The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Financial Situation
in our right senses about these matters, the Treasury
for a long time past has been obtaining its funds by
the simple process of having the banks write deposits
for the
to its credit upon its books against artificially created
its enormous cash balance of something like $4,800,000,000, including the so-called profits from the de- reserve or against impaired reserves made adequate
valuation of the dollar, by the sale of obligations by statute. By these and similar policies it has, while
for cash. Neither does it intend to disburse any of "saving" interest charges, succeeded in loading
its hoarded cash resources to retire existing indebted- the banks of the country, including the Reserve
ness—except, of course, so far as holders of the institutions, with Government obligations which,
called fourth Libertys or the Treasury notes maturing while often technically short-term, are in the aggreon May 2 decline to accept the new 10-12 year bonds gate just as truly long-term as though they bore
a 20-year maturity date. At the same time, of
bearing 31
4% interest.
Both the called Fourth Libertys and the proposed course, Treasury deficits have been converted into
new bonds (on a when-issued basis) are bringing "money" (deposits)—a process almost everywhere
appreciable premiums in the open market. The same loudly and rightly condemned when fiat currency
is true of the 431-33 bonds into which something is the .technique employed. Any operation by the
Treasury that continues
more than three-quarters
this policy is to be conof a billion of the Fourth
demned, no matter what
Libertys were converted
How to Nurture Confidence.
else it may or may not aclast autumn. From all
complish.
Press dispatches from Washington durthis and from the extraoring the past week, apparently inspired,
In the present instance
dinary strength of the bond
have insisted the Administration is deterthe Government is asking
market generally, it seems
mined henceforth so to shape its course as
for no new funds. The
safe to conclude that the
to nurture confidence and initiative in
operation in question may
volume of direct converprivate business. It is a consummation
nonetheless have an imsions will be very satisfacdevoutly to be wished.
portant affect upon the
tory. The abnormally
A distraught and oft-disappointed busicredit and monetary sysness community must be excused, however,
strong cash position of the
if it waits for convincing confirmation of
tem. This may result from
Treasury,together with the
such intention, and of practical underconsequent changes in the
fact that extraordinary, exstanding of how to give effect to it.
ownership of Government
penditures are not taking
The best confirmation would be a proobligations. One difficulty
place nearly so rapidly as
gram that began with drastic modification
in appraising the situation
formerly estimated, places
proposed National Securities Exof the
in this respect is the lack
the Treasury in a position
change Act, rational amendment of the
Securities Act of 1933, and definite and
of information as to the
to retire any unconverted
final rejection of all the so-called silver
present owners of the called
Libertys in cash with ease.
proposals. Such a program would be the
conversion so
Libertys.
These bonds
Complete
more convincing if the licensing provisions
far as the Libertys are conwere originally supposed to
of the National Industrial Recovery Act
cerned would save the
be the most widely distribwere permitted to die a natural death and
Government about $10,uted of any outstanding
if absurd demandsfor higher wages,shorter
000,000 per annum in inhours of labor, as well as the general ecoGovernment obligation.
nomic philosophy of Curtailed production
terest, although correThere has, though, been
amid starvation and want, were completely
sponding conversion of the
some accumulation of them
and promptly discarded.
3% notes would add slightly
by the banks of the country
to the interest burden of
during the past few years
the Nation. So far as the
as their maturity date apLibertys are concerned, the proposed exchange con- proached, and they therefore entered the "shortverts an obligation which (had the bonds not been term" category. This may have been particularly
called) matured in four years into one that has 12 true of those bonds that have been called. The
years to run before maturity. As to the notes, an impression in well-informed quarters seems to be
obligation due almost at once is converted into a that the larger New York City banks will be dis12-year bond. Thus, assuming events shape them- inclined to take and to hold the longer term bonds
selves as now seems almost certain, the plan is to into which the Libertys may now be converted.
be described as a technical success.
On the other hand, it is thought that many banks
But the full story is not so simple as this. The in the interior will not hesitate to take the new
thought that Treasury financing is to be judged in obligations permanently into their portfolios.
just this technical, narrow way is responsible for
Just how all this will work itself out in that event
much in our public finance of recent years that is it is impossible to known in advance. At leastlit
deeply to be regretted. So enormous has grown the may be safely asserted that if presently, as a result
volume of Treasury borrowing, and so closely and of these transactions, the creditors of the Governso unfortunately has it become related in actual prac- ment are in larger degree bona fide long-term intice to banking and credit, that all Treasury policy vestors, whether these latter be institutions likelthe
is first and foremost to be appraised in light of its insurance companies or the savings banks, or indiaffect upon bank reserves, bank deposits and bank viduals, at least something will have been accomassets. To an extent that would alarm us were we plished in correcting the evils which recent Treasury
Treasury plan for its
THE long-awaitednow been announced. mid-month
The Govfinancing has
ernment will not,
time-being at least, add to
2300
Financial Chronicle
policies have inflicted upon us. This would be true
even if the banks found it difficult to re-invest the
funds thus coming into their hands and were forced
to permit artificially increased reserves to mount still
further. Yet more would naturally be accomplished
ifimeantime these institutions find it possible to
obtain good commercial paper in which to empla
_
their funds.
Meanwhile the response of investors to the Treasury announcement and the general strength in the
bond market have led a good many to the conclusion
that the Government will undertake similarly to
convert further • portions of the Fourth Libertys.
If so, the general statements already made will apply
equally to such conversions if later announced. It is
thus possible, though by no means certain, that
considerable progress will be made both in getting
the Treasury upon a longer term basis and in getting
its obligations in the appropriate hands.
Redrafting the Stock Exchange Bill.
OPE has risen substantially in the financial
district that it may yet be possible to induce
Congress to make important changes in the proposed National Securities Exchange Act of 1934.
Perhaps somewhat the same may be said of the outlook for desired modifications in the Securities Act
of 1933. It is, unfortunately, still far from clear how
fully warranted this optimism is. If Congress really
has reached any such frame of mind—and certainly
it is a consummation devoutly to be wished—let the
hope be expressed that our legislators have meanwhile absorbed some of the general underlying truths
that have been explained to them repeatedly during
the past few weeks.
Quite naturally the controversies going forward in
Washington lately have largely tended to center
about specific provisions and the injury they are
likely to inflict upon legitimate business. It has of
course been necessary that these hazards and their
importance be impressed upon members of Congress.
The protracted discussions of particular provisions
of the measure have, however, distracted attention
from certain simple basic canons of sound principle
which must form the basis of any helpful legislation.
Unless these latter are borne carefully in mind a
good measure, no matter how vigorous and bona fide
the effort, would be the result more of good fortune
than good management. In view of what appears
to be a somewhat altered outlook in this matter it is
well to reiterate some of these elementary truths
even at the risk of tiresomeness.
Let it be noted at the outset that it is not so much
the amount of money loaned on any particular share
of stock or individual bond that is of vital importance
as it is the total amount of funds advanced to those
who wish to buy and carry securities and the conditions under which such loans are made. The truth
is that with some exceptions neither the brokers nor
the banks, even in the delirious days preceding the
crash in 1929, were particularly unconservative in
the relation between the loans they made on the securities and the market value of the collateral. What
we need is strong and intelligent control of credit
whether the funds loaned are used in the stock market or anywhere else. That, we are not likely to get
by rigid legislation on the subject of margins—the
lees so since the Government itself is constantly
urging all lending institutions to be lax in the extension of credit, and has long been seeing to it that
H
April 7 1934
reserve conditions conducive to reckless banking
exist.
Provisions Out of Place.
Again, much of the substance of the proposed National Securities Exchange Act relates to matters
that are dealt with in corporation law in every other
country of the world where success has attended
efforts to prevent abuses now complained of. It has
no business in a securities market act, and indeed
much of it has no place in any statute, since it is
bad corporation law. It is beyond cavil that several
of our States, to which these matters have been entirely left, have upon their statute books undesirably lax corporation laws. The situation here is
closely similar to that which has attracted so much
attention in the field of banking legislation. It is,
however, one which cannot be remedied by hasty action at Washington. Congress simply has no business undertaking to legislate on any such difficult
subject in an off-hand way in a measure avowedly
concerning itself with stock market regulation.
In both the Securities Act of 1933 and the proposed National Securities Exchange Act there is a
complete misconception of the nature and inherent
limitations of modern corporation accounting and
reporting. The impression seems to prevail that a
financial statement of a complex modern enterprise
is little more than a compilation of objective facts
of scientific observation—as,for example, the physical counting of the number of dollars in the cash
drawer, or the adding up of the number of dollars
owed. Of course, any such conception of modern
accounts or of the reports based upon such accounts
is simply childish. Corporate balance sheets and
income statements at their best are in large part but
expressions of well-informed and honest judgments.
To such elementary truths any competent accountant can and does readily testify, as did Mr. George
0. May of Price, Waterhouse and Company before
the Senate Committee on Banking and Currency.
Moreover a thorough understanding and a correct
appraisal of situations revealed by the complex accounts of a modern corporation are possible only to
men of experience and special training. In the light
of such facts, it becomes clear at once how vague and
uncertain the meaning is of the words "false" or
"misleading" when employed as they are in the acts
in question, and how utterly unwarranted the civil
liability imposed in respect of statements thus
described.
But the measures complained of not only place
heavy but ill-defined liability upon many groups of
persons, they also place the burden of proving good
faith and due care upon the defendant. This is the
equivalent of assuming guilt until innocence is
proved. It is repugnant not only to our common
law, but to our Anglo-Saxon conception of simple
justice.
•
The Essentials.
Reduced to essentials, there are three main groups
of problems involved in the elimination of security
market abuses, and the economic injuries inflicted
by stock market excesses. They are credit, corporation law, and fraud problems. If solutions for these
are found and applied the major part of the task will
have been accomplished. In none of these cases does
regulation of the securities markets as such seem to
be the most natural remedy, certainly not if by regu-
Volume 138
Financial Chronicle
2301
Member bank reserve deposits have resumed their
lation of these markets is meant Governmental control and supervision of the technique employed in upward tendency after the small decline registered
stock exchanges or in the distribution of securities. last week, and the current total is $3,449,803,000,
Indeed it has not been demonstrated, and probably against $3,438,948,000 last week. Government deis not demonstrable, that these latter matters are posits also are up slightly, but the advances in these
amenable to helpful detailed control by any sort of accounts are almost exactly offset by a decline in
Government agency, no matter how able. Is it too "other deposits," and total deposits are $3,656,late even at this eleventh hour to urge these simple 798,000, as compared with $3,656,752,000 in the
considerations upon the authorities at Washington? earlier statement. Federal Reserve notes in circulation increased substantially to $3,032,016,000,
against $2,997,036,000 last week, but the "net" cirStatement.
ThelFederal Reserve Bank
culation of Federal Reserve bank notes continued to
HE combined condition statement of the 12 Fed- decline, an amount of $106,552,000 now being reeral Reserve banks appears to show, this week, corded, as against $122,743,000 last week. The Fedthat the Treasury is again lodging with these insti- eral Reserve Bank of Chicago this week has rid itself
tutions a larger amount of gold certificates than was of all its Federal Reserve bank note circulation liareceived in the form of new metal during the period bilities. The increase in circulation was more than
covered. Some special transactions relating to Fed- offset by the additional gold certificates and the
eral Reserve bank notes are now reported to have decline in member bank borrowings and holdings of
influenced the gold certificate figures of recent acceptances, with the result that Reserve bank credit
weeks, even though such bank notes are not backed outstanding decreased. The ratio of total reserves
in any way by gold. In connection with the retire- to deposit and Federal Reserve note liabilities comment of such notes, various Federal Reserve banks bined remained stationary at 68.2%, this having
seem to have transferred balances to the Treasury been the ratio reported last week.
through the gold settlement fund, and the gold cerCorporate Dividend Declarations.
tificate figures thus are to be interpreted with such
IVIDEND declarations the present week are
Treasury has
factors in mind. In all likelihood the
again of a favorable character. New York &
continued without interruption, although on a
of "selling" to the Re- Honduras Rosario Mining Co.declared an extra dividiminished scale, the process
serve banks larger amounts of gold certificates than dend of 5.0c. per share, in addition to the usual quarwould represent the new additions to the monetary terly dividend of 25c. per share, both payable
gold stock. This practice was clearly reflected in April 28. Mid-Continent Petroleum Corp. resumed
the statements for a period of six weeks following dividends on its common stock by declaring a divithe semi-stabilization of the dollar at 59.06% of its dend of 25c. a share, payable May 15; regular quarformer gold content, but for two weeks thereafter terly dividends of 50c. a share were paid from Feb. 15
the adjustment relating to Federal Reserve bank 1929 to Feb. 16 1931, inclusive, but none since.
notes made it seem that the process had been re- Cerro de Pasco Copper Corp. declared a dividend of
50c. a share on the common stock, payable May 1;
versed.
condition statements the the last payment was a quarterly distribution of 25c.
In the current combined
Federal Reserve bank holdings of the new gold cer- a share, made on Feb.1 1932. Michigan Gas & Elec/
tificates are $28,378,000 higher than a week ago, tric Co. declared dividends of 8712c. a share on the
cumul. prior lien stock and 75c. a share on the
but the actual increase in the monetary gold stock
is $22,000,000, so that at least $6,000,000 of certifi- $6 cumul. prior lien stock, both payable May 1; regucates over and above the gold additions were lodged lar quarterly distributions had been made on both
with the institutions. Since the net circulation of issues up to May 1 last, but none since. American
the bank notes, which appears to mean the amount Smelting & Refining Co. reduced accruals on its 7%
for which the banks are liable, has again decreased, cumul. pref. stock to $5.25 a share by declaring a
it is quite likely that adjustments through the gold dividend of $4.50 a share on this issue, payable
settlement fund or by means of gold certificates still April 4. Maytag Co. announced a dividend of $7.50
are preventing the figures from reflecting the actual a share on account of accumulations on its $6 cumul.
transactions with their former exactness. If this 1st pref. stock, in addition to a regular quarterly
is the case, as it seems to be, then the Treasury still payment of $1.50; after these payments the stock
is continuing the stimulation of the credit resources will be clear of all accruals.
of the country, which are far beyond actual requireThe New York Stock Market.
ments, as indicated by the current excess reserves
GOOD tone prevailed in all sessions of the
of member banks with the Federal Reserve banks,
current week on the New York stock market,
estimated at $1,500,000,000.
credit is needless is shown owing to accumulating evidence that the depression
That the additional
clearly in the current combined statement of the is at length relaxing and is being superseded by
Federal Reserve banks. Member banks are again growing financial confidence and some further inreducing their borrowings at the Reserve institu- crease in business. Prices of stocks moved upward
tions, the discounts having fallen to $47,529,000 from slowly but steadily, and the movement has become
last week's aggregate of $52,579,000. The decline one of the most protracted in recent months. Net
in the holdings of bankers' acceptances by the Re- gains in equities for the week were sizable only in a
serve banks, which has now been in progress many few securities, while trading in stocks was quiet
weeks, was continued with a drop to $26,045,000 from throughout and averaged hardly 1,500,000 shares in
$29,359,000. United States Government security the full sessions. Current indications of the trend
holdings of the System were again virtually un- of the heavy industries, it is true, do not show much
changed at $2,431,762,000, against last week's total improvement, but the normal seasonal downward
tendency is not in evidence, while price increases of
of $2,431,886,000.
T
D
A
2302
Financial Chronicle
important products lead to the belief that earnings
will advance despite the halt in the production advance. Consumers' goods, moreover, appear to be
moving off shelves with satisfactory rapidity.
Indications of growing confidence were, perhaps,
more important this week than business trends. Announcement by the Treasury on Wednesday of a debt
funding transaction affecting $1,250,000,000 of shortterm debt was hailed with enthusiasm and quotations of all United States Government securities
moved upward sharply. The entire list of corporate
bonds also advanced. There were ample indications
that funds again are flowing freely into long-term
investments, and it was assumed on this ground that
the long-delayed improvement in the capital goods
industries may soon develop. Also reassuring were
steps in Washington toward modification of the
Securities Act of 1933, which has prevented corporate financing almost entirely since it came into
force, and growing opposition to the stock exchange
control legislation which is now being debated.
Perhaps the best indication of the current business trend is the report by the Department of Commerce, issued Thursday, to the effect that the situation is now comparable in some important respects
to that of 1931, and therefore much improved over
1932 and 1933. The immediate trend of the heavy
industries is reflected in the report of the American
Iron and Steel Institute, which shows steel production at 43.3% of capacity for the week beginning
April 2, as compared with 45.7% a week ago. Production of electricity for the entire country, as reported by the Edison Electric Institute, was 1,655,650,000 kilowatt hours for the week ended March 31
against 1,658,389,000 kilowatt hours for the preceding week. Car loadings of revenue freight last week
(March 31) were 608,443 cars as compared with
608,462 cars the previous week. Commodity markets
were generally quiet and prices of leading staples
held close to previous levels.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 86 c. as against 86
/
1
2
/ the close on
1
4c.
Thursday of last week. May corn at Chicago closed
yesterday at 4812c. as against 4814c. the close on
/
/
Thursday of last week. May oats at Chicago closed
yesterday at 32 c. as against 32%c. the close on
/
1
2
Thursday of last week. The spot price for cotton
here in New York closed yesterday at 12.30c. as
against 12.20c. the close on Thursday of last week.
The spot price for rubber yesterday was 11.62c. as
against 11.00c. on Thursday of last week. Domestic
copper was quoted yesterday at 8
/ as against Sc.
1
4c.
Gil Thursday of last week. Silver for the week has
been dull, with slight changes in prices as compared
with a week ago. In London the price yesterday
was 20 pence per ounce as against 19 15/16 pence
per ounce on Thursday of last week, and the New
York quotation yesterday was 4618c. as against
/
45.90c. on Thursday of last week. In the matter
of the foreign exchanges, cable transfers on London
yesterday closed at $5.161 2 as against $5.13 the
/
close on Thursday of last week, while cable transfers
on Paris closed yesterday at 6.60
/ as against
1
4c.
/ the close on Thursday of last week On the
1
4c.
6.57
New York Stock Exchange 136 stocks touched new
high levels for 1934 during the week and nine stocks
dropped to new low levels for the year. On the New
York Curb Exchange 108 stocks reached new high
figures for the year, while 16 stocks touched new
April 7 1934
low levels. Call loans on the New York Stock
change again remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 814,510
shares; on Monday they were 1,367,730 shares; on
Tuesday, 1,334,755 shares; on Wednesday, 1,564,200
shares; on Thursday, 1,419,110 shares, and on Fri
day, 1,014,440 shares. On the New York Curb EN
change the sales last Saturday were 188,205 shares;
on Monday they were 311,180 shares; on Tuesday,
288,121 shares; on Wednesday, 364,935 shares; on
Thursday, 394,020 shares, and on Friday, 255,270
shares.
As compared with Thursday of last week, prices in
general reflect gains for the week, although the
utility issues were depressed in the early part of
the week, but in many instances recovered their
losses at the close. General Electric closed yesterday at 22% against 21% on Thursday of last week;
North American at 19 against 19; Standard Gas &
Elec. at 12% against 12½;Consolidated Gas of N.Y.
at 38 against 39 ; Pacific Gas & Elec. at 20 against
/
1
4
19; Columbia Gas & Elec. at 1514 against 15½;
/
/
Electric Power & Light at 7 4 against 714; Public
1
/
Service of N. J. at 38% against 39%; J. I. Case
Threshing Machine at 71% against 71%; International Harvester at 41% against 41; Sears, Roebuck
& Co. at 49 against 4478; Montgomery Ward & Co.
/
at 32 against 3114; Coca-Cola "A" at 52 against
/
/
1
2
52%; Woolworth at 51% against 503 Western
4;
Union Telegraph at 57 against 55%; Safeway Stores
at 53% against 5118; American Tel. & Tel. at 120
/
against 119; American Can at 10314 against 98%;
/
Commercial Solvents at 29 against 2814; Shattuck &
/
Co. at 12 against 11%, and Corn Products at 76
against 71.
Allied Chemical & Dye closed yesterday at 153
against 150 on Thursday of last week; Associated
Dry Goods at 15 against 15 ; E. I. du Pont de
/
1
2
/
1
4
Nemours at 98 against 941 2; National Cash Register
/
"A" at 19 against 18 ; International Nickel at
/
1
4
/
1
4
28 against 2818; Timken Roller Bearing at 3478
/
/
against 3414; Johns-Manville at 5712 against 55 ;
/
/
/
1
2
Gillette Safety Razor at 10% against 10%; National
Dairy Products at 16 against 15%; Texas Gulf Sulphur at 3814 against 36%; Freeport-Texas at 46
/
against 423
%; United Gas Improvement at 1678
/
against 16½; National Biscuit at 43 against 43;
Continental Can at 80
/ against 77½; Eastman
1
4
Kodak at 882 against 86½; Gold Dust Corp. at
/
1
2218 against 20; Standard Brands at 2214 against
/
/
2118; Paramount Publix Corp. ctfs. at 51/0 against
/
/ against
1
4
4/ Westinghouse Elec. & Mfg. at 38
8;
3678; Columbian Carbon at 6978 against 6712; Rey/
/
/
nolds Tobacco class B at 42% against 40½;Lorillard
at 17 against 1718; Liggett & Myers class B at 92
/
1
2
/
against 90; Yellow Truck & Coach at 6 against 5%;
Owens Glass at 86 against 83; United States Industrial Alcohol at 52 against 5112; Canada Dry at
/
1
2
/
27 against 26%; National Distillers at 29 against
27%; Crown Cork & Seal at 29 against 29%, and
Mengel & Co. at 9% against 87
/s.
The steel shares, in keeping with the trend of the
market, show advances for the week. United States
Steel closed yesterday at 5178 against 50% on Thurs/
day of last week; United States Steel preferred at
911 against 90; Bethlehem Steel at 42% against
/
4
8978, and Vanadium at 27 against 253
/
4. In the
motor group, Auburn Auto closed yesterday at 53
against 52% on Thursday of last week; General
Volume 13R
Financial Chronicle
Motors at 38% against 37%; Nash Motors at 263
/
4
against 253 ; Chrysler at 5412 against 5238; Pack/
4
/
/
ard Motors at 5% against 5%; Hupp Motors at 5%
against 578 and Hudson Motor Car at 21 against
/,
2038 In the rubber group Goodyear Tire & Rubber
/.
closed yesterday at 3638 against 341 2 on Thursday
/
/
of last week; B. F. Goodrich at 1638 against 15%,
/
and United States Rubber at 201 8 against 1938
/
/
.
The railroad list continued its advances of a week
ago. Pennsylvania RR. closed yesterday at 35%
against 34 on Thursday of last week; Atchison To8
peka & Santa Fe at 671 4 against 653/ ; Atlantic
/
Coast Line at 473 against 441 New York Central
4;
/
4
at 361 8 against 351/4; Baltimore & Ohio at 2978
/
/
against 2838; New Haven at 19 against 18%; Union
/
Pacific at 132 against 125; Missouri Pacific at 5
/
against 5; Southern Pacific at 281 8 against 26%;
/
Missouri-Kansas-Texas at 12 against 1114; Southern
/
Railway at 32% against 3138; Chesapeake & Ohio at
4634 against 441/4; Northern Pacific at 3338 against
/
/
31%, and Great Northern at 2838 against 27%.
/
The oil stocks inclined toward higher levels for
the week. Standard Oil of N. J. closed yesterday at
4614 against 4478 on Thursday of last week; Stand/
/
/
ard Oil of Calif. at 381 4 against 3718; Atlantic Re/
fining at 3014 against 30. In the copper group,
/
Anaconda Copper closed yesterday at lq,!; against
147 on Thursday of last week; Kennecott Copper
8
at 2178 against 19; American Smelting & Refining
/
at 44% against 44; Phelps-Dodge at 1734 against
/
15%; Cerro de Pasco Copper at 36% against 36.
and Calumet & Hecla at 55/8 against 5.
European Stock Exchanges.
ESUMPTION of trading on the principal European stock exchanges, after the prolonged
Easter holidays, disclosed much the same tendencies
on the several markets that were current previously.
The four-day suspension of trading was ended Tuesday at London,Paris and Berlin. The London Stock
Exchange reflected excellent demand for gilt-edged
issues in almost all sessions of the current week,
while equities also were in request. The Paris and
Berlin exchanges remained somewhat uncertain, but
the gains in quotations of securities were rather
more important than the recessions. The London
market was stimulated by a number of favorable developments, of which the budget surplus of £31,148,000 for the fiscal year ended last Saturday unquestionably was the most important. This was
followed by the announcement, late Tuesday, of a
£150,000,000 conversion loan, which also did much
to improve the quotations for British funds. That
business improvement is continuing in the United
Kingdom was shown also by official unemployment
figures for the four weeks ended March 19, which
disclosed a decrease in the total of unemployed by
116,332, reducing the aggregate to 2,201,577. This
is 574,607 less than one year ago. These results,
coupled with increased retail sales, occasioned many
forecasts of continued recovery in company meetings
this week, and the tone of the Stock Exchange was
quite good in these circumstances. French official
unemployment figures at length are showing a slight
decrease from the record high of 350,656 registered
on March 10, and steady increase of the gold holdings of the Bank of France also are contributing to
a better feeling on the Bourse. The Berlin Boerse
still is struggling with the adverse influence of fur-
R
2303
titer gold and foreign exchange losses by the Reichsbank, but the general tendency was fair this week.
The tone on the London Stock Exchange was
generally cheerful when trading was resumed, Tuesday, after the long holiday suspension. The budget
surplus occasioned a strong demand for British Government securities and these issues showed substantial fractional gains. Home rail stocks moved forward in the expectation of traffic gains as a result
of holiday travel, while industrial stocks also showed
many good features. German bonds rallied in the
international section, and Anglo-American trading
favorites also advanced on favorable week-end advices from New York. Dealings Wednesday were
stimulated by overnight announcement of the new
funding issue by the Treasury. British funds advanced sharply, but best levels were not maintained
owing to some profit-taking toward the close. Home
rails moved ahead and many industrial stocks also
showed gains. The international group of issues was
quiet and irregular. When lists were opened for the
new funding loan, Thursday,it was seen immediately
that the flotation would prove highly successful, and
almost the entire market was strengthened. British
funds, however, were again subjected to profit-taking
and early gains were lost. African gold mining issues were active and strong, while industrial stocks
reflected slight irregularity at the finish. International securities were generally good despite uncertain exchange movements. Slight irregularity developed yesterday, owing to the ending of the three
weeks' account. British funds dipped, but industrial stocks were firm.
The Paris Bourse was very quiet in the initial session of the week, on Tuesday, but after initial uncertainty an upward tendency was established and
most securities made small gains. Rentes were
among the issues that made advances, and this
caused satisfaction. The month-end settlement was
arranged easily at a money rate of 2%, as against
the 21 8% rate of the previous carry-over. The tone
/
was more decidedly favorable Wednesday, after the
Government announced a number of decrees intended
to bring the budget into balance. The volume of
business did not increase greatly, but prices were advanced appreciably in a number of instances. Rentes
were again firm, while French and international
stocks also moved forward. The vigorous action by
the Government occasioned a further advance Thursday, with rentes more in demand than other securities. French bank, coal, metal and industrial shares
all joined in the advance, while smaller gains were
recorded in international securities. Some profittaking developed yesterday and equities receded.
Rentes continued their advance.
There was little business on the Berlin Boerse,
when that exchange opened Tuesday after the protracted suspension, but most transactions were at
improved levels. Professional traders began to accumulate some of the minor stocks, reports said,
and the buying soon spread to the more prominent
speculative favorites. Gains of 1 to 2 points were
common, but there were also a few recessions. An
unfavorable Reichsbank condition statement reversed the trend of the market Wednesday, and most
securities lost ground in that session. Losses were
pronounced at the opening and movements thereafter were irregular. At the close some of the prominent speculative issues showed losses of 3 to 4 points.
One or two textile issues showed a contrary tendency.
2304
Financial Chronicle
The reduction of the Reichsbank's note coverage to
6.7% again was the dominant influence on Thursday, and losses were again the rule, although on a
smaller scale. Rallying tendencies developed toward
the close and kept the recessions within reasonable
limits. Shipping shares and communications issues
were weaker than others. Prices improved generally
on the Boerse yesterday, but best levels were not
maintained in all cases.
Intergovernmental Debts.
INTERGOVERNMENTAL debts are again receiving a good deal of official and unofficial attention, with the prospects of extensive payments on
the huge sums owed the United States Government
growing ever dimmer. Consideration of the Johnson bill by Congress and the final passage of that
measure on Wednesday, occasioned some of the discussion. Since the Johnson bill had Administration
support, it is hardly to be doubted that President
Roosevelt will affix his signature and make the
measure law. It provides that no loans are to be
made to any foreign Government which is in default
of the payment of its obligations, or any part thereof, to the United States Government. As originally
drawn, the bill would have prohibited financial
transactions of any kind between this Government
or its nationals and Governments of nations in default, but at the instance of the Administration the
measure was amended to permit loans by Government agencies or Government-controlled corporations. Objections to the amendment were made by
some Senators on the ground that this would make
credits by Government agencies to Russia possible.
But assurances were given by the State Department
that Russia would receive no loans or credits until
the Soviet Government submits an acceptable agreement regarding the payment of the defaulted national and private debts of the Kerensky and Czarist
regimes. In a Moscow cable to the New York
"Times," late last week, it was remarked that the
Soviet Government does not regard itself as in default, since the debts of previous Russian Governments were expressly disavowed. The Russian authorities believe, moreover, that they have a counterclaim against the United States for damages due to
the American "invasion" of North Russia during the
intervention period without a declaration of war.
In a ruling issued late last month the United
States Treasury made it plain that the Johnson bill
was being observed even before passage. A ruling
was requested by New York banks which had been
invited to participate in a 100,000,000 guilder loan
to the French Treasury, extended by Dutch bankers.
Secretary of the Treasury Henry Morgenthau Jr.,
explained that to permit participation with the Johnson bill about to become law would be contrary to
Administration policy and to the apparent sentiment
in Congress. This incident occasioned profound interest in Great Britain, where it was pointed out
that the London capital market possibly will gain
from the American attitude, since Governments in
default to the United States Government probably
will apply to the London market for their needs.
But there was also a good deal of concern as to
whether the bill would apply to the London Government itself, even though there is no likelihood of any
application for credits by Britain in this market.
It is taken for granted that the next payment date
April 7 1934
of June 15 will see another "token payment" by
Great Britain, and it was pointed out that a number of other debtor Governments which have been
making token payments and are likely to continue
this practice conceivably might be borrowers in New
York. The problem of whether such Governments
come under the terms of the Johnson bill probably
will have to be decided by President Roosevelt,
Washington dispatches indicate.
Parliamentary discussion of the debt situation appears likely soon, as interpellations are believed inevitable when the House of Commons gathers again
after -the current holiday period. As a rule such discussions do not promote international good feeling.
The very comfortable surplus of the British Government for the fiscal year ended last Saturday attracted attention in the United States Senate, and
the suggestion was made by Senator McKellar that
the British Government "might send us the whole
amount by mail." Little notice was taken of such
remarks in Great Britain. But administrative officials in London admitted, a dispatch to the New
York "Times" said, that the British surplus probably will make forthcoming debt negotiations more
difficult, as the "effect on public psychology will be
to forfeit much of the sympathy reserved to Great
Britain _because she was doing her best to meet hey
obligations."
The German Government was added, last Saturday,to the list of countries making "token payments"
to the United States Government on obligations resulting from the World War. Against the sum of
127,106,174 reichsmarks due March 31 for mixed
claims and army of occupation costs, the German
Government arranged to pay 3,177,125 reichsmarks,
or 2/ of the amount due. In a note to Dr. Hans
1 2%
Luther, the German Ambassador, Secretary of State
Cordell Hull referred to "the well known fact that it
is not within the discretion of the Executive branch
of this Government to reduce or cancel the existing
debt owed to the United States, nor to alter the
schedule of debt payments contained in the existing
settlement, such power resting with the Congress."
The German payment was made in the dollar equivalent of 3,177,125 reichsmarks, and it was noted that
the sum is equal to the interest due on instalments
postponed under the debt agreement with Germany.
The possibility of a revision of the debt settlement
with Finland remains a matter of much interest,
since the Finnish Government is the only one that
has maintained the full schedule of payments to the
United States Government. It is known that Washington officials have been discussing this matter for
some time with L. Astrom, the Finnish Minister to
Washington. Some Washington reports suggest
that the contemplated arrangement calls for continued payment by Finland on the $9,000,000 principal still due from that country, while interest would
be minimized. Under the existing settlement interest payments by Finland until 1984 would amount
to $12,695,055, as the rate is 3% for the first ten
/
years and 31 2% thereafter. Finland is said to have
'been offered a choice of revised terms, which amount
on the average to interest payments of about 0.4%,
or approximately the rate on the Italian debt settlement. The terms arranged with Finland probably
will afford some indication of the views entertained
with regard to most of the intergovernmental obligations by the United States Government.
Volume 138
Financial Chronicle
Tariff Agreements.
DMINISTRATION policy with respect to trade
and tariff agreements with other countries
was explained to some degree last Monday, after a
decision was handed down by the Court of Customs
and Patent Appeals holding that coal imported from
Germany and the United Kingdom in 1932 was nondutiable because both countries had "most-favorednation" treaties with the United States. It has long
been a matter of conjecture whether the United
States would be able to make effective bargaining
arrangements, in view of the existence of "mostfavored-nation" trade agreements with 48 countries.
At the State Department it was remarked last Monday that the existing treaties are not considered a
barrier to special arrangements, and it was added
that treaties with 29 countries are contemplated
provided the necessary authority for making reciprocal agreements is conferred on the President by
Congress. Such reciprocal arrangements, it was explained, will be sought only with respect to specific
commodities, with emphasis to be placed in each case
on the commodity which the country in question is
best able to supply and which is most needed by the
United States. This is said to have been the basis
of the special agreement with Colombia, the terms of
which have not been published pending ratification
by the Colombian Congress, and it will also be the
basis of 28 additional treaties contemplated. State
Department experts are represented as having compiled a list of 29 products on which tariff concessions could be granted by the United States, with
full assurance that specific countries would derive
the bulk of the benefit, even though the concessions
necessarily would apply to all countries that have
"most-favored-nation" treaties with the United
States. No mention was made in Washington reports of the nature of the special concessions that
would be sought in each case in return for lowered
tariffs on the specific commodities.
A
British Budget.
HAT British national finances remain on the
soundest possible basis was shown conclusively
last Saturday, when the fiscal year ended with a
surplus of £31,148,000. This result was anticipated,
but the formal announcement nevertheless caused
much gratification in London, where it was noted
that virtually all other Governments of the world
currently are incurring huge deficits. Not since the
1923-24 fiscal year has 60 large a surplus been
achieved by the British Government, and the result
announced last Saturday compares with a deficit of
£32,279,000 in the preceding fiscal year. The budget
presentation for the fiscal year which began April 1
is now eagerly awaited in the United Kingdom, as it
is assumed that Chancellor of the Exchequer Neville
Chamberlain will permit a sizable reduction in the
heavy income taxes when he goes before the House
of Commons on April 17. Indications of trade recovery are leading to the expectation of a further
increase in revenues, and it is believed the Chancellor will reduce taxes by £50,000,000 to £60,000,000
in the current British fiscal year. Some of the recent expenditure curtailments probably will be restored, it is thought, while larger appropriations for
defense services are not expected to occasion increased taxation in the present situation. The Chancellor, of course, is keeping his plans entirely to himself.
T
2305
The excellent results of the last fiscal year were
the result both of diminished expenditures by the
Government, and an unexpectedly large flow of
revenues. Expenditures were estimated a year ago
at £697,500,000, but reductions in the dole and in
payments to civil servants reduced the total to an
actual figure of £693,419,000. Revenues were estimated at £698,880,000, whereas actual receipts were
£724,567,000. The new British tariff was responsible
for much of the surplus, as revenues from this source
were £286,000,000, against estimated figures of £269,400,000. Estate duties produced £85,250,000, against
the estimate of £73,750,000. Post office receipts
and stamp duties surpassed expectations, and income
surtaxes raised £1,000,000 more than was estimated,
but the ordinary income tax resulted in almost
exactly the revenues predicted. Results actually
were better than the figures imply, since no provision was made in the budget for "token payments"
of £3,250,000 on debts due the United States Government. This sum, as well as the statutory sinking
fund payment of £7,750,000, were easily provided out
of a saving of £11,000,000 on fixed debt charges. It
was noted in London dispatches that the budgetary
surplus amounts almost exactly to the unpaid sums
due the United States Government in the fiscal year,
and these comments may have prompted a suggestion
in the United States Senate that Great Britain "Send
us the whole amount by mail." This suggestion was
simply laughed at, a London dispatch to the New
York "Times" said.
The British Treasury promptly took advantage of
its superb position by announcing, Tuesday, a funding loan of £150,000,000, on which books were opened
Thursday and closed yesterday. The bonds were 3%
obligations, due 1969 and callable 1959, and they
were priced at 98, giving an indicated yield to the
first call date of 3.08%. The funds, it is believed.
will be applied to the retirement of £105,000,00(
4% Treasury bonds which were called for payment
April 15, and to reduction of the floating debt
Unique sinking fund arrangements, designed to keep
the issue at par value or better, are attached. The
annual sinking fund will be 1% and will be cumu
lative. After a suitable period this fund will be
applied to purchases of the bonds if they are under
par value, while if the quotation is above par the
funds can be applied either in purchases of the
bonds or invested under control of the Treasury.
The British Treasury's floating debt now amounts to
£844,750,000, against £810,455,000 a year ago, the increase having been occasioned by an appropriation
of £200,000,000 for the exchange equalization fund.
Funding loans amounted to £165,705,000 in the fiscal
year covered, and the floating debt would have been
lowered by this amount if it were not for the exchange equalization borrowings by means of increased discount bill issues.
French Government Financing.
"was made by the French Government for the
first time, Wednesday, of its powers to effect
economies by decree and thus bring the national
revenues and expenditures into balance. The French
Parliament, which struggled with this problem for
months, and caused the fall of a number of Ministries that attempted to effect economies, finally
voted plenary powers to the new regime headed by
Premier Gaston Doumergue. In a letter to President Albert Lebrun, M. Doumergue explained the
U
2306
Financial Chronicle
situation and the need for drastic action. "If the
Parliament, at the demand of the nation, had not
granted to the Cabinet exceptional powers, and if
the Cabinet had hesitated to use those powers, the
State would have been forced to shut up shop, and
there would have been a suspension of all payments
and a default upon all commitments." The only
alternative, M. Doumergue said, would have been
inflation of the currency. Fourteen decrees, designed to balance the budget and enable the country
to maintain the franc without impairment, were
published on Wednesday. This group of measures
provides for the retirement of 85,700 civil servants,
and reductions in the salaries of all retained employees, the total savings to be effected in this way
being estimated at 2,800,000,000 francs. Another
series of decrees is anticipated in connection with
reduced allowances to World War veterans. In
order to solve the unemployment problem and to
start the country on the road to recovery the Government is expected to adopt a vast program of public
works involving the expenditure of 15,000,000,400
francs over a period of six years. Funds for the
initial outlay of 500,000,000 francs already are available in the social insurance system, it is indicated.
Civil employees held protest meetings after the pay
reductions were announced, but no disorders have
been reported.
Far East Situation.
HE intermittent war scares which have been the
accompaniment of events in the Far East since
1931 have died down for the time being, but in the
diplomatic circles of most countries it is still believed that a major conflict can hardly be avoided
in the not too distant future. The chief danger is
that of a clash between Russia and Japan, as the
Japanese encroachments in northern China have
placed the two countries in direct contact on a long
border, while Japanese territorial ambitions in
eastern Asia are generally regarded as still unsated.
That the official Russian view of the matter is still
unchanged was indicated by Alexander A. Troyanovsky, the Soviet Ambassador to the United States,
who declared in an address at Cincinnati, Monday,
that "the danger of war is very acute and the international situation as tense as ever before—even in
1914." His own Government is continuing its earnest efforts in behalf of world peace, the Ambassador
added, even though "the militaristic spirit in certain
countries is now more intense and passionate than
ever before." Non-aggression pacts have been concluded by the Soviet regime with all of Russia's
neighbors excepting Japan and China, and such
pacts also exist with France and Italy, he said. On
Thursday the significance of these comments was
again illustrated by announcements in Moscow that
the existing non-aggression treaties between Russia
and the Baltic States of Estonia, Latvia and Lithuania have been extended under new agreements
which will cause them to continue until 1945. In
commenting on the 10-year extension of the pacts,
Foreign Commissar Maxim Litvinoff remarked that
the threat of war is hanging over every quarter of
the globe.
It is significant, nevertheless, that there is no
current evidence of the outbreak of hostilities between Russia and Japan which many observers confidently fixed some months ago for this spring. Inquiry in the diplomatic circles of the Russian capi-
T
April 7 1934
tal, where the Far Eastern situation is being intently
and expertly observed, reveals a widespread feeling
that the war which had been predicted for this spring
is not likely to come for many months, and may be
held off for a year or more, a dispatch of Sunday to
the New York "Times" remarks. "Almost no one
dares hope that war can be permanently prevented,"
it is added, "because provocations for the conflict
are deep and lasting. But one of the critical periods
has now been safely passed and there are logical
reasons for believing that war is not in the cards
for the early future." Japanese diplomats in Moscow express the greatest optimism of all, at least
for publication, it is noted. Soviet officials, however, are pushing at full speed the plans for strengthening the Russian position in Siberia. Unofficial
reports were cited to the effect that Manchuria is
an armed camp of Japanese, while Siberia to the
north and east holds a powerful concentration of
Russian forces. The Russians are reported to be
holding their forces well back from the frontier, in
order to prevent any incident that might provoke
hostilities. Recognition of Soviet Russia by the
United States Government is said to be one of the
most powerful influences making for peace in the
Far East.
World Wheat Conference.
HEAT experts from 15 countries, comprising
the World Wheat Advisory Commission,
assembled in Rome, Thursday, for a discussion of
methods of decreasing the production, increasing
the consumption, and regulating the international
trade in this staple. The wheat problem has been
debated at several previous international meetings.
In preparation for the Rome conference, delegates
from the United States, Canada, Australia, Great
Britain, France, Germany, Hungary and Russia
assembled at London on March 19 in order to co-ordinate the technical aspects of the matter. These
countries, together with Argentina and six smaller
nations, were all represented at the Rome meeting.
John Van A. MacMurray, United States Minister to
Estonia, Latvia and Lithuania, presided at the
initial session, Thursday, while other American
delegates were Dr. Mordecai Ezekiel, economic adviser to the Secretary of Agriculture, and Frederick
E. Murphy, Minneapolis publisher. The agenda of
the conference includes such problems as minimum
prices for wheat exports, the discouragement of government financial assistance to growers, the withdrawal of low grades of wheat from human consumption, the increased consumption of wheat by
lessened flour extraction, campaigns to improve the
quality of bread, use of wheat for green fodder, and
compensation in trade for wheat importing countries
agreeing to reduce their acreage devoted to the
staple.. Attempts are anticipated for modifying the
export quota agreements made at the London wheat
conference, last August, as delegates from several
countries have been instructed to this effect. A
lively discussion is anticipated on other grounds,
as well.
After the initial session of the conference, a statement was issued indicating that the world carryover of wheat on Aug. 1 1934 will be approximately
the same as that of Aug. 1 1933, or 1,100,000,000
bushels. "In reviewing the prospective wheat situation, the committee was impressed by the fact that
the probable increase in stocks in the principal
W
European importing countries at the beginning of
August 1934 compared to the previous year will be
100,000,000 to 120,000,000 bushels," the statement
said. The aggregate carryover therefore will be
substantially unchanged, despite the very short
North American harvest in 1933, it was indicated.
American, Canadian and Australian delegates all
reported some progress toward curtailment of
production. The Argentine representatives reported that an unexpectedly large yield in 1933
had made the problem of that country more serious
than was anticipated at the time the wheat agreement was signed in London. No measures for the
restriction of wheat production have so far been
introduced in the Argentine, but the Government of
that country will "continue to co-operate with
Gthers," it was stated. The conference in Rome will
continue for about a week.
Discount Rates of Foreign Central Banks.
HERE have been no changes the present week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Rate fn
Effect
Date
Apr. 6 Established.
Country.
Austria- —
Belgium...._
Bulgaria.__
Chile
Colombia__
Czechoslovakia---Danzig- — _
Denmark....
England_
Estonia__
Finland____
France __ - _
Germany__
Greece
Holland
2307
Financial Chronicle
Volume 138
Previous
Rate.
5
334
7
434
4
Mar.23 1933
Jan. 131932
Jan. 3 1934
Aug. 23 1932
July 18 1933
6
234
8
534
5
334
4
234
2
534
.
434
3
4
7
234
Jan. 25 1933
July 12 1932
Nov.29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
Feb. 8 1934
Sept. 30 1932
Oct. 13 1933
Sept. 18 1933
434
5
3
234
634
5
234
5
734
3
Country.
Rate in
Dale
Effect
Apr. 6 Established.
PreMous
Rate.
Hungary-- 434 Oct. 17 1932 5
334 Feb. 16 1933 4
India
June 30 1932 334
Ireland-- 3
3
Dec. 11 1933 334
Italy
3.65 July 3 1933 4.38
Japan
Java
434 Aug. 16 1933 5
Jan. 2 1934 7
Lithuania
6
Norway _
334 May 23 1933 4
Oct. 25 1933 6
Poland _ _ _ _ 5
Portugal.-- 534 Dec. 8 1933 6
Apr. 7 1933 6
Rumania — 6
SouthAfrica 4
Feb. 21 1933 7
Spain
6
Oct. 22 1932 534
Sweden
234 Dec. 1 1933 3
Switzerland 2
Jan. 22 1931
H
Foreign Money Rates.
In London open market discounts for short bills
A
%
on Friday were 7 %, as against 78 on Thursday
of last week and 15-16% for three months' bills,
7 3@l5-16% on Thursday of last week.
as against /
3
Money on call in London yesterday was 4%.
.
At Paris the open market rate remains at 234 %
and in Switzerland at 13/2%.
Bank of England Statement.
HE Bank of England statement for the week
ended April 4 shows a loss of £57,718 in gold
holdings, bringing the total down to £192,095,154
as compared with £192,152,872 a week ago. Last
year the Bank held £177,360,405. Public deposits
fell off £5,385,000 while other deposits rose L16,569,299. Of the latter amount £16,415,116 was an addition to bankers' accounts and £154,183 to other
accounts. The reserve ratio is down to 43.88%
from 49.27% a week ago; a year ago the ratio was
41.52%. Loans on Government securities rose
£14,978,000 and those on other securities decreased
£688,617. The latter consists of discounts and advances which increased £74,428 and securities which
fell off £763,045. The discount rate is unchanged at
2%. Below we show a comparison of the different
items for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
April 4
1934.
April 5
1933.
April 6
1932.
April 8
1931.
April 9
1930.
£
£
£
E
£
381,822,000 371,669,360 359,791,591 358,884,883 359,250,323
Circulation
12,127,000 14,082,962 9,992,816 9,863,140 15.167,701
Public deposits
147,954,488 144.094,368 113,186,227 93,506.910 101,908,734
Other deposits
Bankers'accounts_ 110,883,859 109,598,886 79,542,470 59,506,768 65,251,317
Other accounts_ _ 37,070.629 34,495,482 33.643.757 34,000,142 36,657,417
Governm't securities 92.078.732 82,979,505 51,110,906 33,399.684 55,861,909
Other securities
15,988,643 27,166.005 53,074,407 39,498,988 17,351,549
Disci. & advances_ 5,708.697 11,648,718 12,164,130 10,889,986 6,288,218
10,279,946 15,517.287 40,910,277 28,609,002 11,063.331
Securities
Reserve notes & coin 70.272,000 65,691.045 36,645,769 48,138,485 61,531,155
Coln and bullion__ _ _ 192,095,154 177,360,405 121,437,360 147,023,368 160.782,478
Proportion of reserve
43.88%
41.52%
29.74%
46.56%
52.55%
to liabilities
Flank rntn
9 _
,
257
:1 46 07-
A.Z.
A L4 oz.
Bank of France Statement..
HE weekly statement of the Bank of France,
dated March 30, reveals another increase in
holdings, the current increase being 247,889,635
gold
francs. Gold now aggregates 74,613,285,081 francs,
as compared with 80,408,862,501 francs a year ago
and 76,785,994,706 francs the year before. French
commercial bills discounted and advances against
securities record increases of 587,000,000 francs and
6,000,000 francs, while credit balances abroad and
creditor current accounts register decreases of 2,000,000 francs and 984,000,000 francs respectively. A
large increase appears in note circulation, namely
2,012,000,000 francs. The total of circulation is now
82,831,692,880 francs as against 86,096,355,155
francs last year and 83,438,128,425 francs the previous year. The proportion of gold on hand to sight
liabilities now stands at 76.77% in comparison with
76.45% the same week a year ago. Below we furnish
a comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Mar. 30 1934. Mar. 31 1933 April 1 1932.
Francs.
Francs.
Francs.
Francs.
+247,889,635 74.613,285,081 80,408,862.501 76.785,994.706
—2,000,000
12,869,481 2,405,751.537 4.347,874,470
Gold holdings
Credit bals. abroad_
a French commercial
bills discounted_ _ +587,000.000 6,199,602,369 3,352,436.040 3.746,756.224
No change_ 1.056,842,303 1,970,518,975 8,184,441.433
b Bills bought abr'd
+6,000,000 2.972,673,220 2,714,237,501 2,858,412,926
Adv. set. securities_
Note circulation.... +2,012,000,000 82,831,692,880 86,096,355,155 83,438,128,425
Cred. current accts. —984.000,000 14,352.274,695 19,084,8C9,408 26,489,534,905
Propor'n of gold on
hfuld tn mirtht nab_
—0.57%
76.77%
76.45%
69.85%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement.
HE Reichsbank's statement for the last quarter
of March shows another decrease in gold and
bullion, this time of 7,855,000 marks. The total
of gold is now 237,136,000 marks, which compares
with 738,645,000 marks a year ago and 878,650,000
marks two years ago. A decrease appears in reserve
in foreign currency of 9,178,000 marks, in silver and
other coin of 106,190,000 marks, in notes on other
German banks of 7,945,000 marks and in other assets
of 10,785,000 marks. Notes in circulation show an
increase of 381,589,000 marks, raising the total of
the item up to 3,674,630,000 marks. A year ago
circulation aggregated 3,519,674,000 marks and the
year before 4,231,073,000 marks. Bills of exchange
and checks, advances, investments, other daily
maturing obligations and other liabilities record increases of 466,146,000 marks, of 65,334,000 marks, of
2,346;000 marks, of 6,600,000 marks and 3,684,000
marks respectively. The proportion of gold and
foreign currency to note circulation fell off to 6.7%
from 8% the previous quarter. A comparison of the
various items for three years appears below:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
.
Mar.31 1934. 3far 31 1933 Mar.31 1932.
Assets—
Retchsmarks. Reichsmarks. Reichsmarks. Reichsmarks.
Gold and bullion
—7.855,000 237,136,000 738,645.00( 878,650.000
80,465,000
64,049.00(
Of which depos. abroad
39,292,000
No change
96,961.00( 141,819,000
—9,178,000
8,086,000
Reserve In foreign curr.
13411501 each,and checks +466,146,000 3,233,883,000 2,815,095,00( 3,317,855,000
Silver and other min.__ —106,190,000 169.965.000 176,479,00( 139,063,000
2,797,000
2,836,0(13
Notes on other Ger. bks.
3,913,000
—7,945,000
Advances
+65,334,000 144,471,000 210,328,00( 289,874,000
Investments
+2,346,000 681,277,000 401,317,00( 361,751,000
Other assets
—10.785,000 510,869,000 689,726.00( 910,635.000
Liabilities—
Notes in circulation__ - _ +381,589,000 3.674,630,000 3,519,674,00( 4,231,073,000
Other daily matur.oblig.
+6,600,000 547,410,000 442,880,00( 577,688.000
Other liabilities
+3.684.000 144,763,000 601,407,00( 658,257,000
Propor.of gold and torn
tn nnta nl,nnlo'n
—1 555.
ft ,
7 92 701
24.1%
The New York Money Market.
RANSACTIONS in the New York money market
again reflected in various ways, this week,
the tremendous downward pressure upon rates
exerted by the unprecedented total of excess reserves
of member banks with the Federal Reserve, and the
T
2308
Financial Chronicle
generally easy monetary conditions. Dealers in
bankers' aceeptances, for the first time in the history
of the local acceptance market, discontinued yesterday their practice of quoting uniform rates. The
great demand and the small supply of bills, it was
indicated, had occasioned trades at less than the
official quotations in some instances, and it was thus
disclosed that even the record-breaking low levels
of recent weeks have been exceeded on special
transactions. Prime commercial paper likewise is
in keen demand, with the supply small. Other
savings banks of this city now have joined the
movement started by one prominent bank some
weeks ago for payment of only 23/2% interest to
depositors on sums above a given amount. Not
all banks have adopted this practice, but the movement promises to spread.
Treasury financing attracted much attention owing
to the announcement Wednesday of a 12-10 year
issue of 33.1 7 bonds, available only on a conversion
.0
basis to holders of $1,006,000,000 Fourth Liberty
43s, payable April 15, and $244,000,000 3% notes
due May 2. The indication that $1,250,000,000
of short-term debt would be translated into long
obligations stimulated sharply the demand for all
types of short paper. On Monday the Treasury
sold competitively an issue of $100,000,000 discount
bills, the flotation consisting of two series of $50,000,000 each, due respectively in 91 and 182 days.
The 91-day bills were awarded at an average discount
of 0.08%, while the 182-day bills went at 0.19%,
these figures equaling the rates required on a similar
flotation a week earlier.
Call loans on the New York Stock Exchange were
again 1% for all transactions of the week, whether
renewals or new loans. In the street market transactions were recorded every day at 4%, or a con3
cession of V % from the official rate. Time loans
i
.
also were unchanged at 34@1%. Brokers' loans
against stock and bond collateral advanced $69,000,000 in the week to Wednesday night, according
to the usual tabulation of the Federal Reserve
Bank of New York. The more comprehensive
compilation of the New York Stock Exchange reflected an advance during the entire month of
March of $43,343,721. The Federal Reserve total
is now $955,000,000, while the Stock Exchange
figure is $981,353,948.
New York Money Rates.
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained the ruling quotation all through the week
for both new loans and renewals. The market for
time money has been at a standstill this week. No
transactions have been reported. Rates are nominal
at %@1% for two to five months, and 1@134%
for six months. Trading in commercial paper has
shown improvement this week and compares favorably with transactions in January and February.
Paper is abundant and the demand holds up well.
Rates are 1% for extra choice names running from
four to six months and 13.4 % for names less known.
.
D
Bankers' Acceptances.
HE demand for prime bankers' acceptances has
been good this week, but bills are scarce and
transactions are restricted on that account. Rates
are unchanged. Quotations of the American Acceptance Council for bills up to and including 90 days
T
April 7 1934
are %% bid and Y
t% asked; for four months,
%% bid and %% asked;for five and six months,4%
bid and %% asked. The bill buying rate of the
New York Reserve Bank is IA% for bills running
from one to 90 days, and proportionately higher for
longer maturities. The Federal Reserve banks'
holdings of acceptances fell during the week from
$29,359,000 to $26,045,000. Their holdings of
acceptances for foreign correspondents also decreased
from $4,935,000 to $4,771,000. Open market rates
for acceptances are nominally quoted as unchanged,
but dealers, for the first time in the history of the
acceptance market, abandoned on Friday the practice of quoting uniform rates and quote now only
on request. Yield rates of W to
I
of 1% were
quoted, being the lowest on record. The nominal
rates for acceptances are as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120Days—
Bid.
Asked. Bid. Asked. Bid. Asked.
Prime eligible bills
X
X
X
Si
X
X
—90 Days— —60Days— —30Day,
Bid. Asked. Bid. Asked. Bid.
Asked.
Prime eligible bills
X
H
X
X
X
3(
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
H% bid
Eligible non-member banks
H% bid
Discount Rates of the Federal Reserve Banks.
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of • paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
April 6.
2
13.4
234
2
3
3
234
234
3
3
3
2
Date
Established.
Previous
Rate.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
234
2
3
234
33.4
334
3
3
334
334
334
234
Course of Sterling Exchange.
TERLING exchange, it was remarked here last
week, was firmer than at any time in several
weeks. The pound has again moved into higher
ground and has been irregularly firmer and in noticeable demand, especially since Tuesday, in nearly
all markets. Tuesday was the first day since the
Easter holidays when the exchange markets throughout the world were all opened and an accumulated
demand for sterling from all quarters drove the unit
up against most of the major currencies. When
sterling became firmer against dollars it was also
firmer against francs, as both dollars and francs are
now gold currencies. The range this week has been
between 85.123 and $5.18% for bankers' sight bills,
compared with a range of between $5.093.i and
%
$5.133 last week. The range for cable transfers has
been between $5.128 and $5.18%, compared with
/
a range between $5.09% and $5.13%.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS.
Saturday, March 31
Wednesday, April 4
77.84
Thursday, April 5
Monday. April 2
Holiday
Tuesday, April 3
April 6
78.294 Friday,
78.42
78.11
78.25
LONDON OPEN MARKET GOLD PRICE.
Wednesday, April 4_ __134s. 3d.
Saturday, March 31
Holiday
Thursday, April 5_ ___134s. 83id.
Monday, April
Holiday
2
Tuesday, April
Friday,
April 6_ _134s. Id.
1358. 2d.
3
Volume 138
Financial Chronicle
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
Wednesday April 4
35.00
Saturday, March 31
35.00
Thursday, April 5
Monday, April 2
35.00
35.00
April 6
Friday,
35.00
Tuesday, April 3
In Tuesday's market, for the first time since the
United States returned to the gold standard at the
beginning of February, the dollar dropped to a discount in terms of gold. New York at one period of
%
the day quoted the dollar-sterling rate at $5.187 ,
which meant that the dollar equivalent of the London
gold price was $35.08 per fine ounce, thus 8 cents
in excess of the American official price. This was the
first time that London or any other major gold center
moved above New York. This figure indicated that
the dollar had dropped to 99.77% of its parity based
on the open market price for sterling and the sterling
price for gold. However, this quotation was largely
nominal. The London open market gold price posted
some hours before the opening of the market in New
York was 135s. 2d. and the dollar equivalent in
London for gold was $34.75 per ounce. It moved
up on Wednesday to $34.87 but was back again on
Thursday to $34.75. It cost fully 25 cents an ounce
to ship gold from London to New York and only the
most favored houses and the most favorable circumstances of shipping availability and insurance
would make it profitable to bring gold here from
London on so narrow a margin.
The improved demand for sterling, which subsided
on Thursday, resulted from several causes. As a
minor factor seasonal influences must be considered.
An important reason is the growing uneasiness in
Europe that some of the leading currencies may be
devalued. Especial concern is felt for the franc.
This factor was accentuated by the volume of business which had accumulated during the Easter holidays. Most markets in London and on the Continent
were closed for four days. The firmness of sterling
against the dollar was due in no small measure to
persistent reports that pressure would be exerted on
this side to induce President Roosevelt to further
cut the gold content to a half of old dollar parity.
While this idea was simply a strong undercurrent in
the European market, it produced an effect which
was only partly offset by a genuine demand for
sterling from commercial sources. It is evident that
speculative interests of a bearish character which
have been dormant since early in February are again
becoming active and are centering their operations
chiefly on the gold currencies. While sterling moved
up sharply no signs were apparent that the British
Exchange Equalization fund was operating in any
market to arrest the course of exchange. There is
undoubtedly a heavy drift of funds to the London
market seeking safety. The market eased off.somewhat on Wednesday and further on Thursday, due
largely to the completion of accumulated holiday
business and in a slight measure to the at least temporary cessation of the flow of French funds from
Paris to London on the publication of the French
Government's decrees designed to effect economy in
public expenditures. The French decrees are commented upon in the review of exchange on the
Continental countries.
The gold offerings in the London open market
have now fallen to more normal amounts. London
bankers say that sales of hoarded gold seem to have
ceased and that most of the buying in the open market
is for account of European hoarders who for the most
part seem to leave their purchases on deposit with
2309
the great London banks. There has been no evidence this week of gold buying for American account.
Apparently no gold was sold in the London open
marked on Saturday last or on Monday. On Tuesday, £370,000 of bar gold was available in the open
market and taken for unknown destination, believed
to have been for Continental account. On Wednesday, £450,000 was available and similarly taken.
On Thursday, £310,000 was similarly taken. On
Friday, £100,000 of bar gold was available and taken
for unknown destinations. There is more money
than ever on deposit in London.
Open market money rates are unchanged. The
comparative firmness, if such it could be called, is
due chiefly to the efforts of the Clearing House banks
and the Bank of England to maintain rates in the
interests of the discount houses, which have been
doing business at hazardously small margins during
the past vew years. Call money against bills was in
7
supply at %% to 4%. Two-months' bills are 4%,
three-months' bills 15-16%, four-months' bills 1%
to 1 1-16% and six-months' bills 1 1-16% to 1 8%.
The Bank of England statement for the week ended
April 4 shows a loss in gold holdings of £57,718, the
total standing at £192,095,154, which compares with
£177,360,405 a year ago and with the minimum of
£150,000,000 recommended by the Cunliffe committee. At the Port of New York the gold movement
for the week ended April 4, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$14,452,000, of which $11,790,000 came from England, $1,394,000 from Canada, $1,107,000 from
Holland, $137,000 from India, $14,000 from Cuba
and $10,000 from Mexico. There were no gold
imports and no change in gold earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended April 4, as
reported by the Federal Reserve Bank of New York,
was as follows:
-APRIL 4, INCL.
GOLD MOVEMENT AT NEW YORK, MARCH 29
Exports.
Imports.
$11,790,000 from England
1,394,000 from Canada
None.
1,107,000 from Holland
137,000 from India
14,000 from Cuba
10,000 from Mexico
$14,452,000 total
Net Change in Gold Earmarked for Foreign Account.
None.
The above figures are for the week ended Wednesday evening. On Thursday imports amounted to
$8,446,200, of which $7,293,200 came from England,
$1,015,200 from France and $137,800 from India.
There were no exports or change in gold held earmarked for foreign account. On Friday, $1,793,700
of gold was received from Canada and $1,663,400
from Holland. There were no exports or change in
gold held under earmark for foreign account.
Montreal funds are firmer, ruling throughout the
week at from par to a slight premium. On Saturday
last, Montreal funds were at par to a premium of
1-16%,on Monday at from par to premium of 1-16%,
on Tuesday at a premium of 1-16% to 3-32%, on
Wednesday at a premium of 1-16%, on Thursday at
from par to a premium of 1-16% and on Friday at
1-16% premium.
Referring to day to day rates, sterling exchange on
Saturday last was firm in dull trading. Bankers'
sight was $5.123@$5.143; cable transfers, $5.12%
/
@$5.145 . On Monday the rate was steady; the
market dull. The range was $5.13 11-16@$5.14%
2310
Financial Chronicle
for bankers' sight andl$5.133 @$5.14% for cable
%
transfers. On Tuesday sterling was up sharply in a
more active market. Bankers' sight was $5.15%@
$5.18/; cable transfers, $5.15/@$5.18/. On
Wednesday the undertone was easier. The range
was $5.15%@$5.183.j for bankers' sight and $5.15/
@$5.18Y for cable transfers. On Thursday sterling
was steady. The range was $5.14/@$5.16 for
bankers' sight and $5.14%@$5.164 for cable
transfers. On Friday, sterling was firm; the range
was $5.15@$5.16% for bankers' sight and $5.153/
8@
$5.17 for cable transfers. Closing quotations on
Friday were $5.163 for demand and $5.16 for
cable transfers. Commercial sight bills finished at
$5.15%; 60-day bills at $5.154; 90-day bills at
$5.14%; documents for payment (60 days) at $5.153/
g
and 7
-day grain bills at $5.16/. Cotton and grain
for payment closed at $5.15%.
Continental and Other Foreign Exchanges.
on the Continental countries is
EXCHANGE
generally
in terms of new dollar parity.
This applies especially to the gold bloc units, which
have fluctuated this week rather widely. The firmness is more apparent than real and the higher quotations mean merely that the dollar itself has moved
closer to the levels intended by the Washington Administration when it fixed the parity at 59.06. The
movement of the dollar in this respect is discussed
above in the review of sterling exchange. French
francs appear to have been particularly firm in terms
of the dollar, though the undertone of the franc is
easier, as is indicated by the greater firmness of
sterling exchange with respect to the franc. On
several occasions this week and especially on Thursday the franc moved up to within one or two points
of new dollar parity. The position of the franc is
somewhat precarious despite the strength of the Bank
of France. The firmness of the franc on Thursday
was attributed to the publication of the first set of
the new Government economy decrees. They were
received favorably in the foreign exchange market
and the franc rebounded against sterling. The London check rate on Paris on Wednesday went to 78.42
francs to the pound. At noon on Thursday it fell
to 78.25 francs and closed at 77.97 francs. This
indicated that the drift of capital from the Continent
to London had become slower in the confidence that
some degree of stability and economy would result
from the new decrees. However, bankers point out
that the Government in announcing its decrees insists that the only alternatives to its economies are
inflation or devaluation of the franc. It resolutely
opposes both. A United Press dispatch from Paris
on Thursday stated that the Cabinet warned that
the economies approved by the Government must
be accepted or the country faces two alternatives
close of the public Treasury or inflation. The warning was made as a counter move to vigorous opposition on the part of the highly organized and politically powerful civil service, who are severely affected
by the decrees approved by the Cabinet on Wednesday. The following table shows the relation of the
leading European countries still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
3.92
6.63
13.90
25.54
5.26
8.91
23.82
40.33
19.30
32.67
40.20
68.06
Range
This Week.
6.57% to 6.623i
23.31 to 23.47
8.59 to 8.64
39.68 to 39.91
32.24 to 32.50
67.37 to 67.85
April 7 1934
The Bank of France statement for the week ended
March 30shows an increase in gold holdings offr.247,889,635, allowing an increase during the week ended
March 23 of fr. 313,982,893. The bank's ratio
stands at the high figure o176.77%, compared with
77.34% in the week of March 23. The decrease in
the ratio at present is due very largely to an increase
of more than fr. 2,000,000,000 in note circulation, a
characteristic change at Easter time. The Easter
circulation will doubtless return to the bank at once.
A year ago the bank's ratio was 76.45%. Legal requirement is 35%.
German marks are firmer and on several occasions
ruled close to new dollar parity. The market for the
German unit is extremely limited and quotations are
highly nominal, as all German foreign exchange trading is under the strict control of the Reichsbank.
The mark is classed as one of the gold currencies, but
this classification is in effect nominal as gold may not
be freely paid out. Therefore the firmness in terms
of the dollar merely reflects the trend of the dollar
toward the new gold parity established for it at
Washington. The Reichsbank continues to lose gold
heavily. The statement of condition for March 31
shows a further loss in gold and foreign exchange of
7,855,000 marks. The reserve ratio has declined to
6.7% from 8.0% on March 23. The present ratio
thus equals the low record which was established by
the Reichsbank on June 30 1933. During the past
four months the Reichsbank has lost approximately
163,400,000 marks in gold and foreign currency
reserves. The gold reserves of the Reichsbank have
been under steady pressure since September 1930,
when the first of the foreign credits was recalled.
During that period the Reichsbank has lost a total
of 2,381,900,000 marks in gold, or 91.9% of the
amount of metal held at the end of August 1930.
The Berlin Bureau of Statistics says that the financing
of work creation indirectly out of national resources
will continue and that as these resources are narrowly
limited they must be supplemented eventually either
by increased exports or reduced transfers. The
Deutscher Volkswirt, financial journal, demands new
foreign credits unless the transfer of funds to service
debts is entirely to cease.
Italian lire are steady and were least affected this
week by fluctuations in the major exchanges. The
lira has been ruling relatively easier than most of the
gold currencies for the past few weeks. The market
is thin. Governor Azzolini of the Bank of Italy,
speaking recently before the general meeting of the
shareholders of the Bank, stated that Italy intends
to remain strictly faithful to the gold standard.
Referring to the recent outflow of gold from the Bank
he said that Italy could not remain unaffected by the
pressure felt by other gold bloc countries, but that
these movements of gold shou'd be regarded as indicating firm determination to maintain the convertability of the lira into gold as the indispensable
condition for a sound economic policy and the
basic factor for the return to a settled and durable
prosperity.
The London check rate on Paris closed on Friday
at 78.23, against 78.08 on Thursday of last week.
In New York sight bills on the French center finished
on Friday at 6.59k, against 6.57 on Thursday of last
week; cable transfers at 6.604„ against 6.574, and
commercial sight• bills at 6.59, against 6.56. Antwerp belgas finished at 23.41 for bankers' sight bills
and at 23.42 for cable transfers, against 23.29 and
Volume 138
2311
Financial Chronicle
23.30. Final quotations for Berlin marks were 39.79
for bankers' sight bills and 39.80 for cable transfers,
in comparison with 39.63 and 39.64. Italian lire
closed at 8.59 for bankers' sight bills and at 8.60 for
2
cable transfers, against 8.573/ and 8.58. Austrian
schillings closed at 19.00 against 18.95; exchange on
Czechoslovakia at 4.163/, against 4.15; on Bucharest
2
at 1.013, against 1013; on Poland at 18.95, against
18.88, and on Finland at 2.27, against 2.27.
Greek exchange closed at 0.94 for bankers' sight bills
2
and at 0.943/ for cable transfers, against 0.93 and
0.94.
of Finance. The change is not expected to make
it any easier to obtain dollar drafts, as the government is committed to the policy of issuing exchange
permits only as foreign purchases of Argentine products make foreign currencies available.
Argentine paper pesos closed on Friday nominally
at 34 for bankers' sight bills, against 34 on Thursday
of last week; cable transfers at 34,.against 343/2.
Brazilian milreis are nominally quoted at 8.60 for
bankers' sight bills- and 8.75 for cable transfers,
against 8.56 and 8.75. Chilean exchange is nominally quoted 103's, against 103. Peru is nominal
8
at 223/, against 23.60.
countries neutral during the
on
prethe Far Eastern
EXCHANGE beentheruling firmer inisterms appar- EXCHANGE onfeatures from recentcountries The
of the
war have
weeks.
sents no new
dollar. But, here again, the firmness more
Indian rupee fluctuates with sterling exchange to
ent than real and the true picture is that the dollar
has gradually worked down near to the parity intended by Washington in the act of devaluation.
The Scandinavian units are firm in sympathy with
sterling to which they are allied. Fundamentally
the undertone of Swiss francs and Holland guilders is
easy. There has been a steady outflow of funds from
both these countries to other centers, to Paris, New
York, and notably to London, often via Paris.
The Swiss demand for dollars was noticeable in
Monday's trading. In New York the rate broke to
32.23 (new parity is 32.67). When the Swiss unit is
around 32.41 gold might be shipped to New York at a
profit. As a rule a shipment to Paris would prove
sufficient to correct disparity in exchange on other
centers. Holland guilders have fluctuated widely
and, while firmer than last week, are, nevertheless,
easy in terms of dollars. Owing to the continued
outflow of funds from Holland open market money
rates in Amsterdam have been hardening for several
weeks past. It will be recalled that rates were advanced last week. Again, on Thursday, the private
discount rate was raised to 13/8% from 1 5-16%,
which had been in effect since March 28. The buying
rate on prime guilder acceptances was advanced to
2% from 1 7-16%. These are the highest rates since
July 1933.
Bankers' sight on Amsterdam finished on Friday
at 67.69, against 67.32 on Thursday of last week;
cable transfers at 67.70, against 67.33, and commercial sight bills at 67.68, against 67.30. Swiss
francs closed at 32.37 for checks and at 32.38 for
cable transfers, against 32.23 and 32.24. Copenhagen checks finished at 23.08 and cable transfers
at 23.09, against 22.89 and 22.90, Checks on Sweden closed at 26.59 and cable transfers at 26.60,
against 26.45 and 26A6; while checks on Norway
finished at 25.97 and cable transfers at 25.98, against
25.77 and 25.78. Spanish pesetas closed at 13.67
for bankers' sight bills and at 13.68 for cable transfers, against 13.613/b and 13.62.
the South American countries,
EXCHANGE on affecting sterling and the United
while nominally quoted, is firm in sympathy
with the influences
States dollar. A special cable to the New York
Times from Buenos Aires, dated April 5, stated that
the Argentine government has abolished the Exchange Control Commission in consequence of frauds
discovered in its conduct. The decree accepting
the resignations of the members of the control was
dated March 5. Exchange operations are now controlled by a newly created bureau in the Ministry
which it is legally fixed at the rate of is. 6d. per rupee.
Hong Kong and Shanghai are fractionally firmer and
move more or less in harmony with the London price
of silver. Japanese yen are steady with a slightly
firmer undertone, the Tokio control• guiding the
unit largely with regard to the movements of sterling
exchange.
Closing quotations for yen checks yesterday were
30.40, against 30.25 on Thursday of last week.
Hong Kong closed at 39@39 5-16, against 38%@
4
38 13-16; Shanghai at 35@35 1-16, against 343 ;
Manila at 50.30, against 50.35; Singapore at 60/,
4
against 6034; Bombay at 39, against 383 and Calcutta 39, against 38%.
Foreign Exchange Rates as Reported by Federal
Reserve Bank of New York.
the requirements of Section 522
Federal
PURSUANT to Act of 1922, the SecretaryReserve
of the Tariff
of the
Bank is now certifying daily to 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:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 31 1934 TO APRIL 6 1934, INCLUSIVE.
Couture and Monetary
Unit.
Noon Buying liars for Cable Transfers in New York.
Value in United Stales Money.
Mar. 31. Apr. 2. I Apr.3.
Apr.4.
Apr.5.
Apr.6.
8
8
$
$
li
$
EUROPE.189520* .189000 .189660* .189900* .189820* .189840*
Austria, schIlling
.233058 .233338 .233341 .233675 .233553 .233866
Belgium, belga
.013300' .013500 .013400' .013250' .013250" .013250•
Bulgaria, ley
Czechoslovakia, kron .041505 .041542 .041537 .041621 .041609 .041640
.228841 .229436 .230318 .230927 .230141 .230033
Denmark, krone
England, pound
5.133250 5.141333 5.162166 5.173839 5.152916 5.154750
sterling
022540 .022566 .022675 .022716 .022708 .022700
Finland, markka
065783 .065819 .065823 .065955 .065966 .066001
France,franc
.397191 .397160 .397481 .397384 .397600
Germany, reichsmark .
.009420 .009425 .009437 .009437 .009440 .009437
drachma
Greece,
.673650 .674550 .675207 .675392 .675457 .676515
Holland, guilder
Hungary. pengo
296000 .296833 .297000' .296666* .296666* .296500'
.085878 .085867 .085970 .086053 .085956 .086053
Italy, lira
.257363 .258158 .259183 .259963 .258983 .258700
Norway, krone
.189000 .189000 .188940 .189460 .189483 .189340
Poland, zloty
046875 .046715 .046985 .047025 .047150 .047041
Portugal, escudo
.010058 .010070 .010070 .010080 .010045 .010045
Rumania.leu
.136110 .136242 .136364 .136596 .136525 .136696
Spain, peseta
.264969 .265950 .266716 .265727 .265563
Sweden,krona
_ _ .322671 .322490 .322935 .323610 .323525 .323807
Switzerland, franc_
Yugoslavia. dinar_
.022650 .022660 .022640 .022700 .022730 .C22760
ASIAChinaChefoo (yuan) dol'r .345416 .345416 .345833 .346666 .347916 .347083
Hankow(yuan)dol'r .345416 .345416 .345833 .346666 .347916 .347083
Shanghai(yuan)dorr .344375 .344687 .345468 .345937 .347031 .346488
Tientsin(yuan)dol'r .345416 .345416 .345833 .346686 .347916 .347083
Hongkong, dollar
.384375 .384687 .386250 .387187 .387187 .387187
India, rupee
.385600 .387250 .388687 .389300 .387350 .387450
Japan, yen
.301160 .301762 .302500 .303300 .302550 .302937
Singapore (8. 8.) der .600000 .602500 .603125 .604375 .603750 .603125
AUSTRALASIA
Australia. pound
4 087083 4.095000 4.108333 4.114166 4.104166 4.105000
New Zealand, pound- 4.097083 4.105833 4.119166 4.124583 4.115000 4.115833
South Africa, pound 5.074687 5.083125 5.102500 5.116562 5.095312
NORTH AMER.Canada, dollar
1.000000 .999765 1.000052 1.000208 1.000000
Cuba, peso
999150 .999150 .999350 .999150 .999150
Mexico. peso (silver). .
.277160 .277180 .277160 .277160
Newfoundland, dollar .997500 .997437 .997560 .997625 .997437
SOUTH AMER..342133" .342633* .344033' .345000 .343250
Argentina. peso
Brazi1, mfireis
.085275" .085562* .085650• .085937" .085330
.102000" .102000* .102800• .102500" .102200
Chile, peso
.800566* .803000•1 .802000" .804500" .803733
Uruguay, peso
627000* .621100• .619200' .588200. .598800
Colombia, peso
• Nominal rates: firm rates not available.
5.095000
1.000000
.999550
.277160
.997500
.343350'
.085450'
.102300'
.803666'
.590000'
2312
Financial Chronicle
Gold Bullion in European Banks.
HE following table indicates the amount of gold
bullion in the principal European banks as of
April 5 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
1934.
1933.
1932.
£
£
£
England__ _ 192,095,154 177,360,405 121.437,360
France_ a _ _ 596,906,280 643,270,900 614,287,957
Germany_b
9,892.200
34,469,400
40,702.150
Spain
90,482,000
90,362,000
88,779,000
Italy
76,843,000
66,780,000
57.434,000
Nethlands, 65,711,000
73,013,000
79,061,000
Nat.Belg'm
77,082,000
71,777,000
76,222,000
SwIteland_
65,352,000
88,805,000
66,030,000
Sweden
14,705,000
12,129,000 11,440,000
Denmark
7,398,000
7,398,000
8,032,000
Norway_ _ _
6,574,000
6,561,000
8,380,000
1931.
£
147,023,368
448,772,174
106,800,300
96,772,000
57,385,000
37.167,000
41,125,000
25,712,000
13,335,000
9,547,000
8,134,000
1930.
£
160,782,478
338,861,142
119,731,950
98,734,000
56,131.000
35,997.000
33.732,000
22,440,000
13,540,000
9,574,000
8,145,000
Total week 1,203,040,634 1,284,237,705 1,159,493,467 991,772,842 897,668,570
Prey. week 1.203.720.035 1.279.972.452 1.173.837.025 989.100.105 893.114.471
a These are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,964,600.
The Recovery Program and Its Critics.
The remarks which General W. W. Atterbury,
president of the Pennsylvania Railroad, is reported
to have made on Tuesday in a newspaper interview
call attention to a kind of criticism of the national
recovery program which has been heard increasingly of late in important business and financial
circles. General Atterbury frankly commended
President Roosevelt for having done, "in many respects," a "very great job," and suggested that for
such mistakes as he had made the responsibility was
to be shared with his advisers. The trouble with the
NRA program was that it had been forced "very
much too fast" and had been extended in some cases
to industries that did not need it. The original purpose of the NIRA, as General Atterbury understood
it, was to encourage voluntary co-operation within
an industry as a whole under Government regulation, but the business recovery which had showed
itself in the first quarter of the present year would,
he thought, be retarded by such an extension of the
original purpose as to include the enforced imposition of codes, the enactment of a closed shop policy
by Congress, and the maintenance of unreasonable
restrictions on the issuance of securities. He was inclined to attribute to the controversy at Washington over the Securities Act some of the delay in
the revival of capital goods industries, and he made
no secret of his apprehension regarding the effect
of rising prices upon consumers.
General Atterbury, in other words, appears to
regard the NIRA as a temporary measure, designed
primarily to aid business and industry in coping
with problems of recovery under conditions of national emergency, and quite possibly embodying
some features which experience might show it was
desirable to retain. The excessive zeal with which
the application of the program has been pressed,
however, particularly in the wholesale and forcible
imposition of codes and the erection of serious obstacles to the flotation of securities, has not only
carried the scheme far beyond the ground it was intended to occupy, but has introduced elements of uncertainty into a revival which appeared to be taking
an encouraging form.
The apprehensions which disturb General Atterbury are reflected in a growing volume of criticism
directed at some disturbing consequences of NRA
policy which at the outset,perhaps,were notforeseen.
On March 31, for example, George A. Renard, secretary-treasurer of the National Association of Purchasing Agents, pointed out in a statement in the
New York "Times"-an unexpected result of the crea-
April 7 1934
tion of consumers'councils to act as "watch-dogs" of
consumers'interests. According to Mr.Renard these
councils, which have been set up in all but two States,
are actually operating to impair the effectiveness of
codes in the oil, dry goods, groceries, drugs and a
number of other industries through their indirect
encouragement of co-operative buying, the co-operative societies which are represented in nearly all
of the councils being exempted from many of the
restrictions which the codes impose upon distributors. He further called attention to the threat which
manufacturers of supplies for many industries were
inviting by their control of prices and restrictive
marketing conditions, and pointed to the automobile
plants which were reported to be preparing to produce their own supplies because of higher prices of
steel.
On the same day Dr. Paul H. Nystrom, president
of the Limited Price Variety Stores Association and
professor of marketing at Columbia University,
made a forcible attack upon the open-price principle
which the NRA has championed in connection with
the codes. The principle, •he was quoted by the
"Times" as saying, "seems innocent enough, but its
purposes are definitely price fixing, market control
and monopoly. . . . If this method of market
control is adopted,the public will have but one means
of defense, namely, a public or Government supervision and control over all business. . . . The openmarket price system, if adopted, will set prices high
enough to increase profits for most concerns whether
they are efficient or not. It will tend to prevent the
establishment of new methods and new concerns. It
will discount ambition, initiative and resourcefulness in the invention and improvement of methods
of production and distribution. . . . Government
will expand. Taxes will continue to rise. Prices
will go much higher and remain higher." On Tuesday Professor Nystrom warned the New York section of the American Marketing Society that longestablished customer relations were being upset by
the insertion in codes of provisions changing the
conduct of business, such as "the reduction and
elimination of discounts, the prohibition of consignment selling, the rule against advertising allowances and other trading considerations formerly enjoyed by many concerns, particularly the larger purchasers."
It is interesting to note that General Johnson,
whose course as Administrator of the NRA has been
frequently criticized in connection with the formulation and enforcement of codes, appears now to be in
favor of allowing the licensing provision of the NIRA
to expire by limitation on June 16 rather than face
a fight in Congress over its extension. The licensing
provision is the most drastic means which the statute placed in the President's hands for compelling
and controlling industry under the codes. It impowers the President, "after such public notice and
hearing as he shall specify," to license any business
enterprise engaged in inter-State or foreign commerce, if he deems such action necessary to give
effect to a code of fair competition; and thereafter
no person may lawfully engage in such business
without a license having been first obtained. The
penalty for violation of the license or any of its
provisions is a fine of not more than $500, or imprisonment for not more than six months, or both,
each day that the violation continues being deemed
a separate offense.
Volume 138
Financial Chronicle
The far-reaching possibilities of the licensing
power seem not to have been given much attention
until the recent controversy with the automobile industry over union recognition and collective bargaining. The weapon was then brought out by the Administration and pointed to as an ultimate resource
for enforcing compliance,but only a slight consideration was needed to show that it was a sword that
could cut both ways. It did not, apparently, intimidate the automobile representatives, but there was a
sobering reaction in the Administration, and the adjustment which was presently made carried more of
concession by the Government than by the manufacturers. The provision might do no harm in the
statute so long as it was not used, but the mere suggestion of putting one of the country's greatest industries, intimately bound up with the business revival which was so eagerly desired, under a Presidential license was too long a step in the direction
of Executive autocracy to be seriously pressed.
General Johnson,' however, appears to be in•fluenced quite as much by the attitude of Congress
as by the possibility of an industrial revolt. Nothing worth while would have been accomplished by
subjecting the automobile industry to a license if
the license were to run only until June 16. On the
other hand, the only way to extend the licensing
period is to get Congress to amend the NIRA, and
a proposal of that kind would give the Senate the
opportunity which some of its leading members
greatly desire to open up the whole question of the
recovery program.
Recent speeches in the Senate show how strong
the opposition would probably be to any extension
of NRA authority. On March 21, the Senate having
before it a report of the Federal Trade Commission
showing the extent of the control of the steel code
which was exercised by the large companies, and a
report of the NRA revealing the business affiliations
of its principal members and the detailed salary list,
Senator Borah launched an attack in which he denounced the steel code as "economic feudalism"
and "inhuman," declared that under it the small
business man had "absolutely no chance," insisted
that his own investigations showed that similar conditions obtained in other large industries, and called
for "a redrafting of the codes" and the restoration
by Congress of the anti-trust laws. His views were
again elaborated on March 22 in a radio address
broadcast from Washington, while on Monday of
this week he made a vigorous attack on the processing taxes of the AAA in which not only Senator
Hiram Johnson, insurgent Republican, but two stalwart Republicans, Senators Dickinson and Fess,
joined.
It will be creditable to General Johnson if, on
grounds of principle quite aside from those presented by the opposition in Congress, he shall decide
to throw his influence in favor of dropping the licensing provision. The provision should never have been
inserted in the statute, its existence there is a provocation, and the easiest way to get rid of it is to let
it lapse. If the only way to bring about a revival
of business is to hold over business the threat of subjection to a Presidential license, we may be sure that
there will be no revival, for the critics are too many
and influential and the powers of resistance too
great. The elimination of the licensing provision,
however, should be only a part of a general reconsideration of the whole policy of the NIRA and its
2313
administrative arm, the NRA. Some of the most
conspicuous defenders of the principles, if not of all
the practices, of the recovery program have already
urged that the time had come for a re-examination
of the whole structure of regulation that has been
built up, including the codes, the administrative
machinery at Washington, and the elaborate system
of boards and enforcement bodies which has been
spread over the country. Much that has been done
was done hastily and with glaring excess of zeal, and
there has been a good deal of friction and working at
cross purposes. It is time to reconsider.
Whether reconsideration is practicable is, of
course, another matter. An enormous vested interest
in the recovery plan has grown up in Administration circles at Washington and in many of the
States, and within Administration councils there is
well known to be sharp difference of opinion. On
March 21 President Roosevelt was reported by the
Associated Press as telling the White House press
conference that the "price fixing possibilities" under
the steel code were "very unsatisfactory," and that
he was also "dissatisfied with the methods of determining steel costs, particularly in regard to steel
rails." The designation of a special Cabinet committee to study the revision of the price control machinery of the NRA codes was announced on March
28. On the same day, however, a committee of the
NRA, appointed as one of the results of the recent
convocation of code authorities at Washington, submitted to General Johnson a report in which the
open price agreements of the codes were upheld and
the conclusion reached that both consumer and labor
interests were adequately represented in the code
prescriptions. It is clear that the Administration
will not find the going easy if it undertakes to revise
the codes, and still less if it essays a review of the
whole recovery scheme, but the start ought nevertheless to be made, and the abandonment of the licensing menace is a good place to begin.
Signs of More Hopeful Attitude—Despondency
Giving Place to Greater Buoyancy of Spirits
Among People of Influence.
Everybody seems to be on the alert to detect indications of returning prosperity. A notable demonstration was given at Atlantic City, last Sunday,
pointing to both a happier state of mind and to
larger balances in private bank accounts. The occasion was the annual Easter parade which was staged
by a crowd estimated at 350,000 persons, the largest
since the gay twenties, when the sky was the limit
in speculation and in personal expenditures, and in
this case Atlantic City may be considered typical of
the country in general.
This multitude of seekers after health and pleasure
came Chiefly from the metropolitan areas of New
York City and Philadelphia, the two most populous
centers of the North Atlantic coast. The display was
remarkable not only for the number of individuals
participating but in the attractiveness and costliness of apparel. Altogether it may be taken to be
just one more exhibition of the indomitable disposition of the American public to make the best of
the inevitable, to overcome an atmosphere of melancholia naturally engendered by the very trying ordeal
experienced during the past four years, to go forward with renewed energy and determination to
dispel whatever vestage of gloom which remains of
Old Man Depression.
2314
Financial Chronicle
Generations come and go, but the spirit to rise
and triumph remains characteristic of the American
people.
While this remarkable exhibition occurred in the
North, there has been a similar object lesson noted
among the winter resorts of the South. From Miami
and Palm Beach, in southern Florida, to St. Petersburg on the Gulf, there has been little indication
during the past winter of a period of hard times.
The temporary migration from the North took the
landlords of Florida wholly by surprise this year,
and the season has surpassed all expectations.
The lower Florida resorts are patronized chiefly
by the more wealthy and prosperous citizens of the
North, while the moderately well-to-do flock to St.
Petersburg and a multitude of smaller resorts on the
coast and inland. Many thousands of persons in
search of recreation and health journeyed southward,relegating to the background for the time being
the hardships, privations and disappointments they
had experienced since 1929 and making themselves
more fit for the hard work they must continue in
order to bring their affairs back to normal.
The sudden outburst of exhilaration manifested
at Atlantic City is, however, of greater significance.
Many of those who participated in the Easter demonstration had for some years experienced enforced
April 7 1934
self-denial. They are now sharing in the benefits
brought by the returning tide of better times, and
they gave expression to long-suppressed desires by
attiring themselves in garments of latest style, seizing upon the annual parade as an opportunity to cast
aside accumulated gloom and to enter the new era
of better living conditions.
For weeks the market reviewers had been noting
a steadily increasing improvement in retail trade, a
demand which was quite a's unexpected by the large
retail establishments as was the unusual influx at
Florida by the Southern hosts. The crowds of eager
shoppers gave evidence of what was in store for the
Easter promenade.
It may be taken for granted at last that the American people have turned over a new leaf. They are
inspired with hope, which is a dependable indication
of better conditions to come, of employment as well
as trade, upon which depend domestic markets for
manufactures and for the products of farms and
mines which are used in the processes of manufacturing.
Southern sojourners will soon be returning to their
northern homes. They will find a more hopeful
atmosphere here than when they departed a few
months ago, one with which they will be in full
accord.
The New Capital Flotations in the United States During the Month of
March and for the Three Months Since the First of January
Ix presenting our compilations of new financing for the
month of March, the same general comments are to be made
as in other recent months, namely, that they remain exceedingly light. There is nothing to be said regarding them
except to note that the amount of the new issues is so meagre
that they really call for no special comment. The grand
total for March is a little larger than it was for February,
and yet remains far below the huge totals that were reached
in the period of unbridled speculation and large-scale financing of 1928 and 1929. As against a total of $90,242,665 of
new issues brought out in this country during the month
of January, and $86,983,981 for February, the amount for
March foots up $146,879,262. Undue importance should not
be given to this increase for a single month, and, above all,
the mistake should not be made of drawing the conclusion
that new financing has now become easy, for such is not
the case. Conditions for floating private issues of securities
still continue unfavorable, especially corporate issues, in
respect to the flotation of which banking and investment
houses are reluctant to assume the risk involved under the
provisions of the Security Act of 1933.
Moreover, the circumstance should not be overlooked that
the March total included a few large issues which served
to swell the month's total. Thus the Commonwealth of
1
Pennsylvania marketed an issue of $30,000,000 serial 34%
bonds, and the Delaware River Joint Commission, New Jersey, disposed of $9,555,000 of 41
4% bridge bonds. More
than half of the corporate total of $26,339,578 was accounted
for by one issue, namely, $15,000,000 American Water Works
& Electric Co., Inc., 10
-year cony, coll. trust 5% bonds due
March 1 1944. In addition, $25,000,000 of Federal Intermediate Credit Banks 2% debentures were brought out during the month.
Because of the importance of Federal financing, we furnish
below a summary of the United States Treasury issues of
all kinds put out during the month of March, and also those
put out during the two months preceding, giving full particulars of the different issues, and making a complete record
in that respect for the first three months of the current
year.
New Treasury Offerings During the Month of March 1934.
On March 7, Secretary of the Treasury Henry Morgenthau Jr. announced an offering of about $460,000,000 of 3%
Treasury notes (Series C-1938). The notes were dated
March 15 1934 and will mature March 15 1938. This offer3
4
%
ing was made only to holders of the / Treasury certifi-
cates of indebtedness (Series Ti1-1934) which matured
March 15 1934. The latter issue was accepted at par in
exchange for the new 3% Treasury notes. Subscriptions
3
4
%
amounting to $455,175,500 of / Treasury certificates of
Indebtedness were tendered and accepted in exchange for
the new 3% Treasury notes. No cash subscriptions were
invited. The Treasury notes, in addition to being exempt
from the normal taxes, are also exempt from the surtaxes.
This financing was strictly a refunding operation.
Mr. Morgenthau on March 1 announced a new offering of
182-day Treasury bills in the amount of $100,000,000, or
thereabouts. The bills were dated March 7 and will mature
Sept. 5 1934. Subscriptions to the offering amounted to
$393,054,000, of which $100,236,000 was accepted. The average price of this issue was 99.781, and the average rate
about 0.43% per annum on a bank discount basis. Issued
to replace maturing bills.
On March 15 Mr. Morgenthau announced a new offering
of 91-day Treasury bills in the amount of $100,000,000, or
thereabouts. The bills were dated March 21 and will mature
June 20 1934. Tenders received amounted to $344,987,000,
of which $100,110,000 was accepted. The accepted bids averaged 99.978, the average rate on a bank discount basis being
0.09%. The bills were sold to meet a similar issue of
securities.
Secretary of the Treasury Henry Morgenthau Jr. announced on March 22 the offering of two series of Treasury
bills to the aggregate amount of $100,000,000, or thereabouts,
each dated March 28 1934, and maturing, respectively, in
91 days and 182 days. Each series was offered to the
amount of $50,000,000, or thereabouts; the 91-day bills maturing June 27 and the 182-day bills Sept. 26 1934. The
offering was used to meet an issue of maturing bills.
Tenders for the two series of Treasury bills aggregated
$333,010,000, of which $194,789,000 was for the 91-day bills
and $138,221,000 was for the 182-day bills. The total amount
accepted for the two series of Treasury bills was $100,116,000, of which $50,091,000 was for the 91-day bills and
$50,025,000 in the case of the 182-day bills. The average
price for the 182-day bills was 99.904, the average rate on a
bank discount basis being 0.19% per annum, while the average price for the 91-day bills was 99.980, making the average
rate on a bank discount basis 0.08% per annum. This rate
of OM% is the lowest at which an issue of Treasury bills
ever sold. A recent issue of bills (dated March 21) brought
a rate of about 0.09%, which rate equaled the all-time low
established Dec. 28 1932.
2315
Financial Chronicle
Volume 138
A further offering of two series of Treasury bills was of the total for that month. The $12,569,200 raised for
announced on March 29 by Acting Secretary of the Treasury refunding in March (1934) consisted entirely of new longStephen B. Gibbons to the aggregate amount of $100,000,000. term debt to retire existing long-term debt. The largest
or thereabouts, each dated April 4 1934, and maturing, re- corporate offering during March comprised $15,000,000
spectively, in 90 days and 182 days. The bills, however, as American Water Works & Electric Co., Inc., 10-year cony.
stated above, were dated April 4, and hence form part of the coll. trust 5% bonds, priced at 105 for public subscription,
Government's financing for the month of April. Each series or par for par, in exchange for the company's coll. trust 5%
was offered to the amount of $50,000,000, or thereabouts, the bonds due April 1 1934. The rest of the month's financing
90-day bills maturing July 3 and the 182-day bills Oct. 3 comprised four small bond issues for the account of rail1934. The offering was used to replace an issue of similar roads totaling $6,481,000; a short-term bond issue of $250,000
securities. Tenders for the two series of Treasury bills for the Securities Investment Corp (Omaha, Neb.), and four
aggregated $302,346,000, of which $184,356,000 was for the small stock emissions aggregating $4,608,578.
No foreign issues of any description were floated here
90-day bills and $117,990,000 was for the 182-day bills. The
total amount accepted for the two series of Treasury bills in March. It was announced during the month, however,
that Argentina had renewed an American bank loan of
totaled $100,247,000, of which $50,151.000 was for the 90-day
bills and $50,096,000 was for the 182-day bills. The average $16,458,750 in nine series of $1,828,750 each, interest rang4
price for the 182-day bills was 99.902, equivalent to a rate ing from 21 % for early installments to 4% for the last
of 0.19% on a bank discount basis, while the accepted bids two series. The interest on the entire loan averages about
for the 90-day bills averaged 99.981, the average rate on a 3.55% per annum.
Included in the month's financing was an offering of
discount basis being 0.08%.
In the following we show in tabular form the Treasury $25.000,000 Federal Intermediate Credit banks 2% coll.
trust debentures, dated March 15 1934 and due in six and
financing done during the first three months of this year. '
The results show that the Government disposed of $3.733.- nine months, offered at price on application. The coupon
201,500, of which $1,532,901,000 went to take up existing rate on these debentures is lowest in the system's history.
There were no new fixed investment trust issues marketed
Issues and $2,200,300,500 represented an addition to the public debt. For March by itself the disposals aggregated $755.- during the month of March.
During the month two new issues were floated with con637 000, all of which was used to take up maturing issues.
:
vertible features, namely:
UNITED STATES TREASURY FINANCING DURING THE FIRST THREE
MONIIIS OF 1934.
Corp. 7% cony. pref. stock, convertible
$1,000,000 American B
Dale
Offered. Dated.
Dec. 26 Jan.
Jan. 3 Jan.
Jan. 10 Jan.
Jan. 17 Jan.
Jan. 23 Jan.
Jan. 23 Jan.
Jan. 24 Jan.
Due.
Amount
Accepted.
Amount
Applied for.
391 days
8384.619.000 $100,900,000 Average 99.843
10 91 days
252.825,000 100,050,000 Average 99.843
1191 days
289,397,000 125.340.000 Average 99.831
24 91 days
303.560,000 125,126,000 Average 99.831
29 1314 mos. 3.424,212.200 528.101.600
100
29 71 mos. 1,360,564,500 524.748,500
4
100
31 91 days
381,422,000 150,320,000 Average 99.819
Janua rY total
*0.62%
*
0.62%
*0.67%
*0.67%
2.50%
1.50%
*0.72%
81654676.100
Jan. 31 Feb. 7 91 days
302,858,000
Jan. 31 Feb. 7 182 days
244,427,000
Feb. 6 Feb. 14 91 days
230,078,000
Feb. 14 182 days
Feb.
178,326,000
Feb. 12 Feb. 19 22 mos. 1,332,409,900
Feb. 1 Feb. 19 3 years
2,285,754,500
Feb. 1 Veb. 21 91 days
307.110,000
Feb. 21 Feb i'28 182 days
420,115,000
Febru ary total
Mar. 1
Mar.
Mar. It
Mar. 2
Mar. 2
Price.
125,493,000 Average 99.834
50,078,000 Average 99.524
75,008,000 Average 99.833
75,044,000 Average 99.501
100
418,291.700
428,730,700
100
75.155,000 Average 99.855
75,088,000 Average 99.688
*0.66%
*0.94%
*0.66%
*0.99%
2.50%
3.00%
*0.57%
*0.62%
31322888,400
Mar. 7 182 days
Mar:'15 4 years
Mar. 21 91 days
Mar. 28 91 days
Mar. 28 182 days
393,054,000 8100,236,000 Average 99.781
455,175.000 455.175,500
100
344,987,000 100,110.000 Average 99.978
194,789,000
50,091,000 Average 99.980
138,221.000
50,025,000 Average 99.904
Mar h total_
$755,631,500
a
*043%
3.00%
*0.09%
*0-08%
*0.19%
t'17R2 ono flan
tntwi
* Average rate on a bank discount basis
USE OF FUNDS.
Dated.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
3
10
17
24
29
29
31
Type of
Security.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treas. notes
I ti% Ctrs. of Ind.
Treasury bills
Total
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
7
7
14
14
19
19
21
28
8100.990,000
100,050,000
125,340,000
125,126,000
528,101.600
524.748,500
150,320.000
81,654.676,100
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2Si% Treas. notes
3% Treas. notes
Treasury bills
Treasury bills
Total
Mar. 7
Mar. 15
Mar. 21
Mar. 28
Mar. 28
Total Amount
Accepted.
Refunding.
$100,990,000
75,020,000
75,023,000
80,034.000
Total
Grand total.
$25,030,000
50,317,000
45,092,000
528,101,600
524,748,500
90,140,000
60,180,000
8391.247,000 $1,263,429,100
$125,493,000 $125,493,000
50,078,000
50,078,000
75,008,000 1
75,295,000
75,044,000 I
418,291,700
428,730,700
75.155,000
60,063,000
75,088,000
75,088.000
81.322,888,400
Treasury bills
3% Treasury notes
Treasury bills
Treasury bins
Treasury bills
New
Indebtedness.
8386,017.000
$100,236,000
465,175,500
100,110,000
50,091,000
50,025,000
$74,757,000
418,291,700
428,730,700
15,092,000
8100,236.000
455,175.500
100,110,000
50,091.0011
50,025,000
8755,637,500
S'S 752 009 Ann
8936,871,400
8755,637,500
41 559
oni
eon to
eon
WW1 kiln
Features of March Private Financing.
Making brief further reference to the meagre corporate
offerings of the month, it is found that there were but 10
new issues, totaling, as already stated, only $26,339,578.
This total consisted of $15,000,000 for public utilities, represented by a single Issue; $6,481,000 for railroads, and
$4,858,578 for industrial and miscellaneous companies. The
portion of the month's financing raised for refunding purposes was $12,569,200, or about 47% of the total. In February the refunding portion was $2,308,000, or slightly over
15% of the total for the month, While in January it was
$1,500,000, or about 20% of that month's total. In March
1933 the amount for refunding was $2,247,778, or about 42%
into one share of common stock at any time.
15,000,000 American Water Works & Electric Co., Inc., 10
-year cony.
collateral trust 5s, 1944, convertible into common stock, at
$20 a share during the first two years, and at rising prices to
$75 a share from March 1 1942 until maturity. March 1 1944.
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
-for March and the three months ending
farm loan issues
with March:
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1934.
MONTH OF MARCH1orporateDomesticLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
anadian Government
Other foreign Government
7arm Loan !MIMI
Aunicipal States, cities, Jae
United States Possessions
Grand total
3 MONTHS ENDED MAR. 313orperateDomesticLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
:3anadian Government
Other foreign Government
Farm Loan issues
Municipal, States, cities, &c
United States Possessions
New Capital. Refunding.
$
$
Total.
8
8,911,800
250.000
1,325,000
3.283,578
12,569,200
21,481.000
250,000
1,325,000
3,283,578
13,770,378
12,569,200
26,339,578
3,000,000
22,000,000
25,000.000
a 80,506,020 a 15,033,664 a 95.539,684
97,276,398
49,602,864
146.879,262
8,911,800
12,250,000
1,325,000
16,324,485
16,377,200
25,289,000
12.250,000
1,325,000
10,324.485
32,811,285
16,377,200
49,188,485
15,000,000
46.900,000
61,900,000
b 177,186,42:, b 36,666,454 5213,852,923
Grand total
224,997,754
99.943,654 324,941,408
Figures do not include $15,270,781 of funds made available to States and municipalities by various agencies of the Federa Government during March 1934.
b Figures do not include 8180,694 065 of funds made available to States and
municipalities by various agencies of the Federal Government during the first
three months of 1934.
In the tables on the two succeeding pages we compare
the foregoing figures for 1934 with the corresponding figures
for the four years preceding, thus affording a five-year
comparison. We also furnish a detailed analysis for the
five years of the corporate offerings, showing separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during March, including every
issue of any kind brought out in that month.
MARCH FOR FIVE YEARS.
1931.
Refunding.
126.511.700
2,687,500
Total.
New Capital.
Total.
344,523,00"
34,735,000
6,870,000
2,600,500
367383,500
25,000,000
55,320,236
67,686,127
9,500,000
5,000,000
5,000,000
110,000,000
110.000.000
3,000,000
132,199,200
2,000,000
401,228,500
5,685,000
10154.500
4,600.000
382,600
3,000,000
933.800
15,000,000
279,508.181
630,889,863
4,000,000
22,000,000
20,000,000
122.583,042
135.133.000
701.421.681
799,472,905
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR
THE MONTH OF MARCH FOR FIVE YEARS.
1934.
1933.
1932.
MONTH OF MARCH.
1931.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital.
Long-Term Bonds and Notes
$
Railroads
6,481,000
6,481,000
110,966,300
89,151,700 200118,000 214.495,000
Public utilities
2,430,800
12,569,200
15,000,000
41,500,000
7,200,000
48,700,000
37,915,000
Iron, steel, coal, copper, &c
36,960,000
74,875,000 131,563,500
44.000,000
Equipment manufacturers
44,000,000
2,000.000
10,590,000
Motors and accessories
10,590,000
500,000
Other industrial and manufacturing
11,175.000
Oil
11,175,000
17,975,000
Land, buildings, &c
75,000,000
905,000
905,000
2.015.000
Rubber
2,015,000
11,350,000
Shipping
1,650,000
Inv. trusts, trading, holding,
1,650.000
600,000
Miscellaneous
9.200,000
500,000
9,700.000
29,400,000
Total
8,911,800
12,569,200
21,481.000
42,405,000
7.200,000
49,605,000
227,511,300 126.511,700 354,023,000 4E2,883,500
Short-Term Bonds & Notes
Railroads
3.425,000
3,425,000
Public utilities
16,662,500
Iron, steel, coal, copper. &c
2,687,500
19,350;000
10,000,000
Equipment manufacturers
Motors and accessories
12,000,000
Other industrial and manufacturing
13,635,000
3.000,000
Oil
16,635,000
2,000,000
Land, buildings, &c
400,000
1,006,000
1,006,000
1,750,000
Rubber
1.750,000
100,000
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
250.000
250.000
570.500
570,500
500,000
Total
250,000
250,000
5,001.500
5.001.500
32,047,500
Stpcks5,687,500
37,735,000
25,000.000
Railroads
Public utilities
2,147,778
2,147,778
499,400
1,897.320
2,396,720
7.168,000
Iron. steel, coal, copper, &c
7,168.000
83,081,452
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
1,071,200
4,608,578
4.608,578
3,170,000
100.000
3,270.000
341,250
341,250
Oil
12,884,711
2,052,500
Land, buildings, &c
2,052,500
Rubber
5,625,000
Shipping
Inv. trusts, trading, holding, &c
250,000
Miscellaneous
250,000
1,595,000
18,749.000
Total
4,608.578
4,608.578
3.170,000
2,247,778
5,417,778
840,650
1.897.320
2.737.970
9.470,500
Total
9.470,500 123.006,363
Railroads
6,481.000
6,481,000
3,425.000
3,425,000
110,966.300
89.051,700 200,018,000 214.495.000
Public utilities
2,430.800
12,569,200
15.000.000
2,147,778
2.147,778
41.999.400
9,097,320
51,096,720
61,745,500
39,647.500 101,393,000 224,644,952
Iron, steel, coal, copper, &c
44,000,000
Equipment manufacturers
44,000.000
2,000,000
10,596,000
Motors and accessories
10,590.000
12,500,000
Other industrial and manufacturing
1,071,200
4,608,578
4,608,578
3,170.000
100,000
3,270,000
341,250
341,250
24,810.000
Oil
3,000.000
27,810,000
32,859.711
2,052,500
Land, buildings, &c
2,052,500
75,400,000
1,911.000
1,911,000
3,765,000
Rubber
3,765,000
17,075,000
Shipping
1.650.000
Inv. trusts, trading, holding, &c_.....
1,650,000
600,000
250,000
Miscellaneous
250,000
1.595,000
250.000
250.000
570,500
570.500
9.200.000
500,000
9,700.000
48,649,000
Total corporate securities
13,770,378
12.569.200
26,339.578
3,170.000
2.247.778
5.417.778
48.247,150
9,097,320
57.344.470
269.029,300 132,199.200 401.228.500 630,889,863
1930.
Refunding.
378,338,000
29,600,000
55,320,236
68,068,127
15.436,500
2,845,563
646,326,363
4,000,000
26,060,000
20,000,000
125,428,605
22,282,063
821.754,968
4,000,000
1930.
Refunding.
6.018,060
3,836,500
Total.
220113,000
135.400,0(0
2,000.000
500,000
17,975,000
75,000,000
11,350.000
600,000
600,000
10,454,500
30,000,000
493,338,000
2,500,000
2.500.000
10,000,000
12,000,000
1.500,000
600,000
4.600,000
3,500,000
1,000,000
100,006
500.000
29.600,000
83,081,452
1,071,200
12,884,711
5,625,000
382.000
382,000
8.518.000
3,836,500
1,500.000
600,000
982.000
15.436.500
1.595,000
19.131,000
123,388,363
223,013,000
228.481,452
2,000.000
12.500.000
1.071300
34,359,711
76,000,000
17,075,000
600.000
1,595,000
49,631.000
646.326,363
P£61" z IFJ(IV
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL
FINANCING FOR THE MONTH OF
MONTH OF MARCH.
1934.
1933.
1932.
New Capital. Refunding.
CorporateTotal.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
Domestic
Long-term bonds and notes..
8211,800
12,569.200
21181,000
42,405,000
7200,000
49105,000
218211,300
Short-term
250,000
250,001
5,001,500
5,001,500
32.047,500
Preferred stocks
1,325,000
1,325.000
750,000
750,000
212.500
212.500
6.870,000
Common stocks
3,283,578
3,283,578
2,420,000
2,247,7/8
4,667,778
628,150
1,897.320
2,525,470
2.600.500
Canadian
Long-term bonds and notes_
9,500,000
Short-term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Total corporate
13.770.378
12,569,200
26,339,578
3,170,000
2,247,778
5.417.778
48,247,150
9.097.320
57.344,470
269,029,300
Canadian Government
3,685,000
Other foreign Government_
Farm Loan issues
3,000,000
22,000,000
25,000.000
5,000,000
20,000,000
25.00.000
15,000,000
Municipal, States, cities, &c_
*80,506,020 •15,033.664 *95,539,684
13,347,194
581,445
13,928.639
108,790,074
372,997 109,163.071
278,574,381
United States Possessions
405.000
405.000
Grand total
97.276.398
49.602.864 146,879.262
16.517.194
2,829,223
19,346.417
162.442.224
29,470.317 191,912.541
566,288,681
* Figures do not include $15,270,781 of funds made available to States and municipalities by various
agencies of the Federal Government during March 1934.
1934.
Refunding.
16177,206
Total.
25,289,000
12.250,000
1,325,000
10,324.485
New Capital.
19,721,000
500,000
3,250,600
3,170,000
1933.
Refunding.
63,143,000
15.458.000
2.247,778
Total.
$
82,864,000
15,958,000
3,250,000
5,417.778
New Capital.
111,950,000
12,751,500
6,775,275
2,296.900
1932.
Refunding.
9,138,000
5,250,000
f.19- .326
7
Total.
121.t88,000
18,001,500
6,775,275
4,194.220
New Capital.
476274,300
55,115.350
40,882,779
40,656,094
1931.
Refunding.
$
308,203.700
15,828,500
- -m0 61.900,000
46:900
*36,666,454 *213,852,923
10,900,000
63,133,668
80,848,778
107.489.778
133,773,675
16,285,326
47,500,000
5,000,000
281.718,702
925,122
692.600
85.050,173 185.724,841
64,710,442
100.674.668
99,943,654 324.941.408
421.244,377
made available to States and municipalit es by various agencies of the Federal Government during
4,201,395
10,900,000
67.335,063
Total.
75,911.500 1,104104,410
21,003,000 108,410,000
81.130,386
1,253.500 319,054.123
18,000.000
78.300,000
50.000,000
3,000,000
142,655,000
5,000.600
142,655,000
5,000,000
6,160,000
327,032.200 1,070.160,723 1,728,545.919
16.142,000
21,985,000
2,000,000
66,000,000
22,000,000
29,500,000
29,500,000
52,500.000
09
3,"5- - ,305 449,603,589 310,923,872
446,094.289
282,703,824
1.5C0,000
692.000
485.954,819 1,238.707.812 332,541,500 1,571.249,312 2.145.111,791
the first three months of 1934.
6,160.000
116,168,000 1,844,713.919
19,300,060
3,158,000
70,000,000
4.000,000
22,000,000
, 01,663 316,829,935
.9
8 -1,500.000
129,232,063 2,274,343.854
3,000,000
26,641,000
785378,000 1,028192,910
87.407,600
70,943,850
81.130,386
40,882,779
317,800,623
40.656,094
1930.
Refunding.
60,300,000
50,000,000
49.188,485
New Capital.
79,500,000
79.500,000
16,377,200
Total.
9rj 0=10A
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
3 MONTHS ENDED MARCH 31.
New Capital.
CorporateDomestic
Long-term bonds and notes8,911,800
Short-term
12,250.000
Preferred stocks
1,325,000
Common stocks
10,324,485
Canadian
Long-term bonds and notesShort-term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
32,811,285
Total corporate
Canadian Government
Other foreign Government__
Farm Loan issues
0
I5:0- 0-A566
Municipal, States, cities, &c___
*177,186,469
United States P
ions_
224,997.754
Grand total
* Figures do not include $180,694,065 of funds
150,058,995
743,128,523
19,985,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
6181,000
16.500,000
New Capital.
12.000,000
6,821,000
1933.
Refunding.
Total.
New Capital.
43125,000
38,339.000
109,770.000
900,000
31,625,000
31,518,000
1932.
Refunding.
1,980,000
9.138.000
Total.
118,908,000
New Capital.
241326,300
212,506,000
59.250,000
10,890,000
1931.
Refunding.
145.895,700
160,888,000
61,667,000
61.667,000
2,308.000
900,000
1,980,000
9.205,000
920,000
19,721,000
63,143,000
82,864,000
12,000,000
500,000
4,616.000
6,500,000
4,342,000
4.616,000
7,000.000
4,342,000
200,000
111,950,000
7,375,000
750,000
10,125,060
74,180,910
75,000,000
50,002,500
10,000,000
60,000,000
39,900,000
10,680.000
914,678,000 1,231,047,910
1,650,000
1,650,000
25,289,000
1930.
New Capital. Refunding.
Total.
$
73115,000
387,022,000 326,206,000
19,771,500
373,394,000 590,858,500
3,500,000
59,250,000
1,400,000
10,890,000
9,138,000
200,000
121,088,000
10,110.000
606,474,300
500,000
308.203,700
1,000,000
4,150,000
100,000
8,375,000
4,900,000
100,000
34,537,500
13,337,500
47,875,000
53,372,000
3,000,000
12,000,000
1,600,000
9,655,000
1,900,000
5,430,000
800,000
4,056,000
4,056,000
13,935,000
709,000
5,833,850
3,500,000
791,000
1,200,000
17,435,000
1.500,000
7,033,850
5,250,000
570,500
18,001,500
100,000
55,115,350
18.828,500
100.000
73.943,850
1,000,000
3,650,000
92,407,000
1,897,320
6,809.495
68,497,623
68,497,623
5,256,250
2,052,500
1,032,500
2,063.950
90,086,021
7.274,804
7,185,000
2,300,000
2,400,000
81,538,873
20,235,000
39,391,462
405,091,009
326,206,000
860,526,772
29,058,500
13,400,000
3,663,950
173,921,931
84,174,804
62,617,500
800,000
10,000,000
81,235,000
82.941,462
1.728,545,919
15,458,000
15,958,000
570,500
12,751,500
2.147,778
2,147,778
4,912,175
100,000
6,520,000
491,250
491,250
525,000
2,168,750
10.000.000
60,000,000
40,920,000
93,911,500 1,324,959,410
2,500,000
12,628,000
4.900,000
600.000
375,000
11,649,485
6.420,000
2,247,778
8,667,778
6,481,000
28,500,000
12,000,000
7,321.000
36,241,000
40,165,778
4.342,000
48.241,000
47.486.778
4,342,000
13,432,485
6.420,000
100,000
6,520,600
900,000
2,270,500
150.058,995
2,500,000
66,000,000
3,000,000
12,000,000
1,600,000
14,555,000
2,500,000
5,805,000
800,000
1,000,000
3,650,000
113,410,000
2,168.750
1,500,000
9,072,175
74,285.910
75,000,000
50,002,500
0.1566
1.112--
216,296,272
22,558,500
5.256,250
2,052,500
1,032,500
105,000
Total.
399,221,000
610,630,000
3,500,000
1,400,000
leplICUU
Total.
alatuo.rita
1934.
3 MONTHS ENDED MARCH 31. New Capital. Refunding.
Long-Term Bonds and Notes
6,481,000
Railroads
2,430,800
Public utilities
14,069,200
Iron, steel, coal, copper, fie
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
2,308,000
oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c
Miscellaneous
Total
8,911,800
16,377.200
Short-Tenn Bonds & Notes
Railroads
Public utilities
12,000,000
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c__
Miscellaneous
250.000
Total
12,250,000
Stocks
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial anf manufacturing_
11,124,485
Oil
'Land, buildings, &c
Rubber
525,000
Shipping
Inv. trusts, trading, holding, &c__
Miscellaneous
Total
11,649,485
Total
Railroads
6,481,000
Public utilities
14,430,800
14,069,200
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
11,124.485
2,308,666
Oil
Land, buildings, &c
Rubber
525,000
Shipping
Inv. trusts, trading, holding, &c__
Miscellaneous
250,000
Total corporate securities
16,377.200
32,811,285
250,000
12,250,000
11,124,485
500,000
6.420,000
1,897,320
1.500.000
10,969,495
2,300,000
2,400,000
81,538,873
1,000,000
15,185,320
100,000
8,375.000
130,617,495
100,000
241,126.300
315,541,123
59,250,000
10,890,000
145,895,700
174,225,500
387.022,000
489.766,623
59.250,000
10,890,000
491,250
491,250
6,036,000
2,168,750
80.858,250
2,761.500
16,071,350
3,500,000
791,000
2,120,000
84,358,250
3.552,500
18,191,350
525.000
6,036,000
2,168,750
250,000
49.188,485
2,270,500
133.773,675
900.000
26,641.000
80.848.778
107.489.778
7.375.000
115,432,175
16,285.320
1,650,000
2,300,000
12,680,000
743,128,523
1,650,000
2,300,000
13,180,000
500,000
327,032,200 1,070.160,723
21,003,000
216,296,272
22,558,500
"871,500
2,063,950
90,957,521
7,274,804
7,185,000
-382,000
20,235,000
39,773,462
406,344,509
1,253,500
401,721,000
892.926,272
29,058.500
13.400.000
3,663,950
- 6
0
5. - 7,5515 179,798,431
84,774,804
600,000
62,992,500
375,000
800,000
10,000,000
81,235,000
2,15615 84,343,462
1,40-116,168,000 1,844,713,919
75,515,000
32,399,500
t•D
CAD
Financial Chronicle
2318
April 7 1934
DETAILS OF NEW CAPITAL FLOTATIONS DURING MARCH 1934.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
To Yield
About.
Price.
Railroads
3,597.000 Additions, impla: bett'ints
Placed privately
934,000 Gen. corporate purposes
750,000 Additions; Imp'ts; bett'mts
1.200,000 Additions; imple; bett'mta
Placed privately
Placed privately
Placed privately
6,481.000
Public Utilities
15,000,000 Refunding:oth.corp. purposes__
Company and Issue and by Whom Offered.
The Cleveland & Pittsburgh RR. Co., 1st & Ref. M. 4s, 1977. Placed privately through Kuhn,
Loeb dr Co.
Connecting Railway Co., 1st M.4%. Placed privately through E.B.Smith & Co., Philadelphia.
Delaware RR. Co., lot M.4s. Placed privately through Kuhn. Loeb & Co.
Northern Central Ry. Co. Gen.& Ref. Ois, 1974. Placed privately through Kuhn, Loeb & Co.
American Water Works & Electric Co., Inc., Cony. Coll. Trust 5s 1944. (Each $1,000 bond is convertible into common stock, at the rate of $20 per share during the first two years and at rising prices to
$75 a sharefrom March 1 1942 until maturity). Offered by W.C. Langley dr Co.
105 b
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS.)
Amount.
Price.
Purpose of Issue.
To Yield
About.
Company and Issue and by Whom Offered.
Miscellaneous
$
250,000 Provide funds for loan purposes___ Price on applic'n. Securities Investment Corp. (Omaha, Neb.) 6% Coll. Trust 65, due serially Feb. 1 1935-1939.
Offered by Sullivan & Co.. Denver Colo..
STOCKS.
Par or No.
of Shares.
To Yield
(a) Amount Price
Involved. per Share. About.
Purpose of Issue.
S
1,000,000
Other Ind. & Mfg•1.000,000 Estab.wine&Ilq.bus.:eaPt.:wkg.cap
1,418.750
325.000
1.764,828
1,1,25.000 Capital expenditures
.50,000 abs. Additions,improvements,&c
588,276 Gen.corporate purposes
1314
614
3
Company and Issue and by Whom Offered.
%
7.00 American Beverage Corp. 7% Cony. Pref. Stock. (Convertible into 1 share of common stock
at any lime.) Offered by E.T. Duvall & Co.. Inc.. New York.
.__ Continental Distillers & Importers Corp.. Cl. A Stock. Offered by Lisman Corp.. N.Y
___ Kinsey Distilling Co. Preferred Stock. Offered by H. Vaughan Clarke & Co.. Phila.
.__ Universal Pipe & Radiator Co. Corn. Stock. Offered by co. to stkhldrs.: underwritten.
4.608.57F
FARM LOAN ISSUES.
Issue and Purpose.
Amount.
Price.
To Yield
About.
Offered by.
25,000,000 Federal Intermediate Credit Banks 2% coll.
trust deb., dated March 15 1934, and due
in 6 and 9 months (refunding and provide
Prices on applic'n Charles R. Dunn. Fiscal Agent, New York.
funds for loan purposes)
•shares of no par value. a Preferred stocks of a stated par value are taken at Dar. while Preferred stocks of no par value and all classes of common stock are computed at
their offering prices. b Holders of collateral trust 5% bonds due April 1 1934 privileged to exchange their bonds for new collateral trust convertible 5% bonds, due April 1
1944,on a par for par basis.
New Capital Issues in Great Britain.
The following statistics have been compiled by the Midland
Bank Limited. These compilations of issues of new capital,
which are subject to revision, exclude all borrowings by the
British Government for [purely financial purposes, shares
issued to vendors, allotments arising from the capitalization
of reserve funds and undivided profits, issues for conversion
or redemption of securities previously held in the United
Kingdom, short-dated bills sold in anticipation of long-term
borrowings, and loans by municipal and county authorities
except in cases where there is a specified limit to the total
subscription. They do not include issues of capital by
private companies except where particulars are publicly
announced. In all cases the figures are based upon the
prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Complied by the Midland Bank Limited.]
Month of
March.
§&§§§§§§§§§§§§§§
C
..
oi06o:O4o:oitimi:4rigoO—;
-.tooDottoo—.mmml! vao
C
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1024
3 Months to
March 31.
Year to
March 31.
£39,886,000
147.016.000
58,350,000
93,207,000
45,889,000
47.253,000
57,399,000
78,028.000
82,945,000
103,362,000
114,247.000
69,464,000
45,386,000
26,995,000
28,925,000
24,943,000
£101,073,000
344,671,000
295,545,000
250.653,000
188,350,000
205,123,000
233.692,000
240,526,000
258,183.000
335,131.000
373,404,000
208,967.000
212,081,000
70.275,000
114,969,000
128,886.000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
'Compiled by the Midland Bank Limited.]
1931.
January
February
March
3 months
1932.
1933.
934.
£12.332,412
19,606,243
13.446,859
£2,895,798
11,994,734
12,104,130
£8,310,263
7,167,385
13,447,603
£10,853,233
7,007,995
7,081,462
£45.385,514
£26,994,662
£28,925,250
£24,942,690
£1.687,195
11,009,880
12,832,397
5,184,993
1,666,492
1,315,308
2,482,875
4,409.179
2.692,359
£18,013,115
12,296.311
17.467.795
3,312,507
72.500
17,000
19.745,198
10,807.078
4,312.163
£8,247,859
14,614.014
17,541,251
6,001,777
21,208.047
7,164,097
10,026,260
12.786,859
6.353,481
£88.666.192
£113,038,329
£132,868.896
April
May
June
July
August
September
October
November
December
'Vaal.
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE '
UNITED KINGDOM BY MONTHS.
(Compiled by the Midland Bank Limited.'
India and Other Brit. Foreign
United
Kingdom. Ceylon. Countries. Countries.
Jan. 1932
Feb. 1932
Mar. 1932
Total.
£
2,896,000
3,000 11,995,000
12,104.000
£
E
£
2,605,000
291.000
78,000 2,805,000
9,109,000
. 11,072,000 1,032,000
E
. 20,472,000 1,110,000 5,410,000
3,000 26,995,000
Apr. 1932
May 1932
June 1932
July 1932
Aug. 1932
Sept. 1932
Oct. 1932
Nov. 1932
Dec. 1932
9,572.000 3,516,000 4,925,000
• 8,936,000 1,496,000 1,864,000
2,067,000
• 15,391,000
60,000
3,225,000
23,000
50,000
10,000
160.000 7,734,000
11,851,000
271,000
10,272,000
190,000
48,000
4,037,000
18,013,000
12,296,000
10,000 17,468,000
27,000 3,312,000
73,000
7,000
17,000
19,745,000
264,000 10,807,000
37.000 4,312,000
Year
83.817,000 6,390,000 22,483,000
848,000 113,038,000
3 months
Jan. 1933
Feb. 1933
Mar. 1933
3 months
7,875,000
4,917,000
12,287,000
269,000
56.000
30,000 1,727.000
1,000 1.160.000
110,000
493,000
25,079,000
87,000 3,156,000
603.000 28,925,000
8.310.000
7.167,000
13,448,000
Apr. 1933
May 1933
June 1933
July 1933
Aug. 1933
Sept. 1933
Oct. 1933
Nov. 1933
Dec. 1933
965,000 8,248,000
7,283,000
241,000
292,000 14,614,000
9,328,000 4,753,000
437,000 17,541,000
5.000 1,070,000
16,029,000
244.000
478,000 6,002,000
48.000
5,232,000
15,589,000 4,334,000 21,208,000
1,285.000
176,000
250,000 7,164,000
6,738.000
6,814,000
11,000 3,016.000
185,000 10,026,000
67.000
437,000
111,000 12,787,000
12,172,000
47,000
867,000
341,000 6,353,000
5,098,000
Year
95,059,000 5,018,000 24,796,000 7,996,000 132,869.000
Jan. 1934
Feb. 1934
Mar. 1931
3 months
8,682,000
5,309,000
6,011.000
on nno nnn
49,000 1,763,000
221,000 1,433,000
7.000
873,000
978 nnn
Allan
nnn
359,000 10,853,000
45,000 7,008.000
190,000 7,081,000
AOInnn
OA nAo nnn
The Course of the Bond Market.
Recent high prices in the bond market have again been
attained and in many instances exceeded this week,following
announcement by the Treasury of a ni% ten-twelve year
bond issue to be offered in exchange for the called Liberty
43.4s on April 15, but not to be sold for cash. Such part of
the $1,005,000,000 called bonds as is not exchanged for the
new nis will be paid in cash, the Treasury's huge cash
balance affording ample resources for this.
Contrary to the generally inflationary tendency of a week
ago, when Congress voted to restore veteran benefits and
Federal pay cuts over the President's veto, the emphasis
now appears to have shifted to a more conservative policy,
based on long-term financing methods. The other two
instances of long-term financing by the present Administra..
Volume
2319
Financial Chronicle
138
tion included the $872,000,000 of 10-12 year 43s-33s,
issued last October, in exchange for part of the 4th Liberties
when they were first called, and about $800,000,000 of
8
-year 33.4s, sold last August. An illustration of the ease
in the money market (which is helping the Government in
its longer-term financing) is provided by the interest rates
paid recently on short-term Government issues. From a
return on a bank discount basis of 0.99% on Treasury bills
in February,rates gradually declined until a return of 0.08%
was recorded for the March 28 91-day bills. If the Government plans to refund more of the 4th Liberties in October,
it must call them next week, before April 15.
The average price of eight long-term Treasury issues exceeds last year's high mark, standing now at 104.05, the
highest since September 1931. High grade bond prices, as
exemplified by 30 Aaa issues equaled their high of 111.16,
established last month, and the lower grade issues pushed
into new high levels.
After several weeks of hesitation, high grade and medium
grade railroad bonds have continued their upward movement, some issues making new highs for the year. Atchison
gen. 4s, 1995 closed on Friday at 1013% compared with 993
4
a week ago; Chicago, Burlington & Quincy gen. 4s, 1958 at
102 compared with 1003%; and Northern Pacific Ref. 6s,
2047 closed at 102, compared with 993%. Advances, in
Many issues of 2 or 3 points, generally prevailed throughout
the second grade and lower grade rail list. Chicago, Milwaukee, St. Paul & Pacific Mtge. 5s, 1975 closed at 55, up
3 points from last week's closing; Southern Railway Dev.
& Gen. 6s, 1956 closed at 913, up 43. since a week ago;
Missouri Pacific Ref. 5s, 1977, at 323% showed an increase
of 23% points for the week; and Norfolk Southern First &
Ref. 5s, 1961 were up 13% points, closing at 17.
The prevailing tone in utility bonds during the week was
strong. High grades moved into new high ground,including
such issues as Public Service Elec. & Gas 434s, 1971, New
York Gas Elec. Light, Heat & Power 5s, 1948, and ConMOODY'S BOND PRICES.
(Based on Average Yields.)
sumers Power 432s, 1958. Lower grades also advanced,
%
%
Milwaukee Elec. Rwy.& Lt. 5s, 1961, to 813 ,up 43 points
North American Edison 53%s, 1963, to 94, up 33% points, and
%
Commonwealth Subsidiary 53%s, 1948, to 853 ,up 23(, making new highs for the current year. Substantial gains were
made by Northwestern Public Service 5s, 1957, up 4%, to
%
653 ,and Laclede Gas Light 53%s, 1935, up 113, to 713%.
Generally higher prices and volume of trading were seen
in industrial bonds during the week with numerous issues
at their year's highs. Steels were reasonably strong as a
2
group. Inland Steel 43/s, 1978, were up 13% to their high
for 1934 of 953, and National Steel 5s, 1956, were up X to
par. Features in the tire and rubber group were Goodrich
6s, 1945, which were up 23% points to 863%,and U.S. Rubber
5s, 1947, up 23 to 8%. Activity in oil stocks spread to the
%
%
bonds, with Shell Union 5s, 1947, up 13 points to 99 and
Texas Corp. 5s, 1944, up % to 102. Reflection of favorable
sales comparisons with March 1933, was found in strength
in the retailing issues. Abraham & Straus 53%s, 1943,
gained 4 of a point to 1033/8, while Newberry convertible
3
%
53%s, 1940, were up 23 to 1013%. Motion pictures issues
were strong, Loew's 6s, 1941, making a new high at 99, and
Warner Bros. Pictures 6s, 1939, gaining 63 points to 623.
Many foreign issues pushed into new high levels for the
year. Among these were Japanese issues (particularly those
guaranteed by the Government), Argentine, Cuban, Italian
and Canadian bonds. Strength was shown in gold currency
issues, Chilean issues, and most German bonds, the 53%s,
1965, being an exception.
The State of New York marketed a new $50,000,000 issue
of long-term bonds at an interest cost of 2.887% this week,
the lowest in its financial history. Coupons are 3% and
23 %,and maturities up to 1984. This is the largest piece
4
of long term financing done by the State since 1914, when
a $51,000,000 issue was marketed.
Moody's computed bond prices and bond yield averages are
given in the tables below.
MOODY'S BOND YIELD AVERAGES.,
(Based on Individual Closing Prices.)
120 Domestic Corporate*
120
U. S.
by Ratings.
Goo. Domes1934
tie.
Bonds.
Daily
Corp.* Aaa.
**
Aa.
A.
Baa.
Averages.
120 Domestic
Corporate* by Groups.
April 6_ 1114.03 97.16 111.16 104.68
5- 104.05 97.00 111.16 104.51
4__ 103.82 96.70 111.16 104.33
3_ 103.43 96.23 110.98 103.82
2._ 103.28 96.23 110.98 103.99
Mar.31._ 103.42 96.08 110.79 103.65
30._ Stock E xchang e Close d.
29„ 103.43 96.08 110.98 103.65
28- 103.45 96.08 110.79 103.65
27... 103.56 96.08 110.79 103.82
26_ 103.50 96.23 110.79 103.82
24_ 103.45 96.08 110.79 103.65
23_ 103.32 95.93 110.42 103.48
22- 103.29 95.93 110.42 103.48
21._ 103.40 95.93 110.79 103.32
20._ 103.54 95.93 110.98 103.32
19_ 103.61 96.23 110.98 103.82
17_ 103.65 96.70 111.18 103.99
16_ 103.52 96.70 111.16 104.16
15_ 103.34 96.70 110.98 104.33
14._ 103.26 96.70 111.16 104.33
13_ 103.19 96.08 110.98 103.82
12._ 103.03 95.93 110.79 103.32
10... 103.07 95.78 110.61 103.32
9_ 103.06 95.63 110.79 103.15
8._ 102.84 95.18 110.61 102.47
7_ 102.58 95.03 110.42 102.30
6._ 102.18 95.03 110.42 102.14
5- 102.06 95.03 110.23 101.97
3_ 101.89 94.88 110.23 101.97
2._ 101.88 94.88 110.23 101.81
1_ 102.01 94.58 110.23 101.64
Weekly
Feb. 23_ 102.34 95.18 110.23 101.97
16._ 102.21 95.33 109.86 101.47
9_ 101.69 93.99 109.12 100.00
2__ 101.77 93.85 108.75 99.68
Jan. 26-- 100.41 01.53 107.67 98.41
19.. 100.36 90.55 107.67 97.16
12._ 99,71 87.69 106.25 95.48
5_ 100.42 84.85 105.37 93.26
High 1934 104.05 97.16 111.16 104.68
Low 1934 99.08 84.85 105.37 93.11
High 1933 108.82 92.39 108.03 100.33
Low 1933 98.20 74.15 97.47 82.99
Yr. Ago
Apr.0'33 101.54 74.46 99.52 84.97
2 Yrs.Ago
Am. al '59 95.70 8005 05 11 8107
RR.
P. U. Indus.
All
120 Domestic Corporate
by Ratings.
120
1934
DomesDaily
Aaa.
Aa.
A.
Baa.
Averages. tic.
120 Domestic
Corporate by Groups.
RR.
if
t
32
ForP. U. Indus. eigns.
79.68
80.37
78.88
78.99
75.50
74.36
70.52
66.55
81.18
66.38
77.86
53.16
97.16
97.31
95.33
95.33
92.68
91.39
88.38
85.74
99.04
85.61
93.26
69.59
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
90.27
74.25
89.31
70.05
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
102.98
96.54
99.04
78.44
70.81
73.15
79.81
01 28
74. 67
79 2.
5.80
6.89
ft 10
792
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.81
5.75
4.83
7.22
N
V
53.28
47.44
5.19
5.19
5.27
5.29
5.47
5.57
5.81
6.04
5.02
6.08
5.04
6.98
4.92
4.91
4.90
4.88
4.89
4.91
4.91
4.90
4.90
4.87
4.85
4.85
4.84
4.83
4.88
4.89
4.91
4.91
4.95
4.95
4.96
4.96
4.96
4.97
4.97
o
72.75
80 05
4.63
4.66
4.75
4.77
4.85
4.93
5.04
5.19
4.47
5.20
4.49
5.96
4.81
4.83
4.85
4.89
4.90
4.92
7.09
7.22
7.23
7.26
7.29
7.29
7.30
7.33
7.36
7.39
7.39
7.35
7.34
7.34
7.32
7.30
7.31
7.26
7.23
7.23
7.27
7.28
7.24
7.26
7.25
7.26
7.23
7.25
7.31
7.34
7.38
7.42
7.49
7.52
7.57
7.55
7.97
8.05
8.33
8.55
7.22
8.85
7.23
11.19
11.01
.
Prime commodity prices have been, on the average, steady
to firm during the past week. Moody's Daily Index of
Staple Commodity Prices rose from 137.3 to 137.9 and the
individual commodities behaved in a very encouraging manner.
K
10 01
•These prices are computed from average yields on the basis of one "Ideal" bond (41i% 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. For Moody's index of bond prices by months back to 1928, see the Issue of Feb.6 1932, page 907.
"Actual average price of 8 long-term Treasury Lames. t The latest complete Ilst of bonds used in computing these indexes was published In the Issue of Feb. 10 1934.
Page 920. if Average 08 30 foreign bonds but adjusted to a comparable beats with previous averages 05 40 foreign bonds.
Moody's Daily Index of Staple Commodity Prices Shows
Rallying Tendency.
292
000t-NMP.4,00
.0.C
44. [..tOMOROMOICCM M
r.O.NN NOIMMVgVMNN.000NVVWSCN,
q
c
NOWWW
00000WOOMOMR ORWt.t
OWNWO
444444 4444444444444444444444444 44444444444M w c
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
95.78
81.78
89.31
71.87
4.47
5.02
4.48
5.04
4.49
5.06
4.52
5.09
4.51
5.10
4.53
5.11
Close d.
4.53
5.10
4.53
5.10
4.52
5.11
4.52
5.10
4.53
5.11
4.64
5.11
4.54
5.11
4.55
5.09
4.55
5.09
4.52
5.08
4.51
5.06
4.50
5.08
4.49
5.05
4.49
5.04
4.52
5.09
4.55
5.09
4.55
5.11
4.56
5.13
4.60
5.15
4.61
5.17
4.62
5.18
4.63
5.19
4.63
5.19
4.64
5.20
4.65
5.22
• o -i000000000po oopoopow000000poop0000wow ow0000
44.l.aetoOOk OOgOOs4.668:;0.68.4.44.
;-4.1 o
<o.p.ow wo mosiomvo o.401CCIA.°
o-4
▪ o -aw&,o.
1
97.31 89.45 102.14
97.47 89.31 102.14
97.62 89.45 101.97
97.94 89.59 101.97
97.78 89.81 101.81
97.47 89.17 101.81
97.47 89.04 101.81
97.62 88.90 101.97
97.62 88.90 102.14
98.09 89.17 102.14
98.41 89.72 102.30
98.41 89.86 102.47
98.57 89.59 102.47
98.73 89.72 102.47
97.94 89.04 102.14
97.78 88.90 101.81
97.47 88.63 101.81
97.47 88.50 101.47
96.85 87.96 101.14
96.85 88.10 100.98
96.70 87.96 101.31
96.70 87.96 100.31
96.70 -88.10 100.65
96.54 87.96 100.49
96.54 87.69 100.17
Apr. 6.. 4.93
4.11
5_ 4.94
4.11
4._ 4.96
4.11
3_ 4.99
4.12
2._ 4.99
4.12
Mar.31
5.00
4.13
30._ StockE xchang e
29__ 5.00
4.12
28_ 5.00
4.13
27- 5.00
4.13
26__ 4.99
4.13
24__ 5.00
4.13
23-- 5.01
4.15
22- 5.01
4.15
21._ 5.01
4.13
20- 5.01
4.12
19- 4.99
4.12
17_ 4.96
4.11
16_ 4.98
4.11
M._ 4.96
4.12
14_ 4.96
4.11
13_ 5.00
4.12
12.- 5.01
4.13
10__ 5.02
4.14
9_ 5.03
4.13
8-- 5.06
4.14
7- 5.07
4.15
6__ 5.07
4.15
5-- 5.07
4.16
3__ 5.08
4.16
2__ 5.08
4.16
1-- 5.10
4.16
Weekly
Feb. 23_
5.06
4.16
16_
5.05
4.18
9_
5.14
4.22
2_
5.15
4.24
Jan. 26_
5.31
4.30
19_
5.38
4.30
12- 5.59
4.38
5_ 5.81
4.43
Low 1934 4.93
4.11
High 1934 5.81
4.43
Low 1933 4.96
4.11
High 1933 6.75
4.91
Yr. Ago
Apr.8'33 6.72
4.78
2 Yrs.Ago
Am..1.1.
39 7.2k
620
.00.0NMNS.%0V
.V
N.MORC,.
79.56
79.56
79.91
80.14
79.91
79.68
79.68
79.56
79.45
79.68
80.49
80.60
80.37
80.26
79.56
79.34
79.11
78.88
78.32
78.66
78.77
78.88
78.77
78.66
78.32
102.81
102.98
102.47
102.30
102.14
102.14
MONONVVMOVC-000NMS.N.CON.NMOD
NCINNNNNNNN....NNNMMOMMMOCM
94.58
94.58
94.43
94.58
94.43
94.43
94.43
94.73
94.73
94.88
95.18
95.18
95.33
95.48
94.73
94.73
94.43
94.14
93.85
93.55
93.40
93.28
93.26
93.11
92.82
90.27
90.13
89.72
89.45
89.45
89.31
oMoMooiMoMooiMMMoMmi0006MoMM MMotioorMr.:
99.04
98.73
98.41
97.78
97.62
97.31
.CCOON.V
81.18
81.07.
80.37
79.91
79.68
79.68
6606=4120D
95.78
95.48
95.18
94.73
9448
94.43
Only three of the fifteen commodities comprising the Index
showed declines, i.e., hogs, sugar and cocoa, and special circumstances were responsible for the important declines in
the first two of these. Four of the remaining commodities,
wheat, steel, lead and wool tops, were unchanged, and all
but the first of these have been 'quite stationary in recent
months. The eight commodities registering gains were
with a single exception of the active type. They were, in
2320
Financial Chronicle
order,of importance, rubber, hides, cotton, copper, corn,
coffee, silver and silk. The advance in copper from 8 to
8.25 cents was the first change in that metal since February 1.
The movement of the Index number during the week,
with comparisons, is as follows:
Thurs., Mar. 29
Sat., Mar. 31
Mon., Apr. 2
Tues., Apr. 3
Wed., Apr. 4
Thurs. Apr.I 5
Apr. 6
April 7 1934
137.3
Holiday
137.3
137.0
137.4
137.9
137.9
2 Weeks Ago, Mar. 23
Month Ago, Mar.16
Year Ago,
Apr. 6
1933 High, July 18
Feb. 4
Low,
1934 High, Feb. 16
Jan. 2
Low,
137.3
139.1
88.8
148.9
78.7
140.4
126.0
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, April 6 1934.
General business continued to make a good showing,
although the pace upward was somewhat slower. An encouraging feature was the wage increases which have spread
all over the country. Easter business was the most successful in many years. Despite a falling off in steel operations of 2.4%, and a further decrease in car loadings, the
heavy industries as a whole show signs of improvement.
The announcement of higher prices for steel quickened the
demand, and orders for iron were more numerous. Electricity production registered a gain of 18.8% over the comparative figures for last year, and is now at the highest level
since Dec. 19 1931, and bituminous coal output also increased. Crude oil production declined, but it was still
above the allowable limits. Production of lumber is close
to the rate of last August, and new business booked at mills,
with the exception of last week, was the largest since
November. Retail business continued on a good scale, and
wholesale buying was resumed, with the outlook very promising, what with wage increases and shorter hours now so
widespread. Cotton goods were in better demand, and there
was a good call for furless coats. The canned goods market
was inactive owing to uncertainty over the codes. Commodity prices were somewhat steadier.
Cotton shows a slight gain for the week, but trading volume was the smallest in several weeks, owing to the failure
of Washington developments to materials. The weather in
the belt has been generally unfavorable, heavy rains having
fallen over the Western belt of late, which will retard planting. Rapid progress, however, was reported in planting,
and there were reports of cotton being planted well up in
Central sections. The grain markets have been relatively
quiet, but are fractionally higher for the week. There was
a further decline in the United States visible supply. The
proposed legislation to regulate grain exchanges had a depressing effect, and beneficial rains fell in the Southwestern
and Northwestern areas. Rye showed independent strength,
owing to reports from Washington that the import duty
would be raised in the near future to prevent the "dumping"
of foreign rye into this country. At the present time,
Poland, with the aid of a Government subsidy, is able to
sell rye in the United States in large quantities at a cost
much lower than the American farmer can produce the rye.
Silver was quieter of late, with the demand for silver
legislation at Washington less persistent. Copper was
higher, at 8Y for domestic delivery, but demand was not
4c.
large. Tin reached 56c., the highest price of the year. Lead
was in fair demand and steady, but zinc was quiet and
easier. Sugar was firmer, owing partly to better prospects
for favorable legislative action at Washington and partly
to an expectation of a seasonal increase in demand later
In the month. Duty frees declined to 2.90c. late in the
week. Hides were dull. Coffee was higher on Rio contract, but Santos contracts show a decline. The announcement of an advance of 2c. by leading chain stores on all
brands caused a sharp advance in futures on the 2nd inst.
The weather here was warmer early in the week. Parks
were filled with mothers and children, and open surface
cars were in operation. Continued warm weather in Vermont and New Hampshire, causing snows to melt, resulted
In the Connecticut River rising above the flood stage. Recently it was rainy and colder in New York. The cotton
belt had heavy rains in the western section, which, it is
believed, will delay planting. Beneficial rains fell in the
grain belts. To-day it was cloudy and raining here, with
temperatures ranging from 38 to 41 degrees. The forecast
was for fair Saturday and Sunday; warmer Sunday. Overnight at Boston it was 36 to 42 degrees; Baltimore,44 to 56;
Pittsburgh, 52 to 68; Portland, Me., 30 to 46; Chicago, 44 to
68; Cincinnati, 60 to 82; Cleveland, 58 to 64; Detroit, 34 to
48; Charleston, 58 to 68; Milwaukee, 42 to 48; Dallas, 58
to 72; Savannah, 62 to 78; Kansas City, 46 to 02; Springfield, Mo., 52 to 66; St. Louis, 50 to 74; Oklahoma City, 50
to 74; Denver, 26 to 40;. Salt Lake City, 38 to 62; Los
Angeles, 54 to 78; San Francisco, 50 to 72; Seattle. 46 to 60;
Montreal, 28 to 40, and Winnipeg, 30 to 44.
Revenue Freight Loadings Off Only 19 Cars During
the Latest Week, But Was 22.1% Higher Than in
-Also Exceeded Comparable
Same Period in 1933
Week in 1932 by 11.6%.
Loading of revenue freight for the week ended March 31
1934 amounted to 608,443 cars, a decrease of 19 cars as
compared with the preceding week, but was an increase of
110,087 cars, or 22.1% over the corresponding period in
1933. It was also a gain of 63,482 cars, or 11.6% over the
comparable week in 1932. Total loadings for the week ended
March 24 1934 were 26.8% in excess of those for the week
ended March 25 1933 and 8.4% over the week ended March
26 1932.
The first 15 major railroads to report for the week ended
March 31 1934 loaded a total of 262,516 cars of revenue
freight on their own lines, compared with 262,437 cars in
the preceding week and 212,339 cars in the seven days ended
April 1 1933. All of these carriers, with the exception of the
International Great Northern RR.,showed substantial gains
over the 1933 comparable period. During March 1933
business had been adversely affected by the banking holiday.
Comparative statistics follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars.)
Loaded on Own Lines
Week Ended-
Redd from Connection:
Week Ended-
Mar.31 Mar.24 Am. I Mar.31 Mar.24 Apr. 1
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe Ry_
Chesapeake & Ohio RF
Chicago Burlington& Quincy RR.
Chic. Mllw. St. Paul dc Pac. Ry
Chicago & North Western Ry
Gulf Coast Lines
International Great Northern RR
Missour -Kansas-Texas Lines
Missouri Pacific RR
New York Central Lines
Norfolk & Western fly
Pennsylvania RR
Pere Marquette fly
Southern Pacific Lines
Wabash fly
b
17,439
23,466
15,039
16,238
14,404
2,835
2,829
4,082
13,505
45,729
19,791
57,402
5,526
19,192
5,239
18,622
22,336
14,811
16,706
14,855
2,844
3,076
4,350
13,264
44,320
19,827
57,191
6,353
19,968
6,115
16,974 4,452 4,427 3,613
16,289 7,744 7,387 5,996
12,099 6,324 6,208 5,102
14,487 6,314 6,362 5,272
11,987 9,244 9,064 7,089
1,832 1,331 1,305
902
4,229 1,662 1,835 1,288
4,064 2,441 2,469 1,992
11,289 7,733 8,153 5,863
34,772 64,241 63,040 44,659
12,183 4,025 3 807 3,405
47,030 34,294 34,003 27,197
3,869
a
a
a
16,597
a
a
a
4,678 7,992 8,132 6.377
Total
262.618 262,437 212,339 153.345 156,192 118,765
Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Week Ended
Afar. 31 1934.
Chicago Rock Island dc Pacific Ry_
Illinois Central System
St. Louis-San Francisco fly
Total
Mar. 24 1934.
April 11933.
19,244
26.948
11,810
19,858
26,805
12,437
17.825
21,989
11,009
68,002
68.900
60.823
The American Railway Association, in reviewing the week
ended March 24 stated:
Loading of revenue freight for the week ended March 24 totaled 608,462
cars, a decrease of 17.311 cars under the preceding week, but an incrase
of 128.503 cars above the corresponding week in 1933 and 47.344 cars above
the corresponding week in 1932.
Miscellaneous freight loading for the week of March 24 totaled 228,208
cars, an increase of 646 cars above the preceding week. 64,743 cars above
the corresponding week in 1933. and 41,366 cars above the corresponding
week in 1932.
Loading of merchandise less-than-carload-lot freight totaled 166,542
Carl. an increase of 413 cars above the preceding week, 11,275 cars above
Financial Chronicle
Volume 138
the corresponding week in 1933. It was, however, a decrease of 18,801
cars below the same week in 1932.
Grain and grain products loading for the week totaled 29,884 cars, a
decrease of 2,068 cars below the preceding week, 1.471 cars below the
corresponding week in 1933, but an increase of 2,777 cars above the same
week in 1932. In the Western districts alone, grain and grain products
loading for the week ended March 24 totaled 19,185 cars, a decrease of
987 cars below the same week in 1933.
Forest products loading totaled 24,810 cars, a decrease of 354 cars
below the preceding week, but an increase of 8.840 cars above the same
week in 1933. and 4,503 cars above the same week in 1932.
Ore loading amounted to 4,378 cars, an increase of 368 cars above the
preceding week, 2,123 cars above the corresponding week in 1933 and
1,397 cars above the corresponding week in 1932.
Coal loading amounted to 133,616 cars, a decrease of 14,543 cars below
the preceding week, but increases of 41.187 cars above the corresponding
week in 1933 and 16.494 cars above the same week in 1932.
Coke loading amounted to 7,394 cars, a decrease of 1.366 cars below
the preceding week, but increases of 3,211 cars above the same week in
1933 and 2,173 cars above the same week in 1932.
Livestock loading amounted to 13,630 cars, a decrease of 407 cars below
the preceding week, 1,405 cars below the same week in 1933, and 2,565
cars below the same week in 1932. In the Western districts alone loading
of livestock for the week ended March 24 totaled 10,702 cars, a decrease
of 1,003 eras below the same week in 1933.
All districts reported increases for the week of March 24 compared
with the corresponding week in 1933. All districts also reported Increases
compared with the same week in 1932.
Loading of revenue freight in 1934 compared with the two previous
years follows.
2321
1934.
Four weeks in January
Four weeks in February
Week ended March 3
Week ended March 10
Week ended March 17
Week ended March 24
1933.
1932.
1,924,208
1,970,566
481.208
441.361
453,637
479,959
2.266,771
2,243,221
559,479
575,481
584.759
561.118
6,937.205
Total
2,177,562
2,308,869
604,137
612,402
625,773
608,462
5,750,939
6,790,829
In the following table we undertake to show also the
loadings for the separate roads and systems for the week
ended March 24 1934. During this period only 20 of the
smaller roads showed decreases as compared with the
corresponding week last year when the bank holiday was in
effect. Among the larger carriers showing increases as
compared with the same week in 1933 were the Pennsylvania System, the Baltimore & Ohio RR., the Chesapeake
& Ohio Ry., the New York Central RR., the Southern Ry.
System, the Louisville & Nashville RR., the Norfolk &
Western Ry., the Illinois Central System, the Atchison
Topeka & Santa Fe Ry., the Chicago Milwaukee St. Paul
& Pacific Ry., the Reading Co., the Chicago & NorthWestern Ry., the Chicago Burlington & Quincy RR.,litkhe
Missouri Pacific RR., and the Southern Pacific Co. (Pacific
Lines).
-WEEK ENDED MAR. 24.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Railroads.
1934.
Eastern District.
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York, N.H.& Hartford
Rutland
Total Loads Received
from Commotions.
Total Revenue
Freight Loaded.
1933.
1932.
1934.
1,825
2,672
8,358
623
2,190
8,812
547
1,740
3,029
7.890
675
2,542
10,469
628
276
4,897
10,561
2.139
2,833
12.070
1,149
241
3.441
8,362
1,779
2.169
9,653
772
28,423
23,027
26.973
33,925
26,417
5,712
7,860
11,894
165
1,886
7,152
2,170
20,266
1,721
675
491
4,164
7,654
9,818
127
1.324
6.994
964
16.364
1,935
328
259
5,994
8,416
10,991
161
1,537
7,816
1,512
17,731
2.156
434
316
6.977
6,203
15.104
1,881
1.115
6,919
35
29,923
2,165
16
327
5.241
4,544
10,280
1,496
731
5,436
23
19,353
1,695
20
171
59,992
49,931
57.064
70,665
48,990
504
1,362
7,306
24
214
279
2,012
4,737
8,620
5,030
4,002
5.353
4,930
1,168
5,115
3,511
358
1,174
6.462
17
190
161
989
2,138
4,550
2,640
3,136
3,357
2,204
870
4.507
2.154
550
1,524
8,366
43
229
196
1,222
2,728
6,124
3,619
4,163
3,989
3.182
1,160
4,926
2,529
1.096
1,804
12,170
73
113
3,740
1,980
8,109
10,263
186
9,442
5,615
5,469
956
8,132
3,110
818
1,380
8,393
61
85
1,693
563
4.448
6.199
131
6.037
3,262
2,982
460
6.263
1,224
54,167
34,907
44,550
72,258
43,999
Grand total Eastern District.. 142,582
107,885
128,587
178.848
119,406
353
9,377
397
.5
8,300
30
13
5
2,477
1,001
25,409
11,537
487
0
2,782
&any B
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh dc New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawmut
Pittsburgh Shawmut& Northern
Total
Group C
Ann Arbor
Chicago Ind.& Louisville
Cleve. Ctn. Chic. & Bt. Louis
Central Indiana
Detroit de Mackinac
Detroit & Toledo Shore Line_
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh gt Lake Erie
Pittsburgh & West Virginia_
Wabash
Wheeling & Lake Erie
Total
AlleghenyDistrict.
Akron Canton & Youngstown..
Baltimore& Ohio
Bessemer & Lake Erie
Buffalo Creek & GauleY
Central RR.of New Jersey
Cornwall
Cumberland & Pennsylvania_ _
Ligonier Valley
Long Island
c Penn-Read Seashore Lines_ _
Pennsylvania System
Reading CO
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District.
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District.
Group A
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound.
541
29,946
1,911
293
4.746
11
419
148
731
1,061
57,191
13,057
6,744
96
3,492
252
19,155
702
211
5,071
36
197
159
839
1,034
44,630
9,949
2,045
71
2,216
56,763
12,187
4,897
62
3.178
648
13,995
1,264
10
10,629
55
13
24
2,685
1,188
34,003
15,580
1,636
1
6.086
120,387
86,567
111,984
87,817
62,173
22,335
19,827
1,392
3,817
14,855
11,475
1,151
2,628
18,339
15,059
1,027
3,363
7,387
3,807
1,181
707
5,045
2,908
789
454
47,371
30,109
37,788
13.082
9,196
10,016
1,316
430
166
48
1,194
460
321
8,973
19,985
135
9,425
740
348
158
48
1.311
463
256
7,406
16,775
143
9,223
994
410
195
50
1,626
456
366
6.374
19,264
173
5,002
1,570
1,088
421
171
1,323
1,105
3.160
3,987
13,066
664
3,591
1,178
907
258
106
1,028
705
3,455
3.058
9,808
529
26,450
747
134
5,531
273
347
211
1.204
Total Revenue
F eight Loaded.
Total Loads Received
from Connections.
1934.
1933.
2,152
3.166
7,714
1,022
2,832
10,943
594
Total
Railroads.
Group B
Alabama Tenn. & Northern
AtlanticBirmingham & Coast__
All.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gull Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin de Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt.& St. Louis....
Tennessee Central
Total
1933.
1932.
156
816
793
4,282
225
1,285
1,004
420
1,417
18,741
18,402
203
190
1,798
2,843
338
225
595
598
3,704
186
1,366
843
314
1,296
15,611
13,266
117
176
1,647
2,540
276
296
680
617
3,692
216
1,211
744
323
1,268
18,894
15,591
121
137
1,828
2,573
361
1934.
220
851
1.094
2,456
257
623
1,328
.596
757
8,789
3,978
589
248
1,442
2,371
690
1933.
138
783
894
1,918
126
647
1,273
492
558
7,392
3,365
506
198
1,271
2,176
556
52.913
42,760
48,552
26,289
22.293
Grand total Southern District__
95,957
79,833
88,673
57.846
46,716
Northwestern District.
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic.St. Paul Minn.& Omaha_
Duluth Missabe & Northern_
Duluth South Shore & Atlantic_
Elgin Joliet at Eastern
Ft. Dodge Des M.& Southern.
GreatNorthern
Green Bay Jz Western
Lake Superior & Ishpeming--Minneapolis & St. Louis
Minn. St. Paul dr 5.8. Marie
Northern Pacific
Spokane & International
Spokane Portland & Seattle
823
14,855
2,248
16,706
3,422
531
516
4,902
334
8,325
• 497
330
1,606
4,044
8,257
117
1,416
710
11,934
1,992
14,184
2,854
283
343
2,371
270
8.174
440
191
1,524
3,827
7,224
75
795
1,168
13,269
2,247
16,573
3,054
389
357
3,648
264
7,493
523
1,071
1,720
9,064
2.564
6,362
2,869
113
346
4.936
131
2,096
437
123
1,440
2,213
2,313
202
1,025
895
6.678
1,690
4,655
2,220
29
343
2.970
115
1,484
272
43
1,313
1,403
1,523
86
556
68,939
57,191
64.193
37.954
26,275
18,622
2,336
164
14,611
1.068
10,279
3,114
857
1,726
169
906
2,081
677
95
14,168
250
311
11,216
186
1,238
16,915
2,731
158
12,172
1,657
9,755
2,227
738
1,614
172
1,013
1,655
338
89
10.575
218
250
10,365
242
1,078
18,440
3,216
164
15.499
448
135
13.083
252
223
11,487
299
1,105
4,427
1,768
22
6,208
682
6.247
1,967
823
1,854
3
824
1.001
284
51
3.231
232
972
5,900
6
1,234
3,377
1,599
30
4.963
721
5,122
1.606
866
1,384
5
707
775
144
18
,2401
270
648
4,463
3
998
84,074
73,962
81,948
37,736
30,100
184
142
122
2,844
3,076
173
1,692
1,123
208
411
463
100
4,350
13,264
40
113
7,332
2,108
5.800
3.959
1,618
30
110
129
162
2,143
3.522
86
1,482
1,040
108
272
383
74
3,938
11,586
50
128
6,931
2,058
5,109
3,571
1,519
31
148
126
165
a3,223
1,544
199
1,547
1,217
3,441
333
116
1,305
1,835
840
1,352
775
363
796
204
330
2,469
8,153
20
127
3.534
1,985
2,431
3,466
2.225
31
2.421
252
160
803
1,539
610
1,167
731
201
457
169
297
2,070
5,606
12
134
2,700
1,311
2,088
2,850
1,716
36
Total
Central Western District.
Atch. Top.& Santa Fe System_
Alton
Bingham de Garlield
Chicago Burlington & Quincy
Chicago & Illinois Midland-Chicago Rock island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver dr Rio Grande Western.
Denver& Salt Lake
Fort Worth & Denver City_
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
Bt. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pada°
Total
Southwestern District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern__._____
Louisiana & Arkansas
Louisiana Arkansas & Texas_
Litchfield & Madison
Midland Valley
Missouri & North Arkansas_
Missouri-Kansas-I exas Lines_
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.Assn.of St. Louis
Weatherford Min.Wells& NW.
1,598
4,513
8,026
10,971
2,927
962
1,473
175
1,089
484
643
64
4.553
13,847
32
80
7,085
2,568
5,524
3,137
1,731
28
24,423
Total
31,557
40,121
49.152
37,073
44,432
43,044
47,945
36,131
27.330
a Estimated. b Not available. c Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR., formerly part of
Pennsylvania RR..and Atlantic City RR.,formerly part of Heading Co.: 1932 figures included in Pennsylvania System and Reading Co. •
Previous week's figures.
Total
Financial Chronicle
2322
"Annalist" Weekly Index of Wholesale Commodity
Prices Increased 1.3 Points During Week Ended
-Advance Due Largely to Rise in BitumiApril 3
nous Coal Prices.
An advance of 1.3 points in the "Annalist" Weekly Index
of Wholesale Commodity Prices to 108.7 on April 3 reflected
primarily the advance in bituminous coal prices in consequence of the higher wages recently granted the bituminous
miners. Otherwise the index would have shown a rise of
only about 0.4 point, the "Annalist" said, adding:
The rise in the index, apart from the advance in coal, reflected higher
prices for wheat, steers, beef, cotton, rubber and tobacco, offset in part by
losses in hogs, eggs, butter and cheese and gasoline. Outside influences
which affected the general commodity trend included the voting of increased veterans' benefits by Congress, the reports offurther improvements
In business, and, more recently, the indications that the securities exchange
bill was likely to be drastically modified, if not entirely abandoned, so far
as the present session of Congress is concerned.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation (1913=100).
Apr. 3 1934.
Mar. 27 1934.
91.2
105.9
1119.4
154.1
104.9
113.8
100.1
86.9
x107.4
65.3
87.1
86.0
101.9
92.7
106.6
95.0
87.6
81.7
84.8
x84.0
81.4
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
x All commodities on old dollar
basis
x Revised. z Based on exchange quotations for France, Switzerland, Holland
and Belgium.
DAILY SPOT PRICES.
Moody's Index.
Cotton.
Wheat.
Corn.
Hogs.
U. 8.
$
Old
h
4.30
4.28
4.20
4.22
137.0
138.7
137.3
81.7
81.5
82.0
Mar.27
12.05
1.04
.63%
Mar.28
Mar.29
Mar.30
Mar. 31
Apr. 2
Apr. 3
12.00
12.20
1.04
1.04(
Holiday
1.0534
1.0434
1.0434
.6334
.833i
.84
.8
6
- fiii
1".14
.6334
81.4
187.0
3.96
.8234
-No.2 red, new, c.i.f. domestic.
Cotton-Middling upland, New York. Wheat
Holiday
12.16
12.20
New York. Corn-No. 2 ye low, New York. Hogs-Day a average Chicago.
Moody's index-Daily index of 15 staple commodities. Dec. 31 1931=100; March 1
1933=80.
Latest weekly foreign price indices show a mixed movement, the British
Index for March 24 declining 0.5 to 64.6 (1926=100.0), the Italian rising
another 0.1 point to 42.2 on March 21(1926=100.0). while the German,
after dipping to 95.8 on March 21 (1913=100.0)from 95.9 the two previous
weeks,recovered to 94.9 on March 28.
Decrease of 0.3 of 1% in Wholesale Commodity Prices
During Week of March 24 Reported by United
States Department of Labor.
Wholesale commodity prices dropped 0.3 of 1% during the
week of March 24, according to an announcement made on
March 29 by Commissioner Lubin of the Bureau of Labor
Statistics of the United States Department of Labor.
Present prices are 73.5% of the 1926 average as compared
with 73.7% for the week ending March 17 and 73.8% on
March 10, recording a drop of slightly less than lh of 1% in
the two weeks. The March 29 announcement further said:
The index is 21%% higher than the corresponding week of last year
and 11% above the same week of March of two years ago, when the indexes
were 60.5 and 66.2, respectively. The average wholesale price level
remains at about 4% above that of the first week of January. It is 2%%
above the high point reached during 1933 (Nov. 18), when the index stood
at 71.7, and more than 23% above the low point of last year (March 4),
when the index was 59.6. As compared with the average for the year 1929,
the index is down by 23%.
Of the 10 major groups of items covered by the Bureau of Labor Statistics, only housefurnishing goods showed an upward movement. Five groups
showed no change from the level of the week before and four showed a
decrease.
The largest decline was shown by the farm products group, which decreased 1%. The index for this group now stands at 61.4% of the 1926
average. The level for the group is 41% above the week of March 25 1933
and 22% higher than the week of March 26 1932, when the indexes were
43.6 and 50.5. The sub-group of grains recorded an average decrease of
nearly 1%%. Livestock and poultry dropped about 2%. Other important
items affecting the decline were cotton, flaxseed, potatoes and wool. Eggs,
lemons, peanuts and cloverseed, on the other band, registered price increases.
The food group showed a decrease of 0.6 of 1% and placed present prices
21%% over the corresponding week of last March and 8% higher than
two years ago. The subgroup of butter, cheese and milk dropped by 0.6 of
1%. Other items contributing to the decline were rye flour, fresh pork,
fresh lamb, raw sugar, coffee, cocoa beans and pepper.
Declining prices for gasoline were largely responsible for the decline of
0.3 of 1% in the fuel and lighting materials group. Weakening prices for
scrap steel, bar silver and spiegeleisen contributed to the minor decreases
recorded in the metals and metal products group.
Although there were minor fluctuations within individual groups, no
changes were recorded in the general average for textile products, building
materials, chemicals and drugs, hides and leather products and miscellaneous
commodity groups. Cotton goods, raw silk and woolen goods showed a
weakening in prices, while burlap and binder twine moved slightly upward.
Certain lumber items showed increases, while rosin and turpentine decreased.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their rdative importance in the
country's markets and is based on average prices for the year 1926 as
100.0. The accompanying statement shows the index numbers of the major
groups of connnodities for the past two weeks, for the weeks of March 25
1933, March 26 1932, Nov. 8 1933 (high for year), and March 4 1933 (low
for year), and the average for the year 1929:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MARCH 24
AND MARCH 17 1934, MARCH 25 1933, MARCH 28 1932, NOV. 18 1933,
MARCH 4 1933 AND YEAR 1929.
(1926=100.)
Week Ending
Mar. Mar. mar. mar. Nov. mar. Year
17
26
26
18
4
24
1934. 1934, 1933. 1932. 1933. 1933. 1929.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other than farm
products and foods
61.4
67.3
88.8
76.0
72.4
86.4
88.2
75.8
82.6
69.2
82.0
671
88.8
76.0
72.6
88.6
86.2
75.8
82.4
69.2
43.8
55.4
88.8
51.1
83.8
77.4
70.2
71.7
72.3
59.3
60.6
82.4
76.3
68.7
69.1
80.6
73.3
74.9
78.6
64.6
68.7
65.4
88.5
75.8
74.5
83.6
84.7
73.5
82.1
65.4
40.6 104.9
53.4 99.9
87.8 109.1
60.8 90.4
64.4 83.0
77.4 100.5
70.1 95.4
71.3 94.2
72.7 94.3
59.8 82.6
78.8
78.6
66.1
71.1
77.5
68.2
91.6
73.6
All commodities
73.7
60.5
66.2
71.7
59.8
95.3
Apr. 4 1933.
92.2
105.8
119.6
180.5
105.0
113.8
100.1
87.3
108.7
April 7 1934
New York Federal Reserve Bank's Indexes of Business
Activity.
The Federal Reserve Bank of New York, in presenting its
monthly indexes of business activity in its "Monthly Review" of April 1, stated that "at least the usual seasonal
expansion in the general level of trade and business activity
during the first half of March is indicated by the limited
data now available." Continuing, the Bank said:
Railway loadings of merchandise and miscellaneous freight showed about
the customary seasonal increase, while retail trade reports indicated some
improvement. Department store sales in the New York Metropolitan area
increased from the previous month's level by considerably more than could
be expected from seasonal influences, including the early date of Easter.
During February, no consistent tendency was discernible in this Bank's
indexes of distribution and business activity.
(Adjusted for seasonal variations,for usual year to year growth,and where necessary
for price changes.)
Feb.
1933.
Dec.
1933.
Jan.
1934.
59
61
60
62
55
70
93
Feb.
1934.
Primary Distribution
-
Car loadings, merchandise and miscellaneousCar loadings, other
51
55
41
48
45
es
81
60
62
60
99
67
75
61
73
68
51
68
70
72
52
73
81
58
69
31
36
Bank debits, outside of New York City
Bank debits, New York City
Velocity of demand deposits, outside of N.Y.Clty
Velocity of demand deposits, New York City _
Shares sold on New York Stock Exchange
Lite insurance paid for
Employment in the UnitedpRates
Business failures
Building contracts
New corporations formed in New York State
Real estate transfers
59
59
72
51
53
75
61
100
17
81
58
58
42
72
86
87
73
47
54
83
54
General price level*
Composite index of wages*
Cost of living.
p Preliminary. • 1913 average=100.
124
172
128
182
177
135
Exports
Imports
Waterways traffic
Wholesale trade
Distribution to Consumer
Department store sales, United States
Department store sales, Second District
Chain grocerY sales
Other chain store sales
Mall order house sales
Advertising
Gasoline consumption
Faasenger automobile regLstrations
General Business .4airity-
so
70
70
50
80
70
U
83
279
60
88
55p
53p
-iiii
68P
69
49
78
72
-
-- _
44p
67
43
72
53
133
78
809
49
72
59
150
73
78
48
28
56
42
47
85
60
1349
180p
138
es
1359
180p
138
Further Decrease in Wholesale Commodity Prices
During Week of March 31 Reported by National
Fertilizer Association.
Wholesale commodity prices again declined during the
week ended March 31, according to the index of the National
Fertilizer Association. This index declined two points during the latest week. During the preceding week the index
declined one point, and two weeks ago it declined four
points. There have, therefore, been three consecutive declines during the last three weeks, but only one was of any
consequence. The latest index number is 71.0. This compares with 71.6 a month ago, and 56.5 a year ago. (The
three-year average 1926-28 equals 100.) The Association,
under date of April 2, announced further:
Seven of the 14 groups in the index were affected by price changes
during the latest week. Four groups declined and three advanced. The
declining groups were foods, grains, feeds and livestock, fats and oils, and
miscellaneous commodities. Three of these groupi also declined during
the two preceding weeks. The advancing groups were fuel, textiles, and
building materials.
For the individual commodities there were 83 price declines and 15
advances during the latest week. A week ago there were 26 declines and 14
advances. Two weeks ago there were 23 declines and 32 advances. During
the latest three weeks the number of commodities that have been affected
by price changes were fewer than for several months. Cotton advanced
during the latest week. Corn, oats, wheat, hogs, eggs, lard, butter, cheese,
wool, potatoes, and apples were lower. Other farm products that
advanced
in addition to cotton were cottonseed oil, beef, bran, and lambs.
Important
industrial commodities that advanced were tin, silver, cement, brick,
lumber,
and fuel oil. Lower prices were also shown for cotton yarns, silk,
flour,
zinc, gasoline, and coffee.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-192100).
°qq 0000 °IC"!
Foods
Fuel
Grains, feeds and livestock_
Textiles
Miscellaneous commodities_ Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural Implements_ ---
Year
Ago.
71.6
68.0
55.3
71.7
69.1
91.3
80.0
78.8
85.2
50.9
93.5
67.8
75.9
92.4
73.3
67.8
55.2
71.9
69.2
90.5
80.0
78.6
85.0
55.2
93.1
67.6
75.8
92.4
56.8
50.7
40.2
42.6
58.7
84.9
71.4
67.1
76.0
40.0
87.3
61.3
62.5
90.2
n
71 9
7111
88_5
eV3
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
Month
Ago.
C
V":
Group.
inn n
Latest
Pre
Week
Mar. 31 ceding
Week.
1934.
1-109 NCI;••.; 000000000.0000
r-w..r.toolconcowomt-co
Per Cent
Each Group
Bears to the
Total Index.
71
More New Freight Cars and Locomotives on Order.
Class I railroads of the United States on March 1 had
5,019 new freight cars on order, according to the American
Railway Association. On the same day last year, 1,974 new
freight cars were on order and on the same date two years
ago, there were 3,214 on order. The Association further
reports as follows:
The railroads on March 1 this year also had 21 new steam locomotives
on order and 90 electric locomotives. New steam locomotives on order
on March 1 1933, totaled three and on the same date in 1932, there were 36
on order. No figures are available to show the number of new electric
locomotives on order in previous years.
In the first two months of 1934, the railroads installed 23 new freight
cars, all of which were box cars. In the same period last year, 476 new
cars were placed in service and for the same period two years ago, the total
number installed was 870.
While no new steam locomotives were placed in service in the first two
months of 1934, reports showed that four new electric locomotives were
Installed,
The railroads in the first two months of 1933 did not install any new steam
locomotives, but there were three Installed in the corresponding Period in
1932.
Freight cars or locomotives leased or otherwise acquired are not included
In the above figures.
Surplus Freight Cars in Good Repair Decline.
Class I railroads on March 14 had 352,489 surplus freight
cars in good repair and immediately available for service,
the Car Service Division of the American Railway Association announced on April 6. This was a reduction of 22,194
compared with Feb. 28, at which time there were 374,683
surplus freight ears. .
Surplus coal cars on March 14 totaled 85,850, a decrease
of 8,042 cars below the previous period, while surplus box
cars totaled 213,293, a decrease of 11,739 cars compared
with Feb. 28.
Reports also showed 25,923 surplus stock cars, an increase
of 551 cars compared with Feb. 28, while surplus refrigerator
cars totaled 11,353, a decrease of 1,069 for the same period.
Weekly Electric Output 18.8% in Excess of
Corresponding Period in 1933.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended March 31 1934 amounted
to 1,665,650,000 kwh., the largest figure reported since the
week ended Dec. 19 1931 when output totaled 1,675,653,000
kwh. The current figure is an increase of 18.8% over that
for the corresponding period in 1933 when a total of 1,402,142,000 kwh. were produced and also compares with 1,658,389,000 kwh. in the week ended March 24 1934 and 1,650,013,000 kwh. in the week ended March 17 1934.
The Middle Atlantic Central Industrial, Southern States,
Rocky Mountain and Pacific Coast regions for the week
ended March 31 1934 showed larger percentage gains over
the 1933 period than they did in the week of March 24 1934
over the March 25 1933 week. Smaller percentage increases
were reported by the New England and the West Central
regions. The Institute's statement follows:
PER CENT CHANGES (1934 OVER 1933).
Major Geographic
Divisions.
2323
Financial Chronicle
Volume 138
Week Ended
Week Ended
Weak Ended
Week Ended
Mar. 311934. Mar. 24 1934. Mar. 17 1934. Mar. 10 1934.
New England
Middle Atlantis
Central Industrial_ -Southern States
Pacific Coast
West Central
Rocky Mountain
+17.3
+14.4
+27.4
+17.2
+12.7
+10.5
+22.1
+19.2
+12.7
+27.0
+12.1
+12.3
+11.3a
+18.4
+18.2
+14.7
+30.1
+17.5
+12.0
+13.8
+16.8
+17.0
+14.1
+27.6
+18.5
+7.9
+12.7
+15.7
Total United States-
418.8
+17.6
+20.0
+18.4
a Corrected figure.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
Week of-
Week of-
1933.
May 6 1,435,707,000
May 13 1,468,035,000
May 20 1,483,090,000
May 27 1,493,923,000
June 3 1,461,488,000
June 10 1,541,713,000
June 17 1,578,101,000
June 24 1,598.136,000
July 1 1,655,843,000
July 8 1,538,500,000
July 15 1,648,339,000
July 22 1,654,424,000
July 29 1,661,504.000
Aug. 5 1,650,013,000
Aug. 12 1,627,339,000
Aug. 19 1,650,205,000
Aug. 26 1,630,394,000
Sept. 2 1,637,317,000
Sept. 9 1,582,742,000
Sept. 16 1,663,212,000
Sept.23 1,638,757,000
Sept.30 1,652,811,000
Oct. 7 1,646,136,000
Oct. 14 1,618,948,000
Oct. 21 1,618,795,000
Oct. 28 1,621,702,000
Nov. 4 1,583,412,000
Nov. 11 1,616,875,000
Nov. 18 1,617,249,000
Nov.25 1,607,546,000
Dec. 2y1,553.744,000
Dec. 9 1,619,157,000
Dec. 16 1,644,018,000
Dec. 23 1,656,616,000
Dec. 30 1,539,002,000
1934.
Jan. 6 1,563,678,000
Jan. 13 1,646,271,000
Jan. 20 1,624,846,000
Jan. 27 1,610,542,000
Feb. 3 1,636,275,000
Feb. 10 1,651.535,000
Feb. 17 1,640,951,000
Feb. 24 1,646,465,000
Mar. 3 1,658,040,000
Mar. 10 1,647,021,000
Mar. 17 1,650,013,000
Mar. 24 1.658,389.000
Mar. 31 1,665,650,000
Apr. 7
1932.
May 7 1,429,032,000
May 14 1,436,928,000
May 21 1,435,731,000
May 28 1,425,151,000
June 4 1,381,452,000
June 11 1,435,471,000
June 18 1,441,532,000
June 25 1,440,541.000
July 1 1,456,961.000
July 9 1,341,730,000
July 16 1,415,704.000
July 23 1,433,990,000
July 30 1,440,386,000
Aug. 6 1,426,986.000
Aug. 13 1,415,122,000
Aug. 20 1.431,910,000
Aug. 27 1,436.440,000
Sept. 3 1,464.700,000
Sept. 10x1,423,977,000
Sept. 17 1,476,442,000
Sept.24 1,490,863,000
Oct. 1 1,499,459,000
Oct. 8 1,506,219,000
Oct. 15 1,507,503,000
Oct. 22 1,528,145,000
Oct. 29 1.533,028,000
Nov. 5 1,525,410,000
Nov. 12 1,520,730,000
Nov. 19 1,531,584,000
Nov. 28y1,475.268,000
Dec. 3 1,510,337,000
Dec. 10 1,518,922,000
Dec. 17 1,563,384.000
Dec. 24 1,554,473,000
Dec. 31 1,414,710.000
1933.
Jan. 7z1,425,639,000
Jan. 14 1,495,116,000
Jan. 21 1,484,089,000
Jan. 28 1.469,636,000
Feb. 4 1,454,913,000
Feb. 10 1,482,509,000
Feb. 18 1.469.732,000
Feb. 25 1,425,511,000
Mar. 4 1,422,875,000
Mar. 11 1,390,607,000
Mar. 18 1,375,207,000
Mar. 25 1,409,655,000
Apr. 1 1,402,142,000
Apr. 8 1,399,367,000
Week ofMay 9
May 16
May 23
May 30
June 6
June 13
June 20
June 27
July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept.26
Oct. 2
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
1931.
1933 over
1932.
1,637,296,000
0.5%
1,654,303,000
2.2%
1,644.783,000
3.3%
4.8%
1,601,833,000
1,593,662,000
5.8%
7.4%
1,621,451,000
1,609.931,000
9.5%
1,634,935,000 10.9%
1,607,238,000 13.7%
1,603,713,000 14.7%
1,644,638,000 16.4%
1,650,545,000 15.4%
1,644,089,000 15.4%
1,642,858,000 15.6%
1,629,011.000 15.0%
1,643,229,000 15.2%
1,637,533,000 13.5%
1,635,623,000 11.8%
1,582,267.000 11.1%
1,662,660,000 12.7%
9.9%
1,660,204,000
1,645,587,000 10.2%
1,653,369,000
9.3%
1,656,051,000
7.4%
5.9%
1,646,531,000
5.8%
1,651,792,000
3.8%
1.628,147,000
1,623,151,000
6.3%
1,655,051,000
5.6%
1.599,900,000 } 5.9%
1,671.466,000
5.6%
1.617.717,000
5.2%
1,675,653,000
1,564,652,000
6.6%
1932.
8.8%
1,523,652,000
1,619,265,000
9.7%
1,602.482,000 10.1%
1,598,201,000
9.5%
1,588,967,000
9.6%
1,588.853.000 12.6%
1,578,817,000 11.4%
1,545,469,000 11.6%
1,512,158,000 15.5%
1,519.679,000 16.5%
1,538,452,000 18.4%
1,537.747.000 20.0%
1,514,553,000 17.6%
1,480,208.000 18.8%
---1.465.076.000
x Revised figure. y Includes Thanksgiving Day.
DATA FOR RECENT MONTHS.
Month of-
1934.
1933.
1932.
1931.
1934
Over
1933.
January _ _ _ - 7.131,158.000 6,480,897.000 7,011,736,000 7.435,782,000 10.0%
--5,835,263,000 6,494,091,''' 6,678,915.000
February
-6,182,281,000 6.771.884.''' 7,370,687,000
March
6,024.855,000 6,294,302,000 7.184,514,000
April
-6,532,686,000 6,219,554,000 7.180,210.000
May
-6,809,440,000 6,130.077,000 7,070,729.000
June
-7,058,600,000 6,112.175,000 7,286,576,000
July
__-7,218,678,000 6,310,667,000 7,166,086,000
August
_6,931,652,000 6,317,733,000 7,099.421,000
September _
6.633,865,000 7.331,380,000
7,094,412,000
October _
6,831,573,000 6,507,804.000 6,971,644,000
November _
____
7,009,164,000 6,638,424,000 7,288,025,000
December__
Tntio
80.009.501.000 77.442.112.000 86,073,969,000
----
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%.
Lumber Production for Second Quarter Fixed at
4,550,000,000 Feet.
According to the National Lumber Manufacturers' Association, the National Control Committee of the Lumber Code
Authority has authorized total lumber production for the
second quarter of 1934 of 4,550,000,000 feet. This is made
up of 3,650,000,000 feet of soft woods and 900,000,000 feet
of hard woods. The Association's statement further added:
Although the authorized production is approximately 10% less than that
for the first quarter of the year, the probabilities are, the Committee
believes, that it will not result in decrease of either production or employment Lumber production fell over 19% below the authorized quota in
the final quarter of 1933, and it is estimated that it will fall at least 16%
below quota in the first quarter of 1934, due in large part to adverse
weather conditions. It is also estimated that the more favorable weather
conditions to be expected for the second quarter of the year will enable the
industry to bring production nearer to the amount authorized and thus
actually show an increase in the total amount cut, in spite of the reduction
in quotas.
Although the United States Timber Conservation Board reported an estimated consumption for the third quarter of 5,192,000,000 feet, this amount
includes 127,000,000 feet of estimated imports. As there will be an estimated carryover of uncut seasonal allotments of 600,000,000 feet, the
probabilities are that production will be more nearly adjusted to consumption than at any time in the recent past. Any marked increase in consumption over the Timber Conservation Board estimate due to such then unexpected developments, as, for instance, a large home building program directly
subsidized by the Federal Government would result in a marked reduction
of stocks on hand. The difficulty of adjusting established quotas downward
is recognized by the industry. On the other hand, quotas can be raised by
the Authority at any time in the face of a demand not now anticipated.
New Business at Lumber Mills During First Quarter
3% Above Output
-29% Above 1933 Orders.
Lumber orders received at the saw-mills during the first
quarter of 1934 were 3% above production; shipments were
7% below production during the same period, according to
telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations of leading hardwood and softwood mills. Reports
showed orders above output for the quarter in all softwood
regions but West Coast and California Redwood, total softwood orders being 4% above output; hardwood orders, 3%
2324
Financial Chronicle
below hardwood production. The National Lumber Manufacturers Association further went on to say:
Identical mills reporting for both this year and last, showed production 58% in excess of the first quarter of 1933; shipments 23% heavier;
orders 29% greater.
During the week ended March 31 1934 shipments were the highest of
any week of the year; production and orders were somewhat less than
during preceding recent weeks. The reports were from 1,473 mills whose
production was 193,482.000 feet; shipments, 202,484,000 feet; orders,
204,769,000 feet. The first full report of the North Central Hardwood
region was included. Eight softwood groups are now reporting weekly
to the National Lumber Trade Barometer, and four hardwood groups.
All softwood regions reported orders above output during the week
ended March 31 except Redwood, the Northern groups and Northeastern
softwoods. Total softwood orders were 6% above production; hardwood
orders 8% above hardwood output. All regions but Southern pine and
Northern hemlock reported orders above those of corresponding week of
1933, total softwood orders being 11% above those of a year ago; hardwood
orders 34% above. Shipments were 11% above those of similar week of
1933 and production was 61% above output of last year's week.
Forest products carloadings during the week ended March 24 totaled
24,810 cars. This was 354 cars below the preceding week, 8,840 cars
above the same week of 1933 and 4,503 cars above similar week of 1932.
Lumber orders reported for the week ended March 31 1934, by 948 softwood mills totaled 175,858,000 feet; or 6% above the production of the
same mills. Shipments as reported for the same week were 175,162,000
feet, or 5% above production. Production was 166,595,000 feet.
Reports from 574 hardwood mills give new business as 28.911.000 feet,
or 8% above production. Shipments as reported for the same week were
27,322.000 feet. or 2% above production. Production was 26,887,000 feet.
Unfilled Orders and Stocks.
Reports from 1,489 mills on March 31 1934 give unfilled orders of 813,722.000 feet and gross stocks of 4,832,470,000 feet The 544 identical
mills report unfilled orders as 576.405,000 feet on March 31 1934, or the
equivalent of 25 days' average production, as compared with 479,067,000
feet, or the equivalent of 21 days' average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 395 identical softwood mills was 143.771,000
feet, and a year ago it was 89,970,000 feet; shipments were respectively
147,781,000 feet and 135,722,000; and orders received 148,541,000 feet
and 134,276,000 feet. In the case of hardwoods, 217 identical mills reported production last week and a year ago 17,069,000 feet and 9,656,000;
shipments 16.736.000 feet and 13,142,000 and orders 18,549,000 feet and
13,800,000 feet.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle that
for 568 mills in Washington and Oregon, shipments were 2% abovebroduction, and orders 0.5% below production and 2% below shipments.
New business taken during the week amounted to 95,267,000 feet (previous week 90,372,000 at 577 mills); shipments 97,354,000 feet (previous
week 77,949,000); and production 95,716,000 feet (previous week 99,990,000). Orders on hand at the end of the week at 579 mills were 392,093,000 feet. The 184 identical mills reported a gain in production of
47% and in new business an increase of 10% as compared with the same
week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
151 mills reporting, shipments were 17% above production, and orders
23% above production and 5% above shipments. New business taken
during the week amounted to 28.006,000 feet (previous week 39,783,000 at
182 mills); shipments 26.639,000 feet (previous week 30,051,000); and
production 22,821,000 feet (previous week 31,624,000). Orders on hand
at the end of the week at 151 mills were 87.681.000 feet. The 74 identical
mills reported a gain in production of 2%, and in new business a loss of
7%,as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
122 mills reporting,shipments were 7% above production, and orders 18%
above production and 10% above shipments. New business taken during
the week amounted to 41,442,000 feet (previous week 46.919,000 at 137
mills); shipments 37.808,000 feet (previous week 43,483,000); and produetion 35,235,000 feet (previous week 38,371.000). Orders on hand at
the end of the week at 122 mills were 115.978,000 feet. The 115 identical
mills reported a gain in production of 181% and in new business an increase of 21% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported production of 18 American mills as 2.795.000 feet, shipments 1,921,000 feet
and new business 863.000 feet. Orders on hand at the end of the week
were 5,019,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production of 18 mills as 7,288,000 feet, shipments 6,694.000 feet and new
business 6.040,000 feet. Orders on hand at the end of the week were
34.496.000 feet. Ten identical mills reported production 122% greater
and new business 64% greater than for the same week last year.
Southern Cypress,
The Southern Cypress Manufacturers Association of Jacksonville, Fla.
reported production of 22 mills as 901,000 feet, shipments 2,120,000 feet
and new business 2,207,000 feet. Orders on hand at these mills at the
end of the week were 3,470,000 feet.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production of 19 mills as 1,117,000 feet.
shipments 1,269,000 and orders 684,000 feet. Week-end orders on hand
at 12 mills were 4,212.000 feet. The 12 identical mills reported a gain of
127% in production and a loss of 56% in new business, compared with the
same week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York
reported softwood production of 30 mills as 722,000 feet. shipments 1,357,000 and orders 1,349,000 feet. Orders on band at the end of the week
were 9,498,000 feet.
HARDWOOD REPORTS.
Southern Hardwoods.
The Hardwood Manufacturers Institute of Memphis, Tenn..reported
production of 360 mills as 21,404,000 feet, shipments 23,706,000 and new
April 7 1934
business 25,637.000. Orders on hand at the end of the week at 386 mills
were 13,414,000 feet. The 205 identical mills reported production ss%
greater, and new business 35% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production of 19 mills as 3,051,000 feet,
shipments 1,306,000 and orders 1,564,000 feet. Orders on hand at the
end of the week at 16 mills were 8,140.000 feet. The 12 identical mills
reported an increase of607% in production and an increase of28% in orders,
compared with the same week last year.
North Central Hardwoods.
The North Central Hardwood Association of Indianapolis, reported
production of 165 mills as 1,469,000 feet; shipments, 1,410,000 feet; orders,
1,011,000 feet; unfilled orders, 10,554,000 feet.
Northeastern Hardwoods.
The Northeastern Lumber Manufacturers Association of New York,
reported hardwood production of 30 mills as 963,000 feet, shipments
900,000 and orders 699,000 feet. Week-end orders on hand were 8,167,000
feet.
Lumber Output During the Five Weeks Ended March 31
1934 Exceeded Same Period Last Year by 73%
-Orders Up 23%.
Shipments Increased 30%
We give herewith data on identical mills for the five weeks
ended March 311934, as reported by the National Lumber
Manufacturers Association on April 5:
An average of 620 mills reported as follows to the National Lumber
Trade Barometer for the five weeks ended March 31 1934.
Production.
(In 1,000 Feet)
Softwoods
Hardwoods
Total lumber
Shipments.
1933.
Orders Received.
1934.
1933.
1934.
1933.
1934.
748,724
82,320
441,203
40,486
713,454
81,893
560,633
53,293
775,529
90,565
641,252
61,788
831,044
481,669
795,347
613,926
866,094
703,040
Production during the five weeks ended March 31 1934 was 73% greater
than during corresponding weeks of 1933, as reported by these mills and
48% above the record of comparable mills during the same period of 1932.
1934 softwood cut was 70% above that a the same weeks of 1933 and
hardwood cut was slightly over twice what it was in the 1933 period.
Shipments during the five weeks ended March 31 1934, were 30%
greater than those of corresponding weeks of 1933. softwoods showing gain
of 27% and hardwoods, gain of 54%•
PO Orders received during the five weeks ended March 31 1934 were 23%
greater than those of correspond* weeks of 1933 and 22% greater than
those received during similar weeks of 1932. Softwoods showed gain of 21%
as compared with similar period of 1933; hardwoods, gain of 47%•
On March 311934, gross stocks as reported by 1,507 mills were 4,832,470,000 feet. As reported by 327 softwood mills stocks were 2,563,120.000
feet, the equivalent of 129 days' average production of reporting mills, as
compared with 2.591,154,000 feet on April 1 1933, the equivalent of 131
days' average production.
On March 31 1934, unfilled orders as reported by 1,507 mills were
813,722,000 feet. Five hundred and forty-four mills reported unfilled
orders as 576,405,000 feet. the equivalent of 25 days' average production,
as compared with 479,067.000 feet on April 1 1933, the equivalent of 21
days, average production.
Farm Price Index of Bureau of Agricultural Economics
Unchanged from Feb. 15 to March 15 but Higher
Than Year Ago.
The farm price index compiledcompigd b - e - Agricul--37 th- ureau of
-B
tural Economics, United States Department of Agriculture,
was 76 on March 15, compared with 76 on Feb. 15 and with
50 on March 15 a year ago. The 1909-14 period equals 100.
The index of prices that farmers pay was 120 on March 15,
compared with 119 on Feb. 15, and with 100 on March 15
last year. An announcement issued March 30 by the
Department of Agriculture further said:
The figures show that whereas the index of prices received by farmers
have risen 52% in the past year, the prices paid by farmers have increased
20%. This has raised the purchasing power of farm products in terms of
other commodities from 50 to 63 in the Bureau's index, or 26%.
Price declines for small grains, veal calves, and eggs during the month
ended March 15 were offset by price gains for other products. By groups
of farm products, fruits and vegetables were up 7 points during the month,
dairy products up 2 points, meat animals up 1, cotton and cottonseed up 1,
and chickens and eggs down 5. The index of grain prices was 78 on March 15
or the same as on Feb. 15. Compared with a year ago,fruits and vegetables
were up 48 points; cotton and cottonseed, 46 points; grains, 42; dairy products, 20; chicken and eggs, 18, and meat animals, g.
The United States average farm price of live hogs was $3.88 per 100
pounds on March 15, compared with $3.87 on Feb. 15, and with $3.22 on
March 15 last year. Hog prices declined slightly in the corn belt from
Feb. 15 to March 15 this year, but this was offset by a continued advance in
prices in other sections of the country. The hog-corn ratio was 8.2 on March
15,compared with 8.5 on Feb. 15,and with 15.6 on March 15 last year.
The average farm price of corn was 47.1 cents a bushel on March 15,
compared with 45.6 cents on Feb. 15, and with 20.6 cents on March 15 a
year ago. Prices in the East South Central States showed the largest gains
during the month ended March 15, up 4.7 cents a bushel, whereas the price
in the corn belt advanced 0.7 cents a bushel.
Wheat prices to farmers averaged 70.9 cents a bushel on March 15, compared with 72 cents on Feb. 15, and with 34.5 cents on March 15 last year.
The Bureau says an improvement in winter wheat crop prospects since midFebruary was chiefly responsible for the price decline during the ensueing
mocnottht.on
prim averaged 11.7 cents a pound on March 15. the same as on
Feb. 15, and compares with 6.1 cents on March 15 last year. Potato prices
in the Far West were depressed by increased carlot shipments, but continued
an upward trend in other parts of the country; the average price on March
15 was 92 cents a bushel, compared with 87.7 cents on Feb. 15,and 39 cents
on March 15 last year.
Eggs averaged 14.4 cents a dozen on March 15, compared with 15.8 cents
on Feb. 15, and 10.1 cents on March 15 a year ago.
Financial Chronicle
Volume 138
Further Decline in Exports of Farm Products During
February Reported by Bureau of Agricultural
Economics.
The index of volume of exports of farm products from the
United States was 80 for February, against 93 for January,
109 for December and 71 for February last year, according
to the Bureau of Agricultural Economics, United States
Department of Agriculture. The index for February 1932
was 117. Under date of March 31 the Bureau further reported:
The seasonal decline in exports of cotton is smaller than usual. The index
for exports of cotton was 93 for February, compared with 109 in January
and 82 in February last year. In the eight months ended Feb. 28, foreign
countries took 6,594,000 bales compared with 6,393,000 bales during the
corresponding eight months last season.
Exports of wheat and flour are given an index of 45 for February, compared with 51 in January and 25 in February last year; grains and products,
40 in February against 45 in January and 28 in February last year; animal
products, 57 in February against 68 in January and 69 in February last
year; dairy products and eggs 68 in February, 91 in January and 67 in February last year; unmanufactured tobacco,87 in February,82in January and
79 in February last year, hams and bacon,24 in February,17 in January and
17 in February last year; lard, 94 in February against 130 in January and
146 in February last year.
Fruits continue to stand out in the index figures, with 298 for February
against 346 in January and 210 in February last year. All index figures
compare with a 1909-14 average of 100.
Flour Output Declined in March 1934.
General Mills, Inc., in presenting its summary of flour
milling activities for approximately 90% of all flour mills
in the principal flour milling centres of the United States,
reports that during the month of March 1934 production
totaled 5,588,186 barrels of flour as compared with 5,119,342
barrels in the preceding month and 5,671,696 barrels in the
corresponding period last year. In February 1933 production amounted to 4,829,492 barrels.
During the nine months ended March 31 1934 flour output
by the same mills reached a total of 47,125,269 barrels as
against 50,230,966 barrels during the nine months' period
ended March 31 1933. The corporation's summary follows:
PRODUCTION OF FLOUR.
(Number of Barrels.
Month of March.
1934.
Northwest
Southwest
Lake Cent.,4 Southern
Pacific Coast
Grand total
1933.
9 Months Ended March 31.
1934.
1933.
1,402,281
1,912,255
1,893,073
380,577
1,466,537
2,026,183
1,899,410
279,566
12,195,793
16,317,070
15,670,397
2,942,009
12,461,778
17,723,811
17,421,862
2,623,515
5,588,186
5,671.696
47,125.269
50,230.966
Grain Stabilization Corporation to Sell 37,500 Bags
of Santos Coffee April 11.
It has been announced by the Grain Stabilization Corporation that sealed bids on 37,500 bags of Santos coffee from
its holdings will be opened on April 11. The coffee is part
of the 1,050,000 bags received from Brazil two years ago
by the now extinct Federal Farm Board in exchange for
25,000,000 bushels of American wheat. The balance of
the coffee still unsold amounts to about 75,000 bags. The
last previous sale on March 8, which also consisted of
37,500 bags, brought prices ranging from 11.87 to 12.03
cents per pound. Reference to this sale was made in our
issue of March 10, page 1641.
Conference of Representatives of Brazilian Coffee
Associations to Be Held April 10.
The National Coffee Department of Brazil in a cable
to the New York Coffee & Sugar Exchange announced that
it had invited representatives of the Sao Paulo Coffee
Institute and various other coffee associations in Brazil to
meet in Rio de Janeiro on April 10 for the purpose of studying
a method for handling the next coffee crop. In announcing
this on April 4 the New York Exchange said:
The current crop, amounting to nearly 30,000,000 bags, had required
special attention and the planters, under the plan approved the end of May
last year, have been selling 40% of their production to the National Coffee
Department at a sacrifice price of 30 milreis per bag. The next crop is
estimated to be a small one, some say not more than 16,000.000 bags.
This meeting, therefore, will deal with the handling of the coming crop
insofar as the dispatches to port are concerned and other relative and
important regulations.
World's Visible Supply of Coffee Higher on April 1,
According to New York Coffee & Sugar Exchange—
United States Stocks Below March 1.
The world's visible supply of coffee, excluding restricted
stocks in Brazil, amounted to 8,083,646 bags on April 1,
an increase of 6.9% over the March 1 total of 7,563,861
bags, according to the New York Coffee & Sugar Exchange.
The Exchange announced April 5 that the United States
visible stocks declined 8.7% from 1,677,861 bags on March 1
to 1,531,646 bags on April 1. European supplies increased
2325
6.2% from 3,086,000 bags to 3,276,000 bags, while stocks
in Brazilian ports were 17% higher, rising from 2,800,000
bags on March 1 to 3,276,000 on April 1.
United States Consumption of Coffee Continued Above
Year Ago During March, According to New York
Coffee & Sugar Exchange.
Consumption of coffee in the United States during March
has continued at the record rate of earlier months, according to the New York Coffee & Sugar Exchange. Consumption during March amounted to 1,296,623 bags,
against 1,115,426 bags in March last year, the Exchange
announced April 3, adding:
For the nine months of the crop year, July 1 1933 to March 31 1934,
9,586,331 bags of coffee have disappeared into consumptive channels
in this country against 8,431,245 bags in the nine months of 1932-33.
a gain of 1,155,086 bags, or 13.7%. The trade had expected a slump
in deliveries during March because of the heavy disappearance during
January and February which, it was claimed, went to building up of invisible stocks, but publication of March figures would indicate that the
sharp increase in those two months, which were abnormally cold, was
due in a large part to increased actual consumption. This confirms to
some extent the survey made by the Exchange which showed distinctly
that coffee consumption varies with the mean temperatures.
Transactions in Coffee Futures During First Quarter
This Year on New York Coffee & Sugar Exchange
214% Above Same Period Year Ago.
Trading in coffee futures on the New York Coffee & Sugar
Exchange during the first quarter of 1934 more than tripled
the trading for the first quarter of 1933, the Exchange announced April 2. Transactions totaling 2,333,750 bags
were recorded, the Exchange said, against 747,250 bags
last year, an increase of 214%. Trading during March
amounted to 659,500 bags, compared with 259,000 bags
during March 1933. The volume is also ahead of the first
quarter of 1932 when 1,132,250 bags were traded.
State of Minas Geraes Takes Over Direction of
Coffee Institute.
A Rio de Janeiro cablegram March 23 to the New York
"Times" said:
The State Government of Minas Geraes has canceled the charter of the
Minas Geraes Coffee Institute and taken over direction of the organization. This will not affect the policy of the Federal Coffee Sales Bureau,
according to Armando Vidal, its President.
Shipments of Raw and Refined Sugar from Puerto
Rico to United States Higher from Jan. 1 to March
1 than Last Year.
Raw sugar shipments from Puerto Rico to the United
States from Jan. 1 to March 1 totaled 272,622 short tons,
an increase of 40.1% when compared with shipments of
194,567 during a similar period last year, according to cable
to the New York Coffee & Sugar Exchange The Exchange
also announced on April 2 that refined shipments amounted
to 31,350, a 7% increase over the 29,295 tons total for the
1933 period.
Shipments of raw and refined together for the week ending
March 31 amounted to 16,412 tons according to the Exchange
against 31,876 in the same week last year. About 33% of
the total available for the United States of the 1933-34 crop
has been shipped to date.
Increase Reported in Consumption of Sugar in United
States During First Two Months of 1934.
Sugar consumption in the United States during the first
two months of 1934 amounted to 823,633 long tons, raw
sugar value. This is an increase of 61,020 tons, or 8.0%
compared with the first two months of 1933, according to
B. W. Dyer and Co., sugar economists and brokers. February 1934, consumption amounted to 435,198 tons which
was an increase of 53,573, or 14.04% over February of
last year.
AAA Will Not Dump Federal Cotton on the Market—
Government Holdings Not to Be Offered to Unduly
Disturb Spot Conditions.
The Government's holdings of more than 2,000,000 bales
of actual and future cotton "will not be dumped on the
market,sacrificed or offered in a manner calculated to unduly
disturb spot market calculations," Oscar Johnston, Manager
of the Agricultural Adjustment Administration producers'
pool, stated April 5 in replying to an inquiry from W. S.
Dowdell, President of the New York Cotton Exchange.
Mr. Johnston assured Mr. Dowdell that the AAA has liquidated its futures without disturbing the market, and added
that he wished to assure the public "of our intention to do
likewise with the actual cotton."
2326
Financial Chronicle
A Washington dispatch April 5 to the New York "Times"
quoted from this correspondence as follows:
In a letter to Mr. Johnston, Mr. Dowdell stated that "there is some
discussion among the cotton trade generally as to the probable attitude of
the Government toward its cotton holdings.
"Particular interest is evidenced in the probable action with reference
to pooled cotton after July 1 1934. There has been some suggestion that
the Government might force an appreciable quantity of this cotton on the
market. If you can consistently do so, I shall appreciate your giving me
such information as you care to impart in this connection."
Mr.Johnston.in his answer. advised Mr. Dowdell that, under the provisions of the Agricultural Adjustment Act, the highest number of cotton
futures held at one time was 965,000 bales. This has been reduced to
104,000 bales.
"We began disposing of our futures contracts on Dec. 22 1933, with the
market at 10.07," Mr. Johnston said. "That we have disposed of these
futures without disturbing the market is evident from the fact that,steadily
since we have been liquidating, the market has improved.
"The remaining 104,000 bales of futures cotton is held against approximately 12,000 option contracts in the hands of producers.
"This optioned cotton will be carried without cost to the producers until
May 1 and, upon application, will be carried at a cost of 40 cents per bale
per month for another year, so that this 104,000 bales probably will be
liquidated between this date and May 1 1935, unless in the meanwhile the
market should go to 12X cents or better, in which event the option contracts
would be closed out and the futures disposed of."
With reference to the actual cotton held in the pool, Mr.Johnston said
that "the Secretary of Agriculture acquired and has delivered to the cotton
pool, recently established, a total of 1,950,000 bales of actual cotton.
"Under the provisions of the pool agreement this cotton cannot be sold
at less than 15 cents per pound basis middling seven-eighths inch until
alter July 311934, after which time it may be sold at the discretion of the
pool manager with the approval of the Secretary of Agriculture."
Petroleum and Its Products—Administrator Ickes
Offers Industry Plan for Gasoline Stabilization
Through Refinery Curb—Further Meetings on
Problem Wednesday—Federal Court Decision Aids
Enforcement of Secretary Ickes' Crude Production
Quotas—Oil Administrator Asked to "Abdicate."
The Oil Administration late Thursday submitted to the
industry a plan to stabilize refinery operations and balance
gasoline supply with demand. Further meetings will be
held by the Petroleum Administrative Board in Washington
next Wednesday to hear the industry's reaction to the plan.
The proposed plan represents a consolidation by the
PAB of the programs submitted by contending factors in
the industry, Harold I. Ickes said, in announcing it, and
final decision on it is up to the industry. The Administration
is neutral on the bill.
"The collapse of the wholesale gasoline structure and
consequent collapse of the crude oil market is threatened by
an excessive surplus of gasoline and heavy over-production,"
Mr. Ickes declared. "This condition must be remedied."
The tentative plan will be a complete substitute for the
section of the oil code which deals with refining, proposing
that gasoline production and stocks be regulated strictly to
keep the supply balanced with demand, and empowers the
industry to control the agencies established to achieve this
end, subject to the approval of the Oil Administration.
Also, the plan provides for making the proposed gasoline
purchase or pooling agreement a part of the oil code. This
agreement provides for the creation of a $10,000,000 stabilization pool to hold "distress" or surplus stocks of gasoline.
The operation of the pool would be kept under close watch
by the Oil Administration and the participants would agree
to keep their own surplus off of the market. This measure
was designed mainly to aid the small refiners.
In order to make certain that the pool would work, quotas
would be established for the shipment of gasoline into the
National market from any or all refineries in a district where
there was an excessive supply, or any refinery which fails to
operate in conformity with the plan.
Unofficial reports late this week disclosed that the Petroleum Administrative Board is seeking an increase in the
personnel of the Planning and Co-ordination Committee.
The Committee would be increased by nine members, under
the tentative plan, of which three would be selected by the
PAB and one each by the six major oil companies.
Testimony was heard by the PAB at meetings held last
Wednesday on the two major proposals for refinery control.
The hearings were to bring out trade sentiment on the two
bills, the first, proposed by the Planning and Co-ordination
Committee, favoring a strict quota system of control at the
refinery, with the second, sponsored by the major oil companies, seeking voluntary refinery control.
Under present conditions, it will be impossible for many
refiners operating in the East Texas field to continue operations, B. P. Crittenden, of Overton, Tex., said. "We
must seek a proper relationship between prices of refinery
products and crude oil," he contended.
Representatives of other independent refiners and oil
companies testifying, were practically unanimous in favoring
April 7 1934
the committee plan for controlling gasoline output. One
witness, H. R. Smith, of the Louisville Refining Co., Louisville, Ky., in endorsing the Committee's plan held "crude
oil prices must be reduced or we refiners will go out of business."
Arkansas independent refiners cannot operate unless there
is "balanced control of production under the code," J.
Mahoney, of El Dorado, Ark., of the MacMillan Petroleum
Corp., stated. Mr. Mahoney held that the best method
of control was at the refinery. John E. Shatford, President
of the Louisiana-Arkansas Refinery Assn., said "we are
entirely in accord with the Planning and Co-ordination plan.
Unless crude oil is available freely to independent refiners,
we can't continue to live. The emphasis on control should
be at the refinery."
In opposing the plan offered by the major companies in
place of that advocated by the Planning and Co-ordination
Committee, E. F. Wells, of the Ashland Refinery Co.,
Ashland, Ky., said that it would merely mean a continuation of present conditions. He contended that present
conditions in the industry were due mainly to improper
refining control and the building up of too large inventories.
Federal enforcement agents operating in the East Texas
field won a substantial victory in the United States Circuit
Court at New Orleans, which handed down an unanimous
opinion granting the Government's application for a stay
of the injunctions granted by Judge Bryant in both the
Amazon Petroleum Corp. and Panama Refining Co. cases.
In the stay order issued by the Court, the circuit judges
specifically empowered the Federal Oil Administration agents
to require reports and inspect the properties of both producers and refiners in the Texas fields. The case was set
for final hearing on May 2.
With the authority of Federal oil agents restored by this
decision and the Texas Railroad Commission waging a
sweeping campaign against violators of the State and
Federal oil production quotas, "hot oil" output is expected
to be severely curtailed in the near future. The authority
enjoyed by the Commission under the recently enacted
legislation strengthening its power coupled with the power
of the Federal Oil Administration affords both agencies the
opportunity to "crack down" on producers of "hot oil"
in an extremely effective manner.
R. D. Parker, chief supervisor of the oil and gas division
of the Texas Railroad Commission, has been assigned to
take complete charge of the enforcement of the Commission's
proration orders in the East Texas field, effective April 1.
Oil men had sent notice to the Commission following a
meeting at Dallas last week that unless the Commission had
stopped production of "hot oil" in two weeks, an appeal
would be made to the Federal Government for regulation.
In support of the Commission's drive on illegal oil,
Attorney-General J. V. Allred filed more than 100 suits in
the District Court in Henderson during the latter half of the
week against alleged violators of the Railroad Commission's
proration regulations for the East Texas field.
Penalties at the rate of $1,000 a day for each day's violation were asked in each case. The State's drive against
producers of "hot oil" will continue with "all possible
vigor," the Attorney-General stated.
Last Saturday, the first attack on the new,bills designed
to strengthen the authority of the Texas Railroad Commission was launched in Federal Court at Tyler where suit
was filed by the Tyler Refining & Producing Co. and the
Ohio Brokerage Co., against members of the Railroad
Commission, Governor Ferguson, Attorney-General James
V. Allred and others, seeking a permanent injunction restraining them from enforcing the new law which places
refineries under complete supervision of the Commission.
Inasmuch as the Railroad Commission has not yet fixed
the allowable production for Texas for April and May,
the Federal recommendation of 980,700 barrels daily is
being observed for the time being.
Charging that Harold I. Ickes had admitted that he
knew nothing of the oil business, J. Edward Jones of New
York, suggested that Mr. Ickes "abdicate as Oil Administrator" in testimony before the NRA Review Board Thursday.
Mr. Jones, who has been a persistent critic of the Oil
Administration, declared that Mr. Ickes was an "honest
and able man," but quoted the latter as having said he
(Ickes) "didn't know a damn thing about the oil business."
A protest by Lowell Mason, of counsel for the board,
that the hearing was for suggested code changes, and "not
Volume 138
Financial Chronicle
for personal abuse," brought a quick denial from Mr. Jones
that he intended any personal abuse. Clarence Darrow,
Board Chairman, in ignoring Mr. Mason's protest, said,
"I am sure Mr. Jones has the highest regard for Mr. Ickes."
"That's right," Mr. Jones commented. "The point I am
making is that Mr. Ickes is honest and able, but that he
doesn't know anything about the oil business, and that he's
pulled at and surrounded by representatives of monopoly."
Pressed to make specific recommendations for changes,
Mr. Jones said:
"Throw out all the Planning and Co-ordination Committee personnel, and tell the President to make some plan
whereby the industry will be truly represented on the Board.
"Ask Ickes to abdicate as Oil Administrator."
Action on the proposed legislation to plug up the
"loopholes" in the oil code will be deferred until President
Roosevelt has returned to Washington, Mr. Ickes said
Wednesday in response to queries on the progress of the
proposed measure to take the place of the oil code.
At the same time the Oil Administrator made public
modification of Rule 22 of Article 5 of the code affecting
heating, fuel and bunker oils. The modification, which
will not affect existing contracts, prohibits free advisory
service in connection with the sale of oils in this class, to
conform with the oil burner industry's code. It also barred
payment of commissions to oil burner dealers.
Crude oil output throughout the nation showed a decline
last week and month-end pinch-back tactics cut production
quite sharply in Oklahoma and California.
Daily average crude oil production last week was 2,324,850
barrels, off 64,950 barrels from the previous week but
42,000 barrels above the Federal allowable, reports to the
American Petroleum Institute disclosed. For the four
weeks ended March 31 production averaged 2,351,650
barrels daily, against the 2,282,800 barrel total established
by Administrator Ickes for March.
While output in Oklahoma was off 38,250 barrels from
the week of March 24, production last week at 461,450
barrels was some 5,000 barrels above the Federal allowable.
A like situation was disclosed in the California report,
which disclosed that while output was 33,300 barrels lower
at 458,200 barrels daily, it was still 4,300 barrels above
the Federal allowable of 453,900 barrels.
Texas production last week rose 1,050 barrels to 965,750
barrels daily, compared with the Federal allowable of
947,000 barrels. Slight declines in most of the Texas
fields were more than offset by a 1,900 barrel increase
reported in East Texas.
There were no price changes posted during the week.
2327
With third-grade gasoline quoted in Chicago around
3 to 3M cents a gallon, the softness of the spot market can
readily be realized when it is remembered that last month
third-grade gasoline was selling above 4 cents. This low
price was the principal factor in the weakening of the retail
price structure. With independents buying their gasoline
in the spot market able to undersell the majors and still
make a profit, gallonage losses suffered by the latter made
it necessary to cut prices to retain volume. Major units
refining their own gasoline were at a particular disadvantage.
Reductions were postponed as long as possible by the
major companies in the hope that the spot market would
stiffen to the point where the independents would lose the
price advantage which would automatically boost the retail
price levels. However, with gallonage losses both on retail
sales and commercial accounts running into serious totals,
the large companies were forced to cut prices in order to
protect themselves. The competitive margin on the
independents was reduced to 1 cent on the regular grade
and M cent on the third-grade, under the revised schedule
posted last Saturday.
In commenting on the recent cuts posted in the Chicago
area at the company's annual meeting, E. G. Seubert,
President of the Standard Oil Co. of Indiana, said: "We
are going to protect our business. We have lost enough
already. We can't let the chiselers put us out of business."
There is no immediate prospect for a reduction in crude
oil prices, however, Mr. Seubert contended.
In Franklin County, Ohio, which takes in the metropolitan
Columbus area, the price war which started late last week
was intensified by further price cuts posted by the Standard
Oil Co. of Ohio on Monday. All major units met the cut.
All grades were cut 1 cent a gallon, the second reduction in
a week. Price-cutting by independents was responsible for
the further reductions.
Some brightening of the outlook for California gasoline
prices was evident toward the close of the week with reports
indicating the possibility of an early advance from the
current abnormally low levels. Some of the more optimistic
factors on the Pacific Coast anticipate increases totaling
5 cents a gallon shortly, which would regain most of the
ground lost in the current price war.
The optimism was based on the round-table conferences,
seeking to smooth out the current difficulties confronting
the Pacific Coast oil industry, which got under way in Los
Angeles on Thursday. Officials of companies signatory to
the code are seeking to end the present chaotic conditions
and the meetings will go far toward achieving this end,
it is hoped.
The cartel will come in for serious study in an effort to
REFINED PRODUCTS
-LOCAL GAS PRICE STRUCTURE FIRM
- iron out the sore spots, it was reported. The meetings are
INTEREST CENTERED ON DEVELOPMENTS IN WASHexpected to continue for several days in Los Angeles with a
INGTON
-MID-WEST PRICES EASY
-APRIL GASOLINE
possibility that further conferences may be held in San
QUOTA RAISED BY SECRETARY JOKES.
Francisco.
Prices in the local gasoline market were firm although
April allowable production of gasoline was fixed at
the undertone of the structure was slightly easier under 31,910,000 barrels by Administrator Ickes last Saturday,
the depressing influences of the rising stocks of gasoline at compared with allowable output of 31,791,000 barrels in
refineries and the recent price weakness here and on the March. The increase was due to normal seasonal gains in
Pacific Coast. Again, the softness of bulk and retail consumption which justified the increased allowable. Mr.
prices of gasoline in the mid-West were an unstabilizing Ickes ordered that the allowable gasoline production shall
influence.
be allotted to the refineries by the Planning and CoConsumption has picked up somewhat under the in- ordination Committee,subject to his approval.
fluence of favorable weather conditions and talk of further
The American Petroleum Institute revised its method .of
spreading of price weakness in retail gasoline prices along reporting refinery operations and stocks of gasoline with this
the Atlantic Seaboard dwindled as the seasonal rise in week's survey, changing its estimate of refinery capacity
consumption gained momentum. Again, the steps being for the country to 3,736,000 barrels daily, of which 3,349,000
taken in Washington to curb production of gasoline at barrels reports to the Institute, or 89.6% of the Nation's
the refinery has aided feeling somewhat.
total capacity. From now on the Institute will report on
Tank wagon and tank ear prices showed no change in unfinished stocks of gasoline as well as other stocks of motor
the local market, with retail prices also holding steady. fuel.
Some scattered weakness in gasoline prices developed in
On the new basis, stocks of motor fuel held at refineries
New England bulk markets, but these were mostly read- at the close of last week totaled 38,484 000 barrels, comjustments to bring quotations into line with the recent cuts. pared with 38,500,000 barrels a week ago, off 16,000 barrels.
Kerosene was well held at 6 cents a gallon for 41-43, Bulk terminal stocks totaled 18,614,000 barrels, against
water white, in tank-car lots, refinery, although demand 18,511,000 barrels, a gain of 103,000 barrels, bringing the
in this item is suffering from a normal seasonal decline in total at these two points to 57,098,000 barrels. St
4pcks of
consumption. Grade C bunker fuel oil is moving well unfinished gasoline totaled 9,960,000 barrels, compared
at $1.30 a barrel, refinery. Diesel oil was held firmly at with 10,211,000 barrels, a dip of 251,000 barrels.
$1.95 a barrel, refinery.
During toe week, reporting refineries were operated at
Reductions in tank wagon and service station prices of 62.8% of capacity running to stills 2,103,000 barrels of crude
gasoline of M cent on third-grade gasoline and 1 cent on oil daily, against daily crude runs of 2,159,000 barrels in
regular were posted by cut-rate independents operating in the preceding week when reporting refineries were operated
the metropolitan Chicago area over last week-end. These at 64.5% of capacity.
cuts followed the reductions of 1 cent and 13/i cents, reWhile gasoline stocks gained sharply during February,
spectively, posted by the major companies.
he consumption of gasoline was higher than a year ago
•
on a daily average basis, the United States Bureau of Mines
reported. Statistics on kerosene, gas oil and fuel oil indicate
that consumption of these products also gained.
With runs of crude oil to refinery stills 9% above the like
1933 month, February stocks of motor fuel showed a gain
of 3,788,000 barrels, totaling 60,438,000 barrels, against
58,781,000 barrels in February a year ago. January stocks
were 1,854,000 barrels above the total shown in the first
month in 1933.
Despite a gain of 7% in crude oil production over the like
month a year ago, there was a net Withdrawal of 2,000,000
barrels from stocks of refinable crude in February,the Bureau
of Mines report disclosed. The total of all petroleum oils,
crude and refined, was reduced 3,957,000 barrels in February,
against a reduction of 4,357,000 barrels reported in January.
Price changes follow:
,
-Independents reduce third-grade gasoline 36 rent and
March 31.
regular grade 1 cent a gallon at all service stations in metropolitan Chicago.
-The Standard Oil Co. of Ohio reduced all grades of gasoline
April 2.
1 cent a gallon at service stations in Franklin County, which takes in
metropolitan Columbus.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
April 7 1934
Financial Chronicle
2328
Gasoline, Service Station, Tax Included.
.20
New Orleans
$.19
Detroit
$.155
z.125
Philadelphia
17
Houston
San Francisco:
19
Jacksonville
.16
- .16
Third grade_
Los Angeles:
.18
Above 65 octane- 1714
.11%
17
Third grade_
1934
Premium
13
205
Standard
14
St. Louis
15
Premium
.205
z Less taxes.
15
Minneapolis
.20
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery.
New Orleans, ex-S.434-43i
New York:
03
I North Texas
0415-.0334
(Bayonne)
8.06 I Los Ang.,ex- .0415-.06 I Tulsa
Fuel Oil, F.O.B. Refinery or Terminal.
$1.15
Gulf Coast C
N. Y.(Bayonne):
California 27 plus D
1.20
5.75-1.00 I Phila. bunker C
Bunker C
$1.30
1.15
Diesel 28-30 D...__ 1.95 New Orleans C
Gas Oil, F.O.B. Refinery or Terminal.
8.0134
I Tulsa
'Chicago:
N. Y.(Bayonne):
28 plus G 0...2.0315-.041 32-38 GO
$.0115 I
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
3.031(-.04
Chicago
N.Y.(Bayonne):
N. Y.(Bayonne):
New Orleans... .04
Shell Eastern Pet 5.06
Standard Oil N..1,:
.04 -.04
Arkansas
Motor, U. S___$.06
New York:
.05 -.07
62-63 octane_ .0554
Colonial-Beacon... .0634 California
.0415-.07
Los Ang., ex
06
z Texas
Stand. 011 N. Y__ .0634
0434
063 Gulf ports
Gulf
*Tide Water OU Co .06
04
06)5 Tulsa
Republic Oil
xRichfield 011(Cal.) .07
Pennsylvania_ .05
Warner-Quin. Co- .0635
Sinclair Refining_ .06
x Richfield "Golden." z"Fire Chief," $0.07. •Tydol, 30.0635.
Prices of Typical Crudes per Barre at Wells.
(All gravities where A. P.1. degrees are not shown.)
$1.00
$2.45 Eldorado. Ark., 40
Bradford, Pa
1.08
1.20 Rusk, Tex., 40 and over
Corning, Pa
.87
1.13 Darst Creek
Illlnoi
.90
1.13 Midland District. Mich
Western Kentucky
1.35
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst Mont
Hutchinson, Tex. 40 and over.. 1.03 Santa Fe Springs, Calif.,40 and over 1.30
1.04
1.03 Huntington, Calif., 26
SpIndletop, Tax,,
and over
1.82
.75 Petrolla, Canada
Winkler, Tex
.70
Smackover, Ark., 24 and over
February Crude Oil Production at a Higher Rate
Than in January, and Continues in Excess of
Corresponding Period in Previous Year-Inventories, Although Larger Than at Feb. 28 1933,
Show a Falling Off from Jan. 31 1934.
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum
in the United States during February 1934 totaled 65,450,000
barrels. This represents a daily average output of 2,338,000
barrels, which, compared with the average in January,
represents an increase of 17,000 barrels; and, compared
with production a year ago, represents a gain of 7%. Increased production in Texas was responsible for the gain
in national output; in fact, the daily average production
In Oklahoma, California, and the majority of the less important producing States declined. The daily average production in Texas in February was 987,000 barrels, compared
with an average of 957,000 barrels daily in January. The
Increase of 30,000 barrels in daily average production in
Texas was attributable to a gain of 20,000 and 10,000 barrels
in East Texas and the Panhandle, respectively. The Bureau
further reported as follows:
Total stocks of refinable crude on Feb. 28 totaled 351,641,000 barrels,
Indicating a net withdrawal of 2,001,000 barrels during February. Stocks
on the leases increased approximately 300,000 barrels in February, but
refinery and tank-farm stocks decreased.
Total crude runs in February amounted to 66,470,000 barrels, or 2,374,000
barrels daily. This was 67,000 barrels higher than the January average
and 194,000 barrels, or 9%, higher than the average a year ago.
The percentage yield of gasoline in February (42.5%) was practically
the same as in January, hence the increase in daily average crude runs
was directly reflected in a gain in daily average motor-fuel production.
Exports of gasoline increased in February, averaging 72,000 barrels daily,
compared with an average of 63,000 barrels in January. The daily average
indicated domestic demand during February was 891,000 barrels, an increase of 7% over a year ago. Stocks of gasoline on Feb. 28 totaled
60,438,000 barrels, of which 56,653,000 barrels was finished gasoline and
3,785,000 barrels was natural gasoline. These data indicate an increase
in finished gasoline stocks of nearly 4,000,000 barrels during February.
The February statistics of the minor products indicate continued high
consumption of kerosene and gas oil and fuel oil.
According to the Bureau of Labor Statistics, the price index for
petroleum products during. February 1934 was 50.3, compared with 51.1
in January and 34.3 in February 1933.
The refinery data of this report were compiled from refineries with
an aggregate daily recorded crude oil capacity of 3,450,000 barrels. These
refineries operated during February at 69% of their capacity, given above,
which compares with a ratio of 66% in January.
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of Barrels of 42 Gallons.)
-Feb.
-Feb. Jan.
February Jan.
1933.
1934.
1933.
February
1934.
Decrease In stocks, all olls
65.450
2.338
2,783
132
68.365
2,442
71,976
2.321
3,024
130
75,130
2,424
61,029
2,180
2,543
88
63,660
2,274
137,426
2.329
5,807
262
143,495
2,432
125.027
2,119
5.419
183
130.629
2.214
b3.031
278
71.674
2,560
b2,800
1.244
79,174
2,554
2,369
1,615
67,644
2,4113
5,831
1,522
150,848
2,557
5,200
790
2.
138619
2,349
3,957
4.357
c1,097
8,314
3,127
75.631
2,701
New Supply
Domestic production:
Crude petroleum
Daily average
'Natural gasoline
Benzol_ a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
January
1934.
83,531
2,695
66,547
2,377
159,162
2,698
141,746
2,402
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand:
Motor fuel
Kerosene
Gas,oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel-
2.511
5,597
2,288
5,362
1,886
4,480
4,799
10,959
3.823
10,796
24,947
4,154
29,450
1,128
83
806
358
151
3,050
161
3.235
29,519
4,245
d32.482
1,359
89
1,058
386
181
3,457
47
d3,060
23,312
3,274
27,156
1,101
87
786
344
79
2,914
126
1,002
54,466
8,399
61,932
2,487
172
1,862
744
332
6,507
208
6.295
49,822
6.930
55.870
1,960
166
1,657
849
177
6,138
235
3,523
Total deomestic demand..
Daily average
67,523
2,412
75,881
214,48
60,181
2,149
143,404
2,431
127,127
2.155
351,641
3,785
240,450
353,642
3,906
242.285
335,060
3,397
246,525
351,641
3 785
240,450
335,060
3,397
246.525
Stocks
Crude petroleum
Natural gasoline
Refined products
595,876 599.833 584,982 595,876 584,982
Total, all oils
244
221
246
223
221
Days'supply
a From Coal Division. b Receipts of foreign crude as reported to Bureau of
Mines. c Increase. d Revised
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS.
(Thousands of Barrels of 42 Gallons.)
February 1934.
Total.
Daily
Avge.
January 1934.
Total.
Daffy
Avge.
January- JanuaryFebruary February
1933.
1934.
United State* total
853
81
956
31
1,809
1,764
1,089
1,394
1,606
1,157
7,348
12,594
83
337
52
3,217
330
1,230
766
1,996
813
207
1,186
246
225
56
281
4,800
2,890
6,005
13,495
952
39
50
57
41
263
450
3
12
2
115
12
44
27
71
29
7
42
9
8
2
10
164
104
214
482
34
1.195
1,597
1,806
1,283
8,282
14,163
87
393
72
3,407
362
1,351
852
2,203
822
222
1,319
306
269
89
358
5,589
3,311
6,318
15,218
1,152
39
52
58
41
267
457
3
13
2
110
12
44
27
71
27
7
42
10
8
3
11
180
107
204
491
37
4,484
3.601
13,167
1,471
4,900
27,823
291
510
383
893
160
129
470
53
175
987
10
18
14
32
4,913
3,994
13,989
1,326
5,464
29,686
340
524
385
909
158
129
451
43
178
957
11
17
12
29
2,284
2,991
3,412
2,440
15,630
26,757
170
730
124
6,624
692
2,581
1,818
4,199
1,635
429
2,505
552
494
145
639
10.189
6,201
12,323
28,713
2,104
2
9,397
7.595
27,156
2,797
10,364
57,309
631
1,034
768
1,802
1,512
3,406
4,088
3,166
15,395
27.567
162
580
94
5,739
774
1,954
1,615
3,571
828
305
2,027
493
522
155
677
7,425
6,444
11,423
25,293
1,876
1
7.442
9,537
21.092
2,662
10,130
50,863
558
1,232
846
1,878
65,450
Arkansas
California:
Huntington Beach
Kettleman IIllls
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indiana
Kansas
Kentucky
Louisiana-Gulf Coast- _ _ _
Rest of State
Total Louisiana
Michigan
Montana
New Mexico
New York
Ohio-Central at Eastern
Northwestern
Total Ohio
Oklahoma-Oklahoma City
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee
Texas
-Gulf Coast
West Texas
East Texas
Panhandle
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming
2,338
71,976
2,321
137,426
125,027
NUMBER OF WELLS COMPLETED IN THE UNITED STATEELa
February
1934.
Oil
Gas
Dry
TntaL
January
1934.
February
1933.
-Feb.
Jan.
1934.
-Feb.
Jan.
1933.
1,168
158
599
810
94
286
910
110
332
516
79
316
1,720
204
818
1 Ian
Ian
911
2.642
a From "011 & Gas Journal" and California office of the American
Institute,
1.925
Petroleum
Daily Production of Crude Oil Off 84,950 Barrels in
-Inventories of Gas
Week Ended March 31 1934
and Fuel Oil Again Declined.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
March 31 1934 was 2,324,850 barrels, or 64,950 barrels
below the output for the previous seven days, but is an
increase of 42,050 barrels over the Federal allowable figure
Financial Chronicle
Volume 138
which became effective on March 1 last. The current figure
compares with 2,389,800 barrels produced during the week
ended March 24 1934, a daily average of 2,351,650 barrels
during the four weeks ended March 31 1934 and an average
daily output of 2,239,750 barrels during the week ended
April 1 1933.
Inventories of gas and fuel oil fell off 687,000 barrels during
the week under review, or from 105,508,000 barrels at
March 24 to 104,821,000 barrels at March 31. In the
previous week inventories dropped 1,737,000 barrels.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
939.000 barrels for the week ended March 31. a daily average of 134.143
barrels, compared with a daily average of 108,143 barrels over the last
four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 308,000
barrels for the last week of March, a daily average of 44,000 barrels, against
a daily average of 61,786 barrels over the last four weeks.
Reports received for the week ended March 31 1934 from refining companies owning 89.6% of the 3,736,000 barrel estimated daily potential
refining capacity of the United States. indicate that 2.103.000 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, 38.484,000 barrels
of finished gasoline; 9.960.000 barrels of unfinished gasoline, and 104,821.000 barrels of gas and fuel oil. Gasoline at bulk terminals, in transit
and in pipe lines amounted to 18,614,000 barrels. Cracked gasoline
production by companies owning 95.1% of the potential charging capacity
of all cracking units, averaged 425,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Average
Actual Production.
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
Effective Mar. 31 Mar. 24 Mar. 31
1934.
1934.
1934.
Mar. 1.
Oklahoma
Kansas
Week
Ended
Apr.1
1933.
Production of Natural Gasoline (No. of Gallons).
Production.
Feb.
1934.
Appalachian
Ill.. Ky., Ind.
Oklahoma_ _
Kansas
Texas
Louisiana_
Arkansas
Rocky Mtn_
Calitornla_ _
6,200,000
800.000
28,900,000
2,300,000
32,500.000
3.500.000
1,000,000
4,600.000
37,100,000
Jan.
1934.
'Stocks End of Month.
i Jan.
-Feb. I Jan.
-Feb. I
1934.
1933.
947,900
Total Louisiana
461.450
125.500
499,700
124,500
487,250
121,950
427,700
121,100
57,800
55,300
26,950
138,400
43.950
433,550
48,100
49,200
55,300
55.400
26,750
135.850
43,650
432,250
48,400
46,050
52,550
52,550
22,750
162,750
58,150
398,750
36,450
50.050
Daly aver
Totalno. of
4,180,0001 4,100,000
4,130,000
111,450
111,850
115.300
Daily aver_
5.807,000
98,000
5,419,000
92,0001
965,750
964,700
955.500
27,250
44,950
73,400
31,050
99,650
27.200
30,950
96,950
26,400
Wyoming
Montana
Colorado
29,600
7,400
2.500
30,550
7,100
2,850
30,150
37,650
72,200
71,800
67,800
30,150
7,000
2,350
73,250
31,250
97,900
27,200
30,850
7,200
2,600
30,600
93,400
13,450
39,500
40,500
39,500
40,450
42,350
491,500
42,250
475,700
37,450
459,900
Daily Refining
Capacity of Plants.
Crude Runs
to Stills,
Stooks a Stocks
Stocks
of
of b qmets
of
FinUnof
Gas
Reporting. Daily P. C ished finished Other
and
Aver- Oper- Oaso- Quo- Motor Fuel
Total. P. C. age. ated line.
line. Fuel.
Oil.
386
167
528
162
77
64
822
QC.1,S. Mt...!..COMWO
000, WVOOW00
no
461
351
542
168
92
96
848
116,900,000127.000,000 243,900,000227,600,00041,122,00041,679,000
979,000
992,000
Tin Reaches New High-International Committee's
Decision to Create Pool Held Cause.
United Press advices, April 6, from London published in
the New York "World Telegram" said:
39,050
42,150
458,200
Total United States_ _
2,282,800 2,324,850 2,389,800 2,351,650 2,239,750
Note.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS. FINISHED AND UNFINISHED GASLOINE AND
GAS AND FUEL OIL STOCKS
-WEEK ENDED MARCH 31 1934.
(Figures In Thousands of Barrels of 42 Gallons Each.)
582
139
422
Total
The price of tin advanced 5 guineas (827.05) here to-day to £244
31,450 ($1,256.91) a ton, a new high since February 1928.
The rise was attributed to the decision of the International Tin Committee
5,000
2.600
to recommend creation of a buffer pool for the metal.
44,300
453,900
582
150
446
Jan.
1934.
949,300
28,050
45,200
32.200
95.200
29,300
Total Rocky Mtn.States
I
3,860,0001
2,783,0001 3,024,000
99,0001
98,000
Arkansas
Eastern (not incl. Mich.).
Michigan
New Mexico
California
Feb.
1934.
5,900,000 12.100,000 12,400,000 5,293,0001 3,910,000
800,008 1,600,000 1,600,000 504,000 387,000
31.400.00i 60,300.000 54,200.000 18,605,00021,537.000
2.400,0084.700.000 4,300,000 564,000 677,000
35,200.008 67,700,000 53,700,000 11.055,00010,430,000
3,500.0001 7,000.000 7,000,000 672,000 742.000
1,100.0001 2,100.000, 2,500.000 182,000
175.000
4.700.008 9,300,000 9,200,000 1,243,000 1.270,000
42,000,0001 79.100,000 82,700,000 2,994,000 2,551.000
27,600
45,800
Total Texas
East Coast__
Appalachian,
Ind., Ill., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf__
No. La.
-Ark.
Rocky Mtn_
California.--
Natural Gasoline in February at a Slightly Higher
Daily Rate-Inventories Declined.
According to the United States Bureau of Mines, the daily
average production of natural gasoline during February 1934
amounted to 4,180,000 gallons, the highest figure recorded
in more than a year and an increase of 80,000 over the
daily average of the previous month. The largest gains in
daily average production in February were recorded in the
Appalachian, East Texas and Panhandle districts. The
production in the East Texas field reached a new high level
of 90,000 gallons daily, a reflection of the increased number
of plants in operation. Stocks of natural gasoline at the
plants, which ordinarily increase during February, showed
a slight decrease in February 1934, amounting to 41,122,000
gallons on Feb. 28 compared with 41,679,000 gallons on
hand Jan. 31.
111,900
North Louisiana
Coastal Louisiana
PoiseGal
Rate.
Include all natural gasoline which has been blended, and also all gasoline
made from refinery still gases, whether blended or unblended. By further
distillation is meant reforming, cracking or re-distillation.
Unfinished Gasoline.
-Which is the estimated amount of gasoline and (or)
special naphthas boiling under 437 degrees, recoverable from the naphtha
distillates defined blow.
Naphtha Dtstillates.-This item should include any partially refined oil,
more than 50% of which boils below 450 degrees, not including kerosene
stocks.
56,500
55,900
27,500
137,600
43,800
435.450
48,500
48,600
456,400
112,300
Panhandle Texas
North Texas
West Central Texas
West 'I exas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
District,
2329
456 78.4 17,550
88 63.3 1,832
284 67.3 9,637
1,579
570
1,253
195
68
463
119
45
34
351
953
431
2,813
337
50
153
1,821
50.5 5,914
40.7 1,172
87.7 5,418
73.5 1,683
341
58.4
53.1 1,508
42.7 12,043
209
112
57
5,279
714
2,828
585 2,739
270 1,697
286 4,550
____ 1,252
32
584
41
876
2,498 84,502
Totals week:
Mar. 31 '34 3,736 3,349 89.6 2,103 62.8 c57,098 9,960 4,090 104,821
Mar. 24 '34 3.730 5 540 RR R 2.159 114 5 dfi7(Ill in 911 a nrin 105 5112
a Amount of unfinished gasoline contained in naphtha d stillates. b Es !mated.
Includes unblended natural gasoline at refineries and plants: also blended motor fuel
at plants. c Includes 38,484.000 barrels at refineries and 18,614,000 barrels at
bulk terminals. In transit and pipe lines. d Includes 38,500,000 barrels at refineries and 18,511.000 barrels at bulk terminals, In transit and pipe lines.
Note -Stocks in California are now on the same basis as stocks east of California,
which excludes stocks held at or in transit to local marketing points. Formerly
stocks in California have included these stocks.
The information presented above includes for the first time, weekly
statistics indicating, in addition to finished gasoline, the amount of unfinished gasoline in storage. Comparable figures for year ago are not available; but that fact must not be construed to mean that there were no inventories of unfinished gasoline at that time, nor must it be assumed that a
large quantity of heretofore hidden inventories have suddenly come to
light. On the contrary, information obtained from other sources Indicate
that present stocks of unfinished gasoline are at approximately the same
level as existed in 1933, and through this further refinement in the statistics
of the industry, that information is now being made available weekly for
the first time. The definitions under which finished and unfinished gasoline
inventories are now being reported follow.
-This item should include all refinery products except
Finished Gasoline.
kerosene which are to be marketed straight or in blends, without further
distillation, as motor fuels or special naphthas. This item should also
-General Tone of
Non-Ferrous Metal Buying Expands
Market Firmer.
"Metal and Mineral Markets" in its issue of April 5
reported that the sales tonnage for the week in copper and
lead was well above the average, indicating that confidence
in basic commodities is returning. Three factors appear to
have influenced buyers. One was the recent settlement
of the labor difficulties, the other the approach of increased
control under code operation, and the third the seasonal and
general improvement in business. With control of major
non-ferrous metals by code authorities not far distant, the
feeling prevails that the "underpriced" non-ferrous metals
are due for a rise. The fact that steel operations have
declined moderately in recent weeks had little influence on
the situation. Our index of non-ferrous metal prices for
March was 67.83, against 67.45 for February, and 46.95
for March 1933. The same publication went on to say:
Good Saks of Copper.
Pending actual operations under the proposed code of fair practice for the
Industry, most sellers of copper preferred either to remain entirely out of
the market or to limit their sales to several hundred tons. In several
directions, however, a wholly different policy was adopted, which resulted
In a sales total of about 10,000 tons for the week. The bulk of this business, all of an open-market character, was booked by one seller. Final
adjustments in the code were said to be under way, and general opinion
In the trade seemed to be that the code would soon be in effect.
European demand slackened somewhat last week, although prices Improved slightly. This upward trend in prices was attributed to two factors.
first, firmness in the foreign markets as a result of clarification here of code
problems, and, second, the steady advance throughout the week in sterling
exchange. During the seven-day period prices ranged from 8.10c. to
8.304. c.i.f.
Commenting on the copper Industry. F. H. Brownell, Chairman of the
board of American Smelting & Refining Co., predicted that as a result
of adoption of a code of marketing practices in accordance with National
Recovery Administration policy
-a move expected to be taken soon-the
price of copper in the domestic market will be advanced. According to
statistics compiled by the industry, the present cash cost of producing
copper in the United States averages more than 8Mc. a pound and if depreciation and depletion are taken into account, the cost would be around 104.
Mr. Brownell told stockholders, which would provide an indication as
to the extent prices would have to be raised in order to afford profit to the
Industry.
2330
amounted
Imports of copper into the United Kingdom, blister and refined,
year. This
to 27,853 long tons in the first two months of the current
-February period of 1933. Imcompares with 20,023 tons in the January
ports, by countries, in long tons, follow.
-Jan.-Feb
1934.
1933.
1,558
1,953
Australia
4,643
4.769
Canada
2,706
1,696
United States
8,625
4,650
Chile
375
1,149
of South Africa
Union
8,169
4,153
Northern Rhodesia
50
926
Other British
600
525
Germany
1.127
202
Other foreign
27,853
20,023
Totals
Zinc Steady at 4.30t.
on a
Zinc was in moderate demand last week, with the market taking
under a
relatively quiet tone the last few days. Imminence of operations
influential factor in the decode in the copper industry was probably an
as the
velopment of the current "hesitancy" in the zinc market, inasmuch
reconsideration as
code for the zinc Industry will undoubtedly be up for
metal was
soon as the copper code is signed. The price structure of the
to
steady at 4.30c., St. Louis, throughout the seven-day period. Reports
district will
the effect that recent prediction irregularities in the Tri-State
metal
be corrected promptly encourage the belief that the position of the
should improve.
Lead Continues Active.
Demand for lead again was active, sales for the week that ended yesterday
The
coming close to 6,000 tons, a figure well above the weekly average.
continued
buying was quite general in character. As for prices, producers
American
to hold to the 4c. basis, New York, the contract quotation of the
undertone was
Smelting & Refining Co., and 3.90c., St. Louis. The
in other directions.
described as firm by some operators and steady to firm
Sales of lead for March shipment totaled 28.418 tons, according to figures
circulated privately in the industry. Business booked so far for April
shipment amounted to about 22,000 tons, against the 15,202 tons (corrected)
reported a week previous.
and
The following tabulation shows lead stocks at the works of smelters
refiners in the United States so far as reported to the American Bureau of
Metal Statistics, all figures in short tons.
Mar. 1.
Feb. 1.
59,954
63,382
In ore and matte and in process at smelters
6,957
13,133
smelters and refiners
In base bullion-At
1,121
829
In transit to refiners
12.697
10,340
In process at refiners
207,404
197,864
Refined lead
8.820
9,810
Antimonial lead
Totals
295,358
296,953
Straits Tin Higher.
With the London market closed on two regular trading days because of
the Easter holidays, business in tin was greatly restricted. The price here
moved upward, owing to the fall in the dollar. The London market
declined about £2 per ton during the week. Yesterday about 200 tons
sold here.
The March statistics were good, showing a reduction in the world's
visible supply of 1,271 long tons. The visible supply at the end of March
was 20.423 long tons, according to the Commodity Exchange. United
States deliveries during March totaled 3,835 long tons, against 2,940 in
February.
54c.;
Chinese 99% tin was quoted nominally as follows. March 29,
30, 54.15c.; 31, 54.25c.; April 2, 54.40c.; 3, 54.275c.; 4. 54.10c.
Steel Output Recovers Recent Loss, According to
-General Price Advance Follows
the "Iron Age"
10% Wage Increase-Scrap Prices Lower.
General price advances on steel products ranging from $2
to $8 a ton have followed the recent 10% increase in wages,
reports the "Iron Age" of April 5, in its summary of iron and
steel conditions. The "Age" continues:
While the filing of prices has not been completed, new quotations have
been announced on virtually all of the commoner products except pipe, tin
plate and rails. On the basis of the advances thus far made public, the
"Iron Age" composite for finished steel will be raised from 2.028c. to
2.184c. a pound. The advanced figure, however, will still be $2.26 a ton
below the average for 1929 and $4.50 a ton below that of the popular
index base year 1926, notwithstanding that basic wage rates are now back
on approximately the same level that prevailed in both 1929 and 1926. A
possible advance in pipe may result in a further slight increase in the "Iron
Age" composite, and the price of rails may be changed following the
expiration of the present quotation on April 15, but no early revision of
the tin plate price is looked for.
The advances have caused widespread contracting for the second quarter,
since mills have given their customers an opportunity to cover their needs
prior to the effective date of the new prices, which in most cases will
not be before April 10. The effect of this anticipatory buying, however,
is to rob the industry of the benefit of the advances until the third quarter.
In the meantime producers face immediate absorption of higher labor and
fuel costs. The only advantage that they can expect to gain from the
price changes this quarter is the operating economies that will result from
the increased rate of output that will follow the current wave of buying.
Even now mills are beginning to feel the effects of the rush of consumers to cover their needs, and sharply higher operating schedules in finishing mills are expected by the middle of the month. The transitional character of the current phase of the steel market is illustrated in production
rates in different producing centers. Operations at Cleveland are off
seven points to 56% of capacity, and output in the South has receded two
points to 50%. On the other hand, the Pittsburgh rate has increased three
points to 35%, and the Valley average two points to 54%. Production in
other districts remains unchanged and the national average has risen one-half
2% of capacity.
/
point to 48,
Pig iron producers have not yet filed price changes, but early advances
are regarded as inevitable in view of the addition of increased fuel costs
to higher labor charges. Coal operators have not yet been able to determine the effect of their own new wage set-up, but they have temporarily
advanced all grades of bituminous coal 25c. a ton, and both furnace and
foundry coke have been marked up 35c. a ton. These changes are effective
Immediately, since all fuel contracts carry a wage clause.
Pig iron production in March registered a daily average gain of 15.8%
over February. The total for the month was 1,619,534 tons, or a daily
rate of 52,243 tons, compared with 1,263,673 tons for February, or 45,131
April 7 1934
Financial Chronicle
two were
tons daily. Nine furnaces were blown in during the month and
stacks was five,
put out, a net gain of seven. The net increase in steel works
that of merchant units two.
and April
March production of automobiles is estimated at 325,000 cars,
has a
will bring further expansion of operations. General Motors Corp.
tentative schedule calling for 165,000 to 175,000 units, with Chevrolet
will set
assemblies accounting for 127,000. Indications are that Chevrolet
an all-time high for a single month's output.
Central has placed
More railroad steel is reaching mills. The New York
38,900 tons of rails, the Erie 32,121 tons, and the Great Northern has
tentatively allotted 20,000 tons. Inquiries on which early action is expected
include 33,000 tons of rails and 15,000 tons of track accessories for the
Baltimore & Ohio, 10,000 tons of rails for the Norfolk & Western, 4,200
tons of rails for the Maine Central, and 4,250 tone for the Grand Trunk
Western.
Structural steel awards, at 8,150 tons, are the second lowest for any
week this year and compare with 12,250 tons a week ago. New projects of
18,300 tons compare with 10,400 tons last week and 21,400 tons a fortnight
ago. Lettings reported in March totaled 84,750 tons compared with 55,225
tons in February and 60,890 tons in January.
Although scrap prices in the pivotal Pittsburgh market show signs of
stiffening, there have been no actual advances. Meanwhile, a further
decline at Chicago has reduced the "Iron Age" composite for heavy melting
steel from $12.67 to $12.58 a gross ton. Pending the establishment of
the steel prices now being filed, the "Iron Age" composite for finished steel
remains unchanged at 2.028c. a pound. The pig iron composite remains unaltered at $16.90 a gross ton.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on stee, bars, beams, tank plates,
April 3 1934, 2.028e. a Lb.
wire, rails, black pipe and sheets,
2.023e.
One week ago
2.0280. These products make 85% of the
One month ago
1 879e. United States output.
One year ago
Low.
High.
2,028c. Jan. 2
2.028c. Jan. 2
1934
1.867c. Apr. 18
2.0360. Oct. 3
1933
1.926c. Feb. 2
1 977c. Oct. 4
1932
1.945c. Dec. 29
20370. Jan. 13
1931
2.018e, Dec. 9
2 273c. Jan. 7
1930
2.2730. Oct. 29
2 3170. Apr. 2
1929
2.2170. July 17
"2860. Dec. 11
1928
2.2120. Nov. 1
2.4020. Jan. 4
1927
Pig Iron.
(Based on average of basic iron at Valley
April 3 1934, $16.90 a Gross Ton.
$16.90 furnace foundry irons at Chicago,
One week ago
16.90 Philadelphia. Buffalo, Valley, and BirOne month ago
mingham.
13.68
One,year ago
Low.
High.
$16.90 Jan. 2
316.90 Jan. 2
1934
13.56 Jan. 3
16.90 Dec. 5
1933
13.56 Dee, 6
14.81 Jan. 5
1932
14.79 Dec. 15
15.90 Jan, 6
1931
15.90 Dee. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Based on No. 1 heavy melting steel
Apr. 3 1934, $12.58 a Gross Ton.
$12.67 quotations at Pittsburgh, Philadelphia.
One week ago
12.92 and Chicago.
One month ago
7.08
One year ago
Low.
High.
$11.33 Jan. 2
$13.00 Mar. 13
1934
6.75 Jan. 3
12.25 Aug. 8
1933
5.42 July 5
8.50 Jan. 12
1932
8.50 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
The American Iron and Steel Institute on April 2 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.1% of the steel capacity of the industry would be 43.3%
of the capacity for the current week, compared with 45.7%
last week and 47.7% one month ago. This represents a
decrease of 2.4 points or 5.2% from the estimate for the week
of March 26 1934. Weekly indicated rates of steel operations since Oct 23 1933 follow:
1933.
31.6%
Oct. 23
Oct. 30
Nov. 6
25.2%
*
27.1%
Nov. 13
Nov. 20
26.9%
26.8%
Nov.27
1933.
28.3%
Dec. 4
Dec, 11
31.5%
34.2%
Dec. 18
31.6%
Dec. 25
1934.
29.3%
,
Jan. 1
1934.
30.7%
Jan. 8
34.2%
Jan. 15
32.5%
Jan. 22
9 970
3.
34.4%
Jan. 29
37.5%
Feb. 5
Feb. 12
1934.
Feb. 19
43.6%
Feb. 26
45.7%
Mar. 5
47.7%
r..
Mpar 1
1,,iiar.2;
4
13
6;
Mar. 19
46.8%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on April 2, stated:
First reaction to the general 10% wage advance in the iron and steel
industry, which, with the increase under the code last fall, practically
restores wages to their pre-depression levels, has been a bulge in consumer
coirmlitments for second quarter.
Users generally have assumed that higher costs will be followed by a
rise ill prices, and voluntarily have moved to cover requirements. The
effect of this may be to prevent producers from obtaining immediate and
reasonably compensating benefits through lifting prices. Only by with.
drawing from the market temporarily can they escape the consequence of
the code rule for giving 10 days' notice ahead of such revisions.
With costs up April 1, and more than 50% of second quarter tonnage
now under contract, the industry faces the prospect of operating through a
.
considerable portion of the next three months on reduced earnings.
Sentiment in the industry is strong for immediate action on prices, indications pointing to first announcements this week. Semi-finished steels
are understood to be scheduled for advances ranging from $1 to $4 a ton;
plates, shapes and bars, $2 ; sheets, $3 to $5.
Consumers specified practically all the material due them on first
quarter contracts, and steelworks operations last week held at 49%, with
indications that the stronger market will lift the rate this week. Pitts2
/
%
2
/
burgh was up 3 points to 36%; eastern Pennsylvania, 11 points to 341 .
Cleveland was down 10 points to 72%; Youngstown, 2 points to 54%;
New England, 2 points to 69%. Detroit continued 100%; Chicago, 481
2
/
%;
Birmingham and Buffalo, 52%.
Wage increases in the automobile and steel industries have broadened
the market for motor cars. The response to the automobile labor settle.
U. S. Steel.
Independent .
15 +1
2255-155
55 -2
76 +3
9555+1
85
90 -2
1554+155
2355-155
5655+1
83 +3
9755+ 55
90
96 -24
15 +1
2155-1
54 -354
69 +3
9355+1
7955+ 55
54 -2Se
Report on Foundry Operations During February in
Philadelphia Federal Reserve District by University of Pennsylvania-Most of Steel Foundries
Show Decreased Activity, Although Production of
Steel Castings Increased.
The production of steel castings increased during February, according to reports received by the Industrial Research
Department of the University of Pennsylvania, from foundries operating in the Philadelphia Federal Reserve District. The department said that this increase was not general, however; most of the steel foundries reported a decrease in activity. Shipments of steel castings increased
partly because of the increase in production and partly
because the shipments in January did not keep pace with
production. Continuing, the research department stated:
Unfilled orders for steel castings continued to increase. But at the
same time the iron foundries in this district experienced declines in production, shipments and unfilled orders. Stocks of raw materials on hand
In iron and steel foundries continued to decline.
IRON FOUNDRIES.
No, of
Firms
Reportinc.
4
30
19
27
26
90
Feb.
Per Cent Per Cent
1934
Chance
Change
(Short
from
from
Tons). Jan. 1934 Feb. 1933.
Capacity
Production
Gray Iron
Jobbing
For further manufacture
Malleable Iron
Shipments
Unfilled orders
Raw stock:
Pig iron
Scrap
Coke
12,022
2,558
2,204
1,857
347
354
2,538
1,250
0.0
-8.3
-7.3
7.4
-6.9
+14.1
-10.4
-8.1
0.0
+135.7
+124.2
+127.1
+110.0
+246.6
+115.1
+197.9
3,594
1,728
589
-7.7
-6.3
-3.2
+100.7
-1.3
4- AO 1
Gray Iron Castings.
The tonnage of gray iron castings produced in 30 foundries during
February was 7.3% less than in the preceding month. This decrease was
experienced in both branches of the industry; the output of castings for
jobbing work declined 7.4%, and the production of castings used in further
manufacture within the plant was 6.9% less than in January.
The . . . lessened activity was chiefly in foundries located in
Philadelphia. The total output of the foundries operating in the balance
of the Philadelphia Federal Reserve District increased for the third con.
8
8
8
7
6
6
a
8,630
1,745
1,615
130
1,930
1,760
0.0
+10.2
+9.8
+16.1
+60.9
+3.2
0.0
+266.2
+270.8
+217.1
+353.5
+109.7
238
4,531
130
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw Stock:
Pig Iron
Scrap
Ontra
-37.4
-2.7
-22.9
+107.4
+56.7
+30.2
The production of steel castings in eight foundries during February was
10.2% more than in January. Although this increase in activity affected
the production of jobbing work and the output of castings used in further
manufacture within the plants, it was not widely distributed throughout
the industry. Five foundries reported a decrease in production.
-Ed.] shows that the
The chart at the bottom of page 3 [this we omit.
activity in February was but slightly less than that of last July. The
experience of the local foundries continues to be relatively better than that
of the industry as a whole as measured by reports to the Department of
Commerce.
Deliveries of steel castings were 60.9% more in February than in the
preceding month, thus correcting the situation existing in January when
shipments failed to keep pace with production. In spite of the increases
in production and shipments, the volume of unfilled orders continued to
increase slightly.
All raw stocks on hand were less than those of a month ago, but more
than those of a year ago.
Pig Iron Output Up 15.8% in March.
Production of coke pig iron in March totaled 1,619,534
gross tons, compared with 1,263,673 tons in February, reports the "Iron Age" of April 5. The daily output in
March, at 52,243 tons, showed a gain of 15.8% over the
February daily rate of 45,131 tons. Production for the first
quarter of this year was 4,098,433 tons, compared with
1,665,120 tons for the corresponding period last year, continued the "Age," which further went on to say:
There were 96 furnaces in blast on April 1, making iron at the rate of
53,720 tons a day, compared with 89 furnaces on March 1, operating at the
rate of 46,260 tons a day. Nine furnaces were blown in during March
and two were blown out or banked, making a net gain of seven furnaces.
Independent steel companies put six furnaces in, the Steel Corp. blew one
In and took two off blast, and merchant producers blew in two furnaces.
Among the furnaces blown in are the following: One Gary furnace,
Illinois Steel Co.; one Lackawanna, and two Cambria, Bethlehem Steel
Corp.; one Aliquippa, Jones & Laughlin Steel Corp. ; one LaBelle and one
Portsmouth, Wheeling Steel Corp.; one Federal, of the Interlake Iron Corp.,
and the Neville Island furnace of the Davison Coal & Coke Co.
Furnaces blown out or banked included one Carrie furnace of the
Cargenie Steel Co., and one Monongahela unit of the National Tube Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1928-GROSS TONS.
1929.
January
February
March
April
May
June
First sit months
July
August
September
October
November
December
12 mos. average_
1930.
1931.
111,044
114,507
119,822
122,087
125,745
123,908
119.561
122,100
121,151
116,585
115,745
106,047
91,513
115851
01,209
101,390
104,715
106,062
104,283
7,804
100,891
85,146
81,417
75,890
69,831
62,237
53,732
58 025
55,299
60,950
65,556
67,317
64,325
54,621
61,356
47,201
41,308
38,964
37,848
36,782
31,625
00(100
1932.
1933.
4043,11,2w01.20000.
Industry.
1933
1932
1931
1930
1929
1928
1927
Per Cent Prr Cent
Feb.
Change
Change
1934
from
from
(Short
Tons). Jan. 1934 Feb. 1933.
No. of
Firms
Reportinc.
ONNaNN....
WWWO.Q,
C00000-44..000-4003
weeks. Independents are credited with a rate of 52%, compared with 50%
In the week before and 62% two weeks ago.
The following table gives the percentage of production for the nearest
corresponding weeks of previous years, together with the approximate
change from the week immediately preceding:
STEEL FOUNDRIES.
NONyWC.n.N4100...r-0
Steel ingot production for the week ended April 2 is placed
at slightly above 47%, according to the "Wall Street Journal" of April 4. This is the same as in the previous week
and compares with a shade over 48% two weeks ago. The
"Journal" further goes on to say:
U. S. Steel is estimated at 41%, against 42% in the two preceding
activity
secuthe month. Only three of the 10 foundries reporting increased
during February operate in Philadelphia.
that for the
In the first two months of 1934 production has exceeded
corresponding periods of 1932 and 1933.
Despite
Shipments of iron castings were 10.4% less than in January.
unfilled orders
these decreases in production and deliveries, the volume of
of the month.
was 8.1% less at the close of February than at the beginning
consecutive
All stocks of raw materials on hand declined for the second
that
month. The tonnage of scrap in stock was approximately the same as
on hand were subof a year ago, but the amounts of pig iron and coke
stantially more.
Malleable Iron Foundries.
February
The output of malleable iron castings in four foundries during
was 14.1% less than in January. Despite this decrease the total production
exceeded that of November and December. It can be seen from the chart
of production of malleable iron castings that activity this February was
greater than in the same month of any year since 1929.
tO
'1-a4CtIt.e3W4a to co
first time this
ment was an expansion in output last week, which for the
now being
year ran ahead of current retail demand. Two-thirds of the cars
building up
made are for delivery to actual buyers, and one-third toward
recession in demand
stocks for May and June. While there has been no
the immefrom the industry, steelmakers do not look for marked gains in
diate future.
Chicago
Strong support is being given by rail and equipment orders.
operations;
mills have sufficient rail tonnage for two months' capacity
the steelgreater production in the Pittsburgh district is likely to lift
44,121 tons
works rate there again this week. Erie railroad has ordered
York
of rails and fastenings; Boston & Maine, 30,000, tons, while New
Central is understood to have purchased 40,000 tons of rails and a tonnage
of fastenings.
Since the steel industry reduced its rail price last November, actual
orders have totaled approximately 500,000 tons, out of 844,525 tons promised by the Government. Pending for early award is 79,000 tons additional.
Builders are ordering material for freight cars recently purchased by the
Van Sweringen and other lines. New inquiries include 1,000 steel box
cars for the Seaboard Air Line; 500 for Chicago Great Western, and 100
for Savannah & Atlanta.
Building construction is not developing as well as expected; shape awards
for the week were down to 10,538 tons, much less than the recent average.
For Boulder Dam, 6,000 tons of reinforcing bars have been awarded.
Tin plate specifications are brisk, and production fractionally higher.
Output this year is expected to exceed the 1,673,962 tons of 1933, and compare favorably with the 1,800,007 tons in 1929. The movement of oil
country material is in slightly better volume.
A stronger undertone in the market for scrap is noted at Pittsburgh,
but Chicago prices are off 25c. to 50c. a ton, and "Steel's" composite is
16c. lower, at $12.17. Though the Ford Motor Co. has inquired for 50,000
tons of iron ore, producers may delay prices, in anticipation of higher
vessel rates. Wage advances in the coal fields point to stronger pig iron
prices. A lake merchant furnace interest in March booked 100,000 tons for
second quarter. Shipments last month were 40% higher than in February;
and producers believe April will improve over March. Domestic fluorspar
prices have been advanced 50c. a ton.
"Steel's" iron and steel price composite remains $32.40, and the finished
steel index, $51.10.
31
31
30
2331
Financial Chronicle
Volume 138
1934.
39,201
45,131
52,243
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS).
Pig Iron.x
1934.
January
February
March
April
May
June
Halt year
July
August
September
October
November
December
1,215,226
1,203,673
1,619,534
Ferromanganese.y
1933.
568,785
554,330
542,011
623,618
887.252
1,265,007
4,441,003
1,792,452
1,833,394
1,522,257
1,356,361
1,085.239
1,182,079
1934.
11,703
10,818
17,605
1933.
8,810
8,591
4,783
5,857
5,948
13,074
47,063
18,661
16,953
13,339
16,943
14,524
9,369
Year
13,212,785
136,762
a These totals do not include charcoal pig Iron. The 1932 production of this
Iron was 15,055 gross tons as against 46,213 gross tons in 1931. y Included in
pig Iron figures,
2332
Financial Chronicle
Further Gain in Ingot Output.
The American Iron & Steel Institute report of steel ingot
production computes the output of all companies in March
at 2,797,194 tons, an increase of 583,625 tons over the
preceding month when there were produced 2,213,569 tons.
In February, however, there were only 24 working days,
while in March there were 27. In the latter month approximate daily output was 103,600 tons and per cent operation
47.81%, while in February the figures were 92,232 tons and
42.57% respectively. A year ago in March operations were
at the extremely low rate of 15.50% and the average daily
production for the 27 working days was only 33,699; the
output of all companies for the month was 909,886 tons.
Below we show the monthly figures back to Jan. 1933:
MONTHLY PRODUCTION OF STEEL INGOTS,JANUARY 1933 TO MARCH
-GROSS TONS.
I934
Reported for 1933 by companies which wade 96.57% (and for 1934 by companies
that made 98.10% of the Open Hearth and Bessemer Steel Ingot Production
in 1932.
Month.
OpenHearth.
Calculated Aso.of Approx. Per
Monthly
Monthly Work Daily
Output.
Cent.
Bessemer. Companies. Output AU lag Output OperaReporting. Cornpanies. Days. AU Cos. tion.a
1934.
Jan
Feb
Mar
885,743
922,806
784,168
109.000
126,781
94,509
994.743
1,049,587
878,677
1,030.075
1,086,867
909,888
26
24
27
39.618
45,286
33,699
18.23
20.83
15.50
3 Mos
2.592.717
330.290
2,923,007
3.028,838
77
39.309
1,316,110
1,933.323
2,509.422
3,093,919
2.801.120
2,233.241
2,039,421
1.488.030
1,757,234
1.362,856
2,001,991
2.597.517
3,203.810
2,900,611
2.312.562
2,111,866
1,540.882
1,819,648
25
27
26
25
27
26
26
26
25
54,514
74,148
99.904
128.152
107,430
88,944
81,228
59,265
72,786
25.08
34.11
45.96
58.95
49.42
40.92
37.37
27.26
33.48
Anthracite output amounted to 1,149,000 net tons during
the week ended March 24 1934, as against 1,674,000 tons
in the preceding week and 998,000 tons in the week ended
March 25 1933.
During the coal year to March 24 1934 production of
bituminous coal was estimated at 344,230,000 net tons as
compared with 292,992,000 tons in the coal year to March 25
1933, while anthracite output totaled 54,267,000 net tons as
against 48,514,000 tons in the corresponding period last
year. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Coal Year to Date.
Week Ended.
Mar. 24
I934.c
Mar. 17 Mar. 25
1933. 1933-1934. 1932-1933.e 1929-1930.e
I934.d
Bltum. coal
-a
Weekly total 8.657.000 8.563,000 5,106,000 344,239,000 292,992,000 511,207,000
Daily avge... 1,443,000 1,427,000 851,000 1,143,000
974,000 1,696,000
Pa, anthra. b:
Weekly total 1,149,000 1,674,000 998,000 54,287,000 48,514.000 71.810,000
181,500
163,100
Daily avge_ _ 191.500 279.000 166.300
242,200
Beehive Coke:
908.100
669,500 5,732,800
eekly total
31.500
36.400
20,300
2,195
3,383
2,977
Daily avge._
6,067
18,796
5,250
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fue . c Subject
to revision. d Revised. e Production during first week in April adjusted to make
accumulations comparable with the year 1933-34.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).a
18.08
1,180,893
135,217
1,718.482
216.841
2,211.657
296,765
2.738.083
355,836
2,430.750
370.370
1,991.225
242,016
1,847.756 • 191,673
1,331.091
156,939
1.624,447
132.787
April 7 1934
19.685.101 2,428.734 22.093.835 22.878.571 310
1,786,467
172.489 1.958,956 1,996.897 27
•1,995.638
175,873 *2.171,511 *2,213,569 24
2.540.143
203.904 2,744.047 2,797,194 27
73.801 33.95
73,959 34.13
*92,232 *42.57
103,600 47.81
6,322,248
552,266 6.874,514 7,007,660 78
89,842 41.46
* Revised.
a The figures of "per cent of operation" are based on the annual capac ty as of
Dec. 31 1932, 01 67.388,130 gross tons for Bessemer and Open Hearth Stee Ingots.
3 Mos.-
Bituminous Coal Output Shows a Further Gain
Anthracite Production, Although Lower Than in
Preceding Week, Continues Higher Than in Same
Period in 1933.
According to the United States Bureau of Mines, production of bituminous coal during the week ended March 24
1934 totaled 8,657,000 net tons, compared with 8,563,000
tons in the previous week and 5,106,000 tons in the corresponding period last year. The current figure was a new
high record for the present coal year.
107,000
Alabama
Ark.& Okla_
26,000
Colorado
86,000
Illinois
890,000
Indiana
374.000
Iowa
66,000
Kansas Jr Mo
122,000
Ky.-Eastern.
712,000
Western._
200.000
Maryland
45,000
Michigan
11.000
Montana
38,000
New Mexico
23.000
North Dakota_
30,000
Ohio
570,000
Penna. (bit.).... 2.410,000
Tennessee
98.000
Texas
14,000
Utah
35.000
Virginia
225,000
Washington_
26.000
West Va.Southern b
1,707.000
Northern c
658.000
Wyoming
80,000
Other States..
10.000
Mar. 10
1934.
Mar. 18
1933.
Mar. II
1933.
Mar. 19
1932.
March
1923
Avge.d
138,000
163.000 423,000
130.000
20,000
42,000
77,000
16.000
195.000
70.000
92,000
133,000
644,000
792,000 1,527.000 1,684,000
575.000
250,000
434,000
232.000
100,000
122.000
83.000
78.000
144,000
100,000
138,000
93.000
560.000
392,000
399,000 603,000
215.000
131.000
166,000 179,000
52,000
27.000
42,000
26,000
32.000
14,000
10,000
8,000
49,000
68,000
33,000
34,000
53.000
19,000
24,000
18.000
34,000
35.000
42,000
33,000
395,000
740,000
292,000
358,000
1,328,000 1,387,000 1,611,000 3,249,000
118.000
89,000
57.000
63,000
12,000
12,000
19.000
13,000
68.000
49,000
28,000
43,000
230.000
127.000
144,000 179,000
74.000
26,000
34,000
26.000
1,059,000 1,000,000 1,427.000 1,172.000
481,000
717,000
247.000
271,000
71,000
136.000
53,000
55,000
7.000
2,000
1,000
2,000
wc-
Mar. 17
1934
18F47q2A1;4:8144gP417.
:4
Total
Jan
Feb
Mar
Week Ended.
State.
P.
1933.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Tot, bit. coal 8,563,000 8,360,000 5,123,000 5,518.000 7,840,000 10,764,000
Penna. anthra. 1,874.000 1,692.000
970,000 1,273,000 1.932.000
929.000
Total ennl_
10 297 non in (169 non a axo non sass non 9 lin (inn 12 non non
a Figures for 1923 and 1932 only are final. b Includes operations on the N.& W.;
C.& 0.; Virginian: K.& M. and B. C.& G. c Rest of State, including Panhandle.
d Average weekly rate for the entire month.
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 4, as reported by
the Federal Reserve banks, was $2,535,000,000, an increase
of $12,000,000 compared with the preceding week and a
decrease of $70,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On April 4 total Reserve bank credit amounted to $2.509.000,000, a
decrease of $10.000,000 for the week. This decrease corresponds with a
decrease of $27,000,000 in non-member deposits and other Federal Reserve
accounts and increases of $22.000,000 in monetary gold stock and $13,000.000 In Treasury and National bank currency, offset in part by increases
of $35.000,000 in money in circulation, $11,000.000 in member bank
reserve balances and $5,000,000 in Treasury cash and deposits with Federal
Reserve banks.
The System's holdings of bills discounted declined $5,000.000. of bills
bought in open market 53,000,000. and of Treasury certificates and bills
59.000,000, while holdings of United States Treasury notes increased
59.000.000.
The statement in full for the week ended April 4 in comparison with the preceding week and with the corresponding
date last year will be found on pages 2367 and 2368.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 4 1934, were as follows:
Increase (+) or Decrease (-)
Since
Apr.51933.
Apr.4 1934. Mar.28 1934.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
48.000,000
26,000.000
2,432,000.000
4,000,000
TOTAL RES'VE BANK CREDIT 2,509,000,000
Monetary gold stock
7.703,000,000
Treasury and National Bank currency2,369,000.000
Money in circulation
5,371,000,000
Member bank reserve balances
3,450,000,000
Treasury cash and deposits with Federal Reserve banks
3,323,000,000
Non-member deposits and other Fed437,000,000
eral Reserve accounts
-5,000.000
3.000,000
1,000,000
-393,000.000
-260,000.000
+595.000,000
11,000,000
-10.000.000
-70.000.000
+22,000.000 +3,707.000.000
+13,000,000
+72.000.000
+35,000,000 -603.000.000
+11,000,000 +1,474,000.000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows an increase
of $69,000,000, the total of these loans on April 4 1934
standing at $955,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" increased
from 8735,000,000 to $798,000,000, loans "for account of
out-of-town banks" from $149,000,000 to $151,000,000 and
loans "for account of others" from $2,000,000 to $6,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Apr.41934, Mar.281934. Apr.5 1933.
$
Loans and Investments-total
7,296.000,000 7,193,000,000 6,439,000,000
Loans-total
On securities
All other
Investments-total
U.S.Government securities
Other securities
-45,000,000
1,720,000,000 1.663.000.0(8) 1,548,000,000
1.655.000.000 1,629,000.000 1,515.000,000
3,921.000,000 3,901.000.000 3,376,000,000
2.717.000,000 2,720.000,000 2,215.000.000
1,204.000,000 1.181.000,000 1.161,000,000
Reserve with Federal Reserve Bank__ -1.206,000.000 1,242,000,000
Cash in vault
38.000,000
40.000.000
734.000.000
46.000,000
Net demand deposits
Time deposits
Government deposits
5,919,000,000 5,791.000.000 4,906,000,000
699,000.000 699.000.000 748.000.000
739.000.000 762,000.000 170.000,000
Due from banks
Due to banks
90,000,000
82,000,000
82,000,000
1,555,000,000 1,478,000,000 1,050,000.000
+5,000.000 +2.882,000,000
-27,000,000
3.375.000,000 3,292.000,000 3.063,000,000
Finapcial Chronicle
Volume 138
Apr. 41934. Mar.28 1934. Apr051933.
18,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
798.000,000
For own account
151,000,000
For account of out-of-town banks._
6,000,000
For account of others
Total
On demand
On time
Loans and Investments—total
Loans—total
735.000.000
149,000,000
2,000,000
347.000,000
25.000.000
4,000.000
955,000,000 886.000,000 376,000,000
690,000,000 620.000,000 241.000,000
265.000,000 266,000,000 135.000.000
Chicago.
1,334,000,000 1,377,000,000 1,110.000.000
577,000,000 568.000,000 649,000,000
281,000.000
296,000,000
On securities
All other
356,000,000
293,000.000
757.000.000
809,000.000
461,000.000
468,000.000
289.000.000
521,000.000
288,000,000
229,000.000
232.000,000
343,000.000
40,000,000
341,000,000
40,000,000
156,000.000
45,000.000
1.138,000,000 1.168,000,000
343,000,000 343,000,000
58,000,000
50,000,000
767,000,000
351.000.000
16,000.000
190,000,000
375,000,000
168.000,000
362,000,000
161,000.000
207,000.000
1,000,000
1,000.000
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
274,000.000
294.000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York
and Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before'which time the statistics
covering the entire body of reporting member banks in 91
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on March 28:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on March 28 shows decreases for the week
of $54.000,000 in loans and investments and $89.000,000 In Government
deposits, and an increase of $71.000.000 in net demand deposits.
Loans on securities declined $28.000,000 at reporting member banks in
the New York district, $6.000.000 in the Chicago district and $39,000.000
at all reporting member banks. "All other" loans declined $7.000,000
In the New York district and $4.000.000 in the Chicago district, and increased $5.000.000 in the Cleveland district. $4,000,000 in the Atlanta
district and $4.000.000 at all reporting banks.
Holdings of United States Government securities declined $13,000.000
in the Boston district. $10.000.000 each in the Philadelphia and St. Louis
districts. $8.000.000 in the Kansas City district, $6.000.000 in the San
Francisco district and $45.000.000 at all reporting member banks, and
increased $6.000.000 in the Cleveland district. Holdings of other securities
increased $17.000.000 in the New York district and $26.000,000 at all
reporting banks.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now Included In the weekly
statement, had total loans and investments of $1.039.000,000 and net
demand, time and Government deposits of $1,092,000,000 on March 28,
compared with $1.047.000,000 and $1.095,000,000, respectively, on
March 21.
A summary of the principal assets and liabilities of the reporting member
banks. In 91 leading cities, that are now included In the statement, together
with changes for the week and the year ended March 28 1934. follows.
Increase (-F) or Decrease (—)
Since
Mar. 28 1934. Mar.211934. Mar. 29 1933.
$
17,472,000.000 *---54,000,000 +1.471,000.000
Loans and Investments—total
Loans—total
On securities
All other
Investments—total
U.S. Governmentsecurities
Other securities
8.161,000,000 —35.000.000
—171.000,000
3,514,000.000 —39.000,000
4,647,000.000 +4.000.000
—130,000.000
—41,000.000
9.311.000.000 *-19.000.000 +1,642,000,000
6,227.000.000 *-45.000,000 +1.644.000.000
—2.000,000
3,084,000,000 +26.000,000
Reserves with Federal Reserve banks 2,572,000.000 —4.000,000 +1.119.000,000
242.000.000 +14.000,000
—24,000,600
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks
11,794.000,000 +71,000,000 +2,049.000,000
4,419,600,000 —1.000.000
+89.000,600
1,413,000,000 —89.000,000 +1,123,000.000
1,519.000,600 —25,000.000 +616.000.000
3,447,000.000 —44.000.000 +1,303,000,000
9,000,000
—274,000,000
• March 21 figures revised (Cleveland district).
Canada Ratifies Silver Agreement—Formal Ratification
Signed by Premier Bennett Sent to Washington.
The Canadian Government forwarded to Washington on
March 26 the formal ratification of the silver agreement
negotiated at the world economic conference in London
last summer. The pact was signed by Prime Minister
R. B. Bennett as Secretary of State for External Affairs,
according to Canadian Press advices from Ottawa March 26
to the Montreal "Gazette," which also had the following
to say:
Under the agreement the Dominion, in common with Australia. United
States. Mexico and Peru. will CO-operate in keeping a certain amount of
2333
silver off the market in an effort to maintain the price at a reasonable
minimum.
The agreement was reached by delegates of India. China and Spain,
as holders of large stocks, and users of silver; and of Australia. Canada.
United States, Mexico and Peru as principal producers of silver. In
accordance with the agreement, one copy of the ratified pact is sent to
Washington for deposit in the archives of the United States Government.
Australia. United States and India had already sent formal ratification.
Mexico and Peru have until April 1 to comply with the agreement.
The main points of the agreement are as follows:
It covers a four-year period starting with Jan. 1 1934.
India undertakes not to dispose by sale of more than an average of
35,000,000 fine ounces of silver per year during the life of the pact, exclusive of any silver that may be sold to a government for transfer to
United States in payment of war debts.
The Governments of Australia, Canada, United States. Mexico and
Peru, agree not to sell any silver during the life of the agreement, and
fine
to withdraw from the market by purchase or otherwise, 35,000,000
ounces of silver per calendar year during the life of the pact. (Canada's
share will be 1.671,802 fine ounces per year.)
The Government of China shall not sell silver resulting from demonetized
coins for the duration of the agreement.
Ratification was authorized by Order-in-Council signed Saturday,
this
and it is not anticipated that any special legislation will be required
session of Parliament. Provision for the Government's purchase of silver.
legislation
in keeping with the agreement, is made in the Bank of Canada
which is now before the committee on banking and commerce.
.
and Italy Promise to Resume ImFrance, Germany 4
of Wheat—Seek Reciprocal Treaties
portation
Granting Trade Concessions in Return—World
Wheat Advisory Committee, Meeting in Rome,
Estimates 1934 Wheat Carryover Same as Year Ago.
France, Germany and Italy will re-enter the wheat market
as importers, rather than retain their status as self-sufficient producers, it was stated yesterday (April 6) at a
session of the World Wheat Advisory Committee in Rome.
The wheat-importing nations proposed, however, that exporting countries conclude commercial treaties granting them
trade concessions on manufactured goods and other products. As the Committee convened on April 5 it issued a communique stating that the world carryover of wheat on
Aug. 1 1934 will be 1,100,000,000 bushels, the same as last
year.
Associated Press advices from Rome yesterday noted the
proceedings of the Committee as follows:
H. Davinet, the French delegate, in a long address, stated his country
of this
would abandon its policy of wheat self-sufficiency and at the end
year would begin importing again.
But in exchange, Mr. Devinet proposed, and was seconded by other
importing nations, that wheat exporting nations make commercial treaties
granting them trade concessions on manufactured and other products. This
proposal is one of several steps the conference is considering in its effort to
raise world wheat prices.
Dr. Mordecai Ezekiel, American delegate, put the discussion on the other
foot by saying former wheat importers could not hope to sell their
industrial products abroad unless they reduced acreage and began to
import wheat. Delegates from exporting countries supported his stand.
The commission decided the question of commercial treaties was too
involved to be entered into in detail, although the step might be approved
in principle.
This paved the way for the afternoon session to plunge into main projects
before the commission, such as establishing minimum export prices, denaturalization and extraction of a percentage of flour.
The commission, with 15 nations present, hoped to reach on agreement
with Russia on a wheat export quota for the Soviet.
A United Press dispatch from Rome, April 5, described
the opening session of the Committee as follows:
A communique after the initial day's sessions to-night emphasized that
the "probable increase in stocks of the principal European importing
countries beginning August 1934" would continue to complicate the distribution issue.
The stocks will be "between 100,000,000 and 120,000,000 bushels,"
the cmmnunique set forth, adding:
"Despite the shortest North American harvest in 1933, it is probable
that the world carryover on Aug. 1 1934 will be approximately the same
as August 1933, or, in round numbers, some 1,100,000,000 bushels. The
Committee devoted the majority of its first session to a survey of progress
made in implementing the world wheat agreement."
The parley's communique revealed also that "the United States delegation
reported the acreage of seeded wheat in 1934 showed a reduction of
winter wheat of 6% compared with 1933, and of 11% on spring wheat.
Measures have been taken (in America) to limit the area of wheat harvested
to 49,900,000 acres."
The delegates had before them two plans aiming at effective control of
world wheat trade, submitted by the subcommittee of the International
Advisory Committee. One proposed rigid control at fixed, agreed prices;
the other, control under a more elastic system.
The United States delegates are John Van A. MacMurray, Minister to
Estonia, Latvia and Lithuania; Frederick E. Murphy of Minneapolis, and
Dr. Mordecai Ezekiel, economic adviser to the Department of Agriculture.
The meeting opened in an atmosphere of pessimism, and experts intimated the conference would be fortunate if it succeeded in agreeing on a
combination of the rigid-and-elastic systems. Some gloomily predicted
failure in the fact of the huge world wheat surplus which seemed inevitable
despite months of efforts to curtail planting and cut down the wheat held
In storage.
The two plans before the Committee as drafted in London last week and
reported exclusively by the United Press then are:
1. A rigid system of control which provides that the governments shall
apply measures to prevent sale of wheat for export below an agreed price,
including carriage, insurance and freight costs. The sale of wheat for
export during a set period to begin this year and end July 31 1935, is
to be prohibited at prices below those to be set for various grades.
2334
Financial Chronicle
2. A more elastic plan obliging governments to adjust their exports
according to a table to be fixed. Exports and quotas, however, would rise
and fall in accordance with fluctuations of average prices.
The delegates here were expected to do little other than consider these
plans and recommend a world wheat conference to consider them with a
view to formal action by the governments concerned.
April 7 1934
Japan Lifts Gold Price—Second Advance Puts Quota
Up 30 Sen a Gram.
From Tokio April 6 United Press advices to the New York
"World Telegram", said:
The Japanese Treasury announces that it will raise its gold-buying price
from 265 son to 295 sen per gram effective Saturday.
"Free" North German Lloyd Bonds Sell 16 Points
Above Deposit Certificates of Same Issue—New Two Issues of Bonds of Argentine to Be Purchased in
York "Sun" Hints Reich Interests Behind Buying
Part for Sinking Fund.
Move.
J. P. Morgan & Co. and the National City Bank of New
A spread of 16 points between the quotation for the so York, as fiscal agents, are notifying holders of Government
called "free" North German Lloyd 6% bonds of 1947 and of the Argentine nation external sinking fund 6% gold bonds,
certificates of deposits for bonds of the same issue was noted issue of Oct. 1 1925, due Oct. 1 1959, that $268,040 in cash
yesterday (April 6) by the New York "Sun," which called is available for the purchase for the sinking fund of so many
attention to the fact that the "free" or undeposited bonds of these bonds as shall be tendered and accepted for purare selling at a new high record price around 72. The "Sun" chase at prices below par. Tenders should be made at a
article commented on this unusual situation in part as fol- flat price, below par, before 3 p.m. May. 2 either at the
lows:
office of J. P. Morgan & Co. or the National City Bank of
This unusual spread was not without effect upon investors who had deNew York. If tenders so accepted are not sufficient to
posited their bonds in assent t .) the readjustment plan and who now,
exhaust available moneys, additional purchases upon tender,
though confronted with a high market price for undeposited bonds, cannot
below par, may be made up to July 2.
get their securities out of deposit to take advantage of the attractive price
at w..ich the free bonds are selling.
The bankers also announce similar conditions obtaining in
In the present situation the only interests who could gain through buying
connection with Argentine Government Loan 1926 external
free bonds at prices above 70 would be those connected with or friendly to
North German Lloyd Company or the German Government, both of which
sinking fund 6% gold bonds, public works issue of Oct. 1
are supposed to be anxious to see the adjustment plan, involving a scaling
1926, due Oct. 1 1960 for the purchase of which $144,423
down in Immediate interest payment, go through. The company has the
in cash is available.
right to declare the plan operative if 75% of the bondholders assent.
It was announced a few days ago that $11.400,000, or over 68% of the
$16.926.500 outstanding North German Lloyd hands had been deposited
with the Chemical Bank & Trust Company as depositary under the adjustment plan. At the time this announcement was made it was also stated
that the time for deposit had been extended to May 1.
An investigation as to the /30111TeS of the buying has led nowhere. The
company has denied that it has been responsible for the accumulation which
has put the undeposited bonds 16 points above the price of the deposited
ones. No one is inclined to question the technical truth of the company's
statement, but the opinion persists that some financial interests known to
the German Government or Relchsbank is doing the buying, with a view
to having a deciding voice in declaring the company's plan operative.
"Token" Payment by Germany on Debt to
United States.
On March 31 the German Government notified the United
States that it was unable to pay $50,000,000 in principal
and interest on mixed claims and Army of Occupation costs
due on that date, but would pay the $1,250,000 of interest
due. The payment was made on April 3,instead of March 31
because of the three-day bank holiday in Germany.
Secretary of State Hull, in a note to Dr. Hans Luther,
the German Ambassador (we quote from a Washington
dispatch March 31 to the New York "Times") pointed out
that the executive branch of the Government could not alter
the terms of the debt, this power resting with Congress.
This same technical position has been formally asserted in
the past with reference to token payments from foreign
debtor Governments.
The note as given in the dispatch follows:
At the moment of making public the information orally received that the
German Government intends to pay the equivalent of 3,177,125 Reichsmarks in respect of the sums totaling 127,106,174.45 Reichsmarks, due and
payable March 31 1934, under the provisions of the German-American
debt agreement of June 23 1930, I desire to refer to the well-known fact
fact that it is not within the discretion of the Executive branch of the Government to reduce or cancel the existing debt owed to the United States,
nor to alter the schedule of debt payments contained in the existing settlement. such power resting with the Congress.
A briefer communication in the foregoing sense was given by the American
Charges d'Affaires to the Foreign Office in Berlin, March 26, pursuant to
telegraphic instructions.
Accept, Excellency, the renewed assurances of my highest considerations.
The following announcement was issued March 31 by the
State Department:
There is due and payable to-day from the German Government under
the provisions of the German-American Debt Agreement of June 23 1930.
the sum of reichsmarks 127.106,174.45, made up as follows:
Refchsmarks.
Principal instalments on account of mixed claims
122,400,000.00
Semi-annual interest at 5% per annum on postponed mixed claims
instalments
2.550,000.00
Payment on April 1 Coupons of Bonds of St..te of Rio
Grande do Sul (Brazil)—New York Stock Exchange
Rules on Bonds.
It was announced April 2 that Ladenburg, Thalmann &
Co., as fiscal agents, are notifying holders of State of Rio
Grande do Sul 25-year 8% sinking fund gold bonds, external
loan of 1921, that funds have been deposited with them
sufficient to make a payment of 20% on the face amount of
the coupons due April 1, amounting to $8 for each
$40 coupon and $4 for each $20 coupon. The notice
points out that such payment, if accepted by the holders
of these bonds and coupons, must be accepted in full payment
of such coupons and of the claims for interest represented
thereby. Holders of the April 1 coupons may obtain payment only upon presentation and surrender of their coupons
for final cancellation at the offices of the fiscal agents,
25 Broad Street.
The New York Stock Exchange, through its Secretary,
Ashbel Green, issued the following notice on April 2 pertaining to the bonds:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
April 2 1934.
Notice having been received that payment of $8 per $1.000 bond is now
being made on State of Rio Grande do Sul 25
-year 8% sinking fund gold
bonds, external loan of 1921, due 1946, on surrender of the April 1 1934
coupon.
The Commiteee on Securities rules that beginning April 3 1934 the said
bonds may be dealt in as follows.
(a) "with April 1 1932 and subsequent coupons attached"
(b) "with April 1 1932. to Oct. 1 1933, Oct. 1 1934 and subsequent
coupons attached";
That bids and offers shall be considered as being for bonds "with April 1
1932 and subsequent coupons attached" unless otherwise specified at the
time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Partial Interest Payment to Be Made on Rio de Janeiro
Bonds—Ruling on Bonds by New York Stock
Exchange.
Holders of Federal District of the United States of Brazil
(City of Rio de Janeiro) 25-year 8% sinking fund gold bonds,
due 1946, were notified on April 2 that funds for payment of
April 1 interest have been remitted to Dillon, Read & Co.
at the rate of 173/2% of the dollar face amount of coupons.
An announcement issued April 2 in the matter said:
124,950,000.00
Interest accordingly will be paid in American currency beginning today
at the rate of $7 per $40 coupon and $3.50 per $20 coupon upon presentation to Dillon, Read & Co. Payment will be made on condition that
coupon holders agree to accept partial payment in full satisfaction and
discharge of the April 1 coupons.
2,166,174.45
The following notice bearing on the payment was issued
on April 2 by Ashbel Green, Secretary of the New York
Stock Exchange:
Semi-annual instalment due on account of Army costs under moratorium agreement of May 26 1932
1,629,049.45
Semi-annual interest at 3%% per annum on postponed Army cost
instalments
627,125.00
Total due March 31 1934
127,106,174.45
The principal instalment of Relchsmarks 9,300,000 due March 31 1934,
on account of the costa of the American Army of Occupation was postponed
by Germany in accordance with the provisions of the Debt Agreement.
The German Government has informed the United States that it will
pay to the United States Treasury on April 3(March 31 and April 2 being
bank holidays in Germany) in dollars the equivalent of 3,177.125 reichsmarks. This sum is equal to the interest due to-day on the instalments
postponed under the provisions of the Debt Agreement.
Of the sum so paid, Reichsmarks 2,500,000 will be applied as semiannual interest on postponed payments due on account of mixed claims
and reichsmarks 627,125 will be applied as semi-annual interest on postponed payments on account of Army costs.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
April 2 1934.
Notice having been received that payment of $7 per $1,000 bond is now
being made on City of Rio de Janeiro 25
-year 8% sinking fund gold bonds,
due 1946. on surrender of the April 1 1934, coupon.
The Committee on Securities rules that beginning April 3 1934 the said
bonds may be dealt in as follows:
(a) "with April 1 1932 and subsequent coupons attached"
(b) "with April 1 1932 to Oct. 1 1933, Oct. 1 1934 and subsequent coupons
attached";
Volume 138
Financial Chronicle
That bids and offers shall be considered as being for bonds "with April 1
1932 and subsequent coupons attached" unless otherwise specified at the
time of transaction; and
That the bonds shall continue to be dealt in "flat."
• ASHBEL GREEN. Secretary.
Tenders Invited for Sale of Bonds of State of New
South Wales (Australia) to Exhaust $132,257 in
Sinking Fund.
The Chase National Bank of the City of New York
successor fiscal agent, invited tenders for the sale to it of
State of New South Wales Australia external 5% sinking
fund gold bonds, due April 1 1958, at prices not exceeding
their principal amount and accrued interest, in an amount
sufficient to exhaust the sum of $132,257 in the sinking
fund. Tenders were received up to 12 o'clock, noon,
Friday, April 6 1934 at the corporate trust department of
the bank, 11 Broad Street, New York City.
Payment of April 1 Interest on 7% Bonds of Russian
Soviet Government—Rate Established at $1.51 per
100 Gold Rouble Bond.
Announcement was made on April 2 that coupons covering
the regular quarterly interest due April 1 on the 7% gold
bonds of the Union of Soviet Socialist Republics may be
presented for payment at the Chase National Bank, official
paying agent in the United States. Cable advices received
by the Soviet American Securities Corporation of New York
from the State Bank of the U. S. S. R. establish the rate
at which quarterly interest is paid at $1.51 per 100 gold
rouble bond; this rate is in accordance with the provisions
of the bond which call for payment in American currency
based on the value of the gold rouble at the prevailing rate
of exchange. The notice regarding the payment of April 1
interest also states:
Due to the reduction in the gold content of the dollar since the previous
interest payment on Jan. 1, the current quarterly payment of $1.51 represents an increase of 11 cents per 100 gold rouble bond and of 26 cents over
the indicated return when the bonds were first sold in July 1933, at a time
when the value of the dollar in terms of foreign exchange was S.716.
An interesting feature of these bonds is an agreement by the State Bank
of the U. S. S. R. to repurchase them on demand of the holder at par and
accrued interest any time after one year from date of purchase. The State
Bank's current report shows that the gold reserves in its note issue department have increased $81,000,000 to $704,000,000 at the new
parity of
exchange (1 gold rouble equals 87.13 cents). This provision has the effect
of making these bonds demand notes at the expiration of one year. Incidentally, much interest has been shown in the fact that while several
months ago the full year had elapsed on a considerable number of bonds
of a preceding issue carrying the same repurchase agreement, not a single
bond has been presented to the Chase National Bank, in spite of the fact
that the reduction in the gold content of the dollar has made available
profits up to 70% and that all holders have been specifically notified by
letter of their right to have cash on demand.
Revision of Bill Providing for Regulation of Stock
Exchanges Indicated by Speaker Rainey—SubCommittee of House to Study Measure—Federal
Reserve Board's Control of Credit—Substitute Bill
Offered by Lothrop Withington—Samuel Untermyer's Proposals.
The probability that the bill for the regulation of stock
exchanges would be liberalized was indicated yesterday
(April 6) by Speaker Rainey, according to United Press
accounts from Washington April 6 to the New York "World
Telegram" which also said:
"There is considerable talk of liberalization and I think this can be done
Without destroying the efficiency of the bill," Mr. Rainey said.
The Speaker made his prediction shortly after Representative Rayburn
(D., Tex.), Chairman of the House Inter-State Commerce Committee,
directed a sub-committee to revise the measure a third time.
Mr. Rayburn placed the task in the hands of Representatives Clarence
P. Lea (D., Cal.), George Hudleston (D., Ala.), John G. Cooper
(R.,
Ohio), Carl E. Mapes (R., Mich.) and himself.
He instructed the sub-committee to complete the redrafting with
the
utmost skill.
From the same dispatch we also quote:
Margin Control.
Indications pointed toward easing of the present strict margin provisions
and some other features bitterly attacked by stock exchanges.
Ferdinand Pecora, counsel of the Senate Banking Committee, said proposals to place regulations of margins in the hands of the Federal Trade
Commission probably would receive serious consideration by the Committee . . .
.
Small Exchanges.
The Senate Committee made one slight change to-day, amending the
bill so that small exchanges could be exempted from its provisions if the
Trade Commission found that their volume of trading was so small it did
not affect the public interest.
The granting of broad discretionary powers to the Federal
Reserve Board to deal with all matters of credit, including
margin requirements, appeared as a likelihood on April 5
in the revision of the bill for the regulation of stock exchanges
as Samuel Untermyer, New York, gave approval to such a
plan while advocating passage of the measure.
Advices to this effect were contained in advices April 5
to the New York "Journal of Commerce" from the Washington correspondent, who in part also said:
2335
Untermeyer Urges Revision.
Appearing before the Senate Banking and Currency Committee to-day,
Mr. Untermeyer, in a criticism of the rigid provisions of the bill, was seen
backing the conservative viewpoint in this Committee and the House Inter
State Commerce Committee and giving impetus to the move materially
to curb the legislation.
It developed that each of the matters criticised by Mr. Untermeyer is
among the list of provisions definitely scheduled to be modified under the
program of the conservatives. It has been represented to framers of the
Administration bill that it would be better to work out a "reasonable" bill
for passage than to put through a measure that would halt recovery.
The new draft of the Fletcher-Rayburn bill which the latter have presented to the Senate and the House contains a number of concessions, but
goes nowhere near to accomplishing what opponents propose shall be
worked out in the toning down of the measure. It has been impressed upon
them by some members that it would be sufficient to prevent evil practices
on the exchanges and to require reasonable reports from corporations issuing securities, leaving to the Federal Reserve Board full authority to deal
with all matters of credit.
Urges Expanding Board.
Untermeyer suggested that because of the additional duties that would
devolve upon it, the Federal Reserve Board membership should be enlarged
by three, these latter to constitute a special division of the Board to administer the credit provisions of the proposed new law.
Thus would all question of administration by a Wall Street group be
avoided and at the same time "we'd do away with what I regard as a
very dangerous provision in the attempt to set rigid margin requirements."
With borrowing by brokers restricted to the facilities of member bnaks
of the Federal Reserve System, Untermeyer saw the creation of a new
monopoly. permitting the charging of any rates of interest desired, and
calling of loans whenever the personal interests of the banking groups
suggested it.
Pecora indicated It was the original intention of the farmers of the measure to centralize Wall Street credit activities in the Reserve System, the
effort being to obtain control over credit, but the witness said he did not
think that the reason was "persuasive."
Favors Ban on Rigging.
Untermeyer gave full approval to efforts of the bill to prevent a continuance of the manipulative practices to which general objection has been leveled, and he said that while these efforts were truly laudable, the bill in
Its present form would not accomplish the purposes for which it has been
drawn.
He declared rigid margin requirements constituted a "great mistake."
and added he believed this should be left for decision by the Federal Reserve Board. Provisions against lending by brokers upon unlisted securities,
exemption permitting dealers to borrow in excess of regular requirements
to float new securities, the five-year exemption for present marginal accounts, the exclusion of State and municipal bonds from the exempted list
on marginal requirements, the proxy provisions, and restrictions upon
owners of in excess of 5% of any corporate issue were analyzed by the
speaker.
Untermeyer regarded as one of the most serious prohibitions in the bill
those which would make unlawful loans upon unlisted securities. This
would be particularly bad in the case of "gilt edged bonds, mortgages and
like collateral," he said. .. .
Framers of the legislation have contended margin provisions are less rigid
than opponents contend. Untermeyer told the Committee this afternoon
that they were rigid, regardless of the character of the collateral, and that
It was immaterial whether a high grade bond or fluctuating non-dividend
Paying common stock was involved.
He characterized these provisions as a false basis for determining the
margin of safety for a loan. He suggested that a 10% margin on New
York State bonds might be safer than a 60% margin on many common
stocks. ...
He objected to exempting dealers from marginal requirements in the
case of new flotations on the ground that this discriminated in favor of untried securities. He declared postponement for five years operation of these
requirements against existing marginal accounts would have the effect of
clogging the banks because the loans would not be repaid sooner since they
could-not again be obtained in the same percentage. He thought that the
Prohibition upon brokers against dealing in unlisted stocks would be "a
grave and unnecessary handicap upon the marketing of a vast proportion of
the corporate securities of the country."
He was extremely critical of the prohibition against loans to brokers by
non-member banks, denominating this as "one of the most novel and important, and, I think, the most devastating requirement of the blll."
Clashes With Pecora.
Untermeyer's criticism of proxy provisions as making harder, rather than
easier for stockholders to oust incompetent managements led to a Prolonged argument with Pecora.
Untermeyer asserted he would rather see the bill passed than no bill at all.
adding that he thought it would be "nothing short of a national catastrophe" if it failed of enactment.
Observers were inclined to view the closing remarks of the witness as a
sort of an afterthought given with the knowledge that great changes will be
wrought in the measure before it goes to the President for signature. It is
said also that representatives of the stock exchanges now in Washington
feel the final draft of the bill, while restrictive of evil practices, will not work
a hardship on legitimate trading.
"The Withington-Halsted Stock Exchange Regulation Bill
submitted April 3 to the Senate Banking and Currency
Committee and the House Committee on Inter-State and
Foreign Commerce combines the ideas of the representatives
of the various stock exchanges who have been in Washington
attending the hearings on the Fletcher-Rayburn Bill,"
according to Michael J. O'Brien, President of The Chicago
Stock Exchange, who further said:
It represents a sincere endeavor on their part to put before Congress for
consideration, workable regulatory legislation. It has teeth in it. It was
written by Jess Halstead, Secretary of The Chicago Stock Exchange and
Lothrop Withington, counsel for the Boston Stock Exchange, with the
assistance of other exchanges.
Margin requirements are to be regulated by the Federal Reserve Board.
Supervision of exchange activities is given to a Commission of five members
appointed by the President. The Commission is given power to handle the
segregation of the phases of dealer and broker business and to require
exchanges to fix proper listing requirements such as those adopted by
The Chicago Stock Exchange in March 1933.
The bill brands as criminal admittedly bad practices such as wash-sales.
tipster sheets and touting securities on false or misleading information
2336
Financial Chronicle
Criminal and civil penalties are provided for violations of the provisions of
the bill.
We believe that the bill represents sound proposals which brokers and
business men generally can support for enactment.
Regarding this bill a dispatch from Washington April 3
to the New York "Times" said:"
The substitute would place regulation of the Exchanges in the hands of
a-Commission of five members to be named by the President, subject to
confirmation by the Senate. Three would be Democrats and two Republicans.
Under this proposal the Commission would have power to license exchanges and, under certain fixed restrictions, make them self-governing.
It would also be empowered to enforce stock listing requirements and to
take action when necessary to eliminate unfair practices.
•
Manipulatory Practices Barred.
Practically all the manipulatory practices which would be outlawed
under the Fletcher-Rayburn bill are prohibited in the bill submitted by
Mr. Withington. They include matched orders, wash sales, misleading
information and the circulation of rumors calculated to influence stock
sales at prices not reflected by market values. The bill will receive the
consideration of the committees, but not even Stock Exchange representatives harbor any hope that it will be substituted for the pending measure.
The stock exchanges sponsoring the substitute are those of New York,
Boston, Philadelphia. New Orleans. Chicago, Pittsburgh, Baltimore. San
Francisco, Los Angeles, Salt Lake City, Minneapolis-St. Paul, Seattle,
Louisville. Cleveland, St. Louis, Cincinnati, Buffalo, Denver, Washington
and Richmond and the Curb Exchanges of New York, San Francisco and
Los Angeles.
It was indicated in April 4 to advices from Washington
to the New York "Journal of Commerce" that a redraft of
the pending bill which represents a revision of the FletcherRayburn bill was under consideration by the House InterState and Foreign Commerce Committee as a result of conferences participated in by Federal Reserve and Treasury
officials and experts who assisted in the framing of the
Fletcher-Rayburn measure. These advices to the "Journal
of Commerce" continued in part:
With a new version of the "necessity for regulation of securities transactions" to which in its original form objection was taken by members of
the Senate Banking and Currency Committee, the bill has a revised section dealing with marginal requirements and that section covering the
"segregation and limitation of the functions of broker, specialist and
dealer" has been rewritten.
Tackles Section 10.
It is with the latter section (10) that the House Committee to-day was
be before the members again to-morrow. The
struggling and which will
Senate Committee still is working on the very involved preamble from which
the Senators desire the deletion of the "political defense" which the Administration seeks to set up for a very drastic measure.
The preamble in the revised bill, just as in the other drafts, contains a
stirring indictment of the market situation to the relief of which it is addressed. Without a doubt this will be markedly changed before the bill
reaches the President for signature.
Definitions In the front of the bill have been changed. The term "broker" is defined to mean "any person engaged In the business of effecting
transactions in securities for the account of others, but does not include
a bank."
The term "dealer" is redefined as "any person engaged In the business of
buying and selling securities for his own account through a broker or otherwise, but does not include a bank or any person in so far as he buys or sells
securities for his own account, as a part of a regular business."
Term Bank Redefined.
The term "bank" has been redefined to include any institution adminisstrafing trusts or similar functions normally performed by banks.
Sections 4 and 5, setting up prohibitions upon unregistered exchanges
and requiring registration, have been rewritten, with a provision included
declaring that the sections shall not be construed as a waiver of any Constitutional right or any right to contest the validity of any rule or regulation
of an exchange.
An exchange, in order to secure registration, would be compelled among
and to enforce so far
other things to enter into an undertaking to comply,
whose
as is within its powers compliance of its members, and by issuers
law.
securities are registered thereon, with the provisions of the proposed
made or to be made
and any amendment thereto and any rule or regulation
thereunder. It was for the purpose of safeguarding the rights of members
the validity
and issuers ofsecurities-that provision was made for questioning
of any rule or regulation of the exchange.
Section 6 Redrafted.
that "for the
Section 6 has been redrafted. At the outset It provides
or carrying of
purpose of preventing excessive use of credit for the purchase
the effective date of
securities, the Federal Reserve Board shall, prior to
regulations
this section and from time to time thereafter, prescribe rules and
initially extended and
with respect to the amount of credit that may be
excepted security),
subsequently maintained on any security (other than an
registered on a national securities exchange."
the same formula, although
The new bill, not yet made public, contains
differently stated, for marginal allowances on long accounts.
any member of a
It is definitely stated that it shall be unlawful for
who transacts the
national securities exchange or any broker or dealer
business in securities through the medium of any such member, directly
"without color indirectly, to extend or maintain credit for any customer
and or securities
lateral or on any collateral other than exempted securities
with
register& upon a national securities exchange except in accordance
prescribe.
such rules and regulations as the Federal Reserve Board may
Under date of April 2 Senator Fletcher (Dem., Fla.),
Chairman of the Senate Banking and Currency Committee,
was reported in the "Journal of Commerce" as stating that
his Committee would begin reading the bill for amendment
on April 4 and hoped for a report some time next week.
From a dispatch April 3 to the New York "Times" we
take the following:
Commissioner James M. Landis of the Federal State Commission and
Thomas Corcoran of the legal staff of the Reconstruction Finance Corporation, who participated in revising the original Fletcher-Rayburn
they
appeared before the House Committee this morning, but evidently
April 7 1934
were unable to convince a majority that the rewritten measure is the best
that could be obtained. The fact that President Roosevelt and the Federal
Reserve Board have approved the revised draft is the argument with which
the sponsors of the legislation still hope to bring it to the floor without
material amendment.
In the Senate Committee the split widened when Senator Gore moved
to strike out Section 2, which declares the proposed legislation to be of an
emergency nature. The motion was defeated, but by a narrow margin.
Senator Fletcher. opposing the motion, pointed out that the "emergency
clause" is the one on which the constitutionality of the bill may hinge in
the event that the stock exchanges take it to the courts.
Other Amendments Proposed.
Subsequently Senator Adams proposed an amendment which would
eliminate most of Section 2, but would leave in the "emergency" clause.
This proposal will be voted on when the Committee meets Thursday.
Senator Kean, an out-and-out opponent of the bill, Is expected to offer a
number of amendments, most of them to the marginal and other controversial provisions.
A reference to the hearings on the revised Fletcher-Rayburn
bill appeared in our March 31 issue, page 2168.
Increase of $43,343,721 Reported by New York Stock
Exchange in Outstanding Brokers' Loans During
March—Fifth Consecutive Advance—Total $981,353,948 March 81 Compares with $938,010,227
Feb. 28.
Outstanding brokers' loans on the New York Stock Exchange on March 31 totaled $981,353,948, an increase of
$43,343,721 over the Feb. 28 total of $938,010,227, it was
announced by the Exchange on April 3. This is the fifth
consecutive monthly increase to be reported in the loans
since Oct. 311933, when they amounted to $776,182,033.
The Feb. 28 figure represented an advance of $34,9:)5,720
over the Jan. 31 total of $903,074,507.
Demand loans duiing March, according to the Exchange,
amounted to $714,279,548, which compares with the February total of $656.626,227, while time loans in March totaled
$267,074,000 against $281,384,000 in February. The
Mar.31 figures were made public as follows by the Exchange.
The New York Stock Exchange member total borrowings on collateral,
contracted for and carried in New York. as of the close of business March 31
1934 aggregated $981.353,948.
The detalled tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New York banks$606,119,499 $266.872,400
or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others In the 108,100,049
202,000
City of New York
3714,279.548 $267,074.400
Combined total of time and demand borrowings, $881,353,948,
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we give a two-year compilation of the figures:
1932—
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dee. 31
1933—
Jan, 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
1934—
Jan. 31
Feb. 28
Mar. 31
496.577.059
341.003.662
246.937,972
189.343,845
189.754.643
263.516.020
269,793.583
201.817.599
213,737,258
226,452.358
38.526,000
38.013.000
53.459.280
54,230.450
51.845,300
68.183,300
110.008.000
122.884.600
123,875.300
120,352,300
533.103.059
379.015.662
300.397.222
243.574.295
241.599.943
331.699,320
379.801.583
324.702.199
337.612,558
346,804.658
255.285.758
222.501.556
207,601,081
207,385.202
398,148,452
582,691,556
679,514.938
634.158,695
624.450.531
514.827,033
544.317,539
597,953.524
104,055.300
137.455.500
103.360.500
115,108.988
130,360,986
197.694,564
236,728,996
283,056,579
272.145.000
261,355.000
244.912.000
247,179,000
359,341.058
359,957.058
310.961.581
322,492.188
528,509.438
780.386.120
916.243,934
917,215,274
896,595.531
776.182,033
789,229,539
845,132,524
626,590,507
656.626,227
714,279.548
276.484,000
281.384.000
267,074,400
903,074,507
938,010.227
981,353,948
The report of brokers' loans during February was referred
to in our is.ue of March 3, page 1474.
Value
Market Value of Listed Stocks on New York Stock
Exchange April 1, $36,699,914,685, Compared with
Ei $36,657,646,692 March 1—Classification of Listed
Stocks.
As of April 1 1934, there were 1,202 stock issues aggregating 1,293,612,894 shares listed on the New York Stook
Exchange, with a total market value of $36,699,914,685.
This compares with 1,203 stock is.ues aggregating 1,293,387,831 shares listed on the Exchange March 1, with a total
market value of $36,657,646,692, and with 1,206 stock issues
aggregating 1,292,789,736 shares with a total market value
of $37,364,990,391 on Feb. 1. In making public the April 1
figures on April 4, the Exchange said:
As of April 1 1934. New York Stock Exchange member total net borrowings on collateral amounted to $981.363.948. The ratio of these memdate,
ber total borrowings to the market value of all listed stocks, on this
was therefore 2.67%. Member borrowings are not broken down to separate those only on listed share collateral from those on other collateral:
thus these ratios usually will exceed the true relationship between borrowings
on all listed shares and their market value.
As of March 1 1934, New York Stock Exchange member
borrowings on security collateral amounted to $938,010,227.
Financial Chronicle
Volume 138
The ratio of security loans to market values of listed stocks
on that date was therefore 2.56%.
In the following table, listed stocks are clasiified by leading industrial groups, with the aggregate market value
and average price for each:
April 1 1934.
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railways and equipments
Steel. iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. Ai rade).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
Ti. S. companies operating abroad_
Foreign companies(incl. Cuba dr Can.)
All listed stocks
March 1 1934.
Market
Value.
Market
Value.
2,764,093,084
1.019.725,386
3,678.545,149
311,462.133
897,157.892
2,365,145,923
308,758.835
435.181,356
171,537,637
47,121,816
1,150,740,299
1,203,951,953
4,098.420.661
239,505,181
2.007,098,344
4.342.328.689
1.621.572.198
246,130,277
1.879,649,722
1.254.492.253
2,688.175.584
155,596,592
225.929,610
270,087,20
12,114,82
33,747.01
77.500.85
245.889,409
1,348,814,804
23,544.628
686,951.697
890,943,671
Aver.
Price.
26.07
18.49
51.47
19.92
21.94
31.88
30.52
35.35
12.04
9.49
24.19
21.94
22.39
14.24
32.64
37.66
41.15
21.31
27.06
13.01
71.50
16.13
11.65
25.40
5.79
10.00
13.80
38.73
51.97
18.14
20.44
23.98
2,772,615,968
1,011,079,281
3.731.323,629
320.315,275
854.607,810
2,321,186,195
312.089,971
431.170,811
164,252.114
43,348.122
1,154,805.504
1,179.420,644
4,138.860,716
225,404,349
1,973.221,885
4,320,560,469
1,685,639,711
251,638,362
1,906,000.647
1,273,440,924
2,699,624,881
153,034,553
217.087.377
283,915,922
13,438,733
33,869.479
78.184,21
254,323,23
1,363,509,89.
21.345.39
692.588.28
775.742.33
A ver
Price.
$
26.15
18.34
52.18
2..50
20.90
31.35
30.85
35.03
11.59
8.73
24.28
21.50
22.61
13.40
32.06
37.47
42.78
21.79
27.45
13.22
71.80
15.87
11.20
26.71
6.42
10.04
13.92
40.05
52.62
16.44
20.58
20.87
36,699,914,685 28.37 36.657.646.692 28.34
New York Stock Exchange Investigates Recent Activity
of Fifteen Specified Stocks-Questionnaires Sent
to All Member Firms.
The Committee on Business Conduct of the New York
Stock Exchange yesterday (April 6) transmitted to all
member firms a questionnaire seeking information regarding
all purchases,sales, receipts of shares into accounts, deliveries
of shares from accounts and transfers between accounts in
fifteen stocks between March 20 and April 5 1934. Many
of the issues specified are low-priced oil stocks which have
been unusually active in recent trading. This was reported
to be one of the broadest investigations into alleged market
manipulation ever undertaken by the Stock Exchange.
United States Senate Passes Resolution Calling for
Reports of Condition by State Member Banks of
Federal Reserve System in Accordance With
Requirements in Case of National Banks.
On March 29, a bill (S. 2870) to require the publication of
reports of condition of State member banks of the Federal
Reserve System (and for other purposes), was passed as
follows:
Be it Enacted, &c., That the fifth paragraph of Section 9 of the Federal
Reserve Act, as amended (U. S. C., Title 12. Sec. 324). is amended by
adding at the end thereof a new sentence to read as follows. "Such reports
of condition shall be in such form and shall contain such information as the
Federal Reserve Board may require and shall be published by the reporting
banks in such manner and in accordance with such regulations as the said
Board may prescribe."
In the opinion of bankers, said the New York "Herald
Tribune" of April 1, an important step was taken by the
Senate toward the standardization of the practices of National and State banks which the Federal Government has
been favoring in recent years. The paper quoted said:
This bill requires that State member banks of the Federal Reserve System
be required to make public their periodic statements of condition to
the
same extent that such publication is required of National banks.
The bill
has not received much attention from the public, but it Is looked on in
banking quarters as one that has logic on its side and one that helps in
the
approach toward unification of the banking system by use of the back door
entrance.
The passing by the Senate of legislation designed to force State member
banks to reveal their condition figures was regarded as drawing attention
to the situation in New York State, which has not had a regular quarterly
call for publication of condition since before the bank holiday. The usual
calls may come from the Comptroller of the Currency, .J. F. T. O'Connor,
in Washington, but In this State much issuance of condition figures as has
occurred has been purely voluntary and, for that reason, not widely
shared in.
While the banking fraternity here has a high regard for Superintendent
of Banks Joseph A. Broderick and for his own judgment and that of his
Banking Board, the opinion exists, nevertheless, that an anomalous situation has developed which should be cleared up. Depositors and stockholders of National banks have been allowed to gain such information as Is
to be found in the condensed statements of condition which are published
quarterly, but in many instances this is a privilege which has been denied
to those with the greatest stake in State-chartered banks.
The large local money market banks have in nearly every case given out
their quarterly figures, indicating trend of deposits, liquidity and earnings,
voluntarily whenever there was a National bank call, and within recent
memory some of them have been more ready than National banks in
making public their condition when there was no call to do so either from
the National or the State authorities.
But the different rules pertaining to the National and State banks have
made for differing competitive conditions. One set of banks has had to
2337
own up to losses where others have not had to make similar admissions.
More important still, however, is the circumstance that National banks
have had to publish figures relating to condition of affiliates, whereas State
banks have not had to do so because there was no State call for parent
Institution publication.
The Banking Act of 1933 requires that National banks file the figures on
affiliates not less than three times a year and publish the figures under the
same conditions as govern their own condition reports. The regulations do
not now apply with the same force to State banks.
In the first quarter the Comptroller of the Currency called for the publication of condition statements as of March 5. No call has yet come from
the Superintendent of Banks. It' is possible that he may yet issue a call,
but the expectation in banking circles is not strong that there will be one.
It had been thought that the Banking Department would waive its emergency powers to omit the usual call after the temporary deposit insurance
plan had become effective.
The trend in Congress has been toward requiring more complete and
frequent statements from corporations on their earnings and resources,
and it was considered only natural that, with the necessary allowances for
the different nature of banks and industrial corporations, the same requirements of publicity would be made of the banks.
New Safeguards For Investors in Municipal Securities
Fostered by Municipal Securities Committee of
Investment Bankers Association of America.
As a further protection to investors in State and municipal
bonds a movement for more specific and uniform information in legal opinions on such bonds is being fostered by
the Municipal Securities Committee of the Investment
Bankers Association of America. As announced by E. F.
Dunstan, of the Bankers Trust Co., New York, Chairman
of the Committee, the objective is to enable investors to
ascertain more readily the character of the security behind
a municipal obligation; whether, for example, the bond
represents a pledge of the full faith and credit of the issuing
community, payable from unlimited taxes, or whether the
security is restricted to certain property or funds and the
bond is payable from limited taxes. The Association also
had the following to say on April 4:
Attorneys' opinions on the validity and on certain other attributes of
municipal issues are considered an essential part of the information on
which investors and investment bankers must rely. Mr. Dunstan's committee, therefore, has submitted to municipal bond attorneys in the principal cities suggested forms of phraseology and substance in clauses describing methods of payment of obligations of both States and municipalities. Through co-operation it is hoped that these may be made more
comprehensive and uniform in so far as varying laws of the different States
will permit.
For municipal bonds supported by unlimited tax obligations, legal
opinions will contain a clause declaring that the city issuing the bonds has
the power and is obligated to levy ad valorem taxes upon all taxable real
property for payment of principal and interest, without limitation of
rate or amount. For obligations where there is any tax limit, a clear warning
to this effect will be given with a minimum statement that "the obligations
are payable by tax within the limitations prescribed by law."
Definite statements as to tax obligations will also be made in case of
assessment and i tility of obligations.
Temporary obligations in anticipation of the issuance of permanent
bonds will be clearly designated as such, and if obligations are payable
solely from a special fund or from a particular tax other than a tax on real
property, future legal opinions will call attention to this fact. Also the exact
status will be noted of obligations payable from a special fund or levy in a
district or subdivision before recourse to a general levy in a larger subdivision.
Mr. Dunstan is quoted as saying:
This move to give the purchaser of municipal securities additional information on thee act status of new issues, represents a definite effort on the
part of investment bankers to protect the interests of their customers. A
legal opinion on the validity of a municipal bond is usually required as a
necessary certificate for its sale, and consequently the purchaser will know
without question whether any given issue is secured by limited or unlimited
tax obligations, or whether it is payable only from special funds or particular taxes. Increasing the scope of legal opinions on all State and municipal bonds will raise still higher the standards which investment bankers are
attempting to enforce through the fair practice provisions of their code.
United States Court of Appeals for Seventh District
Upholds Right of FCA to Administer All Assets
of an Insolvent Joint Stock Land Bank.
The right of the Farm Credit Administration to administer
all of the assets of an insolvent Joint Stock Land Bank, and
to divide the proceeds of the trust equally and ratably among
all bondholders was sustained by the United States Circuit
Court of Appeals for the Seventh District, in an opinion
handed down March 16, stated Peyton Evans, General
Solicitor of the Administration. The ease was that of
Brusselback versus Chicago Joint Stock Land Bank. The
Circuit Court of Appeals adopted the opinion of Judge
Wilkerson in the court below, in which he held that the
receiver for the Chicago Joint Stock Land Bank, appointed
under the provisions of the Federal Farm Loan Act, had the
right to administer assets previously deposited with the
farm loan registrar as security for the Bank's bonds.
Three New York Bank Presidents Elected Members of
Chamber of Commerce of the State of New York.
The presidents of three New York banks were elected
members of the Chamber of Commerce of the State of New
York at the monthly meeting held April 5 at 65 Liberty
Street. They were:
2338
Financial Chronicle
April 7 1934
H. Donald Campbell, President, Chase National Bank.
George T. Connett, President, North River Savings Bank.
Arthur Stiles, President, Manhattan Savings Institute.
April 16 1934 and become due April 15 1946. Although
the bonds mature in 1946 they may be redeemed at the
option of the United States on and after April 15 1944,
Other new members elected at the meeting were:
Secretary Morgenthau said. The amount of the bond issue
William E. Cable, Jr., Vice-President, Central Hanover Bank & Trust
Co.
will be limited to the amount of called Fourth Liberty
Merton L. Corey, Vice-President, Insurance Brokers Association of
Loan bonds and Treasury notes of Series A-1934 tendered
New York, Inc.
in exchange and accepted. Applications are being received
Fred F. French, President, Fred F. French Investing Co., Inc.
Harry D. Frueauff, of Henry L. Doherty & Co.
at the Federal Reserve banks and branches, and at the
J. Elliott Hall, General Agent, Penn Mutual Life Insurance Co.
Treasury Department, Washington.
Kenneth C. Hogate, President, Dow, Jones & Co.
Harry S. Rogers, President, Polytechnic Institute.
The Fourth Liberty Loan bonds were called on Oct. 12
Paul Rutherford, Vice-President, Hartford Accident Indemnity Co.
1933 for redemption April 15 1934 by the then Secretary of
Moses Tanenbaum, President, I. Tanenbaum Son & Co., insurance.
the Treasury, William H. Woodin. Secretary Woodin at
John B. Trevor, Jr., Electrical Engineer.
Alexander C. Walker, Real Estate.
the same time announced an offering of 10-12 year Treasury
bonds of 1943-45, dated Oct. 15 1933, and bearing inGov. Lehman of New York Vetoes Bill Barring Irving terest from that date at the rate of 43j Per annum to
%
Trust Company of New York From Acting as Oct. 15 1934, and thereafter 33'%. for which the called
Receiver in Bankruptcy.
Fourth Liberty bonds could be exchanged. Incident to
A bill designed to bar the Irving Trust Co. of New York this offering provision was made for the conversion of a
from serving as trustee and receiver in Federal bankruptcy portion of the Fourth Liberty bonds, of which there were
proceedings was vetoed on March 24 by Gov. Lehman of called for redemption about $1,875,000,000, and of which
New York. It was pointed out in the "Knickerbocker Press" there were then outstanding about $6,268,000,000. About
of Albany (March 26) that the Governor,in disapproving the $872,000,000 were tendered in exchange for the Treasury
bill, gave the same reasons that actuated him in vetoing sub- bonds dated Oct. 12, leaving more than $1,000,000,000 due
stantially the same bill a year ago. He declared that he is for payment on April 15. The Fourth Liberty bonds
not seeking to determine "the merits of the controversy as to called for redemption bear serial numbers ending with the
whether a corporation should or should not act as a receiver digit 9,0 and 1, and in the case of permanent coupon bonds
or trustee in bankruptcy." The Governor also said:
also preceded by the letter J, K or A, respectively.
"The veto of this bill is not to be construed as an approval of the system
In his announcement of April 3 of the new offering of
existing in that district. The fact is, however,that the Judges of the Federal
Wt% bonds, Secretary Morgenthau said that they "will
Court of the Southern District, pursuant to the power vested in them,
adopted the rule centering receiverships and trusteeships in bankruptcy in
be exempt, both as to principal and interest, from all taxathe hands of one corporation."
tion except surtaxes, estate and inheritance taxes and excess
From an Albany dispatch March 24 to the New York profits and war profits taxes; the interest on bonds up to
"Times" we quote:
$5,000 of principal amount under one ownership will be
The bill was sponsored in the upper house by Senator John J. McNaboe.
exempt from all taxes." Secretary Morgenthau also said
It was one of three measures, all introduced for the same purpose. The
that "bearer bonds with interest coupons attached and
bill vetoed by the Governor amends the General Corporation Law. Another
amends the Banking Law and the third the Civil Practice Act. The last two
bonds registered as to principal and interest will be issued
measures have not been introduced in the Assembly.
in denominations of $50,$100,$500, $1,000,$5,000,$10,000
The bill amending the Banking Law passed the Senate this week by a vote
and $100,000." Advices from Washington April 2 to the
of39 to 3. The third bill has not as yet been called up for final action in the
Senate.
New York "Times" of April 3,in reporting the new financing,
The threat to set aside the Governor's veto was voiced by Senator Mcsaid that the Treasury decided to issue the new bonds in
Naboe himself in a formal statement issued in advance of a public hearing
denominations as low as $50, so that none holding the
on the bill amending the Corporation Law, held before Governor Lehman
on Wednesday. The Governor on that occasion insisted that the McNaboe
smaller denomination of Liberties would have difficulty
statement be placed in the record of the hearing, according to the view
in making the exchange. The advices also stated in part:
generally expressed at the Capitol an implied rebuke to the sponsor of the
bill. . . .
In his veto message Governor Lehman said:
"At the public hearing which I held on this bill,representatives of business
associations and credit associations and credit managers of large businesses
appeared to plead in favor of the continuation of the system established by
the Federal Court of the Southern District of New York. Others appeared
to challenge a monopoly by one corporation and to argue that the court
should appoint persons and not a corporation to discharge the duties of a
trustee or receiver in bankruptcy.
"As I stated in my veto memorandum of last year. I shall not undertake
to determine the merits ofthe controversy as to whether a corporation should
or should not act as receiver or trustee in bankruptcy. Nor shall I undertake to express an opinion as to the advisability of continuing in the Federal
Court of the Southern District of New York the practice of appointing one
corporation to act as receiver or trustee in bankruptcy.
Judicial Right Defended.
"The veto of this bill is not to be construed as an approval of the system
existing in that district. The fact is, however,that the Judges of the Federal
Court of the Southern District, pursuant to the power vested in them,
adopted the rule centring receiverships and trusteeships in bankruptcy in
the hands of one corporation.
'If a change is desired, the Judges of that court may make the change,
or the change may be made by action of the Congress. It is not for this
State to change by indirect means a rule made by a Federal Court for the
discharge of bankruptcy cases coming before it.
"As I said in my veto message of last year, interference by the State
would not only be an unwarranted intrusion into what is primarily a Judiclicial function, but it would carry that intrusion into Federal Courts which
are in no sense subject to State Legislative control and into the field of
bankruptcy, which, by the Constitution of the United States, is vested in
the Federal Government.
"The bill is therefore disapproved."
Following the Governor's veto the bill was tabled by the
Senate on March 26.
,—.
—4
April 15 Financing of Treasury-33j% Treasury Bonds
of 1944-1946 Offered in Exchange for Called Fourth
43j% Liberty Loan Bonds and Maturing 3%
Treasury Notes—About $1,000,000,000 of Fourth
43s Payable April 15—$244,234,600 of 3% Notes
Due May 2—Cash Subscriptions Barred.
Plans to retire approximately $1,000,000,000 of Fourth
43i% Liberty Loan Bonds, called for redemption on April
15, were made known on April 3 when Henry Morgenthau
Jr., Secretary of the Treasury, announced an offering of
33/% Treasury bonds of 1944-1946 to be offered only in
1
exchange for the Fourth 4%s and maturing 3% Treasury
notes of Series A-1934. The 3% notes mature on May 2
and amount to $244,234,600. No cash subscriptions will
be received for the Treasury bonds, which will be dated
In shaping its financing program to-day the Treasury took a step which
the governmental experts are satisfied will give strength and confidence
to the market for Government securities. The use of long-term bonds
at this time is looked upon as a highly conservative and orthodox policy,
and is in line with the Treasury's known intent to get away from the use
of short-term issues and hold down the mounting total of the short-dated
debt.
$10,000,000 Economy Sought.
If all or the greater part of the 4 % called Liberties are exchanged
It will mean a reduction of the carrying charge for the Government by
about $10,000,000 a year.
The Treasury was in a strong strategic position to make an offering
of bonds, as it will have ample funds to pay off in cash the holders of the
called bonds and notes if that is found necessary.
$4.817,870,615 in Treasury.
As of March 31 there was in the Treasury's general fund the harvest
of rising revenues, earlier security issues and gold profit on dollar devaluation, a total of $4,817,870,615. Of this, the profit on gold of $2,810,454,390.13 has been segregated in a trust fund and the policy adopted
to use no part of it at this time in financing operations or in handling
current expenditures.
However, with the gold profit deducted from the grand total there
remains $2,007,416,225 as a general fund balance. With emergency
expenditures running far below estimates, a large part of this would be
readily available for paying off the Liberty bond holders.
In some quarters it had been expected that the Treasury would, simultaneously with its new offering, elect to call a part at least of the $4,360,000,000 of Fourth Liberty bonds which will still remain outstanding after
those which had been called are met on April 15. There was no comment
in Mr. Morgenthau's announcement to-day on this subject. If a call
is to be made it must come by April 15, or six months prior to the next
interest
-payment date on Oct. 15.
Secretary Morgenthau's announcement of April 3 of the
new Treasury offering follows:
The Treasury is to-day offering for subscription a series of 10 -year
-12
% Treasury bonds in exchange for Fourth Liberty Loan bonds which
have been called for redemption on April 15 1934, and for Treasury notes
of Series A-1934, maturing May 2 1934.
The offer is confined to exchange subscriptions; cash subscriptions
will not be received. The issue will be limited to the amount of called
Fourth Liberty Loan bonds and Treasury notes of Series A-1934 tendered in payment and accepted. Of the called Fourth Liberty Loan
bonds bearing 4,4% interest, the amount outstanding is about $1,000,000,000, and the amount of Series A-1934 3% Treasury notes outstanding
Is $244.234.600.
The bonds offered to-day are to be dated and to bear interest from
April 16 1934, and to mature April 15 1946, but are to be redeemable
at the option of the United States on and after April 15 1944.
Subscriptions are invited at par. Fourth Liberty Loan bonds called
for redemption April 15 1934 will be accepted at par with no adjustment
of interest. Treasury notes of Series A-1934 (with the final coupon attached) will be accepted at par, with an adjustment of accrued interest
to April 16 1934, the date of the new bonds, to be paid on that date_or on
delivery of the new bonds.
Volume 138
Financial Chronicle
Bearer bonds with interest coupons attached and bonds registered
as to principal and interest will be issued in denominations of $50. $100.
$500, $1,000, $5,000, $10,000 and $100,000. The first coupon attached
to the bonds will cover interest for the fractional half
-year from April 16
to Oct. 15 1934; thereafter interest will be payable semi-annually on April
151and Oct. 15.
As more specifically stated in the circular, the bonds will be exempt,
both as to principal and interest, from all taxation except surtaxes. estate
and inheritance taxes and excess profits and war profits taxes; the interest
on bonds up to $5,000 of principal amount under one ownership will be
exempt from all taxes.
as Applications will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington, D. C. Banking institutions generally will handle applications for customers, but only the
Federal Reserve banks and the Treasury Department are authorized to
act as official agencies.
Although reservations are made concerning the basis for allotting subscriptions. it is the present intention of the Treasury to allot all subscriptions in full.
On Oct. 12 1933 about $1.875,000,000. or 30% of the outstanding
Fourth Liberty Loan bonds were called for redemption on April 15 1934,
the bonds called being those bearing serial numbers ending with the digit
9, 0.or 1. Such serial numbers in the case of permanent coupon bonds
were preceded by the distinguishing letters 5, IC or A, respectively, corresponding to the final digits.
At the time of the call a new issue of Treasury bonds of 1943-45 was
offered for subscription and made available for exchange for the called
bonds. About $872,000,000 of the called bonds were exchanged for
the new Treasury bonds before closing on Dec. 2. The remaining called
bonds will be due for payment on April 15.
Holders of these outstanding called Fourth Liberty Loan bonds may
now exchange them for the new Treasury bonds, but prompt action on
the part of holders is essential. If called bonds have already been surrendered for redemption they will be accepted for exchange upon request
in proper form, but applications must be made through the same channels
used when the called bonds were presented for redemption. Uncalled
Fourth Liberty Loan bonds may not be exchanged for the issue of Treasury
bonds now offered.
Holders of Treasury notes of Series A-1934, maturing May 2 1934,
Who desire to take advantage of this exchange offering also should act
Promptly.
The Treasury Department issued the following circular
giving the details of the offering and the method of surrender
of the Liberty Loan bonds on exchange subscriptions:
UNITED STATES OF AMERICA.
33i% TREASURY BONDS OF 1944-1946.
Offered only in exchange for called Fourth Liberty Loan bonds and Treasury
notes of Series A-1934. Dated and bearing interest from April 16
1934, due April 15 1946. Redeemable at the option of the United
States at par and accrued interest on and after April 15 1944. Interest
payable April 15 and Oct. 15.
1934
Treasury Department,
Department Circular No. 508
Office of the Secretary,
(Public Debt Service)
Washington, April 4 1934.
The Secretary of the Treasury invites subscriptions, from the people
of the United States, at par, for 33 % Treasury bonds of 1944-1946, of
1
,
an issue of bonds of the United States authorized by the Second Liberty
Bond Act, approved Sept. 24 1917, as amended, in payment of which
only Fourth Liberty Loan 43(% bonds of 1933-38 (hereinafter referred to
as Fourth 43js) called for redemption on April 15 1934. and Treasury
notes of Series A-1934, maturing May 2 1934, may be tendered. The
amount of the issue will be limited to the amount ofsuch called Fourth 430
and Treasury notes of Series A-1934 tendered and accepted. Fourth
430 not called for redemption on April 15 1934 may not be tendered under
this circular.
Description of Bonds.
The bonds will be dated April 16 1934 and will bear interest from that
date at the rate of 3Yi% per annum, payable on Oct. 15 1934 on a semiannual basis, and thereafter semi-annually on April 15 and Oct. 15 in each
year until the principal amount becomes payable. They will mature
April 15 1946, but may be redeemed at the option of the United States
on and after April 15 1944, in whole or in part, at par and accrued interest,
on any interest day or days, on four months notice of redemption given
in such manner as the Secretary of the Treasury shall prescribe. In
case of partial redemption the bonds to be redeemed will be determined
by such method as may be prescribed by the Secretary of the Treasury.
From the date of redemption designated in any such notice, interest on
the bonds called for redemption shall cease.
Bearer bonds with interest coupons attached and bonds registered as
to principal and interest will be issued in denominations of $50, $100,
$500. $1,000, $5.000, $10.000 and $100,000. Provision will be made
for the interchange of bonds of different denominations and of coupon
and registered bonds and for the transfer of registered bonds, under rules
and regulations prescribed by the Secretary of the TreasurY.
The bonds shall be exempt, both as to principal and interest, from all
taxation 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,
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess-profits and war-profits
taxes, nor or hereafter imposed by the United States, upon the income
or profits of individuals, partnerships, associations or corporations. The
interest on an amount of bonds authorized by said Act approved Sept.
24 1917. as amended, the principal of which does not exceed $5,000, owned
by any individual, partnership, association or corporation, shall be exempt
from the taxes provided for in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys, and
will bear the circulation privilege only to the extent provided in the Act
approved July 22 1932, as amended. They will not be entitled to any
privilege of conversion.
The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter issued, governing United States bonds.
Application and Allotment.
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions
generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies.
Subject to the reservations contained in the next succeeding paragraph
all subscriptions will be allotted in full.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, and to allot less than the amount of bonds
applied for and to close the books as to any or all subscriptions or classes
2339
of subscriptions at any time without notice; the Secretary of the Treasury
also reserves the right to make allotment in full upon applications for
smaller amounts and to make reduced allotments upon, or to reject, applications for larger amounts, to make classified allotments or to make
allotments upon a graduated scale or to adopt any or all of said methods
or such other methods of allotment and classification of allotments as
shall be deemed by him to be in the public interest; and his action in these
respects shall be final. Allotment notices will be sent out promptly upon
allotment, and the basis of the allotment will be publicly announced.
Payment.
Payment for any bonds allotted may be made only in called Fourth 430,
which will be accepted at par, with no adjustment ofinterest, or in Treasury
notes of Series A-1934 (with coupon dated May 2 1934 attached), which
will be accepted at par with an adjustment of accrued interest as of April
16 1934 and should be made when the subscription is tendered, except
that Fourth 430 which have previously been surrendered for redemption
on April 15 1934 in accordance with the provisions of Department Circular
No. 501, will be accepted as payment upon request in proper form of the
owners thereof, such subscriptions to be presented through the same
channels as were the called bonds when surrendered for redemption. If
any subscription is rejected, in whole or in part, any called Fourth 430
which may have been tendered and not accepted will be held for redemption and any Treasury notes of Series A-I934 which may have been tendered and not accepted will be returned to the subscriber.
Surrender of Called Fourth 4 Xs on Exchange Subscriptions.
Surrender of Coupon Bonds.—Called Fourth 4118 in coupon form tendered in exchange for Treasury bonds issued hereunder, should be presented and surrendered to a Federal Reserve Bank or to the Treasurer
of the United States and should accompany the application (unless such
called Fourth 430 have already been presented for redemption on April
15 1934 in accordance with the provisions of Department Circular No.501).
The bonds must be delivered at the expense and risk of the holder. Facilities for transportation of bonds by registered mail insured may be arranged
between incorporated banks and trust companies and the Federal Reserve
banks and holders may take advantage of such arrangements when available, utilizing such incorporated banks and trust companies as their agents.
Incorporated banks and trust companies are not agents of the United
States under this circular. Coupons dated Oct. 15 1934 and all coupons
bearing dates subsequent thereto, must be attached to coupon bonds
when presented.
Surrender of Registered Bonds—Called Fourth 430 in registered form
tendered in exchange for Treasury bonds issued hereunder should be
assigned by the registered payee or assigns thereof to "The Secretary of
the Treasury for exchange for Treasury bonds of 1944-1946" in accordance
with the general regulations of the Treasury Department governing assignments for transfer or exchange, and thereafter should be presented
and surrendered with the application to a Federal Reserve Bank. or to
the Treasury Department, Division of Loans and Currency, Washington
(unless such called Fourth 430 have already been presented for redemption
on April 15 1934 in accordance with the provisions of Department Circular
No. 501). The bonds must be delivered at the expense and risk of the
holder.
General Provisions.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the respective districts. After allotment
and upon payment Federal Reserve banks may issue interim receipts
pending delivery of the definitive bonds.
Any further information which may be desired as to the issue of Treasury
bonds under the provisions of this circular may be obtained upon application to a Federal Reserve bank or branch, or to the Treasury Department,
Washington. The Secretary of the Treasury may at any time, or from
time to time, prescribe supplemental or amendatory rules and regulations
governing the offering and the exchanges hereunder.
HENRY MORGENTHAU, JR..
Secretary of the Treasury.
Tenders Aggregating $302,346,000 Received to Two
Issues of Treasury Bills Offered to Total of
$100,000,000 or Thereabouts—Amount Accepted
-Day Bills Bring Average Rate of
-90
$100,247,000
-Day Bills Sell at 0.19%.
0.08%, While 182
Announcement was made on April 2 by the Secretary of
the Treasury, Henry Morgenthau, Jr., that tenders aggregating $302,346,000 were received at the Federal Reserve
banks and the branches thereof, up to 2 p. m., Eastern
Standard time, that day, to two series of Treasury bills
for respectively 90-day and 182-day periods offered to the
total amount of $100,000,000 or thereabouts. The Secretary said that bids of $100,247,000 were accepted; $50,151,000 for the 90-day bills and $50,096,000 for the 182-day
bills. The tenders received for the 90-day issue amounted
to $184,356,000, while those for the 182-day series totaled
$117,990,000. The bills, which are dated April 4 1934,
brought average rates of 0.08% per annum (90 day) and
0.19% per annum (182 day), on a bank discount basis,
the same rates at which a recent offering of two series of
91-day and 182
-day bills (dated March 28) sold respectively,
as noted in our March 31 issue, page 2176. The 0.08%
rate is the lowest at which any issue of Treasury bills has
ever been sold.
Tenders for the April 4 bills were invited by Acting
Secretary Stephen B. Gibbons on March 29, reference to
which was made in our issue of March 31, page 2176. As
noted, they are 90
-day and 182-day bills maturing July 3
and Oct. 3 1934, respectively. Each series was offered to
the amount of $50,000,000 or thereabouts. The bills were
used to retire an issue of similar securities amounting to
$100,990,000 which matured April 4. As announced by
Secretary Morgenthau, the details of the results of the
offering follow:
2340
Financial Chronicle
For the 90
-day Treasury bills, maturing July 3 1934, totaling 850,000,000.
or thereabouts, the total amount applied for was $184,356,000, of which
$50,151.000 was accepted. Except for two bids aggregating $21,000,
the accepted bids ranged in price from 99.983, equivalent to a rate of about
0.07% per annum, to 99.978, equivalent to a rate of about 0.09% Per
annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted. The average price of Treasury bills of this
series to be Issued is 99.981, and the average rate is about 0.08% per annum
on a bank discount basis.
For the 182
-day Treasury bills, maturing Oct.3 1934. totaling $50,000,000
or thereabouts, the total amount applied for was $117,990,000, of which
$50.096.000 was accepted. The accepted bids ranged in price from 99.924.
equivalent to a rate of about 0.15% per annum, to 99.895, equivalent
to a rate of about 0.21% per annum, on a bank discount basis. Only
part of the amount bid for at the latter price was accepted. The average
price of Treasury bills of this series to be issued is 99.902, and the average
rate is about 0.19% per annum, on a bank discount basis.
April 7 1934
354,711.08 Fine Ounces of Silver Purchased by Treasury
During Week of March 30—Receipts by Mints
Now Total 3,101,677.97 Fine Ounces.
Receipts of silver by the various United States mints
during the week ended March 30 totaled 354,711.08 fine
ounces, it was announced by the Treasury Department on
April 2. This silver was purchased by the Treasury Department in accordance with the President's proclamation
of Dec. 21 1933, which authorized the Department to buy
at least 24,000,000 ounces annually. Since the issuance
of the proclamation, which was referred to in our issue of
Dec. 23, page 4440, the total receipts by the mints amount
to 3,101,677.97 fine ounces. During the week ended
March 23 the receipts were 369,844.24 ounces. Following
are the weekly receipts since the proclamation was issued
(we omit the fractional part of the ounce):
New Offering of Two Issues of 91-Day and 182
-Day
Treasury Bills to Total Amount of $100,000,000 or
Thereabouts—Each Series Offered in Amount of
Week Ended—
Ounces. I Week Ended—
Ounces.
$50,000,000 or Thereabouts—To Be Dated April 11, Jan. 5
1,157 Mar. 2
271,800
Jan. 12
547 Mar. 9
126,604
1934.
Jan. 19
477 Mar. 16
832,808
94,921 Mar. 23
369,844
Tenders to an offering of $100,000,000 or thereabouts of Jan. 26
Feb. 2
354,711
117.554 Mar. 30
Treasury bills in two issues, maturing in 91 days and 182 Feb. 9
375,995
Feb. 16
232,630
days, respectively, will be received at the Federal Reserve Feb. 23
322,627 Total
*3,101,675
•Approximate total (official total, 3,101,677.97).
Banks, or the branches thereof, up to 2 p.m., Eastern Standard time, Monday, April 9. Tenders will not be received at
the Treasury Department, Washington. Announcement of Move Toward Revision of Federal Securities Act of
the offering was made on April 5 by Henry Morgenthau, Jr.,
1933—Bill Introduced by Senator Hastings—Representative Rayburn Indicates Possible Changes—
Secretary of the Treasury, who said that both issues will be
Senator Thomas Reported as Advocating Amenddated April 11 1934, and will be issued in amount of $50,ments
000,000 or thereabouts each.
From various quarters of Congress have come reports of
The 91-day bills will mature on July 11 and the 182
-day
Federal Securities Act of 1933. On
bills Oct. 10 1934, and on their respective maturity dates possible changes in the
April 6 a bill to limit penalties and liabilities under the
the face amount of the bills of each series will be payable
was introduced by Senator Hastings of Delawithout interest. Both series will be sold on a discount Securities Act
the bill would put the burden
basis to the highest bidders; the bidders are required to ware; one of the proposals in
of proof in civil suits upon the purchaser of the security
specify the particular series for which each tender is made.
issuer.
An issue of bills amounting to $100,050,000 mature on April rather than upon its
In a dispatch from Washington, April 3, to the New York
11 and the new offering will be used to retire the same. In
Hastings was reported as stating that the
his announcement of April 5 Secretary Morgenthau said in "Times," Senator
Intent of his amendments was to make the Act more like the
part:
British Companies Act, although he said that even with his
The bills will be issued in bearer form only, and in amounts or denominaamendments the Securities Act would be far more stringent
tions of $1,000, $10,000, 8100,000, $500,000 and $1,000,000 (maturity
value).
than its British counterpart. Senator Hastings was quoted
It is urged that tenders be made on the printed forms and forwarded in
as follows:
tne special envelopes which will be supplied by the Federal Reserve Banks
or branches upon application therefor.
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 April 9 1934,
all tenders received at the Federal Reserve Banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices for each series will follow as soon as possible thereafter, probably on
the following morning. The Secretary of the Treasury expressly reserves
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. Any
tender which does not specifically refer to a particular series will be subject
to rejection. Those submitting tenders will be advised of the acceptance or
rejection thereof. Payment at the price offered for Treasury bills allotted
must be made at the Federal Reserve Banks in cash or other immediately
available funds on April 11 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Treasury Purchases of Government Securities
823,600,000 During Week of March 31.
Announcement was made on April 2 by the Treamg
Department that purchases of Government securities In
the open market by the Treasury during the week of March 31
totaled $23,600,0007It was said that $11T800,000 of this
amount was purchased_ for the investment account of the
Federal Deposit Insurance Corporation and $11,800,000
for other investment accounts. Since the inception of
the Treasury's support to the Government bonds market
last November, reference to which was made in our issue
of Nov. 25, page 3769, the weekly purchases have been
as follows:
Nov. 25 1933
88,748,000 Feb. 5 1934
87,900,000
Dec. 2 1933
2.545,000 Feb. 13 1934
•22,528,C00
Dec. 9 1933
7,079,000 Feb. 17 1934
7,089,000
Dec. 16 1933
16,600,000 Feb. 24 1934
1,861,000
Dec. 23 1933
16,510,000 Mar. 3 1934
10,2C8,1C0
Dec. 30 1933
11.950,000 Mar. 10 1934
6,900,000
Jan. 6 1934
44,713.000 Mar. 17 1934
7,909.000
Jan. 13 1934
33,868.000 Mar. 24 1934
37,744,000
Jan. 20 1934
17,032,000 Mar. 31 11934
23,600,000
Jan. 27 1934
2,800
—•In addition to this amount,8638,400 of bonds held by the Treasurer as collateral
security for postal savings deposits purchased Feb. 9 by the FDIC.
The liabilities imposed by Section 11 should be limited. They are out
of proportion to the reasonable responsibility which should be required,
they are punitive, and they are vague, particularly as to omissions and
as to the standard of care required. The risks involved are not reasonable
business risks.
The liabilities should be modified so that the plaintiff is required to
show reliance on the registration statement or prospectus; so that damages are limited to those caused by the untrue statement or omission; so
that the omissions from which liability may arise are limited, and so
that liability of underwriters is limited to purchasers who buy from them
or in reliance on their name.
The advices to the "Times" continued:
The Senator added that rescission actions should be permitted "only
against issuers and in certain cases underwriters."
Accounting Clause Criticized.
He urged further modification, "so that the uncertain fiduciary standard
is eliminated, so that a provision is included permitting reliance on statements by competent officers, experts, &c., and so that the provisions as
to the amount of damages and as to contribution are clarified."
The liability imposed on accountants and the regulations of the corn•
mission in regard to accountants' statements, Senator Hastings said, are
not based on a sound theory of accounting.
"An audit," he held, "is not a statement of facts, and an accountant
should not be required to certify that the statements contained in a
balance sheet or profit and loss statement are true. Such a certificate is
really misleading.
"Probably all experts should be relieved of liability under the act.
If any liability is imposed on experts, such liability should not go further
than to make experts liable to purchasers who rely on the registration
statement of prospectus to the same extent as such experts are now liable
at common law to the person who employs them."
Recovery of damages only against signers of the registration statements
other than the issuer and underwriter instead of the price of the security
also is contained In the amendments.
The present two-year period in which suit must be brought to recover
under the act would be reduced to six months under the amendments.
Easing Asked for Mine Concerns.
A group of 75 -Western members of the House met to-day under the
auspices of Representative Scrugham of Nevada to focus their objections
to those portions of the Securities Act which are alleged to prevent flotation of new mining issues.
Representative Rayburn of Texas, chairman of the House Committee
on Inter-State Commerce, and James Landis, Federal Trade Commissioner,
attended and listened to suggestions.
Speakers attacked the penalties for false and misleading information
In registration statements. They asserted that it is impossible to have
any exact knowledge of mining conditions before the actual mining process
starts and asked to have these sections of the act relaxed as far as mining
stocks were concerned.
Other objects of criticism were provisions exempting concerns of under
$100,000 capitalization from the act, provided that their stock is issued
as high as $100 per share. Seem speakers said that many small mining
flotations are made as low as one and five cents a share, and asked to have
the exemption applied to stocks of this class.
Volume 138
Financial Chronicle
Representative Scrugham reported after the meeting that he was confident that "a satisfactory agreement could be worked out."
A possibility of minor changes being made in the Securities
Act was indicated on April 2 by Chairman Rayburn of the
House Inter-State and Foreign Commerce Committee. In
the advices April 2 from Washington to the New York
"Times" it was stated that although Representative Rayburn
held out some hope for minor amendments to the Securities
Act, his statement was intended primarily as a reply to the
attack on the act made April 1 by the Chamber of Commerce
of the United States. Representative Rayburn was quoted
as follows:
It is not true that the Securities Act is preventing the sale of securities;
It is lack of a market. This liability section has been lied about by men
who will not tell the truth about anything. Money is too timid yet to
invest in anything with any degree of speculation. Ask any man with
$100,000 what he will do with his money, and he will thank a while, and
then tell you he thinks he will buy United States Government bonds.
These vicious attacks on the Securities Act, trying to tear it up by the
roots, are not going to get anywhere. There may be minor changes in the
Act, but there will be no general revision.
Contending that relaxation of civil liability provisions of
the Securities Act of 1933 would go far in stimulating employment, Senator Thomas of Oklahoma is said to have proposed an amendment to the Act which is designed to relieve
corporations of liability under certain circumstances. Washington advices to the "Wall Street Journal" of March 22
also stated:
Section 12 of the Securities Act, providing civil liability in connection
with prospectuses, would be amended by Senator Thomas so that any
violation thereunder would be subject to the common law.
The Senator would insert a new section which would give the Federal
Trade Commission discretionary power to waive and dispense with the filing
by an applicant for the issuance of a security any papers or information
which in its judgment may be unnecessary to comply with the spirit of the
purpose of the Securities Act, except the registration statement and the
prospectus.
From the March 23 issue of the "Wall Street Journal" we
take the following from Washington:
An amendment liberalizing the liability provision of the Securities Act
of 1933 is likely to be enacted at the current session, according to Democratic Leader Robinson of the Senate. Senator Robinson said earlier in
the session he had conferred with President Roosevelt on the subject, but
that recently there had been no further discussion.
The amendment proposed recently by Senator Thomas of Oklahoma does
not in any way represent the Administration attitude. However, it is one
of the provisions touched by this amendment that the Administration plans
to deal with later.
Mr. Robinson's statement immediately followed a report of the consumers' industries committee headed by George Sloan of the Cotton Textile
Authority that the Securities Act, the Wagner bill and the Connery 30-hour
week bill were the chief causes of business uncertainty and continued unemployment.
List of
with
Companies Filing Registration Statements
Federal Trade Commission under Federal
Securities Act.
Reorganization issues totaling almost $4,000,000, filed
with the Federal Trade Commission for registration under
the Securities Act, were announced on March 30. An
investment trust issue of $2,500,000 and industrial issues
of more than $2,000,000 are included, bringing the total
of the 10 issues filed to more than $8,500,000. Statements
filed for registration (760-769) were made public as follows
by the Commission on March 30:
Clinton Distilleries Corp. (2-760), Clinton, Mass., a Massachusetts corporation organized Nov. 15 1933 to manufacture and sell whiskey, wines
and gin. proposing to issue $1,786.655 common capital stock, the proceeds
of which are to be used for organization purposes, equipment and working
capital. Rackliff, Whittaker & Co.. Inc., 50 Broadway, New York
City, the underwriters, have been given the right to purchase up to 150,000
shares of common capital stock at $5 each cash, net to the issuer. Among
officers are. James E. McBride, Brookline, Mass.. President; William F.
Donoghue, Worcester, Mass., Vice-President and General Manager,
and Robert B. Rogers, Arlington, Mass., Assistant Treasurer and Comptroller.
Llano Co-operative Oil Corp. (2-761). Newnan°, La., a Louisiana corporation chartered Feb. 17 1934 to explore, produce and distribute oil,
gas and other minerals, proposing to issue 2,500 "oil payments" which,
according to the registration statement, are in the nature of limited royalty
deeds. An oil payment "conveys a specific fractional portion of the
minerals in. to or under a 500
-acre tract of land described in the Instrument
of conveyance, which remains in full force and effect until (a) the owner
or legal holder was received $1,000 per each oil payment as his part of any
and all oil, gas or other valuable mineral produced . . ." The payments
will be sold at $10 each, making the total amount of the issue $25,000.
Among officers are. George T. Pickett, President, and Dr. Robert K.
Williams, Secretary-Treasurer, both of Newllano, La.
Cypress Abbey Co. (2-762), San Francisco, a California corporation
developing and selling lands and buildings for burial Purposes, proposes
to exchange 654.765 1-3 shares of its $2 par value common stock (amount
of issue $1,309,530.66) in a merger transaction for 116,074 shares common
stock of its predecessor, Abbey Land & Improvement Co., and 100.000
shares common stock of its predecessor, Cypress Lawn Improvement Co.
The exchange will be an inter-company affair. Among officers of Cypress
Abbey Co. are Timothy Hopkins, President, and E. H. Newell, Secretary,
both of San Francisco.
California-New York Mining Co., Inc. (2-763), Yreka, Calif., a Delaware
corporation organized Nov. 11 1932 to operate gold mining property in
California. The company expects to issue $375,000 class A common stock
(250,000 shares at $1.50 each), proceeds to be used for installing a mill;
2341
developing its mining property and for working capital. The underwriters are. J. A. McLane, Buffalo, N. Y.. and Oldham & Co.. New
York City. Among officers are. G. C. Barker, Ft. Jones. Calif., President;
A. B. McDonald, Yreka, Calif., Treasurer, and Orr M. Chenoweth,
Redding. Calif., Secretary.
Trusteed Estates, Inc. (2-764), Baltimore, an investment trust proposing
to issue $2,500.000 in certificates for a thrift or savings plan described
as follows. Trusteed Income Estates certificates, monthly Deposit plan;
Trusteed Income Estates, insurance series, and Trusteed Income Estates
certificates, fully-paid plan. The trustee is The Trust Co. of New Jersey.
Jersey City. Among officers of Trustees Estates, Inc., are. Charles B.
Gillet, President, and Frank Muller, Jr., Secretary-Treasurer, both of
Baltimore.
Associated Originators, Inc. (2-765), Boulder. Colo.. organized March 1
1934 to "conduct a general experimental laboratory for the origination
of ideas and inventions and products and the promotion and utilization
thereof." General objects listed in its certificate of incorporation are
the buying, leaving and working of mines for production of gold, silver,
copper and other ores and metals. The company expects to issue $50,000
common stock, proceeds to be used for organization purposes. Fifty
thousand shares of the stock are to be offered at $1 each. Among officers
are. H. H. Nicholson, Boulder, Director-General (President) and General
Manager; F. B. Beard, Newark. Ohio, Director of Accounts (Secretary).
and William Power, West LaFayette, Ohio, Director of Finance (Treasurer).
Barstow Oil Co. (2-766). Atascadero, Calif., a California corporation
organized Oct. 9 1933 to develop potential oil lands and to produce and
market oil, now proposing to issue $200,000 common stock, the proceeds
to be used for drilling a second test well on the lease now held, and for
other company purposes. Oscar L. Willett, Los Angeles, underwriter,
will handle stock sales on a brokerage commission of 20%. P. W. Willett,
Los Angeles, is also an underwriter, but neither underwriter, according
to the company's registration statement, is underwriting any part of the
issue for resale; they are underwriters only in the sense that they have
guaranteed that a well will be completed to a depth of 2,200 feet regardless of the volume of stock sales, according to the company's statement.
Officers are. P. W. Willett, President, and Hubert E. Allen, Vice-President, both of Los Angeles, and W. E. Hanson, Atascadero, Calif., Secretary-Treasurer.
Albert Lea Farms Co. Bondholders' Protective Committee (2-767), Omaha.
Neb., calling for deposits of $560,700 outstanding of an origianl issue of
$600,000 in 6% first mortgage bonds due March 1 1930, of Albert Lea Farms
Co., Omaha, engaged in the development and sale of approximately 13,000
acres of farm land in Freeborn Co., Minn. Besides the above issue the
Farms company also has funded debt, amount outstanding not known,
of 7 % gold mortgage bonds due Oct. 1 1930. Members of the protective committee are. E. F. Howe. Chairman, Omaha; U. S. Conn.
Wayne, Neb.; J. P. Cooke. Omaha; J. E. Conklin, Hubbell, Neb., and
C. W. Mead, Omaha.
T. A. Moynahan and J. lb. Moynahan (2-768), Indianapolis, as a committee calling for deposit of $795,000 Preferred stock (7,950 shares with
a par value of $1) of Moynahan Properties Co., Indianapolis, which, at
the time the stock was issued, owned, operated and managed real estate
and apartment buildings in Indianapolis. There are no issues representing
funded indebtedness. The real estate is separately mortgaged to insurance
companies. The company was declared a bankrupt April 29 1933. Members of the protective committee are T. A. Moynahan and J. R. Moynahan,
Indianapolis.
Everglades Club Co. 6%% First Mortgage Bondholders' Protective Committee (2-769), Toledo, calling for deposit of $1,307,000 first mortgage
bonds of Everglades Club Co., Palm Beach, Fla., engaged in the hotel,
club and real estate business. Its outstanding funded debt includes the
current first mortgage bond issue and Ocean & Lake Realty Co.. first
and refunding mortgage bonds amounting to $2,133,000. Bankruptcy
proceedings have been filed in the Federal Court in Miami, Fla. Members
of the committee are James Bentley, Toledo; Lewis Clarke, New York.
and H. C. Rorick, Toledo.
Industrial issues were foremost in total amount of a group
of securities filed for registration with the Federal Trade
Commission announced on April 3. They totaled more
than $1,500,000. Reorganization issues were second in
amount, with approximately $1,400,000. Oil investment
projects amounted to about $1,000,000. The total issue
was valued at close to $4,000,000. The industrial issues
include a chain of drug stores, two mining companies, a
manufacturer of corks, a fur farm, and an enameling manufacturer. The investment issues include two oil promotion
companies and an investment trust. The reorganization
issue comprises the calling of deposits for a cement company.
These companies are located in Chicago; Los Angeles;
Tulsa, Okla.; Montreal, Can.; Detroit; Portland, Ore.;
Austin, Nev.; Wilmington, Del., and Lancaster, Pa. The
list of statements (770,779) follows:
Peerless Portland Cement Co. Bondholders' Protective Committee (2-770).
Chicago, calling for deposits of $1,404,500 first mortgage convertible serial
gold bonds of Peerless Portland Cement Co., Detroit. Besides the above
mentioned issue, the company's outstanding funded debt consists also of
New Egyptian Portland Cement Co.bonds issued May 101927,for $284,000
and treasury bonds of $55,500. Proceedings are to be instituted for
foreclosure of the mortgage securing the convertible gold bonds. Members
of the committee are: Charles V. Clark, Chicago; Robert D. Baker,
Royal Oak, Mich.; Richard F. Grant, New York City; Daniel W. Mead,
Madison, Wis.; and Maurice C. Perkins, Saginaw, Mich.
Best Drug Stores, Inc., (2-771). Los Angeles, a California corporation
operating a chain of drug stores in Southern California. The first store
was opened Sept. 7 1933. The company expects to issue $150,000 preferred
shares and $6,000 common, proceeds to be used for opening, equipping and
operating the drug stores. Among the officers are: A. J. Nave, President;
Louis M. Lissner, Vice-President and Secretary; and Eugene M. Berger,
Treasurer, all of Los Angeles.
Austin Silver &fining Co.,(2-772), Austin, Nevada, a Nevada corporation
proposing to mine gold, silver and other ores and to issue 392,500 shares at
an aggregate price not to exceed $588,750, the proceeds to be used for working capital and equipment. The underwriter, Klopstock & Co., Inc., 120
Broadway. New York, is to offer shares to the public at not less than $1.25
nor more than $1.50 a share and is to receive as a commission the amount
paid for such shares by the public in excess of $1 each. Among the officers
are: R. M. Atwater Jr., New York, President; William A. Marshall,
Bedford,Mass.,Treasurer;and Thomas J. Fitzgerald,New York,Secretary.
2342
Financial Chronicle
Dodge Cork Co., Inc.,(2-773), Lancaster. Pa., a Pennsylvania corporation
manufacturing and selling cork and other closures including cork specialties, cork marine goods, cork waste and by-products. Organized Jan. 1
1927, the company now proposes to issue $75,000 common stock, the
proceeds to provide additional working capital. Stock will be sold to the
underwriter, Van Alstyne, Noel & Co., Inc., 52 Broadway, New York
City, at $5 a share. The underwriter will sell them to the public at market
price. Among officers are: Arthur B. Dodge, Lancaster, Pa., President
and Treasurer; and James Lee Kauffman, New York City, Vice-President
and Secretary.
Besides the present issue, the company has previously registered 25,000
shares ofcommon stock (2-554) at an aggregate offering amount of $125,000.
Washington-Carey Trust,(2-774), Tulsa, Okla., an Oklahoma express trust
organized March 21 1934, to own, hold and collect income from part of the
Westgate-Carey oil and gas leases in the Oklahoma City field. Company
proposes issuing 3.300 units of beneficial interest at an aggregate price not
to exceed $379,500, the proceeds to be used for company Purposes. The
Issue will be sold through underwriters to be later appointed who will
purchase units at $90 each,selling them to the public at $115 each. Among
the officers are: W. E. Brown, President, and H. I. Shanks, SecretaryTreasurer, both of Tulsa, Okla.
Westingate-Carey Trust, (2-775), Tulsa, Okla., an Oklahoma express trust
organized March 21 1934, to own hold and collect income from part of the
Westgate-Carey oil and gas leases in the Oklahoma City field. The company proposes issuing 3,300 units of beneficial interest at an aggregate
price not to exceed $379,500, the proceeds to be used for company purposes.
Underwriters when appointed, will be permitted to purchase units at $90
each, selling them to the public at $115 each. Among officers are: W.E.
Brown, President, and H. I. Shanks. Secretary-Treasurer, both of
Tulsa, Okla.
Besides the present Issue and that of Washington-Carey Trust, detailed
above (2-774), other issues for parts of the Westgate-Carey leases have been
filed for registration, as follows: Carey Trust, (2-390); Second Carey
Trust, (2-633); and Carey Trust of New York,(2-680.).
Greenback Consolidated. (2-776), Portland, Ore., an Oregon corporation
organized Nov. 7 1930, and engaged in developing gold mining properties
In Oregon. The company expects to issue 300,000 shares of common capital
stock at an aggregate price not to exceed $300,000. the proceeds to be used
for developing the properties. The 300,000 shares are to disposed of as
follows: 176,070 shares to be exchanged for a like number shares of Bullion
Mountain, Inc., 123,930 shares to be issued to Bullion Mountain, Inc.,
non-resident creditors in cancellation of obligations owed by Bullion
Mountain. Among officers of Greenback Consolidated are: J. A. Strowbrige, President; A. C. Arthur, Secretary; R. B. Brandon, Treasurer and
General Manager, all of Portland, Ore.
Billdale Fur Ranches,Ltd.,(2-777) Montreal, Canada,a Canadian corpora,
tion organized March 271933 tocarry on a fur farming business and breed furbearinganimals,
indudingsilverfox,mink.muskratand beaver.Thecompany
proposes issuing 300.000 shares of common stock at an aggregate price of
$330,000, the proceeds to be used for purchase of animals and equipment
and for other organization expenses. Stock will be sold to underwriters a
80 cents a share and to the public at not more than $1.10 a share. Leo S.
Tobin Is President of the company; E. J. Hunt, Secretary-Treasurer, and
R. E. McIlhone, General Manager, all of Montreal.
Parker-Wolverine Co., (2-778), Detroit, a Michigan corporation organized
Feb. 21 1934, to operate a metal treating and metal finishing business,
including the enameling and rust-proofing of metal surfaces. The company
proposes to issue $100,000 common stock to provide working capital for
corporation purposes. Charles H.Awkerman is President, W.M.Cornelius,
Treasurer, both of Detroit, and W. M. Hawkins, Secretary, Highland
Park, Mich.
Johnston Plan Collateral Trust, (2-779), Wilmington, Del., a fixed and
restricted management trust offering certificates issued in $50, $100. $500
and $1,000 denominations, totaling in aggregate price of issue, $250,000.
The trust agreement effected March 7 1934, provides that these certificates
participate pro rata in all earnings of the entire active portfolio of securities
bought and held exclusively for the company's certificate holders. In the
beginning, these securities will consist of investment trust shares bought
outright from funds received from certificate buyers, in the shares of
"Deposited Insurance Shares" issued by"Bank and Insurance Shares,Inc.,"
Philadelphia (See 2-11 and 2-654). The trustee will later dispose of these
shares and replace them with shares in all the companies listed in the portfolio. Officers of the Johnston Plan Collateral Trust are: 0.0. Johnston,
President: C. P. Johnston. Treasurer, and Clinton Johnston. Secretary.
all of Wilmington. Del
April 7 1934
menta.
Among officers are: H. S. Kittredge and E. W. Green, President
and Secretary respectively, both of San Jose, Calif., and R. Van Horn,
Philadelphia, Treasurer.
Electric Auto-Lite CO.,(2-782), Toledo. This file number has been assinged
to the $9.000,000 security issue filed for registration by this company as
announced April 2 in release No. 146. [This is referred to in a separate
item in this issue.—Ed.]
Lockheed Aircraft Corp.,(2-783). Burbank, Calif., a California corporation
manufacturing, selling, and repairing aircraft, proposing to issue 86.500
shares common capital stock in an amount not to exceed $250,000. The
proceeds are to be used for building extensions, machinery, and equipment,
and working capital. The underwriters, G. Brashears & Co., Los Angeles,
are to underwrite a minimum of 56,000 shares and a maximum of 81.000
shares at $2 a share net with no commissions or discounts. Robert E.
Gross, trustee, of Beverley Hills, Calif., while not considered an underwriter, guarantees part of the undertaking of the underwriter, and Is trustee
on a 15.000 share guaranty, receiving no discount-or commission. Among
the officers are: Lloyd Stearman Hollywood, Calif., President; Cyril
Chappellet, West Los Angeles. Secretary; and Robert E. Gross, Beverly
HMS, Treasurer.
Bell Boy Gold Mining Co., (2-784), Wallace. Idaho, an Idaho corporation
engaged in mining the Bell Boy group and Towsley group of mines near
Marysville, Mont. The company does not expect to issue its stock to the
public, but individual owners will do so. The common stock sought to be
registered will not exceed in aggregate proceeds the amount of $250,000.
The company was organized in 1931. Among officers are: M. L. Savage,
Helena, Mont., President; W. H. Abel, Montesano. Wash., Secretary; and
Marie Savage, Kellogg, Idaho, Treasurer.
Gold Seal Electrical Co., Inc.. (2-785), East Newark, N. J., a Delaware
corporation manufacturing and distributing radio vacuum tubes and
proposing to issue 47,032 shares common stock at an aggregate price not to
exceed $52,911, the proceeds to be used for working capital for purchasing
raw materials, and for the employment of labor. The stock will be offered
to the public at from $1 to $1.123 a share, a 12%c. commission to be paid
the underwriters on all shares not ..aken up by stockholders. The underwriters are: William E. Duff, 299 Park Ave., and Fred R. Angevine,
25 Broad St., both of New York City, and George D. Duff, 55 Lincoln
Ave., Newark,N.J. Among the officers are: William E.Duff,New York,
President; F. R. Angevine, New York, Secretary, and George Boehm,
Irvington, N. J., Treasurer.
Franklin Mutual Fund,inc.,(2-786), Boston, a Massachusetts investment
corporation of the management type which invests and re-invests in selected
diversified securities, particularly common stocks. The company expects
to issue 20,000 shares common stock of which 7,087 shares are now outstanding with the public at $29.50 a share, not to exceed a total aggregate
amount of $380,933.50. The proceeds are to be invested and re-invested in
diversified securities selected by the company. D. H. Whittemore & Co.,
Boston, the underwriters, will receive a cash commission on shares sold at
the rate of8% of the retail offering price. Among the officers of the investment company are: Henry E. Kingman. Newton, Maas.; President, and
Henry El. Thompson, Concord, Maas., Treasurer.
Boundary County Drainage Districts Bondholders' Potective Committee,
(2-787), Boise, Idaho, calling for deposit of $800,000 Drainage District bonds
of several districts engaged in draining lands. The districts are applying
for loans through the Federal Government. Bonds are being gathered so
as to be available in case such loans are obtained. No plan of readjustment
or reorganization has been submitted by the committee, which intends to
solicit the deposit of securities from each person owning a bond of the
original issue. Members ofthe committee are Charles P.Mace,Ed.Strauss,
E. W. Porter, C. W. Joslyn, and A. G. Campbell, all of Boise, Idaho.
Maurice C. Perkins, and others (2-788), Saginaw, Mich., a committee
calling for deposit of First Mortgage 6%% Serial Gold bonds issued under
trust deed dated Feb. 11928. in the amount of $160,000 outstanding of an
original $215,000. The securities called for deposit were issued by Leo C.
Gould Co., Inc., Woodstock, Ill., engaged in growing flowers and plants
under glass and otherwise. The stockholders of the company are: Frank M.
Johnson, Chicago; Leo C. Gould, formerly of Woodstock, Ill., present
address unknown; A. L. Randall. Chicago; and William A. Jacob, now of
Evanston, Ill. Members of the protective committee are: Maurice O.
Perkins, Saginaw, Mich.; Charles H. Van Kirk, Chicago; and C. W,
Christopher, Petoskey, Mich.
Noteholders' Protective Commi.tee. (2-789), Richmond, Va., calling for
deposit of notes secured by deed of trust on property situated at Fourth
and Grace Sts., Richmond, Va., the notes amounting to $175,000. The
notes represent part of the outstanding funded debt of Hillcrest, Inc.,
Richmond real estate dealers. Members of the protective committee are:
A.Percy Diggs, P.0. Miller, Riley G. Taylor, and Charles Talbott Young,
all of Richmond.
The filing of six industrial issues amounting to almost
$10,000,000 with the Federal Trade Commission for registration was made known April 6. These issues are included
In making the above lists public the Commission said:
in a group of 10 statements filed, among which are three
In no case does the act offiling with the Commission give to any securitiy
reorganization projects and one investment company issue. its approval or indicate that the Commission has passed on the merits of
The total amount of the 10 issues is more than $11,000,000. the issue, or that the registration statement itself is correct.
The last previous list of registration statements appeared
Among the industrial companies are a large automobile
ignition system manufacturer, of Toledo; a brewer, a water in our issue of March 31, page 2179.
works company, an aircraft manufacturer, a gold mining
company and an electrical firm. The investment company $9,000,000 Security Issue Filed with Federal Trade
Commission by Electric Auto-Lite Co. of Toledo.
seeks to sell a mutual fund proposition. The reorganization
A $9,000,000 security issue has just been filed for regismatters include refunding for a land drainage district, a
greenhouse company and a real estate firm. Companies or tration with the Federal Trade Commission under the
protective committees filing these securities are situated in Securities Act of 1933 by the Electric Auto-Lite Co., Toledo
Boston; Pittsburgh; Toledo; Newark, N. J.; Richmond, (2-782), manufacturer of ignition systems for automobiles,
Va.; San Jose, Calif.; Burbank, Calif.; Boise, Ida.; Wallace, according to an announcement issued April 2 by the ComIda., and Saginaw, Mich. Statements filed for registration mission, which added:
The issue provides for acquisition of outstanding stock of Moto Meter
(780-789) were indicated as follows:
Gauge & Equipment Corp., Toledo, and for sale by
Duquesne Brewing Co. of Pittsburgh, (2-780), Pittsburgh, a Pennsylvnala
corporation organized April 4 1899, to manufacture beers, ales, and malt
beverages. The company expects to issue 25,000 shares of $5 par value
common stock at an aggregate price not to exceed $125,000, to proceeds
to be used for working capital. The securities sought to be registered are
covered by an option granted to Moore, Leonard & Lynch, brokers. Pittsburgh. Among officers are: John A. Friday, Sewickley, Pa., President;
L. F. Koenig. Pittsburgh, Vice-President and Treasurer; and L. A. Greenewald. Pittsburgh, Secretary.
San Jose Water Works, (2-781), San Jose, Calif., a California corporation
supplying water to domestic, commercial, and industrial consumers in
San Jose, Willow Glen, Los Gatos, Saratoga, and adjacent territory in
Santa Clara County, Calif. The company expects to issue $187,000 in
first mortgage 5% bonds, the proceeds to be used for general corporate
purposes, particularly for building a new office building, and other improve-
Electric Auto-Lite of
44,925 shares of common stock.
One share of Electric Auto-Lite common will be exchanged for two-andone-half shares of Moto Meter, according to the plan which contemplates a
total exchange of 300,000 Auto-Lite common of $5 par for 750,000 Moto
Meter shares valued at $7,968,750 as based on stock exchange prices. The
common stock issue of 44,925 shares to be offered the public is valued at
$1,285,978 based on the current market price on the New York Stock
Exchange. making the total issue filed for registration $9,254.728.
The exchange of stock between the two companies will involve 55% of
the outstanding shares of Moto Meter, less 8,138% shares treasury stock,
Officers of the Electric Auto-Lite Co. are as follows: Clement 0.
Miniger,
Wood County, Ohio, President; D. H. Kelly, Toledo, Executive
Vice.
President; A. E. Buchenberg, Toledo, Vice-President; J. H. Housholder,
Ottawa Hills, Ohio, Treasurer; F. H. Landwehr, Ottawa Hills,
Ohio.
Secretary; E. H. Reed, Toledo, director; J. A. Minch, Toledo,
Vice-
Volume 138
President; R.J. Skinner. Toledo, Assistant Treasurer; P. J. Dailey, Toledo,
Assistant Secretary; and John Shotwell, Toledo, director. The foregoing
officers are also directors.
It Is contemplated that R. G. Martin, of Moto Meter Gauge Equipment
Corp.. Toledo, H. E. Talbot Jr., New York; Russell McGee. Neve York.
and L. F. Stoll, New York,will become directors. R. G. Martin is expected
to be made a Vice-President. Messrs. Minch, Skinner, Dailey and Shotwell are expected to retire as directors, and Minch, Skinner and Dailey
as officers, according to the registration statement.
Federal Trade Commission Suspends Effectiveness of
Registration Statement of Green Tree Breweries,
Inc., and Colorado National Gold, Inc.
Effectiveness of the registration statements of a St. Louis
brewing company and a Colorado gold mining, milling and
leasing company, filed under the Securities Act of 1933
(2-200 and 2-409), is suspended by stop orders issued by
the Federal Trade Commission, as announced on March 30.
The Commission's announcement continued:
One of the orders is against Green Tree Breweries, Inc., of St. Louis,
which had filed a registration statement under which it was proposing to
Issue 27,000 shares of common capital stock at $6.25 a share. The stop
order was issued because the prospectus filed with the Commission failed
to include material information under 11 items of the registration statement requirements, and failed to include full information as to two other
items. Also, the balance sheet was not included in the prospectus and other
pertinent information was also held to be lacking.
The other stop order was issued against Colorado National Gold, Inc., of
Colorado Springs, a company engaged in general mining, milling and leading operations. It VMS proposing the issuance of securities in the amount
of $200,000. This company's registration statement became effective
Sept. 26 1933,since which time the Securities Division of the Federal Trade
Commission has made repeated efforts to obtain appropriate amendments,
but without success. The Commission held that the statement filed by the
Colorado Springs company disclosed a number of deficiencies and also that
Its prospectus was unsatisfactory.
Virtual Cessation of High Grade Corporation Issues
Ascribed to Federal Securities Act—United States
Chamber of Commerce Recommends Six Changes in
Law to Overcome Uncertainty Respecting Effect of
Existing Provisions.
A report of a special committee named by the United
States Chamber of Commerce to study the effect of the
Federal Securities Act was made public April 1. The committee finds that there are two "most important economic
aspects of the present situation", viz:
"First.—There has been a virtual cessation of high-grade
and sizable corporate issues in the period the Act has been
in full force. Capital funds, necessary for the maintenance
and increase of employment and procurable only from the
flotation of securities, have not been forthcoming.
"Second.—Unless the Act is properly modified, there is
little, if any, prospect of the origination and sale of new
and refunding corporate issues in needed volume. Without
the issuance and sale of such securities recovery will be
delayed, if not prevented."
The committee makes the statement that:
There is a general belief that the Act in its present form is so severe and
uncertain in its consequences as to be prohibitory of normal financial
transactions.
The committee continues:
Few will venture to originate and market new or refunding issues of
merit. This appears to be the fact, even after full allowance is made for
needless and unwarranted fears concerning some provisions that have
been brought into question.
According to the report a comparison of issues during the
first seven months of 1933 and the last five months of the
same year, when the Securities Act was in effect, shows
flotation of issues amounting to $67,000,000 under the
Act, as compared to $314,000,000 before the bill became law.
The volume of non-corporate securities, mainly State and
municipal which do not come under the requirements of
the Securities Act, it was indicated in the report, were
$363,000,000 for the first seven months and $309,000,000
for the last five months.
The report also stated:
It is axiomatic that the increase of business and the general economic
welfare of the country after a period of depression is effected mainly by
Increasing the employment of labor and capital. The gainful employment
of a large proportion of American labor depends upon the production and
use of durable and capital goods, which require long-term investment, in
contrast to bank loans. This capital financing, which permits the development of new equipment, goods and services, and the introduction of new
sales efforts, has been a principal aid in the past to recovery from depression.
Specific changes recommended in the report were summarized as follows:
Changes Recommended.
Period of Liability.—This period, which under the Act may be extended
to ten years, should be narrowed to limits which have a definite and fair
relationship to the influence of the registration statement and prospectus.
Underwriting Liability.—Sab-underwriters should be permitted to have
a defense of reliance upon investigation made by original underwriters.
Otherwise hundreds of separate investigations would have to be made
for the purpose of marketing an issue.
Controlling Persons.—A majority stockholder, or one who through his
holdings may be able as a practical matter to control a company, should
2343
Financial Chronicle
not be made liable, without any defense, for misstatements or omissions
in the registration statement.
Jurisdiction of Courts.—The provision that suits can be brought under
the Act in both Federal and State courts, and if brought in a State court
may not be removed to a Federal court, should be changed so that suits
under the Act could be brought only in Federal courts.
Nuisance Suits.—A provision that losing plaintiffs may be required, in
the discretion of the court, to pay all or part of the costs of the defendants,
would assist in the avoidance of suits of little merit.
Disclosure Requirements.—Means of simplifying the registration statement, if such a device is continued, must be found in order to relieve issuers
and others of the burdens and expense now imposed upon them and in order
to provide a statement which the average investor can even comprehend.
The members of the Committee which drafted the report were:
Carl P. Dennett, Chairman, Executive Committee, Fisk Rubber Co.,
Boston.
Samuel C. Dobbs, Dobbs Mortgage & Investment Co., Atlanta.
Thomas S. Gates, President, University of Pennsylvania, Philadelphia.
William V. Hodges, Hodges, Wilson & Rogers, Denver.
Alexander Dana Noyes, financial editor. New York "Times".
Roy C. Osgood, Vice-President, First National Bank, Chicago, and
David F. Edwards, Chairman, President Saco-Lowell Shops, Boston.
Mr. Hodges, in signing the report, filed a supplementary
statement, attacking the constitutionality of the Act and
urging the Act be repealed on the theory that it is in all
respects a harmful and useless piece of legislation. He
contended that the foundations of the Securities Act are so
insecure that it will be years before any one knows what it.
means.
$78,487,113 of Hoarded Gold Returned to Date—
$27,161,403 Coin and $51,326,710 Certificates.
Figures made available April 2 by the Treasury Department indicate that gold coin and certificates received by
the Federal Reserve banks and the Treasurer's office since
Dec. 28 1933, the date of the issuance of the order requiring
all gold to be returned to the Treasury, amounted to V8,487,133.02 up to March 28. Of this amount, the figures
show $1,150,980.30 was received during the week ended
March 28. The total receipts are shown as follows:
Gold Cain.
Received by FederaltReserve banks:
$122,115.30
Weekgended March 28
26.797,493.72
Received previously
Gold Certificates.
$26,919,609.02
$49,933,210.00
$1,345.00
240,449.00
325,500.00
*1.367,000.00
Totalito Marchl28
Received by Treasurer's Office:
Week ended Marchi28
Received previously
31,002,020.00.
48,931,190.00
$1,392,500.00
$241,794.00
Total to March 28
office
* Corrected figure. Gold certificates received by the Treasurer's
week ended March 21 incorrectly reported lastiweek asl$260.000 instead
of $26,000.
the
Note.—Gold bars deposited with the New York Assay Office to
amount of $200,572.69 previously reported.
States Assay Office Regulates Purchases of
Old Gold.
Holders of old gold in the form or jewelry or trinkets
may sell it directly to the United States Assay Office, at
the new statutory price of $35 an ounce, less a small charge
for assaying, it was stated on April 6 in response to inquiries,
said the New York "Times" of April 6, which also said:
United
not
.
The Assay Office requires, however, that the amounts offeredibe
only
less than one ounce nor more than five, and that an individual make
who
one trip to the Office. This rule denies the privilege to dealers,
must have a license.
flood
Since the rise in the price of gold at the beginning of February, a
to the
of old gold has come out of private holdings and found its way
added to the monetary gold stocks
Assay Office, where it is refined and
of the country.
Monthly Statement of Railroad Credit Corporation
for March—Sixth Liquidating Distribution of
$728,633 Made March 31 — Repayments Total
$8,872,192.
The Railroad Credit Corporation has, at March 31, returned to the railroads $8,872,192 of the emergency revenues
which were turned over to it for temporary use in protecting
the railroad credit position. An additional repayment of
approximately $735,000 will be made on April 30, which will
bring the total liquidating distributions up to 13% of the
net contributions.
In a letter addressed to participating carriers and accompanying the March financial statement, a copy of which was
filed on April 4 with the Inter-State Commerce Commission, E. G. Buckland, President of the Corporation, said:
The sixth distribution, amounting to $728,633, or 1% of the fund, was
made March 31 1934. This brings the total liquidating distributions to
$8,872,192, of which $3,652,219 has been returned in cash, and the remainder, or $5,219,973, credited on obligations of participating carriers
to the Corporation. The seventh distribution, equivalent to 1% of the
fund, has been authorized by the Board to be paid on April 30 1934.
Cash receipts during March totaled $405,477, made up of payments in
reduction of loans, $321,048; interest on obligations, $72,827, and miscellaneous accounts, $11,602.
The Corporation made its fifth liquidating distribution to
the participating carriers in January, bringing the total
refunds at that time to $8,143,558, or 11% of the net contributions to the pool by the railroads. The refund made
2344
Financial Chronicle
in January amounted to $717,565, or 1% of the fund. Of
the $8,143,558 repaid, $3,355,955 was in caSh and $4,787,603
was in credit allowances.
The Corporation's statement of condition as of March 31
follows:
THE RAILROAD CREDIT CORPORATION
Report to Inter-State Commerce Commission and Participating
March 31 1934.
Net Change
During
Assets—
March 1934.
Investment In affiliated companies loans outstanding)
—$965,881.94
Other investments (Fruit Growers Express Co.
stock)
157,200.00
Cash
45,045.48
Petty cash fund
Special deposit (reserve for tax refunds)
Miscellaneous accounts receivable (due from contributing carriers)
—11,844.61
Interest receivable
24,143.18
Unadjusted debits
—167,748.09
Expense of administration (Includes $4,489.89
paid special counsel)
16,746.55
Total
—$902,339.43
Lightlines—
Non-negotiable debt to affiliated companies
—$825,755.53
Unadjusted credits
—186,785.70
Income from funded securities (interest accrued on
loans to carriers)
109,351.62
Income from unfunded securities and accounts— 850.18
Capital stock
Total
— denotes decrease.
Emergency revenues to March 31 1934
Less: Refunds for taxes
Distributions Nos. 1-6
Fund share assigned to R.0 C
—$902,339.43
Carriers as of
Balance
Mar. 31 1934.
$65,735,437.15
157,200.00
376,273.25
25.00
447.106.25
61,805.39
309,637.51
68.795.49
39,175.35
$67,195,455.30
464.965.615.74
1,918,753.72
307,421.09
2,464.84
1,200.00
$67,195,455.39
875,424,524.16
$1,536,974.60
8,871,626.34
50,307.48
10,458,908.42
$64,965,615.74
Approved:
E. R. WOODSON, Comptroller.
Washington, D. C., April 2 1934.(No. 25).
Correct:
A. B. CHAPIN, Treasurer.
U. S. Supreme Court Sustains Prohibitive State Tax
on Butter Substitutes—Ruling Viewed as an Aid
to Administration's Recovery Legislation.
The United States Supreme Court on April 2 handed
down a ruling which was interpreted as of importance to
the Administration's recovery program, when in a unanimous
opinion delivered by Justice George Sutherland it upheld as
constitutional a law of the State of Washington imposing an
excise tax of 15 cents a pound on all butter substitutes sold
within the State. The Court held that a State may employ
its taxing power to aid certain industries even to the detriment of others. The constitutionality of the tax was challenged by A. Magnano Company, manufacturers of a butter
substitute. Justice Sutherland said that if it was established
that the tax was not arbitrary, it was not within the Court's
province to inquire as to its secondary effects.
We quote from a Washington dispatch April 2 to the New
York "Herald Tribune," summarizing the Court's opinion:
The effect of the tax, it appears, is prohibitive against sales of butter substitutes in the State. Nevertheless. the Court took the view it was valid.
according to the opinion of Justice Sutherland. The decision of the Court
to-day is in line with past tax decisions, but special interest attached to the
action to-day,since it came at a time when the Federal Government is about
to impose prohibitive taxes on the production of cotton, and there is a movement in Congress to extend such taxes to tobacco and other crops as a means
of imposing compulsory control of agricultural production. Moreover, it is
clear, in the light of the decision, that Legislatures are left wide latitude in
imposing taxes to prohibit industrial or other activity in some directions
and encourage it in others.
The case decided is that of A. Magnano Company, appellant, vs. G. W.
Hamilton, as Attorney General of the State of Washington. et al, etc. It
Is an appeal from the Federal District court for the Western District of
Washington. The District Court upheld the tax, and the Supreme Court
to-day affirmed the lower court. The appellant has for many years been
engaged in importing and selling "Nucoa." a form of oleomargarine. Prior
to passage of the Act, the company had derived a large annual net profit
from sales within the State. Since then, alleging the tax to be prohibitive.
it has made no intra-State sales and no effort to do so.
While several grounds were set forth in opposition to the Act,the Court
to-day put aside all but one, that the imposition of the tax was in violation
of the due process oflaw. The Court then discussed the contention that due
process was denied and said:
"We put aside at once all of the foregoing contentions, except the one
relating to due process oflaw, as being plainly without merit.
Points Made in Decision,
"I. In respect to the equal protection clause it is obvious that the differences between butter and oleomargarine are sufficient to justify their
separate classification for purposes of taxation.
"2. That the tax is for a public purpose is equally clear, since that requirement has regard to the use which is to be made of the revenue derived from
the tax and not to any ulterior motive or purpose which may have influenced
the Legislature in passing the Act. And a tax designed to be expended for
a public purpose does not cease to be one levied for that purpose because
It has the effect of imposing a burden upon one class of business enterprise
In such a way as to benefit another class.
"3. The act, considered as a whole, clearly negatives the idea that a
burden is imposed upon inter-State commerce, as the Court below held.
The tax is confined to sales within the State and has no application to sales
of oleomargarine to be either imported or exported in inter-State commerce.
Collateral Motive Approved.
IF"4. The contention that the Act interferes with the taxing power of the
United States seems to be based upon the supposition that the State tax
is so great that it will put an end to the sale of oleomargarine within the
State of Washington, and thereby destroys a potential subject of Federal
taxation. Assuming such a consequence and putting other questions
April 7 1934
aside, the effect of it upon appellant would be so remote, speculative and
indirect as to afford appelant no basis for invoking the powers of a court
of equity.
"Collateral purposes or motives of a Legislature in levying a tax of a
kind within the reach of its lawful power are matters beyond the scope of
judicial inquiry. Nor may a tax within the lawful power of a State be
judicially striken down under the due process clause simply because its
enforcement may or will result in restricting or even destroying particular occupations or businesses.
"From the beginning of our Government the courts have sustained taxes
although imposed with the collateral intent of effecting ulterior ends which,
considered apart, were beyond the constitutional power of the law makers
to realize by legislation directly addressed to their accomplishment. Those
decisions, as the foregoing discussion discloses, rule the present case.
"Decree affirmed."
House Passes Bill Guaranteeing Principal and Interest
on Bonds of HOLC.
By a vote of 339 to 1 the House on April 5 passed the bill
to guarantee the interest as well as the principal of bonds of
the Home Owner's Loan Corporation. In our issue of March
31 (page 2172) we reported the passage of the bill by the
Senate on March 19, after the insertion of an amendment
providing that "in the appointment of agents and in the
selection of employees for said corporation, and in the promotion of agents or employees, no partisan political test or
qualification shall be permitted or given consideration, but
all agents and employees shall be appointed, employed, or
promoted solely upon the basis of merit and efficiency."
This clause, which was proposed by Senator Norris, was
reported as unconditionally approved by President Roosevelt
at a press conference March 21; the House Committee on
Banking and Currency deleted the amendment and the bill
as passed by the House fails to carry the provision.
Recording the action of the House a dispatch from Washington, April 5, to the New York "Herald Tribune" said in
part:
Acting under suspension of the rules, a procedure which excluded amendments from the floor, the House really dodged the issue raised by the
announced desire of President Roosevelt and officials of the Home Loan
organization to include the Senate amendment. This amendment, sponsored by Senator George W. Norris, insurgent Republican of Nebraska,
had been eliminated by the House Banking and Currency Committee, and
members of the House had no opportunity to deal with it except in debate.
The President's attitude, according to a statement of Representative Henry
B. Steagall. Democrat, of Alabama. Chairman of the Committee, had not
been made known until after the committee had eliminated the amendment.
Committee members, he explained, had been actuated by the belief that
the insertion of the amendment at this time would amount to a reflection
on the present Home Loan Bank organization and indicate a desire of
Congress to make changes in an organization just getting well started on a
big job.
Home Loan Guaranty.
The bill provides for guaranteeing the principal and interest of $2,000,000,000 in Home Loan bonds. Elimination of the Senate merit proviso
sends the measure to conference before it can reach the White House to
finish the last step in the Administration's program to provide a better
market for both farm and Home Loan mortgage bonds. . . .
When the final vote on the bill was taken. Representative Martin J.
Kennedy, Democrat,of New York, was its only opponent. In explanation,
he said that, while he was a supporter of the President's recovery program,
he thought the time had come "for Congress to stop pledging the security of
the United States until the budget is balanced."
Senate Action on Tax Revision Bill—LaFollette Proposal for 71% Surtax Rejected—Restores Capital
Stock Tax of 0.1%—"Emergency" One-Year Pro-
vision Would Add 10% to Every Return.
The Senate devoted much of this week to consideration
of the $330,000,000 tax revision bill, and to debate on the
measure as favorably reported by the Senate Finance Committee March 28. Late yesterday (April 6) an early vote
on the completed bill seemed likely. Chief provisions of the
bill, after emerging from the Finance Committee, were outlined in our issue of March 31, page 2184. Debate on the
proposed tax changes was begun April 2, after Senator
Harrison, Chairman of the Finance Committee, had given a
detailed explanation of the purposes of the measure which,
he said, effects a series of "major improvements" in existing
law and will bring about fairer distribution of the tax burden
among taxpayers. He said that the bill had been drafted
with two chief objects—to overcome tax avoidance by plugging the loopholes in the present law, and to raise additional
revenue.
The Senate on April 4 approved a number of new surtax
provisions and also voted to restore the one-tenth of 1%
tax on capital stock of corporations in the present law as a
means of raising approximately $95,000,000 of additional
revenues. Senator LaFollette introduced a proposal for
surtaxes of a maximum rate of 71% on incomes of more than
$1,000,000 and also suggested that the normal tax rate be
fixed at 6%. Senator LaFollette's amendment was defeated
in the Senate, however, on April 5, by a vote of 47 to 36.
Late yesterday (April 6) it appeared likely that a Senate
vote on the tax bill as a whole would be taken shortly, and
Senator Harrison said that he might even seek passage of
Volume 138
the completed bill last night. He also announced that the
Senate Finance Committee had agreed to accept an emergency
one-year provision which would add 10% to the amount of
every tax return. He estimated that the increased taxes
already approved by the Senate, together with the 10%
emergency provision, would increase the total revenue expected from the measure to around 8450,000,000. Earlier
yesterday the Senate by a vote of 42 to 36 rejected a proposal
for sharp increases in taxation on "exceptional" capital net
gains where they occur frequently during a five-year period.
The initial tax bill debate in the Senate April 2 was noted
as follows in a Washington dispatch of that date to the New
York "Journal of Commerce:"
Among the committee revisions approved to-day were those relating to
corporation credits against net income, taxation of citizens and corporations
of certain foreign countries, and distribution of earnings from profits accumulated prior to March 1 1913. The Senate passed over the provisions
relative to earned incomes, personal holding companies, corporation,surtaxes, corporate reorganizations, depletion allowances for coal and metal
mines, capital gains and losses, and excise taxes on coconut oil, lubricating
oils, furs and soft drinks.
Action on Exemptions.
Corporation credits against net income are to be allowed with respect
to tax exempt securities, under the amendment approved, as in the case
of the present law except that it is extended to apply to interest upon
obligations of a corporation organized under the act of Congress such as
the Reconstruction Finance Corporation, which is exempt from the normal
tax under the act creating such corporation.
With respect to taxing citizens and corporations of foreign countries, the
amendment approved is designed to prevent foreign countries from levying
discriminatory taxes against American citizens and corporations. Under its
provisions the President is authorized to increase the Federal tax on their
Incomes by 100% if it is found that a foreign country levies extra territorial
taxes as well as discriminatory taxes.
The third amendment approved proposed to continue the present law
respecting taxation of dividends paid by corporations out' of earnings or
Profits accumulated before March 1 1913. Under tne House bill the dividend
would be subject to tax as in the case of any other dividend. The Senate
Committee felt, however, that since the present law has been continued in
force since 1916 no change should be made at this time.
We also quote from a Washington dispatch April 4 to the
"Journal of Commerce" regarding amendments to the bill
approved by the Senate:
The capital stock tax was carried in the National Industrial Recovery
Act as a temporary source of revenue to raise funds to carry out the recovery
program. It was repealed, as of June 30, next, by Presidential proclamation
issued at the time of repeal of the Eighteenth Amendment.
Cocoanut Oil Tax Held Up
Action on the controversial cocoanut and sesame oil tax, meanwhile was
held up at the request of Chairman Harrison (D., Miss.) of the Finance
Committee, pending a compromise suitable to the Administration.
Senator Harrison's request blocked a storm of protest that was ready to be
voiced against the 3c. per pound levy. Chairman Tydings (D., Md.) of the
Territories and Insular Affairs Committee, in discussing the proposal
briefly, warned that the tax would "undo all that we have done for the
Philippines," while Senator Reed (R., Pa.) defended the levy, declaring
that it was "no breach of faith."
At the outset of the session to-day the Senate rejected a proposition to return to the present law respecting taxation of annuities when it defeated a
motion of Senator Hebert (R., R. I.) by a vote of 55 to 24. Under the
Present law an annuitant is required to report interest for taxation only
after the whole principal has been paid back, while under the Committee's
proposal, which was approved, anticipated income of the annuity would be
taxed.
The one-tenth of 1% capital stock tax and a companion measure, the 5%
excess profits tax, were approved. Harrison said these proposals would
insure a balanced budget by 1936.
Other action to-day included.
Approved Senate amendment raising earned income allowances from
$8,000 to $20,000.
Tax on Surplus.
Adopted Committee amendment levying surtaxes on corporations Improperly accumulating surpluses as follows. (1) 25% on the amount of
adjusted net income not in excess of $100,000, plus (2) 35% of the amount
of such income in excess of $100,000.
Adopted Senate amendment to make appointments of assistants to the
Secretary of the Treasury and assistants to the general counsel of the
Treasury subject to Senate approval.
Eliminated excise taxes on soft drinks and fruit juices.
Exempted furs valued at less than $20 from tax are eliminated the excise
on clocks and clock parts.
Approved tax of Sc, per 1,000 on matches with colored or fancy stems.
Approved Committee amendment continuing the 2c. bank check tax
until July 1 1935, as against House proposal providing for expiration Jan. 1
1935.
Senate consideration of the bill at the session April 4 was
featured by arguments concerning proposals to increase the
surtax and estate tax rates above the figures recommended
by the Senate Finance Committee. We quote in part from
a Washington dispatch to the New York "Herald Tribune"
describing action taken on the measure April 4:
Senator LaFollette and his associates In the cause of higher taxes on
wealth won a partial victory when Senator Pat Harrison, in charge of the
tax bill, agreed to accept with modification the La Follette estate tax rate
to 60% instead of45 as in the oresent law and lower the exemption to $25,000
instead of $50,000. Senator Harrison agreed to take the La Follette amendment to conference if the exemption were made $40,000.
Before taking up the La Follette substitute, the Senate on motion of
Senator Harrison revised the Finance Committee surtax rates up to $32,000
The revised schedule of surtax rates as adopted changes the original rates
brought out from the Finance Committee to bring about increases of 1 to
3% in the lower brackets from $4,000 to $32,000. It starts with the provision that on a surtax net income of $4,000 there shall be no surtax. In
excess of $4,000 and not in excess of $6,000. the surtax is 5% ofsuch excess.
The Harrison plan is expected to raise about $7,000,000 more in surtaxes
2345
Financial Chronicle
from persons of moderate incomes and thus in effect deprive them of
benefits they expected from the earned income deductions.
New Surtax Provisions Listed.
The new surtax provisions put in to-day are.
On surtax net incomes in excess of $4,000 and not in excess of $6,000, 5%
of such excess. On surtax net incomes of $6,000. $100, and on surtax net
incomes in excess of $6,000 and not in excess of $8,000. 7% of such excess.
On surtax net incomes of $8,000, $240, and on surtax net incomes in
excess of $8,000 and not in excess of $10.000,8% in addition of such excess;
on surtax net incomes of $10,000, 3400, and on surtax net iIICOLIICS in excess
of $10,000 and not in excess of $12,000, 9% in addition of such excess.
On surtax net incomes of $16,000, $580, and on surtax net incomes in
excess of $12,000 and not in excess of $14.000, 10% in addition of such
excess; on surtax net incomes of $14,000, $780, and on surtax net incomes in
excess of $14,000 and not in excess of $16,000. 11% of such excess.
On surtax net income of $16,000. $1,000, and on surtax net incomes in
excess of $16,000 and not in excess of $18.000, 12% in addition of such
excess. On surtax net incomes of $18,000, $1,240, and on surtax net incomes
in excess of $18.000 and not in excess of $20,000. 13% addition of such
excess.
$20,000 Taxed $1,500.
On surtax net incomes of $20,000. $1,500, and upon surtax net incomes
in excess of $20,000 and not in excess of $22,000, 15% in addition of such
excess. On surtax net incomes of $22,000, $1,800.and on surtax net incomes
in excess of $22,000 and not in excess of $26,000, 17% in addition of such
excess.
On surtax net incomes of $26,000, $2,480, and upon surtax net incomes
in excess of $26,000 and not in excess of $32,000. 19% in addition of such
excess.
From there, the surtaxes are graduated up until it is provided that the
levy shall be $533,240 upon surtax net incomes of $1,000,000; and upon
surtax net incomes in excess of $1,000,000 59% in addition on such excess.
Prior to opening up the war over the taxation of wealth, the Senate
made rapid progress on the bill by adopting with little controversy a series
of Finance Committee amendments. As to most of these, no objection
wheatever was raised. As a result of this progress the Senate will be able
to pass the bill after threshing out the controversies over a few major
questions.
New York State Senate to Conduct Inquiry Into
Alleged Relations Between Senator W. T. Thayer
-Correspondence
and Associated Gas & Electric Co.
Published by Federal Trade Commission Leads to
Investigation-Mr. Thayer and Company Both
Deny Irregular Activities.
The New York State Senate unanimously voted, April 3,
Nations between Stare'
of
to conductan investigItiarr
Senator Warren T.Thayer,_a member of the Senate Commit;
-Kiaciaed.Gas So-EleaRe CO'.
the
Fee1317Public Serviee, and- 1iiis action NTrs taken in pursuance of'a resolution introduced
by Senator Thayer himself, after the Federal Trade Commission on March 29 had made public correspondence
-l
-gnator Thayerwith obbying activities
Zleged to connect
- utility- The-Senate
co-of the pithlic -irifiany at Albany. -the
inquiry will begin April 9, and will be conducted by
Judiciary 'Committee, with Attorney GeneralJohn S.
Bennett Jr. acting as Chief Counsel for the Committee.
One of[the letters introduced before the Federal Trade
Commission Was dated-March-28 1927 andwas signed
on State S=tiiionery, and
"W. T.
addressed to S. J. Magee, Vice-President of the Associated
GasWE17etiic Co., itsaid that the writer
- rvillige eleetion,
ilierewit11 5 13ill fa expenses incident to- and added:
I hope:my,woreduring the past session was satisfactory to your company,
not so much for the new legislation enacted, but from the fact that many
Mr com-kill in abirto
-Tienrbillrwhich were introduced we
detriniental—
mittee.
Another letter offered to delay certain bills in the Senate;
- sponsor of a
another said the writer gad persuaded a Senate billpermitting the niunicipal operation of waterworks to
- a.m
•
"to-rake it-satisfactory to your people, while3
third inquirecrabouVbeing reimbased for $457 spentin a
village election campaign.
Senator Thayer denied any improper relation with the
Associated Gas & Electric Co., and officers of the company
issued a statement, March 29, denying that money had ever
been paid Mr. Thayer for his legislative influence.
President Roosevelt Endorses Wagner-Lewis Unemployment Insurance Bills--Secretary of Labor Perkins
Also Favors Measures at Hearing Before House
Committee-Opposition Expressed by National
Automobile Chamber of Commerce.
Passage of the Wagner-Lewis unemployment insurance
bills, now pending in Congress, was advocated by President
Roosevelt, in a letter addressed March 23 to Robert L.
Doughton, Chairman of the House Ways and Means Committee, which has been conducting hearings on the proposed
legislation. President Roosevelt said that the general
principles of the bill "seem to me sound,and the effect sought
a necessary one for recovery and prevention of future economic crises." Secretary of Labor Perkins has also endorsed
the bill, while some organizations of manufacturers, including the National Automobile Chamber of Commerce, have
2346
Financial Chronicle
expressed opposition to the measure as discriminatory and
contrary to the spirit of the Constitution.
President Roosevelt:s letter,of endorsement follows:
April 7 1934
Dr. Royal Meeker, of the Index Numbers Institute, characterized the
unemployment insurance plan as "another way to bring about the redistribution of wealth." Bennett Mead, treasurer of the People's Unemployment League of Maryland, said that legislation of the nature proposed would be slow in starting.
"None the less," he said, "we favor unemployment insurance because
it would provide better means of caring for the victims of future depressions, and for such value as it may have for stabilizing employment and
relieving seasonal and temporary unemployment.
"We should prefer that a single unified unemployment insurance system
be developed on a national basis, under Federal control. However, in view
of constitutional limitations which now hinder the Federal Government
from dealing with the problem in this way, we favor such Federal legislation as will most effectively encourage the development of adequate canpulsory state unemployment insurance systems. We believe that the
Wagner-Lewis bill, in its basic features, represents a practical and effective
measure for promoting the early development of unemployment insurance
in this country."
The White House, March 23 1934.
The Hon. Robert L. Doughton, Chairman Committee on Ways and Means,
House of Representatives.
I have received your inquiry about my opinion on H. R. 7659, a bill
levying a Federal excise tax upon large employers, but allowing them to
deduct from their tax amounts contributed pursuant to unemployment insurance laws that have been or may be passed by the several States.
I need not tell you that for a long time I have advocated employment
Insurance as an essential part of our program to build a more ample and
secure life. The loss of a job brings discouragement and privation to the
individual worker and his family. If an insurance or reserve fund has been
accumulated, even a small payment from it at such a critical time will
tide over the worker and keep up his morale and purchasing power.
The benefits of such a system will not be limited to the individual,
however, but will extend throughout our social and financial fabric. We
Merwin K. Hart, President of the New York State Ecohave in the past relied almost entirely upon private charities and public
nomic Council, expressed the first unqualified opposition to
treasuries to sustain the costs of seasonal and intermittent unemployment.
the bill when on March 29 he told the Committee it would
This is a practice that necessarily will compel us to change to a very substantial degree. There is no reason why they should assume the entire
place an additional burden on employers at a time When
burden of meeting a foreseeable loss, the major cost of which ought to
many are struggling for existence. Associated Press Washbe computed and borne like 'every other cost of a business.
ington advices on that date described the hearing as follows:
Of course unemployment insurance alone will not make unnecessary all
"The greatest assurance to the employees of good wages and of proper
relief for all people out of work for the entire period of a major economic
working conditions is for the employer's business to be reasonably prosdepression, but it is my confident belief that such funds will, by mainperous," Mr. Hart continued.
taining the purchasing power of those temporarily out of work, act as a
"As a practical matter not even the Government can guarantee security
stabilizing device in our economic structure and as a method of retardto all the people. Such a bill as this tends to make many people feel a
ing the rapid downward spiral curve and the onset of economic crises.
greater reliance on the Government. What is needed to bring us out of
I am interested to see that the bill before your Committee seeks to
this depression is for the greatest possible number of people to know fully
promote unemployment insurance under State rather than National laws.
that their best reliance is on themselves."
This is an approach with which I agree, and which fulfills the promise
The measure would impose a 5% tax on the pay rolls of employers of
of the Democratic platform for 1932 to favor "unemployment insurance
ten or more persons. Against this they would receive credit on their inunder State laws." The States are peculiarly equipped to administer legiscome taxes for whatever amounts they paid out through State unemploylation of this type, and the recent efforts of this Administration in guch a
ment insurance systems, whether to State pools or company reserves, as
closely allied field as the creation of public employment offices have been
well as for credit allowed them by the State for stabilizing their employalong this line.
ment.
The bill has another advantage in establishing a suitable relation of
Ernest Draper, New York business man, approved the legislation and disthe National Government to unemployment insurance. Under our system
of government the task of caring for the unemployed falls primarily on' puted arguments that States should be given longer time than the 1936
effective date provfded in the bill to work out their systems. He sugthe States. If a State cannot bear the burden, the United States must be
gested, however, the 5% excise tax probably was too high and recomprepared to do so and to collect revenue for that purpose. That is why
mended a levy of between 2 and 3% as one which would result in "a
this bill is properly considered a revenue measure. But if a State, by
tremendous amount of good" for the employee without burdening industry.
requiring local industries to contribute to unemployment reserves, has
Sir. Hart contended it would be impossible for the smaller business concalled for its needy and avoided a strain upon the Federal Treasury, such
cerns to set aside enough for really adequate reserves, that the bill would
contributions ought to be deductible from Federal taxes.
lead to "more bureaucracy in order to administer the act," and that it
The general principles of H. R. 7659 seem to sue sound, and the effect
would burden non-profit organizations.
sought a necessary one for recovery and prevention of future economic
crises; and I hope that the bill will be passed by the Congress at this
The National Automobile Chamber of Commerce, in a
session.
statement issued April 1, said that at least two important
Very sincerely yours,
changes should be made if the bill were to be passed at all.
FRANKLIN D. ROOSEVELT.
The bill provides a 5% payroll tax on employers, but
permits them to deduct from this tax any payments which
they have made to State unemployment insurance systems.
The bill is thus designed to encourage State unemployment
insurance laws. Secretary of Labor Perkins, testifying at
a hearing of a House Ways and Means subcommittee
March 21, advocated passage of the bill, and remarked that
"the depression would have caused much less tragedy and
distress" if unemployment reserves had been built up previously. Associated Press Washington advices March 21
summarized her testimony as follows:
"In the past," she said, "it was the custom for the full risk of unemployment to be borne by the worker and the full burden first by the worker
and then by the public at large. In the future some of this burden must,
In all fairness, fall upon the employers to whom the workers ordinarily
look for jobs and security and small but steady purchasing power."
Miss Perkins termed both profitable and fair the proposed 5% tax on
pay rolls to be paid by those who hire ten or more persons except agricultural labor, domestic servants, nurses and teachers. She said it would
produce approximately $1,000,000,000 a year, and that "the vast Federal
expenditures for unemployment relief makes this billion doubly necessary."
The Secretary said objections to the tax were groundless. She pointed
out it would not impede recovery as collection did not begin until July
1936; that studies by the Massachusetts stabilization commission indicated
5% of the pay roll amounted to only 1% of selling price; that it could
not be said to be a "relied attack on high salaries" because high salaried
men did not need relief, and that the tax would not diminish pay rolls or
employment as there would be no competitive gain from decreasing pay
rolls since the tax affects virtually every one and most of the cost "passed
on painlessly by a minute price rise."
Senator Robert F. Wagner, of New York, co-author of the bill, followed
the Labor Secretary on the stand with an assertion that "it is clear compulsory action through the law" on unemployment insurance was necessary.
Voluntary systems, he said, in 1932 covered only 200,000 workers.
"The problem of unemployment did not result from the depression, nor
will it vanish completely with the return of normal economic conditions,"
Senator Wagner said. "It is too deeply embedded in modern industrial
society. Recent events tell us unmistakably that unless we deal boldly
and completely with this subject we face an endless series of catastrophies."
Other testimony endorsing the proposed legislation was
given before the House Ways and Means Committee March
26 by Miss Helen Hall, New York settlement worker, and
other witnesses. A Washington dispatch March 26 to the
New York "Herald Tribune" noted this testimony in part as
follows:
"There is an unemployment problem in good times as well as bad
times," continued Miss Hall, "and it is highly desirable that we have a
policy and system for the future. Investigations in New York in relief
and unemployment have convinced me that men will work in preference to
being placed on the dole, as it is called." . .
The employer, the Chamber said, should be exempt from
tax in States where unemployment insurance acts were
passed. The statement added that since "the primary object of these bills was to obtain such legislation in the
various States," the Federal Government should be satisfied
with the provisions made by the people of the States.
Second, the Chamber recommended that provision should
be made for the segregation of the amounts realized by the
tax called for in the bills, so that the tax raised in Michigan,
for example, "would be used solely for the payment of unemployment in Michigan." The Chamber's statement likewise said:
While the bills propose levying an annual tax of 5%, amounting to
approximately a billion and a half dollars a year, on all payrolls, the
funds so raised do not go to the unemployed. The States which will pay
the tax are not guaranteed that the funds so raised will be spent for any
purpose within their borders.
There is no necessary relation between the rate of the tax and the
needs of unemployment. The only way a State can be assured of receiving any benefit is to pass its own law. But it Is not left free to exercise
Its own judgment.
The bills provide that any one employing, for at least 20 weeks in the
year, at least ten persons, shall pay to the Federal Government an excise
tax equal to 5%, of the employer's payroll during the year.
The bills do not provide how the tax is to be expended, and there is no
provision for unemployment insurance to be paid by the Federal Government.
It is evident that the bills are not intended to raise revenue for unemployment, but merely to place a penalty upon employers who employ labor
In those States which have not passed an unemployment insurance act
which conforms with the standards laid down by these bills.
In this connection, there is at present only one unemployment insurance
act in effect, being in Wisconsin. Even the Wisconsin act does not comply with the requirements of these bills.
The tax of 5% is almost twice as high a rate as has been seriously considered in proposed State legislation, and in many Cases would be actually
confiscatory to small concerns at a time when business is struggling to
find a way out of the depression.
Although unemployment has not hitherto been considered an insurable
risk, careful students of the problem have usually agreed that 2% of the
payroll, or perhaps a little more, should be reasonably adequate for building up "unemployment reserves" along scientific lines, provided no political
wastes and interference enter into the picture.
No provision is made in the bill for the segregation of funds to be
collected by the Government from employers. The entire amount may be
used for any purpose whatever; to apply, for instance, In the post-office
deficit, pay salaries in the Lighthouse Service or for anything else for
which Congress may make appropriations.
The principle of these bills would seem to be economically unsound
and contrary to the best experience of other countries in that they directly
assess the entire cost of unemployment relief upon the employer, although
he may not be fully or even partially responsible therefor.
Volume 138
Financial Chronicle
The usual practice in other industrial countries has been to have a
part of the cost paid by the employer, a part by the employee through
payroll deduction and generally a third part by the State. Thus, the burden
Is evenly shared, and all parties at interest are charged with the responsibility of keeping expenses at a minimum by endeavoring to reduce unemployment.
In actual operation, several features of these bills are discriminatory, or
at least highly inequitable:
A—To impose the same burdens upon each industry and each employer,
irrespective of the regularity of employment in each case and irrespective
of provisions which may already have been made for building up unemployment reserves, seems highly inequitable.
B—It is further unwarranted, as provided in these bills, for the Federal Government to retain for its own use the difference between 5% of
payroll and any lower amount which might happen to be assessed under
an "approved" State plan.
0—It is by no means clear that individual companies operating within
a State and having developed private plans, even more adequate than those
which might be enacted into law, would be exempted, or would receive offsetting credits for their own expenditures.
These bills, in our opinion, are contrary to the spirit of the Constitution
of the United States and inconsistent with the many decisions of the Supreme Court on analogous questions of taxation (as, for example, on the
Child Labor Bill).
These bills are not proposed as an "emergency measure," but are, of the
gravest long-term import.
2347
The measure includes sugar as a basic commodity under
the Farm Adjustment Act and gives Secretary Wallace
broad power to levy a processing tax and power to fix imports.
Regarding the debate on the bill in the House on April 4
Associated Press accounts said:
At the conclusion of two hours' debate during which it was charged the
fate of the domestic industry was being placed in the "unfriendly hands"
of Secretary Wallace. Representative Marion Jones. of Texas, Chairman of
the Agriculture Committee, told the House.
"There is just so much sugar to be consumed in this country. There is
too much sugar being produced and, with the adoption of the quota system,
the whole sugar industry will be better off. Last year the domestic producers
produced more sugar than ever before and they received the lowest price
they ever received."
Earlier, Representative George W. Blanchard, Democrat, of Wisconsin,
one of the leaders of the opposition, said that in passing the bill "youlare
handing over to Wallace, Weaver (head of the American Agricultural Administration sugar section) and Tugwell (Assistant Secretary) the probable
fate of the sugar industry of the United States. You are entrusting it In
unfriendly hands of men who believe it is an inefficient, unprofitable
industry."
Representative Fred Cummings, Democrat, of Colorado, said the bill
was needed to protect the domestic industry from Philippine, Cuban and
other tropical sugar-producing areas and that it was the best that could
be obtained for the domestic industry at this time.
In a dispatch April 4 from Washington to the New York
President Roosevelt Signs Resolution Making Use of "Journal of Commerce"it was stated that the measure forms
American Vessels Mandatory for All Exports a definite cog in the agricultural program
of the AdministraFinanced by the Government.
tion and marks the first time in the history of the sugar
President Roosevelt on March 26 signed a joint Congressional resolution making it mandatory for all goods produced industry that steps have been taken to curb imports of
in the United States to be carried in vessels flying the sugar by other than the tariff method. From Washington
American flag in cases where the Government finances the April 4 a dispatch to the New York "Times" said in part:
Under the terms of the measure the Secretary of Agriculture empowered
exports or furnishes the credit. This resolution would to set a quota on the amount of sugar to be imported fromisHawaii. the
give American vessels 100% of the export tonnage resulting Virgin Islands, Puerto Rico, the Philippine Islands, the Canal Zone. American Samoa and Guam. This quota will be based on average importations
from pending Russian, Cuban and other export-import for any three years between 1925-1933, but adjusted to
what it is estimated
financing plans. It was sponsored by Senator Stephens, should be produced in the United States.
The United States beet sugar area shall not produce in excess of 1,550,000
Chairman of the Senate Commerce Committee. A Washof raw value per year,
the terms
ington dispatch March 26 to the New York "Journal of short tonsLouisiana and Florida,according to producers,of the bill, and the
States of
cane sugar
are limited under
Commerce" commented on the approval of the resolution normal conditions to the production of 260,000 short tons of raw value.
The tariff on Cuban sugar is now two cents a pound, but Secretary
as follows:
This 100% share in the carrying of goods produced In this country
where Government financing is extended was heralded by shipping experts as the greatest boon given the American merchant marine in over
a century. A provision in the Stephens resolution permits the Government to route the cargo on foreign flag vessels only upon certification
by the Commerce Department's Shipping Board Bureau that American
flag vessels are not available to handle the trade.
Other Bill Also Pending.
The Stephens measure won approval of the Senate when a bill sponsored
by Senator Stelwer (Rep.), Washington, requiring only 50% of the exports
financed by the Government be carried in American flag ships was pending.
In the House, Chairman Bland of the Merchant Marine Committee
is sponsor of a resolution requiring the greater portion of goods produced
in this country be carried in American-flag vessels under any reciprocal
trade agreements entered into between the United States and foreign
nations.
Both pending measures precipitated protests from foreign shipping
interests through the State Department.
How the Stephens 100% American flag proposal won Congressional
approval without representations of foreign countries being seriously considered could only be explained by the comment that it "just slipped
through."
Wallace has indicated that it may be reduced to one and one-half cents. It
is considered likely that the processing tax will be set at a half cent a pound
In order to compensate for this and pay American producers for reduced
acreage.
"The Territory of Hawaii and the Island of Puerto Rico purchase more
than two-thirds of their requirements in continental United States," says a
committee report on the bill. "Since producers are assured of a fair return
for their sugar cane, it is obvious that the increased purchasing power will
benefit American agriculture and American labor generally. So analyzed,
It can be said the bill is for the welfare of the United States.
"At the same time it is recognized that the consumer need not and
should not bear the processing tax. The consumer has accordingly been
protected by the provision that the rate of the processing tax shall not be
In excess of the amount of reduction of the tariff on sugar as it existed on
Jan. 1 1934.
"The increased purchasing power which this bill will bring to domestic
producers of sugar cane and sugar beets, the returns to whom will probably
amount to some 580,000,000, as against possible returns of $50.000,000
in the absence of legislation, will enable these producers to purchase manufactured goods."
Resident Commissioner Iglesias of Puerto Rico said that his Island would
like to be an integral part of the United States and receive the same benefits
as farmers in the continental United States.
Unlimited production of sugar in zones under the American
President Roosevelt Extends Vacation.
flag and a restriction of Cuban imports was urged by Lincoln
President Roosevelt will not return to Washington from L. McCandless,delegate from
Hawaii,speaking in the House
the vacation which he is spending fishing in Florida waters on April 4, it was
indicated in United Press accounts from
until late next week, it was announced April 2 at the tem- Washington
to the New York "Journal of Commerce",from
porary White House offices in Miami. The President left which we
also take the following:
Washington for his vacation March 27, as noted in our
"I have no fault to find with the principle of this bill in so far as it proissue of March 31, page 2186, and at that time planned to vides for regulation of the sugar industry," said McCandless. "But I do
have definite objections to those provisions which would reduce the output
return April 7. The decision to extend the holiday was
American
similar
a foreign
said to have been reached in Washington when the Gridiron of an bill would industry to benefit a Hawaii industry in seriously country.
This
discriminate against
threaten
and would
Club agreed to postpone a dinner at which the President is the financial, economic and social stability of an integral part of the United
States."
to be guest of honor from to-day (April 7) to April 14.
Seeks Normal Growth.
Newspaper reports also said that the President was notified
The delegate proposed that continental United States, Hawaii, Puerto
this week by Congressional leaders in charge of the Ad- Rico, the Virgin Islands and the Philippines be allowed to grow the normal
ministration program that they knew of no reason why he amount of sugar production.
"The
should immediately concern himself with the legislative tons of combined output would amount to approximately 5,000,000 short
sugar." be said. "The United States consumes roughly 6,500,000
situation.
short tons annually. This would leave 1,500,000 short tons to be imported
Administration's Revised Sugar Control Bill Passed by
House—Makes Sugar a Basic Commodity and
Provides for Processing Tax.
Without a record vote the House on April 4 passed the
Administration's revised Jones-Costigan Sugar Control Bill.
The revised bill, increasing the quota for domestic sugar
beet growers from 1,450,000 to 1,550,000 tons and allocating
260,000 tons to cane-growers was ordered reported on March
30 by the House Agriculture Committee by a vote of 13 to
6. The compromise bill, as we noted in our March 31 issue
(page 2183) was introduced in the House on March 28.
On March 31 Secretary of Agriculture Wallace was said to
have held to his contention that domestic beet sugar producers should be allowed only 1,450,000 tons. "That is all
they are entitled to," he is quoted as saying.
from other sources to meet the estimated consumption demands. It would
me logical and fair to allow the American sugar areas to produce
the 5.000,000 tons of sugar and to allot to foreign countries, of which Cuba
is the principal foreign exporter, the balance."
The Jones bill does not provide a specific sugar quota for the insular
areas, but the President in his sugar message of Feb. 8 had suggested
that Cuba might be given a quota of 1,944,000 short tens.
seem to
Philippine Sugar Quota Fixed.
From Manila, Philippine Islands, March 19, copyright
advices to the New York "Herald Tribune" said:
Governor-General Frank Murphy's sugar limitation committee decided
to-day to base quotas for producers on the average of the last three years'
crops. Mr. Murphy called on planters to adhere to the agreement to reduce
production 14%, otherwise the committee would be forced to resort to
drastic measures. Representative Felipe Buencamino, Chairman of the
insular House Committee on Agriculture, announced that a bill would be
Introduced to grant planters loans on surplus sugar until they could adjust
production in accordance with the quotas.
2348
Financial Chronicle
April 7 1934
Great Britain Will Revise Sugar Import Quotas—Plan
Designed to Divert Empire Sugar to Canada.
In Canadian Press advices from London March 28 it was
stated that as a means of diverting Empire sugar production
to Canada, the British Government will lessen its Empire
preference, at the same time increasing the benefits on a
limited quota of Empire sugar. The advices, as given in
the New York "Herald Tribune" further said:
act would be subject to a fine of $101000 or imprisonment for five years.
or both.
Supporting the measure, which has the approval of the Administration,
Chairman McReynolds declared that the bill is "a step in the right direction." And while it does not go as far as it should go, probably will be
followed by more stringent legislation in the near future.
"Only one Government, that of Finland, has paid its obligations to the
United States," he declared, "and we can with this bill tell debt defaulting
governments that they cannot have any more money from this Government
or its citizens until they have settled their obligations."
The forthcoming budget, it was announced to-night by the Colonial
Office, will reduce the preference, but at the same time increase special
benefits for Empire sugar producers exporting to Britain to a maximum of
about $1.75 each hundredweight up to a limit of 360,000 tons.
In accordance with this the Colonial Office published a list of quotas
dividing a total of 387,000 tons among the Empire sugar-producing colonies,
chiefly in the British West Indies.
It is felt in London the developments will lead to Canada taking more
sugar from Empire sources which have lately, in view of the depreciation of
the Canadian dollar against the pound, been shipping more to England.
The Government will set new quotas for Colonial sugar coming to Britain
from the various colonies, available for the special preference up to the
limit of 360,000 tons. These are as follows:
Barbados, 35,700 tons; British Guiana, 60,000; East Africa, 2,900: Fig
Islands, 55,000; Jamaica, 23,000; Antigua, 10,000; St. Kitt's, 10,000;
Mauritius, 112,400; Trinidad, 48,000; St. Lucia, 2,500, and St. Vincent,
500 tons. The total is 17,000 tons more than the limit to allow a bit of
leeway.
The scheme, if approved by Parliament, will date from introduction of
the budget April 17.
Snell Expresses Views.
Minority Leader Snell of New York expreissed particular Interest in the
stating "while such Government . . . . is in
language of the bill,
default in the payment of its obligations." He thought the bill would not
apply to Russia on the ground that the present government does not
recognize the debts of the Kerensky Government.
Proponents claimed, however, that under international law all debts of a
government must be recognized by a succeeding government. Question also
arose as to the meaning of the words "in default in the payment of its
obligations, or any part thereof." Belief was expressed in some quarters
that this would apply to governments which have made only "token"
payments but it was explained that in accepting the payments, the President advised those Governments that they would not be considered In
default.
Great Britain's Sugar Subsidy—$2,250,000 Additional
Voted to Cover Unforeseen Acreage.
Indicating that the beet sugar subsidy has entailed a
cost of more than $200,000,000 to the British Government
since 1924, Associated Press advices from London March 18
to the New York "Herald Tribune" further reported:
Unforeseen high acreage and yield have made the amount voted for the
1933 croP—£2,900,000(normally $14,500,000)—insufficient,and the House
of Commons has just passed a supplementary estimate of E450,000 (normally 82,250,000) to make up the deficiency.
In making the subsidy estimate for the crop Walter Elliott, Minister of
Agriculture, told the Commons 340,000 was put down as the probable
acreage, as compared with 256,000 in the previous year, and the yield was
estimated eight and one-fourth tons an acre. The crop was expected to have
a sugar content of about 17%.
Instead the acreage was actually 26,000 over the estimates, the ultimate
yield turned out to be nine tons an acre and the sugar content was 16.3%.
The present subsidy program expired in March 1934. What will take
Its place has not been decided upon as yet, but the Ministry of Agriculture
now has In his hands the draft of a sugar market regulation scheme patterned after scheme already in force on a variety of agricultural products.
This scheme would set up a sugar marketing board which would have
complete control of the manufacture, refining and distribution of sugar
produced in Great Britain.
Each beet sugar industry would be allotted a quota, the quotas to be
determined annually beginning Sept. 30 1934.
In the Washington account to the "Herald Tribune,"
April 4, it was stated that while the Government's pledge
did not silence all protest, the House, after some debate,
approved the measure without a record vote. Since it was
being considered under a suspension of the rules, no amendments were in order.
It was stated in a dispatch from Washington, April 5,
to the New York "Times" that in the opinion of some high
State Department officials the Johnson bill now ready for
President Roosevelt's signature prevents private or public
loans to foreign nations which have made only token payments on their war debt.
From this dispatch we also quote:
With the President absent on his Florida fishing trip this construction
placed on the wording of the bill and on a resolution recently passed by the
Board of Trustees of the Export-Import Bank was necessarily tentative
and informal. . . .
Although the President, in accepting token payments from Great Britain
and France, declared they were not in default, kime officials were inclined
to-day to believe that passage of the Johnson bill precludes such a conclusion. The President may interpret the bill on his return, after consultsion with the Attorney General.
Credit to Soviet Russia Through Export-Import Bank
Barred Until Settlement of War Debt Is Effected—
Resolution of Bank Revealing Stand Made Known
Prior to Adoption of Johnson Bill.
In the House of Representatives, on April 4, it was made
known by Representative Fish that "I have had assurances
to-day from the Department of State that until the Soviet
Government adjusts its debts with our Government to the
satisfaction of the President we will make no loans to the
Soviets." This statement was made by Mr. Fish during
the discussion of the Johnson bill, to prohibit loans to
Nations which have defaulted on war debts owed to the
United States. Representative Fish in part also said:
House Passes Johnson Bill Prohibiting Loans to
Foreign Governments In Default on Their
Obligations to the United States—State Department Reported as Indicating That Loans Are
Also Barred in Case of Nations Making Token
Payments.
Without a record vote, the House on April 4 passed the
Johnson bill which prohibits the making of any loans in the
I cannot give you any further assurance than I have already stated. but
United States, except by Government agencies, to Nations I can say this, that section 2 in my opinion was put in by the brain trust—it
put in, as Senator Johnson
bill. It
was not
which have defaulted on their debts to the United States testified in the original Johnsonin answer was question, to enable loans
to my
before our Committee
Government. Following its adoption by the House the bill to be made to Soviet Russia. He said that it was not a part of his bill but
was sent to the President for his signature; the measure, as he had to agree to it in order to secure favorable action. But with the asof the State Department that loans will not be made until the
noted in our issue of Feb. 3, page 770, having passed the surancehave satisfactorily settled their debts, and having in mind the main
Soviets
bills are identical. In a Washington purpose of the bill, I cannot conceive of any department or bureau of the
Senate Feb. 2—the
an obvious
dispatch, April 4, to the New York "Journal of Commerce" Government dellberately violating suchindebted tomandate ofthe Congress,
this Government in the
All can say is that Soviet Russia is
stated that as assurances that the United States sumIof $187,000,000, for a loan in 1917 to the Kerensky Government and
it was
to Russia that with interest it now amounts to close to $300,000,000. American
Government intended not to advance credit
and confiscated by
nationals owned property
allayed somewhat fears of House members that the purpose Government amounting to that was seized$300,000,000 more. the Soviet
approximately
evaded. Representative
of the Johnson bill would not be
In addition to the remarks of Representative Fish quoted
Hamilton Fish (Rep., N. Y.), ranking minority member of
in the matter was also
Affairs Committee,one of the principal objectors above the Administration's attitude
the Foreign
indicated in the House on April 4 by Representative Sam
to the bill, urged support of the measure in view of the action
(Dem., Tenn.), Chairman of the House
of the trustees. Elsewhere in this issue we refer to the D. McReynolds
House on April 4 and Foreign Affairs Committee,before the passage of the Johnson
remarks by Representative Fish in the
Chairman McReynolds had to say we quote
an announcement by Chairman McReynolds of the House bill. As to what
that a resolution had been adopted the following from a Washington account, April 4, to the
Foreign Affairs Committee
of Commerce":
by the trustees of the Russian Export-Import Bank to the New York "Journal
Resolution Is Given.
transactions would be undertaken
effect that no credit
In response to his request for an explanation of the situation regarding the
with the Soviet Government until settlement had been made
the Soviet Government by the United
of the Russian indebtedness. From Washington, April 4, Possibility of credit being extended he was advised by R. Walton Moore,
States, Chairman McReynolds said
we quote:
to the New York "Journal of Commerce"
Assistant Secretary of State, that the following resolution had been adopted
While there appeared to be a unanimity of opinion in the House that
notice should be served on defaulting Nations that they could not get
credit in the United States, fears were expressed among both Republicans
and Democrats that the purposes sought to be accomplished by the act
might be avoided under Section 2 exempting corporations owned by the
Government from its operation.
Terms of Bill.
Under its provisions no person would be allowed to buy or sell securities
or make loans to any foreign government issued after its passage, while
such government is in default. An exemption is made for existing loans,
which may be renewed without violating the act. Any person violating the
by the board of trustees of the Russian Export-Import Bank.
"It is the sense of the Board of Trustees of this Corporation that no actual
credit transaction with the Soviet Government shall be undertaken unless
and until that Government shall submit to the President of the United
States an acceptable agreement respecting the payment of the Russian
indebtedness to the Government of the United States and its nationals."
The Russian Export
-Import Bank was organized by the Reconstruction
Finance Corporation last February to facilitate trade between the United
States and the Soviet Government. An initial capital of $11,000,000 was
provided by the Government, $1.000,000 of common stock being acquired
with emergency funds available to the President through the National
Recovery Act, the balance in preferred stock being advanced by the RFC.
Volume 138
Financial Chronicle
Approved March 16.
The resolution of the board of trustees of the Bank was approved on
March 16, but was not brought to light until to-day. It was the first indication that negotiations for the sale of American products to the Soviet
Government had been halted pending a settlement of the war debt issue.
Death of Representative E. W. Pou—Chairman of
House Rules Committee was Member of Congress
for 33 Years.
Representative Edward W. Pou of North Carolina,
Chairman of the Rules Committee of the House of Representatives, died in Washington April 1, at the age of 70.
Mr. Pou had served in the House for 33 years and was its
oldest member in point of service. Funeral services were
held at a joint session of the House and Senate April 2.
Representative Bankhead of Alabama, who has served in the
House for 18 years, becomes Chairman of the Rules Committee through the death of Representative Pou.
The New York "Herald Tribune" of April 2 outlined Representative Pou's career in part as follows:
A powerful figure during the administration of Woodrow Wilson, when
he attained for the first time the chairmanship of the House Rules Committee. Representative Pou was the only member of that body to regain the
chairmanship of the Committee he once controlled when the Democrats
recaptured the House in 1930. He had been Chairman of the Rules Committee from 1912 to 1920.
In 1931, he waived his prerogative or seniority for the speakership, on
account of ill health, giving way to John N. Garner, now Vite-President,
and in 1933 he gave way again for Henry T. Rainey.
During the Wilson administration the President leaned heavily on Mr.
Pou in getting legislation through the House. At the President's personal
request he took a leading part in getting the McLemore resolution which
would have warned Americans off ships carrying munitons of war, out of
the Committee on Foreign Affairs, where Champ Clark, the Speaker, had
pigeonholed it. Mr. Wilson wished to press the issue against the resolution
and defeat it. although warned that the House might adopt it. Mr. Pou
and his colleagues in the Rules Committee drafted an unprecedented rule
which brought the resolution from the Committee's table, and then led
the attack which sent it down to defeat.
Death of Charles Stewart Ludlam, Senior Partner of
Haskins & Sells.
Charles Stuart Ludlam, a senior member of the firm of
Haskins & Sells, died April 4 at his home in Miami Beach,
Fla. Mr. Ludlam was born in 1866 in Chicago, and had
been associated with the firm of Haskins & Sells since
1895. His health had been poor for five years prior to his
death.
An announcement of his death summarized his career as
follows:
Mr. Ludlam was a certified public accountant of the State of New
York and some 20 other States, and was one of the early leaders in the
advancement of the young profession of public accountancy, serving for a
Period as a member of the Board of Examiners and of the Council of the
American Institute of Accountants. He had charge of an investigation of
special assessment matters for the City of Chicago in 1901, which investigation extended back to the time of the Chicago fire and resulted in the subsequent collection of large sums by the city. He was, during the greater
part of his professional life, particularly active in railway and utility matters, and his services were much in demand in the early part of the century
on special rate cases.
In 1918, at the request of the War Department, Mr. Ludlam went to
France to take charge of the accounting between the United States and the
Allied Governments, with especial attention to arriving at values of our
surplus war materials and supplies in France.
Jesse H. Jones of RFC Views Business as Improving—
Reports Repayments of $260,000,000 in RFC Loans
Since Jan. 1.
According to Jesse H.Jones, Chairman of the Reconstruction Finance Corporation, "Conditions are better, business
is improving, there is more money available at the banks
and borrowers are not seeking loans in the volume that had
been anticipated. People are just as anxious to get out of
debt as the banks are to receive payment of their loans."
In a dispatch from Washington April 2 to the New York
"Times" Mr. Jones was also reported as follows:
Another indication of the improvement in the business situation was
said to be that $250,000,000 in loans have been repaid to the RFC since
Jan. 1.
Mr. Jones expressed the belief that the banks are getting over their
fear and that they will begin to liberalize credit. He indicated that they
would lose their suspicion of the Securities and the Stock Exchange Regulation Bills.
Money is "getting restless," according to Mr. Jones. He declared that
it is "looking for investment sources" in order to increase bank earnings.
He was likewise said to have observed that with more
than $1,000,000,000 in potential credit remaining, the RFC
for the fiscal year ending June 30 will have authorized credit
extensions practically $500,000,000 under the budget estimate.
Senate Committee Defers Action on Bill Proposing
Federal Reserve Aid to Industry.
Stating that a vast amount of new working capital for
industry would become available under a plan which received tentative approval of the Senate Banking Committee
on April 4, United Press advices on that date from Washing-
2349
ton to the New York "Journal of Commerce" also had the
following to say:
The Committee postponed action on a choice between methods offurnishing working capital to industry until President Roosevelt returns from his
fishing cruise.
However, the Committee was reported almost unanimously in favor of
easing the rediscount procedure for the Federal Reserve system so that
long-term paper would. be acceptable.
It was understood that this plan would be incorporated in any plan for
Government aid approved by the Committee. Three such plans are under
consideration and it remains to be decided whether the Federal Reserve.
the Reconstruction Finance Corporation or new intermediate credit banks
will be used as the medium of advances.
At present only liquid commercial paper running not more than 90 days
will be accepted for rediscount. Under the new plan only first class paper
would be accepted, but it could run, through extensions, as long as five
years.
The industrial credit program is for a fund of $300,000,600, half appropriated by the Government and the other half from Federal Reserve surplus.
While this sum could be lent to industry for working capital, the potential
benefits are much larger because commercial banks, if given the rediscount
Privilege at Federal Reserve Banks, would be ready to lend money for longer
periods than they are doing at present.
Reference to the several proposals appeared in our issue
of March 31, page 2184.
Minimum Wage Scale Under NRA Upheld by Philadelphia Court in Decision Affecting Payment to
Waitress by Restaurant.
A minimum wage scale promulgated under a NRA code
is enforceable and an employee paid less than the prescribed
minimum may sue his employer to recover the amount that
should have been paid under the code, according to a decision handed down March 29 by Judge William Gray
Knowles in the Municipal Court of Philadelphia. In the
case in question the plaintiff, Elizabeth Greleck, a waitress,
claimed $21.44 as wages from Samuel Amsterdam, restaurant
proprietor, because she had worked for the defendant 16
weeks after the latter had signed the blanket code and because he had paid her $5 a week instead of the stipulated
minimum of $6.34. The Philadelphia "Public Ledger" of
March 30 described the decision as follows:
The agreement between the President and the employer who accepts the
blanket code under NRA is enforcible by the employee as a "third party
beneficiary," Judge Knowles said, and the employer has obligated himself
to pay the required wages.
lie had before him an affidavit of defense raising questions of law against
Miss Greleck's statement of claim filed in her behalf by Miss Marion S.
Kirk as attorney for the Legal Aid Society prosecuting the young woman's
claim. Samuel Kenin, attorney for the restaurant proprietor, contended the
law does not recognize such a case as Miss Greleck presented.
Judge Knowles, in dismissing the legal objections to the suit, said:
"Both because the law in Pennsylvania has recognized third-party beneficiary suits for more than a century, where the third party was the sole
person interested in the enforcement of the contract, and because of the
great public interest involved in maintaining the integrity of these contracts, the suit of the plaintiff in this ease should be allowed, and the
affidavit of defense raising questions of law is dismissed."
His opinion reviewing the case covers 14 typewritten pages. "Realizing
as we do," the opinion says, "the importance of this case as it may in
Pennsylvania become a precedent for the determination of many such cases
in the future, we have endeavored to obtain the latest decisions throughout
the country, which, Ntrhile not binding upon us, do indicate to us that
where a public emergency demands the support of all and any remedial
legislation which may be sustained in the hope of advancing a general
recovery, a general improvement may be expected from a general increase
in wages paid. Such a result is, of course, desirable, and our lower courts
throughout the country have without exception supported this (NRA)
agreement."
General Johnson Willing to Let Licensing Provision of
NIRA Lapse June 15—Gratified at Business Upturn
But Sees Recovery Incomplete Without Revival of
Durable Goods Industries.
General Hugh S. Johnson, National Recovery Administrator, said at a press conference April 3 that he would be
satisfied to allow the licensing provision of the National
Industrial Recovery Act to expire on June 15, rather than
have the Act re-opened to provide for its continuance.
The licensing provision was authorized by Congress only
for a period of one year, and has never been invoked by the
Government. General Johnson said that if Congress reconsidered the NIRA long enough to extend the licensing
provision it was quite possible that many other amendments
would be offered and adopted. He remarked that he was
pleased with the "continuing-upturn" in business, but said
that complete recovery could not be achieved without a
revival of the durable goods industries.
A Washington dispatch April 3 to the New York "Herald
Tribune" reported the press conference in part as follows:
Under the law, Mr. Roosevelt has authority at any time to put the whole
of an industry under Presidential license. This means that no
concern..
partnership or individual in that industry could do business without a
license. The President may. at his pleasure, suspend or revoke any license.
This means he holds the power of life or death over any business.
Any Person who operates without license is subject to a fine of $500 and imprisonment for six months. Each day of violation is deemed a separate offense.
2350
Financial Chronicle
While a similar licensing Provision in the Agricultural Adjustment Act
has been used, the Administration has avoided resort to its licensing powers
under the NRA. President Roosevelt avoided it in the recent industrial
dispute in the automotive industries, even though the employer-representatives at one stage were defiant and declared they would welcome a test of
their rights, and presumably of the constitutionality of the licensing provisions, in the courts.
Gen. Johnson Frank About It.
General Johnson spoke his mind on the subject to-day in his first press
conference since Feb. 22. In the light of his early declarations for doing
the public business in a "gold-fish bowl," he had been under growing criticism
for not only suspending his frequent press conferences but for issuing orders
against disclosure of NRA matters to the public or to the press.
He proved unusually frank. Telling why he hesitated to seek extension
of the licensing provisions, he said that if Congress stopped to reconsider
the NIRA long enough to extend the licensing provision, Congress might
take the bit in its teeth and go further, writing other amendments into
the Act, with no one knowing how far it might go.
"If we lift the lid off it (the NIRA)," he said,"God knows what's coming
in."
In his press conference to-day, General Johnson emphasized his devotion
to the industrial self-rule policy in discussing Wagner labor disputes bill
and the Federal Trade Commission's recent report scoring price fixing and
other monopolistic practices in the steel industry under the NRA. He was
a little reluctant to discuss the Federal Trade Commission's report, but he
did say that "many facts" were overlooked in the report and would have
to be brought out, although he did not want to become embroiled in a dispute with another department of the Government. "If a report Is made
from one department of Government," he said,"I expect to make one from
another department of Government."
General Johnson's underlying principle is to give industry a chance to
try without hindrance the price-fixing, production-control and other devices
Prohibited by the anti-trust laws and to go on trying them until they have
Proven themselves to be beyond question either beneficial or harmful. He
dismisses as"academicians" those who contend that no further experimentation is needed to show that certain monopolistic practices are inimical to
the public interest.
In his view, the NRA is still an experiment, and as such has only begun.
For that reason he opposes attempts to change its essential character at
this time, such as, he thinks, the Borah amendment would do.
Asked to-day if he thought the underlying issue in the automotive labor
dispute was the "closed shop" principle, as some commentators have held.
General Johnson would say only that he did not favor letting one big union
speak for all employees; that would be "Just tyranny in another form."
Minority groups as well as majority groups must be recognized in collective bargaining, he said.
Price-Fixing Under NRA Codes Upheld by Federal
Court in New York City—Injunction Issued Forbidding Dry Cleaning Establishments from Cutting
Prices Below Stipulated Minimums.
The authority of the Federal Government to fix minimum
prices in codes formulated under the provisions of the NIRA
was upheld March 31 by Federal Judge John C. Knox of
the United States District Court in New York City. Judge
Knox granted to the Government an injunction restraining
Spotless Dollar Cleaners, Inc., from cutting prices below
those provided in the dyers' and cleaners' code of fair
competition. At the same time he suspended operations of
the injunction for a period of 10 days to permit the defendant to appeal the decision to the United States Circuit
Court of Appeals.
The Government was represented by United States Attorney Martin Conboy and the defendant by Martin W. Littleton and Isadore Paul. The Government alleged that Spotless Dollar Cleaners, Inc., charged 39c. for cleaning men's
suits and 45c. for cleaning women's dresses, although the
code for the industry stipulated that the minimum charge
for men's suits should be 70c. and for women's dresses 75c.
In handing down his decision Judge Knox said:
In rendering this decision I know full well that it may be a distinct step
beyond the boundaries which, in peace times, have been said to circumscribe
the powers of the Congress. If defendant be immediately restrained from
continuing its violation of the minimum prices of the code, and my conclusion should hereafter be held to be erroneous, great damage will be its
portion. Therefore, I will suspend the operation of the injunction for 10
days. Within that period defendant can apply to the District Court of
Appeals for further delay.
For the purpose of my decision I shall disregard the strike of workers
In the industry which is said to be attributable to the price-cutting of
the defendant. Aside from this, enough has been shown to enable me to
conclude that such price-cutting as has occurred has seriously impeded and
changed the customary and usual flow of inter-State commerce in the drycleaning industry between the States of New York and New Jersey.
If the defendant be permitted to continue its unfair prices, further
changes in such currents and flow are inevitable and these will contribute
to the frustration of the purposes of the NIRA. In this industry, profits are
dependent largely upon volume of business. With due allowance for equivalency in quality of work, and general type of service, the volume of the
business depends largely upon price, and it will go to the establishment
which charges the lowest prices.
Such has been the results of price-cutting in other parts of the country,
and there is no reason to suppose that there will be a difference here. In
order to overcome tendencies which divert and stem movements in inter.
State commerce, Congress may act as it has, and is competent to authorize
this court to take such steps as will allow inter-State trade to be conducted
in smoother channels, and in accordance with the execution of policies that
are believed to be wise and expedient.
It is not enough for defendant, in opposition to the will of Congress, to
say that the policy of minimum price-fixing for industrial service is not a
means of which the Government may properly take advantage. I agree with
the proposition announced by the Supreme Court, and here called to the
defendant's aid, that an emergency is incapable of conferring power, previously non-existent, upon its victim.
April 7 1934
At the same time it may be said that the victim, in an effort to extricate
himself from his predicament and to survive, can use his latent strength
to the full. The struggle that is put forth may be ill-timed and awkward;
it may not conform to precedent, and it may eventuate in utter futility,
so far as the object to be achieved is concerned, but the strategy of battle
within the limits of strength belongs to the authority in command. And
who can rightly say with assurance that governmental price-fixing, when
confined to transactions in inter-State commerce, it not a means reasonably
adapted to the legitimate ends which Congress seeks to serve? As I vies
the law, the court cannot rightly say that it is not, and the Government
may have a decree.
Constitutionality of Ohio Recovery Act Upheld in Case
of Dry Cleaners' Code.
The constitutionality of the Ohio Recovery Act passed by
the last Legislature, supplementing the NIRA, was upheld
on March 21 by Judge John R. King in the Franklin County
Court, at Columbus. From the "Ohio State Journal" of
March 22 we quote:
Judge King granted a temporary order restraining the Gulatt Cleaning &
Laundry Co., doing business as the First National Cleaners, from violating
provisions of the code of fair competition with reference to hours of labor,
minimum wage and minimum price.
Calls Action Duty.
The suit was brought by County Prosecutor Donald J. Hoskina at the
request of Attorney-General John W. Bricker.
Judge King held "the Government has not only the right but the duty
to regulate industry when such regulations have a substantial relation to
the morals, 'safety or welfare of the people."
Meets Tests, He Bays.
The Ohio Act, an enabling Act, authorizing the courts to enforce industrial codes created under the NRA, meets these tests, the court held.
The Judge granted only temporary relief, asserting he wished to hear
more testimony before determining whether the minimum prices fixed in
the code are just.
NRA Code for Automobile Parts Industry Altered to
Permit Averaging of Working Hours Over a Period
of One Year.
The code for the automotive parts and equipment industry
has been modified to permit the averaging of hours per week
over a period of one year, instead of six months. This
change was made by General Hugh S. Johnson, Recovery
Administrator, in order that the parts manufacturers might
"keep pace with production in the automobile industry,"
Where hours are also averaged over a period of one year.
In his letter to President Roosevelt explaining the change,
and made public March 30 by the NRA, General Johnson
said:
The reason for requesting this amendment is that due to the recent change
in the code for the automobile manufacturing industry whereby the members of that industry are allowed to average hours over a period of one year,
the automobile manufacturers are able to work the maximum hours per
week during the peak production period while the automotive parts manufacturers, who supply a large proportion of the parts for automobile production, are faced at the present time with the necessity of reducing the
hours of employment per week in order to arrive at the average permitted
under the code for the six months' period ending May 18 1934.
In order to comply with the provisions of the code as now written, the
parts manufacturers are faced with the alternative of working up to the
maximum of 48 hours per week permitted by the code until approximately
April 10 1934, at which time they would have to lay off their men in
order to stay within the averaging provision of the code or drastically
reduce the hours per week immediately for the balance of the period. In
either case they would be unable to maintain the necessary production of
parts for automobile production which, in turn, would make it impossible for
the automobile manufacturers to maintain production schedules.
Owing to the close proximity of automotive parts plants and automobile plants, the parts manufacturers have been faced for several weeks with
the problem of retaining their skilled workers who, aware of the ability
of the automobile manufacturers to work a greater number of hours per
week during the peak period, have in large numbers been leaving the parts
plants and going to work in automobile plants. I am advised that in one
case this turn-over has been at times as high as 100 men per day.
I have been advised that a survey, which is practically completed, shows
that there are, at the present time, more employees in the automobile parts
and equipment manufacturing industry than in the peak period of 1929, and
that the average hourly rate is at least equal to that of 1929.
Bituminous Coal Code Amended to Provide 7
-Hour Day,
5
-Day Week,and $5 Basic Wage—Averts Threatened
Strike—NRA Hearing April 9 on Amendment.
The bituminous coal code was amended March 31 by
General Hugh S. Johnson, Recovery Administrator, who
issued an order establishing a 7
-hour day and a 5-day week,
together with a $5 basic wage with differentials. The amendment, which is subject to a National Recovery Administration
hearing April 9, affects approximately 450,000 miners, and
averted a threatened strike, which had been tentatively
scheduled for April 1. Mine operators generally accepted the
change in wages and hours, pending the NRA hearing next
week. At that time there will be discussed amendments
proposed by the Appalachian wage scale committee, which
has adopted a 7
-hour day throughout the Appalachian field.
Leaders of the United Mine Workers praised the action
of General Johnson and pledged the union's co-operation.
United Press Washington advices March 31 discussed the
change in the code as follows:
Volume 138
Financial Chronicle
Administrator Johnson said in view of the serious emergency threatened
In the bituminous coal industry he approved temporarily the amendments
which will mean a $5 minimum daily wage instead of the present $4.60.
"It aPPetuu that such amendments will tend to effectuate the policies
of the Recovery Act, and are necessary in this emergency," Johnson said.
naming April 1 as the effective date for the amendments.
John L. Lewis. President of the U. M. W.,promised complete co-operation
of his organization in effecting Johnson's administrative order and commended the action in the following statement.
"I am assuming that the order will be made immediately effective in every
mining region to which it refers. The action on the part of the Administrator
is justifiable and commendable in the face of the emergency which confronted the industry.
"The United Mine Workers of America will give complete co-operation
In making it effective."
The administrative order affects approximately 450,000 miners who
will begin Tuesday [April 31 to operate on a 7
-hour day in the first major
Industry which has adopted, even temporarily, a work day shorter than
eight hours by amending its code. The automobile industry had a 35
-hour
week for the first three months of code operation, but increased the work
week to 40 hours and later reduced it to 36 hours, or a 4%-day week.
The bituminous industry has had an 8
-hour week
-hour day and 40
since 1898. Operators in the Appalachian fields who signed contracts
Including the new labor provisions were optimistic over the prospects
for additional employment afforded by the reduced hours.
United Mine Workers official also welcomed the possibilities of added
employment, but were unable to predict the number of jobs which would
be made available.
The opposition of various mine districts, particularly the Smokeless
and Appalachian group in Southern West Virginia, fields in Western
Kentucky, Alabama and Missouri and Southwestern States, to the amended
wage scale which brings all Southern mines up to $4.60 basic daily wage,
appeared to-night to be weakened by the Administrative order.
While the industry is willing to continue the 40 cents differential for
another year, pending an exhaustive study and report before signing wage
contracts in 1935. it is known that the Administration is opposed to differentials such as that enjoyed by Alabama mines, which have a $3.40
basic wage under the code. Although the operators paying lower rates
Insist they will be forced to quit business under the new scales, it is believed
the desire to increase wages and purchasing power will make it difficult
for them to secure concessions other than those granted to all Southern
mines.
The text of the order issued by General Johnson follows:
A serious emergency being threatened in the bituminous coal industry
and application for the approval of an amendment to the code of fair
competition for the bituminous coal industry in accordance with Exhibit A
hereto annexed having been duly made by the Code Authorities for the
Eastern subdivision of Division No. 1, Western Pennsylvania, Subdivision
of Division No. 1, and for Ohio, pursuant to Article IX of said code, and
It appearing to me that such amendment will tend to effectuate the policy
of Title I of the National Industrial Recovery Act and is necessary in this
emergency.
Pursuant to the authority vested in me under said title of said Act and
under said code. by Executive orders of the President, including Executive
order No. 6543-A dated Dec. 30 1933, and otherwise, it is hereby ordered
that said application for amendment of said code be and it hereby is anproved effective on April 1 1934 in words and figures as set forth in said
Exhibit A hereto annexed, subject to modification by my further order
on the basis of cause shown, either at a public hearing thereon which shall
be held on April 9 1934 or otherwise.
HUGH S. JOHNSON,
Administrator for Industrial Recovery.
Text of Code Amendment.
The amendment to the bituminous coal code, as approved
by General Johnson March 31, reads as follows:
Article III.—Maximum hours of labor.
No employee, except members of the executive, supervisory, technical
and confidential personnel shall be employed in excess of seven hours
per day and five days per week, subject to the exceptions hereinafter stated.
Seven hours of labor shall constitute a day's work and this means seven
hours' work at the usual working places for all classes of labor, exclusive
of the lunch period, whether they be paid on the day or the tonnage or
Other piece-work basis; except in cases of accident which temporarily
necessitate longer hours for those required on account thereof: and also
excepting that number of workers in each mine whose daily work includes
tho handling of man-trips and those required to remain on duty while
men are entering and leaving the mine.
The following classes of mine workers are exempted from the provisions
as to the maximum hours of work.
(a) All workers engaged in the transportation of coal shall work the
additional time necessary to handle man-trips, and-or haulage animals,
and all coal in transit, and shall be paid the regular hourly rates. Mine
workers engaged in the dumping, handling and preparation of coal and in
the manufacture of coke shall work the additional time necessary, not to
exceed 30 minutes, to dump and prepare the coal delivered to the tipple
each day and to complete the usual duties incidental to the operation
of coke ovens, and shall be paid the regular hourly rates. This rule shall
not encourage the working of such overtime except where it is necessary
to take care of the conditions named.
(b) Employees engaged at power houses, substations and pumps
operating continuously for 24 hours daily are especially exempted from the
seven-hour provision. Special exemptions of employees other than those
named above may be provided, by joint agreements negotiated in accordance.
with this code, which shall not provide for work in excess of eight hours
per day and 40 hours per week.
Article IV.—Minimum rates of Pay.
From April 1 1934 to April 1 1935. the basic minimum rate for inside
skilled labor and the basic minimum rate for outside common labor shall
be the rate hereinafter set forth in Schedule A for each district therein
described for each such classification of labor, with the understanding
that other classifications of employment will maintain their customary
differentials above or below said basic minimum rates.
To secure the parity between minimum rates for day labor and minimum
pay for work performed on a tonnage or other piece-work basis, the latter
shall be determined by the following increases over existing rates in all
of the districts of Schedule A except as hereinafter expressly provided.
On the basis of the 2.000
-pound ton, an increase of 10 cents per ton for
pick mining; 8 cents per ton for machine mining: an increase of one cent per
ton for cutting, and for all yardage and dead-work rates, an increase of9%.
In addition to the increases above provided, the minimum rates for
tonnage and other piece work in districts B,G.H,J,and J1,shall be further
increased by an amount sufficient to maintain the parity between pay for
such tonnage and piece work and the basic minimum rates for day labor
as prescribed for such districts in Schedule A.
2351
Open Price Agreement Defended in Report to NRA by
Distribution and Consumer Service Trades Committee—Suggestions to General Johnson.
The open price association or agreement was described
as valuable in minimizing cut-throat competition in a report submitted on March 28 to General Hugh S. Johnson,
Recovery Administrator, by the Distribution and Consumer
Service Trades Committee, which he appointed after the
recent meeting of code authorities in Washington. The
Committee, representing both wholesalers and retailers,
recommended the adoption of certain measures to protect
consumers and producers. One suggestion was that prices
filed under any open price plans be made available for
inspection by any interested persons. The Recovery Administrator, it was proposed, should require members of
Industries making price advances under open price provisions to furnish cost records "where it appears that unwarranted price increases have been made." It was also
said that prices should be filed with the NRA as well as
with industrial code authorities.
The Committee discussed each of the 12 points General
Johnson had advanced for debate when critics of the NRA
met in Washington several weeks ago. The report was
transmitted to General Johnson by Rivers Peterson, Chairman of the National Retail Code Authority and also Chairman of the Committee. A Washington dispatch, March 28,
to the New York "Times" summarized the principal features
of the report as follows:
The Committee held that one of the strongest protections against monopolistic developments would be the prohibition of "predatory cut prices," and
urged that merchants in towns of less than 2,500 ought not to be exempted
from the codes. The belief was expressed that the tendency toward monopoly
and the oppression of small enterprises "is more likely to spring from the
administration of than the actual provisions of the code."
As to the Administrator's request for information on how to secure a
more effective rule on costs, in order to maintain rules against sales below
the cost of production, the report suggested that "base prices be established
which will approximate the invoice or current market cost of the efficient
small operator and that sales below such established bases be treated as
unfair competition in violation of the respective codes."
If one industry has been permitted to fix wages and hours so that it has
a competitive advantage over another industry, it is suggested that a joint
meeting of the code authorities of the affected industries be held to "reach
a decision that will eliminate the competitive handicap."
The Committee favors continuance of the North-South wage differentials.
Blanket Hour Cut Opposed.
On the question of further reduction in maximum hours, the Committee
says that if unemployment remains acute hours should be further reduced
by industries individually and not through a blanket reduction, such as
was accomplished under the President's Re-employment Agreement.
The Committee makes elaborate suggestions on how compliance may be
secured. It urges speedier action on complaints of code violations and says
that the authorities should frequently point out that such violations are
violations of Federal law.
It also suggests that "the Administrator issue an invitation through the
press for all persons who have knowledge of code violations to report them."
"Such action should be urged upon the public as a patriotic duty in
support of the President in his recovery program," the report declares.
The Committee concludes that.adequate labor and consumer representation is provided under the codes so that the interests of these groups are
fairly handled.
President Roosevelt Appoints Cabinet Committee of
Four to Study Price Changes and Policies and
Their Effect on Recovery Program.
Secretary of Commerce Roper announced, March 28, that
President Roosevelt had appointed a Cabinet Committee of
four members to study price changes and policies and their
effect on the Administration's recovery program. The Committee comprises the Attorney-General and the Secretaries
of Commerce, Agriculture and Labor. It was said that the
study had been decided upon because of the possibility that
sudden price advances, if they resulted from the operation
of open price provisions in NRA codes, might defeat the
object of the recovery program to raise employment and
purchasing power. The Cabinet Committee will study open
price associations and price revisions in codes, according to
Mr. Roper.
General Johnson Announces Settlement of Walkout
at E. G. Budd Co.
General Hugh S. Johnson, National Recovery Administrator, announced on March 29 the settlement of the controversy between the E. G. Budd Manufacturing Co., of
Philadelphia, and its striking employees. General Johnson,
In making public the details of the compromise agreement,
said that the strikers are satisfied with the settlement and
will call off the strike. He added that the Budd Co. is under
the automobile code and is subject to the recent settlement
of the automobile labor controversy. The agreement, as
outlined by the NRA,included the following provisions:
1. It Is understood that in the production and shipping departments
during the next 90 days, Mr. Budd will re-employ at least one of the
Financial Chronicle
2352
strikers out of every two men hired. It must be understood that there will
probably not be any great increase of the total force but replacements
will create considerable employment.
2. In laying off men he agrees to lay them off in line with the provisions
of the President's agreement reached with the National Automobile Chamber
of Commerce.
3. In addition, but with no connection with Paragraphs 1 and 2, on his
own motion, Mr. Budd spontaneously offered to undertake a clean-up operation at his plant in order to relieve the distress of some of the strikers.
While this employment will be of short duration and at wages appropriate
to the job, it is hoped that it will help a part of the men.
Increase of 4,592,000 in Number of Employedi n Period
from March 1933 to February 1934, According to
National Industrial Conference Board.
In February 1934 there were 4,592,000 more workers on
regular jobs than in March 1933, when employment was at
Its lowest point, according to an estimate of the National
Industrial Conference Board issued March 31. The total
number of unemployed in February 1934 was 8,610,000, as
compared with 13,200,000 in March 1933, showing a decline
of 34.8%. The Board also observes:
Since March 1933 the number of unemployed workers decreased in all
industry groups for which the fluctuations in employment are recorded.
The decrease was especially marked in manufacturing and mechanical industries. In March 1933 these two groups accounted for 6,424,000 of the
unemployed workers, or nearly one-half of all unemployed persons. In
February 1934 only a little more than one-third of all unemployed were
in these industries. From March 1933 to February 1934 the estimated
number of unemployed workers decreased 54.1% in the manufacturing
and mechanical group; 42.5% in trade; 25.6% in domestic and personal
service; 17.8% in the extraction of minerals, and 9.5% in transportation.
Workers employed through the Public Works Administration are counted
as employed. On Feb. 15 1934 a total of 288,362 workers were employed
on public works projects. Of this total, 264,180 persons were at work
on Federal projects and 24,182 on non-Federal projects. The indirect effect
of such activities was estimated to have furnished employment in December
for 40,000 workers in the fabrication of materials purchased.
Emergency workers employed under Government auspices, usually part
time, in lieu of direct unemployment relief, are counted as unemployed.
In January 1934 the Civil Works Administration gave such employment to
upwards of 4,000,000 persons. At the end of February this number was
reduced to 2,900,000 persons. Of somewhat similar emergency character
is the employment provided by the Emergency Conservation Work, which
had 317,874 persons on its rolls in December 1933.
Reopening
of
Closed Banks for Business
of Restrictions.
and Lifting
Since the publication in our issue of March 31 (page 2192),
with regard to the banking situation in the various States,
the following further action is recorded:
ALABAMA.
Concerning the• affairs of the Tennessee Valley Bank,
head office Decatur, Ala., which is being operated on a
restricted basis, advices from Stevenson, Ala., on March 29
to the Chattanooga "News" contained the following:
Clyde Hendrix, President of the Tennessee Valley Bank, announced
that representatives of the State Banking Department and Government
agencies were appraising assets of the Tennessee Valley Banking System,
that operated 17 banking units in northern Alabama, preliminary to filing
by the bank of its petition in the Circuit Court of Morgan County at
Decatur.
This will be followed by a petition from the State Superintendent of
Banks setting forth detailed plans and terms of reorganization. The bank
has been operating on a restricted basis since the "bank holiday" of March 4
1933. Application is to be filed with the Depositors' Liquidation Board
for a loan to be distributed to depositors having restricted balances.
Disbursement of funds to depositors of the Tennessee Valley Bank will
be made at practically the same time reorganization becomes effective,
President Clyde Hendrix stated.
ILLINOIS.
That a new bank is being organized in Bloomington, Ill.,
which will replace the closed First National Bank & Trust Co.
of that city, is indicated in the following dispatch from
Bloomington to the Chicago "Tribune' under date of
March 28:
Organization of a new National bank in Bloomington became a probability
to-day. The final step of Government approval was accomplished in the
sanctioning by the Federal Comptroller of Currency of the waiver form
to be used in the program of establishing the institution. Alfred D. Hills,
receiver for the First National Bank & Trust Co., announced.
Depositors will be asked to waive 75% of their deposits. Total deposit
.
liability of the bank is 81.600,000. The bank has been closed since the
moratorium a year ago.
The Reconstruction Finance Corporation will take $75,000 worth of
Preferred stock in the new bank, aside from this, 3,750 shares of common
stock, representing 8112,500 will be sold locally.
In regard to the affairs of the First National Bank of
East St. Louis, Ill., now being operated by a conservator,
the St. Louis "Globe-Democrat" 9f March 31 had the following to say:
An East St. Louis committee representinglabor yesterday (March 30)
reported it would call a mass meeting of depositors in the First National
Bank if a definite opening date is not announced soon. The bank has been
closed since March 1933. A. L. Wegener, President of the Central Trades
and Labor Union; W.J. Stuhr, business agent oflaborers,and Leo W.Quick,
business agent of Boilermakers comprise the committee, which conferred
with Guy Hitt, conservator of the bank, Wednesday.
The purpose of the mass meeting would be to obtain and forward signatures of a petition from depositors to the Comptroller of the Currency,
Washington, D. C.
April 7 1934
Beginning March 28, depositors of the Farmers' National
Bank of Taylorsville, Ill., were to receive a dividend of
33%, according to advices from that place to the Chicago
"Tribune," which said:
"Checks will be here any time; therel s no need for a rush," clerks said
to-day (March 27) in announcing payment of 8250,000 beginning to-morrow
to depositors of the Farmers' National Bank. The 2,576 Government
checks represent a 33% dividend on unsecured claims.
IOWA.
-on- March 31
The Senate Banking Department of Iowa
released the State Bank of Latimer, Latimer, Iowa, from
the restrictions of S. F. 111, authorizing it to resume operation under depositors' agreements, according to a dispatch
from Des Moines on that date by the Associated Press.
LOUISIANA.
The Citizens' National Bank in Hammond, Hammond,
La., formed by the reorganization of the old Citizen's National Bank of that place, which had been operated by a conservator since the national bank holiday, opened for business
on March 31. A 95% restriction was placed upon the deposits of the old bank a year ago, and of this restricted
amount 45% will now be available to the depositors. A
Hammond dispatch on the date named to the New Orleans
"Times-Picayune", from which the above information is
obtained, went on to say:
The new bank is a member of the Federal Reserve System, with individual deposits insured up to $2,500 by the Federal Deposit guarantee.
Officers of the new bank are F. W. Reimers, Chairman of the Board;
W. A. Graves, President; J. M. Scurlock, Cashier. .. .
The new bank opened with deposits of $312,898.69 and cash on hand
totaling $330,419.80. The new bank's capital and surplus is $60,000, common stock 825,000 and surplus $10,000 subscribed by local residents and
the United States Government through the RFC, which subscribed for
$25,000 preferred stock.
All assets of the old bank are trusteed to a depositors'committee composed
of L. M. Hicks, E. Spraker and Sam Locascio, Jr., who will liquidate the
old bank without cost to the depositors.
MICHIGAN.
The First State Bank of Bronson, Mich., will re-open
for regular business April 9, according to the "Michigan
Investor" of March 31, which continuing said:
Frank Coward, who has been Conservator since the bank holiday, was
elected President, E. J. McMahon Sr., Vice-President, and Guy W.
Monroe, Cashier.
We learn from the "Michigan Investor" of March 31 that
all is in readiness for opening the new Iron River National
Bank of Iron River, which now awaits only the arrival of
the charter. The sum of $68,000 was raised in stock subscriptions. Approximately $500,000, or 50%, will be released of the two banks which the Iron River National
succeeds, it was stated.
That the Peoples State Bank of Milan, Mich., will re-open
shortly, is indicated in the following taken from the "Michigan Investor" of March 31:
All arrangements have also been made for the opening of the Peoples
State Bank of Milan. More than enough money has been paid in to
meet the minimum of the stock assessment, and the articles of incorporation
for the Milan Depositors Corp. have been filed, together with the necessary
capital stock and fees. Only the negotiations for the loan from the RFC
for the Day-off of 45% remain to be completed.
MISSOURI.
Accounts totaling ;340,000 were made available on March
29 to deposits of the old Kirkwood Trust Co. of Kirkwood.
Mo., with the opening of its recently organized successor
the Trust Co.of Kirkwood, which assumes 70% of the deposit
liabilities of the old company and reserves 30% for liquidation
of the former company. The St. Louis "Globe-Democrat"
of March 30, from which the foregoing is learnt, also said
in part:
The new bank has a capital of 850,000 and a surplus of $10,000. F. T.
Rott, a director of the old bank,Is President, and R. V. Nicholas as VicePresident and Treasurer.
About 8450,000 was on deposit in the Kirkwood Trust Co. when it
failed to re-open after the banking holiday. . .
Deposits are guaranteed under provisions of the Federal deposit insurance law, up to $2,500. Nicholas said it was anticipated depositors will
eventually receive the remaining 30%. On the initial day of operation,
he said, new deposits were far greater than withdrawals.
A charter was issued on March 28 by the State Finance
Commissioner 0.H.Moberly to the Bank of Noel,McDonald
County, Mo., with a paid-up capital of $25,000, according
to Jefferson City advices on that date, appearing in the St.
Louis "Globe-Democrat":
The new bank will take over a part of the assets of the old Bank of Noel.
The Silex Banking Co. at Silex, Lincoln County, Mo., was
chartered by the State Finance Department on March 26,
according to advices by the Associated Press from Jefferson
City, Mo., on that date, which furthermore said:
The Silex Banking Co., which is capitalized at 825,000, has taken over
about 85% of the liabilities of the old Silex Saving Bank, which had total
resources of $289,000. W. E. Williams will head the new bank.
MONTANA.
From the "Commercial West" of March 31, it is learned
that the Sidney National Bank, Sidney, Mont., has corn-
Financial Chronicle
Volume 138
pleted its reorganization and re-opened on an unrestricted
basis, 50% of the deposits of the bank having been released
to depositors. Officers are J. A. Loken, President; G. R.
Magruder, first Vice-President; George E. Towle, Second
Vice-President, and C. W. Loken, Cashier. These with
Carl L. Brattin and Peter M. Anderson comprise the Board
of Directors.
NEW JERSEY.
Announcement was made on April 4 that the First National
Bank of Sea Bright, N. J., which was closed at the time of
the national bank holiday, would re-open for unrestricted
business on May 1, the New Jersey Sinking Fund Commission
having purchased local municipal notes and bonds to the
amount of $45,000, according to advices from Sea Bright on
that date to the New York "Times", which added:
Re-opening of the bank will make available to depositors $150,000 in cash.
The newly organized National Bank of Palisades Park,
Palisades Park, N. J., which succeeds the Palisades Park
National Bank & Trust Co., opened for business on April 5.
The new institution has a paid in capital of $100,000 and
surplus account of $25,000. In indicating the approaching
opening of the bank in its issue of April 4, the "Jersey Observer" had the following to say in part:
Lloyd Cornell will be President of the institution. Paul Frisk° and Dr.
Edward Armstrong, Vice-Presidents. Edward Boyd, long Cashier of the
bank, has been retained in that capacity, and is one of the very few to
continue in a reorganized institution. Former Councilman John Dickerson
and Aaron Katz are Secretary and Chairman of the new bank and Alfred
Morgan, Dr. Joseph Pedivil, former Councilman Robert Shannon. Herbert
Johnson and Samuel Harbor. of Harber & Freisman of Englewood, are
the members of the Board of Directors.
The bank has been redecorated for the opening and all is set for nine
o'clock to-morrow morning....
NORTH CAROLINA.
According to Associated Press advices from WinstonSalem, N. C., on March 30, Charles M.Northfleet has been
appointed President of the new National Bank of WinstonSalem, organized to replace the Farmers' National Bank,
closed during the holiday last year.
OHIO.
The Ohio State Banking Department announced on March
27 in letters to Edward M. Amos, President of the Ohio
Savings Bank & Trust Co. of Toledo, which closed Aug. 15
1931, that both the depositors plan and that submitted by the
State Banking Department for the re-opening of the bank
had been dropped by the Department. Associated Press advices from Toledo,in noting this, added:
The letter said other proposals were being considered but Ira J. Fulton,
Banking Superintendent refused to amplify as to details of the proposals
under consideration.
According to a dispatch from Bucyrus, Ohio, on March 27,
the Farmers' & Citizens Bank of Tiro, Ohio, was permitted
by the State Banking Department to resume operations on
an unrestricted basis on that day. The institution is capitalized at $25,000.
PENNSYLVANIA.
Completing its organization, the new City Bank & Trust
Co. of Reading, Pa., successor to the old Pennsylvania
Trust Co.of that city, which is to be liquidated, has, through
its stockholders and directors, elected Walter W. Moyer,
President, Edwin A. Quier Chairman, and William R. Ritter,
Treasurer. The foregoing is learned from Rending advices
on April 4 to the "Wall Street Journal," which added:
The bank is expected to open for business the first week in April. The
old trust company is still operating on a restricted basis.
According to a dispatch from Windber, Pa., on April 1,
printed in the Baltimore "Sun," the Citizens' National Bank
of Windber,was to open on an unrestricted basis the following
day. The institution is capitalized at $100,000 with surplus
of $20,000, and has deposits of approximately $500,000,
which will be insured by the Federal Deposit Insurance
Corporation, it was said.
WISCONSIN.
Two Wisconsin banks, the Adams County State Bank at
Adams, and the Citizens' State Bank at Kiel, were to
re-open on March 27 on a 100% basis, according to Madison
advices on March 26 to the Milwaukee "Sentinel," which
added:
The former frees $28,000 in tied-up deposits and the Kiel bank $246,000.
The latter received RFC aid.
Notice of 100% stock assessments against all capital stock
in the closed Commercial National Bank of Fond du Lac,
Wis., was mailed to all stockholders, March 27 by J. F. T.
O'Connor, Comptroller of the Currency, according to a
dispatch from that city to the Milwaukee "Sentinel." The
total assessment is for $500,000 and must be paid by stockholders by April 26, it was stated.
2353
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A membership of the Chicago Board of Trade changed
hands April 5 at $5,500, up $500 compared with sale made
late Wednesday.
Guaranty Trust Company of New York announced on
March 30 the appointment of two Vice-Presidents, Herbert
W. Bell and Edgar Lockwood, at its Fifth Avenue office,
Fifth Avenue and 44th Street. Both had previously been
Second Vice-Presidents. Other appointments announced at
the same time, affecting that office, were those of Jere D.
Buckley, formerly Credit Manager, as Second Vice-President; William R.Parvin, as Assistant Treasurer, and Harold
M. Sherman Jr., as Assistant Treasurer.
The statement of condition of the Guaranty Trust Company of New York as of March 31 1934, issued April 5,
shows deposits of $1,178,744,990, as compared with $1,019,582,652 on December 31 1933, and $952,543,090 on March 31
1933. The company's total resources are $1,528,975,103, compared with $1,419,553,812 on December 31 1933, and $1,340,258,089 on March 31 1933. The statement shows capital and
surplus fund unchanged at $90,000,000 and $170,000,000,
respectively, and undivided profits of $7,660,073, giving total
capital funds of $267,660,073.
On March 29 John L. Gibbons was elected an Assistant
Trust Officer of the Chemical Bank & Trust Co., New York
City.
The following notice, dated March 27, regarding the
International Acceptance Bank, Inc., 52 Cedar Street, New
York City, was contained in the March 30 "Weekly Bulletin"
of the New York State Banking Department:
Certified copy of Order granted at a Special Term, Part I, of the Supreme Court, held in and for the County of New York, at the County Court
House, in the Borough of Manhattan, City- and State of New York, on
March 16 1934, declaring the International Acceptance Bank, Inc., dissolved and its corporate existence terminated, filed.
In a letter to shareholders, James H. Perkins, Chairman
of the Board of The National City Bank of New York, said
on April 2 that earnings of the bank for the first quarter of
1934 would be in excess of $4,500,000, these net profits being
partly from current earnings and partly from recoveries.
Mr. Perkin's letter to shareholders accompanied checks to
them in payment of the dividend of 25 cents a share on the
common stock payable on April 2 to common shares of record March 24. He explained that this dividend relates to
the first quarter of the current year. A dividend of the same
amount was paid last Feb. 1 for the last quarter of 1933.
In his letter Mr. Perkins said:
Provided conditions continue to justify it, the policy of your Directors
will be to pay the next dividend on the common stock on August 1st in
the amount of 33 1/3 cents per share, for the four months ending on
that date, and thenceforth to place the dividends on the common stock
on a semi-annual basis, like the dividends on the preferred stock, the payment dates to be the same as those provided for the preferred stock in
the Articles of Association as recently amended, namely, Feb. 1 and
August 1.
This explanation of dividend policy gives me an opportunity to report
In brief on the business of the bank since the first of the year. I am
glad to say that, in spite of the abnormally low interest rates that have
obtained, the net profits for the three months will be in excess of $4,500,000. These net profits have been made partly from current earnings
and partly from recoveries. I said at the annual meeting, that I would
try to err on the conservative side, and I believe this statement is in line
with that thought. I want to emphasize that future net profits will depend on those conditions which will affect both current earnings and recoveries.
The foreign branches are turning in substantially better earnings than
last year, and commercial conditions in many of the countries where we
have branches are showing improvement. The New York City branches,
although showing a profit, are running somewhat behind last year, due to
the low return on money. The deposits are about $50,000,000 higher than
atthe year end, and about $150,000,000 higher
than they were last year
at this time.
The Chase National Bank, New York City, made
public
on April 5 its statement of condition as of March 31
1934,
reflecting for the first time in published form the changes
in assets and liabilities incident to the revision of
capitalization that became effective on March 15. The bank's
March 5
statement, published in accordance with a call from the
Comptroller of the Currency, and referred to in our issue of
March 31, page 2194, did not reflect those changes since
they were not effective on that date. As shown in the statement issued April 5 the capital funds of the bank on March
31, reflecting the revised capitalization, were $50,000,000
cumulative preferred stock, $100,270,000 common stock, $50,000,000 surplus and $11,375,000 undivided profits.
Total resources of the bank on March 31 amounted to $1,820,539,000, as compared with $1,715,188,000 on Dec. 30 1933;
2354
Financial Chronicle
cash in the bank's vaults and on deposit with the Federal
Reserve Bank and other banks, $393,072,000 as compared
with $304,790,000; investments in United States Government
securities, $319,600,000 as compared with $207,064,000;
securities maturing within two years, $111,467,000 as compared with $91,945,000; other bonds and securities, including
stock in the Federal Reserve Bank,$126,306,000 as compared
with $155,563,000; loans and discounts, $713,247,000 as compared with $795,192,000. The deposits of the bank on
March 31 totaled $1,475,813,000 and certified and cashier's
checks amounted to $21,673,000, the sum of millet $1,497,486,000 compares with $1,364,339,000 on Dec. 30 1933.
As made public the past week, the statement of condition
of the Bankers Trust Co. of New York City, as of March 31
1934, shows total resources of $901,507,480, the highest in
the history of the company, as against $737,202,420 at the
end of last year. Gross deposits have risen from $611,725,754 to $763,759,131 during the period, it is noted. For
the first time, the company has segregated Government from
other deposits; the former show an increase of $111,879,331
and the latter $40,154,046 above the December figures. Cash
on hand and due from banks and exchanges for Clearing
House total $168,169,320 compared with $138,626,241. According to the statement United States Government Securities total $404,511,611 as against $242,478,352. Undivided
profits show an increase of $580,165 after providing for the
usual quarterly dividend amounting to $1,875,000 and now
stand at $10,610,704. Contingency fund at $15,556,626 has
decreased by $293,267. Capital and surplus fund remain
unchanged.
The statement of condition of Manufacturers Trust Co.,
New York City, as of March 31 1934, shows deposits at
$425,840,945—the highest, it is stated, in the history of the
institution. The figures represent an increase of $44,000,000 over the deposits shown on Dec. 30. Resources,
which are $546,615.414 also constitute a new high record, and
an increase of $39,000,000 over the Dec. 30 figures. Capital,
surplus and undivided profits, and capital notes remain unchanged from the last quarter, and are $32,935,000, $10,297,483 and $25,000,000 respectively. Reserves are $25,771,750 as against $25,691,281 three months ago. In accordance with the policy pursued by the bank during the
last two years, net profits, after dividends, are added to
reserves, and charge-offs are made against reserves.
The statement of condition of the Brooklyn Trust Co.,
Brooklyn, N. Y. as of March 31 1934,issued April 4,showed
deposits of $95,841,467 against $93,098,487 on Dec. 30 1933,
when the last preceding statement was issued, an increase of
$2,742,980. Increases also were shown in loans and in
holdings of Government securities. Secured demand loans
were $32,593,966 against $29,686,481, an increase of $2,907,485, while total time loans and bills purchased were $18,747,699 against $18,314,118, an increase of $433,581.
Holdings of United States Government securities were $13,857,585 against $8,194,335, an increase of $5,663,250.
Declines from year-end figures were shown in holdings of
cash and of private corporation securities. Cash on hand and
due from banks(including Federal Reserve Banks) amounted
to $17,771,803 against $22,083,312, and holdings of private
corporation securities were $19,245,294 against $20,479,687.
Undivided profits of $1,392,178 were shown, against $1,309,273 at the end of 1933, an increase of $82,905. Surplus
remained unchanged. Total resources were $121,433,229
on March 31 against $117,205,843 on Dec. 30 1933.
Following the unanimous approval of their respective
stockholders, the Oystermen's National Bank and the Community Trust Co. of Sayville, L. I., were consolidated on
March 29. Advices from Saville under date of March 30 to
the New York "Herald Tribune",in noting the merger, went
on to say:
The name of the new bank will be the Oystermen's Bank & Trust Co.
and after all details relative to the merger are completed the Community
Trust Co.'s headquarters, located across the Street from the older Oyster
men's Bank, will bel'closed and the new bank will transact its business in
the headquarters of the latter institution.
Samuel P. Greene was President of the former Oyatermen's Bank, and
Paul O. Mercer of the former Community Trust Co. The capital stocks of
the two banks were $100,000 each. Following the meetings yesterday no
report as to the amount of the capital stock ofthe new bank could be learned.
The Mount Vernon Trust Co. of Mount Vernon, N. Y.,
on March 27 was granted permission by the New York State
Banking Department to reduce the par value of its capital
April 7 1934
stock from $20 to $10 a share, and to increase the number
of shares from 75,000 to 150,000.
The Lincoln National Bank of Chelsea, Chelsea, Mass., on
March 30 was granted a charter by the Comptroller of the
Currency. The institution succeeds The National City Bank
of Chelsea and is capitalized at $100,000. Samuel R. Cutler
and Francis P. Maroney are President and Cashier, respectively, of the new organization.
Junius Beebe, President of the Wakefield Trust Co. of
Wakefield, Mass., and active for many years in various
business enterprises, including the leather industry in Boston,
died suddenly of a heart attack in the Pennsylvania Station,
New York City on March 30. Mr. Beebe was stricken while
awaiting a Boston train on his way from Pinehurst, N. C. to
his home in Wakefield. He was 80 years old.
The Pennsylvania Co. for Insurances on Lives & Granting
Annuities of Philadelphia, Pa., opened its branch office in
Upper Darby on April 5.
George E. Katzenbach, an Assistant Cashier at the company's main office, Fifteen and Chestnut Streets, has been
appointed Manager of the new branch office, Robert D.
Fulmer, an Assistant Treasurer, is the Assistant Manager
and Wilson H. Godshall has been named custodian of the
safe deposit department. We quote further from the
Philadelphia "Ledger" of March 30 from which the above is
taken:
The new branch will occupy the building of the former Suburban Title
and Trust Company on Garrett Road south of West Chester Pike. Extensive alterations have been made to the structure, including the installation of a new safe deposit vault.
Reference was made to the new branch in our March 10
issue, page 1685.
The second and partial account of the affairs of the
Hamilton Trust Co., of Philadelphia, Pa., was filed with
Common Pleas Court on March 28 by the Pennsylvania
Banking Department. It shows cash on hand of $37,406
and unconverted assets appraised at $816,560. The account
covers the period from Aug. 31 1932 to Dec. 31 1933. The
foregoing information is from the Philadelphia "Ledger" of
March 29, which also said:
During the accounting period depositors were given two advance payments totaling 1734% or 5267,476.75. Total disbursements for the period
are given as $451,868.
In addition, the items of disbursement include real estate agency account
$18,200; sundry expenses, $36,740; real estate expenses. 523,147, and
offset allowances, $61,826. Preferred claims allowed were $8,642. Receipts for the accounting period were $489.274, which included $92,514
cash balance from the first accounting.
The Hamilton Trust Co. was closed on Oct. 7 1931 as
indicated in our issue of Oct. 10 of that year, page 2379.
Stockholders of the Integrity Trust Co. of Philadelphia at
a special meeting on April 2 approved the plan recommended
by the directors to add $7,000,000 in cash to the capital of the
institution. The vote was 209,990 shares in favor of the
plan and 456 shares against it, out of a total of 298,786
shares outstanding. Of the additional capital, $4,000,000
will be 5% first preferred stock, which will be purchased by
the Reconstruction Finance Corporation, and $3,000,000
will be second preferred stock, which will be purchased by a
group of Philadelphia banks. The latter stock will carry
from 3 to 5% dividends.
We learn from the Chicago "Journal of Commerce of
March 28 that announcement is made by the Fifth-Third
Union Trust Co. of Cincinnati of an addition of $5,000,000
to its capitalization through the sale of 20-year 5% capital
debentures to the Government. The interest rate on the
debentures for the first five years has been reduced to 4%.
The paper mentioned continued:
In its letter to stockholders the trust company stated that although earnings had decreased they still covered dividends on the common stock. To
expedite the retirement of the capital notes common dividends have been
omitted.
In its statement as of March 23 the company shows total deposits of
576.374.429 against $65,569,617 on Dec. 30 1933. Surplus has been reduced from $5.000.000 to $2,000.000. .
Albert V. King, Assistant Secretary of the Northern
Trust Co. of Chicago, Ill., died suddenly on March 29
at the bank. After graduating from Notre Dame University
in 1914, Mr. King entered the employ of the bank. He
was 43 years old.
Two Elgin, Ill., banks, The First National Bank of Elgin
and the Elgin Banking Co., were consolidated on March
29 under the title of The First National Bank of Elgin. The
Volume 138
Fip ncial Chronicle
,
new organization is capitalized at $300,000 with surplus of
like amount.
The directors of the National Bank of Grand Rapids,
Grand Rapids, Mich., at a recent meeting announced three
promotions in the personnel of the institution, viz., Arthur
E. Wells from Vice-President and Cashier to First VicePresident; James Victor Stuart from Assistant Vice-President
to Vice-President, and John Larson from Assistant Cashier
to Cashier. The changes were brought about by the resignation of Gerald B. Hadlock as First Vice-President to accept
the office of Senior Vice-President of the First Wisconsin
National Bank of Milwaukee. The above information is
obtained from the "Michigan Investor" of March 31, which
went on to say:
Mr. Wells went into banking after a successful career in private business.
He became Secretary of the Grand Rapids Trust Co., after which he joined
the Grand Rapids National Bank as a director and Vice-President. He
continued this association when the bank was reorganized.
Mr. Stuart's career somewhat parallels Mr. Wells'. He also joined the
Grand Rapids Trust Co. after work in private business. From the trust
company 'he went to the Grand Rapids National Bank as manager of the
business department and with the organiz ation of the National Bank of
Grand Rapids was elected Assistant Vice-President.
Mr. Larson's promotion to Cashier comes in recognition of 25 Years of
service to the old Grand Rapids National Bank and the new National Bank
of Grand Rapids.
We learn from the Minneapolis "Journal" of March 28
that on April 2 the Northwestern Mortgage Co., a wholly
owned subsidiary of the Northwest Bancorporation (head
office Minneapolis) would assume the mortgage loan and
real estate business which was handled by the Minnesota
Loan & Trust Co. of Minneapolis prior to its consolidation
with the Northwestern National Bank of that city. The
paper mentioned continued in part as follows:
In charge of the mortgage company will be men who had been active
in the mortgage loan department of the trust company. F. J. Mulcahy is
President; Theodore Albrecht, Vice-President; J. J. Fehr, Treasurer, and
Roy Shippam, Secretary.
Mr. Mulcahy has been in the mortgage loan and real estate business
since 1902, when he became associated with the Minnesota Loan and Trust
Co. He was elected Assistant Secretary of the trust company in 1917
and Secretary in 1931. He is a director of the Second Northwestern State
Bank and Secretary of the Northwestern National Bank & Trust Co.
Mr. Albrecht has been in the building, banking and real estate business
for 45 years. He was President of the Union Investment Co. which owned
32 northwest banks previous to its purchase by Northwest Bancorporation.
He is a Vice-President of the Northwest Bancorporation.
Mr. Fehr has been in the banking and farm mortgage business since
1913. He went with the trust company in 1923 and in 1925 was made
manager of its city real estate department. Mr. Shippam has been in
the mortgage and real estate business 28 years. He entered the banking
business in 1906 with the National Bank of Commerce, which was consolidated with Northwestern National. Later he was with the trust company
and in recent years handled first mortgage loans for the company on Minneapolis real estate.
The Northwestern Mortgage Co. will have offices on the third floor
of the Northwestern Bank Building, occupying the quarters previously
used by the mortgage loan department of the trust company.
All embezzlement counts against Harry F. Sinclair and
27 other directors of the closed Exchange Trust Co. of Tulsa,
Okla., were dismissed in Common Pleas Court on March 28,
according to advices by the United Press on March 28, which
also stated:
It was charged by special prosecutors for Gov. W. H. Murray that the
directors appropriated certain trust funds to the bank's own use.
Directors named in the charges included some of the Nation's most widely
known oil men. Sinclair; his brother, E. W. Sinclair; H. H. Rogers and
H. V. Foster, and a number of others prominent in Oklahoma business
and financial circles.
Common Pleas Judge Bradford Williams, in dismissing the cases, ruled
evidence was insufficient to sustain the accusations.
Reference was made to the above matter in our issue of
Jan. 20 1934, page 455. The Exchange Trust Co. was
placed in the hands of the Oklahoma Banking Department
on June 30 last, as noted in the "Chronicle" of July 15,
page 439.
--_
—4
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, announced on March 31 that the RFC has
authorized the purchase of preferred stock and capital notes
in the four banks in St. Louis, as follows:
2355
Vice-President of the institution by the directors, according
to the St. Louis "Globe-Democrat" of March 30. Mr.
Hardin, was loaned last December by his bank to the Manufacturers Bank & Trust Co. of St. Louis during its period of
organization and assumed the duties of Acting President
there for about two months, until its permanent President,
A. F. Barnes, was chosen. He returned to Mississippi
Valley Trust Co., several weeks ago, it was said.
Announcement that $350,00- 0 worth of its preferred stock
had been sold to the Reconstruction Finance Corporation,
thus increasing its capital to $550,000, was made on March 22
by officials of the Citizens Bank & Trust Co. of Lexington,
Ky., according to advices from that city on March 22 to the
Louisville "Courier-Journal." The dispatch added:
The action was taken, officials said, "in order to assist in carrying out
the recovery program and to make this a better and stronger bank for our
depositors, and to enable us to be of more service to the citizens of the community." The announcement stated that "with this new capital added we
have more capital in respect to our deposit liability than any other bank
in Lexington."
Edward W. Lane, Chairma- n of the Board of Directors of
the Atlantic National Bank of Jacksonville, Jacksonville,
again assumed the Presidency of the institution on March 29,
upon the resignation, effective that day, of John T. Walker
Jr. Mr. Lane was previously President of the bank from the
time he organized it in 1993 until 1927. He continues as
Chairman of the Board. Mr. Walker, whose resignation
was accepted with regret, joined the institution in 1927 as
Executive Vice-President and in January of the following
year was advanced to the Presidency, the office he has now
resigned. A native of Alabama, Mr. Walker gained his
banking experience in that State. Before going to Jacksonville in 1927, he was an Assistant Vice-President of the National Bank of Commerce of New York.
Another change in the personnel of the Atlantic National
Bank effective March 29 is the promotion of S. B. Hilyard,
formerly in charge of the statistical department of the institution, as an Assistant Cashier. In future Mr. Hilyard will
be associated with the senior officers of the institution in
charge of credits. Prior to entering The Atlantic National
Bank in January 1930, Mr. Hilyard was connected with the
Chemical Bank & Trust Co. of New York.
The First-American Nationa- l Bank in Tucumcari, N. M.,
was chartered by the Comptroller of the Currency on March
25. The new institution, which succeeds The First National
Bank of Tucumcari and The American National Bank of
Tucumcari, is capitalized at $100,000, half of which is
preferred and half common stock. H. B. Jones is President
and Earl George, Cashier, of the institution.
The Bank of America's (he-ad office San Francisco) loans
and discounts were expanded by $5,347,692 during January,
February and the first five days of March. The announcement by the bank goes on to say:
Substantial increases in total deposits, total resources, investments in
Government bonds and in undivided profits are other highlights shown by
the March 5 statement of Bank of America National Trust & Savings Association and Bank of America (California).
Deposits of the banks on March 5 totaled $867,214,760. a gain of $41.162.892 since the first of the year. Resources, totaling $1,041.288,175.
increased $35,611,887 during the same period.
Undivided profits of Bank of America increased $1,466,602 between Jan.
1 and March 5, indicating that profits during a period of only slightly more
than two months covered 46% of dividend requirements on capital stock
for the entire year.
The bank increased its holdings of securities materially during the Jan. 1
to March 5 Period, adding $24,652,794 to its investment in Government
bonds and increasing total security investments by $28,182.683. Cash
increased $4.702,465, bringing the total to $111,190,612 as of March 5.
D. C. Rea, Supervisor of Ontario branches of the Royal
Bank of Canada (head office Montreal) has resigned on
account of ill health and has been succeeded as Supervisor
by B. L. Mitchell, Manager of the bank's main city office in
Toronto. In announcing the change in its issue of March 29,
the Montreal "Gazette" went on to say:
While none of these banks had immediate need for added capital, they
are co-operating with the RFC in its preferred stock and capital note
Program in the interest of the whole country, to strengthen bank capital
In aid of the recovery program.
The dividend and interest rate is 4% for the first five years and 5%
thereafter until retired.
Mr. Rea commenced his banking career as a junior clerk in Montreal in
1893 when the Royal Bank of Canada was known as the Merchants Bank of
Halifax. During his 41 years of service, he has occupied important positions
with the bank in New York, Havana, Winnipeg and Toronto. For a short
time he was stationed at Vladivostok, where, after the Armistice, the bank
opened a branch for the payment of Canadian troops.
B. L. Mitchell, who succeeds Mr. Rea, joined the staff of the New
Glasgow branch of the Union Bank of Halifax in 1903. Like his predecessor,
he has had a wide and varied experience in the service of the Royal Bank of
Canada, having served as manager at St. John's, Newfoundland, and later,
in a similar capacity, at Halifax. In 1925 he was appointed manager at
Vancouver and in 1929 came east to assume the management of the Toronto
main office from which position he is now promoted.
Hord Hardin, Vice-President of the Mississippi Valley
Trust Co., has been advanced to the post of Executive
The 120th report of The National Bank of India, Ltd.
(head office London), covering the 12 months ended Dec.31
First National Bank, $4,000,000 preferred stock;
Boatmen's National Bank, $500.000 Preferred stock:
Mercantile Commerce Bank & Trust Company, $2,000,000 capital notes;
and
Mississippi Valley Trust Company, $1,500,000 capital notes.
Chairman Jones's announcement added:
2356
Financial Chronicle
1933, has just recently been received. It shows net profits
for the period, after providing for all bad and doubtful
debts, of £450,783, which when added to £249,007, the
balance to credit of profit and loss brought forward from
the previous year, made £699,790 available for distribution.
Out of this sum an interim dividend at the rate of 20% per
annum was paid in September last absorbing £200,000,
leaving a balance of £499,790, which the directors now
recommend be allocated as follows:£200,000 to pay a further
dividend of 20% per annum, less income tax, and £501000
to be contributed to officers' pension fund,leaving a balance
of £249,790 to be carried forward to the current year's profit
and loss account. Total assets are shown in the statement
as £35,479,912, of which cash and other cash items amount
to £4,672,944. Current fixed deposit and other accounts
(including provision for bad and doubtful debts and contingencies) are reported at £29,636,308. The institution has
a paid-up capital of £2,000,000 and a reserve fund of
£2,200,000. Sir Charles C. McLeod is Chairman of the
Board, and W. Ross Munro, General Manager.
Hon. Arthur M. Asquith, D.S.O. has been appointed a
director of the Westminster Bank, Limited of London, Eng.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Irregular price movements dominated the trading on the
New York stock market during most of the present week,
and while the general tendency was toward higher les els,
there were several short periods of profit taking that kept
the gains within narrow limits. Public utilities were down
during the fore part of the week but spurted upward following the defeat in the State Senate of the proposal of municipal
operations of utility properties in New York State. Low
priced stocks moved to the front during the first half of the
session but were superseded later on by the merchandising
shares and specialties which showed a steady but gradual
upturn. Metal issues had spasmodic periods of strength and
coppers, oils and rails registered occasional upward turns,
but the gains, on the whole, were comparatively narrow.
Call money renewed at 1% on Monday and continued unchanged at that rate on each and every day of the week.
There was little public participation in the trading during
the abbreviated session on Saturday, following the Good
Friday holiday, as most of the dealings were for professional
account and centered largely in the low priced issues. There
was some improvement among the more active of the market
leaders but the changes were small and without special
significance. Metal stocks continued to reflect inflation
sentiment, aviation shares were in moderate demand and
specialties were fairly strong. Public utilities were generally
down, particularly Consolidated Gas, which closed off 11%
points at 38. Railroad stocks were slightly stronger, the
gains in this section ranging from fractions to 2 or more
points. Toward the end of the final hour the rally that had
been slowly developing broadened out under the guidance
of Bethlehem Steel, which closed with a gain of 33/i points.
Chrysler and General Motors broke through to new tops for
the day and there was renewed buying in American Smelting
& Refining. Among the gains recorded at the close were
Allied Chemical & Dye (6), 3 points to 153; American
Smelting & Refining (7% pref.), 5 points to 116; Industrial
Rayon (5), 2 points to 81; Phillips-Jones pref. (7), 41%
points to 743., and Lima Locomotive, 3 points to 30.
Despite the scattered profit taking, the stock market
continued to move forward on Monday, many basic industry
shares showing gains of 3 or more points at some period
during the session. Some of the aviation stocks were
higher and motor shares were strengthened by the advance
in prices in the automobile field. Public utilities were lower
and steel stocks displayed sharp resistance to pressure.
Mining issues, on the other hand, generally moved contrary
to the trend, though most of the losses were fractional, the
selling in this group being largely a matter of profit taking.
Prominent among the active stocks showing gains at the
end of the session were American Beet Sugar pref., 43/ points
to 62; American Smelting & Refining (6% pref.), 3 points
to 83; National Biscuit pref.(7),5 points to 148; Otis Elevator
pref. (6), 31% points to 1001%; Pittsburgh Steel pref., 31%
points to 373 ; United States Gypsum prof. (7), 3 points to
4
123, and West Penn Electric pref. (7), 35% points to 6931•
/
Irregularity characterized the trading on the stock market
on Tuesday, and while there was a moderate amount of
activity manifest in the metal shares and specialties, the
general list was dull and without noteworthy movement.
April 7 1934
Profit taking was apparent from time to time, but this did
not reach large proportions. It served, however, as a
check on the advances among the pivotal issues. Low
priced stocks were in strong demand, though trading, on
the whole, was modest in volume throughout the session.
Copper shares showed a strong inclination to move to higher
levels and there was a moderate amount of buying in the
oil group and also among the railroad stocks. Specialties
were prominent in the trading, but the gains were not
especially large due to the spasmodic bursts of selling that
were apparent during the session. The changes, on the
whole, were rather thin, but most of them were on the side
of the advance. Stocks showing gains at the close included
among others, Air Reduction, 2 points to 98; American
Locomotive pref., 2 points to 693/2; Anchor Cap pref. (63/3),
2 points to 92 ; Central RR.of N.J.,3 points to 78; Cerro de
s
Pasco, 21% points to 373/; Corn Products Refining pref. (7)
31% points to 14434; Federal Light & Traction pref. (6),
2 points to 57; United States Smelting & Refining (51%),
23/i points to 1307 , and Monsanto Chemical (11%), 21%
%
points to 91.
—Price movements were comparatively narrow during the
opening hour on Wednesday,and while the trading was quiet,
the buying slowly spread over a broad list, though most of
the leaders were held back by realizing sales. Toward the
end of the session a brisk buying spurt boosted prices upward
from fractions to a point or more, the best prices of the
day being recorded just before the close. Prominent among
the active stocks showing gains were American Metal pref.,
2 points to 89; Certainteed Products pref., 31% points to
321%; Coca Cola (6), 21% points to 109%; Gotham Silk Hosiery pref. (7), 7 points to 63; Hazel Atlas Glass (5), 2 points
to 91; Revere Copper & Brass pref., 6 points to 70; United
States Gypsum pref. (7), 2 points to 125, and Monsanto
Chemical (11%), 43 points to 953 .
4
4
Recovery in the public utility group featured the trading
on Thursday,and while the general list as a whole, was fairly
firm, the gains were small and not particularly important.
The best prices followed the report of the defeat by the New
York State Senate of a proposal for municipal utility operation, but the advance was checked by a moderate amount of
profit taking which flowed into the market late in the afternoon. Some of the high-priced merchandising stocks attracted
a small amount of speculative interest and the copper shares
were helped to some extent by the inflation sentiment.
Coca-Cola (6) was one of the outstanding strong issues of the
4
day as it climbed upward 33 points to 1131%. Among the
active issues showing gains at the close were Allied Chemical
& Dye pref. (7), 33 points to 1293; Eastman Kodak prof.
(6), 33 points to 1351%; Laclede Gas, 21% points to 40;
4
Neismer Bros., 23/ points to 223/2; New York & Harlem (5),
31% points to 127; Remington Rand 1st pref., 21% points to
65; Texas & Pacific, 21% points to 36, and Woolworth & Co.
($2.40), 41% points to 513/s.
The improved tone that developed in the late trading on
Friday carried a number of the more active of the market
leaders slightly above the previous close. In the early
dealings prices sagged from fractions to a point or more due
to profit taking, but this was absorbed as the day progressed
and the market again moved forward, though the advance
was gradual. Miscellaneous industrials held up well in face
of the offerings, particularly American Can, Coca-Cola (6)
and Armour Ill. pref., all of which closed on the upside.
Other changes on the side of the advance were American
4
Bank Note pref. (3), 21% points to 491 ; Chesapeake Corp.
4
(23/3), 2 points to 46; Cluett Peabody (1), 23 points to
433 ; Electric Auto Lite pref. (7). 4 points to 101; Great
4
to 1083/3; Mengel Co.
Western Sugar pref. (7), 23/b points
pref 61% points to 39,and Union Pacific (6),3 points to 132.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
April 6 1934.
Stale,
Railroad
Stocks,
Number of and Aristal. Municipal &
For'n Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
814,510
1,367,730
1,334,755
1.564,200
1,419,110
1,014,440
$4,522,000
7,036,000
8,923,000
12,871,000
12,029,000
10,454,000
nnn
Sates at
New York Stock
Exchange.
$926,000
1,330,000
1,691,000
2,065,000
2,105,000
1,979,000
eici non
Week Ended April 6.
1934.
1933.
5,093,325
7,514,745
Stocks—No. of shares_
11.
,
Bonds.
Government bonds
.— $13,618,400 $12,696,400
10,096.000 15.506,000
State & foreign bonds_
Railroad & misc. bonds 55,835,000 25,941,000
Total
nnn
United
States
Bonds.
Total
Bond
Sales.
$589,000
531,800
1,504,500
5,156,000
3,028,700
2,828,400
$6,017,000
8,897.800
12,118,500
20.092.000
17,182,700
15,261,400
Ann
onn ...,. ,,,,.
!In nit
Jan. 1 o April 6.
1934.
1933.
148,005,440
63,222,374
$155,598,100
235,031,000
828,065,000
8150,516,000
182,701,000
407,552,900
$79,549,400 $54,143,400 $1,218,694,100
$740,769,900
41.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Pray mmlm rovicma
Baltimore.
Philadelphia.
Boston.
Week Ended
April 6 1934.
2357
Financial Chronicle
Volume 138
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
.
.
Shares. Bond Sales. Shares. BondSales Shares. BondSales
6,624
10,895
8,406
12.180
15,604
6,400
$11,000
11,000
6,000
12,200
1,108
1,147
1,496
1,561
2.697
1,554
$2,000
6,100
3,000
4,100
118,610
17.200
60,109
$40,200
9,563
$35,375
04 104
•00n
KM .20 1
.
nnn
4 410
%
Corp. closed Friday at 12% against 123 on Thursday of
4
last week; Gulf Oil of Pennsylvania at 67 against 653 ;
Creole Petroleum at 11% against 11%; Humble Oil (new)
at 443/i against 43; Niagara Hudson Power at 6% against
63/; Pennroad Corp. at 33 against 3; Standard Oil of
9
Indiana at 27% against 263/8; Swift & Co. (%) at 173(
against 163.; Teck Hughes at 7% against 7 8, and United
Shoe Machinery at 62 against 593.
A complete record of Curb Exchange transactions for the
week will be found on page 2388.
538.000
16,613
20.323
20,461
24,639
26,045
10,529
$4,000
CIA
18,375
6,000
2,000
7.000
THE CURB EXCHANGE.
Small volume and mixed changes were the outstanding
characteristics of the trading on the Curb Exchange during
most of the present week. There were occasional periods of
strength apparent in some special issues but the market, as
a whole, was practically without definite trend until Wednesday when a number of the more active issues among the
metal shares and oil stocks moved briskly forward.
improvement, however, was not maintained and trading
again turned listless and practically without group movement.
On Saturday Curb stocks were mildly mixed and trading
was extremely dull. Specialties were moderately active at
times but turned irregular at the close with a strong tendency
toward lower levels. Metal shares recorded both advances
and declines in the early dealings but there was a brisk upward movement as the day progressed. Gains of a point
or more were recorded in such active stocks as Newmont,
Natomas and Bunker Hill-Sullivan, while Lake Shore continued fairly firm throughout the session.
Price movements were without definite trend on Monday
with most of the trading concentrated on the industrialshares
and specialties, several of which made moderate advances.
Light and power issues were dull, and stocks like American
Gas & Electric, Electric Bond & Share and American Superpower eased off before the close. Niagara Hudson, on the
other hand, was fairly steady. Among the mining and
metal issues, Aluminum Co. of America and Lake Shore
Mines were higher, but Newmont failed to join the advance.
Liquor shares were in demand, and while the advances were
not particularly noteworthy, the upward movement was
fairly steady. Gulf Oil, Humble Oil and Standard of Indiana
moved rather narrowly and market leaders like American
Cyanamid B, Swift & Co. and Sherwin Williams moved
within a narrow range.
The volume of sales again dwindled on Tuesday as the
market continued dull and irregular. Little or no activity
was apparent in the public utility group, most of the prominent issues showing practically no variation from the previous
close. Mining stocks were inclined to sell off, Lake Shore
Mines and Hargreaves yielding fractionally. Specialties
made the best showing, the most active stocks in the group
including Philip Morris A, Pan American Airways, United
Shoe Machinery, Sherwin Williams, American Cyanamid B
and Pittsburgh Plate Glass. Oil issues were quiet but continued steady and so were the liquor stocks.
The trend of the Curb market turned upward on Wednesday as stocks forged ahead under the leadership of the mining
and metal shares. Substantial gains were registered by
Aluminum Co. of America which was in active demand, and
by Newmont Mining and Lake Shore Mines. Alcohol shares
were firm but moved narrowly, while the public utilities
were somewhat mixed. Oil issues were in good demand
though most of the transactions centered around Standard
Oil of Indiana, Humble Oil and Gulf Oil of Pennsylvania, the
latter showing a closing gain of 1% points.
Curb market transactions were in larger volume on Thursday, and while prices moved over a comparatively wide
range, the trend was more or less indefinite. Miscellaneous
shares like Sherwin Williams, Great Atlantic & Pacific Tea
Co., Pittsburgh Plate Glass, Pennroad Corp. moved within
narrow limits. Pioneer Gold was active though little change
was apparent from the preceding close. Lake Shore Mines
was fairly steady and Newmont reacted about a point.
Alcohol shares were moderately firm, but made little progress
either way. Oil issues moved aroung within a narrow
channel, Standard Oil of Indiana making little change from
the previous close, while Gulf Oil of Pennsylvania was easier
and Humble Oil was firmer during most of the day. Public
utilities wore stronger, but the gains were generally confined
to small fractions.
The volume of trading continued low on Friday and many
of the leading stocks showed small losses at the close. Mining
shares were slightly under the previous final and while oil
issues displayed a firm tone, there were few in the group
that showed gains at the close. In the final hour the market
firmed up to some extent, but this made little impression on
the closing prices. As compared with Thursday of last week,
prices showed a slight inclination toward higher levels. Atlas
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
April 6 1934.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government Corporate.
188,205 $2,266,000
311.180 3.079,000
288,121 3,215,000
364.935 3,951,000
394.020 4,800,000
255.270 3,857,000
1,801,731 $21,168,000
Total
$711,000
1934.
$430,000 $22,309,000
Jan 110 April 6.
Week Ended April 6.
Sales at
New York Curb
Exchange.
Total.
$51,000 $2,366,000
64,000 3,220,000
63.000 3,321,000
56,000 4,223,000
127.000 5,148,000
69,000 4,031.000
$49,000
77,000
43,000
216,000
221,000
105.000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1933.
1934.
1933.
25,432,092
8,780,859
734,267
Stocks-NO.of shares1,801,731
Bonds.
Domestic
$21,168,000 $14,502,000
545.000
711,000
Foreign government
1,144,000
430,000
Foreign corporate__
$309,162,000
12,823.000
11,620,000
3215.848.000
9,603,000
12.699.000
$22,309,000 $16,191,000
3333.605,000
$238,150.000
Total
Course of Bank Clearings.
Bank clearings this week will again show an increase as
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ended to-day
(Saturday, April 7)bank exchanges for all cities of the United
States from which it is possible to obtain weekly returns, will
be 49.7% above those for the corresponding week last year.
Our preliminary total stands at $6,051,448,325, against
$4,042,748,322 for the same week in 1933. At this center
there is a gain for the five days ended Friday of 59.2%. Our
comparative summary for the week follows:
Clearings--Returna by Telegraph.
Week Ended April 7.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,613,665,384
188,586,407
268,000,000
179,000,000
52.437,499
58,500,000
90,401,000
78,045,564
57,723,997
48.185,282
53,256,769
21,265.000
$2,270,297,704 +59.2
137,831.588 +36.8
196,000,000 +36.7
141,000,000 +27.0
38,764.885 +35.3
43.500,000 +34.5
71.000,000 +27.3
56,597,602 +37.9
7,003,097 +724.3
31,577.307 +52.6
32,708,849 +62.8
12,923.653 +84.5
Twelve cities. 5 days
Other cities, 5 days
$4,709,066.902
500,473,369
$3,039.204,685
405,083,235
+54.9
•
+23.5
Total all cities, 5 days
Ali cities, 1 day
85,209,540.271
841.908,054
$3,444,287,920
598,460,402
+51.3
+40.7
56.051.448.325
88.042.748.322
+49.7
•rnto all raftsoo enr monalr
_ Complete and exact details for the week covered by the
foregoing will appear in-our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended March 31. For
that week there is an increase of 2.8%, the aggregate of
clearings for the whole country being $4,299,457,388, against
$4,182,236,508 in the same week in 1933. A part of this
increase is due to the fact that many of the banks in the
country in this week last year were operating on a restricted
basis.
Outside of this city there is an increase of 22.5%, the bank
clearings at this center having recorded a loss of 6.3%.
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,
there is a loss of 6.0%, but in the Boston Reserve District
there is a gain of 7.3% and in the Philadelphia Reserve District of 1.2%. In the Cleveland Reserve District, the totals
are larger by 21.2%, in the Richmond Reserve District by
7.3% and in the Atlanta Reserve District by 65.9%. The
Chicago Reserve District enjoys an expansion of 58.1%,
the St. Louis Reserve District of 25.3% and the Minneapolis
Reserve District of 21.9%. In the Kansas City Re.erve
District the increase is 48.1%,in the Dallas Reserve District
19.7% and in the San Francisco Reserve District 16.9%.
2358
Financial Chronicle
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar. 31 1934.
1934
1933.
Canada
32 cities
1931.
1932.
4,299,457,385
1,612,785,551
4,182,236,508 +2.8
1,316,383,217 +22.5
5,653,470,592
2,048,672,186
9,781,555.556
2,957,724,883
919 760 847
18076(463 437.9
22(295.923
March
1934.
March
1933.
Inc.or
Dec.
March
1932.
March
1931.
$
Federal Reserve Dist.
$
$
$
%
673,717,395 +45.1 1,150,471,186 1,880,972,014
977,724,241
1st Boston_ _ _ 14 cities
.
2nd NewYork.-13 " 15,567,558,455 11,756,809,790 +32.4 16,060,569,723 26.760.542.903
869,335,149 +48.6 1,402,189,8E5 1,839,121,901
1,292,023,050
3rd PhIladelpla 12 "
839,808,700
499,548,178 +68.1
905,993,935 1,302,252,072
465 Cleveland__13 "
418,381,913
219,088,030 +91.0
474,897,738
641,401,703
5th Richmond.8 "
468,095,257
198,619,647 +135.7
420,915,861
565,687,364
6th Atlanta_ ___15 "
729,417,423 +95.9 1,678,844,239 2,904,665,684
1,429,226,866
7th Chicago _ _25 "
.
460,558,350
8th St.LouLs___ 6 "
251,623,170 +83.0
409,592,123 .568,757,751
9th Minneapolls13 "
340,071,007
213,265,500 +59.5
312,239,587
435,335,525
584,928,968
336,011,433 +74.1
10th Kansas City14 "
557,692,815
736,775,771
11th Dallas
10 "
306,312,152
183,406,885 +68.1
276,003,090
380,853,006
836,561,674
12th San Fran 22 "
532,028,390 +57.2
842,113,160 1,139,890,737
Total
165 cities 23,523,250,633 16,462,870,978 +42.9 24,491,523,342 39,158,088,224
Outside N. Y. City
8,364,883,577 5,006,545,712 +67.1 6,882,078,982 12,989,703,242
22 Milan
Month of March.
Three Months.
Description.
1934.
1933.
1934.
Stocks, number of shares. 29,900,904 20,096,557
Bonds.
Railroad Sr miscell. bonds $211,679,000 $89,882,000
State, foreign, Sm.. bonds 60,728,500 47,885,500
U.S. Government bonds_
47,265,800 54,288,700
1933.
58.129.049
$776,752,000
225,861,000
142,548,700
$381,611,900
167,195,000
137,819,600
3319,673,300 5192,056,200 $1,145,161,700
Total bonds
141,296,205
$686,626,500
The volume of transactions in share properties on the
New York Stock Exchange for the three months of 1931 to
1934 is indicated in the following:
368.717.381
We also furnish to-day a summary of the clearings for
the month of March. For that month there is an increase
for the entire body of clearing houses of 42.9%, the 1934
aggregate of clearings being $23,523,250,633, and the 1933
aggregate $16,462,870,978. The large percentage of increase
is due in a good part to the banking holiday in March of
last year when all the banks in the country were closed for
a full week. After the banks were reopened a good many
were operating on a restricted basis. In the New York
Reserve District the totals record a gain of 32.4%, in the
Boston Reserve District of 45.1%, in the Philadelphia Reserve District of 48.6%. In the Cleveland Reserve District
the totals register an expansion of 68.1%, in the Richmond
Reserve District of 91.0% and in the Atlanta Reserve District of 135.7%. The Chicago Reserve District has enlarged
its totals by 95.9%, the St. Louis Reserve District by 83.0%
and the Minneapolis Reserve District by 59.5%. In the
Kansas City Reserve District the totals record a gain of
74.1%, in the Dallas Reserve District of 68.1%, and in
the San Francisco Reserve District of 57.2%.
Clanridn
the New York Stock Exchange is appended. The results
for March and the three months of 1934 and 1933 are given
below:
Inc.07
Dec.
Federal Reserve Mats.
3
$
$
%
$
460,833,135
1st Boston_ _ _12 cities
.
186,905,329
276,449,770
174,139,919 +7.3
2nd NewYork__12 2,763,476,147 2,939,982,036 -6.0 3,729,500,736 6,996,379,834
3rd Philadelpla 9 "
368,717,036
387,878,885
246,507,420
243,517,319 +1.2
6th Cleveland__ 5 "
323,289,205
168,910,050
139,334,134 +21.2
218,902,464
6th Richmond - 6 "
123,135,513
149,719,947
75,156,304 +7.3
80,605,381
5th Atlanta..
115,621,631
55,755,568 +65.9
89,644,443
...J0 "
92,496,187
7th Chicago - --19 "
691,293,256
395,086,513
319,365,550
201,999,627 +58.1
9th St.Loids___ 4 "
88,286,739
136,764,870
87,831,010
70,100,93 +25.3
Ilth Minneapolis 7 "
67,177,112
84,613,208
66,372,316
54,448,59 +21.9
10th Kansas cityie "
94,706,881
63,966,725 +48.1
89,462,659
133,613.850
11th Dallas
48,426,336
6 "
28,929,200 +19.7
36,304,079
34,638,957
253,121,399
12th San Fran 13 170,803,528
157,642,160
134,906,144 +16.9
Total
112 cities
Outside N. Y. City
April 7 1934
Our usual monthly detailed statement of transactions on
1 107 007 009
0.1.0 ti00 010 4-00 A
1 fill 7,1 777
1 ICA AAA 000
We append another table showing the clearings by Federal Reserve districts for the three months for each year
back to 1931:
3 Months
1934.
3 Months Inc.or 3 Months
1933.
Dec.
1932.
3 Months
1931.
$
9
Federal Reserve Dists.
3
%
1st Boston__ _ _14 cities 2,777,837,311 2.380,016,887 +16.7 3,502,880,809
2nd NewYork.-13 " 43.368.056,150 37.336.325.996 +16.2 46.906,956,751
3,517,294,967 3,363,685,779 +4.6 3,997,353,226
3rd Philadelpla12 "
2,365,425,937 1,975,270,733 +19.8 2,888320.068
.13 "
4th Cleveland.
1,175,005,403
981,940,885 +19.7 1,462,325,265
5th Richmond. 8 "
894,492,648 +46.9 1,289,818,910
1,313,601,254
6th Atlanta_._.15 "
3,912,265,730 2.828,086,725 +36.3 4,981,916,328
7th Chicago._ _25 "
1,285,362.217
931,423.826 +38.0 1,268,632,030
8th St.Louls___ 6 "
919,142,873
681,197,871 +36.4
929,418,339
965 MInneapolls13 "
1,581.509,304 1,182,441,657 +33.7 1,673,836,969
10th Kansas City14 "
869,081,228
908,898,172
650,418,829 +39.7
10 "
11th Dallas
2.308,369,090 1,763,967,995 +30.9 2,572,900,953
12th San Fran...22 "
$
5,391,966,503
74,444,682,824
5,511,830,463
4,250,436,917
1,839,759,311
1,758,681,351
8,623,625,637
1.647.178,734
1,248,546,285
2,334,836,877
1,164,035,044
3,510,023,170
1934.
1933.
1932.
1931.
No. Shares. No. Shares. No. Shares. No. Shares.
Month of January
February
March
54,565,349
86,829,952
29,900,904
18,718,292
19.314.200
20.096,557
34,362,383
31.716,267
33,031,499
First nuarter
141.296.205
58.129.049
99.110.149 172.263 282
42,423,343
64,182.636
65.658,034
The following compilation covers the clearings by months
since Jan. 1 1934 and 1933:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings. Total All.
Month.
1934.
1934.
1933.
1933.
9
$
Jan_ _ _ 21,405,271,488 20,122,335,279 +6.4 7,853,017,094 7,476,410,254 +5.0
Feb... 20,514,521,753 18,384,063,574 +11.6 7,014.619,755 6,220,346,776 +12.8
March. 23,523,250,633 16,462,870.978 +42.9 8,364,883,677 5,006,545,712 +67.1
1st qu_ 65,443,043,874 54,969,269,831 +19.1 23,232,520,426 18,703,302,742 +24.2
The course of bank clearings at leading cities of the country
for the month of March and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN MARCH.
March
Jan.1 to March 31
1934. 1933. 1932. 1931. 1934.
(000,000s
1933.
1932.
1931.
omitted.)
New York
15,158 11,456 15,609 26,168 42,211 36,266 45,512 72,692
Chicago
903
603 1,086 1,814
2,473
3,153
5,500
2.002
Boston
854
580 1,003 1,686
4,792
3,037
2,417
2,057
Philadelphia
1,239
831 1,327 1,705
3,206
3,747
5,124
3,359
St. Louis
291
170
852
1,243
277
399
805
611
Pittsburgh
352
1,168
1,855
258
368
854
601
1,008
456
315
1,021
1,414
San Francisco
463
1,880
628
1,284
774
997
Baltimore
220
103
246
607
488
336
Cincinnati
180
574
759
100
413
186
248
509
857
1,201
Kansas City
290
167
283
621
388
810
919
1,354
246
106
294
673
578
Cleveland
445
443
596
794
209
142
202
268
580
Minneapolis
570
305
235
378
New Orleans
102
12
120
167
939
1,758
631
847
349
Detroit
317
13
299
243
302
203
Louisville
107
53
76
300
100
359
193
308
467
136
58
102
162
Omaha
84
118
147
99
35
25
35
47
Providence
124
226
307
33
74
101
153
Milwaukee
56
166
322
272
365
498
115
72
120
Buffalo
94
48
68
104
247
155
199
268
St. Pau
298
88
61
88
69
208
188
249
Denver
138
115
59
71
172
Indianapolis
45
25
226
116
73
115
150
344
282
Richmond
350
444
176
104
48
58
146
Memphis
61
26
170
110
145
267
211
97
70
313
Seattle
416
39
60
121
101
Salt Lake City....
41
28
132
185
89
37
52
100
Hartford
33
29
113
155
Total
Other cities
21,841 15,457 22,734 36,769 60,722 51,265 66,854 104,400.
1,682 1,000 1,758 2,389
4,721
3,704
5,429
7,328
Total all
23,523 16.463 24,492 39,158 65,443 54.969 72,283 111,728
Outside New York_ 8.365 5,007 8,882 12,990 23,233 18,703 26,771 39,035
165010166 65,443,043,874 54,969,269,421 +19.1 72.282.851,061 111,727,595,116
Total
23,232,520,426 18,703,302,742 +24.2 26,770,546,844 39,035,476,366
Outside N.Y.City
We now add our detailed statement showing the figures
for each city separately for March and since Jan. 1 for
('anode
two years and for the week ended March 31 for four years:
22 Algae
1 493 567900 9 AM fiR0 677 4-23.8
3.103.494.918
4 148 010 920
CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 31.
Week Ended March 31.
Three Months Ended March 31.
Month of March.
Clearings at
1934.
1933.
Inc. or
Dec.
$
$
%
1934.
$
1933.
Inc. or
Dec.
1934.
1933.
Inc. or
Dec.
1932.
1931.
$
%
$
$
%
$
$
First Federal Reser ye District- Boston
Me
-Bangor
1,150,032
2,279,749
Portland
1,914.910
7.104.617
-Boston
Mass.
580,466,377
854,334,284
Fall River
1.804,540
2,662,428
Holyoke
1.055,083
1,453.233
Lowell
687.390
1,311,069
New Bedford
1,805,044
2,612,742
Springfield
9,092,052
11,628,882
Worcester
3,166,694
5,293,250
-Hartford
Conn.
33,044,417
29,210,769
New Haven
14,231,470
14,392,561
Waterbury
4,984,900
3,080,900
-Providence......
24,512,200
R. 1.
34,532,900
N.H.
-Manchester._ _
2,C89,209
1.539,934
Total(14 cities)
977,724.241
+98.2
+271.0
+47.2
+47.5
+37.7
+90.7
+44.7
+27.9
+67.2
+13.1
+1.1
+61.8
+40.9
+35.7
673,717,395 +45.1
6,180,630
21.623,243
2,417.460,918
7,488,704
4,226,750
3,569,586
7,346,261
33.200,240
15,268,162
100,058,019
42,964.319
13,606,000
99,396,000
5,442,479
4.076,424
17,687,517
2,057.474,291
6,626,366
3.802,241
3.066,600
5,880.787
31,938,415
17,126,052
88,898,46C
44,397,024
10.440,300
83,608.100
4,994,310
+51.6
+22.3
+17.5
+13.0
+11.2
+18.4
+24.9
+4.0
-10.8
+12.6
-3.2
+30.3
+18.9
+9.0
419,973
1.430,107
164.971,466
469,741
2,777,837,311
2,380.016,887 +16.7
186,905,329
347,902 +20.7
624,052 +129.2
151,752.748 +8.7
438,470 +7.1
426,364
2,216,998
239,580,027
660,732
748,683
3,643,911
412,156.919
1,178,357
331,404
572,742
2,347,450
1,081,271
5,406,148
2,433,126
179,716
365,093
2,332,015
825,199
6,947,417
2,774,933
+84.4
+56.9
+0.7
+31.0
-22.2
-12.3
440,590
762,052
3,429,542
2,134,795
10,081,609
6,275,874
477,745
853.021
6.133.800
3,355,138
12,877.343
6,817.684
7,024,800
417,101
7,256,600 -3.2
295,774 +41.0
9,301,500
539,681
11,974.300
616,234
276,449,770
460.833,135
Imi
174.139.919
+7.3
2359
Financial Chronicle
Volume 138
CLEARINGS-(Continued).
Week Ended March 31.
Three Months Ended March 31.
Month of March.
Clearings at
1934.
1933.
$
i
Second Federal Res erve District -New York
N. Y.
-Albany
32,603,801
53,037,157
Binghamton
3,322,521
2,537,473
72,163,705
114,624,333
Buffalo
Elmira
1.957,429
2,459,047
Jamestown
1,280,449
2,007,624
New York
15,158.367,056 11,456,325,266
Rochester
28,565,900
21,118,225
Syracuse
10,743,664
14,174,916
Conn.
-Stamford
9,396,374
9.157,719
N. 1.
-Montclair
1,643.410
1,517,991
Newark
56,517,665
70,834,469
Northern N. J
106,211,860
88,088,010
Oranges
2,434,319
3,277,862
Total (13 cities)
Inc. or
Dec.
1934.
1933.
%
$
Inc.or
Dec.
1934.
1933.
Inc. or
Dec.
1932.
1931.
%
$
$
%
$
5
$
3,641,746
124,238,352
5,352.520
113,472,249 +9.5
+62.7
639,827
11,581,897
681,836
9.735.380 +19.0
+30.9
21,748,811
26,570,880
322,242.620
272,017,277 +18.5
+58.8
495,338
6.870,647
466,590
7,774,371 -11.6
+25.6
278,895
5,698,089
390,625
5,185,546 +9.9
+56.8
+32.3 42,210,523.448 36,265,967,089 +16.4 2,686.671.837 2.865,853,291
5,237,815
80,012.542
5,036,166
72.313,248 +10.6
+35.3
43,143,791
2,950,703
3,077,464
39,677,200 +8.7
+31.9
1,975.557
2,218,961
31,854,153
28,460,020 +11.9
-2.5
326,869
4,680,727
221,881
5,181,999 -9.7
-7.6
14,251,512
14,086,858
202,435,925
201,016.325 +0.7
+25.3
22,581,672
18,700,529
314.640.006
305,210,017 +3.1
+20.6
10.133,953
10,315,275 -1.8
+34.7
5,794,589
7,111,239
+47.0
1,627,294
895,619
+6.6
52,258,595
36,711,877
+22.2
1,209,643
927,456
-5.8
1,229.123
570,822
+40.1
-6.3 3,604,798,406 6,823,830,673
13,305,780
10,169,469
-3.8
6,589.829
4,126,774
+4.3
3,750.976
2.550,000
+12.3
782,182
712,244
--32.1
35,646,396
-1.2
27,454,020
50,354,754
-17.2
33,472,810
15,567,558,455 11,756,809,790 +32.4 43,368,056,150 37,336,325.996 +16,2 2,763,476,147 2,939,982,036
-6.03.729.500.7366.996.379.834
111 eg ,
Third Federal Rese rve District- Philadelphia Pa.
-Altoona
913,634 +56.3
1.428,437
Bethlehem
b
b
b
Chester
833,373 +39.6
1,163,191
Harrisburg
5,482.240 +20.5
6,605,260
Lancaster
2,127,217 +50.7
3,205.479
Lebanon
909,493 +33.9
1,217,525
Norristown
1,373.93 +33.0
1,827.794
831,240,00 +48.1
Philadelphia
1,239,000,000
Reading
2,325,52 +85.6
4.315.333
Scranton
8,012,95 +26.1
10,103.386
4,744,86 +64.3
7,794.461
Wilkes-Barre
York
2.913.90 +39.4
4.062,184
8,458.000 +33.6
Trenton
11,300,000
4,070,298
b
3,337,498
18.961,852
8,875,907
3,412,320
5,191.583
3,359.000.000
13.111,964
27.233.479
18,000,419
11,593,047
44.506,600
2.360,380
b
2,840,477
20,911,545
9,088,891
3,233,196
4,602,553
3.205,962,000
15,116,160
25,347,529
16,891.152
10,523,296
46,808,600
+72.4
b
+17.5
-9.3
-2.3
+5.5
+12.8
+4.8
-13.3
+7.4
+6.6
+10.2
-4.9
869,335,149 +48,5
3,517,294,967
3,363.685,779
Fourth Federal Res erve District- -Clevelandcc
c
•
Ohio-Akron
13,747,189
6.2
5,126,868
5,442,419
Canton
509.396,888
99,936.910 +80.2
180,132,501
Cincinnati
672,577.006
106,206.968 +131.4
245,774.226
Cleveland
101,316,300
19,690,750 +85.0
36,423,700
Columbus
4,597,114
1,005,090 +83.2
1,841,586
Hamilton
1,506,715
a 112,513 +366.1
524,398
Lorain
13.431,289
2,423.988 +113.7
5,180,464
Mansfield
b
b
b
b
Youngstown
1,591,018
434,133 +26.0
Pa.
547.054
-Beaver County - _
983,024
208,270 +41.3
294,371
Franklin
1,868,635
292,442 +156.5
750,055
Greensburg
258,115,989 +36.5 1,008.168,919
352,382.771
Pittsburgh
19,157,583
2,609,988 +72.1
4,490,928
KY.
-Lexington
17,084,257
3,384,269 +78.0
W. Va.-Wheeling...
6,024,227
-
c
8,328,509
412.629,783
578,389.561
74,634,150
3,841.298
915,281
8,510.671
b
1,648.555
755.014
2.144,396
854,297,392
13,640.183
15,535,940
Total(12 Mit%)
1,292,023,050
f.
499,548,178 +68.1
2.365,425.937
Fifth Federal Reser re District- Richmond
802,768 -23.5
W.Va.-Huntington _ _
614,517
7,719,000 +9.4
8,447,000
Va.-Norfolk
116,162,967
72,785,808 +59.6
Richmond
c
c
c
N.C.
-Raleigh
1.452,518 +130.1
S. C.
3,341,886
-Charleston_ __ _
b
6,960,002
Columbia
219,570,639
103,
210.223 +112.7
Md.-Baltimore
466.766 +130.3
1,075,028
Frederick
b
b
h
Hagerstown
32,644.947 +90.6
D. C.
62,209,874
-Washington
1,609,283
23,576.000
343.945.631
c
10,701,100
17,868,615
607.316,889
2,948,790
b
167,039,095
Total (13 cities)
Total(8 cities)
Sixth Federal Reser re
Tenn.
-Knoxville
Nashville
Ga.-Atlanta
Augusta
Columbus
Macon
Fla.
-Jacksonville_ __ Tampa_
Ala -Birmingham....
Mobile
Montgomery
Miss.
-Hattiesburg_ .
Jackson
Meridian
Vicksburg
1.5.
-New Orleans _ __ Total (15 cities) _ _ _ _
839,808,700
859,119 -14.9
2,298,777
5.318.647
237,000,000
682,071
1.574,908
3,295,159
804,271
1,983.000
235,000,000 +0.9
805,004 -15.3
1,584.284 -0.6
1,272,073 +159.0
842,592 -4.5
2,721,000 -27.1
354.000.000
2,804,682
2,822,453
1,877,036
1,485,156
2,430,300
364,000.000
2,998.417
4,045,014
2.967,537
2.864,424
4,081,700
+4.6
246,507,420
243.517,319
+1.2
368.717,036
387.878.885
c
+65.1
+23.5
+16.3
+35.8
+19.7
+64.6
+57.8
b
-3.5
+30.2
-12.1
+18.0
+40.4
+10.0
c
c
38,487,656
51,658,189
7,427,500
c
c
31,457,555 +22.3
34,008,911 +51.9
5.733,800 +29.5
c
c
42.149.880
71,902,803
8,326.300
c
c
64,413,707
110.409,444
16,021,900
1,007,872
b
714,591 +41.0
b
992,321
b
1,689,404
b
4-1:5
95,531,160
130,754.750
1,975 270.733 +19.8
168.910,050
139,334,134 +21.2
218,902,464
323,289,205
-54.4
8.5
+21.9
c
+43.6
+188.0
+24 4
+35.2
b
+0.5
126,421
1,863,000
24,901,803
260,884 -51.5
1,904,000 -2.2
20,744.151 +20.0
367,786
2,396,170
25,365,113
572,161
4,257,747
34.857,146
3,532,091
25,769,000
282,242,424
c
7,451,017
d6,205,325
488,335,954
2,180,585
b
166,224,489
1,816,653
71,984,649
79.187,939
29,028,301
80,605,381
+77.9
+36.2
+60.8
+60.9
+26.3
+90.6
+34.6
+20.0
+71.6
+34.9
+45.8
+27.9
b
+6.0
+23.6
+29.3
1,769,687
9,243,322
35,500,000
880,639
2,957,449 -40.2
8,465,978 +9.2
24,700,000 +43.7
684,587 +28.6
2,476,244
8,948,485
28,200,000
939,511
1.500.000
12,007.575
36,245,883
1,411.940
529,830
12,319,000
391,750 +35.2
7,945,031 +55.1
513,449
10,006,624
972,461
11.545,885
12,105,440
882,093
9,826,199 +23.2
694,312 +27.0
8,474,165
883,940
14,419,679
1.507,591
80.541
19,185,635
90,262 -10.8
b
92.585
29.109.440
168,969
35,841,648
1,313,601,254
894,492,648 +46.9
92,495,187
55,755,588 +65.9
89,644,443
115 021 531
. .
697,726
6,234,561
847,380,575
16,170,261
18,913,948
3,713,993
10,371.553
6,739,296
19,740,204
137,865,000
8,685,115
46,839,628
5,299.189
152,733,281
3,590,914
3,510,505
b
63.830,816
39,058
408,119
71.245,481
e--581,826 -29.o
8,099.743 +779.6
120,721
1,052,497
69,942.093
188,574
1.441,253
145,125.027
1.315,920
505,838 +160.2
4,043,323
5,777. 60
3
887,674
488,740
393,402 +125.6
281,018 +73.9
890,200
1,018,822
2.761,319
2.619,951
8,608,000
767.239
2,957.796
6,850,000 +25.7
212,087 +261.8
2,833.845 +4.4
11,531,000
1.266,492
2.847,247
16.475.000
2,192,621
3,767.048
11,391.228
9,772,322 +16.6
290,640
209,266,107
619,192
1,981.553
522,176
656,697
219,345
163.144.698
288,800
1,588,625
488,078
797.814
319,365,550
14,000,000
101,133,188
293,400,000
8,345,085
4,656,900
4,171,575
96,302,007
11,526,598
97,869.025
9,271,088
4,906,020
8,607,000
b
3,513,036
1,310,204
235,480,922
28,376,058
b
2,409,581
3,907,875
2,472,734,207
6,081.286
30.368,989
6,311,979
9,759,190
521,243 +33.9
6,795,026 -8.2
349,460,822 +142.5
9,016.992 +79.3
18,032.896 +4.9
5,539,453 +33.0
3,924,238 +164.3
7.341,174 -8.2
13,904,204 +42.0
115,404,715 +19.5
9,061,779 -4.2
37,683,697 +24.3
2,644,601 +100.4
123,598,262 +23.5
1,069,654 +235.7
2,023,858 +73.5
b
b
51,444.263 +24.1
b
b
19,323.123 +46.9
b
b
1,425,092 +69.1
5,982.522 -34.7
2,001,593,774 +23.5
4,098,113 +48.4
21,949,516 +38.4
5,284,329 +19.4
10,863.379 -10.2
729,417,422 +95.9
3,912,265,730
2,828,086,725 +38.3
1,000,000
-7.5
149.719,947
.
198,619.647 +135 7
460,558,350
40,001,650
461.324 +27.3
43,250,221
22,021.795
981,940,885 +19.7
Seventh Federal Re serve District --Chicagoe
Mich.-Adrian
238,706
+7.9
1,782,971
Ann Arbor
1,923,895
al2,854,956 '12 465.5
Detroit
316,911,111
Flint
1,674,594 +277.7
6,325,353
2,410,994 +178.6
Grand Rapids
6,716,172
2,130.405 -42.0
Jackson
1,235,633
356.105 +1158.4
Lansing
4,481.096
Ind.
1,020,586 +132.0
-Ft. Wayne
2,368,130
Gary
4,383,516 +56.7
6,871,088
24,610,715 +83.9
Indianapolis
45,247,000
South Bend
a566,557 +483.0
3,307,905
Terre Haute
11,255,650 +32.0
14,860,715
a649,329 +204.3
Wis.-Madison
1,975,572
33,443,128 +67.9
Milwaukee
56,148.361
Oshkosh
c
1,232,656
e
Iowa-Cedar Rapids
- -- 1,220,480
b
Davenport
b
b
811,996.530 +99.3
Des Moines
23,907,794
b
b
Iowa city
b
5,656,685 +84.7
Sioux City
10,446,862
h
b
Waterloo
b
-Aurora
a 177.410 +385.3
111.
860,902
a684,770 +133.4
Bloomington
1,598,187
602,850,600 +49.8
Chicago
903,270.805
1.141,813 +104.4
Decatur
2,334,136
5,980,349 +69.7
Peoria
10,148.957
1,716,646 +33.5
Rockford
2,292,459
2,073,113 +59.3
Springfield
3,302,891
Total(6 cities)
587,164
67.419.277
123,135,513
24,905,999
137.767,189
471,700,000
13,430,673
5,880.517
7,952,048
129,588,465
13,831,801
167,951,806
12,504,681
7,152,385
11,008,000
b
3,724,074
1,619,213
304.584,403
Total (25 cities).... 1,429.226,866
70,328,833
+7.3
District- Atlanta
e
10,294,846
28,112,187 +81.3
50,967,123
86,200,000 +94.7
167,800,000
2,758,811 +68.7
4,952,976
1,326,074 +63.5
2,167,835
1.361,643 +165.5
2,798,245
26,935,927 +78.1
47,974,438
3.094,526 +51.7
4.695,628
29,511,093 +112.1
62,605,623
2,500,797 +71.7
4,293.854
1,288,189 +98.4
2,555.990
2,313,000 +60.2
3,706,000
b
b
b
1,011,900 +30.8
1,323,236
279,766 +55.4
434,874
al1,925.734 +753.9
101,824,589
Eighth Federal Res erve District- -St. Louis
Ind.
b
b
-Evansville
b
New Albany
b
170,359.804
Mo.-St. Louis
291,173,216
52.750,923
Ky.-Louisville
107,192,076
b
Owensboro
b
2,369,872
Paducah
b
25,989.164
Tenn.
-Memphis
60,635,595
III.-Jacksonville
a14,410
148,463
a138.988
Quincy
1.409.000
730,686
+6.7
8,535,724 +53.8
1,175,005,403
468,095,257
'
755,473
b
847.673
202,877
b
230,370
75.156,304
219.088,030 +91.0
418.381.913
-4.1
546,011
b
452,621
216,437
b
220,888
b
b
b
+70.9
+103.2
b
____
+133.3
+929.6
+913.8
b
b
804,989,768
300,071,443
b
b
175.728,814
452,192
4,120,000
251,623.170 +83.0
1,285,362,217
b
b
611,238,433
203,192,829
b
10,840.020
103,590,254
258,213
2,304,077
b
b
+31.7
+47.7
b
b
+69.6
+75.1
+78.8
931,423,826 +38.0
13.125,343
b
b
b
b
15.801,480
25.542.212
____
628,065
2.700,473
5,542.448
4.160,349 +33.2
5,337,029
7.514,322
2.135.675
b
1,781,837 +19.9
b
2,996,160
b
4,524.327
b
+32.5
+28.3
+114.4
+24.7
+7.0
-17.7
972,118
270,929,628
592,513
2,391,717
1,101,230
1,624.178
2.123,730
458,915,912
987,018
3,477.244
2.606,606
2,553,259
201,999,627 +58.1
395,086,513
691,293,256
241,807
b
e
b
b
b
56,000,000
19,986.612
47.000,000 +19.1
15.430,663 +29.5
61,700,000
15.127,096
99.600,000
24.778,189
11,512.398
b
332,000
7.670,272 +50.1
b
b
10,898,983
b
560,660
11,492,940
b
893,741
87,831,010
70,100.935 +25.3
88,286,739
136,764.870
2360
Financial Chronicle
April 7 1934
CLEARINGS
-(Concluded.)
Month of March.
Three Months Ended March 31.
Clearings al
1934.
Inc. or
Dec.
1933.
8
$
%
Ninth Federal Rese eve District- Minneapolis
Minn.
-Duluth
8,299,482
5,914.376 +40.2
Minneapolis
+47.2
208,850,153
141,893,284
Rochester
700,222
524,318 +33.5
St. Paul
93,665,336
47,905,811 +95.5
N. Dak.-Fargo
7,065,155
5,165,315 +116.5
Grand Forks
e
3,469.000
Minot
525.707
405.539 +29.6
S. Dak.-Aberdeen_ _
1,725.732
1.605,393 +7.5
Sioux Falls
3,512,227
2,514,065 +39.7
1,469.251
780,099 +88.3
Great Falls
1,709,492
818.717 +108.8
Helena
8,929,230
5,644,683 +58.2
Lewistown
150,020
93.900 +59.8
1934.
1933.
$
8
Week Ended March 31.
Inc. or
Dec.
%
1934.
$
1933.
8
Inc. or
Dec.
1932.
%
$
1931.
$
23,227,106
579,559,180
2,114,909
246,963,656
18,766,402
9,182,300
1,459,877
5.170,843
10.151,706
3,926,327
4,788,741
23,688.543
418,749
19,191,824
442,828,885
1.879.527
155,123,699
16.111,485
5,689,000
1,320,596
5.381,082
7,826,004
2,767,253
3,537,377
19,212,332
328,807
+21.0
+30.9
+12.5
+59.2
+42.0
+61.4
+10.5
-3.9
+29.7
+41.9
+35.4
+23.3
+27.4
1,630,463
41,696,981
1,382,480 +17.9
38,458,581 +8.4
2,235.853
45,590,184
3,758,060
55,785.567
99,324,981
1,258,812
11,291,974 +71.1
1,239,127 +1.6
15.306,775
1,659,197
19.198,703
1.847,106
830,078
213,265.500 +59.5
929,418,339
Tenth Federal Res e rye District- Kansas City-346,727
Neb.-Fremont
182,725 +89.8
b
.357,781
Hastings
Lincoln
9,479,333
5,403,888 +74.4
57,836,146 +135.5
136,205,184
Omaha
5,932,836
4,151,780 +42.9
Kan.-Kansaa City_ _ _
6,610,634
Topeka
5,871,520 +12.6
5,355,611 +72.2
9,221.996
Wichita
981,134 +29.9
MO.
1,274.037
-Joplin
289,570,275
167.220.810 +73.2
Kansas City
11,670,896
7,586,604 +53.8
St. Joseph
22.198.313
12.651.315 +75.5
Okla.
-Tulsa
1.828,000
2,044.710 -10.6
Colo.
-Colo. Springs_
60.901,375 +44.9
88,259,886
Denver
1,973,070
5,823,804 -66.1
Pueblo
885,870
920,408
25.163,717
359,080,890
17,655.986
20,711,628
24,276,287
3,921,189
810,012,529
36,231,531
63,864,203
5,590,703
207,608,140
5.586,223
.
Total (13 citles)---
Total (14 citles)___ .
340,071.007
584,928,968
336,011,422 +74.1
Eleventh Federal 1 eserve Distric t-Dallas
3.280,868
2.390,891
Texas
-Austin
1.837,251
2,494,600
Beaumont
80,860,931
Dallas
142,228,067
11.396.495
7.121,293
El Paso
20,224,420
16,393.568
Fort Worth
8.520.000
5,270.000
Galveston
108,824,290
Houston
61,642.727
Port Arthur
1,114.153
621.909
2,467,262
1,609.000
Wichita Falls
7,761.997
5,659,315
La.
-Shreveport
1,581,509,304
327.649
458,088 -28.5
646,162
264.540
190,947 +38.5
301,049
564,733
1,868,890
1,427,400 +30.9
1,437,892
2,628,961
681,197.871 +36.4
66,372,316
54,448,597 +21.9
67.177,112
84,613,208
017.385
d950,000
17,695,092
193,337,654
16,460,325
18,444,790
32,741,714
3 473 617
. .
620,821,416
27.642,604
45,235,327
6,687.621
187,978,423
10,055,689
82,959
60,592
2.030,384
27.359,010
51,451 +61.2
b
1,243,296 +63.3
14,867,170 +84.0
181,893
153,999
2,062.572
21,502.280
351,146
442,149
3,258,376
34,583,403
1,160,966
1,926,101
1,294,389 -10.3
1,170,720 +64.5
1.403.352
3,667,932
2,312.473
5,035,348
59,027,453
2,362,991
43,108.203 +36.9
1,814,909 +30.2
56,982,836
2,308,773
81,824,603
3,831.556
-3.4
-3.1
+42.2
+85.7
+7.3
+12.3
-25.9
+12.9
+30.5
+31.1
+41.2
-16.4
+10.4
-44.4
309,315
109,231 +183.2
440,596
643,657
387,110
307,356 +25.9
758,426
1,331,139
94,706.881
63,966.725 +48.1
89,462,659
133,613,850
'
1,182,441,657 +33.7
+37.2
+35.8
+75.9
+60.0
+23.4
+61.7
+76.5
+79.2
+53.3
+37.2
9,634.942
8,755,10C
412,700,261
33,045,517
62,768.693
27,805,000
318,767,269
3,505.602
7,391.388
24,524,400
183,406.885 +68.1
908,898.172
Twelfth Federal R serve District -San Francl sco1,703,000
1,042.000 +63.4
Wash.-BaHingham_ _
97,231.437
69.088.431 +40.7
Seattle
29,367,000
7,682,000 +282.3
Spokane
1,949,324
695,545 +180.3
Yakima
3,095,712
Idaho-Boise
1,368,301 +126.2
Ore.
-Eugene
552,000
305,000 +81.0
Portland
104,845,480
47,987,298 +118.5
Utah-Ogden
1,935,080
1,096,199 +76.5
Salt Lake City
41,300,069
27.961.180 +47.7
Ariz.
-Phoenix
8,907,977
4.486.111 +98.6
3.244,294
Callf.-Bakersfield
1,598.323 +103.0
Berkeley
25,511,970
9,846,060 +159.1
Long Beach
11,034,717
8,880.709 +24.3
Modesto
1.987,320
951,27C +108.9
Pasadena
11.903,507
8,848,732 +34.5
Riverside
2,873,932
1.562,036 +84.0
Sacramento
14,380,756
10.513,756 +36.8
San Francisco
455,596,448
315,170,182 +44.6
San Jose
6,714,617
4,285,418 +56.7
Santa Barbara
3.921,492
2,843,449 +37.9
Santa Monica
3,532,289
2,837.192 +24.5
Stockton
4,973.253
2,979,198 +66.9
4,429,000
267,133,214
75,825,000
5,570,830
9.406,985
1,426.000
250,140,503
5.916,196
120.567,294
25,205,584
9,446,242
70,133,010
33,746,08C
5,857.502
34,663,407
8,068,428
41,276.645
1,283,971.541
19,259,345
11,842,835
10,234,852
14,248,597
3,315,000 +33.6
210,658,748 +26.8
39,543,000 +91.8
3,087,134 +80.5
6,133,7" +52.8
971,000 +46.9
159,763.732 +56.6
4,124,511 +43.4
100.779,107 +19.6
16.529,448 +52.5
6,409,699 +47.4
33,796,003 +107.5
30.229,276 +11.6
3,613,919 +62.1
31.822,715 +8.9
6,326,828 +27.6
41,341,313 -0.2
1,020,849,403 +25 8
14,407,935 +33.7
9,881.156 +19.9
9,179,750 +11.5
11,182,523 +27.4
2.472.752
2,337,772
+5.8
2,817.171
5.350.149
2,045,103
2,040,230
+0.2
3,267.531
4,182,968
2,595,119
93,627,368
1,372.746
637,607
713,372
940.248
1,942,578
81,240,010
1,010.643
617,552
703,241
742,473
+33.6
+15.2
+35.8
+3.2
+1.4
+26.6
5,993,258
102,260,700
1,460.026
1,062.015
898,801
1,016,511
6.179.001
150.008.281
2,585,014
1.748,943
1,423,036
1,751,400
2,308,369,090
1,763,967,995 +30.9
157,642,160
•
Total(10 cities)
Total (22 cities)_ _
308.312,152
836,561,674
532,028,390 +57.2
8,247,075
7,081,051
283.874,277
25,894,198
50,389.390
21,738,000
221.792.768
2.463,387
5,879.000
23,059,683
650,418,829
Grand total (165 cities) 23,523,250,633 16,462,870,978 +42.9 65,443.043,874 54,969,269,831
687,942
932,876 -26.3
1,422.330
1.595.190
27,591,730
21,038.096 +31.2
25,587.509
33.636,971
3,784,364
1,490,000
+16.8
+23.6
+45.4
+27.6
+24.6
+27.9
+43.7
+42.3
+25.7
+6.4
3,664,446 +3.3
1,271.000 +17.2
5,703,611
1,755.000
7,290,301
2.392.000
1,084,921
2,022,782 -46.4
1,835,629
3.411.874
34,638,957
28,929,200 +19.7
36,304,079
48,426.336
18.977,930
5,628,000
408,326
18,511,908 +2.5
3,037.000 +85.3
203.136 +101.0
21,033,769
5,653,000
419,009
29.625,048
8,682,000
889,568
19,561,430
14,987,206 +30.5
16,977,324
25,725,504
8,662,159
7,532,395 +15.0
7,944,413
14,970,487
+39.7
134,906,144 +16.9
+19.1 4,299.457,388 4.182,236.508
170,803,528 253.121,399
+2.8 5,653,470,592 9.781,555,556
Outside New York_ __ _ 8,364,883,577 5,006,545,712 +67.1 23,232.520,426 18,703,302,742 +24.2 1.612.785,551 1.316,383,217 +22.5 2,048,672,186 2,957.724,883
CANADIAN CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 29.
Week Ended March 29.
Three Months Ended March 31.
Month of March.
Clearings at
1934.
Canadavfontreal
Coronto
ffinnipeg
lancouver
)ttawa
tiebec
lalitax
larallton
)algary
it. John
lictorla
'...ondon
Edmonton
legina
3randon
Athbridge
Saskatoon
vfoose Jaw
Irantford
i'orL William
7ew Westminster
dedicine Hat
'eterborough
Sherbrooke
Citchener
Vindsor
'riots Albert
4oncton
fingston
ihatham
arida
udbury
Total(32 cities)
__
$
359,871,575
472,397,728
132,539,739
63,367,865
16,567.168
15,253.679
8,323.696
15,248,782
17,294,714
6,326.414
6,395.618
10.567,356
14,652.178
12,172.695
1,045.636
1,434.578
4,328,700
1,776,878
3,058,459
2,166.091
2,003,532
807,546
2,510,613
2,131.177
4,849.766
9.015,347
1.084.397
2,706.516
1.992,423
1,703,510
1,695,042
2,698,484
1,197.987,902
1933.
$
267.249,626
305,793.875
175,903,885
45,629,608
14,753.573
14.182.191
7,576,668
12,659.013
18,347,604
5,368.230
4.860,662
9,089,628
12.377,272
13,288,363
1,022,628
1,180,008
4,332.592
1.710,102
2,741.689
1,811,907
1,521.825
672,279
2,032.701
1,918.415
3,103,245
7,633,420
968,220
2,241.712
1,857,618
1,568,431
1,344,778
1,727.768
Inc.or
Dec.
%
+34.7
+54.5
-24.7
+38.9
+12.3
+7.6
+9.9
+20.5
-5.7
+17.8
+31.6
+16.3
+18.4
-8.4
+2.3
+21.6
-0.1
+3.9
+11.6
+19.5
+31.7
+20.1
+23.5
+11.1
+56.3
+18.1
+12.0
+20.7
+7.3
+8.6
+26.0
+56.2
946.469,635 +26.6
1934.
$
1,041.993,261
1,362.157.231
402,578,461
178,917,274
49,692,895
44,100.823
23.993,746
43,085,73'9
52,439,295
18,693,718
18,411.087
28.769,735
43.056,098
32.245,968
3.094,590
4,330,778
12,714.515
5,363,426
9,001.498
6,280,065
5,597,896
2,311,447
7,037.229
6,172,774
12.449.523
25.333.211
3.058.436
7,889,685
5,758,340
5.231.823
4.893,980
7,212,658
3,473,867.205
1933.
$
848.077,300
967,081,571
407.958,993
137,479.016
43,092,400
42,349,325
22,368.041
37,364,748
52,549,215
16,749,964
14.634,526
26.337,057
39.041,446
34,075,160
2,914,307
3.463.585
12,569.424
5.491,013
7.911,857
5,322,426
4,559.724
1,920,922
6,015,549
5,789.229
8,993,922
23,192.485
2,556,606
6.885,664
5,466.050
4.799,329
4,007.475
4,871,548
Inc. or
Dec.
%
+22.9
+40.9
-1.3
+30.1
+15.3
+4.1
+7.3
+15.3
-0.2
+11.6
+25.8
+9.2
+10.3
-5.4
+6.2
+25.0
+1.2
-2.3
+13.8
+18.0
+22.8
+20.3
+17.0
+6.6
+38.4
+9.2
+19.6
+14.6
+5.3
+9.0
+22.1
+48.1
2,805.889,877 +23.8
1934.
$
80.355.829
95,490,962
24.845,559
13,797.730
3,335.683
3,026,203
1,886,048
3,117,970
3,461.499
1.378,339
1,306.843
2,303,013
3,028.082
2,128,595
227.630
304,392
822.244
368,419
637,646
397,459
451.216
167,302
537,885
498,962
715,565
2,174,681
205,458
649,778
404,951
378,315
299,826
656.763
249,360,847
1933.
Inc. or
Dec.
1932.
1931.
%
+56.3
+53.2
-16.0
+51.6
+18.8
+14.8
+35.5
+22.0
-0.1
+20.5
+48.6
+43.5
+25.2
+19.9
+26.0
+28.9
-3.0
+18.0
+8.0
+17.5
+33.3
+34.2
+22.4
+39.3
+13.4
+55.9
+26.6
+26.4
+15.6
+25.6
+50.9
+93.4
$
69.694.491
70,590,434
40,548.871
12,549.602
4.464,316
3,652.503
2,086,300
3,229,040
5,297,737
1,649,877
1,524,904
2.333,111
3,185,118
2,652,931
369,878
260,37u
1,356,024
474.642
664.894
583.786
401,590
155,156
563,066
518,564
711.113
2,284,325
281.405
592,124
471,594
361,697
327,274
459,183
$
143,354,933
119,835,245
28,955.919
17.087,542
6,308,699
5,868,032
2,933,790
5.055,625
6,008.152
2,226,895
1.971.982
3,004,377
5,679,381
6,146.598
389.626
450,000
1.425.408
611.704
1,048,726
644,043
612,624
209,371
656,516
768.198
1.113,772
2,764371
325,655
680.922
647,403
546,617
483,327
901,928
180,764,463 +37.9
234,295.920
368.717.381
8
51,409,213
62,320,289
29,590,938
9,101,173
2,807,515
2,635,572
1,391,470
2,555,105
3,465,960
1.143,530
879,240
1,604,887
2,418,550
1,774.886
180,704
236,074
855,194
312,191
590,661
338.278
338,531
124,640
439,445
358.225
631,239
1,394,965
162.286
513.954
350,203
301,255
198,713
339,577
a Figure much smaller on account of bank holiday. b No clearings available. c Clearing house not functioning at present. d January and February Igures. e No
Estimated.
clearings; banks closed.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 21 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £190,979.339
on the 14th instant, showing no change as compared with the previous
Wednesday.
During the week under review, the Bank of England announced purcnases of gold to the value of £101,175.
In the open market the amount of gold disposed of during the week
amounted to about £3,200,000. The market has become more normal and
demand has again been general: some shipments have been made to New
York. but the margin on such operations as become less attractive.
A feature of the week has been the large arrivals in this market of gold
from Germany.
Quotations during trio week:
IN LONDON.
Eluivalent Value
Per Fine
cf £ Sterling.
Ounce.
March 15
12s. 5.554.
136s. 4d.
March 16 12s. 5.464.
136s. 5.d
Marcn 17
12s. 5.374.
136s. 6d.
March 19
12s. 5.37d.
136s. 6d.
Marco 20
12s. 5.74d.
136s. 2d.
March 21
12s. 5.92d.
136s.
Average
12s. 5.57d.
136s. 3.83d.
The following were the United Kingdom imports and exports of gold
registered from n id-day on the 12th instant to mid day on the 19th instant:
Imports.
Exports.
Germany
£36,880
£3,618,796 Netherlands
Netherlands
84.654
85,209 Prance
Belgium
43.990
17,612 Austria
Prance
8.500
2.042,461 Arabia-Saudi Arabia... __
Switzerland
5,400,831
143.168 U. S. A
f
ical A
17,879
820
British &luta Africa
1,654,185
British India
1.137.322
British Malaya
34,180
Hongkong
104,208
Australia
254,897
Other countries
33,466
-E9,144,203
E5,574,855
Gold statements from Bombay last week amounted to about e523.000:
tne B.S. Kaisar-i-Hind carries £422,000 and the S.S. California £101,000,
411 of which is destined for London.
SILVER.
During the past week, the market has been affected by developments in
the Un.ted States of America. On the 15th instant the Secretary of the
United States Treasury stated tnat the Administration was averse to
further action being taken witn regard to silver foi the present, and this
had an immediate effect, prices in the London market declining 9-164. on
the following day to 20 1-164. for cash and 20%d. for forward delivery
respectively. In the circumstances, there was little support forthcoming
and selling by Caine and America and re-ssles by speculators easily depressed the market. A recovery followed, but on the 19th instant taere
was a further decline in toe absence of support, prices on that day being
quoted at 19%d. and 19 15-164. for the respective deliveries. Yesterday.
prices again recovered on some speculative and Indian demand, the m„,rket
possibly being influenced by the report tnat the United States House of
Representatives had passed a bill providing for the acceptance of silver at a
premium up to 25% above current world prices in payment of American
agricultural surpluses. Meanwaile, it is reported tnat a representative of
toe United States Government is going to China and Japan, tnere to
examine the question of silver.
The position remains very uncertain, but it seems that furtner silver
legislation in the United States of America is not likely to be encouraged
for toe eime being, in watch case the tendency of prices is likely to be downward. A great deal depends, however, on the attitude of bull speculators
wno acquired silver in the belief that some official intervention was imminent.
The following were the United Kingdom imports and exports of silver
registered from mid-day on tne 12th instant to mid-day on the 19th instant:
Imports.
Exports.
Soviet Union (Russia)
£48,700 Germany
£1,770
Germany
24,726 Persia
16,411
Prance
5,804 British India
5.000
U. 8, A
18,286 New Zealand
1.259
Australia
16,050 Otner countries
4,359
Canada
4.700
Em Utah India
14.658
New Zealand
8.680
Japan
2,816
Otner countries
1.067
£145,487
£28,799
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per M., Std.
(Cads per Ounce, .999 Fine)
Cash Deliv, 2 Mos. Dello.
March 15
20 11-16d.
20%d.
Marco 14
47
March 16
20 I-16d.
205d.
March 15
454
Marcn 17
20 std.
20 o-16d.
Marcia 16
45 13-16
March 19
195d.
March 17
19 15-16d.
45 13-16
Marco 20
203-16d.
Marcn 19
2051d.
45%
March 21
19 1,-16d. 20d.
March 20
45%
Average
20.2194.
20.1564.
The highest rate of exchange on New York recorded during the period
from the 15tia instant to the 21st instant was $5.11% and the lowest $5.085 e
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Mar. 15. Mar. 7. Feb. 28.
Notes in circulation
17.661
17,658
17.729
Silver er h and bullion in India
9,772
9,823
9.894
Gold con and bullion in India
3,765
3,765
3.756
Securities (Indian Government)
4,124
4.070
4,079
The stocks in Shangnai on the 17th instant consisted ot about 149,900,000
ounces in syeee, 355,000,000 dollars and 19,800 silver bars as compared
with about 149,300.000 ounces in sycee, 350,000,000 dollars and 18,700
elver bars on the 10th instant.
ENGLISH-FINANCIAL MARKET
-PER CABLE.The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Sat.,
Mar. 31.
Silver, p. oz_d_ Holiday
Gold, p. fine oz Holiday
Consols, 210._ Holiday
British 314%
War Loan__ Holiday
Brith 4% '60-90 Holiday
French Ratites
(in Paria)3% fr. Holiday
French War L'n
On Paris)5%
1920 amort_ Holiday
Thurs.,
Frt.,
Wed.,
Tues.,
Mon.,
.4pr. 5.
Apr. 4.
Apr. 6.
Apr. 2.
Apr. 3.
4
204.
204.
191 d.
204.
19)44.
135s. 2d. 134a. 3d. 1345. 3d. 134s. 854d. 1368. ld.
80%
81
81 1-16
80%
81
10451
11251
66.30
103.80
10414
11234
10414
11234
10451
10451
11251
11234
66.40
66.40
66.50
104.25
104.25
106.00
67.90
106.50
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (etc)
2361
Financial Chronicle
Volume 138
46
4651
4554
4534
4651
4654
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:
Mar. 31 Apr. 2 Apr. 3
1934. 1934. 1934.
Francs. Francs. Francs.
10,500
Bank of Franc..
1.335
Banque de Paris et Pays 139.9--151
Banque d'Union Parisienne_ ___
262
Canadian Pacific
19,900
Canal de Snez
2,360
Cie Distr (VElectricitle
1,680
Cie Generale d'Electricitie
27
Cie Generale Transatlantique
210
Citroen B
1,001
Compton* Nationale d'Escompte
150
Coty S A
265
Courrieres
677
Credit Commercial de France _
1,930
Credit Lyonnais
2,530
Eaux Lyonnais
676
Energie Electrique du Nord_
804
Energie Electrique du Littoral
528
Kuhlmann
HOLT- HOLT690
DAY. DAY.
L'Air Liquid,
872
Lyon (P L M1
1,208
Nord Ry
806
Orleans Ry
63
Pathe Capital
950
Pechiney
66.30
Rentes. Perpetuel 3%
72.30
Rentes 4% 1917
71.90
Rental 4%, 1918
79.00
Rentes 414% 1932 A
80.10
Heroes 414%, 1932 B
103.80
Rentes 5%. 1920
1,660
Royal Dutch
1.165
Saint Gobain C & C
1,505
Schneider & CM
50
Societe Francalse Ford
66
Societe G(..nerale Fanciers
2,505
J
Societe Lyonnalse
532
Societe Marseillaise
136
Tubize Artificial Silk prod
721
Union d'Electricitie
94
Wagon-Lits
Apr. 4
1934.
Francs.
10.600
1,348
153
267
19.900
2,395
1,7130
213
1,003
160
267
686
1.950
2.520
678
798
538
700
875
1,220
810
65
975
66.40
72.60
72.30
79.40
80.40
104.25
1,670
1,189
1,510
50
65
2,525
532
142
728
96
Apr. 5
1934.
Francs.
10,800
1.381
165
268
19,600
2,410
1,760
26
219
1.005
150
272
699
2,010
2.570
6,0
825
544
720
908
1,275
814
66
1,012
66.50
74.00
73.70
80.40
81.30
106.00
1,690
1,250
1,521
52
68
2,575
532
144
745
93
Apr. 6
1934.
Francs.
10,900
-ia
19,800
1,760
• 29
_
160
2:65
2,600
__
730
810
__
67:645
.
74.75
74.30
81.00
82.00
106.60
1.690
55
__
- --
THE BERLING STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Mar. Apr. Apr. Apr. Apr.
31.
2.
3.
4.
5.
Per Cent of Par
Reichabank (12%)
153 150 149
87
87
87
Berliner Handels-Gesellschaft(5%)
49
49
49
Commerz-und Privet Bank AG
63
64
64
Deutsche Bank und Diseento-Gezellsehatt
65
64
64
Dresdner Bank
113
113 113
Deutsche Relchsbahn (Ger Ris)Pre((7%)
29
29
30
Allgemeine Elektrizitaets-Gesell(A E 0)....
129 129 128
Berliner Kraft u Licht(10%)
Holt- Hon- 120
120 119
Dessauer Gas(7%)
99
98
day day 100
Gesfuerel(5%)
115 112 114
Hamburg Elektr-Werke (8%)
143 140 140
Siemens & Retake(7%)
142 139 139
10 Farbenindustrie(7%)
144 144
_
Sslzdetfurth (714%)
201 202 202
Rheinlsche Braunkohle(12%)
116 113 115
Deutsche Erdoel(4%)
67
68
67
Mannesmann Hoelaren
28
29
29
Hapag
34
33
33
Norddeutscher Lloyd
Apr
6.
152
87
48
63
64
113
29
130
120
99
113
142
138
146
203
116
66
30
34
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
April 6 1934:
/Md. Ask.
Md. Ask.
33 Hungarian defaulted coups /90
Anhalt 7s to 1946
129
84
Hungarian Ital Bk 7345.'32 /80
Argentine 5%, 1945. 2100
32
34
Jugoslavia 58 1956
95
pieces
14117
Jugoslavia coupons
Antioqula 8%. 1946
129
Koholyt 610. 1943
/66
Austrian DefaultedCoupons 1100
16- Land M Bk, Warsaw 8s.'41 69 72
Bank of Colombia. 7%.'47 117
71
Bank of Colombia. 7%.'48 117
20 Leipzig Oland Pr.634a,'46 /68
44 Leipzig Trade Fair 71, 1953 /50
521z
142
Bavaria 614s to 1945
Luneberg Power. Light &
Bavarian Palatinate Cons.
129
32
152
Water 7%,1948
Cit. 7% to 1945
24 Mannheim & Pallet 78, 1941 17
Bogota (Colombia) 654. 47 122
Munich 75 to 1945
Bolivia 6%. 1940
40
33
Mimic Bk, Hessen. 75 to'45 / 9
13
2
8
Buenos Aires scrip
14811 2:Municipal Gas & Elea Corp
Brandenburg Elec.65, 1953 /I0--18 01
5
56
Recklinghausen. 7s, 1947 152
Brazil funding 5%. '31-'51 5712 5912
Brazil funding scrip
571z • ---- Nassau Landbank 6148,'38 15812 6012
British Hungarian Bank
Natl. Bank Panama 614%
14112 43
1946-9
15512 5712
734s. 1962
Brown Coal Ind. Cons
Nat Central Savings Bk of
Hungary 734s. 1962..... /5512 5712
165
651s. 1953
70
Call (Colombia) 7%. 1947 /13
15 National Hungarian &
62
Callao (Peru) 73.5% 1944
159
Mtge.7%,1948
7
10
41
Ceira (Brazil) 8%, 1947
10 Oberpfalz Elec. 7%,1946_ /37
7
Columbia scrip
/28
32 Oldenburg-Free State 7%
131
36
Costa Rica funding 5%,'51 44
to 1945
46
Costa Rica scrip
20
146
---- Porto Alegre 7%,1968_ ___ 118
City Savings Bank, BudaProtestant Church (Ger3 12
44
pest. 7s, 1953
132
many). 7s. 1946
,33 140
/52
54
Dortmund Mun Util 65.'48 /681
7012 Prov Bk Westphalia 68.
Duisburg 7% to 1945
6312
32 Prov Bk Westphalia 68.'36 151
/27
Duesseldorf 7, to 1945_
79
32 Rhine Westph Elea 7%,'36 177
128
East Prussian Pr. 68. 1953_ 145
26
48 Rio de Janeiro 6%, 1933._ 125
European Mortgage & InRom Oath Church 651s.'46 /59
61
15317 65 R C Church Welfare 7s.'46 /36
vestment 710, 1960_ _
40
French Govt. 5115. 1937_ 160
170 Saarbruecken 53 Bk 6s,'47 /87
French Nat, Mall SS.63.'52 143 147 Salvador 7%, 1957
271;
126
Frankfurt 7e to 1945
/29
33 Salvador 7% at? of dep '57 122
24
German Atl Cable 7s. 1945 1491
17
5112 Salvador scrip
113
German Building & LandSanta Catharine (Brazil).
bank 634%, 1948
51
8%. 1947
149
112 13
121 24
German defaulted coupons. /63
67 Santander (Colon:)7s. 1945
German scrip
119'z 21 Sao Paulo (Brazil) 65, 1943 /23
24
German called bonds
Saxon State Mtge. 6s. 1947 /681
/40
Haiti 6% 1953
73 Serbian 5s, 1956
70
32
34
Hamb-Am Line 610 to '40 18112 8512 Serbian coupons.
/411
Hanover Harz Water Wks.
Slem & Ilaiske deb 6s. 2930 /315 335
6%, 1957
137
41 Stettin Pub Util 75. 1946_ j49
51
Housintt & Real Imp 75,'46 /50
53 Tucuman City is. 1951_ __ /32
33
Hungarian Cent Mut 7a.'37 145
49 Tucuman Pros'. 75, 1950._ /51
56
Hungarian Discount /t ExVesten Eleo Ry 75, 1947__ 129
34
change Bank 7s, 1963.-- 141
43 Wurtemberg 7s to 1945__ _ /40
4212
I Fiat price.
2362
Financial Chronicle
April 7 1934
Condition of National Banks Dec. 30 1933.
-The statement of condition of the National bank• under the Comptroller's call of Dec. 30 1933 has just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including Dec. 31 1932 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON DEC. 31 1932 AND JUNE 30, OCT. 25
AND DEC. 20 1933.
Dec. 31 1932
Dec. 30 1933
Oct. 25 1933
June 30 1933
(6.016 Banks) (4,902 Banks a)(5,057 Banks a)(5,159 Banks a)
Assets
Loans and discounts (including rediscounts)_b
Overdrafts
United States Government securities owned
Other bonds, stocks, securities, &c., owned
Customers' liability account of acceptances
Banking house, furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with other banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with endorsement
Securities borrowed
Payment to Temporary Federal Deposit Insurance Fund
Other assets
Total
9,844,036,000
3,688.000
3,760.886,000
3,822,550,000
198,486,000
760,269,000
169.835.000
1,625,840,000
308,716.000
2,518,412.000
60,959,000
39,408,000
5,422,000
8.027.000
8,116,972.000
2,800.000
4,031.576.000
3,340,055,000
225,835,000
641,694.000
132.187,000
1,412,127,000
288,478,000
2,381,333,000
37,008,000
37,428,000
4,912,000
4,359,000
8,257.937,000
4,224,000
4.111.645,000
3,383,270,000
198,820,000
646,292,000
158,422,000
1,684,024,000
329,786,000
2,149,654,000
25,543,000
38,387,000
4,330,000
3,699,000
184,440.000
203,721 ,000
202,616,000
8,101,156,000
3,053,000
4,469,147,000
3,401,625,000
229.956,000
645,278,000
158,530,000
1,747,364,000
343.117,000
2,313,454,000
43,250,000
40,474,000
14,005,000
5,716,000
14,934,000
216,424,000
23,310,974,000 20,860,491,000 21,198,649,000 21,747.483,000
Liabilities
Demand deposits, except United States Government deposits, other public funds and
deposits of other banks
Time deposits, except postal savings, public funds and deposits of other banks
Public funds of States, counties, municipalities, &c
United States Government and postal savings deposits
Deposits of other banks, certified and cashiers' checks outstanding and cash letters of
credit and travelers' checks outstanding
Total deposits
Circulating notes outstanding
Agreements to repurchase United States Government or other securities sold
Bills payable and rediscounts
Acceptances of other banks and bills of exchange or drafts sold with endorsement..
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks
Securities borrowed
Interest, taxes and other expenses accrued and unpaid
Other liabilities
Capital stock (see memorandum below)
Surplus
Undivided profits, net
Reserves for contingencies
Total
7,423,865,000
6,516,931,000
1,118,850,000
795,477.000
7,035,751,000
5,354,017,000
1,089,388,000
1,024,374,000
7,180,766,000
5,484,561,000
1,076,691,000
1,095,139,000
7.331,057,000
5,519,119,000
1,253.554,000
1,125,215,000
2,662,984,000 2,270,585,000 2.218,051,000 2,360,937,000
18,518,107,000 16,774,115,000 17,056,208,000 17,589,882,000
778.566,000
780,069.000
730.435,000
746,913.000
5,905,000
22,053,000
13.412.000
9.223,000
81,987,000
100,366,000
348,596,000
117,855,000
14,005,000
5,422,000
4,330.000
4,912,000
235,718.000
205,624,000
207,368,000
229,304,000
6,816,000
2,747,000
7,777,000
3,374.000
5,716,000
3,699,000
8,027.000
4,359.000
45,100,000
60,009,000
46,208,000
41,617,000
81,622,000
77,710.000
127.985.000
88,743,000
1,634.484,000 1,515,647,000 1,566,698,000 1,588,250,000
880,670.000
916.183.000
940,598.000
1,173,278,000
236,022,000
264,376.000
269.785,000
235,600,000
197,224,000
176,344,000
164.709,000
166,845.000
23,310,974,000 20,860.491,000 21,198,649,000 21,747.483,000
Memorandum:
Par value of capital stock
Class A preferred stock
Class B preferred stock
Common stock
75.119,000
3,800,000
1.488,682,000
140,295,000
4,400,000
1,444.759,000
Total
1,634.484.000 1,517,205,000 1,567,601,000
Details of Cash in Vault
Gold coin
820,000
12,753.000
1,034,000
Gold certificates
917,000
21,887,000
1,245,000
All other cash in vault
328,049,000
286,199,000
274,076,000
Details of Demand Deposits
Deposits subject to check (except those of other banks, the United States Government and States, counties, municipalities, &c)
7,202.331,000 6,825,317,000 6,987,348,000
Certificates of deposit
90,914,000
75.490,000
95,569.000
Public funds of States, counties, school districts or other subdivisions or municipal's
865,307,000
848,475,000
851,715.000
Deposits of other banks, trust companies located in United States
12,204,000
8,901,000
Foreign countries
1.000,000
127,100,000
Other demand deposits
102,504,000
1 134,904,000
Details of Time Deposits
Public funds of States, counties, school districts or other subdivisions or municipal's
211,384.000
267.135.000
240,913,000
Certificate of deposit
725,343,000
766,783,000
1,024,642,000
Deposits evidenced by savings pass book
5,126,931,000 4,281,521,000 4,394,201,000
Christmas savings and similar accounts
48,211,000
34,912,000
j
Open accounts
287,6:39,000
365,358.000 1 249,206,000
Postal savings
578,817,000
574,713,000
542,948,000
Deposits of other banks and trust companies located in United States
54,410,000
46,563,000
49,250,000
Foreign countries
5,515,000
711,000
299,000
Deposits, payment of which has been deferred beyond time originally contemplated
29,167,000
21,595,000
Percentages of Reserve
Central Reserve cities
11.33%
11.307
11.337
0
Other Reserve cities
7.03%
6.94
6.74%
All Reserve cities
8.687
8.65
8.55%
4.7807
Country banks
4.78;
0
9
4.70%
Total United States
7.17%
7.16 o
6.99%
a Licensed banks which were operating on an unrestricted basis. b Includes customers' liability under letters of credit.
1.589,454,000
4lontinercia1and Miscellaneous
1.634,484.000
ntxus
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
March 4.
-First National Bank in Mott, Mott, N.Dak
$50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President: R. E. Trousdale. Cashier: E. H.
Trousdale. Will succeed No. 9489, The First National Bank
of Mott.
-The First-American National Bank in Tucumcari,
March 26.
Tucumcari, N M
100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President: H.B. Jones. Cashier: Earl George.
Will succeed No.6288, The First National Bank of Tucumcari,
and No. 10594, The American National Bank of Tucumcari
_ _ 100,000
March 27.
-Citizens National Bank in Windber, Windber,
Pa_Capital stock consists of $50,000 common stock and $50,000 preferred stock. President: Henry K. Sarver. Cashier: Ralph
Weaver. Will succeed No. 6848, The Citizens National Bank
of Windber.
March 28.
-Security National Bank of Superior, Superior, web....
50,000
President: Chas. P. Griffin. Cashier: Paul E. Schmeling. Conversion of The Security State Bank, Superior, Neb.
-Peoples National Bank in Lakewood. Lakewood, N. J. 100,000
March 29.
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President: Osborne W. Havens. Cashier:
Robert W. Janvier. Will succeed No. 7291. The Peoples
National Bank of Lakewood.
-The First Nat. Bank in Clear Lake, Clear Lake,Iowa_ 50,000
March 29.
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President: C. A. Knutson. Cashier: L. W.
Sherman. Will succeed No.7869, The First National Bank of
Clear Lake.
-The Citizens Nat. Bank in Hammond,Hammond,La. 50,000
March 30.
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President: W. A. Graves. Cashier: J. M.
Scurlock. Will succeed ..4o. 11977, The Citizens National Bank
of Hammond.
-The Lincoln National Bank of Chelsea, Chelsea, Mass. 100,000
March 30.
President: Samuel R. Cutler. Cashier: Francis P. Maroney.
Will succeed No. 11270, The National City Bank of Chelsea.
51.193,000
2,600,000
1,463,412,000
762,000
1,136,000
341,219,000
7,114,024,000
91,365,000
1,008,658,000
12,094,000
158,000
125,668,000
244,896,000
662,366,000
4,544.084.000
9,518,000
281,306.000
570,479.000
52,071.000
6,357,000
21,845,000
11.357
7.08
8.70
4.83
7.19
CONSOLIDATIONS.
March 29.
-The First National Bank of Elgin, Elgin, Ill
300,000
and Elgin City Banking Co., Elgin, Ill
300,000
Consolidated to-day under the provisions of the Act of Nov. 7
1918, as amended Feb. 25 1927 and June 16 1933, under the
charter and title of "The First National Bank of Elgin," No.
1365, with capital stock of $300,000 and surplus of $300,000.
CHANGE OF TITLE.
March 24.
-The Union National Bank of Little Rock, Little Rock,
Ark., to "Union National Bank of Little Rock."
BRANCHES AUTHORIZED.
March 24.
-National Bank of Detroit, Detroit Mich. Location of
branch: 7380 Grand River Ave., Detroit Mich. Certificate
No. 978A.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Share.
100 Safe Guard Check Writer (Del.) no par
53 lot
2,000 General Implement Co. (Del.) no par
$1 lot
2 22-100ths Wilkes-Barre - Hazleton Corp. (Del.) corn., no par; 2 22-100th
Wilkes-Barre & Hazleton Corp.(Del.) pref., no par; 3 Rochester & Syracuse
RR. Co., Inc., corn., voting trust cit. of First Trust & Deposit Co., dated
Oct. 21 1922, par $100
$3 lot
26 First Custodian Shares Corp. (Del.) corn., par $25
$44,500 lot
6 Second Custodian Shares Corp. (Del.) common, par $25
$9,025 lot
Bonds.
Per Cent.
$289,000 general mortgage leasehold 7% bonds, due Sept. 1 1943 of 400 Madison Avenue Corp. Int. from March 1 1931; $362,500 purchase money mortgage, due Oct. 11934,of 400 Madison Avenue Corp. Int.from April 1 1931 $150 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Share.
10 National Shawmut Bank,Boston, par $25
22,l4
20 Webster & Atlas National Bank, par $50
30
6 Ware River Road, par $100
8534
100 Jacksonville Traction Co., Ott, of dep., Par $100:6 Oestrum Confectionery
Co., common, par $10; 6 ()estrum Confectionery Co., pref., par $10: $125
North End St. Railway fractional receipt
$4 lot
50 New England Public Service Co.,$6 Pret
5
1 Boston Insurance Co., par $100
452
Volume 138
Financial Chronicle
Bonds,
Per Cent.
$2,000 Lackawana & Wyoming Valley Rd. Co. deb. 68, Feb. 1 1948. coupon,
Feb. 1934 on. Coupons from 1931 up to Feb. 1934 missing
$2 lot
$2,500 Fishers Island Corp., April 15 1945 20
-year non-interest bearing debs-$100 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
•
$ per Share.
10 Montgomery,Inc., preferred
$18 lot
214 Montgomery, Inc., common
$1 lot
100 Central-Penn National Bank, par $10
235
SOPS.Co.for Insur. on Lives & Granting Annuities, par $10
28%
Bonds—
Per Cent.
$1,000 Associated Gas & Electric Co..634%.cony.,series A. Registered
1134
$2,000 Johnstown Passenger Ry.Co.,4%,ref., due Deo. 1 1931, ctts. of dep—
35
81,500 Pan Handle Traction Co.,5%,due Oct. 1 1932
$5 lot
$2,000 Syracuse Rapid Transit Ry. Co.. 5% 2nd mtge., due Jan. 1 1930.
Certificate of deposit
$11 lot
8500 Wheeling Traction Co.,5%,1st mtge.. due Jan. 1 1931. Ctf. of dep
$4 lot
By A. J. Wright & Co., Buffalo:
Shares. Stock.
10 Angel International Corp
5 The Como Mines
$ per Share.
10c
50c
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.
When Holders
Per
Share. Payable. ofRecord.
Railroads
Carolina Clinch!old & Ohio (quar.)
•- $1 Apr. 20 Apr. 10
Stamped certificates (quar.)
Sla Apr. 20 Apr. 10
Lehigh & Wilkes Barre (quarterly)
Apr. 21 Apr. 12
Northern RR. of New Hampshire (quarterly)
Apr. 30 Apr. 6
$1
Piedmont & Northern (quarterly)
July 10 June 30
7
Syracuse Binghamton & New York (quar.)
3% May 1 Apr. 21
so,
Public Utilities.
American Cities Power & Light Corp.—
Class A convertible (quarterly)
r.37 May 1 Apr. 11
.
0
Associated Electrical Industries, Ltd., common_
Atlantic City Electric, preferred (quarterly)— May 1 Apr. 9
Bell Telephone Co. of Penna.. COM.(quar.)Mar.31 Mar.31
Calgary Power Co., preferred (quarterly)
$134 May 1 Apr. 14
Columbia Gas & Electric Corp., common
/12he May 15 Apr. 20
5% cumulative & convertible pref. (quar.)
$134 May 15 Apr. 20
6% preferred (quarterly)
31A May 15 Apr. 20
Commonwealth Edison Co. (quar.)
$1 May 1 Apr. 14
Commonwealth Telephone (Madison, W
67. preferred (guar.)
$114 Apr. 14 Mar.31
Des Moines Gas Co. 8% pref. (quar.)
Si Apr. 2 Mar.20
7% preferred (qtaxterly)
8734c Apr. 2 Mar.20
Eastern Gas & Fuel Associates, corn.(quar.)
The June 1 May 15
Prior preferred (quarterly)
ulyj e 15
$1i145 July
Jun
une 5
6
$6 preferred (quarterly)
J
Eastern Township Telephone (quar.)
18c Apr. 15 Mar.31
Edison Elec. Illuminating Co.of Boa.(quar.)..
May 1 Apr. 10
$2
Electric Bond & Share Co., $6 pref.
1
May 1 Apr. 6
(quar.)---$5 preferred (quarterly)
134 May I Apr. 6
Fitchburg Gas & Electric (quart.irly)
6
Apr. 16 Apr. 4
Green & Coats Street Phila. Passenger Ry
75c Apr. 7 NW.23
Preferred
$144 July 7 June 22
Preferred
$1 A Oct. 6 Sept.22
Greenfield Gas Light,6% pref. (quar.)
75c May 1 Apr. 16
Hawaiian Electric (monthly)
15c Mar. 20 Mar. 15
Illinois Commercial Telep. $6 pref. (quar.)
$155 Apr. 14 Mar.31
International Utilities Corp.,$7 prior pref. (qu.) 8734c May 1 Apr. 30
_$334 prior preferred, series 1931 (guar.)
43
May 1 Apr. 30
Jamaica Water Supply, 734% pref. (5.-a.)
$1% May 1 Apr. 10
Jefferson Electric
25e Apr. 20 Apr. 10
Kittanning Telep. (quarterly)
50c Apr. 10 Apr. 4
Lexington Phone, 634% pref. (quar.)
$111 Apr. 14 AUr.31
Lone Star Gas Corp., 634% pref. (quar.)
$1.62 may 1 Apr. 20
Los Angeles Gas & Electric Corp.. prof. (guar.) $134 May 15 Apr. 30
Maine Gas Cos.(quarterly)
25c Apr. 15 Apr. 1
Preferred (quarterly)
$134 Apr. 15 Apr. 1
Massachusetts Pow.& Light Assoc., hat pt.(qu.)
50c Apr. 16 Apr. 6
Michigan Gas & Electric Co.,7% prior lien stock 8734c May 1 Apr. 16
$6 prior lien stock
75e May 1 Apr. 16
Missouri Edison Co., $7 cure. pref. (quar.)_
581-3c Apr. 2 Mar.20
Missouri Power & Light, $6 pref. (quar.)
1.134 Apr. 2 Mar.20
National Telep. & Teleg., 3334 1st pref. (quar.)
88e May 1 Apr. 16
2d preferred (quarterly)
3.8c May 1 Apr. 2
Nevada-California Electric, pref
$1. May 1 Mar.31
Peoples Telephone Corp. (quar.)
$134 Apr. 15 Mar.31
Philadelphia Electric (quarterly)
45c May 1 Apr. 10
Public Service Corp. ofNor. III., 6% pref. (qu.) $134 May 1 Apr. 14
707 preferred (quar.)
3134 May 1 Apr.
Public Service Co. of Colo., 7% pref. (hro.)---- 50 1-3c May 1 Apr. 14
14
6 preferred (monthly)
50c May 1 Apr. 14
5 preferred (monthly)
41 2-3e May 1 Apr. 14
Rockland Light & Power (quarterly)
20c May 1 Apr. 16
Southern California Edison Co., Ltd. cons
2% May 15 Apr. 20
EApringtield Gas Light
SOc Apr. 16 Apr. 4
Tampa Gas, 870 pref.(quarterly)
0( (
(quer.)
$2 Mar. 1 Feb. 20
707 preferr
quarterly)
$134 Mar.
Toledo Edison Co., 77 preferred (monthly)— 58 1-3e May 1 Feb. 20
1 Apr. 14
6% preferred (monthly
50c May 1 Apr. 14
5% preferred (monthly)
41 2-3c
1
United Light & Rys.(Del.).7% prior pref.(mo.) 53 1-3c May 1 Apr. 14
May
Apr. 16
7 prior preferred monthly
53 1-3c June I May 15
7 prior preferred monthly
53 1-3c July 2 June 16
6.36 prior preferred monthly
53c May 1 Apr. 16
6.36 prior preferred monthly
May 15
6.36% prior preferred monthly
53 July 2 June 16
53c
c
6% prior preferred monthly)
50c May 1 Apr. 16
6% prior preferred monthly
50c June I May 15
6% prior preferred monthly
50c Juty 2
16
United Telephone Co.(Kan.), % pref.(quar.)_ jui Apr. 16 June 31
Mar.
Banks and Trust Companies—
Corn Exchange Bank & Trust Co.,corn.(quar.)75c May 1 Apr. 23
Fire Insurance Companies.
American Alliance Insurance (quarterly)
25c Apr. 16 Apr. 6
Fireman's Fund Insurance Co.(San Fran.),(qu.)
75c Apr. 16 Apr. 5
Great American Insurance Co. (quar.)
25e Apr. 16 Apr. 6
Niagara Fire Insurance (N.Y.)(qu.)
$1 Apr. 2 Mar.27
North River Insurance Co. (attar.)
15c June 11 June 1
Extra
5c June 11 June 1
Northwestern Title Insur. Co.(quar.)
82 Apr. I Mar.31
Richmond Insurance of N. Y. (quarterly)
10c May 1 Apr. 10
Extra
25c May 1 Apr. 10
Rochester American Insurance (N. Y.) (quer.).
25c Apr. 16 Apr. 6
Standard Fire Insurance (Trenton, N.J.)
40c Apr. 23
I
Miscellaneous.
Administered Fund
American Bankstocks (guar.)
American Coal Co.of Allegany Co.(N.J.)
American Paper Goods (quarterly)
15c
2c
p50c
50c
Apr. 15 Apr. 6
Apr. 16 Apr. 7
May 1 Apr. 10
May 1 Apr. 20
Name of Company.
2363
Per
When Holders
Share. Payable. ofRecord.
Miscellaneous (Concluded)—
American Smelting & Refining, 7% 1st pref_--- h$434 June 1
Amparo Mining
lc May 10 Apr. 30
Arlington Mills (quarterly)
$1 Apr. 16 Mar.30
Bandini Petroleum (monthly)
1Sc Apr .20 Apr. 3
Beatty Bros., Ltd., pref. (quar.)
May 1 Apr. 14
$
Belding-Corticelli, Ltd., corn. (quar.)
gi May 1 Apr. 14
Beneficial Industrial Loan Corp., corn. (quar.)_ 3734c Apr. 30 Apr. 16
Preferred, series A (quarterly)
8734c Apr. 30 Apr. 16
Briggs Manufacturing Co. (quar.)
25c Apr. 30 Apr. 16
British American Assurance, common
3% Apr. 3 Mar. 24
British American Tobacco—
Amer. dep. rec. for. 5% bearer stock (s.
9.2c Apr. 7 Mar. 1
-a.)
Amer. dep. rec. for 5%, pref. reg. (s.
9.2c Apr. 7 Mar. 1
-a.)
Amer. dep. rec, for ord.
'bearer (interim)_--- 20.5c Apr. 7 Mar. 1
Amer. dep. rec. for ord. reg. (interim)
.
A ry. 6
2 1 t kf 17 Mar.
6.
0
Brown Shoe Co.. preferred (quar.)
1 Apr. 26
Burcline's Inc., preferred (quar.)
$1
Calamba Sugar Estates (quar.)
40c July 1 June 15
7% preferred (quar.)
35c July 1 June 15
Camps Corp. 6;X% preferred (quarterly)
3134 May 1 Apr. 16
Canadian Bronze Co., Ltd., corn. (quar.)
15c May 1 Apr. 20
Preferred (quarterly)
$134 May 1 Apr. 20
Cerro de Pasco Copper Corp
50c May 1 Apr. 16
Coca-Cola Bottling Corp., class A (quar.)
Apr. 5
6254c A . 12 mar.31
Coen Companies, Inc., class A common (quar.)
Consolidated Cigar Corp., pref.(quar.)
June 1 May 15
Prior preferred (quarterly)
May 1 Apr. 16
Coronet Phosphate (quarterly)
$1 i
Crescent Creamery, 707, preferred
15 APr.
0
$1 Apr.. 2 M ar.1?
Cresson Consol. Gold Mining & Mill Co.(quar.)
3c May 15 Apr. 30
Curtiss-Wright Export, 6% pref. (quar.)_ _
$134 Apr. 15 Mar.31
Dictaphone Corp., common
25c Apr. 21 Apr. 13
Preferred (quar.)
$2 June 1 May 18
Diversified Trustee Shares, series D (s.-a.)
9.67c Apr. 15
Egry Register Co. A (guar.)
50c Apr. 1 Mar. 15
Employers Group Assoc. (quarterly)
100 Apr. 30 Apr. 16
Fairbanks (E. & T.) & Co., pref. (s.
$334 Apr. 2 Mar.31
-a.)
Fanny Farmer Candy Shops. pref. (quar.)
60e Apr. 2 Mar. 15
Federal Knitting Mills, com.(quar.)
6234c May 1 Apr. 15
Fiberboard Products, prior pref. (guar.)
$1}4 May 1 Apr. 16
First All-Canadian Trustee Shares
7c Apr. 15
Foulds Mill Co., pref. (quar.)
$2 Apr. 10 Mar.31
Gachin Gold Syndicate. common
15c Mar. 31 Mar. 15
Common, extra
100 Mar.31 Mar. 15
General Cigar Co., common (quarterly)
$1 May 1 Apr. 16
General investors Trust (s.
10c May 1 Mar.31
-a.)
Griggs-Cooper
50c Apr. 2 Mar. 26
Homestake Mining Co. (monthly)
$1 Apr. 25 Apr. 20
Extra
$1 Apr. 25 Apr. 20
Humberstone Shoe (quar.)
50c May 1
Hutchins Investing $7 preferred
750 Apr. 14 Apr. 9
Jeffrey Mfg. Co.,67 pref. (quar.)
0
Apr. 2
Kalamazoo Vegetable Parchment Co. (quar.)-Mar.31 Mar.21
Knott (A. J.) Tool & Mfg. Corp.,7% pref.(qu.) 3134 Apr. 2 Mar. 31
Kress (S. H.) & Co.. common (quar.)
250 May I Apr. 11
Common (extra)
.00c May 1 Apr. 11
Special preferred (quarterly)
150 May 1 Apr. 11
Krorr Grocery & Baking, common (quar.)- 25c June 1 May 10
$IM July 2 June 29
6 0 preferred (quarterly)
7 e preferred (quarterly)
$1
Aug. 1 July 20
Lazarus (F. & R.) Co., pref. (guar.)
1
iu ay 16 A p . 28
Ma
1 Apr . 0
Loew's, Inc., $634 preferred (quarterly)
McGoldrick Bond & Mtge., 7% pref. (s.
May 2
-a.)-Magonin (I.)
10c Apr. 14 Mar.31
Maytag Co., preferred (quar.)
h 71
$
may
Apr 16
p 16
Preferred
$
May34
Melville Shoe Corp. common (quar.)
May 1 Apr. 12
1st preferred (quarterly)
$134 May 1 Apr. 12
2d preferred (quarterly)
734c May 1 Apr. 12
Metal & Thermlt (quar.)
$1 May 1 Apr. 20
Mid-Continent Petroleum
25c May 15 Apr. 11
Midwest Oil (quarterly)
3c Apr. 14 Mar.31
$1 preferred (quarterly)
Sc Apr. 14 Mar.31
Quarterly
30c Apr. 14 Mar.31
Mutual Investment Trust (new)
75c Apr. 16 Mar.31
National Carbon Co., preferred (quarterly)-___
$2 May 1 Apr. 20
National Life Assurance of Canada (quar.)____ 62Ac Apr. 3 Mar.21
National Tea Co.. 534% preferred (quar.)
10
135
, May 1 Apr. 13
Newberry (J. J.) Co., preferred (quar.)
31% June 1 May 16
New York & Honduras Rosario Alining (quar.)_
25c Apr. 28 Apr. 17
Extra
50c Apr. 28 Apr. 17
New York Merchandise Co., common (quar.)_ _ 37i4c May 1 Apr. 30
Ohio Wax Paper
20c Apr. 1 Abr.20
Outlet Co., common (quar.)
50c May 1 Apr. 20
Common (extra)
50C May 1 Apr. 20
1st preferred (quarterly)
May I Apr. 20
2d preferred (quarterly)
May 1 Apr. 20
11
Pacific Fruit Express Co.(quarterly)
Pacific Tin Corp., special stock
May 1
Phillips-Jones Corp., preferred (quarterly)
$134 May 1 Apr. 20
Phoenix Finance,8% preferred (quarterly)_ _
Apr. 10 Mar,31
Pinchin Johnson, Am. dep. rec. ord. reg
5.14c Apr. 10 Mar. 16
Plough, Inc. (quar.)
360 Apr. 1 Mar. 15
Plymouth Cordage Co., common (quar.)
Apr. 20 Apr. 3
$1
Railroad Credit Corp
Apr. 30
1
Reserve Resources (guar.)
Aix'. 15 Apr. 9
7
Rolls-Royce, Ltd.. ordinary register
1207 May 23 Apr. 11
American depositary receipts, ord. register_ _ _
May 31 Apr. 11
12
Salt Creek Producers Association (quar.)
May 1 Apr. 14
2
Security Co. (Los Angeles) (initial)
25c Apr. 10 Apr. 10
Shareholders Corp
10c Apr. 14 Mar. 31
Shuron Optical Co., prior pref
31 A Apr. 2 Mar.31
Solvay American Invest. Corp.,
May 15 Apr. 16
% Pf. (qu.) $1
Southeastern Investment Trust, $5 pref.(qu.).- $1
Apr. 2 Mar. 27
Spicer Mfg.. $3 preferred (quarterly)
Apr. 16 Apr. 13
7
Standard Oil Trust Shares. ger. A reg. (5.-a.)-- 7.6321c Apr. 16 Mar.31
Series B bearer (semi-annually)
8.42868 Apr. 16
State Street Investment Corp.(quar.)
40c Apr. 16 Mar.31
Supervised Shares, Inc., capital stock (quar.)
be Apr. 16 Mar.31
Taylor-Colquitt Co.(quar.)
250 Mar.31 Mar. 15
7% preferred (guar.)
$134 Apr. 1 Apr. I
Teck Hughes Gold Mines, Ltd. (quarterly).-r15c May 1 Apr. 10
Towle Mfg., extra
$5 Apr. 16 AUr.24
Union Bag & Paper Co
$1 Apr. 25 Apr. 17
United Bond & Share (quar.)
150 Apr. 16 Mar.31
United Gold Equities of Canada,stand. shares
234c Apr. 20 Apr.
United Shirt Distributors. WM pref. (quar.).__ 8734c Apr. 15 Apr. 10
9
Walgreen Co.. common (quar.)
May 1 Apr. 16
Washington Oil Co
$134 Apr. 10 Apr, 5
Wilcox-Rich Corp., class A (quar.)
6234c June 30 June 20
Class B stock (quar.)
May 15 May 1
Williams (R. C.) & Co., common
20c Apr. 20 Apr. 14
$1161
$1.1
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.
Per
When Holders
Name of Company.
Share, Payable. of Record.
Railroads (Steam)—
Albany & Vermont
$134 May 15 May 1
Boston Sr Providence (guar.)
$2.125 July 2 June 20
Quarterly
$2.125 Oct. 1 Sept. 1
Chesapeake & Ohio preferred (semi-ann.)
$334
1
8
Cincinnati Sandusky & Cleveland pref. (s.-a.).,_ $134 July 1 June 16
May
Apr.
Cincinnati Union Terminal,4% pref.(quar.)._ _ $1
July 1 June 20
407 preferred (quar.)
$134 Oct. 1 Sept.20
4% preferred (guar.)
$1
Janl'35 Dec. 20
Financial Chronicle
2364
Name of Company.
Railroads (Steam) (Concluded)—
Cleve. Cincinnat dr St. Louis,57 pref.(quar.)_
Cleveland & Pittsburgh, reg. gtd. (quar.)
Registered guaranteed (quar.)
Registered guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Sepcial guaranteed (quar.)
Detroit Hillsdale & Southwestern (semi-ann.)_ -a.)
Elmira & %% di amspori (s.
Mahoning Coal, common (quar.)
Montgomery & Erie (semi-annual)
Norfolk & Western,adjustment pref. (quar.)
Northern RR.of N. J.4% guaranteed (quer.)-4% guaranteed (quar.)
4% guaranteed (quar.)
Philadelphia & 'itenton (quar.)
Piedmont & Northern (quar.)
P ttsburgh Bessemer & Lake Erie (5.-a.)
Pittsburgh Fort Wayne & Chicago (quar.)
Quarterly
Quarterly
ar.)
7 preferred
7 preferred (quar.)pef
7 o preferred (quar.)
Pittsburgh Youngstown & Ashtabula
preferred (quar.)
7 preferred (quar.)
7 o
7% preferred (qua
Reading, 2d preferred (guar.)
Common (quar.)
United New Jersey RR. dr Canal (quar.)
Utica Chenango & Susquehanna Valley
Vermont & Massachusetts (semi-ann.)
Warren (semi-annual)
When Holders
Per
Share. Payable. of Record.
8Fyil
87Mc
87)ic
50c
50c
50c
$2
$1.15
56K,
Inic
$1
$1
El
$1
$214
75c
$i3
$1%
S1(
$1%
.
$1,I
$1 Ni
Apr. 20
?
tin% 31 May 10
Sept. 1 Aug. 10
Dec. I Nov. 10
June 1 May 10
Sept. 1 Aug. 10
Dec. I Nov. 10
July 7 June 20
May 1 Apr. 20
May 1 Apr. 11
May 10 Apr. 10
May 19 Apr. 30
June 1 May 21
Sept. 1 Aug. 22
Dec. 1 Mar.21
Apr. 10 Mar. 31
Apr. 10 Mar.31
Oct. i Sept. 15
June 11
Oct. 2 Sept.10
1-1-35 Dec. 10
July 3 June 11
Oct. 2 Sept. 10
1-1-35 Dec. 10
A
$13 June 1 May 21
Els Sept. 1 Aug. 20
Nov.20
Mar.22
25c May 10 Apr. 12
$2A Apr. 10 Mar.20
May 1 Apr. 14
$3 Apr. 7 Mar.13
$14 Apr. 16 Apr. 4
fi;e Dec. 11
Public Utilities—
$1 y, May 1 Apr. 16
Alabama Power Co., $5 preferred (quar.)
American District Teleg. Co.of N.J.—
$1 Apr. 16 Mar. 15
Common (quar.)
$13i, Apr. 16 Mar. 15
Preferred (quar.)
American Gas & Electric, preferred (guar.).- - _ $134 aUy 1 Apr. 7
40c May 1 Apr. 13a
Amer can Light & Traction Co.. corn. (quar.)_
37c May 1 Anr. 13a
Preferred (quarterly)
American Telephone & Telegraph Co.(quer.)_ _ $214 Apr. 16 Mar. 15
25c May 1 Apr. 10
Amer.'Water Works & El. Co., Inc., com.(cm.).
$1 A May 1 Apr. 28
Androscoggin Electric,6% pref.(guar.)
37;.6c May 1 Apr. 10
Bangor Hydro-Electric, common (quar.)
r$1 A Apr. 16 Mar.23
Bell Telephone Co. of Canada (quar.)
_
Bell Telephone Co.of Pa., 134% pref. (quer.). $1 gi Apr. 14 Mar.20
40c Apr. 16 Mar.31
Bridgeport Hydraulic (guar.)
r38c Apr. 16 Mar.31
British Columbia Power A (quar.)
31% Apr. 10 Mar.31
Brooklyn Borough Gas,common (quar.)
$15.6 Apr. 16 Mar.31
Brooklyn-Manhattan Transit, pref. (quar.)_
Buffalo Niagara & Eastern Power $5 1st pref.__ $ui May I Apr. 14
California Oregon Power Co.,7% pref. (quar.)_ 87c Apr. 16 Mar.31
Apr. 16 Mar. 31
6% preferred (quarterly)
75c Apr. 16 Mar.31
6% preferred capital stock (quarterly)
250 Apr. 25 Mar.31
Canada Northern Power, Ltd., common (quar.)
Apr. 16 Mar.31
7% preferred (quar.)
Apr. 16 Mar. 31.)_
Canadian Fairbas Morse Co., pref.(quar) _
20c May 1 Mar. 31
Central Hudson Gas & Electric, corn. (quar.)_..
20c May 1 Mar.31
Voting trust certificates (quar.)
Chesapeake & Potomac Telephone Co. of Balti$1 j Apr. 16 Mar.31
more City, pref. (quar.)
Cinct. Newport& Covington Lt.& Trac.(quar.) $13 Apr. 16 Mar.30
$1.12o Apr. 16 Mar.30
Preferred (quar.)
$1.13 Apr. 12 Mar. 20
Cincinnati & Suburban Tel (quer.)
Citizens Passenger Railway (Philadelphia, Pa.)- $1.65 May 1
$1% Apr. 16 Apr. 2
Clinton Water Works.7% pref.(quar.)
Columbus Ry.Pow. dr Lt..63i% Pref. B.(quer.) $1.63 May 1 Apr. 14
Consolidated Gas of N.Y..5% pref.(quar.)--- - fl.14 May 1 Mar.20
$1 if July 2 June 15
Consumers Power Co..$5 pref.(quar.)
$1.65 July 2 June 15
6.6% preferred (quar.)
$13i uiy 2 June 15
77 preferred (quar.)
50c May 1 Apr. 14
6 preferred (monthly)
50c June 1 May 15
6 preferrd (monthly)
50c July 1 June 15
6% preferred (monthly)
Mc May 1 Apr. 14
preferred (monthly)
0
6.87
55c June 1 May 15
6.6% preferred (monthly)
55c July 1 June 15
6.6% preferred (monthly)
50c May 1 Apr. 20
Dayton'Power & Light,6% pref. (quar.)
$1 API% 16 Mar. 31
Detroit Edison Co.(quar.)
$1% Apr. 14 Mar.20
State Telep..6%% pref.(quar.)
Diamond
$14 Apr. 16 Mar. 15
Duquesne Light Co.,5% 1st pref.(quar.)
18c Apr. 15 Dec. 31
Eastern Township Telephone
$1% Apr. 15 Mar.30
El Paso Electric.7% pref. A (quar.)
$13i Apr. 15 Mar.30
$6 preferred B (quar.)
$j). Apr. 15 Mar.30
6% preferred (quar.)
$1 Oct. 1 Sept. 20
Elizabeth & Trenton (s-a)
$134 Oct. 1 Sept.20
5% preferred (s-a)
$1 June 1 May 22
(quar.).....
Empire & Bay State Teleg.,4% guar.
$1 Sept. 1 Aug. 22
4% guaranteed (quar.)
$1 Dec. 1 Nov.21
4% guaranteed (quar.)
Escanawba Power & Traction
$134 May 1 Apr. 26
6% preferred (guar.)
Aug. 1 uly 27
$1
6% preferred (quar.)
$13, Nov. 1 Oct. 26
6% preferred (quer.)
$134 May 1 Apr. 14
-a.).—
Telegraph, 2Yi% guar. stock (s.
Franklin
,
$1 4 Apr. 16 Mar.31
Great LakesPow.Co.,$7 pref.(quar.)
$15( Apr. 18 Mar. 31
Harrisburg Gas Co.. pref.(quar.)
68340 May 1 Apr. 14
(quar.)
Hartford Electric Light
20c June 30
Hawaii Consolidated By., Ltd., 7% pref. A_
15c Apr. 20 Apr. 12
Honolulu Gas(monthly)
15c May 20 May 12
Monthly
15c June 20 June 12
Monthly
Illinois Northern Utilities, 7% Pref. (quar.)_ _ — $134 May 1 Apr. 14
$1% May 1 Apr. 14
6% preferred (quarterly)
6834c Apr. 14 Mar.30
Indiana Public Service. 53i% pref.(quar.)
75c Apr. 14 Mar. 30
6% preferred (quar.)
8734c Apr. 14 Mar.30
7% preferred (quar.)
Pref.(quer.). 87 c Apr. 16 Mar. 26
International Hydro-Electric,8334
Apr. 16 Apr. 2
$
Joplin Water Works,6% pref.(quar.)
8134 Apr. 14 Mar. 26
Kentucky UtilitiesCo.,6% pref.(quar.)
131
1
9m Apr. 13 Apr.Apr 14
. 7
Lawrence Gas& Metric(quar.)
$
Louisiana Power &Light,$6 pref.(quay.)
Co.(By.)
Louisville Gas& Electric
Apr. 14 Mar.31
1
7% preferred (quar.)
Apr. 14 Mar.31
6% preferred (quar.)
Apr. 14 Mar. 31
1
5% preferred (quar.)
OOc Apr. 13 Mar.31
Lowell Electric Light Co.(quar.)
EX May 1 Apr. 10
Malone Light & Power, $6 pref. (quar.)
Marconi International Marine Communications
Apr. 17 Mar.28
Co. (final)
Apr. 16 Mar.31
Massachusetts Lighting,8% pref.(quar.)
Apr. 16 Mar.31
$1
6% preferred(_quar.)
Utilities Association—
Massachusetts
6214c Apr. 16 Mar.31
Preferred (quar.)
Milwaukee Electric Railway & Light Co.—
Apr. 30 Apr. 20
11
6% preferred (quarterly)
Apr. 16 Apr. 2
1
Monongahela Valley Water pref.(quar.)
May 1 Apr. 1
1
(quar.)
Montana Power Co.,$6 pref.
37c Apr. 30 Mar. 31
Montreal Light, Heat& row.(quar.)
80c Apr. 18 Mar. 31
Montreal Telegraph Co.(quer.
$234 Apr. 14 Apr. 5
Montreal Tramways Co.,corn.(quar.)
$2 Apr. 16 Mar. 31
Mountain States Tel.& Tel.(quar.)
8c Apr. 20 Apr. 5
Mutual Telephone(Hawaii),(monthly)
25c Apr. 16 Mar.31
National Fuel Gas(quar.)
$134 May 1 Apr. 6
National Power & Light.$8 pref.(quar.)
750 Apr. 14 Mar.23
New Bedford Gas & Edison Light (quar.)
1234c Apr. 15 Mar.31
New Brunsvrick Telep.(quar.)
Mc Apr. 18 Mar.31
Power Association (guar.)
New England
Name of Company.
Public Utilities (Concluded)—
New England Gas & Electric Association
11534 preferred (quar.)
New York Telephone.634% pref.(guar.)
North American Edison Co. pref. (quar.)
,
North Ontario Pow.Co., Ltd. corn.(guar.)._ _ _
69' preferred (quar.)
Northern Indiana Public Service
534% preferred (quar.)
6% preferred (quar.)
7% preferred (quar.)
Northern New York Utilities. pref. (quar.)---Northern States Power Co.,corn.(quar.)
7% preferred (quar.)
6% prefered (quar.)
Northwestern Bell Telep..634% pref.(quar.)
Pacific Gas& Electric. corn.(quar.)
Pacific Lighting Corp., corn. (quar.)
$6 preferred (quar.)
Pacific Tel.& Tel..6% Pref.(quar.)
Peninsula Telephone Co.. 7% pref. (quar.).._..
7% preferred (quar)
Pennsylvania Power Co.,$6.60 pref.(monthly)$6.60 preferred (monthey)
$6 preferred (guar.)
Phiiladelphia Co.,common (quar.)
6% preferred (semi-annual)
Philadelphia Electric Co., $5 pref. (quar.)
Potomac Edison Co.,7% pref.(quar.)
6% preferred (quar.)
Power Corp. of Canada, Ltd.,6% 1st pref. (qu.)
67o 2d preferred (quarterly)
San Diego Consolidated Gas dr Electric Co.—
Preferred (quarterly)
Sedalia Water Co., prof.(quar.)
South Pittsburgh Water,7% pref.(guar.)
6% preferred(quar.)
Southern Calif. Edison Co., Ltd.
534% pref.series C(quar.)
Original preferred (quar.)
Southern Calif. Gas Corp..$634 cum.pf.(qu.)-6% preferred and preferred A (quar.)
Southern Canada Power Co., Ltd., corn.(quar.)
6% preferred (quar.)
Southern Couw les Gas Co.of Calif.,6% pf.(qu.)
Southern New England Telep.(guar.)
Stamford Gas & Electric (Comm.) (quar.)
Standard Gas & Electric—
$6 prior preferred (quar.)
$7 prior preference (quar.)
Standard Power & Light Corp., pref
Suburban Elec. Sec. Co.,8% pref.(quay.)
Telephone Investment Corp.(monthly)
Monthly
Monthly
United Cos.of New Jersey (quar.)
Upper Michigan Pow.& Lt.pref.(quar.)
69' preferred quar.i
6% preferred quar.
6% preferred guar.
West Penn Electric Co.,6% pref. (quar.)
7% Preferred (guar.)
West Penn Power.6% pref.(quar.)
7% preferred (quar.)
Wichita Water Co.7% pref.(quar.)
Wisconsin Gas & Elec.8% pref. C(quar.)
Wisconsin Telephone Co., preferred (quar.)--Fire Insurance Companies—
North American Ins.,7% pref
534% preferred
Republic Insurance. Texas(quar.)
Quarterly
Quarterly
Miscellaneous—
Abraham & Straus 7% pref. (quar.)
Affiliated Products, Inc.(monthly)
Air Reduction Co.(quar.)
Alaska Juneau Gold Mines (quar.)
Extra
Ajax Oil & Gas (guar.)
Allied Chemical& Dye Corp.,common (guar.).Allied Laboratories preferred (quar.)
Aluminum Mfg.(quer.).- _
Quarterly
Quarterly
7% preferred quar.
7% preferred quar.
7% preferred quar.
Amerada Corp.,capital stock (quar.)
American Can Co. corn. (quar.)
American Factors, monthly
American Envelope. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Hardware Corp.(guar.)
Quarterly
Quarterly
American Home Products Corp. (monthly)---American Ice Co.. preferred (guar.)
American Investors of Ill. A (quar.)
American Ship Building, common (quar.)
American Woolen Co..Inc., pref.(qu.)
Amparo Mining
Associated Electrical Industries—
Amer. depository receipts for ordinary register
Atlas Corp.,$3rref. A (quar.)
preferred quer.)
preferred guar.)
Atlas Powder Co., preferred (guar.)
Austin Nichols & Co., Inc.. prior A (guar.)._ ..
-a.)
Avondale Mills. 8% preferred (s.
Baldwin Co.,6% pr f.(quar.)
Barber(W.H.)& Co.,pref.(quar.)
Preferred (quar.
'referred (quar.
Bayuk Cigar, Inc., pref. (quar.)
Block Bros. Tobacco (guar.)
Quarterly
Quarterly
Preferred
Preferred guar.
Preferred quar.
Bloomingdale Bros., preferred (quar.)
Bon Ami Co.,class A (quar.)
Braborne Mines (quarterly)
Brantford Cordage Co. (quar.)
Bruck Silk Mills (quar.)
Burma Corp.. Ltd.. Amer. dep.rec. (inter.)Canada Dry Ginger Ale. Inc. (quar.)
Canada Iron Foundries, 6% pref. (semi-annual)
Canadian General Investors, registered
Registered, extra
Coupon,extra
Canadian Industries. preferred (quar.)
A & B (quar.)
Carnation Co preferred (quar.)
Preferred (quar.
Preferred (guar.)
Central Illinois Securities. cum. pref. (quar.)
April 7 1934
Per
When Holders
Share. Payable. ofRecord.
.
$1 5i
11%
$134
50c
%
Apr. 1 Feb. 28
Apr. 16 Mar.20
June 1 May 15
Apr. 25 Mar.31
Apr. 25 Mar.31
6834c Apr. 14 Mar.31
750 Apr. 14 Mar.31
8744C Apr. 14 Mar.31
May 1 Apr. 10
$i
25c May 1 Mar.31
Apr. 20 Mar.31
134
Apr. 20 Mar. 31
Apr. 14 Mar.20
3734c Apr. 18 Mar. 31
May 15 Apr. 20
Apr. 16 Mar.31
Apr. 16 Mar.31
May 15 May 5
Aug. 15 Aug, 6
May 1 Apr. 20
June 1 May 21
June I May 21
Apr. 25 Apr. 2
May 1 Apr. 1
May 1 Ai r. 10
May 1 Apr. 20
May 1 Apr. 20
Apr. 16 Mar.31
Apr. 16 Mar.31
II
Apr.
Apr.
Apr.
Apr.
14 Mar. 31
15 Apr. 1
16 Apr. 2
16 Apr. 2
3434c
Mc
$134
3734c
20
%
$114
$134
$234
Apr. 15 Mar. 20
Apr. 15 Mar.20
May 31 Apr. 30
Apr. II Apr.hiar.
May
c
Apr. 16 ar. 20
Apr. 14 Mar. 31
Apr. 16 Mar.31
Apr. 16 Mar.31
450
5234c
5234c
$134
20c
20c
20c
$214
Apr. 25 Mar.31
Apr. 25 Mar.31
May 1 Apr. 14
May 1 Apr. 16
May 1 Apr. 20
June 1 May 20
July 1une 20
Apr. r Ma .20
$1
134
134
134
$134
$134
$134
Aug. 15
Nov. 15
2-1-35
May 15 Apr. 20
May 15 Apr. 20
May 1 Apr. 5
May 1 Apr. 5
Apr. 16 Apr. 2
Apr. 16 Mar.31
Apr. 30 Apr. 20
h$1
912-3c
20c
20c
20c
Apr. 20 Mar. 31
Apr. 20 Mar. 31
May 10 Apr. 30
Aug. 10 July 31
Nov. 10 Oct. 31
34
Sc
75c
15c
15c
2c
81 34
c
36
IR
Apr 4
May 1 Apr .10
.
May 1 Apr. 16
Apr. 16 Mar. 31
y
MayMa
1 Apr. 10
Apr. 16 Mar.31
May 1 Apr. 11
July 1 June 28
June 30 June 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
Apr. 30 Apr. 18
May 15 Apr. 240
Apr. 10 Mar.31
June 1 May 25
Sept. 1 Aug. 25
Dec
July 1 Nov.25
.
250
1.35
250 OctJan. 1
20c
$134
50c
50c
$131
IC
May 1 Apr. 14a
Apr. 25 Apr, 6
Apr. 2
m
Ma y
1
p . 14
Apr. 15 Mar. 15
May 10 Apr. 30
351 Apr. 16
zia2
June 1 May 19
750 Soot. 1 Aug. 20
750 Dec. 1 Nov. 20
UM May 1 Apr. 20
1 Apr. 3
r. 16 Apr.. 14
,i
$1
Apr,
I1
Apr. 14 NW.31
134 July 1 June 20
134 Oct. 1 Sept.20
154 Jan 1'35 Dec. 20
134 Apr. 15 Mar.31
3
734c May 15 May 11
0
11.
2
c Aug.
734c Juneu 3105
3
3734c Nov. 15 Nov. 11
June 2
7134
$
$114 Sept.30 Sept. 25
1 14 Dec. 31 Dec. 24
All ry 30ar.2
l
r. 15
i. 1
6
1234c Apr. 16 Mar.31
Apr. 15 Mar.20
250 Apr. 16 Mar. 15
w234 an Apr. 28 Mar. 12
2
6
10
A
2
5154 A pr.. 3 Apr .. 15
AA prr. 6 m r.:
r21
r: c Appr.. 166 M:r. 3
r2 c Apr. 16 Mar. 31
34
Ap y 0
2
8734c Julr. 3 Mar.31
$1
Oct. 2
Jan. 1
May 1 Apr. 20
Financial Chronicle
Volume 138
Name of Company.
When Holders
Per
Share. Payable. of Record
Miscellaneous (Continued)—
Centrifugal Pipe Corp. (quar.)
10c May 15 May 5
Quarterly
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Century Ribbon Mill. Inc., preferred (auar.)
June 1 May 19
Chickasha Cotton Oil Co. (special)
50c Apr. 16 Mar.30
Cincinnati Postal Terminal & Realty. pref.(qu.) $1% Apr. 15 Apr. 5
Commercial Discount Co., series A (quar.)_ _
20c Apr. 10 Apr. 1
Series B (quar.)
17 Sic Apr. 10 Apr. 1
Confederation Life Association (quar.)
51 June 30 June 25
Quarterly
$1 Sept.30 Sept.25
Quarterly
$1 Dec. 31 Dec. 25
Consolidated Amusement (quar.)
30c May 1 Apr. 20
Consolidated Chemical Industries, A (quar.)_ - 37Sic May 1 Apr. 15
Consolidated Investment Trust (initial) (5.
50c Apr. 16 Apr. 2
-s.)Special
25c Apr. 16 Apr. 18
Consolidated Oil Corp., common (initial)
28e Apr. 7 Mar.
Consolidated Paper
15c June 1 May 21
Consolidated Royalty Oil (quar.)
Sc Apr. 25Apr. 14
Continental Oil of Delaware (initial)
Apr. 00
25c Apr.
Coon (W. B.) 7% preferred (quar.)
$1% May 1 Apr. 14
Corn Products Regining Co., common (quar.)-75c Apr. 20 Apr. 2
Preferred (quarterly)
51% Apr. 16 Apr. 2
Creamery Package Mfg. Co.,common (quar.)
25c Apr. 10 Apr. I
Preferred (quar.)
$1% Apr. 10 Apr. 1
Credit Utility Banking, class B (quar.)
18%c Apr. 10 Mar. 24
Crescent Creamery,7% preferred
h51 Apr. 16 Mar.31
Crum 8: Forster (guar.)
12%c Apr. 14 Apr. 5
8% preferred (quar.)
32 June 30 June 20
Cudahy Packing Co., common (quar.)
62 c Apr. 16 Apr. 5
6% preferred (semi-annual)
3% May 1 Apr. 20
7% preferred (semi-annual)
% May 1 Apr. 20
Cuneo Press, Inc., com.(guar.)
30c May 1 Apr. 20
Preferred (guar.)
$1% June 15 June 1
Denver Union Stockyards (guar.)
50c July 1
Quarterly
50c Oct. 1
Quarterly
50c Jan. 1
7% preferred quar.)
51% June I May 20
7% preferred quar.
SI% Sept. 1 Aug. 20
7% preferred quar.
51% Dec. 1 Nov. 20
Deposited Insurance Ices,A (serai-annual)
May 1 Mar. 21
Divonian Oil (quar.)
15c Apr. 20 Mar. 31
Extra
10c Apr. 20 Mar. 31
Doctor Pepper Co.(quar.)
15c June 1 May 15
Quarterly
15c Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Dome Mines (quar.)
25c Apr. 20 Mar. 31
Extra
25c Apr. 20 Mar.31
Dominium Bridge Co., Ltd.. common (quar.)
r50C May 15 Apr. 30
Dominion Textile Co., preferred (quar.)
% Apr. 16 Mar.31
E. I. du Pont de Nemours & Co., deb.stk.(au.) 51% Apr. 25 Apr. 10
Eaton Manufacturing (quar.)
25c May 15 May 1
Eppens, Smith (semi-annual)
$2 Aug. 1 July 25
Eureka Pipe Line Co.capital stock
$1 May 1 Apr. 16a
Farmers & Traders Life Insurance Co.(quar.)- - $2% July 1 June 10
Quarterly
32% Oct. I Sept. 10
F. E. D. Corp. (liquidation)
$4 Apr. 16 Apr. 2
Finance Co. of America (Balitmore)—
Common A and B (quar.)
10c Apr. 16 Apr. 5
7% preferred (quar.)
1%% Apr. 16 Apr. 5
7% preferred class A (quar.)
1V% Apr. 16 Apr. 5
Firestone Tire & Rubber. common (quar.)
10c Apr. 20 Apr. 2
First National Corp. A (Portland)(quar.)
25cApr. 16 Mar. 26
Fishman (M. H.) A and B. preferred (guar.).— $s Apr. 15 Mar. 31
Freeport Texas,6% preferred (quar.)
$1% May 1 Apr. 13
General Cigar Co., Inc., preferred (quar.)
$1% June 1 May 23
Preferred (quar.)
$1% Sept. 1 Aug. 23
Preferred (quar.)
$1% Dec. 1 Nov.22
General Electric Co.,common
15c Apr. 25 Mar. 16
Sepcial preferred (quar.)
150 Apr. 25 Mar. 16
General Mills, Inc.,common (quar.)
75c May 1 Apr. 14
General Motors Corp.. $5 preferred (quar.)
$13 May 1 Apr. 9
General Shoe, A. initial (quar.)
10c Apr.
.
General Stockyards Corp., common
1 Apr. 25c
M
Convertible preferred (quar.)
$1% May 1 Apr. 16
Gilmore Gas Plant N. I. (monthly)
20c Apr. 25 Apr. 20
Gillette Safety Razor Qp., preferred (quar.)
El% May 1 Apr. 2
Godman (H. C.), 1st plreferred (quar.)
$1% Juno 1
Gold Dust Corp., corn. (quar.)
30c May 1 Apr. 10
Gorham Manufacturing Co.. common
750 Apr. 16 Apr. 2
Gotham Silk Hosiery Co.. preferred (guar.)_ --- $1% May 1 Apr. 12
Gottfried Baking Co., Inc., preferred (quar.)
1%% July 2 June 20
Preferred (guar.
1%% Oct. 1 Sept.20
Preferred (quar.
% Jan. 2 Dec. 20
Grace(N.R.)6% irst pref. (semi-annual)
$3 June 30 June 28
6% first preferred (semi-annual)
$3 Dec. 29 Dec. 27
Great Lakes Engineering Works (quar.)
10c May 1 Apr. 24
Great Western Electro-Chemical (guar.)
$1 day 15 May 5
Guarantee Co.of North America.(Mont.).(qu.)
1% Apr. 16 Mar.31
Extra
2% Apr. 16 Mar.31
Hale Bros. Stores,Inc.(guar.)
150 June 1 May 15
Quarterly
15c Sept. 1 Aug. 15
Quarterly
150 Dec. I Nov. 15
Hannibal Bridge (quar.)
$2 Apr. 20 Apr. 10
Harbauer Co.. 7% preferred (quar.)
$1
Aug. 1 July 21
7 preferred (quar.
$1
Oct. 1 Sept.21
77 preferred (quar.)
$1
Jan 1'35 Dec. 21
Harbison-Walker Refractories—
Preferred (quar.)
Apr. 20 Apr. 10
Hardesty (R.) Mfg.,7% pref.(quar.)
June I May 15
7% preferred (quar.)
$11 Sept. 1 Aug. 15
7% preferred (quar.)
$1% Dec. 1 Nov. 15
Hawaiian Sugar Co.(mo.)
60c Apr. 15 Apr. 5
Quarterly
60c Apr. 15 Apr. 5
Hercules Powder Co., preferred (quar.)
$15 May 15 May 4
Hershey Chocolate Corp., corn. (quar.)
75c May 15 Apr. 25
Convertible preferred (quar.)
$1 May 15 Apr. 25
Hibbard. Spencer, Bartlett & Co.(guar.)
10c Apr. 27 Apr. 20
Quarterly
100 May 25 May 18
Quarterly
10c June 29 June 22
Ribbon (J. H.) Dry Goods,6Si% pf.(quer.)$15 Apr. 10 Apr. 5
Hollinger Consolidated Gold Mines (monthly)-50 Apr. 23 Apr. 6
Extra...................................
Sc Apr. 23 Apr. 6
Holly Development(quar.)
lc Apr. 15 Mar. 31
Honolulu Plantation (monthl
25c Apr. 10 Mar.31
Extra
$1 Apr. 10 Mar. 31
Hormel(Geo. A.)& Co., common (quar.)
25c May 15 Apr. 28
Class A preferred (quar.)
514 May 15 Apr. 28
Horn & Harden Co.(N. Y.),common (quar.)_ _
49C May 1 Apr. 11
Household Finance Corp.—
Common A & B (quar.)
750 Apr. 14 Mar.31
Preferred (quar.)
$1.05 Apr. 14 Mar.31
Imperial Chem.Ind. Amer.dep.rec.for ord. she.
June 8
5
Deferred shares
June 1
1
Imperial Life Assurance (quar.)
July 3
S3
Quarterly
Oct. 1
$3
Jan.1'35
Quarterly
53
Incorporated Investors
Apr. 20 Mar. 22
Indiana Pipe Line
May 15 Apr. 27
Industrial Cotton Mills, pref. (quar.)
515 May 1
Preferred (guar.)
Aug. 1
Internat'l Business Mach.Corp
Apr. 10 Mar.22a
1
International Harvester (guar.)
Apr. 16 Mar. 20
1
International Nickel of Canada, pref. (quar.)
May 1 Apr. 3
51
International Printing Ink Corp., pref.(quar.)
May 1 Apr. 14
$1
Interstate Hosiery Mills (quar.)
SC May 15 May 1
Quarterly
50c Aug. 15 Aug. 1
Quarterly
500 Nov. 15 Nov. 1
Investment Foundation. pref. (quar.)
37c Apr. 16 Mar.31
Preferred
hl3c Apr. 16 Mar.31
Irving Investors Fund Cloy,shares (quar.)
50c Apr. 14 Mar. 31
3s,
u
1g
t
Name of Company.
2365
Per
When Holders
Share. Payable. qf Record.
Miscellaneous (Continued)—
Iron Fireman Mfg. Co., com. (guar.)
20c June I May 10
Common (guru%)
200 Sept. 1 Aug. 10
Common (quar.)
20c Dec. 1 Nov. 10
Jefferson Lake Oil
25c May 1 Apr. 151
Jewel Tea Co., Inc., com.(quar.)
75c Apr. 16 Apr. 2
Keivinator Corp
12340 Apr. 15 Mar. 27
Kendall Co., panic. pf.ser. A (quar.)
$1% June 1 May 10a
Partic. preferred series A (partic. div.)
92c June 1 May 10a
King Royalty Co.. com
250 May 1 Apr. 14
Lamont Corliss & Co.(guar.)
$1% Apr. 10 Mar. 28
Extra
50c Apr. 10 Mar.28
Landers, Frary & Clark,com.(quar.)
37%C
Common (quar.)
37%c Sept.30
Common (quar.)
37%c Dec. 31
Landis Machine. pref. (quar.)
111r June 15 June 5
t
Preferred (quar.)
Sept. 15 Sept. 5
Preferred (quar.)
$1
Dec. 15 Dec. 5
Lane Bryant. Inc., 7% pref. (quar.)
5134 May 1 Apr. 16
Langendorf United Bakeries.cl. A (quar.)
25c Apr. 15 Mar.31
Lawbeck Corp.6% preferred (quar.)
5134 May 1 Apr. 20
Lawyers Title Ins.(Va.), pref.(s.-a.)
$3 Apr. 16 Apr. 10
Lincoln Nat.Life Ins.(Ft. Wayne)(quar.)
30c May 1 Apr. 26
Quarterly
30c Aug. 1 July 26
Quarterly
30c Nov. 1 Oct. 26
Link Belt Co., common (quar.)
10c June I May 15
Preferred (quar.)
5134 July 2 June 15
Liquid Carbonic Corp.
25c May 1 Apr. 16
Lord & Taylor Co.,2nd preferred (quar.)
$2 May 1 Apr. 17
Ludlum Steel Co. 6%% preferred (quar.)
$134 Apr. 11 Apr. 7
Lunkenheimer6% pref. (quar.)
5134 July 1 June 22
63.4% preferred(quar.)
$1
Oct. 1 Sept.21
634% preferred (quar.)
$1
Jan. 2 Dec. 22
MacAndrews-Forbes,Inc.,com.(quar.)
50c Apr. 14 Mar.31
Preferred (quar.)
5134 Apr. 14 Mar.31
Macy (R. H.) 8: Co.(quar.)
50c May 15 Apr. 20
Magna Copper Co
50c Apr. 16 Mar. 29
Magnin (I.) & Co., preferred (quar.)
5134 May 15 May 5
Preferred (quar.
5134 Aug. 15 Aug. 5
Preferred (quar.
5134 Nov. 15 Nov. 5
Manhattan Shirt o., corn. (quar.)
15c June I May 15
Mapes Consol Mfg.(quar.)
750 July 2 June 15
McColl Frontenac Oil. pref.(quar.)
r$I34 Apr. 14 Mar.31
Mercantile Amer. Realty 6% pref.(quar.)
513.4 Apr. 15 Apr. 15
Metropolitan Storage Warehouse (quar.)
75c May 1 Apr. 16
Missouri River-Sioux City Bridge—
Cumul. preferred (quar.)
$134 Apr. 16 Mar.31
Monsanto Chemical Co
ebOOV Apr. 30 Apr. 20
Moore Dry Goods Co.(quar.)
$134 July 1 July 1
Quarterly
5134 Oct. 1 Oct. 1
Quarterly
$134 Jan. 1 Jan. 1
Morris(Philip)& Co., Ltd.(quar.)
250 Apr. 16 Apr. 3
Morris 5 & 10c. Stores, 7% Pr. ((War.)
5134 July 1 June 20
7% preferred (quar.)
Oct. I Sept. 20
Morris Plan Ins. Soc.(guar.)
$1 June I May 26
Quarterly
$1 Sept. 1 Aug. 25
Quarterly
$1 Dec. 1 Nov. 26
Mutual Chem.of America. pref.(quar.)
5134 June 28 June 21
Preferred (guar.)
$134 Sept.28 Sept.20
Preferred (quar.)
134 Dec. 28 Dec. 20
National Biscuit Co., corn. (quar.)
70c Apr. 14 Mar. 23
National Casket Co., corn. (s.
$1 May 15 Apr. 28
-a.)
National Container. prof. (Saar.)
50c June I May 15
Preferred
h50c June 1 May 15
Preferred (quar.)
50c Sept. 1 Aug. 15
Preferred
h50c -rapt. 1 Aug. 15
Preferred (quar.)
50c Dec. 1 Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Fuel Gas (quar.)
25c Apr. 16 Mar.31
National Lead Co., class B preferred (quar.)__ _ $134 May 1 Apr. 20
Neisner Bros., cum. pref. (quar.)
5134 May 1 Apr. 16
Cumulative preferred
h5334 May 1 Apr. 16
Newberry (J. J.) Realty.634% pref.(quar.)
5134 May 1 Apr. 16
% preferred B (guar.)
5134 May 1 Apr. 16
New Jersey Zinc Co.(quar.)
50c May 10 Apr. 20
Nevrmont Mining Corp
50c Apr. 30 Apr. 16
New York Transit Co
15c Apr. 14 Nar. 23
North American Investment Corp., 6% met_
$1 Apr. 20 Mar.21
53.4% preferred
912-3c Apr. 20 Mar. 31
Norwich Pharmacal Co. (quar.)
5134 July 2 June 20
Quarterly
5134 Oct. 1 Sept.20
Quarterly
5134 Jan 1'35 Dec. 20
Oahu Ry.& Land (monthly)
15c Apr. 16 Apr. 11
Monthly
15c June 15 June 11
Oahu Sugar (monthly)
100 Apr. 14 Apr. 5
Ohio Brass Co.,6% pref. (quar.)
1153 Apr. 14 Mar. 31
8% preferred (guar.)
$2 Apr. 1 Mar. 10
Onio Leather Co., common (quar.)
25c Apr. 2 Mar. 21
First preferred (guar.)
$ Apr. 2 Mar.21
Second preferred (guar.)
32
. 2 Mar 2
:
5134 Apr. 2mar 31
Ohio Loan Co.,8% pref.(quar.)
Onomen Sugar (monthly)
20c Apr. 20 Apr. 10
O'Sullivan Rubber
10c June 30 May 31
Otis Elevator Co., common (quar.)
15c Apr. 16 Mar.30
I refen ed (quar.)
5134 Apr. 16 Mar.30
Penman's, Ltd.(guar.)
75c May 1 Apr. 21
6% preferred (guar.)
$134 May 15 May 5
Pennsylvania Salt Mfg. (quar.)
75c Apr. 14 Mar.31
Petroleum Corp. of America
50c Apr. 30 Mar.29
Phillips Petroleum Co
25c May 14 Apr. 12
Phoenix Finance, pref. (quar.)
50c Jalr 10 Jalr.
0a A p y 0Ap y
.
Preferred (quar.
Preferred (quar.
50c Oct. 10 Oct. 1
Preferred (guar.
50c Jan. 10 Jo 1 '35
Machin Johnson, td—
American deposit receiv. for ord. reg
xis9% Apr. 10 Mar. 16
Pirelli Co. of Italy. American shares
e 1-24
Apr. 6
American shares
5434 Apr. 13 Apr. 6
Pollock Paper & Box Co., pref. (quar.)
5134 June 15
Preferred (quarterly)
5134 Sept.15
Preferred (quarterly)
5134 Dec. 15
Polygraphic Co.of America, pref. (quar.)
25c Apr. 7 Mar.31
Powell River, 7% preferred
$1% June 1
% preferred
5134 Sept. 1
7% preferred
$1% Dec. 1
Premier Gold Mining Co.(auar.)
r3c Apr. 16 Mar. 16
Procter & Gamble Co., 8% preferred (quar.)
52 Apr. 14 Mar.22
Prudential Investors. 6% pref. (quar.)
5134 Apr. 16 Mar.31
Pullman Inc. (quar.)_
75c May 15 Apr. 24
Quaker Oats Co.. common (quar.)
St Apr. 16 Apr. 2
Extra
$1 Apr. 16 Apr. 2
6% preferred (quar.)
514 May 31 May 1
Quarterly Income Shares, Inc. (quar.)
3c May 1 Apr. 14
Reliance Mfg. Co.of Ill., com.(quar.)
15e May 1 Apr. 20
Republic Stamping & Enameling Co.(quar.)_
25c Apr. 10 Mar.31
Republic Supply Co.(quar.)
250 July 5 July 2
Quarterly
25c Oct. 5 Oct. 2
Rolls-Royce, Ltd. (final)
10%
St. Croix Paper Co., common (guar.)
50c Apr. 16 Apr. 5
San Carlos Milling, Ltd. (monthly)
20c Apr. 14 Apr. 2
Extra
800 Apr. 14 Apr. 2
Scott Paper Co.,class A preferred (quar.)
5134 May 1 Apr. 17
Class B preferred (guar.)
5134 May 1 Apr. 17
Seeman Bros.. Inc. Vow.)
6234c May 1 Apr. 16
Extra
$1 May 1 Apr. 16
Sharp & Dohme cum.cony. pref. A (quar.)
8734c May 1 Apr. 17
Shattuck (Frank G.), (quar.)
6c Apr. 10 Mar. 19
Simpson (Robert) Co., preferred (s.
-a.)
$3 May 1 Apr. 16
Sioux City Stockyards Co., pref. (guar.)
5134 May 15 May 14
Preferred (guar.)
5134 Aug. 15 Aug. 14
Preferred (guar.)
5134 Nov 15 Nov 14
Financial Chronicle
2366
Per
When Holders
Share. Payable. ofRecord.
Name of Company.
Miscellaneous (Concluded)—
Smith (S Morgan) Co.(quar.)
Quarterly
Quarterly
South American Gold & Platinum Co
So. Franklin Process, 7% preferred (quar.)____
Southland Royalty Co., common (guar.)
Spiegel, May, Stern,6% pref. (quar.)
Squibb (E. R.)& Sons (quar.)
let preferred (guar.)
Standard Cap & Seal Corp., common (quar.)
Standard Coosa-Thatcher, 7% pref. (cpear.)
Standard Oil Co. of Kansas (quar.)
Standard Oil Co. of Ohio, pref. (Qum.)
Stanley Works, 6% preferred (quar.)
Steel Co. of Canada, common (quar.)
Preferred (quar.)
Superheater Co.(quarterly)
Sutherland Paper Co
Tacony-Palmyra Bridge, 7%% pref. (quar.)..
Telautograph Corp. (quar.)
Toronto Elev., Ltd., 7% pref. (quar.)
Trite Printing Ink, pref. (quar.)
Trust Fund Shares, bearer
Tuckett Tobacco Co., Ltd., pref. (quay.)
Tung-Sol Lamp Works $3 cum.pref.(quar.)_ _ _ _
$3 cumulative preferred
United Biscuit Co. of Amer., pref. (quar.)
United Carbon Co., preferred (s.
-a.)
United Fruit Co.(quar.)
Extra
-a.)
United Profit Sharing Corp., pref. (s.
U.S. Petroleum Co.(quar.)
Quarterly
Quarterly
U. S. Pipe & Foundry Co., coin. (quar.)
Common (guar.)
Common (quar.)
Common (quar.)
Preferred (ouar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
United States Smelting Refining & Mining—
Common (quar.)
Extra
Preferred (quar.)
United Verde Extension Mining
Universal Leaf Tobacco Co., common (quar.)
Virginia Coal & Iron (extra)
Vortex Cup Co., class A (quae )
Vulcan Detinning Co.,common (special)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Walker Mfg., preferred (quar.)
Western Grocers, Ltd.. preferred (quar.)
Westinghouse Air Brake Co. (quar.)
Westinghouse Electric Mfg. Co., pref. (quar.)_ _
Winstead Hosiery (quar.)
Quarterly
Quarterly
Woodley Petroleum Co
Worthington Ball Co.,$2 class A
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Monthly
Monthly
$1
$1
$1
10c
$1%
Sc
h$1%
25c
$1%
60c
$1%
50c
$1%
37%c
30c
43%c
12%c
10c
$1%
25c
$1%
$1%
3.925c
$1%
75c
h25c
$1%
$3%
50c
50c
5%
Sc
lc
lc
12%c
12)ic
12%c
12%c
30c
30c
30c
304
May 1
Aug. 1
Nov. 1
May 29 May 18
Apr. 10 Mar.31
Apr. 14 Mar.31
May I Apr. 16
May 1 Apr. 14
May 1 Apr. 14
May 1 Apr. 3
Apr. 16 Apr. 16
Apr. 30 Apr. 2
Apr. 16 Mar. 31
May 15 May 5
May 1 Apr. 7
May 1 Apr. 7
Apr. 16 Apr. 5
May 1 Apr. 20
May 1 Apr. 10
May 1 Apr. 16
Apr. 16 Mar. 31
May 1 Apr. 14
Apr. 20
Apr. 14 Mar. 31
May I Apr. 19
May 1 Apr. 19
May 1 Apr. 16
July 2 June 16
Apr. 14 Mar.22
Apr. 14 Mar. 22
Apr. 30 Mar. 31
June 10 June 5
Sept. 10 Sept. 5
Dec. 10 Dec. 5
Apr. 20 Mar. 31
July 20 June 30
Oct. 20 Sept.29
Jn 2035 Dec. 31
Apr. 20 Mar. 31
July 20 June 30
Oct. 20 Sept. 29
Jn 20'35 Dec. 31
Apr. 14 Apr. 2
Apr. 14 Apr. 2
Apr. 14 Apr. 2
May 1 Apr. 3
May 1 Arr. 17
Apr 20 Apr 10
July 2 June 15
Apr. 20 Apr. 10
1% 0° Apr. 20 Apr. 10
July 20 July 10
1%
Oct. 20 Oct. 10
1°%
May 1 Apr. 20
7
$1% Apr. 15 Mar. 20
25c Apr. 30 Mar. 31
87%c Apr. 30 Apr. 16
$1% May 1 Apr. 15
$1% Aug. 1 July 15
$134 Nov. 1 Oct. 15
PO 0 Sept.30 Sept. 15
h5 c Apr. 14 Mar.31
25c May 1 Apr. 20
25c June 1 May 19
25c July 2 June 20
25c Aug. 1 July 20
25c Sept. 1 Aug. 20
25c Oct. 1 Sept.20
25c
$1
87c
25c
50c
$3
621c
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until Dinner notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Paya Me in common stock. p Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock.
o American Cities Power & Light pays a dividend of I-32d of one share
of class B stock, or at the option of the holder 75c. in cash.
p American Coal Co. of Alleg. Co., N J., books close April 10 1934 to
May 2 1934 inclusive.
r Payable in Canadian funds, and in the case of non-residents of Canada,
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. v A unit. to Less depositary expenses.
x Less tax. p A deduction has been made for expenses.
April 7 1934
Weekly Return of New York City Clearing House.—
The weekly statement issued by the New York City Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAR. 31 1934.
• Surplus and Net Demand
• Capital.
Clearing House
Members.
Undivided
Profits.
Coem Bank & Trust Co_
20,000,000
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Each Bank 'Tr Co_
First National Bank
Irving Trust Co
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000.000
$
9,745,800
31,931,700
835,847.200
47.490,300
177,985,800
10,297,500
61,264,400
16,011,300
72,278,400
57,564,200
Continental Bk & Tr Co-
4,000,000
5150.270.000
500,000
25,000,000
10,000,000
f5,000.000
4,827,400
859,526,800
3.056,600
60,030,600
10,669,300
f7,339.300
12.500,000
21,047,600
7,000,000
8,250,000
7,447,800
4,682,000
$
Bank of NY & Trust Co
6,000,000
Bank of Manhattan Co.
20,000,000
National City Bank_,.. 8127.500,000
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Madne Midland Tr Co
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk & Tr Co_
Totals
Time
Deposits,
Average.
Deposits,
Average.
$
8,983.000
33,680,000
158,766,000
27,104,000
55,747,000
100,234,000
44,241.000
21,916,000
14.895,000
15,683,000
27,630,000
0190,717,000
42,414,000
4514,991,000
19,227,000
45,284,000
295,495,000
46,716,000
45,487,000
1.494,000
88,710,000
861500
3,5027,000
284,000
4,776,000
16,615,000
1,828,000
82.734,000
698.843,800 6,270,981,000
614.955.000
$
86,465,000
275,6540000
a902,700-00
303,701,000
1940,331.000
230,680,000
503,297,000
177,122,000
356,399,000
356,671,000
663.573.100
Includes deposits In foreign branches as follows: (a) $215,114,000; (b) $60,847,000
(C) $70,302,000; (d) $17,693,000.
• As per official reports: National, Dec. 30 1933; State, Dec. 30 1933; trust
companies, Dec.30 1933; e As of Jan. 131934;!As of Jan.22 1934;g As of March 15
1934.
The New York "Times" published regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ended March 30:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAR. 30 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
$
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Cash.
$
$
Gross
Deposits.
$
$
24,551,500
Grace National
Trade Bank of N.Y_
Brooklyn—.
One.nlaa Aro 11/.101
113,000
1,877,100
2,904,160
119.735
628,839
1,375,100 23,373,300
333,158
3,327,488
4 RR9 nnn
R5 non
Ron ono
277000
env:loan
TRUST COMPANIES—AVERAGE FIGURES.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Loans,
Disc. and
Invest.
Cash.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers' County_.
United States
$
59,185,300
8,372,441
9,173,711
17,039,100
29,535,400
71,647,540
$
*3,279,300
77,312
*585,729
*2,125.000
*4,726,400
22,130 497
Brooklyn—
Brooklyn
Hines County
95,013,000
24.969.091
Gross
Deposits.
5
8,399,100
434,675
380.441
438,700
3691000
$
$
1,215,100 59,337,700
616,676 5,891,147
64,368 8,194,088
387,100 15.002,300
31,971,400
55,583,685
2,148,000 16,709,000
1.898.721 6,182,396
212,000 97,830.000
26,279,478
* Includes amount with Federal Reserve as follows: Empire $2,194,800, Fiduciary
$352,709, Fulton $1,969,700. Lawyers County $3,997,100.
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 4 1934, in
comparison with the previous week and the corresponding date last year:
Assets-Gold certificates en hand and
from U.S. Treasury (a)
Gold
Redemption fund—F. R. notes
Other caah
due
Apr. 4 1934. Mar.28 1934. Apr. 5 1933.
s
s
$
1,361,201,000 1.375.280,000 245,116,000
653,970,000
2,853,000
2,974,000
15,159,000
94,457,000
52,168.000
53,629,000
1,416,222,000 1,431,883,000 1,008,702,000
Total reserves
2,506,000
550,000
2,452,000
Redemption fund—F.R.bank notes..___
Bills discounted:
69.253,000
6,793.000
6.571,000
Secured by LT. S. Govt. obligations...
16.560,000
46,363,000
14,814,000
Other bills discounted
Apr. 4 1934. Mar.28 1934, Apr. 5 1933
$
8
5
Liabilities—
629,735,000 613,476,000 824,197,000
F. R. notes in actual circulation
46,187,000
47,710,000
10,232, 0 0
F. R. bank notes in actual circulation__
0
Deposits—Member bank reserve acc't-- 1,401,688,000 1,427.327,000 897,808,0 00
25,646,000
13,875,000
67,772.000
Government
1,038.000
2,585,000
3,665,000
Foreign bank (see note)
1,405,000
1,317,000
5,553,000
Special deposits—Member bank
1,015,000
998,000
2,279,000
Non-member bank
32,212,000
48,421,000
8,006.000
Other deposits
Total deposits
Total bills discounted
Bills bought In open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
21,607,000
2,402,000
23.131,000
2,402,000
163.251,000
388,165.000
235,339,000
163.251,000
385,644,000
237,860,000
187,233,000
182,229,000
355,949,000
Deferred availability items
Capital paid in
Surplus
Subserip.for Fed. Dep.Ins. Corp.stock:
Total 13.5, Government securities...
Other securities (see note)
786,755.000
53,000
786,755,000
53,000
725,411,000
4.914,000
Paid
Called for payment on April 15
All other liabilities
Total bills and securities (see note)____
Gold held abroad
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected Items
Bank premises
Federal Deposit Insurance Corp.stock__
All other assets
810,817,000
812.341,000
905,895,000
1,194,000
5.762,000
109,032,000
11.434,000
21,265,000
33,529,000
1,195,000
4,882,000
100,026,000
11,424,000
21,265,000
31,816,000
1,336,000
• 7,360,000
93,978,000
12,818,000
1,463,004,000 1,494,523.000
985,083,000
115,616,000
59,954,000
Total assets
Total liabilities
108,607,000
59,700,000
45,217,000
98,261,000
59,106.000
45.217,000
87.962,000
58,374,000
85,058,000
21,265,000
21,265,000
16,727,000
21,265,000
21,265,000
16,515,000
7,073,000
2,411,707,000 2,417,338,000 2,057,979,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
67.7%
67.9%
55.7%
Contingent liability on bills purchased
for foreign correspondents
1,542,000
1,773.000
16,812,000
27,340,000
2,411,707,000 2,417,338,000 2,057,979,000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due
so foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter term VVILI adopted as a more accurate description ot the total of the
discount acceptances and securities acquired under the Provisions of Sections 13 and 14 of the Federal Reserve Act, which It was stated are the only items Included therein,
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve Banks when the dollar was on Jan. 31 1934 devalued from 100 cents 80
69.08 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
Volume 138
Financial Chronicle
2367
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,April 5,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 4 1934.
.1pr. 4 1934. Mar.281034. Mar.21 1934. Mar.14 1934. Mar. 7 1934. Feb. 28 1934. Feb. 21 1934. Feb. 14 1934. Apr. 5 1933.
ASSETS.
lold ctfs. on hand dr due fr. U.S.(a)
lold
tedemption fund (F. R. notes)
ither cash •
Total reserves__ ________________
S
S
S
S
S
$
$
$
4,309,575,000 4,281.197,000 1.270,695,000 4,252,321,000 4.152,948.000 3,895.811,000 3,712,311.000 3.582,092,000
33,749,000
215,178,000
32.911,000
220,886,000
33,568,000
220.181,000
34,044,000
217,411.000
34,163.000
210,841,000
35,138,000
208.727,000
41,503,000
213,904,000
S
913,536,000
2,288,822,000
76,479,000
42,234,000
222,460,000 319,655,000
4,558.503.00 4.534.994.000 1.521,414.000 4.503,776,000 4,397,952,000 4,139,676,000 3,967,718,000 3,846,786,000 3,598,492,000
0
todemption fund-F. R. bank notes
Mils discounted:
Secured by U. S. Govt. obligations
Other bills discounted
8.513,000
9.038.000
10,868,000
11,495,000
11,111,000
12.595,000
12,159,000
12,387,000
1,100,000
12,244,000
35.285,000
13,592,000
38.987,000
11,605,000
39,807,000
12,607,000
42,280,000
b15,117,000
b43.460,000
18,362,000
46,028,000
b18,927,000
b17.540.000
19,264,000
49,141,000
140,543,000
300,522,000
Total bills discounted
311Is bought In open market
J. S. GovernmentsecurIties-B onds
Treasury notes
Special Treasury certificates
Certificates and bills
51,412,000
52,579.000
47,529,000
54,887,000
58,577.000
64,390,000
68,405,000
66,467,000
29,359,000
26,045,000
33.250,000
37,459,000
46,366,000
62,345,000
86,086,000
75,111,000
442,795,000 442,928,000 442.865,000 442,875,000 412,843,000 442.830,000 442,775,000 443,045,000
1,222,681,000 1.214,246,000 1,224,043.000 1,092,063.000 1.068,318.000 1,055.420,000 1.031.256,000 1.026,142,000
441,065,000
285,973,000
421,774,000
457,871,000
Total U. S. Government securities
3ther securities
2,431,762,000 2.431,886.000 2,431,895,000 2,431,840,000 2,431.863.000 2,431,951,000 2,431,735,0002.432.024,000 1,837,368,000
563,000
563,000
563,000
653,000
653,000
5,541.000
653,000
1,293,000
1.293,000
766,286,000
774,712,000
764,987,000 896,902,000
920.702,000
933,701,000
957,704.000
962,837.000
957,723,000
Total bills and securities
2,505,899,000 2.514.387.000 2,517.120,000 2,524,839,000 2,537,459,000 2.559,339,000 2,574,606,000 2.587,808,000 2,569,947,000
Sold held abroad
Due from foreign banks
3,132,000
3,131,000
3,131,000
3,132,000
3,128,000
3,620,000
3,485,000
3,400,000
3,400,000
Federal Reserve notes of other banks.-14,831,000
15,876,000
16,551,000
15.907,000
13,145,000
24,211,000
13,293,000
16,222.000
15.027,000
Uncollected items
427,938,000 395,844,000 449,448,000 482.658,000 392.474,000 410.791,000 396,209,000 499,174,000 321,430,000
Bank premises
52,431.000
52.432,006
52,503,000
52.431,000
52,431,600
54,123,000
52.382,000
02.382.000
52,383.000
Federal Deposit Insurance Corp. stock
69.650,000
69.650,000
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
All other resources
48,984.000
49,910.000
50.965,000
51,349,000
48,636,000
52,599,000
47.791,000
46.483,000
46.969.000
Total assets
7,694,031.000 7.645.262.000 7.690,908,000 7,714.853.000 7,525,986.000 7.309,002,000 7.138.121,000 7.134,292,000 6,625,522,000
LIABILITIES.
F. R. notes In actual circulation
3,032,016.000 2,997,036,006 2,984,943,000 2.989.052,000 3.002.345.000 2,979,637,000 2,970,309,000 2,952,541,000 3,644,137,000
F. R. bank notes in actual circulation
106,552,000 122,743,000 143,877,000 159,371,000 184,543,000 195,376,000
199,358,000
15,930.000
Deposits
-member backs'reserve accoun 3,449,803,000 3,438,948.000 3,449.269,000 3.454,492.000 3,312,787.000 3,093,119,000 197,750,000 2,850,888,000 1,975,731,000
2.830,118,000
Government
66,883,000
34,926,000
16,128,000
85,596,000
56,443.000
24,009,000
45,654.000
45,261,000 165.546,000
Foreign banks
6,178,000
5,049,000
4,024,000
10,935.000
8,994,000
7,378,000
3.433,000
3,610,000
4,871.000
Special deposits-Member bank
22,347,000
20,996,000
27,938,000
69,342,000
25,316,000
24.106.000
29,248,000
36,883,000
30.405,000
Non-member bank
9,958,000
10,952.000
12.111,000
17,466,000
11,405,000
11,036,000
11,419,000
11,416,000
11,994,000
Other deposits
36,985,000
104,109,000 121,924.000 111,838,000
89.111,000
97,747,000
78,115,000
82.326.000
85,528,000
Total deposits
3,656,798,000 3,656.752.000 3.627.636.000 3.614.082,000 3,480,900,000 3.265,381,000 3,127,884,000 3.026.569,000 2.196,055,000
Deferred availability Items
427,984,000 394,468.000 462,158,000 478,730,000 391,161.000 406,909,000 382,533,000 497,108.000 315,745,000
Capital paid in
146,273,000 145,586,000 145,731,000 145.820,000 146,118,000 145,310,000 145,309,000 145,081,000 149.617,000
Surplus
138,383,000 138,384,000 138.383,000 138,383,000 138.383,000 138.383.000 138,383,000 138,383.000 278,599,000
Subscrip. for Fed. Dep. Ins. Corp. stock
Paid
69,650,000
69,650,000
69.650,000
69,650,000
69,650,000
69.650,000
69,650.000
69,650,000
Called for payment April 15
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
69.650,000
All other liabilities
16,730,000
25,439,000
50.993,000
40.236,000
38,706.000
50,115,000
48.880,000
35,952.000
36,653,000
Total liabilities
7,694,036,000 7.615,262,000 7.690.908.000 7.714,853.000 7.525.986.000 7,309.002,000 7.138,121,000 7,134.292,000 6,625,522,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
68.2%
68.2%
67.8%
68.4%
66.3%
68.2%
61.6,
64.3%
65.1%
Contingent liability on bills purchased
for foreign correspondents
4,771,000
4,935,000
50,330,000
4,931.000
4,935,000
4.835.000
4.939,000
4,284,000
4,635.000
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-93 days bills discounted
Over 90 days bills discounted
$
5
S
S
g
$
$
$
8
32,998,000
4,160,000
4,792,000
5,330,000
249,000
37,565,000
2,854,000
5,081,000
6,782,000
297,000
36,605,000
2,964,000
4,757,000
6,774,000
312,000
40.825,000
2,332,000
5,358,000
6,045,000
327.000
46,328,000
3,428,000
4,406,600
4,094,000
321,000
51,491,000
2,700.000
5,519,000
4,285,600
395,000
52.196,000
5.415.000
4,736.000
3,671,000
449,000
52,872.000
5,218,000
4,998,000
4,833,000
484,000
298,339,000
28,447,000
38,823,000
61,700,000
8,868,000
Total bills discounted
1-15 days bills bought in open market_ - 16-30 days bills bought In open market....
31-60 days bills bought In open market_ - 61-90 days bills bought In open market.-Over 90 days bills bought in open marke
47,529.000
13,193,000
7,884,000
3,412.000
1.526,000
52,579,000
13.712,000
6,634,000
7,381,000
1,632.000
51,412,000
9 374.000
.
12,346,000
7,677.000
3,853.000
54.887,000
9,966.000
13,973.000
8,992.000
4,528.000
58,577,000
14,376.000
9.662,000
16,156,000
6.172.000
64,390,000
26.462,000
9,399,000
19,623.000
6,861,000
66,167.000
31,957,000
15,542,000
19,103,000
8,460.000
49.000
68.405,000
30,832.000
24,922,000
21,740,000
8,591,000
1,000
436,177,000
78,144,000
72,677,000
119,424,000
15,520,000
208.000
Total bills bought In open market
1-15 days U.S. certificates and bills.
16-30 days U.S. certificates and bills
31-60 days U. S. certificates and bills---.
61-90 days U. S. certificates and bills..-.
Over 90 days U.S. certificates and bills
26,045,000
65,338,000
107,179,000
55,0750300
116,816.000
421,878,000
29,359,000
61,190,000
76.578,000
129.575.000
112,861,000
394.508.000
33,250,000
90,095,000
65,338,000
137,939,000
106,816.000
364,808,000
37,459,000
205,729,000
61.190,000
147,928,000
29,325,000
452,730,000
46.306.000
207.760.000
90.095,000
143,318,000
49,875,000
429,654.000
62,345.000
201,999,000
91,980.000
130,568,000
107,875,000
401,279,000
75,111.000
87.693.000
209,610.000
155,433,000
111,830.000
393.938.000
86.086,000
72,170,000
201.999,000
153,170.000
144.928,000
390,570.000
285,973,000
60,000,000
112.247.000
139,000,000
195,075,000
451,401,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants_--61-90 days municipal warrants
Over 90 days municipal warrants
766,286,000
510.000
774,712,000
510,000
764,987,000
510,000
896,902,000
590,000
10,000
920.702,600
590,000
10,000
933,701,000
636,000
957,704.000
1,276,000
962.837.000
1.276,000
957,723.000
5.333,000
17,000
36.000
53.000
53.000
53,000
53,600
17,000
17.000
17,000
51,000
152,000
5,000
Total municipal warrants
563.000
563,000
563.000
5.541,000
653,000
653,000
1,293,000
653,000
1,293,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent-- -- 3,310,969,000 3.250.398,000 3,249,829,000
3,244,280,000 3,250,040,000 3,224,644,000 3,223,491,000 3.204.150,000 3,965,202,000
Held by Federal Reserve Bank
278,953,000 253.362,000 264.886,000 255,228,000 247,695.000 245.007.000 253.182,000 251,609,000 321,065,000
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold ctfs.on hand 4,due from U.S.Tress
BY gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U. S. Government securities
3,032,016,000 2,997,036,000 2,984,943.000 2,989.052,000 3,002,345,000
2,979,637,000 2,970,309,000 2,952,541,000 3,644,137,000
2,924,345,060 2,875.218,0002,884.152.000 2,897,118.000 2.840.618,000 2,765.318.000 2.663.318,000
47,018,000
376,000,000
54,148,000
351,700,000
56,471.000
346.700,000
63,030,000
326,400.000
75.426,000
376,000,000
95,149,000
412.800.000
110,000,000
496,100,000
2,573,318.000 128i00000
1 294 335000
122,358,000 568,406,000
548,100,000 853,700,000
Total collateral
3,347,413,000 3,24E066.000 3.297.323.000 3.286.549 000 3 202 nss nnn .1 275 907 nem 1 960 41R nnn .1 0.11 770 owl 1 007 SI i no
0
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank
notes. b Revised.
These are certificates given by the U. S. Treasury for the gold taken over from the
Reserve
69.06 cents, those certificates being worth lees to the extent of the difference, the difference Itself Banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS APRIL 4 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank ofBoston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap, Kan.City.
Total.
Dallas. San Fran.
ASSETS.
I
$
$
$
8
$
$
Gold certificates on hand and due
from U. S. Treasury
4,309,575,0 341,390,0 1.361,201,0 282,678,0 340,857,0 186.084,0 124,197,0
Redemption fund-F. R. notes
33,749,0 2,739,0
2,853,0 3,384,0 3,455,0 1,918,0 3,035,0
Other cash
215,178,0 16,263,0
52,168,0 35,662,0 14,677,0 9,156,0 11,110,0
Total reserves
4.558,502,0360.392,0 1.416,222,0 321,724,0 358.989.01197,158,0 138,342,0
$
$
$
$
$
$
882,685,0 166,996,0 103.553,0 156,995,0 93,194,0 269,745,0
7,338,0
1,221,0
1,273,0
692,0 5,064,0
777,0
28,713,0 9,985,0 10,406,0 9,584,0 6,331,0 11,123.0
918.736,0 178.202.0 115.232.0 167.356.0 100.217.0 285.932.0
2368
Financial Chronicle
April 7 1934
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total.
RESOURCES (Concluded)Redem. fund-F. R. bank notesBills discounted:
Sec. by U. S. Govt. obligations
Other bills discounted
Boston. New York.
$
8.513,0
12,244,0
35,285,0
47,529,0
26,045,0
Total bills discounted
Bills bought In open market
II. 8. Government securities:
Bonds
Treasury notes
Certificates and bills
$
1,250,0
Phila.
Cleveland. Richmond Atlanta,
$
858,0
$
1,215,0
824,0
1,086,0
6,793,0 2,303,0
14,814,0 12,421,0
545,0
2,018,0
333,0
1,377,0
1,910,0
4,420,0
21,607,0 14.724,0
2,402,0 1,843.0
2,563,0
2,042,0
1,710,0
860,0
Chicago.
$
san Fran.
$
$
247,0
250,0
$
474,0
$
764.0
967,0
1,236,0
164,0
128,0
1.0
659,0
313,0
157,0
128,0
386,0
2,203,0
2,333,0
876,0
931.0
3
St. Louis. Minneap Kan.City. Dallas.
$
734,0
186,0
690,0
$
2,452,0
292,0
821,0
660.0
673,0
313.0
856,0
157,0
6,954,0
514,0
1,910,0
$
269,0
442.795,0 24,400.0
1.222,681,0 81,726,0
766,286,0 51,555,0
163,251.0 28,070,0 32,159,0 14,127,0 13,033,0
388,165,0 85,276,0 110.904,0 48.709,0 44,830.0
235,339,0 53,774.0 69,961,0 30,727,0 28.314,0
76,949,0 14,494,0 16,302,0 15,620.0 19,280,0 25,110,0
218,213,0 48,261,0 30,229.0 47,720,0 32,004,0 86,594.0
142,181,0 30,445,0 19,068,0 30,104,0 20.191,0 54,627,0
Total U. S. Govt. securities_ 2,431.762.0 157,681,0
Other securities
563,0
786,755,0 167,120,0 213,024,0 93.563,0 86,227,0
53.0
510,0
437,343,0 93,200,0 65,599.0 93,444.0 71,475,0 166,331,0
Total bills and securities
2,505,899,0 164,011,0
Due from foreign banks
3,131,0
237,0
Fed. Res, notes of other banks.16,551,0
335,0
Uncollected items
427,938,0 48,441.0
Bank premises
52,503,0 3,224,0
Federal Deposit Ins. Corp.stock_
69,650,0 5,115,0
All other resources
51,349,0
912,0
810,817,0 184,197,0 217.629,0 96,133,0 88,034,0 441,879,0 94,313,0 66,932,0 94,613,0 78,586,0 168,755,0
7.0
88.0
222,0
1,194,0
342,0
300,0
414.0
10.0
88,0
119.0
110.0
366,0 1,348,0
306.0
947,0
2,857.0 1,155,0
377.0
825,0 1,074,0
1,199,0
5,762,0
109,032,0 36,578,0 40,242,0 34,898,0 15,229,0
54,105,0 19,593.0 10,761,0 23.089,0 14,508,0 21,462,0
11,434,0 4,077,0 6,788,0 3.128,0 2,372,0
7,382,0 3,111,0 1,657,0 3,485,0 1,755,0 4,090.0
21,265,0 7,310,0
7,073,0 2,904.0 2,636,0
9,874,0 2.547,0 1,755,0 2,066.0 2,180.0 4.925,0
596,0
793,0
342,0 1,252,0
712,0
33.529,0 5,285,0 1,482,0 2,055.0 2,935.0
1,456.0
7,694,036,0 583,917,0 2,411,707,0 560,748,0 634,543,0 337,469,0 251,126,0 1,436,703.0 300,007,0 198,209,0 292.891.0 198,907,0 487.809,0
Total resources
LIABILITIES.
F. R. notes In actual circulation- 3,032,016,0 240,945,0 629,735,0 241,071,0 294,606,0 146,026,0 127,763,0
F.R.bank notes in act'l eircurn- 106,552,0 8,927,0
46,187,0 13,686,0 13.412,0
1,308,0
Deposits:
Member bank reserve account- 3,449.803,0 248,651.0 1.401.688,0 205,938,0 227,849,0 131,478.0 77.490,0
Government
66,883,0
396,0
25,646,0 2,831,0 7,740,0
834,0 2,693,0
Foreign bank
5.049,0
441,0
1,038,0
638,0
589.0
233,0
215,0
Special
-Member bank
20,996,0
108,0
1,405,0 4,589,0 2.931,0 1,121,0 1,461,0
Non-member bank
1,015,0 1,801,0
91,0
621,0
9,958,0
107.0
Other depoeita
104,109,0 3,613,0
32,212,0 9,714.0 4,015,0 5,389,0 7.563,0
771,166,0 134,810.0 96,962,0 108,275,0 40.212,0 200,445,0
5,856,0 3,002.0 4,287,0 3.396,0 6.491.0
539.324,0 105,558,0 65,079,0 130,334,0 116,577,0 199,837,0
5,539.0 2,354,0 4,905,0 3,358,0 1,343,0 9,244.0
141,0
172.0
172.0
435,0
202,0
773,0
315,0 1,171,0
666,0 1,201,0
597,0
5,431.0
625,0
193.0
5,505,0
1,710.0 14,485,0
2.126,0 9.426,0 5.294,0 8,562,0
Total deposits
3,656.798,0 253.209,0 1,463,004,0 225,511,0 243,215,0 139,676,0 89,529,0 553.193,0 123,642,0 76.278,0 143,627.0 120,117,0 225,797,0
Deferred availability items
54,231,0 19,714,0 10,916,0 24,007,0 15,981,0 23,013,0
427,984,0 48,664.0 108,607.0 33,849,0 39,536,0 34,560,0 14,906,0
Capital paid in
59,700,0 15,625,0 12,686,0 4.963,0 4.417,0
12.665,0 3,942,0 2,846,0 4,145,0 3,958,0 10,655.0
146,273,0 10,671.0
Surplus
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683.0 9,645,0
Subscription for FDIC stock:
Paid
1,755,0 2.066,0 2,180.0 4,925,0
21,265,0 7,310,0
7,073,0 2,904,0 2,636,0
9,874,0 2,547,0
69,650,0 5,115,0
Called for payment April 15._
21,265,0 7.310,0 7.073,0 2.904,0 2,636,0
9,874,0 2,547,0 1,755,0 2,066,0 2,180,0 4,925,0
69,650,0 5,115.0
All other liabilities
805,0 7,200,0 1,913,0
46,730,0 1,661,0
16,727.0 3,034.0 2,852,0 1.265,0 2,786,0
5.019,0 2,193,0 1,275,0
7,694,036,0 583,917,0 2,411,707,0 560,748,0 634,543,0 337,469,0 251.126,0 1.436.703,0300.007,0 198,209.0 292.891,0 198,907,0 487,809,0
Total liabilities
Memoranda
Ratio of total rev. to dep. & F. R.
note liabilities combined
Contingent liability on bills purchased for for'n correspondents
•
68.2
72.9
67.7
69.0
66.7
69.0
63.7
69.4
68.9
86.5
66.4
62.5
67.1
4,771,0
355.0
1,542,0
513,0
474,0
188,0
173,0
622,0
163,0
114,0
138,0
138,0
351,0
e"Other cash" does not include Federal Reserve notes or bank s own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.City. Dallas. San Pram.
Federal Reserve notee:
II
$
Issued to F.R.Bk. by F.R.Art. 3,310,969,0 257,916,0
Held by Fed'I Reserve Bank_ .._ 278,953,0 16,971,0
8
$
$
$
$
728.462,0 257,365,0 310,604.0 153,852,0 146,834,0
98,727,0 16,294.0 15,998,0 7,826,0 19,071,0
$
$
3
$
$
$
808,093,0 139,762,0 101,699,0 115.189,0 44,073,0 247.121,0
36.927,0 4,952,0 4,737,0 6,914,0 3,860,0 46,676,0
In actual circulation
3,032.016,0 240.945,0
Collateral held by Agent as security for notes issued to Like:
Gold certificates on hand and
duefrom U.S.Treasury.... 2,924.345,0256,672,0
Eligible paper
47.068,0 5.852,0
U. S. Government securities_ 376,000,0
629,735,0 241,071.0 294,606.0 146,026.0 127.763,0
771,166,0 134.810,0 96,962,0 108.275,0 40,212,0 200,445,0
723,706,0 231,200.0 254,886,0 139,675.0 95,385,0
14,391.0 6,441,0 3,144,0 1,680,0 1,197,0
20,000,0 55,000,0 15,000,0 52,000,0
679,213.0 127,936,0 79,944,0 109,290.0 38.675,0 187.763,0
961,0 6,963,0 1,829,0
842.0
978,0
2,790,0
60,000,0
131,000,0 13,000,0 22.000,0 8,000,0
7280970 257 641 0 313 030 0 156 355 n 148 582 0
8120020 1410140 102.786.0 118.251.0 45.633.0 249.592.0
Total collateral
3.347 413 0 262 524 0
FEDERAL RESERVE BANK NOTE STATEMENT.
TWO uspners (uu) unsitted.
Federal Reserve Agent at-
Total.
Boston. New York,
Phila.
Cleveland. Richmond AUanta.
Federal Reserve bask notes:
Issued to F. R. Bk.(outatdg.):
Held by Fed'I Reserve Bank._
$
120,386,0
13,834,0
3
9,771,0
844,0
3
$
$
48,186,0 21,035.0 13,950,0
1,999,0 7,349,0
538,0
In actual circulation-net.*
Collat. pledged seat. outat. notes:
Discounted at purchased bills_
U. S. Government securities__
106,552,0
$
Si. Louis. Minneap. Kan.CIty. Dallas. San Fran,
Chicago.
$
1.469,0
161.0
$
6,134,0
278,0
3
3,372,0
370,0
$
4,402.0
115,0
3
4.113,0
717,0
$
7,954,0
1.463.0
3.396,0
6,491,0
$
46.187,0 13,686,0 13,412,0
1,308,0
5.856,0
3,002,0
4,287,0
955,0
49,274,0 26,500,0 15,000,0
11,0
2,000,0
11,000,0
10,000,0
5.000.0
7,000.0 15,000,0
181 7400 10 niln 0
Total collateral
8,927,0
966,0
150,774,0 10,000,0
49 274 a 26 Ann n 15 055 n
2 011 0
11.000.0 10.000.0
5.000.0
7.000.0 16.000.0
• Does not include $70,078,000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurerof
the United States,
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange of drafts sold with endorsement" and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some
of the banks Included mortgages in Investments. Loans secured by U. S. Government obligations are no longer shown separately, Only the total of loans on securities being
given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper.
only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays or
moratoria early In March 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from March 1 to May 10, but a summary of
them Is to be found in the Federal Reserve Bulletin. The figured below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CI,OSIL OF
BUSINESS MAR. 28 1934 (In Millions of Dollars).
Federal Reserve DistrictLoans and Investmenta-total
Loans
-total
On securities
All other
Investments
-total
U.B. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from bank/
Due to banks
Ftnertnenirs from F. It. Bank
Total.
Boston. New York
$
$
1,200
17,472
$
8,117
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap, Kan.Ctly. Dallas. banFran.
$
1,029
$
1.158
3
$
347
335
$
$
1.720
$
$
$
509
329
545
407
$
1,776
8,161
680
3,809
503
436
171
184
729
220
161
199
187
882
3,514
4,647
264
416
1.882
1,927
238
265
211
225
58
113
59
125
330
399
85
135
42
119
62
137
64
123
219
683
9,311
520
4,308
526
722
176
151
991
289
168
346
220
894
6,227
3,084
353
167
2,903
1,405
278
248
526
196
126
50
103
48
659
332
195
94
113
55
237
109
170
50
564
330
2,572
242
11.794
4,419
1,413
1,519
3,447
0
173
44
788
343
124
116
170
1.287
51
6,195
1,113
808
140
1,536
6
143
13
662
310
68
125
190
1
121
19
576
445
69
101
173
1
35
11
199
134
12
72
80
27
6
163
131
33
83
80
393
50
1,390
466
75
236
448
1
74
7
333
163
33
92
141
36
5
197
123
7
92
97
83
12
399
166
28
166
225
79
9
279
122
58
125
134
121
15
613
903
98
171
173
Financial Chronicle
Volume 138
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, April 6.
Ow . 001, Sinanfia1
0
0mi/tide
Tanintort
Maturity.
PUBLISIIED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage12 Mos.
6 Mos.
United States, U. S. Possecsions and Territories
810.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico and Cuba_ _ _ 13.50
7.75
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
15.00
8.50
The following publications are also issued:
COMPENDIUMSMONTHLY PUBLICATION/I-PUBLIC UTILITY-(seml-annually)
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL-(four a year)
MONTHLY EARNINGS RECORD
STATE AND NiUNICIPAL--(BeD11-aD11.)
The subs( Hinton price of the Bank and Quotation Record and the
Monthly Earnings Record is $6.00 per year each; for all the others is
85.00 per year each. Foreign postage extra.
NOTICE.
-On account of the fluctuations in the rates of exchange.
remittances for foreign subscriptions and advertisements must be made
in New York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO OssicE-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street. Telephone State 0613.
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens. London. E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor,
; Business Manager, William D. Riggs; Treas.,
William Dana Seibert; Sec.. Herbert D. Seibert. Addresses of all. Office of Co.
Wall Street, Friday Night, April 6 1934.
Railroad and Miscellaneous Stocks.
-The Review of the
Stock Market is given this week on page 2356.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Apr. 6.
Sales
for
Week.
RailroadsPar. Shares.
Caro Clinch & Ohio.100
20
Cleve & Pittsburgh.. 50
7
Hudson & Manh p1_100
500
Int Ttys of Cent Am___•
30
Certificates
10
Preferred
100
280
NY Central rights___ 152,7
Norfolk & West pfd_11141
20
Pacific Coast let pf___*
270
*
2d preferred
140
Phila Rapid Transit-50
9
Preferred
50
30
Texas & Pacific_ _ _100 1.300
Wheeling & Lake E100
70
Range for Week.
Lowest.
$ per share.
74 Apr 2
74% Apr 3
19 Apr 5
5% Apr 6
3% Apr 6
14% Apr 3
214 Mar 31
91% Apr 4
7% Apr 3
4% Apr 5
3 Apr 2
7% Apr 4
31 Mar 31
25 Apr 2
Highest.
Range Since Jan. 1'
Lowest.
Duplan Silk pref _ _ _100
Fairbanks Co etfs___25
Prof certificates_100
Fifth Ave Bus See_ -*
Filene's (Wm) Sons Co
-614% preferred.. 100
Gen Baking Co pref •
Gen Refractories v t c_•
Guantanamo Sug pf 100
Hazel Atlas Co
25
Henna(G W)pref.. 100
Kan City Lt ds Pr pf 13•
Kresge Dept Stores__
Preferred
100
Lazlede Gas
100
Preferred
100
Life Savers
5
MacAnd& Forbes pt100
TMarancha Corp
5
Martin-Parry Corp._.•
Nat Aviation
•
Newberry Co(J J)_-- -•
7% Preferred____100
10105%
700 1%
390 53.4
30 7%
105%
Apr
Apr 3 2
Apr 2 754
8%
Apr
10 100 Apr 2100
340 102 Apr 6104
1,600 14% Apr 5 15
90 23 Mar 31 24%
1,700 87% Mar 31 91%
10 137 Apr 5137
108%
40 108 Apr
300 5% Apr 2 6%
350 40 Apr 2 55
60 37 Apr 5 40
40 5154 Mar 31 53
700 18% Mar 31 1951
10 100 Apr 2 100
7,760 4% Mar 31 5
1.000 10 Apr 3 11
1,500 8% Mar 31 9
3,700 41% Apr 2 433-4
500 100 Apr 3 103
Omnibus Corp pref_100
100 91
Outlet Co
60 42
.
Poe Tel & Tel pref_100
20 111
• 8,300 654
Pacific Western 011
Panhandle P & R pf_100
480 15%
Peoples Drug Stores_. 1,500 36
Penn Coal & Coke___50
300 334
Phillips Jones pref_100
30 72
Revere Cop & Br pf_ 100
170 64
Roan Antelope Cop M - 2,600 29
Sterling Products___10 4.700 53
• 1,260 14%
United Amer Bosch
5 32,600 14
United Drug
linty Leaf Tob pref_100
20119%
5 1,100 31
Vick Chemical
360 754
Virginia hr al& C_100
10 103
Vulcan Detinning p1100
• 19,700 2554
Walgreen Co
Preferred
140100%
100
200 53
Wheeling Steel pref _100
Apr 6 91
Apr 3 45
Apr 4 111
Apr 2 8%
Mar 31 21%
Mar 31 405.1
Apr 4 3%
Apr 6 7434
Apr 2 71%
Apr 5 2954
Apr 2 56
Apr 6 16%
Mar 31 15%
Apr t 119%
Apr 2 31%
Apr 4 7%
Mar 31 103
Mar 31 2834
Apr 2 102
Apr 4 53
• No par value.
a Companies reported In receivership.
Highest.
1
$ per share. 1 5 per share.$ per share.
74 Apr 2, 74
Apr 74
Apr
Apr
75 Apr 6 74% Apr 75
Jan 26% Jan
20% Apr 5 18
Jan 5% Apr
5% Apr 6. 3
3% Apr 6 354 Mar 3% Apr
Apr
18 Apr 6, 7% Jan 18
2% Mar 31; 1% Ma
2% Mar
91% Apr 4 82
Jan 9114 Apr
8% Apr 2 35% Jan 10% Mar
5% Apr 2 2
Jan 6% Mar
3 Apr 2 3
Feb 4% Jan
7% Apr 2 5
Jan 9% Mar
36 Apr 5 18% Jan 43% Feb
25 Apr 2 25
Jan 25
Jan
Indus. & Miscell.Abrahm&Straus pfd 100
20 106 Apr 4106 Apr 4 89
Am Rod & St San pf 100
20117% Mar 31 117% Mar 31 111%
160, 7 Mar 31 7% Apr 6 5
Art Metal Construct _10
.*
Austin Nichols pr A20 52 Mar 31 52 Mar 31 39%
Beneficial Ind Loan___• 6,600 16% Apr 3 17% Apr 6 12%
BloomIngdale7%pfd100
1901 98 Apr 3100 Apr 5 88
Blumenthal & Copfd100
10, 51% Apr 2 51% Apr 2 48%
Briggs & Stratton_ _ ....* 2,700' 20% Apr 2 23 Apr 6 15
_*
Burns Bros class A
100 4 Apr 3 4 Apr 3 1%
Cla.ss A etfs
*
100 2 Apr 4 2 Apr 4 1
Preferred
100
220 10% Apr 2 11% Apr 6 4
City Stores class A _ _•
100 5 Apr 4 5 Apr 4 334
Class A ctfs
•
200 4 Mar 31 4 Mar 31 3
Certificates
* 1,300
54 Mar 31
54 Apr 2
%
Collins&Alktnan pfd100
130 89 Apr 4 93 Apr 6 79
Col Fuel & Iron pfd_100
90 26% Apr 5 28 Apr 4 10%
Col Gas & El pref B-100
20 63% Apr 5 63% Apr 6 41
Comm Cr prof (714.25
1201 2634 Mar31 28 Apr 4 2334
Consol Cig prof (7).100
20 52 Apr 5 52 Apr 5 31
Prior pref x-warr.100
60 52 Mar 31 52 Mar 31 49
Cosine Sons pfd(7).100
200 81 Mar 31 84 Apr 4 80%
Preferred (8%) - - -•
50 68% Apr 6 69% Apr 6 6854
Apr
Apr
Apr
Apr
6 100
4 1
6 3
5 7
Apr 2 87
Apr 310034
Apr 3 12%
Apr 6 7%
Apr 6 8654
Apr 5 123%
Apr 3 97%
Apr 4 2%
Apr 4 19
Apr 5i 37
Apr 6 4234
Apr 3 1734
Apr 2 95
Mar 31 4%
Apr 6 654
Mar 31 754
Apr 6 41%
Apr 5 100
2369
Jan 106%
Jan 117%
Jan 9
Jan 59
Jan 18
Jan 100
Fe 56%
Jan 23
Jan 6
4%
Jo
Jan 1534
Jan 5%
Jan 554
Jan 1%
Jan 93
Jan 32
Jan 66%
Jan 29
Jan 5334
Feb 5254
mar 84
Apr 71
Mar
Feb
Feb
Mar
Mar
Mar
Feb
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Apr
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Mar
Feb 110
ma
2
Apr
Feb 734 Apr
Feb 11
Jan
Mar
Jan 100
M 10814 Feb
Jan 19% Feb
Feb
Jan 31
Mar 96% Jan
Apr
Mar 137
Jan 108' Apr
Jan 734 Feb
Apr
Jan 55
Apr 63% Feb
Feb
Jan 60
Jan
Jan 20
Apr
Jan 100
Jan 5% Feb
Jan 12% Mar
Feb 13% Jan
Apr 43% Apr
Apr
Apr 103
Apr 6 89
Feb 95
Apr 4 30
Feb 45
Apr 4 103
Jan 111%
Apr 6 634 Mar 8%
Jan 21%
Apr 6 12
Apr 5 21
Jan 4034
Apr 4 2% Jan 4%
Feb 7454
Mar 31 58
Apr 6 46
Jan 7134
Apr 4 26% Jan 3154
Apr 6 4754 Jan 58
Jan 17
Apr 2 10
Apr 4 934 Jan is%
Apr 5112% Jan 121
Mar 31 24% Jan 31%
Apr 4 4% Jan 9
Mar 31 95
Jan 103
Apr 4 2234, Feb 28%
Apr 4 8434 Jan 10254
Apr 4 38
Jan 57
Jan
Apr
Mar
Feb
Apr
Apr
Jan
Mar
Apr
Feb
Jan
Feb
Apr
Mar
Mar
Feb
Mar
Apr
Feb
Feb
Int.
Raze,
June 15 1934._
Sept. 15 1934 ___
Aug. 1 1935._
Aug. I 1934._
Deo, 15 1034_
Mar, 15 1935._.
Dec. 15 1935_
Feb. 1 1938...
Dec. 15 1988._
34%
134%
114%
214%
234%
214%
214%
251%
2 tr %
Bid.
100.2s
moo,
10122s
100o,
101,
A3
102.ss
1022..
1022n
1032 .
.
Asked
Iwo.,
101"ss
101.2ss
102.ss
10222n
102.,,
103.2,,
Maturity.
Apr. 15
June 15
May 2
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept.15
1936._
1938___
1934,...
1935_
1937___
1937._
1938._
1938...
1937._
lot.
Rate.
Md.
A eked.
103on
1022
.n
101on
103 :s
,
103t.ss
103ton
1032
.
104,2s,
10322ss
251%
25.4%
3%
3%
3%
3%
3%
3)4%
33.4%
103"st
102"st
101"o
103,1:1
10302o
10302o
103.ss
10400
10382s,
U. S. Treasury Bills-Friday, April 6.
Rates quoted are for discount at purchase.
Bid.
Apr. 11 1934
Apr. 18 1934
Apr. 25 1934
May 2 1934
May 9 1934
May 16 1934
May 23 1934
June 20 1934
Asked,
0.15%
0.15%
0.15%
0.15%
0.15%
0 15%
0.15%
0 is%
Bid.
June 27 1934
July 3 1934
Aug. 8 1934
Aug. 15 1934
Aug. 29 1934
Sept. 5 1934
Sept. 26 1934
Oct. 3 1934
Asked.
0.15%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
I 0.20%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. Ifar.31 Apr. 2 Apr. 3 Apr. 4 Apr. 5 Apr.6
First Liberty LoanHigh
354% bonds of 1932-47__.[Low.
(First 3%s)
Close
Total sales in $1,000 units _-Converted 4% bonds °Trish
(LOW.
1932-47 (First 4s)....
103.,, 1032n 103.hs 104.ss 103.hs
103
102.hs 1036n 10322:: 1032hs
103
103.n 103..n 104.,, 1032hs
28
87
63
310
86
______
Total sales in $1,000 units...
Converted434% bond/High 103.hs 103.hs
of 1932-37 (First 4%5) Low_ 103.hs 103.2n
Close 103.41 103.hs
Total sales in $1,000 units___
12
8
Second converted 434%1 Igh
2
1
bonds of 1932-47 (First(Low.
Close
Second 4548)
Total sales in $1.000 units___
Fourth Liberty Loan
{High 103
-6-1; loYa;
4ST % bonds of 1933-38._ Low. 1032n 103in
(Fourth 454s)
Close 103.2n 103.ss
Total sales in $1,000 units__ _
32
67
Fourth Liberty Loan
{High 1002h 1002
.n
454% bonds (called)
Lew- 1002h 10022,,
Close 10022
, 10022,,
Total sales in 51.000 Snits. __
33
33
Treasury
illIgh 1102n 110
4548 1947-52
Low 109.h 10928
”
Close 109., 109e.s,
0
Total sales in $1,000 units_
14
8
(High 106.n 106232
4s. 1944-54
(Low. 106)n 108632
[Close 1062,, 1060,,
Total sales in $1,000 units__ _
15
5
{High 1012h, 10122ss
54
4,-354s,1943 45
Low. 1012h, 101.212
Close 1012h, 10122,,
Total sales in $1,000 units.-171
68
{High 10422n 1042,32
3540, 1948-56
Low_ 10422,1 10122n
Close 10422,2
Total sales in $1,000 units..3
1
.
rob 102.hs 102.s:
354s, 1943-47
Low_ 1022h, 1022ss
Close 1021h 1022n
Total sates in $1,000 units...
23
99
(High 992n
3s, 1951-55
Low_
9828ss
98.h
Close 98., 9328.1
0
Total sales in $1,000 units_ _ _
48
54
1022n
{High
314s. 1940-43
102211
Low_
Close
1022ss
Total sales in 51.000 units. _
29
.
{High 102;;, 102.ss
35es. 1941-43
Low_ 102.n 102212
Close 1022n 102 s:
,
24
Total sales in $1,000 units___
32
,
{High 1000, 100 =32
354s 1946-49
Low. 100.2n 100032
Close 100.2
” 100732
Total sales in $1,000 units...
45
39
(High 101.hs 101 2.ss
3348. 1941
Low_ 101on 101 2.,,
Close 1012
.8 1012.82
Total sales in $1,000 units...
36
118
103,h, 1032hs 103.32 1032hs
103.
2n 103Ihs 1032hs 1032 hs
103.hs 103.hs 1032.n 1032hs
65
66
23
10
_
103h,
103",,
143
101
1002.11
100..ss
198
1102ss
10911ss
103"ss
103..,,
138
101"ss
1012ss
101",,
1467
110.2ss
110.2n
32
1061.1
106.t:
106.12
217
102.ss
101..ss
1012.ss
216
1042231
104",,
10427s:
3
102.”
102.ss
1028,,
53
992s,
982.ss
992ss
258
102.2n
102.n
102.1.,
5
102.2
,
102.ss
102‘.3
12
2
106“"
106"3:
1062422
31
102.ss
101.22ss
1022,,
838
105.ss
105232
105 s,
,
128
10222ss
102"ss
10222ss
234
990I,
990 ss
99.5
.
242
1022is
102241
1022is
331
1022.,
102.8s
102,631
608
100 53
100'32
98
102 is
1012.1
102
140
10014:2
1001 "
.
342
102nn
102.32
102",,
684
103",,
103"ss
141
101..ss
101.2
”
101.10
125
111
110"ss
110"ss
259
107,
42
106":2
106.
2ss
119
102.n
102hs
102h1
225
105",
105",
1051,s
268
102":
10222
,
102.21
23
992ss
99023
990,
1
585
1032n
103
103
74
103.ss
1022.12
103 31
,
48
10020a:
100",,
1002.2
276
102so,
102"s
102221
297
103ass
-- 103.2n
103.
2ss
386
101.2n
1012n
101..ss
1088
111
11022.1
110"ss
2
1062
.”
1062.11
1062.ss
21
102hs
102
102 ss
,
145
105.ss
105.ss
105.s:
13
1022.1s
1022.ss
1022.ss
12
99lass
991.1
0914,,
175
1031,,
103
103.n
540
1032n
1022hs
103
.n
102
1002hs
100.hs
10012hs
110
102.hs
1022h,
102.hs
124
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1
4
31
8
1
First 434s
Fourth 4%s (uncalled)
Fourth 434s (called)
Treasury 4348, 1934
Treasury 3%s
103 a, to 10341
,
103.ss to 103.2ss
100..32 to 101"31
1012.ss 1.0 102',,
1021111 to 102221,
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.15©5.16'A
for checks and 5.1554 ©5.17 for cables. Commercial on banks: Sight,
5.15%; 60 days, 5.15%; 90 days, 5.1434; and documents for payment
60 days, 5.154. Cotton for payment 5.16%.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.59G1
6.6036 for short. Amsterdam bankers' guilders were 67.65@67.69.
Exchange for Paris on London, 78.23; week's range, 78.43 francs high
and 77.85 francs low.
Sterling, ActualCables.
Checks.
High for the week
5.18%
5.18%
Low for the week
5.1234
5.12%
Paris Bankers' Francs
High for the week
6.6134
6.6234
Low for the week
6.57%
6.57%
German Bankers' Marks
MO for the week
39.89
39.91
Low for the week
39.65
39.68
Amsterdam Bankers' Guilders
High for the week
67.81
67.85
Low for the week
67.37
67.36
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 2357.
A complete record of Curb Exchange transactions for the
week will be found on page 2388.
2370
April 7 1934
.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
ar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
-Sales tor deferred delivery (s. 10, 3. 15 days) are disregarded In the week's range, unless they are the only sales of the week, and whether
NOTICE.
included or no
are shown in a footnote In the week in which they occur. No account is taken of such sales in computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar. 31.
$ Per share
6412 6558
773 775
8
8
457 4612
8
28
285
8
*303 3118
8
421* 4212
•103 - 105
•12
14
*612 63
4
*4312 4712
29
29
.837 87
8
Monday
Apr. 2.
$ Per share $ per share
66
6738 66
6714
8014 8014
767 80
8
47
473
8 47
473
4
283 2914 287 2958
s
4
3114 3112 31
3118
423 423
4
4 423 4312
4
105 105 .105 107
.12
14
14
14
63
4
612 612 .6
*433 4712 4312 4312
8
2918 2912 287 2912
8
.837 8612 .843 8612
8
8
-ii Tic
s
*83
'65
4414
*5
*512
47
s
11
63
4
105
8
123
4
.23
5
814
.614
34
•25
*22
.53
8
*712
63
263
4
1112
2038
25
•1714
2714
1212
*2812
•118
87
8
31
.40
6114
•20
77
s
.14
.20
177
8
563
8
30
17
•714
•118
.21s
*43
8
*512
1118
2713
5
814
•34
.113
*3
4
351s
2034
Tuesday
Apr. 3.
- 3is -1.i8
100 .83 100
75
75
75
443
4 4412 447
8
514
43
4 43
4
6
53
4 6
47
8
43
4 478
11
11
113
8
63
4
63
4 63
4
105
8 103 11
4
1314 13
1313
2378 24
24
5
5
5
814
814 8 4
,
612
612 67
8
34
35
36
2614
2612 *25
30
*22
30
51 2 *53
4 6
878 *7
83
4
63
6312 64
273
8 2712 28
12
1218 12
21
213 213
8
8
25
25
25
187 *1812 19
8
277
277
8
8 27
127
1212 .12
8
31
.2812 31
114
118
118
87
8
87
8 87
8
3112 3112 32
45
4412 .40
-16i4
*83
78
443
8
*5
.43
4
412
111 1
67
6
103
4
123
4
24
5
83
8
7
35
2612
*22
513
.7
8412
2759
11
21
25,
8
.1712
27
.12
30
.
7
8
9
32
•40
I7 8
.1100
78
4514
514
6
47
8
1138
7
1114
8
133
2418
5 18
83
8
7
36
27
30
558
83
4
65
2 4
83
11
2138
2614
19
2814
1278
30
118
914
323
8
45
65
*6212 70
6114 .62
217 •201s 227 .2014 23
8
8
8 4 83
,
814
8
812 812
15
15
1512
1514 *15
2134
213 .20
4
2134 22
18
18
1838
181s
18
5632 5634 57
57
57
31
2813 30
*2612 31
17
*1612 17
1612 1612
1012 .712 1014 *714 10
114
114 .1 18
1 18
114
214
214
212
23
4 23
4
8 43
43
4 *43
4 .43
8 43
4
6i2
6i8 cps *55
8 612
1112 1112 117
8 1113 1218
2712 27
277
8 27
273
4
5 14
518 5 8
5
3
5
814
75
77
8 814
8 818
39
39
39
*39
44
218 *112 218
2
2
5
7
3
4
3
4
3
1
3
4
8
s
8 353 363
8
3 8 353 357
57
2034 2118 2118 2112 2112
4
3214 303 3114 303 3114
4
12414 .126 128 .12414 130
4
187
8 183 1914 1812 1914
4
303
4 303 3112 3112 3134
10
0 10
97
8 97
958
114 •1
114 *1
114
8 .210 259
27
g .218 27
173 174
173 173
174
3214 3134 323
3214 32
4
514
5
518 *412 5
35
3412 3418 347
8 34
81.1 *513 8 4 .512 814
,
267 *26
8
2712
2712 .25
3412 3412 35
*33
35
28
28
29
*2713 30
*2014 24
•2018 24
24
*493 52 .4914 52
8
51
*351 t 37
37
3714 *35
8
8
8 343 343
343 .3312 343
8
17 •1014 17
10 .10
7
33
4
33
4 37
4 3 8 .33
3
4
412 412
414 43
43
8
2314
2314 .18
2314 *18
•3018
12414
1812
303
4
958
*1
*210
.173
313
8
5
34
*512
•25
*33
.26
•20
51
•35
*3312
•10
33
4
*414
•18
*21
25
15
8 15
8
023
4 3
2718 277
8
31
317
8
36
36
03814 45
.618 612
.3
37
8
15
15
127 1277
8
8014 81
33
8 4
*538 53
4
15
15
•18
20
73
4
71 4
143 16
4
*21
112
3
2758
313
4
36
.40
618
•3
1514
1273
4
.8014
*33
8
*53
8
143
4
.17
7
15
25 .213 25
4
158
112 158
*234 27s
3
283
8 2738 2812
4
323
8
8 313 325
36
37
36
45
4012 4012
612 *612 678
33
4 *3
33
4
1514 1514 1514
128
1273 129
4
803
4 8012 8012
4
4
4
57
8
53
8 57
8
1514 143 153
4
8
20
20
20
73
0
67
0 67
8
153
4 1413 15 8
3
Wednesday
Apr. 4.
3 per share
6614 6712
807 807
8
0
473 48
4
2912 297
8
32
32
4312 4312
105 105
*1313 155
8
*6
63
4
.4312 46
293 3012
4
*837 8512
8
-"l'irs
•83
.75
45
*5
*Ws
43
4
1114
67
8
11
13
2414
43
4
812
67
8
36
.26
.24
559
.
712
65
28
11
213
8
261s
.183
8
28
1212
283
4
*1
91 t
313
4
40
I714
100
80
4614
612
53
4
47
8
113
8
67
8
1114
133
8
2414
518
82
,
78
3
38
2714
30
559
83
4
65 14
2 13
8
113
4
2112
261s
1913
283
8
1258
283
4
118
914
323
8
40
Friday
Apr. 6.
•Bid and.asked prices, no sales on this day.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share 3 per share Shares.
Railroads
Par
6758 14,400 Atch Topeka dr Santa Fe_ _100
66
66
67
8014 813
Preferred
8 8114 8114 2,400
100
47
48
4 2,200 Atlantic Coast Line RII
4712 473
100
2914 297
8 29
2918 13,800 Baltimore dr Ohio
100
3218 3312 3312 3312 2,400
Preferred
100
43 4 433
3
4 4312 4312 1,000 Bangor &Aroostook
50
106 106 010512 107
Preferred
30
100
*1318 155 *13
8
155
8
100 Boston dr Maine
100
*6
63
4 .6
200 Brooklyn & Queens Tr_No par
63
4
*4313 47 .43
100
46
Preferred
No par
3014 3114 31
31
5,400 Bklyn Manh Transit_ No par
*843 8512 *84
4
8612
$6 preferred series A _No par
Brunswick Ter dr By SeoN0 Far
-i6 8 Iiia "iiiis Tilt; -.733,500 Canadian Pacific
25
*83 100
*83 100
Caro Clinch & Ohio etpd_100
.75
200 Central RR of New Jersey.100
7
80
457 467 29,700 Chesapeake & Ohio
455 46
8
8
8
25
*5
100 :Chic)& East Ill By Co_,..,100
612 *5
612
500
*512 53
6% preferred
4
4 *512 53
100
43
8 478 *458 43
4 1.500 Chicago Great Western_.100
Ills 1138 11114 1114 2,100
Preferred
100
612 612 1,800 Chic Milw St P & Paa__No par
612 612
103 1118 107 11
4
8
8,200
Preferred
100
13
135
8 1318 133 14,600 Chicago & North Western.100
8
2412 245 •2314 243
8
8
800
Preferred
100
43
4 5
.412 47
8 1,700 :Chicago Rock Isl & Pacittc100
1,000
.818 812
8
8
77 preferred
100
*614 714 *612 67
8 1,000
6% preferred
100
3712 3712 3612 3718
390 Colorado dr Southern
100
2714 28 .25
28
100
4% 1st preferred
100
30 .25
.25
30
4% 2d preferred
100
"514 5 2 .514 5,
800 Consol RR of Cuba pref.__100
2
,
7
713 *7
20 Cuba RR 8% prat
83
4
. 100
65
657
8 65
66
3,500 Delaware & Hudson
100
4
8 9,100 Delaware Lack & Western_50
273 2812 273 283
4
1112 1134 *1012 1112 1,400 Deny & Rio Or West pref _J00
2112 2238 2112 22
3,900 Erie
100
26
257 2612 26
0
2,700
First preferred
100
*1812 20
185 185
8
8
600
Second preferred
100
2812 28
2712
283 13,900 Great Northern pref
8
100
13
13
13
13
600 Gulf Mobile & Northern...100
29 29
30
30
400
Preferred
100
*1
118 .1
100 Havana Electric By Co No par
118
87
8 87
9 8 1,200 Hudson & Manhattan
3
0 •9
100
32
3212 313 3212 7,100 Illinois Central
100
4
*38
4012 4014 4012
300
6% prof series A
100
.6112 70
*60
70
Leased lines
50
100
.203 2212 .2014 22
8
RR Sec ctfs series A__1000
9
9
9
4,100 :1nterbero RapidTran•t 0100
9
1578 16 .1512 16
1,300 Kansas City Southern
100
•21
227 *21
8
227
Fret, Fred
8
600
100
4 1812 1812 2,000 Lehigh Valley
1814 183
50
577 58
8
8
1,400 Louls)11 e ,k Nashville____100
577 58
*27
30 .27
120 :Manhattan By 7% guar _100
30
1614 163
4 1612 1612 1,600
Mod 5% guar
100
9
.7
.7
14 9
Market St 10 prior pref ___100
1
1
400 :Minneapolis dr St Louls_100
*7
8
118
212 212
212 212
500 Minn St Paul dr SS Marle.100
4
100
.43
8 514 *438 53
7% preferred
100
•534 659 •534 638
40
4% leased line ctfs
100
4,200 Mo-Kan-Texas RR____No par
1178 12
113 12
4
2,600
273
Preferred series A
8 2634 27
27
100
478 518
5
1,400 :Missouri Pacific
100
5
Cony preferred
4,200
8
77
8 814
100
8
.3912 44
39
30 Nashville Chatt & St Louis 100
39
2
214 *2
680 Nat Rys of Mex lst 4% pf_100
214
100
2d preferred
500
7
8
*3
4
3
4
3
4
100
357 363
4
8
4 353 3612 36,200 New York Central
000 N Y Chic & St Louts Co.._100
2112 2112 *2112 22
*62
70
.2014 2212
8
85
8 87
15
16
23
23
1818 183
8
*5614 58
.27
30
4
1612 163
*713 10 4
,
.1
118
212 212
43
4 43
4
55
8
558
12
1218
2712 277
8
*5
514
77
8 8
*39
44
2
238
*3
4
7
8
3618 363
4
2112 2112
31
3112 3014 3114 31
3214
12318 124, 127 127 *12318 130
4
187 1912 1853 191/1 185 19 8
8
8
3
32
32
32
32
313 32
4
10
10
*912 97
7
0
912 9 8
*1
114 .118
114
114
114
*21s 23
4
238 25
8 •214
23
8
1743 175 .17412 17514 17514 177
4
321s 323
4 32
3334 323 333
8
s
.413 5
412 412
43
8 43
8
347 353
8
8 3412 35
3412 3514
*512 814 *512 814 *512 814
28
2712 .26
27
2634 263
4
35 35
35
35
.33
35
.281.1 30 •28
29
28
28
.2014 237 *207 24
8
*207 24
8
8
5014 5014 .49 4 51
49 4 493
3
3
4
.3514 3714 *3513 3712 *3612 3712
343 343
8
8 3513 3512 *3512 36
*1012 16, *1012 17
4
•1012 17
,
418 412
4 418
33
4 42
33
434 618
510 57
8
43 • 558
4
018
2314 .18
2314 .18
2314
*21
25
*21
25
*21
25
112
112
112
112
112 13
8
27
s 27
8
27
s 27
8
27
8 27
8
28
2812 275 2812 2734 281e
8
323
8 3113 3213
4 3138 323
32
3614 3714
363 3718 3612 37
4
42
42 42
42
*4278 47
.614 612
612 612
63
4 7
3
3
*3
353
3
3
4
1514 153 .1458 15
15
15
129 12912 129 l29'z 12912 13212
81
8114 8hz 81
81
8114
378 418 .4
378 37
414
614
6
614
6
558 53g
1558 1518 15 8 15
3
15
153
8
203 *18
4
*18
203
4
1912 20
612 63
8
4
614 63
63
4 7
133 137
8
8
1412 152 1414 15
•353 _
4
•35 _ __
•39
_ _ •4012 45
934 10
914 - -5
5;
93 - 8
8 97
958 10
*7514
*7514 ____ *7514 ____ •7514
Thursday
Apr. 5.
Sales
for
the
Wee/c.
2,500
100
10,800
1,600
1,800
100
100
1,000
17,300
540
24,500
400
600
200
300
4011
9.300
2.400
4,800
700
38,500
12,300
3,100
300
800
200
80
4,900
1,300
1,300
2,900
6,700
500
5,300
18,100
Preferred series A
1(8
NY & Harlem
50
100
N Y N 11 & Hartford
Cony preferred
100
N Y Ontario & Western...100
No par
NY Railways pref
:Norfolk Southern
100
Norfolk & Western
100
Northern Pacific
100
Pacific Coast
10
Pennsylvania
50
Peoria & Eastern
100
Pere Marquette
100
100
Prior preferred
100
Preferred
Pittsburgh & West Virginia 100
Reading
50
1st preferred
50
50
2d preferred
100
Rutland RR 7% prof
:St Louis-San Franctsco_100
100
1st preferred
St Louis Southwestern__100
100
Preferred
:Seaboard Air Line__ __No par
100
Preferred
100
Southern Pacific Co
100
Southern Railway
100
Preferred
Mobile & Ohio stk tr cti's 100
100
Third Avenue
Twin City Rapid Tram No par
100
Preferred
100
Union Pacific
Preferred
100
:Wabash
100
Preferred A
100
Western Maryland
100
2,1 preferred
100
Western Pacific
100
Preferred
100
Industrial & Miscellaneous
.42
- *41 . __ ___ Abraham & Stralls
Vo par
94 1
3
018
931 10
8,200 Adams Express
No par
*7514 -_ *7514
Preferred
100
:Companies reported in receivership.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
1 Highest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
$ per share $ per share $ per share
$ per share
4
54 Jan 6 733 Feb 5
3458 Feb 8018 July
7018 Jan 5 8512 Feb 17
50
Apr 793 June
4
39 Jan 6 5414 Feb 16
1612 Feb 59 July
2214 Jan 4 3413 Feb 5
814 Feb 377 July
8
8
2412 Jan 9 373 Feb 6
912 Apr 3914 July
3912 Jan 9 4618 Feb 1
20
Jan 413 Dec
4
9,518 Jan 5 109 Feb 6
683 Jan 110 Aug
8
1912 Feb 5
11 Jan 11
6
Apr 30 July
83 Feb 7
8
47 Jan 8
313 Mar
8
93 July
8
41 Jan 18 48 Feb 7
353 Apr 601s July
4
2814 Mar 27 3614 Feb 7
2104 Feb 4114 July
8218 Jan 4 87 Jan 19
64 Mar 8312 June
12 Jan
--------------414 July
814 Mar 12 713 Apr 2078 July
3 an
4
5014 Apr 7912 July
70 Jan 6 88 Mar 14
92 Feb 3
38
Apr 122 July
70 Jan 15
8
243 Feb 4914 Aug
8
3913 Jan 5 467 Apr 6
7 Feb 17
12 Apr
25 Jan 15
8
8 July
8 Feb 16
17 Jan 9
8
12 Apr
812 July
512 Feb 1
18 Apr
3
27 Jan 3
8
73 July
8
213 Apr
8
147 July
6 4 Jan 4 117 Feb 19
,
8
1
Apr
812 Feb 5
113 illly
414 Jan 2
4
67 Jan 8 1314 Feb 5
s
113 Feb
1814 Jul,
114 Apr 16 Jul7
65 Jan 3 15 Feb 5
8
1314 Jan 3 28 Feb 16
2 Apr 343 July
4
614 Feb 7
2
Apr 1018 July
23 Jan 3
4
93 Feb 6
4
312 Apr 1912 July
43 Jan 3
8
8 Feb 6
27 Apr 15 JUIY
8
37 Jan 2
8
8
27 Jan 4 403 Feb 1
1514 Feb 51 JUIY
1212 Apr 423 July
20 Jan 4 3314 Feb 9
4
10 Mar 30 July
20 Jan 12 30 Feb 3
63 Feb 5
4
114 Feb
103 Jun
218 Jan 5
8
213 Jan
3 4 Jan 15 1012 Jan 23
,
16 June
375 Feb 933 July
8
53 Jan 5 7312 Feb 1
4
4
1714 Feb 46 July
2212 Jan 6 333 Feb 5
2 Feb
1934 July
54 Jan 19 1314 Mar 28
3
8
33 Apr 253 July
4
8
137 Jan 8 247 Feb 5
4
412 Apr 2912 July
16 Jan 3 281s Mar 14
212 Apr 2314 July
12 Jan 3 22 Feb 5
43 Apr 333 July
8
1853 Jan 4 3212 Feb 5
4
184 Mar
1113 July
57 Jan 10 1614 Feb 20
s
212 Mar 2312 July
3
15 Jan 11 35 4 Feb 21
38 Dec
112 Jan 23
23 June
7 Feb 13
8
4
612 July
19 June
713 Jan 2 1218 Feb 7
8
2812 Jan 6 387 Feb 5
812 Apr 503 July
4
16 Mar 6018 July
35 Jan 13 4912 Jan 30
31 Mar 60 July
483 Jan 5 62 Mar 21
4
412 Apr
Jan 8 2414 Feb 6
34 July
1712
133A Dee
418 Feb
133 Jan 2
4
77g Mar 31
612 Feb 247 July
11 Jan 8 1914 Jan 16
8
15 4 Jan 5 26 Feb 10 s12 Mar 3414 July
3
853 Feb 273 July
4
13 Jan 4 2114 Feb 5
2114 Jan 6712 July
4814 Jan 4 6118 Feb 5
12 Mar 28
20 Jan 3 3212 Mar 29
Oct
3
6
Jan 20
15 Jan 3 19 8 Jan 12
Oct
17 Mar
8
8
8 June
47 Jan 16 107 Mar 16
8
13 Mar 28
8
12 Jan 11
Is Jan
214 July
35 Feb 6
8
17 Jan 2
8
12 Mar
57 July
8
43 Feb 14
4
134 Jan 8
84 Apr
813 July
712Mar 10
212 Dec 1412 July
312 Jan 2
8
8 Jan 2 147 Feb 6
5
34 Jan
1718 July
8
173 Jan 5 343 Feb 6
1113 Jan 3714 July
4
6 Feb 5
3 Jan 2
1 18 Apr
1014 July
93 Feb 7
4
413 Jan 3
13 Apr
8
1514 July
32 Jan 2 46 Jan 24
13
Jan 57 July
214 Feb 23
1 18 Jan 22
le Mar
312 June
1 Mar 7
3 Jan 5
8
18 Jan
13 June
8
3113 Jan 8 4514 Feb 5
14
Feb 5812 July
15 Jan 3 25 4 Feb 23
3
218 Jan 275 Aug
8
4
, 238 Ain
1713 Jan 3 343 Feb 21
3414 July
108 Jan 2 139 Feb 1 100 Mar 15834 June
1414 Jan 3 2418 Feb 5
Ills Feb 347 July
8
8
2312 Jan 6 375 Feb 5
18
Apr 56 July
8
8 Jan 5 115 Feb 5
712 Dec 15 July
1 Mar 21
13 Jan 16
4
312 July
's Mar
Jan 30
114 Jan 3 3
12 Apr
47 July
8
161 Jan 5 181 Feb 16 11112 Mar 177 July
2118 Jan 6 3518 Pen 5
8
958 Apr 347 July
8
63 Mar 14
1
2 Jan 4
Jan
7 July
8
133 Jan 4214 July
4
2914 Jan 4 377 Feb 19
8 Feb 17
4 Jan 16
73 Feb
9 July
37 Mar 37 July
1612 Jan 10 33 Feb 6
8
6
18 Jan 13 38 Feb 19
Jan 4412 July
1612 Jan 10 30 Feb 5
412 Feb 3812 July
15 Jan 3 27 Feb 21
612 Apr 353 July
4
8
43 Jan 2 563 Feb 5
2312 Apr 6212 July
337 Feb 7 38 Mar 19
25 Apr 38 July
8
2918 Jan 11 3512 Apr 5
2312 Mar 37 July
8 Jan 4 15 Feb 7
6
Jan
1812 July
45 Feb 6
8
23 Jan 2
s
93e July
7 Jan
s
214 Jan 4
618 Apr 4
1
Apr
914 July
1212 Jan 19 20 Mar 8
558 Mar 22 July
2013 Mar 5 26 Mar 16
12 June 263 July
8
2 Feb 6
1 Jan 2
3 July
14 Jan
33 Mar
478 July
318 Feb 21
4
13 Jan 11
4
383 July
1812 Jan 5 333 Feb 5
1118 Fel
4
233 Jan 6 3612 Feb 5
418 Mar 36 July
4
4
8
273 Jan 6 407 Feb 5
5 7 Jan 49 July
8
Jan 4014 July
8
39 Jan 19 4612 Feb 6
1218 June
6 Mar 1
418 Feb
814 Jan 12
43 June
4
3 Dec
4
138 Jan 10
438 Feb 6
412 Dec 15 June
6 Jan 12 19 Mar 16
6114 Apr 132 July
11012 Jan 4 133 Feb 23
Apr 7512 July
56
4
713 Jan 18 8312 Feb 17
712 July
113 Jan
47 Jan 30
8
214 Jan 5
11a Apr
97 July
318 Jan 2
63 Feb 5
8
4
Feb
16 July
4
834 Jan 2 1714 Feb 20
55 Jan
8
1913 July
12 Jan 9 23 Feb 20
1
AP
912 July
2 4 Jan 2
812 Mar 29
3
17 Mar
8
16 July
8
43 Jan 5 1712 Mar 28
35 Jan 1
8
63 Jan 6
7014 Jan 25
4218 Feb 15
8
117 Feb 5
7413 Feu 2:1
131s Fell4012 July
1314 July
3 Feb
Apr 71 June
39
a Optional sale. c Cash sale. s Sold 15 days. z Ex-d vidend.
V Ex-rights.
New York Stock Record-Continued-Page 2
2371
tar FOR SALES DURING THE-WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE' PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar. 31.
Monday
Apr. 2.
Tuesday
Apr. 3.
Wednesday
Apr. 4.
Thursday
Apr. 5.
Friday
Apr. 6.
$ per share 3 per share $ per share $ per share $ per share $ per share
3212 33
33
335
8 3212 3312 33
3412 333 347
345
8
4
8 34
95
8 93
4 10
10
1018 103
8 1018 1012 103 103
8
8
9 4 1014
3
6
6
*614 63
8
614
612 *614 612
612 612
63
8 63
8
*712 75
8
8
8
734 8
77
8 814
818 814 *8
814
95 95
96
963
4 9612 98
9712 983
8 9712 9812 9812 9812
*25
8 23
4
23
4 23
4
23
4 23
4
27
8 27
27
8 3
8
3
3
22
223
4 22
2212 213 2214 213 2214 213 217
2114 2134
4
4
8
8
*43
4 5
5
5
*47
8 678 *518 65
8
8 •518 65
8 *518 65
318 314
314 338
318 314
318 312
318 314
318 314
958 1018 1014 1012 1014 1012 1038 1213 12
135
8
1214 12
83
4 014 .87
8 914 *9
914
95 103
8
8 1014 1214
4 1012 105
85
8 83
4 *8
83
4
83
4 9
1012 1014 12
10
1012 10
.22
25
*22
24
*22
24
*21
24
*21
24
*22
24
14914 153 *151 153
150 1517 1513 15131 15112 153
152 153
8
4
*12612
__ *127
_ *1265 12912 *1263 12912 129 12914 *128 12914
8
4
19 19
183 19
4
-58 1812 1938 1914 193
1914
4 1018 1912 19
*15
155
8 15
15
1518 1514 153 16
*1518 1512
16
16
4
*518 53
4 *512 6
512 534
55
8 55
8
55
8 614
614 614
4012 4012 *40
4212 4012 4012 *3812 4012 4012 4012 *3914 40
4812 493
8 4914 5014 4912 5158 5114 5212 523 53 4 523 5314
4
3
4
*27
2712 2714 277
3112
8 2712 2712 273 283
4
4 283 2914 30
4
*1714 173
4 1712 1712 1778 18
1812 19
3
183 1912 1012 19 4
4
4512 4512 4412 4412 *433 4412 4412 47
4
4914
47
4714 47
1034 1114 1118 1178 1158 1214 1134 123
8 117 1238 1114 1134
8
*5818 60
5912 6212 623 63
65
633 64
4
8 64
4
623 647
4
*3114 323
4 327 327
8
8 3212 323 *323 33
3212 33
4
33
4
33
*106 107 *10612 107
107 107
107 107 *107 10714 *107
9914 10014 9914 10014 10018 1013 101 10214 102 1037
9912 100
- 8
4
*13934 140 *1393 140
4
141 141
140 141 *14012 142 .1405 141
8
2712 2812 28
4 277 28
8
4 2853 283
8
2853 273 28'2 283 283
4
4714 4712 *46
481 *457 48'2 4812 4812 *47
8
4812 *4512 4812
*812 1018
812 81
*812 934 *83
4 93
3
4 .83
4 93
4 *83
4 94
*21
2514 *21
251 *2118 251 *213 2514 25
2514 2514
8
25
*53
543
4 543 5434 54
55 55
4
54
54
5412 5412 55
*412 43
518 518
4 *45
8 5
5
5
*43
8 514 *458 518
4 50
49
4912 4914 493
50
3
3
504 493 503
4
4 40 4 49 4 50
*3
314
314
311
314 35
312 33
4
4
8
338 33
4
3 8 33
5
*73
8 83
8 *73
8 77
8 • 3 814
8 *714 872 *714 77
75
*713 87
1014
93 10
4
10
103
8 10
105
103
8 10
8 10
1014 10
*2138 213
4 213 22
23
*2112 23
4
2214 2312 *22
22
22
*1234 13
123 123
4
123 1314
4
4
1214 1214 1214 1212 1238 13
*18
*17
18
18
20
*1712 1912 1714 1714 173 183
4
4 18
*18
1838 *1814 1834 *1814 183
*185 1918
8
19
8
4 185 1914 19
9
9
*9
10
5
018 93
*9
912
912 9 8 *914 9 8
5
*38
397
8 39
4018 40
39
•38
40
39
39
39
39
3214 3214 3212 323
337
8
33
323 3234 33
4
4 323 323
4
33
87
8 9
9
938
918 95
93
2 98
5
8
9'2 958
912 034
*4214 4412 *431i 4412 433 44
8
447
*42
4
4412 4412 *4214 45
85
8 83
4
4
83
4 9
878 9
85
8 87
8
83
4 83
87
8 918
1 18
118
118
13
8
1 18
114 *118
114
112
118
1
18
3
*53
8 6
8
*712 77
6
6
712 8
612 8
712 712
33
34
34
34
34
4
34
337 337
3314 34
8
8 333 3412
*66
69
68
68
6714 6714 6914 6914 6912 6912 67
67
153 1614 153 153
4
4
4
1618 1614 167
4 1512 16
8 1612 163
16
*63
4 7
7
8 73it
7
634 7
*67
63
4 7
*63
4 67
8
2378 2414 243 243
8
4 24
2412 2412 2538 25
253
8
2538 25
•86
89
*86
89
89
*86
8812 8812 89
9018 .
8751 9
0
3112 3112 3014 315 *31
8
3014 303
4
3112 31
31
3012 31
878
914
5
8 9
812 9 8
812 87
87
8 9
8
83
4 87
87
8
2314 2311 2218 2218 22
2334
22
2218 2212 2212 2312 *21
19
19 .1812 1912 1814 19
19
19
20
183 183
19
4
4
1414 1518 147 1514 147 153
155
8
8
4 1518 1512 15
8 1518 133
8
2318 237
8 2418 2412 2334 2412 24
7
2412 235 2418 2351 23 8
8
*48
49
49 49
4812 4812 *4812 49
4812 4812 *4812 49
5
5
5
5
5
5
5
5
5
*47
8 5
5
•112 15
8
112 15
8
8
112
112 .112 15
15
8
112 112
15
8
*2312 257 *2312 257
8
24
8 2312 2334 24
*23
24
25
261
4358 4512 4412 455
8 4412 453
4
443
4 45
4512 4418 4518 44
115 116
11712 1173 11712 11712 1163 118
4
4
1173 11814 11814 11814
4
92
4 9014 9014 *90
8414 8414 8412 843
823 83
4
*79
82
55
55 .55
5618
555
5518 5514 553
8 56
56
4 55
56
110
.110
__ *11012
_ *11014
__ •11012 ___
*11014
2012 - 1- 2112 - -1
if:4
2134 - 2214 2158 22
22
2 -34 2112 - 3- 2112 - 21 4
69
69
71
697 70 .69
71
8
.71
72
70
70
70
*3958 41
.4012 41
4034 41
4012 40'2 4114 4114
.403 41
8
52
52
5212 523
54
M14 5434 5414 5414
4 5212 5333 53
.10712 10914 *10712 108 *10712 10912 *1075 10912 *10712 1093 109 10912
8
8
*18
183
4 19
19
4 1938 193 *1812 1912
19
197
8 1012 193
11858 1197 11914 12014 1195 12012 11912 1203 11914 121
8
8
11914 120
8
*6614 671, 67 6714
6812 6912 6912 70
68
687
8 6812 6914 683 693
7112 705 723
4 69
8
6934 70
8
4
•118 11911 11914 11914 *11812 11912 *11812 11912 11912 1191 *11912 121
*914 97
914 914
913 912 *912 10
8 •93
8
We •914 10
.2012 22
19
191
2012 2012 2112 2112 19 4 19
19
20
3
3
2012 203
4 205 21
8
8
j 207/ 213
1
2
012 2 3 2058 21
07
20 4 213
3
*73
133
4
71
32
,
113
4
*7
*40
145
8
*9
.2012
90
,
09,
ii 8 . 3
3- 7
143
8 143
8
7212 723
4
38
5
312
1212 1234
713
735
50
*40
1514 15
9,2
912
21
*2012
90 .9014
„7
,
*
6
a,,,,
' 40'4
,
31%
•11012 112 •11012
853 853
4
4 853
4
6
614
63
8
3
3
3
597 61, 923
8
4
'
*63
4 7
63
4
*7,t 8
'Vs
.2
25
8
212
155 1554 1512
8
56518 69
*66
*5512 647 *5512
8
3712 3712 .3734
*13
*18
30
*51
.9612
*1214
5212
135
8
818
1312
52
*90
*478
3118
8
*32
*9212
•1418
•80
61
123
4
•1103
4
*13
16
21
.19
3012 3012
5114
52
100
*973
4
14
1212
533
4 .5314
1378 *13
87s
87
8
145
8 1414
53
53
100
973
4
5
47
8
31 18 3214
818
814
35
343
4
96
*9212
15
15
8412 *6812
61
.61
13
1234
____ *11053
fi .ii
-1 ; •;i
743
143
4 143 1412 1412
8
731_ 7312 7312 737
8
33
4
312 33
4
334
1312 13
1312 1312
73
8
718
718
718
49 .40
49
040
1553 1412 1512 1512
912 *95 14
8
*95
8
2034 203 203
4
4 203
8
92
92
92
92
778 *6
77
8 *6
3214
3112
3112
3112
112 *11012 112
112
853
4 8514 8514 8512
65
8
651 65
8
612
318 314
318
314
641
8
6214 633
4 63
63
4
65
8 67
8
63
4
8
.614 8
8
21.
21 t
214
212
153- 153 157
4
4
8 1512
69 .6518 74
*6518
647 *5512 647 05512
8
s
40
*373 40
4
*3712
16
4
.13
1612 .13
21
21
*21
21
303
4 3014 307
8 303
4
53
*52
53
53
100
98
98
98
1212 1214 1212 13
5414 53
5414 5312
137
* 133 1412 14
4
912
87
8 912
918
145
8 14
1412 1438
5312 5318 55
55
973 *88
4
98
090
5
5
5
5
33
327 327
8
8 33
812
812
814 85
8
4 33
35 .33
343
94
96
*9212 96
4
15 .1412 143
4 143
8712 .6812 8712 082
62
62 62
62
1314 13
1318 1318
112 *11114 ____ •111
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares,
19,700
1,700
600
5,100
3,000
2,000
27,300
200
28,200
13,000
2,800
3,200
I Compan es reported in receivership. a Optional wile.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Indus.& kilscell.(Con.) Par
No par
Adams Millis
Address kluMgr Corp
10
Advance Rumely
No par
Affiliated Products Inc_No par
Air Reduction Ine
No par
Air Way Eiec Appliance No par
Alaska Juneau Gold Min_ -10
No par
A P W Paper Co
Aileghany Corp
No par
Frei A with $30 warr___100
Frei A with $40 warr___100
Pref A without warr___100
Allegheny Steel Co__ No par
2,100 Ailled Chemical & Dye_No par
200 Preferred
100
13,100 Allis-Chalmers Mtg.__ _No par
2,100 Alpha Portland Cement No par
1
600 Amalgam Leather Co
300
7% preferred
50
No par
17,700 Amerada Corp
7,500 Amer Agri° Cbem (Del) No par
10
3.700 American Bank Note
50
Preferred
450
12,200 American Beet Sugar-No par
1,840
100
7% preferred
900 Am Brake Shoe dc Fdy_No par
Preferred
60
100
16,900 American Can
25
Preferred
100
900
3,000 American Car dr Fdy___No par
300
100
Preferred
100 American Chain
No par
200
100
7% preferred
1,100 American Chicle
No Pal
300 Amer Colortype Co
10
6,900 Am Comm'l Alcohol Corp_20
3,100 Amer Encaustic TIling_No par
Amer European Sec's__No par
14,900 Amer & Porn Power___No par
No par
Preferred
SOO
2nd preferred
1.300
No par
No par
$6 preferred
200
800 Amer Hawaiian S 8 Co____10
1,100 Amer Hide & Leather_No pat
100
Preferred
700
1
1,200 Amer Home Products
No pa
5,500 American Ice
100
6% non-cum pref
400
5,600 Amer Internet Corp___No par
7,400 Am L France & Foamite No par
100
Preferred
630
2,800 American Locomotive_No par
100
Preferred
500
5,500 Amer Mach & Fdry Co_No par
600 Amer Mach & Metals., No par
6,200 Amer Metal Co Ltd___No par
100
400
6% cony preferred
220 Amer News Co Inc____No par
14,800 Amer Power & Light_No par
No pat
$6 preferred
1,500
No par
$5 preferred
2,100
52,500 Am Had dz Stand San'y No par
25
19,500 American Rolling Mill
300 American Safety Razor No par
1,200 American Seating v t o_No par
1,000 Amer Ship & Comm_No par
80 Amer Shipbuilding Co_No par
34,400 Amer Smelting & Retg_No par
100
Preferred
3,400
2nd preferred 6% cum.„100
800
1,900 American Snuff
25
100
Preferred
_ _.
4,900 Amer Steel Foundries__No par
100
Preferred
170
600 American Stores
No par
100
1,900 Amer Sugar Refining
Preferred
100
100
2,600 Am Sumatra Tobacco__No par
100
19,200 Amer Telep dr Teleg
25
2,400 American Tobacco
2
Common class B
13,300
100
Preferred
300
400 :Am Type Founders..._No par
100
Preferred
110
14,100 Am Water Wks & Elec_No par
Common vol tr ctts_No par
'Jo par
lot preferred
200
ii
ii ii •v i Vi
1412 147
145
8 4,100 American Woolen____No par
8 1414 141
100
Preferred
74
74
3 4,000
7438 7412 755
1
35
8 353 4,100 Am Writing Paper ctfs
37
8
33
4 38
Preferred certificates No par
1413 1312 1418 2,100
14
14
8 1,300 Amer Zinc Lead & Smelt__ _1
714 73
8
714 73
73
8
Preferred
25
49
040
49
46
*40
4
13711
1551 1653 1614 163 92,500 Anaconda Copper Mining...50
*912 11
100 Anaconda Wire dr CableNo par
1112 *912 11
600 Anchor Cap
No par
21 .2012 22
21
21
$6.50 cony preferred_No par
93
390
9312 93
02
92
100 Andes Copper kilning_ _No par
8
*6
8
8
8
31
3134 3138 3158 31
1,600 Archer Daniels kildl'd_No par
7% preferred
130
100
112 112 011012 112
112
86
87
873
4 8912 9118 2,800 Armour & Co (Del) pref 100
714
7
73 131,600 Armour of Illinois class A__25
8
67
8
67
8
Class B
338 33
25
4
312 35 58,100
8
33
8
Preferred
645
4
8 6412 6818 6639 683 55,600
100
800 Arnold Constable Corp
5
.65
9 7
*612 7
7
130 Artloom Corp
.612 734
No par
712 8
8
600 Associated Apparel Ind No par
212
238 212 *214 212
8 3,800 Associated Dry Goods
4
1
4 1512 155
1618 153 153
6% let preferred
.6518 74
*6518 74
100
74
*5582 65
7% 2d preferred
8
647 •5512 65
100
40 Aasoclated 011
*373 3812 3712 3814
4
25
90
At 0 & W I SS Lines_No par
.1412 16
8
16 .147 16
Preferred
.20
22
200
21
21
22
100
3018 305 15,700 Atlantic Refining
8
313
8 3053 31
25
No par
5214 5314 5018 5218 1,200 Atlas Powder
54
140
Preferred
*99 100
99
98
98
100
800 Atlas Tack Corp
13 *1314 1312 *1314 1412
No par
8 523 5313 4,700 Auburn Automobile
4
5414 5318 533
_No par
1418 1434 1412 1412 3,000 Austin Nichols
1414
No par
854 9 8 96,600 Aviation Corp of Del (The)_..5
,
912
87
8 618
143 53,200 Baldwin Loco Works_No par
8
143
4 1414 1438 14
6,200
Preferred
4 5418 55
8
5614 545 553
100
120 Bamberger (L) dc Co pref 100
943 96
4
97
*95
97
1,470 Barker Brothers
*47
8 5
*478 5
5
No par
32
140
4 32
03112 323
33
684% cony preferred____100
5
812 918 32,400 Barnsdall Corp
8 8 83
5
4
83
4
36
36
3818 4,700 Bayuk Cigars Inc
34
No par
33
15t preferred
*903 96
4
70
3
100
94 .90 4 06
145 147
8
8 2,100 Beatrice Creamery
4
25
143
4 143 15
Preferred
100
8518 *8212 8313
8513 *84
300 Beech-Nut Packing Co
6814
*62
•62
63
62
20
8
8 133 1358 133 1312 6,400 Belding Heminway Co_No par
8
135
Belgian Nat Rye part prof__
8
____ •11114 11212 01115 11212
• Bid and asked prices, no sales on this day.
Sales
for
the
Week.
$ Per share
16 Jan 5
7 4 Jan 5
3
518 Feb 10
618 Jan 13
933
4klar 27
17 Jan 3
8
1914 Mar 1
5 Jan 13
23 Mar 16
4
We Jan 4
5 8 Jan 3
5
514 Jan 8
1712 Jan 2
144 Jan 8
12218 Jan 16
1612 Jan 8
123 Jan 2
4
4 Jan 15
25 Jan 8
4112 Jan 4
2514 Jan 4
1412 Jan 4
40 Jan 4
712 Jan 4
4612 Jan 4
28 Jan 5
96 Jan 10
9418 Jan 5
12612 Jan 6
2314 Jan 6
3814 Jan 8
612 Jan 11
2012 Jan 10
4614 Jan 8
3 8 Jan 29
3
47 Mar 27
23 Jan 6
8
6 Jan 3
7 4 Jan 3
3
17 Jan 4
9 4 Jan 4
3
12 Jan 4
1714 Jan 5
714 Jan 12
307 Jan 8
8
2618 Jan 5
618 Jan 4
3514 Jan 8
612 Jan 8
3 Jan 5
4
4 Jan 18
2614 Jan 4
50 Jan 8
13 Jan 4
314 Jan 3
18 Jan 4
73 Jan 2
21 Jan 3
57 Jan 4
8
133 Jan 6
4
127 Jan 5
8
1334Mar 20
1712 Jan 6
36 Jan 13
314 Jan 10
1 Jan 4
1914 Jan 4
4014 Mar 27
100 Jan 2
7114 Jan 2
483 Jan 5
4
106 Feb 2
19 Mar 27
68 Jan 4
37 Jan 3
46 Jan 3
10312 Jan 3
1512 Jan 5
1073 Jan 4
4
6514 Jan 6
67 Jan 8
10714 Jan 3
47 Jan 3
8
7 4 Jan 6
3
2163 Jan 4
4
54 Jan 3
113 Jan 8
8
615 Jan 4
8
114 Jan 10
514 Jan 6
5 8 Jan 4
3
3712 Jan 4
1312 Jan 8
914 Jan 12
18 Jan 8
84 Feb 5
63 Jan 30
4
2614 Jan 9
110 Jan 24
7614 Jan 2
414 Jan 3
214 Jan 6
55 Jan 3
353 Jan 10
414 Jan 5
1 Jan 9
1118 Jan 3
50 Jan 1
50 Jan 4
2912 Jan 5
1214 Jan 2
20 Jan 13
2814 Jan 3
351, Jan 8
83 Jan 9
712 Jan 15
4
473 Jan 9
7 Jan 4
8
.53 Feb 10
11 Jan 8
35 Jan 8
8612 Jan 9
3 Jan 2
1618 Jan 9
758 Mar 27
27 Jan 3
89 Jan 15
10 8 Jan 6
3
55 Jan 13
58 Mar 2
8 8 Jan 3
7
9512 Jan 9
Highest.
PER SHARE
Range for Precious
Year 1933.
Lowest.
Hichesi.
$ per share i per share $ per share
347 Apr 5
8
8 Apr 215 July
8
113 Feb 6
8
5111 Apr 1212June
7511 Feb 5
13 Feb
4
9 a July
3
95 Feb 6
8
5 8 July
5
113 May
4
10614 Jan 24
4712 Feb 112 Sept
314 Feb 16
12 Feb
4 May
237 Jan 15
8
1118 Jan 33 Aug
714 Feb 2
1
Jan
9 8 July
5
514 Feb 1
7 Apr
8
814 July
1
145 Feb 5
8
Apr 217 July
8
1312 Feb 5
118 Apr 21 July
1212 Feb 5
114 Mar 20 July
2318 Feb 23
5 Mar 26 July
1603 Feb 17
4
70 4 Feb 152 Dee
3
12914 Apr 5 115 Apr 125
Oct
233 Feb 5
8
6 Feb 263 July
8
2018 Feb 5
5114 Jan 24 July
73 Mar 12
4
5 Feb
8
914 July
45 Mar 13
5 Feb 40 July
533 Apr 5
4
1812 Mar 4758 Nov
36 Jan 24
714 Mar 35 July
23 Feb 5
8 Mar 2812 July
493
34
Apr 49 June
4Mar 2
1234 Feb 3
1
Jan
163 July
4
65 Apr 5
23 Jan 64 Sept
4
38 Feo 6
918 Mar 4212 July
107 Feb 7
60 Mar 108 Aug
1073 Feb 15
4
4912 Feb 10012 Dee
142 Mar 12 112 Feb 134 July
3373 Feb 5
618 Jan 393 July
4
5612 Feb 5
15 Feb 593 July
4
1214 Feb 27
15 Mar 14 July
8
3112 Feb 27
312 Mar 3112 July
55 Mar 7
34 Mar 5114 July
612 Feb 5
2
Feb
618 June
6212 Jan 31
13 Feb 897 July
8
5 Feb 16
1
Jan
6 June
1012 Feb 3
37 Apr
8
13 July
133 Feb 6
4
37 Feb195 June
8
8
30 Feb 7
714 Apr 447 June
8
1712 Feb 6
43 Apr
8
2714 June
25 Feb 6
3
615 Apr 35 8 July
225 Feb 16
8
2111 Joo
,
412 Jan
1012 Feb 5
212 Mar
16 June
4214 Mar 15
1312 Feb 5712 June
3553 Feb 5
243 Deo 4212 May
4
10 Feb 5
3 4 Feb
3
1712 June
4514 Mar 26
25 Feb an June
414 Feb
1518 July
11 Feb 6
1 12 Apr 4
312 June
14 Apr
8 Apr 3
114 Jan
12 June
383 Feb 6
4
57 Jan 39111 July
8
7458 Mar 13
173 Jan 63 July
4
1934 Feb 5
83 Feb 223 July
4
8
93 Feb 1
8
1
Jan
6 June
275 Feb 15
8
318 Feb 235 July
8
91 Feb 15
8
1512 Jan 757 Nov
3134 Mar 13
17
Jan 3012 July
1214 Feb 6
4 Feb
197 July
8
297 Feb 6
8
97 Apr 4118 July
8
2614 Feb 7
9 Apr
35 July
175 Feb 1
8
453 Feb
19 July
2814 Feb 19
4
8
53 Mar 317 Ally
50 Mar 7
2018 Apr 473 Jul,
4
8
73 Feb 19
7 Ma
8
71/1 Jul'
Y
238 Jan 30
412 June
18 Apr
30 Jan 30
1112 Mar 363 June
4
1034 Feb 5312 Sept
5114 Feb 15
31
11814 Apr 5
Jan 9912 Dee
9014 Apr 5
2012 Jan 73 July
5618 Apr 6
3212 Jan 5114 Sept
111 Mar 17 10218 Jan 112 July
2612 Feb 5
45 Feb 27 July
8
3758 Mar 85 July
81 Jan 30
4414 Feb 7
30
Feb 477 July
8
61 Feo 6
2112 Jan 74 July
11014 Feb 13
80
Jan 11214 July
205
8Mar 13
6
Jan 26 July
8612 Apr 13454 July
12514 Feb 6
82 8 Feb 6
3
49 Febon July
303 Feb949 July
4
8412 Feb 5
4
121 Feb 7 1023 Mar 120 July
4
13 Feb 21
218 Dec 25 July
7
283 Feb 21
4
Oct37 8 July
7
107 Apr 4314 July
8
275 Feb 7
8
912 Apr 357g June
80 Feb 5
35 Mar 80 June
1718 Feb 5
312 Mar 17 July
833 Feb 7
4
225 Feb6712 Dec
8
414 Mar 14
as Feb418 June
147 Jan 26
4
8
0 Feb143 July
4
9 Feb 16
8
214 Feb107 July
5018 Feb 16
20 Feb66 July
8
175 Feb 5
8
5 Feb227 July
1512 June
12 Feb 5
418 Jan
Jan 3914 July
243 Jan 31
4
8
9312 Apr 0
6211 Jan 90 June
25 Feb
8
1412 June
912 Feb 16
0 4 Mar 2914 July
3
33 Mar 14
112 Jan 11
95 Feb 115 July
Jan 90 July
9118 Apr 6
41
73 June
4
118 Feb
73 Apr 6
8
.5 July
3 Feb
4
33 Apr 5
4
683 Apr 6
4
7 Feb 93 July
83 Feo 9
118 Jan
7 July
8
2 Mar
912 June
9 Feb 21
514 June
312 Feb 15
3 Apr
4
312 Feb 20 July
1814 Feb 6
18
Feb 6112 July
75 Mar 14
Jan 313 July
4
15
60 Feb 7
63 Mar 3512 July
4
3814 Apr 6
412 Mar 26 July
1512 Jan 28
8
412 Apr 337 July
22 Feb 7
123 Feb 3212 Nov
8
3514 Feb 5
5512mar 13
9 Feb 3918 July
9914 Mar 15
80
Apr 8318 Sept
112 Feb 34 4 Dee
1614 Mar 14
3
31
Oct 8414 July
573 Mar 13
8
165 Mar 5
8
% Feb 94 July
10 4 Jan 31
3
512 Feb
163 July
8
1758 July
16 Feb 5
312 Apr
5614 Apr 4
912 Apr 60 July
99 Feb 23
8
6814 Feb 997 Aug
612 Feb 5
714 June
3 Jan
8
36 Mar 14
518 Apr 2414 July
10 Jan 22
3 Mar 11 July
39 Feb 5
314 Jan 5212 July
98 Mar 16
27
Jan 100 July
18 Feb 6
7 Mar 27 June
8312 Mar 26
45 Feb 85 May
7012 June
6212 Jan 17
Jan
45
1414 Feb 20
1212 July
312 Feb
11114 Mar 2S
6214 Apr 10114 Nov
c Cash sale. z Ex-dividend. y Ex-rights.
2372
New York Stock Record-Continued-Page 3
April 7 1934
Or FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST, SEE THIRD PAGE PRECEDING.
_ .._
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar. 31.
Monday
Apr. 2.
Tuesday
Apr. 3.
Wednesday
Apr. 4.
Thursday
Apr. 5.
Friday
Apr. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
PER SHARE
Range for Presolus
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
$ Per share $ per share $ per share 3 per share $ per share $ per share Shares.
Indus.& Miscall.(Con.) Par $ Per share
$ per share 3 per share $ per share
19
1910 1914 20
1912 197
8 195 20
101u 197
1918 1912 11,900 Bendix Aviation
5 1618 Jan 3 237 Feb 1
64 Feb 2114 July
3312 3312 327 3314 3318 3312 333 3312 3312 3312 33
333
1,400
4
No par 2612 Jan 8 333 Feb 19
9 Mar 3318 Aug
40
4214 4314 415* 4318 427 4312 4238 4318 4212 4278 39,800 Best & Co
43
Bethlehem Steel Corp No par 343 Jan 4 4912 Feb 10
4
1018 Mar 4914 July
7312 7312 7418 7418 75
7514 757 76% 76
763 *74
7514 1,600
4
7% preferred
100 8514 Jan 4 82 Feb 19
2514 Feb 82 July
*3312 3412 3312 3312 *3312 3414 3414 3412 34
343 *34
4
35%
130 Bigelow-Sant Carpet Ins No par
27 Jan 4 40 Feb 5
618 Apr 2912 June
1318 14
144 1414 133 1414 *1312 1438 *1314 14
4
137 138 1.400 Blaw-Knox Co
8
10% Jan 4 1614 Jan 30
No par
312 Feb
1914 July
*24
25
*24
25
*24
25
*24
247
8 24
24
*23
34
10 Bloomingdale Brothers_No par
18 Jan 12 26 Feb 7
653 Feb 21 July
59% 6014 603 61
4
6014 633
8 63
64
6338 64
63 633
4 9,800 Bohn Aluminum & Br
5 55 Jan 6 8193 Jan 24
4
912 mar 5612 Dee
*78
80
*78
8018 *78
8018 *7812 8018 *7812 8018 *7812 8018
Bon Aml class A
No par 79 Jan 9 81 Jan 25
52 Feb 78 Dee
223 225
s
8 223 23
4
2212 22% 223 233
4
2 228 2312 2318 2312 10,300 Borden Co (The)
25 197 Jan 6 2712 Feb 5
18
Feb 3712 July
253* 2512 26
263
8 26
2614 26
2614 2512 26
2478 253
8 9,100 Borg-Warner Corp
10 204 Jan 3 2S' Feb 5
512 Feb 2214 Dec
*I% 212 *17g
212
17
* 2
214 214 *2
212 *2
212
400 :Botany Cons MOB C11198 A.50
3 Feb 9
I Jan 2
3 May
8
412 July
1514 153
4 1512 1718
1658 1718 16% 1718 1612 167
* 1652 163 45.100 Briggs Manufacturing...No r w
4
12 Jan 8 1818 Jan 30
253 Feb
145 July
32
32
32
32 12 *3214 3212 323* 3212 3214 3214 317 31% 1,600 Bristol-Myers CO
8
5 26 Jan 4 3514 Feb 5
25 Dec 3814 Sept
*69
70
71
*69
69 6912 6814 6912 6712 7018 69
693
4 2,600 Brooklyn ILaion Gas__ _No par 81 Jan 4 8012 Feb 6
60 Dec 8812 June
*56
60
*56
60 •56
593 *56
4
593
4 5712 58
56
583
2
700 Brown Shoe Co
No par 5014 Jan 5 61 Feb 16
2813 Mar 537 July
8
812 812 *83
4 914
813 812 *812 9
858 914
918 94 1,400 Bruns-13alke-Collender _No par
8
7 Jan 5 107 Mar 17
134 Mar
1812 June
714
714
74 7 2 *7
,
73
4
714 714 *714 77
8 *74 7%
300 Bucyrus-Erie Co
95* Feb 5
65 Jan 9
3
10
2 Feb
127 June
8
*103 11
4
1112 1112 1112 1132 115
11
1114 115
8 107 10% 1,600
8
Preferred
5 10 Jan 2 1414 Jan 30
28 Feb
195 June
8
•645 70
65
65
*6412 68
*6412 69
*6412 68
*6412 68
100
7% preferred
100 6312 Jan 9 75 Jan 15
2012 Mar 72 June
57
6
6 1.1
6
614
6
614
614
6
6 14
75 Jan 30
6
64 10,000 Budd (E G) Mfg
No par
538 Jan 3
3 Apr
4
9% July
*2912 30
30
30
*3014 33
3014 3014 *30
3112 313 3134
100
7% preferred
100 25 Jan 2 373 Feb 23
3 Mar
35 July
37
4
4
4
4
37
8 4
4
3% 4
3 8 3% 2,800 Budd Wheel
7
1
53 July
Vo par
338 Jan 5
53* Jan 30
Feb
543
4 512 •43
4 512 *43
4 512 *47
8 512
5
5
*43
4 512
200 Buiova Watch
6 Mar 6
No par
27 Jan 9
8
7 Mar
8
5 June
1212 1212 1212 1214
13
125* 13
1312 13
135 *1212 1312 3,300 Bullard Co
8
4
212 Feb
No par
73 Jan 4 1512 Feb 16
1314 July
15% 1531 1614 16
155*
16
153 1614 1578 1818 155* 153
4
4 7,500 Burroughs Add Mach No par
8
4Mar 28 x193 Feb 1
818 Feb 207e July
143
338
3
23
4 314
27
28 *24 3
*234 27
8 *23
4 2%
37 Feb 9
800 :Bush Term
No par
2is Jan 2
1
Apr
8 June
*5
6
*512 6
*512 53
4
512 512 *5
6
*5
514
100
6 Mar 8
Debenture
1
312 Jan 20
Apr
100
912 June
•12
123 •12
4
*12
14
14
*12
133 *1218 133 '12
4
4
137s
Bush Term DI Ru pref ctfs_100
4
518 Jan 3 153 Feb 23
418 Dee
8 Deo
•112 17
4
112 112 *1 12 13
8 *112 13
4 *112 13
4 *113 13
200 Butte & Superior Mlning__10
218 Feb 16
I
14 Jan 13
Feb
27 June
8
*214 23
8
23
8 23
212 213
8
23
8 238
238
218
212 212 1,100 Butte Copper & Zinc
3 Feb 16
12 Mar
2 Jan 2
5
414 June
*318 4
*313 37
8 "312 33
4
312 313
312 35* *33
3 37
300 ButterIck Co
8
4
43 Feb 1
114 Apr
24 Jan 2
Vo par
712 June
2512 27
263 2718 267 2712 2714 273 *263 27
4
8
4
4
27
27
3,000 Byers Co (A M)
4
812 Feb 4314 July
No par 217 Jan 6 323 Feb 7
*5418 5712 *5414 5712 5414 5414 *5414 55
55
55
*5414 5712
20
Preferred
304 Mar 80 July
100 4714 Jan 15 83 Feb 16
*2412 25
2412 25
*254 2312 25
2512 2512 2718 2812 27
4,200 California Packing
734 Mar
18% Jan 4 2714 Feb 1
...
No par
343 July
4
118
14
1
1
1
118
1
14
14
118
1
118 1,800 Callahan Zlno-Lead
13 Jan 23
4
7 Jan 9
8
10
'4 Jan
214 June
5
5
5
5 18
5
5 14
318 54
514 512
518 53
4 9,400 Calumet dr Heels Cons Cop.25
65* FeO 5
4 Jan 3
2 Feb
93 June
8
1414 144 1414 147
8 143 147
4
8 1414 143
4 1412 1412 145* 1450 1,400 Campbell W dr C Fdy __No par
2 Feb
913 Jan 4 1578 Feb 23
1614 July
263 263 2512 2612 2014 2714 2712 277
4
2718 273
2 27
27
2,600 Canada Dry Ginger Ale__ _5 244 Jan 4 2918 Feb I
712 Feb 41 12 July
35
3512 37
37
38
373
4 37
37
37
3718 37
3712 3,500 Cannon Mills
14
No par 2812 Jan 4 38 Apr 2
Pet, 3512 July
3
73
4 73
4
814 814 *75* 812 *73
4 8 2 *7
,
812
812 *73
400 Capital Admints Cl A
93 Feb 7
4
414 Oct
53 Jan 2
8
1
1212 July
*2914 31
*2914 303
304 304 *2)14 31
*2914 31
*294 31
10
Preferred A
10 263 Jan 24 32 Feb 7
2518 Jan 3512 July
4
7112 7238 7114 725* 71
7212 72
735* 715* 7234 718 721
4
6,600 Case (J I) Co
100 6518 Jan 8 863 Fen 6
3012 Feb 10312 July
*72
763 •74
763 *74
4
77
*74
7612 574
753 *74
73
Preferred certificates _100 68 Jan 5 8412 Feb 6
41
Feb 8614 July
8
4 307 3112 3114 3134 3112 3214 32
303* 303
3214 317 3214 12.700 Caterpillar Tractor. __No par
8
2312 Jan 4 323* Feb 15
512 Mar
2934 July
36
37
37
3712 3718 373
4 37
3731 365* 3714 3614 37
7 Feb 5
12,700 Celanese Corp of Am__No par
412 Feb 587 July
33% Jan 2 44
8
4318 37
8
312 4
*312 4
*312 4
4
4
*334 41g
57 July
500 :Celotex Corp
43 Mar 5
8
No par
24 Jan 9
II Mar
23
8 23
25* 2%
212 212
8
214 214
212 27e
23
4 278 5,200
314 Mar 3
Certificates
No par
41 July
1, Jan 9
4
% Feb
12% 1314 1318 143* *133 1418 133 14
8
4
135 147
1414 143
1,670
Preferred
112 Jan
MU
612 Jan 18 147 Apr 5
123 July
*25
26
2514 26
26
26 12 2612 2638 2612 265* 2614 267g 3.000 Central Aguirre Asso..No par
24 Mar22 3218 Feb 5
Jan
14
41 July
105* 103
4 103 1114
11
11
*103* 114 105* 105* 1012 1012 1,500 Century Ribbon MIlls.No pa,
123 Feb 19
8
Apr
2
3
II% July
7 4 Jan 16
82
82
*813 90
4
*813 90
4
*813 90
4
*813 90
4
•813 90
4
10
52
Preferred
82 Mar 31 95 Jan 2
lOr
Feb 100 Dec
357 3612 355* 363
4 3531 377
8 363 373
4
4 365* 3714 3618 3654 31,300 C,erro de Pasco Copper_No pa. 31 14 Mar 27 4014 Feb 15
5% Jan
443 Sept
4
6
6
614 7
64 7
638 74
7
73
4
714
75 23,400 C,ertaln-Teed Products_No par
1
3 4 Jan 2
,
Jan
73 July
734 Apr 5
8
25
25
2812 2914 *2812 29
29
3212 3312 35
*33
35
4 Mar 3014 July
1,600
7% preferred
100 1712 Jan 19 35 Apr 5
*213* 218 2114 217 *2114 2113 2114 2112 2112 22
*2114 22
700 City Ice & Fuel
8
718 Mar 25 June
1714 Jan 5 243 Jan 34)
No par
79
79
.79
80
79
*793* 80
793* •7912 80
*7912 80
Preferred
30
100 67 Jan 3 80 Mar 26
45
Ayr
72 July
"1338 1612 *14
1612 *1412 1612 1214 1318
1112 1112 *12
400 Checker Cab Mtg Corp
16l3
1 II Jan 27 1612 Mar 16
712 Mar 2312 Oct
41
4112 4212 42
41
42% 4212 4312 4312 44
43% 468 12.600 Chesapeake Corp
34 Jan 4 463 Apr 6
No par
8
8
147 Jan 5212 July
12 8
754 85*
7
73* 814
8% 831
812 85
978 Feb 5
85* 88 5,200 Chicago Pneumat Tool_No par
218 Mar
614 Jan 6
123 July
8
*1814 1914 *1814 1912 18
203
8 20
208 20
2014 20
204 4,600
Cone preferred
512 Feb2514 June
1812 Jan 12 2214 Jan 29
No par
*11
1212 *11
13
*11
13
*11
13
*11
13
*11
13
Chicago Yellow Cab_ __No par
618 Jan 223 May
113 Jan 15 1312 Feb 3
4
8
*263 2812 2612 2712 *28
8
2812 2814 2812 2812 29
2812 2812 1,400 Chickasha Cotton 011
5 Mar 34 July
10 1914 Jan 8 303 Feb 5
83
4 83
4
918 914
9
914
94 914
914 9
'4
914 2,100 Childs Co
914
0 Jan 6 115 Feb 19
8
2 Fel
No par
1018 July
*12
15 "12
15
*13
15
*14
15
*12
15
*12
15
Chile Copper Co
Apr
25 13 Jan 13 16% Feb 16
6
2112 July
523 533
4 538 55
535* 558 5431 557
5418 554 5338 5412 123,400 Chrysler Corp
5 4918 Mar 20 6038 Feb 23
78 Mar 575s Dec
4
112
13
8 112
138
112
15*
13g
112
13
8
112 .13
2 112 4,200 City Stores
No par
218 Feb 6
7 Jan 5
8
14 Feb3 8 July
5
1812 .16
1812 *16
"
1514 1612 .
'15
1612 1618 164 16
16
200 Clark Equipment
5 Mar 1414 June
No par
4
83 Jan 5 213 Mar 5
39
4012 40
4012 *3912 40
393 40
4
40
4112 4118 433
4 4,100 Cluett Peabody & Co No par 28 Jan 3 4334 Apr 6
Jan 402 July
10
*10314 12312 *105 12312 *1147 12312 *1147 12412 *1148 12412 *11478 12412
8
8
Preferred
100 95 Jan Il 11434 Mar 29
90
Jan 100 June
105 105
106 107
107 10714 10714 10912 110 11314 1134 11412 8,700 Coca-Cola Co (The)___No par 9514 Jan 2 11412 Apr 6
7312 Jan 105 July
5214 5214 *5218 5212 5212 5212 5218 5212 5212 5212 1.100
52
52
Class A
No par
Apr 51
44
5018 Jan 11 5212 blar 28
Dec
16% 165* 165* 165
8 16
165
, 1618 165
8 163 1714 167 1718 12,200 Colgate-Palmolive-Peet No Par
8
7 Mar 223 July
8
Ps Jan 3 1818 Mar 13
*833 87
8
"833 87
8
87 87
*84
87
87
88
85
85
600
6% preferred
Apr 88 Aug
100 6812 Jan 8 88 Apr 5
49
2314 2312 24
244 24% 25
244 2514 247 247
8
8 2418 24% 4,900 Collins dr Aikman
3 Apr
18 Jan 8 2812 Feb 19
No par
26 Sept
5614 83 *64 85* •614 8% *614 83* "614 85* •64 8%
Colonial Beacon 011 Co_No par
9 Feb 5
514 May
8 Jan 22
12
Jan
63
8 612
612 7
65
63
8% 7
6% 7
65* 652 2.200 :Colorado Fuel & tron_No par
83 Feb 6
2% Dec 175 July
35* Jan 2
8
67
68
674 6812 68 6812 6812 69
683 69 4 684 697
3
8 4.500 Columbian Carbon etc No par 58 Jan 8 71 Feb 19
234 Felt 7112 July
g 273 293
2612 267
4
4 293 30% 29% 303
4
8 29% 3012 29 4 31
3
14,000 Columb Piet Corp v t c_No par 23 Jan 6 31 Apr 6
Ors Mar 28 Nov
8 1514 1538 15
153 155
8
1512 1518 1512 14513 158 154 153* 38,100 Columbia Gas di Elec_.No par
1118 Jan 4 1914 Feb 6
9 Mar 2818 July
*72
74
74
*73
73
73
73
73
73
73
73
73
400
Preferred series A
100 52 Jan 5 7618 Feb 27
50 Deo 83 June
30
3012 3012 3114 31
318 3138 3212 317 3214 313 32
12,400 Commercial Credit
10 1838 Jan 4 3212 Apr 4
4
Feb1914 Dec
477 48
*473 49
4818 49s *49
4
493
4 49
49 .49
49
52 1,000
Class A
50 38 Jan 3 30 Mar 9
16
Feb3912 Aug
*28
2912 275 28
*28
8
2913 28
283
4 28
*2712 2912
28
190
Preferred B
25 24 Jan 3 30 Mar 3
1818 Mar 254 Sept
*9918 9914 99
99
98
98
98
98
99 4 99
3
54 100 100
200
70 Ma
634% first preferred__ _100 9112 Jan 3 101 mar 5
957 Sept
8
3 5514 543 5512 55
5314 535
8 53
4
5618 553 563
4
2 553 5614 10,000 Comm Invest Trust...NO par 353 Jan 4 5734 Mar 9
4
18 Mar 4312 July
*1043 106 *10434 10512 "105 10514 *105 10514 10514 10512 *1035 _
4
8
Cone preferred
300
No par
91 Jan 3 106 Mar 26
84
Jan977 Jan
28
29
283* 294 29
2912 294 295
8 29
26 42,500 Commercial Solvents No par 26 Mar 8 3634 Jan 30
293
2 2852 9 Feb5714 July
212 24
25
8 23
4
212 2%
33 Feb 6
212 238
4
212 2%
25* 23 53,900 CommonwIth & Sou. No par
I% Jan 2
114 De
64 June
*38
3912 3812 39
38
384 3914 397
8 395 4112 4012 4138 5.400
8
36 preferred serles.....No par 2112 Jan 2 417 Feb 7
2
175* Dec6012 June
*852 912 *85
8 912
73 Jan 27 1012 Jan 10
0
9
8 9
914 94 •85
200 Conde Nast Publiens_No par
8 913 *85
3 Apr11 June
275 2818 2838 285
.4
8
4 273 28
2713 273
8 28
5 Jan 2738 July
29
5,200 Congoleum-Nalrn InoNo par 23 Jan 9 3114 Feb 16
285* 29
7
•12
*1218 13
*1218 13
13
1218 13
93 Jan 12 1412Mar 5
*1112 13 '1134 127
No par
400 Congress Cigar
8
012 Feb18 June
*
*1114 115
8 1112 1138 112 12
123* 134 12
8Mar 17
4 125
514 Jan 2 133
3 1214 1212 8,700 Consoltdated Cigar____No pl,
312 Apr1934June
*5118 57 .52
*5212 5612 .5318 5612 *5318 56,3
57
*5214 57
Prior preferred
100 4514 Jan 2 55 Jan 31
31
Apr 85 June
•414 43*
43
8 45*
414 414 *412 4%
414 4%
414 418 1,200 Consol Film Indus
I
212 Jan 2
3 4 Feb 15
3
1% Jan
5% May
1512 153 155* 157
8 1512 1512 155 1614 16
8
57 Mar
Preferred
1614 16
No par
1614 2,510
103 Jan 2 1712 Feb 15
8
I434 May
373 38% 373* 38
4
365 39
3 5 3738 3631 377
6
70,800 Consolidated Gas Co. No par 355 Jan 4 475* Fro 6
373* 3812
8
34
Dec6418 June
87 87
88
8712 8712 88
871* 8712 87
Preferred
8812 873 8812 1,800
No par 82 Jan 4 9214 Feb 6
4
81 18 Dec99
Jan
•24 318
3
*27
8 3
3
3
3
3
3 18
3
3
218 Jan 8
800 Consol Laundries Corp_No par
43 Feb 7
8
1 12 Dec
512 Jan
117 1214
5
93 Jan 8 1414 Feb 13
1214 1212 1214 125
8 1212 12% 125 127
8
8 123 127 36,800 Consol 011 Corp
Vo par
4
5 Mar
153 JulY
4
•109 111 *108 111 *109 III *109 111 *109 111 *109 111
8% preferred
100 108 Feb 9 110 Mar 17
9512 Mar 108
Oct
13
8
138
112
ii2 8.400 Consolidated Textlle_..No par
112
13
8
1 12
13
8
8
1 12
112
13
7 Jan 4
8
24 Feb 7
15*
14 Mar
314 July
913 912
912 95*
9% 94
818 Jan 5 10 Mar 24
20
9,4 932
2
914 93
914 912 2,800 Contather Corp class A
1 18 Jan
1014 July
43
43g 43
8
414 412
414
414
414
414 43g
Class B
418 414 2,900
No par
23 Jan 2
8
412Mar 23
14 Feb
412 June
*1014 11 14 *1012 1112 *1114 113
8 113 113 •1112 1234 113 1212
8
8
400 Continental Bak class A No par • 7 Jan 8 145 Jan 24
8
4
3 Mar
1814 July
1%
112 Pg
13
8
8
112 15
15
8
13
8
1118
Class B
No par
18
,
15
1 Jan 1
8 15* 2,400
2% Feb 7
12 Jan
312 July
*59
60
60 60
*57
•58
81
6031 *58
100 4614 Jan 8 64 Feb 9
Preferred
60% *58
100
6012
36
Jan 64 July
7714 78% 7714 78
774 78
7612 7914 79
20 75 Jan 6 8112 Feb 15
797
8 7914 803 13.700 Continental Can Inc
8
3514 Feb 7838 Dec
912 912
934 93
4 10
10
10
10
10
10
5
*914 10
718 Jan 5 1134 Feb 6
1.000 Cont'l Diamond Fibre
312 Feb
1718 July
3012 31 18 •3112 3212 312 32
3218 323
324 325* 3212 3212 2,600 Continental Insurance...A.50 2332 Jan 6 317 Feb 5
8
1012 Mar 3612 JuiY
17
13
4
18
178
13
4
17
8
134
118 Jan 2
17
2% Feb 21
8 6,800 Continental Motors.__No par
13
4 17
13
4
17
1 Mar
4 June
1914 193
4 1938 20
193 2014 20
4
20.
5 1812 Jan 13 203 Feb 5
204 2014 20
2014 47.700 Continental 011 of Del
47 Mar
195 Sept
8
71
72
713 724 73
4
74
7312 7512 75
9.900 Corn Products Reflning____25 6914 Mar 27 8412 Jan 28
753
76
4 75
433 Feb 905 Aug
8
14012 143
141 141
143 14412 514312 145
Preferred
14314 14412'143 145
100 135 Jan 4 14412Mar 26 11712 Mar 14534 Jan
310
75* 71
33 Jan 2
714 712
97 Fen 5
73. 712
No par
738
Inc
7
712 6.400 Cot,
738
71
z
25* Mar
712 June
323 323
8
8 323 325
8 3214 325
No par 28 Jan 3 35 Jan 31
8 3212 3231 3212 3212 323 3212 2.300 Cream of Wheat ctts
8
23 Feb 3912 July
14
14
14
14
14
14:8 *1312 14
145* 14
8 Jan 2 15 Mar 7
2,300 Crosley Radio Corp....No par
*1312 14
1434 June
214 Mar
*29
30
294 30
30
3014 3014 3014 293* 297
29
2914 2,000 Crown Cork & Seal__ No par 2612 Mar 27 3614 Feb I
1414 Feb 85 July
*3712 39
383 39
39
4
39
373 373
4
4 3812 3812 33812 39
Vo par
32 70 preferred
500
3512 Jan 2 40 Feb 16
2412 Feb 3812 July
518 5i
53
8 53
514
538
37 Jan 6
538 578
Crown Zellerback v t e_No par
512 5 4
3
512 512 5,700
Apr
614 Feb 6
1
812 July
3112 32
*3012 31
32
32
32
215* Jan 4 3838 Feb 19
324 32
9 Mar 3712 July
324 32% 3212 2,100 Crucible Steel of America__ 10
65
*56
*587 65
8
*58
65
*58
Preferred
61
*56
62
*577 60
8
F*b 605* July
100 48 Jan 12 6014 Feb 17
16
*2
218 24
21
238 234
214 24 5218 25*
No par
12 Feb
43 June
1 Jan 2
8
318 Feb 9
218 218 1.300Cuba Co (The)
7
3
75*
738
77
8
77
4 818
75
8 8
8
8
97 Feb 8
712 73
312 Jan 10
4 7.400 Cuban-American Sugar__10
118 Jan
11 12 May
*39
41'2 41
41
403 42% "41
4
Preferred
4212 •38
42
*3614 42
220
10
Jan 68 June
100 2018 Jan 9 4734 Feb 14
3 4654 47
48
46
4614 4712 x47
47
47
4712 4634 473
8 3,500 Cudahy Packing
20% Feb5912 June
50 37 Jan 2 504 Feb 16
*2212 2312 2234 23
22
22
2334 234 233 243
4
4 2412 2412 3.100 Curtis Pub Co (Tbe).....No par
612 Mar 3214 June
131 2 Jan 8 2514 Mar 15
6712 6812 8812 6812 683 6914 6914 69 4 6912 693
68% 681
4
Preferred
Feb 66 June
3
30
No par 4312 Jan 3 71 Mar 15
4 4.700
414 43
414 438
8
43
8 412
43
8 412
438 412
112 Feb
414 412 45.900 Curtiss-Wright
212 Jan 2
I
45* July
514 Jan 31
113 1218 113 1218 1112 1134 113 111, 38,700
4
11 14 113* 113* 1214
4
2 Mar
Class A
8
8
8 July
I
514 Jan 3 121 1 Apr 2
1714 1714 *1712 19
•1612 18
1814 1814 18
414 Jan
21 July
1814 *177s 1814
800 Cutler-Hammer Ino___No par
11 Jan 4 21, Feb 21
2
718 74
718 718
74 718
718 718
7
7
*618 718 1,000 Davega Stores Corp
1% Feb834 July
84 Feb 3
5
6 Jan 10
• Bid and asked nrices. no sales on this day.
2 Companies reported in receivership. a Optional sale. c Cash sale. r Ex-d vidend. y Ex-rights.
New York Stock Record-Continued-Page 4
2373
Fir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar. 31.
$ Per share
29
29
*133 14
4
80
80
4412 4412
*2314 24
2814 2814
40
4012
2112 22
8
248 253
*14
17
1018 1012
Monday
Apr. 2.
Tuesday
Apr. 3.
Wednesday
Apr, 4.
$ per share $ per share $ per share
29
8
2912 235 2912 293 3014
*133 14
4
*1334 14
137 1414
8
*80
82
8012 81
80
81
*4312 45
45
45
45
4638
2314 233
4 23
2314 2338 24
2814 2812 *2812 29
283 283
4
4
4018 408 395 4012 3938 403
8
217 2214 217 22
22
22
7
2458 25
2512
243 253
4
8 25
1612 1612 157 158
*1512 17
*1014 1934 *1014 1012 p:98 no,
11
11-14 11
11-38 11 III, 11 -1-114
*1914 21
*1914 21
*1914 20
20
20
*101 10112 *101 10112 *10114 10112 10014 10114
11
11
93 10% 1013 1012 1012 11
4
4 8712 88
8712 89
8512 863
89
893
4
132 132 *133 136 *134 136 *134 1353
4
20
2012 2014 205
8 2012 21
8 2012 205
9412 9534 9512 963
9714 9714 991B
4 96
*120 12012 12012 12012 1205 1203 121 121
8
4
16
1614 16
16
153 153
4
8
4 15% 157
2814 283
4 2814 29
28
2918
*96
99
97
*96
97
97
57
538 57
53
6
4 57
63
8 67¼
6% 63
4
63
8 6%
7
718 714
714
73
714
1412 15
143 143
4
8
4 145 145
*13
133
4 13
13
1318 13
45
46
45
46
*46
47
1
us
*1
114
118
118
*2
214
218 2% *2
218
*5512 58
*5514 58
*5514 58
12412 12412 *12412 1247 *12412 1247
8
8
*512 55
512 512
512 513
*15
1714
15
*15
1714
15
*1512 18
*1512 18
*15
18
*16
19
157 157 *1614 1818
8
*85
8 88
85
8 8% *812 83
4
1112 1112 113 12
115 1134
4
3
193 2012 203 203
4
4
8
4 2012 203
95o 1014
93 1014 1014 1012
4
*1
2
2
2
*112 2
73
73
8
738 77
73
4 812
*145 1512 1514 1512 15
8
1514
*51
52
51
52
52
52
---- ---- ---- - - -12
931 93
4
98 10
*- - -- 5912 .---- 57
*90 100
*90 100
*612 65
8
67
67
8
*414 41
458 518
23
4 24
23
4 3
*2612 2812 *2612 2812
*303 3112 3114 3114
4
2058 2118 21
213
8
*78
80
*78
80
59
5912 591 6014
*21
23
215 215
8
8
---107 11 14
8
5678 57
*85 100
*63
4 67
5
5
23
4 24
2812 2812
*3112 32
21% 21%
*7814 80
604 6114
*2018 23
2812 2914
097
99
53
4 6%
658 612
7
7
145 145
8
8
1234 1314
47
4712
*1
114
*2
218
56
56
124% 1247
8
558 558
14% 15
*1512 16
*16
19
8 8 812
,
12
1214
2012 205
97
98
2
2
858 83
4
*1558 16
52
53
Thursday
Apr. 5.
Friday
Ayr. 6.
Sales
for
the
Week.
- His - - - -1 3i4 13 4 -13- -- -- -121 1e8 1212 - - . .0 - 13
13
.
1,400
-1112
13
4
*1512 1614
16
16
500
*1512 1612 16
*153 1612 1612 1612
4
16
181 1814 19
1912 *1812 1914 3,400
19
183 187
4
8 187 1912 19
8,800
*1314 14
15
8
1414 147
145 1512 153 1612 1512 1558 15
*2234 231.1 231s 2312 2312 234 *24
900
24
245 *2413 24% 24
8
15
1512 15
4 9,100
8 1514 1614 155 16
153 153
8
8
1512 1514 155
*46
52
48
*47
*47
*47
52
*48
52
*47
52
54
4314 4414 4418 4412 4418 443
8,600
46
8
4 447 4512 4412 4558 45
8
*10712 1075 *10712 158 *112 1125 *10712 1075 *10712 10738 *10712 1075
8
8
8
*27
2914 27
420
29
29
3112 2912 30
*233 294 29
4
27
*13
720
1312 1312 1312 13
8
1312 1512 1412 1514 145 1438
1314
*33
*35
312 312 1,100
33
13 312
414 *33
312 37
4
37
200
1614 1614
*1512 1612 16
8 1512 1612 .16% 17
1512 155
16
*953 97
93 10
3,100
912 10
4
9% 97
912 93
8
93
4 97
100
83 83
*70
*80
83
83
83
*70
83 .80
83 .80
39
4 4012 40% 6,100
3914 3914 3912 39% 393
8 397 403
4 3912 397
8
6,700
1814 1814 183 193
20
3
1914 1914 2014 19 4 2014 20
8 19
s
4
8 3,000
113 1112 1112 1134 114 117
8
8
4 115 117s 113 117
8 11% 113
812 81
812 83
4 6.400
85
8 83
4
4 87
83
85
8 9
838 878
47
538
5% 57
8 4.000
5
52 552
5,
53
3 512
2 53
4 *514 512
1012 11
2,800
8
1118 11% 1034 107
8 107 1130 1112 1178 *1112 12
213 2212 2412 25
28
2918 1,800
*28
29
28
4
26
26
*25
3,000
34
34
3134 317
33
4 313 3258 33
317 32
3112 313
10334 1033 1033 1033 1033 104
240
4
4
1033 1033 1033 10412 105 105
4
4
4
4
4
2112 2238 22
8
8 2218 223 87,400
8
8 2218 225
8 223 227
22% 213 223
4
1214 123
3
8 123 1212 1214 1212 1214 1230 123 1258 1230 1238 8,000
8
33% 3334 3358 34
34% 9,700
3412 34
3412 34
333 3418 34
114
114
118
114
114 5,300
11
118
118
118
118
114
13*
1658 1638 1634 163 *16
200
*8
1612
17 .____ 17 *__- 17
4
19
19
10
*1812 19
1812 *____ 24 *____ 24 *____ 24
*18
*20
20 .____ 21 .____ 25 *____ 25
25
*19
*20
24
6012 8012 61
400
3
*61 1
61
- *6118 -- *61, --2- *6113
5512 551
55
55
56
57
- 5712 - - .14 5814 - 4 5712 -5814 2,900
58
5.83*105 1077 105 10618 •105 107 *105 107 .1053 107
107 107
3
300
8
375 38% 38% 387
8
38's 377 131.600
8
8 383 387
8
381s 3914 38% 393
9918 0014 9912 9912 995 100 100
09
x99 4 99 4 2,000
3
100 100
3
8
*14
1612 1612 1,000
8 1614 17
153 *1514 1512 *14
4
1558 1512 165
47
512
.45
8 5
700
518 518 *518 512
*43
4 5
*43
5
1618 163
173
8 1714 1738
173o 16
220
8
163 1714 1714 173 .16
*74
78
20
78 78
*77
78
78
*76
*76
*76
78
78
37
900
4
4
4
4
4%
33
4 33
37
8 *4
4
4
*405 417
4234 43
8
1,600
43
4258 43
4114 4114 43
415 42
214
212 25
238
23
8
212 5,800
8 27
23
3 212
25
212 25
8
*2114 24
*213 233 *2112 23
4
4
23
100
*2112 24
*2112 2412 23
173 185 *1714 1812 *1712 183
4
600
4
8
8 183 183* •173 1814
1730 1758
*4212 45
170
42
42
45
45 .40
42
45
*42
45
45
6,200
10% 11
3
104 11% 10 4 11
1058 11
1012 103
4 1012 1034
*523 557 *523 557 *523 557 *523 557 .523 557
4
100
5412 5412
4
8
4
4
4
8
4
512 512 512 512 514 512 515 5, • 5 514 3,100
514 5%
25% 2518
25
600
25
25
*2418 273
4 257 26
25
25
25
2618 16,300
8 25
253
8 247 253
2414 2412 2414 2412 2414 2512 25
250
997 100
8
4
983 9912 *9912 100
99
*9754 98% 98% 6814 99
812 83
4 8,600
3
53 0
812 85
8% 9
8
83
3 8%
814 814
2112 22% 42,200
4 213 22
1934 2018 2012 2078 2012 215
s
6 2114 213
400
106 106 *106 109
109 109 *106 111 .105 111 *106 111
1612 13,300
8 16
4
157 16% 16
1612 16% 1612 153 163
163* 16
567 567
8 1,300
55
5518 5512 5512 56
55
5714 5714 5638 57
351 3612 22,500
3414 3513 3518 353
3518 36
3430 353
345 36
7912 80
800
80
76% 7678 78
78
783 783
8
8 7934 7934 80
llIz 1012 11
1012 103 15,800
4
11
912 912
912 955
97 11
8
10
*59
63
*60
63
.56
63
63 .58
63
*58
63
63
35
5,800
334 37
33
8 37
37
33
378
37
3 4
4 3%
38
6,500
11% 117
8 11% 12
1114 1 155 1112 117
4 11% 117
8 1118 113
73
8 73
8 *718 714
73
8
7
7
7 18 2,400
7
7 14
718 7%
400
35
3534 *34% 36
*33
3412 341
3512 *33
3634 34 34
200
283 30
4
.27
2912 *2812 2912 .283 2918 2912 295 *28% 30
4
38
383
8 38% 3812 3818 3912 3914 3912 3914 3912 3,400
373 373
4
4
1418 2,400
14
1414 14
14
1334 137
14
14% *1418 14% 14
2914 2944 19,900
295
273 28
4
2734 2958 2914 3014 2912 30's 29
570
•10512 106
106 106
10512 10512 106 106 *105 10612 10612 10812
PER SHARE
Range Since Jan .1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ Per share $ per share
$ per share
243 July 49 July
2612 Jan 5 3418 Feb 1
8
614 Feb 183 June
1114 Jan 2 1512 Jan 30
48
Apr 9112 July
6312 Jan 5 84 Feb 23
10 Mar 338 Aug
29 Jan 6 4912 Feb 5
1712 Feb 2912 July
23 Apr 3 2812 Jan 16
2618 Feb 31 July
2814 Mar 27 3112 Jan 24
12 Feb 3912 Sept
8
32 Jan 25 407 Apr 2
8
1012 Feb 263 July
19 Feb 10 23 Mar 10
1814 July
1014 Feb
1414 Jan 2 2812 Jan 31
64 Feb 18 June
914 Jan 10 19 Feb 17
21 Mar 103 June
4
8
712 Jan 16 115 Mar 14
29 Mar 6312 June
4Mar 26
7 Apr 144 July
8
612 Jan 13 113
8
912 Apr 283 June
1614 Jan 3 23 Feb 16
85 Nov 10218 June
90 Jan 16 10114 Apr 4
118 Mar 10 July
518 Jan 3 1234 Feb 19
46
Apr 89% July
3
79 Jan 4 93 4 Feb 17
120 Jan 16 136 Apr 6 110 May 130 Mar
318 Mar 16 July
3
1314 Jan 3 223 Feb 16
321 Mar
9638 Deo
8
9052 Jan 4 1037 Feb It
9712 Apr 117 July
115 Jan 2 121 Apr 4
Jan 30 1914 Mar6-115
8
2414 Dec
4 Mar 2514 Jan 17 3412 Jan 26
10 Apr 271 July
1818 Jan 9 3158 Feb 21
Oct 8812 July
75
80 Jan 5 101 Apr 6
814 July
1
Jan
712 Jan 29
8
33 Jan 8
412 Dec
Feb
1
714 Mar 5
414 Jan 3
3
95 Feb 7
8
318 Feb 15 8 June
412 Jan 3
712 Apr 3612 June
814 Jan 3 2014 Feb 6
612 Apr 32% June
4
8 Jan 2 193 Feb 7
21
Feb 54 July
44 Jan 3 52 Jan 24
17 Feb 21
4 June
7 Jan 2
5
% Jan
4
6 June
5 Apr
8
33 Feb 23
114 Jan 10
26 Feb 627 July
515 Jan 4 63 Feb 16
Oct
120 Jan 3 126 Mar 20 107 Feb 123
3 4 Dec 143 June
3
4
83 Feb 7
4
412 Jan 10
47 June
11 Dec
1153 Jan 3 2312 Feb 6
497 June
8
11 Dec
11 Jan 8 2412 Feb 5
12 Dec 55 June
1412 Jan 2 2512 Feb 5
8
612 Mar 133 July
8
818 Apr 4 103 Jan 22
3 Apr 1814 July
8
718 Jan 8 143 Feb 19
10 Nov
7 Mar
8
9 Jan 3 2358 Feb 21
1112 July
312 Nov
4 Jan 9 1012 Apr 2
238 June
% May
214 Apr 5
158klar 9
814 June
1
Feb
93 Apr 5
8
414 Feb 14
212 Mar 1114 June
7 Jan 6 18 Feb 19
10 Feb 4218 Nov
30 Jan 10 5514 Mar 6
3 June
% Jan
10 June
3 Feb
100
7% preferred
1412 June
43 Apr
4
714 Mar 9 11 14 Apr 3
15
Federal Light & Trao
33 Dec 5912 July
No par 3418 Jan 12 62 Mar 13
Preferred
15 Mar 103 Sept
Federal Min & Smelt Co 100 88 Jan 25 107 Feb 14
113 July
4
83 Jan 30
4
ki Mar
6 Mar 1
Motor Truck_No par
Federal
47 July
8
84 Feb
558 Feb 23
2 Jan 13
Federal Screw Works_No par
63 June
4
15 Dec
8
4 Feb 6
13 Jan 5
4
Federal Water Serv A No par
712 Feb 30 July
Federated Dept Stores_No par 223 Jan 8 31 Mar 6
1014 Mar 36 July
4
Fidel Pben Fire Ins N Y__2.50 233 Jan 5 3412 Feb 5
918 Apr 3112 July
Firestone Tire & Rubber _ __ 10 18 Jan 6 2514 Feb 19
42 Mar 75 June
100 71 Jan 9 81 12 Feb 20
Preferred series A
43 Mar 70% July
First National Stores__No par 5414 Jan 5 64 Apr 6
18 Jul)
712 Feb
15 Jan 4 2412 Feb 9
Florsheim Shoe class A.No par
Apr 101 Sept
80
.
100
6% preferred
19 June
212 Feb
8
930 Jan 12 173 Feb 21
No par
Follansbee Bros
16 July
612 Apr
4
1012 Jan 9 163 Feb 5
Food Machinery Corp.No par
412 Feb 23 July
13 Jan 9 22 Feb 16
Footer-Wheeler
No par
3
2 Feb23 8 July
1212 Mar 27 1714 Jan 30
Foundation Co
No par
13 8 Mar 2614 June
5
193 Jan 5 2712 Feb 5
8
1
Fourth Nat Invest w w
Oct19 Sept
12
8
1214 Jan 5 173 Feb 3
Fox Film class A new__No par
12
Jan 50 Aug
Fkin Simon & Co Inc 7% p1100 3612 Jan 12 63 Feb 7
8
1618 Feb493 Nov
4
Freeport Texas Co
10 403 Mar 27 5058 Feb 19
Apr 16018 Nov
97
6% cony preferred
100 149 Mar 8 16018 Jan 31
9
Jan 31 June
1612 Jan 19 31 Feb 23
Fuller (G A) prior pref _No par
4
Jan 23 June
9 Jan 4 17 Feb 21
30 2d pref
No par
Feb514 Aug
1
45 Mar 12
8
218 Jan 12
Gabriel Co (The) CI A No par
612 Jan 207s Aug
Gamewell Co (The)
No par 1112 Jan 18 20 Feb 19
25 Feb12 June
738 Jan 4 1112 Feb 6
Gen Amer Investors. No par
42 Feb85 July
Preferred
No par 79 Jan 29 87 Mar 13
14
133 Feb43 July
4
8
Gen Amer Trans Corp
5 3318 Jan 4 435 Feb 19
45 Mar 27 July
4
General Asphalt
10 15% Jan 4 213 Feb 6
1012 Dec 20% July
8
General Baking
5 11 Jan 3 143 Feb 5
1012 July
318 Feb
5 4 Jan 9 1018 Mar 9
3
General Bronze
5
114 Mar 1112 June
618 Feb 1
8
33 Jan 4
General Cable
No par
214 Feb 23 June
6 Jan 4 12 Feb 1
Class A
No par
612 Mar 46 June
7% cum preferred
100 1412 Jan 9 2918 Apr 6
2414 Dec 4838 June
General Clear Inc
No par 27 Jan 2 36 Jan 27
Jan
90 July 112
7% preferred
100 97 Jan 8 105 Mar 2
1013 Feb 3014 July
1812 Jan 4 2514 Feb 5
General Electric
No par
10% Apr 1214 July
8
Special
10 113 Jan 2 122 Feb 26
8
21
Feb 397 Sept
General Foods
No par 3238 Jan 2 36% Jan 30
27 June
13 Feb 6
It Dec
3 Jan 2
4
Gen'l Gas & Elec A
No par
318 Apr 1612 June
6% Jan 2 19 Mar 13
Cony prof series A No par
65 Dec 1812 June
12 Jan 29 21 Mar 13
$7 pref class A
No par
5 Apr 20 June
14 Jan 19 22 Mar 12
No par
58 pref class A
3
2414 Jan 55 4 Nov
52 Jan 13 6114 Feb 16
Gen Ital Edison Elec Corp_ __
3512 Mar 71 June
8
General Mills
No par 537 Mar 20 6412 Jan 15
9212 Mar 10612 Sept
100 103 Feb 27 107 Mar 26
Preferred
10
Feb 35 4 Sept
3
General Motors Corp
10 3312 Jan 4 42 Feb 5
6512 Mar 95 July
$5 preferred
No par 894 Jan 6 100 Apr 4
518 Jan 24 June
82 Jan 5 17 Apr 4
Gen Outdoor Adv A
No par
213 Mar 1018 June
512 Mar 14
3 8 Jan 2
5
C0111111011
No par
17 June
314 Jan
4
1012 Jan 3 173 Feb 19
No par
General Printing Ink
31 Mar 82 Aug
$6 preferred
No par 7312 Mar 10 78 Mar 28
814 June
Apr
2
5 8 Feb 7
5
212 Jan 8
Gen Public Service_ _ _No pa,
1314 Jan 4912 July
Gen Railway Menai_No par 33 Jan 5 453 Mar 3
4
45 June
8
3 Feb
8
3% Jan 30
1% Jan 3
Gen Realty & Utilities
1
4
512 Jan 223 June
3
16 Jan 8 263 Jan 30
$6 preferred
No par
194 July
212 Feb
8
General Reiractories
1018 Jan 3 233 Feb 23
No par
93 Feb 3812 June
Gen Steel Castings pref No par 3013 Jan 13 4812 Mar 15
7 Dec 2014 Jan
5s
812 Jan 6 1212 Feb 6
Gillette Safety Razor_No par
Jan
4512 Dec 75
Cony preferred
No par 47 Jan 11 553 Feb 19
72 Rine
% Feb
412 Jan 4
Gimble Brothers
No par
638 Feb 5
514 Mar 33 July
Preferred
100 1614 Jan 8 30 Feb 5
334 Mar 20 July
Glidden Co (The)
3
155 Jan 4 2618 Apr 6
No par
Apr 9112 Aug
48
Prior preferred
100 83 Jan 19 100 Apr 6
16 July
3 Feb
Gobel (Adolf)
912 Feb 27
512 Jan 2
5
12 Feb 273 July
8
Gold Duet Corp vi o___No par 163 Jan ii 225 Feb 5
4
9612 Dec 105 July
$6 cony preferred___No par 9612 Jan 6 109 Mar 23
3 Mar 2113 July
125 Jan 8 18 Feb 19
Goodrich Co(B F)
No par
9 Feb 63 July
Preferred
100 40 Jan 5 597 Feb 20
,
Goodyear Tire & Rubb.No par 3353 Jan 8 413 Feb 19
9 4 Feb 4712 July
272 Mar 8014 July
1st preferred
No par 75 Jan 2 8614 Feb 19
612 Oct1712 June
Gotham Silk Hose
4
7 Jan 4 113 Feb 5
No par
41
Apr 73 July
Preferred
100 4912 Jan 22 63 Apr 4
Apr
22 Jan 4
5 8 July
5
1
412 Feb 1
Graham-Palge Motors
I
8
37 Mar 1552 lune
8
8 Jan 2 133 Feb 16
Granby Cons M Sm & Pr_100
10% June
353 Mar
Grand Union Co tr Ws
83 Jan 31
4
4 Jan 8
1
8
20 Sept363 July
Cony pref aeries
No par 23 Jan 6 3714 Feb 23
1118 Mar 3058 July
Granite City Steel
No par 23 Jan 15 30 Mar 15
Grant (W T)
153 Feb 3612 Dec
4
No par 34 Jan 29 4038 Feb 19
4
163 July
11 Jan 2 1518 Feb 19
518 Feb
Co Nor Iron Ore Prop No par
347 Jan 20
257 Mar 21
8
6% Jan 41% Sept
Great Western Sugar No par
7212 Jan 110 Sept
100 102 Jan 2 10812 Arp 6
Preferred
43 July
No par
3 Dec
8
Grigsby-Grunow
S per share $ per share Shares. Indus.& Misceil.(Con.) Par
No par
29
2912 29
2914 6,300 Deere & Co
20
Preferred
1412 141 1418 1,000
*14
100
2,700 Detroit Edison
8
79
8014 807 81
1,200 Devoe & Reynolds A__No par
457 46
*4412 46
No par
2412 2412 *2414 2484 1,500 Diamond Match
4
2812 2812 282 29
Participating Prelerred-25
1,100
No par
8
39
398 383 3914 26,400 Dame Mines Ltd
2,400 Dominion Stores Ltd No par
8
2112 2112 207 21
8
25
2558 245 2518 19,000 Douglas Aircraft Co Inc No par
400 Dresser(SR) Mfg cony A No par
*15
157
8 1512 1512
*934 1012 *953 1012 500 Convertible class B No Par
Drug Inc
10
1
8
14 8,100 Dunhill InternatIonal
11
11 -- -18 107 41
No par
*1914 20
*1914 21
200 Duplan Silk
8
50 Duquesne Light lot pref__100
100 100 *1005 10112
101* 1012 1014 1012 1,400 Eastern Rolling MIlls_No par
8714 8812$ 3,800 Eastman Kodak (N ..1)_NO par
88 88
6% cum preferred
100
120
1353 1353 136 136
4
4
No par
8
20
2012 197 2014 5,700 Eaton Mfg Co
973 99% 9712 983 25,400 El du Pont de Nemours____20
4
100
12012 1203 12014 12014
4
6% non-voting deb
1,500
1,800 Eitingon Schild new__No par
1514 1512 1514 1514
100
698% cony 1st pref
5
29 2- 2812 283
4 2818 - -. - 6,615 Elec Auto-Lite (The)
100
99 101
Preferred
60
*98
99
3
53
4 53
4 1,900 Electric Boat
57
57
2
638 63
2 6,200 Elec & Mus Ind Am shares_ __
638 63
8
67
714 19,300 Electric Power & Light No par
63
4 73
4
No par
2,500
8
1412 1534 *145 15
Preferred
No par
86 preferred
13
1412 1314 138 2,100
No par
46
47
4712 48
1,300 Elec Storage Battery
*1
1
114
118
900 :Elk Horn Coal Corp No par
50
2
2
2
2
6% part preferred
610
5614 5614 *56
200 Endicott-Johnson Corp. _50
58
100
Preferred
110
125 125
1247 125
8
514 614
1,200 Engineers Public Sery__No par
558 6
$5 cony preferred____No par
*16
18
143 16
4
800
No par
$554 preferred
600
147 1612 1512 1512
8
No par
*16
175 *16
8
$6 preferred
100
178
814 83
4 4,600 Equitable Office Bldg_No par
814 812
5
12
12
12
2,300 Eureka Vacuum Clean
12
5
2018 2012 2018 2018 3,200 Evans Products Co
Corp_No par
950 Exchange Buffet
, 10
7
*918 9 8 .__ 7
25
214
214 *13
500 Fairbanks Co
4 2
100
Preferred
680
83
4 9
914 93
3
1514
60 Fairbanks Morse & Co_No par
1514 153 *15
4
100
Preferred
5212
170
52
52 52
- --__ . __ __ _
- ------912 1012 18,600
107 --1
8 1 -18 103 If
4
70
58
58 .__ 59 *_ _ _ 63
*90 100
*90 100
*90 100
600
*634 7
7
7
7
7
500
*413 478 *412 4%
*412 5
1,700
*23
4 3
24 3
23
4 3
800
2912
3
2912 29 4 *29
2812 29
3117 31 12 313 313 *3112 32
500
4
4
8
4 2118 2134 7,200
22112 2134 213 213
*7814 80
*7814 80
*7814 80
5,100
6114 613
4 618a 6314 6314 64
*2158 227 *2158 228
100
8
*213 22
s
.
Bld and asked prices, no sales on this da.y.
STOCKS
NEW YORK STOCK
EXCHANGE.
1 Compsnles reported in receivership. a Optional sale. c Cash sale. 2 Ex-dividend.
y Ex-rights.
New York Stock Record-Continued-Page 5
2374
tar FOR
April 7 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
-liar. 31.
Monday
Apr. 2.
$ per share
*214 212
*35
393
4
*74
77
*233 24%
4
*273 2814
4
6% 7
*38
4114
714
714
*4
6
3118
31
*93
6512
22
23
$ per share
214 212
*36
40
*74
77
4,233 245
4
8
*28
2814
6% 718
*3914 41
712 73
4
*412 53
4
*3212 337
8
*95
9512
227 2312
8
Tuesday 1 Wednesday
Apr. 3. ' Apr. 4.
$ per share
212 258
•35
40
*74
77
*233 245
4
8
*28
2814
68 67
*39
4012
712 712
5
5
33
33
*95
9512
23
2312
$ per share
23
4 23
4
•35
40
*74
77
*233 245
4
8
2814 2814
7
73
8
4314
41
712 75
8
514 514
3378 337
8
9512 96
23
2312
Thursday
Apr. 5.
$ per share
212 21
*35
40
77
77
4
*233 241
2814 2814
74 714
4212 4314
712 712
*514 0
3412 3412
*93
9512
23
233g
Friday
Apr. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Class A
No par
Hat Corp of Amertca cl A1
100
50
654% preferred
10.800 Hayes Body Corp
No par
___
Helme (G W)
25
700 Hercules Motors
No par
1,100 Hercules Powder
No par
$7 cum preferred
100
200
300 Hershey Chocolate____No par
Cony preferred
400
No par
5,000 Holland Furnace
No par
800 Hollander & Sons (A)
5
300 Homestake Mining
100
900 Houdaille-Hershey cl A No par
4,800
Class B
No par
100 Household Finance part p1_50
5,500 Houston 011 of Tex tern cth3100
14,900
Voting trust etts new____25
36.300 Howe Sound v t e
5
35,200 Hudson Motor Car____No par
7,400 Hupp Motor Car Corp
10
Indian Motocycle
No par
*3
-312
314 214
314 214
314 214
4
-3
iq
7,500 Indhtn Refining
34 - 1
3
41
10
797 81
g
8014 81
8
8034 8112 8012 8112 5,800 Industrial Rayon
No par
798 8012 807 82
66
66
2,500 Ingersoll Rand
66
66
67
66
67
6612 66
68
No par
6712 67
428 427
2,100 Inland Steel
43 4318 43
434 4314 4314 4412 4412 4412 45
No par
514 512
53
8 55
2
512 33
4
612 6
558 6
3,300 Inspiration Cons Copper __20
512 6
*37
4
1,100 Insuranshares Cas Inc
*37
4
4
37
8 37
4
8 *37
8 4
8 4
I
37
Iniluranshares Corp of Del_ 1
*3
314
314 314
8 4,200 Intercont'll Rubber____No par
312 312
353 43
333 312 *314 314
93
4 93
5
958
4 *9
958 97
9 8 9 8 2,300 Interlake Iron
5
98
912
5
No par
8 *952 97
8
45
8 45
8
45
8 43
4
45
8 45
8
4 1,500 Interrutt Agricul
43
4 47
43
4 43
5
.458 5
No par
*2914 3214 *2914 32
*2912 3112 *30
Prior preferred
32
32
200
100
32
*3012 33
132 13312 *133 13612 133 133 *1337 140
8
600 Int Business Itfachines_No par
13414 13414 *135 140
1018 1018 10
2,100 Internat Carriers Ltd
97 10
8
10
10
10
103
I
10
8 10
10
293 2912 2912 30
8
287 2912 2812 29
4,100 International Cement_No par
8
283 29
4
285 29
8
41
4112 41
415
8 4012 417
16,000 Internat Harvester____No par
4112 42
4114 42
4112 42
123 123 *1203 125 *1203 125 *1203 125 *121 125 •121 125
4
100
4
Preferred
4
100
25
64 714
714 714
714 712
4
714 712 4,500 Int Hydro-El Sys CIA
714 73
*43
4 5
*47
8 5
5
900 Int Mercantile Martne_No par
5
4
518 518
412 43
47
8 47
28
2814 28
56,600 Int Nickel of Canada_No par
2812 27% 2814 274 2818 275 28
273 28
4
*11934 122 *1204 122
Preferred
12014 12014 12014 12014 12018 1203 122 122
8
100
700
*14
1612 15
15
15
15
1612
1512 1512 *15
4
100
70 Internat Paper 7% pref
153 *15
*4
414
43
8 433
300 Inter Pap & Pow Cl A_No par
418 418
414 44 *413 412 *414 412
*218 233 *218 212 .218 258 *218 23
Class B
No par
8 *218 212 *213 238
200
8 2
*13
Class C
4 17
No par
8 2
8 *17
17
8 2
*178
*17
2
*17
8 2
•14
8 144 1412 14
1414 1414 145
Preferred
1412 3,700
100
1412 1414 1412 14
1514 1612 17
177
8 1812 1812 174 1712 177 177
8
3,900 Int Printing Ink Corp_No par
177 19
8
*7212
*7212
Preferred
__
7212 7212 *74
100
10
•75 ____ *75
90
267 ---- 27 28
8 267
28
8
28
2814 3,000 International Salt
2858 2838 283
No par
8 2838 29
*433 4412 4412 4412 447 447
4
454
No par
800 International Shoe
443 45
4514 45
8
*45
*35
39
38
38
384 3812 38
300 International Sliver
38
100
*37
38
*35
38
*73
75 *73
75
*73
100
75
7% preferred
75
75
90
76
76
76
76
1414 143
4 145 154 147 1514 15
8
8
4 15
15
3
154 153
1514 64,200 Inter Telep & Teleg_ __No par
1212 1212 *1214 123
4 123 127
4
2,600 Interstate Dept Stores_No par
8 127 133
8
8 127 133 *1278 13
8
8
*54
58
57 5712 *533 60
Preferred
100
300
8
59
59
*557 60
8
*557 60
8
Intertype Corp
No par
8 95
*73
4 93
*8
8 *75* 9
4 *73
9
*812 9
*8
918
*253 2612 253 26
*253 26
4
4
4
2614 2614 *25
500 Island Creek Coal
1
2614 253 253
4
4
*45
4614 4512 4614 454 4512 4512 4512 4534 46
No par
600 Jewel Tea Inc
*4434 4512
4
5514 5712 563 58
5634 5812 575 587
No par
8
8 5712 5812 573 5814 12,300 Johns-Manville
8
*108 112 *108 112 *108 112 *11014 112 *111 112
Preferred
100
111 111
30
6712 6712 673 674 68
*65
68
4
68
300 Jones & Laugh Steel pref_100
70
68
70
69
814 814 *84 812
818 818
*858 9
400 Kaufmann Dept Stores $12.50
812 812 *814 9
*1612 16% 1658 163
4 1614 1612 1612 1718 17
6,400 Kayser (.1) & Co
5
17
1718 17
31, 358
318 34
314 33
8
314
33
8
314
33
8
5
338 33
2 5,600 Kelly-Springfield Tire
1358 133
4 1334 15
1412 1412 1412 1412 1412 1412 144 143
No par
6% preferred
8 2,000
•512 7
7
7
*512 7
*6
7
*6
7
100 Kelsey Hayes Wheel conv.e1A1
*6
7
*5
53
4 *5
53
4 *5
53
4 *5
53
4 *5
Class B
I
534 *5
53
4
193 2014 197 203
4
8 197 2018 197 2014 195 2012 193 197 23,400 Kelvinator Corp
8
8
8
No par
8
8
8
*8014 85
*8014 85
*8014 85
*8018 85
*8014 85
85
85
10 Kendall Co pt pf set A_No par
187 193
8
4 193s 20
1912 2012 2018 203
No par
4 20's 215
8
8
8 207 217 86.800 Kennecott Copper
*151,s 18
*1518 1712 *1518 18 .151g 18
,
*1518 173 *1612 173
Kimberley-Clark
No par
8
*453 5
*4
5
*4
5
45
8 45
8
458 45
8 *45
8 5
No par
400 Kinney Co
3412 *23
*23
2818 2512 2512 *23
2512 2438 2438 *2312 2412
rreferred
200
No par
195 20
8
198 20
193 197
4
8 197 2012 2014 2012 2018 2012 13,800 Kresge (8 S) Co
8
10
106 106 *10814 110
10512 106
110 11012 11012 11012 *10814 11012
100
190
7% preferred
*57
8
5812 *57
587 *57
588 *57
587
8 59
59
*57
60
No par
200 Kress (S II) & Co
3058 30% 31
3034 31
30
3118 3212 32
3214 3178 3218 9,500 Kroger Groc & Bak_ No par
26% 27
263 27
2654 267
8 267 27
1
8
2653 27
2612 2678 2,700 Lambert Co (The)__N0 par
8
•912 103
4 *912 1012 595 1012 1038 103
4 1052 105
8 1014 101,
400 Lane Bryant
No par
1218 1214 *12
123
12
8 1238 123
12
8 1212 1212 1212 1212
900 Lee Rubber dr Tire
5
*1614 17
*1614 17
*1534 17
*1614 17
*15 4 17
3
*153 17
Lehigh Portland Cement__50
4
75
75
*75
*743 75
*743 75
4
4
7712 *75
7% preferred
774 *75
100
10
7712
4.312 35
8
34 358
312 34
3
312 *318 312
33
8 358 3,100 Lehigh Valley Coal__No par
97
9%
93 II
4
*1018 12
12
*10
•1012 12
1012 1012
Preferred
700
50
7112 7218 713 7314 7312 733
72
7112 72
4
69
4 733 733
3.100 Lehman Corp (The)___No par
*1912 103 *195 198 1953 1953 *1912 197
4
8
8 1612 20
20
900 Lebn & Fink Prod Co
20
5
3712 375 3814 373 3814 38
4
3614 3614 3718 3712 37
385 10,300 Libby Owens Ford Glass No par
8
893 893
*8714 90
89
4
*86
90% 91
4 90
89
90
2,200 Liggett & Myers Tobacco_25
89
4 90
91
90
9014 8812 9018 8912 893
8 9012 92
90 907
Series B
7,500
25
139 139 *1383 14112 *13918 14112 *140 141 *140 141
4
1407 140%
8
200
Preferred
100
8 213 225* 2218 2258 9,200 Lily Tulin Cup CorpNo par
2118 2118 217
4
21 18 2114 2118 2114 21
30
2912 30
30
2914 30
*29
27
30
1,400 Lima Locomot WorksNo par
30
30
*29
184 1814 *17
1812 *17
1712 173
18
4 18
1814 1714 1714
1,200 Link Belt Co
No par
28
2912 285* 29
29
28
267 2718 2714 28
29
8
28
5,300 Liquid Carbonic
No par
3338 3414 130,300 Lofty's Incorporated _No par
327
314 3218 318 32% 32
8 3218 3314 3214 34
90 90
Preferred
92 9212 *91 14 9312 *9114 934 9312 931 *9318 944
400
No par
23
8 23
8
23
8 23*
25* 212
214 258
23
No par
8 2%
258
258 1,700 Lott Incorporated
*178 2
I% 2
2
*17
2
8 2
2
2
17
8 2
1,300 Long Bell Lumber A_ _No par
4213 4114 42
42
*4112 4212 *41
*42
4212 4214 4212 42
700 Loose-Wiles Biscuit
25
_ *12112
*12112 _ _ *12112
_ *122
_ *12212 _ _ ___ _
_ *122
7% lst preferred
100
1-7 173 173
17
17
- -18
5
5,500 Lorillard (1') Co
1712 173 - - 8
17 17
8 --18 17 --8 17 - 17 8
-3
10
_ __ _
*10614 . __ *106 _ .*1063 _ _ *10812 _ - •108l2 _ -- *10812 _
4
7% preferred
100
2
*17 2
3
- -14
2
3
33
- 8
218 -2- 8
- 8
23
23
4 -- 32,500 Louisiana 011
3
3
27
No par
16
*20
16
*13
Preferred
16
22
4
*14
2312 213 23
560
1578 19
100
175 18
177 177
8 177 177
8
1758 178 173 1818 18
1818 2,900 Louisville Gas & El A_No par
4
1638 163
*17
17% *163 1714 17
17
4
1714 174 17
8
600 Ludlum Steel
17
1
94
*89
*89
9218 *89
Cony preferred
93
9218 *89
924 *89
*89
No par
93
3212 32
300 MacAndrews & Forbes
31
*31
32
31
313 *303 31
4
32
*31
4
*31
10
331
7
33
313 3212 33
4
7,600 Mack Trucks Inc
8
3234 33
No par
338 3412 337 3412 3212
515 52
*5212 54
8
51
52
4
48
50 8 4812 4914 473 481 13,700 Macy (R H) Co Inc_No par
,
414 44 1,900 Madison So Gard v 1 o_No par
414
414 414
418 414
414 *4
*4
33
4 4
1814 1818 1834 183 183
*18
8 3,200 Magma Copper
*1734 18
4
10
4 18% 1912 1912 193
.212 3
400 Mallinson (II R)& Co_No par
*23
4 27
23
4 23
8
4 *212 3
27
8 3
*23
4 2%
.16
7% preferred
1814 *16
1814 *16
•1312 1814
1814 *164 1814 *1612 18
100
312 *2
34 *212 312 *2
3
*2
*2
5M anat.] Sugar
*2
3
3
100
61
Preferred
20
s *4
100
*63
63
8 714 *638 71 1 *Ws 7
s 63
65
8 Ps
*618 75
8 *638 75
612 65
300 Mandel Bros
678 678
8 *612 753 *638 714
No par
300 Manhattan Shirt
25
4
1714 1714 1712 1712 *171 1 173 *163 173 *17
173 *163 17
4
4
4
100 Maracaibo Oil Explor.No par
4
*2
8 24 *212 23
212 212 *25
2% *214 212 *254 212
73
8 71,
73
8 712
8 3,600 Marine Midland Corn
714
5
s 75
73
712
712 712
8
712 75
*12 W
4
*. 511 - 5
6
Lig 55458 55; * 1 514 553 557
8
*43
4512 *43
4512 *53
4512 43
4512 *43
4512 46
43
514 514
53
6'8
8
55
8 57
8
53
4 57
8
53
8 55
512 53
4
*103
*103
_ *104.*104
__
_ *104
104
117 - - -7g II% 11 8 *11 -.- *1112 ---7
8 11
-7
11%
12
8
1 1; 117 117- *1012 -68
6814 69 *6712 687
68
69 6918 69
8 6812 69
6912
*11714 11734 1173 118
4
118 118 *11814 1191 11812 119 *11814 11912
*53
55
*53
*53
5334 54
55
*5314 56
553
4 55
55
*8812 894 *89
894 894 894 *89
89
89
895
8 89 89
7
7
714
718 712
71
712 818
712 734
734 8
1033 1033 *1018 1038 1018 1014 1014 1014 1014 1014 10
10
*380 393
381 381
380 380 *360 385 *37518 385
378 378
*195 20
8
2012 203 *195 2012 *195 204 2012 204 2012 203
8
4
4
8
6
618
618 614
6
6
64
618
8
53
4 57
57
8 618
*50
52
51
51
5218
*503 5412 *51
.5412 *51
4
*51
53
*244 244 243 25
4
25
4 27
2818
2614 2614 2714 263 263
4
*414 412
412 45
8
5
458 514
514 5 8
5
514
514
5
483 50
4
495 505
8
8 4958 51
504 517
8 50 4 5214 5012 5112
3
205 217
8
2112 2214 2114 2214 2112 2218 2114 214 21
2114
57
57
53
57
8 6
4
6
558 53
5 4 5%
3
58 6
i65
share
$ per share $ per share $ per share
Jan 2
312 Feb 8
14 Jan
412 May
Jan 2 42 Mar 13
65 Feb 38 July
4
Jan 8 817 Mar 7
8
1614 Jan 64 June
Jan 9 2414 Mar 6
15 Mar 2512 July
Jan 4 2814 Apr 4
25 Apr 2878 Jan
814 Feb 15
Jan 5
118 Feb
912 July
Jan 9 4514 Mar 2
9 Apr 3812 July
93 Feb 14
4
Jan 8
34 Feb 1012 July
Jan26
658Mar 23
212 Apr
9 July
Jan15 3412 Apr 5
15 Feb 35 July
Jan 8 96 Apr 4
4512 Jan 85 Aug
Jan 2 244 Feb 21
618 Feb 2512 July
1% June
4 Apr
214 June
Li Mar
27 Jan 2
6% Feb 14
7 Mar
s
712 June
193 Jan 4 46 Apr 6
4
518 Apr 30 June
114 Jan 2
6% Feb 15
3 Feb
4
312 July
Jan 9 107 Feb 4
101
6912 Jan 105 Dec
9
Jan 4 1218 Mar 15
3 Mar 17 July
15 Feb 685 Dec
59 Jan 4 7112 Feb 19
8
4
85 Apr 1104 Dec
111 Jan 4 1193 Feb 19
4812 Jan 15 5712 Feb 9
3518 Mar 72 July
83 Feb 16 8934 Apr 3
644 Apr 90 July
85 Feb 5
8
312 Jun
512 Jan 3
1012 June
5 4 Jan 2 107 Feb 6
3
214 Mar 1012 June
310 Jan 4 388 Mar 29 145
Jan 373
Oct
11 Jan 8 2314 Jan 30
418 Apr 15 June
67 Jan 26
33 Jan 2
4
1 Mar
6% June
43 Nov 514 an
43 Feb 5 54 Mar 12
4
814 Mar 38 July
21 Jan 2 293 Feb 5
75 July
17 Feb
558 Apr 6
312 Jan 8
3512 Jan 3 5214 Apr 5
512 Jan 383 Dec
8
3 Feb
133 Jan 5 244 Feb 5
8
1633 July
75 July
15 Mar
8
74 Jan 30
4 Jan 4
14 Mar
258 June
27 Jan 9
44 Apr 5
118 Apr
412 June
74 4 Jan 8 963 Jan 24
8
Apr 05 Dec
3
24
4
1918 Feb 78 July
5912 Jan 4 733 Feb 3
12 Feb 457 July
4
4012 Jan 3 493 Feb 21
678 Feb 5
2 Feb
412 Jan 4
912 June
37 June
114 Mar
4 Feb 6
24 Jan 2
3 Dee
34 Feb 6
4
14 Jan 3
412 Jan
458 Apr 6
3 Mar
8
214 Jan 15
412 July
218 Mar 12 July
6 Jan 3 114 Feb 19
78 Feb
618 Feb 5
2 Jan 8
53 July
8
5 Jan 274 July
15 Jan 8 3714 Feb 3
132 Mar 27 14914 Jan 30
753 Feb 15314 July
4
27 Jan
1218 Feb 21
55 Jan 11
8
107 July
8
618 Mar 40 July
373 Feb 5
4
2812 Mar 21
8
375 Jan 4 467 Feb 5
1358 Feb 46 July
80
Jan 11918 Aug
11512 Jan 13 123 Mar 31
212 Apr
918 Feb 7
43 Jan 6
4
13% July
114 Jan
6 Jan 24
318 Jan 2
07 June
8
21 Jan 4 2812 Apr 2
6% Feb 234 Nov
72
1158 Jan 13 122 Apr 6
Jan 1215 jj/eo
4
10 lupllyy
154
212 A
1012 Jan 5 195 Feb 5
8
2 Jan
6 Feb 2
4 Jan 4
8
1% Jan 4
33 Feb 6
14 Apr 55 July
2% Feb 19
13 Jan 4
14 Jan
4 July
s
2 Apr 2212 July
8
1014 Jan 8 187 Feb 5
9 Jan 13 19 Apr 6
312 Feb
14
Oct
35 Apr 71 Aug
66 Jan 2 7212 Apr 3
133 Mar 273 July
4
21 Jan 3 29 Apr 6
4
43 Mar 19 50% Jan 26
24% Jan 5633 July
4
93 Feb 5912 July
4
34 Jan 12 453 Feb 15
2412 Mar 717 July
69 Jan 4 80 Feb 19
8
g Feb 213 July
4
1312 Feb 26 173 Feb 6
4
14 Mar
87 July
312 Jan 4 1418 Mar 17
12 Apr 40 8 July
8
3
215 Jan 4 59 Apr 6
114 July
17 Jan
5 8 Jan 3 10 Feb 8
5
11
Feb 33 July
242 Jan 29 28 Feb 21
23 Feb 45 July
33 Jan 9 477 Feb 5
1214 Mar 6312 Deo
5218 Mar 27 663 Jan 30
8
42 Apr 10618 July
101 Jan 4 111 Apr 6
35 Feb 91 July
62 Jan 2 77 Jan 23
938 June
9 4 Feb 6
3
253 Mar
612 Jan 3
1912 July
67 Feb
8
137 Jan 4 1814 Feb 5
8
7 Mar
8
618 July
412 Mar 12
214 Jan 5
6 Feb $14 June
11 Jan 2 20 Jan 30
2 Feb
8 May
4 Jan 13 10 Feb 16
112 Dec
6% June
712 Feb 16
25 Jan 2
8
31s Feb
155 Sept
8
117 Jan 4 2114 Mar 11
s
Jan 73 July
30
6518 Jan 18 85 Mar 26
733 Feb 26 Sept
1734 Mar 27 23 Feb 5
57 Apr 2558 July
12 Jan 2 18 Feb 8
Apr
1
614 June
6 Jan 31
3 Jan 16
45 Feb 30 July
3
1312 Jan 6 29 4 Feb 5
512 Mar
16% July
4
133 Jan 2 223 Feb 5
88 Apr 105 June
101 Jan 4 111 Mar 16
27
Jan 4414 July
36 Jan 3 59 Apr 5
1412 Feb 355* July
2314 Jan 8 r327 Feb 19
8
1958 Dee 414 July
2214 Jan 4 3138 Feb 5
3 Feb
1012 June
8
5 Jan 6 107 Feb 15
33 Mar 12% July
4
8 Jan 3 1418 Feb 19
67 Jan 27 June
8
1312 Jan 3 20 Feb 23
34 Feb 58 Sept
737 Feb 23 7712 Mar 3
1
5 Feb 21
Jan
212 Jan 8
638 July
212 Apr 12 June
5 Jan 3 144 Feb 21
3712 Feb 79% July
6518 Jan 4 78 Feb 6
14
Feb 2314 June
4
163 Jan 23 2012 Feb 6
43 Mar 373 July
4
7
8
3114 Mar 21 43 8 Jan 19
49
Feb 98 Sept
73 Jan 6 93,2 Feb 5
4914 Feb 993 Sept
4
7412 Jan 8 943 Feb 5
8
129 Jan 13 1407 Apr 6 121 Mar 14018 Sept
13 Apr 2112 May
16 Jan 15 2258 Apr 5
10
2512 Jan 4 364 Feb 5
Jan 313 July
6% Apr 193 July
1214 Jan 3 192 Feb 6
4
1014 Feb 50 July
333 Feb 5
8
2612 Mar 1
812 Mar 3612 Sept
3
25 Jan 6 343 Feb 16
35
Apr 7818 July
72 Jan 2 9312 Apr 5
3 Jan 31
112 Dec
414 June
15 Jan 2
8
23 Feb 20
4
512 June
II Feb
114 Jan 12
4
1914 Fob 443 Dec
3812 Feb 2C x443 Jan 17
Jan
1193 Jan 11 12214 Feb 15 11312 M ty 120
4
103 Feb 2514 July
8
15 4 Jan 8 1912 Feb 5
3
874 Feb 106 Nov
102 Jan 26 107 Feb 13
358 Apr 1
4 July
14 Jan 10
% Jan
312 Feb 29 July
714 Jan 2 2312 Apr 4
8
137 Apr 255 June
15 Jan 9 21 Feb 7
4 Feb 204 July
15 Jan 8 1912 Feb 20
143 Mar 9512 Dec
8
8712 Jan 8 97 Feb 20
912 Feb 313 Dee
4
30 Jan 5 3312 Jan 18
8
1312 Feb 463 July
3034 Mar 20 413 Feb 6
2414 Feb 653 July
4734 Apr 6 6218 Jan 30
4
1% Mar
4% Feb 5
25* Jan 2
7 June
53 Mar 1958 July
154 Jan 17 19% Apr il
72 Feb
4 Feb 7
178 Jan 2
514 June
3 Feb 2634 July
758 Jan 9 194 Feb 6
14 Jan
33 Jan 23
4
1 Jan 8
5 .4 July
3
97 July
83 Jan 22
4
13 Jan 3
4
% Jan
97 June
112 Jan
812 Jan 2(1
414 Jan 23
512 Apr 23 July
8
1214 Jan 4 203 Feb 1
33 Feb 17
8
4 June
13 Jan 10
4
12 Jan
9 Feb 6
5 Dec 114 Jan
5 4 Jan 5
3
•Bid and asked prices, no sales on this day. 5 Companies reported in receivership, a Optional sale. e Cash sale. s Sold 15 days. r Ex-dividend.
Highest.
S per share Shares. Indus.& Miscell.(Con.) Par $ per
238 212 1,200 Guantanamo Sugar____No par
1
4
*35
Gulf States Steel
40
No par 24
20
Preferred
*74
793
4
100 47
*2334 24%
Hackensack Water
25 2012
*28
2812
100
7% preferred class A
25 27
7
718 15,200 Hahn Dept Stores____No par
5
1,000
43
43
Preferred
100 2514
714 712 2,700 Hall Printing
10
312
110 Hamilton Watch Co___No par
*514 6
35
8
100
*33
Preferred
35
100 25
100 Hanna(M A) Co $7 pf_No par 84
9512 96
7,500 Harbison-Walk Refrac_No par
227 2311
8
1412
y .:x-rights.
tarFOR
New York Stock Record-Continued-Page 6
HIGH AND WW SALE PRICES
--PER SHARE. NOT PER CENT.
Saturday
Afar. 31.
Monday
Apr. 2.
Tuesday
Apr. 3.
Wednesday
Apr. 4.
Thursday
Apr. 5.
Friday
Apr. 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share $ Per share $ per share Shares. Indus.& Miscall.(Con.) per
28
28
*27
283
500 marlin-Rockwell
*2712 2838 *2714 2812
28
28
No par
28% 28
__ ____ ____ ___ --__ ____ ____ ___ ____ ____ ____ ____
Marmon Motor Car
No par
18% 19% 23,400 Marshall Field & Co___No par
191
8
8 19
8 185 193
183
8 1814 185
175 177
8
8 18
1
35
3412 3478 3458 353
35
354 35
/
1
8 3412 35% 3412 35
6,200 Mathieson Alkali Workallo par
8
39
/ 39
1
4
/ 397 4018 397 408
1
4
4118 4118 3,700 May Department Stores___10
8
411 42
8
4 4013 42
*75
No par
3
5
8 8 8 8 *812 8 4 2,400 Maytag Co
5
8% 8 8
5
/ 814
1
4
73
8 728 *7
814
24
24
23 23
3,200
27
27
28
2412 25% 2614 27
Preferred
No par
/ 27
1
4
8012 8012 82
*78
82
Prior preferred
760
No par
8
9212 9012 905
8312 893
83
4 90
4 29
29
2914 1,500 McCall Corp
*29
293
3
/
1
2928 2928 2928 *284 29
No par
/ 28% 29
1
4
2
/ 3
1
4
2
/ 3
1
4
278 3
4,400 :McCrory Stores classANo par
*2 8 3
7
278 3
3
3
318 318
*27
8 314
3
Class B
2 8 2 8 1,300
7
7
3
No par
28 3
7
3
3
21
213
4 2012 2012 20 2012 20
2112 2112 1,500
Cony preferred
100
20 8 21
3
20
*74 9
/
1
*712 918 *758 94 *7
/ 812 *7
1
4
McGraw-Hill Pub CO_No par
12 812 *712 818
4712 4814 46,100 McIntyre Porcupine Mines_5
48
/ 5018 4914 5014 491 50
1
4
47 4 49
3
488 50
4
85
/ 86
1
4
2,800 McKeesport Tin Plate_No par
897
8 8912 90
9012 89
87
8814 8812 9012 90
4
8
8 18 24,200 McKesson & Rabbi=
8
74 8
3
1
712 73
5
73
4 818
73* 77
78 88
23 23
233* 24
Cony prat series A
23 8 2312 2212 2412 2418 2578 25
3
50
253* 8,100
318 314
3
3,
8
31
No par
38 38 40,800 :McLellan Stores
/
1
4
312 3
31
/
4
314 4
434 4314 4212 4212 43
/
1
43
/ 44 4 1.900
1
4
3
4412 43 43
8% cony prat ear A
44
45
100
3112 32
32
33
No par
3314 3314 2.500 Melville Shoe
/ 34
1
4
4
3
33
3312 333 33 4 *33
91
1
6,400 Mengel Co (The)
88
4 914
93
4
83
4 93
9
928
83
4 9
8
7% preferred
100
260
9 39589
%
8
3613 323 3414 3212 3212 36
36
3
612 *31
36
*34
2513 2612 2512 2614 *2512 2618 2512 26
5
2,000 Marta Machine Co
2513 26
*2512 26
*2414 247 *2414 24 8 *2414 247 *243 24% 247 247 *2478 25
200 Metro-Goldwyn Plot pref...27
8
8
8
4
7
8
612 5 8 3,300 Miami Copper
5
5
5
/ 612
1
4
53
8 51
514 53*
5
/ 512
1
4
514 53
8
12 8 1314 1313 137
5
7 14
14,300 Mid-Continent Petrol_No par
8 137 1418 14
7
8
1414 13 8 1414 13
18
18
2,000 Midland Steel Prod____No par
18
18
183
8 18
1814 171 1818 18
1814 18
86
*83
85
8% cum lat pest
100
*83
*80
*83
86
•83
86
*83
86
86
43
45
45
5012 *4713 5012 2,400 Minn-Honeywell Regu_No par
45
45
50
467 50
8
47
412 4% 3,500 Minn Moline Pow Impl No par
412 412
*4
414
438 438
418 414
4
/ 412
1
4
Preferred
400
3118
*26
30
No par
*2912 311 *30
4
*2812 30
*27
29
/ 293 30
1
4
*15
1613 •16
20
8
8 1,100 Mohawk Carpet Mills
8
1612 1534 157 *155 163
1613 *1513 17
16
10
/ 3,900 Monsanto Chem Wks
1
4
87
94 4 9414 94
3
9312 9612 94
8714 8718 88
/ 897 91
1
4
8
311 32
3114 321
313 32
8
313* 3214 3112 3218 92,000 Mont Ward & Co Ino_No par
30% 32
No par
700 Morrel (J) & Co
*4812 50
*44
46
50
*44
4518 45
46% 4614 49
45
4,600 Mother Lode Coalition_No par
1
1
1
1
% 1
7
7
8
%
7
8
7
8
7
8
8
10
/
1
1038 104 11
/ 1112 17,400 Moto Meter Gauge &Eq____1
1
4
7
1012 107
8 107 11
10 4 10 8 10
3
8
3514 4,800 Motor Products Oorp No par
36
3612 3612 3712 361 373
/
4
4 3612 373
4 3412 3514 35
1412 143
5
4 1412 1412 5,300 Motor Wheel
8
/
1
8
4 145 15
1412 143
4 1412 144 145 143
No par
13
13
13
/ 13
1
4
/ 2,900 Mullins Mfg Co
1
4
1318 1338 13
/ 14
1
4
13
4
/ 135
1
4
8 133 14
No par
Cony preferred
820
29
29
3112 3112
32
2914 30
3013 3212 32
30
30
No par
/ 1,000 Muusingwear Inc
1
4
8
*23 1 412 *2212 2412 244 2418 2412 25
247 247 *2412 24
8
/
1
10
10
101z
9
/ 93
1
4
/ 10,100 Murray Corp of Amer
1
4
978 1018
912 9
9
/ 9
1
4
/
1
4
97 1014
8
No par
400 Myers F & E Bros
*15
20
1814
*17
*17
1814 *17
17
17
17
1814 17
No par
2528 2612 2612 273* 2618 27
26
2612 27
2612 2638 268 17,700 Nash Motors Co
1
7
/ 7
1
4
/ 3,300 National Acme
1
4
78 8
7
8
8 14
8
8
8
8
73
4 8
97 101
*1018 103* 1014 108
, 1012 1012
9% 913 3,700 :National Bellaa Hess pret_100
94 10
3
10
4212 4213 42
8,800 National Biscuit
43
5
/ 427
1
4
4214 42 8 42
7
424 4314 4214 42
/
1
100
*14314 150
7% cum pret
100
148 148 *141 145 *142 1441 *14112 1441 *14112 143
183 181
1914 8,200 Nat Cash Register A___No par
187 1912 19
8
1914 1914 19
1914 193 191
3
No par
18,800 Nat Dairy Prod
153 153
8
4 1513 16
/ 16
1
4
1513 15
158 1614 15
/ 1512 16
1
4
2% 212
213 258
5,000 :Nat DepartmentStoresNo par
2
2
2
/ 238
1
4
178 2
3
214 214
100
16
1618 1618 1612 153* 16
Preferred
480
1514 1312 1313
1514 1514 14
277 2814 2814 283* 2812 2918 283 2912 285* 29
8
/ 285 2918 45,200 Nati Distil Prod new-No par
1
4
4
40
$2.50 preferred
____ __.. --*23
29 •23
100 Nat Enam at Stamping.No par
*24
2514 *24
2514 *2312 25
25
/ 2514 25%
1
4
•137 145 *138 145
100
200 National Lead
1383 1383 140 140 *13712 13912 *13712 139%
4
4
•137 139 *137 139
Preferred A
100
13712 137% *137 142 *137 1414 *138 1413
100
4
/
1
*10778 11813 *110 115 *110 11812 *110 11812 *110 11812 *110 11812
100
Preferred B
111 1112 1114 111 11
/
4
/
4
1114 11
111 1118 12
/
4
8
/ 1112 117 12,600 National Pow & Lt____No par
1
4
473 4812 48
8
25
48
/ 48 481 48 481 48
1
4
4814 7,900 National Steel Corp
4838 48
/
4
/
4
25
17
1718 6,700 National Supply of Del
18
1512 1512 1513 1513 1678 1614 1714 17
*15
100
*42
46
*42
Preferred
44
830
42
44
467 468
4512 47
443* 46
10
National Surety
1512 I811 iii, -1- -14 Hi -11614 1614 17 ii
No par
"4:ex00 National Tea Co
6
-14
yi3; FiT. 17i8
*191 197
/
4
8
-lois -- 3164
20
2012
73*
*7
*1618 19
78
7
8
19
1978
85
85
*9614 9813
*102 104
40
4138
1834 1878
42
42
6
612
*62
67
•10
19
*4113 43
31 4
/
4
1334 1418
478 5
*2114 22
:51, 51
2375
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share
8 per share $ per share $ Per share
6 Feb 23% Dec
2112 Jan 8 32 Jan 25
21 June
14 May
8
414 Jan 183 June
1213 Jan 4 191 Apr 5
14 Feb 465 Nov
/
1
4
,
32% Jan 8 40 - Jan 24
9 Feb 33 Sept
/
1
4
30 Jan 2 4214 Mar 6
812 July
118 Apr
8 Feb 21
/
1
4
4 2 Jan 2
3
318 Apr 1514 Aug
10 Jan 2 28 Apr 5
Oct
15 Apr 58
49 Jan 3 9212 Apr 3
13 Mar 30 4 Sept
3
24 Jan 11 3128 Nlas 3
3 Apr
8
4 8 June
7
412 Feb 6
1% Jan 8
414 Feb 6
6
Jan
11 Dec
/
4
13* Jan 4
Jan
212 Mar 21
514 Jan 2 2534Mar 17
3 Apr
734 Mar 19
818 June
4 Jan 4
8
18 Mar 483 Oct
3813 Jan 25 5014 Apr 2
/
1
4
441 Jan 95 Aug
8318 Mar 27 941 Feb 21
14 Mar 13% July
/
1
812 Jan 26
412 Jan 2
33 Mar 25 July
8
8
117 Jan 2 257 Apr 5
2
33 July
5 8Mar 17
5
1 Jan 6
14 Feb
7
218 Jan 22 3 July
9% Jan 2 52 Mar 17
8 Feb 2834 Oct
/
1
4
4
26 Jan 2 333 Apr 4
2 Mar 20 July
63 Jan 13 11 Jan 22
4
30 Mar 21 40 Jan 22
22
Jan 57 July
7 Feb 21 Sept
1612 Jan 4 30 Feb 19
1312 Mar 22 Sept
21 Jan 5 25 Feb 15
41 Jan 9
612 Feb 16
9% June
15 Mar
8
/
1
4
3 Mar 16 July
/
1
4
115 Jan 9 14 Feb 5
8
/
4
0
3 Mar 171 July
1214 Jan 8 211 Feb 19
26 Mar 72 Sept
7012 Jan 12 85 Feb 17
36 Jan 4 52 Feb 1
13 Apr 36; Dec
5 8 Jan 30
7
218 Jan 4
5 4 July
3
% Feb
6 Feb
1718 Jan 11 3534 Feb 1
30 July
7
Jan 22 July
1213 Jan 4 1914 Feb 6
25 Mar 83 Dec
75 Feb 26 9612 Apr 4
/
1
4
211 Jan 4 35 Feb 15
/
4
85 Feb 287 My
8
8
25
37 Jan 4 50 Apr 5
Jan 58 July
13 Feb 8
8
5 Jan 8
8
218 June
% Jan
/
1
4
7 Jan 6 12 Feb 21
8 2 Dec
7
14 Jan
30 Jan 4 441 Feb 15
7 4 Mar 363 Sept
/
4
3
4
8
113 Mar 115 July
9 Jan 5 1612 Feb 16
113 Mar 10 4 July
514 Jan 12 1434 Feb 15
3
5 Mar 25 June
1218 Jan 12 348 Feb 14
6 Mar 183 June
13 4 Jan 6 25 Apr 4
3
2
61* Jan 9 111 Feb 16
/
4
15 Feb
8
1112 July
8
Jan 201t July
/
4
1518 Jan 2 211 Feb 21
23 Jan 4 3214 Jan 30
1118 Apr 27 July
87 Feb 23
414 Jan 9
1% Feb
73* July
114 Jan
3 Jan 6 1234 Mar 19
14
9 July
/
1
4
397 Mar 10 49% Jan 16
5
3112 Feb 60 8 June
131 Jan 3 148 Apr 2 118 Mar 145 Aug
1612 Jan 8 23 8 Feb 6
5
8
518 Mar 235 July
3
13 Jan 4 1712 Feb 6
1012 Feb 25 4 July
3 Mar 16
212 June
1 Jan 9
18 Max
114 Feb10 June
5 Jan 17 198 Mar 17
207 Dec 3314 Nov
8
2314 Jan 3 315* Feb 1
24 Feb115 June
5 Feb19% Dec
1612 Jan 5 2814 Mar 5
431 Feb140 Nov
135 Feb 10 14112 Jan 16
122 Jan 16 140 Mar 21 101 Max 12814 Nov
75 Feb10918 July
10012 Jan 9 108 Mar 16
6
/ Apr 2012 July
1
4
811 Jan 4 1612 Feb 6
15 Feb554 July
14
45 Mar 22 58 Feb 5
285 June
4 Apr
4
1112 Jan 10 183 Feb 5
17 Feb6014 June
3312 Jan 4 48 Jan 30
114 May
238 Jan 2
812 Jan
2 Jan 5
/
1
4
613 Jan 27 July
15 Mar 27 18 Feb 1
14 Jan 1218 June
1
612 Jan 4 22 4 Mar 6
4 Feb 113 June
8
4
14 Mar 113 July
/
1
8 Jan 10 13 Mar 6
618 Apr 2312 July
15 Jan 5 2434 Feb 7
814 Mar 19 234 Dec 117s June
3 Jan 11
/
1
4
8
Oct 22 June
8 Jan 8 20 Mar 13
2 June
/
1
4
3 Dec
8
1% Feb 7
12 Jan 2
14 Jan 2212 Aug
/
1
7
111 Jan 8 22 8 Feb 1
/
4
31
Jan 90 June
7312 Jan 2 89 Mar 16
8
70 Nov 1017 Aug
82 Jan 5 99 Mar 26
Jan
83 Nov 110
90 Jan 15 107 Jan 27
3
173 Jan 387 Sept
8
3314 Jan 4 42% Apr 4
1214 Dec 3611 July
13 8 Jan 9 2514 Feb 6
3
Jan
31 Dec 46
34 Jan 9 43 Jan 19
9 July
4 Feb
8 Feb 1
/
1
4
418 Feb 10
39 Nov 79 July
4712 Jan 4 73 Feb 7
38 Oct 10 June
1114 Jan 3 16 Feb 27
263 Apr 43 June
4
34 Jan 9 42 Mar 29
5 8 July
7
1% Feb
413 Feb 19
23* Jan 8
4 4 Feb 173* July
,
8
125* Jan 9 157 Feb 5
8 July
/
1
4
118 Feb
7 Feb 5
33* Jan 4
3
314 Feb 30 4 June
8
12 Jan 8 273 Feb 5
88 July
4
14 Mar
/
1
64 Jan 2
514 Jan 27
15 June
212 Feb
8
7% Jan 4 145 Mar 31
7 June
11 Jan
/
4
1018 Feb 2514 July
/
1
4
14 Jan 6 193* Feb 16
9313 Apr 106 July
92 Jan 18 101 Feb 27
914 June
114 Mar
8 Feb 19
418 Jan 4
/
4
2% Feb 311 June
9 Jan 2 25 Feb 20
4
31% Mar 968 July
7814 Jan 3 94 Jan 30
15 Dec 32 July
1512 Jan 6 2312 Feb 7
22 Dec 43
/ Jae
1
4
2312 Jan 2 37 Feb 7
6 Feb 29 July
264 Jan 2 34 Feb 5
/
1
65 Mar 9434 July
72 Jan 11 8512 Mar 13
3
67 July
11 Mar
/
4
63* Feb 23
3 8 Jan 4
7
8 June 14 July
EN Jan 9 1112 Jan 30
8
Jan 363 Oct
6
24 Jan 4 3512 Feb 6
3 July
/ Mar
1
4
2 Feb 5
1 Jan 11
4 June
/
1
4
/ Apr
1
4
212 Apr 6
14 Jan 2
/
1
212 June
5 8 Feb 16
7
13 Apr
14 Jan 2
/
1
414 July
67 Feb 15
8
31 Jail 11
3 Jan
4
24 July
414 Mar 2
112 Jan 4
/ Jan
1
4
/
1
4
114 Jan14 Dec
8
1012 JEW 4 213 Mar 2
538 Jan 25 Nov
175* Jan 9 21% Jan 2
414 Feb 1
2 Jan 2
/ Feb918 July
1
4
3
5618 Mar 27 64 Jan 30 22512 Feb60 4 Dec
_No par
1,400 Nolan& Bros
Nevada Consol Copper_No pa
1
Newport Industries
No par
2,900 N Y Air Brake
100
100 New York Dock
100
Preferred
100
2,900 2N Y Investors Ino___No par
5,500 N Y ShIpbldfl Corp part stk....1
100
7% preferred
230
No par
60 N Y Steam $6 pret
No par
27 1s1 preferred
50
No par
35,300 Noranda Mines Ltd
27,200 North American Co.__No par
60
Preferred
500
1
12,500 North Amer Aviation
No Amer Edison pref__No par
North German Lloyd new__
40 Northwestern Telegraph_ _50
1,200 Norwalk Tire & Rubber No par
No par
34.100 Ohio Oil Co
3,900 Oliver Farm Equip___ _Na par
Preferred A
No par
410
600 Omnibus Corp(Tbe)vtc No pot
14
141
13,400 Oppenhelm Coll & Co No par
143
1414 14
133* 143* 14
8 138 14
14
141
_ Orpheum Circuit Inc pret..100
-3; -1554 161- "1:813
-iiii - - 7 -i6i2 Id- "jai% Id- "ii" -16
-4
1 8
5
1400 Otis Elevator
No par
8
100 10013
100 100
*995 10014 10014 10014 10084 1004 100 100
Preferred
100
280
6
612 63
8
8 63
4
613 65
/ 612 3,800 Otis Steel
1
4
614
, 65
No par
% 684
1978 2
*19
1913 1914 1912
4
Prior preferred
100
400
*1938 2013 *193 20
03* 20 20
*8312 8412 8312 84
85
/
4
1,500 Owens-Illinois Glass Co -25
85 4 86
3
8482 841 8512 85
84
183 183
4
19 8 203
3
8 20
4 195 21
10,600 Pacific Gas & Electric
20
8
25
193* 1984 19% 20
347 3512
345 35
8
347 35
3514 3514 35
5,000 Pacific Ltg Corp
351
No par
2812 2812 30
*2912 30
30
700 PacifIc Mills
3014 30%
30
100
*30
308
30
*83
8414 *8312 5414 83
8212 82
350 Pacific Telep & Teleg
82
*8012 82
100
8312 82
51.
513 57
512 58
513 5 4 68,200 Packard Motor Car ._No par
3
534 57
55
8 5
7
53
•103 1118 *103 111 *103 111 *103 1118 *103 1118 1118 1118
4
490 :Pan-Amer Pete & Trana----5
4
4
4
3012 31
328
4 32% 33
12,400 Park-TlItord Inc
31
4
3112 32'8 303 3238 32
32
1
114 11
114
114 *118
114
114
114
800 Parmelee Transporta'n.No par
/
4
114
114
114
11
*11 11
/
4
/
4
184
14 184
/
1
214 2% 14,800 Panhandle Prod & Ref _No par
2% 214
8 21,
17
15
8
434 514
518 65
8
53
8 558
3
512 5
5
/ 5 4 112,500 :Paramount Publix Mts.-10
1
4
58 54
3
3
/
1
4
514 55,
514 52
5 8 512 46,200 Park Utah C M
3
3
1
5 8 53,
5.3 5 4
8
514 57
314 33,
3% 314
314 312
314 31
No par
3% 314 8,600 Faille Exchange
314 338
1912 13,200
/
1
18
4
183
4 181 193
2
8 1912 197
Preferred class
_No par
3 193 204 1954 2018 19
3
2012 21
8 1£134 20 4 20
2028 10,100 Patin° Mines & EnterprNo par
2013 2114 2014 207
2012 207
A__314 3
338 338 1,400 Peerless Motor Car
338
338
312 312
314 314 *33s 313
%
3
*584 59
/
1
500 Penick dc Ford
5912 59 59
5912 *59
*58
59
59
No par
*58
59
7,200 Penney (J C)
6358 64% 64
3
65 8 6614 65 4 66
3
64
1914 Mar 56 Dec
64% 65
64 64
7
No par 5112 Jan 4 67 8 Mar 3
200
106 106
*10712 108 *10712 108
Preferred
Jan 108 Au^
100 10513 Mar 8 108 Feb 19
90
10712 10712 *106 108 *106 107
1,400 Penn-Dixie Cement...No par
6
6
618
*6
612
6
618 614
9% June
7 4 Feb 5
3
3 8 Jan 6
7
6% 614
6% 614
3 Jan
4
200
2512
*21
2212 2234 223
26
*20
Preferred sake A
*20
44 Mar 32 July
26
4 24
100 13 Jan 8 2913 Feb 19
*22
24
3712 3712 3912 3813 3813 3,200 People's G L & 0(Ch1c)_100 27 Jan 4 437 Feb 6
37
/ 38
1
4
38
, Jan
38
8
36
/ 3712 37
1
4
25 Dec 7
91 Jan 3 15 Feb 23
400 Pet Milk
15
*1312 1414 *1312 14
1414 *14
No par
151, June
613 Feb
135* 1414 14
*133* 14
12 4 123
8
4 4,900 Petroleum Corp of Am
1218 1238 1218 125
3 1212 13
15 July
9 Jan 5 1414 Feb 3
5
8 1212 125
4 8 Jan
5
8 1212 127
-Dodge Corp
8
/ 1718 177 36,800 Phelps
1
4
16
1678 1718 1712 17
8
25 145 Mar 27 183 Feb 16
3
41: Jan
4
4 17 8 17
187 Sept
8
8
173
4 173 173
300 Philadelphia Co 6% pref....50 2414 Jan 2 37 Feb 9
4
*3178 33
*3112 3212 32
36 July
2112 Nov
/ 32
1
4
/ •3112 3212 3112 3112 *313 33
1
4
100
$6 preferred
No par 49 Jan 12 64 Feb 17
*54
60
60
*60
/
1
4
*53
62
60
*60
3814 Dec 62 July
60
62
62 •60
314 Jan 4
No par
412 43
4 3,000 Phila & Read C & I
8
412 438
43* 47
4
/ 5
1
4
94 July
63 Feb 21
4
47
8 518
5
5
213 Feb
4,800 Phillip Morris & CO Ltd _10 1112 Jan 3 2014 Mar 26
1918 191 51913 20
/ 2014 1934 20
1
4
2018 19
14 2 June
7
8 Feb
20
1914 20
No par
1,900 Phillips Jones Corp
19
9 Jan 5 21 Apr 2
18
18
18
19
20
19
3
3 Feb 16 4 July
1914 1914 *18
20
21
Philips Petroleum
55,200
No par
1812 1878 19
15% Jan 9 20 Apr 6
8
1912 19
/ 19
1
4
/ 193 20
1
4
1938 193
4 19
191
18 4 dent
3
4 4 Jan
3
8 Jan 11 1312 Feb 3
100 Phoenix (logics7
5
*81 104 *812 1012 1018 1018 *9
/
4
/ 1112 *912 1112 *912 1112
1
4
/
1
14 Mar 17 4 Dee
/
1
3
-Arrow Mot Car Co74 Nov
2 Jan 16
5
7.700 Maros
43
4
/ 5
1
4
5
5
3 Dec
612 Feb 19
4 5
514
5
514
5
5
518
7
8
7
8
7
8
78
25
3,400 Pierce 011 Corp
78
3 Jan 4
4
7
8
1
1
1% Jan 30
7
8
14 June
/
1
14 Jan
3* 1
3*
10
914 614 .9
37 Feb
Preferred
100
100
*9
712 Jan 15 103 Feb 14
10
7
4
*9
13 June
10
*9
9
/ *9
1
4
10
15* I% *113 11
114 Jan 13
No par
2 Feb 6
11 13
/
4
4 1,200 Pierce Petroleum
8 11
/
4
4 *15
2 June
/
1
4
5 Jan
8
13
4 15
/
4
1%
112
227 227 *2214 23
No par
8
1812 Jan 8 245 Apr 5
8 2412 245
8
8 6.500 Pillsbury Flour Mills
4 2212 245
8
3
4
9 8 Feb 267 June
4 223 223
*2218 223
Pirelli Co of Italy Amer duces 7014 Jan 22 8412 Mar 24
*8518 91
*78 4 91
3
333 Apr 75 Nov
8
.79% 91
91
*855 91
8
•86
*8658 91
•1314 17
91 Jan 9 1812 Feb 19
:
100
200 Pittsburgh Coal of Pa
4 Feb 23 July
*1314 16
1414 1414
15
*15
15
*1314 17
17
100 30 Jan 8 4212 Feb 1
*32
Preferred
37
Jan 48 July
100
37
37
37
*32
17
*35
*34
37
*34
37
37
•Bid and asked prices, no sales on this day. I Companies reported in receivership. a Optional sale. c Cash sale. s Sold 15 days. x Ex-dividend. y Ex-rights.
2014 2212
_
1013 If
10¼103
i iOEs 1i05i Ia., 10i12
*1912 2012 2014 2118 *2012 2118 2014 2118
4 788
*7
8 73* *63
7% 7% *67
738
*16
*16
19
17
17
*16
18
19
As
7
8
3
4
/
1
4
3
4
/
1
4
%
7
8
1934 2018 1912 197
3 193 20
1912 195*
4
87 87
*86
87
*86
89
86
86
*96
99
99
*9614 9813 9614 98% *96
104 104 *102 1053 *104 1053 *10413 105 4
4
3
4
4114 4214 4114 41¼ 413 428 4114 4214
8
184 187
8 184 183
1818 183
4 1814 1912
*41
413 413
4
4 42 42
413* 4134 413
6
618 61
6l8
618 63
8
614 61
*65
661
661 *64
*65
661 *65
67
*11
*11
17
*12
19
*12
19
17
4212 4213 4012 4012 4012 401 *39% 43
*378 4
4
4
378 378
3 8 378
7
14
8
143* 1312 1414 137 14% 13% 1414
5
53
8
518 5 8
3
4
/ 53
1
4
8
47
8 5
5
3
4
21% 217
213 2214 22 8 22
21
8 21
513 51
514 51
513 513
5'
3 513
20
20
*19
20
/ •20
1
4
2012
22
2212
1013 ilils
20% 2014
*612 8
*16
18
7
s
7
s
1912 1912
85
86
96
96
10514105¼
4113 42 8
7
1878 1918
*41
413*
6
64
6663
*64
*11
17
413 413
8
8
4
4
1378 1418
5
5
*22
2214
*514 51
- ;760
2
157- _
8
New York Stock Record-Continued--Page 7
2376
April 7 1934
tar FOR 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
Mar. 31.
Monday
$ per share
93 1014
4
*32
373
4
*114
212
*9
12
*312 414
*5012 5212
*3
4
1418 15
103 11
8
414 414
•2
214
223 23
8
*15
22
418 418
*16
17
343 35
8
•107 110
7
8 1
412 412
Sales
for
the
Week.
$ per share
1014 105
8
373 373
4
4
2
2
*1018 13
*33
4 41i
*5012 5312
*3
312
143 15
4
11
1114
414 414
214 214
23
2514
*15
2112
4
4
*1512 18
343 35
4
1073 1073
4
4
7
8
I
45
8 47
8
Apr. 2.
Tuesday
Apr. 3.
Wednesday
Ayr. 4.
Thursday
Apr. 5.
Friday
Apr. 6.
STOCKSPER SHARE
Range Since Jan. 1.
On twists of 100
-share lots.
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share $ per share $ per share Shares. Indus.& Allscell.(Con.) Par
1012 1114 11 18 113
8 1014 1118
1014 1012 36,900 Pittsburgh Screw & Bolt No par
*32
38
*3218 37
'3210 37
*3218 37
10 Pitts Steel 7% cum pret___100
*15
8 212 *17
8 212
2
2
*2
212
400 Pitts Term Coal Corp
100
*1018 13
*1018 13
*1018 13
*1018 13
6% preferred
100
*33
4 414 *33
4 412 *334 414 *33
Pittsburgh United
4 418
25
*5012 5312 *5012 5312 *5012 5312 *5012 5312
Preferred
100
*3
4
*3
4
3
3
*25
8 338
100 Pittston CO (The)
No par
143 143
3
4 1418 1412 14
1414
14
1414 13,200 Plymouth 011 Co
6
111* 1 1 14
1114 1112 1114 1114 1138 1138 2,000 Poor & Co class B
No par
414 414
414 412
434 43
1,500 Porto Ric-Am Tob el A_No par
4
5
5
*218 212 *2
212
212
212
214
Class B
214
500
No par
2414 2514 2518 26
2512 2638 2518 2512 12,300 Postal Tel de Cable 7% prof 100
*15
22
*15
21
*15
21
•1514 2012
Prairie Pipe Line
25
418 418
4
4
4
4
378 4
No par
800 :Pressed Steel Car
17
17
1714 1714 *1612 17
*1612 17
400
Preferred
100
35
3614 3534 3614 36
3612 357 3614 6,800 Procter & Gamble
8
No par
108 109
1073 109
4
109 109 *10734 1083
4
150
5% prof (ser of Feb 129)100
7
8
I
78
1
/8
1
7
8
7 15,600 :Producers de Refiners Corp_ 50
8
5
43
514
4 47
8
5
512
43
4 514 2,100
Preferred
50
3818 39
373 373
8
3712 38
4 3714 3818 3718 383
8
8 3718 383 13,000 Pub Ser Corp of N J___No par
7712 7712 •76
75
78
*7414 76
74
76
76
76
77
$5 preferred
800
No par
*92
9312 *92
92
93
93
*91
9234 923 923 *93
9312
4
400
6% preferred
4
100
*10113 10414 *1013 10414 *1013 104 *10212 104 .103 10418 *10112 10413
4
4
7% preferred
100
*114 121 *114 121 *114 120 *114 120 *113 121 *113 121
8% preferred
100
*10018 10012 *10018 104 *10018 104 *10018 102
10012 10012 *10012 101
100 Pub Ser El & Gas pt 35_No par
54
543
4 543 55
3
543 55
8
5412 543
4 5412 55
8 5,500 Pullman Inc
5512 565
No par
1214 1212 1214 127
8 123 1318 13
1318 123 1314 127 1318 23,800 Pure 011 (The)
4
8
4
No par
725 723
8
3 7312 7312 7212 74
7312 74
7312 7412 7212 74
480
8% cony preferred
100
1512 1512 155 163
8 1573 16
8
1614 1612 1618 1612 1618 1612 3.100 Purity Bakeries
No par
8 818
73
8 73
4
75
8 8
75
77
8 818
7 4 77
3
8
75
8 77 73,600 Radio Corp of Amer
8
No par
3114 313
8 3214 33
313 32
4
3212 335
8 3358 34
*33
333
4 2,600
Preferred
50
213 23
4
23
243
3 2331 2412 243 2614 2514 257
8
8 2514 2512 47,400
Preferred B
No par
314
312 312
312
33
8 33
8
33
8 3,
2
33
8 3
'2
314 312 17.000 tRadlo-Kelth-Orph____No par
•1958 1978 1912 193
4 1912 203
3 203 205
8
8 2013 203
3
4 20 4 2118 3.800 Raybestos Manhattan_No par
*10
1012 1012 1012 11
1113 1112 113
8 1012 103
4 1178 117
4 4,400 Real Silk Hosiery
10
52
*50
*50
52
*50
54
.50
50
50
5034 52
50
270
Preferred
100
53
s 558
12,800 Rels (Robt) & C,o____No par
53
4 6
558
512 53
412 5
4
418
512 57
8
37
3714 38
37
4 38
38
383
38
3412 3612 34
35
2.400
1st preferred
100
12
1214 123 125
8
8 1214 1212 1214 1212 1214 1212 1214 123
8 7,100 Remington-Rand
1
6214 6214 *6234 66
623 623 *64
69
4
65 65
4
65
66
1s1 preferred
600
100
*58
70
*58
6912 *58
70
*58
69 .60
70 .60
70
2d preferred
100
4
412 45
8
412 43
412 412
45
8 43
4
414 412 7,700 Reo Motor Car
4
413 43
5
2114 2214 2158 2212 2114 2212 213 223
4
4
4 213 2214 215 2218 34.500 Republic Steel Corp _No par
8
5753 5914 58
5812 5714 5812 5812 5914 5812 5912 593 6014 5,600
4
6% cony preferred
100
9
9
10
*914 10
*814 914
10
1112
614 914 *9
700 Revere Copper & 13rass
5
*15
*15
25
25
18
1912 2018 2018 •18
2158 *21
26
400
Class A
10
2012 2012 21
205 203
8
20
4 203 21
4
2034 21.
5.700 Reynolds Metal Co __No par
205 21
8
*1012 11
8
1014 1014 *103 11
1034 103
4 1078 107
8 1034 11
500 Reynolds Spring
No par
41
413
415 423 14,300 Reynolds(R J) Tob class B_10
8 414 42
8
8 405 41
3
8
4013 4012 403 407
8
57
*57
57
.573 *57
*57
4
58
573 •57
4
573 *57
4
10
Class A
10
5734
*9
12
*10
12
*1014 12
11
11
*10
11
*913 11
100 Ritter Dental Mfg
No par
8
83
83
4 87
83
4 83
4
4 83
4
83
4 83
4
814 812 *8
814 1,200 Rossla Insurance Co
6
8
8
8
*3512 367 *353 367 *353 3614 .36
8
367u 3612 3612 *3612 37
200 Royal Dutch CO (N Y shares)
223 2314 2218 223
4
227 2314 223 233
4 2212 23
8
4
4 2318 233
8 7,000 St Joseph Lead
10
521 5318 525 54
8 52
5214 527
52
8
5414 5314 5418 6,400 Safeway Stores
53
No par
*9912 100
*9914 993
8
*9912 1003
8 993 101
4 99 4 101 *10012 1003
3
4
140
6% preferred
100
109 10918 109 10918 109 10914 109 109
8
1073 10712 10712 108
400
7% preferred
IOC
912 91
*9
, *93
10
*912 10
8 03
4
958 9 8
912 95*
5
500 Savage Arms Corp__No par
35
3614 3618 3712 3718 3731 363 373
3513 35
4
8 365* 38
98,200 Scheniey Distillers Corp
5
612 7
63
4 718
612 63
614 Ps
57
8 6
8
8
63
4 67 11,500 Schulte Retail Stores
1
2714 283
2414 27
22
22
8 2712 287
8 27
28
27
273
4 4,400
Preferred
100
4712 4712 4712 48
*4612 48
49
49
49 .50
140 Scott Paper Co
*46
50
No par
3538 3512 30
37
36
365
8 36
373
4 37
385* 3612 373 24,800 Seaboard 011 Co of Del_No par
8
414 414 *35
8 412 *33
8 412 *338 412 *338 412
*33
4 412
100 Seagrave Corp
No par
8 475 4812 4814 4913 48 4 493
8
477 4812 4734 487
8
3
8 483 4914 32,300 Sears, Roebuck & Co No par
4
8
253 253 *25
25
8 25
*212 27
8 27
8
8
400 Second Nat Investors
2 8 27
7
8 *25
8 278
1
8
8
*4153 51
*415 445 *415 51
8
•43
48
*43
Preferred
46
46
*43
1
118
114
114
114
118
1 18
114
114
1 18
112
112 112 3,000 :Seneca Copper
No par
77
a 81,8
77
g 814
8
8 14
77
8 8
738 7 4 70.300 Servel Inc
74 8
3
3
1
117 1214 12
123
,
8 113 1218 113 12
4
12
123
4
8 12
123
8 8,700 Shattuck (F Co
No par
10
11 14
11 12 1112 1)
1112
900 Sharon Steel Hoop
117 *11
No par
8
13 1112 *II
1173 *11
67
8 7
67
8 7
63
4 7
7
75
8
7 8 77
5
8
No par
8 *73* 75 11,900 Sharpe & Dohme
44 44
443 *44
*43
4
Cony preferred ser A_No par
443 *4313 4413 .43
4
200
443
4 4413 4413
958
978 10
1014
97 1012 10
g
104 10
1018
7,400 Shell Union 011
No par
9
54 10
4
*75
77
78
78
773 *75
*70
78
78
Conv preferred
78 4 783 79
3
600
4
100
1814 183
4 1914 2012 20
2113 2118 2212 2114 22
4
No par
213 213 39,000 Simmons Co
8
*95 10
8
93 10
4
934 10
1014 1014 1014 1014 *10
800 Simms Petroleum
1012
10
8 1013 105
1018 105
8 1038 1012 1012 105
4 105e 1052 105e 103
25
4 3,600 Skelly Oil Co
•61
*61
65
*6213 66
65
*6212 66
65 65
Preferred
100
100
*6212 653
4
*23
*23
Sloss-Shetf Steel & Iron_ _100
29
*23
29
*23
29
*23
29
*23
29
29
*31
35
*31
35
30
3713 *3214 35
*31
33 33
31
7% preferred
100
50
1414 13
1212 123
4 13
143
8 14
1312 1314 1414 14
133 12,400 Snider Packing Corp__No pa
4
1614 1612 1618 1612 1614 163
48,500 Socony Vacuum Corp
25
163 17
4
4 163 1718 163 17
4
4
*9113 962 *95
967
8 9512 9512 *95
2
200 Solvay Am Invt Tr pref__100
96
4
963 *9113 963 *95
4
34
313 313
3314 34
4
34
4 32
3413 3418 3412 3414 3512 3,900 So Porto Rico Sugar...No par
Preferred
100
*125 130 *125 130 *125 130 *125 130
125 130
125 130
183 19
8
19
197
8 19
1914 19
25
187 1918 1913 101
8
193
8 8,100 Southern Calif Edison
Southern Dairies el D__No pa
2 414 *112 414 *13
8 4 4 *Pe 414
314 *13
8 414 .15
,
Spalding (A G) dr Bros.No par
*758 85
85
8 *8
8 *8
85
8 *8
8 *818 85
8
858 *818 85
51
55
1st preferred
51
•51
100
51
.51
30
55
55
.51
55
51
55
Spang Chalfant de Co Inc No par
*8
11
*8
11
*8
11
*8
*814 11
11
*814 11
3912 3912 3912 *40
Preferred
3912 *35
*35
44
44
100
45
70
45
45
67
8 7
63
63
4 67
8 67
67
8 718
8
8
63
4 7
612 67 10,000 Sparks Withington____No par
8
*353 414
418 418 *312 4
No par
30 Spear & Co
*312 413 •312 414
312 312
22
22
213 22
22
4
22
*207 223 *21
21
22
8
4
21
900 Spencer Kellogg & Son, No par
8 1034 1118
1118 113
1034 11 18 1012 103
1012 11
8
4 103 103 189,800 Sperry Corp (The) etc
8
12
400 Spicer Mtg Co
1012 1012 1012 1012 1012 lb
*912 115
•1012 12
*10
8
No par
*2714 29
*2614 29
Cony preferred A
*2712 28
No par
*2614 29
*2614 29
*2614 29
54
551 1 53
5112 59
523 543i 54
58
613 20,200 Spiegel-May-Stern Co_No par
4
4
6014 59
213
4 2112 2218 2112 231,3 2212 227g 2218 2212 63,500 Standard Brands
No par
203 21 18 21
4
Preferred
_ _ •123
_
No par
_ .*123 _ __ *123
•I23 __ *123 _ _ •123
7
714
-i
'
7
718 - 1 -18
7
_-713 3.800 Stand Comm Tobacco_No par
7
7
- -14
7
7
7
1214 1212 1218 1314 12513 123
8
1214 1214 123 1212 1214 1218
4 7.000 Standard Gas de El Co_No par
1214
8
12
Preferred
127
No par
8 1218 1214 4,500
*1214 1212 1214 1212 117 1214 12
25
$6 cum prior pref.....No par
25
2314 2314 2458 2458 •23
*23
200
*2313 2412 *23
25
*2614 27
*2614 27
2614 2718 2734 2734
No par
700
*2714 28
2612 27
$7 cum Prior Pref
112 *114
112
138
13e
13
8
400 Stand Investing Corp No par
1 12 112 *114
112
Pe *114
*104 105
105 105
105 10518 *10412 105
105 105
10518 10518
800 Standard 011 Export prat __100
3734 3814 23,000 Standard 011 of Calif. _ _No par
65
37
7
3612 37
3712 3 8 3 14 3 8 3814 3712 38
65
37
*3414 3718 37
37
37
37
3718 37
3714 37
1,700 Standard 011 of Kansas__10
37
8
45 4512 453 453
8 453 4614 45 4 4614 4578 4638 38,300 Standard 011 of New Jersey_25
3
8
8 4518 453
4 1238 123 •113 123
113 12
4
8
117 1214 1214 125
4
3 2,900 Starrett Co (The) I. 8 No par
8
8 1212 123
218
*21g 23
211
8 *218 33
300 Sterling Securities cl A_No par
23
8 23
3 *218 238
8 *218 218
Preferred
100
8
No par
8 *512 57
*512 57
8 57
s *53
57
3 573 *55
8 •552 57
8 58
7
*3412 37
*3414 37
35
*3414 35
*3412 36
Convertible preferred____50
200
3518 *3414 36
14
87
8 9
918 93
10
9
8
95* 914
9
9
87
9 14
8 87
s 5,100 Stewart-Warner
94 052
912 93
No par
4
8
9
52 912 11.200 Stone & Webster
912 1018
012 95
93
2 95
9
,
74
,
73
4
712 772
73
7 2 753 9,600 :.tudebaker Corp(The)No par
,
4 8
2 73
73
4 8
3
7,
•3212 3413 3172 3234 323 3 4 33
34 .30
337
8 34
34
Preferred
100
, 23
900
*583 6012 *5814 6018 6018 6012 603 6034 *60
4
4
60 4 603 0158 2,200 Sun 011
3
No par
4
109 109
*10812 109
10912 10912 109 10912
Preferred
380
10812 10812 109 109
100
197 203
3
4 1912 1912 *1914 201 2 *193 2012 *1912 2012 *1012 2018
600 Superheater Co (The)__No par
4
8
258 25
*214 23
25
8 234
8 5,200 Super102 011
4
214 23
3
212 212
1
25
8 23
1214 125
8 1278 1314 1278 13
1,200 Superior Steel
100
1314 *1212 1338 •1238 1314
13
.37
8 414 *37
200 Sweets Cool Amer (The)___50
8 418 •4
414 414 *414 412
414
414 *4
178
17
8 ..172 2
200 Symington Co
•17
178
8 2
8
yo par
17
8 *112 17
*125 2
Class A
200
*4
4
412
8 *418 412 *412 412
4
Vo par
8 43
*37
8 4313 *37
113 1134 *113 1213 12
1212 1212
4
113 12
4
12
4
600 Telautograph Corp
12
12
5
5
900 Tennessee Corp
6
Dkl
6
6
63
4
6
53
4 57
*512 6
*512 6
8
4 27
273
8 267 273
8
2614 263
4 2718 2712 24,000 Texas Corp (The)
25
8 27
273
4 2718 273
3612 3714 37
363 37
4
3712 3714 383
8
3613 37
8 375 3814 19,200 Texas Gulf Sulphur__No par
378 4
4
5
53
8
4 61 4
47
8 55 142,100 Texas Pacific Coal & 011_10
6
6 12
55
8 57s
107
88,300 Texas Pacific Land Trust___1
107 117
8 1114 12
8
10
95s 10
8 103 107
8
s
8 1018 103
• Bid and asked prices, no sales on this day. 9 Companlos reported In receivership.
$ per share
7 Jan 5
30 Jan 4
2 Jan 19
818 Jan 4
214 Jan 2
37 Jan 2
154 Jan 4
8
125 Jan 13
914 Jan 2
3 Jan 12
113 Jan 3
21 Jan 3
14 Jan 10
17 Jan 5
3
67 Jan 5
8
34 Mar 21
10213 Jan 22
14 Jan 2
212 Jan 4
34 Jan 4
67 Jan 2
79 Jan 8
90 Jan 8
105 Jan 12
90 Jan 10
5014 Jan 8
1018 Jan 8
4
583 Jan 9
1214 Jan 6
612 Jan 4
2314 Jan 4
15 Jan 4
214 Jan 9
16 Jan 9
83 Jan 9
8
45 Jan 23
218 Jan 5
1312 Jan 3
63 Jan 6
8
323 Jan 5
8
30 Jan 8
318 Jan 2
16 Jan 4
39 Jan 4
5 Jan 8
1114 Jan 29
1513 Jan 2
612 Jan 9
393 Mar 21
4
57 Jan 5
9 Jan 17
4 Jan 3
3538 Mar 29
2012Mar 27
44 Jan 5
4
843 Jan 3
9812 Jan 15
6 Jan 13
2614 Jan 6
354 Jan 4
15 Jan 2
41 Jan 10
253 Jan 6
8
23 Jan 18
8
4012 Jan 4
214 Jan 2
32 Jan 8
1 Jan 5
4
43 Jan 8
63 Jan 2
4
518 Jan 11
43 Jan 2
4
3814 Jan 8
77 Jan 3
8
58 Jan 2
17 Jan 3
9 Jan 4
77 Jan 10
8
543 Jan 9
4
15 Jan 9
2312 Jan 2
63 Jan 3
4
1518 Jan 4
86 Jan 6
3138 Mar 19
115 Jan 16
1514 Jan 4
2 4 Jan 15
3
5 4 Jan 10
3
3014 Jan 11
7 Jan 22
30 Jan 23
3 Jan 5
53
2 Jan 3
153 Jan 5
4
5 8 Jan 5
5
8 Jan 10
2154 Jan 2
19 Jan 4
205* Mar 27
12114 Jan 3
4 Jan 9
653 Jan 4
73 Jan 8
8
16 Jan 10
1712 Jan 4
711 Jan 13
9012 Jan 2
3514 Mar 27
333 Feb 13
4
4418 Mar 20
6 Jan 15
13 Jan 2
8
3 Jan 3
30 Jan 12
614 Jan 8
6 Jan 6
458 Jan 2
1912 Jan 2
5112 Jan 2
100 Jan 17
15 Jan 6
134 Jan 3
1014 Jan 4
314 Jan 9
114 Jan 3
314 Jan 11
1034 Jan 2
418 Jan 8
2318 Jan 12
3112 Mar 27
313 Jan 8
63 Jan 6
4
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share i per share $ per share
113 Apr 4
3
17 Feb 113 July
8
4
43 Feb 21
101.4 Jan 383 May
4
312 Feb 21
12 Feb
67 July
8
1712 Feb 23
4
Jan 2313 July
5 Feb 19
012 July
3 Feb
4
597 Feb 19
8
153 Feb 64 July
4
5 Feb 21
3 Apr
3
7 June
163 Jan 30
4
63 Feb 175 July
4
8
147 Feb 5
4
13 Apr 133 July
4
4
614 Jan 30
158 Mar
8 June
314 Jan 30
5 Feb
8
4 May
293 Feb 6
8
4 Feb 403 June
4
20 Feb 20
7 Mar 22 July
512 Feb 16
5 Jan
8
513 June
22 Feb 17
3 Jan
18 June
4114 Jan 23
195 Feb 4712 July
8
109 AP1 3
'
97
Apr 1103 Nov
4
114 Mar 15
14 Jan
27 June
8
67 Feb 19
8
2 Nov
13 June
45 Feb 6
3258 Nov 5718 June
84 Feb 6
597 Nov 8812 Jan
8
95 Feb 14
75 Dec 1013 Jan
3
106 Feb 21
84 Dee 11213 Jan
11912 Feb 17
99 Nov 125
Jan
837 Dec 10313 Jan
10114 Mar 14
8
593 Feb 5
8
18 Feb 5818 July
147 Feb 16
8
212 Mar 153 Sept
8
30 Mar 697 Sept
80 Feb 6
8
193 Feb 5
4
5 8 Feb 25. July
7
18
3 Feb 1214 July
918 Feb 6
3413 Feb 15
1314 Feb 40 May
2614 Apr 4
612 Feb 27 July
414 Feb 17
1 Mar
53 June
4
5 Feb 205 Sept
23 Feb 5
8
14 Feb 6
5t3 Feb 207 June
8
25
52 Jan 27
Jan 60 May
6 Apr 2
412 July
14 Jan
3834 Apr 2
118 Jan
1813 June
1333 Feb 23
212 Feb
1114 July
6912Mar 14
712 Feb 3712 July
8 Feb 35 Dec
67 Mar 14
34
512 Feb 23
13 Feb
3
63 June
3
253 Feb 23
4
4 Feb 23 July
9 Feb 5412 July
6712 Feb 23
1112 Apr 6
12 June
114 Jan
214 Mar 25 June
2018 Apr 4
213 Feb 6
4
6 Feb 2112 June
123 Feb 7
4
112 Feb 15. July
14
2612 Jan 55414 Sept
4512 Jan 9
80
Jan 623 Jan
4
597 Jan 3
3
1312 Feb 8
612 Feb 163 June
4
1014 Feb 6
2 Apr
107 June
8
1753 Mar 393 Nov
3918 Feb 19
4
618 Feb 3113 Sept
2778 Feb 5
4
28 Mar 6238 July
56 Feb 5
72
101 Apr 2
Apr 9413 July
1091g Apr 3
80 4 Feb 105 Sept
,
214 Apr
1214 Feb 15
12 July
24 Nov 4514 Aug
38 Apr 6
5 Mar
8 Feb 5
8
1014 July
318 Apr 353 July
30 Feb 6
4
50 Apr 5
28
Jan 447 July
8
15 Feb 433 Sept
3818 Apr 5
8
478 Feb 7
118 Fet
Oa July
1213 Feb 47 July
5114 Feb 5
114 Feb
414 Jan 26
5 June
24 Feb 48 July
4518 Feb 2
2 Jan 22
la Mar
33 June
4
112 Feb
814 Apr 2
712 July
137 Mar 9
8
53 Apr 1314 July
4
1314 Feb 23
112 Feb
12 July
212 Feb
77 Feb 5
8
85 June
8
2114 Mar 417 July
46 Jan 29
8
1112 Jan 27
312 Feb115 July
8
89 Jan 26
2812 Mar 61 July
2118 Feb 5
43 Feb 31 July
3
47 Feb
1112 Feb 5
8
123 June
8
8
3 Feb
107 Feb 16
973 June
65 Apr 5
22 Feb 5712 July
7 Jan 35 July
2712 Feb 17
38 Feb 17
814 Feb 42 July
15 Mar 3
5 Ma
8
93 July
4
197 Feb 5
8
6 Mar 17 Nov
99 Mar 8
58
Feb 92 July
3938 Feb 5
157 Jan 485 July
8
8
130 Mar 20 112
Jan 132 July
2213 Feb 7
1413 NovN
1i
287.2 Jan
23 Jan 15
4
2Feb
Julie
83 Mar 6
8
4
Jan
117 July
8
57 Mar 14
2518 Mar 61 June
11 Feb 26
412 Fel
1513 J uly
45 Feb 23
1713 Feb 50 June
8 Feb 21
114 Fel
8 June
43 Feb 5
8
12 Jan
512 June
2412 Feb 23
712 Apr 22 July
218 May
113 Apr 2
8
712 July
13 Feb 7
5
Jan
16 June
3112 Feb 20
113 Mar 3212 June
4
6134 Apr 6
1
Feb 21 12 Dec
2514 Feb 1
133 Mar 375 July
4
8
12312Mar 6 120 July 124 May
8 Mar 13
1
Jan
rs Aug
17 Feb 6
513 M*t 2212 June
17 Feb 6
631 1)ec 2573 June
33 Feb 6
15 1)ec 61 June
4
363 Feb 7
12 1%.
626jumn:
161)1e
17 Jan 5
8
7 .h
8
10518 Apr 3
9212 Mar 1023 Sept
4
427 Jan 30
8
1912 Slat 45 Nov
38 Jan 3
123 Apr 397s Dee
4
5018 Feb 17
223 Mar
4
4712 Nov
1234 Apr 4
4 Feb1112 June
3 Feb 6
37 June
8
53 Jan
7 Feb 6
112 Feb7 4 June
3
363 Feb 1
4
20 Mar 3614 July
103 Feb 21
8
212 Feb1112 July
1314 Feb 0
512 De
1914 July
914 Feb 21
113 Mar
818 June
47 Feb 19
9 Ap
3818 June
6112 Feb 19
35 Feb59 Nov
11012Mar 22
89 Star 103 July
2514 Feb 5
712 Feb27 July
3 Feb 1
412 July
34 Jan
153 Feb 19
4
2 Feb221 July
3
53 Jan 26
4
1 Mar 10 July
212 Feb 19
3 June
18 Apr
53 Feb 23
8
5* Apr
514 July
1514 Feb 1
818 Feb163 July
8
63 Feb 19
4
13 Feb7 4 Aug
8
,
2938 Feb 5
1034 Feb301/1 Sept
431 i Feb 6
1514 Feb4514 Nov
612 Apr 4
13g Slat
613 May
12 Apr 2
312 Ma
1118 June
a Optional sale. e Cash sale. z Ex-dividend.
y Ex rights.
2377
New York Stock Record-Concluded-Page 8
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar. 31.
Monday
Apr. 2.
Tuesday
Apr. 3.
Wednesday
Apr. 4.
Thursday .
Apr. 5,
Friday
Apr. 6.
$ per share $ per share $ Per Share $ Per share $ per share $ per share
12
1218
12
12
1212 1212 1212 123
8
4 1214 1214 *123 13
*4038 44
*4014 44
*403 435 *403 4358 *4038 435 •403fl 4318
8
8
8
8
1018 1018 1014 1014 *1018 11
9
9
*934 11
*10
11
693 70
4
*5518 70
*5518 693 *____ 68 *__
4
68 *__ 68
67
7
63
4 7
67
8 7
74 74
7
7 14
63
4 718
1712 1712 *17
18
*1712 18
1712
1712 1712 *17
*17
18
814 84 *77
8 *814 812 *84 812
83
8 83
*814 83
4
8 812
1714 177
8 1714 18
1658 171
183
4
18
8
1933 187 1918 18
418 438
414 438
414 5
412 48
47
8 5
37
8 4
*19
19
19
21
*17
2112
21
21
21
21
*20
21
1114 1112 118 1112 1114 1112 1114 1112 1159 12
1178 12
74% 743
4 747 75
*75
8
7512 7612 7612 765 765
8
8 77 77
*25
36
*28
36
*30
40
36
*31
36
36
*31
36
*85
88
*85
88
88
88
*85
*86
88
88
*85
88
65
8 63
4
7
7 18
65
8 7
718
67
8 7
7
7
7 14
35
3418 35
353
4 3412 3512 347 3512 35
8
3512 347 3533
7
7
7
718
7
718
7
7 18
67
8 718
67
8 7
*1038 1118 11
107 11
8
1118 *1118 1112 1118 1118 1014 1014
51
54 55
518 53
8
48 5
8
54
518 512
518 514
*625 71
8
71
71
*65
68
*64
*65
68
•65
70
71
*3612 37
37
3714 3712 377
38
38
3818 3814 3833 38
214 214
218
218 *2
2
2
214 214
28 218 *2
8
8 *712 77
77
8 77
75
8 818
712 77
73
4 8
73
4 78
8
314 314 *3
3% 312 *258 314
8
314
35
8 35
34 33
4
4334 4412 *4412 4812 4412 45
*45
46
45
4412 4512 45
50
5312
52
53
51
52
51
527 53
8
53
53
52
4358 4412 433 448 4312 443
4414 46
45
4 4412 448 44
1612 17
183
8
167 1714 174 1714
8
1818 1818 1814 18
1759
1734 18
18
18
8
1818 183
8 1814 1812 187 1933 1914 1914
2212 2378 2314 24
4
2333 223 2338
2314 233
4 2314 23% 23
____ __
__
_
_ _
_
- --- --- -*25 -32512 25 /5
4
25314 2512 - 4 253 25 4
*25 - - -12 2.5'o16
25
*111 11112 11112 11112 *112 120 *112 120 *112 120 0112 120
38
3818 3818 *3812 397
38
38
38
3812 3818 3814 38
614 6%
614 638
614 .512
63
6
618 63
8
6
658
32
3414
323
8 3218 3212 32
4 3214 3314 33
323
8 3214 333
*43
.512
54 514
512 534
512 512 *472 514 *434 514
4
4
418 418
4
4
034 4
414 43g
4
4 18
7038
6714 6712 68
8
6812 6712 6959 6912 7018 693 7014 60
1634 17
1658 17
161 167
165 167
8
17
8 164 163
4 16
*9212 94
9312
93 .93
92 92
03
93
923 9214 93
4
*233 23
*23
8 3
*218 2%
*212 312 *212 312
24 23
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Shares. Indus.& Miscell.(Cond.) Par $ per share
10 Jan 4
No par
800 Thatcher Mfg
No par 39 Jan 15
$3.60 cony pref_
6 Jan 6
No par
400 The Fair
100 50 Jan 10
7% preferred
50
5 4 Jan 4
3
1
5,200 Thermoid Co
1 1312 Jan 2
300 Third Nat Investors
712 Jan 18
25
200 Thompson (J R)
11,000 Thompson Products Inc No par 1318 Jan 4
3 Jan 3
17,400 Thompson-Starrett Co_No par
19 Mar 31
23.50 cum pref
No par
300
812 Jan 4
46,200 Tidewater Assoc 011
No par
Preferred
100 6412 Jan 4
700
No par 31 Mar 26
200 Tide Water Oil
Preferred
100 80 Jan 11
100
10
21,100 Timken Detroit Axle
38 Jan 4
8,300 Timken Roller Bearing_No par 291 Jan 4
612 Jan 3
12,500 Transamerica Corp____No par
812 Jan 2
800 Transue & Williams St'l No par
459 Jan 8
5,800 Tr -Continental Corp__No par
6% preferred
No par 604 Jan 9
200
No par 33 Jan 6
1,600 Trico Products Corp
15 Jan 3
8
No par
500 Truax Traer Coal
47 Jan 4
10
1,800 Truscon Steel
259 Jan 5
No par
2,800 Ulen & Co
1,700 Under Elliott Fisher Co No par 36 Jan 5
1,000 Union Bag & Pap Corp_No par 43 Jan 8
20,300 Union Carbide & Carb_No par 4112 Mar 27
8
25 157 Mar 21
7,500 Union Oil California
5
No par 15 8 Jan 9
1,400 Union Tank Car
8
32,800 United Aircraft & Tran_No par 175 Feb 13
50
6% pref series A
___
No par 23 Jan 8
700 United BLscult
Preferred
100 107 Jan 9
10
No par 35 Jan 4
1,400 United Carbon
412 Jan 4
No par
87,100 United Corp
4
Preferred
No par 243 Jan 3
5,900
10
310 United Dyewood Corp
333 Jan 2
318 Jan 10
1,100 United Electric Coal___No par
No par 59 Jan 5
10,100 United Fruit
No par 144 Jan 4
27,000 United Gas Improve
Preferred
No par 86 Jan 8
600
1% Feb 13
100
100 /United Paperboard
7 Jan 8
600 United Piece Dye Wks_No par
100 49 Jan 12
634% preferred
314 Jan 11
5,100 United Stores class A__No par
Preferred class A____No par 5418 Mar 21
300
800 Unlversal Leaf Tobacco No par 4014 Feb 26
8
170 Universal Pictures 1st pfd_100 167 Jan 8
114 Jan 2
1
2,800 Universal Pipe dr Rod
20 18 Jan 4
15,600 U S Pipe dr Foundry
1612 Jan 11
No par
1,400
1st Preferred
112 Jan 5
No par
U S Distill) Corp
3 Mar 5
8
100
800 U 9 Express
1912 Jan 4
No par
U 9 Freight
814 Jan 2
No par
2,700 US & Foreign Secur
No par 6314 Jan 5
Preferred
20 3712 Mar 22
3,300 US Gypsum
100 115 Jan 10
7% preferred
90
458 Jan 9
5
1,060 U S Hoff Mach Corp
2,600 U 9 Industrial Alcohol_No par 50 Mar 27
814 Jan 4
No par
1,900 U 8 Leather v t c
No par 14 Jan 9
Class A v t o
2,100
100 5512 Jan 5
Prior preferred v t o
78 Jan 9
9,000 U 9 Realty & Impt-__No par
No par 14% Jan 5
22,200 U 9 Rubber
100 2418 Jan 8
1st preferred
8,800
8
36,000 U S Smelting Ref & M1n___50 965 Jan 13
50 5412 Jan 13
Preferred
400
100 46 Jan 5
49,000 U S Steel Corp
100 88 Jan 9
Preferred
3,200
No par 99 Jan 5
600 U 9 Tobacco
258 Jan 5
1
5,700 Utilities Pow & Lt A
1 Jan 2
No par
1,100 Vadsco Sales
100 20 Jan 24
Preferred
4,200 Vanadium Corp of Arn_No par 21 Jan 5
412 Jan 2
5
300 Van Raalte Co Inc
100 x5414 Mar 1
7% let pref
100
318 Jan 11
1,900 Virginia-Carolina Chem No par
6% preferred
100 1412 Jan 3
500
4
7% preferred
100 593 Jan 8
160 Virginia El dv Pow $6 pf No par 65 Jan 2
100 52 Jan 4
500 Vulcan Detinning
53 Jan 2
No par
1,100 Waldorf System
23 Jan 4
4
No par
700 Walworth Co
618 Jan 5
Ward 13alting class A No par
218 Jan 11
Class B
No par
1,100
100
Preferred
100 2712 Jan 5
47 Jan 6
86,300 Warner Bros Pictures
5
83.85 cony pref
400
1812 Jan 19
No par
800 Warner Quinlan
No par
I% Jan 4
93 Jan 4
8
4,300 Warren Bros
No par
16 Jan 8
470
Convertible pref
No par
900 Warren Fdy & Plpe
No par 2418 Apr 4
5 Mar 27
1,203 Webster Eisenlohr
No par
1 Jan 17
1
370 Wells Fargo dr Co
2,600 Wesson Oil & Snowdrift No par
1559 Jan 4
Cony preferred
No par
600
5212 Jan 5
13,900 Western Union Telegraph 100 5112 Jan 4
5,400 Westingh'se Air Brake_No par 263 Jan 5
13,600 Westinghouse El & Mfg_....50 35 4 Jan 4
3
1s1 preferred
70
50 8312 Jan 17
67 Jan 3
500 Weston Elle° Instrunft_No par
Class A
___
163 Jan
8
No par
140 West Penn Elec class A_No par 4412 Jan 8
Preferred
200
100 513 Jan 8
6% preferred
260
100 45 Jan 3
30 West Penn Power pref
i00 8912 Jan 2
185
6% preferred
4
100 783 Jan 10
800 West Dairy Prod el A__No par
3 Jan 10
Class 13 v t e
2,700
118 Jan 3
No pa
1,000 Westvaco Chlorine Prod No par
147 Jan 12
300 Wheeling Steel Corp_„No par
19 Jan 5
20 White Motor
8
50 165 Jan 8
3,500 WhiteRkAiinSpr etfnewNo par 24 Jan 4
White Sewing Machine _No par
112 Jan 8
Cony preferred
No par
700
54 Jan 12
15,900 Wilcox 011 At Gas
3% Jan 9
5
Wilcox-Rich el A conv_No par 2718 Jan 17
No par
24,600 Wilson & Co Inc
4 4 Jan 8
3
Class A
124 Jan 9
No par
39,500
Preferred
100 53 Jan 8
10,200
10 4114 Jan 3
18,300 Woolworth (F W) Co
100 21 Jan 5
900 Worthington P & W
Preferred A
100 34 Jan 10
80
Preferred B
100 30 Jan 10
100
167 Jan 8
8
900 Wright Aeronautical_ __No par
1,600 Wrigley (Wm) Jr (Del)No par 5412 Jan 11
100 Yale dr Towne Mfg Co_ __25 14 Jan
418 Jan 2
B10
1,800 Yellow Truck & Coach el 100 28 Jan 2
Preferred
110
15 Jan 8
1,000 Young Spring & Wire No par
7,400 Youngstown Sheet dr T _No par 2112 Jan 3
3 Jan 12
800 Zenith Radio Corp____No par
53 Jan 15
1
25,800 Zonite Products Corp
Highest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
*1012 107 *103 11
104 10% 11
1012 1012 *10
8
8
4
*40
593 *42
593
4
593 *46
593 *46
4
4
4
593 *48
5
5
47
8 518
5
518
47
8 518
5
518
03
60
60
6212 6212 63
*60
64
60
*56
4
4512 453 *45% 4512 45
46
463
4 453 4614
45
4
38
32
35
32
32
347 *3212 35
8
*32
35
214
214
214 218
218 214
214 24
214 23
8
2814
27
4
2759 263 2814 27% 2834 277 2814 28
4
8
1858 185 *1812 187o *1812 1834 1812 183
1831 19
*212 3
*212 3
*212 3
*212 3
*212 3
4
34
3
*5
8
34
5
8
3
4
*3
4
7
8
3
4
3
4
*2238 2378 *217 2314 *2212 24
237
8
*223 235 *23
4
8
1112 113
4 1112 1112 1112 11% 115 113
8
4 1112 1112
*7014 75
07014 75
*7014 75
*7014 75
*7014 75
38
3812 3812 39
4112 42
3914 41
41
42
123 123 *12314 125
124 12414
125 125
125 125
*6
7
633 *614 659 *633 65
7
672 7
8
5359 527 527
52
4
523
4 53
4 513 5212
8
8 5218 523
97
97
1018 1014 10
8
10
4
1014 103 *1014 107
16
1614 *1614 1633 *1618 163
8
8 163 177 *1658 1758
*65
74
*65
74
*65
74
*65
74
*65
74
912 10
912 10
912 97
9% 10
10
1012
193 2018 195 203
4
193 2018
8
8
8 193 20
8
8 197 203
5
4412 453
45
45
8 4412 45
433 447
4
8 4459 464
127 129% 127 131
129 1307 128 1303 12712 12812
8
4
61
*61
62
*60
62
61
*603 61
4
603 61
4
5133 523
5218 5314 5178 5212 5153 52
8
513 53
90
9018 9014 9014 9012 913
4 92 9218 904 9114
101 1017 *100 101
10018 lOOIx 101 101 *100 101
s
3% 37
358 33
33
4 43
8
33
4 33
4
4
33
4 33
4
*159 112
13
112
138
11
13
112
13* *138
s
*2014 2318 *2014 2318 *2014 2318 *2014 2318 *2014 2318
2712 27
2612 2714 263 273
265 27
27
8 27
4
*8
812
8
8
1
.712 8
*712 8
753 8
*5412 67
57
57
*5512 57
*5412 57
*5512 57
43
43
4
4
418 414
4
4
334 33
21
*2018 21
*19
2112
*20
21
19
19
21
*68
*69
73
*7012 72
*70
72
*7014 72
73
71
71%
7112 7112 71
7112 7118 711
717
8 71
73
74
7112 7212 7012 73
72
737
72
73
7
718
714 714
712 712
714 712
74 718
518 518
518 514
514 *54 514
518 518 *5
85
8 912 *858 914 *858 9
8 914
*85
8 914 *85
212 212
25
25
8
25
8 278
25
8 25
8
233 208
*30
3278
3018 3018 *3012 327 *30
*30
31
31
75
7
705
7
733
758 7%
714
714
74
3
*193 25
4
24
*1934 24
2212 2259 2318 2318 24
3
27
8 28
*23
3
3
3
3
27
4 3
11
1112 11
1018 103
4
4 103 uSe 11
4 1012 103
1918 1918 20
2112 1978 21
s 21
8
2053 207 217
2513
4
4
243 243 *24
2418 25
2412 2412 2414 241
518 51
55
5 12
5,
2 512
514 55
8
514 51 2
15*
134
153 158 *158
13
159
15* *158 114
26
2618
26
2618 26
26
2512 26
26
26
5813 58
5812 5812 *58
60
5814 5812 5812 *58
4 5612 573
4 568 573
564 573* 5512 .563
4
4 563 5712
3
293 301
4
033 31
30% 3014 3012 3212 3112 32
38
4
3914 38
3758 3814
3818 394 373 39
39
*853 8612 853 854 8612 87 .85 4 863
4
3
8 853 80,
4
4
2
114 1114 *1118 111
11
1112 1112 *11
113* 11
*23
r.__ _
. *23
__ *23_ *23
_ *23
*564 WO
574 - , *58 -63
63
60
80i *57 57 4
6912 70
68
6712 6712 68
69
693
4 67 67
5812 5712 5712 5812 60
*57
58
5 8 *5612 59
87
10614 10614 *10514 107 *10312 105
105 105 *10518 107
944 9414 9414 9414 *9214 95 .923 95
947 95
8
414 414
8
414 414
433 43s *414 43
414 4%
*1 12 15
112 I%
112 15
112
8
112
112 112
224 2214 *2212 23
223 2314 2234 2312 *2218 24
4
2412 2412 *24
*2412 25
*2412 25
25
25
25
*22
23
*213 23
*217 23
8
23
23
*2134 25
273 2818 28
4
2818 28
28
2814 2818 2814 28
*25
8 3
*234 3
*233 3
•27
*23
3
3
4
612 612 *612 63
714 714
7% 73
634 63
4
43
53
47
434 47
55
8
4
5
53
5
5
*2912 32
*2912 32
*295 32
8
*2912 32
*2959 32
73
4
818
8 83
84 87
8
83
8
83
8 83
4
858
2359 24
235 243
2312 2414
233 24% 237 25
4
75
763
4 753 76
4
793
4 79
7614 7914 79
798
s 5014 52
517
8
.51
517
8 51
493 5012 497 503
2514 2512 26
26
27
26
26 .26
253 27
447
*44
45
45
*4238 49
45
45
45
45
34
*33
*34
36
*34
37
2512
34
*3418 36
60
624 6012 62
59
5S3s 6014 58
60
61
6114 614
603 61
4
61
594 *60
13012 603
4 59
*1612 197 *1512 1812 *17
8
18
197 *1712 1812 18
6
64
618 63
8
614 659
0
612
57
04
*4018 44
*40% 43
4212 4212 4012 4212
*4212 44
193 20
4
*193 20
4
4
8 1958 1934
2012 2012 193 197
277 283
8
2814 275 2818
4 27% 2858 2812 285
8
8 28
34 34
312 312
314 3% *314 312
312 312
67
8 759
7
714
78
5
714 714
7
7
714
• 1814 and asked prices, no sales on this day. 5 Companies reported In receivership. a Optional sale. e Cash sale. s Sold 7 days. z Ex-di idend.
*1012 11
*42
593
4
47
5%
*565 613
4
4412 4412
*32
37
214 214
2612 2712
19
19
*2
3
*3
4
7
8
*22
2334
1112 12
*7014 75
373 38
4
*120 123
*6
638
51 12 5112
*10
104
1614 1612
*65
74
914 95
193 1978
4418 445*
12414 120
*61
6412
505 5212
8
897 897
8
•10212 10518
33
4 33
13
159
*2014 25
2612 27
*712 8
*5412 57
4
358 33
20
20
*00
73
*7112 737
7112 74
74 71
559
*5
*85
8 912
212 21
*2912 301
6.
18 718
2212 221
*254 3
103 1012
s
19
19
*25
25'2
*5
0
153
11 s
'
26
263
8
*57
60
5518 5559
3014 3012
68 393
3
*86
87
*11
1112
*23
-*56 60
*66
69
*58
59
*105 1067
8
9259 9233
418 414
112 15
2
*22
24
*24
25
*2112 223
4
2759 27%
•25
8 23
*612 712
45
45
*2912 32
718
758
2212 2338
7312 743
50Is 503
4
*2412 26
447 447
*3234 37
60
6259
6014 604
*16
18
533 578
*40
44
0193 20
8
27
2814
*314 312
07
8 67
8
Highest.
$ per share $ per share $ per share
5 Feb 2218 July
1512 Jan 30
275 Feb 44 July
8
44 Jan 29
2 8 Mar 1211 May
3
1218 Feb 16
33 Feb 70 July
79 Feb 27
Feb 1012 July
1
94 Feb 19
10 Mar 2114 July
1933 Feb 6
6 Dec 1512 June
11 Feb 5
53 Jan 2014 Sept
8
2014 Feb 16
912 June
12 Mar
512 Jan 29
12
Jan 30 June
2412 Jan 30
113 Sept
4
34 Jan
12 Apr 5
2312 Apr 6514 Nov
7712Mar 22
914 Apr 26 Dec
36 Apr 5
45 Feb 80 Dec
88 Mar 19
112 Mar
814 June
759 Feb 21
41 Feb 5
133 Feb 3512 July
4
93 July
25 Max
8
812 Feb 5
1312 Feb 17
27 Mar 1712 July
8% July
23 Feb
4
6% Feb 3
41
Apr x75 May
7612 Feb 9
2018 Feb 38% July
40 Feb 3
312 Feb 23
514 July
12 Apr
4
2 Mar 123 June
959 Feb 19
614 June
4 Jan 15
3 Jan
4
914 Feb 3912 July
5112 Jan 20
607 Feb 23
8
512 Jan 60 July
193 Feb 51% July
4
50% Jan 19
8
812 Mar 233 July
2012 Feb 5
1012 Feb 223 June
21 Feb 5
1612 Mar 457k July
3733 Feb 1
5112 Mar 68 June
1312 Feb 275 July
2712 Feb 5
8
11112 Apr 2
92 May 111
Dec
4014 Feb 19
104 Feb 38 Dec
4 Dec
8% Feb 7
1412 June
2218 Nov 40% June
3778 Feb 7
618 Feb 26
67 June
3 Feb
4
1 Mar
559 Fen 21
8% July
2314 Jan 68 Aug
7018 Apr 6
2018 Feb 6
13% Dec 25 July
8212 Dec 100
943 Feb 16
4
Jan
35 Feb 19
8
12 Jan
512 July
312 Mar 2128 July
133 Feb 20
68 Feb 21
35 Dec 85 July
714 July
5% Feb 5
% Feb
63 Apr 6
45 Mar 66 July
2112 Apr 5112 July
4754 Mar 16
10
38 Apr 6
Apr 35 June
33 July
8
14 Apr
3 Feb 16
618 Mar 2218 July
33 Feb 7
123 Apr 19 May
4
195 Feb 23
8
1
Oct
4 Jan 31
6 June
2% June
118 Jan 18
% Jan
8
7 Feb 295 July
2712 Feb 5
34 Feb
173 July
15, Feb 5
4
3612 Mar 84 July
78 Feb 26
18
Feb 5312 July
5012 Jan 24
125 Mar 16 10114 Jan 121 Sent
13 Apr
8
117 June
8
83 Feb 19
8
133 Feb 94 July
64% Feb 9
259 Mar 1714 July
117 Jan 24
8
44 Feb 275 July
4
193 Feb 1
30 Feb 7814 Sept
80 Jan 30
212 Feb
1412 July
123 Feb 2
4
27 Feb 25 July
218 Feb 19
512 Feb 437 July
8
48 Feb 19
1312 Jan 105% Sept
13512 Feb 16
3912 Jan 58 Sept
61 Apr 2
233 Mar 6712 July
8
597 Feb 19
53 Mar 10512 July
9912 Jan 5
59
Jan 10912 Dec
110 Feb 6
17 Apr
8% June
5 8 Feb 6
3
318 July
% Jan
17 Jan 25
8
8
1518 Jan 247 Sept
2114 Mar 29
75 Mar 3614 July
313 Feb 19
4
10 July
15 May
8
10 Feb 6
2012 May 65 Sept
98 Feb 5
53 Jan 23
5 Feb
8
73* July
33 Mar 2612 July
8
26 Feb 5
5
35 Mar 6312 July
73 Feb 5
60 Dec 8559 Jan
78 Jan 30
8
12% Feb 677 June
79 Mar 9
12 July
54 Dec
87 Feb 20
7 APr
8
83* June
6% Feb 1
218 Mar 20 July
12 Feb 5
5% July
5 Apr
8
3 * Feb 5
5
111 Apr 447 July
36 Jan 24
1
Feb94 Sept
814 Feb 5
414 Feb2412 Oct
243 Feb 6
4
47 June
8
58 Mar
37 Feb 16
8
212 Feb22 8 June
3
135 Jan 24
8
712 Feb35 8 June
5
247 Jan 23
5 Feb30 Dec
31 Jan 20
8 July
Jan
1
7 Jan 25
312 June
18 Apr
214 Jan 23
7 Mar 3712 July
2733 Feb 21
40 Sian 63 July
60 Feb 23
174 Feb7714 July
66% Feb 6
113 Jan 355 July
4
36 Feb 6
8
193 Feb 583 July
4714 Feb 5
6012 Feb96 July
92 Jan 30
312 Feb134 July
14 Feb 5
2214 July
10 Ma
23 Mar 27
30
Apr 73 June
66 Feb 6
Apr 773 June
4
37
7012 Feb 7
3312 Apr6912 July
60 Jan 29
8812 Dec1103* Jan
107 Mar 10
Jan
80 Dec 101
95 Feb 7
212 Apr 11% June
614 Jan 30
414 June
212 Jan 30
% Mar
5 Mar 2012 July
2714 Feb 8
712 Jan 35 July
29 Feb 21
14
Jan 2612 July
2812 Feb 19
Oct
23
Oct29
285 Jan 30
8
42 July
37 Feb 6
12 Jan
1012 July
914 Feb 1
118 Jan
2 Mar
53 Apr 5
4
512 June
15 Mar 2714 Sept
32 Feb 0
11 June
87 Feb 17
8
7 Jan
8
4
Jan 22 June
25 Apr 5
797 Apr 6
19 Mar 7212 July
8
2518 Apr 507 July
53% Feb 7
8
8 Mar 397 July
317 Feb 5
14 Mar 51 June
53 Jan 24
42 Jan 24
14
Feb 47 June
Apr 24 May
6
75 Jan 27
3412 Feb 574 Dec
63 Mar 24
Jan 23 June
7
2033 Feb 1
73 July
4
218 Mar
74 Feb 19
18 Mar 42 July
46 Feb 23
312 Mar 1918 July
223 Feb 19
8
712 Feb 375 July
333 Feb 19
45 Feb 5
5 Dec
12 Feb
73 Feb 19
812 Jule
3 4 Feb
5
y Ex-rights.
,
,
,
1
1
1
i
1
1
2378
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interar--except for income and de/milled bonds.
NOTICE.—Sales for deferred delivery (s. 10. a. 15 days) are disregarded in the week's range. unless they are the only sales of the week and whether included or net
are shown in a toot note In the week in which they occur. No account is taken of such sales In computing the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 6.
l'i •
••"g
1
'I"..
...,l;
Price
Friday
Apr. 6.
•
Week's
Range or
Last Sale.
1.Range
Since
az 01
Jan, 1.
;
Bid
U. S. Government.
High No.
Ask Low
First Liberty Loan-334 of '32-47 .1 D 103",,Sale 10231..1041n 341
Cony 4% of 1932-47
10017
.2Jan'34 - .,
J D
/
4
J D 103512 Sale 103%10315n 176
Cony 431% of 1932-47
2d cony 41 of 1932-47
/
4%
-- - 102 Aug'33 ---.
J D
,
Fourth Lib Loan 41 of '33-38 A 0 10317n Sale 1031 10311 909
/
4%
/
4
-,../
4
434% (called)
101153. Sale 100284,1011',, 2930
155
.2111
/
4e
1947-1952 A 0110",, Sale 109,5
Treasury 41
Treasury 43es to Oct 151934.
thereafter 31
/
4%
1943-48 A 01021,, Sale 1011582102am 1592
Treasury 48
.2
.:
1944-1954.7 D 10615 Sale 1068 1071sa 458
.2
Treasury 3
/
4
/
4
/
1
4s
1946-1956 M 13 1055 Sale 104118105112 413
.:
,
Treasury 31
.2
/
4
/
4e
1943-1947.7 D 10277 Sale 1027 10211 559
,
Treasury 3a_Sept 16 1951-1955w S 99".: Sale 9811 9971:: 1308
/
4
,
.2
Treasury 31 June 15 1940-1943.7 D 1035 Sale 1021 103112 894
/
4e
/
4
/
4
Treasury 31 Mar 15 1941-1943 M 9 1031.2 Sale 1015 1037
.2
.2 835
/
411
/
4
,
Treasury 3
/ June 15 1946-1949.7 13 100712 Sale 1001 1005%, 938
1
4e
/
4
.2
Treasury 31
/
4a
Aug 1 1941 F A 10211 Sale 101",,102",, 1328
State & City—See note below.
Foreign Govt. G Municipals.
Agri° Mtge Bank,16,
224
1947 P A 2214- __ 2214
1
4 22 Mar'34 -.-Feb 1 1934 subscal coupon__
_ 22 2
_-Sinking fund 68 A __Apr 15 1948 A0 2212 ____ 2312 Mar'34 ---_ 22 ---- 224 Mar'34 ___With Apr 15 1934 coupon__ _
18
79
_Akershus (Dept) ext 58
1963 M N 79 Sale 7812
1212
8
2
Antioquia (Dent) coil 75 A 1945 J .1 115 1384 1112
1212 17
Externals f 78 eer B
1945.7 1 12 Bale 1114
12
12
External a f 78 ser '...'
1945.7 J 1184 14
1
124 14
External a t 78 ser D
1945 J 1 12 Sale Ills
1012
2
1012
External 017, 1st ser.—1957 A 0 10% 12
External sec a 1 78 2d ser 1957 A 0 1084 117 12 Mar'34 ___.,
1012
1012
3
External sec 517,3d ser 1957 A 0 1084 12
Antwerp (City)external 58-1958 J 0 9812 98 98 Mar'34 71
137
f Argentine Govt Pub Wks 68.1960 A 0 71 Sale 69
7114 113
Argentine 6a of June 1925 1959 J D 7114 Sale 69
71
103
Ext1 a f 68 of Oct 1925_ _ um A 0 71 sale 59
124
71
External a f es series A__ 1957 M 5 71 Sale 8914
7112 59
External es serial B__Dec 1958.7 CI 7112 Sale 89
71
Extl.165 of May 1928
67
1960 M N 71 Sale 69
7112 80
External a 1 6s (State Ry)_1960 M 11 7112 Sale 69
Extl 13, Sanitary Works_ _1981 F A 71 Sale 691s
71
48
711 37
/
4
Ext1.68 pub wits Ma7 1927 1961 MN 7114 Sale 6914
Public Works en'54
3_1982 F A 654 Sale 64
6512 45
/
1
Argentine Treasury Es i.. _1945 M 5 9518 Sale 934
954 38
, Australia 30-yr 5s---July- 19553 J 97 Sale 9518
97 125
15
'
External 5a of 1927__Sein 1957 M 5 9684 Sale 9558
97 178
3
7
External g 434e of 1928
93 g 168
1956 MN 93 Sale 93
Austrian (Govt),1 75
,
1943.7 D 99 Sale 97 4
9912 15
6912 15
Internal sinking fund 78_1957 1 1 67 697 z6818
Bavaria (Free State)61
45
48 43
5.....1945 F A 42
6
/
4
Belgium 25-yr ext1131
/
4
5
1949 M S 1024 103 102
103
0
4
External a t fla
1955.7 J 1013 Sale 100
10134 41
External 30
1955 J D 1064 10734 10612 1073
-year 5f 7s
4 39
loan Ts__ _1956 51 N 103% Sale 103 4 1044 20
Stabilization
,
Bergen (Norway)58--Oct15 1949 A 0 7818 814 80 Mar'34 _-_External sinking fund 58_1960 M 5 754 7918 79 Mar'34 ____
Berlin (Germany)e f 61
8_1950 A 0 3512 Sale 3412
/
4
3512
6
' External ,t 88___june 15 19553 D 34 Sale 3318
35
21
23 22
1848 A 0 22
Bogota(City)extl a f 88
22
3
Bolivia (Republic of) ext188-1947 M N
84 Bale
84
958 36
7
814 Sale
External secured 7s (flai)_19103 .1 J
814 37
7
External a f 78(flat)
814 49
814 Sale
1969 M 9
Bordeaux (City of) 15-yr 60.1934 M N 1684 170 16614 16614
5
34
Brazil(US of) external 88_1941 J D 31 Sale 31
37
,
External s f 634s of 1926_1957 A 0 263 Sale 2584
284 92
/
1
4
2812 116
External e 1 634,0! 1927 1957 A 0 2812 Sale 26
8
71 (Central Ry)
27 4 32
1952 1 D 2712 Sale 264
28
57
Bremen (State of) extl 7s
1935 M 5 57 Sale 54
Brisbane (City) a f Si
4
1957 M S 8618 Sale 843
884 44
8614 19
Sinking fund gold Si
1958 F A 8614 Sale 85
935
8
20
-year s f ea
4
1950 1 D 93% Sale 934
42
8
15
Budapest (City) extls f 6a 1962 .1 D 415 4214 404
4
s
62
Buenos Aires (City)61 2B 1955 2 J 8112 Sale 597
/
4
8
59 Mar'34 ____
External a f (la am C-2
1960 A 0 57 62
External a f fla ser
1960 A 0 57 60 554 Mar'34 _--Buenos Aires (Prov)C-3_.38_1981 M 6. 4412 Sale 4418
4412
extl 1
2
3914 40
Stpd (Sep 1 '33 coup on)1961 EA El 3812 Sale 37
1961 F A 374 384 4418
444
2
External a 1 6348
7
Stpd (Aug 1'33 couP on)1961 F A 40 Sale 37
4012 32
224 217s Mar'34 _ -- Bulgaria (Kingdom)ef 7,_.A967 J J 21
255 2614 Mar'34 ---Stabll'n of 71a—Nov 15 1968 M N 24
/
4
Caidas Dept of(Colombia)7346'48 J J 1312 Sale 1312
14
6
994 161
Canada(Dom'n of) 30-yr 48_1980 A 0 997 Sale 99
1952 M N 108% Sale 10712 1083
4 83
58
434s
1936 F A 10312 Sale 10314 1033
35
Carlsbad (City)e f 138
1954 1 .1 7714 787 778 Mar'34 _
8
12
15
14
Cauca Val (Dept) Colom 7348'46 A 0 14
2
Cent Agri° Bank (Get) 7s
59
1950 M S 59. Sale 5612
39
Farm Loan if 8a_ _July 15 1960 .1 1 50 Sale 48
48
50
Farm Loan a f 6a__Oct 16 1960 A 0 5012 Sale 4712
504 68
Farm Loan 6saer A Apr 15 1938 A 0 54 Sale 51
54
59
Chile (Rep)—Exti a 1 76._ _ _1942 MN 1212 1414 1218
1318 18
External sinking fund 60_1960 A 0 1214 Sale 107
s
12
/ 78
1
4
Ext sinking fund 8a._Feb 1961. F A 1284 Sale 11
1238 40
Jan 19613 .1 1214 Sale 11
1214 64
Ryrefexts1613
Ext sinking fund es_Sept 1961 M S 12 4 Sale 1114
12 4 38
,
,
10 4
3
External sinking fund 68_1962 M S 1214 13
12
2
External sinking fund 88_1963 M N 1218 Sale 1114
1218 44
Chile Mtge Bk 630 June 30 1957 J D 131z 14
134
4
133
131
8
8 I 63111 of 1928--June 30 1981 1 D 1378 147 1314
4
Guar a f 68
Apr 30 1961 A 0 13 Sale 1212
1314 31
1962 MN 1314 1334 128
4
1312 56
Guar. t 6s
95 Sale
9
5
958
1960 M 5
Chilean Cons Muni° 7s
1951 J D -___ ____ 3858
39
Chinese(Hukuang Ry)5a
2
Coupon No 35 due Dec 15_1928 ------------18 Dec'33 ___
Coupon No 38 due June 15'29 ____ 4218 ____ 25 Nov'33 ____
s
-._ 907
Chriaania (Oslo) 20-yr 8 1 es '54 TA 9 88
ll
907
8
1
34 31
1
31
Cologne(City)Germany 63481950 M S 31% Colombia (Rep)68 of'28_ _Oct'81
2512 30
'
Oct 1 1933 and sub coupons on. A 0 25 Sale 24
2512 13
Apr 1 1934 and sub coup son ____ 2414 2512 25
3
Exter 68(July 1'33 coup on)'61 J J 244 Sale 24%
3
25 4
25% 2418
2512 39
_ 24
With July 11934 ooupon on_.
1884
_—
5
1912
Colombia Mtge Bank 61 of 1947 A0 1712 20
/
4e
8
194
/
1
Sinking fund 78 of 1926-1946 M N 194 Sale 1914
1914 Sale 1914
1912
5
Sinking fund 7,0! 1927_1947 F A
44
788
Copenhagen (City) fs
1952.7 D 77 Sale 77
754 12
25
-year g 41
/
4s
1953 MN 7512 Sale 75
2212 23
Cordoba (City) ran e 1 78_1957 F A 224 Sale 2084
4
External a I 7e_ __Nov 15 1937 M N 308 40 3058
5
303
44
17
Cordoba(Prov) Argentina 7a 1942 J J 44 Sale 3912
Costa Rica(Republic)—
2
33
33
7s Nov 1 1932 coupon on_1951 MN 32'4__
1
22
2112 22 22
76 May 11938 coupon on_1951 ___
5
95
Cuba (Republic) Es of 1904-1944 M S 9258 98 947
1
95
External 58 of 1914Ser A 1949 F A 9454 9512 95
78
1949 F A 07712 Sale 7612
19
External loan 410
s
8418 27
Sinking fund 534s Jan 15 19533 J 8338 Sale 833
k
337
354 87
Public wka 534s June 30 19453 D 3412 36
8
14
1959 M N 13 Sale 1212
Cundinamarea 634s
10012
6
Czechoslovakia(Rep of) 811-1951 A 0 10012 Sale 100
6
994
9912 99
Sinking fund 88 ser B
1952 A 0 99
1
BONDS
N. Y STOCK EXCHANGE
.
Week Ended Apr. 6.
11
1
**a.
Prloe
Friday
Apr. 6.
Week's
Range or
Lan Sale.
1g
ai
Range
Since
Jan. 1.
Low
High
man 1044.
100171.10017st
101%10318n
____ ___.
1015%103 4n
,
100184.10115n
1041182 111
Bid
Ask Low
Foreign Govt. & Munk,.(Con.)
High
High No. Low
4
Denmark 20
-year extl 6a_.-1942 1 J 951 Sale 95
8612 9714
964 41
/
1
External gold 534s
1955 F A 9214 Sale 91
83 4 9512
,
85
93
External g 434s_Apr 15 1962 A 0 82 4 Sale 82
,
71
8312 98
87
Deutsche Bk Am part elf 68_1932
764 11
Stamped extcl to Sept. 1 1935_ ---, a754 Sale z76
/
1
7112 7714
847k 8314
Dominican Rep Cust Ad 51 '42 M 9 63
/
4
8
431g 65
14
85
/
1
56
lat ser 534, of 1926
1940 A 0 a5512 Sale 544
36
56
8
2c1 series sink fund 51
3
544
/
1
s-1940 A 0 545 Sale 5454
374 56
/
4
45
me
19
56
971..81025n Dresden (City) external 78_1945 MN 58 Sale 55
10111 10711 Dutch East Indies extl 68_1947 1 J 163 Sale 162
.1
/
4
34 150 164%
164
100 ,10511
/
1
4
-year external 8s
1962 M 9 16314 Sale 16212 16312 31 15112 165
/
4
. 40
30
98588110250n
1844 11 151 16412
-year cat! 5348--Nov 1953 M N 18412 Sale 161
8
9318.199 /
,1
4
, 30-year ext 534s____Mar 1953 M El 163 16412 162 4 16314
4 15112 16314
9824..1035a El Salvador (Republic) 8a A-1948 J 1 51- 60 Feb'34 ---.
484 60
/
1
.1 J 504 Sale 50
Certificates of deposit
/
4
38
55
7
51
985111033u
951113.10010.. Estonia (Republic of) 7,.,___1987J J 724 75
7314
73%
571s 7384
6
79
9714
16
97
9751110270u Finland (Republic) ext 63-1945 M 1 9612 97 964
/
4
8
9 864 1094
99
External sinking fund 78-1950 M El 9818 987s 97 4
13
98
External sink fund 834e-1956 M 5 9712 Sale 97
784 99
9114 57
External sink fund 530-1958 F A 9012 Sale 90
76 938
8
18% 25 Finnish Mun Loan 634s A-1954 A 0 905 99 93
77
9412
2
93
11
20
24
7512 95
93
External 6/ serial B___1954 A 0 93 Sale 93
1
48
35 30
158. 2512 Frankfort(City of)61630-1953 M N 31
2954 48
14
32
/ 172
1
4
26 1541 174,
/
4
2512 French Republic extl 7)48-.1941 J La 172 Sale 168
4
16
me 7912
External 78 of 1924
1949.7 0 17612 Sale 17412 17612 30 160 18012
8
/ 173g German Government Interne1
4
/
1
47 591
9
40% 6312
17
Uonal 35-yr 5348 of 1930_1965J D 46% Bile 444
8
6614 8712
7414 225
Si 17 German Republic ext1 7s-1949 A 0 72 Sale 72
814 1714 German Prov & Communal Bk,
814 143g
38
4411 16
8
(Cons Agile Loan)630 A.1958 1 D, 4414 Sale 435
714
5711 7734
6
7712
1954 M N 7512 7712 7714
8
145 Graz (Municipality) 88
8
8 14% Git Brit & Ire(U K of) 5348- 1937 F Al1194 Sale 118
119% 30 11158 11411
/
1
8212 994
14% fund loan Z opt 1980_1990 M N all7 Sale 11614 11714 130 109 1171 1
22
534 71
334
334 Mar'34 ---Greek Government a t ser 78.1964 M NI 3014 35
, 11
13 t see 6s Aug'33 coupon-1968 F Al25 Sale 25
5312 7114
18% 31
267
53
744 80
21
71
80
Haiti (Republic) a f 68 ser A-1952 A 01 7912 Sale 7914
53
35
58
8
37
71
Hamburg (State) flei
1944 A 0j 36% Sale 35
44
53% 7112 Heidelberg(German)Intl 7343'50 .1 ii 27
30
33 3114 Mar'34 _--108
7284 95
95
4
Heleingfors(City) ext 6348-1960 A 01 9318 944 915
5358 71
3
28% 44,
4
2
534 714 Hungarian Muni° Loan 730 1945 1 J - — 40
37
3758
.
J --------23 June'33 ---- ---- -- _
52% 71
Unmatured coups attache& _
525 714
4
424 Mar'34 ---so% 45
J _-__ 42
External.1 78 (coup)_ __1948
Unmatured cones at- ached4712 6612
t
3312 4612
47 454 Mar'34 ____
/
4
4
80 4 9512 Hungarian Lana M Inn 71 '61 M N ____ -,
31
47
ggle 9758
Sinking fund 734s ser B_-_1961 M Ni_ __ 47 4512 Mar'34 ____
3112 424
2
39
89 97 Hungary (Ring of) a 1 7348-1944 F Al3812 42 39
52
14 11018 116
115
83 95 Irish Free State eine f 38_1960 M N 11312 11812 114
9984 102
92
102
D 101% Sale 101
9118 100 Italy (Kingdom of) extl 78-1951
50 6912 Italian Creel Consortium 78 A '37 M 9 9855 9912 a9878 a9878 25
95 99
9112 100
6
8
9818
43 594
External sec s t 7s ser B__1947 M El 9714 9812 981
884 934
/
1
88
92
93 10411 Italian Public Utility exti 78_1952 J J 9112 Sale 9012
9312 140
86
934
94 10314 Japanese Govt 30-yr a t 630_1954 F A 9314 Sale 92
7312 818
8134 41
4
Exti sinking fund 534e____1985 MN 818 Sale 791s
99 109
95% 105
/ Jugoslavia (State Mtge Bank)—
1
4
394
32
8
3912
58
Secured a f g 75
80
1957 A 0 3912 Sale 3818
23
27
1
664 804
27
78 with all unmet coup -1957
- 27 Sale 27
874 5814
7
5458
3412 52 Leipzig (Germany)8 t 76
F A 54% Sale 51
1947 ,-60 7312
7312 Mar'34 ___
32% 494 Lower Austria (Prov) 7 Hs_ _1950 1 0 734 78
50
63
13
63
Only unmatured coups attach'd -- - 83 Sala 6112
18
24
512 114 Lyons (City of) 15-year 68-1934 MN 16812 170 16412 16614
7 149 16614
558 1012
54 104 Marseilles (City of) 15-yr 611.1934 M N 1694 Sale 16412 1694 12 149 1894
/
1
Vs 188*
7
10 4
,
1218
149 16614 Medellin (Colombia) 810_1954 0 114 12
414 5 4 67 Feb'34 ---4 2 784
,
s
,
2134 384 Mexican Inig Asstng 4343_1943 MN
2014 32 Mexico(US) ext1 5.1 of 1899 Z'45 Q 1
_ _ __ 4 SePt'33 ---1-6
ii.
,4 - .
i
Assenting Ss of 1899
2014 32
7
7
714 8
1945 ---74 1114
204 32
8 Mar'34 ____
/
1
4
Assenting 5s large
534 6318
8
8
Assenting 58 small
8 Feb'34 _-__
Assenting 48 of 1904
44 714
3
1954 ---73 88
/
1
4
412
5% 838 412
414 Mar'33 --- ---Assenting ni of 1910
73 874
5 --/ 844
1
4
Assenting 4s of 1910 large
83 9558
---- ____ ____ 5% Mar'34 ____
314 4812
---- ___
Assenting 4s of 1910 small
__ 5 Mar'34 ---.
4 4 83
35
2
5
- •-464 624
Treas 68 of'13 assent(large)'33 .1 .1
*
47 59
•
SmallMilan (City, Italy) mil 634. 1952 A1 904 Sale 89
4514 59
/
1
4
9014 47
83% 91%
304 4814 Minas Germs (State) Brazil—
24
External a t 834,
2614 4418
17
21
1958 M 8 19
19
1912 19
Ext sec 634s series A
3158 4612
1959 M 1 204 Sale 19
5
2014
1712 234
27
4012 Montevideo (City of) 7s
1952 1 D 3418 Sale 34
27, 344
3412 16
4
284 31
4
External a 1 (la series A---1959 M N __ 308 294
8
2954
187. 2314
85 96
14
2612 New So Wales (State) extl 5s 1957 F A oils Sale 9438
9512 71
108 1854
External. t 5s
Apr 1958 A 0 95% Site 9418
8514 9584
9512 160
1943 F A 991 Sale 9914
-year ext 68
92 998 Norway 20
9111 1004
994 14
997
10
-year external 8s
1944 F A 954 9912 99
/
1
10314 108 4
,
45 904 101
30-year external 61
10034 1038
894 994
4
10
99
8
1952 A 0 981 Sale 984
40
-year a f 5348
831 95,
/
4
19853 1") 9312 Sale 93
8012
2
6712
9312 17
External e f 5s___Mar 13 1963 M 9 911 Sale 903
804 9154
9112 40
/
4
1058 19
Municipal Bank exti 8158_1987 J 0 a9014 Sale 8903
8312 9054
5612 73
4
9034 12
91
Municipal Bank en's f 58-1970 1 D 901 91
47 69
90
/
4
7 81
90
33
3512
5
464 69 Nuremburg (City) MI68-1952 F A 3314 375 334
35
65
7512 99
7512
5012 70 Oriental Devel guar 135
1933 M El 7512 Sale 7158
9
16
6254 69
Ext1 deb 51
/
4
5
1958 1.4 N 691 Sale 6712
/
1
4
4
695
4 24
764 93
74 16
Oslo (City) 30
9
-year,f 6a-1955 11 N 93 Sale 904
93
7 •154
153 Panama (Rep) ern 534,____1953 1 0 102 4 Sale 102% 103
7
98 103
,
18
73 155
294 44
Exti a t 58 sex A_ _May15 1983 al N 40
9
40
43
42
714 15
9
40
-,.... 414 44
298* 44
417
Stamped
714 16 Pernambuco (State of) en]7,'47 M S 16, Sale 1614
184 15
4
107* 184
912 1484 Peru (Rep of) external 78-1959 M S 1578 Sale 15
1578 23
84 le%
57 144
Nat Loan extl a f Oa 1st ser 1960.7 0 II% Sale 10
1814
1158 92
10
Nat loan Intl a t 8.1 2d ser_1981 A 0 114 5118 10
818 154
/
1
614 1484
1158 29
72
59
8
15 Poland (Rep of) gold 6s____1940 A 0 711 Sale 70%
27
/
4
72
7
88 100
9912 SO
Stabilization loan if 78-1947 A 0 9812 Sale 9812
12
External sink Null!8a-1950 1 -1 82 Sale 82
8914 85
27% 39
8212 22
24%
18
____ ____ Porto Alegre (City of) 85__1961J 0 1914 20
3
20
19 4
,
244
____
_
18
Extl guar sink fund 734s-1968 1 -I 1914 22
4
194
191
/
4
83 99 4
,
/
4
8-1952 11 N 941 977 99 4 Mar'34 ____
815 - ; Prague (Great
8 907
City)71
/
4
,
31
50 Prussia (Free State) ern 634s '51 M 1 417 Sale 37 4
40
,
417
374 5811
External at ea
1952 A 0 41 Sale 38
38
414 72
574
21% 354 Queensland (State)eine t 7 1941 A 0 105 10612 106
3 102 10684
1081
/
4
9418 103
25
-year external (18
185e 3212
1947 F A 101 4 10254 102
7
,
103
21
3314 Rhine-Main-Danube 78 A-1950 M 1 58 Sale 54
50
674
39
as
20
26
5
244
1812 32 Rio Grande do Sul extl a f 88_1948 A 0 2212 2611 2312
External sinking fund 68_1968 1 D 2012 2114 2058
15
24
1812 24
18
21
154 24
1858 24
External a f 78 of 1928—.1968 M N 2012 tilde 2012
18
21
15
28
19
External a t 7s mania loan 1987 1 D 2012 Sale 2012
24,
4
3
201
/
4
634 84 Rio de Janeiro 25
174 227g
-year 81 811_1948 A 0 2014 Sale 2014
1
2014
External a f 61
5912 7812
174 22
/
4
8
1953 F A 204 Sale 2018
2012 57
1414 2112 Rome (City) ext181
8712 92
1952 A 0 91 Sale 904
/
4
8
9114 109
2978 3358 Rotterdam (City) exti 6a- —1964 M
___ 1247 128 Mar'34 ____ 112 134
2518 41
40 ./,
A
Roumania (Monopolies) 78-1959 F N-3058 Ski, 30
30
17
31
Saarbruecken (City) 65
1953J 1 7512 77
6
7812
Ma 764
754
30
33 Ekto Paulo(City) a 1 8s__Mar 1932 MN 2412 251z 2418
231 30
/
4
3
2418
18% 22
External a t 61 ot 1927 1957 MN 234 2712 23
/
4
5
1752 24
10
24
747k 95 San Paulo (State) mil s f 85_1938 i 1 30 Sale 274
18
33
9
30
93 95
1358 24
External sec s f 88
41
19503'1 24 Sale 2114
24
External a t 713 Water L'n_1956 M 5 23 Sale 20
6218 78
1312 23
45
23
External of ea
6178 844
1258 22
1968 J 1 22 Sale 1912
92
22
23
4113
Secured a 1 78
65 86%
/
4
1940 A 0 841 Sale 8412
861 87
/
4
1058 198 Santa Fe (Pray Arg Rep) 78_1942 M S 285s 2912 28
184 28
5
28
553, 87
Saxon Pub Wks(Germany) 78'45 F A 594 Sale 57
88 101
/
1
5914 36
Gen ref guar 634s
90 101
607
s
1951111 N 49 Sale 4712
46
49
49
For footnotes see page 2383
NOTE.—Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings In such securities being almost entirely over the counter.
Bid and asked quotations, however, by active dealers in these securities, will he found on a subsequent page under the general head of "Quotations for Unlisted Qecuritles."
New York Bond Record-Continued-Page 2
April 7 1934
i3
2379
I
•
BONDS
N. T. STOCK EXCHANGE
Week Ended Apr. 6.
-1
...3.„
Price
Fridatt
Apr. 6.
Week's
;
a
Bantle or
gi
Last Sale. en0
Rang.
Mace
Jan. 1.
BONDS
N. 'Y. STOCK EXCHANGE
Week Ended Apr. 6.
1b
a.. e.
Price
Friday
Apr. 6.
Week's
1•
Range or1
Last Sale. es
Range
Since
Jan. 1.
Ask Low
Foreign Govt.&Munic.
Bid
Bid
Ask Low
Hioh No Low
High No. Lose
Railroads (Continued)(Cond.)
High
High
64
Saxon State Mtge lint 7a___1945 J D 58
22
Chic & Alton RR ref g 35_1949 A 0 634 Sale 62 2
29
,
5634 71
51% 6612
61
65 5634
5734
/
4
98
63 5614
5
Sinking fund g 654a_Deo 1948 J D 56
89
564 69
/
1
Chic Burl & Q-III Div 330-1949 J .1 971 Sale 97
88
98
39
97 10312
Serbs Croats & Slovenes 8a.-1962 M N 2211 22
1949 3 J 102% Sale 10214 103
/ 2511 Mar'34 --1
4
Minot', Division 4s
2118 28
1.914
82
All unmatured coupon on_ ____ 20
924 102
1914
22
1958 M 8 102 Sale 10014 102
4
General 4s
16
22
100
39
8818 10018
8a Feb 1934 coupon on...J.962 -- - 134 21
1612 Jan'34 ---1612 1612
lat & ref 41 ser B
/
4s
1977 F A 100 Sale 99
External sec Ts ear B
19
96 106
241
1962 M I)T 244 Sale 24
2
Lit & ref 55 ser A
18
2514
1971 F A 10512 1064 1054 106
53 8118
2
181
75
11
November coupon on
1212 20 Chicago & East Ill 18t 6s...-1934 A 0 70 __ __ 75
__ --- 184 Bale 171e
41
10
2512
7s Nov 1 1935 coupon on.
17 Mar'34
.
/
1
4
1962__ - 12
20
17 :C & E III Ry(new co) gen 55 1931 MN 19 Bale 19
18
11
Silesia (Prov of) esti 75
1634
D 631* Bale 628
7
9
/ 21
1
4
1958 J --Certificates of deposit- 164 184 16
9
523s 653
631
4
deposit
Silesian Landowners Assn Os 1947 F A 547 Sale 54%
17
10614 Sale 10338 1061/ 24
50 69
91 1064
Chicago & Erie 1st gold 5s 1982
Solssons (City of) ext1 65_1936 M N 16414 Bale 1641 164'i
/
1
2 150 1644 Chicago Great West let 43_1959 M S 5614 Bale 554
/
4
35 56%
/
1
4
56% 210
Styria (Prov) external 75_1946 F A 72
44
3
33 4713
75
8
4
74
55 743 /Chic Ind & Louis,ref 64_1947 r J 44 Sale 437
74
424
26
Sweden external loan 5ais_ _1954 MN 10613 Sale 105
Refunding gold ba
1947 J 1 36
407 40 Mar'34 ---/ 1064 21 102 109 4
1
4
3
Switzerland Coot esti 54 1946 A 0 --------166
41
41 Feb'34 ---/
1
8
40 41
1947 3 J 36
Refluiding 4s serial C
,
_
5 1561 16814
166
Sydney (City)it 534e
194
7
92
1955 F A 92 dale 9114
58
1st& gen be moles A
128* 24
80 93
1966 MN 194 Sale 1813
Taiwan Eleo Pow 5 1 54
24 21
21
3
/1_1971 1 3 69 Bale 66%
/
1
13
6918 30
6154 6918
Id & gen 6s series 13.May 1966 J J 18
253
8
Tokyo City 5a loan of 1912_1952 M S 69 8 71 69
874 11
5
9012 8613
71
-year 43.- _1958 1 3 87
70
73 Chic Ind & Sou 50
/
1
874
4
4 66
1044
External It 5348 guar
5
614 7114 Chic L B & East lat 4/
/
1
7114 48
1961 A 0 704 Sale 66 3
,
1
4
5
99 10414
1969 1 D 10414 ____ 104
Tolima (Dept of) esti 7s
7314 69
1947 M N 12 Bale 12
4
60
12
/ 74
1
4
Chi M & Bt P gen 48 ser A I989 3 J 7318 Sale 713
8
12
17
58
Trondlijem (City) let 51
53
4
80
: 32
671
/
4
Gen g 31 see B-_May 1989 J J 6713 Sale 66
5_1957 M N 80 Bale 7812
/
4
3
4
673 8714
Upper Austria (Prov) 7s_
may 1989.7 J 773 Bale 763
1945 J D 7418 ___ 7618
4
Gen 434* ser C
4
764
78
/ 16
1
4
761
/
4
2 62
64 794
Externals f 614s_June 15 1957 1 D 66 .
/ 674 674
1
4
Gen 41 ser E
/
4a
6713
6
6312 797
79
783 77 4
a
4
19
4813 6713
3
May 1989 3 J 78
Uruguay (Republic) exti 84_1946 F A 38
45 37 Mar'34 -- -2
80
864 765
12
Gen 41 ser F
3412 46
4
/
4s
May 1989 J J 86
65 824
Aug 1 1934 couponon _a_ - - 33 Sale 3
55 810
3713 56
33 4018 Chic Milw SIP & Pae bs A-1975 F A 55 Sale 5113
8
3
3614
External a I 6s
193 1438
3178 14
N
30
3
1960 Al - a31 Sale 30%
Cony ad) 55
42
/
1
4
Jan 1 2000 A 0 18% Ellie 17 4
1281 23
May 1934 coupon on_ _1960
24
30 Sale 294
52 6612
661
274 40 Chic & No West gong 331a-1987 NI N 6612 Sale 64%
3014 39
External at 68. __ _May 1 1964 IN 57
/ 76
1
4
28
1987 MN 73 Sale 7114
N 284 ___ 3014
3014
73
2
2914 42
General 45
May 1934 coupon on
7113
1964- - 30 Sale 294
73
5 53 75
2713 40
301
6
Stpd 4s non-p Fed Inc tax '87 MN 7113 74
7 63 82
Venetian Prov Mtge Bank 7. 52 A 0 1013
/
1
4
.81
102 Mar'34 ---8018
/
4
/
4
"
Gen 41 stpd Fed trio tax_1987 MN 741 81
97 109
/
1
4
Vienna (City of) esti it 68_1952 MN 79 8-_- 80
46
58 85
86
/
1
4
801
11
58 83
81
/
1
4
Gen 5s atpd Fed Inc tax_1987 MN 86 Sale 84
Unmatured coupons attached. MN ---MN --------62 Jan'34 4
50
694
71
- 68%
41 ertamped
2
/
4
s
1987
604 62
Warsaw (City) external 711_1958 F A 6212 -64 624
53 6814
63% 15
96
30
15
-year secured g 61
79 98
/
48_1936 M 8 96 Sale 954
Yokohama (City) esti 6a-1961 3 D 75 Sale 7214
15 66
75
64
58
75
1st ref g 94
43 64
/
1
4
May 2037 3 13 64 Sale 6013
183 & ref 43.4. no_ _may 7037 J D 5314 Sale 5514
35
39
59
59
Railroad.
/
1
4
59
73
1st & ref 41 ger C-M113 2037 J D 5813 Sale 54
3858 59
/
4a
,
Ala Gt Bon let cons A 58_1943 J D 994 -_ 9834 Mar'34 ---50 389
1949 M N 4914 Bale 4712
Cone 414s series A
94 983
4
29
/ 50
1
4
let cons 41 ser B
1943 3 0 9218 1904 81 Dec'33 _a- ___ -.- :Chic R I* P RY gen 48-1988 1 J 70 Sale 671s
70
58
1515 724
3
Alb & Busq let guar 81
/
4
5_1946 A 0 957 Bale 94
96
18
Certificates of deposit.. . ---- ---- - - 65 Mar'34 ---85 96
65 65
Alleg &West 1st gu 45
1998 A 0 84
534 A 0 2714 dale 24%
87 Feb'34
2714 212
Refunding gold 4s
7334 87
20 314
alias Val gen guar g 4s
___ 24
1942 M S 10214 Bale 10214 10214
26
274 2314
64
Certificates of deposit
20
3 96 1034
29
:Ann Arbor let g 4s.-_July 1995 Q J 4718 51
25
79
4
287 189
8
49
1952 M S 283 Bale 257
Secured 434s serial A
2011 3234
Atoll Top & B Fe
-Gang 45_1995 A 0 10113 Sale 993
-.244
8 10113 438
26
deposit
Certificates of deposit- 2513 28
93 1014
8
22 2713
Adjustment gold 4a_July 1995 Nov 95% 954 934
1960
147 Bale 13
934
1
/
1
4
/
4a
1535 66
Conv g 41
34 95
838 1834
Stamped
__ __ ___. _-__ al5 Feb'34 ---- 615 alb
July 1995 MN 954 Sale 94
954 124
83 9515
Certificates of deposit
Cony gold 45 of 1909_,1955J D 93
9312
/ 95 93
1
4
5
102
17
821, 9313 Ch St LAN 0 bs_June 15 1951 i b 102 Bale 99
83 102
Cony 411 of 1905
1955.7 D 938* Sale 923
11
80 941
94
/
4
a
4
Gold 310
June 15 1931 3 D 75__._ 634 Sept'33 -a.- ____
Cony g 41 issue of 1910_ _1960 J D 91
924 90
7812 90
90
2
Memphis DIY let g4a.____1951 J D 8214 85 8014
8014
4
63 _./ 82
1
4
Cony deb 41
/
4
s
1948 1 D 10414 Sale 10314 105
7414 32
81
55
/ 74 4
1
4
9514 105 Chic T H & So East 1st 5s-1960 3 El 7414 Sale 7113
,
Rocky Mtn Div 1s1 4sa_1965 3 J 963 Sale 95
Dec 1 1960 II 8 59 Bale 544
4
60
44 61
/
1
4
59
Inc gu be
965
/
1
33
82 964
Trans
-Con short L let43_1958 J 1 (3103 Sale 102
.
/
1
33 10038 105
1027
5 26
/
9514 10314 Chic Un Stan lit gu 41 A.1983 3 J 105 Bile 1044 105
4
s
Cal-Arts 1st & ref 431s A.1962 51 13 104 1044 1023
/
4
4 1031
10818
11
lat 5a series B
95 105
19633 J 1071 110 108
6 1054 10814
At! Knox & Nor lit g 56_1946 J D 1035 ---- 103
3
2
9954 103
103
8
1944 J D 1054 Sale 1045 • 10514 28
Guaranteed g 55
9714 106
All & Chart AL let 41 A 1944 J J 10014 -__ 10013 100 4 11
lit guar 5348 series C
/
4
s
3
1963 J 1 114 Sale 1134 11412 621 11134 115
867 1001/4
4
let 30
-year Si series B__ _1544
, 3 104 1941 103% 104
66
77
/ 90
1
4
90
10
88 1044 Chic & West Ind con 48
1952 J 1 90 Sale 8814
Atlantic City let cons 4s
1951 3 1 831s --7513 Jan'34 a-1982 M S 101 Sale 100
1st ref 51 series A
101
75 754
/
4
s
56
84% 101
All Coast Line let eons 4,July'132 M El 97 Sale 943
60
4
97
109
82 971g Choc Okla & Gulf cons ba_1952 Al N 594 61
62
51
60
1
General unified 4115 A_.1964 1 D 90 Bale 884
105
74
90
91
Din II & D 2d gold 434s
9913 Feb 34 ---1937J J 1008* 101
92 994
L & N coil gold 45a __Oct 1952 MN 8318 ____ 811
/
1
4
85 01St L &0 1st g 48-Aug 2 1936 Q F 5918 61 100 Mar'34 ---/
4
831e 59 68
99 100%
At!& Dan let g 4s
MN 9918, ---- 93
19483 J 51 Sale 481a
93
2 85 93
51
30
39
534 Cin Lob & Nor let con gu 48_1942
2d 4a
1948 3 J 46 Sale 4518
46
1051
: 24 10013 106
On Union Term 1st 41
6
35
s-2020 J 1 10513 Sale 105
47
/
4
All & Tad 15t guar is
1949 A 0 60 Sale 5713
1st mtge Si series B
6
21 10438 109
46 60
60
20203 J 10818 Sale 1084 109
Austin & N W let gu g 58_1941 J J 863 877 85% Mar'3 ____
4
7914 88
let mtge g 58 series C
1957 M N 10814 Sale 10713 10812 38 10418 10812
Clearfield & Mali let gu 55_1943 1 J 8113 10014 964 Feb'34 ---/
1
965k 964
/
1
Bait & Ohio In g 4a_ __July 1948 A 0 994 Sale 985
22
754 95
95
*
99
3
99
8813 9934 Cleve Chi Chi & St L gen 45.1993 J D 914 Bale 9214
Refund & gen bs series A.1995 J D 83 Sale 80
1993 J D 99
General 5a eerie" B
6754 848*
Nig 97
- 9713 Mar'34 --- a
115
/
1
4
83
let gold S,
10635 89
July 1948 A 0 1054 Sale 104
9813 106%
974
1941 3 J 9713 190 9613
3 80 974
Ref & Imin es set C
Ref & gen 6s series C
/
1
1995 3 D 934 Sale 90
1963 3 1 9013 Bale 8813
Ref &!mut ba sea D
94
904 33
106
77 94
74% 91
F 1.E & W Va Sys ref 4a 1941 MN 9713 Sale 96
65 98
974 159
Ref & Impt 41 ear E
1977 1 3 7981 Bale 77
/
4s
/
1
4
54 82
793 112
4
Southwest Div let
4
_1950 J J 983 Sale 97
Cairo Div let gold*,
/
1
4
92 1004
__ 10014 Mar'34 ___,.
8313 99
99
47
1939 1 J 101
Tol & Cin Div let ref 4sA_1959 J .1 85 4 Sale 837
3
/ 95 83
1
4
86%
On W & M Div let g 45-1991 J J 83 5a_8
8534 27 66
83
2
58 85
Ref & gen 5s series D_2000 51 S 8213 Sale 80
109
67 83
83
131L DIY 1st ft/Utz g4e
1990 M N 85
883
90 874
4 16
77
8913
Cony 41
/
4a
1960 F A 70 Sale 68
Bpr & Col DIY let g 4s
71
8
250
3
57 714
1940 M S 983 ____ 97 4 Mar'34 ---,
92 97
/
1
4
Ref ofe gen M /ser F
1
1
4
8234 251
7
W W Val 131v lit g 4s
/
1
6713 823
1996 75 8 89 Bale 794
1940 3 J 84 __ a _ 85
4
/
1
4
85
73 85
1
Bangor & Aroostook let 5s 1943 1 3 10618 10612 1053 Mar'34 ___- 101 1053
4
4
Con ref 4,
9112 73
1951 J 1 9034 Bale 90%
76 9113 Cleveland & Mahon Val g 5.1938 J J 10038 __ a _ 9934 Mar'34 a_-9912 997
Battle Crk & Stur let gu 38.1989 J D 55 Bale 63
1
60 63 Cleo & Mar 1s8 gu g 41
63
3_1935 51 N 1004 _ _ a _ 994 Feb'34 __-..
/
4
994 1011
,
Beech Creek let gu g 48
1004 22 90 10014 Cleo & P gen gu 41 ser B...1942 A 0 100 __ a 98 June'33 --- ___-_.
1936 3 1 100 Sale 100
/
4a
2d soar g be
984 Mar'34
1936 3 J 97
- 92 984
/
1
Series B 31
/
4s
1942 A 0 8614 ____ 86 Jan'33 ---- ____ ____
Beech Creek ext hag 31s...1951 A 0 78 ____ 83 Mar'34 _--Series A 434a
/
4
83 83
1 J 100 ____ 10014 Dec'33 --- ____ ____
1942
Belvidere Del cons gu 3 5_1943 1 J 92
Series C 34s
/
1
4
/
1
1948 MN 8514 ___ 91 Aug'33 ---- _-__ _--Big Candy let 4s guar
954 10012
/
1
194-43 D 100 4
10013 Mar'34.
3
Series D 3348
1950 A F 85 ____ 83 Oct'32
Boston & Maine let Si A C.1967 M S 8714 Bale 85%
38
73 8712
874
Oen 434 ser A
,
1977 F A --------91 Sept'33 --2 ____ a _
it M 65 eerie" II
8712 49
1955 M N 8712 Sale 86
Cleve Sho Line let gu 41
734 88
974
/
43_1961 A 0 994 102
98 4
3
3 82 .
98%
lit g 41 ser JJ
/
4s
8178 81
8178 41
1961 A 0 81
68 823 Cleve Union Term let 5348_1972 A 0 993 Sale 994
8
4
9934 38
844 100
Boston ANY Air Line let 481955 F A 694 Sale 6913
701
9
lat s f Si series B
51
7313
4
95
15
1973 A 0 947 Sale 943
82 95
Bruns & West let au g 45_1938 1 3 97 8 9812 9812 Mar'34 ____
88 9812
/
1
4
5
Islet guar 41 series 01977 A 0 88 Sale 8714
/
4s
8912 53
75 90
/
1
4
Buff Hoch & Pitts gen gs be_ _1937 M S 104 Sale 103% 104
997
4
97 10414 Coal River Ry let gu 4s_ _1945 J D 9912 ____ 99%
2
95 100
Consol 434e
1957 M N 76% Sale 757k
5
763
56
60 77 Colo & South ref & ext 430.1935 75 N 97 4 Sale 963
3
97
71
84 97
/
1
4
Burl C R & Nor lat & coil 58.1934 A 0 37 42 4013
401
1
3514 481
4
General mtge 43.48 ser A-1980 51 N 80 Bale 7814
/
4
55 811
81'i 103
Certificates of deposit
..
30 52 34 Jan'34 ___.
34 Col & EL V 1st ext g 4s
84
1948 A 0 10018 102 1001a 10018
1
96 101
1955 F A 1003 ____ 101
Col & Tol 1st ext 48
4
101
10
97 101
Canada Sou cons gu 5, A._ _1962 A 0 10413 Sale 10313 1041
14
92 1044 Conn & Passum RI, lit 4a 1943 A 0 69a _ 77 June'33 --- -Canadian Nat guar 434a__ _ _1954 M
1034 Sale 1034 1041
21
9853 104% Consol Ry non-cony deb 4a 1954 J J 5013 58
5613
564
1
43 . 34
148:30
-year gold guar 41
5_1957 J 3 10412 Sale 104% 10458 44
/
4
984 104
1955 J J 59
/
1
4
Non-conv deb 45
__ 5713
574
1
50 68
Guaranteed gold 433a_ _1968 j D 105 Sale 10413 1051
45
994 1053*
Non-cony deb 4a
1955 A 0 __ 80 59 Mar'34 --ass 59
Guaranteed g Si
July 19691 J 110 Sale 10913 11014 91 105 1104
Non-cony deb 41
1958 1 3 58
60
58 Mar'34 --44
581:
Guaranteed g Os
Oct 1969 A 0 110% Bale 1104 11034 137 104% 1107 Cuba Nor Ry 1st 51
8
19423 D 2938 Sale 29
/
4s
19
/ 39
1
4
3214 38
Guaranteed g I
11034 26 105 11054 Cuba RR let 50
/
1
4
4
1970 F A 1103 Sale 110
274 17
-year 55 g 1952 J J 254 Bale 251a
18 324
Guar gold 418_311ns 15 1965.7 D 108 Sale 107 4 1083* 87 1021s 1085
/
4
3
lit red 71 series A
*
: 254
/
41,
8
1614 30
19353 D 2$18 Sale 241
Guar g 4 3.4.
5
1074 50 100 10712
1956 F A 1067 Sale 106
let lien dr ref 6a ser B
1938 J D 244 27 2613 Feb'34 ....15
29
Guar g 41/4e
Sept 1951 M S 106% Sale 1064 10712 73 10081 10711 Del & Hudson 1st & ref 4a...1943 51 N 95 Sale 93
80 95
/
1
4
95
216
Canadian North deb at 75_ _1940 J D 10813 Sale 1073
4 1084 78 105 1081:
fis
1
102
1935 A 0 102 1024 102
97 10214
25
-year a f deb 61
/
4s
/
1
4
19463 J 117 118 11714 1173
4
9 10834 11811
Gold 51
/
4
5
4
1937 MN 1023 Bale 102
92 10214
1023
4 53
10-yr gold 4/
1
4
11__Feb 15 19363 J 1023* 10234 10212 103
17 loots 103 D ER & Bridge lit (111 g 45_1936 F A 101
_ _ 9912 Feb'34 ---9914 9913
Canadian Pao Ry 4% deb!Mock- - ma- 79 4 Sale 79
3
80
226
61
804 Den & R 0 let cons g 4*
1938 J 3 54 Bale 53
3513 5618
554 177
Coll tr 4 yo
96
35
108 M 8 96 Sale 94
7434 96%
Consol gold 41
/
4
,
19363 J 5513 5912 547
42
594 20
593
Si Klub) tr Otte
19443 J 10512 106 1044 106
49 994 106
Den & R 0 West gen ba Aug 1955 F A 23 4 Sale 2314
174 32
3
2434 110
Coll tr g get
. .
98% 127 '77
-Deo 1 1954 3 D 9818 sale 974
/ 99
1
4
Ref & Impt Si ser B-Apr 1978 A 0 3818 Sale 3713
107
337 4013
4
39
Collateral truat 41
- /
914 146
4
8..._ _1960 J J 9118 Sale 894
7118 9112 Des M & Ft Dodge 43 ctfa_1935 1 J
57
8 8
4
811
7 5 Mar'34 --__
7
Car Cent let cons g 43
3212 3712 Des Plaineo Val lit gen 41
1949 3 3 351t ---- 374 Mar'34 _ _ - a
71
__ 71 Feb'34 __._
65
3_1947 51 8
4
Caro Clinch &01st 30-yr 54_1938 1 D 1044 Bale 1044 1044 28
953 1044 Det & Mao 1st lien g 4s / 1955 J D 69%-20
20
20
25
20 Mar'34 ____
lit & cons g 6s Der A-D 15'52 J D 105 Sale 1033
4 10514 42
90 10514
/
1
4
Second gold 44
19953 D 10
20
30 July'33 -----------Cart & Ad let gu g 4s
81
13
1981 J D 81 Sale 80
70 81
Detroit River Tunnel 43.43_1961 51 N 10014 Sale 100
34 101
101
20
Cent Branch U P lit g 45_1948 1 D 43
504 10
50 5015
28
5018 Dul Miasalie & Nor gen 5s
1941 1 3 10514-_ 1034 Jan'34 -- 103% 103 3
,
iCentral of Oa let g 5s-Nov 1045 F A 574 6012 5712
58
7
41
60 Dul & Iron Range let 55-.1937 A 0 1058* 1053 105
1053
- 4
25 1021, 106
Consol gold Si
4
334 18
35 323
22
1945 MN 33
37% Dul Sou Shore & All g be._ _1937 1 J 464 481 48
234 4912
491
9
Ref & gen Still "erica 13_1959 A 0 228* Sale 20
223
10
121 254 East Ay Minn Nor Div 15148'48. A 0 925
8_ 974 Mar'34
8911 974
Ref. & gen S. series C___ _1959 A 0 2252 24
2218
23
31
125* 2595 East T Va & Ga Div let 58_1956 MN 10138 104 1024 Mar'34
91 1047
3
Chatt Div pur money g 4s.1951 J D 3313 3812 36 Mar'34 _ a __
18
37 Elgin Joliet & Eaat 1st g 54_1941 MN 10178__1013
94'10l2
4 1013
1
Mao & Nor Div let g 55A9463 J 3314 --- 35 Jan'33 ----. El Paso & SW 1st 58
1965 A 0 90 99 90
8111 90
90
1
Mid Oa & Ail Div pur m 5a '47 1 J --------21
20
Jan'34 ---- ----- - Erie & Pitts g gu 31 ser 13..1940 3 J 9714 ___ 96 Feb'34____
214
/
1
/
4a
9414 96
Mobile Div let g /
1945 3 3 30
1
1
4
3878 33 Mar'34 __-_
28
35
Series C 31
/
4s
1940 3 J 9714 971 9713 Mar'34
95 9713
95
Cent New Engl let gu
_1961 J 3 7812 Bale 784
7913 13
65 81
Erie RR let cons g 4s prior_1996 1 J 89% Sale 8813
794 91
90
58
Cent RR & likg of Ga 43_- 1937 M N 70 Bale 70
I
coil5a
53
70
70
let consol gen lien g 48_1996 1 J 7612 Sale 74
6614 7813
77
109
Central of NJ gen g bs
8
93 105
19873 3 10314 Sale 10314 104
Penn colt trust gold 4i_1951 F A 101
_ _ 100
9918 100
100
3
General 45
78
1987 3 J 851. 95 90 Mar'34 __ ...
9114
50
-year cony 44 serial A
7412 27
1953A 0 74 Sale 7114
625* 744
Cent Pao let ref(U a 4a_ _ a1949 F A 92% Sale 9113
/
1
7512 934
93% 181
Berke B
195 A 0 74 Sale 718*
74
63
74
19
Through Short L let n7
924 36
Bale 9013
73% 9212
15_1954 A 0 924
Gen cony 45 series D
1953 A 0 7113 Sale 69
714
724
3 82
Guaranteed g Si
8212 175
eV. 8578
1960 F A 524 Sale 8018
Ref & impt be of 1927_ _l967 NI N 7314 Sale 7013
74
179
604 744
Charleston & Say'll lit 71_19361 3 1031/4 ..- 10314 Feb'34 ____ 103 103
/
1
4
Ref & impt Si of 1930_197 A 0 7313 Sale 71%
733
60
7334 192
Chem & Ohio let con g 50-1939 MN 10818 1084 108
10812 31 10312 10812
Erie & Jersey 151st 6a
1955 J J 10818 110 10614 Mar'34 __a_
96 10613
General gold 434.
48
/ 107
1
4
9834 108
1992 FA 8 107 Sale 105
Genessee River let. I 6/1_195 J J 1064 Sale 104% 107
21
97 107
Ref & impt 414s
10112 82
1011 Fla Cent & Pen lit cons g be 194 1 J 40 _ __ 43 Mar'34 ____
Bale 100
/
4
1993 A 0 10113
885*
34
45
Ref & impt 4/ ser 13
1
4
"
86121011* :Florida East Coast 1st 41
10115 351
1995 1 J 101 Bale 100
63
/
1
4
/
48_195 1 D 62% Sale 6214
59
6214 10
Craig Valley 1s1 ba_May 19403 J 10212 105 10118 Feb'34 _ _
974 10113
let & ref ba series A
1974 M S 1314 Sale 12
/
1
4
1314 33
11
19
Potts Creek Branch lit 43_1945 3 3 96
9812 94 Mar'34 a _ _a
9013 94
Certificates of deposit
1218 Sale 12
11
124 20
174
R & A Div lit con g 45_1989 J 3 1003 10138 100% 1007
1
4
9712 10112
2d consol gold 41
99
1989 J 3 99 Sale 9718
9 874 99
Warm Spline V lat g 58_1941 M S 1004 103 99
99
1
99
9911
For rootnotes see page 2383.
.
.
-- --
.............0.11.1,
I
.
New York Bond Record-Continued-Page 3
2380
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 6.
:1,4
''' ,..
to
.i. t
....,
..
Price
Friday
Apr. 6.
Week's
Range or
Last Sale.
.4_
F,:..`°
al,
"2
Bid
Railroads (Continued)High 78'o.
Ask Low
:
Fonda Johns & Gloy 434s__1952
Proof of claim filed by owner_. MN
11
13
1018 ____ 12
(Amended) let cons 2-48..1982
5
Proof of claim filed by owner M N
6
6
6
7
Fort St U D Co let g 148__1941 1 J 88
0713 83 Feb'34 _-_Ft W & Den C let g 533s____1961 J 0 10418 ____ 10414 10414
1
Galv Hous & fiend lot 533s A '38 A 0
Gs & Ala Ry let cons 59 Oct 1915.8 J
Ga Caro dr Nor let gu g 551929Extended at 6% to July 1 1934 .1 .1
Georgia Midland let 3s____1946 A 0
Gouv & Oswegatchle let 59_1942 J D
Or It dr I ext let gu g 434s_ __1941 J J
Grand Trunk of Can deb 78_1940 A 0
15
-year s f 6s
1936 hi S
Grays Point Term let _
1947 J D
Great Northern gen loserA _1936 J J
5slet & ref 44s series A
1961 J J
General 54s series B
1952.3 I
General bs serlea C
1973 .1 J
General 434e series D
1976 J 1
General 434s series E
1977 J J
Green Bay& West deb cue A____ Feb
Feb
Debentures ctfs B
Greenbrier Ry let gu 48
1940 M N
Gulf Mob & Nor let 5349 13.1950 A 0
let mtge 65 series C
1950 A 0
Gulf & S I let ref & ter 5sFeb 1952 J J
Stamped (July 1'33 coupon on) i .1
Hocking Val let come g 449_1999 J .1
Housatonlc Ry cons g 6s
1937 MN
II & T C let g Is int guar
1937 J .1
Houston Belt dr Term let 59_1937 J J
Hud dr Manhat 1st 5sser A 1957 F A
Adjustment income 5s Feb 1957 A 0
823 85
4
23
25
86 Mar'34 ---2313 Mar'34 __--
2712 50
26 Feb'34 ---5018 5312 5313
I
5312
85 100 100 Jan'33 ____
100
_-_- 10018 Mar'34 ____
10812 Sale 1073
4 1087
8 77
10618 Sale 1057
8 10614 42
_ _ 96 Nev.30 _
59
9812 Soloi:I.
9612
0812 .i
8
9712 77
9712 Sale 925
95
95 Sale 90
52
88 Sale 8512
38
88
813
4 40
813 Sale 784
4
8178 166
815 Sale 78
8
30
55
26 Feb'34 _-__
54 63
4 6 Mar'34 _
993
4
9912 Mar'34 82 Sale 81
19
82
78 Sale 75
25
78
653 ---- 70
70
4
5
653 -- 55 Dec'33 ____
4
1043 ---- 0412 10514 10
4
10012 ____ 997 Mar'34 ____
8
1
8 1027
8
1027 ---- 027
z4
9978 Sale 993
4
5
994
77
86
85 Sale 8312
4412 Sale 39
4412 319
Illinois Central let gold 49 1951 1 J 100 _-__ 100
1
100
let gold 334s
1
9213
1951 i J 9212 Sale 9212
Extended let gold 34s
1951 A 0 92 ____ 0218
1
9218
1st gold Is sterling
1951 M S
73 Nov'30
825
8 36
Collateral trust old 45_ _1952 A 0 825e Sale 804
Refunding 48
1955 MN 86 Sale 8412
25
86
Purchased lines 3338
1952 J .1 76
80
803
4
803
4
3
Collateral trust gold 49_1953 M N 765 Sale 754
7714 90
8
Refunding 59
1955 M N 9614 97
2
96
97
15
-year Becured 6349 g
101 Sale 100
1936
10112 17
40
-year 44s
Aug I 1966 F A 73 Sale 7013
265
73
Cairo Bridge gold 4s
1950 J D 96 ____ 9314 Mar'34 -_ Litchfield Div let gold 39_1951 J J
_ -- 80
1
80
Loulsy Div at Term g 3491953 J 1 7782
7713 Mar'34 ---84
73
Omaha Div 1st gold 3s_
1951 F A 7114
73
I
9t Louis Div & Term g as_1951 J .1 75_ 76 Mar'34 ---Gold 34s
1951 J J 81 - - 78
8113
8012
8
Springfield Div 1st g 3343_1951 .1 J 81
83 80 Mar'34 ---Western Lines 1st g 414_1951 F A 80 ____ 8612 Mar'34 ---Ill Cent and Chic St L &N- 0
Joint let ref 59 series A
8414 159
1963 J D 8414 Sale 8012
let & ref 4348 series C
7712 30
4
1963 J 0 774 Sale 753
Ind Bloom & West let eat 45 1940 A
Ind III & Iowa let g 4s
1950 J
Ind & Louisville 1st gu 48
1956 I
Ind Union RY gen be ser A 1965 J
Gen dr ref 59 series B
1985 ./
:Int & Grt Nor let eisser A 1952 1
Adjustment Os ser A_July 1952 A
let As series D
1956 J
lat g bs series C
1956 J
Int Rya Cent Amer let 55D 1972_ M
1st coil trust 6% g notes_1941 M
let lien & ref 649
1947 F
Iowa Central 53 ctfs
1938 .1
let & ref 548
1951 M
0 89
9712 11
__ 0712
50
1 8938 _88
884 15
25 Feb'34 ___37
J 17
103
.1 103 Sale 103
i
J 1023
- 103 Mar'34 -.1 39 4-; 37
, 4-1 12
4
96
40
1412 113
0 1414 Sale 1314
3614 58
J 3614 Sale 3413
J 36 Sale 343
4
364 33
N 6012 Sale 59
8
617
8
N 561
4- 6212 Mar'34 --A 58 2
58
6112 5712
II
'2
D 11 Sale 11
4 Sale
5
5
4
4 11
James Prank & Clear 1st 431_1959 1
Kal A & G RDA gu 858
1938 J
Kan & M let gug 4s
1990 A
K C Ft SAM Ry ref g 4s... _1936 A
Certificates of
___ _ _ A
Kan City Sou let gold 381950 A
deposit__Ref &Inapt bs
Apr 1950 J
Kansas City Term lst 4s____1960 1
Kentucky Central gold 49___1987 J
Kentucky & Ind Term 449_1961 J
Stamped
1961 1
Plain
1961 1
D 8612 sale
___
1
894 92
0 1000 48 Sale
8
0 ____ 457
0 76 Sale
J 8114 Sale
J 100 Sale
J 994 Sale
J 83 Sale
05
J 85
J 8412
Lake Erie & West 151 g 55_ _1937 .1 J
2d gold ba
1941 J .3
Lake Sh & Mich So g 334s_ _ _1997 .1 D
Lehigh & N Y let gu g
_1945 M S
Leh Val Harbor Term gu 58_1954 F A
49_Leh Val NY Ist gu g 449_ _1940 J 1
Lehigh Val (Pa) cons g 4s
2003 M N
General cons 434s
2003 M N
General cons bs
2003 M N
Leh V Term Ry let gu g 59 1941 A 0
Lox & East 1st 50-yr 5sgu1965 A 0
Little Miami gen 40 series A_1962 M N
Long Dock cosset gOs
1935 A 0
Long Island1938 1 D
General gold 45
Unified gold 4s
1919 AA 9
1934 .1 D
Debenture gold 544
20
-year pm deb 55
1937 M N
Guar ref gold 45
1949 M S
Louisiana & Ark 1st bs ser A.1969 J J
Louis & Jeff Bdge Co gd g 49 1945 M S
1937 MN
Louisville & Nashville 59
1940.8 1
Unified gold 48
let refund 5348 series A
2003 A 0
2003 A 0
lst & ref ba series B
2003 A 0
let dr ref 4348 series C
Gold be
1941 A 0
Paducah & Mem Div 45_ _1916 F A
St Louts Div 2d gold 39
1980 M 9
Mob & Monte 1st g 4tis 1945 54 s
South Ry joint Monon 444_1952 J J
All Knoxv & CM Div 41955 MN
85
8612 33
103 Mar'31 ---,
8914
5
8914
79
45
48
1
43
43
74
70
74
8212 46
797
8
120
983
4 100
7
98
993
8
83 Mar'34 ____
85
85
I
89 Apr'30 --- -
57
994 Sale 9812 100
2
89
89
8912 95
904 Sale 89
9013 13
8012 13
79
78
81
5
10012 1074 10012 10012
9612 13
9612 Sale 95
6314 91
6314 Sale 6118
6912 25
6914 Sale 6714
2
7614
4
76 -- 753
4
10414 Sale 10414 10414
2
105
104 - - 104
95 166 97 Feb'34 --__
14
1024 103 10113 10214 12
10214
_ 10214
10178
5
99 Mar'34 ---99
10012 101 10012 Mar'34 - - -,
29
102 Sale 10112 102
40
4 100
993 Sale 983
4
72
4
66
653 Sale 643
4
9713
7
975 9812 9712
8
10534 10
1053 Sale 10518
4
4 10112 158
10112 Sale 1003
10312 Sale 10212 10312 28
101
53
10014 Sale 99
9512 Sale 933
4
957 145
8
5
10412 105 10413 105
7
96
964 953
4
96
19
70
a6918 Sale 68
10012 ____ 10012 Mar'34 __-23
82
82 Sale 80
9812 Sale 9714
9812 31
1934 .1 i 10011_, 10014 Feb'34 ____
Mahon Coal RR 181 58
7112
7312
1
hia.nila RR (South Lines) 49_1939 M N 7114 - - 7112
8
724
7214
let ext 4s
1959 M N 7214 75
1
10012 10012
8
Manitoba SW Colonlza'n 18 1934 J D 1005
79 Mar'34 ---75
Man GB &N W let 334s__ _1941 J J 06 Men Internet let 45 as.std_1977 M S
14 ---- 2 Mar'34 ---Michigan Central Detroit & Bay
5
102
City Mr Line 4s
1940 J J 102 Sale 102
79 May'26 ---88
Jack Lens & Sag 349_
1951 M S 80
934 14
let gold 334s
1952 MN 9318 Sale 92
90
8
Ref & inapt 434o ser C_ _1979 J J 90 Sale 90
834 Mar'34 ---92
Slid of N J let ext As
1940 A 0 80
0412 22
Sill & Nor let ext 440(1880)1934 1 D 9412 9518 94
9112 27
Cons ext 434s (1884)
1934 J D 91 Sale 91
13
74
Mil Spar & NW let gu 4s
1947 M S 74 Sale 73
e
For footnotes see page 2383.
April 7 1934
4,
4
Price
Week's
`t IX
4
.g
.
, Range
Range or
t
Friday
R.2
Since
-.a. Apr. 6.
Last Sale.
65 ,...
Jan. 1.
Railroads (Continued)
Low
High
Ask Low
-Bid
High No Low
High
hiliw & State Line let 345_1941 1 J 72
75
75
2
703 75
4
712 13 :Minn & St Louis 68 ctfs---1931 MN
7
- -12 9 Mar'34 ---9
24 9
412
45
413 Sale
let & refunding gold 4s1919 M 0
8
4
212 578
34 6
23
4 44
3 Mar'34 ____
3
6
Ref & ext 50-yr 5s ser A___1962 Q F
Q F
314 414 413 Feb'34 ----14 43
83
85
Certificates of deposit
4
9614 10414 M St PASS M COO g 45150 gu '38 J . 454 Sale 43
454 63
1
3434 49
1938 J J 32
38
37
38
let cons 55
7
3318 424
51
let cons 59 gu as to Int
75
86
19
38
1938 J i 51 Sale 48
56
let & ref Os series A
1946 J 1 33 Sale 33
1513 26
20
35
8
33
1040 M S 29 Sale 29
29
25
-year 548
1612 32
8
let ref 534s ser B
2014 27
753A
1978 J J 744 Sale 7414
60
7
77
1941 MN 75 ____ 85
Jan'34 _--lot Chicago Term of 4s
40
54
85
88
__
1949 .8 3 7512 ____ 764 Feb'24 __
7612 774
---- ---- Mississippi Central let 5s
953 10018
4
21
J 20
21
21
Mo-Ill RR 1st 6s ser A ._ 1959 ..1
105 109
6
14
20
10258 1064 Mo Kan & Tex lot gold 45_1990 i D 887 Bale 873
4
8
757 90
8
48
89
_ __
_ hio-K-T RR pr lien 5s ser A.1962 1 J 87 Sale 8314
65
87
70
9112
74
g6 --7
40
-year 48 series B
1962 1 J 74 Sale 73
9912
614 79
78
9713
7812
7812
6
Prior lien 434s ser D
1978 J J 7813 80
6318 81
Cum adjust 55 ser A_Jan 1967 A 0 56 Sale 55 4
7612 9512
4412 6212
159
,
59
3213 Sale 30
3213 39
Me Pee let & ref As ser A 1965 F A
687 89
8
2512 39
27
27
2812 30
___
67
82
22
28
1
Certificates of deposit
Sale 14 4
3
16
203
6618 814
General 4s
1113 203
1975 M 9 16
4
1077 M S 3212 Sale 2914
3814
3212 226
24
26
26
let & ref ba series F
29 Sale 263
4
29
15
2314 35
Certificates of deposit_
6
84
3214 32
181 3214 Sale 2913
9812 9915
1978 Silot & ref 58 ser 13
2412 3312
29 Mar'34 __-_
_
2812 30
6213 82
29
Certificates of deposit
2912
144 151
8
Cony gold 5348
59
78
1612
1949 iiiN 1312 Sale 13
30
3214 43
8
24
188 ref g 59 series H
57
70
3818
1980 A 0 317 33
_
34 Feb'34 _--_
2812 30
234 34
Certificates of deposit
33
1081 F A 32 Sale 30
208
2414 3812
lot & ref 58 ser I
983 1053
8 -- 4
283
4
4
7
26
82 100
33
Certificates of deposit_ 283 Sale 26
7214 8413
84 Mar' ---34
8
6
5 N 84
97 10278 Mo Pac 3d 79 ext at 4% July 1938 ii85 Mar'34 ---01
85
91
9134 1001 1 Mob & Bir prior lien g 59-1945 J -1 80
91 Feb'34 _--_
85
J J 83
89
72
91
8858
Small
Jan'34 ---60
48
60
1st M gold 4s
32
504
1945 J 1 ---- 77
8
J J ___ 723 80 Feb'34 ---_
55
80
Small
99
994
9214 100
:Mobile & Ohio gen gold 49_1938 M 8 -,-- 974 9912 Jan'34 ____
1912 27
3
4
Montgomery Div lot g gg_1947 F A 2218 243 25 Mar' 4 ---,
83
9212
1612
17
3
1077 M 6 1612 18
10
208
Ref & impt 4349
924 93
1814
1
14
23
1938 M S 1714 1812 1814
Sec 5% notes
_
8814 75 Sept'33 ____ _
6814 833 Mob & Mallet gu gold 48-1991 M S 83
4
iii 109
s --1537J J 10212 Sale 10112 10212 23
74
8818 Mont C lot gu Os
10014 22
81 1004
1st goner gold ba
1937 J J 10014 Sale 99
63
76
743 8714
4
874 69
6213 7958 Morris & Essex let gu 3348_2000 J D 8714 Sale 854
1055 M N 10018 Sale 99
7
10018
77 1004
81
97
Constr M 55 Ber A
73
95
35
95
1055 hi N 0314 95
93
90 102
Constr hi 4349 ser 11
5812 76,
3
00
9012 16
903 92
4
8212 92
9314 Nash Chatt dr St L -laser A 1978 F A
85
1937 F A 1024 _--- 10212 Mar'34 ___99 103
N Fla & 9 let gu g 59
75
80
__
76
7712 Nat Ry of Mex or lien 445_1957 J .1 --------18 July'28 ____
iii 114
3 12 53
23
4 314 3
Assent cash war rct No 4 on --73
73
4
Guards Apr '14 coupon 1977 A 0 --------123 July'31
66
76
2's i
34 37
8 24 Mar'34 ____
Assent cash war rct No 5 on ---69
8012
Nat RR Men pr lien 4349 Oct '20
67
80
4
8 4
23
4 478
1
312 47
Assent cash war rct No 4 on - 75
8612
22 Apr'28
1951 A-0
1st consol 48
3
37
s
5"
Assent cash war rct No 4 on _,, - ____--- 4 Mar'34 ___
843
68
4
__ _
_
7112 Nov'32 ____
N ___- 82
62
1954 m 7914 Naugatuck RR let g 40
8
85 "8i
New England RR cons So..1945 J .1 883 ---- 87 Mar'34 ___
8113
8112 Mar'34 ___
66
4
Consol guar 45
1945J .1 813 ---95
9712
____ 8212 Feb'34 ___, 82, 8212
9
75
883 NJ Junction RIt guar let 40 1986 F A 84
8
5713 7218
714 37
71 Sale 69
New On Great Nor Is A __i983 J J
25
25
7
6812
54
70
NO & NE 181 refacimpt 434e A '52 1 J 6812 Sale 67
9813 103
8
623 83
4
6
4
823
New Orleans Term let 4E1_1953 J 1 825 8412 8212
100 103
24 Mar'34 ___16
293
4
4
283 4412 IN 0 Tex & Met n-o(no 66_1935 A 0 2412 28
1054 A 0 2512 27
25
195 32
8
28
26
1st As series B
9
1814
2558
8
5
26
204 33
1956 F A 255 29
let 58 series C
25
4012
6
257
8
1714 3112
1st 434s series D
1956 F A 2412 25703 2578
25
41
2018 33
2714
284 15
1954 A 0 274 28
4518 62
1st 5349 series A
97 101 12
494 6212 N & C Bdge gen guar 4348_1945 J J 9912 1002 9912 10112 26
8
N Y B dr MB let con g 59_1935 A 0 10212 --- 1017 Mar'34 ____ 10114 102
434 58
411 113
8
9912 123
8
83
24 512 N Y Cent RR cony deb 6s 1935 M N 993 Sale 9918
9912
209
88
4
733 90,2
8
C0080149 series A
1998 F A 873 Sale 8612
7312 144
694 8612
6014 75
Ref & Impt 4349 series A 2013 A 0 734 Sale 70
149
80
67
2013 A 0 7934 Sale 77
8014
___- ---Ref & imin 58 series C
894 232
794 894
79
8914 NY Cent & Mid Itly 54 33451997 J i 8918 Sale 8714
85 1004
1001e 14
36
5334
Debenture gold 45
1934 M N 100 Sale 100
13
98
8018 98
3512 5012
30
-year debenture 4s
1942 1 J 98 Sale 96
7314 118
60
75
Ref & knot 434s ser A
2013- - 7314 Sale 7014
6212 76
6918 8212
8212 65
6713 83
Lake Shore coil gold 345_1998 F
--A 8114 Sale 81
8214 188
9318 100
71
Mich Cent coil gold 334e.....1998 F A 82 Sale 80
8214
904 993 NY Chic & St L let g 4s
8518 9834
983
4 67
8
1937 A 0 9814 Sale 9778
153
76
83
8314
5513 7 4
Refunding 5349 series A 1974 A 0 76 Sale 74
63
453
66
4714 674
Ref 4345 series C
73
85
1978 hi S 66 Salo 6312
73
200
49
7412
1935 A 0 73 Sale 70
3-Yr 6% gold notes
96 101
4 10318 55
NY Connect 1st gu 434o A,1953 F A 1025 10314 1023
8
lot guar As series 11
8313 100
1953 F A 10514 _--- 105 Mar'34 _-__ 101 105
N y Erie 1st ext gold 49
70
90
933 9/12
4
1947 M N --------9712 Mar'34 ____
------100 Mar'34 ___ 100 100
3d extended 434s
1938 NI S
81
903
4
68
8512
3
853
8
57
8012 N Y Greenwood L gu g 59_1916 M N 853 Sale 8514
8
91
1
86
9712 91
8211 10012 NY & Harlem gold 3 As_ _ _ _20(10 M N 89
9514
834 9613 NY Lack & W ref 434911_1973 M N 10412 ____ 100 Feb'34 ___ 100 100
47
647 NY A Long Branch gen 4s 1941 M S 925 ____ 76 June'33 ____ ____ __
8
8
_
__ 9512 June'29 ____
N Y dr N E Boat Term 4s
71
52
1939 A 0
547 65"
6012 65 65 Feb'34 ____
____-8
54
7614 N Y N H & H n-c deb 48
1947 M 9 90-51
63
Non-cony debenture 343_1947 M 8 53
94 10414
6014
5812 Mar'34 ____
55
12
Non-cony debenture 349_1954 A 0 5312 Sale 52
91 105
45
56
95
9712
58
5912 36
Non-cony debenture 49_1955 I J 5918 611
5478 63
, 597
8 29
8
Non-cony debenture 48
52
64
99 10214
1956 M N 597 Sale 58
52
Cony debenture 334s
37
1956 J J 52 Sale 5112
45
594
83
114
Cony debenture Os
994 10214
1948 .1 .1' 83 Sale 7812
7114 863
4
83
8
95
9918
63
Collateral trust Os
71
1940 A 0 827 Sale 79
8612
53
34
1957 M N 53 Bale 52
10018 102
44
Debenture 4s
58
673
4 24
933 10214
4
5712 693
Ist & ref 434e ser of 1927_1967 J D 6714 Sale 6414
4
97
Harlem R & Pt Ches let 481954 M N 9612 Sale 954
9212 100
8334 97
6
5712 71
4
684 101
5018 6812 NY 0& W ref g 49____June 1992 M S 68 Sale 663
84
63
9712
34
General 4a
50
704
1955J D 62 Sale 6113
Jan'34 ____
8
102 1053 NY Providence & Boston 4s1942 A 0 925 ____ 90
4
90
90
944 10112 N Y & Putnam let con gu 48_1993 A 0 8612 Sale 8612
8612
2
717 8612
8
NY Susq & Wait let ref 55_1937 1 J 69 Sale 69
9258 104
50
74
6912
8
43
55
55 Mar'34 ____
70
2d gold 434s
00 10113
1937 F A 40
8
83
954
General gold be
1940 F A 5212 5812 547 Mar'34
383 57
4
10112 105
97
9514 Mar'34 ____
Terminal 1st gold bs
1943 M N 92
225 9511
8
82
9612 N Y Westch & B let ser I 4348'46.8 1 533 Sale 51
42
8
554
6312 74
607 70
8
9612 10013 Nord Ry ext sink fund 6%8_1950 A 0 1403 Sale 13812 14013 30 128 14012
8
*
044 83 :Norfolk South let & ref 58..1961 F A
•
09
1512
____ __._ 1512
85
73 174
4
9
Certificates of deposit
*
•
:Norfolk & South 1st g .58_ _1941 M N
1004 101
N dcW Ry 1st cons g 4s
983 103
4
76
8
4 103
1998 A 0 1025 Sale 1013
574 75
10312 14 1004 10612
Div. let lien & gen g 4.4_1944 J J 10318 10412 10314
'
65
7214
Pocah C dr C joint 48
993 1033
2
4
4
1941 J D 10312 Sale 10312 10334
Oct'33 ____ ____--__
99 10012 North Cent gen & ref 541 A 1974 M S 10312 __- 92
99'2102'2
Gen & ref 434s series A
597 70
8
9912 Feb'34 ___.
1974 M 9 100 foo
35
5212
214 :North Ohio 1st guar g 59_1945 A 0 5314
_ 47 Mar'34 ____
2
353 5314
4
6
5314
April 1933 coupon on
40 16 534
....
35
43
Jan'34 ____
5s ex April & Oct coupons _______ _ _
94 102
43
47
52
8
343 47
8
47
Certificates stamped
____ 45
83
98
127
98
gi
1)
.
318 North Pacific prior lien 40_1997 Q 1 973. Sale 96
4
60
69
123
69
7514 90
Gen lien ry & Id g 39 Jan 2047 Q F 683 Sale 68
3
62
7312 89 2
,
18
8312
873e
85
Ref & kept 434s series A__2047 .1 1 88
89
212
8618 102,
4
Ref & impt 6s series B___2047 J 1 102 Sale 9912 102
7814 96
64
65
93
22
7614 953
4
Ref & impt 58 series C____2047 J J 93 Sale 91
6
93
7513 943
4
567 744
8
Ref &!mut 5s series D____2047 J J 93 Salo 9212
Jan'34 ____ 100 100
Nor Ry of Calif guar g 5a___1938 A 0 --------100
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 6.
,i
New York Bond Record-Continued-Page 4
P i
Price
BONDSW
Week's
b
N. Y. STOCK EXCHANGE z.9
t
Friday
Range or
Week Ended Apr. 6.
**P., Apr. 6,
Last Sale.
,.1. •
g .4
04 ,7
2
Range
Since
Jan. 1.
Railroads (Continued)Bid
Ask Low
High No. Low
High
Og & L Cham lit gu g 4s,,,,1948 .1 .1 70
713 67
4
23
72
51
72
8
Ohio Connecting fly lit 48__1943 M S 977 ____ 97 Mar'32 ____
__
__
01110 River RR let g Is
1938 J D 10214 _ - 102 Mar'34
__ 100 1023
-- 8
General gold 55
1937 A 0 1015 102'2102 Mar'34 ____
89 10218
Oregon RR & Nay corn g 0_1946 J D 10012 Sale 9914
10012 40
92 10012
Ore Short Line let eons g 59_1946 J 1 10712
_ 10714 108
18 10414 10818
Guar etpd cons 58
1946.9 J 109
_ 10858 109
7 10412 109
Ore-Wash RR & Nay 4s
1961 .1 3 9714 Sale 953
4
9712 214
8312 9712
Pie RR of Mo let ext g 48._1938 F A 983
98
98
8
9
8714 98
2d extended gold Si
1933.9 J 97 -9812
1
9
822 0811
84
9812
Paducah & Ills lit erg 4 48_1955 J J 1003 __-- 1003 Mar'34 ____ 1003 1007
4
4
4
s
Paris-Orleans RR ext 5 iti_ _1968 M 9 1323 Sale z13114 13312 55 12314 13312
8
Paulista fly let ref it 79
1942 M 9 70
7018
____ 7018
2
50
7018
Pa Ohio & Dot lit & ref 4 As A'77 A 0 993 Sale 987
4
8
85 100
993
4 76
Pennsylvania RR cone g 48_1943 M N
_
__ 102 Mar'34 ____ 101 10218
Consol gold 4s
1948 MN 163 Sale 10212 10314 45 100 10114
45 sterl RBA dollar May 1 1948 M N 10312 Sale 10112 10312 13
9978 10312
Coneol sinking fund 450_1960 F A 1073 Sale 107
10712 45 103 108
8
General 4%s mita A
1965 J D 10012 Sale 985
8838 201
8 10012 268
General Si series B
1988.9 0 10512 Sale 104
106
123
9712 106
15-year secured 650
1936 F A 10614 Sale 10512 1063 289 10334 1063
8
4
40-year secured gold 5s-1964 Si N 10258 Sale 10112 1027 111
9114 103
8
Deb g 450
1970 A 0 90 Sale 8712
9018 240
7814 9012
General 4)(9 series II
1981 A 0 96 Sale 9334
96
8312 96
153
Peoria & Eastern 1st cc as 49_1940 A 0 80 Sale 7712
80
57
80
26
Income 4s
April 1990 Apr 147 Sale 14
8
147
8
7
1914
6
Peoria & Pekin Un let 1150__1974 F A 9614 _ _ 8512 Jan'34
8512 8512
Pere Marquette lit sec A 5s 1956 J J 8312 gale 80
6
8312 --. i
5812 8312
let 49 serles B
1956 J J
72
7112
72
80
9
5014 72
let g 450 Belles C
1980 M S 7412 Sale 72
7412 83
5112 75
Phila Bait & Wash lit g 4s 1943 MN 10338 Sale 103
1035
8
9 10012 103 8
,
General be series B
1974 F A 107 Sale 107
107
6 100 10312
General g 4%s aeries C
1977 J
10112 ____ 10112 10214
9214 103
7
Philippine Sty let 30-yr 9 f 49 1937 J 3 28 gale 28
2312 3114
2912 23
PC C & St L gu 4%s A
1940 A 0 10434 106 10478 1047a
10
Series II 44i guar
1942 A 0 1053 107 105 Mar'34
8
Series C 4%s guar
1942 SIN 1043 ---- 10412 Mar'34
4
MN 100 ---- 9918 Mar'34
Series D 45 guar
1945
Series E 450 guar gold
__ 8912 Aug'33 ____
1949 F A 96
Series F 45 guar gold
1953 J 0 100 ____ 9914
9914 10
Series G 49 guar
1957 MN 101
_-- 101 Feb'34
_
Series It cons guar 49
1960 F A 100
__- 98 Nov'33 ___
Series Icons guar 450-- _1963 F A 1041, ioo 10412 10412
4
1
Series J cone guar 450_ - 1984 MN 10314 ___- 106 Mar'34
_
General M 59 series A_,1970 J D 10438 Sale 10458 10512 19
Gen mtge guar Si ser B_A975 A 0 10512 106 105
1053
4 66
Gen 4%s series C
1077.9 . 10014 Sale 99
1
10014 60
Pitts NleK & Y 2d gu 68
1934 J ----- ----101 Sept'33 ____
Pitts Sh & L E let g 55
1940 A 0 04 _--- r10412Dec'33 ____
1st consol gold Si
1943.9 1
_-- 100 Mar'33 ____
Pitts Va & Char let 49
1943 M N 981'4
Oct'33 _
94
Pitts & W Va let 451s ser A_1958 J D 74
76
73
73
10
let NI 450 series B
1958 A 0 76 Sale 71
76
49
1st NI 4 54s series C
1960 A 0 75 Sale 7018
75
49
Pitts & As let 49 set A...1948 J E 973
8
_- 9414 Mar'34
_
1st gen batteries B
1962 F A
1C16 104
-105
13
Providence Secur deb 48
1957 191 N 36 -- -- 713 July'33 ____
4
Providence Term lit 48
1956 M 9 8712 ---- 8512 Feb'34 __
Reading Co Jersey Cent colt 49'51 A 0
Gen & ref 430 seriesIA
1997 .1 .1
Gen & ref 450 eerles'B_1997 J J
Rensselaer & Saratoga 6e
1941 MN
Rich & Merch let g 4s
1948 M N
Itichm Term Ry ist gu Ss_ _.1()52 .1 J
Itio Grande June let gu 5e 1939 J D
:Rio Grande Sou 1st gold 49_1949 J J
Guar 49 (Jan 1922 coupon)1940 J J
Rio Grande West let gold 49_1939 J J
let con & coll trust 4/1 A 1949 A 0
IR 1 Ark & Louis let 4;0_1934 M 0
Itut-Canada let gu g 49_ _1949 J J
Rutland let con 450
1941 J .1
St Joe & Grand Isid lit 48_1947 J J
St Lawr & Adr let g Si
1996 J J
2d gold 6s
1996 A 0
St Louis Iron Mt de SouItly dr G Div let g 4s
1933 M N
St L Peor & NW 1st gu 59 1948 J J
:St L-San Fran Dr lien 49 A _1950 J ..I
__
Certificates of deposit
Prior lien bs series 13
1950.9 J
Certificates of deposit ---- --Con M 450 series A
1978 M 8
Ctts of depos stamped ____
St L SW lit g 48 bond ctfs_1989 --151N,
2s g 4s Inc bond etfe__Nov 1980.9 J
let terminal & unifying 54_1952 J .1
Gen & ref g be sir A
1990 J l
8t Paul & K C Sh List 4349_1941 F A
SIP & Duluth 1st con g 4 _ ig88 .1 D
8_
St Paul E Gr Trk 1st 4349_1947 J J
St Paul Minn & Manitoba43_
Cone 50 58 ext to July. 1 19
193i j 13
8
Mont ext 1st gold 4
Pacific ext gu 45 (sterling).1940 .1 J
2.1972 j J
St Paul Un Dep let & rot 5
8 A & Ar Pass 1st gu g 48
1943 J J
Santa Fe Preis & Then lit 69_11)42 NI S
Say Fla & West 1st g 68
1934 A 0
let gold be
1934 A 0
Scioto V & NE lit gu 45
1989 MN
:Seaboard Air Lino let g 48_1950 A 0
Certificates of deposit
Gold 48stamped
15500 -- -(-)
. A
Certlfs of deposit stamped__ A 0
Adjustment Si
Oct 1949 F A
Refunding 48
1959 A 0
Certificates of depoait - -7 ,,-::
,
lit & cons 69 series A
1945 Ni 5
Certificates of deposit ____ _,__
Atl & Birm 30-yr let g 48 1933 M 5
:Seaboard All Fla 6s A ctts_1935 A 0
Series B certificates
1935 F A
So & No Ala cone gu fil 58
1938 F A
Gen cons guar 50
-year 58_1983 A 0
So Pao coil 48(Cent Fite colt) 1949 J D
let 450(Oregon Lines) A_1977 M B
20
-year cony Si
1934 J D
Gold 450
1988 M S
Gold 450 with warrants 1960 M N
Gold 4 34s
1981 M N
1950 A 0
San Fran Term let 9_
So Pao of Cal 1st con gu it59_1937 M N
41937 J J
So Pao Coast let gu g 4s
1955 1 J
So Pao RR let ref 4s
1955 1 .1
Stamped (Federal tax)
Southern fly let cons g 55..1994 J J
Devel & gen 48 series A _1956 A 0
1956 A 0
1)evel & gen 6s
1956 A 0
Devel & gin 6%s
Stem DI,1st g bs
1990 J J
1951 J J
St Louis Div 1st g 4s
Ernst Tenn rem( lien g 58_1938 NI S
1938 M 5
Mobile & Ohio coil In 45
For footnotes see page 2383.
9614 97
9312
9618
101 Sale 100
101
1003 Sale 10014 1003
4
4
Oct'30
--------113
38 _--- 40 July'33
1003
4 - - 9934 Jan'34
8638 01 8712 Mar'34
1
114 Oct'33
____
2 ____
314 July'33
87 Sale 86
8713
6318 Sale 6012
6314
*
•
62
70 65
72
7212 7712 7312
74
9612 100 97
84- 84
83 - 912 85
i
.
*
78 Sale
2314 Sale
2112 22
24 Sale
22 2 25
,
2118 Sale
19 Sale
7512 Sale
0
9 Sale
6212 Sale
5334 Sale
33
3458
88 .- -.
7114 Sale
105t4
100
96
107
97
84
85
31
244
73
_ __
_ -_ _
_-_ _ _
____
____
__
i5
58
10
4
2
5
6
•
73
78
40
2218
24
40
20
217
2 51
2312
24
12
2114
2258 18
19
2114 186
1818
1914 77
733
4
7512 39
5712
59
13
6014
6212 48
523
4
55 s 62
31
33 9 13
90 Feb'34 ____
693
8
7114
8
Sale
Sale
983
4
Sale
10412 106
109
100
10058 17
9814 Mar'34 1.06
1071s 14
8012 Sale
10434 105 4
,
____ ----- -- --l018,--*
2012 22
*
22 Sale
7 Sale
7914
803
4 69
105 Mar'34 ____
10014 Feb'34 __ __
100 Mar'34 _ _
10118 1011s
5
2012
22
14
22
63
4
22
7
21
5
10
10
4
---- * 10
1334 Sale 1212
14
95
12 Sale 11
1214 28
*
*
512 6
53
4
6
22
518 6
5
___
Mar'34
103
-- 10234 Mar'34- _
10138 107 10012 Feb'34 __
713 10,8
703 Sale 6918
1
8114 Sale 7912
8158 256
100 10014 100
10018
3
69 Sale 67
693
8 68
6812 Sale 67
69
87
6812 169
683 Sale 6612
e
9612 Sale 9514
97
57
10312 ---- 103 Mar'34 ____
99
___ 99 Mar'34 _
.
86
8814 Sale
89
269
--------9212 May'30 ____
102 Salo 9914
102
205
7012 Sale 68
71
305
9114 Sale 863
4
91,
4 58
95 Sale 907
8
9512 225
____ 937 95
8
95
1
83
89
83
83
5
9812 10118 97 Mar'34 ____
78 Sale 76
783 120
8
BONDS '
N. Y. STOCK EXCHANGE
Week Ended Apr. 6.
b a'
t
-.4..
2381
price
Friday
Apr. 6.
Week's
Range or
Last Sale.
.1_
°.an ,,/
.
4
Range
Since
Jan. 1.
Railroads (Concluded)-Bid
Ask Low
High
High Na. Low
:Spokane Internist lot g 58__1955 J J
14
147 143
8
1
4
143
4
93 17
4
Staten Island fly lot 4 A s__1943 .1 D 6512 ____ 60 May'32 ___- ____ _ .
Sunbury & Lewiston lit 4s__1936 J J 9818 ____ 100 Feb'34 ---- 100 100
-Tenn Cent let 6s A or B____1947 A 0
Term Atkin of St L 1st g 450_1939 A 0
let cons gold 58
1944 F A
Gen refund of g 48
1953 J J
Texarkana & Ft Slit 5%s A 1950 F A
Tex & NO con gold 55
1943.9 .1
Texas & Pie let gold 59
2000 J D
(len & ref 55 series B
1977 A 0
Gen & ref 5s series C
1979 A 0
Gen & ref bs series D
1980 J D
Tex Pie-Mo Pie Ter 530 A _1964 M S
Tol & Ohio Cent 1st gu 5s_1935 J J
Western Div lit g Si
1935 A 0
General gold 5s
1935 J D
Tol 9t L & W 50-year g 4s_1950 A 0
Tol WV & 0gu 48 set C_ _ _1942 M S
Toronto Ham & Buff let g 45 1946 J D
-
64 Sale 61
1047
8
__ 104
10578 ____ 10512
96 Sale 953
4
947 Sale 933
8
4
8014 847 8412
8
106 Sale 10412
84 Sale 8018
8314 Sale 79
82
8412 793
4
86
9014 8512
10014 10214 10014
1003 1013 10138
4
8
100 10118 1003
4
80
843 81
4
98
___ 9618
9018 95
95
24
65
Mar'34 ---,
7
1058
967
8 90
947
g
19
Mar'34 ____
106
39
84
31
8314 85
8212 36
Mar'34 ____
10112 10
10112 13
1
1003
4
2
81
Apr'31 ____
Mar'34 -- __
Union Pie RR lit & Id gr 48 1947 J .1 104 Sale 10212 104
lst Lien & ref 4s
June 2008 M S 9978 Sale 9814
10014
Gold 4%s
1967.9 J 997 Sale 9918
100
8
lit lien & ref 55
June 2008 M 9 10912 Sale 1083
4 10912
40-year gold 45
1968 J D 9412 Sale 94
955•8
U NJ RR & Can gen 48
1944 M 9 1033 ____ 102 Mar'34
8
Vandal's cons g 45 series A 1955 F A
Cons 9 f 4s series B
1957 MN
Vera Cruz & P asst 450.__ A933.9 .1
Virginia Midland gen bs
1936 MN
Va & Southwest let gu bs
2003 1 J
let cons 5s
1958 A 0
Virginia fly let Si series A 1982 M N
lit mtge 4%o series B
19132 M N
10114 105
102 105
103 1041*
9918 101 - :Wabash RR lit gold 59...._1939 M N
____
2d gold As
__
1939 F A
99 -9914
lit lien 50
-year g term 4s 1954 J J
98 101
Det & Chic Ext lit 5s
1941 J J
_
De8 Moines Div lit g 45 1939 J J
10E13 16-- 434
Omaha Div 1st g 350_1941 A 0
10158 106
Toledo & Chic Div g 49 1941 M S
94 10512 Wabash fly ret & gen 550 A 1975 M
943 10612
8
Certificates of deposit.._ _,_ .,_ Ref & gen 59(Feb'32 coup) B'713 1
84 4 1001 1
3
,--A
____ ____
Certificates of deposit ____ - _
____ ____
Ref & gen 450 series C
1978 A 0
____ _--Certificates of deposit ___ - - _
Ref &gen bs series D
1980 A 0
56
7312
Certificates of deposit ____ - 56
70
Warren lit ref gu g 350_
2000 P A
-56
75
Washington Cent let gold 4s1948 Q M
9414 941 1 Wash Term lit gu 3345
1945 F A
101 105
lst 40
-year guar 40
1945 F A
____
__ Western Maryland let 421.- _1952 A 0
let dr ref 550 series A
8112 -8512
1977 J J
West NY & Pa 1st g Si
1937 .11 J
82
General gold 4s
96.8
1943 A 0
86 101
Western Par let 5s sir A
1946 M 8
8612 1007 West Shore let 48 guar
2361 .1 J
8
____ ---Registered
2301 .1 J
____
Wheel &L E ref 450 set A 1968 M S
993 - -34 1 4
99
966 NI S
Refunding 59 series B
73
RR let consol 45
8712
1949 M S
___ ____ Wilk & East 1st gu g Si
,D
1942
_5_
_
_ Will & SF let gold 55
1938 1 D
113 Winston-Salem 8 B let 48 1960 J J
"8 8
4412 6314 :Ms Cent 50-yr lit gen 48_1949 J J
•
Sup & Dul div & term lit 49'36 M N
47
72
Wor & Conn East let 450._1943 J J
5312 77
INDUSTRIALS.
88
97
:Abitibt Pow & Pap lit Si _1953 J D
77
84
Abraham & Straus deb 5;0_1943
797 85
8
A 0
With warrants
Adams Express colt tr g 4.9.._.1948 51 S
•
Adriatic Elec Co eat' 75
1952 A 0
5711 78
Albany Ferrer Wrap Pap 88_1948 A 0
163 28
4
Allegany Corp colt Cr bs
1944 F A
17
26
Coll & cony Os
1919 J D
177 30
9
Coll & cony bs
1950 A 0
18
28
Allis-Chalmers Mfg deb 58 1937 M N
1412 2512 Alpine-Montan Steel let 79 1955 M 8
1412 2412
8412 77
Amer Beet Sug cony deb 69._1935 F A
4259 59
American Chain 5-yr 69
1938 A 0
48
6912 Amer Cyanamid deb 5s
1942 A 0
43
5812 Am & Foreign Pow deb 5s.._ _2030 M 9
24
373 American Ice 8 I deb bs
4
1953 J D
84
93
Amer 20 Chem cony 530_1949 M N
63
71, Am Internat Corp cony 550 1949 J J
4
Amer Mach & Fdy 9 f 691939 A 0
97 106
Amer Metal 551% notee __934 A 0
1
94 100 s Am Rolling Mill cony be__ _1938 MN
,
89
983 Am Sea & It 1st 30-yr Si ser- '47_ A 0
4
A
101 10718 Amer Bug Ref 5
1937 J J
-year Os
Am Telep & Teieg cony 48_1936 M 9
6012 8034
30-year roll tr Si
1946 J D
97 1051 1
35
-year 9 t deb 55
1960 J .1
997 10012
8
20
-year s t 550
1943 MN
992 100
8
Cony deb 430
1939 J .1
9712 10118
Debenture bs
1985 F A
•
IAIn Type Found deb 89_1940 A 0
201* 22
Am Wit Wks & El coil tr 59_1934 A 0
-•
Coll tr 5s ser A let rrts..11, .55 S
15
23
Coll tr Si ser II int rots_ _1 • 4 M S
512 712
Deb g Batteries A
1975 MN
*
718 13
Am Writing Paper let g 69_1947 J
912 1612 Anglo-Chilean Nitrate 7s
1945191 N
812 1430 Ark & Mem Bridge & Ter 59_1964 M S
•
Armour & Co (III) let 450_1939 J D
4
712 Armour dz Co of Del 534s,1943 J J
412 714 Armstrong Cork cony
10058 1023 Associated Oil 6% g deb 5s 1940 1 0
4
1935 NI S
91 10012 Atlanta Gas I. 1st Sinotes
1947 J D
56
747 A tl Gulf & WI SS coll tr bs 1959 3 J
8
6319 8212 Atlantic Refining deb
59
1937 J 3
9213 100,
8
6312 72
Baldwin Loco Works let.58_1940 MN
53
72
Batavian Petr guar deb 430_1942 J J
5212 71
Bell Telep of Pa Si series B 1948 J J
8274 97
let & ref 59 series C
1980 A 0
101 103
Beneficial Indus Loan deb 69 1946 M 9
99
Berlin City Elec Co deb 63.4s 1951 J D
70
8912
Deb sinking fund 8 As
_1959 F A
_ .
Debentures (ts
1955 A 0
go 102
_-- Berlin Elec El & Underg 650 1956 A 0
5718 7212 Beth Steel 1st & ref 5s-guar A '42 M N
75
9114
30
-year pm & Mina t 59_1939 J J
78
9512 Bing & Bing deb 650
1950 M 9
803 95 :Botany ConsMills 8%s_.,1934 A 0
4
61314 85
A 0
Certificates of deposit
84 102
56
80
100 101
100 101
4
43
8
10158 ___
8812.._
7918 - 8114
1065 Sale
8
10138 Sale
99
99
4
10112
90
7912
10512
10012
244
140
98
13
124
____
Feb'34 ____
Feb'34
4
3
Mar'34 ____
Mar'34 ___
7912
1063
4 69
1013
8 64
a
89 Sale 8614
48
89
7612 Sale 7518
7612 16
____ 697 60 Feb'34 __-8
8512 91
86 Mar'34 ---5218 553 53
54
4
7
4612 55
5334
55
3
7214
_- 63 Dee'33 ____
25
2412 Sale 24
21
2012 2612 23 Mar'34 ___ s
2412
2334 25
243
4
9
22 Sale 22
2
22
243 Sale 237
4
8
25
52
22 Sale 22
22
3
2
2412
2334 25
2412
2012 2312 21 Feb'34 ____
--------50 Feb'33 ___
79
79
___ 79
i
Y
9612 97 Mar'34 ---98
98
_--- 95 Nov'33 ____
84
8
192
4
837 Sale 813
9418 Sale 9012
9418 101
1053
4 47
10558 Sale 10518
8 25
1003 Sale 9858 1003
8
4012 191
3814 Sale 3814
8312 Sale 8214
8312 26
1
78
7912 79
79
9514 _ - 95 Mar'34 _--100 101
10
100
- - 99
____ 9612
98
98
3
54
6
5
4 Sale 54
100 10012 100 Mar'34 _--11
100 Sale 9712 100
18
3
17
19
17
7
1414
1414 1412 1314
•
5112 52
8514 Sept'31
0
48
100%
101%
82
7514
64
9114
64
65
10414
105 8
,
967s
947
8
85
106
8512
65 85
65
9412
67
857
8
9412 10214
9712 101 12
901 1003
4
6734 8312
_ _
_
iti
--95
9934 104
89 100 4
,
893 10014
4
10212 10912
8212 95 8
,
10012 10234
99
9718
212
9814
7578
67
9918
90
99
99
5
1013
4
90
827
8
1063
4
1013
8
74
8912
5618 7612
60
60
70
87
45
54
45
55
_
_
1W2 -- -12
27
1412 2312
15
273
4
16
24
1512 273
4
16
2312
15
2714
14
21
-------9
h
93
97 2
,
_
_
70F2 -- -12
84
80
941
10238 1053
4
35 100%
30
463
4
687s 85
6522 79
85
95
9312 100
8634 98
3938 54
100 10014
90 100
1414 2212
1712
10
•
34
Sale 1023
4 104
Sale 78
80
21
Sale 110
110
2
Sale 60
63
5
7112 348
Sale 66
Sale 583
4
8418 174
Sale 3312
4012 942
9733 35
Sale 97
741* 7412 Mar'34 ----
93 104
62
80
9418 110
56
6612
5118 7112.
44
6418
25
42
9012 981s
5614 7412
9514 Sale 9514
1
9514
8018 Sale 80
817
8 48
10112 __ -- 1003
4 102
63
348
53
5214 Sale 50
7212 26
72 Sale 707
8
109
90
96 Sale 9412
843
4 42
8414 Sale 83
107 Bale 1063
8 107
3
--------998 Mar'34 --,1083 Sale 10812 1097 179
4
8
1033 Sale 10212 10414 83
4
105 Sale 1043
25
4 105
8
1037 Sale 10312 10378 18
108 Sale 10714 10814 65
146
1077 Sale 10612 108
8
110 Sale 10912 11012 137
11012 Sale 1083
4 11012 61
10712 279
10712 Sale 10614
6
32
3512 ____ 32
102
28
--------101
10812 287
107 Sale 106
1085 203
8
10658 Sale 106
87
26
87 Sale 83
71
96
64
8130
9312 102
35
5530
62
793
4
837 6614
2
6718 85
105 10730
99 10012
953 11612
4
9912 10412
104, 10812
4
10158 104
10518 109
10314 10814
1057 11013
8
107 113
10318 108
2414 48
9612 118
10412 1083
4
104 1083
4
6414 87
10318
80
110
607
8
7112
64
4012
9712
72
5312
13
8412
97
9414
967
8
104
95
57
1053
4
5112
5312 34
11
1312 93
8712
5
85
9712 173
953
947 210
8
92
97
22
9612
104
104
3
95 Mar'34 ___- . 5712
5912
5712
4
Sale 1053
4 10618 13
Sale
Sale
____
Sale
Sale
97
Sale
8
1053 10614
105 Sale
10834 Sale
112 Sale
10012 Sale
48 Sale
4614 Sale
4514 Sale
4212 Sale
11018 Sale
10238 Sale
30_
18 - - -34
19
16 Sale
10512 10512
5
7
105
106
10838 10912 31
1103
8 112
32
100
101
15
4412
48
19
44
4614 16
423
4
4534 48
4014
9
4212
84
109 8 111
,
102
10212 46
30
Jan'34 ___17
20
12
16
4
16
403
4
5
8314
8712
82
86
1025
8
95
50
10358
57
132a
8712
9712
947
8
97
1041s
95
60
10618
102
10288
106
106
84
4412
4312
4234
4014
997
8
99
30
12
8
10512
116
11013
113
102
653
4
67
6514
74
1153
s
10212
30
20
16
New York Bond Record—Continued—Page 5
2382
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 6.
122
'
it
...a.
8
P7iC6
Friday
Apr. 6.
Week's
Range or
Last Sate.
1.
1
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 6.
41
it
...a.
April 7 1934
Pr
Pride*
Apr. 6.
Weer*
Range or
Last Sate.
1•
1
Range
Since
jam. 1.
Bid
Ask Low
Industrials (Continued)—
High
High No. Low
Bid
Ask Low
Industrials (Continued)—
High No. Low
High
Hudson Co Gas let g 53____1949 MN 108 Sale 108
Bowman-BM Hotels let 73 1934
108
1 10514 11014
•
*
Humble 011 & Refining 5s___1937 A 0 1043 Sale 10412 1043
Stmp as to pay of 3435 pt red__ M S
4
4 42 10318 105
•
Illinois Bell Telephone 39_1958 1 D 10878 Sale 108
•
*
109
I B"way & 7th Ave let 5s__ _1943 J D
52 1053 11013
4
7814 Illinois Steel deb 434a
7814 12
/
1
4
72
Brooklyn City RR let 5a__ 1941 J J 7814 Sale 7714
4 10512 47 10212 10513
1940 A 0 104 Sale 1043
5 10513 109 !Wader Steel Corp mtge 68_1948 F A 453 Sale 413
109
Bklyn Edison Inc gen 53 A_ _1949 J .1 10838 109 108
4
4
4534 12
4134 5913
Ind Nat Gas & 011 ref ea
46 10514 109
1952J 3 109 Sale 1083
8 109
Gen mtge 5e aeries E
100
1936 M N 9912 100 100
94 100
1
9514
Bklyn-Manh R T sec es_. _ _1968 .1 J 1004 Sale 9913 10012 274
86
9314 1004 Inland Steel let 434s
1978 A 0 9514 Sale 934
9514 184
1981 F A 9514 Sale 93
let M 8 f 419a ser B
57 60
Bklyn Qu Co & Sub con gtd 58'41 MN ____ 70 57 Mar'34 ---8512 9514
9514 97
5734 5734 tInterboro Rap Tran let 5e_1968 3 J 714 Sale 69
let Si stamped
/
1
4
1941 J J 57 —_- 57 Feb'34 ---/
1
4
7112 397
8512 72
/
1
4
•
8
10
7512 92
9114 21
Bklyn Union El let g
_1950 F A 9114 Sale 89
-year es
1932 A 0
•
___ 3212 Sale 3212
8 11014 33 1063 11114
Bklyn Un Gan let cone g 58_1945 MN 11014 Sale 1091
3212
Certificates of deposit
4
513_2
32
3812
8
8
10
let lien & ref 6e aeries A1947 111 N 11612 Sale 116
-year cony 7% notes_1932 M S
/
1
4
3 110 11612
11612
•
. 7218 7378 728
8
Certificates of deposit
Conv deb g 510
19383 3 --------158 Feb'34 ---- 158 158
723a
2
674 75
7312 32
60
72
4
1951 1WN 723 74
98 10414 Interlake Iron let Si B
Debenture gold Si
1950 1 13 10314 10312 10012 10312 63
7718
BB lien 6 ref series B
4
7 10494 10812 Int Agile Corp let & coil tr 5,—
1957 M N 1074 108 1074 107%
Buff Gen El 41111 series B1981 F A 10412 Sale 10312 1044 33
Stamped extended to 1942_ —._ M N 7513 77 764
99 10538
7614
5 62
77
7978 90
60
89
Int Cement cony deb 5,__1948 M N 38% Sale 8612
60 60
60 60 Feb'34 ---:Bluth Terminal 15t 40
1952 A 0 55
1213 264 Internet Hydro El deb 68_ _ _1944 A 0 63 Sale 6113
1912
2012 14
1955 J J 1912 21
40% 634
6312 151
Consol 5e
61
Bush Term Bldge 58 gu tax ex '30 A 0 55 Sale 5312
26
455$ 604 Inter Mere Marine a f 6a__ _1941 A 0 60 Sale 57
7
5518
44 6312
75
Internat Paper 53 ser A & B_1947 1 J 75 Sale 7134
57% 35
44
6112 88
4
By-Prod Coke let 5118 A,...1945 MN 813 Sale 80
82%
Ref e f Sa series A
8114 79
1955 M S 60% Sale 5814
3834 644
6438 306
Cal GI& E Corp unf dr ref 58-1937 MN 10614 10612 106
2 10313 10614 Int Telep & Teleg deb g 419a 1952 1 3 64 Sale 8214
10614
4814 6404
86% 994
62
5718 7312
/
1
4
Cony deb 410
Cal Pack cony deb Si
1939 1 3 72 Sale 69
19403 J 9914 Sale 97
73's 481
991
69 380
9638 10212
4
Cal Petroleum cony deb is f 5e '39 F A 1013 _ __ 10112 10212 19
Debenture 54
1955 F A 69 Sale 65
52 69
9918 10310 Investors Equity deb de A„.1947 1 D 94
9412 933
25
4
9413
Cony deb s f g 510
1938 MN 10218 103 10204 103
8213 9418
8
944 Mar'34 -97
734 918 9
Deb 59 ter B with warr_ _ _1948 A 0 94
273 12
3
g
_
„ 88
Camaguey Sugar 7e cUs_ _ _1942
95
1948 A 0 94 ____ 94
94
Without warrants
Canada SS L let & gen ea_ _1941 A0 2514 Sale 2514
_-3 877 944
1813 30
2
2514
8
Cent DI/t Tel let 30-yr 58_ _1943 J D 1063 -___ 10634 106%
4
1 10438 10718
7
9 104% 1078 K C' Pow & Lt let 411seer B 1957 1 3 10512 Sale 10412 10513 15 100% 10612
Cent Hudson G & E 5a Jan 1957 M S 1077 Sale 107
1077
1961 F A 10534 10638 10512 1055*
bit mtge 4148
454 647
8
3
Cent III Elect & Gas lit 5e
3 10038 10673
6234 48
1951 F A 63 4 Sale 6012
Kansas Gas & Electric 4148_1980 1 D 9312 Sale 93
Central Steel let get is_ _1941 MN 10512 109 108 Mar'34 ---- 1011s 108
9313 77
7213 95
19
28
12
25
5218 694 Karstadt (Rudolph) let 68_1943 MN 241s Sale 2412
/
1
4
6712 139
Certain-teed Prod 514. A ,,.1968 M S 674 Sate 64
18
1713 Sale 1712
____
Cheeap Corp cony Se May 15'47 MN 1073 Sale 10414 108 347
50
Certificates of deposit
96 108
4
1612 23
51
67
4
4
67
9814 1047 KeIU3(B F) Corp let 88____1946 al a 67 Sale 643
3
Ch 0 L & Coke 1s8 gu g 58._11117 J 1 10412 Sale 10412 10478 281
48
5912
04
52
Kelly-Springfield Tire 611_1942 A 0 517 Sale 48
:Chicago Railways let fai stpd
74% 95%
9412 53
•
Kendall Co 5118 with warr_1948 M S 9412 Sale 9113
Aug 1 1933 25% part pd
F A
8
8
4
Keystone Telep Co let 58_ 1935_
43 65
57
58
Childs Co deb 59
J 754 7913 793 Mar'34 -_„ 7318 7934
1943 A 0 58 Sale 56
2 104 10614
4
4
4
56
733 Kloge County El L & p 58_1937 A 0 1053 1063 1055s 105%
7334 186
Chile Copper Co deb 58_1947 1 J 7312 Sale 7138
1997 A 0 13413 ____ 1344 Mar'34 ____ 122 135
Purchase money 68
Cin G & E let M 43 A
92 10012
1968 A 0 10012 Sale 998 10012 57
75 85
23
85
__ Kings County Mar let g 49_ _1949 F A 85 Sale 83
Clearfield Bit Coal bri 4s_ _1940 1 J 4318 ___ 38 Apr'33 --r- ____
Kings Co Lighting let 58_1954 J 1 106t4 --__ 10614 Mar'34 ---- 10314 1014
82
Colon 011 cony deb es
684 -le
19383 1 82 Sale 81
82
19583 J 11204118 115 Mar'34 --- 108 120
First and ref 6148
30
51
22
:Colo Fuel & Ir Co gen a f be 1943 F A 504 Sale 4612
51
Col Indus let & call Si gu_1934 F A 2834 Sale 2714
1712 3312 Kinney(OR)& 00734% notes'38 I D 914 9512 924 Mar'34 ---814 9212
283
4 38
9812 57
8712 Kresge Found'n coll tr es__ .1936 1 D 984 Sale 964
Columbia CI & E deb 58 May 1952 IN N 85 Sale 85
823, 9813
69
8618 75
1912 44
70 87
Debenture 58
1214 213,
tKreuger & Toll ol A 5e ct19_1959 M S 1912 Sale 1833
1
8634
Apr 15 1952 A 0 85 863 88 4
3
4
864 8612
Debenture 544
85 170
Jan 15 1961 .1 J 843 Sale 831/
4
947
Columbus Ry PAL let 434s 1957 J 3 943 947 934
16
73 948 Lackawanna Steel 1st es A..1950 M 5 105 Sale 10412 1057
97 10578
38
4
88
116
9014 10312 Laclede G-L ref & ext 5s_1934 A 0 8712 Sale 8612
Secured cony g 6148
79
1942 A 0 10214 Sale 1008 10214 18
9513
Certificates of deposit -_-- --- 8713 88 88 Mar'34 ---. 88 88
..
82
8 10218 113 10113 103
25
Coll & ref 514s series C_1953 FA 6134 Sale 6013
Commercial Credlt 9 f 5%8_1935 J J 10178 sale 1017
50
138
Sale 5911
6013 45
Coll & ref 514e series D
Comml Invest Tr deb 514,A949 F A 1074 Sale 108
50 67
/
1
4
1960 F A 6012
10712 98 101 10712
157 599
__ Lautaro Nitrate Co Ltd 66.._1954 J J 1578 Sale 1112
Conn Ry & L lst & ref g 4 Sla 1951 J J 98
54 16
_ _ 983* N0,7•33 ____
81
9911
6
9914
Stamped guar 411e
97 4
19513 J 1023 11412 10212 Mar'34 ---- ___- 10212 Lehigh C & Nav 2 f 41.18 A 1954 J J 9852 Sale 985*
99
Cone sink fund 414s see C_1954 3 1 9818 99 9812
7 80 994
Consolidated Hydro-Elec Works
8613
4
Lehigh Val Coal 1st &refst 56'44 F A 863 8912 8613
4794 60
1
of Upper Wuertemberg 79_1956 / J ---- 467 4914 Mar'34 ---794 91
8
151 & ref.158
2514
40
60
12
1954 F A 5613 62 56 Mar'34 ---28
tCons Coal of Md let A ref 58 1950 3 D 21 Sale 20
22
57 53 Mar'34 ---1
114 24
2112
4212 5713
188 & ref e f Be
Certificates of deposit
1984 F A 54
2134 2212 214
5238 Mar'34 ---let & ref, 158
40
55
1974 F A 5314
102 10112 10712
Coneol Gas(NY)deb 51.12_ _1945 F A 1053* Sale 10518 106
3118 9018
4
9033 10014
9018
924 90
Secured 8% gold notes-1938 3 J 9012 Debenture 434,
10014 160
1951 1 D 10014 Sale 99
9713 10414 Liggett & Myers Tobacco 78-1944 A 0 12514 Sale 12234 12514 31 11913 1254
Debenture Si
1957 J J 1034 Sale 10212 10313 45
4 11112 39 106 11111
3
Si
Consumers Gas of Chic gu 58 19363 D 10412 Sale 10418 1045* 32 100 10418
1951 F A 1107 11178 1093
1941 A 0 99 Sale 98
99
59 85 99
Consumers Power let Si C 1952 M N 1063 Sale 10514 1083
4 19 10012 1074 Loew's Inc deb 8 f 68
4
1952 3 D 914 95 x9312
934 14
Lombard Elea 7e ear A
90
85% 931s
70
12
90
Container Corp lot es
8612
4
19463 D 893 93
11714 32 11219 1204
1944 A 0 117 Sale 115
15
-year deb 56 with warr_1943 J D 7512 Sale 717
52
7512 Lorillard (P) Co deb 7s
754 23
9
1951 F A 10438 Sale 10333 1043
9913 1054
754 9012
904 18
Copenhagen Telep 5e Feb 15 1954 F A 9012 Sale 89
58
8_1952 M N 103 Sale 101
103
213 88 10384
Corn Prod Reg let 25-yr 8 f 541'34 M N 100 10012 10018 Mar'34 --r- 1004 101% Louisville Gas & El(R7)5
745
7413
7413
Crown Cork & Seal if 68_ .19473 D 10234 Sale 1025* 10234 10
81
3
9712 103 Lower Austria Hydro El 61491944 F A 70% 90
791, 9514
Crown Willamette Paper 68.1951 1 J 9112 92 91
8
9112
'rown Zellerbach deb Sew w 19401W 13 a86 Sale 985% x86
70 90 tMeCrory Storee deb 511e_ _1941
12
50 66
2
61
•
*
60 5813
Proof of claim filed by owner__ -,-, 58
tCuban Cane Prod deb (36._ _1950 J J
*
5813 82
82 254
10638 26 10312 10612 McKesson & Robbins deb 5%8'50 MN 81 Sale 7511
Climb T & T let & gen 53_ _1937 J J 10614 sale 10618
•
*
:Manati Sugar let, f 714_1942 A 0
197 Mar'34 ---1
13
20
Del Power & Light let 4348_1971 J 1 102 103 1027
10
19
CertLficatea of deposit_
9414 103
9
8 103
•
let & ref 419e
•
Stamped Oct 1931 coupon 1942 A 0
8
895* 100
100
1969 1 3 9914 101 100
1778 20 Feb'34 ----6 20
let mortgage 410
3
---Certlfleates of deposit
94 103
1
103
1969 1 J 103 Sale 103
9
•
Den Gas & El L lat.& ref a f 511 '51 MN 100 Sale 994 10014 12
•
86 10014
Flat stamped modified _ -- — , _.r
.
48
4234 51
34
50
Stamped as to Penna tax 1951 M N 994 100
0 494 Sale
9912 10
873 10014 tManbat By(NY)cons g 481990 A—
4
9912
4314 13
4314 Sale 43
Detroit Edison 55 ear A
37 48
106
Certificates of deposit
9634
1949 A 0 10514 Sale 105
-_--1054 51
30 40
16
38
2013 .1 D 284 404 38
Gen & ref 58 miles B
2d 49
9633 10512
1955 1 13 10413 Sale 10414 1044 10
95 Mar'34 ---9313 97
90
Gen & ref 58 aeries C
Manila Elea RR & 14.1 5s.1953 III 8 82
1962 F A 1043 Sale 104% 105
9838 105
32
4
Gen & ref 4113 series D196I F A 100% Sale 995* 10118 106
89 10118 Mfrs Tr Co etre of mull° In
60
Gen & ref ea series E
Al Namm & Son let 64_1943 3 D 7118 7412 7214 Mar'34 --47 97 105
77 4
3
1952 A 0 1041a Sale 1044 105
44 61
10
57
Marlon Steam Shovel 8 1 68.1947 A 0 57 Sale 5413
9814 105
Dodge Bros cony deb 68_ _ _1940 M N 104 Sale 10312 10434 306
Dold (Jacob) Pack 1st 63_ _ _1942 M N 89 Sale 884
88
89
8812 123
Market St Ry 78ser A_Apri11940 Q J 86% 87 88
79
/ 90
1
4
11
90
Donner Steel let ref 7e
63 79
25
79
94
97
2
964
Mead Corp lit es with warr_1945 M N 79 Sale 975
897 9612
1942 3 3 85
Duke-Price Pow lit es aer A_1966 MN 94 Sale 924
94 116
1
Merldionale Eleo let 78 A 1957 A 0 10614 115 10912 1094
7412 96
35
94
3
924
77
Duquesne Light let 434s A 1967 A 0 106 Sale 10513 10614 40 10134 10712 MeV Ed let & ref Si ser C-1953 1 J 893 93 924
94
4
8312 32
101 M g 4348 series B
71
88
lit g 419e eerie, 13
19681W $ 8112 Sale 814
4
4
19571W 13 1083 Sale 10818 1083
4 23 1021, 1083
80 924
22
92
Metrop Wet Sew & Dr 5348_1950 A 0 9113 Sale 91
East Cuba Sus 15-yr e f g 710'37 M S
1214
1214 18
2
1214 Sale 1214
Met West Side El (Chic) 419.1938 F A
•
•
•
Ed El III Bklyn 1st cons 4s 1939 J J 103 1034 103
78
1 100% 1034 Ming Mill Mach let s t 78_1958 1 D 284 727 77 Mar'34 _-, 50
103
97% 102
95
8 102
8
Ed Elea(N Y) let cons g 58_1995 J J 11714 11834 115 Jan'34 ____ 110 1165* Midvale St &0 mil tr if 56_1938 IN 9 1017 Sale 1013
813
4 62
El Pow Corp (Germany) 6138'50 IN 5 51 Sale 45'2
67 8134
4
4512 6912 Milw El Ry & IA let 69 B.—..1981 1 D 813 Sale 76
13
51
793 183
4
let sinking fund 6345
58
79
/
1
4
let mtge 5e
47 6914
3
50
56 47
1953 A 0 48
1971 1 J 7912 Sale 74
9612 27
Ernesto Breda 78 w w
7913 987
8313 8713 Montana Power let 58 A
8
1943 J J 9534 Sale 954
8
1954 F A 864 89 86
8712
78
Federal Light & Tr let 58.._1942 IN 8 714 78
39
Deb lis settee A
784
53 80
84
73 Mar'34 ---1982 1 D 77 Sale 751s
let lien. f 5, gtamped
1942 M 8 7213 763 75 Mar'34 ---MontecatIni Min & Agrio6013 78
4
9714 20 96
98 97
53 International series_ _1942 M S 711
Deb g 70
1937 J J 97
76
7712
9813
-__ 704 Mar'34 ____
I
100
let Hen es stamped
9512 10018
Montreal Tram let & ref 58.1941 J J 100 10018 100
79
19421W 8 7652 9212 7614
8 64
774
473 Dec'33 --85
30
-year deb es series B
Gen & ref e f 58 series A 1955 A 0 81
1964 J D 63 _ _ _ 63 Mar'34 --- 5112 63
-......
74 Feb'34 — - ___88
Federated Metals s f 79
Oen & ref a t 56 eerie' B 1955 A 0 81
2 101 104
7474
1939 3 D 10418 10513 10318 104
.
Flat deb if g 78
12 -75 __ 68 Nov'33 ---- _.
Gen & ref 3f 4138 aeries 0.1955 A 0
1946 J J 10018 101 102 Mar'34 ---- 10038 102
Gen & ref. f Si series D..1955 A 0 814 83 85 Mar'34 -__. 83 .-Framerlean Ind Dev 20-Yr 710'42 J J 10614 ____ 108
85
7 10213 109
109
9514 25
Morrie & Co lets t 4148_....1939 J J 9514 Sale 94
41
:Francisco Bug 1s1 8 f 730-1942 MN 34 Sale 34
84% 954
19
5
37
____ 4004 Deo'32 ____ _ _
Mortgage-Bond Co 48 ear 2_1966 A 0 31
3
97
5 88 100
89
Gannett Co. deb 68 ser A-1943 F A 80
1934 3 D 978 Sale 97
7914 9234 Murray Body let 6149
4
90
81
mutual Fuel Gm 1st gu if 58 1947 MN 10318 10413 103'8 1031a
2
Gas & El of Berg Co cone g 581949 J D 1075 110 104 Feb'34 ____ 104 104
95 10313
•
•
8
Mut Un Tel gtd 68 ext at 5% 1941 111 N 10213 ___ 1031s Mar'34.—
Gelsenkirchen Mining 691934 IN 5
97 10312
794 94
20
94
Gen Amer Investors deb 58A1952 F A 94 Sale 93
Namm (A I) & Son_See Mfrs Tr
4 102 105
4 105
Gen Baking deb s f 534,..._194O A 0 105 Sale 1043
6113 29
NRIIISU Elsa 3u g 48 etpd_ _1951 J 3 6013 62 61
59 74
95
Gen Cable 1st 3 t 5118 A___ _1047 3 J 73 Sale 694
534 624
74
8713 84
85
6512 85
7
1942 3 13 84
Gen Electric deb g 314e.......1942 F A 1005* 10214 1004 Mar'34 ____ 100 10212 Nat Acme let is f ee
7813 9211
9212 183
Nat Dairy Prod deb 53(9_1948 F A 9213 Sale 90
5013 65
10
52
Gen Elsa(Germany)7,Jan 15'45 1 J 52 Sale 504
1956 A 0 100 Sale 9912 100
51
6312 Nat Steel let coll 5e
91 100
9
60
6212 5714
1510 3 D 50
226
Steleb63.18
4614 8313 Newark Consol Gas eons is.048 J 0 10812 1093* 10814 Mar'34 -_ 1035* l0913
44
51
1948 M N 51 Sale 4814
20
-year at deb 68
8814 10112
4 10113 112
Newberry (JJ) Co 536% notes'40 A 0 10111 Sale 983
10512 47 1035* 108
Gen Petrol let /link I'd 86_1940 1" A 10513 Sale 9105
78
9014 New Eng Tel & Tel Si A-1952 1 D 11111 Sale 109% I1112 40 10512 11234
Gen Pub fiery deb 5145
4
8
90
19393 J 8918 90 897
Oen Steel Cast 534, with ware'49 3 1 83 Sale 82
let g 413e series B
684 8914
8378 30
196111I N 10618 Sale 10618 1065* 32 101 108
•
8
844 843
/
1
NJ Pow & Light let 410_1960 A 0 83
•
6912 861,
86
8
tGen Theatres Equip deb 641_1940 A 0
28
1134 New Orl Pub Serv let S, A__1952 A 0 58 Sale 574
5812 67
3
50
85*
10
912 Sale
Certificates of deposit_
4112 80
5518 6318
5812 10
Good Hope Steel dc Ir sec 79_1945 1 0 ____ 5938 5518
First & ref Si merles B_---1955 3 D 5812 Sale 583
4034 59
4
5813 59
-50 67
657
8 35
95 10434 N Y Dock 1st gold 4.4
104
Goodrich(B F)Co lst6148-1947 3 J 103 Sale 102
80
1951 F A 65 Sale 634
37 58
5614 51
72
8712
Cony deb ea
19453 D 864 Sale 834
Serial 5% notes
1938 A 0 55 Sale 543
8612 147
Goodyear Tire & Rubb 1st 581957 M N 9812 Sale 98
8914 9812 NY Edition 1st & ref (11.18 A 1941 A 0 113 Sale 11278 11314 37 10912 11378
9812 216
Gotham Slit Hosiery deb 61.1938 3, D 95 Sale 9312
95
11
89 95
151 lien & ref Si series B__11144 A 0 10812 Sale 10718 10812 44 10513 1084
/
1
S
:Gould Coupler let,f 68_1940 F A
61 105% 1094
1st lien & ref Si series C 1951 A 0 109 Sale 1084 109
*
8
/
1
Gt Cons El Pow (Japan)78_1944 F A 80 Sale 793
4
NY GM El Lt II & Pow If Si 1948 J D 1113 Sale 1115* 1128* 16 107 11213
684 80
15
4
80
654 73
let & gen if 6149
Purchase money gold 48_1949 F A 1025* 103 102% 10378
4
8
73
19503 J 735* 77
9912 104
7212
71
8812 38
89
Gulf States Steel deb 534...,.1942 3 D 873 Sale 8612
88 8412 Mar'34 ____
NY L E & W Coal & RR 5149'42 MN 85
7512 8413
4
.
NY L E & W Dock 14 Imp es'43 3 J 97 _ .. 95 Mar'34 — —
87 100
4
Hackensack Water let 48_1952 3 J 10014 101 10014 10014
73
3
8
8 Sale
96 10012 N Y Rya Corp Inc es—Jan 1965 Apr
8
9
714 9 2
7
Hansa 8.9 Lines& with warr_1939 A 0 a5018 Sale 4913
66
Prior lien 61 series A
3914 56
63
4
70
1966 3 3 63 Sale 63
505* 83
Harnen Mining ei with warr_1949 1 J 60 Sale 60
53 6714 NY & Richm Gas 101 6. A__1961 MN 10312 105 104 Mar'34 ---3
60
96 104
Havana Elsa consol g Si. _.1952 F A 3318 49 334
IN Y State Raw 4%8 A cUs_1962 ---24 1 27
s 314 Mar'34 ---2 2913 36
334
111 312
Deb 5112 serial of 1926 1951 M S
24 27
6115 merles B certiticates_1962
7
93
4
712 93
212, — - 212 Mar'34 ____
1
73
4
73
4
9
•
N Y Steam Bo series A
8
*
tHoe(R) dr Co let 83499er A 1934 A 0
-.1047 al N 10912 Sale 10914 10934 23 10214 110
Holland-Amer Line es (flat)_1947 M N 20
_
4 19
lgt mortgage 5,
39 Dec'33 --- --_- _
38
98% 1053,
1951 IN N 10518 10513 10514 1053
975 105
Howston Oil tank fund 51491940 MN 8512 Sale 8314
65 81
46
86
lit mortgage be
1958 MN 10314 Bale 10213 1033, 19
39 51
NY Telep let & gene f 4148 1939 MN 106 Sale 10512 1063
4612 118
Hudson Coal 1s1 s f be sir A_1962 3 D 4512 Sale 45
3 59 103 106%
For footnotes see Page 2383.
BONDS
N. y. STOCK EXCHANGE
Week Ended Apr. 6.
z.
r.l.
.. l'i
s
a
8.5..
New York Bond Record-Concluded-Page 6
Prite
Friday
Apr. 6.
Week's
Range or
Last Sale.
4_,
g S'
ro r2
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 6.
kl,i
.- a
-% Z
.5,z
2383
Price
Friday
Apr. 6.
Week's
Range or
Last Sale.
4.
6
E-
Range
Since
Jan. 1.
Industrials (Continued)Bid
Ask Low
High
High No. Low
Industrials (Concluded)Bid
High
.44k Low
High No Low
N Y Trap Rock let 6s
1948 5 D 55
563 54
4
56
4
51
63
Truax-Traer Coal cony 6 40_1943 M N 4312 4614 44
45
3
37
46
Niag Lock & 0 Pow 1st be A 1955 A G 10018 102
997
8 101
18
90 10212 Trumbull Steel 1St 8 t 8s____1940 'M N 935 9412 9312
8
9414 21
8312 9412
Niagara Share deb 5)s_.._1950 M N 66 Sale 65
66
36
50
7218 Twenty-third St Ry ref 59_1952 J .1
*
•
Norddeutsche Lloyd 20-yr is f 85'47 MN 73 Sale 857
73
205
8
4518 73
Pyrol Hydro-Elec Pow 7449_1955 M N 66
67
66
6614
4
48
873
4
Certificates or deposit
5612 18
564 Sale 54
4834 577
6412
8
Guar sees? 7s__
6214 813
6212
1952 F A 61
4
6
45
Nor Amer Cem deb 6('4s A__1940 M S 27
39
3218
3218
1
224 40
I71tgawa Elec Power St 7s._ 1945 M S 84 Sala 833
8412 12
4
7312 841 2 I
North Amer Co deb Ss
3812 109
1961 F A 8812 Sale 8514
6312 8812 Union Elec Lt & Pr(Mo)59_1957 A 0 1045 Sala 10418
8
1044 66
9812 1053
4
No Am Edison deb be ser A_1957 M S 87 Sale 58378
42
61
87
87
Un EL & P (III) let g 5 Ms A 1954 1 J 10512 10612 105
10612
7 102 107
Deb 5 Ms ser B___Aug lb 1963 F A 94 Sale 90
94
•
•
07
62
94
Union Elev Ry (Chic) 5a
1915 k 0
Deb be ser C
Nov 15 1969 MN 86 sale 8112
86
192
5618 86
Union 011 30-yr 65 A_May 1942 F A 112 Sale 11114
11212 21 10712 1125
8
Nor Ohio Tree & Light 66_1947 M S 10012 Sale 99
10012 37
747 1014
8
let lien 51 58 ear C___Feb 1935 A 0 ---- ---- 100% Mar'34 ---- 10012 1013
4
Nor States Pow 25-Yr 5s A__1941 A 0 1005 Sale 100
8
100 4 82
,
8912 10112
Deb 59 with warr_ __Apr 1915 J 0 1023 Sale 1013
9
4 1023
8 45
943 1024
4
let & ref b-yr 65 ser B____1941 A 0 104 Sale 10312 104
33
9414 10512 United Biscuit of Am dab89 1942 SI N 10514
_ 106 Mar'34 ____ 1023 1063
4
4
Norweg Hydro-El Nit 5%8_1957 MN 7918 Sale 7918
79
90
8014 13
United Drug Co (Del) 5s
1953 51 5 83 Sale 794
83
160
60
83
Ohio Public Service 7 Ms A_1916 A 0 10312 Sale 10218
10312 15
89 10312 United Rye St L 1st g 4s
2012
17
9
1934 J 1 1918 193 1918
4
1918
1st Az ref 7s series B
101
1917 F A 101 Sale 101
5
78 10114 US Rubber 1st & ref 55 ser A 1917 / J 853 Sale 8214
4
177
86
68
86
Old Ben Coal 1st 65
1914 F A
1834
183
183 19
4
4
2
15
23
United 65 Co 15-year . _1937 FA N 9712 Sale 97 ,
9712
4
904 974
Ontario Power N F let 5E1_1913 F A 10514 10912 108
1 101 108
108
Un Steel Works Corp 640A.1951 3 D 4414 Sala 4118
4414 40
69417 13638
8
Ontario Transmission let 59_1945 M N 102 109 103 Mar'34 ---, 101 1037
9
Sec. a 1 8 10 series C
40
447 4178
1951 1 D
8
42
21
417 663
8
4
Oslo Gas & El Wks anti 5s .1963 M 13 8012 Sale 7918
81
Sink fund deb 6 Ms ser A ._1947 1 J 4314 Sale 42
10
6912 853
4
4314
9
4218 67
Otis Steel 1st urtge 68 ear A_1941 NI S 487 Sale 4618
4878 26
28
5112 fir Steel Works (131trbach)70 1951 A 0 1127 ____ 113 Mar'34 ____
8
8
107 113
Pacific Coast Co let it 59
1946 J D 334 344 3212
343
4
3
25
3812 Universal Pipe & Red deb Os 1936 I D 24 5110 24
24 18
3
13
29
Pacific Gas & El gen & ref 50 A '42 .1 J 108 Sale 10512 106
31 10012 106
Unterelbe Power & Light 69_1953 4 0 60 Sala 573
4
60
17
47
733
8
Pacific Pub Sore 5% notes_1936 NI El 804 83
8012 13
67
82
Utah Lt & Trac let & ref 58.1914 k 0 73 Sala 71
78
7312 40
5712 747
8
Pacific Tel & Tel 1st 59.-1937 3 .1 107 Sale 106
Utah Power & Light let 5e._1944 F A
36 10414 107
107
8012 119
7918 Sale 7512
804 901.2
Ref mtge Ss write A
109
19 10518 110
1952 M N 109 Sale 109
Utica Elee L & P let s f g 5s 1950 1 J 10512 ____ 100 May'33
2 Pan-A m Pet Co l Cal)cony 86'40 .1 D
*
•
Utica Clas & Elec ref & ext be 1957 1 J 1034 Sala 10812 10912
5 105 169 s
- 5
Certificates or deposit
43
17
4314 443 4218
8
28
45
ULU Power & Light 5449
1947 J D 35 Sala 34
354 71
2218 403
8
Paramount-Wway 1st 5449_1951 J J 3634 Sale 3358
363
4 45
30
40
Deb be with warrants... _1951) F A
3214 Sala 3018
323 349
4
194 38
Certificates of depoelt
34
7
31
347 33
8
30
33
Vanadium Corp of Am cony 5s 41 A 0 8112 Sale 8014
8112 54
82
85
:Paramount Fam's Lasky 6s_'47
Verttentes Sugar 7s ars__ _ _19 t2 _ _
814 11
94
1114 24
339 14
1 44*
Proof of claim filed by owners_
*
•
Victor Fuel 1st 5125
1953 5 1 174 03
13 Dec'33
Certificates of deposit
51
39
2812 51
.1 D 4914 Sale 4812
Va Elec & Pow cony 540_1942 NI 8 103 Sale 1023
4
10312 42
:Paramount Public Corp 5lie'50 It A 3
Va Iron Coal & Coke 1st it 59 1949 NI 8 65
75
65 Mar'34 _-_ 60
6514
Proof of claim tiled by owner
•
•
Va By & Pow let & ref bs__ .1934 .1 1 10718 Sale 1054
---- ' -.*
10712 619
99 10712
Certificates of deposit __ _
-_ 50 Sale 477
8
50
9
29
50
Walworth deb 840 with warr '35 A 0 31 Sale 30
31
1212 31
3
Park-Lax 6 Ms Ws
Mar'34 ____
02 221.
4
24
15
2212
1953
Without warrants
32
30
k 0 28
30
2
153 30
8
Parmelee Trans deb as
1914 A 0 29 Sale 234
14
2318 32
29
1st sinking fund fts ser A__1945 A 0 38 Sale 3612
3814 48
21
42
Pat Az Passaic GI & E Sons bs 1919 m s 1075 110 10712 Mar'34 ---, 10312 109
8
Warner Bros Pict deb (Is__ __1939 M 5 6214 Sale 557
8
623 1016
8
4078 623
8
Pathe Etch deb 7s with warr 1937 IA N 93 Sale 9012
93
12
85
94
Warner Co 1st fis with warr_1944 A 0 19
2212 20 Mar'34 ____
20
25
Pa Co gu 31.4* coll tr A reg_ _1937 NI S 9814 __-- 98 Mar'34 _--94
93
Without warrants
20
A 0 3914 42
20
3
16
22
Guar 31.4s coil trust ser 13_1911 F A 94
Dec'33 ____
_-__ 85
____
_ _ Warner-Quinlan Co deb 6s_ _1939 141 8 40 Slie 39
4112 55
30
4214
Guar 3%s trust ctfe C
1942 I II 91
-_
86
Jan'34 ---88 88
Warner Sugar Ratio 1st 7s_ _1941 J D 1064 Sale 10612 10612
3 10512 1073
8
Guar 3 Ms trust Ws D__1944 J D 90 943 863 Feb'34 _-__
863 863 Warren Bros Co deb as
4
4
4
59
26
1941 M 8 574 Sala 5514
42
8112
Guar 48 sec E trust ctfe.__1952 PA N 94
98
94 Mar'34 ---,
85
953 Wash Water Power s f Si _ 1934.3 1 104 1043 1043
4
4
8
10412 16
9818 1043
4
Secured gold 4 tie
9918 110 • 5534 9914 Westchester Ltg 5s stpd gtd 1950 J 13 110 111 110
8
1983 MN 985 Sale 98
110
2 105 11012
Penn-Dixie Cement 1st 68 A 1941 m S 74 Sale 7058
747
8 36
8612 7512 west Penn Power ser A 59_1946 M 8 10714 10712 10718
1075
8
9 1033 10812
4
9212 358
Pennsylvania P & L 1st 4 lie 1941 A 0 9214 Sale 9114
79
9414
1st 58 series F
4
9 104 110 4
1903 al S 1083 110 10812 110
,
Peop Gas L & C let cone 85_1943 A 0 109 1 131 103
8
5 1007 109
109
1st sec 5s series 0
4
108
1956 1 0 104 1043 108
2 104 10814
9912 58
Refunding gold be
83
1947 M S 9912 Sale 98
997 Western Electric deb 59
8
1024 56
1911 A 0 102 Sala 10158
9714 1024
Mies Co sec ba series A
863 115
8
8
19675 D 863 Sale 84
833 87
4
Western Union cell trust 5s_1938 1 ..1 1003 1013 101
4
4
102
22
9138 102
Plana Elec Co let de ref 444e 1967 M N 1057 10614 1055
106
8
8
11 1013 10612
4
8914 49
Fundlrg & real eel g 440.195 i M N 89 Sale 88
7414 92
let dr ref 4e
1003 113
8
1971 F A 100 Sale 100
9314 1003
4
15
-year 64*
1931 F A 10214 Sala I0112 10212 48
,
96 10212
Plana & Reading C & (ref 51 1973 J J 59 Sale 57
1951 J D 93 Sale 9112
59
19
41
503 89
794 93
4
93
25-year gold bs
Cony deb 6s
46
33
4
1949 NI 0 453 Sale 4418
39
5518
30
1966 M 5 9014 Sale 89
9014 82
-year bs
79
9014
Phillips Petrol deb 54(e
9914 365
894 9914 Westphalia Un El Power 69_1953 1 .1 50
1939 J D 9918 Sale 984
r5512
55 1'5512
4
4738 683
4
Pillsbury Flour Mills 20-yr 85 '43 A 0 10912 Sale 10614 109
29 105 109
4
9514 26
Wheeling Steel Corp 1st 540 1918 J 1 95 Sale 943
8214 96
Pirelli Co (Italy) cony 78_1952 IA N 96'l__ 101
Jan'34 ---- 101 10112
8
8414 34
1st & ref 44* series B_ 1953 A 0 835 Sale 8312
72
853
4
Pocah Con Collieries 1st 0 1 59 67 J 3
6738 7912 White Sew Mach as woth warr '36 1 J 5318 __ a4212 Oct'33
2 7912 Mar'34 ___783
71
Port Arthur Can & Dk (its A _1953 F A 87 Sale 8612
2
89
49
3 J
84
Jan'34 ____
87
5318 61
Without warrants
45
49
let mtge 65 series II
864
2
1953 F A 8612 -- 8812
70
____ 4818 Mar'34 ____
8612
Panic 5 1 deb Os__ _- ____1940 MN 48
48
52
Port Gen Else let 4 tie ser C 1980 M S 4818 Sale 4818
5012 216
39
573 :Wickwire Spencer St'l lit 7a _'35
4
Portland Gen Elec let ba_ _1935 J .1 90
7
904
78
9512
9012
92
105 Sale 1012
8
11
21
CU den Chase Nat Bank__ . _
7
144
Porto Rican Am Tob cony Os 1912 1 .1 48 Sale 48
4812
6
1114 31
3212 5712
1014 1314 9
412 14
Castor col & ref cony 'Is A 1935 MN
Postal Teleg & Cable coil 58_1053 J .1 61 Sale 5438
62
942
474 63
106
81
Wilson & Co. 1st 5189 A_ _1911 A 0 103 Sale 103
9734 106
:Pressed Steel Car cony g 55_1933 J J
•
4
853
4 50
744 893
Youngstown Sheet de Tube 55 '78 1 .1 853 Sale 8412
4
Pub Spry El & GI 1st & ret 440'67 J D 10514 Sale 105
10614
85
9 10012 10638
106
let mtge, t 51 ser B
1970 A 0 8414 Sale 8418
7412 0012
let & ref 4 Mis
8
1970 F A 1057 Sale 10512 1057
8
7 100 106
let & ref 4s
1971 A 0 10014 Sale 100
10014 89
93 10038
Pure 011 I 2 54% 110228.- 1937 F A 99 Sale 9812
9912 152
904 9912
IS 1 issi% 1191,438
87
9712
1940 MA E3 9714 Sale 96
9714 54
Purity Bakeriea 5 r deb 5s 1948 .1 J 925 93
8
93
14
92
7814 933
4
tHadlo-Keith-Orpheurn Pt pd ctts
(Negotiability Impaired by Maturity)
for deb 6s & cam stk (65% pd)_ -- - _---_ 35 Mar'34 ____
35
35
z •
Debenture gold 68
1941 .1 13
•
MATURED BONDS. •
Range
:..3.
eek's
Price
,2_,
Remington Arms lets? Os_ _1937 PA N 102 10214 102
10214 10
9612 103
Range or
Since
Friday
N. Y. STOCK EXCHANGE
„..n a
,„' F
s
Rem Rand deb 5%s with warr '47 NI
Jan. 1.
.. a7., Apr. 6.
..1.,'
Last Sale.
011.,
Repub I & 8 10-30-yr Ass 1_1940 A 0 9912 Sale 994 100
13
85 100
Ret & gen 5448 series A 1953 J .1 855 Sale 8312
8
855
8 22
74
8912 Foreign Govt. & Municipals.
High
High No. Low
Ask Low
Bid
Revere Cop & Brass(is ser A 1948 NI El 9612 99
94
Ws Meal.0 Trews 13e assent large '33 1 .1
80
3
951
a
10 Mar'34 ____
812 11
614 10
Itheinelbe Union s f 75
1946 J .1 4314 46
43
44
2
43
73
small
1 .1 ____ ____ 1112 Feb'34 ____
712 1112
Rhine-Ruhr Water series 6 1953 1 J 4018 407 4012
8
4012
4
3914 5612
Rhine-Westphalla El Pr 7s-1950 MN 64 Sale 62
64
9
61
7312
Railroad.
Direct mtge 65
1952 PA N 6412 Sale 6214
65
.
5513 71
., .,,,
,
65 , .,‘
,
36
:Norfolk & South 1st g 58_1941 SIN 31
40
2
36
1414 36
Cons mtge Os of 1928
1953 F A 0412 Sale 6234
173
8 99
8
19
163 Sale 18
4
''''''‘ '' :Norfolk South let & ref 5s__146 i F A
6-3. " 37
Cons NI (is of 1930 with wart'55 A 0 643 Sale 63
4
65
ARI
""-2 71 (RI Ark & Louts 1st 4449_1934 SI 9 2014 Sale 1812
2034 27
15
25
:Richfield 01101 Calif 68_1944 MN •
*
•
St Louls Iron Nit & SouthernCertificates of deposit
MN '32
3314 30
3212 63
20
34
62
111
4712 63
1933 PA N 62 Sale 60
Rima Steel 1st a 1 7s
1955 F A -5418Rly& G Div let g 48
Feb'34
:Seaboard Air Line t
2012
5414 56
205
8
8
3
20
27
1950 A 0 213 27
Bach CUE gen M 540 ser c .48 M S 1064 107 105654
l061 - -3
9978 107
215
8 15
Gold is 8t.2111Ded 1s g 48- 1950 A 0 2112 22
2112
1712 27
Gen mtge 4 %s Relies D 1977 M S 9814 _-- 9814 Mar'34 __ _
11 112
,5
5
86 105
6814
Refunding 43
11
738 14
1959 A 0 ____ 12
Gen mtge As series E
1962 NI S 10418 Sale 103
10418
,,
94
- All & 131rm 30-yr let g 0_1933 M S 15
22
2412 22
1
1414 2514
Roch & Pitts c & 1 o m ss 1946 M N ____ ____ a5712 MaY'33 ---Royal Dutch 45 with ware_ 1945 A 0 1141 Sale 140
14114 60 jog: 1E 4
7 1Industrials.
Ruhr Chemical a f as
.
5165 Sale 61
1948 A
65
4
621 Id
:AbItIbl Pow & Paper 1st bs 1953 J D 4014 Sale Ws
2 •407s 51
1812 437
8
St Joseph Lead deb 5 Ms......1941 P4N 11134 114 112
114
46 1053 114
4
Bowman-Bilt Hotels lot 79_11931
St Jos By Lt lit & Pr let 59_1937 NI N 9218 Sale 9118
92'e
8
72
924
Stmp as to pay of $435 pt red__ M S --------438 May'33 ____
____ ____
St L Rocky Mt & P.5* stpd _1955 J 1 46
50
47
47
2
353 50
4
(B way & 7th Ave let cons 591943 J 0
97 Mar'34 ____
8
93 -_
4
95
8 97
St Paul City Cable cons 5s 1937 J J 6314 80
8
61
61
2
451 61
•
(Chic Rye 5s stpd 25% part paid_ F A
5412 15
47
5412
54 Sale 52
Guaranteed be
1937 J 1 6314 -- -- 75 Mar'34___
; 4578 75 :Cuban Cane Prod deb Os _1950 1 J
512 26
218 848
San Antonio Pub Sere 1st 6s 1952 J J 943 95
8
5 Sale
94
5
94
-•
71
94
East Cuba Sug 15-yr 1 g 7449'37 SI $ 133 1612 15
16
4
16
74 2212
.
3814 ____ 353
Schuler) Co guar 6 Ms
4
1946 J J
371
3
3534 41
Gelsenkirchen Mining 6s. _ _1934 SI S 6412 Sale 64
5758 80
6412 36
351
Stamped (July 1933 coup on) - - 3812 _ _ _ 354
1
30
38
mienEquip deb - 194,4 A 0 104 Sale
Theatres
103 155
4
9
Guar s I 644e series B
as
34 13
38 1 Mar'34 --_-1046 A 0 3712 100
32
40 (Gould Coupler
36,8
18
18 Sale 174
7
lsts f 8s
28s 3
1949 F A
257 19
6%2
Stamped
3812 50
40 i Mar'34 ---30
40
:Hoe(R)&
Sharon Steel hops f 5 Ms-1948 F A
584 ____ 5812
61
,
16
89
811 ,64,14 :Interboro Co 1st 64 ser A 1934 A 0 3618 Sale 35
3
6913 186
Rap Tran Os
35
4
1932 A 0 3412 3812 344
3112 42
Shell Pipe Line of deb 5s__1952 M N 99 Sale 98
10
-year 7% notes.
75
135
7014 773
4
1932 sI S 744 Sale 734
Shell Union Oils f deb 5e_1947 M N 99 Sale 9712
99
196
895 99
8
:Menai! Sugar I s7
1
9
233
233
4
4
4
1942 A 0 164 2312 233
Deb be with warrants.._1949 A 0 9912 Sale 974
994 98
__
893 99,2
8
Stmpd Oct 1931 coupig21942 A 0 13
Feb'34 ____
19
r on
25
19
10
Shlnyetau El Pow lat 840_1952 .1 D 73
74
75
8
72
134514 74
Flat atamped modified
Feb'34 ____
3
2714 20
15
20
Siemens dr Halske s f 7s____1935 1 J
71
7112 Mar'34 --_697 81
8
:Pan-Am Pet Co (Cal) cony 6640 J D a433 Sale 42
433
4 70
4
2558 46
Debentures t 644e
59
8
20
1951 m g 583 63
5814
5814 09
993
Sierra & San Fran Power 59_1949 F A 993 Sale 9918
4 20
4
9934 :paramount Fam Lasky 69_1947
863
4
Proof of claim tiled by owaer _ J D 504 Sale 494
507
8 57
2918 507
4318 684
5018 14
Silesia Elec Corp.s t 6441_1946 F A 50 Sale 4812
8
55
18
Sllealan-Ana Corp coil tr 7E1_1941 F A 54 Sale 5338
3734 5314 :Paramount Publix Corp 5449 '50
Proof of claim tiled by owner
5112 98
294 5112
F A 5018 Sale 49
Sinclair Cons 01115-yr 7s__ A937 M 8 1037 Sale 10312 104
8
117 1024 10434
:Pressed Steel Car cony g 59_1933 1 J 57
5112 661,,
5912 564 Mar'34 ____
let lien 645 series 11
1938 1 D 10512 Sale 10334 10512 52 101 10512
:Radio
3812 36 Mar'34 ____
1814 41
1939 Al 8 98 Sale 945
8
Skelly 011 deb 540
9614 102
8412 9858 v4te h -Keith Orpheum 8s._1941 J D 29
I
el r1C C
34
113
4
214 3412
8
Solvay Am Invest bs ser A1942 PA E3 1027 10318 1027 Mar'34 _-__
8
98 104 : tlud:lba d: 1 oLnalit Os_ __ _1944 al N 323 Sale 31
21
21
2012
2
16
2212
4
1075
South Bell Tel & Tel 1st s t 5s '41 1 J 10712 Sale 1063
9 30 10518 10758 :Stevens Hotels series A___ _1915 1 I 20
4
6114 127
45% notee_1942 J D 5912 Sale 573
353 6812
4
1097
8 45 1054 10978
(Tweet Bell Tel let & ref 68_1954 F A 10914 Sale 109
Twenty-third St By ref
28 Aug'28
8
21
Al
84
Southern Colo Power Os A I917 J .1 84 Sale 8338
8538 Union Elec By (Chic) 5s_1942 .1 J 885 -"'"18
18
1912 12 -17- - 59_:..1945 A 0 1014 13
24
3
4 1063 175 10412 107
s
Stand 011 0? NJ deb be Dec lb '46 F A 10.53 Sale 1053
4
4 1023 133 100 10314
Stand 011 of N Y deb 4 Ms_ _1951 J 0 10214 Sale 1013
r Cash sale.
a Deferred del very.
•
:Rumens Hotel 1s1 lls series A '45
•
•
*
•
(Studebaker Corp 6% g notes'42 J D
• Look under list of Matured Bonds on this page.
583 Sale 5612
4
Certificates of deposit
60
21
34
67
t Accrued interest payable at exchange rate of 84.8665.
Syracuse Ltg Co. 1st g 58_1951 1 D 109 110 110 Mar'34 _-__ 10312 11014
j Companies reported in receivership.
108
Tenn Coal Iron & RR gen 59_1951 J J 1074 ____ 108
1 104 10814
Tenn Copp & Chem deb 8s B 1944 PA S 84 Sale 8012
6512 84
84
z Deferred delivery sales.
5
823
4 48
1947 J D 82 Sale 814
Tenn Elm Pow lot 8s
Austrian Government 78, 1957, April 3 at 67.
57
33 2
,
1944 A 0 102 Sale 10112 10212 401
Texas Corp cony deb 5s
Buenos Aires 640, stamped, April 3 at 38%.
967 102,2
8
8
517
1960 J J 517 Sale 47
8 94
Third Ave Ry 1st ref 4s
41
Crown-Zellerbach 6s, 1940, April 6 at 86%.
5178
2912 Sale 26
30
341
Ad)Inc be tax-ex N Y _Jan 1980 A 0
2538 30
Deutsche Bank 68, 1932, April 6 at 753-i.
1937 3 J 9612 Sale 9612
9612
5
86
9612
Third Ave RR let g 53
General Petroleum 58, 1940, April 3 at 1043.
Tobacco Prods (N J) 6 Ms_2022 SIN 107 Sale 1064 10714 40 1014 1071 1
Lombard Electric 7s, 1952. April 4 at 93,
92
1955 NI 8 9118 ____ 92
4
80
Toho Elea Power let 78
92
Mead Corp. 69, 1945. ww, April 3 at 73.
Tokyo Eleo Light Co LtdNorth American EdLson 5s, 1957, April 2 at 83.1Ii •
7012
637
8
8
7012 159
1953 J D 7012 Sale 693
let Os dollar series
Norway 25, 1967, April 6 at 904•
1949 M S 10738 ____ 10738 Mar'34 --_- 102 10814
Trenton 0 & El 1st if 5s
Paris-Orleans 540, 1968, March 31 at 131.
ia 1-64-34
Matured Bonds
Financial Chronicle
2384
April 7 1934
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, March 31 to April 6, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Railroads
Boston & Albany
100 134
Boston Elevated
100
Boston & Maine
Prior preferred
100 37
Preferred stamped
100
Class A 1st pref stpd_ 100
Class B 1st pret st pd _100
Boston & Providence__ _ 100
Chicago Jet Ry & Union
Stockyards pref
100
East Mass St RyCommon
100
1st preferred
100
Preferred B
100
AdJustomat
100
Maine Central com____100
NY N Haven&Hartford100
Old Colony RR
100 95
Pennsylvania RR
50 35
Miscellaneous
Amer Pueu Service com_25
Preferred
50
First preferred
50
Amer Tel A Tel
100
•
Anioskeag Mfg Co
Ramsdell 011 Co
tilgelow Sanford Carpet....
Boston Personel Prop Tr..
Brown Co 6% cum pref__•
East Gas & Fuel Assn
Common
6% cum pref
100
434% prior preferred 100
Eastern Steamship com_ •
Economy Grocery Stores •
Edison Elec Ilium
100
Employers Group
General Capital Corn____•
German Credit & Inv Corp
25% 1st pref
Gilchrist Co
Gillette Safety Razor
Hathaway's Bakeries Inc
Preferred
•
Helvetia Oil Co(T C)____1
Ilygrade Sylvania Lunn...
,
Preferred
Intl Button Hole Sewing
Machine Co
10
International Hydro-Elec •
Libby-McN-Libby
10
Loew's Boston Theatres_25
Mass Utilities Assoc v t C.
•
New Eng Tel dr Tel__...100
Pacific Mills
100
Reece Button Hole M Co 10
Reece Folding Mch Co__10
Shawmut Assn tr ctts____•
Spencer Tra.sk Fund Inc
Capital stock
Stone & Webster
•
Swift & Co
25
Torrington Co
•
Union Twist Drill
5
United Founders corn_
•
U Shoe Mach Corp
25
Preferred
25
Venezuela Holdg Corp_ _ _•
yen-Mexican 011
10
Waltham Watch
Preferred
100
Prior preferred
100
Warren Bros Co
•
Mining
Calumet Sr Hecht
25
Conner Range
25
Isle Royale Copper
25
Mohawk Mining
25
New River Co pref. __ _100
Nipissing Min Co Ltd__ 5
North Butte
2 50
Oilbway Mining Co
25
Old Dominion Co
25
Pond Crk Pocahontas Co__
Quincy Mining
25
Utah Apex Mining
5
Utah Metal & Tunnel
1
Range Since Jan. I.
Low.
High.
Jan 138
Jan 67
132
64
134
67
70 10934
363 55
3634
8
1134
18
150
37
8
14
19
150
60 2334 Jan 4234
Mar 10
7
7
425
931 Jan
1634
Jan 21
15 10
14 139
Jan 150
100
100
96
Feb
Jan
Feb
Feb
Apr
Apr
Jan 100
8634
81
185
200
5
10
460
184
574
Mar
Apr
I
634
114
134
7
1434
7814
2714
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Feb
Feb
Mar
Feb
231
14
7
3
1414
24
98
39
134
1034
534
234
7
1834
9334
3434
131
1231
534
234
7
1914
95
3534
331
8
2334
12034 11814
8
734
734
34
34
11
11
334
8
2534
12131
834
834
34
11
12
Feb
3
511
334 Jan
5
Feb 1051 Jan
6
Jan
50 2334 Mar 28
1,784 10734 Jan 12534 Feb
1034 Feb
Jan
7
1,757
734 Mar 1034 Feb
20
85 2734 Jan 3934 Feb
1234 Feb
934 Jan
5
14
Jan
Mar
5
325
9
5834
68
934
1731
1734
14034 13634
11
1134
23
22
934
6334
69.34
934
1734
141
1131
23
1031 Feb
320
Jan
5
Jan 6734 Feb
631 45
Jan 6934 Apr
296 55
734 Jan
265
1034 Feb
18
80 17
Feb
Feb
839 12534 Jan 15434 Feb
330
734 Jan
1234 Feb
Jan 26
162 20
Feb
334
6334
6934
10
5
22
1534
6
93
30
234
8
1834
17
60
1034
62
3534
134
1134
534
534
54c
134
15
234
234
33.1
BondsAmoskeag Mfg Co 65_1948
Brown Co 534s
1950
Chicago Jet Ry & Union
1940
Stk Yards 4s
East Mass Street Ry1948
Series A 434s
1948
Series B 53
x Ex-dividend. • No par value.
10
10
434 5
1034 1134
25
62
390
Apr
10
334 Jan
834 Jan
Apr
10
6
Feb
1234 Jan
18
18
131
134
2034 23
84
84
8
200
145
10
1234 Jan
65c Mar
Mar
19
Apr
84
2134 Feb
131 Mar
2434 Jan
Apr
84
1534
731
5
6
134
9034
2834
11
234
73.4
1534
734
5
634
134
9334
30
12
234
814
300
92
7
88
130
420
135
25
350
735
1534 Apr
434 Jan
434 Feb
Jan
6
131 Jan
83
Jan
Jan
25
10
Jan
2 [Jan
634 Jan
1534
934
5
634
234
94
3434
12
234
934
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
1834
934
1631
54
1034
134
5934
3534
134
4
534
17
4734
ION
1835
10
17
60
1035
134
62
36
134
431
534
1831
4734
1134
10
511
431
503
10
125
1,097
7
16C
3,000
39
195
10
850
1734
534
14
4934
8
34
5631
3231
131
4
534
17
45
934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Jan
1934
1334
19
60
1334
134
6734
36
231
5
534
21
50
1334
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Mar
Jan
Jan
Jan
Feb
Feb
Jan
5
434
134
y
i
50
234
48c
150
85e
15
2
131
334
534
534
2
4
50
23/
550
25c
134
1531
231
234
334
248
365
562
40
9
10
4,226
300
3,552
200
1.643
6,270
8,815
334
3
1
31
30
234
250
15c
55e
10
I
750
1
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
634
531
234
434
50
234
800
65c
134
1534
231
3
534
Feb
Feb
Feb
Feb
Mar
Feb
Jan
Feb
Feb
Apr
Feb
Feb
Feb
73
50
73
50
33,000
2,000
6534
34
Jan
Jan
7334 Mar
5334 Feb
95
9634
2,000
88
Jan
9634 Mar
453.4 4634
4631 48
8,000
2.200
38
39
Jan
Jan
4634 Apr
Mar
48
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange, March 31 to April 6, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Abbott Laboratories COM-•
Acme Steel Co
25
Adams Mfg Co(JD)com_.
Advanced MUM CastIngs_5
Allied Products Corp el A_
.
Altorfer Bros cony pref_*
AmerFurnMartBidg pf 100
Amer Pub Serv pref. ...l00
Amer-Yvette Co Inc corn,1
Asbestos Mfg Co com
.1
Assoc Tel & Tel cl A
•
$6 preferred
Assoc Tel Util Co
Common
•
•
$7 cum prior pref
Automatic Products corn. h
Automatic Washer cony pt•
Bastian-131min* Co com_•
Bendlx Aviation com... _•
Range Since Jan. 1.
Low.
35
834
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
51
47%
11
4%
2034
25
231
13
24
334
334
16
Apr
Feb
Mar
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Apr
Apr
34
34
231
134
5%
IA
Jan
Feb
Jan
Jan
Jan
Jan
34
134
9%
3
10
23"h
Jan
Mar
Feb
Feb
Feb
Feb
51
39
11
334
1934
22
2
7
34
334
336
16
600
50
380
100
700
100
10
150
200
450
20
10
40
27%
6
234
10
10
34
334
334
16
47
39
834
33e
17
2034
2
6%
31
3
334
16
731
1934
31
31
36
h
634 715
,
2
2
634 7%
19
1934
150
120
2,350
40
350
3.200
51
11
18
High.
34
3
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stool's (Concluded) Par Price. Low. High. Shares.
Berghoff Brewing Co____1
Borg-Warner Corp corn. 10
7% preferred
100
Brach & Sons(E J) corn__•
Brown Fence & Wire
Class B
Bruce Co (E L) core
Butler Brothers
10
Canal Const Co cony pre( *
Castle & Co(AM)com_10
Central III PS pref
•
Central III Secur cony pt
Common
1
Central Ind Pow pref__100
Central Pub Mil el A___•
Common v t c
1
Cent SW ITU I common___•
Preferred
•
Prior lien pref
•
Chain Belt Co corn
•
Chic City & Con Ryscom_.
Chicago Corp common.__•
Preferred
•
Chicago Elec Mfg cl A__
Chic Flexible Shaft coin 5
Chicago Mail Order com_5
Chic N W Ry corn...100
Chic Rivet & Mach com__*
Chicago Towel cony pref_.
Chicago Yellow Cab cap__•
Cities Service Co corn....,•
Club Alum Uten Co corn_.*
Commonwealth Edison 100
Congress Hotel Co com_100
Consumers Co coin
5
Cord Corp cap stock
5
Crane Co common
25
Preferred
100
Dexter Co (The) com____5
Eddy Paper (The)corn___.
Eke Household Util cap__5
FitzSlm Sr Con D & D corn*
Gardner-Denver Co corn.*
General Candy Corp el A.5
Gen Household UM corn_•
Godchaux Sugar Intel 13_•
Goldblatt Bros Inc conx__•
Great Lakes Aircraft A__•
Great Lakes D & D
Greyhound Corp new corn ••
Hall Printing comrnon_10
Ilarnischleger Corp corn...
hart-Carter cony pref. •
Hibbard Spene Bart coin 25
Houdaille-Hershey el B__•
Class A
•
Illinois Brick Co cap.__ _25
III Nor UCH Co pref. _100
Indep Pneu Tool vtc coin_•
Interstate Powers $7 pref.
Iron Fireman Mfg v t o_ •
Jefferson Elec Co coin..._ 5
Kalamazoo Stove corn_
Katz Drug Co common__1
Kellogg Switchboard com10
Ken Util Jr cum pret_ _ _ _50
Keystone St Sr Wire corn.•
Kingsbury Brew Co cap..I
Kirsch Co cony pref
•
La Salle Ext Univ corn..
LawbeckCorp6% cum pf100
Libby McNeil & Libby _ _ 10
Loudon l'kg Co (The) corn*
Lynch Corp common.
...8
McCord Rad & Mfg A...
McGraw Electric corn....
•
McWilliams Dredging o •
Marshall Field common._
Metrop Ind Co allot Ws__ _
Mickelberry'sFdProd corn 1
Middle West Util new....
SlidlandUnited coin
•
Midland Mil
pr Ilen100
Monroe Chemical Co
Preferred w w
•
Slosser Leather coin
•
Mountain States Pow pf100
National Battery Co pref _•
National Leather corn...10
National Standard corn._•
Noblitt-Sparks Ind corn..•
North Amer Car corn.. _20
No Amer Lt & Pow corn._•
Northwest Bancorp corn •
Northwest Eng Co corn..•
Ontario Mfg Co coin
•
Oshkosh Overall cm
•
Convertible preferred_ "
Parker Pen Co corn
10
l'enn Gas & Elec A com_ •
Pertect Circle(The)Co...
Potter Co (The) corn____•
Prima Co common
•
Public Service of Nor III
•
Common
6% preferred
100
7% preferred
100
Quaker Oats Co
Common
•
Preferred
100
Raytheon Mfg v to com50c
6% preferred v t c
5
Reliance Mfg Co
Common
10
Rollins Hos Millconv pt_ •
Ryerson & Sons Inc corn..
Sangamo Electric
Common
•
Sears. Roebuck & Co corn •
Southern Union Gas com_•
St Louis Nat Stkyds cap_ •
Stand Dredging cony pf _ •
15
Swift International
25
Swift dr Co
Tel Bond & Sh 7% pret.100
Thompson (J RI corn. _2.5
12th St Store pref A
S Gypsum corn
20
Utah Radio Prod coin...'
•
(Nil & Ind Corp
Convertible preferred__•
Viking Pump Co con!....
•
Vortex Cup Co
•
Common
•
Class A
8%
2534
100%
814 934
2534 2
634
99 10034
11
1134
9,400
8,150
540
100
336 334
14
1534
10
1034
334
3
13
15
1534 17
836 834
34
31
1234 14
%
34
34
Si
1
134
134
5
6
6
10
9
10
17
17
17
34
%
234 231
234
2534 27
26
10
15
12
934 10
16% 1534 1731
1334 1234 13%
834 934
834
70
70
70
1134 12
231 2%
231
31
34
5531 55
5634
37
37
37
34
34
7
634 734
8% 934
934
62
59
62
4h
4
434 5
1234 11% 1234
14% 15
15
1034 20
631 734
7
16% 1334 16)1
934 9%
1731 1634 1731
34
34
1834 1931
931 13
1231
731 734
731
534 534
634 634
30
30
6
6
634
2034
2034 20
5% 6
6
6234 65
23
24
24
1531 1534
11
1134
13
1334
2134 23
32
32
4% 434
4%
1734 19
19
1731 18
631 734
6%
6
6
34
34
2131 2134
531 535
5%
1831 1634 18%
3234 3236
50
1,150
7,450
130
1.200
40
350
150
310
50
40
450
250
130
20
450
13,400
1,700
90
100
2,200
2,800
4,900
60
100
3,700
300
1,900
50
LOCO
13,000
2,900
130
510
200
750
100
100
1,600
18,900
50
2,400
400
1,550
6,400
500
50
50
100
1,050
450
350
30
250
10
400
150
300
110
50
90
300
1,200
50
100
30
4,400
1,000
50
1534
10%
334
15
2034
19
1034
134
34
Range Since Jan. 1.
Low.
1%
934
4
2
13
1236
534
14
634
3‘.
(i
4
5
16%
131
22%
7
8
1434
611
6
65
1134
131
34
37
34
534
734
44
3%
431
831
1336
16
4
8%
334
h
17
334
534
535
28
334
11
4
42%
17
1434
8
11
20
21
234
11
11%
634
6
31
21
3
1631
30
120
9
7
1,450
8% 934
750
20
20%
17% 1934 4,250
50
10% 1034
231 11,250
1
3,050
31
31
50
3i
36
,
240
13( 136
2%
3%
1431
12%
10
1
14
2031
934
931
19h
1
21
12
434
131
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
lair
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Feb
.lair
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Jail
.1110
Slur
Jai
Mar
Feb
Jan
Apr
Jai
Jan
Jai
Jan
Jan
Jan
Jai
Jan
Jan
Jar
Jar
Jar
Jan
Jar
Jar
Mu
Apr
Feb
Ma
Jan
Apr
Jan
Jai
Jar
Feb
Mar
Jan
Apr
Mar
Jan
Feb
Feb
Mar
35
15
10
23
234
27)4
16
63-4
4%
631
7%
14
83,1
20
9
14%
32%
6%
12%
Slur
Feb
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Feb
Apr
Feb
Jan
Mar
Jan
22
65
70
Feb
Feb
Mar
Jan
32
634
931
34
15
10
22
134
25
1531
5
231
435
634
1335
5
18
9
1231
32
631
931
10
10
20
30
950
750
5,750
100
300
200
240
10
300
20
600
150
200
1,050
550
23
234
734
Jai
Jai
Ma
Jail
Jan
Jan
Jan
&it
Jan
Mar
Jan
Jai
Jan
Jan
Jan
Jan
Jai
Jan
Jan
18
59
6734
18
56
64
1931
59
6734
500
100
160
13
34
3834
Jan
Jai
Jan
15
034
112
121
3
1
115
122
3
16% 1736
15)4 1534
1734 1734
134
29%
1734
831
134
4%
1051
2631
534
48%
134
59
3%
2834
1634
15
834
334
39%
134
1%
4
4%
4% Feb
17% Feb
1134 Feb
334 A-r
20% Feb
2234 Feb
834 Feb
13-4 Feb
Mar
14
34 Feb
% Feb
Jan
2
13% Jan
Jan
17
17
Jan
35 Jan
4
Jan
31% Feb
15
Apr
1016 Feb
19
Feb
15% Feb
0% Apr
70
Apr
1234 Jan
434 Feb
31 Jan
62
Feb
44
Feb
1
Jan
83 Jan
1134 Jan
6534 Jan
634 Jan
Mar
7
1334 Feb
Feb
17
Jan
20
7% Mar
16% Apr
1034 Mar
32% Feb
lh Feb
Jan
22
Apr
13
934 Feb
Feb
7
9
Feb
Apr
30
6% Jan
Jan
23
7% Feb
Feb
65
Apr
24
1734 Jan
13% Feb
1634 33"
2731 Feb
Mar
34
53.4 Mar
Jan
23
19% Feb
9% Jan
Apr
6
Feb
1
28% Feb
6
Feb
Mar
20
4034 Feb
10
934
2634
1934
11
3%
h
31
2
Jan
Jai
Jan
Jan
Mar
Apr
34
15
10
21
134
24
1434
5
234
434
6
1334
4%
18
8
12
32
6
934
22
High.
8
II% Jan
Jan
2034 Jan 28% Feb
93
Jan 101
Feb
8
Jan
1134 Mar
434
834
334
15
431
600 111
Ma 123% Jan
30 115
Jut 124
Mar
50
134 Jai
Jan
4
50
Apr
Jan
2
1,250
40
50
1434
15
1234
Jan
Jai
Jai
18% Mar
Jan
16
Feb
20
40
534
49
100
650
134
59
10
334
50
2934 3,250
1735 8,850
10
15
8%
250
334
20
4034
100
134
700
350
13
,
150
414
434
70
531 Ma
4134 Jar
34 Feb
Jai
50
334 Ma
Jan
24
Jan
14
714 Jan
631 Jan
134. Jar
3934 Apr
1% Jan
% Jan
I% Jan
134 Jan
636
51
2%
60
534
30%
1834
15
10%
3%
50
234
2
6
5
300
150
834 Jan
25
Mar
11
Mar
27(4 Mar
103.4 1034
26% 2631
Feb
Feb
Mar
Mar
Feb
Jan
Feb
Apr
Feb
Apr
Jan
Jan
Feb
Feb
Mar
Financial Chronicle
Volume 138
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Wahl Co corn
•
Walgreen Co common_ _ _•
67.4% preferred
100
Ward (Montg)& Co Cl A.*
Waukesha Motor corn_ _ _ _ •
Wayne Pump
Cony preferred
•
Wieboldt Stores Inc corn _ _•
Wisc Bankshares com
•
Zenith Radio Corp corn_ _•
27%
1% 2
25
2814
loog 100%
109
31
34
17%
334
Bonds
Chic City Rys 50 ctfs_1927
Chicago RYs5s
1927
Ctfs of deposit
5334
110
31
2% 3%
15% 17%
3%
3% 3%
Range Since Jan. 1.
Low.
1
250
6,050 17%
20 100%
540 88
10 231;
200
700
100
850
4614 49% 55,000
5355 53% 2.000
1.000
52
52
134
1054
2%
3
High.
Jan
Feb
Jan 28% Apr
Apr 100% Apr
Jan 1 1 1
Mar
Jan 35
Feb
Jan
Jan
Jan
Jan
41;
18%
4
5
Feb
Feb
Feb
Feb
Jan
Jan 54
44
4994 Feb53% Apr
Jan 5311 Jan
47
• No par value. z Ex-dividena.
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, March 31 to April 6, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. High. Low. Shares.
Range Since Jan. 1.
High.
Low.
Abitibi Pow & Pap com_ *
1.60 1.50
6% preferred
100
755
755
Beatty Bros corn
8% 8%
•
Preferred
85
85
100 85
Lteauharnois Power com_ •
754 7%
Bell Telephone
100 119% 120 116%
Blue Ribbon Corp corn- •
435 4%
31%
655% Preferred
50 31% 32
Brantford Cord 1st prat_ 25 25
25
25
Brazilian T L & Pr com• 11% 11% 10%
Brewers & Distillers com-• 2.40
2.45 2.20
Brit Col Packers com
2% 215
•
11
Preferred
11
100 11
Brit Col Power A
29
29
•
Building Products A
21% 20%
•
Burt F N Co com
31
32
25 32
2.10
500
9%
125
115 10
10 85
9%
340
316 120
5
40
30 32
130 25
4,027 1454
2.95
7,154
3%
101
65 13
10 3214
20 23%
60 33
1.00
Jan
414
Feb
Feb
6%
Apr 89
Feb
3%
Mar 110
4
Feb
Apr 2354
Apr 22
Feb
1035
2.20
Jan
2%
Feb
Feb 10
Feb 2355
Feb 16
Mar 27
Canada Bread corn
•
Canada Cment corn
•
8
Preferred
• 42%
Canada Steamship pref_100
Can Wire & Cable B
•
Canadian Canners corn_ _ _•
Cony preferred
9
•
1st preferred
100
Candn Car & Fdry cona___*
75.5
Preferred
25 134
Can Dredge & Dock tom.* 23
Candn Gen Elec com_ .
_50
Preferred
.50 61
Candn Ind Alcohol A_ _ _ _• 15%
B
*
Candn Locomotive pref100
Canadian Oil corn
•
Preferred
100
Canadian Pacific Sty.___25 17%
Canadian Wineries
•
*
Cockshutt Plow corn
85.5
Conduits Co corn
•
Consolidated Bakeries._ _• 10
Consolidated Industries_ _• 50c
Cons Mining & Smelting..25 169
Consumers Gas
100 176
Cosmos Imperial Mills_ __• 11
295
2,527
279
50
25
272
212
96
415
70
1,195
3
12
6,520
114
10
50
15
5,565
245
641
10
612
402
72
9
39
Jan
3
Jan
614 Jan
Feb
Feb 33
Jan
Jan
3
Feb
Jan
9
Mar
Jan
6
Ap
Feb
8% Jan
Jan
75
Ap
655 Jan
Star
Feb 11% Jan
Jan
Feb 20
Ap 124% Feb
Feb
59
Ja
13% Mar
Ja
Jan 12% Mar
Apr
2
Ap
Jan
12
Fe
Feb
92
Ap
Mar 12% Jan
7% Apr
Jan
Feb
7% Jan
Apr
Apr
2
Feb
7% Jan
Jan 40c
Jan
Apr 131
Feb
Mar 165
Jan
Feb
755 Jan
3%
8%
42%
5%
12%
8
9%
87
7%
13%
23%
140
61
16%
1555
2
13%
100
17%
8
84
2
11
50c
170
180
11
3%
7
41
5%
12%
754
9
86
7%
1354
22
140
60
14%
14
2
13
100
16%
75.4
8
2
10
.50c
167
176
11
5%
12
53
7
13%
8
1055
87
16%
3454
140
61%
20%
19%
2
15
100
1815
11%
10%
2
12%
1.50
170
182
1154
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Feb
Jan
Jan
Jan
Dominion Stores corn.. _._* 21
21
28
22
23
Easy Washing Mach corn •
51
1
1%
214
Fanny Farmer prof
37
34
34
•
Ford Co of Canada A__ * 24% 2454 21% 16,59
25%
General Steel Wares com_•
21
4% 455
6
43
Goodyear T & It pref_ _100 110
34 111
110% 110
Great West Saddlery corn.*
3
50
255, 2%
Gypsum, Lime & Alabast_•
1,37
6% 514
8%
655
Hamilton Cottons pref. _30 21
20%
25 21
21
Diode & Dauche Paper_ *
55
854
7% 7
Hunts Ltd A
65 13%
13
1234
• 13
It
30 13
13
13
13
International Nickel com.• 27.70 28.20 27.55 13,335 28.25
Intl Utilities B
700
1.00 1.00
1.50
1.00
licivinator of Can corn_ •
10
6
5
5%
Mar 1954
1
Jan
Feb 28
Feb
15
Feb
315
Ma 106
Star
134
Feb
414
Ap
14
Feb
555
Ap
9
Ap
10
Mar 21.15
Fe
95c
Fe
4%
Feb
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Lake of Woods M1114 COM°
11%
Laura Secord Candy com_•
55
Loblaw Groceterlas A _ _ _• 16%
16%
11
15%
16%
Locw'sTlica(Marcus) p1100
70
Maple Leaf Milling com •
2%
2
Preferred
8
100
Massey-Mures corn
6%
8%
•
Monarch Knitting prat 100
64
Moore Corp corn
16%
• 16
100 108% 109%
128%
100
National Sewer Pipe A. -*
18%
15 14
125 55
3,232 log
917 15%
25 70
150
6
40 10%
1,145
855
5 65%
310 17%
88 110
2 128%
35 20%
Fe
11%
Ap
4755
Ap
14
Jan
1355
Ap
60
154
Jan
Fe
6%
Feb
4%,
Mar 45
Feb
11
Mar 96
Apr 10955
Feb
14%
Apr
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
40
5
135
20
5
110
5
138
1,530
962
370
9
90e
77
29
66
20
8
73%
11%
38
3854
80%
1.00
Feb
Jan
Mar
Feb
Apr
Jan
Apr
Mar
Jan
Mar
Mar
Feb
Jan
7%
25c
55
14
66
1614
4
4234
6%
28
31
66
50c
Apr
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Mar
Jan
Jan
Jan
Feb
6%
826
7,364 5754
2,64'
17%
10
8%
955 34
30 10155
4%
Mar
Jan
Jan
Jan
Mar
Mar
Feb
315
4055
16
6%
28
8854
'-'
Jan
Nlar
Feb
Feb
Feb
Jan
Jan
19 168
19 186
30 180
82 203
278
1
168
1 205
Feb
Mar
Feb
Feb
Jan
Ma
Feb
123
133
141
167
260
162
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Ap
Ma
Ap
Ap
118
70
105
100
Jan
Jan
Jan
Jan
Out Equitable 10% paid WO
Orange Crush corn
Page-Hersey Tubes corn •
Photo Engravers & Elea_ _•
Porto Rico Prof
100
Pressed Metals corn
•
Simpson's Ltd B
Preferred
100
Stand Steel Cons corn... _•
Steel of Canada coca
•
Preferred
25
Tip Top Tailors pref___100
Traymore Ltd corn
100
100
100
100
100
100
100
755
500
75
19
66
1755
8
70
8%
38
38
80
750
755
50c
7055
19
66
16%
8
69
7
36
37
80
65c
51.4
46
16%
6.54
3255 33
10054
214
5
42
1655
655
32
100
215
72
19
66
17
70
73-4
38
37%
650
Union Gas Co com
•
Walkers (111ram) corn... _•
l'referred
•
Western Can Flour corn_ •
Weston Ltd (Gee) corn__
100
Preferred
Winnipeg Electric corn_ __•
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
1155
53
15
14
70
2
8
6
64
15%
108%
12854
18
555
45%
1615
162
175
175
197
263
202
Loan and Trust
Canada Permanent._ _.100 139
liuron & Erie Mtge_ _ _100
Toronto General Trusts100
Toronto Mortgage
50
* No par value.
163
17555
175
197
263
164
202
161
173
175
197
260
161
200
140
94
119
105
135
88
119
102
600
2
1
140
95
119
105
130%
2385
Toronto Curb.
-Record of transactions at the Toronto
Curb, March 31 to April 6, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
Week.
ofPrices.
Par Price. High. Low. Shares.
Range Since Jan. 1.
High.
Low.
Beath & Son(W D)
4
25
3% 3%
3%
131Itmore Hats pref.. _ _100 92
92
5 92
92
Brewing Corp corn
8% 3,826 10%
9
8%
•
Preferred
22% 20%
20%
726 22%
Bruck Silk
20
620 22
20% 1954
Can Nor I'ower
• 21% 21% 21%
10 21%
Can Bud Breweries cora...*
10
1,320 12
955
955
Canada Malting corn_ _ _ _* 31% 32
940 35%
31%
Canada Vinegars corn_ _.* 2555 25% 2555
175 27
Canadian Marconi
1
4%
25
2% 2%
Can Wire Bound Boxes A..• 14
14
14
30 1655
Cosgrave Export Brew _10
8
125
8
915
Dehaviland Aircraft cona_•
25
24 2%
414
Distillers Seagrams
• 19% 2015 18
13,795 2614
Dominion Bridge
• 33
3315 32
396 37
Dom Motors of Canada_10 50c
500 500
115 800
Dorn Tar & Chemical com*
22
314
5%
315
Dufferin Pay & Cr St com *
4
3
3
3
70
Preferred
10 40
100
3555 35
English Elea of Can B___•
6
3
555
554
Goodyr Tire & Rub com_• 125
125 120
112 136
Hamilton Bridge com____*
6%
7
654
55
954
Honey Dew corn
•
1.00 95c
420
1.50
Preferred
75 11
655 6
Howard Smith corn
•
7% 8%
8%
55
95;
IIumberstone Shoe corn_ •
25
25
10 26
Imperial Tobacco ord_ _ _ _5 11%
1154 1115
165 12%
Langleys prof
54
50
29 54
•
Feb
Apr
Feb
Mar
Mar
Apr
Mar
Mar
Feb
Feb
Jan
Ntar
Feb
Jan
Ma
Jan
Feb
Feb
Ma
Ma
Feb
Fe
Fe
Fe
Fe
Ja
Fe
Ap
334 Feb
Feb
85
Jan
5
Jan
15
18% Jan
21% Apr
Jan
n
28% Jan
7
21% Jan
213.6
a
5 1 r.
234 Mar
Feb
13
3755
14%
655
40
13%
5%
39%
18%
7
45
15
711
96
10%
60
2255
4%
8
100
28
100
1954
855
4
Fe
Feb
Apr
Mar
Feb
Feb
Mar
Feb
Mar
Mar
Feb
Apr
Apr
Mar
Apr
Feb
Mar
Feb
33% Jan
14% Mar
Jan
5
Jan
31
7% Jan
Jan
5
Jan
80
Jan
Jan
Jan
18
114 Jan
434 Jan
Jan
90
Jan
17
8954 Jan
9% Jan
554 Feb
Jan
2
13%
Mar
Mar
Feb
Apr
Feb
Mar
Feb
Mar
Feb
Mar
12%
2
1255
19%
10%
71%
75c
1.40
75e
16
NIontreal L II & P Cons_•
National Steel Car Corp__.
Ontario Silknit corn
Preferred
100
Power Corp of Can corn...
Rogers Majestic
Robert Simpson pref__100
Service Stations coin A...*
Preferred
100
Shawinigan Wat & Pow__*
Stand Pay & Mat corn_ •
Stop & Shop COrn
Tamblyns Ltd (G) pre 100
Toronto Elevators com .._*
Preferred
100
United Fuel Invest pre 100
Walkerville Brew
Waterloo NIfg A
Oils
*
British American Oil
Crown Dominion Oil......
Imperial 011 Ltd
•
International Petroleum_ _*
McColl Frontenac 011 cora*
Preferred
100
5
North Star Oil corn
Preferred
5
Prairie Cities 011 A
•
Supertest Petroleum ord....•
38
14%
7
40
14%
555
95
8
8%
59
594
22%
22
4
8
100
27% 27%
99% 100
17%
8%
7%
3%
3
1414
3
14
24
11%
85
26%
15
555
14%
24%
12
85
900
1.95
1.00
26%
37
1455
655
40
12%
555
95
7.14
55
21%
3%
8
100
27
99
17%
7%
3
150
310
65
so
670
290
5
505
180
205
995
30
10
230
90
15
2,420
255
1454 4,443
160
3
13%
7,820
10,496
23
639
11%
8235
67
170
80c
150
1.7
20
7.50
800
23
455
1415
24%
12%
85
1.55
3.00
2.00
2934
Feb
2
19% Feb
25% Jan
520 Apr
2
Jan
Jan
18Jan
2
Feb
4
Jan
90
Mar
6
70c Feb
Apr
6
7% Mar
Star
24
10% Jan
Jan
25
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Jan
* No par value.
-Record of transactions at
Montreal Stock Exchange.
the Montreal Stock Exchange, March 31 to April 6, both inclusive, compiled from official sales lists:
Stocks-
.55..
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Agnew-Surpass Shoe
•
•
Preferred
Alberta l'ac Grain A
•
Preferred
100 21
535
Bathurst Pow & Pap A_ _ _*
Bell Telephone
100 119
• 1154
Brazilian T I. dt P
254
Brit Col Packers
•
Brit Col Pow Corp A
• 29%
6%
B
Bruck Silk MilLs
2034
Building Products A
2134
8
*
Canada Cement
Preferred
100 4234
Canada Forgings el A._ _ _•
Can North Pow Corp_ .. _ _* 21%
Canada Steamship
•
Preferred
5
100
Candn Bronze
• 24
Preferred
100
Candn Car & Fdry
755
•
Preferred
25 14
Canada Celanese
* 20
Preferred 7%
100 118
Candn Converters
100 40
Candn Cottons prat__ __
Candn Ilydro-Elec pref100 72%
Candn Ind Alcohol
* 1555
Class B
* 1434
Canadian Pacific Ry_ _ _ _25 17
Cockshutt Plow
8
•
Cons Mining & Smeitg_25 169
755 7%
85
85
455 4%
22
21
5% 554
117% 119%
1034 11%
234 2%
28% 2955
655 7
1954 2034
2055 22
755 8%
4134 43
435 434
21%
21
2% 215
sy
5
24
2434
101 101
7%
7
1314 14
2055
20
116 118
40
40
90
90
7255
72
14% 17
1314 1574
16% 17%
815
8
167% 170
6
20
5 72
3
10
26 1734
3
273
383 110
9,803 1074
1,510
2%
355 2234
455
330
1,355 16
165 16%
655
858
276 32
4
5
1,187 16%
25 70c
2%
260
185 17
30 95
655
1,066
225 12
920 16%
75 104
5 30
45 70
219 5455
7,150 12%
3,392 12%
2,508 1234
754
470
998 132
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
834
90
7
22
815
120
1434
3%
3234
834
22
23%
12
52%
6%
2234
3
27
101
9%
16
223-4
118
45
92
75
20%
1914
1834
1055
170
Feb
Nlar
Feb
Mar
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Mar
Mar
Fet
Mar
API
Mai
Fel
Mai
Jar
Jar
Ma
,
Fel
Mai
Dominion Bridge
•
Dominion Coal pref
100
Dominion Glass
100
Dom Steel & Coal B._ _25
.
Dominion Textile
•
*
Dryden Paper
Eastern Dairies
•
Famous Players C Corp...•
Foundation Co of Can......•
General Steel Wares
•
Goodyear T Pfd Inc '27100
Curd (Charles)
•
Gypsum, Lime & Alabast..•
Hamilton Bridge
•
Hollinger Gold Nlines
5
Howard Smith Pap NI_ _ _ _•
Preferred
100
Intercolonial Coal pref _100
Intl Nickel of Canada._ _ _•
International Power
•
Preferred
100
Lake of the Woods
•
Lindsay (C NV)
•
Massey-Harrls
•
McColl-Frontenac 011_ _ ..•
NIitchell (J 5) pref _ _ _ _100
Mont L 11 & Pow Cons_ _•
MU Loan & Mtge
25
Montreal Telegraph_
40
Ninntre.9171,n1a,vg
,
100
1,490 25%
3234 3355
25 10
55
55
30 80
95% 97
1.097
254
314
3%
130 67
7755 80
4
145
5%
5
20
3
354 3%
35 10
18
15
13
55 10
13
450
4% 4%
334
5 107
110% 11055
285
9% 10
6%
5% 6%
4%
60
75
555
6% 7
17.50 19.50 13,367 11.40
345
4
714 8%
60
60
5 33
17 100
100 100
27.60 28.15 7,268 21.15
2
2
125
23.1
16% 16%
50 14
1155 1114
25 11%
20
3
3
3
425
6%
6
455
1174 12
1,106 1055
100 100
3 100
37
38% 4,290 33
40
40
18 40
52
52
25 50
116 120
20 10934
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
37
60
100
43-4
82
7%
5
18
16%
6
11035
11%
855
955
19.50
10
70
100
28.25
3
1954
15
335
8
1234
100
3914
47
54
125
Mal
Mal
Ma
Fel
Ma
Tel
Fel
AD
Ma
Fel
Ap
Jai
Fel
Fel
Ap
Tel
Ma
Ap
Ma
Ja
Ma
Fe
Ma
Fe
Fe
Ja
Fe
Fe
Ja
Tel
3355
95%
3%
7934
5
4%
11055
6%
17.70
8
27.75
1655
1154
655
11%
100
37
40
7%
2386
Financial Chronicle
C/7,0
.,.....,.,
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
BanksCanadienne
Commerce
Montreal
Nova Scotia
Royal
120%
2%
19
33
2
10
120%
3
19
34
2
10
100 141% 141%
100
161
100
196
100 264
263
100 162
162
141%
162
198
264
163%
2
80 116
240
2%
35 18
180 20
2
5
10
5%
35
54
150
43
109
Jan 28%
Feb 35
Jan 18%
Jan 209
Jan 92
Jan 102
Jan 62
15
Jan
Jan 20
3%
Jan
Jan
9%
Feb 39
Jan 23
Jan 24%
Jan 21
Jan 87%
10
Jan
Feb 70%
16
Jan
Jan 38
Jan 383
Mar
Mar
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Mar
Apr
Mar
Mar
Mar
Feb 125
Mar
5
Jan 23
Jan 36
Mar
2
Feb
18
Jan
Jan
Feb
Feb
Mar
Feb
138
129
169
263
129%
Jan
Jan
Jan
Apr
Jan
145
166
203
276
166%
Feb
Feb
Feb
Feb
Feb
* No par value.
Montreal Curb Market.
-Record of transactions at the
Montreal Curb Market, March 31 to April 6, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
13
91
35
3%
15%
34%
15
3
Feb
Mar
Jan
Feb
Mar
Feb
Feb
Feb
5
820
405
150
1,925
380
65
25
1,210
9,029
746
25
4,035
8%
95c
7%
2
17
20
19%
2%
1.50
12%
11
3
19%
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
8%
1.50
9
2
26%
28
22%
5%
1.90
14%
12%
5
24%
Jan
Jan
Mar
Jan
Jan
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Apr
NIelchers Distillers Ltd A_• 13%
12
13%
B
•
8
8%
Mitchell & Co Ltd (Robt)•
7%
6% 8%
Page-Hersey Tubes Ltd_ _•
74
74
Regent Knitt Mills Ltd.
•
5%
4% 6
Supertest Petrol Corp Ltd •
23% 233.5
Thrift Stores Ltd
*
9
9
Cum pref 6%%
25 23% 23% 2315
Walkerville Brew Ltd____• 8.00
7.75 8.50
Walker Gooderh & Worts-• 45
46%
43
Preferred
*
1614 16%
Whittall Can Co Ltd
•
4% 4%
4%
Cum preferred
100 62
62
62
United Distillers
3
314
3
287
145
790
10
4.220
10
40
75
8.315
953
357
25
5
1,045
12
8
535
56
2
23%
9
23
3.90
41%
16%
33.5
33
3
Mar
Mar
Jan
Jan
Jan
Apr
Mar
Feb
Jan
Mar
Feb
Jan
Jan
Mar
15
11%
10%
74%
6%
28%
114,
25
8.55
58
17%
5
62
3%
Jan
Jan
Feb
Mar
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Feb
Apr
Mar
10
Jan
Jan 100
Jan 14%
1.50
Jan
Jan 80
Jan 90%
Jan 410
190
Jan
2.02
Jan
Jan 50c
Jan 92c
Jan 31.00
Jan
90
Jan 40.30
1.15
Mar
Jan 54.25
Jan 230
Feb 49.65
Feb
2.28
Jan 42.65
1.25
Jan
2.65
Jan
Jan 500
8.00
Jan
Mar 650
1.12
Jan
Jan 48140
Jan 10.25
Feb
Mar
Mar
Feb
Mar
Mar
Feb
Apr
Mar
Feb
Apr
Jan
Mar
Mar
Apr
Apr
Apr
Mar
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Feb
Apr
Public UtilityBeeuharnols Pow Corp- --•
7%
3%
770
7% 7%
C No Pow Corp Ltd pfd 100 100
99 100
60 88%
City GaS & Elec Corp Ltd •
13
11
9
60
Inter Util Corp el B
1
1.00 950
1.00 3,210 80c
Pow Corp Can cum pre( 100
75
75
50 51
Sou Can P Co Ltd pref_100 89
88
90
72 72
White Eagle Silver
34140 343-Sc
200 32c
liarry-Hollinger Gd NI Ltdl
1814c 190
200 14%c
Base Metals Min Corp Ltd*
1.78 1.80
1.50
625
Big Missouri Mines Corp.! 350
350 37c
2,525 32c
B R X Gold Mines Ltd_ 50c 020 79140 920
7,000 31c
Bulolo Gold Dredging Ltd 5 30.00 29.75 31.00
2,040 23.50
Cartier-Malartic G NI Ltd 1 7,14c 614c
8c
85,600
lc
Dome Mines Ltd
• 38.50 38.50 40.30
445 32.75
1
Greene Stabell
1.15 1.05 1.15 20,925 87c
Lake Shore Mines Ltd_..1 53.50 52.00 54.25
4,360 42.50
Label Oro Mines Ltd_ _ 1 2234c
190 230 278,500 8 A e
NIcIntyre-Porcupine Ltd_5 47.25 47.25 49.65
330 39.60
Mining Corp of Can Ltd..*
2.00 2.00 2.00
300
1.69
Noranda Mines Ltd
* 42.5039.75 42.65 11,540 33.25
Read-Authier Mine Ltd..!
1.08 93c 1.25 54,861 260
Biscoe Gold Mines Ltd_ _ _1
2.45 2.30 2.65 57,865
1.43
Sullivan Gold Mines Ltd_ 1 470
43c 500 94,375 25c
Teck-Hughes Gd M Ltd..!
7.40 7.20 8.00 16,433
5.80
Towagmac Explor Co Ltd 1 620
620 650
2,100 490
Ventures Ltd
•
1.03 1.10
2,150 77c
Wayside Con Gd M Ltd 50c
42c 460
3,050 400
Wright Hargreaves M Ltd• 9.70 9.50 10.25 15,845
6.75
60
16,000 4c
770
2,800 54340
1.00
1.500 630
1,800 980
130
70%c 1,050 25e
714C 83,785 36c
1.76
2,700
3.90
1.00
1.27
250 498,275 8350
4,400
1.30
3.20
2,800 20140
56c
180
Jan
Jan 780
Jan
1.00
1.35
Feb
Jan 730
Jan 7115c
3.90
Jan
Jan
1.28
Jan 25150
Jan
3.20
Jan 580
Feb
Mar
Apr
Mar
Mar
Apr
Apr
Mar
Mar
Apr
Mar
Unlisted
Abitibi Pow & Pap Co_ _•
.
Cum pref 6%
100
Brew & Distillers of Van..
•
Brewing Corp of Can Ltd.'
Preferred
•
•
Can Malting Co Ltd_
Canada Bud Breweries...•
Canadian Canners Ltd_ •
Canadian Indus Ltd B. •
Claude Neon Gen Ad Ltd_•
,,
,,.....1 PAnpr Corn I.td _ _•
1.65
8
2.50
9
22%
32
935
8
153%
60c
2..5
670 90c
109
4
2.25
1,235
1,430
534
15%
881
255 28
814
190
20
7%
26 148
1,015 400
3.359
134
Jan
2%
10
Jan
Mar
2.95
Jan
10%
Jan 25%
Jan 35%
12
Jan
Mar
8
Mar 153%
Jan 800
Jan
214
Feb
Feb
Feb
Jan
Mar
Mar
Mar
Mar
Apr
Jan
Jan
1.60 1.50
8
635
2.35 2.25
835
834
21
21
31%
9%
934
8
153%
500
500
2% 2%
Range Since Jan. 1.
Low.
1515 Jan
3
Jan
2% Jan
1414 Jan
14% Mar
95c
Jan
7
Jan
High.
Feb
Apr
Mar
Feb
Apr
Feb
Feb
25%
7%
5
30
16
3
26
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, March 31 to April 6, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
American Stores
*
41
41
Bell Tel Co of Pa pref _ _100 115% 115% 116
Budd (E G) Mfg Co
•
6
6%
Budd Wheel Co
*
4
4
Electric Stor Battery_ _100
44% 47%
Fire Association
10 4635 4335 47
Insurance Co of N A__ _ _10 46% 46
46%
Lehigh Coal & Navig____*
8
8%
Lehigh Valley
50
17% 18%
Mitten Bk Sec Corp_ __25
1
1
Preferred
25
1%
134
Pennroad Corp v to
•
34
334 3%
Pennsylvania RR
50 3534 34
354
Phila Elec Cool Pa S5 pf * 101% 101% 101%
Phila Elec Power pref
25 31% 31% 31%
Phila Rapid Transit_
50
3
3
7% preferred
50
7%
734 7%
Philadelphia Traction_ _ _50 23% 23% 23%
Reliance Insurance
10
6%
6% 83.5
Scott Paper ser B 6% p1100
105 105
Tonopah-Belmont DeveLl
15
lit
Tonopah Mining
1
1
l'it
Union Traction
50
75.5 7%
United Gas Impt com_ _ _• 16% 16% 17
Preferred
• 93
93
93
Victory Insurance Co_ _ _10
63-5 6%
BondsElec & l'eop tr ctts 4s.1945
Ctrs of deposit
Phil% City St4f1
1024
* No par value.
21
23
21
21
10111,4 100%
Range Since Jan. 1.
Low.
39
111%
5%
4
44%
31%
3914
555
13
1
34
2%
29%
93
30%
1
4%
1634
434
100%
sip
Iii
xt.%
14%
86
High.
Jan 44
Feb
Jan 117% Mar
Jan
734 Jan
Jan
5% Jan
Mar 5134 Jan
Jan 47
Apr
Jan 47
Mar
Jan 10% Feb
Jan 20% Feb
Feb
1% Mar
Jan
1% Mar
Jan
454 Feb
Jan 3934 Feb
Jan 102
Mar
Jan 32% Mar
Jan
4
Mar
Jan
9% Mar
Jan 26
Mar
Jan
6% Apr
Feb 105
Apr
Jan
1
Mar
Jan
Pis Feb
Jan
834 Mar
Jan 20% Feb
Jan 95
Feb
Jan
6% Apr
4%
15% Jan 23% Feb
18
Jan 21% Mar
10054 Aro 10035 Anr
x Ex-dividend.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, March 31 to April 6, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Appalachian Corp
•
120
120
Arundel Corp
• 1734
16% 1734
Black & Decker corn
•
6%
64 6%
Preferred
25
13
13
Chas &I.T of Balt pref_100 116% 1163-5 117%
Comm Cr Corp prat 11_ _25
28
28
7% preferred
25 2734
26
2734
Consol Gas E L & Pow__• 59
59
60
6% prat series D____100 110
110 110
5% preferred
100 102
101
102
Emerson Bromo Sells cl A •
19
19
FRI & Guar Fire Corp___10
15% 1534
Fidelity & Deposit
50 35
35
36
Finance Service corn CIA 10
314
314
Houston Oil prat
100
8
714 8
Maryland Cas Co
2
Merch & Miners Tramp_ _•
MononWPennPS7% pfd 25
Mt Vern-Wdb Mills pfd100
Common
100
New Amsterdam Cas_ _ _10
Northern Central
50
Penna Water & Power__ •
United Rys dr Elecric_ _ _50
US Fidelity & Guar_ __ _10
2
33
4514
9%
5%
Bonds
Baltimore City
49 sewerage Inapt_ __1961
4s conduit
1958 104
4s water loan
1958
4s Annex Impt
1951
314s New Sewer Impt'80
DavistiltealCo651(ctfs) '40
Lexington Ry 1s1 5s_ _1949 97
NIaryld ElecRy6%(ctfs)'33
North Ave Market 68_1940
UnitedIty&EI lst6s(flat)'49
let 4s (flat)
1949
1st 4s etfs ((Intl
1049
lA
32
16
453-4
534
9%
85
5314
12c
5
2
33
16%
45%
5%
9%
86
54%
120
534
102% 10235
1023.5 104
102% 102%
1023.5 10234
94% 9434
27
27
97
97
14
14
44
44
814 9
8
8%
714 814
Range Since Jan. 1.
Low.
100
155.1
5
8%
11234
2434
24
5234
105%
100
18
10%
19
3
4%
High.
Jan
13c
Feb 18%
Jan
8%
Jan
14
Jan 118
Jan 29%
Jan 28%
Jan 65
Jan 110
Mar 103
Jan 22
Jan
17
Jan 39
Jan
5%
Jan
9
Jan
Jan
Feb
Feb
Mar
Mar
Mar
Feb
Apr
Mar
Mar
Feb
Feb
Feb
Feb
1% Jan
28
Jan
13
'Jan
22
Jan
2% Jan
9% Apr
743-5 Jan
4534 Jan
Sc
Jan
3
Jan
2%
35
18%
453-5
6
1234
86
5534
15c
7
Feb
Feb
Mar
Apr
Feb
Jan
Apr
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Apr
Apr
Apr
Jan
Jan
Apr
Aim
10234
104
102%
103
94%
27
97
14
411
12
1135
II
Mar
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Mar
Feb
Feb
vet,
9434
99
943-5
10034
90
27
97
14
39
83-4
8
7%
• No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, March 31 to April 6, both
inclusive, compiled from official sales lists:
Stocks-
Unlisted Mines
Arno Mines Ltd
• 5%c 51.50
Cent Patricia Gd NI
1 750
750
Granada Gold Mines Ltd_l
910
EIovvey Gold Minas Ltd..! 125
123
Kirkland Lake Gold NI Col 660 66c
Parkhill Gold Mines Ltd.! 050 650
San Antonio Gd NI Ltd...!
3.90 3.53
Sherritt-Gordon M Ltd..!
1.09
Stadacona Rouyn Mines... 24540 230
Sylvanite Gold Mines Ltd 1
3.00 2.87
Thompson Cadillac NI Ltd1 50c
500
24%
2,041
24%
71.5
69
110
5
27
89
16
25
3
12,355
25
1,820
gmoc.i=cocc go.oc-vc—Q r.N1
,e.coc....3,,,,go
g000gg00000=
c,, .. C,M ,
OGN.g.
. , .0= ,
... N ,
M
N
c-R2@wo888888
‘'l
Cl
c. '-'
Cl
.o, —4aa—Aia
9%
90
20
1.75
13
20%
9
2
26
16
22
615
5
26
16
2
19
E§§
365
5
6,200
5
131
420
70
200
24%
N
Associated Brew of Can....* 10%
10
11%
Cum preferred
100
90
90
Assoc Oil & Gas Co Ltd...* 25
25
26
Bathurst Pow & Pap B__*
2% 2% 2%
British American Oil Ltd_• 14% 14% 15
Can Dredge & Dock Ltd__• 22% 22
23
Can For Invest Corp_
•
10
12
Canadian Vickers Ltd_ _ .•
.
2
2
2%
Catelli Macaroni Products
Preferred A
30
8% 8%
Commercial Alcohols Ltd• 950
9.50
1.00
Champlain pref
100
8
7% 8
David & Frere Ltee A_ _ _ _•
2
2
Distill Corp Seagrams Ltd • 19%
18
20%
Dominion Eng Wks Ltd. 3
.
24
25%
Dominion Stores Ltd_ _...* 21
21
21%
Dom Tar & Chem Co Ltd.*
3%
33
% 4
Home Oil Co Ltd
• 1.60 159 174
Imperial 011 Ltd
• 14
13% 14%
Imp Tob Co of Can Ltd 5 114 11% 12
Int Paints (Can) Ltd A...*
4
4
4
Int Petroleum Co Ltd
• 24% 23% 2415
Ford Mot Cool Can Ltd A*
Fraser Companies Ltd__ •
Voting trust certificates •
Gen Steel Wares pref__100
Loblaw Groceterlas Ltd A •
Price Bros Co Ltd
100
Preferred
100
* No par value.
o.00..cogossogog0000sogsggoo
M
0 n
0 100,
,
N0
Cl
Tuckett Tobacco pref_ _100
Viau Biscuit
*
Preferred
100
Waba.sso Cotton
*
Windsor Hotel
•
Preferred
100
2,999 23%
160 31
430 12%
121 190
50 79
10 90
5 47
925
7%
406 15
520
1%
125
5%
75 33
430 12
3,212 17%
25 12%
25 60
235
6%
45 60
761 11
939 28
80 31
High.
0.00MN0
National Breweries
• 27% 27% 28%
Preferred
25
33%
33
National Steel Car Corp_.• 14%
14
14%
Ogilvie Flour Mills
• 203
201 203
Ottawa L II & Pow_ _100
88
90
Preferred
100 102
102 102
Penmans
•
53
53
Power Corp of Canada_ _..* 13%
13
14
Quebec Power
* 18
18
18%
St Lawrence Corp
•
2% 2% 2%
A preferred
50
7
6% 7
St Lawrence Flour Mills100
35
35
St Lawrence Paper pref 100 18%
16% 18%
Shawinigan W & Power.._• 21% 21% 22%
Sherwin Williams of Can..*
18% 18%
Preferred
100
85
85
Simon (II) & Sons
•
9% 10
Simpsons preferred_ __ _100 70% 70% 70%
Southern Can Power
* 15
14% 15
Steel Co of Canada
* 37% 36% 37%
Preferred
25 37% 37
37%
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
April 7 1934
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
AmerWindow Glass pf 100
Arkansas Nat Gas Corp_ •
Preferred
10
Armstrong Cork Co
Maw-Knox Co
•
Carnegie Metals Co
10
Central Tube Co
•
Columbia Gas & Elea
•
Devonian Oil
10
Duquesne Brewing el A__5
Common
5
Ft Pittsburgh Brewing.._1
Harb Walker Berne
Jones & Laugh SU prof.100
Koppers Gas & Coke pf 100
Lone Star Gas
•
McKinney Mfg
•
Mesta Machine
5
Phoenix Oil
250
Preferred
1
Pittsburgh Brewing pref 50
Pittsburgh Forging Co_ •
Pittsburgh Plate class. _25
Pittsburgh Screw & Bolt __•
14
2%
11%
1315
3%
71%
63-4
25%
9c
134
2
3%
24%
13
231
11%
14%
13%
534
3%
2
22%
66%
70
a%
1%
2514
80
70
3314
414
50
1335
3
334
25
14
2%
11%
153e
13%
534
3%
2%
23%
66%
71%
6%
1%
2614
10c
70
34
415
50
1154
.
10
100
100
1.471
125
2,800
208
779
237
100
300
2,245
500
72
525
2.126
25
130
6,000
600
130
1711
312
1,295
Range Since Jan. 1.
Low.
11
Jan
1% .11111
2
Jan
14
Jan
1035 Jan
1% Jan
Mar
6
1154 Jan
Jan
9
43-5 Jan
234 Jan
I% Jan
Jan
15
Jan
62
Jan
65
5% Jan
Mar
I
17% Jan
50
Jan
Apr
7c
Jail
35
3
Jan
393-5 Jan
7
Jail
High.
14
3
3%
2634
1634
3
1334
19
1334
535
434
2%
24
75
72
8%
2
2914
100
70
39
514
SO
1154
Afar
Apr
Apr
Feb
Jan
Feb
Mar
Feb
Apr
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Apr
Apr
Feb
Feb
Mar
Apr
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Renner Company
1
Ruud Manufacturing_
•
San Toy Mining
1
Standard Steel Spring__•
United Engine & Fdry __•
.
Vanadium Alloy Steel_ •
Victor Brewing Co
1
Western Pub Service v t c_*
Westinghouse Air Brake_ *
West'houseElec & Nffg. _50
2%
1%
5%
1%
11%
4o
16%
23
19
1%
5%
303(
37%
124
1%
40
17
24
20
1%
31%
5
72
17
24
Unlisted
Lone Star Gas 6% pref _100
• No par value.
74
38%
10
6,8°°
1,000
415
315
194
7,207
950
313
141
94
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
-Par Price. Low. High. Shares.
Stocks (Concluded)
Range Since Jan. 1.
High.
Low.
1%
9%
3c
9
16
16
90c
4%
27
363's
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Apr
11% Apr
7c Mar
Feb
17
25% Feb
Jan
20
Mar
7
Feb
35% Feb
47
Feb
64
Jan
75
Feb
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, March 31 to April 6, both inclusive, compiled from official sales lists:
Stocks-
'muss
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
•
5
.11en Industries com
4% 5
,pex Electrical Mfg
715 7.%
less Limestone & C cl A.
•
I% I%
lulkley Building pref...100
1
1
1
;entral United Natl __ _ _20 12%
12
12%
;ity Ice & Fuel
21% 22
• 22
;leve-Cliffs Iron pref. "
23
23
Neve Elec III6% pref _ 100 10534 105 10634
.
;leve Ry ctfs of dep___100 4735 463.4 47%
Neveland Trust
65
69
100 65
31eve Worsted Mills com •
83.4 8%
3orr AlcKin SU vtg-com100
13
1331
Non-voting com
12% 13%
100
:lliffs Corp v t a
10
10
• 10
)ow Chemical corn
85
72
• 85
.'aultless Rubber corn_
28
28
•
,
ederal Knittg Mills com _•
42
42
len T & R 6% pf ser A 100
88% 88%
leometrie Stamping
2% 3
Salle Bros pref
100
Farina(MA)$7 cum pt.._•
larbauer corn
Interlake Steamship corn •
KilYnee corn
10
•
Lamson Sessions
‘iedusa Cement
•
Sfaro Pavg Brick com
•
‘lohawk Rubber com __•
National Carbon pref _100
N'ational Refining pref..100
N'atIonal Tile corn
•
N'estle-LeNfur class A_ _•
Nineteen Ilund Corp cl- _•
A
80
95
16
30
13
5
6
10
4
2% 2%
138
68%
134
1%
334
3
23
80
95
17
30
13
6
10
4
2%
138
6834
IN
334
23
Dhlo Brass B
•
Packer Corp com
•
l'aragonRef Cl B3d p end •
Richman Bros corn
•
'
4elberling Rubber com*
iherwin-Williams com_ _25
AA pref
100
.
irnaliwood Stone corn CI A5
Van Dorn Iron Wks com •
Weinberger Drug
•
Youngstown 8& T pref _100
15
4
%
44
47
3%
3%
65
61%
10434
34
1%
835
51% 50
15
4
34
47
4
65
10435
%
I%
835
51%
15
Range Since Jan. 1.
Low.
51 75
15 84
6%
180
135 21%
8
130
4
68
8
50
2%
824
2%
260
15 135
15 45
134
232
1%
2,268
25 21
36
50
300
701
310
50
44
225
350
100
154
13%
3%
34
39
236
47%
99
34
34
7%
34
Mar 80
Jan 95
17
Jan
Jan 33
Feb
14
734
Jan
Mar 11
Jan
434
4%
Jan
Jan 138
Jan 71
Jan
3
Jan
334
Feb23
Apr
Mar
Apr
Feb
Feb
Jan
Feb
Feb
Jan
Mar
Mar
Feb
Mar
Mar
18
Feb
Jan
4% Feb
Mar
Apr
% Apr
Jan 4934 Jan
5% Jan
Jan
Jan 86% Feb
Jan 10635 Feb
134 Feb
Feb
Feb
2
Jan
Jan
934 Feb
Feb
Jan 58
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, March 31 to April 6, both
inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
2,g1gAtgir""r gg
a
.
gP5WagWatItVatilVagt «r3.22WattiiaVatt.eg:
51
:',1 r. ,
...
.
0.m..., ....v4.,-.... ......—.—.004
,
VO.WN
.W.M M. CO
— — v.,— m.,. CM... " .
.
.
N
ggIVigit aglgelgt gtigga
r,
.,
1334
5%
11
52
10
32%
5
130
1034
h
28
1%
36
10734
1034
90
25
4
936
..=
W.MM=01-.M
.
Gibson Art corn
*
13
Goldsmith Sons Co
5%
•
Gruen Watch pre
11
100
Kahn 1st pref
52
100 52
A
10
40 10
Kroger coin
31
• 32
334
•
5
I,conard
Lincoln National
130
Lunkenheimer
•
1014
Magnavox Ltd
% %
•
Mead Corp pref
28
100
Ntoores Coney A
1%
•
Procter & Gamble
3434
•
5% preferred
100 10734 10734
Richardson corn
•
10%
Second National
100 90
85
Li S Play Card
10 244 22
U S Print corn
•
334
U B Print A- Lith pref. _ _ 50
9
High.
I
Low.
OWONOMMOO
13
1436
234
135
42
97
13
5c
235
8716
7734
5%
• 6836
21
14%
9
4
54
13
73-4
0
t.N.ON.WONWerNOW0N.,OW
,
,
12%
143-4
234
1%
42
97
13
13
50
235
8734
7634
77
534
534
68
21
14
9
4
5% 5%
12
12
6
6
00hOW.OWOOOMWhOMMM
N"ON.OMOOMN",
ONWOOMOM
WINNVMNW
MWOM.MW
-O.W.MO WO
,.
l'OOM "Nt... 0 ..N,
...
. MM
.
CO
. W.
CO
.
.1
4
CO "
.
Aluminum Industries_
•
Amer Laundry Mach_ _20
Baldwin corn
20
Burger Bros
•
Carey (Philip) com_ _IGO
Champ Coat lot pref. _100
Cincinnati Adv Products_•
Cincinnati Car B
•
CNO&TP
100
Preferred
100
CM Gas & Eleo pref. __100
Cincinnati Street
50
Cincinnati Telephone_ _ 50
Cin Union Stock Yards_ •
Crosley Radio A
•
Crystal Tissue
*
Dow Drug
*
Eagle-Picher Lead
20
Formica
•
Found Invest
Range Since Jan. 1.
• No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, March 31 to April 6, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Amer Credit Indemnity_10
Boyd Richardson lst pt 100
Century Electric
100
Corno Mills corn
•
Columbia Brew corn
5
1214
4%
24%
92
35
1234
4%
2435
92
35
1234
434
125
10
5
8
505
Range Since Jan. 1.
Low.
934 Jan
Apr
92
Feb
313
Jan
12
314 Mar
High.
243-4 Apr
Apr
92
Apr
35
12% Apr
4% Apr
Range Since Jan. 1.
High.
Low.
Ely & Walker DG let 1)1100 100
Fulton Iron Works coin_ •
Globe-Democrat pref _100
Hamilton Br'n Shoe corn 25
6
International Shoe corn_ _• 45
Johnson-S--S- Shoe com_ •
Laclede Steel corn
20
NI° Porti Cement com_25
100
75c
110
5%
44
24%
1736
736
100
750
110
6
45
24%
1734
734
Jan 100
10 92
Jan
100 250
Jan 110
25 105
3% Jan
160
148 4334 Mar 4936
10 I03i Jan 26
5 1336 Jan 17%
9
655
734 Apr
Apr
Feb
Apr
Feb
Jan
Mar
Star
Feb
* 18
Nat Candy corn
Nich Beasley Airp corn_ •
Riee-Stix Dry Goods corn.*
•
Scullin Steel pref
Sou'western Bell Tel pf_100 119
Title Insurance Corp com25
Wagner Electric corn..
..15
18
50c
11%
3
118%
53i
18%
.500
12
3%
119
534
65
100
296
40
36
50
222
1534 Jan 21
25e Star 50e
12%
9
Jan
434
1
Jan
no% Jan 120
53i
5% Apr
Mar 12%
10
Feb
Apr
Feb
Feb
Mar
Apr
Jan
log log
• No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, March 31 to April 6,
both inclusive, compiled from official sales lists:
High.
'
6% Feb
Jan
4
158
8% Mar
Jan
6
10
I% Apr
1% Apr
100
Apr
Apr
1
1
20
Jan
16
Jan
89 10
118 17% Jan 23% Feb
Feb 28% Jan
100 22
165 100% Jan 107% Mar
Jan
120 3934 Jan 48
Mar
189 50% Jan 83
Feb
13
8% Jan
30
Jan
17
936 Jan
,
58
Jan
17
Jan
130 10
Jan
12
Jan
9
10
Apr
799 69% Mar 85
Feb
Jan 28
50 25
Jan 4434 Jan
60 34
Mar
Jan 90
25 70
3% Feb
35 Jan
27
•No par value.
Stocks-
2387
Financial Chronicle
Volume 138
Stocks-
&des
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Alaska Juneau Gold NM__
Alaska Packers Assoc
Anglo Calif Natl Bk of SF
Assoc Ins Fund Inc
Atlas Imp Diesel Eng A
Bank of Calif N A
Byron Jackson Co
Calamba Sugar corn
California Copper
Calif Cotton Mills
California Packing Corp._
Calif West Sts Life Ins cap
Voting plan
Caterpillar Tractor
Coast Cos G & E 6% 1st pf
Cons Chem Industries A__
Crown Zellerbach v t c_ _ __
Preferred A
Preferred B
1%
7%
634
21%
26%
11
11
3134
25%
53-4
44
Firemans Fund Ins
Food Machine Corp
Foster & Kleiser corn
General Paint Corp A corn
8
B common
134
5
Golden State Co Ltd
Hawaiian C & S Ltd
29%
Home F & NJ Insur Co__ _
Honolulu 011 Corp Ltd_ _ _ ______
534
Hunt Bros A corn
735
Jantzen Knitting Mills__ _
2536
Leslie Calif Salt Co
LA Gas & Elec Corp pref _
Lyons Ntagnus Inc B
Magnavox Ltd
Marchant Cal Mach
Mere Amer Rlty 6% pfd_
97
Natomas Co
9%
New w I
31
No Amer Inv 6% pref
534% preferred
Occidental Ins Co
Paauhau Sugar
Pacific G & E corn
6% lot preferred
534% preferred
Pacific Light Corp corn _
6% preferred
Pat Pub Serv non-vot
Non-voting preferred_-Pacific Tel corn
Pac Tel & Tel 6% pref.__
Paraffine Co
Rainier Pulp & Paper
San J L & Pow 7% pr pref.
Schlesinger & Sons
Shell Union Oil corn
Sherman Clay & Co pr pref
Southern Pacific Co
Sou Pae Golden Gate A...
B
Spring Valley Water
Standard Oil Calif
Telephone Inv Corp
Tidewater Assoc 011 corn_
6% preferred
Transamerica
Union 011 California
Union Sugar Co
7% preferred
United Air
Western Pipe & Steel Co__
22%
22
70
70
934 9%
134
134
5% 734
14734 14735
5% 6%
21%
21
%
34
934 93-4
2435 27
734 143-4
14
8
3034 3234
69
68
2534 25%
5% 53.4
44
45
45
44
58
1634
134
8
1%
5%
46
2934
13
5%
736
2536
92
3
%
In 1%
82
82
94 100
9% 1034
31
29
2634 28
19
20
5634
15%
I%
8
134
5
45
29
13
534
735
25%
92
3
34
435 4%
1934 2034
22%
22
1934 20
3434 35
8735
86
% 1
3%
3
3%
8334
82
109% 110%
35
35
22% 23
2234
19%
85
Si
9%
2734
634
38
29
77%
63-4
18
734
103-4
Si
9%
75
2734
6%
5
5%
37
29
II%
74
6%
17
4%
18
23%
1034
Range Since Jan. 1.
High.
Low.
440 19% Mar 23% Jan
Feb
Feb 70
10 70
8% Jan 10% Jan
220
Jan
134 Feb
1
300
7% Apr
Jan
2
3,126
Feb
Jan 159
60 121
6% Mar
334 Jan
1,549
Feb 25% Mar
2,195 20
% Feb
100
34 Jan
435 Jan 12% Feb
30
Jan 27% Jan
6.045 19
Feb
734 Apr 19
1,360
Feb
Apr 19
8
621
3,458 23% Jan 3234 Apr
Mar
Jan 71
27 58
Jan
625 2434 Jan 26
63 Feb
4
434 Jan
3,718
Mar
Jan 47
175 34
Mar
Jan 47
322 34
4734
103-4
I%
635
1
4%
45
25%
113-4
4%
536
24
7936
3
34
135
73
61
8%
17
17
1434
Jan 6134
17
Jan
3
Jan
9
Jan
2
Jan
7%
Mar
Jan
Jan 31
1535
Jan
634
Jan
735
Jan
Jan 25%
Jan 9436
4
Feb
1
Jan
2%
Jan
Jan 83
Jan 100
Mar 1034
Jan 31
Jan 30
Jan 22
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Apr
Apr
Apr
Mar
Feb
4
40
2,565 15%
2,858 1934
492 1734
780 2334
368 713-4
34
768
13.4
457
191 71
133 103
562 25%
610 17%
Jan
.5
Jan 2334
Jan 2334
Jan 2034
Jan 36%
Jan 89
1
Feb
3%
Jan
Jan 86
Jan 111
Jan 3534
Jan 2434
Jan
Feb
Mar
Mar
Feb
Nfar
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Star
Feb
Jan
Jan
Jan
Star
Jan
Star
Feb
Apr
Mar
Feb
Jan
Apr
Feb
Mar
Mar
Mar
Jan
Jan
Apr
Apt
Feb
Feb
Apr
API
Feb
Fel,
55
2,26
250
100
452
700
240
68
125
90
120
300
44
140
1,290
200
5
2,103
2,607
145
15
58
5
85
300
%
1,502
10
10
75
752
2834
204
6%
22
5%
20
5%
1,92
38
110
29
1,22
12
7734
335
14,44
7
1,418
1835
734 5,169
19
45
594
2334
455
11
67%
y,
8%
75
183i
5
3%
43-4
35%
2836
8%
6434
6%
15%
4
1634
1934
1034
85
%
11%
75
3334
736
5%
534
4234
30
12
7734
834
203-4
734
19
37%
14
-Record of transacSan Francisco Curb Exchange.
tions at San Francisco Curb Exchange, March 31 to Apnl 6,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
1Veek.
ofPrices.
Sale
Par Price. Low. High. Shares.
Alaska United
1 lc
13c
5 11c
Amer Tel & Tel
100 119% 119% 120
Amer Toll Bridge Del....
30c 32c
Anglo Nat Corp
6
6%
•
6%
Argonaut Mining
7% 834
5 8
4
Atlas Imp Diesel B
4
4
•
Aviation Corp Del
5
7% 9%
1,100
241
1,000
100
4,320
100
715
Range Since Jan. 1.
Low.
High.
16c
Jan
Sc
10836 Jan 125
20c Mar 32c
Jan
736
3.15
Jan
8%
4.50
4
Jan
1.75
Feb
1031
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Bishop Oil
5 1.50 1.50
Chrysler Corp
5 54% 5434
Cities Service
234
•
11
Claude Nein Elec pref. _20
Claude Neon Lts
670
1 850
45c
Containers Secur
•
Crown Will lot pref
58
• 5834
1.50
5534
2%
11
86c
45e
5835
200 1.50 Mar 1.50
Mar 59%
570 50
4%
1% Jan
645
Jan
12%
20
8
Jan
1%
675 60c
25 45c Mar 45c
140 43% Jan 60%
Mar
Feb
Feb
Feb
Feb
Star
Mar
23
Dominguez Oil
•
43
Ewa Plantation
20
37
Foster & Kleiser prof. _100
General Slotors
10 38% 38
Idaho Niaryland
1 3.10 3.05
25c
Italo Petroleum
• 25c
Preferred
• 1.20 1.20
Kleiber Motors
170
10
17c
1234
Marine Bancorp
•
M J & M & Nf Cons 011_ _1
3c
Montgomery Ward
32
•
23
43
38
399-4
3:25
27c
1.35
20c
1234
30
32
100
10
Jan 24%
Jan 43
Feb 38
Jan 42%
Mar 3.75
Jan 350
Jan 1.80
Ma
25c
Jan
1334
Mu
4c
Jan 33,
6
Mar
Mar
Jan
Feb
Jan
Feb
Feb
Feb
Scar
Jan
Feb
5
4,24
1,325
1,10
900
67
1
2,000
100
21
42
36
3334
2.95
100
520
170
10
30
24%
Financial Chronicle
2388
saiss
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
April 7 1934
MGM
Nat Auto Fibres A
•
Oahu Sugar
20
Occidental Petroleum_ ___1
Pacific Amer Fish
"
Pac Eastern Corp
1
•
Pac Western Oil
Pineapple Holding
20
Radio Corp
*
So Calif Edison
25
25
534% preferred
6% preferred
25
7% preferred
25
So Pac Golden Gate pf_100
Sunset
-McKee A
*
Super Portl Cement A _•
Universal Cons Oil
10
Virden Packing
25
West Coast Life
1
•No par value.
744
35c
734
241
8
734
1941
4644
734
1941
35c
741
231
7
8
734
1844
1831
2031
2331
46
18
26
3.30
4.50
8
Range Since Jan. 1.
290 3.75
734
5 18
1931
53c 10,100 400
100
736
731
710
231
136
8
7
730
200
8
634
125
8
636
372 1531
1931
185 1531
19
175 1731
2031
45 2031
2331
4636
18
26
3.30
4.50
8
High.
Low.
20 39
30 16
6 21
30 3.30
100 4.50
55
8
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
9%
22
560
9
3
8
931
944
2231
1931
2231
2431
Feb
Jan
Feb
Feb
Mar
Jan
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Mar
Jan
Mar
48
18
26
534
541
8
Mar
Apr
Mar
Jar
Jar
Mar
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, March 31 to April 6,
both inclusive, compiled from official sales lists:
Friday
Sake
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
,
Stocks--
Range Since Jan. 1.
High.
Low.
100
100
600
200
100
100
350
400
000M.NMOt.
Vet
ei
Emsco Derrick & Eq Co-*
Farm & Merch Nat Bk_ lee
Globe Grain & MIII com_25
Good yearT&R(Akron)cm•
*
Hancock 011 cora A
Holly Sugar corn
•
Los Ang Gas& Elec Tref100
Los Ang Investment Co_10
Lockheed Aircraft Corp_ _1
5
6
320 320
534 534
3631 3631 3631
744 744
12
12
12
9136 9231
331 331
234 234
1,300
30
100
100
200
100
191
200
1.800
MOMI.ONON.
.t.
M
Monolith Port Cement cm•
Pacific Finance Corp com10
Preferred A
10
Pacific Indemnity Co_ _ _10
Pacific Gas dr Elec com 25
25
6% let preferred
*
Pacific Lighting corn
•
6% preferred
Pacific Mutual Life Ins_ _10
Pacific Pub Serv 1st pfd_*
Pacific Western Oil Corp.'
134
844
934
734
1831
2236
3434
8636
2444
3
6%
144
831
934
734
2041
2231
3541
87
25
336
8
100
500
700
100
300
300
300
54
400
400
1,200
.t.00.OMM..MO
434
32
10
231
1634
1834
3234
2331
2034
1844
88
2731
3636
5
3341
1031
236
17
1934
33
23%
2034
1831
88
2836
38
1,100
1,700
500
100
300
1,900
473
400
800
800
24
1,000
1,800
VOWNM4.0t.-M4WM
CO
1041
10
25
2634
674 7
80
80
1844' lirSi
400
180
3,000
56
900
MOCIMC
Cl
t..
Repub Petroleum Co Ltd10
Sec First Nat Bk of L A_25
Shell Union 011 Corp corn_•
•
Signal 011 & Gas A
Socony Vacuum Corp___25
So Calif Edison Ltd com_25
Original preferred___25
25
7% Preferred A
6% preferred B
25
544% preferred C
25
So Counties GlIS 6% Pr-100
Southern Pacific Co__ _100
Standard Oil of Calif
*
841
1031
6
8
5
3331
10
1941
33
2031
1834
38
Taylor Milling Corp
•
Title Ins & Trust Co__ _ _25
Transamerica Corp
•
Union Bank & Trust Co 100
1041
25
634
Tininn All nf ("Isaffnrnla.
lfi Vf
25
22
834
344
234
34
5434
2044
1031
MiOtig 50:5:5151 5gtigg5gggg2 Viggg,5251555t
22
831
344
241
341
5434
2031
1034
Alaska Juneau Gold Min 10
Barnsdall Corp corn
5
Boise Chica Oil A
10
B Co B
Central Invest Core -100
5
Chrysler Corp
Citizens National Bank_20
Claude Neon Elec Prod...*
2334
974
631
244
4
60
28
1234
Jan
Mar
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Feb
644
320
6
4131
831
12
95
331
33.
Feb
-
144
10
934
931
2331
2231
36
8831
2834
344
844
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Apr
Feb
536
3631
1131
236
1931
22
3741
2531
22
1934
89
3336
42)1
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
1034
28
834
100
20ri
Apr
Feb
Feb
Jan
Feb
Feb
Apr
Mar
AD
•No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, March 31 to April 6,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Abitibi Power
•
134 144
150 200
1 150
Admiralty Alaska
Allegheny Corp prof w 1...• 29
21334 29
Allied Brew
231 234
1
Altar Cons Mine
274 331
1
3
441 534
1
Amer Republics
Angostura Wuppermann_l
574 6
I
Arizona Comstock
500 520
1
Bagamac Rouyn
400 40o
3
3
1
Bancamerica Blair
441 434
1
Betz & Son
474
B G Sandwich
141 244
*
234
Black Hawk Cons Mine 1
250 37c
Brewers & Distill v tc_*
244
231 234
Bulolo Gold (1) D)
5 3044 2936 3144
CacheLaPoudre
20 1741 1734 18
I
Carnegie Metals
234 274
Central Amer Mine
1 1.90 1.75 1.99
650 710
Como Mines
1 660
241
1
Croft Brew
231 241
144 131
Davison Chemical
•
5 4434 4044 4534
Distilled Liquors
Distillers & Brew
1034 1041
5
1.75
Eagle Bird Mine
1 1.30 1.00
1
15.‘
i
Elizabeth Brew
131
Fads Radio
lh
134 131
1
Falconbridge Nickel
•3.80 3.80 3.80
Flock Brew
2
x 1
1
Fuhrmann & Schmidt__ _ _1
% 1
150 250
• 200
Grigsby-Grunow
Hamilton Mfg A
8
8
10
234 Sq
Harvard Brew
1
of 6g
Hellman Brew
1
300 350
Huron Holding
I 350
30o 300
Imperial Eagle
1 300
Indian MotocYcle
334 34
•
1334
41
Jotter Brew
%
%
1
344
1
Kildun Mining
33.4 344
34
%
Khmer Air
I
Macassa Mines new
2.50 2.90
1
Maytag warrants
13.4 131
344
334 334
10
Morris Plan pref
141 2%
136
10
National Surety
544 6
•
Newton Steel
534
3
334
3
1
Oldetyrne Distill
44 54
10
Paramount Publix
534
274 3
Petroleum Derivatives_ _ _•
234
241 3
3
1
Railways Corp new
744 8
Rayon Industries A
8
1
544 6
1
Remington Arms
6,
2
2
1
Renner Co
336 344
5s
Rhodesian &leo Tr
336
•
3i
44
44
Richfield Oil
1% 2
*
Rustless Iron
1.30
1.00
1
Merritt-Gordon
144 194
1
1%
Simon Brew
12.40 2.40 2.55
SIscoe Gold
2.17 2.17
Super Corp B B
4294 4294
Swedish Ball Bearing 100kr
1 3.00 3.00 3.20
Sylvanite Gold
471 5
Texas Gulf Producing_ _ -*
.
5
2644
Tobacco Prod (Del). _ _10 2634 23
.
94 9
United Cigar new w I
5
334 4
I
Utah Metals
344
Van Sweringen
•
44 370 500
30o 310
1
Vollmer Brew
450 450
50c
Wayside Cons
444
4
1
West Indies Sugar
360 500
5 450
WIllys-Overland
370 450
Certificates of deposit-5 370
Bonds
Fox Metro Play c d 644s'32 24
Home Owners Loan 4s 1951 10054
• No par value.
Range Since Jan. 1.
Low.
li
400
1.500
90
200 2631
100
234
3,300
1
700
2
241
500
1,000 400
1,000 210
100
2%
2,900
3
2,000
%
3,000 25c
234
4,600
700 2344
800 1534
300 1.15
1,000 1.25
9,000 49c
13,900
134
600 450
4,800 1344
744
600
1,700 1.00
4,400
h
2,200
4
1,000 3.80
200
44
44
800
2
14,300
436
50
2
400
200
641
600 300
1,000 160
50
234
300
Si
4,000
241
34
1,500
700 1.95
900
1
3
100
4,300
54
541
500
3
600
134
26,700
2
400
241
2,800
10,200
644
800
544
100
136
500
334
1,300 300
700
131
400 1.00
41
2,600
4003.45
4002.17
100 40
2,500 1.50
4
2,800
644
150
1,200
774
8001.13
200 140
400 250
500 400
234
200
9.700 18c
1,900 200
$6,000
24
24
9834 100% 440,875
High.
Jan
2
Jan 360
Mar 29
441.
Jan
334
Jan
Jan
544
734
Jan
Mar 60c
Mar 400
Jan
336
Jan
431
Feb
244
Mar 50o
Mar
234
Jan 3134
Jan 1834
Jan
334
Feb 2.00
Feb 90c
Jan
274
Jan
134
Jan 4574
Jan 1031
Feb
24
Jan
134
Jan
144
Apr 4.20
Apr
I%
Feb
136
Feb
374
Feb
874
Feb
331
Apr
644
Mar
%
Mar 450
Feb
334
Apr
1
434
Jan
Jan
1
Jan 2.90
Mar
236
Feb
331
Jan
231
Apr
831
Apr 1974
Jan
374
Mar
5
Mar
4
8
Jan
Jan
654
Jan
2
Jan
341
Jan
%
2%
Mar
Jan 1.30
I%
Jan
Jan 2.55
Apr 2.17
Feb 424
Jan 3.20
7
Jan
Feb 28
Jan 103.4
Feb
5%
Jan 500
Feb
44
Mar 50c
Jan
541
Feb
%
Feb
44
Feb
Feb
Apr
Feb
Mar
Apr
Mar
Jan
Apr
Mar
Apr
Apr
Feb
Jan
Apr
Jan
Mar
Jan
Feb
Jan
Feb
Apr
Mar
Mar
Mar
Feb
Mar
Feb
Mar
Mar
Feb
Mar
Apr
Feb
Jan
Mar
Jan
Mar
Feb
Apr
Feb
Feb
Apr
Feb
Jan
Feb
Mar
Jan
Feb
Mar
Apr
Jan
Feb
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Mar
Mar
Feb
Feb
Jan
Feb
Feb
Feb
Feb
24
Apr
Apr 24
9134 Jan 10044 Apr
New York Curb Exchange-Weekly and Yearly Record
-Sales for deferred delivery (s. 10, s. 15 days)are disregarded in the week's range, unless they are the only sales of the week and whether Included or not
NOTICE.
are shown in a footnote In the week in which they occur. No account is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(March 31 1934)and ending the present Friday,(April6 1934). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Week Ended April 6.
Stocks-
Indus. & Miscellaneous.
Adams Millis 7% °ref _ _100
•
Aero Supply class B_
•
Class A
•
Air Investors corn
Warrants
•
Allied Mills Inc
.
Aluminum Co common_ _•
100
6% preference
Aluminum Goods Mfg •
Aluminum Ltd
Series C warren's
Series D warrants
6% preferred
100
American Beverage
I
American Book Co_ _100
*
Amer Brit & Cora
Amer Capital
Common class B
•
Amer Cyanamid el B n-v _•
Class A voting com__10
*
Amer Dept Stores
7% 1st prof class A_ _100
Amer Equities Co
1
Amer Founders Cor9----1
50
6% Pref ser D
Amer Investors warrants
Amer Laundry Mach.
-20
•
Amer Meter Co
Amer Potash & Chem.,
Amer Salamandra
10
5
Amer Thread prof
Anchor Post Fence
•
Arcturus Radio Tube- _1
Armstrong Cork com____•
Art MiitAl Works nom_ _ _ _IS
97
8
7634
6934
234
1
2034
36
4
1141
1841
5
234
2434
436
Range Since Jan. 1.
Low.
High.
97
344
9
154
56
8
78
70
1034
150
400
100
100
400
1,700
3.650
650
100
73
231
8
134
Si
734
65
654
834
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
97
4
1231
3
1
934
8551
78
1154
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
734 731
834 834
3836 3831
4
231 23
5334 5334
1
N
12
39
100
500
90
900
3
644
37
134
48
41
Feb
Mar
Mar
Jan
Jan
Jan
934
12
45
3%
55
1
Mat
Jan
Jan
Feb
Feb
Max
Max'
51
Jan 21
Mar 21
Mar
lila
Mar
2
Jan
234
Jan
141
Jan 1931
1
Jan
Jan 18
Jan 1744
Jan 1944
Jan
5
4
Jan
Jan
2%
Jan
1
Jan 2694
Jan
434
Jan
Apr
Feb
Feb
Mai
Feb
Feb
Max
Max
Jar
Jar
Feb
Apr
Apr
Mar
Feb
Feb
Apr
9634
234
9
144
%
7%
69
67
1036
%
1834
21
36
2
1%
4
1934
Hu
14
10
1841
5
344
2
31
2341
3
LA
No
LA
2
1%
file
1931
Hu
1444
1244
1834
5
4
294
%
2544
431
33,600
100
5,800
50
100
1,700
75
500
250
500
200
100
200
2,100
1,400
9,500
3.800
21
21
si
1534
1831
34
2
1
%
10
54
1014
734
1734
4
354
1.41
lit
1441
194
Sales
Friday
Last Week's Range for
Sate ofPrices. Week.
Stocks (Continued) Par Price. Low. High. Shares.
Assoc Eleo Indus Ltd
Am dep rat on 03_11
Associated Rayon
•
Atlantic Coast Fisheries.•
4
12%
Atlas Corp common
s 49
e
$3 preference A
Warrants
4%
•
Atlas Plywood Corp
Automatic-Voting Mach_•
5%
Axton-Fisher Tobacco A_ 10
Babcock & Wilcox
100 4541
Baldwin Loco Wks wart.
934
Baumann 7% 1st pref._100
Bellance Aircraft v t c_ _1
Benson & Hedges pref__ •
Bickford's boo
Common
•
Bliss(E W)Co common__•
844
Blue Ridge Corp com__1
244
• 36%
$3opt cony prof
Blumenthal(5) Sc Co corn • 10%
Botany Consol Mills
•
Bower Roller BearIng____5 15
Bowman-Bilt 7% oref-- 100
Bridgeport Machine
•
234
•
Brill Corp class A
•
Class B
Brill° Mfg class A
British American Tobacco
Amer dep rcts beaer_ _LI
British Celanese Ltd
Am dep rata reg shs
Brown Co 6% pref_ _100
Brown Forman Distillery-1 18%
Bulova Watch $3.50 prof •
3%
Burma Am dep retorter--
Range Since Jan. 1.
Low.
High.
4%
4%
2%
12%
47%
431
6%
444
64%
4351
934
19
5
5
444 2,900
300
441
3,200
4
13% 13,000
700
49
3,600
5
500
7
544 11,500
100
64%
45%
250
10
2,800
30
20
5
700
100
5
4
244
2
1041
89
4%
541
241
5934
83
7%
19
3%
4
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jae
Mar
Jan
Jan
Apr
Jan
Mar
1541
544
4
15%
49
6Si
714
536
69%
8
8
241
3534
10%
3.4
15
344
1%
134
1
234,4
8
9
234
3644
10%
34
16
3%
2%
2
144
23%
64
2%
1%
3144
8
15
12%
2
34
1%
1
22%
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Jan
Apr
Mar
8% Mar
10
344 Mat
31
31
3% 344
12
11
18% 19%
2341 2544
3% 334
100
600
2,600
900
100
200
1,100
10
800
200
200
100
200
300
100
3,000
300
1,400
28% Jan
344
5
154
16%
314
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Apr
AprFeb
Feb
51
11
2
6
0
Feb
Jan
Feb
e
Feb
A pr
5
Apr
38
1231 F
Feb
Feb.M
F
1734 1.4sr
% Feb
334 Mar
3x A pr
236 Feb
2% Feb
2341 Mar
31
Apr
434 Mee
13
Mar
2134 Mar
pr
253-4
336 Feb
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Butler Brothers
10
Cable Radio Tube v t c_ •
Canadian Indus Alcohol A*
Class B n-v
•
Carman & Co class 1% _ _ _ •
Carnation Co corn
•
Carrier Corporation
•
Catalin Corp of Amer_ _ _1
Celanese Corp of Amer
7% 1st partic pref___100
7% prior pref
100
Centrifugal Pipe Corp_
•
Charts Corporation
Chic Nipple class A
50
Chic Rivet & Mach
•
Childs Co prat
100
4,
Cities Service corn
Preferred
•
Preferred B
•
Claude Neon Lights
1
Clinch field Coal Co_ _ _ _ loo
Club Aluminum Utensil_.'
Colts Patent Fire Arms _ _25
Columbia Pictures
•
Compo Shoe Mach etfs _ _ _1
Consolidated Aircraft____'
Cons Retail Stores
5
Cooper Bessemer Corp_ *
Cord Corp
5
Courtaulds Ltd
Amer dep rcts ord reg £1
Crane Co corn
25
Crocker Wheeler Elea_ __ _•
Crown Cork Internatl A __•
Cuneo Press Ina
•
Davenport Hosiery Mills_•
Detroit Aircraft Corp__ - _•
Distillers Co Ltd
Amer deposit rcts
Distillers Corp Seagrams_•
Doehler Die Casting
•
Dow Chemical
•
Draper Corp
*
Driver-Harris corn
10
7% preferred
100
Dubiller Condenser
1
Duval Texas Sulphur_ _ __•
Easy Wash Mach B
•
Edison Bros Stores corn..'
Elea Power Assoc nom_ _ _ I
Class A
1
Electric Shareholding
Common
1
$6 cony pref w w
•
Equity Corp corn
10C
Ex-cell-0 Air dr Tool new-3
Fairchild Aviation
1
Fairey Aviation (Am ails)-Falstaff Brewing
1
Fedders NIfg cl A
•
Ferro Enamel
•
Fiat Amer dep rcts
Fldelio Brewery
1
Fire Assoc of Phila.
10
First National Stores
7% let preferred_ _100
Fisk Rubber Corp
1
$6 preferred
100
Flintokote Co cl A
•
Ford Motor Co Ltd
Am dep rcts ord reg_gl
Ford Motor of Can el A __•
Class 11
•
Foundation Company
Foreign shares
•
Franklin (1-f II) Mfg__ _•
7% preferred
100
General Alloys Co
•
General Aviation Corp...!
Gen Elea of Gt Britain
Am dep rats ord reg
General Fireproofing
•
Gen Investment com___ _5
$6 cony pref class 11_
•
General Tire & Rubber_ _25
6% preferred A
100
Gilbert (A C) Co corn
•
Glen Alden Coal
•
Globe Underwriters
2
Godchaux Sugars-.
Class B
•
Gold Seal Electrical
1
Gorham Inc A corn
•
53 prat with warr
•
Gorham Mfg Co
Agreement extended-- -_
Grand Rapids Varnish_ ,_•
Gray Tel Pay Station _ _ _ _•
Great Atl & Pac TeaNon-vot corn stock_ _ _ _*
7% 1st preferred _ _ _ _100
Great Northern Paper_25
Greenfield Tap dr Die_ •
Greyhound Corp
5
Grocery Stores Prod v t c 25
Hall(CM)Lamp Co
*
Happiness Candy Stores •
Hartman Tobacco
•
Hazeltine Corp
•
Helena Rubenstein Inc_ •
Hayden Chemical Corp_10
Horn de Hardart com____•
Huylers Co of Del
1
7% pref stain pad _ _ _ _100
Hygrade Food Prod
5
Hygrade Sylvania
•
Imperial Chemical Indus
Am dep rec ord rag_ _gl
Imp Tob of Gt Brit & Ireld
Amer dep rets
Cl
Industrial Finance v t c 10
Insurance Co of No Am_10
International Products...*
Interstate Equities
1
$3 cum cony pref A__50
Interstate Hosiery Mills.*
Irving Air Chute
1
Jonas & Naumburg Corn
Common
•
•
$3 cony prat
Jones & Laughlin Steel_ _*
Kingsbury Breweries_ _I
Kleinert Rubber com _10
Kolster-itrandfti Ltd
American shares
Cl
Koppers Gas & C 6% Pf10
0
Kreuger Brewing
1
Lakey Fdy & Mach
•
Letcourt Realty Corp. __I
Lehigh Coal & Nay
•
2389
Financial Chronicle
Volume 138
1036
15%
1536
134
834
4%
98
8%
3
%.
3%
34
114
234
7
7
731
24
34
2334
1934
8%
82
55
531
734
631
131
634
731
5%
12%
''
18
7
2434
'la
3
103-4
155
94%
89
1636
%
1736
1631
1536
135
126
13
57%
334
1036
31
2131
13-4
30
434
2234
47
144
53-4
7
34
6
13
Range
SilIG8
Low.
Jan. 1.
High.
Friday
Sales
Lag Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
Feb
Jan 25
Lerner Stores common_ _ _• 243-4
2234 2434 2,000 14
Apr
Jan 88
6'., pref w w
300 53
8736 88
100
6% Feb
Libby McNeil & Libby_10
700
531 534
234 Jan
Apr
Loblaw Groceterias A._ _• 17
325 1436 Mar 17
1531 17
336 Apr
Louisiana Land & Explor_•
234 Jan
2% 331 13,600
331
Feb
Mar 41
Lynch Corp
33
400 31
32
5 3236
4% Mar
Jan
Mangel Stores Corp
2
200
231
231
•
Jan 22% Apr
100 20
2234 2231
100
636% Prat w w
3% Feb
Jan
Marion Steam Shovel_ _ _•
2
200
234 23-4
274
Feb
3
1
1,800
1% Jan
2
2
2
933-4 Jan 10434 Feb Maryland Casualty
22
9934 10034
8
Feb
Mar Massey Harris Co cora_ •
Jan 101
634 631
83
Jan
451
100
1.5
9636 98
731 Jan Mathison Alkali Works
43-4 Jan
536 5% 1,000
Jan 38% Jan
931 Mar 1234 Apr
Part paid rcts 1st paymt 3436 3454 35
400 32
100
1236 1234
74 Feb Mavis Bottling class A.._1
2% Jan
44 Apr
Mar
1
134 6,900
1
134
100
%
%
Feb
Jan 47
*
46
300 42
46
434 Feb9% Mar Mayflower Assoc
900
8%
9%,
431 Feb
McCord hind & Mfg B._ _•
3
14% Jan
1,200
20
1% Jan
354
3734 38
331
Jan 2634 Jan
431 Feb McWilliams Dredging Co *
20
50 16
20
37,300
134 Jan
234 3
Jan 59% Mar
• 55
1,400 45
533-4 55
200 1134 Jan 2674 Feb Mead Johnson coin
18
17
Jan
13
2% Feb Mercantile Stores
Jan
1
400 1034 AP
1034 11
•
100
134 1%
34 Mar
Nlesabi Iron
I% Feb
34 Jan
ri, Jan
•
1,000
51
34
1,800
%
34
1% Jan
3% Feb
600
134
131
•
134 Jan
33-1 Feb Michigan Sugar Co
75
334 3%
436 Feb
Feb
1
% Jan
Preferred
10
3% Jan
400
600
33-1 334
%
34
Feb Midland Royalty Corp
100 1834 Jan 27
27
27
9% Jan
Apr
cony preferred
Feb 30
$2
100
•
6% Mar
731 731
400 2434
2836 30
Feb
16
Feb Midland Steel Prod
Jan
*
14
13
Jan
13
9
200
8
100
1234 12%
Mar
•
43
44
100 2134 Jan 45
734 Jan 1234 Mar Nlidvale Co
1036 11% 3,700
131 Jan
23-4 Feb Minn-Honeywell Regulator
200
231 234
Mar
Jan 100
Preferred
100 99
4% Mar
140 87
99 100
634 Jan
20
436 44
231 Feb
1% Apr
.
1% 1%
534 Feb
100
13-4
831 Jan Miss River Fuel warr_ _ _ •
7
736 14,10
Mock Judson Voehringer_•
Jan 2031 Apr
9
20
600
204
834 Apr
Jan
5
834
731 834 29,900
1034 Jan 1336 Mar Molybdenum Corp v t c_ _1
10
1336 1334
Jan Montgomery Ward AJan 11131 Mar
10831 11034
Jan 11
440 88
8
400
•
836 931
Apr
*
831 Feb Murphy (G C) Co
Jan 62
62
120 39
58
Jan
5
900
634 734
Jan
4% Apr
2
834 Mar Natl Bellas Hess com__ _ _ I
4
631 Jan
334 434 58,300
500
7% 7%
Feb
Jan Natl Bond dr Share
•
3331 334
Jan 24
100 3034 Mar 313
400 16
24
20
Mar Natl Container corn
18
Feb 3434 Mar
Feb
1 34
3431 1,200 25
33
200 12
15
1534
Apr
82 cony preferred
Feb 35
% Jan
35
35
100 29
Si Jan
1,200
36
36
Nat Dairy Products
Niar
Nl
Jan 100
7% pref class A
80
100 100
12
5
.
100 100
Jan 2336 Mar
20
2336 2334 3,700
Feb
3
1
131
,000
131 234 134 Jan
1734 2036 15,700 1634 Mar 2634 Jan National Investors com_ _1
Mar
6534 preferred
54
831 Jan
1
40% [Jan 56
54
3% Jan
654 831 2,300
131 Feb
34
Warrants
1
31 Jan
30
7236 8331 4,400 89% Mar 8336 Apr
2% Niar
;4 Jan
Jan Natl Leather corn
Jan
1
•
1,100
Mar 60
131
134
,
17-4
50 54
55
55
•
7
3A Jan
734 Feb
1 10
0
5% 734 21 :800
1974 Mar Nat Rubber Mach
400 1231 Jan
19%
18
9,.
IS,
3,, Apr
Apr Nat Service common
ja.
1
Tie Feb
Jan 89
iii4
10 56
89
89
Cony part preferred _ •
2
1
3
Feb
400
3%
700
% Jan
ii,,,
600
Jan
944 Jan
6% Feb Nat Steel warrants
Mar
5
100
534 534
4
900
534 534
Jan
Feb36
29
3034 34%
•
836 Jan Nat Sugar Refining
Mar
6
70
636 731
131 Jan
Mar Natl Union Radio corn...!
34 Mar
300
Feb 22
31
8
YA
100
20
20
Apr
• 97
2,500 7231 Jan 100
9434 100
8% Feb Natomas Co
Jan
4
80
634
6
•
98%
New w I
936 1031 12,500
Feb
8
874 Mar 1036 Apr
334 Jan
100
6% 634
Mar
Jan 87
NeLsner Bros 7% pref..100 84% 8436 84%
100 40
50
7% Feb
Jan
2
536
574
5
Jan
4% Feb Nelson (Herman)
500
334 334
4
Mar
6
3% Jan
Feb Neptune Meter A
200
5
534
Jan 52
225 36
46
4634
Jan 4134 Mar
41 34
41
00 17
•
3
3
234 Feb Newberry (J J) corn
131 Jan
1,800
134 176
Mar
5
*
236 Jan
4
431
831 Feb New Haven Clock
6.36 Apr
6% 734 10,400
2% Apr
Jan
1
131 254 16,100
New 141ex & Ariz Land_l
174
Apr
700 2331 Feb 30
30
• 2931 27
731 Apr New York Mdse
534 Jan
731 7% 4,000
53-4 Jan New York Shipbuilding
Mar
5
100
5
5
Jan 20% Mar
11
10
1934 1934
Founders shares
1
6% Feb
45-4 Jan
1.500
534 5%
7
Feb
331 Jan
431 5% 2,000
•
Mar Niagara Share B
434
10
Feb
7
200
735 736
Star
40% Jan 50
48
48
2
A preferred
100
734 Jan 13% Feb
1,400
11
1236
700 1936 Mar 2034 Apr Nitrate Corp of Chile-2036 2034
34 Feb
4 Jan
h
13,600
Ctrs for ord B shares_ _ __
34
236 Jan
%
9,30
131 2
136 Jan
Feb
1
34
%
100
34 Jan
Apr North & South Amer A__.
Si
Feb 44
41
2
44
44
734 Mar
534 Jan
6% 634
Northwest Engineering..'
300
634
Mar
Jan 68
• 6134 6134 65% 2,800 57
Feb Novadel Agene Corp
117
11
111% Jan
115 116
Mar
400 2134 Apr 23
New
8% Jan
• 2134 2134 214
2036 Mar
6,30
1636 18
16% Feb
600 1434 Jan
325
4m
Nfar Ohio Brass class B corn_ •
147-4 10 %
81
Jai
300 65
79
79
Feb
8% Jan
10
944 Mar 011stock Ltd corn
931
95-6
5
4% Jan
10
9
9
331 Jan
1% Jan
% 1,500
Pacific Eastern Corp
0
2
1
234 3 31 27
Jan
Feb 51
1,500 35
4134
534 Jan
736 Mar Pan-American Airways_10 39%
1,300
7
736
8y, 2436 2,000 22% Jan 25% Jan
Jan 24% Feb Parke, Davis & Co
• 2431 24
2136 2436 5,400 15
8% Apr
636 Jan
0
8%
37
10
Jan Parker Pen corn
Jan 29
300 20
25
23
"
53% Jan 73% Feb
Parker Rust
5731 60
-Proof
• 60
38%
444 Feb
844 Mar Pennroad Corp v cc
236 Jan
0
7,160
3
6% Feb
400
1
34
7
734
Jan
927 Feb 98
%
56 Jan
94
93
234 Feb Pet Milk Co 7% pref_ _100 94
1,300
146
M
Feb 23% Apr
19
854 Feb Philip Morris Consol Cl A25 ____- - 2 % 27% 17,2
10
35.4
134 Jan
5%
3
250
2% 3
7% Apr
27
% Jan
354 Mar Philip Morris Inc
Jan
2
10
734
234 334 1,600
531 Jan
934 Feb Phoenix Securities
200
635 631
Feb
Jan
2
1
Common
134 1% 1,60
1%
1
300 18% Jan 26% Apr
$3 cony pref series A__10
1,900 1014 Mar 11% Jan
10% 1036
2534 2634
834 Feb Pie Bakeries Ince=
Jan 14% Mar
4
5% Jan
300
100
1131
11
7
7
•
3
,
7
Feb Pitney-Bowes Postage
Jan
134 134 2,400
434 Jan
3% Fe
1934 Apr
Jan
Meter
6
900
600
35-1 4
"
18
1931
Mar
79
Fe
1.225 6436 Jan 9831 Mar Pitts dr Lake Erie RR_..50 72
130 61
73
72
953.4
90
Jan 50% Mar
Jan 89
Apr Pittsburgh Plate Glass_ _25 49% 49% .5036 2,350 39
80
10
8834 89
3% Mar
131 Jan
136 Jan
10
374 Apr Potrero Sugar
29-4 334 8,700
231
5
334
335
10% Jan 2031 Feb Prentice-Hall, Inc
4,90
1634 18
Mar
631 Jan
914 Feb 11
7
Jan
Common
100
10
11
11
* 11
634 636
Apr
Part convertible
125 2134 Jan 28
28
26
• 28
234 Jan
431 Jan 1036 Mar Propper McCallum Mills_•
400
200
1
1%
15-4
Jan
936 934
8% Feb
Jan
% Jan
34 Feb Prudential Investors
3,900
5%
1,000
•
8% 7
34
34
37% Apr
154 Jan
$6 preferred
600
100 61% Jan 87% Mar
•
85
231
336
85
Mar
1734 Apr Quaker Oats 6% prat_ _100
Feb
Jan 122
100 15
60 113
1736
16
114 115
% Feb
7
Railroad Shares CorpIts Jan
500
34
34
•
36 Feb
100 13% Jan
1734 Mar Rainbow Luminous A_ _ _ _•
300
31 Ma
1834 16%
34
'ii
34
so Apr
,
731 Jan
534 Jan
100
Class 13
31 Jan
6
100
6
31
•
34
3% Mar
1934 Feb Reliance International A_*
Jan
350 13
2% Jan
100
1536
3
3
3
15
3% Apr
Reliable Stores
100
236 Fe
31
31
*
Jan 150
231 Apr
120 122
Feb Reybarn Co
400
231 231
126 137
131 Jan
10
isn
, 131 8,600
Jan 127
60 121
1% Apr
Mar Reynolds Investing
34 Jan
126 126%
1
1
Mar
50 1951 Mar 23
Feb Itike-liumler
1134 Jab 15
100
15
15
2034 2036
•
Jan
531 Mar
300
14
Jan Royal Typewriter
6
200
1334 1334
9
534 5%
Jan
•
Jan
5% Jan
133.1 Apr Safety Car Heating&Ltg 100 76
Jan 80
125 50
77
934 1334 37,500
7454
Apr
% Feb St Lawrence Corp Ltd_ _ _• ______
7
2
Apr
200
36 Jan
2
100
2
2
3.4
31
5% Feb
336 Jan
600
634 Jan St Regts Paper com
234 Jan
10
5% 6
331
7,700
331 334
Jan
34 Jan
7% preferred
714 Mar
150 2154 Jan 47
31
31 1,50
3834 39
100 39
Mar Schiff Co corn
4
nil Feb
• 3634 3274 3635 7,900 1754 Jan 3644 Apr
234 331 11,40
% Feb
3
Jan 12% Mar Schulte Real Estate
1,00
936 II
Jan
•
10
34
%
134 Mar Seaboard Utilities Shares.!
% Feb
131 3,00
34 Jan
1,1 Jan
131
36
%
314 1,000
Jan 3134 Apr Securities Corp General_ _•
700 19
494 Feb
2% Star
500
234 3
264 3134
500 16% Jan 2134 Apr Seeman Bros com
46
Mar
Jan
1936 2134
300 36
46
•
46
1
Jan
Jan Segal Lock & Hardware..'
2
.34 Jan
I
31 Jan
13'
134
500
31
31
31
30
Fet
800 26
Feb Selber.ing Rubber Co_ _ _ •
Jan
5
30
28
331 4
334
200
234 Jan
3% Jan
700
55-4 Feb Selected Industries Ina
434
4
24
175 19% Ma
Feb
Feb
85.50 prior stock
60
2234
21
200 40% Jar
25
5034 54
Common
Feb
3
131 Jan
2
1,700
I
234
7% Feb994 Mar
500
Allotment certificates___ 53% 5331 5434
934 9%
Jan 62% Feb
700 40
Selfridge Prov Stores
Jan 30% Mar
800 28
Amer dep rcts
100
Cl
3031 3034
234
134 Jan
23-4 Mar
234
3
Apr Seton Leather Co
700
% Jan
1% 3
Mar 10% Feb
•
400
7
7
731
Jan Shenandoah Corp
1,100 384 Jan 47
47
45
131 Jan
Jan
I
300
Common
1
131 Jan
134
1%
23% Feb
134
1,700
1% 1%
34 Jan
134 Feb
200
1
1
$3 cony prat
Mar
25
Jan 23
100 17
2131 2134
Feb Sherwin-Williams corn. _25 65
1534 Jan 22
30
60% 65
4,575 4731 Jan 66% Feb
1734 1936
2931 Mar Singer Mfg
Jan
.
100 19
Jan
100
170 17034
60 156
Mar 176
2634 26%
74 Feb Smith (A 0) Corp corn_ _ _• 3434 33
334 Jan
80
Feb
234 Jan 43
34%
55
534 536
Sonotone Corp
431 Mar
1
37
%
334 4
3,70
2% Jan
Feb Spanish & General Corp
1
10
•is Jan
Vi
74
Am dep rct for ord beach
534 Jan
734 Mar
200
7
10
7
34 Feb
3.4
34
34 Ma
Feb Spiegel, May, Stern Co
520 3331 Mar 48
33
3734
931 Jan
634 Mar
500
Apr
100 85
81
636% preferred
85
400 60
Jan 85
734 8
834 Feb Stahl-Meyer com
5% Mar
400
•
6
531 534
634 Mar
831
200
436 Jan
Standard Brewing
•
31 Jan
134 23.4
234 Mar
1,400
% Feb
1118 Feb Starrett Corporation
100
1
hi Jan
%
lite 1
%
200
I% Feb
Apr 7014 Feb Stein (A) & Co
75 68
68
68
100
1.400 1034 Jan
614,',, preferred
1434 Mar
9834 9834
10 8434 Jan 983.6 Apr
1234 1331
2% Apr Stein Cosmetics
54 Jan
1,800
•
1
131
I%
134 Feb
700
234 29-1
36 Jan
231 Feb Stutz Motor Car
131 Jan
200
4
Jan 104 Mar
53'4
•
2'/s 236
5
534 2.400
1,300
531 Jan
1034 Feb Sullivan Nfachlnery Co_ _ _• 10%
83-6
8
150
834 Jan 1034 Star
103-4 103-4
10
34
14
1434
134
1536
8
4
1034
34
1634
1536
134
1536
835
436
5,000
100
1,800
300
100
300
2,30
4,800
4
31
13%
12
136
13%
57
%
3%
Jan
Jan
Mar
Mar
Feb
Feb
Jan
Mar
11%
31
20%
1936
1%
1536
9
4%
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Apr
Financial Chronicle
2390
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Sun Investing
•
$3 cons' pref
25
Swift & Co
15
Swift Internacional
Taggart Corp corn
Tastyeast Inc class A__ •
Technicolor Inc corn
•
•
Tobacco Prod Export_
Transcont'l Air Trans._ _1
Trans Lux Pict Screen
Common
1
Tri-Continental warrants._
Triplex Safety Glass Co Ltd
Am dep rec for ord reg lOs
Tublze Chatillon Corp.__ I
Class A
1
Tung-Sol Lamp Works_ _ •
•
$3 cons' pref
UnionTobacco
•
United Aircraft & Tramp
Warrants
United Carr Fastener....•
United Chemical Inc
•
United Dry Docks
•
United Founders
1
United Molasses Co
Am dep rcts ord ref__ _ £1
United Profit-Sharing_
•
United Shoe Mach com_25
United Stores v t c
•
S Dairy Products B_
•
U S Finishing
•
U S Foil Co class B
1
U S & Internat!Secur.
Common
•
1st pref with warr
•
United States Lines pref_ •
S playing Card
10
S Radiator 7% pref-- 100
U g Rubber Reclaiming_ •
Utah Radio Products_
•
Utility Equities Corp....
Priority stock
•
Utility & Indus
•
Cony preferred
Vortex Cup Co
•
Waco Aircraft Co
•
Wt.=& Bond cl A
•
Class Ii stock
Hiram Walker-Gooderham
dr Worts Ltd corn
Cum preferred
Walgreen Co warrants_
Watson (John Warren)_ •
Wayne Pump Co com
•
Western Auto Supply A •
West Vs Coal & Coke.__.•
West Maryland Ry Co
7% 1st preferred_ __ _100
Williams(R C) dr Co Inc.
•
Wil-low Cafeterias
1
Cony preferred
•
Woolworth (F W) Ltd
Amer dep rcts ord shs
Youngstown Sheet & Tube
5%% preferred
100
17%
29%
8
3
244
1%
20%
1054
24%
7
28
100
41% 41%
16% 17% 11,300
28% 29% 3,700
134
134
200
1
5,000
1,700
7%
300
3
1,000
3%
a
100
800
100
200
13,800
6% Feb
544 Jan
Jan
3
Jan
1
Jan
6% 645 13,600
'
2%
200
60
2,475
62
1,000
36
200
X
94
200
234
8% 9% 2,200
3% Jan
1% Jan
5734 Jan
54 Jan
41 Jan
251 Jan
5% Jan
6% Mar
454 Feb
Feb
67
1% Feb
I% Feb
Feb
5
9% Feb
1%
49%
%
23
10
134
1%
2%
49%
1% Jan
49% Mar
% Jan
16% Jan
Jan
9
Jan
1
Apr
131 Jan
Jan
36
2
60%
1%
25
10
1%
2%
4
53
Feb
Feb
Mar
Apr
Jan
Jan
Jan
Feb
Feb
834
10%
7
1%
3%
234
20% Mar
Jan
15
30% Jan
7% Mar
27% Mar
% Jan
15%
10%
it
231
I%
Jan
Mar
Feb
Feb
Feb
1%
51
.31
25
10
154
1%
2%
49%
600
700
200
225
325
400
100
500
50
4% 4%
10% 10%
15% 17%
6
6
1.54
134
100
50
3,100
100
100
104
4%
1
Jan
Jan
Jan
Jan
Jan
5%
10%
18%
7
144
Feb
Mar
Mar
Mar
Jan
43
46
16% 16%
3% 4%
34
.34
% 1%
35
40
3
331
4,300
700
1,200
400
700
400
1,200
Mar
41
16% Mar
Jan
2
31 Jan
34 Jan
Jan
19
Jan
57%
17%
4%
44
1%
40
334
Jan
Jan
Feb
Feb
Feb
Apr
Apr
75
70
75
18% 19
1%
1%
10
10%
90
500
400
50
Jan
50
11% Jan
34 Jan
6% Feb
Feb
78
Mar
20
Feb
2
10% Apr
24%
24% 24%
300
2241
Jan
24%
Jan
51%
49
230
48
Jan
5944
Feb
Jan
54% Feb
Jan
Jan
33% Feb
431 Feb
2%
17%
6
45
40
6351
17%
44%
51%
13
%
Jan
Feb
19% Jan
941 Jan
2431 Apr
Jan
3
15% Jan
Si Jan
24
1%
51%
141
%
Public Utilities
Ala Power $7 pref
60 31%
5034 5054
Am Cities Pow & Lt
Cony class A
100 25
25
30% 31%
New class B
1%
3
2% 3
2,700
1
Amer Dist Teleg NJ
7% cony preferred_ _100
25 102
107% 107%
Amer & Foreign Pow warr_
554
1,700
6%
6% 6%
Amer El Pow $6 pref
1
100
1%
1%
Amer-Gas & Elec com
• 25% 24% 27% 15,000 18%
Preferred
•
250 72
83% 85%
Amer L & Tr corn
25 15% 14% 16% 3,600 10%
Am Sts Pub Serv cl A_
51
400
•
56
%
Am Superpower Corp corn •
3
3%
3% 50,000
23-f
1st preferred
•
64
200 51%
64
Preferred
•
19% 20
300 13%
Assoc Gas dr ElecCommon
31
1% 1%
200
1
Class A
1
I% 8,100
1
714
134
$5 preferred
131
200
334 3%
Warrants
In
his
his 4,800
Assoc Telep urn corn _ _ _•
600
"I.
%
36
%
Brazilian Tr Lt & Pow_ •
11% 11% 2,500
11
Buff Niag & East Pr pref 25
16% 17
400 15%
Cables & Wireless Ltd7
Am dep rcts B ord shs_.£1
600
j5Tre
III
Carolina P & L $6 prat__ •
32
50 27
32
Cent Ilud G & E v t a__ •
10% 10%
200 10
Cent & So West UtilCommon
1
1
200
Cent States Elec corn...
.1
1%
1% 1% 2,400
pref x-warr
100
3
5
100
5
Cleve Elea Illum com___• 28% 28% 29% 1,500 25
Columbia Gas dr Elea
Cony 5% pref
100 94
000 68
91% 94
Commonwealth Edison.100
54
300 34%
55
Common dr Southern Corp.
Warrants
31
'is
34 13,800
Community 1'& L lot pref*
25
O k'
9
9
Community Wat Serv_ _1
100
%
34
34
Consol GE L&P Bait corn • 59
59
61% 2,700 53
Duke Power Co
100
East Gas & Fuel Assoc_ •
454% prior pref
100
11I6% A pref
100
East States Pow corn 13.-•
116 pref series B
•
Elec Bond & Share corn__ _5
$5 cumul preferred
•
56 preferred
•
Elec P & L 2d pref
Warrants
Empire Ca* & Fuel Co
6% preferred
100
preferred
100
711.
7% preferred
100
kir 8% preferred
100
Empire Power part stock •
European Electric Corp
Class A
10
Option warrants
Gen G& E cony pref B_ •
Gen Pub Serv $6 pref.. •
Georgia Power $6 pref____*
Hamilton Gas corn v t c.1
Hartford El Light
25
Illinois P & L $6 prat
•
Internal liydro-ElecPref $3.50series
50
Internat'l Utility& Class 13
1
1111 Warrants
In terstate Pow $7 Pref-- -•
41‘4" Apr
Feb
19
30% Jan
2% Jan
1% Mar
11% Jan
I% Mar
431 Jan
20% 20%
300
10% nu
900
24% 24%
200
7
3,200
26
28% 2,000
lie
34 11,000
854
141
50
Jan
35
13% Jan
23% Jan
1% Jan
31 Jan
7% Mar
44 Jan
1% Apr
1% Apr
1% Mar
7
1%
62
High.
Low.
900
1,200
144
131
10%
645
Range Since Jan. 1.
20
21
5%
12%
57%
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
1074
Jan
Jan
Jan
Jan
Jan
Jan
Jan
231
2%
6%
34
Si
14%
19%
Jan
Jan
Mar
"I. Jan
Apr
32
Feb
13
Jan
Jan
Jan
Jan
Jan
2
2% Feb
8% Feb
30% Feb
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Feb
68% Feb
33
Feb
9%
3%
33%
87%
19%
1
Jan 103
Jan 61%
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Mar
Jan
Feb
Mar
36 Jan
Feb
65
10%
28%
31
6
3
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
56
10%
69
67
254
19%
23%
50%
60
16%
40
6
56
46
1
34
11
53%
951
69
59%
131
934
16%
4431
50
12%
331
25
5334
600
9%
100
69
450
63%
1%
500
11%
200
40,800
18
1,300
46
3,200
52
175
14
500
3%
18
18%
20
21
55.4
18
18%
20%
21%
534
50
2
150
100
200
10%
15%
12%
17
5
Jan
Jan
Jan
Jan
Jan
25%
22%
29%
31
831
Jan
Feb
Feb
Feb
Feb
12%
1%
15%
45
56%
%
50%
19
12%
1%
15%
49
58
3-1
50%
19
500
2,700
50
90
9,000
100
100
100
10
154
7
25
44
'is
4834
1044
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
12%
251
19
49
64%
/
54
53Si
25%
Feb
Feb
Mar
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
2441
23% 24%
675
14%
Jan
26%
IS
isis
36
31
31
1534 15%
3,100
400
10
Si
Jan
Jan
Jan
1% Feb
71. Feb
Mar
19
834
April 7 1934
Sales
Friday
Last Week's Range for
Week.
of Prices.
Public Utilities
Sale
(Concluded)
Par Price. Low. High. Shares.
Italian Superpower A____•
Warrants
Long Island LtgCommon
•
100
7% preferred
Prat class B
100
Marconi Wire! T of Can_l
Mass Util Assoc v t c.- •
Memphis Nat Gas
5
Met Edison $6 pref
Middle West Util corn_ •
Mohawk & Ilud Pr 1st pt.*
Montreal Lt, lit & Pr
*
National P & L $6 pref _ •
Nev Calif Elec corn. _100
7% preferred
100
pref_ _100
NYP&L
NY Steam Corp corn.....
N Y Telep 654% pref_100
NY Water Serv 6% pf_100
Niagara Hud Pow
15
Common
Class A opt warrant__
Class C option warrants_
Nor Amer Lt & Pr
Common
50
$6 preferred
•
Nor Am Util Sec com
•
Nor States Pow corn A.100
Pacific G & E 6% 1st p126
5%% lot prof
25
Pacific Lighting $8 pref__•
Pa Water dr Power
Peninsular Tel corn
•
Power Corp of Can corn_ •
Puget Sound P & L$5 preferred
•
$6 preferred
Ry & Light Securities_ _ •
Shawinigan Wat & Pow_ •
Sou Calif Edisonpref series A
25
6% pref aeries B
25
25
545% preferred C
Southern Nat Gas com---•
Southern Union Gas
•
Standard P dr L corn
•
Preferred
Swiss Am Elec pref_ _ _ _100
Tampa Elea Co corn_
•
Tenn El Pow 7,
71st pt.100
Toledo Edison 6% peel.100
Tri-State Tel & Te pref 10
Union Gas of Can
•
United Corp warrants
United Gas Corp com___1
Fret non-voting
•
Option warrants
United Lt & Pow coin A__•
$6 cony 1st prof
•
US Flee Pow with warr_.1
Warrants
Utah Pow & Lt $7 pref._ _•
Util Pow & Lt new corn..1
V t c class B
1
7% preferred
100
Western Power 7% pref 100
Former Standard 011
Subsidiaries
Buckeye Pipe Line
50
Humble 011 & Ref
•
Imperial 011 (Can) coup.-5
Registered
Indiana Pipe Line
10
National Transit....12.50
New York Transit
5
Ohio Oil 6% preferred__100
South l'enn 011
25
Southern Pipe Line
10
Standard Oil (Indiana) 25
Standard 011(Ky)
10
Standard 011 (Ohio) corn 25
5% preferred
100
Swan Finch Oil Corp..._25
2
2%
44
900
300
Low.
High.
134
3-4
3
1
Jan
Jan
Feb
Feb
3% Jan
8% Feb
4% 5% 2,300
Jan
50 4554 Jan 67
60
58
Mar
4954 4934
25 36% Jan 52
4% Feb
Jan
2
VA
3
354 16,300
1%
141 Mar
2% Feb
1%
200
4
3
Jan
Feb
3% 1,200
3
50 .51
6834 69
Jan
70% mar
54 Jan
% Feb
'Is
34 2,800
50 46
51%
51
Jan 6431 Jan
500 35
Jan 39;i Feb
37% 3831
5851
56
1,200 3531 Jan 6974 Feb
'240 1154 Mar 16
Apr
16
14
600 52
Apr
60
57
Star 60
25 69
70
70
Jan
Jan 70
Mar
250 31
36
36
Jan 38
36
300 11451 Jan 11954 Feb
11834 117% 119
2' 36% Apr 364 Apr
36% 36%
534
59
6%
'Is
5%
34
34
34 13,000
•ni 3,700
Ile 2,800
4%
36
his
Jan
Jan
Jan
944 Feb
Si Feb
Si. Feb
144 144
22%
19%
87
8
'Is
48
5
1%
2%
34%
331
1531
1931
154
3
4454
1434
8%
23
27%
1751
2431
Other Oil Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas cora
•
1%
Common class A
1%
10
l'referred
British Amer Oil coup__ •
Carib Syndicate
25c
4%
Colon 011 Corp com____*
2%
Columbia Oil& Gas vtc_.•
131
Cosden 011 Co
New common
1
3
Creole Petroleum
1151
Crown Cent Petroleum _ 1
1%
Darby Petroleum
5
Derby Oil & Ref com____•
(Suir Oil Corn of Penna_..25 67
Indian Ter Ilium 011
Non-voting class A__ •
International Petroleum _• 24%
Kirby l'etroleum new....
_1
Leonard 011 Develop_..25
54
Lone Star Gas Corp
•
Mich Gas & Oil Corp
•
436
Middle States Petrol•
Class Avto
331
ClassBvtc
•
Miss River Power pref_100 85
Mountain & Gulf 011
_1
Mountain Producers_ ___10
494
•
National Fuel Gas
New Bradford 011 Co.. _5
Nor Cent Texas 011
5
Nor European Oil corn_._1
Pantepec 011 of Venez •
234
Producers Royalty
1
36
Pure 011 Co 6% pref...100 52%
Red Bank 011 Co
•
Reiter Foster 011
•
Richfield 011 pref
25
231
Ryan Consol Petrol
•
Salt Creek Consol 011
1
Salt Creek Prod Assn___10
731
Savoy 011 Co
5
Southland Royalty Co..
.5
Sunray 011
5
Taxon 011 dr Land Co___ •
73-1
Venezuela Stex 011
i0
Venezuela Petrol
5
Woodley Petroleum
1
Mining
Bunker Hill& Sullivan__10
Chief Consol Mining
1
Consol Copper Mines
5
Consol Mining & Smelt_.25
2
31
Range Since Jan. 1.
I%
13-f
931
1
22%
22%
19%
8734
5444
7
100
350
400
100
400
100
150
800
200
300
2
Jan
3% Jan
St Jan
1544 Jan
1951 Jan
1831 Jan
7031 Jan
4534 Jan
Apr
5
Jan
9
451
12%
1%
3254
23%
20%
88%
56
9%
14%
Fell
Feb
Feb
Feb
Mar
Feb
Mar
Feb
Feb
Feb
13
12
731 8
741 8%
22
22
50
80
650
300
11%
5%
551
17
Jan
Jan
Jan
Jan
18
12
11
2454
Feb
Feb
Feb
Feb
24
20%
1851
lie
154
4%
24
48
2634
46
73
9
5
131
2%
30%
4
7
331
1454
34
71.
19%
1%
3
10
76
100
24
300
20%
300
19%
1,000
51
200
136
300
554
50
24
250
48
200
27
75
46
130
7436
100
9
551 2,000
1% 2,200
351 18,100
3451 3,700
800
34
3% 4,200
16% 3,700
200
31
900
51
250
21)
1 31 5,300
200
3%
600
10%
25
76
20
1734
1554
*is
Si
331
17%
36
21%
46
62
9
354
1%
174
17
Tie
2%
8%
41
lie
19
41
1%
65
Ja
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Apr
Feb
Mar
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jar
Jan
Jan
Jan
Jan
25
2131
19%
Tis
244
10
33
4954
2754
46
74;5
9
6%
234
3%
34%
151
531
24%
%
311
26%
234
451
1751
76
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Feb
Feb
Apr
Apr
Star
Mar
Feb
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Apr
3151
43%
1454
14%
531
831
250
32
15,700
45
14% 12,300
100
1441
200
400
03-4
100
200
84%
23% 3,400
200
4
27% 18,800
1751 6,100
350
24%
50
88%
200
334
32
Jan
33% Jan
12% Jan
Jan
13
4% Jar
8
Jan
3
Jan
83% Jan
1754 Jan
4
Jan
Ma
25
14% Jan
23% Ma
77% Jan
331 Jan
38
45
1454
14%
67/4
951
434
88
23%
5%
32%
17%
28%
92
454
Mar
Apr
Feb
Feb
Feb
Feb
Mar
Feb
.Tan
Feb
Jan
Feb
Feb
Mar
Jan
2,000
36
9,000
131
151 231 19,700
800
331
331
100
15% 15%
431 531 8,800
4,600
231 3
500
131
131
31 Jan
1% Jan
1
Jan
234 Jan
13% Jan
245 Mar
151 Jan
% Jan
154
27-4
2%
334
1534
53.4
334
14
Feb
Feb
Feb
Apr
Mar
Mar
Feb
Feb
2% 336 2,100
1144 1144 4,500
154 I% 10,100
200
651
900
141
6954 4,800
66
141
9%
4
7
541
134
58%
Jan
Jan
Jan
Jan
Jan
Jun
3%
13
131
7%
254
76%
Jan
Feb
Feb
Jar)
Feb
Jan
100
3
3
23% 24% 24,500
1,200
1% 2
% 3,600
%
1,000
634 694
,
1,600
5
444
2
Jan
1931 Jan
1% Mar
Jan
531 Jan
3
Mar
4%
2434
2
34
845
5
Feb
Apr
Feb
Mar
Feb
Apr
134
31
70
Ti,
4
14
141
131
he
31
3i
4351
41
34
54
134
Tr.
5%
54
47
4
lir.
6%
2%
334
1%
86
31
534
15%
24
3!1
Si
234
44
63
154
1
4
331
%
734
1
6
2
11
5%
154
554
Apr
Apr
Mar
Jan
Feb
Feb
Jan
Feb
Jan
Mar
Jan
Feb
Mar
Jan
Feb
Jan
Apr
Feb
Mar
Feb
Feb
Feb
Jan
Mar
Feb
241
9
1
22%
2254
1934
8644
53
5
84%
2134
4
26
16
24
88%
334
6%
2%
2% 344
%
145
85
85
Si
"is
4%
434
14
143-4
1% 2
331
331
'is
'is
2% 244
Ti,
52% 54
31
34 ii„
141
231
2% 3
%
634 734
Si
5% 534
134
154
731
641
3
3%
1111
1
33-4 4
52%
51
134
131
134
170 170
4,400
4,700
20
1,000
2,000
900
1,300
200
500
16,400
11,800
70
600
300
1,500
2,600
300
2,000
1,700
600
1,900
5,100
300
2,900
300
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Star
Jan
3% Jan
400 4931 Jan 6354 Feb
134 Mar
2,100
31 Jan
154 Feb
31 Jan
3,600
Mar
Feb 170
10 132
Financial Chronicle
Volume 138
Mining
(Concluded)
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Cresson Consol G M
1
Cusi Mexican Mining50e
Eagle Picher Lead
20
Evans Wallower Lead_ _•
Falcon Lead Mines
Goldfield Consol Mines_ 10
Heels alining Co
25
Hollinger Consol G
Stud Bay Min& smelt _
Internat Mining Corp _ _ I
Warrants
Iron Cap Copper corn_ _ _ 10
Kirkland Lake GM Ltd_ _1
Lake Shore alines Ltd_ _
New Jersey Zinc
__25
Mining Corp of Canada *
Newmont Mining Corp.11)
N Y & Honduras Rosario10
NipIssing Mines
5
Ohio Copper Co
1
Pacific Tin Spec Stock. _
Pioneer Gold Mines Ltd_ _ I
Pond Creek Pocahontas_ *
Premier Gold Mining_ _1
St Anthony Gold Mines 1
Shattuck Dann alining _ _ _5
Silver King Coalition_ __ _5
So Amer Gold Az Plat new_l
Standard Silver Lead__ _I
Teck-Hughes Mines
1
Tonopah Mining Co Nev..1
Un Verde Extension_ _ _bee
Utah Apex Mining Co
5
Wenden Copper
Wright-Hargreaves Ltd_ _•
Yukon Gold Co
5
Bonds
Alabama Power Co
1st & ref 5s
1946
1st & ref Is
1951
lot & ref 58
1956
1st & ref 5s
1968
1st & ref 4555
1967
Aluminum Co 51 deb 55'52
Aluminum Ltd deb 55_1948
Amer & Com'wealths Pow
555s
1953
Amer & Cont 55
1943
Am El Pow Corp deb Os '57
Amer G di El deb 55..2028
Am Gas & Pow deb On.1939
Secured deb 55
1953
Am Pow & Lt deb 65_ _2010
Am Radiator 45513_ _1947
Am Roll Mill deb 5s__1948
434% notes_ _ _Nov 1933
Amer Seating cony 65_1936
Appalachian El Pr 55_1956
Appalachian Pow 56_1941
Arkansas Pr & Lt 58_ _1950
Associated Elec 448..1953
Associated Gas & El Co
Cony deb 5545
19351
Cony deb 4545
1948
Cony deb 445
1949
Cony deb 58
1950
1)eb 55
1968
Cony deb 5%a
1977
Assoc Rayon 513
105(1
Assoc Telco Co Ltd 55_1965
Assoc T T deb 555s A '55
Assoc Telep Util 548_1944
Certificates of deposit_
6s secured notes_ _ _ _1933
Certificates of deposit
Atia.s Plywood 5545_ _1943
Baldwin Loco Works
Os with warr
1938
Os without warr_ _ _ _1938
Bell Telco of Canada
1st M bs series A
I955
1st NI Is series B __ _1957
1st NI 55ser C
1960
Bethlehem Steel 6s
1998
Binghamton L It & P5*'46
Birmingham Elec 455s 1968
Birmingham Gas 55
1959
Boston Consol Gas 55_1947
Broad River Pow 58..1054
Buffalo G.E. Ist & ref 513'39
Canada Northern Pr 5e '54
Canadian Nat Ry 7s__1935
Canadian Pac Ry 65._1942
Capital Administration
58 series A ex-w_ _ __1953
Carolina Pr & Lt 55_ 1956
Cedar Rapids M & P5*'53
Cent Arizona Lt & I'r bs'60
Central German Power
Os part Ws
1934
Cent III Light 5s _ _1943
Central Ill Pub Service
58 aeries E
1956
1st & ref 445 ser F.1967
5s series
1968
4545 series If
1981
Cent Maine Pow 5s D 1955
445 series E
1957
Cent Ohio Lt & I'ow bs '50
Cent Power laser D__1957
Cent Pow & I,t 1st 55_1956
Cent States Elea 55_ _ _1948
5545 ex warr
1954
Cent States I' & L 550.'53
Chic Dist Elea Gen 445'70
Deb 545___Oct 1 1935
Chic l'neu Tool 53.4s._1942
1927
Chic Rys 5s etre
Cincinnati Street Ry1952
5359 series A
1955
65 series 13
1966
Cities Service 5s
1950
Cony deb 55
Cities Service Gas 5558 '42
Cities Service Gas Me
1943
Line 65
Cities Serv P & L 54s 1962
1949
555s
Cleve Elec III 1st 58_1939
1954
58 series A
C,ommerzund Privat
1937
Bank 63-4*
Commonwealth Edison
let NI 58 series A _ _1953
1st NI 55 series 13...1954
1st 4358 series C.._1950
1957
43.4s series D
1960
445 series E
1st M 45 series F_._1981
1962
555sseries G
155
Sli
17%
13%
144
6
14
5351
55
54
2%
254
13%
15%
24
97
4
44
7%
134
43%
24
8,4
9%
135
155
6
A
71,
7
178%
118%
13
455
156
1114
52
5451
234
5035
3355
255
51.
254
123%
14
136
51
,
251
934
454
55
74
1
455
2
51
935
35
4,200
5,100
400
300
in{
4,100
55 123,400
751
500
198% 42.900
138% 26,700
148% 8,700
634 32,200
200
1%
1,800
34
5434 34,500
5634
900
100
254
4,600
54
400
34
28% 2,600
31 2,700
150
26
53,40
14
200
15
134 4,500
55 6,100
254 1,300
900
10
44 8,600
3,000
71
855 53,20
70
14
48% 4,10
255 3,50
34 28,10
103% 46,90
31,
4.60
14
1%
6
864
84
79
77
78%
78
73% 7451
694
68
10155 10054 102
8834 884 89
85
7854
78
7435
3
154
87
26
213%
5955
863%
110
663%
943%
105
7355
3755
204
1754
194
19
228%
573%
1731
174
14 335
87% 88
13% 15%
863% 8751
244 30
19
25%
5955
57
10134 102
8055 884
110 112
62
6655
9251 94%
105 105
7255 7354
3631 3834
2054
18
164
18
18
2154
72
93
5654
154
1435
20
19
73
22
1955
1835
20%
20
22%
724
93
5754
17%
174
20
21
73
131
128 134
5
93% 9355 94
24,000
18,000
4,000
13,000
26,000
103,000
25,000
Range Since Jan. 1.
Low.
55
1
534
A
55
55
64
1155
854
104
354
1
4
414
51
155
45
28
23.4
55
17
1044
14
1
III
23%
9
335
54
55
4
55
354
55
4
6%
54
High.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Bonds (Continued)
-
155 Feb
Feb
2
7% Mar
Jan
Its Jan
h Apr
835 Feb
1954 Apr
13% Apr
1455 Apr
654 Apr
1% Apr
'a, Mar
5434 Apr
6354 Jan
254 Feb
564 Jan
Apr
34
27
4 Feb
11, Jan
Apr
26
Apr
14
Apr
15
14 Mar
55 Mar
Jan
3
1255 Feb
555 Feb
5
4 Feb
84 Apr
155 Feb
5
Feb
244 Feb
55 Apr
1054 Mar
51 Feb
Jan 88
Jan 8234
Jan 82
Jan
75
Jan 6955
Jan 102
Jan 91
Mar
Mar
Mar
Feb
Mar
Apr
Feb
335
Jan
10,000
.1
Jan 89
11,000 79
161,000
954 Mar 20
Jan 8754
146,000
3
36,000 164 Jan 34
71.000 1454 Jan 30
137,000 414 Jan 67%
42,000 9755 Jan 104
41,000 7055 Jan 89
79,000 10155 Jan 11751
15,000 4755 Jan 664
Jan 9455
87,000 76
1,000 102
Jan 105
Jan 78
93,000 57
201,000 25% Jan 4235
Apr
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Apr
Mar
Mar
Feb
Feb
38,00
6.000
283,00
102,00
130,00
15,00
16,000
5,000
36,000
30,000
48,000
3,000
9,000
1,000
66
59
60
65
51
9551
72
13
10
10
114
1155
12%
53
8035
44
054
10
144
14
5055
80,000 10554
193,000 74
10251
10154
1014
105
76!i
51
4055
104
363%
10351
81
102
1024
Jan
Jan
Jan
Jar)
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Mar
Jan
Jan
2534
2351
244
254
25
2955
7554
9534
60
22
23
264
2654
73
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Mar
Feb
Feb
Feb
Feb
Apr
Jan 137
Jan 94
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Mar
Apr
Mar
Mar
Mar
Mar
Apr
Mar
Mar
Apr
Mar
1078%
1078%
1074
118
107% 108
107% 107%
1074 107%
117 118
98
984
688% 684 69%
57
58%
10554 1064
5251 51
54
106
106 1064
9254 9351
1048% 1044 1054
115
115 116
42,000
70,000
30,000
4,000
8,000
36,000
21,000
10,000
8,000
5,000
7,000
311.000
53,000
824 81% 8251
714 704 71%
1084 10754 10854
92
914 9254
17,000 70% Jan 8234 Mar
49,000 5234 Jan
Feb
76
15,000 103
Feb 10954 Mar
20,000 7655 Jan 92.4 Mar
46
4994
1054 1054
72
63
658%
638%
7,000 46
1,000 100
108
107%
1074
118
9835
70
5834
10651
54
107
95
1054
11635
Apr 6355 Mar
Jan 10554 Mar
733
53
68
614
65
61
964
894
6954
5051
5554
4055
413%
454
8334
95
73
50%
72
63
67
63%
98
90%
71
5354
57
4135
424
46%
8455
903%
7334
5355
23,000
59,000
46.00
14,00
11,000
14,000
4,000
34,000
83,000
54,000
87,000
72,000
64,000
58,000
21,000
54,000
524 Jan
4751 Jan
Jan
52
4755 Jan
854 Jan
Jan
75
Jan
57
Jan
41
4151 Jan
27% Jan
35
Jan
3355 Jan
Jan
62
Jan
74
5454 Jan
Jan
46
72
68
6934
65
98
9135
7354
614
6151
464
45%
5155
8455
9654
74%
5454
4354
4435
60
60
6555
424
42
5954
8,000
63
6534 3,000
4351 31,000
4434 291,000
6035 27,000
Jan
50
5235 Jan
30% Jan
30% Jan
464 Jan
Apr
63
6555 Apr
50
Feb
49
Feb
63
Feb
9054
533%
564
414
4255
464
844
968%
72
728%
404 39
40
39
10634 106
109
109
504
7235
4054
4055
107
109
4731 51
11,000 5755 Jan 75% Mar
146,000 2754 Jan 4755 Feb
37,000 274 Jan 48
Feb
16,000 105
Jan 107
Apr
2,000 106
Jan 111
Mar
50,000
1034 1024 104
6,00
1038% 102% 1034 32,00
98
98
19,00
99
99
99
98
38,00
9755 9631 9731 41,00
8731 89% 216,00
898%
1058% 105 105% 42,000
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Apr
Apr
Mar
Feb
4654 Mar
92
92
8455
86
85
7231
9454
62%
Feb
Jan 105% Mar
Jan 105% Mar
Jan 99
Mar
Jan 99
Mar
Jan 984 Mar
Jan 8934 Apr
Jan 106
Mar
Com'wealth Subsid 554s'48
Community Pr & Lt 551957
Connecticut Light & Power
445 series C
1956
55 series D
1962
Conn River Pow As A 1952
Consol GEL &P 44s 1935
Stamped
Consol Gas El Lt & P(Balt)
455s series It
1970
Ist refs 45
1981
Consol Gas Util Co
1st & coil 63 ser A _ _1943
Cony deb 6 559 w w.1943
Consol Publishers Co
7345 stamped
1936
Consumers Pow 4 35s._1958
1st & ref 5s
1936
Cont'l Gas & El 55___.195S
Continental Oil 5 Sis.. _1937
Crane Co 55_ _ _Aug 1 1940
Crucible Steel 5s
1940
Cuban Telephone 74s 1941
Cudahy Pack deb 53.4* 1937
1946
53
Cumberld Co P& L 4358'56
Dallas Pow & Lt 6s A.1949
1052
5s series C
Dayton Pow & Lt 55_1941
Delaware El Pow 5558_ _'59
Denver Gas & Elea 55_1949
Derby Gas & Flee 55._1946
Det City Gas 68 ser A.1947
58 1st series 11
1950
Detroit Interns t Bridge
75
Aug 1 1952
1952
7s ctts of dep
1952
63.5s
634s dtfs of dep_ _1952
Dixie Gulf Gas 645..1937
1967
Duke Power 4 45
Eastern Util Assoc 55_1935
Eastern Util Investing
as series A w w _ .1954
Edison Elec III (Boston)
1934
2-year 55
1935
5% notes
Flee Power & Light 5s2030
Elmira Wat, Lt & RR 5s 56
El Paso Elec 5s
1950
Empire Dist El .55_ _ _1952
Empire Oil & Ref 555s 1942
Erie Lighting Is
1967
European Elan 64s-1965
Without warrants
European Mtge Inv 75 067
Fairbanks Morse 5s__1942
Farmers Nat Mtge 76_1963
Federal Sugar Ref 6s_ _1933
Federal Water Sera 54554
Finland Residential Mtge
Banks Os
1961
Firestone Cot NIills 55.'48
Firestone Tire & Rub 55'42
Fla Power Corp 545_1979
Florida Power & Lt Is 1954
Gary El & Gas bsser A 1934
Gatineau Power 1st 5s 1956
Deb gold Os June 15 1941
Deb 68 series 13
1941
General Bronze Os_ _1940
General Motors Acceptance
5% serial notes
1935
5% serial notes
1936
Gen Pub Util 655s A_195t)
6555
1933
Gen Rayon as ser A.._1948
Gen Refractories 6s_ _ _193b
with warrants
Without warrants
Gen Vending es
1937
Certificates of deposit_ _ _
Gen Wat Wks & El 55_194:s
Georgia Power ref 5s..1967
Georgia Pow & Lt 58_ _1978
Gestural es a-warrants 1953
Gillette Safety Razor Is '40
Glen Alden Coal 4s___1965
Glidden Co 545
1935
Godchaux Sugar 748_1941
Grand (F W)Prop 68.1948
Certificates of deposit__
Grand Trunk Ry 655s 1936
Grand 'I runk West 15_1950
Great Northern Pow 55 '35
Great Western Pow 55 1946
Guardian Investors 5s 1948
Guantanamo & West Os '58
Gulf 011 of l'a 5s
1937
55
1947
Gulf States UM
_1956
43-4s series B
1961
Hackensack Water 55:1938
5s series A
1977
Hall Printing 5558_ _ _1947
Hamburg Electric 78..1935
Ilamb'g El&Und Ry 5558'38
Hanna(M)6s
1934
Hood Rubber 75
1936
Houston Gulf Gas 6s_ _1943
645 with warrants_1943
lions L& 1st 4558 E_1981
5s series A
1953
18t & ref 4413 ser D_1978
Hudson Bay M & S 6s_ 1935
Hydraulic Power 5s_ 1950
5s
1951
Ilygrade Food 88 A__ 1949
Idaho Power 5,3
1947
Illinois Central RR 434*'34
III Northern Util 5*...1957
III Pow & List Os ser A '53
1st & ref 54s ser 13_1954
1st & ref 55 ser C
1956
S f deb 545 __May 1957
Indiana Electric Corp& series A
1947
655+3 series Li
1953
5s series C
1951
Indiana Gen Serv 55..1948
Indiana Hydro-Elec .5s '58
Indiana & Mich Elea As '55
Indiana Service 55____1950
1st lien & ref 5s_ _ _1963
P & L 5s ser A '57
International Power Sec
Secured 648ser C__1955
75 series 1
,
1957
7s series F
1952
International Salt 5s 1951
International Sec 58_1947
2391
Friday
Sales
Last 1Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
$
8554
485%
8334 8731 155.000
46
4955 47,000
105
10731
10255 1013.4
1033% 10231
103
Range Since Jan. I.
Low.
8754
51
Apr
Feb
5,000 100
Jan
106
Jan
gag 2,000 104
10234 92,000 9154 Jan
10355 23,000 1014 Jan
4,000 10255 Feb
103
106
10734
104
10354
1034
Mar
Mar
Mar
Apr
Feb
4,000 1034
10654 107
101% 1004 101.4 78,000 93
4051
755
3955 43 128,000
655 7% 31,000
2,000
70
70
70
10331 102 10334 32,000
104% 104% 69,000
48% 48
50% 245,000
10254 102% 10334 21,000
9754 954 07% 53,000
88
33,000
90
74
13,000
73
10355 102% 10355 74,000
5,000
105
10475 105
22,000
9055 904 92
109
10855 109
4,000
1,000
104 104
1064 10535 10651 21,000
85% 15,000
8544 84
10334 104% 3,000
76
7775 14,000
9635 96
9654 45,000
88
45,000
89
89
1
94
874
3451
9831
7355
70
45%
9135
8751
71
44
51
351
255
79
85
94
2255 17,000
1055
NI
10
23
% Sf r
38,000
12,000
27,000
1,000
1,000
43,000
80
29
63
42
6
18%
Jan
Jan
Jan
Jan
Jan
Jan
84
9754
9934
73
684
454
89%
8755
87
70
8554
9834
10055
7434
7055
46
914
8855
87%
7294
21,000
76,000
33,000
15,000
175,000
35,000
82,000
34,000
25,000
5,000
734
89%
93
5635
534
34
7735
69
684
60
Jan 8554 Apr
Jan 9834 Apr
Jan 10051 Apr
Jan 7555 Mar
Jan 7034 Mar
Jan 5454 Feb
Jan 93
Mar
Jan 9155 Mar
Jan 90% Mar
Jan 76
Feb
7255
7355
61
104
604
9355
94
4055 39
404 38
9354 92
95
99%
644
Jan
Jan 10134 Feb
Jan
Jan 464 Feb
Jan 8154 Mar
Jan 82%66
Jan
,StarFeb
.1an 674 Feb
Jan 9554 Jan
954
42%
874
52
634
34%
95%
4354
874
5655
10
3755
Apr
Mar
Apr
Mar
Jan
Feb
10351 12,000 10235 Jan 103% Feb
7,000 102% Jan 1044 afar
104%
38
46,00
25% Jan 40
Feb
53
5,00
40
Jan 55
Feb
50
45
8,00
50
Feb
Apr
12335 1234 12531 71,00
8755 8634 8731 60,00
854
7% 834 9,000
65/ 634
654
1,000
54
5634 78,000
7734 7834 102,000
7834
5955 60
19,000
4634 48 ' 34,000
48
10041 10055 10054 25,000
7034 694 7034 68.000
10055 101
43,000
101
10355 103%
1.000
3155 28
3155 11,000
33
33
3355 18,000
105
105 10554 11,000
31,000
834 8355 84
100 10051 17,000
10351 10255 10334 14,000
4055 10,001
39
39
25
25
15,00
25
104
10334 10454 88,00
10434 104 10435 89,000
8551 8355 8554 93,00
76
9,000
76
10534 105 10551 16,00
10331 10354
1,00
70
71
7351 40,00
7755 80
11,00
4951 4551 4994 10.000
1014 10134 1014
1,00
go
8034
3,000
67
6834 67
26,000
4955 52
.52
19,000
9754 9754 98
14,000
10355 102 10334 18,000
9734 36,000
973% 96
115
112 115 109,000
106 106
1,000
4,000
10434 105
13,000
6054 62
10051 9955 10055 18,000
93% 93
9455 140.000
9851 9955 17,000
99
7334 72
7354 46,000
6755 664 673,4 62,000
6455 635
4 6455 86,000
56
54,000
5394 56
9534
Jan
2
Jan
Jan
2
Jan
7
Jan
Feb
Jan
Feb
5
Jan 94
Apr
Jan 1024 Mar
Jan 100
Mar
9454
4155
85
52
634
3351
1034 103
10435 10435
3755 36%
53
50
7255
77
62%
47% Feb
1235 Feb
Mar
Jan 72
63
0451 Jan 10331 Apr
1024 Jan 10454 Mar
3655 Jan 5655 Feb
1014 Feb 10355 Apr
Jan 9754 Apr
85
7355 Jan 92
Mar
6431 Jar
75
Jan
Jan 10355 Apr
98
1034 Jan 10554 Mar
Jan 92
Mar
74
10455 Jan 103
Apr
Jan 104
Star
99
10234 Jan 10634 Mar
Jan 8534 Apr
65
923-5 Jan 10455 Mar
5755 Jan 7855 afar
8455 Jan 9831 Mar
73
Jan 90
Feb
1
151
2,000
1
1
13,000
434 44
1,000
454 435
4,000
9334 94
34.000
101
101
5,000
1,000
9955 9974
22
Mar
Jan 107
Jan 10155 Mar
3394 Jan
6
Mar
101 101% It,000 101
10251 10255 102% 53,000 10055
4135 224,000 2555
4054 38
8035 81% 9,000 62
82
8255 5,000 64
6434 64
6555 33,000 461.4
63
614 6355 57,000 464
92
92
92
1,000 86
95
High•
Jan
Jan
563%
3635
7434
77
63
104
62
94
4134
4055
9354
18,000
7,000
24,000
2,000
7,000
21,000
54,000
39,000
140,000
9554 9551
8,000
994 1004 4,00
95
95
6,00
9835 9955 11,00
6334 6434 32,000
9855
85
275
2
40
5955
40
4634
94
5754
974
95
16
1134
10054
70
9355
9455
24
12
101
99%
66
63
10054
09
61
7555
45%
1004
743f
42
31
8155
9355
85%
104
104
10355
48
874
75
8255
52
4755
4354
37
Jan
Ma
Jan
Jan
Jan
Jan
Jan
Ma
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jo
Jan
Jo
Fe
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
140
88
9
755
61
7934
65
73
101
7254
1014
1034
314
3355
10555
8534
1004
104
48
26
105
1043.4
85
78
1054
10451
7734
82
7054
1014
81
70
5554
99
10451
994
115
1074
105
6454
10155
9555
99%
7434
6955
6534
5854
Feb
Mar
Mar
Mar
Feb
Feb
Feb
Jan
Mar
Mar
Mar
Mar
Apr
Mar
Apr
Mar
Mar
Mar
Feb
Feb
Mar
Mar
Feb
Feb
Apr
Mar
Feb
Feb
Jan
Jan
Mar
Mar
afar
Mar
Mar
Mar
Apr
Mar
Feb
Mar
Mar
Mar
Apr
Feb
Feb
Feb
Feb
544 Jan 7554 Feb
Jan 78% Star
59
Jan 67
Feb
47
Jan 10455 Mar
98
Jan 644 Mar
47
Jan 94
Apr
71
2554 Jan 4135 Mar
244 Jan 4154 Mar
76
Jan 9335 API'
834
85
83%
84
4854
Jan 98
Mar
Jan 10335 Mar
Nfar
Jan 102
Jan 99% Apr
Jan 65
Jail
Financial Chronicle
2392
Bonds (Continued)
Interstate Ir & Steel 5358'46
Interstate Power 5s__ 1957
Debenture 60
1952
Interstate Public Service
&aeries D
1956
434s series F
1958
Investment Coot Amer
Ss with warrants_ _1947
Iowa-Neb L & P Os__ _195i
55 series B
1961
Iowa Pow & Lt 4358_1958
Iowa Pub Serv 55
1957
Isarco Hydro El 7s._1952
Isotta Franshini 7s
1942
Italian Superpower of Del
Deb 65 without War.1963
Friday
Sales
Last ;fleck's Range for
of Prices.
Sale
Week.
Price. Low. High.
High.
5735
41%
2835
Jan
Jan
Jan
82
Feb
6135 Feb
47% Mar
59%
55%
57
54
5931 32,000
553,g 23,000
48
4235
Jan
Jan
64
61
Feb
Feb
78
80
80
91
754
90
85
78
83%
83%
924
7731
90
86%
Jan
07
6331 Jan
64
Jan
Jan
75
Jan
58
77
Jan
Jan
80
78
83%
83%
95%
78%
90
87%
Mar
Apr
Apr
Mar
Mar
Apr
Mar
76
77% 18,000
Jacksonville Gas 5s_ _1942
4535 47
Jersey C P & L 4355 C_1961 9131 8934 91%
5s series B
1947 99% 97% 9935
Jones & Laughlin 58...1939 105% 105% 10535
Kansas Power 55
1947 84% 83
844
Kansas Power & Light
68 series A
1955
98%
97
5s series B
1957 9234 9134 92%
Kentucky Utilities Co
1st mtge 58
1961 66
64
6635
635s series D
1948
77% 77%
5355 series F
1955 69
69
66
5s series I
1969
6535
65
Kimberly-Clark 5s__ _1943 97% 97
98%
Koppers G & C deb Os 1947
9431 96
Sink fund deb 5348_1950 9735 97
974
Kresge(S S) Co 5s_ _ _ _1945 102
101 102
Certificates of deposit.. _ 100
98 100
Laclede Gas Lt 5345_1935 7134 61
7131
Larutan CAS 6345
1935
with privileges
98
98
Lehigh Pow Secur 63_ _2026
83%
81
Leonard Tietz 735s._ _1946
Without warrants
46
47
46
Lexington Utilities Os_ 1952 69% 6934 69%
Libby Mel's: Ac Libby 59 '42 8235 81
8434
Lone Star Gas Os
1942
92
93
Long Island Ltg 6s
1945 934 914 93%
Los Angeles Gas 8, Elec5s
1939 10635 106 10635
1961
100% 1014
5355 series I
1044 105
1949
Louisiana Pow & Lt 581957 88
85% 88
Louisville G & E 65 A_I937
101% 102
4358 series C
1961
97% 9735
Manitoba Power 5358_1951
Mass Gas deb 5s
1955
5 143
1946
McCord Rad & Mfg
6s with warrants _..1943
Melbourne El Supply
7358 series A
1946
Memphis Pow & Lt 58 1948
Metropolitan Edison
45 series E
1971
5s series F
1962
Mid States Petrol 6358 1945
Middle West Utilities
5s ctfs of deposit.. 1932
55 et's of den
1934
Midland Valley 5s....1043
Milwaukee Gas Lt 435s 67
Minn Gen Elec 58._ _ _1934
Minneap Gas Lt 445.1950
Minn P & L 435s
1955
5s
1955
Mississippi Pow 55.__1955
Miss Pow & Lt 5s
1957
SlississIppl River Fuel
6s with warrants ._1944
6sWithout warrants1944
Miss River Pow let 58 1951
Missouri Pow & Lt 534555
Missouri Public Serv 5s '47
Monongahela West Penn
Pub Serv 5% ser B_1953
Mont-Dak Pow 5348_1934
Montreal L II & P Conlst & ref 58 ser A
1951
55 series B
1970
Munson SS Line 6358_1937
With warrants
Low.
79% 10,000
78
54
55% 105,000
61,000
424 44
83%
8335
914
4734
97%
66.31
91
794
9134
7034
Jan
62
20,000 33%
110,000 7334
70.000 83
7,000 10335
17,000 60%
6,000
33.000
8434
73%
7734 Mar
53
Jan
Jan 93%
Jan 100
Jan my,
Jan 85
Jan
Jan
47
58
51
45%
88%
82%
8435
89
87%
Jan 68
Jan 82
Jan 72
Jan 68
Jan 98%
Jan 97
Jan
9835
Jan 102
Jan 100
89,000
50
Jan
2,000
34,000
93
61%
Jan
Jan
Jan
30
544 Jan
6831 Jan
82% Jan
Jan
67
2,000 102
9,000 89
7,000 9431
48,000 68%
21,000 90
8,000 82
47
48
14,000
91% 37,000
90
9635 9734 23,000
38%
74
83
59
40
6631 27,000
10234 10231 4,000 10135
13,000 70
8835 91
11,000
78
80
8834 9135 40,000
67
70% 10,000
66
73
53%
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Mar
98% Apr
9334 Mar
40,000
3,000
6,000
7,000
28,000
63,000
23,000
4,000
44,000
8,000
3,000
27,000
4,000
13,000
Mar
Feb
Feb
Mar
Apr
Mar
Mar
Apr
Apr
75% Feb
Feb
Feb
100
86
65
714
84%
9735
93%
Mar
Mar
Mar
Mar
Apr
106%
102%
105
88
102
99
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Jan
52% Feb
92
Feb
Mar
99
Jan
664
Apr
Jan 1034 Jan
Jan 91
Apr
80
92
7031
Apr
Feb
Apr
1,000
534
5%
3,000
6,000 60
9,000 93%
20,000 10035
52,000 73
21,000 5531
5,000 64
62,000 40
32,000 484
Jan
1034
Jan
1035
Jan 71
Jan 103
Jan 102%
Jan 85
Jan 744
Jan 794
Jan 5934
Jan 65
Feb
Feb
Feb
Mar
mar
Mar
Mar
Feb
Feb
Feb
99.4 984 100
9831
97% 97
1054 104% 10534
94
91% 94
52
5135 5235
23,000
13,000
9,000
26,000
24,000
9034
89
96%
7034
37
Apr
Jan 100
Jan 9831 Apr
Mar
Jan 106
Jan 94
Apr
Jan 56
Feb
81% 8234
56
56
10.000
5,000
61
47
Jan
Jan
7%
735
71
7%
71
1024
101%
102
83
85
73
70
77% 7731
5431 5235
61% 6035
81%
74
731
71
103
102%
85
73
77%
55
61%
1084 107% 10335 26.000 10434
10835 1084 2,000 10335
Jan
Jan
Jan
8434 Mar
56
Apr
Jan 10934 Mar
Jun 109
Mar
10% 10% 44,000
735
Narragansett Elec 58 A '57 104% 10335 104% 59,000
& series B
103% 10434 6,000
1957
Nassau & Suit I.t 5s_ _1945 100% 1004 1004 3,000
Nat Pow & Lt Os A_ _ _2026 71
71
7235 51,000
Deb 58 series B._ _ _2030 64
624 64
81,000
Nat Public Service Os 1978
Certificates of deposit_ _
01,000
10
11%
12
National Tea 5s
1935
101% 10135 15,000
Nebraska Power 4144_1981 10235 10134 102% 30,000
,
2022 0735 97
& series A
974 9,000
Neisner Bros Realty 6s '48
3,000
7835 80
Nevada-Calif Mee 58_1956 77
754 7735 56,000
1,000
New Amsterdam Gas 58'48
994 99%
NE Gas & El Assn 59.1947 5334 53% 53% 32,000
Cony deb 5s
1948
52
53% 55,000
Cony deb 55
1950 53% 52
53% 85,000
New Eng Pow Assn 58_1948 6334 62
64
69,000
Debenture 534s_ __ _1954 6835 6531 69
95,000
New Orl Pub Serv 43'4s '35 4835 46
48% 50,000
5,000
&series A
1949
31% 33
98
98
98
57
4735
Jan 10435 Apr
Jan 104% Mar
Jan 100% Apr
Jan 83
Feb
Jan 74
Feb
735
9734
91%
77
43
5734
85
3935
39
3835
5134
54
3635
25
Jan
16% Feb
Mar
Jan 102
Jan 10234 Apr
Jan 98
Mar
Jun 84
Mar
Jan 7734 Apr
Jan 100% Mar
Jan 65
Feb
Jan 61
Feb
Jan 61% Feb
Jan 684 Feb
Jan 71% Feb
Jan 52% Feb
Jan 4031 Feb
10%
N Y Central 65 w I_ _ __1944 120
N Y & For Inv 534s 1948
with warrants
NY Penns & Onlo 435s '35 101%
NY P&L Corp 1st 4358'67 91%
N Y State G & E 4%8_1980 79
5355
1962
NY & Weetch'r Ltg 48 2004
Niagara Falls Pow 66_1950 108
5s series A
1959
No American Lt & Pow
5% notes
1935
5% notes
1936 9935
5355 series A
1956 504
Nor Coot Util 5358_ _ _1948 30%
North Indian G & E 6s 1952 90%
Northern Indiana P 558 series C
1966 7331
&series D
1969 74
434s series E
1970 70%
No Ohio P & L 5355..1951 97%
Nor Ohio Trac & Lt Es '58 93
No States Pr ref 4358_1961 9034
% notes
1940 90
North'n Texas Utll 75_1935 99%
N'western Elect 68_1930 8535
N'western l'ow 6s_ _ _ _1960
N'western Pub Serv Os 1957
119
99%
98
46%
30
90%
Jan
12%
Feb
1204 2103000 115% Mar 12235 Mar
80
90
10134 101%
90% 91%
74% 80
9134 92
98
96
108 109
104% 104%
Jan 80
Mar
9,000 70
8,000 9635 Jan 101% Mar
Jan 92% Mar
276,000 74
90.000 6434 Jan 83
Mar
Jan 92
5,000 80
Feb
Jan 9835 Mar
23.000 88
10,000 104% Jan 110% Mar
23,000 1004 Jan 107
Feb
21,000
100
9935 20,000
51% 212,000
8,000
31
904 8,000
91
82
2531
20
71
Jan 100
Apr
Jan 9934 Apr
Jan 5134 Apr
Jan 35
Feb
Jan 92
Mar
8,000
8,000
56.000
49,000
18,000
141,000
4,000
37,000
59,000
6,000
22,000
544
55
517
70%
68
734
7134
98%
54
12%
50%
Jan 78
Jan 7635
Jan 74
Jan 98
Jan 9335
Jan 91%
Jan 9231
Jan 100
Jan 87
Jan 23%
Jan 70
72% 74
72% 74
66
7035
9634 98
92
93%
87% 9035
8835 90
9935 100
81% 87
1835 1831
6231 65%
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High.
Range Since Jan. 1.
794
55%
43
1,000
42,000
20,000
47,000
8,000
1,000
60,000
April 7 1934
Mar
Mar
Mar
Apr
Apr
Mar
Mar
Mar
Apr
Mar
Feb
Bonds (Continued)
-
Ogden Gas 5s
1945 92% 9235 93
Ohio Edison 1st 5s_
1960 904 884 90%
Ohio Power 1st 5s B._1952 103
103 1034
1st & ref 435s ser D 1956 994 9835 1004
Ohio Public Service Co
65series C
1953
9534 96
5s series D
1954 88% 8731 894
530series F
1961
9031 90%
Okla Gas & Elea 5s_ _ _1950 90
89% 904
Os series A
1940
81
82
Okla Power & Water 55'48 564 5435 564
Oswego Falls (3s
1941
61
62
Pacific Coast Pow 55__1940
Pacific Gas & El Co
1st Os series B
1941
1st & ref 545 sec C.1952
Os series D
1955
1st & ref 43(s E
1957
1st & ref 435s F. _1900
Pacific Investing 58 A_1948
Pacific Pow & Ltg 58_ _ 1955
Pacific Western 011635s'43
With warrants
Penn Cent L & P4345 1977
55
1979
Penn Electric 4s F__ _1971
Penn Ohio Edison
Os series A ex-warr_ _1950
Deb 535s series B
1959
Penn-Ohio P & L 535s 1954
Penn Power 5s
1956
Penn Pub Saw 65C_ _1947
5s series D
1954
Penn Telephone 58 C..1960
Penn Water Pow 4358 B '68
55
1941)
Peoples Gas I. & Coke434% serial notes_ _1936
45 series 13
1981
6s series C
1957
Peoples Lt & Pr 58_ _1979
Phila Electric Co 5s_1966
Phila Elec Pow 53513_1972
Phila. Rapid Trans 68_1962
Phil Sub Co G & E 4355'57
Phila Sub Water 50_ _1955
Piedmont Ilydro El Co
1st & ref 6%a 01 A 1960
Piedmont & Nor 5s...1904
Pittsburgh Coal 6s_ __ _1949
Pittsburgh Steel Os_..1048
91%
Range Since Jan. 1.
Low.
High.
54,000
124,000
40,000
68,000
774
67%
9534
85
Jan 93% Feb
Jan 90% Mar
Mar
Jan 105
Jan 101
Mar
12,000
57,000
9,000
49,000
6,000
21,000
3,000
70%
6335
63
7335
66
44
5134
Jan
Jan
Jan
Jan
Jan
Jan
Jan
96
914
92%
9135
86
60
62
77
Jan
93
9035 91% 13,000
Mar
109
108% 109
12,000 10191 Jan 110
1054 104% 10534 32,000 9531 Jan 10531
Jan 104
102% 102% 10235 25,000 92
984 9731 984 50,000 8534 Jan 100
98% 9735 984 36,000 854 Jan 100
78
8,000 70
79
79
Jan 80
4831 51% 94,000 3535 Jan 57
50
89%
86%
72
8535
77%
80%
70
89% 61,000
78% 26,000
1,000
8635
12,000
72
76
Jan
5935 Jan
71
Jan
57
Jan
18,000 4634
37,000 41%
60,000 79
3,000 95
4,000 75
3,000 64
3,000 88
7,000 9531
31,000 103%
Mar
Apr
Mar
Mar
Mar
Mar
Feb
8935 Apr
8035 Mar
8634 Mar
72
Mar
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7035
64%
101
104
9535
,
8534
100
103%
108
Mar
Feb
Apr
Mar
Apr
Apr
Apr
Mar
Feb
Jan
9935 99% 1,000 95
7635 774 23,000 62% Jan
Jan
91
9334 90,000 75
331 3% 22,000 2 Jun
111
11034 lii 22,000 1054 Jan
10935 108% 10931 39.000 10435 Jan
1,000 4935 Jan
63
63
Jan
10535 10534 10535 5,000 100
1,000 9031 Jan
102 102
100%
79
95
535
111
10931
63
105%
102
Mar
Feb
Mar
Jan
Mar
Apr
Apr
Mar
Apr
67
61%
101
94
108
65% 67
6136 03
99 101
1034 103%
93
9535
84
8535
99 100
1024 103
107 108
92%
89
9031
8935
88%
98%
884
6,000
90
15,000
89
10,000
99
9034 2,000
73% Jan
744 Jan
93
Jan
Mar
85
90
Apr
90
Mar
99% Mar
9031 Apr
14,000 40
Jan 54%
Pomerania Elea 6s_ _ 1953 46
46
43
Jan 90
Poor & Co 6s
a8834 a8835 1,000 83
1939
Jan 9534
Portland Gas & Coke 58'40
89% 2,000 83
89
Potomac Edison Os_ _ _1956 9631 9431 9635 62,000 7431 Jan 9635
Jan 89
7,000 73
435s series F
89
1961
89
Potomac Elea Pow 5s_1936
105% 10535 2,000 102% [Jan 10535
Jai
29
9,000 18
22
l'otrero Sugar 78
29
1947 29
Jan
PowerCorpiCan)4348 13 '59
79
78% 78% 5,000 63
Power Corp of N Y5355
1947
57
.573.5 3,000 5135 Jan 6134
Jan 88%
9,000 70
63.(sseries A
1942
824 86
Power Securities 6s...1949
Jan 60
7,000 45
American series
564 58
58
Jan 73
9,000 51
Prussian Electric135_ _1954
524 53
23,000 8334 Jan 984
Pub Serv of NH 435s B '57
98
97
Jan 116
23,000 103
Pub Serv of N J pet Ws_ _ ...... 115% 116
Pub Serv of Nor Illinois
1st & ref 5s
88% 25,000 654 Jan 88%
1956 88% 85
5s series C
1966 81% 80% 8235 17,000 60% Jan 8335
Jan 73%
435s series D
1978
7331 7335 3,000 56
4358 series E
1980 7434 7235 7435 21,000 5531 Jan 7435
Jan 7435
1st & ref 435s ser F.1981 74
72% 74% 149,000 55
635sserles G
96% 9735 68,000 7035 Jan 9704
1937 97
,
45,000 7135 Jan 93%
635e aeries 11
1952
92% 93
Pub Serv of Oklahoma
Jan 83
3,000 62
5s series C
82
1961 82
82
5s series D
1957 8035 794 scoq 33,000 57% Jan 82
81,000 42
Jan 83
Pub Serv Subsid 530.1949 83
83
79
Puget Sound P & L 534a'49 5231 48
5235 187,000 41% Jan 5935
1st & ref 55 series C.1950 4835 464 48% 49,000 394 Jan 5735
1st & ref 4%s ser D.1950 45
4335 45% 182,000 3635 Jan 53
13,000 89
Jan 100
Quebec Power 55
984 100
1968 100
Jan 86%
Queenxboro0& E 53.48.'52
8631 7,000 62
86
Jan 95
Ref 434s
1,000 88
95
95
1958
7,000 1434 Jan
Republic Gas Os
30
1945
2034 30
30,000 15
Jan
Certificates of deposit _ _ _
30
2935 2735 30
Rochester Cent Pow 58 '53 4335 42
4335 9,000 2834 Jan 47
1,000 10235 Jan 10934
Rochester Ely & Lt 56.1954 10934 10935 109%
Ruhr Gas Corp 630..1953 4531 44
45% 14.000 41% Mar 66
Ryerson (Jos T)& Sons
Os
13,000 91% Jan 99
99
1943
98
Safe Harbor Water Power
43513
38,000 9535 Jan 105
102% 104
1979 103
St Louis Gas & Coke 65 '47
7,000
334 Jan
8
835
11
San Antonio Puulle Service
&series B
8431 15,000 65
84
Jan 8431
1958
San Joaquin Lt & Pow
Os series 13
103% 103%
1952
3,000 88
Jan 10335
5s series D
1957 94% 9231 94% 13,000 7531 Jan 954
Sands Falls Os
107 1074 5,000 10134 Jan 107%
1955
Saxon Public Wks(35. _1937 6435 62
64% 22,000 60
Jan 7234
Schulte Real Estate
11
1134
2,000 10
)3s with warrants_ _1935
Feb
1135
Without warrants
1034 10%
1,000
7
Jan
12
Scripp(E W)Co 5%8_1943 8834 88
88%
8,000 73
Jan 8831
Seattle Lighting 55_ _ _1949 34% 32% 304 61,000 23% Jan 41
1948 86% 814 8635 46,000 71
Servel Inc 55
Jan 8635
Shawinigan W & P 435s '67
4358 series B
1968
1st Os series C
1970
1st 4355 series D_ _ 1970
Sheffield Steel 5355_ ...1948
Sheridan Wyo Coal 65 1947
Sou Carolina Pow 58_1957
Southeast P & L 6s_ _ _2023
Without warrants
Sou Calif Edison Os.. _1951
Refunding 55 June 11904
Refunding 58 Sep 11952
Gen & ref &
1939
Sou Calif Gas Co 4355_1961
let ref Es
1957
535eseries 13
1952
Sou Calif Gas Corp 58.1937
So Counties Gas 4%8_1968
Southern Gas 6358- - -1935
Sou Indiana G & E 535s '57
Sou Indiana Ity 4s_._ _1951
Sou Natural Gas 6s...1944
Unstamped
Southwest Assoc Tel 55 61
Southwest G & E 58 A_1957
55 series B
1957
S'western Lt & Pr 5a._1957
S'western Nat Gas 6s.1946
Mar
Feb
Mar
Feb
Feb
Feb
Apr
8934
8934
98
89%
98
464
69
884
88%
96%
8834
98
45
68
89%
8935
98
8901
9835
4631
6935
65
67%
10331 10434
10334 104
103% 104
1083-4 10634
93% 95
100 1004
10331 104
9735 95
9734
9131 9134
101 101
10635 105% 106%
67
6235 67
6735
104
104
104
101334
94%
69
83
64
674 69
62
60
8235 83
824 8331
6335 64%
n4731 n474
46,000
69,000
24,000
39,000
27,000
3,000
7.500
72
7235
79
7291
85%
41%
5135
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9035
9035
98
9035
9835
49%
6935
Feb
Jan
Mar
Apr
Mar
Mar
Apr
Mar
Mar
Mar
Feb
Feb
Mar
Apr
Apr
Apr
Feb
Feb
Apr
Mar
Mar
Mar
Mar
Apr
Feb
Feb
Feb
Apr
Mar
Apr
Apr
Apr
Feb
Apr
Feb
Mar
Mar
Feb
Apr
Mar
Mar
Mar
Mar
Feb
Feb
Apr
Feb
Apr
Mar
Mar
Apr
Mar
Mar
Feb
Feb
102,000 4331 Jan 694 Feb
102,000 934 Jan 104% Star
19,000 9334 Jan 10431 Mar
Jan 104% Mar
14,000 93
4,000 10235 Jan 106% Mar
Jan 95% Mar
25,000 82
Jan 10135 Mar
7,000 89
Jan 104
Star
7,000 93
17,000 83% Jan 9734 Apr
Star
5,000 8931 Feb 93
Jan 10134 Mar
1,000 96
Jan 106% Mar
2,000 101
57,000 5135 Jan 67% Jan
48,000
10,000
6,000
19,000
18,000
2,000
59
42
6231
6335
47
34
Jan
Jan
Jan
Jan
Jan
Jan
71
634
844
84%
65
48%
Mar
Mar
Mar
Mar
Feb
Mar
Financial Chronicle
Volume 138
Bonds (Concluded)-
Sales
Friday
Last Week's Range fir
Sale
of Prices. 'Week.
Price. Low. High.
$
So'West Pow & Lt 59_2022 57
So'West Pub Sem,(38 A 1945
Staley Mfg 68
1942 100
Stand Gas & Elea 65_1935 66
Cony 6s
1935 65%
Debenture 65
1951 47%
Debenture Os.Dec 1 1966 47
Standard Investing
534s
1939 75
5s ex-warrants
1937
5434 57
7434 75
98 100
67
65
6534 67
4634 4834
46% 48
75
76
12.000
3,000
40 000
100.000
43,000
47,000
20.000
75% 13,000
7734 11,000
Stand Pow & Lt Bs__ _1957 4334 42
44%
Stand Telep 5348
2034 20%
1943
Stinnes (Hugo) Corp
7s without warr Oct 1'36 53
53
53
Stamped
1936 48% 48
4834
7e without warr
1946 49
47% 49
Stamped
1946 46
46
45
Sun 011 deb 534s
1939 104% 104% 105%
Super Power of III 430'68
75% 78
1st 434e
1970
7534 77%
Bs
93
1981 93
92
Swift& Co let mat 65_1944 106
105% 108
5% notes
1940 103% 102% 103
Syracuse Ltg 5%5
1954
107% 10734
513 B
1957
107 107
119,000
11,000
Range Since Jan. 1.
High.
Low.
40
57
87
43%
4334
3234
3234
Jan 66%
Jan 76%
Jan 100
Jan 7334
Jan 74
Jan 55
Jan 5454
8434 Jan
Jan
66
76
79
Mar
Mar
29% Jan
18
Jan
53
24
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5.000
6,000
5.000
3.000
41,000
49,000
50.000
11.000
28,000
24,000
3,000
2,000
48
47
44
37
103
59
5734
73
10334
98%
103%
100
Tennessee Elea Pow 58 1956
17,000
72
71
Tenn Public Service 5e 1970 6034 60
60% 34,000
Ternl Hydro Elec 63451953 85
84% 85% 12,00
Texas Cities Gas 5s_ _ _1948
60% 60% 2,00
Texas Elec Service 58_1960 82
82
55,000
81
Texas Gas Util 6s_. 1945 22
20% 2274 13,000
Texas Power & Lt 5s_ _1956 89
ggq 8931 48,000
53
/
35,000
10134 102
1937 102
Thermold Cow w 88..1934 7334 72% 74% 5,00
68
7.000
2022
79% 81
6s stamped
12,000
1937 67% 6734 68
Tide Water Power 53_1979 70
88% 70
13.000
Toledo Edison 53
1962 100% 99% 100% 182,000
Twin City Rap Tr 5345'52 41% 41% 4534 74,00
55
44
74
51
63
1434
6731
8934
50
5634
55
50
8634
23%
Ulen Co deb 139
1944
Union Elm,Lt & Power
55 series A
1954
5s series B
1967
434s
1957
Un Gulf Corp 55 July 1 '50
United Elee NJ 45_ 1949
United El fiery 78 x-w_ 1956
United Industrial 6%51941
let Os
1945
United Lt& Pow 6s_.1975
5345
Apr 1 1959
Deb g 6349
1974
38% Jan
45
4434 4534 44,000
105 105
105
104% 104 104)4
10134 101%
10434 104% 105
10234 103
103
89% 90
58
58
54
58
53% 58
45% 45
46
6934 7034
49
48
47
Vamma Wat Pow 534s 1957 88
88
88
Va Elea & Power 5s___1955 98
9734 9834
Va Public Seri.5548 A.1948 7336 70
7331
lst ref 5s ser B
1950 6934 6736 6936
Os
58
1948
58341
Waldorf-Astoria Corp
75 with warrants___1954 14
16 I
14
78 ctfe of deposit___1954 1334 1231 14%
Ward Baking Os
1937 102
10136 102%
Wash Gas Light 5s._1958 94
9234 94
Wash Water Power 58_1960 93
9234 9354
West Penn Elea 55_...2030
West Penn Pow 4s _ _ _1961
West Texas Util 58 A_ 1957
Western Newspaper Union
68
1944
Western United Gas& Elee
1st 5346 series A__ _ _1955
Wise
-Minn Lt & Pow 55'44
Wise Pow & Lt 5s F 1958
fs series E
1956
Wise Pub Say 6s A___1952
Yadkin Riv Pow 5&..1941
York Rys Co fcs
1937
Foreign Go•ernment
And Municipalities
Agriculture Mtge Bank
1946
Baden 75
1951
Buenos Aires (Province)
7s
1 52
Te stamped
1952
73;i5
1947
734 stamped
1947
Cauca Valley 78
1948
Cent Ilk of German State &
Prov Banks 611
es aeries A
1952
Danish Cons Munk:5%5'55
tis
1953
German Cons Muni()7s'47
Secured Os
1947
Hanover (City) 75---1935
Hanover(Prey)6%s_1949
Indus Mtge Bk (Finland)
1st mtge coils f 7s_ _1944
Lima (City) Peru 6%81958
Certificates of deposit..--
58
55
51
50
106
78
75%
93
107
103
108
107
Jan 75
Jan 67
Jan 85%
Jan 61
Jan 82%
Jan 24%
Jan 8931
Jan 102%
Jan 7931
Jan 81
Jan 76
Jan 71
Jan 100%
Jan 4134
49
Jan
Mar
Ja
Jan
Jan
Jan
Ma
Mar
Jan
Jan
Jan
110
105
103%
105
104%
90
69%
67%
52%
7434
68
3534 Jan
Jan
56
2834 Jan
56%
80%
52
6,000 101
13,000 95%
37,000 92
57.000 101%
l',.000 100
18.000 7334
24,000 53%
44,000 53%
56,000 27%
12,000 50
23,000 31
United Lt & Ry 530-1952 4934 48
49% 62,000
68 series A
72% 76
30,000
1952 76
6s series A
9,000
1973 41% 41% 45
U S Rubber-.
fle
43,000
1938 100
99% 100
634% serial notes
1935
9934 99% 22,000
634% serial notes_ -1936
94% 94% 2,000
634 % serial notes_ -1937
9234 92% 2.000
634% serial notes_ _ _1938 91
9034 91
5,000
634% serial notes_ __1939
7,000
89% 90
634% serial notes_ __1940
8934 90
9,000
Utah Pow ei Lt fle A...2022 60% 5734 60% 120.000
4%
1944
75
20,000
74
Utica Gas di El 58_ _ _ _1952
102 102
1,000
Feb
Mar
Apr
Feb
Feb
Feb
Feb
Jan
90
89% Jan
Jan
77
94
70% Jan 10099591
89% Jan 93%
89% Jan 93%
Jan 93
68
4631 Jan 67%
5634 Jan 75
94 [Jan 102
4,000
92,000
58,000
19,000
3,000
7931
89
55%
51
4734
Jan
Jan
Jan
Jan
Jan
13,000
21.000
25,000
93.000
44,000
13
1034
96%
79
80
Jan 20
Jan 16
Jan 103
Jan 94
Jan 94%
Mar
MarNMAIa
Mar
Mar
Mar
Feb
Apr
Apr
9034 Mar
99% Mar
73% Apr
Mar
70
r
6034 Feb
Jan
Feb
Feb
Apr
Mar
Jac 70% Jan
55
9434 Jan 101% Mar
Jan 65
46
Feb
41%
40% 42% 15,000
25
Jan
4234
Apr
8536
90
94
83
8834
72%
72%
92
85
64
5934
58
7834
Jan
Jan
Jan
Jan
Jan
86%
90
75
76
94
Mar
Apr
Feb
Feb
Apr
93
2,000
86
86
92% 9331 31,000
66
76
Jan
Jan
8634 Feb
9334 Apr
2434
39%
24% 24%
3934 3934
18% Jan
3531 Jan
28
Mar
52% Jan
4536
45%
40
50
4634
50
8634
90
73%
74
94
34,000
23,000
21,000
9,000
17,000
2,000
1,000
45% 1,000
11,000
43
3,000
50
46% 3.000
41
25%
35
31
Jan
Jan
Jan
Jan
50
48
50
4634
Mar
Feb
Apr
Apr
4134
4134
2,000
8
Jan
18
Feb
19,000
19,000
2,000
15.000
32,000
31,000
50
43
7934
62%
37%
37
Jan
Jan
Jan
Jan
Mar
Mar
73
70
88
80
5934
57%
Feb
Feb
Apr
Feb
Feb
Feb
39
39
3834 3931
5134
11% 11%
•
60
52%
88
79%
41%
41%
2,000
5,000
39
37
Apr
Jan
57%
49%
88
77
38%
38%
97% 9734 10,000
936
Medellin 7s E
1951
Mendoza 7345
1951
Stamped
Mtge Bk of Bogota 7s_1947
75 (les of Oct 1927)_1947
Mtge Bk of Chile
1931
Mtge Bk of Denmark be'72
935
934 12,000
8631 Jan
531 Jan
10%
26%
26%
15
16
8%
75
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Parana (State) 75_ _ _ _1958 1434 14
25,000
834
15
Russian Govt
634s
1919
234
4%
3% 434 62,000
6)48 certificates_ _ 1919
2
334
234 334 328,000
5348
1921
2%
4% 40.000
3
53.45 certificates._ _ _1921
234
33(
2% 3% 61,000
Saar Basin Cons Co 7e 1935 11234 112% 112% 1,000 108
Santiago 75
1949
1,000
10
534
10
Jan
1,000
15
15
2,000
3934 40
a35% a3631 2,000
18% 18% 5,000
18% 1831 2,000
1234 1234 12,000
80% 8034 1,000
Jan
Jan
Jan
Jan
Jan
Jan
• No par value. a Deferred delivery. n Sold under the rule. r Sold for cash.
z Ex-dividend.
Abbreolaiions Used Above.
-"cod" Certificates of deposit. "cons" Consolidated.
"cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
stock. "v t c" Voting trust certificates. "tv 1" When issued. "w w" With warrants. "z w" Without warrants.
Notice: No sales either deferred delivery or cash outisde the week's range.
CURRENT
NOTICES.
-United Endowment Foundation announced the election of Richard L.
Farrelly as a director. All present directors were re-elected at the annual
stockholders' meeting. Mr. Farrelly has been connected with United Endowment Foundation from its inception as New Jersey State Manager.
Prior to becoming associated with the Foundation, Mr. Farrelly was
identified with the American News Co. as manager of one of its subsidiaries,
the International News Co. Announcement was also made that L. T. Pidwell has become associated with United Endowment Foundation. Mr.
Pidwell was for 11 years in the trust department of the Guaranty Trust Co.
Jan
Feb
Jan
Jan
Mar
Feb
Apr
Apr
-C. J. Devine & Co., Inc., specialists in United States Government
Mar
Mar securities, have taken over the entire twenty-fifth floor of the Bank of
Mar New York & Trust Co. building at 48 Wall St. The enlarged quarters of the
Apr firm will be remodeled to provide executive offices and increased space for
Jan the institution's trading and clerical departments. The firm founded in
Feb June 1933 with eight employees now has more than 65employees,and offices
Mar in New York, Boston, Philadelphia, Chicago and San Francisco.
Feb
-L. M. Neagle, formerly with Halsey, Stuart & Co. in New York for
Mar
Feb 10 years in charge of their wholesale syndicate department, and more
Apr recently with M. J. Meehan
& Co., has become associated with the New
Mar
Feb York investment firm of Howard & Robbins. Inc., in charge of their new
Apr business department. He will also be identified with the trading department.
Feb
-J.S. Rippel & Co., Newark, are offering a new issue of $226,000 City
Mar
Apr of East Orange, N. J., 6% bonds dated July 1 1933 and due July 1 1935 to
Mar 1970. The bonds, which are issued for Sewer and
general improvement
Feb Purposes. are priced to yield from 5.00% to 5.50%, according to maturity.
-Gordon Graves & Co., Inc. of New York City announce that Harold
Jan T. Graves, Jr.. specialist in railway
finance and formerly manager of the
Mar
Mar Investment Department of First of Boston Corp., is now a general partner
Apr in their firm in charge of the Investment Advisory Department.
Mar
-Donald O'Neil & Co. announce the opening of a branch office in the
Apr
Jan South Texas Bank Building, San Antonio, Texas and the appointment of
Jan Gordon T. Charlton as resident manager to deal in securities
of the southern
Feb
Feb and southwestern states specializing in Texas municipals.
Feb
-Speyer & Co. and J. Henry Schroder Banking Trust Co. are Paying
Feb to-day April 1st coupons of the State of San Paulo 7% Coffee Realization
Feb Loan and $1,255,000 Bonds drawn for redemption In accordance with the
Feb notice ofredemption previously published.
67 I 23.000
66
10.000
10031 101
64% 104,00
63% 61
67
2393
-Webster, Kennedy & Co., specialists in municipal, land bank and
United States Government bonds, announce that John B. Dunbar,formerly
Executive Vice-President of C. F. Childs & Co., has become associated
with them in their Chicago office.
-Basil C. Walker Co., executive economists and financial agents, have
issued a booklet entitled "Building Business for Investment and Financial
Managers and Counsellors," which discusses the problem of securing and
retaining counsel business.
-E. Frank O'Hara, formerly head of Frank O'Hara & Co., has become
associated with Hammons & Co.in charge of their foreign bond department
Mr. O'Hara was formerly connected with Theodore Prince & Co. and with
Interstate Equities Corp.
-Josephthal & Co., members of the New York Stock Exchange, have
Issued an estimate of the 1934 earnings of 11 prominent railroad systems,
based upon the operating results for the first two months of the year.
-Frank C. Masterson & Co., 25 Broad St., New York, are distributing
their current quotation list of prices of approximately 2,500 stocks and
bonds most frequently traded in Over-the-Counter.
-The City Co. of New York, Inc. has prepared for distribution a comprehensive analysis of Federal Farm Mortgage Corp. 374% bonds, due
March 15 1964, optional 1944.
-Adams, McEntee & Co., Inc., 40 Wall St., this City are offering
$100.000 City of Utica, New York, Coupon 4318, due July 1 1945 to 1949
at prices to yield 3.55%.
-Rhoades. Williams & Co.. members New York Stock Exchange, announce the admission of Herbert N. Rawlins, Jr., to general partnership in
their firm.
-Chas. E. Quincey & Co. have issued a letter discussing possibilities of
the uncalled Fourth 434s in view of the Government'sforthcoming financing.
-Waiter 0. Woods, formerly with H. Houtz & Co.. has become associated with Abbott, Hoppin & Co. as manager of their cotton department.
-James E. Bennett & Co., announce that their branch office In French
Lick Springs, French Lick, Ind., opened April 2 1934.
-Kenneth W. Alford has become associated with William W. Spring &
Co. of New York in charge of their Real Estate Bond Department.
-Albert Frank-Guenther Law, Inc. announces the association with them
of Charles Hartner,formerly with Smith, Sturgis & Moore, Inc.
-Dresser & Escher, 115 Broadway, New York City, have issued their
current list of public utility, railroad and real estate bonds.
-Allen & Co., 20 Broad St., this city have issued a comparative analysis
Feb
53
Feb of insurance companies based on Dec. 30 1933 statements.
55
9834 Mar
-Holt, Rose & Troster, 74 Trinity Pl., New York, have prepared a
special analysis of Home Owners' Loan Corp. 4% bonds.
10% Feb
_Chas. E. Doyle & Co., 20 Pine St., New York, have issued their
20% Feb monthly New York bank and insurance stocks guide.
Mar
39
-Bristol & Willett, 115 Broadway, New York are distributing the April
37% Mar
2034 Feb issue of their Over-the-Counter Review.
21
Feb
-Hornblower & Weeks have prepared a special analysis of the National
15% Feb
8134 Mar Fire Insurance Co. of Hartford.
-Sadler & Co., Chicago and New York announce that Howard C. Morton
17
Feb
is now associated with them.
5
Mar
-Johnson & Wood, members New York Stock Exchange, have moved to
4% Mar
4% Feb 30 Broad St., New York.
454 Mar
-Elliot & Wolfe of this city announce the removal of their offices to
Jan 120zBroadway.
120
13
Feb
Financial Chronicle
2394
April 7 1934
Quotations for Unlisted Securities- Friday April 6
Port of New York Authority Bonds.
Bid
Public Utility Bonds.
Bid
Ask
Ask
Bayonne Bridge 4s series C
_ma 3 84
88
1938-13
Inland Terminal 4585 ger D
M&S 87
90
Geo. Washington Bridge193640
4s series B 1936-50...A.1,D 04.40 4.30 Holland Tunnel 458s series E
!VMS 94.15 4.05
4580 ser B 1939-53 M&N 54.46 4.30
1934-60
Arthur Kill Bridges 430
M&S
series A 1934-46
83
90
U. S. Insular Bonds.
Philippine Government4s 1946
4.30 Oct 1959
4 yis July 1952
55 April 1955
55 Feb 1952
530 Aug 11.111
Hawaii 430 Oct 1956
Bid
92
9612
97
100
100
102
101
Ask
96
99
100
102
102
105
105
Honolulu 55
U S Panama 3s June 1 1961_
2s Aug 1 1936
2s Nov 1 1938
Govt of Puerto Rico4548 July 1958
5s July 1948
Bid
98
1023
4
1003
4
1003
4
Ask
103
10334
10111
10114
Par Bid
Amer S PS 538s 1948.M&N 41
Atlanta a L 5s 1947.....1&13 9912
Central Gas & Elec1st lien colltr 5 As'46J&D 4114
1st lien coil tr as '46.11I&S 4312
Fed P 5 1st (ls 1947___J&D 52312
Federated Util 5 As '57 M&S 39
111 'Nat Ser 151 58 1952.-I&J 8212
Iowa So (Jill 5 As 1950_J&J 59
Keystone Telephone 5 As '55 61
Louis Light 1st 531953..A&O 102
Newp N & Barn 55 '44_J&J 86
Ask
Par Bid
Ask
44 N Y Wat Ser 513 1951.M&N 84
86
_ Norf & Portsmouth Tr 5s '38 10114 103
Old Dom Pow 5e_May 1581 4912 53
4234 Parr Shoals P 5s 1 1 52_ _A&O 68
3
7112
46 Pennsylvania Elec 58 1982_ _
8014 8154
281 z Peoples L & P 5585 1941 J&J 34
3612
4112 Public Sem of Colo Os 1961_ 9018 9112
,
84 Roanoke W W 59 1950_J&J 66
6812
6112 Sierra &San Fran 2d 1158 '49 83 8612
65
United Vat Gas & E 5s 1941 8412--- Virginia Power 5a 1942
101 104
8812 Western PS 5548 1960_F&A 62
64
Public Utility Stocks.
Ask
Par Bid
Par Bid Ask
.
Alabama Power 57 pret_100 491 5212 Idaho Power 6% pref
• 69
7% preferred
Arkansas Pr & Lt $7 pref. • 2912 31
100 78
80
Assoc Gas & El °rig pret__•
1
212 Illinois Pr & Lt 1st pref..... 1812 1912
•
2
3 Interstate Power $7 pref__* 1412 1612
$6.50 preferred
•
$7 preferred
2
3 Jamaica Water Supply p1_50 483 503i
4
Federal Land Bank Bonds.
atlantic City Elec $6 pref_* 17912 82 Jersey Cent P & L $7 pf_100 6712 803
4
99 Kansas Gas & El 7% p1100 7212 75
Bangor Hydro-El 7% pt_100 96
Ask
Bid
Ask
Bid
2512 Kings Co Ltg 7% pret_100 83
8512
4s 1957 optional 1937.M&N 98 s 9871 4585 1043 opt 1933----J&J 100 10012 Birmingham Elec $7 pref.• 24
,
/
35 Long Island Ltg 6% pf_ 100 49
5012
-0 31
8
45 1958 optional 1938_M&N 9818 987 438s 1953 opt 1933____J&J 100 10012 Broad River Pow pref _10
100 57
7% Preferred
4
59
4
430 1956 opt 1936____J&J 9914 993 458s 1955 opt 1935_-_JacJ 100 10012 Buff Nlitg & East pr pref_25 163 1714
• 62 65
4
458s 1957 opt I937__ _J&J 9914 993 430 1956 opt 1936____J&J 100 10012 Carolina Pr & Lt $7 pret._. 3712 3912 Memphis Pr & Lt 7% prof.
55 Metro Edison $7 pref B___• 7212 75
4
4588 1958 opt 1938._
-M&N 9914 993 43
4 43 1053 opt 1933--J&J 1003 10112 Cent Ark Pub Sera pret.100 50
6% preferred ser C____• 6812 7014
85
3
4
5s 1941 optional 1.931_1.1&N 10112 102 ,3,4s 1954 opt 1934._ _J&J 1003 10112 Cent Maine Pow 6% pf_100 62
• 2114 28i,
75 Mississippi P az L $6 prof..
100 72
$7 preferred..
458s 1942 opt 1032___M&N 109 10012
Cent Pr az Lt $7 pref. __i00 155 165 Miss River Power pref_ _100 8412 88
8
8
alo Public Serv pref._ 100
9
Cent Pub Sem Corp pret•
14
1
12
,
New York State Bonds.
Cleve Elec III $6
_100 10512 10712 Mountain States Pr corm.•
5
4
13
4
100
914 11t2
57 preferred
Colurnbue rty. Prpref.& LtAsk
Bid
Ask
Bid
let $6 preferred
100 7412 ___ Nassau & Suffolk Ltg p1100 45
4912
World War BonusCanal & Highway991.,
Nebraska Power 57 pref.100 98
___
100 73
.
458s April 1933 to 1939._ 52.50 2.25-_$6.50 preferred B
5s Jan & Mar 193110 1935 52.25 1.25
100 9912 1021.
.
Consul Traction (NJ)_ 100 281 32 Newark Consol Gas
458s April 1940 to 1949_ 53.00 ___ Consumers
5s Jan & Mar 1936 to 1945 53 25 3.00
4912
6512 6712 New Eng Pow Assn()% 91100 49
Pow 5% pref..
6a Jan & Mar 194610 1971 63.50 ___ Institution BuildingNew Jersey Pow az Lt $6 pf • 6512 70
77
6% preferred
100 75
92.50 2.25
4s Sept 1933 to 1940
N Y ds Queens EL P p1100 09 105
100 7812 81
6 60% preferred
93.20 3.10
4s Sept 1941 to 1976
___
H.ghway Imp I As Sept 3_ 117
'
Northern States Pr $7 p1100 6412 6712
Continental Gas & El___ Highway Improvement
Canal Imp 4548 Jan 1984___ 114
54
48 Philadelphia Co $5 pref_50 50
100 45
"preferred
4s Mar & Sept 1958 to '67 93.20 3.10 Dallas
___
High 4As 1965_ 114
Can & Imp H
_
__ Somerset Un Md Lt_ _ _100 76
Pow & Lt 7% pref 100 96
Canal Imp 4s J & J '60 to'67 93.20 3.10
South Jersey Gas & Elec_100 157 idi
Barge C 'I' 4s Jan 1942 to '46 93.10 3.00 Dayton Pr & Lt $6 peel.100 9014 93 Tenn Elec Pow 6% pref_100 4112 4412
Derby Gas & Klee $7 nref-• 5814 5914
United G & E(NJ) pref 100 35
39
Essex -Hudson Gas
100 155 160
New York City Bonds.
80 Wash Ry & EM? COM---100 300 315
Foreign Lt & Pow units.... 74
100 92
_
5% preferred
Gas & Elec of Bergen__ .100
Bid
Ask 1
Bid
Ask
99- Western Power 7% pret_100 73
feT Hudson County Gas.....100 155 160
9612 0712
a3s May 1935 _
.
9914 993 a43.(s June 1974
4'
d33.4s May 1954
8812 8912 a458s Feb 15 1978
9612 9712
Investment Trusts.
8812 8912 04312 Jan 1977
a358s Nov 1954
9612 9712
Par Bid
Ask
Ask
Par Bid
94 a458s Nov 15 1978
92
0612 0712
a4s Nov 1955 & 1058
218 _
*
Nis 9712 Administered Fund
1 16.18 17.59 Major Shares Corp
9312 9412 a458s March 1981
a4s M & N 1957 to 1959
• 19 36 21.54
1.18 1.33 Mass Investors Trust
93 94 a458s M & N 1957
100 10012 Amer Bankstocks Corp_
a4s May 1977
1.25 1.37
1.04 1.14 Mutual Invest Trust
100 10012 Amer Business Shares
94 a4 As July 1967
93
mts Oct 1980
37
8 412 Nation Wide Securities Co_ 3.51 3.01
100 10012 Amer Composite Tr Sharesc458s Feb 15 1933 to 1940._ 54.75 4.50 a4348 Dec. 15 1974
Voting trust certificates... 1 4 1.44
0
8
a4588 March 1962 & 1964_
100 10012 Amer & Continental Corp
9612 97 a458s Dec 1 1979
_
31
N Y Bank & Trust Shares
20
18
Am Founders Corp 6% p150
9612 97
a4 As Sept 1960
No Amer 13nrid trust MN_ _ _
833 88
8--78
3
20
18
7% preferred
50
a434s March 1960
10134 10214
9512 9612 a6s Jan 25 1935
8 No Amer Trust Shares, 1953 1.91
5
1023 10312 Amer & General See el A__•
a434s April 1966_
4
9812 9712 a6s Jan 25 1936
2.46
Series 1955
Class 13 corn
a458s April 15 1972
10312 10412
9612 9712 a8s Jan 25 1937
2.44 _
Series 1956
43
• 38
$3 preferred
a Intercha geable. b Basis. t Registered coupon (serial). d Coupon.
2.55 2.85
Series 1958
13
4 212
Amer Insuranstocks Corp.•
100 85
578 Northern Securities
515
70
Assoc Standard 011 Shares__
New York Bank Stocks.
29
23
4 3 Pacific Southern Invest Pf-• 26
Bancamerica-Blair Corp..414 512
•
Class A
Bancshares, Ltd part she 50e 1.03 1.08
Par Bid .45k
Par Bid Ask
Class B
3
4 11.
•
• 3.38
Basle Industry Shares
Bank of Manhattan Co__10 3012 3212 Nat Bronx Bank
25
50 20
03 1.15
.55 .80 Plymouth Fund Inc el A_100 1.
Bank of Yorktown
100 30
Nat Safety Bank az Tr
40
25
512 61* British Type Invest A.._.1
1.39 1.50
8
125 135 Quarterly Inc Shares
8
25
Bullock Fund Ltd
712 ,
2912 Penn Exchange
Chase
13.55 28
Canadian by Fund Ltd..._ 3.45 3.60 Representative Trust Shares 8.86 9.61
20 20
3012 Peoples National
City (Natimal)
100. 80
1
3
8
2212 2412 Royalties Management
Central Nat Corp class A
Comm'l Nat Bk & Tr___100 125 135
Public Nat Bk & Tr
- 32
25 30
3
1
Class It
12 21 2 Second Internet Sec CI A___•
Fifth Avenue
100 1040 1080 Sterling Nat Bank & Tr.
1912
.25 18
Class B common
•
18 1
8
Century Trust Shares
• 187 2012
First National of N Y
100 1650 1690 Trade Bank
27
100 22
50 28
6% preferred
35
338 418
Commercial Nati Corp
35
Flatbush National
100 30
Yorkville (Nat Bank 011_100 30
40
1.
27 1.36
2.11 _ Selected Amer Shares Inc__
Corporate Trust Shares
Kingsboro Nat 13k
100 50
-2.03 ___ Selected American Shares._ 2.77
Series AA
Shs___ 7.07 _
2.03__ Selected Cumulative
Accumulative series
Trust Companies.
2.37 2.50 Selected Income Shares.... 3-67 4.15
Series AA mod
518 6
2.37 2.50 Selected Man Trustees Shit_
Series ACC mod
Par Bid Ask
Par Bid Ask
1758 'S's
Spencer Trust Fund
___ Empire
Banes Comm Italiana___100 145
4 1934Crum & Foster Ins Shares20 183
10 1914 2314 Standard Amer Trust Shares 2.90 3.15
Common 13
Bank of New York & Tr_100 341 348 Fulton
100 250 270
90 Standard Utilities Inc
.
78 .84
100 94
7% preferred
Bank of Sicily Trust
12 Guaranty
20 10
100 343 348
• 70.14
State Street Inv Corp
Bankers
10 6212 6412 Irving Trust
10 1714 1834 Crum az Foster Ins com___• 1814 211.1 Super Corp of Am Tr Shs A 3.10 76 60
95 100
8% preferred
Bronx County
20
100 1800 1830
512 712 Kings County
2.23
AA_
Brooklyn
100 93
98 Lawyers County
25 4112 4312 Cumulative Trust Shares_ • 4.23
3.25
.B
2.34 2.60
Deposited Bank Shs ser A
2.25
1313.
3.20 3.55
Central Hanover
2213 Deposited [astir 5115 A_
20 124 128 Manufacturers
20 21
5.02 --c
_
Diversified Trustee Shs B
8
Chemical Bank & Trust...10 40
42 New York
25 98 101
5.93 --D
3.60
3.30
, -- Clinton Trust
50 40 .50 Title Guarantee & Trust _ _20
914 103
C
4
512 Supervised Shares
5
33 1.46
1..
D
Colonial Trust
111.
100 10
1.25 1.27
Dividend Shares
Continental Bk & Tr
10 13
1412 Underwriters Trust
100 40
50
Trust Fund Shares
31
312 4
26
Equity Corp cv prof
Corn Each Ilk & Tr
20 5412 5612 United States
100 1705 1755
23
4 3ts
Equity Trust Shares A
. 2.89 3.15 Trust Shares of America __
1.11 1.23
Fidelity Fund Inc
• 50.10 53.97 Trustee Industry Shares_
Guaranteed Railroad Stocks.
C 2.18 2.55
Five-year Fixed Tr Shares__ 4.18 ___ Trustee Stand InvestmentD
2.16 2.50
Fixed Trust Shares A
• 8.83
(Guarantor In Parenthesis )
55
8
a
• 7.61Trustee Standard Oil She A
totaend
1,
438 418
B
Fundamental Tr Shares A__
314 1
7
;
2.22
Par in Dollars.
Bid.
Ask.
Shares B
•
4. ___ Trustee Amer Bank Sits A
Series B
1.00 1Fundamental Investors Inc 2.17 2.37
.11
Alabama & Vicksburg all Cent)
1.35 1.55
600
88
94
100
General Investors Trust_ _1 4.35 4.82 Trusteed NY Bank Shares
Albany & Susquehanna (Delaware & Hudson)
1.65
.160 11.00
195
203
Guardian Invest pre w war
912 1214 20th Century one series .._
Series B
Allegheny az Western (Buff Koch & Pitts)
6 00
2.70 3.10
100
96
102
Huron Holding Corp
- .30 .50
Bee h Creek (New York Central)
c
2.00
33
4
5
50
36
Incorporated Investors
• 18.73 20.34 United Bank Trust
Boston & Albany (New York Central)
132
100
8.75
136
Independence Tr Shares __• 2.23 2.52 United Gold Equities (Can)
Standard Shares
Boston az Providence (New Haven)
150
I 2.47 2.74
8.50
8
100
Indus az Power Security_ • 131s 143
United Fixed Shares ger V__
Canada Southern (New York Central)
3.00
50
55
214 27
100
Internet Security Corp(AM)
8
•
14
Caro Clinclafield &Ohio(L & N A CL)4%..iO0
4.00
81
84
114 'United Insurance Trust_ ... _
Clam A common
13
4 214
•
12 US & Brit lot class A corn •
is
Common .5% stamped
87
90
100
5.00
Class 13 common
1.1
114
Chic Cleve Clne az St Louis prof(NY Cent)_100
85
90
Class B common
•
5.00
20
100 16
658% preferred
Cleveland & Pittsburgh (Pennsylvania)
75
77
Preferred
•
7
12
,I
50
3.50
100
18
20
6% Preferred
42
45
Betterman stock
US Elec Lt & Pow Shares A
1212 13
50
2.00
Investment Co. of Amer
40
48
Delaware (Pennsylvania)
25
2.16 2.26
2.00
New common
/3
10 24
27
Georgia RR & Banking(L & N, A C L)
162
170
Voting trust etfs
.83 .91
100 10.00
7% preferred
• 23
Lackawanna RH ot NJ (Del Lack & Western)_100
72
75
4.00
55 Un N Y Bank Trust C 3 _ 4.05 4.35
8
Investment Trust of N Y_•
5
Michigan Central (New York Central)
Un Ins Tr Shs ser lr
725Low Priced Shares
1.80
100 50.00
57
8
Morris & Essex (Del Lack & Western)
-75
68
3.875
60
New York Lackawanna & Western(D L & W)_100
90
5.00
95
Telephone and Telegraph Stocks.
Northern Central (Pennsylvania)
85
87
4.00
50
Par Bid
Ask
Par Bid Ask
Old Colony (N Y N H & Hartford)
94
98
100
7.00
05
Amer Dist Teleg(NJ)corn • 70
77 New England Tel & Tel_100 93
Oswego & Syracuse (Del Lack & Western).. _.60
68
73
4.50
Cincin & Sub Bell Telep_50 67
Northw Bell Tel p1658% 100 10)12 109
70
32
Pittsburgh Bess & Lake Erie (U S Steel)
35
1.50
50
Cuban Telep 7% pret___100 28
35 Par & AU Teleg II S 1%..25 1412 113
Preferred
82
67
3.00
50
Empire & Bay State Tel_100 44
___ Koch Telep $6.50 1st pf _100 99 10014
Pittsburgh Fort Wayne & Chicago (Penn)___ _100
135
7.00
2012
Franklin Teleg 52.50_ ___100 3312 ___ So az All Teleg $1.25____25 17
Preferred
159
165
7.00
100
lot Ocean Toles 6%___100 78
___ Tri States Tel & Tel $6.._• 100
Rer3sseleer & Saratoga (Delaware .4 Hudson)
122
125
.100
6.90
10
Lincoln Tel .ic Tel 7%
93 1(114 - s
Preferred
° 8912
121
125
St Louis Bridge 1st pref (Terminal RR)
6.00
100
Mount States Tel az I'd.100 :07 11012 Wisconsin Tele')7% pref 100 107 11012
2nd preferred
80
62
3.00
100
New York Mutual Tel_ _100 1712 --Tunnel RR St Louis (Terminal RR)
122
125
3.00
100
New Jersey RR & Canal (Penne)
225
229
United
100 10.00
Sugar Stocks.
87
Utica Chenango & Susquehanna(D L & W)._100
6.00
93
Par Bid Ask
Valley (Delaware Lackawanna dr Western)
5.00
84Par Bid
100
Ask
• 87
02
Fajardo Sugar
74
-iit
Vicksburg Shreveport & Pacific (III Cent)
100 70
5.00
100
80 Savannah Sugar Bet
100 95 100
Haytlan Corp Amer
Preferred
75
80
5 00
7% preferred
100
17
8
118
•
ia _
Warren RR of NJ (Del Lack & Western)
50
United Porto Rican etre_ _•
55
3.50
50
5
s
14
Preferred etre
•
62
58
West Jersey az Sea Shore (Penn)
3.00
50
I Ex coupon.
z Ex stock dividends.
d Last reported market.
z Ex dividends.
• No par value.
e Defaul ed.
98
102
101
106
Volume 138
Financial Chronicle
2395
Quotations for Unlisted Securities-Friday April 6-Concluded
Chain Store Stocks.
Aeronautical Stocks.
Par Bid
Ask
Par Bid
Ask
liohack (II C) corn
• 10
13 I Lord & Taylor
100 135
7% preferred
100 59
64
lot preferred 6%
100 85
liutler (James) COM
100
Sec pre: 8%
12 212
100 80
Preferred
100
34
,
71.1 Melville Shoe tiref
100 93
Diamond Shoe pref
100 571,
Miller (I) & Sons pref__ _100
1134
MockJuds&Voehrger pt 100 65
Edison Bros Stores pref _100 70
Murphy (G C) 8% pref _100 105 120
Fan Farmer Candy Sti pf__• 30,8
Fishman(M II) Stores _ _•
11.
4
Nat Shirt Shops (Del)___ _•
1012 15
3
Preferred
100 75
85
1st preferred
18
Great A & P Tea pt.
12512 129
2nd preferred
35
Kobacker Stores pref__ _100
Kress(S I1)
pref
10
1 erner Stores lire?
100
29
Reeves (Daniel) pref._.100 105
1012 1114 Sehtff ('o preferred
100 80
95 U S Stores preferred
80
.100
9
Industrial Stocks.
Par Bitt Ask
Ask
Par Bid
• 15
American Arch $1
Industrial Accept pref
2812 3112
American Book $4
100 52
Locomotive Firebox Co_
56
618 818
Amer Dry Ice Corp
4
712 Macfadden Publlealis com 5
238 312
American Canadian Prop- -•
Nlacfadden Publica'ns of..
2
1
• 1912 2112
American Cigar VI pref....100
Merck Corp $8 pref....100 121 12512
99
American Meter coin
• 1012 1 2
- -14 National Casket
• 32,,
W) 1st pref
50 24
Preferred
• 921.
2r1 pref 11
10
National Lieoricecom_..100 2212
53
4
Bohn Refrigerator pref_ _100 11
Nat Paper & Type pref.100
15
1
5
lion Anil Co It common_ _.• 4012 4314 New Haver Clock pref_ _100 32
37
Brunsw-lialke-Colpref _100 49
New Jersey Worsted pref 100 56
51
Canadian Celanese corn_ _• 1914 21 1, Northwestern Yeast_ ___100 14212 176 2
-1.
Preferred
100 116 11834 Ohio Leather_
21
24
Carnation Co common_ _ _• 143 17
Okonite Co 57 pref
4
40
100 33
Preferred $7
100 963
Publication Corp corn
9
•
11 12
4
Chestnut & Smith pref. _100
4,2 10
$7 1st preferred
88
100 82
Color Pictures Inc
• 22
33
8 412 Riverside Silk 511(13
Colts l'atent Fire Arms.
..25 273 2814 Rockwood & Co
s
• 10
Columbia Baking coni____ •
Preferred
1.2
100 491 5412
:
9
4
let preferred
•
is
43
8
8 57 Rosy Theatre preferred A _•
2d preferred
•
3
Ituberold Co
100 30
33
1,
4
Crowell Pub Co SI corn..,
21 4 2334
,
$7 preferred
100 891,
Standard Screw
100 55
61
Be Forest Phonorilm Corp..
3
4
Ii
9
1,2 Stetson (J 13) common._ _ _•
Dictaphone Corp
• 22
25
l'referred
25
1612
14
Preferred
100 102 106 Taylor Milling Corp
•
91- 12
Doehler Die Cast pref
• 5312 59
Taylor Whartot I r&St corn •
2
Preferred
50 2612 31
Preferred
100
53
8
73
4
Dixon (Jos) Crucible_ _100 55
TennProducts Corp pref.50
58
412
214
Doughut Shoe preferred...100 21 14 24
TutitzeChatillon cum pf.100 63
66
Draper Corp
• 54,2 58
S Finishing pref
100
73 11 14
4
Driver-Ilarris pref
100 84
Urexcelled Mfg Co
94
10
2s
Eiseman Magneto pref._100
6,2 11 12 Welch Grape Juice pref_ _100 67
71
Flour Mille of A merica_ _ _ _•
27
4
8 33 White Rock Min Spring
57 1st preferred
101) 841 39
.
Gen Fireproofing $7 pl. _100 50
$10 2(1 preferred
100 130
Graton & Knight corn....•
714 814 Wilcox-Gibbs corn
50 20
Preferred
100 4312 47
Woodward Iron
100
6
11
Herrieg-11 al I-Mary Safe.10(1
19
23
Worcester Salt
53
100 49
Howe Scale
100
3
114
Young (2 8) CO corn_ _100 66
Preferred
100
634 912
7% preferred
100 8)2
Industrial and Railroad Bonds.
Adams Express 4s '47.J&D
American Meter 681946_ _
Amer Tobacco 45 1951. FAA
Ani Type Frirs Os '37.M&N
Debenture 6s 1939..M&N
Am Wire Fab is '42 51145
Ilea r Mountain-lludson
River Bridge 7s 1953 A&O
Chicago Stork N'ds 53 1961
Consol Mach Tool 7s 1942
Corso] Tobacco 45._
1951
ConsolidationCoal 4 481934
Equit Office Bldg 5s_
Ilayttan Corp 85
Hoboken Ferry 55
1952
1938
1946
International Salt 59_ _ 1951
Journal of Comm 6%n 1937
Kan city Pub Fiery 6s. _1951
Biel
Ask
77,2
79
99
Bid
Loew's New [3rd Prop
68 1945
JAB
Nterchanta Refrig Os.. _1937
N Y & Hob ry 58 '46.11&13
N Y S114)1,1(11; 5e 1940_ M&N
ao
30
80
Ask
9212
88
8912
66
71
841
:
90
72
77
81
c912
98
24
1212
Piedmont & Nor Ry 51_1954 883 9(9.
,
4
Pierre Butler & P 6 4(1.1912
e214
43
4
Prudence Co guar collateral
1961 8533 5 4
534s
4 63
Realty Assoc see Os '37.J&J e35
37
61 Broadway 5%s '50.A&O
63
65
Stand Text pr 6 Nis '42 IVIAsS
27
58
00 Struthers Wells Titusville
31712 1914
6345
1943 37 2 42
,
7612
Tol Term RR 4 Nir'57..M&N
9612 99
Ward Baking 1st Os_ ...1937 101 103
9712 100
VVitherbee Sherman 68.1944
41
50
6
Woodward Iron As 1952 J&J 83412 3311.
2814 30
0
Chicago Bank Stocks.
Par
Amer Nat B ink & Trust_ 100
Continental III Bank &
Trust
100
Rid
85
Ask
90
471 48
:
Par 814 l Ask
First National
100 11612 119
Harris Trust & Savings_ _100 230 235
Northern Trust Co
100 370
Par
Aviation Sec Corp (N E)..
•
Central Airports
•
Ask
Bid
Par Bid l Ask
Khmer Airplane & Mot
34
1
ii
%Varner Aircraft Engine...
1,
4
IN
3
Insurance Companies.
Par
Aetna Casualty & Surety.10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Colony
_6
American Equitable
5
American Home
10
American of Newark._ __2 4
American Re-insurance. _10
American Reserve
10
American Surety
29
Automobile
11)
Baltimore Amer
Bankers & Shippers
Boston
234
.25
100
Camden Fire
Carolina
.10
City of New York
100
Connecticut General life,10
Consolidated Indemnity..5
_
Continental Casualty
5
Cosmopolitan Fire
10
F.agle Fire
24
Employers Re-Insurance.10
Excess
5
Bid
493
4
371,
19
5214
17
45
4
17,2
714
914
34
1714
1113
4
1934
Ask
51 4
,
39 4
,
2012
5414
1812
6
193
4
8,2
1014
36
183
4
2114
21,4
Par
10
10
5
10
10
Ill
Bid
50
5034
2112
1
143
4
7,4
Ask
52
5234
23
134
1614
Importers di Exp. of N Y.25
Knickerbocker
5
Lincoln Fire
5
634
73
234
814
93
4
3
,2
Hartford Fire
Hartford Steam Boller
Home
Home Fire Security
Homestead Fire
Hudson Insurance
Maryland Casualty
212
134
2
Mass Bonding & Ins
25 1512 17
MerchantsFireAssurcom2
2934 3212
314 414 Merch & Mfrs Fire Newark _5
5
7
49,L 59.2
448 458
National Casualty
10
712 83
4
National Fire
10 50,1 5214
17
18
National Liberty
53
2
4 63
4
191, 2034 National Union Iire
20 71
73
162 172
New Amsterdam Can
9
is
93
4
29
28
New Brunswick Fire.____ 10 21
221.
212 New England Fire.
IN
1012 1312
10
1334 15
New Hampshire Flre_ ...AO 343 3512
4
12 14 2214 New Jersey
20 2412 2612
New York Fire
Ii
14
5
2,2 2 .1 Northern
3
12 50 64
68
2212 25
North River
19:2 21
2.50
10
103 Northwestern National_ _25 103 107
4
Federal
10
Fidelity & Deposit of Md_20
Firemen's of Newark
5
Franklin Fire
5
5712 62
36
35
612 71.
2112
20
General Alliance
•
Georgia Home
10
Glens Falls Fire
5
Globe & Republic
5
Globe & Rutgers Fire... _25
Great American
is
Great Amer Indemnity__ __I
83
4
18
2812
95
49
1914
73
4
1014
'22
30
13
53
203
4
10
Ilatifax Fire
Hamilton Fire
Hanover Fire
Harmonla
153
4
25
28
20
1714 'Travelers
100 444 459
U S Fidelity & Guar Co...2
30
5
534
S Flre
2912
4
36,2 3812
211 Westehester Fire
.
2 50 23
24,2
10
25
10
10
Pacific Fire
25
Phoenix
10
Preferred Accident
5
ProvIdence-Washington_ _10
5612
581,
1012
2712
6115
60
,2
12
2912
Rochester American
10
181, 1934
St Paul Fire & Marine...25 127 130
Security New Haven,,.. 11) 2734 2 34
,
Southern Fire
17
10
19
Springfield Fire &Marlee.25 91
94
Stuyvesant
4
10
31
4 43
Sun Life Assurance
100 473 490
Realty, Surety and Mortgage Companies.
Par
Bond & Mortgage Guar_ _20
Empire Title dr Guar__ _100
Lawyers Mortgage
20
Bid
114
20
Ask
2
27
2
Par
Lawyers Title & Guar...100
N Y Title & Mtge
10
Bid
212
Ask
312
a,
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues,
Rid
Home Lean Bonds
Home Owners' Loan Corp
4s (Interest guar)._ _ .1951
Farm Mortcape Bonds
Federal Farm Mtge Corp
31.03 (int & prin guar) 1964
Bonds
[(way & 38th St Bldg is 1945
Broadmoor (The) (3s___11141
11111 ler Hall 6s
1939
Central Zorn Bldg etfs
Dorset (The) 131ctfs
11 Park Place Corp 48.1948
502 Park Av Bldg 68'41 or elf
Lefteourt State Bldg 6140'36
Lincoln Bldg 51 2s w.stk 1963
Montague Court Office Bldg
(14,
1045
Active IssurS.
Ask
Bonds (Concluded)
Mortgage Bond (N Y) 544s
(Ser 6)
10014 10012
1934
New Weston Hotel Annex
(38
1940
New York Athletic Club
68
1946
Ill John St Bldg 6s...1948
41
19
2812
3512
25
28
25
15
Bid
Ask
38
42
24
29
32
31
Park Central Hotel Ws_
Pennsylvania 111(112 Os_ _1939
17
2012
1712
1(10
TrinityBiditsCorP541 193
19
2150 Broadway Bldg CW1-2124-34 Bway 13Idg etre-
9412
1012
8
123 15
4
StocksCity & Suburban Homes...
French (F F) Investing_
Hotel Barbizon. Inc
3312
4112
Penny (J C) Corp 546_1950
50
5
312
214
Other Over-the-Counter Securities-Friday April 6
Short Term Securities.
150
96
9)1
84
08
98
98
87
101
foOli
9712
97
94, 9(1
2
80
8512
77
Bid
Ask
Hunt'ton W Ist 68'54_ _IVI&S 98
let m 5s 1954 ser B._M.1c9 93,
2
5s 1962
91
Joplin NV W 5857 aer A M&S 84
87
Kokomo 1,Nr W 5s 1958..J&D 84
87
Mourn Con W 1st 58'56 J&D 87
89
Motion Val W 514s '50-1&.1
91
Itichm W NV let 5s'57_111.1cN
85
88
St Joseph Wat 5s 1941.A&O 98
South Pitts Water Colat 5s 1955
FAA 101 103
993
1st & ref 5s'60 ser A _J&J
lot & ref 55'60 ser 11_J&J
99 101
Terre lite WW (3s'49 A JAI) 93
1st in 58 1956 ser 11_.J&D
90
Texarkana AV 1st 55'58 FAA
76
Wichita Wat 1st 6s'49.M&S 99
1st m 5s '56 ser B._ ,FAA
92
let m 5s 1960 ser C_M&N
91
• No par value.
Ask
2.011
3(10
2.01
3.75
4.20
3.75
3.25
3.00
3.00
3.00
4.50
4.50
8.00
8.00
5.00
2.00
3.7.5
3.75
3.75
3.75
3 25
3.25
3.75
3 75
3.75
Kanawha & Michigan (ie.__
Kansas City Southern 5 Nis_
Louisville & Nashville Os_ _ _
Equipment 04*
Minn St P & SS 51 445 ric 5s
Equipment 6 49 Az 7s_ _ _ _
Missouri Pacific 6114s
Equipment 69
51oblie & Ohio 58
New York Central 43-4s At 5s
Equipment Os
Equipment 75
Norfolk As Western 4 34s.,,..
Northern Pacific 78
Pacific Fruit Express 7s
Pennsylvania RR milli 58.
Pittsburgh & Lake Erie 634s
Reading Co 4 34s & 58
St Louis & San Fran Ss....
Southern Pacific Co 4 34s...
Equipment 78
Southern Ry 4 Nis AC 55
Equipment 65
Toledo & Ohio Central 65...
Union Pacific 7s.
d Last reported market.
e Defaulted.
m,C,,mgc0C.00,1,1..1*N.1.4,M*MNVV,P.I.MM
film) WW 1st 534s A'54A&O
IsI m 5s 1954 ser 13_ _J&D
let 55 1957 series C..FAA
Butler Water 5rt 1957_ _ A &()
City of Newcastle Wat 58'41
City W (('hnt) 58 It '54 J&D
tat 5s 1957 series C.IVI&N
Commonwealth Water
let 55 1951111
FAA
1st no 5e 1957 ser C F&A
Davenport W 5s 1961_ _J&J
ES I. & hilt W 58 1942.J&J
let m 68 1942 ser
1st 58 1960 ser D
F&A
Ask
07
ktiantle Coast Line 6s
F.quipment 6 Nis
taltitnore & Ohio 65
Equipment 414s & 58____
lira Roch & Pitt* equip (3s
I'anartian Pacific 4(4* & Os.
7.entral RR of N 26*
`hesapeake & Ohio 65
Equipment 6%s
Equipment 58
Thicago & North West tw
Equipment 6345
.
chic R 1 & Par 4 4s & 5s....
Equipment Os
'oiorado & Southern 65_ _.
3elaware & Hudson 65_ ___
ltie 4 4.59
Equipment Os
lreat Northern (is
Equipment 51
locking Valley 55
Equipment 6s
!Knots Central 448 & 58_
Equipment 138
Equipment 78 & 614s,
...
C0.n.5=0C000000.000,,
,N00000
Water Bonds.
Bid
Alton Water 5s 1956..A&O 95
Ark %Vat 1st 58 A 19513_A&O 95
Ashtabula W W 55'58.A&O 85
Atlantic Co Wat 5e '58 MA)' 86
Railroad Equipments.
r..64ViCI:ViCi.i.i....-VVV.OMMV...4
C,VS:'
,
Bid
Ask
Ask
Bid
9714 9712 Amer Wat Wks Ss 1934 21&O 1117i2 10734
9714 97121 Slag Pet 434s Feb 15 '34-'35 101 12
0C0OROCI0000000.
o0
,,,
u0R0CI—N,C.AU-.D.,0129.24NC,C,NNN
51fg 59 May 1037
Amer Metal 548 11)34 - Ak0
As
2.51
4.0
3.2
3.2,
6.01
6.01
6.0
6.01
6.51
3.7.
3.7
3.7
1.11
3.7,
3.0
3.0
3.0
3.2
8.0
3.7
3.7
3.7
3.7
2.0
2.0
x Ex-dividend.
April 7 1934
Financial Chronicle
2396
General Corporation and Investment News
-MISCELLANEOUS.
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities-railroad, public utility and industrial companies. This information was heretofore given
under classified headings, such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
-The following
Monthly Gross Earnings of Railroads.
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
Length of Road.
Gross Earnings.
Most6.
Inc.(+) or
Dec.(-).
1932.
1933.
1933.
1932.
Miles.
241.991
241.467
241,489
242.160
242.143
242.333
241,906
242.358
239,904
242,177
244,143
240.950
1933.
241,337
241,263
September
October
November
December
$
228.889,421
213,851,168
219,857,606
227,300,543
257.963.036
281.353.909
297.185,484
300.520,299
295,506,009
297.690.747
260.503,983
248.057,612
274.890.197
266.231.186
288.880,547
267.480.682
3/8,672
254,
245.869.626
237.493,700
251,782,311
272.059,765
298,084,387
253,225,641
245,760,336
-46.000.776
-52.380.018
--69.022.941
--40,180.139
+3.584.364
+35.484.283
i-59.691.784
+48.737,988
+23,446,244
--393.640
+7.278,342
+2.297.276
Miles.
241,881
241.189
240.911
241.680
241,484
241.455
241,348
241,166
240.992
240,858
242.708
240.338
January'
February
1934.
257,719,855
248,104.297
1933.
226.276,523
211.882,826
+31.443.332
+36.221,471
1934.
239.444
239,389
January
February
March
April
May
June
July
August
Net Earntass.
Inc.(+) or Dec.(-)•
Month.
Per Cent.
1933.
January
February
March
April
May
June
July
August
September
October
November
December
1932.
Amount.
$
46.603.287
41.460,593
43.100,029
52,585,047
74,844,410
94,448,669
100.482,838
96.108,921
94,222,438
91.000.573
66,866,614
59,129.403
$
45.964.987
56,187,604
68,356,042
56,261.840
47,416,270
47,018,729
46.148.017
62,553,029
83.092,822
98,337.561
63,962,092
57,861,144
S
-361.700
-14,727.011
-25.256,013
-3,676.793
+27.428.140
+47,429,940
+54,334.821
+33,555,892
+11329.616
-7,336.988
+2,904.522
+1.268.259
-0.79
26.21
-36.94
-6.55
+57.85
+100.87
+117.74
+53.64
+13.39
7.46
+4.54
+2.19
+17,284.203
+38.43
1934.
January
February
1933.
132,282,469
44.978.286
69.923_775
40.914.074
4-19 000 701
4.40.40
Abraham & Straus, Inc.-Annua/ Report.
Edward C. Blum, Presidents, states:
Company acquired during the fiscal year 5,065 shares of its preferred
stock at favorable prices. With the retirement of these shares, charter
requirements have been met for the period up to the year ending Jan. 31
1938 and a part of the year ending Jan. 31 1939. Company also has ac-year 534% gold debentures.
quired and holds in its treasury $278,000 15
Income Account Years Ended Jan. 31.
1931.
1932.
1933.
1934.
Net sales
$19,213,992 $20,020,553 $24,825,438 $26,702.949
Cost of sales, sell., oper.
17,916.053 18.913,211 23.147,188 24.894.620
&c.,expenses
Net profit
Other income
$1,297.939 $1,107,341 $1,678,250 $1,808,330
72,015
117.898
123,600
$1,421,539 81.225,239 $1,750.265 $1,808,330
Total income
285.593
283.250
297.660
288,086
Interest paid
487,685
480,673
487.057
387.297
Depreciation
Loss on sale of marketle
10,561
prof.7.632
securities
123,951
Prov.to red. market.sec.
125.000
110,000
40,000
80.000
Prov. for Fed. taxes- _ _
$408,155
236,338
197,823
$741,829
251,784
116,367
$910.050
264,694
$258,163 def$26,006
155,155
155.155
$1.10
$3.01
Balance Sheet Jan. 31.
$373,677
155.155
$3.16
8645,356
156,155
$4.16
$666,155
198,532
209,459
Net income
Preferred dividends_ _ _ _
Common dividends
Balance, surplus
She. corn. outst.(no par)
Earns, per sh. on com
1934.
Assets
x Land, buildings,
equipment, &c. 6,634,134
Real est. not used
in operations... 235,296
1
Good-w111
Cash de call loans_z1,707,512
Accts. & notes rec. 2,158,630
Marketable securs. 2,191,430
83.273
Sundry debtors...
2,447,132
Inventories
Miscell. investml. 116,577
Prepaid expenses_ 214,277
1933.
7,210,545
1
1,742.866
1,969,704
2,771,815
78.885
1,743,770
121,273
241,401
LiabilitiesPreferred stock....
y Common stock.
Gold debentures._
ACCOUnt3 payable_
Accr.salaries & exp
Accr. Int, on deb$.
Federal taxes
Pref. divs. payable
Res. for cont., &c
Surplus
1934.
$
2,813,300
1.405,325
4,872,000
510,208
240,820
89,320
80,000
49,233
176,316
5,641,742
1933.
3,319,800
1,405,325
4,970,000
342,187
176,688
91,117
40,000
58,096
154.498
5,322,551
Total
15.878,263 15,880,262
,
15878,264 15,880,262
Total
x After depreciation. y Represented by 155,155 no par shares. z Cash
only.
-V.138. p. 2237.
-Subsidiary Seeks to Expand.
Air Reduction Co., Inc.
The National Carbonic Co., which is 60% owned by the Air Reduction
Co., Inc. and 20% by U. S. Industrial Alcohol Co., is negotiating for
-V.138, p. 862.
control of the American Dry Ice Corp.
-Investment Trust Averages
Allied-Distributors, Inc.
Hold Steady.
Investment trust securities held firm during the week ended Marcn 29
1934. The average for the common stocks of the 10 leading management
trusts, influenced by the leverage factor, as compiled by the corporation.
stood at 14.24 as of the close that date, compared with 14.42 on March 23.
The average of tne non-leverage stocks stood at 15.60 88 of the close
March 29. compared with 15.39 at the close on March 23. The average
of the mutual funds closed at 11.32. compared with 11.07 at the close of
-V. 138. p. 2237.
the previous week.
Alpine Montan Steel Corp (Oesterreichisch-Alpine
Montangesellschaft).-Conditional Interest Payment.
The corporation, in a notice to the holders of the 7% closed 1st mtge.
:30-year sinking fund gold bonds, due March 1 1955 states:
July 17
HY reason of the Decree of the Austrian Government published to make
1932, we have been unable to obtain the requisite foreign exchange Co. as
currency to the New York Trust
the payments in United States
trustee, to meet the service charges on the above bonds required to be paid
by us 14 days before March 1 1934. However, pursuant to said decree,
we have deposited with the National Bank of Austria in the Fund of Foreign
Debts established for such purpose, the counter-value in Austrian Schilling,'
of the interest coupons matured on March 11934.on March 1 1934, upon
The holders of such interest coupons matured
presentation and surrender thereof to Niederoesterreichische EscompteHof 2,
gesellschaft, at its office in Vienna I. Am. average Austria, may obtain
rate of private clearpayment thereof in Austrian Schillings at the
published by the Chamber of Exchange of Vienna.
ing of Feb. 28 1934,
BelliSings during the
I. e., 5 540.38 for $100. provided, however, that such from Austria and be
exported
duration of the transfer restrictions be notNational Bank for instance for
Austrian
withdrawn from the Fund at the
expenses of American
the following purposes: (a) To provide for the living
for mercitizens during their stay in Austria; or (b) To purchase and pay
-V.137,P. 2810.
chandise or securities in Austria.
Aluminum Co. of America(& Subs.).-Eamings.-
1930.
1931.
1932.
1933.
Calendar Years$18,784,345
Gross earns, after exp. - $7,447,469 $3,543,792 $11,120,559 5,417,910
deprec..depl.,&c. 5.825,056 5,895,358 5,586,501
Rester
1.693,708
938,696
Res. for Fed. tax, &c-- Bond prem., amort. &
affectadjustm'ts not
804,042
685,308
ing Year's operations_ _
Gain from purch. & reCr42.134 Cr178,834
tirem't of pref.stock_
$1.664.547105582172731 $3,910,054 $10,868,685
Net income
Preferred dividends- - 2.203,329 4,411,809 8,835,750 8,835,750
$538,782 $6,584,540 $4,925,696sur$2032.935
Deficit
15.712,399 23.018,076 27,971,219 25.938,284
Previous surplus
$15,173,617 $16,433,536 $23,045,523 $27,971,219
Total surplus
Adjust. of inter-co. prof721,136
&c..
its in inventories,
27,447
Adjust.of consol.surplus
815.712.399 823,018,076 $27,971,219
815,173.617
Surplus
Earns, per sh. on 1,472,625 shares cont. stock
$1.38
Nil
Nil
Nil
(no par)
Condensed Consolidated Balance Sheet Dec. 31.
1933.
Assets
x Land, plants &
139,779,185
facilities
2,862,878
Cash
Accts. notes rec.
& market. sec. 33,782.555
38,563 936
Inventory
Sinking funds for
700
bonds
by,in subs.and
MM. cos. not
consolidated _ 15,455.844
Deferrer: charges 3,558,006
1932.
145,805.750
2,938,890
33,292,733
39,094,132
116
13.97$,287
3,431.754
1932.
1933.
MobtlfifeePreferred stock-146.825,500 146,953,200
y Common stock 7,363,125 7,363,125
Funded debt... 35,385,000 38.511,000
1,178,801
Aects. payable-. 1,678,214
Bills payable... 22,550,000 25,600,000
Accrued liabil__ 2,140,414 2,065,298
Reserve for Fed'l
388,240
564,568
taxes.
Miscell. oper. &
1,667,140
other reserves 1,772,064
550.601
1.102,460
Pref. div. pay__
15,173,617 15.712,399
Surplus
234,003,103 238,539,663
Total
234,003,103 238,539,663
Total
in 1933
x After amortization, depreciation and depletion of 876.830,951
no par shares.
and $71.462,530 in 1932. y Represented by 1.472,625
V. 138,p. 1044.
-Trust Terminates.
American Associated Dealers, Inc.
The trust agreement dated July 1 1930 between the above corporation,
as depositor, Guaranty Trust Co. of New York, as trustee, and the bearers
Shares
and registered owners of certificates for trusteed American Bank option
issued under said trust agreement and the bearers of coupons and April
warrants appertaining thereto, will be terminated by the trustee on
26 1934.-V. 137, p. 491.
American Dry Ice Corp.-Cont7o1 Sought.
-V.136, p. 3724.
See Air Reduction Co., Inc. above.
-Earnings.
American Gas & Electric Co.(& Subs.).
1934-12 Mos.-1933,
-Month-1933.
Period Ended Feb. 28- 1934
Sub. Cos. Consolidated
(Inter-co. Items Elim.)
$5,244,419 $4.848,603 857,734,287 857,123,439
Operating revenue
2,149,941 27,429,180 26,425,516
2,486,386
Operating expenses
Operating income---- $2,758,032 82,698,661 $30,305,107 $30,697,922
825,533
91,282
801,634
52.013
Other income
$2,810,046 $2,789,944 $31,106,742 $31,523,456
Total income
Res.for renew.& replace.
602,884 7,751,075 7,043,928
628,240
(depreciation)
928.758 11,168,472 11,441,601
933,141
Int. & other deductions_
5,005,297 4,898,553
417,741
417,583
Prof. stock dividends
$830,781
8840,559 87,181,897 88,139 371
or91
$830,781
Balance
American Gas & Elec. Co.Bal.ofsub. cos'. earnings
appl. to American Gas
8830,781
& Electric Co
Int. & pref. stock dim
427,767
from subsid.companies
27,973
Other income
$840,559 $7,181,897 $8,139,463
Balance
Portion appl. to min.int.
8840,559 87,181.897 88.139.463
427,157 5,126,337 5,304,299
601,580
407,801
24,407
$1,286,522 81,292,124 $12,716,035 $14,045,343
Total income
490.533
453,431
28,790
37,938
Expense
213,566 2,562,753 2,598,596
213,566
Int. & other deductions2,133,738 2,133,738
177.811
177,811
Pref.stock diva. to public
$391,378 $4,696,491 $4,732,334
$391,378
Total deductions
Balance
-V. 138, p. 859.
$857,205
$871,956 $7,566,111 88,822,475
-Removed from List.
merican Pneumatic Service Co.
he New York Curb Exchange has removed from unlisted trading pr
Ileiles the 6% second preferred t0ck (par $50).-V. 137, p. 1414.
Volume 13
Financial Chronicle
Americri Smelting & Refining Co.
-$4.50 Preferred
Dividend2
-The directors on April 4 declared a dividend of
$4.50 pdi share on the 7% cumul. pref. stock, par $100,
payable June 1 to holders of record May 4. This will reduce
accumulations on this issue to $5.25 per share as of June 1.
On March 1 last a payment of $2.50 per share was made
on the pref. stock as against $1.75 per share on Dec. 1 1933.
The latter distribution covered the payment due Sept. 1
1932.
New Members of Executive Committee-To Retire Treasury
Stock.
George D. Guggenheim and Kenneth C.
directors on April 3, have been made membersBrownell who were elected
of the executive
The directors voted to retire 16,000 shares of 2nd pref. stockcommittee.
now in the
treasury as authorized by the stockholders.
Estimated Earnsings.-
F. H. Brownell, Chairman of the Board at their annual meeting held on
April 3 stated that the company's net
January and February
this year was at the annual rate of $1.80income for the common stock after
all charges, including.interest on bonds, a share on n, depletion and taxes.
depreciatio
He said that, if business
is probable
the present
that the company would paycontinues at dividends on rate, it pref. stock,
off all back
the 1st
now amounting to $8 a share, before the
and
to pay on the accumulated dividends of theend of the year-V.would begin
138,p.2238.
2nd pref.stock.
merican Thermos Boe Co.
l
-Removed from List.
ty
the New York Curb Exchan
ileges the class A common stock e as removed from unlisted trading privo par),
-V,137. p. 1242.
American Rolling Mill Co.-Annual Report.
-
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
AssetsLiabilities$ •
$
Property
101,672,784 101,242,631 6% cum. pref.
Inv,in affilJ'and
(old Issue).
other cos__... 7,317,070 6,470,010 6% cum. pref.
Cash
2,823,621 5,124,395 series B
1.964,900
U.S.sec.(at cost)
21,386 Common stock. 42,733,150
Other marketCorn. stk. scrip38,259
able sec. (at
Minority stocks
cost)
532,813
6.920
of subsidiaries
570,611
Accts. and notes
Total fund. debt 36,784,050
rec.-customer 7,428,761 5.041,855 Accts. and notes
Due from officers
4,540,295
payable
& empl.on sale
Divs. payable
of stock &c
809,202 1,276.049 Accrued salaries.
Inventories
18,237.491 15,152,033
wages,taxes,&c 1.586.413
Sec. in hands of
Special notes Day 4,309.000
trustees for
Fed., State and
retire. of 6%
foreign income
preferred stk.,
106,375
taxes payable
old Issue
66,400 Instal. of funded
Cash with trustee 3,659,000
28,375
debt (cum) Cos. pref. B stk.
21,900
12,400 Mat.41i% notes •
Cos. corn. stock
1,417,198
not Presented
Sheffield Steel
for exchange_ 3,659.000
Corp. bonds
15,000
15,000 Deprec.& depleGood-will & pat.
1
tion reserve__ 32,791,751
1
Deferred charges 1,764,303 1,743,599 Current operat609.267
ing reservesFire ins. (fund.)
123,786
622,887
Other reserves__
Earned surplus- 6.286,565
Sure. arising fr.
prem, on sale
of cap. stockPaid-in surplus_ 8,152.952
Total
144,341,946 138,153,569
Total
144,341,946
-V. 138. p. 684.
2397
1932.
8
88.400
1,964,900
42,731,325
38,084
9,920
41,133,824
1,607,689
29,817
1,263,797
31,491,707
890,471
124,025
7,706,714
443,405
George M.Verity, Chairman, and Charles R. Hook, President, state
in
part:
8.629.690
Employee-Management
-One of the most encouraging and
139,153,509
satisfying things that tookRelations.
tive manner in which theplace during the year was the able and co-operaemployees of your various plants worked out
plans for the purpose of providing a method
-American Cast Iron Pipe Co.
of employee-employer relationship which would comply in every respect
-Resumes Dividend.
with the provisions of Section 7-a
A dividend of 1%% was recently declared on the
of the National Industrial Recovery
cum. pref. stock,
Par $100, payable on account of accumulations on 6% 2 to holders of
Representatives elected by secretAct.
April
ballot in each plant, spent approxirecord March 20. Semi-annual distributions of
mately four months in conference and study
and on Dec. 5 1933, elections
issue up to and incl. July 1 1932, which was 3% had beenamade on this
were held under the complete control
followed by
payment of
and supervision of the employees
1%% on Jan. 3 1933; none since.
-V. 136, p. 4270.
themselves, and by secret ballot.
The recommen&Alons of employees who were elected
in July to revise
American Water Works & Electric Co., Inc.
the then existing plan, were adopted by
-Annual
plant of 89.6%. The per cent of eligible an average approval vote in each
Report for 1933.-H. Hobart Porter, President, says in part:
employees
When you take into consideration that our plants who voted was 90.5%•
Refinancing.
-The plan for refinancing the maturity of 812.569.200
were only operating at
approximately 50% of capacity at the time, the interest and fine spirit
collateral trust 5s, due April 1, is in process of completion.
displayed were remarkable.
statement covering the new security was completed andThe registration
At the same time these plans
with the
Federal Trade Commission on Feb. 8 and in accordance withfiled provisions
were approved, representatives were
the
nominated to hold office during the year
of the Securities Act it became effective 20 days later on Feb. 28. There1934.
representatives was held at each plant on Dec. 12The election of 1934
upon the issue of the new 10
and the per cent of
-year 5% cony, coll, trust bonds in the amount
eligible employees voting was
of 815.000,000 was offered for sale to the publlc for cash at 105 and interest
92.4%.
Refunding of 3
-Year 4%%
-The plan for refunding of
and for maturing bonds. The entire issue was sold and holders of approxithis issue was explained in Gold Notes Of 1933.
V. 137, P. 869. While the original issue was
mately 85% of the maturing bonds continued as security holders of the
$15.000,000 it was only necessary to refund
$13,992.000 as the difference
company. The conversion provisions of the new bonds will, if availed
bad been retired. On Nov.
1 1933, the date the notes were due,$9,582,1300
of, result in a substantial reduction of the company's funded debt. (For
had been exchanged for
the new 5
further details see V. 138, p. 1558.)
$4,410.000 was therefore placed on -year 5% convertible notes of 1938.
deposit with the trustees appointed,
Results.
-The consolidated net income for the year after payment of
who were authorized to
dividends on the $6 series, 1st pref. stock was equal to $1.22 per share of
presented for payment. redeem the balance of the 4%% notes as they were
These funds were borrowed from banks, so as not
common stoc.r. There were sold during the year 17,395 shares of common
to interfere with company's
working capital.
stock previously held in the treasury of a wholly owned subsidiary comTo date (March 20)
$10,447,000 of the 4Si's have been exchanged and
pany which were not considered as outstanding at Dec. 31 1932 for the
$651,000 have been presented
for payment. The balance outstanding of
purpose of computing earnings per share. This sale increased the number
$2,894,000 are apparently in the hands of temporary investors and
there is
of shares which were treated as outstanding on Dec. 31 1933 In the coma very good prospect that
these will be exchanged prior to April 30 when the
putation of the per share earnings.
exchange privilege expires.
Taxes.
-The heavy burden imposed on utility companies by the taxing
Stock Option Plan
-When directors met early in February, out
programs of various local, State and Federal bodies is forcibly indicated by
of a total of 17,547 Rescinded.
stockholders, 5,000 of them representing approximately
the fact that in 1933 the total taxes paid or accrued by the company and its
700,000 shares of stock had signed
assents of approval and 246representing
subsidiaries, amounting to $3,963,215, represented 9.3% of gross earnings.
some 35,000 shares had either
These figures, compared with the amount of consolidated net income apsignified their non-approval. A asked for additional information or had
plicable to the common stock during the year, viz.: $2,137,317, show that
first disapproved either withdrewconsiderable proportion of those who at
their disapproval, or gave their assent
after receiving further information
for every $I of income applicable to the common stock, $1.85 was paid or
on the subject. The balance had not
at that time been heard
accrued in taxes; or, expressed in another way, of the total amount of
from.
If further time to respond had
consolidated' earnings for the year available for taxes and common stock
been given and those from whom we had
not heard would have
dividends, 65% is represented by taxes. It should be added that the full
voted in anything like the same proportion, a large
majority approval would have been
effect of certain additional taxes imposed in 1933 is not reflected in the
recorded.
Due to constantly changing conditions
accounts for the year, legislation covering such taxes not having been
and to the further fact that this
was a problem in organizatio
enacted until the later part of the year.
n, which a stockholder could not understand
without more detailed information that could
Stockholders.
-At the end of the year there were 6,391 holders of the
be
company's common stock and 4,945 holders of pref. stock. The total
communication, your board after full consideratio given in any formal
interests of the company to permanentl rescind n felt it was in the best
number of security holders of the company and its subsidiaires is estimated
the proposed plan. This
y
they did by appropriate resolution.
to be in excess of 100,000.
Purchase of Belfont Iron Co.
Maintenance and Reserves.-Company'a subsidiaries expended the sum
-This property purchased at
of $2,646.621 during the year on maintenance, and in addition reserved
approximately $55,000 gave company control of a wire and nail a cost of
mill, just
across the river from the Ashland,
for renewals, retirements and depletion the sum of $2,927,899, making a
Ky., Works. This will fitin with the Rod
Mill of the former Ashland
total $5,574,520 so expended and reserved.
Steel Co., taken over some years ago.
The company continued its policy of abandoning unprofitable traction
Consolidated Income Accountfor Calendar Years.
lines and during the year operations on approximately 32 miles of track
in the Monongahela West Penn Public Service System were abandoned, of
1932.
1933.
1931.
y1930.
Net sales
which 27 miles were owned and five miles were leased.
$41,828.918 $27,294,322 $39,907,797 $53,651.626
Cost of sales
Subsidiary Companies' Financing.
-The following securities of
x35,636,306 x23,920,428 x36,175,615 40.049,767
Maint. & repairs to plant 3
water companies were sold to the public during the year, nosubsidiary
523 869 2 465,6731 4.989,143 15,426,917
securities
Depreciation reserve.-- 4'828,006
having been sold by any of the electric company subsidiaries:
1,723,2921
12,012,519
Admin. & selling exps
Commonwealth Water Co., 1st mtge. 534% gold bonds series
see
See x
See x
4,852,094
Net profit
A,due Dec. 1 1947
$840,736 loss$815,071 1os41256962 $1,310,329
Other income
Joplin Water Works Co., 1st mtge. 5% gold bonds series A. 8200,000
732,774
1,031,148
487.954
856.246
due March 1 1957
Gross inc. (all sources)
100,000
8216.0771004769,008 $2,166,576
$1,573,510
Monmouth Consolidated Water Co., 1st mtge. 5% gold bonds
Interest paid
2.241,184
2,326,873
series A,due June 1 1956
1,914,689
Federal and State taxes_ 2 186 881
300,000
'59„718
:4,495
2,563
137,792
In addition a small number of shares of pref. stock of several water
Net loss
company subsidiaries were sold to the public.
4673,089 $2,029,602 $3,098,446 prof$114094
Cash divs.-67 pref0
1,320
1,320
Comparative Income Account Years Ended Dec. 31 (Company Only).
1,320
6% cum. pf.stk.ser.B
117,300
117.936
59,649
EarningsCommon stock (8%)..
1933.
1932.
3,241,558
Sub. cos.' dividends
Dividends from subsidiary companies
$3,905,053 $5,343,825
5.110
Dividends from others
Stock dive, on common_
45.795
2,035.954
Int. on long term debt of subsidiary
102.844
165,403
Int. on notes & accounts of subsidiary cos
Deficit
512,125
722,658
$673,089 82,148,222 $3,222,811 85,224,387
Final surplus
Other interest
2,431
6,552
14,439,517 16,779,809 19,703,551 24,780,430
Commissions and fees
a Does not include an unrealized
561,023
579,377
profit of $94,626 on foreign exchange.
Other income
x Includes administrat
811
1,304
of Sheffield Steel Corp. ion and selling expenses. y Includes operations
(Del.), whose business was acquired as of July 1
Total earnings
1930. a State income taxes
$5,084.289 86.864,916
only.
Salaries, rents, taxes & other expenses
668,570
788.713
Less: Proportion of head office salaries & expenses
Consolidated Surplus Accounts Year Ended Dec. 31 1933.
chargeable to American Construction & SecuriEarned
ties Co.(a subsidiary)
15.594
33,321
Surplus.
Surplus.
Balances, Jan. 1 1933
Net expenses
Reinstatement at cost of investments written-off 87,706.714 89, 3,095
$755,392
Provision for losses of certain subsidiary com- $652,975
in prior years
panies not consolidated
287,500
82.766
Discount on cos. pref. stock
99,640
2,200
Sundry adjustments (net) purchased for treasury
Total expenses
5,535
8735.742
$855,032
Gross surplus
$7,994,214 89,080,830
Net earnings
Net loss for year (as above)
$4,348,547 $6,009,883
Deductions: Interest on long term debt
673,089
Loss from retirements of plant property
1,258,545
1.258,785
Int. on notes & accts. payable to subs. cos
410,039
151,224
Loss from securities and Invests, sold
55,114
62.659
or written-off
Interest on loans payable
177,373
351.428
Provision for loss from investments in affiliated, &c.
32,995
51,570
Amortization of debt discount and expense
companies
40,882
29,966
275,000
Reduction to par value of companies common stock
Net income
held In treasury, less profit on subsequent sale_
$2,961,009 $4,606,902
425,227
Surplus Account Year Ended Dec. 31 1933.
Additional Federal and foreign income taxes
-Balance at Jan. 1 1933.
appli$51.637.846; net income for 1933, $2,961,009; excess
cable to prior years, plus interest and expenses in
shares of common stock of American Water Worksof sales price of 17.395
connection therewith (net)
& Electric Co.. Inc.,
82,845
over market price on Dec. 31 1932, $187,808; adjustment to
Sundry adjustments (net)
market
89.303
on Dec. 31 1933 of 10.680 sharse of common stock of American price
Water
Works & Electric Co., Inc., held in the system, $43,367; total,
Balances, Dec. 31 1933
$54,830,031.
$6,286,565 $8.152,952
Deduct: Dividends, $6 series, 1st pref., $1,200,000; dividends on
common,
2398
Financial Chronicle
April 7 1934
-1% Dividend4L41Amparo Mining Co.
$1,750,888; loss on sale and adjustment to market price of other investment---securities owned $78,044; additional provision for logs on investment in
The directors have declared a dividend of 1% on the capital stock,pa able
surplus at Dec. 31 1933, $51,May 10 to holders of record April 30. A similar distribution was made on
Wheeling Traction Co. bonds, $100,000;.
Jan. 25 last.
-V. 137, p. 140.
701,098.
Balance Sheet as of Dec. 31 1933 (Company Only)•
-Changes in Personnel.
Armstrong Cork Co.
Liabilities
Assets-.
H. W. Prentic Jr., has been elected President succeeding John J. Evans,
$23,569,200
Total funded debt
Investments:
H. M. Clark, who was 2nd
who has been made Chairman of the Board.
20,000,000
a Securities & notes of subs_5105.814,257 First preferred stock
-V. 138, p. 2238.
Vice-President, has been made 1st Vice-President.
17,508,880
690,075 Common stock
Other investment securities_
46,320,792
Capital surplus
-Earnings.
Arnold Constable Corp.(& Subs.).
$106.304,333 Earned surplus-predecessor
Total investments
1931.
1932.
2,315,288
1933.
1934.
company
Years Ended Jan. 31Less res. for deprec. of other
3,065,017
$6,163.211 $6.385.879 $9,083.731 $11,910,197
Net sales
565,692 Earned surplus (Del. co).investment securities__ _ _
8,899.868 12,464,126
6,616,072
5,981,226
Current liabilities:
Expenses
79.717
73,858
500.000
73,949
74,670
Depreciation
$105,738,640 Notes payable (banks)
Net Investments
456,929
Accounts rec.from subs. cos. 5,608,502 Accounts payable to subs_ _ _
$110,005 def$633.646
67,147
$107,316 def$304,143
Profit
2,277,562 Accounts payable due others
Deferred charges
72,393
177,941
294,613
103,735
47,843
Other income
Matured interest payable__
Current assets:
412,738
Accrued liabilities
Cash, on demand, In banks
$287,946 def$561,253
737,722
$155,159 def$200.408
Profit
1,534,927 Dividends declared
and on hand
969
Minority interest
8,444
MLscell. notes & accts. rec__
zLess from operation of
76,762
Accrued int. & dive. receiv_
125,000
& invest, in sub. (net)
3,489
Other current assets
Res. for fluct. in market
-29,035
$115,248,329
value ofinvestments
Total
$115,248,329
Total
11,479
Miscellaneous expensescollateral trust
a Including those pledged under trust agreement securing
1,148
Cr1,684
1,107
y Other deductions
-year 5% gold bonds due April 1 1934.
20
•
Consolidated Income Account (Incl. Subsidiaries).
1930.
1931.
1932.
1933.
$42,537,436 $43,174,947 $49,931,729 $54,066,879
Gross earnings
Op. exp., taxes & maint_ 19,826,038 21,064,114 24,079.167 26,183,152
1,514.029
1.049,200
103,265
627.306
Federal taxes
$22,084,092 $22,007,568 $24,803,362 $26,369,698
Gross income
5,616,059
5,634,314
5,646,052
Pref. divs. of subsidiaries 5,710,583
7,691
1,663
660
630
Minority interest
1,289,805
1,319.179
1,340,322
Int.& amort.of discount 1,332,424
8,727,192
8,649,270
8,677,459
do Subsidiary cos--- 8,775,239
Reserve for renewals, re4,105,304
3,094,742
2,746,651
2,927,899
placement & deprec
$3,337,317 $3,596,422 $6,104,194 $6,623,647
Net income
b61,389,160 64,572,440 64.655,784 63,008,095
Previous surplus
Reduction in Federal in294,972
399,788
come tax, &c
95,706
79,530
Contributions for exten_
154,844
109,602
373,452
credits
Other
$161,798 def$562,223
$154,052 1oss5239,237
Net profit
Shares of capital stock
z337,109
z337,109
z337,109
337,109
outstanding (par $5)-Nil
Nil
$0.48
$0.45
Earnings per share
X Thirty-eighth Street and Fifth Avenue Corp. y Proportion of net
Constable & Co., Inc., allocated to 1,526 shares of stock
profit of Arnold
of Arnold Constable & Co., Inc., not acquired. z No par shares.
Consolidated Balance Sheet Jan. 31.
1934.
1933.
Liabilities1933.
1934.
Assets
$425,496 $902,294 Accts. payable_ __ $252,677 $264,248
Cash
89,448
87.642
439,420 Accr. wages & exp.
cAccts.& notes rec. 440,013
22,883 Cust. deposits and
9,870
Miscell. accts. rec.
28,640
33,416
unclaimed cred's
574,566
754,490
Inventories
99,400
103,600
437,343 Deferred liability_
968,378
Investments
52,500
62,917
83,135 Deferred income73,253
Sundry inveatm'ts
Res, for conting_ 2,256,950 2.450,000
bLand, bldg. and
1,685,545
store fixtures... 2,993,776 3,491,054 aCapitalstock____ 1,685,545
Minor. Int. in stk.
244.474
impr
dLeasehold
of Arnold Con44,797
33,304
Deferred chargesstable Co., Inc.,
Leasehold & good19,631
20,803
not acquired__ _
1
1
will
1,457.091 1,288,492
Surplus
$65,179,460 $68,759,555 $71,164,553 $69,786,586
Total surplus
Deduct
Disc. & exp. on sale of
$5,943,056 $5,995,494
Total
55,943,056 $5,995,494
Total
82,612
91.997
65,502
69.172
preferred stocks
value in 1934 and no par value
-down of 28,075 abs
Write
908,300a Represented by 337,109 shares of $5 par
depreciation. c After deducting
in 1933. b After deducting reserve for
of common stock
amortizareserve for discounts, doubtful accounts, &c. d After deducting
Write-off of investments
tion of $68,895.-V. 137. p. 2468.
In Wheeling Traction
1.137,094
100,000
Co., &c
-Annual Report.
Associated Dry Goods Corp.
Dividends paid:
1,200,000
1,200,000
1,200,000
Samuel W. Reyburn, President, states in part: occupied by that store
1,200,000
First preferred
3.009,818
5,250,554
lease of Lord & Taylor for the premises
3,464,463
cash
The
1,745,761
Common
period commencing
838,371
company has been extended for the second 21-year
Common (stock)
49,561
352,297
Jan. 15 1935 on satisfactory terms.
Sundry charges
changes, 2,400 shares of let pref. stock and 7,000 shares of
As to capital
during the year for
2d pref. stock were purchased in the open market share, respectively,
Profit & loss, surplus_$61,712,230 $61.984,196 $64,572,440 $64,655,784
per
1,750.888
1.750,888
retirement at average coats of $47.83 and $45.12
Shs. corn. outst.(no par) a1,747,813 al.735.515
These purchases increased surplus account
$3.10
$2.80
$1.44
at a total cost of $428,242.
$1.35
Earns, per share on corn.
value of stock purchased
by $511,758, representing the excess of the par
a Does not include 3,075 shares held in system in 1933 (15,373 in 1932).
foregoing shares, and the
over its cost. Certificates representing the of the year, in total being
beginning
Consolidated Balance Sheet Dec. 31.
pref. shares held in the treasury at the
pref. stock, were canceled
1932.
1933.
3.823 shares of let pref. and 10,354 shares of alstockholders will be asked
1932.
1933.
$
$
by the directors and at the annual meeting the
Liabilities$
$
Assetsvalue of these pref.
to formally reduce the issued capital stock by the par
z 1st pref. stock 20,000,000 20,000,000
Plants, property
a, Invests_ _ _ _388,746.410 389,211,422 y Com.stock_ _ _ 17,508,880 17,508,880 shares.
pref. stock certificates, as above, an
By reason of the cancellation of
67.229 Pref, stocks of
76,867
Cashwith trustee
made, viz, capital reserve
adjustment in the set-up of capital accounts was par value of both classes
subs. with pub 87.052,900 86,541,950
Com.stk.of Am,
account was reduced by $1,417,700. Thus the
Mln. stockhldrs'
Water Works
common stock, now equals
issued
of pref. stocks, plus the par value of the capital stock and capital reserve
int. In corn.
395,715
194,081
& El. Co.. Inc
$19,725,900, which is the aggregate of
stock & surpl.
Cash on hand &
11,518
.
11,119
llabillty.
of subs. cos__
3,616.993
5.887,356
In banks
-Years Ended Jan. 31.
Consolidated Income Account
Collat. trust 5e_ 12,569,200 12,569,100
Cash in closed
Lord k Taylor. the
8,000.000
6% debentures_ 8,000,000
269,079
banks less res.
[Including all wholly owned subsidiaries and also
3.000,000
5% debentures_ 3,000,000
majority of whose stock is owned.]
notes
x Accts.,
1931.
1932.
5,998.455 Fund,debt subs.161,362,000 160,793,500
&c., receiv_ __ 4.896,394
1933.
1934.
1.327.980
Accts. payable_ 1,329,295
Accts. rec. from
b$1,390,536 loss$658,994 $2,139,544 $4,394,641
a Profits
Notes payable__ 1,736,190 2,650.319
municiplaities.a 1.201,035
Income of parent co.
94,375
2,102,883 Pay, by employ.
2,751
1.091
Nfat'ls & suppl's 2.175,021
from other sources_
under stk.purAccrued Int. and
163,315
Int. from securities, &c_
43,305
192,476
chase plan_ _ _
15,665
11,962
dividends rec.
Net gain on sale of securAccrued taxes.- 2,974,945 2,305,124
Disc, on bds. &
32,873
ities (net)
554,241
563,446
Mat'd int. pay.
notes, &c., deferred charges 17,096,287 17,736,879 Acer'd int. pay_ 2,105,002 2,205,222
$1,586,724 loss$657.903 $2,142,294 $4,489,016
Total
213,482
Divs, accrued on
113,028
111,846
Commis. & exp.
123,822
Expenses of parent co.39,765
345,584
pref. stocks_ _
1,001,063
1,004,903
on sale of card950,086
877,567
Prov. for depreciation
1,237,243 Diva, decl. pref.
1,307,291
tal stock
Interest, practically all
926,088
1,406,608
stock
337,405
298,598
276,036
265,218
on real estate mtges
Div. declared on
310,000
90,500
60,000
Prov. for Federal taxes_
433,879
437,722
common
Cr72,520 Cr284,677
Sundry adjustments_ _-Consumers' dep. 4,033,602 3,977,414
Amt.of net profit of Lord
138,615
178,458
0th.der. Habilis.
& Taylor applic. to stk.
369,734
261,092
Deferred credits
of that co. not owned
Res, for delve°.
159,607
71,530
16,564
57.963
by corporation
damages, &c.. 35,536,026 34,546,665
61,984.196
Ceneral surplus. 61,712,230
$848,412 $2,467.458
Net profit for year... $202,154 $1,939,914
826.389
826.554
206,641
let pref. dividends
421,861,783 420,582,486
Total
421.861.783 420,382.486
452.172
Total
453,999
113,500
2d pref. dividends
1,472.200
883,338
x After deducting reserve for uncollectibles of $710,399 in 1933 (1932.
Common dividends
$667,096). y Represented by 1,750 888 shares no par common stock.
$283,303
sur$202.154 $2,260,055 $1,315,479
z Represented by 200,000 shares $6 cum. 1st pref. stock. a Including
Balance, deficit
588 940
586,940
588,940
586,940
scrip, warrants and other evidences of indebtedness-carried
Shs.com.stk out.(no par)
those past due,
Nil
4.01
Nil
Nil
at face value less. in certain instances, reserves for estimated losses on
Earnings per share
items.
subsidiaries wholly owned, and o
uncollectible
a Of retail dry goods stores and other
Lord & Taylor, after deducting from their sales cost of merchandise sold,
Weekly Power Output.
selling and general expenses, but before depreciation, interest expense,
Output of electric energy of the company's electric properties for the
and Federal taxes. b Arrived at as follows: Total net sales, $44,619,519;
week ending March 311934. totaled 36,466,000 kw.h., an increase of 33%
sales, leased departments, $1,243,541: total net sales, $43,375,978; comover the output of 27,484,000 kw.h.for the corresponding period of 1933.
missions from leased departments, carrying charges on deferred payment
last five
Comparative table of weekly output of electric energy for the
accounts and miscellaneous revenue. $471.650; total revenue. $43.847,628;
years follows:
cost of goods sold, selling and general expenses, $42,457,092; balance as
1930.
1931.
1932.
1933.
1934.
Week Endedabove, $1,390,536. x Loss.
35.441,000 27,419,000 29,676,000 35,364,000 37,980.000
Mar. 10
Consolidated Balance Sheet Jan. 31.
36,293,000 26,745,000 29,498,000 35.052,000 37,824,000
Mar. 17
1933.
1933.
1934.
Mar. 24
36.673.000 27,161,000 28,629,000 33,929,000 37.507,000
1934,
Liabilities8
Mar. 31
$
36,466,000 27,484.000 29.108,000 34,066,000 38.425,000
5
AssetsCapital stock__ 1116,001,000 g15510.840
--V. 138, D. 2238.
a Fixtures, deliv'y
equipment, &c.._ 2,267,626 2,733,142 Capital reserve__ 3,724.900 5,142.600
- b Leaseholds perch 230,210 234,052 Cap.stk. of Lord &
-Drop in Earnings Explained.
American Tobacco Co.
At the annual meeting held on April 4, Vice-President Paul M. Hahn
Taylor not owned 973,920 1.024,914
C Land, bldgs, and
said in substance:
4,784,000 5,046,000
improvements _18,570,500 18,834,270 Mortgages
Sales of Lucky Strike cigarettes increased in 1933 over 1932. Most of
d Accts. reeble___ 5.012,259 4,863,140 Accounts payable_ 1,259,471 1,281,263
tne earnings in 1933 were made in the early part of the year. After the
385,314
459,508
19,339 Accrued expenses_
14,530
Notes receivable__
processing tax became effective late in the year the cigarette business was
5,351,720 7,983,131 Mtge. Install, pay.
Cash
within one year. 262,000
not very profitable.
162,000
U.S. Govt. & other
This company gets a larger share of its earnings from cigarettes than
377,056
125,000
marketable secs. 5,695.184 2,906,414 Iles, for coining_
other tobacco companies, accounting for the larger drop in earnings last
7,320
4,915,861 4,731,282 f Divs. payable..,
7,445
e Inventories
year than other cigarette and tobacco companies showed.
434,125 Federal taxes
96,134
Deterred charges._ 411,012
Cigarette prices were raised early this year.
Reserve for redempTotal bonuses paid in 1933 were $37.494.-V. 138, p. 1734.
tion of stamps_
82,988
Earned surplus.. _14,597,787 13,896.335
-Div. on Series D Shares.
American Trustee Share Corp.
dividend of 9.67 cents per share has been declared on the
A semi-annual
Total
42,468,903 42,738,894
Total
42,468,903 42,738.894
Diversified Trustee Shares. series D. payable April 15. This compares
a After depreciation of $8,228,554 in 1934 and $7,764,407 in 1933.
with 18.9 cents per share paid on Oct. 15 last, approximately one-half of
b After amortization. c After depreciation of $4,347,135 in 1934 and
which represented premeds from the sale of stock eliminated from the
$4,005,367 in 1933. d After reserve for doubtful accounts of $255,186 in
portfolio.-V. 138. p. 2088.
Financial Chronicle
Volume 138
1934 and $402,500 in 1933. a After special reserves of $372,228 in 1934
and $579,540 in 1933. f Dividends on Lord & Taylor stock only. g Represented by 136,764 $100 par shares of 6% 1st pre. stock, 63,901 $100 par
shares of 7% 2d pref. stock, and 586.940 $1 par common shares. h Represented by 134,364 shares 6% 1st pref. stock, Par $100; 56,901 shares
7% 2d pref. stock, par $100, and 599,400 shares of common stock having
a par value of $I per share. Total stock issued, $19,725,900, less 12,460
shares of common stock held in treasury valued at 812,460, leaving balance
If $19,713,440 capital stock outstanding in hands of public.
-V.137, p.2276.
Arundel Corp., Baltimore.
-Awarded Contract.
-
The corporation has been awarded a contract by the U.S. Government to
dredge a 30-foot channel into the Miami harbor at a cost of $1,973,510.
The contract involves the removal of approximately 2,563,000 cubic yards
of material from the channel.
-V.138. p. 2089.
Atchison Topeka & Santa Fe Ry.-39th Annual Report
Year Ended Dec. 31 1933.
-The remarks of President W.B.
Storey will be found under "Reports and Documents" on
subsequent pages.
Traffic Statistics for Calendar Years-System.
1931.
1933,
1930.
1932.
Tons of revirelght carried 25,136,680
44,584,471
37.298,281
26,946,886
xTons rev, freight carried
1 mile (000 omitted).12.350,190
14,526,835
9,069,545
8.711,882
Average revenue per ton_
$3.95
$3.85
$3.88
Aver,rev. per ton per mile
1.211 ets
1.163 cts.
1.184 .
$ cts.
3 99
1.118 cts.
No,of passengers carried..
3,274,826
2,287,747
1,619,478
1,362,028
Passengers carried 1 mile_ 555,019.765 573,645,245 799,218,230 1,050,544,657
Average rev. per pass_ __ _
59.8.6
S8.97
S8 96
Av.rev, per pass. per mile
2.968 Cts.
2.822 cts.
2.198 eta.
2.531 ets.
x Number of tons of freight carried one mile shown above Includes water ton
miles, San Francisco and Galveston Bays.
Income Account for Calendar Years.
1931.
1930.
1932.
1933.
Operating Revenues
$
$
$
$
Freight
97,426.943 107,400,213 143,624,008 175,960,471
Passenger
31,180,170
22,557,054
14,520,805
12.202,076
Mall, express and miscell_
19,280,404
15,000,199
11,212,518
10,197,418
Total revenue
119,826,437
Operating ExpensesMaint.of way and struct_
15,417,928
Malta. of equipment__
27,849,273
Traffic
4,482,381
Transportation-rail line_ 40,596,815
Miscellaneous operations_
62,595
General expenses
5,542,193
Transport. for Invest__
Cr.147,866
133,133,538
Total expenses
Net railway oper. revenue
Taxes
lJneollectible railway rev_
101,918,323
31,215,215
12,824,970
37,568
93.803,318
26,023,119
11,398,973
48,950
15,342,514
31,536,604
4,920,730
43,997,003
79,306
5,962.474
Dr.79,693
181,181,261
226,421,045
35,459,810
23,825,472
45,402,804
39,822,046
5,964,687
5,685,353
67,093,803
57,047,976
351,210
206,724
6,757.166
6,522,044
Cr.296,690 Cr.1,108.857
132,812,924
48,368,336
15,038,206
53,320
159,920,623
66,500,422
18,280,551
40.593
Railway oper.Income__
48,179,278
33,276,811
18,352,677
14,575,195
Equipment rents (net). __
Dr.990,617 Dr.2,504,120
Cr.43,959
Cr.77,612
Joint facility rents (net)__ Dr.691,046
Dr.798,691
D7.836,920
Dr.736,842
Net ry. oper. Income__
44,876,466
31,449,273
17,659,793
13,961,760
Non-Operating Income
Income from lease of road
213,489
182,894
162,734
163,537
Miscellaneous rent income
542,523
500,153
562,513
506,448
Mise.non-oper.phys.prop.
154.566
289,056
121,151
122,404
Dividend income
1.066,029
1,263,542
113,149
51,897
Inc.from fund.securities.
2,212,699
1,958,997
1,976.462
1.940,360
Income from unfunded securities and accounts
1,510,394
877,135
197,142
292.847
Income from sinking and
other reserve funds....
934
855
876
875
Miscall,Income credits....
15.937
11,985
13,425
10,228
Gross income
50,593,036
36,533,911
20,899,752
16,957,826
Deductions
Rent for leased roads
8.910
8,546
8,327
8,327
Miscellaneous rents
41,613
38.374
147,651
45.204
Miscell. tax accruals
62,948
114,334
75,993
74,633
Interest on funded debt._
12,885,315
12,809,454
12,804,313
12,803,629
Interest on unfunded debt
97,915
290,225
166,904
182,989
Miscell. Income debts__ -147,536
171.285
151,558
144,372
Net corporate Income._
37,348,802
23,101,691
7,545,008
3.698,671
Preferred dividends
6,208,640
6,208,640
6.208,640
5,960.294
Common dividends
24,171,761
21,841,865
x2,427,060
California-Arizona Lines
bonds sinking fund
22,710
23,396
22,044
7,628
S. F.& S. J. J. V.11y. Co.
bonds sinking fund_ _._
8,425
31.984
25.825
4,105
Deficit
1,122,513
2,273,357
4,997,350 sur6,914,372
Sha.corn. outst.(par $100)
2,427,080
2,427,060
2,421,669
2,427,060
Earns. per share on com
$0.55
Nil
$6.96
812.86
x In addition to this amount (1%). Dividends amounting to $3,640,590(14%)
were paid March I. 1932, but are Included in previous year's total.
General Balance Sheet Dec. 3I-System.
1932.
1933.
1931.
1930.
Assets$
8
$
8
Invest. In road and equip.1,155,759,628 1,154,229,731 1,137,168,863 1.094,701,875
Exp, for additions & betterments and road ext.
during eurr. fiscal year. Cr.3,408,641
1,529,897
17,060,867
42,466,988
Inv. In term. & coll. cos__ 27,723,928
28,092,744
26,359,306
25,787,073
Sinking fund
326
571
896
358
Miscell. physical property 10,689,112
10,666,584
10.779,924
10,529,153
Other investments
23,938,925
27,454,766
23,825.264
22,748,532
Cash
22,384,243
25,749,561
19,814,996
33,710,303
Time deposits
105,000
1,290,000
362,000
687,500
Special deposits
21,823
57,257
15,446
54,364
Loans & bills receivable..
300,144
259,113
363.016
911,096
Traffic & car service bat,.
2,224,137
1,753,237
2,121,828
2.909.751
Agents and conductors_
646.548
785,261
708,678
999,299
Macon. accts. receivable_
3,145,558
3,234,590
5.141,463
5,900,317
Materials and supplies_
18,871,508
16,922,745
22,073,030
29.097.945
Int. and dive. receivable_
62,362
33,824
916,840
30,114
Other current assets
35,853
56,279
27,069
66,732
Deferred assets
438,902
383,825
355,437
381,147
Unadjusted debits
1,484,050
1,439,702
1,388,291
1,692,386
Total
1 271,026.075 1,268,178,333 1,267,643,893 1,272,674,937
Liabilities
Preferred stock
124,172,800 124,172,800 124.172,800 124,172,800
Common stock
242,706,000 242,706,000 242,706,000 242,166,900
Premium on capital stock
717,800
717,800
717,800
358,400
Funded debt
309,664.262 309,672,262 309,698.182 310.626,335
Traffic & car service bal..
702,081
773,820
1,017,673
1,527,921
And. accts. & wages Pay.
9,283,130
6,904,912
7,400,228
14,379,381
Misceil. accounts payable
791.635
502,985
447,682
497,315
Interest matured, unpaid
787.724
804,380
815,554
803.777
Dividends matured, unpd
267.509
267,434
265.805
260,860
Unmatured diva, declared
6.744,910
3.104,320
4,097.702
9,166.398
Unmatured int. accrued
3,377,220
3,382,794
3,388,597
3,351,235
Unmatured rents accrued
89.987
85,501
114.533
101,019
Other current liabilities
437,831
339.090
322,487
461,210
Deferred liabilities
2,715,873
2,525,820
2.974,765
3,351,366
Tax liability
6,514.216
8,831,632
4,127,290
11.068,335
Accrued depreciation_
168,140,557 158,432,884 147,318,522 136,283,793
Othei unadjusted credits.
3.424,659
3,085,359
3,537,537
4,242,224
Additions to property
through income & Burp_
88.102,394
88,126,022
88.011,982
87,797.619
Fund, debt returned thru
income and surplus _ _ .. _
453,794
461,954
427,399
396,011
Sink. fund, &e., reserves.
376,437
372.864
367,438
350,290
Profit & loss-balance... 309,328,569 314,528,509 316.320,008 321,311,747
Total
1,271,026,075 1,268,178,333 1,267,643,893 1,272.674,937
-V. 138, p. 2239.
2399
Associated Gas & Electric System.
-Earnings.
-Consolidated Statement of Earnings and Expenses of Properties.
-DecreaseAmount.
7
$438,653
969,085
6
269.657
11
272,991
16
49.193
x1.815-4
12 Months Ended Feb. 281934.
1933.
Electric
$72,784,001 $73.222,654
Gas
15,517,967 16,487,052
Ice
2,554,560
2,284,903
Transportation
1,702,246
1,429.255
Heating
1,534.160
1,535.975
Water
1.255,362
1,206.169
Total gross oper. revenues_ _ _$94,758,270 $96,756,034 $1,997,764
2
x2
46,215.948 x1,011.136
9,944,213 8,474.702 x1,469,511 x17
Operating expenses, maint., &c_ 47,227,084
Taxes
Net operating revenue
$337,586,973 $42,065,384 $4,478,411
Prov, for retirements (deprec.)_ 8,085,260 8,307.797
222,537
Operating income
x Increase.
$29,501,713 $33.757,587 $44,255,874
11
3
13
System Output Up 13.4%.
For the week ended March 24, the Associated System reports net electric
output of 52,981,372 units (kwh.), an increase of 13.4% over the same
week of last year. This compares with an increase of 14.4% for the four
weeks to date over the same week of 1933.
Gas output of 409,694,900 cu. ft. was 21.3% above the corresponding
per:od a year ago.
-V. 158, p. 2238.
Atlanta Gas Light Co.
-Offer to Exchange Notes.
The company is notifying holders of its outstanding 54.000.000 of unsecured notes of an offer to exchange the company's general mortgage
bonds, 6% sinking fund series, due 1944, for such notes on a par for par
basis. In a letter mailed to noteholders, the company reports that, while
Its business is generally satisfactory and interest on its entire funded debt
has been fully earned and paid, existing conditions make it impossible for
the company to provide funds with which to pay the $4,000,000 principal
amount of notes outstanding.
The letter states that the new general mortgage bonds will nave a direct
lien on the property subject only to the lien of $426,000 outstanding first
mortgage bonds, whereas the notes now held are unsecured and are subject
to the prior rights of 52.730.000 of mortgage debt.
-V. 138. p. 1915.
Baltimore & Ohio RR.
-Public Works Improvement.
-
The L-S. C. Commission on March 31 approved proposed expenditures
by the company of $4,000,000 to be loaned by the Public Works Administration for the improvement of transportation facilities.
The report of the Commission says in part:
The company on March 9 1934, applied under Section 203 (a). clause (4)
ofthe National Industrial Recovery Act for approval ofrailroad maintenance
and equipment, the cost thereof to be financed in part with the aid of the
Federal Emergency Administration of Public Works.
The proposed maintenance and equipment will consist of the reconstruction of 200 automobile cars at a cost of $134,000, reconditioning of 240
locomotives. $1,078,000, heavy repairs to 4,800 freight-train cars,31,922,000
and the construction of 820 50
-ton steel gondola cars, 51.145,244, a total
cost of $4,279,244. A loan of $4,000.000 to be used in aid- of the construction, reconstruction, and repair of the equipment described has been
requested from the PWA.-V. 138, p. 2240.
(L.) Bamberger & Co.(& Subs.).
-Earnings.
Years EndedJan. 27'34. Jan. 28'33. Jan.30'32. Jan.31 '31.
Netsales
$27.050,763 529,066.455 535,919,463 535,872,279
Profit from operat'ons
1,873,652 1.895,647
2,605,698 1,964,354
Interest paid
259,957
367,881
320.035
276,711
Depreciat on
1,100,030
1,295.439
1,243.999 1,286.577
Federal taxes
45,000
110,000
140,800
60,000
Propor. of loss ofsub. co.
applic. to minority int. Cr16,403
Net pret
Preferred dividends- _ _
$420,068
517,897
$314,936
540,662
$858,286
589,513
$256,034
619.319
Defic't
5225.726 sur$268,773
$97,829
$363,285
Consol. Surplusfor Years Ended- Jan. 27'34. Jan.28'33. Jan.30'32.
Previous earned surplus
$9,345,784 $9,861,013 $9,859,794
Net profit,fiscal year (as above)
420,068
858,286
314,935
Deprec at'on on increased values
alto en by appra'sals added back to
Prof4.s
200,020
256.727
194,022
Excess of par value over cost of preferred stock repurchased dur.ng
year
55.040
132,475
Total
$10.020,913 $10,502,446 $10,974,807
Divs, on cum. preferred stock
540,661
517,897
589.513
Preens, on pref. stock repurchased
during year
1,281
Excess of cost of invest. in controlled
co. over equity in its net tangible
assets
32.908
Transferred to appropr.ated surplus
368,800
523.000
616.000
Balance, end of year
$9.101.307 $9,345,784 59,861.014
Earned Surplus Appropriated
-
Transfers from earned surplus reprosent'ng par value of pref. stock repurchased
51,748.500 $1,132,500
Transfers dur:ng year
368,800
616.000
Balance, end of year
$609,500
523,000
$2,117,300 $1,748,500 51,132,500
Property Surplus
-
Balance, beg nn'ng of year
59.431,876 59,625.898 $9,882,626
Deprec. on increased value for the
year, transferred to earned surplus,
see above
256,727
194,022
200,020
Balance, end of year
Total surplus
Assets$
Land, bldgs., &c._27,860,926
Marketable secure.
21,958
Cash
1,731,954
Accts. receivable
3,040,347
Inventories
3,504,117
Due from emprees
12,649
Sundry debtors_ _ _
89,033
Fixed assets not
used
1,206,794
Other investments 109,334
Deferred charges
129,793
Total
39,231,855 $9,431,875 59,625.897
520,450,463 520.526,160 $20,619,411
Comparative Consolidated Balance Sheet.
Jan. 27'34. Jan,28'33.
Jan. 27'34. Jan. 28'33.
Liabilities$
8Si% pref. stock._ 7,882,700
a Common stock__ 2,500,000
Min, int. in cap.
stk. & surp. of
controlled co.. 173.673
Mortgage payable_ 5,076,000
Sitwell. credit bal. 162,245
Pref. diva. pay.... 128,094
564,100
455,480 Accounts payable_
313,749 Accr. salaries, &a. 508,448
101,365 Reserve for tax_ _ .. 110,000
Res,for insurance_
15.000
Res.for possible addit. assess. of
taxes-prior yrs. 138,183
Earned surplus__ 9,101,307
Earned surp. appropriated
2,117,300
Property surplus
9,231,855
28,990,175
44,516
2,304,280
2,978,109
2.815.549
14,712
103,967
37,706,906 38,121,903
Total
8,251,500
2,500,000
5.400.000
119,213
134,087
504,315
475,980
60,000
15,000
135,647
9,345,784
1,748,500
9,431,876
37.706.906 38.121,903
a Represented by 500,000 no par shares.
-V. 136. p. 3166.
Beauharnois Light, Heat & Power Co.
-Large Bond
Issue Offered in Canada.
-Dominion Securities Corp., Ltd.,
headed a syndicate which on Wednesday offered in Canada $15,000,000 1st mtge.sinking fund bonds,53.4%,series A
due Jan. 1 1973. This is the first large issue of corporation
Financial Chronicle
2400
bonds to be sold to the public in Canada since 1931. The
issue, offered at 953/ and int., to yield 5.79%, was heavily
oversubscribed.
The company, located about 25 miles west of Montreal, is one of the
largest hydro-electric projects ever undertaken in Canada. Started in
1929, the project involved the construction of a canal approximately 15
miles in length on the south side of the St. Lawrence River and the erection
of a large modern power house. The canal is so designed that it may be
used by the Government as a link in the St. Lawrence Deep Waterways
development.
At the present time the power house has an installed capacity of 200,000
h. p. Financial provisions have been made for additional installations to
raise capacity to 500,000 horsepower by the year 1938.
Long-time contracts have been made with the Hydro-Electric Power
Commission of Ontario and Montreal Light, Heat & Power Consolidated
for the total sale of 400,000 h. p. Delivery under these contracts started
on Oct. 1 1932. Additional power will be delivered to the Hydro-Electric
Power Commission of Ontario and Montreal Light, Heat & Power Consolidated in each year until the full amount of 400,000 h. p. becomes effective
on Oct. 1 1937.
The total interest requirements on the fisrt mortgage bonds is $2,200,000.
In the year ending Dec. 31 1935 the company will earn, under existing contract, $2,737.000. Although the total interest charge will not be earned
this year, sufficient cash to meet it has been provided.
The company has outstanding at the present time $40,000,000 of the
first mortgage sinking fund 5%% bonds, series A. $36.000,000 of second
mortgage bonds and 762,000 snares of capital stock. All the capital stock
and the second mortgage bonds are owned by Beauharnois Power Corp.,
Ltd.,and pledged as collateral for the collateral trust bonds ofthat company.
No additional money will result from the present offering. In connection with a reorganization which took place in May 1933, Montreal Light,
Heat & Power Consolidated acquired a substantial interest in the Beauharnois situation and plays an important part in its management. Montreal Light, Heat & Power Consolidated operates one of the largest public
utility systems in Canada.
Bangor & Aroostook RR.
-Annual Report for 1933.
Traffic Statistics Calendar Years.
1930.
1931.
1932.
1933.
Tons revenue freight._ 1,696,222 1,814,167 2,074,258 2,552,711
Ton miles,rev.freight- -231,791,264 240,968,177 269,946,104 326,765,300
322,864
224,841
Passengers carried
119,777
• 136,452
Pass. miles-revenue
5,770,459 9.356,367 13,291,174
6,664,010
Freigh trevenue
$5,364,738 $5,432,726 $6,183,950 $7,442,917
$553,018
$389,056
Passenger revenue
$224,032
$211,451
$12,124
Av.frt. rev. p. m.road..
$10,075
$8,851
$8,865
Income Account-Calendar Years.
1930.
1932.
1931.
1933.
Freight revenue
$5.364.739 $5,432,727 $6,183,950 $7,442,917
553,019
Passenger revenue
211.451
389.056
224,032
Mail, express, &c
369,821
229,321
255,119
312,194
Railway oper. revenue $5,805,512 $5,911,878 $6,885,200 $8,365,757
Maint. of way & struct_
1,395,497 1,434,512
902,177
996,876
Maint. of equipment.-996,080 1,110,199 1,321,099 1,503.103
Traffic
52,487
54,689
70,255
66,968
Transportation
1,997,747
1,289,201
1,447,857 1,750,800
General & miscellaneous
286,893
317,292
364,806
350,945
Transp. for invest. (Cr.)
395
325
2,828
3,036
Net oper.revenue_
$2,279,069 $1,985,290 $1,985,570
Tax accruals & uncollec518,723
501,210
597,247
Railway oper.income- $1,760,346 41,484,079 $1,388,323
Hire of equipment9,120
Other income
65,621
57,808
61,491
Gross income
$1,825,967 $1,541,888 $1,458,936
Interest on funded debt.
800,152
807,885
810.754
list, on unfunded debt_ 59
53
1,881
Miscellaneous charges_ _
32,177
32,446
23.072
Amort.ofdisc. on fd. dt.
85
Net income_ _
$993,576
$701,493
$623,133
Preferred dividend (7%)
243,600
243,600
243,600
Common dividend
283,584
496,272
283,584
Balance, surplus
$466,392
$174,309 def$116,739
Shs. corn. outst.tPar $50)
141.792
141,792
141.792
Earns. per sh, on com
$3.23
$5.29
$2.68
Balance Sheet Dec. 31.
$3,015.519
701,317
$2,314,202
26,400
112.807
$2.453,409
866,777
1,294
27,037
527
$1,557,762
243,600
500,239
$813,923
141,792
$9.27
1933.
1932.
1933.
1932.
r Assets-'."
,
..
Liabilities$
$
$
Invest, in road &
Preferred stock___ 3,480,000 3,480,000
equipment
34,743,664 35,041,971 Common stock_ _ _ 7,089,600 7,089,600
Miscell. physical
Prem. on cap. stk. 653,882
653,882
property
148,859
150,314 Funded debt
16,925,000 17,356,000
Invest. In affit. cos. 647,216
640,945 Traffic & car serv.
Other investments 250,000
102,188
bals. payable__
. 67,276
60,342
Cash
386,512
255,761 Accts.& wages pay 129,328
133,690
Special deposits_
350,802 Misc, accts. pay__
8,141
350,580
6,007
Loans & bills rec.
1,129
825 Int. mat'd unpaid_ 217,520
218,225
Traffic & car eery.
Divs. mat'd unp'd 133,060
132.577
bale. receivable_
301,054
111,367
221,484 Unmat. int. accr'd 106,054
Net bal. rec, from
Other cuff. Sahli_ _
17,831
9,171
agents & cond'ra
28,145
294
294
49,700 Deferred liabilities
MLsc. accts. receiv.
53,899
51,554 Tax liability
127,490
105,100
Matis dr supplies_ 831,999
427
748
886,757 Prem.on fund. dt_
Int. rec. accrued__
436
1,239 Accr. depr. equip_ 3,194,977 2,965,344
Other curr. assets_
2,817
37,462
38,769
1,881 Other unadj. creel_
Working fund adv.
234
409 Add'ns to Property
Other def'd assets_
49.651
through surplus_
379,729
379,368
15,879
Unadjusted debits 143,020
.
126,751 Profit and loss ... _ 5,373,269 5,155,641
Total
37,939,206 37,898,261
Total
37,939,206 37,898,281
-V. 138, p. 2239.
Barker Bros. Corp.
-Balance Sheet Dec. 31.'
Assets1933.
1932.
1933.
Liabilities1932.
a Fixed assets..._.$1,097,736 $1,243,007
% pref. stock _32,814,600 $2,814,600
Cash
557,878
476,325 b Common stock_ 3,295,444 3,295,444
Accts.receivable_ 2,942,846 3,710,973 Notes payable__
150,000
Inventories
1,849,512 1,527,099 Accounts payable_ 588,423
554,522
C Corn. stock held
Reserve for continsubsid. co
50,056
gencies
140,000
50,056
140,000
Misc. investments 754,081
733,962 Capital surplus_ .._ 2,302,650 2,302,650
Rental deposits_ __
20,000
20,000 Deficit
1,682,398 1,290,333
Deferred charges__
205,459
186,609
Good-will
1
1
Total
Total
$7,458,720 $7,966,883
$7,458,720 $7,966,883
a After depreciation of $1,252,441 in 1933 and $1,155,987 in 1932.
b Represented by 150,000 no par shares. e Consists of 1,551 shares at
cost.
Our usual comparatide income statement for the year ended Dec. 31
1933 was published in V. 138, p. 1400.
Best & Co., Inc.
-Earnings.
Years End. Jan.311932.
1931.
1933.
1934.
x Net income from sales$11,207,840 411,131,204 $13,822,324 $15,097,736
Costs and expenses
10,159,353 10,586,106 12,582.767 13,432,407
Deprec'n & amortiza'n
150,853
169,891
147,777
151,402
Federal, &c., taxes
230.000
162,058
68,355
185,112
Net profit
Preferred dividends-- Common dividends
$711,971
11,836
150,000
$328,965
12.755
150,000
$926,646 $1,265,438
19,580
19,152
600,000
600,000
Surplus
Shares coin, stock outstanding (no par)-...
Earnings per share
x Returns deducted.
$550,135
$166,210
$307,066
$686,286
300,000
a3.02
300.000
$4.15
310,000
$2.33
300,000
$1.05
April 7 1934
Condensed Balance Sheet Jan. 31.
1933.
AssetsLiabilities1934.
1933.
1934.
a Land, buildings,
Accounts payable. $267,005 3428,168
174,552
equipment, &c.$5,726,560 $5,848,990 Other accruals_ _
334,506
950,000
Good-will
1 Real estate mtge_ 950,000
1
197,200
Investments
6% pref.stock_ _
192.400
267,837
Prepayments, &c_
19,791 b Common stock_ 3,750,000 3,750,000
20,387
Expense funds in
38,816
Ftes've for coating.
8,424
hands of empl_
520 Earned surplus_ _ _ 4,295,153 3,754,593
Cash
1,051,849 1,070,628
Business secur. dePosits
6,488
Inventories
838.500
945,890
Accts. receivable
1,755,548 1,495,213
Supplies on hand
19,687
22,928
Total
$9,797,490 $9,293,329
a Less depreciation charges, &c.
P. 1400.
il
Total
$9,797,490 $9,293,329
b 300,000 no par shares.
-V. 138.
astian-Blessing Co.
-Removed from List.
he New York Curb
has removed from unlisd
the comnes
stockExchanf0-V. 138, P. 1
(no par
.400.
trading priv-
Berkshire Street Ry.-Earnings.1933.
$367,163
284,038
17,975
1932.
4438,437
387,625
22,368
1931.
$560,441
472,452
22,670
1930.
$650.745
542,451
29,547
Operating income....
Non-operating income
$65,150
675
$28,444
2,256
$65,319
2,734
$78,747
5,049
Gross income
x Deduct,from gross Inc
$65,825
292,146
$30,700
284,468
$68,052
290,044
$83,796
287,515
Calendar Years-
Operating revenues
Operating expenses
Tax accruals
$221.991
$253,768
$203,719
$226,322
Net deficit
x Deductions from gross income include $209,980 in 1933, $209,800 in
1931 and 009,980 in 1930. interest accruing to the N. Y.
1932, $209,980 in
N. H.& H. RR., but not included in the income account of that company.
Balance Sheet Dec. 31.
Liabilities1932.
1933.
$5,398,100
Capital stock
Invest. in road &
equipment
$493,243 31,983,894 Long-term debt- 1,457,000
40,356 Loans & notes pay. 3,333,000
90,856
Misc.physical prop
10,718
Misc. acccts. pay_
6,000
Other investments
Matured int., diva.
Deposits in lieu of
5,511
& rents unpaid_ 4,233,574
49.395
mtged.prop.sold
73,249 Matured funded
62,616
Cash
1,000
debt unpaid _ __ _
32,755
10,990
Special deposits
42,151 Accr. int., diva. &
5,264
Misc. accts. rec_
34,360
rents payable...
80,922
93,694
Mats.& supplies_ _
314
1,850
2,350 Deferred liabilities
Other cure, assets_
511 Tax liability &
5,378
Unadjusted debits
8,508
other reserves..
Accr. depreciation 114.975
2,481
0th. unadj. credits
13,774,744
Deficit
AMU--
1933.
$819.287 $2,261,699
Total
-V.138,9. 1041.
1932.
$5,398,100
1,467,000
3,333,000
17,310
4,045,358
1.000
34,560
306
9,339
224,240
3,448
12,271,962
$819,287 $2,261,699
Total
-Earnings.
Blauner's(Specialty Stores), Philadelphia.
(And Wholly Owned Subsidiaries.)
1932.
1933.
1934.
Years End. Jan.31$427,781
073,395
$213,892
Gross profit
105,642
116.901
119,928
Provision for depreciat'n
$322.139
$156,494
$93,964
Operating profit
69,311
39,337
30,630
Other income
$391,450
$195,831
*124,593
Total income
51,320
20,400
21,829
Prov. for Fed, inc. taxes
$340,130
$175,431
6102,763
Net profit
66,550
63,836
62.296
Preferred dividends- _ _
246,188
89,107
122,041
Common dirt. (cash)
Common dive. (stock).
$27,392
822,488
def$81,574
Balance, surplus
Shs. common stock out122 595
122.129
121,940
standing (no par)_ _
0.06
$0.91
$0.33
Earnings per share
1931.
$712,236
74,338
$637,898
93,588
$731,486
90,837
$640,649
73,494
251,604
19,429
$296,122
132,500
$4.28
Consolidated Balance Sheet Jan. 31.
1934.
Assets$927,870
Cash
Marketable secure. 315,069
221,691
Accts. receivable
174,309
Mdse. Inventory
Inv. in Blauner's
557,111
stock
Cash sure. val. life
54,564
Insurance policy
Bldg. impt., turn.
& fixt.. autos..
681,886
13.721
Sundry advances_
38,145
Deferred charges..
1934.
Liabilities1933.
$439,169
$973,632 Accts. payable
300,534 Outstanding cash
2,035
credits
215,667
45,251
123,386 Accrued expenses_
25,000
Res. for Fed. taxes
52,665
590,960 Dividends payable
Preferred stock_ 134,866
752,352
25,709 y Common stock_
Approp. surpl. for
31,091
pref. stock red
1,501,937
734,510 Surplus
39,609
40,830
1933.
$359,976
8,275
56,687
28,003
53.552
141.064
752,352
24,893
1,620,035
Total
$2,984,367 $3,044,838
Total
$2,984,367 $3,044,838
x Represented by 26,005 no par shares $3 cum, pref. stock in 1933 and
27,200 in 1932. y Represented by 132,644 no par shares In 1933 and
132,662 in 1932.-V. 136, p. 2427.
--Earnings.
Bloomingdale Bros., Inc.
1932.
1933.
1931.
1934.
Years End. Jan. 31$10,905,007 $19,202,933 $22,206,708 $22,155,408
Net sales
19,271,155 18.641,044 21,923,355 21,899,887
Costs and expenses
Net profit
Other income
$633,852
4,979
$561,889
6,117
$283,353
77,335
$255,521
Total income
Depreciation
Interest paid
Provision for Fed. taxes-
$638,831
276,595
3,120
40.000
$568,006
378,502
19,175
$360,688
333,972
23,447
8255.521
199,331
Net income
Preferred dividends....
$319,116
214,837
$170,328
221,053
$3,268
225,610
$56,190
225,610
sur$104,279
Deficit
1,808,564
Previous surplus
675,000
Appropriated surplus...
Disc, on pref. stock pur52,795
chased for redemption
Trans. out of excess in
reserve for conting_
$50,725
2,521,394
675,000
$222,342
2,743,735
675,000
8169.420
2,913,155
675,000
38,843
86,416
$2,640,638 $3,270,929 $3,196,394 $3,418,735
Total surplus
Losses incurred in coon.
156,364
with instal. sects
631,000
Store fist. written down_
$2,640,639 $2,483,564 x$3,196,394 43,418,735
Total surplus
Earns, per sh.on 300,000
Nil
Nil
Bil
$0.35
shs.com.stock (no par)
x Including $777.000 representing the par value of preferred stock
reacquired.
Financial Chronicle
Volume 138
Balance Sheet Jan. 31.
1934.
1934.
1933.
1933.
Assets3
$
$
$
Rldgs..stores,tixts.
Preferred stock_ __ 2,891,700 3,136,900
.3. delivery equip. 5,289,281 5,485,819 x Common stock__ 3,600,000 3,600.000
Cash
483,912
700,921 Accounts payable_ 606,779
464,129
Custom's' accts. at
Accrued salaries &
notes receivable 1,855,006 1,710,401
86,259
159,994
expenses
Misc. accts. rec___
32,752
71,888
98,538 Sundry creditors
Inventories
2.101,187 1,680,624 Res.for Federal tax
40,000
Miscell.invest__
54.983
184,117
50,605
118.210 Divs. payable_ _
Prepaid expenses_ 102,079
78,112 Contingency res__
25,000
25.000
Good will
1
675.000
1 Approp. surplus__ 675,000
Earned surplus... 1,965,638 1,808,564
Total
10,047,470 9,870,628
10,047,470 9,870.628
Total
x Represented by 300.000 shares of no par stock.
-V. 138. P. 2240.
-N-Boston & Albany RR.
-'--Removed from List.
The New York Curb Exchange as removed from unlisteclirading privileges the capital stock (par 11061.-V. 138. p. 1739.
Boston &
Maine RR.
-Notes Authorized.
The I.
-S. C. Commission on March 28 authorized the company to issue
$2,230,000 4% registered serial collateral notes to aid in the financing of
proposed maintenance.
The supplemental report of the Commission states in part:
Our order of March 9 1934, in this proceeding authorized the B. & M.
to issue $910,000 4% registered serial collateral notes to aid in financing
certain railroad maintenance, but action was deferred with respect to the
issue of $2.230,000 of notes in financing the purchase and installation of
30,000 tons of new rail which we approved. The applicant has arranged
with the Federal Emergency Administration of Public Works for aid to
an amount not in excess of $2,230,000 for new rail and the necessary
appurtenances and to obtain the requisite funds, it proposes to issue a like
amount of notes.
Notes to the amount of not exceeding $2,230,000 are to be issued pursuant to an agreement dated March 13 1934. between the applicant and the
United States of America, represented by the PWA Administrator. The
agreement provides that the Government will advance from time to time
to the applicant funds as shown to be required for the proposed maintenance.
but not exceeding a total of $2,230,000. It also provides for assigning,
subject to our authorization and to the terms of the agreement dated
March 11934. as collateral security for the notes, the applicant's equity in
$2,000,000 of series KK 5% and $11,450,000 of series LL 6% first mortgage
gold bonds, which are the same bonds pledged as collateral for a loan from
the Reconstruction Finance Corporation. It is further provided that the
agreement may be supplemented later by a trust indenture with a trustee
providing for exchanging notes of life tenor and amount for outstanding
notes issued under the agreement. Provision is also made for the substitution, under certain conditions, of other collateral for that to be pledged.
The notes will be dated as of the day of payment against which they are
delivered, will be in the denoms of $1,000, and multiples thereof, will bear
Interest from and after one year after date at the rate of 4% per annum,
payable semi-annually on March 15 and Sept. 15, and will mature
semiannual installments of $124,000 beginning Sept. 15 1935, andin
ending
March 15 1943, and in two instalments of $123,000 each on Sept. 15 1943
and March 15 1944. respectively. They will be subject to redemption at
the option of the applicant on any interest date as a whole, or in part in
the inverse order of their maturity, at par and accrued interest, it being
provided that notes of any one maturity must be redeemed as a whole and
not in part.
-V. 138, p. 2240.
Boston Personal Property Trust.
-Earnings.
-
12 Months Ended- Afar. 15'34. Afar. 15'33. Mar. 15 '32.Mar.
16'31.
Income received during
Year
$189,918
$206,900
$309.344
$343,540
Commissions, expense &
interest
13,283
12.907
18,910
20.989
Taxes
16,847
13,347
11.647
8.992
Dividends
166,950
x221,731
260.860
260,860
Surplus Inc. for year
def37,163 def$41.085
$17,928
$52,699
Being on the basis of dividends paid, the dividend of March 30
1932.
$65,215, is included. If stated on the basis of dividends declared during
the year, there would be a surplus instead of a deficit.
Taxes on capital gains during 12 months ended March 15 1932 were
33,327.
Balance Sheet March 15.
Assets1934.
Liabilities1933.
1934.
1933.
U. S. securities.
$97,812 Capital & surplus_34,488,608 14.885,886
Real estate sec_ _ _ $417,628
417,628 Accrued dividend
Public utility sec_ _ 1,085,444 1,248,619
expense & taxes.
49,964
46,227
Railroad sec
962,820 1,277,372
Industrial sec.-- 1,850.530 1,628,392
Miscell. sec
203,924
157,963
Sundry sec
1
1
Cash
64,185
58,365
Total
$4,538,573 $4,932,113
Total
$4,538,573 $4,932.113
Feb. 28 1934, appraisal value of fund 33.690,50314.15 per share.
-V. 138. p. 329.
J.) Brach & Sons.
-Removed from List.
The New York Curb Exchangalias removed from unlis2 trading privileges the common stock (no par)
.-V.137. P. 142.
Briggs Mfg. Co.
-Stock Options to Employees.
-
The compmany has notified the New York Stock Exchange of
ing of options to certain employees to purchase a total of 15.000the grantshares of
stock at 810 per share,such options to expire Dec.311934.-V. 138, 152.
P.
Brooklyn Borough Gas Co.
-56.e. Extra Dividend.
-
The directors recently declared an extra participating dividend of
50
cents per share, the usual extra dividend of 6X' cents per share and the
regular quarterly dividend of 75 cents per share on the 6% cum. and pantie
pref. stock, par $50, all payable April 2 to holders of record March 21.
An
extra distribution of 63i cents per share was made on this issue
quarter
from July 1927 to and incl. January 1934, while in April 1932 each 1933 an
and
extra participating dividend of 50 cents per share was also paid.
The directors also declared the regular quarterly dividendl of $1.50 per
share on the no par value common stock, payable April 10 to holders of
record March 31. Quarterly payments at this rate have been made on the
junior stock since and incl. April 1927. In January 1932. 1933 and 1934.
an extra disbursement of $6 per share was also made. [The extra payment
of $6 per share made on Jan. 10 1932 had been the last extra mentioned
previously on the common stock.]
-V. 138, p. 2079.
(Edward G.) Budd Mfg. Co.
-Shipments Up.
-
More all-steel automobile bodies were shipped by the company in FebruarY and March than in the corresponding months of any year since 192i),
the company announced. Shipments of bodies and body parts totaled
1.868 freight carloads, compared with 425 carloads in February and
March of last year and 590 carloads in the same months of 1932.
The increased production is due to a.general revival in the automobile
business and to a larger number of models with all-steel bodies, the announcement added.
-V. 138, p. 1402.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
2401
Buffalo Insurance Co.
-Balance Sheet Jan. 1 1934.Assets
Liabilities
Bonds and mortgages
82,062.699
$560,110 Reserve premium fund
Real estate
1,565,574 Reserve for unpaid losses.... 180,514
Govt., city, county dr State
Reserve for accrued taxes and
bonds
1,075,000
special reserves
2,042,789
Railroad & corporation bonds_
Reserve for Missouri impound.
Railroad & corporation stocks. 196,297
116,989
premiums
Accrued interest and rents_ _
138,857
40,731 Contingency reserve
Due from agents and re-insur. 1,000,000
Cash capital
ance companies
1,830,627
380,411 Net surplus
Prems. impounded in Missouri
rate case
116,989
Cash on hand and in various
banks
632,934
Total
-V.137, p.4532.
$6,384,686
88,384.686
Total
-"Surdine's, Inc.
-Resumes Preferred Dividend.
A dividend of$1 per share has been declared on the $2.40 cum. pref.stock,
no par value, payable April 16. The last quarterly distribution, amounting
to 50 cents per share, was made on this issue on Jan. 15 1932; none since.
Regular quarterly payments of 50 cents per share had also been made from
April 15 1929 to and incl. April 1 1930.
Dividends on the pref. stock were cumulative at the rate of $2 per share
per annum fron Jan. 1 1929 to and incl. Dec. 31 1931 and are now cumulative at the rate of $2.40 per share per annum from Jan. 1 1932 to and incl.
Dec. 31 1934 and at the rate of $2.80 per share per annum from and after
Jan. 1 1935. In the event of the declaration of any dividends on the common, dividends on and after such date of declaration shall then be cumulative at the rate of $2.80 per snare per annum.
-V. 137. p. 4701.
Bush Terminal Buildings Co.
-New President.
At the annual meeting of this company, a subsidiary of the Bush Terminal Co.. held April 2, Irving T. Bush, President and a director was not
re-elected. E. T. Bedford was made President and a director of the Bush
Terminal Building Co., one of the principal subsidiaries, succeeding Mr.
Bush. The equity receivers for the parent company voted the stock held
by the parent company in these subisidiaries, which are not in receivership
for the election of a new board of directors.
In addition to Mr. Bedford, the other directors elected to the board of
the Bush Terminal Building Co., include the receivers for the parent
company. C. Walter Randall Jr. and James C. Van Siclen. The others are
Charles A. Gorman and Cl. L. Jones. Mr. Gorman also was elected VicePresident. Mr. Bush, Russell E. Sand and H. S. McKinney were not reelected.
Mr. Bush remains nominally President and Chairman of the Bush Terminal Co. In view of the fact that this company is in equity receivership,
its affairs are controlled entirely by the receivers who were appointed by
the Court. No annual meeting of the parent company was held as a result
of the Court action.
-V. 137, p. 4364.
(The) Calgary & Edmonton Corp., Ltd.
-Production.
Production and royalties from producing wells on the corporation's
land in February 1934 amounted to 27,620 barrels, with a royalty of $12,092,
against 15,965 barrels with a royalty of 16.324 in February 1933.
It was announced that the 0 & E. Longview Well No. 1 was drilling at
5.107 feet in the Dalhousie Sands on March 28. Associated Royalties Well
No. 1 was drilling at 3.810 feet on March 24. Applications for new leases
in Pekisko and Cardston districts and South of Turner Valley are under
consideration, it was added.
-V. 138, P. 1749.
-Earnings.
Calumet & South Chicago Ry. Co.
Years Ended Jan.31
1934.
Co.'s propor. of 40% of
Chicago Surface Lines
residue receipts, pursuant to unification or
dinance & operating
agree.
.representing int.
on capital
$591.453
Other income
16,814
1933.
1932.
1931.
3590.940
17,727
$590,355
def12,266
$590,045
def37,737
Total income
Interest on bonds
$608,267
248,940
5608.667
248.940
$578,089
248,940
$552,308
262.770
Net income
Previous surplus
$3359,327
3,275.368
3359.727
2,915,642
$329.149
2.586,493
$289,538
2.296.955
Surplus at Jan. 31--- - $3,634,695 $3,275,369 $2,915,642 $2,586,493
Percentage of net inc. to
cap. stk. at par
2.90%
3.29%
3.59%
3.60%
-V.136. p.2603.
Canadian Goodrich Co., Ltd.
-Earnings.
Calendar Years1933.
Trading profit
$223,832
Net reduc. in prov. for loss on exch
Inc.from int. prof. on sales ofsec.,&c.
,
21,304
1931.
1932.
$214,965 loss$51,863
101.485
Total
Interest on loans
Interest on first mortgage bonds
Provision for int. on income bond,..
Provision for reduction of commitments to market value
Provision for loss on exchange
Provision for deprechtion
$316,450 loss$51,863
64,509
66.377
13.745
13.083
73.402
73.402
188,989
195.859
22.754
351,689
220.386
197.683
Net loss for the year
AssetsCash in banks and
on hand
Accts. & notes rec_
Inventories, valued
at the lower of
cost or market_
Invest. (at cost)_ _
Dom.of Can. bds_
Land, bldgs. and
equipment
nerd charges, prepaid insurance,
taxes, &c
1245.135
68.150
12,278
73,402
434.946
$800,216
4,543
Consolidated Balance Sheet Dec. 31.
1933.
Liabilities1932.
1933.
Accts. payable__ 5310.640
166.667
$343,208 $748,299 Accr. int, on loan_
436,273 L'n from assoc. co. 1.500,000
423,880
Reserves for reduc.
of commitments
892,650
696,985
to mkt. val. and
19,832
19,085 for accumulated
473,500
bond int., &c___ y256,907
Res. for contIng_ 258.439
1,822,102 1,985,116 Bonded todebr nem) 1,209,000
x Capital stock... 2,147,125
64,111
Capital surplus_ _ _
1,927,539
16,101 Deficit
10,178
1932,
3253,365
120,612
1,696,113
216,889
1,233,500
x2,147,125
64,111
1,829,856
Total
$3,985,350 $3.901,859
Total
$3.985,350 33,901,859
x Represented by 85,885 no par shares. ly Reserve for accumulated
interest only.
-V,137,p. 1583.
""Canadian Industrial Alcohol Co., Ltd.-Recapitaliza'n.
The stockholders at a special meeting to be held on April 19 will consider
a proposed change in the capital structure. It is proposed to give one ordinary share and one new preferred share in exchange for each two shares of
either class A or B stock held, the preferred shares to be repurchasable in
the open market up to 424 a share and entitled to a preferential dividend of
$1.50 a year, non-cumulative.
-V. 138. p. 1234.
Canadian Pacific Lines in Maine.-Earnings.
FebruaryGross from railway__ _
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1934.
$236,976
47,468
17.868
1933.
$197,008
62.918
34,104
1932.
$212,938
41,244
8.758
1931.
$268.247
77.123
40,596
459,790
106,409
47.483
385.693
115.225
57,071
446,472
110,248
46.511
514,662
97.291
25.022
Financial Chronicle
2402
Earninos for Fourth Week of March.
1933.
1934.
$4,878,096 $4,095,969
Canadian National Fty. (System)
.-Annual Report.
Income Account Years Ended Dec. 31 (Inchodhug, &Went Lines).
1931.
1932.
1933.
Retenue-$
$
$
Freight
112,319,218 120.715,008 148,951,631
Passenger
15,032,432 17,258,919 23.199,737
Express
9,051.421 11,027,248
8,029,515
Mail
3.408,669 . 3.731.562
3,231.654
Other
9.906,923 10,669,569 13,594.971
Total
148,519,742 161,103,594 200,505,162
• Expenses
Maintenance of way and structures
30,381,972 30.130,325 42.256,229
Maintenance of equipment
30.610.987 32,216,989 43,746,870
7.529,481
Traffic
5,703,493
5,006.239
Transportation
68,540,471 78,029,131 95,852,140
1,851,630
Miscellaneous operations
1.188,391
1,000,502
9,065,210
General
8,157,544
7.569,753
988,564
Transportation for investment.-Cr_ 217,713
297,365
Total
•
Net revenue from ry. operations
Railway tax accruals
Uncollectible railway revenues
142,812.560 155,208.161 199,312,995
1,192,167
5,895,433
5,707.18.3
5,774,074
5,204,948
5,270,248
44,511
141,062
106.271
Railway operating income
Revenues from hotel operations
Expenses of hotel operations
Taxes on hotel property
330,664
1,804,066
1,846,115
130.924
549,421
2.360.929
2,290,538
129.873
x4,626,419
2,951.630
3,028,290
116.650
Gross income
172,974
59,482
193,310
86,675
232.491
1,620
98,165
1,542,352
49.940
1,083.071
89,280
191,009
1.388,340
223,127
1.064,734
100.000
1,245,321
161.584
224.156
360
139.616
1.533,076
47,442
1,029.914
116,088
161,654
1,265.104
504,439
1,069,423
100,000
3,053,649
210,630
250,661
349
238.731
1.569,718
39,012
1,057,624
124,648
600.497
1,255,900
3,028,670
1,106.732
100,000
1,110,970
7,396,127
9.406,511
9,896,451
5,874,416
Hire of freight cars
-debit balance
515,149
Rent for locomotives
35,189
Rent for passenger-train cars
187,483
Rent for floating equipment
1,590
Rent for work equipment
7,646
Join,facility rents
2,264,868
Rent for leased roads
1.351,788
Miscellaneous rents
646,994
Miscellaneous tax accruals
156,743
Separately operated properties
-loss. 1,163,204
Interest on unfunded debt
221,972
Amortiz. of discount on funded debt867,498
Miscellaneous income charges
3,601,755
Miscellaneous appropriations of inc
84,223
Net deficit before interest
3,552,285
Interest due public on long-term debt 56.465.427
Net deficit before interest on Government loans
60,017,713
Int. on Dominion Govt.loans
36,034,141
Net deficit
96,051,854
x Loss.
453.878
693,381
41,449
32,045
315.619
270,368
13,616
5,388
39,049
10,625
2,097,901
2,294.995
1,328,621
1,350,197
309,744
724,168
126,549
113,773
1,654,747
1,805,340
1,362,972
467,189
852.966
907.515
2,105,380
5,559,594
77.249
80.827
5,282,649
4,041,640
56,965.278 55,587,145
61,006,919
35,525,540
96,532,459
60,869,794
32,643,624
93,513,419
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1933.
1932.
$
Assets$
$
$
Invest. Inroad & equip_..2.134,556,443 2,136,895,346 2,137,388,433 2,111,519,813
Impr. on leased ry. prop_
3,464,459
3,684,472
3,532,070
3,627.302
Sinking funds
19.134,345
19,851,491
19.708,598
21,686,193
Deposits in lieu of mort4,898,847
4,954,224
5,617,557
gaged property sold_ _ _
5,014,082
57,178,042
Miscell. physical property 60,831,402
59,650,506
60,410,641
Invest. in affiliated cos_ _
31,879,426
29,045,428
28,094,692
26,723.552
2,705,562
2,291,378
2,301,088
2,744,245
Other investment at cost_
12,338,890
14,481.436
Cash
9,120,265
7,644,258
6.528,976
6,505,523
Special deposits
6,298,655
6.479.093
Loans & bills rec.
210,000
Traffic & car service bal833,261
1,369.898
ance receivable
627,878
889,676
Net balance receiv. from
4,705,254
3,427,483
4,277,767
agents & conductors...
3,254,760
7,601.571
6,350,418
7,190,868
Miscell. accts. receivable_
4,724,760
Dom. Govt. oper. def'd
2,394,906
1,888,872
on East. lines
887,075
13,257,697
34,565,179
39,961,850
42,088.695
Materials and supplies... 28,542,598
822,241
825,495
871,721
Interest & div. receivable
582,455
53,944
53,974
152,478
Rents receivable
55,086
543,092
880,644
801.252
Other current assets
514,223
192,161
263,067
360,921
Working fund advanced
220.481
11,125,973
11,653,924
11308,581
10,583,738
Insurance, he., funds
19,606
Other funds
17,506
8,392,497
9,454,900
7,136,882
Other deterred assets_ _ _
.
7.322,576
Rents and Instil% premium
235,915
216.690
301,831
220,454
paid In advance
189,620
189,620
189,620
189,620
Discount on capital stock
16,309,412
12,943,599
14,481,197
15,396,007
Discount on funded debt_
5,416,372
4,418,119
3.918,918
4,018,989
Other unadjusted debits_
748.412,636 763,765,143 669,692.327 579,755.822
.
Profit and loss deficit_
3,114,425,507 3,119,751,478 3,043,784.988 2,924,446,560
Total
Liabilities
270,220,964 270,221.124
270,213,564 270,213,564
Capital stock
10,600
10,600
.
Stock liability for cony_
17,153,638
17,406,770
17,026,667
Grants in aid construct'n. 17,536,948
Fund, debt held by public1,255,302,155 1,264,517.167 1,276.457,207 1,168,565,863
Dominion Canada sect_ _1,086,171,004 1,084,653,588 1,363,788,593 1,330,006,076
Dorn. of Canada expense
404,378,682 405.170,074
for Canad. Govt. rys
55,653,542
35,008,251
820,673
743,016
Loans and bills payable
Traffic & car service bal3,593,249
2,961,806
2,561,446
2,026,993
ances payable
14,041,300
17,440,134
9,544,898
11,683,362
Aud. accts. & wages pay_
2,433,523
2,584,631
2,105,418
1,984,635
Miscell. accounts payable
7,884,301
7,866,496
8,907,858
Interest matured unpaid_
9,552,665
24,097
28,960
111,230
Fund, debt, mat. unpaid.
16,334
11,213,285
9,298,594
11.052,420
Unmatured int. accrued_
10,962,655
385,059
379,354
402,250
TJnmatured rents accrued
399,724
114,484
154,429
774,576
Other current liabilities
815,961
4.565,358
5,004,355
4,587,819
Other deferred liabilities_
3,789,946
2347,191
2,477,299
2,574,406
1,888,524
Tax liability
11,110.836
10,568,401
11,408,581
Insur. & casualty reserve. 11,653,924
2,662,300
2,681,497
2.717,264
Accrued depree.-Rd
2,755,639
12,199,864
12,984,206
11,123,178
13,918,340
Accrued deprec.-Equip_
1.229.799
1,297,284
1,138,977
Accrued deprec -MLsc
1,378,500
3,138,183
2,827,899
2,543,993
Other unadjusted credits_
2,160,646
Additional to prop. thru
681,871682,428
659,852
645,018
income and surplus_
Funded debt retired thru
587,465
587,465
587,465
income and surplus_ _ _ _
587,466
915,952
840,609
997,626
Sinking fund reserve.... _
1,079,379
2,666,379
2.553,914
2,501,607
Appropriated surplus
2,743,574
Total
3,114,425,507 3,119,751,478.3,043,784,988 2,924,446,560
Increase.
$782,127
Gross earnings
-V. 138, p. 2241.
Canadian Pacific Lines in Vermont.-Earnings.
FebruaryGross from railway...,.Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1934.
$65,564
def31,945
def53,676
1933
$55,288
def24,963
def47,138
1932.
$74.276
def28,933
def54,220
1931.
$100,098
def18,360
def46,261
148,980
def45,027
def87.885
112,944
def51,138
def97,993
175,493
def35,653
def87,935
218.477
def31,021
def92,226
1933.
$2,602,000
Increase.
$467,000
Canadian Pacific Ry.-Earnings:1934.
53,269.000
Fourth Week of MarchGross earnings
-V. 138, p. 2241.
-Balance
Central Fire Insurance Co. of Baltimore.
Sheet Dec. 31.LiabtlUtes1932.
1933.
1932.
Assets1933.
Stocks and bonds $1,971,097 81,739,515 Losses unpaid... $152,939 $158,398
Premium reserve__ 1,051,726 1,148,022
Mortgage loans on
387,695 Dens. reclaim, on
real estate
308.210
4,751
perpet'l policies_
18,805
17,016
Accrued interest
450,000 Reserve for taxes
Real estate invest_
505.608
35,012
51,725
and expenses_ __
363,457
Cash
430,248
10,000
Res for dividends_
Premiums due & in
156,612 Contingency res've 193,339
course of collect. 168,592
1,000,000 1,000,000
Capital
Reinsur. claims on
953.308
760,455
554 Surplus
losses paid
2.266
10,694,146
7,553,817
Net inc.-deficit from hotel oper
Rent from locomotives
Rent from passenger-train cars
Rent from floating equipment
Rent from work equipment
Joint facility rent income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-transportl'n prop.
Dividend income
Income from funded securities
Income from unfunded secur. & accts
Income from sink. & other res. funds
Contributions from others
Miscellaneous income
April 7 1934
Total
83,403,036 33,116,639
-V.136, p. 1890.
Total
83,403,036 83,116,639
-Earnings.
Central Illinois Light Co.
IA Subsidiary of Commonwealth & Southern Corp.]
.
-Month-1933
1934
Period End,Feb.28$613,632
$657.271
Gross earnings
Oper. exps., incl. maint.
274,826
330,408
and taxes
75,785
70,193
Fixed charges
51,175
51,508
Prov.for retire. reserve_
Net income
Divs, on pref. stock.....
$205,16
0
58,159
$211,845
57.717
1934-12 Mos.-1933.
$6,660,063 $6,655,678
3,427,762
860,814
615,166
3,143.467
909,423
614.500
$1,756,319
693.639
$1,988,287
692,609
$154,128 $1.062,680 $1,295,678
$147,001
Balance
Note.
-The effective date of acquisition of stock of Illinois Power Co.
was May 1 1933. and for comparative purposes the above figures reflect
combined results of operation for all periods shown, with fixed charges on
funded dent and dividends on preferred stock for periods prior to that date
-V.137. p.683.
computed on the basis of annual requirements at that date.
-Removed from List 47
entral Illinois Publilervice Co.
as removed from unlisted trading prige
The New York Curb Exchan
-V. 138. P. 1915.
ileges the $6 preferred stock (no par).
Co.-Removed from List
----Central Indiana Powe5h
The New York Curb Exchange as removed from unlisted trad
ileges the 7% preferred stock (par $100). V. 136, p. 2972.
•
priv-
-Earns.
-Output Increased.
Central Maine Power Co.
President Walter S. Wyman on April 3 reported that, on account of the
extreme depression in the first three months of 1933, the first quarter of this
year made a good showing in comparison with that period, electric output
having been 115,946,000 kwh., against 81.825,000 kwh. a year ago, an
increase of 41.7%. This excess electricity was sold mostly to large power
users and had little effect on earnings.
In the 12 months ended on Feb. 28 power output rose each month since
April, while earnings increased every month since June. Decreases in
operating income amounting to $141,831 were recorded from March through
June, compared with the year before, and aggregate increases of $215,667
were recorded from July through February.
Operating income for the 12 months was $5,857.738 against $5,783,902
in the preceding year. Net operating income, after depreciation, taxes
and expenses. was $3,096,983; total income was $3,134,856 and net income
was $1,318,233. After preferred dividends a balance of $20,460 remained.
but provision of $101.134 for logs of cash in closed banks resulted in a draft
of $80,674 on surplus for the period -V. 138, p. 325.
-Earnings.
Centrifugal Pipe Corp.(& Subs.).
Calendar YearsRoyalties
Other income
1933.
$358.66
0
17,609
1932.
$226,971
23.255
1931.
$409,360
30.041
1930.
$654,425
28,442
Total income
Expenses,&c
Federal tax
Loss on sec. sold
$376,269
85.391
$250,226
f 69,142
1 2,038
6.913
$439,401
100,403
15,703
$682.867
105.697
36.013
$290,877
117,714
$172,133
259,744
x$323,295
259,744
4541.157
259,745
Profit before providing
for amort.of patents
Dividends
$63,551
$281,412
$173,163 def$87,611
Surplus
Shares common stock
433,084
433,084
433.084
outstanding (no par)
433,094
$0.40
$0.79
$0.67
$1.25
Earnings per share
x Also before providing for deprec. to market value of invest. securities.
Balance Sheet Dec. 31 1933 (Not Consolidated).
LiabillliesAssets
$707,721 Capital stock
Patents & patent rights
x$2,165,420
Reserve for fluctuations of marInv. in Intl. De Lavaud Mfg.
ket value of invest. secur___
2,771,892
Corp., Ltd
115,681
53,620 Accounts payable
Inv. & advances to sub.
5,386
937 Federal taxes accrued
Treasury stock (cost)
7,888
Inv. In marketable secs. (cost) 268,330 Capital surplus
y1,806,360
27,159
Cash in banks
56.208
Royalties receivable
14,867
Current commissions receivable
Total
83,900,736
Total
$3,900,738
x Authorized: 525,000 shares of no par value; issued and outstanding:
433,084 shares, 510.070,665. Deduc -reduction of capital authorized by
stockholders to a value of $5 per share, $7.905,245. y After deducting
deficit as at Dec. 31 1933 of $3.678,667.--V. 138. P. 686.
Central Railroad Co. of New Jersey.
-Annual Report
Year Ended Dec. 31 1933. --Charles H. Ewing, President,
says in part:
General Remarks.-OperatIng ratios for the past 5 years wore as follows:
1929, 72.62%; 1930, 73.74%; 1931, 74.67%; 1932, 73.07%; 1933, 71.71%.
Financial.
-During 1933 a total of $1,457,500 of the outstanding equipment trust certificates were retired. The balance of this class of debt.
now outstanding, will mature serially each year and be fully retired by
Aug. 1 1941.
Railroad Credit Corporation. In compliance with the requirements of the
"Marshalling and Distributing Plan" the company collected and turned
over to the Railroad Credit Corporation $979.541, representing_ increased
freight rates, covering period Jan. 4 1932 to March 31 1933. During the
year 1933 4 distributions totaling $97,954 were made to this company by
that Corporation. This amount was applied as a credit to a loan of $500.000
the company secured in 1933 from the Railroad Credit Corporation, thus
reducing said loan to $402,046 as of Dec. 311933.
Financial Chronicle
Volume 138
Traffic Statistics for Calendar Years.
Revenue Freight1933.
1932.
1931.
1930.
Total revenue freight.-- 20,253,865 20,813.670 28,652,719 35,849.825
Tons carried one mile.__1510973 865 1548584,742 1936541,455 2547700.596
Revenue per ton per mile 1.399 cts. 1.478 cts. 1.549 ctn. 1.567 cts.
Passengers carried
16.108,372 18,703,829 22.488.670 27,311.717
Pass. carried one mile-337.297.092 379,663,655 419,694,846 472.280,819
Rev, per pass. per mile-- 1.242 cts. 1.334 cts. 1.541 eta. 1.710 cts.
Combined Operating Account .for Calendar Years. •
Operating Revenue1933.
1932.
1931.
1930.
Merchandise810.820,213 $12,104,999 S17,786.080 $24,101,698
Bituminous coal
2,432,000 2,571,000 2,962,600 3.679,700
Anthracite coal
7.889.000 8,207,000 9,251,000 12,142,900
Passenger
4.189,035 5,066,452 6,467.167 8,074.892
Express and mail
611,994
763,371
1,073.969
1,390,498
Water line
249.059
291.969
311,372
365.849
Water transfer
396,737
422.890
416.838
406,150
Incidental
682,503
790,966 1,012.740
1,376.257
Miscellaneous
130,788
138,822
160,085
215.879
Total
$27,401,329 330.357.469 $39,441,831 $51,753,823
Operating Expenses
Maintenance of way,&c. 81,825.578 $2,306,481 $3,754,016 $4,958.726
Maintenance of equip__ _ 5.098,950 5,768,363 7,355,145 10.799,653
Transportation expenses 10,969,223 12,182.201 16,065,816 19,845.774
Traffic expenses
511.803
604,440
703,431
713.346
General expenses
1,097,277 1,140,202 1,325.610
1,540.382
Miscell. operations
146,242
310,530
181,514
248,169
Transp.for inv.-Cr_ __ _
483
509
760
1,160
Total
819.648,591 $22,182,692 $29,451,426 $38,167,251
Net revenue
7,752,738 8,174,777 9,990.406 13.586.572
Railway tax accruals
4,500,328 4,857,581
4,759.326 5,038,952
Uncollectible revenue....
3,406
9,939
2,713
5.483
Hire of equipment
910.733
689,472
823,655
1,147,476
Joint facility rents
110,487
179.929
242,053
84,503
Net oper. Income--- $2,253,768 $2,507,298 84,224,783 $7,152,607
Non-Operating Income
Miscall, rent income_ _ _ _ $324.794
$359,311
$385,128
8333.778
Non-oper. phys. prop.- _168,106
249.253
238,128
221.317
Dividend income
222.302
216,941
318.377
278,757
Income from funded sec _
373.746
375.436
456.183
515.289
Inc. from unfunded sec_
37,762
81,675
182,952
129,564
Release of premium on
funded debt
1,231
1,231
1,231
1,291
Miscellaneous
68,265
68,763
310,257
102,065
Gross income
$3.449,971 $4.101,402 85.875.543 38.734,667
Rent for leased roads.. _ _ 2,384,794 2,379,907 2,379,237 2,383,506
Miscellaneous rents- 355,019
353,944
355,662
324,013
Miscall, tax accruals_ _ _
344.480
342.670
405,602
311,307
Int. on funded debt_ _ _ 2,648,877 2.702.554 2,776,388 2,812.932
Int. on unfunded debt
13,262
70,502
9,674
22,940
Maintenance of investment organization__ _
204
1,229
1,392
Miscall, income charges_
13,278
15,054
12,438
13,360
Income applicable to
sink.fund..&c.,res.fd
19,044
17.738
13,484
9,448
Net income
loss$2,328,782loss$1845821
$17.842 $2,824.404
Dividends paid
(4%)1097472(12)3292.416
Balance, deficit
8468.012
Shares of capital stock $2,328,782 $1,845,821 $1.079,630
outstanding (par $100)
274,368
274.368
274,368
274.368
Earns. per sh.on corn__ _
Nil
Nil
$10.29
$0.06
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets$
Liabilities3
8
Road & equip_ _161,659,393
stock__ 27,436,800
Imp,leased rys_ 13,983,741 163,994,296 Capitalbonds-- _y54,426,000 27,436,800
14,007,563 Mtge.
55.883,500
Inv.in affil. cos.:
RFC notes
188,801
Stocks
5.293,293 5,293,293 Non-negot. debt
Bonds
2,060,000 2,060,000 to sail. cos_
402,046
Advances_._ 5,860,221 2,716,504 Int., dividends.
Notes
240,000
240.000 &c., due
917.921
917.716
Otherinvestmls 5,898,389 6,486,431 Accts. & wages_ 1.669.554 1,866,388
Misc. phys. prop 3,507,211 3,510,142 Traffic, &c., bal. 1,069,902
905.555
Sees. unpledged 1.074,000 1,074,000 Miscall. accts._
21,167
21,167
Cash
2,561,948 1,783,902 Interest & rents
Special deposits_
330.729
419.065 accrued
92,138
113,829
Traffic, dtc., bal.
726,743
814,929 Taxes
4.787,157 2,433,781
Misc. accounts- 1,119.624
967.670 Prem,on funded
Loans& bills rec.
3,959
9,845
1,372 debt
11.076
Agts.& conduct.
321,709
283,144
264,906 Deferred accts._
284,799
Mat'ls & suppl's 1.758,889 1.966,542 1/nadj. accounts
33,009
34,963
Int. & diva. rec.
140,084
143,140 Insur.& cas. res.
437.476
407,193
Ins., &c.,funds_
466,860
436.577 Corporate surp_x67,498,302 67,594,087
Oth.unadj.accts. 2,032,392 4,718,822 Accrd. deprec 31,336.881 31,284,962
0th. def. assets351,539
344,454 Profit and loss 18,969,382 21,858.993
Total
209,390,721 211,243,610 Total
209,390,721 211.243,610
x As follows in 1933: Additions to property through income and surplus;
(1) investment in road and equipment, S55,636,385: (2) improvements on
leaseu property. $11,856,840: (3) investment in miscellaneous physical
property, $5,076. y Includes (a) equipment obligations in company's
treasury, $15,000, with public. $4,413.800•(b) general mortgage 5% bonds,
$49,998,000, of which $1,133,000 are hold In treasury and 848.865,000 with
publlc.-V. 138. p. 2242.
& South West Utilities Co.
-Removedfrom List
The New York Curb Exchangphas removed from unlisted trading priv
e
lieges the $7 prior lienstock an the $7 preferred stock (both no par).
p. 681.
erro de Pasco Copper Corp.
-Resumes Dividend.
The directors on April 3 declared a dividend of 50 cents per
share on the common stook4 no par value, payable May 1
to holders of record April 16. Quarterly distributions of 25
cents per share were made on this issue on Aug. 1 and Nov.2
1931, and on Feb. 1 1932; none since.
-V. 138, p. 866.
Chesapeake & Ohio Ry.-To Vote on Acquisition.
The stockholders will vote April 17 on approving the purchase by this
company of
the Chesapeake & Ohio Ry. of Indiana. Of the latter company the Chesapeake & Ohio By. now owns all bonds and capital stock
except directors qualifying shares.
-V.138. p. 2242.
Chicago Indianapolis & Louisville Ry.-Earnings.
FebruaryGrossfrom railway
Net from railway
Net after rents
From Jan 1
'Gross from rallway
Net from railway
Net after rents
-V.138, p. 1390.
1933.
$541.107
70,756
def52.612
1932.
$703,843
121,451
def41.142
1931.
$900,820
150,355
def22.082
1.153,080 1,075,950
101,209
183.846
def63.596 def143,211
1,457,534
258.968
def70,499
1,917,688
362,117
11,068
1934.
3554.207
76.641
.det48.385
--"Chicago & North Western Ry.-Reconstrudion Loan
Extended.
The I.
-S. C. Commission on March 30 approved the extension for one
year of period of loan by the Reconstruction Finance Corporation to the
company, maturing April 13 1934. in amount of $4,157,583 as of Jan. 31
1934. The report of the Commission sazrs in part:
The Commission approved loans of $7.600,000 on Feb. 23 1932 and
812,461,350 on Sept. 29 1932, for terms of two years and $1,000,000 on
Oct. 22 1932 for a term of three years to the company by the RFC. Pur,usnt to the first two of these approvals advances have been made which.
'
2403
after repayments to Jan. 31 1934, were outstanding in the amount of
$16.373,933. of which the amount of $4.157,583 was to mature on April 13
1934, S4,755,000 on Oct. 13 1934. $4.619.891 on Oct. 31 1934. $1,565,465
on Nov. 30 1934. and 81.275.994 on Dec. 31 1934. In each instance
the advance was made in 1932 and the maturity date is two years from the
making of the loan.
On Dec. 7 1933. the company filed a supplemental application to the
RFC for extension of the time of payment of the above-mentioned advances
for an additional term of three years from their respective maturities.
In this and other proceedings we have approved loans to the applicant
by the RFC aggregating $36,051.050, including those above-mentioned
and loans of $11.127,700, approved Feb. 4 1933. and S3.862,000. approved
Aug.8 1933. The total of advances made to Jan. 31 1934, is $34..58.'7,633.
of which $2,772,000 has been repaid, leaving 831.815,633 outstanding on
Jan. 311934. In addition to the loans from the RFC, the applicant had
outstanding on Jan. 31 1934, loans of S2,173,333 from the Railroad Credit
Corporation, $5.000,000 from Kuhn. Loeb ph Co. and associates, maturing
Oct. 13 1934, and $481,409 from the Sioux City Bridge Co., payable on
demand.
Under the provisions of the Reconstruction Finance Corporation Act
extensions of the time of payment of loans for periods not to exceed five
years from the original making thereof are authorized; but we are of the
view that we must be guided in making such extensions by our ability to
foresee the financial needs of the applicant.
Conclusion -We conclude that we should approve the extension of the
time of payment, through renewal, substitution of new obligations, or
otherwise,of the loan to the applicant by the RFC,maturing April 13 1934,
as above described for the period of one year. This action will be without
prejudice to applications for further extensions of this or other loans.
-V. 138, p. 2243.
Chicago Rys. Co.
-Annual Report.
Income Account, Years Ended Jan. 31-Chicago Surface Lines.
1934.
1933.
1932.
1931.
345.601,783 $44,421,102 $51,196,142 356,737,090
37.530,218 37.726,934 42.943.893 47,325.943
Residue receipts
88.071.565 36,694.168 38.252,249 39,411.147
Chicago Rys.(60%)
4,842.939 4,016,501
4,951.349 5,646,688
South Side Lines (40%).. 3,228,626 2,677,667 3.300,900 3.764,459
Income Account. Years Ended Jan. 31-Chicago Railways.
1934.
1933.
1932.
1931.
Chicago Rys.(60%)_ _ _ $4,842,939 $4,016,500 S4,951,349 $5,646,688
Joint account expenses__
Cr213
119,034
206.004
171,447
Gross earnings
Operating expenses
Balance
$4,843,152 83,810.497 $4,779,903 S5,527,654
Deduct-Int. at 5% on
capital valuation
4,836,166 4.838,171
4.831,790 4.762.720
Net receipts divisible
with city
36,986 dr$1,027.675 def$51,888
$764,934
City's 55% of divisible
net receipts
$3,842
$420.714
License fees paid to city..
1,436
1,449
2,166
Deduct balance deductiblefrom deficit on 5%
return for prior years..
$2,407 df$1.029,123 def$54.054
$420,714
2,407
Company's income:
45% of divisible net
receipts
$3,144
Net rects, from oper'n
City'sshare of divisible
net receipts
2,407
5% int.allowed on cap.
valuation of prop'y_ 4,836,166
Int.on bank balances_
39,187
$344,220
3,809,048
4,777,736
-
111,531
129,401
4,762,720
268,763
Gross income
$4,880,903 33,920.579 $4,907,137 35.375.703
Deduct* Interest accrued
4,081.783 4.220.921
4,290,489 4,360,058
Fed.inc.tax on int.coup_
45.000
36,100
4,700
58.200
Corp. expend. St adjust..
269.316
84,681
180.830
384.804
Net inc. for int.. &c-- 8484.804 def$421,122
$431,118
$572,641
Previous surplus
10,239,897. 10,661.019 10,229,901
9,657.260
Total prof. & loss sur-$10,724,701 810,239.897 $10,661,019 $10.229,901
* All bonds secured by the company's four mortgages draw Interest at
the same rate after as before maturity. This item of "interest accrued on
bonded debt" covers interest which accrued from Feb. 1 1933 to Feb. 1
1934, on all outstanding bonds secured by all the mortgages; but under the
decree of the U. 8. District Court entered July 18 1928, no payment has
been or can be made on any of the bonds secured by the consolidated, purchase money or the adjustment mortgages, until the full amount of the
principal of and accrued interest of the first mortgage bonds shall first
been paid.
General Balance Sheet as at Jan. 31-Chicago Railways Co.
1934.
1933.
1934.
1933.
Assets$
$
a Road, equIp't
Capital stock__ _
100,000
100,000
& franchises_ -103,125,533 102,888,844 Funded debt__- 80,720,547 83,503.297
Treasury secure_
672
672 Accts. payable_
59,148
53.660
Gen. account &
Interest & taxes
cash Items__ 1,732,287 2,743,449 accrued
13,793,377 12.193,728
Renewal and deb Reserves
11,855,307 11,622,532
precla'n fund_ 11,824.867 11.622.108 c Deferred credit 1,077.627 1,083,177
Spec. renewal &
Surplus
10,724,700 10,239,896
equIpm't fund
66,143
20.128
Accts.receivable
424,145
358,479
Itemq in suspense
79,432
79,432
c Deferred assets 1,077.627 1,083,177
Total
118,330,705 118,796,290 Total
118,330,705 118,796.290
a Certified valuation of city purchase price. 396.868.910 in 1934 and
396.601,085 in 1933. b For renewals and depreciation, 811.833.264 in
1934 and 811.622.108 in 1933;for special renewals and equipment,822.042 in
1934 and $423 in 1933. c Deficit in 5%
from future receipts. . 138, p. 859. return on certified valuation due
-N
Chicago Surface Lines.
-Transit Ordinance Abandoned.
Abandonment of the 1930 ordinance
Surface Lines and the Chicago Rapid for unified operation of the Chicago
Transit Co. was approved by the
Chicago City Council. March 21, on recommendation of Mayor Edward
Kelly. By unanimous vote the council approved a policy of granting J.
no
further extensions beyond April 3 for acceptance of the franchise
by
consolidated company and voted day-to-day permits for operation of a
the
Chicago Surface Lines until June 1 1934.
• The action of the council according to Chicago
regarded as a death blow to the recent negotiations forpress dispatches, is
consolidation
two transportation systems under the indeterminate 1930 franchise. of the
These
have been in progress for the last four years. during the last
several months
of which they have been prompted by Federal Judge James
H. Wilkerson
and Special Co-ordinator 'Walter L. Fisher.
In connection with the 1930 ordinance expiration Mayor Kelly promised
that the council would take definite steps to bring about universal
outside the confines of the new franchise. This can be done, he transfer
claimed.
through the instrumentality of the Illinois Commerce Commission.
A feature of the mayor's universal transfer proposal was the
third transportation system, the Chicago Motor Bus Co., as ainclusion of a
party in the
universal transfer proposals.
Among the factors which the mayor pointed out as unfavorable to the
city in the 1930 ordinance were provision for compensation. He stated
that the city would receive nothing until interest had been paid on all
bonds and dividends on preferred stocks and that with earnings as they
were there was but little prospect for the city ever to receive any compensation under this clause.
-V. 138. IL 1916.
Financial Chronicle
2404
Chrysler Corp.
-Record Shipments, dec.-
The corporation on April 3 announced that it had shipped 85,157 passenger and commercial cars during March, the largest number for a month
since it was organized. This compared with 19,996 units in March 1933,
making the increase 426%.
In the first quarter of this year shipments were 167,842 cars, against
58,347 in the first quarter of 1933, an increase of 288%. The corporation's
best three months' period was the third quarter of last year, when 168,827
cars were shipped.
Unfilled orders on April 1 totaled 140,436 cars, the company's peak backlog, it was added.
Plymouth Deliveries Continue Higher.
-
The Plymouth Motor Corp.. established a new retail delivery record
durint the week ended March 24, with sales of 7,845 units, an increase of
3.3% over the 7,594 units delivered during the previous week. Shipments to
dealers also reached new high levels, at 9,899 units, a gain of 8.3% over the
,
previous week and 43i times as many as were shipped in the corresponding
week a year ago.
Dodge dealers during the same week delivered 2,623 Dodge sixes, 2,383
Plymouth sixes and 1,017 Dodge trucks, a total of 6,023 vehicles, against
5,154 passenger cars and trucks delivered during the preceding week. This
was also an increase of 271.1% over the corresponding week of 1933.
Advances Prices on Models.
The corporation on April 2 announced increases amounting to from
$25 to $45 on the Plymouth, $45 on the Dodge, from $40 to $55 on the
Chrysler Six and from $100 to $130 on the Chrysler Airflow models. No
-V.138. p. 2244.
announcement was made in relation to De Soto prices.
Cincinnati Street Ry.-Earnings.Years Ended Dec.31Operating revenue
Operating expenses
Taxes
Operating income
Non-operating income
Gross income
Interest and ground rent
Sinkingfund
1932.
1933.
$5,712,423 16.267,177
4,235,334 4.247.403
639.755
597,332
$879,755 $1.380,018
47.857
131.309
$1,011,065 $1,427.876
703.702
701,936
194,210
200.126
$529.962
$109.002
Balance
Note.-Non-operating income does not include that portion of return on
capital which was added to gross receipts in order to effect a balance and
to avoid withdrawals from the fare control fund.
Comparative Balance Sheet Dec.31.
1932.
1933.
Liabilities1932.
1933,
23,761,950 23,761,950
Capital stock
$
E
Assetsx Road & equipm132,017,059 32,211,373 Long-term debt 11,498,345 11,520,880
650,000
1,592,811 1,523,378 Loans & notes pay 275,000
Investments
338,047
Accts.& wages pay 312,109
Cash & U.S.Tress.
239,017
.
314,606 Taxes payable_ _ .214,325
208,652
certificates
118,810
Dividends payable
Bonds purch. for
149,747
91,633 Acct. Int. on bonds 144,972
159,616
sink. fund
6,935
3.724
13,302 Other accrued int_
11,917
Loans & notes rec_
2,924
2,958
74,978 Deferred liabilities
39,892
Accts.receivable_
122,706
153,406 Unadjusted credits 104,336
Material & supplies 150,121
122,355
fund res.. 127,154
25,212 Sinking
14,096
Int. & dive. me_ _
43,109
43,109
29,144 Capital surplus___
30,044
Other cure, assets_
452,612
54,393 Corporate surplus.. 607.680
30,790
Deferred assets_
718,007
Unadjusted debits 583,386
188.571
Deficiency fr. oper. 191,123
Expenditure for
904,561
track reozastruc 707,118
Unamortized property retirements 1,359,034 1,226,532
37,095,660 37,529,094
37,095,660 37,529,094 Total
Total
x After deducting depreciation reserve amounting to $8.028.235 in 1933
and $8,122,465 in 1932.-V. 138. p. 2080.
-Removed from List.
Cincinnati Union StoclYard Co.
The New York Curb Exchange has removed from unlisted trading
-V.138. p. 1567.
privileges the common stock (no par.
--' -Claude
from List.
-Removed
eon Electrical Products Corp. Ltd.
has removed from unlisted trading
The New York Curb Excha
-V. 138, p. 2090.
privileges the cominno stock (no p r).
-Increases Dividend.
--Cleveland Graphite Bronze Co.
-A quarterly dividend of 40 cents per share has been declared on the
.
common stock, no par value, payable April 5 to holders of record p
This compares with 35 cents per share paid on this issue on Jan.5 last and on
Oct. 2 1933.-V. 138, p. 866.
4".
1
1 4/
46
-Cent Dividend.
-20
---Coen Companies, Inc.
A dividend of 20 cents per snare has been declared on the class A common
stock, no par value, payable April 15 to holders of record March 31. This
compares with 20 cents per share paid on this issue on Jan. 15 1933 and on
Oct. 15 1931.-V. 136. D. 2429.
-Declares Regular Qua,Columbia Gas & Electric Corp.
terly Dividends.
The directors on April 5 declared quarterly dividends of $1.50 per snare
on tne cum.6% pref.stock,series A;$1.25 per share on the cum. pref.stock.
5% series, and $1.25 per share on the cony. 5% cum. preference stock, all
payable in cash, and a dividend on the no par value common stock at the
rate of 1-800th of one share (12 cents in par value) of cony.5% preference
stock, all payable May 15 1934 to nolders of record April 20 1934. The
company announced that this dividend rate on the common stock should
not be regarded as establishing a basis for future dividends, which must be
determined by future conditions. Like amounts were paid on the respective issues on Feb. 15 last and on Nov. 15 1933.-V. 138, p.2075.
Columbian National Life Insurance Co., Boston,
-Balance Sheet Dec. 31 1933.Mass.
Assets
$34,895,370
Govt., munic. dc corp. bonds.$17,369,243 Policy reserve
x2,346,102
All other liabilities
Preferred stocks of railroads
1,054,067
506,850 Surplus
and public utilities
6,308,617
Mortgages on real estate
Loans to policyholders (se9,328,160
cured by policies)
3,382,930
Real estate
932,934
Cash
959,331
Due & accrued int. & rents
Premium notes and premiums
1,055,965
in process of collection
451,509
Miscellaneous
$40,295,539
$40,295,539 Total
Total
x Including claims in process of adjustment, premiums and interest paid
awaiting presentat on for payment, reserve for accrued
In advance; bills
premium. Government and other taxes, &c.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
April 7 1934
-Earnings.
Corp.(& Subs.).
Dec. 30 '33. Dec. 24 '32. Dec. 26 '31.
Net profit before amortization offilm,
interest charges and income tax__ _ $2,888,790 $2,903,274 $3,029,068
2,440,922 2,487,632 2,745,633
Amortization of film
39,091
6.934
Interest charges
14,141
Columbia Pictures
511 Months Ended-
Net profit
Other inconie
$440,934
34,774
$401,501
35,675
$244,343
72,951
Net profit before Federal taxes---Provision for Federal income tax
$475.708
71,145
$437,176
63,390
$317,294
42,288
Balance
Previous balance
$404,563
1,984,939
$373,785
1,296,808
$275,006
1,271.912
$2,389,501 $1,670,593 $1.546,918
Total
25,892
Dividends on preference stock
26.596
26,121
30,768
Dividends on common stock-Cash_
52,024
Stock
Additional prov, for further decline
13.445
in market value of securities
42.363,610 $1,644,472 $1,424,083
Balance at end of period
Earnings per share of common stock,
based on capitalization outstanding
$2.25
$2.07
$1.46
at end of period
-V. 138, p. 1750.
-Wages Up.
Columbus (Ohio) Ry., Power & Light Co.
The company has increas&I wages 10%, restoring rates to 1929 levels.
-V. 138.
Increase became effective April 1 and 1.200 employees benefit.
P. 1741.
-Calls Its 53'%
Commercial Credit Co., Baltimore.
Collateral Trust Notes.
The company has called for redemption and payment on July 1 1934
-year 53i% collateral trust sinking fund gold notes.
all of its outstanding 10
series "A," due July 1 1935. The notes will be redeemed at the call price
of 101 and int. upon surrender to the Fidelity Trust Co.,trustee, Baltimore.
Md., on July 1 1934, after which date all interest will cease. The company offers to such note holders as desire payment prior to July 1 1934 to
pay the redemption price of 101 plus accrued interest to the date of presentation to the Fidelity Trust Co. for payment.
Upon the redemption of these 5% notes. aggregating $2,657,500, the
company will have no secured domestic debt whatever, as for several years
all of its domestic loans have been on the company's straight unsecured
-V. 138, p. 2244.
notes.
-Earnings.
Commonwealth Edison Co.
1934-2 Mos.-1933.
-Month-1933.
Period End. Feb. 28- 1934
Gross revenues_ ----- $6,391,894 $6,091,592 $13,271,114 $12,546,690
725,426
1.817,384
1,632,634
818,024
Net income
-V.138, p. 1559.
-Balance
Commonwealth Insurance Co. of New York.
Sheet Dec. 31 1933.Assets
IT. S. Government bonds_ _ _ _ $1,445,855
State, Co. de munic. bonds__ 1,060,594
Railroad, public utility and
other corporation bonds_ _ _ 2,748,149
351,500
Stocks
165,502
Cash in offices & banks_
65,392
Int, accrued on investments_
Dais, due fr. agts.. brokers &
other insurance cos. In
course of collection (not
317,404
over 90 days due)
Total
-V. 137, p. 2107.
$6,154,395
LfabilitiesLosses in process of adjustment
$277,743
Unearned portion of premiums on policies In force
2,064,331
Federal and State taxes and
sundry items
110,230
Capital
1,000,000
Netsurplus
2.702,092
$6,154,395
Total
-Earnings.
Community Power & Light Co.
[Including Controlled Companies!
1934-12 Mos.-1933
-Month-1933
Period End. Feb. 28- 1934
$279,232 $3,675,401 $3,882,669
$279,385
Congo!. gross revenue- _
173,042 2,250,453 2,288.600
180.683
Oper. exps.,incl. taxes__
Bal. avail, for int.,
amortiz.,deprec., Fed.
inc. taxes, diva.& surp
V.
- 138, p. 2245.
$98,701
$106.190 $1,424,947 $1.593,068
.
1 40
-Earnings.Connecticut Co.
Calendar YearsOperating revenues
Operating expenses
Tax accruals
1932.
2
19 1644
5357 $8,528,589 $10,433,. $11,956,815
193
17,86,2.
7,836,377 9,086,521
6,183.883 7,115,421
517,360
554,094
492,372
476,468
$1,204.906
Operating income
166.558
Non-operating income__
$920,796 $2,078,907 $2,316,200
180,860
189,143
163,084
$1,371,465 $1,109,939 $2,259,767 $2,479,284
Gross income
1,761,580
1,260,494
Deduct.from gross Lac_ - 2,277,544 2.270,669
$498,188 S1,218,790
def$906,079 .$1,160,729
Net income
1,000,000
Dividends
$498.188
$218,790
def$906,079 81,160.729
Balance, surplus
Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Liabilities
Assets
Capital stock
19,877.000 19,877,000
Invest. in road &
debt. .20.198
20,123,000
46,062,918 46,431,618 Long-term
equipment
Loans and notes
Expenditures on
payable
4,128,023 4,128,024
5,349,143 5,426,039
leased lines
154,577 mtseeii. amounts
Misc. phys. prop_ 170,635
payable
1,039,147
602,932
Deposits In lieu of
49,625 Accrued interest &
16,762
mtgd, prop. sold
133,060
132,759
405,302 rents payable_
Invest. In Mill. cos. 405,302
8,288 Other cum. Habil
12,097
12,042
17.888
Other investments
226,562 Deferred liabilities 1,788,289 1,788,319
314,782
Cash
38,144 Tax liability and
107
Special deposits_ _
12,427 other reserves_ 598,044
583,428
9,3.56
Loans & notes rec.
134,192 Aces. depr., equip.
167,647
Misc. accts. rec
530,009 and buildings- 8,073,320 7,506,076
Materials & supp. 458,833
10.370 0th. unadj. credits 391,103
400,242
10,865
Other cum. assets.
3,229,353 3,000,574 Misc,fund reserves 2,698,272 2,511,093
Deferred assets_
2,662,541 1,148,593
88,647 Deficit
60,610
Unadjusted debits
56,274,202 56,516,375
Total
V.
- 136, p. 2421.
Total
56,274,202 56,516,375
Connecting Ry.-Pennsylvania RR. Permitted to Sell
Bonds-Interest Rate Reduced from 5% to 4%.
The I.-9. C. Commission on March 29 modified its order of Jan. 8 1932
so as to permit the company to reduce the rate of interest from 5 to 4% on
$934,000 of its 1st mtge. bonds now held by the Pennsylvania RR. and
to permit assumption of obligation and liability by the latter comintny,
as guarantor, in respect of the bonds as authorized by the order, to apply
thereto with the reduced interest rate, and to permit the sale by the Pennsylvania RR. of the bonds at not less than 98.18 and interest to provide
-V. 136. p. 3153.
additional funds for corporate purposes.
Consolidated Indemnity & Ins. Co.of N.Y.-RFC Loan.
The Reconstruction Finance Corporation on March 30 authorized loans
aggregating $1,200,000 for the purchase of preferred stock in the company.
V.
- 136, p. 3351.
Volume 138
Financial Chronicle
Consolidated Dry Goods Co.
-Earnings.
Calendar YearsOperating gain for year
Depreciation
Net loss
Previous Surplus
Transferred from reserve for contingencies
Net surplus
Preferred dividends
Additions to reserve for doubtful accounts
Surplus Dec. 31
1933.
1932.
$27,974 loss$120,117
51.913
57,214
$23,939
1,545.108
2,273
$177,331
1.774,939
$1,523.443 $1,597,608
37,500
52,500
12.500
$1,473,443 31.545,108
Balance Sheet Dec.31.
Assets1933.
Liabtltstea1933.
1932.
Cash
$93,149 $154,742 Accounts payable- $79,005
$58,793
Accts. rec.,less res. 650,683
631,959 Notes payable.__ _
150,000
100,000
Merchandise
1,086,541 1,008,413 Accrued expenses_
14,555
7,027
Investments
19,150
18,282 Mtges. on real est. 354,000
354,000
Real est., less res. 469,618
477,817 Reserve for conStore impts.,less res 280.052
293,265 tingencies
10.000
12,273
Store Mit.& equip.
Preferred stock- _ _ 750,000
750,000
1. less reserve
,
217,440
232,529 x Common stock &
Deferred charges
14,371
1,473,443 1,545,108
10,197 surplus
Total
82.831,004 $2,827,202 Total
32.831,004 82,827,202
x Represented by 30,000 shares without par value.
-V. 138, p. 1922.
Consolidated Gas Electric Light & Power Co. of
Baltimore.
-Earnings.
-
2 Months Ended Feb. 28Revenue from electric sales
Revenuefrom gas sales
Revenue from steam sales
Miscellaneous operating revenue
Total gross operating revenue
Operating expenses
Retirement expense
Taxes
1934.
1933.
43.247,308 $2,980,113
x1,702.268
1,606,357
232,699
170,827
53,207
65.096
$5.235.482 $4,822,393
2,338,104
2,509,266
429,776
412,363
673,554
559,880
Net operating revenue
Miscellaneous non-operating revenue
$1.622,886 $1,512,045
loss6,049
13,730
Total revenue
Fixed charges
$1,616,836 81,525,775
479,742
481,027
Net income
Preferred dividends
Common dividends
$1.137.094 $1,044,748
193,264
192,176
700.438
700,438
Balance
$243.392
$152,134
x Affected by rate reductions made during 1933.-V. 138. p. 1741.
'"*Consolidated Oil Corp.
-Purchases Properties.
-
The corporation has acquired by purchase all the properties of the Producers & Refiners Corp.so far offered for sale by the
ing to reports from Tulsa, Okla. The properties of Federal Court, accordthe latter corporation.
which have been operating under receivership
in several
States. The Consolidated 011 Corp. is thefor some time, are Producers
chief creditor of
& Refiners.
So far about 40,000 acres of Kansas properties have been sold at a series
of sales, the largest being on March 27. when a 78
-acre lease with nine
producing wells in the Hollow pool was sold, the dispatch added.
-V. 138.
P. 1567.
Consolidated Paper Co., Monroe, Mich.
-Wages Up.
An increase in wages
approximating 15% and a reduction of working
time to 36 hours for the 2,000 employees of the above company were announced on March 30. The company also granted a 10% increase in
salary to office employees and junior executives.
-V.138, p. 3:67.
Consolidated Retail Stores, Inc.
-Earnings.
[Including Wholly Owned Subsidiary Companies]
Income Account for the Year Ended Dec. 31 1933.
Units Which
Total of
Units
Have Been
All Units. in OperensDiscontin'd.:
Sales
$7,766,954 36.846,041
$920,912
Gross profit on sales
2,955,416 2,590,278
365.137
Income from leased departments and
other rentals
254.108
218.476
35,632
Total income
$3,209,524 $2,808,755
$400,769
Oper. expenses, exclusive of charges
for amortization and depredation.. 3,196,069 2,618,615
577.454
Provision for amortization of leaseholds and depreciation of equipment
158.955
121,732
37.223
Loss for the year
$145.501 prof.$68.408
x Including Washer Bros. Co., operated until Jan. 20 1934.
Statement of Surplus for the Year Ended Dec. 31 1933.
Balance, Dec. 31 1932
Excess of recovery form insurance on the life of former president over cash surrender value thereof as carried on records
Other sundry credits
Total
Extraordinary losses resulting from liquidation of units:
Writeoff of fixtures and deferred charges
Payments to cancel leases, including fees and commissions
Addition to contingency reserve
Profit on the sale of capital stocks of subsidiary companies..
Operating loss for the year:
Of discontinued units
Net profit of units still in operation
$213,908
54,180
12.208
$355,399
115,283
88,295
63.377
Cr29,233
213,908
0%8.407
$27,824
Comparative Balance Sheet Dec.31.
1933.
Liabilities1932.
1933.
1932.
$317,333 $348,706 Notes payable_ _ $331,344 5448.566
945,743 1,197,426 Accts. pay. & accrued expenses. 291.112
646,260
207,205 Reserve for general
insur. & claims.
36.797
Contingencies res.
72,555
684,177
756,557 In respect oflease
contracts
100,000
809,895
836,336 Periodical install.
pay. on impts.,
leasehd'prop.,drc
49,601
y835,113
987,855 8% pref.stock _ _ _ 1,700,000 1,700,000
209.091
319,815 x Common stock_ 1,479,275 1,483,665
Surplus
def27,824
289,012
Total
53,873,907 84,653,901
Total
$3,873,907 $4,653,901
x Represented by shares of $5 par value. y After depreciation and
amortization of 31.030,725.
Note.
-29.970 shares of the unissued common shares are reserved to meet
warrants evidencing the right to purchase such unissued shares.
-V. 138.
p.2245.
Continental Paper & Bag Corp.
-Tenders.
-
The Chase National Bank of the City of New York, as trustee, is inviting
tenders of 1st & ref. mtge. 6;i% 20
-year sinking fund gold bonds, series
due Feb. 1 1944. of Continental Paper & Bag Mills Corp. at a price not A,
to
exceed 104% and hit., to exhaust the sum of 394,446 held in the sinking
fund. Tenders will be received at the bank. 11 Broad St., N. Y. City.
until noon on April 13 1934.-V. 137. p. 4194.
The New York Curb Exchange has removed
m unlisted trading
privileges the capital stock (no par)'-V.138, p. 688.
Crowley, Milner & Co.
-Consolidated Balance Sheet.AssetsJan. 12'34. Jan. 13'33. Liabilities- Jan. 12'34. Jan. 13'33.
Land
$90,000 $113,065 Preferred stock_
$495,900 $495,900
x Bldgs., turn, and
y Common stock_ 3,394.330 3,394,330
fixtures, &c_
. 3,757,489 4,076,864 Funded debt
3,621,000 3.621,000
Cash
371,284
632,799 Accounts payable_ 708,943
543,440
City of Det't scrip.
4,940
Accrued accounts.
39,830
62,167
Customers' accts.
Reserves
100,000
receivable
1,816,121 1,557,785 Deficit
316,760 sur.423.905
Inventories
1,172,729 1,690,057
Other assets
510,482
288.499
Leaseholds& goodwill
1
1
Deferred charges._ 220,197
281,672
Total
$7,943,243 $8,640,742 Total
87,943.243 88,640.742
x After allowance for amortization and depreciation of $2,798,981 in
1934 and $2,553,995 in 1933. y Represented by 339.433 no par shares.
A plan of reorganization (V. 138. p. 688) has been submitted to the
debenture holders and to the landlords who own the store properties pro.
viding for an adjustment of the terms of the debentures and a reduction
in rents. Consummation of the reorganization plan would result in a
reduction of the liabilities shown on the balance sheet for rent and for
Interest on debentures in the amounts of $115,668 and $69,703 respectively. Should the plan not be consummated and should the landlords
require payment of the rent in arrears at Jan. 12 1934. payments totaling
$216,040 in addition to the $154,828 accrued in the balance sheet would
be required. No provision has been made in
cost of restoring dividing walls. &c., in leased the balance sheet for the
buildings if leases
be terminated or for the cost of erecting new buildings as required should
by the
-V.138, p. 2245.
leases.
Curtiss-Wright Corp.
(& Subs.).-Eal nings.-
Calendar Years1933.
1932.
1931.
1930.
Sales & other revenues_ _$10.450,728 $12,406,721
Cts.exp. & deprec'n__ 9.429,454 11,237,669 $21,651,585 $19,325.197
os
23,127,306 25,465,848
Profit of manufac'g
subsidiaries
$1,021,275 $1,169,052loss$1475721loss$6140651
Other income
133,446
136,256
155,171
405,209
Profit
$1,154,721 $1,305,3091oss313205501oss$5735442
Int.. pat. caps., &c
344.501
361,971
655.491
969,460
Inventory adjustment
24,352
123,501
466,685 x2,410,577
Prov. for contingencies_
126,079
950,826
Idle property expense
564,429
Deprec'n & amortiza'n
630,876
1.239,472
Unabsorbed office bldg.
expense, &c
34,962
Moving expenses, &c_ _ _
25,504
288,143
Liquid.of Curtiss-Wright
Exhibition Corp., &c_
259,465
Exps. of fad. oper. for
portion of the year_
7,380
Exps. in connection with
disposal ofairports,&c.
10,826
Loss of manuf.subs_prof.S136,785
Portion applicable to minority stockholders...
889
$606,183 $4,246.124 $9,374.944
9,607
120,064
362,025
Net loss
prof.$135,896
$596,574 $4,126.060 $9,012,919
x Includes development expenses written off.
Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
AssetsLiabilities$
$
$
$
a Land, aircraft
b Class A stock . 1,147,491 1,142.455
._
equipml, buildb Common stock _ _ 6,720.827 6,435.420
logs, &c
13,069,424 13,452,333 Capital surplus_ _ _19.140,707 17,744.862
Cash
1.482,466 1,362,550 Earned deficit_ _ _ _ 763,049
741,840
Excess mfg. & airAccounts payable. 348,814
391,751
port facilities
9,558,752 9,622,907 Accr.wages,lnt.,&c 231.269
238,247
Notes receivable_
61.645 Depos. on unfilled
61.766
Acc'ts receivable.. 758,405
886,695 sales contracts_ 164,130
264,236
Notes rec., mat'g
Mtges. Day. (cW.) 304,567
143,352
subseq. to 1934.
34.663
Fixed pay. on purEngineering & dev.
chase cost
75.000
expenditures __
275,926
Mtges. payable__ 377,969
768,536
Invest. In whollyRes. for conting _ 251,005 1,179,727
owned subs..__ 157,663
217,441 Minority interest. 576,753 1,405.963
Miscell. investmls 299,604
334,540
Inventories
2,361,062 2,002,918
Patents & pat. rts _
50,642
694,906
Prepaid insur., &c. 390,109
411,773
Good-will
1
1
-Total
28,500,484 29,047.711 Total
28,500.484 29,047.711
a After depreciation. b Represented by $1 par shares.
-V.138. p.867.
Daniels & Fisher Stores Co.(& Subs.).
-Earnings.
$289,012
Deficit, Dec.31 1933
Assets
Cash
Accts.receivable..
Surr. val. of insur.
on lives of officer
Due from depart't
lessors
Inventories
Invests, and other
assets
Leaseholds,impts.,
store furniture &
fixtures
Deferred charges._
2405
----Corno Mills Co.-Retnoverom List.
Earnings for Year Ended Dec. 31 1933.
Gross profit
Income and other taxes
Bond interest
Depreciation of building and fixtures
$221,260
67.589
34.127
35,881
Net profit
Preferred dividends
$83.663
49.438
Balance surplus
Earns, per share on 39,902snares common stock (no par)
534.225
$0.86
Consolidated Balance Sheet Dec. 31 1933.
Assets
Liabilities
Cash
$172,369 Accounts payable
$110,001
a Notes & accounts receivable. 659,433 Accrued accounts
96,633
Inventories
602,671 Bonds
608.500
Notes & contract accounts...6.628 Preferred stock
759,900
Prepaid items
27,156 c Common stock
498,775
Stocks & bonds
15,399
832.294
b Land, buildings & fixtures_ 1,411,947 Surplus
b Automobiles & trucks
10,500
Tot&
$2,906,103 Total
$2,906,103
a After allowance for doubtful items of $32,000. b After depreciation.
C Represented by 39,902 no par shares.
-V.136. p. 1022.
(William) Davies Co., Inc.
-Bonds
Called.
All of the outstanding 1st mtge. 20-year s.
bonds,
Nov. 1 1922, have been called for redemptionf. goldMay 1 series A, dated
as of
int. at the Cleveland Trust Co., trustee. Cleveland, 0. next at 104 and
Payment will be
made In United States money,it was announced.
-V.126, p. 3598.
Delaware RR.
-Issuance and Sale
of Bonds.
The I. C.Commission on March 30 approved a reduction
-S.
in the interest
rate on certain first mortgage bonds of the company,
and modified the
redemption provisions. Authority was also granted the
Pennsylvania RR.
to guarantee the bond- and sell them.
The supplemental report of the Commission states in
part:
"By order of July 5 1932, the company
5% first mortgage gold bonds, series A, towas authorized to issue $750,000
the Pennsylvania RR.in settlement of an equal amount of indebtedness to that carrier
for additions and
betterments, and the latter company was authorized
and liability as lessee and guarantor in respect of the to assume obligation
bonds so autnorized.
The bonds have since been issued and delivered to the
Pennsylvania and
are now in its treasury.
"On March 7 1934, both the foregoing companies tled
separate
mental applications, later amended, in which the Delaware RR. suppleasks that
Financial Chronicle
2406
a supplemental order be entered permitting it to reduce the interest rate on
the bonds mentioned above from 5 to 4%, effective Jan. 1 1934, and to
modify the redemption provisions thereof: and the Pennsylvania asks that
the order be modified so that the present authority to assume obligation
and liability will apply to the bonds with the interest rate and redemption
provisions so changed and that it be authorized to sell the bonds.
"It is proposed that the redemption provisions be modified so as to
make the bonds redeemable on July 1 1942, or any interest date thereafter
to and including July 1 1952, at 105 and accrued interest, and thereafter
to and including July 1 1972, at 102% and accrued interest. The terms
of redemption after July 1 1972, will remain as before.
"It is represented that under present market conditions bonds bearing
4% interest can be sold on a relatively better basis than 5% bonds, and
that it is to the best interest of both applicants that the interest rate be
changed as proposed, and the redemption provisions modified so as to
conform better to a bond bearing 4% interest.
"Arrangements have been made for the sale of the bonds to Kuhn, Loeb
& Co.. of New York City, at 943 and int. from Jan. 1 1934, or a basis of
approximately 4.28%. The bonds will bear a notation indicating that
they will be subject to Public Resolution No. 10 of the 73d Congress approved June 5 1933."-V. 137. P. 3324.
-Earnings.
-Delaware & Hudson Co.
Consolidated Income Account of Company and Subsidiaries (InterCorporate Transactions Eliminated).
1932.
1933.
Calendar Years$22,571.515 $23,770.567
Transportation revenues
Coal,iron & miscall,sales & rev,from misc.oper'ns 21,237,525 24,434,240
1,668.203 2.381.574
Income from investments
845,477,242 $50,566,381
Total
19,661.098 21,913,012
Transportation expenses
Coal,iron & miscell.sales & exp.of rniscell. oper'ns 20.144,876 23,160,758
2,422.4/0 2,687,e82
Taxes
Net revenues after taxes
Miscellaneous interest
Miscellaneous income credits
83,248,798 $2,804,929
61,334
71.232
1,210.155 1,163,889
Totalincome
Rent for leased roads
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
Depreciation,depletion and retirements
$4,530,185 $4,030.152
1,776.715 1,776,874
4,056,877 4,093,709
274.833
577,110
862.656
682,207
2,332,802 2,446,978
Net deficit
-V.138, P. 857.
$4,895,528 $5,424,899
Denver & Salt Lake Ry.-Earnings
February
Gross from railway---Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. P. 1553.
1934.
888,513
27.355
16,129
1933.
8151,233
74,616
64,034
1932.
$177.768
86,718
74.453
1931.
$111,171
10.509
1,640
214,634
82.584
60.655
259.679
109.975
89,215
413,387
221,545
198,758
337,062
115,197
103.046
-Removed from List.
.""-Dexter Co.
The New York Curb Exchange)bas re ved from unlisted trading
.-V. 138, p. 868
privileges the common stock (par
-25-Cent Dividend
Dictaphone Corp.
The directors have declared a dividend of 25 cents per share.on the common stock, no par value, payable April 21 to holders of record April 13. A
similar distribution was made on this issue on Dec.21 last, the first payment
-V. 137.
made since March 1 1932 when 25 cents per share was also paid.
p. 4194.
Dominion Stores Ltd.-March Sales Lowel.1934-12 Wks.
-1933.
-1033.
'
Period End. Mar.24- 1934-4 Wks.
$1.528,273 $1,555,614 84,382,421 $44,455,518
Sales
p. 2019.
-V. 138.
-Stock Options Granted.
(S. R.) Dresser Mfg. Co.
The company has notified the New York Stock Exchange of the granting
of options to certain officers to purchase a total of 4,000 shares of class B
stock at $6.50 per snare, such options to expire Dec. 31 1937.-V. 138,
P. 1923.
-Div. No.2 of 15 Cents.
Eastern Gas & Fuel Associates.
The directors have declared a dividend of 15 cents per share on the
common stock, no par value, payable June 1 to holders of record.May 15.
An initial distribution of like amount was made on this issue on March 1
-V.138, p.2081.
1933: none since.
-Earnings.
Eastern Steamship Lines, Inc.
1934-2 Mos.-1933.
Period End. Feb.28- 1934-Month-1933.
$490,945 $1,065,010 81,027,119
$503,435
Operating revenue
555,496
1,259,030
1.120,819
626,715
Operating expense
194,020
64.551
93,700
118,230
Operating deficit
2,028
7.643
14,835
1,051
income
Other
80,200
138.131
161,534
67.235
Other expense
Net deficit
-v. 138. p. 2091.
$134,414
$137,108
Operation surplus_ _
Fixed charges
Renewals
-Month-1933.
1934
862,109
$57,990
41,109
38,966
$19,024
6.158
8,000
$4,866
Total surplus
$240,399
1934-2 Mos.-1933.
$118,554
$126,933
84,604
85,695
Employers Group Associates, Boston.
-Earnings,
Calendar YearsDividends received
Interest on bonds received and accrued
Miscellaneous interest received
1933.
8155.059
3,603
101
1932.v1
896,845
4,658
123
Totalincome
Interest paid and accrued
Registrar's and transfer agent's service
Printing and stationery
Sundry expenses
Provision for income tax
$158,763
19,979
2.041
216
349
3,723
$101,627
10,215
2,847
447
276
5,536
Net profit
Dividends paid
$132,455
$82,305
65,818
Balance
8132.455
$18,487
Balance Sheet Dec. 31.
Liabilities1933.
Assets1933.
1932.
$27,a10 Collateral
Cash
$400,000 $500,000
$19,200
727 Accounts payable.
81
836
Accounts receivable
853
Provision for Mass.
1,809
Accrued interest...
1,184
Investments
9,853,228 9,889.202 income tax
5,535
Prov. for capital
Employees' and
stock tax
1,908
21,091
Agents stock Rest
Capital stock
4,893,733 4,950,000
Paid in surplus... 4,406,228 4,445,416
Earned surplus... 170,990
38,635
Total
$9,873,695 $9,040,339
Total
89,873,895 89,940,339
x Represented by 323,391 shares after deducting 6,609 shares of common
stock in treasury at a cost of 856,267.-V. 138. p. 332.
-Earnings.
Engineers Public Service Co.
(Including Constituent Companies.)
1934-12 Mos.-1933.
-Month-1933.
Period End. Feb.28- 1934
Gross earnings
$3.466,596 $3,371,703 $41,851,882 $43,696,220
1,256,858 17,035,776 17.390.396
1,391,879
Operation
165,581
2,246,591
2.335,136
Maintenance
190,952
337,215 4,464,701 3,974,632
Taxes
413,894
Net operating revenue $1,469,869 $1,612,048 $18,104,813 $19,946,055
635,889 1,485,369
55,267
Inc.from other sources a
86,933
727.342 8,601,205 8,704.112
Interest & amortization_
703,428
$939,974 $10,139,497 $12,727,312
Balance
$853,375
4,696,107 4,567,407
Appropriations for retirement reserve b
c2,140,750 3,135,915
Divs,on pref.stock of constit. cos., declared
Divs. on pref. stock of constit. cos. not declared
2,194,190 1,198,982
(cumulative)
Amount apnlic. to com, stock of constituent cos.
Cr949
19,580
in hands of public
$1,109,398 83,805,427
Bal.for diva, of Engineers Public Service Co
580,893 2,323,549
Dividends on preferred stock, declared
Divs,on pref.stock, not declared (cumulative)--- c1.742,644
del d$1,214,139 $1,481,878
Balancefor common stock
a Income from miscellaneous investments, also_$7,145 (1933-$855.766)
interest on funds for construction purposes. b Equal to 11.2% (193310.4%) of gross earnings. c These amounts were earned except for $1,436,892 in the case of certain constituent companies and for 8732.704 in the
case of Engineers Public Service Co. Adjusting for minority interest and
Inter-company eliminations 81,427,097 of the former amount would be
applicable to Engineers Public Service Co. d This deficit adjusted for
unearned preferred dividends of certain constituent companies, which are
not a claim against either Engineers Public Service Co. or its other constituent companies, would show a balance for the common stock of Engineers
Public Service Co. of $212.957.
During a period averaging about 29 years for which records are available.
the companies in the Engineers group have expended for maintenance a
total of 9.1% of their entire gross earnings for the period, and in addition
have set aside for reserves or retained as surplus a total of 9.9% of such
earnings after allowance for cumulative preferred dividends not declared.-V.138. p. 1394.
-Earnings.
Equitable Office Building Corp.
-Month--1933. 1934-9 Mos.-1933.
Period End. Jan, 31- 1934
$409,415 $3,307,009 $3,753,376
Rentals earned
8365,036
23.576
217,669
Miscellaneous earnings_
200,833
20,802
Total
Oper. & adm. expense
Depreciation
$385,838
71,277
22,981
$432,992 $3,524,678 $3,954,209
637,875
79,591
718,467
22,982
206,836
206.836
$291,579
2,087
$330,419 $2,679,966 $3,028,906
2,174
25,743
x57,914
8293,667
67,000
100,445
3,103
5,311
16,332
$101,476
12,422
8332,593 $2,705,710 $33,086.820
69,233
569,200
635,607
102,060
905,836
920,295
4,436
28,977
39,986
16,760
64,903
165,201
20,000
167,545
178.000
$120,104
$969,249 81,147,751
10.742
111,801
96,684
$33,949
12,317
16,000
$441,233
25,183
11,000
Total income
Real estate taxes
Interest
New York State taxes
Res,for doubtful accts.Prov.for Federal taxes
$3,409 46
%23
;6,055
Not profit
Res,for adell deprec'n._
$21.000
12,591
5,000
-Cent Dividend.
-50
^Egry Register Co.
---
The directors recently declared a quarterly dividend of 50 cents per share
on the $2 cum. class A common stock, no par value, payable April 1 to
holders of record March 15. In Sept. last, the company declared a quarterly
dividend of 50 cents per share on the same issue, payable one-half on Oct. 1
and one-half on or before Dec. 1 1933. A distribution of 25 cents per share
was made on July 11933.-V. 137, p. 2469.
-Sale of Polish Unit Approved.
Schild Co., Inc.
Tne stockholders at their annual meeting on April 4, approved the
directors' recommendation to sell the company's investment in N. Eitingon
& Co., of Lodz, Poland, to Fur Companies Syndicate, Inc., for 83,565,000,
payments to be made on a deferred basis. The Polish company is a manufacturer of textiles.
Under the terms of the sale $1.440.000, or the estimated quick assets of
the Polish company, will be paid to Eitingon Schad Co. by June 1 1935:
$750,000 on execution of the contract, $250,000 before the end of this year
and $440,000 before June 1 1935.
Approximately $219,000 of slow assets, which are expected to be collected
by the Polish company soon, will be paid as collected, not later than
June 30 1937. The balance of the purchase price of 81,905,480, estimated
as equal to the remainder of capital assets, will be paid in equal monthly
installments, beginning January 1936, and to continue through to December
1945.
Some objections to the proposed sale were voiced at the meeting by
attorneys representing Minority stockholders, who said that, in their
opinion, the Polish company should be retained. The contract previously
made and ratified by the stocknolders, under which Fur Companies Syndicate participates in Eitingon &Mid profits, also was attacked, and criticism was directed at the fact that Motty Eitingon, President, and his
brother. Naum Eitingon, are participants in the Fur Companies Syndicate,
whose proportion of Eitingon Schild profits, by reason of its contract.
amounted to more than $1,000,000 in 1933. Motty Eitingon said that the
contracts had been made in the best interests of shareholders -V. 138.
P. 1569.
Electric output for three major affiliates of the Electric Bond & Share
System for the week ended March 29,compares as follows with corresponding week last year (in kw.h.):
1934.
1933.
Increase.
American Power & Light Co
76,609.000 66,791,000 14.7
Electric Power & Light Corp
32,196,000 28,427,01
10 13.3
National Power & Light Co
68,080,000 57,920,000 17.5 o
-V. 138, p. 2247, 2082.
Net operating profit__
Other income
$330,123
Edmonton Street Ry.-Earnings.-Period End.Feb.28Total revenue
Total operation
April 7 1934
Electric Bond & Share'rCo.-Output of Affiliates.
-
$109,361
$89,053
$857,448 $1,051.067
Available for dividends
Earns. per sh.on 862,098
$0.13
$0.10
$0.99
shs.cap.stk.(no par).
$1.22
x Dividends on stock owned by corporation included as income in 1933.
-V. 138. p. 2092.
Erie RR.-Earnings.1933.
1932.
1934.
February1931.
$5,002,672 $4,424,945 $5,324,416 $6,433,453
Gross from railway
848,007
1,155,196
1,181,724
1.404.204
Net from railway
394,241
822,949
669.516
Net after rents
994,158
From Jan. 1
10,259,350 9,062,752 10,655,218 13,221,195
Gross from railway
1,815.724 2,109,511
2,533,253
2,689,253
Net from railway
908.069 1,082,343
1,854,617
Net after rents
1,898,751
The earnings statement of the Erie RR.,including Chicago & Erie RR.,
was given in V. 138, p. 2248.
Securities Authorized.
The I.
-S. C. Commission on March 26 authorized the company to 'Mlle
not exceeding $2,671,000 of 4% registered serial collateral notes, to be sold
at par and the proceeds used for maintenance.
The Commission modified its previous orders so as to permit the pledge,
as collateral security for the notes, of the applicant's equity in 834.743,000
of its bonds now pledged with the Reconstruction Finance Corporation.
• The report of the Commission says in part:
By our certificate of March 16 1934, we approved, as desirable for the
improvement of transportation facilities, certain maintenance to be applied
to the property of the applicant, consisting of the installation of new rail
and other track material and the conversion of 750 70-ton drop-bottom
gondola cars into self-clearing hopper cars, at a total estimated cost of
$2,672,310. The applicant proposes to finance this maintenance through the
aid of the Federal Emergency Administration of Public Works. To evidence
its borrowings, it proposes to issue promissory notes pursuant to the terms
of a contract executed by it on March 14 1934, with the United States of
America, represented by the Federal Emergency Administrator of Public
Works. These notes will be designated 4% registered serial collateral notes
will bear the date of issue, will be payable to the Administrator or registered
assigns, will be in the denom. of $1,000 or multiples thereof as required by
the Government, will be registered as to principal and interest, will bear
interest from and ate one year from the respective dates of issue at the
,
rate of 4% per annum, payable semi-annually on Feb. 1 and Aug. 1, and
will mature serially, $334,000 on Feb. 1 in each of the years 1937 to 1943,
Inclusive, and $333,000 on Feb. 11944.
As collateral security the applicant proposes to pledge with the PWA its
equity in the following: $26,000,000 Erie RR.ref. & improv. mtge. bonds,
series of 1932, $6,105,000 Erie RR. 1st consol. mtge. gen. lien bonds,
$217.000 Erie RR. gen. mtge. series B bonds, $2,421,000 Erie RR. gen.
mtge. series D bonds, and $900,000 Niagara Frontier Foods Terminals.
Inc. 1st mtge. bonds. All bonds are now pledged with the RFC as coll.
security for loans totaling 313,400,810.-V. 138, p. 2248.
-Depositary.
Eton Hall Apartment Building.
The Cominental Bank & Trust Co., 30 Broad St., N. Y. City, has been
appointed depositary under a plan of readjustment for the $288,500 1st
mtge. fee 6% serial gold bonds.
•
Fairbanks Co.(& Subs.).
-Earnings.
Calendar YearsOperating loss
Other income
Net loss
Depreciation
Interest, reserves, &c _
Federal taxes
Prov.for bad debts
2407
Financial Chronicle
Volume 138
1933.
loss$83,963
24,661
1932.
$167,626
28,872
1930.
1931.
$110,886 prof$177937
43.431
31,813
$59,302
131,751
47,500
$138,754
131,507
53,500
$79,073 pf3221,368
128.944
130,999
65,500
59.500
8.600
4,947
$269,571 prof$13,377
$323,761
$238,552
Quarterly Earnings Statement.
1930.
Quar End.Dec.31.
1931.
1932.
1933.
$117,144
Gross profit
$55,650
$27.295
$76,932
99,405
71,552
Operating expenses
79.051
66,978
48,507
53,406
Interest, deprec., &c._..
47,529
46,702
Total loss
$69,308
$99,284
$336,748
Consolidated Balance Sheet Dec. 31.
1933.
LiabilitiesAssets-1933.
1932.
:
Plant & equip_ __El.178,836 $1,305,062 8% 1st pret stock_51,000,000
Cash
8% pref. stock..__ 2,000,000
531,193
722,689
Notes & accts. rec. 119,259
82,903 Common stock___ 1,500,000
38,941
Inventories
394.110
421,758 Accts. pay., &c___
3,750
let pf. stk.sk. rd._
165.134 Accrued Interest__
165.135
Gold notes repurch 120,466
136,528 Gold notes (curr.). 100,000
Good-will
Taxes & other con400,000
400,000
55,121
Prepaid expenses_
tingencies
8,779
12,017
650,000
Gold notes
Cap. surp. arising
apprec'n. of prop 1,482,415
3,912,450
Deficit
Net loss
$30,768
84.455.569
Total
Cost of condemnation proceedings, &c., written off _ _ $60,829
Losses on sales of inter-company holdings by invest50,658
ment subsidiary
Charge applicable to period July 1 1928 to Dec. 31
1932 resulting from retroactive revision of municipal hydrant rental rates per agreements negotiated
during 1933 with municipalities in the Scranton
territory of Scranton-Spring Brook Water Service
151,195
Co
Net charge arising from adjustment of prior years'
taxes, including net interest charge and expenses
143,713
applicable thereto
35,117
Miscellaneous charges
$441.514
-Credits
Less
Rental of hydrants to New York City for
prior years, less charges in connection
$143,672
therewith
99,466
Discount on bonds reacquired
15,807 258,947
Miscellaneous credits
182,566
Deduct-Cumul.dive,ofsub.cos.at Dec.31 1932 not declared-
34.273,002
1,041,698
$3,231,303
Surplus balance,Dec.31 1933
Summary of Consolidated Capital Surplus Account.
previous report
$3,304,731
Balance, Jan. 1 1933, per
Items charged to capital surplus during year:
Additional amount reserved for property retire$283,152
ments by subsidiary company
Write-off by subsidiary company of commission
216,848
and discount on sale of capital stock
Appropriation for additional possible loss on investments and net losses on security transact'ns 176,755
Write-off of organization expense representing
21,381
expenditures in purchase investigations aband
13.928
Miscellaneous charges
$712,065
1932.
51,000,000
2,000.000
1,500,000
26.461
4,250
100.000
56,863
750,000
1,482,415
3.673,880
Total
$2,917,778 83,246,092
Total
$2,917,778 $3,246,092
x After depreciation of $1.520.462 in 1933 and $1,391,993 in 1932.V. 137. p.3500.
Federal Water Service Corp.
-Annual Report Year
Ended Dec.31 1933.
-President C.T. Chenery in his remarks
to stockholders says in part:
Again in the year 1933, it was necessary to provide for maturing securities
in the aggregate amount of 54.381.000 of which amount 33.426.000 was
outstanding in the hands of the public, without recourse to the public sale
of new securities. These znaturbas issues were (1) $2,500,000 Rochester &
Lake Ontario Water Co.. 1st mtge. bonds ($735,000 pledged under the lien
of the New York Water Service Corp. 1st mtge. indenture), due March 1
1933: (2) $1,000,000 North Mountain *
Water Supply Co. 1st mtge. bonds
S$220.000 pledged under the indenture securing the Scranton-Spring Brook
Water Service Co., 1st mtge. & ref. bonds). due July 1 1933: (3) 3881.000
Scranton-Spring Brook Water Service Co. 44% notes. due Dec. 15 1933.
The management is able to report that provision was made successfully
for meeting these maturities; the latter two were paid in cash with the aid
of bank loans, and the former was met by an extension of the maturity of
the bonds for a period of five years. In meeting these serious financial
problems, the continued co-operation of friendly banks was of paramount
importance.
It will be necessary to continue to defer pref. and common stock dividends
of Scranton-Spring Brook Water Service Co., and to devote available earnings to the liquidation of bank loans incurred. It will likewise be necessary
to continue to defer pref. and common stock dividends of New York water
Service Corp. to comply with the provisions of that company's issue of
3
-year gold notes. due Nov.30 1935.
Southern Natural Gas Corp.. in which corporation continues to hold an
investment standing on its books at $4,645,090, remains in the hands of
receivers. Operations in the year 1933 showed an improvement in sales
and gross revenues over the year 1932. and earnings showed a substantial
margin over 1st mtge. bond interest requirement. Through operation of
its sinking fund. Its mtge. bonds outstanding were reduced by $624.000
during the year. It is possible that this company may be reorganized and
the receivership lifted during the current year, and since Federal Water
Water Service Corp is believed to own a majority of the aggregate principal
amount of debentures and unsecured debt outstanding, it should receive,
in the opinion of the management, under any plan of reorganization, a
major part of the new equity.
Results for Calendar Years (Incl. Sub. Companies).
[Earnings of Cos. Acquired During Year Included Only [Since Date of
Acquisition.)
1932.
1933.
1931.
1930.
Operating revenues
$15,884,185 $16.410,355 $17,124.089 $16.474.436
Operation
4.873,273
4,480,974
4.921,142
4.993.933
Gen.exp.charged to const Cr76.952
Cr73,722
Res. for uncoil. accounts
185,080
193.318
Amort.of rate case exp-187.445
198,533
Spec.legal & other exps_
196,252
57.206
Maintenance
673,791
622,724
730.474
755,441
993.208
Res.for retire. & replace. 1.055.750
916.112
790.541
General taxes
1,291.903
1.295.183
1.280,273
1.140.309
Reserved for conting- _
170.000
170.000
170.000
Net earnings
$7,902,358 $8,113,123 $9,091,178 $8,794,211
Other income
226,428
249.746
164.440
734.063
Gross corporate inc._ 88,066.798 58.339,550 $9.340,924 $9,528.274
Charges of sub. cos.:
5.051.399
Intl on funded debt
4.939.637
4.977,031
4.337.626
Amortiz. of debt dis284.168
271 788
count, miscell. int-.,
267.996
159.276
1.341.561
Divs. on pref. stock
1.321,402
1,216.964
1.340,745
6,642
8,955
Minority interest_ _ _ _
1,530
4,438
275,130
200,000
Prov. for Fed, inc. tax
388.499
293,092
Balance
1.380.651 $2.561,748 8424,379
51.220.890
Charges of Fed. Water
Service Cos.:
385,304
Int.on funded debt_ _ _
386.073
385.000
386,073
Miscell. interest, &c
260,218
Int. on unfunded debt
238,983
114,835
245,558
Net inc. carried to Burp 8589.260
$734,360 81.937,462 52,924.544
Cumul. pref. dividends..
989.117
983.214
Common-class A div_
1.035.232
1,337.366
Common-class B div_
108,490
210.846
Balance
3734,360 def8195,377
5589.260
8393.119
Shs, of class A stock outstanding (no par)_ _ -569,538
F68.968
570.195
560.375
Earnings per share
51.29
$1.04
$1.66
y$2.74
y Equivalent after Federal Water Serice Corp. pref. diva, and under
the participating provision of the shares of $2.74 a share on class A stock.
Summary of Consolidated Learned Susplus Account Dec. 31 1933.
$3.866.310
Surplus balance Jan. 1 1933
589,259
Net income 1933 (as above)
-Credits
Less
Adjustment of tax accruals of subsidiaries
applicable to balances at dates of ae$32,313
quisition
Adjustment of surplus arising from ap21,342
praisals made in prior years(net)
Rate case expense previously charged to
capital surplus now transferred to un21,419
amortized rate case expense
11,558
Miscellaneous credits
86.633
625,432
$2.679,298
Balance, Dec. 31 1933
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Liabilities$
$
$
Assets$
Fed. Water Serv.
Plant, property,
Corp. 534%
equipment,&c173,188,166 172,940,817
gold deb
7,019.500 7,019,500
Inv.in & loans to
Pd. debt of subs 96,391,700 96.860.000
affil. & other
companies _ -_ 6,600.060 6,651,846 Short term notes
ofSubs
86,297
1,123,500 2,716.000
52,330
Misc, spec. dep.
Notes payable
6,192,067 5,386,124
Unpresented inAccts. payable__
223.413
393,863
306,937
terest coupons
1,451,49p Interest accrued 1,293,643
1,328,313
Def. accts. rec._ 1,410,521
1,279,035 Divs. accrued-,
38,323
44,766
Cash & wkg.ids. 1,014,348
b Accts. reedy_ 2,275,379 1,993,455 Taxes accrued__ 1,719,248 1,537,653
492,681 Misc. curr. Bab.
279,167
127,628
441,736
Unbilled revenue
853,796 Cast. deps., &c. 1,296,069 1,772,997
864,207
Mat'is & supplies
Unearned rev___
533,709
545,162
Comm. on cap.
533,586
2,761,525 2,987,258 Other def. nab.
stock
Debt disc.& exp 2,383,885 2,298,059 Res,for retire.&
replacements_ 13,482.895 12,928,035
Organ. exp. of
175,171
446,117 Other oper. res_
138.546
424,733
.
parent co_ _ _
Contr.for extens
689,599
669,126
Def. charges &
1,186,710 Mint. it. in cap.
unadj. debits_ 1,249,316
stock drsur___
74,171
433,201
Cum. pref.stock
(corp.)
15,179,740 15.181,040
c Class A stock_ 13,685,819 13,671,559
d Class B stock_ 2,500,000 2,500,000
Subs. pref.stock 24.631,222 22,243,014
Cap. & paid-In
surplus
2,679,299 3,304,731
Earned surplus_ 3,231,304 3.866.310
192,973,144 192.667.567
192,973,144 192,657,56,, Total
b After reserve for uncollectible notes and accounts of $307.709 in 1933.
and $272,640 in 1932. c Represented by 569.538 shares of no par value in
1933 and 568,968 shares of no par value in 1932. d Represented by
-V.137 D. 3841.
542.450 shares of no par value.
Fidelity & Deposit Co. of Md.-Balance Sheet Dec. 31.Assets
Bonds
Stocks
Home office bldg._
Prems. in course of
collection
Reins, salvage due
from other cos__
Mtge. loans, &c__
Cash in banks and
trust companies
1933.
1932.
1933.
Liabilities$
6,937,072 8,099.284 Reserve for
Unearned prems 6,082,452
5,241,832 6,582,133
5,860,968
2,417,300 2,417,300 Claims
Taxes & exps, in
712,567
transit
1,914,933 1,939,351
Miami'. purposes.. 205,558
206.273 Return&advs.prem 111 110
152,549
290,500
108,000 Reinsur, to other
companies
298,556
1,300,710 1,089,015
Special and con1,260,835
tingent
2,400,000
Capital stock
1,322.849
Surplus
1932.
$
6,109,640
5,786,453
754,910
428,708
180.758
327,321
2,000,000
x2,400,000
2,453,495
Total
18,254,895 20,441,355
18,254,895 20,441,355
Total
x Paid-up stockholders on June 14 1932 approved a reduction in the
capital from $6,000,000 to $2,400,000 and in the par value from $50 to
$20.-V. 137. p. 2107.
(Wm.) Filene's Sons Co.
-Earnings.
Years End. Jan. 311932.
1931.
1934.
1933.
Net sales
$30,620,089 $32,593,796 841,382,187 $45,314,489
Cost ofsales:sell. open &
general expenses
28,518,596 31.570,401 39,441,877 42,638,585
Depreciation-Real estate,fixtures & equip_
x378,706
403,745
379,421
429,179
Net income from °per_ $1,722,784
Other income
209.008
5619,650 $1,511,131 $2,296,483
296,228
228,252
Total income
81,931.792
Interest paid
70,676
Prov. to reduce tnark.see
Income taxes
132,941
Other taxes
696.071
3915,878
73,221
Net profit for period
$1,032,107
Preferred dividends_ _
416,611
Common dividends
450,000
$712,205 81,386.464 81.935.412
420,851
455,263
509,974
425.000
250,000
$1,739,383 32.296,482
75,100
x98.537
65.000
130,452
212,810
262,533
Balance,surplus
8165,496 def$133.646
Earns, per sh. on 500,000
shs. coin. stk.(no par)
$1.23
$0.58
x Includes amortization.
8681,201
81,425,438
$1.86
$2.85
2408
Financial Chronicle
Consolidated Balance Sheet Jan. 31.
1933.
1934.
1934.
LiabilitiesAssets
$
698,555
753,058 Accounts payable_ 348,278
Cash
Sundry creditors_ _
U. S. Govt. & mu37,387
nicipal
_ 5,692,727 6,025,920 Accrued salaries dr
Customers' accts.
secure.expenses
481,122
& notes receiv 2,917,294 2,753,413 Ras. for Fed. taxes 191,836
98,114 Accrued dive. on
Sundry debtors._.125,090
34,718
Mdse.Inventory- 3,260,026 2,795,443 preferred stocks_
Misc. investments 1,531,958 1,475,915 Mtge. notes pay 1,500,000
b Land dr bidgs_ _ _ 4,574,279 4,513,241 61.i% cum.pref.stk 6,409,600
C Fixtures & equip 793,744
778,319 a Common stock.. 5,000,000
d Delivery equip
25,338
37,344 Earned surplus__ _ 5.827,479
Prepd. ins., exp. &
Approp. surplus... 763,089
sundry def. chgs. 440,361
495,257
Premium paid on
R. H.White Co.
stock
534.137
534,137
Good-will, leases,
trademarks,
1
trade names,arc.
1933
$
212,396
29,196
427,484
139,216
34,734
1,580,000
6.412,600
5,000,000
5,661,447
763.089
Net operating profit
$1,410,793
Profit on foreign exchange
Cr669,561
Amount reserved for fluctuations in dollar value of working
assets in foreign countries
Dr250,000
Settlement of contracts entered into in prior years
Dr156,000
20,593,511 20,260,163 Total
Total
20,593,511 20,260,163
a Represented by 500,000 no par shares. b After depreciation and
amortization of $2,151.695 in 1934 and $2,079,854 in 1933. c After
depreciation of $710,361 in 1934 and $597.333 in 1933. d After depreciation of $109,878 ($38,076 in 1933).-V. 138, p. 2248.
Firemans Fund Indemnity Co.-Bal. Sheet Dec. 31.Assets1932.
1933.
Government bonds$1,628,224 $1,130,338
State, county Sr
499,861
mun. bonds.... 919,846
/Moen. bonds ____ 2,130,858 2,221,813
426,095
Stocks
408,272
Cash
255,086
292,688
Prem. In course of
544,329
collection
781,268
52,284
Accrued interest
58,616
Other assets
43,815
Total
$6.263,585 $5,129,806
-V. 138. p. 1570.
1933.
1932.
Llabiliffes-Losses in process of
adjustment ____$1,406,801 $703,978
Res. for unearned
premium
1,651,955 1,138,207
Est. amt. of accr.
192,447
taxes & exp.
53,168
114,625
ContIng. reserve
All other claims &
291,982
demands
1,000,000 1,000,000
Cash capital
Surplus over cap.
and all liabilities 1.859,679 1,980,550
Total
$6,263,585 $5,129,806
-March Sales.
(M. H.) Fishman & Co., Inc.
1934
-March-1933.
$126,196
$226.565
-V. 138. p. 1753. 1570.
Increase. 1934-3 Mos.-1933.
$3351,372
$100,3691$542,554
Increase.
$191,182
Fort Smith & Western Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.135. p. 123.
1934.
$56.166
4,766
def1,077
1933.
$54,097
3,335
def1,419
1932.
$53,753
def2,691
def8.479
1931.
568,249
3,747
def8,665
119,387
15,869
3.238
108,835
5,547
def2.808
123,791
5.705
def4,839
159.384
18,543
def5,323
Balance Dec. 10 1933
$1,674,354
x Not including depreciation of studio buildings and equipment of
$602,410 absorbed in production costs.
Paid-in Surplus Account, 52 Weeks Ended Dec. 30 1933.
Balance Jan. 1 1933
$36,062,396
Changes incident to reorganization as of April 1 1933:
Additions
Reductions of outstanding stock by exchange of one new
share for each six shares of old stock
10.523,167
Issuance of 2,015,482 1-3 shares of new common stock at
$18.90 per share, carried to the balance sheet at a stated
value of $5 per share
28,015,204
Transfer of balance of reserve for indeterminate liabilities and
contingencies, as of April 1 1933
1,625,007
Transfer of unearned income, April 1 1933
1,800.000
Total
$41,963,379
Deductions
Reductions in book value of investments, after applying the
reserve for revaluations thereto
22,693,744
Provision of the following reserves.
For revaluation of investments and advances
14,500,000
For contingencies
1,150,000
Deficit from operations prior to April 1 1933, consisting of
balance as at Dec. 31 1932 of 515,010.396. loss of $535,570
for the 13 weeks ended April 1 1933 (see below), and sundry
adjustments of $87,451
15,633,416
Interest and amortization of discount and expenses on obligegations retired in reorganization from April 1 1933 to the
date on which the retirement was effected
884.410
Transfer of unamortized discount and expenses in respect
of securities retired in reorganization
1,458,902
Legal fees, taxes and other expenses in connection with
376,133
reorganization
Total
Net deductions incident to reorganization
556.696.605
14,733.226
Balance as per balance sheet
Fourth National Investors Corp.
3 Mos.End. Mar.31Interest
Cash dividends
1934.
$288
153,215
1933.
$17,664
123,607
Total income
Managementfee
Stock transfer expenses_
Custodian's services_ _ _ _
Legal fees, auditing fees,
st'kholders'reports,&c
New York State tax_ _ _ _
$153.503
29.647
1,688
1.253
$141,272
21.952
2,476
2,490
5.180
6,390
5.418
1,500
1932.
$26,512
167,670
1931.
$22,748
179,389
$194,182
25,585
1.9451
2,833
$202,137
37,787
5.252
25,486
Net income
$109,345
$107,436
$158,567
$138,864
Security Proifts Account 3 Months Ended March 31 1934.
Profit realized on sale ofsecurities, based on average cost
$6,398
Recovery on cash in closed bank, previously charged off to
security profits account
12,168
Total
$18,566
Excess of cost over market value of investments, Dec. 31 1933
3,196,963
Excess of cost over market value of investments. March 31 1934- 2,150,566
Decrease in unrealized loss
11.046,398
Change in Net Assets 3 Months Ended March 31 1934.
Total.
Per Share.
514,858,257
$29.72
Net assets, market value (Dec. 31 1933)
109,345
0.22
Increase for period: Net income
18,566
0.04
Realized profit per security profits account
1.046,398
2.09
Decrease in unrealized loss
516,032,567
$32.07
Net assets, market value March 31 1934
Balance Sheet March 31.
1934.
1933.
1934.
1933.
Liabilities$
$
Assets
1,750
2.450
617,621 Accrued expenses
584,789
Cash
Provision for N.Y.
Notes of General
19,900
2,000
State taxes
Motors Accept.
175
1,499
Unearned Interest_
Corp. Sr Univer500,000
a Common stock_
500,000
sal Credit Corp_ 500,000
3,508,215 b Pald-In surplus.26,444,757 26,444,757
U.S. Govt.obllg_
8,761.625 7,475,928
Investments _ ___d14,906,500c15,214,207 Deficit
73,908 Excess of cost over
Int.&dlvs.receiv. e63,102
market value of
Deposits in closed
Dr2,150,565
60,826 Investment
banks
16,054,392 19,474,778
16,054,392 19,474.778 Total
Total
a Par $1. b Representing the excess of paid-in capital over the par value
of capital stock, after deducting organization expenses. c At cost, market
value $6,579,950. d At market value, cost 1617,057.066. e Dividends
receivable only.
-V.138, p. 332.
-Annual Report.
Fox Film Corp.
Sidney R. Kent, President, states in part:
A major reorganization of the corporation's finances took place during
the year and a substantial improvement in operating results was recorded.
As of April 1 1933 the plans for the financial rehabilitation of the corporation, as outlined in the plan of reorganization dated June 21 1933,
were approved by the stockhloders and the transactions outlined therein
consummated. The balance sheet (partly consolidated) as at Dec. 30
1933 and the consolidated income account for the 39 weeks ended on
that date (also partly consolidated) reflect both the improvement in
operating results and the financial reorganization 'referred to.
Corporation's investment in Wesco Corp. has been written down to
the sum of $1 and its advances to Wesco Corp. and its principal subsidiary.
Fox West Coast Theatres, are carried at their full amount with an adequate
reserve for any readjustment of values which may be deemed advisable
upon termination of the several bankruptcies.
The corporation has no bank loans. At April 1 1933 corporation had
an inventory of pictures aggregating $10,240,522. During the 39 weeks
to Dec.30 1933 there was spent on production $13,754.426. The amortization charged to profit and loss during this period amounted to 512.871.407.
leaving an inventory of $11,123,541.
Investments and advances, after deducting the reserve for revaluation
of $14,500,000, amount to a total of 516,623,543. Fixed assets comprising studio properties fully equipped in California, the home office
building and its equipment in New York and all equipment in exchange
April 7 1934
and offices throughout the world aggregate $10,632,050 after deducting
the usual reserves for depreciation. The net worth of corporation aggregates
$35,185,569, including earned surplus since April 1 1933 of $1,674,354.
Income,39 Weeks Ended Dec. 30 1933.
[Corporation and wholly owned subs., but excl. Wesco Corp. and subs.)
Gross income from sales and rentals of film and literature
$24,288,824
Dividends
259,226
Other income
730.641
Total income
525.278.691
Operating exps. ofexchanges, head offices and admin.exps.,&c- 6,615,996
Amortization of production costs
12,871,407
Participation in film rentals
3,870,894
Interest expense
237.794
Amortization of discount and expenses on funded debt
49,458
x Depreciation of fixed assets
222,349
$21,329,170
Reserve for Revaluation of Investments.
Balance Jan. 1 1933
837,247,387
Reduction in book value of investments incident
to the reorganization effected asof April 1 1933:
$46,173,713
Film Securities Corp
9,421,642
Wesco Corp
3.761,533
Fox Realty Corp. of California
584.243
Fox Film Realty Corp
Less amount charged to paid-in surplus
$59,941,130
22,693,744
Balance
Amount provided April 1 1933 from paid-in surplus
37,247,386
14.500,000
Balance Dec. 30 1933
514.500,000
Reserve for Indeterminate Liabilities and Contingencies.
Balance Jan. 1 1933
51,717,177
Less sundry charges from Jan. 1 1933 to April 1 1933 in respect
of settlement of litigation, &c
92.169
Balance April 1 1933, transferred to paid-in surplus
$1.625.007
Reserve for Contingencies.
Amount provided April 1 1933 from paid-in surplus
$1,150,000
Less charges from April 2 1933 to Dec. 30 1933 in respect of
settlements of litigation pending at April 1 1933. payment
of additional assessments of Income taxes of prior years and
other similar items
295,058
Balance Dec. 30 1933
$854,942
Loss for 13 Weeks Ended April 1 1933.
[Including wholly owned subsidiaries, but excluding Wesco Corp. and subs.]
Gross income from sales and rentals of film and literature
$7,690,074
Other income
317,003
Total
$8,007,077
Operating exps. of exchanges, head office and admin. exps., &c. 2,187,500
Amortization of production costs
4,298,021
Participation in film rentals
1,268,479
Interest expense
592,725
Amortization of discount and expenses on funded debt
153,685
Depreciation of fixed assets, not including depreciation of studio
buildings and equipment of $210,370 absorbed in production
costs
63,789
Net operating loss
$557,122
Profit on foreign exchange
Cr29,577
Settlement of contracts entered into in prior years
Dr8,024
Net loss, carried to paid-in surplus
5535,57
Consolidated Balance Sheet Dec. 30 1933.
[Not including Wesco Corp. and subsidiary companies.]
Liabilities
Assets$5,021,932 Notes payable
Cash
$727,333
1,691.082 Accts. Payable Sr accr. exps_. 3,040,308
a Accounts receivable
84.986 Funded debt due in one year.
a Notes receivable
142.650
Sundry Habil, due after one yr
Inventories (unamortized pro470,265
11,123,541 6% cony. debentures
duction costs)
1,746,600
342,545 Funded debt of sub. realty cos 2,378,075
Prepaid expenses
Inv. in and adv. to affil. cos_d16,623,543 Deferred credits
1,107,921
b Land, buildings Sr equIpm't 10,632,049 Reserves
1,104,942
139,151 c Capital stock
Other assets
12,182,045
Paid-in surplus
Unamortized discount and
21,329,170
244.835 Earned surp.sinceApril 11933 1,674,354
expense on funded debt...
$45,903,664
Total
Total
345,903,664
a After reserves. b After depreciation of 54,661,518. c Represented
by 2,419,759 shares of class A stock and 16,650 shares of class B stock,
all having a stated value of $5 per share. d Metropolis Sr Bradford Trust
Co.. Ltd. (holding company for investment in Gaumont-British Picture
Corp., Ltd.) at cost less proceeds from capital distributions, 517.087,618
Hoyts Theatres, Ltd. (advances only), $551.632; Wesco Corp. and Fox
West Coast Theatres (Investment $1 and advances). $8,511,525; Movietonews, Inc., and sundry other companies, at cost adjusted by results of
operations to date, $4.972.767; total, 531,123,543; less reserve for revaluation of investments, 514,500,000.-V. 138, p. 1924.
Financial Chronicle
Volume 138
. H.) Franklin Mfg. Co., Syracuse, N. Y.
-ReceivershipAppointment of Giles H. Stilwell as receiver of the company, maker
of automobiles, was filed April 4 in Federal Coiut at Utica, N.Y. Frederic
H. Bryant authorized the receiver to continue the business temporarily
in order to fill orders,supply parts and preserve the good-will of the company
The liabilities, it Is stated, amount to about $2,000,000 in notes, with
no mortgage indebtedness. The receiver said an effort would be made
to sell the assets to a company which will continue the business.
The company on April3filed a voluntary petition in bankruptcy. Sixteen
creditors were named including Merchants National Bank, Boston; Chase
National Bank and Central Hanover Bank & Trust Co.
.New York;Guardian
Trust Co., Cleveland; Continental Illinois Bank & Trust Co., Chicago;
Plainfield (N. J.) Trust Co., and First National Bank, Philadelphia.
V. 138, p. 1032.
Franklin National Insurance Co. of N. Y.
-Balance
Sheet Dec. 31 1933.Assets
Bonds and stocks
$2,491,322
Interest accrued
16,541
Cash on hand & in banks
252,168
Prems. in course of collection_ 119,972
All other assets
5,071
Total
$2,885,075
LiaRUtter
$1,000,000
Capital stock
Res. for unearned premiums__ 490,347
68,349
Reserve for losses
23,250
Res. for taxes & other expo_
Reserve for contingencies.- 146,287
1,156,841
Net surplus
Total__$2,885,075
Gary Railways Co.
-Earnings.
Calendar YearsOperating revenue
Operating expenses
Operating loss
Other income
1933.
$510,243
564,015
1932.
$472,353
613,127
1931.
1930.
$781,096 $1,166,212
961,582
788,422
$53,772
1,369
$140,773
117
$7,325 pf$204,630
1,525
48,451
$206,155
63,727
74,738
Total income
loss$52,403 loss$140,656
Other charges, incl.taxes
82,972
75,557
Interest on funded debt_
61,365
61,365
$41,126
59,106
68,050
Net loss
Dividends
$86,031 prof367,691
75.243
63,709
$189,326
$284,992
$7,552
$149,740
$284,992
$189,326
Balance Sheet Dec. 31.
1932.
1933.
AssetsLiabilities1933.
1932.
Road & equIpment35,888,178 $5,893,953 Class A pf. stk___ $850,000 3850.000
271,500
Investments
2,001
2,001 Class B pref. stock 271,500
Reacquired secure.
42,514
42.514 Common stock__ 2,381,220 2.381,220
1,871,865 1,861,490
Cash
9,979 Funded debt
9,332
Accts. & notes rec.
20,471
9,696 Def, pay. on pub.
9,561
8,652
Material & supple.
36,464 Impr. assessm'ts
33,663
68.570
52,151
Sund. advs.& dep.
2,622 Accounts payable_
1,232
706
677
Prepayments
deps6,643 Employees
4,460
27,973
Def. charges
42,379
110,051
116,446 Taxes accrued_ _ _ _
41,860
Interest accrued._ 137,480
572,309
651,449
Reserves
35,130
def155,471
Surplus
Deficit
Total
$6,111,900 $6,120,318
-V.137, P. 2807.
Total
$6,111,900 $6,120,318
General Alliance Corp.
-New Directors.
-
David M. Milton and Ellery C. Huntington Jr. of the law firm of Satterlee & Canfield on April 3 were elected directors of the General Alliance
Corp., the General Reinsurance Corp. and the North Star Insurance Co.
Thomas J. Farrell of Thomas J. Farrell & Co., Chicago, was elected a
director of the General Alliance and General Reinsurance corporations.
E. E.Loomis, President of Lehigh Valley RR. Co., was elected a director
of North Star Insurance Co.
-V.138. p. 2249.
General American Investors Co., Inc.
-Earnings.
Earnings for 3 Months Ended March 31 1934.
Total income
Interest, amortization, taxes, &c
$201,280
126,830
Balance
Syndicate compensation in respect of loan
$74,450
14,186
Net income
$88,637
Dividends on preferred stock
120,000
Notes.-a Net loss realized from sale of securities during the
three months, which has been charged against a special
$544,211
account under surplus, amounts to
b Aggregate unrealized depreciation in value of securities as
26.478
compared with cost
-As of March 31 1934
As of Dec.31 1933
3,619.945
Decrease in this item during period
$3,593.467
comparative Balance Sheet.
Mar.31'34. Dec.31'33.
Mar.31'34. Dec.3133.
Liabilities
Assets
b Secs, owned at
6% pref. stock_ 4,000,000 4,000,000
cost:
a Common stock__ 1,300,220 1,300,220
Bonds
751,417 25-yr. 5% debs___ 6,600.000 6,600.000
943,749
Pref. stocks..
55,000
137,500
1,241,147 1,620,013 Int. accr. on debs_
Com.stocks_ _21,692,098 22,283,119 Reserve for taxes_
35,000
25,000
b Partie. In time
Pref. dive. payable 120,000
120,000
loan (see.)
135,815 Capital surplus_ _ _14.654,247 14,654,247
Cash
762,214 Loss on secs. sold_ 1.877,824 1,333.616
1,037,536
Divs. reo'ble and
Undistributed Inc_ 312,108
343,472
interest accrued_ 142,978
151,023
Deferred charges
141,240
143,220
Total
Total
25.198,747 25,846,822
25,198,747 25,846,822
a Represented by 1,300,220 no par shares. b The aggregate value as
of March 31 1934 of securities owned at bid prices was less than the above
value by $26,478, as compared with $3,619,945 at Dec. 31 1933.-V. 138. p. 148.
General Bronze Corp.
-Proxies Sought.
-
In a notice to the stockholders, the committee recently organized for the
purpose of bringing about a change in the present management in the corporation, is requesting proxies for the annual meeting to be held April 11
1934. The committee formed at the suggestion of certain stockholders who
own and represent a substantial percentage of the outstanding stock, consists of Charles A. Daniels, Rolland A. Davidson, T. W. D. Duke and
Hamilton Pell, Mr. Daniels, 1 Cedar St., New York,is acting as Secretary
of the committee.
-V.138, p. 2093.
General Electric Co.
-Increases Wages 10%.A 10% pay increase to all General Electric eniployees receiving $2,600
or under, either on salary or hourly rate, effective April 1, was announced
by President Gerard Swope on March 30.
The increase affects between 38,000 and 40,C00 employees and Increases
the company payroll $3,500,000 to $44,000,000 per year.
-V.138, p.2249.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
. all items are now presented in strict
alphabetical order.
2409
General Gas & Electric Corp.
-Transfer Agents.
The transfer and Coupon Paying Agency, 61 Broadway, N.Y. City, has
been appointed as transfer agent for the class A common, $8 cum. pref.,
$7 cum. pref. stock and $6 cumul. cony. pref. series A stock, of the above
corporation, effective as of the close of business March 26 1934.-V. 138,
p.860.
General Investment Corp.
-To Redeem Notes.
Owners of Public Utility Holding Corp. of America 7% gold notes.
due April 15 1935, have been advised that the General Investment Corp.,
as successor company, will redeem on May 3 all notes outstanding at their
face amount and accrued interest. Payment will be made at the Chemical
Bank & Trust Co. trustee. The redemption date may be anticipated by
those wishing to present notes before May 3.-V. 138. p. 1924.
General Motors Acceptance Corp.
-Annual Report Year
Ended Dec. 31 1933.-John J. Schumann Jr., President,
says in part:
Operating Organization.
-As of Dec. 31 1933, corporation, including
subsidiaries, operated 84 branch offices and had a total of 3,155 employees
(2.953 employees as of May 31 1933), as compared with 86 branch offices
and 3,128 employees as of Dec. 31 1932.
Business Volume.
-Total volume of business transacted in 1933 amounted
to $517,192,442, compared with $412,527,089 in 1932, the Increase being
$104,665,353, or 25.4%.
The corporation entered the year 1933 with 617.169 retail receivables
on its books and during the year acquired 825,631 items. In the course
of the yeas' 1933, 732,056 receivables were liquidated in full, leaving 710.744
retail receivables remaining on its books as of Dec. 31 1933.
Reserves.
-All losses on receivables were charged direct to income during
the year. The reserve for notes and bills receivable, indicated on the
balance sheet. is adjusted monthly in fixed ratio to current outstanding
receivables by class. Due to the increase in outstanding receivables this
reserve stands at a higher figure as of Dec. 31 1933..
Domestic Experience.
-Volume of business in the United States and
Canada increased from $387,645,294 In 1932 to $486,799.367 in 1933.
Receivables outstanding on Dec. 31 1933 amounted to $151,318,823 compared with $122,216,308 on Dec. 31 1932.
Overseas Experience.
-Overseas volume increased from $24,881,795 in
1932 to $30,393,075 in 1933. Receivables outstanding on Dec. 31 1933
amounted to $13,985,813, compared with $9,494,204 as of Dec. 31 1932.
Receivables outstanding In various overseas countries and Canada are
carried currently, and as of Dec. 31 1933. at their dollar value.
Record of Earnings, Calendar Years (Including Sub. Cos.).
1933.
1932.
1931.
1930.
1929.
$
$
Total volume
517,192,442 412.527,089 745,039,762 911,491,744 1133117,431
Gross income
27,301,197 29,805,733 43,532,836 56,763,812 60,536,016
Oper.exps., taxes,
losses,loss res., die 16,588,449 16,734,077 24.872,335 26,170,104 27.415,922
Interest & discount_ 2,6E7,335 6,805,553 9,681,381 16,023,382 20,663,458
Net prof.incl. diva 8,055,413 6,266,103 8,979,120 14,570,326 12,456,636
Per cent, earn, on
capitalfunds
9.94
7.97
11.13
17.88
18.5
Comparative Consolidated Balance Sheet Dec. 31.
1933.
1932.
1931.
1930.
1929.
Assets$
$
$
$
$
30,031,079 43,949,507 55,427,863 52,607,148 59,273,765
Cash
Notes& bilisree_ _165,304,635 131,710,512 244,550,673 319,875.457 400,864,869
Accts. receivable_ _ _ 1,913,998
992.520 5.016,783
927,381
1,312,928
328,318
339,594
526,343
854,604 1,319,102
Furniture dr equip
x9,545,814 6,736,039 5,117,159 8,012,390 7,182,227
Investments
Deferred charges_ _ _
263,018
774,305 1,629,670 2,394,594 3,858,954
Total
207,386,863
Liabilities
50,000,000
Capital stock
20,000,000
Surplus
Undivided profits
14,360,288
5% serial gold notes 13,813,000
y106,000
6% debentures
Notes dr bills pay... 82,508,960
Accts. payable
4,761,477
Dealers'repossession
loss reserves
9,816,739
Accr. int. payable
230,217
Acerd,taxes payable 1,942,218
Unearnedincome
6,499,288
Reserves
3,348.675
184,502,477 312,268.492 384,671,574 473.811,846
50,000,000 50,000,000 50,000,000 50,000,000
20,000,000 20,000,000 20,000.000 20,000,000
9,490,138 7,224,158 8,300.582 6,900,093
19,258,000 25,000,000 30,000,000 35,000,000
29,903,000 37,953,000 43,083,000 45,500,000
33,320,673 142,769,755 200,961,487 279,408,017
5,177,050 5,219,516 5,535,999 3,121,943
8,786,630
1,052,167
706,271
4,745,673
2,062,874
9,122,107 6,820,471 8,132 370
1,369,371
1,664,974 1.805.919
1,514,496 2.047,564 1,786,120
8,602,297 10,804,604 15.301,850
3,493,792 5,452,894 6,855.533
Total
207,386,863 184,502.477 312,268,492 384,671.574 473,811,846
x General Exchange Insurance Corp. $9,539,814 other, mow. y Called for
denmcion Feb. 1 1933 at 102. but not presented for redemption.
-V. 137. P.1248.
General Motors Corp.
-Annual Repot Year Ended
Dec. 31 1933.-La.mmot du Pont, Chairman and Alfred P.,
Sloan Jr., President, state in part:
Earnings.
-Net earningsfrom operations for the year 1933 were $83.213.676, equal to 9.1 times the fividends on preferred capital stock for the year.
This compares with earnings of $164,979 from operations for the year 1932.
The net earnings of $83,213,676 for the year 1933 are after a provision of
$5,000,000 for possible losses on cash balances in closed banks and include
a non-operating profit of $562,576. due to the revaluation of securities
held by the General Exchange Insurance Corp. to current market values.
The 1933 earnings also include a profit of $4,152,186 on employees' investment fund stock which reverted to General Motors Corp. on account of
withdrawals in 1932 and 1933 from the 1931 and 1932 investment fund
classes. The net earnings of $164.979 for 1932 were after deducting a
non-operating loss totaling $1,802,565, of which $711,585 was due to a
revaluation of securities held by the Feneral Exchange Insurance Corp. to
then current market values, and $1,090,980 was due to a provision for
foreign exchange losses.
Dividends.
-Regular dividends were paid on the pref. stock during the
year. requiring $9,178,845. After deducting this amount from the net
earnings of $83,213,676, there was available for the common stock outstanding $74,034,831, equivalent to $1.72 per share. In 1932,after deducting corresponding dividends on the pref. stock, there resulted a loss of
$9,041,408, equivalent to $0.21 per share on the common stock outstanding
Dividends of $1.25 per share were paid on the common stock during the
year 1933, consisting of four regular quarterly payments of $0.25_per share
and an extra dividend of $0.25 per share paid on Dec. 12 1933. Dividends
on the common stock in 1932 amounted to $1.25 per share..
Net Working Capital.
-Net working capital as of Dec. 31 1933 was
$243,832,896, as compared with $225,437,194 as of Dec. 31 1932, an increase of $18,395,702. This increase is accounted for principally by the
excess of $20,208,476 in earnings over dividend disbursements for the year
1933 and by a decrease in net plant account which had a favorable effect of
$24,508,906 on net working capital. These favorable factors affecting net
working capital were partially offset by certain changes which had an unfavorable effect on net working capital, principally the investment in the
common stock of the National Bank of Detroit, of which $9.720,350
remained at the end of the year, and the transfer from current assets of
cash balances in closed banks, which, after deducting provision for losses
and giving effect to repayments, amounted to $5,698,459.
Surplus.
-There were the following items affecting the surplus account
during the year, which resulted in a net increase of 810,729,612, making
surplus at Dee. 31 1933 amount to $248,961,356. Surplus at Dec. 31 1932
of $238,231,744 was increased in the amount of $20,208,476, representing
the excess of earnings from operations over dividends declared out of such
earnings during the year 1933. On the other hand, surplus was reduced
In the amount of $9,478,864, representing General Motors Corp.'s
equity in the net losses (the excess of such losses over undivided profits)
of subsidiary and affiliated companies since their acquisition through
Dec. 31 1930 (prior to 1931 these equities were not carried to surplus but
the reported income of General Motors Corp. was adjusted each year to
reflect such equities). This charge to surplus was accompanied by a corresponding write-down of the value of the corporation's investment in
subsidiary and affiliated companies, reflecting the adjustment of the
corporation's investments in the following companies by the amounts
shown below:
2410
Financial Chronicle
Cumulative Equities From Date of Acquisition Through Dec. 31 1930.
Equity in losses:
Yellow Truck & Coach Mfg. Co
$2.603,280
Vauxhall Motors, Ltd
5,622,796
Adam ()Joel A.0
899.831
Bendix Aviation Corp
565,452
General Aviation Corp
678.467
General Motors Radio Corp
919.559
Equity in undivided profits:
Ethyl Gasoline Corp
$11,289,385
1,810,521
Equity in net losses
$9,478,864
Investments in Subsidiary and Affiliated Companies Not Consolidated.—
As a result of transactions applicable to the year 1933, the corporation's
investments in subsidiary and affiliated companies were increased in the
amount of $27,341.487. This represented the reflection of the corporation's
proportion of the excess of undivided profits over losses of these companies
during the year in the amount of $9,077,583 and additional investments
made during the year (offset by those disposed of) amounting to 818,263.904.
Of the investments made during the year. the principal items were $9.720.350, representing the investment in the National Bank of Detroit; $5,698.459, representing the corporation's cash balances in closed banks (after
deducting provision for losses and giving effect to repayments): and $3,776.114. representing receivables from investment fund trustees reflecting interim settlements in the 1929 and 1930 classes (previously included in
current assets). These increases were offset by a reduction of $2,500,000
due to the disposal of the balance of the Libbey-Owens-Ford Glass Co.
5% serial notes.
The increase in these investments of 827,341.487, representing transactions applicable to the year 1933, was offset by a write-down of $9,478,864.
representing the corporation's equity in the net losses (the excess of such
losses over undivided profits) of subsidiary and affiliated companies since
acquisition through Dec. 31 1930. A corresponding charge was made to
surplus since these equities were not carried to surplus prior to 1931. although the reported net income of General Motors Corp. was adjusted each
year to reflect such equities. Beginning Jan. 1 1931. the surplus and investment accounts, as well as net income, have reflected these equities. as
stated in the 1931 annual report. Accordingly, the corporation's present
accounting practice together with the adjustment of $9,478,864. results in
bringing up to date the corporation's cumulative equity in subsidiary and
affiliated companies ana in stating the corporation's investment in such
companies at cost, adjusted to include the corporation's proportion of the
undivided profits or losses since acquisition.
The net result of these changes, an Increase of $27,341,487, representing
transactions applicable to the year 1933, offset by a decrease of $9,478,864,
representing transactions applicable to years prior to 1931, was an increase
of $17,862,623 during the year in the corporation's investments in subsidiary and affiliated companies not consolidated.
Treasury Stock.—There was an increase during the year 1933 of 1.500
shares in the amount of preferred stock held in the treasury, making the total
number held at Dec. 31 1933, 39,722 shares.
There was an increase during the year of 66.792 shares in the amount of
common ate k held in the treasury. This made the amount ofcommon stock
held at Dec. 31 1933, 629,076 shares.
National Bank of Detroit.
A very unusual set of circumstances developed in the early part of the
year which requires detailed consideration.
On Feb. 14 1933, in accordance with a proclamation issued by the Governor of the State of Michigan. all financial institutions within the State
were closed. While it was anticipated that such closing would be temporary
it was impossible to effect the essential adjustments, and the City of Detroit, as well as the rest of the State of Michigan, continued practically
without baking facilities through the sunsequent National banking holiday.
Following that holiday, the two largest banks, the First National Bank and
the Guardian National Bank of Commerce (Involving, in a commercial
sense, the financial facilities of the City of Detroit). were unable to comply
with the conditions essential to their resuming business activity.
The corporation was heavily interested in this very distressing situation.
Its major manufacturing facilities are concentrated within the State of
Michigan. Its employees were seriously involved with their savings in the
banks of the various communities in which they resided. The corporation
had on deposit within the confines of the State, at the time of the moratorium. a total of approximately $18,800,000. As a matter of fact, nearly
90% of the corporation's cash funds which were impounded through bank
closings were within the State of Michigan.
The serious social consequences of a continuation of such a situatioa
involving one of the largest industrial communities of the country, surrounded by a considerable number of important secondary communities,
all without banking facilities in a practical sense, were recognized by all.
Officials of the U.S. Treasury Department,officials of the State of Michigan
the responsible banking officials involved, and the leading citizens of the
community consulted together, but unfortunately, notwithstanding the
development of many plans, nothing in the direction of a practical soluation
of the problem seemed to be forthcoming. The position of the corporation
at all times was one of helpfulness and support of any sound adjustment of
the situation, but it was felt that the prime responsibility for the solution
of the problem rested elsewhere than with the corporation, for in no sense
of the word was the corporation involved in any banking responsibility
other than as an important depositor. The deterioration of the city's
economic structure became apparent and, finally, the point was reached
when it seemed vital that some strong organization, capable within itself
of affording relief, should of necessity step forward and afford that relief,
or the resulting developments were likely to become exceedingly serious.
In view of the important interest of the corporatioin in the situation, and
with those directly responsible apparently unable to afford relief, it seemed
essential that the corporation temporarily should lend a helping hand.
primarily to protect its own interest and, secondary to protect the interests
of the community at large in which it was heavily involved. In collaboration, therefore, with the Reconstruction Finance Corporatilon, a new bank
was created with a capital of $25,000,000, of which 50% or $12,500,000,
was subscribed by the RFC in the form of preferred stock, and the balance
812.500.000. was issued in the form of common stock and underwritten by
General Motors Corp.
At the time that this plan was evolved, it was distinctly stated that the
corporation had no desire to enter in any way the banking situation in the
City of Detroit, or, as a matter of fact, elsewhere. The purpose of the
corporation was then established to withdraw as soon as the situation stabilized, permitting it to transfer its temporary investment to others to carry
on this particular responsibility and duty to the community.
In accordance with the above program, the National Bank of Detroit
was opened on March 24 1933. Further co-operation of the RFC with the
receivers of the First National Bank and the Guardian National Bank of
Commerce enabled the National Bank of Detroit to facilitate the liquidation of the deposits of the closed banks to a substantial degree, rendering
a further service to the community in time of stress.
The National Bank of Detroit has, in a relatively short space of time,
built for itself an important place in the commercial life of the community.
It has proved a profitable enterprise from the beginning and there is no
reason to assume, that as economic conditions become readjusted, it should
not be able to widen its sphere of influence and increase the scope of its
operations, preforming,in that way, a continually broadening service to the
community, as well as making a satisfactory profit for its stockholders.
In accordance with its commitment, the corporation made an offer to sell
at cost its holdings of the common stock of the National Bank of Detroit.
This offer permitted subscriptions by the depositors and stockholders of the
First National Bank—Detroit and the Guardian National Bank of Commerce and residents of Detroit and the State of Michigan up to and including May 31 1933, and resulted in the sale of a total of $2,779.650 of the
common stock. This reduced the corporation's investment to $9,720.350
as of Dec. 311933. This item is recorded as a part of the investment in
subsidiary and affiliated companies not consolidated, displayed elsewhere
in this report.
An Operating Review.
The year under review was characterized, taken as a whole, by an increasing trend ofactivity. As a matter of fact. January and early February
gave promise of improving conditions. This trend was upset by the 1Si Joh igan banking moratorium,followed by the National banking holiday, which,
•of necessity, had an adverse influence on retail sales and hence production.
With the adjustment of the National banking situation, activity increased:
the improvement became accelerated and,in general, continued throughout
the balance of the year. As a result, the productiion of the automotive
industry, as measured by the number of cars and trucks produced within
April 7 1934
the United States and Canada, totaled 2,025,869, representing an increase
In units of 594.375 over the year 1932. On the contrary, the year 1932
showed a reduction of 1.040.865 from the year 1931.
Net sales, including inter-company and inter-divisional transactions,
amounted to $569,010.542. as against $432,311,868 for the year 1932—a
gain of 31.6%. Total sales to dealers, including Canadian sales and overseas shipments, measured in units, were 869,035, as against 562.970 for the
year 1932—a again of 54.4%.
Sales to dealers within the United States, as measured in units, were
729,201, as against 472,859 for the year 1932—s gain of 54.2%. Sales to
dealers in the United States were adversely affected by the reduction in
dealers' stock of new cars during the year by approximately 26.500 units.
Based upon automotive registrations in the United States, the corporation
secured 42.9% of the total passenger and commercial car volume,the highest
percentage ever enjoyed.
The increasing importance of the corporation's overseas activities, particularly from the standpoint of its manufacturing operations, justifies
special mention. Net sales during the year by export organizations overseas, including sales of manufacturing operations abroad, amounted at, net
wholesale value to $104.629,754 and represented an aggregate of 119,989
units. This corresponds to sales value of $64.722.593. representing 77.159
units, in the year 1932—an increase in 1933 of 61.7%in value and of 55.5%
in units. The products represented by these sales emanate from three
different and independent sources, viz.: American. English and German.
Due to the injection into the picture of various artificitl barriers against
international trade, accentuated by the policies of nationalism now generally prevailing, there has resulted an increasing percentage of overseas
business emanating from foreign courses as against American sources. To
illustrate, five years ago-1928 practically the entire overseas sales of the
corporation emanated from American sources. During the year 1933,
45.2% were from American sources as against 54.8% from English and
German sources, Such manufacturing countries as Germany and England,
in which the corporation enjoyed important business from American sources
In previous years, are now practically closed to importations.
Reference has been made in previous annual reports to the corporation's
manufacturing operations as conducted through Adam Pei A. G., Russelsheim, Germany and Vauxhall Motors, Ltd., Luton, England. It is interesting to note that during the year under review the production of cars
and trucks from German sources showed an increase of 87.1%. Adam
Opel A. G. increased its percentage of cars and trucks registered in that
country to 33.5%,as compared with 30.6% for the year 1932. In England,
Vauxhall Motors, Ltd., increased its total sales in units by 81.4% and, at
the same time, made a substantial increase in its participation in that
particular market.
National Industrial Recovery Act.
A review of the year would not be complete without a general reference
to the injection into the industrial picture of the National Industrial Recovery Act, not only from the standpoint of its immediate influence, but
more particularly from the standpoint of its possible effect on the future
trend of industry in the United States in general.
First, it might be stated that the automotive industry promptly signified
its support of the program by submitting a code—one of the early codes
approved by the Administration. The automotive code confines itself
to the basic requirements of the NIRA—a minimum wage scale, a maximum
and an average number of hours, together with the statutory provisions
with respect to labor,known as Section 7-A. Those are the only provisions.
The industry,from the manufacturing and wholesale distribution standpoint,
has not availed itself of the possibilities of the NIRA as to regulation of
trade practices. In addition to the support of the NIRA through the automobile code, the corporation has at all times stood ready to contribute and
has, in fact, contributed through its personnel in assisting the National
Recovery Administration in discharging the tremendous responsibility
that it has assumed.
Recognizing the relatively short space of time during which the NIRA
has been in operation, it is manifestly impossible to draw any definite
conclusions either as to its possibilities in the direction of a constructive
instrumentality toward a better economic and industrial order, or as to the
form which it might ultimately take. The industrial structure of the
United States has been built up over a period exceeding 100 years, through
an infinite number of adjustments and compromises, and now represents a
most intricate and involved structure. To reconstruct this structure in
major degree within the short period of a few months is. to say the least, a
hazardous undertaking and, even recognizing what all who have been in
close touch with the program appreciate, that the highest possible motives
of honesty of purpose and fairness prevail in its adminiatration, it is only
natural that errors of policy and fact are bound to develop, and can only
be corrected through the process of evolution.
To present a complete analysis of these questions, with their implications
as to the future, would be impossible within the confines of this report and
would, in fact, not be within the scope of its purpose. It might be desirable
to advance, however, a few considerations vitally important to all that bear
on the general problem.
First, whatever evolution may bring about with respect to the NIRA,
one thing is absolutely certain—its labor provisions, contained in Section
7-A, must be clarified or there is the certainty of industrial strife, the equal
of which this country has not yet seen, and just at a time when there is a
foundation for hope of recovery from the economic depression. Every fairminded person should be in favor,from a social and an economic standpoint,
of a minimum wage; of the elimination of child labor: of a gradual shortening of the hours of labor. Unfortunately, behind all this, as the result of
an interpretation which attempts to carry the weight of an edict of law.
appears to be looming the spectre of the greatest monopoly that ever existed
in any country in the world—the closed shop. Other questions arise and
must be answered by those having the tremendous responsibility involved.
Does the philosophy of the closed shop, or the history of industries in
America dominated by the closed shop, justify a decision in its favor
Does not the record of American industry with its freedom and independence,
as developed through the mutual confidence of management and labor in
the automobile industry—providing for the American workman the highest
standard of living in the world—justify a decision in favor of the open shop?
Second. if industrial co-operation within any industry is to be permitted,
reducing in whole or in part the competitive influence, ultimately affecting
the price to the consumer, it is highly essential that the arrangement,
whatever form it may take, should be predicated upon the most efficient
set of circumstances even if it means, through evolution, the elimination
of the less efficient. Otherwise we put a premium on inefficiency, we
spread mediocrity and we raise the price to the consumer, with the result
that there is less consumption of the products of industry and hence increased unemployment.
Third, no greater fallacy exists to-day than the viewpoint held by so
many—that the number of man-hours of employment is definitely fixed
and, assuming that the number of workers is known, the problem of unemployment is solved by dividing the amount of work by the number of
workers. Around this thinking comes the agitation for the mandatory
30
-hour week. The average hours of employment over the decade may
perhaps be gradually reduced but, from an economic standpoint, an immediate radical adjustment is bound to exert a highly deflationary influence
and at a time of improving conditions will surely inject into the picture a
highly objectionable effect. It is to be hoped that wiser counsels will
prevail.
Coniensed Como:Hated Income .1ccount for Calendar Years.
1930.
1931,
1033.
1932.
$
$
$
Net sale
580.010,542 432,311,8881808,840,723 083,375,138
Profit from over. & invest's, after
all expenses incident thereto,
but before delve°. of real estate
plants and equipment
c127,379.331 c43,075,727c180,754,488 214,837,739
Provision for depreciation of real
estate, plants and equipment__ 30,149,825 37,173,847 37,985,731 37.715.088
Net profit
97,229,505
Non-operating profit
Extraord. & non-recurring losses_
5,902,081 142,788,735 178,922.851
a10,410.074
d20,574.514
Total net profit
97,229,505
Less provision for:
Em pl.savings & investm't fund 1,527,848
Guaranteed settlement of 1928
k 1927 Invest, fund classes,
maturing Dec.311933& 1932 1,543,885
2,793,991
Total
3,071,532
5,002,081 122,214,221 187,332,724
9,382.032 10.399,450
2,219.155
5,013,148
9,382,032 10,399,450
Financial Chronicle
Volume 138
1933.
1932.
Deduct profit (loss) on invest.
fund stock reverting to Gen.
Motors Corp
4.240.655 1oss337,470
Empl.save.& invest.fund(net) 81.169,123
Empl. bonus & payment to
Gen. Motors Mgt. Corp.__ 2,736,011
Special payment to employees
under stk. subscription plan_
21.112
1931.
$
1930
2.282,010
2,902,120
36,154
7.080,022
7,497,330
3,965,688
5.350.617
9,870.558
55.420
69.890
Total
1,588,000
Provision for U. S. and foreign
Income taxes
12.217.780
5,388,771 11,101,130 17,437,778
Net income
83.423.726
G. M.Corp. proportion of net Inc. 83,213.676
$5 series preferred stock dive_ _ _ _ 9,178,845
7% preferred stock dividends_
6% preferred dividends
6% debenture stock dividends_
230.599 96.770.407 153.766,247
164.979 96.877,107 t53.766.247
9.206,387 9,375.899 4,35.1,561
5,054.965
47.483
65,650
284,711 14.342.683 1'6.128,701
Amt.earned on corn. stock__ __ 74,034,831 def9,041,408 b87.501,208b144.227.586
Amount earned per share of $10
par common stock outstanding
loss$0.21
612.01
e$1.72
b$3.31
a Including profit of 310.057,559 from sale of 1,375,000 shares of common stock
of corporation to General Motors Management Corp.
b Including the General Motors Corp.'s equity in the undivided profits or the
losses of Yellow Truck & Coach Mfg. Co., Ethyl Gasoline Corp., Vauxhall Motors,
Ltd.. Adam Opel A.G. (since April 1 1929). Bendix Aviation Corp. (since May 1
1929), General Aviation Corp.,successor to Fokker Aircraft Corp. of America (since
June 1 1929), General Motors Radio Corp. (since inception in 1929), and Genera
Motors Acceptance Corp., the amount earned on the common capital stock is
$87,501.208 ($2.01 per share) in 1931 and $141,560.332 ($3.25 per share) in 1930.
c Includes the corporation's equity in the undivided profits or losses of subsidiary
and affiliated companies not consolidated (amounting to a profit of 89.077,583 in
1933 and a loss of $3.490,747 in 1932).
d Extraordinary and non-recurring losses. including provision for revaluation of
the corporation's net working capital abroad to dollar value basis,and for revaluation
of security investments to market value as of Dec. 31 1931.
e Average number of shares of common stock outstanding during year 43.043,848
,hares.
Surplus Account for Years Ended Dec. 31.
1931.
1932.
1930.
1933.
$
$
Surplus forward
238,231,744 301,266,482 344.265,275 380,560,273
Surplus for year as above
74,034,831 dt9.041,408 87.501,208 144,227,588
Gen. Motors Corp.'s equity in the
net losses (the excess of such
losses over undivided profits)
of sub. & Mill. cos. not consol.
since acquisition to Dec. 31
1930 (prior to 1931 these
equities were not carried to
surplus, but the reported Inc.
of G. M. C. was adjusted each
year to reflect such equities)_ Dr9,478,864
Cap, surplus arising through exchange of 6% deb. & 6% pref.
stock for 7% pref. stock (Cr.).
13,545
Total surplus
302,787,712 292,225,074 431,766.482 524,801,404
Surplus arising thru exchange of
7% pf.,6% pf. & 6% deb. cap
stk. for pref. cap. stk., $5 series
4,468.998
Surplus trans.to cap.In establish.
a value of $100 a share (liquid
value) for the preferred capital
stock 85 series
45.567.132
Cash diva. paid on corn. stock
53.826,354 53,993.330 130.500.001 130.500.001
Surplus at end of period
248,961.357 238,231.744 301.266.482
Consolidated Balance Sheet Dec. 31.
-1931.
Assets
1932.
1933.
Investments$
$
$
Invest. In sub. dr MM.
co.'s not consolidated 228.893,524 211,030,901 211,548,200
General Motors Mgt.
Corp. 6% debs. due
subsequent to 1 year. 38,525.000
39,875,000
39.875.000
General Motors Corp.
stocks held in treas'y d16.644,233
12,512,537
11,808.781
Fixed assets
Real estate, plants and
equipment
512,703,982 499,982,231 604,100,810
Deferred expenses
17,433.418
21,788,940
15.053,982
Good-will, patents,&c
51,839.435
51,939,157
51,837.677
Cash in banks & on hand_ 150,952,197 151,152.747 119.842,358
U.S. Govt.securities__ _ 26,141,792
19,327,083
74.615.059
Temp.loans & market sec.
209,977
2.300,864
10,571,702
General Motors Management 6% bonds
375,000
3.125.000
Sight drafts with hills of
lading attached and
C.0. D.Items
3,070,585
4,126,901
6,079,681
Notes receivable
2,346,832
2,762.870
3,514.560
bAccounts rec. & trade
acceptances
18,834.045
24,828,887
30,263,463
Inventories
115.584.600
75,478,612 106.471.332
Prepaid expenses
2.500.779
3,280,910
4.019,424
Total
Liebman
-
344,265.275
1930.
$
207,750,253
43.000,000
12,019.632
614,030,329
22,246,234
51,949,115
145,713.657
33,037,723
285,691
7,000.000
6.707,616
3,587,079
28,965.096
136,298,891
3,221,742
1 183,674,006 1,115,228,641 1,300.267.222 1,315,813,059
Accounts payable
Taxes, payrolls and sundry accrued items
Employees' savings fund
payable within 1 year.,.
Contractuni liability to
Gen. Mot. Mgt. Corp.
U. S. and foreign income
VIAOS
Accrued dive, on pref.stk.
Reserves-Depree. of real
estate, plants& equip
Employees' inv. funds_
Employees'saving fund
Sundry contingencies._
Bonus to employees...
235 preferred stock
cCommon stock
Int. of minor.stockhold'rs
in sub. cos, with respect
to capital and surplus
Surplus
33,578,894
22.990,606
33,671.796
26,975,871
16,720,512
17.576,143
16.171,229
17,915,048
11,278,956
15,193,660
14,875.637
12.142.369
3,965,688
8.170,558
368,005
12,673,537
1,562,805
498.466
1,562,805
14,339,501
1,562,805
17,013,276
1.562,738
208,939,143
301,213
9,710.537
13,415,345
1.368,006
187,536,600
435.000,000
171,708.486
939.079
11,907.362
9.590,844
241,472,694
8.830.260
31.231,138
10,006.512
218,856,021
7.995,013
32.326,509
5,809,981
187,538,800
435,000.000
187,536,600
435.000.000
187,538,600
435,000.000
2,259,096
248,961.357
2,492,846
238,231.744
2,336.881
301,266,482
443,800
344.265,275
Total
1183,674,006 1,115,228,641 1,300,267,222 1,315,813,059
'a Represented by 1.875.366 shares of no par value. b Leas reserve for doubtful
accounts in 1933. 82,676,922:10 1932, $2,533.295: in 1931, 32,324,511. and in 1930.
$1,599,419. c Par $10. d in 1933, 629.076 shares of common, $13,377,014:
39.722 shares $5 series pref. (no par). $3,287.219.
Pontiac Output Higher in March.
Production of the Pontiac Motor Co. in March totaled 14,891 cars, the
largest total since July 1929. It was three times the March output last year.
The April schedule calls for 18,600 units compared with 8,199 manufactured
injApril 1033.-V. 138, p. 1924.
General Reinsurance Corp.
-New Directors.
See General Alliance Corp. above.
-V. 138, p. 2249.1
' Golden State Co., Ltd.
-Removed from List.
The New York Curb Exchan
a
thas removed from unl
privileges the capital stock (no n .-V. 138, p. 691.
ed trading
2411
Gimbel Brothers, Inc.(& Subs.).
-Earnings.
Years End. Jan.311934.
1932.
1933.
1931.
Net sales
872,878.399 $72,196,485 $97,982,883 $113.222,650
x Cost of goods sold_ _ _ _ 70,552,953 73.169.289 96.177.224 109.223.722
Depreciation
1,683.644
1,738.703
1.725.005
1.667.949
Interest
1,488,845
1,699.028
1,843.908
1.951.135
Losses from sales of and
from reduc. to market
val. of invest, ofsubs_
6,062
516.889
208,839
Proport. of prf. on sale
of radio station
Cr.102.000
Transferred from reserve
for contingencies
Cr.200,000
Profit on repurch. of
bonds of subsidiaries Cr.214,493 Cr.268.365
Cr.78.740
Net loss
Preferred diva. (7%).
$626,488 $4.459,059
$1,791.351 sur$379.844
1.181,425
1,250.025
Balance, deficit
$626,488 84.459.059 $2.972,777
$870,181
x Includes selling, operating and admin. exp., less miscall. earnings.
Comparative Consolidated Surplus Jan.31.
Earned Surplus:
1934.
Balance at beginning of year
$2,854.345
Net loss for year (as above)
626.488
Reduction of purchase price ofcommon stock owned
by Gimbel Bros. Management Corp. to stated
value
Credit arising from repurchase of preferred stock at
a discount
1933.
$7,478,704
4,459,059
300.575
Cr.135.275
Balance at end of year
12.227.858 32.854,345
Paid-in Surplus:
Balance at beginning of year
12.116.154 12,090.654
Provision for redemption of preferred stock repurchased during year-not required
25,500
Balance at end of year
12.116,154
Property Surplus:
Balance at beginning of year
8,885.949
Depreciation and amortization of increased values
resulting from property appraisals
127.090
12,116.154
9.013,039
127.090
Balance at end of year
38.758.858 $8,885,949
Total surplus
23,102.870 $23,856,448
Note -The earned surplus at Jan. 31 1934 and Jan. 31 1933 is before
deduction of an appropriation of $5,052,500. being the par and stated
value of the preferred and common stock repurchased.
Comparative Consolidated Balance Sheet Jan. 31.
1934.
1933.
1934.
AssetsLiabilities$
$
$
4,287,783 6,702,898 Trade creditors,... 828.132
Cash
Accts.receivableTrade creditors for
a Reg. ret. terms 5,801,486 4,839,810
merch. in transit 250,585
b Def.pay.terms 1,218,564
910,579 Sundry creditors__
225,446
c Contract terms
55,429
105,892 Accr. Int., taxes,
Sundry debtors,.,._ 231,573
175,309
rent & other exp. 1,613,752
Due from officers
Mtge.int. deferred 611,144
and employees
7,875
3.752 Sund. cred.-long
Merch. on hand_ _11,961,159 8,771,486
term
199,787
Merch. in transit_ 250,585
199,149 Mtges. pay.
-due
d Other assets,.... 1,246,433 1.499,137
1934 to 1946,.. _29,013,000
e Land & buildIngs49,754.475 50,700,226 Res, for conting- _ 824,884
I Store fixtures_ _ _ 4,199,861 4.824,364 Res. for insurance
g Leaseholds
287,051
299,523
and pensions_ _ _
237,233
Ii Delivery equip_ 224,349
223.579 Preferred stock _ _18,120,000
Prepaid expenses.
Prov, for redempt.
Ins., taxes, &c.._ 501,181
506,456
of pref.stock_ _ _ 2,418,000
Deferred charges
1 Common stock__ 4.807,500
mtge. exp., &c_
31,451
43,306 Surplus
23.102,870
Inventory of supp. 193,077
152,673
Good-will
1
1
1933.
8
528,372
199,149
212,901
1,399,944
91,925
182,704
29,118,500
777,785
244,910
16.120.000
2,418.000
4,807,500
23,858,448
Total
80,252,334 79,958,142
Total
80,252,334 79,958.142
a After reserver;of $444,676 in 1934 and $496,948 in 1933. b After reserves
of $145,565 in 1934 and 1130.980 in 1933. c After reserves of $23,162 in
1934 and $32.987 in 1933. d After reserves of$200.000. a After depreciation
of $9,319.069 in 1934 and $8,351.720 in 1933. f After depreciation of
$4.3...3.035 in 1934 and 33.888,778 in 1933. g Alter amortization of
3153.199 in 1934 and 1140.727 in 1933. h After depreciation of $175,787
in 1934 and $201,959 in 1933. i Represented by 961.500 no par shares.
V. 138. p. 2250.
Goldblatt Bros. Inc.(& Subs.).
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
x Netsales
$21,201,314 $20,033,713 $17,122,448 315,154.269
Cost ofsales
14.122,96214.546.308 12.161.757 10,832.965
Stores & operating exps_ y5,426.174
4,685,954
3,719,562
3,253,913
Interest paid (net)
155.351
153.222
162,434
184.427
Amort,of bond dig. & exp
10,217
13.161
18,339
21,067
Other deductions(net)
9.524
7.363
26,795
4,515
Federal income tax
206.250
94,409
125,105
103.144
Net profit carried to
surplus account
11,270.835
1533,297
8908.456
3754.238
Balance Jan. 1
1.867,496
1.656.651
1.054,071
603.931
Total surplus
$3.138,331 $2,189,947 31.962.527 31.358.168
Dividends paid-in cash
27.425
74.733
237,544
223.629
Stock
321,435
247.905
68,220
80,025
Scrip
91
112
442
Adj.of prior yrs.'scrip
dividends,&c
Cr279
Balance Dec. 31---- $2,789,471 $1,867,497 $1.656,651 $1,054,071
Shares com, stock outstanding (no par)____
248,008
226,500
205.458
210.003
Earnings Per share
$5.12
$2.35
$4.32
$3.67
x Net sales include sales of concessions of $151.312 in 1933: 82.033.170
in 1932: $1.858.758 in 1931 and 12.545,592 in 1930. y Includes depreciation of $164,303.
Consolidated Balance Sheet Dec. 31.
Assets1933.
1932.
Liabilities1933.
1932.
Cash
8234,278 $220,023 Accounts payable- $793,110 $273,265
Receivables
536,119
599,151 Instalm't of mtge.
Inventories
3,870,755 1,949,854
debt due
682,817
186,071
Tax anticipation
Accruals
645,187
413,782
warrants at cost
21,365
3,161 Unredeemed stns.
88,042
67.145
Prepayments
58,108
41,356 Funded debt
1,402,146 2,085,463
Unamortized bond
Federal income tax
10,000
14,000
discount
38,229
48,447 Empl. bonus pay.
Treasury stock
32,885
32,885
In com.stock...
32,885
32,885
Miscell. assets....
92,240
141,523 x Common stock_ 3,936,710 3,613,521
Fixed assets
4,969,261 4,990,101 Y Surplus
2.262,344 1,340,370
Total
$9,853,242 $8,026,501
Total
$9,853.242 $8,026,501
x Represented by 248,008 shares of no par value
in 1933
shares of no par value in 1932. y After deducting good-will and 226.500
of $527.127.
-V. 138, p. 2250.
Goodyear Tire & Rubber Co. of Canada, Ltd.
-Plants
Operating at Higher Capacity Than Year Ago.
-
Dividend checks for the first quarter of 1934 on tne pref.
stocks at the rate of 7% on pref. shares and $1.25 per share on and common
have gone out to shareaolders. In a letter accompanyingthe common,
toe checks,
C. H. Carlisle. President points out that economical operations
during the
period of inflated bsiness, as well as during the period
low capitalization as compared with the copmany's of retarded business.
efficiency of the plants, and the company's purchasing volume of business,
facilities have made
it possible to earn and pay dividends continuously.
2412
"During the years of Intense production and extended sales," says Mr.
Carlisle,"it was common practice by companies to increase their stock issues
by splitting shares. The company followed tne reverse policy by gradually
reducing its outstanding snares. Tnis has further strengthened its financial
structure and added to its stability."
Commenting on current operations, Mr.Carlisle says: "The rubber plants
time
were at
are operating at a considerably higner capacity than theythis yearthis
is favora year ago. The outlook for increased production during
full capacity 22 hours per day and is
able. The cotton mill is running to
unable at this time to fill all its orders. The cotton plant is a 42,000
spindle mill and one of the best of its kind in Canada. It has been and is
consists only
,
operating efficiently and economically . Its capital stockGoodyear Tire
of $26,250 of common stock, all of which is owned by the
& Rubber Co. of Canada, Ltd.
an earned
"The last annual statement snowed that the company had$6,943,614.
surplus of $7.740,187, had on hand cash or its equivalent of have been
witn plants written down to 47% of their cost. Reserves which financial
set up are very liberal and greater than required. This strong
in
position is due largely to the stand taken by the common shareholders
first 17 years that
tne early days of tne company's existence. During the of 6% was paid to
in operation, only one cash dividend
the company was
been
the common shareholders and latterly only moderate dividends have
a surplus which.
paid. Earnings were thus allowed to accumulate as time gives greater
shares, at the same
although accruing to the common
-V. 138, p. 1406.
strength to the preferred shares."
-Public Works Improvement.
Grand Trunk Western RR.
-S. C. Commission on March 31 approved proposed expenditures
The I.
to be
by the company for the improvement of transportation facilities
inanced by a loan from the PWA.
The report of the Commission says in part:
"The company on March 21 1934 applied under Sec. 203(a), clause (4),
it
of the NIRA for approval of railroad maintenance, the cost of which
Administration
proposft to finance with the aid of the Federal Emergency
of Public Works.
installation of
"The proposed maintenance will require the purchase and plus certain
4,250 gross tons of 130-pound steel rail at $36.375 a gross ton, fastenings.
with the necessary
royalties and transportation charges, together
$277,697, of
tie-plates, and other accessories, all at an estimated cost of
labor.
which $253,224 will be for material and $24,473 for of 5250.000 to finance
"The applicant has applied to the PWA for a loan therewith has filed a
In part the cost of the material, and in connection
Act for
separate application under Sec. 20a of the Inter-State Commerce
indebtedness for
authority to issue that amount of notes to evidence its
-V.138, p.2250.
the loan."
-March Sale8.(W. T.) Grant Co. (Del.).
Increase.
1934-3 Mos.-1933.
Increase.
1934-March-1933.
$6,773.950 55,136,563 $1,637,387 $16,156,120 $13,901.485 $2,254,635
.
,
V.
- 138, 17 2250. 2093.
Great Lakes Engineering,Works.-Removedfrom List.
removed from unlisted Emil
The New York Curb Bache e h
privileges the capital stock (par $1 .-V. 138. p. 2093.
Great Northern Ry.-Public Works Improvement.
The 1.8. C. Commission on March 31 approved proposed expenditures
by the company to be financed by a loan from the PWA. The report of
the Commission says in part:
(4).
"The company, on March 14 1934. applied under Sec. 203(a), clause proof the NIRA for approval of certain railroad maintenance, which it Adposes to finance principally by a loan from the Federal Emergency
ministration of Public Works.
past
"The applicant states that sharp reduction in its traffic during the
four years made it unnecessary for it to apply during those years maintenits railroad and equipment to the extent applied theretofore. With
ance to
the prospect of increased traffic in 1934, estimated at 16% over 1933 and
current
30% over 1932. it desires to make up this deficiency during the
year, in order to handle the increased traffic safely and efficiently. The
scope of the work embraced in the applicant's program and the estimated
installation
cost are as follows: Bank widening and ballasting $501,500, -pound rail
of 1.106,525 ties $1.150.786. laying 20.000 tons of new 110and culvert
51,427.226. wharf and dock renewals $70,000. bridge, trestle, locomotives
renewals $28.370. miscellaneous items $120,617, repairs to
5669.495, repairs to and rebuilding of freight equipment $674,164, repairs
to and improvement of passenger equipment $483,827. total $5,125,985.
"A separate application under Sec. 20a of the Inter-State Commerce
Act has been filed by the applicant,requesting authority to issue $4,935.000
-year secured 4% serial bonds to evidence the loans which it expects to
of 10
obtain from the Public Works Administration to aid in the financing of
-V. 138, p. 2250.
the proposed maintenance."
Co.
,Greenfield
' (Mass.) Gas Lightshare-Dividend Reduced.
has been declared on the
A quarterly dividend of 75 cents per
record March 15.
common stock par $50, payable April 2 to holders ofOct. 2 and on Dec.
Distributions of $1 per share were made on this issue on
against 75 cents per share on April 1 and July 1 1933.-V. 137,
26 last, as
p. 4212.
-Receiver's Sale.
---Grigsby-Grunow Co.
District Court for the Northern
District
By order of the United States
in parcels, the
of Illinois, the receiver is offering for sale, as a whole or
entire assets of the company, manufacturers of Majestic radios and
refrigerators.
The property to be sold consists of real estate and buildings located at
5801 Dickens Ave., Chicago., interests in subsidiary companies, accounts
and notes receivable, good will including patents, trade names,trade marks,
in
copyrights and design applications. machinery and equipment used of
inventory
the manufacture of radios, tubes and refrigerators, and a large
plant
raw materials and completedmerchandise both at the Dickens Avenue
and the Armitage Ave. Plant.
The sale will take place before referee Edmund D. Adcock in Room 1201,
100 West Monroe St., Chicago, on April 16. at least 25% of the amount
All bids must be accompanied by a deposit of
-V. 138. p. 1406.
bid.
-Annual Report.
Gulf Mobile & Northern RR.
I. B. Tigrett, President, states in part:
On the
-No dividends were paid or declaredamount preferred stock
Financial.
to 3455 %•
in arrears
during year and accumulated dividendsreceived from the Reconstruction
A loan in the amount of $260,000 was paid on Sept. 29 1933, closing
Corporation on 'Sept. 30 1932,
Finance
our account with the corporation.
Credit
secured
The loan in the amount of $260.000 reduced from the Railroad
by $8.555. An additional
Corporation on Sept. 29 1932, has beensecured from the Railroad Credit
loan in tne amount of 5260.000 was
below
Corporation on March 21 1933. Under the plan of reorganization
Credit Corporation to
referred to we assumed the loan from the Railroad 1932, which has been
the New Orleans Great Northern RR. in March
Railroad Credit
reduced by $6,545 making our total Indebtedness to tne
Corporation 1704.900.
Orleans Great Northern RR. was unable to meet its interest maturities
New
for a
of Aug. 1 1932. The trustee, under Its first mortgage,appliedU. S. receiver
District
and on Nov.7 1932. by decree of E. R. Holmes, Judge of the
District of Mississippi. Jackson Division, I. B.
Court for the Southern
Tigrett was appointed receiver of the properties. A plan of reorganizaplan
tion was adopted by the bondholders protective committee, to which
this company became a party as it was authorized to do by its board of
directors and by its stockholders.
sold under
The property of the New Orleans Great Northern RR. wasby the New
decree of the Federal court on June 29 1933. and was purchased Mississippi.
Orleans Great Northern Ry. a new corporation organized in
of
That corporation also acquired from the Gulf Mobile & Northern RR. in
latter company
Louisiana the terminal properties constructed by the the said properties
Orleans. The new company leased all
the City of New
to the Gulf Mobile & Northern RR. for a term of 99 years. The fixed
annual rental to be paid under the said lease is an amount equal to the
Interest on the outstanding first mortgage bonds of the lessor company.
The amount of these bonds to be presently issued may not exceed $5,367,000,
$5,268,000. These bonds
and there had been issued as of Dec. 31 1933, of the plan of reorganizewere issued in accordance with the provisions
April 7 1934
Financial Chronicle
tion. Additional bonds may be issued for additions and betterments in an
amount which will not make the total issue exceed $6,500,000. An additional rental is provided (referred to as contingent rental) of $206,200 per
annum,cumulative from July 1 1933, but the company will not be required
to make any contingent rental payment which, in any calendar year, would
exceed an amount equal to one-third of the aggregate dividend disbursements made by it to its own stockholders in such year.
As of Dec. 31 1933, the company's ownership in first mortgage bonds of
the New Orleans Great Northern Ry. (new company) amounted to $1,532.500. Company also owned $388,500 income debentures and 777 shares
of the capital stock of the New Orleans Great Northern Ry.
As of Dec. 31 1933, first mortgage bonds of the Gulf Mobile & Northern
RR. were held in the treasury in the amount of $2.040.000, a part of which
has been pledged as collateral for loans made to the company by the Railroad Credit Corporation,
Income Account For Year Ended Dec. 31.
*1932.
1933.
Operating Revenues53.835,538 53,566,664
Freight
168,899
160,028
Passenger
206
98
Excess baggage
98,668
87,772
Mail
21,896
20,995
Express
43,818
41,410
Switching
23.307
12,073
Other transportation revenue
38,499
34.669
Incidental revenue
Total operating revenues
Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation
General expenses
54.192.583 $3,961,959
Total operating expenses
Net operating revenues
Railway tax accruals
Uncollectible railway revenues
Equipment rents
-Net
-Net
Joint facility rents
52.862.928 $3,343,336
618,622
1,329.654
305,460
306.000
455
748
187,562
124,941
197,975
239.330
474.849
600,711
297,389
1.274,915
215,065
Net operating Income
Miscellaneous rent income
Miscellaneous non-operating physical property
Dividend income
Income from funded securties
Income from unfunded securities and accounts--Miscellaneous income
Gross income
Rent for leased roads
Miscellaneous rents
Interest on funded debt
Interest on unfunded debt
Miscellaneous income charges
545,635
775,741
341,009
1,426.254
254,696
$637,369
13,181
10,423
700
58.274
39.045
1.103
$51,566
16.379
17,111
700
35,604
57.136
521
$760,097
131,700
1,431
529,481
22,282
50
$75,886
21.615
1,437
741,632
12,805
3,489
$705,094
$75,152
Netincome
* For comparative purposes operations of New Orleans Great Northern
July 1 1932.
RR. included beginning
Genreal Balance Sheet Dec.31.
1932.
1933.
1932.
1933.
3
Assets
Common stock_ __l3,530.400 13,539,400
Inv. In road and
34,610,726 34,475,947 Preferred stock___11,415,600 11,415,600
equipment
4,000,000 4.000,000
1st mtge.
Improv. on leased
- 6,000,000 0,000,000
1st mtge. 58
42,804
railway property
520,000
704,899
714,208 Loans payable
Misc. phys. prop. 620,051
Inv. in MM. cos__ 148,942 4,018,022 Traffic & car serv.
52,961
66,109
balance payable
Investment in se5,500 Audited accts. and
6,130
curities issued__
295,009
wages payable__ 378,527
Dep.in lieu ot mtg.
14,162
25,279
Misc. accts. pay__
9.575
property sold_ _
1,345
135
59,691 Int. matur. unp'd.
Other investments 1,989,524
15,000
15,000
957,991 1,211,886 Divs. mat'd unp'd
Cash
135,468
17,345 Unmat. Int. accrd. 134.701
135
Special deposits...
44,981
81,503
105,501 Other curr. Habib_
50,351
Loans & bills rec..
74,547 Cr17,825
Liab. for prov.fds.
Net balances rec.
172,758
176,299
Tax liability
from agents and
28,817 Accrued deprec, of
26,057
conductors
road and equip_ 1,981,338 1,794,004
170,172
Misc,accts. reedy. 199,642
30,216
18.252
354,644 Leased material_ _
Maths & supplies. 432,940
186,506
46,717 Other unad). cred.. 478,870
43,812
Int. & diva. reedy.
6,900 Profit and loss__ _ 3,396,872 3,434,464
12.895
Other curr. assets_
40,780
2,177,948
Deferred assets
378,229
Unadjusted debits 1,137,805
42,467,330 41,634,250
Total
:
42 467 330 41,634,250
Total
. 2251,
-V. 138, P
-Earnings.
Gulf Power Co.
[A Subsidiary of Commonwealth & Southern Corp.]
1934-12 Mos.-1933.
-Month-1933.
Period End. Feb. 28- 1934
5836,229
$66,061
$854.275
$72,066
Gross earnings
Operating expenses,Inc-.
3 40
:02
51 : 2
524,489
0
40,519
42,367
maintenance & taxes_
15,289
174,072
183,700
Fixed charges
30,000
2,500
125:530067
Prov.for retirem't res've
Net income
Divs. on 1st pref. stock,
Balance
-V. 134. p. 3824.
$11,831
5,594
$7,752
5,614
$98,039
67,227
$135,781
67,132
46.237
$2,137
$30,811
$68,648
-Earnings.
Hale Bros. Stores, Inc.
1932,
1931.
1930.
1933.
Calendar Years$13,196,798 $14,204,985 $18,109,752 $18,835,145
Sales
Net earns, aft, allow, for
inc. taxes, deprec. and
58,158
154,659
520,633
193.711
proper reserves
Earns, per sh. on 225,000
$2.31
$0.26
$0.69
$0•86
shs. coin. stk.(no par)
Balance Sheet Dec. 31.
Liabilities1932.
Assets1933.
1932.. y Capital stock . 1933. $5,284,781
. _S5,284.781
x Equip.(furn.,fixtures, etc.)
$597,348 $620,493 Long-termcontract
116,100
payable
91,100
Int. in radio broad100.000
31.157 Notes payable__
cast. equip.,&c.
20,347
681,029
Accounts payable. 588,569
Impts. to leased
16,432
16,668
116,106 Mdse.orders outst.
property (net)__ 105.039
366,988 Prov, for Federal
337,387
Investments
28,000
Income tax
40,560
519.400
Cash
571,410
Due to officers anti
U. S. Lib. Loan
18,498
531,993 stockholders ___
bonds
475,141
State sales tax pay. 117,490
Other marketable
5,591
4,963
100,717 Deferred credits..
securities
157,996
25,130
25,130
Accts.receivable 1,889,785 1,778,135 Insurance reserves
Doubtful accounts
Cash deposits with
87,000
84,571
receivable
suspended banks
10,171
323,132
381,844
Mdse. on hand.., 2,339,211 2,221,984 Surplus
77,928
55,231
Mdse. in transit__
38,214
Mat'ls & supplies_
40,480
Employees' stock
purch. contracts 181,850
190,089
73,982
72,794
Deterred charges._
1
1
Good will
$6,654,172 $6,867,188
Total
$6,654,172 $8,667,188
Total
-V
x After depreciation. y Represented by 225,000 shares (no par).
138, p. 691.
Volume 138
Financial Chronicle
Hartford Gas Co.
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
Gas made and bought
(1.000 cubic feet)- - - 2,123,223
2,238,478
2,351,020
2,435,323
Gas sold and used (1,000
cubic feet)
1,979,067
2,120,938
2,212.547
2,244,228
Gross income
$2,168,749 $2,380,340 $2,481,772 $2.551,825
Total expenditures
1,659,494
1,794,098
1,840,600
1,880.063
Earnings
3509.255
$586,242
$641.171
$671,762
Dividends paid
435,000
435,000
435,000
435,000
Balance Sheet Dec. 31.
Assets1933.
1932.
Liabilities1933.
1932.
Plant & equipm't.$7,626.760 57.589,146 Prem,on cap.stk.
$3,656
$3,656
Materials & suppl_
136,920
143,836 Preferred stock __ 750,000
750.000
Accts. receivable__ 516,022
387,257 Common stock _ _ _ 3,750,000 3,750,000
U. S. Liberty bds_
12,150
12,150 4 /o bonds, 1935.. 750.000
750,000
RR.& oth. bonds_
52,176
48,465 Accounts payable_
106,014
Accident & damage
Consumers'depos.
37,693
38,382
cash fund
5,667
4,023 Unpaidwages_ - -6.378
5.961
Suspense account _
64,933
25,946 Accrued taxes_ - -- 162,519
190,769
Marketable secure. 742,580
689,086 Accrued interest on
Reacquired secure. 226,000
218,000
consumers deP12,398
11,631
General cash
343,550
475,510 Due on depos. for
Dep.refund acct._
2,168
2,157
street mains....
15,225
15,725
Petty cash
2.043
2,000 Reserves
1,261,585 1,155,470
Surplus
2,894,222 2,819,967
Total
9,730,969 9,597,575
19,730.969 59,597,575
Total
137, p.4529.
Hibbard,Spencer, Bartlet & Co.
-Removedfrom List.
The New York Curb Exchange as removed from unlisted tradi
privileges the capital stock (par $25T-V.138. P. 692.
(R.) Hoe & Co., Inc.
-Stockholders' Committee Receives
Proxies.
The stockholders proxy committee for class A stock has received proxies
from about 450 stockholders, totaling nearly 48,000 shares, according
to
Samuel Zirn, Chairman of the Committee.
-V. 138, P. 1755.
Home Fire & Marine Ins, Co.
-Balance Sheet. Dec. 31
Assets
1933.
Liabilities1932.
1933.
1932.
Government bonds $616,338 $458,469 Losses in procees of
State and muniadjustment
$367,061 3346,738
cipal hoods.... 282,633
248.503 Res. for unearned
All other bonds... 2,305,001 2,467,194
premiums
2,046.547 2,248,936
Stocks
929,607 1,035,807 All other claims
Mortgage loans.._ 307,269
301,189
and demands.__
104,538
78,586
Cash in banks and
Contlng. reserve.. 654,608
240,069
co.'s offices_
382,304
423,600 Cash capital
1,000,000 1,000,000
Prem. In course of
Surplus over capital
collection
429,529
421,063
and all liabilities 1,151,531 1,538,662
Accrued interest
53.903
57,271
All other assets.._
17,703
29,895
Total
55,324,285 $5,452.990
-V.136,P. 1726.
Total
55,324,285 $5,452,990
Homestake Mining Co.
-Regular Extra Dividend.
-
The directors have declared an extra dividend
to the usual monthly dividend of like amount on of $1 per share in addition
the capital stock,
both payable April 25 to holders of record April 20. Similar par $100.
payments
were made on Jan. 25. Feb. 26 and March
26 1934.-V. 138, P. 1925.
Honolulu Rapid Transit Co., Ltd.
-Earnings.
-
Period End.Feb.28-Month--1933.
1934
Operating revenues
$59,984
855.593
Operating expenses43,679
51.407
1934-2 Mos.-1933.
3124,383
$116,318
92,674
101,098
Net rev, from tramp_
Rev, other than transp_
816,305
1,380
$4,186
1,454
$31,709
3,070
815,219
3.148
Net rev, from oper
Taxes assign, to ry.oper.
Depreciation
Replacements
$17,685
3,573
.11.004
$5,640
8.000
10,620
$34.779
7.146
22,008
$18,368
16.000
21,241
138
Total deduc.from rev.
$14,577
$18,620
$29,154
$37,379
$3,108
def$12,980
$5,625
def$19,011
Net revenue
-V.138. p. 1742.
" -Hooker Electrochemical Co.
--$1.50 Pief. Dividend144/
The directors recently declared a dividend of $1.56 per share
6% cum. pref. stock, par 8100,for the fir*.t quarter of 1934, payable on the
March
31 to holders of record March 23. A similar distribution was made on
Nov.
29 and on Mc. 30 last.
Following the March 31 1934 payment, accruals on the pref. stock
will
amount to $9 per share.
-V.137, P. 4705.
Houston Electric Co.
-Tenders.
-
The First National Bank of Boston, trustee, will until noon.
April 23.
receive bids for the sale to it of 1st mtge. 6% gold bonds, series
.A, due
June 1 1935,to an amount sufficient to exhaust 8108,474.-V.
136. p.2422.
Hutchins Investing Corp.
-75-Cent Pref. Dividend.
-
A dividend of 75 cents per share has been declared on
the $7
stock, no par value, payalole April 14 to holders of record Aprilcum. pref.
amount has been paid each quarter since and incl. July 15 1932, 9. A like
as against
$1 Per share on Jan. 15 and April 15 1932 and regular dividends of
$1.75
per share previously every three months.
Accruals on the preferred stock, after the April 14 payment, will
amount
to $9.50 per share.
-V.138, p. 334.
-.%
\Hygrade Sylvania Corp. Removed from List.
The New
York Curb Exchanr;has removed from uliZed trading
c
privileges the 6;i% preferred sto
-V. 138. P. 1407.
no par).
Hudson & Manhattan RR.
-Annual Report.
-Walter F
Brown, Chairman of the board, states in part:
Walter F. Brown, chairman of the board states in part:
The number of passengers transported decreased 8,103,728 or
compared with the traffic for the preceding year. This decrease 9.7%, as
in traffic
waslargely due to existing business conditions and the resulting unemployment, causing a decrease in travel between homes and places of employment and also to and from retail and shopping and theatre districts.
The
increasing downward trend was arrested during the latter months
year and it is expected that by reason of increased employment theof the
trend
will again be upward.
Net income from Hudson Terminal Buildings was also adversely affected
by reason of the continued unsettlement in business during
part of the year and the extreme competition arising out of the greater
overproduction of office buildings in New York City, making it necessary
to make
adjustments in rental' not only to assist in tiding over old and valued
tenants who were having difficulty but to meet the competition
above
referred to. For the year 1933 net income from the buildings declined
38.8%.
While the net result for the year shows a deficit of $86,234, after accrual
of the full 5% on the adjustment income mortgage bonds,
the directors on
Feb. 8 1934, authorized payment of
% on April 2 1934, thus completing the full payment of a
5% for the year, the deficiency being paid out of
surplus or prior earnings.
During the year two dividends of 2) 7 each were paid on the preferred
,
§
capital stock. By reason of reduced earnings, however,
no dividends on the
common capital stock were paid and the usual declaration
on the senior
stock since the payment of Aug. 15th last was omitted.
2413
Income Account Years Ended Dec.31 (Including Hudson Terminal Buildings),
Railroad Revenues1933.
1932.
1931.
1930.
Passenger fares
85,501.150 $6,131,607 $7,080,675 37.839,598
Advertising
106,200
142,000
277,000
290,000
Other car & sta. priv__ _
208,422
248,830
308,297
308,758
Rent, of bldg. &c. prop_
84,500
84,500
84.500
84,500
Misc, transport. rev__ -52,546
85,343
83.346
111.345
Other unseen. revenue
3,608
3,451
4,587
5.143
Total railway revenue 85.956.426 $6,695,730 $7,838.405
$8,639,343
Operating ExpensesMatnt. of way & struc__
305,658
302,498
414.743
508,725
Maint. of equipment..__
291.548
324.213
406,226
484,230
Power
465,900
500,042
572,007
629,762
Transportation expenses 1,174,351
1,331,830
1.575,009
1,683,196
General expenses
352,647
348.301
417.161
359,565
Total railroad op. exp. $2.590,104 82.806,883 $3,385,147
$3.665,479
Net rev. from RR. lopes. 3,366.321
3.888,847
4,453,258
4,973,865
Taxes on RR.oper. prop.
805,126
867.373
939,613
969.924
Railroad oper. income 82,561,195 $3,021,474
$3.513,645 $4.003,940
Net income other than
railroad operations...
837,011
1.338.619
1.619,072
1,671,534
Operating income.. _ _ _ $3,398.206 84,360,093 $5,132,717
$5,675,474
Non-operating income..
292,702
335,087
524,138
483,991
Gross income
$3,690,908 $4,695,180 $5.656.855 $6.159,465
DeductInt, on real est. mtges
1,500
3,000
300
Rents of irk. yds & term.
52,627
54,588
64.337
66.691
Amort. of debt discount.
38.762
38,762
38.762
38,762
Miscall, deductions_ __ _
110.620
97.430
94,713
91,698
Int. on 1st lien & ref. 55
1st mtge. 4)is and
N.Y.& J. 56
1,918.535
1,931,632
1.164,158
2.168,535
Int. on cum. adj. inc. 5s 1,655,100
1,655,100
1,655,100
1.655.100
income
Net
loss$86,235
$914.669 $1,639,485 $2,138,680
Preferred dividends_ _ _ _
131.030
262.060
262,057
262,058
Common dividends
1.199.795
1,399,763
1,399,754
Rate
(3%)
(3%%)
(334%)
Deficit
8217,265
8547,186
$22,335 sur$476.868
Shs.com.outst.(par $100)
399.954
399.954
399,954
399.954
Earns. per sh. on com__ _
Nil
$1.63
$3.44
$4.69
Balance Sheet as of Dec. 31.
1933.
1932.
1933.
1932.
Assets$
$
zProperty acets115,672,201 115,855,528 Common stock_
39,995,385 39,995,385
Investments _849,973
1,738,611 Preferred stock.
Amort.funds_ _ _ 5,060,659 4,701,037 Stocks to redeem 5,242,939 5,242.939
Bond disc. in prosecur. old cos_
11,626
11,626
cess of amort- 2,061,264 2,153,860 lstM.434%bds
944,000
944.000
Cash
815,656
384,576 1st lien & ref. 5s 37,521,234 37.521,234
Cash for int,&c
59.343
59,853 Adj. inc. M. bds 33,102,000 33,102,000
Current acets
282,350
449,206 Real estate mtge
50,000
Cash div. depos.
1,272
2,671 Cur. accts. pay_
241,852
274,968
Ins.& casual.fd.
450,000
500,000 Matured interest
59,476
57.986
Dep. with public
Accrued interest
817,858
821,508
departments 19,413
19,413 Oper. reserves__
527,947
552,751
Prepaid insur.,
Matured funded
taxes, &c..63,529
86,904
debt unpaid_
2,000
Materials and
Int. on adjust.
supplies
366,147
270,029
income bonds
827,550
827,550
Items in suspense
1,734
2,548 Preferred div...
10,642
140,170
Com.div. pay__
25,857
33,920
Funded debt retired through
Inc. & surplus 1,040,500
Prof. & loss sur_ 5,334,675 6,646.196
Total
125,703,542 126,224,233
Total
125,703,542 126,224,233
zAfter reserve for amortization of $9,165,318 in 1933
and $8,876,377 in
1932.-V. 138. p. 2252.
Illinois Central RR.
-Equipment Trust Ctfs., Series
Q.
The I.
-S. C. Commission on March 27 authorized the company
to assume
obligation and liability as guarantor in respect of not
equipment trust certificates, series Q. to be issued byexceeding $10,000,000
the Pennsylvania Co.
for Insurances on Lives & Granting Annuities, as trustee,
ana sold at par
in connection with financing of maintenance.
The report of the Commission states in part:
By our certificate of Jan. 12 1934, as modified by supplement
al certificate of March 13 1934, we approved railroad maintenanc
e as follows:
Purchase of 21.600 gross tons of new rail, with the
necessary fastenings,
gs and switches, 248,100 ties, and a small amount
of
c ting 81,437,145; heavy general repairs to freight cars,signal material,
85,210,555; rers to passenger cars, $1,100,300; repairs to locomotive
llding a new bridge, $167,000; repairs to an old bridge, s, $1,000,000:
$870,000; and
a tunnel, $215,000, a total of $10,000,000.
To finance the proposed maintenance the applicant has
Federal Emergency Administration of Public Works arranged with
the
amount not exceeding 810,000,000. and will enter into an for aid to an
agreement with
the Pennsylvania Co. for Insurances on Lives & Granting
Annuities. as
trustee, and certain vendors, creating the Illinois Central
trust, series Q, and providing for the issue by the trustee RR. equipment
of not exceeding
$10,000,000 of equipment trust certificates. Pursuant to the
terms of the
agreement, the vendors will acquire from the applicant,
free from all encumbrances, 815 locomotives, 804 passenger train cars,
17.531 freight
train cars, and 143 units of work equipment, stated to have,
for the purpose
of the trust, a depreciated value of not less than $22,673.64
7. and will sell
the equipment to the trustee, which will lease it to the applicant under
a
lease to continue in force until the rent paid thereunder is
discharge and cancel the interests in the trust created with sufficient to
respect to the
equipment, and certain other payments and charges.
Besides the equipment to be acquired and leased, the
applicant will
assign to the trustee its right to have conveyed to it, upon the
of existing trusts, title to a large number of units of equipment expiration
, including
locomotives now subject to various equipment trusts.
value of this trust equipment is shown to be 878,094,793 asThe depreciated
The trust agreement will provide that at the request of of Dec.31 1933.
trustee will, upon the deposit of cash, issue in a principal the vendors the
the cash deposited, temporary registered trust certificates amount equal to
in
$1,000 or multiples thereof as the vendors request. These the denom. of
certificates will
be dated day of issue, will represent an interest
therein specified, and will entitle the owner toin the trust to the amount
dividends from and after
one year from the date thereof at 4% per annum,
The temporary certificates will be exchangeable, payable semi-annually.
for definitive trust certificates. The definitive on or after Feb. 1 1936.
Feb. 1 1936 and will be in the denominations of certificates will be dated
Certificates will entitle the holder or registered$1,000, $10,000 or 850,000.
owner to dividends at the
rate of 4% per annum, payable semi-amually on
Feb. 1 and Aug. 1, will
mature LI semi-annual instalments of $500,000
Feb. 1 1937 to Aug. 1 1943, incl., and a final on Feb. 1 and Aug. 1 from
instalment of $3.000.000 on
Feb. 1 1944. The temporary and definitive
able as a whole or in part in inverse order of certificates are to be redeemmaturity, on any div. date at
par and divs., it being provided that certificates
of any one maturity must
be redeemed as a whole and not in part.
The certificates are to be sold at par to the
Government pursuant to the
terms of an agreement dated March 1 1934 between
the applicant, certain
vendors, and the United States of America,
represented by the Federal
Emergency Administrator of Public Works.
The agreement provides that
the Government will deposit from time to time
with the trustee under the
trust agreement tunas as requested by the
vendors, but not to exceen
$10.000,000. and will be entitled to have
delivered to it by the trustee
trust certificates in an aggregate amount equal to
the sum deposited.
Income Account for 1933.-
A consolidated statement of the operations
ended Dec. 31 1933 of the Illinois Central RR. and affairs for the year
and leased lines, and Mississippi Valley RR. and leased lines and the Dunleith
Co. follows. For comparative purposes the results & Dubuque Bridge
of operations and
affairs for 1932 have been restated to conform with
those for 1933.
April 7 1934
Financial Chronicle
2414
Calendar YearsTotal mileage operated
Operating revenues
Operating expenses
1932.
1933.
11.658
11,606
$87,958.483 $89,305,278
61.939.472 66,504.096
Revenues over expenses
Taxes
Uncollectible railway revenues
$26.019,011 $22,801,181
7,780.902
6.465,606
39.893
43,454
(Balance Sheets-March 31.)
1934.
Liabilities1933.
1934.
Assets-xSecur.in portfl. $4,170,017 $2,589,712 Notes payable,
banks-secured $250,000
183,074
21,041
Cash
785
42,160 Accrued exp......
Due Zr. brokers
20,000
25,651 Reser. for cont..
25,768
Div. receivable_
894,539
Cap.St. (par $1)
Prepaid taxes &
2,979 Capital surplus_ 2,538,184
120
expenses
Undis.oper.Inc_
624,786
Treas. St. at cost Dr111,347
1933.
$500,000
1,275
115,617
894.539
858,954
473,191
$19,509,950 $14,980,385
Railway operating income
Rents from use of joint tracks, yards & terminal 2.449,373
2,346,798
facilities
$21,959,324 $17,327.183
Hire of equipment-debit balance & rents for use of
5,021,176 4,625.358
joint tracks, yards & terminal facilities
Total
$4,216,946 $2,843,577
$4,216,945 $2,843,577
Total
x After reserve for shrinkage of $4,110,389 in 1934 and $6,394,465 in 1933.
-V.138, p. 2253.
$16,938,148 $12,701,825
Net income from transportation operations
Income from investments & sources other than
1,728,208
1.027,542
operations
transportation
$17,965.691 $14.430,034
Total income
17,806,789 17.935,977
Fixed and other charges
1934-8 Mos.-1933.
Period End.Feb.28- 1934-Month-1933.
Gross operating revenue 54,560,990 $4,665.941 $36,818,398 $39,305,827
2.894,836 23,544,234 26,718.073
2,836.672
Operating expenses
167,935
1,778.991
1,493,770
239.931
Taxes
Income from operation $1,484,386 $1,603,169 811.495.171 811,093.983
417,304 3,330,815 3,340.095
417.741
Current rent deduct'ns-
$158,901 dIS3.505.942
Balance transferred to profit and loss
-V. 138. p. 2252.
-Div. Rate Decreased
Illinois Commercial Telephone Co.
the $6
The directors have declared a dividend of 75 cents per share on March
cum. pref. stock, no par value, payable April 14 to holders of record on this
dividends of $1.50 per share had been paid
31. Regular quarterly
Issue up to and including Jan. 15 1934.-V. 137. p. 488.
-Portfolio Changes.
Incorporated Investors.
During the past quarter the management added three new companies to
the portfolio, eliminated six companies, increased holdings in 17 companies
previously owned and reduced holdings in two other companies.shares of
On March 31 1934 company owned an aggregate of 807.100
common stock in 52 different companies. The total market value of these
investments at the end of the quarter was in excess of $35,000,000.
The following are the additions to the portfolio:
No. of Shares.
Company.Vo. of Shares.
Companyto 15,000
Amer. Gas & Electric__ 7,500 to 20,000 Libbey-Owens-Ford ____13,000 to 10,000
6,000
15,000 to 20,000 Liggett & Myers B
Dry
Canada
20,000 to 25,000
Montgomery Ward
10,000 to 15,000
Caterpillar Tractor
15,000 to 20,000
Columbia Gas & Elec_ _15,000 to 25,000 National Steel
10,000 to 15,000
0 to 15,000 J. C. Penney
Commercial Credit
0 to 15,000
25,000 to 35,000 Pennsylvania RR
Continental Oil
15,000 to 20,000
0 to 23.000 Sears Roebuck
Curtiss Wright A
20,000 to 40,000
United Gas Impt
4,600 to 5,000
Dow Chemical
15,000 to 20.000
10,000 to 15,000 U. S. Gypsum
Goodyear
International Nickel___ _20,000 to 35,000 U.S. Indus. Alcohol___ _11.500 to 15,000
Curtiss
The new companies added last quarter were Commercial Credit.
Wright, and Pennsylvania RR.
The six companies eliminated entirely from the portfolio and two other
companies the holdings In which were reduced are:
No. of Shares.
CompanyNo of Shares
Company10,000 to 5,000
0 Freeport Texas
American Tobacco B___ 3,000 to
6,000 to 5,000
0 Internat'l Bus. Mach
Commercial Solvents...A.5,000 to
0
5,000 to
0 Reynolds Metals
Delaware & Hudson__ _ _ 6.000 to
0
10,000 to
0 United Aircraft
First National stores__ 8,000 to
Indianapolis Union Ry.-Earnings.1933.
Calendar Years$207,136
Operating revenues
Iiire of equipment
Amount contributed by
1,706,501
tenan' roads
1932.
$214,857
1931.
$274,317
2,528
1930.
$352,228
1,817,231
2.022,766
2,357,088
$1,913,637 $2,032,087 $2,299,611 $2,709,315
Total revenue
1.668,028
1.227.024
933,412
850,447
Operating expenses
337.095
337,357
354,624
312,449
Taxes, &c
704,192
$735,230
$744,051
$750,741
Net oper. income_ _ _ _
26,107
39.163
32,529
15,559
Other income (net)
Gross income
Deduc. from gross inc
$766,300
471,509
$776,580
482,383
$774,393
486.415
$730,299
456,893
Net income
Other approp. of income
$294,791
114,204
$294,197
108.606
$287,978
103,184
8273.406
98,137
Net income
Dividends
$180,587
250,000
3185,591
200,000
8184,794
250,000
$175,269
869,413
$14.409
Balance, deficit
-V.137, p. 2270.
$65,216 sur$175,269
Insurance Co. of North America.-Bal. Sheet Dec. 31.1932.
1933.
S
$
AssetsBonds and stocks_67,828,234 58,798,76
375,61
Accrued interest_ _ 379,364
1st mtge. on real
28,844
28,125
estate
5,585,176 4,442,590
Real estate
3,724,775 5,025,847
Cash
Prems. In course of
3,233.666 3,174,151
collection
Notes receiv. for
44,808
34.664
premium
Relnsur. claims on
152,221
87,984
losses paid
80,901,986 72,042,833
Total
-V. 138, p. 2253.
1933,
Liabilities
All claims of losses 6,214,967
Res. for unearned
21,034,463
premlums
Deps. reclaimable
by the insured
Perpetual fire Insurance policies_
Req. for taxes A;
1,207,095
other expenses
Contingencyreserve 5,736,887
Unearned Insurance
in non-admitted
152,405
companies
Reinsurance recoverable in non-ad188,008
mitted CO9
Dividend payable. 1,200,000
12,000,000
Cash capital
33,168,160
Surplus
Total
1932.
5,750,184
22,134,067
854,552
1,429,139
1,200,000
12,000,000
28,674,891
-Removed from List.
(
isle Ftoyale Copper Co.3 . J.).
"
--. has removed from unlisted Bing
The New York Curb Exchange
privileges the capital stock (par $2 .----V. 136. p. 3173.
1933.
$34,414
10,615
Net operating income,exclusive of losses on sales
ofsecurities, charged to capital surplus
Balance at Jan. 1
Income charges (net)
$23,783
643,701
Dr198
$23,799
451.299
Dr1,907
Total surplus
Dividends paid
$667,285
42,500
$473.191
$473.191
$624,786
Undistributed operating income March 31
30.0384
$0.0371
Earnings per share on-Total income
0.0266
0.9279
income
Net operating
Capital surplus
$1,842,661 $1.792,027
Balance Jan. 1, adjusted
Net loss on securities sold during the year below
Dr110,241
adjusted book value previous Dec. 31
Cr695,522 Dr822,832
Recovery in market value of portfolio
8858,954
32,538.184
Capital surplus at 'March 31
Balance, city & co___ $1,106,246 $1.172,717 $8,091,516 $7,891,817
1.172,717
8,091,516
7,891,817
Gross inc.from operation 1,106.246
1.141,806
9,137.357
9,196,854
1,121.836
Fixed charges
330,910def$1045,841def$1305,036
Net inc. from oper_ _ _ def$15.589
2,308
29,152
25.946
3,208
Non-operating income__
Bal, before deduc. 5%
Manhat. di v. rental def$12.381
Amount required for full
div. rental at 5% on
Manhattan Ry. Co.
modified guar, stock,
231,870
payable if earned____
Amt. by which full 59'
,
Manhattan dB.rental
was not earned
$244.252
$33,218def$1016.689def$1279,090
231,870
1,854,966
1.854,966
3198,652 $2,871,655 $3,134,057
Federal Judge Mack Denies Motion to Dismiss Lease Disaffirmance.-
to dismiss the I. R.T.
Federal Judge Julian W.Mack has denied a motion
Manhattan Ry.
receivers' application for leave to disaffirm its lease of for Central Handismissal was made by counsel
property. The motion for
Ry. 4% bonds. Judge
over Bank & Trust Co.. trustee for Manhattan
Mack has also laid over until April 16 two independent applications on
in the State court
behalf of New York City to sue the I. R. T. receivers
on its position in the lease question. The two applications were made, one
counsel on transit matters to the city, and the
by Samuel Seabury, special
the Transit Commission.
other by John J. Curtin. special counsel acting for
-V.138. p. 2253.
International Business Machines Corp.-Earns.Iligher
Business in general in tho United States is definitely better, President
their annual meeting held on
Thomas J. Watson told the stockholders at
Mr. Watson, "because
April 3. "We are a good barometer," commented
Mr. Watson continued: "Our
our business depends on other business."
upward in January, being 525,000 above those for January
profits turned
year our profits wore 3103,000
1933, and for the first two months of the We expect this percentage of
above the corresponding period last year. our new bank machine is larger
demand for
Improvement to increase. The
-V. 138. p. 2203.
than can currently be met."
-Earnings.
International Rys. of Central America.
1933.
Period End. Feb. 28- 1934-Month $435,345
$509,640
Gross revenues
262.093
271,346
Oper. expenses & taxes....
1934-2 Mos.-1933.
8970.373
3865,255
551,305
526,029
Income applic. to fixed
charges
-V. 136, p. 2969.
5419,068
3238,294
3173,252
5339,226
-Preferred Dividends.
International Utilities Corp.
of 87% cents per share on the
The directors have declared dividends cents per share on the no par
5
%
no par $7 cum prior pref. stock and 43 both payable May 1 to holders of
1931,
$33.50 cum, prior pref. stock, series
similar dividends were declared.
record April 20 1934. Three months ago payments at the regular annual
Previously, the company made quarterly pref., and 87% cents per
prior
share
rate, i.e.. $1.75 per share on the $7138, p. 326.
-V.
on the $3.50 prior pref. stock.
Jamaica Public Service, Ltd.(& Subs.).-Earnings.-1934-12 Mos.-1933.
1934-Afonth-1933.
Period End. Feb. 28
Gross earnings
Oper. exps. and taxes... _
367.756
40,182
868,105
32,278
3803,748
480,652
$787,471
462,863
Net oper. revenue_ .._ _
lot, and amortization
327.574
9,331
829,826
9,293
$323,096
113,803
$324,608
111,697
520,533
$209,292
$18,242
$212,910
Balance
Webster supervision. the'company
During the 10% years under Stone & is included in
which
operating expenses
has expended for maintenance,
-V. 136,
a total of 10.17% of the entire gross earnings over this period.
p.3160.
There have been called for redemption as of May 1 next a total of 81.061 Payment will Lie
000 1st mtge. 30-year 5% gold bonds, due May 11939. City of
Now York
made at 105 and int. at the First National Bank of the
ltthooption
a3s. p. 1755. of the holder at the First National Bank of Chicago..
or
V.
-Smaller Div.
Kalamazoo Vegetable Parchment Co.
The directors recently declared a quarterly dividend of 15 cents per
share on the capital stock, par $10, payable March 31 to holders of record
March 21. This compares with 20 cents per share paid on Doc 30 last
and 15 cents per share previously paid each quartor.-V. 137, p. 4705.
Kansas City Power & Light Co.-Eatnings.-
1934.
$31,610
7.826
3 Mos. Ended March 31Total income
Total deductions
31,066,645 $1,185,864 $8,164,355 87,753,888
Balance
Used for purchase of
13,147
72.839 def137,929
assets of enterprise.... def39,600
-Bonds Called.
Jones & Laughlin Steel Corp.
80,901,986 72,042,833
Insuranshares Certificates, Inc.-Eainings.-
--Earnings.
Interborough Rapid Transit Co.
1934-12 Mos.-1933
Period End. Feb. 2S- 1934-Month-1933
$1,245,769 $1,226,239 314,286.928 814.717.047
Gross earnings
x Oper. expenses (Incl.
maint., gen. & prop510,938
6,409,671
533,927
6,223,965
erty tax)
$715,300 $7,877,257 58,493.081
146,877
1,762,089
1,698,767
Net earnings
Interest charges
Amortization of discount
& prenilums
Depreciation
Fed. & State inc.tax- _
$711,842
147,837
10.967
182.899
45.000
10,967
182,614
47.500
Balance
Earns, per share pref.
before income tax- _
Earns, per share pref.
after income tax
Earns, per share common
before income tax- __ Earns, per share common
after income tax
-V. 138. p. 1908.
3325.138
$327,340
39.25
$9.37
$94.60
$112.98
8.13
8.18
80.47
96.06
0.67
0.68
6.75
8.15
0.58
0.59
5.67
6.86
131,609
2,199.650
565,000
130,186
2,144,749
677,121
33,218.907 33.842,255
Financial Chronicle
Volume 138
Fr Kansas City Southern
Ended Dec. 31 1933.
-
Ry.-Annual Report, Year
Calendar Years1932.
1933.
1931.
1930.
Net sales
$16,150,096 $16,197,820 $22,916.077 $26,944,484
Cost of sales & oper. exp. 15,361,486 16,388,307 21,868,443 25.322,575
General Statistics for Calendar Years.
1933.
1931.
1932.
883
883
883
1930.
Miles operated
883
Statistics
Passengers carried
144,075
110,249
72,102
231.893
Pass. carried one mile
10,247,387 17,022,123 19,804,286 31,174,223
Rev, per pass, per mile
1.859 eta.
2.741 cts.
2.686 cts.
1.823 eta.
No. of tons carr'd WO _ 3,848,256
5,891,606
4,027,882
7.229,872
Rev. fr't carr'd 1 mile_ -811,041,731 822,016,0261199063,746 1708914.625
Rev, per ton per mile_
0.982 eta.
1.002 cts. 0.994 eta. 0.953 cts.
Rev. per mile of road_
$21,622
$15,935
$11,186
$10,606
Comparative Statement of Operations for Calendar Years.
(Kansas City Southern By., Texarkana & Fort Smith I1.1
Operating Revenues1930.
1931.
1932.
1933.
Freight
$7,968,278 $8,233,887 $11,920,960 $16,290,104
Passenger
854,457
532,017
310,337
190.455
Mail, express, &c
1,620.376
1,361,871
1,137,180
1,049,006
Incident. & joint facility
258,562
155,024
331,757
194,032
Gross revenue
$9,362,763 $9,875,438 $14,073,410 $19,096,694
Operating ExpensesMaint, of way & struc_ $951,115 $1,019,372 $1,342,698 $2,261,225
Maint. of equipment._
3,123,845
2,239,226
1,642,731
1,639,524
Traffic
847,797
686,187
595,335
543,436
Transportation
5,703,046
4,313,336
2,872.492
3,246.759
Miscellaneous operations
96.399
70.689
50.340
20,261
General
1,099,699
938,431
863,842
818,703
Transportat'n for Invest_
Cr11,812
Cr44,170
Cr6,562
Cr4,833
Total oper. expenses__ $6,840,697
Net revenue
2,522,066
Taxes
933,440
Uncollectible revenues
2,515
$7,411,816
2,463,621
1,023.125
2,825
$9,546,397 $13,120.190
5,976,495
4.527,013
1,170,083
1,187,937
3,494
2,482
Operating income_ ___ $1,586,111 $1,437,671 $3,336,595 $4,802,918
rom equipment __ _
24,839
20,292
23,075
26,387
Joint facility rent income
197,215
173,929
167,268
160,237
Inc. from lease of road- _
178
133
54
51
Miscell, rent income_ _ _ _
13,953
13.191
13,299
15,174
Misc. non-op. phys. prop
52,498
38,118
45,716
46,599
Dividend income
150
75
38
25
Inc. from funded secur_ _
252,135
326,387
474,252
445,925
Income from unfunded
securities & accounts_
416,330
222,384
205,521
26,720
Miscellaneous income__ _
653
367
187
357
Total non-op. income_
Gross income
Deductions
hire of fr't cars, deb. bal
Rent for equipment,,_ _ _
Joint facility rents
Rent for leased roads__ _
Miscellaneous rents_ _ _ _
Miscell. tax accruals_ _ _ _
Int, on funded debt
_
Int. on unfunded debt
Amort,of disc, on fd. dt_
Maint. of invest. organ_
Misc,income charges_ _ _
Total deductions
Net income
Preferred dividends
Common dividends
2415
Kaufmann Department Stores, Inc.(& Subs.).
-Earns.
$719,430
2,305,541
$931,454
2,369,124
$794,876
4.131,471
$957,952
5,760,871
343,897
27,746
239,419
168,962
738
4,975
2,690,101
32,680
12,498
4
29,066
376,136
50,048
243,896
166,367
2,414
3,857
2,700,420
162,795
12,516
36
31,398
586,879
76,313
248,195
58,631
671
3.821
2,710.213
25,241
12,498
935.326
45,989
272,880
172,203
713
748
2,731,168
92,529
12,319
32,711
30,383
$3,550,087 $3.749,883
def1,244,546 def1,380,759
105,000
525,000
$3,755,174
376,297
840,000
524,340
$4,294,261
1,466,610
840,000
1,498,112
Gross income
Inc. from leased depts
$788,610 def$190,487
24,270
23.744
$1,047,634 $1,621,909
36,657
32,750
Net profit
Depreciation
$812,354 def$166,217
170,740
167,067
$1,080.384
170,740
$1,658,566
173,663
Net inc.from oper___ _
Other charges (net)
Interest
Federal income taxes_ _ _
$645,287 loss$336,957
32,217
124,050
186,784
153,489
25,600
$909,644
4,380
232,851
23,708
$1,484,903
Cr32,021
286,907
107,356
Net profit for year__ _ _
$342,148 loss$555.958
Previous balance
9.234,219 10,076,780
Disc, on pref.stk. purch.
400
7,890
$648,705 $1,122,662
10,091,418 11.295,638
Total
$9.576,768
Approp. to spec. reserve_
Divs, paid or dec., corn.
113,273
Preferred
62,720
Miscellaneous charges_
$9,528,712 $10,740,124 $12,418,299
870,466
574,276
226,479
875.546
75,362
72,737
68,014
505,506
16,330
Balance at Dec. 31_ -- $9,400,776
Shs. corn. stk. outstanding ($12.50 par)
566,363
Earnings per share
$0.49
$9,234,220 $10,076,780 $10,091,418
A ssets
a Property account
Outside property..
Goodwill
Investments
Accts. & notes rec_
Inventories
Cash
Prepaid accounts_
566,363
Nil
566.197
$1.02
577,587
$1.81
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
LiabIlities8
$
7,597,246 7,828,814 Pref stk.(par 3100) 825,000
.
900,000
534,758
581,227 Common stock (par
5,500,000 5,500,000
512.50)
7,079,537 7,079,538
279,980
251,212 Mortgages
1,900,000 2,200,000
3,145,011 2,963,779 Notes payable__
1,500,000
600,000
3,724,895 3,058,554 Dividends payable
15,680
16,984
655,709 Accts. payable, ke 945,285
762,609
916,121
121.778
107,564 Surplus
9,400,776 9,234,220
Total
21,666,279 20,946,863
Total
a After depreciation.
-V. 138, p. 1756.
21,666,279 20,946,863
" ,Kelly-Springfield Tire Co.
s ------Pays Interest.
Funds for the payment of the April 1 interest on the 6% subordinate
notes of this company have been deposited with the Public National Bank &
Trust Co.. trustees, New York City.
-V. 138. p. 2094.
(G. R.) Kinney Co., Inc.(& Subs.).
-Earnings.
Calendar Years1933.
1032.
1931.
1930.
Net sales
$12,185,177 $11.869,004 $14,023.997 $17,851.834
sales & oper.exp.. 11,849,020 11.997,385 14,052,547 17,356,232
Cost of
Operating profit
Int. & miscell. charges
Deysrec. & amortization_
Fed.& State inc.tax (est.)
Net loss
Preferred dividends_
Common dividends
Deficit
$336,156 1os4128,381 loss328,550
169,284
171,075
317,119
232,481
290.548
340,102
$495,602
377,409
16,000
$65,610
$590,004
$685,771
101.104
39.925
pf$102,193
413.910
159,776
865,610
8590.004
$826,800
3471,493
Consolidated Balance Sheet Dec. 31.
Liabilities1932.
1933.
Assets1933.
1932.
y Plant, land, &c.$1,469,351 $1,596,960 Preferred stock._ _52,523,050 $2,526,450
Good-will
2,480,050 2,480,050 x Common stock__ 1,535,320 1,536,430
1 Gold notes
Trade-tnarks
1
1,034,100 1,198,100
478,991 Prey, for Fed. inc.
Cash
701,479
tax-prior years 191,475
Cash surr. val. life
24,685 Accounts payable_
Insurance policy
66,537
819,700
653.336
169,110 Contine. reserve_
Accts. receivable
312,694
200,000
Inventories
2,754,278 3,077,907 Accrued liabilities_
99,772
71,037
Investments
50,000 Capital surplus
50,000
2,486,683 2,484,617
217,980 Operating deficit_ 652,909
Prepaid expenses_
185,700
570,286
Gold notes repurch
4,000
18,000
Balance, deficit
$871,502
$988,043
$1,349,546 $1,905,759
Shs, corn. out,
(par $100)
299,599
299.599
299,599
299,599
Earns, per share on corn.
Nil
$2.09
Nil
Nil
Balance Sheet Dec. 31.
[Kansas City Southern Ry., Texarkana & Fort Smith EY.]
1933.
1932.
1933.
1932.
Assets
LiabilitiesS
8
s
$
Invested in road
Common stock_ 29,959,900 29,959,900
& equipment_ 117,070,621 117,872,413 l'referred stock_ 21,000,000 21,000,000
Deposited in lieu
Grants in aid of
of mortgaged
281,239
construction__
287,978
property sold_ 3,832,361
3,832,361 1st 51.3% g. bds 30,000,000 30,000,000
Total
Total
Misc. phys. prop
88,038,091 58,099,685
58,038,091 58,099,685
986,248
963,252 Ref.& Imp.M.5s 21,000,000 21,000,000
Inv,in affil. cos.:
1st M.555% bds.
x Represented by 153,532 (153,643 in 1932) no par shares. y After
Stocks
of Texar. &F1.
1,944,508
1,949,508
depreciation of $1.867,274 in 1933 and $1,974,289 in 1932.-V.137, p. 1422.
Bonds
Smith Ry____ 10,000,000 10,000,000
2,030,915
2,030,915
Notes
18,114 K. C. & Grand15,448
Kirsch Co.
-Removed froDList
Advances_ _
view Ry. Co.
1,944,098
2,047,538
Other lnvest'ts_ 7,222,036
The New York Curb Exchan e has r
oved from unlisted trading
1st M.ser. A_ 3,000,000
7,790,110
3,000,000
Cash
790,728
privileges the common stock (no p ).-V. 137. p. 4020.
1,603,850 Texarkana Union
Special deposits.
Station trust
568,583
568,774
Loans & bills rec
Ws.,series A_
285,000
124
124
285,000
Knapp Monarch Co.
-Dividend Action Deferred.
Traffic and car
Equip. oblig_ _ _
657,200
828,800 The directors have deferred action on the quarterly dividend due April 1
serv. balances
Traffie & car seron the $3.25 cum. pref. stock, no par value. Quarterly distributions of
receivable._ _ _
vice halo. pay_
320,504
192,045
243,667
318,346
Net balance re813 cents per share were made on this issue on July 1, Oct. 2 and Jan. 2
Audited accts. &
last. A year ago action had been deferred on the April 1 1933 payment.
ceivable from
wages pay'ble
704,240
925,629
-V. 137. p. 151.
alto. & conduc
125,324
16,057
122,675 Misc, accts. pay.
13,853
Misc. accts. rec_
380,262
463,209 Int. & diva, maNfat'ls & supplies 1,285,025
tured unpaid_
568,775
1.429,717
568,582
H.' Kress & Co -Extra Dividend in Special Pref. St
Int. & diva. rec.
130,702 Unmatured diva.
121,476
The directors cTai
.
pa .
1La
Starch63;01
3
0th. curr. assets
prefdividend on ps calnNon a ‘
a
( r li ) o
e r sgi:6.
. c"f
!t
i
554,599
int. & rents__
10,954
11,202
664,036
(no par value
Work,fund adv.
special
o
113,412
18,417 Other curr. liabll
18,180
132,890
50 cents for each common share and the regular quarterly cash dividend
Other def. assets
585,540
16,842
1,406 Other der(' Habil
595,613
of 25 cents per share on the common stock, both payable May 1 to holders
Rents and insur.
632,783
Tax liability_
492,621
of record April 11. A stock distribution of like amount was made on
prepaid
53,076
4,363,284
58,097 Accr. dep.,equip 4,412,098
Nov. 1 1927. Nov. 1 1928, Nov. 1 1929. on Aug. 1 and Nov. 1 1930, on
Ditict, on feuded
344,697
0th. unad1. cred
393,711
May 1 and Nov. 2 1931. on May 2 and Nov. 1 1932 and on May 1 and
debt
209,223
221,721 Add'n to prep.
Nov. 1 1933.-V. 138, p. 1756.
Other accounts_
thru. inc. and
178,753
209,788
surplus
567.365
562,921
Appr. Burp., but
Kroger Grocery & Baking Co.
-Sales Again Increase.spec. invested 1,025,911
070,182
Period-4 Weeks Ended- -12 Weeks Ended
Profit and loss
-Mar. 2434, Mar, 25'33. Mar. 24'34, Mar. 2533.
credit balance 13,078,650 15,122,975
Sales
$17.375,396 $15,231,342 $49,468,734 $44,704,154
Total
139,114,711 141,479,582
139,114,711 141,479,582
Total
The company reports that increases ranged as high as 50% in some of its
22 branches in the principal key cities of the Slid-West and Central States.
-V. 135, p. 2253.
"During 1934 our business has shown consistent gains at all points,
President Albert IL :Morrill states, and points to the fact that the subKansas & Oklahoma RR.
-Stock Authorized.
stantial increase in business during March was made despite the fact that
The 1.-S. C. Commission on March 28 authorized toe company to issue
there were 329 fewer Kroger stores in operation during the month than in
$14,800 capital stock (par $100), to be sold or otherwise disposed of at not
the same month a year ago. Total number of Kroger stores in operation
less than par, and the proceeds or the stock used to satisfy indebtedness
during March 1934 was 4,362. a decrease of 7% from tho 4,691 stores in
Incurred for capital purposes.
operation during March 1933.-V. 138, p. 1756.
The report of the Commission says in part:
"Our certificate and order of Doc. 31 1931 autnorized the applicant to
acquire and operate an existing line of railroad extending front a point on
Laclede Gas Light Co.
-Ruling on Bonds.
the Kansas-Oklahoma boundary in a northwesterly direction to Liberal,
The New York Stock Exchange, having received notice that
interest
about 4 miles, and thence in the same general direction to Woods, about
due April 1 on the 5% bonds was being paid, but that the principal
due on
15 miles, a total of 19 miles in Seward and Stevens Counties, Kan., and to
bonds which had not assented to the refunding plan was not being
issue $34,000 of capital stock to procure funds to pay for the line.
ruled that the bonds be dealt in flat until further notice, and that topaid,
-The authority herein sought is stated to be for the purpose of bringing
delivery they must carry no coupons. Certificates of deposit for the be a
bonds
the total capital stock outstanding as near as possible to the investment in
also shall be dealt in flat and to be a delivery should carry no coupons.
road and equipment, which is shown as of Dec. 31 1933 to be $52,953.
V. 138, p. 1917.
This amount was determined by adding to $34,000 the amount paid for the
property when purchased at the termination of tne receivership of a predecessor company, $18,953, expended between March 1 and Dec. 31 1931 for ---Lambert Co.
-To Change Capital Stock.
purposes properly chargeable to capital account. The applicant proposes
,
The stockholders will vote April 16 on approving a proposed change in
to IRS110 this stock at par to the stockholders who are also creditors of the
the capitalization of this company.
-V. 138. p. 1573.
applicant, and advanced funds for toe expenditure.
-V. 134, p. 672.
\
--Katz Drug Co.
-Removed from List.
The New York Curb Exchange has remov
rom unlisted trading
unlist
privileges the common stock (par
.-V. 137. P. 23.
Leath & Co.
-Removed frx List.
Tho New York Curb Exchange has remo7ed from unlisted trading
privileges the common stock (no p .-V. 137, P. 1590.
2416
Financial Chronicle
(F. & R.) Lazarus & Co., Columbus, Ohio.
-Earnings.
[Includes earning of John Shllllto Co., Cincinnati, O.]
Years End. Jan.311934.
1931.
1932.
1933.
Net sales
412,963,766 $13.133,944 $16,895,107 $18,848,806
Cost of sales, oper. and
adm. exps. net other
Income.&c
11,991.301 12,389,598 15,870,754 17,516,541
Prov. for depreciation_ _
196,800
89,510
158,391
149.659
Prov.for Fed. inc. tax
98.050
92.164
107,621
138,476
Provision to adjust book
value of securities_ _
152.699
Loss on securities, &c
9,073
Net profit
Dividends on pref. stock
of subs. co
Portion of net profit applicable to minority interest in common stock
of subs. co
$775.831
$493,790
$614,374
$996,989
26.930
27.170
52.429
50,165
1.957
Cr1,616
Cr690
1,002
Surplus for year
$746,944
Previous surplus,Jan.31 2,722,377
Disct.on pref.stk. purch
17,294
$468,236
3.297.887
15,298
$562.635
3.057.935
110,192
$945.823
1.713.511
Total surplus
$3.486.615 $3,781,421 $3,730,762 $2,659,334
Preferred divs. paid-F.
& R. Lazarus & Co.._ _
346,074
348.940
206,749
295.763
Additional Federal taxes
for prior years
790
26.592
Cr42,466
Reduction In value of
merchandise invest't _
93,209
Extraordinary charges_
752,570
Deprec. prov. to amort.
appreciation of furn
17,310
Consol. earned surplus
Jan.31
$3,140,542 $2,722,377 $3,297.887 $2,451,795
Earns. per sh. on 370,000
shs.common (no Par)..
$0.99
$1.54
$0.75
$1.99
x Includes other income of $151.691.
Condensed Consolidated Balance Sheet Jan. 31.
1934,
Liabilities1933.
1933.
1934.
Assets-Cash
$964,835 $910,175 Accounts payable_ $471,948 $368,494
Cust. accts. ree
112,943
1,637,575 1,569,638 Accrued taxes.... _ _ 129.897
Inventories
1,891,517 1.663.373 Res. for divs. on
2.881
2,982
Leaseholds, securiPref.stk. of sub_
52,184
895,813 Res. for conting- 1,033,697
ties, &c
69,266
Misc. notes & accts
55,338
26,000 Pref. stock of subs.
542,350
Marketable securs. 971.763 1,165,713 not owned
536.850
81,388 MM. Int. in corn.
Depreciation fund 102,063
x Leaseholds. bldg.
stock & surpl. of
18,169
18,596
subs
Rapt., fixtures &
delivery equip 1,310,949 1,356,648
% cum.pref.stk 2,690,300 2,925,400
1
1 y Common stock.. 1,374,300 1,374.300
Good will
Cost of invest. in
Earned surplus.. _ _ 3,140,542 2,722,377
367,303
367,303
subsidiary
56,182
55,582
Prepaid expenses_
27,309
43.830
Supply inventory.
Total
88.434,254 $8,119,526
Total
$8,434,254 $8,119,526
-V
x After depreciation. y Represented by 370,000 shares (no par).
138, p.2254,
-Reorganization Offer Made.
-----.McLellan Stores Co.
A reorganization plan for the company is proposed by Hedden & Co.,
Inc.. acting with the United Stores Corp., which proposes to purchase all
assets and to form a new company to be known as Mac Stores, Inc.
The new company, according to a letter sent by the Hedden interests,
will have an outstanding capitalization of 380,000 shares of Class A stock
and 270,000 shares of Class B stock, both securities of $1 par, and 300.000
warrants to purchase the A stock at $10 a share for five years.
The Hedden interest will purchase the Class B stock, which will be entitled to elect a majority of the board of directors, as well as 59,000 shares
of the A and all the warrants for $1,800,000. The Class B is to be owned by
United Stores Corp.
According to the letter, the new company will agree to pay in cash an
amount equivalent to the provable claims against the bankrupt estate,
together with administration expenses and all stock of a company which will
own 3,210,000 shares of Class A,representing about 49% of Mac Stores,Inc.
to be outstanding and issued.
Heddon Offer Chain Opposed by Investors Group.
The Investors Group representing pref. stockholders in a letter dated
March 28 directed to holders of this class of shares, urges "careful consideration and investigation" before ap_proving the "protective committee's
recommendation to accept an offer by Mac Stores. Inc., through Heddon dr
Co., to ,purchase all the assets of McLellan Stores in possession of the
trustee.' The letter further says:
'Heddon & Co. state they had associates have undertaken to purchase
270.000 shares of class B stock:59.000 shares of class A stock and all the warrants for $1,800.000. Assuming for the moment the warrants are without
immediate cash value (an assumption more than fair to the proponents of
this offer as we discover them diverting 100,000 of the warrants to the man
whose name your company bears 'as part consideration for his entering
Into the employ of the new company'), we find the cash cost of these 329.000
shares to be approximately $5.47 a share.
"The Hedden & Co. letter further states that 'the new money is corning
in not in a prior position but on a parity with the former owners Ins common
stock position'. If this statement means what it says the contributions to
-who are the former owners if the plan
be made by the present stockholders
is consummated-should Just equal the contribution made by Heddon &
Co. and associates. As the present company disposes of all its assets over
and above its debts for 321,000 shares of stock, and if each share is worth
$5.47 for the contribution made by Heddon & Co. and associates, a true
parity contribution by the present company would be a sum equal to 321,000
shares multiplied by 35.47. or $1,755,870. In its letter of Feb. 5, the 'protective committee' advised you that the net working capital as shown by
the trustees'figures on Dec. 31 1933, amounted to $4.325.300. Deducting
from this amount the entire $2,400,000 which they now state represents the
value of provable claims, the remaining net assets amount to 31,925,300, or
an excess in quick assets alone of $169,_000 more than is required to make a
contribution on a basis of parity with Heddon & Co. and associates.
"This means that on a quick asset basis alone, the present company is
buying 321,000 shares of stock at approximately $6 a share against the
Heddon price of $5.47, or an advance of 9.68% over parity. In addition,
the present company (you and ourselves) are contributing real estate,
furniture, fixtures, improvements and other assets carried on the trustees'
books at the end of 1933 at approximately $2,352,000. Adding these assets
to the net quick assets of $1,925,300, we are contributing $4,277,300 for
321.000 shares, or, carrying out the comparison again of a Heddon cost of
$5.47 a share, we are buying on what they call a 'parity' stock in the new
company at $13.32 a share, or at an advance of 143% over parity with
Heddon & Co. and associates."
The letter estimates thatin order to liquidate the preferred stock outstanding with three years accumulated dividends, at $118 a share, the 321,000
new common shares would have to be sold at approximately $15.60 a share.
At this price, it is further estimated, the underwriters would obtain a net
Profit of35.000,000 and Mr. McLellan $560,000-V. 138. p. 2095.
April 7 1934
B. Koch, his estate would sell and Macy's would buy an additional 17%
of the common stock. $641.702 was paid for that stock.
"The sales of Macy's for the past fiscal year were $76,195,686 as against
$80,464,596 for the previous year, a decrease of 5.31%.
"The sales of Bamberger's were $27,050,763 as against $29,066,455 for
the previous year, a decrease of 6.93%.
"The sales of Lasalle & Koch Co.and of Davison-Paxon Co. were $9,425.320 as against $9,348,200 for the previous year, an increase of .82%."
Comparative Consolidated Profit and Loss Statement.
Jan. 27 '34. Jan. 28 '33.
Years EndedNet sales:
$76,195,687 $80,464,596
R. H. Macy & Co., Inc
27,050,763 29,066,455
L. Bomberger & Co
9.425,320 9,348,201
Lasalle & Koch Co. and Davison-Paxon Co
$112,671.770$118,879,252
Total
Cost of goods sold, selling oper. & adm. expenses__105,180,348 110,891,367
524,079
424,255
Interest paid
3,094,649 3,253,066
Depreciation
722.000
665,000
Provision for Federal tax
$3,307,517 $3.488,740
Operating profit
Income from securities, from radio broadcasting
329,920
262,486
and from miscellaneous non-trading sources (net)
Prov.for decrease or increase in mkt. values of secs.:
Owned by R. H. Macy & Co., depositors' acct.
See x
See x
department, private bankers
Dr39,116
Owned by the company and its subsidiaries._ _ _ Dr29,187
$3,540,817 $3,779,545
Net profit
556,707
533,556
Dividends on preferred stocks of subsidiaries
Interest of minority common stockholders in profits
Cr64,313
Cr27,361
subsidiaries
and losses of
Net profit applicable to common stock of R.H.
$3,034,622 $33,287,151
Macy & Co., Inc
Excess of proceeds from insurance on the life of the
the cash surrender value
late Alfred B Koch over
383.033
-parent company's proportion
$3,417,655 $3,287,151
Total
1,497,413
1,499,813
Shares common stock outstanding (no par)
$2.02
$2.20
Earnings per share
x The operations of neither year include a provision for decrease or
values of securities owned by R. H. Macy & Co,
Increase In market
valuing stocks
Depositors' Account Department, private bankers. Upon basis
the
of the private bankers at market values and bonds onit is found approved
that cost
the State of New York
by the banking department of
less reserves previously provided, are lower by approximately $57,000 at
at Jan. 27 1934.
Jan. 28 1933 and $43,000
Comparative Consolidated Earned Surplus Years Ended
Jan. 27 '34. Jan. 28 '33.
Previous balance (of which $1,576,724 and $941,743
respectively, represent proportionate share of
It. H. Macy & Co., in par value of pref. stock of
$16,281,046 $19,400,613
,
subsidiary companies repurchased
3,417,655 3,287,151
Net profit for year (as above)
of capital
Adjustment for change in market value
stock of R. H. Macy & Co., Inc. purchased and
divs,received thereon, and for credit arising from
466,834 Dr101.220
repurchase of L. Bomberger & Co. preferred stk$20,165,536 $22,586,545
Total surplus
Divs, on com. stock of R. H. Macy & Co., Inc.:
3,019,112 3,018,663
Cash dividends
2,875,344
Stock dividend (5%) paid in 71,883.60 shares_
investments in sub.cos. over value
Excess of cost of
of their net tangible assets:
411,492
Acquisitions in prior years
195,134
Acquisitions during the current year
$1,945,524 and $1,576.724
Balance (of which
respectively represent the proportionate share
of R.H. Macy & Co.,Inc. in par value of pref.
$16,951,290 $16,281,046
stock of sub, cos. repurchased)
Comparative Consolidated Balance Sheet.
Jan. 27 '34. Jan. 28 '33
Assets$4,045,932 $5,372,898Cash
.
85,813
42,099
Marketable securities
subs.:
Notes and accounts receivable, customers, of
3,899,652 3,901,592
terms
: Regular
763,377
.
b installment terms
323,488
323,549
Su -dry debtors
145,687
135,842
Due from employees
13,919,738 11,600,719
Merchandise on hand
139,977
184,865
Merchandise in transit
374,114
377,235
Unexpired insurance, &c
229,890
287,274
Inventory of supplies
c Land, buildings and equipment acquired for bust- 3,120,359 3,211,277
bees purposes, but not used in store operations._
365,808
574.837
d Cap.stk. of R. H.Macy & Co., Inc. purchased..34.495
54,582
Invest'ts in foreign subs., not consolidated
100.769
Cash appropriated for redemp.of pf.stk. of snb.co_
214,153
147,399
Miscellaneous assets
e Land and buildings on land owned and leased.... 51,504,244 52.934,065
7,728,378 8,866,485
f Store fixtures
460,275
388.888
g Delivery equipment
7,000,000 7,000,000
h Good will
$96,024,115
$94,635,102
Total
Jan. 27 '34. Jan. 28 '33.
Liabilities$550,000 $1,825,000
Notes payable to banks
1,732,725
2,105,381
Accounts payable-Trade creditors
139,977
184,865
in transit
Trade creditors for merchandise
203,268
181,392
Notes and accts. receivable discounted by sub. cos_
174,271
147,299
credit balances
Miscellaneous
1,785,761
2,245,006
Accrued salaries and expenses
Dividends payable:
748,106
748,706
On common stock of R. H. Macy & Co., Inc_
134,086
128,094
On preferred stock of L. Bomberger & Co
665,000 • 722,000
Reserve for Federal income tax
8,308,909
7,561,076
Mortgages payable
Reserves for possible additional assessments of
930,938
945,096
taxes for prior years
65,000
65,000
Reserve for insurance
Minority interests in subsidiary companies:
Preferred stock outstanding and maximum prem9,066,420 9,474,850
iums payable on retirement
958,629
550,928
Cora.stk. outstanding & surplus applic. thereto_
52,539,547 52.539.547
i Common capital stock
16,951,290 16,281.046
j Earned surplus
$94,635,102 $96,024,115
Total
a After reserves of $345,842 in 1934 and $397,750 in 1933. b After
reserves of $162,357 in 1934 and $172,888 in 1933. c After depreciation
of $675,503 ($641,276 in 1933). d 9,743 shares in 1934 (12,143 in 1933.)
1933.
e After depreciation charges of $10,898,558 in 1934 and 39,267,120 indepreAfter
f Less depreciation of $6,326,807 (5,745,160 in 1933). g rate paid for
ciation of $4413,076 in 1934 and $497,847 in 1933. h At the par shares.
one-half interest in 1914. I Represented by 1,509,556 no
I Of which $1,945,524 in 1934 and $1,576.724 in 1933 represents the proportionate share a It. H. Macy & Co., Inc., in the par value of preferred
-V.138, p. 694.
stocks of subsidiary companies repurchased.
-Annual Report.
(R. H.) Macy & Co., Inc.
Percy S. Straus, President, states in part:
"In addition to owning all of the common stock of L. Bomberger & Co.,
Newark, N.J. corporation now owns 70% of the common stock of Lasalle
& Koch Co. of Toledo, Ohio, and 88 1-10% of the common stock and all
of the preferred stock of Davison-Paxon Co. of Atlanta, Ga. Macy's
and
"The profit and loss statement covers the entire operations of
Bomberger's, as well as that portion of the earnings or losses of Lasalle &
are represented by the percentage
Koch Co. and Davison-Paxon Co. which
ofstock ownership. Since the last report the percentage of stock ownership
of Lasalle & Koch Co. has increased from 53% to 70%. This increase is
the result of a contractual obligation, entered into at the time of the original
purchase of Lasalle & Koch stock, to the effect that on the death of Alfred
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Pacific Coast Co.
-Earnings.
--[Includes Pacific Coast Cement Corp., in which company has an 83%
stock ownership.]
Calendar Years1932.
1933.
Gross earnings
$2.081,927 $2,657,301
Oper. exps., incl. taxes, deprec. and depletion_ _ 2,178,194
2,568,914
Net loss from oper., before int. & other charges$96,266 prof$88.387
Exclusive of the Pacific Coast Cement.Corp., the
net loss from operations, before interest and
other charges, were
$31,020 prof$46,779
Consolidated Balance Sheet Dec. 31 1933.
Assets
Liabilities
Capital assets
a$9,745,975 1st pref. stock (15,250 shares
Investments
6152,500
a576,908
no par)
Notes & contracts receivable_
197.377 2d pref. stock (40,000 shares
Cash on hand and in banks
400,000
258,873 no par)
Accts. receivable, less reserves
700,000
379.120 Corn. (70,000 shs. par 310)...
Merchandise inventory
282,746 Minority interest in Pacific
Supply inventories
209,086
206,790 Coast Cement Corp
County and city warrants..
5,856,500
12,525 Bonds
563,803
Deferred charges
236.127 Deferred liabilities
328,483
Current liabllities
Capital surplus through reduction of par value of capi11,272,500
tal stock
Capital deficit through valuadf8,257.192
tion of capital assets
Surplus through aPPrec. of
828,440
Limerock deposit
157,676
Earned deficit
Total
311,896,442
$11,896,442 Total
a After reserve for depletion and depreciation of $3,558,596 and reserve
for revaluation of $7,405,228. b Affiliated companies, $364,884; other
Investments, $11,990;first mortgage bonds of Pacific Coast Co. and Pacific
Coast Cement Co. reacquired-cost, $200,033.-V. 138, p. 876.
Maine Central RR.
-Annual Report for Year 1933.
Traffic Statistics for Calendar Years.
1931.
1930.
1932.
1933.
1,121
Average miles operated1,121
1,118
1,047
Revenue pass.carried_ _ _
906,787 1,188.329
508,194
375,710
Rev, pass. carried 1 mile 29,728.111 36.028.781 59,361,180 76.837,258
3.49 cts.
Rev. per pass, per mile.. 3.02 cts.
3.42 cts.
3.38 cts.
Rev, tons freight carried 4,397,770 4,233,395 5,666,156 7,484,900
Rev,tons frt. carried 1 m515,685,440 494,381,367 654,656,823 842,755,569
Rev, per ton per mile-- 1.662 cts. 1.790 cts. 1.731 cts. 1.725 cts.
Comparative Income Accountsfor Calendar Years.
1930.
1931.
1932.
1933.
Frieght revenue (rail) _-- $8,572,246 $8,849,452 $11,329,841 $14,539,524
Passenger revenue (rall)1,216,389 2,034,903 2,682,669
898,469
Mall,express,&c
1,387,204
972,937 1,232.776
854,152
37,885
Water line revenue
2,501
202,720
Incidental
174,593
123,368
135,570
Joint facility
142.372
116,037
92,625
95,998
Total ry. oper. rev...610,556.435 $11,254,771 614,890,650 $18,992.373
Operating Expenses
Mahn.of way & struc__ $1,450,165 $1,711,744 $2,293.736 $2,839,347
Maint. of equipment_ _ _ 1,736,654
1,852,745 2,474,924 3,588.727
Traffic
203,085
240,546
179,112
122,566
Transport-rail line_ 3,811,800 4.440.269 5,966,698 7,026,639
Transport
61,138
-water line_
11,279
28,027
Miscellaneous operations
5,842
26,123
4,813
General expenses
605,269
544,542
486,015
450,718
Transp.for inv.-Cr_
6,286
1.951
4.097
2,089
Total ry, oper. exP--- $7,574,628 $8.673,778 $11,553,751 $14,345,945
Net rev,from ry. oper__ 2,981,808 2,580,993 3,336.899 4,646.428
Railway tax accruals__ _
1,065,100
979,679
651,543
554,521
675
348
Uncollectible ry. revs......
561
703
Railway oper.income_ $2,426,583 $1,928,889 $2,356,545 $3,580,980
Total non-oper. income.
487.630
367,529
392,272
387,432
Gross income
$2,814,015 $2,296,418 $2,748,817 $4,068,610
Deductions-..
Hireoffreight cars, debit
balance
$153,141
$169,137
$79,014
$174,748
Rent for equipment...._
106,264
144,084
138,195
103,073
Joint facility rents
390,280
337.947
511,887
339,364
Rent for leased roads
731,632
780,433
758.749
788,705
Miscellaneous rents_ _...
9,902
10,464
10,488
10,491
Miscell, tax accruals...._
9,173
10,910
7.343
7,274
Interest on funded debt.. 1,212,692 1,232.058 1,251,428 1,270,797
Int. on unfunded debt
78.652
149,546
66.523
149,217
Sep. oper. prop. loss_
16,110
24,571
Miscll.income charges..
8,204
17,412
6,910
9,166
Total deductions
$2,794,730 $2,712,542 $2,812,204 $2,956,511
Net income
1,112,099
19,285 def416,125 def63,386
Disposition of Net IncomePref. div. appropriat'ns_
$150,000
$150,000
Common dividends
240,142
600,355
Income balance
$19,285 def$416,125 def$453.528
a Shs. of common stock
outstanding(par $100)
120.071
120,071
120,071
Earns. per sh.on corn..Nil
Nil
$0.16
x Excluding shares in treasury.
Condensed Genera Balance Sheet Dec. 31.
1933.
1933.
1932.
Assets
Liabilities$
$
$
Invest. in road and
Preferred stock_ _ _ 3,000,000
equipment
50,601,144 50,650,359 Common stock_ ,l4,888,600
Deposits in lieu of
Funded debt
26,277,500
mtgd. prop. sold
1,761 Loans & bills pay.. 3,027,687
8,492
Improv. on leased
Traffic & car serv.
railway property 708,816
balance payable 170,458
688,346
Misc, phys. prop.... 382,662
382,781 Audited accts. and
Invest. in atilt cos 3,143,998 2,983,800 wages payable_ 599,125
Other investments 3,420,633 2,425,018 Misc. accts. Day-6,056
Cash
1,042,394
877,544 Interest matured,
Special deposits
75,853
1,450 1,020,328 unpaid
Traffic & car serv.
Dividends matured
halo, receivable_ 131,573
733
119,456 unpaid
Net balance receiv.
Unmat'd int. accr. 116,802
from agents and
44,920
Unmat'd rents accr
conductors
91.053
94,699
55,448 Other curr. Habil
Misc, accts. receiv 346,214
279,973 Deferred liabilities 1,980,938
Mat'l & supplies_ 1,164,144 1,470,655 Tax liability
78,582
Int.& dive. reedy..
18,077
16,945 Accrued deprec.Other cur. assets _
8,080,051
4,990 equipment
Working fund adv..
1,078
1,388 Oth, unadj. ere& _ 162,072
Other def. assets.... 116,526
9,669 Corporate surplus_ 2,981,193
Rents & ins. prem.
Profit and loss.... _. 3,642,867
Paid in advance.
6,757
8,839
Other unadj. debits 195,333
353,891
Securities issued or
assum.,unpledg'd 2,881,500 2,881,500
Securities issued or
assum., pledged 959,000
959,000
Total
65,224,492 65,191,693
Total
$361,744
120.071
$8.01
1932.
$
3,000,000
14,888,600
26,631,500
3,300,000
114,214
465,294
3,989
74,130
614
125,576
44.988
131,991
1,993,950
78,345
7.582,952
162,097
2,981,193
3,612,260
65,224,492 65.191,693
Public Works Improvement.
The I.
-S. C. Commission on March 26 approved proposed expenditures
of $318,423 to be loaned by the Public Works Administration for the
improvement of transportation facilities.
2417
Financial Chronicle
Volume 138
The report of the commission says in part:
The company, on March 12, applied under Section 203 (a), clause (4), of
the National Industrial Recovery Act, for approval of certain railroad
maintenance which it proposes to finance principally by a loan from the
Federal Emergency Administration of Public Works.
The proposed maintenance will require the purchase and installation of
4,200 tons of new 112-pound rail, with the necessary fastenings, tie plates,
-pound rail now
-pound and 85
and other accessories, in replacement of 100
In use, at an approximate total cost of $318,423.-V. 138, p. 2254.
-Earnings.
(I.) Magnin & Co.
1931.
1930.
1932.
Calendar Years1933.
Sales
$6,714,440 $6,706,473 68,813,398 610,090,045
591.207
290,615
182,248 1oss222,501
Net income after taxes....
81,108
81,108
76.949
Divs, on pref. stock_ _ _ _
71,723
$510,099
$209.507
$110.525 def$299,450
$1.76
$0.81
loss$1.17
$0.43
Balance Sheet Dec. 31.
1933.
1932.
Liabilities1933.
1932.
$483,367 $464,993 Preferred stock__ _$1,185.500 $1,231,500
1,348,399 1,348,399
x Common
stock_.
628,190
399,695 Mer. & oth. accts.
487,186
437,103
payable
1,608,043 1,448,481
Notes payable..__ .. 300,000
79,077
41,312
39,938 Fed, income tax
81.302
66,180
27,399 Sundry reserves
27,040
521,968
632,493
520,025 Earned surplus
560,415
124,699
111,881
221,772
157,881 Capital surplus_
159,015
145,304
459,235
469.385
4,557
1
15,290
34,975
39,370
Bal.avall.for com.stk.
Earns. per sh.on corn__ _
Assets
-
Cash
Securs.-Govt. &
municipal
Customers'accts._
Empl.stock purch.
& loan accts..
Other accts. reedy.
Merchandise
Adv. spring purch.
Life insurance
Fixtures
Misc. & def'd ch3s.
Good will
Other assets
Prepaid expenses..
Total
$4,238,658 $3,717,030 Total
$4.238,658 $3,717,030
x Represented by 254,945 no par shares in 1933 and 255,845 in 1932.V.138, p. 2254.
Mandel Brothers, Inc.
-Earnings.PeriodNet sales
Cost of goods sold
-Years Ended Jan. 3113 Mos.End.
1934.
1933.
1932. Jan.31 '31.
$14,768,134 $14,831.112 $19,644.767 $24,782,825
9,332,531 9.816,833 13.974,622 17.012.932
Gross profit on sales- 65,435,603 $5,014.279 $5,670,145 $7.769,893
Discount
817.228
Total income
$5,435.603 $5,014,279 $6,487,373 $7.769.893
Expenses (excl. of prov.
for depreciation)
5,282,939 5,347,546 6.611.775 8,372.204
Operating loss
prof$152,665
Income credits-interest
earned, &c
67,842
$333,267
$124,402
110.130
142,195
137,637
Gross loss
prof$220,507
Prov.for deprec. of prop.
and improvements......
206,161
Supp. prov. for possible
losses on receivables_
Miscellaneous charges_ _
6,329
$223,137 sur$17.793
1464,674
$602,311
204,322
287.338
339.024
117.486
33.613
101.726
63,871
Net loss
prof$8,018
$867,570
$578,558
6371.271
Earnings per share on
Nil
Nil
$0.02
Nil
capital stock (no par)_
Balance Sheet Jan. 31.
Liabilities1934,
1933.
1933.
1934.
Assetsa ProPerIY & ImPt.$1,770,379 $1,908,939 Capital stock._..$3,428,435 $3,428,435
Accounts payable_ 375,499
384.885
Good-will & trade
1 Accrued wages and
name
1
78,515
686,597 1,185,606 salaries
72,803
Cash
399,521 Sundry accruals....8,132
Marketable secur _
Notes & accts. rec. 1,225,895 1,264,111 Merchandise ctfs.
Tax antic. warets
outstanding......_3,836
Accrued tax, &c_ _ 545,602
676,664
issued sot 1931
16,408
Reserve for insur.,
tax levies
8.544
3,932 conting.,&c......_ 126,231
106.101
Accrued Interest. _
22,130 Capital surplus.... 3,606,788 3,606,787
73,815
Sundry investm'ts
Inventories
2 926,617 1,954,482 Profit & loss def.. _ 1,401,298 1,494,386
59,649
46,398
Deferred charges
$6,767,904 $6,785,122
Total
$6,767,904 $6,785,122 Total
a After depreciation of $1,681.154 in 1934 and $1,483.013 in 1933.
y Represented by 306.600 no par value shares in 1934 and 306,000 in 1933.
-V.136. p.2436.
May Department Stores Co.-Ea)nings.Years End. Jan.311933.
1932.
1934.
1931.
Net sales
$76,469,967 $72,521,486 $93,041,880$101.636,229
Cost of goods sold. &c.... 72,867,243 71,752,116 90,159,600 96,710,088
287,939
Deprec. & amortization..
961,582
287,754
953.693
Net profits
Other income
$3,314,970
548,451
$481.431 $1,920,698 $3,972.448
492,001
601,593
630,130
$973,432 $2,522,291
Total
$3.863.421
Add'n to res. for Fed Inc.
taxes & contingencies..
500,000
Prov.for decline in value
of sundry investments
135,540
Cost of sundry invest'ts
charged off
107,469
Net cost of minor add'ns
to furn.,fixtures, &c_
144,375
Miscellaneous charges
70,672
Federal taxes (est.)
325,000
25.000
Net profit
62,905,365
$948,433 $2,197,291
Common dividends
1.230,605
1.733,936 3,192.532
Balance, surplus
$1.674,760 def$785,503 def$995.241
Cap.shs. out.(par $10)- 1,230,423 x1,230.746 x1.253,493
Earned per share
$1.75
$0.77
$2.36
a Shares of $25 par value.
$4,602,578
521,625
$4,080,953
2.593,323
$1,487,630
x1,345.244
$3.03
Surplus Accountsfor the Years Ended Jan.31 1934.
Earned Surplus
Balance, Feb. 1 1933
$19,683.975
Balance for year 1934 (as above)
2,905,365
Amount transf.from res've for contingencies no longer required425,000
Total
Cash dividends
$23,014,340
1,230.606
Balance, Jan. 31 1934
$21,783,735
Capital Surplus
Balance, Feb. 1 1933
$6.599,272
Increase due to reduction in par value of capital stock from
$25 to $10 per share
18,461,190
Total
$25,060.462
Reduction in the book value of good-will, trade names, &a..
from $15,015,226 to $I
15,015,225
Adjustment made to reinstate the par value (at $10 per share) of
scrip certificates equivalent to 26 shares outstanding at Jan.
31 1933, of which ctfs. equiv. to one share were converted
during the year
260
Difference between par value (at $10 per share) and cost of 349
shares of treasury stock acquired during the year
6,156
Balance Jan. 31 1934
Total surplus Jan. 31 1934
$10,038,820
$31,822,555
Financial Chronicle
2418
A ril 7 1934
Consolidated Balance Sheet Jan. 31.
Midland United Co.-Re
d2oved from List.
"
1933.
1934.
Misted trading
1933.
1934.
The New York Curb Exchange has removed fro
$
$
Liabilitieshe convertible prerred stock both
$
$
privileges the common stock an
Assets
1 15,015,226 Common stock_ _d 12,304,230e30,768,650
(no par).
-V.138. p. 1043.
Good-will
656.084 Accounts payable_ 2,229,764 1,818.458
406.477
Investments
-$20 Distribution to
151.151 ' 'Midvale Co.
-Reduction in Capital
Sundry creditors_. 183.350
U. S. Govt. oblig.
656.788
Accrued expenses_ 918.552
and accrued bit.
be Made.
657,989
3,627.056 5,644,089 Res've for contIng. 217,911
thereon
The stockholders on April 3 approved a proposal to reduce the stated
Reserve for trading
a Land, bldgs. and
capital to $10,574,621 from $14,574,621, or by $4,000.000, the surplus so
154.245
165,726
5,839,498 6.094,366 stamps.&c
leasehold
created to be distributed to stockholders at the rate of $20 per share.
47.500
377,750
Tax reserve
b Inv.In & adv. to
A majority of the outstanding 200,000 shares of no par capital stock
real estate cos_ _10.038,706 9,818,001 Earned surplus_ _ _21.783.735 19,683,975
-V. 138, p. 1575, 1757.
s owned by the Baldwin Locomotive Works.
1 Capital surplus__ .10.038,820 6,599,272
1
Est. val, of leases_
1
1
equip.
Furn. flx. &
-Balance
Millers National Insurance Co. of Chicago.
1
1
Delivery equIpm't
Sheet Dec. 31 1933.Due from over. of
210.487
179.165
leased depts.
LIabtitiles
Assets
Loans & advances
84.294,552 Unpaid losses, net
$295.044
Bonds and stocks
212,662
30,305
to employees_
40.800 Reserve for unearned prams. 2,090,751
Real estate mtges., 151 lien__
c Accts. receivable 8,085,593 7.243.090
123,980 Reserve for accrued taxes_ _ _
55,000
Real ratite
489.776
Notes receivable
2,000 Reserve for accrued expenses
32.000
Contracts rec., secur. by title
119,475
Other assets
489,399 Reserve for contingencies_ _ _
Cash
800,000
Equity In net assets
351,252 Permanent fund
1,000,000
Prems. In course of collection
71.785
of sub. buy'g co_
58,722 Surplus over all liabilities
1,089,934
Accrued interest on invest...
13,621.762 10.652,425
Inventories
2.024
recov, on paid losses210.385
214,500
Sundry debtors..
531.674
575.530
Prepaid expenses_
85.362,730
$5,362,730 Total
Total
4.920,206 4,249,536
Cash
-Earnings.Minneapolis & St. Louis RR.
48,219,838 60,538,029
48,219,838 60,538,029 Total
Total
-4th Week of March- -Jan. I to'March 31a After depreciation of $2,512,663 in 1934 and 82,262,039 in 1933.
1934.
1933.
1933.
1934.
Periodb After amortization of 8576,272 in 1934 and $557,574 in 1933. c After
$154.496 81,747.038 $1,529,032
Gross earnings (est.)--- $173.820
reserves of 81,003,256 in 1934 and $1,017,682 in 1933. d Par value $10 -V.138, p.2255.
-V.138, p. 2255.
per share. •Par value $25 per share.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.
-Clears Up All Arrearages on Pref. Stock.
--Maytag Co.
--1932.
1931.
1933.
1934.
FebruaryThe directors on April 3 declared a.dividend of $7.50 per Gross from railway
$1.543.794 $1,252,837 $1,566,648 $2,205,334
208,202
122,713 def171.698 def133.797
share on account of accumulations in addition to the regular Net from railway
def116,362 def442,008 def432.218 def117.672
quarterly dividend of $1.50 per share on the $6 cumul. 1st Net after rents
From Jan. 1
pref. stock, no par value, payable May 1 to holders of record Gross from railway
3,082,369 2,646,407 3,143.049 4,345,527
148,813 def265,169 def294,721 def385,840
Net
railway
April 16. This wipes out all dividend arrearages on this issue. Net from rents
def346,897 def837,643 def913,096 def294.653
after
Distributions of $1.50 per share were made on Feb. 1 last -V.138, p. 2255.
and on Nov. 1 1933 after a suspension for the five preceding
-V. 138, p. 1575.
quarters.
Mechanics & Traders Insurance Co. of Hartford.
Balance Sheet Dec. 31 1933.Assets
83,806.403
Bonds and stocks
25,130
Interest accrued
23,500
Real estate unencoumbered_
Cash on hand and In banks.._ 176,216
Premiurns in course of collect'n 211,066
6,296
All other assets
Total
$4,248,614
LiaMlities$1,000,000
Capital stock
Refl, for unearned premiums__ 1,062,417
149,284
Reserve for losses
Reserve for taxes and other
92.600
expenses
Reserve for contingencies__ 263,048
1,681,364
Net surplus
$4,248,614
Total
-Balance Sheet
Mercantile Insurance Co. of America.
Dec. 31 1933.Assets
81.909,043
.
1:1 S. Government bonds
State, county and municipal
916,909
bonds
Railroad, public utility, &c,
2,325.634
other corporation bonds
275,858
Stocks
323,317
Cash
67.517
Interest accrued on Investmls
Balances due from agents,
297.814
brokers.&O
Total
-V.137. p. 2114.
86.116,091
LiabUitiesLosses In process of adjustment 8271.869
Unearned portion of premiums
2,148,555
on policies in force
Federal and State taxes and
111,440
sundry items
1,000,000
Capital
2,584,227
Net surplus
36,116,091
Total
1932.
1933.
1932.
-1933.
Assets
t255,984 $137,760 Premium reserve_.$1,464,385 81,439.445
Cash
310,939
696.104 1,749.524 Reserve for losses_ 285.382
1,
Bonds
575,000
1,
097,643 1,723,145 ContIng. reserve__ 423,440
Stocks
20,736
35,000
All other liabilities
Balances due from
400,000
400,000
148,673
125,605 Capital stock
companies
612,149 1,014,158
21,950
24.243 Surplus
Accrued Interest_ _
Total
33,220,356 $3,760.278
-Earnings.
Mexican Light & Power Co., Ltd.
[In Canadian Currency]
Month of JanuaryGross earnings from operation
Operating and depreciation expenses
Net earnings
-V.137, p. 4014.
1934.
$733.243
438,825
1933.
$818,868
492,054
8294,418
8326.814
1934.
$207,420
270,047
1933.
$244,769
327.506
$62.627
$82,737
-Earnings.
Mexico Tramways Co.
iln Canadian Currency]
Month of JanuaryGross earnings from operations
Operating and depreciation expenses
Ilr
libNet earnings (def.)
-V.138, p. 682.
-Resumes Pref. Dividends
Michigan Gas & Electric Co.
The directors on March 29 declared a dividend of 87% cents per share
on toe 7% cumul. prior lien stock. par $100, and 75 cents per share on the
$6 cumul. prior lien stock, no par value, both payable May 1 1934 to
holders of record April 16. Regular quarterly distributions of $1.75 per
share and $1.50 per share, respectively, were made on the 7% prior lien
-V. 137.
and $6 prior lien stocks up to and incl. May 1 1933; none since.
p.3149.
-Resumes Dividend.
""'Mid-Continent Petroleum Corp.
The directors on March 31 declared a dividend of 25 cents
per share on the common stock, no par value, payable
May 15 to holders of record April 11. Regular quarterly
distributions of 50 cents per share were made on this issue
from Feb. 15 1929 to and incl. Feb. 16 1931; none since.
la Six months from now the directors will again consider the
payment of a dividend, it was stated.
year 1933
ro Jacob France, President,states that although the report for thenet profit
corporation showed a
will snow a net loss of 81,766.438, the
after all charges for the last six months of the year and will show a net
profit for the first quarter this year.
For 1932 the corporation reported a net loss of 82,081.900 after depreciation, depletion, abandoned and surrendered leases and after provision of
3498.475 to adjust crude oil inventory to market value.
Proposes Reduction in Capitalization.
file corporation has notified the New York Stock Exchange that it
proposes a reduction in capital represented by outstanding capital stock
from $55,272,302 to $18,579.120 and a change in the par value of the
-V. 137. p. 3158.
capital stock from no par to $10 per share.
[A Subsidiary of Commonwealth & Southern Corp.]
1934-12 Mos.-1933
-Month-1933.
Period End. Feb. 28- 1934
$235,825 $2,750.288 $2,961.406
Gross earnings
$225,986
Oper, expenses, includ'g
1,869,064
157,530
1,954.371
155,126
maintenance and taxes
653,992
53,791
746.453
Fixed charges
54,001
73.200
6,100
73,200
6,100
Prov. for retire. reserveNet income
Divs. on 1st pref. stock*
$10,758
21,148
818.402
21,435
$134,031
255,517
$187.381
273,254
$121,485
3.032
$85,872
$10,389
Deficit
• Represents full dividend requirements; none paid since Oct. 1 1933.
-V. 135. p. 629.
Missouri & North Arkansas Ry.-Earnings.
1932.
1931.
1933.
1934.
February$78.970
$43,690
898.695
873,806
Gross from railway
1.030
412
6,200 def13.573
Net from railway
def4.406 def22,801 def10,425 def12.680
Net after rents
From Jan 1
163.552
197.131
95,694
157.144
Gross from railway
5,558 def14,414
19,447 def24,289
Net from railway
def18.398
def40,473
def3,244 def42,571
Net after rents
-V. 135, p. 1484.
Missouri Pacific RR.-Trajfic Higher in March.
-Balance Sheet
Metropolitan Fire Reassurance Co.
Dec. 31.-
83,220,3.56 83.760,278
Total
-V. 136. p. 1897.
-Earnings.
Mississippi Power Co.
Traffic on the company's lines in March increased 30.2% compared with
March last year, and 14.1% compared with February, it was announced
on April 2. Local loading on the Missouri Pacific R. proper for the
month totaled 59,486 cars, an increase of 10,971, or 22.6% over the same
Period of 1933. Receipts from connections wiere 35,531, an increase of
11,096 over the total in March 1933, or a percentage increase of 45.4.
Total local loadings and receipts from connections were 95,017, and the
combined increase in local loading and receipts from connections for the
month was 22,067.
For the year to date, the Missouri Pacific RR. has handled a total of
267,750 cars, compared with 223.313 cars for the first three months of
last year.
The Gulf Coast Lines, one of the principal subsidiaries of the Missouri
Pacific RR. in Texas had a total of 17,922 revenue cars in March, divided
12.375 loaded locally and 5,547 received from connections. This compares
with 12,828 cars in March 1933 and 16,121 cars in February this year.
The International-Great Northern RR. also had an increase in March
compared with both March a year ago and February this year. The total
for March 1934 was 21,822. divided 13,574 loaded locally and 8,248 from
connections The total in March 1933 was 20,813 and in February this
year was 19,204.
Like the Missouri Pacific RR., both the Gulf Coast Lines and International-Great Northern showed substantial increases for the first three
months of the present year. For the first quarter of 1933 the InternationalGreat Northern had a total of 52,825 revenue loads, as compared with a
total of 58.704 in the first quarter of this year. The Gulf Coast Lines had a
total of 38,645 in the first three months a year ago, compared with 49.693
-V. 138, p. 2255.
for the first quarter of the present year.
-Resumes
'Monroe Calculating Machine Co., N. Y.
Common Dividend.
A dividend of 81 per share was recently declared on the common stock,
no par value, payable April2 to holders of record March 15. A distribution
of like amount was made on this issue on Sept. 30 1931; none since.
-moved from List.
"\Monroe Chemical Co.
The New York Curb Exchange has removed from
privileges the common stock (no p .-V. 138, P. 1241.
sled 'trading
-Earnings.
(G. C.) Murphy Co.
1932.
1931.
1930.
1933.
Calendar Years176
166
172
180
Number of stores
321.884.789 818.532,012 $19,238.362 $17,498.023
Sales
187,595
242.768
220.907
205,395
Rents & miscall. income.
$22.090.184 318.774,780 $19,459,269 817.68.5,618
Total income
20,145,919 17,664,976 ,18,104,312 16,905,861
Operating expenses
292,256
285,100
304,143
Depreciation
84,950
97,149
113,624
242,432
inc. taxes.
Res. for Fed.
78,913
118,133
134,589
112,051
Bondinterest
$1,285,638
Net income
240,000
Preferred dividends---239,900
Common dividends
$602.266
240,000
239.900
$821,644
240.000
239,900
$615,893
239,965
239.900
8805.738
2,707,410
1122.366
2,902,812
$341,744
2,556,307
8136,028
2,558,521
4.762
Dr128,410
Dr9,834
Balance, surplus
Previous surplus
Dlsct. on bonds purch'd
and retired
Stock div. coin. stock.
Adjustments
Dr51.975
Dr17,945
646
Profit & loss, surplus_ 13,495,202 82,973.849 $2,902,813 $2,556,307
Earnings Including Mack Realty Co.(a Subsidiary)
$660,639
$865,327
8646,888
Net available for diva.. $1,335,294
No. of common shares
149,938
149 938
149,938
149,938
outslanding
82.51
$S.88
32.42
37.30
Earned per share
Comparative Balance Sheet Dec. 31.
1933.
1933.
1932.
AssetsLiabilities3
5
27,844
-trade
Cash
695,459 Accts. pay.
984,626
Notes & accts. rec.
87,876
124,636 Accts. pay.-of'ers
Accts. rec. (Mach
dr employees. _ 403,954
40,000
Realty Co.)
382,009 Notes payable_ _
70,000
60.000
Other accts. reedy
Divs. payable_
65,389
Mack Realty Co
Accrued taxes _ _ _ 51,605
962,203
Life Ins -cash sur.
Res. for Fed. Inc.
242,432
value
WEIS
20,516
18,806
44,678
Long-term loan_
Prepaid Ins., tax &
1,813,813
supplies
66,006 Funded debt
81,125
Inventories
3,266,003 2,437,413 Preferred stock _ _ 3.000,000
Investments
50,988
665,310 y Comrron stock. 1,196,914
a Furs. & fixtures,
Paid in surplus_ _ _ 266,439
leaseh'd Improv_ 4,973,634 a4,980,884 Earned surplus. _ 3,495.201
Deferred charges__
80,521
129,152
1932.
23,318
266,555
60,600
73,156
97,149
49,798
1,818.937
3,000,000
1,196,915
266,439
2,707.410
10,642.882 9,499,676
Total
10,642,882 9.499.676
Total
x After depreciation of $1,991,392 in 1933 (1932. $1,719.362. y Represeated by 149,938 shares (no par).
-V. 138, P. 1758.
-Balance
National Fire Insurance Co. of Hartford.
Sheet Dec. 31 1933.
Assets
Bonds and stocks
534,147,170
Mortgage loans
771,430
Interest accrued
279.780
Real estate, unencumbered..
999.196
Cash
2,027,733
Premiums in course of collection
1,549,572
All other assets
158,142
Total
-V. 132, p. 4778.
2419
Financial Chronicle
Volume 138
539.933,027
National Life Insurance
Sheet Dec. 31 '33.
Liabilities
Capital stock
Res. for unearned premiums_
Res. for losses
Res. for taxes & other expen_
Res. for dividends
Res. for conting. (special)...
Res. for conting. (general)_ _
Net surplus
55,000,000
14,302,959
1,993,524
1,049,490
250,000
3,769,288
1.700,000
11,867,764
$39,933,027
Total
Co., Montpelier Vt.-Balance
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
$
Assets
5,000,000
.
7,158,330 7% pref stock _
b Land,bides.,&c. 7.100,239
Furs. & fixtures.. 4,670,885 4,812,387 a Common stock_ _ 5,208.572
614% pref. stock
Alterations & imNewberry Realty
provements_ _ 3.102,087 3,410.656
1,000,000
Co
2,291,851 1.165,112
Cash
6% preferred stock
e Invest. in cap.stk.
Newberry Realty
694,354
and notes of en. 766,684
61,000
Co
Miscell. claims and
77,919 Reserve for selfaccounts recelv. 143,367
30,919
6,148,728 5,387,297 insurance
Inventories
Res.for contIng_
Emp. notes reedy.
148,811 Accounts pay.,are. 1,035,684
154,306
and Investment_
319,573
259,870
534,687 Federal tax
Deferred charges
Purch. iron. mtge. 2,188,958
2.725
Preferred Income..
5.000,000
Gold notes _
4.790,586
Surplus
1932.
5,000,000
5,208,572
1,000,000
61,000
20,000
773.366
111.298
2,356.369
2,398
5,000.000
3,856.551
24,638,016 23,389.553
24,638.016 23,389.553 Total
Total
a Represented by 395,314 no par shares (incl. shares held in treasury).
-V. 138, p. 1758.
b Alter depreciation and amortization.
-Earnings.
New England Steamship Co.
1930.
1931.
1932.
1933.
$3,414,136 $3,662,627 $5,110,464 35.855.400
5,776.725
5,147,103
4,067,484
3,856,405
Calendar YearsOperating revenues
Operating expenses
Net operating loss__ -Tax accruals
$442,268
53,667
$404,857
59.834
$36,639 prof$78,676
59.205
66.398
Operating loss
Other income
$495,936
130,351
$464,691
167.446
$103,036 prof$19,471
220.973 , 227.204
$365,585
553,468
$297,245prof$117,936prof$246,675
642.626
639.976
600.759
3919,053
$898,004
Gross loss
Deduct.from gross in
Net deficit
-V. 136, p. 2438.
_
$522,040
$395,951
Liabilities
-Removed from List.
'------ New Orleans Public Service Inc.
"
$115,206,343
Insurance reserves
The New York Curb Exchange has removed from unlisted trading
14,975,756
Annuity reserves
-V. 138, p. 861.
privileges the preferred stock (no par).
Reserves on supplementary
4,797,940
contracts
New Orleans Texas & Mexico Ry.-Earnings.Policy claims reported. Proofs
1931.
1932.
February1934.
332,517
1933.
not complete
$196,243
$151,905
5102.436
Gross from railway
$137,767
Policy claims estimated to
49.296
26,792
Net from railway
33.497
6,580
170.000
reported.
exist but not
59,001
17,442
22,564
44.639
38.829
Net after rents
Policy claims resisted
From Jan 1
Endowments and annuities
366,198
310,229
227,867
Gross from railway
291,185
50,321
due and unpaid
58,478
55,398
86.214
33,636
Net from railway
15.380
Premiums paid in advance._
55.828
74,150
109,749
59.114
129,387
Net after rents
Contingent and other habil.
4,025
Surrender values unclaimed
The earnings of the Gulf Coast Lines were given in V. 138. p. 2258.
667,183
Taxes accr. but not due....
494,356
Premium deposit fund
-Earnings.
-New York Connecting RR.
Dividends unpaid, due and
1930.
1931.
1932.
1933.
Calendar Years257,894
accrued
revenues
52.730.165 $2,558,597 $2,225,811 $2,517,279
Operating
Dividends held and accrued
783,627
793,913
578,792
572,940
Operating expenses
1,763,053
intermit thereon
430,311
435,509
444,577
377,626
Tax accruals
Dividends assigned for 1934
2,892,249
distribution
$996,389 $1,303,341
Operating Income._ __ $1,779,599 $1,535,228
8,002,005
Surplus
97.195
94,607
89,141
100,578
Equipment rents-Dr..
2,000,000
Contingency reserve
212,442
263,600
381,243
418,011
-Dr...
Joint facil. rents
$151,796,345
Total
Total
$151,796,345
8993,703
$638,182
$1,261,009 $1,064,845
Net oper.income
87,836
75,821
80.073
71,881
- /
"..' -National Surety Co.
3
4
Non-operating income-Maryland Receiver.
Judge Eugene O'Dunne at Baltimore April 30 appointed Insurance com$718,255 $1,081,540
$1.332,890 $1,140.665
Gross income
missioner C. Walsh receiver for the Maryland assets of the company, with
1,327.698
1,323,601
1,322,411
a proviso that the appointment should not interfere with his duties as
Deduct.from gross inc- - 1,321,016
ancillary receiver of the company.
-V. 138, p. 2095.
$246,158
$605.346
$1 ,746
p all 875
e
Net loss
-----ttaiman-Marcus Co.
-Resumes Common Dividend.
-V. 138, p. 2258.
The directors recently declared an annual dividend of $6 per share on the
-Cent
-50
common stock, par $100. payable March 10 to holders of record March 1.
New York & onduras Rosario using Co.
An annual distribution of $5 per share was made on this issue on March 1
The directors on April 4 declared an extra
Extra Dividen
1931; none since. The latter paymetn compared with $7 per share paid
cents per share and the regular quarterly
a year previous.
-V 134. p. 1777.
dividend of
Assets
Total bonds
$35,423,239
P. U. and other pref. stocks. 3,017,979
25,513,541
City mtges., first liens
Farm mtges., first liens
25,294,424
Policy liens
35,058,287
Real estate, incl. home office
15,565,257
properties
Collateral loans
95,733
Agents' debit balances (net)
395
Cash In banks & office
5,472.727
940,062
Interest and rents due
Interest and rents accrued
2,539,934
Def. & uncollected prems.
2,989.899
(net)
Non-admitted assets
Dr.115,132
-March Sales.
Neisner Bros., Inc.
Increased 1934-3 Mos.-1933
$637,700 I $3,536,173 $2,549,743
1934
-March-1933
-$1,562,676 $924,976
-V. 138, p. 2096, 1928.
Increase.
$986.430
*.Nevada-California Electric Corp.
-Ps6f Dividend.
.
The directors on March 31 declared a dividend of $1 per share on the
7% cum. pref. stock, par $100. payable out of surplus on May 1 1934 to
holders of record March 31. A similar distribution has been made each
quarter since and incl. May 11933. prior to which the company paid regular
quarterly dividends of $1.75 per share on this issue.
-V. 138, P. 2257.
New Orleans & Northeastern RR.
-Earnings.
February
-1931.
Gross from railway
$166,609
$114,818
$175,d48
$254,205
Net from railway
def14.855
28,152
1,449
24,372
Net after rents
def57,856
def10,715
def42,184
def41,504
From Jan. 1
Gross from railway
231,566
347,997
373,963
522,740
Net from railway
def31,351
61,568
12,669
27,860
Net after rents
def78,318
def20,230 def120,472
def99,377
-V.136, p. 3154.
71%I. J.) Newberry Co.-r4isa:\De New York Stock Exchange has authorizeet-thelistingl (1) 395.314
shares of common stock (no par) now issued and outstandi
with further
authority to add 76,923 shares on official notice of issuanc n conversion
-year convertible 53.% gold notes, due April 1 1940, making a total
of 10
amount applied for 472,237 shares of common stock; and (2) 50.000 shares
of its 7% cumulative preferred stock ($100 par) now issued and outstanding.
Consolidated Income Account, Years Ended Dec. 31.
1932.
1931.
1933.
1930.
Number of stores
406
379
418
335
Sales
$35,146,574 $33,121,670 $31,146,802 $30,187,392
expenses
Cost and
32,040,409 31,372,176 29,283,595 28,069,089
Deprec. and amortiz_ -548,515
533,947
561,156
496,027
33,895
Other income--Cr
18,158
83,488
37.338
Net inc. before taxes
and interest
$2,563,167 $1,234,874 $1,412,748 $1..659,614
120,242
142,263
Federal & State taxes.- 333,248
166,188
Deferred lease expense
250,780
written off
64,756
Impts. written off
I'rov. for loss on closed
25,000
45,900
stores
278.584
278,255
284,178
272,972
Interest
7,225
27,385
Miscellaneous charges
$1,568,127
Net income
337,327
7% preferred dividendsNewberry Realty 05%
64,911
preferred stock
Newberry Realty 6%
3,660
preferred stock
228,196
Common dividends....
Balance, surplus
Shares of common outstanding (no par)....
Earns, per share on corn.
8828.823 $1,000,413 $1,158,499
341,668
350,000
350,000
64.956
65,001
48,752
3,660
412,415
3,660
431,965
2,745
434.857
$934,034
$6,124
$149,787
$322,144
379,974
$3.06
381,324
$1.07
385,150
$1.51
395,314
$2.22
dividend of 25 cents per share on the capital stock, par $10,
both payable April 28 to holders of record April 17. Extras
of 75 cents per share were distributed on this issue on Jan. 30
1934 and Oct. 30 1933. A special distribution of 50 cents
share was also made on Dec. 29 1933.-V. 138, p. 337.
-Increases Dividend.
York Merchandise Co., Inc.
A quarterly dividend of 3734 cents per share has been declared on the
common stock, no par value, payable May 1 to holders of record April 20.
This compares with 25 cents per share paid each quarter from Aug. 1 1930
-to and incl. Feb. 1 1934.-V. 137, p. 505.
-Annual Report,
New York New Haven & Hartford RR.
-John J. Pelley, President, and
Year Ended Dec. 311933.
Edward G. Buckland, Chairman, state in part:
cO. n
Risults7=-TheOperation Of- i- pany resniteil in 7ãThc1t.ftered
charges, of $4.853,832, an increase of $4,460,785 as compared with 1932.
This deficit is before guarantees on separately operated porperties of $1,123.441, but after allowing for depreciation accruals of $4,371.7621111
The freight trefic for 1933 did not compare as favorably with the previous
year as did that of a majority of the other railroads. However, during
1931 and 1932, railroad freight traffic in southern New England did not
reach the low levels experienced in other parts of the country. During the
closing months of 1933 and up to the present time there has been a definite
sql
trend in both freight and passenger traffic of Company.
11$
Total operating revenues of $67,224,751 were $7,748,501. or 10.3%.
under the previous year. Freight revenue decreased $2,338,200, or
passenger revenue $4,335,191, or 17.5%; and all other revenue $1,075.110.
or 11.7%.
Curtailment of operating expenses was continued throughout the year
in line with traffic volume and service requirements. Total operating
expenses were $49,227,027, a decrease of $3,758,180, or 7.1%, under the
previous year; this decrease being principally in maintenance of way and
structures of $1.444,833. or 15.5%; transportation expenses of $1,792,608, or 6.7% and general expenses of $193.172. or 6.6%•
The ratio of operating expenses to revenues was 73.23% compared:with
70.67% for the year 1932.
Changes during the year in the road and equipment investment account,
Including leased lines, were as follows: Expenditures and charges $1.054.691, less retirement $1,131,330; net decrease of $76,639.
Total loans and bills payable at the close of the year were $20,724,609.
an increase of $2,849,609.
During the four year period Jan. 1 1930, to Dec. 311933. company paid
out in cash for additions and betterments and for new equipment $13.500,000. In addition, $7,100,000 of new equipment was financed through
equipment trusts.
During the same period, there was a net reduction in funded debt of
0
$15.444.00.
Public Works.-The Federal Emergency Administration of Public Works
is increasing activity in the capital goods industries by allotment of Government funds to assist various companies in financing expenditures that will
contribute to such increased activity. Compnay. in common with many
other railroads, after giving careful consideration to this program for as
slating national recovery, decided that it was economically justified in entering into certain contracts with the Government. As a result, the Administration has recently agreed to purchase $4,800,000 of this company's 4%
serial collat. notes, with no interest charged for the first year, maturing semiannually from Jan. 11937, to Jan. 1 1944. to cover the purchase of 25.000
tons of steel rails and necessary track fastenings and also for general repairs
2420
Financial Chronicle
and improvements to 1,200 steel passengers cars. This repair program is
providing over one year's employment for approximately 700 men in
company's shops.
The Administration has also agreed to purchase $2,300,000 of this company's 15
-year 4% equipment trust certificates, issue of 1934. with no
Interest charged for the first year, to cover the purchase of 50 modern
air-condition steel passenger coaches and a streamlined passenger train.
Emergency Freight Rate.
-In last year's statement, reference was made
to the decision of the I.
-S. C. Commission authorizing the continuation of
the increase in certain freight rates or surcharges to Sept. 30 1933. During
the extended period, April 1 to Sept. 30 1933, each carrier retained the
increased revenues earned on its lines instead of pooling these earnings with
the Railroad Credit Corporation. The total amount paid by company
into the pooling fund, for the period Jan. 4 1932, to March 31 1933, was
$1,494,970. As of March 1 1934, 11% of the earnings paid into the fund
have been returned to the contributing carriers.
General.
-Joseph B. Eastman, Federal Co-ordinator of Transportation,
has recommended that legislation be enacted for the Federal regulation
of the water carrier and the motor carrier industries. Bills providing for
the proposed regulation accompanied his recommendation and have been
submitted to the President by the I.
-S. C. Commission with its approval.
The officers of company have been urging enactment of legislation of
this nature for the past several years, and the bills, if passed, should be
beneficial and aid materially in stabilizing all forms of transportation.
On June 16 1933, Congress repealed the Recapture clause, Section 15a
of the Interstate Commerce Act, and payments which had been made
thereunder were ordered returned to the railroads. As company had never
made such payments, the only effect of this legislation is to insure that no
such payments will have to be made in the future.
Recovery in passenger travel normally follows the recovery in general
business activity. This has already been manifested by the upward trend
of company's passenger business during the past few months.
In keeping with the policy of providing adequate and modern equipment
to handle this traffic, and at the same time to bring about the return of
some business which has been lost to competitive carriers, company has
undertaken an extensive program of repairing and improving its passenger
train cars. This program provides to * the general overhauling and moderniz,
ing of passenger car equipment, including the repainting, repair or renewal of car bodies, roofs, floors, and upholstery, together with interior
refurnishing. Modern air-conditioning will be applied to certain of the
newer type de luxe coaches, as well as to all dining cars.
In addition to this program, the purchase of 50 modern air-conditioned
steel passenger coaches will assist in adding to the attractiveness of traveling
on the New Haven. The new coaches will be lower than the present cars,
and through the use of alloy steel will be approximately 17 tons lighter
in weight, thereby reducing costs of operation. Some of the other improvements will be in the interior trim, decorative scheme, de luxe type of
lighting fixtures and double windows. The seats will be of special tubular
construction and conducive to the greatest riding confort possible. Heavy
insulation will add to the interior quietness.
Also in line with this same passenger traffic policy,company is negotiating
for the purchase of a new train consisting of three or four streamlined
articulated cars propelled by oil-electric motors. The body construction will
be of alloy steel or aluminum, trucks will be equipped with roller bearings,
and the train fully air-conditioned.
This train will operate between Boston, Mass., and Providence, R. I.,
a distance of 44 miles, and including a stop at Back Bay Station will make
the trip in 44 minutes or less.
There is a dense population in the cities of Boston and Providence, with
considerable travel now operating over the highways between these two
metropolitan areas. It is hoped that the introduction of this attractive
new form of service will bring back to the rails a substantial volume of
this business.
Our usual comparative income statement for the year
ended Dec. 31 1933 was published in V. 138, p. 2258.
Operating and Traffic Statistics, Calendar Years.
1931.
1930.
1933.
1932.
25,693,079
Tons of rev, freight car's_ 16,664,551
22,364,509
16,807.763
do carried one mile....2.178,162.988 2,178,265,714 2,937,948,479 3,369,079,725
Tons of rev, freight card
1,573,590
1 mile per mile of road1,392,595
1,045,392
1,043,225
Aver, no. of tons of rev.
freight per train mile_ _
651
551
536
596
Av. no. of tons all freight
712
per train mile
604
589
651
x Total freight revenue
$38,918,306 $41,383,338 $54,766,151 $63,322,068
Aver.amount rec.for each
82.335
82.462
82.449
82.465
ton of freight
1.880 eta.
Av. rev, per ton per mile_
1.787 eta.
1.900 eta.
1.880 eta.
$30,147
Av. rev, per mile of road_
$19,031
$20,186
$26,440
No. of interline revenue
passengers carried
790,511
888,715
1,257,753
1,580,689
No. of local revenue pas10,961,077
14,040,760
6,619,456
7,809,530
sengers carried
No, of commutation pas33,486,018
21,619,583
24,603,737
29,477,704
sengers carried
Total no. of rev, pass.
49,107,467
carried
29,029,550
33,301,982
41,896,534
Total no. of rev, pass.
916.317,253 1,034,475,478 1,293,813,519 1.517,791,164
carried one mile
No. of rev, pass. car, one
863,613
978.135
724.631
734,150
mile per mile of road_
Total passenger revenue_ 820,474.645 $24,809,836 834,425,958 842,274,947
Average amount received
70.53 eta.
74.50 eta.
82.56 eta.
86.09 eta.
.
from each passenger_ _
2.398 eta.
2.661 eta.
2.785 eta.
2.234 eta.
Av.rev. per pass. per mile
Total passenger service
$24,573,860 329,469,706 840,557,335 $49,625,321
train revenue
Net operating revenue per
191.00 eta.
222.33 eta.
166.05 as.
143.24 eta.
revenue train mile
x Includes in 1933, 8281.477: in 1932, $408,309; in 1931, 8461,973, and in 1930,
464,264 revenue from milk handled on freight trains.
Condensed Balance Sheet Dec. 31.
1933.
1932.
1933.
$
AssetsRoad & equip...357,929.888 357,930,556 Preferred stock_ 49,036,700
Common stock_ 157,118,600
1mpts. on leased
railway prop_ 12,919,191 12,958,881 Prem.on cap.stk 12,538,038
813.615 Grants in aid of
841,998
Sinking funds._
construction _
54,337
Depos. in lieu of
Mtge. bonds_._ 98,108,000
sassed. property sold
56,207 Debentures_ ... _124,577,250
73,373
Misc. pbys. prop 1,423,440 1,425,485 Equip. obliga'ns 14,796,000
Stocks
108,827,863 109.319,567 Misc. obliga'ne. 18,209,423
Bonds
43,129,854 42,409,907 Loans & bills pay 20,724,610
Notes
22,289,790 22,273,790 Traffic dr car service bal. pay. 2,711,980
Advs. mIscell
20,926,326 20,260,358
Cash
3.086,439 6,311,673 Audited accts. dr
wages payable 2.177,551
Spcial deposits_ 1,731,340 1,733,547
Accts.receivable 2,690,000 2,565,417 Mat'd int., dive.
Matl's Sr suppl's 5,733,443 6,329,585 & debt. Incl.
miscell. accts.
Loans & bills rec
613,471
833.571
1,779,728
payable
Interest, diva. dr
rents ree'bls__ 1,353,449
831,444 Unmat'd interest
0th. eurr. assets
16,487 and rents._ 2,633,478
62,307
187,575
Deferred assets_ 3,069,776 2.854,978 0th. curr. IlabiL
Unadj. debits__ 4,656,635 4,967,837 Deterred Habil,. 12,244,607
unadj. credits 11,809,777
Accrued deprec. 52,613,458
Corp.surplus:
Add'ns to Prop.
through inc. dc
1,817,542
surplus
591,876
Sic. M. reserves_
P. dr L. surplus_ 7,428,252
Grand total-591,158,584 593,752,904
1932.
S
40,036,700
157,118,600
12,538,037
13,724
98,379,000
124,577.250
16,798,000
18,495,700
17,875,000
3,071,451
1,901,924
1,702,835
2,594,068
185,980
12,831,674
11,751,539
48,510,680
1,794,782
564,943
14,011.017
Grand total. _591,158,584 593.752.904
April 7 1934
Probable Financing.
At the annual meeting to be held on April 18, the stockholders will vote
on a proposition to authorize an issue of bonds, notes and other eividences
ofindebtedness,including equipment trust shares, notes and obligations.
Public Works Improvement.
The I.
-S. 0. Commission on March 27 approved expenditures of $2,300,000 to.be loaned by the Public Works Administration for the improvement of transportation facilities.
The report of the Commission says in part:
The company on March 19, applied under section 203(a), clause (4), of
the NIRA for approval of certain equipment which it proposes to finance
with funds to be obtained from the Federal Emergency Administration of
Public Works.
The applicant proposes to purchase 50 modern steel passenger coaches.
2 modern passenger trailer cars, and 2 car units equipped with Diesel
electric motive power at a total cost of not to exceed $2,300,000. It shows
that during the past four years it has withdrawn from its regular scheduled
passenger service a very large number of wooden passenger coaches and that
with the recent increase in business it has been necessary to rent a substantital number of steel passenger cars.Other data available indicate that
the applicant requires additional passenger coaches. The applicant also
shows that the purchase of the new steel coaches will make possible a reduction in the use ofrented equipment,that the motor car units with trailers
will enable it to release steam locomotives and steel passenger cars now used
in local service, for main-line through travel, and that the use of the new
steel coaches with their larger seating capacity will make possible a permament reduction in the number of wooden passenger coaches.
-S. Commerce Act has
A separate application under section 20a of the I.
been filed by the applicant for authority to assume obligation and lia-trust certificates, which it is
Minty in respect of $2,300,000 of equipment
Proposed will be sold to the PWA to obtain funds to aid in financing the
proposed equipment.
-V. 138, p. 2258.
N. Y. Westchester & Boston Ry.-Earnings.Calendar YearsOperating revenues
Operating expenses
Tax accruals
1932.
1931.
1933.
1930.
$1,685,141 $1,872,531 $2,185,468 $2,4S5,395
1,396,896
1,365,697
1,457,417 1,521,839
321,712
280,136
272,554
307,019
$153,923
$447.916
$691,002
$12,425
Operating income- 27,062
27.623
10,452
Non-operating income-24,950
$180,985
$475.538
$701,453
Gross income
$37,375
x Deducts, from gr. Inc- 2,919,254 2,866,197 2,853,895 2,794,877
Net deficit
$2,881,879 $2.685,212 $2,378,356 $2,093,423
x Deductions from gross income include 81,528,796 in 1933, 81.471,043
In 1932, $1,413,290 in 1931 and $1,357,635 in 1930, interest accruing to the
N. Y. N. H. ,5: H. RR, but not included in the income account of that
company.
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Liabilitiess
s
A nets
Capital stock
5,005,250 5.005,250
Investment in road
and equipment.25,409,706 25,438,749 Long-term debt..23,429,612 23,462,492
Loans dr notes pay.25,507,410 24,544,860
Deposits in lieu of
Audited accts, and
mortgaged Prop
wages payable- 1,029,001
736,352
8,193
19,668
erty so_d
259,520
270,043
Misc. accts. pay
Investment In affil21,957 Matured Int., diva.
21,956
iated companies
106,025 & rents unpaid_19,083,393 17,652.630
Other investments
27,129
Intangib'e assets__ 8,193.290 8,193,291 Aeon int., (flys. dr
rents payaMe___ 217,282
218,629
98,241
Cash
78,077
92
436,568 Other curr. Habil__
Special deposits
437,085
180
105
24,550 Deferred liabilities
20.224
Misc. accts. reedy,
4,075
4,640
41.185 Tax liability
Materials & suppL
29,592
31 Accrued deprecia'n
124
Other curr. assets.
1,296,822 1.153,650
25.456 equipment
88,490
Deferred assets.. _
14,371
5,748
Unadjusted debits 1,274,551 1.330,455 Other unadj. credit
Additions to prop.
13,883
through surplus_
13,883
40,272,464 37,332,106
Deficit
35.588,428 35,736,176
Total
-V. 138, p. 2258.
Total
35,588,428 35,736,176
Norfolk & Western Ry.-Annual Report, Year Ended
-Extracts from the remarks of President A. C.
Dec. 31 1933.
Needles, together with a comparative income account, balance
sheet and other statistical data, will be found under "Reports and Documents' on subsequent pages.
Income Statement for Calendar Years.
1932.
1931.
1930.
1933.
$$
Operating Revenues$
65.628,308 58,851,540 74,213,922 93,168,819
Freight
Passenger
1,475,236 1,673,663 2,638,216 3,869,012
1,084,467 1,127,122 1,240.929 1,288,279
Mail
578,330
382,806
Express
322,145
794,491
219,787
327,338
434.162
258,091
All other transportation_
520,693
776,013
494,645
975,696
Incid. & it. facil. revs..
Total
69,262,891 62,775,611 79,854,748 100,530,458
Operating Expenses6,243,604 6,495,838 9,715,056 11,831,477
Maint. of way & struc
Maintenance of equip.. 13,483,654 11,136,166 15,368,790 18,803,899
1,338,269
1,516,369 1,562,538
Traffic
1,317,916
15,335,719 15.831,447 20,750,502 24,297.149
Transportation
198,252
238,898
Miscell. operations
154,169
313,764
General
2,502.989 2,784.062 3,125,311
3,056,066
38,503
120,112
Transp. for invest.-Cr.
20,743
189,170
Totals
39,017,307 37,745.533 50,594,814 59,675,725
Net revenue from oper.. 30,245,584 25,030,078 29,259,933 40,854,733
Tax accruals
7,340,000 7,200.000 8,150,000 9,850,000
14,768
5,328
Uncollectible revenue
5,308
5.437
Total oper. income_ -- 22,900,255 17,815,310 21.104,625 30,999,296
Non-Oper. Income
Hire of freight cars (net) 1,934.941
1,464,322 1,887,444 2,422,115
Dr58,711
28,154
Hire ofother equip.(net)
22,420
168,123
150,688
Dr59,823
Joint facility rents(not).
Dr36,983
51,325
Totals
1,756,099
1.345,788 1,872,881
2,641,563
Net ry. oper. income.... 24,656,354 19,161.098 22,977,506 33,640,859
3.856
3,021
Inc. from lease of road
3,021
1,110
134,081
93,793
Miscell. rent income_ _ _ _
122,610
100,890
80.442
82,893
Misc. non-op. phys. prop
136,039
163,439
Dividend income
22,653
11,314
8,071
7,206
Inc.from funded secur-- 1,323,772 1,785,878 2,360.670 3,066,307
Inc.from sink.fund,&c.,
reserve funds
49,169
43,358
37,749
51,617
Inc. from unfunded se344,222
curities & accounts_ _ _
179,942
450,610
180,641
Miscellaneousincome
5,798
3,763
6,511
6,821
Gross income
26.620,347 21,365,058 26,102.786 37,218,891
Rent for leased roads_ _ _
101,004
100,979
100,453
99,901
Miscellaneous rents_ _ _.
2,491
1,959
4.506
4.444
Interest on funded debt- 3,892,785 4,116,630 4.509.910 4.944,570
Int. on unfunded debt
14,698
22,524
14,381
11,302
Misc,income charges-- 308,230
311,046
314,198
341,908
Total
4,319,207 4,553,139 4,943.450
5,402,125
Net income
22,301,140 16,811,918 21.159,336 31.816,765
Dividends on adjustment
919,692
pref. stock (4%)
919,692
919,692
919,692
Common dividends
14,064.830 12.658,347 16,877,796 16,877 796
Rate
(10%)
(9%)
(12%)
(1%)
Balance, surplus
7,316,618 3,233,879 3.361,848 14,019,277
Com.shs.outst.(par$100) 1,406.483
1,406.483
1,406,483
1,406.483
Earnings per sh. on corn.
$15.20
$11.29
$14.39
$21.97
-V.138, p. 2259.
Financial Chronicle
Volume 138
.
NNitrate Co. of Chile (Cosach).-Pays Part of June 30
1933 Interest.
-
2421
Balance Sheet Jan. 31.
Liabilities
Assets1933.
• 1934.
7% 1st pref.stock _
y Land,'buildings,
fixtures, &c..._ _$3,464,976 $3,405,274 6% 2d pref. Stock.
Cash
378,449
370,147 x Common stock _ _
Accounts payable_
Accounts receivable
1,347,8.54 1,380,368 Accrued accounts.
Inventories
1,168,134
969,846 Reserve for taxes.
Insurance reserve.
Marketable securi8,122 Deferred income_ _
ties
Other assets
27,994
19,500 Capital surplus_ _ _
Deferred charges
38,661
44,199 Earned surplus._ _
1933.
1934.
$924,300 $1,002,800
325,000
The Schroder Executor & Trustee Co., Ltd., as trustees for the prior
300,000
secured 7% sterling bonds announce with reference to the notice dated
1,888,980 1,889,360
June 28 last that they have received the authority of the Court to pay a
99,203
196,892
sum equal to 50% of the nominal sterling value of the coupon due June 30
47.001
61,275
62,900
1933. They have accordingly converted into sterling the service funds
100,548
held in dollars. and have made the necessary payment to the fiscal agents.
21,496
21,589
5,267
J. Henry Schroder & Co., to whom coupons may be presented for payment
3,732
at their counting house, 145 Leadentiall St., London, E.C.3. Coupons,
1,102,021 1,102,021
after being stamped to indicate the amounts paid thereon, will be returned
1,826,732 1,642,408
to the holders. The trustees have received a cable from the new Sales
corporation (Corporation de Ventas de Salitre y Yodo de Chile) advising
Total
Total
$6,426,067 $6,197,456
$6,426,068 $6,197,456
that it nas under consideration an agreement embodying the terms under
x Represented by 99,420 no par shares in 1933 and 99,440 in 1932.
which, in accordance with Law 5350, the sales corporation will take over
y After depreciation and amortization.
-V. 136. p. 2439.
service of the prior secured bonds, and that such agreement will in due
course be submitted to the trustees for tneir consideration, so that prior "-Ohio Wax Paper Co.
-Dividend Resumed.
to June 30 next the sales corporation may be in a position to take care
The directors recently declared a dividend of 20 cents per share on the
of the service of the bonds of those holders who accept tne terms offered
common stock, no par value, payable April 1 to holders of record March 20.
under the law. (London Stock Exchange "Weekly Official Intelligence.")
Quarterly distributions of 40 cents per share had been made on this issue
-V.138. p. 1577.
-V.136, p. 2082.
from April 1 1929 to and incl. Jan. 1 1933; none s
North American Co.
-Output Higher.
i
"Old Colony RR.-Rem ed from List.
President J. F. Fogarty on April 5 made the following quarterly output
listed trading priviThe New York Curb Exchange as removed fro
report:
-V. 138, p. 501.
leges the capital stock (par $l00'.
"There was an increase of 1534% in the electric output of subsidiaries
of the North American Co. for the first quarter of1934 compared with the 'Oliver United Filters,
c.-Removed from List.
first quarter of 1933. The Increases by months were 12% in JennarY.
g priviToe New York Curb Exchange as removed from unlisted tr
Tne
16% in February and 19% in March. The volume of electric business,
convertible class A stock(no par).
-V. 137, p. 2648.
leges the
measured by total output for the first three months of 1934 of 1.227,000,000 kwh. was larger than for any three-month period since 1930. The 'Owens-Illinois Glass Co.
-To Cancel Preferred Stock
output for the 12 months ended March 31 1934 aggregated 4,640,000,Authority.
000 kwh.. an increase of 9% compared with the 12 months ended March 31
1933.
The stockholders will meet on April 18 to consider the cancellation of
"The increase in the volume of electric output is beginning to be re,
-V. 138, p. 1412.
authority to issue pref. shares.
flected in the gross revenues of North American subsidiaries.'-V. 138.
P. 1917.
Finance Corp. of Calif.
-Removed from List.
" Pacific
Curb Exchang)has removed from unlisted tr
The New
..--North German Lloyd.
-Time for Deposits Under Plan of privileges theYorkpreferred stock s6ries A. % preferred stock series,C,
8%
Readjustment Extended.
-V.138, p. 876.
and the 7% preferred stock series D,all $10 par.
The company is notifiying holders of its 2o-year 6% sinking fund gold
Pacific Gas & Elect. Co.(& Subs.).-Bal. Sheet. Dec. 31.
bonds that the time for depositing the bonds under the plan of readjustment dated Dec. 4 1933 (see V. 137, P. 4708), has been extended to and
1932.
1933.
1932.
1933.
Including May 1 1934. Deposits under the plan to date have aggregated
-$
3
LiabilitiesAssets$
more than $11,400,000 principal amount, or more than 68% of the $16.Plant & prop's__659,560,672 660,293,078 Common stock_156,858,932 156,797,132
order that the plan may
532,000 principal amount now outstanding. In
1st pref. stock _.131,018,307 130,571,807
Disct. and exbe declared operative, bondholders who have not deposited are urged to
Pref.stk. ot subs 6,533,200 7,042,700
penses on capdo so promptly with Chemical Bank & Trust Co., New York City, de386,269 Minority int-.
374,595
213,014
201,457
ital stk. issued
positary.
-V. 138, p. 1759.
Investments ___ 5,214,717 5,154,862 P. G. & E. Co.
bonds
205,196,000 205,275,000
Sinking fund &
-Extra Distribution.
North River Insurance Co.
300,586
280,878 Sub.co. bonds._ 91,460,900 100,700,400
other deposits
An extra dividend of 5 cents per share has been declared in addition to the
16,362,852 17,988,068 Bonds called but
Cash
usual quarterly dividend of 15 cents per share on the capital stock, par
not redeemed_
45,765
16,130
Cash on deposit
$234. both payable June 11 to holders of record. June 1. An extra distri44.765
1,474,101
Accounts pay'le 1,541,261
with trustees_
bution of 10 cents per share was made on this issue on March 10 last.
Drafts outstand.
307,327
358,112
x Notes & accts.
-V. 138, p. 2259.
receivable.._ _ 10,472,748 10,648,331 Meter & line dep 1,525,537 1,528,035
312,002
Bond int. due__
339,561
Materials & supNorth Star Insurance Co.
5.086,750 Accr'd int. (not
-New Director.
4,321,644
Plies
See General Alliance Corp. above.
3,549,663 3,136,939
due)
Accrued interest
-V. 138, p. 2259.
8,081 Accr'd taxes(not
1,580
on Investm'ts_
11.945,062 11,343,445
Deferred charges 16,516,708 18,475,713
due)
Northern Central Ry.-Issuance & Sale of Bonds.
3.160,508
2,417,359
Divs. declared
The I.
-S. C. Conunission on March 30 approved a reduction in the inRes. for deprec. 63,276,500 58,479,137
terest rate on certain gen. & ref. mtge. bonds of the company. Authority
3,869,654
Res.for ins., &c. 4,049,244
was also granted the Pennsylvania RR. to assume obligation and liability
Res.for amts.chgd.
in respect of the bonds, and sell them.
gas consumers in
The supplemental report of the Commission says in part:
excess of rates
786,000
"Ily order of Aug. 30 1932. the company was authorized, among other
3.381.717
Capital surplus_ 3,359,639
things, to issue $1,200.000 gen. & ref. mtge. 5% gold bonds, series A,
Earned surplus_ 28,759,157 30,662,198
to be delivered to the Pennsylvania RR. at par in part payment of indebtedness to that company for expenditures for capital purposes, and the
76,170,869 718,322.031
713,170,869 718,322,031
Total
Total
Pennsylvania was authorized to assume obligation and liability, as lessee,
In respect of the bonds so authorized, which have sipce been issued and
x After deducting $815,254 ($500,000 in 1932) reserve for doubtful
delivered to the Pennsylvania and are now in its treasury.
accounts and notes.
"On March 14 1934, both the foregoing companies filed separate suppleOur usual comparative income statement for the year ended Dec. 31 1933
mental applications, later amended, in which the Northern asks for a
was published mV.138,P. 2260.
supplemental order permitting it to reduce the interest rate on the bonds
mentioned above from 5 to 434% effective March 1 1934, and the Penn-New Directors.
Pacific National Fire Insurance Co.
sylvania asks for modification of the order of Aug. 30 1932, so that the
At the annual meeting of the stockholders of this company, a subsidiary
present authority to assume obligation and liability, as lessee, may apply
of tne Transamerica Corp., Dr. A. H. Giannini, Joseph M. Schenck and
to the bonds with the changed interest rate, and for a supplemental order
Frank J. Edoff were elected to the board of directors, bringing the total
authorizing it to sell the bonds. No objection to the applications has
membership to 15.-V. 137, p. 703.
been offered.
"Arrangements have been made for the sale of the bonds to Kuhn,Loeb &
-Phones Gain.
Pacific Telephone & Telegraph Co.
Co. of New York City, at 100.375 and accrued interest from March 11934.
The company reports a net gain of2,861 telephones the first two months of
or on a basis of approximately 4.48%. The bonds will bear a notation
1934. Operating revenues for January and February were $14,496,000.
Indicating that they will be subject to Public Resolution No. 10 of the 73d
-V.138. p. 1396.
against $13,223,000 in the 1933 period.
Congress approved June 5 1933."-V. 135, p. 2651.
Pacific Tin Corp.-SI. Distribution.
-Tenders.
Northwestern Utilities, Ltd.
The Trusts & Guarantee Co., Ltd., Toronto, Canada, will until April 13
receive bids for the sale to it of 7% 1st mtge. 15
-year sinking fund gold
bonds to an amount sufficient to absorb $166,000.-V. 137, p. 4189.
Ohio Fuel Gas Co.
-Trustee.
--
The Guaranty Trust Co. of New York has been appointed trustee and
registrar for an Issue of $6,000,000 guaranteed 5% serial notes. dated
Jan. 1 1934. These notes were disposed of at a private sale -V. 138.
p. 1231.
Outlet Co.
-Extra Dividend-Earnings.
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the
common stock, no par value, both payable May 1 to holders of record
April 20. From May 1 1933 to and incl. Feb. 1 1934 regular quarterly
payments of 50 cents per share were made on this issue as against $1 per
share each quarter from May 2 1927 to and incl. Feb. 1 1933.
The company has notified the New York Stock Exchange that it proposes to reduce the authorized 1st pref. stock from $1,350,000 to 6925,000,
2nd pref.stock from $350,000 to $300,000 and the common stockfrom 100.000
shares to 99,420 shares.
Income Account Years Ended Jan. 31.
1932.
1933.
1934.
Gross operating profit_ _ $2,470,400 $2,260,285 $2,906,017
Other income
151,846
99.683
97,777
Gross income
$2.568,177 $2,359,968 $3,057,863
Expenses
1,924,946
2,210,006
1,855,824
Deprec. & amortization_
117,237
98,162
113,663
26,886
Unemployment relief__ _
99,000
Federal taxes
62,900
84,000
Net profit
Previous balance
Sundry adjustments
$514.690
1,642,408
$273,960
1,909,086
$604,734
1,922,659
1931.
$3,299,606
144,803
$3,444,409
2,493,308
115,404
107,000
$728,697
1,753.466
2,610
Total surplus
$2,157,098 $2,183,046 $2,527,393 $2,484,774
Divs. on 1st pref. stock138,864
117,304
77,389
64.815
Divs. on 2d pref. stock-21,750
23,250
20,250
18,750
Divs. on common
398,180
400,000
400,000
198,850
Premiums paid on preferred stock purchased
73,777
33,830
Addional Fed'I inc. taxes
for prior years
42,869
Premiums paid on common stock purchased_
8,422
3,840
Miscell. surplus charges..
5,476
2,567
1,243
Earned surplus
$1.826,732 $1,642,408
Shares of common outstanding (no par)_
99,440
99,420
Earns, per sh. on com
$1.76
$4.34
$1,909,086
$1,922,659
100,000
$4.66
100,000
$5.67
The directors have declared a distribution of $1 per share on the special
stock, payable on and after May 1. This is in payment of the surrender
value of distribution coupon No. 19 attached to each certificate of special
stock.
After this dividend has been paid, the company will have distributed
since its organization on Dec. 24 1928 a total of $19 per share. The last
previous payment, amounting to $3 per share, was made on and after
Oct. 30 1933.-V. 137, p. 2987.
-Plans Lower Priced Cars.
Packard Motor Car Co.
President Alvan Macauley, in a letter to the stockholders, stated:
"Notwithstanding our increasing share of the fine cars sold, we have
been considering for some time the broadening of our markets to provide
a greater use for our manufacturing facilities by marketing a wider range
of products for the benefit not only of the public but of our distributors
and the company as well.
"We are in an excellent position to do so. Our surveys indicate that there•
is a substantial market for an outstanding line of smaller and lower priced
quality cars. We intend that any line of cars added shall be absolutely
non-competitive in price with our present line of cars.
"We started sometime ago the development of this lower priced car.
The results are encouraging. We cannot say at this time when these new
cars will be available. We still have research and development work to do,
but we are forging ahead with a great deal of energy and enthusiasm.
When we believe that they are perfect as we know how to make them and
superior to the price class competition they will have to meet, we intend
then to get their manufacture under way."
-V.138.P. 1412; V.137. p. 3685.
Panhandle & Santa Fe Ry.-Earnings.
February
-1931.
Gross fronfrallway
$751,952
$753,i92
$568,i44
$536,d95
Net from railway
77,250
109.485
95.646
150,871
Net after rents
def7,919
12,837
def81,533
def25,910
From Jan 1
Gross from railway
1,191,156
1,163,770
1,628,897
1.431,637
Net from railway
268,728
243,381
212,793
221,215
Net after rents.
28,760
def3,305
def68,345
def97,147
-V.133, p.2263.
•••••Pathe Exchange, Inc.
-Plans to Revamp Capital Structure.
-Stuart W.Webb, President, in his remarks to stockholders
states:
The capitalization of company is complicated to a degree that limits
the company's ability to finance its contemplated future expansion program.
It is therefore desirable to simplify tne capital structure and in some way
to adjust the accumulated dividends on the 8% preferred and class A
preference stock, in order that stockholders of all classes may benefit from
the future growth of the company. To this end it is hoped that a plan of
reorganization, equitable to all classes of stockholders, can be worked
out sometime during the current year; with this in view, a registration
application under the Securities Act of 1933 is now in course of preparation
for filing with the Federal Trade Commission.
2422
Financial Chronicle
Comparative Statement of Profit and Loss.
Years EndedDec.30'33. Dec.31'32.
Film developing & printing laboratory net sales__ $119,752
$42,317
Operating expenses
65,438
132,795
Depreciation
13,923
14,959
April 7 1934
creased 54.7% compared with 1929. The opearting ratio of the System
Lines in 1933 (69.6%) was the lowest in any year since 1906. Every
effort has been made by the management to rduce expenses. operate the
property efficiently and maintain it in satisfactory condition.
The board of directors, after consideration of the best interests of the
company and of the stockholders, declared a dividend of 1%, payable
March 15 1934.
Loss from laboratory operations
$38,081
$26,965
a Income from other operations
96.442
b 250,786
Operating Ratio.
-The operating ratio of the System Lines in 1933, which
is the percentage of operating revenues used to pay operating expenses,
Total income
$69,476
$212,706
was 69.6%. and compares with previous years as follows:
Selling & general administrative expenses
302,301
169,434
1921
87.6% 1924
80.2% 1927
76.9% 1930
74.5%
1922
82.4% 1925
78.3% 1928
73.87 1931
78.0%
Loss from operations
$89,595
$99,957
1923
81.8% 1926-77.5% 1929
72.17: 1932
72.6%
Interest earned '
63,440
9,045
Net Railway Operating Income.
-Net railway operating income amounted
Dividends received from Du Pont Film Mfg. Corp_
196,000
637,000
to $61.976,859, an increase of $12,844,820, and was equal to only 2.46%
Discount on 10
-year 7% sinking fund debentures
upon the investment in road and equipment.
purchased for retirement (net)
105.911
24,910
Non-operating Income.
-The important changes in non-operating income
were in 'dividend income," which decreased $6,209,340, and "income
Profit before interest & other charges
$275,756
$570,997
from unfunded securities and accounts," which increased $936,229. The
Int. on funded debt & amortiz'n of disc't & exps_
209,488
184,367
decrease in "dividend income" is due chiefly to reductions in rates of
Provision for contingencies
27,079
dividends on stocks of Long Island RR. and Pennsylvania Co., offset
Prov. for story rights & scenarios etc
149.023
partly by increase in rate of dividend on stock of Norfolk & Western Ry.
and by a full year's dividends on holdings of stocks of leased companies
Net profit
$386,6291064109,834
acquired during 1932. The increase in "income from unfunded securities
a After deducting depreciation of properties other than the laboratory
and accounts" is due to receipt of interest of 32,062,210 in settlement of
of $12,965 in 1933 and $19,933 in 1932. b Includes $25,056 classified as
Federal taxes in prior years, which was offset partly by decreased interest
miscellaneous income in the report for 1932.
on bank balances and interest during construction.
Deductions from Gross Income.
-The increase in "rent for leased roads"
Statement of Deficit and Capital Surplus for 52 Weeks Ended Dec. 30 1933.
is due to the inclusion of a full year's rental paid as interest and dividends
Deficit
on securities issued during 1932 for capital account purposes by New York
Deficit Dec. 31 1932
$5,299,259
Bay RR., Northern Central Ry. and Pittsburgh, Fort Wayne & Chicago
Profit for year 1933 (as above)
386,629
Ry., whose lines are leased to the company,offset partly by the assignment
Excess prov. for deprec. of fixed assets in 1931, now reversed
105.538
of the lease of the West Jersey & Seashore RR., on June 25 1933, to the
Abatement of foreign taxes in respect of prior years
18,300
Pennsylvania-Reading Seashore Lines.
Of the $51,915,454 charged as "rent for leased roada," $31.050.345
Balance, deficit
$4.788.792
represents dividends and interest on stocks and bonds owned by the comProvision for contingencies
105,538
pany.
Write-off of the balance of unamortized debenture discount
The increase in "Interest on unfunded debt" is due to interest of $1,543,and expenses at Dec.30 1933
77.076
534 in settlement of taxes of prior years, partly offset by decreases in various
accounts.
Deficit, Dec. 30 1933
$4,971,406
Incestments.-Investments in affiliated companies increased 31,913,398.
Capital Surplus
During the year. company received $2,789,784 in bonds, chiefly of the
Balance of cap.surp. arising from the appraisal of props. in 1921
$92,844
Philadelphia Baltimore & Washington RR. and Pittsburgh Cincinnati
Capital surplus arising from the revaluation of the investment in
Chicago*Or St. Louis RR., whose lines are leased to this company,in settleDu Pont Film Mfg. Corp. common stock in 1931
3.532,647
ment of advances made for capital account purposes. Further advances
Paid-in surplus arising principally from writing down the stated
were made to leased and affiliated companies for capital account purposes
value of class A pref. & corn.stks. to $1 per share in 1928--- - 3.892,139
and additional payments were made to the Railroad Credit Corporation.
Surplus acquired through the acquisition of the balance of the
Notes of the Fruit Growers Express Co.for $5'0.000 were sold and $250.000
outstanding stock of an affiliated company
58.932
matured during the year. There were also some sales of stocks of leased
companies.
Capital surplus, Dec. 31 1932
$7,576,563
The decrease of $11,145,825 in "other investments" is due chiefly to
Depredation for the 52 weeks ended Dec. 30 1933 applicable
sales of United States Government bonds which were held as temporary
to appraisal increment of properties
3.758
investments, the proceeds from which, together with the company's cash,
were utilized to repay loans obtained from the Reconstrcution Finance
Capital surplus Dec. 30 1933
$7,572,805
Corporation, and to meet other maturing obligations.
-During the year,an additional
Reconstruction Finance Corporation Loans.
Comparative Consolidated Balance Sheet.
amount of $1,400,000 was borrowed from the RFC, which, together with
Assets
Dec.30'33 Dec.31'32
Liabilities-Dec.30'33 Dec.31'32
the 827,500.000 borrowed during 1932, was repaid.
Cash
$620,936 $429,287 Accts. payable &
-During the last five years, the stockholders
Improvement Program.
Invest. in marketsundry accruals_ $51,469
$78,857
have been kept informed of the extensive improvement program for electrifiable securities_ _ a64,915
124,487 Owing to Du Pont
cation of the line between New York and Washington,:,hrough the medium
b Notes receivable 236,642
Film Mfg Corp.
of annual reports and newspapers. Securities have been issued from time
Accts.receivable... 132,180
43.068
purchases of mtls
71,798
to time to finance this and other capital improvements.
Inventories of raw
Accrued deben.int.
24,098
26,244
During this period, the electrification of the lines in the Philadelphia
film & supplies _
14.523
11,594 Res. for contingc's 242,441
162,608
and New York suburban territories has been completed. In addition,
Story rights and
10-yr. 7% sink. fd.
the line has been electrified between New York and Philadelphia for passcenarios unprodebs. due May 1
senger operation, thus establishing through electric service between New
duced
64,450
75,000
1937
2 065,500 2,249,500
York and Wilmington and Paoli. The necessary electric locomotives
Marketable securPreferred stock_ __ 804,300
804,300
new
ities maturing in
dClass A pref.stock 242,823
242,823 to perform the service were purchased. The work on thehas Philadelphia
been done at
station has been almost completed, considerable work
1933
151,000 e Common stock.... 948,581
948,582
Newark and it is now desired to complete the program and equip the line
c Land, buildings,
•
Capital surplus_
7,572,805 7,576,563
for operation of both passenger and freight service between New York
equipment, etc_ 213,456
132,553 Deficit (earned)... 4,971,406 5,299.259
and Washington.
Notes of RadioIn order to do so it will be necessary to electrify the line between WilmingKeith-Orpheum
ton and Potomac Yard, south of Washington, complete the station at
Corp
1,696,550 1,696,550
Newark, make further progress on the station at Philadelphia, install
Inv. In 49% of stk.
proper sub-stations and other electrical equipment to take care of the
of Du Pont Film
freight business and purchase sufficient freight and passenger locomotives
Mfg. Corp
4,000,000 4,000,000
to properly equip the line, so that the maximum benefits from the large
Unam. deb. disc.
expenditures already made may be realized.
& expenses
109,029
This company, although it has been able to meet fully all securities
Prep'd ins., taxes
maturing, fixed charges and to pay dividends in each year, is unable, as
& expenses
8.757
17,651
are industrial corporations and other railroads, to market securities at
this time in sufficient amounts at satisfactory prices to secure the funds
Total
Total
$7,052,409 $6,790,218
$7.052,409 86,790.218
necessary for this work. It has, therefore, made financial arrangements
r a The approximate quoted market value of securities held at Dec. 30
with the United States Government, through the Public Works Adminis1933 was $58,500. b Including $234,000 secured by motion pictures, of
tration, to enable it to complete the electrification program, including
which $185,000 is represented by non-negotiable promissory notes maturing
additional electric locomotives, and to acquire additional friehgt cars and
Oct. 1 1934 with option to extend maturity to Marco 31 1935. c After
steel rails. Approximately $45.000,000 will be used to complete the
depreciation and amortization of 8274,726 in 1933 and $379,395 in 1932.
electrification work. $15.000.000 for new electric locomotives, $17,000,000
d Represented by 242.823 no par shares. e Represented by 948,581 no
-ton box cars, 500 all-steel 50-ton
for the purchase of 3,000 all-steel 50
par shares.
Improved type automobile box cars, 2,0'0 all-steel standard box cars and
Note.-Certaln assets appearing in the Dec. 31 1932 report have been
1,500 steel superstructure 50-foot flat cares required for its business, and
condensed in the above balance sheet to conform with the classifications.
$3,650,000 for the purchase of 100.000 tons of steel rail for delivery in 1934.
-V.138, p. 1760.
The money will be advanced as needed for the work, and the company
-year secured 4% serial bonds
will issue for the electrification work 30
Peaslee-Gaulbert Corp.
-Preferred Div. Correction.
and 10
-year secured 4% serial notes for the steel rails (secured by collateral
The directors recently declared the regular quarterly dividend of 1%%
from the company's treasury), which will be issued and sold to the Governon the 7% cum. pref. stock, par $100. payable April 1 to holders of record
ment. The equipment will be purchased through the issue of equipment
March 24. A similar distribution was made on this issue on Dec. 26 last.
trust 4% certificates, maturing in 15 years for freight equipment, and
Accumulations on the pref. stock, following the above payment, will
20 years for electric locomotives, these securities to be amortized over the
amount to $3.50 per share.
respective periods. No interest will be charged for the first year.
We have been advised that all back dividends on the above stock were
Work on this comprehensive electrification and equipment building
paid before Dec. 31 1933. It had previously been erroneously reported
program, which is the largest private construction project in the country
that accumulations, following the April 1 payment, would amount to $3.50
and the most extensive single program of railroad improvement work
per share.
-V. 138, p. 2096.
undertaken in many years, is now under way. The whole plan is in harReceovery program in that all of the funds exmoney
the
(J. C.) Penney Co., Inc.
-Postpones Sale of Stock to pended withbe forNational materials,and will be of direct and widespread
will
wages and
13enefit in increasing capital goods production and creating employment
Employees.
throughout the entire country. The work will involve approximately
The company is suspending plans to sell stock to employees until the
45,000,000 man-hours of employment for employees of the company and
Securities Act is modified or interpreted to "overcome the burden of the
for employees of manufacturers and fabricators of material, not including
Act,' President E. 0. Sams announced on April 3. The stockholders on
a great amount of indirect and industrial employment created in producing,
March 21 authorized the sale of 40,000 shares of reacquired stock to emprocessing and transporting raw materials. It will create needed facilities
ployees.
-V. 138, p. 1760.
having enduring value and a useful life of many years. Efficiency of
operation will be increased and new earning power added, and the comPennsylvania Fire Insurance Co.
-Balance Sheet pany will be placed in a most advantageous position to handle profitably,
Dec. 311933.and with satisfaction to the public, increased traffic as general business
recovery proceeds.
LlabtllffesAssets
The management is gratified to be in a position to combine what it believes
U.S. Government bonds__ _ - 82,500,058 Losses in process of adjustm't $598,979
to be a wise expenditure in the interest of the stockholders with practical
State.county & municipal bds 2,107.695 Unearned portion of premium
support of the National Recovery program and to contribute with Governon policies in force
Railroad, public utillty and
5,813,448
mental co-operation and through expendituresfrom its own funds,a stimulus
1other corporation bonds_ _ _ 6,438,204 Federal and State taxes and
to the revival of business and employment.
sundry items
Stocks
1,164,587
256,538
Unification of Railroad Operations in Southern New Jrrseit.-The unittCash in offices and banks__ _ _
373,368 Capital
1,000,000
cation of the operations of the lines and facilities of the West Jersey & SeaReal estate
126,754 Net surplus
5,865,230
shore Eli. and the Atlantic City RR.,in which lines the Pennsylvania RR.
Int. accrued on Investments..
137,232
and Reading are interested, extending generally between Camden. N. J.,
Balances due from agents,&c.
677,299
and the seashore resorts of southern New Jersey, explained in the 1932
annual report, was made effective June 25 1933, since when the unified
Total
Total
$13,534,195
$13,534,195
operations have been conducted by an operating company,the plan having
-V.137, P. 2117.
-S. C. Commission. In accordance
been approved during the year by the I.
with the terms of the agreement, the Pennsylvania RR.
Pennsylvania RR.
-Annual Report Year Ended Dec. 31 and the Reading Co. one-third of the capital stock of theowns two-thirds
operating com1933.-W. W. Atterbury, President, states in part:
pany, which is known as the Pennsylvania-Reading Seashore Lines. The
lease of the West Jersey & Seashore RR. to the Pennsylvania RR. was asIncome Statement.
-The net income for the year was equal to 2.93%
signed to the operating company. The obligations under the lease are
upon the outstanding capital stock, which compares with 2.06% in 1932.
guaranteed jointly and severally by the Pennsylvania RR. and Reading
The net income per share (par 150) was $1.46,compared with $1.03 in 1932.
companies.
-The low level in industry that has prevailed since 1929
The Year 1033.
continued during the year 1933. Improvement in general business and inLegislation -The necessity for a constructive national transportt3n
creased employment were noticeable during part of the year, with the
policy to strengthen railroad credit has been previously emphasized. By
result that the freight revenues increased over the year 1932. Passenger
reason of the long-continued economic depression, the financial condition
traffic for the year again declined. The extent of the decline In business
of the railroads continues to present one of the most serious problems
confronting the country, due in part to the fact that during periods or
Is reflected in the total operating revenues of $324.715,814, a decrease of
$368,422,917. or 53.2% compared with 1929. Operating expenses deexpansion they have not been permitted becauseofinadequate rates,restrictivs
Volume 138
legislation and subsidized competition to participate fully in the country's
prosperity. The result has been that when heavy declines occur in the
volume of traffic railroads are forced into receivership, maximum retrenchment is imperative, and dividends are reduced or omitted by a number
of the railroad companies. Temporary measures of relief afforded during
this period by the formation by the Government of the RFC and the PWA
to make emergency loans or grant financial aid to many forms of useful
enterprise proved of material assistance in alleviating difficulties confronting
the railroads and supplemented the work of the Railroad Credit Corporation
by lending funds to enable the railroads to pay some of their debts, interest
on their bonds, the cost of essential improvements and betterments already
Initiated, and to meet other corporate requirements.
The serious problems confronting the railroads have been recognized in
recent years to some extent by the formation of associations of shippers
and business organizations to study the problem, by the appointment by
fiduciary institutions, which are large holders of railroad securities, of a
National Transportation Committee, composed of eminent men, to study
the situation, by legislation and recommendations in various States and
municipalities with reference to size and weight of trucks that may legally
operate on public highways, and by the passage in 1933 by Congress of
an Act, appreived June 16 1933, entitled "Emergency Railroad Transportation Act, 1933." to bring about improvement in the railroad situation
pending development of a permanent plan for transportation legislation.
This Act provided for the appointment of a Federal Co-ordinator of Transportation for the purpose of fostering and protecting inter-State commerce
in relation to railroad transportation by Preventing and relieving obstructions and burdens thereon resulting from the present acute economic emergency,and in order to safeguard and maintain an adequate national system
of transportation. Coincident with the passage of the Act,the President
-S. C. Comappointed the Hon. Joseph B. Eastman,a member of the I.
mission, to the position of Federal Co-ordinator of Transportation.
The Act also provided for relief from many legal restrictions and for the
appointment ofregional Co-ordinating Committees to co-operate in effecting
such economies as may be possible. But it also provided that, in general.
the number of employees in the service of a carrier should not, as a result
of any action taken pursuant to the authority of this part of the Act, be
reduced below the number as shown by the employees in service during the
month of May 1933. Other portions of the Act provided for the repeal
ofthe fair return rule ofrate making prescribed in the Inter-State Commerce
Act,as well as the so-called recapture clause, and the substitution of a rule
of rate making to be used by the I.
-S. C. Commission in prescribing rates,
the purport of which is still to be determined. The Act also extended
the jurisdiction of the Commission over certain forms of acquisition or common control of railroads, and to some extent over the accounts and
capitalization of holding companies that may be authorized to acquire
control of railroads. The portion of the -Act creating the office of Coordinator and defining his authority is a tempory measure effective for a
period of one year, unless extended by a proclamation of the President
for one year or any part thereof.
Under the Act,there is imposed upon the Co-ordinator the duty ofstudying the whole railroad situation and recommending further legLilation for
the purpose of improving transportation conditions throughout the country
which he may deem necessary or desirable in the public interest. The
railroads of the country, including this company, are co-operating with
him In this matter to the fullest extent.
In January 1934. the Co-ordinator submitted a report wherein he stated
that. in is opinion, Government ownership and operation would meet the
known Ills of the present situation better than any other remedy, but that
this policy was not now recommended for the reason that the country is
not financially in a position to stand the strain of acquisition of these great
properties which would impose burdens that cannot be definitely foreseen
and which might well, under existing circumstances, be disproportionately
severe, and that it was quo itionable whether the railroads alone could be
nationalized without including other forms of transport to a considerable
extent.
He does not now favor the adoption of a grand plan of consolidation,
the conclusion being that provision for compulsory consolidation should
-S. C. Commerce finds, after full
be given a trial, but only where the I.
public hearing, that the plan would be in the public interest and apparently he would restrict this form of consolidation to a proceeding initiated
by the Co-ordinator, He recommended that the "Railroad Co-ordinator"
plan be continued for an additional year as a means of Governmental
aid to the transportation industry, recognizing that the plan needs further
trial before being given any final form.
He believes that it should not assume the form of bureaucratic establishment, that private management should be aided in the development of
Initiative and enterprise, and that the Co-ordinator should lend his aid
to the promotion of leadership in the industry, to organization for common
ends, and to the initiation of general studies of various phases of operation,
service, charges and management, where such studies are needed.
It is also recommended in the report that the restrictions upon reduction
in railroad employment should be changed and that during the present
situation Governmental credit should be extended to the railroads where
there is reasonable security for sound and well-considered expenditures
that will add to employment and improve service to the public.
On March 10 1934, a further report was made by the Co-ordinator stating
that, in his opinion, there is need for Federal legislation to regulate motor
bus, truck and water transportation. The Co-ordinator proposes and
submits text of amendments to the present Inter-State Commerce Act
which will bring these transportation agencies under the jurisdiction of the
Commission and regulate and co-ordinate them with existing transportation
agencies. Further reports will be made by the Co-ordinator as to whether
there is need of amendments to Federal statutes to improve details of the
present system of regulating railroads and whether there is need for further
Federal regulation to improve railroad labor conditions and relations.
Railroad prosperity depends, in large part, upon National prosperity,
and in the study of the situation and the formulation of measures of broad
public policy to deal with this question of major importance, there is unparalleled opportunity for all who have an interest, direct or indirect, in
the future of the railroads-the Government, the shippers, the railroad
employees, railroad management and investors-to co-operate in evolving
plans for the future. A solution of this important problem reached on that
basis will have a reassuring and stablizing effect upon business and industry
In general.
The extensive investment in railroad securities by citizens and their
savings, insurance, educational and other institutions, and the unregulated
competition which has attracted considerable traffic to other forms of
transportation make it of paramount importance that recognition be given
to the fact that the basic need of this country Is a transportation system
that is strong and self-sustaining. No other system can serve the public
efficiently, or can pay reasonable wages and treat employees equitably.
keep abreast of the needs of the public, or utilize to the full our National
inventiveness and scientific genius which in every branch of endeavor has
served to advance our standards of living. If the railroads are not selfsustaining their credit is impaired, and their ability to provide the latest
and best methods of transportation is diminished; they are a burden upon
our whole financial structure, and will ultimately prove a burden on the
credit of the Government itself. Political interference and bureaucratic
direction are inherent in Government ownership.
The railroads will continue to be the basic transportation agencies of the
country. They have, by improved service and large expenditures for
improvements and additions to their proerties, facilities and equipment.
expressed their faith in the future of the business. Railroad management
Is confident that due consideration and study of the railroad question
along broad and comprehensive lines in co-operation with the Co-orclinator,
as contemplated in the Emergency Railroad Transportation Act, will result
In a regulatory policy that will insure them equality of opportunity to engage
profitably in any kind of transportation service desired b the public.
Railroad Credit Corporation.-ElTectIve Jan. 4 1932, theCommission allowed an increase in rates on certain classes of freight traffic,
which approximated 335% of the freight revenues. This increase was
in effect from that time until Sept. 30 1933, and for the period Jan. 4 1932
to March 31 1933, the amounts collected thereunder were paid over to the
RCC. From April 1 to Sept. 30 1933, each carrier was permitted to retain
the amount collected from such emergency rates. Company paid $9,218,644 and made no loans from the corporation. Of this amount, $922,781
have been returned to the company and it is expected that a substantial
part of the balance will be returned in the future.
-The capital stock of the company at the close of the year
Stockholders.
was owned by 238.876 holders, a decrease of 11,630 compared with Dec. 31
1932.
-An agreement was reached with employees (inWages.
cluding those operating under the Pennsylvania RR. Employees Representation Plan), under which the deduction of 10% from wages which had
been extended to Oct. 1 1933, was further extended to June 30 1934, incl.
2423
Financial Chronicle
Traffic Statistics, Pennsylvania RR. Regional System.
1930.
1931.
1932.
1933.
Calendar Years99,019,359
79.522,936
61,045,637
52,890.369
No. of pass. carried.
mile 2,020,216,530 2,190,742,188 2,920,816,896 3,653,251,497
No. pass. carr. 1
Average revenuefrom
1.18 eta.
1.09 eta.
0.98 eta.
11
each passenger__ __
Average revenue per
3.160 eta.
2.974 eta.
2.729 eta.
2.622 eta.
passenger per mile_
No. of pass. canted
10.618
8.954
7.274
6,548
Per mile of road__
191,519,156
145,656,392
104,075.235
No. of rev. tons carr. 114,012,754
No. of revenue tons
41.019,260.188
carried 1 mile__ _26,821,295.472 25,225,675.778 33,160,773,471
1.051
976
929
977
Aver. trainload(tons)
12.10
$2.17
$2.26
22.10
Aver, rev, per ton _ _ _
Average revenue per
0.980 eta.
0.951 eta.
0.934 eta.
0.891 eta.
ton per mile
No. of rev. tons carr.
17.919
13,684
9.880
11.070
mile of road __ _
per
Freight revenue per
$37,601
$29,638
122,357
1123,215
mile of road
Income Statement for Years Ended Dec. 31.
1930.
1931.
1932.
1933.
Mileage (incl. 68 miles of
10,960
10,966
10,960
10,579
canals & ferries) _
$
$
$
$
.
By. Oper. Revenues238,968,329 235,347,937 315,184,241 399,303,150
Freight
52,930,251 59,738,930 86,817.698 113,802,911
Passenger
22,828,051 24,950.752 30.840,769 38,054,158
Mail, express, &c
9,656,829 10,986,086 14,660,639 18,521,223
Incidental
783,918
586,930
369,752
332,354
Joint facility (net)
Total ry. oper. revs--324.715,814 331,393.458 448,090,279
By. Oper. Expenses504 49,775.170
Maint. of way & struct- 26.370,632 26,457,
608 93.244,042
Maint. of equipment- 62.853.659 65.274,
9,165,632
7,228,351
6,187,981
Traffic
843 175,832.116
113.132,735 122,648,
Transportation
4,2&3.125 6.508,980
3,683.981
Miscell. operations
005 18.769,939
15.018,759 16,593,
General
429,948
473,
832
479,401
Transp. for invest.-Cr-
570,465,360
68,473,843
110.960.175
10.215,694
210,423.591
7,601,680
20,036,242
528.045
Total ry. oper. exps--226,768,347 242,011,603 352,865,931 427,183.181
Net rev,from ry. oper-- 97,947,467 89,381,855 95,224,348 143.282,179
Railway tax accruals- 24.459,600 28,231,430 29.969,737 35,661.756
147,256
87.880
75,227
120,451
Uncoil, railway revenues
Ry. oper. income---- 73.367,416 61,075,198 65,166.731 107,473,167
Hire of equip.-Deb.bal. 9,634,386 10,620,693 12,612,332 13.340,018
1,951,592
1.498.593
1,322,467
Jt.facd.rents-Deb.bal. 1.756,171
Net ry. over. income- 61,976,859 49,132,038 51,055,806 92,181.557
Non-Oper. Income
319,173
379,116
366,544
316,413
Inc. from lease of road2,563.083
2,471,170
2,080,352
Miscell,rent income_ --- 2,062,178
Separately oper. prop1.045
16.579
erties-profit
25,228,108 31,437,448 33,008,868 36,767.124
Dividend income
5.379,752 7.203,463
5,828,853
funded securs_ 6,670,933
Inc.from
Income from unfunded
4,614,606
2,790,979
2.565,801
securities & accounts.. 3.016.747
Income from sinking &
3,714,228
4,186,474 4,186,780 3,968,661
other reserve funds
84,997
37,791
132.568
122,168
Miscellaneous income_ Total non-oper. inc-- 41,619,599
103,596,458
Gross income
Deductions
Rent for leased roads_ - 51,915,454
Oper. deficits of branch
roads borne by Pa.RR
Miscellaneous rents..,... 1,063,237
147,379
Miscell. tax accruals__ _
101,631
Separ. oper. prop., loss..
28.268.140
Int. on funded debt
Int. on unfunded debt- 1,659.908
Miscall. Income charges_ 1,159.540
46,599,392 48,036,336 55,266.677
95,731,430 99,092,143 147,448,234
51,138,672 48,854,937 49,791,721
142,900
396,304
1,016,840
999.717
1,024,019
135,858
160.320
158,769
196.211
27,148
53,541
28,409,499 27,851,409 26,756,929
500,843
420,562
277,527
97,113
836,551
1,095,867
84,315.289 82.157,894 79,546.948 78,638,416
Total deductions
19,281,169 13,573,536 19,545.194 68.809.817
Net income
Disposition of Net Income
4,754,105 4,594,213 4,820,210
Sink. & other res. funds_ 4,812,971
52,030 987
6,583,848
6,583,848
Dividends
(8%)
(53-4%)
(1%)
(1%)
Rate
exp., operat.
Construe.
def. & adv. to leased
701,853
420,138
lines & MM. cos
1,533.730 14,950.981 11,958,621
7,464,213
Balance, surplus
Shares of capital stock
outstanding (par $50) 13,167 696 13,167,696 13,162 699 13,038,711
$5.28
$1.49
$1.03
$ .46
Earns.per shop cap.st .
a Dividends paid during 1931 and aggregating $36.161,805. being 534%
were charged to profit and loss account as net income was insufficient to
meet the full dividend requirements.
-Foregoing figures include results of operation of West Jersey &
Note.
Seashore RR. Co. for period Jan. 1 to June 24 1933.
Operating revenues for 1932 included 37,603.512 received from increase in freight rates and paid to Railroad Credit Corporation.
General Balance Sheet Dec. 31.
1931.
1932.
1933.
Assets2618,670,575 8818,703,927 2614,064,589
Invested in-Road
553.770.709
558,306,542
559,768,168
Equipment
6,656,4176.094.575
6.870,204
General expenditures
98,363.127
106,653,156
107,071,413
Impt. on leased railway property153,084
87,733
121.264
Sinking funds
1.325,454
1,448,144
1,637.065
physical property
Miscellaneous
407.020,020
442,152,629
439,193,223
Invest. In affil. companies-Stock _
12.516.951
45,916,315
48,304.318
Bonds
39.376,238
41,376,238
40,626,238
Notes
147,734.238
102,525,954
108,280,755
Advances
Invest. In secur. issued, assumed or
643,336
644.039
221,737
carried as flab, by accounting co_ _ _
90,628,246
78,729,012
67,583,187
Other investments
38,311.325
31,140,799
19,167,337
Cash
2,515,864
18,380,918
10,136.098
Demand loans, time drafts and depos.
197,942
131,609
129,375
Special deposits
44,159
2,544,800
57,361
Loans and bills receivable
5,106.386
3.625,252
3,653.557
Traffic and ear service bal. receivable
6,904,965
Net bal. rec. from agents & conduct's
7,232,884
6,588.733
10,491,973
9,966,679
11,772,439
Miscellaneous accts. receivable
31,774,444
26,413,934
26.437,952
Materials and supplies
5,127,429
6,409.300
7,198,239
Interest and dividends receivable__ _ _
175,129
177,725
Other current assets
89,069
326,152
318,739
219,642
Working fund advances
84,789.697
87,006,190
86,931.182
Insurance and other funds
1,579,891
2,342,279
Other deferred Besets
3,987.874
11,764,011
9,865,351
Unadjusted debits
6,295,738
Total
$2,181,636,897 $2,208,112,414 $2,170,799,930
LtabilulesCapital stock
5658,384.800 8658,384,800 3658,134,950
10.142,739
10,142,739
10,142,739
Premium on stock
488,401,240
488,265,930
Funded debt
488,250,260
Funded debt of acquired cos.assumed
32,809,500
by Pennsylvania RR
32,787,500
32,763,500
27,630.000
Funded debt assumed
28.130.000
27.190,000
7,478,250
7,478,250
Guaranteed stock trust certificates_
7,478,250
46,789.000
40,989,000
Equipment trust obligations
35,189,000
1,583.000
1,561,000
Girard Pt.Storage Co. 1st mtge. 3154
1,539,000
27,500,000
Reconstruction Finance Corporation_
595,955
395,455
495,955
Mortgagee and ground rents payable_
7,121.379
5,960,327
6,199,215
Traffic and ear service balances pay....
17,533,992
16,759,667
14,132,475
Audited amounts and wages payable_
2424
Financial Chronicle
LfabatUes-(Concluded)
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured Interest accrued
Unmatured rents accrued
Other current liabilities
Other deferred liabilities
Tax liability
Premium on funded debt
Accr. depreciation-Road & equip_ _
Reserve for injuries to persons
Reserve for loss and damage-Freight
Other unadjusted credits
Addition to prop. thr Inc. & surplus._
Funded debt retired thru inc.& Burp..
SInking fund reserves
Miscellaneous fund reserves
Approp.surplus not specifically Inv_
Profit and 10f39, balance
Total
1933.
15,073,583
402,047
97,004
28,571
6,142,363
6,019,389
593,864
1.477,432
20,771,430
104,240
250,502,621
3,619.686
561,809
79,553,312
211,344,934
8,885,909
144.054
79,684,233
6,583,848
208,620,765
1932.
18,330,947
361,258
94,689
28,571
6,756,970
3,713,981
530,433
1,525,667
30,844,371
108,161
236,358,244
4,022,300
1,210,315
77,701,363
212,531,989
8,432,247
109.803
78.196.390
6,583.848
202,476,805
1931.
17,429,214
376,043
100,541
32,571
6,366,984
5,701,486
584,107
2,052,354
29,849,857
112,857
224,750,014
5,715,124
1,794,357
73,281,143
212,525,658
7,877,124
178,474
73,904,565
6,581,353
202,870.847
82,181,636,997 12,208,112,414 52,170,799,930
6,658 Passenger Train Cars in Service on Dec. 31 1933.
An official announcement on March 31 said:
. The annual compilation of the equipment of the Pennsylvania Railroad
System shows that at the conclusion of 1933 there were in service a total
of 6,558 passenger train cars. These include passenger, baggage, mail
and express cars and a few others used for special purposes. All of the
Pennsylvania's passenger cars are of full steel construction. Their carrying
capacity is 315.878 passengers.
The freight cars numbered 270,976 and their carrying capacity was
14,527,710 tons.
The locomotives, at the year end, totaled 5,180, with a combined tractive
power of 279,653,140 pounds.
The working equipment, used for repair and construction purposes.
amounted to 3,408 work cars,of various types, and other units of equipment.
The Pennsylvanias' "navy," as Its floating equipment is commonly
called, embraced at the end of the year 319 units, including 12 ferry boats.
42 tug boats, 151 barges. 101 car floats and 13 miscellaneous.
The total valuation of the Pennsylvania Railroad's cars, locomotives
and vessels is nearly three-quarters of a billion dollars.
-V. 138, p 2261.
2078.
Peoples Drug Stores, Inc.(& Subs.).
-Earnings.
Calendar YearsNet sales
Cost of goods sold
1933.1932.
1930.
1931.
815.477,078 $16,180,162 $17,439,032 $16,759,666
x14,914,392 15,724,465 16,969,867 16,193,694
Operating income-- Other income
$562,686
232,250
$455,697
242,350
$469,165
265,117
$565,972
252,546
Total income
Deductions
Federal income tax
$794,936
42,199
109,147
$698,048
99,457
86,795
$734.282
27,877
84,482
$818,518
53,825
92,991
Net profit
Dividends on pref. stock
Common dividends
$643.589
135,996
119,112
$511,795
143,981
122,737
$621,923
154,066
$671,702
157,625
124,550
Balance, surplus
$388,481
$245,077
$467,857
Earnings per share on
common outstanding
at close of each year
$4.27
$3.00
$3.81
x Includes depreciation and amortization of $316.267.
$389,527
$4.12
April 7 1934
In rates authorized by the I.
-S. C. Commission, effective Jan. 4 1932, continued, however, from April 1 1933 to Sept. 30 1933, during which period
the amounts of increased rates collected were retained by company.
.On Dec. 31 1933 there was deposited in closed (and similar) banks an
amount of $569,803, which amount is included in balance sheet at Dec. 31
1933 in the account "deferred assets."
Income Account for Calendar Years.
1933.
1932.
1931.
1930.
$20,024,253 $19,258,067 $24,170,367 $32,779,262
691.598
871,898
1,493.686 2,183,602
432,380
453,511
478,319
519,378
214,543
252,379
395,132
613,262
584,522
625,423
807,177 1,120,873
Total oper. revenue -321,947,295 $21,461,277 $27,344,681 $37,216,378
Maint. of way & struct- 2,704,843 2,781,046 4,579,837 5,369,883
Maint. of equipment--- 5,025,937 4,831,296 5,395,088 7,602,894
Traffic
672,352
735,422
842,186
903.465
Transportation
8,387,749 8.576,430 10,960,999 13,783,063
Miscellaneous
1,105.295 1,267,508 1,362,136
1,495,714
Transp. for invest.-Cr_
3.456
1,807
124,749
8.072
Freight revenue
Passenger
Mail
Express
Miscellaneous
Total oper.expenses- 317,892,720 $18,189,896 $23,132,174 $29,030,270
Net oper.revenue
4,054,575 3,271,381 4,212,507 8,186,108
Railway tax accruals.-- 1,071231
1,573,636 1,745,196
1,942,719
Uncollect. railway revs_
13,614
26,250
7,140
10,805
Equipment rents (net)
677,616
754,269
538,034
971,033
Joint facility rents (net)
567,659
591,753
637,573
720,386
Net ry. oper. Income- $1,724,456
$325,472 $1,284,565 $4,541,164
Other income
477,845
441,698
606,826
560.752
Total
$803,319 $1,891,391 $5,101,916
$2,166,153
Interest on debt
3,574,062 3,629,625 3,596,037 2,932,400
Rent for leased roads
97,606
98,878
97,036
92,165
Miscell.deductions_ _ _ -94,526
59,556
120,689
62.335
Income applIc. to sInk'g
fund, &c.,reserve---,
1,274
2,058
2,606
2,866
Net deficit
$1,602,077 $3,046,668 $1,864,355sur$2012,149
Divs.on prior pref. stock
-- -(35.1 %)420,000 (5)560.000
Divs,on preferred stock_
-- -(3 Si 79)466,088 (5)621,450
Divs. on common stock_
- (134%)675.690(8)3,603,690
$1,602,077 $3,046,66£ $3,426,133 $2,772,984
Balance, deficit
Shs. corn. out.(par $100)
450,460
450,460
450,460
450,460
Earns, per sh, on com
Ni/ X ! pat Nil
$1.84
Nil
Sheet Dec. 31.
Comparative General Balance
1932.
1933.
1933.
1932.
Assets
Liabilities$
1
$
Road & equip_ _157,058,517 157,880,629 Prior pref. stork 11,200.000 11,200,000
Leased property,
Preferred stock.. 12,429,000 12,429,000
impts.. &c_ __ 1,923,538 1,708,441 Common stock_ 45,046,000 45.049.000
Inv. In MM.cos. 15,001,561 14,886,467 Funded debt__ 74,790,927 75,944,000
Other invest'ts.
11,623
6.595 Cur,ent Habits__ 6,355,216 5,655,046
Cash
105,370
1,972,681 2,562,242 Deferred 'labia.
110,688
Special deposit_ 1,050,154 1,268,617 x Unadjusted
Other crr.assets 1.205,409 1,290,816
23,610,340 21,637.867
credits
Mat'l & supplies 1,244,467 1,538,530 Profit and loss
7,733,661 10,168,346
Deferred assets_
686.015
104,108 surplus
Unadl. debits
1,116,310 1,188,263
Total181,270,473 182.234,948
Total
181,270.473 182.234,948
x Comprises tax liability. $1,307,099 In 1933 ($1,710 220 in 1932)
accrued depreciation of equipment, $20,871,657 in 1933 18.589,951 in
1932): other unadjusted credits, $1,431,583 in 1933 ($1,287,980 in 1932):
other reserves. $49,717 in 1932.-V. 137, p. 4010.
Consolidated Balance Sheet Dec. 31.
Assets1933.
1932.
Liabilities1933.
1932.
a Land, buildings,
Cum. 638% pref.
-Record Piston Ring Shipments.
Perfect Circle Co.
machinery &c.$2,199,221 52,377,154 stock
$2,200,000 $2,275,000
The company shipped more piston rings from their four plants In HagersGood-will & tradec Common stock
146,600
146,800
town, New Castle and Tipton, Ind., and Toronto, Canada, during the
marks
664,440
658,191 Accounts payable
first three months of 1934 than in any other quarter In its history, It was
Cash
1,502,739 1,239,019 and accruals......905,845
983,766
announced. Not only has the demand for Perfect Circle rings been greater
Accts. receivable
77,269
97,401 Income taxes pay_ 109,147
86,796
from the manufacturers of new cars, but also the demand for Perfect
Cash surr. value of
Dividends payable
29,710
30,684
Circles for replacement has increased tremendously. Perfect CirIce now
Insurance pois
24,507
20,528 Mortgages payable
51,600
80,400
has a greater share of the piston ring business for new cars than ever before.
Inventories
2,483,934 2,382,566 Accounts of inactEmployment in the four Perfect Circle plants touched a new high on
Invent. of supplies
18,525
ive subsidiaries_
4,000
3,500
April 1 1934 when 1.309 persons were listed on the company's records.
Cash in banks unRes. for group ins.
31,302
37,096
More than 276 persons within the last 60 days have been added to the
der reorganiza'n
44,221
22,132 Capital surplus_ __ 1,472,075 1,472,075 '
payrolls to meet the demand for Perfect Circle piston rings and piston
Contract deposits_
9,969
11,969 Earned surplus_ __ 2,361,843 1,998,622
expanders.
Invest, and loans_
44,642
32.958
New Factory Nears Completion.
Stock of inactive
The new Perfect Circle factory now under construction at Hagerstown,
subsidiaries_
4,000
3,500
Ind., is nearing completion. In the meantime, the majority of departSkg. fd. pref. stk_
85,455
74,708
ments in all four plants are operating on a three-shift basis, strictly in
b Com.stk.in treas. 48,100
accordance with National Recovery Administration regulations, the
Deferred charges
139,694
159,819
announcement added.
-V. 137, p. 704.
Total
17,346,719 57,079,945 Total
17,346,719 87,079,945
etroleum Corp. of America.-Assat-Vtakia-iiiglier.a After depreciation. b Consists of 3,900 shares. c Represented by
The net asset value per share of the corporation's capital stock out122,737 no par shares.
-V. 138. P. 1760.
standing in the hands of the public at the close of business March 311934.
after deducting 50 cents per share representing dividend payable April 30
Pere Marquette Ry.-Annual Report.
1934, was announced to be $15.298. This figure compares with a net
J, J. Bernet, President, states In part:
t value of $14.141r share as at the close of business Dec. 31 1933.
Financial.
-Pursuant to the report and order of the I.
-S. C. Commission
dated June 12 1933, company issued $659,000 1st mtge.04% gold bonds,
To Reduce Capital.
series C, in partial reimbursement of its treasury for capital expenditures
e stockholders will te April 25 on approving a proposition to reduce
of $1,098,916 previously made. These bonds are held in treasury un-V. 138, P. 1929.
the capitalization of this company.
pledged.
On account of company having large amounts of impounded cash on
Pilot Reinsurance Co. of New York.
-Balance Sheet
deposit in banks which failed to open on March 9 1933, it was necessary to
Dec. 311933.meet its interest and other obligations for company to borrow $855,000
from the Railroad Credit Corporation on its promissory note dated May 31
LiabliWesAssets
1933, payable on or before May 29 1935, with interest at the current reGovernment bonds
$745,658 Reserve to cover unexpired
discount rate of the Federal Reserve Bank of New York. There was
State and municipal bonds... 324,838 reinsurances
8893,868
pledged as collateral under this loan the equity in the security given on the
551,637 Reserve for losses
Railroad bonds
267,812
previous note to the Railroad Credit Corporation and the equity In the
388,157 Reserve for taxes and other
Public utility bonds
securities underlying the loan from the Reconstruction Finance Corpora457,493 liabilities
Miscellaneous bonds
175,000
tion, and in addition thereto. Chesapeake & Ohio Ry. pledged its distribu219,408 Special reserve
Railroad stocks
10,000
tive share of the amount deposited by it with the Railroad Credit CorporaPublic utility stocks
220,490 Contingency reserve
499,093
tion to the amount of $855,000. On Dec. 31 1933 this note had been reCapital fully paid
Bank and Insurance companies
1,200,000
duced to $585,073 by application by the Railroad Credit Corporation of
stocks
143,027 Surplus
816,282
3269,927, being Chesapeake & Ohio Ry.'s distributive share of the amount
533,308
Miscellaneous stocks
deposited by it with the Railroad Credit Corporation. Company, there232,289
Cash in banks
fore, is indebted to Chesapeake & Ohio Ry. In the amount of $269,927,
Other assets
54,032
which amount is shown in balance sheet as "non-negotiable debt to affiliInterest accrued
31,718
ated companies."
The note for $1,000,060 dated Dec. 22 1932, which was given to the
$3,902,055 Total
Total
13,902,055
Railroad Credit Corporation, has been reduced by $71,851, being the amount -V. 133. D. 1776.
of the distributive share applicable to company which was made by the
Railroad Credit Corporation during the year.
Pirelli Co. of Italy (Societa Italiana Pirelli).-Divs.The funded debt in the hands of the public decreased $1,427,000 during
The directors have declared a cash dividend of $4.25 per share on the
the year.
American shares for the year 1933, payable April 13 and a dividend of
General Remarks.
-While the nation-wide depression continued during
1-24th of a share in series A stock on the American shares, both to holders
the year 1933, there was a slight recovery in company's revenues as comof record April 6. This compares with $2.57 per American share paid on
pared with the previous year, which increased $486,018, or 2.26%. NotApril 4 1933 for the year 1932, $2.58 per share on April 15 1932, $3.13
withstanding this increase in business handled, operating expenses were
per share on April 10 1931. $3.14 per share on April 8 1930, and $2.88
reduced $297,176, or 1.63%, as compared with the previous year.
Per share on March 19 1929.-V. 138, p. 1928.
The total revenue tonnage carried was 11,225,925 tons, an increase of
8.40%. Freight revenue was $20,024,252. an increase of 3.98%. Total
operating revenue was $21,947,295, an increase of 2.26%. Freight train
mileage was 3,703,730, an increase of 8.33%. Revenue tons carried one
mile were 2,053,095.531, an Increase of 11.63%. Revenue per ton mile
was 9.75 mills, a decrease of 6.88%•
IMPORTANT NOTICE.
Passenger traffic continued to decrease. Revenue passengers carried
decreased 20.37% under the year 1932. Passenger revenue decreased
To increase the utility value of the
20.68%. Revenue per passenger mile deceased 9.74%. Passenger train
corporate news given in this department,
mileage was reduced 13.32% under 1932.
The Marshalling and Distributing Plan, 1931, was continued until
all items are now presented in strict
March 31 1933. From Jan. 1 1933 to March 31 1933 $127,273 of inalphabetical order.
creased charges were collected and deposited with the Railroad Credit
Corporation, making the total amount deposited with the Railroad Credit
Corporation from Jan. 4 1932 to March 31 1933, $718,507. The increases
-$5,000,000 of Debentures
Portland Electric Power Co.
of Pacific Northwest Public Service Co. Deposited for Exchange.
Nearly $5,000,000 of the Pacific Northwest Public Service Co. 6%
debentures, of which 815,970,000 are outstanding, have been deposited
for a par-for-par exchange for 6% collateral trust income bonds, according
to Franklin 'I'. Griffith, President and receiver of the Portland Electric
Power Co.
While the plan has been approved by Federal Judge John H. McNary
of Portland, Ore., who directed Mr. Griffith to proceed in an attempt to
consummate the exchange, it is being opposed by Halsey, Stuart & Co.,
Inc., who were in the syndicate that sold the debentures. The Chase
Harris Forbes Corp., the Harris Trust & Savings Bank and H. M. Byllesby
& Co. have approved the arrangement.
-V. 138. P. 2263.
- ortland Gas Light Co.
'
.
-Common Dividend Omitted.The directors recently voted to omit the quarterly dividend ordinarily
payable about April 1 on the common stock, par $50. The company paid
quarterly dividends of $1.50 per share on this issue from April 1 1933 to
and incl. Dec. 30 1933, compared with $1.75 per share each quarter from
April 1 1932 to and incl. Dec. 31 1932.-V. 13 p. 2424.
- Process Corp.
-Remove from List.
m unlisted trading privlThe New York Curb Exchange has removed
1
the (no par) common stook'
-V. 136. P. 033.
-Sells Part of Properties.
Producers & Refiners Corp.
See Consolidated Oil Corp. above.
-V. 138. p. 1579.
Pullman Co.
-Earnings.
1934-2 6fos.-1933.
Period End.Feb.28- 1934-Month-1933.
Gross earnings
$3,384.945 $2,783,811 17,107.141 15.992,292
419.112
Loss after tax
299,693 0.217.054
98.690
-V.138 9.698.
*
" Quebec Extension Ry.-Asks $3,300,000 RFC Loan.
The company, a newly organized Maine corporation, has requested
from the
authority from the I.
-S. C. Commission to borrow $3,300,000
Reconstruction Finance Corporation. The funds would be used to build
a 90
-mile stretch of railway extending from Portage to St. Johns River
Crossing and thence to Lac Frontier, Maine.
The corporation is headed by Richard H. Wheeler, New York City, as
President.
---V. 120, p. 2812.
-Earnings.
Railway Express Agency., Inc.
1933.
1934.
Month of JanuaryRevenues and Income
$9,268,948 $8,399,248
Charges for transportation-- -177,474
206,773
Other revenues and income
$9.475,721 $8,576,722
Total revenues and income
6.127,274 6,131,787
Operating expenses
111,500
130,515
Express taxes
143.247
144.263
Interest and discount on funded debt
2.413
Other deductions
2.235
Total deductions
$6.404,287 86,388.947
• Rail transportation revenue
3,071,434 2.187,775
•Payments to rail and other carriers, express privileges -V.138, p. 1760.
" -Realty Associates Securities
on Bonds.
-
-To
Corp.
Pay 15% Cash
The report of Eugene F. O'Connor Jr., referee in bankruptcy, recommending acceptance of the composition offered by the officers of this bankrupt corporation to its creditors, who hold more than $13.000,000 in bonds.
was approved April 3 by Federal Judge Clarence G. Galston in Brooklyn.
The creditors are to receive 15% in cash and the rest in a new issue of
bonds to bear 5% interest and to mature Oct. 1 1943. In addition, they
are to have four representatives on the corporation's board of directors.
-V. 138, p. 1579.
-'' -Republic Gas Corp.-Ifearing Upon Reorganization Plan.
A hearing will be held on May 1 1934. by the U. S. District Court.
Woolworth Building, New York, as to the fairness, timeliness and equitableness of the offers to bondholders, creditors and stockholders of the corporation contained in the amended plan of reorganizaiton dated July 19 1933.
-V. 138, p. 1744.
Reserve Investing Corp.
-31 Preferred Dividend.
A dividend of $1 per share has been declared on the $7 cum. pref. stock,
no par value, payable April 14 to holders of record April 9. A similar distribution has been made each quarter on this issue since and incl. April 15
1932, prior to which the stock received regular quarterly dividends of $1.75
per share.
After the payment of the April 14 1934 dividend, accruals will amount
to $6.75 per share -V. 138. P• 337
.
Reversible Collar Co.
-Larger Distribution.
A dividend of $1 per share was recently declared on the capital stock, par
March 22. A distribution of 80
$100, payable April 2 to holders of record
cents per share was made on Jan. 2 last and on Oct. 2 193., as compared
With 50 cents per share in each of the two preceding quarters.
-V. 137.
D. 2474.
-Cities Service Co.
Richfield Oil Co. of California.
Claims Asset Now Valued at $65,000,000 as Compared with
Standard Oil Offer of $23,500,000.
Assets of the company are at the present appraised in excess of165.000.000
as compared with the current offer of $23,500.000 which has been accepted
by the Richfield reorganization committee. This charge was made March
30 by Cities Service Co. In an answer filed in the Federal District Court.
Los Angeles, through its attorneys Williamson & Musick. The answer is
in response to the committee's petition which asks the court to take jurisdiction and supervision of a plan for the distribution of the proceeds of the
offer.
The Cities Service answer alleges that on the basis of Richfield's present
value and earning power a reorganization could be effected which would
return to security holders and creditors an amount far greater than that
which is contemplated under the reorganization committee's plan.
Charging that the current offer is "shockingly unfair" and "grossly
inadequate," the answer alleges that the court "should not in any way aid
or assist the committees in the idle act of promulgation of a plan and agreement contemplating the carrying out of such a sale."
In substantiating its allegation that the plan as based upon the $23,500.000
Standard Oil Co. of California offer is wholly unfair and inadequate Cities
Service points out that on the basis of Richfield's earnings during the last
six months of 1933 the entire purchase price would be returned to Standard
011 within a period of less than five years.
Richfield's operating costs have shown a gradual reduction and a comparable improving trend has been witnessed in earnings throughout the
period of receivership, according to Cities Service's statements. Since
Jan. 15 1931 the receiver has increased the cash held in the receivership
estate from $921,691, as of the date of the receivership, to $4,770.526 as
of Jan. 31 1934. Total current assets on Jan. 31 1934 amounted to
$15.649,285.
Cities Service maintains that it is undesirable and unnecessary to sell
Richfield to the Standard Oil Co. under the present plan which is based
upon earlier appraisals that were designed to establish merely the forced
sale junk value of the assets.
Cities Service states that the present financial position of Richfield compares favorably with that of many strong and successful oil companies, in
respect to the ratio of current assets to current liabilities, cash to annual
sales and current assets to annual sales. In light of this condition and the
Progress of the receivership proceedings, Cities Service states that in its
opinion an internal reorganization, which would be more beneficial to
security holders and creditors, can be effected.
The answer states that the plan as presented by the committees constitutes a mere sale of the assets and is not a bona fide reorganization.
Therefore, the issuance of securities pursuant to the plan will not be exempted by the provisions of the Securities Act, as is claimed. In this
connection the answer states, "the proposal and the proposed plan and
agreement set forth in said petition, constitute a studied and deliberate
2425
Financial Chronicle
Volume 138
Oil Co. of
attempt on the part of said petitioning committees and Standard practical
California to effect under the guise of a 'reorganization.' what in is still
and
amounts to, and has always been intended California."
and legal affect
intended to be,a mere sale of said assets to Standard 011 Co. of it advanced
Cities Service calls attention to the fact that at the time
funds with which to keep the receivership in operation an announcement was
made that at the proper time Cities Service would present a Plan for a
unreorganization of Richfield. It added that until the mortgaged and imit
mortgaged character of the assets could be determined to would be or
be devised
possible for an equitable plan of internal reorganization were to be made.
if a sale
apply a fair division of the purchase price even is about to get on a reasonIt is unthinkable that at this time when business should be sacrificed.
foundation that a property of this character
able
Government
Cities Service now states that with the settlement of the
the
claims and in view of the expected report of the Special Master as to can
the receivership a proper reorganization plan
character of the assets in
view of Cities Service Co.'s
be proposed and submitted at an early date. In
security
investment in Richfield such plan would be for the benefit of theoutsider.
holders and creditors and not advantageous to a competitor or an
-V.138, p. 1580. 1244.
-Earnings.
Rossia Insurance Co. of America.
1930.
1931.
1932.
1933.
Calendar YearsSurplus brought forward $2,097,912 $3,119,921 83.002,688 16.271.293
7,538,394 7,813,261
Prem. res. fr. prey. year 3.020.390 4,245,940 5.686.379 9,704.975
3,109.349 3,743.129
Premiums written
1.396.057
1,335.633
939,640
802.601
Loss res.from prey. year
675.425
598,935
369.767
279.433
Interest & rents earned_
50,000
560,000
595,815
245,013
other res'ves
Decrease in
Decrease in reserve for
165.000
dividends payable_ __ _
1.500,000
Transt.from cap.to surp
$9,554,700 $13,014,214 $20,387,028 $25,911,011
-Disbursements
$1,145,930 81.476,471 $1,982,079 $3,403.708
Commission
1,954,616 3,087.105 5,440.193 5,697.212
Losses paid
1,335.633
939,640
802,601
785,599
Loss reserve
7,538.393
2,523,555 3,020.390 4.245.941
reserve
Premium
756.098
647,475
491,016
379,882
Expenses
660,000
660.000
Dividends (cash)
1.530.815
Res. for security deprec2.696
11,036
Miscellaneous
Reduction in book value
101.612
of real estate
Loss from investment
1.820.963 3.517,278
1,299,835 2.036,020
profit and loss items
$1,352,632 $2,097,912 $3,119,921 83,002,688
Surplus
Comparative Balance Sheet Dec. 31.
1932
1992.
1933.
Assets
5570,957 5391,925 Premium reserve.. $2,523,555 83,020,390
Cash
802,601
Bonds & mortgage 2,363,623 2,788,210 Reserve for losses_ 785,599
51,000
88,000
2,567,054 3,932,784 All other liabilities
Stocks
for conReserve
Funds held by
779,986 1,025,000
tingencies
606,991
763,214
ceding co's
1,500,000 1,500.000
197,557 Capital
197,557
Collateral loans
1,352,632 2,097,912
49,605 Surplus
38,829
Accrued Interest_
529,829
435,717
Real estate
Market val, of foreign exchange
93,718
over book value
57,029,772 $8,496,903
57,029,772 58,496,903 Total
Total
-V. 138, p. 2097.
'33.
-Annual Report Year Ended Dec. 31
Rutland RR. Co.
Traffic Statistics for Calendar Years.
1930.
1931.
1932.
1933.
1,448,940 1,642,657 1,931,950
Tons rev, freight carried 1,337.918
Tons rev.[et carr. 1 mi-167,719,939 167,037,576 180,291,149 198,057,010
Tons rev, freight carried
479,522
436,509
404,420
406,072
1 mile per mile of road
Total freight revenue- -- $2,174,542 $2,413,541 $2,694,681 $3.132,730
Average amount received
$1.62
$1.64
$1.66
81.62
for each ton of freight_
Aver,rev, per ton per m_ 1.297 cts. 1.445 cts. 1.495 Ms. 1.582 cts.
545,342
422,849
294,232
234,832
Rev, passengers carried_
Rev, pass. carried 1 mile 13,584,190 15,263,286 21,366,955 26,620,004
Rev,passengers carried 1
65,367
52.468
37,480
33,357
mile per mile of road__
$884,611
$690,973
$470,853
Total passenger revenue $390,575
Average amount received
$1.62
$1.63
$1.60
$1.66
from each passenger__
3.32 cts.
3.23 cts.
3.08 cts.
Av.rev. per pass. per mi. 2.87 cts.
Corporate Income Account, Calendar Years.
1930.
1931.
1932.
1933.
$2,174,542 $2,413,541 82.694,681 83.132.730
Freight revenue
884,611
690,973
470,853
390,575
Passenger revenue
1,112,089 1,216,319
965,236
801.038
Mail, express, &c
52.526
44.069
20,476
20,651
Incid. and joint facility_
Total ry. oper. rev_ -- $3,386.806 $3,870,106 $4,541,812 $5,286,186
Operating Expenses952.734
899,651
679.219
565,563
Maint. of way & struc
1,045.559
880,133
778.080
668,039
Maintenance of equip..
136,185
143,093
128,859
119,736
Traffic expenses
1,964,242 2.132,326
Transportation expenses 1,511,682 1.638,223
23,210
19,881
550
6
Miscellaneous operations
200.951
196.656
171,745
164.073
General expenses
6,474
27,471
2,845
33,177
Transp. for invest.-Cr$4,076,185 $4,484,491
Total ry. oper. exps $3,026,254 $3,363,500
801,695
465,627
506.606
360,552
Net railway over, rev__ _
274,297
268,424
248.067
237.470
Railway tax accruals..- 446
78
784
367
Uncollectible ry. revs..
$526,952
$197,125
$257.754
Railway oper.income- $122,775
15,553
16.719
19,068
35,729
Equipment rents-Cr
63,635
40.398
29,889
128,245
Joint facil. rents, net Cr_
$606,140
$254,242
$306,711
Net ry. oper. income_ $286,749
Non-operating Income27,452
27,520
26,443
25,596
Miscell. rent income_ __ _
15,000
15,000
15,000
Dividend i
15,025
22.279
37,212
35,085
Inc. from funded secur
19,832
Income from unfunded
41.970
12.393
8,053
securities & accounts_
5,970
Income from sinking &
892
893
893
other reserve funds....
893
1,007
1,012
1,043
1,027
Miscellaneous income.....
Gross income
Rent for leased roads._
Miscellaneous rents.__ _
Sep. over. prop. loss
Interest on funded debt..
Int. on unfunded debt.. _
Amort. of discount on
funded debt
Maint. of inv. organiza'n
Miscell. Income charges_
Net deficit
Preferred dividends
Deficit for year carried
to profit and loss ._ _
Shs. of7% pref.stk. outstanding (par $100)-..
Earned per share
406,491
6,455
$348,272
19,000
1,923
5.416
409,241
11,398
$714,741
19,000
1,857
5.629
411.991
Cr904
690
25
1,582
783
15
1,624
876
178
1,594
$355,108
19,000
175
$393,212
19,000
428
403.741
276
597
25
1.623
$70,328
8101328 sur$274.521
$41,460
(4%)358.500(4%)358.500
$70.328
$41,460
$459,628
$83,979
89,625
NB
89,625
Nil
89,625
Nil
89 625
$..06
2426
Financial Chronicle
General Balance Sheet Dec. 31.
1933.
1932.
1933.
Assets$
Inv.in rd.& equip 26,775,542 26,781,965 Common stock__
117,800
Impt. on leased 17.
Preferred stock_ _ _ 8,962,500
27,393
24,453 Equip. obligations 330,000
property
Dep. in lieu of mtg.
Mortgage bonds__ 9,218,000
property sold_ _ _
7,125
7.125 Traffic & ear 8erMSC. phys. prop.1,906
1,908
58,434
vice balances_ _ _
Inv. in aftU. cos.:
Audited accts. and
Stocks
567,200
567,200
197,006
wages payable__
Bonds
100,000
100,000 Misc. accts. pay_
4,309
• Notes
122,000
155,000 Int. mat'd unpaid.
195,156
Advances
152,665
137,389 Divs. mat'd unpd_
8,635
Other investmls_ _
610,375
551,451 Funded debt maCash
387,648
415,914
tured unpaid_ _ _
1,000
Special deposits_ _ _
28,908
29,502 Unmet. int. accr'd
1,375
Traffic & ear serUnmet.rents accr_
5,750
vice balances_ _ _
54,603
60.183 Other current liab_
1,893
Agts. & cond. bals.
25,122
12,911
20.070 Other derd liabils_
Miscellaneous_ _ _
123,433
128,934 Tax liability
49.249
Marl & supplies_ _
446,020
493,817 Insur. & cas. res..
28,624
Int. & diva. rec__ _
15,359
14,688 Accr. depr.(equip.) 2,521,986
Other curr. assets.
386
151 Other unadjusted
Working fund adv.
383
383
138,530
credits
Ins.& other funds_
20.353
20,353 Appropriated surOther def. assets_ _
512
2.290
2,045,696
plus
Rents & Ins. prem.
Profit and loss,
paid In advance_
370
128
5,635,353
balance
Dint. on fund. dt_
1,628
2,225
Oth, unadl. debits
61,519
58,159
Total
29,532,207 29,589,489
1932.
$
117,800
8,962.500
385,000
9,216,000
56,463
193,077
4.118
195.906
8,479
1.000
1,604
5,750
5,812
14.737
53.755
23,445
2,432,238
129,847
2,045,696
5,716,263
29,532,207 29.589.489
Total
-V.138, p. 2266.
Richmond Insurance Co., West New
-Extra Distribution of
Cents.
-
Y.
Brighton, N.
An extra dividend of 2;4 cents per share has been declared on the common
stock, par $5, in addition to the usual quarterly dividend of'10 cents per
share, both payable May 1 to holders of record April 10. Like amounts
were distributed on Feb. 11ast.-V. 138, p. 877.
Russeks Fifth Ave., Inc.
-Earnings.
12 Months EndedFeb. 3 '34. Feb. 4 '33. Jan. 31 '32. Jan. 31 '31.
Net sales
$3,295,829 $3,546.310 34.246.831 $4,582,537
Int., discount & misc.inc
232,173
7,163
239,309
175,921
Total income
$3,302,992 $3,722.231 $4,486,140
Oper. exps. (incl. cost of
merchandise & depr.)_ 3,195,751
3,780,324
4,570,581
Net deficit
sur$107.241
$58,093
Shs. of cap. stk. outet'ir. x125.000
x125,000
Earnings per share
$0.86
Nil
it Par $5. y No par.
Comparative Balance Sheet.
AssetsFeb. 334. Feb. 433.
Cash
8304,418 3265,878
Notes receivable
1.421
Accts.receivable
429,958
395,608
Miscell. receivables
16,577
14.185
Merch'dise n ven'y 262,166
224,134
x Fixed assets..
523.944
503,180
Insur. claims rec.
5,000
Dividends reedy._
1,900
Advs. to officers._
25,000
15,000
Securities owned
430,122
430,623
Deferred charges to
future operations
17.193
18,979
Good-will
1
1
Total
32,000,587 31,882,482
$84,441
y125.000
Nil
$4,814,710
4.971.816
$157,106
y125,000
Nil
LiabilitiesFeb. 334. Feb. 433.
Accounts payable_ $299,143 $278,766
Cust'ers' deposits
and credits
11,012
9,325
Accrued items_
22,376
8,763
Res. for conting_ _
50,188
75,000
Y Capital stock...
625,000
625,000
Capital surplus_ _ _
885.628
885,628
Profit and loss.... 107.241
Total
$2,000,587 31,882,482
(Joseph T.) Ryerson &on,Inc.
-Removed from List
Safeway Stores Inc.-Salc.. Show Gain.Period End. Mar.24- . 1934--4 Weeks
2
-1933.
1934-12 Weeks
-1933
Sales
317.810,088 $15,885,573 $51,804,963 $46,257,286
Stores in operation now total 3,252 as compared with 3,527 last year.
Consolidated Income Account Years Ended Dec. 31.
1932.
1933.
1931.
1930.
$
$
$
$
Sales
220,156,842 229,173,468 246,783.999 219,284,707
Cost ofsales
170.911,280 178.862,849 196.318.809 178,710.466
Operating expense
41,738.798 42.800.362 41,109.429 34,157,892
Depreciation
2,729,299 2,544,270 2.488.690
2,052,140
$4,777.464 $4,965.987 $6,867,071 $4,364,210
116,717
126.055
172.217
123,003
Total income
$4.894,181 $5,092,042 $7,039,287 $4,487,213
Interest,&c
212,326
200.138
171.504
240.249
Prov.for Federal & Can.
taxes. &c
574.671
493.817
714.529
497,063
Adjust, of assets of Can.
subsidiaries
Cr282.452 Cr142,141
387.665
Res. for invent. adjust_
350,000
Prov. for probable loss
due to closed banks_ _ _
100,000
150,000
Net income
$4,289,635 $4,390,227 $5,415.590 $3,749.901
Preferred dividends_ --- 1,003,212
1.016.261
866.621
690.069
Common dive. (cash)
2,397.709 3.597,571
3.584.968 2.780,840
Prem,on pref. stock red_
11.843
17.218
10.797
Prov. for deprec. dr obsolescence
250.000
Surplus
$876,872 def$223,605
$696.782
$268,194
Previoussurplus
7,570.952 7,794.557
7,090,204
7.213.605
Common dive. (stock).
Dr391,595
Adjustments
Cr1.445
Cr7,570
Profit & loss surplus_ - $8,449,270 $7,570.952 $7,794,557 $7,090,205
Earns. per sh. on average
amount abs. outstanding during year
$4.11
$4.22
$6.34
$4.82
Consolidated Balance Sheet Dec. 31.
Total
1932.
$
22,809,886
5,904,293
1,788.249
18,408,512
448.644
527.875
422,644
51,335,469 50.306,105
1933.
Liat4lUtes$
7% pref.stock... _ 9,363,700
6% pref.stock - _ _ 5,796,700
.
:Common stock_ 9,795,648
Paid In surplus_ ..11,655,963
Earned surplus__ 8,449,270
8% pf.stk. of subs.
Res. for rentals of
stores vacated
Mtge& on real est.
& buildings.
Res. for invt. Mit. 350,000
Accounts pay. dr
wed liabilities_ 4,371,424
Divs. payable.... 850,026
Fed, tax, res., &o. 702,737
Total
1932.
$
9,862,660
5,915,000
9,795,648
11,541,416
7,570,952
135,825
493,083
_
23 700
.
350,000
3,406,365
851,053
580,462
51,335,469 50,306,105
x Represented by 798.984 no par shares-in 1933 and 800.350 in 1932.
deducting depreciation of $11,440,732 in 1933 and $9.816,421 in
1932.-V. 138, p. 2266.
y After
St. Louis Southwestern Ry.-Earnings.PeriodGross earnings (est.)--- -V.138, p. 502.
4th Week of March1934.
1933.
$390.900
$320,941
-Jan. to Mar. 31-1934.
1933.
33.395,790 $2,746,024
Seaboard Air Line Ry.-Public Works Improvement.
-
The I.
-S. C. Commission on March 27 approved proposed expenditures
by the receivers of the company for the improvement of transportation
facilities, to be loaned by the PWA.
The report of the Commission says in part:
Legh R. Powell Jr. and Henry W. Anderson, receivers, on March 8 1934
applied under section 203(a), clause (4), of the NIRA for approval of
equipment which they propose to finance with the aid of the Federal
Emergency Administration of Public Works.
Upon application to the court, the receivers were authorized by order
dated Feb. 16 1934 to apply to the Federal Emergency Administration of
Public Works for aid in financing the cost of certain new equipment and to
make the necessary application to this Commission in relation thereto.
The equipment proposed to be acquired is to consist of 5 modern type
locomotives. 1,000 50
-ton box cars and 100 large capacity phosphate cars
of modern and improved type, the total cost being estimated at between
$3,000,000 and $3,500.000, the receivers not being able to furnish the exact
cost until bids are received and contracts awarded.
The receivers state that from the time of their appointment until the end
of 1933 they made extensive retirements of obsolete, worn out and unserviceable equipment of the Seaboard. These retirals, together with the
retirements made between Jan. 1 1927 and the date of the receivership,
have reduced the number of box cars of the Seaboard from 12,805 on Jan. 1
1927 to 7,926 on Jan. 11934. It is also stated that the number of box cars
in possession and control of the receivers is considerably less than the
number they require to meet the demands of present traffic, replace units
hereafter retired or destroyed, and provide for any substantial increase
in traffic.
The equipment in the possession of the receivers also includes 942 cars
of special type used for loading phosphate rock. Of that number 148 are
of inferior and light construction, old and obsolete, and cannot be economically repaired and continued in that service. The receivers propose
to remove them from present service and to use them for hauling cinders
and other rough commodities for which there is a shortage of available
equipment.
Certain of the locomotives now operated by the receivers in main-line
service between Richmond, Va., and Raleigh, N. C., are said to have
insufficient tractive power for economical and efficient operation. The 5
new locomotives proposed to be acquired will have approximately 50%
greater tractive power and be capable of hauling two trains daily in each
direction with a total tonnage about equal to that now handled by three
trains, thereby effecting a substantial annual saving In train mileage.
-V. 138. p. 2266.
Second National Investors Corp.
-Earnings.
-
The New York Curb Exchange as removed from unlisted trading pri
-V. 137, p.4541.
leges the capital stock (no par).
1933.
Assets
$
y Real est., leaseholds, &c
21,435,745
Cash
7,274,912
Accts.¬es reed 1,832,220
State. county, &c.
warrants
421,957
Sundry accts. rec. 326,694
Inventories
18,752,817
Prep'd exp.& chgs. 516,779
Invest.& advances 629,935
Treasury stock__ _
8,694
135,711
Bal. In closed Us_
St. Louis-San Francisco Ry.-Abandonment of Branch.
-
The I.
-S. C. Commission on March 24 issued a certificate permitting the
company and its trustees to abandon: (1) the Prosperity branch extending
northeasterly from Prosperity Junction to the end of the line, approximately 3.45 miles; (2) the extreme northerly portion of the Carterville
branch in Webb City. 0.22 mile, and other portions of that branch extending from (a) Rex Branch Junction northerly to the southerly limits of the
industrial development of Webb City, approximately 4.9 miles, and (b) a
point at or near the city limits of Galena, easterly, to a point west of Hero
Mine Spur. approximately 3.4 miles; (3) that portion of the Leadville
Hollow Spur extending northerly from a point 3,150 feet northerly of the
point of connection with the Carterville branch to the end of the line,
approximately 1.1 miles; and (4) that portion of the Duenweg branch extending southerly from a connection with the Southwest Missouri RR.
to an unnamed point, approximately 0.79 mile, all in Jasper County, Mo.,
and Cherokee County, Kan.
-V. 138, p. 2266.
3 Mos.End. Mar.31Interest
Cash dividends
' lc After deducting reserve for depreciation. y Represented by shares of
,...._ $5 par.
-V. 136. p. 4104.
Operating income._
Other income
An:if 7 1934
Total income
Management fee
Stock transfer expenses_
Custodian's fee (safekeeping of secure.).._ _
Legal fees, auditing fees'
stockholders rep__
I
Other corp. exps. (sae. ,
hldrs. meeting, div.1
disbursements, &c.) j
New York State tax_
$60,198
1933.
$6,618
53,053
1932.
$10,721
70,788
1931.
$8,757
80.268
$60,198
10,514
836
359.671
9,110
1,118
381.506
10.694
1.072
$89,025
16,113
1934.
1.050
575
1.000
r 2.403
2.860
2,478
1
1,051
757
1,233
772
1.086
$44,460
Net income
$65,211
$44,326
360,778
Security Profits Account Three Months Ended March 31 1934.
Profit realized on sale ofsecurities. based on average cost
$3,832
Recovery of cash in closed bank previously charged Off to security
profits account
5,272
Total
$9,104
Excess of cost over market value of investments, Dec.31 1933-.1,257,874
Excess of cost over market value of investments. March 31 1934-- 860,129
Decrease in unrealized loss
$397.745
Change in Net Assets-Three Months Ended March 31 1934.
Per Sh. Prof. Stk.
Total.
(100,000 Shares).
Net assets, market value Dec.31 1933
35.831,629
$58.32
Increase for period-Net income
44,326
0.44
9,105
Realized profit per security profit account0.09
397,745
Decrease in unrealized loss on investments
3.98
Decrease in excess cost over market value
treasury stock
132,545
1.32
Total
$583,721
Net assets, market value. March 31 1934._.$6,4l5.350
BalanceSheet March 31.
1933.
Assets1934.
Cash
$210,922 3220,959
Notes of Gen. Mot.
50.000
Accept. Corp_ _
Pref. stk. of Sec'd
Nat'l Inv. Corp. 723,567
1,302,809
U. S. Govt. oblIg_
e5,464,550 c18.507.682
Investments
30,956
Interest & divs.rec. 125,180
26,786
Depin closed bank
Total
$6.424,200 38,139,194
$5.83
$64.15
1934.
1933.
Accr.expenses_ _ _
$1,550
$2,550
Prey. for N. Y.
State taxes
7,300
1,000
Unearned hit
866
a $5 cony. pref.
stock
100.000
100,000
b Corn, stock ($1
par)
300,000
300,000
cPaiitin surplus...10,200.000 10,200.000
Deficd
3,181,293 2.465.222
Excess of cost over
market value_ Dr1,003,357
Total
36,424,200 $8,139,194
a 100.000 shares of $1 par value. Convertible into two shares of common
stock on or before Jan. 11944;dividends cumulative and payable quarterly;
liquidation and redemption value. $100 per share. b Of the authorized
750,000 shares. 200.000 shares of common stock are reserved for conversion of preferred stock and 200,000 additional shares are reserved for
exercise of purchase warrants at $25 per share until Jan. 1 1944. c Representhig the excess of paid-in capital over the par or stated value of capital
stock. d At cost, market value $2,844.850. • At market, cost $6,324,679.
f Dividends receivable only.
-V. 138. p. 340.
"•,..Saranac River Power Corp.
-Timefor Deposits Extended.
To enable holders of securities of the corporation who have not accepted
the otter of Berst-Foster-Dixfield Co. to purchase such securities to avail
themselves of the offer, the committee composed of Frederick S. Robinson,
Charles E. Loxley, Burton French and Thomas A. Tunney.twhich recently
recommended the acceptance of the offer, announces that the time for
deposit has been extended to April 20 1934.
Berst-Foster-Dixfield Co., which is the sole consumer of the corporation's
output and holds substantially all of the $258.000 first mortgage 7% bonds.
2427
Financial Chronicle
Volume 138
a small part of the $282,000 first mortgage 6% bonds and a majority of
the common stock, has offered $430 for each $1,000 of bonds, $12 a share
for the preferred stock and $1 a share for the common stock.
The Committee states that already more than the required 75% of the
6% bonds and a majority of the preferred stock necessary to make the
plan effective have assented. Holders who have not deposited and wish
to take advantage of the offer are requested to communicate with John A.
Snook, 52 William St., New York, secretary of the committee.
-V. 135.
p. 1996.
Simmons Co.
-Sales Up.-Company Proper- --hid.Subsidiaries
1933.
1934.
1934.
1933.
Month of March
$958,427 $2,462,112 $1,391,330
$1,715,813
First 3 months
5,565,191
3,615,858
3,592,780 2,476.954
-V.138, p. 1761, 1063.
-Earnings.
(Franklin) Simon & Co., Inc.(& Subs.).
Years Ended Jan. 31x Gores loss
Depreciation
1933.
1934.
$456,140 $1,358,791
183,250
160,992
1931.
1932.
$619,287prof$177,704
171,564
157,793
Net loss
Miscellaneous earnings_
$617,133 $1,542,041
134,889
90,359
$777,080 prof$6,139
157,814
145,650
Operating loss
Federal taxes(estd.)_
$526,774 $1,407,152
5631,430prof$163,954
12.000
Net loss
Pref. dividends (7%).._ _
Common dividends
y Special charge to profit
and loss
$526,774 51,407,152
161,054
160,958
$631.430prof$151,954
190,748
177,506
72,855
United States of America as at the time of payment is legal tender for public
and private debts, will be redeemable as a whole or in part in the inverse
order of maturity, all but not a part of the bonds of any maturity being
-payment date at par and interest, and will
redeemable on any interest
mature in 16 equal semi-annual instalments. payable May 1 and Nov. 1
in each of the years 1936 to 1944 incl., beginning Nov. 1 1936 and ending
May 1 1944.
Pursuant to the terms of a bond purchase contract executed Jan. 30 1934,
between the applicant and the United States of America. represented by
the Federal Emergency Administrator of Public Works, the serial bonds
-V. 138. p. 2268.
will be sold to the Government at par.
-Three New Directors.
Southern Pacific Co.
At the annual meeting of the stockholders held on April 4 a board of 15
directors was elected for the ensuing year. namely: Malcolm P. Aldrich.
Henry W. de Forest, Ben C. Dey, Cleveland E. Dodge Walter Douglas.
Edward S. Harkness, John F. Harris, Hale Holden, Deering Howe. A. D.
McDonald, Charles E. Perkins, Thomas Nelson Perkins, Jackson E.
Reynolds, George E. Roosevelt and Paul Shoup.
The following named new members of the board were elected to fill
vacancies caused by the resignation during the past year of Odgen L. Mills.
and Chauncey McCormick and by the death of the late Melvin A. Traylor.
viz.: George E. Roosevelt, a member of the firm of Roosevelt & Son,
30 Pine St., N. Y. City; Deeding Howe,a member of the firm of Shearman
& Sterling, 55 Wall St., N. Y. City; and Ben C. Dey, General Counsel of
the company.
-V. 138, p. 2268.
Southern Ry.-Earnings of System.PeriodGross earnings (est.)-V. 138, p. 2268.
-4th Week of March- --Jan. 1 to Mar.311933.
1934.
1933.
1934.
$3,228,397 52.485.960 $26,454,746 821,831.398
22,058
-Scrip Certificates Extended.
Southern Sugar Co.
The date upon which all scrip certificates heretofore issued under the
$111,649
Deficit
$808,935
$709,789 $1,568,206
plan, dated April 1 1931, in bearer form, representing fractional interests
x After deducting from sales the cost of merchandise sold and selling and
in any securities deliverable under the plan, has been further extended by
general expenses. y Reserve for lien on cash surrender value of life inBitting, Inc., 20 Exchange Place. N. Y. City, as reorganization manager,
surance policies per reinsurance agreement between the National Life
to June 15 1934.-V. 137, p. 2650.
Insurance Co. in bankruptcy and the Hercules Life Insurance Co.
-Earnings.
Southwestern Bell Telephone Co.
Consolidated Balance Sheet Jan. 31.
1934.
1933.
Liabilities-Month-1933.
1934-2 Mos.-1933.
Assets1934.
1933.
Period End. Feb. 28- 1934
x Ridge.,impt.,drc.53,262,678 $3,376,210 Preferred stock_ _ .$2,299,400 $2,299.400
$5,640,030 $5,459,502 $11,282.925 $11.060,403
Gross earnings
137,130
Cash
2,271.189
1.158,824
2,505,944
769,381 y Common stock_ 137,130
1,275,958
443,069
Net operating income_
1 300,000 1,300,000
U. S. Govt. secur_ 508,110
508,110 Mortgagee
-V. 138, p. 2268.
Prepay, for mdse..
6,309 Notes payable_ _ _ _ 100,000
4,969
-Removedfrom List.5
Cash val. ins. pol _ 145,550
Southwestern Gas & Electric Co.
169,645 Taxes read & accr. 131,752
Accts.receivable
1,306,545 1,319,976 N. Y. State franCurb
The New York Cb Exchange has removed from unlisted trad
chise tax
422,258
Inventories
562,761
5100).-V. 137, p. 3328.
Privileges the 7% preferred stock(
110,365
178,373
Accounts payable_ 457,381
Cash surr. val. life
57,290 -52,557
-Removed from List.
_
iyer Co.
lnsur, not avail.
Accr. wages,
Southwestern Light & P
surplus_ _ _ 290,845 1,000,635
Earned
until 1939 (net)
22,058
The New York Curb Exchange has removed from unlisted tradisfg
4,065,007 4,065,007
Due from officers_
Capital surplus_
-V.138, p. 1744.
24,597
privileges the 6% preferred stock( par).
Cash on deposit in
closed banks_ _.
Spokane International Ry.-Earnings.-2,600
Sundry loans and
1931.
1932.
February1934.
1933.
accts. receivable
23,116
5,964
$54.156
$46,523
$32,538
$28,702
Gross from railway
Good-will
2,500,000 2,500,000
3,101
def9,988
def3,829 def10,935
Net from railway
Investments
1,711
1,711
def5,547
def17,710
def18,048
def9,760
Net after rents
Deterred charges...
51,483
43,460
From Jan 1
116,183
91,850
66,250
55,335
Gross from railway
$8,834,072 $9,148,200
Total
$8,834,072 $9,148,200 Total
8,765
def22.701
def15.466
def6,001
Net from railway
x After depreciation and amortization. y Represented by $1 par value
def8,545
def32,093
def36,092
def18,669
Net after rents
.......L3hares.-V. 136, p. 2442.
-V. 138, P. 1040.
-1O-Cent Divi"South American Gold & Platinum Co.
dends-New-Difeeter. •-•---r---a,L-4. '10 A----,
The directors on March 26 declared a dividend of 10 cents per share on
the capital stock, par $1, payable May 29 to holders of record May 18.
An initial distribution of like amount was made on Dec. 12 1933.
Eugene L. Norton has been elected a director, succeeding L. A. G.
Dru, resigned.
-V. 137. p. 3160.
-Earnings.
South Carolina Power Co.
[A. Subsidiary of Commonwealth & Southern Corp.]
Period End.Feb. 28- 1934-Mon/h-1933.
1934-12 Mos.-1933.
Gross ea
$179,092 52.106.258 $2,124,200
$185,574
Oper. exp., md. maint.
1,121,498
and taxes
90,264
1,119,750
99,397
Fixed charges
46.492
554,022
690,880
46,090
Prov. for retire. reserve_
10,000
120,000
120.000
10,000
Net income
Divs, on first pref. stock
$30,086
14,286
832,335
14,298
$312.485
171,447
$191,821
169.182
Balance
-V. 136, p. 3345.
$15,799
$18,037
$141,038
$22,639
"Southern California Gas Co.
-Removed from List.
The New York Curb Exchantyas removed from unlisted
Privileges the 6% preferred stock
ar $25) and the 6% preferre
series A (par $25).-V. 136, p. 4268.
ding
tock
Southern Indiana Gas & Electric Co.
-Earnings.
[A Subsidiary of Commonwealth & Southern Corp.]
Period Ended Feb.28- 1934-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$250,577
$232,643 $2,721,019 $2,894,432
Oper. exp., incl. maint.
and taxes
139,007
126,766
1,527.096
1,541,433
Fixed charges
26,324
317,849
27,053
324,087
Prov. for retire. reserve_
23,141
23,141
277,700
277,700
Net income
Dividends on pref. stock
$62,103
45,188
$55,682
45.119
$598,373
541,908
$751,211
529,761
Balance
-V. 136. p. 3345.
$16,915
$10,562
556,464
$221,449
Southern Pacific Co.
-Securities Authorized.
-
The L-S. C. Commission on March 23 authorized the company to issue
$12,000,000 10
-year secured 4% serial bonds, to be sold at not less than par
and the proceeds used for maintenance and improvements.
The Commission also modified its previous orders so as to permit the
pledge by the applicant of $15,422,000 of bonds of subsidiaries as collateral
security for the 10-year secured 4% serial bonds.
That part of the application which seeks authority to pledge as collateral
security for the 10
-year secured 4% serial bonds, $2,013,000 of Texas &
New Orleans RR., Sabine division, 6%, first-mortgage gold bonds and
$4.159,000 of San Antonio & Aransas Pass By. first-mortgage 4% gold
bonds was dismissed.
The report of the Commission says in part:
On
9 1934 we approved, as desirable for the improvement of transportation facilities, certain maintenance, consisting of the installation of
Feb'
new ties, new rail and fastenings repairs to bridges, trestles and culverts,
and repairs to locomotives and freight-train and passenger-train cars.
The maintenance, the total cost of which is estimated at $12,970,735. is
to be financed principally with funds obtained from the Federal Emergency
Administration of Public Works through the issue of $12,000,000 of 10
-year
secured 4% serial bonds.
The serial bonds will be issued originally as temporary registered bonds.
dated day of issue, in denom. of $1,000 and multiples thereof, will bear
interest from and after one year from their respective dates at the rate of
4% per annum, payable semi-annually, commencing on May 1 or Nov. 1
next following the expiration of one year from the date thereof. On and
after 18 months from their respective dates the temporary bonds wilt be
exchangeable for an equal aggregate amount of definitive coupon or registered bonds of the same maturity as the bones surendered. Both the
coupon bonds and the definitive registered bonds will bear interest from
May 1 or Nov. 1 next preceding the date of issue in place of another bond
or bonds, unless Issued on May 1 or Nov. 1, in which case they will bear
Interest from the date of issue. All definitive bonds will bear interest at
the rate of 4% per annum, payable semi-annually on May 1 and Nov. 1,
will be payable as to principal and interest in such coin or currency of the
Spokane Portland & Seattle
FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 502.
1934.
5330,675
138,369
61.281
669,428
229,728
78,528
Ry.-Earnings.
1931.
1932.
1933.
$424,645
$360.368
5252,654
104,463
84,048
52.767
7.320
def26,365
497
511,993
78,068
def83,351
750,577
170,104
559
903,668
230,100.
36,674
-Plants Offered at Auction.
Spreckles Sugar Corp.
The plants and equipment of the corporation and the Syrup Products
Co. at Yonkers, N. Y., having an assessed valuation of $2,648,000 and
subject to $500,000 arrears in taxes, were offered for sale March 26 at
auction by Special Master Harold R..Medina. There was no qualified bid
at the receivers' sale in equity for the combined plants and then the sale
continued with the plants and equipment offered separately.
The Metropolitan Alcohol Corp. of New York offered $475,000 for the
Syrup Products Co. plant, with a $47,500 payment and the balance in
10 annual instalments. This bid will be presented to the Federal Court for
a ruling as to the acceptability of the terms.
A building of 418 feet frontage on the water was sold for $100 to Herman
Lurie of 81 West 172d St., NY. City. However, the new owner must
pay $43,807 in taxes. Another waterfront property with 150 feet frontage
on the river and 475 feet deep sold for $2,100 to S. C. Friedlander of
Cleveland, Ohio. These were the only blocks of real estate for which bids
were accepted.
After the real estate had been disposed of. the auctioneer, Addison
Freeman of Samuel T. Freeman & Co., began offering the 2,700 items of
equipment.
-V. 138, p. 1761.
Springfield Street Ry.-Earnings.-
1930.
1931.
1932.
1933.
Calendar Years$1,594,198 $1,788.387 $2,125,083 $2,420,496
Operating revenues
1,921,623
1,701,577
1,662,003
1,325,324
Operating expenses
36,065
41,964
47,537
41,741
Taxes
Cr5,863
Cr3,773
Cr1,150
Cr633
Non-operating income- 279,612
269.983
267,143
252,183
Deducts,from gross inc_
5189,060
5115.332
defS24.418 def$187,145
Net income
186,188
93,094
Dividends
$2,872
$22,238
defS24,418 def$187,145
Balance, surplus
Balance Sheet Dec. 31.
1932.
1933.
LiabilitiesAssets1932.
1933.
52,900,000 $2,900,000
Capital stock
Invest. in road and
equipment
$7,911,675 $8,099,520 Long-term debt_ __ 3,002,370 3,114,583
Loans /4/ notes pay_ 1,055,254 1,081.566
Deposit in lieu of
40,851
92,930
7,044 Misc. accts. pay__
mtged. prop.sold
7,044
4,843 Matured int., dive.
Misc. phys. prop_
4,943
1,041
8,891
Other investment_
6,000
& rents unpaid__
6,000
Cash
134,827
87,876 Accr. int., divs. Ar.
75,099
73,486
payable__
rents
Mat'ls dr supplies_ 130,064
146,815
1,111
1,308
0th. curr. assets
48,040 Def'd liab)lities_ _ _
32,981
Rents & insurance
Tax liability and
71,898
53,603
prems. paid in
other reserves__
advance
7,408
5,369 Accr. deprec., road
Deferred assets_
and equipment_ 1,096,112 1,031,915
157
1
95,155
58.257
0th. unadj. debits
983
1,128 0th. unadj. credits
6,779
105,930
Deficit
Total
$8,236,084 58,406,635
-V. 138, p. 1043.
Total
88,236,084 88,406.635
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Financial Chronicle
2428
-Removedfm List.
D Co.
The New York Curb Exchange)has removedfrom unlisted trading
privileges the class A preferred stoc and the class B common stock both
(no par).
-V.136,P. 4105.
-Increases Div.
Standard Fire Insurance Co. of N. J.
A quarterly dividend of 40 cents per share has been declared on the
capital stock, par $25. payable April 23. Previously, the company made
-V.
regular quarterly distributions of 37)4 cents per share on this issue.
135, P. 2506.
-Balance Sheet
Standard Insurance Co. of New York.
Dec. 31 1933.
(Bonds and stocks valued on New York Insurance Department basis.)
LtabtlittesAssetsCash in banks and office
$2,239,532 Reserve for unearn. premiums_ 81,226,194
1,709,770 Reserve for losses in process of
Bonds
155.255
adjustment
1,408,741
Stocks
66,700
Reserve for all other labillties
Prems. in course of collection
479,739
203,841 Contingency reserve
(not over 90 days)
1,500,000
All other assets
70,812 Capital
2,204,808
Surplus
Total
$5,632.696
Total
$5,632,696
-Earnings.
Stern Brothers.
1932.
1933.
1934.
Years Ended Jan. 31Gross merchandising profit, incl. disc.
on purchases, net inc. from leased
depts. & miscellaneous revenue___x$3,949,789 $3,466,602 $4,601.165
Oper. exps. before deprec. & interest- 3,672,797 3,989.309 4.991,398
Prov. for deprec. of turn., fixtures,
175,455
164,286
equipt. & leasehold improvements_
151,660
355,574
93,119
Interest on bonded indebtedness_ _ _ - y112,678
4,539
Other interest
Provision for claims & contingencies_
85,000
$925,800
$780,113
Loss for year
$72,345
it Includes $15,064 gain on sale of equipment. y Bond interest amounting to $210,030 was waived and cancelled during year. Except for this
waiver, loss for the year would have been $282,375.
Surplus Accounts for the Year Ended Jan. 31.
1932.
1934.
1933.
Capital SurplusBalance, Feb. 1
$3,492,394 $3,492.394 $2,102,962
Reduction of stated value of common
stock from $5 per sh.to a par val. of
1,389,432
$1 per sh., 347,358 shs. outstand'g_
Excess of stated value over cost of
class A stk. purchased during year
21,100
$3,513,494 $3,492,394 $3,492,394
Balance, Jan. 31
Earned Surplus
Balance, Feb. 1
$1,674,815 $2,363,095 $3,884,169
Deduct adjustments as follows:
Reduction in book value of mdse.
inventories(excl. of$110,000 incl.
190,000
in current cost of sales)
Special reserve against book value
100.000
ofleasehold improvements
Interest accrued on bonds outstand42,840
ing, waived and canceled
Adjustments of accrued deprec. of
fixtures & equip.(excl. of$30,784
327,490
incl. in deprec.for current year)_
23,347
Other adjustments
$1,674.815 $2,405.935 $3,243,332
Balance, Feb. 1, as revised
925,800
780,113
72,345
Loss for year (as above)
Excess of face value over cost of sinkCr66,204
48.992
1,234,396
ing fund gold bonds purchased
Dividend, April 1 1931 on class A
20,641
stock, $1 per share
$2,836,865 $1,674,815 $2,363,095
Balance Sheet Jan. 31.
1934.
1933.
1933.
1934.
Liabilities$
Assets368,343 1,005,172 Accounts payable
Cash
Accts.receivable 1,034.080 1,040,874 and accruals. in416,315
494,792
Mdse.Inventories_ 1,103,741 1,053,089 cluding taxes__
Proviso for claims
xFurn.,fixt.,impts.
88,500
and equipment. 1,227.691 1,253,541 & contingencies_
6% sinking fund
Good-will & trade
4,047,000 5,808,000
7,499,60 7,499,600 gold bonds
name
76,830
103.205
5,000 y Class A stock_ _ _
53,271
Investments
z Common stock_ 347,358
347,358
Prepaid ins., rent,
Capital surplus_ _ _ 3,513,494 3,492,394
&c., and other
63,288 Earned surplus _ _ _ 2,836,865 1,674,815
deferred items
39,636
Balance, Jan. 31
11,326,362 11,920,563
Total
11,326.362 11,920,563 Total
After depreciation. y Represented by 15.366 shares (no par) in 1934
-V. 136.
and 20,641 in 1933. z Represented by 347,358 $1 par shares.
p. 2628.
-Charter Changes Postponed.
Stewart
-Warner Corp.
April 7 1934
-Smaller Payment.
Supervised Shares, Inc.
The directors have declared a quarterly dividend of one cent per share
on the capital stock, payable April 16 to holders of record March 31. This
compares with 1.3 cents per share paid on Jan. 15 last. 1.5 cents per share
on Oct. 15 1933. 1.6 cents per share on July 15 1933 and 1.75 cents per share
on April 15 1933.-V. 138, p. 517.
-Stock Options.Sweets Co. of America, Inc.
• The company has notified the New York Stock Exchange of the granting
of the following options: 1,000 shares of common stock optioned to an
employee at $5 Per share, such option to expire April 1 1935.
(Anions as follows have been granted to the President of the company
(options (2),(3),(4) and (5) do not become effective unless the prior block
of common shares has been taken up on or before the expiration date):
(1) 1,000 shares of common stock at $4.90 per share on or before April 1
1935; (2) 1,000 shares at $4.95 per share on or before May 1 1935; (3)
1,000 shares at $5 per share on or before June 1 1935: (4) 1,000 shares at
$5.05 Per share on or before July 1 1935, and (5) 1,000 shares at $5.10 per
share on or before Aug. 1 1935.-V. 137. p. 4203. 3340.
-Common Dividend Omitted.
-Tampa Gas Co.
The directors have decided to omit the quarterly dividend ordinarily
payable about April 1 on the common stock, no par value. The last quarterly
payment,amounting to 50 cents per share, was made on this issue on Jan.2
ast.-V. 136. p.2611.
----Taylor Milling Co.-Revdfrom List.
as removed fr
The New York Curb Exchan
unlisted trading
listed
privileges the common stock (no p .-V. 137. p. 4203.
"----Telephone Bond & Sha Co.
z -Removed from List.45
t
The New York Curb Exchange has removed from unlisted trading
-V. 138, p. 2269.
(no par).
privileges the class A common s
-Earnings.
-Texas Gulf Producing Co.
Period End. Feb. 28- 1934-Month-1933.
Net income after deduct.
oper.exp.,int. deprec.
& depl.& all oth.chgs.
$35.890
$68,320
-V. 138, p. 1064.
1934-2 Mos.-1933.
$142,495
$75,461
-Removed from List. ,
-Texas Louisiana Power t:i o.
s---
The New York Curb Exchange has removed from unlisted-trading
r $100).-V. 138, P. 151.
Privileges the 7% preferred stock
Texas Mexican Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 13§, p. 1484.
1934.
$68,730
12,916
4,779
1933.
$442,205
def12,310
def20,425
1932.
$43.047
def5,857
def13,151
1931.
$82,107
• 7,777
.def2.085
131,014
18,815
2,462
103,516
def4,320
def19,843
94,148
def5.338
def22.137
141,701
def19,102
def40,378
-Earnings.
Texas Pacific Coal & Oil Co.(& Subs.).
Calendar YearsGross earnings
Operating expenses
1932.
1931.
1930.
1933.
83,559,638 $4,116,304 $4,516,249 $7.114,439
3.705,818 4,386,370 6,007,610
3,239,041
Operating profits
Other income
$3320,598
47,325
$410,487
567.611
$129,879 $1,106,829
70,413
306,438
Gross income
Lease,rentals,int., SteDepreciation,&c
$367,923
279,529
644,977
$978,097
348,811
469,059
$200,292 $1,413,266
660,745
957,336
952,782
1.426,203
$556,583prof$160,228 $1,413,236
Net loss
932,403
932,403
932,403
Shs.com.outst'g(par $10)
Nil
Nil
$0.17
Earns. per sh.on cap.stk
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
Liabilities$
Assets
9,324,031
Total properties_ .a8,464,502 32,073,007 Capital stock
381,682 Accts. & notes pay 1,429,791
Investments
367,851
Accrued taxes_ __ _ 159,922
Contracts In progress(net)
40,224 Real estate our44,600
347,983 chase contract...
Cash
488,915
Security deposits
Notes & accts. rec.
13,666
(less reserve)
896,780 for inventories._
543,222
salaries
Inventories
1.228,258 1,710,334 Accrued
& wages
26,075
Notes receiv. &
Accrued interest_
7,525
paving Ws
109,585
Deferred credits__
3,186
Cash deposited in
Reserves
escrow
100.000
117,582 Deple. oil & coal
Deferred charges
86,435
deposits, based
Notes & accounts
on cost
receivable from
Depree. of phi'semployees'stock
foal property112.868
purchase comm.
94,750
Contingencies.... 179,962
294,550
Surplus
$970,273
932,403
Ni
1932.
$
9,324,031
1,611,575
166,764
47,500
5,772
2,876,456
17,034,485
118,329
4,495,551
Total
11,483,620 35,680,462
11,483,520 35,680,462 Total
a After reserves for depletion, depreciation and amortization.
-V. 137,
P. 3510.
The stockholders on April 3 elected directors, but a lack of proxies
prevented action on the proposed amendments to the company's charter.
The meeting will reconvene on April 16. It was proposed to reduce the
par value of the stock from $10 ot $5 a share, and to change the company's
name to Stewart-Warner Alemite Corp. (See V. 138. p. 1930.)
The stockholders re-elected as directors Sidney Adler, R. J. Dunham,
Joseph E. Otis, Jr.. Ralph M.Shaw and Eugene V. R. Thayer of Chicago
and it. J. Graham of Belleville, Ont. They also added James S. Knowlson
of Chicago to the board -V. 138, p. 2098.
3 Months
9 Months
PeriodJan.25'34. Jan. 26 '33. Jan. 25 '34. Jan. 26 '33.
Net loss after deprec. &
Federal taxes
$32.459 prof$193
$133,112 prof$5,488
-V. 138, p. 879.
(Hugo) Stinnes Industries, Inc. $20 Partial Payment
Deposits under Plan Increase.
3 Albs. End. Mar.31Interest
Cash dividends
$48,880
1933.
$5,366
46,543
1932.
$8,550
65,146
1931.
$5,982
76,530
Total income
Management fee
Stock transfer expenses_
Custodian's services_ _
Legal & auditing fees,&c.
New York State tax_ _ - _
$48,880
8,185
384
500
2,719
1,481
$51,908
7,856
740
900
2,974
980
55
$73. 9
9,115
3,(
799
90
0
071
$82,512
14,338
The corporation on April 7 anno ced that funds have been placed with
Halsey Stuart & Co. Inc., and A. G. Becker & Co., paying agents
under the plan, to make a partial payment of $20 on the coupons which
matured April 11934, being at the annual rate of4% per $1.000 debenture.
This partial payment of $20 will be made to holders of all debentures,
whether stamped or unstamped, upon the surrender of the April 1 coupon.
The announcement further states:
"The holders of stamped debentures have the company's commitment
to pay the deferred portion of the interest at maturity. The company is
desirous that Debenture holders who have not had their debentures stamped
do so at the time of collection of the partial payment on the coupons which
became due Oct. 1 1933 and April 1 1934, in order to receive the evidence
of the company's conunittment to pay the deferred portion by having it
stamped on the debentures. The company likewise desires to have their
approval of the necessary waiving of the sinking fund for 335 years as set
,
forth in the plan dated Oct. 311933.
"Debentures, accompanied by properly acknowledged letters of transmittal. should be forwarded to Central Hanover Bank & Trust Co., 70
Broadway. N. Y. City.
"Up to the close of business on April 6, $7.062,000 face amount of debentures. out of 118,436.000 Issued and outstanding had been stamped and
proxies in that amount had been executed in favor of the waiving and
modification of the sinking fund. Of these debentures, $2,270,000 were
tendered for stamping by the Mathias Stinnes Mines, and the company
desires to secure a full 80% of the debentures other than those tendered
by the Mathias Stinnes Mines. To accomplish this, it is necessary that the
holders of an additional $142,000 of debentures send in their debentures for
stamping, together with the necessary letters of transmittal before the
meeting which is called for May 2 1934.-V. 138. p.2268.
Studebaker Corp.
-Prices of Mouels Advanced.
The corporation on April 2 announced an increase of $25 in the price
of its Dictator and Commander models and an advance of $50 in the price
-V. 138, p. 2268.
of its President line.
,Thompson Starrett Co., Inc. -Earnings.-
Third National Investors Corp.
-Earnings.
1934.
8,745
Net income
$38,458
$35,609
$59,810
$59,429
Security Profits Account, Three Months Ended March 31 1934.
Profit realized on sale of securities, based on average cost
$9,819
Recovery of cash in closed banks previously charged off to
security profitr account
2,893
Total
$12,713
Exce s of cost over market value of investments, Dec. 31 1933 1,653,416
Excess of cost over market value of investments, Mar. 31 1934 1,332.418
Decrease in unrealized loss
$320,998
Change in Net Assets, Three Months Ended Mar. 31 1934.
Per Share
(220,000
Total.
Shares).
Net asset 1, market value Dec.31 1934
$4,801,592
$21.83
Increase for period, before dividends:
Net income
$35,609
$0.16
Realized profit per security profits account
12,713
0.05
Decrease in unrealized loss on investments
320.998
1.46
Decrease in excess of cost over market value of
treasury stock
197,715
0.90
Total
$567,036
$2.57
Net assets, market value March 31 1934
$5,368,628
$24.40
Financial Chronicle
Volume 138
Balance Sheet March 31.
Assets1934.
1933.
1934.
Liabilities1933.
Cash
$191,632 $166,020 Accrd.expenses_
31.550
$2,650
U.S. Govt.°Wig_
1,177,252 Provision for N.Y.
Investments _ _ -.44,238,200 c6.196,885
State tax
1,200
6,100
Int. de diva. receiv_ e23,775
28,645 Unearned interest_
822
Corn. stk. of Third
a Common stock
Natl. Investors_ 922,670
220.000
220,000
itI par)
Deposit In closed
b Paid-In surplus. 10,148.502 10,148,502
bank
14,535 Deficit
3,432,125 2,789,837
Excess of cost over
market value_DrI,567,748
Total
55,376,278 17,583,337
$5.376,278 57,583,338
Total
a Of the authorized 400,000 shares, 130,000 shares are reserved for
exercise of purchase warrants, entitl ng the holders to purchase common
stock at $62 per share until March 1 1935, and thereafter at $2 more per
share per annum until March 1 1939, when the warrants expire. b Representing the excess of paid-in capital over the par value of capital stock.
after deducting organization expenses. c At cost; market value $2.468,500.
d At market; cost. $5,570,618. e Dividends receivable only.
-V. 138,
P. 341.
Toledo Edison Co.
-Production Gains.
-
Month ofPower output (in k.w.h.)
-V.138. p. 1919, 1744.
Mar. 1934. Feb. 1934. far. 1933.
38.955,534 35,061,088 27.035,239
----Torrington Co. of Maine,.
-Removed from List.
d trading
Towle Manufacturing Co.
-Extra Distribution.
-
The directors have declared an extra dividend of $5 per share on the
capital stock, no par value, payable April 16 to holders of record March 24
from surplus earnings made prior to 1930. Regular quarterly distributions
of $1.50 per share were made on this issue throughout the depression an
up to and including April 2 1934.-V. 134. p. 3999.
Transcontinental Insurance Co., New York.
-Balance
Sheet Dec. 31 1933.-
Total
$3,088,121
Liabilities
Capital stock
$1,000,000
Reserve for unearned prems
490.347
Reserve for losses
68,349
Reserve for taxes & other erns_
33,250
Reserve for contingencies
117.152
Netsurplus
1,379.022
Total
$3,088,121
Calendar Years1933.
Earns, after oper. exp.
and depreciation
$1,081,939
Int. on certificates, &c-.
272,984
Federal taxes
27,491
$884,666
323,926
. 59.144
$1.935,388 $2,793.096
395,735
430,370
148,225
271.478
Net income
Other income
$501.597
554.229
$1,391.428 $2,091,248
481,520
455,217
Total income
Common dividends
Balance, deficit
Adjustments
Previous surplus
$781,464
412,252
$1,193,716
1,518,916
$325,200
Cr111,562
6,592.866
1931.
$1,055,826 $1,872,948
1,818,370
2,006,476
$762,544
7,355.410
1930.
$2,546,465
2,006.477
$133,528 def$539,988
Dr510,726 Cr488,870
7,999,665
6,970,807
Profit & loss surplus__ $6,379,228 $6,592,866 $7,355,410 $7,999,665
Shs. corn. out.(no par). 1,200 1300
1,254 048
1,254,048
1,254,048
Earns, per sh. on com__
$6.99
$6.84
$1.49
$2.03
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets-Liabilities-$
Prop., plant tank
y Capital stock _ _
30,000,000 31,351,200
car equip., &c_ _30,632,459 29,960,742 Accounts payable_ 345,507
186,693
Cash
1.373.111 2,929,049 Accrued interest__
43,875
58,500
U. S. Govt. bonds 5,167,694 6,463,516 Federal tax reserve
85,244
59,143
Other securities._ 2,371,373 3,633,271 Miscell. reserves__
817,461
796,613
Accounts receiv - 1,118.950
773.084
% equip, trust
Materials & suppl. 802,079
certificates
344,588
3,900,000 5,200.000
Accrued Income &
Surplus
6,379,227 6,592,866
deferred charges
80,954
98,433
Unamort.debt disc
24,694
42,332
Total
41,571,314 44,245,015
Total
41,571,314 44,245,015
x After depreciation. y Represented by 1,200,000 no par shares in
1933 and 1,254,048 in 1932.-V. 137 p. 1596.
-United American Utilities, Inc.
-Reorganization Plan
Operative.
W.C.Fitkin,Chairman of the reorganization committee of United Ameri-
can Utilities, Inc., and Pacific Freight Lines Corp., Ltd., has announced
that the plan of reorganization of these companies has been declared operative. Holders of securities of the above companies may receive the new
securities issued under the plan by deposit of their securities with the Delaware Trust Co.. Wilmington, Del. Deposits under the plan must be made
not later than April 30 1934.
The securities affected under the plan are the 10
-year 6% convertible
gold bonds, series A, due 1940• class A stock, first series; and the common
stock of United American Utilities, Inc. (formerly called United American
Shares Corp.) and the cumulative participating preferred stock, series A,
of Pacific Weight Lines Corp., Ltd.
The members of the reorganization committee, in addition to W. C. Fit
kin, are It. M. Fitkin and M. S. Reeve. E. C. Johnson, 60 Wall Tower,
New York City, is Secretary -V.138. p. 1919.
United Fuel Gas Co.
-Trustee.
-
The Guaranty Trust Co. of New York has been appointed trustee and
registrar for an issue of $6,000,000 guaranteed 5% serial notes dated Jan. 1
1934. These notes wero disposed of at a private sale.
-V. 138, p. 1232.
United-Carr Fastener Corp.(& Subs.).
-Earnings.
Calendar Years1933.
Gross profit for oper _ _ _ _ $1,265,611
Gen., adm. & sell. exps_
521,092
1932.
1931.
$785,814 $1,044,941
464,072
542.777
Balance from oper.- Other inc. & deduct.
(net)
Depreciation
Profits applic. to min.int
Debenture interest
Income taxes
$321,741
89.062
174.687
loss1.384
93,036
9.825
8502,163
95,667
178.547
2,119
105.697
25,257
$440.051
7.961
199.581
6.037
120,000
38,562
Net profit
$260,884 loss$43,484
Capital, Jan. 1
1,728,889
x1.679,350
Increasing treasure debs.
purchase to par value_
Net prof. on debs. retired
43,827
Sundry charges & credits
-net
Dr6.054
$94,876
1.736,728
$67,909
1.789,385
$744,519
140,059
201,793
421
86,992
54,369
1930.
$1.070,717
630.666
22.702
37,743
695
Total
$1,984,061 $1,679,350 $1,870,043
Dividends paid
74,994
49,996
Write-down in value of
foreign subsid
66.159
Adjustment due to exchange fluctuation_ _ _
Cr28,865
8,715'
$1.886,711
149.984
Capital, Dec. 1
41,962,931 $1.679.350 $1,728,889 $1,736,728
Earns, per sh.00 250,000
shs. cap. stk. (no par)
Nil
$1.05
$0.37
$0.27
x Includes $1,000.000 stated value of commonrstockiandithe balance
as surplus.
Iss..ted
United Gas Improvement Co.
-Dividend Payments.
-
The company announced that with the payment of dividends due
March 311t will have disbursed $288,885,249 in cash dividends since its
incorporation in 1882. In addition, $26,897,712 has been paid during that
period as stock or script dividends.
The checks were mailed to more than 90,000 holders of common stock
and to more than 21.800 holders of pref. stock.
-V. 138. p. 2271.
Judge Robert A. Cooper in Federal Court at San Juan. Puerto Rico,
March 27 confirmed the sale of the company to E.T.Fider, representing the
National City Bank for $3,500,000. The attorney acted for the majority
creditors. The judge also ruled to permit reorganization of the company.
-V. 138, p. 880.
United States Casualty Co.
-Balance Sheet Dec. 31 1933.
Bonds
$4,121,409
Stocks
1,680,088
1,050,130
Mortgages
Collateral loans
8,410
Interest due and accrued
107,120
Premiums in course of collect'n 1,071,964
Dep. with Workmen's cornpensatIon Reinsur. Bureau_
98.642
Salvage & reinsurance recover65,589
able on pale` losses
Cash in banks & In co.'s office_ 609,751
Total
$8,813,143
LlabUUfesCapital stock
$1,000,000
Res. for undetermined losses__ 4,080.583
Res. for unearned premiums__ 2,091,162
Res.for commissions on prems.
in course of collection and
329,112
for taxes on premiums
Res. for all other ndebtedness 119,896
Contingent reserve
649,230
Voluntary addit'l contingent
reserve
43.160
Net surplus over all hal:dines_
500,000
Total
$8,813,143
United States Freight Co.(& Subs.).
-Earnings.
-
Union Tank Car Co.(& Subs.).
-Earnings.
1932.
Total
$4,047,134 $3,739,284
84,047,134 53,739,284
Total
x Represented by 250.000 shares of no par value.
-V.138, p. 1582.
United Puerto Rican Sugar Co.
-Sale Confirmed.
-
The New York Curb Exchan
has removed from unl
privileges the capital stock (no pa .-V. 137, P. 4204.
Assets
Bons & stocks
$2,741,297
Interest accrued
16,154
Cash on hand & in banks
163,885
Premiums in course of collect'n 162.977
All other asseta
3,807
2429
Consolidated Balance Sheet Dec. 31.
Assets
1932.
1932.
1933.
1933.
LiabilitiesCosh
$63,532
8361.976 $234,884 Accounts payable_ $77,237
Accts., notes, acDividends payable
24,998
cept, and drafts
85,853
Accrued expenses_
77,456
receivable, net_
365,924
285,874 Fed. & for. taxes.
Mdse. inventories_
7,765
705,384
708,246
52,844
estimated
U. S. Govt. oblig _
91,235 10
50.684
-year 6% cony.
Value of life insur_
14,439
11.014
1,728,000 1,800,000
debentures
Other assets
387,267
263,412 Minor. int. In sub.
Land, bldgs., ma117,828
118,097
companies
chinery & equip.
Def. inc. on ma(less deprecia'n) 2,109,135 2,104,400
4,958
chine rentals
7,570
Licenses, patents,
x Common stock_ _ 1.000,000 1,000,000
good-will. &a_
962,931
3
679,350
3 Surplus
Deferred assets_ _ _
52,320
40,212
Calendar Years1933.
1932.
1931.
1930.
Gross operating revenue$28,136,837 $24.096,149 $25.779.106 $30,863.617
Gross freight and cartage
id
22.518.126 19,327.622 19,154.256 22.623.789
Operating costs
4,929,3204.521,115
7.987.600
6,604.880
Interest
330
5.048
24.885
21.481
Federal taxes, &c
97.413
24.947
49.501
50.756
Depreciation
69.602
89.894
288.827
337.376
Net profit
Dividends
$522,046
74,891
4127,523 def$339,540 def$150.789
674.024
Surplus
$447,155
$127,523 def$339,840 def$834,813
Earns, per sh.00 299,566
'
shares stock
$1.74
Nil
Nil
$0.43
x After absorbing $71,434, operating loss of subsidiaries sold during year.
Consolidated Balance Sheet Dec. 31.
1032.
1933.
1933.
1932.
Assets
Liabilities$
Real estate
20,255
19,450 y Capital stock... 7,491.000 7,491,000
x Furniture fixtures
Accounts payable_ 884,595
879.481
and equipment_ 269,392
314,589 Tax reserve
85,238
5,589
Cash
675,810
349,891 Reserve for continAccounts and notes
gent Sabi!. on
receivable
1.899,299 1,282,527
114,355
notes
137,500
Stationery & suppl
51,416
50,666 Earned surplus.... 275,878
307,203
1st mtge. marine
Capital surplus... 1,217,008
750.308
equip. bonds.._ 225,000
225,000
Mortg. notes rec.. 1,500,000 1.500,000
Investment in other
companies
3,959,000 3,959,000
Cost of seeur. of
subsid. in excess
of book value_ _ 1,550,386 1,529,275
Treasury stock_ .._
3,161
3.161
Contra-contingent
liability account.
114,355
endorsed notes_
137,500
10,068,074 9,371,059
Total
Total
10,068,074 9.371,059
After depreciation of $453,009 in 1933 and $388,824 in 1932. y Represented by 299,640 no par shares.
-V.138. p. 1065.
United States Rubber Co.-Annual Report Year Ended
Dec. 31 1933.-Chairman F. B. Davis Jr., New York,
March 7, reports in substance:
Operations -Net sales amounted to $88,326,666 for the year. after
the deduction of all discounts and allowances, an increase over 1932 of
$10.026575 or 12.81%. As in previous years. sales of tires by controlled
companies are not included in the consolidated operations. The investment in these companies, whose capital stock is not wholly owned by company, is carried as securities of controlled companies in the consolidated
balance sheet.
The profit from operations for the year. before deduction of interest
on funded indebtedness and provision for depreciation, was $10.385,375.
After deduction of interest of $3.845,849 and depreciation of $6,462.613.
the net profit for 1933 was $76,913. Further charges and credits, not
applicable to the current year's operations, caused a charge to surplus for
the year of $606,338. The charge to surplus for the year 1932 was
$10,358,374.
The last six months of the year witnessed a material improvement in
business as well as increased costs of raw materials and wages. The
Federal manufacturers' excise tax on tires and tubes was effective for the
full year and amounted to $3.896,000. The increase in this tax, together
with new Federal taxes imposed during the year, increased the tax burden
of the company by $4,183,000.
Consolidated Balance Sheet.
-Total current assets were $50.099.681 on
Dec. 31 1933. including cash in the sum of $8,054,291. Total current
and accrued liabilities were $10,778,827, including $1,357,000 of 63
.
1%
serial gold notes maturing March 1 1934. The ratio of current assets to
current liabilities was 4.65 to 1, compared with 3.06 to 1 at the close of
the previous year.
Securities of controlled companies are included among the Investments
of the company at cost or reduced book value and amounted to $3,661,575
on Dec. 31 1933. The net worth of these securities was $4,913,943, an
increase in net worth for the year of $324,114.
The difference between par and purchase price of bonds and notes of
the company purchased at current market prices during the year for future
redemption resulted in a credit of $692.733. Total outstanding funded and
long-term indebtedness was reduced by 86,234,266 and interest on funded
Indebtedness was reduced from $4.381.519 in 1932 to $3,845,849 in 1933.
In addition to the securities purchased for redemption, the company held
for investment its bonds and notes having a par value of $647.000 at their
cost of $527,394 and the trustees of the insurance fund held bonds and
notes of the company having a par value of $1,323,200 at their cost of
$1,034
OnJune 1 1933 515,000,000 of 6% secured gold notes of the company
became due. On that date 88,498.000 of these notes were outstanding
and were met by too payment of $2,549,400 in cash and the issuance of
55.948.600 of secured id% gold notes due June 1 1936. During the subse-
quent months of the year, $948,600 or these new notes were purchased for
redemption, thus leaving outstanding in the hands of tne public $5,000,000.
The net book value of properties, plants and equipment on Dec. 31 1933
was $77,586,572, a reduction of $5,142,149 for the year. Idle properties
available for sale had a net book value of $17,879,535. In accordance with
the policy adopted in 1932, no depreciation was accrued upon these properties for the year.
The common stock, consisting of 1.464,371 shares of no par value, had a
net worth of $12,252,066, or $8.37 a share, after deducting tne value of
good-will, patents. Scc., carried on the books of the company.
The managers' shares plan, which was approved by the stockholders on
Oct. 15 1929. has not yet become operative.
-United States Rubber Plantations. Inc.. had a profit of
Plantations,
$577,376 before deduction or depreciation of $497,443, whicn resulted in a
credit to surplus of $79,933 for the year. No furtder accrual of amortization based on the estimated useful life of the trees has been made in view
of the reserves previously created.
A marked increase in the price of crude rubber expressed in U. S. currency occurred during the last half of the year, which was partially offset by
a corresponding increase in the foreign exchange rates involved. The market price on Dec. 31 1933 was nine cents.
Production for the year was 48,718.000 pounds,compared with 48.674,000
pounds in 1932. 99,000 acres are planted and 82,800 acres are in bearing,
with an average yield per acre of 588 pounds.
Our usual comparative income statement for the year
ended Dec. 31 1933 was published in V. 138, p. 1763.
Consolidated Balance Sheet Dec. 31.
1933.
$
AssetsPlants, property,
dm
77,586,572
Cash
8,054,291
139,002
Marketable secs.
Acets and notes
recely'le (enstomers)
16,652,543
Finished goods_ 14,472,284
Mat'ls & supll's,
incl. goods in
10,781,560
process
U. S. Rub.Pkintations, &c
27.084,871
U.S.Rubber Co.
notes & bonds 1,562,026
Securities of controlled cos
3,661,574
Other securities_ 1,104,629
Prepaid and de1,022,830
IP ferred assets
Good-will, patents, &o
See a
Total
April 7 1934
Financial Chronicle
2430
1932.
$
82,728,721
12,303,472
187,943
15,936,881
12,849,843
6,950,224
27,345,538
420,681
3,766,930
920,545
2,363,589
1933.
$
LialyilUiesPreferred stock_ 65,109,100
b Common stock 12,252,067
338,700
Min.Int. In subs.
Acels & crude
rubber acceptances payable 5,497,831
Accr. int.& nab. 3,923,996
614% serial gold
notee(current) 1,357,000
1st mtge. U. S.
Rub.Co.BIdg.
800,000
New York__
Notes pay. for
684,414
purch. of sec_
lst & ref. M.bds. 51,000,000
6% gold notes__ 5,000,000
Dominion Rub.
Co., Ltd., 6s. 2,504,500
614% gold notes 11,211,000
3,043,575
Reserves
1932.
$
65,109,100
12,858.404
338,700
2,882,298
3,096,261
1,065,000
800,000
958,181
52,000,000
8,699,000
2,301,000
12,968,000
2,698,424
See a
162,722,184 165,774,368
Total
162,722,184 165,774,368
Consolidated Balance Sheet Dec. 31.
Bonds& other sec_ 328,418
Deferred charges__ 891,200
Cash
1,464,891
5,895
Stock purch.contr.
b Accts.¬esrec. 2,853,007
Govt.securities_ _ _10,824,655
3,396,619
Inventories
1,132,948
Municipal bonds
343,267
994,354
1,556.623
c632,698
2,397,582
10,605,416
2,796,016
1,250,289
Results for Calendar Years.
1931.
1932.
1933.
$691,105 $1,356,121
prof.$79,932
383,219
1,492,157
801,052
2,465,059
Net loss
Previous surplus
Adjust. of reeve for depreciation_
$801,052 $1.492,157
$880,984
Consolidated Balance Sheet Dec. 31.
(According to cabled advices)
IliBalance, surplus
1932.
1933.
$
Liabilities$
$
Assets607,389
8,287 Accounts payable_ 819,282
10,527
Cash
36,421 Res. for ins., leave
41,979
Acc'ts receivable
379,885
360,645
exp., &c
291,586
524,243
Inventories
a L'd. equip., &c_28,531,693 28,765,002 Open acc't with
U. S. Rub. Co 9,084,871 9,345,538
Prepaid & deferred
32,568 b Inv. of U. S.
37.341
assets
18,000,000 18,000,000
Rubber Co
801,052
880,984
Surplus
Total
29,145,784 29,133,864
Total
29,145,784 29,133,864
alAfter reserve for depreciation and amortization of $9,331,087 in 1933
and $9,403.453 in 1932. b Represented by the entire capital stock of
-V. 136. p. 1570.
United States Rubber Plantations, Inc.
Common stock._ _23,753,200 24,366,980
876.766
Res. for coining__ 876,766
Res. for accidents.
451,889
Insurance, &o__ 260,764
612,835
Dividends payable 433,879
255,910
Aceruais
A ccounts payable_ 619,719
270,165
306,423
Paid in surplus._ _ 5,763,429 5,598,172
.
Earned surplus_ _19,585,811 19,641,451
1933 and 5629,192 in 1932. c After reserves of 5900,000.-V. 137. p.3511.
United States Smelting Refining & Mining Co.
1930.
1931.
1932.
.
.
Earns for Calendar Year8-1933
Earns, after prod. costs_ $9,929,578 15,133,318
162,413
93,868
Other income
Not
available
510.023,446 $5,295,731
Total income
659.612
793.118
Expenses
182,584
1,233,697
Corp. & Fed. tax, &c_
108,029
Minority interest
$7,888,602 54.453,535 $4,763,158 $6,599,801
Net earnings
Deprec., depl. & amort_ 2,718,727 2,458,303 2,258,400 2.900,145
Profit for year
Preferred dividends_
Common dividends
Surplus
Shares corn, stock outstanding (par $50)--Earnings per share
$5,169,875 $1,995,232 $2,504,758 $3,699,655
1,637,818 1,658,706 1.696.975 1,702.225
994,236
555.639
535.361
2,643,825
$252.144 $1,003,194
$888.232 def$198.835
528.765
528,765
•$0.64
$6.68
Balance Sheet Dec. 31.
1933.
Assets$
b Property Investment account 43,2l7,954
Deferred charges__ 3,717,531
U. S. Govt. secur_ 1,571,257
12,854,386
Inventories
215,236
Stocks and bonds_
Notes receivable dr
59,548
loans
753,081
Accts. receivable
473,153
RFC notes
Cash & Ws.of dep. 6,301,661
1932.
45,385.438
3,747,089
2,000,000
6,940,029
178,578
46,336
755,092
a4,920,409
To Vote on Stock Option, &c.
-Earnings.
U. S. Rubber Plantations, Inc.(& Subs.).
1932.
59,422,191 59,896,369
Total
59,422,191 59,896,369
Total
a After reserves for depreciation and depletion of $12,286,268 in 1933
b After reserves for bad debts of $629,192 In
and $10,732.895 in 1932.
a Good-will, patents. &c., carried on the books of the company at S58,925.372,is shown as a deduction from the book value of the common stock.
b Represented by 1,464,371 no par shares.
At the annual meeting to be held on April 17, the stockholders will
consider amending the Managers Shares Plan by reducing the price of the
shares issued to the Managers Shares Trust, the adoption of the Employees Retirement and Savings Plan, and the granting to the Chairman
of the boards of directors and President of the company the option to
-V.138. p. 1763.
purchase not exceeding $20,000 snares of common stock.
$
1933.
1932.
1933.
Assets-
$
a Plant and prop_38,524,556 39,320,124 Preferred stock_ __ 7,822,200 7,822,200
Total
69,163,810 63,972,972
546,893
$1.48
563,855
$3.54
1932.
1933.
$
$
LiabilitiesCommon stock___26,438,250 26,438,250
23,397.400 23,437,400
Preferred stock
Cap. stk. & sur. of
sub.cos.not held 1,417,489 1,292.694
118,900
90,200
Bonds of sub. cos_
413
413
Scrip outstanding_
Unmatured prop.
375,000
250,000
payment
Curr. unmet. prop.
125,000
125,000
payment
571,157
Accts. payable, &ci 638,115
317,553
Drafts in transit__ 319,879
717,865
Res. for taxes, &c. 2,197,500
542,346
Divs. declared_ ___ 2,272,681
Res. for conting-- 3,691,738 2,605,987
Cap. surp. arising
from purch. of
6,504
pref. stock
Profit & loss acct._ 8,318,640 7,430,408
69.163.810 63.972,971
Total
-V.138, p.2099.
a Cash only. b After all reserves.
-Trend Now Reported Upward.
United States Steel Corp.
At the annual meeting of the stockholders held on April 2. Chairman
Myron C. Taylor stated in substance:
"Last year we thought we had turned the corner and could see ahead
immediate signs of revival. To-day we know we have.
Our operations and the reduction of our losses are stabilizing for the
moment our quick asset position. This experience with operations, reduction of losses, stabilization for the moment of our quick asset position
without for a year encroaching upon it or impairing it, is sufficient proof
to the wise mariner who is charting these difficult seas that we have passed
through the most difficult period of our adversity and that we face the
future with confidence and assurance."
Much discussion in the early part of th meeting centered around stockholders' questions about the employees' profit sharing and pension plans.
Mr. Taylor assured preferred and common holders that their dividend
interests would be considered before any distribution is made under the
profit sharing plan. It is safe to say, asserted Mr. Taylor, that no profit
sharing distribution will be made until earnings exceed $100,000,000 a year.
No bonuses have been paid to officers aince 1930 and pensions to officers
have been steadily reduced during the depression, added Mr. Taylor.
The corporation operated this week at about 40% of capacity, against
-V. 138, p. 1931. 1910.
14.8% a year ago.
abash Ry.-Int. on Omaha Div. Bonds Paid.
The interest due April 1 1934. on the Wabash RR., Omaha Division,
-V.138.
first mortgage 314% gold bonds, due 1941, was paid on that date.
p. 2271.
-Dividend Resumed.
---Washington Oil Co.
- - The directors have declared a dividend of 6% on the common stock, par
-Earnings.
United States Gypsum Co.(& Subs.).
1930.
1931.
1932.
1933.
Calendar YearsNet profits from oper_ $3,202.885 $3,160,225 $5,789.927 $7,835,520
683,133
717.212
564.247
566,965
profits and income
Other
$3,769,840 $3,724.472 $6,507,139 $8,518,653
Total income
259,863
343,695
127,146
158,677
Deductions from income
2,163,031
2,256,403
1,786,583
Deprec. from depletion- 1,775,495
provisions for
Extraord.
150,000
bad debts
687,074
343,899
61,327
96,740
Income taxes
Net profits for year_ -- $1,738,927 $1,599,416 $3.563,143 55,408.685
543,669
548,753
547.552
547,554
Freferred dividends1,906,132 2,469,985
1.903.828
1,187.930
Common dividends
$3,443 def$851,964 $1,108,258 $2,395,031
Surplus
Ohs, corn. stk. outstand.
1,212,598
1,217.472
1,218,349
1,187,660
(Par $20)
$4.01
8
.
.8
$1.00
..
Earnings per snare
Note.-Operations of the Canadian subsidiaries for the years 1933. 1832
and 1931 are included in the above profit and loos account on the basis of
average exchange rates prevailing during respective years. Adjustments of
balance sheets of Canadian subsidiaries for depreciation in Canadian exchange have been charged to earned surplus.
Summary of Consolidated Surplus Accounts for the Years Ended Dec. 31.
1930.
1932.
1931.
1933.
Paid-in SurplusBal. at beginning of year 55,598.172 56,507.999 56.378,248 $4,844,233
Surplus credits resulting
1,534.016
Dr.9,826
129,751
from issuance of stock Dr.6,264
Res.to reduce stock held
under empl. purchase
30,502 Dr.900,000
contract to par value_
141.019
Trawl'. from earn. sum_
Balance at end of year $5,763,429 $5.598,172 56.507.998 86.378,248
Earned SurplusBal. at beginning of year 19,641,451 28,675.751 28.235,563 25,840,532
1,599.416 3,563,142 5,408,685
-Net profits for yr_ 1.738,927
Add
$21.380,378 $30,275,167 531,798,706 $31,249,217
Total
Reduc. in book value of
7.700,000
certain plant assets_
Adjust. of bal. sheets of
Canadian subs, for de116,619
Cr21,509
prec'n in Can.exch
Cr81,935
Loss on retirement of
551,451
503,845
aband. plants
141.019
Transf. to paid in surp._
543,669
548.753
547,552
547,554
Preferred dividends_ _ _ _
1.906.132 2,469.984
1.903.828
1.187.930
Common dividends
Bal. at end of year_ _ -$19,585.811 $19.641.451 $28,675,751 528.235,563
$25, payable April 10 to holders of record Aprif 5. Quarterly distributions
of 25 cents per share were made on Dec. 20 1932 and on Mar. 20 and June 20
1933; none since -V. 136, p. 3179.
-Earnings.
West Ohio Gas Co.
Calendar YearsTotal gross earnings
Operation
Maintenance
Provision for depreciation
Taxes
1933.
5594,750
346.488
22,541
65,347
52,690
1932.
$679.860
378.343
22,108
65,347
45,918
x1931.
$726,073
404,023
29,562
33.235
48.459
Net earnings
Interest on funded debt
General interest
Amortization of debt discount & exp_
$107.684
81,180
6,464
4.503
$168,143
81.180
10,252
4,503
$210,791
68.830
17,646
4,482
$15.536
8,395
$72.207
50,311
$119,832
50,355
62,160
Net income
Preferred dividends
Common dividends
$7,317
$7,141
$21,896
Surplus
x Includes earnings and expenses of the Delphos Gas Co. for the first
10 months of 1931.
alance Sheet Dec. 31.
Liabilities-.
1932.
1933,
1932.
1933.
AssetsPlant, property,
64,055,150 $4,062,365
rights, &c
Capital stock disc't
92.508
92,509
and expense....
Debt diset. & exp.
98,696
94,193
in proc.of amort.
Prepaid accts. and
16,826
28,726
def'd charges. _
Cash in banks and
19,577
16,561
on hand
51.558
Special deposits.
Working funds and
2,050
1,455
special deposits_
55,679
56,984
x Receivables __._
25,000
21.000
UnbiIled revenues_
29,112
33,294
Materials & awl.
7% preferred stock $719,600 $719,600
y Common stock_ _ 1,716,381 1,716,381
Funded debt
1,353,000 1,353,000
Def'd liabilities...
45,499
49,324
Notes payable, affiliated company
70,559
95,000
Accounts payable_
75,565
.28,013
Due affil. cos, on
open account_ _ _
3,199
4,664
Accrued interest__
7.295
6,500
Accrued taxes_ _ __
43,323
42,548
Accr'd pref. divs
4,197
Depreen reserve__ 397,427
352,075
Miscell. reserves__
1,633
2,680
Surplus
13,765
31,924
Total
14,447.248 84,405,908
84.447,248 $4,405,908
After reserve for uncollectible accounts of $4.442 in 1933 and $5,971
-V.138. p. 1232.
in 1932. y 78,600 shares at stated value.
Total
For other Investment News, see page 243$.
2431
Financial Chronicle
Volume 138
pixorts
and
PUBUSHED
poiountnts.
AS ADVERTMEMENTS
NORFOLK AND WESTERN RAILWAY COMPANY
THIRTY-EIGHTH ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31 1933.
Roanoke, Va., March 27 1934.
To the Stockholders of the
Norfolk and Western Railway Company:
Your Board of Directors submits the following report for
the year which ended December 31st, 1933.
MILES OF ROAD AND TRACK IN OPERATION.
Main Line
Branches
Operated as second track
Other branches
1933
Miles
1,506.57
68.24
557.26
Inc., LI).
(-)
1932
Miles
Miles
1,531.18 -24.61
68.24
593.10
625.50
2,132.07
27.21
25.47
661.34 -35.84
2,192.52 -60.45
26.98
+.23
13.95 +11.52
Total miles
Lines operated under lease
Lines oper. under trackage rightsTotal miles ofroad in operation_
Second track
Third track
Sidings and yard tracks
Total miles of all tracks in oPer-
2,184.75
637.43
13.18
1,820.78
2,233.45 -48.70
618.14 +19.29
13.18
1,735.81 +84.97
4,656.14
4,600.58
Average miles of road operated....Average miles of track operated - -
2,216.29
4,652.92
2,262.52 -46.23
4,631.78 +21.14
+55.56
CAPITAL STOCK.
The capital stock authorized consists of $23,000,000 of
Adjustment Preferred stock and $250,000,000 of Common
stock, a total of $273,000,000, of which there were outstanding:
230,000 shares of Adjustment Preferred stock
1,406,507 shares of Common stock
$23,000,000
140,650,700
including 77 stares ($7,700) of Adjustment Preferred stock
and 24 shares ($2,400) of Common stock in the treasury of
your Company at the close of the year.
FUNDED DEBT.
The aggregate Funded Debt actually outstanding was as
follows:
Dec. 31st 1933. Dec. 31st 1932. Decrease,
Mortgage Bonds
$83,864,500.00 $85,131,500.00 $1.267.000.00
(converComvertible Bonds
sion privilege expired)---103,000.00
115,000.00
12,000.00
Equipment Trust Obligations 1,200,000.00 3,800,000.00 2,600.000.00
City of Norfolk, Va., Obligations (See note, page 5,
6,086.031.92 6.086,031.92
pamphlet report)
Totals
$91,253,531.92 $95,132,531.92 $3,879,000.00
MAINTENANCE EXPENDITURES.
The charges to Maintenance of Way and Structures Accounts were as follows:
1933.
$6,243,603.18
2,817.14
1,341.87
$6,495,838.45
2,871.06
1,402.45
1933.
Total Expenses
Average per mile of road operated
Average per mile of track operated
1932.
Decrease.
1932.
$252,235.27
53.92
60.58
Per
Cent.
3.88
1.88
4.32
The chargc* to Maintenance of Equipment Accounts were as follows:
Total Maintenance of Equipment Expenses
In which are included:
Steam Locomotives: Repairs, retirements and depreciation
Average per locomotive
Average per 1000 locomotive miles
Electric locomotives (Double-units): Repairs, retirements and depreciation
Average per locomotive
Average per 1000 locomotive miles
Freight Train Cars: Repairs, retirements and depreciation
Average per freight car
Average per 1000 tons one mile
Passenger Train Cars: Repairs, retirements and depreciation
Average per passenger car
Average per 1000 passengers one mile
Work geni,,,,,,,,,...-• n.....1.... ....t.........r. striel danrwrisatinn
There were in the shops undergoing and awaiting classified repairs at the close of the year 61 locomotives (14 of
which needed only light repairs), or 8.3 per cent., 14 passenger cars, or 3.9 per cent., and 1,521 freight and work
equipment cars, or 3.0 per cent.
TRAFFIC AND OPERATING REVENUE
COMPARISONS.
Comparison of traffic and operating revenue figures with
those of the preceding year shows the following changes:
Number of passengers
850.777
Avge. haul of passengers-76.74 miles
Rev,from pass.fares_ _$1.475,235.66
Average rate per passenger per
mile
2.259 cents
Rev,freight carried_ _35,428,081 tons
Average haul of freight_276.74 miles
Revenue from freight
transportation-- __ _$65,628,307.81
Avge.rate per ton per mile_ .669 cents
Avge. tons of revenue freight
Per train mile
1,472.61
Shipments of coal __-28,909.816 tons
Shipments of coke
282,169 tons
Shipments of ore
343,608 tons
Shipments of pig and
bloom iron
11,692 tons
Shipments of lumber _ --473,228 tons
increased
decreased
decreased
74,922 9.66%
.11 miles
.14%
$198,427.23 11.86%
decreased
increased
decreased
.548 cents 19.52%
4,980,656 tons 16.36%
5.51 miles
1.95%
increased $6,776,767.93
11.52%
decreased
.016 cents 2.34%
increased
increased
increased
increased
107.92 tons 7.91%
4,013,422 tons 16.12%
16,148 tons 36.96%
244,179 tons 245.58%
increased
increased
540 tons 4.84%
51,725 tons 12.27%
EMERGENCY FREIGHT RATE SURCHARGE.
The increases in freight rates and champs, originally
authorized by the Interstate Commerce Commission in
October, 1931, effective January 4th, 1932, to March 31st,
1933, and subsequently extended to September 30th, 1933,
were discontinued on the latter date.
From these emergency freight rates and charges your
Company collected approximately $2,758,269.93 additional
revenue. Of this amount, $1,859,380.73 received from
January 4th, 1932, to March 31st, 1933, was paid currently
to The Railroad Credit Corporation, and the balance,
$898,889.20, received after April 1st, 1933,,was retained by
your Company. To December 31st, 1933, The Railroad Credit
Increase.
Per
Cent.
$13.483,654.03
$11,136,166.09
$2,347,487.94
21.1
6,110,983.83
8,179.83
464.83
242,405.49
15,150.34
669.75
4,998,144.90
102.54
.51
662,965.92
1,569.15
10.15
5,039,563.55
6,649.29
386.61
195,254.17
12,203.39
573.05
3,897,529.27
79.74
.45
534,944.06
1.210.50
8.97
145 116 AR
1,071,420.28
1,530.54
78.22
47.151.32
2,946.95
96.70
1.100.615.63
22.80
.06
128,021.86
358.65
1.18
50.650.46
21.3
23.0
20.2
24.1
24.1
16.9
28.2
25,6
133
23.9
29.6
13.2
35.1
1C111 :117 AA
Corporation has repaid $387,534.28 to your Company,leaving
a balance due of $1,471,846.45 as of that date, which it is
anticipated will be liquidated from time to time as The
Railroad Credit Corporation secures payment of loans made
to the railroads.
REDUCTION IN PASSENGER RATES.
Passenger rates between Norfolk, Va., and Bristol, Va.,
including all immediately connecting lines, except between
Roanoke, Va., and Hagerstown, Md., and between Walton,
Va.. and Cincinnati and Columbus, Ohio, were, on December 1st, 1933, reduced from 3.6 cents per mile for all passengers to 2 cents ner mile for coach passengers and 3 cents
per mile for Pullman passengers. The Pullman surcharge
in this territory was also removed.
REDUCTION IN WAGES.
The reduction in wages of all railway forces and the similar reduction in salaries of all officers, to the extent of ten
per cent., originally effective February 1st, 1932, was continued until June 30th, 1934.
TAXES.
Accruals for taxes in the year amounted to $7,340,000, an
increase of $140,000 over the previous year. This amount
was made up of United States Government taxes, $2,390,000,
and State, County and Municipal taxes, $4,950,000. United
States Government taxes increased, compared with previous
year, due principally to Capital Stock Tax imposed by The
National Industrial Recovery Act. State, County and
Municipal taxes decreased due to lower levies or assessments.
ADDITIONS AND BETTERMENTS.
WAY AND STRUCTURES.
In 1933 the American Railway Association adopted as
standard the 131-lb. rail. There are now 87.76 miles of your
•
Financial Chronicle
2432
Company's track laid with 131-1b. rail and 1,790.83 miles of
track laid with 130-1b. rail. 1
113,326 cubic yards of stone and 26,896 cubic yards of
prepared slag were used in standard ballasting on the
main line.
Important track layouts were installed at six coal operations on Buchanan Branch and Levisa Branch.
At Lomax, W. Va., a passing siding was constructed, and
the passing siding at Atwell, W. Va., was extended.
Three-speed automatic train control system on Shenandoah Division, between Roanoke, Va., and Hagerstown, Md.,
was changed to automatic cab signal system, eliminating
the automatic braking feature.
Signal pole lines were reconstructed between Kenova,
W. Va., and Sciotoville, 0., Walton, Va., and Bristol, Va.,
Evergreen, Va., and Forest, Va., and Roanoke, Va., and
Hagerstown, Md. An additional telegraph line was installed between Naugatuck, W. Va., and Kenova, W. Va., via
Big Sandy Line. A sub-station was installed at "CW"
Tower, Columbus, Ohio.
Sixty-six grade crossings were eliminated during the year,
six by road diversions and sixty by line abandonments.
An undergrade crossing on Catawba Branch was widened.
3.12 miles of standard right-of-way fence were constructed.
EQUIPMENT.
New equipment received during the year was as follows:
1 motorcycle.
3 automobile trucks.
The Board of Directors, upon the recommendation of the
President, decided to discontinue the operation of wooden
equipment in its passenger train service. During the year
your Company retired from passenger train service and
destroyed 80 wooden cars. Arrangements have been made
to replace this retired equipment with its equivalent in steel
cars, and 33 steel cars are now being reconditioned and
placed in service as completed. Contracts have also been
given for 18 new all-steel, air-conditioned passenger train
cars, and for air-conditioning of 7 all-steel dining cars taken
from passenger train service. It is estimated this immediate improvement in passenger train equipment will cost
approximately $1,000,000.
ABINGDON BRANCH.
By order of the Interstate Commerce Commission, effective April 2nd, 1933, your Company was authorized to
abandon 19.43 miles of its Abingdon Branch extending from
West Jefferson, N. C., to the end of the branch at Elkland,
N. C. Insufficient business originating in this territory,
resulting in considerable loss in operation, was responsible
for the abandonment, which was completed in May, 1933.
That portion of the Abingdon Branch, from its junction
with your Company's main line at Abingdon, Va., to West
Jefferson, N. C., a distance of 55.90 miles, continues in
operation.
TWELVE POLE LINE.
The Twelve Pole Line of your Company, 83.36 miles in
length, from Naugatuck, W. Va., to Kenova, W. Va., until
1925 operated as part of your Company's main line, was
at that time replaced by the Big Sandy Low Grade Line,
which had been double tracked, also extending from Naugatuck, W. Va., to Kenova, W. Va., 58.93 miles in length, shortening the distance between these two points by 24.43 miles.
Since the Twelve Pole Line became a branch line in 1925,
business originating thereon had fallen off and operation
was continued at a substantial loss. In response to your
Company's application for permission to abandon the line,
the Interstate Commerce Commission issued an order,
effective September 2nd, 1933, authorizing abandonment of
53.77 miles of said Twelve Pole Line between Lenore, W. Va.,
and Wayne, W. Va. By supplemental authority the mileage
actually abandoned was increased to 54.49 miles, leaving
28.87 miles in operation. Of this mileage 4.14 miles between
Naugatuck, W. Va., and Lenore, W. Va., were consolidated
with the existing Lenore Branch, increasing its length to
22.04 miles, and 24.73 miles between Wayne, W. Va., and
Kenova, W. Va., were consolidated with the existing Wayne
Branch, increasing its length to 32.86 miles. Removal of
the rails, ties and other items of value on this line was
completed in November, 1933, and 53.78 miles of abandoned
right-of-way were conveyed to the State of West Virginia
for highway purposes.
GUYANDOT AND TUG RIVER RAILROAD COMPANY.
The railroad, property and franchises of the Guyandot
and Tug River Railroad Company, a subsidiary of your Company, were acquired May 12th, 1933.
This Company's newly constructed line, extending from
Wharncliffe, W. Va., on your Company's line to Gilbert,
W. Va., a distance of 12.93 miles, including a yard at Gilbert, W. Va., constructed jointly with the Virginian and
Western Railway Company, was placed in operation by your
Company on June 15th, 1933, as its Gilbert Branch.
The Guyandot and Tug River Railroad Company was dissolved on May 23rd, 1933.
•
April 7 1934
INDUSTRIES.
During the year there were located on your Company's
lines eighty new industries, with a capitalization of $13,889,500, and employing 5,188 persons.
There were also forty additions to established plants, costing $3,276,145, and employing 2,082 persons. Three plants,
destroyed by fire, were rebuilt with an investment of $62,000,
and re-employment of 9 persons.
Four new coal mines were placed in operation during the
year, one of which was located on your Company's lines in
1932. At the close of the year there were 130 companies
organized for producing coal and coke on your Company's
lines, with a total of 193 separate mines, of which 151 were
in actual operation.
FEDERAL VALUATION AND RECAPTURE.
By Act of Congress, approved June 16th, 1933, the Recapture provisions of the Interstate Commerce Act were repealed. With the repeal the hearings in the Recapture Case
terminated. No payments had been made on account thereof.
The Act of Congress of June 16th, 1933, also amended some
provisions of the Valuation Act of 1913. These amendments
did not importantly affect the carrier obligation to continue
the reports of property changes. Some simplifications have
been effected by the Interstate Commerce Commission and
also by the carriers in this work, and in the future it will
be possible to produce at short notice an estimate of value
by Current Replacement Cost.
The cost of valuation work for the calendar year 1932
was $459,930.05 and for the year 1933 was $194,419.59, the
difference reflecting the suspension of the special expenses
incident to preparation and trial of the Recapture Case.
RELIEF FUND.
At the close of the year the Relief Fund had 16,405 members, equivalent to 80.75 per cent. of the total number of
employees, a decrease in the year of 794 members and a
decrease of 10.24 per cent. in the ratio of members to
employees.
PENSION RESERVE FUND.
During the year 1933, there were 126 employees retired
and placed upon your Company's Pension Roll, making a
total of 887 upon said roll as of December 31st, 1933, a net
increase of 49. The average pension at the close of the year
was $729.60 per annum, compared with the average pension
of $712.20 per annum at the close of 1932.
Appropriations to the Trustees of the Pension Reserve
Fund are made annually, figured from actuarial tables, to
provide pensions for all employees retired during the year.
The Fund's cash transactions during the year were as
follows:
Cash in Fund, January 1st. 1933
Appropriation by Railway Company, December, 1933
Interest credited during year
$174,508.61
737.178.19
163,307.49
81.074.994.29
Paid Railway Company by Trustees In reim$626,508.29
bursement of pensions paid in 1933
Investments, including interest to date of
337,557.82
purchase
.16
Taxes
964,066.27
Cash in Fund, December 31st, 1933
$110,928.02
At the close of the year the Trustees held securities of a
book value, including interest to date of purchase, of $3,892,471.23 and a market value of $3,371,952.20.
POCAHONTAS COAL AND COKE COMPANY.
The Pocahontas Coal and Coke Company, all of whose
capital stock, except qualifying shares held by Directors,
Is owned by the Norfolk and Western Railway Company, is
a land-owning company and does not itself mine and cannot
sell coke. Of its holdings of approximately 292,000 acres of
land in Virginia and West Virginia, about 182,000 acres
are under lease to operating companies. Its principal income
Is from royalties paid by these operating companies and
from sales of timber.
Earnings for the year 1933 from royalties on total output
of coal mined and coke manufactured were $1,027,853.12
and from other sources $166,346.73, making total earnings
of $1,194,199.85 compared with $1,079,649.90 in 1932. Operating expenses were $151,081.15 and taxes $117,090.14, leaving net earnings of $925,428.56. Sinking fund and interest
on funded debt, with other deductions, resulted in net income
of $219,873.95, an increase of $83,898.07 compared with the
preceding year. The output of coal from the Company's
leased property in 1933 was 10,045,010 gross tons and of coke
148 gross tons.
Under the sinking fund provision of the Pocahontas Coal
Lands Purchase Money First Mortgage, dated December 2nd,
1901, $251,131.17 accrued from royalties on coal mined during
the calendar year 1933. From the beginning of the operation of the sinking fund in 1906 to December 31st, 1933, the
accruals from royalties have aggregated $7,966,683.08, and
those from sales of lands $433,597.82, a total of $8,400,280.90
applicable to the purchase and retirement of mortgage bonds.
Through this fund $9,045,000 of bonds had been purchased
and cancelled to December 31st, 1933, and $260,000 subsequent thereto. The outstanding bonds on December 31st,
1933, were $10,955,000, and at the date of this report $10,695,000 out of original issue of $20,000,000.
Financial Chronicle
Volume 138
EMERGENCY RAILROAD TRANSPORTATION
ACT, 1933.
On June 16th, 1933, Congress enacted the Emergency
Railroad Transportation Act, 1933, to relieve the existing
national emergency in relation to interstate railroad transportation. This Act provided for the appointment of a
Federal Coordinator of Transportation, whose duties briefly
are to foster and protect interstate commerce in relation to
railroad transportation by preventing and relieving obstruc-
2433
tions and burdens thereon resulting from the present economic emergency and to safeguard and maintain an adequate
national system of transportation. The President, in accordance with authority granted him by said Act, appointed Mr.
Joseph B. Eastman, a member of the Interstate Commerce
Commission for fifteen years, as such Federal Coordinator
of Transportation.
The railroads of the country have been divided into three
regional groups. Your Company has been included with the
CONDENSED GENERAL BALANCE SHEET, DECEMBER 31ST, 1933.
Comparison with
Dec. 31st. 1932.
ASSETS.
Investments:
Investment in Road and Eouipment:
Road
Equipment owned
Equipment In trust
Sinking Funds (Account City of Norfolk bonds, see footnote)
Deposits in lieu of mortgaged property sold
Miscellaneous Physical PropertY
Investments in Affiliated Companies:
Stocks: Pledged
Unpledged
$325,263,720.03
$112.839,114.34
22,790,771.52
+$641,134.41
135,629.885.86
—982.579.14
$460,893.605.89
1,316,543.53
+151,092.96
—19.428.68
—748.627.26
20,279.53
5,372,163.24
$647.100.00
Bonds
Advances
$2,025,721.42
+445.390.00
335,961.25
7,021,747.77
1,378,621.42
—147,425.00
--3,927,241.24
9,383.430.44
Other Investments:
Stocks
Bonds
Miscellaneous
$27.505.00
37.528.129.94
905.00
+2.505.00
+7.307.325.93
+5.00
37,556,539.94
Total Investments
Current Assets:
Cash:
In Treasury
In Transit
Reid in Trust for Relief Fund
$514,542,562.57
$3.543,628.47
216.605.10
54,347.62
Time Drafts and Deposits
Special Deposits
Loans and hls Receivable
Traffic and Car-Service Balances Receivable
Net Balances Receivable from Agents and Conductors
Miscellaneous Accounts Receivabas
Materia, and Supglles
Interest and Div' ends Receivable
Other Current Assets
Total Current Assets
Deferred Assets:
Working Fund Advances
Norfolk and Western Railway Company and Pocahontas Coal and Coke Company Joint
Purchase Money Mortgage Bonds
Cost of Semi:Wes heal in trust for Relief Fund
Other Accounts
Total Deferred Assets
Unadjusted Debits:
Rents and Insurance Premiums paid in advance
Discount on Funded Debt
Other Unadjusted Debits
Securities Issued or Assumed—Unpledged:
Par Value of holdings at close of year
Total Unadjusted Debits
$3,814,581.19
7,500.000.00
528,550.00
21,872.91
3,098.797.39
164,795.34
564,058.61
4.909,572.18
53,900.90
174.170.90
—3,464,743.03
+7.500.000.00
—9,570.00
+5.667.02
+1.729.590.90
+3.358.5E.
—3.105.41
+189,302.20
—33,248.37
+135.343.35
20,830.299.42
$20,482.32
+6.439.05
10,955,000.00
2,635,415.50
161,862.07
—280.000.00
+93,297.53
+87.712.07
13.772,759.89
$15,608.75
937,496.63
2,478,233.42
—61,042.49
—93.839.09
—618,046.13
$2,224,100.00
3,431.338.80
$552,576,960.68
Capital Stock:
Adjustment Preferred
Held in Treasury
Common
Held in Treasury
Total Capital Stock
Long
-Term Debt:
Mortgage Bonds
eld in Treasury
Convertible Bonds
Held in Treasury
$23,000,000.00
7,700.00
$22,992,300.00
$140.650,700.00
2,400.00
140,648,300.00
$163,640,600.00
$86.066,500.00
2.202,000.00
$83,864,500.00
$115,000.00
12,000.00
Total Long-Term Debt
Current Liabhities:
Traffic and Car-Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Re.lef Fund (Cash held in Trust)
Interest Matured Unpaid
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Other Current Liabilities
—12,000.00
—2.600.000.00
91,253,531.92
$123,971.78
1,572,414.47
16,375.79
54.347.62
736,257.50
4.027.50
7,000.00
3,042,889.00
643.259.18
387.045.82
Total Current Liabilities
Deferred Liabilities:
$2,635,415.50
26.161.38
Other Accounts
Total Deferred Liabilities
Joint Liabilities:
Norfolk and Western Railway Company and Pocahontas Coal and Coke Company Joint
Purchase Money Mortgage Bonds
Unadjusted Credits:
Tax Liability
Insurance and Casualty Reserves
Accrued Depreciation—Road
Accrued Depreciation—Equipment
Accrued Depreciation—Miscellaneous Physical Property
Other Unadjusted Credits
Total Appropriated Surplus
Profit and Loss—Balance
Total Corporate Surplus
—205.282.42
—7.065.77
—74,669.00
+4.867.29
—5.654.50
+2.589.00
—5.000.00
+2,812,966.00
—28.500.00
+387.045.82
6,587.588.66
pri Cost of Securities held in trust for Relief Fund
Total Unadjusted Credits
Corporate Surplus:
Sinking Fund Reserves
Funded Debt rett:ed through Income and Surplus
Additions to Property through Income and Surplus:
Road
Equipment
$1,267,000.00
103,000.00
1.200,000.00
6.086,031.92
Equipment Obligations
*Miscellaneous Obligations
ow
+$7.909.268.16
LIABILITIES.
+93.297.53
—4,753.42
2.661,576.88
r
-
10.955,000.00
$4,846,750.98
338,408.47
13.557,883.45
44.268.805.11
1.633,000.15
3
.024,810.13
$818,329.69
9.235.000.00
•
—280,000.00
+707.763.02
+56.855.39
+519.496.28
+3.297.758.08
+78.833.91
+233.479.62
67,669.658.29
w Pow
if
+178,268.26
$21.426,218.71
23.305.326.27
44.731,544.98
155,024,130.26
+25,559.65
+4,000,413.42
209,809,004.93
$552,576.960.68
+$7,909.268.16
* Bonds of City of Norfolk. Va., issued to provide funds to purchase land and construct Municipal Terminals at Norfolk.
andffestern Railway Company, included in Long-Term Debt by direction of Bureau of Accounts of Inter-State Commerce now under lease to Norfolk
Commission.
April 7 1934
Financial Chronicle
2434
railroads comprising the Eastern Region and is subject to
the Eastern Regional Coordinating Committee, appointed by
all railroads in the Eastern Region in accordance with the
terms of the Emergency Railroad Transportation Act, 1933.
All recommendations from the Federal Coordinator must
pass through the Regional Coordinating Committees to the
railroads affected, and similarly all suggestions originating
with the individual railroads must be referred to the Regional Coordinating Committees for submission to the Federal Coordinator.
OBITUARY.
Elisha Lee, a member of your Company's Board of Directors and its Executive Committee since April 11th, 1929,
died suddenly on August 6th, 1933. Mr. Lee was born in
Chicago, Illinois, September 24th, 1870. After graduation
from Massachusetts Institute of Technology in 1892 he
entered the service of The Pennsylvania Railroad Company
as a rodman and continued with that Company for forty
years until his death. He had won recognition throughout
the business world as a railroad executive of exceptional
ability. His broad knowledge of your Company's property
and its requirements, together with his inherent capability
and experience in engineering, operating, financial and other
problems, fitted him to be most effective in the administration of the affairs of the Company, and he evinced his great
interest therein by regular attendance at Board and Committee meetings. His outstanding personal charm, courtesy and geniality endeared him to his associates and won
for him the warmest friendship of all with whom he came
In contact. He will be greatly missed in the deliberations
of the Company's Board.
B. W. Herrman, Vice-President in charge of Traffic, died
on March 18th, 1934, at his home in Roanoke, Virginia. Mr.
Herrman was born October 10th, 1866, in Dayton, Ohio. He
began his railroad career August 17th, 1882, as a messenger
with The Scioto Valley Railway Company, now a part of
your Company, and The Cleveland, Columbus, Cincinnati
and Indianapolis Railway Company, at Columbus, Ohio. He
served successively these two companies and The Cleveland,
Akron and Columbus Railway Company until December 9th,
1910, when he was appointed General Agent of your Company at Cincinnati, Ohio. He subsequently served as
Assistant General Freight Agent, General Freight Agent and
Assistant Freight Traffic Manager, and on May 1st, 1924,
was appointed Vice-President in charge of Traffic. Mr.
Herrman's railroad career of faithful and able service extended over a period of more than fifty-one years, and on
March 3rd, 1933, he was awarded the diamond insignia
indicative of fifty years of railroad service, a record rarely
attained.
CHANGE IN BOARD OF DIRECTORS.
At a meeting of the Board of Directors held September
26th, 1933, the vacancy in the Board, occasioned by the death
of Elisha Lee, was filled by the election of Martin W.
Clement, of Philadelphia, Pa.
CHANGES IN ORGANIZATION.
Recapture work having been ended by the Emergency
Transportation Act, 1933, thus considerably reducing the
work of your Company's Valuation Department, this department was discontinued and the position of Valuation Engineer abolished, effective August 1st, 1933. The work of
valuation of your Company's property was transferred to
the Accounting Department subject to direction of the
Comptroller, and under supervision of the Engineering
Assistant to Comptroller, a newly created position, to which
S. H. Barnhart, formerly Assistant Valuation Engineer, was
appointed.
On August 1st, 1933, pursuant to your Company's pension
iegulations, Charles F. Losh, Valuation Engineer, was retired, because of physical disability, after more than thirty
years of faithful and efficient service.
Effective November 1st, 1933, because of the discontinuance of the Valuation Department, the title of William S.
Battle, Jr., Vice-President in charge of Valuation, Real
Estate and Public Relations, was changed to Vice-President
in charge of Real Estate, Taxation and Public Relations.
The Board expresses its appreciation of the fine spirit of
cooperation and loyal service on the part of the officers and
employees throughout the year, which has aided the Management in producing the results set forth in this report, and is
equally appreciative of the generous support afforded during
the year by the patrons of the Company.
By order of the Board of Directors,
A. C. NEEDLES,President.
INCOME STATEMENT.
1933.
Operating Income:
Operating Revenues:
Freight
Passenger
Man
Express
All Other Transportation
Incidental and Joint Facility Revenue
Totals
Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment-Credit
Totals
Ratio of Expenses to Total Operating Revenues
Net Revenue from Operations
Tax Accruals
Uncollectible Revenue
Total Operating Income
Non-Operating Income:
-Net
Hfre of Freight Cars
-Net
Hire of Other Equipment
-Net
Joint Facility Rents
Totals
Net Railway Operating Income
Other Non-Operating Income:
Income from Lease of Road
Miscellaneous Rent income
Miscellaneous Non-Operating Physical Property
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts
Income from Sinking and other Reserve Funds
Miscellaneous Income
Totals
Gross Income
Deductions from Gross Income:
Rent for Leased Roads
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Funded Debt:
Mortgage Bonds
Convertible Bonds
Equipment Obligations
Miscellaneous Obligations
Interest on Unfunded Debt
income applied to Sinking and other Reserve Funds
Amortization of Discount on Funded Debt
Miscellaneous Income Charges
..„.
1932.
Increase(+)or
Decrease (-).
$65,628.307.81
1.475,235.66
1.084.466.56
322.145.43
258,090.88
494,644.51
558.851,539.88
1,673,662.89
1.127,121.86
382,806.03
219,787.30
520,693.10
+56,776,767m
-198,427.23
-42,655.30
-60.660.60
+38,303.58
-26,048.59
11.52
11.86
3.78
15.85
1743
5.00
$69,262,890.85
$62,775,611.06
+56,487,279.79
10.33
$6,243,603.18
13.483.654.03
1,317,915.53
15,335,719.14
154,169.18
2.502.989.04
20.742.76
$6,495,838.45
11,136,166.09
1,338.269.32
15,831.447.39
198.252.40
2,784,061.63
38,502.58
-252,235.27
+2,347,487.94
-20,353.79
-495,728.25
-44,083.22
-281,072.59
-17,759.82
3.88
21.08
1.52
3.13
22.24
10.10
46.13
$39,017,307.34
,$37,745,532.70
+51,271,774.64
3.37
56.33%
60.13%
$30.245.583.51
$25,030,078.36
+55.215,505.15
20.84
$7,340,000.00
5.328.37
$7,200,000.00
14,768.80
+5140,000.00
-9,440.43
1.94
63.92
$22,900,255.14
$17,815,309.56
+$5.084,945.58
28.54
•
51.934,941.05
Dr28,154.02
Dr150,688.05
$1,464,322.23
Dr58,711.37
Dr59,822.88
+$470.618.82
-30,557.35
+90,865.17
32.14
52.05
151.89
Per
Cent.
51,756.098.98
51.345.787.98
+410,311.00
30.49
524,656.354.12
519.161,097.54
+55,495.256.58
28.68
$33.855.61
134,080.56
80,442.16
22,653.09
1.323.772.39
344,221.99
49.169.27
5,798.16
$3,020.60
93.792.27
82,893.15
11,313.67
1,785,877.63
179.941.90
43.358.01
3,762.89
+8835.01
+40,288.29
-2,450.99
+11,339.42
-462.105.24
+164,280.09
+5,811.26
+2.035.27
27.64
42.95
2.96
100.23
25.88
91.30
13.40
54.09
$1.963,993.23
$2,203,960.12
-8239,966.89
10.89
$26,620,347.35
$21,365,057.66
+55,255,289.69
24.60
$101.003.78
2.491.01
$100,979.32
1,959.45
5,313.29
+524.46
+531.56
-5,313.29
27.13
----
3,477.021.86
4.888.88
107,212.50
303,661.28
14,697.76
178,268.26
93.839.09
36.122.56
3,564,063.83
10,961.08
237,943.75
303,661.28
22,524.34
172,457.00
106,564.32
26,711.54
-87.041.97
-6,072.20
-130,731.25
2.44
55.40
54.94
-7,826.58
+5,811.26
-12,725.23
+9.411.02
34.75
3.37
11.94
35.23
.02
$4,319,206.98
$4,553,139.20
-8233.932.22
5.14
Net Income
Dividends on Adjustment Preferred Stock
$22.301.140.37
919,692.00
$16,811,918.46
919,692.00
+55,489,221.91
32.65
rncome Balance: Transferred to Profit and Loss
$21,381.448.37
$15,892,226.46
+85.489,221.91
34.54
Totals
2435
Financial Chronicle
Volume 138
PROFIT AND LOSS STATEMENT.
Increase (-I-)
Decrease (-).
1932.
1933.
Credits:
3151.023,716.84
Balance, January 1st
21,381.448.37
Credit Balance from Income
5,009.86
Untefundable overcharges
25,559.65
Construction of Sidings, et
Donations for
Repayment by Trustees of Norfolk and Western Pension Reserve Fund covering
626,508.29
payments to retired employees
1,284.380.39
Adjustment of Reserves for Loss and Da sage and Personal Injury Claims
20,232.89
Miscellaneous Credits
$174,366,856.29
Total Credits
Per
Cent.
Balance, December 31st
.55
34.54
572,561.85
1,356.55
+53.946.44
+1.284.380.39
+18,876.34
9.42
------
$168,329,725.05
+36.037,131.24
3.59
$14,064,830.00
25,559.65
4,313.646.93
$12,658,347.00
6.274.90
4,598.12
+31,406,483.00
+19,284.75
+4.309,048.81
11.11
-----
737,178.19
2,000.000.00
738,746.57
-2.000,000.00
-1.568.38
-.1
+95,175.79
----
30.483.60
29,344.15
76,178.28
33,922.84
668,951.34
-45,694.68
-4,578.69
-668,951.34
59.98
13.50
-
46,507.72
1,022,162.22
96,826.94
-1.022.162.22
-50.319.22
51:97
$17,306,008.21
+32,036.717.82
11.19
5155.024.130.26
Total Charges
-$833,738.75
+5,489,221.91
+5.160.16
+19,284.75
$19,342,726.03
Charges:
Appropriation of Surplus for Dividends o , Common Stock
Appropriation of Surplus for Investment i a Physical Property
*Loss on Retired Road and Equipment_
Appropriation of Surplus to cover redo option of Norfolk and Western Railroad
Company Mortgage Bonds at Maturi
Appropriation of Surplus to Norfolk and Vestern Pension Reserve Fund
Adjustment in Accounts due to acquisition of Guyandot and Tug River Railroad
Company property _
Decrease in value of rails, etc., return d by Lessees and materials retired from
temporary service
Exchange and discount in settlement of a acounts with Canadian carriers
Delayed Income Charges
Adjustment of Equipment Depreciation Leann& for nine months to December 31,
1932
Miscellaneous Charges
3151,857,455.59
15,892,226.46
150.30
6,274.90
$151,023,716.84
+54.000.413.42
2.65
95,175.79
* Amounts charged to Profit and Loss account retirement of Road and Equipment as follows:
Retirement 54.49 miles of Twelve Pole Line
Retirement 19.43 miles or Abingdon Branch
Retirement 33.34 miles of Potts Valley Branch
Miscelaneous
----
$3,166,690.54
285,478.74
858,845.39
2,632.26
$4,313,646.93
Total
DETAIL OF DIVIDEND PAYMENTS.
Stock of Record.
Payable.
No.
Adjustment Preferred Stock:
May 19th, 1933
119
August 19th, 1933
120
November 18th, 1933
121
February 19th, 1934
122
April 29th. 1933
July 31st, 1933
October 31st, 1933
January 31st, 1934
Per
Cent.
1
1
1
1
Outstanding
Stock.
322,992,300.00
22,992,300.00
22,992,300.00
22,992,300.00
Amount of
Dividend.
3229,923.00
229,923.00
229,923.00
229,923.00
8919,692.00
4
Common Stock:
March 18th, 1933
111
June 19th, 1933
112
September 19th, 1933
113
December 19th, 1933
114
Extra
13
March 19th, 1934
February 28th, 1933
May 31st, 1933
August 31st, 1933
November 29th, 1933
February 28th, 1934
2
2
2
2
$140,648,300.00
140,648,300.00
140.648.300.00
140,648,300.00
$2.812.966.00
2,812,966.00
2,812.966.00
2,812,966.00
2
140,648,300.00
2.812,966.00
314.064.830.00
10
Waterloo Cedar Falls & Northern Ry.-Earnings.1933.
$578,689
593,316
Years Ended Dec. 31Grand total revenue
Total operating expenses
1932.
$564,316
609,341
1931.
$784,151
748,899
$14.627
15.461
$45,025 sur$35,251
33.155
28,633
Operating deficit
Non-operating income
$30,087
6,774
373,658
9,738
sur$2.095
7,130
Gross deficit
Interest, &c., deducted
$23.314
461,749
$63,920
462,394
sur$9,226
468.148
Deficit
-V. 134, p. 1765.
3485.063
3526.314
3458,922
Net deficit
Taxes
Western Maryland Ry.-Wages Advanced.
The company on April 2 announced the restoration of a 5% pay cut made
in April 1932, for some of its employes and full time for members of its
clerical staff. Cuts varying from 5 to 29% had been made, it was said.
because of the depression-V. 138, p. 2272.
Western Pacific RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 1558.
1931.
1932.
1934.
1933.
$817,231
$733,018
$563,380
$654,825
def50,126
def76,914
def46,732
50,193
def6,666 def126.636 def174.184 def124.678
1,761.620
1.546.339
1,177,761
1,470.552
def9,874
def80.733 def102.616
185.356
31,379 def231.879 def293,571 def152.481
-To Change Dividend Dates.
Western Power Corp.
Treasurer Robert Sealy, April 2. said: "Since the corporation's sole
nvestment consists of common stock of the Pacific Gas & Electric Co.,
the dividends on which are currently paid on the 15th days of January,
April, July and October, it is proposed, pursuant to authority vested in
the board of directors by the certificate of incorporation, hereafter to
declare quarterly dividends on the pref. stock payable on the 15th days of
January, April, July and October, insteaa of on the 1st days ofsuch months
as has heretofore been the practice." The last regular quarterly dividend
of $1.75 per share on the 7% cu. pref. stock of the Western Power Corp.
was paid on April 2 to holders of record March 26.-V. 136, p. 4461.
-Distribution to Bondholders
Whippoorwill Corp.(N. Y.).
The City Bank Farmers Trust Co., trustee, 22 William St., N. Y. Mort,
on March 28 announced that the 8% prior lien collateral trust mortgage
bonds, dated Nov. 25 1929. may,on and after April 9 1934. be presented to
the trustee for payment thereon to the holders thereof of their respective
distributive shares in the funds in the hands of the trustee available for
distribution, including the net proceeds of sale of the property subject to
the lien of the indenture which was sold on March 14 1934. as authorized
by order of the U. S. District Court for the Southern District of New York.
Distribution on the $1,000 bonds, and appertaining coupons will be made
at the following rates: $90.76 for each such bond with coupon maturing
July 1 1934; $3.82 for each Jan. 1 1933 coupon; $3.72 for each July 1 1933
coupon; $3.62 for each Jan. 1 1934 coupon.
Distribution on the $500 bonds and appertaining coupons will be made at
rates equal to one-half of the respective rates applicable to the $1,000 bonds
and their appertaining coupons.
-Cent Class B Dividend.Wilcox-Rich Corp.
-20
Tne directors have declared a dividend of 20 cents per share on the class B
common stock, no par value, payable May 15 to holders of record May 1.
A similer distribution was made on this issue on Feb. 16 last, compared
with 15 cents per share paid on Nov. 15 1933.-V. 138, p. 1067.
-Resumes Common Div.
(R. C.) Williams & Co., Inc.
The directors have declared a dividend of 20 cents per share on the
common stock, no par value, payable April 20 to holders of record April 14.
Quarterly distributions of 17A cents per share were made from May 1 1931
-V. 137, p. 887.
to and incl. May 2 1932; none since.
-Removed from List.
Wieboldt Stores Inc.
The New York Curb Exchange has removed from unlisted trading
-V. 136, D. 4478.
privileges the common stock (no par).
-Production Started on Advance
Willys-Overland Co.
Orders.
The company resumed production on April 2 when 50 of the new 1934 models were run off the production lines. The 7,500 cars authorized for manufacture by Federal Judge George P. Hahn have been sold in advance to
distributors.
Production of these cars will keep 3,000 workers busy until the end of
June, it was stated. Production of 250 daily is expected to be attained
within 10 days. The new line is proced from f. o. b. at the factory.
Plans for reorganization of the company have been progressing in recent
weeks.
Judge Hahn has extended the term of David R. Wilson as operating
receiver of the company until June 30.-V. 138, p. 1940.
-Tenders.
Wilson & Co., Inc.
The Guaranty Trust Co., trustee. 140 Broadway, N. Y. City, will
until 10 a. m. on April 16 receive bids for the sale to it of 1st mtge. 6%
-year sinking fund gold bonds, due April 1 1941, series A,to an amount
25
sufficient to exhaust $203,413 at a price not exceeding 1073 and interest.
-V. 138, P. 1584.
Wisconsin Central Ry.-Receiver Public Works Impt.-S. C. Commission on March 24 approved proposed expenditures
The I.
to be loaned by the Public Works Administration for the improvement of
transportation facilities.
The report of the Commission says in part:
A. E. Wallace, receiver on Feb. 23 1934, applied under Section 203 (a).
clause (4), of the National Industrial Recovery Act for approval of railroad maintenance which he proposes to finance with the aid of the Federal
Emergency Administration of Public Works.
In connection with the normal installation of new ties during 1934, it
is proposed to apply approximately 135,000 new tie plates for the purpose
of extending the life of the new ties. The cost of the proposed maintenance
is estimated at $115,000, consisting of approximately 1,757 gross tons.of
new rail $63,926, track fastenings, frogs, and witches $26,656. contingencies $1,838, and tie plates $22,580. To aid in financing the proposed
maintenance, the receiver has applied to the PWA for a loan and has
filed with us an application for authority to issue notes to evidence the
laon and to issue and pledge as security therefor receiver's certificates.
-V. 137, p. 2804.
-March Sales.
(F. W.) Woolworth Co.
Increase.
1934-3 Mos.-1933
Increase.
-March-1933
1934
$24.035,104 $17,509,833 $6,525,271 $60,032,926 $49.599,511 $10,433,415
-V. 138. p. 1764.
-Regular Monthly Dividends.
(William) Wrigley Jr. Co.
The directors have declared six regular monthly dividends of 25 cents
a share on the common stock, no par value, payable May 1. June 1, July 2.
Aug. 1. Sept. 1 and Oct. 1 1934 to holders of record April 20, May 19.
June 20. July 20, Aug. 20 and Sept. 20 1934. This is at the same rate as
previously paid. On March 16 1934 the company also distributed an
special dividend of 50 cents per share.
To Set Up $1,000,000 Fund to Provide 60% to 80% o
Wages While Employees Are Idle.
The directors have voted to set aside $1,000,000 out of surplus to begin
a novel plan of "employment assurance" devised by the management.
Each employee who has been with the company for six months or more
will have an employment contract assuring him pay during lay-off periods.
Workers in the lower pay brackets will get as high as 80% of their pay during
lay-offs. In the higher paid groups, wages during idle periods will run down
to 60% of the base pay.
Length of time during which laid-off workers will receive pay will vary
between 16 and 28 weeks, depending upon the length of service.
All employees receiving $6,000 or less a year will be covered by the job
insurance plan. About 2,000 workers will affected, about half of them in
Chicago and the others scattered throughout the world. Clerical staffs
are included.
-V.138.
Philip K.Wrigley. President of the company,invented the plan.
p.1764.
Financial Chronicle
2436
April 7 1934
THE ATCHISON TOPEKA AND SANTA FE RAILWAY COMPANY.
THIRTY-N1NTH ANNUAL REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1933.
March 6, 1934.
To the Stockholdere:
Your Directors submit the following report for the fiscal
year January 1, 1933, to December 31, 1933, inclusive.
The lines comprising the Atchison System, the operations
of which are embraced in this report, and the mileage in
operation at the end of the year as compared with the
previous year, are as follows:
Dec. 31, 1933. Dec. 31, 1932:
Atchison,Topeka and Santa Fe Railway... 9,629.48 miles 9,709.19 miles
1,955.10 "
1,927.32 "
Gulf,Colorado and Santa Fe Railway
1,870.88 "
1.870.88 "
Panhandle and Santa Fe Railway_ _ _ _
13,427.68 "
13,535.17
Decrease during the year 107.49 miles. This decrease consists of 126.51 miles of branch lines abandoned and minor
adjustments aggregating 3.96 miles; less the Magunden and
Oil City branches in California aggregating 22.98 miles,
owned jointly with the Southern Pacific Company, operated
during 1933 by this company.
The average mileage operated during the year ended
December 31, 1933, was 13,527.99 miles, a decrease of 16.60
miles under the average mileage operated during the preceding year.
The Company is also interested jointly, through ownership of stocks and bonds of the Central California Traction
Company and the Sunset Railway Company, in 103.97 miles
of railway, of which the former company owns 53.91, and
the latter 50.06 miles.
INCOME AND PROFIT AND LOSS STATEMENT.
The following is a summary of the transactions of the
System for the years ending December 31, 1932 and 1933:
Operating revenues
Operating expenses
1932.
1933.
3133.133,537.52 3119,828,436.87
101,918,322.59 93,803,317.97
Net operating revenues
Railway tax accruals
Uncollectible railway revenues
Equipment and joint facility rents
$31,215914.93 $26,023.118.90
12.824.989.82 11,398,972.92
37,568.13
48,950.57
613,435.00
692,883.53
Net railway operating income
Other income
$17,659,793.45 $13,961,760.41
3,239,958.18
2,996,066.54
Grossincome
Miscellaneenui tax accruals
Rentfor leased roads and other charges..
320,899,751.63 $16,957,826.95
74,633.51
75,992.78
380,893.52
474,438.27
120,349,320.58 $16,502,299.92
Interest on bonds, including accrued
interest on adjustment bonds
12,804,313.13 12,803,628.74
Netcorporateincome(representingamount
availablefor dividends and surplus).—
$7,545,007.45
Surplus to credit of Profit and Loss,
December 31, 1932
$3,698,671.18
314,528,509.36
$318,227,180.54
Total
Appropriations for the year:
Dividendson Preferred Stock—
No. 70 (1.5%) paid
31,862,592.00
August 1, 1933
No. 71 (3.3%) paid
4,097,702.40 $5,960,294.40
February 1, 1934
California-Arizona Lines Bonds Sinking
Fund
S. F. & S. J. V. Ry. Co. Bonds Sinking
Fund
7,628.75
4,104.65
5,972,027.80
$312,255,152.74
Surplus appropriated for investment in physical Prop$23.628.11
erty
Loss on retired road and
2,458,533.17
equipment
ML.cellaneous debits—Net.. 468,050.40 32,950,211.68
Donations in connection with industry
tracks, etc
23,628.11
Surplus to credit of Profit and Loss December 31,1933
2,926,583.57
$3309,328,569.17
"Other income" consists of interest accrued and dividends
received on securities owned, including United States Government securities, interest on bank balances, rents from
lease of road and other property, and other miscellaneous
receipts.
Construction and acquisition of new mileage,including the
acquisition of bonds and stocks of other System railway companies:
Atchison, Topeka & Santa Fe By
$322,513.87
Elkhart & Santa Fe By
1,207.12
Western Arizona By
149,175.53
3244,637.12
2,701,103.48
66,968.05
3,878,772.83
Investments in terminal and collateral companies:
Alameda Belt Line
$1,167.50
Beaumont Wharf & Terminal Co
3,877.95
Central California Traction Co
1,200.32
Chicago Produce Terminal Co
182.03
806.12
Denver Union Terminal By. Co
Houston Belt & Terminal By.Co
631.86
2,712.37
Kansas City Terminal By.Co
Pueblo Union Depot & R. R.Co
642.60
Railroad Credit Corporation
77,599.15
Railway Express Agency. Inc
73,732.53
St. Joseph Terminal R. R.Co
135.59
14,702.74
Santa Fe Tie & Lumber Preserving Co-1,000.00
Santa Fe Transportation Co.(Delaware)
8,790.13
Union Passenger Depot Co.of Galveston
1,878.00
Union•Terminal Co. of Dallas
600,000.00
Western Improvement Co
388,818.47
22,528.67
3,516,086.38
Miscellaneous physical property
Other investments, including sinking funds
Net decrease in Capital Account during the year
4236,842.73
Credits In bold face.
The credit of $2,701,103.46, covering net additions to equipment for the year, analyzes as follows:
Retirements:
34 Locomotives
871 Freight-train cars
8 Passenger-train cars
2 Motor equipment of cars
2 Floating equipment
316 Company service equipment
6 Miscellaneous equipment
Additions:
2 Freight-train cars
17 Company service equipment
4 Miscellaneous equipment
6573,883.01
1,237,324.09
61,671.53
10,200.09
661,722.06
159,507.95
3,844.05
*2.708,152.78
$488.85
4,598.95
1,961.52
7,049.32
$2,701,103.46
The retirements and additions reported above include the
following conversions:
Of the 871 freight-train cars retired 15 were converted to company service
equipment.
Of the 316 company service equipment retired 2 were converted to freight
train cars.
COMPARISON OF OPERATING RESULTS.
The following is a statement of revenues and expenses of
the System for the year ending December 31, 1933, in comparison with the previous year:
Operating Revenues—
Freight
Passenger
Mail, express & miscellaneo
Year Ending Year Ending Increase or
Dec. 31, 1933. Dec. 31, 1932. Decrease.
$
$
$
97,426,943.40 107,400,213.35 9,973,269.95
12,202,075.73 14,520,805.52 2,318,729.79
10,197,417.74 11,212,518.65 1,015,10.91
Total operating revenues..- 119,826,438.87 133,133,537.52 13,307,100.65
Operating Expenses—
Maintenance of way & strut
tures
Maintenance ofequipment_ Traffic
Transportation—Rail line_ _
Miscellaneous operations_ - General
Transportation for Invest
ment,—Cr
15,417,927.63 15,342,513.57
75,414.06
27,849,272.62 31,536,603.77 3,687,331.18
4.482,381.36 4,920,729.75
438,348.39
40,596,814.74 43,997,002.77 3,400,188.03
62,595.41
79,305.64
16,710.23
5,542,192.79 5,962,474.43
420,281.64
147,866.58
79,692.66
227,559.24
Total operating expenses_ _ _ 93.803,317.97 101,918,322.59 8,115,004.62
Net operating revenue
26,023,118.90 31,215,214.93 5,192,096.03
Railway tax accruals
11,398,972.92 12,824,969.82 1,425,996.90
Uncollectible railway revenues
48,950.57
37,568.13
11,382.44
Railway operating income_ 14,575,195.41 18,352,676.98 3,777,481.57
Equipment rents—Net—Cr _ 77,611.56
43,958.88
33,652.68
Joint facility rents—Net—Dr.
691,046.56
736,842.41
45,795.85
Net railway oper. income
CAPITAL EXPENDITURES AND REDUCTION OF
BOOK VALUES.
The total charges to Capital Account, as shown by the
General Balance Sheet, page 24 [pamphlet report], at December 31, 1933, aggregated $1,218,221,363.58 compared with
$1,218,458,206.31 at December 31, 1932, a decrease during the
year of $236,842.73, which analyzes as follows:
1172.131.22
Additions and betterments:
Fixed property
Equipment:
Net additions
Betterments
13,961,760.41 17,659,793.45 3,698.033.04
Credits in italics.
CAPITAL STOOK AND FUNDED DEBT.
The outstanding Capital Stock on December 31, 1933, consisted of:
Common
Preferred
$242,706,000.00
124,172,800.00
$366,878,800.00
Financial Chronicle
Volume 138
corresponding to amounts outstanding on December 31, 1932,
no changes having taken place during the year.
The number of holders of the Company's capital stock at
the close of each of the last five years was as follows:
Common.
40,927
40.874
41,784
42.237
40,560
December 31—
1929
1930
1931
1932
1933
Preferred.
18.115
17.328
17,049
17,393
17,471
The Funded Debt of the System outstanding
$309,672,262.00
on December 31, 1932, amounted to
The following changes in the Funded Debt
occurred during the year:
Obligations retired:
S.F.& S. J. V. Ry.Co.First Mortgage 5% Bonds
Total Sy-temyunded Debt outstanding Dec.31. 1933
$8,000.00
$309,664,262.00
TREASURY.
Neither this Company nor any of its affiliated railway
companies has any notes or bills payable outstanding.
The Company held in its treasury at December 31, 1933,
$27,039,560.89 cash, and in addition owned $23,155,400.00 of
United States Government securities which are carried at
cost of $23,505,573.97 in the general balance sheet.
TAXES.
Federal, State, local, and miscellaneous railway tax accruals for the year 1933 aggregate $11,398,972.92, a decrease of
$1,425,996.90 compared with the year 1932. A comparison
of these accruals for the two years is presented in the
following table:
1933.
Federal Taxes:
Income
Capital stock
Miscellaneous
$531,495.00
21,599.94
1932.
Increase or
Decrease.
$798,675.30 $798.675.30
531.495.00
12,530.69
9,069.25
$807,744.55 $254,649.61
$553,094.94
Total
State, Local & Miscellaneous_ 10,845,877.98 12,017,225.27 1,171,347.29
411 %IR Q/2 02 812.524.969.82 51.425.996.90
Grand mt.!
GENERAL.
The holders of your Company's preferred stock are entitled
to non-cumulative dividends in each fiscal year ending
June 30th, at such rate not exceeding 5 per cent per annum
as shall be declared by the Board of Directors, in preference
and priority to any payment in or for such fiscal year of
any dividend on the common stock, but only from undivided
net profits when and as determined by the Board. Largely
as a result of the depression and to some extent increased
water, highway, and airway competition, there was a decline
in the gross revenues including other income of the company from $273,866,455 in the calendar year 1929 to $123,681,273 in the calendar year 1933, a decrease of 54.8 per
cent, and in net income before bond interest from $73,803,682 to $16,502,300, a decrease of 77.6 per cent. Notwithstanding this decline the 5 per cent non-cumulative
preferred dividend was earned and paid in full up to and
including the fiscal year ending June 30, 1932, and for the
fiscal year ending June 30, 1933, $4.80 per share was earned
and paid on such preferred.
The properties of your Company, notwithstanding that
every justifiable economy has been effected, have been well
maintained and are in sound physical condition and can
handle an increase in business without a proportionate increase in expenses, and net earnings should increase quite
rapidly as business improves.
Neither your company nor any of its affiliated railway
companies has any notes or bills outstanding, and your
Company during the depression has not borrowed any money
from any source whatsoever or deferred the payment of any
of its bills.
That improvement in volume of traffic and earnings may
reasonably be expected in 1934 is indicated by the fact that
while the carloadings for 1933 decreased 69,395 cars, being
5.6 per cent below 1932, there were small gains in November
and December, 1933. over the corresponding months in 1932,
and larger increases in January and February of this year,
the latest period for which the information is available.
Gross freight earnings per car were $3.37 less in 1933 than
in 1932.
The severe drought in substantial portions of the Southwest served by your Company, particularly in grain producing territory, and lack of purchasing power of those who
consume products grown in Santa Fe territory were important factors in curtailing its freight tonnage. In Kansas
the wheat crop was less than half the average, and in
Oklahoma and the Texas Panhandle only 55 per cent of
normal. The corn crop in Santa Fe territory was 27 per
cent below the preceding year. In 1932 we handled 108,274
2437
cars of grain, principally wheat, and in 1933, 66,100 cars, a
decrease of 39 per cent. Grain prices were better but not
enough to enable the grain farmer to make substantial purchases. Cotton production in Santa Fe States, principally
Texas and Oklahoma, was about the same as 1932 notwithstanding the extensive acreage plowed under. Cotton prices
were distinctly better but a large amount of cotton which
usually moves during the year is held at interior compresses
and awaits rail movement. Citrus and deciduous fruits
made average crops but the market demand was seriously
impaired by reduced purchasing power, lessening the quantity shipped, and reducing prices likewise in many instances.
Livestock suffered from poor grazing conditions in some
districts and emergency rates were established for the movement of feed into and livestock out of those districts most
seriously affected; market conditions were poor, except for
wool and lambs, the price of which increased substantially.
Lumber, mining, manufacturing, and construction were
greatly curtailed, while the oil industry made some improvement. Very little can be said definitely of the crop outlook.
Wheat is in better condition than a year ago but additional
moisture is needed in the Southwest. The winter has been
mild and more farm work has been done than usual in
preparation for coming crops.
Gross expenditures for additions and betterments in 1933
were $2,543,622, being limited to necessary requirements. No
new equipment was purchased, our equipment being adequate. Expenditures for additions and betterments for the
current year will be about the same as for 1933. In 1933
9 miles of 130-lb. rail, 269 miles of 110-lb. rail and 6 miles
of 90-lb. rail were laid in replacement of old rail and
1,490,238 new ties were inserted. For the current year our
rail program comprises the laying of 11 miles of 131-1b. rail
-lb. rail.
and 123 miles of 112
The Emergency Transportation Act of 1933 became a law
June 16th, the general purpose as stated in the law being
"to foster and protect interstate commerce in railroad transportation" and created the office of Federal Coordinator of
Transportation. In accordance with the Act the railroads
of the Eastern, Western and Southetn groups each selected
their representatives on Regional Coordinating Committees
consisting of five trunk line railroad executives and two
special representatives of the short lines and the electric
lines to cooperate with the Federal Coordinator in carrying
out its provisions. Cooperative studies have been and are
being made of almost every phase of railway operation for
the purpose of elimination of duplicate service and preventable waste and improvement in practices.
The Emergency Transportation Act repealed retroactively
the recapture provisions of the Transportation Act, 1920,
which required payment to the United States of one-half of
the net earnings of each railway company or railway system
in any year in excess of 6 per cent on the fair value of the
property employed in rendering the service. This required
the railroads to share their earnings with the United States
in prosperous years and to bear the entire burden of their
losses in lean years. Such repeal relieved your Company
and no doubt many other companies from probable claims
for large amounts on account of excess earnings in good
years and, in substantial measure, from valuation expense
brought about by recapture provisions.
The 10 per cent wage reduction agreement with the representatives of the employes' organizations which has been
in effect since February 1, 1932, has been extended to June
30, 1934, and is applied to all officers and employes.
On December 1, 1933, basic passenger fares on railroads in
the West were reduced to 3 cents per mile in sleeping and
parlor cars, and 2 cents per mile in coaches. Round trip
fares were reduced to 1% and 2% cents per mile, depending
upon the return limit and class of eouipment used. The
surcharge in sleeping and parlor cars was eliminated. This
is experimental for a period of six months. It will require
an increase in passenger travel averaging about 40 per cent
to make up for the reduction in passenger fares. It may
be that for a time there will be a loss in passenger revenue
and some readjustment may be needed at the end of the
experimental period, but in view of the curtailed buying
Dower of the public it has seemed necessary to make some
adjustment in passenger fares, and it is hoped that a basis
will be found presently which will give a maximum development of profitable passenger business. In 1930 your Company as an experiment put into service its first air conditioned dining-car. The result was so encouraging that
diners with improved system have been added until there
were 23 such cars in service in 1933. For 1934 the following
trains will carry air conditioned equipment: The Chief,
a diner, club, five-room observation, and compartmentdrawing room sleeper; the California Limited, a diner,
lounge, five-room observation, and compartment-drawing
room sleeper; the Grand Canyon Limited, a diner; the
Texas Ranger, a diner, and 10
-section observation; the
Kansas City-Tulsa trains, cafe-observation cars; and Barstow-Oakland trains, connecting with the California Limited
for San Francisco, cafe-observation cars.
Your Directors take pleasure in again expressing their
appreciation of faithful and efficient service rendered by
officers and employes.
S. T. BLEDSOE,President.
For Comparative General Balance Sheet, Income Account, etc..
see Annual Reports in "Investment News Columns."
April 7 1934
Financial Chronicle
2438
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL-ETC.
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
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 BUSI.
NESS ACTIVIT Y.
Friday Night, April 6 1934.
COFFEE futures on a small volume of business advanced
19 to 23 points on Santos contracts and 16 to 26 points on
Rio contracts with sales of 29 lots of the former and 28 lots
or the latter. Trade and commission houses were buying.
European interests sold to some extent. A drop in the
dollar rate of 100 reis and the generally improved sentiment
in the street owing to an advance of 20. per pound by one of
the leading chain organizations on all of their brands of
coffee, accounted for the rise in futures. On the 3rd inst.
futures were easier, Santos ending 12 to 19 points lower on
sales of 14,500 bags and Rios 4 to 11 points lower on sales
of 3,250 bags. On the 4th inst. after some early weakness,
prices firmed up and closed' with Santos contracts 4 to 8
points higher and Rio contracts 2 to 6 points higher. Only
250 bags were sold in the Rio contract while sales of Santos
amounted to 7,500 bags. On the 5th inst. futures closed 13
to 15 points lower on Rio contracts and 6 to 15 points lower
on Santos contracts. To-day futures closed 8 to 9 points
higher on both contracts.
Rio prices closed as follows:
8.49
8.421September
July
Santos prices closed as follows:
July
September
10.73 December
11.041
11.14
COCOA futures on the 2nd inst. closed 2 to 4 points higher
with sales of only 402 tons. May ended at 5.20c., July at
5.40c., September at 5.60c., October at 5.68e., December at
5.86c. January at 5.94c. and March at 6.10e. On the 3rd
inst. futures ended unchanged to 2 points lower with sales
of only 871 tons. May ended at 5.19c., July at 5.40c.,
September at 5.59c., December at 5.84c., January at 5.92c.
and March at 6.08c. On the 4th inst. prices ended 8 to 9
points with sales of 911 tons. Liquidation and some hedge
selling by San Domingo interests caused the decline. Scale
buying by domestic manufacturers and investors was reported on the recessions. May ended at 5.12c., July at
5.32c. September at 5.51c. October at 5.59c., December
'
at 5.75c. and March at 6.150c. On the 5th inst. futures
ended 3 points lower in a narrow market. Sales were 831
tons. July ended at 5.29c., September at 5.48c., October
at 5.56c., December at 5.72c., January at 5.80e. and March
at 5.97c. To-day futures closed 2 to 4 points lower with
sales of 84 lots. March ended at 5.95c., May at 5.05c.,
July at 5.25c., September at 5.45c., October at 5.53e. and
December at 5.70c.
SUGAR futures were dull and easier on the 2nd inst.
owing to a report that the pending sugar bill would be delayed
in Congress until Wednesday. Final prices were unchanged
to 1 point higher. The London market closed since Thursday
will resume trading on the 3rd inst. Raws were steady at 3e.
delivered basis. On the 3rd inst. futures ended with losses
of 2 to 5 noints after sales of 11,200 tons. Selling, however,
was not heavy. On the 4th inst. prices ended unchanged
to 2 points higher. The passage of the sugar bill by the
House had little effect. It apparently had been discounted.
Sales were 7,900 tons. On the 5th inst. futures closed 2 to
3 points lower with sales of 11,400 tons. Cuban interests
sold. Offerings of duty free sugar at 2.95e. were larger.
To-day futures closed 4 to 6 points higher. Early prices
were weaker because of liquidation influenced by the decline
in duty free sugar to 2.90e. a pound, the lowest price since
last March.
Prices closed as follows:
May
July
September
1.41 December
1.48 January
1.53 March
1.59
1.61
1.65
LARD futures were in small demand and on the 2d inst.
ended at losses of 15 to 20 points. Stocks for the last half
of March decreased 600,000 lbs. and total stocks are now
113,486,676 lbs. A much greater decrease had been expected. Exports were heavier, totaling 1,885,520 lbs. to
Liverpool, London, Southampton and Antwerp. Hogs were
quiet and Sc. to 10e. lower. Cash lard was weak;in tierces,
/
6.12c., refined to Continent, 43'c. to 430.; South America,
8
4% to 43/e. On the 3d inst. futures ended unchanged to
5 points lower owing to a decline in hogs. The decline in
hog prices was attributed more to the low grade of the present
hog run rather than to heavy receipts. Liverpool lard
futures closed is. to is. 3d. lower. Exports were 1,125,720
lbs. to United Kingdom ports and Rotterdam. Hogs were
10 to 15 cents lower with the top $4.25. Cash lard weaker;
4
in tierces, 5.90e.; refined to Continent, 43/i to 43 C.; South
America, 4% to 438e. On the 4th inst. futures displayed a
firmer tone and prices closed 10 to 13 points higher on a
renewal of speculative buying, stimulated by a report that
the Government contemplates purchasing 60,000 hogs for
relief purposes during April. Export demand was better.
Hogs were 100. higher with the top $4.20. Cash lard firmer;
in tierces, 6.02c.; refined to Continent, 45% to 430.; South
/
America, 43% to 43/se. On the 5th inst. futures ended 2 to
3 points higher on a light speculative demand. Offerings
were light. Hogs were firm owing to smaller receipts. The
top price was $4.35. Cash lard was steady;in tierces, 6.05c.;
/
refined to Continent, 45% to 43 0.; South America, 43%
to 47'se. To-day futures closed unchanged to 20 points
higher.
DAILY CLOSING PRICES
Sat.
6.22
6.27
6.47
May
July
September
OF LARD FUTURES IN CHICAGO.
Wed. Thurs.
Mon. Tues.
Fri.
6.00
6.10
6.02
6.12
6.15
6.07
6.17
6.12
6.20
6.25
6.37
6.25-.27 6.27
6.40
6.42
PORK steady; Mess $20.25; family $21; fat backs $15 to
$15.50. Beef steady; mess nominal; packet nominal; family
$11 to $13 nominal; extra India mess nominal. Cut meats
firm; pickled hams 4 to 6 lbs. 8%c.; 6 to 8 lbs. 83/2c.; 8 to
10 lbs. 83/20.; 14 to 16 lbs. 13c.; 18 to 20 lbs. 115%c.; 22 to 24
%
lbs. 10c.; pickled bellias, 6 to 8 lbs., 30.; 8 to 10 lbs. 123 c.;
10 to 12 lbs. 123/c.; bellies, clear, dry salted, boxed, N. Y.
2
2
/
14 to 16 lbs. 9%c.; 18 to 20 lbs. 93/c.; 20 to 25 lbs. 93 0.;
25 to 30 lbs. 93.c. Butter, creamery, firsts to higher score
/
than extras 24 to 243 0. Cheese, flats 15 to 19c. Eggs,
mixed colors, cheeks to packs 15 to 20c.
-Linseed was quiet but prices held nominally at
OILS.
8.7e. for tank cars. Cake business was dull and there was
very little done in meal. Cocoanut, Manila, coast tanks
/
2X to 25%c.; tanks, New York, spot 25% to 23 0. China
/
wood, N. Y.drums, delivered 83/i to 830.; tanks, spot 8.2 to
8.3c. Corn, crude, tanks, f.o.b. Western mills 4%c. Olive
denatured, spot Spanish 88 to 90c., shipment, Spanish 88e.
2
Soya Bean, tanks cars f.o.b. Western mills 6 to 63/c.; cars,
N. Y. 7c.; L.C.L. 7.5e. Edible, olive $1.60 to $2.15.
Lard, prime 93c.; extra strained winter 8c. Cod, Norwegian dark 35c.; light filtered 36c. Turpentine 605% to
643/2c. Rosin $5.65 to $6.60.
Cottonseed oil sales to-day, including switches, 33 contracts. Crude S. E., 45%c. bid. Prices closed as follows:
April
May
June
July
5.20
5.35(i5.38
5.40 5.60
5.59 5.60
August
September
October
November
5.605.75
5.80@5.84
5.89@5.90
5.9645.97
-The summary and tables of prices forPETROLEUM.
merly appearing here regarding petroleum will be found on
an earlier page iti our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
RUBBER futures closed 21 to 23 points higher on the
2nd inst. in a featureless market. London and Singapore
will resume trading after being closed since last Thursday.
A
Actuals were X to 3 c. higher. Standard ribs for April were
up to 11 Xc., and the premium of latex crepe widened to 2e.
Browns and ambers were Xc. higher excepting rolled brown.
There was a better factory interest. April closed at 11.25e.,
May at 11.34 to 11.36c., July at 11.61 to 11.68c., Sept. at
11.92 to 11.94c., Oct. at 12.04e. and Dec. at 12.26e. On
the 3rd inst. futures ended 2 to 6 points higher owing to the
sharp rise in sterling, the strength of securities and more
favorable restriction news. May ended at 11.36e., July at
11.66c., Sept. at 11.96 to 11.97c., Oct. at 12.03e. and
Dec. at 12.32. Sales were 3,830 tons. On the 4th inst.
futures closed 5 to 15 points with sales of 6,070 tons. May
ended at 11.49 to 11.510., July at 11.78 to 11.79e., Sept. at
12.06 to 12.080., Oct. at 12.17e. and Dec. at 12.39 to 12.40e.
On the 5th inst. after an early decline of 5 to 14 points futures
a rally occurred in which all the early losses were wiped out
and the ending was 9 to 14 points net higher with sales of
6,910 tons. May ended at 11.60c., July at 11.91 to 11.92e.,
Sept. at 12.18e., Oct. at 12.26 to 12.30c., Dec. at 12.52c.,
Jan. at 12.62e. and March at 12.82e. To-day prices ended
3 points lower to 3 points higher on sales of 466 lots. There
was a good demand from the trade and commission houses.
May ended at 11.58 to 11.59e., July at 11.88 to 11.90e.,
Sept. at 12.17 to 12.18c., Oct. at 12.29e. and Dec. at 12.53e.
HIDES were more active and closed 8 to 15 points higher
on the 2nd inst. Trading in the new standard contract
began with sales of 480,000 lbs. Sales in the old contract
amounted to 1,000,000 lbs. The spot situation showed little
.change. There was a better inquiry but no sales of special
mention were reported. Old contract closed with June at
11.28 to 11.33c.; Sept. at 12.05 to 12.10c.,and Dec.at 12.50c.
New contract, Sept., 12.20 to 12.25c.; Dec., 12.60c., and
March, 12.85 to 12.90e. On the 3rd inst. futures closed
5 to 20 points lower on the new standard contract with sales
of 320,000 lbs. and there was a decline of 10 to 23 points on
the old contract after sales of 560,000 lbs. The closing was
with old contract June, 11.05 to 11.20c.; Sept., 11.93e., and
Dec., 12.30 to 12.40c.; new, Sept., 12.100., and Dec., 12.40e.
On the 4th inst. declined in the early trading but firmed up
Volume 138
later on and closed 4 points lower to 12 points higher on old
contracts and 5 lower to 20 higher on new contracts after
sales of 250,000 lbs. Old contracts closed with June at
11.15 to 11.20c.; Sept. at 11.89 to 11.95c.,and Dec.at 12.35e;
standard new contract, Sept., 12.05 to 12.10c., and March at
13.00c. On the 5th inst. futures ended 5 points lower to
7 points higher on old contract with sales of 120,000 lbs.,
and 10 points lower to 5 points higher on new contract with
sales of 440,000 lbs. Old contract closed with Sept. at 11.96
to 12.00c., and new contract with Sept. at 12.10 to 12.20c.
and Dec. at 12.50 to 12.55c. To-day prices closed 13 to 16
points higher on old contracts with sales of 46 lots. June
old ended at 11.46c. and Sept. at 12.09 to 12.15c.
OCEAN FREIGHTS were in fair demand.
CHARTERS included: Grain booked, 25 loads prompt Antwerp, 6c.;
a few to Hamburg at 7c.; a few to Liverpool at is. 6d.;33 Boston to HavreDunkirk at 8c. Booked: 8 loads Montreal, May, Mediterranean, 10c.;
15 loads Antwerp,6c.; 10 Rotterdam.6c. Grain, 27 loads, Montreal, May,
two Irish ports, Is. 1()3d. Trips, prompt West Indies round, 85c.
COAL continued in good demand at unchanged prices.
Temperatures were lower and some snow fell over the West.
Bituminous production in the last week of March increased.
500,000 tons to a total of 9,100,000 the heaviest output since,
the week of Dec.20 1930. For three weeks ended March 31,
the output was 26,320,000 and the weekly average 8,440,000,
against 13,365,000 and $5,121,000, respectively, a year ago.
SILVER was rather active and futures on the 2d inst. were
48 to 70 points higher owing to the persistency,with which
the silver bloc is pushing through silver legislation. It
seems more likely than ever that silver will be remonetized.
April ended at 46.45c.. May at 46.55e., June at 46.70c.,
July at' 46.85c., Sept. at 47.28e. and Dec. at 47.880. On
the 3d inst. futures ended 3 to 20 pionts lower with sales of
5,650,000 ounces. April ended at 46.25c., May at 46.350.,
to 46.40e, July at 46.65 to 46.70c. Sept. at 47.10 to 47.21c.,
Oct. 47.36c., Dec. 47.85c. and March at 48.45c. Futures
on the 4th inst. after an early decline of 4 to 23 points improved later to close 11 points lower to 12 points higher with
sales of 3,005,912 ounces. April ended at 46.37c., May at
46.40 to 46.480., June at 46.59c., July at 46.78c., Sept. at
47.23c. and Dec. at 47.74 to 47.800. On the 5th inst.
futures closed 4 to 14 points higher after some early irregularity. Sales amounted to 3,275,000 ounces. April ended
at 46.45e., May at 46.50 to 46.52c., July at 46.82c., Sept.
at 47.280., Dec. at 47.88e. and March at 48.48e. To-day
futures closed 4 to 8 points lower with sales of 2,225,000
ounces. April ended at 46.47 to 46.50c., May at 46.50 to
46.54e., July at 46.85 to 46.880., Sept. at 47.20 to 47.25e.
and Dec. at 47.80c.
COPPER advanced to 85je. delivered to Connecticut
Valley. All producers were quoting that price and were
making sales. Predictions were that 9c. would be reached
before the close of the month. European prices ranged from
8.25 to 8.30e. c. i. f. European ports. The advance in the
domestic .price was the first change in several months and
was probably influenced by the belief that-the copper code
will be signed very soon. In London on the 5th inst. spot
standard advanced us. 3d. to £32 17s. 6d.• futures up 10s.
to £33 2s. 6d.; sales 100 tons of spot and 900 tons of futures;
electrolytic was 5s. higher at £35 15s. bid and £36 5s. asked;
at the second London session standard was 2s. 6d. higher on
sales of 500 tons of futures.
TIN advanced to 56c. for spot Straits, a new high for the
year. There was a fair demand. London was higher owing
it is said to an expectation of favorable action by the international tin committee which was scheduled to meet this
week. It is believed that production if not held down to its
present level will not be increased excessively. In London
on the 5th inst. spot standard was up £2 10s. to £238 10s.•
futures rose £2 5s. to £241 10s.; sales 50 tons of spot and 250
tons of futures; spot Straits advanced £3 5s. to £241 10's.;
Eastern c. 1. f. London up 5s. to £237 15s.; at the second
London session spot standard rose 15s. and futures 10s. with
sales of 15 tons of spot and 25 tons of futures.
LEAD was in fair demand and unchanged at 4c. New
York and 3.90c. East St. Louis. Demand came from a
wide source and was largely for April shipment. There was
a little buying of May. In London on the 5th inst. prices
•advanced 5s. to £11 us. 3d. for spot and £11 18s. 9d. for
'
futures; sales 1,000 tons of spot and 350 tons of futures;
at the second session prices were unchanged with sales of
400 tons of spot and 100 tons of futures.
ZINC was in small demand but prices were firmer at 4.30c.
East St. Louis and 4.65c. New York. Galvanizers were
bidding 4.25c. but apparently met with little success. In
London on the 5th inst. prices advanced 3s. 9d. to £14 17s.
6d.for spot and £15 5s. for futures; sales 475 tons of spot and
325 tons of futures; at the second session prices were up is.
3d. on sales of 25 tons of futures.
STEEL orders were of larger volume from the railroads.
The New York Central ordered nearly 40,000 tons of rails
while the Erie bought over 32,000 tons. The Great Northern was reported about ready to close on 20,000 tons, and
the Baltimore & Ohio will soon enter the market for 30,000
tons of rails and 15,000 tons of track fastenings. The Maine
Central and the Grand Trunk Western want 4,200 tons of
rails each. The present price of $36.373 per ton expires
on April 15 unless it is postponed again. The original date
of expiration was March 1st. Higher prices will become
2439
Financial Chronicle
effective on April 10th and as a result there was a rush to
buy by consumers to fill their second quarter requirements
before that date. Producers will have to bear the extra
burden of the 10% advance in labor costs until existing
tonnages on their books have been liquidated. On new
orders there will be an advance of $3 on billets and slabs
while sheet bars will be quoted $4 a ton higher.
PIG IRON buying was stimulated to some extent by improvement in steel. Many smelters who have been out of
the market for some time were reported to be increasing
stocks on hand and on contract. All grades of iron, based
at Swedeland, Pa. were advanced $1 per ton according to the
American Iron and Steel Institute. The general belief was
that there will be a uniform rise of $1 throughout the country. Large consumers appear to be well covered on their
second quarter requirements. Foundry No. 2 plain,
Eastern Pennsylvania, $18.50; Buffalo, Chicago, Valley and
Cleveland, $17.50; Birmingham, $13.50; basic Valley, $17,
Eastern Pennsylvania, $18.
WOOL was very quiet with prices for fleece wools showing
an easier tendency. Western grown lines were fairly steady.
Receipts of domestic wool at Boston during the week ended
March 31 were estimated at 1,873,300 lbs. against 465,900
lbs. during the previous week. Original bag and country
graded fleeces of Michigan, Indiana and similar Midwestern
types were being offered at 35e. to 370. in the grease for lots
containing combing and clothing 56s, three-eighths blood,
and 48s, 50s, quarter blood qualities. Boston wired a
Government report on April 4 saying: "Trading in wool in
the Boston market is too limited to definitely establish prices.
SILK was quiet. On the 2nd inst.futures closed unchanged
to 2c. higher with sales of 720 bales. Crack double rose 3c.
Japanese cables were stronger. Futures here closed with
April at $1.313/2, May at $1.33M, June and July at $1.333'
to $1.34, Aug. at $1.333/ to $1.34M, Sept. and Oct. at $1.34
.
2
and Nov. at $1.343/ On the 3rd inst. futures closed 1 to
2c. higher with sales of 530 bales. Early prices were weaker.
April closed at $1.33, May at $1.343/ to $1.35, June at
$1.343' to $1.353./2, July and Aug. at $1.353, to $1.36, and
Sept., Oct. and Nov. at $1.36. Futures on the 4th inst.
ended Me. lower to 2 points higher after early irregularity.
Sales were 1,000 bales. April and May ended at $1.34 to
$1.35, June and July at $1.3632, Aug. and Sept. at $1.36
to $1.37, Oct.at $1.363/ to $1.37 and Nov.at $1.37. On the
5th inst. futures closed 13/2 to 3c. lower with sales of 1,040
bales. April ended at $1.32 to $1.33, May at $1.31M to
$1.323/2, June at $1.333/ to $1.343'2, July and Aug. at $1.34
2
$1.343/2, Sept. at $1.3432, Oct. at $1.34 to $1.343/ and Nov.
at $1.34. To-day futures closed unchanged to lc. lower
with sales of 97 lots. April and May closed $1.31 to $1.32,
2
June at $1.323/, July at $1.333/ to $1.34, Sept. at $1.34 to
$1.343/2, Oct. at $1.333/ to $1.34 and Nov. at $1.34.
COTTON
Friday Night, April 6 1934.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
68,255 bales, against 64;579 bales last week and 76,297 bales
the previous week, making the total receipts since Aug. 1 1933
6,598,451 bales, against 7,469,033 bales for the same period
of 1933,showing a decrease since Aug. 1 1933 of 870,582 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi_ New Orleans..
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Lake Charles_
Wilmington
Norfolk
Baltimore
Sat.
Mon.
3,472
4,874
623
____
5,770
2,012
548
____
2,164
219
107
296
826
--- 5
54
245
Totals this week- 17,740 10,009
Wed.
Tues.
Thurs.
Fri.
Total.
1,918 13,768
1,031
1.031
612 2,059 7,261
776
1,179
----------------548
5,824 2,505 5,850 5,277 31,760
828 4,267 8,174
105
810
237
237 18
18
338 1,487
38
655
130
543 1,078
--- 449
86
304
8
------ --- 966
38
60
12
25
275
165
5
23
28
------------1,103 1,348
469
1,652
1.383
8,914
5,814
9,013 16,765 68,255
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night compared with
last year:
Receipts to
Apra 6.
1933-34.
1932-33.
Vas Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Stock.
1934.
1933.
Galveston
13,768 1,925,617 11,525 1,785,453 615,421 703,828
14,356
Texas City
46,194
1,031 176,346 1.386 222,580
Houston
7,261 2,142,891 17.029 2.545.9811,141,552 1,688.466
Corpus Clvisti_
70,273
62.193
548 318,497 1,273 287,995
Beaumont
22,447
4.418
28,494
___ _
9,225
New Orleans_ _ _ _ 31,7601,234,141 16,626 1,621,898 697,970 1,004.738
Gulfport
606
Mobile
8,174 139,865 3.570 268.500
99,602 127.919
Pensacola
15,815
31,198
237 134,913
___ _ 119.300
Jacksonville
9,988
18
5,426
8.388
13,442
11
Savannah
821 130,385 109,478 155.167
1,487 160,535
Brunswick
32,549
182
35.878
1.078 123.326 2,128 142,836
Charleston
51,674
48,554
Lake Charles_ _ _ _
304 102,399
72,652
28,248
300 152.125
966
Wilmington
21,663
17,857
21.394
49,595
223
275
Norfolk
51.795
17,139
37,336
374
47.126
N'port News, &c_
8,689
80.141 198.439
New York
_
19.490
10,111
Boston
2,832
3,372
1,348
Baltimore
25,706
13,204
100
Philadelphia
Totals
68.255 6.598.451 55.54R 7.41311.11.1:1 2.971.653 4.278.494
2440
Financial Chronicle
April 7 1934
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
part with their cotton despite the fact that the planting
season is at hand.
On the 3rd inst., after fluctuating within a range of 5
Receipts at-- 1933-34. 1932,33. 1931-32. 1930-31. 1929-30. 1928,29.
points and mostly slightly below the previous closing, the
Galveston__
market steadied on a sharp rise in sterling exchange and
11,525
13,768
10.718
3,996
12,167
6,697
Houston
7, 61
14.286
17.029
10.058
9,174
6,205
the strength of the securities, and ended with net gains of
New Orleans_
61.700
13,681
54.916
21,028
16,626
21,038
2 to 7 points. Trading was small. Wall Street, the trade
Mobile
8,174
3,570
3,999
4,295
2.518
2,062
Savannah
•
1487
821
3.717
3,206
1,646
3.342
and spot interests were buying. Liverpool was an early
Brunswick_
182
buyer, while the Continent sold. It was a waiting market,
Charleston_
1,078
2,128
3,394
487
751
1,729
Wilmington__
966
223
526
206
777
853
pending developments in Washington. Much interest is
Norfolk
2/6
374
790
1,077
1,202
476
being manifested in pending silver legislation. The prinbrport News..
All others____
3,486
cipal factor of uncertainty is the Bankhead bill, which is
3,070
2,231
3,128
2,023
1,883
now awaiting action by the Conference Committee. The
Totalthiswk_
68.255
55.548
93.799
40.426
47.498
48,659
general feeling is that prices will be governed by the form
Stnce/iug.1_- 6./98.411 7,469.033 8.960.134 8.117,7777,630.7808.586.333
in which the bill comes out of the conference. Worth Street
The exports for the week ending this evening reach a total reported a better inquiry, but actual business was very small.
of 137,694 bales, of which 19,855 were to Great Britain, Southern spot markets were officially unchanged to 7 points
6,142 to France, 39,229 to Germany, 24,050 to Italy, 20,510 higher. The Exchange Service estimated sales of fertilizer
to Japan, 3,109 to China and 24,799 to other destinations. in eight States at 1,503,000 tons against 829,000 tons in the
In the corresponding week last year total exports were 132,629 four months ended April 1 1933.
bales. For the season to date aggregate exports have been
On the 4th inst. prices ended 5 to 7 points higher, after
6,124,139 bales, against 6,165,507 bales in the same period very small trading. They were easier early in the session,
of the previous season. Below are the exports for the week: on foreign selling influenced by an advance in sterling and
lower Liverpool cables than due. Spot houses were also
Exported to
selling. Considerable resistance was encountered when
Week Ended
Apr.6 1934.
Great
Wheat rallied, and the market got support from professional
GerExports from
- Britain. France, many. Daly. Japan. China. Other. Total.
and commission house quarters on further inflationary talk
and more activity in wholesale dry goods quarters. Buying
2,620
Galveston
6,320 9,283 8,100 1,930 9,713 37,966
Houston _____ _ 5,848 2:774 8,124 7,915 4,669
9,836 39,166
orders came from domestic mills as well as from the South,
1,761
Corpus Christi
130
568 2,509
50
New Orleans and the Far East. Foreign interests were
872
Texas City
3,357
1.872
179
-434
New Orleans
3,ii8 26,502 also buying late in the day. The first weekly weather sum2:555 13,784 6,i5i
-480
Lake Charles_
386 2,211
50 1,295
mary said: "The week was unfavorable for seasonal out115
Mobile
200
100 1,397
917
--58
Savannah
3,013
540 12,141
4.333
4.255
side operation on farms. In the Southwest it was mostly
4,401
Charleston
31 6,709
2,277
fair and sunny, with inappreciable precipitation in most
235
Norfolk
1,174
-555
307
-.1Los Angeles
277
2,984
1:707 1:666
places, but the soil, made wet by previous heavy rains, has
233
San Francisco
1,578
1,345
not dried out sufficiently to permit general operations,
19,855 6.142 39,229 24,050 20,510 3,109 24,799 137,694
Total
though field work was in progress in a good many places at
the close of the week. While some corn was seeded locally
Total 1933.... 12,594 15,071 29,284 23,161 10,405 6,333 35,781 132,629
as far north as North Carolina and extreme southeastern
Total 1932... _ 21,456 16.348 32,865 12,743 38.307 13,496 45,744 180,959
Kansas and a little additional cotton was put in, the plantFrom
Exported to
ing of both these crops is later than in an average year.
Aug. 1 1933 to
Planting cotton made good progress in Texas and southern
Apr. 6 1934.
Great
GerExports from-Britain. France. many. Italy. Japan. China. Other. Total.
Georgia, but in most portions of the central and eastern
belt little has been accomplished."
Galveston
240,441 223,668 223.496 162,527 459,350 79,634 279,212 1668,328
Houston
232,644 245,747 405,512221,714 499,932 86,719 291.9471984,215
On the 5th inst. prices ended 6 to 8 points lower, under
Corpus Christi_ 96,696 53,577
17,621 125,537 7,348 41,672 368,974
foreign selling. The failure of legislation developments to
Texas City
20.159 24,062 42,579 4,396
3,119
179 22,316 116,810
3,495 4,593
Beaumont.
3,252 2,140 1,628 18,285
2,176 1.000
materialize tended to restrict buying. Early advices said
New Orleans.._ 239,548 103,807 229,368 127,807 153,221 30,364 129,695 1013,814
that a conference between the House and Senate over the
Lake Charles
9,336 23,799 25,039 2,857 17.761 8,080 23,483 110,355
Mobile
38,572 8,327 70,594 10,109 19,531 1,000 9,389 157,522
Bankhead bill would be held but later reports indicated
Jacksonville
2,618
8,498
670 11,786
that the conference might be postponed until Monday. FurPensacola
20,42
1.432 31,496 12;514 15;2415
1,292 82,813
ther talk of inflation, together with a better spot demand,
Panama City- 20,711
25
14,513
8,600 &Xi)
500 53,083
Savannah
59,486
1,202 16,868
7,338 148,929
100 63,93
checked selling. Dry goods were also in better demand.
Brunswick.... _ _ 26,67
5,849
25 32,549
There 'was a small rally at one time towards the close, on
49.112 -575 56,28
Charleston_ _
-_-_-_-_ •
1,975 107,817
7
66
Wilmington_ _
1,350 12,702
10.852
buying encouraged by the announcement that a bill to
Norfolk
7,275 1,58
798
36
16,320
6,026
274
amend the Securities bill had been introduced in the Senate.
171
1
9,623
Gulfport
5,740
3.643
50
New York_ _ _ _
8,908
263
7,42
36
10555 1,555 7.733 27,189 The weather, too, was unfavorable. Heavy rains fell over
Boston
146
101
205
5,598
6,050
111,654 4:555 2,623 131,152 the entire Western belt, which it is believed will delay
Los Angeles
5,528
901
5,800
1,921
1,67
San Francisco_
525
38,070 1,862 1,605 45,658
planting. Rain was predicted over night in the Eastern belt.
165
165
Seattle
On the other hand, there were reports that planting was
making rapid progress in the South and that cotton was
1089,431693,298 1241.484 563,38511474,39 231,520830,6266124,139
LTotal
being planted well up in the Central sections.
Total 1932-33_ 1077,213710.890 1377,916 616,036 1330,2151250,940 802,2976165,507
To-day prices rallied after early weakness, and ended with
Total 1931-32_ 1024,203 362,169 1313,431 513,072 2018,960 920,202811,4286963,465
net gains of 1 to 11 points. It was a quiet market, with
NOTE.
-Exports to Canada.
-It has never been our practice to include in the
above table reports of cotton shipments to Canada, the reason being that virtually
lower than due Liverpool cables having a depressing effect
all the cotton destined to the Dominion comes overland and it Is impossib e to give
in the early dealings, but a fair trade demand later on stimreturns 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,
ulated by reports of a better business in print cloths brought
however, of the numerous inquiries we are receiving regarding the matter, we will
about a rally and slightly higher prices at the close.
say that for the month of February the exports to the Dominion the present season
have been 23,736 bales. In the corresponding month of the preceding season the
exports were 9,671 bales. For the seven months ended Feb. 28 1934 there were
163.583 bales exported, as against 113.488 bales for the seven months of 1932-33.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Apr. 12 1934.
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:
15-16
Inch.
1-Inch &
longer.
.13
.13
.13
.13
.13
.11
.10
.36
.36
.36
.36
.36
.31
.27
Differences between grades established
for deliveries on contract April 12 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
On Shipboard Not Cleared for
April 6 at
Galveston
New Orleans....
Savannah
Charleston.. _
Mobile
Norfolk
Other ports'...
Oilier
Great
GerBritain. France. many. Foreign
6,000
4.749
6,000
697
4,183
1,037
2:656
8,000 24.000
927 3.616
500
1,000 13.000
Total 1934
13,786 7,197 9,927 44,799
Total 1933.... 14,267 4.328 9,765 58.478
Total1932.... 20,786 14,484 13,503 83.136
•Estimated.
Coastwise.
Total.
Leaving
Stock.
567.421
687,981
109,478
48,554
5:556 94',382
17,139
500 17:656 1,366,489
4,000 48.000
9,989
4.500 80,209 2.891,444
4.268 91,106 4,187.388
8.605 140,514 4,119.885
SPECULATION in cotton was rather small during the
week. On the 2nd inst. trading was resumed after being
closed for Good Friday and Saturday, and prices, after an
early advance of 8 to 12 points, reacted, losing all of the
early gains and more, and ended 6 to 8 points lower. The
early rise was due to indications of inflationary developments at Washington, better reports on trade conditions,
and more activity and higher prices in Worth Street. Liverpool and the Continent bought to some extent. The Far
East was also credited with buying. The decline later on
was attributed more to a lack of follow-up buying rather
than to any selling pressure. New Orleans and the South
were early sellers, and leading spot houses sold in a small
way. Reports said the basis was about unchanged over
the week-end, and that farmers showed no disposition to
,
Middling Fair
White
.74 on
Strict Good Middling_
do
.59
Good Middling
do
.47
Strict Middling
do
.32
Middling
do
Basis
Strict Low Middling...... do
35 off
Low Middling
do
.74
*Strict Good Ordinary
do
124
*Good Ordinary
do
169
Good Middling
__Extra White
48 on
Strict Middling
do do
.33
Middling
do do
.01
Strict Low Middling_- do do
.34 off
Low Middling
do do
.70
.36
.12
Good Middling
Spotted
.28 on
.12
.36
Strict Middling
do
Even
.30
.10
Middling
do
.35 off
*Strict Low Middling.- do
74
*Low Middling
do
1.24
.29
.11
Strict Good Middling..
.Yellow Tinged
02 off
.29
.11
Good Middling
do do
.25 off
.27
.11
Strict Middling
do do
41
*Middling
do do
.74
*Strict Low Middling.., do do
1.21
*Low Middling
do do
1.63
.27
10
Good Middling
Light Yellow Stained._ .40 off
*Strict Middling
do
do
do - .74
*Middling
do
do
do ._1.23
10
.27
Good Middling
Yellow Stained
73 off
*Strict Middling
1.21
do do
*Middling
do do
1.64
.27
.10
Good Middling
Gray
.25 off
.27
.10
Strict Middling
do
.49
do ,
*Middling
78
*Good Middling
Blue Stained
.74 off
*Strict Middling
do do
1 21
*Middling
do do
1 53
'Not deliverable on future contract
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
do
do
In
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon Tues Wed. Thurs. Fri.
Ho!, 12.15 12.20 12.25 12.20 12.30
March 31 to April6Middling upland
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Mar. 31.
April ('34)
Range_
Closing_
May
Range._
Closing.
June-Range_ _
Closing July
Range..
Closing.
Aug
Closing_
Sept.
Range__
Closing _
Oct.
Range_ _
Closing
Atcm,Range_ _
ClosingDee.Range-Closing _
Jan.(1935)
Range-Closing ..
-Feb.
Range._
Closing
Mar.-
Tuesday, Wednesday, Thursday.
Apr. 5.
Apr. 4.
Apr. 3.
Monday,
Apr. 2.
11.89n
11.94n
12.00n
11.93n
Fr
Ay r. 6.
12.0.
11.9442.10 11.90-11.99 11.95-12.08 11.98-12.06 11.9:-12.10
12.01
12.05-12.06 11.9811.9441.95 11.99 12.05n
11.99n
12.11n
12.04n
12.1:
12.05.12.23 12.01-12.11 12.07-12.19 12.10.12.17 12.01 12.19
12.05 -12.11 -12.18-12.1912.10 -12.1f 12.19
12.10n
12.16n
12.23n
12.15n
12.21
12.15n
HOLIDAY.
12.21n
12.27n
12.19n
12.2<
12.20-12.40 12.15-12.27 12.20-12.34 12.23-12.33 12.11 12.29
12.24-12.25 12.21
12.26-12.27 12.3212.2012.30n
12.25n
12.36n
12.29n
12.3:
12.29-12.49 12.26-12.35 12.30-12.44 12.31-12.40 12.21 12.40
12.30 ---- 12.35 ---- 12.41 ---- 12.34 ---- 12.31 12.40
,
12.35-12.52 12.32-12.42 12.36-12.48 12.40-12.45 12.3 12.42
12.41
12.4012.4712.4212.35-
12.50-12.64 12.41-.1252 12.46-12.59 12.49-12.57 12.4 -12.52
12.58 12.51-12.5:
12.5212.hn-
Range..
Closing
n Nominal.
Range of future prices at New York for week ending
April 6 1934 and since trading began on each option:
Option forMar. 1934Apr. 1934
May 1934._
June 1934
July 1934._
Aug. 1934_
Sept. 1934
Oct. 1934._
Nov. 1934
Dec. 1934_
Jan. 1935_
Feb. 1935_
Mar. 1935.-
2441
Financial Chronicle
Volume 138
Range for Week.
Range Since Beginning of Option.
6.84
8.91
11.90 Apr. 3 12.10 Apr. 2 9.13
11.42
12.01 Apr. 3 12.23 Apr. 2 9.27
11.42
12.00
12.15 Apr. 3 12.40 Apr. 2 10.05
12.70
12.26 Apr. 3 12.49 Apr. 2 10.73
12.32 Apr. 3 12.52 Apr. 2 11.87
Mar. 28 1933 12.39
May 22 1933 11.86
Oct. 16 1933 12.54
Jan. 15 1934 12.50
Oct. 16 1933 12.71
Jan. 18 1934 12.38
Mar. 28 1934 12.77
Nov. 6 1933 12.89
Feb. 23 1934 12.70
Dec. 27 1933 13.03
Jan. 27 1934 13.09
July 18 1933
Mar. 23 1934
Feb. 13 1934
Feb. 13 1934
Feb. 13 1934
Mar. 6 1934
Feb. 13 1934
Feb. 13 1934
Feb. 23 1934
Feb. 13 1934
Feb. 13 1934
12.41 Apr. 3 12.64 Apr. 2 12.22 Mar. 28 1934 12.64 Mar. 28 1934
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.
1931.
1932.
1933.
1934.
'16StOCk at Liverpool
Stock at London
Stock at Manchester
bales- 956,000
744,000
645.000
918,000
132,000
110,000
209,000
219,000
1 088,000
854,000
854,000 1,137,000
597,000
303.000
23,000
86,000
91,000
8,000
7,000
545,000
259,000
25,000
84.000
129,000
328,000
188,000
26,000
92,000
99,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1,115,0001.042,000
535,000
395,000
13,000
121,000
60,000
Total East India, &c
Total American
6,413,415 7,848.700 7.543,464 6,710,421
490,000
309,000
351,000
465,000
72,000
112,000
160.000
78,000
395,000
1,058,000
46,000
65,000
38,000
42.000
509,000
811.000
83,000
53.000
53,000
73,000
653,000
674,000
126,000
113,000
119,000
63,000
682,000
969,000
2,365.000 1,820,000 1,940,000 2,537,000
6,413,415 7,848,700 7,543.464 6,710,421
8,778,415 9,668,700 9,483.464 9,247;421
Total visible supply
5.59d.
4.734.
5.28d.
Middling uplands, Liverpool.... 6.40d.
10.20c.
6.10c.
12.30c.
6.55c.
Middling uplands, New York
7.804. 10.00d.
9.25d.
8.07d.
Egypt,good Sakel, Liverpool_ _
4.45cr
4.48d.
4.734.
4.61d.
Broach, fine, Liverpool
5.30d.
4.61d.
4.92d.
5.71d.
Ttnnevelly, good, Liverpool
Continentalimportsfor past week have been 81,000 bales.
The above figures for 1934 show a decrease over last
week of 89,669 bales, a loss of 890,285 from 1933, a
decrease of 705,049 bales from 1932, and a decrease of
469.006 bales from 1931.
Ship- Stocks
ments. Apr.
6.
Week. i Season. Week.
Receipts.
Receipts.
Week. I Season.
279 36,60
27,708 1,720 10.343
Ala.,Birming'm 1,107
8.174
289
38 5,949
9,458
102
Eufaula
240 39,26
711 31,194
688 31,262
Montgomery
160 55,881
133 37,707 1,582 35,157
Selma
3441 184,869
48 126.601 2,569 52,045
Ark,Blytheville
51 23,026
620 12.368
17,833
11
Forest City
288 77,02
519 19,881
61 44,311
Helena
51,3
201
353 15,018
349 47,185
Hope
19,804
131
923 8,589
4 30,447
Jonesboro.. _
538 134,913
920 107,353 1,578 37,223
Little Rock
100 48,963
923 16,297
13 29,567
Newport_ _ -782 117,639
348 101,481 1,115 31,623
Pine Bluff_ _ _
79 65,291
666 10,815
46 53,139
Walnut Ridge
1,376
538
522
----I
5 11,066
Ga., Albany...
24,490
7
265 58,829
89 32,014
Athens
4,956 123,480 6,978205,079 1,30 222,886
Atlanta
Augusta _ _ _ _
1,324 143,676 5,598127,386 2,7191 112,252
500 12,911 1.835 18,800
19,740
400
Columbus_._
2641 18,5321
433 33.522
Macon
312 17,922
851 11,9211
75 10,056
55 12,104
Rome
2451 73,68
52 52,391 1.085 24.840
La., Shreveport
5241 123,9781
Miss.Clarksdale 1.785 124.917 1,958 33,102
990 11,253
18,739
16
Columbus_ _ _
1281 15,
466 128.871
330 142.591 2,860 46,350
Greenwood_ _
771 34,779
346 14,759
141 26,794
Jackson
8,172
58
65 4,478
4,639
1
Natchez_ _ _ _
104 34,260
491 8,067
277 21,179
Vicksburg_
32,02
68 10,192_
4 27,287
Yazoo City.129,804
Mo., St. Louis_ 11,716 213,807 7,274 21,817 4,32
27,97
2
266 18,258
7,337
1
N.C.Greensb'ro
Oklahoma
628 800,956 7,659 87.173 1.273 707,44
15 towns*. _
123,936
S.C., Greenville 3,729 134,233 3,467 90,807 2,16
Tenn.,Memphis 32.0101,650.464 47,982 465,418 25,092 1,731,222i
396 83,6811
415
338
70.376
220
Texas, Abilene_
491 22,01
136 2,813
19,521
Austin
331 16,341
170 3,968
30 27,014
Brenham
6711 91,868
465 8,728
224 96,755
Dallas
52,192
26
99 53,665 1,180 9,190
Paris
6,482
141
692
41
5,477
Robstown_ _ _
1
651 10,88
303
19
11,077
42
San Antonio_
44,39
51
896 14,257
125 31,462
Texarkana
71.799
18
582 10.437
274 90,896
Waco
.... .. - .
Ship- Stocks
meas. I Apr.
7.
Week.
6521 8,290
337 6.715
661 54,867
437 48,143
1,651 43,801
332 15,815
920 37,061
1,6641 18,586
37 3,160
4,861 58,437
800 11.910
1,827 46,560
369 7.860
-- _ 3,166
455 49,795
2,981267,880
2,297106,722
1,550 22,009
74 40,404
100 13,972
1,486 65,601
2,507 44,407
626 12,063
2,008 73,255
vi 26.059
5,754
568 12,185
283 16.015
177
4,32
1,54 23,155
5.223 68,374
3,83 99,469
31,877451,424
444 1,051
227 3,147
182 8,926
1,323 21,440
1,177 10,081
317
2
425
7
596 18,559
367 12,193
* Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
decreased during the week 42,668 bales and are to-night
219,110 bales less than at the same period last year. The
receipts at all the towns have been 16,296 bales less than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
April 6 for each of the past 32 years have been as follows:
12.30c.
6.60c.
6.10c,
10.45c.
16.70c,
20.55c.
19.85c.
14.45c.
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
35.70c.
20.65c.
12.05c,
10.05c.
13.40c.
12.60c.
10.00c.
14.60c,
19.20c. 1918
24.65c. 1917
30.65c 1916
29.75c. 1915
17.95c. 1914
12.05c. 1913
42.00c, 1912
29.05c, 1911
1910
1909
1908
1907
1906
1905
1904
1903
14.85c.
10.10c,
10.40c.
11.004.
11.604.
8.05c.
14.90e.
10.45c.
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 columnswhich show at a glance how the market for spot and futures
closed on same days.
Spot Market
Total visible supply
8,778.415 9,668,700 9,483,464 9,247,421
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
466,000 435,000 294,000 453,000
Manchester stock
64,000 126,000
60,000
93,000
Continental stock
1,003,000 977,000 680,000 1,011,000
American afloat for Europe
270,000 251,000 339,000 245,000
U. S. port stocks
2,971,653 4,278,494 4,260,399 3,631.021
U. S. interior stocks
1,620,120 1,839,230 1,812,832 1,264.845
22,642
3,976
31.233
12.555
U. S. exports to-day
Movement to Apr. 7 1933.
Movement to Apr. 6 1934.
Towns.
733,000 1,124,000
Total European stocks
2,203.000 1,896.000 1,587,000 2,261,000
India cotton afloat for Europe__ - 160,000
38,000
53,000 119,000
American cotton afloat for Europe 270,000 251,000 339,000 245,000
Egypt, Brazil,&c.afrt for Europe 78,000
42,000
73,000
63,000
Stock in Alexandria, Egypt
395,000 509,000 653,000 682,000
Stock in Bombay, India
1,058,000 811,000 674,000 969,000
Stock in U. S. ports
2,971,653 4,278,494 4,260,399 3,631,021
Stock in U. S. interior towns _ _ _ -1,620,120 1,839,230 1,812,832 1,264,845
U. S. exports to-day
3.976
31,233
12,555
22,642
Total American
East Indian, Brazil,
Liverpool
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, Sm., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Closed.
Saturday__ -
Futures
Market
Closed.
HOLI DAY.
Monday
Steady. 5 pts. dec-- Barely steady- _
Tuesday
_ Steady, 5 pts. adv- Steady
Wednesday_ Steady, 5 pts. adv.. Steady
Thursday.. Steady, 5 pts. dec-. Barely steady...
Friday
SALES.
Spot. Contr'd Total.
Steady, 10 pta. adv_ Firm
"g'io
500
"idO
670
500
1.030
1-Jfdo
100 2,200
2,100
85.691 176,100 261,791
Total week_
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1932-33-1933-34April 6since
Since
Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Week. Aug. 1.
7,224 192,230
3,414 119,512
1,322 .
445
10,869
4,548 130,059
5,578 408,016
Week. Aug. 1.
4,325 130,416
4.080
400
14,007
-225'
3,876 118,054
3,993 282,803
21,209
862,008
12,419
549.760
Overland to N. Y.. Boston, &c_ _ _ 1,348
Between interior towns
372
Inland. &c., from South
3,154
Total to be deducted
4,874
25,501
11,890
180,182
100
243
2,470
13.671
8,032
127,424
217,573
2,813
149.127
Leaving total net overland •
644,435
9.606
400.633
Deduct Shipments
-
16,335
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 16,335 bales, against 9,606 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 243,802 bales.
Financial Chronicle
2442
---1933-34- -1932-33
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Takings.
Week.
Receipts at ports to April 6
68,255 6,598,451
55,548 7,469,033
400,633
Net overland to April 6
16,335
644,4359,606
Southern consumption to April 6_100,000 3,329,000
98,000 3,561.000
Total marketed
184,590 10,571.886
357,882
Interior stocks in excess
*42,668
Excess of Southern mill takings
251,240
____
over consumption to March 1_ _
163,154 11,370,666
439,528
*35,010
196,973
Came into sight during week__ A41,922
_ 11,181,008
Total in sight April 6
128,144
North spinn's's takings to April 6_ 25,809 1.037,321
14,543
12,007,167
682.687
* Decrease.
Movement into sight in previous years:
Bales.
14,339,588
12,757,929
13,619,575
Bates.
Since Aug. 1166.075 1931
89.542 1930
138.205 1929
Week1932-April 9
1931-April 10
-April 11
1930
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
forjmiddling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
April 6.
Galveston
New Orleans _
Mobile
Savannah
Norfolk
MontgomerY- - Augusta
Memphis
Houston
Little Rock.. _ _
Dallas
Fort Worth_ .._ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
HOL.
HOL.
HOL.
HOL.
HOL.
HOL.
HOL.
11.85
HOL.
HOL.
HOL.
HOL.
12.10
12.11
11.80
11.99
12.20
11.80
12.09
11.80
12.10
11.74
11.75
11.75
12.10
12.18
11.85
12.04
12.25
11.85
12.14
11.85
12.15
11.79
11.80
11.80
12.15
12.27
11.90
12.10
12.30
11.90
12.20
11.90
12.20
11.85
11.85
11.85
12.10
12.16
11.83
12.03
12.25
11.85
12.13
11.85
12.15
11.78
11.80
11.80
12.20
12.23
11.95
12.14
12.35
11.95
12.24
11.95
12.25
11.89
11.90
11.90
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Mar. 31.
April ('34)
May
June
July
August
H
September . OLI
DAY.
October _
November
December_
Jan.(1935)
February March__
Tone
Spot
Options_
Monday,
Ayr. 2.
Tuesday. Wednesday. Thursday,
Apr. 5.
Apr. 4.
Apr. 3.
Fr y,
Ai .6.
11.91 -11.97-11.98 12.07 --- 12.01-12.03 12.01 -12.07-12.08 12.1/ 12.16
12.1512.01-12.02 12.0712.23-12.26 12.T
12.3112.2412.1712.31
12.28 -12.33-12.3412.41 -12.3412.32 Did. 12.37 Bid. 12.45 Did 12.38 Bid 12.4:
bid
12.42 Bid. 12.49-12.51 12.56 Bid 12.49 Did 12.5: b .53a
Quiet.
Easy.
Steady.
Steady.
Steady.
Steady.
Quiet.
Easy.
St ady
St ady
NEW YORK COTTON EXCHANGE ELECTS TWO
-William Sterling Roberts Beane of
NEW MEMBERS.
New York City and Bejan Tata of Shanghai, China, were
elected on April 5 to membership in the New York Cotton
Exchange. Mr. Beane is engaged in the brokerage business
and is associated with the firm of Fenner & Beane. Mr.
Tata is Managing Director of B. D. Tata & Co., Ltd., of
Shanghai, China, which acts as agents for cotton mills and
imports, principally cotton and wool.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the weather during
the week has been generally seasonable. In the extreme
south central portions of the cotton belt rainfall has been
moderate to heavy while elsewhere there has been very little
rain. The soil, made wet by previous rains, has not dried
out sufficiently in many localities to permit farm work while
in other parts the dry soil hindered field work.
MEMPHIS, TENN.-Preparations for the new cotton
crop are somewhat late.
Thermometer
Rain. Rainfall.
2 days 3.34 in. high 74 low 60 mean 67
Galveston. Tex
2 days 0.34 in. high 80 low 38 mean 59
Amarillo. Tex
3 days 1.93 in. high 82 low 58 mean 70
Austin, Tex
1 day 0.30 in. high 84 low 42 mean 63
Abilene, Tex
2 days 2.24 in. high 86 low 58 mean 72
Tex
Brenham.
1 day 0.30 in. high 82 low 60 mean 71
Brownsville, Tex
1 day 0.86 In. high 78 low 60 mean 69
Corpus Christi, Tex
2 days 2.68 in. high 82 low 40 mean 61
Dallas, Tex
high 82 low 44 mean 63
dry
El Paso, Tex
2 days 2.62 in. high 80 low 58 mean 69
Houston, Tex
days 2.54 in. high 86 low 56 mean 71
2
Lampasas, Tex
1.40 In. high 82 low 46 mean 64
1 day
Palestine. Tex
2 days 1.32 in. high 84 low 40 mean 62
Paris, Tex
2 days 2.40 in. high 86 low 54 mean 70
San Antonio, Tex
2 days 0.52 in. high 80 low 30 mean 55
Oklahoma City, Okla
2 days 0.60 in. high 87 low 49 mean 68
Eldorado, Ark
2 days 2.20 in. hign 84 low 38 mean 61
Fort Smith, Ark
2 days 4.02 in. high 84 low 44 mean 64
Little Rock, Ark
2 days 1.06 in. high 88 low 56 mean 72
Pine Bluff, Ark
1 day 0.71 in. high 85 low 54 mean 70
Alexandria, La
1 day 0.25 in. high 84 low 43 mean 64
Amite. La
1 day 0.88 in. high 82 low 58 mean 71
New Orleans, La
1 day 0.77 in. high 85 low 50 mean 68
Shreveport, La
high 91 low 52 mean 72
dry
Columbus, Miss
1 day 0.14 in. high 88 low 48 moan 68
Meridian. Miss
high 86 low 54 mean 70
dry
Vicksburg, Miss
high 79 low 53 mean 66
dry
Mobile, Ala
Birmingham. Alahigh 88 low 52 mean 70
in. high 88 low 54 mean 71
4
1 day dr..18
Montgomery, Ala
1 day 0.01 in. high 82 low 56 mean 69
Jacksonville, Fla
high 91 low 54 mean 73
dry
Madison, Fla
71
4 days 0.27 in. high 80 low 62 mean 66
Miami, Fla..
high 76 low 56 mean
dry
Fla
Pensacola,
in. high 86 low 62 mean 74
1 day 0.86
Tampa, Fla
2 days 0.01 in. high 87 low 53 mean 70
Savannah, Ga
high 89 low 51 mean 70
dry
Athens, Ga
high 84 low 50 mean 67
dry
Atlanta, Ga
high 88 low 48 mean 68
dry
Augusta, Ga
1 day 0.18 in. high 88 low 50 mean 69
Macon, Ga
high 90 low 52 mean 71
dry
Thomasville, Ga
April 7 1934
Rain. Rainfall.
1 day 0.01 in.
dry '
dry
dry
1 day 0.01 in.
2 days 0.07 In.
1 day 0.10 in.
2 days 0.84 in.
1 day 0.17 in.
2 days 0.49 in.
2 days 0.31 in.
1 day 0.08 in.
dry
Charleston, S. C
Greenwood, S. C
Columbia, S. C
Conway, S. C
Asheville, N. C
Charlotte, N. C
Newborn, N. C
Raleigh, N. C
Weldon, N.0
Wilmington, N.0
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
-Thermometer
high 82 low 52 mean 67
high 88 low 47 mean 68
high 88 low 58 mean 73
high 90 low 45 mean 68
high 82 low 42 mean 62
high 85 low 40 mean 63
high 92 low 44 mean 68
high 88 low 44 mean 66
high 84 low 37 mean 61
high 86 low 54 mean 70
high 83 low 50 mean 68
high 88 low 54 mean 71
high 86 low 52 mean 69
The following statement we have also recieved by telegraph, showing the height of rivers at the points named at
8 a. in. of the dates given:
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
April 7 1933.
Feet.
13.2
38.0
17.5
17.6
40.1
April 6 1934.
Feet.
9.8
27.6
12.9
15.7
31.6
-The folRECEIPTS FROM THE PLANTATIONS.
lowing 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.
Receipts at Ports.
Week!
Ended
I
1934. 1 1933. 1 1932. 1
Stocks at Interior Towns. 'Receiptsfrom Plantations
1934. 1
1933. I
1924. Amu
lima.
I
Jan.
I
I
I
5-- 101,016 194,020,353,6092,181.2682,169,330 2,206,968
.105,070168,774[274,657 2,152,086,2,167.243 2,198,054
12_
19._ 103,831 188,072,241,478 2,122.362 2,165,9992,175,407
20... 114,611 198,981 280,442 2,084,40612.l38.401 2,158,461
I
I
Feb.
2__ 100,030182,110223,645 2.027,706 ,118.211 2,123.944
9-- 85.311 121,163 249.848 1,964,746 2,084,026 2,102.990
16_ 84,994 102,480 175.417 1,910,9012,6 .013 , .
.
23_ 73,560 122,954 161,669 1.861.686 2.014,666,2,032,312
1
Mar.
, 1,977,398 1,997,909
101,012 18 , I
2... 7 ,
9._ 63,824 72,119158,701,1,759,566 93,477 1,961,116
16._ 80,965 48,558 125,715,1,720,902 1,932,247,1,908,510
23__ 76,297 78,838 130,968 1,687.665 1,903,09111,872,878
30_ _ 64,579 71,916 115,5811.662.788 1,874,180,1,847.155
April
1
AR 955. 75 AAA 02 7001 020 120 1.534.2301.812.832
a
1932.
93.539149.978 341,014
75,888 166,687 265.743
74,103 186,828 218,831
76,655 171,383 263,496
43.33' 161.920 189,128
22,351 86.978 228,894
31,149 65,517 153.388
24,345 89,557 113.020
24,391
8,216
42,301
43,060
39,702
64,142 149,662
58,462121,908
16,666 73,109
49.682 95,336
43,005 89,864
25.587 20.358 59.476
The above statement shows: 11) That the total receipts
from the plantations since Aug. 1 1933 are 6,929,384 bales;
in 1932-33 were 7,835,252 bales and in 1931-32 were 9,911,138
bales. (2) That, although the receipts at the outports the
past week were 68,255 bales, the actual movement from
plantations was 25,587 bales, stock at interior towns
having increased 42,668 bales during the week. Last year
receipts from the plantations for the week were 20,358
hales and for 1932 they were 59,476 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Week.
Visible supply March 30
Visible supply Aug. 1
American in sight to April 6__
Bombay receipts to April 5-Other India ship'ts to April 5_
Alexandria receipts to April 4_
Other supply to April 5_ *b.__
Total supply
Deduct
Visible supply April 6
1932-33.
1933-34.
Cotton Takings,
Week and Season.
Season.
Season.
Week.
9,795,530
8,868,084
7,632,242
141,922 11,181,008
21,000 1,530,000
631,000
69,000
26,000 1,514,400
440,000
5,000
7,791,048
128,144 12,007,167
68,000 1,750.000
6,000
341,000
14,000
864,000
6,000
402,000
9,131,006 22,928,650 10,017,674 23,155,215
8,778,415 8,778,415 9,668,700 9,668,700
352.591 14,150.235
348,974 13.486.515
Total takings to April 6_a
244.591 10,599,835
255,974 10,057,515
Of which American
108,000 3,550.400
93.000 3.429.000
Of which other
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
Aug. 1 the total estimated consumption by
a This total embraces since
Southern mills, 3,329,000 bales in 1933-34 and 3,501,000 bales in 1932-33
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 10,821,235 bales in 1933,34 and 9.976.515 bales in
1932-33 of which 7,270,835 bales and 6,547,515 bales American.
Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
week and for the season from
from all India ports for the
Aug. 1 as cabled, for three years, have been as follows:
1933-34.
April 5.
Receipts at"mama.
Since
Week. Aug. 1.
Week.
Since
Aug. 1.
1931-32.
Week.
Since
Aug. 1.
21.000 1.530.000 68.000 1.750.000 66 000 1.320 00n
Since Aug. I.
For the Week.
Exports
from
1932-33,
Great
C0n2i- 'Japan &
Great 'Conti- IJap'n&
Britain. nest. China. Total. Britain. I nest. I China.
Bombay
-34_
4,000 1,0001 49.000
1933
1932-33_ _
4.0001 27,000
4,000 9,000
1931-32._
Other India:
1933-34_. 18.
_ 6,000
1932-33_ _
1931-32_ _ 8:1116411 9,000, - -
54,000
31,000
13,000
Total.
52,000, 251,000 439,000 742,000
29,000, 200,000 751,000 980.000
15,000, 111,000 700,000 826,000
69.000; 181,000 450,000
6,000 71,000, 270,000
17,000 77,0001 201,000
631.000
341.000
278,000
Total all-I
1933-34._ 22,000 52,000 49,000123,000 233,0001 701,000 439,0001,373.000
1932-33._
__ 10,000 27,000 37,000 100,000, 470.000 751,0001,321,000
1931-32_ 8,000 13,000 9,000 30,000 92,000 312,000 700,000 1,104,000
Financial Chronicle
Volume 138
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
47,000 bales. Exports from all India ports record an increase
of 86,000 bales during the week, and since Aug. 1 show an
increase of 52,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria. Egypt,
April 4.
1933-34.
1931-32.
130,000
7.658,581
Receipts (cantars)This week
Since Aug. 1
1932-33.
70,000
r4,406,541
125,000
6.274.569
This Since
Week. Aug. 1.
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
5,000228,390
7,000 141.828
14,000 499,642
h,000 60,428
---- 109.110 6,000168,035
5,000 87,089 6,006 128,890
9,000 355,550 11.000452,268
_--- 27.736 5,000 24,430
Export (Bales)To Liverpool
To Manchester,&c
To Continent & India
To America
Total exports
29,000 928,288 14.000 579,485 28.000 773,623
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended April 4 were
130,000 cantors and the foreign shipments 29,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is bteady. Demand for cloth is good,
but for yarn poor. We give prices to-,
,day below and leave
those for previous weeks of this and last year for comparison:
1933.
1934.
32s Cap
Twist.
s.d.
S. d.
1933.
8 0 6
318 6
3 0 6
3 0 6
s. d.
s. d.
1934.
@9I
09 I
09 I
09 1
d.
d.
8%010
9%4010%
9%010%
9%010%
86
86
86
80
5.64
5.88
8.05
8.07
8%010%
8%010
8%0 9%
8%0 9%
9%011%
10%011%
1014181114
1014 011%
90
91
91
91
@ 92
@ 93
1893
O 93
6.29
6.80
6.68
6.67
8310 9%
8%0 9%
8%0 9%
8340 9%
3 18
3 18
3 18
91
91
91
91
91
@
O
O
@
O
93
93
97
93
93
6.55
6.85
6.62
0.46
6.35
818 934
8%@ 9%
8540 9%
8%0 9%
8%40 9%
3
3
3
3
3
91 1893
6.40
8%0 9%
318
d.
Feb.
2.
83‘ Lbs. Skirt- Cotton
8.5.1 Lbs. Skirt- Cotton
ings, Common MtdcWo
ings, Common Mart, 32s Cap
to Finest.
Uprds.
to Finest.
UP1'ds. Twist.
23
Mar.
2. 1034012
1034012
16
10 0114
934181134
30.
934181134
April
934181134
18
18
18
18
6
6
6
d.
5.33
5.30
5.25
5.15
4.94
5.09
4.95
4.95
6
6
4.79
5.17
5.26
5.13
5.15
6
5.28
6
-As shown on a previouc page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 137,694 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Total
137,694
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrow, Inc., are
as follows, quotations being in cents per pound:
Stand
StandHigh
High
High
Density. ard.
Density. ard.
Density
Liverpool .25o.
.250. Trieste
.50o.
.850. Piraeus
.750.
Manchester.25o.
.25e. Flume
.500.
.65c. Salonica .750.
Antwerp .35o.
.500. Barcelona .350.
.500. Venice
.500.
.25o.
.400. Japan
Havre
•
•
Gopenh'gen.38c.
.500. Shanghai
Rotterdam .350.
•
• Naples
.400.
.40c.
.550. Bombay a .400.
Genoa
.550. Leghorn .40o
.46o.
.61c. Bremen
Oslo
.35o.
Gothenberg.42e.
Stockholm .42o.
.570. Hamburg .35c.
+Mate Is open. a Only small lots
Standard.
.90c.
.90c.
.65c.
.53o.
55e.
550.
570.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Mar. 16. Mar. 23. Mar,30.
55,060
51,000
37,000
933,000 948.000 939,000
458,000 480.000 467,000
23,000
76,000
26,000
12.000
60,000
10,000
203.000 134,000
60,000
77,000
68,000 164,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amoult afloat
Of which American__
April 6.
42,000
956,000
466,000
91.000
21.000
59,000
140,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market, 1
12:15
P.M.
Quiet.
Mid:Cads
Futures.{
Market
opened
Quiet.
6.4Id.
HOLTDAY.
HOLTDAY.
6.36d.
Friday.
Moderate
demand.
Quiet.
6.444.
6.40d.
Quiet, un- Quiet, un- Steady,
Quiet
changed to changed to 4 to 6 pts. 2 to 4 pts.
1 pt. dec. 1 pt. adv. advance.
decline.
Market, I
4
P. M.
Quiet,
Quiet. un- Quiet but Quiet but
3 pts. changed to steady, un- steady 2 to
decline. 1 pt. adv. changed to 4 pts. dec.
3 pts. adv.
Prices of futures at Liverpool for each day are given below:
Mar. 31
to
April 6.
Sat.
Mon.
Tues. I Wed. I Thurs.
Fri.
12.00 12.00 12.15) 4.0012.15 4.0042.15 4.00112.1 4.00 12.15; 4.00
O. m.'is. m.D. m.p. m.p. m.p. m.lp. m.p. m.p. m.p. m.P. m.:P. In.
d. I d.
d. I
6.08
6.0
6.03i
6.03
6.03
6.0
• I
I
I
I11
I I I
I
II
CC; I
0
1111111
HOLIDAY.
d,
6.11
6.08
6.06
6.06
6.06
__ __
•Sf:15 .
. 8 I
5
New Contract. d. I d.
May (1934) ___
July
October
December
January (1935) HOLIMarch
DAY.
May
July
October
December
January (1936)
March
"CO 0
46
Bales.
HOUSTON-To Bremen-Mar. 30-Westerwaid, 3,764; Karpranger, 2,648
6,412
To Hamburg
-Mar.30-Westerwald,953; Karpfanger, 739_ _ _ 1,692
To Malaga-Mar.29-Aldecoa,475
475
To Barcelona-Mar. 29-Aldecoa, 1,484_ - _Mar. 30-La1corn°, 2,641
4,125
To Genoa-Mar.29-Morustella, 1,379_ _Mar.31-Mongioia,
1,509
2,888
To Ghent
-Mar.28
-Phoenicia, 100_ _ _Apr.2
-Arizona,467_ _
567
To Rotterdam-Mar.29
-Phoenicia,2
2
To Venice-Apr.3
-Giulia,2,763
2,763
To Liverpool
-Mar. 30-Author, 2,614_ _ _Apr. 4-Trelissick,
1.300
3.914
To Manchester-Mar.30
-Author,1,934
1,934
To Lisbon-Mar.30-Lafcomo.140
140
To Leixoes-Mar.30-Lafcomo,178
178
To Oporto
-Mar.30-Lafcomo,975
975
To Gothenburg
-Apr.5-Blankaholm,725
725
To Gijon-Mar.30-Lafcomo, 150
150
To Copenhagen-Apr.5-Blankaholm,196
196
To Japan-Mar.30-Hokuroku Maru,4,669
4,669
To Oslo-Apr.5-Blankaholm,300
300
To Havre
-Apr.2
-Arizona.544
544
To Gdynia-Apr.5-Blankaholm,2,023
2,023
To Dunkirk-Apr.2
-Arizona,699__Apr.5-Blankaholm,969 1,668
To Bordeaux-Apr. 2
-Arizona, 562
562
To Trieste-Apr. 3
-Giulia, 2,264
2,264
CORPUS CHRISTI
-To Liverpool
-Mar.26-Author. 1,413
1,413
To Manchester-Mar. 26-Author, 348
348
To Venice
-Mar. 30
-West Ekonk, 50
50
To Havre
-West Ekonk, 130
-Mar.30
130
To Ghent
-Mar.30
-West Ekonk, 100
100
To Antwerp
-Mar.30
-West Ekonk,10
10
To Rotterdam-Mar.30
-West Ekonk,458
458
NORFOLK
-To Havre
-(7)
-City of Norfolk. 373; Schodack,
130; City of Havre. 129
632
To Bremen-(7)-Schodack, 62
62
To Liverpool-M-Nitonian, 110
110
To Manchester-(7)-Nitonian, 125
125
To Hamburg
-(7)
-City of Havre. 200
200
To Bremen
-M-Toledo, 45
45
SAN FRANCISCO
-To Great Britain-(7)-233
233
To Japan-M-1,345
1.345
CHARLESTON-To Liverpool
-Mar.31-Lyngbaugh, 850
850
To Manchester-Mar.31 Lyngbaugh, 3,551
3,551
To Bremen-Mar. 30-Blairangus, 2,015
2,015
To Hamburg
-Mar. 30-Blairangus, 262
262
To Rotterdam-Mar.30-Blairangus, 31
31
TEXAS CITY
-To Liverpool, Mar. 27
-Author, 571
571
To Manchester-Mar. 27
-Author, 301
301
To Bremen-Apr.2-Karpfanger, 1,872
1,872
To Japan-Mar.31-Dryden,434
434
To China
-Mar.31
-Dryden, 179
179
-To Llverpool-Mar. 28
MOBILE
-Maiden Creek, 72
72
To Manchester-Mar. 28
-Maiden Creek, 43
43
To Genoa
-Mar.26-Maddalena Odero,65
65
-Mar.29-Wacosta, 200
To Havre
200
To Bremen-Mar. 31-Antinous, 917
917
To Gdynia-Mar. 31-Antinous, 100
100
LOS ANGELES
-To Liverpool
-Mar. 31-Damsterdijk, 277
277
To China
-Mar. 31-Silverteak, 1,000
1,000
To Japan-Mar. 31-President Pierce. 300___Apr. 1-Asama
Maru, 1.407
1,707
I
Bales.
ORLEANS-To Oporto
-Mar. 28-Latcomo, 125-- _
Mar. 31-Wido, 50
175
To Lisbon-Mar. 28-Larcomo, 100
100
To Passages-Mar. 28-Lecomo, 300
300
To Genoa-Mar. 28-Nicolo Oder°, 3,467
3,467
To Leghorn-Mar. 28-Nicolo Odero, 100
100
To Venice
-Giulia, 2,380
-Mar. 29
2,380
To Trieste-Mar. 29
-Giulia, 690
690
To Flume
-Mar. 29-Giulia, 100
100
To Porto Colombia-Mar. 24-SIxaola, 300
300
To Arica-Mar. 24-Sixaola, 300
300
To Gothenburg-Mar.31-Blankaholm,300
300
To Gdynia-Mar.31-131ankaholm,650; Wldo, 150
800
To Dunkirk-Mar. 31-Blankaholm, 100
100
To Bremen-Mar. 31-Wido, 5,960___Apr. 3-Meanticut,
7,429
13,389
To Malaga-Apr. 3-Aldecoa, 125
125
To Reval-Mar. 31-Wklo, 200
200
To Barcelona-Apr. 3-Aldecoa, 875
875
To Hamburg-Mar.31-Wido,395
395
To Havre
-Mar. 31-Cripple Creek. 1.106
1,106
To Rotterdam-Mar. 31-Cripple Creek, 1,150
1,150
To Ghent
-Mar. 31-Cripple Creek, 150
150
LAKE CHARLES
-To Liverpool
-Mar. 27-Elnisport, 330
330
To Dunkirk-Mar. 29
-Arizona, 50
50
To Ghent
-Mar. 29-Arizona, 233
233
To Manchester-Mar. 27-Elmsport. 150
150
To Gdynia-Mar.30-Kelkhelm, 153
153
To Bremen-Mar. 24
-Oakwood, 949.
..Mar. 30-Kelkheim,
346
1,295
GALVESTON-To Oslo
-Mar. 30
-Toledo, 66
66
To Copenhagen-Mar. 30-Toledo, 790
790
To Gothenburg-Mar. 30
-Toledo, 255
255
To Gdynia-Mar. 30
-Toledo. 1,838
1,838
To Bremen-Mar. 31-Westerwald, 1,204; Oakwood, 1,355:
Karpfanger, 3,761
6,320
To Barcelona-Mar.30-Sapinero, 1,716---Mar.31-Aldocoa,
2,938
4,654
To Genoa-Mar.30-Monstella, 1,800
1,800
To Leghorn-Mar. 30-Monstella, 300
300
To Lisbon-Mar. 30-Lafcomo, 200
200
-Mar. 30-Lafcomo, 1.350
To Oporto
1,350
To Leixoes-Mar.30-Larcomo, 222
222
To Santander-Mar. 30-Latcomo. 25
25
To Japan-Mar. 31-Ilokuroku Maru, 1,945; Dryden, 6,155 8,100
To China-Mar. 31-Dryden, 1,930
1,930
To Liverpool
-Author, 1,292
-Mar. 27
1,292
To Manchester
-Mar. 27
-Author, 1,328
1,328
-Phoenicia, 165
To Ghent
-Apr. 2
165
To Rotterdam-Apr.2-Phoenicia, 148
148
To Genoa-Apr.2-Mongloia,2,478
2,478
To Venica-Apr.2
-Giulia,1,805
1,805
To Trieste-Apr.2-Giulia. 2,900
2,900
SAVANNAH-To Liverpool
-Mar. 30-Delllian, 1.254
1,254
To Manchester-Mar. 30-Delillan, 1,759
1,759
To Japan-Mar.31-Portland Martz. 4,255
4.255
To Bremen-Apr. 3-131airangus, 2,933
2,933
To Hamburg-Apr. 3-Blairangus, 1,400
1,400
To Rotterdam-Apr. 3-Blairangus, 500
500
To Barcelona-Apr. 3-Blairangus. 40
40
NEW
2443
. d.
13.09 6.14
8.08 6.12
6.04 6.09
6.04 6.09
6.04 6.09
6.86 __ __
6.06... __
6.08_.. __
6.07._
6.07_ -6.07__ __
6.09 __ __
d.
d.
6.12 8.10
6.09 8.07
6.07 6.04
6.06 6.04
6.06 8.04
6.07.... __
6.07__ -_
6.07.. __
6.1: __ __
6.08.... __
6.08 _ __
0.09.... --
d.
8.10
8.07
6.05
6.04
6.04
6.05
6.05
6.05
8.05
13.05
8.05
8.05
Financial Chronicle
2444
BREADSTUFFS.
Friday Night, April 6 1934.
FLOUR continued in slow demand, and prices were weak.
WHEAT continued in small demand. On March 31, after
an early decline of *,e., prices rallied sharply and ended
/
with net gains of % to 73c. The first day of code regulations
had no apparent effect on the market, because of small
volume of trading. Weakness at Kansas City and favorable
weather caused scattered selling. The weather map showed ,
fairly heavy rain and snow over most of the winter and
spring wheat belts, and additional moisture was predicted
over the week-end. Milling demand was small. Wheat
stocks at Kansas City, Duluth and Minneapolis showed a
net decrease of 222,000 bushels for the week. The Bureau
of Agricultural Economics reported that seeding of winter
wheat for 1934 harvest in 22 countries reported to date total
155,925,000 acres against 157,732,000 acres last year. Winnipeg moved over a narrow range in quiet trading.
On the 2nd inst. prices dropped % to 'the., under general
liquidation influenced by favorable weather reports and
bearish estimates on the winter wheat crop. B. W. Snow
estimated farm stocks of wheat at 80,000,000 bushels, or
103,000,000 bushels smaller than at this time last year.
Private estimates on the winter wheat crop averaged 506,000,000 bushels against 351,000,000 bushels harvested last
year. Nat C. Murray estimated Canadian spring wheat
%. The visible supply decreased
/
1
will be reduced 52
1
2
1,593,000 bushels. Winnipeg declined / to %c.
On the 3rd inst. prices recovered nearly all of early losses
1
2
on short covering towards the close. The ending was / to
I/ c. lower. There was an early decline of nearly lc. under
4
selling influenced by reports of general precipitation in the
wheat belt. The weather map showed beneficial rain and
snow in both the Southwest and Northwest, and heavy snow
was reported in Montana and Wyoming, and additional
moisture was predicted for the Northwest. The forecast
was for unsettled and colder weather in the Southwest. Demand from the mills continued small. Winnipeg ended unchanged to %c. lower, with export demand quiet. The
visible supply of wheat in Canada increased 425,000 bushels
to 107,151,000 bushels. Liverpool ended %d. lower, in response to easier North American markets.
On the 4th inst. prices, after early weakness, advanced
about 2c. a bushel from the low, on buying influenced by
renewed talk of inflation. The general impression was that
the Thomas amendment to the Dies silver bill virtually
amounted to unlimited coinage of that metal as long as
the price remained below the figure at which the Government is expected to buy. There were good soaking rains
in parts of Kansas, but crop news received very little, if any,
attention. Reports persisted that there was a lack of subsoil moisture in the Northwest. Winnipeg ended %c. lower
to 1,fc. higher. Liverpool was down % to 1,4d.
4
On the 5th inst. prices ended Y to %c. lower, on selling
induced by beneficial rains in the winter and spring wheat
belts and predictions of further precipitation in the Lake
regions and Ohio Valley, and for generally fair weather
elsewhere. Milling demand was small. The world's visible
supply decreased 16,000,000 bushels during the last half of
March as compared with a decrease of 20,000,000 bushels
during the same period last year, according to Broomhall.
The total world supply was put at 486,900,000 bushels against
527,200,000 bushels on April 1 1933. Winnipeg ended %
to / lower. There was a fair export demand for Canadian
1c.
2
wheat, with sales estimated at 400,000 bushels. Liverpool
4d. lower.
was unchanged to Y
To-day prices recovered slightly from an early decline,
to end %c. lower to %c. higher. The winter belt received
more moisture, but this was offset by higher foreign cables.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
105 10434 10434 10534 10434 10434
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
87
8534 8534 8634 5634 6634
6
July
86% 8534 85% 86% 8634 86%
September
8634 8634 8634 8734 87
87
Season's High and When Made.
Season's Low and When Made.
May
12834
July 18 1933 May
711.4
Oct. 17 1933
94
July
Nov. 14 1933 July
7034
Oct. 17 1933
September
Jan. 4 1934
9334
Feb. 5 1934 September -- 8234
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
68
67g 677 67
67% 6734
July
69% 69
69
69
68% 68%
October
7134 70A 7034 7034 7034 70
INDIAN CORN trading was of a relatively small volume.
On March 31st prices closed % to %c. higher, in response
April 7 1934
to the rise in wheat. Early prices were %e. lower on selling by Eastern interests, but short covering and other buying
absorbed the offerings and there was a quick recovery. On
1
2
the 2nd inst. prices fell / to %c., under small selling. Support was lacking. On the 3rd inst prices declined sharply
early, owing to general liquidation, but rallied later on
under buying inspired by the strength in wheat. The ending
1c.
2
was 34 to %c. lower. On the 4th inst. prices ended % to /
higher, owing to renewed inflationary talk and the strength
/
In wheat. On the 5th inst. prices ended % to 14c. higher,
under small buying by commission houses owing to small
receipts. Cash houses were buying May and selling July
at 234c. difference. There was a good export inquiry, but
actual business was small. Argentine shipments were estimated at 2,677,000 bushels. Spreaders were buying corn and
selling rye. To-day prices took their cue from wheat and rye
4c. higher. A feature was the
and ended unchanged to Y
announcement that a vessel had been chartered for shipment of 350,000 bushels of corn to Buffalo at the opening
of Lake navigation. This is the first Lake business reported
this season.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
6334 6334 6334
6334 63
64
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon Tues. Wed. Thurs. Fri.
4834 48
May
t?
July
52
5234 52
5234 5234
52
September
Season's Low and When Made.
Season's High and When Made.
4334 Oct. 14 1933
May
July 17 1933 May
82
46
Oct. 14 1933
July
5834 Nov. 14 1933 July
5134 Apr. 4 1934
Jan. 15 1934 September
57
CePtember
No. 2 yellow
tg.g t8$
OATS were quiet. On March 31 prices closed unchanged
to %c. lower. On the 2nd inst. the market was quiet and
prices ended % to %c. lower, despite reports that seeding
was being delayed over the whole belt because of cold, wet
4
weather. On the 3rd inst. prices dropped Y to %c. Light
offerings and the weakness in wheat caused the early decline. Short covering brought about a late rally. On the
4th inst. prices ended 22c. higher, in sympathy with other
/
grain, and partly because of inflation talk. On the 5th inst.
7
prices closed l
if3c. lower to 34c. higher. Early prices were
weaker, but later they rallied under buying on unfavorable
weather reports. Iowa advices stated that little seeding was
being done because of wet weather. To-day prices ended
unchanged to %c. higher, in sympathy with wheat and rye.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
4334 44
44
44
4434 44
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3234 3234
May
3394 3234
July
32
33
33
33
333k
33
September
a
t
Season's Low and When lf933
Season's High and when made.
July 17
17 1933
July
18§
6
Feb. 26 1934
3254
Jan. 30 1934 September
September
3734
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
34% 34% 3434 3434 3434 3334
May
34%
35% 353 35% 350 354
July
October
giU EU
Bu
B Yri
gRg
Oct.
RYE displayed independent strength at times, but trading
was rather small. On March 31 prices closed %c. higher.
On the 2nd inst. prices closed % to lc. higher, on bulliSh
private reports on the condition of the crop. There was a
fair outside interest. Selling pressure was light. The condition of the crop was put at 64.6% of normal, the lowest
April condition in more than 50 years. On the 3rd inst.
prices ended Y lower, in sympathy with other grain. Sell4c.
ing was checked by bullish crop estimates. On the 4th inst.
rye developed independent weakness and ended %c. lower,
owing to general liquidation, particularly of the May delivery. Support from Northwestern interests was less in
evidence. On the 5th inst. prices ended Y4 to %c. lower.
Selling of rye against purchases of corn by spreaders accounted for the weakness. To-day prices ended 11,4 to 1%c.
higher, on buying stimulated by reports from Washington
that the import duty would soon be increased to present
dumping of foreign grain. With the aid of a Government
subsidy, Poland has been able to sell large quantities of rye
in the United States at a much lower cost than the American
farmer can produce it, despite the present duty of 15c.
on rye.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO,
Sat. Mon. Tues. Wed. Thurs. Fri.
5934 5934 5934 593/ 5834 6034
May
so% 6034 6134
July
6034 6134 61
6331
September
6234 6234 6234 62
62
Season's Low and When Made.
Season's High and When Made.
41
Oct. 17 1933
May
116% July 19 1933 May
5234 Oct. 17 1933
July
Nov. 21 1933 July
70
September
6634 Feb. 6 1934 September.... 6034 Mar, 27 1934
Volume 13
.
8
Financial
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
47% 48
473 475
47%
July
49
49 Si 493 48
49
October
51
50
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
42% 42Si
433j 43J.i 43% 43
July
45
44% 44% 44
45
44Si
September
47
47
45 A 45 A 45
45
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
o.....
Sat. Mon. Tues. Wed. Thurs. Fri.
May
40% 403
40l.i 408 40
July
41% 41% 41% 414 41
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats. New York
No.2 red,c.i.f.. domestic_ _ -104%
No. 2 white
44
Manitoba No.1,1,0.0. N.Y.. 76
No.3 white
43
Rye,No.2,f.o.o.bond N. Y
55%
Corn. New York
Chicago. No. 2
Nom.
No.2 yellow,all rail
63% Barley
No.3 yellow.allrail
63A
N. Y.,47Si lbs. malting 5814
Chicago. cash
43-80
FLOUR.
Spring Pats., high protele6.70 7.05 Rye flour patents
34.454.70
Ilpring patents
6.45@6.85 Seminole. bbl., Nos. 1-3_ 8.70@9.20
Clears. first spring
6.i0@6.451Oats goods
2.40
Soft winter straights__ 5.75@6.25 Corn flour
1.90
Hard winter straights_ 6.2) 6.45 Barley
gootla
Hard winter patents-- 6.4046.70
Coarse
3.60
Hard winter Mara
5.60(6.25
Fancy pearl.Nos.2.437 5.4545.65
11 All the statement below regarding the movement of grain
receipts, export, visible supply, &c.
-are prepared by us
from figures collected oy the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Receipts as
-I Flour.
Chicago
Minneapolis
Duluth
Milwaukee_ -Toledo
Detroit
Indianapolis_
St. Louts__ _ _
Peoria
Kansas City- Omaha
St. Joseph_
Wichita
Sioux CityBuffalo
]
Total wk.1934
Same wk.1933
Sameawk.1932
Wheat.
Corn.
Oats.
1
Barley.
Rye.
bls.1981bs bush 60 lbs'bush.56 lbs. bush. 32 lbs.'bush.561bs. bush.481bs.
113,000
180.000
93,000
881,000
9.000 182,000
251,
17.000 292,000
773,000
99,00
213,000
10,000
2,000
21,000
8.0''3,000
20,000
166,000
2.000 160.000
77,000
16,000
11,000
3,000
1.000
11,000
7,000
12,000
14,000
10,000
39,000
164,000
337,000
132,000
234,000
257.000
13.000
96,000
40,000
285.000
26,000
40,000
16,000
48,000
11,i i i
367,000
524,000,
34,000
164,000
117.000
6,000
48.000
63,000
19,
13,000
90,000,
12.000,
4,000
1,000
12,000
17,0001
5,000
186,000
156.000
304.1,1
446,000
367,000
2.325,000
3,663,000
1,808,000
2,967,
2,455.000
1,376,000
841,000;
1,572,000
1,124,000
56.000
201,000
74.000
740,000
784,000
568,000
Since'Aug.11933
l2,026.000165,970,000 152,674,000 54,238,000 8,725,000 39,493.000
I 1932
13,l84,000243,557,000 133,589,000 63,669.000 7,717.000 29,121,000
1931
14,717.000247,348,000 94.093,
52,329,000 5,232,00026,141,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, March 31 1934, follow:
I
Receipts at
-I Flour. I Wheat.Corn.
Barley.
I
Oats' 1 Rye.
II.
I
bls.196Ibsbush.60 lbs. bush.56 lbs. bush. 32 lbs.,bush,Sfilbs.bush.48115.
New York__ _
128,000
15.000
15.000,
129,000
2,000
Philadelphia._
54,000
74,000
2,000,
.
Baltimore.....
7,000
21,000
38,000
32,000i
1,000
Ne'Dort News
1
189,000
1
Norfolk
2.0001
New Orleans•
17,000
51,000
24,000
Galveston_
13,000
I
St. John, Wes
24.000,
385.000
Boston
8,000
32.000,
Halifax
39.000,
5,000
80.0001
set
Total wk.1934 264,000'
89,000
144,000
95,000
797,000]
Since Jan.114 3,414,0001 9,467,0001 1,381,000 1,345.000 414,000 111,000
Week 1933.... 350,0001
111,000
90.000
3,0001
333,000;
1
Since Jan.1'33 3,967.0001 8.717,000. 1,122,000 1,041.000 146.000
64,000
* Receipts do not include grain passing through New Orleans for foreign porta
on through bills of lading.
The exports from the 4everal seaboard ports for the' eek
ending Saturday, March 31 1934, are shown in the annexed
statement:
Exports from
-
Wheat.
Bushels.
New York
Boston
Norfolk
New Orleans
Galveston
St. John,
Halifax
451,000
16,000
Total week 1934..
Same week 1933_
Corn.
Bushels.
932,000
815,000
Oats.
Rye.
Barley.
Bushels. Bushels, Biethels.
5,010
2.000
8,000
west
Flour.
Barrels.
385.000
80,000
10,000
38,000
3.000
11,000
24,000
39.000
5.000
82,010
71,821
5,000
26,000
The destinat on of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 to-hfor.31 Jahr 1
1934.
1933.
United Kingdom_
Continent
So. & Cent. Amer.
West Indies
Brit. No. Am.Col
Other countries_ _
.
a /I
] Total 1934
Total 1933
Wheal.
1Veek
Mar. 31
1934.
Since
July 1
1933.
Corn.
Week
Mar. 31
1934.
Since
July 1
1933.
Barrels. Barrels. Bushels.
Bushels. Bushels. Bushels.
49,910 2.096,709
393.000 33,551,000
299,000
5,100
521,710
539,000 47,198,000
10.000
228.000
1,000
414,000
50,000
1.000
22,000
39,000
646,000
43,000
4,000
45,000
____
612,000
169,498
10,000
82,010 3.528,917
71,821 2.921.598
932,000 /31,814,000
815,000 122,975,000
10.000
582,000
38,000 4,766 000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 31, were as follows:
Chronicle
United StatesBoston
New York
"
afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
" afloat
Milwaukee
"
afloat
Minneapolis
Duluth
Detroit
Buffalo
" afloat
2445
.
GRAIN STOCKS.
Wheal,
Corn,
Oats,
Rye,
Beaky,
bush,
bush,
bush,
bush.
bush.
34,000
10,000
1,000
113,000
86,000
121.000
1,000
12,000
171,000
19,000
239,000
52.000
88,000 *146.000
3.000
864.000
13.000
105,000
19,000
2,000
318,000
31.000
7.000
148,000
62,000
14,000
554.000
2,583.000
160,000
467,000
7,000
27,000
1,446,000
4,000
6.000
2,554.000
4,000
1.829,000 2,886,000
418.000
14.000
30.631.000 4,374,000
344.000
99.000
50,000
5,178,000 7,031,000 1,271,000
76.000
61.000
781,000
.
309,000
5,000
15,000
3,204,000 1,562,000257,000
160,000
17,000
615,000 2,117,000
522.000
11,000
119.000
185,000
8.000
2.781.000 20,652,0)0 2,958,000 2.838.000 1,133.0W
294,000
1,066.000
16,000 3,753,000 2,007,000
48.000
668,000
204,000
268,000
20.085,000 4,719,000 15,323,000 2,911,000 7,827,000
12.379.000 6,128.000 11,403.000 2.722.000 1,833,000
246,000
16,000
30.1100
26.000
45.000
3,885,000 7,487.000 1,015,000 1,297,000
645,000
1,056,000
141.000
Total March 31 1934_ 91,009,000 62,792,000 37,165,000 .11459,000 12,201,000
Total March 24 1934__ 92,617,000 63,528,000 38,154,000 11,515,000 12,269,000
Total April 1 1933__132,908,000 33,772,000 22,609,000 7,650,000 8,305.000
Note.
-Bonded grain not included above' Wheat, New York, 939.000 bushels;
New York afloat, 73,000; Boston, 285,000; Buffalo, 280,000; Buffalo afloat, 1,246,000; Duluth. 14,000; Newport News, 39,000; total, 2,876,000 bushels, against
5,991,000 bushels In 1933.
Wheat,
Corn,
Rye,
Oats,
Barley.
Canadianbush,
bush,
bush,
bush.
bush.
Montreal
3,242,000
166,000
452.000
183,000
Ft. William & Pt. Arthur_71,921.000
4,965,000 2,187,000 4,880.000
Other Canadian and other
water points
31,988,000
2,804.000
458,000
475.000
Total Mar. 31 1934_ __107.151.000
Total Mar. 24 1934_ __106,726.000
Total Apr. 1 1933__103,628,000
Summary
American
91,009,000 62,792,000
Canadian
107,151,000
7,935,000 3.097,000 5,538.000
8.080,000 3,119,000 5,562,000
4,206,000 3.559,000 2,886,000
37,165,000 *11459,000 12,201.000
7,935,000 3,097,000 5.538,000
Total Mar. 31 1934_ _198,160.000 62,792,000 45,100,000 14,556,000 17,739.000
Total Mar. 24 1934...199,343,000 63,528,000 46,234,000 14,632,000 17,831,000
Total Apr, 1 1933_236,536,000 33.772,000 26,815,000 11,209,000 11,191.000
•Includes foreign rye-duty paid.
The world's shipment of wheat and cern, as furnished by
Broomhall to the New York Produce Exchange,for the
ending Friday, March 30 and since July 1 1933 and July 2
1932, are shown in the following:
week
Wheat.
Exports.
Week
Mar. 30
1934.
Since
July 1
1934.
Corn.
Since
July 2
1933.
Week
Mar. 30
1934.
Since
July 1
1933.
Since
July 2
1932.
Bushels. I Bushels. I Bushels. Bushels.
Bushels.
Bushels.
North Amer. 3,542,000 l67,202,000238.238,000' 15,000
698,000, 5.438.000
Black Sea_ _
200,000 36,595,000, 19,360,000 1,717,000 25,912.000 51,295,000
Argentina_ _ 3,991,000100,382,000 71,827,000 1,177.000 158,939,i 157,689,000
Australia _ _ 1,099,000 70,755,000123,116,000
0th. countr'
320.000 22.168.000 21,805.000, 248,000 9,298,111 28.180.000
Total
9.152,000 397,082,000474,344,000 3,157,000 194,827,
I
242.602,000
WEATHER REPORT FOR THE WEEK ENDED
APRIL 4.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended April 4, follows:
At the first of the week much colder weather overspread the Eastern
States, with the line of freezing temperatures extending to the northern portions of the eastern Cotton Belt; precipitation was general in the Atlantic
States, with so me heavy local falls in Virginia and the District of Columbia.
Also precipitation was widespread over the far Northwest. extending eastward to the upper Mississippi Valley and the northern Plains. In the midWest and Northwest there were large temperature fluctuations during the
period, tending to below normal, but the Eastern States had much warmer
weather the latter part of the week. The period closed with additional precipitation in the Northwest and warm, fair weather in the East and South.
Chart I shows that the temperature averaged near normal in the Atlantic
area and from the central valleys southward. It was decidedly subnormal
from the Lake region westward, with deficiencies ranging from 6 to 8 degrees
in some sections. In the more western States warm weather continued,
completing the third month with temperatures above normal every week.
Chart I shows also toe southern limit of freezing weather and of zero
temperatures as reported from first-order stations. Freezing occurred as
far south as western North Carolina and eastern Tennessee, northern
Arkansas and southern Oklahoma. Only one station, Sault Ste. Marie,
Mich., with minus 4 degrees, reported subzero temperatures, but White
River, Ont., had a reading of 30 degrees below zero. In Gulf secdons the
minima ranged from about 40 degrees to around 50 degrees, and in southern
Florida from 60 degrees to nearly 70 degrees.
Chart II shows the geographic distribution of precipitation for the week.
It indicates that rainfall was heavy in most of the Atlantic States, parts of
the upper Mississippi Valley, and in the Pacific Northwest. Moderate
amounts, considerably more than has occurred for a long time, were received in the northern Plains and northern Rocky Mountain sections.
Elsewhere there was very little rain, with a large area from Alabama.
central Tennessee and Kentucky westward to the Pacific having inappreciable amounts.
The outstanding feature of the week's weather was the moderate to
generous and highly beneficial rains or snows that occurred over a large
northwestern area. In this section precipitation has been deficient for a
long time, and the soil had become extremely dry. The recent rains or
snows, while inadequate to break the drouth, have been very helpful to the
top soil in conditioning it for seeding, especially for spring wheat. The
States receiving helpful amounts include Wisconsin, Iowa, Minnesota,
northern Nebraska, the Dakotas and the area from Montana and Wyoming
westward to the Pacific. While recent precipitation was decidedly helpful.
much more moisture is required in the area between Michigan and the
Rocky Mountains.
The week was unfavorable for seasonal outside operations on farms.
In the South it was mostly fair and sunny, with inappreciable precipitation
in most places, but the soil, made wet by previous heavy rains, has not
dried out sufficiently to permit general operations, though field work was
in progress in a good many places at the close of the week. While some
corn was seeded locally as far north as North Carolina and extreme southeastern Kansas and a little additional cotton was put in, the planting of
both these crops is later than in an average year. Planting cotton made
good progress in Texas and southern Georgia, but in most portions of the
central and eastern belt but little has been accomplished.
In the Middle and North Atlantic States heavy rains and wet soil continued to interfere with field operations and but little work was possible,
while in the Ohio Valley the top soil is mostly still too wet from previous
rains or snows. Vegetation, in general, is starting rather slowly. Peach
trees are blooming northward to southwestern Kentucky, and plant life
shows signs of revival as far north as New Jersey. In the more northern
States conditions are still unfavorable for outside operations; considerable
Financial Chronicle
2446
snow remains in northern New England, and the soil is deeply frozen in
the northwestern Lake region.
West of the Great Plains all vegetation continues to advance abnormally,
weather
under the influence of one of the longest periods of relatively warmgrass
of record. In northern Rocky Mountain sections spring growth of is far is a
adNorthwest all vegetation
month ahead of normal, while in the far
vanced. In Montana the moisturesituation is unusually favorable at this
generous supplies during the last 10 days.
time, the State having received
SMALL GRAINS.—Winter wheat averages in fair condidon in most
are thin
parts of the Ohio Valley, although in eastern districts some fields moisture
and some wheat on poor lands may be abandoned;favorable surface In Misprevails in western sections, while spring growth has commenced.
souri winter wheat is good where the moisture is sufficient; the crop issomewhat backward and needs rain in the western half. In Kansas wheat is
fair in the eastern half, but poor in the west and, while benefited by
showers, needs more moisture. Progress and condition were fair to good
in Texas and Oklahoma, but drouth continues in New Mexico. Moderate
precipitation was of decided benefit in the northern Great Plains; it supplied
much needed top soil moisture, checked soil blowing and laid the dust.
Winter grains look well in Montana and were favored by the generous precipitation, while improved moisture conditions were noted in Wyoming and
Colorado. Dryness still prevails in the eastern Great Basin. with irrigation
Moderate to
already necessary to facilitate spring grain germination. winter wheat
heavy rains were beneficial in the Pacific Northwest, with
making good growth and locally in the best condition for 50 years.
Work was delayed in the spring wheat belt by cool weather and moderate
the
snows or rains, but the moisture was very beneficial in conditioning
seeded
topsoil; the subsoil continued very dry. Some spring grains were
country oat seeding has
in Montana, while in the more central parts of the
oat
progressed to southern Nebraska and south-central Iowa. In Kansas
planting is practically finished, with the crop coming up in the southeast
to fair to good stands, while in Missouri this work is about two-thirds done.
In most southern sections spring oats are in good condition.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Week closed very warm, but temperatures averaged normal; percipitation generally heavy. Plowing and planting virtually
at standstill, except on western uplands and in favored sections of southeast
where some truck planted. Heavy rains of 31st flooded recently replanted
truck in southeast. Small grains improving. All early vegetation growing rapidly. Fruit buds swelling.
North Carolina—Raleigh: Good progress of peas, lettuce, cabbage,
beets and other hardy truck in southeast and some corn planted there.
Soil mostly too wet to plow elsewhere, though better with fine weather at
close of week. Farm work backward. Peaches in full bloom in south.
Some improvement in winter grains.
South Carolina—Columbia: Cool and cloudy, except fair and warm
since Sunday; heavy rains in north, but moisture needed in south. Cotton
planting good progress in coastal sections. Corn planting continues locally
and some coming up. Peaches in full bloom in Piedmont section. Ground
mostly too wet in north for plowing and planting. All vegetation and planting late due to previous cold.
Georgia.—Atlanta: Cool nights at beginning; mostly light rain in south.
Planting corn, cotton and cane good progress in south; truck potatoes,
corn and other crops planted in other sections. All crops that are up
making good growth. Spring oats and winter cereals good. Fruits good;
peaches generally in full bloom.
Florida.—Jacksonville: Cool and cloudy with good rains in north, and
warm, with moderate rains, in south. Cotton planting begun. Corn planting continues; early sprouting. Potatoes good; shipments beginning from
northeast. Tobacco good start; some transplanting. Truck backward in
north. Citrus mostly picked. Strawberries still abundant and good.
Alabama.—Montgomery: Rather cool, with moderate rains. Planting
corn, potatoes and vegetables. Field work backward. Practically no
cotton planted. Bedding sweet potatoes in north. Oats fair. Truck
mostly poor, except good on coast. Fruits blooming.
Mississippi.—Vicksburg: Wide temperature range, considerable cloudiness, but little precipitation. Mostly fair to good progress offarm activities,
with unusually good average seasonal advance. Some corn planted in south
and central. Average development of vegetation about 10 days late.
Louisiana.—New Orleans: Cool, with light frosts at beginning, but
warmer thereafter; no rainfall. Frosts retarded germination and growth of
recently planted corn and truck and ripening of strawberries, but only slight
damage. Excellent for field work and much plowing and planting done.
Favorable growing conditions last of week. Planting cotton just beginning.
rms.—Houston: Averaged slightly cool along coast, but warm elsewhere; no rainfall of consequence. Week favorable for farm work, which
made rapid progress. Cotton and corn planting progressing favorably,
with corn up to good stands in south. Wheat, oats, barley, ranges and
livestock mostly fair to good.
Oklahoma.—Oklahoma City: Cool, with light to moderate rains fairly
28th, but
general; sunshine adequate. Freezing general on morning of backward.
only slight damage. Some corn planted, but this work rather wheat fair;
Progress and condition of wiater
Oats up to good stands.
nicely.
some wind damage in panhandle. Gardens and potatoes growing
Livestock fair to goods
Arkansas.—Little Rock: Weather favorable for farm work, but soil too
unwet from 'Previous rains first days. Low temperatures first of week
Still sowing
very
favorable for growth, but remainder of week up. favorable.
Wheat, oats, meadows.
corn planted; a little coming
oats and some
and pears
pastures and early potatoes good to excellent. Peaches, plums
in full bloom.
except too wet in
Tennessee.—Nashville: Plowing making good progress,
growing well and stooling begun
some localities; no corn planted. Wheat potatoes mostly planted; bedding
in south; spring oats coming up. Early
improving.
potatoes. Early fruit trees blooming. Pastures
sweet
last. PasKentueky.—Louisville: Cold first half, but abnormally warm sowing and
oat
grains starting rapidly. Potato planting, Tobacco plants
tures and winter
seeding pushed.
early gardening commenced; other spring
to three-fourths of
coming up in southwest. Plowing resumed and half Condition of wheat
corn land broken in south and far advanced in north.
variable, some good, but other fields thin.
THE DRY GOODS TRADE
New York, Friday Night, April 6 1934.
Although hampered in some sections by adverse weather
as
conditions, retail business during the pre-Easter period,
and
a whole, has been good. In some parts of the South
reWest increases in dollar volume of up to 100% were
was unusually heavy, particularly in
corded. Shopping
women's and children's wearables of every description.
Men's wear sales, on the other hand, were not as uniformly
good; while in some localities business left little to be
desired, in other centers insufficient buying power resulted
in continued resistance to the higher price demands. A
surprisingly good business in piece goods was reported from
some sections. Post-Easter business so far has shown the
usual falling-off in sales, although it is generally claimed
that the continued low temperatures may be held largely
responsible for the slack and that the advent of warmer
weather would result in a quick turn for the better. While
sales figures for March for the department stores are not
yet available, it is commonly believed that the totals will
not be far below the gain of about 36% shown for the
•
April 7 1934
first half of the month. Chain stores are expected to make
a better showing, with the largest popular-priced concerns
already having reported an increase of 37.2% over March
1933, and a leading Chicago mail order firm showing a
gain of over 62%.
Trading in the wholesale dry goods market remained
inactive, with wholesalers confining their activities to the
filling of last-minute pre-Easter orders of their retail accounts. While retail inventories are reported generally to
be at a low point, no immediate buying rush is anticipated
as shown by the number of buyers registered in the New
York market, which remained well below that recorded in
the corresponding week last year. A revival of business
in the primary field about the middle of the month may
be expected, as retail promotional activities will require
re-stocking of needed merchandise by then. Trading in
silk goods was moderately improved, owing to good Easter
sales of printed dresses. Principal demand continued in
sheers, both in finished fabrics and in greige goods, with
taffetas and printed chiffons following in close order. A
further easing of prices occurred in greige goods, partly as a
result of the continued decline in raw silk quotations. Business in rayon yarns was decidedly spotty. While large
viscose yarn producers are reported to be booked fairly
well ahead and carry small supplies on hand, the smaller
firms are said to be in a less favorable position. The labor
situation and the uncertainty over the processing tax continue to retard business, while a further deterrent is supplied by the persistent weakness of silk prices, which has
caused some converters to gradually return to all-silks.
DOMESTIC COTTON GOODS.—Following a flurry of
buying towards the end of the previous week, as a result
of the passage of the Bankhead cotton bill in the Senate
and the ensuing advance in raw cotton prices, trading in
print cloths settled back into its former lethargy. When,
however, during the current period fears increased that a
shorter work week was threatened and that as a result a.
shortage in goods might develop, renewed activity set in,
with some buying extending into later months. Most mills
took a rather cautious position in accepting orders at the
current quotations, since thy felt that it was obvious that
buyers needed the goods, and since all reports, particularly
from Southern and Western centers, agreed that there was.
nolet-up in the free movement of finished goods into the
hands of consumers. Trading in fine goods was restricted
to small lots. Most mills are believed to be well sold, but
reports were current of some offerings of staple goods at
rather low prices. Moderately good business was done in
piques, and demand for French crepes showed some hnprovement. Closing quotations in print cloths were as fol2
1
/
lows: 39-inch 80's, 9 to 9%c.; 39-inch 72x76's, 8%c.; 39
1-inch
/
2
/
inch 68x72's, 7%c.; 381-inch 64x60's, 6c.; 382
4c.
60x48's, 61
WOOLEN GOODS.—The event of the week was the withdrawal of prices on all classes of men's wear fabrics by
the leading producers. Their action, which* was preceded
by substantial bookings of fall lines, is widely regarded as
a prelude to a general price advance. In addition to thefact that the industry may be forced to shorten the work
week, and that higher wages are in the offing, wool prices
are holding steady and stocks of made-up garments are
dwindling fast, with retail business in most sections of the
country reporting record sales. As against these favorable
factors sight must not be lost of the fact, however, that
many important buyers of wool fabrics are believed to befairly well covered on fall supplies. Very active demand
developed for soft woolens such as tweeds, shetlands and
cheviots in light, bright shades for spot delivery, for use
principally for the popular new sports model suits with
belted back and wide sleeves. With the spring season in
women's wear having ended, fall lines will not be opened
until the middle of the current month. Substantial orders.
were received for furless wool crepe dress coats.
FOREIGN DRY GOODS.—Trading in linens showed further moderate expansion, both in dress goods and suitings
and in household items. Rumors of an impending advance
in prices were current. Reports from the primary European
market state that the United States still remains the largest
and most important buyer. Spurred by advancing sterling
rates and higher Calcutta quotations, burlap prices steadied
appreciably. Trading in spot goods was slightly more active,
and a fair amount of shipment business was reported. Domestically, lightweights were quoted at 4.95a, heavies
at 6.70c.
Volume 138
Financial Chronicle
2447
State and City Department
MUNICIPAL BOND SALES IN MARCH AND FOR THE
FIRST QUARTER.
The favorable market conditions which prevailed during
January and February for the obligations of States and
municipalities continued throughout March and resulted in
the disposal of $95,539,684 of such securities in that month.
This figure includes a $30,000,000 issue sold by the State
of Pennsylvania. The total of $95,539,684 for March
compares with $63,542,481 during February and with
$54,770,758 in January. In March 1933 municipal bond
financing aggregated only $13,928,639. However, the National banking disturbances at that time resulted in a virtual
stoppage of financial transactions of any nature and consequently hampered the sale of municipal loans.
Sales of long-term State and municipal bonds during the
first quarter of 1934 have amounted to $213,852,923, as
compared with $67,335,063 in the corresponding period in
1933, $282,703,824 in 1932, $449,603,589 in 1931, $316,829,935 in 1930, $251,388,122 in 1929 and with $364,000,414
in the first three months of 1928. The diminutiveness of the
total for the 1933 period resulted in part from the market
difficulties which prevailed in those months due to the lack
of adequate banking facilities. We wish to again note that
the foregoing totals do not include funds obtained by States
and municipalities from the Public Works Administration
or any other Federal agency.
A summary of the municipal issues of $1,000,000 or more
disposed of during March of the present year follows:
$30,000,000 Pennsylvania (State of) 3 i% veterans' compensation bonds,
due $2,500,000 annually from 1944 to 1955 incl., were awarded
to the City Co. of New York, Inc., and associates at 100.659.
a basis of about 3.19%. Public re-offering was made on a
yield basis offrom 3.045,to 3.134%,according to maturity.
9,555,000 Delaware River Joint Commission, N. J., 4;1% PhiladelphiaCamden Bridge bonds, due from 1935 to 1973 incl. (optional
at 105 on Sept. 1 1943 and on interest payment dates thereafter) were sold to various purchasers. A. block of $5.000,000
was purchased by a group headed by the Philadelphia National
Co. Public re-offering of this amount was made at par.
The Custodial Funds of the State of Pennsylvania subscribed
for $3,537,000 bonds of the total issue. Purpose of the financing was to pay the City of Philadelphia for its outlay in connection with the construction of the Philadelphia-Camden
Bridge.
4,000,000 Texas (State of) 4 % relief bonds, due serially from 1936 to
1943 incl. purchased by Donald O'Neil & Co. of Dallas and
associatesat 100.28, a basis of about 4.44%. Re-offering was
'
made on a yield basis of from 3.25 to 4%, depending on
maturity date.
3,500,000 Nassau County, N. Y., tax revenue, emergency relief and land
purchase bonds, comprising $1,180,000 4Iis due from 1943
to 1954 incl., and $2,320,000 53is due from 1935 to 1942
incl., awarded at a price of par to a syndicate headed by
Lehman Bros. of New York. Re-offered on a yield basis of
from 4 to 5%.
2,750,000 Monroe County, N. Y. 0,4% tax revenue and general purpose bonds, comprising three issues, purchased by the Chase
'
National Bank of New York and associates at 100.33, a basis
of about 4.65%. Bonds mature serially from 1935 to 1944
incl. and were offered for public investment to yield from
3.50 to 4.25%, according to maturity.
2,437,000 Westchester County, N. Y., 4 and 4,1% bonds, comprising
eight separate issues, were awarded to a group headed by the
Chase National Bank of New York at 100.008. a basis of about
4.467%. The bonds due from 1935 to 1955 incl. were reoffered on a yield basis of from 3 to 4.35%, while those due
from 1958 to 1965 incl. were priced at 99.50 and accrued
interest.
2.215.000 Syracuse, N. Y., 33( and 4% bonds were sold to the Chemical
Bank & Trust Co. of New York and associates at 100.082.
a basis of about 3.43%. Due serially from 1935 to 1949
incl. Re-offered on a yield basis of from 1.50 to 3.45%.
The total includes $j,455,00035i and 8760.0004% bonds.
2,168,000 Dallas, Tex., 4%% funding bonds, including issues of $1,284,000 and $904,000, reported sold to the Republic National
Bank & Trust Co. of Dallas at 100.10, a basis of about 4.74%.
Due serially from 1934 to 1955 incl.
2,000,000 Washington (State of) emergency relief bonds were sold as
follows: The Spokane Eastern Co. of Spokane and associates
purchased $1,000,000 as 4s at a price of 98 and 250,000 as
3
at 98.86, while Blyth & Co. and associates purchased
$750,000 as 38 s at a price of 98.13.
%
1,500,000 Montana (State of) 4 % State Highway Treasury anticipation
bonds sold to a group headed by John Nuveen & Co. of
Chicago at 100.66, a basis of about 4.63%. Due 8648.000
in 1939 and $852.000 in 1940.
1,727,900 Philadelphia, Pa., 5% bonds, representing the balance of the
original issue of $10,000,000 which was first offered in June
1933, were sold during March at par as follows: $1,500,000
to the Sinking Fund Commission. $225,900 to Biddle, Whelen
& Co. and $2,000 to Yarnell & Co., both of Philadelphia.
1,200,000 Ramsey County, Minn.,4% public welfare bonds, due serially
from 1935 to 1944 incl., were awarded to Blyth & Co. of
New York and associates at 100.61, a basis of about 3.88% •
1,195,633 Swift County, Minn., refunding bonds reported sold at par to
H. W. Moody of St. Paul. Due in 20 years, optional at any
time.
1,132,000 Cuyahoga County, Ohio. 6% poor relief bonds sold to a
Cleveland banking group headed by the McDonald-CallahanRichards Co. These bonds are the balance of an original
issue of $2,175,000.
1.058,000 New Bedford, Mass., bonds, comprising four issues, sold on
March 26 to Brown Bros. Harriman & Co. of Boston and
associates. Due serially from 1936 to 1951 Incl.
Record of Issues That Failed of Sale During March.
The increased activity which has characterized the municipal bond market since the beginning of 1934 has served to
considerably lessen the monthly volume of bond issues that
fail of sale. The number of such issues during March was
16, representing bonds having an aggregate par value of
$2,409,083. In February there were 21 issues, aggregating
$11,208,450, while in January 25 municipal units failed to
market obligations amounting to $7,897,319.
In the table which follows we furnish a list of the unsuccessful March offerings, showing the name of the municipality, the amount and rate of interest named in the issue,
together with the reason, if any, assigned for the non-sale
of the bonds. Reference also is made to the page number
of the "Chronicle" where an account of each of the abortive
offerings may be found:
Name.
Page.
Int. Rate.
2114 aBoulder, Cob
a
1954 Faulk County, S. Dak
4%
1954 Glen Rock, N..1
not exc.6%
2117 Grays Harbor County S. D.
No. 28, Wash
x
1955 Industry Township, Pa
5%
2291 bKossuth County. Iowa
x
Amount.
$58,000
34,000
105,000
Report.
Award deferred
Sale postponed
No bids
55.000
Sale canceled
2,500
No bids
200,000 Sale postponed:
offering increased
1780 Middleburg Heights, Ohio_ _ —
298,563
Partially sold
6%
2293 cMontgomery County, Iowa
x
360,000
Sale postponed
2293 Mountain View S. D., Calif_
5%
10.000
No bids
1956 Mount Vernon, N.Y
not exc.6%
1.000.000
No bids
2294 Patton Township, Pa
not exc. 5)4%
24,000
No bids
1957 Penn School District, Pa
5,000
434%
No bids
1781 dPierce County S. D. No. 319,
Wash
not exc.6%
10.000
Award deferred
2296 Spearfish, S. Dak
4%
50.000
No bids
2297 Valle Vista S. D., Calif
not exc. 5',
12,000
No bids
1959 Weehawken Township, N. J
not exc. 6'0
185,000
Bids rejected
x Rate of Interest was optional with the bidder. a The offer of two local banks
to purchase the issue as 3.80s at a price of 100.05 has been submitted for consideration
of the PWA. b The amount of the issue was increased to 5452,000 and the sale
date changed to April 2. c Date of sale was postponed to April 3. a Bid of the
State of Washington to purchase the bonds at par at 5% interest has been taken
under advisement.
Record of Municipal Loans Made by the RFC.
The Reconstruction Finance Corporation, which, under
the terms of the Emergency Relief and Construction Act of
1932, was empowered to make direct poor relief loans to
States and Territories of the United States from a fund of
$300,000,000, distributed the last of the money available
during the month of May 1933. The Corporation has been
succeeded in this capacity by an agency known as the Federal
Emergency Relief Administration, in accordance with the
terms of the so-called Wagner Relief Bill signed by President
Roosevelt on May 12 1933. A fund of $500,000,000 has
been appropriated to continue the Federal Government's
effort to relieve destitution.
The conditions governing the distribution of the new
$500,000,000 poor relief fund are different from those which
applied in the case ()The $300,000,000 RFC appropriation.
Subsection (B) of Section 4 of the new law, which is cited as
the Federal Emergency Relief Act of 1933, sets aside a
specific sum of $250,000,000 which is to be advanced to the
various States on the basis of one-third of the amount expended by such States for poor relief from their own and private resources. The remaining $250,000,000 is to be disbursed to the States at the discretion of the Relief Administrator under the provisions of Subsection (F) of Section 4.
In making announcement of the sums advanced to various
States, the Relief Administrator specifically refers to the
advances as "grants," as distinguished from the word
"loans" used in the statements of the RFC.
Harry L. Hopkins, Federal Emergency Relief Administrator, on Dec. 31 1933 reported that a total of $324,428,488
of the new appropriation had been advanced to the States
and Territorial Possessions since the money was made
available on May122 1933, Mr. Hopkins estimated that the
balance of $175,571,512 would last until April 1 1934 and that
an additional $100,000,000 would be needed to continue
Federal relief activities to the close of the fiscal year on
June 30 1934. Neither the grants made by the Relief Administrator nor the bonds to be purchased by the RFC, or
any other Federal agency, form part of our totals of either
permanent or temporary financing by States and municipalities as compiled by us from month to month.
The Public Works Administration, provided for in the
National Industrial Recovery Act, and having at its disposal a fund of $3,300,000,000 to be expended on public
works, is now assuming the functions heretofore exercised
by the RFC in the matter of financing so-called self-liquidating
municipal projects. The PWA, however, in sponsoring a
project, agrees to finance the cost thereof on the basis of
making available a sum equal to 30% of the cost of labor
2448
Financial Chronicle
and materials as a direct grant, not subject to repayment,
while the rest of total expended will constitute a loan to the
municipality, secured by its 4% bonds. During March
this agency agreed to finance projects amounting in the
aggregate to $15,270,781, while the total for February stands
at $25,399,004.
The PWA effected during March the first re-sale of municipal bonds acquired in pursuance of its program of financing
so-called self-liquidating projects. Four of the five separate
issues offered at competitive sale were disposed of at premiums amounting in the aggregate to $20,050.19. The
other issue was not sold as the bids submitted by investment
bankers were rejected as unsatisfactory. The issues marketed were as follows: Cedar Rapids, Iowa, $125,000;
Erie County, N. Y., $250,000; Lynchburg, Va., $200,000;
Richmond County, Ga., $162,000. The $100,000 Belair,
Md., sewer issue was not sold. In view of the marked
success which attended its first sale, the PWA is expected
to make offerings at regular intervals for the purpose of
placing in the hands of private investors all of the $500,000,000 of State and municipal issues which it ultimately
expects to acquire.
The following table lists the municipalities whose projects
are reported to have been approved during March, and
indicates the page number of the "Chronicle" where an
account of such approval has been published:
Total Amt,
Total Amt.
Allotted.
Name.
Allotted. Page.
Name.
Pace.
$56,000 1958 Marion County IS D. No.
Mich
1951 Algona°,
963,000
111, Ill
21.000
1776 Amesbury. Mass
21.400
21,000 1956 Marlow Con. S. D., Ga.
1951 Batavia, N. Y
79.000
40,000 1780 Monticello, Ark
2288 Beaver Meadows. Pa
79,000 2293 Monticello Sp.S. D.,Miss 23,500
2288 Bedford, Ind
23,000
63,000 1956 Morgandeld, KY
1952 Big Stone, Va
119,000
49,000 1956 Mt. Lebanon Twp., Pa
1952 Bluefield, Va
100.000
12.000 1956 Nashville,Tenn
1777 Brooklyn. Ind
50.000
47,000 2120 Nashville,Tenn
2115 Burkeville, Va
38,000
25,000 1781 Newcastle. Tex
1952 Cambridge Springs, Pa
65,000
73,000 1957 Newport News, Va
Carroll County,Ga
1952
16,900 2293 North Elba S. D. No. 2,
1952 Cavalier, N. Dak
300,000
N. Y
31,000
1777 Cedarburg, Wis
85,800 2294 North Coventry Twp.
1952 Charlottesville, Va
16,800
S D Pa
32,000
1952 Cherokee, Iowa
31,000
1952 Cheyenne Wells. Colo- 11,000 2294 Okoboji, Iowa
100,000
1957 Old Lyme, Conn
2115 Chickasha S. D. No. 1,
45,000
140,000 1957 Painted Post, N.Y
Okla
90.000
100,000 2294 Parsons, Tenn
1952 Christianburg, Va
35,000
64,000 1781 Percy, Ill
1952 Columbus. Ohio
89,000
103,000 1957 Petersburg, Va
1953 Danville, Va
12,000
81,900 2294 Pittsboro, Ind
1953 Dayton,Ohio
85,500 2287 Port of New York Author2289 Dermott, Tex
3000.000
ity. N. Y
28,000
Va
1953 Difiwyn,
45,000
51,000 2294 Prosperity, S. C
1777 Du Bois S. D., Pa
28,000
1782 Raymond, Miss
1953 Dunseith S. D. No. 1.
81,000
Rome, N.Y
16,200 2295
N. Dak
26,500
1953 East Rochester. N.Y.__ 83,000 1782 Rome Twp.S. D., Ohio
18.000
Iowa
48,000 1782
1953 Elba, N.Y
82 181
100,000 1958 St. Mitrys, Pa
1953 Ellwood City S. D.,Pa
2 500,000
5,600 1958 Salem, Ore
2290 Emory B. D., Tex
28,000
94,000 1782 Selling. Okla
1954 Fairport, Ohio
50,000
1782 Shreveport, La
1954 Foster County S. D. No.
75,000 1783 Slidell Sewer Dist. No. 1,
1, N. Dak
9,500
La
39,000
1778 Fowler, Ind
50,000 1959 Stanton Co. S. D. No. 1,
1778 Franklin. Ind
155,000
2290 Fulton Co., Ga
44,000
17,900 1783 Steelville, Mo
1778 Glen Cilia, N.Dak
34,000
43,000 1959 Stringtown, Okla
1954 Gretna. Va
37,000
42,000 2296 Summerton, S. C
1778 Hardin, Ill
200,000
208,000 2296 Tarboro, N. C
1954 Hartford City. Ind
75,000
1954 Hastings-on-Hudson, N.Y 28,100 1783 Thomasville, N. C
135,000
30,000 1959 Tiverton, R. I
2290 Herndon. Kan
2122 Triborough Bridge Au2290 Benne* County Sanitary
2,000,000
thority. N Y
District No. 2, Va.__ 73,000
24,000
30,000 1783 Trinity, Tex
1778 Hornersville, Mo
247,000
34,000 2296 Two Rivers, Wis
1954 Holly Hill, S. C
105,000
150,000 1959 Union County, N.C
2290 Hominy, Okla
38,000
2,400 2296 Union Point, Ga
2290 Hopewell S. D., Miss_
62,000
104,000 1783 Valley City, N. Disk
1965 Hutchinson, Kan
16,000
26,000 2297 Vance County, N. C._
1779 JePerson, S. C
50.000
71,000 1959 Vernon, N.Y
1779 Kalamazoo, Mich
294,500
50,000 2297 Virginia, Minn
1955 Kilmarnock. Va
13,000
21,000 1959 Walbridge, Ohlo
2291 Knoxville, Ill
8,100
10,000 1959 Waterloo, Ala
1955 Lake Geneva, Wis
13,000
30,000 2298 West Union, W. Va
2291 Lake Geneva, Wis
60,000
60,000 1960 White Plains, N.Y
1955 Lansing, Mich
135,000
185,000 1784 Williamston, S. C
2292 Lawrence, Tenn
32,000
55,000 1960 Willow Springs, Mo
1955 Lee County, N. C
298,000
2298 Winona S. D., Minn
29,000
1955 Lees Summit, Mo
94,000 2298 Wolcott S.D.No.1, N. Y 462,000
1955 Logan, Ohio
36,000 2298 Woodland Con S. D.,Miss 10,000
1955 Littleton, Ms
12,000
87,000 2124 Wyomissing, Pa
2119 Louisiana S. D., Mo
10,000
10,000
Lueedale Spec.S.D.,Miss 40.000 2298 Yuma, Cob
1955
83,000
1960 Zanesville, Ohio
April 7 1934
1934.
1933.
1932.
1931.
1930.
$
$
$
$
$
Perman't loans(U.S.) 95,539.684 13,928,639 109.163,071 279,508,181 125,428,605
Temp'ry loans(U.S.)• 102,833,356 135,074,800 158,427,500 82,232,238 110,112.000
None
None
None
405,000
None
Bonds U.S. Pos.ses'ns
Can. loans (perm't):
4,600 28,087,547 20,253.680 12,185,471
Ilaced in Canada_ 10,680,272
None
5,685,000 4,000.000
None ' None
Placed in U. S _ _ _
General fund bonds
None
None
None
None
None
(New York City).
205 051.312 149.008.039 296.083.118 387.679 009 251 726 1175
Tnt.41
• Includes temporary securities by New York City in March: $39,110,400 in
1934. 9135.074,800 in 1933, $64,450,000 in 1932, $17.850,000 in 1931. and 540,970.000 In 1930.
The number of places in the United States selling permanent bonds and the number of separate issues made during
March 1934 were 203 and 253,respectively. This contrasts
with 128 and 146 for February 1934 and with 82 and 96
for March 1933.
For comparative purposes we add the following table
showing the aggregates for March and the three months
for a series of years. In these figures temporary loans,
New York City's "general fund" bonds and also issues by
Canadian municipalities are excluded.
Month of
For the
For the
Month of
March.
Three Mos.
Three Mos.
March.
921.138,269 975,634,179
9213,852,923 1912
995,539,684
1934
22.800,196 123,463,619
13,928,639 67.335,063 1911
1933
d69,093.390 104,017.321
109,163,071 282,703,824 1910
1932
32,680,227 79.940,446
a279.508,181 449,603.589 1909
1931
18,912.083 90,769,225
125,428,605 316,829.935 1908
1930
10,620,197 58,320.063
251,388.122 1907
105,775,676
1929
57,030,249
20,332,012
5129.832,864 364,000,414 1906
1928
17,980,922 35.727,806
88,605,561 372,613,765 1905
1927
14,723.524 46.518,646
116,898,902 359,623,729 1904
1926
9,084.046 40,176.768
111,067,656 326,927,507 1903
1925
7,989.232 31,519,536
101,135,402 295,559.537 1902
1924
10,432,241
23,894,354
69.575,262 246,574,494 1901
1923
8.980.735 34,492,466
116,816,422 292,061,290 1900
1922
5,507,311
18,621,586
,456,916 1899
51,570,797 204
1921
6,309.351
23,765,733
58.838.866 174,073,118 1898
1920
12.488,809 35,571,062
50,221,395 106,239,269 1897
1919
4,219,027
15,150,268
28,376,235 75,130,589 1896
1918
4,915,355 21.026,942
35,017,852 101,047.293 1895
1917
5,080,424 24,118,813
120,003,238 1894
32,779,315
1916
6,994,246
17,504.423
07.939.805 144,859,202 1893
1915
8,150.500 22,264,431
43.346,491 165,762,752 1892
1914
14,641,020 72,613,546
1913
a Includes $100,000,000 bonds of New York State. b Includes $22,500,000 bonds
of New York State. c Includes $27,000,000 bonds of New York State. d Includes
550,000.000 bonds of New York State.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS.
-Court Upholds 15% Reduction in 1931
Cook County, 111.
-Reduction of 15% in the 1931 real estate
Taxes on Homes.
taxes on small homes was upheld on March 28 by County
Judge Edmund K. Jarecki in a suit brought by the Chicago
Real Estate Board, according to Chicago advices of that
date. The reduction will affect some 318,000 one-, twoand three-family dwellings in Cook County, the owners of
which filed objections and were made parties to the suit.
Owners of the remaining 120,000 properties who did not
protest will not benefit from the decision, according to
report. Judge Jarecki is said to have upheld the contention
of the attorneys for the Real Estate Board that a 15%
reduction would be a fair figure and adopted that percentage
as a basis for his ruling. The Real Estate Board had contended that the County Assessor discriminated against the
small home owners in favor of the large property interests.
The following is a brief description of the tax officials
proposed method for handling the above cut, as it appeared
in a Chicago dispatch to the "Wall Street Journal" of
April 3:
Tax officials have determined a method for carrying out the tax reduction
order of County Judge Jarecki whereby the judge and County Assessor will
issue certificates of error for 1931 taxes to those who have filed complaints.
Tne reduction affects only the assessed value of the improvement on residential property (homes, two and three-flat buildings), and althougn the
cut is 15% of the assessed value of the improvement,the actual tax reduction
will be substantially less than 15%. Those who have not yet paid the
second installment of 1931 taxes will be given credit for the amount of tile
cut on the unpaid balance.
There is no provision as yet to take care of those who have paid their 1931
taxes in full. The present plant provides for introducing legislation in the
general assembly at a special session to be called after the primaries in April
by which the County Collector would be authorized to credit the reduction
on 1932 bills.
Temporary loans negotiated by States and municipalities
during the month of March aggregated $102,833,356. The
-Municipal Committee Issues Reports on Cities.
Florida.
City of New York contributed $39,110,400 to the total, The Florida Municipal Bondholders' Protective Committee
while $20,000,000 represents a note issue by New York has issued detailed reports on the general finances and
State, which was sold to four banking institutions at an economic standing of six cities included under its jurisdiction,namely, Clearwater, Avon Park,Fort Myers, Clermont,
interest rate of M of 1%.
of Quebec Arcadia and Cocoa. The reports carry information as of
The award of an issue of $7,700,000 Province
March 1 1934 on the progress made in the refunding opera4% bonds, due serially from 1944 to 1954 incl., to A. E. tions being carried on by these various cities and undertake
a basis of about 4.01% to give a general outline of present conditions.
Ames & Co. and associates at 99.57,
(V. 138, p. 2298) helped swell the volume of Canadian
lowa.-Supreme Court Upholds Mortgage Moratorium Law.
municipal bond financing in March to a total of $10,680,272, -On April 4 the State Supreme Court upheld the validity
all of which was absorbed by Dominion investors. The of the mortgage foreclosure moratorium law passed at the
pass emeraggregate for the month does not include an issue of $15,- 1933 legislative session, ruling that the State can people. A
of gency measures looking toward the welfare of its reported
000,000 notes which was marketed by the Dominion
United Press dispatch from Des Moines on April 4
Canada.
in part as follows on the decision:
was negotiated
The Iowa Supreme Court to-day upheld constitutionality of the Iowa
No United States Possessions financing
mortgage foreclosure moratorium law on grounds that the State has the
during March.
right to legislate for welfare of its people during times of economic emergency.
In a five to four decision, the Supreme Court
A comparison is given in the table below of all the various ruling halting foreclosure until March I 1935, ofsustained a district court
a mortgage on farm property of David I. Nordham.
securities placed in March in the last five years:
(
Volume 138
Financial Chronicle
The Des Moines Joint Stock Land Bank had brought the appeal on
grounds that the mortgage moratorium law, passed March 18 1933, by the
Iowa Legislature, was unconstitutional because it impaired the obligation
of a mortgage contract and deprived the bank of vested property rights
without due recourse at law.
In a dissenting opinion, four of the Iowa Justices held that "if the Legislature can act thus, then the guarantee of property rights in State and
Federal Constitutions is a mere illusion."
Iowa.—U. S. Supreme Court Rules Gasoline Tax Payable
by Consumer.—According to Washington advices of April 2
the United States Supreme Court on that day upheld the
3
-cent gasoline tax of this State as an excise tax payable by
the consumer and not by the gasoline company, which had
brought the suit to the high Court on an appeal from a decision of a three-judge Federal Court sustammg the State's
contention that the company failed to pay taxes imposed on
imports into the State.
2449
State and municipalities. Through co-operation it is hoped that these may
be made more comprehensive and uniform in so far as varying laws of the
different States will permit.
For municipal bonds supported by unlimited tax obligations, legal opinions will contain a clause declaring that the city issuing the bonds has the
power and is obligated to levy ad valorem taxes upon all taxable real property
for payment of principal and interest, without limitation of rate or amount.
For obligations where there is any tax limit, a clear warning to this effect
will be given with a minimum statement that "The obligations are payable
by tax within the limitations prescribed by law."
Definite statements as to tax obligations will also be made in case of
assessment and utility obligations.
Temporary obligations in anticipation of the issuance of permanent bonds
will be clearly designated as such,and if obligations are payable solely from
a special fund or from a particular tax other than a tax on real proPerty,
future legal opinions will call attention to this fact. Also the exact status
will be noted of obligations payable from a special fund or levy in a district
or subdivision before recourse to a general levy in a larger subdivision.
New Jersey.—Governor Moore Signs Refunding Bill.—
Governor Moore signed on April 4 a bill by Senator Barbour,
of Passaic, permitting municipalities to refund their floating
Kentucky. Legislature Approves Bill Reducing Real
—
Estate Tax from 30 Cents to 5 Cents per $100.—An Associated indebtedness over a 20-year period, according to Trenton
Press dispatch from Frankfort on March 9 reported that on advices. It is said that in order to take advantage of the act,
that day the Legislature gave final enactment to a bill re- municipalities are required to finance their governments on a
ducing the State tax on all real estate from 30 to 5 cents cash basis. At the present time Paterson, Passaic and East
on each $100 of valuation. (In V. 138, p. 2286, we reported Orange are operating under such a plan.
on those bills passed at the recent session which had become
New York City.—Realty Taxes Due April 1.—The first
law, but the above bill was not listed.) It was estimated
that the said measure would reduce revenue from the State half of the 1934 real estate taxes became due on April 1,
ad valorem tax about $2,500,000 or $3,000,000 a year, al- instead of May 1, as has been the case in the past, the Real
though the present ad valorem tax is said to yield not Estate Board announced in a statement issued on March 30.
"It is important for property owners to note this change,"
more than $4,500,000 to the State Treasury.
the Board reported, "for on May 1 the 10% penalty on
Michigan.—Attorney-General Rules on Qualifications for 1934 taxes which are unpaid on that date will go into effect.
Public Works Bond Vote.—Persons owning real estate or In prior years the penalty was only 7%, and did not become
purchasing it on land contracts or with personal property on effective until June 1." The change in the tax dates was
the assessment rolls are entitled to vote on the proposal to made by the State Legislature last fall when an Act was
issue $37,000,000 in public works relief bonds (V. 138, passed establishing April 1 and Oct. 1 as the dates for the
p. 2286), Patrick H. O'Brien, Attorney-General, held in an payment of real estate taxes during 1934, 1935 and 1936.
opinion written at the request of Governor Comstock, ac- After 1936 the taxes will be due in four equal instalments
on Feb. 1, May 1, Aug. 1 and Nov. 1.
cording to the Lansing "Journal" of March 27.
The State constitution, as amended, provides that only
New York State.—Assembly Adopts New York City
taxpayers may vote on a
proposal. The question has
Bill.—Mayor La Guardia's amended city economy
never been tested in a court and some confusion existed as to Economypassed
by the Assembly on April 5 by a vote of 120
who would be qualified to cast ballots on the bonding propo- bill was
to 23. Only 23 Democrats remained opposed to the measure,
sition.
which had been beaten four times in the
Governor Signs Insurrection Bond Bill—Sets Vote Date at 138, p. 2287. The minority support for lower House—V.
April 30.—The following report on the Governor's actions Irwin Steingut, New York Democrat. the bill was led by
We quote in part
regarding the above-mentioned bond bill, is taken from a as follows from an Albany staff report to the
New York
Lansing dispatch to the Detroit "Free Press" of March 29:
"Herald Tribune" of April 6:
Gov. Comstock, Wed,
signed the insurrection bond bill and set Apri130
as the date of the special election at which the property owners of the
State will express their will on the 837,874,000 measure.
The date was moved up from a previously announced date of May 1
in deference to fishermen, who protested several days ago that an election
on the opening of tne trout season would disfrancnise them.
The insurrection bond act was the chief accomplishment of the Second
Special Session of the Legislature. The people are asked to approve the
spending of $18,000,000 for highways, $2,265.000 for armories and more
than $17,500,000 for hospitals and State institutions.
Way to Share PWA Funds.
Governor Comstock said that he signed the bill because he believed
that it offers the only opportunity for Michigan to get any proper share
of the Public Works building program of the Federal Government.
"There is just one purpose in this bill," he said. "That is to permit
Michigan to have its share in the recovery program which is designed
to promote employment in normal channels. I would particularly point
out that the Public Works expenditures, under this bond issue, if it is
approved, will be for lasting and needed improvements for toe State. Tuts
would not be a part of any welfare relief or civil works program."
The Governor stressed the point that this is intended to be a nonpartisan program,and recalled that the measure had the support of practically all members of both houses of the Legislature.
Other Bills Signed.
--The following is a report on some of
the other bills signed by the Governor on the 28th:
Twenty-seven bills passed at th6 Second Special Session were signed by
the Governor Wednesday. He vetoed but one, an act which he said would
have prevented the Commission of Labor and Industry from fixing attorney
fees in compensation cases.
Cities' Bond Bill Also Signed.
Included in the measures given approval was an act authorizing municipalities to issue revenue bonds to finance public works. The
Governor
vetoed a similar bill passed in the regular session because it contained a
referendum provision. The bill he signed Wednesday retained the referendum. It is estimated that more than $30.000,000 of municipal projects
were dependent upon the approval of this bill.
The Governor signed the bill creating the Mackinac Bridge Authority,
which is empowered to issue up to 835.000,000 in bonds for the construction
of a bridge across the Straits of Mackinac. Sponsors of the bridge are confident that the Federal Government will finance the span.
The Wayne County Board of Review bill became law. This measure
abolishes the cumbersome township boards of review, and centralizes the
tax authority.
HOW Investment 0. K.'d.
Among other acts becoming law
were those authorizing the investment of public funds in bonds of to-day
the Home Owners Loan Corp., and the
Federal Home Loan banks, creating 500 miles of additional trunk line
highways, authorizing the State to deed land to the Federal Government for
use as subsistence homesteads, and extending the deadline on 1933 taxes to
Nov. 1 with a 3% collection fee attached.
Municipal Bonds.—Investment Bankers Urge Additional
Information and Uniform Legal Opinions.—In his capacity as
Chairman of the municipal securities committee of the Investment Bankers Association of America, E. F. Dunstan, of the
Bankers Trust Co. of New York, announced on April 4 a
new move by the association for the protection of investors
in bonds issued by States and their political subdivisions.
Opinions regarding the legality of such bonds, furnished by
all the leading municipal bond attorneys, will be made more
nearly uniform, while more specific information also will be
available in the opinions. The New York "Journal of Commerce" of April 5 commented as follows on this new move:
The municipal securities committee of the Investment Bankers' Association of America is fostering a movement to secure more specific information
regarding new municipal issues, particularly with respect to the taxing power
of the governmental unit underlying the obligation, according to an announcement yesterday by E. F. Dunstan of the Bankers Trust Co. and
chairman of the committee.
Mr. Dunstan's committee, therefore, has submitted to municipal bond
attorneys in the principal cities suggested forms of phraseology and sub
stance in clauses describing methods of payment of obligations of both
The Assembly voted to-day for the fifth time on Mayor La Guardia's
economy bill and finally passed it, a weakened and almost Democratic
verson of the measure the Board of Estimate sent to Albany precisely three
months ago asking "dictatorial" powers for the Mayor. The vote was
120 to 23, with 40 Democrats voting for it.
The Senate Democrats planned to_pass it this afternoon, but it was put
off until Monday night to give the Republicans, ignored in all the recent
controversy, a chance to read it. In fact. the Senate Republicans, who
were committed to the bill in its original form, may be reluctant to pass it
without definite assurances from the city administration about
legislation which will be a necessary supplement to balance the city the tax
budget.
Farley's Stand Upheld.
The bill as accepted by minority leader Irwin Steingut and a majority
of the New York City Democrats represents a victory for the viewpoint
taken during the early batiAes on it by Postmaster-General James A. Farley.
Secretary of State Edward J. Flynn and other Democratic leaders, against
whom Governor Lehman aligned himself beside the Mayor.
It gives Mayor La Guardia no power whatever to reorganize county and
borough offices, or to abolish the positions of "parasitic" jobholders. These
were the fundamental issues of the early conflict on the bill, on which the
Mayor mainly based his campaign for it. The bill still contains, however,
most of the payless furlough and salary-cutting provisions fought by the
teachers and civil service workers, who were the shock troops in opposition
to the measure.
Twelve Votes Required for Action.
The bill was finally amended to require 12 out of the 16 votes in the
Board of Estimate to accompiish any of the economies provided. This
means that the politica. arena for opposition lobbyists w1.1 be shifted to
City Hall. with a much better chance for success than they had when the
bill required only a 10
-vote majority.
The last vestige of the proposen power for the Mayor to reorganize ana
abolish agencies which are not now under his specific authority was shorn
from the bill to-day. It was a persistent vestige, which the Democrats
thought they had eliminated yesterday. At the last minute they found
an "or" in the bill which was worth several thousand dollars and several
political jobs.
Under the bill as it was until this week's concessions by the Mayor broad
powers were given to cut, reorganize or eliminate any agencies, and "agencies" were defined as "any and all offices, positions, departments, boards,
commissions, bureaus and divisions of or within" the city or its counties.
To this was now added an additional clause: "Provided, however, that
the term 'agency' or 'agencies' shall include only any and all offices, positions, departments, boards, commissions. bureaus and divisions headed
by officials subject to the appointments and or by summary removal by
the Mayor."
Senate Votes Down Two Main Bills of Governor Lehman's
Utility Reform Program.—The Democrats of the Senate
joined the Republican minority on April 5 in removing the
vital portions of the Governor's public utility reform program, defeating two bills that would have been effective—
municipal ownership of public utility plants and another
that would have compelled the utilities to contribute toward
the cost of rate investigations. The "Journal of Commerce"
of April 6 reported in part as follows on the action:
Two of the most important bills in Governor Lehman's public
utility
reform drive met with defeat here to-day as the other bills comprising
the
Governor's 12
-point program were quickly rushed through the Senate.
The municipal ownership bill and the measure to assess the cost of rate
investigations by the Public Service Commission on the utilities corporation through a revolving fund of $300.000 were defeated. The vote
on
the municipal ownership measure was 22 to 22 and on the rate cost bill
was 22 to 21. A majority vote of 26 was necessary for their passage.
The defeat of these measures Came as a complete rebuff to the Governor,
and in the midst of preparations for a broad investigation into allege°
political connections of the utility companies. Seven Democrats bolted
the Governor's leadership to vote against the municipal bill. Senate
Majority Leader John J. Dunnigan, Bronx Democrat anu leader of the drive
for the measure. mover, that the vote by which the bill lost be reconsidered.
Senator Thayer, Chateaugay Republican, whose alleged connections with
a public utility will be investigated by a Senate committee Monday, was
not present.
Immediately after announcement of the vote, the upper House began
balloting on other proposals in the program.
2450
Financial Chronicle
Bills Passed Quickly.
The Burchill bill, authorizing the Public Service Commission to fix temporary rates at not less than 5% of the invested value, less depreciation,
was passed, 30 to 14.
The Joseph bill, permitting village lighting plants to serve adjacent
territories, was approved. 45 to 1.
The Burchill measure fixing fees to be charged by the Commission for
filing utility documents, was passed by 45 to 1.
Another Joseph bill authorizing the Commission to regulate the use of
public utility revenue for other than operation, maintenance and depreciation and improvement of service, was jaassed unanimously.
By a vote of 45 to 1 the upper House also passed another of the Governor's recommendations, placing the regulation of gas transmission lines
within jurisdiction of the Commission. Senator Alex G. Baxter, Ballston
Spa Republican, cast the sole dissenting vote against the measure.
A bill requiring utilities to file contracts involving affiliated interests
with the Commission and empowering the Commission to disapprove the
contracts was passed 45 to 1.
Another measure requiring utilities to pay into the State Treasury all
customers deposits unclaimed at the end of 15 years was approved by the
same vote.
A bill empowering the Commission to regulate loans and advances from
operating companies to affiliates and redefining affiliates as organizations
possessing 5% of the voting stock, likewise was passed 45 to 1.
Baxter voted against each of the bills.
April 7 1934
mittee OR April 2 approved Senator Wagner's bill to make
bonds of the above Authority eligible for National bank
investment, according to an Associated Press dispatch from
Washington on that date.
BOND PROPOSALS AND NEGOTIATIONS
-BONDS APPROVED.
ALAMEDA COUNTY (P. 0. Oakland), Calif.
-It is reported that the voters apparently have approved the issuance of
$1,712,000 in bonds for the construction of a $2,000,000 county court house.
A grant of $462,000 is said to have been offered on this project by the PWA.
An unofficial and incomplete count on the bond issue listed over 40,000"for"
and about 14,000 "against" which would give the proposal more than the
19 uir 3.
req19 ec1 two-thirds majority. A similar issue was voted down on Dec.
3
-The fol-TAX COLLECTIONS.
ALBANY, Albany County, N. Y.
lowing report has been obtained from an official source:
Uncoltected at
Total Levy
Collected by
Close of Year
(City, County
of Levy.
Feb. 28.
and State).
Year.
$295,060.48
$7,064,290.84
$4,036,464.86
29
1928
449,139.63
3,699,026.31
,478,852.43
7,478,852.43
i929
616,810.68
4.017,481.23
8,160,308.25
1930
-Governor Lehman Signs Bill Creating 1931
702,420.26
New York State.
4,035,388.85
8,597,382.36
962,450.29
3,989,538.18
8,680,450.14
-On April 2 Governor Lehman signed a bill 1932
Judicial Council.
3,306,115.14
1,108,869.14
8,134,010.64
1933
creating a State Judicial Council and declared his pleasure 1934.
The above total
with the new law at the same time, according to a United Taxes are collectedinclticles,the1city's share of the county and State taxes.
on. Taxes become delinquent if not paid
Press report to the "Journal of Commerce" of the 3rd. The by Dec. 31. Fiscalfrom Jan. Jan. 1 and ends Dec. 31. At end of year
year begins
by Chief Judge Cuthbert all taxes not paid become delinquent and are sent to the County Treasurer
Council, which will be headed
the delinquent taxes as part of their
W. Pound of the Court of Appeals, was recommended by for collection, &c. The county accepts clear at the end of the year from
budget, which leaves the city free and
Administration of Justice. delinquent taxes.
the State Commission on the
The Governor's memorandum explained its purpose as
-ELECTION DETAILS
ALGONAC, Saint Clair County, Mich.
-The Village Council at a recent meeting raised the amount
follows:
CHANGED.
of the proposed filtration plant bond issue from $40,000 to $43,000 and
power and be charged with the duty
The Judicial Council shall have the
.
3
postp ,e. th5 d
v. 18onpd 19e1 ate of the election on the proposal from April 9 to April 16.
of making a continuous survey and study of the administration and operaThe Public Works Administration recently allotted $56,000 for the project
tion of every court in our State.
suggestions for the
It shall compile judicial statistics: it shall consider
Improvement of the administration of justice,and it shall investigate criti-At the
ALLIANCE, Vox Butte County, Neb.-BONDS VOTED.
cism emanating from any source. It will be charged with the duty to
-the voters approved the
election held on March 23-V. 138, p. 1605
recommend from time to time to the Legislature any changes in the organa count of 867 to 379. The bonds are
issuance of the $20,000 in bonds by
ization, jurisdiction, operation, procedure and method of conducting the
divided as follows: $2b,000 park improvement, and $2,000 aviation field
business of the courts.
bonds. They will bear interest at 43.‘%. Due in 10 years. optional after
.
A pril It
ears 15 is stated by the City Clerk that they will be offered for sale
-The Governor had vetoed
Bills on Tax Exemption Vetoed.
afifvteery
on April 1 two bills authorizing towns and cities to levy
AMERICAN FALLS INDEPENDENT SCHOOL DISTRICT (P. 0.
school and highway taxes on State property, excluding build- American Falls), Ida.
-It is
-BOND ELECTION CONTEMPLATED.
ings. Terming the bills "far too sweeping," the Governor reported that an election will be held in the near future to vote on the
in school building bonds.
proposed issuance of $125,000
is reported to have said:
-BOND SALE DETAILS.ANDERSON, Anderson County, S. C.
True that in certain school districts State lands have heretofore been
It is stated by the City Clerk that the $300,000 funding bonds purchased
by local authorities, and there may be some reason for such a tax
taxed
by a group headed by McAllister, Smith & Pate of Greenville, as 5s, at
is taken over for
where a large percentage of the area and assessed value
-are more fully described as follows: Denom.
97.81-V. 138. p. 2288
State purposes.
Z.1.000. Dated April 1 1934. Due on April 1 as follows: $5,000, 1937 to
But in a majority of cases where a small part of the total area is taken
1939; $10,000 in 1940 and 1941: $15.000, 1942 to 1945: $20,000, 1946 to
over for State purposes, the benefits to the locality more than counterbal1949, and $25,000, 1950 to 1954, all includsive, giving a basis of about
ance any loss that might be incurred by the exemption of that property.
5.23%. Prin. and int. (A. & 0.) payable at the Chase National Bank in
-Albany advices on April 2 New York. Legality approved by Storey, Thorndike, Palmer & Dodge
State Opens New Relief Program.
- of Boston.
reported m part as follows on the new State relief program
ANDES, DELHI AND BOVINA CENTRAL SCHOOL DISTRICT
-which went into effect at that time:
V. 138, p. 2112
-BOND ISSUE UPNO. 2 (P. 0. Andes), Delaware County, N. Y.
The State embarked to-day upon a public relief program expected to
HELD.
-It is stated that the injunction sought by a group of taxpayers
cost more than $200,000.000 before Feb. 1 1935. The program,superseding
school building construction bonds was
to restrain the issuance of $142,500
the Civil Works Administration, was calculated to provide home and work
refused recently by Supreme Court Justice Riley H. Heath of Ithaca at
relief funds for approximately 500,000 families.
Binghamton. The district, it is said, was laid out by Dr. Frank P. Graves,
Federal aid, estimated to exceed S1C0,000,000, will be given to the State
Commissioner of Education, on Oct. 5 1933 and a meeting to ratify his
to finance its most vast relief program.
action was held on Oct. 26 1933. The bond issue was authorized at a
The State itself already has appropriated $48,000,000 as its share of the
further meeting on Feb. 24 1934.
cost. The remainder of the $200,000,000 will be appropriated by local and
-BOND OFFERAPPANOOSE COUNTY (P. 0. Centerville), Iowa.
municipal governments, probably at the rate of approximately $5,000,000
ING.-Blds will be received at 10 a. m. on April 14, by the County Treasper month.
for the purchase of a $246,000 issue of primary road refunding bonds.
-The urer, May 1 as follows: $30.000. 1935:$10.000, 1936 to 1944,and $21,000,
Governor Vetoes Westchester County Budgetary Bill.
Due on
bids will be received until the hour
1945 to
New York "Herald Tribune" of April 1 reported that on the at which1950, all incl. Sealed be considered. The purchaser must of sale,
furnish
Governor Lehman had vetoed a bill designed to the blanktime open bids will
previous day
bonds and the county will furnish the approving legal opinion
for 3%
and proceedings of the local officials and of Chapman & Cutler of Chicago. A certified checkthe bid. of the bonds,
legalize all acts
accompany
governing bodies of Westchester County in relation to 1934 payable to the County Treasurer, must
ATLANTA, Fulton County, Ga.-BONDS VALIDATED BY COURT
budgetary matters. "It is quite apparent the proviiions ORDER.
-The following report on the validation of refunding bonds necesof this bill are entirely too broad," the Governor wrote. sary to obtain the approval of Federal relief authorities, is taken from the
21:
"It is impossible for me to determine what acts would be Atlanta "Constitution" of March of City of Atlanta refunding bonds was
"Validation of $640,000 worth
legalized, validated and confirmed by this bill."
approved Tuesday night by Judge Virlyn Moore,of Fulton County Superior
retention of
-On April 2 the Court, andaccomplished.Federal relief activities in Atlanta was believed to
Railroad Bond Investment Bill Passed.
have been
"Judge Moore's action was taken following withdrawal of an injunction
Assembly ratified the previous action of the Senate in
B.F.Locklear, as counsel accepted dual
by William G. McRae,
approving the Burchill bill extending the privilege previously conditions imposed by attornot for
litigants.
"Mayor James L. Key signed the compromise plan with great reluctance.
accorded to savings banks in this State of investing in railMoore sanctioned the validation order
McRae withdrew the
road bonds which have not earned their statutory require- in rapid-fire order. suit and Judge
*400,000 of the refunded issue, the amount on which payment
ment because of the depression. It was forwarded to the
"About
can be deferred, will be diverted to Federal authorities to help In paying
Governor.
pledged as Atlanta's portion of relief activities here.
-Accord- $50,000 a month
Bond Issues Proposed.
"A market, however, must be found for the securities in order to avert the
State Control of Municipal
Federal Government
from Albany on April 3 an threat to stop Federal expenditures, unless the by the municipality, itself
ing to United Press dispatch
The
will accept the securities to be redeemed later
about Z:160,000 worth of 1933
.amendment was offered on that day to the proposed 2% sales Federal Government already has accepted station.
control of municipal refunded bonds to construct the now police
tax, which would give the State virtual
N. J.
-BOND DEFAULT.
Atlantic
ATLANTIC
bond issues. The proposal is said to have been offered by Louis Kuehnle. CITY,member of County, Commission, stated on April 4
the City
senior
Senate Minority Leader George R. Fearon and Assemblyman that the municipality is unable to meet its bond obligations and that
bondholders
for
J. J. Wadsworth, Republicans, who would set up a board of the prospects the a compromise with of April 5. are not very favorable,
The city defaulted on
"Herald Trubine"
according to
municipal bond control in the State Tax Commission, to approximately $2,500,000 of debt service charges in 1933, it is said.
pass approval on issues of over $10,000. It is reported that
HIGH SCHOOL DISTRICT (P. 0. Springfield),
BALL TOWNSHIP
-BOND ISSUE APPROVED.
-At an election
111.
failure to abide by the recommendations of the board would Sangamon County, proposal to issue $24,000 high school building bonds
held on March 17 the
forfeit the municipality's claim to its share of the sales tax.
was approved by a vote of 85 to 12.
-On April 4
Governor Sends New Relief Plan to Legislature.
-BOND PAYMENT
BARRY COUNTY (P. 0. Hastings), Mich.
-It is
Governor Lehman sent to the Legislature a special message PLANNED. to be reported that the county plans to use the larger part of
to retire
from
changes being made in the relief the $50,000 May 1received Bonds the State on May ICovert road bonds
outlining the fundamental
maturing
1934 probably will
1933.
defaulted on
program as a result of the ending of the CWA program and be defaulted, it is said.
carry them out. It is stated that
Washington. County, Okla.
-BOND OFFERING
BARTLESVILLE,
he asked for legislation to
April 16, by Eva Sanderbe received until 7:30
arrangements have been made already whereby the localities -Sealed bids willfor the purchase of anP. m. on $100,000 sewage disposal
issue of
work relief burden, with the son, City Clerk,
are to carry only 25% of the
plant bonds. Bidders to name the rate of interest. Due $5,000 from 1939
required, (A
certified check
to 1958,
State contributing 25% and the Federal Government pro- loan andincl. Aof *138.000 for for 2% of the amount bid ieby the Public
this project was approved
grant
2112. A bill also has been Works Administration in January-V. 138, P. 711.)
-V. 138, p.
viding the other half
passed at this session permitting small amounts of cash to
-BOND CONVERSION ELECTION.
BEEVILLE, Be. County, Tex.
held on April 17 to have the voters
election will
families on home relief. Further changes proposed by the The Mayor states that an the $169,000be outstanding warrants into refundin
pass on the conversion of
workmen's compensation ing bonds, as tentatively reported in V. 138. p. 1952.
Governor would reduce the cost of
for those on work relief, and would facilitate municipalities
BELLMORE FIRE DISTRICT (P. 0. Bellmore), Nassau County,
-Clarence J. Walker, Chairman of the Board
in. buying materials for work relief projects so that work N. Y.
-BOND OFFERING.
of Fire Commissioners, will receive sealed bids until 9 p. in. on April 16
started by the CIVA can be continued.
for the purchase of $44,600 not to exceed 6% interest coupon or registered
District bonds. Dated April 1 1934. Denoms. $1.000. $280 and $180.
-Bonds Found Eligible for Due April 1 as follows: S3,180 from 1935 to 1944 incl. and $1,280 from
Port of New York Authority.
-The Senate Judiciary Com- 1945 to 1954 incl. Bidder to name a single interest rate for all of the bonds,
National Bank Investment.
Volume
138
2451
Financial Chronicle
expressed in a multiple of ki or 1-10th of 1%. Principal and interest
(A.& 0.) payable in lawful money of the United States at the First National
Bank of Bellmore. A certified check for $800, payable to the order of the
District, must accompany each proposal. The approving opinion of Clay,
Dillon & Vandewater of New York will be furnished the successful bidder.
BERNE UNION SCHOOL DISTRICT, Noble County, Ohio.BOND SALE.
-The Issue of $63,000 Sugar Grove School addition bonds
recently declared valid-V.138, p. 2288
-has been purchased by the State
Teachers' Retirement System.
BEVERLY HILLS SCHOOL DISTRICT (P. O. Los Angeles), Los
Angeles County, Calif.
-BOND SALE.
-The $150.000 issue of school
bonds offered for sale on April 2-V. 138, p. 2114
-were awarded to the
Security First National Co. of Los Angeles as 43.s, paying a premium of
$129, equal to 100.086, a basis of about 4.24%. Dated March 1 1934.
Due from March 1 1935 to 1954, inclusive.
BEXLEY CITY SCHOOL DISTRICT, Franklin County, Ohio.ADDITIONAL BID.
-In connection with the award on March 21 of $24,875 5% refunding bonds to G. Parr Ayres & Co. of Columbus, at 100.57.
a basis of about 4.86%-V. 138, p. 2288, we learn that Lowry SweneY,
Inc. of Columbus also submitted an offer for the issue.
BOLIVAR COUNTY (P. 0 Cleveland), Miss -BOND SALE.
-A
$75,000 issue of 5y,% general county refunding bonds was purchased
recently by the First National Bank of Memphis, and Cady & Co. of
Columbus. Miss., jointly. Denom. $1.000. Dated May 1 1934. Due on
May 1 as follows: $2,000, 1935 to 1939: $3,000. 1940 to 1954, and $4,000.
1955 to 1959, all incl. Prin. and int. (M. & N.) payable at the Central
Hanover Bank & Trust Co. in New York City. Legality to be approved by
B. H. Charles, of St. LOWS, MO.
BONDS OFFERED FOR INVESTMENT.
-The successful bidders
re-offered the above bonds for public subscription priced to yield from
4.50% on the 1935 maturity to 5% on the 1940 to 1959 maturities.
Financial Statement (As Officially Reported).
Assessed valuation 1933
$20,062,071.00
* Total general county debt (including this issue)
965,600.00
Less-Sinking fund (bonds)
$438,000.00
Cash
28.661.71
466,661.71
Net bonded debt
498,938.29
Population, 1930, census, 71,051.
* The debts of other political subdivisions having power to levy taxes
within the county are not included in this figure.
-A
BOSTON, Suffolk County, Mass.
-33,000,000 NOTES SOLD.
syndicate composed of Halsey Stuart & Co., Inc.; Graham, Parsons &
Co.; J. & W. Seligman & Co.; Jackson & Curtis, Inc.; Arthur Perry & Co.;
Tyler, Buttrick & Co.; E.H.Rollins & Sons; Hemphill, Noyes & Co.; Washburn, Frost & Co., and Darby & Co. was awarded on April 2 an issue of
$3,000000 tax anticipation notes at interest of 1.70%, plus a premium of
$25.bated April 3 1934 and due on Oct. 10 1934. The bankers reoffered the notes for general investment to yield 1.40%. The following
other bids were received at the sale:
Premium.
BidderInt. Rate.
Brown Brothers Harriman & Co., F. S. Moseley & Co..
First of Boston Corp. and Kidder, Peabody & Co_ _ _1.83%
$15.00
Salomon Bros. & Hutzler
37.00
1.87%
Chase National Bank, R. W. Pressprich & Co., Blyth
& Co., Paine, Webber & Co. and Whiting, Weeks &
51.00
Knowles
1.90%
-BONDS VOTED.BOWLING GREEN, Wood County, Ohio.
At the special election held on April 3 the proposal to issue $250,000 sewage
disposal plant and sewer bonds carried by a vote of 1,242 to. 80. The
Public Works Administration has already allotted funds for the project.
BRISTOL COUNTY (P. 0. Taunton), Mass.
-TEMPORARY LOAN.
-The $100,000 tax anticipation loan offered on April 13--V. 138, p. 2288
was awarded to Whiting, Weeks & Knowles of Boston at 0.95% discount
basis. Due April 6 1935.
BROOKHAVEN (P. 0. Patchogue), Suffolk County, N. Y.
TEMPORARY FINANCING.
-Certificates of indebtedness amounting to
$55.000 were sold by the Town during March as follows: $20,000 at 5%
interest to the First National Bank of Port Jefferson; $15,000 at 5% interest
to the Bank of Port Jefferson; 812,000 at 4;i% and $5,000 at 4.86% interest
to the Peoples National Bank of Patchogue,and $3,000 at43 % interest to
the Bellport National Bank. The certificates mature on Feb. 2 1935.
BURLINGTON SCHOOL DISTRICT, Lawrence County, Ohio.RULING ON BOND ISSUE.
-Attorney General John W. Bricker, in a
decision rendered recently, held that the district cannot legally issue $5,000
bonds to retire that amount of notes which were sold in 1929 to the Iron
City Savings Bank of Ironton, which has been liquidated.
BURNSIDE TOWNSHIP (P. 0. Burnside), Clearfield County, Pa.
-BOND SALE.
-An issue of $5,400 bonds has been purchased by the
Merchants Bank of Cherry Tree.
CADDO PARISH (P. O. Shreveport), La.
-PROPOSED BOND
ISSUANCE.
-It id reported by the Treasurer of the Police Jury that
$350,000 in bridge construction bonds will be offered for sale if definite
approval is obtained from the Public Works AdministratIonon an application by the Parish for a loan.
CALIFORNIA, State of (P. 0. Sacramento).
-BOND SALE.
-The
$200,000 issue of 4% semi-ann. park bonds offered for sale on April 5V. 138, P. 2115
-was awarded to R. W. Pressprich & Co. of New York, at
a price of 105.957, a basis of about 3.61%. Dated Jan. 2 1929. Due on
Jan. 2 as follows: $128,000 in 1956, and $72,000 in 1957.
CANTON,St. Lawrence County, N. Y.
-BOND ISSUE DEFEATED.
-The City Clerk reports that a proposal to issue 115,000 water system
bonds was defeated by the voters at an election held on March 20.
CANTON TOWNSHIP SCHOOL DISTRICT (P. 0. Washington,
R. D. 3), Washington County, Pa.
-BOND OFFERING.
-Garvin R.
Wylie, Secretary of the School Board, will receive sealed bids until 2 P. m.
on April 21 for the purchase of 120.0005% emergency bonds. Dated May 1
1934. Denom. $1,000. Due $2,000 on May 1 from 1935 to 1944 incl. A
certified check for $500 must accompany each proposal. Interest is payable
in M.& N.
CARNEGIE,Allegheny County,Pa.
-BONDSPUBLICLY OFFERED.
-The $50,000 416% coupon bonds awarded on March 26 to E. H. Rollins &
Sons of Philadelphia, at 101.28, a basis of about 4.21%-V. 138, P. 2288
are being reoffered by the purchasers for general investment on a 3.90%
yield basis. Dated April 2 1934 and due $10,000 on April 1 from 1937 to
1941,inclusive.
CASA GRANDE, Pinal County, Ariz.
-BOND ELECTION.
-It is
said that an election will be held on April 16 to vote on the issuance of
$15,000 in city hall bonds.
CATSKILL, Greene County, N. Y.
-BONDS DEFEATED.
-At an
election held on March 27 the proposal to issue $12,000 park and playground
. bonds was defeated, the vote being 80 "for" and 584 "against" the
proposition.
CEDAR RAPIDS, Linn County, Iowa.
-BONDS DEFEATED.We are informed by L. J. Storey, City Clerk, that at the election held on
March 26-V. 138,9. 1777
-the voters failed to give the required statutory
majority to the proposal to issue $140,OCO in water distribution system
bonds.
CHANDLER,Maricopa County, Ariz.
-PROPOSED BOND REFUND-It is reported by the City Clerk that the City Council will take
ING.
action shortly toward the refunding of $46,000 in special paving bonds
bearing date of Oct. 4 1930.
CHATTANOOGA, Hamilton County, Tenn.
-BOND OFFERING.
Sealed bids will be received until 11 a.m. on April 17, by Alvin Shipp, City
Treasurer, for the purchase of a $200,000 issue of paving assessment and
improvement refunding bonds. Interest rate is not to exceed 6%. payable
semi-annually. Denom. $1.000. Dated May 1 1934. Due $100,000 on
May 1 in 1936 and 1937. Principal and interest payable in lawful money
of the United States at the National City Bank in New York City. The
city will furnish the bonds and the legal opinion of Caldwell & Raymond
of Now York. The rate bid is to be expressed in multiples of 11 of 1%.
Bonds will be awarded to the bidder offering to take them at the lowest
rate of interest and to pay therefor the highest premium on such rate. No
bids will be considered at less than par and accrued interest. A certified
check for 2% must accompany the bid.
The official offering notice also gives the following details:
"Section 5 of above Private Act provides, `That authorities of the city
shall set aside and place in a special sinking fund all paving taxes and assessments. . . for the purpose of retiring these bonds and the interest thereon as they severally mature.'
"Section 7 provides that these bonds shall be the direct and binding
obligation of the City of Chattanooga and in the event the collection of
paving taxes and assessments are insufficient to pay the installments and
interest on said bonds, as they mature, then the authorities of City of
Chattanooga shall add a sufficient amount to these collections to pay said
Interest and installments as they mature."
CHARLOTTE, Mecklenburg County, N. C.
-NOTE RENEWAL
CONTEMPLATED.
-It is reported that the renewal of $260,000 in notes
is contemplated by the City Council. The first note to mature is for 860,000
and was issued in anticipation of the sale of public works bonds. The second
note is for $200,000 and was sold in anticipation of the collection of tax.
CHEROKEE SCHOOL DISTRICT (P.O. Cherokee) Alfalfa County,
Okla.
-BONDS VOTED.
-At an election held on March 27 the voters
approved the issuance of $25,000 in school building repair bonds by a count
of 352 to 40. It is stated that the bonds will probably be sold in about 30
days. Interest rate is not to exceed 5%.
-BOND SALE.
CHICKASAW COUNTY(P.O. New Hampton),Iowa.
-The $280,000 issue of primary road refunding bonds offered for sale on
March 30-V. 138, p. 2115
-was awarded at auction to the White-Phillips
Co. of Davenport, as 3s. for a premium of $6,101, equal to 102.1789.
a basis of about 3.53%. Due from May 1 1942 to 1950.
CHICAGO, Cook County, III. TAX LEVY OF MAJOR GOVERNMENTS.
-The following comparison of the total property taxes of each
of the eight major governments of Cook County and the State of Illinois
for 1930, the peak year, and 1932 appeared in the "Wall Street Journal"
of April 4:
Name1932.
1930.
$69,790,390
City of Chicago
$92,449,524
Board of Education
76,157,190
Cook County
17,115,666
25,332,757
Forest Preserve District
4,131,368
4,064,834
Sanitary District
19.278,152
22,460,723
South Park District
11,576,038
13,602,054
West Park District
3,305,165
4,361,420
Lincoln Park District
5,559,152
4,459,555
Total major governments
State (in county levy)
$243,987.654
17,614,311
$179,895,529
14,754,884
Total State and local
$194,650,413
$261,601,965
CHICAGO, Cook County, Ill.
-WARRANTS CALLED FOR PAYMENT.
-The city has issued its first call for the payment of warrants issued
in anticipation of 1932 tax collections. The amount called is $1,600,000
and the date of retirement is April 5. Interest accrual will cease after that
date. Numbers called include corporate fund 1 to 43-A-55; public library
fund 229-231: municipal tuberculosis sanitarium. 354-399;firemen's pension
fund, 201-210; and bond and interest fund, 1-429.
CHICAGO SANITARY DISTRICT, Cook County, III.
-BILL PROVIDES FOR SALE OF FACILITIES.
-The District Trustees on March 22
gave their approval to the final draft of a bill to be introduced in Congress
authorizing sale of the Chicago drainage canal and the Calumet
-Sag channel
to the Federal Government for $90,607,173.
CINCINNATI, Hamilton County, Ohio.
-BOND SALE.
-The Board
of Sinking Fund Trustees purchased on March 26 two issues of 3fi% bonds
aggregating $15.000. Of the total amount, $10,000 will be used to pay for
materials needed for Recreation Dept. Civil Works projects and $5,000 to
pay the City's share of the cost ofimproving Kingston Place and Kreis Lane.
CLARENCE SCHOOL DISTRICT (P. 0. Clarence) Cedar County,
-BONDS VOTED.
-At an election on March 29 the voters are
Iowa.
stated to have approved the issuance of $20,000 in school gymnasium bonds
by a count of 256 "for" to 129 "against.'
CLARKSVILLE INDEPENDENT SCHOOL DISTRICT (P. 0.
-BONDS VOTED.
-At a recent
Clarksville), Red River County, Tex.
election the voters are said to have approved the issuance of the $25,000
school construction and gymnasium bonds by a count of 235 to 42-V. 138,
6.
-PLANS
CLARENDON (P. 0. Clarendon), Orleans County, N. Y.
-An enabling Act permitting the town to refund
REFUNDING ISSUE.
146.000 bonds issued for construction of the Springle drainage ditch was
passed on March 20 by the County Board of Supervisors.
-BOND OFFERING.CLARKE COUNTY (P. 0. Osceola), Iowa.
Bids will be received at 10 a. m.on April 16, by the County Treasurer, for
the purchase of a $316.000 issue of primary road refunding bonds. Due on
May 1 as follows: $10,000, 1935 to 1944, and $36.000, 1945 to 1950, incl.
All other conditions governing this sale are as listed under Appanoose
County offering notice.
-At the
CLAY COUNTY (P. 0. Liberty), Mo.-BONDS VOTED.
election held on March 27 the voters are stated to have approved the
issuance of $200,000 in court house bonds by a count of 5,611 to 1,307.
Tne offering date has not been set as yet.
-The $46,000
CLAYTON, St. Louis County, Mo.-BOND SALE.
-are stated to have been
bonds that were voted on Feb.6-V. 138, p. 1260
purchased by the St. Louis County Bank of Clayton. The bonds are
divided as follows: $36,000 sewer, and $10,000 street improvement bonds.
-NOTES AUTHCLERMONT COUNTY (P. 0. Batavia), Ohio.
ORIZED.
-The County has been autnorized to issue $65,495 deficiency
notes.
CLEVELAND, Cuyahoga County, Ohio.
-BOND ELECTION.-Tne
City Council on March 29 adopted legislation authorizing the calling of a
special election for the purpose of obtaining approval of a $4.850,000
deficiency bond issue.
CLINTON TOWNSHIP (P. 0. Clinton), Vermillion County, Ind.
BOND OFFERING.
-Trustee Mark E. Boyce will receive sealed bids until
2 p.m.on April 12 for the purchase of 138,9745% judgment funding bonds.
Dated April 1 1934. One bond for $474, others for $500. Due as follows:
$974 July 1 1935 and $1,000 on Jan. 1 and July 1 from 1936 to 1954 incl.
Principal and interest(J.& J.) payable at the Citizens State Bank, Newport.
COALINGA UNION HIGH SCHOOL DISTRICT (P. 0. Fresno),
Fresno County, Calif.
-BOND SALE.
-The $100,000 issue of 5% semiannual school bonds offered for sale on March 30-V. 138. p. 2289-W35
purchased by Blyth & Co. of San Francisco, paying a premium of $2,050.
equal to 102.05, a basis of about 4.55%. Due from 1935 to 1944.
COLBY SCHOOL DISTRICT (P. 0. Colby), Thomas County, Kan.
-BONDS VOTED.
-The voters are reported to have recently approved the
issuance of $200.000 in bonds for a commercial high school. It is said that
they will be offered for sale in the near future.
COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.
-BOND SALE.
The $115,000 coupon emergency relief bonds offered on April 2-V. 138,
-were awarded as 3Lis to the First National Bank of East Liverpool,
P. 1952
at par plus a premium of $50, equal to 100.043, a basis of about 3.72%•
Dated Dec. 1 1933 and due as follows: $21,600 Sept. 1 1934; $22,300
March 1 and $23,000 Sept. 11935; $23,700 March 1 and $24,400 Sept. 1
1936. Other bids for the issue were as follows:
Bidder
Int, Rate.
Prem.
Joh on-Kase
4%
Fox, Einhorn & Co
$1738."50
4%
Mitchell, Herrick & Co
4%
Otis & Co
4%
6
69.609.00
COLUMBUS GROVE VILLAGE SCHOOL DISTRICT, Ohio.
ADDITIONAL INFORMATION.
-The issue of $60,000 school bonds
purchased recently by the State Teachers' Retirement System-V. 138.
p. 2115
-bears 5% interest, was sold at a price of par and is due $5,000
annually.
CONCORD, Cabarrus County, N. C.
-NOTE ISSUANCE CONTEMPLATED.
-In connection with the report given in V. 138, p. 2289,
that the Local Government Commission approved the issuance of $16,000
In street widening bonds, it is stated by the City Clerk that no bonds will
be issued for the present as the Board of Aldermen has decided to issue bond
anticipation notes in place of the bonds, the notes to be advertised and sold
by the Local Government Commission.
2452
Financial Chronicle
CONCORD, Merrimack County, N. H.
-ADDITIONAL INFORMATION.
-The $46,000 33.5% coupon bonds sold laat week to E. H.
Rollins & Sons of Boston at 101.278, a basis of about 3.33%-V. 138,
p. 2289-mature as follows:
$26,000 sewer bonds. Due April 1 as follows: $2,000 from 1935 to 1940
, ow
incl., and $1,000 from 1941 to 1954 incl.
20,000 Central Fire Station bonds. Due $1,000 on April 1 from 1935
to 1954 incl.
CORTLANDT (P. 0. Peekskill), Westchester County, N. Y.
CERTIFICATE SALE.
-The Westchester County National Bank of Peekskill has purchased an issue of $75,000 535% certificates of indebtedness,
,
due in three months.
DADE COUNTY (P. 0. Miami), Fla.
-BOND REFUNDING PLAN
PROGRESSES.
-Nearly 90% of the bonds to be refunded by an issue of
$1,903,000, have been deposited with the agents, according to County
Commissioner Crandon. He is reported as saying that of the $216,000 not
deposited, a total of $118,000 are held in Miami.
DALLAS, Dallas County, Tex.
-BOND OFFERING.
-Sealed bids will
be received by Earl Goforth, aty Secretary. unt,1 130 p. m. on April 18,
for the purchase of an issue of $100,000 4,4( or 4% coupon storm sewer
impt. bonds. Denom. $1,000. Dated May I 1934. Due $3,000 annually
beginning in 1935, except $4,000 each third year, for 30 years. Principal
and interest (M.& N.) payable at the Chase National Bank in New York
City. The city will furnish the lithographed bonds and the approving
opinion of the State's Attorney General and that of Clay, Dillon & Vandewater of New York City. Bids will be received on any or all of the above
interest rates, the City Council to determine the bid most advantageous to
the city. The bonds will be ready for delivery to the purchaser on or about
May 15. These bonds are part of the Ulrickson Nine Year Program voted
Dec. 15 1927. The Republic National Bank & Trust Co. of Dallas, will
certify to the genuineness of the signatures and seal. A certified check for
$2,500, payable to the city, must accompany the bid.
Ad Valorem Tax Collection Statement as of Jan. 31 1934.
Tax Rate
Delinquent
End of
Per C.
Year.
Basis.
Fiscal Year.
Date.
2.45
1928
Feb. 6 1929
Apr. 30 1929
45%
2.43
Apr. 30 1930
1929
Feb. 28 1930
45%
2.43
Apr. 30 1931
45
1930
Feb. 2/4 1931
2.43
1931
Sept.30 1932
459
2.43
1932
*
Sept.30 1933
45%
2.43
1933
*
Sept.30 1934
b45%
Amount
Per Cent
% Unpaid
Uncollected
Uncollected
Close of
Year.
Fiscal Year. Jan. 31 '34. Jan. 31 '34.
Total Levy.
$123,729.93
1928
$6,577,032.69
10.60
1.881
156,570.43
2.327
1929
6,728,011.66
11.566
302,134.93
4.302
1930
7,022,542.51
14.425
529,064.49
7.577
1931
a6,982,653.88
12.920
13.155
1932
a6,902,652.18
16.045
908.069.71
a5,926,116.35 Coll 62cd % Jan. 31 1934, $3,721,974.48,
orect 8 to
.
1933
a Both 1931-32 and 1932-33 budgets based on 84% collections,and 1933
1934 budget based on 85%% collections.
b Estimated, or actual, value of 1932 real property, reduced 15% before
45% basis used for 1933 roll.
* Payable in two instalments, Sept. 1 and March 1, and become delinquent Dec. 1 and May 1. See Note **.
** Since charter was adopted, the City Council extended payment to
Jan. 31 provided taxes are paid in full, and penalty will accrue from Feb. 1
at rate of 2% per month to April 30 and after May 1 a total of 10% will be
collected.
Comparison Statement of Rreceipts and Expenditures.
1930-1931. 1931-1932. 1932-1933. 1933-1934.
Receipts
$11,204,507 $9,992,528 $9,161,059 b$8,713,951
8,830,071 b8,713,951
Expenditures
11,507,482
9,506,368
d$302,975 s$486,140 s$330,987
d Deficit. •Surplus. b Budget estimate.
Debt Service Due During Next 5 Calendar Years.
Total.
Principal.
Interest.
Calendar Year$1,670,840.00
$2,827,090.00
$1,156,250.00
1934
1,147,750.00
1,618,570.00
2,766,320.00
1935
1,200.250.00
1,566,625.50
2,766,875.50
1936
1,511,877.50
2,713,127.50
1,201,250.00
1937
2,653,007.50
1,195,250.00
1,457,757.50
1938
-SUPREME COURT
DAVIDSON COUNTY (P. 0. Lexington), N. C.
-The State Supreme Court recently affirmed
SANCTIONS BOND SALE.
the ruling of a lower court that the county could sell $80,000 in school
bonds to the Public Works Administration without a popular vote, this
precedent having been established in numerous cases recently. (These
bonds were approved by the Local Government Commission in December.
-V.137, p. 4391.)
-BOND SALE.
-The
DAVIS COUNTY (P. 0. Bloomfield), Iowa.
$160,000 primary road refunding bonds offered for sale on March 31-were awarded to Wheelock & Co. of Des Moines. Due
V. 138, p. 2116
$20.000 from May 1 1943 to 1950 inclusive.
-BOND SALE.
-E.E. HagerDAYTON, Montgomery County, Ohio.
man,Secretary of the Board of Sinking Fund Trustees, reports that 8100.000
55 %, limited tax, bridge repair bonds, dated May 1 1921 and due on
,
6
May 1 1941, have been sold to Otis & Co. of Cleveland, at a price of 97.50,
plus accrued interest and any expense incurred in obtaining legal approval
of bonds by Squire, Sanders & Dempsey of Cleveland. The same Company
-day option to purchase, at par, an additional $25,000
has been given a 60
bonds of the original bridge repair issue, and $75,000 5;4% limited tax
storm water sewer bonds, dated Feb. 1 1921 and due on Feb. 11941. The
option has been accepted on condition that the bonds be approved as to
legality by Squire, Sanders & Dempsey of Cleveland.
DELMAR FIRE DI STRICT (P.O. Delmar), Albany County, N.Y.-Harry J. Mang, Chairman of the Board of Fire ComBOND OFFERING.
missioners, will receive sealed bids until 8 p. m.on April 23 for the purchase
of $31,150 not to exceed 6% interest coupon or registered general bonds.
Dated March 1 1934. One bond for $150, others for 141,000. Due March 1
as follows: $1,150, 1935; $1,000, 1936 to 1961 incl., and $2,000 in 1962 and
1963. Bidder to name a single interest rate for all of the bonds, expressed
or 1-10th of 1%. Principal and interest (M. St S.)
n a multiple of
payable in lawful money of the United States at the Bank of Bethlehem,
Delmar. A certified check for $600, payable to the order of the district,
must accompany each proposal. The approving opinion of Clay, Dillon
& Vandewater of New York will be furnished the successful bidder.
-At an election held
-BONDS VOTED.
DORSET TOWNSHIP, Ohio.
on March 28 the proposal to issue 85.000 town hall construct on bonds was
approved by a vote of 242 to 61.
-Sealed
-BOND OFFERING.
DOWNEY, Bannock County, Idaho.
bids will be received until 5 p. m. on April 9 by F. W. Fauteck, Village
Clerk, for the purchase of a $17,000 issue of water bonds. Interest rate
is not to exceed 6%, payable M. & S. Denominations $1,000 and $500.
Dated March 1 1934. Due for a period not exceed ng 20 years. Prin.
and int. payable at the Village Treasurer's office, the State Treasurer's
office or at some bank or trust company in New York. A certified check
for 5% of the amount bid is required. (An allotment of $24,000 for this
project was made by the Public Works Administration in January
V. 138, p. 713.)
-BOND ELECTION.
-Sam A. Clark,
DUQUOIN, Perry County, 111.
City Clerk, states that an election will be held on April 17, at which time
the voters will consider the question of issuing $33,000 funding bonds.
The issue has already been contracted for, it is said. Previously the date
of election had been given as March 29.
DUNDEE, Yamhill County, Ore.
-BOND ELECTION.
-It Is reported
that an elect'on will be held on April 10 in order to vote on the issuance of
$3,000 in not to exceed 6% pipe line bonds.
DUNKIRK, Hardin County, Ohio.
-BOND SALE.
-The $6,000
coupon water works improvement bonds offered on March 31-V. 138.
-were sold as 6s, at a price of par, to the Kenton Savings Bank of
p. 195.3
Kenton, the only bidder. Dated April 1 1934 and due as follows: $500,
Oct. 1 1934; $500, April 1 and Oct. 1 from 1935 to 1939 incl. and $500,
April 11940.
April 7 1934
DUNN COUNTY (P. 0. Manning), N. Dak.-BOND OFFERING.
It is reported that both sealed and oral ids will be received at 11 a. m.on
April 13 by J. R. Cuskelly, County Auditor, for the purchase of a $45,000
issue of certificates of indebtedness. Interest rate is not to exceed 6%
payable semi-annually. It is said that the purpose of this issue is to
retire outstanding general fund warrants.
DUNSMUIR, Siskiyou County, Calif.
-BOND SETTLEMENT PROPOSED.
-The following report on the proposed settlement of tne bonded
debt of tnis city is taken from the Sacramento "Bee" of March 27:
"The city council has approved a plan to relieve the city's bonded
indebtedness.
"The plan proposes to contract all holders of Dunsmuir city paving bends
and offer a settlement of 50 cents on the dollar, the bonds to be placed in
escrow with the local Bank of America.
"J. W. De Yoe of Los Angeles is in charge of negotiations with the bondholders. A sum in excess of $300,000 is outstanding on the bondsfor paving."
EASTCHESTER (P. 0. Tuckahoe), Westchester County, N. Y.
BOND SALE.
-The $106,500 series A-1934 coupon or registered street
impt. bonds offered on April 4-V. 138, P. 2116
-were awarded as 5s to
Phelps, Fenn & Co. of New York, at par plus a premium of $244.95, equal
to 100.23, a basis of about 4.97%. Dated April 1 1934 and due on April 1
as follows: $6,000 from 1935 to 1941 id.; $5,000 from 1942 to 1953 incl.
and $4.500 in 1954. Other bids for the issue were as follows:
BidderInt. Rate.
Premium.
A. C. Allyn & Co., Inc. and E. H. Rollins & Sons, Inc.,
jointly
5.30%
$100.00
George B. Gibbons & Co
5.50%
223.65
Financial Statement.
Gross debt.
-Bonds outstanding
$1,769.241.00
Floating debt (incl. temporary obligations
outstanding)
535,869.75
$2,305,110.75
Deductions.
-Amount of said indebtedness
for which taxes have already been levied
496,960.00
496,960.00
Net debt
Bonds to be issued.
-Street impt. bonds,
$106,500.00
series A 1934 ___
106,500.00
Floating debt to be funded by such bonds -
$1,808,150.75
Net debt, including bonds to be issued
$1,808,150.75
Note.
-The above statement does not include the indebtedness of any
overlapping municipalities or school districts.
-Real prop.incl.sped.franchises 1933 -$8N0t a.521. d
4,356ssess0
Assessed valuations.
e0
Personal property 1933
Real property, incl. special franchises 1932
$91,397,761.00
Population.
-Census of 1930, 20.340.
-State,0.1850; county, 5.1500:
Tax rate per thousand (fiscal year 1934).
town,9.5486;highway,1.0580;fire. 1.1000:lighting,0.4574;garbage,0.5966;
total, 18.0956.
EDMUNDS COUNTY (P. 0. Ipswich), S. Dak.-BOND OFFERING.
-It is stated that both sealed and auction bids will be received at 2 p. m.
on April 21, by A. E. Herrboldt, County Auditor, for the purchase of a
$61,000 issue of 4% court house bonds. Denom. $1,000. Dated Sep. 1
1933. Due on Sept. 1 as follows: $5,000, 1936 to 1946, and $6,000 in 1947.
Prin. and int. (J. & D.) payable at the office of the County Treasurer.
(These bonds were offered for sale without success twice in 1933.)
The Public Works Administration approved an allotment of $85,500 to
this county for the project.
-BOND ELECTION CANCELED.
EL PASO, El Paso County, Tex.
-A dispatch from this city to the "Wall Street Journal" of April 2 reports
that the City Council has temporarily abandoned the election set for
April 28 on the proposed $440,000 in sewer bonds due to the uncertainty
as to whether the Public Works Administration will require a mortgage
on the entire sewer system as a provision of the loan agreement.
-It was fitated later by the
CONFIRMATION OF BOND ELECTION.
City Clerk that the above election will be held definitely on May 5.
-BOND SALE.
-At the offerENGLEWOOD, Bergen County, N. J.
ing of $348,000 coupon or registered impt. bonds on April 3-V.138, p. 2117
-a block of $346,000 worth was awarded as 5s to a syndicate composed
of B.J. Van Ingen & Co., C. A.Preim & Co., both of New York, and C.P.
Dunning & Co.of Newark at par plus a premium of $2,129, equal to 100.615,
a basis of about 4.68%. Dated April 1 1934 and due on April 1 as follows:
$30,000, 1935 to 1938 incl.: $32,000, 1939: $35,000, 1940; $40,000 from
1941 to 1943 incl., and $39,000 in 1944. The bonds, described as being
legal investment for savings banks and trust funds in the State of New
p 3.75 to
Jersey, are being re-offered by the bankers at prices to yield fromremium.
4.60%. according to maturity. The following other bids, each of which
w for the entire $348,000 bonds offered, were submitted at the sale:
BidderBancamerica-Blair Corp. and associates
$
M. F. Schlater & Co., Inc., and associates
Lehman Bros. and J. S. Rippe]& Co., jointly
664760
49 7
6
4
Palisades Trust & Guaranty Co. of Englewood
Par
Financial Statement.
Gross Debt
$3,971,500.00
Bonds (outstanding)
Floating debt (incl. temporary bonds outst'g)- 491,879.67
$4,463,379.67
Deductions
None
Water debt
Sinking fund, other than for water bonds
331,253.75
Appropriation in 1934 budget for retirement of
above debt
222,452.41
Debt payable from special assessments
355,215.85
908,922.01
Net debt payable from general taxation
$3,554,457.66
Bonds to be issued:
Improvement refunding bonds of 1934
$348,000.00
Floating debt to be refunded by such bonds- 348,000.00
Net debt, including bonds to be issued
$3,554,457.66
Assessed Valuations
-Real property, including improvements, 1933
$35,671,733.00
Personal property, 1933
3,563,585.00
Real property, 1932
35,772,663.00
Real property, 1931
35,559,113.00
Real property, 1930
3
•
Population, Census of 1930. 17,805. Tax rate, fiscal year 1933, per
thousand, $33.40.
ctions.
Tax Collections.
19ar.
Ye o
3
Collected in Year of Levy.
$1,648,597.84
$1,226,094.37 (74.31 )
7
1,580,706.09
1,144,571.41 (72.4
1.594,799.31
1993321
1,062,809.99 (66.6
1,295,082.62
1933
837,625.37 (64.7g
ERIE COUNTY (P 0 Sandusky), Ohlo.-PROPOSED BOND
ISSUE.
-The State Tax Commission on March 20 authorized the County
to issue $28,660 poor relief bonds.
EAST ST. LOUIS PARK DISTRICT, St. Clair County, III.
-BONDS
AUTHORIZED.
-The Board of Park Commissioners on March 22 passed
an ordinance providing for an issue of $910,000 4% park and boulevard
impt. bonds. Dated March 1 1934. Denom. $1,000. Due March 1 as
follows: $45.000 from 1935 to 1944 incl. and $46,000 from 1945 to 1954 incl.
Principal and interest (M.& S.) payable at the office of the District Treesurer.
EAST ORANGE, Essex County, N. J.
-BONDS PUBLICLY OFFERED.
-The $226,000 6% coupon or reg:stered sewer and general impt.
bonds awarded on March 26 to Lehman Bros. of New York and aasoc'ates
at 100.56, a basis of about 5.94%-V. 138, P. 2289
-are being re-offered
for general investment at prices to yield 5% for the 1935 to 1937
maturities;
1938 to 1943 incl.. 5.25%; 1944 to 1954 incl., 5.40%, and 5.50% on the
maturities from 1955 to 1970 incl. The securities are stated to be legal
investment for savings banks and trust funds in New York State and in
the opinion of counsel, constitute direct and general obligations of the city,
payable from unlimited ad valorem taxes on all the taxable property therein.
Volume
138
Financial Chronicle
-A $5,500
-BOND SALE.
FAIRFIELD, Jefferson County, Iowa.
issue of fire equipment bends was sold on March 20 to the Farmers Savings
Bank of Packwood,Ia., for a premium of $40, equal to 100.727.
FARGO SCHOOL DISTRICT (P. 0. Fargo), Cass County, N. Dak.
-CERTIFIC iTES TO BE SOLD.
-It is stated by the City Auditor that
the $100,000 issue of certificates of indebtedness offered for sale without
success on Feb. 15-V. 138. p. 1427
-will be taken by local banks at 6%•
-It is stated
FOLLANSBEE, Brooke County, W. Va.-BOND SALE.
by the City Manager that the $148,000 issue of refunding bonds mentioned
in V. 138, p. 181, was reduced in size to $111.500 and this amount was sold
to the State Sinking Fund Commission as 5s at par. Denom.$500. Dated
April 1 1934. Due serially to April 1 1968. callable after three years.
FOREST SEPARATE SCHOOL DISTRICT (P. 0. Forest) Scott
.-A loan and grant of
CountyMiss.-FEDERAL FUND ALLOTMENT
$73,700 'for school building construction was announced recently by the
Public Works Administration. The cost of labor and material totals approximately $70,400, of which 30% is a grant. The remainder is a loan
secured by 4% general obligation bonds.
FORREST, Livingston County, 111.-P WA APPROVES LOAN.Writing in connection with the $32,000 4% water works bonds favorably
voted in October 1933, R. E. Wenger, Village Clerk, states that, although
the Public Works Administration has approved a loan for the project, no
decision has been made as to whether the municipality will take further
action in the matter.
FORT DODGE, Webster County, Iowa.
-BOND SALE.
-A F50,000
issue of funding bonds reported to have been authorized recently by the
City Council is said to have been purchased by Polk, Peterson & Co. of
Des Moines.
-BONDS AUTHORFRANKLIN COUNTY (P. 0. Columbus), Ohio.
IZED.
-It is reported that the State Relief Commission has authorized
the county to issue an additional $217,000 poor relief bonds.
-BOND OFFERING.
FREMONT COUNTY (P. 0. Sidney), Iowa.
Bids will be received until 3 p.m. on April 16 by the County Treasurer for
the purchase of a $486,000 issue of primary road refunding bonds. Due on
May 1 as follows: $15,000, 1935 to 1944, and 356,000, 1945 to 1950, all
Inclusive. All other conditions governing the sale of these bonds are as
given under Appanoose County on a preceding page.
FULTON COUNTY (P. 0. Atlanta) Ga.-DETAILS ON FEDERAL
FUND ALLOTMENT.
-The report given in V. 138, p. 2290. that the
Public Works Administration made a loan and grant of $155,000 for jail
building and addition, is confirmed by the Clerk of the Commissioners of
Roads and Revenues, and he states that the county has made application
to put up as collateral a certain amount of Georgia State Highway Com
mission refunding certificates, but the exchange has not been consummated
and the exact amount of the loan portion of this allotment has not been
settled.
-PROPOSED
GEDDES (P. 0. Solvay), Onondaga County, N. Y.
BOND ISSUE.
-Under the provisions of a bill introduced in the State
Senate by Senator George R. Fearon of Syracuse, the Town is authorized
to issue $185,000 bonds to retire certain outstanding indebtedness. The
measure has been referred to the Internal Affairs Committee.
-The $15.000
-BONDS SOLD.
GLENDIVE, Dawson County, Mont.
-is re-V. 138, p. 358
Issue of water bonds offered for sale on March I
ported to have been purchased by local investors. Dated Jan. 1 1934. Due
$1,000 from Jan. 1 1935 to 1949 incl.
-PROPOSED CHARTER
GLOVERSVILLE, Fulton County, N. Y.
AMENDMENT
.-Under the provisions of a bill introduced in the State
Senate on March 20, the charter of the city is amended with respect to the
taxes that may be levied to permit the payment of loans obtained from the
Federal Government.
-BONDS
GRAND COUNTY (P. 0. Hot Sulphur Springs), Colo.
AND WARRANTS CALLED.
-The County Treasurer is said to be call rig
for payment the following bonds and warrants:
On .April 12, ordinary county revenue reg.stered on or before Dec. 31 1933,
,
and various school district warrants.
On May 15, bond No. 1 of District No. 1, dated May 15 1933.
-It is re-BOND ELECTION.
GUTHRIE, Logan County, Okla.
ported that another election will be held on April 24 to have the voters
again pass on the issuance of $111,300 in water main bonds, defeated at the
previous election on March 16-V. 138, p. 2290.
HANCOCK COUNTY (P. 0. Garner), lowa.-BOND OFFERING.
Bids will be received at 10 a.m. on April 14 by the County Treasurer for
the purchase of an $80,000 issue of primary road refunding bonds. Due
$20,000 from May 1 1935 to 1938, incl. All other conditions governing
the sale of these bonds are as given under Appanoese County offering.
-The
HARDWICK, Caledonia County, Vt.-BOND OFFERING.
Village Clerk will receive sealed bids until 8 p. m. on April 13 for the purchase of $47,000 4% sewer and water bonds. Dated Feb. 1 1934. Due
Feb. 1 as follows: $4,000 from 1936 to 1946 incl. and $3,000 in 1947.
-The
HARRISON COUNTY (P. 0. Logan), lowa.-BOND SALE.
$130,000 issue of primary road refunding bonds offered for sale on March 30
-V. 138, p. 2117
-was awarded to Halsey, Stuart & Co. of Chicago as
3%8, paying a premium of $3,076, equal to 1(12.366, a basis of about 3.52%.
Dated May 1 1934. Due from May 1 1944 to 1950.
HARRISON TOWNSHIP (P. 0. Natrona), Allegheny County, Pa.
-BOND OFFERING.
-W. E. Freehling, Township Secretary, will receive
sealed bids until 7 p. m.on April 21 for the purchase of $15,000 434% coupon
funding bonds. Dated March 1 1934. Denom. $1,000. Due Sept. 1 as
follows: $2,000 from 1935 to 1937 incl.; $2,000 in 1941; $5,000 in 1944 and
$2,000 in 1945. Interest is payable in M.& S. A certified check for $500,
payable to the order of the Township, must accompany each proposal. The
bonds have been approved by the Pennsylvania Department of Internal
Affairs.
HAVERFORD TOWNSHIP,Delaware County,Pa.
-BOND CALL.
H. A. Fritschman, Township Secretary, has issued a list showing the
numbers of the various bonds making up the total of $150.000 which have
been called for payment, on or before May 1 1934. at par and accrued
interest, at the office of Drexel & Co., Philadelpnia. They are 49' general
impt. bonds of the issue of May 1 1928. and due on May 1 1943.
HAWTHORNE, Los Angeles County, Calif.
-BOND ELECTION
CANCELED.
-The City Clerk states that the proceedings relative to the
$226,000 sewer bonds have been abandoned and the election scheduled for
March 30-V. 138. p.2118, was called off.
HENRY HUDSON PARKWAY AUTHORITY, N. Y.
-BOND ISSUE
BILL SIGNED BY GOVERNOR.
-A bill providing for the creation of the
above Authority and authorizing the issuance of up to $8,000,000 bonds.
V. 138. p. 2290-has been signed by Governor Lehman.
HIGHLAND PARK SCHOOL DISTRICT, Wayne County, Mich.BOND SALE.
-The $80.000 5% refunding bonds offered on April 3V. 138, p. 2290-were awarded to the Manufacturers National Bank of
Detroit at oar plus a premium of $5, equal to 100.006, a basis of about
4.997%. Dated April 16 1934 and due April 16 1937.
HILLROSE, Morgan County, Colo.
-It is reported
-BONDS VOTED.
that the voters recently approved the issuance of $7,500 in community
auditorium bonds.
HILLSBORO, Orange County, N. C.
-NOTE SALE.
-The Local
Government Commission is said to have sold $1,500 tax anticipation
notes at 6%. as follows: $750 to the Farmers & Merchants Bank of Hillsboro and $750 to the Bank of Orange of Hillsboro. Due in four months
from March 26.
HINSDALE, Cheshire County, N. H.
-FEDERAL FUND ALLOTMENT.
-The Public Works Administration has allotted $72,000 for sewer
construction. This includes provision for a grant equal to 30% of the
approximately $66.000 to be spent for labor and material. The balance
is a loan secured by 4% general obligation bonds.
HOCKING COUNTY (P. 0. Logan), Ohio.
-BOND SALE.-Tne
Issue of $30,000 poor relief bonds offered on March 30-V. 138. P. 1954
was awarded as 4s to Otis & Co. of Cleveland, at par plus a premium of
$48. equal to 100.16, a basis of about 3.92%. Dated Dec. 1 1933 and
due on March 1 as follows: $9,400, 1935;$10,000, 1936,and $10,600 in 1937
S
2453
-Howard P.
-BOND SALE.
HORNELL, Steuben County, N. Y.
Babcock, City Chamberlain, states that aawrd was made on April 4 of
55.000 coupon or registered special appropriation bonds to the Steuben
Trust Co. of Hornell as 5s at a price of par. Only one bid was received at
the sale. Bonds are dated April 1 1934 and mature $1,000 on April 1
from 1935 to 1939. incl. Denom.$1,000. Prin.and int.(A.& 0.) payable
in lawful money of the United States at the City Chamberlain's office.
-P WA TOPURCHASE
HUDSON COUNTY(P.O.Jersey City), N.J.
-John J. McHugh. Clerk of the Board of Freeholders,
BOND ISSUE.
states that the $2,383,000 4% Tuberculosis Sanitorium construction bonds
-will not be advertised for public sale, as
mentioned in V. 138, p. 2290
they will be sold directly to the Public Works Administration.
HUNTINGTON TOWNSHIP (P. 0. Huntington), Huntington
-Township officials on March 26
County,Ind.
-PROPOSED BOND SALE.
tentatively accepted the bid of the Bippus State Bank of Bippus to purchase
an issue of $21,000 poor relief bonds at a price of 98. Proceeds of the sale
will be used to satisfy judgments obtained by local merchants.
-CORRECTION.
-It is stated
HUTCHINSON, Reno County, Kan.
by the City Clerk that the amount of the police and fire station bonds to
be voted on at the April 10 election is $50,000 and not $62,000, as reported
In V. 138, p. 2291.
-John C. Martin, State
-NOTE OFFERING.
ILLINOIS (State of).
Treasurer, will receive sealed bids until 10 a. m.on April 9 for the purchase
$5,000,000 6% revenue notes, issued in anticipation of and payable
of
from a general State ad valorem tax now levied and to be collected as a
part of the 1934 tax levy for emergency relief. They are being issued in
an amount not to exceed 75% of the amount of the levy specifically provided
for by a legislative Act of the 57th General Assembly. Dated April 12 1934
and redeemable on any date fixed by the State officials, although not earlier
than Dec. 11934. Denoms. 550,000. $25,000. 510,000.55,000 and $1.000.
without privilege of registration. Principal and interest payable at the
State Treasurers office. Legality of notes to be approved by Chapman &
Cutler of Chicago at purchaser's expense. Proposals must be accompanied
by a certified check for 2% of the amount bid, payable to the order of the
Treasurer. Additional information with respect to the nature of the notes
and the provision for their repayment, as contained in the official call for
bids, is as follows:
'Another Act passed by the Legislature as one of the group of six Acts
for emergency relief provides for the submission to popular vote at the fall
election in 1934 of a general obligation State of Illinois bond issue with
serial maturities, and provides for the levy of an annual tax sufficient to
meet the principal and interest requirements of the bonds. This tax will
be extended and collected only if a sufficient amount is not realized to pay
such principal and interest out of the motor fuel or gasoline tax, as a portion of the gasoline tax which is distributed to the several counties and
municipalities has been specially appropriated by law for this purpose,
each county and municipality contributing in proportion to the amount
of relief it receives. These revenue notes may be redeemed by lot at any
time after Dec. 1 1934, after 15 days' public notice, at par and accrued
Interest, from the proceeds of the sale of this State bond issue, if voted,
otherwise said notes will be paid as said emergency relief tax levied for the
year 1934 becomes available."
Financial Statement.
Assessed valuation as estimated by the State Tax Commis55.874,000,000
sion. 1933
203,400.500
Total bonded debt
10.900.000
Revenue notes outstanding
10,000.000
Revenue notes outstanding (emergency relief)
7.630.654
Population. 1930 Census
IMPERIAL IRRIGATION DISTRICT (P. 0. El Centro), Calif.
-The following
CONCLUSION OF REFUNDING EFFORT PRESAGED.
report is taken from an El Centro dispatch to the Les Angeles "Times"
of March 15:
"Successful conclusion of the Imperial Irrigation District's effort to
refund its $14,250,000 in outstanding bonds, was presaged to-day when
F. H. McIver, Treasurer of the district, sent a telegram from New York
advising that one of the largest outstanding blocks of certificates has
been deposited unconditionally in escrow for the refinancing program.*.
'McIver's message read: 'Glad to report that Manufacturers' Trust
has made unconditional deposit of $307,000 in district bonds. This being
largest block outstanding in East, paves way for additional blocks up to
$1,0t40,000 which have been following its lead. Believe that with this
opposition overcome refunding plan certain to succeed."'
-The
-BOND SALE.
INDIANA COUNTY (P. 0. Indiana), Pa.
-were
$200,000 434% coupon bonds offered on April 4-V. 138, p. 2118
awarded to the Savings & Trust Co. of Indiana. Dated April 1 1934 and
due $20,000 annually on April 1 from 1939 to 1948 incl.
-OBTAINS 31,300,000 RELIEF GRANT.
INDIANA (State of).
The Federal Emergency Relief Administration on March 24 made a grant
of $1,300,000 to the State for unemployment relief operations during April.
The money was made available because of the discontinuance of Civil
Works Administration activities, it is said.
-Evans
-NOTE SALE.
INDIANAPOLIS, Marion County, Ind.
Woollen Jr., City Comptroller, reports that an issue of 540,000 Sanitary
District notes was awarded on March 29 to the Union Trust Co. of Indianapolis as 3,is at par plus a premium of $2. Dated March 29 1934
and payable on May 29 1934 at the office of the Treasurer of Marion
County, Ind., or at one of the authorized depositories in Indianapolis.
The Indianapolis Bond & Share Corp. bid a premium of $2 for 3%% notes.
while Marcus R. Warrender offered a premium of $4.75 for theissue at 4%•
-TEMPORARY LOAN.INDIANAPOLIS, Marion County, Ind.
An issue of $150,006 4% temporary loan bonds was sold on March 28 to
Marcus R. Warrender of Indianapolis at par plus a premium of $9. A
group of local banks bid a premium of 14 50 for the issue at 4%. Proceeds
of the sale will be used to pay current expenses.
-The $330.-BOND SALE.
INDIANAPOLIS, Marion County, Ind.
702.18 municipal judgment funding bonds offered on April 2-V. 138, p.
as 3.60s at par and accrued interest to the Merchants
-were awarded
2118
National Bank and the Indiana Trust Co., both of Indianapolis. jointly.
Dated April 2 1934 and due on July 1 as follows: $66,702.18 in 1945 and
166,000 from 1946 to 1949 inclusive.
-DETAILS ON PRIMARY
IOWA, State of (P. 0. Des Moines).
-In connection with the list given ill
ROAD BOND REDEMPTION.
V. 138, p. 2291, of the $13.657,500 optional county primary bonds being
called for payment on May 1 1934, a later schedule of these bond calls
Prepared by the State Highway Commission shows that the total of bonds
to be redeemed on May 1 aggregates $15,515,500. The Commission also
issued a schedule of four additional primary road refunding bond sales
scheduled for April 14 and 16. which total $1.128,000, thus making the
total of these bond sales by counties 114,785.000, representing all the bonds
that will be offered for sale in 1934. (The four bond sales mentioned above
are for Appanoose, Clarke, Fremont and Hancock Counties. They are
described in detail under their respective captions.)
-DEIRON RIVER SCHOOL DISTRICT, Iron County, Mich.
-The Board of Education has
FAULTED BOND PAYMENT VOTED.
voted to make payment of $15,000 bonds which were defaulted on May 1
1933.
ISLAND COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-The $20,000 i136118 of
201 (P. 0. Coupeville), Wash.
-BOND SALE.
-was purschool bonds offered for sale on March 31-V. 138, P. 1955
chased by the State of Washington. Dated April 1 1934. Due in from
two to 20 years from date. No other bids were received.
JASPER COUNTY (P. 0. Newton), Iowa.
-BOND SALE.
-The
$278,000 issue of primary road refunding bonds offered for sale on March 29
-V. 138. P. 1955
-was awarded to Halsey, Stuart & Co. of Chicago as
330, paying a premium of $901, equal to 100.324, a basis of about 3.48%•
Due on May 1 as follows: $55,000, 1946 to 1949, and $58,000 in 1950.
JEFFERSON COUNTY (P.O. Birmingham), Ala.
-BOND REFUNDING CONTEMPLATED.
-The County Commissioners are reported to
have voted recently to refund $273.000 in road and court house bonds.
See V.138,p. 1081.
JERSEY CITY,Hudson County, N.3.
-TOREDEEMBABYBONDS.
-Arthur Potterton, Director of Revenue and Finance, announced on
March 27 that payment would be made of baby bonds of 1933, dated from
Aug. 16 1933 to Jan.2 1934, at maturity date on March 31 1934.
red
2454
Financial Chronicle
KANSAS CITY, Wyandotte County, Kan.
-BOND SALE DETAILS.
-In connection with the sale of the bonds aggregating 3111,049 to the
State School Fund-V. 138, P. 2118
-the following details are furnished
by the City Clerk:
$86,042 4Si% condemnation bonds. Denom. $1,000, one for $1,042.
Due on Feb. 1 as follows: $8,042 in 1935; $8,000, 1936 to 1938, and
39.000, 1939 to 1944.
25,000 4,4,% bridge bonds. Denom. $1,000. Due on Feb. 1 as follows:
$2,000, 1935 to 1939, and $3,000. 1940 to 1944.
Dated Feb. 1 1934.
KANSAS CITY, Jackson County, Mo.-BOND SALE.
-The $3,350.000 issue of public auditorium bonds offered for sale on April 2-V. 138,
P. 2291-was awarded on April 5 to a syndicate headed by the National
City Co. of New York. paying a price of 100.0199 on the bonds divided as
follows:$1,260,000 as 43s. maturing from April 1 1936 to 1954, and $2,090.
000 as 48, maturing from April 1 1955 to 1974, all incl., giving a net interest
cost of about 4.12%.
KERN COUNTY (P. 0. Bakersfield), Calif.
-BOND ELECTION.
The following report is taken from the Bakersfield "Californian" of March
29: "Kern County Board of Supervisors yesterday set April 28 as the date
on which Kern County electors willvote on bond issues for a county library
building, proposed wing for the county hospital and a proposed Taft
branch of the county hospital. Originally the sate was set for April 24.
The library bond issue is for approximately $250,000, of which 30% in
labor and material would be paid for by the Government. The hospital
wing is a $25 .000 issue and the proposed Taft branch of the county hospital
is a $75,000 issue."
AMBALL COUNTY (P. 0. Kimball), Neb.-BONDS AUTHORIZED.
-At a recent meeting of the County Commissioners a resolution is
reported to have been passed providing for $122,500 in refunding bonds.%
KOSSUTH COUNTY (P. 0. Algona), lowa.-BOND SALE.
-The
$452,000 issue of primary road refunding bonds offered for sale on March 28
and then put off to April 2-V. 138, p. 2291-was awarded on that date
to Halsey, Stuart & Co. of Chicago as 3 K for a premium of 311.001, equal
to 102.43, a basis of about 3.52%. Due from May 1 1943 to 1950.
-BOND
KUTZTOWN SCHOOL DISTRICT, Berk* County, Pa.
SALE.
-The $11,000 coupon school bonds offered on April 2-V. 138,
P. 2291-were awarded as 4s to E. H. Rollins & Sons of Philadelphia at
par plus a premium of $115.50, equal to 101.05, a basis of about 3.80% •
Dated April 15 1934 and due on April 15 as follows: $1,600 from 1935 to
1943 inclusive and $2,000 in 1944.
LAKE COUNTY (P. 0. Crown Point), Ind.
-NOTE OFFERING.
Joseph E. Finnerty, County Auditor, will receive sealed bids until 5p. m.
on April 18 for the purchase of $400,000
% poor relief notes. Dated
April 201934. Denom.to suit purchaser. Due $200,000 on May and Nov.15
1935. A certified check for 3% of the total bid must accompany each proposal. Legality to be approved by Matson, Ross, McCord & Clifford of
Indianapolis. Notes are being issued in accordance with Chapter 73,
Acts of 1931, Chapter 46. Acts of 1932, and Chapter 126, Acts of 1933.
Previous mention of this issue was made in V. 138, p. 2118.
In connection with the above offering it is stated that the County reports
an assessed valuation for 1933 of $353,533,370 and has a total bonded debt,
including the current loan, of $3,744,600. Indebtedness is limited by law
to 2% of the assessed valuation. It is further noted that tax collections in
1933 amounted to 89% of tee total levy; in 1932 were 83% of the levy,
while in 1931 the percentage of collections was 90%. Mention also is made
of the fact that all past-due County obligations have been called for payment and that debt defaults no longer exist.
LAPORTE, LaPorte County, Ind.
-BOND SALE.
-The $16,000 5%
coupon city's share sewer construction bonds offered on April 5-V. 138,
p. 2291-were geld to the First National Bank & Trust Co. of LaPorte.
Dated April 2 1934 and due as follows: $2,000 Oct. 1 1935: $2,000 April 1
and Oct. 1 from 1936 to 1938 incl. and $2,000 April 11939.
LARIMORE SPECIAL SCHOOL DISTRICT (P. 0. Lanmore),
Grand Forks County, N. Dak.-BOND ELECTION CORRECTS TECHNICALITY.
-It is now stated that the election held on March 30 (V. 138.
p. 2291) was for the purpose of correcting a technicality in an election held
on Sept. 1 1933, at which time the voters approved the issuance of $60,000
In school bonds.
LAS VEGAS, Clark County, Nev.-BOND OFFERING.
-Sealed bids
will be received until 3 p. m. on April 12, by Viola Burns, City Clerk, for
the purchase of an issue of 3160,000 7% sewage bonds. Denom. $1,000.
Due from July 1 1934 to 1952. A certified check for 5% must accompany
the bid.
LAWRENCE COUNTY (P. 0. Lawrenceburg), T.nn.-B0ND
SALE.
-The $30,000 issue of special highway bonds offered for sale on
March 30-V. 138, p. 1955
-was awarded to the Equitable Securities
Corp. of Nashville, as 54. for a premium of $450, equal to 101.50, a basis
of about 4.89%. Dated March 1 1934. Due in 20 years.
LEXINGTON, Fayette County, Ky.-CERTIFYING AGENT APPOINTED.
-It is announced that the Continental Bank & Trust Co.
of New York will supervise the preparation and certify to the genuineness
of signatures and seal on $1,312,500 national recovery bonds of the above
city. See V. 138, p. 2292.
LEXINGTON,Middlesex County, Mass.
-A WARD OF TEMPORARY
LOAN.
-A $150,000 revenue anticipation loan was awarded on April 4 to
the First of Boston Corp. of Boston at 0.565% discount basis. Due
Dec. 20 1934. Other bids for the loan were as follows:
BidderDiscount Basis.
Second National Bank of Boston
0.78%
Newton, Abbe .3c Co
0.67%
Lexington Trust Co
0.79%
LINCOLN, Lancaster County, Neb.-BOND ISSUANCE NOT
CONTEMPLATED.
-In regard to an inquiry on the possibility of the
city refunding maturing bonds this year, we were advised as follows by
the City Clerk in a letter dated April 2:
"Replying to your inquiry regarding the issuance of $200.000 refunding
bonds of this city, the present plans do not propose the offering of any
such bonds for sale during the current year. If it should be necessary
to refund any of our special assessment bonds, we will take care of them
with our own sinking fund.
"Very truly yours,
THEO. H. BERG, City Clerk.
LINCOLN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 42
-BOND SALE DETAILS.
(P. 0. Dietrich), Ida.
-The $4,000 school
-V. 138. p. 2292
-were awarded
bonds that were sold to the State of Idaho
as 5s at par, according to the Clerk of the Board of Education. They are
due in 20 years.
-BOND ELECTION.
LODI, San Joaquin County, Calif.
-The
following report is taken from the Stockton "Record" of March 27:
"Approval of a $520,000 bond issue for building a municipal power plant
on the Mokelumne River will be submitted to Lodi voters at a special
election Monday, April 28, it was decided at a special meeting of the Lodi
City Council here last night.
"Interest on the bonds is to be limited to a maximum of5%. It is specified
that the project will be voided unless the government grants the city aid
to an amount deemed satisfactory to the City Council."
LONG BEACH SCHOOL DISTRICTS (P. 0. Los Angeles) Calif.
BOND SALE.
-It is stated that the Board of Supervisors sold $50,000 school
bonds to the Farmers & Merchants Bank of Long Beach. The bonds are
divided as follows: $31,000 high school district, and $19,000 city school
district bonds.
LORAIN, Lorain County, Ohio.
-No bids
-BONDS NOT SOLD.
were obtained at the offering on March 31 of 335,000 6% coupon impt.
bonds, dated March 15 1934 and due serially on Sept. 15 from 1935 to 1944
incl.-V. 138, p. 1955.
-PRESIDENT ROOSELOUISIANA, State of (P. 0. Baton Rouge).
VELT SIGNS $7.000,000 BRIDGE BILL.
-The following report is taken
from a Washington dispatch to the New Orleans "Times Picayune" of
March 28:
"Before leaving for Florida late to-night, President Roosevelt signed an
act granting the consent of Congress to the Louisiana Highway Commission
to construct, maintain and operate a bridge across the Mississippi River
near Baton Rouge, La.
April 7 1934
The bill removed certain technicalities in the way of starting construction
on a $7,000,000 railroad and vehicular bridge. The Public Works Administration already has approved financing of the structure.
'The bill was rushed through Congress because the Louisiana Supreme
Court has now under consideration legality of the construction and this
act of Congress is expected to clear the major technicality.
"The bill by Senator Long was introduced and passed the same day in
the Senate. Representative Wilson of Louisiana introduced the bill in the
House and Representative Maloney of New Orleans steered it through
committee and it was passed by the House the same day the committee
reported favorably on it.
-BONDS AUTHORIZED.
LOUISVILLE, Stark County, Ohio.
The Village Council recently passed an ordinance providing for the sale
of $36,600 6% refunding bonds. Dated April 1 1934. Denom. $1,000
and $500. Due Oct. 1 as follows: $500, 1935; 31,000, 1936 and 1937;
$2,000, 1938 to 1940 incl.; $4,000 in 1941 and 1942, and $5,000 from 1943
to 1946 incl. Principal and interest (A. & 0.) payable at the Village
Treasurer's office.
-The
-BOND SALE.
LUCAS COUNTY (P. 0. Charlton) Iowa.
$140,000 issue of primary road refunding bonds offered for sale on March 30
to Wheelock & Co. of Des
-V. 138, P. 2119
-was awarded at auction
Moines, as 33is, for a premium of $3,226, equal to 102.304, a basis of about
.5
3 1950 Due on May 1 as follows: $23,000, 1945 to 1949, and $25,000
in 3%..
-An election
-BOND ELECTION.
LUVERNE, Rock County, Minn.
will be held on April 24, according to report, to vote on the issuance of
$30,000 in gas system bonds. Interest rate is not to exceed 5%•
-SUIT BROUGHT TO TEST
MADILL, Marshall County, Okla.
VALIDITY'OF PAVING BOND I.A.W.-The following report is taken from
the Oklahoma City "Daily Oklahoman" of March 29:
"Injunction suit to test validity of the law passed by the last legislature
providing that paving bonds must be accepted at face value in payment of
paving taxes will be filed Thursday in Federal District Court at Muskogee,
Harris L. Danner, Attorney, said Wednesday.
"The suit will be brought by Danner for V. W. Mills & Co., Philadelphia.
$30,000
Pa., bondholders, against the city clerk of Madill and will involvethroughin Madill paving bonds. The ruling, however, will involve the issue
out the state.
"The petition will allege that the law is unconstitutional in that it allegedly
impairs obligation of contract and amounts to confiscation of property.
"Danner explained the objection to the law in operation is that holders
of valuable property in a paving district can buy bonds on less valuable
Property at discount and pay their taxes with them at, in some instances,
60 cents on the $1.
LOAN
MAINE (State ot).-143.000,000 PWA POWER PROJECT well as
as
-The entire Maine Congressional delegation, Works AdSPONSORED.
proposition, appeared before the Public
other advocates of the
30 in
ministration's technical board of review in Washington on March
finance a
support of the pending application for a loan of $43,000,000 to the tides
Me., designed to utilize
Power development project near Eastport,
"Journal
of the Bay of Fundy and Passamaquoddy Bay, according to the
of Commerce" of March 31, waich further stated as follows: "The proposed
487,000,000 kwh. a year.
development is said to be capable to generate
the
Also appearing in favor of the projedt were Dexter P. Cooper, one of
National
applicants for the loan, and Frederick A. Delano, Chairman of the
as an individual.
speaking
Planning Board, who made it clear that he was difficulties in the project.'
Delano said that he saw 'no unsurmountable
Cooper said cheap power could be generated there to supply a vast area
in New England. He also said that originators of the project contemplated
vicinity.
establishment of steel, aluminum and other industrial plants in the an overbelieved
Proponents told the technical board of review that they sections along the
head line could be constructed which would reach many
New England Coast."
(P. 0.
MANCHESTER TOWNSHIP SCHOOL DISTRICT NO. 2
-BONDS APPROVED.Manchester), Washtenaw County, Mich.
issue of $15.000 school refunding
TheState Treasurer recently approved an
bonth
-PLANS EXTENSION OF
MANISTEE, Manistee County, Mich.
-The City Commission has voted to meet part of a $20,000
MATURITY.
bond issue maturity and seek an extension on the balance due.
-BONDS AUTHORIZED.
MANSFIELD, Richland County, Ohio.
bonds to
of an issue of
Tne State Tax Commission has approvedimprovements $55,000
be undertaken
cover the city's share of the expense ofAdministration.toThe bonds will
in conjunction with the Public Works
be issued outside of the tax limitation.
-TEMPORARY LOAN.
MARBLEHEAD, Essex County, Mass.
a $150,000
Whiting, Weeks & Knowles of Boston purchased on April 3
plus a
anticipation loan at 0.53% discount basis,follows:premium of $2.
revenue
loan were as
Due Dec. 5 1934. Other bids for the
3
Discount Basis.
%
Bidder
0.54
Second National Bank of Boston
0.55
Merchants National Bank
0.60 s
First of Boston Corp
-P. Murphy & Co
G. M.
.-Ray E. Norman,
-BOND OFFERING
MARION, Grant County,Ind.
purchase
April 16
City Clerk, will receive sealed bids until 10 a. m.on funding for the Dated
bonds.
judgment
of 325,000 not to exceed 6% interest semi-annually as follows: $1,000.
Denom. $1,000. Due
April 1 1934.
Jan. 1 and $2,000, July 1 1936; 32,000, Jan. 1 and July 1 from 1937 to 1941
incl. and $2,000 Jan. 1 1942. Principal and interest (.1. & J.) payable at the
office of the Treasurer of Grant County, Inc. A certified check for 1% of the
amount bid must accompany each proposal. The City will furnish the
legal approving opinion of Matson, Ross, McCord & Clifford of Indianapolis.
MARION COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Salem)
Ore.-BOND SALE.-The $15,000 issue of school bonds offered for saloon
-was awarded to Blyth & Co. of Portland, as
March 30-V. 138, p. 2119
5s, paying a price of 100.0056, a basis of about 4.985%. Dated April 1
1934. Due $1,500 from April 1 1935 to 1944 incl.
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
-In
Mason City) Cerro Gordo County, lowa.-BONDS VOTED.
response to our inquiry regarding the result of tne election on March 12, at
-V.
issuance of $75,000 in school bonds
which the voters passed on the
138, p. 1428, we are advised as follows by the District Clerk:
"Proposition before the voters to issue $75,000 school bonds, at election
of March 12, carried but is conditioned on provision that a grant can be
secured from the United States Government Public Works Administration of
30% of cost. Such grant has not been made nor are further applications for
grants being received at this time, so there is no information to give you
in this matter at present."
-BOND SALE.
-The $200,MERIDEN, New Haven County, Conn.
-were awarded
000 coupon bonds offered on March 29-V. 138, p. 2119
as 3.qs and 33s to the N. W. Harris Co., Inc., of New York at a price.of
100.45, a basis of about 3.29%. Sale was made as follows:
$125,000 sewer bonds sold as 3Yls. Dated Sept. 1 1933. Due Sept. 1 as
follows: 34,000, 1935 and 1936; $5,000, 1937 and 1938; $4,000.
1939 and 1940; $5,000, 1941 and 1942; $4,000, 1943 and 1944:
35.000, 1945 and 1946: 34.000. 1947 and 1948; *5,000, 1949 and
1950; $4,000, 1951 and 1952; 35,000, 1953 and 1954; $4.000, 1955
and 1956; $5,000. 1957 and 1958; $4,000, 1959 and 1960; $5,000
in 1961 and $4,000 in 1962.
75,000 school bonds sold as 330. Dated Oct. 11933. Due $5,000 on
Oct. 1 from 1935 to 1949 incl.
Corrected Financial Statement.
32,177,000.00
Bonded debt
Cash trust fund to retire refunding bonds
$101,181.38
Water bonds
254,000.00 355,181.38
$1,182,818.62
Net debt
625,000.00
Notes in anticipation of taxes
-to be paid from proceeds
Notes in anticipation of bonds
75,000.00
of these bonds
168,340.78
Cash on hand in general fund-not including trust fund
24,683.49
Cash on hand-Water fund
228,000.00
Amount ot be paid on bonds maturing in 1934
28,000.0
0
Amount to be paid on water bonds
Tax Collections.
-1932: Levy, $1,453.834; uncollected March 1 1934.
$85,043. 1933: Levy, $1,417,653; uncollected March 11934, $234,804.
Volume 138
Financial Chronicle
-F. L. Putnam
MEDFORD, Middlesex County, Mass.
-BOND SALE.
.8z Co. of Boston have purchased an issue of $75,000 4Y% sewer construction bonds at a price of 101.53. Dated March 15 1934 and due serially
from 1935 to 1964 inclusive.
-At an election
MESA, Maricopa County, Ariz.
-BONDS VOTED.
held recently the voters are stated to have approved the issuance of bonds to
secure a loan of $240,000 for Electrical District No.5, by authority of which
the district may obtain a power contract with the Salt River Valley Water
Users Association, or with the Verde Power Co.
MESA COUNTY (P.O. Grand Junction).
-WARRANTS CALLED.
The County Treassurer is said to be calling for payment at his office,
county general revenue,county road fund,and county pauper fund warrants.
Interest shall cease on April 8. It is said that special school district and general school district warrants are also called. Interest ceased on March 29.
-REFUNDING ISSUE
METUCHEN, Middlesex County, N. J.
AUTHORIZED -The Borough Council has authorized the refunding of
$213,000 of temporary bonds which were issued in 1932. The new bonds
will bear interest at 4 7„, as compared with 6% carried on the existing
obligations. Samuel D. Wiley, Chairman of the Department of Finance
and Administration, estimated that the refinancing will result in a saving of
$30,000 in interest charges.
MIAMI COUNTY (P. 0. Troy), Ohio.
-PROPOSED BOND ISSUE.An issue of $19,460 poor relief bonds has been approved by the State Tax
Commission.
-It is reported
MIDWAY, Madison County, Tex.
-BONDS VOTED.
that the voters recently approved the issuance of $40,000 in school bonds.
-Charles B.
MILFORD, Oakland County, Mich.
-BOND SALE.
McNulty, Village Clerk, advises that an issue of $18,000 534% coupon
sewage disposal plant construction bonds was sold at par and accrued
interest on March 27 to several local investors. Dated March 1 1934.
Denim.$500. Due March 1 as follows: $1,000. 1937;$2,000, 1938 to 1941
incl. and $3,000 from 1942 to 1944 incl. Interest is payable in M. & S.
Legality approved by Miller, Canfield, Paddock & Stone of Detroit.
MILLBURN TOWNSHIP (P. 0. Millburn) Essex County, N. J.
ADDITIONAL BONDS SOLD.
-J. S. Rippel & Co. of Newark purchased
privately on April 2 a block of $150,000 coupon or registered tax revenue
'bonds as 534s, at par plus a premium of $32, equal to 100.02, a basis of
about 5.48%. Dated April 1 1934. Due April 1 as follows: $75,000,
1935; $50,000, 1936, and $25,000 in 1937. These bonds are part of the
issue of $165,000 for which no bids were obtained on March 28. At that
time, however, J. S. Rippel & Co. in association with the First National Co.
of Trenton purchased $149,000 of other bonds -V.138. p. 2292.
o registeredy,N
MILLBURN TOWNSHIP (P. 0. Millburn), Essex County, N. PUBLIC OFFERING MADE.
-The $149,000 5% coupon
arch 28 to J. S.
general improvement and poor relief bonds awarded on
Rippel & Co. of Newark and the First National Co. of Trenton. jointly,
on an interest cost basis of about 4.90%V. 138, p. 2292-are being reoffered by the bankers for public investment at prices to yield 4.50% for
the 1935 to 1940 maturities; 1941 to 1945 incl., 4.60%; 1946 to 1950 incl.,
4.70%,and 4.75% on the maturities from 1951 to 1966 incl. The securities
are declared to be legal investment for savings banks and trust funds in the
State of New Jersey. They are also stated to be general obligations of the
township, payable from unlimited taxes levied against all the taxable
property.
MILTON SCHOOL DISTRICT, Northumberland County, Pa.BOND OFFERING.
-Helen Murray Butler, President of the School Board,
Will receive sealed bids until 7:30 p. in. on April 10, for the purchase of
$27,500 3;.4, 4 or 43.1% coupon school bonds. Dated April 16 1934.
Denom. $500. Due April 16 1944; redeemable at par and accrued interest
after three years from date of issue. Interest is payable semi-annually.
A certified check for $500 must accompany each proposal. The bonds are
being offered subject to approval of the Pennsylvania Department of
Internal Affairs. An annual tax will be levied sufficient to provide for the
payment of both principal and interest and the bonds will be further
secured by $29,387.28 delinquent 1931 and 1932 taxes. Payments on
account of sucn taxes will be maintained in a special trust fund and will be
used only for the retirement of the present bond issue.
MINNESOTA, State of (P. 0. St. Paul),-B02VDS OFFERED FOR
INVESTMENT.
-A block of $1,384,000 3 % and 4 Ill% State highway
bonds was offered for general subscription on April 2 by the First National
Bank and Salomon Bros. & Hutzler, both of New York, and the Northern
Trust Co. of Chicago. The offering consisted of $583,000 3 % bonds
due in 1943 to 1945 at prices to yield 3.25%, and $801,000 4 % bonds due
In 1939 and 1940 and 1942 to 1947, at prices to yield from 3.20 to 3.30%.
-The
MONONA COUNTY (P. 0. Onawa) lowa.-BOND SALE.
$200,000 issue of primary road refunding bonds offered for sale on March 30
-V. 138, p. 2120
-was awarded at auction to the Iowa-Des Moines National Bank of Des Moines, as 3Us, paying a premium of $4,301, equal to
102.15, a basis of about 3.52%. Due $20,000from May 1 1941 to 1950 incl.
MONROE COUNTY (P. 0. Monroe), Mich.
-DETAILS OF $2.584,900 BOND REFUNDING PLAN
.-A report dated March 28 1934,
giving complete details with respect to tne projected $2,584,900 bond refunding plan-V.138, p.2120
-has been prepared by C. A.Fitzgerald,refunding
agent for the Board of County Road Commissioners. The data includes a
description of the various bonds covered by toe plan and indicates the
proposed maturity dates of the refunding bonds to be issued in exchange
for the old obligations. The report summarizes the principal features of
tne refunding plan as follows:
The Refunding Plan.
"Refund all outstanding Monroe County Highway Improvement bonds,
aggregating $2,584,900. This is made necessary by the fact tnat the
original tax levy for each year has been cut in half and if refunding is not
effected, tnere is certain to be a heavy default each succeeding year.
The refunding bonds will be the same obligations with respect to
Monroe County, the several Townships and road assessment districts as
the original bonds. There will be forty-three (43) se_parate and district
bond i£181108, one for each road assessment district. The numbers of the
road assessment districts furnish the means by which one bond issue is
distinguished from another.
''Refunding bonds to be dated May 11933.
"Interest rates of refunding bonds to be the same as those borne by the
orifinal bonds. Interest payable semi-annually May 1 and Nov. 1.
'Principal and interest payable at the office of the County Treasurer.
Monroe, Michigan.
"Maturities: The maturities of the refunding bonds, which reflect an
extension of four to 10 years, according to district, have been determined
by the dates fixed for payment of assessments by the several tax rolls.
Allowance has been made for tax delinquency and other contingencies. For
details of maturities of the refunding bonds, as well as description of the
bonds being refunded, see Exhibit "A" attached hereto.
"The refunding bonds will occupy the same relative maturity position
that they did in the original bond issue. For example: the holder of an
old bond maturing in 1933, assuming that the maturities of that particular
issue have been deferred for five years, would receive a refunding bond of
the first maturity due in 1938; the holder of an old bond of 1934 maturity
would receive a refunding bond due in 1939. and so on.
"All refunding bonds are made callable at par and interest on any interest
date upon 60 days published notice of redemption. Bonds will be callable
in the order of their maturity.
"Legality: The refunding bond proceedings will be under the supervision
of Miller, Canfield, Paddock & Stone, whose unqualified, approving opinion
will be furnished without cost to the bondholders.
"Depositary: The Monroe State Savings Bank. Monroe, Michigan. will
act as depositary. Notice will be given to bondholders as to date when
bonds are to be deposited for refunding. A letter of Transmittal will be
furnished for convenience of bondholders.
"Refunding Agent: The undersigned has been engaged by the Board of
Road Commissioners of Monroe County to handle the details of this refunding, and all correspondence should be directed to him.
"This statement has been examined and approved by said board prior
to its publication."
-The $1,500,000
MONTANA,State of(P.O. Helena).
-BOND SALE.
issue of State Highway Treasury Anticipation bonds offered for sale on
March 30-V. 138, p. 1610
-was awarded to a syndicate composed of
John Nuveen & Co. of Chicago, Kalman & Co.. and tne First National
Bank, both of St. Paul, the Wells-Dickey Co., Thrall, West & Co., and
Piper, Jeffray & Ilopwood, all of Minneapolis. as 4js, paying a premium
2455
of $10,000, equal to 100.66, a basis of about 4.63%. Dated April 1 1934.
Due on Dec. 31 as follows: $648,000 in 1939. and $852,000 in 1950. the
-The following report on
BONDS OFFERED FOR INVESTMENT.
Public re-offering of these bonds is taken from the "Wall Street Journal"
of
3:
"For the first time in recent years an issue of Montana bonds reached the
'For
Eastern market Tuesday wnen John Nuveen & Co. of Chicago publicly
4
offered in New York and other cities $1,500,000 43 % highway debentures
of that State, due 1939-40, to yield 4.20%. This amount represents the
last installment of an authorization of $4,500,000 such debentures wnicn
electors of that State approved by a three to one vote, following passage
of the debenture act In 1931.
"These bonds, issuance of which has been upheld by the Supreme Court
of Montana, are secured irrevocably by the Montana gasoline tax. Net
collections of this tax in the past year were reported more than 13% times
the maximum interest charges on all debentures issued and outstanding.
"Montana has one of the smaller State debts in tne Union. Total bonded
debt is reported as $12,867,668. but 54.003,567 of that amount consists of
bond held by various State investment accounts. The State's assessed
valuation is reported for 1933 as $1,086,717,769."
-BOND SALE.
MONTGOMERY COUNTY (P. 0. Red Oak), Iowa.
The $360,000 issue of primary road refunding bonds offered for sale on
-was awarded to Wheelock & Co. of Des Moines
April 3-V. 138, p. 2293
paying a premium of $8,551, equal to 102.375, a basis of about
as 3
3.52%. Due on May 1 as follows: 120,000, 1944; $35,000, 1945, and
$61,000, 1946 to 1950.
-It is
-BONDS VOTED.
MOORINGSPORT, Caddo Parish, La.
reported that the voters recently approved the issuance of 535.000 in
water works bonds.
-The $75,000
-BOND SALE.
MORRISTOWN, Morris County, N. J.
coupon or registered water bonds of 1934 offered on March 29-V. 138.
awarded as 530 to H. L. Allen & Co. of New York, at par
-were
P. 2120
plus a premium of $725, equal to 100.96, a basis of about 5.17%. Dated
April 1 1934 and due on April 1 as follows: $2,000 from 1936 to 1971 incl.
and $3,000 in 1972. The Continental Bank & Trust Co. of New York will
supervise the preparation and certify to the genuineness of the bonds and
the seal thereon.
MOUNT PLEASANT TOWNSHIP SCHOOL DISTRICT (P. O.
-The
-BOND SALE.
Mount Pleasant), Westmoreland County, Pa.
-were awarded
519,000 5% school bonds offered on April 2-%. 138, p. 2120
to S. K. Cunningham & Co. of Pittsburgh, at par plus a premium of $6,
equal to 100.03, a basis of about 4.49%. Due April 11944: callable, at par
and accrued interest, on any interest payment date upon 30 days' notice.
NEWARK,Essex County, N. J.-320,000,000 BOND ISSUE AUTHORI7ED.-Under the provisions of Senate Bill No. 45, signed by Governor
Moore on April 3, the City is authorized to issue about $20,000,000 bonds
to refinance all of its past due temporary notes and other indebtedness,
including taxes owed both to the State and the County.
-PROPOSED BOND ISSUE.
NEWARK, Essex County, N. J.
The Board of City Commissioners recently passed an ordinance authorizing
the issuance of $25,000 police radio signal communication system bonds.
According to the ordinance, the average assessed valuation of the taxable
real improvement (including improvements) of the city is 5733,424,201,
while the net debt amounts to $46,564,840.27.
-A group
-BOND SALE.
NEW BEDFORD, Bristol County, Mass.
composed of Brown Bros. Harriman & Co., F. S. Moseley & Co., and
Newton, Abbe & Co., all of Boston, purchased on March 26 a total of
31,058,000 4% bonds, at a price of 100.60, a bass of.about 3.89% divided
as follows:
$350,000 water main bonds. Dated Jan. 1 1934. Due Jan. 1 as follows:
$30,000from 1936 to 1938 incl., and $20,000 from 1939 to 1951 incl.
350,000 high school addition construction bonds. Dated Jan, 1 1934.
Due Jan. 1 as follows: $30,000 from 1936 to 1938 incl.; 124,000
from 1939 to 1948 incl., and $20,000 in 1949.
342,000 macadam highway bonds. Dated Jan. 1 1934. Due Jan. 1 as
follows: $86,000 in 1936 and 1937 and 185,000 in 1938 and 1939.
16,000 sewer bonds. Dated Feb. 1 1934. Due $2,000 on Feb. 1 from
1937 to 1944 incl.
Denom. $1,000. Principal and semi-annual interest payable at the
National Shawmut Bank, Boston, or at the Bank of the Manhattan Co.,
New York. Legality to be approved by Storey, Thorndike, Palmer &
Dodge of Boston.
-The
-BOND SALE.
NEW HAVEN, New Haven County, Conn.
$150,000 coupon or registered street pavement bonds offered on April 5F. S. Moseley & Co. of Boston, as 33is. •
V. 138. p. 2293-were awarded to
at a price of 100.274, a basis of about 3.21%. Dated April 16 1934 and due
on April 16 as follows: $10,000 from 1935 to 1938 incl. and $11,000 from
1939 to 1948 incl.
-At the
-BONDS VOTED.
NEW ORLEANS, Orleans Parish, La.
election held on April 3-V. 138. p. 2120-the voters are said to have
approved the issuance of the $1,800,000 in bonds for sewerage and water
extension project.
-BONDS
NEW PHILADELPHIA, Tuscarawas County, Ohio.
AUTHORIZED.-The City Council recently passed an ordinance authorizing the sale of $25.000 not to exceed 6% interest bonds for tne purpose of
financing the acquisition of a site for the new municipal building. Application has been made to the Public Works Administration for funds with
which to construct the building. The bond issue will be dated April 1 1935.
Denom. $1,000. Due $1,000 annually on April 1 from 1936 to 1960 incl.
In anticipation of the sale of the bonds,the city will issue 525.0006% notes.
dated April 1 1934.
-The
-TEMPORARY LOAN.
NEWPORT, Newport County, R. I.
5200.000 current year revenue anticipation loan offered on April 3-V. 138.
-P. Murphy & Co. of Boston at 0.49%
-was awarded to G. M.
p. 2293
discount basis. Due Aug. 31 1934. Other bidders were as follows:
Discount Basis.
•
t r0.52%
Whiting, Weeks & Knowles
0.62%
Aquidneck National Exchange Bank of Newport
0.75%
Faxon. Gade & Co
0.907
of Detroit
Manufacturers National Bank
0.93
Lincoln R. Young & Co
0.99%
Jackson & Curtis
1.10g
Stone & Webster and Blodget, Inc. (plus $1 premium)
1.23%
F. S. Moseley & Co
1.26%
Newport Trust Co
-TEMPORARY LOAN.
NEWTON, Middlesex County, Mass.
Francis Newhall, City Treasurer, made award on April 3 of a 5300.000
the Bankers Trust Co. of New York. at 0.45%
revenue anticipation loan to
discount basis, plus a premium of $8. Due Nov. 22 1934. Other bids
were as follows:
Discount Basis.
Bidder0.537
Newton Trust Co
0.504
Second National Bank of Boston
SALE.
-Francis
-BOND
NEWTON, Middlesex County, Mass.
Newhall, City Treasurer, states that award was made on March 30 of
$100,000 coupon or registered bonds to E. H. Rollins & Sons, Inc. of Boston,
at a price of 101.278, a basis of about 2.60%. The sale consisted of:
$65,000 3% water bonds. Due March 1 as follows: $7,000 from 1940 to
1944 incl. and $6,000 from 1945 to 1949 incl.
35,000 2j% water bonds. Due $7,000 on March 1 from 1935 to 1939 incl.
Each issue is dated March 1 1934. Denom. $1,000. Principal and interest
(M.& S.) payable at the First National Bank of Boston. Legality approved
by Ropes, Gray, Boyden & Perkins of Boston.
NEW YORK, N. Y.
-MARCH FINANCING -The city borrowed
a total of $39,110,400 during the month of March, of which $1,460,000
represents the exchange of revenue notes for a like amount of past-due
revenue bills. The balance of $37,650,000 is made up of the following:
$25,000,000 4% revenue bills of 1934. Due May 15 1934.
10,000,000 4% revenue bills of 1934. Due May 10 1934.
2,000,000 4% special revenue bonds of 1934. Due April 15 1935.
650,000 4% special revenue bonds of 1934. Due April 15 1935.
NEW YORK (State of).
-350,000,000 BONDS SOLD AT NEW LOW
INTEREST COST BASIS.
-The $50,000,000 coupon or registered bonds
offered on April 3-V.138. p. 2293
-were awarded to a syndicate composed
of the City Co. of New York, Inc.; First National Bank; Bankers Trust
Co. Guaranty Co. of New York; Brown Bros.'Harriman & Co.. and the
e
2456
Financial Chronicle
First of Boston Corp.,all of New York. This group paid a price of 1'0.1699
for the $8.000,000 grade crossing elimination bonds at 2 Li % interest and
the balance of $42,000,000 at 3%. The financing was arranged at a net
interest cost basis to the State of 2.887%, which represents the lowest
basis cost at which long-term borrowing has been negotiated by the State
in over 30 years. The last previous long-term sale conducted by the
State occurred on Oct. 24 1933, when $29,500,000 bonds were awarded
to the City Co. of New York, Inc., and associates at a cost basis of 3.437%.
On June 28 1933 a sale of 526,595,000 bonds was arranged at a 2.936%
interest cost basis. The current sale of $50,000,000 bonds was made as
follows:
$30,000,000 unemployment relief bonds were sold as 3s. Due $3,000,000
annually on April 1 from 1935 to 1944 incl.
8.000,000 emergency construction bonds were sold as 3s. Due $320,000
annually on April 1 from 1935 to 1959 incl.
8,000,000 grade crossing elimination bonds were sold as 2 Ks. Due
$165.000 annually on April 1 from 1935 to 1984 incl.
4,000,000 emergency construction bonds were sold as 3s. Due $160,000
annually on April 1 from 1935 to 1959 incl.
BONDS PUBLICLY OFFERED.
-The bonds, dated April 1 1934. were
immediately re-offered by the bankers for general investment at Prices
yielding from 0.50% to 3%, according to maturity. The offering was
favorably received by banks, insurance companies and other large investors, with the result that orders had been received for $45,000,000
of the bonds before the close of business on the day of award. In addition
to the accepted bid, an offer of 100.113. also for $42,000.000 bonds as
3s and $8.000.000 as 23
4s, was submitted by a comprehensive syndicate,
the leading members of which were the Chase National Bank, Hallgarten
& Co.; Bancamerica-Blair Co.: Halsey, Stuart & Co., Inc.; Barr Bros &
.
Co., Inc., and R. W.Pressprich & Co.
(The re-offering notice of the successful banking group appears as an
advertisement on page XII of this issue.)
NORFOLK COUNTY (P. 0. Dedham), Mass.
-LOAN OFFERING.
Sealed bids will be received by Ralph D. Pettingell, County Treasurer,
until 11 a. m. on April 10 for the purchase at discount basis of a $50,000
tuberculosis hospital maintenance note issue, authorized by Chapter 111
of General Laws. Dated April 10 1934. Denoms. $10,000 and $5.000.
Payable April 8 1935 at the First National Bank of Boston. The notes
will be authenticated as to genuineness and validity by the aforementioned
Bank, under advice of Ropes, Gray, Boyden & Perkins of Boston.
NORTHFIELD, Washington County, Vt.-BOND SALE.
-The
Issue of $35,000 4% coupon sewer bonds offered on April 2-V. 138,
p. 1781-was awarded to E. H. Rollins St Sons, Inc. of Boston, at a price
of 101.278, a basis of about 3.83%. Dated April 1 1934 and due on April 1
as follows: $2,000 from 1935 to 1951 incl. and $1,000 in 1952. Other
bids for the loan were as follows:
BidderRate Bid.
Ballou, Adams & Whittemore
101.053
First of Boston Corp
101.00
Stone & Webster and Biodget. Inc
100.41
National Life Insurance Co
Par
Ross & Co., Inc
99.25
Vermont Securities,Inc
98.51
Burlington Savings Bank
96.33
NORTH WILKESBORO, Wilkes County, N. C.
-NOTE SALE.
An $8,000 issue of revenue anticipation notes is reported to have been purchased at 6% by the Bank of North Wilkesboro.
NORWOOD, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
Second National Bank of Boston purchased on April 3 a $100.000 revenue
anticipation loan at 1.30% discount basis. Due Feb. 18 1935. Other
bids were as follows:
BidderDiscount Basis.
Bond & Goodwin
1.43
F. 8. Moseley & Co
1.48%
Faxon, Gade & Co
2.634
OKLAHOMA, State of (P. 0. Oklahoma City).
-PROPOSED REFUNDING OF ROAD AND BRIDGE BONDS.
-The following report is
taken from the Oklahoma City "Daily Oklahoman" of March 25:
"Refunding of $445,000,000 worth of county and township road and
bridge bonds by the State at an interest rate not to exceec 33. % will be
asked of the next Legislature by the State Chamber of Commerce, R. T.
Stuart, President. announced Saturday.
'Stuart pointed out that these bonds are bearing interest at rates ranging
from 4 to 6%. and that with the present demand for tax exempt securities,
the State government could refund all issues at reduced interest rates
sufficient to afford a savings of approximately $3,444,000, which would
be equivalent to three mills ad valorem. The face value of the bonds can
be reduced $10,000,000 with cash now in county sinking funds.
'Under the proposal the gasoline tax and automobile license tax would be
used to defray all interest and sinking fund charges accruing to the refunded issues, placing the burden of highway expense upon users of highways and eliminating the present practice of diverting intended highway
'
taxes into other channels.
'
OKOBOJI, Dickinson County, Iowa.
-BONDS DEFEATED.
-At
the election on March 26-V. 138, p. 1611-the voters are said to have rejected the proposed issuance of $20,000 in water works system bonds.
ONEIDA, Madison County, N. Y.
-GOVERNOR GETS BOND ISSUE
BILL.
-The bill empowering the City to refund $80,000 bonds maturing
during 1934 and on Jan. 1 1935-V. 138, p. 2294-has been approved by
both houses of the State Legislature and forwarded for signature of the
Governor.
ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
-PROPOSED BOND
ISSUE.
-It is believed that a poor relief bond issue of from $1,500,000 to
$2,000,000 will be offered for sale soon.
OREGON, State of (P. 0. Salem).
-BOND OFFERING.
-It is stated
by Jerrold Owen, Executive Secretary of the World War Veterans' State
Aid Commission, that he will receive sealed bids until 11 a. m.on April 20,
for the purchase of an issue of 51,000.000 4% coupon Veterans' State Aid
gold, series No. 11 bonds. Denom. $1,000. Dated April 1 1934. Due
$50,000 on April and Oct. 1 from 1946 to 1948: $100,000, April and $200,000. Oct. 11949. and $200,000 on April and Oct. 1 1950. Prin. and int.
(A. & 0.) payable at the office of the State Treasurer or at the office of the
fiscal agent of the State in New York City. Accrued interest from April 1
1934 to date of delivery, will be added to the amount of the successful bid,
and full purchase price to be paid upon delivery of bonds at Portland.
Bonds will be furnished complete by the Commission. Bonds are issued
-0 of the Constitution of the State,as amended
under authority of Article XI
by Chapter 1 of Chapter LXVI, Oregon Code, 1930. The successful bidder
will be furnished with the opinion of Storey, Thorndike, Palmer & Dodge
of Boston. Constitutionality of amendment and validity of issue approved
by the State Supreme Court on Dec. 13 1921. The Commission reserves
the right to sell any portion of said bonds, withholding the balance of the
same in any portion or portions for future sale. A A muffled check for 2 %
of the par value of the bonds, payable to the World War Veterans' State
Aid Commission, is required.
-see V. 138,
(The last sale of bonds by this State took place on March 8
D. 1958.)
-BONDS PUBOYSTER BAY (Town of), Nassau County N. Y.
LICLY OFFERED.
-The Manufacturers & Traders Trust Co. of Buffalo
and Adams, McEntee & Co.. Inc. of New York, jointly, are offering for
public investment 5139,000 4% coupon bonds at a price of par and accruea
interest. Due serially on July 1 from 1940 to 1950 incl. Latest available
,
statistics show that the Town has an assessed valuation for 1934 of $124,621,838. Total funded debt as of March 2 1934 amounted to $3,926,250
and, after deduction of water debt, net bonded debt was $807.000.
PARmA, ohi..-ASSESSMENT BONDS ELIGIBLE FOR TA X5A1- 7 5.
-7
MENTS.-The City Council passed on second reading an April 2 an
ordinance authorizing the acceptance of special assessment bonds at face
value in payment of municipal taxes. The measure has been declared
illegal by City Solicitor Roland Reichert, it is said.
PATCHOGUE, Suffolk County, N. Y.
-BOND ISSUE DEFEATED.
-A vote of 434 10 373 was cast in opposition to the proposal to issue $45,000
storm sewer bonds, which was submitted for consideration of the voters at
an election held on March 20.
PAWNEE, Pawnee County, Okla.
-It LI re-BOND ELECTION.
ported that an election will be held on April 17 to vote on the issuance of
$48.000 in 4% power plant bonds. (A loan and grant of $60,000 has been
approved by the Public Works Administration-V. 138. p.362.)
April 7 1934
PEMBROKE, Plymouth County, Mass.
-NOTE SALE.
-Allen E.
Lord, Chairman Or Lae Board of Selectmen, reports that an issue of $88,000
notes was awarded on March 30 to Christianson, McKinnon & Co. of
Hartford as 330 at a price of 100.20.
-BOND ELECTION.
PERHAM, Otter Tail County, Minn.
-It is
reported that an election will be held on April 10 to have the voters pass on
the issuance of $5,000 in bonds to pay of warrants.
PETERSBURG, Monroe County, Mich.
-BONDS DEFEATED.
The proposal to issue $57,000 sewage disposal plant construction bonds,
submitted for consideration of the voters at an election held on March 12,
was defeated, the vote being 80 "for" and 161 "against" the measure.
-CURRENT REVENUES.
PHILADELPHIA, Pa.
-City 'Treasurer
Hadley recently reported that during the period from Jan. I to March 24
of the present year revenues collected from all sources aggregated 529,628.657, in comparison with $27,148.467 obtained in the corresponding period
19334 u
.mo
of 1933. Revenues for the two periods compare as folloz
s;Collected
1933.
-r
Source520.525,564,99
521.362,037.82
'
Current real estate taxes
2,487.090.33
3,187,214.85
Delinquent taxes
1.507,535.15
1,512.203.67
Water and meter rents
1.065.003.92
1,065.000.00
Philadelphia Gas Works Co
490.607.45
586,611.94
Philadelphia Rapid Transit Co
159 9 6 89
912 0 :91
:38
2
880,272.41
Miscellaneous departmental receipts_ -142,444.01
Personal property tax
670.250.00
Liquorlicenses
217,652.19
Interestfrom Bridge Commission
• 2,372.50
Beveragelicenses
563.00
2,597.62
Other receipts
-OFFERS TO RETIRE OUTSTANDING
PHILADELPHIA, Pa.
Mason, Chairman, states that the Commissioners of
-John H.
BONDS.
the Sinking Fund will receive sealed offers until 12 m. on April 6 from
holders of outstanding city bonds desirous of liquidating them prior to
maturity date. These purchases will be made at a price of not more than
par and accrued interest. The funds to be used for that purpose, about
38,000,000, represent part of the money received by the city from the
recent sale of 39,555,000 Delaware River Joint Commission, N. J., bonds
-V. 138, p. 2116. The balance of the total amount has been set aside
by the Sinking Fund Commissioners for the retirement of part of an issue
of bonds maturing on July 11934.
-BOND SALE.
-The
PIERCE COUNTY (P. 0. Tacoma), Wash.
$350,000 iF011e of coupon funding bonds offered for sale on April 2-V. 138,
P. 1957-was awarded to a syndicate composed of John Nuveen & Co.of Chicago: the Seattle Trust Co.ef Seattle; Murphey,Fevre & Co.and Richards &
Blum, both of Spokane. and Wm. P. Harper & Sons of Seattle as 54s
Due in from 2 to 10 years after date of issue.
-The addi-BOND DESCRIPTION.
PIOUA, Miami County, Ohio.
tional issue of $135.000 municipal power and light plant construction bonds
-V. 138, p. 2294-will be dated July 1 1934,
to be marketed by the city
bear interest at not more than 6% and mature on June 1 as follows: $13,000
1936; $14,000, 1937; $13,000, 1938; 514.000, 1939: $13.000. 1940; $14.000.
1941; 513,000, 1942; $14.000. 1943: 513.000, in 1944. and $14,000 in 1945.
Principal and interest (J. & D.) payable at the City Treasurer's office.
Tne bonds will be secured only by the revenues and property of the municipal
utility.
-BONDS APPROVED.
-An issue of
PLEASANT RIDGE, Mich.
$3,190 interest funding bonds has been approved by the State Treasurer.
-BOND OFFERPLEASANTVILLE, Westchester County, N. Y.
ING.
-John Miller, Village Clerk, will receive sealed bids until 7 p.m. on
April 10 for the purchase of $28,000 not to exceed 6% interest coupon or
registered public improvement bonds. Dated April 1 1934. Denom.
$1,000. Due $2.000 on Aug. 1 from 1935 to 1948, incl. Bidder to state
a single interest rate for all of the bonds, expressed in a multiple of ji or
1-10th of 1%. Prin. and int. (F. & A.) payable in lawful money of the
United States at the First National Bank, Pleasantville. A certified check
for $500, payable to the order of the Village, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater a New York
will be furnished the successful bidder.
Financial Statement.
$12, 82 58
38 : 3
8 81 9
5
Assessed valuation of taxable real property
Assessed valuation of special franchise
$13,270,724
Total assessed valuation
There is also exempt real estate assessed valuation totalling 2,043,150
1,316,175
Total bonded indebtedness, including this issue
$200,820
Water debt,included above
45,000
245,820
Street and sewer assessment bonds,included above
Net bonded indebtedness
Floating debt:
Tax notes against 1933 and prior levies
Tax anticipation of 1934levy
$1,070,355
$114,000
Nil
$114,000
Population: 1920 Federal census, 3,590; 1930 Federal census, 4,558:
1934 estimated, 4,900.
Tar Data.
Uncollected
Uncollected
as l p A 3 l
at End of
oft n r4
i.
Year of Levy.
193Y0
earTax Lerti•
$3241:767982:4631
$217,750.00
$ :0426
1839 7..86
8 9
241,659.20
1931
61,501.87
1932230,669.00
39.954.92
75,799.56
1933
256,300.88
60,537.91
Total uncollected taxes outstanding April 1 1934 $140,930.39.
(Includes all years)
The fiscal year dates are March 1 to Feb.28. Taxes are billed as of June 1
and Dec. 1 and become delinquent July 16 and Jan. 16, respectively,
Action is now in process to reduce delinquent taxes by tax sale or law suit.
x Includes all years.
PLYMOUTH, Wayne County, Mich. - REFUNDING ISSUE
PLANNED.
-L. P. Cookingham, City Manager, states that a refunding
issue has been authorized to take up the special assessment bonds which
matured on Nov. 1 1933. The City has not as yet been able to contact
all of the bondholders affected and for that reason the transfer of bonds
has not been made. Interest funds have been transferred to the regular
depository as provided in the bonds, it is said.
POLK COUNTY (P. 0. Des Moines), Iowa.
-BOND SALE.
-The
$901,000 issue of coupon primary road refunding bonds offered for sale
on March 29-V. 138. p. 2121-was awarded to Halsey, Stuart & CO.
of Chicago as 3 Ws for a premium of $2,075,equal to 100.23, a basis of about
.000. 1935 to 1937: $90,000,
3.23%. Due on Nov. 1 as follows: $10)
1938 to 1939; $75,000, 1940; $5,000, 1941 to 1946. and $79,000, 1946 to
1950. The second highest bid was a premium offer of $2,050 tendered by
the Iowa-Des Moines National Bank & Trust Co. of Des Moines.
PORT CHESTER, Westchester County, N. Y.
-ADDITIONAL
INFORMATION.
-The $10,000 school tax anticipation certificates recently sold to Faxon, Gade & Co. of Boston-V. 138, p. 2294-bear 6%
interest and mature on Oct. 1 1904. The bankers paid a price of par for
the loan.
PORT LAVACA, Calhoun County, Tex.
-BONDS TO BE PURCHASED BY PWA.-It is stated by the District Treasurer that the
$45,000 4% semi-annual school building bonds approved by the voters in
January-V. 138, p. 718-will be purchased by the Public Works Administration. Denom. 51.000. Dated Feb. 1 1934. Due $1,000.from
1935 to 1979, optional in five years.
PORTLAND, Cumberland County, Me.
-NOTE.SALE.
-An issue of
$200,000 1.65% tax anticipation notes was sold on March 27 to Leavitt
& Co. of New York.
POTTAWATTAMIE COUNTY (P. 0. Council Bluffs), Iowa.
BOND SALE.
-The $363,000 issue of primary road refunding bonds offered
-was awarded at auction to Halsey,
for sale on March 26-V. 138. p. 1958
Stuart & Co. of Chicago, as 3jis, paying a premium of $9,200, equal to
102.534, a basis of about 3.52%. Due on May 1 as follows: $60,000,
194510 1949, and $63,000 in 1950.
Volume 138
Financial Chronicle
PRINCESS ANNE, Somerset County, Md.-BOND OFFERING.
Anna M. Brown, City Treasurer, states that an issue of $23,000 5% refunding bonds will be sold at public auction at 2 p.m. on April 17. Denom.
not less than $100, nor more than $500. Due 31,000 annually on Jan. 1
from 1936 to 1958, incl.; callable after ten years. Previous mention of
this issue was made in V. 138, p. 1781.
PULLMAN, Whitman County, Wash.
-BOND ELECTION POSTPONED.
-We are informed by the City Clerk that the election which was
scheduled for April 10 to vote on the issuance of $12,000 in city hall and fire
station construction bonds
-V. 138, p. 2121-was postponed until some
future date, not yet determined.
RAPID CITY, Pennington County, S. Dak.-BOND SALE POSTPONED.
-We are advised by the City Auditor that the sale date on the
$166,000 5% sewage disposal plant bonds, previously set for April 2-V.
138. p. 1958, was postponed and no definite date has been set as yet.
Due on Oct. 15 1951 and optional after Oct. 15 1934.
RHODE ISLAND (State of).
-SEEKS PWA GRANTS ONLY.
-The
State Emergency Public Works Commission decided on March 28 that
in financing the projected $2,452.668 public works program, the State will
ask the Public Works Administration for an outright grant of about $735.799. equal to 30% of the estimated cost of labor and materials, and will
furnish the balance of the funds through the sale of bonds in the open
market, instead of to the Federal agency. It is believed that the financing
may be done by public sale on terms more favorable that those which
could be obtained from the PWA. The entire program is contingent upon
approval of the bond issue at a public election.
RICE COUNTY (P. 0. Faribault), Minn.
-BOND OFFERING.
Sealed bids will be received until 11 a. m. on April 25, by the County
Auditor, for the purchase of a $70,000 issue of court house impt. bonds.
Interest rate is not to exceed 434%.'payable semi-ann. Denom. $1,000.
Dated June 1 1934. Due as follows: $9,000. 1936; $10,000. 1937;$11.000,
1938:$12.000. 1939:$13,000. 1940 and $15,000 in 1941.
RICHLAND COUNTY (P. 0. Mansfield), Ohio.
-BONDS AUTHOR.
IZED.-The State Relief Commission has authorized an issue of $30.000
relief bonds, to be retired from the county's share of the proceeds of the
State selective sales tax.
RICHMOND, Henrico County, Va.-BOND SALE NOT CONTEMPLATED.
-In connection with the report given in V. 138, p. 1782,
that the city planned to issue $5,000,000 in bonds for a municipal electric
light and power plant, it is stated by the City Clerk that the probability
of any new bonds being issued by the city in the near future is quite remote.
RIDGWAY, Elk County, Pa.
-BOND ELECTION.
-At an election
to be held on May 15 the voters will consider the question ofissuing $25,000
street impt. and $10,000 swimming pool construction bonds, according to
G. F. Greiner, Secretary of Town Council. This report supersedes that
given in-V. 138, p. 2294.
RIO GRANDE COUNTY (P. 0. Del Norte), Colo.
-WARRANTS
-The County Treasurer is said to have funds on hand to pay
CALLED.
various school district and county warrants. It is reported that the Interest
on the school warrants ceased April 4, and will cease April 14 on the county
warrants.
ROCHESTER SCHOOL DISTRICT NO. 310 (P. 0. Olympia),
Wash.
-BONDS NOT SOLD.
-We are informed by the County Treasurer
that the $8,000 not to exceed 6% semi-annually school bonds scheduled for
sale on March 3-V. 138, p. 1430-were not sold and the matter has
been dropped for the present. Due in 20 years.
ROSALI A, Whitman County, Wash.
-BONDS VOTED.
-At a
recent election the voters are said to have approved the issuance of $20,000
in bonds for a school gymnasium. It is reported that an additional $20,000
will be applied for from the Government, making $40,000 available for the
structure.
ROYAL OAK, Oakland County, Mich.
-NOTICE TO BONDHOLDERS.
-Holders of interest coupons due April 1 1934 on water mortgage
bonds, dated April 11927. should present them for payment at the office of
Minnie N. Reeves, City Treasurer.
RUMFORD AND MEXICO WATER DISTRICT (P. 0. Rumford),
Me.
-BOND CALL.
-John P. MacGregor, Treasurer, has announced that
the following bonds. dated May 2 1932, have been caned for redemption
on May 11934, at the First National Bank of Boston, Boston, in accordance
With the provisions of said bonds.
Bonds numbered M7, M17, M32,
M37, M45, M51, M59,M100. M112, M152,M189, M1U2. M214 and M220
maturing May 1 1937 and bonds numbered D7, D8, M227, M242, M266.
M273 and M276 maturing May 1 1952. Interest on the bonds here called
will cease May 1 1934.
SAGINAW, Saginaw County, Mich.
-BONDS APPROVED.
-An
IRMO of $300,000 street improvement refunding bonds has been approved by
the State Treasurer.
SAFFORD, Graham County, Ariz.
-BONDS VOTED.
-At an election
held on March 20 the voters are said to have approved the issuance of
$133,153 in 4% water works system bonds. This election was originally
scheduled for Feb. 5-V. 138, p. 1085.
SAGUACHE COUNTY (P. 0. Saguache), Colo.
-WARRANTS
CALLED.
-It is reported that various school and county warrants are
called for payment at the office of the County Treasurer. Interest to cease
on school warrants March 27, and on county warrants April 6.
SAINT EDWARD SCHOOL DISTRICT NO.17(P.O.Saint Edward),
Boone County, Neb.-CORRECTION.-We are informed by the
of the Board of Education that the amount of school bonds to Secretary
be
on at the election on April 10, is $19,900. not $28,000, as reported voted
in V.
138. p. 2295. It is expected that a free grant will be made on this project
by the Public Works Administration as the building will cost about $27,500.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-PROPOSED
BOND ISSUE.
-Plans are being made to offer for sale an issue of $30,000
5% voting machine purchase bonds. The net assessed valuation of the
county Is r 'ported at $207,482,360, while the present indebtedness amounts
to SI.165.21
SAN JOSE, Santa Clara County, Calif.
-BOND SALE.
-The
$375,000 issue of improvement bonds offered for sale on April 2-V. 138.
p. 2295
-was purchased by the Bankamerica Co. of San Francisco.
a premium of $19, equal to 100.005, a basis of about 3.65%. on thepaying
divided as follows: $300,000 as 3s, maturing $15,000 from April 1bonds
1935
to 1954. and $75.000 as 3348, maturing $16,000
from April 1 1955 to
1959 incl.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
-BOND SALE.
The $20,000 poor relief bonds offered on April 5-V. 138, p. 2122
-were
awarded as 4s to the First National Bank of Bellevue,at par plus a premium
of $51,equal to 100.255, a basis of about 3.82%. Dated March 1 1934
due as follows: $3,800 Sept. 1 1934;$3,900 March! and $4,000 Sept. 1 and
1935;
$4,100 March 1 and $4,200 Sept. 1 1936.
SAN JUAN CAPISTRANO,Orange County, Calif.
-BONDS VOTED.
-At a recent election the voters are said to have approved the issuance
of $40,000 in bonds for improving the municipal water system and $28,000
In bonds for street improvements.
SARASOTA COUNTY (P. 0. Sarasota), Fla.
-BOND REFUNDING
PLAN ATTACKED.
-The following report is taken from a Sarasota dispatch to the "Wall Street Journal" of April 2:
s• "An anticipated legal attack on the $5.000.000 bond refunding plan
adopted by Sarasota County has materialized by the State of Florida
through State Attorney Williford flung motion to dismiss petitions asking
the validation of road and bridge and court house refunding bonds.
SHERBURNE CENTRAL HIGH SCHOOL DISTRICT, Chenango
County, N. Y.
-BOND OFFERING.
-The District Clerk states that seared
bids will be meowed shortly after April 14, for the purchase of $115,000
school construction bonds which were approved by a vote of 400 to 320 at
an election held laat November. The bonds will bear 4% interest and
mature serially on Jan. 1 from 1935 to 1965, inclusive.
SCHENECTADY Schenectady County, N. Y.
-ADDITIONAL
INFORMATION.
-In connection with the award on March 14 of $427,000
% bonds to the City Company of New York, Inc., at 100.239. a basis
about 3.45%-V. 138. p. 1958-we give herewith an official list of the
ofbids submitted at the sale and a statement showing the financial condition
of the city:
2457
BidderInt. Rate.
Amount Bid.
The City Company of New York (purchaser)-- 3.50%
$428,024.37
Phelps, Fenn & Co. and F. S. Moseley & Co..
jointly, New York
3.50%
427,980.00
E. H. Rollins & Sons, Inc.; A. C. Allyn & Co.,
Inc.,and Wallace & Co.,jointly, New York
427,631.96
3.50%
Bankers Trust Co. and Chase National Bank
New York
3.60%
427,721.63
Manufacturers and Traders Trust Co., Buffalo- 3.70 V
428.661.46
Guaranty Company of New York
428,605.52
3.70%
428,323.70
The N. W. Harris Co., Inc., New York
3.70
Brown Brothers Harriman & Co., New York
428,182.79
3.70%
Salomon Bros. & Hutzler, New York
427,636.23
3.70%
Blyth & Co., Inc.; Dick & Merle-Smith. and
First of Michigan Corp.,jointly, New York427,508.26
3.70%
Halsey, Stuart & Co.. Bancamerica-Blair Corp.
and Graham, Parsons & Co., jointly, New
York
427,705.00
3.80%
Geo. B. Gibbons & Co., Inc.; Stone & Webster
and Blodget. Inc. and Roosevelt St Weigold.
427,341.60
Inc..jointly. New York
3.80%
'
Financial Statement (March 3 1934).
Bonded debt,not incl. above listed issues
$11,247,384.37
Bond anticipation loan notes (payable from proceeds of
present offering)
291,604.04
Certificates of indebtedness, in anticipation of the receipt
of 1934 taxes and revenues_.
450,000.00
$11,988,988.41
Deduct:
Water bonds, included in above
$583,000.00
Sinking funds, other than for water bonds _ 131,896.56
Bonds other than water bonds, included in
above, maturing in the year 1934, tax for
payment of which is included in 1934 levy
of taxes
621,400.00
Total deductions
$1,336.296.56
Net debt
Assessed valuation for 1934 taxes, as equalized:
Real estate
Franchises
110.652.691.85
$152,970,692.00
5,947.650.00
Total
$158,918,342.00
Population: 1925 State census, 92,786; 1930 Federal census, 95.652.
Tax Collection Statement.
Collected to
Sold to
-DateofSale.
Year
Investors.
1928
1733.65
$4,49
1
$4,439,750.61
$34,510.56
1929
4,526,589.82
4,435,835.37
50.992.98
1930
4,514,620.80
4,421,086.22
53.658.30
1931
4,531,421.12
4,388,791.77
52,578.96
1932
5.055.593.78
4,744,516.36
44,093.75
Collected Since
UnYearSold to City.
Date of Sale.
collected.
1928
$22,172.48
None
None
1929
39.354.27
None
$407.20
1930
39,876.28
None
None
1931
89,388.17
None
662.22
1932
None
266.701.82
$281.85
The combined tax levy for the year 1933 Is 15.036.746.09, including
City tax levy of $4,408,229.00, County levy of $676,340.76, and water rents
and bills $222,176.33. Total collections reported at the close of business
March 3 1934, were $4,816,367.74, or 90.75% of the total. The 1933
tax sale has been deferred, but delinquent taxes are now being advertised
with the date of sale scheduled for March 19 1934. Combined tax levy
for the year 1934 is $4,936,264.87. including City tax levy of $4,099,396.65,
County levy of $616.359.31,and water rents and bills $220,508.91. Collections reported to close of business March 3 1934, were $1,278,426.45 or
25.89% 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 one-half July 1,
each instalment becoming delinquent 30 days after due date. Beginning
with 1933 City taxes are payable in quarterly instalments, due Jan. 1.
April 1, July 1 and Oct. 1, each instalment becoming delinquent 15 days
after due date.
Penalty is 4 of 1% per month during period of delinquency. Property
on which taxes remain unpaid is usually sold in November of the current
year to the bidder, who will pay the taxes and incidental expenses 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. The
owner of real estate may redeem it by payment of the amount for 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.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
City), Iowa.-TAX COLLECTIONS
.-The following additional financial
data is furnished by the Secretary of the Board of Directors in connection
with the offering on April 9 of the two issues of 4% school building bonds
aggregating $258,000, details of which appeared in V. 138. p. 2295:
Receipts (includes no balances
-receipts only)
1932.
1931.
1933.
Total receipts
$1.907,874.06 $1.746.019.16 $1,765,225.27
Total disbursements
1,878,769.51 1,748,471.35 1,619.715.11
Tax collections
-levy
Received
$29,104.55
1,783,980.00
1.761,644.00
-$2,452.19
1,701 096.51
1,611,492.73
$145,510.16
1.611,266.00
1.361,966.69
Delinquent
*22,336.00
389,603.78 $249,299.31
Delinquent percentage
15.4%
1.25%
5.26%
School year July 1 to July I; tax collection Jan. 1 to Jan. 1; no tax sale
past two years.
SOMERVILLE, Middlesex County, Mass.
-TEMPORARY LOAN.
The Bank of the Manhattan Co. of New York purchased on April 4 a
$200,000 revenue anticipation loan, due April 1 1935, at 3% discount
basis. The loan also was bid for by the following:
Bidder
Discount Basis.
National Shawmut Bank
3.09
Merchants National Bank
3.14
F. S. Moseley & Co
3.17
Faxon, Gade & Co
3.25 o
SPOKANE, Spokane County, Wash.
-BOND SALE CONTEMPLATED.
-The Chairman of the Park Board is reported to have stated
recently that the Board will have to offer for sale in the near future an issue
of $50.000 golf course completion bonds. He is said to have pointed out
that the rejection by the Public Works Administration of the Board's
application for a $96,000 allotment makes this action necessary.
TARBORO, Edgecombe County, N. C.
-FEDERAL FUND ALLOTMENT NOT CONFIRMED.
-In connection with the report given in
V. 138, p. 2296, that the Public Works Administration had announced an
allotment of $200,000 for water works improvement, it is stated by the
Town Clerk that he has no definite information at hand regarding this loan
and grant.
SPRINGDALE, Stevens County, Wash.
-BOND SALE DETAILS.
-In connection with the sale of the $2,100 street improvement bonds to a
local bank
-V. 138, P. 1959
-we are Informed by the Town Clerk that the
bonds were purchased by the Farmers & Merchants Bank of Springdale, as
os at par. Denom.$100., Dated Jan.221934. Duefrom 1936 to 1949,incl.
STEUBENVILLE, Jefferson County, Ohio.
-ADDITIONAL INFORMATION,
-M. Bliss Bowman & Co. of Toledo which purchased recently an issue of $62,500 6% coupon revenue deficiency bonds
-V. 138.
p. 2296-paid a price of par for the obligations. Dated April 1 1934. Due
Oct. 1 as follows: $7,000 from 1934 to 1941 incl. and $6,500 in 1942. One
bond for 3500, others for $1,000. Interest is payable in A. & 0.
STRUTHERS, Mahoning County, Ohio.
-BOND OFFERING.-John
F. Pearce, City Auditor, will receive sealed bids until 12 m. on April 21 for
the purchase of $34,597.36 6% refunding bonds. Dated Jan. 1 1934. Due
Oct.! as follows: $3,500 from 1935 to 1937 incl.; 53,653.64,1938;$3,833.67
2458
Financial Chronicle
1939; $3,728.01, 1940: $3,864.04, 1941; $4,000 in 1942, and S5,000 in 1943.
Interest is payable in A. & 0. Bids for the bonds to bear interest at a rate
other than 6%,expressed in a multiple of 3.4 of 1%, will also be considered.
A certified check for $500 must accompany each proposal.
STRUTHE1FtS CITY SCHOOL DISTRICT, Mahoning County,
-An issue of $2,500 tax anticipation notes, approved
Ohio.
-NOTE SALE.
by Attorney-General John W. Bricker, has been sold to the State Teachers'
Retirement System.
SUMMERVILLE CONSOLIDATED SCHOOL DISTRICT (P. 0.
Summerville) Chattooga County, Ga.-BOND ELECTION -An election is said to be scheduled for April 21, to vote on the issuance of $35,1,00
in school building and repair bonds.
TANGIPAHOA PARISH GRAVITY DRAINAGE DISTRICT NO. 2
-Sealed bids will be received until
(P.O. Amite), La.
-BOND OFFERING.
April 20,by Paul Frake,President ofthe Board of Directors,for the purchase
of an issue of $138,000 4% semi-ann. liquidation bonds. Denom. $1,000.
Due in 1937 to 1964. (The Reconstruction Finance Corporation recently
authorized a loan of like amount for refinancing.)
TERRACE IRRIGATION DISTRICT (P. 0. La Jara) Conejos
-An election will be held on April 17
County, Colo.
-BOND ELECTION.
according to report, to vote on the issuance of $70,000 in refunding bonds.
TEXAS, State of (P.0. Austin).
-BOND BILLS SIGNED -Governor
Ferguson recently signed two bills which had been passed at the recent
special session of the Legislatura, to pay holders of outstanding State bond
claims. One of the bills authorizes refunding bonds to replace defaulted
bonds. The other appropriates $401,912 to pay defaulted interest.
-BOND ISSUANCE
THOMPSON FALLS, Sanders County, Mont.
-The city is said to be planning a bond issue of
CONTEMPLATED.
$67,000 for a water supply system.
-APRIL 1 BOND INTEREST PAID.
TOLEDO,Lucas County, Ohio.
-It is reported that the City forwarded to New York funds sufficient to
meet the $94,539 bond interest which was due on April 1 1934, although,
as has been the case since Sept. 1 1933. no provision was made to cover bond
principal maturities. Interest in amount of $156,411 is said to be due in
May,but no bond principal is payable at that time. Under the 1934 budget,
plans have been made to pay all interest charges due in that year.
-BOND SALE.
VAN WERT COUNTY (P. 0. Van Wert), Ohio.
The $20,870 coupon poor relief bonds offered on March 26-V. 138, P. 1783
to the Peoples Savings Bank First
-were awarded as 4518. at par, jointly
Bank and the Van Wert National Bank, all of Van Wert. bated
March 1 1934 and due on March 1 as follows: $4.670. 1935; $5,100, 1936;
U.400, 1937 and $5,700 in 1938. Other bids for the issue were as follows:
Premium.
Int. Rate.
Bidder$64.69
4)4%
G. Parr & Ayers & Co., Columbus
37.60
451%
Mitchell, Herrick & Co., Cleveland
63.45
451 V
Seasongood & Mayer, Cincinnati
24.00
Otis & Co., Cleveland
24.50
5
Stevenson-Vercoe-Fulton & Lorenz, Columbus_ - 38.00
4
Hill & Co., Cincinnati
11.12
Fifth-Third Securities. Cincinnati
83.00
Ryan. Sutherland & Co., Toledo
23.00
Fox. Einhorn & Co., Cincinnati
65.00
Stranahan, Harriss Co., Toledo
451%
McDonald-Callahan-Richards Co.,Cleveland20.88
56.77
c
4)4%
Merrill
-Hawley Co., Cleveland
-Arthur H.
-BOND SALE.
WAKEFIELD, Middlesex County, Mass.
Boardman, Town Treasurer, reports that award was made on March 29
of $70,000 3% coupon water bonds to Blyth & Co. Inc., of New York,
at a price of 100.421. a basis of about 2.75%. Dated April 1 1934. Denom. $1,000. Due as follows: $16,000 Oct. 1 1934. $16,000 April 1 and
Oct. 1 from 1935 to 1937, incl., and $6.000 April 1 1938. Prin. and int.
(A. & 0.) payable at the Second National Bank of Boston. Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
-The
-BOND SALE.
WARREN COUNTY (P. 0. Indianola), Iowa.
$308,000 issue of primary road refunding bonds offered for sale on March 30
-was awarded to the White-Phillips Co.of Davenport, as
-V.138, p. 2123
351s. for a premium of $7,926. equal to 102.57, a basis of about 3.52%.
Dated May 11934. Due from May 1 1946 to 1950.
The following bids were also received:
Premium.
Names of Other Bidders37.925
Wheelock & Co
7,500
Halsey. Stuart & Co
7,125
Jackley & Co
5,500
Gaspell Vieth & Duncan
.
April 7 1934
on April 2-V. 138, p. 2298-was awarded to W.0. Gay & Co. of Boston
at 1.79% discount basis. Dated April 4 1934 and due on Oct. 10 1934.
WEST NEW YORK, Hudson County, N. J.-$190,000 BABY BONDS
ISSUED.
-Payment of the salaries of municipal employees for the three
months ending March 1 was effected on March 28 through the issuance of
$190,000 in baby bonds and the distribution of $78,176 in cash. It is stated
that three-quarters of the previous issue of $400,000 baby bonds have been
accepted by the Town in payment of taxes and canceled.
WHATCOM COUNTY SCHOOL DISTRICT NO. 308 (P. 0. Belling-At an election held on March 31t
-BONDS DEFEATED.
ham), Wash.
is said that the voters defeated a proposal to'me $10,000 in school audiaccording the measure the required
torium and gymnasium bonds, not
majority.
-No
-BONDS NOT SOLD.
WHITAKER, Allegheny County, Pa.
bids were obtained at the offering on March 31 of $8,000 not to exceed
5)4% bonds, dated April 1 1934 and due on May 1 1949.-V. 138, p. 2124.
-Sealed
-BOND OFFERING.
WICHITA, Sedgwick County, Kan.
bid.; will be received until 7:30 p. m.on April 9, by C. C.Ellis, City Clerk.
for the purchase of $50.000 4V, coupon park bonds. Denoms. $1,000 and
$500. Dated March 11934. Due in from 1 to 20 years.
-BOND SALE.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
-The $857,000 issue of primary road refunding bonds offered for sale on
-was awarded to Halswy, Stuart & Co. of
March 29-V. 138, p. 2298
Chicago, as 3hs, paying a premium of $101, equal to 100.0117, a basis of
about 3.24%. Dated May 1 1934. Due on Nov. 1 as follows: $70,000,
1935 to 1939; 320,000. 1940 to 1943, and $61,000, 1944 to 1950.
-FEDERAL FUND ALLOTWOODSTOCK, McHenry County, Ill.
-The Public Works Administration has allotted $10,000 for sewer
MENT.
construction. This includes provision for a grant equal to 30% of the
approximately $8,500 to be spent for labor and material. The balance
consists of a loan, secured by 4% general obligation bonds.
-Award
-BOND SALE.
WORCESTER, Worcester County, Mass.
WM made on April 5 of $276,000 3% coupon or registered bonds to Tyler,
Jointly, at a
Buttrick & Co. and Paine. Webber & Co., both of Boston, of:
price of 101.413, a basis of about 2.76%. The sale consisted
$175,000 trunk sewer bonds. Due April 1 as follows: $18 000 from 1935
to 1939, incl. and $17,000 from 1940 to 1944, incl.
101,000 water bonds. Due April 1 as follows: 36,000 in 1935 and $5,000
from 1936 to 1954, inclusive.
Each issue is dated April 1 1934. Denom. $1,000. Principal and interest
(A.& 0.) payable at the First National Bank of Boston. Legality approved
by Ropes, Gray, Boyden & Perkins of Boston.
Debt Statement and Borrowing Capacity April 2 1934 (Including this Issue).
Average valuation less abatements for 1931.
$334,822,664.00
1932 and 1933
$8,370.566.10
Debt limit 2;4% of the same
11,474,100.00
bonded debt
Total
Exempt
$2,50:000..00
Park debt
Sewer debt
Memorial auditorium debt__ _ 1,408.000.00
170,600.00
Water debt (funded)
Water debt (serial)
86
31,25 ,800.00
Relief debt (Chap. 307 of 1933) 3 6 1 "0 6,514,100.00
$4,960,000.00
$603,079.99
Total sinking funds
Less
Park loan fund.. _ _$250,000.00
Sewer loan fund_ _ 50.000.00
Water loan fund_ _ 155,616.72 $455,616.72
$147,463.27 $4,812,536.73
$3,558,029.37
Borrowing capacity within debt limit
-LIST OF BIDS.WORTH COUNTY (P. 0. Northwood), Iowa.
The follow ng bids were also received on March 28 for the $375,000 primary
road refunding bonds that were awarded jointly to the Harris Trust &
Savings Bank of Chicago. and the Iowa-Des Moines National Bank & Trust
Co. of Des Mo'nes, as 351s, for a premium of $7,051, equal to 101.88, a
7
basis of about 3.531 -V. 138, p. 2298:
Premium.
Names of Other Bi ders-37.050
Halsey, Stuart & Co., Chicago
Co., Des Mo'nes
Wheelock &
Glas II Vteth Duncan, Davenport
8
5
55:
5 700
:
Blyt & Co., Chicago
5,300
A. C. Allyn Co., Chicago
DISTRICT (P. 0. Hysham),
YELLOWSTONE IRRIGATION
-RFC LOAN AUTHORI7ATION.-It is reTreasure County, Mont.
Reconstruction
ported by the Secretary of the Board of Directors that the refinancing but
Finance Corporation has authorized a loan of $170,000 for
that as yet no disbursements have been made. Counsel are said to be working out the legal details of the refinancing.
-BONDS AUTHORZANESVILLE, Muskingum County, Ohio.
-The City Council recently authorized a bond issue of $7,0001for
IZED.
street marker signs at street
the purpose of purchasing and installing
intersections.
-PLANS BOND ELECTION.
WARREN, Trumbull County, Ohio.
The City Council is expected to call a special election soon in order to obtain
the electorate's approval of a deficiency bond issue of about $125,000.
-REPORT ON BOND
WASHINGTON, State of (P. 0. Olympia).
-In connection with the report given in V. 138, p. 2297, that an
SALES.
additional $1.000,000 of emergency relief bonds were sold recently, we give
the following report on the sales of bonds in March by this State, as furnished
to us on March 31 by D. Harold McGrath, Secretary of the State Finance
Committee:
We wish to state that the Finance Committee has made three recent
sales of bonds. On March 9 the Finance Committee sold to the Spokane
Eastern Co. and associates $1,000,000 general obligation bonds of 1933 at
a price of par at 4% interest. These bonds mature in the years 1949,
-The annual state-RAILWAY DEFICIT.
CANADA (Dominion of).
1950 and 1951. The Finance Committee on March 15 sold to Biyth &
ment of the Canad'an Nat'onal Ragways shows that in 1933 the system
Co. and associates $750.000 of bonds at a price of 98.13, at 351%. On the
operated at a deficit of 558,955,388, of which 352.000.000 was met by
next day the State of Washington sold to the Spokane Eastern Co. and
the Federal Government and the balance taken out of reserves of the
associates $250.000 of its general obligation bonds at a price of 96.865
company, according to report.
with a 334% coupon.
-LOCAL UNITS SEEK PERMISSION TO
CANADA (Dominion of).
-BONDS AUWEAKLEY COUNTY (P. 0. Dresden), Tenn.
-According to the "Monetary Times" of Toronto of
ISSUE BONDS.
-The County Court is said to have authorized recently the
THORIZED.
31. the follow ng municipalit'es have applied to the'r respective
March
issuance of $40,000 in refunding bonds.
Provincial Legislatures for perm salon to issue bonds in the amounts In-FEDERAL LOAN APPLIWEBER COUNTY (P. 0. Ogden), Utah.
dicated.
Amount of Issue.
Purpose.
Board of Education is said to have.
-The County
NameCATION TO BE FILED.
School
$38,000
decided to apply for a Public Works Administration allotment of $200.000
Kentville, N. S
45,000
construction of school buildings. It is understood that if the loan
Stellarton, N. S
for the
631,100
is approved an election will be held to vote on a bond issue of $145.000.
Victoria, B. C
DORVAL, Que..-MATURITY.-The city has a loan of $106,500
WEBSTER GROVES SCHOOL DISTRICT (P. 0. Webster Groves),
maturing on May 1 1934.
-We are informed that a $250,000
St. Louis County, Mo.-BOND SALE.
-PLANS BOND ISSUE.
-The Council
issue of 4% school bonds was awarded at public sale on March 26 to the
HALIFAX COUNTY, N. S.
Harris Trust & Savings Bank of Chicago, at a price of 102.41, a basis of
has decided to sell an Issue of $13,500 relief bonds.
about 3.76%. Due from Feb. 1 1941 to 1953 incl. Two other bids
-A syndicate composed of Harrison
HAMILTON, Ont.-BOND SALE.
were received for the bonds, the higher of which was for 101.80.
& Co., Imperial Bank of Canada, Royal Securities Corp., Nesbitt, Thom(The PWA recently announced an allotment of 3328,000 to this district
son & Co., Hanson Bros., Inc.. and McTaggart, Hannaford, Birks & Gorfor junior high school building construction.)
don. all a Toronto, was awarded during the latter part of March a total
-The above bonds were
BONDS OFFERED FOR INVESTMENT.
of $2,193,062 4%% improvement bonds at a price of 100.287, according
offered by the purchaser for public subscription at prices to yield from
to the "Monetary Timm" of Toronto of March 31, which listed the other
3.50% on the 1941 and 1942 maturities, to' 3.65% on the 1945 to 1953
bids submitted at the sale as follows:
Rate Bid.
maturities.
BidderBank of Toronto; Bell, Gouinlock & Co.; McLeod, Young, Weir &
ELECTION RE-BOND
131 WENATCHEE, Chelan County, Wash.
99.86 1
Co., and Fry, Mills, Spence & Co
PORT.
-We are informed by the City Clerk that the election on the proDyment, Anderson & Co.; Midland Securities Co.; Matthews & Co.;
posed issuance of $1,200.000 in water revenue bonds will be held on May 8,
R. A. Daly & Co.; Cochran, Murray & Co.; Griffis. Fairclough &
not on April 24, as reported in V. 138, p. 2123.
98.603
Norsworthy, Ltd.; Gairdner & Co., and C. H. Burgess & Co
In connection with the above report we give the following from the
Dominion Securities Corp.; A. E. Ames & Co., Ltd.; Wood, Gundy
Wenatchee "World" of March 20:
98.279
& Co.; Royal Bank of Canada, and Bank of Nova Scotia
"The Mt. Stuart-Icicle domestic water project bond election will not be
held on Tuesday, April 24, after all. The city commissioners decided to
-The 321,000 534% coupon impt.
LACHINE Que.-BOND SALE.
postpone final passage of the ordinance until next Monday. While the
-were awarded to Oairdner &
bonds offered on April 3-V. 138. p. 2298
Co. of Montreal, at a price of 100.11, a basis of about 5.47%. Dated
commissioners would not discuss their action in postponing the ordinance.
April 1 1934 and due serially on April 1 from 1935 to 1941 incl. Other bids
and City Engineer Fred Sharkey withheld comment, it is an open secret
for the issue were the following:
that Martin Chase's bill for filing water rights, which have been turned
over to the city, had something to do with postponement. The bill, it is
Rate Bid.
Bidderunderstood, is for $15,000.
98.125
L. G. Beaubien & Co
99.079
A. E. Ames & Co
-REFUNDING CONTRACT
WESLACO, Hidalgo County, Tex.
98.00
Banque Canadienne Nationale
to the City Secretary and Manager a contract
COMPLETED.
-According
98.567
Cote, Garneau, Ltd
has just been completed with the bondholders of the city for the refunding
98.53
Rene T. Leclerc, Inc
of the city's total indebtedness of $535,000, and the contract has been
their approval.
forwarded to the Bondholders Committee for
-A by-law proYORK TOWNSHIP, Ont.-BY-LA IV APPROVED.
viding for an issue of $100,000 local improvement bonds has been passed
Hampden County, Mass -TEMPORARY LOAN
by the Council.
-The $200,000 current year revenue anticipation loan offered
AWARDED.
CANADA, Its Provinces and Municipalities
psWESTFIELD,
@FedFRASER