New York,
and three members designated by the receivers of Missouri-Kansas Pipe
Line Co., namely, Thurlow G. Essington, and Irving Herriott, of Chicago,
and Ernest Woodward, of Louisville. The latter throe directors are to
be elected for a period of three years. It is expected that J. H. Hillman, Jr.,
will act as President of the new company.—V. 134, p. 2534.
Key West Electric Co.—Earnings.—
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.—V. 136. p. 1547.
Long Island Lighting Co.—Omits Dividend.—
The directors have voted to omit the quarterly dividend usually payable
about May 1 on the no par common stock. A distribution of 10 cents
per share was made on Feb. 1 last And on Nov. 1 1932, as against 15 cents
per share previously each quarter.
.The eompany in an olicial staterrent says:
"Although the business of the company since Jan. 1 1933 is holding up
well, gross earnings showing a decrease of but approximately 4%,in view,
however, of the company's current unfunded indebtedness, the directors
have decided to omit common dividends at this time with the idea of
improving the cash position of the company.
Consolidated Statement of Earnings for the Year Ended Dec. 31 1933.
S21,102,443
Gross earnings
Operating expenses, maintenance, retirement expense & taxes 12,067.994
Net earnings
Interest charges and other deductions
$9,034,448
4.865,879
Net Income
Preferred dividends
$4,168,569
1.597,988
Balance
—V. 136, p. 4559.
$2,570.581
Louisiana Steam Generating Corp.—Earnings.—
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.—V. 136, p. 1547.
Malone (N. Y.) Light & Power Co.—Dividend Omitted.—
The directors recently decided to omit the monthly dividend ordinarily
payable about April 30 on the no par common stock. From July 31 to and
incl. March 30 1933, the company made monthly distributions of 15 cents
per share on this issue.—V. 135. p. 465.
Middle West Utilities Co.—Time Extended.—
An order has been entered in Federal Court, Chicago. continuing until
May 11933, the time within which petitioning creditors may file their bill
of particulars in the Middle West Utilities bankruptcy case. Taking of
depositions before Master Jacob I. Grossman was also continued to May 1.
The continuance was for the purpose of allowing more time for completing
the draft of the recently announced agreement among interested groups to be
presented to the court for approval.—V. 136, p. 2797.
Midland United Co.—Officers Elected.—
At the annual election of officers, the board of directors elected the
following:
John N. Shannahan, President; William A. Sauer Vice-President:
G. Corson Ellis„ Assistant to the Vice-President; Bernard P. Shearon,
Secretary; Herbert A. Ehrmann, Treasurer; Alfred E. Jost, Comptroller;
B. R. Nightingale, Assistant Secretary; William J. Seinwerth, Assistant
Treasurer.
The above officers were also elected by the board of directors of the
Midland Utilities,Co.—V. 136. p. 1879.
Milwaukee Electric R. & Light Co.—Bal. Sh. Dec. 31.
1932.
1931.•
1932.
$
Liabilities—
$
Assets—
$
4,500,000
_
Prop. & plant _ _131,215,349 130,481,934 6% pref.
stock6% pref. stock,
Cash & securs. in
issue of 1921- 20,692,200
1,197,174
pension fund- 1,356,976
1,656,873 Common stock_ 21,000,000
2,221,086
Investments
Due tr. atilt eos. 2,039,268 4,130,631 Funded debt... 63,695,500
_47,199
Cash
1,900,893 1,239.967 Due to aff11. cos.
Accts. Payable_
579,569
Deps. for payrn.
439,857 Sund. curr. nab. 1,247,471
458,573
of rnat. Int. &c
24,044 Accrued !labs_ __ 2,707,108
34,046
Notes & bills rec.
2,494,231 Deprec. reserve_ '21,469,761
Accts. recelv'le. 1,918,391
Mat. & supplies 2,028,488 2,469,339 rens, fund tea__ 1,356,976
94,323 M Keen. reserve- 2,173,283
68,019
Prepaid sects
Prem.on pt. stk.
94,158
Disc. & e‘p. on
7,740,579
securities __- - 4,062,715 4,220,623 Surplus
- 1931.
$
4,500,000
20,659,400
21,000,000
64,164,500
351,998
675,188
1,576,103
3,110,206
21,209,431
1,197,174
2,091,691
95,547
7,817,760
147,303,810 149,449,001
Total
147,303,810 148,449,001
usual comparative income statement for the year ended Dec. 31
1932 was published in V. 136, p. 2797.
Total
Our
New Brunswick Telephone Co., Ltd.—Pays Regular Div.
The directors recently declared a quarterly dividend of 1234 cents per
share on the common stock, par $10, payable April 15 to holders of record
'March 31. It had previously been erroneously reported that the company
had decreased its quarterly payment on this stock to 103( cents per share.
2974
Financial Chronicle
A distribution of 12M cents per share was also made on Jan. 14 last,
as compared with 15 cents per share in each of the three preceding quarters.
-v. 136, 1). 1375.
•
New York Edison Co.-Earnings.
-
For income statement for three and twelve months ended March 31 see
"Earnings Department" on a preceding page.
-V.136. D. 1375.
New York Rys. Corp.
-Seeks New Bus Franchise.
-
Bus franchise applications, altered to meet demands by Comptroller
Charles:W. Berry and Aldermanic President Joseph V. McKee, were filed
with the Board of Estimate and Apportionment by the corporation following the first meeting of its enlarged board of directors. The revised
franchises are intended to complete the company's plans for a comprehensive motorization of its electric surface car lines, guarantee a striaght
5
-cent fare, immediate payment for track removals, an increase of gross
percentage for the city and a larger security deposit for the assurance of
fulfillment of contract.
The corporation recently announced a change in policies 112 order to
gain confidence of the public, and invited nine business and civic leaders
to Join its directorate. For over a year its attempts to obtain new franchises hasre been balked by applications of rival bus companies and by
hesitancy on the part of the Estimate Board because of the company's
affiliation with the Fifth Avenue Coach Co.. which is having difficulty
over legality of some of its routes. The chief competitors of the New York
Rys. Corp. are Samuel Rosoff, who has already obtained city franchises
for motorization of the electric surface lines on First and Second avenues
In Manhattan, and Green Bus Lines, which operate on six crosstown lines
In Manhattan under a one-year franchise. In its new applications New
York Rys. seeks those six crosstown lines.
-V. 136, p. 1886.
New York Steam Corp.
-Common Dividend Reduced from*
12.6040-$2:20-Per-Share-Per-kawararThe directors on April
27 declared a quarterly dividend of 55 cents per share on
the common stock, no par value, payable June 1 to holders
of record May 15. This compares with 65 cents per share
paid each quarter from March 2 1931 to and incl. March
I, 1933.
This company is a subsidiary of the Consolidated Gas
Co. of New York.
For income statement for three and twelve months ended March 31 see
"Earnings Department" on a preceding page.
-V. 136, p. 1375.
Niagara Falls Power Co.
-Balance Sheet Dec. 31.1932.
AssetsFixed capital
89,734,581
Sinking fund
2,318
Misc. investm'ts. 1,081,967
Adv. to Mill. cos__ 535,000
Cash
825,310
Accts.receivable- 1,206,342
Market. secure.. 545,440
Mails & supplies_ 288,075
Prepayments
432,174
Empl. subscrib. to
stk. of Buffalo,
Niagara & East.
Power Corp ._
3,329
Unamort°debt disc.
& expense
1,688,296
Miscell. def. debs_
23,506
1931.
1932.
1931.
Liabilities
5
84,828,579 :Common stock__35,575,565 35,575,565
34,361,250 29,188,750
38,370 Funded debt
5,481,003 Ad. from affil.cos. 400,000 4,154,500
Accounts payable. 194,063
273,506
1,287,341 Subscrip. to stock
1,408,167
of But. Niagara
37,540 & Eastern Power
319,862
Corp.for empl__
21,890
38,720
563,217 Taxes & rents accr. 808,063
780,395
Interest accrued_ _ 185,179
212,954
Res. for retire, of
plant & property 9,282,456 9,022,700
10,057 Other reserves__ 467,674
340,416
Capital surplus_ 5,722,958 5,722,958
1,602,816 Profit & loss
9,347,245 10,288,134
21,646
Total
96,366,338 95,598,598
Total
96,366,338 95,598,598
Represented by 742,241 shares (no par).
Our usual comparative income statement for the year ended Dec.31 1932
Was published in V. 136. p. 2798.
Niagara Hudson Power Corp.
-Earnings.
For income statement for three and twelve months ended March 31 see
"Earnings Department" on a preceding page.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets5
$
Plant & prop- _ _580,093,872 695,633,113 Funded debt of
Sinking funds &
subsid. cos- _225,216,550 216,147,650
special dopes.
371,031
774,383 Pref. stocks of
Cap.stks. of oth.
subsid. cos-._187,130,444 187,443,394
Pub. utll. cos.
Minority lilts. In
& sundry Inv- 42.937,020 51,481,769
subsid. cos186,835
204,634
Cash Oe call loansx10,197,670 12,337,335 Long-term flab.
Notes&accts.rec. 10,139,232 12,080,021
relating to SeMarketable secs. 1,801,950 •2,028,757
candaga and
Unpaid subscr.to
Stillwater rescapital stk. of
5,301,444'5,491,009
ervoirs
119,541 Notes payable 20,500,000 25,000,000
45,269
subsid. cos_ __
Mat'ls & suppl's 3,884,016 4,909,629 A cc'ts payable. 3,449,132 4,778,297
Prepayments.
2,105,188 2,226,310 Int.& taxes accr. 5,636,028 6,895,631
Unamort. debt
Pref. dive. accr_
990,509
994,749
asst. & exp__ 11,094,527 10,727,895 Consumers' dep. 1,428,417 1,393,194
Other def. chgs_ 6,631,910 6,701,105 Miscel.accr. nab
86,006
Res.for retire. of
Tiant & prop_ 29,492,584 30,066,077
Sundry reserves 3,674,772 3,280,606
Employ.subs.for
units of stock
1,350,442 1,016,643
perch. fund
&Meer. to corn.
84,105
stk. of sub. co.
274,249
Capital stock_ _s131,036,707 y2111490,575
Paid in surplus_ 42,873,673 43,556,594
Earned surplus_ )0,864,049 11,986,555
Total
669,301,688 799,019,858
Total .......669.301,688 799,019,858
z Cash only. y Represented by 26.149,057 shares of $10 each. z Represented by 8.735,780 3-6 shares of $15 par value
Our usual comparative income statement for the year ended Dec.31 1932
was published in V. 136, p. 2798.
April 29 1933
Company owns 56 operating subs diary companies located in Maine,
New Hampshire, Massachusetts, Connecticut, Maryland, West Virginia,
Pennsylvania, Illinois, Indiana, Kentucky, Arkansas and Ohio. These
subsidiaries are engaged in supplying water, gas and electric service,
the
proportion of the gross operating revenues being, roughly, water
66%.
gas 5% and electric 28%. -With the exception of certain negligible minority
Interests, most of these subsidiaries are wholly owned. In
company also owns several large blocks of preferred stocksaddition, the
public utilities, including the Eastern Shore Public Service of operating
Florida
Power Corp., Tidewater Power Co., Virginia Public Service Co.,and the
Co.
Georgia Power & Light Co. The revenue from the dividends of
these
preferred stocks is listed as non-operating income.
Practically all of the securities owned by the company, with
of the securities of one small subsidiary company, free in the exception
and certain subsidiary company notes deposited as collateralthe treasury
security for
notes roayable aggregating $212,340 at Dec. 311932, are pledged wth the
City Bank Farmers Trust Co., trustee, as security for an outstanding issue
of $4,670,500 of prior lien
% bonds due in 1961. The trust indenture
securing the general lien and collateral trust 534% bonds, is a second
lien
on these assets.
Consolidated Income Account Year Ended Dec. 311932.
Operating revenue
$2,241,883
Operating expenses
Retirement provision (provision averages 8.83% of total gross 1,141,634
revenue in 1932 as compared with 5.81% in 1931)
195,211
Taxes (other than Federal income tax)
154,648
Rents for leased lines and plants-net
6,988
Net operating income
Non-oper.income (incl.$31,316 pref.divs.-affil.cos., in dispute) $743,403
390,259
Total income
$1.133,662
Interest on funded debt
998,934
Amortization of debt discount & expense
15,877
Miscellaneous deductions
4,408
Provision for Federal income tax (estimated)
59,434
Dividends on stocks and proportion of undistributed earnings of
subsidiary cos, applicable to minority interests
2,697
Net income
Extraordinary charges
-Loss on sale of comianies- -1932
in
Unamortized discount on bond retired in 1932
$52,310
317,450
32,196
Net loss for the year
$297,337
Surplus
-Balance Jan. 1 1932
$116,151
Miscellaneous surplus adjustments
-net
15,717
Total__ _ ___ __ _ ___ - _ --- ____ - __ - ____z- - - $131,868
Reserved for adjustment and revaluation or assets-12,898,820
Loss for year, per income account
297,337
Deficit-Dec. 31 1932
$13,064,289
Consolidated Balance Sheet Dec. 311932.
AssetsLiabilities- •
Cash
$386.733 cNotes payable
$212,340
Notes receivable
33,081 Notes payable-others
442
Accts. rec. (less res., 578,664) 358,043 Accounts payable
65,501
Materials and supplies (less
Due to affiliated companies
23,668
reserve, 56,355)
89,298 Consumers deposits
123,591
16,327 Accrued liabilities
Prepayments
556,136
Inv'ts In & Advs. to atfit. cos.:
1st lien & coll. trust 5Iis..... 4,670,500
6,733,855 General lien & coll. trust
aPreferred stocks at cost
534s
26.375 Funded debt of subsidiaries._ 11,680,900
Stocks and bonds at cost._
1,505,000
bNotes, accts. & divs. rec'ble 1,847,610 Reserves for adjustment
and
Due from parent company__
3,853
revaluation of assets
13,653,725
Special deposits
4,492 Res.for retirement of prop.,&o 2,735,948
Fixed capital
23,868,642 Miscellaneous reserves
202,160
Deferred charges
464,324 Minority int. in subsidiaries_
98,960
$5.50 prior preferred stock_
3,583,800
Preferred stock
2,872,152
Common stock
4,910.100
Deficit
13,064,289
533,830.634
Total
Total
$33,830,634
a l'iedged as collateral under collateral trust bonds. b
3d companies in receivership or bankruptcy $1.766.932; others, AffIliate8W 34
$80,678. c Secured by $545,748 notes receivable ofsubsidiary companies,-y,
136, p.328.
Northern Indiana Power Co.
-New Vice-President,
&c.
Chester D. Porter has been elected Vice-President and General
Manager
and will assume his new duties on June 1.
Lois Allen has been elected Assistant Secretary.
William A. Sauer and Mr. Porter have been elected
of directors, succeeding Samuel E. Mulholland and members of the board
Bernard P. Shearon,
resigned.-V. 136. 13• 159.
Northern Indiana Public Service Co.
-New
V.-Pres.,&c.
At the annual election of officers, the directors re-elected John
N.Shamiahan as Chairman of the company and Morse DeliPlain as
President.
Howard H. Adams who has been assistant to the President
has been
elected Vice-President and General Manager, and Dean H.
has been Comptroller has been elected Vlee-President and Mitchell who
Comptroller.
Other officers elected were: Samuel E. Mulholland, Vice-President;
Bernard P. Shearon, Secretary and Treasurer; Fred E. Thacker,
Treasurer and Assistant Secretary, and B. R. Nightingale, Assistant
Assistant
Secretary.
Dean H. Mitchell arid Howard H. Adams were elected members
of the
board of directors, succeeding Edwin J. Booth, and Bernard
P. Shearon,
resigned.
-V.136, p. 2243.
Ohio Service Holding Corp.
-Organized Under Plan of
Utilities Service Co.
-See latter company below.
Ohio Water Service Co.
-Earnings.
--
For income statement for 12 months ended Feb. 28
see "Earnings
Department" on a preceding page.
-V. 136, D. 2798.
Pittsburgh Suburban Water Service- Co.
-Earnings.
For income statement for 12 months ended Jan. 31 see "Earnings
Department" on a preceding page.
-V.136. P. 2608.
ts---F'ublic Service Co. of Indiana.
-Suspends Preferred
Dividend.
-The directors on April 24 voted to suspend payment of the dividend on the no par $6 cum. pref. stock
Northeastern Public Service Co.
-Committee to Ask payable May 15 1933 to holders bf record April 29 1933.
The last regular quarterly dividend of $1.50 per share was
Foreclosure-Fights Capital Shift.=
paid on this issue on Feb. 15.
The protective committee representing holders of general lien and coil)
trust 5Si% gold bonds (James T. Woodward, Chairman) advises depositing
President John N. Shannahan, says:
North American Co.
-Earnings.
---
For income statement for twelve months ended March 31 see "Earnings
Department" on a prededing page.
-V.136, p. 2424.
and non-depositing bondholders that more than 27% of the total issue has
The continued decline in business as a result of the depression, and loss
been deposited with the depositories-Central Illinois National Bank &
of revenue resulting from rate reductions has reduced the income
of the
Trust Co., Chicago and Central Hanover Bank & Trust Co., New York
- company to a point where the dividend is not being
earned on the preferred
and that it has committed itself to a program that will involve foreclosure
stock.
proceedings under the general-lien indenture, assuming the co-operation of
Drastic economies in operating expenses have been made during
the bondholders thr. ugh deposit of their bonds.
two years including two reductions In salaries and wages but thethe Past
decline
While several norganization plans involving capital readjustment of
In business has progressed steadily.
the company ant subsidiaries have been considered the committee has
Net income of the company last year applicable to dividends declined
arrived at the c nclusion that the present is not an opportune time to
55.58% compared with 1931 and business of the company during the fjrst
attempt such capital change.
quarter of this year has shown a further decline. No dividends on the comUnder the program it has proposed the committee would, through the
mon stock of the company have been paid since last
foreclosure nroceedings, bid in on behalf of the bondholders the pledged
Is called to the fact that no further dividends can be March and attention
paid on the common
securities of subsidiary companies subject to the lien of the subsidiary,
stock until all cumulative dividends on the preferred stock have been roald.
bords in the hands of the public and the prior lien 535% bonds now outWe realize that cutting of the dividends on the preferred stock will be
the amount of $4,670.500.
standing in
disappointing to stockholders, over 7,000 of whom live in Indiana, but
•'It will to incumbent further upon the committee to look out for the
Income of the company is not now sufficient to meet these dividend net
remaintenance of the integrity of the subsidiary company bonds in the hands
auirements. This action, in the opinion of the directors, will best protect
of the public and the prior-lien bonds through the continuance of interest
the interest of the stockholders. There is no evidence at the present
payments and the prevention of any condition of default which would make
time of any improvement in business.
-V. 136, p. 1886.
possible the as ertion of ri hts by such holders prior to the interests of the
New Vice-Presidents, &c.
general-lien bonaholders.' the announcement says. This program, it
cannot be carried out without the assent of a substantial majority . Chester D. Porter has been elected Vice-President and General Manager.
adds,
He will assume his new duties on June 1
of the general-lien b nds. The circular further states:
•
2975
Financial Chronicle
Volume 136
Edwin J. Booth, who has been Assistant to the President, has been
Ve7
Electric RR.p.-elected Vice-President.
This company went into receivership in M arch. 1932. 0. K. Ayers is
The following officers were re-elected: Louis B. Schiesz, comptroller;
receiver)
--V. 127, p. 1528.
Bernard P. Shearon, Secretary; W. Marshall Dale, Treasurer; Lois Allen,
Assistant Secretary; B. R. Nightingale, Assistant Secretary: and Arthur
-Organized Under Plan
Tere
-phone Service Co. of Ohio.
.
E. Irwin, AssistantTreasurer.•
-See latter company below.
of Utilities Service Co.
William A.Sauer and Mr.Porter have been elected members of the board
of directors, succeeding Ernest Van Arsdel and Samuel E. Mulholland
-Preferred Dividend Halved.-'
''''""""fride Water Power Co.
resigned.
-V. 136, p. 1886,
-Promotion.Public Service Electric & Gas Co.
Thomas N. McCarter was re-elected President of this company, the
Public Service Coordinated Transport and other Public Service underlying
companies at the annual organization meetings of the boards of directors of
these companies held April 24. All other officers were re-elected or reappointed with the exception of a change in the law departments, of these
companies. Frank Bergen, who has been General Counsel, was continued as Counsel and Wendell J. Wright, who has been Assistant General
Counsel, was advanced to the position of General Counsel of the underlying companies.
-V. 136, p. 2244.
•
The directors on April 25 declared a dividend of 75 cents
per share on the $6 cum. pref. stock, no par value, payable
.11113.0 1 to holders of record May 10. This compares with
regular quarterly dividends of $1.50 per share previously
-V. 135, p. 2339.
paid on this issue.
-Change in.Par
""•.'«Utilities Power & Light Corp.
Puget Sound Power & Light Co.-Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, P. 1548.
-Decline in Transit PassenRapid Transit in N. Y. City.
gers.During the year ended Dec. 31 1932, New York City's rapid transit lines,
street cars, buses and the Hudson tubes carried 2,830,900.000 passengers,
according to a report made by the Transit Commission of New York
The total, which includes traffic on the city's independent Eighth Ave.
subway, fell short of the 1931 figures by 229,800,000 riders, or a drop of
7.5%..That the traffic decrease was in line with general economic conditions
was shown by the further (act that the 1932 total was 361,300,000 riders
fewer than for 1930, a drop of 11.3%.
-M. T. and InterFare collections at the Times Square station of the B.
borough in 1932 totaled 83,042,539 as compared with 91,099.429 in 1931, a
decline of 8,056,890.
Total operating revenues of all the rapid transit lines and street surface
railways in 1932 amounted to $138.386,000. or 613,893,000 less than in
1931. The figures do not include $1,040,283 in revenue received on the
Eighth Ave.lines between Sept. 10 and Dec.31.-V. 136. p.2244.
The stockholders on April 26 voted to change the class A stock, class'B
stock Itnd comm6n stock from shares without par value to shares of a.par
Value of $1 each.
The annual meeting of the stockholders for the election of directors,
called to be held on April 26, was adjourned to May 24 to permit the company to give the required distribution of its annual report prior to the
meeting.
-V.136, p. 2424.
-Plan Consummated.
Utilities Service Co.
The bondholders committee for the first lien 6% gold bonds of the
company announces that the plan of reorganization dated Nov. 15 1932,
(V. 135, p. 3525) has been substantially consummated. The collateral
pledged as security for these bonds was sold at foreclosure on April 3 1933,
and was bid in by agents of the committee. This collateral has been transferred to Ohio Service Holding Corp. and the Telephone Service Co. of
Ohio. the new corporations organized under the plan.
It is expected that the new first lien collateral trust bonds of the Telephone
Service Co. of Ohio and preferred stock and voting trust certificates for
common stock of Ohio Service Holding Corp., which holders of certificates
of deposit are to receive under the plan, will be ready for delivery on or
about May 15 1933.-V. 136, p. 1201.
-Earnings.
Virginia Electric & Power Co.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 2425.
Republic Service Corp.
-Halves Preferred Dividend.
Western Public Service Co.-Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on.a preceding page.
-V.136, p. 1550.
-Readjustment Opposed.
Rio Grande Valley Gas Co.
-Changes in ColWestern Union Telegraph Co., Inc.
lateral.
-
A dividend of 75 cents per share has been declared on the $6 cum. pref.
stock, no par value, payable May 1. Previously, the company made regular
quarterly payments of $1.50'per share on this issue.
-V. 129, p. 4140.
Hermann F. Clarke of Estabrook & Co., Elmer G. Diefenbach of New
York and James H. Orr, Vice-Pros, of Railway & Light Securities Co..
comprise a committee which is asking the co-operation of bondholders in
Opposition to the plan proposed by the company for the readjustment of
the first mortgage sinking fund. They assert that the proposed sinking
fund provision makes it possible, under certain conditions, for the company to pay off junior securities with cash released by the first mortgage
bondholders. Such cash, they believe, should be retained tostrengthen
the company's current position.
The committee believes that the necessity for the conservation of the
company's cash resources has been amply demonstrated by the failure,
to pay the April 1 1933 coupon on the first mortgage bonds. It is believed
.that some bondholders may be influenced by the argument that the company will follow a policy of conservation as a matter of course. The
committee points out, however, that the bondholder is asked to bind
himself to this agreement in writing and it is only reasonable, therefore,
that in return such protection as he is to receive shall also be in writing
The committee fully agrees that the bondholders must give up their
right to the fixed sinking fund, but insists that before they sign the agreement they should have assurance that the money which they release will
not be used to pay off junior securities, particularly when the company's
financial condition is such that withdrawal ofcash endangers bond interest
payments.
The committee, therefore, recommends that the bondholders refrain
-V. 136.
from depositing their bonds under the company's present plan.
p. 1720, 1548.
Savannah Electric & Power Co.-Earnings.
For income statement for 12 months ended March .31 see "Earnings
Department" on a preceding page.
-V. 136, p. 1549.
-Earnings.
Scranton-Spring Brook Water Service Co.
For income statement for 12 months ended Jan. 31 see "Earnings Department" on a preceding page.
Balance Sheet Dec. 31.
1932.
1931.
Assets
Plant, property,
ac
56.665,148 56,990,804
Invests,in oth.cos. 229,840
74,377
Miscell. spec. deps
18,510
25 570
,
Defer. consumer's
accounts receiv_ 1,451,499
Cash
193,505
515,176
Notes receivable
14,410
11,052
Accounts receiv
496,019 2,155,912
Unbilled revenue..
61,900
60,400
Due from ern!. cos.
13,437
292,193
Int. & divs. receiv.
3,985
Mater. 8, supplies_ 247,919
307,683
Miscellaneous_
2,354
x Def. charges and
prepaid accounts 1,189,064 1,292,530
1931.
1932.
Liabilities$
34,022,000 37,190,000
Funded debt
Misc. def. liab. 4,
87,760
86,322
& unadl. credits
Due affiliated cos_ 5,029,100 5,209,997
817,076
Notes payable__
54,718
114,791
Accounts payable_
594,964
565,363
Interest accrued_
528,564
441,452
Taxes accrued.
Due to afIll. cos.
4,275
(current)
881,000
Short-term notes
15,220
28.836
Miscell. accruals
4,091,445 4,553,037
Reserves
y$5 cum. pref.stk_ 1,207,500 1,207,500
a $6 cum. pf..stk_ 5,862,500 5,862,500
Common stock._ 5,000,000
Capital surplus__ _ 681.871}z6.440.285
1,735,213
Earned surplus_
60,583,605 61,729,683
Total
60,583,605 61,729,683
Total
x Including unamortized debt discount and expense and commission on
capital stock. y Represented by 12,075 shares (no par). z Represented
by 100,000 shares (no par). a Represented by 58,625 shares (no par).
Our usual comparative income statement for the year ended Dec. 31 1932
was published in V. 136, p. 2799,328.
-Balance Sheet Dec. 31.Southern California Gas Co.
1932.
1931.
Assets$
$
Plants, prop. &
franchises
65,348,020 64,643,,280
Cash
754,299
776,952
Cash on deposit
with affii. cos_. 2,281,310 1,177,146
Notes& Int. rec._
65,425
.
Accts.receivable_ a1,462,724 1,770.820
Market. securities
42,288 • 42,288
Matls & supplies_ 565,887
727,818
Unamortized bond
disc. & eXpense_ 1,555,528 1,618,270
Other def. charges 199,360
108,469
1932.
Liabilities
Common stock__ 8,800,000
Cum, pref. stock__ 3,998,900
Corn. pref. stock,
556,700
series A
Collections on installment sales_
27,316,000
Funded debt
Consumers charges
49,709
to controversy _ Accounts payable_ I:672,485
1,256,465
Consumers dep
Accrued taxes_ - 1,021,599
Accrued Interest- 445,267
68,335
Divs. declared.-21,377,199
Reserves
Prem.on COM. Cap.
.-- 2,400,000
stock
4,246,757
Surplus
1931.
8,800,000
3,992,300
556,700
5,894
27,316,000
$4,000,000
Total proceeds
The proceeds in question, less $54,509, cost of.consummating the sale
of the Chicago property, have been invested by the trustee in Western
Union 43•6% funding and real estate mortgage bonds, dated May 1 1900,
at a par value of $4,227,000, as permitted under the indenture, the income
-V. 136, P. 2611.
on such bonds accruing to the company.
-Earnings.
West Virginia Water Service Co.(& Sub.).
Calendar YearsOperating revenues
-Water
Electric
Ice
1932. •
$821,516
215,552
12,554
x1931.
$853,918
246,068
20,903
Total
$1,049,623 $1,120,888
446.772
382,742
Operating expenses
Cr23,710
Cr2,192
General expenses charged to construction
7,978
12,281
Provision for uncollectible accounts
54,406
50,731
Maintenance
138,586
134,078
General taxes
Net earns, prior to date of acquisition or merger of
57,853
prop, acquired and (or) merged during 1931Net earns, before provisions for Federal income
tax and retirements and replacements
Subsidiary company dividends
Miscellaneous income
6467,475
2,500
1,474
$443,510
7.206
1.991
Gross corporate income
Interest on funded debt
Miscellaneous interest
Amortization of debt discount and expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$471,449
258,000
9,886
26,277
Cr820
10,256
52,350
3,436
$452.707
227,277
9,080
24,120
Cr4,446
11.876
41,943
2,971
$112,063
$139,885
Net income
x For comparative purposes revenues and expenses of the properties
from Jan. 1 1931 to date of
acquired during 1931 are included for the period
acquisition or merger.
For income statement for 12 months ended•Feb. 28 see"Earnings Department" on a preceding page.
Balance Sheet Dec. 31.
LoLiabilities1932.
Assets1931.
1931.
1932.
ng-term debt_ --$5,160,000 $5,160,000
Plant, property,
equip., &c
$7,305,028 $7,269,997 Construc'n advs_
100,500
4,631Adv. from sub. co.
Misc. spec. depos_
3.688
Cash & work. fds_
not consolidated
26,500
118,289
126,057
159,458 Notes & accts.pay.
27,436
Acc'ts receivable._ al51,912
35,570
Unbilled revenue_
68,358 . 78,555 Due affiliated cos39.298
24,812
Accr. Int., taxes,
Inv.in sub, gas co.
36,500
dividends, &c__ 244,160
Due from sUbsid.&
280,943
Def'd Habil. & unaffiliated cos__
18,281
Debt disc. & exp.
adjust. credits85,009
84,010
Reserves
in Process of
563,348
552,555
amortization - 488,423
6% pref. stock_
5,000
Comm.on cap.stk. 154,000
$6 pref. stock_ __ _ 1,109,000 1,114,000
Mat'ls & supplies90,851 $6 cum. 26 pt.stk. 365,000
77,579
365,000
Misc. & prepaid
cCommon stock__ 552,000
686,895
accounts
9,381 Capital surplus_
134,981
Deferred charges &
Earned surplus.- 176,213
78,318
65,896 b741,871
unadJust. deb.._
813,052
1,559,701
1,161,327
445,289
68,236
19,540,186
Total
Total
$8,487,948 $8,480,605
88,487,948 $8,480,605
a Includes notes receivable and after reserve of $13,036. b Including
unamortized debt discount and expense and commission on capital stock
c Represented by 12,000 shares no par value.
-V. 136. p. 329.
2,400,000
4,472,006
INDUSTRIAL AND MISCELLANEOUS.
72,209,416 70,930,469
Total
72,209,416 70,930,469
Total
a Includes notes receivable. b Includes wages payable.
Our usual comparative income statement for the year ended Dec. 31
1932 was published in V. 136, p. 2799.
Southwestern Natural Gas Co.
-Stock Sold at Auction.
A blactc of 300,000 shares of stock of the company was sold April 21
at auction by Adrian H. Muller & Sons and were bought in by the owners
of the property, which is to be included In the reorganized American Natural
Gas tostcm.-V. 136, p. 2610.
In response to a request for information as to the status of the security
behind the 4%% funding and real estate mortgage bonds dated May 1 1900.
the New York St,ock Exchange has been advised that the following properties, with proceeds stated, have been released from the lien of the mortgage as provided in the indenture:
-Proceeds..- $2,500,000
Broadway and Dey St., New York, Aug. 20 1915
-Proceeds _ 1,500,000
Pacific Ave. and Jackson St., Chicago, Jan. 13 1922
-Ground lease
Fifth Ave. and 23rd St., New York, Mar. 1 1904
expired on this date, value of building written off to profit & loss
Matters Covered in the "Chronicle" of April 22.-(a)Salaries cut 5 to 15%
by New York Life Insurance Co.
-Northwestern Mutual Life Insurance
Co. announces 10% reduction, p. 2682; (b) Newsprint price cut $5 a ton
by International Paper Co. effective as of April 1-Statement by A. R.
Graustein, President, p. 2686; (c) Globe & Rutgers Fire Insurance Co.
reinsures policies-Contract with British Company for Canadian business
is approved by Court
-Avoids Dominion Receiver, p. 2704; (d) United
States Steel Corp. operating at 21% of capacity-Highest rate since March
-Myron C. Taylor thinks revival has begun-Warns on over-optimism
1932
-Pledges stockholders to support President Roosevelt, p. 2691.
2976
Financial Chronicle
Affiliated Products, Inc.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 136. p. 2070.
•
Air Reduction Co., Inc.-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, P. 659.
Air-Way Electric Appliance Corp.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a.preceding page.
-V. 136, p. 2071.
"",Alaska Juneau Gold Mining Co.-Listiatm*-e Governors of the Los Angeles Stock Exchange on
approved
et
T
tpplicatio of this company to list 1,500,000 sharesApril 12par value
eh5..
of $10
.common stock.
V. 136, p. 2425.
-Allied
--emical & Dye Corp. 'New York Stock Exchange
Takes Steps to Force Company to Clarify Financial Statements.)
-The New York Stock Exchange announced April 26 that
since Dec. 10 1929 its Committee on Stock List has tried
unsuccessfully to persuade the company to issue more detailed reports to its stockholders.
•
•
In a new effort
to obtain changes by the corporation in its method of
issuing annual statements the Governing Cdmmittee of the Exchange
authorized the holding of a special fleeting on May 3, at which time officers
of Allied Chemical will have an opportunity to appear or to submit a statement.
Further details regarding the matter are given under
"Current Events" on a preceding page.
W. C. King has been elected a director, succeeding Baron Emanuel
Janssen of Belgium.
-V. 136, p. 1876.
Allied Distributors, Inc.
-Investment Trust Stock Averages Up Sharply for Week.
The investment trust average'compiled by this corporation registered
another sharp advance during the week ended April 21,rising to the highest
levels touched since last November and recording a gain of 18.6% for the
week, and 48.6% from the low of the current year established March 31.
The average for the common stocks of the five leading management trusts,
Influenced by the leverage factor, stood at 12.22 as of April 21, compared
with the average of 10.30 on April 13, and with the average of 8.22 reported
as of March 31, the low point for 1933.
The average of the non-leverage stocks stood at 12.37 as of the close
April 21, against 10.71 at the close on April 13. The average of the mutual
funds closed at 8.29 against 7.6600 April 13.-V. 136, p. 2612.
Al-Roy Apartments, Washington, D. C.
-Deposits
.Urged.- '
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt, Chairman) in a letter to the
holders of 1st mtge. 7% bonds states that the committee is of the opinion
that the interests of holders of these bonds should be protected by united
action, and to that end urges that all bonds be deposited with it at once.
The bonds are secured by a first mortgage on a five story apartment
building and plot of landrated at the Northeast corner of 17th and Kenyon
Sts., N. W., Washing° D. C. There are $161,000 bonds outstanding,
secured by the mortgage. Of these, $12,000 will mature on Dec. 29 1933,
and the entire balance, aggregating 8149.000, will mature on Dec. 29 1934.
The bonds are the obligations of Barney and Rose Robins, the orginal
mortgagors. Title to the property is now held, however, by Real Estate
Mortgage & Guaranty Corp. It has been reported to the committee that
the owning corporation, or individuals alsociated with it, have purchased
a substantial.amount and possibly a majority of the bonds outstanding.
It Is, therefore, urgent that the remaining bondholders should effectively
unite through the committee to protect their interests.
Holders of these bonds should deposit their bonds immediately with the
depositary of the committee, Irving Trust Co., 1 Wall.St., New York City,
or with one of the sub-depositaries.
-V. 132. p. 658.
April 29 1933 ,
Consolidated Income Account for Calendar Years.
1932.
1931.
1930.
1929.
Gross earnings
81,711,173 $2,279,929 $2,596,094 $2,709,943
Expenses
769,016
880.975,283
1,042,955
Depreciation & amortiz_
489,789
490,368
453.613
409,236
Other deductions (net)
7,508
17.568
13.848
Cr12,860
Exchange fluctuations._
4,724
20,426
Fed.& Canadian taxes
65,768
107.428 . 123,000
137.000
Net income
8374,367
$763.164 $1,019,350 $1,133,612
Preferred dividends___
206,167
206,169
206,169
254,078
Common dividends
306,812
546,619
546.770
509,728
Surplus
def$138,615
$10,376
$266,411
$369.806
Shs. corn.stk.(no par)_ _
227.408
227,758
230.758
230.758
Earnings per share
$0.74
$2.44
83.52
$4.02
Consolidated Capital Surplus Account Year Ended Dec. 31 1932 (Reflecting
Proposed Ad;ustments).-Balance. Dec. 31 1931, 8352.689; earned surplus
of the subsidiaries at dates of acquisition, transferred from earned surplus,
4350.649; total, $703,338. Deduct, amortization of uncapitalized portion
of appreciation of fixed assets during 1928, $26,757, balance, Dec. 31 1932,
before reduction of stated value of common stock and book values of plant
assets, &c., 8676.580: surplus arising from the reduction of the stated value
of common stock outstanding Dec. 31 1932. 85.631.070; total, $6,307,650.
Reduction of the net book value of patents and patent rights to $1. $5,235,239; reduction of the net book value of fixed assets, $575,036; balance,
Dec. 31 1932, per annexed pro forma balance sheet, $497,375.
Consolidated Balance Sheet Dec. 31.
1931.
x1932.
x1932.
1931,
Assets$
LlabtlUtes$
3
Land, buildings,
ePreferred stock__ 3,171,800
equipment,&c__a4,531,845 5,227,875 eCommon stock _ 2,168,111 3,171,800
7,938,651
1 b5,284,179 Capital sruplus___ 497,375
Pat. & pat. rights_
352,689
Cash
291,809 Earned surplus___ 450,430
530,041
978,982
8,375 Accts. Day., &c___ 198,035
9,856
Other assets
227,786
Notes & accts. rec. 341.,804
380,880 Federal taxes, &e.
89,311
109,582
1,133,462 1,243,088 Land porch. conInventories
39,386
58,692
Prep'd ins. & taxes
tract payable.
63,000.
249,431 Prov. for exchange
Investments
d137,892 fluctuates,CanTreasury stock_
adian net current
assets
30,639
20,426
6,605,703 12,862.916
Total
Total
6,665,703 12,862,914
a After depreciation of $2,616,031. b After amortization. c Represented by 31.71800 par shares of 86.50 pref. stock. d 3,032 common shares
at cost, including 32 shares held for sale to employees. e Represented by
227,408 no par shares at stated value of $10 per share in 1932 and 227,758
no par shares in 1931 at stated value of $7,938,650. x Pro forma balance
sheet giving effect to changes, as noted above.
-Before giving effect to the changes set forth above the gross book
• Note.
value of plant assets was $7,935,047, the allowance for depreciation was
$2,828,165 the net book value of plant assots was 85.106,881 and patents
and patent rights 85.273,866. Likewise, the stated value of the common
'
stock was $7,938.650', capital surplus was 8676,580 and earned surplus
5489,056.-V. 136, p. 2072.
-Midland Co.-Earnings.
-Daniels
Archer
For income statement for 3 and 9 months ended Aprll I see "Earnings
-V. 136. P. 845.
Department" on a preceding page.
Arcturus Radio Tube Co.
-Earnings.
-
Calendar Years1932.
1931.
1930.
1929.
Sales
$5,507,702
Net inc. after all oper.
chgs., except prov. for
depr. & amortization _ loss$252,255
$63,395 1055$791,892
$766,304
Provision for depreclat'n
63,739
154,569
164.228
144,999
Prov. for amortiz. of
deferred charges- 28,008
27,799
26,176
Fed. inc. tax (estimated)
56,700
Invent. & plant valtiat'n
adjustment
84,563
Cr47,224 Cr384.978
64.045
Other charges (net)_ _ _ _
99,697
$164,603
Net loss for year
3266,103 $1,368,898 prof$538,429
American Chicle Co.
-Usual Extra Dividend.
Earns. per sh.00 600,000
The directors have declared an extra dividend of 25c, a share and the
Nil
she.cap.stk.(no.par)_
Nil
Nil
regular quarterly dividend of 50c. a share on the common 'stock, both
For income statement for 3 months ended March 31 see "Earnings
ings
payable July I to holders of record June 12. An extra dividend of the
Department" on a preceding page.
same amount has been paid each quarter Since and incl. Jan. 1 1930.V. 136, p. 2800.
Consolidated BalanceL eeutes 31.
thbilt Dt.
1941.
Assets1932.
1931.
American Colortype Co.
-Gross Sales.,
Cash
$138:810 $237,476 Trade accept. pay- 4174,437
1982
Quarter Ended March 311933. , ,
1932.
1931.
363,199 Accounts payable_
Notes & accts. rec_ 234,078
51:,8883 . $62.986
137 9 9
133
Gross sales
$1,369,098 81,909,699 $2,526.944
5747:283067 Fed,Gu . d1ttbal-:.
419,273
Inventories
ax :
-V. 135, p. 3358, 3168.
excise
Other assets
ey penses_.:
1:3 2
0
Permanent assets_ 876 769 1,474,276 mActcgresued. pa x.ourr
16:007
8 15
0
31:057
2 02 0
0
American Ice Co.-Earnings.
1
Patents, &c
For income statement for 3 months ended March 31 see "Earnings
3,487
Investments
Mtges. payable_ _ _
35,000
50,000
Department' on a preceding page.
-V. 136. p. 2246.
313,368 Capital stock
14,094
Deferred charges- Y1,222903:0001141x2,806,116
Surplus
American Machine 8c Metals, Inc.(& Subs.).-Earns.
.
For income statement for 3 months ended March 31 see "Earnings
41,738,715 42,970,360 Total
Total
$1,738,715 42,970,360
-V. 136, p. 2426.
Department" on a preceding page.
1
x Represented by 600,000 shares of capital stock of no par value. y Re-V. 135. P. 1997.
presented by $1,200,000 $1 par shares.
-Earnings.
American Metal Co., Ltd:
For income statement for quarter ended March 31 see "Earnings De- *
--*----••
Arundel Corp. (Del.).-Operations Expand.
pertinent" on a preceding page.
-V. 136, p. 1378.
Operations of this corporation have been increasing as a result of the
more open weather and are expected by officials to have a favorable influence
-Appeals Patent Decision. on earnings
American Stainless Steel Co.
which usually are sensitive to seasonal changes.
The company is filing an appeal with the U. S. Circuit Court of Appeals
The management is constantly submitting bids tor new business and has
at Baltimore in its infringement suit against the Rustless Iron Corp. of
recently added several small contracts to its books. The company is
America.
operating in 14 States and has unfilled orders totaling in the neighborhood
The Hamilton and Evans process patent owned by this company was
(1410,000,000, it was stated (Baltimore Sun")
held by the lower court to be invalid because its essential features are said
For income statement for 3 months ended March 31 see "Earnings
to be the same as those of an earlier patented process for producing ferro
-V. 136, p. 1553.
Department" on a preceding page.
chromium. The following excerpt from the court's decision is significant.
"Having found the Hamilton and Evans patent invalid, it becomes un-New Directors.
Associated Oil Co.
necessary to discuss the question of infringement, although we are satisfied
Charles N. Cadman (President of the Pacific Coast Aggregates, Inc.),
from the evidence that the plaintiffs (American Stainless Steel Co.) have
John F. Forbes, a director of the Green Investment Co. and a former
sustained the burden of proving that the process of manufacture followed
partner in the accounting firm of Haskell & Sells), H. P. Griffin (President
by the defendant (Rustless Iron Corp. of America) under the Wild patent
of the Pacific Western Oil Co.) and J. A. McCarthy (Vice-President of the
No. 1586591 is in all material respects a duplication of the Hamilton and
Pacific Portland Cement Co.) have been added to the board of directors.
Evans process."
Reward Oil Co. Pays Larger Dividend.
The Court held the Clement patent on stainless iron under which suit
was brought to be invalid because of an earlier patent on apparently similar
The Reward Oil Co. a subsidiary, recently declared a dividend of $2
material granted to Elwood Haynes.
per share on the capital stock, par $1, payable April 28 to holders of record
'
This opinion creates an interesting situation because of the fact that the
April 27. Three and six months ago ,dividends of $1 each were paid.
Haynes patent is also owned by the American Stainless Steel Co.
V. 136. p. 2073.
American Type Founders Co.
-Earnings.
For income statement for 6 months ended Feb. 28 see "Earnings Department" on a preceding page.
-V. 136, p. 330.
American Woolen Co.
-Drops Price Guaranty.
The company is no longer guaranteeing to deliver goods at quoted prices,
on account of the fact that the United States has temporarily dropped the
gold standard, the "Herald Tribune" states in a recent Boston dispatch.
All orders are submitted conditionally, as it is felt that prices will tend to
advance. The first offerings indicate a highly favorable business on the
fall lines. It is said the company has received substantial orders on these
'lines.
When goods were opened up for the fall of 1933, prices of staples were
off 2% to 7% cents a yard. Wool goods advanced from 2 to 7% cents a
yard. The lines went on the tables at those figures, with orders to be
taken and goods delivered at those prices, added the "Herald Tribune".
-17'. 138, p. 2247.
Amoskeag Mfg. Co.
-New President.
William Dexter, of Boston, has been elected President to succeed the
-V. 136, p. 1203.
late Arthur H. Lowe.
-Meeting Postponed.
Anchor Cap Corp.
The special meeting of stockholders, scheduled for Apr.1 26, has been
,postponed for two weeks.
-Earnings.
Atlas Powder Co.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet March 31.
1932.
1933.
1933.
1932.
LiabUtiles
Assets
'
Cash
2,423,602 2,011,527 Accounts payable_ 258,459
387,938
Bank acceptances
200,000 Federal income
taxes accrued_ _
Stock of Atlas
3,787
78,879
694,725 Dividends accrued
Powder Co
1,377,690
on pref. stock
Unpaid employees
88.781
98,809
334,335 Reserve for deprestock subscrip.
ciation
U. S. Govt. secur_ 1,918,000 1,900,000
6,454,901 7,423,894
Accts.& notes rec_ 2,044,322 2,354,611 Reserve for depreInventories
1,762,624 2,151,040 ciation, uncoil,
Marketable secure. 865,710 1,019,499 accounts de conPlant prop.&equip.14,133,650 15,599,163 tingencies
1,060,320 1,361,171
Good-will,pats.,&c 4,060,401 4,060,389 Preferred stock.-- 9,860,900 9,860,900
Secs, of affil. cos
1,432,134 1,567,816 x Common stock-. 8,714,625 8,714,025
99,000 Surplus
Mortgage reedy.
109,465
3,737,154 4,208,828
120,337
Def'd items (net).
51,310
Total
Total
$0,178,907 32,112,443
80,178,907 32,112,443
• x Represented by 281,438u no par shares.
-V.136 p.837,
Volume
136
Financial Chronicle
Associated Simmons Hardware Cos.—Sub. Sale.—
The Edw. K. Tryon Co. of Philadelphia has purchased the merchandise
stock and taken over the organization of the Simmons Hardware Co. of
Philadelphia. The Simmons Hardware Co. is a subsidiary of the Associated
Simmons Hardware Cos.—V. 136, p. 2613.
Atlas Tack Corp.—Earnings.—
For income statement for quarter ended March 31 see ':Earnings Department" on a preceding page.—V. 136, p. 2247.
Babcock & Wilcox, Ltd. (London).—Extra Dividend.—
The directors have declared an extra dividend of 1%% on the ordinary
registered shares and on the American depositaty receipts for ordinary
registered shares, free of British income tax. The first is payable May 5
to holders Of record April 19 and the latter on May 12 to holders of record
April 26. A final distribution of 3% will be made on these shares at the
same time.—V. 134, p. 3100.
Baldwin Locomotive Works.—Earnings.—
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.—V. 136, p. 2801.
Bank of Hollywood Building (Hollywood Central
Building Corp.), Los Angeles.—Callfor Deposit of Bonds.—
The owner of this leasehold estate has failed to meet certain payments
of interest and principal as required in the trust indenture securing the
1st mtge. leasehold 614% sinking fund gold bonds.
The following have been requested by bondholders, and have consented
to serve as an independent committee to represent and protect the interests
,
of bondholders: Harry N. B sserville (Pres., Board of Educction), Los.
Angeles; Dwight H. Hart (Dir. Los Angeles Chamber of Commerce);
Lloyd M. MacDonald (Federal Receiver A. E. Little & Co.)' Austin 0.
Martin (Pres. Central Properties Co.); Maynard McFie (PasPres. Los
Angeles Chamber of Commerce); Everett J. Wightman (Pres. Long Beach
Community Chest)
This committee has already organized and called for the deposit of bonds
under the terms of a deposit agreement dated April 12 1933. The SecurityFirst National Bank of Los Angeles, has been designated as depositary for
the bonds.
H. M. Morgan, Secretary, 650 South Spring St., Los Angeles. Gibson,
Dunn & Crutcher, Counsel, Los Angeles.—V. 130, P. 3356.
Bankers Casualty Co. of Springfield (M.).—Receiver
•
Named.—
Appointment of receiver for one insurance concern, and preliminary
steps against three other companies, has been announced by the Illinois
Insurance Department at Springfield. H. B. Hershey of Springfield,
Manager of the State Insurance Liquidation Bureau, has been appointed
receiver for the Bankers Casualty Co. of Springfield. A petition for the
appointment of a receiver for the Cosmopolitan Life Insurance Co. of
Chicago has been filed in Cook County while the Northern Casualty
Underwriters of Chicago and the Central States Motorists Insurance Co.
'
of Chicago, have been referred to the attorney general.
Barbizon Plaza (Park Sixth Avenue Corp.).—Reorganized.—
Title to the Barbizon Plaza Hotel, 58th St. and Sixth Ave., will change
hands for a consideration of $2,500 under an agreement reached April 17
by creditors at a meeting in the office of Harold P. Coffin, referee in bankruptcy, at 217 Broadway. Referee Coffin signed an order authorizing the
sale for that price to the 101 West Fifty-eighth Street Corp. when no other
offer was received and when representatives of the creditors made no
objection. Abraham Breitbart is ;president of the purchasing corporation,
which takes its name from the address of the hotel.
General creditors holding claims for approximately $600,000, will also
participate in a sum of $47,500. which will be turned over to the creditors'
committee by the 101 West Fifty-eighth Street Corp. under an agreement
reached before the bankruptcy according to Natan B. Fogelson, attorney
for Louis Winer, the trustee in bankruptcy. The general creditors will
therefore receive omething less than 10 cents on the dollar according
to Mr. Fogehmn.
The title to the hotel has been in the name of the Park-Sixth Avenue
Corp., which recently went into bankruptcy.
The hotel, appraised by Brown, Wheelock, Harris & Co., Inc., at $4,415,000; is subject to three mortgages totaling $5,675,000, with accrued
interest of more than $400,000
In addition to the general creditors, claims of holders of approximately
0
$800,00 in certificates of indebtedness are outstanding. The holders of
these certificates, according to Mr. Fogelson, will not share in the $47,500
to be turned over to the general creditors by the purchasing corporation.
The $2,500 price agreed to is for "all right, title and interest of the
receiver and trustee in and to the assets of the bankrupt corporation."
The hotel for two years has been in the possession of receivers appointed
in the State court in a foreclosure proceeding.—V. 132, p. 4246.
Belding Heminway Co.—Good-Will Item Written Down.
The stockholders on March 7 approved a proposal to write down the good
will item to Si from $1,053,855 and to charge the deficit account to capital
surplus account.
Earnings:—For income statement for 3 months ended March 31 1933
see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
Mar.3133 Dec.31'32
Assets—
Mar.31'33 Dec.31'32
Liabilities—
Fixed assets__ $898,319
$924,125 Common stock_ _51,757,200 $1,757,200
s
1
597,000
Good-will
1 6% gold notes_ _ _ _
601,000
331,602
464,437 Current liabilities- 211,383
279,824
Cash
Accts. dr notes rec.
55,693dI2,797,527
Earned surplus- _(less reserves)._ 718,891
587,590 Capital surplus-_ 1,558,618 4,356,145
240,568
Other assets
239,654
Notes rec.—officer
156,688
Accts. & notes rec.
156,688
(not current)
1,519,041 1,475,600
Inventories
Investments
162,086
174,716
152,698
Deferred charges
173,831
$4,179,894 $4,196,642
Total
$4,179,894 $4,196,642
Total
a After deducting reserve for
depreciation. Y Represented by 465,032
of no par value.—V. 136. p. 2247.
shares
„..."1-Berkey & Gay Furniture Co.—Foreclosure.—
' A decree of foreclosure in amount of $1,373,382 on real estate, plants,
furniture and fixtures o the company was handed down recently in favor
of bondholders by Judge Fred M. Raymond in Federal Court at Grand
Rapids. The property will be sold at a date to be fixed by the master in
chancery.
The foreclosure grew out of a default in 1931 of payment on principal
And interest on a $1,500,000 issue of 6% bonds issued in 1926.—V. 134,
p. 1584.
Bethlehem Steel Corp.—Earnings—Operations 23% of
Capacity.—
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page,
E. G. Grace president, states:
The value of orders on hand March 31 1933 was $38,360,601 as compared
slith $30,568,937 at the end of the previous quarter and $35,372,318 on
March 31 1932.
Operations averaged 15.8% of capacity during the first quarter as cornpared with 13% during the previous quarter and 23.4% oluring the first
iauarter of 1932. Current operations are at the rate of approximately
23%of capacity.
Mr. Grace said the loss for the first quarter was larger than had been
eipected at the beginning of the year, owing to the bank holiday. Recently,
however, there had been a pick-up in steel operations, which was not caused
ehogether by the seasonal trend. Mr. Grace stated:
- "The rise in operations reflects the pick-up in orders in the last feW weeks.
Tals is quite an improvement compared with the first quarter. The present
2977
movement would seem to indicate higher prices for steel. We are only
beginning to feel the effects of recent occurrences.
"There is no sign of Important buying in rails as yet. There is little
indication of large domestic structural business in the near future. Our
orders have been coming from miscellaneous consumers, and the jobbing
interests are contributing to the total. The automobile industry and tin
plate consumers are taking more now. There has also been some improvement in wire products."
When asked what rate of operations would show a profit for Bethlehem,
Mr. Grace said the price structure was an important consideration: Although economies have been effected, these had been largely offset by
reductions in steel prices, so that activities would probably have to reach
,
'
40% of capacity before the company could "turn the tide, although this
figure was merely a guess.—V. 129, p. 1445.
Blue Ridge Corp. Regular Preference Dividend.—
The directors have declared the 15th regular quarterly dividend on the
optional $3 cony, preference stock, series of 1929, payable June 1 to holders
of record May 5 1933, at the rate of 1-32nd share of common stock for each
share of preference, or, at the option of holders subject to written notice
from them on or before May 15 1933, at the rate on 75c. a share in cash.
A similar distribution was made on March 1 last.—V. 136, p. 2801.
Bon Ami Co.—Earnings.—
For income statement for 3 months ended March 31 see "Earnings
Department" on a receding page.—V. 136, p. 1554.
"
--- 'Booth Fisheries Co. (Del.).—Plan of Reorganization.—
A plan of reorganization has been worked out.for the company which
proposes the sale of the assets to a new company, through sale in bankruptcy proceedings pending in Delaware.
The reorganization committee consists of Millar Brainard, Chairman;
J. Sanford Otis, Edward J. Quintal and Louis H. Scnroeder, C. T. W. Tigh,
Sec., 100 Broadway, N. Y. City. Levinson Becker Gilbert Peebles &
Swiren, Pam 8z Hurd are counsels.
The First of Boston International Corp., 100 Broadway, N. Y. City
is depositary for oank debt, including 1st mtge. bonds of oank creditors,
notes of Northwestern Fisheries Co. secured by pledge of salmon, notes
-year 7% gold deb.,7% 15-year sinking fund cony, gold notes,
secured by 5
and 'all other notes, secured and unhecured.
The following committees approve and recommend the adoption of the
plan:
Bank Creditors Committee, representing banks holding promissory notes.
-year
secured and unsecured, 1st mtge. and coll. trust 6%% sinking fund 10
goldbonds, due April 1 1936 and 5-year 7% gold deb., due April 1 1931.
Millar Brainard, Chairman; James L. O'Neill, Edward J. Quintal, John
Mitchell, Sec., Central Hanover Bank & Trust Co., 70 Broadway, N. Y.
City, Levinson Becker Gilbert Peebles & Svtiren, counsel, One North
11 LaSalle St., Chicago.
Bondholders Committee, representing 1st mtge. & coll. trust 614% sinking
fund 10-year gold bonds, due April 1 1936, held by the public, and constituted under deposit agreement, dated as of April 1 1932. J. Sanford
Otis, Chairman, J. R. Murphy, Louis H. Schroeder, Curtis B. Woolfolk,
Sec., 134 South LaSalle St., Chicago. Pam & Hurd, counsel, 231 South
LaSalle St., Chicago. The Central Republic Trust Co., 208 South LaSalle
St., Chicago, is depositary.
Stockholders Committee, repfesenting let pref. and no par common stock,
constituted under deposit agreement, dated as of April 28 1932. Chester
A. Cook, Chairman; John I). Ames, J. J. Barrett, Peter Berkey, Andrew
M. Lawrence, Thomas J. Shaughnessy. Everett R. Cook, Sec.. 161 East
Erie St., Chicago. Poppenhusen, Johnston, Thompson & Cole. counsel,
11 South LaSalle St., Chicago.
Lake Shore Trust & Savings Bank, 605 North Michigan Ave., Chicago.
s depositary.
•
An introductory statement to the plan says in substance:
General.-- Company operates and controls the largest fish and sea food
industry in the United States. Company owns directly and through its
suosidiaries, valuable fishing and . trap sites, and operates canneries.
packing houses and cold storage plants at strategic points for production
and distribution on the Atlantic and Pacific coasts and at other points
within the United States. It has approximately 50 branches located in
the United States and Canada for the sale and distribution of its products.
It operates large fishing fleets and passenger and freight steamers. Company's business was originally established in 1848. For many years company
enjoyed a large and profitaole business but, has suffered severe losses during
the period of widespread business depression. It was finally compelled to
enlist the co- operation of its creditors of every class for the purpose of
effecting a readjustment and, to that end, the committees above referred
to were organized to represent the holders of bank deot, debentures, 1st
mtge. & coll. trust 614% sinking fund 10-year gold bonds, the preferred
and common stocks of the company.
On Oct. 15 1932, company filed a voluntary petition in bankruptcy in
the U. S. District Court for the District of Delaware and was adjudicated a
bankrupt. Temporary receivers were appointed and conducted the business for a period of one month. Thereafter, at the first meeting of creditors,
a trustee in bankruptcy was elected, with instructions to continue the
operations of the company. It is expected that the business will be continued and further operating economies effected by the trustee in bankruptcy pending the consummation of the reorganization plan. The purpose
of the plan hereinafter is to effectuate a reorganization on a sound financial
• basis, with adequate capital and efficient and aggressive management, in
order to preserve the equities of every class of security.
Subsidiary and Affiliated Companies.—A large portion of the company's
business is transacted through suosidiary and affiliated companies. None
of these companies is in receivership and their business is being conducted
in the usual course. The stocks of the most important subsidiary and
affiliated companies oWned by the company are pledged under, and are
subject to, the first mortgage. Some of the subsidiary and affiliated companies have outstanding in the hands of the public, obligations which include
bank borrowings, drafts against the shipment of merchandise, and funded
debt. Substantially all of these obligations are considered sound and
remain undisturbed in the reorganization.
The more important of the operating subsidiary and affiliated companies are as follows:
Red Diamond Trawling Corp.(Mass.)
Booth Fisheries Co.(Mass.)
Booth Fisheries Sardine Co.(Me.)
Booth Fisheries Co.(Ohio)
Manitoba Transport Co., Ltd.
Booth Fisheries Co.(Tenn.)
Booth Cold Storage Co.(III)
Booth Fisheries Canadian Co., Ltd.
United States .4 Dom. Transp. Co., Ltd. Booth Cold Storage
a.
f
Northwestern Fisheries'Co n
Wolverlae Fish Co.(Mich.
O a he)ow
ci ts ,c edn
e
ash
Figures Used in the Plan—The amounts of the obligationsigtresbhaso mo
i
an
a 1
are :Tgf Oct. 1I
a
f
Filugeananits..:Absidess theTwlWstrtTetted c
a
upon the statements as of April 30 1932. Inter-company obligations including bonds and promissory notes of the subsidiary companies pledged
'
under the company's first mortgage are excluded.
Obligations of the Company and its Subsidiaries. to Be Ad usted Under the Plan,
31 1an.
-year told bonds____ $4,640 900
1st mtge. & coll. trust 614% sink. fund 10
24:200
Interest to Oct. 15 1932
-year sinking fund convertible gold notes
7% 15
Interest to Oct. 15 1932
141
Salmon loans (notes of Northwestern Fisheries Co. guaranteed
by Booth Fisheries Co. (Del.) and secured by salmon)_.,.. 1.779737:,638000
Interest to Oct. 15193277,706
es
Demand notes secured by 5
-year 7% gold deb. notes
Interest to Oct. 15 1932
30,394
Unsecured bank dent
1,050,000
Interest to Oct. 15 1932
Unsecured trade obligations
13 714
13 44
4..
Outstanding Capital Stock of Booth Fisheries Co., of Delaware.
1st preferred stock
49,398 shs.
Common stock (no par)
249,500 shs.
Digest of the Plan, Dated March 25 1933.
Capital Structure of New Company.—Reorganization committee
cause a new company to be organized under name of Booth Fisheries Corp.p
ni
sh
wi
/s. et/ company will acquire directly, through on, or more subsialary corpora,
tio.,s, or otherwise as the reorganization committee may aeteriaLie, all or
substantially all of the assets of Booth Fisheries Co. (Del.), Imo and clear
of the lien of the indenture of mortgage securing the first mortgage bonds
and the pledge of the salmon loans. New company will have the following
capital structure:
6,500 Shires h'irst Preferred Stock (no par), carryiag pr2ferential cumulative divide_a:s at rate of $5 per share per annum,fro-teat,-- Ls... p.,,a,
'oar
2978
Financial Chronicle
if, as and when declared by directors. Callable all or part, at any time, at
$100 plus $5 per share per annum from date of issue, less the amount of
dividends paid. Preferred, upon liquidation, to the extent of the redemption price. Shall have full voting rights.
40,000 Shares Second Preferred Stock (no par). After payment in full
of current and accrued dividends on 1st pref. stock, to the end of the current
dividend period. the 2d pref. stock carries cumulative dividends at rate of
$6 per share per annum, from the data of issue, payable if, as and when
declared by directors. After retirement in full of 1st pref. stock, 2d pref.
stock is callable at $100 plus $6 per share per annum from date of issue.
less amount of dividends paid. linen liquidation, after the foregoing payment of redemption price on 1st pref. stock, 2d pref. stock is entitled to the
redemption price thereof before any distribution is made upon class A
common stock or the class B common stock. Outstanding 2d pref. stock
shall have full voting rights.
70,000 Shares Class A Common Stock (no par). After payment in full of
current and accrued dividends on 1st pref. stoc,k and 2d pref. stock, to the
end of the current dividend period, class A common stock carries dividends
at rate of $4 per share per annum, from date of issue, payable if, as and
when declared by directors. After payment of dividends of $4 per share
upon class A common stock for any year and payment of a like sum for such
year upon the class B common stock, class A common stock is entitled to
participate with class B common stock in all further dividends, share and
share alike. Dividends on the class A common stock are non-cumulative.
After retirement in full of all 1st pref. stock and 2d pref. stock, class A common stock Is callable at a redemption price per share of $50 plus $4 per
annum from the date of issue, less the amount of dividends paid. On
liquidation, after the foregoing payments of redemption price on 1st pref.
stock and 2d pref. stock, class A common stock is entitled to redemption
price thereof before any distribution is made upon class B common stock.
Outstanding class A common stock shall have full voting rights.
70,000 Shares Class B Common Stock (no par). After payment in full of
current and accrued dividends upon the 1st pref. stock and 2d pref. stock,
to the end of the current year, and after payment on the class A common
stock of dividends at rate of $4 per share for the current year, class B
common stock carries dividends at rate of $4 per share per annum,from the
date of ssue, payable if, as and when declared by directors, and, after payment thereof, is entitled to participate with the class A common stock in ad
further dividends, share and share alike. Dividends on class B common
stock are non-cumulative. On liquidation, after the foregoing payments of
redemption price on the 1st pref., 2d pref. and class A common stock, class
B common stock is entitled to all remaining assets and the proceeds thereof.
So long as any shares of 1st pref., 2d pref., or class A common stock is outstanding. class B common stock shall have no right to vote upon the selection of directors or upon any other matter except such matters the right
to vote whereon may not lawfully be excluded by the certificate ofincorporation. After the retirement in full of the 1st pref., 2d pref., and class A
common stock,full voting rights shall be vested in the class B common stock.
Basis of Distribution of New Securities.
Debts Secured by Current Assets.
-The salmon loans are secured by a
pledged of current assets consisting of salmon inventory. For each $1,000
of the agreed value of such current asset security, the banks holding salmon
loans will receive 10 shares of 1st pref. stock and five shares of class B
common stock. The balance of the salmon loans will be treated on the same
. basis as unsecured notes.
Debts Secured by Capital Assets.-lst mtge. bonds are partially secured
by a mortgage on. and pledge of, capital assets. For each $1,0013, of the
agreed value of such capital asset security, the holders of 1st pref. bonds
will receive 10 shares of2d prat: stock and five shares of class B common
stock. The unsecured balance due upon 1st mtge. bonds will be treated
on the same basis as unsecured notes.
The indenture of mortgage securing the 1st mtge. bonds also ratably
secures the 7% 15
-year sinking fund cony, gold notes, of which $24,200
are outstanding. The notes will participate in the plan upon the same basis
as the 1st mtge. bonds.
Unsecured Trade Obligations.
-These obligations will be adjusted by the
payment in cash of 25% of the amount due.
-The holders of all unsecured obligaUnsecured Notes and Obligations.
tions of every kind,including unsecured promissory notes and the unsecured
balance due upon all of the secured debt (but excluding unsecured trade
obligations), will receive for each $1,000 thereof $10 shares of class A common stock and five shares of class B common stock. The portion of the •
salmon loans secured by a prior lien upon the salmon supplies of Northwestern Fisheries Co. shall be treated as an unsecured obligation.
Old Stocks.
-The present stockholders will receive one share of class B
common stock for 10 shares of the present pref. stock, and one share of
class. B common stock for 20 shares of the present common stock.
Interest-bearing obligations will participate in the plan upon the basis
of principal, and interest to the date of the filing of the petition in bankruptcy, Oct. 15 1932.
Distribution of New Securities.
-Certain banks hold salmon loans represented by notes of
Salmon Loans.
Northwestern Fisheries Co. endorsed and guaranteed by Booth Fisheries
Co. (Del.) aggregating $1,855,506, including interest to Oct. 15 1932 and
partially secured by salmon inventory and salmon in transit. Such banks
will contribute working capital in the form of the release of the pledged
salmon inventory and salmon in transit. For the purposes of this plan, the
mothiluve on loa
lt:evalu o
greear :
ril v e of the security or u salrry a- abe
l
being
Z 81 1111On it614861111
8 1
8
f the
al
March 4 1933. Accordingly, banks holding such salmon loans will participate in the plan as creditors secured by current assets to the extent of
$615.619, irrespective of any change hereafter in the market value of the
salmon inventory or any sales therefrom; and the bangs holding salmon
loans shall refund to the new company the cash proceeds from sales of
salmon inventory or salmon in transit, received by them subsequent to
March 4 1933.
For each $1,000 of the $615,619 so secured, there will be issued to the
participating banks 10 shares of 1st pref. stock and five shares of class B
common stock.
For each $1,000 of the unsecured balance of salmon loans, amounting
to $1,239,887, there will be issued to the participating banks 10 shares
of class A common stock and five shares of class 13 common stock. The
portion of the salmon loans secured by salmon supplies held by Northwestern
Fisheries Co. (with a book value of $364,000) are treated as part of, and
Included in, such unsecured balance.
-For the purpose of this plan, the agreed value
First Mortgage Bonds.
of the security of the 1st mtge. bonds shall be $/,320,450, being 50% of
the principal amount of the outstanding bonds. Accordingly, the bondholders will participate in the plan as creditors secured by capital assets
to the extent of 50% of the principal, and as unsecured creditors for the
accrued interest and the balance of the principal. For each $1,000 bond
the holder thereof will receive the following new securities:
2d Pref. Cl. A Corn. Cl. B Corn.
For secured portion of principm ($500)
5
2
For unsecured portion of principa.($500) -- -5
2
For int. to Oct. 15 1932 ($67.61)
676-1000ths 335-1a0ths
(scrip)
(scrip)
Fifteen Year Notes.
-For the purposes of this plan, the agreed value of
the security allocable to the 15
shall be $12,100, being 50%
-year notes
of the principal amount of the outstanding notes. Holders of notes will
participate upon the same basis as bondholders. Accordingly, for each
$1.000 15
-year note, with accrued interest, the holder thereof will receive
five shares of 2d pref. stock, 5 58-1000ths shares of class A common stock,
and 5 29-1000ths shares of class B common stock.
Unsecured Trade Obligations.
-All trade obligations are Unsecured. Trade
creditors will not participate in any of the securities. Their claims will be
adjusted by a payment in cash of 25% of the amount due.
Unsecured Notes and Obligations.
-The following are the unsecured obligations of the company other than trade obligations:(a) Demand notes secured
5
-year 7% gold deb. notes;(b) bank promissory notes;(c) unsecured balance
of 1st mtge. bonds, 15
-year notes, and salmon loans. (d) All other unsecured non-trade obligations.
All of the foregoing unsecured obligations will participate at the rate
of 10 shares of class A common stock and five shares of class B common
stock for each $1,000 of amount due on account of principal and interest
to Oct. 15 1932.
-The stockholders of the old
Outstanding Capital Stock of Old Company.
company, of record as of Oct. 15 1932, will be entitled to participate upon
the following basis:
'
-one share or
For each 10 shares of 1st pref. stock (of old company)
class B common stock.
For each 20 shares of no par common stock (of old company)
--one share
of class B common stock.
•
April 29 1933
Table of Exchange of New Securities for Outstanding Obligations.
Existing SecuritiesOutstanding. Shares. Shares.
Shares.
Shares,
Will Receive
1st Prof. 2d Pref.(3.4 Corn, Cl. B Corn,
First mortgage bonds
$2,320,450
50% secured
23,204.50
11,602.25
Each 81.000,
10
5
50% unsecured
2,320,4501
26,342.25 13,171.12
313,7751
Interest thereon
Each $1,000
10
5I
15-year notes
50% secured
12,100
121
80.50
Each $1,000
10
5
12,1001
, 50% unsecured
122.41,
81.20
Interest thereon
141f
Each $1,000
10
5
Salmon Loans
Secured
615,618 6,156.19
3,078.09
Each $1,000
10
5
1,162,1811
Unsecured
12,398.87 6,199.43
77,706J
Interest thereon
Each $1,000
10
5
Demand notes
793,6301
Secured
8,240.24 4,120.12
30,3941
Interest thereon
Each $1,000
10
5
Unsecured bank loans
1,040,0001
10.847.43 5,423.72
34,744f
Interest thereon
Each 41,000
10
5
43,398 she.
Preferred stock
4,939.80
Each 10 shares
1
249,500 she.
dommon stock
12,475
Each 20 shares
1
Note -Trade creditors will receive a cash payment of 25% of the amount of
their trade obligations and will not participate in any Of the new securities.
-New company will be Managed and controlled by a
Management.
board of directors consisting of nine members. The members of the original
board will be selected by the several committees, as follows: Two members
by the bondholders committee; four members by the bank creditors committeer one member by the stockholders committee: two members by the
reorganization committee.
Consolidated Balance Sheet as of April 30 1932.
Assets
Liabilities-.
$191,584 Notes payable
in banks
Cash
$4,524,884
41,796 Accounts payable
Cash in transit
123,530
501,016 Matured interest
Notes & accounts receivable_
.
182,810
•
1,370,092 Accrued int.,taxes, wages,&e
Inventories
unpaid_" 147,089
693,419 Current maturities
Supplies & prepaid expenses_
96,875
112,087 Funded & mortgage debt_ _
Investments & advances__ _ 5,184.750
Properties (at book values).- 8,942,869 Operating reserves
38,613
34,868 7% preferred stock
Deferred charge
4,939,800
4,734,063 Common stock (249,500 she.) 4,990,000
Good-will,&o
Capital surp. form appraisal
(net)
2,317,853
Earned,deficit
5,904,412
416,621,774
Total
Total
416,621,774
-Capital stock of all subsidiaries, except Manitoba Transport Co..
Note.
Ltd.. Red Diamond Trawling Corp.. and six inactive companies, and
demand notes from subsidiaries to parent company, totaling $3,045,000,
are pledged under trust indenture dated April 1 1926.-V. 135, p. 4218.
Boston Storage Warehouse Co.-Bal. Sheet March 31.-
1932.
1933.
AssetsLiabilitiesLand, buidlings dr
Capital stock
$1,793,351 $1,840,401 Surplus
machinery
2,000 Suspense
Construction
12,804
12,639
Cash
2,000
2,000
Insuran. premium
10,000
10,000
Accts. receivable_ _
175,200
188,800
Securities
1932.
1933.
41,569,000 $1.589 000
.
472,627
437,011
779
779
$2,006,790 $2,042,406
Total
-V. 135, p. 4219.
42,006,790 42,042.406
Total
,
Bowman-Biltmore Hotels Corp.-Earnings.0
Calendar Years-
1932.
1931.
Inc.from room rentals, restaurant sales, pri v.. &c- $5,104,186 $7,529,940
Loss before provision for depreciation and amortization and interest paid---- _ ---- _ _.- __ ________ 1.077,059
302,162
Provision for depreciation and amortization
423,523
422,140
____ Interest paid __ _
256,950
205,327
note, expenses
Amortization of __--22.413
Tr,01 loss
-----------$982,635
crediii, net (inclr. realization $1,726,940
--------Sundry profit:- loss
on polices on life of J. McE. Bowman,deceased)
470,824
Loss on adv.to & guar. of indebt. ofsub. co., &c_
347,009
Net loss charged to surplus
$511,810
$2,073,949
Previous surplus--------------------------def$2 376 410
1 090 528
Res. for investnfts in & adv. to subsidiary cos
'
750.'000 Cr4,24i4; 27
3
1st pref. certif. issued for pref. stock of SevillaBaltimore Hotel Corp. which has ceased oper_
Dr1,339,200
Deficit, Dec. 31 ----------------------------$5,200,359 $2,376,410
Consolidated Balance Sheet Dec. 31.
Assets
1932.
1931.
Cash (incl. special deposits under bond & note indentures for rentals, interests, &c.)
$231,662
$580.087
Accounts receivable
Guests, &c. (after allowance for doubtful, &c.)_
215,496
292,509
For real estate sales maturing 1932 and accrued
interest (secured)----------------------89,146
Inventories
242.251
42,989
Cash with trustees
76,965
1,071.223
Mtges. taken in part paym't for real estate sold &
portion of sales price of real estate to be settled
by mortgages-------------------------86,600
Notes receivable mei accrued interest
503.523
514,58.3
Subsidiary companies accounts
534,110
Accts receivable, allied cos. & miscall. (after res.)
42,883
72,582
Miscellaneous investment
11.949
12,019
Land, buildings, furnishings, equipment, &c
11,678,908
Leaseholds, book value (after allowance of $946,- 8.104,970
161 for amortization)
2,482,513
2,553,338
Deferred charges
307,816
35,751
Total-------------------------------------$12,323,641 $17,460,237
Liabilities
Notes payable- _ _ - ---- ----$172.050
Accounts payable (including *368.923 for rent, $125,597
light, heat, water, &c)
1,772,487
1,281,877
Accrued payroll, taxes. Interest, &c
222,224
277,372
3
-year 6% gold notes. 1931 (maturity not extended)
80.500
Long term notes and accounts payable
411,173
Building loan ($103,401 payable annually)
3,258,882
3,367,830
Mortgage payable 1933------r -- - - -- - 350,000
1st mtge. leasehold 7% sinking fund gold bonds_ _ 1.235,994
2,163.600
10
-year 7% sinking fund secured gold notes
479.200
482.200
3
-year 6% gold notes
485,450
506,100
Reserve for contingencies
500.000
1,500,000
Deferred account paYable
48,235
Deferred income and rent deposits
54,568
41,223
7 7' cumulative preferred stock
,
6,602,400 6,602,400
$5 non-cumulative 2d preferred
679,720
679.720
x Common stock
2,004,095
1,954,095
Deficit
5,200,359. 2,354,756
Total
$12,323,641-----$12,323,61 $17,460,237
x Repreented by 400.819 no par shares in 1932 and 390,819 in 1931
-V.135, p. 4037.
Volume 136
Financial Chronicle
-Plant to Be Sold.
NBoston Mfg. Co.(1901).
..
entered a decree
Judge Stanley E. Qua in the Superior Court, Boston, has
authorizing LaFayette R. Chamberlin as receiver of the company to sell
the plant in Waltham. The First National Bank of Boston as the largest
creditor will, it is stated, bid for the property. The largest creditor on
was Amory, Browne & Co., selling agents for the mill, with a claim
-V. 136, p 2248.
for $1,175,000, which they assigned to the bank.
-Initial Pref. Div.
British Controlled Oilfields, Ltd.
An initial dividend of 3% has been declared on the 7% non-cum. partic.
pref. stock, par $5, payable July 1.-V. 132, p. 854.
British Type Investors, Inc.-Earnings.
Earnings for Year Ended Feb. 28 1933.
Dividends on stocks* Cash
Periodic stock dilidends x
Interest: On bonds
On bank balances
Arbitrage, premium on stocks loaned, option commissions, Sze-
$22,338
2,836
6,632
255
42,850
Total income
Interest on loans
Expenses
$74.912
6,554
48.872
$19,487
Net income before profit and loss on securities
x At market value on record date for payment of stock dividend.
$2,041.810
Capital surplus: Balance-March 1 1932
Net income for the year ended Feb. 28 1933. before profit
19,487
-per income statement
and loss on securities
1,052
Premium on sale of class A capital stock
31
Miscellaneous credits
Total
Less
-loss on sale of securities
82,062,380
756.867
$1.305,513
Consolidated Balance Sheet Feb. 28 1933.
Liabilities
Assets$198,000
iSecurities owned
$2,699,342 Secured loans
35,524
Cash
17,575 &cur. purchased but not rec'd
664
702 Accts. payable & accrued exps.
Accounts receivable
1,198,836
Divs.receivable & int. accrued
2,343 Class A stock (par $1)
• y4,2I2
On.deposits-banks in liquid_
18,597 Class B stock
1,305.513
Furniture and fixtures
3,727 Capital surplus
Prepaid expenses
463
C-
$2,742,749
Total
Total
82,742,749
x Market value of securities currently quoted at Feb. 28 1933, $497.065;
book value (cost) of other securities, $77,395. y 33,700 no par shares.
-V.135, p.3860
-Div. Reduction, eft,
------ aroadway Dept. Store, Inc.
In connection with the recent reduction of the quarterly dividend on
the 7% cumul. 1st pref. stock, Presideht Malcolm McNaghten stated that
the directors decided on the reduction in order to maintain extreme liquidity
and adequate cash position. The board was unwilling to pay full dividends
out of surplus when not earned, he explained, especially in the face of
declining sales, which were 28% lower in the quarter ended March 31 last.
The same percentage decline was shown by all Los Angeles department
stores in the same period, according to the Federal Reserve survey.
It is also necessary, Mr. McNaghten, said, to maintain ample cash in
order to meet all interest and sinking fund requirements on outstanding
debentures amounting to $2,083,000, thereby protecting the equity of
preferred stockholders.
The ratio of current assets to current liabilities stood at 8 to 1 on March 31
last. Current assets included $1,369,274 in cash plus short-term securities
of $152,696, valued at market or less.
In March of this year the company retired $95.000 par value of 6%
debentures and $100,000 par value of 7% 1st pref. stock through sinking
fund operations. The first preferred sinking fund will not operate until
full dividends are resumed.
-IV. 136, p. 2614.
-Earnings.
Brunswick-Balke-Collender Co.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
Mar.31 '33. Dec.31 '32.
Mar.31 '33. Dec.31 '32.
ss
Land, bidgs., &c__ 1,763,524 1,786,630 Preferred stock__ 3,839,100 3,855,300
Good-will, &c _ _ _ _
1
i a Common stock__ 4,500,000 4,500,000
144,903
275,880
U.S. Govt.& other
Accounts payable_
98,582
securities
77,194
1,652,205 1t248,345 Sundry reserves...
Surrender value of
2,040,681 2,215,830
Surplus
life insurance... 197,796
197,796
cSundry investml 189,452
199,577
Net CWT. assets of
subs.in So.Amer.
475,011
Int. accr. on War. nqr Bros. debs
• 67,120
Deb.& recelv.from
music division
637,640
637,640
Inventories
2,608,907 2,454,196
Notes & accts. rec.d2,941,889 3,188,813
Cash
381,906
397,763
Notes rector prop.
sold
123,061 6187,299
Deferred charges._ 105,497
105,401
Total
10,601,878 10,945,592
10,601,878 10,945,592
Total
a Represented by 450,000 no par shares. b Accounts receivable. c Includes 12,435 shares of company's common stock at cost of $122,358.
d Includes accrued interest.
-V. 136, p. 2802.
Bunte Bros., Chicago.-No Dividend ActionAccording to a Chicago dispatch, the meeting of directors for consideration of the preferred dividend has again been postponed. No definite
date for the calling of the directors has been set.
The last regular quarterly distribution of $1.75 per share on the 7%
CUM. pref. stock, par $100, was made on Feb. 1 1933.-V. 135, p. 300.
Burmeister & Wain, Ltd., Copenhagen, Denmark.
--Protective Committee.
A committee composed of Ralph T. Crane of Brown Brothers Harriman & Co., E. G. Burland of Bancamerica-Blair Corp., and John A.(lade
-year 6%
of White, Weld & Co. has been formed to represent holders of 15
sinking fund external gold bonds of the company,one of the most important
Industrial units in Denmark. This action follows default in payment of
interest due Jan. 1 1933, and authorization by Act of the Danish Parliament for the reorganization and partial liquidation of the company. Deposit
of the bonds with Chase National Bank, New York is requested. George
N. White, 59 Wall St., New York, is secretary of the committee and
-V. 136. P. 331.
Sullivan & Cromwell, counsel.
-New Vice-Pres.Burroughs Adding Machine Co.
L.0. Shoots has been elected a Vice-President. He was formerly a member of the legal firm of Rector, Hibben, Davis and Macauley. Chicago,
the company's patent counsel. He was elected to the Burroughs'
board of director in 1932, and later withdrew from his firm to assume an
-V. 136, p. 1722.
executive position in the Burroughs offices.
Calumet & Hecla Consolidated Copper Co.-Earnings
For income statement for 3 months ended March 31 see "Earnings
-V. 136, P. 1554.
Department" on a preceding page.
-Proposed Reduction of Capital.
Canal Construction Co.
A special meeting of the stockholders will be held on May 28 1933 for
the following purposes:
Pursuant to resolutions of the board of directors duly adopted at a meeting
held March 15 1933, to consider and act upon at said special meeting,
or any adjournment or adjournments thereof, the reduction of the capital
of the corporation from $1,300.000 to $500,000 as proposed and declared
2979
advisable by said resolutions, as follows: By (a) reducing the amount of
capital represented by the 40,000 issued shares of convertible preference
stock without par value, from $800,000 to $400,000, and accordingly,
the amount of capital represented by each of said issued shares of convertible preference stock from $20 to $10, and (b) reducing the amount of
capital represented by the 100,000 issued shares of common stock of the
corporation, without par value,from $500,000 to $100,000, and accordingly,
the amount of capital represented by each of said issued shares of common
stock from $5 to $1 (23,000 shares of which is treasury stock and carried
as an asset of the company).
Subject to the approval of the reduction of capital, the stockholders will
also act upon authorizing the transfer of $800,000 (being the amount of the
reduction of capital of the corporation) from the capital account to the
.capital surplus account to constitute part of the surplus or net assets in
excess of the capital of the corporation.
President Arthur J. Shea, April 18, in a letter to the stockholders, said:
When this company was organized in the fall of 1928, it had a nicely
balanced assortment of effective operating equipment, some suitable for
dredging and drainage district work, and some for flood control and levee
building work, both types of equipment being supported by a full complement of accessories and auxiliaries. Since 1928. much additional equipment
has been purchased, principally larger and more efficient machines for
work on Mississippi River flood control contracts. Operations for 1929
and 1930 progressed at satisfactory levels. Operations during 1031 fell off
it a rapid rate and for 1932 were on a low and unprofitable basis.
The conservative yet aggressive policies of the company, however, have
1933
been effective and have born promising results in that now we enterprices
with a substantial total of new contracts embracing at reasonable
cubic yards of earth work, sufficient to assure full
approximately 7,000,000
season operation to our principal units and our larger and more efficient
machines. On the other hand, we- should recognize that because of a
number of practical conditions, there is no work on hand for some of the
less efficient machines including principally much of our dredging equipment
designed and located to handle drainage district work.
The intensity and long duration of the present economic depression has
affected severely construction work and has practically dried up all drainage
district work. There is much work whicn could be done and much work
various
still under uncompleted contracts, but the financial plight of the with no
drainage districts with difficult problems on tax collections and difficult
market for drainage district bonds, presents such a tangled and
situation that it is highly conjectural whether anything of consequence
can be worked out of it for years to come.
The fixed assets have been carried in the company's books at the appraisal
values certified by the American Appraisal Co. in October 1928, plus
subsequent additions at cost. The directors have recognized that this level
of present
of values does not reflect to-day's value of the assets in the light machinery
conditions and circumstances. Therefore a new appraisal of the
and equipment was ordered to be made as at Dec. 31 1932.
It was directed that the scope of considerations to be covered in the
making of this appraisal be not confined to a mere inspection of the physical
condition of the equipment but rather for evaluation purposes, full recognition be given to the prime factor of possible utility of the equipment in early
conprofitable operation, all facts and circumstances considered. In this such
nection also full weight was given to the fact that huge equipment
cost and that opporas dredges are not easily moved except at tremendous
tunity for employment in profitable operation is largely determined by
conditions within a comparatively short radius. It was also recognized that
any decision concerning the utility of a dredge naturally implies a similar
basis of evaluation on accessory slid supplemental equipment.
The completion of the appraisal on this conservative and exacting evaluation basis, eliminating substantially all idle equipment as practically valueless, produced a net sound value of fixed assets aggregating $548.271 as
compared with the book figures of $1,062,792.
The directors recommend the creation of a capital surplus in sufficient
amount so that appropriate reduction of the fixed asset values can be made
to recognize this new appraisal, thereby eliminating from future operations
the need for absorbing this major valuation adjustment through depreciation or other reserve provisions. The board further recommend that this
capital surplus be created in sufficient amount to permit the setting up of
conservative reserves against all remaining balances and obligations due the
company from drainage districts, and for the making of any other appropriate, conservative adjustments which may at this time be deemed advisable or necessary or to the best interest of the company in the judgment
of the board of directors.
The directors recommend that the aforementioned capital surplus be
created and provided by reducing the stated value at which the no par
value convertible preference stock is carried on the books of the company
from $20 per share to $10 per share; and that the stated value at which the
no par value common stock is carried on the books be reduced from $5
per share to $1 per share.
The -making of this reduction in stated values at which the outstanding
will
no par value common stock is carried on the books of the company will not
not
change in any way the number of shares held by stockholders and
any of the preferences,rights, privileges, provisions,
change in any particular
of stock.
dividend rates, or other features of either class explained above, it is not
In the making of all of these adjustments as
will abandon any
intended or contemplated by the board that the company
aggressive
of its equipment, nor give up any rights it now has, nor forego the
sums due it from drainage districts or other sources when
collection of any
may proceed. Rather it is
there are funds against which the company
we recognize now the
the thought and recommendation of the board that and all possible losses
problems of the present difficult economic situation to an improved conwhich confront us, and that we adjust our company of present business
servative basis in keeping with the difficult demands
conditions.
Earnings for the Year Ended Dec. 31 1932.
$221.873
Gross revenue from construction contracts
180,109
Cost of construction
55.722
General & administrative expenses
accounts, engineering and estimating
Interest paid, losses on
-less miscellaexpenses investingating Mexico work, &c.
19,543
neous income
Amount reserved to cover depreciation of fixed assets for year
22,000
of 1932
2,311
Federal income taxes--subsidiary company
$57.812
Net loss
193,920
Surplus balance as at Jan. I 1932
1,625
Refunds on Federal income taxes for years 1929 and 1930
contingencies previously set up on books
Reserve for bad debts &
1,080
in 1929, written back to surplus
$138,813
Surplus, Dec. 31 1932
Consolidated Balance Sheet Dec. 31 1932.
LiabilUiesAssets
831,461 AeCts. payable-trade creditors $38,521
Cash
35,000
16.015 Notes payable-bank loan _ _ _ _
Accounts receivable
1,092
5.048 Notes pay -life ins, prem.lien
Sundry debtors
7,542
133,271 Due to sub-contractors
Inventory
1,277
Sundry creditors
1,092
Cash value of life instil% policies
8,076
280,199 Accr'd pay rolls, ins. de taxes
Other assets
505,438
1,415,074 Total reserves
Machinery dr equipment
x800,000
38,601 Convertible pref. stock
Prepaid exps. & defd. charges.
738.5,000
Common stock
138,813
Surplus
$1,920,760
Total
$1,920,760
Tote
x Represented by 40,000 no par shares. y Represented by 77.000 no pal
shares.
-V. 132, p. 4594.
-Sales Up.
Canada Dry Ginger Ale, Inc.
In a statement to the stockholders, President P. D. Saylor ststes that
the comparative profit increase for the six months is in part attributable
changes,.
to changes in accounting methods as they affect charges for depreciation.
"
'Mr. Saylor states,"is to reduce
The principal effect of those
the book value of our property and, to adjust the rate of depreciation to be
applied to this new base value. Our income will of course continue to
benefit from this change.
"Deducting from our six months earnings this comparative change in
depreciation charges (854,644) it will be seen that even then the balance of
income is $33,669 compared with $18,181 for the same period last year.
2980
Financial Chronicle
Sales of Canada Dry Ginger Ale in the United States showed a volume
Increase of 13% over the 'corresponding six months of last year, while the
total American consumption of ginger ale is estimated to be substantially
lower than in the like period last year.
For income statement for three and six months ended March 31 see"EarnIngs Department' on a preceding page
-V. 136. p. 1890.
April 29 1933
''-Cherry-Burrell Corp.
-Preferred Dividend Deferred.
The director%
have voted to defer the quarterly dividend due May 1 on
the 7% cumul. cony. pref. stock, par $100. The last regular quarterly
payment of $1.75 per share was made on this issue on Feb. 1.-V. 136.
.
p. 498.
L.) Clark Co.
-Omits Dividend.Canada Steamship Lines, Ltd. (& Subs.).-Balance -"•...,.(D.directors
The
have decided to omit the quarterly dividend ordinarily
Sheet Dec. 31.payable about April ion the no par common stock. Quarterly distributions
of 12dic. each were made on Jan. 1 last and on July 1 and Oct.
19832.
1931.
1932.
1 1932,
1931.
compared with 25c. per share on April 1 1932 and 3134c. per share
AssetsLiabilitiess
$
pre8
viously made each quarter.
-V. 136, p. 1205.
Properties
38,166,092 39,802,962 Preferred stock_ _b15,000,000 .15,000,000
Defer'd payments_
15,044
21,228 a Cbmmon stock
3,084,523 3,084,523
Coca-Cola International Corp.-Bal. Sheet Mar.311Cash
153,522
476,945 Bonds
. 32,
9
21,273,120 21,663,158
Accts.receivable__ 572,061
Assets-.691,460 Bank loans
1932.
1933.
3,050,000 2,750,000
Liabilities1933.
Guaranty deposits
Cas
Notes payable____
- 826,975- $27,509 cClass A stock...,.$1,156,000 $1,37,020
..,$1,156,000
on contract....
22,967
Stock of Coca Cola
52,815 Abets. payable_ __ 1,032,620 L241:1°7
8b v in. stock_ _ _ 4,123,780 4,
d ? us
ol
°014
214.040
Adjusted losses_ _
17,781
.
38,479 Accrued charges__ 341,401
Co.333,188
26,975
27,508
Insurance claims__
143,634
667,498a Class A
50,622 Reserves
bcom
4,123,780 4,214,040
722,999
Accrued interest__
2,832
3,553
1,156,000 1,237,020
Inventories
1,078,392 1,214,364
Total$5.306,755 $5,478,569
Prepaid items_ _
. .187,389
238,653
Total
$5,306,755 $5,478,569
Investments
202,576
186,565
aRepresented by 412,378 no par shares in 1933 and 421,404 in
Insurance fund._
120,589
b Represented by 231,200 no par shares in 1933 and 247,404 in 1932. 1932.
Funds with trustee
289
311
presented by 115,600 no par shares in 1933 and 123.702 in 1932. c Re
d
Bond discount.... 1,158,589 1,283,675
by 206,189 no par shares in 1933 and 210,702 in 1932.-V. Re
Pratt & loss deficit 2,783,493
136,
597,267
p. 2616.
Total
44,504,663 44,779,488
Total
Colorado Fuel & Iron Co.(& Subs.)
44,504,663 44,779,488
.-Earnings.-.
For income statement for 3 months ended March 31 see "Earnings Dc
a Represented by 120,000 shares of no par value. b Preferred dividends
$2,250,000.partment"on a preceding page.
In arrears total
-V. 136. p. 2075.
Our usual comparative income statement for the year ended Dec. 31
..-•••••-- Columbia River Longview Bridge Co.
1932 was published in V. 136, p. 2615.
-Interest De,
faulted..
Canadian Dredge 8c Dock Co., Ltd.-Earnings:The interest due April 1 on the 1st mtge. 6 di% sinking fund gold
Years Ended Jan.311933.
1932.
bonds
1931.
1930.
due 1953 and the 436-year 7% secured notes due Oct. 1 1935 has not
,
Earningsfrom operations $513,745
been
$267,806
$432,385
$485,320
paid.
Depreciation
130,676
93.196
66,920
45.414
The April 1 interest on the 1st mtge bonds is the first payment of
Income tax
50.062
1st
20,947
13,388
50,000
bond interest to fall due since holders of bonds accepted a plan
mtge.
providing for the issuance of 4%-year 7% secured notes In order to
Net income
$153,663
3333.008
$352,077
$389,908
the Interest payments due April 1 and Oct. 1 1931 and April 1 and fund
Preferred dividends_ _ _ _
5,854
5,838
5,901
8,048
1932. Company was unable to make payment last October of Oct. 1
Common dividends
.92,498
interest
208,100
277.389
274,652
then due on the secured notes.
Under a plan proposed by the company interest payments on the
Balance, surplus
$234,672 det360,291
$68,787
$107,206
tures due Oct. 1 1930, April 1 and Oct. I 1931. April 1 and Oct. debenShares corn, stock out1 1932
and April 1 1933 were funded by the issuance of 5
-year 7% notes so that
standing
92,498
92,498
92.471
92,423
no interest Is due on the debentures until Oct. 1 1933.
Earnings per share
$3.54
$1.59
$3.74
$4.13
In a circular issued to the security holders Wesley Vandercook, Pres.,
states that traffic over the bridge during the past year has continued
Balance Sheet Jan. 31.
to
decline and notwithstanding drastic economies that have been
Assets1933.
1932.
Liabilities1933.'
into
1932.
effect, the cash position is such that there are not sufficient funds puthand
Bonds
$92,625 $236,695 Bank loan
$255,000 8639.000
amounts now due for taxes. Preliminary figures on
at present to cover
Stocks
1 Retentions on subfor 1932
indicate that operations for the year will show very little, if any, profit
Am't due for work
contracts
63,754
before deductions of interest, depreciation or amortization. It is estimated
done on contracts 662,039
Prov. for Inc. tax42,895
that gross revenues will amount to approximately $50.000. This compares
Receivables
10.131
336,835 Ream. for work In
with gross revenues f rr previous years as follows: 1931, $125,869: 1932,
Retentions on eoncess
107,500
$75.954: 1933, $50.000 (est.).
tracts
257,157
240,969 Accounts payable_
718
140,350
Directors have approved a budget covering the expenses of the ensuing
Inventory
47,552 Preferred stock __
73,176
.
83,400
83,400
year which, estimating revenues for next year as equal to those of this
Accrued Interest
913
1,870 a Common
1,466,600 1,466,600
shows the company at the end of the fiscal year on March 31 1934 year,
Cash
8,246
11,150 Capital surplus... 836.925
with
836,925
sufficient cash to pay all operating expenses a d current obligations,
y Fixed assets(net) 2,502,455 2,627,376 Earned surplus... 781,233
546,562
including all taxes, but without any provision for Interest on the funded
Deferred charges
31,284
210.389
debt.
In the opinion of the board of directors, the affairs or the company have
Total
83,638,025 $3,712,837
Total
$3,638,025 83.712,837
been so adjusted that, given a-respite from the necessity to most interest
x Represented by 92,498 no par shares. y After depreciation
of $1,payments, the properties can be preserved intact and the relative
236.150 in 1933 and 81.105.474 in 1932.-V. 135, p. 4220.,
position
of security holders preserved until more favorable general economic
tions ensue. Aside from amounts due for 1932 taxes, the company condi(A. M.) Castle 8c Co.-Earnings.--Indebtedness other than its funded debt and interest thereon. . has no
For income statement for quarter ended March 31 see "Earnings
DeA receivership and reorganization at this time, in the
partment" on a preceding page.
-V. 136. P. 663.
directors, would be unwise, not only because it could not aopinion of the
d to
but also because it could not reduce expenses below the presentrevenues
Century Shares Trust.-Balance Sheet March ,.1.budget.
On the contrary, the expenses of a receivership and reorganization would
AsseZs1933.
1932.
1931.
be in addition to the budgeted expenses. At the present time the company
y. Investments:
has no funds for such purpose, so that, in the event bondholders force a
Insurance companies
-Casualty
receivership, they would first have to provide the necessary funds.
insurance
$67,957
$232,330
$258,914
V.-136, p. 498.
Fire insurance
1,519,533
2,620,342
2,863,361
Life insurance
341,896
1,127,211
1.127,212 `----.Columbus (0.) Dental Mfg. Co.
-Dividend Deceased.
Banking institutions
-N. Y. banks
A quarterly dividend of 75 cents per share was recently declared on
& trust cos
1,193,986
1.276.093
1,383,287
common stock, par $25, payable April 29 to holders of record April the
Other banks & trust companies_
24.
341.650
473,815
1338,513
This compares with $1 per share previously paid each quarter.
U. S. Treas. notes & certificates
205,383
Cash with brokers
33,288
77,248
41.267
Commercial Discount Co., Los.Angeles.-Omits Div.
Accounts receivable
1
15,151
24,798j
4,410
Dividends receivable
The directors have voted to omit the quarterly dividend usually payable
26,672
about May 10 on the common stock, par $10. A quarterly distribution of
Total
25 cents per share was made on this issue on Feb. 10.-V. 134, p.
33,718,846 85,831,839 86.343,635
1378.
LiabilLirsCommercial Solvents Corp.-Earnings.Accrued expenses
449772
.
For income statement for 3 months ended March 31 see "Earnings
Accounts payable
3.437.
Department" on a preceding page--V. 1361 p. 847.
Reserve for Feleral income tax
11.844
Shares outstanding
z5,519,889 x5,815,094
6,171,727
Congress Cigar Co., Inc.
-Earnings.
Surplus resulting from retirem't ofshs
554,258
265.148
For income statement for three months ended Mar. 31 see
Balance of profit & loss from sales of '
"Earnings
Department" on a preceding page.
securities
-V. 136. p. 2249.
def2,378.230 def277.026
118,529
Undistributed income
19,044
27,852
41,535
Consolidated Chemical Industries, Inc.
-Earnings.
Total
For income statement for 3 months ended March 31 see
33.718.846 35.831.840 $6.343.635
"Eearnings
Department" on a preceding page.
-V. 135, p. 3003,
x Represented by 115.650 participating shares and 115.650 ordinary
shares, both of no par value. y Market value March 31 1933, 31371,499.
Consolidated Investment Corp. of Canada.
z Represented by 115.100 participating shares and 115,100 ordinary shares.
-Reboth of no par value.
organization Plan Approved.
-V. 136. p. 2616.
The holders of the 4 3i% collateral trust gold bonds, series
,
Charlton '(Cotton) Mills, Fall Riven-Resumes'Div
A, on
.- approved a plan of reorganization dated Feb. 13 1933, which April 24
Is sumA dividend of 50 cents per share has been declared on the capital
marized in last week's"Chronicle." See V. 136. p. 2803.
stock,
payable May 11933 to holders of record April 17. A quarterly distribution
of $2 per share was made on May 1 1930; none since.
Continental American Insurance Co.
-V.•131, p. 633.
-Omits Div.
Due to Insurance Department restrictions, the company
Childs Co.(& Subs.).-Earnings.•
the quarterly dividend ordinarily payable about this time onhas omitted
the capital
For income statement for quarters.ended March 31 see "Earnings
stock, par 310. A quarterly distribution of 30 cents per share
Dewas made
partment" on a preceding page.
-V. 136, p. 2249.
on Jan. 25 1933 and on Oct. 20 1932, as compared with
on July 30 1932 and 5216 cents per share paid on April 45 dents per shark,
,
Chrysler Corp.
21 I932.
-V. 135.
-Sales Continue to Increase.
p. 3003.
In the week ended April 15, more than 3,300 Plymouth Sixes
by Dodge, De Soto and Chrysler defiers. This represented an were sold
Cooper River Bridge, Inc. Deposits.
IncreaSe
225' over the previous week and was the largest week's business since of
The adjustment committee for the 1st mtge. 6% sinking
the
week ended June 25 1932. Unfilled orders for the new deluxe and
fund bonds,
due on May 1 1958, recently announced that inasmuch as
standard
$400.000 of the
Plymouth lines exceeded 7,000 units, according to H. G. Moock,
bonds, or 135' of the amount outstanding, had not yet
General
Sales Manaegr of the Plymouth Motor Corp.
it, further efforts would be made to obtain deposits. been deposited with
On petition of the
Combined De Soto and Plymouth sales by the Be Soto dealers for the
committee, assisted by the trustee, the court has postponed
ended Apr. 22 were 1,405 cars. a 12% increase over the previous week
the hearing on an application for receiver for the corporation.until June 26
week.
according to L. G. Peed. General Sales Manager of the De Soto Motor
R. Miles Warner of 11. M. Byllesby & Co. is Chairman of the
committee.
Corp.
-V. 135, p. 1497.
Balance Sheet March 31.
Copeland Products, Inc.
-Orders Increase.
1933.
1932.
1933.
1932.
The corporation is again on a full production basis with
Assets$
Liabilides$
$
8
volume of unfilled orders, according to C. W. Hadden, a considerable
:Land, bldgs.,
Stated capital_ -z21,752,140 y73,122,070
General Sales
Manager.
mach.,equip.,
Gold bonds.... 42,124,500
"Electric refrigerator sales are up and as a result of the improved
&c
59,454,595 64,419,019 Accts. payable_ 8,873,990 44,247,000
situa12,570,390
tion during the past week, the industry Is in a better position
Cash
18,545,568 23,371,168 Accrued Interest
by a wide
margin than it was last year, he said.
Market. secur
-V. 135, p. 2659.
13,639,968 22,839,622
taxes, &c___ 1,229,216
.
1,458,661
Bk.loan dr drafts 3,363,362 4,466,491 Dealers' depots.923,540
944,955
Counselors Securities Trust. Liquidating.
Notes receivable
280,095
1,003,382 Federal tax prov
8,602
148,985
The stockholders will receive approximately $26.25 a share in
Accts. receivable 2,089,610
1,600,141 Reserves
6,062,227 6,847,547
liquidation,
it is announced.
Inventories ____ 16,424,112 25,140,438 Approp. surplus
670,000
The stockholders were recently notified that the trustees had voted
Other assets.- 15,952,218 9,831,523 Dnapprop. surp. 25,060,394 39,849.608
to
terminate the trust as of April 20. Stockholders were given the
Good-will
1 25,000,000 Earned surplus_ 24,334,639
option
of taking their pro rata share of the cash resulting from
1,289,719
Deferred chgs
1,515,450
reinvesting their share in common stock of the Loomis-Sayles liquidation or
Mutual
Inc. The trustees stated the liquidation was being undertaken Fund.
131,039,248 179,187,217
Total
Total
131,039,248 179,187,217
because
the trust had become too small for economical management.
x After depreciation. y Represented by 4,404.413 no par shares of corn.
On Dec. 20 1932 there were 15,915 shares of stock outstanding, the
stock. x Represented by $5 par value shares.
-V. 136, p. 2802.
current market for which is around $25 per share.
Volume 136
Financial Chronicle
The portfolio of Counselors Securities Trust as of Dec. 20 1932 comprise 1
the following issues (in shares):
200 American Telephone
1,000 Lehman Corp.
500 Borden
500 National Biscuit
400 Consolidated Gas of New York
600 National Dairy Products
200 Continental Can • •
600 Pacific Gas & Electric
200 Fi•st National Bank of Boston
700 Standard Oil of New Jersey
600 First National Stores
2,000 Third National Investors
2,600 FourtL National Investors
3,200 'Fri-Continental Corp.
2,000 General Capital
600 Union Carbide dr Carbon
400 General Electric
1,400 United Gas Improvement
400 General Motors
500 United Shoe Machinery
80 Guaranty Trust of New York
-V. 135, p. 4221.
Counsellors Fund, Inc.
-Not Being Liquidated.
In our article in the "Chronicle" of April 8, page 2430. an errtmeous
Impression was given to the effect that this corporation would liquidate.
This is not so. Only the first paragraph applies to this corporation while
136, p.2430.
the rest of the article refers to Counsellors Securities Trust -V.
Creole Petroleum Corp.
-To Change Par and Reduce
Capitalization.
At the annual meeting to be held on May 16 the stockholders will vote
on approving a change in the par value of the capital stock to $5 par from
no par value. Of 7,000,000 shares authorized, 6,974,356 shares were
outstanding at the end of 1931.
By the change, a capital surplus of approximately $23,000.000'will be
created, which the directors may use to adjust the company's investment
In its operating subsidiary to reflect changes made by the subsidiary on
Its books from time to time on account of revaluation of oil properties
and for other corporate purposes.
-V. 134, p. 3987.
Crosley Radio Corp.
-Production, Shipments, &c.
2981
Minn., with live steam for space heating power, and process purposes.
Company owns modern high pressure central steam generating plants,
located at the edge of the lousiness district and close to the coal docks.
Steam is distributed at high pressure through mains and service lines.
covering the entire commercial area. Company operates under a franchise
extending until 1954.
Earnings.
-Company makes the following estimate of earnings over the
next four-year period commencing April 1:
Gross
a Net
YearEarnings.
Earnings.
1933-34
$256,20
$58,150
1934-35
352,500
117,600
1935-36
457.500
177.600
1936-37
505.500
205,700
a Net available for interest and dividends (after depreciation).
Book Value.
-Company's system was constructed and placed into °pet
ation for approximately $1,500,000. The net worth as shown in balance
sheet gives common stock a book value of $14.93 per share.
Directors.
-J. H. Shively, Ely C. Hutchinson, Wilmington, Del.; A. R.
Robertson, St. Paul, Mimi.; A. W. Strong, Minneapolis, Minn.; it. J.
O'Neil. St. Paul, Mimi.; Hugh J. McClearn, Duluth, Minn.; R. W.
Geyer, Chicago;0.0.Colton, Duluth, Minn.;J. G. Ordway,St. Paul Minn.
Balance Sheet as at Feb. 28 1933.
Liabilities
Assets
822,264
$9,657 Accounts payable
Cash
3,421
Liberty bonds
al5,000 Accruals, payroll, taxes, &c_ _ _
Consumers accts. less disct
5,00022,158 Bank loans
b39,005
Materials & supplies
2,321 Unsecured notes payable
Fixed assets
1,384,245 Corn. stock (100,000 shs.) - _ 1,493,322
Deferred assets
129,631
Si 563,012
Total
Total
81,563,012
a Pledged to secure the issuance of a franchise surety bond. b These'
notes have subsequently been funded by issuance of $40,000 1st mortgage
bonds.
The corpondion has increased production of its electric refirgerators
to around 400 units a day and is currently about 10 days behind on orders.
'Early Gold Mining Co.
-Receivership.
a Cincinnati dispatch states. The electrical refriegrator division is on "
a
-hour production schedule, which the management expects will be conLouis T. Milburn has been appointed Federal receiver in equity for the
24
properties and equipment of the company, located in Mariposa County,
Untied through the spring season,
Calif., by United States District Judge McCormick.
The company plans to ship 15 freight cars of its new models to its New
York dealers within the next three weeks.
-Dividend Deferred.- '
Sales of radios have been running ahead of comparable periods of last .-----. Elgin Sweeper Co.
The directors recently voted to defer the quarterly dividend due April 1
year since the first of January, both as to number of units and in dollar
on the $2 cum.& panic. cony, prior pref. stock no par.value. A distribution
volume.
-V. 136. P. 665.
of 25 cents per share was made on this issue on Jan. 1 last and on July 1 and
Crystal Tissue Co.
Oct. 1 1932, prior to which the stock was on a regular $2 annual dividend
-Earnings.
-basis.
-V. 136, p. 2499.
Calendar Years1931.
1932.
Net sales
$924,941 $1.389,552
Esmond Mills.
-87
-Cent Preferred Dividend.
Net loss after charges & taxes
47,578 prof39.839
Current assets on Dec. 31 last totaled $229,187 and current liabilities
A dividend (No. 93) of 87 cents per share has been declared on the 7%
were $36,996, against $251,310 and $46,142 respectively, at end of previous
cum. pref. stock, par $100, payable May 1 to holders of record April 25.
A distribution of 88 cents per share was made on this issue on Feb. 1 last.
year.
Quarterly Earnings.
Previously, the company paid regular quarterly dividends of $1.75 per
-For income statement for 3 months ended March 31
see "Earnings Department" on a preceding page.
share.
-V. 136. P. 849.
-V. 135. P. 2836.
Cudahy Packing Co.-Earninas Improve.-
'
Chairman E. A. Cudahy on April 21 stated that the company will record
a larger profit for the six months ended May 1 than in the corresponding
period last year.
-V. 135, p. 4210.
Deere & Co.
-Five-Cent Preferred Dividend.
A dividend of 5 cents per share has been declared on the 7% cum. pref.
stock, par $20, payable June 1 to holders of record May 15. A similar
payment was made on March 1 last, compared with 10 cents per share
paid on June 1, Sept. 1 and Dec. 1 1932 and regular quarterly distributions
•
of 35 cents per share previously madel-V. 136, p. 1206. 1192.
(E. C.) Denton Stores Co.
-To Reorgan-New Directors
ize.A new board of directors has been elected, consisting of E. C. Denton,
Clinton Galloway, Ralph 'W. Mueller, E. W. Back and Henry Kreitz.
Officers elected were: E. C. Denton, President; Henry Kreitz, VicePresident; Clinton Galloway, Secretary, and Ralph W. Mueller, Treasurer.
The board is reported to be considering tentative plans for reorganization
of the company in co-operation with the receivers.
-V. 136, p. 332.
-Bondholders' ComFederal Bond & Mortgage Co.
mittee Restrained by Court Act.
Circuit Judge Dewitt H. Merriam at Detroit on April 15 granted a
temporary injunction restraining the consolidated committee for the protection of Federal Bond & Mortgage Co. bondholders from selling or disposing of assets, bonds or coupons of that company pledged as security for
loans of 8135,000 maturing April 20. The petition was by Charles Izenstark of Chicago.
The petition names as co-respondents A. H. Moorman, Julius H. Moeller,
George B. Russell, Samuel T. Gilbert, Frank T. Bennett and John H.
French, of the committee; Conservators Ralph Lane and Myron Neil of
the Equitable Trust Co., and Conservator George Kirchner of the Union
Guardian Trust Co.
The transaction involves the pledging of $15,000,000 of bonds of the
Federal company on April 15 1931 for $37,000 borrowed from the Equitable
Trust Co.and $95,000afrom the UnionjGuardian Trust Co.
-V.132.p.1066.
ederal Screw Works.-biethrgritt:-,
The New York Stock Exchange has authorized the listing of 47.075
a
ionhl sh
shares of common stock (no par value) on official notice of
issuance in connectien with plan of readjustme , and 333 additional
Orpheum Co.
-Deposit of Bonds Requested.
shares of common stock on official notice of issuance in conversion of the
The trust department of the U. S. National Bank in co-operation with
company's gold notes, making the total amount applied for to date 230,408
an advisory committee of Denver investment men, is Inviting holders of
shares.
'
Denver Orpheum Co. bonds to turn them into the trust department as
Up to March 1 1932 corporation paid interest on the 6;4% convertible
depository. Interest on the issue, of which 9480.000 is outstanding, was
notes. At that time, due to existent conditions in the industry, and in
defaulted in March.
order to conserve its current asset position, tae corporation evolved a plan
Bondholders are urged to turn in their bonds so that the bank will be in
of readjustment relative to the outstanding notes, which plan was approved
a position to make proof of claims on behalf of the bondholders against
by the stockholders April 15 1932.
the guarantor of the issue and also to represent bondholders in foreclosure
At a Special meeting of the stockholders May 5 1932 the authorized
proceedings.
common stock was increased from 200,000 shares to 250,000 shares (no
Members of the advisory committee are R. G. Bulkley, Amos C. Sudler
par value) in order to effectuate the plan of readjustment as presented
-year gold notes.
and Charles T. Sidlo.-V. 136, p. 2431.
to the holders of the convertible 6%% 10
The plan of readjustment contained and embodied the following prinDiversified Investment Trusts, Inc -Decreases
cipal features:
A quarterly dividend of 33. cents per share has been declared on the
(a) Noteholders were asked to deposit their notes and all appurtenant
class A stock, no par value, payable May 1 to holders of record April 20. interest coupons, including interest coupons maturing Sept. 1 1932, under
In each of the three preceding quarters a distribution of 5 cents per share
the plan, and waive the absolute interest requirements as called for by the
was paid, compared with 71.6 cents per share on Feb. 1 and May 2 1932.
notes and appurtenant interest coupons, and agree to place same upon
an income basis.
(t) The plan was not to become operative in any event until more than
Dividend Shares, Inc.
-Dividend Payment, &c75% of the outstanding notes were deposited.
The quarterly dividend payable to stockholders of dividend shares on
(c) The corporation, in consideration of the deposit of the notes, in the
May 1 will be paid to more than 25,000 stockholders who owned more than
event the plan was declared operative, agreed to issue to the depositors,
15,720,000 shares on April 15 1933. As a result, the gross amount paid out
Per each $1,000 note deposited, a warrant for 25 shares of no par common
by the company on May 1 will exceed $290,000. On Feb. 1 1933, the
stock, which warrant was to entitle the holder thereof to the shares of stock
amount paid totaled more than $214,000.
represented thereby only upon the happening of certain defined conditions:
In accordance with the policy of dividend shares a list of holdings and the
(1) The maturity, by lapse of time or otherwise, of the corporation's
proportion of funds invested in each company has been submitted to stocknotes, or
holders. As of April 15 1933, the funds were invested as follows: 55.11%
(2) Prior redemption of the escrow certificates of interest (which cerof the funds were invested in 20 industrials; 8.13% in four oil companiek;
tificates are to be issued to the depositors under the plan, to represent the
7.075' in three rails; 6.095' in five banks or insurance companies and
notes deposited) in the manner prescribed under the terms of a certain
escrow trust agreement, which agreement was to give effect to the operation
23.60% in 10 utilities.
-V. 136, p. 2617.
of said plan, or
Dodge Building (53 Park Place Corp.).
-Successor' (3) Payment of dividends by the corporation, during any one calendar
Year. aggregating not less than $2 per share on its common stock, or
Makes Initial Interest Payment.
(4) Termination of the said escrow trust agreement.
See l'ark Place-Dodge Corp. below.
-V. 135. p. 133, 473.
(d) The stock repreetented by such warrants was to be issued by the
and escrowed with the Union Guardian Trust Co. of Detroit,
Dubilier Condenser Corp.
-Wins Patent Suit.
as escrow trustee, the stock to be then subject to a voting trust for the
The U. S. Supreme Court in an opinion by Justice Roberts has decided
benefit of the depositing noteholders.
against the Government and in favor of the company in a suit involving a
On.Dec. 27 1932 more than 75% of the outstanding notes having been
question whether the Government had equitable title to inventions for
deposited, the plan of readjustment was declared operative and an escrow
Improvement of the radio art made by technical employees of the Bureau
trust agreement,embodying all of the features of the plan, was duly executedStandards.
of
as of Dec. 31 1932 giving effect to the plan.
-V. 136. p. 2432.
l'orcival D. Lowell and Francis W. Dunmore were the Inventors of
three patents covering: (1) Means of eliminating hum from radio receiving
-Holdings.- •
Fidelity Fund, Inc.
relating to radio loud speaker operated by alternating current,
sets; (2)
It is announced that holdings of Fidelity Fund are divided at present as
and (3) relating to radio relays operated by alternating current.
follows: Cash, U. S. Treasury notes, accrued interest, &c., 27.8%; bonds,
As holier of the patents issued to the inventors the Dubilier Condensor
20.6%; common stocks, 51.6%.-V. 136, p. 2804.
Corp. defended the suit. The Government contended that the inventions
were perfected while the inventors were employed in research relating to
First Commonstocks Corp.
-Registrar.
-V. 135, p. 3604.
the advance of the radio art at the Bureau of Standards.
The Manufacturers Trust Co. has been appointed registrar for 600.000
-V. 136, p. 1023.
Duluth Steam Corp.
-Haskell, Scott & shares of capital stock, $1 Par.
-Stock Offered.
Geyer, Chicago, are offering 100,000 shares common stock
at market (about $8 per share). Stock is listed on Chicago
Curb Exchange. A circular shows:
Transfer agent: Continental Illinois National Bank & Trust Co. of
Chicago. Registrar: City National Bank & Trust Co. of Chicago.
Authorized. Outstanding.
Capitalization$300,000
$40,000
-year 5% bonds
1st mortgage (closed) 10
100,000 shs. 100,000 shs.
Common stock (no par value
-Corporation was incorp. In Delaware in 1929. Construction
History.
contracts were let late in 1931. The plant was completed and placed in
operation Sept. 15 1932. Company serves the business district of Duluth,
•• Fort Worth
Asked.
-
(Tex.) Properties
Corp.
-Foreclosure
Sale of the Worth Hotel Building and the Medical Arts Building has been
asked in a petition filed in District Court at Fort Worth by the First National
Bank of Fort Worth, acting as trustees for bondholders of the Fort Worth
Properties Corp. Reorganization of the corporation is recommended by
the bank.
The petition seta forth that the First National Bank was named trustee
when certain bonds were issued by the Fort Worth Properties Corp., and
that interest payment on the bonds was defaulted last November. Under
the terms of the deed of trust, the bank at that time took possession of the
two buildings.
2982
Financial Chronicle
West Coast Theatres, Inc.-Tcustees-Appointed.-
C7litors have elected three trustees to manage the affairs of the corporatio
The trustees, whose selection has been approved by Federal Referee
In -Bankruptcy McNabb, are Charles P. Skouras, Vice-President and
General Manager of Fox Theater chain, and also a Federal receiver for the
corporation; W.H. Moore Jr., and Charles C.Irwin, who was until recently
the Western agent of the S. W. Straus Co.
-V.136. p. 1557.
--- Furness.Corp., Gloucester, N. J.
--Receiver Named.
W. H. Furness, President, has been appointed receiver by the United
States District Court, Camden, N. J., in an action filed by the Edward G.
. Budd Co.
----General Asphalt Co.
-Reduces Stated Capital.
A reduction in the stated capital stock from $36,117,130 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, was approved by
the stockholders at the annual meeting held on April 26.
The reduction in the capital stock will create a balance of $32,000,000
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 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 same
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 share.
-V. 136. p. 2433.
General Aviation Corp.
-Acquires a 43% Interest in
North American Aviation, Inc.
-See latter below.
-V. 136,
p. 2433.
• •
General Cable Corp.
-Earnings.
For income statement for 3 months ended March 31 see 'Earnings
Department" on a preceding page.
-V. 136, P. 2805.
. General Electric Co.
-.Retirement,
Concluding more than 35 years of service with the organization, Albert Et.
Davis, Vice-President in Charges of Patents, will retire on May 1, according
to an announcement by President Gerard Swope.
Simultaneously with this announcement, Mr. Swope announced the
appointment of Charles E. Tullar, Manager of the company's patent
department, to be a member of the advisory committee and of the engineering council of the company, succeeding Mr.Davis in those bodies.
Earnings.For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 2805.
General Foods Corp.-Earnings.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136, p. 2619.
April 29 1933
A more detailed statement, including the balance sheet and income
account, will be issued to stockholders in due course
-V. 136, p. 2805.
General Printing Ink Corp.-EarningsFor income statement for quarters ended March 31 see "Earnings Department" on a preceding page.
-V. 136, p. 2077.
General Public Service Corp.
-To Reduce No. of Shs.-
The stockholders will vote May 15 on decreasing the number of authorized
shares of pref. stock from 500,000 to 50,000; the number of authorized
shares of junior pref. stock from 100,000 to 10,000, and the number of
authorized shares of common stock from 2,000,000 to 900,000.
President S. B. Tuell, Apr. 21, says in substance:
This decrease is to enable the corporation to effect a saving of approximately $4,000 annually in the Delaware franchise tax. This tax is based
on the number of shares of stock authorized by the certificate of Incorporation. The present number of authorized shares considerably exceeds the
number of shares issued and outstanding and reserved for conversion of
gold debentures, 5% series due 1953, and 534% series due 1939, and for
issuance in exchange for common stock scrip.
The preferred stockholders have the right to vote only on the proposed
amendment decreasing the authorized pref. stock. This amendment
requires a majority vote of the outstanding pref. stock and a majority vote
of the outstanding common stock. The common stockholders vote on all
proposed actions.
The proposed action will not reduce the number of outstanding shares of
stock nor affect the rights of the holders in any way
[At Dec. 31 1932 there were outstanding 24,640 shares of $6 div. series
pref. stock, 280 shares of $5.50 div. series B pref. stock and 669,192 shares
-Ed.]
of common stock, all of no par value.
-V.136, p. 2619.
General Railway Signs.' Co.
-New Director, &c.'
H. W. Croft of New York has been elected a director to succeed the
late John N. Beckley, Charles E. Merrill of Merrill, Lynch & Co., has
resigned as a director.
The company will not issue a first quarter earnings statement, it is
stated.
J. F. Braam has been elected Vice-President and Treasurer, and H. W.
Chamberlain as Secretary and Assistant Treasurer. .George D. Morgan,
now Honorary Vice-President, formerly had been Treasurer. There will
be no Chairman of the board this year, the office having been left vacant
by the death of Mr. Beckley. No successor to Charles E. Merrill, who
resigned as a director, has been selected.
Earnings.
For income statement for quarters ended March 31 see "Earnings De-V. 136. p. 2805.
partment" on a preceding page.
General Refractories Co.
-Directorate Reduced:
-
At the annual meeting of stockholders held on April 22, the by-laws were
amended to provide for the election of directors for one-year terms instead
of three-year terms and the board was reduced to 9 from 17 members.
The directors elected for the ensuing year were: 0. E. Buder, S. M. D.
Clapper, A. W. Clark, A. A. Corey Jr., Frank J. Kier, Ralph H. Knode,
David Remer, John R. Sproul and Albert I. Stiles.
Earnings.
For income statement for 3 months ended March 31 see "Earnings
-V. 136, p. 2077.
Department" on a preceding page.
General Mills, Inc.-New Director of Subsidiary.
James F. Bell, President of General Mills: Inc. announced on April 25 '"-..._Gilmore Oil Co.
-Omits Distribution.that at a meeting of the board of directors of the Red Star Milling Co. a
'
The directors have decided to omit the quarterly dividend usually
subsidiary, T. C. Thatcher was elected a director to fill the vacancy caused
April 30 on the no par common stock. A distribution of
payable about
by the death of Roger S. Hurd.
20 cents per share was made in each of the three preceding quarters, while
J. L. Walker, Vice-President of the Red Star Milling Co., was elected
from July 30 1929 to and incl. April 30 1932 the company made quarterly
to the additional office of General Manager at the same meeting. His new
-V. 135. P. 826.
payInents of 30 cents per share.
title will be Vice-President and General Manager.
-V. 135, p. 4391.
General Motors Corp.
-Becomes an Important Factor in
the Aviation Industry. Alfred P. Sloan Jr., on April 26 announced the following:
Globe & Rutgers Fire Insurance Coe-Reinsures Poli-See last week's "Chronicle," page 2704.-V. 136, p.
cies.
2433.
-Change in Par Value Ratified.
Gobel, Inc.
-
The General Motors Corp., as a result of action taken by the stockholders of the General Aviation Corp. and North American Aviation, Inc.,
The stockholders on April 20 approved a proposal to change the Par
now becomes the dominating factor in North American Aviation, Inc.,
value of the shares to $5 par from no par (excepting the 123,750 shares
and its wolly-owned subsidiaries-General Aviation Manufacturing Corp.,
held in escrow for the exercise of common stock purchase warrants), and
B-J Aircraft Corp. and Eastern Air Transport, Inc. North American '
that the capital be reduced to $2,1541947 from $5,714,347. A total of
Aviation, Inc., also has substantial interests in the Douglas Aircraft Co.,
430.989 shares are outstanding exclusive of stock held in escrow.
Inc., Western Air Express Corp., and Transcontinental Air Transport,
The increase in surplus of $3,559,400 will permit adjustments of book
Inc. The latter two companies each hold a 47.3i% interest in Transconvalues of land and buildings, leaseholds. equipment and improvements in
tinental & Western Air, Inc.
accordance Nvith practices which under present-thy conditions are deemed
conservative. As an incident to these changes, material reductions in
See also North American Aviation, Inc., below.
animal franchise taxes may be expected.
Buick 53135 Rep3rtel Higher.
The New York Stock Exchange has authorized the listing of 430,990
shares of common stock (par $5) on official notice of issue, share for share,
April sales of Buick cars are running well in excess of the March record,
in substitution for a like number of shares of stock without par value previreports W. F. Hufstader, sales manager of the Buick Motor Car. "In
ously listed.
the first 10 days of the month our dealers sold 1,405 new cars.This is not
Earnings.
-For income statement for quarter ended Jan. 31 1933 see
only a heavy gain over the total of 573 cars sold in the first 10 days of
"Earnings Department" on a preceding page.
-V. 136, p. 1894, 1558.
the total of 1,539 cars sold in the last 10 days
March, but is not far from
-day period of the month
of that month. Experience is that the final 10
-To Decrease Stock.
is almost invariably the most productive in sales,so that the present showing "-.Graham-Paige Motors Corp.
The New York Stock Exchange has received notice from the corporation
is particularly gratifying."
of a proposed change in the authorized common stock from 2,600,000
Pontiac Sales Gain-Output Schedule Up.
shares, par $1, to 850,000 shares, par $1, each three present shares to be
Increasing retail sales of the Pontiac straight eight havj3 necessitated an
-V. 136, D. 1559. 2805.
exchangeable for one new share.
Increase in the April factory schedule from 6,100 to 8,100, according to
R. K. White, Sales Manager. "The factory now is on a 5
-day basis and "---Grand Union Co.
-Changes in Capitalization.
will remain so until further notice." he said.
The stockholders on April 21 approved a proposal to change the capital
"Pontiac's second 10
-day sales report during April continued the enrepresented by outstanding preference stock from $7,977,500 to $3.988,750
couraging trend which was apparent in March," he added. "During the
and common stock from $1,033,816 to $279,967.
10
-day period ended April 20 our sales increased to 2,604 units from 2,413
On April 22, the stockholders also approved a proposal to change the
in the first 10 days of April. National deliveries in the second 10 days
common stock from no par value to a par value of $1 per share.
of March were 1,507 units.
The New York Stock Exchange has authorized the listing of common
"To April 20 our total national deliveries for 1933 aggregated 21.278
stock trust certificates in respect of 279,967 shares of conunon stock, par
cars. To the like date in 1932 deliveries were 19,258.
$1 per share, upon official notice of issuance in substitution for common
"Used car stocks in the hands of Pontiac dealers throughout theUnited
stock trust certificates without par value, with authority to add common
States are at a very low level. On March 20, national used car stocks
stock trust certificates in respect of 239,325 shares of common stock on
totaled 15.084. On April 20. despite the many used cars turned in on
official notice of issuance upon conversion of $3 series convertible preference
new car sales, the stock rose only to 16.002. And this figure compares
stock, making the total amount applied for 519,292 shares.
with Pontiac's national used car stock on April 20 1932, of 22,249."
The listing of common stock trust certificates in respect of 519,292 shares
per
of common
First Quarter Earni.ngs.-Alfred P. Sloan, Jr., President, exchange forstock, par $1 stockshare, upon official notice of issuance in
trust certificates issued under the voting
the common
announced April 25 the following:
trust agreement dated June 1 1928, was also approved.
-V. 136, p. 2619.
Net sales of General Motors Corp., excluding inter-company and interdivisional transactions, amounted to $120,000,163 as compared with
Great Neck (L. I.) Bond & Mtge. Coe-•:-To Liquidate.
$149.663,716 for the corresponding quarter ended March 31 1932.. Net
After doing business for eight years the company is to be dissolved
earnings of the corporation for the quarter ended March 311933, including
with the unanimous vote of 90% of the stockholders. The corporation
equities in the undivided profits or the losses of subsidiary and affiliated
will continue to function, but will not accept new business. When the
companies not consolidated, amounted to $6,870,007. This compares with
last mortgage which it holds is paid it will cease business without loss to
earnings of $9,693,027 for the corresponding quarter of a year ago. After
any one. Those who have borrowed money on second mortgages will not
deducting dividends of $2,294,930 on the preferred stock, there remains
be affected, it is said.
$4.575,077. being the amount earned on the common shares outstanding.
This is equivalent to $0.11 per share on the average common shares out-Earnings.Hercules Powder Co.
•
standing during this quarter and compares with $0.17 per share earned in
For income statement for 3 months ended March 31 see "Earnings Dethe first quarter of 1932.
partment" on a preceding page.
The above earnings do not reflect any provision for losses on cash balances
Consolidated Balance Sheet March 31.
In closed banks (amounting to $13,943,878 at Apr. 25 1933) since the extent
1932.
1933.
of these losses is not determinable at this time.
1933.
1932.
Assets
Cash. U.S. Government and other marketable securities at March 31 1933
Plants & property _19,526,880 20,363,002 :Common stock _15,155,850 15,155,850
amounted to $148,211.686 (excluding balances in closed banks), compared
2,196,936 1,363,382 Preferred stock.. _11,424,100 11,424,100
Cash
with $172,780,695 at Dec. 31 1932 and $186,777,639 at March 31 1932.
Accts. receivable 2,959,817 3,188,919 Accts. payable_
205,099
Net working capital at March 31 1933 amounted to $217,468,700 (excluding
397,290
Pref. div. payable_
Hercules Powd.Co.
92,544
cash balances in closed banks),compared with $225,437,194 at Dec.31 1932
99.961
capital stock _ _ 1,698,417 1,400,355 Deferred crecilta__
66,911
72,729
and $271,536,282 at March 311932.
667,157 1,381,570 Fed. taxes (eat.)..
Invest.securities
yo.During the quarter ended March 31 1933 General Motors dealers in the
87,391
58,904
Liberty bonds_ _ 4,042,471 3,575.892 Reserves
4,063,070 2,789,105
United States delivered to consumers 140,369 cars and trucks, compared
Mat'is & supplies_ 2,072.571 2,560,701 Profit &loss
9,551,021 11,687,273
with 143,514 cars and trucks in the corresponding period of 1932. Sales by
Finished products. 2,238,850 2,545,047
General Motors Operating Divisions to dealers in the United States during
306,345
Deferred charges
243,088
this period amounted to 167,584 cars and trucks, compared with 166,304
Good-will
5,000,000 5,000,000
cars and trucks in the first quarter of 1932. Total sales to dealers, including
Canadian sales and overseas shipments,. amounted to 199,749 cars and
Total
40,645,987 41,685,212
Total
40,645,987 41,685,212
trucks, compared with 197,256 cars and trucks in the corresponding quarter
x Represented by 606,234 shares of no par value.
a:year ago.
-V.136, p. 852.
Volume 136
Financial Chronicle
-New Executive.
Hahn Department Store, Inc.
President Paul Quattlander on April 24 announced that B. Earl Puckett
had joined the corporation in the capacity of Vice-President. Mr. Puckett
will be charged with the administration of a group of stores to be announced
later. Mr. Quattlander further announced ;hat the intention was to elect
Mr. Puckett a director at the annual meeting on May 1. He will also
serve on the Executive Committee, of which Mr. Quattlander will be
-V. 136,p.2252
Chairman in addition to his responsibilities as President.
Houdaille-Hershey Corp.-Earnings.
For income statement for 3 months ended March 31 see "Earnings
-V. 135, p. 3364.
Department" on a preceding page.
-Earnings.Household Finance Corp.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet March 31.
1932.
1933.
1933.
1932.
$
S
LiabilitiesAssets$
$
Cash & Govt.secur 5,627,718 6,531,061 Partic. pref. stock10,601,100 10,956,800
a Class A com.stk. 4,559,100 3,892,750
Install. notes receivable, net _ _36,237,382 41,857,124 bClass B corn. stk.10,311,925 11,394,725
Notes pay., banks10,850,000 16,250,000
Other notes & se275,000
counts recelv___ 111,541
162,9111 Notes pay., other 775,000
780,557
Dividends payable 668,754
Notes reedy. from
93,896
employees, secur
145,175 Employees' thrift
150,572
187,685
Due from restrict.account
618,869
Federal inc. tax_ __ 625,669
& closed banks_ 255,808
26,138 Min. int. in CenOther receivables_
'
tral Fin. Corp.
Office equip., net. 441,924
457,779
11,627
Canada
5,369
Res. for exch. Rua
13,406
11,449
Miscellaneous_ _ _ _
Purch. money oblig 930,333 1,430,332
31,163
82,730
Contingent reserve
Earned surplus_ _ _ 3,177,667 3,203,303
19,473
133,100
Capital surplus_
•
42,768,270 49,180,187
Total
Total
42,768,270 49,180,187
a Represented by 182,364 no par value shares 1933 and 155,710 shares
1932. to Represented by 412,477 no par value shares 1933 and 455,789
shares 1932.-V. 136. p. 2078.
.
Howe Sound Co.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
Sales of current production of copper were resumed during the quarter.
Results for the current quarter include profit of $4,723 on metals sold from
inventory Dec.31 1932. A distribution to stockholders of 10 cents per share
on 496,038 shares issued and outstanding was made on April 15 1933.
-V.136, p. 2434.
Hupp Motor Car Corp.
-Earnings.
2983
It is expressly contemplated under the Hedden plan that the stock or
assets of some or all of the foreign subsidiaries may be sold before the
consummation of the plan and the proceeds made available for the purposes
of the plan. The reorganization managers, who, it is proposed, will be
representatives of each of the committees which approve this plan, in their
discretion may also permit the assets or stock of any other of the companies owned to be disposed of and the net proceeds vested in the new
company. They may further omit from the assets or stock to be acquired
by the new company any assets or stock which they deem disadvantageous .
or unnecessary to the consummation of the plan.
This plan is based upon a minimum cash working capital to be available
to the new company of $1,000,000. There was about $1,350,000 cash on
hand in domestic companies on April 20: proceeds of sale of the English
subsidiary are estimated at $1,250,000: $97,000 is due to domestic companies from the sale of the International Combustion Tar & Chemical Co.
and subscriptions of pref. stockholders are put at $200,000 and of common
stockholders at $400,000, or a total of $3,297.000. Against this amount
would be charged $819,000 receivers' certificates, $400,000 estimated
receivership and reorganization expenses, and $393.000 due to creditors
of two domestic companies, or $1,612,000.
Of the $1.685,000 cash balance indicated by these figures, deductions
might result from the failure of stockholders to subscribe their total allotment of common stock in the new company and from the failure of bidders
for the English company to increase their present offer, which, on the basis
of sterling exchange on April 20, is equivalent to more than $1,200,000.
The creditors of International Combustion Engineering Corp. who might
become parties to the plan would receive upon its consummation bonds in
principal amount equal to 80% face amount of allowed claims; creditors of
the Combustion Engineering Corp. and Heine Boiler Co. would receive
35% and 50% in bonds, respectively.
It is proposed to submit to the court at the time this plan is offered
for approval an underwriting agreement which will embody the obligation
'
of the underwriters to subscribe at $2 a share for all common stock offered
to preferred stockholders under the plan which is not subscribed for by such
holders by the time the plan is declared operative.
George Ladd, President of United Engineering & Foundry Co.. has
agreed to become Chairman of the board of directors of the new company,
and the initial board would be designated by the reorganization managers.
E. W.Stetson, Chairman of the reorganization committee,
in'answer to an inquiry as to his opinion of the plan of theStuart Hedden committee, stated:
An examination of the Hedden plan dated April 21 discloses, in the
opinion of the reorganiz.ation committee, that it is not as favorable to
creditors or preferred stockholders as the plan of April 3 adopted by the
reorganization committee. Under the plan of the reorganization committee, preferred stockholders are offered first mortgage bonds equal in
principal amount to the cash supplied by them together with a substantial
interest in the equity of the new corporation, whereas the Hedden plan
gives to such stockholders, for the new money to be obtained from them,
common stocks, subject to all of the prior securities to be issued to creditors
and others.
The Hedden plan does not give any details about the management.
except that Mr.TLadd will be chairman of the board of directors. Under the
identified
reorganization committee's plan the management will be closelyinterest in
with that of the Superheater Co., which will have a substantial
the new corporation.
The Hedden plan does not name the underwriters and provides that
$100,000, need not be paid for approxione-half of the new money,
viz..
mately one year. The cash which will be left after the consummation of the
plan will not provide sufficient reserves to meet the undeubted operating
losses in the near future and leave the company with sufficient working
capital. The small amount of working capital furnishes inadequate protection to creditors asked to accept obligations of the new company for their
existing indebtedness.
Finally, the Hedden plan omits one of the most valuable properties,
namely, the British company,from the new organization. The plan of the
reorganization committee, on the other hand, retains such properties and
contemplates keeping the properties of the present corporation and its
subsidiaries intact with ample working capital to take care of existing
unusual conditions.-V. 136. p. 2621.
•
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1932.
1933.
1933.
1932.
$
AssetsLiabilities
$
a Prop. aceount__ 8,314,556 13,205,382 Common stock _13,291,285 13,319,285
664,467
Accts.& notes rec_ 269,650
377,263 Accounts payable.. 196,854
68,492
33,322
Inventories
2,155,083 3,553,848 Accrued accounts.
Govt.securities
2,324,152 3,207,934 Contingent res_ __ 534,130 1,736,762
404,168
Cash
61,983,904 4,028,696 Miscell. reserves__ 438,621
310,686
Investments
312,650 1,020,519 Accrued tax, &c... 251,649
169,791
102,273
Adv. to distrib _ _ 51,361
Deposits
1,490,263 8,846,541
LOMIS & adv. to ofSurplus
fice & employees 260,765
Res. for foreign ex21,449
Other notes receiv_ 607,037
change losses.
Accr. int. reo
31,979
42,825
Good-will, &c_
1
Deferred charges.48,707
,i83,725
'".International Paper & Power Co.-Bank Debt Reduced.
At the annual meeting held on April 26,President Archibald R. Graustein,
16,359,846 25,620,192
Total
16,359,846 25,520,192
Total
in presenting the financial report for 1932. which showed a net loss of $8,-V. 136. p•
a After depreciation. b Includes
in closed banks.
-073,711
757,728, declined to make any predictions for 1933. In answer to questions
1726.
ofseveral shareholders, he said that neither government officials nor business
bottom of the depression has been reached and
Improvement Bondholders Inc.-Organized to Act as leaders know whether the circumstances would be futile.'
that prophecy under such
One of the substantial accomplishments of 1932, he said, was a reduction
Agentfor Collection of Coupons ofMuniciptzl Bond Ce.'
in the bank debt of the company and its subsidiaries, dile in large part to
Formation of the above company for the purpose of acting as the agency
the refunding operations of New England Power Association, which during
for collection of coupons on bonds underlying the unguaranteed series of
the year marketed $18,000,000 in 20-year bonds of Connecticut River
Municipal Bond Co. certificates, has been announced. Municipal Bond
-year notes of North Boston Lighting
Power Co., and $9,000,000 in 5
Co. was recently removed as collection agent by the trustees.
to sell these
Properties. The ability of New England Power Association was a tribute
The now company, it is stated, already represents nearly $7,000,000 par
securities in the disturbed business conditions of 1932, he said,
value of certificates. Approximately $11,700,000 of certificates of the
-See also V. 136, p. 2805.
to the management of that company.
have been issued in 36
unguaranteed type are now outstanding. These
series, each governed by separate trust agreements which are all sub-New Pres., &c.
Inter-State Department Stores, Inc.
stantially identical.
At the annual meeting of the stockholders held on April 25 1933, the
To provide the new organization with necessary funds, all certificate
following were elected directors:
holders are being invited to subscribe to one share of the company's stock
Philip I. Carthage, Henry Gessner, John Stillman and Benjamin Volen
for each 3500 par value of certificates owned. Capitalization of the comof New York City; Christian E. Dahlgren of Springfield, Ohio: David
pany consists of 24,000 shares, each of $1 par value. No commissions.are
Leventhal of Utica, N. Y.; Albert Parker, of Blumberg & Parker, attorneys,
to be paid any one in connection with the subscription for shares.
New York City, and Paul M. Mazur, Will I. Levy and Harold J. Szold
Formation of Improvement Bondholders, Inc., was originally instigated
of Lehman Brothers, New York City.
by the holders of more than 25% of the outstanding certificates of pracare substantial holders
Immediately following this election the following officers were elected:
tically all the series. All directors of the organization
Henry Gessner (formerly Treasurer), as President, to succeed Leo G.
of certificates, and there are no representatives of investment dealers in
Federman; Will I. LevY, 1st Vice-President: John Stillman, 2d Vicethe organization.
L. P. Sims has been elected President of the company. H. L. WestPresident; Benjamin Volen, 3d Vice-President; Albert Parker, Secretary:
Philip I. Carthage, Treasurer: Frederick R. Cord, Assistant Secretary.
brook is Vice-President; Bruce P. Hall, Second Vice-President; F. B.
L.0. Hopkins, Assistant
The following directors were elected to membership on the executive
Sutton, Treasurer; Robert Barlow, Secretary, and
Secretary and Comptroller.
committee: Philip I. Carthage, Henry Gessner, Will I. Levy, John
In addition to Messrs. Sims, Westbrook, Sutton and Barlow, the board
Stillman, Harold J. &old and Benjamin Volen.-V. 136. p. 2022.
of directors includes Cyrus B. Lewis, Chester Wag, Calvin Green, N. P.
•
Moredyko and Sydnor Cornick.
Intertype Corp.-Earnings.
In a letter mailed to all certificate holders, it was stated that the direcFor income statement for 3 months ended March 31 see ",Earnings
tors have volunteered, serve the corporation withont salary or other reto
-V. 136. p. 2079.
Department" on a preceding page.
muneration, either as directors or officers.
-Receivership.
Independent Indemnity Co., Baltimore.
Judge H. Arthur Stump has signed an order in Circuit Court, Baltimore,
appointing Foster H. Fanseen. R. Lewis Bainder and Carl N.*Hansen
ancilliary receivers under a bond of $10,000 for the assets located in Maryland of the company, and the independent underwriters of International
Reinsurance Corp., successors to Independent Indemnity. The order
was signed upon a petition filed by Joseph Nauk and Foster H. Fanseen
who recently instituted receivership proceedings.
The petitioners stated that receivers had been appointed for the company
in San Francisco, and alleged that the Independent company had abndoned
its local offices in Baltimore.
Inland Steel Co.-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. p. 2263.
-Earnings.
International Business Machines Corp.
For income statement for quarter ended March 31,,see "Earnings Department" on a preceding page.
-V. 136, p. 2805.
International Combustion Engineering Corp.-Hedden Committee Proposes Rival Plan for Corporation-Stetson
Assails Project.
A rival plan of reorganization for the corporation, sponsored by Stuart
Haddon, Chairman of the Preferred Stockholders' Protective Committee,
was issued April 23. followed closely by a statement of E. W. Stetson,
Chairman of the Reorganization Committee, in which the Hedden plan is
criticized in detail.
The new plan provides for the organization of a new company with not
more than $2,175,000 of 6% convertible collateral trust or mortgage gold
bonds and 220,450 shares of $1 par common stock to be issued. This company is to acquire directly or indirectly the business and assets of the
International Combustion Engineering Corp. and its receivers.
-Earnings.
Island Creek Coal Co.
1930.
1929.
1931.
1932.
Calendar Years6,305,012
5,496,501
4,329,022
3,484,622
Net tons produced
$2,314,543 $3,575,376 $4,723,232
Earns, from operations_ $1,575,927
308,317
284,730
'300.007
249.121
Other income
$1,825,049 $2,614,551 $3,860,106 $5,031,549
Total earnings
335,988
332,711
277,515
224,731
Exps.,int. & sundry tax.
1,097,460
834,613
626,687
540,668
Deprec. & depletion......
290.000
400,000
190,000
125.000
Reserve for Fed. taxes- _
Net income
$934,650 $1,520,348 $2.402,782 $3,198,101
204,138
167,520
179,123
160,530
(6%)- - Preferred diva.
2.375.459
2.375.459
1,336,195. 2,226.993
Common dividends
$874,165
$151,799 sur$618,504
Deficit
$562,075
593.865
593.865
593,865
Com.shs. outs'g (par $1)
593,865
$2.28
$3.74
$5.04
$1.30
Earnings per share
For income statement for three months ended Dec. 31 see "Earnings
Department" on a preceding page.
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities-$
$
Assets$
$
27,321
26,558
x Property accts_..11,644,155 12,122,885 Preferred stock _ __
593,865
Cash
861,610 Common stock -- _ 593,865
950,810
Liberty bonds_
6,000,000 6,000,000 Paid-in surplus__ _11,249,833 11,316,185
167,129
874,433 Accts. pay., &c___ 135,171
Accts.& notes rec. 724,910
37,076
95,301
787,345 Accr. tax, pay., &c
Inventories
512,040
190,000
125,000
58,414 Federal taxes
54,117
Deferred charges_ 486,417
336,769
Dividends pay
295,584
296,501
Reserves
Profit & loss surpl_ 7.027,034 7,589,109
19,886,033 20,702,688
19,886,033 20,702,688
Total
Total
x After depreciation and depletion of $9,521,797 in 1932 and $8.989,435
in 1931.-V. 136, p. 2622.
2984
Financial Chronicle
Investment Trust of New York, Inc.
-Portfolio Changes.
Collateral Trustee Shares has sold American Tobacco Wand ParamountPubli c and purchased General Mills, Freeport Texas and Timken Roller
Bearing, President C. D. Parker announced. During the past six years
more than 40 similar changes have been made in the holdings of the trust,
which is of the unit type, with a primary investment unit and a reserve list.
The unique set-up of this trust permits revisions In the portfolio without
the necessity of new series, Mr. Parker stated.
-V. 135, P. 996.
Investors Syndicate.
-Sales of Ctfs. Hold Up.
-
Despite the National banking holiday Investors Syndicate issued 2,227
thrift certificates in the month of March, baying an average maturity
value of approximately $2,600, it was announced on April 24. Certificate
receipts, likewise held up. the total for the quarter ended March 31 being
$3,052,525 compared with $3,170,863 in the preceding three months and
$3,493,109 in the corresponding period of last year.
Investors Syndicate paid out $1,067,421 on maturing certificates during
these same three months, this being the largest for any quarter in the
company's history, comparing with $915.581 the previous quarter and
$967.661 a year ago.
The company is operating throughout the United States on a full
payment basis, there being no restriction of any kind on payments. cash
As an offset to the effects of the March banking hollday Investors Syndicate Paid out a'total of $383,479 in certificate maturities during the month.
There were 256 maturities represented in this total.
-V. 136, p. 2806.
Jones 8c Laughlin Steel Corp.
-25
-Cent Pref. Div.
.
A dividend of 25 cents per share has been declared on the 7% cum.
pref. stock, par $100, payable July 1 to holders of record June 13. A
similar plyment was paid on April 1 last, as against 75 cents per share
on Jan. 2 1933 and on Oct. 1 1932, $1 per share on July 11932 and $1.75
per share previously each quarter.
For income statement for 3 months ended March 31 see "Earnings
Department' on a preceding page.
-V. 136, P. 1727.
Keefer Realty Corp.
-Bondholders to Meet.-
•
Holders of the 634% 1st mtge. bonds have been notified that a meeting
will be held in Montreal. May 1. to pass on an extraordinary resolution or
resolution canceling interest on bonds due December 1932 to June 1937,
inclusive, and to have issued in their place 10 cumulative income
in amount equal to interest. Sinking fund provisions shall be coupons
Three representatives of bondholders shall be elected to form a waived.
of the board of directors until such time as income coupons aremajority
paid.
Kennecott Copper Corp.(& Subs.).-Bal. Sheet Dec. 31.
1932.
ASSelsCash
13,901,188
Market. secur _
839,050
Accounts receiv. 2,408,677
Metals
12,825,429
Ore & concent
1,431,829
Mater. & supp_ _ 4,684,977
a Invest. secure. 38,078,193
1nsur, res. fund_ 1,634,201
Stripping & mining developm't 11,575,793
Prepd. insurance
270,666
Misc. def. accts.
717,591
b Mining props.,
RR.eq.,&c_ _198,643,571
1931.
18,871,750
1,582,700
4,429,791
15,807,272
1,684,872
5,603,439
27,437,126
1,495,069
11,966,552
302,281
774,507
205,677,226
1932.
1931.
$
Accts. payable_ 1,703,807 2,028,432
Treatment refin.
& deliV. chits.
not due
707,455 1,017,109
Tax reserve_
717,563 1,356,594
Def. liab. & contingencies... _
2,700,709 7,465,516
ser.gold bcls. 2,001,000 2,238,000
Distriburn to be
paid Jan. 2_ _
1,174,396
c Stated capital_ 51,588,263 46,375,000
Capital surplus_ 111,787,537 106,572,470
Min. Int. In sub. 3,612,374 3,756,105
Earned sure. before deplet'n_112,192,457 123,628,965
Total
287,011,164 295,612,586
Total
•
287,011,164 295,612,586
a Partly owned, allied and affiliated companies. b Less depreciation of
$62,581,942 In 1932 and $59,038,986 in 1931. c Represented by 10,437,005
no par shares in 1932 and 9,394,658 in 1931:
Our usual comparative income statement for the year ended Dec.
31
1931 was published in V. 136. P. 2806.
To Acquire Property of Nevada Consolidated Copper Co.
-See
latter below.
-V.316, p. 2806.
Kew Gardens Terrace Apartments.Bondholders Purchase Property.
-
April 29 1933
ordinary items, after increasing the provision for bad debts and depreciation and after charging Federal income tax at 13X %, were as follows:
Pre-Prohibition Period.
Net Sales Net Earnings
Years Ended March 31- •
in Barrels. as Above.
1916
229,237
$133,521
1917
272,792
154,696
1918
254.643
113,006
1919
192.364
428,523
a1920
163,187
499.472
Period Nbseguent to Prohibition.
Net Earnings
Net Earnings
Years Endedas Above.
Years Endedas Above.
March 31 1921
$217,157 Dec. 31 1927
., _ _ 10s426,988
March 31 1922
60,857 Dec. 31 1928
36,701
April 30 1923
69,595 Dec. 31 1929
17,260
April 30 1924
91,520 Dec. 31 1930
loss20.884
April 30 1925
loss36,624 Dec. 31 1931
loss98.197
April 30 1926
loss105,498 Dec. 31 1932
loss104,759
bDec. 31 1926
loss42,767
a The National Prohibition Law became effective on Jan. 16 1920.
Therefore, earnings for the fiscal year ended March 31 1920 include approximately 234 months of cereal beverage operations. b Eight months
ended Dec. 31.
Pro Forma Balance Sheet Feb. 28 1933
Assets
Liabilities
Cash (incl. amt. to be
Accounts payable
637,813
paid in under agreem't $208,261 Real estate taxes payable
Notes & acconnts receivand accrued
7,121
able. less reserve
53.384 Returnable deposits- -- 7,401
Finished products, &c- 65.659 Customers' credit bal_
2,676
Barrels, cases & bottles_
199.978 Capital stock & initial
Fixed assets
1.536.400 surplus
2,019,915
Deferred charges
11,245
Total
$2.074.928
Total
$2,074,928
-Earnings.
Lambert Co.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136, p. 2806.
Lehigh Portland Cement Co.
-To Acquire Pref. Stock.
-
At a special meeting held on April 5 1933 the preferred stockholders
amended prior rights Of the stock to enable management to purchase or
redeem the stock whenever it believed that such a course would benefit the
company and not be to the disadvantage of its creditors.-V.136, p.2623.
Lehigh Valley Coal Corp.
-Earnings.
--
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 1385.
Lily-Tulip Cup Corp.-Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
Balance sheet as of March 31 shows total current assets of $1,345,513,
of which cash was $326,332, compared with current liabilities of $215,416,
a ratio of 6.25 to 1, as compared with 6.9 to 1 on Dec. 31 1932. During
the first quarter cash decreased $186.681 and receivables and inventory
increased $162,530. This is in line with the seasonable variation of the
company's business.
-V. 135, p. 3008.
Link Belt Co.-Earnings.
For income statement for month and three months ended March 31 see
"Earnings Department" on a preceding page.
-V. 136. p. 2254.
Loblaw Groceterias, Ltd.
-Earnings.
-
For income statement for 4 and 44 weeks ended April 1 see "Earnings
Department" on a preceding page.
-V. 136, p. 2435.
Long Bell Lumber Corp.-Earn' ings.--
For income statement for 3 months ended March 31 1933 see "Earnings
Department" on a preceding page.
-V. 136. p. 2080.
Loose-Wiles Biscuit Co -Earnings.For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V.'136, p. 2435
The New Gardens Terrace Apartments, the original sale of which last
November resulted in several court appearances, was resold at auction '"----NlacKinnon Steel Corp., Ltd.
'-Defers Dividend.
April 13 on the steps of the Jamaica Town Hall to a committee of bondThe directors have decided to defer the quarterly dividend duo May 1
holders for $238,000 above a trust mortgage of 6606,000.
on the 7% cum. cony. s. f. let pref. stock, par $100. A distribution of
The sale was originally brought about hy the foreclosure of a
8734 cents per share was made on this issue on Feb. 1 last, as against
held by the Empire Trust Co. last year. A foreclosure sale wasmortgage
-V. 136, p. 670.
$1.75 per share previously each quarter.
held
Nov. 30 1932, and a minority committee of bondholders, known as on
the
Commonwealth committee, were high bidders, with a bid of 8281.000.
Jenckes Co.
-Reorganization Plan.
This committee failed to meet certain requirements and were brought into
A plan of reorganization dated as of March 1 1933 has been proposed
court by the Hood committee, a majority bondholders committee who had
and submitted to creditors and stockholders by the reorganization combid $275,000 at the original sale. After several adjournments granted
Richards. Chairman, Henry F. Lippitt and
mittee consisting of Ralph S.
upon pleas by the Commonwealth committee that they were making arrangeMerton E. Ober. Charles A. Post, 15 Westminster St., Providence, R. I.
ments to meet the required conditions, Justice James C. Cropsey on March
Is Secretary and Rushmore, Bisbee & Stern, 20 Pine St., New York, N. Y.
31 found the Commonwealth committee in contempt of court for failure
and Edwards & Angell, 15 Westminister St., Providence. R.I., are counsel.
to carry out the sale and signed an order setting abide that sale and directing
The'depositary is Rhode Island Hospital Trust Co., 15 Westminster St.,
a new one.
-V. 136. P. 2254.
Providence., R. I.
Company is engaged, directly or through subsidiaries, in the business of
Kresge Department Stores, Inc.
-To Change Par.
manufacturing and selling tire fabric and cotton and rayon fabric and
The stockholders will vote May 16 on reducing the authorized pref. stock
yarns, and owns, directly or indirectly, various mills, warehouses, buildings,
from 250,000 shares to 40,000 share.and the common stock from 700,000
water rights and lands located in Rhode Island and North Carolina.
shares to 250,000 shares: also on changin3 the par value of the common
The Superior Court of Rhode Island Feb. 27 1931., appointed receivers
stock from no par to $1 per share.
-V. 136, p. 2435.
for the company. During the receivership the receivers have compromised
and discharged claims against the estate aggregating more than $2,000,000
(G.) Krueger Brewing Co. (Del.).
-Stock Sold.-Hall- by the payment of $352,250 and have fully paid and discharged small claims
garten & Co., Cassatt & Co. and Eisele, King &'Nugent and lien claims aggregating approximately $304,764. In addition the
have sold at $13 per share 35,000 shares of common stock receivers have made substantial additions, improvements and replacements
to the plants.
The operations of the receivers for the 22 months' period ended Dec. 31
(par $1). The stock is offered as a speculation.
1932, resulted in a net loss before depreciation of approximately $375,000.
The bankers' circular states: "A contract has been made with a comDuring that period extraordinary expenses of receivership and the cost of
pany representing the heirs of Gottfried Krueger for the purchase, from
carrying idle properties amounted to $148,939'and $249,861, respectively.
such company, of the shares now offered at $10.50 a share and for a six
The receivers have made some progress in dismantling
months' option from such company expiring Nov. 15 1933 on 63.000
razing idle
plants and in liquidating idle or unprofitable operations. and is thought,
It
additional shares at $10.50 a share. Dealers and distributors are being
however, that the interests of the creditors and the stockholders require
allowed a selling commission of $1 per share, and $1.50 a share is being rethat a reorganization be effected in order to avoid the extraordinary
tained to cover originating commission and expenses in respect of the
expenses usually incident to operation in receivership.
35,000 shares now offered.
Transfer agent, Commercial National Bank & Trust Co. of New York:
Digest of Plan of Reorganization.
Registrar, Bank of the Manhattan Co.
Obligations and Stocks of the Company.-The outstanding obligations and
Capitalizationstocks of the company are approximately as follows:
Authorized. Outstanding.
Common stock (par $1)
200.000 shs. 200,000 shs.
Unpaid balance of allowed claims of general creditors, including
The 200,000 shares of common stock enjoy pre-emptive rights In respect
interest to Feb. 27 1931
of any additional common stock, or any securities convertible into, or
Interest accrued thereon at 5% per annum from date of $2,318,522
warrants for, or options to purchase, common stock, which may hereafter
receivership to March 1 1933
231,852
be authorized and issued entirely for cash.
7% cumul. preferred stock, classes A and II ($100. par), on
Listing.-Company has agreed to' make application to list this stock
which dividends have accumulated since April 1 1929
109,862 shs.
on the New York Curb Exchange.
Common stock (no par)
240,000 shs.
Data from Letter of William C. Krueger, President, of Newark, N. J,
Liabilities and Expenses of the Receivers -The current liabilities of the
receivers and unpaid receivership expenses amounted to approximately
History and Business.
-Company has been formed in Delaware. to acquire
$300.000 at Dec. 31 1932.
in exchange for 200,000 shares of its stock. the plant and equipment and
.-A new corporation is to be organized
New Company
certain other assets (and to assume certain liabilities), relating to the
with
the name Manville Jonckes Corp. or such name.as thein Delaware shall
brewery business of Gottfried Krueger Brewing Co., (N. J.) and the adapprove. New corporation will acquire by judicial sale committee
ditional sum of $100.000. The business, founded 75 years ago by Mr.
or otherwise all
or such of the properties of the company as the committee shall determine.
Gottfried Krueger as a partnership, was incorporated under the laws
Capitalization.
-New corporation will have the following authorized
of New Jersey in 1889. Plant has capacity of producing over 350,000
Issue of notes and classes of stock:
barrels of beer per annum.
-year 5% notes dated March 1 1933
3
The property was originally constructed and equipped for the pro$3,500.000
1st preferred stock (no par)
duction of lager beer. During the period subsequent to prohibition and
80,000 she.
2nd preferred stock (no par)
prior to modification it was continuously used for the production of cereal
90,000 shs.
Common stock (no par)
beverages. The brewery is now engaged in the production and sale of
120,000 shs.
lager beer of an alcoholic content not in excess of 3.2% by weight.
Description of New Securities.
Earnings.-Deloitte.. Plender, Griffiths & Co. have certified that net
Notes -Dated March 1 1933, due March 1 1936, interest (commencing
sales in barrels for the five years ended March 31 1920 and net earnings
March 1 1934) at rate of 5% per annum payable Q.
-M. Red,
for the 17.4 year period from April 1 1915 to Dec. 31 1932, inclusive (for
pro rata, on any interest date at par and interest. Sinking all or part
the seven years ended March 31 1922 the brewery was operated as a branch
applied to the pro rata retirement of the notes, of 25% of the fund to be
annual net
of the United States Brewing Co.), after eliminating income and expenses
earnings of new corporation. Indenture
provide, among
arising from assets not relating to the brewery business and other extra- (1) that new corporation shall not declarewillpay any dividend other things,
or
or make any
Financial Chronicle
Volume 136
• distribution of capital in respect of any of its outstanding capital stock so
long as any of the notes are outstanding; (2) that 50% of all proceeds
realized by the new corporation upon the sale or exchange of any of its
fixed assets, not amounting to a dissolution, liquidation or winding up of
the new corporation, shall be paid or delivered to the trustee to be held by
It as security for or applied to the pro rata retirement of the outstanding
notes; and (3) that if the net working capital as shown by the quarterly
financial statements which the new corporation will agree to furnish the
trustee so long as the notes are outstanding, shall be less, as a result of
losses from operations, by $250,000 or more, than the amount of initial
net working capital of the new corporation, then the entire principal amount
• of the outstanding notes, together with accrued and unpaid interest thereon,
shall be declared by the trustee to be immediately due and payable upon
the request of the holders of 65% of the principal amount of notes then
outstanding.
•lat Preferred Stock —After notes shall have been retired holders of the
1st preferred stock shall be entitled to receive out of the assets available for
dividends, dividends at the rate of but not exceeding 60c. per share per
annum from the date of retirement of the notes, payable A. & 0. Such
dividends shall be cumulative (whether or not earned) from and after the
date of retirement of notes. Red. upon 30 days' notice at $10 per share
and dividends. Holders of 1st preferred stock shall, together with the
holders of 2nd pref. and common stock, possess full voting power for the
election of directors and for all other purposes. Except with prior consent
of the holders of 75% of 1st pref. stock outstanding, new corporation shall
not issue, incur, assume, guarantee or otherwise obligate itself for the
payment of any indebtedness, secured or unsecured or increase the authorized amount of 1st pref. stock, or authorize the creation and issue of any
new class of stock having preference or priority over or ranking on a parity
with the 1st pref. stock.
2nd Preferred Siock.—After the notes shall have been retired holders of
2nd pref. stock shall be entitled to receive out of any assets of new corporation available for dividends remaining after full cumulative dividends on
the Drat preferred stock shall have been paid or declared dividends at rate
of $3 per share per annum from the date of retirement of notes. Dividends
payable A. & O. After the 1st pref, stock shall have been fully retired,
the 2nd pref. stock shall be redeemable in whole at any time or in part pro
rata from time to time upon not less than 30 days' notice at $100 per share
and dividends. In the event of any total or partial liquidation, dissolution or winding up of the new corporation, or any reduction of its capital
stock resulting in any distribution of its assets to its stockholders, whether
voluntary or involuntary, the holders of second preferred stock shall be
entitled to receive out of the assets of the new corporation, whether from
capital or from earnings, available for distribution to its stockholders,
before any amount shall be paid or distributed to the holders of the common
Stock, an amount equal to 350 per share of second preferred stock plus dims.
Management—Voting Trust.—The board of directors of the new corporation shall in the first instance consist of seven members, and the holders of
preferred stock and (or) common stock who participate in the plan shall
be entitled to representation on the board. It is expected that the initial
board of directors will consist of four persons designated by the committee representing the bank creditors, two persons designated by the
committees representing the stockholders, and the president of the new
corporation.
• George R. Urquhart and Zenas W. Bliss, the primary receivers, will
become president and treasurer respectively to serve during the Pleasure
of the board of directors.
To assure to the holders of the notes continuity of the management of the
new corporation so long as the notes shall be outstanding and such abandonment or liquidation of its properties and business as shall be deemed necessary or advisable.'the first preferred stock, the 2nd pref. stock and the
common stock of the new corporation to be issued shall be deposited under
a voting trust agreement. There will be three voting trustees, two of whom,
and their successors, shall be designated by the committee representing
the bank creditors, and one of whom, and his successor, shall be designated
by the committees representing the stockholders.
Treatment of Creditors and Sto-kholders ef the Company.—The holders of
allowed claims against the company, and the holders of record of the
preferred stock, class A, and (or) preferred stock, class B and (or) common
stock of the company, who assent to the plan shall be entitled to receive
upon. consummation of the reorganization 3
-year 5% notes, voting trust
certificates for 1st pref. stock, 2nd pref. stock and (or) common stock at
the following rates:
(1) For each 41,000 of unpaid !affiance of allowed claims assigned, and in
adjustment of interest accrued thereon: $1,155 principal amount of
3
-year 5% notes and voting trust certificates for 20 shares of 1st pref. stock.
(2) For each 3 shares of preferred stock,. class A and (or) preferred
stock, class B,deposited, and in adjustment of arrears of dividends: Voting
trust certificates for 2 shares of 2nd pref. stock and 1 share of common
stock.
(3) For each 3 shares of common stock deposited: Voting trust certificate for 1 share of common stock.
Offer to Stockholders of the Company.—The holders of preferred stock of
the company will be offered the right, for each 20 shares of such stock held
to•subscribe on or before June 1 1933. for one unit consisting of $105 of
3
-year 5% notes, voting trust certificates for 2 shares of 1st pref. stock and
a voting trust certificate for one share of 2nd pref.stock, of the new corporation at $100 per unit.
Subject to allotment, the holders of common stock will also be offered
the right to subscribe on or before June 1 1933, for units at the rate of one
such unit at the price above mentioned for each 40 !Maros of common
stock held
If the units so offered are fully subscribed, the new corporation will
realize approximately $550,000 of additional working capital therefrom-V. 135. P. 141.
Marquette Apartment Hotel, Milwaukee.—Receiver
Asked.—
A receiver was asked in Circuit Court, Milwaukee, April 17 for the
Marquette Apartment Hotel, operated by Chain Investment Co.
In a complaint filed, defaults of more than $53,900 in principal and in
tercet on a $425.000 bond issue are alleged.
The bonds were issued by Chain Investment Co. May 10 1926, and $378,
000 are outstanding, according to the complaint.
Marshall Hotel, Fort Laurerdale, Fla.—Refund Ordered.
A refund of $108,870, together with $56,000 interest, has been ordered
paid to investors in the $350.000 bond issue partially floated by the Trust'
Co. of Florida in 1926 for construction of the unfinished Marshall Hotel
in Fort Lauderdale, according to a ruling of Judge Halstead L. Ritter of
of the Federal Court at Miami. The Court ordered that the Judgment
should be paid to the Federal receiver-trustees of the trust for pro-rata distribution to bondholders after deducting proportionate parts of the expenses
incurred by plaintiffs for themselves and other bondholders.
Mavis Bottling Co. of America.—Expansion.—
President James M. Elliott on April 24 announced that with some alterations to surplus equipment now under way, the company will be equipped
by about May 1 to bottle 5,000 cases of beer daily in their Long island
City plant, lie also stated that arrangementa have been made with local
breweries which should make available to the company for bottling, suffident beer to keep the machinery working day and night.
This progress toward meeting present day opportunities, he said, is in
addition to the contracts which have already been entered into with the
&blitz Brewing Co. of Milwaukee for the distribution of Schlitz beer
through the Mavis organization in New York, Philadelphia and Camden,
N. J.—V. 136, p. 2436.
Melville Shoe Corp.—Sales.—
.
Period End. April 15— 1933-4 Wks.
-1932.
-1932. 1935-16 Wks.
Salmi
11,945,178 82,013,562 $5,033,388 $6,168,440
—V. 136, p. 2436.
Pa.—Receivership.—
Mercer Tube & Mfg. Co.,
ND. M. Naismith and D. V. Sawhill Sharon,appointed receivers for the
have been
company, and its two subsidiaries, the Sharon Steel Products Co. and
McDowell & Co., in Federal Court at Pittsburgh. Receivership was
sought by Republic Steel Corp., Youngstown, and Sharon Steel Hoop Co.,
Sharon, Pa.. which had claims against the company of $37,082 and $3,741.
respectively.
- 1%44
tMerchants' National Properties, Inc.'—Reorganization
Plan.—
The protective committee for the 6% sinking fund gold bonds of 1958,
Robert L. Rooke, Chairman, announces that a plan has been adopted by
2985
the committee whereby holders of bonds who have not yet deposited the
same may become entitled to the benefits of the plan by depositing their
bonds with interest coupons maturing June 1 1933 and subsequently.
attached thereto, with the depositary, Bank of New York & Trust Co.,
48 Wall St., N. Y. City, on or before May 15 1933.
Any holder of a certificate of deposit for the 6% sinking fund gold bonds
who shall not within 15 days after April 10 file with the depositary a notice
In writing that he dissents from such plan, shall be conclusively deemed
to have assented to the plan.
The other members of the committee are George S. Armstrong and Frank
0. Roe. Ralph W. Williams, Sec., 40 Wall St. N. Y. City. Beekman,
Bogue & Clark, counsel, 15 Broad St., N. Y. City.
The protective committee in a letter dated April 8 to the
holders of the6% sinking fund gold bonds states in substance:
Over 41% of the outstanding bonds have been deposited with this committee. Under the indenture by which the bonds are secured, it is specifically provided that a default occurs and foreclosure may result in the event
that any of the underlying mortgages are not refinanced when due. This
contingency may become actual by reason of the fact that an underlying
mortgage for $338,000 on one of the properties matures on June 1 of this
year and to date it has been impossible to complete arrangements to provide for this maturity. This uncertainty is regarded as far more critical
from the viewpoint of the corporation's operations, and the position of its
bonds, than any reduction in anticipated income arising from the disaffirmance of the leases between the corporation and McLellan Stores Co.
The fact that underlying mortgages in the amount of $387,125 mature
this year and that such mortgages in the amount of $451,000 mature next
year, comprise the crucial issue in the corporation's affairs.note of $225.The committee ascertained that the outstanding unsecured
000 appearing on the balance sheet was originally held by a bank in New
York City. Payment of this note was demanded by the bank eagly in
1932, and Merrill, Lynch & Co. who had endorsed the note, arranged
for a corporation, controlled by them, to provide the funds to pay the bank.
This latter corporation now holds the note, monthly interest due and accrued on which note is in arrears since Jan. I 1933. Merrill, Lynch & Co.
have agreed to cause this note to be tendered to the corporation for a new,
note, which if received is to be offered for deposit under the plan.
This committee was also advised that Merrill, Lynch & Co.and associated
interests hold $439,000 bonds which have already been deposited. There
are also $22,000 of such bonds held in trusts or family holdings of Merrill.
Lynch & Co. interests, which may be expected to be deposited. 147.500
shares, which constitute approximately 78%, of the outstanding common
stock of the corporation are owned by partners of Merrill. Lynch & Co.
and their associates. The committee was also advised that from time
to time Merrill, Lynch & Co., in order to protect properties of Merchants'
National Properties, Inc. subsidiaries, advanced funds for which they
'
received obligations secured directly or indirectly by first and (or) second
mortgages of the corporation's subsidiaries.
Digest of the Plan of Reorganization.
This plan was devised primarify to afford a present and continuing medium
for effective and concerted action by the bondholders, without requiring
a readjustment of the corporation's capital structure at the present time.
At the same time the plan does set up a structure through which the bondholders' interests may be taken care of and a readjustment. made if the
exigencies of the underlying mortgage situation result later in foreclosure
or compulsory reorganization of the corporation or its affairs.
New Company.—The plan contemplates the formation of a new corporation. It is proposed that the bondholders who assent to the plan, when
the plan is declared operative, shall transfer their bonds to the new corporation, and the new corporation shall issue in exchange for each 11.000 principal amount of such bonds, a registered debenture of the new corporation
of $1,000 principal amount, together with 20 shares without par value
of the common stock of the new corporation.
The partners of Merrill, Lynch Ss Co. and their associates, on the condition that on or before May 15 1933(or such later date as may be agreed
upon by Merrill, Lynch & Co. and the committee) the plan will be declared
operative and not less than 76% of the outstanding bonds of the corporation
will be on deposit with this committee for exchange for the debentures and
common stock of the new corporation, have agreed to cause the transfer
to the new corporation of (a) a note of the corporation in the amount of
$225,000 (if the corporation will issue the same in exchange for the outstanding note for $225,000) in exchange for 2,250 shares of preferred stock
of the new corporation; and (b) 147,500 shares of the corporation's outstanding common stock, or approximately 78% thereof, in exchange for
29,500 shares of the common stock of the new corporation.
All other holders of common stock of Merchants' National Properties,
Inc., who may elect to deposit such stock under the plan will likewise receive
one share of the common stock of the new corporation for each five shares
of stock of Merchants' National Properties, Inc., sa deposited.
Exchange of Securities.—On the assumption that all of the outstandng
bonds and all of the outstanding shares of rommon stock of Merchants'
National Properties, Inc., are deposited with this committee and exchanged
for the securities of the new corporation in accordance with the plan, the
capitalization of the new corporation with the proportions thereof distributed
to each class of security holder. will Le as follows:
Will Receive
Existing Securities— Outstanding. New Dohs. Pref. Stock. Coin. Stock.
42. 630 shs.
12,131.500 $2,131,500
6% bonds
2,250 shs.
$225,000
. Notes
37.500 shs.
187,500 shs.
Common stock
As may be seen this plan, on the above assumption, would result in the
present bondholders receiving debentures in the face amcunt of the present
bonds and 53% of the equity of the new corporation.
Provision for Debentures.—Interest payable up to an aggregate of 6%
In any one year to the extent of the net cash income remaining after all
usual income charges and all current cash requirements of the new corporation and after any cash advances to Merchants' National Properties. Inc..
and (or) it4 subsidiaries and after setting aside such reserves to meet future
or accruing cash requirements of the new corporation and (or) for use in
making loam to Merchants' National Properties, Inc.. and (or) its sub
sidiaries for the future or accruing cash requirements of Merchants' National
Properties, Inc. and (or) its subsidiaries,as directors of new corporation,
advisable..
may deem
Interest on the debentures shall not accumulate
during period ending July 1 1938, but from and after July 1 1938 interest
shall accumulate on debentures at the rate of 6% per annum. No dividends shall be payable on the pref. stack prior to Jan. 1 1939, unless interest has been paid on the debentures at the rate of 6% per annum from
July 1 1933 to the date of payment of such dividend. Failure to pay such
cumulative interest on the debentures shall not constitute a default under
the indenture, but no dividends may be paid on any class of stock until all
past accumulated and unpaid instalments of interest shall have been paid.
Debentures will be red, at same redemption price as exists from time to
time on existing bonds of Merchants' National Properties, Inc. plus unpaid interest accumulated from July 1 1938 to the date of redemption.
Indenture will provide that until the new corporation's funded debt has been
reduced to an amount not exceeding 50% of the aggregate principal amount
at any time theretofore issued (1) no shares of pref. stock or of common
stock shall be redeemed, retired or purchased by the new corporation,
(2) no dividend or other distribution shall be made upon the common stock,
and (3) the amount of capital allocated to common stock shall not be reduced. The amount of debentures to be issued will be limited to an aggregate equal to the principal amount of bands of Merchants' National Properties. Inc., acquired by the new corporation.
Preferred Stock.—Preferred stock shall be entitled to receive $7 per share
per annum before any dividends shall be paid on the common stock. For
the period ending July 1 1938 dividends shall not be cumulative, but from
and after July 1 1938 dividends on the pref. stock shall be cumulative at
the rate of $7 per share per annum. No dividend shall be paid on the
common stock prior to Jan. 1 1939. No dividend shall be payable and
no distribution shall be made on the common stock until all previously
accumulated dividends on the pref. stock and a dividend of $7 for the then
current calendar year shall have been declared and set aside or paid on
the preferred stock, and no shares of common stock shall be redeemed,
retired or purchased by the new corpora lion nor shall the amount of capital
allocated to common stock be reduced so long as any preferred stock is
outstanding. Preferred stock redeems ble at and shall be preferred over the
common stock to the extent of $100 per share and dividends, and shall be
entitled to the benefit of a retirement fund equivalent to the aggregate
amount of dividends or other cash distribution made upon the common
stock, effective only after the funded debt of the new corporation has been
reduced to an amount not exceeding 50% of the aggregate amount of
debentures at any time theretofore issued. Preferred stock shall be nonvoting.—V. 134. p. 2612. '
Financial Chronicle
2986
Michigan-Grand
Bldg.
Corp., Chicago.
-Plans
to
Reorganize.-
April 29 1933
Murray Corp. of America.
-Annual Report.
Our usual comparative income statement for the year ended Dec. 31 1932
was published in V. 136, p. 2808.
Consolidated Surplus Dec. 31 1932.
-Surplus, Jan, 1 1932. $685,051;
capital surplus arising from change from no par shares to shares of $10
par value as approved by stockholders on July 11 1932, $15,109,147;
discount earned on acquisition of preferred stock of the J. W. Murray
Manufacturing Co., $500; total, $15,794,698; deductions-reduction in
book value of land, buildings, equipment and good will as determined by
the Board of Directors, $9,079,308; loss from operations for the year ended
Dec. 31 1932. $1,896,587; capital surplus, Dec. 31 1932. $4,818,803;
represented by capital surplus. $6,030,330; less profit and, loss deficit
charged to capital surplus account in accordance with resolution of the
Board of Directors, $1,211.535.
Consolidated Balance Sheet Dec. 31.
1031.
1932.
1932,
1931.
Assets$
Liabilities$
• $
$
10,098,564 19,868,906 Common stock- - _y7.658,890 x22745,127
Fixed assets
295,851 Pref stock of subs 195,900
Pats. & good-will1
203,900
354,575 Funded debt
194,575
Other assets
2,250,000 2,500,000.
303,763 Purchase money
Prep. exp.& misc. 296,477
Dies& patterns beobligations
423,697
566,952
898,767 1,448,051 Iles. for conting
ing &mortis
543,784
558,501
2,964,686 3,357,967 Accounts payable- 532,106
Cash
830,737
633,770 Accruals
Accts. receivable_ 731,427
48,955
42.002
1,847,862 Profit & loss sur1,287,438
Inventories
21,516
Dies & patternsplus
685,052
Capital surplus_
4,818,803
Plans for a friendly reorganization of the corporation, in order to avoid
costly contested foreclosure and receivership, have been announced by the
bondholders' protective committee. Newton P. Frye, senior vice-president
of the Central Republic Co., is chairman of the committee.
It is stated that the corporation has been depositing part of its accumulated cash funds and its current earnings with the trustee to meet tax
obligations. The total on deposit is now $33,264. It is pointed out that
fees of a receiver and his counsel would come in ahead of taxes in case of a
• receivership and during a contested foreclosure suit it probably would be
Impossible to secure a loan to take care of the taxes.
The property in question is the 17-story McGraw-Hill Building, at the
southwest corner of Michigan and Grand, Chicago. It was financed by
a 31.500.000 (list mortgage leasehold bond issue underwritten by the
Federal Securities Corp. and Hill, Joiner & Co.
Under the reorganization plan just made public the bondholders will
receive new 5% income bonds for their present holdings. Three-quarters
of the surplus earnings of the corporation will be used for current interest,
back interest and then if there is any remainder, it will be paid over into
a sinking fund for the retirement of bonds. • The remaining one-fourth
of the surplus earnings also will be applied to'this same sinking fund.
The plan provides that a sufficient amount of stock in the proposed new
corporation to enable the bondholders to retain control shall be deposited
under a stock trust agreement, with four trustees, two of whom will represent the bondholders and two the stockholders.
The other members of the committee are: Cuthbert C. Adonis and James
B. Van Vleck. Curtis B. Woolfolk is secretary. Pam & Hurd are attorneys -V. 126, p. 3939.
16,472,135 28,132,271
Total
Total
16,472,135 28,132,271
-ReceiverMid-Continent Finance Corp., St. Louis.
x Represented by 763.607 no par shares. y Represented by shares of
ship'Ended.-V. 136. p. 2808.
$i0 par value.
TJie receivership of the corporation, of nine
duration, ended
'
-Receivership
April8 on order o Circuit Judge Calhoun.
---- •-Nantasket Beach Steamboat Co.
.-V.13 p. 1386.
• William L. Hitchcock of Dedham. Mass.,and George Endicott of Worces-- -" --Jilinneapolis-Honeywell Regulator Co. No Action on
ter, Mass.. have been appointed receivers for the company by Judge Stanley
• Common Dividend.-V. 135, I). 3335.
E. Qua of the Superior Court of Mass.
The directors on April 24 decided to,defer action on the quarterly dividend
National Acme Co.-Earnings.
ordinarily payable about May 15 on the common stock, no par value.
A dividend of 25 cents per share was paid on Feb. 15 last and on Nov. 15
For income•statement for quarters ended March 31 see "Earnings De-V. 136, p. 2624.
partment" on a preceding page.
1932, compared with 50 cents per share on Aug. 15 1932 and 75 cents
per share on Feb. 15 and May 14 1932.
-Smaller Pref. Dividend.
---National Casket Co., Inc.
Earnings.per share has been declared on the common
A semi-annual dividend of
. For income statement for 3 months ended March 31 see "Earnings stock, no pan value, payable$1 15 to holders of record April 29. This
May
Department" on a preceding page.
compares with $1.50 per share paid on May 14 and Nov. 15 1932 and $2
Current assets as of March 31 1933 were $3,407,564, including cash and
per share paid in May and November 1929, 1930 and 1931.-V. 135. p.4044.
marketable securities of $1,687,996. as compared with current liabilities
of $101,995. The directors have deferred action on the quarterly dividend
National Republic Bancorporation.
-Receiver Named.
due May 15.-V. 136, p. 2081.
Judge William J. Lindsay in Superior Court at Chicago April 15 appointed
Logan L. Mullins,receiver for the corporation on a petition filed by a holder
Moira, Ltd., Halifax, N. S.
-Reorganization Plan. Apoffive shares ofstock who alleged in his bill that the company is "hopelessly
proved.and irretrievably insolvent.'
The bill recited that the Bancorporation owes the receivers of eight
Reorganization plans looking toward the continued operation of the comdefunct banks in which it invested funds a total of $2,000,000 and is unable
pany, were approved at a special general meeting of the company April 19.
to pay current obligations of $200,000. The corporation was incorporated
Reduction in the principal amount of bonds outstanding by 50%, as
for $20,000.000 and'has acted as a holding company for banks.
decided at an earlier meeting, was followed April 19 by a derision to convert 9,750 unissued capital shares of a par value of $100 into 6% cumulative
preference shares of the same par value,to be turned over to the bondholders.\....,Nauheim Pharmacies, Inc. Bankrupt.
The company, which operates a chain of drug stores in Manhattan and
Holders of the new preference shares will be the only company shareBrooklyn, N. Y. City, and has offices at 460 West 31th St., filed a volunholders with power to vote until July 1 1935, and so long after that date
tary petition in bankruptcy April 8 in U. S. District Court. Liabilities
as there may be arrears in bond interest payments.
were listed at $275,347 and assets at $57.233 plus inventory values of
The stockholders also decided to suspend dividend payments on common
shares until preference shares of a par value of at least $500,000 have
$247,712. A chattel mortgage against furnishings were given to secure
landlords of various stores occupied by the corporation. Philip F. Cohen
been redeemed.
-V. 135, p. 143.
At the meeting. President 0. E. Smith announced his retirement. The
is President.
personnel of the new directorate elected at the meeting is as follows: Frank
Nevada Consolidated Copper Co.
L. Lewis, Truro; J. C. MacKeen, W. B. Proctor, C. J. Burchell, K.C.
-Proposed Acqui4iHalifax, and David E. North, Hantsport, N. S.
-V:136. p. 1730, 1386:
tron by Kennecott Copper Corp.
At a meeting of the board of directors held on April 28 an offer of the
-------.Monsanto Chemical Works, St. Louis. Acguires ConKennecott Copper Corp. to acquire Ali,of the property of the Nevada
trolling Interest in Swann Corp.company was accepted, subject to the approval and consent of the stockEdgar M. Queeny, President of Monsanto Chemical Works, on April 20
holders of the Nevada company at a meeting to be held on June 1 1933.
announced that his company had acquired a controlling equity in the
The offer is on the basis of one share of Kennecott for each two shares
majority of the voting stock of the Swann Corp. of Birmingham.
of Nevada. Kennecott already owns in excess of 87% of Nevada's shares.
The Swann Corporation's gross assets total approximately $5,000,000.
-V. 136, p. 2624.
Through its subsidiaries, the Provident Chemical Co. of St. Louis. the
Awann Chemical Co. of Birmingham, and Wilckes, Martin, Wilckes Co.
New Jersey Zinc Co.-Sells Ringmaster Patents.
of Camden, N. J., it owns and operates plants located in St. Louis (Mo.),
-V. 136, P. 2256.
See Tubize Chatillon Corp. below.
Anniston (Ala.) and Camden (N. J.). The business of the Swann company
is based largely on the electrochemical production of phosphoric acid and
Newmont Mining Corp. Balance Sheet Dec. 31.phosphoric acid derivatives. It also manufactures lamp black, calcium
1931.
1932.
1931.
1932.
carbide, ferro manganese, and abrasives. The phosphoric acid derivatives
$
Assets$
•
include tri sodium phosphate and di sodium phosphate-detergents used
Stocks owned. _1339,405,566 a40713.438 Common stock- -- 5,316,460 5,316,460
largely in the silk, soap and other industries; mono calcium and other
Miscell. stocks__ 3,444,991 3,445,738 Accounts payable_
325,837
12,478
calcium ammonium salts of phosphoric acid, used in the flour milling,
Loans pay.(secur.) 1,000,000 1,000,000
of domestic
baking powder, tooth paste and other similar industries. Di phenyl, a • Bonds(at cost),-- 562,341
481,299 Tax reserve, drc_75,000
co's
75,000
heat transfer medium, and chlorinated di phenyls are new products, but
Capital surplus_ 4,321,757 4,321,757
Bonds-not listed
ate finding a rapidly expanding market in the electrical and rayon
1,180,117 1,180,117 Earned surplus.- -34,510,966 35,166.301.
(at cost)
industries.
262,929 •
609,402
Cash
The company also owns two water power sites on the NolIchucky and
121,833
34,243
Other assets
Hiwassee Rivers in the Tennessee Valley, which are within the territory
encompassed by Roosevelt's ambitious reclamation and power development
45,236,661 46,205,354
Total
Total
45,236,661 46,205,354
project.
a Stocks of listed dividend paying corporations at cost, 314,811.385
The Swann Corp. was founded in 1917 by Theodore Swann,its President,
(market value Dec. 31'1931. 34.967,535); stocks of listed non-dividend
who will remain with the company.
paying corporations at cost. $25.902,053 (market value Dec. 31 1931,
This most recent addition to Monsanto's activities f llows its acquisition
$5,286,182). b Stocks of listed corporations at cost, market value Dec. 31
in 1928 of the complete ownership of its British subsidiary, now known as
1932, 39,221,707
Monsanto Chemical Works, Ltd., and in 1929 its acquisition of Rubber
Our usual comparative income statement for the year ended Dec.31 1931
Service Laboratories. Commonwealth Chemical Co. and the Merrimac
was published in V. 136, p. 2625.
Chemical Co.
Mr. Queeny said,"We were prompted to this acquisition after a very
Newport Industries, Inc. Earnings.
careful investigation of the electrolytic processes used by the Swann Corp.,
and I believe that the possibilities for the profitable expansion in the phosFor income statement for 3 months ended March 31 see "Earnings
g mege.
pa sta
Department"
phat and fertilizer fields of these processes are very great. It gives Mone
tement for the year ended Dec.311932
us
usual comparative income
m
santo a place in the large and expanding phesphate industry and an allied
was published in V. 136, p. 2082.
source of supply of phosphorous and phosphoric acid for use in our own
manufacture and developments."
Consolidated Balance Sheet Dec. 31.
.
The Swarm Corp.'s capitalization consists of 508.839 no par value shares.
1932.
AssetsLiabilities-1931.
Of this amount,300,000 are class 13 voting stock and 208,839 class A non1931,899 Accounts payable_ $1191322,955
3101,873 $111
Cash
voting. There is also outstanding $755,700 6% pref. stock of the Swann
Accrued liabilities_
a Marketable secs., 2 .
812451,269471
Corp. s subsidiaries.
81 766 1,000,477 Prov. for inc.
at cost
tax
.1
The acquisition was made for cash, the amount being undisclosed. Hownab. of predecesTrade accts., less
ever, Mr. Queeny said that the Monsanto company assumed no liabilities
191,229 sor company__
193,212
reserve
166,571
in the transaction.
-V. 136, p. 2808.
54,662 Notes payable...
ligatpayaib
35,877
ion n
Misc, accts. rec'ble
ni
10,580
591,981 Porch, money ob733,324
Inventories
Meter Gauge & Equipment Corp.
-Reduction of
b Land, bldgs. &
2,101,499 2,198,628
Capitalization Ratified.nui innwith
machinery
qist o o
ectio
16,035
20,572
The stockholders on April 26 approved the following proposals: ' To
Pat.& trade-marks
prof.
(1)
769.746 & corn, stock of
reduce the capital of the corporation in the sum of $3,68l.577 (from $4.196.Inv.,&c.(at cost). 554,444
SOY,,
59.281 Re8 rsldia_rY
88.309
subve,T
e
Deferred charges
077 to 3512,500), said reduction to be effected by reducing the amount of
236,000
254,500
capital represented by 512,500 shares of common stock having no par value
axes_c 569,032
674,958
from $4,196,077 to $512,500;(2) to transfer the amount of the capital so to
Contingencies _ _
54,753
100,472
be reduced, viz. $3.683,577,from capital account to capital surplus account;
Miscellaneous _ _
13,101.
8,496
Cap.stock (par 51) 519,347
(3) to charge the deficit of the corporation in the amount of $2,313,562
519,347
Surplus (paid-in). 3,222,158 3,326,164
against the capital surplus account; (4) to change the common stock without
Deficit
par value into common stock of $1 par value.
627,090
123,707
The total number of shares of stock which the corporation shall have
$4
.110 816 $4,993,739
.
Total
authority to issue is 3750.000, all of which shall be shares of common stock
Total
84,110,816 34,993,739
of the par %eine of $1 each.
a 3,000.38 shares E. I. du Pont de Nemours & Co. 6% non-voting deb.
•
Holders of certificates for shares of common stock without par value are
b After depreciation of $1,217,559
stock in 1932 and 10,660.76 in 1931
to receive in exchange certificates for a like number of shares of common
in 1932 and $1,071,265 in 1931. c A contingent liability for income and
stock of the par value o $1 each.
-V. 136, p. 2808.
profits taxes of predecessor companies for the year 1917 and subsequent
thereto is, in the opinion of counsel, amply cared for by the above reserve.
Municipal Bond Co., Los Angeles.
-Removed as Agency
-V. 136. p. 2082.
Arears'
•
•
-Successor Company Organized.for Collection of Coupons
See Improvement Bondholders, Inc.
Munsingwear, Inc.
-To Change Par Value.-
New York Dock Co.-Earnings.-For income statement for quarters ended March
-V. 136, p. 2625.
partment" on a preceding page.
he stockholders will vote May 2 on changing the par value of the common stock form no par to $10 per share, each present share to be ex-V. 136.-p 2808.
changeable for one new share.
New York Shipbuilding Corp. Earnings.
For income statement for 3 months ended March 31 see "Earnings De
-V. 136, p. 1731.
partment" on a preceding page.
31 see "Earnings
De-
Volume 136
Financial Chronicle
-Plan
\North American Aviation, Inc. plan of Ratified. ion, dated
reorganizat
the
2987
in net earnings
values or demand for space should be substantially reflected
applicable to the general mortgage bonds.
-Ed.
ion plan of Dodge Building, see V. 135. p. 133.
[For reorganizat
The stockholders on April 26 approved
April 4 1933, as outlined in V. 136, P. 2438.
Parmelee Transportation Co.(& Subs.).-Earnings.
interest in North
1929.
1930
1931.
The acquisition by the General Aviation Corp. of a 43%
1932.
Calendar YearsInc. makes the General Motors Corp. an important
2 $21,806,923 $13,283,283
American Aviation,
$9,279.232 $18,105,27
Operating revenue
er and as an air
11,921,885
factor in the aviation industry, both as a manufactur
Oper. and other expenses 9,042,401 16.093,367 21,417.521
Aviation stock, it
2,718,584
transport operator, through its ownership of Gtmeral
1,424.628
Deprec. and amort
Is announced.
controlling interest in the
$389,402 $1.361,398
The General Motors Corp. now becomes the
Net oper. revenue_ _loss$1,187.797 loss$706,679
353.165
218.545
156,876
following aviation manufacturing and transport companies:n has been the
187,017
Other income
-This corporatio
General Aviation Manufacturing Corp.
$607,947 $1,714.563
780 loss$549,804
loss$1,000.
Corp. The Fokker Aircraft
Total income
operating subsidiary of the General Aviation was formed in 1927 and the
• 331.720
608,344
616.151
358,325
'Interest, &c
Corp. of America, its predecessor company,
company in 1929.
Loss on sale ofsec,owned
General Motors Corp. obtained a large interest in the
ely 50% of
906,318
-offas valueless
or writ.
the present time the General Motors Corp. owns approximat
At
General AviaLoss on account of disthe outstanding stock of the General Aviation Corp. The
488.115
continued oper. of cos.
tion Manufacturing Corp. manufactures aircraft for commercial transport
Loss on sale of realty
as for the U. S. Government. It is now producing a
Operators, as well
14.716
transport plane which
by subsidiary..
owned
single-motored all-metal low wing ten passenger also developing a tri33,216
Loss on unoccupied prop.
has a cruising speed of 180 miles per hour. It is Trans-continental and
77.435
37.625
Federal taxes
plane for
43,009
motored 12 to 18 passenger transport
Md.
Minority interest
Western Air, Inc. Its main office and plant is located at Baltimore,
Special reserve approp. •
-This corporation manufactures military aircraft
The BIJ Aircraft Corp.
2.000,000
for contingency
for the U. S. Army and Navy. This company was formed in 1929 and
$38,021 pf$1262.400
$2,801,471 $3,165,954
Net loss
has a plant in Baltimore, Md.
54,016
45,000
Corp. does the major part of its business with the
The BIJ Aircraft
Preferred dividends
245.816
381.418
as an aircraft producer
Navy and it is proposed to continue this company
Common dividends_
8464,440 sur$962.568
on special orders from the U. S. Government. It now has substantial
$2,801,471 $3,165,954
Deficit
orders on hand from the Government.
-Consolidated deficit balance,
Deficit Account Year Ended Dec. 31 1b32.
-This company, which was formerly Pitcairn
on of deficits existEastern Air Transport, Inc.
as reported Jan. 1 1932. $2,794,460; deduct-eliminati
was organized in 1928. It carries passengers, mail and
g
;
Aviation, Inc.
n and also Atlanta. It
ing at Dec. 31 1931 on discontinued companies. aggregatin ' $1,274,666
express from New York to Miami via Washingto operated as pasenger
consolidated deficit, after eliminations.
less-surplus accounts of, $24,023;
ts
recently acquired the Ludington Airlines, which
-net adjustment of reserves in excess of requiremen
$1.543,817; deduct
n.
balance, Jan. 1 1932.
service from New York to Washingto
in 1926.
continuing companies, $117,838; adjusted Fleficit
Western Air Express Corp.-This corporation was organized and Los
1932, $2,801.470; deficit balance.
Diego
$1,425,978; add-net loss for year ion for-minority interest in deficit
It operates mail, passenger and express service from Sanand to Amarillo
Dec. 31 1932, $4.227,449; less-provis Corp., New York, $185,092; net
to El Paso
Angeles to Salt Lake City and from Cheyenne
in
account, stockholders. Yellow Taxi
via Denver and Pueblo. The company also holds a 47%% interest
.
consolidated deficit, per balance sheet. $4,042,356
Transcontinental & Western Air, Inc.
Dec. 31 1932.-(a)
in 1928. Originally
'Paid in and Capital Surplus Accounts Yeard Ended
-Organized
Transcontinental Air Transport, Inc.
1932 consolidate balance, per balance sheet,
Angeles
Paid in surplus account Jan. 1
-paid
operated a transcontinental air-rail service from New York to Losacquired
discontinued companies
Pennsylvania RR. It
$5,072,981; less-elimination on account of d balance, after elimination of
and San Francisco in conjunction with the
.
over its operating
in surplus, $44,444 Jan. 1 1932 consolidate
Maddux Air Lines in 1929. The company turned 1930 and became a
less-proportion applicable to total
discontinued companies, $5,028,537;
properties to Transcontinental & Western Air, Inc. In
$345,410; total amount set
Western Air.
amount set up at acquisition of securities sold,
holding company with a 47;i% interest in Transcontinental &
balance. $33,854,007.
up at acquisition of discontinued companies,$829,120; balance, per balance
-This company was formed in the
Transcontinental & Western Air, Inc.
d
route the
(b) Capital surplus account Jan. 1 1932 consolidate owned by subsidiary.
latter part of 1930 to take over as a single transcontinental
nental
less-write-off due to sale of realty
sheet. $226,701;
lines previously o;perated by Western Air Express and Transconti
carries passen3226,701
Air Transport. Transcontinental & Western Air. Inc. now
Consolidated Balance Sheet Dec. 31.
Coast,operating
gers, mall and express over the shortest route from Coast to from New York
1931.
1932.
1931.
1932.
from New York to Los Angeles and San Francisco. and
Liabilities
$
$
Assetsto Chicago.
z Common stock__ 4,682,328 4,682,328
American Aviation,
Realty,leasehold &
Interest in Douglas Aircraft Co., Inc. Owned by North
297,135
138,126
Inc. holds
3,359,228 6,001,715 Minority interest_ 237,750
equipment
-In addition to these interests, North American Aviation, es comInc.
Mortgages Payable
Franchises, contr.,
a 25% interest in Douglas Aircraft Co., Inc., which manufactur
3,05.5,000 3.125,000
debt
Calif.
3,574,258 3,835,764 Funded
leases, &c
itiercial and military aircraft in its plant at Santa Monica,
229,135
220,653
on of the
Securities owned 2,803,167 4,209,696 Accounts payable_
The consummation of the foregoing plan effects a consolidati
52,000
34,500
•
combining the
Cash & securities_ 2,022,036 1,890,454 Bank loans
various interests in Transcontinental and Western Air by Air Transport.
255,150
633,551 Notes payable_ _ _ _ 225,418
Deferred accts. rec.
in Western Air Express and in Transcontinentaltransport routes
holdings
300,042
354,110 Accruals & mlscell. 177,260
provide air
202,059
Cash
Together with Eastern Air Transport, this will
Miami where
306,698 Equip. notes and
79,729
Accts. & notes rec.
from coast to coast, and from New York to Atlanta and
America
sects. payable 2,321,785 2,957,147
168,591
74,421
Inventories
connections are made with lines operating to South and Central
216,139 Equip, trust cert,
• Deposited
and the West Indies.
383,350
82,516
and mtge.pay
79,810
13,119
Interest & divs.rec
1,366,489
• Listing of Capital Stock, $1 Par Value (Voting). of 2,118,959 Deferred charges_ 225,458 583.480 Reserve surplus 3,854,0081 3,467,417
in
authorized the listing
Paid
The New York Stock Exchange has
issuance in sub4.042,357 J y2,531.306
Earned deficit
shares of capital stock (par $1) upon official notice of
$5) now outstitution for a like number of shares of capital stock (parof corporatiOn
treasury
12,353.476 18,280,009
Total
12,353.476 18,280,009
standing;(169,848 of such shares shall be issued into which the corporation
Total
each
in surplus,
in exchange for shares of the par value of $5 additional shares of capital
z Represented by 721,905 no par shares. y As follows: Paid ; balance
will then own) and not more than 1,452,523
$5,072,982; capital surplus, $226,701; earned deficit, $2,768,372
shares, without
2,000
stock upon official notice of issuance in exchange for Manufacturing Corp.
6.-V. 136, v. 2257.
surplus as above, 32,531.30
par value of the capital stock ofriffeneral Aviation
of that cor(constituting all of the issued arid then outstanding shares
'"Paterson (N. J.) Brewing Co.-Re.;apitalization.- public
.-V. 136, p. 2438.
poration)
Plans for recapitalization of the company to permtt of a limited
participation in its business are announced by Andrew Graham. Secretary,
-Omits Dividend.
Ohio State Life Insurance Co.
Executive Committee. Company was incorporated last year in Delaware
dividend ordinarily
of beer and ale.
The directors have taken no action on the quarterly t restrictions. An
and acquired the Burton Products Co., manufacturers treasury has been
. payable about May 1 because of Insurance Departmen in addition to the
The issuance of 47,685 shares of common stock from the & Co., Inc., to
by Bonner, Brooks
extra dividend of 32 per share was paid on Feb. 1 lastp. 1565.
authorized and will be offered publicly
-V. 136,
. Of a total
-regular quarterly payment of $2.50 per share.
provide working capital and for improvements to equipmentthan 76% is
g more
shares authorized
-Acquires Barbizon Plaza.- of 300,000the management. and to be outstandin
101 West 58th Street Corp.
owned by
the only nrmufacturer
• See Barbizon Plaza above.
At present the company, which is in operation, istrade names date back
in the State of New Jersey. Certain
-Motions to Set Aside Election of aleto the Civil War. The management ofof its
nt Publix Corp.
Paramou
the company, in addition to
prior
e of ale for
•
Mr. Graham whose family has been engaged in the manufactur Hinchliffe.
.of Trustees Set Aside:made by
more than 75 years, includes Arthur and Edwin.Katz, Josephy identified
Federal Judge Francis G. Caffey on April 26 denied motions
and Christian Menne!, whose families have been prominentl
of Charles D. Hills, Louis
Samuel Elm, attorney, to set aside the election
Maier, former chief
for the corporawith the brewing business for many years. August been re-engaged.
J. Horowitz and Eugene W.Leake as trustees in bankruptcy taking further
from
brewmaster of the company prior to prohibition, has
Repacement
tion and to discharge Federal Referee Henry K. Davis vacate the adjudicaproperty covers 26 city lots in Paterson. by Standard
to
Company's
appraised
. action in the case. lie reserved decision on a motion
of that
value of land, buildings and equipment have been and the sound value at
tion in bankruptcy of the corporation upon the voluntary petition
,
Appraisal Co. as of March 31 1933 at $1,064,264equipment and improvecorporation.-V. 136, p. 2808.
installation of certain new
With
- $909.881. cost of the
approximately $75,000 the annual capacity of the brewery
-Initial Int. Payment.
ments at a
Park Place-Dodge Corp., N. Y.
ale.
letter to the holders of
300,000 barrels or 3.600,000 cases of beer and
is estimated at
President Douglas G. Wagner, April 24, in a
says in substance:
•
-year general mortgage gold bonds due Sept. 1 1952, 4.5 of 1% payable
20
Pathe Exchange, Inc.-Earnings.- April 1 1933 see "EarnPayment of
The directors have declared an interest
Feb. 28 1933,
For income statement for thirteen weeks ended 2440.
May 1 1933, out of earnings for the six months' period ended
-V. 136. p.
• in accordance with the provisions of the mortgage indenture. You are, ings Department" on a preceding page.
No. 1, dated May 1
therefore requested to present for payment Coupon
-Halves Dividend.
or through you
Penberthy Injector Co.
together with ownership certificate, either direct,
the
1933,
N. Y. City,
A quarterly dividend of $1.25 per share was recently declared on 25.
own bank, to the Chemical Bank'& Trust Co., 165 Broadway,
payable April 15 to holders of record March
common stock, par $50,
on and after May 1 1933.
per share on
Previously, the company paid quarterly dividends of $2.50
escape the effects of the general deThe building has been unable to
that former estimates
this issue -V. 134, p. 337.
moralization of the real estate market, with the result severe price-cutting
the
' of income have had to be revised downward to meetdecrease in rental prices
Penick & Ford, Ltd., Inc.-Earnings.
been the
Defrom competitive buildings. So sharp has
the immediate neighFor income statement for quarters ended March 31 see "Earnings
that no longer is competition confined to buildings in
-V. 136. p. 1566.
many tenants to forego
partment" on a preceding page.
borhood. Drastic reductions in prices have induceda location in an entirely
accept
the advantages of a given neighborhood and
-Earnings.
competition in the
Pennsylvania Coal & Coke Corp.
different neighborhood at a much lower rental. Thus than ever before.
wider area
For income statement for quarters ended March 31 see `Earnings Dereal estate market to-day comes from a much widespread assumption of a
-V. 136, P. 2626.
page.
partment" on a preceding
Another phase of severe competition is the
lease at a low
tenant's remaining lease in exchange for a new long-term
-Meeting Postponed.
agreeing to write a
Pennsylvania-Dixie Cement Corp.
rate. This has necessitated landlords in many cases a reduced rental, to
lease, at
The stockholders' meeting, which was scheduled for April 18 for the
new lease prior to the expiration of the old panic has apparently dictated
purpose of approving certain changes in the capitalization of the company,
of
become effective immediately. A feeling
best properties in the city
has been adjourned to May 2.
the current rental value of space in many of the
operation. The management
Balance Sheet March 31.
and, in many cases, at prices below the cost ofwhile nearly all leases expiring
1932.
1933.
1932.
1933.
has been forced to meet this competition and,have-not been favorable. In
$
$
Liabilities1 1933 have been renewed, the terms
$
May
Asses$
renewing tenant and the
Preferred stock _12.500,000 12,500,000
some cases, reduced space was taken by the
yLand, buildings,
new leases in accordof
management has carefully considered the duration
machry., &c__ _21,631,096 21,958,113 zCommon stock_ _ 4,000,000 4,000,000
9,651,000 9,655,000
Gold bonds
ance with the prices paid.
U. S.Treas. Ws__ 500,000
of the general business
78,962
73,045
Accts. payable.. _ _
In view of the decline in gross receipts and because of retrenchment and
Cash- in hands of
241,335
84,380
Accr. tax., int., &c
the board of directors instituted a policy
510
situation,
trustee
A reduction in tax assessment
107,697
109,121
curtailment of all controllable expenditures. deemed insufficient, and the
1,851,215 2,910,286 Other reserves_ _
Cash
515,847
97,188
341,826 Surplus
• of $50,000 has been obtained but thi is to a further substantial reNotes & accts. rec_ 367,322
company is instituting proceedings looking
1,908,137 1,772,847
Inventories
Necessary improvements
93,639
89,073
• duction in the assessed valuation of the property.
Misc. investments
in operating expenses,
22,129
are being made which should reflect a further decrease
Deterred charges_ - 167,381
needed redecorating has
particularly during the coming winter. Certain
staff, and every effort
26,514,734 27,098,841
Total
also been carried out, largely by the building's own
26,514,734 27.098.841
Total
outstanding
as the
has been made to keep the Dodge Building in its position
z Represented by 400,000 no par shares. y After depredation and
Office building in its particular location.
136, p. 2809.
decidedly uncertain,fortu-V.
depletion.
While the immediate real estate outlook is still
and has ample working
-Receiver
nately the company is in a strong financial condition the general mortgage
11 Petroleum Building, Oklahoma City, Okla.
on
Capital to carry on. Subsequent interest payments earnings from the buildNamed.
bonds, however, will necessarily depend on current a particularly favorable
in
ing. The board feels that the Dodge Building isconditions, and the operatReceivership for the building has been granted by R. P. Hill, District
of a
position to benefit by any return toward normal
Judge, on petition of the estate of J. W. Mann, builder, and owner
in rental
are now so well in hand that any reasonable increase
. lug costs
•
2988
Financial Chronicle
*35.000 second mortgage. A. M. Martin was named receiver. First
mortgage of $550,000 is held by Samuel and Melvin L. Straus,
Chicago
investment bankers. it is said.-V. 124, p. 383.
Petroleum Corp. of America.
-Changes Par Value.
-
The stockholders on April 26 approved a proposal to
of the capital stock from no par to $5 per share, eachchange the par value
present share to be
exchangeable for one new share.
The New York Stock Exchange has authorized the listing of
2,162,960
shares of capital stock (par $5) upon official
stitution for outstanding capital stock without notice of issuance in subpar value, and 1,625.000
additional shares upon official notice of issuance against the
stock purchase warrants; and making the total amount applied exercise of
for 3,787,960
shares.
•
The stockholders also approved a proposal to retire 183,500
the company's own stock, repurchased and held in the treasury. shares of
H. D. Sheldon, formerly Vice-President and Secretary, has been
elected
President, and W.H. Donohue, formerly Assistant Secretary and Assistant
Treasurer, has been elected Secretary and Assistant Treasurer. Mr. Sheldon
succeeds John H. Markham Jr. as President and as a member of the board
of directors and of the executive committee. J. Paul Getty
elected a director and all other directors were re-elected.--V. has also been
136, p. 2626.
Phillips Petroleum Co.-Earnings..
-
For income statement for three months ended March 31 see
"Earnings
Department" on a preceding page.
-V. 136, P. 1901.
Pickwick Corp., San Francisco.
-Stockholders' Protective Committee.•
Organization of a stockholders' protective committee by the holders
of the preferred and common shares of the corporation was announced
April 17. The committee has been formed for the purpose of protecting
the stockholders in connection with law suits which have been filed
against
them by the noteholders' protective committee
Stock of the corporation is widely held throughout the State of
California. A considerable portion of the shares is said to be held in the vicinity
of Los Angeles.
The noteholders' group recently made demands upon each individual
stockholder for his pro rata share of the balance claimed to be due
on
the 6A % collateral trust gold notes of the company. The stockholder
s'
committee in a statement, suggested that individual stockholders
action in either way as for the payment of these demands until take no
further
communication with the committee -V. 133, P. 1301.
Pierce Governor Co.
-New Contract.
-
The automatic choke, manufactured by this company, has been
standard equipment on the De Soto line of Chrysler cars. Presentmade
production volume of this choke is about 600 a week, it is announced.
V. 131, p. 3053.
Pierce Oil Corp.
-Taxation Claims Filed.
Since the close of the year 1932 additional income, excess profits and
profits taxes in the aggregate amount of approximately $2,790,000 war
(plus
Interest) have been assessed by the United States Bureau of
Internal
Revenue, against company and its then subsidiaries, for the years
1918,
1919 and 1920; and transferee assessments in respect to approximate
ly
32,555,000 of these claimed additional taxes (plus interest) have also
made by the Bureau against Pierce Petroleum Corp. Company is been
contesting the legality of these tax claims and contends that it
refund: and Pierce Petroleum Corp. intends to contest theis entitled to a
transferee liability claimed against it, Company has accordingly appealed to the
Board
of Tax Appeals where the case is now at issue.
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
3
Liabilities$ •
Cash on deposit_ _ _
30,355
22,706 Preferred stock...15,000,000 15,000,000
Certif. of deposit.1,910
1,891 Common stock...29.622,832 29,622,831
U. S. bonds
200,750
200,750
Treasury stock .._
.
44,493
44,493
:Investments _ __ _34,917,817 34,917,817
Deficit
9,427,505 9,435,175
Total
44,622,831 44,622,831
Total
44,622,831 44,622,831
x 1,103,4193i shares of no par capital stock of Pierce Petroleum
Corp.
Our usual income statement for the year ended Dec.31 1932 was
published
in V. 136, p. 2809.
Pittston Company.
-Balance Sheet Dec. 31.1932.
1931.
1932.
$
Liabilities$
Cash
1,930,439 2,099,521 Notes pay.: Banks
allotesdraccts. rec. 6,487,630 7,092,200
Others
Inventories
2,847,048 4,385,942 Accounts payable..
Invests., at cost
715,060 c783,609 Accr. wages, prop.
Compen.ins.funds 202,406
196,201
taxes, &c
Notes & accts. rm.,
Accrued rental &
custs.(not curr.) 140,903
royal, on leased
195,937
Sundry claims &
coal properties.accts. receivle- 124,354
85,508 Accr. liab. under
Claims agst. assoc.
Penn.comp.law
co., in dispute- 448,082
404,640 Contr. liab. mabLd.,b1dgs., equipturing In l932.._
meat. dce
23,509,174 24,357,216 Prov. for Fed. &
Vsehlds. (coal disState taxes
trib. props.) net
111, mt. mtgs. pay,
of amortization- 513,532
539,033
on demand
Rights under lease
Unearned incomecoalNotespay.4,contr
of anthra.
properties
l'
obligs. mat,sub1
Prepd. exps.& def.
•
seq't to corn. yr..
charges
659,455 Aecr. liab. under
394,525
Organization expo. 229,076
229,076
Penn. comp.law
Good-will
9,772,473 10,043,103 subse. to com.yr
Real est. mtges__ _
Res. fora.
tings„ pending
ins. claims, con-
1931.
$•
$
3,475,000 5,024,964
178,717
300,801
897,658 1,205,053
.
1,234,999
771,460
450,956
317,512
106,173
88,354
356,500
174,000
155,509
91,405
58,000
15,997
323,000
14,747
762,969
606b206
364,855
741,950
298,318
490,275
221,272
1st mtge. & deb.
bonds ($215,000
due in 1932).-... 9,038,965
Equity of minority
stkhldrs. In sub_ 8,220,830
Common stock16,126,500
Paid-in surplus.- 5,703,652
Earned surplus:
Approriat. under
prove. of lease
on anthracite
coal properties 732,543
Def, after above
1,528,3,43
approp
388,653
9,831,107
8,974,512
16,126,5043
5,587,140
732,543
274,909
Total
47,314,704 51,071,442
Total
47,314,704 51,071,442
a After reserve for uncollectibles of $508,584 in 1932 and $472,374 in 1931.
b After depreciation of $6,139,130 in 1932 and $5,526,417 in 1931. c Represented by 1,075.100 no par shares.
•
Our usual comparative income statement for the year ended Dec. 31
1932 was published in V. 136, p. 2809.
Pierce Petroleum Corp.
-Federal Taxation Suits.
-
Since Dec. 311932, the U. S. Bureau of Internal Revenue has assessed
against company, as transferee, additional income, excess profits and
war profits taxes in the aggregate amount of approximately $2,555,000
(plus interest), claimed by the Bureau to be due from Pierce Oil Corp.
for the years 1918. 1919 and 1920.
The claimed transferee liability of company for these taxes is based on
the 1924 transaction between Pierce Oil Corp. and Pierce Petroleum Corp.,
under which Pierce Oil Corp. transferred all of its properties and assets
to'Pierce Petroleum Corp., in return for 1,103,419
shares of common
stock of Pierce Petroleum Corp., and under whichthe latter assumed
liabilities of Pierce Oil Corp.
Pierce Oil Corp. has throughout contested, and still contests, the legality
of these tax claims and has contended throughout, and still contends, that
April 29 1933
It is entitled to a refund; and Pierce Petroleum Corp.
intends to contest
the transferee liability claimed against it. Pierce Oil
appealed to the Board of Tax Appeals where the case Corp. has accordingly
is
At the time, in 1924, that Pierce Oil Corp. transferred now at issue.
all
and assets to the Pierce Petroleum Corp. none of these of its properties
taxes
assessed. In fact, at that time negotiations with the Bureau had been
Revenue had progressed to the point where it was expected of Internal
that Pierce
Oil Corp. would actually receive a refund for the years 1918,
1919 and 1920.
Subsequently, the Bureau refused to proceed with the contemplate
d refund.
Negotiations were thereupon resumed and are still
Not until 1930 did the Bureau assert any formal claim (by the
pending.
of a so-called 60
-day letter) against Pierce Oil Corp. in respect issuance
of these
claimed additional taxes; and not until 1933 did
In respect to them either against Pierce Oil Corp.it make any assessment
or against Pierce Petroleum Corp., as transferee.
Since Dec. 31 1932 the United States Bureau of
also assessed additional income taxes against Pierce Internal Revenue has
Petroleum
Its late subsidiaries in the aggregate amount of approximate Corp. and
ly
(plus interest) for the years 1927 1928, 1929 and 1930. Prior to $415,000
ment of these claimed additional taxes company was accorded the assessno opportunity to either discuss or contest them. It is therefore
Board of Tax Appeals, since it is advised that there is noappealing to the
justification for
the major portion, at least, of these additional assessments.
No reserve has been set up in respect to any of these tax dolma.
Balance Sheet Dec .31.
1932.
1931.
1932.
1931.
Assets
LiabilitiesCash in bank
1,733
9,639 YCommon Stock _ _19,134,519 19,134,519.
Ctfs. of deposit_
255,000
300,000 Surplus
509,081
561,987
:Invest. In 645,834
shs.of the no par
val. corn. stk. of
Consol. Oil Corp19,386,867 19,386,867
Total •
19,643,600 19,696,506
Total
19,643,600
x Investment stated at cost to Pierce Petroleum Corp. plus 19,696,506
profits of
its subs. to date ofsale to Sinclair Consolidated Oil Corp.(now
Oil Corp.) June 30 1930 irrespective of actual or market value.Consolidated
y 2,500,000
no par shares.
Our usual comparative income statement for the year ended Dec.31
1932
was given in V. 136, p. 2809.
Pomona Mills, Inc., Spartansburg, S. C.-Receiverhip.
Judge Hoyle Sink of North Carolina has executed an
Norrnan A. Boren, Greensboro, receiver for the company order direct ng
to operate the
mills as a going concern until May 1, or pending further orders of the
court.
Quarterl Income
y
Shares, Inc.-Portfolio Changes.
An increase in the percentage of investments in industrials and
a
in bank and utility stocks is shown in the portfolio of'Quarterlydecrease
'Income
Shares, according to an announcement made public by its
sponsors, Administrative & Research Corp.
Changes made in the portfolio during the period ending Apirl 15 show
an
increase of 11.16% in industrials, which include food, tobacco and
merchandising stocks; an increase of 1.67% in oil, and decreases
of 9.02% in
utilities and 9.73% in bank stocks. The tabulation follows:
Dec. 12'32. April 15'33.
Industrials x
51.65
62.81
Oils
•9.19
10.86
Utilities
•
24.89
15.87
Banks.13.95 0
4.22 0
Trust shares in process of conversion to underlying
stocks
None
6.15%
Cash
.32%
.09%
Total
100.00%
100.00%
x Includes foods, tobaccos and merchandising.
"This adjustment of the portfolio has been a gradual one," according to•
Cedric H. Smith, Vice-President of Administrative & Research Corp..
"and is in line with the policy of adjustment to meet economic changes.
V. 136, p. 2809.
-Larger Class A Dividend.
Randall Co.
-
A dividend of 50 cents pet'share has been declared on
class A stock, no par value, payable May 1 to holders the $2 cum. partic.
of record April 25.
A distribution of 25 cents per share was made on tilts issue on Feb. 1 last,
as compared with a like amount on May 1 1932, while from Nov. 1 1929
,
to and incl. Feb. 1 1932, the company paid regular
quarterly dividends
of 50 cents per share.
-V.136, p. 674.
Rapid Electrotype Co.
-Earnings.
-
For income statement for 3 months ended March 31 1933 see "Earnings
Department" on a preceding page.
-V. 136, 9. 1034.
Real Estate Trust Co., Phila.-Smaller Distributi
on.
A semi-annual distribution of $2 per share will be made on May 1 to
holders of record April 20. Previously the company made semi-annua
l
distributions of $3 per share.
-V. 124,13 2604.
Republic Steel Corp.-Earnings.-For'income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. p. 1877.
• Riverside Apartment Corp., Washington, D. C.
Deposits Urged.
The committee for the protection of the holders of bonds
the F. H. Smith Co. (George E. Roosevelt, Chairman), in a sold tivougb
letter
holders of 1st mtge. 7% bonds, states that the committee is of the to the
opinion
that if the interests of the holders of these bonds are to
action must be taken, and to that end urges that all be protected, united
bonds be deposited
with it at once.
Because of the certain defaults, American Security & Trust Co.,
successor'
trustee, took possession of the property on April 6 1933.
The bonds are secured by a 1st mtge. on an 8
-story apartment building
and plot of land located at New York Ave., 22d and C Streets, NW.,
ington, D. C. The committee is advised by officers of Riverside WashApartment Corp. that the property has not been earning a sufficient amount
to
pay the charges under the mortgage. There are $353,000 bonds
outstanding. Of these, $21,000 will mature on Dec. 11933, and the entire balance,
aggregating $332.000, will mature on Dec. I 1934.
Holders of these bonds are urged to deposit their bonds immediatel
the degositary of the committee, Irving Trust Co., 1 Wall St., N. y with
Y. City.
or wit one of the sub-depositaries.
ussell Motor Car Co., Ltd.
-Reduces Pref. Div.
--
dividend of $1 per share has been declared on the 7% cum. pref. stock.
par $100, payable May 1 to holders of record April 24. Regular quarterly
payments of $1.75 per share were previously made on this issuo.-V.
135.
D. 4570.
Rustless Iron Corp. of America.
-American Stainless
Steel Co. to Appeal Decision.
-See latter company above.
V. 136, p. 2258.
St. Louis Rocky Mountain & Pacific Co.(& Subs.).
Earns.
-Cal. Years1932.
1931,
1930,
1929.
Net sales
$1.085,
436 $1,600,529 $1,877,849 $2,191,339
Cost of sales, operating
and gen. exp., &c
910,810
1.282,858
1,395,670
1,642,334
Gross revenue
$174,626
$317,671
$482,180
$549,005
Other income
89,771
130.013
122,711
112,878
Total income
1264,397
$447,684
$604,891 • $661,883
Int. chgs.& other deduct
204,790
253.650
245,500
258,003
Deprec. and depletion
144,202
178,994
207,431
215,722
Net income
def$84.594
$15,041
$151,910
$188.164
Preferred dividends-23,298
46,595
50,000
50,000
Common dividends
25.000
100.000
175.000
200,000
Deficit
$132,892
$131.554
$73,090
s61.8.3e
Earns, per sh.on 100,000
shs. corn.stk.
Nil
(par $25)
xN11
x$1.01
x$1.38 •
x Par $100.
Volume 136
Financial Chronicle
-Surplus as at Dec. 31 1931, $439,912.
Capital Surplus Dec. 31 1932.
Reduction in par value of common stock of parent company, $7,500,000.
Net excess of par value over cost of parent company's bonds and stock
acquired during year: First mortgage bonds, $151,926; preferred stock,
$3,109; common stock, $7,675; total, $8,102,623. Deduct: Reduction in
book value of property, contracts, trade marks and good-will, $3,662,210.
elimination of reserve for depletion, $836156; net reduction, $2,826,054;
appropriated to reserve against amortization of mine development, bond
discount and expense, $1.163,268; unamortized discount and expense on
bonds owned at beginning of year, $126,548; obsolete property and equipment charged off, $116,592; appropriated to reserve against amortization
of remaining values in equipment at Koehler and Brilliant mines. $256.852;
reduction in par value of capital stock owned in Blossburg Mercantile Co.,
$141,670. Surplus as at Dec. 31 1932, $3,724,734.
.
-Surplus as at Dec.31 1931.$405,486;transEarned Surplus Dec 31 1932.
fer from reserve for workmen's compensation insurance. $188,000; total
$593,486. Net deficit for the year ended Dec. 31 1932 (as above), $84,596;
dividends declared during year-preferred stock (less $1,702 paid to subsidiary company), $23,297; common stock, $25,000; surplus as at Dec. 31
1932. $460,593.
Consolidated Balance Sheet Dec. 31,
1931.
1932.
1932.
1931.
LiabilitiesAssets
$213,983 $290,662 Accts. Pay• dr wet%
Cash
73,255
42,997
U.S. Govt.secure. 522,151
574,334 • expense
Other market Inv_ 511,148
511,256 Int.aeon on 1st M.
bonds, incl. unNotes & accts. rec. 132,143
227,853
99,475
79.975
presented coups.
Math, supplies &
71,985
coal on hand_ _ 115,700 Divs. pay. on pref.
37,011
526
and cam. stock_
8,171
10,497
Prepaid expenses141,670
Investments
283,340 Taxes accr.-Local
54,753
39,511
and Federal
Sinking fund dep.
1st mtge.5% 50-yr
for redemp. of
3,183,000 3,448,000
bonds
140
gold
bonds
445
2,921,131 3,576,391
Reserves
Sundry notes and
Common stock__ _y2,491,250 x10000,000
38,016
accts. receivable
931,900
928,400
Preferred stock
•
Prop., contr.trade439,912
3,724,734
Capital surplus
marks, good-will
405,486
460,593
surplus
& development _12,232,710 17,052,097 Earned
13,872,118 19,088,185
Total
13,872,118 19,088,185
Total
X Par $100. y Par $25.
-The earnings for the three months ended Mar. 31
Quarterly Earnings.
were published in the "Earnings Department" of last week's "Chronicle.'
125, p.3177.
-Omits Dividend.
"Sherwin-Williams Co., Cleveland.
The directors have voted to omit the quarterly dividend usually payable
about May 15 on the common stock, par $25. A payment of 25 cents
per share was made on this issue on Feb. 15 last, as compared with 373i
cents per share on Nov. 15 1932;50 cents per share on Aug. 15 1932; 75 cents
per share on May 16 1932, and $1 per share previously each quarter.Z36, p. 675.
Gel Corp.
-Receivership.
"".Silica
Chester F. Hockley has been appointed receiver for the corporation in
the U. S. District Court at Baltimore under a bond of $25,000. The petition for the receivership was filed by the Pyrites Co., Inc., of Wilmington.
Del., which claims to boa creditor in excess of $3,000.-V. 135, p.3869.
Sperry Corporation.
--Listing of Voting Trust Certificates
for Common Stock $1 Par Value.
listing of voting
2989
The pro forma consolidated balance sheet at Feb. 28 1933 of the Sperry
Corp. after giving effect to completion of proposed plan of reorganization
was given in V. 136, p. 2438 under North American Aviation, Inc.
-George N. Armsby, Thomas A. Morgan. E. A. Pierce,
Directors.
J. Cheever Cowdin, Alexander B. Royce. John Sandersoh, New York,
and Lindsey Hopkins, Atlanta, Ga.
Officers.
-Thomas A. Morgan, Pres.; John Sanderson, Vice-Pros. &
Treas.; Herbert H. TAompson, Sec.; Richard Moore, Asst. Sec: & Asst.
Treas.
City Bank Farmers Trust Co. has been appointed agent and depositary
of the voting trustees for the transfer of the voting trust certificates representing the common stock of the corporation under the voting trust certificates. The registrar of the voting trust certificates is Chase National
Bank of the City of New York.
-Earnings.
Standard Brands, Inc.(& Subs.).
For income statement for quarter ended March 31 see "Earnings De-V. 136, p. 1568.
partment" on a preceding page
-To Double
Standard Brewing Co. of Scranton, Pa.
Production.
P. F. Cusick, Chairman of the board, stated in substance:
"The company deliveries will be increased to 500 barrels per day beginning
May 1. Brewings will be increased on that day from 500 barrels to 1,000
barrels per day.
"Earnings have been far in excess of what the company anticipated."
-V. 136, p. 2810.
-Again Decreases Div.
Standard Corporations, Inc.
A quarterly dividend of three cents per share was recently declared
on the common stock, no par value, payable May 1 to holders of record
April 24. A distribution of four cents per share was made on this issue in
each of the three preceding quarters, compared with five cents per share
on May 1 1932, seven cents per share in February 1932 and in August and
November 1931. and ten cents per share previously each quarter -V. 135.
p. 1007
-Earnings.
Standard Oil Co. of Kansas (Del.).
For income statement for 3 months ended March 31 1933 see "Earnings
-V. 136, p. 1037.
Department" on a preceding page.
-Default Cured.
Strand Realty Co., San Francisco.
Negotiations jointly conducted by the Anglo-California National Bank,
trustee, and the bondholders' protective committee. comprising Colbert
Coldwell, chairman, Mortimer Fleishhacker, Jr., John F. Brooke, Jr.,
Frederick F. Janney and Garrettson Dulin, have resulted in a lifting of
the default of the $300,000 6% 1st mtge. serial gold bonds. The Jan, 1
1933 coupons will be redeemed at face value at the office of the trustee.
1 Sansome St., San Francisco. In addition, accrued interest at the rate
of 6% will be paid from date of default to April 8.-V. 136,p. 1566.
-Increases Stock to Provide for ConStudebaker Corp.
-New Director, etc.
version of6% Notes
The stockholders on April 25 authorized an increase of 625,000 shares
in the common stock and empowered the directors to make all of the $15.625,000 of6% notes convertible into common stock at any time after Dec. 1
1934, and prior to maturity at the rate of one share of stock for each $25
principal amount of the notes. (See also V. 136, p. 1903.)
J. M. Studebaker, 3d, has been elected a director, succeeding A. G.
Bean, resigned. Mr. Bean, who is president of White Co., and a receiver
of the Studebaker Ccrp.
P. G. Hoffman and H. S. Vance, Vice-Presidents of the corporation
and the two other receivers, also resigned as directors, and were replaced
by Edward N. Hurley and George It. Kelly.
Frederick S. Fish, Chairman of the board, said that the corporation's
cash balance is now between $1,500,000 and $1,750,060.
"We did n••t have a cent in cash when the receiver took charge," Mr.
Fish said. "We have held our organization together. We are seelling cars
beyond our anticipation. The corporation currently owes about 54,000.006
-V. 136, p. 2810.
in unsecured bank bones," Mr. Fish said.
The New York Stock Exchange has authorized the
trust certificates representing 1.949,111 shares of common stock, par $1
each, upon official notice of issuance ofsuch stock in exchange fcr the shares
of stock of the several corporations.
The voting trust certificates will be issued ptursuant to a certain voting
trust agreement dated as of April 27 1933. The voting trustees are George
N. Ormsby, Lindsey Hopkins, Thomas A. Morgan, E. A. Pierce and J.
Cheever Cowan.
The corporation was incorporated in Delaware April 12 1933, pursuant
eo
toa plan of reorganization of North American Aviation, Inc. (V. 136.
2438), adopted in connection with the acquisition by North American
Sun Finance Building (Sun Finance & Investment
Aviation, Inc. of all of the capital stock of General Aviation Mfg. Corp.
Co.), Los Angeles.
-Reorganization Plan..- The plan of reorganization was authorized by the directors of North AmeriInc. on March 21 1933 and was approved by the stockholders
can Aviation,
The 1st mtge. bondholders' committee (Charles E. Irwin, Chairman)
of that corporation on April 26 1933. Pursuant to the plan of reorganizahas formulated and adopted a plan for reorganization of the $2,750,000 outtion the corporation was formed with an authorized capitalization of 2.500,standing 6% 1st mtge. fee & leasehold bonds, dated Jan. 1 1928.
000 shams of common stock, par $1. 1,949,111 shares of such stock
-Upon completion, the plan of
Distribution of New Securities to Depositors.
(being all Or the shares to be presently outstanding) will be issued to North
reorganization contemplates that each holder of a certificate of deposit
in exchange for the followAmerican Aviation, Inc.on or about April 28 1933
representing a Sun Finance Building bond, or the present holder of a Sun
ingprope-ty:
Finance Building bond who deposits the same with American National
(1) 40,000 shares of the capital stock, par $1 each, of Sperry Gyroscope
Bank & Trust Co.of Chicago, will be entitled to receive in exchange therefor:
Co., Inc., N. Y., constituting all of the outstanding shares of the capital
For Each
For Each
For Each
stock of that corporation.
$100.
$1,000.
$500.
of Ford Instrument Co.,
(2) 1,274 shares of the capital stock, par $1
C. D.
C. D.
C. D.
Inc., N. Y., constituting all of the outstanding capital stock of that corpo(a) 15-yr. 5% inc. fee & leasehold
ration (exclusive of stack in its treasury).
$100
$500
$1.000
bonds in the face amount of__ _
each, of Intercontinent
(3) 172,500 shares of Capital stock, par .$1
(b) Capital stock (v. t. c.) of the new
Aviation, Inc., (Del.), constituting 74.2% of the outstanding stock of that
1-10 sh.
3sh.
1 sh.
corp. at the rate of
corporation (exclusive of stock in its treasury).
The Sun Finance Building, which is now known as the "Associated
(4) 115,232 shares of class A stock, par 31, of Curtiss-Wright Corp.
Realty Building," is a 12-story and basement office and store building.
(5) 401,951 shares of common stock. par $1, of Curtiss-Wright Corp.
situated at the southwest corner of Sixth and Olive Streets, Los Angeles,
Pursuant to the plan of reorganization immediately upon the acquisition
Calif. The land under the building fronts approximately 206 feet on the
of such shares of North American Aviation, Inc., the corporation will
south side of Sixth St. and 125 ft. on the west side of Olive St. Of this area,
deliver the same to the voting trustees, who will issue their voting trust
certificates therefor. Such voting trust certificates will then be distributed
approximately 81% is owned in fee. That portion of the land immediately
at the street corner, fronting approximately 61 ft. on Sixth.St. and 79 ft.
by North American Aviation, Inc. to its stockholders of record at the close
on Olive St., is held under a 99 year ground lease dated July 31 1919, at A
of business April 27 1933,on the basis of a voting trust certificate representgraduated net annual rental which, at the present time, amounts to aping one share of the capital stock of Sperry Corp.for each share of the capital
proximately $1,333.33 per month.
stock of North American Aviation, Inc.issued and outstanding on that date.
Deposits were not completed for the payment of the semi-annual Interest
On that date there will be issued and outstanding 1,949,111 shares of the
due on July 11931; and as a result of the default, the committee was formed
capital stock of North American Aviation, Inc., so that upon such distritrust certificates will be in
and all known holders of the 1st mtg.e,fee and leasehold bonds were requested
bution all of the issued and outstanding voting
to deposit their bonds with the depositary designated by the committee.
the hands of the stockholders of North American Aviation, Inc. As this
At the present time, 94% in principal amount of the outstanding bond*
distribution will take place as of a date preceding the acquisition of the stock
-V. 126, p. 428.
have been deposited.
of General Aviation Mfg. Corp. the shares of stock of North American
Aviation, Inc. to be issued to General Aviation Corp. will not participate
Superior Hosiery Sills Co., Lexington, N. C.
therein.
The business of Sperry Corp. will for the present, consist primarily of the
Receiver Named.
holding of the stocks of other corporations for the purpose of controlling
The company has been placed In receivership. P. Y. Critchie has been
said corporations. In addition the corporation may acquire and hold
named receiver, and he states an inventory is under way. Operations will
stocks and securities of corporations engaged in the same business as its
be suspended during the process of receivership. A formal petition for
subsidiaries or in allied enterprises.
receivership was signed by R. K. Stewart of Highpoint. The company
Consolidated Income Account Years Ended December (of Companies to Be
filed an answer admitting insolvency.
Wholly Owned by Sperry Corp. upon Issuance of Voting Trust Certificates].
1931.
s1930.
-Earnings.
1932.
. Tacony-Palmyra Bridge Co.
$2,821,890 $3,796,289 54,689.793
Shipments & operating revenues
For income statement for 3 months ended March 31 see "Earnings De2,500,198 2,783,135
2,073,069
-V. 136. IL 1392.
of shipments & operating exps
page.
Cost
partment" on a preceding
710,258
787.712
621,017
Selling & general expenses
95,781
72,339 -.. 108,584
-Changes Par Value.
"--Tennessee Corp.
Depreciation
The stockholders on April 27 approved a proposal to change the par value
$490,050 $1.046,606
$19,219
per share.
Operating income
of the common stock from no par to
45,873
66,030
20,449
Interest & dividends
Consolidated Balance Sheet December 31,
195,185
122,882
142,589
Royalties
117,035
98.835
1932,
92,960
1931.
1931.
1932.
Rents & miscellaneous
$
Liabilitiesg .
Assets$
$
$775,843 $1,406,658
$275,218
'Fixed assets
16,230,874 16,446,010 YCapital stock....- _ 4,000,000 4,000.000
Gross income
111,350
271,468
161.548
3,007,900 3,107,900
204,917 Funded debt
250,388
Investments
deductions
Other
202,381
18,340
6.651
Cash
122,136 Accounts and'notes
130,624
Income & franchise taxes
payable
211,729
335,225
Govt. weer., &a._ 1,096,301 1,251,337
$486,033 $1,092.925
$107,019
8,333
8,333
2,231,432 2,927,484 Accr. sink. fund__
Inventories
Net income
Dr28,461
204.476
Dr201
Accrued expenses_ 280,999
326,950
Accounts & notes
Profit on sales of securities
487,370
receivable, &e
448,442 Capital surplus___ 9,932,661113,606,032
$457,572 $1,297,402
$106,817
Deferred charges
78,515
108.445 Earned surplus- - _ 2.929.666)
Net income
$514,972
$2,161,677 $1.825,791
Minority Interest
Earned surplus at beginning of year
13.416
46,487
112.277
in subs
122,333
Additions to surplus
.
32,314,982 $2,283,364 $1,825,791
Total surplus
102,117
Provision for non-operating bad debts
19,569
6.920
Sundry deductions (net) •
$2.308,062 $2,161.677 $1,825,791
Earned surplus at end of year
date of acquisition. Feb. 15
a Includes Ford Instrument Co., Inc. from
1930.
Total
Total
20,483,565 21,506.775
20,483,565 21,506,775
x After deducting $5.093.416 for depreciation in 1932 and 24.833.588 in
1931. y Represented by 857,896 shares (no par) in 1932 and 857.871 in
1931.
Our usual conuLarative Income statement for the year ended Dec.31 1932
was published in V. 136, p. 2629.
2990
Financial Chronicle
Thatcher Manufacturing Co.
-Listing-Acquisition.
-
The New York Stock Exchange has authorized the listing of 15,000 additional shares of common stock upon official notice of issuance, making the
total amount applied for 278,836 shares.
The directors Dec. 7 1932,'authorized the issuance of 15,000 additional
shares of common stock to be issued as a part of the consideration and
purchase price for certain assets to be acquired from Knox Glass Bottle
Co.of Knox, Pa. The assets purchased consisted of bottle machines, molds
arid nameplates, certain Hartford Empire licenses relating to the manufacture and sale of milk bottles, and the good-will, books and records of Knox
Glass Bottle Co.'s milk bottle business. The officers of Thatcher Manufacturing Co. have placed a value of $250,000 upon these milk bottle machines, molds and nameplates, and licenses, and a value of $120.000 upon
the good-will. The consideration for these assets consisted of: cash, $75,000; $175,000 in milk bottles at regular billing prices less freight and 6 %
discount, and 15.000 shares of no par common stock which Thatcher Manufacturing Co.'s directors valued on Dec. 7 1932 at $8 per share; a total
consideration of $370,000.-V. 136, p. 1392.
Tide Water Associated Oil Co.
-Transfer Agent.- ,
. Effective as of May 1 1933, the company will transfer its own stocks in
New York, at its office at 17 Battery Place.
-V. 136. p. 1715, 1736.
Transcontinental & Western Air, Inc.
-Passenger
Travel, &c.
Passenger travel on TWA planes in March increased 32% over last
March and the same increase holds true for the first quarter of 1933 compared with the first quarter of 1932. Individual cities on the TWA system
reported passenger increases as high as 107% at Philadelphia, 1047 at
e
Harrisburg, 92% at Tulsa, 72% at New York and 46% at Kansas City
compared with March 1933.
Air express tonnage, which because of the "hand-to-mouth" buying
policies of most stores and factories and the possibility of quick replenishment through air shipment, has become an accepted business index, shows
an increase of 547% in March 1933 compared with March 1932, and an
Increase of 147% in March compared with February this year.
-V. 135.
p. 147.
Trustee Standard Shares, Inc.
-Trustee Appointed.
-
The Empire Trust Co. has been appointed trustee under an agreement
dated as of Jan. 1 1933, creating Standard Trust Foundation Agreements.
V. 136, p. 677.
.
Tubize Chatillon Corp.-Purchases Singmaster Patents.-
The corporation announces that It has reacquired by outright purchase
from the New Jersey Zinc Co., Inc., all American, Canadian, English and
European patents issued to James A. Singmaster, pertaining to the delustering of artifical silk or rayon by the use of pigments. The ownership
of these patents was recently awarded to the New Jersey Zinc Co.. Inc.,
by the. detision of Judge Coffey of the U. S. District Court in litigation
brought to establish the ownership of these patents.
These patents cover the methods and process by which the Tubize
Chatillon Corp. produces delustered yarns known as Chardonize and
Sanconize, as well as their very dull viscose and acetate products.
James E. Hayes, President orthe New Jersey Zinc Co.. Inc., confirmed
the report of the Tubize Chatillon Corp. as announced above, and stated
that the sole purpose in bringing the suit was to establish the New Jersey
Zinc Co.'s right to Singmaster's inventions, while in its employ.
-V. 136,
p.2444.
---"••:. Ulen & Co.
-Plan Operative.
-President Henry C. Ulen,
March 14, stated in substance:
Holders of an amount exceeding 75% of all of the outstanding convertible
6% sinking fund gold debentures have agreed to a plan which provides
in effect that they waive all sinking fund payments required by the debenture indenture during the calendar years 1933, 1934 and 1935, and consent
to certain substitutions of collateral held by the banks, under an agreement
whereby 25% of the company's available cash in excess of interest, operating
expenses, &c., be applied by the company to acquire debentures for retirement through purchase thereof but not through payments of the sinking
fund.
This plan has been declared operative.
During the year 1932 outstanding debentures were reduced by operation
of the sinking fund by $1,036,000 principal amount.
In connection with the plan the banks hol ing the company's short-time
notes agreed to grant, under certain conditicns, a series of extensions of
such indebtedness aggregating three years from Jan. 5 1933 provided the
company apply 75% of its available cash In excess of interest, operating
expenses, &c., to the reduction of such bank loans.
With respect to the Maverick County Water Control and Improvement
District No. 1 bonds,a disastrous flood which visited the Rio Grande Valley
the early part of Sept. 1932 seriously damaged and put out of commission
the canal of the Maverick County District, which was supplying water to a
hydro-electric power plant of the Central Power & Light Co. and for the
irrigation of certain lands in the Quemado Valley. The directors of the
district subsequently endeavored to procure a loan from the Reconstruction
Finance Corporation to enable them not only to repair the damage done
but also to extend the canal for the purpose of providing irrigation to some
-50.000 additional acres of lnad. These negotiations fell through in Dec.
1932, and on Jan. 11933. the District defaulted in payment of the interest
then due upon its outstanding bonds a substantial portion of which are held
by your company.
Subsequently a bondholders' committee for the protection of such
Maverick County District bonds was formed, upon which the Ulen company is represented, and with the depositary of which the company's holdings of these bonds have been deposited. Approximately 95% of all of
the bonds of the District have been so deposited, and we are also informed
that recently the Central Power & Light Co. has served a notice upon the
District Board purporting to cancel the contract existing between the
Power company and the board for the purchase by the former of water.
We understand that it is the belief of the bondholders protective corn*mittee that it should be possible to work out a plan of reorganization of the
District's affairs (provided the directions of the Maverick District cooperate) whereby the project, which is at present inactive, can again be
made a going concern. The protective committee will, we understand.
protest against any reorganization based upon the construction of additional
irrigation works at .this time.
-V. 136, p. 2444.
April 29 1933
on this issue on Feb. 27 last, as compared with regular quar'
terly dividends of'81.75 per share paid from incorporation
of the -company in 1901 to and including November 1932.
Earnings.
-For income statement for quarter ended
March 31 see "Earnings Department" on a preceding page.
V. 136, p. 2812.
United States Distributing Corp.(& Subs.).
-Earns.
Calendar Years1932.
1931.
1930.
1929.
Sales and oper.re venue_$21,943,282 $31,780,154 637,293,814 $11,411,968
Cost of sales, &c
23,248,536 29,843,616 35,041,048 38,143,898
Gen.& admin. expense,s_
913.166
969,915
936,578
1.180,037
Net profit from oper- $781,581
$966.623 $1,316,188 62,088,033
Other income (net)
610,634
224.707
140,115
76,027
Total
$1,392,215 $1,191,330 $1,456,303 $2,164,060
Deprec. & depletion__
616,471
476,245
428,565
585,496
Int. paid (less received)_
394,060
347.495
297,021
343,659
Federal taxes
45.000
107,000
Minority interest
Cr.576
9,859
Net profit for the year $381,684
$367,590
$686,292 $1,118,045
Surplus, Jan. 1
1,602,700
1,933,806
2,029,547
1,678,307
xExcess of par value_
32,000
119,600
13,920
Miscellaneous adjust_
6,310
Total
$2,616,384 $2,427,307 $2.729,759 $2,796,352
Divs.Pattison & Browns,*
Inc., prior pref. stock_
6,000
12,000
18.000
24,000
Divs.: Corp. pref. stock
724,682
725 732
Excess of cost ofcap.stk.
of sub. co. acquired
over book value
51,300
Loss on abandoned mines
488,617
Adjust. (net)
130.776
323,990
1,971
17,073
Surplus, Dec. 31
$1,879,607 $1,602,700 $1,933,808 $2,029,547
x Of preferred stock over stated value of common issued in conversion
thereof.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
•
1932.
1931.
Assets,
Liabilidesi
$
xProp., plant and
Pattlson & Browns
16,962,467
equipment
16.357,334
Preferred stock_
200,000
446,050 Preferred stock.__10,145.700 10,185,700
Cash
368.095
yNotes & accounts
aCommon stock..: 1,978,552 1,970,552
5,314,214 4.941,846 Bonds & mtges...._ 3,495,800 4,143,407
receivable
1.513,340 2,606,007 Notes PaYable____ 5,296,418 5,887,304
Inventories
Comp. ins. funds,
Accounts payable
cash & marketand accrued.... 1,589,763 1,809,230
168,610 Contrilablor pur.
172,815
able securities
Leaseholds & inept.
of cap. stock_
306,500
to leased prop'y 201,588
Prov.for Fed.taxee
8,192
Accr. int. receiv__
prior years, &a_ 122,000
324,000 Unearned income_
Inv. instill. co-__ 324,000
15,997
14.747
411,635 Deferred liabilities 336,460
Other loans & Inv- . 86,845
431.597
455,249 Conting. & reserve
685,014
Other assets
347,813
1 Surplus
1
Good-will
1,879,607 1,602,699
Deferred charges__ 155,359
678,884
25,166.798 28,593,049
Total
Total
25,166,798 26,593,049
x After reserves for depreciation and deletion of $3,340,672 in 1932
and $3,044,310 in 1931. y After reserve of $140,168 in 1932 and $157,404
in 1931. z Represented by 395,711 shares (no par) in 1932 and 394,110
In 1931.-V. 135, p.3537.
United States Hoffman Machinery Co.-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1932.
1933.
AssetsLiabilities1933.
1932.
cPlant property.. $724,724 $825,012 Capital stock _ _ _d$1,111,017 664,632.181
Pit constr.& oqpt
77,418
73.124 Accounts payable
81,194,427
Patents
&accrued accts.,
1
Good-will
1
includ'g Fedeial
571,785 taxes(en.)
Cash
518.763
318,321
113.960
Notes & accts. rec. 1.736,239 2,339,467 Purch.money notes
50,018
Due fr. officers dr
Deposits on sect.of
15,972
employees
uncompl.sales_ _
5,240
7,875
57,726 Reserves for taxes
32,329
Prep'd & def. chugs.
773,812 1,143,865
inventories
and royalties
67,342
74,403
Deposits on leases,
Earned surplus
1,354,459 1,289,371
2,766 Capital surplus
contracts,&c
4,010
1,389,310
129,417
125,084
Investments
24,883
42,670
Treasury stock .._ Total
$4,051,024 $6,162,475
Total
$4,051,024 $6,362,475
a After deducting reserves of $2,234.677. b Authorized 223.334 shares
of no par value outstanding, 222.203 1-3 shares. c After deducting reserves
of $432,746 in 1933 and $120,000 in 1932. e Represented by shares has ing
a par value of 85.-V. 136, p. 1905.
United States Leather Co.-Earnings.
For income statement for three months ended March 31 see "Earnings
-V. 136, p. 2444.
Department" on a preceding page.
United Steel Works Corp. (Germany).-Bonds Drawn
for Redemption. •
Dillon, Read & Co., fiscal agent, announces that $300,000 of the 25
-year
% s. f. mtge. bonds, series A, and $109.000 of the same issue, series 0
have been drawn for redemption on June 1 out of monies to be paid before
that date to the fiscal agent for sinking fund purposes. Payment will be
made at par and int. at the office of Dillon, Read & Co. in Now York. At
. the option of holders, principal and interest may be collected in sterling at
-Earnings.Union Carbide & Carbon Corp.
the office of J. Henry Schroder & Co. at the exchange rate prevailing on the
For income statement for 3 months ended March 31 see "Earnings Dedate of presentation.
-V. 135, p•
•
,partment" on a preceding page.
-V. 136, p. 2811.
Union Oil Co. of California.
-To Buy $500,000 Se)
Series
-Treasurer J. M. Rust April 24 stated:
Bonds.
C
The company will buy up to a total of $500.000 face value of its 10
-year
5% sinking fund gold bonds, series C, due Feb. 1 1935, at par and int.
to date of delivery.
Offers must be made in writing to the Treasurer of the company. 1209
Union Oil Building, Los Angeles, Calif. on or before May 20 1933 at
12 o'clock noon Pacific Coast time and will be accepted In order of receipt
up to the maximum of $500,000.-V. 136. p 2811.
.
. Union Storage Co.
-Reduces Quarterly Payment.A quarterly dividend of 25 cents per share has been declared on the
-Common stock, par $25, payable May 10 to holders of record May 1.
This compares with 62M cents per share previously paid each quarter.
-V. 136. P. 1569.
United States Casualty Co.-Withdrawsfrom Canada.Notice has been given of the retirement of this compaly from Canada,
It having no outstanding policies of insurance in the Dominion.
The company will make application to the Minister of Finance of Canada
o.1 July 17 1933 for the release of its assets in Canada, and that any policy
holders in Canada opposing such release should file their opposition thereto
-V. 134. P. 4510.
with the Minister of Finance on or before the said date.
-To Decrease Capitalization,Stores Corp.
The stockholders will vote May 10 on approving (1) a proposed reduction
of the amount of the capital or the corporation represented by its outstanding $6 cum. cony. pref. stock, class A stock and common stock from
$13,225,331 to $7,375.768 by reducing the amount of capital represented
by each share of its outstanding $6 cum. cony. pref. stock from $35 er
share to $25 per share, by reducing the amount of capital represented by
each share or its outstanding class A stock from $10 per share to $5 per
-of capital represented by each share of
share, and by reducing the amount
its outstanding common stock from $1 per share to 50 cents per share and
(2) on decreasing the authorized capital stock (without any change in the
issued capital stock) from 21.000,000 shares, without par value, consisting
of 1,000,000 shares of $6 cum. cony. pref. stock, 5.000,000 shares of class
A stock and 15,000,000 shares of common stock. to 4,100,000 shares,
without par value, consisting of 101.800 shares or $6 cum. cony. pref.
stock, 1.1042.400 shares of class A stock and 2,955.800 shares of common
Universal Pictures Co., Inc.
-To Change Capital.
-
The stockholders at the adjourned annual and special meetings to be held
a ge n the company's capitalization.
on May 1 will vote on a propos
V. 135. p. 4400.
-New Director.Utah Copper Co.
-Cent Preferred Dividend.-50
United States Steel Corp.
At a meeting of the stockholders held on April 28, Seward Prosser was
elected in the place of John N. Steele, deceased.
-V. 136. p. 2629.
It was announced after the close of business on April 25
that the directors have declared a dividend of 50 cents per
:share on the 7% cum. pref. stock, par $100, payable May 29
holders of record May 1. A similar distribution was made
.tos
jhe directors have declared a semi-annual Dividend.
dividend of $1.75 per share
on the no par $5.50 cum, priority stock, payable June 1 to holders of
corporation had paid semi-annual dividends of
record May 15. The
$2.75
per share up to and incl. Dec. 1 1932.-V. 135, p. 3371.
Utility Equities Corp.
-Smaller
Financial Chronicle
Volume 136
Universal Pipe & Radiator Co.
-Meeting Postponed.
The annual meeting scheduled for April 20, at which stockholders were
to vote on a proposal to change the value of the common stock to Si par
from no par, has been adjourned until May 12. due tO the failure of twothirds of the stock to be represented at the meeting.
Consolidated Income Account for Calendar Years.
1932.
1931.
Loss fcom operations
$745,419
8155.386
Interest
234.113
236.352
Taxes
58,084
73,980
Depreciation .
15,147
35,041
Inventory adjustments
149,922
602.131
Property write-offs. &c
308.997
Net loss
Preferred dividends
$1,204,924
$1,409.648
45.063
1930.
x$176.157
259,745
78,181
52,781
y200.000
$414,550
182.700
Deficit
$1.204,924 $1,454.711
$597.250
x Profit including gain on purchase of own and subsidiary companies'
bonds. y Reserve for inventory adjustment.
Condensed Consolidated Balance Sheet Dec. 31.
Ands-1932.
Liabilities1932.
1931.
Cash
330,909 $143,821 Accounts payable.. $155,423
Trade accounts &
Notes payable__._ 790,000
notes receivable 167,123
534,185 Sundry payable &
Other accts., notes
accrued nab- _ _
140,434
repay. & sundry
Funded debt
3,335,520
advances
58,613 Due on parch. of
Inventories
1,292,107 1,933,160
employees'stock
41,387
:Land, buildings,
Res. for accidents,
plants,equipml,
contingenciesofec
62,209
miner. rights, &c 5,926,630 5,938,344 Cap.stock of subs- 406,942
Patents & goodwill
1
12,946
1 Deferred credits_
Mark. val. of sec.
7% cum. pref. stk. 2,610,493
held as collateral
41,125
168,750 YCommon stock 14,407,417
Treasury stock
296,601
13,687,336
232,657 Deficit
Bonds of subs_ _
166,083
137,260
Sundry invest'ts,
notes rec.&accts..
rec. (partially se19,157
cured)
27,532
Deferred Items... 335,750
395,967
1931.
$237,588
755,000
151,353
3,335,520
92,123
446,515
10,768
2,610,493
14,407,417
12,476.430
Venezuelan Oil Concessions Ltd.
-Final Dividend.The company has declared a final dividend of 734% (less tax) on the
ordinary shares, making a total of l24°7 for the year 1932, as compared
with 10% for the preceding year.
-V. 135. P. 3013.
Virginia Iron, Coal & Coke Co.-Earnings.-For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. P. 1737.
Waldorf System, Inc.
-Earnings.
1932.
1931.
1930.
1929.
813,884,281 815,546,963 $15.958,394 816,362,410
12,764,448 13,701.275 13.902,897 14,355,385
Income from operation $1,119,833 $1,845,688 $2,055,497 $2,007.025
Income credits
60,727
58.718
107,868
42,364
Gross Income
$1,162,197
Depreciation. amortiz'n
of leaseholds, Federal
and State taxes, &c_
717,947
Net income
Preferred dividends_
Common dividends
$1.906,415
825,563
$2,114,215 $2,114,893
898,648
909.347
'$444.250
$1,080,852 $1,215.567 $1,205,546
38,318
49.454
12.948
688,544
602.475
692.234
662.725
Balance,surplus
def$158,225
$405,179
$488,705
$463,858
Profit & loss surplus_ _ - - 3,086,626
3,082,654
2,598.272
3.542,180
Com.shs. outst.(no par)
438,419
x461.610
438.219
461.610
Earns, per sh.on corn_
$2.55
$2.46
$1.01
$2.50
x Includes 14,867 shares purchased during 1930 and held in treasury.
For income statement for three months ended March 31 see "Earnings
Department" on.a preceding page.
Consolidated Balance Sheet Dec. 31.
1932.
1932.
1931.
1931.
AssetsLiabilities8
$
$
Land and buildings 3,032,939 2,954,563 Common stock_ ...x3,108,300 3,108,300
Equip. & furniture 5,958,251 6.358.452 Accounts payable_ 485,814
385,871
Leaseholds
300,325
335,335 Wages accr., exp.
Cash
783,319
477,335
98,149
and taxes
168,184
Accts.& notes reo58,251
79.838 Fed. & State taxes 107,441
204.672
Inventories
636,641 Construc.contmcts
481,996
Com, stock held
incompleted.
4,180
In treasury
y210,519
504,001 Mtge. notes Pay- 1.025,500 1,069,000
Due from employ.
4.950
Dens, on subleases
2,850
stk. subscript'ns
65
30,933
Res,for conting.73.661
Due from employs
28,655
Res.for depreen__ 3,684,447 3.608,192
Mlscell. assets____
92,243
3,086,626 3,542.181
33,718 Surplus
Deposits to leases51,541
Deferred charges__
127,747
155,673
Good-will
540,532
540,532
17. S.Govt. bonds37.316
41,463
Total
11,632,161 12,167,092
Total
11,632,161 12,167,092
x 461.610 shares of no par value. y 23,391 shares at $9 per share.
-V. 136, p. 2630.
Warren Brothers Co. (& Wholly Owned
Earns.
-Cal, Years1932.
1931.
1929.
Gross income,&c
$4,100.210 c$9.212,035 $28,191.178 335.364 069
Cost,&c.,Incl. local tax- 4,156,514
8,541.200 14.640.543 31.634.986
Depreciation
166.202
210.078
1,165,270
1.153.097
Net Income
def$222.507 '8460.757 82,385.364 82,575.986
Other income
61,489,811 61.548,933
1.401.308
1,386.391
Total income- - ------ $1,267,304 82.009.690 $3,786,672 83.982,377
Int. & amortiz. charges_
520.806
585,909
246.793
290.848
Taxes,exchlosses & chgs
564,369
363.412
514.872
669,290
Net income
$935.515 43,025.008 $3,002.238
$317.983
First pref. dividends
20,285
55.476
119.025
Second pref. dividends
8.577
17.120
34,726
Convertible prof diva
116,302
76.203
Common dividends
591.077
1,372.341
940.380
Balance,surplus
$199,275 81,503.866 81.908.107
$3317.983
Corn, shs.outs.
(no par).
472.923
472,923
472,938
156,742
Earnings per share
$1.67
80.34
$6.08
$18.17
a On Oct. 30 1930 Warren Brothers Co. contracted to accept at 95%
of par value Republic of Cuba 534% gold notes (payable on or before
June 30 1935) in settlement of work on Cuban Central Highway unpaid
as of Sept. 30 1930. and to be completed subsequently. In the gross
Income for the year 1930 the provisional certificates providing for exchange
Into these gold notes and amounts receivable therein for contract value
of completed work are included at the issue price or 95% of par value
b Includes $590.205 ($630,022 in 1931)interest on Republic of Cuba
%
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
Assets
-3
Cash in banks and
Notes and loans
on hand
783,115 1,065,604
payable
Accts. receivable ) 391,7181 955.873 Accounts payable
Notes receivable__)
& accr. expenses 238,033
22.806
Road construction
352,961 Dividends payable
Interest receivable
38,965 Funded debt
7,663,246
Accts. & notes tee.
Reserves
1,724,725
(employees)_._
17,871 a $1 cum. 1st pref.
Inventories
153.486
206,992
stock
328,650
Govt. and munic.
b $1.16 2-3 cum.
oblig.& unpledg.
2d pref. stock
120,800
tax liens
13,327,243 14,089,341 c$3 cum. cony. .
Municipal tax__
1,540,860 2,100,509
pref. stock
1,41,250
Accts. & notes rec.
d Common stock_ 7,564,519
&c.(not curr.)__ 663,937
923,088 Surplus
f2,914.738
Investments.
3,725,790 4.975.673
e Land, bldgs., machinery equipm't
1,555,649 1,822,361
Deferred charges_ _ 344,150
496,995
Patents,
license
agreements, and
good-will
1
1
1931.
285,000
668,678
36,261
8,774,661
2,598,546
328,651)
120,800
1,947,800
7,564,519
4.744,127
Total
22,485,965 27,069,042
Total
22,435,965 27,069,042
a Represented by, 19,719 shares of no par value. b Represented by
7,248 shares of no par value. e Represented by 38,625 (28,956 in 1931)
no par shares. d Represented by 472,923 shares of no par value. e After
depreciation of $1,754,246 in 1932 and $1,635,511 in 1931. f Of which
$1.001.150 set apart in respect of outstanding funded debt.
Charles R. Gow, President, in his remarks to stockholders
for the year 1932, said in part:
;
Total
88,275,487 $9,570,347
$8,275,487 $9,570,347
Total
x After depreciation of $3,090,215 (83.093,314 In 1931) and after deducting $5,000,000 offset against stated value of no par common stock.
y Represented by 488,287.0145 shares and scrip (no par)
.-V.136. p.2630.
Calendar YearsTotal sales
Cost of sales
2991
gold notes and temporary certificates accrued for the year and payable
June 30 1933, and in 1931, $93,134 interest accrued on unpaid account of
Government of Cuba. c Gross income includes the contract value of the
portion of the Cuban highway completed during the year $2,269,311, for
which the company has accepted or agreed to accept Republic of Cuba
534% gold notes at 95% of par value.
During the year 1932 it was deemed advisable by the directors; to write
down the company's investments in controlled partially-owned companies
to the basis of net tangible depreciated value as of Dec. 31 1932. said
write-down being in the amount of 81.428.957. It was also deemed advisable to mark down•all assets and liabilities, other than fixed assets and
Canadian items, to current rates of exchange, whereas the fornter practice
has been to carry only current &wets and liabilities at current rates of
exchange, while all other items htve been included at par of exchange.
The portions of the unrealized loss on foreign exchange as or Dec. 31 1932,
which has been charged against surplus, amounted to 8718,415. Total
charges in 1932 against surplus $2,147.3,2.
...With few exceptions the operations of company and its wholly-owned
and controlled subsidiaries in the year 1932 have been confined to work
to be paid for in cash. This policy has resulted in a great reduction of
both foreign and domestic paving business in municipalities where, under
normal conditions, special assessment bonds and tax liens could be safely
accepted in payment for such work. In the earnings for the year 1932
there is included: Accrued interest on Republic of Cuba
% gold notes
payable June 30 1933, amounting to $590,204. and also the difference
between the purchase price and the par value of the company's 6% debentures and 534% gold notes, retired or held for retirement, amounting to
$302,225.
On the other hand charges were made against earnings, consisting of
the cost of final settlement with the Government of Cuba of the contract
completed in prior years, the loss on the sale of capital assets, and the unrealized loss in foreign exchange In addition to that charged to surplus.
which charges have little or no connection with 1932 business, aggregating
$313,337.
The settlement with the Government of Cuba involved the sale of equipment to the Government,full release from the six-year guarantee for maintenance of the work, and the elimination of the reserve set up for that purpose. In final settlement of the unpaid balance due, the company accepted notes of the Government of Cuba maturing at the rate of $50,000
per month from July 31 1932 to May 31 1935, aggregating $1,746,735„
which amount includes interest to maturity of the seveal notes. The
payment of these notes is guaranteed by the full faith and credit of the
Cuban Government and in addition they are secured by a pledge of certain
revenues from the ports which are considerably more than adequate for the
purpose. The notes which.have matured from July 31 1932 to Feb. 28
1933, aggregating $400.000, have been paid.
Cuban Obligations in Portfolio.
-As of Dec. 31 1932, the Cuban Government had paid in full for the contract work performed by Warren Brothers
Co. on the Central Highway in the years 1927 to 1931 inclusive, and said
contract is now completely liquidated. On the above date, Warren Brothers
Co. held in its portfolio obligations of the Cuban Government as follows:
Republic of Cuba 534% gold notes due June 30 1935 at 95ncipal
58,947.860
Accrued interest
1,079,314
Republic of Cuba 6% gold notes secured by a plefte of revenues
from the ports, maturing at the rate of $50,000 per month
at par less discount at the rate of6%.
1,152.397
Total
$11.179.572
Non-controlled Companies.
-In the 1931 annual report mention was made
of the organization a Bechtel-Kaiser-Warren Co. which has a substantial
interest in Six Companies, Inc_.. contractors with the Federal Government
'
for the building of the Hoover Dam across the Colorado River near Boulders
City, Nev. The work on this project has progressed rapidly and is more
than a year ahead of schedule. The several operations of Bechtel-KaiserWarren Co. and its wholly-earned subsidiary, Kaiser Paving Co., have
been very satisfactory. No portion of Warren Brothers Co.'s share of the
earnings of these and other non-controlled companies during the years
1931 and 1932, which share is in excess of 5600.000, is reflected in the profit
and loss account, as no dividends had been received from this source.
Financial.
-The consolidated companies had no bank loans or notes
payable. Current liabilities as of Dec 31 1932 (including accrued interest
on funded debt not due of $126.750) were 8238,037. The ratio of current
assets to current liabilities is 5.5 to 1. The ratio of current assets to current
liabilities is 13.7 to 1, if that portion of the portfolio maturing within one .
year is included.
On July 1 1932, Warren Brothers Co. of Argentina issued and sold
1.500.000 Argentine pesos of 7% serial debentures maturing from one
to ten years, which constitutes the only increase in funded debt during the
year. These serial debentures were issued against collateral consisting of
municipal tax liens received by the Argentine company in payment for contract work, which were deposited with the First National Bank of Boston.
Buenas Aires Branch, as trustee, in the amount of 120% of the face value
of the debentures. These notes together with other similar notes issued
duririg the past seven years are guaranteed both as to principal and interest
by Warren Brothers Co. and have at all times had a ready market in the
Argentine. Sinking fund requirements of these debentures have generally
been purchased at a small premium.
During the year the company purchased and retired $565,500
6% bonds at a discount of $302,225. The amount of bonds 534% and
purchased
exceeded the sinking fund requirements of both issues up to and including
March I 1933. by $65,500.
The changes in the portfolio of the consolidated companies during the
year are reflected in the following table:
Dec. 31 1931 portfolio
$16,189,849
Securities received and accrued interest.during 1932
3,296,160
Total
319.486,010
Securities sold or paid during 1932
2.880,620
Markdown of portfolio to current rates of exchange
*1,737.272
Dec. 31 1932. portfolir
514.868.117
• Partly offset by write-down of foreign liabilities to current rates of
exchange.
-V. 136. p. 2630
For other Investment News, .ee page 2995.
April 29 1933
Financial Chronicle
2992
geprorts and Pacnutents.
PUBLISHED AS •ADVERTISEM EN TS
UNION PACIFIC RAILROAD COMPANY
1932.
THIRTY-SIXTH ANNUAL REPORT—YEAR ENDED DECEMBER 31,
•
To the Stockholders of Union Pacific Railroad Company:
affairs of the Union Pacific Railroad ComThe Board of Directors submits the following report of the operations and
the Oregon Short Line Railroad Coinpany, whose entire
pany for the calendar year ended December 31, 1932, including
-Washington Railroad & Navigation Company,
capital stock is owned by the Union Pacific Railroad Company, the Oregon
by Directors) is owned by the Oregon Short Line Railroad
whose entire capital stock (except fifteen qualifying shares held
entire capital stock is owned, one half each, by
Company, and the Los Angeles & Salt Lake Railroad Company, whose
Railroad Company. For convenience, the four com_
the Union Pacific Railroad Company and the Oregon Short Line
panies are designated by the term "Union Pacific System."
INCOME.
of year and income for the calendar year 1932, compared with 1931, after excluding all
The operated mileage at close
Line Railroad Co., Oregon-Washington Railroad &
offsetting accounts between the Union Pacific Railroad Co., Oregon Short
Salt Lake Railroad Co., were as follows:
Navigation Co., and Los Angeles &
Calendar Year
1932.
t15.563.59
21.97
$1,14.812,397.13
78,983.117.63
$154,568,410.60
109.951.393.82
539,756.013.47
30.968,276.19
$35,829.279.50
10.591,036.98
13,746.64
$44,617.016.78
12.181,907.71
14,073.14
58.787.737.28
1,590,870.73
326.50
$25,224,495.88
$32,421,035.93
57,196.540.05
1.645,616.89
1.692.860.26
47,243.37
526.870,112.77
Total Mileage Operated
9,841.09
t1,562.95
t4.159.55
15.541.62
Operated Mileage at Close of Year.
Miles of road
main track
Miles of additional
Miles of yard tracks and sidings
Calendar Year
1931.
9,817.48
1,542.32
4,181.82
.
534,113,896.19
57.243,783.42
$6,657,309.60
2,200.266.19
$7,285.718.10
2,125.746.91
Increase.
Decrease.
23.61
20.63
22.27
Transportation Operations.
Operating revenues
Operating expenses
Revenues over expenses
Taxes
t
Uncollectible railway revenues •
. Railway Operating Income
Rents from use of joint tracks, yards, and terminal facilities
4..
!lire of equipment—debit balance
Rents for use of joint tracks, yards, and terminal facilities
•
%let Income from Transportation Operations
3628,408.50
$74,519.28
$8,857,575.79
59,411,465.01
5553,889.22
$18,012,536.98
•
$24,702,431.18
$6,689,894.20
•
Income fro;n Investments and Sources other
than Transportation Operations.
211,960,556.59
5,538,529.71
221,367.01
120,306.25
553.611.68
41,367.97
$10.823,023.20
5.837,941.45
175,666.72
120,035.92
580,766.83
134,598.51
$1,137,533.39
$18,435.739.21
$17.672.032.63
5763.706.58
536,448,276.19
31vidends on stocks owned
owned
nterist on bonds, notes. and equipment trust certificates
nterest on loans and open accounts—balance
tents from lease of road
vliscellaneous rents
iliscellaneous income
•
'
Total
•
rotal Income
$42,374,463.81
$299,411.74
45.700.29
270.33
27,155.15
93.230.54
$5,926,187.62
•
Fixed and Other Charges.
$15,136,201.82
515.012.021.43
14.674.59
11,920.48
1,166.275.32
789,445.80.
516,317,151.73
615,813,387.71
nterest on funded debt
itiscellaneous rents
Escellaneous charges
Total
$20,634,888.48
51.990,862.00
1,990,862.00
$3.981.724.00
Common stock:
2Si per cent paid April 1. 1932
1Si per cent paid July 1, 1932
I tl
cent
beu
1,11ydatryanri!iy131933
rz
15,560.370.00
22,229,100.00
$19,542,094.00
526.210.824.00
Total Dividends
!dance. Transferred to Profit and Loss
S1_092.794.48
*1153.511.92
•Debit.
$503.764.02
53.981.724.00
55,557.275.00
3,334.365.00
3.334,365.00
3,334,365.00
C
$26,067,312.08
let Income from All Sources
DISPOSITION OF NET INCOME.
13oividends on Stock of Union Pacific Railroad Co.:
Preferred stock:
2 per cent paid April 1, 1932
2 per cent paid October 1.1932
$124,180.39
2.754.11
376.829.52
$5,422,423.60
.
'
$6.668.730.00
56.668.730.00
11.2lA 505 An
t Restated.
increase of $4,747,423.14 in dividends
The increase in dividends on stocks owned of $1,137,533.39 was due principally to
of $3,609,889.75 in dividends on stocks of
on stock of the Pacific Fruit Express Company, partially offset by decrease
Fruit Express Company was subcompanies other than affiliated companies. The increased dividend from the Pacific
years, and this payment reduced the
stantially all paid out of surplus resulting from earnings of that company for prior
for decrease in the item "Nonnegotiable Debt to
amount of that company's deposit with the Union Pacific and accounts
d Companies" in the general balance sheet.
Affiliate
motor coach service by
The decrease in miscellaneous charges was chiefly in connection with operation of highway
companies.
affiliated
2993
Financial Chronicle
Volume 136
OPERATING RESULTS FOR YEAR 1932 COMPARED WITH YEAR 1931.
Calendar Year
1932.
Calendar Year
1931.
Decrease.
Per
Cent.
9,859.19
20.88
.2
$93,640,661.79
10,414,277.44
4,420.932.59
1.793,445.67
1.289,017.41
665,753.65
854,781.75
17,739.42
1.715,787.41
$124.180.281.26
16,077,211.29
4,860,340.07
2,692,748.75
2.514,779.91
402,900.67
1,037,598.07
51.868.43
2,750,682.15
$30.539,619.47
5,662.933.85
439.407.48
899,303.08
1.225,762.50
. 182.816.32
34.129.01
V034,894.74
24.6
35.2
9.0
33.4
48.7
65.2
17.6
65.8
37.6
$114,812.397.13
$154,568,410.60
$3.756.013.47
25.7
$10.240,310.76
19.218.329.27
$18.282,579.60
27.636.303.09
$8.042,268.84
8.417.973.82
44.0
30.5
$29,458,640.03
3.265,033.80
37,998.312.10
9,649.80
1,695,439.06
6,555,400.93
641.91
$45,918.882.69
4,261,215.58
48,975,024.70
21,837.73
2.794.640.15
7,985.791.94
5.998.97
$16,460,242 66
996.181.78
10,976,712.60
12,187.93
1.099.201.09
1,430.391.01
6.640.88
35.8
23.4
22.4
55.8
39.3
17.9
---
9,838.31
Average miles of road operated
Increase.
•
Operating Revenues.
1. Freight revenue
2. Passenger revenue
3. Mail revenue
4. Express revenue
5. Other passenger-train revenue
6. Other train revenue
7. Switching revenue
8. Waterline revenue
9. Other revenue
10.
Total operating revenues
Operating Expenses.
11. Maintenance of way and structures
12. Maintenance of equipment
13.
14.
15.
16.
17.
18.
19.
Total maintenance expenses
Traffic expenses
Transportation expenses-rail line
Transportation expenses-water line
Miscellaneous operations expenses
General expenses
Transportation for investment
-Credit
$262.852.98
$78,983,117.63
$109,951,393.82
$30,968,276 19
28.2
$35,829,279.50
$44,617,060.78
$8,787,737.28
19.7
$10.721,033.32
t129,996.34
$11,438,704.09
743,203.62
$717.670.77
873,199.96
6.3
---
810,591.036.98
$12,181,907.71
$1,590.870.73
13.1
$13,746.64
$14,073.14
$326.50
2.3
26. Railway operating income
27. Equipment rents (debit)
28. Joint facility rents (debit)
$25.224,495.88
6.657.309.60
554,649.30
$32,421.035.93
7.285,718.10
432,886.65
$7.196.540.05
628,408.50
22.2
8.6
28.1
29. Net railway operating income
$18,012,536.98
$24.702,431.18
$6.689,894.20
27.1
68.79
71.13
2.34
3.3
19,498,647
7,982.255,542
409.37
1 .158
$5.85
25,751,542
10,562,219.853
410.16
1.158
$6.87
6.252.895
2,579,964.311
.79
24.3
24.4
.2
$1.02
14.8
1,109,225
431,062,420
388.62
37.55
2.381
3.89
1,694,489
612,817.807
361.65
43.98
2.592
$1.14
585,264
181,755,387
34.5
29.7
7.5
14.6
8.1
21.9
51 44
11.70
20.
Total operating expenses
21. Revenues over expenses
Taxes.
22. State and county
23. Federal income and other federal
24.
Total taxes
25. Uncollectible railway revenues
-Operating expenses of operating revenues
Per Cent
•
$121,762.65
Freight Traffic (Commercial Freight only).
Tons of revenue freight carried
Ton-miles, revenue freight
Average distance hauled per ton (miles)
Average revenue per ton-mile (cents)
Average revenue per freight-train mile
,
Passenger Traffic (Excluding Motor Car).
Revenue passengers carried
Revenue passengers carried one mile
Average distance hauled per passenger (miles)
Average passengers per passenger-train mile
Average revenue per passenger-mile (cents)
Average revenue per passenger-train mile, passengers only
A odarein, tntAl reVeelle Tier TIfIRCenimr-frgain mile
Italics-Debit.
26.97
6.43
. .211
$.25
t 9A
1A ft
t Credit.
The decrease of $39,756,013.47 or 25.7% in "Operating Revenues" was due to a decrease in all traffic, attributable
to the further decline in business activities of all kinds.
There was a decrease of 24.4 per cent in net ton-miles of commercial freight carried, but the average revenue per tonmile was approximately the same as last year. The percentage decrease in tonnage of carload freight handled in each
general commodity group was:
20.07
Products of agriculture
12.06
Animals and products
23.35
Products of mines
47(37
Products of forests
26.96
Manufactures and miscellaneous
Tonnage of less than carload freight handled decrease 35.57 per cent.
There was a decrease of 29.7 per cent in revenue passengers carried One mile, and of 8.1 per cent in average revenue
per passenger mile, the latter resulting from reduced excursion and party rates made to encourage passenger travel.
The increase of $262,852.98 or 65.2% in "Other Train Revenue" was due to the combination rail-truck service under
contract with Union Pacific Stages, Inc. (referred to in last year's report) being in operation for the full year 1932 but only
for a Part of the previous year.
The decrease of $30,968,276.19 or 28.2% in "Operating Expenses" was due principally to a decrease of 11.1 per cent
in freight-train miles by reason of the smaller volume of freight traffic, and to decreases of 17.6 per cent and 10.1 per cent,
respectively, in passenger-train and rail motor-car miles effected by consolidating several main line through passenger trains
between certain intermediate points and by discontinuing many other passenger trains and rail motor cars which could
not be operated profitably, with a consequent reduction in transportation expenses, the lesser use of roadway and track
and of equipment occasioned by the decrease in train mileage making possible also a reduction in maintenance expenses.
Other reasons for the decrease were; a reduction of 10 per cent in salaries and wages of all officers and employes, effective
February 1, 1932; rearrangement of forces at various locations; curtailment of dining-car, hotel and restaurant operations
because of the decline in passenger traffic; decreased expenditures for advertising, and a change, effective July 1, 1932,
in the employes' group life insurance plan whereby premiums paid by the company were reduced. Way and structures
and equipment were adequately maintained for the volume of traffic handled.
An analysis by classes of the decrease of $1,590,870.73 or 13.1% in "Taxes" is shown in the table. The decrease in
State and county taxes resulted principally from decreases in several States in assessments and tax levies. The decrease
in Federal income and other Federal taxed was due principally to a decrease in taxable income and to an adjustment in
connection with accruals for prior years.
The decrease of $628,408.50 or 8.6% in "Equipment Rents (Debit)" was due chiefly to a decrease in mileage payments to private car lines, partially offset by a decrease in net receipts for per diem on railroad owned equipment, because
of the decline in freight traffic.
The incrase of $121,762.65 or 28.1% in "Joint Facility Rents (Debit)" was principally in rentals paid for use of terminal facilities at Portland, Oregon, which last year were less than normal because of adjustments.
2994
Financial Chronicle
April 29 1933
GENERAL BALANCE SHEET-ASSETS.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., OreganWashington,Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
December 31,
1932.
$924,863,535.33
Investments:
Road and Equipment
Less:
Receipts from improvement and equipmentfund
Appropriations from income and surplus prior to July 1, 19 17,
credited to this account
December 31,
1931.
$925,569,583.78
$23.823,091.13
$23,823,091.13
Increase.
Decrease.
$706.048.45
/3,037.835.55
$61,078,766.07
11.474,897.90
$90,843,611.73
78,471.139.11
1169,314.750.84
59,092.094.35
$23,982,664.88
$26.982.664.88
$300000000
$189,921.91
703. Sinking funds
$22,611,361.53
19,388,316.94
19,079,087.60
5160.222,656.49
Total
1209,146.73
$84.688,169.36
75.534,487.13
United States Government Bonds and Notes
$2.803,992.73
$62,553.663.97
Total
19.804.18
199,342.55
$22,522,147.03
17,914,593.79
22,116.923.15
707. Investments in other companies:
Stocks
Bonds, notes, and equipment trust certificates
$455,710.62
2.348,282.11
$3,013,139.46
Total
706. Investments in affiliated companies:
Stocks
Bonds, notes. and equipment trust certificates
Advances
$37,133,327.65
3888,436,256.13
1465,514.80
2,547,624.66
704. Deposits in lieu of mortgaged property sold
705. Miscellaneous physical property
13,310.236.52
$37,133,327.65
3887,730,207.68
Total
701. Investment in road and equipment
13,310,236.52
1181,618.00
3706,048.46
56,155,442.37
2.936,651.98
$8.303.91
51,137,692,254.39 31,148,798,048.66
Total Investments
Current Assets:
708. Cash
709. Demand loans and deposits
710. Time drafts and deposits
711. Special deposits
712. Loans and bills receivable
713. Traffic and car service balances receivable
714. Net balance receivable from agents and conductors
715. Miscellaneous accounts receivable
716. Material and supplies
717. Interest and dividends receivable
718. Rents receivable
719. Other current assets:
Baltimore & Ohio Railroad Co. capital stock applicable to paymen t
of extra dividend of 1914
Miscellaneous items
$89,214.50
1.473.723.15
511,105,794.26
m563.479.00
65,404.54
63.125.13
18,249.40
2.467,060.89
747,818.71
3.407,570.40
13,734.688.32
1,493.300.31
165,923.48
57.739.23
14,314.17
2,998,070.98
832,426.23
3,947,673.53
15.849,039.11
1,583,609.15
178,237.12
118,930.20
8.273.14
119,642.20
13.841.54
-143.035,312.84
142,526,082.58
$60,676.01
$72.142.95
2,343.24
2.521.070.59
1635.76
111,730.26
52.696,455.86
52,595.556.78
5100.899.08
$2.877.92
890.074.76
1,695.352.29
$4,333.79
921,768.80
1,842,514.88
$1,455.87
31,694.04
147.162.59
$2,588.304.97
•
$12,181,489.32
4,750.000.00
2,979.00
2,632,800.85
Total Current Assets
Deferred Assets:
720 Working fund advances
722. Other deferred assets:
Land contracts, as per contra
Miscellaneous items
/20,744,968.32
$2,768,617.47
$180,312.50
510.675 977_11
•
•
Total Deferred Assets
Unadjusted Debits:
723. Rents and insurance premiums paid in advance
725. Discount on funded debt
727. Other unadjusted debits
Total Unadjusted Debits
•
-
65,404.54
5,385.90
3,935.23
531,010.09
84,607.52
540,103.13
2,114.350.79
90,308.84
12,313.64
712.00
5,568.40
$509.230.26
$11.466.94
51,186,012,328.06 31,196,688,306.48
Grand Total
$4.750.000.00
GENERAL BALANCE SHEET-LIABILITIES.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co.,OregonWashington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
1
December 31,
1932.
December 31,
1931.
•
Increase. •
Decrease.
751. Capital Stock
Common stock
Preferred stock
$222,292.500.00
3222,292.500.00 .
99,543,100.00
99.543,100.00
Total Capital Stock
755. Funded Debt
1321.835,600.00
355,421.710.00
5321.835.600.00
357,659.725.00
52,238,015.00
5677.257.310.00
5679.495,325.00
12,238.015.00
Total
.
754. Grants in Aid of Construction
757. Nonnegotiable Debt to Affiliated Companies
31,257.596.11
.322,738.011.17
11.238.199.75
5,188,517.66
156,748.98
$1,508,369.33
6.606,119.72
133,774.35
122,974.63
102,755.29
4.516.715.40
92,548.54
4.516.702.50
10,206.75
12.90
Y3318,238.72
$4.264,279.23
4270.169.58
'U$270.169.58
1 1.417.602.06
.
320,895.947.46
$3.919.430.55
12.979.00
1.660,000.00
7.815.330.01
5.308.520.65
$2,343.24
1.660,000.00
.7,942.725.36
6,392.478.36
$14,786,829.66
515.997.546.96
$4,847.793.78
85.479.968.95
$525.567.49
6,310,089.68
828.033.09
1.512.860.94
503.062.52
192.668.656.76
$7.142,426.06
$828,663,087.44
Total Liabilities
727.11
J.222.910.00
1,025 00
24,397.72
9.185.96
844.90
599.811,082.82
Total Unadjusted Credits
5.762.50
128,838.92
5,557.275.00
Q5.325.00
1,503.380.41
606,450.52
81.597.17
1,331.095.61
1,316.567.31
IiInadjusted Credits:
773. Insurance reserve:
Reserve for fire insurance
776. Reserve for depreciation
778. Other unadjusted credits:
Contingent Interest
Miscellaneous items
135.566.00
128.111.81
3.334.365.00
24,300.00
1,478,982.69
597,264.56
80,752.27
$5.373,361.27
91,790.058.63
)eferred Liabilities:
770. Other deferred liabilities:
Principal of deferred payments on land contracts, as per contra
Contracts for purchase of real estate
• Miscellaneous items
771. Tax liability
Total Deferred Liabilities
129,803.50
116.976.516.91
Total Current Liabilities
5939.357.39
318,473,731.94
:urrent Liabilities:
759. Traffic and car service balances payable
760. Audited accounts and wages payable
761. Miscellaneous accounts payable
762. Interest matured unpaid:
Coupons matured, but not presented
Coupons and interest on registered bonds, due first proximo
763. Dividend's matured unpaid:
Dividends due but uncalled for
Extra dividend on common stock declared January 8. 1914, payable
to stockholders of record March 2. 1914, unpaid
Dividend on common stock payable third proximo
764. Funded debt matured unpaid
788. Unmatured interest accrued
767. Unmatured rents accrued
768. Other current llabilities
•
•
$832,734,844.74
1635.76
-------IL - -_ _
3127.395.35
1083,957.71
31.210,717.30
$196.293.63
$4,171,777.30
-.
2995
Financial Chronicle
Volume 136
-LIABILITIES (Concluded)
GENERAL BALANCE SHEET
December 31,
1932. '
December 31,
1931.
Increase.
$30.569,006.99
34,972,570.88
536,828.66
193,849.27
$30,544,279.78
34,972,570.88
536,828.66
185.542.67
t$24,727.21
S66,272,255.811
269,504,110.60
$66,239.221.99
266,041,344.53
$33.833.81
6325,776,366.40
•
$332,280,566.52
Decrease.
•
Surplus:
Appropriated for additions and betterments
Reserve for depreciation of securities
Funded debt retired through income and surplus
Sinking fund reserves
Total Appropriated Surplus
784. Profit and Loss
-Credit Balance
r
Total Surplus
8,306.60
36,537,233.93
66.504,200.12
•
As this consolidated balance sheet excludes all intercompany items, securities
of the Los Angeles & Salt Lake Railroad Company owned by other System
companies are not included. The difference between the par and face
.
value of such securities as carried on the books of the Los Angeles & Salt
Lake (less unextinguished discount on the bonds and discount charged to
Profit and Loss but added back in consolidating the accounts) and the
amounts at which the securities are carried on the books of the owning
631,672,894.22
$31,672,894.22
System companies is set up here to balance
11.186_012.229_0a 31.196.688.305.48
310.675.977.42
(1.....A .r......1
1' These amounts respectively represent donations made during the year by Federal Government. States, counties and municipalities and by Individuals
and companies in part payment for improvements, such as road crossings, drainage projects, and industry spur tracks, the cost of which was charged
to "Investment in Road and Equipment." These amounts are so accounted for to conform with regulations of the Interstate Commerce Commission.
* This amount was stated as a current liability in last year's report but is now restated as above in accordance with a ruling of the Interstate Commerce Commission.
Expenditures chargeaole to Investment in Road and Equipment were:
$3,077,388.44
Additions and Betterments (excluding equipment)
376,285.63
Equipment
$3,453,674.01
Total
Against which there was credited for retirements and adjustments (excluding transfers of property to wholly owned subsidiaries):
$1.512.743.28
Cost of property retired from service and not to be replaced
86,581.18
Cost of real estate retired
676.858.29
Cost of equipment retired from service
45,413.73
Adjustments-extensions and branches completed in previous years
2,321,596.48
Total
$1,132,071.69
Net in
in "Investment.in Road and Equipment"(excluding transfers of property to wholly owned subsidiaries)
Credit to "Investment in Road and Equipment" for cost a property (principally industrial property) transferred to wholly owned sub1,838,126.04
sidiaries and charged to their property investnient accounts
$706,048.45
Net decrease in "Investment in Road and Equipment"
On authority of the Interstate Commerce Commission, the following branch line mileage was abandoned during the
year, because of unprofitable operations:
Miles of
Main Track.
I. C. C.Finance
Docket Number.
• Mendon to College Spur, Utah
Bell, Washington, to Amwaco. Idaho
Beaver to Jefferson, Idaho
Wilson to Lucerne. Utah
Moody to Hinckley, Utah
Total
-----------
Watab Paper Co.
-Smaller Preferred Dividend.
A dividend of $1 per share has been declared on the 8% corn. pref. stock,
par $100, payable May 15 to holders of record the same date. Previously
the company made regular cmartery distributions of $2 per share on this
issue.
-V. 118. P. 679.
Westinghouse Air Brake Co.
-Earnings.
-
For income statement for three months ended March 31 see "Earnings
Department' on a preceding page -V. 136. p. 2087, 1907, 1395.
-Earnings.
Westinghouse Electric & Mfg. Co.
For income statement for three months ended March 31 see"Earnings
Department" on a preceding page.
-V. 136, p. 2630.
West Michigan Dock & Market Corp.
-R.F. C. Loan.
The Reconstruction Finance Corporation April 20 agreed to purchase up
to $650,000 of bonds of the corporation when and if it is organized, to aid
in financing construction of docks (including transit sheds, passenger and
office building) and a public market with appurtenant facilities, at Muskegon, Mich. The bonds will have a 6% interest rate, and be purchased at
a price to yield
% to maturity.
An average of 525 men will be employed 30 hours per week directly on
the project for five months. It is estimated that materials costing $426,000
will be used, which will provide additional indirect employment.
White Rock Mineral Springs Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings
partment" on a preceding page.
2636.
-V. 136, p.
Wilcox-Rich Corp.
-Earnings.
For
De-
income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. P. 1907.
Worcester (Mass.) Woolen Mill Co.
-Dissolution.
-
Supreme Court Judge David Dillon at Worcester has ordered dissolution
of the company on petition of stockholders. The company, now inoperative, is represented as having neither liabilities nor assets.
-V. 130.
p. 4627.
Yale & Towne Mfg. Co.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 136. p. 2230.
-Earnings.
Youngstown Sheet & Tube Co.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page -V. 136. p. 2064.
(L. A.) Young Spring & Wire Corp.(8c Subs.).
-Earns.
Years Ended Dec. 31Sales
Returns. discts. & allow.
Coat of sales
1932.
Gross profit from sales
Other income
$508,034
138,848
Total profit
Selling,shipping and gen.
administration expa_ _
Depreciation
Interest charges & bond
discount and expense..
Exp. In connection with
Increase in cap. stock..
Prov. for Federal and
Canadian Inc. taxes_
$646.882 61.374.457 32,468.420 $3,678.157
963.964
1.128,942
747,974
602,439
221,364
37.181
47,494
36.145
19,302
Net profit
Dividends paid
1931.
Not
Reported
loss$19t,223
388,198
1930.
y1929.
$11,038,019 $15..336.076
See x
202,273
8,564,608 11,657,919
$2.271,139 $3.678,157
197.281
19,195
68,600
171,900
269,500
$521,738 $1,295,375 $2,213,026
1,166,847 x1,101,600
873.445
Balance,surplus
$128.528 $1,111,426
def$584,421 def$351,707
Shs. corn. outst.(no par)
412,500
412,500
412.500
412,500
Earnings per share
$3.14
$1.26
$5.36
Nil
x In addition the company paid a 25% stock dividend amounting to
61,072,500. y After deducting returns, discounts and allowances.
Quarterly Earnings.
-For income statement for three months ended
March see "Earnings Department- on a preceding page.
2.78
14.21
8.31
5.07
3.35 •
33.72
9518
9489
9490
9538
9538
-%
AssetsCash
U. Et, 4th Liberty
Loan bonds._ _ _
Notes & accts. rec.
Employees notes &
accounts reo'ble
Cash surr. val. of
life ins. policies_
Acer'd int. & royalties receivable_
Inventory
Stock of corporat'n
Coll, loan, secured
Misc, Investments
Sinking fund
b Land, bldgs.,maohinery & equip_
Patents
Good-will
Deferred charges._
Consolidated Balance Sheet Dec. 31.
1932,
1931.
$369,234 $545,055 Accounts payable_
Accrued payrolls,
570,154
833,206 insurance, int.,
471,550
589,716 &c
Dividend payable_
288,864
286,651 Reserve for Federal
& Canadian in6,800
5,550 come tax
First mtge. 5)6%
a7,084
9,044
bonds
771,031
803,611 c Capital stock__
546,795
546,795 Earned surplus_ _
720,000
720,000
22,365
26,975
60,899
60,442
Miles of Yard
Tracks andSidings
1.51
.55
.87
.31
3.24
1932.
$137,280
57,800
97,050
1931.
$170,979
•
65.863
97,050
68,600
4
223,500
314,000
5,587,500 5,587,500
1,514,599 2,283,119
3,355,291 3,715,253
1
275,069
153,043
1
275,069
168,988
7,617,729 88,586,811
Total
Total
'$7,617,729 28.586,811
a Accrued interest receivable only. b After deducting $1,932,541
in 1981. c Represented
reserve for depreciation in 1932 and 51,900,_551
by 412,500 shares (no par).
-V. 136, p. 1737.
-Earnings.
Zonite Products Corp.(& Subs.).
Calendar Years1932.
1931.
Profits before deduct, int, charges, providon for
$787.224 $1,148.253
depreciation & income taxes
Interest charges
,
'
77,250
Provision for depreciation
74,749
Provision for income taxes
110,288
115,745
$563,400 ---fit7 7,3,1
Net profit
Divs, paid on cap, stock of Zonite Prod. Corp. in
hands of public
459.142
833,451
Prov. for unrealized losses on foreign exchange in
England & Canada
49,580
Balancesurplus
9104,258
970,145
Quarterly Earnings.
-For income statement for three months ended
March 31 see "Earnings Department" on a preceding Page.
Consolidated Balance Sheet Dec. 31.
AssetsLiabilities1932.
1932.
b1931.
b1931.
Cash
$100,158 $105,622 Notes payable_
$4,000
Custom's sects.ree. 223,222
241,032 Aeota. pay.& seer.
Officers At employ.
expenses
2393.347
370.588
accts. roe
109,918
69,554 Prov.for Ine. taxes 110,000
115,845
Sundry accts. ree_
10,126
10,466 Empl. paymtts on
Inventories
376,234 subs. to cap. stk.
318,082
630
a64,281 Mortgages payable
Treasury stock _ _ _ e197,030
47,000
57,000
Investm't in stocks
Res. for eontg. Rah
12,500
12,500
of other cos__
19,996
1,108 Contr. oblig. pay.
Prop, held for sale_ 143,008
142,474 in guar.
37,800
C Land,bidgs., mad Capital stock_ __ 845,556
845,556
chinery, &c
773,842
800,145 Capital surplus_ __ 633,322
673,830
Agmel develop met 281,786
276,929 Earned surplus_ __ 174,404
70.146
Pats.,trade-marks,
goodwill, organization esps., Ace
1
1
Prepaid rent, taxes
es other expenses
31,561
18,857
Adv. supplies &
prepaid advertis
45,198
43,390
Total
$2,253,930 $2,150,095 Total
$2,253,930 $2,150,095
a 5,813 shares at cost (incl. 160 shares held for employees' subscriptions).
b Giving effect as of that date to I) the acquisition of the entire outstanding cap,stock of Annette's Perfect Cleanser Co. in exchange for 18,000
shares of treasury stock. and (2) the acquisition of land and building in
New York City In lieu of 2d mtge, previously held. c After depreciation
of $273,208 in 1932 and $201,453 in 1931. d Represented by 845,556
shares of $1 par value stock in 1932 and no par stock in 1931. *28.347
shares at cost
136, p. 2087.
Financial Chronicle
2996
April 29 1933
THE DELAWARE AND HUDSON COMPANY
ONE HUNDRED AND THIRD ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31, 1932.
New York, N. Y., March 16, 193S.
To the Stockholders of
The Delaware and Hudson Company: •
The following statement presents a consolidated income
account of your company and its subsidiary companies f'or
the year 1932, with inter-corporate transactions eliminated:
Revenues:
$23,770.567.39
Transportation Revenues
Coal, Iron and Miscellaneous Sales and Revenues from
24,434,239.52
Miscellaneous Operations
2.361,573.89
Income from Investments
250,566.380.80
Total
Expenses:
$21,913,012.22
Transportation Expenses
Coal, Iron and Miscellaneous Sales and Expenses of
23.160.758.06
Miscellaneous Operations
245,073,770.28
Total
25.492,610.52
Net Revenues
2.687,681.93
Taxes
$2,804,928.59
Net Revenues after Taxes
Other Additions to Income:
$61,333.83
Miscellaneous Interest
Miscellaneous Income Credits
1.163,889.49
$1,225,223.32
Total
Other Deductions from Income:
21,776,874.41
Rent for Leased Roads
4,093,709.45
Interest on Funded Debt
274,833.19
Interest on Unfunded Debt
Miscellaneous Income Charges
862,656.46
$7,008,073.51
Total
Deficit before Depreciation, Depletion and Retirements_ $2,977,921.60
Depreciation, Depletion and Retirements
2,446,977.74
Net Deficit
$5.424.899.34
CONSOLIDATED GENERAL BALANCE SHEET—
DECEMBER 31, 1932
(Inter-Corporate Items Eliminated)
ASSETS
Current Assets:
$1,582,471.81
Cash in banks and on hand
Working funds
21,511.35
,
53,403,304.59
Marketable stocks and bonds at cost957,942.29
Loans receivable
517,361.58
Interest and dividends receivable
5,713,748.85
Accounts receivable
1,484,284.91
Inventories—manufactured products_ _- _
Material and supplies for maintenance,
5,957,616.63
operation or construction
Other current assets
138,741.75 $69,777,013.76
Deferred Assets:
Deferred assets
389,520.68
Investments:
Investment in property
$198,114,232.24
Miscellaneous investments
5,768.660.01 203,882,892.25
Sinking Funds and Special Deposits:
•
Sinking funds and special deposits—
Total funds and deposits
24,364.351.87
Less inter-corporate bonds held in funds 3.205.745.75 .1.158,606.12
Deferred Charges:
Deferred charges to income or surplus
2.476.138.77
Total Assets
$277,684,171.58
LIABILITIES
Current Liabilities:
Loans payable_
$8,521,000.00
Interest and dividends payable
779,816.58
Matured bonds payable
13,000.00
Wages payable
1,636,832.26
Other accounts payable
5,686,275.61 216,636,924.45
Accrued Liabilities:
21,574,938.98
Accrued taxes
Accrued liability for personal injuries and
1,843,094.98 • 3,418,033.96
damages
Long Term Debt:
Bonds and mortgages payable—
Total issued
$96,509,236.92
Less bonds held in sinking and other funds_
5,831.000.00 290.678,236.92
Indebtedness to State of New York for
grade crossings eliminated for which
final accounting has been made
63.722.50 90.741,959.42
Reserves:
Reserves for depletion and depreciation._ _ $29,694,213.87
Reserves for fire losses
954,393.22
Other reserves
876.033.09 31.524,640.18
Deferred Liabilities:
Grade crossing elimination projects subject to future
settlement with State of New York under state aid
provision of Grade Crossing Elimination Act
1,924,463.20
Deferred Credits:
Deferred credits to income or surplus
138,338.49
Capital Stock and Surplus:
Capital stock in hands of public
$51.129,150.00
Corporate surplus
82.170.661.88 133,299.811.88
Total Liabilities
$277.684,171.58
COMPARATIVE INCOME ACCOUNT—YEARS 1932
AND 1931
Items.
1932.
1931.
Income from investment funds:
804,989.16 893,566.25
Dividends on stocks
1.547.634.01 1,937,036.35
Interest on bonds
Interest on loans and special
58.757.45
deposits
84,835.94
Net profits from sales of se275,797.04
curities
Total
Total
Total
Gross income
—88.577.10
—389,402.34
—26.078.49
—275.797.04
2,411,380.61 3,191,235.58 --779,854.97
Income from investment in affiliated companies:
Dividends on stocks
• Interest on bonds
- 81778
8
Interest on loans and advances 1.395, Other Income:
interest on bank balances
Miscellaneous
Increase(+)
Decrease (—).
84.000.00
—84,000.00
1,120.00
—1,120.00
331,127.86 +1,064,757.89
1,395,885.75
416,247.86
+979.637.89
2,245.70
3.814.77
257.50
—1,569.07
--257.50
2,245.70
4,072.27
—1.826.57
3,809,512.06 3,611,555.71
+197.956.35
Deductions from gross income:
General office salaries and ex126,925.82
penses
102,888.36
Other expenses
162.224.39
Tax accruals
Interest on unfunded debt_ _ _ _ • 108,07&49
567.19
Other income debits
152,280.08
105,556.55
87,221.05
23,766.87
8,489.92
—25,354.26
—2,668.19
+75,003.34
+84,311.62
—7,922.73
500,684.25
377,314.47
+123.369.78
Total
Net income
3,308.827.81 3.234.241.24
+74,586.57
GENERAL BALANCE SHEET—DEC. 31
1932-1931
1932.
1931.
_
Increase(+)
Increase (—)•
$
Assets-.
$
$
Investment Funds:
Marketable stocks and
54.489,255.82 56,144,225.94-1,654,970.12
bonds, at cost
(Market value at Dec.
31, 1932. 233,750,000.
Market value at Mar.
16, 1933, the date of
this report, $33,900.000.)
756,522.39
rime and demand loans_--899,817.68 —143,295.29
1,148.444.88 1,127.996.36
tccounts receivable
+20,448.52
35.582.31
Dash in banks and on hand
—90.168.20
125,740.51
ws
3pecial reserve fund semi578,510.25
ties—at cost
+91,188.75
487,321.50
(Market value at Dec. 31
1932. 2308.000.)
:nvestments in and advances
•
and loans to affiliated companies,exclusive of marketable bonds, at cost of 22,162.518.10,included above
57,650,650.96 51.150,286.44 +6,500,364.52
as investment funds
114.658.966.61 109,935,388.43 +4,723,578.18
Liabilities—
4,412,000.00
rime loans payable
+4,412,000.00
771.440.94
kccounts payable
75,890.96 +695,549.98
102,739.50
)ividends payable
132,732.00
—29,992.50
)eferred liabilities & reserves 1,122.381.90
823,658.61 +298,723.29
Japital Stock and Surplus:
.
Stock—Authorized
Capital
557,115 shares: Issued
515.739 shares at par
51,573,900.00 51,573,900.00
of $100 each
Surplus, including premium on capital stock
56,676.504.27 57,329,206.86 —652,702.69
of $4,535,450
Total Capital Stock
108,250.404.27 108,903,106.86 —652,702.50
and Surplus
1ontingent Liabilities:
The Company has obliga•
tions issued and / or as
sinned in respect of prin.
ripe!,interest,dividends,
and rentals as indicated
on Tables 1 and 4. The
Delaware and Hudson
Corporation
Railroad
has agreed to indemnify
the company against any
claims with respect to
the obligations shown on
Table 4.
•
114.658.966.61 Ina ORA .1122 Al _LA nog m,a va
CERTIFICATE.
GENERAL REMARKS.
We have examined the books and accounts of The Dela,
CAPITAL STOCK
ware and Hudson Company for the year ended December 31,
The par value of the capital stock of The Delaware and
1932, and have reviewed the various reports of its affiliated
Hudson Company outstanding December 31, 1932, was
companies.
We inspected the securities on hand. Those in the pos- $51,573,900, there having been no change during the year.
session of fiscal agents were verified by confirmations reDIVIDENDS
ceived from the holders thereof.
Dividends for the year 1932 were declared out of surplus,
Bonds of an affiliated company included under the caption payable quarterly, at the rate
of Investment Funds at the cost of $1,093,000.00, for which cent on March twenty-first andof two and one-quarter per
June
no market values were obtainable at December 31, 1932, rate of one and one-half per cent ,on twentieth, and at the
September twentieth
were appraised by the company at cost.
and December twentieth, amounting in the aggregate to
On the basis indicated therein we are of the opinion that $3,868,042.50.
the above Balance Sheet as of December 31, 1932, correctly
The earnings of the subsidiary companies for the year
shows the financial position of the company at that date.
were, in common with the business of the country generally,
STAGG, MATHER & HOUGH,
unsatisfactory. Early in 1933, the Board of Managers,
Public Accountants.,
141 Broadway, New York,
therefore, deemed it an act of prudence to suspend, it is to
March 16, 1933.
be hoped only temporarily, the declaration of dividends.
2997
Financial Chronicle
Volume 136
INVESTMENTS
The Company has acquired 495,000 shares of capital
stock of The New York Central Railroad Company at a
cost of $11,065,350.
STEAM RAILROADS
THE DELAWARE AND HUDSON RAILROAD CORPORATION
CAPITAL STOCK
The capital stock of The Delaware and Hudson Railroad
Corporation, outstanding December 31, 1932, was 515,740
common shares of no par value, there having been no change
during the year.
FUNDED DEBT
The total funded debt of The Delaware and Hudson Railroad Corporation, outstanding December 31, 1932, was
$59,140,850, a decrease during the year of $265,400. The
outstanding Equipment Six Per Cent Gold Notes, Series A,
issued to pay for 1,500 freight cars allocated to The Delaware and Hudson Company by the United States Railroad
Administration in 1920, and assumed by the Railroad
Corporation in 1930, were decreased to the extent of $265,400
by the payment of the installment due on January 15, 1932.
SINKING FUND
The sum of $490,000, being one per cent of the par value
of the First and Refunding Mortgage Gold Bonds outstanding
on June 1, 1932, was paid during the year to the Trustee
under the mortgage securing that issue, making a total so
paid to December 31, 1932, of $9,222,430. The sum paid
was expended in additions and betterments to the mortgaged
property, in accordance with the trus% agreement.
DIVIDENDS.
There were no dividends declared or paid upon the capital
stock of The Delaware and Hudson Railroad Corporation
during the year 1932.
OPERATING REVENUES
Traffic expenses decreased $76,780, or 11.16 per cent.
Transportation expenses decreased $1,688,959, or 14.70
per cent. This decrease was brought about principally by
a reduction of 21.58 per cent in the cost of locomotive fuel
and 13.53 per cent in wages due in part to the reduced
volume of business. Generally there were decreases in
other items of expense, although at lower ratios in those
elements of cost not directly responsive to volume of traffic
handled. Savings were effected through the closing of a
number of stations and the discontinuance of certain unproductive passenger trains.
Expenses of miscellaneous operations decreased $17,883,
or 14.08 per cent. This decrease was due principally to
reduced Dining and Buffet servide expense due to decrease
in business.
General expenses decreased 2,462, or 4.60 per cent.
NET RAILWAY OPERATING INCOME
Net railway operating income for 1932 showed a deficit
in the amount of $67,043, as compared with net railway
operating income for 1931 of $4,231,390, a decrease of
$4,298,433. This decrease is primarily attributable to the
diminished traffic movement resulting from the adverse
business conditions that continue to exist throughout the
country. The operating ratio of The Delaware and Hudson
Railroad Corporation in 1932 was 96.15 per cent, while in
1931, it was 83.98 per cent.
HIRE OF FREIGHT CARS
The ear hire balance for 1932 was $90,136 in favor of
The Delaware and Hudson Railroad, a decrease under 1931
of $93,898, or 51.02 per cent. Payments for the use of
freight cars of others amounted to $1,095,056, while there
was received from other railroads for the use of Delaware
and Hudson cars, the total of $1,185,192.
TAXES
The taxes for the year 1932 were $998,097 compared with
$1,049,912 for 1931. The charges for tax liability for the
two years, as accrued in the accounts, were for 1932 $957,379
and for 1931 $788,461. The difference between the figures
for actual taxes and those for the accruals in the accounts
are due to adjustments of estimates of taxes for one year in
the accounts for the subsequent year.
During the so-called prosperous year of 1929, the Class I
railroads paid taxes on an average of approximately $1,100,000 per day, and in 1932 the payment was reduced to approximately $750,000 per day. This decrease does not
represent a lessening of the relative tax burden of the railroads
of the United States when it is considered that in 1929 taxes
FREIGHT REVENUES
whereas in
The freight revenues amounted to $20,137,816, a decrease absorbed 6.3 cents of every dollar of revenue,
revenue.
1931 of $6,326,425, or 23.91 per cent. This rate of 1932 taxes absorbed 8.8 cents of every dollar of
from
While the revenue of the Class I railroads decreased 25%
decrease applied generally to all important classes of traffic
but
the rate of from 1931, the total tax bills of the carriers decreased
with the exception of bituminous coal, in which
9.3%. No immediate relief from these heavy tax burdens
decrease was only 9.85 per cent. The revenue tons carried
directed toward
decreased 26.92 per cent; the average length of haul increased is in prospect although public opinion is now cost of goversecuring economy and'retrenchment in the
4.79 per cent; the average car loading decreased 1.85 per cent;
in decreasing the taxes
and the volume of business as expressed in revenue ton miles ment, which eventually may resultrailroads should benefit
of the country generally and the
decreased 23.11 per cent. In spite of the increased rates
granted under Ex Parte 103, from which incidentally no cur- proportionately.
rent benefit accrues to this company, the 1932 average rate
ROAD AND EQUIPMENT
per revenue ton mile decreased slightly under 1931. Traffic
During 1932, $2,094,792 was expended for additions and
originating and terminating on The Delware and Hudson improvements. Property carried on the books at $423,201
Railroad constituted 25.78 per cent of the tonnage carried; was retired. The result was a net increase in the road and
traffic originating on The Delwaare and Hudson Railroad equipment account of $1,671,591.
and destined to points on other railroads, 32.37 per cent;
.Lands were acquired at Glens Falls for future developtraffic received from other railroads and destined to points ment; at Port Kent and Harpursville for realignment of
on The Delaware and H.udson Railroad, 12.49 per cent; and track; and at Whitehall for a new yard. Lands were distraffic in connection with which The Delaware and Hudson posed of at Wilkes-Barre to eliminate encroachment, and at
Railroad performed an intermediate service, 29.36 per cent. Comstock and Lake George for highway purposes.
The work of revising the grade and curvature of the railPASSENGER REVENUES
The passenger revenues amounted to $1,392,972, a de- road between Chazy and Coopersville was completed. • Due
crease from 1931 of $674,088, or 32.61 per cent. The number to the realignment of one-half mile of main track at Harof passengers carried decreased 27.46 per cent, and the pas- pursville, two new culverts were constructed and existing
sengers carried one mile 27.97 per cent, there being a very culverts were extended. Several culverts at other points
slight decrease in the average distance each passenger was were rebuilt during the year.
As an economy measure, a modern laundry was installed
carried.
at Colonie, where work formerly done by outside firms
OTHER REVENUE
will be performed by company forces. A frog reclaiming
The other revenues amounted to $1,724,986, a decrease plant, including the erection of a building and equipping it
from 1931 of $464,911 or 21.23 per cent. Milk revenue, with the necessary machinery, was installed at Colonie to
which is the most important item of this character, de- effect economies in rebuilding frogs.
creased 9.55 per cent, of which approximately 50 per cent
An additional 30.6 miles of track were relaid with rail of
was due to a decrease in rate, effective June 1, 1932, on 130 pound section and corresponding track material. Eleven
milk moving in tank cars. Other decreases in the order thousand.eight hundred sixty-seven steel ties, manufactured
of their importance were in Mail revenue, 6.80 per cent; at the Colonie shops, were installed in various yard tracks
Switching revenue, 37.29 per cent; Express revenue, 29.29 and sidings in replacement of wooden ties.
per cent; Demurrage revenue, 55.40 per cent; and Dining
The work of eliminating grade crossings under orders of
and Buffet revenue, 29.58 per cent.
the Public Service Commission of New York State has progressed during the year. Under-crossings at Willsboro,
OPERATING EXPENSES
The operating expenses in 1932 were $22,361,427, a de- Afton, Elsmere,Cliff Haven and Port Henry, on which work
was started in 1931, were completed. The work of eliminating
crease from 1931 of $3,437,690, or 13.32 per cent.
Maintenance of way expenses decreased $489,856, or 11.73 several grade crossings in Binghamton, started in 1931,
per cent. This was due to reduced Programs of maintenance under a joint arrangement with the Erie Railroad Company
and the Delaware, Lackawanna and Western Railroad
and improvement work.
Maintenance of equipment expenses decreased $1,042,835, Company, was completed.
In connection with the construction by the State of New
or 13.83 per cent. This was the result of continuing the
decreased working schedules in repair shops, the reduced York of a new high level highway bridge across the Hudson
volume of traffic and resultant decrease in equipment mileage River at Albany, work on the elimination of several grade
resulting in reduced volume of repairs without reducing the crossings and the removal of tracks from Church Street to a
new right-of-way, was 71 per cent completed at the close of
high standard of maintenance attained in recent years.
The gross operating revenues in 1932 were $23,255,774,
a decrease from 1931 of $7,465,424, or 24.30 per cent.
These revenues for 1932 include $594,596 representing "emergency" charges collected by authority of the Interstate Commerce Commission under Ex Parte 103 and turned over to
the Railroad Credit Corporation under the Marshalling and
Distributing Plan as outlined in the 1931 report. Such data
as are available indicate that compared with this decrease
of 24.30 per cent in gross operating revenues, the railroads
in the Eastern District will show a decrease of 23.70 per cent,
and the Class I railroads of the country as a whole will show
a decrease of 25.35 per cent.
2998
Financial Chronicle
the year. A new under-pass was built carrying the main
track over the re-located South Pearl Street in Albany.
At Whitehall, the transformation of the present tunnel
into an open cut spanned at two points by bridges carrying
intersecting streets, the relocation of the main tracks to a
new right-of-way, the removal of the switching yard to a
new location south of the village; the erection of an overcrossing to carry highway traffic over the relocated track
and the construction of a new street and the new highway
to eliminate several grade crossings, was 79 per cent completed at the close of the year.
The removal of rock at Comstock to permit realignment
of main tracks is about 83 per dent completed. The rook
removed was crushed and used in reballasting 18 miles of
main track between Fort Edward and Whitehall. Three
miles of track between West Chazy and Rouses Point were
ballasted with broken rock secured from the Chateaugay
Ore and Iron'Company, one of your company's subsidiaries.
During the year, the station facilities at Hyndsville, Esperence, Greenfield, and East Windsor and the coal handling
facilities at Lake Station, Whitehall, were retired.
One Mallet Compound freight locomotive was rebuilt
during the year and one triple expansion, 500 pound pressure
locomotive is under construction.
In continuing the program of modernizing the freight
equipment, there were built in the Oneonta shop during the
year, thirty-six three-hopper type coal cars to replace a like
number of twin-hopper coal cars retired. One hundred
sixty-seven freight cars, including twenty-six twin hopper
coal cars, were dismantled during the year and thirty-eight
were destroyed in accidents. Improvements were made on
a number of units by the application of cast ste.el truck side
frames, improved hand brakes, air brake equipment of increased capacity, brake beam Supports, metal sheathing
straps, improved door fixtures, reinforced underframes,
steel side and end stakes, improved draft gears, Harvey
truck springs, reinforced end sills and steel roofs.
During the year, one parlor-cafe car was rebuilt; two dining
cars were converted into combination club and dining cars
and two coaches were converted into combination coach and
baggage cars. Two coaches were reconditioned.
Thirty units of obsolete work equipment were retired
during the year and sixteen were destroyed by accident.
April 29 1933
and The Delaware and Hudson Railroad Corporation prior
to abandonment is now interchanged at Greenwich, New
York. The annual economy from a system standpoint is
estimated to be $42,700.
SCHOHARIE VALLEY RAILWAY COMPANY
The operating revenues decreased $12,219 or 42.777per
cent under 1931. Operating expenses decreased $1,525, the
operating ratio increasing from 59.66 in 1931 to 94.92 in
1932. The net income deficit amounted to $1,619, a decrease of $7,481, under the 1931 net income of $5,862.
NAPIERVILLE JUNCTION RAILWAY COMPANY
The operating revenues decreased $166,290 under 1931.
Freight revenues decreased $88,348, or 40.93 per cent, the
revenue ton miles decreasing 35.31 per cent. Passenger
revenues decreased $72,287, to 27.90 per cent, the passenger
miles decreasing 26.08 per cent. Operating expenses decreased $55,413, or 16.98 per cent, principally on account of
reduced maintenance of way expenses and reduced transportation expenses due to decreased traffic. Net income
amounted to $14,413, a decrease of 9,748 under 1931.
BOAT LINES.
THE CHAMPLAIN TRANSPORTATION COMPANY
The operating revenues decreased $29,266, operating
expenses decreased $13,338 and the net operating deficit
was $116,129 as compared with a deficit of $100,071 in
Due to business conditions, this company's steamers 1931
will
not be operated by the Company during the 1933 season.
THE LAKE GEORGE STEAMBOAT COMPAN
Y
•
The. operating revenues decreased $24,377 under 1931,
operating expenses decreased $11.705 and the net operating
deficit was $56,411 as compared with a deficit of $43,287
in 1931. Due to business conditions,this company's steamers
will not be operated by the Company during the 1933 season.
.
THE HUDSON COAL COMPANY
PRODUCTION, MARKETING AND
EARNINGS
The demand for anthracite continued to decline during
1932 compared with the preceding year.
The Hudson Coal Company produced in 1932 4,494,738
net tons, a decrease of 1,367,982 net tons, or 23.33 per cent,
below 1931. The Company's output was 10.11 per cent
of the total production of all anthracite operators in 1932,
INDUSTRIAL DEPARTMENT
Forty-nine new industrial plants were •located along the estimated at 44,458,000 net tons.
During 1932 the Company sold its current minings,
railroad in 1932. In addition, there were extensions to
fifteen plants already established. One new side track was stated above, of 4,494,738 net tons, and in addition sold
constructed and one was extended. The estimated cost was 271,322 net tons secured from storage and other sources.
Its total sales, therefore, aggregated 4,766,060 net tons, a
$1,840 of which $1,026 was borne by the industries served.
decrease of 1,168,837 net tons, or 19.69 per cent, compared
PENSIONS
with 1931. Figures,showing the
On December 31, 1932, four hundred thirty-six retired panies are not available, but the sales of all producing comemployes were receiving pensions, an increase of ninety-five (which gives some indication ofproduction of the industry
its sales) fell off about
over 1931: The amounts paid to pensioners during the year 20 per cent.
aggregated $231,096. At the end of the year, thirteen
The three principal causes of decrease in the production
employes were being carried on the Incapacitated Roll, to and sale of anthracite during 1932
were:
whom 4611,435 had been paid during the year.
1. The high price of anthracite in relation to the prices of
other commodities, which has stiMulated the sale of cheaper
GROUP INSURANCE
The group insurance plan, through which comprehensive substitute fuels.
protection is afforded to employes and their families against
2. Unseasonably mild weather during the major portion
losses by death, illness, accident, and dismissal, has been of the coal-burning months.
continued. During the year 1932, the eleventh in which
3. The nation-wide depression.
the plan has been in operation, premium payments amounting
Before depletion Ind depreciation charges, the earnings
to $158,180 were contributed by the company. The pay- deficit in 1932 was $1,245,323.00, compared with net earnments to employes and the beneficiaries they selected ings of $356,277.07 in 1931. After depletion and depreciation charges, the Company's net income deficit in
amounted to $416,545, as follows:
$2,136,824.15, compared with a net income deficit 1932 was
153 Death claims
9256,665
of $729,961 Health claims
777.22 in 1931.
111.292
120 Accident claims
12 Accidental death and dismemberment claims
19 Total and permanent disability claims
41 Dismissal allowances
12.526
17.300
15,472
3,290
1.306
9416.545
All claims except dismissal allowances were paid by the
Metropolitan Life Insurance Company, which underwrites
the plan. The dismissal allowances were paid directly from
the treasury.
The pension and incapacitated payroll payments and contributions to the group insurance plan, including dismissal
allowances, amounted to $404,001. The employes' contributions to the group insurance plan amounted to $118,131.
At the close of the year, 10,441 employes were protected by
group life insurance to the extent of $19,151,718, an average
of $1,834 each.
VALUATION
The cost of valuation work to the end of 1932 aggregated
$957,284, of which•$820,710 has been charged to corporate
operating exnses, and $136,574 to the operating expenses
of the United States Railroad Administration.
GREENWICH ei JOHNSON VILLE RAILWAY COMPANY
The operating revenues decreased $61,488 under 1931.
Operating expenses decreased $26,646. The net operating
deficit amounted to $16,533, which was $34,842 under the
1931 net operating revenues of $18,309. Revenue ton miles
decreased 59.57% and passenger miles decreased 40.68%. •
Effective July 28, 1932, the Company abandoned that
portion of its line between Greenwich and Johnsonville, a
distance of 14.09 miles. The amount of traffic that originated or terminated on this sectio,n of the line was negligible,
practically all of the business originating or terminating
beyond. The traffic *interchanged between this Company
GENERAL
In the last annual report your Management stated its
opinion that anthracite wages rates were unduly
high in
relation to wages rates in other industries; that they had
been increased with the advance in the cost of living
during
the war period; that they had lost that sustainin influence
g
now that the cost of living has receded to pre-war levels;
and that a reduction in anthracite wages rates would make
possible a substantial reduction in the selling price,
undoubtedly result in accelerated market demands would
,
opportunity to work and high annual earnings formore
the
employes.
In the forepart of September, 1932, the anthracite operators formally requested a reduction in the existing wage
scale, and negotiations between representatives of the operators and the United Mine Workers of America were commenced in New York City on September 6, 1932.
conferees were unable to agree, and therefore, on NovembeThe
r 3,
1932, the issues in controversy were referred for adjudication
to a Board of Reference, selected in the manner provided
• by the wage agreement, composed of Mr. George Rublee,
Attorney, and Mr. Frank Morrison, Secretary of the American Federation of Labor, both of Washington, D. C. On
March 1, 1933, the members of the Board of Reference
announced that they were unable to agree on a decision.
Mr. Rublee being in favor of the 35 per cent reduction requested by the operators and Mr. Morrison being opposed
to any reduction. Mr. Morrison was also unwilling to join
in.the selection of a third member of the Board in order
that a decision might be rendered.
The properties are being maintained in modern condition.
By order of the Board of Managers,
L. F. LOREE, President.
2999
Financial Chronicle
Volume 136 .
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL
-METALS--DRY GOODS
-ETC.
PETROLEUM-RUBBER-HIDES
COCOA futures to-day ended 1 to 3 points lower with
sales of 78 lots. July closed at 3.89c.; Sept. at 4c.; Oct. at
4.05c. and Dec. at 4.15c. Final prices 5 to 6 points higher
for the week.
SUGAR.
-On the 22nd future prices closed unchanged to
' Friday Night, April 28 1933.
COFFEE.
-On the 22nd the Santos contract advanced 5 3 points higher with total sales of 74,250 tons. Speculative
to 19 points while Rio closed unchanged to 13 points higher. • buying continued, trade demand increased and most of the
Sales consisted of 37 lots of Santos, 45 of Rio and 5 of the selling was attributed to hedge selling and'profit taking.
mild grades. The sales of the last were 7 points above the The price of refined sugar was advanced to 4.50c. The spot
previous close. Cost and freight offers were light. Basis quotation was officially unchanged at 3.25c. delivered but
Santos 4s ranged from 8.25 to 8.60. Mild coffees showed a actual sales took place at 3.300. The latter figure continued
further improvement and inquiry for spots of all standard to be the bid throughout the day and at the close the lowest
descriptions increased. On the 24th the closing in futures offers were 3.350. On the 24th trading in futures was the
was mixed with business somewhat curtailed from its recent largest since February 1930 with a turnover of 109,200 tons.
high levels. Santos contracts gained 2 to 6 points and Rios Prices were higher than they have been in two years. The
closed 6 points lower for the near months to 5 points higher close was unchanged to 5 points up although at one time
for March. Profit taking was clearly apparent and the close prices were 4 to 7 points above those of last Saturday.
at about the low for the day. Total transactions amounted Speculation assumed broader proportions and Wall Street
to 29,250 bags of Santos and Rios. Seven lots of mild grades commission houses which seldom deal in the sugar market
were traded in at an advance of 10 points over the previous were actively handling customers' orders. The spot raw
close. Cables from Brazil advised that the National Coffee price was still officially quoted at 1.30 duty free 3.30 but
Department withdrew from the market last week for destruc- actually 1.35 was paid for Cubas c. &f. Inflation talk was
tion 17,000 bags of Rio, 72,000 bags of Santos and 6,000 bags the mainspring behind the market. Raw sugar was very
of Victoria. The cost and freight market was slightly active and the New York market was 40 points above the
higher. Basis Santos 45 sold at 8.30 and 8.40c. and were world parity and within 15 points of the price at which segregenerally quoted at 8.30 to 8.50c. for prompt shipment. gated sugar in Cuba may be released. The price of refined
Victoria 7-8s were 7.5Cc.; Rio 7s, 7.30c. and 7-8s at 7.20c. was unchanged at 4.50c. The Cuban sugar movement for
Spots were higher following the cost and freight market and the week ending April 22nd was: Arrivals 38,587, exports
business more active. Santos 4s were quoted 9 to 914c. 54,582, stock imports 939,667; exports were: to New York,
On the 25th with other commodities coffee lost ground, 17,527, Philadelphia 6,383, Boston 3,755, Baltimore 480,
i..e., 10 to 19 points for Santos and 10 to 18 for Rio. Mild News Orleans 1,394, Savannah 4,688, Galveston 7,349,
grades lost 10 points. Sales were 62 lots in Santos, 40 in Wilmington 720, Norfolk 962, Richmond 480, United KingRio and 11 in mild. Cables from Brazil announced that the dom 10,794, France 50; grindings 55.
On the 25th .futures closed unchanged to 3 points lower.
Sao Paulo Coffee Institute had corrected the stocks in interior
warehouses and at railways on Feb. 28th to 10,527,000 bags The early selling was considered important and broke prices
instead of the 8,443,000 originally reported. Rio regulating 3 to 6 points but rebuying by soldout speculative bulls
warehouse stocks on March 31st amounting to 776,000 bags. enable the market to regain part of its loss. Total sales
Spot markets were quiet and continued firm. Some Giradots amounted to 27,250 tons. There were more rumors afloat
sold at 103/2c. Santos 4s were 9 to 93c. In.the cost and about the Cuban segregation plan but nothing definite
freight market Santos 4s were 8.30 to 8.773/c.; Rio 7s, was given out. Raw sugar was relatively quiet. The
7.30c.; 7-8s at 7.15 to 7.20c. and Victoria 7-8s, 7.50. In sale of 25,000 bags of Cubas for prompt shipment to Savannah
the mild grades Medellins were offered at lle.• Manizales, interests at 1.35c. c. and f. was reported. Most of the day
103c., and Armenians, 1040.; all for prompt shipment. offerings of Philippines and Porto Rico at even lower prices
'
Rumors of a change in the Brazilian export tax were not found no takers. The sale was also reported of 7,000 tons
confirmed.
of whites at 5.873/i guilders by Java's single seller. JuneOn the 26th the Santos contract was off 11 to 18 points July shipments were offered in London at 5s. 73/2d. equal
and Rio 7 to 13. Mild grades were 20 points lower. In all to 83c. f.o.b. Cuba at current exchange rates. Refined
22,000 bags changed hands of Rio and Santos, and 1 mild sugar was unchanged. According to the Farmers & Manucontract for Sept. delivery. European and trade interests facturers Beet Sugar Association of Michigan the estimated
sold quite heavily. In the spot market Santos 4s were held output for 1933 of beet sugar for Michigan, Ohio and Inat 9 to 93/20. The cost and freight Market was. 10 to 20 diana will be 5,700,000 bags against 4,100,000 in 1932.
points lower. For prompt shipment Sintos 4s were 8.25 to The Association further stated that 19 factories will operate
8.70c.; Rio 7s, 7.30e.• 7-8s, 7.20c.; Vigtorias, 7.30c. Mild this year or five more than last; 14 of them are in Michigan,
grades were quoted: Maracaibo TrujillS, 9 to 93 2c.; Cucuta four in Ohio and one in Indiana. On the 26th both futures
/
fr. to g'd. 10% to lie.; washed, 11% to 12c.; pr. to che., and raw sugar were lower and trading was again quiet in
93/i to 10c.; Bucara- all sections of the market. The total turnover of futures
10% to '/0.; Colombian, Ocana,
113
manga, natural, 93% to 10%0.- washed, 10% to 113/2c.; was 22,800 tons with the close unchanged to 2 points down.
Honda, Tolima and Giradot, 10% to 103c.; Medellin, 103
% Cuban selling was reported at the opening with most of the
4
to lie.; Manizales, 105 to10 Mc.. Armenia, 10% to 103 0.; baying coming from local speculative interests. 3,500 tons
/
Mexican, washed, 10 to .11c.• denuine Java, 17 to 21c.; of Philippines due May 20 were sold in the raw sugar market
Robusta, washed,83je.; natural, 834c.; Mocha 123/2 to 130.; at 3.25c. bringing the price for raws 5 points lower. Refined
Harrar, 113/ to 12e.; Abyssinian, 1i32to 1130.; Guatemala, was unchanged at 4.50c. According to the New York
/
prime, 103 to 109'c.; good, 10 to 103/2c.; Bourbon, 93 to Coffee & Sugar Exchange 63 Cuban mills have produced so
100.* Liberian, Surinam% to 8%c.• East India, Ankola, far this season 6,714,037 bags compared to a quota of 6,401,,8
18 tO25o.;Mandhelling 18 to 25c.; Haiti, Trie-a-la-goodmain, 191 bags, 44 mills with a quota of 2,338,774 bags have not
'
:
3
9 to 914c.; San Domingo, washed, 93, to 9%c. On the yet begun operations. In London the terme market was
27th the volume of business was small and the trend mixed. lower. Bids were sought at 5s. 43/2d. equal to 783/2c. f.o.b.
The Rio contract was 2 to 12 points lower, Santos was 3 to for Cubas. On the 27th prices for futures closed unchanged
7 points higher and the mild grades 12 points up on one sale to 2 points lower. Trading was much quieter than it has
of Sept. May Rio broke 26 points at one time on the issuance been recently totalling 18,850 tons. There was a marked
of 8 "A''notices. Later on some 14 points of the loss were disposition on the part of the trade to await further light
recovered. Total sales were approximately 20,000 bags. on the situation at Washington as regards farm relief,
The cost and freight market was again lower, Santos 4s for tariff and inflation before entering into a resumption of
prompt shipment being quoted 8.50 to 8.70c. with no sales the heavy speculation of last week besides refiners' needs
reported. Victoria 7-8s for prompt shipment were 7.20c. are reported to have been pretty well taken care of and profit
The spot market was unchanged although the tone was taking has been steady. The raw market was quite active
weaker. A cable to the New York Coffee & Sugar Exchange with prices at 1.22 and 3.22 duty free. Cuban advices
from the Brazilian National Coffee Department stated that were to the effect that President Machado is insisting that
bonus coffee must be delivered by exporters in Brazil actually the much-talked of sugar pool must be formed as originally
without being used as a price reduction. The bonus is to be outlined. London was steady, a May shipment sold at
delivered monthly to exporters in department warehouses. '5s. 6d. equal to 793'c. f.o.b. Cuba. Willett & Gray's
Buyers receiving it must pay the 15c. tax and shipping figures of the Cuban sugar movement for the week give
expenses. To-day Rio futures closed 7 points lower while receipts at 68,455 tons, meltings, 51,282, importers' stocks
Santos futures were 3 to 8 points lower. Final prices show 103,761, refiners' stocks 128,713 as compared with 64,000,
a decline on Rio for the week of 28 points and on Santos 45,000, 187,000 and 177,000 for the same week last year
respectively. Today futures closed 1 point lower to 1 point
of 10 to 16 points. Rio coffee prices closed as follows:
higher. The beet sowings for Europe exclusive of Russia
September
5.25
5.27 March
December
5.27 I
were estimated by Dr. Mikisch at 1,460,000 hectares as
Santos coffee prices closed as follows:
against Licht's estimate on March 31 of 1;463,000 hectares.
December
7.51
7.95 I
May
Final prices show an advance of My for the week of 1
7.45
7.76 March
July
point which other months are 2 points lower.
September
7 61
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.
•
3000
Financial Chronicle
Sugar prices closed as follows:
May
July
September
1.31 December
1.33 January
1.37 March
1.42
1.43
1.47
LARD futures on the 22nd inst. advanced 17 to 20 points
on good buying by packers. Hogs were steady. Prime
cash 5.75 to 5.85c.; refined to Continent 578°.; South
American 63/sc. On the 24th inst. futures ended 15 to 25
points higher on a good demand. Exports were 472,610
lbs. to Liverpool, London, Southampton and Bremen.
Hogs were firmer. Prime cash 5.85 to 5.95c.; refined to
Continent 6313.; South American 63'c: On the 25th inst.
futures ended 5 to 7 points lower with grain and commodity
markets generally weaker. Most of the selling was believed
to be in the shape of hedging. Prime cash 5.80 to 5.90e.;
refined to Continent 6%c.• South American 6%c. On the
26th inst. prices declined at first on realizing but later rallied
'
and closed unchanged to a shade lower. Commission houses
were good buyers. Liverpool was unchanged to 3d higher.
Exportewere 3,482,960 lbs. to Cork, Belfast, Manchester,
Gothenburg, Rotterdam and Antwerp. Cash prime 5.80 to
5.90c.; refined to Continent 63/sc.; South American 63/2c.On
the 27th inst. futures were 5 to 10 points lower on hedge selling and general liquidation. Grain markets were lower and
the movement of hogs was freer. Exports were 142,240lbs.
to Bristol. Prime cash 5.75 to 5.85e.; refined to Continent
6 to 6%c.; South American 63'2c. To-day futures closed 12
to 15 points lower. Final prices however are 5 to 8 points
higher than a week ago.
April 29 1933
is expected to be greatly augmented before very long and
as a result the oil war now going on in the great East Texas
field, it is believed, will finally be terminated. If the
struggle continues much longer the probabilities are that
prices will be substantially lowered in other oil fields throughout the country. Yet there are those who believe that 50e.
is too much to pay for crude in view of the low prices prevalent for refinery products. They think 25c. would be a
fair price. Gasoline was in better demand. United States
Motor was available at 43c. for below 65 octane, while
4%c. to Sc. was asked for above 65 octane. Bunker fuel
oil, Grade C, was firm at 75c. for spot at terminals. Diesel
oil was a little more active at $1.65 same basis. Domestic
heating oils were steady at 6c. to 63c. for No. 2 oil, but no
sizable sales were reported at these prices. Kerosene was
.still quoted at 53'e. for 41-43 water white in tank cars, at
refineries. Lubricating oils were more active and stronger.
Tables of prices usually appearing here,rill be found on an earlier page in
our department of"Business Indications. In an article entitled "Petroleum
and Its Products."
RUBBER.
-On the 22nd rubber closed 2 points lower to
9 points higher after an earlier decline. London was generally 1-32d down and Singapore was off 1-32 to 1-16d.
Total sales of futures on the Exchange here were 3,050 tons
making the day one of the most active Saturdays on record.
On the 24th, in a fairly active market, with sales of 4,630
tons futures closed 45 to 53 points higher after a bulge in the
morning reaching as high as a 67
-point gain for the January
delivery. Singapore was up 3-32 to %d on reports of further
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
restriction discussion by the Rubber Growers Association.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
London was 3 to 6-32d higher. In the New York market
May
5.30
5.47
5.42
5.42
5.35
5.20
July
July-December, Standard ribs sold'at 4 7-16c. and later at
5.45
5.60
5.55
552
5.42
5.30
September
5.55
5.72
5.67
5 67
5.§7
5.42
Sc. Spot rubber closul 51 points up. On the 25th futures
Season's High and When Made.
Season's Low and When Made.
were 20 to 28 points lower and spots lost approximately He.
May
5.50
Apr. 24 19
33 May
3.82
Dec. 6 1932
July
5.75
Apr. 20 1933 July
Total sales were 2,830 long tons which showed a considerable
3 92
Feb. 21 1933
September____5 85
Apr. 20 1933 September
4.02
dimunition of activity from the previous day. April standHOGS.
-On the 22nd prices were practically unchanged ard ribs were quoted on a 4%c. basis and standard thin
closing at 3.60 to 3.90c. at Chicago. Receipts there were latex 4 15-16. London closed stronger, unchanged to 1-32d
6,000 and for the Western run 23,000. On the 24th prices higher while Singapore advanced 5-32d.
at Chicago were 15 to 25e. higher. The bulk of the business
On the 26th after a lower opening futures rallied 30 points
was done between $3.75 and $4.05 but sales took place as or more and closed 16 to 19 points higher. The Chairman of
high as $4.15. The close was $3.70 to $4.10. Receipts were the Rubber Growers Association in London stated that the
estimated at 30,000 and for the Western run 97,600. The British restriction policy was unchanged but intimated
advance was considered only natural in view of the rise in willingness to discuss the market further with the Dutch a
if
the price of feed grains. On the 25th prices remained stable the latter desired to do so. This really led nowhere as last
with the average of trading $3.95. Receipts were 25,000 week the Dutch position appeared to be that the first move in
somewhat more than expected in Chicago and the top price the situation was up to England. Spots were %e.
higher.
was unchanged at $4.15. Light lights were $3.65 to $4.00, Total sales of futures were 4,030 tons. London closed unlight weights $3.75 to $4.10, medium weights, $3.95 to $4.10, changed to 1-32d. off and Singapore declined 1-16 to 3-32d.
heavy weights, $3.75 to $4.05 and packing sows, $3.30 to Two seats sold on the local Exchange, one for $1,075
and the
$3.65. On the 26th the market was lower, the top price being other for $1,150. The last previous sale was
at
$4.05 while the bulk of the trading was from $3.75 to $4.00. the futures market May closed at 4.10 to 4.14c.; $950. In
July, 4.28
The close was $3.50 to $4.05, Chicago receipts were 25,000 to 4.300.;
.40e.•, Oct., 4.46c.; Dec., 4.58 to 4.59e.
and for the Western run 93,000. On the 27th prices were un- Jan., 4.62 and
Sept.,iiiarch, 4.69c. On the 27th in a fairly active
changed at Chicago and were generally steady elsewhere. market prices for futures closed 2 points lower
Receipts were 28,000 there with a total of 98,800 for the Total sales were 3,780 tons. London advancedto I higher.
3-32d.
Western run. The close was $3.50 to $4.05 with most busi- Singapore was unchanged to 142d. up. Spot prices and
were
ness being done from $3.80 to $4.00.
unchanged. Tire stocks showed a drop of 2,274,000 casings
on Apr. 1st compared with the same date in 1932 and a
PORK firm; mess,$17.75;family,$16.50;fat backs,$12.25
to $13.50. Beef firmer; mess, nominal; packet, nominal; decline of 152,000 from the total of Oct. 1st 1932. To-day
family, $11.50 to $12.50; extra India mess, nominal. Cut futures closed 4 to 21 points lower with sales of 342 lots and
meats, Quiet; pickled hams,4 to 6 lbs., 6c.;6 to 8 lbs., 53 0.; with Jan. at 4.53c.•, March at 4.63c.; May at 3.67 to 3.79e.;
/
A
8 to 10 lbs., 53 c.; 14 to 16 lbs., 9%o.; 18 to 20 lbs., 93/Ie.; July at 4.14c.; Sept., 4.30 to 4.32e.; Oct., 4.36c. and Dec.,
22 to 24 lbs., 90.; pickled bellies, 6 to 8 lbs., 9%c.• 8 to 10 4.48c. Final prices sheow a rise for the week of 32 to 34 points
lbs., 93c.; 10 to 12 lbs., 830.• bellies, clear, dry salted, on July and September.
/
HIDES on the 22d gained 5 to 20 points with total sales
boxed, N. Y., 14 to 20 lbs., 7qc. Butter, creamery, premium marks firsts to higher score than extras, 22 to 233ic. of 1,520,000 pounds. Spots were active and strong. Better
Cheese, flats, 15 to 20c. Eggs, mixed colors, checks to demand was reported from shoe manufacturers. On the
24th futures closed 50 to 65 points higher at or near the top
special packs, 123' to 173.e.
prices of
OILS.
-Linseed was in only fair demand at best. The Sentiment the day. Total sales were 4,600,000 pounds.
price was steady at 7.8c. for tank cars. Cocoanut, Manila was quiet.was generally very bullish but the spot market
markets were quoted: Packer
coast tanks, Sc.; tanks, New York spot, 335c. Corn, crude hides, native Outside hidebutt
/
steers, 73'I;
brands, 73. CoIorados, 7.
tanks,f. o. b.'Western mills, 4c. China wood, N. Y. drums, Chicago,
light
carlots, delivered, 6 to 63O.; tanks spot, 53'c.• Pacific 9-12s, 1.25; native cows, 734. New York City calfskins,
7-5s, 80; 5-7s, 65. Profit taking was the prinCoast, tanks, 5.0 Olive, denatured, spot Greek, drums, 54
reaction on the 25th when prices closed
to 57c.; Spanish drums, 62 to 65c.; shipment carlots, Greek, cipal cause of thepoints
52 to 55c.; Spanish, 58 to 60e. Soya Bean, tank cars, f. o. b. unchanged to 15total forbelow the previous day. Trading
the day being 4,440,000 pounds.
Western mills, 4e.; carlots, delivered drums N. Y., 5.1e.; was active, the
L. C. L., 5.5c. Edible, olive, $1.25 to $1.40. Lard, prime, Spot hides were unchanged in price, with good demand.
On
8c.; extra strained winter, 7c. Cod, Newfoundland, 22e. andthe 26th, ahthough the futures market was fairly strong
closed unchanged to 30 points higher, developments in
Turpentine, 463 to 51%c. Rosin, $3.65 to $5.00.
A
the spot market were of really more interest. Light native
COTTONSEED oil sales to-day including switches, 4 cowhides advanced %c. to 83jc. a pound. Leather prices
.
contracts. Crude S. E. 100 under May bid. Prices closed were stronger and the trade bought in good volume. Thirty
as follows:
thousand hides were sold in the Chicago market at %e.
Spot
4.50 September
4.81
advance and the Argentine reported the sale of 12,000
May
4.50 October
4.84
frigerifico steers at higher prices. Total sales of futures
June
4.55 November
4.88
July
4.65 December
5.00
amounted to 2,240,000 pounds. Futures closed 8.50 to
August
4.70
8.55 for June; 8.95 to 8.98 for Sept.; 9.45 to 9.55 for Dec.,
PETROLEUM.
-Texas crude oil prices were cut 40c. a and 9.80 to 9.85 for March. Outside hide markets
were:
barrel by the Texas Co. following the announcement of an • Packer hides, native steers, 8; Chicago,
light native cows,
increase in the daily average allowable production in East 84; New York City calfskins, 9-12s,
1.30; 7-58, 85c.;
.Texas from 400,000 barrels to the present 791,201 barrels. 70e. On the 27th futures closed 5 to 9 points lower 5-7s,
with
This company is now posting.a flat price of 10c. a barrel for total sales of 1,240,000 pounds. There was no
change in
all gravities. The Humble Oil & Refining Co. and the spot hide prices and little business was
Stanolind Crude Oil Purchasing Co. of Indiana also reduced Argentine 2,000 April frigerifico steers transacted. In the
were sold at 73
A
their prices to 10c. Other large companies are expected The main feature on the Exchange here was the amount c.
of
to follow suit. The Magnolia 'Petroleum Co. reduced its profit taking and a growing disposition to adopt a waiting
price to 25e. Some 200 producers have met and are said attitude until the situation is clearer regarding the proto have expressed their willingness to close down their wells posed inflationary measures at Washington. To-day futures
until the price of crude oil is raised to 50e. This number closed 15 points lower to 5 points higher. March ended at
Volume 136
Financial Chronicle
9.80e.; June at 8.30 to 8.45c.; Sept. at 8.80 to 8.85e., and
Dec. at 9.39e. Final prices show a rise for the week of 64
points in Sept.
OCEAN FREIGHTS were dull.
CHARTERS included sugar from Cuba, June, o Marseilles, 14s.
Trips, West Indies, round. $1.25.
TOBACCO.
-Developments during the week were generally constructive but increased activity in the trade is not
yet very noticeable. Opinion as to the effect of the farm
bill on leaf tobacco continues mixed with a majority inclined
to see objections to its inclusion. Cigarette prices are having
a definite trend upward and further price revision is expected
soon. Havana advised that dry weather continues and conditions are relatively unchanged. The crop is expected tu
be rather on the heavy than the light order on account of the
dry year and is expected to be smaller. The 1% sales tax
goes into effect in New York State next week and all tobacco
products come under its provisions. A proposed 20% sales
tax however on cigars and cigarettes in the state of Florida
has been shelved. A dispatch from Richmond, Va., to the
U. S. Tobacco Journal stated that Kentucky loose leaf tobacco floors sold 239,938,067 lbs. of burley tobacco for
$28,945,271.81, or an average of $12.06 a hundred pounds,
during the selling season from Dec. 1 1932 to April 1 1933,
Eugene Flowers, State Commissioner of Agriculture, announced. During the same season last year the warehouse
sold 362,760,387 lbs. of burley tobacco for $28,357,209.20 or
an average of $8.52 a hundred pounds. Lexington led the
burley market with a total of 75,117,522 lbs., which sold for
$10,052,505.29, an average of $13.88 a hundred lbs. but
Parish and Richmond had high average prices of $14.13 and
$13.84 a hundred lbs., respectively. The report showed that
from Nov. 1 1932 to April 1 1933, there were 54,915,235
lbs. of dark tobacco sold for $2,272,690.32, an average of
$4.14 a hundred lbs., as compared with 90,358,131 lbs. sold
for $3,216,071.17, an average of $3.56 a hundred lbs. during
the preceding season. Hopkinsville topped the dark tobacco market in the amount of cash received, although the
Owensboro market was first in poundage. Hopkinsville sold
9,244,775 lbs. for $481,442.23, an average of $5.20 a hundred
pounds, while Owensboro sold:14,140,755 lbs.for $461,218.66,
an average of $3.26 a hundred lbs. News was received at
the end of last week that Compania arrendataria de Tabacos
of Madrid, the Spanish monopoly, is in the market for 6,850,000 kilograms or approximately 15,000,000 lbs. of Kentucky
tobacco at a price to be fixed by competitive bidding. In
addition to the American tobacco the Spanish company is
also in the market for about 9,250,000 lbs. of Java tobacco
and 1,100,000 of Rio Grande tobacco. This is the first
large scale transaction of its kind since 1927.
COAL.
-During the week coal movement has been no
'Arger although production has kept up well and generally
cool weather has helped the demand. With the renewed
activity in general business the trade is inclined to be hopeful.
Although sentiment has been greatly improved by the prospect of increased industrial operations neither sales volume
nor prices have shown much betterment, if any.
SILVER futures on the 22nd inst. rose the limit of 300
points allowed by the rules of the Exchange. Bar silver was
up 1 Xe. at New York and London was higher at 19 WA
Sales were 6,150,000 ounces. May ended at 36c.; June at
36.20c.; July at 36.35 to 36.40o.; Sept. at 36.60c.; Oct. at
36.85c. and Dec., 37.40c. On the 24th inst. the market
closed at an average advance of 115 points. Closing prices
were in some instances 100 points below the highs for the day.
New highs for the year were made. Sales were 15,275,000
ounces. Bar silver was up to 37Y at New York while
1c.
London was 20 1-6d. April ended at 37.15c.• May at 37.30
to 37.37c.; June at 37.35c.; July at 37.50c.; Sept. at 37.80c.;
'
Oct. at 38c.; Nov. at 38.250.; Dec. at 38.50. and Jan.
at 38.70o. On the 25th inst. futures decline on an average
100 points with sales of 11,225,000 ounces. Bar silver was
1 Xo. lower in New York at 36e. but London was higher at
20 7-16d. May here closed at 36e. June at 36.250.; July at
36.55c. to 36.60c.• Sept. at 37c.; Oct. at 37.18c.; Dec. at
37.50o. and Jan. at 37.70c. On the 26th inst. futures were
'
again lower, this time 50 to 85 points, with sales of 9,670,000
ounces. Bar silver was off No. to 353.4c. while London
was down to 18%d. April and May closed at 35.350.; June
Aug. at 36.0543.•, Sept.
at 35.40c.; July at 35.75 to
M 36.400.; Oct. at 36.60e.; Nov. at 36.80c.; Dec. at 37c. and
35.80e.•9
Jan. at 37.20e. On the 27th inst. futures ended 10 to 20
points lower except on June which was 5 points higher. Sales
were 9,975,000 ounces. There is much talk in Washington
of improving the status of silver, but apparently this had
no effect on the market. Silverware was advanced 5 to 20%
by leading makers. May closed at 35.20e.; June at 35.45e.;
July, 35.70c.; Sept. at 36.250.; Oct. at 36.40c.; Dec. at
36.75 to 37e. and. Jan. at 370. To-day futures closed unchanged to 5 points higher after being at one time 25 points
lower. May closed at 35.25c.; June at 35.45c.; July at
35.70c.; Aug. at 35.79e.; Sept. at 36.35e.• Oct. at 36.45e.;
Dec. at 36.80c. and Jan. at 37.05c. Find prices are 230 to
250 points higher than a week ago.
• COPPER was firmer. There was still plenty of metal
available at 6 2c. but a feature of the week was the withdrawal from the market by some of the large producers in
favor of 6%c. Domestic sales during the past week were
7,000 tons which is a considerable improvement over those
of previous weeks. The foreign price was 6 to 6.123c. Talk
of mine shutdowns during the spring and summer is again
3001
heard, but developments in this direction are no more
definite than they were for the past several weeks. With
prices 1%e. above the recent minimum many companies, it
is believed, will be reluctant to join such a movement.
Another thing that will operate against mine closings is the
fact that consumption is increasing. London on the 27th
inst. advanced 2s. 6d. on standard copper to £30 13s. 9d.
for spot and £30 16s. 3d. for futures; sales 50 tons of spot
and 850 tons of futures; electrolytic bid up 10s. to £35;
asked off 2s. 6d. to £35 7s. 6d.; at the second session standard
was up 2s.6d.on sales of50 tons of spotand 25 Eons offutures.
TIN was up to 29%c. for spot Straits early in the week.
Stocks of tin in warehouses of the United Kingdom dropped
102 tons last week to 27,086 tons. Straits tin shipments
so far this month have been 3,629 tons. On the 25th inst.
spot Straits established a new high for the year when it
sold at 303.4c. Demand was good, and London was higher.
Later the price declined to 2958c. owing to the weakness of
/
sterling exchange. The lower price induced a better demand.
The world's visible supply for April is expected to show
another falling off when figures are issued early next week.
In London on the 27th inst. spot standard advanced £1 5s.
to £164 10s.; futures up £1 2s. 6d. to £165 2s. 6d.• sales,
80 tons spot and 770 tons of futures; spot Straits up 10°. to
£173 10s.; eastern c.i.f. London rose 10°. to £174 15s.; at
the second session standard fell 2s. 6d. on sales of 20 tons of
spot and 80 tons of futures.
LEAD was in fair demand at nic. New York and 3%c.
for East St. Louis. World lead production in March
totaled 103,603 short tons, against 95,408 tons in Feb.
and 11,524 tons in March 1932. United States production
in March was 24,682 tons, against 20,033 tons in Feb. In
London on the 27th inst. prices fell 2s. 6d. to £11 for spot
and £11 3s. 9d. for futures; sales, 100 tons of futures.
ZINC was lower at 3.650. East St. Louis with demand
rather slow. London on the 27th inst. was Is. 3d. lower on
the spot at £15 3s. 9d.• futures down 3s. 9d. to £15 5s.;
sales, 25 tons of spot and 1,650 tons of futures.
STEEL.
-Recently there have been two advances in steel
price, i.e., in galvanized sheets and hot rolled strip steel.
An advance in other forms is expected shortly, if the increased demand develops as indicated by present conditions.
Various estimates of the volume of operations were made
during the week but all approximated the 25% ratio estimated by the "Iron Age". All reports stressed the advance
in output of the automobile industry although demand for
structural steel has increased materially. Railroad buying
has not yet made its appearance in large amounts, but it is
believed that an improvement in this direction must come
soon. A dispatch from Chicago said: "Fred W. Sargent,
President of the Chicago & North Western Railway, announced that the road had placed an order for 700 cars to
move grain as a result of the rise in grain prices. This is
the largest order placed by the road in three years."
PIG IRON has been dull all week with higher prices expected. Iron and steel scrap has continued strong. Activity has not increased in a general way very much. In the
Chicago area April shipments have been double those for
March with volume of new sales advancing. Prices, however,remain low although the outlook is considered favorable.
WOOL.
-A dispatch from Boston on April 22nd said:
"A discussion of the Government's plan for selling through
local houses the wool held by Federal agencies revealed to-day
that it would be disposed of on a twelve-month firm-price
market. While a holder of the controlled wool could sell it
in a scoured condition, it could not be sold in the form of
tops." A Government report from Boston on April 25th
said: "Prices of medium fleece wools are sharply higher.
Owing to the limited supply of these wools on the market
at this time increased buying has put prices up close to the
peak reached last September. Strictly combing Ohio and
similar good bright fleeces have sold at 21c. in the grease
for each 56s and 48s, 50s grades, and 22c. has in several
instances been refused. Some houses are now asking 23c.
in the grease." The National Wool Marketing Corporation
reported in part: "Again it is possible to report a week of
very considerable activity. Wool has moved into manufacturing channels in volume and available supplies are getting
low. Fear of any carryover of old wool into the new season
need no longer be entertained. Prices have advanced but
not in the same proportion as in the producing sections, due
to earlier sales there at lower levels. Recent sales in New
Mexico at from 12 to 13%c.• in Wyoming at 14 to 14Yin.;
and in Montana at from 15 to 153 0.
/ -fully 50% above last
year's prices represent values landed in Boston of about 42
to 45c., scoured basis. Comparable foreign wool, duty.paid,
would cost approximately 550., scoured basis, after due
deductions for superior preparation." A survey by the
New York "Times' said: "The wool clip for this year is
expected to be about 10,000,000 lbs. behind that of 1932
and nearly 40,000,000 lbs. below the 1931 figure. Estimates
place the current year's clip at about 334,000,000 lbs. as
compared with 344,354,000 lbs. for last year and 372,000,000
lbs. for 1931. Consumption last year was off sharply, however, totaling 240,800,000 lbs. on a clean basis, as against
320,900,000 lbs. the previous year. Raw wool, however,
has a leeway of 18 cents to advance before current prices
would equal foreign prices, including the tariff. At the
present time, domestic prices are about 40e. a lb., with foreign
wool at 58c."
3002
Financial Chronicle
WOOL TOPS futures to-day closed 40 to 50 points higher
with Oct., 66.10 to 66.200.; and Nov., 68.30c.
SILK futures on the 22nd inst. under profit taking declined
early but recovered later on covering and showed a net advance for the lay of 3 to Sc. Sales dropped to 950 bales.
Japanese markets showed further losses. April ended at
$1.44 to $1.47 May at $1.43 to $1.45; June, $1.41 to $1.44;
July, $1.42; A g., $1.41 to $1.43; Oct., $1.41 to $1.42 and
Oct. and Nov, $1.41. On the 24th inst. futures after an
advance of 5 t 80. early lost some of this when profit taking
set in. Never heless there was a net advance in the end of
3 to 6c. Shorts covered and there was evidence of some new
buying. April closed at $1.48 to $1.54; May at $1.46 to
$1.49; June at $1.45; July at $1.46 to $1.47; Aug. and Sept.,
$1.45; Oct., $1.47 and Nov., $1.46 to $1.47. On the 25th
inst.futures declined 3 to 6c. under heavy profit taking. Sales
were 2,690 bales. Commodities generally were low*. May
closed at $1.43 to $1.45; June at $1.41; July and'Aug. at
$1.42; Sept. at $1.41 to $1.42; Oct. at $1.41; Nov. at $L42
to $1.43 and Dec. at $1.42 to $1.43. On the 26th inst.
futures closed 1. lower to 10. 'higher after sales of 1,520
bales. Profit taking caused an early decline but firmer
markets for stocks and other commodities and less pressure
to sell brought about the ricovery. April ended at $1.44 to
$1.46; May at $1.40 to $1.43; June at $1.42 to $1.44; Aug. at
$1.41 to $1.42; Sept. and Oct., $1.42 to $1.44; Nov., $1.43
and Dec., $1.43 to $1.45. On the 27th inst. futures ended
1 to 4c. higher with sales of 1,020 bales. A feature was the
posting of 120 transferable notices on the first delivery day
for the May position. They had little effect on prices, for
they were readily taken. May ended at $1.45 to $1.47;
June at $1.43; July at $1.43 to $1.44; Aug., Sept., Oct. and
Nov.,$1.45 and Dec.,$1.44 to $1.45. To-day futures closed
2 points lower to 1 point higher. June, July and Aug. closed
at $1.43; Sept. at $1.44; Oct. at $1.45; Nov. at $1.44; and
Dec. at $1.45. Final prices are 5 to 7 points higher than
a week ago.
•
COTTON
•
Friday Night, April 28 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 reachipd
92,386 bales, against 80,344 bales last week and 56,769 bales
the previous week, making the total receipts since Aug. 1
1932, 7,699,764 bales, against 9,186,604 bales for the same
period of 1932, showing a decrease since Aug. 1 1931 of
1,486,840 bales.
Receipts atSat.
Mon. Tues. Wed. Thurs. .7ri.
Total.
Galveston
3.404 3.030 7,922 3,861 2,078 2,495 22,790
Texas City
2,855 2.855
Houston
2,510 1,953 3.537 2,125 2.261 14.087 26,473
Corpus Christi
115
189
305
10
506
319
New Orleans..... 2,446 5.322 3.372 3.439 2,301 8,636 1,444
25,516
Mobile
293 1,259
424
835
673
949
Jacksonville ------------------------506 4,433
506
Savannah
567 1.945
Charleston
129
194
165
121
170 2,518 3,297
Lake Charles_ __ _
_
_
_
_
__
2,090 2,090
Wilmington
-§15
-18
-.
-i2
77
-7
85
276
Norfolk
332
43
86
206
24
52
743
Baltimore
---------------------18
18
Totals this week_ 9.572 12.509 16,275 10,654 8.199 35,177
92,386
The following table shows the week's total receipts,
the
total since Aug. 1 1932 and stocks to-night, compared
with
last year:
'
1932-33.
Receipts to
April 28.
1931-32.
Stock.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
1933.
1932.
22,790 1,835,384 13,627 2,217,397 694.110 689.219
2,855 229,240 1,588 235,381
39,531
42,803
26.473 2,612.324 10.5953,126.192 1.654,568 1.331.849
1.444 291,318
255 427,988
66,412
55,835
28.494
25,959
20.571
25,516 1,694,044 43.332 1,862,403 1.002.177 1.071.778
606
4.43. 280.015 6440 453,695 124,222 176,136
120,393 4,170
66,413
28,122
506
8,940
26,984
204
10,05"
17,152
1.945 133,720 3,664 313.770 145,148 248.219
35,917
29.776
3,297 148.953 1,378 124.896
52.369 111.334
259 137,405
2,090 158.371
75.341
59,065
50.334
465
276
50.539
20.003
18.997
63,818
448
49,722
49.495
743
55,341
____
8,689
198.395 204.849
923
18.500
12.600
22,988
99
2,432
13.300
18
3.193
77
5.389
--.--Totals
92.386 7.699,764 86.624 9,186.604 4.201,450 4,103,759
In order that comparison may be made with other years,
we give below the totals at leadmg ports for six seasons:
Galveston
Texas City
Houston
Corpus Christi
Beaumont
New Orleans _
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles__ .._
Wilmington
Norfolk
Newport News._ _
New York
Boston
Baltimore
Philadelphia
Receipts at- 1932-33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28.
Galveston_ __ _
Houston
New Orleans_
Mobile
Savannah_ _
Brunswick_ _ _
Charleston.
Wilmington_ Norfolk
22.790
26,473
25,516
4,433
1.945
13,627
10.595
43.332
6.540
3,664
4,559
2.830
20.222
4.873
2.346
4,654
6,932
11.964
5,021
653
10,160
8,477
14,361
3.185
2.816
25.156
19.526
25,913
4,171
13,640
3.297
276
743
1.378
465
448
180
584
575
2.266
448
901
3.180
418
2,577
9,085
4,222
5.316
l'11 glieils..w8
A'P
;
‘re.
..:
6.913
6,575
1.560
17.185
6.067
2.828
Total this wk_
92,386
86.624
37,729
50,024
51,241
109.891
Since Aug. 1
7.699,764 9.186.604 8,241,009 7.777,80 8.754.175 7.70.926
7
April 29 1933
The exports for the week ending tl4is evening reach a total
of 70,084 bales, of which 16,176 were to Great Britain, 4,252
to France, 21,627 to Germany, 5,2
to Italy, nil to Russia,
11,388 to Japan and China, and 11,441 to other destinations.
In the corresponding week last year total exports were 98,918
bales. For the season to date aggregate exports have been
6,448,130 bales, against 7,304,384 bales in the same period
of the previous season. Below are the exports for the week:
Exported to
-
Week Ended
Apr. 28 1933. Great
Ger- Britain. France. many.
Exports from
Galveston
Houston
Corpus Christi_
Texas City
New Orleans....
Lake Charles.. _
Mobile
Jacksonville....
Pensacola
Savannah
Charleston
Norfolk
3,189
8,942
1.777
25
45
1.206
136
107
Japan&
Italy. 'Russia. China. Other.
1,097 4,372
454 10,270
759 1,513
2,448
1,941
508
•---1,025
4,737
1.413
5,200
2,763
3,913
1,948
2;iii
3:845
95
1,675
786
1,441
2,574
175
50
Total
16,176
4,252 21,627
5,200
Total 1932
Total 1931
31,380
6.200
3.304 27,918
6.748 19,242
9,895
5.459
From
Aug. 1 19321
Apr. 28 1933 Great
GetExports from- Britain. France. many.
Total.
6,158
2,992
,220
4,225
9,838
553
,889
138
1.549
1,725
2,574
225
11,388 11,441 70,084
__ 16,495 .10,148 98,918
19,026 .17.953 74.628
ExpOrtedt0-
Japan 4.
Italy. Russia China. Other. Total.
Galveston... 208,831 192.221 233,62 158,12
536,742 267,133 1,596,678
Houston.... 226,367 297,981 444,739 213,3 I
'
401,576 321,446 1,905,499
Corp. Christi 33,121 62,663 44,779 13,853
80,414 41,079 280,909
Texas City__
42,79 20,100 54,055 2,901
10,628 21,648 152,127
Beaumont_ _ _
4,15
1,058
970
263
1,482
7,923
El Paso
15,372 15,372
New Orleans_ 303,657113,59 281,739 190.26
335.322132,049 1,356,827
Lake Charles
25,365 10,874
9,158 26,38
30,623 11,801 114,201
Mobile
74,226 14,822 12311,
22,168
43,093 16,919 294,338
3,197
Jacksonville.
4.697
136
7,600
24 15,654
22,679 "iii 51,3
,
Pensacola _ _ _
2,197
5,366 2,598 84,411
7,036
4,988
Panama City
12,016
Savannah_ .. _ 95,067 2;5845 56,5141 7:228
16,81)7 5,613 183.669
Brunswick _
10.
676 ---- 17,667 ____ ---.
5,700 1,702 35,735
98,597
Charleston.. 65,944 ___
-- ---2.000 9,228 175.759
5,108 20:750
Wilmington.
1,800 27,658
7,116
18,102 `I:418
13 - --.
Norfolk
229
43 27,042
506
lii
Gulfport
606
247, __
6
1,298
New York _
---_
300 1:651;
2,883
52i
Boston
320 3,4641
3,838
11,486
__
263
3,995
Los Angeles_
93.995 8.967 118.709
2,340 _ - _
San Francisco
100 -_-_-_-. 32,417
442 35.349
1
Seattle
.
5
435
440
I 129,7341733,0 1,470,458 647,385 _ _ _.1,603,227864,276 6,448,130
Total
I
-Total 1932 _ 1,099.314 391,85 1,414,66 579.208 .._ _ 3,001.992817,351 7,304,384
.
Total 1931. _ 999,319 905.1291,515.778 425,83029,279 1.333,209664,021 5,872.565
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
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 March the exports to the Dominion the present season
have been 11,578 bales. In the corresponding month of the preceding season the
exports were 19.632 bales. For the eight months ended March 31 1933 there were
135,066 bales exported, as against 139.115 bales for the eight months 01 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
GerGreat
Other
April 28 at
- Britain. France. many. Foreign
Galveston
New Orleans_ _
Savannah
Charleston _ _
Mobile
Norfolk
Other ports•_ _
3,000
7.249
2.000
2.000 5.000 21,508
1,958 18.118 6,992
__
__
- -- -
3 000
1.066
Coastwise.
Total.
3.000 34.500
1.064 35.381
2,000
Leasing
Stock.
659.610
113.148
9 6..369
5 7 6
62 9
120,014
4.666 .47- 666
.
1- 656 56- 666 2.04 29
.
.
4
Total 1933.. 16.283 5,360 27.118 78,264
Total 1932.. 26,922 11.413 22.274 78,041
Trits1 1931._ 15.119 9.178 17.060 40.517
•Estimated.
5,064 132.089 4,069,361
4,100 142,750 4,048,418
4.761 88.9151.406,674
COTTON.
-While cotton did not experience as sensational
an advance last week as some of the other commodities, it
lost relatively less ground this week. Trading has been less
active and still tinges largely on the news from Washington,
either actual or potential. Recently there has been more of
a conservative attitude apparent among traders, and all
other elements which go to make up the market. Weather
news has been. on the•whole, unfavorable, and the crop is
undoubtedly getting a late start.
•
On the.22nd inst. prices again surged forward after a preliminary reaction of a dollar a bale. The close was 7 to 10
points higher than the previous day, and 29 to 36 points Up
from the low. Estimated sales for the half-day were 300,000
bales. The early selling was largely from Wall Street, Liverpool and commission houses. Buying by the Continent,
sold-out local bulls .and a firm supposed to act for co-operative interests took place on the decline and turned the market. The rally in stocks and grain helped the advance. . Spot
Inquiry was reported as better in the Southern markets, and
the average price at the South was 7 points higher. Here
spot middling was 7.60, or 10 points Up for the day. The
Dallas "News" put out an unfavorable report on the condition of the crop in Texas. and weevil emergence was reported as the lowest since 1930 from College Station.
The New York Cotton Exchange Service surd: "World
consumption of American cotton during March totaled approximately 1.164.000 bales as against 1,093,000 bales revised
In February, 1.171.000 in March last year, 979,000 two years
Volume 136
Financial Chronicle
ago, and 1,059,000 three years ago. During the eight months
of the current season from Aug. 1 to March 31. world spinners used approximately 9.152,000 bales of American cotton
as against 8,390,000 bales in the corresponding portion of
last season, 7,254,000 two seasons ago, and 9.160,000 three
seasons ago. March consumption was larger than February
consumption, owing to the fact that March had more working days than February. The United States used 483.000
bales in March as against 434,000 bales in February; Great
Britain, 135,000 bales as against 128,000 bales: the Continent, 327,000 bales as against 308,000 bales; and the Orient.
203,000 bales as against 209,000 bales. In all sections of
the world spinning industry, March mill activity showed a
decline from February on a daily rate basis. The stock of
American cotton in the world on March 31 this year aggregated 10 812,000 bales as against 17,273,000 bales on March 31
last year; 12,735,000 bales two years ago, and 9,958,000 bales
thrte years ago. The stock on plantations and in warehouses
hi the Vnited States and afloat to and at ports of Europe
and thel Orient totaled 14,263,000 bales as against 14,263,000
bales la t year: 10,406 000 bales two years ago. and 7,207.000
bales three years ago. World mills hold 2,549,000 bales as
against13,013,000 bales last year: 2,329,030 bales two years
ago, and 2,751.000 bales three years ago. The stock in the
United States aggregated 12.590,000 bales as against 12,682,000 bales last year; 9,296,000 bales two years ago. and
6,812,095 bales three years ago. Stocks abroad totaled
4,222000 bales as against 4.591,000 bales last year: 5.439,000
bales two years ago, and 3,146,000 bales three years ago.
English spinners and weavers continued to find new business
slow this past week. owing partly to the disruption of the
yarn and cloth trade by currency instability. Mills about
moved their output, but production was curtailed by extension of the Easter shut-downs. Demand from export markets continued slow. Mill activity during the past two weeks
has averaged about 55% as compared with 70% a month
ago, and 6Q% at the Easter holidays last year. On the Continent. French, German and Italian spinners and weavers enjoyed a more active business than in recent previous weeks.
They are operating at around 75% and are finding new business about sufficient to maintain operations without accumulating stocks. Margins are generally very narrow. In
Spain and Czechoslovakia new business is insufficient to
maintain operations, and mills are decreasing their output.
Forwardings of American cotton to European mills have
averaged 86,000 bales a week during the past four weeks as
compared with an average of 117,000 bales in the corresponding weeks last year. For the season to date, forwardings
total 4,001,000 bales as against 3.701,000 bales to this time
last season."
On the 24th inst. prices closed 1 to 8 points higher, after
having advanced 17 to 25 points in the morning. At that
time all of the 1933 crop deliveries sold over Sc. The volume
was estimated at 300,000 bales. The early demand was from
spinners, Wall Street commission houses, Liverpool and the
Continent. The South and recent professional buyers were
the largest sellers. Hedge selling was limited and profittaking developed toward the close. The action of the market
all day was steady, and the increase in participation by the
,
outside public was apparent. According to reports from
Bombay, a 'Government estimate of the Indian crop was
4,516,000 bales of 400 pounds each. which is an increase of
91,000 bales from February's estimate. Worth Street reported a good demand, while Manchester noted little improvement. There were fairly extensive showers in Texas
and Oklahoma which were beneficial, but, so far, insufficient. The spot market was active at the South, and averaged 5 points higher at the principal markets.
On the 25th inst., with small fluctuations, prices ended 1 to
5 points lower for the day. Trading. however, was very
active. Profit-taking was in evidence on the part of Wall
Street professionals, but trade buying held prices up. The
latter is a reflection of the necessity for quick replacement.
of the low inventories in retailers' hands by wholesale dry
goods merchants and mills. May notices were estimated at
32,000 bales. Spot market continued firm, unchanged to
slightly lower. The American Cotton Crop Service said:
"Weather conditions during the week ending April 24 retarded crop advancement in most areas of the cotton belt.
In the Central belt excessive rainfall on the 20th and 21st
Insts. further complicated the wet soil condition, which has
prevailed for the past several weeks in this important cotton
producing area. In the Eastern belt planting was reported
as making about average progress, but low temperatures
were unfavorable to germination and growth. In the Western belt, except East and' Northeast Texas and the Eastern
half of Oklahoma, dry top soil conditions retarded soil preparation and planting. Planting has now become general over
the southern two-thirds, and is just beginning over the northern third of the belt. Boll weevil emergence from hibernation to date continues the lowest on record at College Station, Texas, excepting that for 1930, according to Dr. F. L.
Thomas, entomologist of the Texas Experimental Station.
Weevil hibernation tests have been conducted each year since
1925, with a known number of weevils, and the emergence
to April 15 this year of 0.14% is next to the lowest on record
at College Station. Summarizing crop prospects at the end
of April, we find scant use of fertilizer, late start in the
Central belt, absence of an accumulation of surplus winter
subsoil moisture in Texas and delayed emergence of the
weevil from hibernation in the southern half of the belt, all
3003
pointing to a lower yield per acre than was secured in 1932."
-On the 26th inst. business was quieter, with narrower
fluctuations. At the close the May delivery gained a point,
while losses on the others ranged to 4 points. Liverpool came
9 to 11 points lower than due, and sold quite heavily in our
market at the opening. Spot houses in the South and the
Continent also sold. Spot interests later turned buyers, and
with professional traders Wall Street and New Orleans
turned prices upward later in the morning. Manchester reported a fair demand and a steady undertone. Worth Street
was moderately active. India reported a larger consumption for the first eight months of this season by 82,000 bales
than last year. In the local market spots were quiet and
unchanged in price. Southern points reported comparatively
small business, with moderate fluctuations both ways. On
the 27th inst. prices closed 4 to 6 points off, with the volume
of trading much smaller than on recent days. Profit-taking
contintted, and the strongest situation developed in the
strength of Southern spot markets, which tended to equalize
prices. The weather map showed little moisture in West
Texas, where it Is needed. Reports continued from various
sections as to the delayed start for the crop. Southern spot,
markets were generally 4 to 6 points off. New York was
unchanged.
To-day the closing was 6 to 10 points lower after backing
and filling all day within a narrow range. Liverpool came
8 to 11 points lower than due, and our market developed a
decidedly reactionary trend. The South, Wall Street and
wire houses sold, and the principal demand came from Liverpool, New Orleans. spinning interests and local speculators. There was a recovery early in the afternoon, but
hedge selling and long liquidation held prices back. The
uncertainty of administrative action at Washington discouraged further buying and diminished the trading volume.
Final prices show a decline for the week of 1 to 5 points.
Spot cotton ended at 7.50c. for middling, or unchanged for
the week.
Staple Premiums
60% of average of
six markets Quoting
for deliveries on
May 4 1933.
15-16
1-inch &
Inch.
longer.
'.08
.08
.08
.08
.08
.08
.07
.24
.24
.24
.24
.24
.20
.18
08
08
08
.24
.24
.20
.08
.08
.08
.20
.20
.20
.08
.19
.07
.19
.08
.08
.20
.20
Fifferences between grades established
for deliveries on contract May 4 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Pair
White
63 on
Strict Good Middling
do
51
Good Middling
do
.40
Strict Middling
do
.28
Middling
do
Basis
Strict Low Middling_
do
.25 off
Low Middling
do
52
*Strict Good Ordinary- do
.86
*Good Ordinary
do
1.20
Good Middling
Extra White
.40 on
Strict Middling
do do
.26
Middling
do do
Even
Strict Low Middling__ do do
.26 oft
Low Middling
do do
.52
Good Middling
Spotted
24 on
Strict Middling
do
Even
Middling
do
.28 off
*Strict Low Middling_ __ do
.52
'Low Middling
do
.85
Strict Good Middling_ __Yellow Tinged
Evan
Good Middling
do do
.22 off
Strict Middling
do do
.37
*Middling
do do
57
'
Strict Low Middling__
do do
.86
*Low Middling
do do
1.19
Good Middling
Light Yellow Stained...83 off
*Strict Middling
do
do
. do - .59
*Middling
do do
do - 86
Good Middling
Yellow Stained
52 off
*Strict Middling
do do
.87
'
Middling
do do
1 18
d Middling
Gray
200!!
S riot Middling
do
.38
• iddling
do
63
*Good Middling
'Strict middling
*Middling
'Not deliverable on future contracts.
Blue Stained
do do
do
do
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
58 off do
85
do
1 18
do
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
April 22 to April 28Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
7.60 7.65 7.60 7.60 7.60 7.50
• NEW YORK QUOTATIONS FOR 32 YEARS. '
The quotations for middling upland at New Yorkron
April 28 for each of the past 32 years have been as follows:
1933
7.50c. 1925
1932
6.15c. 1924
1931
9.95c. 1923
1930..- -16.26c. 1922
1929----11‘.8.5c. 1921
1928- ...-..21.75c. 1920
1927----115.35c. 1919
1926
18.85c. 1918
24.00c, 191729.80c.
6
28.35c. 1915
18.35c. 1914
12.30c. 1913
41.35c. 1912
29.50c. 1911
26.90c. 1910
20.65c.
12.20c.
10.50c.
13.10c.
11.70c.
11.75c.
15.35c.
14.85c.
1909
1908
1907
1906
1905
1904
1903
1902
10.75c.
10.000.
11.30c.
11.70c.
7.70c.
13.85c.
10.75c.
9.880.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add
columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed,
Saturday__ _
Futures
Market
Closed.
SALES.
Spot. Contrl. Total.
Met. 10 pts. adv. Firm
Met. 5 pts. adv_-- Barely steady.._
uiet. Spin,dec... Very steady _
Wednesday. Wet. unchanged _ _ Steady
Thursday_ _ Met. unchanged _ _ Steady
150
160
Friday
Wet,10 Pts. dec _ Steady
103
103
Total week_
253
Sinca'Aug. 1
84.202 19771166 932:102
Monday
Tuesday ___
3004
Financial Chronicle
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Apr. 22.
May
Range_.
Closing .
June
Range_
Closing
July
.
Range _.
Closing
Aug.
Range_ •
Closing
Sept.Range •
Closing
Oci.Range_
Monday,
Apr. 24.
Tuesday,
Apr. 25.
Wednesday, Thursday,
Apr. 26.
Apr. 27.
Fr may,
Ap . 28.
7.16- 7.45 7.47- 7.65 7.36- 7.48 7.32- 7.57 7.40- 7.52 7.21 - 7.39
7.42- 7.44 7.47- 7.50 7.46 - 7.47- 7.43
7.3.
7.50-i
7.56n
7.55n
7.53n
7.490
7.41
7.27- 7.63 7.65- 7.82 7.50- 7.65 7.50- 7.74 7.54- 7.68 7.31 - 7.57
7.59- 7.61 7.65- 7.67 7.64- 7.65 7.60- 7.61 7.56 - 7.41 - 7.48
7.30- 7.30
- 7.66- 7.66
- -- 7.63- 7.68
7.64n
7.730
7.62n
7.5:
7.68n
7.67n
7.58- 7.66
- 7.67- 7.80 7.83- 7.83
7.740
•7.79n
7.75n
7.70n
7.77n
7.61
7.53- 7.85 7.87- 8.04 7.75- 7.87 7.70- 7.96 7.73- 7.88 7.51
7.80- 7.85 7.87- 7.89 7.84- 7.85 7.81- 7.82 7.76- 7.78 7.61
ClosingNov.Range__
Closing_ 7.89n
7.94n
7.88- 7.88
7.88- 7.83n
7.91n
Range-- 7.70- 8.00 8.01- 8.19
Closing_ 7.89- 7.99 8.01- 8.03
./an.(1934)
Range__ 7.78- 8.08 8.09- 8.25
Closing
8.08- 8.09- 8.11
Feb.
Range__
8.17n
Closing _ 8.12n
March
Range__ 7.92- 8.23 8.25- 8.42
• Closing- 8.17- 8.19 8.25- 8.27
April
Range__
• Closing_
a Nominal.
7.76
7.70
7.71
7.90- 8.02 7.86- 8.11 7.89- 8.04 7.79
7.99- 8.00 7.96- 7.97 7.90- 7.92 7.8-
7.92
,
7.99- 8.08 7.93- 8.15 7.95- 8.09 7.81. 7.95
7.9(
8.07- 8.08 8.03- 7.96
8.13n
8.11n
8.04n
7.91
8.15- 8.23 8.08- 8.32 8.13- 8.25 8.01 8.14
8.20- 3.21 8.19- 8.13- 8.14 8.01
Range of future prices at New York for week ending
April 28 1933 and since trading began on each option:
Option for
-
Range Since Beginning of Option.
Range for Week.
Apr. 1923...
May1933__
June 1933_
July 1933__
Aug. 1933_
Sept. 1933
Oct. 1933_
Nov. 1933_
Dec. 1933__
Jan. 1934__
Feb. 1934_
Mar. 1934..l
7.16 Apr. 22 7.65 Am. 24
7.27
7.30
7.58
7.52
7.88
7.70
7.78
Apr. 22
Apr. 22
Apr. 22
Apr, 22
Apr. 26
Apr. 22
Apr. 22
7.82
7.68
7.83
8.04
7.88
8.19
8.25
Apr. 24
Apr. 27
Apr. 26
Apr. 24
Apr. 26
Apr. 24
Apr. 24
7.92 Apr. 22 8.42 Apr. 24
5.90 Dec. 2 1932 6.77
5.69 June 8 1932 9.93
6.02 Nov. 28 1932 6.92
5.75 Dec. 8 1932 10.00
6.00 Dec. 3 1932 7.66
6.07 Dec. 8 1932 7.92
5.93 Dec. 8 1932 8.04
6.50 Feb. 21 1933 7.88
6.30 Feb. 6 1933 8.19
6.35 Feb. 6 1933 8.26
6.62 Feb. 24 1933 8.10
6.134 Mar. 28 1933 8.42
Nov. 11 1932
Aug. 29 1932
Mar. 16 1933
Aug. 29 1932
Apr. 21. 1933
Apr. 20 1933
Apr. 24 1933
Apr. 26 1933
Apr. 20 1933
AM. 20 1933
Apr. 21 1933
Apr. 24 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.
April 28Stock at Liverpool
Stock at London
Stock at Manchester
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
1933.
bales_ 707,000
1932.
623,000
1931.
868.000
1930.
797,000
100,000
213,000
214,000
123,000
807.000
836,000 1,082,000
920,000
550.000
246.000
25.000
88,000
137.000
311,000
192,000
25.000
102.000
85.000
520.000
388,000
10,000
112,000
65,000
461.000
289,000
9,000
104 000
45,000
1.046,000 715,000 1,095.000 908,000
Total Continental stocks
1,853,000 1,551.000 2,177.000 1,828.000
Total European stocks
26,000 135.000 142,000
75,000
for Europe..
India cotton afloat
American cotton afloat for Europe 200.000 223,000 161,000 160,000
69,000 .68.000
89,000
EgYpt,Brazil,&c.,artfor Europe 48,000
486.000 629,000 667,000 518,000
Stock in Alexandria. Egypt
923.000 776.000 1,028.000 1.331.000
Stock in Bombay, India
4,201,450 4,103.797 3,493.589 1,650,171
Stock in U. S. ports
Stock in U. S. interior towns---1.739.038 1.710,830 1,136.594 940,995
17,102
22,640
34,838
U.S. exports to-day
9.560,326 9.111.267 8.883.285 6.659.166
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
400,000 289,000 424.000 354.000
Liverpool stock
89,000
68.000
60,000 126.000
Manchester stock
978,000 664.000 981.000 802,000
Continental stock
200,000 223.000 161.000 160,000
American aflolt for Europe
4.201,450 4.103,797 3,493,589 1,650,171
U. S. port stocks
U. El: interior stocks
1,739,038 1,710.830 1,136.594 940,999
17,102
22,640
U. S. exports to-day
34.838
; Total American
7.613,326 7,139,267 6,302,285 3,975.166
5.. East Indian, Brazil, &c.
307,000 334.000 444.000 443,000
Liverpool stock
London stock
87,000 125,000
55.000
40.000
Manchester stock
51,000 114,000 106.000
68,000
Continental stock
26,000 135,000 142.000
75,000
Indian afloat for Europe
68,000
69,000
89,000
48.000
Egypt Brazil. &c., afloat
488.000 629.000 667,000 518.000
Stock in Alexandria, Egypt
923,000 776,000 1,028.000 1.331.000
Stock in Bombay. India
1,947.000 1.972,000 2,581.000 2,684.000
Total East India, &c
7,613,326 7,139,267 6,302 285 3.975,166
Total American
9.560.326 9,111,267 8,883,285 6,659,166
Total visible supply
5.34d.
8.65d.
4.82d.
Middling uplands, Liverpool---- 5.53d.
16.60c.
8.85c.
9.50c.
7.50c.
Middling uplands, New York
9.40d. 15.20d.
7.80d.
8.25d.
Egypt, good Salta', Liverpool
Peruvian, rough good, Liverpool_
4.38-1.
4.54d.
6.25d.
4.80d.
Broach, fine, Liverpool
5.13d.
7.60d.
4.67d.
5.I8d.
Tinneyelly, good, Liverpool
Continental imports for past week have been 100,000 bales.
The above figures for 1933 show a decrease from last
week of 22,789 bales, a gain of 449,059 over 1932, an
Increase of 677,041 bales over 1931, arid gain of 2,901,160
bales over 1930.
-that is,
iAT4THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
items for the
the]weelvand ,the stocks to-night, and the same
corresponding period of the previous year-is/set out in
detail elaw:
-
i
April 29 1933
Morement to Apr. 28 1933.
Towns.
Week.
Ala.,Birrning'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City _ Helena
Hope
Jonesboro
Little Rock
Newport_
Pine BluffWalnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
Columbus__..
Macon
Rome
La., Shreveport
Miss,Clarksdale
Columbus
Greenwood
Jackson
Natchez
Vicksburg
Yazoo City
Mo., St. Louis_
N.C.Greensb'ro
Oklahoma15 towns.S.C., Greenville
Tenn.,Memphis
Texas, AbileneAustin
Brenham
Dallas
Paris
I
Motement to Apr. 29 1932.
Ship- !Stocks
ments. April
28.
Week.
Receipts..
Season.
Receipts.
Week.
Season,
Ship- Stocks
ments, April
Week.
29.
395 7,610
168
73,561 1,175 25,68&
284! 37,440
494
9,006
619 6,385
135
12,482
s 6,675
71
1291 39,631 2.605 50,379
38.597
115 58,331
440
57,033 2,054 43,455
258
87,082 3,892 59,612
632 186,805 2,215 36,926
61 119,724 1,064 42,326
23,155
284 15,538
147
33,784 1,262 16,741
4041 68,025 2,120 33,640
124
77,555
537 40,503
6171 52,617
971 17.153
11
59,408 1,056 11,328
41 1
9,947
192 2,799
1
21.022
60 2,846
1,372 140,633 1,8711 56,049 1.245 187.785 2,075 64,310
541
549 11,890
50,125
38
48,540
733 13,007
802 121,794
983 43,225 2,285 176,274 3,905 52,333
149
65,632
402 6,541
_3
! 47 0 5
..
5 58
:26
490 7,311
1,377
59 3,054
1
1 4,258
275
25,500 1,125 47,630
85
38,614
200 41,180
1,007 225,656 1,704263,253 2,243
80,425 1,788 66,795
120.0841 2,321104,812
4,110
517 179,378 1,751 13,929
___
20,110
21.923
-__
57,987
_..ii 25,600
291 38,132
-411
-362
19,515
32,014
341 37,953
75 14,177
160
12,346
148
14,244
75 10,921
380
75,098 1,755 63.755
210 111,445 1,783 78,163
906 126,532 3,762 39,028
362 196,707 1,796 85,847
140 11,030
81
15,650
40
22,7
437 10,577
611 130,191 3,948 65,414
169 125:695 2,271 83,162
70 152
555
35,996
821 25,373
---- 28,785
-56 12.450
367
8,557
21 5,920
77 5,455
203 11,925
306
13
3 ,7111
4
41,059
269 13,138
678, 14,244
24
11
47,173 . 506 19,012
32,0641
3,832 140,1171 3,8471
157 2,379 130,869 2,747
776
278 22,116
26,994
6
102
19,066
380 20,427
I
2,287 713,573 5,826 56,267
872 617,056 2,870 47,817
2,758 135,306 4,154' 99,737 2,781 158,747 2,531 84,629
26,3231,814,287 35,961430,501 48,1861,969,102 58,801 374,457
1,713 87,027 1,683 • 739
1956
3
337
22,677
208
•
.
28.214
400 2,490
213
150
16,533
6971 7,580
13
19,875
201 5.453
1,693, 20,835
95,097
1,785
243 143,116 1,775 20.268
52,637 1,025' 8,551
171
__8_9
. 97,514
813 7,884
315
6,475
31,129
214
566
58,
552
11.149
San Antonio
200
8
17,883
167
587
44,937
822, 16,386
76
Texarkana
66 64,371
996 11,788
1,861, 11,236
73,370
Waco
834
47 81,404
860 8,364
I
Total, 56 towns 55,469 4,995,409 90.3351739038 63,8355,452,121100,6331710830
•Includes the combined totals of 15 towns in Oklahoma.
9e,
•
The above totals show that the interior stocks have
decreased during the week 33,657 bales and are to-night
28,208 bales more than at the same period last year. The
receipts at all the towns have been 8,36e,bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-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:
-1932-33Week.
3,847
Aug.
140,71e
.
9
4,135
100
3,018
2,879
14.132
127,350
290,051
-1931-32Si/ice
Week. Aug. 1.
2,747 136.500
57
24,275
468
128
7,874
3 199 143,017
5,727 365.491
9,844
• Total gross overland
Deduct Shipments
Overland to D.1,Y., Boston, &c--..
24g
towns
Between interior tow
3,134
Inland. &c., from South
577,117
11,858
677,625
1078
137,841
99
277
1,772
24,244
10.523
187.817
April 28-ShippedVia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Arc
Total to be deducted
3,400
160,376
2.148
222,584
Leaving total net overland*
6,444
416,741
9.710
455,041
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this week has been 6,444 bales, against 9,710 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 38,303 bales.
-1932-33
---1931-32
Since
In Sight and Spinners'
Since
Week.
Aug. 1.
Takings.
Week.
Aug. 1,
92,386 7,699,764
Receipts at ports to April
86,624 9,186,604
6,444
Net overland to April 28
416,741
9.710
455.041
Soutifn consumption to April 28-105,000 3.766.000 103,000 3.589.000
203,830 11,882,505 199.334 13,230,845
'Total marketed
*33.657
Interior stocks in excess
339,336 *36.937
920.603
Excess of Southern mill takings
-105,522
over consumption to April 1
---603,754
Came into sight during week-.
17° 1712,327.363 162,397 14.755,002
'!
Total in sight .April 28
---North.spinn's's takings to Apr.28 21.668
743,059 28,658
828,828
•Decrease.
Movement into sight in previous years:
Bales.
Since Aug. 1152,187 1930
118.379 1929
118.820 1928
Week1931-May 3
1930
-May 4
1929
-May 5
Bales.
13,100,173
13.925,252
14,749,283
QUOTATIONS FOR MIDDIIING 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:
Week En
April 28.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thurscry. Friday.
Galveston
New Orleans
Mobile
Savannah
Norfolk
Montgomery..._
Augusta
Memphis
Houston
Little Rock.._
Dallas
7.40
7.38
7.75
7.50
7.60
7.25
7.50
7.35
7.35
7.18
7.05
Fort Mirth
7.05
7.45
7.41
7.30
7.56
7.70
7.30
7.56
7.40
7.40
7.25
7.10
7.10
7.40
7.41
7.30
7.54
7.68
7.30
7.55
7.55
7.40
7.25
7.10
7.10
7.35
7.44
7.25
HOL.
7.65
7.25
7.50
7.50
7.40
7.30
7.10
7.10
7.30
7.38
7.20
7.46
7.61
7.20
7.46
7.45
7.35
7.32
7.05
7 tic
7.201
7.34
7.10
7.37
7.531
7.10j
7.38 i
7.351
7.25
7.22
6.95
ft cis
Financial Chronicle
Volume 136
-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,
Apr. 22.
Monday,
Apr. 24.
Tuesday, Wednesday. Thursday:
Apr. 25. Apr. 26. Apr. 27.
May
7.38- 7.41- 7.42 7.40- 7.42
June
7.53- 7.55 7.60- 7.62 7.57- 7.59
July
August_ - September
7.76- 7.77 7.81- 7.84 7.79- 7.80
October
November
December. 7.92- 7.97- 7.94 Bid.
Jan.(1934) 7.98 Bid. 8.03 Bid. 8.00 Bid.
February 8.13 Bid. 8.18 Bid. 8.16 Bid.
March
April
Tone-'
Spot
Steady.
Steady.
Steady.
Options.. Very stdy. Stdy at dec Steady.
Friday,
Apr. 28.
7.42 Bid. 7.38- 7.39 7.31 Bid.
7.60- 7.53- 7.54 7.477.81- 7.82 7.74- 7.75 7.68- 7.69
7.95- 7.90- 7.848.01 Bid. 7.95 Bid. 7.89 Bid.
Steady.
Steady.
Steady.
' Steady.
Rain. Rainfall.
'Galveston,
Amarillo, Tex
Texdr 38 in.
2 days
Austin, Tex '
2 days 0.04 in.
Abilene, Tex
2 days 0.41 In.
Brenham. Tex
1 day 0.08 in.
Brownsville. Tex
2 days 0.07 in.
nOis. Christi, Tex
1 day 0.06 in.
138,,Tex
3 days 3.86 in.
Del Rio, Tex
1 day 0.14 in.
El Paso, Tex
1 day 0.08 in.
Henrietta, Tex
1 day 0.36 in.
Kerrville, Tex
2 days 0.40 in.
Lampasas, Tex
2 days 0.79 in.
Longview, Tex
1 day 1.46 in.
Luling, Tex
2 days 0.32 In.
Nacogdoches. Tex
2 days 0.64 in.
Palestine, Tex
2 days 1.12 in.
'Paris, Tex
2 days 2.32 in.
'San Antonio
2 days 0.07 in.
Taylor, Tex
2 days 0.12 in.
'Weatherford, Tex
3 days 1.24 in.
•Oklahoma City, Okla
3 days 0.55 in.
.Eldorado, Ark
3 days 0.96 in.
'Fort Smith, Ark
3 days 0.84 in.
,Little Rock
3 days 0.25 in.
Pine Bluff, Ark
2 days 0.11 in.
Alexandria, La
1 day 0.08 in
Amite, La
2 days 0.79 in.
New (Means, La
3 days 2.23 in.
'Shreveport
5 days 1.43 In.
`Columbus, Miss
3 days 0.61 In.
Meridian, Miss
1 day 0.54 In.
Vicksburg, Miss
4 days 0.66 in.
Mobile. Ala
5 days 1.81 in.
Birmingham. Ala
"days 0.52 in.
Decatur, Ala
5 days 1.03 In.
Montgomery, Ala
4 days 1.06 in.
Selma, Ark
3 days 0.31 in.
Jacksonville, Fla
1.34 in.
1 day
Miami, Fla
2 days 0.72 in.
Pensacola, Fla
2 days 0.24 In.
Tampa. Fla
2 days 0.18 in.
Savannah, Ga_
5 days 0.77 in.
Atlanta. Ga
4 days 1.11 In.
Augusta, Ga
1 day 0.80 in.
•Columbus, Ga
4 days. 0.32 in.
Macon, Ga
4 days 1.02 in.
Thomasville, Ga
4 days 0.77 in.
Charleston, S.0
2 days 0.84 In.
Greenwood. S. C
1 day 0.53 in.
Columbia,S.0
1 day 0.08 in.
Conway, 8.0
2 days 0.38 in.
Asheville, N.0
1 day 0.28 in.
Charlotte. N.0
1 day 0.02 in.
Newborn, N.0
2 days 0.44 In.
Raleigh, N.0
1 day 0.20 in.
Weldon. N.0
1 day 0.07 in.
Wilmington, N.0
2 days 0.58 in.
Memphis, Tenn
4 days 1.43 in.
•Chattanooga, Tenn_
2 days 0.32 in.
Nashville, Tenn
3 days 0.89 In.
Steady.
Steady.
Above zero of gaugeAbove zero of gauge..
Above zero of gauge..
Above zero of gauge..
Above zero of gauge-
Apr. 28 1933. Apr. 29 1932
Feet.
Feet.
16.6
12.9
33.9
19.2
13.2
28.4
16.1
11.5
47.9
36.9
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.
weeJ
Ana..
1933.
1932. 1931.
Stocks at Interior Towns. !Receiptsfrom nantations
1933.
1932.__I 1931. I 1933. I 1932.
I
Jan.
I
80,
27-- 198.9812 442115.0452.138.4012.158,4611.658,372,171.383283,496
Feb.
I
8 182,110223.645 105.953 2,118.211 2,123,944 1,627,3161161,9201189.128
1,588,762 80,978 228,894
10- 21,163 241,848 106.106 2,084.026 , ,
17._ 102 480 175,417 113 438 2,648,063 2,080,961 1,656,997 68,517 153,383
24- 122.934 161,669 119.3822,014.686 2.032,312 1,514.682 89.557113,020
Mar.
8- 101.012184,066118.5711,977,7961,907.0091.461.836 64.142 149.662
10.. 72,119 158,701 98,477 1,9°4,139 1.981,118 1,420,753' 58,462121,908
17_ 46,558125.71 68,189 1,932,247 1,903.510 1,379.376' 16.66 73.109
94__ 78,838 180,968 61,736 1.903,091 1.872,
8781, ,
849 018 49.682 95,336
31._ 71,916 115,587 53,101 1.874,180 1,847,155 1.312,8561 43.005 89,864
APr•
7_ 55,548 93,799 40,428 1,839,2301.812,8321.264.845! 20.358 59,476
14- 56,769 62,040 52,1191.806.8961.781,0961,213.991 24.435 30,306
__ 80,344 76,159 33,372 1,772.695 1,747,767 1,175.730 46.143 42.830
28_1 92,386 86,624 37,7291,739,0381,710,8301,136,594 58,7291 49,6871
1932-33.
Week.
1931-32.
Season.
Week.
Season.
Visible supply April 21
9,583,115
9.207.838
7.791,048
Visible supply Aug. 1
6.892,094
162,397 14.755,002
American in sight to April 28_
170,173 12.327.363
Bombay receipts to April 27__
102,000 2,042.000
88.000 1,537.000
387,000
16,000
286,000
Other India ship'ts to April 27
10.000 1.347,000
13,000
898,000
Alexandria receipts to April 26
9,000
11.000
426,000
446,000
Other supply to April 27..b_ _
9.895,288 23.871.411 9,477.235 25.20.096
Total supply
Deduct
Visible supply April 28
9,560,326 9,560,326 9,111.267 9,111.267
365.968 16,151.829
334.962 14,311.085
Total takings to April 28..a
292,068 12.131.829
257.962 10,613,085
Of which American
73.000 4,020,000
77.000 3,698.000
Of which other
•Embraces receipts in Europe from Brazil, Smyrna, West Indies. ate.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,766000 bales In 1932-33 and 3,589,000 bales in 1931-32takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 10.545,085 bales in 1932-33 and 12,562,829 bales In
1931-32, of which 6,847,085 bales and 8,542,829 bales American.
b Estimated.
Thermometer
high 86 low 67 mean 77
high 80 low 42 mean 61
high 92 low 54 mean 73
high 88 low 52 mean 70
high 88 low 60 mean 74
high 98 low 68 mean 83
INDIA COTTON MOVEMENT FROM ALL PORTS.
high 98 low 68 mean 83
high 84 low 56 mean 70
high 92 low 60 mean 76
1931-32.
1930-31.
1932-33.
high 80 low 44 mean 62
April 27.
high 92 low 50 mean 71
.
Since
Sews
Since
Receipts athigh 88 low 38 mean 63
.
Week. 1 Aug 1. Week. Aug. 1. rve&t.1Aug 1.
.
high 88 low 46 mean 67
high 86 low 54 mean 70
11nmhsto
------102.000 2.042.000 88.000 1.537.000 48.000 2.779.000
high 92 low 54 mean 74
high 84 low 54 mean 68
Since Aug, 1.
For the Week.
high 92 low 58 mean 75
Exports
high 80 low 52 mean 66
Great
from
Conti- Japan &
Great Conti- Japan&
high 92 low 60 mean 78
China.
Britain. nent. China. Total. &hats. nog.
Total.
high 92 low 54 mean 73
high 84 low 48 mean 66
Bombay48 mean 65
high 82 low
1
849.0001,109,000
1932-33._ 3 I I I 7,000 30,0001 40,000 33,000 227,
.
high 81 low 54 mean 68
1,000 1,000 2,080 18,0001 117,000 728,0001 861.000
1931-32_
high 82 low 50 mean 66
16,000 7,000 25,000 108,0001 572,0001,464,0002 144 090
1930-31_ 2:6
high 80 low 50 mean 65
'.
I
Other India1
high 80 low 51 mean 66
1932-33.... 3,000 13,000 ____1 16,000 89,000 298,us.
387,000
high 87 low 59 mean 73
1931-32__
_
78,000 208,0
286,000
high 83 low 51 mean 57
15,5151) ...-.1 16,000 120,
,
379,
- -- 1930
-31...
499.000
high 86 low 63 mean 73
high 82 low 53 mean 70
1
Total all
high 80 low 52 mean 66
1932-33_ 6,000 20.000 30,0001 56,0001 122,000 525,
849,0001,496.000
high 80 low 52 mean 66
1931-32__
1,000 1,000 2,000 94,000 325,
728,000,1,147,000
high 80 low 58 mean 66
1930-31._ 3,Eioo 31.000 7,000 41,000 228,000 951,
1,464,0002.843,001
high 83 low 59 mean 71
high 76 low 52 mean 64
According to the foregoing, Bombay appears to show an
high 78 low 51 mean 65
high 80 low 55 mean 68
increase compared with last year in the week's receipts of
high 81 low 55 mean 68
14,000 bales. Exports from all India ports record an increase
high 80 low 54 mean 87
high 82 low 62 mean 72
of 54,000 bales during the week, and since Aug. 1 show an
low 58 mean 68
high 78
increase of 349,000 bales.
high 82 low 60 mean 71
high 82 low 47 mean 64
high 75 low 48 mean 62
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
high 78 low 46 mean 62
now receive weekly a cable of the movements of cotton at
high 80 low 52 mean 66
high 76 low 48 mean 62
Alexandria, Egypt. The following are the receipts and
high 80 low 52 mean 66 '
shipments for the past week and for the corresponding week
high 82 low 50 mean 66
high 73 low 44 mean 59
of the previous two years.
high 78 low 48 mean 63
high 83 low 40 mean 67
1932-33.
• Alexandria, Egypt,
1931-32.
1930-31.
high 70 low 36 mean 68
April 26.
high 71 low 38 mean 56
high 82 low 48 mean 65
Receipts (Cantars)high 74 low 40 mean 57
This week
65,000
50.000
45,000
high 76 low 36 mean 56
Since Aug. 1
., 4,576,591
4,493.983
high 78 low 46 mean 62
6,375.000
high 75 low 5.3 mean 62
high 72 low 48 mean 60
This Since
This Since
This Since
high 76 low 46 mean 66
Export (Bales)Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
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:
Receipts at Ports.
Cotton Takings,
Week and Season.
8.18 Bid. 8.13- 8.07 Bid.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that planting is decidedly
backward, with poor progress generally over most of the
cotton belt, although conditions have improved somewhat
the latter part of the week.
Texas.
-Germination is slow and stands are mostly poor.
In the northern half of this State seeding is awaiting more
favorable weather.
Memphis, Tenn.
-Plowing is now active.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
3005
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 7,964,559 bales;
in 1931-32 were 10,033,959 bales and in 1930-31 were 8,484,593
bales. (2) That, although the receipts at the outports the
past week were 92,386 bales, the actual movement from
plantations was 58,729 bales, stock at interior towns
having decreased 33,657 bales during the week. Last year
receipts from the plantations for the week were 49,687
bales and for 1931 they were 37,195 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1931.
77.269
74,897
67,552
81.673
77.047
65.725
41,083
28,762
31.378
16,939
1,264
Nil
37.195
To Liverpool
_ 116,816
To Manchester, &c.
--- 89.757
To Continent and India._ 7:
000 377,821
To America
28,981
5,000 176,272
___ 109,640
6.000 135.049
_ _ 99.061
8,000 479.151 15.000 452.136
____ 34.135 1,000 16,135
Total exports
7,000 613.375 19,000 824.607 16.000 676.972
Note.
-A canter is 99 lbs. Egyptian be ea weigh about 750 pounds.
This statement shows that the receipts for the week ended April 26 were
65,000 canters and the foreign shipments 7,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for India is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1933.
32s Coy
Twist.
1932.
831 Lbs. Shirt- Cotton
!nos, Common MiddPg
to Finest.
Upl'its
II.
s. d.
Jan.2
7--- 8540 914
3
Feb.
3____ 8340 954
3
10___ 8440 954
3
17 __ 8340 954
. .
3
24_--- 8340 954
3
Marsh
3
3.._ 8 0 9%
10____ tDi0 954
3
17--- 8540 934
3
24____ 8540 914
3
al__ 8340 954
3
Aptil7.-- 8340 914
3
14____ 8340 934
3
3
21._ _. 8340 93(
3
28...._ 854010
s. d.
32s Cop
Twist.
831 Lbs. Shirt- Cottonl
inn, Common mtaag
to Finest.
Upl4.s.
d.
d,
0
0
6
5.15
85(01931
1 08 4
1.59
0
0
0
0
8
8
8
6
4.94
5.09
4.95
4.95
85(01031
85401031
9 10103.5
9 01034
1
1
1
1
084
08 4
08 4
034
5.537
5.69
5.95
1.79
0
0
0
(4
0
6
8
6
6
8
4.79
5.17
8. 6
2
5.13
5.15
9 01034
85401031
35401031
834010
8340 934
1
0
0
0
0
08 4
083
0 13
08 3
08 3
1.73
5.51
5.01
5.15
4.81
0
0
0
0
8
8
6
8
5.28
5.37
5.30
5.53
8140 934
8340 934
8340 954
8340 954
0
1
1
1
(88 3
08 4
0. 8 4
08 4
• 4.73
5.00
4.95
4,82
s. d.
s. d
d.
3006
Financial Chronicle
. SHIPPING NEWS.
-Shipments in detail.
April 29 1933
BREADSTUFFS.
Bales.
1,675
50
1,620
145
840
952
50
244
1,329
4.372
1,860
4.737
3,802
454
3.140
100
9,469
208
801
200
1,413
2,243
512
100
250
300
175
50
300
SAVANNAH-To Japan-April 21-Sanyo Maru, 1,675
To Gdynia-April 22-Vasaholm, 50
GALVESTON-To Mexico-April 20-Munorway, 1,629
To Havre-April 26
-Elizabeth van Belgie, 145
To Rotterdam-April 22-Maasdam. 840
To Dunkirk-April 26
-Elizabeth van Belgic, 952
To Passages
-April 22-Maasdam,50
To Ghent
-April 26-Ellzabeth van Bele°, 244
To Liverpool
-April 25
-Norwegian, 1.329
To Bremen-April 26-Cheinnitz, 4,372
To Manchester-April 25
-Norwegian, 1,860
To Japan-April 26-Hoyelsan Maru, 4,737
HOUSTON-To Liverpool
-April 22
-Norwegian, 3,802
To Dunkirk-April 27-Blankaholm, 454
To Manchester-April 22
-Norwegian, 3.140
To Oslo-April 27-Blankaholm, 100
To Bremen-April 22--Chemnitz, 9,469
To Gothenburg-April 27-Blankaholm, 208
To Hamburg
-April 22-Chemnitz, 801
To Copenhagen-April 27-Blankaholm, 200
To Japan-April 24-Hoyeisan Mani, 1,413
To Gdynia-April 27-Blankholm, 2,243
To Rotterdam-April 24-Maasdam. 512
To Ghent
-April 24-Maasdam. 100
To Santander-April 24-Maasdam. 250
To Corunna-April 24-Maasdam, 300
NORFOLK-To Liverpool
-April 22
-Manchester Merchant, 175_
To Bremen-Aprif27 -City of Hamburg. 50
,
NEW ORLEANS
-To Barcelona-April 22
-Carlton, 300
To Genoa-April 22
-West Cobalt.650;_ __April 25-Montello,
4.550
5.200
To Havre-April 22
-Patrician.834_ _ _April 24-Elizabeth van
Belgie 785
.
1,619
To Antwerp-April 22
-Patrician, 350
350
To Ghent
--April 22
-Patrician, 200
200
To San Felipe--April 17-Zacapa, 100
100
To Manizalis (7) Contessa.20
20
To La_paz-April 13-Turrialba.300
300
To Gdynia-April 24-Blankaholm, 1,052
1,052
To Dunkirk-April 24-Blankaholm, 100
100
To Gothenburg-April 24-Blankaholm. 200
200
To Antwerp-April 24
-Elizabeth van Belgie, 150
150
To Dunkirk-April 24-Elizabeth van Belgie,222
222
To London-Effingham-Addi 25
25
CORPUS CHRISTI
-To Rotterdam-April 25
-Tennessee,28... _ _
28
To Bremen-April 27
-Oakwood. 988
988
To Gdynia-April 25
-Tennessee,493
493
To Dunkirk-April 27
-Oakwood, 750
750
To Barcelona-April 26
-Carlton, 1,071
1,071
To Havre-April 27
-Oakwood,9
9
To Oporto-April 26
-Carlton, 31
31.
To Hamburg
-April 27
-Oakwood, 525
525
To Leixoes
-April 26
-Carlton.325
325
PENSACOLA-To Liverpool
-April 25-Afoundria, 99
99
To Bremen-April 26-Hastings,.1.441
1.441
To Havre-April 26
-Maiden Creek, 1
1
To Manchester-April 25-Afoundria.8
8
MOBILE
-To Liverpool
-April 12
-Norwegian. 691_ _ _Apri1.13West Hika,70
761
To Manchester-April 12
-Norwegian, 70_ __April 13
-West
Mica,375
445
To Bremen-April 18-Halmon,100_ _ _April 15-Antinous,518
618
To Hamburg-April 15-Antinous,407
407
To Barcelona-April 19
-Carlton. 95
95
To Japan-April 10-Skrarnstad, 1,312_ __April 13
-Silvercypress, 2,057.
3,363
To China-April 13-SilvercYnres. 200
200
LAKE CHARLES
-To Manchester
-April 25
-West Cohas, 45_ _ _
45
To Bremen-April 25
-Oakwood,508
508
TEXAS CITY-To Liverpool
-April 25
-Norwegian, 1,258
1,258
To Manchester-April 25
-Norwegian, 519
519
To Bremen-April 26-Chemnitz, 2,448
2,448
CHARLESTON-To Liverpool-April 27-Atlantian, 50
50
To Manchester-April 27-Atlantian, 2.524
2,524
JACKSONVILLE
-To Manchester-April 25-AtlantIan,136_ _ _ _
136
Total
70,084
Friday Night, April 28 1933.
FLOUR.
-At the beginning of the week all of the standard
grades increased in price 10c. per bbl., with Semolina advancing 15c. Family flour was unchanged at $6.15 to
$6.85. New business was reported as small. On the 25th
prices receded 10e. a bbl., losing the gain of the previous day.
Semolina held its advance. Business continued quiet. On
the 27th, the continued weakness in wheat was reflected by
a marking down in the price of family flour Sc. a bbl. and
10c. for Semolinas. Business was duller.,
WHEAT has had a reactionary week. The rapid advance
of the previous week had attracted a top-heavy long interest
which has recently been liquidated. Some prominent opera'tors are reported to have deserted the bull side, at least
temporarily. Talk of inflation while still persistent has been'
more modified as to the immediate prospect. Beneficial
rains have occurred in the winter wheat belt which may
serve to improve its condition somewhat, although it is
probably too late for the needed moisture to have very far
reaching results. On the 22nd wheat again surged upward
registering gains ranging,in Chicago from 2 to 2W while
ic.
prices in Winnipeg advanced 33% to 358c. Canadian. The
/
strength in Winnipeg was attributed to talk of international
inflation. Some further rains Were reported in parts of the
Southwest but as a rule crop news was entirely neglected.
Primary receipts were 590,000 bushels against .1,166,000'
last week and 656,000 last year. Shipments were 405,000,
613,000 and 458,000 respectively. The cash demand was
small compared to the rest of the week.
On the 24th new high records were established for the
nearby months. Public buying was very much in evidence
and grain prices rose all over the world. The close was 18%
to 1 8 higher in spite of reports of a better crop outlook in
Kansas due to the recent rains. The situation in the cash
markets was the strongest in two years. Stocks in the commercial visible supply, mills, elevators and farmers' hands
was estimated at 413,000,000 bushels, a decrease of 29,000,000 from last year: The crop and weather news was largely
ignored as the talk of inflation for the purpose of advancing
the prices of farm' products has obviously captured the
popular imagination. On the 25th wheat fell off 2 to 2Xe.
in a market which acted tired. Profit taking was again
much in evidence and speculative demand on the long side
COTTON FREIGHTS.
-Current rates for cotton from was smaller. It was probably the smallest day's transactions
New York, as furnished by Lambert & Barrows, Inc., are' in more than a week. Beneficial rains occurred in Kandas
as follows, quotations being in cents per pound.
but it was stressed that it was too late to repair much of the
High StandHigh StandHigh Standdamage to the winter wheat crop already done.
Density. and.
Density. and.
Density. and.
Liverpool .450. .600.
Trieste
.500. .650. Piraeus
.750. .90e.
On the 26th in spite of the .weakness in sterling and the
Manchester.45c. .600.
Flume
.500. .650. Salonica .75c. .900.
Antwerp ..3.5c. .50c.
Barcelona .350. .500. Venice
.50o. .650. . early uncertain tone of the stock market, the market closed
Havre
.270. .400.
Japan
• Copenh'gen.380. .530.
•
near the top prices of the day at an advance of % to 5%0.
Rotterdam .350. .50e.
Shanghai
Naples
•
•
.400. .55o.
Genoa
Bombayz .400. .550. Leghorn .400. .55o.
.400. .550.
Much of the pressure in the morning was ascribed to selling
.35c. .500. Gotbenberx.42c. .570.
Oslo
Bremen
.460. .61o.
Stockholm .420. .57c.
Hamburg .350. .500.
by prominent professional bears. The beginning of the sev•Rate Is open. z Only small lots.
erance of trade relations between Great Britain and Russia
LIVERPOOL.
-Sales, stocks, &c., for past week. •
was regarded as a bullish point on American wheat. It is
Apr. 7." Apr. 14. Apr. 21. Apr. 28.
Forwarded
52,000
41.00035,000,
becoming increasingly apparent that the small trader is
Total stocks
744,000 730,000 721,000 707,000
Of which American
435.000 423.000 419.000 400,000
entering the speculative market in large numbers. On the
Total imports
51,000
17,000
_,
32,000
37,000
27th in company with the other grains, wheat declined
Of which American
5,000
11,000
17,000
15,000
Amount afloat
58,000
91,000
83,000
84.000
to lc. The drop in sterling exchange hurt the market. There
Of which American
30.000
42.000 ... 44,000
42.000
The tone of the Liverpool market for spots and futures was considerable profit taking and the debate in Washington
each day of the past week and the daily closing prices of over the amendments to the Farm Relief Bill caused specuspot cotton have been as follows:
lative hesitation. Kansas again had copious rains.
To-day wheat finished 1% to 23% points leosw.ersopnecEualastetiornn
Spot.
Saturday. Monday, Tuesday. Wednesday. Thursday. Friday.
selling and less stress on inflationary
Market, 1
A fair
A fair
Good
business
12:15
fell off and trading volume diminished. Final prices show
business
Good
A fair
Good
P. M.
demand. demand, business
doing.
inquiry,
doing.
a rise on May for the week of Vic., but other months are
doing
5.41d.
Isild.UpPds
5..54d.
5.41d.
5.33d.
5.37d.
M to 13%e. lower.
5.53d.
Futures.1 Steady,
Steady,
Steady, St'dy, 1 pt. Steady.
Market
1 to 3 pts. 6 to 8 pts. dec. to 2 1 to 2 pts. to 5 pts. Steady at
advance, advance. pts. adv, advance. advance. 1 to 3 pts.
opened
decline
Market,
Quiet, Barely stdy Quiet but Quiet but Steady.
4
I to 3 pts. 5 to 8 pts. steady. 1 to steady, on- 14 to.16 pm Steady at
decline.
P. M.
advance. 2 pts. adv. ch'gd. to I advance. 7 to 9 pts.
advance.
decline
Prices of futures at Liverpool for each day are given below.
Sat.
Tues.
Wed.
Thurs.
Fri.
12.1 12.30 12.15 4.0012.15 4.1. 12.15 4.0012.15 4.0012.15 4.00
P. Ai D. M.P. In.P. m.D.ra. D. M.P. Al• P. m•D. m•I). m•P. m•P. Da.
d.
New Contract, d.
d.
May (1933) -------5.05 5.12
5.05 5.12
July
October-- __ 5.07 5.14
January (l934)__ -- 5.11 5.17
--. 5.14 5.2
March
5.17-.. __
MAY
5.19...July
5.22._ __
October
5.26_ __
December
January (1935) __ __ 5.27.. __
__ __ 5.32.. __
March
d.
d.
5.13 5.16
5.13 5.16
5.14 5.17
5.18 5.21
5.21 5.24
5.24.. __
5.26.. __
5.29__ __
5.33__ __
5.34_ __
5.37 __ __
d. d.
5.15 5.16
5.14 5.16
5.15 5.17
5.19 5.2'
5.22 5.24
6.25. __
5.28__ -5.3l__ __
5.34__ __
5.35... __
5.39.. __
d.
5.16
5.15
5.16
5.26
5.23
5.26
5.28
5.31
5.35
5.36
5.39
I: : : : : : a o.a o,o.
Wtaki.21''wmacno
Apr. 22.
to
Apr. 28.
Mon.
d.
d.
d.
5.31 5.24 5.22
5.31 5.2 5.23
5.31 5.24 5.23
5. 5.27 5,26
5.37 5.30 5.29
5. I.... 5.32
5.42 .... 5.34
__ 5.87
5.4
5.49 -- 5.41
5.51 ---- 5.42
5.53 --- '5.46
6
DAILY CLOSING PRICES
WHEAT IN NWed.
m on rues. EW
Sat.
YORK
92q 9374 91% 93% T/turs: 91%
92%
.
DAILY CLOSING PRICES OF WllEMonFUTesRES ed ThHl.
sot. AT . TuU.
IN C urs AGO
.
C Fri .
No 2 red
May
67
.
741 6
0 88
6714 esq
July
68
8
67U 66
September
71h 69%.
69
December
69
Season's High and When Made.
Season's Low and When Made.
May
43
Dec. 28 1932
July
Dec. 28 1932
September
Apr. 24 19333 September
242 1199 33
0 3
79911
763
'
al
Jan. 3 1933
December
Apr. 25 1933 December
73
687
Apr. 28 1933
DAILY CLOSING PRICES OF WHEAT FIITLTEFI Id. WINNIPEG.
AT . Tu . WeN
mon
77,4
May
July
October
5
9
fit EA
8?
56%
58
60
55.i
57
59
CORN has been relatively weaker than wheat and has
shown little resistance to profit taking and long liquidation.
In common with the other grains speculation in it has dimin-
Volume 136
Financial Chronicle
ished considerably in volume. On the 22d corn moved up
% to lc. The rains in the Southwest, which were good for
winter wheat, were considered bad for corn.. Speculative
interest kept up and country offerings increased. Purchases
of 120,000 bushels were made to arrive. Charters were
taken for approximately 400,000 bushels to Buffalo.
Primary receipts were 767,000 bushels against 945,000 last
week and 526,000 last year. Shipments were 660,000,
464,000 and 253,000 iespectively.
On the 24th corn advanced % to 1%c.although it absorbed
considerable profit taking on the way up. The same influences,were at work as in wheat. 235,000 bushels of cash
corn to arrive were sold at the best prices of the year.
Argentine corn closed 5c. above its lows. On the 25th prices
declined 13% to 1%c. The liquidation of a line of May
delivery unsettled the market. Offerings were more plentiful
d the sample market basis was off % to %c. On the 26th
ter rather nervous fluctuations prices closed % to %c.
lower. Selling was particularly apparent in the May delivery.
On the 27th corn was weak, closing % to 1%c.. lower
thus exceeding the decline in wheat of the same day. The
trade was inclined to increase their caution m the interpretation of Washington news and long liquidation was much in
evidence. There was no aggressive support. To-day with a
diminished volume of trading,corn showed marked weakness,
closing 1% to 13 0. lower. There was no especial news to
/
account for its action other than the influence of other commodities and a diminishing of inflationary enthusiasm.
Final prices are 13 to 23/ge. lower than a week ago.
%
It
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
51% 52% 51% 51% 50% 49%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
35% 36% 35% 35% 34% 32%
July,
38% 39% 38
37% 36% 35%
September
39% 41% 40
39% 38% 37%
December
40% 38%
Season's High and When Made.
Season's Low and When Made.
40
May
Aug. 8 1932 May
23%
Feb. 28 1933
39
July
Apr. 24 1933 July
Feb. 28 1933
25
September
41
Apr. 24 1933 September
26%
Feb. 28 1933
December
41%
Apr. 27 1933 December
Apr. 28 1933
38%
OATS have given way rather reluctantly during a week of
decline. Weather news has continued to be bullish, but has
not sufficed to reverse the influence of tile downward tendency of other commodities. On the 22d oats showed
independent strength and closed Mc. to %c.'higher.. The
May delivery sold at 24e., making a new high. Progress
was reported in seeding in Illinois. On the 24th the close
was Ms. to /0. higher, with•the cash position very strong.
3
It followed wheat and cdrn upward. On the 25th, following
the lead of other grain, active oat futures closed lc. lower all
around. Sales of 201,000 bushels of cash oats were reported, the largest in some time. On the 27th futures closed
unchanged to % higher. Wet soil in the Ohio Valley territory was still reported to be Interfering with seeding.
Some speculative buying, regarded as significant, was noted.
On the 27th prices closed Mc. to %O. lower, due principally
to long liquidation. Op,ts, however, held their own better
than the other coarse grains.
To-day prices were Yie. to lc. lower. All the coarse
grains showed decided weakness, with oats probably holding
up better than the others. Final prices were 7c. to 1%c.
lower for the week.
3007
no special feature to the trading. Final prices show
decline for the week of 25% to 2%c.
was
a
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
48% 49
47
46% 45
43K
July
493% 50
47% 47% 453% 44 Sa
September
49% 50% 48
48% 46% 45
.Season's High and When Made.
Season's Low and When Made
3
May
49%
Apr. 24 1933 May
30%
Nov. 1 1932
July
50%
Apr. 24 1933 July
31
Dec. 28 1932
September - _ _ 51%
Apr. 24 1933 September __Al%
Apr. 1 1933
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
40% 40% 39% 393% 38% 37%
July
41% 41% 40% 40% 393% 38%
BARLEY has shown marked weakness recently particularly in futures. There has been little public sepculation
and in a market which became narrower as the week went
on liquidation had a relatively greater effect. On the 22nd
closed unchanged to / higher. It followed the other grains
7 3c.
upward and had no particular feature of its own. On the
24th barley advanced % to 13%c. continuing its recent
advance in company with other grains. On the 25th futures
fell off % to %c. The main feature, however, was the.
advance in cash barley to 60c., an advance of 27c. a bushel
in seven weeks. Malsters reported demand active. On the
26th prices closed 1%c.lower for futures but the cash market
was unchanged to 3c. higher. Much of the buying was
attributed to maltsters.' On the 27th barley lost 1% to 21 0.
/
The buying power which had imparted such strength to it
last week seemed lost and little support was apparent in
a dull market. To-day prices continued their downward
trend and closed with marked weakness at or near thE low
point. The decline was 1 to 2%c. below the close of yesterday. Finals prices show a decline for the week of 41% to
63 c.
4
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri..
May
38% 38% 37% 36% 34
31%
July
39% 40% 39% 38
36
34%
September
40% 42
40% 393% 37% 353%
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
343% 333% 33% 33
32% 32%
Jul
35% 343% 34% 343% 33% 33%
Closing quotations were as follows:
GRAIN.
Wheat. New YorkOats, New York
No.2 red. c.i.f., domest1c____91%
No. 2 white
32%033%
•
Manitoba No. 1 f.o.b. N.Y64%
No. 3 white
'
2114(p)32
Rye No.2 f.o.b.bontIN.Y. 443%
Corn New YorkChicago No.2-4
nom.
49% Barley
No. 2 yellow, all rail
No.3 yellow, all rail
49%
N. Y.. c.i.f.. domestic_
51%_
Chicago. cash
381458
FLOUR.
Spring pat. high protein-84.9045.35 Rye flour patents
$3.9044.15
Spring patents_ _ _ _ _a ___ 4.50- 4.85 Seminola, bbl., Nos. 1-3.. 8.25- 5.65
Clears, first spring
4.15- 4.45 Oats goods
1.72%
Soft winter straights_
3.85- 4.40 Corn flour
1.15@ 1.20
Hard winter straights-.- 4.35- 4.55 Barley goods
Hard winter patents
Coarse
4.60- 4.80
2.25
Hard winter clears
Fancy pearl Nos. 2, 4
4.00- 4.20
Fancy Minneapolis. pats 6.03- 6.70
and 7
3.75- 4.30
City mills
6.00- 6.70
For other tables usually given here see page 2916.
WEATHER REPORT FOR THE WEEK ENDED
APRIL 26.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended April 26,follows:
Temperature conditions during the week were quite variable for different
sections of the country, some areas having more than normal warmth
while others were decidedly cold for the season. Chart I shows that the
averages for the week were decidedly above normal between the Lake
region and the Rocky Mountains, near normal in the central Great Plains
and somewhat above in most of the Cotton Belt.The weather was also
ncomparatively mild in the Pacific Northwest. On the other hand, minus
wdepartures from normal were pronounced in the Ohio Valley, and most
Atlantic districts, with deficiencies ranging from 3 degrees to about 7
DAILY CLOSING PRICES OF OATS IN NEW YORK.
degrees. The Rocky Mountain States were abnormally cold and there were
Sat.
Wed.
Mon.
Tues.
Thurs.
Fri.
large deficiencies in temperature in the far Southwest.
No.2 white.34%- % 35%- % 34%-35%'34 -35% 33%-34 Y. 32%35
36
33%
The chart shows that in the high elevations of the East a rather hard
freeze extended as far south as West Virginia and that freezing weather
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
overspread most of the eastern Ohio Valley. In central districts the line of
Sat. Mon. Tues. Wed. Thurs. Fri.
freezing reached only to Milwaukee, St. Paul, and southern South Dakota.
May
24% 23% 233
24
% 23% 22%
In Rocky Mountain districts temperatures as low as 10 degrees below
July
24
24% 23% 223%
24% 25
freezing extended southward to northern New Mexico, while the lowest
September
253% 243% 24% 24
25
23
reported for the week was 14 degrees above zero at Flagstaff. Ariz.
Precipitation was decidedly spotted, with unusually large amounts in
Season's High and When Made.
Season's Low and When Made.
the northern Rocky Mountains and the central Plains States. The latter
May
24%
Apr 24 1933 May
Mar. 3 1933
153%
area, where dry weather has persisted for a long time, had heavy falls,
July
25
16
Apr. 24 1933 July
Mar. 3 1933
especially Kansas, Oklahoma, and Nebraska. A .week ago the precipitaSeptember
253%
Apr. 20 1933 September
163(
Feb. 28 1933
tion for the present month up to that time in Nebraska and Kansas was
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
only about 5% of normal, but the falls in Nebraska have now brought the
total to about three-fourths of normal and in Kansas to almost normal for
Sat. Mon. Tues. Wed. Thurs. Fri.
the month to date. It vas heavy also in most of Oklahoma, while subMay
26% 264 25% 25% 25% 25%
stantial amounts were reported from the middle Atlantic area and many
July26% 26% 25% 26% 26
26
places in the central Cotton Belt. Elsewhere rainfall was mostly light to
moderate, with the Ohio
Lake region, upper Mississippi Valley.
RYE has been lower with the other grains. Last week it and the States west of the Valley,Mountains having very little.
Rocky
lagged behind on the advance while its action of late has been
The week brought considerably better weather for agriculture to large
areas, through lighter
more sunshine
equally disappointing on the decline and little sign of support sections, and generous rains and in others wherein many persistently wet
moisture
unfavorable dryness had
has shown itself. On the 22nd rallied sharply closing 15% to been experienced. In the Ohio Valley and Lake region, the soil, because of
less rain and
25%c. higher. The May delivery at 483/20. made a new latter part more sunshine, became in much better working condition the
of
There
record high. Cash demand was slow. On the 24th following was not muchthe week and considerable field activity was resumed. In the
improvement in the extreme lower Missouri Valley nor
Middle
the other grains, rye advanced % to 1%c. despite profit these Atlantic States, although some field work was accomplished in
sections. It
taking and a weakened technical position. In a less active have improved in continued too wet in the central Gulf area, but conditions
the far Northwest.
An outstanding feature of the week's weather was the heavy and decidedly
market prices fell off 2 to•23/2c. on the 25th with no special
beneficial rains that occurred over a large area of the central Great Plains
feature and speculative support lacking. On the 26th prices and the heavy snows in some adjoining sections of the Rocky Mountains
closed %c. lower to %c. higher. Sales from the Northwest from 2 to 4 feet occurred in parts of Wyoming. The snows were untavor.
able for
continued and deliveries of approximately 2,000,000 bushels In somestock and considerable losses in lambs,old ewes,and calves occurred
districts. Rain is still needed over large areas of the Southwest.
are looked for next month at Chicago from that section. extending eastward to and including much of Texas, but most of Oklahoma
falls during
On the 27th declined 15 to 1%c. Little support was appar- had generous 10 days laterthe week. Vegetation and farm work are now
%
mostly about
than usual, but
ent and considering the loss in the other more speculative gain in seasonal advance during the week. in many places there was some
COTTON.
-Planting is decidedly backward, with continued poor
grains its action was disappointing. To-day prices were
generally over the
%
15% to 15 c. lower in company with the other grams. There progressreportedstands are mostly belt. In Texas germination of the early
planted is slow,
poor, and in the northern half of the
3008
Financial Chronicle
'State seeding is awaiting more favorable weather; this State has had con-siderably lees than half its normal rainfall so far this month, notwithstanding
unfavorable wetness in some eastern sections. In the central States of the
belt progress of planting is slow and decidedly behind an average year.
In the eastern belt better advance has been made: especially in South
Carolina and Georgia.
CORN.—Better weather prevailed in much of the Corn Belt. but planting is still inactive east of the Mississippi River because of wet soil. In the
Mississippi Valley a little corn has been planted as far north as extreme
south-central Iowa, while seeding is fairly well advanced in south-central
and southeastern Kansas.
SPRING GRAINS.—In the Spring Wheat Belt the week was generally
favorable for field work and seeding made good advance. Some oats were
-sown in the central valleys, but this work is decidedly late in most sections.
in the East seeding is getting underway as far north as Pennsylvania.
SMALL GRAINS.—Winter cereals continue in mostly fair to good condition in the South and East, with wheat and oats heading in South Carolina.
In the Ohio Valley progress and condition of winter wheat are mostly
!air to good, except on law soils, while in the trans-Mississippi States the
vivo is in fair to good shape. In the western parts of the main Winter
Wheat Belt heavy rains occurred, but they apparently were too late for
much of the crop, 'particularly in western Nebraska, while in western
Kansas but little wheat is showing. In Oklahoma and Texas the crop
• made poor advance, while some further wind damage occurred in western
parts of the former State. In eastern Kansas and Nebraska winter wheat
shows better progress while to the northwestward there is general
Improvement.
In the Spring Wheat Belt favorable weather for field work prevailed in
most sections, with rapid progress in plowing and seeding. Most small
grains are seeded in South Dakota, with early-sown up, but the late is still
dormant; rain is needed. In Minnesota seeding is well advanced and completed locally, but moisture is needed for germination; in North Dakota
the early-planted shows good stands and color, while some are coming
'through in Montana. In the Pacific Northwest spring grains are doing
well and are now advancing rapidly.
The dry weather favored oat seeding in the Ohio Valley and this work
is now being rushed where the soil is not too wet; considerable remains
to be done. In Iowa oat and barley seeding are about completed in parts,
with the earliest up showing green in the most advanced districts. Farther
south oats are generally good in the eastern part, but in the lower Great
Plains growth is rather slow.
April 29 1933
dulge in larger scale buying, much less anticipate future
needs. Under these circumstances it is hardly to be wondered at that most stores, while broadly warning their clientele that present low prices could not be expected to endure,
hesitated to order any widespread mark-ups of goods. On
the other hand, the stores themselves, seeing or believing to
see the "handwriting on the wall," were not slow to cover
future requirements, particularly in staple lines, whore
prices seemed attractive and where their own cash resources
permitted or—an important factor at this juncture—adequate banking facilities were available. The future attitude
of the retail trade relative to mark-ups on its offerings as
well as to its own buying activities will, of course, largely
depend on developments in Washington and, not the least,
on the great question whether or not the governmental program will put any large numbers of the unemployed back to
work.
The speculative fever, as it made itself felt In the wholesale trades towards the end of the previous and the beginning of the current week, did not prove of long duration.
While at first many bids for substantial quantities of goods
were rejected and sellers withdrew their offerings on a
fairly large scale, things soon quieted down to a considerable
extent, in line with quieter reports from the primary commodity and security markets. Prices as a whole held firm,
with slight advances in some lines, like rayon yarns, denims
and blankets, but handlers of finished goods in general
showed considerable caution in demanding higher prices.
spring
The Weather Bureau furnishes the following resume of They realize that weatherbusiness was long delayed, partly
conditions and partly due to the
owing to adverse
the conditions in the different States:
after effects of the bank holiday, and they hesitate at putVirginia.—Richmond: Generally cool, wet weather delaying farm work,
ting any obstacle in the way of the hoped-for fall trade.
but plowing continues throughout State. Grains, meadows, and pastures
Remnant and advancing rapidly. Little planting yet of corn and oats in
Silk goods have' been selling quite well at moderate ad,north and work 10 days late in central. Southeastern truck 10 days ahead.
vances; despite the rapid rise in raw silk, manufacturers are
Sweet potato beds being prepared. Some plowing for tobacco and cotton.
Apple bloom well started; some orchards being sprayed.
seeking to clear out what is left of their spring goods before
North Carolina.—Raleigh: Cool, cloudy, and rainy. Wet soil delayed
taking in new raw material.
planting; germination of seed and growth of tender crops in east and
central retarded, but considerable farm work done in west. Early corn up
DOMESTIC COTTON GOODS.—At the start of the
In east. Small grains, potatoes, tree fruits, and pastures doing well.
Considerable tobacco transplanted.
period, orders for all types of'cotton goods kept appearing
South Caroltna.—Columbia: Crops refreshed by current rains, but growth
In good volume although mills were careful not to take too
has been slow account persistent cool weather and deficient rainfall. Cotton
much forward business fearing that the various impending
and corn planting practically completed in south and germination very
good, considering semi-drouth; some early corn being cultivated. Tobacco
legislative proposals in addition to the inflationary 'measand sweet potato transplanting retarded by dry soil. Wheat and oats
ures, might raise costs. As the week closed, trading had
heading on short straw. Potatoes and gardens generally healthy.
Georgia.—Atlanta: Generally too cool for beat growth of crops, interfera spottier appearance but prices held fairly firm. While
ing with germination and growth, especially of cotton and melons. Plantthe volume in staple lines was getting smaller, there was
ing cotton slow generally; some complaint of wet soil locally; stands poor
to fair and some replanting necessary. Planting corn and other crops
more activity in some other directions such as work clothprogressing slowly; corn mostly good stands. Some sweet potatoes and
ing gray -goods, Shoe twills and drills and in a number of
tobacco transplanted in south. Cereals and truck fair to good. Warmer
weather needed.
heavier specialties. Jobbers were active buyers of narrow
Florida.—Jacksonville: Cotton poor stands and much being replanted:
sheetings. Some second-hand offerings of print cloths at
crop backward. Corn fair; some replanting in north. Potatoes being
slight concessions were noted without, however, appearing
harvested. Spring truck fair, but delayed by rain and cool weather.
Tomatoes being picked. Melons and cane fair. Ranges improved. Citrus
to influence the general tone of the market. Both in print
trees excellent; fruit setting and sizing normally.
cloth and carded broadcloths, a number of mills maintained
Alabama.—Montgomery: Slightly cool, with mostly light to moderate
rains. Farm work still backward, especially plowing and planting, due
their withdrawals of offerings. Narrow sheetings conto wet soil. Early stands of corn mostly poor; not much planted in central
tinued to be coverecl by the jobbers at firm • prices with
and north and replanting in southeast. Oats poor toTah'. Sweet potatoes
being transplanted; progress slow. Cotton planting about three-fourths
transactions reaching a substantial yardage. Besides denim,
completed in extreme south; replanting continues in southeast; stands
prices have also been raised on such work clothing goods
mostly poor.
Mississippi.—Vicksburg: Continued rains delayed cotton and corn
as express stripes, coverts, cheviots and other constructions.
planting further and seasonal advance of plowing, planting, and germinaIn dinims supplies for deliveries over the next three months
tion slow. Progress of fruit and pastures generally good. Progress of
gardens and truck poor to fair. Hailstorm Wednesday damaged truck
are said to be extremely limited and overall manufacturers
considerably in local areas.
are reported readjusting their price levels to the advanced
Louisiana.—New Orleans: Moderate rains in extreme south and heavy
In central and north, except excessive in north-central where soil washed.
cloth basis. A few bedspread lines were advanced about
Local hall damage in central and northeast. Mostly favorable in extreme
five cents each while in sheets and pillow cases discounts
south where cotton and corn planting nearly finished and rice planting
were shortened. In the fine goods division spot voiles were
progressing; some corn cultivated. Planting cotton slow over remainder of
State and very backward; much replanting necessary. Truck and cane
difficult to obtain. Clothing!potations in print cloths were
made fair progress.
as follows: 39-inch 80's, 5%c.; 38%-inch 64x60's, 3%c.;
Texas,—Houston: Week averaged warm, but nights generally too cool.
-inch 68x72's, 4%c.; 39-inch
Heavy rains In northeastern quarter, but light remainder, except in extreme
38%-inch 60x48's,. 3%c.; 39
west and extreme south where continued dry. Germination of cotton slow
72x76's, Sc.
and stands poor; planting in northern half awaiting favorable weather.
Wheat, corn, oats, and barley poor progress account cool tis or dryness.
WOOLEN GOODS.—Clothing manufacturers started to
Truck mostly good, though needing rain. Pastures drying rapidly.but
cover their Fall cloth requirements in a good way, but mills
livestock fair to good. Farming operations and crops backward. General
rain needed, except in northeast.
• at first were reluctant to book Orders far in advance,
Oklahoma.—Oklaboma City: Temperatures slightly above normal, with
preparatory to naming new and higher prices. With the
light to moderate rains in extreme west, but heavy to excessive elsewhere:
sunshine normal. Farm work delayed, except opening day. Early corn
initial speculative fever abating, wool goods markets are
good stands, but planting slightly backward. Condition of winter wheat
slowly returning to normal. Prices on men's fabrics have
poor, with practically no improvement; some wind damage in Panhandle
and extreme west. Planting cotton and seasonal advance somewhat
been lifted on the average about 5c. to 10c. a yard. These
backward. Minor crops and pastures satisfactory advance.
advances are being fought by the buyers but where spot
Arkansas.—Little Rock: Planting cotton fair advance in some eastern
and southern localities, but slow progress or none planted elasewhere
delivery is concerned no concessions are allowed by the
due to cold, wet soil; some early fields must be replanted; some up, but
mills.. The probable results of emergency labor legislation
progress slow. Considerable corn planted, but slow progress in planting
past week, where planted progress very good and condRtion fair. Weather
are even more considered by the industry than the possible
very favorable for most other crops. Wheat and oats jointing; some
effeicts of the inflationary measures. Parb-wool and alloats heading.
wool blankets have been advanced 5% by at least one lead,..Tennessee.—Nashville: Plowing and planting made some progress in
east, but very backward in west. Bulk of corn not yet planted and practiing manufacturer. New fall styles of women's wear coatcally no cotton, account heavy rains. Progress and condition of winter
ings and dress goods are now being shown, but mills are
wheat fair, but considerable discoloration. Early potatoes up; large
amount not planted. Sweet potato beds growing well. Tobacco plants
taking their time about naming prices. Spot deliveries,
plentiful, but damaged by insects.
though, are subject to moderate advances. Men's wear mills
Kentucky.—LouLsville: Cool, with light rains at beginning and end.
Some plowing last half, but still far behind. Corn planting beginning in
which manufacture women's materials as a sideline, have
south; 10 days late. Potatoes coming up' stands not good; planting conbooked substantial orders. Some of the leading jobbers and
tinues. Oats up; crop limited by unfavorable seeding conditions. Tobacco
mail order houses are reported to be eager to cover their
plants small. Pastures generally good. Progress and condition of winter
wheat fair to very good; crop improving slowly
requirements.
FOREIGN DRY GOODS.—With the resumption of trading
THE DRY GOODS TRADE
following the withdrawal of offerings, in consequence of the
New York, Friday Night, April 28 1933.
abandonment of the gold standard, the movement of some of
The first excitement following the abandonment of the the suiting and dress linens has been good and quotations
gold standard and the introduction of inflationary legisla- showed a firmer trend. Prices of handkerchiefs were adtion has given way to a more sober evaluation of things as vanced an average of 10% and importers placed substantial .
they affect the retail trade to-day. The expected rush of orders abroad. Burlaps showed continued strength and
customers to the stores has evidently not materialized, at reached a new high for the year. Spot and afloat goods were
least not to the extent expected by enthusiastic and agitated most in demand,although futures also shared in the activity.
store managements. No doubt, multitudes of consumers are Towards the end of the week prices suffered their first
well aware of the implications of the situation as produced setback with quotations on May-June shipments declining
by the events in Washington, but it is also true that their about five points. Light weights are quoted at 3.75c., and
weakened buying ability simply does not allow them to in- heavies at 5.20c.
Financial Chronicle
Volume 136
3009
State and City Department
1
NEWS ITEMS
Alabama.—Legislature Passes Bill Proposing Refunding
of $19,000,000 Floating Debt.—On April 14 an amendment
was passed by the House, by a vote of 88 to 2, proposing
the refunding of the $19,000,000 floating debt of the State
through the issuance of $19,000,000 in 5% warrants, payable
out of the State's general fund. The amendment had been
passed previously by the Senate and will be submitted to
the voters on July 18 for ratification or rejection. A dispatch from Montgomery to the Birmingham "Age-Herald"
of April 15 had the following to say:
After fighting off six amendments, the House Friday night passed the
McDaniel warrant amendment by a vote of 88 to 2. The question of
refunding Alabama's $19,000.000 floating debt will first be submitted to
the voters on July 18 for ratification or rejection.
The McDaniel amendment provides for the issuance of $19,000,000
In warrants bearing interest at 5%. to start July 1 and to be payable out of
the State's general fund. Efforts to remove from the amendment the
$1,900,000 in warrants issued before Sept. 30 1932, but paid by the State
since that time, and the $1,475,000 unexpended building appropriation
to the State colleges and normal schools, failed, 61 to 25. The latter fight,
led by Representative McGowin, Butler, represented the principal effort
to change the measure as passed by the Senate.
Representative George 0. Miller, Sumter, floor leader for the bill,
moved to table each amendment as it came up, explaining to House members that it would be dangerous for the House to amend the bill and trust
the Senate to accept such amendment in view of the fact that the Senate
wa then engaged in a battle over the sales tax and might not be able to
get a vote on the warrant amendment.
Other amendments offered to the measure, all of which were tabled,
were to strike out the provision to pay $180,000 to the Daphne Normal
School, to remove the provision of the Budget Act from the proposed
constitutional amendment, to provide $50,000 additional to go to the Sylacauga Agricultural High School, and to fix July 18 as the official date for
the election.
The last amendment was offered by Representative Sossaman, Mobile,
who contended that the provision in all constitutional amendments passed
by the Legislature thus far that the election be held on the first Tuesday
after 90 days following final adjournment of the Legislature did not fix
the definite date for the election and might cause the entire amendment to
be held unconstitutional.
California.—Governor Signs 60-Day Tax Moratorium Bill.
-day tax mora—On April 17 Governor Rolph signed a 60
torium bill, extending the time for the payment of taxes
throughout the State to June 20, and which provides that
delinquency penalties ordinarily applied on April 20, will
not be levied for 60 days from that date, according to a
Sacramento dispatch to the Los Angeles "Times" of April
18. The only exception allowed in the new law is accorded
to the city and county of San Francisco which, under a new
charter, conducts business on a cash basis, and would have
been forced on a warrant basis by the new law. The San
Francisco provision calls for the payment of 50% of the
taxes due before the 20th of April, and the remainder in two
equar;linstallments to be paid before May 20 and June 20,
respectively. The Board of Supervisors of the city and
county are reported toi,have passed an ordinance later on
April 17 setting up their modified tax moratorium despite
alruling to Governor Rolph by one of his legal advisers that
the bill is "clearly unconstitutional" and would cause trouble
all over the State.
Florida.—Summaries Available on County Refunding Programs.—:In a letter dated April 20 we were informed by
J. H. Moon,Secretary of the Bay County Refunding Agency,
which is acting for the holders of bonds of Sarasota, Pasco,
Sumter and Bay counties, that summaries are now available
of the refunding programs adopted by these counties. It is
stated by Mr. Moon, whose office is in the First National
Bank Building, Chicago, Ill., that each of these refunding
plans has been approved by the larger bondholders and principal taxpayers as being the most probable solution of the
serious difficultiesjin which both the county and its creditors
are involved.
The record of the 45th Iowa General Assembly from the standpoint of
major issues on which affirmative action was taken and on which negative
action or postponement to the August special session resulted. may be •
grouped into 10 proposals approved and 10 rejected as follows:
Measures Approved.
1. Interim tax reduction committee program for 825,000,000 annual
governmental expense retrenchment, including Beatty-Bennett mandatory
tax reduction bill and salary reduction bill.
2. Herring administration governmental reorganization bills, including
Budget and Financial Control Act and Central State Audit Act.
3. Legalization of the sale of 3.2% beer.
4. Submission of ratification of repeal of Eighteenth Amendment to
special State-wide election June 20 of delegates to State convention.
5. Administration bank reorganization program, including bill to permit
State banking department to operate banks upon request of their directors,
and requiring contribution on stock liability by stockholders before depositor's waivers may be asked to reorganize closed or suspended banks.
6. Mortgage relief legislation embracing main bill giving courts custody
of land subject to foreclosure until March 1 1935, and accompanying bills
to define priority of rights of holders of mortgages to rents, income and
profits in receivership.
7. Provision for thawing an estimated $40,000,000 to $50,000,000
of frozen public funds through 1 mill general property tax levy and diversion
of beer tax to State sinking fund for public deposits.
8. Reduction in the annual State budget by $3,558,000 a year.
9. Vesting in the State fish and game commission power to regulate
open and closed seasons on fish and game.
10. Ratification of the Twentieth, or lame duck, Amendment to the
Federal Constitution.
Measures Rejected.
1. All bills proposing new taxes, including net income tax, grog's income
tax, general sales tax, and combination tax, action on which was postponed.
at Governor Herring's request, to the August special session.
2. Repeal of the compulsory tuberculin testing of cattle law.
3. Repeal of the primary election law. The Gallagher bill was withdrawn
for re-introduction in the August special session.
4. Extension of the terms of elective officers from two years to four years.
5. Repeal of the gasoline tax refund law.
6. Refinancing of county primary road bonds to level the annual interest
and maturing principal payment to $8,000,000.
7. Non-partisan nomination and election of Supreme Court justices and
District Court judges
8. Compulsory blending of 10% corn alcohol in gasoline sold for motor
fuel.
9. Taxation and regulation of contract motor carriers at the ton mile
tax imposed and certificate requirements on commop motor carriers.
10. Reduction by 50% in the payable valuation of agricultural land
withdrawn from production.
Maryland.—Governor Ritchie Signs Chain Store Tax Bill.—
The following is taken from a Baltimore dispatch of April 21
to the New York "Journal of Commerce," commenting on
the chain store tax bill signed on that day by Governor
Ritchie:
Holding that "it is the duty of the State to undertake to restore to its
independent merchants and business men their equality of opportunity
and to preserve for them their equal right to work and earn a living at oursuits which have been established since the beginning of the Republic.”
Governor Ritchie this afternoon signed the chain store tax bill passed at
the recent session of the Legislature.
The bill, which becomes effective on June I, imposes a tax fee ranging
from $5 for stores over two, not over five: $20 for five to ten stores; $100
for ten to 20 stores, and $150 on each store over 20.
"This bill." the Governor said, "undertakes to do this by subjecting the
chain stores, whose operations are imperiling these opportunities and rights
of the merchants of Maryland to the burden of graduated license fees of
the kind prescribed.
"At a hearing, it was said that the bill if approved will raise prices for
the consumer. But I do not believe that it will do this, certainly not to
any appreciable extent. To my mind, the real issue is social and economic
and lies deeper than any of the contentions just referred to."
The Governor referred to an opinion of the U. S. Supreme Court that
chain store operations were so different from that of the single shop or
independent method as to justify giving the former "a separate classification for purposes of licensing and taxation and that this classification admits
of the licensing system prescribed by this bill."
Two Bond Authorization Bills Signed by Governor.—It is
also stated that Governor Ritchie signed on April 21 the
measure authorizing the flotation of $12,000,000 bonds, the
proceeds of which are to be used to cover the emergency
relief needs of Baltimore for the next two years, and to reimburse the city to the extent of $4,445,625 for such expenditures made during the last two years—V. 136, p. 2464.
The second bond bill to receive approval is the measure
recently passed by the Legislature—V. 136, p. 2460—
authorizing the State Road Commission to issue $4,000,000
of bonds, the issue to be made in form of debentures of the
Commission, to finance the widening and improvement of
—Bill Signed Authorizing County Collectors to Act the Philadelphia and Belair roads.
as Receivers for DelinquenttTax Property.—In a session held
Massachusetts.—Summary Issued on Municipal Finanearly in the morning on April 281the:Legislature passed the cial Statutes.—The 1933 edition of a summary of financial
Senate by a vote of 44 to 2, the]Skarda tax bill, authorizing and other statistics of the cities and larger towns in this
county collectors to act as receivers for delinquent tax State is now being distributed by Brown Brothers
Harriman
property, thus opening a legislative path for payment of the & Co. of Boston; copies available on request.
$30,000,000 owed to Chicago school teachers in back salaries.
Governor Horner affixed his signature to the measure early
AMichigan.—Supreme Court Holds Refunding Bonds Exemvt
Friday morning. The measure is understood to be designed from Tax Limitation.—In a ruling handed down on April
specifically for Cook County and was sponsored by Mayor the State Supreme Court ruled that the 15-mill tax limitation
Edward J. Kelly of Chicago. The bill is aimed at delinquent amendment approved by the voters last November—V. 135,
taxpayers who owe large sums in back taxes and who have p. 4242—does not apply to refunding bonds. A dispatch
the ability to pay a part of the same, according to report. from Lansing to the Detroit "Free-Press" of April 23 reports
as follows on the decision:
—Legislature Adjourns.—The 45th General Assembly
1owa.
Refunding bonds are exempt from the provisions of
sine die on April 21, after a session which included limitation placed in the Constitution last November, the the 15-m111 tax
adjourned
Supreme Court
ruled Saturday.
the passage of such major measures as those dealing with
The amendment specifically exempts property taxes spread to meet
principal and interest on debts incurred prior to Dec.8 1932. and the Court's
tax reduction and relief; prohibition convention or repeal,
opinion holds that securities issued to refund such debts also are free from
and bank, farm mortgage and insurance moratoriums and
the propsrty tax limitation.
governmental reorganization. Of 72 measures prepared by
The question was raised in a declaratory action brought by Clarence E.
an Interim Tax Reduction Committee, the Legislature is
stated to have passed about 43 and rejected the remainder.
It ;was estimated that the savings made possible by these
and other economy measures might aggregate, as high as
$25,030,000 a year. The following report on the activities
of,the recent session is taken from the Des Moines' Register"
of_lApril 21:
-a
Wilcox, corporation counsel of Detroit. Since the suit was started, however,
the high court held in another case that Detroit and other charter cities
are not controlled by the Constitutional amendnamt. Consequently, the
status of refunding bonds Is no longer of interest to these communities.
The opinion handed down Saturday also held that refund bonds cannot
b. sold at a discount unless the governmental unit absorbs the difference
In order to prevent an increase in the outstanding debt.
Minnesota.—Legislature Adjourns.—The 48th session of
thei
,State jLegislature adjourned sine die on April 19, this
)
3010
Financial Chronicle
April 29 1933
session having witnessed the making of the largest cut in
history in Minnesota's property tax bill, and the levying of
the highest millage rate on record. It is stated that taxable
property valuations have been reduced $260,000,000 in the
past two years; revenue from special taxes has been cut
almost in half; the assessed valuation basis for taxing farm
property has been cut one-third and for small urban homes
one-half, and tai delinquency has mounted to millions of
• dollars, thus necessitating the high millage rate.
The following is an outline of the important bills passed
and defeated at the recent session, as it appeared in the
Minneapolis "Journal" of April 19:
AN ACT
Authorizing the creation of a State debt to the
amount of $60,000.000 to
preside funds, to be available from Nos. 15
1933 to
to relieve the people of the State from the hardships Feb. 15 1935,
and suffering,
caused by unemployment, and the effects thereof
on the public health
and welfare, including the granting of aid to
municipalities for such
purpose through such agencies and by such ways
Legislature shall have prescribed or hereafter mayand means as the
prescribe for the
administration and distribution of temporary emergency
relief and the
cost thereof, and providing for the submission
sition or question theretor to be voted uponto the people of a propeat the general election
to be held in the year 1933.
The People or tht State cf New York, represented in
Senate and Assembly,
do enact as fell its:
Section 1. The creation of a State debt to the amount
of $60.000,000 is
hereby authorized to provide funds, to be available
from
Feb. 15 j935, to relieve the people of the State from Nos. 15 1933 to
the hardships and
suffering caused by unemployment and the effects
Important Bills Passed.
health and welfare, including the granting of aid to thereof on the public
Creating nine new congressional districts.
purpose. The Legislature. may continue existing municipalities for such
New prohibition law legalizing 3.2% beer, and repeal of old
agencies and provisions
of law, or may cieate other agencies and (or) other
prohibition
Acts.
ways and means, to
administer and distribute temporary emergency relief
Regulating the license of beer dispensers.
for
ard may provide for cost thereof, from the proceeds of the such purpose,
Providing special election and State convention to vote on repeal
sale
authorized by this Act, in such amounts as the Legislature, of the bonds
of the
Eighteenth Amendment.
from time to
time, shall have appropriated or may appromaite and
Statutory income tax law.
make available
therefrom and the money so appropriated shall be paid
Cutting motor vehicle taxes.
from the treasury
on the audit and warrant of the Comptroller upon
Declaring highway system 75% constructed, and adding 141 new
vouchers certified or
approved Rursuant to law.
routes.
Relieving counties of matching State road money.
Sec. 2. The State Comptroller is hereby authorized
Chain store tax bill.
issue and sell bonds of the State to th• amount of the and empowered to
Modified moratorium on mortgage foreclosures.
debt
ized to be created and for the purpose hereby authorized hereby author"Blanket ballot" primary law.
to be known as
"emergency unemployment relief bonds." Such bonds
Extension of municipal power systems.
shall bear interest
at the rate of not to exceed 5%. which interest shall be
Regulating rates of hired motor trucks.
nually in the City of New York. Such bonds, or the payable semi-anStatewide boxing.
portion thereof at
any time issued, shall be made payable in ten instalments,
Statewide probation system.
shall he payable one year from date of issue and the last the first of which
Authorizing mergers of counties.
of which shall be
payable within ten years after the date of issue and
Emergency banking and insurance bills.'
the probaNe life of the work or object, to which the in no case to exceed
State relief measures.
to be applied as determined by the State finance law. proceeds thereof are
Postponements on tax payments and tax sales.
Such
portion thereof at any time sold, shall be of such denominatio bonds, or the
Ratifying Federal "lame duck" amendment.
the foregoing provisions, as the Comptroller may determine. ns, subject to
Tax raise for heavy trucks using highways.
Such bonds
shall be sold in such lot or lots, from time to time, as may
New limits on weight and length of trucks, eliminating heavy
carry out the provisions of laws maldng appropriations forbe required to
trailers.
Metropolitan sewage disposal plan.
for which such bonds were issued. Such bonds shall be sold at the purposes
Bank tax compromise.
not less than
pat to the highest bidder after advertisement for a period of
Rural credit liquidatioll
days, Sundays excepted, in at least two daily newspapersten consecutive
Amendment to tax income-bearing property of colleges.
printed
City,of New York and one in the City of Albany. Advertiseme in the
Enabling Act for new Minneapolis armory.
contain a.provision to the effect that the Comptroller, in his nts shall
Fifty-four hours a week for women workers.
discretion,
may reject any or all bids made in pursuance of such advertisements,
State license law for plumbers.
and,
in the event of such rejection, the Comptroller is authorized
Constitutional amendment for tax exemption of household
to
tise for bids in the form and manner above described as many readvergoods and
farm machinery.
times as,
in his judgment, may be necessary to effect a satisfactory
Cutting prices of prison twine and machinery.
sale. The proceeds of bonds sold pursuant to this Act shall be paid into the
•
Compulsory old age pensions.
shall be available only for the work or object authorized bytreasury and
Improved "blue sky" Act.
accordance with appropriations therefrom made or to b. made this Act in
Drivers' license and safety-responsibility laws.
by the Legislature for such work or object.
Time extension for redeeming property sold for taxes.
Sec. 3. The Comptroller is hereby authorized and directed
Pay cut bill for public employees, except in three large counties.
on the faith and credit of the State. in anticipation of the receipt to borrow.
Creating 13 new State forests.
of the sale of the bonds authorized by this Act. pursuant to the of proceeds
State relief foe Marshall county ditch bonds.
law, sufficient money to pay the legal demands authorized State finance
Quetico-Superior lake level bill.
by
tions theretofore or thereafter made by the Legislature for the appropriapurpose for
which a State debt is authorized to be created by this Act.
These Bills Failed.
Sec. 4. This law shall not take effect unless and until
Unemployment insurance.
submitted to the people at a general election, and ha.e it shall have been
Livestock weighing and grading.
of all the votes cast for and against it at such election,recei ved a majority
and such law shall
Brooks
-Coleman law repeal.
be submitted to the people of this State at the general election
Party convention bill.
November, 1933. The ballots to be furnished for the use to be held in
Restoring legislature to party lines.
of
upon the submission of this law shall be in the form prescribed the voters
Tax diversion bills.
by
tion law and the proposition or question to be submitted shall the elecIncreased railroad taxes.
be printed
thereon in substantially the following form, namely, "Shall
Abolishing compulsory drill.
Chapter (here
Insert the number of the chapter) of the Laws of 1933,
County assessor bill.
authorizing the creation of a State debt, to the amountentitled 'An Act
September primary.
of $60,000.000,
to provide funds, to be available from Nov. 15 1933
Telephone rate regulation.
relieve the people of the State from the hardships and to Feb. 15 1935, to
State waterpower ownership amendment.
unemployment, and the effects thereof on the public suffering, caused by
health and welfare.
Abolition of "Big Three" and securities commission.
including the granting of aid to municipalities for such
Pari-mutuel racing bill.
purpose, through
such agencies and by such ways and means as the
Legislature shall have
Bell bill for State control of local expenditures.
prescribed or hereafter may prescribe for the administration
MacKenzie bill to force reductions in local tax levies.
tion of temporary emergency relief and the cost thereof, and and distribuSalary reductions for local government employees.
providing for
the submission to the people of a proposition or question
therefor to be voted
Ratifying Federal child labor amendment.
upon at the general election to be held in the year 1933 be
approved?'"
Sales taxes.
Mixing alcohol with gasoline.
Governor Signs Bill Amending Decedent Estates Tax Law.—
Capital punishment.
On April 24 Governor Lehman signed the Fearon bill, proState fixing farm prices.
Separate oil inspection department.
viding for an increase of about 20% in the State
on
Asnendment for 50-50 split in gasoline tax.
decedent estates, thereby bringing the State rate tax the
One-cent increase in gasoline tax.
to
level of the Federal levy. The new law provides for a tax
Income tax constitutional amendment.
Bill to enable "firing" of E. J. Lee as civil service commissioner.
of 1% on estates .up to $150,000 and then
Old Age Pension Bill Signed.—Governor Olson affixed his
signature on April 19 to the old-age compulsory pension
law, which becomes effective next Jan. 1, it is reported in
St. Paul advices of April 20. Under the terms of the Act
an old-age pension, not to exceed $1 a day, may be paid to
eligible residents in each county.
Missouri.—Governor Signs Redistricting Bill.—On April 17
Govbrnor Park signed the Hamlin-McDowell redistricting
bill, creating in Missouj 13 new congressional districts,
nine of which are Democr4lc Old four Republican, according
to the St. Louis "Globe-Democrat" of April 18. The Governor
is reported to have made lbo comment upon signing the bill
other than to say it woul become a law 90 clays after the
adjournment of the Gene al Assembly unless a threatened
move by the Republicans. to submit it to a referendum is
successful. If it goes to a referendum the law would be held
up pending the outcome of its submission to the voters at
the 1934 general election. Congressmen would then be elected
at large again next year, the same as at present.
New York City.—Bankers Extend $140,000,000 City Obligations to June 10.—Short term obligations of the city amounting to $140,000,000 were renewed on April 26 by the city's
bankers until June 10. No details of the financing arrangements were made available by the city officials or the bankers.
It was merely announced by Deputy Comptroller Frank J.
Prial that: "Arrangements for meeting the city's obligations
have been satisfactorily completed.
(This note renewal is discussed at greater length in a news
item on a subsequent page of this section.)
New York State.—Text of $60,000,000 Unemployment
Bond Bill.—The following is the text of the Wicks bill, recently signed by Goiternor Lehman—V. 136, p. 2827—
authonzing a $60,000,000 bond issue to be used for the
continuation of State unemployment relief, and providing
for a vote of the people on the proposition at the November
election:
ranges upward
to a lev5r of 20% on estates in excess of $10,100,000. This
is said to be the last of a series of measures providing for a
new and higher tax program to wipe out a deficit reported
at $114,000,000 and balance the budget—V. 136, p.
2827.
It is estimated by tax experts that the higher tax on decedent
estates will produce about $8,000,000 additional revenue
for the State yearly.
Budget Bill for 1933-34 Signed.—Governor Lehman also
approved on April 24 the main budget bill totaling $205,880,668. The total budget for the next fiscal year is about
$212,000,000, the lowest figure reached in the past 10 years.
—V. 136, p. 2461.
Albany Port District Obligations Made Legal for Sinking
Funds.—A news dispatch from Albany on April 26 reported
that Governor Lehman had signed the Byrne bill making
the obligations of the Albany Port District legal investments
for any of the sinking funds or other funds of the State
any of its agencies, municipalities or political subdivisi or
ons.
Bill Signed Permitting Municipalities to Issue "Baby Bonds."
—Among the bills signed by Governor Lehman on April 25
was the Mandelbaum-Smith bill, permitting municipalities
to issue "baby bonds" in denominations as low as $10, which
may draw interest and which can be applied to the payment
of real estate taxes. The new law is said to have been passed
in order to make it easier for taxpayers to meet their obligations. A special law, which permitted New York City to
issue "baby bonds" for the same purpose—V. 136, p. 1572—
is understood to have been such a success that it led to the
passage of the new statute affecting all cities of the State.
New 1% Sales Tax to be Handled Under District System.—
Under a plan announced by Mark Graves, President of the
State Tax Commission, on April 25, the administration of
the new 1% State sales tax law—V. 136, p. 2827—which
goes into effect on May 1, will be handled on a district basis.
A discussion of the administration plan,as it was given in the
Albany "Knickerbocker Press" of April 26, reads as follows:
The administration of the new 1% Stare sales
which becomes
effective next Monday. will be on a district basis tax law,decentraliza
under a
tion
Volume 11715
Financial Chronicle
plan announced yesterday by Mark Graves. President of the State Tax
Commission.
Under the plan outlined by .Mr: Graves, sales tax returns will be filed
In six district offices to be set up in Buffalo. Rochester, Syracuse, Utica.
Brooklyn and Manhattan. The tax-paying retail merchants in each of
these districts will be required to file in their various district offices. Merchants and retailers generally, of Albany and the Capital District will file
In the main office of the Sales Tax Division of the State Tax Department
which already has been set up in Albany. Field inspectors and accountants
will operate from each of ths district offices as well as from the Albany office.
Requests for rulings on manifold classification problems arising under
the new sales tax law will be received at the various district offices and
appeals from rulings will be lodged with the district directors as the first
routine step.
Although no definite estimate has been mentioned as to the size of the
personnel that will be required in connection with the administration of
the sales tax law, it is regarded as certain that employment of additional
workers will be necessary in every district office. Increased space in State
Tax Department bureaus will be required in all the cities where district
offices are to be established as well as in the main Tax Department office in
Albany.
Commissioner Graves outlined the general plan of administration at a
meeting of Tax Department executives in the State Office Building yesterday. During the discussion, many of the complexities which have arisen
since the enactment of the law were explained. A set of regulations for the
guidance of all retailers will be issued soon.
Besides Commissioner Graves and Depuky Commissioner John N.
Thompson, newly appointed to take charge of the Sales Tax Bureau, the
officials who attended the sales tax conference yesterday included Commissioner John P. Hennessey. Deputy Commissioners James T. Somers
and Frank S. McCaffrey. Others present were the district directors of the
various tax department offices including Henry. Seilheimer of Buffalo,
James M. Mangan of Rochester, Albert A. Kocher of Syracuse, Fred G.
Graff of Utica, Henry B. Cocheu of Brooklyn and Wesley M. Dawson of
New York.
The Merchants Bureau of the Albany Chamber of Commerce yesterday
pledged "every co-operation" to the State Tax Commission in levying the
sales tax. The bureau however did not outline a tax policy for the merchants of the city. It adopted the hands off attitude in the b-lief that the
individual merchant could determine his own policy to.fi the circumstances
of his own business. Paul N. Welsh Chairman of the Bureau issued a
statement at the end of a lengthy session in the Chamber of Commerce
Building. The statement:
"Since the sales tax has been imposed or the privilege of selling personal
property at retail the Merchants Bureau of the Albany Chamber of Commerce will give every co-operation possible to the Tax Commission of the
State of New York in the enforcement of the law."
Mr. Welsh and Harold D. Leslie Executive Manager of the Albany
Chamber declined to amplify the statement other than to say that the
Chamber and the Bureau 'will stand ready to act in an advisory capacity
and as a source of information in regard to the tax for the merchants of the
city." The discussion of thesales tax brought out the Bureau's full member
ship of more than a dozen representatives of the city's largest retail merchandising establishments.
Two Bills Signed Repealing Personal Prop-rty Tax Law.—
A bill was signed by Governcr Lehman on Apr. 27 repealing
the personal property tax law by eliminating all reference in
the State tax law to this levy. Another bill approved by the
Governor amends the charter of New York City to make
certain that the tax will not be levied there. Both of these
bills were introduced by Senator Joseph A. Esquirol, Democrat of Brooklyn and their approval ends a long fight to
repeal the law. About 1% of the general property tax
revenue has been derived from the tax on personal property.
Oklahoma.—Highway Bonds Threatened by Passage of
Auto License Tax Reduction Bill. —The Oklahoma City "Daily
Oklahoman" recently carried the following report on the
detrimental effect which the recent passage of an automobile
license tax reduction bill may have on the payment of outstanding county highway bonds and other obligations:
Partial default of $16,000,000 worth of county highway bonds throughout
the State. collapse of Oklahoma county's "made" work program, wholesale
discharge of county employees, and abandonment of a $112,000 construction
program seemed inevitable Saturday, following passage of the automobile
license tax reduction bill.
Six hundred "made" workers will be laid off Monday, Fred Lowe, County
Commissioner, announced. Saturday 150 laborers and 100 truckers were
discharged.
Maintenance expense will be cut 30% and about 25 regular highway
department employees will be dropped immediately. Lowe said.
Warrants Hard Hit.
Hundreds of thousands of dollars worth of warrants outstanding in the
77 counties will be made worthless by the auto tag tax reduction. lie pointed
out. Oklahoma County is the only one in the State which will be able to
absorb the cut without defaulting its bonds or repudiating its warrants.
Warrants which already have been issued in anticipation of tag tax collections cannot be funded by a bond issue, the Commissioner said after a
special board meeting Monday night. They must be repudiated and the
banks must stand the loss.
The drastic measure chops 25% off the tag tax revenue for the current
year. In most counties appropriations based on estimated tag revenue
already have been spent.
$100,000 Lopped Off.
More than $100,000 will be lopped out of the current Oklahoma County
highway fund by the tax cut measure, now awaiting Governor Murray's
signature. This will leave only $130,000 on which to operate the highway
department for the rest of the fiscal year.
"We will have barely enough money to maintain our roads," Frazier
explained. "We will not have a cent for permanent construction or for
further continuance of the 'made' work program."
Seven hundred "made" workers now are employed on county projects.
The department also has 75 full-time men, many of whom must be laid off
immediately. County Commissioners will confer Monday on where and
how economies are to be made.
May Stop Road Work.
Nineteen miles of hard surface highway and completion of two bridges,
scheduled for this spring, are certain to be knocked out by the tag-reduction
measure, Fred Lowe, County Commissioner, said.
These projects included building of a new approach to the May Ave.
bridge for $14,000: completion of the Eastern Ave. bridge and building of
oiled highways on Southeast 29th St., north of Bethany and near Jones.
Highway department barely will be able to pull through the year without
a deficit. Frazier estimated. It must find $6,000 from some other source to
meet the annual payment of $163,000 on its outstanding bonds.
Leaves None for Bonds.
Five per cent or more of the tag receipts is applied on retirement of bonds
In all counties. Many counties use virtually all of their tag receipts for
this purpose. The 25% reduction in cost of license tags will cut revenue
until some counties will not be able to meet their.bond payments, Frazier
predicted.
Men laid off the "made" work projects Saturday were from rural districts, and most of them will go to work on farms. They were receiving
$1.25 a day, while $6 a day was being paid for truckers.
Reconstruction Finance Corporation.—Report on
Far Made to States and Territories.—Emergenr relief loans totaling $264,283,855 to 41 States and two Territories had been made by the R. F. C. up to the close of business on April 15, according to an announcement by the
Corporation. It is also reported by the R. F. C. that it has
agreed to aid in financing 87 self-liquidating projects which
aggregate $186,896,000, of which amount it has actually
Loans So
3011
advanced $19,692,000 through the purchase of securities.
The seven States which have not as yet borrowed from the
Corporation for relief purposes are Connecticut, Delaware,
Massachusetts, Nebraska, New Jersey, Vermont and
Wyoming. The last report on loans made by the R. F. C.
was up to the close of business on Jan. 5, and appeared in
V. 136, p. 352.
The Corporation's latest tabulation on relief and selfliquidating loans follows:
Reconstruction Finance Corporation Funds Made Available to 41 States and
Two Territories Under Title I to Close of Business April 15 1933.
Alabama
$3,347.493.00 New Hampshire_ _ _- $1,366.603.00
Arizona
1.446,801.001 New Mexico
316,938.00
4,833,967.001New York
Arkansas
19.800,000.00
California
6,971.557.00 North Carolina
5,074.000.00
Colorado
3,325.530.00 North Dakota
e467,828.00
Florida
3,785,533.00 Ohio
d15,570,893.00
Georgia
1,096.921.22 Oklahoma
3.827.027.00
Idaho
950,616.00 Oregon
2.094,136.00
Illinois _,_
a52,088,621.00 Pennsylvania
34.929,875.00
Indiana
4,045,575.00 Rhode Island
896,090.00
Iowa
1,615,287.00 South Carolina
3,801.815.00
2,448,663.00 South Dakota
Kansas
1,803,045.00
2.867.302.00
Kentucky
6,714,857.00 Tennessee
6,940,404.00
Louisiana
8,200,1_27.00 Texas
Maine
127,740.00 Utah
2.569,089.00
3,391,794.00
Maryland
153,530.00 1 Virginia
e4.749,330.00
Michigan
b19,574.263.00 i Washington
8.311,628.00
Minnesota
2.237,116.00 I West Virginia
Mississippi
3.709.962.00 Wisconsin
11,912,992.00
3,835.265.00 Hawaii
394.935.00
Missouri
2.067.085.00 Puerto Rico
360,000.00
Montana
260,6a2.00
Nevada
.
I Total
$264,283,855.22
The above State totals include amounts to be reimbursed by political
subdivisions as follows: a $12,252.000; b $2,116.000; c $100,680; d $3.520.901 (does not include $334.900 reimbursed by one political subdivision in
Ohio): e $1,075.000. Total to be reimbursed by political Subdivisions'
$19.064.581.
Self
-Liquidating Loans.
' The following is a list of construction projects tht Reconstruction Finance
Corporation has agreed to aid in financing, with the par value of securities
to be purchased.
In some cases the Corporation has agreed to purchase securities at a
stated discount from par. In those cases the net amount of the loan is
given parenthetically before the par value figure.
In some other cases the agreements are to purchase securities at a price
which will yield a stated rate of interest to maturity. The net amount to
br paid under such agreements cannot be ascertained until date of purchase.
and the yield price is stated parenthetically.
r
Borrower and Prolect—
Amount.
Metropolitan Water District of Southern California. Los
Angeles—Aqueduct
$40,000,000
State of Louisiana and City of New Orleans—Combined highway and railroad bridge at New Orleans
13.000.000
City of Prescott, Arizona—Waterworks additions, construction
50,000
of two dams
City of Ogden, Utah—Waterworks additions and improvemls645.000
Middle Rio Grande Conservancy District, Albuquerque, N. M.
(net $5,205.600) 5.784,000
—Flood control and irrigation
California Toll Bridge Authority, San Francisco—Toll bridge
62.050,000
across San Francisco Bay
77.000
City of Sandusky, Ohio—Sludge basin for waterworks
Village of Wilmette, Cook County, Ill.—Water pumping and
580,000
purification plant
Roanoke Rapids Sanitary District, Roanoke Rapids, N. C.—
365,000
Water works and sewerage syst.m•
City of Seattle, Wash.—Water works add'ns impts. & repairs... 1.491.000
City of Columbia, Adair County, Ky.—Completion of water
29,000
system
200,000
City of Conneaut. Ohio—Water filtration plant & pump.station
150,000
City of Gulfport. Miss.—Cotton compress & storage warehouse_
Hillside Housing Corp- N. Y. City—Housing project in Bronx_ 3,957.000
Wanakah Water Co., Hamburg, N.I.—
70,000
Water works extension
-(net $63.000)
616.000
City of Bowling Green, Ky.—Sewer system
250.000
City of Hobart. Okla.—Dam for water system
Maverick County Water Control District, Eagle Pass, Texas—
(net $1.328.400) 1.476.000
Power and irrigation
New York State Bridge Authority, Claverack, N. Y.—Toll
3400 I I
bridge across Hudson at Catskill. N.Y
45 1 I 1
Town oi Sanford, N. C.—Waterworks additions
Twin Lakes Reservoir & Canal Co., Olney Springs. Col.—in1.125,000
creasing reservoir storage capacity
Tarrant County Water Control & Improvement District, Fort
Worth, Texas—Flood protection, increasing water storage
450,000
capacity
55.000
City of West Monroe. La.—Waterworks additions
80,000
Denville Twp., Morris County. N. J.—Waterworks eniargem't_
Tampa-Clearwater Bridge Co.. Tampa. Fla.—Toll bridge and
600.000
causeway
Poinsett County. Ark., Drainage Dist. No. 7, Marked Tree,
250.000
Ark.—Levees for floodway; auxiliary floodway
Kenton County Water Dist. No. 1, Covington. Ky.—Water(5s to yield 5%)
35.000
works additions
1,700,000'
Richmond Bridge Corp., Richmond. Va.—Toll bridge
52,500
Ill.—Water pipe line and pumping station_ _ _
City of Columbia,
78.000
Town of Valdese, N. C.—Sewer system
100,000
City of Tyler. Texas—Additions to sewage elisposal plant
180,000
City of Winston-Salem. N. C.—Sewer system extensions
2,350,000
City of San Diego, Calif.—Waterworks additions
Tybee Waterworks, Savannah Beach, Georgia—Water system
(net $20.900)
22.000,
additions
Arkansas State A. & M. College, Jonesboro. Ark.—Two donut185,000
trifles, Ark. State Agee. & Mech. Col_ _(net $175,287.50)
2,327.000
City of Chicago, 111.—Water pumping station
Dallas Farmers' Public Market or Dallas, Texas—Public mar187.500
ket building
St. Francis Levee District, West Memphis. Ark.—Rights-of-way
500,000
for levees
8.000
Village of Saranac Lake, N. Y.—Waterworks additions
500.000
City of Corpus Christi, Texas—Repair of dam
Reeves County Water Impt. Dist. No. 1, Balmorhea, Texas
40,000
Irrigation system repairs
15.000
Fabens (Texas) Water Co.—Waterworks extensions
50,000
City of Pensacola. Fla.—Waterworks improvements
20.000
Riverton (Utah) Pipe Line Co.—Reservoir, pipe line replacem'ts
16,000.
City of Quincy, Fla.—Waterworks improvements
City of San Juan. Puerto Rico—Waterworks improvements_ _ _ _ 1.300.000
175.000,
City of Greenville. Miss.—River freight terminal
38.000
Town of Vernal City, Utah—Waterworks improvements
45,000
City of Glen Rose. Texas—New waterworks, sewer systems_
Orleans Levee Dist., New Orleans, La.—Flood protection,
(534s to yield 6) 1,378.000
airport
25,000
City of Cambridge. Ohio—Intercepting sewer system
15.000
City of Long Pine. Neb.—Water.system improvements
27,500
Town of Brookneal. Va.—Water supply system
60,000
Reynolds Irrig. Dist., Melba, Ida.—Irrigation improvements_ _
10,000
City of Dufur. Ore.—Waterworks pipe replacements
Chance Marine Construction Co., Annapolis, Md.—Docks,
63.000
(net $59.850)
breakwater
City of Los Angeles.,Dept. of Water and Power—Power trans22.800.000
mission line
100,000
City of Mt. Carmel, Ill.—Waterworks improvements
19,000
Town of Ballground, Georgia—Newwater supply system
600,000
Regional Bridge Co.. Kansas City, Mo.—Toil bridge
428,000
City of Bloomington, Ind.—Sewage treatment works
49,000
City of Owingsville. Ky.—Waterworks system
Ft. Sumner Irrig. Dist., De Baca County, N. M.—Irrigation
135,000
system extensions
3012
Financial Chronicle
Borrower and ProjectAmount.
City of Radford, Va.-Elec. pow. system. extens.(5s to yield 5) 129,000
City of Ilbno., Mo.-New waterworks system
42,000
Southern Merchandise Mart Co., Charlotte, N. C.
-Merchandise mart
144,000
(68 to yield 654)
Village of Williamsburg, Ohio-Water system
38,000
The Pima Water Co., Pima, Ariz.
-Waterworks extensions.13,500
Village of Coal Grove, Ohio-Water system
62.000
City of Union City, Ind.
-Waterworks improvements
45,000
North Sterling Irrig. Dist., Sterling, Col.
-Irrigation impta
110,000
Village of Bethel, Ohio
-New waterworks
35,000
Board of Trustees, State A. & M. College of Fourth Dist..
Monticello Ark.-Two dormitories
185,000
Town of Sulligent, Ala.
-New waterworks
38,000
City of Owenton, Ky.-New water system
65,000
City of Virginia. Ill.
-New water system
100,000
Town of Greensburg, Ky.-New water system
40,000
City of Flemingsburg, Ky.-New waterworks
75,000
City of Marion, Ky.-New waterworks
35,000
Town of Thomasville, Ala.-Impts. to water system
20,000
Tulsa Union Stockyards, Inc., Tulsa, Okla.
-Stockyards
51,500
Jones Beach State Parkway Authority. N.Y.City.
-Causeways 5,050,000
Village of Hartland. Wis.-Water system
40.000
City of Longview. Texas
-Sewage disposal plant
19,000
Fred F. French Operators. Inc., agent for Knickerbocker Village-Modern housing development. N. Y. City
8,075,000
City of Richmond, Ky.-Gas distribution system
40,000
Village of Roseville, Ohio-Waterworks improvements
15,500
•
Securities Purchased.
Par Value.
Price.
I $800,000 Middle Rio Grande Conserv. Dist. 534s--- 90
7.000,000 State of Louisiana 58
100
6.000,000 City of New Orleans 5s
100
2.327,000 City of Chicago 5% waterworks ctls
100
50,000 City of Prescott, Ariz., 58
100
2.016.000 Metropol. Water Diet., Sou. Calif., 58-100
143,000 Roanoke Rapids Sanitary District
100
90.000 Poinsett County, Ark
100
45,000 City of Sanford
100
10.000 City of Sandusky
100
50,000 Village of Wilmette
100
100,000 City of Gulfport
100
29,000 City of Columbia, KY
100
76,000 City of Bowling Green
100
8,000 City of Saranac Lake
100
10,000 City of Sandusky
100
1.008,000 Metropolitan Water District
100
10,000 City of Sandusky
100
$186,896.000
Amt. Paid.
$720,000
7,000.000
6,000.000
2,327,000
50.000
2,016,000
143,000
90.000
45,000
10.000
50,000
100,000
29,000
76,000
8,000
1.0,000
1.008,000
10.000
$19,692,000
Rhode Island.-Legidative Session Ends.
-Early on the
morning of April 21 the 1933 session of the General Assembly of this State came to an end, after motions were defeated
in the Senate to sit for one additional day in order to deal
with a last-minute influx of bills from the House. Several
of the more important measures are said to have been lost
in the press of business leading up to the closing hours, and
one of the outstanding bills passed on the last day is a measure sponsored by Governor Green setting up a special
Metropolitan Sewer Commission to consider a trunk line
system serving Central Falls, Pawtucket, Cranston, Providence and Warwick, and extending to the Atlantic Ocean,•
An outline of the measures passed and the bills defeated at
the 1933 legislative session is given as it appeared in the
Providence 'Journal" of April 21:
Bills Passed.
Governor Green's $6,000.000 unemployment relief law,
State aid to cities and towns through cancellation of formerproviding for
loans, direct
appropriations from the treasury to towns,and authorization of a $3.000.000
State bond issue for relief.
A new law to regulate the traffic in 3.2% beer and in hard liquors when
they become legal.
Bill creating Metropolitan Sewer Commission to study plan to link
Central Falls, Pawtucket, Providence, Cranston and Warwick in a trunk
line extending to the ocean.
Emergency banking legislation giving the Bank Commissioner and the
Governor power to restrict banking operations, this,power never having
been provided in statutes prior to this year.
Bill providing for convention to vote on repeal of the 18th Amendment.
Kiernan bill abolishing the Board of Chiropody,
The Bliss-Kiernan bill legalizing pari-mutuel betting at horse racing
meets.
Bills Killed by Vote in Either House.
Flynn bill repealing the Providence Board of Public Safety Act.
Brown bill abolishing the office of Finance Commissioner Frederick S.
Peck and giving his powers to the Governor.
Flynn bill amending constitution requiring all Acts applicable to all towns
to be applied to every city and town.
Senator Vanderbilt's departmental reorganization bill.
Economy bill slashing pay of all State employees 10% on salaries in
excess of $1,500.
Flynn constitutional amendment providing for extension of the registration period to Sept. 30.
Bills Killed in Committee.
'Bills abolishing Woonsocket State-appointed police commission.
Corrigan bill abolishing Central Falls police commission.
Measures restricting motor trucking and placing such transportation
under the jurisdiction of the Public Utilities Commission.
Vanderbilt fish-trap bill, removing control of this industry by the State
Harbor Commission.
Democratic bills restricting interest rates on small loam.
The O'Neill domestic relations court bill, setting up such a court under
a Superior Court justice.
Bill regulating installation of oil burners.
Flynn-Curry bills appropriating $215,000 for State aid to town schools
on a per capita basis and $60,00 as an emergency fund to be distributed
to towns needing education funds.
Lapan bill providing $5 progressive tax on chain stores.
The Lanctot bill setting up a commission to investigate wage conditions
and hours of work in Rhode Island industry as affecting minors and women.
A 48
-hour work law for women and a 40
-hour work law for minors.
Bill requiring election of every State official not a general officer in grand
committee, stripping the Governor completely of his appointive power.
McElroy old age pension law providing $100,000 for dependent persons
more than 65 years of age.
State constitutional convention bills providing for election in August of
delegates to convention to revise the State constitution.
Brown bill prohibiting sale of prison-made goods in competition with
private industry, or for inter-State shipment.
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, Brown County., S. Dak.-BONDS DEFEATED.
-At
the election held on April 18-V. 136, P. 2461-the voters rejected the
proposal to issue $975.000 in electric power plant revenue bonds by a
count of 2,923 "for" to 3,215 "against," according to the City Auditor,
AKRON, Summit County., Ohio.
-PAYMENT OF DEFAULTED
INTEREST.
-E. C. Galleher, Director of Finance, under date of April 20
issued the following notice in connection with the payment of interest
coupons of city of Akron or Village of Kenmore bonds due in March 1933:
March coupons payable in New York may now be presented at the Chase
National Bank, New York. March coupons payable at Akron or Kenmore
may be presented at the First Central Trust Co., Akron.
A prIl 29 1933
The above notice does not have reference to Board of Education or School.
District interest.
ALABAMA, State of (P. 0. Montgomery).
-RECONSTRUCTION
FINANCE CORPORATION LOAN GRANT.
-The following • announcement of the granting of a relief loan to this State was made public by the•
R. F. C. on April 22:
"The Corporation, upon application of the Governor of Alabama,
made available $864,195 to meet current emergency relief needs to-day
in 63
counties of that State during the month of May 1933. These funds are made
available under Title I, Sectionl, subsection (c) of the Emergency Relief
and Construction Act of 1932. In support of his application the Governer
stated that funds now available( or which can be made available within
the State at this time are inadequate to meegthe relief needs of these political
subdivisions. The R. F. C. heretofore has made available $3,347,4931to
meet current emericency relief needs in various political subdivision.s of the
State of Alabama.
ALABAMA, State of (P. 0. Montgomery).
-TEMPORARY LOAN
RENEWED.
-An extension until Aug. 18 1933 was obtained on Apri1117
by the State. on a $3,303,995.53 balance of a loan made to the State by the
First National Bank of Montgomery, and the Chase National Bankrot
New York, which was due on April 17. We quote in part as follows from
the Montgomery "Advertiser" of April 18, regarding this loan renewal:
"Gov. Miller yesterday obtained an extension until Aug. 18 1933 of
balance amounting to $3,303,995.53, of the loan made to the State by the
First National Bank "M Mcurtgomery, and the Chase National Bankthe
of
New York. on payment of interest at 6%, totaling $67,731.92. warrant
for this amount, to meet the payment, was issued yesterday afternoon:
The loan fell due yesterday.
"Renewal of the loan until that date is regarded by observers as a significant indication that there will be another extra session of the Legislature this.
to provide funds to meet the loan indebtedness when it falls due,
in addition to other pressing obligations of the State aggregating in all:
approximately $20.000,000.
"When the third special session, if called, will be held, is a matter
jecture, of course, but it is believed it will follow close on the heelsof conof
election at which the income tax and warrant funding amendments the.
to be voted on hy the people. That would place the reconvening dateare
on
or about Aug. 1."
•
AMSTERDAM, Montgomery County, N. Y.
-BOND OFFERING.
William K.Clark. City Clerk. will receive sealed bids until 3 p. m.(daylight
saving time) on May 11 for the purchase of $207.000 not to exceed
6%
interest coupon or registered funding bonds. Dated May 1 1933. Denoms.
$1.000 and $700. Due 820.700 on May 1 from 1934 to 1943 incl. Rate•
of int. to be named by the bidder in a multiple of X or 1-10th of 1% and
,
must be the same for all of the bonds. Prin. and int. (M. & N.) will
be payable at the County Treasurer's office or at the Guaranty Trust Co.,
New York. A certified check for $4,000. payable to the order of the
city, must accompany each proposal. The approving opinion of Clay,.
Dillon & Vandewater, of New York, will be furnished the successful bidder.
ANNAPOLIS, Anne Arundel County, Md.-BOND
Sealed bids addressed to the Finance Commission will be OFFERING.
received until'
12 m.(Eastern standard time) on May 18 for the purchase of $50,000
%
series A. to J, floating debt refunding bonds. Denom. $1,000. Due $5,000
annually on April 1 from 1935 to 1944 incl. Principal and interest (April'
and October) are payable at the Farmers National Bank, Annapolis. A.
certified check for 2% of the amount bid, payable to the order of the City
must accompany each proposal. The bonds are authorized by Chapter 482'
of the Acts of the General Assembly of 1933 and under the.provisions of a.
resolution adopted by the City Council. The bonds are Issued upon thefaith and credit of the City of Annapolis and each bond will be guaranteed
for payment both as to principal and interest by the Mayor, Counselor and
Aldermen of the city by endorsement on each bond in the manner authorized and required by the provisions ofsaid Act. The bonds are exemptfrom
all State, county and municipal taxation in the State of Maryland.
ATHENS COUNTY (P. 0. Athens), Ohio.
-BOND SALE.
-The issue
of $10,350 bridge construction bonds offered on April 11-V. 136. p. 2099
was purchased as 6s, at a price of par, by H. H. Townsend, of Athens.
Dated March 1 1933 and due Sept. 1. as follows: $1,000 from 1934 to 1942
$20,500 6% bridge bonds offered at the
incl. and $1.350 in 1943. The
time were not sold. Dated March 1 1933 and due $2,000 from 1934 tosame
1942'
incl. and $2,500 in 1943.
ATLANTIC 'CITY, Atlantic County, N. J.
-PAMPHLET ON
DEBT PROBLEMS READY FOR DISTRIBUTION.
-A,T. Bell, Chairmam
of the Advisory Finance Committee, advisee us that a pamphlet indicating
the financial difficulties of the city as a result of general business conditions and the necessity for the co-operation of security holders in
mailed
adjustment and refunding of outstanding obligations is beingan early
to bondholders as of May 1. Communications In connection with the
subject should be addressed to Harry Cassman, Esq., Benwebm Bldg.,
Atlantic City.
(Virtually all of the data contained in the pamphlet was published
-V. 136. p. 2828.)
in our issue of last week
BALTIMORE, Md.-MAY ECONOMIZE FURTHER.
-In an
further reduce the cost of municipal operations for the purpose of effort ter
averting
a deficit at the end of the year and to lower the tax rate in 1934, Mayorcommittee to study departmental
Jackson has appointed a
expenditures
during the first four months of this year and to make recommendations
for such economies deemed possible. Herbert Fallin, Director of
Budget, reported that whereas $42,096,884 has been appropriated the
expenses during the whole of 1933, the cost of operations from Jan. 1 for
to
March 31 inclusive aggregated $12,669.315. Collections of current
taxes
for the period amounted to 22.42% of the total levy for the year. Delinquent
collections, including penalty charges for the first three months, totaled
$689.101. an increase of $53,645 over the same period in 1932.
BAY VILLAGE, Cuyahoga County, Ohlo.-BOND
A. K. Glendenning, Village Treasurer, will offer for sale at OFFERING.public auction.
at 4 p. m. on May.8 a block of $10,000 series No. 7 of 1930 street improvement bonds, due oil Oct. 1 1936. Denom. $1.000. Said bonds will
be
offered for sale separately and each sale will be subject to
by Council of the Village of Bay. The highest bidder in eachconfirmationcase will be
required to deposit with the undersigned at the time of offer 25%
of the
bid in cash or certified check on an unrestricted bank, and
balance
upon and in the event of confirmation of the sale. Deposits willthereturned be
in the event of failure of confirmation.
BENTON COUNTY (P. 0. Vinton), lowa.-BOND SALE
CELED -We are informed by the County Treasurer that a CAN$110,000 primary road refunding bonds, which had been schedulsale of
0
April 28 has been canceled as there will be funds on hand to
meet
bonding obligations on May 1.
N. H.
BERLIN, Coos County,
-RECONSTRUCTION FINANCE
CORPORATION GRANTS ,SELF-LIQUIDATING LOAN.
-The following
is the text of an announcement made by the R. F. C. on April 20:
"The Corporation has agreed to loan $250.000 to the City of Berlin.
N. H., so that 800 unemployed men can be given work cutting wood.
part
of which will be used for fuel and the rest sold for pulp making
The city expects to realize enough from the sale of wood to repaypurposes.
Funds will be advanced through purchase of the city s one year tax the loan.
tion warrants bearing
% interest. Under a statute recentlyanticipathese warrants will be guaranteed by the State of New Hampshire.enacted
"This loan is made under the provisions of paragraph 1 of Section 201
(a)
of the Emergency Relief and Construction Act of 1932, which authorizes.
the Corporation 'to make loans to, or contracts with . . . municipalities
. . . to aid in financing projects authorized under . . . State or municipal
law which are self-liquidating in character. It Is the opinion of counsel
for the Corporation that this is a project the City of Berlin is authorized
by law to undertake, and it is expected to be sell
-liquidating through
sale of the wood to be cut."
BIRMINGHAM, Oakland County, Mich.
-PROVIDES FOR PARTIAL PAYMENT OF DEBT CICARGES.-The City Commission in
considering the budget for the fiscal year beginning July 1 1933 has decided
to make provision for the payment of only $4,067 on bond principal
and
interest charges, representing payments due on refunding bonds
issued. No provision has been made for the $148,000 payable on already
general
obligation bonds maturing from Jan. I 1933 to July 4 1934, It is said.
The city plans to seek agreement of the bondholders to a refunding of
the remainder of the 81.300.000 bonded debt on a lower interest rate
.
Volume 136
Financial -Chronicle
3013
-The city failed to receive a bid at the public ofLOAN NOT SOLD.
basis. It has been in default on its bond and interest maturities since
fering on April 26 of a $3,000,000 tax anticipation note issue, dated April
last fall, according to report. The new budget will cover 18 instead of
27 1933 and to mature on Oct. 2 1933. The Clearing House Banks will
12 months, as the revised charter changed the beginning of the fiscal year
be asked to purchase the issue.
from Jan. 1 to July 1.
Clearing House banks later agreed to purchase the notes at 4.23%
-BOND OFFERING Isle
discount basis.
-County, Ala.
BIRMINGHAM, Jefferson
-We are informed by the City Comptroller that no
CONTEMPLATED.
-PARTIAL COUPON PAYBRADENTON, Manatee County, Fla.
definite plans have been made to re-offer the $300,000 issue of public impt.
-The following is the text of a.letter sent out to
MENT ANNOUNCED.
refunding bonds offered for sale without success on April 18-V. 136. 13.
bondholders by the City Clerk on April 20, regarding a partial payment
incl.
2828. Due $25.000 from May 1 1936 to 1947
on the past due coupons of their bonds:
-With reference to your past due semi-annual interest
"Gentlemen:
Financial Statement of the City of Birmingham, Ala., April 4 1933.
0
coupons clipped from City of Bradenton bonds which you hold, beg to say
(60%)____$195,554,400.0
Assessed valuation of taxation for the year 1932
325,924,000.00
that we are forwarding this day New York drafts to our regular paying
Real valuation-100% based on assessed value
agencies amounting to 50% of the face value of our semi-annual interest
$3.519,979.00
1932 real, personal tax levy
coupons which matured from Nov. 1 1932 to April 1 1933, both inclusive,
915.000.00
1932 occupational license tax levy
$4,434.979.00
with instructions to pay all who are willing to surrender said coupons for
cancellation and return to us on payment of this amount.
(Tax of $18 on each $1,000 of 60% of actual value and
"If, under the circumstances, you are agreeable to this arrangement,
additional $3 on each $1,000 for school purposes (levied
kindly lose no time in sending your coupons to the bank designated on the
by county and apportioned to city). The above is in
face of same, with instructions to cancel and return them to us on payment
addition to a further appropriation of $1,000,000 Per
of 50% of their face value.
ennum by the State for school teachers' salaries. Debt
"We have exhausted every means available to accumulate these funds,
limit. 7% of assessed valuation. Sewer bonds, school
having waited until part of this interest is long past due, with the hopes
bonds and water works bonds are exempt from constiof being able to make better collections. but owing to unusual conditions
tutional limitation.)
that have grown from bad to worse for the past several years in this section,
General city bonds outstanding April 4 1933:
making it absolutely impossible for a great many of our people to pay their
For providing & constructing school houses$10.028,000.00
taxes, we are convinced that it will be imhossible for us to do any better
1.813.000.00
For sewers
than this. In fact when we stop and consider the conditions of our people
100.000.00
For water works
we feel thankful that we can do even this well at this time.
8,156,000.00
For general purposes
20.097,000.00
"We trust that our creditors will appreciate the fact that we are doing
everything possible to take care of our obligations, and that they will beLeas bonds which are exempt from constiwilling to make this concession and co-operate with us in trying to work
tutional debt limit:
out of an unfortunate situation over which we have very little control.
For providing & constructing school houses$10,028,000.00
1,813,000.00
For sewers
"Yours very truly,
100,000.00
For water works
"L. L HINE, City Clerk."
11,941,000.00
8.156.000.00
General city bonds to be counted against debt limit
-BOND SALE CANBREMER COUNTY (P. 0. Waverly), Iowa.
assets:
Sinking fund
-We are informed by the County Auditor that a scheduled sale
CELED.
$3.398.18
General city bonds
-Cash in bank
362,000.00
on April 28 of $30,000 primary road refunding bonds has been called off'
Investments
because the maturing bonds will be taken care of under the provisions of
1.000.000.00
Acct. rec., L. & N. and A.G.S. RRs
1.365.398.18
Senate File No. 487.
4.651.000.00
Improvement bonds outstanding secured by liens on prop'ty
-BOND BILL
BRIARCLIFF MANOR, Westchester County, N. Y.
(These bonds payatile primarily out of the sinking fund
-Governor Lehman on April 15 vetoed a bill designed to permit
VETOED.
for public improvement bonds, as shown below.)
$35,000 maturing bonds.
Sinking funds for public impt. bonds:
the Village to refund approximately
$115,534.73
Cash in bank
-REPORT ON BOND
BROOKSVILLE, Hernando County, Fla.
3.686.365.13
Accounts receivable
-In response to our inquiry regarding a report of default onDEFAULT.
986,346.13
Public leapt. inv., in O.P.I. titles
4,788,245.99
the payment of principal and interest of street improvement bonds of this
500,000.00
city, we are informed as follows by City Clerk B. H. Robison. under date
Temp. loans in anticipation of 1932 taxes (due July 8 1933)
of April 24:
General fund investments, contractors' esti743,942.96
"The city's attorney had a test case before the Supreme Court of the
mates, &c., incl. general fund cash
State in regard to street assessment bonds and on account of the failure of
Real and personal property and equipment327,045,428.14
the attorney to show that the property in question was benefitted by the
18.283,620.41
Pavements, curbing, sewers, viaducts
45.329.048.55
improvement the Supreme Court did not render their decision and during
the time and also up to the present the different property owners have not
Percentage of 1931 real and per;onal tax levy
paid their assessments, which came due the first of the present month
collected through March 31 1933
98 -Iconsequently the city has no money in this particular fund to take care of'
percentage of 1931 real and personal tax levy
.
the bond and interest payments."
collected through March 31 1932
77+
Percentage of 1932 real and personal tax levy
-BOND SALE.
BUCHANAN COUNTY (P. 0. Independence), Iowa.
collected through March 31 1933
70 -I-A $9,700 issue of funding bonds is reported to have been purchased by
Total current revenue, 1931-32 fiscal year
the White-Phillips Co. of Davenport: dated Jan. 1 1933.
(ending Aug. 31 1932)
$6,910,300.13
Total current expenditures, 1931-32 fiscal
-PLANS FOR PRIVATE SALE 011'
. BUFFALO, Erie County, N. Y.
6,710,665.13
year (ending Aug. 31 1932)
-Negotiations entered into on April 21 with New
BONDS DISCARDED.
effort to effect private sale of the $4,000.000 work and
York bankers in an
199.635.00
Total surplus 1932 fiscal year, all current funds
home relief bonds which failed of sale, due to a lack of bids, at public offering
314.520.43
Total surplus all current funds, all years to date_---„
..
-were abandoned, as the offers made
-V. 136. p. 2828
on the previous day
Population-1910. 132,685; 1920, 178,270: 1930, 258.657.
for the bonds were not acceptable to the City. It was decided to re-offer
the issue at a later date. The private tenders made included an otter of the
BLACK BAYOU DRAINAGE DISTRICT (P. 0. Greenville), WashGuaranty Company of New York and associates to take the entire issue
-It is reported
ington County, Miss.
-BOND LEGALITY APPROVED.
as 6s, at a price of 100.50. A group headed by Halsey, Stuart & Co.,of New
that a $399,500 issue of 8% drainage refunding bonds has been approved
York, bid a price of par for a block of $1,100,000 as 5%s, while an optional
as to legality by Benj. II. Charles of St. Louis. Dated March 1 1932.
arrangement was tendered by Barr Bros. and associates. The bonds were
These bonds are said to be part of the $451,800 issue that was voted on
offered to bear date of May 1 1933 and mature May 1 1943. Bidders were
Feb. 23 1932.
asked to name a rate of interest up to and including 6%.
-BONDS NOT
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-BONDS
BURLINGTON COUNTY (P. 0. Mount Holly), N. J.
SOLD. No bids were received at the offering on April 25 of $40,000 5%
-The Board of Freeholders on April 21 adopted O resoAUTHORIZED.
township poor relief bonds
-V. 136, p. 2281. Dated April 25 1933 and due
lution authorizing the County Comptroller to issue $150,000 6% tax
$2,000 on May and Nov. 15 from 1934 to 1943 incl.
revenue bonds in denoms. of $1,000. $500, $100, $50 and $10. Proceeds
will be used to pay current expenses. This action was made necessary
-BONDS OFBLACK HAWK COUNTY (P. 0. Waterloo) Iowa.
because of the fact that many of the municipalities have been unable to
at 10 a. m. on April 26.
FERED.
-Both sealed and open bids were received
pay their county tax. Retirement of the bonds will be.made as rapidly
by Anna M. Decker, County Treasurer, for the purchase of a $48,000 issue
as the money comes in from the townships.
of primary road refunding bonds. Denom. $1,000. Dated May 1 1933.
Due $16,000 from May 1 t944 to 1946 incl. Interest payable M.& N. The
-RECONSTRUCTION
CAILFORNIA, State of (P. 0. Sacramento).
county will furnish the approving opinion of Chapman & Cutler of Chicago.
-On April 26 the following
FINANCE CORPORATION LOAN GRANT.
statement was issued by the It. F. C. regarding a relief loan grant to this
Official Financial Statement.
State:
Taxable property as ascertained by the equalized State and county tax
The Corporation, upon application of the Governor of California. to-day
lists, which include all real, railroad, telegraph, telephone, express and
made available $20.000 to meet current emergency relief needs in San
personal property within the limits of such corporation for the year 1932 is
Bernardino County for the period April 18, to April 30 1933.
as follows:
These funds are made available under Title 1, Section 1, subsection (c)
$67,023,684.00
Assessed actual value
of the Emergency Relief and Construction Act of 1932.
16,755,921.00
Taxable property
The R. F. O. heretofore has made available $6,971,557 to meet current
Assessed actual voile
11.840,134.00
. motiyes anCi credit;
emergency relief needs in various political subdivisions of the State of
Bonded Indebtedness April 24 1933.
California.
Miscellaneous funding bonds
$518,000.00
-TO REFINANCE $800,000
CAMDEN, Camden County, N. J.
Primary road bonds
1,610.000.00
-It is reported that the city will probably refinance about $800.000
BONDS.
bonds which mature this year in accordance with the provisions of a new
$2 128 000 00
Total bonded indebtedness
State law empowering municipalities to refinance existing obligations to the
extent of I% of the total valuations.
-BOND OFFERING.
-J. Cory
BLOOMFIELD, Essex County, N. J.
Town Clerk, will receive sealed bids until 8 p. m.(daylight saving
Johnson,
CAMPBELL CITY SCHOOL DISTRICT, Mahoning County, Ohio.%
time) on May 8 for the purchase of $314,000 4j coupon or registered
-George E. Prokop, Clerk-Treasurer of the
BONDS BEING REFUNDED.
bonds, divided as follows:
Board of Education, reports under date of April 24 that school bonds due
$125,000 poor relief bonds. Due June 1 as follows: $14,000 in 1935; $15.000
payable from Jan. to May 1 1933 are being refunded, although Int.
and
from 1936 to 1941 incl. and $21,000 in 1942. No bid for less than
on the obligations is being paid at the City Trust Bank, Youngstown.
par will be accepted for this issue.
Mr. Prokop states that holders of maturing obligations are expected to
119.000 public improvement bonds. Due June 1 as follows: $6,000 from
agree to the exchange. The refunding bonds will be approved as to legality
1952 incl.
19:14 to 1847 incl. and $7,000 from 1948 to
by Squire. Sanders & Dempsey, of Cleveland.
70.000 assessment bonds. Due June 1 as follows: $10,000 from 1934
to 1937 incl. and $15,000 in 1938 and 1939.
-It is
CEDAR COUNTY (P. 0. Tipton) lowa.-BONDS OFFERED.
Each issue is dated June 1 1033. Denom. $1.000. Bids will also be
reported that both sealed and open bids were received at 2 p. m.on April 28.
%,such
considered for the bonds to bear interest at a rate other than
by J. M. Blazek, County Treasurer, for the purchase of a $30.000 issue of
county road refunding bonds. Dated May 1 1933. Due $10,000 from
rate to be expressed in a multiple of X of 1% and limited to 6%. Principal
and interest (June and Dec.) are payable at the Bloomfield Bank & Trust
May 1 1940 to 1942 incl. Interest payable M. & N. County will furnish
Co., Bloomfield. The bids for the public impt. and asst. bonds shall be
the approving opinion of Chapman & Cutler of Chicago.
separate from tenders for the poor relief issue, and bids may be submitted
only for the two former issues. The public 'met. and asst. bonds may. in
-BOND SALE.
CERRO GORDO COUNTY (P. 0. Mason City) Iowa.
the discretion of the Town Council, be sold at a price of 99. Proposals
-A $96,000 issue of primary road refunding bonds is stated to have been
must be accompanies by a certified check for 2% of the bonds bid for,
offered on April 26 and sold to Jackley, Weidman & Co. of Des Moines, as
payable to Raymond Edgerley, Town Treasurer. The approving opinion
5s. Dated May 1 1933. Due $32,000 from May 1 1936 to 1938 incl. Int.
of Thomson, Wood & Hoffman, of New York, will be furnished the successpayable M. & N. The county is to furnish the bonds and the approving
ful bidder.
opinion of Chapman & Cutle. of Chicago. No other bids were received.
-CITY ASSURED OF BANKING
BOSTON, Suffolk County, Mass.
CHARLOTTE, Mecklenburg County, N. C.
-NOTE RENEWALS.-Following a conference with representatives of several
ASSISTANCE.
It is reported by the City Clerk that $60,000 of bond anticipation notes
leading banking institutions, Mayor Curley on April 21 issued orders to
have been renewed by local banks, at 6%. Due on July 3 1933. (This
to
put into effect immediately a $5,000,000 reduction In municipal payeolls.
renewal was authorized recently by the City Council
-V. 136, p. 2281.)
action was taken, it is said, after the bankers had agreed to co-operate
T
in raising the funds needed by the city for operating expenses at a "reasonCHATTANOOGA Hamilton County, Tenn.
-FINANCIAL STATEbetween now and September, when
able" rate of interest. Requirements
MENT.
-The following official statement is furnished in connection with.
tax payments begin, will approximate $30,000,000, according to report.
the offering set for May 3, of the $200,000 Issue of paving assessment andThe Mayor is also said to have been assured of the co-operation of the
Improvement refunding bonds
-V. 136, p. 2828:
increase city revenues and to
bankers in seeking enactment of legislation to
Assessed value. 1932
$129,005,498.00
support municipal relief legislation in Massachusetts and at Washington.
129,005,498.06
Actual value (estimated)
The $5,000,000 salary cut will affect 18.000 city. county and school emannually,
a2
Bonded debt (including this issue)
13,450,500.00
6
f
arreidesuctieotnsw willr 0 ogt 5a,or salaries
ing3fra i
Sinking fund
228,811.00.
00
em
g on salaries between
Tax rate (including 10 cents for sinking fund)
1.86
reductions however, as far as practicable, will be offset through a cut
Population 1930 (1920, 57.895)
in the working week from the present 51i days to 5 days.
119.798
in
o er
TodervSl.1106ajo.
3014
Financial Chronicle *
CHEYENNE WELLS, Cheyenne County, Wyo.-BOND ISSUAN
CE
PROPOSED.
-An ordinance is reported
been published
for the issuance of $3,000 in 5% waterto haveextension bonds.providing
works
Denom.
$500. Dated April 1 1933.
CHICAGO SANITARY DISTRICT, Cook
-HOUSE
DEFEATS $100,000,000 BOND ISSUE BILL. County, Ill.
-The
Representatives on April 18 unanimously rejected the State House of
bill designed to
permit the District to issue 3100,000.000 bonds without
the approval of
the voters.
-V. 136. p. 2647. A similar measure
and is also expected to be rejected. The bonds wereis pending in the Senate
proposed
of fulfilling the orders of the United States Supreme Court for the purpose
in
the case involving the diveasion of water from Lake Michigan reference to
. Thomas J.
Bowler, President of the District, commented on the
House's action as
follows:
"The district has done its duty and cannot be held responsible for
to proceed with compliance with the Supreme Court mandate. failure
If the
Senate bill is defeated, the court is almost certain to take
cognizance of
the impotence of the district to go ahead without money and
master,. William H. McLennen, whose report is now before the special
recommended that if the district had not the financial means the court.
that the court order the State of Illinois to bear the expense." to go ahead
CLAIBORNE COUNTY (P. 0. Port Gibson), Miss.
-BOND SALE.
-We are informed that the $10,000 refunding bonds authorized
in February
-V.136. p. 1234
-has since been sold to an undisclosed purchaser.
CLINTON COUNTY (P. 0: Clinton), Iowa -BOND
SALE.
-The
$115,000 issue of primary road refunding bonds offered for sale
-V. 136, p. 2829
-was awarded to Glaspell, Vieth & Duncanon A_pril 27
of
port. as 414s, paying a premium of $1, equal to 100.0008, a basis Davenof about
4.74%. Dated May 1 1933. Due on May 1 as follows:
and $40,000 in 1945 and 1946. Interest payable M. & $35,000 in 1944
N. Approving
opinion of Chapman & Cutler of Chicago, will be furnished
.
COMMERCE, Hunt County, Tex.
-RECONSTRUCTION FINANCE
CORPORATION GRANTS SELF-LIQUIDATING
-The following
announcement was made by the R. F. C. on AprilLOAN.
20:
"The Corporation to-day agreed to purchase $13.250
water revenue bonds of the City of Commerce. Texas, of 534% 1st lien
at
to be used for improvement of the city's water supply and par, the money
storage system.
"The project includes drilling a 12
-inch well 70151 feet deep, installation
of air-lift pumping equipment with a capacity of 400
to 500 gallons per
minute. construction of a 150,000-gallon
reservoir, and repairs to an existing elevated reinforced concrete storage
steel storage tank of 40,000
gallons capacity.
"It is estimated that an average of 25 men will
be employed 30 hours
weekly directly on the project for three months.
work may be started within 10 days after funds Plans are in shape so that
are
"The loan applied for does not cover the entire available.
cost of the project, for
the city proposes to pay labor from other
funds. Approximately $12.000
of the amount to be advanced by the Corporati
on will be spent for materials
and equipment. Therefore, as a condition
to advancing funds the Corporation will require: (a) That the city shall engage
a consulting engineer
who shall investigate and report to the City
and the Corporation on the
proper design and probable cost of the
to be financed from funds to be advancedentire project and of that portion
by the
the city shall submit satisfactory evidence that Corporation. and (b) That
funds will be available to
cover the cost of the project over and above the
amount the Corporation
has agreed to advance.
"The city's population has increased nearly 2,000
since 1910, and it
desires to improve and increase the capacity of its
to reduce insurance rates through more adequate water system in order
fire protection, and to
reduce operating expenses of its water system. One
of the two wells now
in use is inefficient because of a drop in water
level."
CRESTLINE, Crawford County, Ohio.
-RECONSTRUCTION FINANCE CORPORATION • GRANTS
SELF-LIQUIDATING LOAN.
The R, F. C. issued the following announce
ment of a bond purchase on
April 20:
'`The R. F. C. has agreed to loan $40,000 to
the
with winch to improve its Water system. Funds Village of Crestllne, 0.,
purchase of 534% bonds secured by a mortgage will be advanced through
on the waterworks system.
"The project comprises construction of a
crete storage reservoir, a control house with 2,000.000-gallon covered conpiping, and a modern chlorinating apparatusthe necessary gate valves and
work can be commenced within 30 days after . Plans are in shape so that
funds are available. Employment will be afforded to an average of 30 men
basis for four months. Indirect employment working on a 30
-hour week
mately twice that number of men through will be afforded for approxipurchase of about $18,000
worth of material.
"The city now stores its water in an
struct the proposed covered reservoir toopen reservoir and desires to coninate objectionable tastes and odors. Theprevent contamination and elimpresent supply does not come
to requirements of the United States Health
up
Service for inter-State carriers,
and as a result the city has lost considerable
railroad business it formerly
had."
COOK COUNTY (P. 0. Chicago)
-TOTAL INDEBTEDNESS
OF'COUNTY AND MAJOR TAXING , III.
UNITS
The seven major governments in the County, PUT AT 3824,685,451.
including the County Itself,
the city of Chicago, the Chicago School Board,
County Preserve District and the South Park, the Sanitary District.
Lincoln Park and West
Park Districts, as of April 15 1933 owed an
representing outstanding funded indebtedness, aggregate of $824,685,451,
unpaid municipal salaries and bond principaltax 'anticipation warrants.
and interest in default.
• Figures disclosing this information were made
Officials of the various taxing units, accordingpublic on April 22 by fiscal
of the following day, which commented in part to the Chicago "Tribune"
on the situation as follows:
"No attempt was made in getting up this
ing and bonded debts of some 418 small tabulation to include the floattaxing bodies in the county,
the special assessment obligations of Suburban
nor
governments and the city
of Chicago. Were these debts included
County-practically all of which must be the total indebtedness of Cook
retired by direct taxation of
estate and personal property-would
probably be found to be in the real
borhood of one billion dollars.
neigh"The various debts may be divided into
five classifications. The first
most urgent of these is debts which
and
item in this list is overdue salaries are now overdue. The most important
and
"Bills due and unpaid total $20,379.6wages amounting to $60,246.758.
49. Defaulted bond and interest
payments, an equally urgent
district, sanitary district, and obligation if the county, forest preserve
standing, total 324,715.911. west park system are to regain their credit
Tax IVarrants Are Debts.
"The second classification of
consisting of$124,698.511 worth debts is a direct lien upon tax collections,
of tax
present time, which are in the hands warrants, with interest accrued to the
of the public.
"The third
consists also of liens upon tax collections,
not so urgent classification ,
but is
an obligation since the obligations are held
in
of the governments which in
better days consisted of cash. various funds
This classification consists of (a) $86,747,9
63 worth of tax warrants which the city,
county, Sanitary
funds, and which District and SouthIPark Board have sold to their own
the
ditional 349,988.295 inSchool Board has sold to the city, and (b) an adinter-fund
"These inter-fund loans consist, loans.
principally of borrowings from thewith the city, county and School Board,
working cash funds set up
the eventual purpose of
putting those governments'finances on ain 1930 for
cash basis.
West Parks in a Tangle.
"The Lincoln Park Board has invested
Its corporate and other funds in
maturing park bonds, and the
able for corporate expenditu money spent for these bonds w'll be availre
The West Park Board, under a when ritaxes come in to redeem the bonds.
former administration, on the other hand.
took from its bond fund
demption and spent it for money which should have been used for bond repolitical pay rolls and construction projects, meanwhile defaulting its bonds.
"The (mirth classificationTof obligation
various governments, consisting of bond s includes the funded debt of the
tissues to be redeemed in future
years. The principal of these bonds, after deducting issues
already defaulted,
now totals $395,756,300.
"Actually, a large part of these bonds constitute a more
gation than some of the other debts listed above. During pressing obliyear and the.succeeding two years, the period during which the rest of this
held by the public shouldlbe redeemed by tax collections, the tax warrants
Will also have to pay out or refundlabout 3130,000.000 in the governments
bond maturities
and interest."
April 29 1933
Debts of Major Cook County Governments.
Board of
County
City,
Educa-Forest
Sanitary
All Funds.
tion.
Preserve.
District.
$
Tax warrs. held by pub.
witklaccrued int
30,311,000 74,821,500 12,190,000
2,899,050
Tax warts,in pun,funds
with accrued interest- 46,663,000 23,500,000
1,839,000
3,459,910
Inter-fund loans
13,593,000 24,000,000
6,328,465
Unpaid salaries
20,950,000 30,000,000
5,592,285
795,000
Unpaid bills
9,000,000
5,000,000
5.110,360
75,000
Bond & int. defaults_
4,702,750 15,233.453
Bonds.outstanding
136,193,400 28.975,000 47,004,400 97,740,500
• Totals
256,710,400 186,296,500 82.767,260 120,182,913
South
Lincoln
West
Parks.
Park.
Parks.
Totals.
$
$
3
Tax warrs, held by pub.
with accrued interest_
4,730
1,822,231
2,650,000 124,698,511
Tax warrs. in pub.funds
with accrued interest_ 11,286.053
86,747,963
Inter-fund loans
3,566,830
2,500,000 49,988,295
Unpaid salaries
429,473
2,500,000 60,246,758
Unpaid bills
300,000
364,289
530,000 20,379,649
Bond & int. defaults_
4,779,708 24,715,911
Bonds outstanding
55,826,000 18.552.000 11,475,000 395,766,300
Totals
67,416,783 24,734,823 24,434,708 762,543,387
Cook County expenditures for relief of the idle
62,141,964
Grand total
824.685,451
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
-BOND OFFERING.-A.B.Season,Clerk-Treasurer of the
Ohio.
Education, will receive sealed bids until 12 m. (eastern standard Board of
time) on
May 13 for the purchase of $25,000 6% refunding bonds, divided as follows:
$20.000 series A bonds payable from taxes levied outside of the 15 mill
limitation. Due as follows: $500 April and Oct. 1 from 1934
to
1938 incl. $1,000 April and Oct. 1 from 1939 to 1945. and $500
April and Oct. 1 1946.
'
$5,000 series B bonds payable from ample taxes levied within the 15 mM
limitation. Due $500 April and Oct. 1 from.193
incl.
Each issue is dated April 1 1933. Intercit is payable in 4 to 1938 Oct.
April and
Bids for the bonds to boar interest at a rate other than 6%, expressed in
a multiple of j of 1%, will also be considered. A certified check for 2%
of the bonds bid for, payable to the order of the above mentioned official,
must accompany each proposal.
DANBURY, Fairfield County, Conn.
-BONDS AUTHORIZED.
-At
a special town meeting held on April 22 the taxpayers approved of an issue
of $40.000 bonds to defray the cost of obtaining an expert valuation of the
tax list. This action has been recommended by the State Tax Department.
The bonds are to mature in 3 years and the approving legislation has been
passed by the General Assembly.
DELAWARE COUNTY (P. 0. Muncie), Ind.
-NOTE OFFERINGSealed bids will be received by the County Auditor until 10 a.m. on May 13,
for the purchase of $38,000 poor relief refunding notes.
DES 140INES COUNTY (P. 0. Burlington),
-A $75,000 issue of primary road refunding bonds Iowa -BOND SALE.
was offered for sale on
April 27, and awarded to the White-Phillips Co. of Davenport, as 5s,paying a premium of MO, equal to 100.01, a basis of about
4.99%• Date
'
,
$25,000 from May 1 1943 to 1,945, incl. Interest payable
k.May 1 1933. Due
fM. & N. Approving opinion of Chapman & Cutler of Chicago, will be
furnished.
• • DETROIT, Wayne County, Mich.
-BUDGET ELIMINATING PROVISION FOR MATURING BONDS VETOED -Mayor Murphy has vetoed
the 1933-1934 tax budget as passed by the city
council because contains
no provision to meet approximately $15,700,000 bonds which it
mature in
that period. Inclusion of that sum would increase the total of appropriations to about $68,000,000. The Mayor said the debt charges
may
eliminated by appropriate Federal or State legislation, or by acceptance be
of
refunding obligations by holders of the bonds coming due. Last week city
officials conferred with New York banking houses and other institutions
regarding the finances of the city, particularly with reference to issues
which are about to mature. A basis for refinancing the early maturities
of the city was formulated by the bankers to be used as a guide for further
consideration of the subject.
-V. 136, P. 2829.
DOOLING SCHOOL DISTRICT AP. 0. Dooling) Dooly County,
Ga.-BOND DEFAULT REPORT.
-Under date of April 25 we were
informed by J. W. Hurdle, District Treasurer, that a default in interest on
bonds occurred March 1, because the County Board of Roads and Revenues
granted the county taxpayers a stay until Oct. 1 1933 on taxes, making it
impossible to collect the necessary funds.
DOVER, Tuscarawas County, Ohio.
-CONSIDER REDEMPTION
-The city council has taken under advisement a suggestion
OF BONDS.
that an effort be made to purchase the $41,000 bonds outstanding against
the municipal light plant from the balance of $169,677.45 in the city light
and power plant fund, of which 397,677.45 is in cash. Payment of the
bonds at this time will result in a saving in interest charges.
DUBUQUE COUNTY (P. 0. Dubuque), Iowa.
-BOND SALE.
-The
390,000 issue of primary road refunding bonds offered for sale on April
26
awarded to the Carleton D. Bela Co. of Dee
-V.
Due $30,000 from Slay 1 1945 to 1947, incl. IM. payable M. &Moines.
136'2829
-was
N. .
EAST CHICAGO, Lake County, Ind.
-STATEMENT ON
-0. Si Jackson, City Comptroller,BOND
AND INTEREST DEFAULT.
under
date of April 24 reported as follows on the bond principal and interest charges
which have been defaulted by the city and the plans under consideration
to of same:
for adjustmentadvise
sa
"We be
at the City of East Chicago defaulted on approximately $7,000 worth of interest coupons and $15,000 worth of bonds
which were due on Dec. 11932. This default was due primarily to
the large
amount of tax delinquencies occurring in the November and May collections
of last year, and also to the fact that a great amount of sinking fund and
also interest fund were impounded in East Chicago banks which closed
just after the May collection of taxes in 1932.
"Since this default a great number of the interest coupons past
have
been paid. It is the intention of the officials of this city to take dueall of
up
the past due bonds and also interest coupons after the May collection
of taxes, and we hope to cure all defaults by May 15 at the latest. We
do not anticipate any further default in the payment of East Chicago
Interest coupons or bonds."
EDGERTON, Rock County, Wis.-BOND OFFERIN
-Sealed bide
G.
will be received until 8 p. m. on May 8. by A. I. Teisberg, City Clerk, for
the purchase ofa $30,000 issue of 5% coupon sewage disposal plant bonds.
Denona. $1,000. Dated May 1 1933. l'rin. and semi-ann. Int. payable
in Edgerton. Authority for issuance is Chapter 67 of the Laws of Wisconsin.
A certified check for $200 must accompany the bid.
ELLWOOD CITY SCHOOL DISTRICT, Lawrenc County, Pa.
e
-OFFERED.
-The issue of $50,000 coupon or registered school
BONDS RE
bonds unsuccessfully offered at 4% interest on April 6-V. 136, p. 2648
is now being re-offered to bear interest at either 4%, 414 or
5%. Sealed
bids should be addressed to G. B. [rancher, Secretary of the Board of
Directors, and will be received until 6:30 p. m.(Eastern standard time) on
May 11. Bonds bear date of April 1 1933 and are to mature $5,000 annually
on April 1 from 1936 to 1945 incl. •
FLATHEAD COUNTY SCHOOL DISTRICT
NO. SS (P. 0 Big
Fork) Mont.
-BOND SALE.
-The $7,500 issue of 6% semi-ann. schooi
bonds offered for sale on April 10- . 136.
2100-was purchased by the
State of Montana.
FLINT, Genesee County, Mich.
-CURRENT DEBT CHARGES
TOTAL $1.099,000.
-The City Commission is comidering what action
is to be taken with regard to making provision for $1,099,000 due on account
of debt service during the present year. The total includes $546,000 of maturg bonds, $485,000 in interest charges and $68,000 for the sin a
•
Volume 136
Financial Chronicle
Olney L. Craft, Director of Finance, has advised the Commission that the
legal requirements call for provisions for the charges. The amountinvolved,
It is said, represents a tax of $3 for each $1,000 of assessed valuation.
-REPORT
FLORENCE SCHOOL DISTRICT (P. 0. Florence) S. C.
ON BOND DEFAULT -The following letter was sent to us on April 25
by the Superintendent of Schools, replying to our inquiry regarding the
present status of the bond defend which took place in this district When the
local bank closed on Dec. 31 1931:
Gentlemen:
The School District of the city of Florence is at present in default on
principal of bonds as follows:
$6,000,00 of bonds dated Jan. 1 1927 and due Jan. 1 1932.
6,000.00 of bonds dated Jan. 1 1927 and due Jan. 1 1933.
3,000.00 of bonds dated April 15 1923 and due April 151933.
The School District is also in default on interest due April 15 1933 on
bonds dated April 15 1923.
All other principal and interest has been paid to July 1 1933 on the
.
$6,000.00 principal due Jan. 1932.
Yours very truly,
JOHN W. MOORE, Supt.
-RECONSTRUCTION
FLORIDA, State of (P. 0. Tallahassee).
FINANCE CORPORATION LOAN GRANT.
-On April 21 the R. F. C.
announced as follows the granting of a relief loan to this State:
"The Corporation, upon application of the Governor of Florida, to-day
made available $100,979 to meet current emergency relief needs in 52
counties of that State for the period May 1 to May 31 1933.
.
"These funds are made available under Title I, Section 1, subsection
(c) of the Emergency Relief and Construction Act of 1932,.
"The R. F. C. heretofore has made available $3.785.533 to meet current
emergency relief needs in various political subdivisions of the State of
Florida."
FRANKFORT INDEPENDENT SCHOOL DISTRICT (P, 0. Frankfort) Spink County, S. Dak.-BOND SALE.
-The $7.000 isSue of school
bonds offered for sale on April 10-V. 136,_ p. 2282
-was purchased by the
Union Investment Co. of Minneapolis. Dated Nov. 1 1932. Due from
Nov. 1 1933 to 1941. No other bids were received.
FULTON, Fulton County, Ky.-BOND SALE.
-A $24;500 issue of
5% semi-ann. refunding bonds is reported to have been purchased by the
Harris Trust & Savings Bank of Chicago. Legality approved by Benj. H.
Charles of St. Louis.
-PLAN BOND
GARFIELD HEIGHTS
HOOL DISTRICT, Ohio.
REFUNDING.
-Henri L. Mbck, Clerk-Treasurer of the Board of Education. states that the Board at resent is engaged in the refunding of $11,000
bonds which matured on Aptil 1 1933 and contemplates similar action in
the case of $30,000 coming du on Oct. 1 1933. Mr. Mock adds that interest
due on April 1 has been defa lted because of the fact that the regular first
half tax settlement has noti been received from the County Treasurer.
although such payment• is ekpected to be made shortly. The Board is
hopeful of paying all bond interest due in 1933.
GEORGIA, State of (P. 0. Atlanta).
-RECONSTRUCTION FINANCE CORPORATION LOAN GRANT
.-On April 21 the R. F. C.
announced as follows the granting of a relief loan to this State:
"The Corporation to-day made available, upon application of the Governor, $490,040 to meet current emergency relief needs in 61 political subdivisions of that State for varying periods from April 1 to May 31 1933.
"These funds were made available under Title I, Section 1, subsection
(c) of the Emergency Relief and Construction Act of 1932.
"The R. F. C. heretofore has made available $1,096,92-22 to meet
current emergency relief needs in various political subdivisions of the State
of Georgia.
-RECONSTRUCTION FINANCE
GEORGIA,State of(P.O. Atlanta)
CORPORATION LOAN GRANTS -The following statement was issued
by the R. F. 0.on April 26, regarding a relief loan grant to this State:
"The Corporation, upon application of the Governor of Georgia. to-day
made available $92,242.78 to meet current emergency relief needs in 20
counties of the State for the period April 16 to May 31 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"The R. F. C. heretofore has made available $1,586,961.22 to meet
current emergency relief needs in various political subdivisions of the State
of Georgia."
GERMAN FLATTS (P. 0. Mohawk), Herkimer County, N. Y.
BOND OFFERING.
-M. D. Hess, Town Supervisor, will receive sealed
bids until 2 p. m.(daylight saving time) on May 5 for the purchase of $100.000 not to exceed 6% interest coupon or registered welfare bonds of 1933.
Dated March 1 1933. Denom. $1,000. Due $10,000 on March 1 from 1934
to 1943 incl. Rate of interest to be named by the bidder in a multiple of
J( or 1-10th of 1% and must be the same for all of the bonds. Principal
and interest (March and Sept.) are payable at the Ilion National Bank &
Trust Co.. Ilion. A certified check for $2,000, payable to the order of the
Town, must accompany each proposal. The approving opinion of Clay,
Dillon & Vandewater, of New York, will be furnished the successful bidder.
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT (P. 0. San
Francisco), Calif.
-BOND SALE CONTEMPLATED.
-According to
news dispatches from the Pacific Coast on April 27, arrangements have
been made for the sale of up to $29,000,000 4 % bonds of this district to
a syndicate composed of the Bankamerica Co. of San Francisco, B1 h &
Co., Inc., Dean Witter & Co. and Weeden & Co. This amount of .
.nds
represents the unsold remainder of the total authorized issue,of $35,111,000,
of which $6,000,000 were sold in 1932, the sale of which was upheld recently
by the State Supreme Court
-V.136, p. 2644. It is said that the proposed
sale is subject to approval by the counsel for the district. The $20.0®,000_
bonds axe to be taken piecemeal at a price of not less than 92, according to
report.
GRAND RAPIDS, Kent County, Mich.
-BONDS NOT SOLD.
-The
Issue of $20,000 not to exceed 6%''Interest sewer and underground work
bonds offered on April 24-V. 136, p. 2830
-was not sold, as no bids were
received. Dated May 1 1933 and due serially in from 1 to 10 years.
GRASSY LAKE AND TYRONZA DRAINAGE DISTRICT NO.9
(P. 0. Tgronza), Poinsett County, Ark.
-PRESENT STATUS OF
BOND DE AULT
.-The following is the text of a letter written on April 24
by J. T. oston, lawyer of Osceola, in response to our inquiry regarding
the default situation in this district:
"In Re: Grassy Lake and Tyronza Drainaye District No.9
"Gentlemen:-Replying to your inquiry beg to say that this district was
organized 21 year ago. There was never a default of a sing,e day in the payment of either principal or interest on its bonds until May 1 1932 when the
district defaulted in the payment of the semi-annual interest, amounting
to $14,465. It again defaulted Nov. 1 1932 in the payment of its semiannual interest, and $78.000 principal. There is now outstanding bonds
of the district of the par value of $537.000. The last bond will mature
Nov. 11937.
"This drainage district includes the most fertile lands of the Mississippi
Valley, but it is cotton land, and I am sure you will understand, what many
bondholders seem not to understand, and that is that bonds Issued on a
basis of 20c. cotton cannot be paid off with 6c. cotton.
"Regretting that I cannot give you a more encouraging report. I am
"Sincerely yours,
"J. T. COSTON."
.-The $50,000
-BONDS NOT SOLD
GUYMON,Texas County, Okla.
issue of 6% coupon semi-ann, gas system bonds offered on April 21V. 136, p. 2648
-was not sold as all the bids received were rejected.
BONDS RE
-OFFERED.
-We are informed that bids will be received
until May 2, by Zeliner Glenn, City Clerk, for the purchase of the above
described bonds. Due $5,000from 1938 to 1947 incl. Authority for issuance:
Section 27, Chapter 10, Constitution of Oklahoma. A $2,000 certified
check must accompany the bid.
'
HATCH,Dona Ana County, N. Mex -REVENUE BOND PURCHASE
BY RECONSTRUCTION FINANCE CORPORATION.
-The following
announcement of a self-liquidating loan grant to this village by the Corporation, was issued on April 26:
"The Village of Hatch, N. Mex.. where it has been necessary to haul
drinking water from a spring three miles away and sell it for 50c. a barrel,
is assured of a new waterworks system as the result of the action of the
3015
Board of Directors of the R. F. C. to-day in approving the purchase of
$16,500 of the town's revenue bonds at 6%. payable semi-annually over a
period of 20 years, subject to a test suit. The loan will be secured as to
principal and interest obligations by the physical property and revenues
of the plant, Harvey Couch, director, announced.
"The loan was authorized under the provisions of Section 201(a), paragraph I, of the Emergency Relief and Construction Act of 1932. The town
will build a complete new waterworks system. The source of supply will
be the Rio Grande River. Although drinking water is hauled from a spring.
some of the residents of the town have private wells, but the water is said
to be hard alkaline and unpalatable. It is estimated that the new waterworks system will reduce insurance rates 25 to 35%.
"Work will begin at once and will be completed in 90 days, according to
estimates. The project should become self-supporting in 120 days, the
applicants declared, and construction costs will be returned fully from net
revenues within 20 years.
"Hatch is on the main highway 83 miles west of El Paso and is the centre
of an important farming section.according to the application."
-PRESENT STATUS
HIDALGO COUNTY (P. 0. Edinburg), Texas.
-Under date of April 25. the County Treasurer
OF BOND DEFAULT.
sends us the following statement regarding the present status of the county's
bend default situation:
William B. Dana Co., New York, N. Y.:
Referring to your letter of April 21, for your information the County
of Hidalgo, Texas, has outstanding the following securities in approidmately the following amounts:
$800.000
Road District No. 1
$3,910,000 Road District No. 7
800.000
Road District No. 2
850.000 Road District No. 8
168,500
Road District No. 3
650.000 Old Road Dist. No. 1-- _
1.050,000
Road District No. 4
225,000 Special road bonds
99,000
Road District No. 5
800,000 Road and bridge bonds_
55.000
Road District No. 6
970,000 Courthouse and jail
5M
0
Water improvement bonds 1,428.00
approachNearly all ofsuch issues of said securities are either in default or
ing default, because of insufficient tax collections to meet maturities of
principal and interest. Under the circumstances, the Commissioners'
Court has concluded that it will be necessary to formulate a program for
refunding such pcurities on such basis as shall be fair and agreeable to
the holders, and as shall come within the probable ability of the county to
pay. For this purpose intensive work is now being done to gather the
necessary data and information, and it is expected that about June 1 a
definite program will have been formulated, and will be ready for submission to the creditors.
In the meantime, the Commissioners' Court on April 10 1933 adopted a
resolution to the effect that, pending the working out of such refunding
program, no payments or disbursements shall be made out of the several
sinking funds for paying or acquiring any of the bonds or coupons of said
Issues. This is deemed necessary, in order to preserve the equities of all
concerned in the moneys on hand in said interest andsinking funds, and to
the possibility of any preferences.
The formulation of the refunding program is being pressed forward as
rapidly as possible so that there may be as little delay as possible in getting
the program into actual operation, and in getting the county out of default
on these securities. It is understood that the above does not refer to term
warrants which have already been refunded and which the county expects
to meet without detault.
C. H. PEASE, County Treasurer.
HIGHLAND PARK SCHOOL DISTRICT, Wayne County, Mich.-No bids were
NOTES NOT SOLD
-LOCAL DISTRIBUTION MADE.
received at the public offering on April 15 of $250,000 6% tax anticipation
notes, dated April 15 1933 and due on April 15 1934.-V. 136, p. 2649.
On April 21 the School Board started distributing the notes to school employees in payment of back salaries. Local merchants have agreed to accept
the notes in payment for merchandise sales.
-At the election
HONAKER, Russell County, Va.-BONDS VOTED.
held on Apr. 18-V. 136. p. 2101-the voters approved the issuance of
$25,000 in water system bonds by a count stated to have been 158 "for"
to 10 "against."
• HOOD RIVER,Hood River County, Ore.
-REPORT ON TECHNICAL
BOND DEFAULT
.-H. L. Howe, City Recorder, has furnished us with the
following statement dealing with a technical default which took place on
an issue of bonds due Aug. 1 1932:
Gentlemen:
In reply to your letter of 20th inst., regarding defaults in the payment of
City of Hood River bonds, I will say when our $90,000 water bonds became
due Aug. 1 1932. we did not have the money to take up the principal but
we did pay the interest, and instead of payment in cash we offered in exchange the same class of bonds bearing the same rate of interest, but a
shorter term, with no cost to the holder in making the exchange.
So far the exchange has been made with one exception. Bond No. 2.
for $1,000, which we have ready for delivery at any time, with interest
payments from Aug. 1 1932.
The cause of the non-payment of these bonds at their maturity was a
bank failure in which a goodly portion of our funds were kept and depreciation in securities in which our sinking funds were'invested. The bonds
are self-liquidating, that is, the revenue from the water service is sufficient
to retire the bonds when they become due.
The payment of these new bonds will begin in three years and are all to
be paid within ten years.
Very truly.
H. L. HOWE, City Recorder.
HOPEWELL TOWNSHIP SCHOOL DISTRICT(P.0.New Sheffield,
-OFFERED.
-The issue of
County, Pa.
-BONDS RE
R. F. D.), B
$15,000 school bonds originally as 4 Ms on March 29, at which time no
bids were received-V. 136, p. 2282-is being re-offered fcir sale to bear
interest at either 4%,4 X,5 or 5X V. at the option of the bidder. Tenders
will be received until 7:30 p. m. (Eastern standard time) on May 17 by
C. C. Bell, District Secretary. Bonds will bear date of June 1 1933 and
mature $5,000 on June 1 in 1938. 1943 and 1948. Denom. $1.000. Offers
will be opened at the offices of Craig & Rowley. 382 Franklin Ave., Aliquippa, Pa. A certified check for $1,000 must accompany each bid.
INDIAN RIVER FARMS DRAINAGE DISTRICT (P.O. Vero Beach),
-PRESENT STATUS OF BOND DEFAULT.
Indian River County, Fla.
-Under date of April 25 we are advised by D. A. Moran, District Supervisor, that this district has been in default on the principal of its bonds since
Nov. 1 1928 and on interest coupons since a 50% endorsement was made on
the Nov. 1 1930 coupons. A bondholders protective committee has been
formed, of which Mr. S. C. Mosser is Secretary. His address is 29 South
LaSalle St., Chicago, Ill.
INDIANA_, State of (P. 0. Indianapolis).
-RECONSTRUCTION
FINANCE CORPORATION GRANTS LOAN.
-On April 22 the R. F. C.
• stade the following announcement of the granting of a relief loan to this
ma te:
"The Corporation, upon application of the Governor of Indiana, to-day
made available $118,060 to meet current emergency relief needs in three
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.
"The R. F. C. heretofore has made available $4,045,575 to meet current
emergency relief needs in various political subdivisions of the State of
Indiana
INDIANA, State of (P. 0. Indianapolia).-RECONSTRUCTION
FINANCE CORPORATION LOAN GRANT.
-The Corporation issued on
April 25 the following announcement of the granting of a relief loan to this
State:
"The R. F. C.. upon application of the Governor of Indiana, to-day made
available $920,651 to meet current emergency relief needs in 14 counties of
that State during the month of May 1933.
"These funds are made available under Title I, Section 1, subsection (C)
of the Emergency Relief and Construction Act of 1932.
"The Corporation theretofore has made available $4.163,635 to meet
current emergency relief needs in various political subdivisions of the
State ofIndiana.
INTERNATIONAL FALLS, Koochiching County, Minn.
-BOND
DESCRIPTION.
-We are informed by the City Clerk that the $17,000
issue of warrant funding bonds purchased by the State of Minnesota
V. 136. R. 2830
-bears interest at 4% (not 4.4%) and was sold at par.
Due on Nov. 28 1938.
3016
Financial CLIonicle
IRVINGTON, Essex County, N. J.
-BONDS NOT SOLD.
-W. H.
Jamouneau, Town Clerk, reports that no bids were submitted for the
$429,000 6% coupon or registered bonds offered for sale on Apr. 25V. 136. p. 2649. The offering consisted of $279,000 assessment bonds,
due from 1935 to 1939 incl. and $150,000 sewer bonds, due in equal annual
Installments from 1934 to 1948 incl.
JACKSON COUNTY P.0. Gainesboro) Tenn.
-BOND OFFERING.
-It is announced by B. S. Stone, Chairman of the County Court. that
sealed bids will be received until 1 p. m. on May 13, for the purchase of a'
$20.000 issue of 5% refunding bonds. Dated April 1 1933. Due on April 1
1963,optional on April 1 1953. A certified check for 10% must accompany
the bid.
JASPER COUNTY (P. 0. Newton) lowa.-BOND SALE CANCELLED.
-We are informed by the County Auditor that the sale of the
$45.000 issue of primary road refunding bonds, scheduled for April 27-V.
136. p. 2831-has been called off.
JEFFERSON DAVIS PARISH (P. 0. Jennings) La.
-TEMPORARY
LOAN PROPOSAL.
-The following report on a proposed temporary loan
-which had been offered to the Parish Police Jury to pay off its obligatiens,
is taken from the New Orleans "Times-Picayune" of .April 22:
"Although the Jefferson Davis police jury has $120.000 of its funds tied
up in the Calcasieu National Bank and has been unable to pay Parish salaries
or claims for February and March. it finds its credit good.
"The Merchants and Farmers' Bank & Trust Co. of Leesville has made
an offer to the police jury to loan that body all the sums it needs for its
. general funds for the year. amounting to approximately $36.000. if the local
body will make it its official depository. The bank agreed to pay 2% int.
• on the money deposited from this Parish and to guarantee those deposits
100% by turning over Liberty bonds as a guarantee to the deposits.
"Because of the paralyzed financial condition of the Parish, a small
• amount of bonds, either coupons or principal, have had to go by default
and if the arrangement is made with the Leesville bank, these may be paid
and the credit of the Parish kept intact."
JOHNSON COUNTY (P. 0. Iowa City), Iowa.
-BOND SALE CANCELED.
-It is reported by the County 'Treasurer that the offering scheduled for April
136. n. 2831-of the $56,000 issue of primary
road refunding bonds, was canceled. Dated May 1 1933. Due 118.000 on
May 1 1943, and $19,000 on May 1 1944 and 1945.
KENOSHA, Kenosha County, Wis.-BOND SALE.-Tne three issues
of coupon refunding bonds offered for sale on April 21-V. 36, p. 2831
were purchased by Kent, Grace & Co. of Chicago, as 6s at par. The issues
are as follows:
$33.000 high school bonds, series of 1926. Due on May 1 1943.
30,000 school, series of 1923 bonds. Due on June 1 1942.
10,000 school, series of 1930 bonds. Due on June 11942.
No other bids were received.
KENT, King County, Wash.
-BOND OFFERING.
-Sealed bids will
be received by L. E. Price, City Clerk, until 8 p. m. on May 15 for the
purchase of a $15,000 issue of coupon sewer bonds. Interest rate is not
to exceed 6%. payable semi-annually. Denom. between $500 and $1,0,00.
The bonds saall mature commencing with the second year after the date
of issuance in such annual amounts (as near as practical) as will be met
by an annual tax levy upon all of the property subject to taxation in said
city, the last maturity to be 20 years after the date of their issue. A
certified check for 5% of the bid is required. (This report supplements
the preliminary notice given in V. 136, p. 2101.)
KL1CKITAT COUNTY (P. 0. Goldendale) Wash.
-BOND OFFERING.
-We are informed that sealed bids will be received until 10 a. m. on
May 5, by Geo. M.Baker, County Auditor,for the purchase ota $31,142.86
issue of county bonds. (A $34.825.57 issue of county bonds was offered for
sale without success on March 24-V: 136, p. 2283.)
LAKE CHAMPLAIN BRIDGE COMMISSION (P. 0. Ticonderoga),
N. Y.
-BOND BILL SIGNED.
-Governor Lehman has signed as Chapter
201. Laws of 1933. the Feinberg bill authorizing the Bridge Commission
to finance the erection of a structure over Lake Champlain from the proceeds of a $1,000,000 bond issue.
-V. 136. P. 2283.
LAKE OF THE WOODS COUNTY (P. 0. Baudette), Minn.
BOND OFFERING-Sealed bids will be received until 10 a. m. on May 6
lair M. D. Weeks, County Auditor,
the i archas1i. % $50,000 issue
su
, la
3
$500.
33. Due
;2,a/Ilfrom April 1 1936 to
re
'
Callable t parP any a9niversary
at
on
1n
of the date of issue by giving 30 days' written notice to the bank at which
the bonds are payable. Prin. and int. (A. & 0.) will be payable at such
place designated by the purchaser in his bid. Blank bonds and approving
opinion of Jumell, Driscoll, Fletcher, Dorsey & Barker of Minneapolis
will be furnished. In addition to receiving bids for such bonds, the County
Board will receive bids by public subscription and will permit the holder
of outstanding bonds of said County to use and apply the same and any
- accrued interest thereon in payment, in whole or in part, for bonds herein
authorized, purchased by him. (A $22,000 issue of refunding bonds was
• offered for sale on March 15, the result of which has not been obtained
V. 136. p. 1751.)
LANSING,Ingham County, Mich.
-BOND SALE.
-R.B. Sanderson,
City Comptroller, reports that the $165,000 4 % coupon or registered
bowie, comprising a $125,000 welfare emergency issue and a 140,000 sewerage issue,for which no bids were received on Apr. 17-V. 136. p.2831-were
• sold later at par as follows: $75.000 to the Board of Park and Cemetery
Commissioners. $50.000 to the Mississippi Valley Trust Co., of St. Louis,
.and $20,000 each'to the Commerce Trust Co., Kansas City, and Fred 0.
• Clayton. of Detroit.
LA PORTE COUNTY (P. 0. LaPorte), Ind.
-BOND OFFERING.
.Roy W. Leas, County Auditor, will receive sealed bids until 10 a. m. on
May 10 for the purchase of $160,000 not to exceed 6% interest township
r relief bonds. Dated May 10 T933. Denoms. $1,000 and $500. Due
,000 on May and Nov. 15 from 1934 to 1941 incl. A certified check for
% of the bonds bid for, payable to the order of the Board of County Commissioners, must accompany each proposal.
P
LASALLE COUNTY (P. 0. Ottawa), 111.
-BONDS NOT SOLD.No bids were submitted for the $100,000 5% coupon relief bonds offered at
. public sale on April 22-V. 136. p. 2649. Dated Jan. 1 1933 and due Jan. 1
.as follows: 142.000 in 1941,$57.000 in 1942, and $1,000 in 1943.
LENOX, Berkshire County, Mass.
-TEMPORARY LOAN.
-The
Lenox Savings Bank has made a loan of $10,000 to the town at 5)i%
interest, due Oct. 26 1933. Proceeds will be used to meet payrolls. Outstanding loans now total $15,000. of which $35.000 mature next month.
LEOMINSTER, Worcester County, Mass.
-BONDS NOT SOLD.
The City failed to receive a bid at the public offering on April 21 of $100.000
water works bonds, due serially from 1934 to 1948 incl. and $100,000 sewer
bonds, due from 1934 to 1963 incl. Rate of interest was to be named by
the bidder. Bonds bear date of May 1 1933.
LIMA, Allen County, Ohio.
-BONDS AUTHORIZED.
-The City
Commission recently adopted an ordinance providing for an issue of $42,000
6% poor relief and hospitalization bonds, to be dated April 15 1933 and
mature 17,000 annually on April 15 from 1935 to 1940 incl. Denom. $500.
Principal and interest (April and Oct. 15) are payable at the office of the
Sinking Fund Trustees.
LINN COUNTY (P. 0. Cedar Rapids) Iowa.
-BOND SALE.
-The
$74.000 issue of primary road refunding bonds offered for sale on April 24V. 136, p. 2831-was purchased by the Merchants National Bank of
Cedar Rapids, as 5s, paying a premium of $1,251 equal to 101.69, a basis
-of about 4.83%. Due on Slay 1 as follows: $25,000 in 1945 and 1946. and
$24,000 in 1947.
The other bids for these bonds were as follows:
Bidder.
Premium.
Glaspell, Vieth & Duncan of Davenport
$1.250
Iowa-Des Moines C.).
75
LORAIN, Lorain County, Ohio.
-BOND OFFERING.
-Prank Ayres.
-City Auditor, will receive sealed bids until 12 m. (Lorain city time) on
May 18 for the purchase of $37.184.98 6% street improvement bonds.
Dated May 11933. One bond for $184.98, others for 81.000. Due Sept.
15 as follows: $3,184.98 in 1934; $3.000 in 1935 and 1936, and $4,000 from
April 29 1933
1937 to 1943 incl. Principal and interest (March and Sept. 15) are payable at the office of the Sinking Fund 'Trustees. Bids for the bonds to bear
interest at a rate other than 6%, expressed in a multiple of K of 1% will
also be considered A certified check for 2% of the bonds bid for must
accompany each proposal. A complete transcript of the proceedings had
relative to the above bonds will be furnished the successful bidder upon
the tin of sale.
LOS ANGELES COUNTY FLOOD CONTROL DISTRICT (P. 0.
Los Angeles) Calif.
-BOND SALE.
-The 1442,000 issue of 5% semi-ann.
flood control bonds offered for sale on April 24-V. 136, p. 2649
-was
purchased by the First National Bank of Los Angeles, for a premium of
$10, equal to 100.002, a basis of about 4.91%. Dated July 2 1924. Due on
July 2 1933. No other bids were received.
LOUISIANA, State of (P. 0. Baton Rouge)
-TEMPORARY DEBT
SERVICE DEFAULT cURED.-It is reported that the technical default
by this State on its debt service payments that were due in March, resulting from the tie up of funds in the Hibernia Bank & Trust Co. of New
Orleans
-V. 136, p. 2464
-has now been cured.
LOUISIANA, State of (P. 0. Baton Rouge).
-BOND PAYMENTS
AVAILABLE -It is reported by Jess S. Cave, State Treasurer, that the
State has funds available to meet March bond maturities, except the
funds deposited in the Hibernia Bank & Trust Co. of New Orleans, for the
payment of the March 1 maturities and the Chef Menteur highway bonds,
due on March 15, which are still frozen-V. 136. p. 2464. He states that
all other maturities due on March 15 and subsequently can be collected
through the American Bank & Trust Co. or the Whitney Trust & Savings
Bank of New Orleans. It is also reported that funds to meet May 1
payments of highway,Series E bonds have been deposited with the American
Bank & Trust Co., and it is anticipated that arrangements will be made
for payments with the New York fiscal agent.
MAHASKA COUNTY (P. 0. Oskaloosa), Iowa.-LOND SALE
CANCELE.D.-It is reported by the County Auditor that a sale of $60,000
primary road refunding bonds, scheduled for April 26, was called off.
Dated May 1 1933. Due $20,000 from May 1 1944 to 1946. incl.
-BOND SALE.
MAINE (State of).
-The $1.000.000 4% coupon highway and bridge bonds offered on April 26-V. 136, p. 2831-were awarded
to a_group composed of Halsey, Stuart & Co., Bancamerica-Blair Corp.
and Wertheim & Co., all of New York, at a price of 95.61, a basis of about
4.53%. Dated May 1 1933 and due $100,000 on May 1 from 193910 1948,
incl. Sale of the issue testified to the unusually high credit rating of the
State, Inasmuch as during the present week several well-known municipalities, whose obligations formerly were eagerly bid for by investment
bankers. failed to attract a single bid at proposed sales.
-Public re-offering of .
-SOLD.
BONDS RAPIDLY RE
the bonds was
made by the bankers at a price to yield 4.25% and announcement made
that the entire issue had been subscribed for shortly after the acceptance
of subscriptions. Prior to the date of sale, George S. Foster, State 'Treasurer, announced that payment of principal and: interest will be made in
lawful money of the United States of America, instead of in gold coin
of the United States of the present standard of weight and fineness as
indicated in the original notice of sale.
The f glowing is an official list of the bids submitted for the issue:
Lidder.
date Bid.
Halsey Stuart & Co., Bancamerica-Blair Corp., and Wertheim &
Co. (successful group)
95.61
First National Bank of N. Y
95.10
E. H. Rollins & Sons, Roosevelt & Son, Graham, Parsons & Co., and
Dewey, Bacon & Co
94.82
Shawmut Corp. of Boston, R. L. Day St Co.. and N. W. Harris Co.,
Inc.
94.159
ifass.,
_________
City Co.
§mi-fi
t
Walltce & Co. and Mercantile Commerce Co. of St. Louis
92.21
MAMARONECK (P. 0. Mamaroneck), Westchester County, N. Y.
-Governor Lehman has signed as Chapter 444.
-BOND BILL SIGNED.
Laws of 1933,the Westall Bill authorizing the Town to issue $169,947 bonds
to pay its proportion of the 1932 and 1933 assessments by Westchester
County in connection with work completed in the Mamaroneck Valley
Sewer District.
MANCHESTER, Hartford County, Conn.-hONDS NOT SOLD.
G. It. Waddell, Town Treasurer, reports that no offers were submitted for
the $300.000 not to exceed 5% interest coupon funding bonds offered on
April 25-V. 136. p. 2831. Dated May I 1933 and due 130,000 on May 1
from 1935 to 1944 incl.
MARBLEHEAD, Essex County, Mass.
-TEMPORARY LO 1N.
-G.
M.
-P. Murphy St CO. of Boston recently purchased a $100,000 revenue
anticipation loan at 3.23% discount basis. Due on Nov. 8 1933. Bide
submitted were as follows:
Bidder.
Discount Basis.
-P. Murphy & Co. (successful bidder)
G. M.
3.23
Merchants National Bank of Boston
3.32
Jackson & Curtis
3.35
First of Boston Corp
-------------------4.46
00
5.
Second National Bank of Boston
MARICOPA COUNTY MUNICIPAL WATER CONSERVATION
DISTRICT No. 1 (P. 0. Phoenix), Ariz.
-SELF-LIQUIDATING
LOAN APPROVED BY RECONSTRLCTION FINANCE CORPORATION.
-The f glowing announcement of the .•-• .nting of a self-liquidating loan
to this district was issued by the R. F. C. on April 26:
"An irrigatihn project to cost approximately $1,350.000, a few miles
was assured to-lay when the Corporation approved
west of Phoenix.
a loan for that amount at 6%, applied f r by the Maricopa County MunicAriz.'
ipal Water Conservation District No. 1 f Phoenix.
'The district is compcsed of 38.800 Acres of irrigable land on the west
side of the Agua Fria River, ab sut 18 relies west of Phoenix, and the
money will be used to repair a lm.ge concrete dam and canal system. The
district complete I a dam, 170 feet high by 2,000 feet long, on the Ague
Fria River in 1928. with a diversion dam and canal system but the design
was found t be inadequate and It was necessary to lower the spillway to
avoid a possible c)1Iapse. The district plans to reinforce the buttresses,
raise the spillway and install Taintor gates. Wood flumes will be replaced
with concrete and steel flumes.
"The applicant reported that an average of 650 men will be employed
30 hours weekly for 12 months on the pr..)ject, and many others will be
employed in producing the material.
"The district plans to organize an operating and construction company.
to which will be delivered all power riyhts, title to 15.000 acres of land in
the district, and proceeds of the loan. The company will operate as a nonprofit municipality under State control.
The loan was authorized under the provisions of Section 201 (a), paragraph
of the Emergency Relief and Construction Act of 1932."
MARION COUNTY (P.O. Indianapolis), Ind.
-BOND OFFERING.
Charles A. Grossart. County Auditor, will resolve sealed bids until 10 a. m.
on May 8 for the purchase of 8190,500 not to exceed 6% interest refunding
poor relief bonds. Dated May 8 1933. One bond for $1,500, others for
$1.000. Due $32.000 May and Nov. 15 in 1934 and 1935; 832,000 May 15
and 830,500 Nov. 15 1936. Principal and semi-annual interest (May and
Nov. 15) are payable at the County Treasurer's office. A certified check
for 3% of the bonds bid for, payable to the order of the Board of County
Commissioners, must accompany each proposal. No conditional bid will
be considered and the opinion as to the validity of the bonds is to be furnished by the successful bidder.
MARSHALL COUNTY (P. 0. Marshalltown), Iowa.
-BOND OFFERING.
-We are informed that sealed bids will be received until May 6 by
J. E. Soderquist, County Auditor, for the purchase of a $25,000 issue of
poor fund bonds. Interest rate is not to exceed 5%, payable semi-annually.
(It is stated by the County Auditor that the report appearing in V. 136.
p. 2831, of this offering scheduled to take place on April 26 was erroneous,
as only a hearing was held on that date.)
-GOVERNOR SIGNS BOND BILLS TOTALMARYLAND (State of).
ING $16,000.000.-4lovernor Ritchie has signed two bills passed at the
recent session of the State Legislature providing for the issuance of $16.000.000 bonds, of which $12,000.000 will be used to take care of poor relief
needs in Baltimore during the next two years and to reimburse the city for
such expenditures made in the past
-V. 136. p. 2464. The remaining
84.000.000 bonds will be sold by the State Roads Commission to finance the
Volume 136
Financial Chronicle
widening and improvement of the Philadelphia and Belair roads. (See news
Item on preceding page of this section.)
MASSACHUSETTS (State of).
-LOANS TO MUNICIPALITIES
-Loans made as of April 26 to various cities and
TOTAL $2,014,000.
towns on the basis of their outstanding tax titles, in accordance with the
law providing for such assistance signed by Governor Ely on March 1-V.
136, p. 1747-aggregate $2,014,000, according to report. On the 26th the
State Treasurer's office issued checks in amount of$300.000 to New Bedford.
$250,000 to Lynn, and $9.000 to Franklin. Previous loans included:
Chicopee, $100,000: Fall River, $300,000: Lowell. $250.000: Chelsea,
$225,000: Revere, $200,000; Waltham, $140.000; Malden. $100.000; Medford, $75,000; Saugus, $65.000.
-UNCOLLECTED CITY AND TOWN
MASSACHUSETTS (State of).
T4XES TOTAL $70,000,000.
-On April 1 1933 there was owing to cities
and towns in the State approximately $70,000,000 in taxes which were
payable on Oct. 15 1932, or 5;4 months earlier, reports the Boston News
Bureau of April 26. On April 1 uncollected city taxes totaled $45,959,557
or 25.8% of a total levy of $178,160.346. On Jan. 1 1933 there was a total
of $89,374,018 payable to the cities and towns, of which $58.557,626
was due to cities. The estimate of $70,000,000 uncollected on April 1
was arrived at in the belief that the volume of receipts by the towns during
the first three months of the year was on the same ratio as that for the
cities. The News Bureau continued as follows on the subject:
"From now on a greater pressure to get in unpaid taxes will be made.
Few cities and towns have held tax sales as yet on account of 1932 taxes.
but in July such actions begin in larger number and in June or in May
property owners receive notice of impending sale. The large present total
of unpaid real estate taxes explains the financial difficulties in which not
a few Massachusetts municipalities now find themselves.
"Proportion of unpaid taxes on April 1 exceeded 30% in the case of
15 cities, with Medford's total relatively the largest at 37.16%. All but
two cities, Chelsea and Revere (whose credit standing for other reasons
Is low) had larger totals of uncollected taxes than on April 1 1932.
"Boston at the first of this month had unpaid 1932 taxes (due Oct. 1
last) of $14,454,047, equal to 21.39% of a total levy of $67,574,774, while
In addition there were outstanding $3,335,588 prior years' taxes. A year
before total unpaid 1931 taxes were $8,131,953.
"Following table shows, for the 11 largest cities whose 1932 tax levies
exceeded $4,000,000, 1932 taxes uncollected on April 1 1933 and on Jan. 1
1933, and 1931 taxes uncollected on April 1 1932. as well as percentage of
1932 taxes uncollected on April 1 of this year:
Uncoil. of
Uncoil. of
Uncoil. of
Uncollected.
1931 Tares
1932 Taxes
1932 Taxes
April 1 '33. Jan. 1 '33. April 1 '32. April 1 '32.
21.39%
$8,131,953
Boston
$14,454,047 117./105.922
22.84%
1,156,200
Cambridge
2,200,767
1,640,218
27.90'7
1,288,790
Fall River
1,805,710
1,293,308
24.64
678,435
Lawrence
1,173,887
1,000,615
28.32
1,036.138
Lowell
2.009,071
1,406.121
26.81%
.
,
1iynn
1.810.366 ' 960,326
1,327,611
24.21
999,727
ew Bedford
1,596,9M
1,287.021
22.09
755,793
Newton
1,234.368
921,089
30.01
755,202
Somerville
2,012,842
1.502,653
27.90
Springfield__„,
1,777,800
3,720,355
2,706,512
32.74%
2,874,811
Worcester
4,482,276
3,780.844
-LIMITS EXMENOMINEE COUNTY (P. 0. Menominee), Mich.
-The County Board of Supervisors on April 13 ordered
PENDITURES.
poor relief activities
that until further notice all expenditures be limited to
and road construction work. This policy, made necessary as a result of the
depletion of the general fund, will result in the postponement of municipal
salary payments and other obligations.
-BOND OFFERING.
MERCERSBURG, Franklin County, Pa.
William E. Selser, Secretary of the Burgess and Town Council, will receive
sealed bids until 7 p. m. on May 8 for the purchase of $17,000 ui%
coupon bonds. Dated April 1 1933. Denom. $500. Due April 1 as
follows: $2,500 in 1938; $3,000 in 1943 and 1948: $2,500. 1953. and $3,000
In 1958 and 1963. Interest is payable semi-annually in April and October.
The Borough, reserves the right to redeem any or all of the bonds on and
after April 1 1938 on an interest-paying date, upon three weeks' notice of
such Intention published in a daily newspaper in Franklin County. The
tax rate for 1933 has been fixed at $1.10 per $100 of assessed valuation.
"Work will begin soon after the loan is authorized and will be completed
in 234 months, giving employment to a large number of local working men.'
-PROPOSED BOND
MONTGOMERY, Montgomery County, Ala.
-It is said that the city is planning to refund a total of
REFUNDING.
$91,000 maturing bonds.
-The 128,000
-BOND SALE.
MOOSE LAKE, Carlton County, Minn.
issue of municipal light plant bonds offered for sale on April 18-V. 136.
p. 2465
-was purchased by Mr. S. H. Hines of Minneapolis. Dated Jan. 1
1932. Due from Jan. I 1935 to 1948 incl.
-At an election
MURRAY, Cass County, Neb.-BOND ELECTION.
to be held on May 1 it is reported that the voters will pass on the proposed
in school building bonds.
issuance of $5,000
-BONDS AUMUSCATINE COUNTY (P. 0. Muscatine), Iowa. of Supervisors
THORI7ED.-At a meeting held on April 20 the Board funding bonds
$20,000 in
is reported to have authorized the issuance of
to cover a like amount of warrants outstanding on the poor relief fund.
-LOAN GRANTED BY
MICHIGAN, State of (P. 0. Lansing).
-The following anRECONSTRUCTION FINANCE CORPORATION.
nouncement of the granting of a relief loan to this State was made public
C. on April 22:
by the R. F.
"The Corporation, upon the'application of the Governor of Michigan,
to-day made available $69,546 to meet current emergency relief needs in
various political subdivisions 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. The R. F. C.
heretofore has made available $19,574,263 to meet current emergency
relief needs in various Michigan political subdivisions."
-SELF-LIQUIDATING
MICHIGAN CITY, La Porte County, Ind.
LOAN GRANTED BY THE RECONSTRUCTION FINANCE CORPORA-The following announcement of a bond purchase was issued by
TION.
the R. F.0. on April 20:
"The Corporation has agreed to loan $300,000 to Michigan City, Ind.,
for modernization of its water system by construction of a filtration plant
and an elevated storage tank, installation of a new pump and replacement
of old distribution mains. Funds will be advanced through purchase of
the City's 5 % water revenue bonds at par, secured by revenues of the
Water Department. An average of 64 men will be employed for 18 months
directly on the project on a 30
-hour week basis. Indirect employment
will be afforded for about 100 men through purchase of materials. Plans
are in shape so that work may be started within 60 days after funds are
available. The filtration plant will have a daily capaicty of8.000,000 gallons,
It will be constructed so as to allow for enlargement in the future. will
provide for sedimentation of 3% hours, filtered water storage of about
1,500,000 gallons and a wash water tank. The elevated steel storage tank
will have a capacity of 500,000 gallons. A high lift pump will be installed
to improve the distribution service. A part of the City's distribution
system is wood pipe, and this is to be replaced with cast irpn.. The City
takes its water from Lake Michigan, and discharges sewage into Trail
Creek, which empties into the lake, creating a pollution hazard which will
be eliminated by the new filtration plant."
MUSKEGON SCHOOL DISTRICT, Muskegon County, Mich.
-Mae A. Rockenbach, Clerk of the Board of EducaBONDS NOT SOLD.
bids were received for the $80.000 refunding bonds
tion, reports that no
offered at not to exceed 607 interest on April 27. The bonds are part of
the total of $160.000 offered on Dec. 7 1932, when a block of $80.000 was
sold as 68, at par and interest, to the Michigan Trust Co., of Detroit,
While an option on the balance of $80,000, at 5.9907 basis cost, was granted
to John Nuveen & Co. and Morris, Mather It Co., both of Chicago, jointly.
-V.135, p. 4248.
-BONDS AUTHORIZED.NASHVILLE, Davidson County, Tenn.
-At a meeting held on April 21 the City Council is reported to have passed
on third reading an ordinance providing for the issuance of $90,000 in bonds
and repairing East Nashville school buildings damaged
for
r
-BONDS.NOT SOLD.
NASSAU COUNTY (P. 0. Mineola), N. Y.
The County failed to receive a bid for the $5,000.000 coupon or registered
bonds offered at public sale on April 24.-V. 136. p. 2832. Bidder was
asked to name the rate of interest. Wall Street bond houses, it is said,
Informed Comptroller Philip F. Wiedersum that the lack of bids was in
no sense a reflection on the County's credit, pointing out that their failure
to bid for the obligations was dictated wholly by the further slump in the
municipal bond market which has occurred recently, presumably because
of uncertainty regarding general monetary conditions. Mr. Wiedersum
said that no effort would be made to sell the bonds privately and that a
subsequent offering will take place. Bids were asked for 12,000.000 tax
revenue bonds, due $400,000 annually from 1934 to 1938 incl., 12,000.000
emergency relief bonds. due $500.000 annually from 1938 to 1941 incl.
and $1,000,000 land purchase bonds, due serially from 1947 to 1957 incl.
-The Village
-BOND SALE.
MILLSTADT, St. Clair County, III.
Clerk reports that an issue of $20.4O5% local impt. bonds has been purchased at a price of par by the First National Bank, of Millatadt. Due
$3.400 annually on Nov. 2 from 1933 to 1938 incl. Interest is payable in
May and Nov. Legality approved by Benjamin H. Charles, of St. Louis.
MISSISSIPPI, State of (P. 0. Jackson).
-RECONSTRUCTION
-The following announceFINANCE CORPORATION GRANTS LOAN.
ment of the granting of a relief loan to this State was made by the R. F. C.
on April 21:
"Upon application of the Governor of Mississippi, the Corporation
to-day made available $75,300 to meet current emergency relief needs in
44 political subdivisions 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. The R. F. C.
heretofore has made available $3709,962 to meet current emergency
relief needs in various political subdivisions of the State of Mississippi.
-DEBT STATEMENT.
MISSISSIPPI, State of (P. 0. Jackson).
The following report on the total debt of the State and its component
parts, is taken from a recent issue of the Jackson "News":
"Mississippi's total publib and private debt is something ovar $294,324,582.42, or about $1.16.44 per capita, waich compares with the estimated
national public and private debt of two hundred billion dollars, or about
$1,629.00 for every man, woman and child in the Unite 1 States.
'Secretary L. J. Iroise of the State Budget commission, who revealed
the figures Saturday, also figures that the state's wealth is $2,476,000,000.00, or about $1,242.00 per capita compared to national wealth of
$395,000,000,000 or per capita wealth of $3,l7.2&.
'Among other interesting figures made public by Mr. Poise was the
statement that Mississippians owe $38,272,931.86 to the Federal Land
bank, as of March 30 1933 and the Federal Intermeitate Credit bank
$4,068,938.33 as of the same date. The land bank debts were made up
of $36,582,339.65 of unpaid principal and loans and $1.690,592.21 due by
purchasers of bank-owned farms. The Intermediate Credit bank debts
3017
were made up of $3,618,938.33 in crop production loans and $450,000.00
commodity loans.
"Building and loan associations are listed as having outstanding mortgage
loans(1930) of$18,410,000.00, while banks had loans and discounts totalling
$73,191,516.66. Of this amount, $24,735,699.77 was due 24 national
banks, and $48.455,816.89 due 224 state banks.
"Bonded debt, as of Sept. 30 1932 is shown at $160,381.197.57. of which
$33,388.000.00 is state bonded debt' $6,260,000.00 levee districts; $78,060329.56 is counties bonds and $42,672.877.01 city bonds.
'Admitting that his figures'are susceptible to closer revision and further
analysis,' Mr. Pulse declares they are'given merely as a basis of discussion
and research and are not to be considered as an accurate yardstick of
debt or wealth.'
measurement of our true"It is an open secret, however, that figures are some more in the series
which Governor Conner is compiling, preliminary to his stump tour of the
state next month to 'report to the stockhokhrs' of the state. He has
announced that he intends to present detailed figures to the citizens of
it."
each county in the state, including detailed figures on each county as he
speaks in
-The Monsanto
-BOND SALE.
• MONSANTO, St. Clair County, III.
Chemical *Works has purchased a block of $25,000 bonds of the $170,000
unsuccessfully offered on Nov. 21 1932.-V. 135,
6% public sewer issue
P. 3725. The entire issue is dated March 1 1932 and due serially on Sept. 1
as follows: $6,000 from 1937 to 1941 incl.: 111.000 from 1942 to 1946 incl.
and $17,000 from 1947 to 1951 incl.
-WARRANTS MAY BE EXMONTANA, State of (P. 0. Helena).
-On April 19 it was reported by
CHANGED FOR FUNDING BONDS.
State Treasurer James J. Brett that persons or firms holding State general
fund warrants issued prior to Feb. 9 1933 may exchange them for funding
bonds. It is said that although the bonds are not to be offered by the
State Board of Examiners until May 1, orders received by the State
Treasurer and State Auditor for the $500 and $1,000 denominations have
-V. 136, p. 2832.
approached the $100.000 mark
-Harry
-BOND OFFERING.
MONTCLAIR, Essex County, N. J.
Trippett, Town Clerk, will receive sealed bids until 2 p. m.(Eastern standard time) on May 4 for the purchase of 1221,0006% coupon or registered
bonds, divided as follows:
$158,000 series No. 1 poor relief bonds. Due May 15 as follows: $19,000
in 1934 and 1935 and $20,000 from 1936 to 1941 incl.
63.000 series No. 2 poor relief bonds. Due May 15 as follows: 17.000
in 1934 and $8,000 from 1935 to 1941 incl.
Each issue is dated May 151933. Denom.$1,000. Principal and interest
(May and Nov. 15) are payanle at the First National Bank & Trust Co..
Montclair, or at the Town Treasurer's office. No more bonds are to be
awarded than will produce a premium of $1.000 over the amount of each
issue. The bonds will be prepared under the supervision of the Continental
Bank & Trust Co., New York, which will certify as to the genuineness of
the city officials' signatures and the seal impressed thereon. A certified
check for 2% of the bonds bid for must accompany each proposal. Legality
to be approved by ThoMson, Wood & Hoffman, of New York City.
MONTEZUMA, Poweshiek County, lowa.-BONDS PURCHASED
-On April 26 the
BY RECONSTRUCTION FINANCE CORPORATION.
following report of a self-liquidating loan to this city was issued by the
R. F. C.:
"The Board of Directors of the Corporation, at a meeting to-day, approved the application of the City of Montezuma, Iowa, for a loan of
mature
59,700, to be evidenced by 5% general obligation bonds toof waterannually
supply.
over a period of 10 years, for constructing a new source
The loan was made by authority of Section 201 (a). paragraph 1, of the
Emergency Relief and Construction Act of 1932.
"The City of Montezuma, which had a population of 1.257 at the last
census, receives its water supply from two wells and a spring, a total of
40,000 gallons a day, by pumping 11 hours a day. The water is reported
to be inefficient in volume and unsatisfactory, and has been condemned
by the Sta
inevitablete Board of Health, according to the engineers, and a new supply.
-BONDED DEBT.
NAUGATUCK, New Haven County, Conn.
The total indebtedness of the Borough at the close of the past fiscal year
was $643,925.21, according to the annual report of the Board of Wardens
and Burgesses which was issued on April 20 by Borough Clerk Edward C.
Lingenheld. The total is $4,286.66 less than the figure at the close of the
previous fiscal period. The Borough grand list in 1932 amounted to
$19,520,995.
-ASK EXTENSION OF
NEW HAVZ.N, New Haven County, Conn.
$1,500,000 NOTE MATURITY-The City plans to ask the Chase National Bank of New York, holders of 11,500,000 notes which mature on
May 5, to extend the due date on the issue, according to report. In recent
weeks the city has paid off loans aggregating $2.500.000.
•
-PLAN SALE OF $5,000,000 RELIEF
NEW JERSEY (State of).
BONDS.
-Harry B. Salter, State Auditor, has asked the Reconstruction
Finance Corporation to purchase a block of $5,000,000 emergency relief
bonds of the $20,000,000 issue voted at the general election in Nov. 1932.
One $5.000,000 block already has been sold. The State is desirous of selling
the obligations direct to the Corporation rather than attempt to dispose
of them in the open market, which is considerably unsettled at present
because of various conditions.
-The State Sinking Fund Commission
BIDS ASKED FOR BONDS.
has invited sealed bids until May 11 to be submitted for the purchase of
the above $5,000.000 bonds. Bidder to name the rate of interest. In
3018
Financial Chronicle
the event that no satisfactory bid
for purchase by'the R. F. C. at 3%is received, the bonds will be offered
Interest.
poration, It is said, provide that a State must The regulations of the Corations publicly before consideration will be first attempt to sell its obgiven to application for a
loan.
NEW LONDON, New London County,
-BOND SALE.
The $200,000 coupon or registered welfare and Conn.
impt,
bids were received when offered at 5% interest on bonds for which no
April 21-V. 136, p.
2832
-were purchased privately on April
brook & Co., of Boston, and Putnam & 25 at that coupon rate by Este98.50, a basis of about 5.33%. Dated Co., Hartford, jointly, at a price of
April 15 from 1934 to 1943 incl. PublicApril 15 1933 and due $20,000 on
re-offering of the bonds was made
on a yield bask of 4.75%.
Stevenson, Gregory & Co. bid 96.73 for the issue, while
a price of 98 was
offered by Christianson, MacKinnon & Co.
NEWTON FALLS EXEMPTED VILLAGE SCHOOL
DISTRICT
(P.O. Newton Falls), Trumbull County, Ohio.
The issue of $17,500 6% refunding bonds offered-BONDS NOT SOLD.
on April 20-V. 136. P•
2465
-was not sold. Dated April I 1933 and due serially
on April and
Oct. 1 from 1934 to 1942 incl.
NEW YORK, State of (P. 0. Albany).
-BOND DEBT LIMIT REDUCTION BILL SIGNED.
-A bill was signed
April 24 to reduce the bonded indebtedness ofby Governor Lehman on
school districts with an
assessed valuation of8100.000 or more,from 15 to 10%
of the full valuation.
NEW YORK (State of).
-TO BORROW $50,000.000.
-State Comptroller Morris S. Tremaine announced on April 27 that
to various banking and investment institutions which he has sent letters
in previous loans negotiated by the State, advising them have participated
re-enter the market next week for the purpose of sellingof his intention to
year notes in anticipation of April 1934 tax collections.$50,000,000 oneA $75.000,000
2%% note issue, which was easily disposed of on
on May 2 next and funds sufficient to meet it have April 27 1932, matures
already
for that purpose. The new financing, therefore, will been impounded
not constitute a
refunding operation, but will be a continuation of the
practice of maintaining ample cash reserves in the Comptroller's usual
State Treasury. In
connection with the scheduled loan, it is pointed out that
under Section 11.
Article 7 of the State Constitution the Comptroller
taxes and revenues for current needs for periods of no can borrow against
The Comptroller, in his letter to the bankers, advises longer than a year.
them that the higher
schedule of State income taxes, provieed for at the recent
State Legislature
-V. 136, p. 2827, will apply to the levysession of the
due in 1934.
which, together with a sligft Improvement in
the State a substantial surplus by the end of thegeneral business, "will give
next fiscal year." The last
previous financing acccmffished by the State occurred on
Jan. 14 of this
year when subscriptions r,ceived to an issue
$50.000,000
in one year. exceed $200 000.000 in volume.ofThat issue 1% notes. due
was apportioned
to various banks and in,istment houses
down to $100,000-V. 136. p. 357. In in lots ranging from $1,250.000
troller borrowed a total cf $150,000.000,the en.rly p.; rt a 1932 the Compconsisting
tion in January at 43% interest. $50.000.000 inof a $25,000,000 flotaMarch at
$75.000.000 in April at 2%7, No long-term financing has been3(% and
done since
December 1932 when $30.409:000 bonds were awarded on a 3.027%
interest
cost basis.
-V. 135, p 4248.
NEW YORK, N. Y.
-BANKERS EXTEND MATURITY DATE ON
$144,000,000 NOTES.
-Member banks of the Clearing House Association
and a number of large investment banking &louses once again removed the
possibility of technical default by the city on its maturing obligations
on April 26,following a series of conferences which continued late in thewhen
day,
it was announced that arrangements had been made for the extension
of
the due date on virtually all of the $144,000,000 notes which matured on
the 26th. The new maturity date has been set for June 10 1933. although
some of the bankers are reported to have expressed uncertainty as to
the
city's ability to meet the obligations at that time. About 94,000,000
the total maturity is said to have been paid off by the city, inasmuch of
as
the holders of the notes refused to renew the indebtedness. The obligations
included in the total due consisted of $74.000,000 5%% tax
anticipation
notes, $60.000,000 5% revenue bills and $10,000,000 5% corporate
stock
notes. These rates will continue to be paid on the renewed
maturities.
The bankers were advised last week of the necessity for,
renewal of the
securities and appointed a committee to consider the action to
be taken.
The city chose April 26 as the maturity date on the temporary
indebtedness
In the belief that the first half
-year's tax revenues
on April 1 through enactment of a bill providing would become.avallable
for advance of the tax
payment datesfrom May and Nov. 1 to April and Oct. 1.
ing this change was introduced at the recent session of the A bill incorporatState Legislature
but was amended to become effective in connection with taxes due in
V. 136, p. 2832. The "Herald Tribune" of April 27, after referring1934to the
delay intident to announcement of the renewal and the reluctance of Deputy
Comptroller Prial to give details of the arrangements that had been made,
commented further as follows:
"From other reliable sources it was learned that the bankers had agreed
to renew the $122,000,000 of revenue bills held in their portfolios
to
supply a small amount of cash toward meeting a limited amount andthe
of
922,000,000 in the hands of private investors. The owners of the greater
part of the privately held bills finally agreed to an extension. The amount
of the bills which will have to be paid in cash, it was said, stood last night
at considerably less than $4,000,000, which was the sum it was believed
Tuesday night would have to be met.
"The only important change in the final agreement was the substitution
of June 10 for June 12 as the deferred maturity date. Although no explanation for the substitution was given, it VMS recalled that the city has other
obligations, dating back a year, which also fall due on June 10.
Mayor John P. O'Brien was asked if the bankers had imposed conditions
upon the city in the way of further economy measures as a condition of the
refinancing. The Mayor was told that a report was being circulated in
City Hall that another pay cut was impending.
"'I am not going to make any comment on that,' the Mayor replied, and
then added:
"'I haven't heard of any conditions being laid down and I haven't heard
anything, directly or indirectly, of another pay cut.'
"In well informed circles, grave doubt was expressed that the city will
take in revenue between now and June 10 sufficient to enable it to meet
the obligations that will fall due on the deferred maturity date. Although
the extension of yesterday's maturities will afford the city a temporary
respite from acute financial embarrassment, it was pointed out that success
in coping with its next maturity date depends in large measure upon what
progress Comptroller Charles W. Berry makes in his negotiations with the
Reconstruction Finance Corporation for.a loan. Mr. Berry has been in
Washington since Monday. It is understood that he is sounding out the
officials of the R. F. C. as to their disposition -toward accepting the tax
arrears on the 1932 levy as security for a substantial advance to the city.
"It has been estimated that $60,000.000 of the tax arrears probably will
be collected during the rest of the year. On the strength of this expectation,
the city hopes to convince the R. F. C. that a loan of substantially that
amount would be virtually self-liquidating. As the R. F. C. is restricted
to loans on self-liquidating projects, it is incumbent upon the city to show
that revenues will be available promptly for the repayment of the proposed
loan."
Further maturities confronting the city in June, in addition to the
obligations just renewed, have been reported as follows: June 8, 85.000.000
special corporate stock notes (held by the sinking funds); June 14, $21.500,000 corporate stock notes; June 9, $1,500,000 special revenue bonds:
June 10, $3.900.000 revenue bonds; June 15, $5,000,000 revenue bonds;
June 9, $500,000 tax notes; June 10. $2,100.000 notes; June 15, $6,000,000
notes, and $760,000 certificates of indebtedness due on June 7.
SALES OF REVENUE BILLS
.-The city on April 27 sold approximately
$450,000 of the new $10 revenue bills, redeemable in payment of taxes,
bringing the current total of such sales to about $19,250.000.
•
KY NEW YORK STATE BRIDGE AUTHORITY, N. Y.
-HASTEN
BRIDGE CONSTRUCTION PROJECT.
-The Bridge Authority on April 25
arranged to furnish the Reconstruction Finance Corporation with the necessary papers in connection with the proposed construction of a vehicular
bridge across the Hutlson River to link Greene and Columbia counties. The
Bridge Authority was provided for in a bill signed by Governor Lehman on
March 17. authorizing the issuance of $3,200,C00 bonds to finance the project, which is expected to be handled by the R. F. C.
-V. 136, P. 2102.
The Corporation. it is said, has stipulated that 9200 000 of the bonds must
be sold elsewhere, and State Comptroller Morris S. Tremaine is expected
to purchase that amount for the various sinking funds.
April 29 1933
A bill signed on April 26 by Governor Lehman
provides that money derived from the sale of bonds by a town, whether from
premIhms or otherwise,
in excess of the cost of the improvement or purpose for
which the bonds were
sold, may be applied to reducing the debt so incurred or
for purchasing such
bonds.
NORTH ARLINGTON, N. J.
-CONTRAC
BONDS.
-An ordinance passed on first reading TORS TO PURCHASE
by
provides for the issuance of $133,754 sewer funding the Borough Council
bonds, which are to
be accepted by contractors in lieu of cash for work completed.
NORTH DAKOTA,State of(P.O. Bismarck).
-RECONSTRUCTION
FINANCE CORPORATION LOAN GRANT.
-The Corporation Issued the
following report on April 25,regarding a relief loan grant to
this State:
"The R.F.C.,upon application of the Governor of North Dakota,
to-day
made available $114,505 to meet current emergency
relief needs in 26
political subdivisions of that State for varying periodk
through May 31
1933. These funds are made available under the provisions
of Title I,
Section 1. subsection (c), of the Emergency Relief and
Construction Act
of 1932. The Corporation heretofore has made
available $467,828 to meet
current emergency relief needs in various political
subdivisions of the
State of North Dakota."
OGDEN, Weber County, Utah.
-BOND OPTION GRANTED.
reported that a 20
-day option has been granted for the purchase of -It is
refunding bonds to a syndicate composed of the First Security $100,000
Treat Co.
of Ogden, and the Continental National Bank, Edward L.
Burton & Co.,
Snow, Goodart & Co., and Ure Pett & Morris, all of Salt
Lake City.
These bonds were offered for sale without success on April
5-V. 136, P.
2651.
OGDENSBURG, St. Lawrence County, N. Y.
-BOND SALE.
The $20,000 43.% coupon water refunding bonds offered on
April 25-V.
136. p. 2833
-were awarded to W. H. Rutherford & Son. of Madrid,
at a
price of 100.02 a basis ofabout 4.49%. Dated June 1 1933 and
due in 1942.
The Ogdensburg Trust Co. bid a price of par for the issue.
OHIO, State of (P. 0. Columbus).
-RECONSTRUCTION FINANCE
CORPORATION GRANTSLOAN.
-The following announcement was made
by the Corporation on April 25,regarding a relief loan grant to this
State:
"The R. F. 0., upon application of the Governor of Ohio, to-day
made
available $3,030,534 to meet current emergency relief needs in 30
subdivisions for the month of May and in six of these subdivisionspolitical
for the
latter half of April, 1933. These funds are made available under Title
Section 1, subsection (c), of the Emergency Relief and Construction I,
Act
of 1932.
"In support of his application, the Governor stated that funds now availsable or which can be made available at this time within the State are inadequate to meet the relief needs in these political
include all the larger industrial cities of the State. subdivisions, which
The
has advised the Corporation that the Ohio Legislature has Governor also
tion a program designed to provide $12,000,000 in Stateunder considerafunds
purposes, as well as to assist in making it possible for counties andfor relief
cities to
provide a similar sum.
Corporation heretofore has made available $16,03
"The
93 to meet
current emergency relief needs in various political subdivisi
of the state
of Ohio."
OHIO, State of (P. 0. Columbus).-RECONSTRUCTIO FINANCE
CORPORATION LOAN GRANT.
-On April 24 the
following announcement of a relief loan grant to this R. F. C. Issued the
State:
"The Corporation, upon application of the Governor of ;
made available 9,465,000 to meet current emergency relief Ohio, to-day
needs in Lucas
County including the City of Toledo and in the City of Girard.
"These funds are made available under Title I, Section
subsection (e)
of thd Emergency Relief and Construction Act of 1932.
"In support of his application the Governor stated that these political
subdivisions have authorized the sale of relief bonds to meet their needs
during the periods covered but have been unable to find a market for them
through regular channels, and requested that the Corporation accept these
securities.
"The R. F. C. heretofore has made available $15.570,893 to meet emergency relief needs in various political subdivisions of the State of Ohio."
OREGON CITY. Clackamas County, Ore.
-PRICE PAID.
-The
$65,000 issue of 5%'coupon semi ann. refunding bonds offered and sold on
April 17 to the State Treasurer
-V.136,0. 2833
-was purchased at a price
of 98.46, a basis of about 5.25%. Dated May 11933. Due
from July 1
1937 to 1943. No•other bids were received.
OSBORN, Greene County, Ohio.
-BOND OFFERING.
-The $7,210
6% water works extensoin bonds mentioned in V. 136, P. 2650
offered for sale on April 29. Sealed bids will be received until -are being
date by Stunner S. Schauer, Village Clerk. Bonds are dated12 in. on that
1933
and will mature serially on April 1 as follows: $210 in 1934 andApril 1 from
1935 to 1941 incl. Interest is payable in April and October. $1.000
bonds to bear interest at a rate other than 6%, expressed in aBids for the
multiple of
% of 1%, will also be considered. A certified check for $100, payable
order of the Village Treasurer, must accompany each proven!. The to the
approving opinion of Peck, Shaffer & Williams, of Cincinnati, will be furnished
the
successful bidder.
OSCEOLA COUNTY (P. 0. Reed City), Mich.
-BONDS AUTHORIZED.
-State Treasurer Theo lore I. Fry has granted the county
permission to issue $25.000 emergency poor relief bonds.
PARIS, Bourbon County, Ky.-BOND SALE.
-It
Fairbanks, Morse & Co. of Chicago have purchas d th is reported that
electric light and power plant bonds that was validated$150,000 issue of
recently by the
Court of Appeals
-V. 136. p. 1931.
PAROWAN, Iron County, Utah.
-NOTE SALE.
-It is
a $10,000 issue of tax anticipation notes has been purchased reported that
by Edward L.
Burton & Co. of Salt Lake City.
PASSAIC COUNTY (P. 0. Patterson), N. J.
-NOTES AUTHOR,
IZED.-The Board of Freeholders at a regular meeting on
April
to issue up to 8600,0006% tax anticipation notes, in denoms. of $2519 voted
and M.
for use in the payment of salaries due county employees from
March 11933.
The notes are to mature Dec. 20 1933.
PATRICK COUNTY (P. 0. Stuart), Va.-BOND OFFERING.
reported that sealed bids will be received until May 2, by A. 0. -It in
Turner.
Chairman of the County School Board, for the purchase of a $5,000
issue
of 6% semi-ann. refunding bonds.
PIERCE COUNTY SCHOOL DISTRICT No. 937 (P. 0.
Tacoma),
Wash.
-BOND OFFEPING.---Sly led bids will be received until 10:30 a.m.
on May 20 by J. E. Tallant, County Treasurer, for the purchase of
a $3,300
issue of school bonds. Interest rate is not to exceed 6%,
payable
annually. Denom.$100 each or any multiple thereof, not exceeding semi$1,000.
The various annual maturities of said bonds will commence
with the
second year after the date of issuance of the bonds and will, as nearly as
practicable, be payable in 13 equal annual installments to include principal
and interest on all outstanding bonds. Principal and Interest payable at
the County Treasurer's office or at the fiscal agency of the State in New
York, or at the State Treasurer's office. A certified check for 5% must
accompany the bid.
•
PITTSBURGH, Allegheny County, Pa.
,
-BOND OFFERING.
-James
P. Kerr, City Comptroller, will receive sealed bids until 11 a. m.(daylight
saving time) on May 9 for the purchase of $7004000 4% bonds, divided as
follows:
$500,000 public welfare relief bonds. Dated May 1 1933. Due $25,000
on May 1 from 1934 to 1953 incl. These bonds were authorized
at an election held on April 26 1932-V. 134. p. 3507.
200,000 water works impt. bonds. Dated April 1 1933. Due
810.000
April 1 1934 to 1953 incl. These bonds are authorized by Council
manic authority.
Coupon bonds will be Issuedin denoms. of $1,000, exchangeable at holder's option at any time for a registered bond or bonds of the same maturity
and of the denom. of $100 or a multiple thereof. Principal
(April and Oct. and May and Nov.) are Payable at the Cityand interest
Treasurer's
office. Bids may be submitted on an "all or none" basis. A certified check
for 2% of the bonds bid for, payable to the order of the City, must accom.
Financial Chronicle
Volume 1$6
MiZaciolf
Shaw &
proposal. The approving opinion
Reed.iidSdrh
. Official Financial Statement March 31 1933.
$1,211,890,630.00
Assessed valuation (1933)
60,061,300.00
Total bond debt outstanding
10.080,000.00
Bonds authorized but unissued
•
7,596,900.00
Water works bonds (included in above)
3,885,227.27
Amount in sinking fund
415,491.09
Water works sinking fund (included in above)
1.805,660.43
Total floating debt
Analysis of Funded and Floating Debt.
The actual indebtedness of the city of Pittsburgh is as follows:
$71,946.960.43
Gross amount of indebtedness
$60.061,300,00
Bonded debt outstanding
Bonds authorized, not issued:
Subway bonds of 1919-$5,880,000.00
*Public welfare relief bonds
2.200,000.00
of 1932
Public improvement bonds
2,000,000.00
of 1932
10.080,000.00
1.805,660.43
Net floating debt
$71,916.960.43
Credit to be deduct,from said grosS indebtedness:
Bonds of said city incl. in said gross bonded
debt which have been purchased by the
Sinking Fund Commission and are held in
the several sinking funds
$883.600.00
Cash held in said sinking funds for the redemptioh of the bonded debt of the city
3,001,627.27
last mentioned
$3,885.227.27
$10,080,000.00
* Note-($500,000.00 of this issue offered at this sale.)
Water works improve. bonds, 1933, offered
at this sale, but authorized after date of
200,000.00
above financial statement
Water bonds outstanding (included in above bonds outstand.) $7,596,900.00
Cash in water bond sinking fund
1371,491.00
Bonds in water bond sinking fund
44,000.00
415,491.09
(included in above sinking funds)
7,181,408.91
22,969.637.36
2.041,021.43
Net school debt
$20,928,615.93
Last assessed valuation of taxable property in the city of Pittsburgh.
about 85% of real valuation:
Valuation on land
$586,552,850.00
Valuation on buildings
625,337,780.00
$1,211,890.630.00
Population, United States census, 1920
Population, United States census, 1930
594,277
669,817
Tax Collection Data.
•
Tax Rate.
-1930, land, $26.00 per $1,000.• building, $13.00 per $1,000:
school. $11.75 per $1.000. 1931. land, $25.50 per $1,000; building, $12.75
$1,000;school, $11.75 per $1.000. 1932, land,423.00 per 11.000: building,$11.50 Per $1,000; school. $11.75 per $1,000. 1933, land, $20.60 per
$1.000; building, $10.30 per $1,000;school, $11.75 per $1,000.
Period Ending
Dec. 311929.
1932.
1930.
1931.
$
$
$
$
Tax levy
20,651,559.25 22,954,595.65 22,648,581.94 21,431 A31.58
Collections at
Close of year--16,457,673.27 19.861,577.67 20,565,861.35 19,605,629.81
Current date 16,766,361.43 20,973,324.28 21.778,954.28 20,933,992.16
Uncollected at
Close of year - 4,193385.98 3.093,017.98 2.082,720.59 1,825,801.77
Current date,
497,439.42
Mar.31 '33_ 3,885,197.82 1,981,271.37
869,627.66
1933 Tax Levy.
-$18,519,649.47; collections to March 311933. $8,908,012.49.
Assessed Valuations.
Budgets.
$21,140355.00
1933
$1,211,890,630.00 1933
25,057,088.00
1932
1,208,266,120.00 1932
1931
28,747,626.00
1.208,171,080.00 1931
27,675,564.00
1930
1.164.663.760.00 1930
PITTSFIELD, Berkshire County, Mass.
-3700,000 LOAN ARRANGED.
-Mayor Patrick J. Moore stated on April 26 that arrangements
have been made for a loan of $700,000 to be obtained from Boston and
Pittsfield banks in anticipation of 'tax collections. Outstanding bills,
salaries and other current expenses total $90,090.
POLK COUNTY (P. 0. Des Moines) lowa.-BOND OFFERING.
Both sealed and open bids will be received at 10 a. m. on.May 4, by Allen
Munn, County Treasurer, for the purchase of a 1336.000 issue of coupon
funding bonds. Interest rate is not to exceed 5%,payable A. dc 0. Denom.
$1,000. Dated April 1 1933. Due on April 1 as follows: $75,000, 1941 to
1943.and $111.000 in 1944. These bonds are issued to take up a like amount
of pauper fund warrants. The County will furnish the printed bonds and
approving opinion of Chapman & Cutler of Chicago. A certified check for
3% of the bonds bid for, payable to the County Treasurer, is required.
POLK COUNTY (P. 0. Des Moines) Iowa.
-BOND SALE.
-The
$230,000 issue of coupon primary road refunding bonds offered on April 26-was awarded to the Iowa-Des Moines National Bank &
V. IN, p. 2834
Trust Co.of Des Moines, as 5s, paying a premium of $780, equal to 100.339,
a basis of about 4.96%. Due on May 1 as follows: $80,000 in 1944 and
1945, and $70,000 in 1946. The next highest bid was a premium offer of
$775 by the Carleton D. Beh Co.
Financial Statistics, Polk Counith
Assessed Value. Taxable Value.
Taxable property 1931
1216,462,700.00 854,115.675.00
51,536,271.00
51,536,271.00
Moneys and credits, 1931
Bonded Debt Outstanding April 1 1933 (Not Including This Issue)
$1,082,000.00
Funded bonds
______________________ __
297,000.00
Bridge bonde _ _
46.000.00
County hospital____________________________ _
Primary road-------------.---------------------------- _ 2,587,000.00
Total bonded debt
1929
1930
1931
1932
$4,012,000.00
Taxes Paid to County Treasurer During Past Three Years,
P.C. Collected.
$8,706.768.52
98.92
8,984,726.06
98.73
8.872,304.25
95.55
8,831.947.21
90.50
-BOND PROPOSAL
PORT OF SEATTLE (P. 0. Seattle), Wash.
-It Is stated that at an election held on Mandl 14 the voters
REJECTED.
POTTAWATTAM1E COUNTY (P. 0. Council Bluffs), Iowa.
BOND SALE CANCFLFD.-It is reported by the County Auditor that a
sale of $45,000 primary road refunding bonds which had been scheduled
for April 27 was called off as the State has arranged to pay the maturing
bonds.
POWESHIEK COUNTY (P. 0. Montezuma), lowa.-BOND SALE
CANCELED.
-It is reported by J. R. McDonald, County Treasurer.
that a sale had been scheduled for April 26 on $30,000 primary road refunding bonds but it has been called off because recent legislation has made it
possible to secure the required funds from other sources.
-BONDS VOTED.
-At the
PROCTOR, St. Louis County, Minn.
election held on April 18-V. 136. p. 2651-the voters approved the issuance
of $41,000 in refunding bonds by a wide margin. Due in 20 years. It is
stated that the village will turn the bonds over to the State Board of Investments.
PUEBLO, Pueblo County Col.-BONDS CALLFD.-It is reported
that various improvement districts, paving districts and storm and sanitary
sewer bonds are called for payment at the First National Bank of Pueblo.
PULASKI COUNTY(P.O. Somerset), Ky.-INTEREST PAYMENTS
-Replying to our inquiry regarding a report
STOPPED BY COURT ORDER.
of default on the payment of interest due April 1 on an issue of $280,000
4%% road and bridge bonds sold in 1930, we are advised by J. M. Richardson. County Treasurer, that the payment was not made as the Fiscal Court
ordered him to hold the funds until the validity of the bonds has been tested.
He states that the money will be paid when ordered by the court.
.
Net debt outstand.(which incl. bonds auth. but not issued)$68,061.733.16
Bonds authorized but not issued:
Question No. 2, subway bonds (sanctioned
by electors, July 81919)
5,880,000.00
*Publlc welfare relief bonds (sanctioned by
electors April 26 1932)
2,200,000.00
Public improvement bonds (sanctioned by
2,000,000.00
electors April 26 1932)
Net wet& debt
-Gross bonded school debt, March 31 1933
Schools
Less bond retirementfund
3019
rejected a proposition to rescind a $500,000 bond issue that was voted to
build a grain elevator.
PUNXSUTAWNEY SCHOOL DISTRICT (P. 0. Punxsutawney)
-The Dis-REPORT ON BOND REFUNDING.
Jefferson County, Pa.
trict Secretary advises us under date of April 21 that the municipality has
never defaulted on its obligations, although last year it was obliged to
refund $9,000 maturing bonds. He also advises that the District has a
total indebtedness of $48,000 and an assessed valuation in excess of $5,000,000.
-NOTE SALE.
READING SCHOOL DISTRICT, Berks County, Pa.
-The $480,000 6% notes mentioned in V. 136, p.2834, were sold at par
on April 21 to the Guaranty Company of New York bearing date of April 20
1933 and to mature on Nov. 20 1933.
-REPORT ON
RECONSTRUCTION FINANCE CORPORATION.
-The following statement was issued by
SELF-LIQUIDATING LOANS.
the R. F. C.on April 27, regarding the granting of self-liquidating loans:
"The Board of Directors of the Corporation at its meeting Tuesday,
approved two water supply projects and one irrigation 'project, all selfliquidating, but one of which is subject to a test suit to determine legality
of the contract.
'Through these loans by the Government,two towns in the West are able
to construct modern, adequate water supply systems. which, owing to
financial conditions, might not have been possible otherwise. The Projects
also provide work for unemployed men in those towns.
"Each member of the Board of Directors of the R. F. C. is sponsor for
certain forms of loans. Harvey Couch,sponsor for self-liquidating projects,
announced yesterday that the Board is pleased to offer assistance to these
towns in making improvements whisnever it is possible to do so and there is
satisfactory assurance that the loan will be repaid.
" We welcome such applications.' Mr. Couch said, 'because the Government thereby is able to help the small communities carry on and provide
employment. Necessarily, such applications are subject to engineering
and legal restrictions provided in the R. F. C. set-up, and frequently it
takes time to get them through, but the applicants always are assured of a
sympathetic attitude on the part of the Board.'
"The main idea behind plans for organization of the R. F. C. was to
provide employment, but it is interestWg to note in this connection, the
opportunity to improve health conditions and to make the smaller communities better places in which to live."
-BONDS NOT SOLD:
RIDGEFIELD PARK, Bergen County, N. J.
The $117.000 coupon or registered bonds offered at not to exceed 6% interest on April 25-V.136. P. 2651-were not sold, as no bids came to hand.
Included in the offering were $69.000 Improvement bonds, due serially on
June 1 from 1934 to 1947, incl., $35,000 general bonds, due from 1935 to
1941, incl., and $13,000 assessment bonds, due from 1934 to 1941. incl.
Each issue is dated June 1 1933.
-Louis
-BONDS NOT SOLD.
ROCHESTER, Monroe County, N. Y.
B. Cartwright Acting City Comptroller, reports that no bids were received
at the public offering on April 27 of $3,750,000 not to exceed 6% interest
bonds. A similar failure was registered in the case of the offering on April
-V. 136, p. 2834. The
19 of a corresponding amount of temporary not s.
notice of sale issued by the city described the bonds as follows:
May 1 as follows: $800,000
$2,650,000 tax revenue bonds of 1933. Due
In 19 4 8550.000, 1935; $450,000 in 1936 and 1937 and $400.000
98
3.
;
750,000 tax revenue bonds of 1931. Due $250,000 on May 1 in 1934.
1935 and 1936.
350.000.tax revenue bands of 1930. Due $175,000 on May 1 in 1934
' and 1935.
Each issue is to be dated May 1 1933. Bidder was asked to name the
rate of interest in a multiple of % of 1% and tenders were asked for all
or any part of the issues. Principal and semi annual interest (May and
Nov.) are to be payable at the Central Hanover Bank & Trust Co. New
York. Legality to be approved by Reed, Hoyt & Washburn, of New *York.
-BONDS BEING REROCKY RIVER, Cuyahoga County, Ohio.
FUNDED.
-Frank Mitchell, City Auditor, advises us under date of
April 25 that bonds which matured on Oct. 1 1932 are being paid on the
basis of 309 in cash and 70% in refunding bonds. Mr. Mitchell adds that
April 1 1933 bond principal and interest charges are being paid in full.
ST. LOUIS COUNTY SCHOOL DISTRICT NO. 34(P.O. Clayton).
Mo.-BOND SALE.
-A $40,000 issue of 55 % semi-annual school lxinds
is reported to have been purchased by Smith, Moore & Co. of St. Louis.
Dated March 1 1933. Legality approved by Benj. H. Charles of St. Louis.
-LEGAL PHASES OF WATER PLANT
SALEM, Marion County, Ore.
PURCHASE.
-On April 20 a final brief is reported to have been filed in
the State Supreme Court by City Attorney Kowitz on the legal aspects
of the $2,500.000 water plant purchase bonds that were voted in 1931.
The bond vote was contested and the city appealed from an unfavorable
decision of a lower court
-V.136. p. 1239. The object of the suit is to test
the legality of the vote by which the city decided to proceed with the acquisition and operation of a municipal water system. An early decision of the
case is expected.
SALT LAKE CITY, Salt Lake County, Utah.
-PROPOSED BOND
ELECTION.
-It is stated that all legal requirements have been met to
initiate move for a vote on a bond Issue estimated at $18,000,000, to build
a municipal power plant for the city.
ST.PAUL, Ramsey County, Minn.
-BOND OFFERING.
-Sealed bids
Will be received by Harold F. Goodrich, City Comptroller, until 10 a. m.
on May 2 for the purchase of a $200,000 issue of coupon or registered
public welfare bonds. Interest rate is not to exceed 5%, payable
& N.
Denom. $1,000. Dated May 11933. Due on May 1 as follows:Iv!'
$16,000
1934: 317,000, 1935: 118.000, 1936: $19.000, 1937: 320,000, 1938 and 1939;
121.000. 1940: 122.000, 1941; $23,000. 1942, and $24,000 in 1943. Payable
In lawful money at the office of the Commissioner qf Finance or at the
fiscal agency of the City in New York. The approving opinion of Thomson,
Wood & Hoffman of New York City, will be furnished. Authority for
issuance: Chapter 120. Laws of Minnesota for 1933. and C. F. No. 95058,
approved on April 4 1933. The bonds will be furnished by the city to be
delivered at purchaser's expense. No bid for less than par and accrued
interest will be considered. A certified check for 2% of the amount of bonds
bid for, payable to the city. is required. (This report supplements that
given in V. 136, P. 2834.)
3020
Financial Chronicle
Official Financial Statement as of March 31 1933
General bonded debt
$29,381,600.00
Permanent impt. revolving fund debt
7.400,000.00
Water department debt
6,951,000.00
Total gross debt
$43.732.600.00
Deductions:
General sinking fund (cash & securities)--- - $4,735.340.95
General sinking fund approp. for year 1933350,000.00
Serial bond retirements for year 1933
459,600.00
Inter-city bridge bonds
695,000.00
Permanent impt. revolving fund debt
7.400.000,00
Water Department net bonded
debt
$5,948,474.40
Water Department sinking
fund (cash & securities)
1,002.525.60 6.951,000.00
Total deductions
20.590,940.95
Net bonded debt
*General impt. bonds authorized but not
issued
Margin for future bond authorizations
$23.141.659.05
$400.000.00
979,112.75
Margin for future issues
1,379,112.75
Statutory bonded debt limit (10% of assessed valuation)-. 24.520,771.80
The percentage of the net general bonded debt of the
assessed valuation
.0943781
The percentage of the net general bonded debt of the true
value is
.0453264
Statement of Assessable Property at the Full and True Value.
Real estate (1932 Valuation):
Subject to 33 1-3% (on unplatted property)- $2,244,315.00
Subject to 40% (on platted property)
353.553,880.00
$355,798,195.00
Personal property (1932 valuation):
Class No 2 subject to 25% of full value_ _ _ _$16,053.600.00
Class No. 3 subject to 33 of full value__ 50,173,955.00
Class No. 4 subject to 40 of full value... 10,118,000.00
$76,345,555.00
Moneys and credits
-100% of full value
78,424,635.00
Statement of Assessed Valuation.
1932 real estate valuation
1932 personal property
1932 moneys and credits
$510,568,385.00
$142,173,187.00
24,609,896.00
78,424,635.00
April 29 1933
Tax Collection Statement.
Collncted
s e ce
i
Collected to
Sold to
Sold to
Date of UncolYearLevy.
Date of Sale. Investors.
City.
Sale. lected.
1927 $4,220,271.55 $4,170,773.99 $24,832.23 $24,665.33
None
None
1928
4,496,433.65 4,439,750.61 34,510.56 22,172.48
None
None
1929 4,526,589.82 4,435,835.37 50,992.98 39,354.27 $407.20
None
1930
4,514.620.80 4,421,086.22 53.658.30 39,876.28
None
None
1931
4,531,421.12 4,388.791.77 52,578.96 89,388.17
1932 5,055.593.78 4,744,798.21 44.093.75 266,701.82 201.49 $460.73
None
None
The combined tax levy for the year 1933 is $5,306,746.09, including
tax levy of $4,408,229.00. County levy of $676,340.76, and water rents city
and
bills $222,176.33. Total collections reported at the close of
business
April 17 1933, were $2,157,660.65. or 40.66% of the total.
The fiscal year Is the calendar year; beginning with 1929 and
including
1932 city taxes have been payable one-half Jan. 1 and ofie-half July
1.
each installment becoming delinquent 30 days after due date. Beginning
with 1933 city taxes are payable in quarterly installments, due
Jan. 1.
April 1, July 1 and Oct. 1, each installment becoming delinquent 15
days
after due date.
Penalty is Li' of 1% per month during period of delinquenct. Property
on which taxes remain unpaid is sold in November of the
the bidder who will pay the taxes and incidental expenses current year to
of the sale and
accept a tax sale certificate to run for the least number of years.
Tax sale certificates bear interest at the rate of 10% per annum.
owner of real estate may redeem It by payment of the amount for The
which
It was sold, plus 10% interest, at any time within one year from date
of
sale. Property not bid for by other bidders at such tax sales is
purchased
by the Corporation Counsel in the name and for the benefit of the city.
SCHENECTADY,Schenectady County, N. Y.
-BOND REFUNDING
BILL DEFEATED.-Leon G. Dibble, City Comptroller, reports that
the
Baxter bill authorizing the city to refund S1.250,000 bonds, although
passed
by the Senate on April 6, was not reported out of the Assembly Committee
of Affairs of Cities, and therefore did not become a law.
SCOTT COUNTY (P. 0. Davenport), lowa.-BONDS OFFERED.
Both sealed and open bids were received until 2 p.m. on April 27 by F. Luetji, County Treasurer, for the purchase of an issue of $143,000 Ben
primary road refunding bonds. Dated May 1 1933. Due on May 1 as follows: $45,000. 1947 and 1948, and 353,000 In 1949. Interest payable
M. & N. The county will furnish the approving opinion of Chapman &
Cutler of Chicago.
•
SEATTLE, King County, Wash.
-BONDS CALLED.
-H. L. Collier,
City Treasurer, is reported to be calling for payment at his office from
April 21 to May 3, various local improvement district bonds.
• SHEBOYGAN COUNTY (P. 0. Sheboygan), Wis.-BOND OFFERING.
-Open bids will be rived at 2 p. m.,(Central standard time) on
May 1, by W. W. Birkle, County Clerk, for the purchase of a $200,000
issue of 4%% highway impt. bonds. Denom. $500. Dated June 1 1932.
Due on June 1 as follows: $185,000 in 1945 and $15.000 in 1946. Prin. and
int. (J. & D.) ppmabie at the offlfechicagCou uty e ftrnurer. b y the croving
ay an sc cutler oc of the o win b Truha ished The appounty
.
opinion of Chapman
. as well as the printed bonds. A certified check for 2% of the total Issue,
$73.50
payable to the County, must accompany the bid.
SAN DIEGO, San Diego County, Calif.
-BOND OFFERING.
-Sealed
Official Financial Statement.
bids will be received until 11 a. m. on May 1, by Allen H. Wright, City
Clerk, for the purchase of a $610,000 isste of 5% coupon El Capitan Dam
Assessed valuation 1931 (Wisconsin Tax Comm.)
3144.610.750.00
bonds. Denom. $1,000.• Dated Jan. 1 1925. Due on Jan. 1 as follows:
Assessed valuation 1932
127,813,610.00
$19,000, 1934 to 1953; $20,000, 1954 and 1955, and $19.000, 1956 to 1965.
Bonds outstanding (excepting this issue)
1,610,000.00
all incl. Prin. and int. (J. & J.) payable in lawful money at the East River
Other indebtedness
None
National Bank, in New York City, or any branch of the Bank of Italy, in
Redemption fund---------• 58,594.89.
California, or at the City Treasurer's office. The approving opinion of
Net debt
1.551,405.11
O'Melveny. Fuller & Myers of Los Angeles, will be furnished. These bonds
Population, 1930, 71,235; 1920, 59,913.
are part of a $4,500,000 issue authorized at an election held on Nov. 18
1924. All sales will be at not less than par, including interest at 5% from
Tax Information.
Jan. 1 1933 to date of delivery. The successful bidder or bidders shall be
required to take so much of said bonds as he or they shall bid for, and which
Tax Levy
1931.
shall be awarded to him or them, at the rate fixed, forthwith, upon the
2
$761.401..40 3724.598.47 3586,613.33 $405, 322T
19 9
1962.'
1
acceptance of his or their bid. A certified check for 1% of the bonds bid
Le ected
751,667.63 702,114.54 492,253.07 298,159.25
Collected
for, payable to the City Treasurer, is required.
9,733.77
Uncollected
22,483.93
94,360.26 107,003.02*
•
Per cent
.012
.031
.16
, .264
•
SANDUSKY, Erie County, Ohio.
-BOND SALE.
-The $10,630
1931-1932 still coming in due to tax extensions.
special assessment sewer and paving bonds offered on April 17.-V. 136, p.
-were purchased as 5s. at par and accrued interest, by the Board of
2285
SOUTH CAROLINA, State of (P. 0. Columbia).
-RECONSTRUCSinking Fund Trustees. Dated Dec. 1 1932 and due serially on Dec. 1
TION FINANCE CORPORATION LOAN GRANT -The Corporation
from 1934 to 1943 incl.
issued the following report on April 25, regarding a relief loan grant to this.
•
State:
SANTA CLARA, Washington County, Utah.
-RECONSTRUCTION
"The R. F. C., upon application of the Governor of South Carolina.
FINANCE CORPORATION GRANTS SELF-LIQUIDATING LOAN.
to-day made available $773,455 to meet current emergency relief needs in
-The
following announcement was made public by the R. F. 0. on April 20:
46 counties of that State for the period May 1 to May 311933.
"The Corporation has agreed to loan $6,300 to the Town of Santa Clara,
'These funds are made available under Title I, Section 1, subsection (c)
Utah, with which to construct a pipe line to connect its water distribution
of the Emergency Relief and Construction Act of 1932.
system to a better source of supply. Funds will be advanced through pur"The Corporation heretofore has made available $3.801,815 to meet
chase of $6,300 of the Town's 5% general obligation bonds.
current emergency relief needs in various political subdivisions of the
-inch cast irotiMpe
"The project comprises laying about 9.800 feet of 3
State of South Carolina.
from a spring to connect with the town's water distribution system. Water
now is taken from the Santa Clara River. This source of supply has been
SOUTHINGTON,Hartford County, Conn.
-TAX COLLECTIONS.
condemned by the State Board of Health, fdr it is subject to pollution by
Thomas E. Egan, Borough Collector, announced on April 22 that
livestock.
tion had been made of 331,021.70 of the total of $39,087.95 taxes collecwhich"Employment directly on the project will be given to 10 men for one
became due in October 1932.
month on a 30-hour week basis. Purchase of approximately $5,000 worth
SPRINGER, Colfax County, N. Max. RECONSTRUCTION
of material will give employment indirectly to about four times as many
NANCE CORPORATION GRANTS SELF-LIQUIDATING LOAN. FImen."
-The
following announcement was Issued by the R. F. C. on April 20:
"The Corporation has agreed to purchase $37.500 of 6% water revenue
SCHENECTADY, Schenectady County, N. Y.
-The
-BOND SALE.
bonds of the Town of Springer, N. Mex., at a price of par. The bonds are
$550.000 coupon or registered general municipal bonds offered on April 27to be secured as to principal and interest by a first lien on the net revenue
V. 136, p. 2834
-were awarded as 5.70s to the Manufacturers & Traders
from water rentals and the money is to be used for modernization of the
Trust Co., of Buffalo, and Batchelder & Co., of New York, jointly, at a
town's water system.
price of 100,289, a basis of about 5.64%. Included in the award are:
"It is estimated that an average of 35 men will be employed for six
$300.000 series A bonds. Due May 1 as follows: $33.000 from 1935 to 1942
-hour week basis directly on the project. Purchase of
months on a 30
incl. and $36,000 in 1943.
materials will afford indirect employment for about twice as many men.
150,000 series B bonds. Due May 1 as follows: $16.000 from 1935 to 1942
The project comprises complete replacement of the existing wood mains
incl. and $22,000 in 1943.
(15,500 feet) with cast iron pipe, and the addition of about 6.000 feet of
100,000 series C bonds. Due May 1 as follows: $11,000 from 1935 to 1942
new cast iron main to the system; construction of a new filter
incl. and $12,000 In 1913.
house and installation in it of the present filter equipment and and pump
new additions to it: erection of a new steel standpipe and installation of new booster
Each issue is dated May 1 1933. A joint bid of 100.25 for the bonds
at 5.9090 was tendered by Halsey. Stuart & Co.. Bancamerica-Blair
PU
IWO town's water system is badly in need of rehabilitation.
and Graham. Parsons & Co. Public re-offering of the bonds is being Corp.
made
Adequate
fire protection is lacking, and the town feels that the condition of the sysat prices to yield 5.25% for the 1935 maturity. 1936. 5.20%, 1937 and
tem is some menace to health.
1938,5.10%, and 557 for the maturities from 1939 to 1943 incl. The bonds
"The Corporation's agreement is conditioned upon the town carrying to
according to the bankers. are legal investment for savings banks and trust
the Supreme Court of New Mexico a test suit, the outcome of which shall
funds in the States of New York. Massachusetts and Connecticut, and are
be satisfactory to legal counsel of the R. F. C., to determine the question
direct obligations of. the city, payable from unlimited ad valorem taxes
of the town's authority to issue the bonds.
levied upon all the taxable property therein.
SPRINGFIELD CITY SCHOOL DISTRICT, Clark County, Ohio.Financial Statement, April 17 1933.
PLAN BOND SALE -The Board of Education contemplates the sale of
Bonded debt, not including above listed issues
$10,761.079.16
$20,000 not to exceed 6% interest bonds to the First National Bank &
Bond anticipation loan notes
265.000.00
Trust Co.„ Springfield, for the purpose of securing funds with which to
Certificates ofindebtedness,in anticipation of taxes & revs_
225,000.00
meet payroll requirements for the first half of April. The bonds are to
mature on or before Aug. 19 1933 and will be payable from the District's
311.251,079.16
share of tax collections receivable from the County Auditor. Further borDeduct:
rowing, if necessary, up to 350.000 will be done.
$630,000.00
Water bonds, included in above
Sinking funds, other than for water bonds_.- 127,788.08
Or SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-CERTIFICATE
Bonds other than water bonds, incl. in above,
SALE.
-The $30,000 (Veteran's relief) coupon or registered certificates of
maturing in the year 1933. tax for payIndebtedness offered on April 27.-V. 136. p. 2835
-were purchased as 6s,
604.400.00
ment of which is incl. in 1933 levy
at a price of par, by the First National Bank & Trust Co., of Huntington.
Dated April 1 1933 and due on April 11936.
Total deductions
1,362,188.08
The Osborne Trust Co., of Easthampton, also bid a price of par for the
issue at 6% interest.
•
debt
$9.888,891.08
Net
SUMMIT COUNTY (P. 0. Akron), Ohio.
-TAX PAYMENT.
-The
Assessed valuation for 1933 taxee, as equalized:
B. F. Goodrich Rubber Co. recently made an advance payment of $100,444
$180,088.942.00
Real Estate
In taxes which served to rellevethe strained financial situation of the local
Franchises
6,285,010.00
County.
sub-divisions in the
$186.373.952.00
Total
SYRACUSE, Onondaga County, N. Y.
-CERTIFICATES NOT
SOLD.
-The city failed to receive a bid at the public offering on April 25
Population. 1925 State Census, 92.786: 1930 Federal Census, 95,652.
Valuation
1932 tax rate-city purposes
1932 tax rate-county purposes
1932 tax rate-one mill school
1932 tax rate-State purposes
$245.207,718.00
$166,783,083.00
$50.48
13,87
1.00
8.15
Vohlme 136
Financial Chronicle
due
of $1,000,000 tax anticipation certificates, dated April 28 1933 and
Dec. 14 1933, and $600,000. dated April 28 1933 and due on Nov. 1 1933.
Bidder was asko,t to name the rate of interest.
The certificates were purchased later, at 6% interest, by four local
commercial banks.
Vienna),
SYLVAR BEACH FIRE DISTRICT (P. 0. Verona and purchased
-The Oneida Savings Bank, of Oneida,
-BOND SALE.
N. Y.
25 as 6s, at par and accrued interest, the issue of $9,000 registered
on April
on April
fire house and equipment bonds which was unsuccessfully offeredon Feb.
.1
10.-V. 136. p. 2651. Dated Feb. 1 1933 and due $600 annually
from 1934 to 1948 incl.
N. J.
TEANECK TOWNSHIP (P. 0. Teaneck), Bergen County, that no
-Henry E. Diehl, Township Clerk, reports
BONDS NOT SOLD.
or
bids were submitted at the offering on April 18 of $579,000 6% coupon to
registered bonds, in blocks of 8505,000 improvement, due from 1934 is
1918 incl. and $74,000 assessment, due from 1934 to 1941. Each issue
dated May 3 1933.
-STATE BOND BILLS
TENNESSEE, State of (P. O. Nashville).
-It is reported that the bill providing for the issuance of
APPROVED.
-was passed by the Senate
-V. 136, p. 2835
$3,800.000 refunding bonds
on April 21 and signed by the Governor.
The bill, providing for the issuance of $10,000,000 deficit bonds is also
said to have been passed by the Senate at that time.
•
provisions of Chap$400.000 welfare revenue bonds, issued pursuant to the Chapter 567 of theter 798 of the Laws of 1931. as amended by
Laws of 1932 and Chapter 9 of the Laws of 1933. Due $40.000
annually on May 1 from 1934 to 1943 incl.
60,000 storm water sewer bonds. Due $3,000 annually on May 1 from
1934 to 1953 incl.
•
60.000 sanitary intercepting and trunk line sewer bonds. Due $3,000
annually on May 1 from 1934 to 1953 incl.
20,000 Creek Channel and culvert impt. bonds. Due $1,000 annually
on May 1 from 1934 to 1953 incl.
LoEach issue is dated May 1 1933. Denom. $1,000. Rate of interest be
be named by the bidder in a multiple of X or 1-10th of 1% and must
the same for all of the bonds. interest is payable semi-annually. A certified
check for $10,800, payable to the order of the City Comptroller, must accompany each proposal. The favorite legal opinion of Clay, Dillon & Vandewater, of New 'York, will be on file in the Comptroller's office bfore delivery
of the bonds. Such delivery will be made on May 17 1933 or such other
time as may by mutual agreement be determined.
-It is now
-CORRECTION.
TEXARKANA, Bowie County, Tex.
issuance
stated by the City Secretary that the city has not authorized the 2835.
of $92,000 in refunding bonds, as had been reported in V. 136. p.
-PROPOSED EOND RETEXAS CITY, Galveston County, Tex.
-We are informed as follows by our Western correspondent
FUNDING.
put forth by this city to refund its
on April 26, regarding a pr )posal being
taxes colentire bonded debt: Owing to the City's inability to meet from
lected the interest and installment of principal now due on its bonded
opinion of the Texas
Indebtedness it is proprosing with the approving
Attorney General and Messrs. Clay, Dillon and Vandewater, New York
attorneys, to refund its entire bonded debt of approximately $308,000 by
issuing to the present bondholders refunding bonds nr the same amount,
bearing the same rate of interest but with maturities set up five years
and
beyond the present bond maturities. Interest and principal now due offiCity
in default will be funded into .bonds due in 1935 or 1936. Theto $16.000
has reduced its annual expenses from $40,000
cials state the City
further
and the assessed valuation is approximately $4,000,000. Officials
state that regular interest payments will commence in Sept. 1933.
-RECONSTRUCTION FINANCE
TEXAS, State of (P. 0. Austin).
-The Corporation issued the f Hewing
CORPORATION LOAN GRANT.
announcement on April 26, regarding a relief loan grant to this State:made
The R. F. C., upon application of the Governor of Texas, to-day
available $443,011 additional funds to meet current emergency relief needs
1933.
in 11 counties of that State during the month of April Section 1, subsection
"These funds are made available under Title I,
(c) of the Emergency Relief and Construction Act of 1932.
meet
"The Corporation heretofore has made available $6,940,494 to the
of
current emergency relief needs in various politica subdivisicns
State of Texas."
-Among
-BOND BILLS SIGNED.
TEXAS, State of (P. 0. Austin).
on April 18 was
the measures signed by Governor Miriam A. Ferguson
and another
one permitting water inapt. districts to issue refunding bonds,
validating Jefferson County seawall bonds.
-The
-BONDS AUTHORIZED.
TOLEDO, Lucas County, Ohio.
issuance
City Council on April 10 adopted a resolution providing for the revenue
deficiencies in
of $711,756.28 bonds for the purpose of supplying
receipts caused by non-payment of taxes.
-REPORT ON BONDED DEBT.
TOPEKA, Shawnee County, Kan.
this city
The following report on the present status of the bonded debt of
Is taken from the Topeka "Capital" of April 16:
well out
"A few more years of hard times and Topeka will be fairly
of debt.
will have been paid
"T wenty per cent of the city's bonded indebtednessto Dean Van Ness.
off In a five-year period ending Dec. 31, according
of outstanding
city finance commissioner. This year. $600,000 worth
be elimbonds will be retired and $20,000 of the annual interest toll will
inated.
Bonded Indebtedness Drops.
"During the recent period of stress when scarcity of money made the
tax burden unusually heavy, issuance of bonds for municipal improvement
declined steadily. Last year for the first time since 1924, the total bonded
indebtedness dropped below $4,000,000.
Bonded Debt $3,800,000.
same
"In 1930. $632,910 worth of bonds were retired but during theissued
1931. $507.146 were
year $617,699 in new bonds were issued. Incity will issue bonds to pay
8639.555 were paid off. This year the
and
the total
for the 1932 construction work and Van Ness estimates that
bond issue will not exceed $150,000.
bonded debt to-day is $3,800,000. This
"In round numbers, the city's
includes all bonds for paving, sewers, water main extensions and water
being paid by
plant remodeling. Approximately $500.000 of the total is portion of the
the water department from its revenues and another large
total Is a direct obligation of benefit district property owners.
"Van Ness points out that all of the bonds bearing 5% interest will be
retired next year. Bonds Wiled during the past year bear 4 or 43.%
interest."
TRAFFORD SCHOOL DISTRICT (P. 0. Trafford), Westmoreland
-L. D. Bardwell. Secretary
-BOND DEFAULT CURED.
County, Pa.
of
of the School Board, advisee under date of April 20 that although some by
district's bonds were in default in 1932 the condition was caused
the
the closing of the-First National Bank of Trafford on Feb. 3 1932 and the
matter wite completely adjusted by the end of the year.
-Governor
-BOND BILL SIGNED.
TROY, Rensselaer County, N. Y.
Lehman has signed as Chapter 343, Laws of 1933, the Ross bill empowering
during 1934,-V. 136.
the city to refund up to $370.000 bonds maturing
p. 2286.
-CERTIFICATE SALE.
TUCKAHOE, Westchester County, N. Y.
The First National Bank & Trust Co.. of Tuckahoe. purchased on April 10
an issue of $10.000 5% tax certificates of indebtedness
UNION HIGH SCHOOL DISTRICT NO. 3 (P. 0. Hillsboro), Wash-It is stated that sealed bids
-BOND OFFERING.
ington County, Ore.
will be received until 8 p. m.on May 8. by 0. E. Deichman, District Clerk,
school bonds. Denom.
for the purchase of a $5,000 issue of 6% semi-ann. A certified check for
$1,000. Due $1.000 from May 1 1935 to 1939 incl.
5% must accompany the bid.
UNIVERSITY PARK (P. 0. Dallas), Dallas County, Texas.
-The City Commission is reported to
BOND SALE CONTEMPLATED.
$25,000 issue of park purchase bonds.
have ordered new bids advertised for a
-RECONSTRUCTION
UTAH. State of (P. 0. Salt Lake City). Corporation issued the
-The
FINANCE CORPORATION GRANTS LOAN.
following report on April 25, regarding a relief loan grant to this State:
"Upon application of the Governor of Utah, the It. F. C. to-day made
available $.354,350 to meet current emergency relief needs in 26 counties of
that State for the period May 1 to May 31 1933. I, Section 1, subsection
"These funds are made available under Title of 1932.
(c) of the Emergency Relief and Construction Act
to meet
"The Corporation heretofore has made available $2,569.089the State
current emergency relief needs in various political subdivisions of
of Utah.
, -BOND OFFERING.-Willlam S.Pugh,
UTICA,Oneida County N.Y.
until 11 a. m. (standard time
City Comptroller. 'will receive sealed bids
2 for the purchase of $540,000 coupon not to exceed 6% interest
on May
bonds, divided as follows:
3021
Financial Statement (April 1 1933)
$11.877,811.62
Bonded debt, exclusive of this issue
955,871.11
Sinking funds and cash
$10,921,940.51
Tax Collections
1929.
1930.
1931.
1932.
Fiscal Years$4,241,901 54,286.774 84,329.118 84,008.885
Total levy
226,605
402.731
547,740
662,243
Uncol. at end offiscal yr.
574,409
Uncollected April 1 1933.
Tax collection began 1st Monday in Aug. of 1929. 1930 and 1931; in 1932
law changed to provide for collection of city tax-)' June 1, •Yi Oct. 1.
•-- .
Assessed Valuations.
$131,752.655.00
Assessed valuation of real estate, less exemptions
4,272,645.00
Assessed valuation of special franchises
66.500.00
Assessed valuation of personal property
$136,091,800.00
Assessed valuation of real property purchased with pension
515,625.00
money. Assessed for schools and highways
8136,607.425.00
19.571,840.00Valuation of exempt property
8156.179.265.00Total value of all property
None
Water debt
Population, Federal Census, 1910, 74,419: 1920. 94.156: 1930. 101,652.
-BOND OFFERING.VALLEY STREAM, Nassau County, N. Y.
p. m.
F. G. Chalmers, Village Clerk, will receive sealed bids until 8:30 exceed
not to
(daylight saving time) on May 3 for the purchase of $98,000Dated May
1
interest coupon or registered public improvement bonds. $10.000 from
1933. Denom. $1,000. Due May 1 as follows: $8.000 in 1935;
1936 to 1938 incl. and $5.000 from 1939 to 1950 incl. Rate of interest to
be expressed in a multiple of X or 1-10th of 1% and must be the same
for all of the bonds. Principal and interest (May and Nov.) are payable
at the Valley Stream National Bank & Trust Co., Valley Stream. A
certified check for $2,000, payable to the order of the Village. must accompany each proposal. The approving opinion of Clay. Dillon & Vandewater, of New York. will be furnished the successful bidder.
VINTON SCHOOL DISTRICT (P. 0. Vinton), Benton County,
-We are informed by W. E. Bickel,
Iowa.
-NO BONDS IN DEFAULT.
District Secretary, that at the present time there are no bonds or interest
the District defaulted on principal and interest Sept. 1
in default. It is said
1932. due to closed banks but it was settled soon after.
WAPELLO COUNTY (P. 0. Ottumwa), lowa.-BOND SALE CAN-It is stated by the County Treasurer that the sale of a $45,000
CELED.
issue of primary road refunding bonds, scheduled for April 25. was called
off. Dated May 1 1933. Due $15,000 from May I 1944 to 1946.
-BONDS NOT SOLD.
WASCO COUNTY (P. 0. The Danes), Ore.
The $5,000 issue of refunding bonds.offered on April 22-V. 1:16 p. 2652
according to the County
-was not sold as there were no bids received,
Clerk. Interest rate not to exceed.4 %, payable M. & N. Due $1,000
from May 1 1935 to 1939, incl.
-UNEMPLOYMENT
WASHINGTON, State of (P. 0. Olympia).
-A ruling is said to have been handed
RELIEF BONDS FOUND LEGAL.
Court
down by Judge John Wilson of the Thurston County Superiorby the that
last
the $10,000,000 unemployment relief bond issue authorized taken into
Legislature, was legal. The question of validity had beenwhether the
G. W. Hamilton to determine
court by Attorney General
State was threatened to such. an extent that it was permitted to issue
bonds in excess of $400,000 without a vote of the people. The court is
reported to have held that it could not overturn the legislative decree that
the funds were essential to deal with unusual conditions. '
-The
-BOND SALE.
WAYNE COUNTY (P. 0. Wooster), Ohio.on April 26.-V. 136.
offered
$15,000 coupon ditch improvement bondspar, to the Commercial Bank &
-were awarded as 6s, at a price of
p. 2652
due 35,000Trust Co.,of Wooster,the only bidder. Dated May 1 1933 and
on Nov. 1 from 1934 to 1938 incl.
-BOND
Y.
WEST SENECA (P. 0. Ebenezer), Erie County, N. sealed bids
receive
-Frank A. Slade, Town Supervisor, will purchase of
OFFERING.
$28,000
(eastern standard time)on May 8for the
until 8:30 p. m.
highway bonds. Dated
not to exceed 6% interest coupon or registeredApril 1 from 1935 to 1948
on
April 11933. Denom. $1,000. Due $2,000 bidder in a multiple of
or
Incl. Rate of interest to be named by.the
Principal and
1-10th of 1% and must be the same for all of the bonds.Bank. A certi(April and Oct.) are payable at the Ebenezer State
Interest
fied check for $500. payable to the order of the above-mentioned Supervisor,
Clay, Dillon &
must accompany each proposal. The approving opinion ofbidder.
Vandewater, of New York, will be furnished the successful
WEST VIRGINIA, State of (P. 0. Charleston).-RECONSTRUC
-On April 21.the
TION FINANCE CORPORATION LOAN GRANT.
State:
R. F. O. announced as follows the granting of a relief loan to thisVirginia.
"The Corporation, upon application of the Governor of West
to meet current emergency relief needs
to-day made available $1,343,590
during the month of May in 52 political subdivisions and in one political
subdivision from April 16 to May 31 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 funds now
available or which can be made available within the State at this time
was advised
are inadequate to meet the relief needs. The Corporation also the State.
that subsistence garden activities are flourishing throughout
"The R. F. C. heretofore has made available $8,311,628 to meet current
emergency relief needs in various political subdivisions of the State of
West Virginia."
-PROPOSED BOND
WEST VIRGINIA, State of P. 0. Charleston).
-A resolution is said to have been introduced in the House
ISSUANCE.
on April 21 proposing the issuance of 810.000.000 in State bonds to meet
State indebtedness now estimated at $8,000,000. It is suggested that the
retireLegislature provide for the collection of an annual State tax for the underment of the issue is not more than 15 or 20 years. The resolution is
stood to have been sent to the Judiciary Committee,
-The date
-DATE OF SALE.
WESTWOOD, Bergen County, N. J.
bonds
of award of the $215,000 coupon or registered public ImprovementMay 9
-was
fully described in our issue of last week-V. 136, p. 2836
The bonds are to be dated June 1 1933
and not May 8 as previously noted.
and mature serially on June I from 1935 to 1957 incl. Rate of interest,
D a multip.e of X of 1% and limited to 6%,is to be named by the bidder.
-BONDS NOT SOLD.WATERBURY, New Haven County, Conn.
for
John P. Fitzmaurice, City Clerk, advises that no offers were recevedsale
funding bonds scheduled for
the $500,000 5% coupon or registered
on April 25.-V. 136. p. 2835. Dated April 15 1933 and due serially on
April 15 as follows: $10,000 from 1934 to 1943, incl., and $40,000 from
1944 to 1953. Incl.
3022
Financial Chronicle
WHITE PLAINS, Westchester County, N. Y.—TO ISSUE 175.000
CERTIFICATES.—Richard Appel, Commissioner of Finance, reports that
funds for poor relief will be obtained through the sale to local banks, in
blocks of $25,000 each, of $75,000 certificates of indebtedness. The funds
will be obtained in this manner Instead of by means of a public bond sale.
WHITE P4AINS, Westchester County, N. Y.—BONDS AUTHORIZED.—Governor Lehman has signed the Gamble bill empowering the
city to refund any or allot the bonds maturing during 1934.
WINDSOR LOCKS, Hartford County, Conn.—BOND REPORT.—
James D.Ontersen, Town Treasurer, writing in connection with the $50,000
refunding bonds authorized In the bill passed in the House of the State
Legislature on April 7, states that approval of the issue is being sought at
this time because of the possibility that a like amount of sewer bonds.
maturing on Jan. 15 1935 may have to be refunded. Action at the present
session is necessary as the next State Legislature does not convene until
Jan. 1935. Mr. Onterson states that when the original $50,000 sewer issue
was sold in Jan. 1915 a sinking fund was established for the purpose of
retiring the obligations in 1935. However, although more than one year
ago the sinking fund was in excess of the requisite sum needed, almost
$30.000 was subsequently impounded in two banks which were placed in
receivership. To date only 35% of the total has been realized, although
it is hoped that later dividends will be sufficient to provide for retirement
of the bonds, thereby averting a refunding issue.
WINTHROP, Suffolk County, Mass.—NOTE SALE.—The $20,000
coupon Breakwater notes offered on April 25—V. 136. p. 2836—were
purchased as 411s, at a price of par, by the First National Corp.. of Boston.
Dated May 1 1933 and due serially from 1934 to 1937, Incl.
WOODVILLE, Tyler County, Tex.—RECONSTRUCTION FINANCE
CORPORATION GRANTS SELF-LIQUIDATING LOAN.—The following
announcement of the R. F. C.'s agreement to purchase revenue bonds of
this city was issued on April 20:
"The Corporation has agreed to loan $20,000 to the City of Woodville,
Texas, with which to construct a new waterworks and sanitary sewer
system. runds will be advanced through purchase, at par of $20,000 of
6% revenue bonds of the city, secured by a first lien on the physical properties and net revenues of the waterworks and sewer systems.
"It is estimated that employment will be afforded directly on the project
for 100 men for two months on a 30
-hour week basis. Plans are in shape
so that work can be commenced within two weeks after funds are available.
Considerable indirect employment will be afforded through purchase of
materials and equipment.
"The waterworks system will comprise a deep well with pump and pump
house, an elevated storage tank of 50,000 gallons capacity and a distribution
system. The sewer system will consist of 3,800 feet of 8
-inch, 950 feet of
-inch. and 1,200 feet of 4
6
-inch vitrified clay pipe, disposal plant, sludge
bed and a hypo chlorinator. Materials required for the water distribution
system will include
mile of 8
-inch cast iron pipe, 2 miles of 2
-inch galvanized and one mile of 1-inch galvanized iron (pie. four fire hydrants and
the necessary meters.
"The City of Woodville is in need of the system to be constructed. The
State Health Officer has written the Mayor as follows: 'A public water
system is most imperative, as practically all dug wells were found to be
poorly constructed, allowing for surface contamination. The use of these
will constitute a public health menace and a hazard which may at any time
prove disastrous to the citizens of the community.' Also, the city is now
without any fire protection."
YAKIMA COUNTY (P. 0. Yakima), Wash.—BOND SALE NOT
CONTEMPLATED.—The $246,711.36 issue of coupon warrant funding
bonds, Series A. offered for sale without success on April 15—V. 136. ro•
2838—will not again be offered for sale In the near future. Interest rate
is not to exceed 6%, payable semi-annually. Dated May 1 1933. Due
in from 2 to 10 Years.
WARRANTS CALLED.—It is reported by C. D. Stephens, County
Treasurer, that he called for payment at his office on April 24, various
school district, current expense, general road and bridge, soldiers' relief,
dike, drainage and irrigation warrants.
CANADA, its Provinces and Municipalities
AMHERST, N. S.—TO BORROW 180.000.—The city council has decided
Co borrow 180,000 to clear up past indebtedness.
BRITISH COLUMBIA (Province of).—PLANS $10,000,000 LOAN.—
The Province is reported to be making arrangements to borrow $10.000,000,
of which $5,200,000 will be used to take care of the deficit incurred in the
fiscal year which ended March 31 1932, while 11,800,000 will be used to
pay expenses incurred during that period for unemployment relief. The
balance of $3,000,000 will be used for poor relief during the present year.
HAMILTON, Ont.—BONDS PUBLICLY OFFERED.—A syndicate
composed of A. E. Ames & Co., Wood, Gttndy & Co., Dominion Securities
the Royal Bank of Canada and the Bank of Nova Scotia, made
public offering in Canada on April 27 Of $3,465.039 5% general purpose
Corp..
bonds at prices to yield from 5 to 5.14%. The bonds are in coupon form,
registerable as to principal, and will mature serially from 1934 to 1963
incl. Denoms. $1,000 and odd amounts. Principal and semi-annual
interest payable in lawful money of Canada at the office of the City
Treasurer. The city, it is said, has not renewed any of its maturing obligations since 1894 and at the present time shows a surplus in its Sing
Fund Account. Legality of issue has been approved by E. G. Long of
Toronto.
LONGUEUIL, Que.—BONDS VOTED.—At an election held recently
rate-payers authorized the issuance of $90.000 bonds for various purposes.
MANITOBA (Province of).-42,040.000 LOAN OBTAINED.—B. A.
McPherson. Provincial Treasurer, announced on April 27 that arrangements had been made for the Royal Bank of Canada to provide $2.040,000
necessary to meet provincial bonds due in New York funds on Ma , 1933.
1
The bank will accept Treasury bills as security for the loan, pa able in
six months. The Province is now arranging to meet an additional
$2,441.000 bonds which mature in New York on May 15.
•
NEW WESTMINSTER, B. C.—DECLARES MORATORIUM ON
SINKING FUND PAYMENTS.—In order that the budget may be balanced without resorting to an increase in the tax rate, the City Council
has declared a one-year moratorium on sinking fund payments, according
to the April 21 issue of the "Monetary Times" of Toronto, which added:
"The city solicitors were instructed to draw up the necessary by-law
• which will save the city $90,000 this year.
"A. J. Dowell, City Comptroller. potnted out that the city could meet
all Its maturing bonds within the next 15 years, even if no more sinking
funds were provided during that period.
"The council is acting under authority of recent legislation passed by
the Provincial Government. Receipts from tax sale lands will be paid into
sinking fund accounts."
NORFOLK COUNTY (P. 0. Sinicoe), Ont.—BIDS REJECTED.—
The following bids submitted at the offering on April 12 of $40,000
5%
15-annual installment bonds were rejected.—V. 136, p. 2652:
Bidder—
Midland Securities Corp
9766
Dyment, Anderson & Co
-9735
Dominion Securities Corp
A. E. Ames & Co. Ltd................................... ... 97 277
7..25
R. A. Daly & Co
. -----------------------------------97.13
Harris, MacKeen &-97.11
Gairdner & Co-- 97.02
Griffis, Fairciough------------ Ltd
96.77
Bell, Goulnlock & Co---------96.75
J S. Fergie & Co-.
96.72
0 H. Burgess St Co
.
96.16
J. L. Graham & Co
95.60
QUEBEC (Province of).—CONSIDERING $4.500,000 LOAN.—It is
reported that the Province is contemplating the expenditure of $4,500,000
for road construction purposes.
ST. LAMBERT, Que.—REPORTS 14,455 DEFICIT.—The city
pleted the year 1932 with a deficit of $4,455 as compared with a comsurplus in 1931, according to a summary of municipal operations last small
year.
The deficit was entirely due to exchange charges on bonds and coupons
which were payable in United States funds, this item amounting to $4,496.
VILLEROY, Que.—DEFAULTS ON $10,555 BONDS.—The April 21
Issue of the "Monetary Times" of Toronto reported as follows on the
default of 110,500 city and school commission bonds:
"The announcement was made this week that Acting Chief Justice A.
Sevigny, in Quebec Superior Court, accorded the petition presented by the
Quebec Municipal Commission, asking that the Corporation of Villeroy,
Lotbiniere County, and the school commission of Villeroy be declared in
default. The village is unable to meet payment of obligations totaling
$6,500 while the amount due by the school commission Is 14,000."
Cotton
L. F. DOMMERICII & CO.
FACTORS for MANUFACTURERS and MERCHANTS
Discount Sales and Assume Credit Risk
of Customers' Accounts
General Offices, 271 Madison Avenue
NEW YORK
Established Over 93 Years
April 29 1933
MONTREAL, Que.-17,000,000 BONDS RAPIDLY SOLD.—The syndicate headed by the Bank of Montreal which made public offering in Canada
on April 21 of 14,000,000 5% coupon (registerable as to principal) bonds
at a price of 97.75 and accrued interest, to yield over 5-25%1 136. P.
7.
2830—announced on April 24 that the obligations found ready favor with
Investors, the entire loan having been fully subscribed within several
hours
following the formal offering. The immediate success of the offering and
the strength exhibited in the Canadian market for internal issues was attributed to the "rise in prices co-incident with the suspension of the
standard by the United States and the corresponding improvement ingold
the
Canadian dollar from a discount of 16M % to 11%." The bonds sold bear
date of March 1 1933 and mature March 11945. Of the proceeds.
000 will be used to refund maturing obligations and 13,000,000 for $4,000,defraying
the cost of construction of necessary public works. Denoms. 11,000 and
$500. Principal and semi-annual Interest (March and Sept.) are payable
In lawful money of Canada at the City Treasurer's office in Montreal,
or at the principal office of the Bank of Montreal or of the Banque Canadienne
Nationale in the cities of Halifax, St. John, N. B., Quebec, Toronto, Winnipeg or Vancouver. Legal opinion of Meredith, Holden, Howard & Holden
for the bankers and Charles Laurendeau for the city. The by-laws
authorizing issuance of the bonds, it is said, provide that the
shall include
each year in the annual estimates an amount sufficient of city amortization
the
of the bonds and that the moneys paid into the sinking fund must be
sufficient to redeem the bonds at the expiry of40 years from the date of original
issue.
The issue was underwritten by a comprehensive banking group, conipbsed of the following:
Bank of Montreal; Banque Canadienne Nationale; The Royal
Canada; The Canadian Bank of Commerce: The Bank of NovaBank of
Scotia;
Imperial Bank of Canada; The Dominion Bank; The Bank of Toronto;
The Provincial Bank of Canada; Dominion Securities Corp.
Am & Co., LW.; Wood, Gundy & Co., Ltd.; Haon Bros. Inc.;, Ltd.; A. E.
Ames
Hanson
McTag-.
gart, Hannaford, Birks & Gordon, Ltd.; Royal Securities Corp., Ltd.;
Harris, Forbes ,St Co., Ltd.; L. G.}leant:de; & Co.. Ltd.; Nesbitt, Thomson
& Co., Ltd.; F. W. Kerr & Co.; Ernest Bayard Limitee; NcLeed, Young,
Weir & Co.,
LW.; Fry, Mills, Spence & Co., Ltd.; Bell, Goulialock
Ltd.; Mead & go., Ltd.; Harrn & Co Ltd.* W. C. Pitfield & Co.,
Co.;
Rene-T. Leclerc, Inc.; Collier, Norris & Hendenson,.Ltd.; Drury & Co.;
&
R. A. Daly
Co., Ltd.; Midland Securities Corp.. Ltd.; Credit AngloFrancais, Ltd.; Kerrigan, MacTier & Co., Ltd.; Williams,
Angus, Ltd.; Matthews & Co.; Hodgson Bros. & Co., Ltd.•,Parts'i
Societe as
du Canada; Greenshields & Co. Inc.; Societe
Finance, Inc.; Geoffrion & Rainville; Cochran, Murray &Generale de
Co.,
Dyment, Anderson & Co.; Gairdner & Co.;Ltd.; J. L. Graham &Ltd.;
Co.;
A. S. McNichols & Co., Ltd.; Flemming,'Denton & Co.; Griffs, Fairdough & Norsworthy Ltd.; C. H. Burgess & Co., Ltd.; Lajele, Robitaille
& Cie, Ltee.; Geo. Beausoleil & Co.
The bankersseported on the record of tax collections by the city as
follows:
"The City of Montreal according to the 1931 census had a population
of 818,577. Taxes are not due until October 1 of each year. Between
Oct. 1 and Dec. 31 1932 the city collected 122,032,932, or 65.7% of its
total levy of $33,532,638. Total unpaid taxes of the city as at Dee. 31 1932
amounted to 119.343,111 of which $11,499,706 represented the uncollected
portion of 1932 taxes. During the three months from Jan. 1 to April 15
1933 collections amounted to 13,479,428, as compared with 13,050,758
in the corresponding period of the previous year.
41'4159010 Separrmen,
ACCOUNTANT AVAILABLE
FOR
REORGANIZATION WORK
Advertiser, with over seven
years' experience in public
accountancy and tax consultation work, seeks connection. Would appreciate
opportunity to present qualifications in person. Please
address Box G. W.4, Financial Chronicle, 25 Spruce
.
St., N. Y. C.'
•
@FedFRASER