The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
01111-nerMil
Volume 136
financial
•
1
oromdv
New York, Saturday, April 8 1933.
Number 3537
The Financial Situation
HE New York Federal Reserve Bank, after the
close of business on Thursday, lowered its
rate of discount for all classes of paper from 31 2%
/
to 3%, the new rate becoming effective yesterday
(Friday, April 7). It is only five weeks since the
rate was raised from 2i/ % to 3 %, on Friday,
2
/
1
2
March 3, at the highly critical time on the eve of
the general banking suspensions, when the Reserve
banks, and in particular the Federal Reserve Bank
of New York, found themselves in a desperate condition, and when the Reserve officials were holding
solemn conferences with State and National authorities, and with leading Clearing House officials,
and when the Reserve people themselves joined in
the request to Governor Lehman that he issue his
proclamation shutting down all the banks in New
York State, and of which the Reserve Bank itself
might take advantage.
The present lowering again of the rate argues that
there has been a great improvement in the general
banking situation, and so there has, in this brief
space of time. To anyone looking back, the transformation in banking conditions and in the banking
outlook has been simply wonderful. Anxiety has
given place to calm assurance, and the feeling of
alarm as to whither the country might drift has
entirely disappeared.
All this, however, while extremely gratifying, will
not leave the careful student free from misgivings as
to the wisdom of the cut in the rate. He will ask
himself whether it would not have been the wiser
course to have left the rate unchanged at 31 2%—cer/
tainly not a high rate. Conditions have immeasurably changed for the better, but, admitting that,it is
nevertheless difficult to convince oneself that lowering the rate was called for or can be considered desirable. Are the Reserve authorities anxious to
encourage new borrowing? If not, what is the object
of the cut? The weekly returns of the Federal Reserve banks show that member bank borrowing at
the 12 Reserve institutions increased considerably
over $1,000,000,000 when the crisis was at its height,
the discount holdings of the 12 Reserve banks
having risen from $286,373,000 Feb. 15 to $1,413,986,000 March 8, an expansion of $1,127,000,000 in
the short space of three weeks. At New York discounting was on such a huge scale that the New York
Reserve Bank could not take care of it all, and,
accordingly, had to rediscount $210,000,000 of its
bills with other Reserve institutions. On March 15
the New York Reserve Bank was still rediscounting
$143,800,000 of its bills.
T
All this is now changed, and the discount holdings
and member bank borrowing at the New York Reserve Bank, which on March 8 aggregated $772,762,000, this week (April 5) is down to $115,615,000,
and member bank borrowing for the whole Federal
Reserve System has been reduced from $1,413,936,000 March 8 to $436,177,000 April 5. This shows
not only that the banking troubles which led to the
general banking suspensions the first half of March
have been completely surmounted, but that there is
no longer any need for borrowing. An immense
change all around for the better is also evident from
the other statistics of the Reserve institutions.
But ought the Reserve banks to encourage borrowing when there is no need for it, as the figures we
have just given clearly demonstrate there is not?
Who is to be benefited anyway by the reduction in
the rate? Or is the reduction simply a gesture? It
seems to us that the reduction is simply a new manifestation of the easy money policy of the Federal
Reserve System which caused such great havoc back
in 1928 and 1929,and which has worked no less disastrously on the present occasion, eventuating in a
general banking suspension and a banking collapse
such as has never before been witnessed.
What caused the huge gold withdrawals on foreign
account which were such a large factor in the general
breakdown? It will be answered that was caused
by foreign distrust arising out of a fear that the
United States would be forced off the gold standard.
And the answer will be correct. But it must not be
forgotten that this foreign distrust, with the gigantic foreign withdrawals which attended it—(the
amount of gold set aside and earmarked for foreign
account on the single day of Friday, March 3, when
the Federal Reserve authorities themselves joined
in urging upon Governor Lehman that he ought to
declare a bank holiday for the whole State of New
York, was no less than $109,700,000, though $39,754,500 of this was released from earmark after
three o'clock in the afternoon)—was itself largely
responsible for the domestic distrust which came
concurrently and so greatly added to the home propensity to hoard.
When we proceed further, however, we find that
underlying the whole trouble, and the primary cause
of it, was the inordinately low interest rates prevailing here, and these abnormally low rates were
the direct outgrowth of the easy money policy of
the Federal Reserve System. The member banks of
the Federal Reserve System could not be induced
to borrow, since they had no need for extra funds.
2288
Financial Chronicle
and,indeed,could not find employment for the same,
but the Federal Reserve authorities accomplished
the same result by putting out a huge volume of unneeded Reserve credit through their open market
purchases of United States Government securities.
Even to-day the Federal Reserve System holds
$1,837,368,000 of United States Government securities, on which a corresponding amount of Reserve
credit has been imposed.
With the country flooded in this way with unneeded Reserve credit, the financial centers became
congested with enormous amounts of funds for
which it was impossible to find employment, and
the result was to drive interest rates down to abnormally low figures, so low,in fact, as almost to extinguish interest yield altogether. 'Call money on the
Stock Exchange ruled at only 1% per annum for
weeks at a time. Bankers' acceptances dropped to
such absurdly low levels that the bid price for 90-day
bills was quoted at only 38 of 1% per annum, and
/
the asked price at only % of 17, while even in
0
February the United States Treasury sold Treasury
bills on a discount basis of only 0.18% per annum.
Now, the point which we wish to make is that
there was really no inducement for foreign banks
and other financial institutions to leave their funds
here, since they could not invest the same so as to
yield any kind of decent return. How different
might have been the result if these foreign financial
institutions had been able to obtain even the ordinarily low levels at which they are accustomed to
make investments at home. In that event, we may
be sure, these funds, or at least a large portion of
them, would have been allowed to remain here (the
rate of return being the lure), and the Federal
Reserve System would not have been confronted
with export takings of the metal- on the huge basis
which finally led to its undoing. With gold takings
correspondingly diminished, neither the foreign distrust nor the domestic distrust would have reached
the heights they did, and the stability and integrity
of the Federal Reserve System would never have
become impaired or put in actual jeopardy.
How quickly foreign financial institutions are
apt to respond to rising rates of interest has been
clearly demonstrated during the last two weeks.
The immediate effect of the banking suspensions and
the tying up of deposits was to bring a rise in
interest rates on all classes of banking accommodation. Rates for bankers' acceptances, for instance,
early in March went as high as 3 % bid and 3%70
/
1
2
asked for bills running from 30 to 90 days, and the
middle of the month, after the reopening of the
banks,sold still higher, or 334% bid and 3/ asked.
5870
With the gradual resumption of normal banking
functions, the acceptance rates subsequently declined, but even at the end of March they were still
quoted at the relatively high rate of 2 7 bid and
/0
1
2
270 asked. Here was the great opportunity for the
foreign banks, of which they did not fail to avail.
Each week since the middle of March the foreign
banks have been adding to their holdings of acceptances in this market, and on Wednesday of the
present week these holdings for account of foreign
banks aggregated $50,330,000 as against $27,478,000
on March 15. Now,however,interest rates are again
declining all around, including the rates for bankers' acceptances, and this week open market rates
for acceptances were reduced several times, on one
day twice, with the result that yesterday the quota-
April 8 1933
tions for 30- to 90-day bills were down to 1%7 bid
0
and 1%7 asked, thus threatening a return to the
0
conditions which prevailed before the banking
collapse.
All this leads to the question whether the fatuous
easy money policy which has done so much mischief
in the past, and finally created such great havoc
in February and March,is to be continued hereafter,
notwithstanding that it has become so thoroughly
discredited. Though the New York Reserve Bank
has already lowered its rediscount rate, the Reserve
System cannot be said to have returned to a normal
basis, even though its gold holdings have been very
substantially increased as a result of the pressure
brought upon domestic hoarders of gold. For one
-thing, it is not paying out gold in the normal
way, both the takings of gold for foreign and domestic account being still forbidden. The Presidential
embargo upon gold takings has not been lifted. On
the contrary, the President on Wednesday of the
present week (April 5) issued another executive
order strengthening the provisions against hoarding.
The new order excepts such amounts of gold as may
be required for legitimate and customary use in
industry, the professions, and the arts, as well as
stocks of gold in reasonable amounts for the usual
trade requirements of owners mining and refining
such gold, but everyone holding gold in the shape of
coin, bullion or certificates exceeding $100 in value
is required to hand it over for other currency before
May 1 or suffer the penalty of a fine of $10,000 or
imprisonment of not more than 10 years or both.
In other words, at a time when we have this fresh
demonstration that the Reserve banks are far from
having got back to their former normal way of
functioning, the New York Federal Reserve Bank
hastens to reduce its rediscount rate when no benefit
to anyone can result from the action, but when, on
the contrary, great harm may result in driving interest rates down to such low figures that foreign
banks will be deprived of all inducements to keep
their funds and balances here. What a comment
upon Federal Reserve policy!
E REFERRED last week to the courage displayed by President Roosevelt in promptly
reducing the pay of Government employees to the
full 15% permitted under the law when he ascertained, after investigation, that the cost of living
in Washington between June 1928 and December
1932 had declined 21.770, and also by his insistence
on the passage of the bill for unemployment relief
through reforestation, notwithstanding the opposition of organized labor in the person of William
Green and the American Federation of Labor. The
present week be has given another demonstration
of his courage by the promulgation of an executive
order making cuts affecting almost all of the
1,400,000 pensioners on Government payrolls, and
estimated by the Veterans' Bureau as aggregating
at least $400,000,000 a year, to go into effect on
July 1. The reductions range from relatively negligible cuts for seriously disabled veterans, with
service-connected injuries, to total elimination of
the great bulk of pensioners now compensated for
non-service-connected disabilities. President Roosevelt, after signing the order, issued the following
statement, indicating the principles that governed
him in scaling down the pensions, and it is a very
convincing statement:
W
Volume 136
Financial Chronicle
"In connection with the publication to-day of the
regulations having to do with veterans' benefits, I
do not want any veteran to feel that he and his comrades are.being singled out to make sacrifices. On
the contrary, I want them to know that the regulations issued are but an integral part of our economy
program embracing every department and agency
•of the Government to which every employee is making his or her contribution.
"I ask them to appreciate that not only does their
welfare but also the welfare of every American citizen depend upon the maintenance of the credit of
their Government and that they also bear in mind
that every citizen in every walk of life is being called
upon, directly or otherwise, to share in this."
The President is also gaining wide popular support in his various moves, and they are attracting
general attention. For instance, the Washington
correspondent of the "World-Telegram" is moved to
say in a dispatch dated April 6 that in one month
President Roosevelt has defied more organized
minorities than his three Republican predecessors
did in 12 years. All of this, of course, is greatly to
the credit of Mr. Roosevelt. The "World-Telegram"
correspondent goes on to say:
"He has gone contrary to the wishes, it is pointed
out here of the majority of the supposedly most
powerful groups in the country. He has made ap'
pointments and advocated legislation in defiance
of organizations which have dominated politics since
the World War. Other leaders have refused to take
such chances out of fear it would be what their advisers called 'political suicide.'
"So far the President seems to have smashed several political theories and bogies. Although flying
in the face of all these groups, he has been able to
get the legislation they opposed through Congress.
He has forced 531 legislators not elected on a nationwide scale, and therefore more likely to suffer, to
defy their constituents. They don't like it, they
admit, but they have done it.
"Even more important, it is pointed out that Mr.
Roosevelt has kept the popular support. Even
though he may have played unconventional politics,
and apparently antagonized the parts which make
up the whole, he has held the majority of the
average
citizens. It has, definitely and clearly, raised the
question of whether these organized minorities exercise as much power as politicians have been led
to
believe for so many years."
--•-HERE are some defects in the President's proposed General Securities Act for the protection of investors that should not escape
attention,
otherwise the Act will defeat its own ends. In a
communication that has come to us from Arthur J.
Edwards, statistician for Smith, Graham & Rockwell, it is pointed out that the provisions of
Section 14 of the bill practically prohibit the publication of security advertisements in any newspaper
or magazine of wide circulation, particularly
with
respect to old securities, because of the practical impossibility of complying with the blue sky laws of
all of the States into which such magazines or newspapers may be delivered. The requirements of some
States, it is averred, are so impossible of fulfilment
that they are habitually passed by, by New York
bankers. This advertising provision, however,
would make unlawful the delivery of any such advertisement in a State where the security advertised
is not qualified under the local law, or (it would
appear), the dealer advertising is not qualified to
do business. Obviously, this criticism should receive
T
2289
the careful consideration of the committees of the
two Houses of Congress having the measure in
charge.
HANGES in the condition statement of the Federal Reserve banks the present week are along
the same lines as in preceding weeks, and indicate
further improvement in the condition of the Reserve
System. Member bank borrowing has been further
reduced,and as a result the volume of Reserve credit
outstanding, as measured by the bill and security
holdings, has also been further reduced. At the
same time new additions have been made to the gold
holdings, while the amount of Federal Reserve notes
outstanding has undergone further contraction.
The discount holdings of the 12 Reserve institutions
(reflecting member bank borrowing) are reported
at$436,177,000 the present week (April 5) as against
$545,110,000 last week (March 29). Holdings of
bankers' acceptances have also been allowed to
diminish further, and stand this week at $285,973,000 as against $310,235,000 last week. Holdings
of United States Government securities show very
little change, the same as has been the case for
many weeks, and are reported at $1,837,368,000 the
present week against $1,838,370,000 last week. As a
result of these changes, the bill and security holdings are down to $2,565,059,000 as against $2,699,117,000 last week, indicating a contraction in the
volume of Reserve credit outstanding during the
week of $134,058,000. The amount of Federal Reserve notes in circulation shows a contraction for
the week in only a little less notable fashion, this
week's figure being given as $3,644,137,000 against
$3,747,626,000 last week. Federal Reserve bank
notes outstanding have slightly increased, but remain at a really small total, being no more than
$15,930,000 for the whole country, which compares
with $14,228,000 last week. Gold holdings have
risen further during the week from $3,236,766,000
to $3,278,837,000.
As a joint result of the increase in the gold holdings, and the diminution in the outstanding amount
of Federal Reserve notes and some small diminution
also in the deposit liabilities, the ratio of total reserves to deposit and Federal Reserve note liabilities combined has risen further from 57.8% to
59.7%; on March 8 this ratio was as low as 45.6%.
The amount of United States securities held as part
collateral for Federal Reserve notes, after having
been reduced last week from $1,000,700,000 to $868,700,000, has been further reduced the present week
to $853,700,000. Foreign central banks keep enlarging their holdings of bankers' acceptances in
this market, and the total of these foreign holdings
the present week is reported at $50,330,000, which
compares with $46,549,000 last week, and with only
$27,478,000 on March 15.
C
HE New York stock market, after continued
weakness in the early part of the week, developed a decided rallying tendency the latter part.
The upward reaction has been based entirely on the
improvement shown in the commodity markets,
more particularly grain and cotton'. Wheat has
manifested growing strength, and the rise in it has
carried the other grains with it. The growing winter
wheat crop has evidently suffered very considerable
deterioration, and the Government report, to be
issued next Monday, is awaited with considerable
T
2290
Financial Chronicle
interest. The May option for wheat in Chicago the
present week sold as high as 58%c., and closed
yesterday at 57 c. as against 5334c. the close on
/
1
2
/
Friday of last week. This is after a considerable
rise during the month of March, and as showing
what a decided improvement has occurred in the
market value of this grain in recent weeks it is only
necessary to say that the opening price for the May
option in Chicago on March 1 was 47c., showing a
rise during the last five weeks of 11%c. a bushel.
Corn has in like manner moved upward,and the May
option yesterday closed at 3318c. as against 29%c.
/
the close on Friday of last week, and an opening
price March 1 of 2418c. The price of cotton has also
/
shown greater firmness, and spot cotton here in
New York was quoted at 6.60c. on Thursday, and
was 6.55c. yesterday, against 6.30c. on Friday of
last week. Sugar prices have also established a
further rise the present week on top of the big advance during the month of March. Accounts regarding the steel trade have likewise been more encouraging. The "Iron Age," in its issue the present
week, reported that an enlarged demand by the automobile and brewing industry had lifted the level
of steel operations to 16 % of capacity against 15%
/
1
2
last week. "Some individual units of the industry,"
said the "Iron Age," "have had a surprising influx
of rush orders, principally in last-minute specifications against low-priced first-quarter sheet contracts, which the mills insist must be shipped by
April 15. Thus, a leading independent maker of
flat-rolled steel is able this week to double its sheet
mill operations, having had the largest tonnage for
any single week in three years. At Chicago, ingot
production has gained two points to 13% of the
district's capacity, because of a better miscellaneous
demand as well as orders for sheets for beer barrels
and releases of 5,000 tons of rails for a Western
road and reinforcing bars for highway construction."
The bond market has, as a rule, been weak, and
German issues have declined sharply. Railroad
stocks have lagged mainly on account of uncertainty
as to the course of legislation at Washington regarding the railroads. United States Government
securities have been strong. In the case of stocks
like American Tel. & Tel., covering of shorts has led
to quite a substantial rise for the week. The general
stock market on Friday made a further advance
early in the day, but then reacted on realizing sales.
Dividend reductions and omissions by corporations
have been somewhat less numerous, though they
have included some important public utilities. The
Food Machinery Corp. omitted the monthly dividend
on the 6 % cumul. pref. stock. Colgate-Palmolive/
1
2
Peet Co. also omitted the quarterly dividend of 25c.
a share on the no-par common stock. The Columbia
Gas & Electric Corp. reduced its quarterly dividend
on common from 25c. a share payable in convertible
cumul. pref. stock to 20c. a share payable in the
same way. The Edison Elec. Illuminating Co. of
Boston reduced the quarterly dividend on its capital
2
stock from 3% to 21/ %. Of the stocks sold on the
New York Stock Exchange 75 touched new high
figures for tile year the present week and 172 stocks
receded to new low levels. On the New York Curb
Exchange the record for the week is 25 new highs
and 279 new lows. Call loans on the Stock Exchange,
/
1
2
after renewals had been made on Monday at 2 %,
were reduced to 2% in the case of new loans, and
April 8 1933
remained at that figure until Friday, when there
was a reduction to 11 2%.
/
Trading this week has been on a growing scale as
prices have improved. On the New York Stock Exchange the sales at the half-day session on Saturday
last were 447,160 shares; on Monday they were
599,940 shares; on Tuesday, 721,200 shares; on
Wednesday,1,144,650 shares; on Thursday,1,226,520
shares., and on Friday, 953,855 shares. On the New
York Curb Exchange the sales on Saturday last were
55,060 shares; on Monday, 103,600 shares; on Tuesday, 113,337 shares; on Wednesday, 128,470 shares:
on Thursday, 137,180 shares, and on Friday, 196,620
shares.
As compared with Friday of last week, prices are
moderately higher. General Electric closed yester/
1
2
day at 1314, against 12 on Friday of last week;
Brooklyn Union Gas at 64 bid against 67; North
/
American at 16% against 1658; Standard Gas &
/
Elec. at 618 against 5%; Consolidated Gas of N. Y.
at 401 against 404; Pacific Gas & Electric at 20
A
against 20%; Columbia Gas & Elec. at 9% against
gy ; Electric Power & Light at 3% against 3/ ;
s
58
/
Public Service of N. J. at 3358 against 34; Inter
national Harvester at 231 8 against 2178; J. I. Case
/
/
Threshing Machine at 45 against 433 Sears, Roe%;
4
buck & Co. at 173 against 16½; Montgomery Ward
& Co. at 133 against 12%; Woolworth at 27 against
%
2712; Safeway Stores at 3418 against 31%; Western
/
/
Union Telegraph at 18% against 1818; American
/
Tel. & Tel. at 91 against 88½; International Tel. &
8
Tel. at 57 against 5%; American Can at 58
/
1
2
against 54%; United States Industrial Alcohol at
2318 against 20%; Commercial Solvents at 13%
/
%;
against 123 Shattuck & Co.at 6% against 71 4 and
/,
Corn Products at 56% against 54.
Allied Chemical & Dye closed yesterday at 8014
/
/
against 7512 on Friday of last week; Associated Dry
Goods at 5 against 4%; E. I. du Pont de Nemours
at 3578 against 34; National 'Cash Register "A" at
/
%;
8% against 73 International Nickel at 8% against
8; Timken Roller Bearing at 16 against 15; JohnsManville at 181 8 against 15½; Gillette Safety Razor
/
at 12 against 13%; National Dairy Products at
/
1
2
13% against 12%;Texas Gulf Sulphur at 19 against
17; American & Foreign Power at 418 against 4 ;
/
/
1
2
Freeport-Texas at 21% against 21; United Gas Im/
1
2
/
provement at 14 against 1414; National Biscuit
at 37 against 35; Coca-Cola at 81 against 8212; Con/
tinental Can at 431 4 against 41; Eastman Kodak at
/
%
49 against 521 ; Gold Dust Corp. at 1518 against
/
1
2
/
13; Standard Brands at 1578 against 1618; Para/
/
/
mount Publix Corp. ctfs. at 14 against %; Westing/
house Elec. & Mfg. at 2514 against 23%; Drug, Inc.,
at 33% against 29%; Columbian Carbon at 29%
against 2614; Reynolds Tobacco class B at 303
/
%
against 29%; Lorillard at 13% against 12%; Liggett & Myers class B at 60% against 56%, and
Yellow Truck & Coach at 314 against 23
/
%.
The steel shares have followed the general market.
United States Steel closed yesterday at 29 against
/
1
2
27% on Friday of last week; United States Steel
pref. at 61 against 59½; Bethlehem Steel at 15%
against 13, and Vanadium at 111 4 against 101 4 In
/
/.
the auto group, Auburn Auto closed yesterday at
/
33 against 321 4 on Friday of last week; General
/
1
2
/ against 1114; Chrysler at 103
1
2
Motors at 12
/
%
against 87 Nash Motors at 13% against 127
/8;
/8;
%
Packard Motors at 13 against 17 Hupp Motors at
/8;
2 against 178 bid, and Hudson Motor Car at 33%
/
Volume 136
Financial Chronicle
against 3%. In the rubber group Goodyear Tire &
Rubber closed yesterday at 16 against 135 on Fri/s
day of last week; B. F. Goodrich at 5 against 4 ,
/
1
4
and United States Rubber at 4 against 3 .
/
1
4
The railroad shares have been laggards, and in
some cases distinctly lower. Pennsylvania RR.
closed yesterday at 16 against 16% on Friday of last
week; Atchison Topeka & Santa Fe at 39% against
39%; Atlantic Coast Line at 18% against 1914;
/
Chicago Rock Island & Pacific at 278 against 2%;
/
New York Central at 1618 against 16%; Baltimore
/
& Ohio at 91/s against 9%;New Haven at 12 against
127 ; Union Pacific at 62 against 67%; Missouri
8
Pacific at 1 against 1%;Southern Pacific at 13
/
1
4
/
1
4
against 14; Missouri-Kansas-Texas at 7 against
71/ ;Southern Railway at 5% against 6; Chesapeake
4
& Ohio at 27 against 27%; Northern Pacific at 11%
against 12%,and Great Northern at6% against 7/.
18
The oil shares have moved irregularly. Standard
Oil of N. J. closed yesterday at 271 against 25% on
/s
Friday of last week; Standard Oil of Calif. at 24
/
1
4
against 217s; Atlantic Refining at 15% against
/
14%, and Texas Corp. at 13 against 12. In the
copper group Anaconda Copper closed yesterday
at 7% against6% on Friday of last week; Kennecott
Copper at 10% against 8%; American Smelting &
Refining at 1718 against 14%; Phelps Dodge at 6%
/
against 6; Cerro de Pasco Copper at 9% against 814
/,
and 'Calumet & Hecla at 2% against 2.
TO@K EXCHANGES in the leading European
financial centers continued to reflect, this
week, the world-wide unsettlement in economic and
political conditions. All the markets were irregular,
with the London Stock Exchange showing somewhat
better results for the week than the Paris Bourse
or the Berlin Boerse. Trading was light, however,
and price movements were quite small. The only
distinctive feature of the week was a substantial
buying movement in South African gold mining
stocks on the London and Paris exchanges. This
movement developed after publication of March
earnings reports showing sterling profits more than
double those of the same month last year, the gain
being occasioned, of course, by abandonment of the
gold standard in South Africa. Most other groups
of securities were quiet, and only a little changed
for the week. In the London market satisfaction
was general regarding the results of the Treasury's
fiscal year, which closed on March 31 with an
officially computed deficit of only £3,323,000. In
France, on the other hand, some perturbation was
caused by indications that the French Government
has given up hopes of balancing the budget and will
show a deficit of $200,000,000 for the current fiscal
year. The business situation in European countries
remains unchanged, and is perhaps well illustrated
by a report on unemployment in most countries,
issued by the International Labor Office in Geneva,
last week. This report, which covers all the leading
countries with the exceptions of the United States
and Russia, disclosed a net increase of 975,000 during the last year in the ranks of the unemployed in
29 countries.
The London Stock Exchange started the week
with a cheerful tone, but a very modest turnover.
British funds were firm at the opening, Monday,
but eased later in the day and finished with small
recessions. Good support was extended to South
African mining shares on publication of the first
2291
earnings statements for March. Industrial stocks
were uncertain, and international securities also
displayed mild ,irregularity. In Tuesday's dealings
South African gold mining issues forged ahead, but
the market was quiet otherwise. British funds declined a little, while industrial stocks showed a few
good spots, but dullness in most of the list. International shares were not materially changed. The
trend Wednesday was better in most sections of the
market. Kaffir gold mining shares were in excellent
demand, and a better tendency developed in British
funds. Motor stocks and textile issues were good
among the home industrials. Anglo-American trading favorites improved, but German securities
dropped owing to fears that repayment of the international credit of $70,000,000 by the Reichsbank
may lead to lapse from the gold exchange standard.
Dealings Thursday were somewhat more active.
South African gold mining stocks soared further,
and late profit-taking diminished the gains only a
little. British funds were firm, and there were again
some good features among industrial stocks. The
international group was soft, with especially heavy
losses in German bonds. British funds hardened
further yesterday, and industrial stocks also
improved.
The Paris Bourse was irregular, Monday, with
the main trend toward lower levels. Bank stocks
and French industrial issues declined, but the international section was enlivened by an upswing in the
South African gold mining issues listed at Paris.
Rentes were heavy. A moderate rally developed in
the dealings Tuesday. South African gold mining
shares moved forward steadily, and a little of the
enthusiasm was communicated to other sections of
the market. Rentes advanced, and French bank and
industrial stocks also scored small gains. The trend
Wednesday was irregular. Rentes were firm and
most international securities also improved. Bank
stocks dropped, with Union Parissienne shares showing the greatest recession, while French industrial
issues also lost ground. The trading Thursday was
featured by a sharp advance in gold mining issues,
and a drop in German bonds. Rentes were firm,and
most of the French equities also improved a little.
The trend yesterday was irregular, with changes
unimportant.
The Berlin Boerse was firm at the opening, Monday, but prices eased later in the day and finished
close to previous levels. Reichsbank shares were
in favor, and some of the German mining issues also
reflected good demand. The opening Tuesday was
dull, most traders preferring to await further political developments. The trend was stimulated later,
however, by announcement that the boycott of German Jews would not be resumed. Early losses were
recovered and prices at the close were the best of
the day, with a number of issues showing small net
gains. Reichsbank shares improved on declaration
of a 12% dividend. The advance was continued
early Wednesday, with I. G. Farbenindustrie and
Reichsbank shares in greatest demand. The gains
were not fully maintained, owing to a late recession,
but most stocks closed with small advances. More
confidence was displayed Thursday, stocks advancing in the widest movement of the week after an
irregular opening. Advances of 3 to 5 points were
registered in some active issues, and profit-taking at
the close diminished these gains only a little. Industrial securities were favored in this movement.
2292
Financial Chronicle
After a firm opening yesterday, prices dropped on
the Boerse and net changes were small.
--•-ORLD economic and disarmament problems
will be the subject of a series of conversations in Washington between leading statesmen of
the foremost Powers. Prime Minister Ramsay MacDonald was invited by President Roosevelt, Wednesday, to confer with him on "realistic action," and
the British leader promptly replied, Thursday,
accepting the invitation and indicating that he
would leave England April 15 for a stay of a few
days at the White House. The French Government,
it was disclosed Thursday, has been informed that
Mr. Roosevelt would welcome a visit from an outstanding statesman, such as Premier Daladier, Foreign Minister Paul-Boncour, or former Premier Herriot, with similar discussions in view. Moreover,
spokesmen for Italy, Germany and Japan would be
equally welcome at Washington for successive conversations on the same subjects, reports from the
capital state, while representatives of virtually all
other countries also will be received for exchanges
of views. For the discussions now in prospect
ample preparations have been made in a long series
of unofficial exchanges on both sides of the Atlantic,
and there seems some reason to assume they will be
fruitful. It is apparent that any understandings or
agreements arrived at may prove of unexampled
importance to the world.
In further preparation for the steps now taken,
Secretary of State Cordell Hull continued this week
his informal exchanges in Washington with the
British Ambassador, Sir Ronald Lindsay, several
brief statements disclosing that world economic conditions were under consideration, with especial emphasis on price levels. Although intergovernmental
debts will certainly form one of the more highly
important topics in the coming conversations, little
comment was made this week regarding the problem.
Whether this indicates some measure of agreement
on the long-sought approach to a formal review of
the debts, or a desire for a preliminary exploration
of other questions, is difficult to say. 'While the
informal Washington exchanges were in progress,
equally significant talks were held in London and
Paris by Norman H. Davis, United States Ambassador-at-large in Europe. Mr. Davis conferred at
length with Stanley Baldwin, Lord President of the
Council and head of the Conservative party, which
really rules England at present. He talked in Paris,
Tuesday, with Foreign Minister Joseph Paul-Boncour, and on the following day with Premier
Edouard Daladier and former Premier Herriot.
From Paris, Mr. Davis will go to Berlin and possibly
to Rome, it is intimated.
Only the broadest indications are available so far
regarding the nature of these intense diplomatic
activities. The informal talks were initiated, it will
be recalled, long before Mr. Roosevelt assumed
office, and as a direct result of requests by Great
Britain and other debtor countries for a review of intergovernmental debts. At the President's insistence
the scope of the conversations was broadened to include general economic subjects of interest to the
respective nations. When Mr. Davis went abroad
some weeks ago it was understood that he would
likewise concern himself with the problem of disarmament. Suggestions were made last week that
the World Monetary and Economic Conference
W
April 8 1933
might be held somewhat earlier than had been expected, as a consequence of the exploratory discussions, but after a talk in London with the Japanese
Ambassador, Tsuneo Matsudaira, Mr. Davis felt less
confident about an early meeting and more inclined
to the belief that several more months of preparation would be necessary. There were numerous
broad hints on both sides of the Atlantic early this
week that preparatory conversations in Washington
between leading figures of the World Powers would
be held, and the indications, Wednesday, that Mr.
MacDonald would soon arrive and probably be followed by a French leader occasioned no surprise.
Cordial sentiments were expressed by President
Roosevelt in his invitation to Prime Minister MacDonald and in the latter's acceptance. The British
Minister will leave Southampton by the Berengaria
April 15, and return by the same vessel. He will
thus arrive in Washington April 21 for a stay of
several days. "Ever since my conversations with
the British Ambassador at Warm Springs, I have
been hopeful that you might find it possible to visit
Washington," Mr. Roosevelt said in his invitation.
"I should particularly welcome such a visit in the
near future, as the preparations for the World Economic Conference, of which you are to be President,
are entering a more intensive stage and because of
the need for making further progress toward practical disarmament. In my judgment,the world situation calls for realistic action; the people themselves
in every nation ask it. I therefore hope that you
will find yourself free to come to Washington during
the present month. If you can come, I trust that
you will stay with us at the White House and bring
with you any of your family that you may desire."
In his reply, Mr. MacDonald expressed himself as
"most touched by your friendly invitation for me
to come to Washington," and the invitation was
accepted "with the greatest possible pleasure."
again a
in
TdERE wasthis week,notable lack of progressthe
Europe,
toward agreement on
four-Power accord as proposed by the Italian Premier, Benito Mussolini, and elaborated in the Rome
conversations between Signor Mussolini and Prime
Minister MacDonald of Great Britain. As the General Disarmament Conference stands adjourned for
the time being, not even the semblance of progress
was reported from Geneva toward the worthy aim
of disarmament. French objections to the proposed
four-Power understanding for the revision of the
Versailles treaty and the maintenance of peace in
Europe are standing out ever more clearly as the
main stumbling-block to realization of the plan. The
French Government considered the proposal
early this week and outlined a tentative
"acceptance," which is said to call for modification of the treaty revision concept in the
Mussolini plan, and elimination of re-armament
for Germany. Premier Daladier discussed the
plan in the Chamber of Deputies, Thursday, and
announced that any European collaboration would
have to be within the framework of the League of
Nations. If the question of the revision of boundaries is brought up, he said, "does not that risk
leading us into war under the flag of peace?" Again
proclaiming French adherence to the League Covenant, the Kellogg-Briand pact and the pact of Locarno, M. Daladier praised the sincerity of Premier
Mussolini and Prime Minister MacDonald, and
Financial Chronicle
Volume 136
added that collaboration of the four leading European Powers within these accords would be fruitful.
The Grand Council of the Fascist party in Italy
met Thursday,and after a discussion of the proposed
four-Power accord an announcement was issued
which virtually served notice on France that extensive changes in the Mussolini plan would not be
considered. The Council, according to the statement, "affirms that the fundamental elements of
the Mussolini plan must remain untouched, as they
alone can create the conditions necessary for a peace
in which all interests would be thoroughly recognized." It was indicated in Rome reports of Thursday that no less than four drafts of the proposed
four-Power accord already have been made. Official
announcement was made in Berlin, Wednesday,that
two of the leading officials of the new Fascist Government of Germany will go to Rome for conversations with Premier Mussolini and his colleagues.
Vice-Chancellor Franz von Papen, and Captain Hermann Goering, Minister without portfolio and foremost lieutenant of Chancellor Hitler, will be the
Reich's representatives. It was indicated in an
Associated Press dispatch that they will discuss
with the Italian Fascist Government the proposed
four-Power peace plan. The time of their departure
is indefinite.
-4--
RITISH national finances showed remarkable
stability in the fiscal year ended March 31,
notwithstanding the severe effects of the world-wide
depression on the trade of the country. The official
Treasury summary of the year's results reflects
a deficit of £3,323,000, as compared to the estimated
surplus of £800,000 when Chancellor of the Exchequer Neville Chamberlain prepared the figures. No
provision was made in the budget for the December
debt payment to the United States, and this item of
£28,956,349 is set up as a separate item under the
British Government's unilateral reservation of the
right to treat the sum as a capital payment, of which
account should be taken in any final debt settlement
with the United States. With this item added, in-come lacks £32,279,000 of balancing the expenditures. The "Times" of London points out that the
real deficit would be £8,605,000, if account were
taken of certain items of capital adjustment. It is
remarked, moreover, that the British Treasury
would have finished the year with a surplus if
payments had been made in accordance with the
old schedule on reparations account, and if the
Allied, Dominion and colonial debt payments had
been made. The showing,in any event, was regarded
as'highly satisfactory throughout Great Britain.
Revenue for the year amounted to £744,791,000,
while the expenditure, including £17,239,000 for the
sinking fund, but excluding the December payment
to the United States, came to £748,114,000. The
budget for the fiscal year forecast aggregate revenue
of £766,800,000 and expenditures of £766,000,000.
Failure of revenue to meet the estimates by £22,000,000 was due to deficiencies in almost all items
with the exception of estate duties, which exceeded
expectations by £1,000,000. Income and surtax receipts fell £14,000,000 behind the estimate, while
customs duties fell short by £7,000,000. Revenues
from excise taxes and the postal service also fell
somewhat short of expectations. These results, a
dispatch to the New York "Times" remarks, reveal
far greater power of resistance on the part of Great
2293
Britain to the economic blizzard than once had
seemed probable.
An important change in British monetary policy
was announced March 31, when the Treasury authorized the Bank of England to reduce that portion of
British circulation represented by the fiduciary
issue to £260,000,000, from £275,000,000. Special
authorization to increase the fiduciary currency by
£15,000,000 from its normal limit of £260,000,000 was
obtained in August 1931, owing to the heavy withdrawals of funds from London then in progress.
The privilege of maintaining the fiduciary currency
at its increased limit was renewed from time to
time, but it was explained on official authority that
further renewal was not requested last week, and
the privilege allowed to lapse. This step was made
possible, it is indicated in London dispatches, by
the recent heavy acquisition of gold by the Bank of
England, more than £64,000,000 of the metal having
been obtained by the institution since the flow to
England started early this year.
EPAYMENT of the $70,000,000 credit extended
to the Reichsbank in equal parts by the Federal Reserve banks, the Bank of England, the Bank
of France and the Bank for International Settlements was offered the creditor institutions Wednesday, according to announcement by Dr. Hjalmar
Schacht, newly-elected President of the German central bank. The credit represents the unpaid balance of the $100,000,000 advance made in June 1931,
in an attempt to allay the banking panic then spreading in the Reich and offset the flight of capital
from the country. The 90-day credit was renewed
every three months, and finally reduced somewhat
on the insistence of some of the creditor banks. The
official statement of Dr. Schacht indicated, Berlin
dispatches say, that at the time of the last renewal,
on March 4, a demand was made for conversion of
the dollar credit into a gold credit, as a protection
against possible depreciation of the United States
dollar. The creditor banks were thereupon offered
the alternatives of a "currency clause" covering this
point, or repayment. One of the creditor banks
promptly accepted the offer of repayment.
In German financial circles Dr. Schacht's action
was generally applauded,a dispatch to the New York
"Herald Tribune" states, as the belief has been gaining ground that the foreign credit no longer justifies
its cost of nearly 12,000,000 marks annually in interest. "It served no useful purpose and provided only
a simulated coverage for the nation's banknote circulation," the report remarks. "The second objection
to retention has been political in nature, for each
time the credit became due the French have used
their part in it as a weapon in demanding political
concessions in return for its prolongation." Dr.
Schacht, it is noted in an Associated Press report,
has for some time 'held the view that the credit
should not be figured as part of the gold coverage,
and the decision announced Wednesday is considered
a logical consequence of his viewpoint. German
banking circles estimated that repayment of the
credit will reduce the German banknote coverage
to 15%, as it is expected that the greater part will
be repaid in gold.
R
_
LTHOUGH the new Fascist Government in
Germany is now in undisputed control of the
country, no measures of any kind appear to be under
2294
Financial Chronicle
consideration by the authorities for redeeming the
glowing promises of economic improvement held out
by Chancellor Hitler during the parliamentary election campaign. As a result of the promises, and of
the coercive electioneering methods, the NationalSocialists and their allies, the Nationalists, obtained
a comfortable majority in the plebiscite of March 5.
Instead of organizing swiftly for the long-promised
relief from the economic depression, the German
Government has presented the world with the not
very edifying spectacle of a campaign of repression,
directed primarily against German Jews and secondarily against all of its political dissentients, of
whatever religious persuasion. To the anti-Jewish
campaign has now been added a movement by the
Nazis for making the Lutheran church in Germany
a mere organ of the National-Socialist party. How
long the German people will tolerate the activities
of such political triflers, remains to be seen.
The boycott of the 600,000 German Jews, announced for last Saturday by the Nazis and supported by Chancellor Hitler, fortunately was confined to a single day. It was carried out, dispatches
from Berlin indicate, with great rigor, to the distress
of the Jewish population and the discomfort of many
Germans of other faiths. A statement issued by the
Government expressed satisfaction over the diminution of atrocity agitation abroad, and indicated that
the threatened renewal of the boycott would not take
place if the foreign agitation ceased. A decision
was announced Tuesday to discontinue the boycott,
as "anti-German propaganda abroad has almost entirely ceased." In a number of Berlin reports it
was maintained that the decision was due to the
personal intervention of President Paul von Hindenburg, who is said to have reminded Herr Hitler that
racial or religious discrimination is forbidden by
the German Constitution. A lame defense of his
position was attempted by Herr Hitler, Thursday,
when he pointed to the United States exclusion act
against the yellow race as a precedent for the removal of Jewish intellectuals from medical, legal,
artistic and scientific positions in the Reich. At a
congress of German Christians in Berlin, Wednesday, the proposal was made for reform of the Lutheran church by Government fiat and for leadership
of the church by an assembly of party appointees,
each party receiving as many delegates as it had
Deputies in the Prussian Diet. The Supreme Council of the church reminded Herr Hitler, Thursday,
that he had promised not to touch the country's
independent churches.
XTENSIVE changes in the Argentine banking
system are recommended by Sir Otto Niemeyer, director of the Bank of England, in a report
on the economic situation of the country issued in
Buenos Aires, last Sunday, after several months of
study. Sir Otto, who has made numerous similar
surveys in recent years, conducted the present inquiry at the request of the Argentine Government.
Prompt establishment of a central reserve bank is
urged in the report, together with a system of
national member banks. Two legislative proposals
under which this reform could be achieved are suggested in the document. The central bank would
confine its functions to rediscounting the paper of
member banks, the issuance of currency and the
stabilization of exchange. The Federal Government
would own no stock of this bank, and exercise no
E
April 8 1933
control over it. As this institution is established
the Gold Conversion Office should be abolished, Sir
Otto contends, and the gold fund used to repay the
Government's heavy debt to the Bank of the Nation.
Suspension of debt service on the external obligations of the country is apparently considered unnecessary by Sir Otto, who makes no recommendations to that effect, as he did in Brazil several years
ago. The quick increase in external indebtedness
during the decade from 1922 to 1932 is sharply criticized, however, and it is suggested that the Finance
Ministry should be entrusted with the control of
the external borrowing power of the Federal Government, the provinces and the municipalities. The
large volume of loans obtained abroad after 1922
occasioned a form of inflation, Sir Otto found, as
the sums were used largely to meet current administrative expenditures, and did not increase the actual
wealth of the country. Much attention is devoted in
the report to the need for a balanced budget and
the means of obtaining it. The gold peso should be
discontinued in the Government accounts since it
does not exist as a circulating medium, it is pointed
out. No need is seen for increase of the present note
issue, as "there is already circulation of currency
sufficient to sustain a much higher price level and a
much larger volume of business." Any attempt to
stabilize the international value of the Argentine
peso would be inadvisable at present, it is maintained, owing to the existing confusion in the leading currencies of the world. Exchange control is
described as a "regrettable necessity" at this time,
but it is suggested that the functions of the Exchange Control Commission be absorbed by the proposed central bank and control abolished as quickly
as possible.
ICTATORIAL powers were assumed in Uruguay
on March 31 by President Gabriel Terra, after
a bref conflict of authority between the Executive
and the several legislative bodies of the country.
This action was taken, according to Dr. Terra, to
prevent the success of a widespread revolutionary
movement, engineered in large part by the National
Administrative Council, which shares power with
the Executive under the Uruguayan system of government. The Congress and the Administrative
Council were dissolved by Presidential decrees, and
seven of the nine Councilmen were imprisoned. Former President Baltasar Brum, also a member of the
Council, was reported to have killed himself after
wounding two policemen who came to arrest him,
while the ninth Councilman, Agarcia Morales, took
refuge in the Argentine Embassy. A junta of eight
leading citizens was appointed by the President to
assist him in ruling the country, and the junta was
authorized to take over the manifold government
activities which formerly were under the control
of the Administrative Council. Some disorders were
reported in the country as a result of these developments, but on the whole the change appears to have
been received calmly. A rigid censorship was established at first by the authorities, but it was lifted
Tuesday so far as foreign dispatches are concerned.
This is the first political upheaval in Uruguay since
1904, the country being one of the few South American republics that have escaped revolution during
the current depression.
Dr. Terra's assumption of sole executive authority
followed a conflict with the legislative branch of the
D
Volume 136
2295
Financial Chronicle
Government regarding measures of security which
the President took the previous day in Montevideo.
He ordered military occupation of the water works,
power houses and prisons of the city, but the Administrative Council and the Legislative Assembly
voted for the rescindment of these measures, whereupon Dr. Terra proclaimed the dictatorship. Further decrees were published last Saturday, calling
for election of a Constitutional Assembly on June 25
to revise the Constitution, and providing for heavy
reductions in the salaries of civil employees as well
as curtailment of the expensive social services for
which the country is renouned. It was reported in
Montevideo dispatches of April 1 that the President
appeared to have the support of a majcrrity of the
many political factions of the land. Announcement
was made Monday that Dr. Terra would use force
to prevent a session of the Senate, convoked by its
leaders to impeach the Executive. Some street
fights were reported early this week, mainly between
students and the police, and there were suggestions
of an anti-Terra general strike of the students and
the labor unions.
The aims of Dr. Terra are represented as reasonable. In a Buenos Aires dispatch of March 31 to
the New York "Times" it is indicated that he has for
some time desired to revise the Constitution of 1917,
under which great but very expensive advances in
social legislation were achieved. Old age pensions
and the gradual extension of governmental activities in local industries occasioned a continual increase in the budget and an alarming gain in taxation on industries not operated by the Government,
it is remarked. This tendency has been especially
burdensome of late, and organized public meetings
in which tax strikes were threatened have been common recently. Dr. Terra, having assumed dictatorial powers, called upon the leading citizens of
the junta early this week to assist him in effecting
sweeping reductions of the high Government salaries, the elimination of many posts, suppression or
reduction of pensions paid to persons who are indedependently wealthy, and reforms in the civil pension system. He is said in dispatches to fulfill none
of the traditional specifications of a Latin-American
dictator, as he is rather phlegmatic and not picturesque. He has been a college professor, journalist and lawyer, and has held practically every important political office in his country. "There are
many unusual and almost unbelievable features in
the Uruguayan situation, the political factors of
which are so complicated that they are almost unexplainable to an outsider, even with diagrams,"
a Buenos Aires dispatch to the New York "Times"
remarks. "But the strangest feature of Dr. Terra's
dictatorship is that he favors abolition of the Presidency and would adopt a purely commission form
of government, with the President of the National
Administrative Council acting as the head of the
State on formal occasions."
issue of the Bank, voted by the Treasury on March
31, from £275,000,000 to £260,000,000 resulted in a
loss of £15,000,000 in reserves. Therefore, a net
loss of £14,886,000 was shown in reserves. The
reserve ratio fell from 54.05% a week ago to 41.52%;
last year it was only 29.74%. Public deposits fell off
£7,161,000 and other deposits rose £16,290,315.
The latter consists of bankers accounts which increased £16,760,803 and other accounts which decreased £470,488. Loans on government securities
increased £25,242,000 while those on other securities
fell off £1,815,218. Of the latter amount, £121,594
was from discounts and advances and £1,693,624
from securities. Below we show a comparison of the
different items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Aprti 6
1932.
Mail 5
1933.
AprU 8
1931.
April 9
1930.
April 10
1929.
E
£
£
£
£
Circulation_ a
371,689.000 359,791,591 358,884,883 359.250.323 362.130.979
Public deposits
14.083.000 9.992.818 0,883,140 1.5.167.701 17.205.719
144,094,388 113,186,227 93,508.910 101.908,734 100,517,848
Other deposits
Bankers'accounts_ 109,598,888 79,542.470 59.508,788 65,251,317 113,900,072
34.495.482 33,843,757 34.000.142 38,857,417 36.817.576
Other accounts
Governm't securities 82,980.779 51,110.906 33,399.684 55,861,909 53,278,855
27,186.005 53,074,407 39,498,988 17,351.549 28,783,947
Other securities
Disct. 4/ advances_ 11.648,718 12,164,130 10,889.986 6.288,218 12,671,742
15,517,287 40,910,277 28,609,002 11.083,331 16,092.205
Securities
Reserve notes /1/ coin 85,690,000 36.845,769 43,133,485 61,531.155 53.351,721
177,360,405 121,437,360 147,023,368 160,782,478 155.482,700
builion
Coln and
Proportion of reserve
45.31%
52.55%
29.74%
41.52%
46.56%
to liabilities
AUT.
21.4q,
2.7.
2 t4.7,
2%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of En::
land note issues, adding at that time £234,199,000 to the amount of Bank of Englalid
notes outstanding.
discount rate
reduced
Present
THE Bank oftoRoumaniaApril 5. its rates at
6% on
from 7%
shown in the following table:
the leading centers are
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Austria.—
Belgium...
Bulgaria—
Chile
Colombia..
Cason oslovakla____
Danzig __ _ _
Denmark._
England...
Estonia-Finland.—
France....
Germany._
__
Groom
Rate is
D026
April?
AMU Estabtished.
Preri0118
Rate.
8
214
934
514
6
5
3)4
814
414
5
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
Sept.19 1932
334
4
334
2
514
6
234
4
0
Jan. 25 1933 414
July 12 1932 5
Oct. 12 1932 4
June 30 1932 214
Jan. 29 1932 814
Jan. 31 1933 7
Oct. 9 1931 2
Sept.21 1932 5
Dee- 2 1022 10
Country.
Holland_ ...
Hungary-115
Int
Ireland....
Italy
Japan
Lithuania
Norway._ _
Poland _.._
Portugal.-Rumania - South Africa
Spain
Sweden
8w11s•rland
Rate In
DaSI
Effect
April? Established.
214 Apr. 18 1933
434 Oct. 17 1932
314 Feb 16 1933
June 30 1932
3
Jan. 9 1933
4
4.38 Aug. 18 1922
May 5 1932
7
Sept. 11932
d
Oct. 20 1932
8
Mar, 14 1933
6
Apr. 7 1933
8
Feb. 21 1933
4
Oct. 22 1922
8
334 Sept. 1 1932
Jan. 22 1931
2
ProSous
Rase.
3
5
4
I134
5
5.11
714
d%
734
8
7
6
834
4
334
In London open market discounts for short bills on
Friday were 9-16@M%, as against M% on Friday
of last week, and %@11-16% for three months'
bills, as against /
5 8@11-16% on Friday of last week.
Money on call in London on Friday was M%. At
Paris the open market rate remains at 234% and in
Switzerland at 11/2%.
HE weekly statement of the Bank of France
dated March 31, records another decrease in
gold holdings, this time of 214,573,990 francs.
Owing to this loss the Bank's gold stands now at
80,408,862,501 francs, in comparison with 76,785,994,706 francs last year and 56,096,521,839 francs
the previous year. French commercial bills discounted, bills bought abroad and creditor current
accounts register declines of 75,000,000 francs,
10,000,000 francs and 2,073,000,000 francs while advances against securities is up 79,000,000 francs. A
HE Bank of England statement for the week large gain in note circulation, namely 1,863,000,000
ended April 5 shows another large gain in gold francs raises the total of the item to 86,096,913,405
holdings amounting this time to £4,672,245, which francs, the highest in the Bank's history. Total
brings the total up to £177,360,405 the largest circulation a year ago was 83,438,128,425 francs and
amount ever held. This compares with £121,437,360 the year before it was 79,464,634,075 francs. The
a year ago. The gain in gold was considerably proportion of gold on hand to sight liabilities stands
offset by an expansion of £4,558,000 in circulation, at 76.45%, as compared with 69,85% last year.
and the result was an increase of £114,000 in reserves. Below we furnish a comparison of the various items
However, the reduction of the fiduciary currency for three years:
T
T
2296
Financial Chronicle
BANK OF FRANCE'S COMPARATIVE STATEMENT.
April 8 1933
nesday and Thursday. The call loan rate on the
Stock Exchange renewed at 2% yesterday, but the
rate for new loans dropped to 13/2% later in the day.
Francs.
Francs,
Francs.
Francs.
Gold holdings
—214.573.990 80.408,862,501 76,785,994,706 56.096,521.839
Street trades were done as low as 1%. Time loans
Credit bale, abroad_
No change
2,405,466,301 4,347,874,470 6.940,740.703
&French commercial
also eased, notwithstanding very modest dealings.
bills discounted
—75,000,000 4,150,613,249 3,746,756,224 5,991,147,783
bBilis bought abed—10,000,000 1,970,112,447 8,184,441.433 19,372,294.259
Adv. against secureBoth the regular compilations of brokers loans against
+79,000.000 2.713,069,212 2,858,412,926 2,941,097,944
Note circulation__ _ _ +1,863,000.000 86,096.913,405 3,438,128,425 79,464,634.075
Credit current accts. —2,073,000,000 19,084,408,997 6,489,534,905 21,916,421,933
stock and bond collateral were made public this
Proport'n of gold on
lw hand to sight liab_
week. The New York Stock Exchange tabulation for
—0.05%
76.45%
69.85%
55.33%
a Includes bills purchased in France. b Includes bills discounted abroad.
the full month of March reflected a decrease of
$48,995,475 in that period. The Federal Reserve
HE Bank of Germany in its statement for the Bank of New York report for the week to Wednesday
last quarter of March records an increase in night showed an increase of $5,000,000. Internagold and bullion of 11,289,000 marks. The Bank's tional movements of gold in the same weekly period
bullion now aggregates 738,645,000 marks, as corn-- resulted in additions of $3,270,000 to the monetary
pared with 878,650,000 marks last year and 2,323,- stocks of the country.
403,000 marks the previous year. Increases are
EALING in detail with call loan rates on the
recorded in bills of exchange and checks of 344,481,Stock Exchange from day to day. On Mon000 marks, in advances of 126,691,000 marks, in
day after renewals at been put through at 23/2% the
investments of 246,000 marks, in other assets of
70,497,000 marks, in other daily maturing obligations rate was reduced to 2% for new loans, and this was
of 80,523,000 marks and in other liabilities of 681,000 the rate for the remainder of the week for both remarks. Notes in circulation show an expansion of newals and new loans until Friday when new loans
322,876,000 marks, raising the total of the item to were made at 13/2%. There have been some in3,519,674,000 marks. Last year circulation aggre- quiries for quotations on time money this week but
gated 4,231,073,000 marks and the year before no actual business has been reported. Rates yester4,455,672,000 marks. Reserve in foreign currency, day dropped to 1% for 30 to 90 days and 134% for
silver and other coin and notes on other German four to six months. The demand for commercial
banks reveal decreases of 24,987,000 marks, 112,442,- paper has been fairly firm this week, but dealers are
000 marks and 11,695,000 marks, respectively. The still handicapped by a scarcity of satisfactory paper.
proportion of gold and foreign note circulation Rates are nominally quoted at 3% for all classes of
declined to 23.7%, which compares with 24.1% the paper.
same period last year and 56.4% the previous year.
HE market for prime bankers' acceptances has
A comparison of the various items for three years is
furnished below:
been extremely quiet this week. There has
been only a very moderate demand with small supply
REICHSBANK'S COMPARATIVE STATEMENT.
of paper available. Rates were reduced on Tuesday
Changes
for Week.
Mar.31 1933. Afar. 31 1932. Mar.31 1931.
34 of 1% in both the bid and asked columns for all
Retchsntarks. Retchsmarks. Retchsmarks. Reichsmarks.
Assets—
maturities. On Wednesday there was a further reGold and bullion
+11.289.000 738,645,000 878.650,000 2,323.403,000
No change
Of which depos. abroad
49,257,000
80.465.000 207,638.000
duction of % of 1% all around. The quotations of
Res've In torn currency
—24,987.000
96.961.000 141,819,000 188,065.000
Bills of exch. & checks- +344.481.000 2,815,095,000 3.317.855,000 2,092,350.000
the American Acceptance Council for bills up to and
Silver and other coin _
—112,442.000 176,479,000 139,063,000 157,157,000
Notes on oth. Ger. bks—11,695,000
2.836,000
2,797,000
4,144,000
including three-months' bills are 1 8 bid arid 134%
%
Advances
+126,691.000 210,328.000 289,874,000 274,072,000
Investments
+246,000 401,317,000 361.751.000 102,802,000
asked; for four months, 1/% bid and 11
4% asked;
+70.497,000 689.726,000 910,635,000 476,640,000
Other assets
Llabiittius—
for five and six months, 1 8 bid and IN% asked.
%
+322.876,000 3,519.674,000 4,231,073.000 4.455,672,000
Notes in circulation
+80,523.000 442,880,000 577,688.000 387.452,000
0th. daily matur. oblig.
The bill buying rate of the New York Reserve Bank
+681,000 601,607,000 658.257.000 281,402.000
Other liabilities
Propor.of gold & foreign
is 2% for bills running from 1 to 90 days. No rates
—2.9%
56.4%
23.7%
24.1%
cur. to note Circula'n_
are quoted for bills of longer maturities. The
holdings
RONOUNCED ease prevailed in all departments Federal Reserve banks'week of acceptances have
dropped during the
from $310,235,000 to
of the New York money market this week,
the rapid dwindling of the effects of the $285,973,000. Their holdings of acceptances for
owing to
banking crisis and the renewed incidence of the foreign correspondents, however, increased during
official easy money policy. Rates for all classes of the week from $46,549,000 to $50,330,000. Open
accommodation declined progressively, and the market rates for acceptances are as follows:
SPOT DELIVERY.
Federal Reserve Bank of New York capped the
--180 Dan— —150 Den— —120 Daps—
movement Thursday by announcing a reduction in
BSC Asked,
Bid. A Skid
Bid. Asked.
Prime eligible bills
14(
114
14
1%
1%
the rediscount rate from 35/b to 3%, effective yester—90Daps— —60 Dart-- —30
Ds'—.
364. Asked.
Rid. Akked.
day. Dealers reduced bankers' bill yield rates by Prime eligible bills
Bid. Asked.
ln
134
1,3i
134
134
131
y all round Tuesday, and a further M% Wednesi%
FOR DELIVERY WITHIN THIRTY DAYS.
day, but the Federal Reserve Bank of New York Eligible member banks
134% bid
134% bid
maintained its buying rate unchanged all week at Eligible non-member banks
2% for bills due up to 90 days. An issue of $100,000,000 in 91-day Treasury discount bills was
REDUCTION in the rediscount rate of the
awarded Monday at an average discount of 1.35%.
Federal Reserve Bank of New York was made
Call loans on the New York Stock Exchange re- this week. The rate has been lowered from 332%
newed Monday at 23/2%, but in the later dealings of to 3%, effective April 7. The action was announced
the day new loans were arranged at 2%, while in the by the Bank the previous day (April 6). The 33/2%
outside market some transactions were reported as rate had been in effect since March 3, having at that
low as 13/2%. The official rate for call loans was held time been raised from 23/2%. The following is the
at 2% Tuesday, Wednesday and Thursday. Street schedule of rates now in effect for the various classes
trades were done at 13/2% Tuesday, and 1% Wed- of paper at the different Reserve banks:
Changes
for 1Veek.
Mar.31 1933. Aprtt 11932. April 3 1031.
T
D
T
P
A
Financial Chronicle
Volume 136
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Irederat Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansaa City
Dallas
San Francisco
Rate in
Effect ors
April 7
Date
Established.
Precious
Rate.
314
3
314
314
314
314
314
314
314
354
314
314
Oct. 17 1931
Apr. 7 1933
Oct. 22 1931
Oct. 24 193t
Jan. 25 1932
Nov. 14 1931
Mar. 4 1933
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
Oct. 21 1931
234
3;4
3
3
4
3
214
214
4
3
4
214
exchange while ruling on average fracSTERLINGlower than last week must be considered
tionally
A
.
as on the whole steady with a firm undertone, as
present rates are prevented from advancing only
through operations of the British Treasury's Equalization Fund. The major interest of foreign exchange
operators in all markets continues to be centered on
the surprising firmness and complete rehabilitation
of the United States dollar in the esteem of world
markets. The most outstanding news factor bearing
on foreign exchange this week has been the reduction
in the rediscount rate of the New York Federal Reserve Bank after the close of business on Thursday
from 332% to 3%. The 332% rate had been in
effect since March 3 1933, when it had been advanced from 23/2%. The range for sterling this week
has been between 3.413/ and 3.425i for bankers'
/
sight bills, compared with a range of between 3.41 5-16
and 3.433 last week. The range for cable transfers
has been between 3.41% and 3.4234, compared with
3
a range of between 3.413/ and 3.434 a week ago.
The reduction in the New York Bank's rediscount
rate is ascribed to the return of interior funds to
New York, to the increase in the gold reserves of
the Federal Reserve System, to a great reduction in
borrowing by New York member banks, and to a
large extent to a lack of demand for money here.
There were three slashes in bill rates in New York
this week. Bill rates were cut Y of 1% on Tuesday
i
and were further reduced twice by V of 1% on
I
Wednesday, resulting in the following rates for bankers' acceptances: 30, 60 and 90 days / bid,
-13 s%
131% asked; 120 days
-14% bid, 1% asked;
150 and 180 days 4% bid; 13 % asked. Mean4
-17
time money rates continue extremely easy in London,
though showing some tendency to firm up from
present levels, which are unprofitably low. Call
money against bills in London ranged this week from
%% to 4%. Two-months' bills were quoted at
3
9-16% to %%, three-months' bills /6 to 11-16%,
5 0
four-months' bills Vi% to %%,
six-months' bills %%
to 15-16%.
According to foreign exchange circles, the fluctuations in exchange during the past few weeks are entirely without significance as the amount of bills
appearing in the market is so small that a sudden
supply or demand in even small amounts is sufficient
to cause large swings in rates. Owing to the restrictions commercial bills are practically the only type
appearing in the market and foreign trade has
shrunken to such an extent everywhere that commercial transactions are insufficient to provide activity.
The decline in sterling this week as measured by dollars is attributed largely to foreign short covering in
dollars. It is believed that this short covering will
continue until May. It is also thought that some
American funds on deposit in London and other
centers are returning to take advantage of the higher
rates of interest here. There is also a slight flow of
2297
European funds to this side and these factors alone
would be sufficient to account for the comparative
weakness of sterling with respect to the dollar. Essentially the pound is in a better position than it has ever
been since the suspension of gold by the Bank of
England. The great abundance of money and extremely low rates in London show conclusively that
confidence in the pound has returned everywhere.
The steady acquisition of gold by the Bank of England has done much to restore confidence. The
Bank's gold holdings are now the highest in its history.
The previous record was £176,584,326 on September
12 1928. On April 5 they reached £177,360,405, so
that including additional purchases of £1,004,899
in gold bars since Wednesday of this week the Bank's
present holdings exceed the Sept. 12 1928 level by
approximately £1,780,978.
The market believes that it is almost certain that
the Bank will continue to add to its gold holdings in
the weeks immediately ahead. This movement represents largely the conversion of foreign currencies
held by the Exchange Equalization Fund into gold
in the course of its operations to prevent wide fluctuations in sterling. It is now apparent to bankers
everywhere that there is little likelihood of another
slump in sterling such as to necessitate sales of gold
by the Treasury. Consequently it is thought that
the present Bank of England gold holdings may be
regarded as more or less permanent. The present
position of the bank points to the certainty of a
return to gold, with probably a preparatory period
of stabilization. The British authorities have made
no announcement of policy and none can be expected
until after the world economic conference. It is confidently believed in banking circles that were the
London authorities not to interefere with the market
the rate would rapidly advance to former parity of
$4.8665. On Monday the Bank of England bought
£1,342,404 in gold bars and on Thursday £50,979
in gold bars, and on Friday £953,900. The Bank
of England statement for the week ended April 5
shows an increase in gold holdings of £4,672,245, the total standing at £177,360,405, which
compares with £121,437,360 . a year ago. Owing
to the strong position of the Bank of England the
British authorities decided to cancel permission
for the £15,000,000 increase in the fiduciary issue
for which authority expired on March 31. The
fiduciary issue was enlarged from £260,000,000
to £275,000,000 in August, 1931, in order to ease
the strain on the reserve position of the Bank of
England incidental to the gold drain at that time.
At the Port of New York the gold movement for
the week ended April 5, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$2,952,000, of which $2,685,000 came from Canada;
$173,000 from China; $91,000 from Mexico, and
$3,000 from Latin-American countries. There were
no gold exports 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 Apr. 5,
as reported by the Federal Reserve Bank of New
York, was as follows:
GOLD!'MOVEMENT AT NEW YORK, MARCH 30
-APR.; 5, INCL.
Imports.
Exports.
$2,685,000 from Canada
173,000 from China
91,000 from Mexico
None.
3,000 from Latin-American
countries
$2,952,000 total
Net Change in Gold Earmarked for Foreign Account.
None.
2298
Financial Chronicle
The above figures are for the week ended Wednesday evening. On Thursday $59,400 of gold was received from China. There were no exports of the
metal on that day or change in gold held earmarked
for foreign account. Yesterday $26,700 of gold was
imported from China. There were no exports or
change in gold held earmarked for foreign account.
For the week ended Wednesday evening approximately $318,000 of gold was received from China
at San Francisco. On Thursday $318,000 more of
gold was received from China at San Francisco.
There were no further reports on Friday of gold having
been received at Pacific ports.
Canadian exchange continues heavily depreciated.
On Saturday last Montreal funds were at a discount
of 16 13-16%, on Monday at 16/%, on Tuesday at
1731%, on Wednesday at 17 5-16%, on Thursday
at 179/%,and on Friday at 171
8
4%.
Referring to day-to-day rates sterling exchange on
Saturday last was steady in a dull market. Bankers'
sight was 3.423/i @ 3.42%; cable transfers 3.4234 @
3.423/2. On Monday sterling was steady. The
range was 3.423/2 ® 3.425 for bankers' sight and
%
3.42% @ 3.429 for cable transfers. On Tuesday
sterling moved lower. Bankers' sight was 3.41 11-16
@ 3.423/2 cable transfers 3.419 @ 3.42%. On
Wednesday the pound displayed a firmer undertone.
%
Bankers' sight was 3.413/2 @ 3.423 ;cable transfers
3.41% @ 3.42. On Thursday sterling was steady.
The range was 3.415 @ 3.4234 for bankers' sight
%
%
and 3.413 @ 3.423 for cable transfers. On Friday
4
sterling was somewhat easier; the range was 3.4194 @
3.42 for bankers' sight and 3.41% @ 3.42 1-16 for
cable transfers. Closing quotations on Friday were
3.4194 for demand and 3.42 for cable transfers.
Commercial sight bills finished at 3.4194; 60-day bills
8
;
at 3.413/ 90-day bills at 3.40%; documents for payment (60 days) at 3.4134 and seven-day grain bills
2
at 3.413/. Cotton and grain for payment closed
at 3.41%.
XCHANGE on the Continental countries except
for a sharp drop in German marks presents no
essentially new features. Par of the mark is 23.82.
Mark cable transfers closed on Friday of last week
at 23.853/2, compared with 23.94 the Friday before.
The high for the mark in 1933 was 24.02, a nominal
quotation following the financial developments here
early in March. In Thursday's trading this week the
mark dropped to 23.62, a new low for the year.
On Friday the mark dropped 28 points to 23.34,
establishing another new low on the present move.
Mark exchange is of course highly nominal as all
foreign exchange and foreign trade operations are
under strict Reichsbank control, exercised through
governmental decree. The present fall in the mark
is attributed to the offer by the Reichsbank to pay
the $70,000,000 central bank credit which was
granted to the Reichsbank under Dr. Luther's regime
early in June 1931 in order to help it to meet the
strain on the mark which followed the collapse of the
Vienna Credit Anstalt. The credit was advanced
by the Federal Reserve Bank of New York, the Bank
of England, the Bank of France, and the Bank for
International Settlements in June 1931. These
banks agreed to purchase mark bills to the amount
of $25,000,000 each. Various repayments have been
made since that time. According to President
Schacht's view, the borrowed gold reserves are worthless because they only conceal the real gold scarcity.
E
April 8 1933
It is thought probable that the balance of the Gold
Discount Bank $50,000,000 American credit will be
paid in July when due, leaving the total free German
gold and devisen reserves at approximately rm. 352,000,000 or about 10% of the circulation. The note
cover was 23.7% on March 31. Undoubtedly the
disturbed political condition of Germany has also
much to do with the decline in the value of the mark.
It was pointed out here last week that in December
the visible export surplus of Germany amounted to
rm. 68,000,000, compared with rm. 82,000,000 in
November and rm. 84,000,000 in October. In the
first two months of this year the surplus averaged
only rm. 25,000,000 a month and it seems entirely
probable that due to the unsettled state of social
affairs in Germany this surplus may be still further
depleted.
French francs are steady. The French foreign
exchange situation presents no new features of importance. The Bank of France continues to lose
gold, chiefly to Great Britain, but also to Continental
countries. Since Dec. 2 the Bank of France has
lost approximately fr. 2,951,000,000 in gold. This
outward movement has been continuous throughout
the last four months and is ascribed to various
causes. One cause is the deficit in trade balance.
However, a more important factor is the withdrawal
of foreign capital and also to a slight extent the export
of French capital by French nationals endeavoring
to escape the effects of unsound fiscal measures.
This week the Bank of France shows a decrease in
gold holdings of fr. 214,573,990, total holdings standing on March 31 at fr. 80,408,862,501, which compares with fr. 76,785,994,706 on April 1 1932 and with
fr. 28,935,000,000 in June 1928. The Bank's ratio
stands at 76.45% as of March 31, compared with
76.50% the week previous, with 69.85% a year ago,
and with legal requirement of 35%.
Rumanian exchange is always one of the minor
units dealt in in New York, but it is of interest this
week because of the reduction in the rediscount rate
of the Bank of Rumania from 7% to 6%
The London check rate on Paris closed on Friday
at 86.93 against 87.02 on Friday of last week. In
New York sight bills on the French centre finished
on Friday at 3.933, against 3.9294 on Friday of last
week; cable transfers at 3.9334, against 3.93, and
commercial sight bills at 3.93, against 3.923/ Ant2
.
werp belgas finished at 13.95 for bankers' sight bills
and at 13.95 for cable transfers, against 13.96 and
13.963/2. Final quotations for .Berlin marks were
23.33 for bankers' sight bills and 23.34 for cable
transfers, in comparison with 23.853/2 and 23.86.
Italian lire closed at 5.11% for bankers' sight bills
and at 5.11% for cable transfers, against 5.12% and
5.133/8. Austrian schillings closed at 14.103/,against
2
14.103/2; exchange on Czechoslovakia at 2.9794,
against 2.9734; on Bucharest at 0.603 , against
4
0.603 ; on Poland at 11.24, against 11.24, and on
4
Finland at 1.53, against 1.53. Greek exchange closed
at 0.563/2 for bankers' sight bills and at 0.56% for
cable transfers, against 0.563/2 and 0.56%.
countries neutral
the
EXCHANGE on the follow closely the duringThe
war shows no important developments.
Scandinavian currencies
fluctuations
in sterling exchange, to which they are closely allied.
Spanish pesetas have been exceptionally steady for
some months past, owing largely if not altogether to
the conservative course followed by the Bank of
Volume 136
2299
Financial Chronicle
Spain. The peseta fluctuates more or less in harmony with the French franc. Swiss francs are steady
ruling throughout the week a point or two above
dollar parity, which is 19.30. Holland guilders are
exceptionally firm owing largely to transactions in the
European markets. It is believed that the increased
uneasiness apparent in Europe during the past two
weeks because of political conditions are largely
responsible for a considerable flow of funds to Holland
for security and that the firmness in the guilder is due
to these movements.
Bankers' sight on Amsterdam finished on Friday
2
at 40.333/, against 40.353/ on Friday of last week;
cable transfers at 40.34, against 40.36, and commercial sight bills at 40.29, against 40.30. Swiss francs
2
closed at 19.313/ for checks and at 19.32 for cable
2
transfers, against 19.313/ and 19.32. Copenhagen
checks finished at 15.263/2 and cable transfers at
15.27, against 15.293/ and 15.30. Checks on Sweden
closed at 18.063/ and cable transfers at 18.07, against
18.143/2 and 18.15; while checks on Norway finished
2
at 17.523/, and cable transfers at 17.53, against
2
17.543/ and 17.55. Spanish pesetas closed at 8.463/
for bankers' sight bills and at 8.47 for cable transfers,
against 8.45 and 8.
453/2.
on the
EXCHANGE tocontrol,South American countries
be hampered by governmental
continues
moratoria, and unsettled
and
business be transacted hereafter in dollars considered on a basis of 75.5 tael-cents. Foreign banks,
however, plan to continue [the use of the tael
indefinitely. This dispatch will be found more in
detail in other columns.
Closing quotations for yen checks yesterday were
4
21%, against 213 on Friday of last week. Hong
/
Kong closed at 225 8@22 11-16, against 22%@
22 15-16; Shanghai at 28 13-16@28%, against 263j;
%
Manila at 50, against 50; Singapore at 393 , against
4
39%; Bombay at 253 , against 25%, and Calcutta
at 253 , against 2 4
4
67
RESERVE!
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL
1922,
BANKS TO TREASURY UNDER TARIFF ACT OF
INCLUSIVE.
APRIL 1 1933 TO APRIL 7 1933,
Country and Monetary
Noon Buying Rate for Cable Tratufera in New York,
Value in United States Money.
A wit 1.
April 3. April 4. I April 5. April 6. April 7.
s
$
$
$
$
3
EUROPE140280 .140100 .140380 .140380 .140380 .140380
Austria,scbilling
.139430 .139423 .139438 .139530 .139523 .139453
Belgium. belga
.007233 .007233 .007233 .007233 .007233 .007233
Bulgaria, lev
Czechoslovakia. krone .029727 .029708 .029716 .029719 .029711 .029709
.152684 .152761 .152658 .152476 .152584 .152415
Denmark, krone
England, pound
3.422250 3.426160 3.418416 3.420250 3.419708 3.418291
sterling
015171 .015128 .015171 .015141 .0,15196 .015150
Finland. markka
.039295 .039303 .039317 .039349 .039317 .039315
France,franc
Germany, reichsmark .238175 .238153 .237789 .23683,5 .236264 .233307
.005686 .005729 .005686 .005686 .005635 .005883
Greece. drachma
.403510 .403467 .403560 .403853 .4035.57 .403346
Holland. guilder
, .174500 .174500 .174550 .174500 .174500 .174250
Hungary. pengo
.051281 .051220 .051206 .051178 .051188 .051166
Italy, lira
.175153 .175326 .175369 .175130 .175161 .174980
Norway. krone
.111810 .111810 .111810 .111810 .111810 .111810
Poland. zloty
.031340 .031300 .031280 .031300 .031260 .031260
Portugal, escudo
.005975 .005964 .005975 .005975 .005983 .005978
Rumania.leu
.084485 .084473 .084525 .084682 .084671 .084628
Spain. peseta
.181238 .181292 .181200 .181000 .180996 .180523
Sweden.krona
Switzerland, franc__ .193060 .193078 .193078 .193210 .193076 .193078
Yugoelavia, dinar__ .013760 .013750 .013760 .013762 .013760 .013770
ASIACbina.299583 .297916 .296041 .297500 .297708 .295208
Cbefoo tael
.297916 .296250 .294375 .295833 .296041 .293541
Hankow tael
.289687 .287812 .286093 .287500 .287656 .285158
Shanghai tael
.306666 .305833 .303541 .305416 .305208 .301875
Tientsin taol
.225156 .225000 .224375 .224062 .224062 .223750
Hong Kong dollar
Mexican dollar. _ _. .206093 .025312 .204687 .204375 .205937 .204375
Tientaln or Pelyang
.206041 .204583 .204166 .205000 .205833 .204583
dollar
.206458 .205833 .204583 .205833 .207083 .205416
Yuan dollar
.257515 .257535 .257455 .257070 .257130 .256980
India, rupee
.213075 .213375 .213485 .213825 .213000 .212500
Japan. yen
Singapore (8.8.). dollar .395000 .395000 .395000 .393750 .394375 .394375
NORTII AMER..831302 .832135 .828854 .825937 .825677 .826197
Canada. dollar
999765 .999765 .999453 .999453 .999453 .999453
Cuba, peso
Mexico. peso (sliver). .278741 .278008 .277516 .276062 .275833 .274900
Newfoundland, dollar .828750 .829875 .826250 .823625 .822875 .823625
SOUTH AMER.Argentina, peso (gold) .582186 .582186 .582186 .582186 .582186 .582186
076350 .076300 .076300 .076300 .076300 .076300
Brun. mtlreis
.060250 .060250 .060500 .060250 .080250 .050250
Chile, peso
473333 .473333 .473333 .473333 .473333 .473333
Uruguay. peso
.862100 .862100 .882100 .862100 .862100 .862100
Colombia. peso
OTHER
2.717500 2.720000 2.719166 2.720416 2.718333 2.718750
A ustralta. pound
New Zealand. pound_ 2.725000 2.727500 2.728666 2.726250 2.725833 2.726254
Annth ArrinA nmind 1388750 3.391582 3.333437 3385937 3.338875 3.384375
restrictions
political atmosphere. According to Buenos Aires dispatches on April 3 Sir Otto Niemeyer, Vice-Governor
of the Bank of England, has finished his study of
Argentina's financial, economic and banking situation. A full account of Sir Otto's report, so far as
it has been published, will be found on another page.
However, it may be noted here that he recommends
the establishment of a central bank for Argentina
to be divorced from commercial banking and confining its functions to the rediscounting of paper of
member banks, the issuance of currency and the
stabilization of exchange. He recommends the
abolition of. the gold conversion office and the abolition of the gold peso in government accounts
inasmuch as it does not exist as a circulating medium.
HE following table indicates the amount of gold
He also recommends the continuance of exchange
bullion in the principal European banks as of
control until world economic conditions show wider April 6 1933, together with comparisons as of the
improvement.
corresponding dates in the previous four years:
Argentine paper pesos closed on Friday nominally
1929.
1930.
1931.
1932.
4
at 259 for bankers'sight bills, against 253 on Friday Banks of- 1933.
£
£
£
£
g
of last week; cable transfers at 25.80, against 25.80. England.-- 177.360,405 121,437,360 147,023,368 160,782,478 155,482,700
448,772,174 338,861,142 273.528,559
Brazilian milreis are nominally quoted 7.45 for France.a... 643,270,900 614,287,957 106,800,300 119,731,950 124,274.700
40,702,150
34,469,400
Germany.b
98,734,000 102,385,000
96,772,000
88,779,000
90,362,000
bankers' sight bills and 7.50 for cable transfers, Spain
54,711.000
56,131,000
57,385,000
57,434,000
66,780.000
Italy
35,208,000
35,997.000
73,013,000 . 37,167,000
79,061,000
against 7.45 and 7.50. Chilean exchange is nomi- Netblands. 76,222,000 71,777,000 41,125,000 33,732,000 25,936,000
Nat. I3elg.
19,249,000
22,440,000
25,712,000
66,030,000
88,805.000
Switeland.
13,066.000
nally quoted 63/8, against 63/8. Peru is nominal at Sweden
13,540,000
13,335,000
11,440,000
12,129,000
9,593,000
9,574,000
9,547,000
8,032,000
7,398.000
Denmark..
8,157,000
8.145,000
8,134,000
17.00, against 17.00.
6,561,000
8,380,000
_
Norway._
T
XCHANGE on the Far Eastern countries shows
no new trend. Japanese yen are relatively
steady, but quotations are nominal as all foreign
exchange and foreign trade operations are governed
by control edicts recently passed by the Japanese
Diet. The Indian rupee fluctuates with the pound
sterling to which it is anchored at the rate of is. 6d.
per rupee. The Chinese units move with the price
of silver, which has been steady this week between
27 cents and 273/i cents per ounce. Press dispatches
from Shanghai on Thursday stated that the Chinese
National Government has imposed a 234% export
duty on silver bars. The Government also ordered
abolition of the use of the tad, commanding that all
E
Total week 1,284,237,705 1,159,493,467
Prey. week 1_270_972.452 1.173.837.025
991,772,842
989.100.105
897,668.570
893.114.471
829,588,961
821.541.686
a These are the gold holdings 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 £2,462,850.
The European Tangle Versus Plans for World
Adjustment.
One would have to search far for a more striking
example of political confusion and playing at cross
purposes than is to be found in Europe at the present
moment. With Germany alienating sympathy and
arousing concern by its extreme nationalistic and
anti-Jewish policies, with France exerting itself to
mold the Mussolini-MacDonald scheme into something that will not interfere with traditional French
2300
Financial Chronicle
April 8 1933
policy, and with a threatened diplomatic as well as ness
corporations and associations and the estabcommercial breach between Great Britain and lishm
ent of Nazi control over national industrial
Russia, the outlook for international harmony
and trade organizations, and prohibition of the
cannot be called bright. On the wider plane of world
emigration of Jews where freedom of movement
relations the situation is not much better, since
was not guaranteed by treaties. The height of
none of the questions which conceivably will be
nationalistic fervor appears to have been reach
ed
raised in the World Economic Conference can be in
a proposed reorganization of the German Luthdisposed of, or even advanced very far toward settleeran Church in support of nationalist ideals.
ment, without reference to the war debts on the
The vast injury which nationalistic and racial exone side and the political issues that are distracting
cesses have done to Germany's standing in Europ
e
Europe on the other.
is the more to be regretted because a co-ope
rating
The collapse of the anti-Jewish boycott in Ger- and
satisfied Germany,and one whose good faith can
many, after one day of spectacular enforcement,
be trusted, is essential to any such peaceful
rehas apparently freed the Reich from the danger of adjus
tment of political conditions in Europe as
a violent campaign of repression and discrimina- Premi
er Mussolini and Prime Minister MacDonald
tion which seriously menaced both the economic and appea
r to have had in mind. The publication
at
the social welfare of the country. There is abundant Paris,
on March 30, of the text of the draft agreeevidence, however, that only the violent features of
ment made at Rome did not, indeed, add very much
the program have been dispensed with, and that the
to what was already known or suspected regarding
purging of German national life of Jewish influence
the terms, but the text made clear the proposal that
is still being systematically pursued in the name
the four Western Powers, Great Britain, Germany,
of an awakened nationalism which flamboyant
ly France and Italy, should act together to maint
ain
demands Germany for the Germans. Political
and peace, that they accepted the principle of treaty
social reorganization of the Reich in the intere
st revision "within the framework of the League,"
that
of absolute Nazi supremacy is advancing hand
in the right to arms equality should be accorded
to
hand with the elimination of the Jews, and
in- Germany, Austria, Bulgaria and Hungary, and that
cidentally of Communists, and the two streams
of there should be,"as far as possible," common action
events must be considered together if one is to
by the four Powers "in all political and non-political
understand the nature of the revolution which
a European and non-European questions" and "in
the
Hitlerized Germany is undergoing and its effect
sphere of colonial questions." Germany, in other
upon neighboring countries.
words, was to be as much a party to the plan as
The announcement on April 1, for example, that
Great Britain, Italy or France, and, as far as treaty
Baron von Neurath, the Foreign Minister,
had revision and arms equality are concerned, a
partendered his resignation confirmed reports
of a ticular beneficiary. The provision for commo
n
serious rift in the Cabinet over the boycott.
The policy in non-European and colonial questions
was
reason, it was said, for the resignation was Baron
subsequently stricken out because, it was said, of
von Neurath's fear of the effect of the boycot
t on fear that it might be misunderstood by the
United
Germany's international relations, but a contri
but- States.
ing cause, there seems reason to believe, was the
Doubt about the future course of the Hitler Govappointment of Alfred Rosenberg, the personal adernment has affected. the attitude of both France
viser for several years of Chancellor Hitler in foreign
and Italy toward the plan. M. Herriot gave warnaffairs, as head of a new foreign affairs commising on April 1 that it would be "the worst of
follies"
sion which the National Socialist party has created.
to allow a four-Power agreement to take the place
The purpose of the commission, it is semi-officially of
the League, and that war would certainly follow
stated, is to emphasize to the nation the party's if the
League were ignored. The Rumanian Foreign
"special will and own setting of aims in the realm Minist
er, Nicholas Titulesco, who has been at Paris
of foreign policy." A party organ for foreign affairs, and Londo
n as representative of the Little Entente,
in other words,has been set up alongside the Foreign is report
ed to have intimated to the French Gover
nOffice.
ment that unless the provisions of the
League CovThe same day saw the promulgation of a law au- enant regard
ing treaty revision were observed,
the
thorizing the various State Governments, all of Little Enten
te would feel free to pursue its
own
which are in Nazi hands, to make laws without course, and to
have told Mr. MacDonald that any
consulting the Diets, dissolving all the Diets except grouping
of Powers that ignored the League
would
those elected on March 5, together with all the be opposed.
On Monday it was announced that
the
municipal governing bodies, and postponing the French Cabin
et was prepared to accept the Rome
election of provincial legislative bodies until a new plan as a basis
for the discussion of disarmament,
Reichstag election is held. The possibility of con- but that reserv
ations must be made which would
flict between State or municipal bodies and the protect the
interests of the Little Entente and
National Government is thus ended at a stroke. The Poland, and
that some restrictions must be imposed
National Economic Council, a body provided for by upon the rearm
ament of Germany. The declaration
the Weimar Constitution but hitherto inactive, has of policy by Premi Dalad
er
ier which the Chamber
also been reorganized on Nazi lines with less than of Deputies approved on
Thursday by a vote of 430
one-fifth of its former membership, the apparent to 107 appears to have embod
ied these principles
aim being to create a body which can give quick ad- and reservations. France,
in other vords, still
vice on questions of economic policy and aid what holds to the League as the agenc
y through which
is commonly spoken of as "popular enlightenment." political changes involving the peace
treaties must
The past week, meantime, has brought reports of be accomplished, and sides with the
Little Entente
the continued and systematic removal of Jews from and Poland in opposing an agreement
under which
public offices and professional employments, the the great Powers might be able to put
pressure upon
resignation of Jewish members or directors of busi- the smaller ones.
i
eat
Volume 136,
Financial Chronicle
Some modifications, the nature of which has not
been revealed, have been suggested by Great Britain,
apparently in the direction of allaying the fears of
the Little Entente, but the modifications have not
satisfied French opinion. A considerable section of
French opinion is represented as thinking that the
best solution of the difficulty is to leave the whole
matter in suspense until German policy is better
known. It is pointed out that while France is obviously interested in preventing the formation of a
mid-European Fascist bloc which would cut it off
from its Eastern European allies, it would be better
to take advantage of the reaction against Germany
to settle some of the controversies between France
and Italy than to launch a new program of fourPower co-operation. In Italy, on the other hand,
the feeling that France, by delaying action and
offering alternatives and reservations, was really
sapping the foundations of the plan brought a
statement on Thursday from the Grand Council of
the Fascist party declaring that "the fundamental
elements of the Mussolini plan must remain untouched." As there are now, thanks to revisions
and counter-proposals, at least four forms of the
so-called Mussolini plan, it does not seem likely that
agreement can easily be reached even if Germany
were not an obstacle to accord.
It is with this complication, plus the war debts
controversy and the acute controversy with Russia
over the approaching trial of certain British engineers in Russia, employees of the MetropolitanVickers Electrical Company, Ltd., who are charged
with sabotage, that Mr. MacDonald is planning a
hurried visit to this country to confer with President Roosevelt. The ostensible object of the visit,
it is said, is to discuss with Mr. Roosevelt some of
the questions which the World Economic Conference is expected to have on its agenda, and also to
review the disarmament situation. There is something to be said for a preliminary understanding,
and Mr. MacDonald's visit will be welcomed, as will
those of representatives of France, Italy, Japan and
other Powers whom it is understood Mr. Roosevelt
hopes to see. It is difficult to see, however, how
the meeting of the Economic Conference can be
expedited until some of the political disputes that
the agitating the European Powers have been put
iii the way of settlement, or how some
of the issues
that have been talked of as conference business can
be effectively dealt with by an international conference at all.
Most of the matters, indeed, that have been suggested for conference discussion do not lend themselves to definitive treatment by an international
gathering. The war debts, for example, are a matter
which the United States has always, and properly,
insisted must be dealt with between the United
States and each debtor Power. The Ottawa agreements, with their serious effect upon American
trade, are matter for discussion between this country
and the separate members of the British Empire
if they are to be reconsidered at all. The question
of reciprocal tariffs, in which President Roosevelt
is reported to be interested, is also one in which
an international conference could give no aid.
It would be idle to expect a conference to do anything to restore business confidence, or relieve unemployment, or raise the level of commodity prices,
or make grain-growing more profitable, or effect a
2301
better distribution of gold. It is extremely doubtful, in view of the melancholy record of the League
and its Disarmament Conference, whether an international conference could do anything practical for
disarmament.
All of these things, perhaps, will come in for mention during Mr. MacDonald's visit and the visits
of those who may follow him, but the chief benefit to be expected is rather the attainment of
some common understanding between the heads of
the American and European governments regarding
the policies they have in mind, and the cementing of a personal and official cordiality without
which diplomacy of any kind is embarrassed from
the start. There will be hope that these informal
conferences may effect some clearing of the ground
both in matters in which the United States should
co-operate and in those in which wisdom requires
that it should keep its hands free.
Moratorium Demonstrated Public's Need
of Banks.
One important effect of the banking moratorium,
short though it was, is the impression which was
made upon the American public of the absolute
necessity of banking accommodations for the transaction of business. The United States covers such
a large area, both north and south, and east and
west, that the products of one section find a ready
sale in other sections thousands of miles distant,
the difference in climate and soil of the various sections so widely separated making an exchange of
crops most desirable.
The differences between the sections is also quite
as marked in the classes of manufacturing as in
crop yields. •The North, Middle West, and East need
the semi-tropical fruits of California and Florida,
and all through the winter months there is a good
market in the populous consuming sections mentioned for green vegetables grown in the South, including Texas, and also in California. Refrigeration has made possible shipments of the California
products to distant markets by rail and by water
through the Panama Canal, so that the fruits and
vegetables are fresh and crisp when offered to
consumers.
In return, the great industrial sections ship large
quantities of all sorts of mill products to distant
domestic points. This interwoven and reciprocal
inter-State trade is possible not only by means of
the excellent facilities for transportation and communications by telephone, telegraph, air mail and
wireless, but also by reason of the remarkable systems of banking which have been developed gradually over a long period of years.
The sudden suspension of banking privileges Vave
a new verification of the old saying that "we never
miss the water until the well runs dry."
The simplest, easiest, most convenient and quickest manner of paying business and personal obligations is to make remittance by means of checks. All
that the debtor who has an adequate balance to his
credit in bank needs to. do to pay a debt due to a
creditor at some remote point is simply to draw a
check and mail it to the creditor, who in turn deposits the check with his own bank in his local city,
and the system of bank clearings does all the rest,
the canceled check being duly returned to the
drawer at the first of the following month after
2302
Financial Chronicle
payment, providing an excellent voucher in case the
creditor has failed to make other acknowledgment
of satisfaction of the debt.
Aside from this national area thus affected, every
locality was temporarily inconvenienced by the enforced moratorium. The suspension of banking accommodations came so suddenly that many persons
were caught without sufficient money in their possession to provide for immediate needs. The first
thought of such individuals seeking relief was to
turn to their safe deposit boxes where a bond might
tide the owner over his financial difficulties. But
when such a person went to his bank or trust company to open his safe deposit box he was surprised
to find that access to the box was, in many cases,
denied, thus cutting off his last resource on which
he supposed he could rely for temporary aid.
Of late the assertion has frequently been made
that "there are too many banks." But there are
something like 33% fewer banks and trust companies, National and State, than were formerly in
operation. Some years ago there were about 25,000
banks of all kinds in this country, State banks far
exceeding the National institutions. Now the total
has been reduced to around 19,000, due to mergers
and insolvencies which have occurred within a few
years.
Among recent proposals has been one to place all
banks under Federal supervision and authority, a
step which no doubt would further reduce the number of operating banks.
The present tendency is to reduce dangers from
within by making, so far as human effort can, the
conduct of a bank's affairs absolutely honest. Recent investigations have revealed great laxity which
made misappropriation of banking assets altogether
too easy. A better and more systematic method of
examinations, with detailed checking up and investigations of securities pledged to protect loans,
together with knowledge as to who gets the benefit
of the proceeds of a loan and for what purpose,
would undoubtedly be very helpful.
But there also is required protection from without. Recent experiences have revealed numerous
cases in which indemnity companies have too many
loop-holes whereby they may escape liability when
pressed in courts to cover losses. Correction of this
defect is needed to insure banks against losses and
to remove any possibility of collusion.
As to the integrity of the working force of a bank,
there appears to have been placed altogether too
much reliance on an indemnity policy by bonding
of the employees. This done, the managers of a bank
dismiss the subject from their minds and pay no
attention to the manner of life which an employee
may be leading. Placing money not their own upon
races seems to be a common method for minor bank
employees to go wrong. It surely should be the
duty of bank authorities or indemnity companies
to keep some watch over employees who may be
greatly tempted, and the very fact that careful inquiry and watchfulness is exerted would have a
powerful restraining effect• upon young employees
who might otherwise be inclined to stray from the
straight and narrow way.
An instance just disclosed by prosecution in a
neighboring city shows that officers of a trust company permitted $4,000,000 to be loaned with stock
of the trust company as security and no other collateral. the officers knowing full well that the value
April 8 1933
of the shares did not approach the amount of the
loan. In other cases it has been revealed by court
testimony that executive bank officers simply dipped
their hands into the till, took all the cash they needed
and put in their own note without endorsement or
the deposit of any collateral, the note having no
more value than an I. 0. U. Yet bank examiners
fail to detect such methods until insolvency comes.
The public appreciates the wonderful services
which banks render, and it now feels the need not
only of strong banks, but of the best possible methods to keep them solvent.
The whole country became money mad in 1929.
Greater temptations probably beset the bankers
than any other class of persons encountered. Human motives are pretty much the,same from generation to generation, and man-made laws cannot
change them. But human defects may be recognized
and efforts should be made to offset them by stricter
supervision and more exacting accountability.
Measures to bring about these desirable results are
required for the protection of men in responsible
positions for guarding against future losses by bank
creditors and for a complete restoration of confidence which has been badly shaken.
Speed-Up in Rail Consolidations Essential—
Formation of Several Transcontinental
Systems Should Not Be Overlooked.
Since the National Transportation Committee, in
its report, recently prepared in response to an invitation from business associations, savings banks,
insurance companies, and fiduciary and philanthropic institutions interested in railroad securities,
has strongly advocated the consolidation of our railways into a limited number of systems, something
ought to be done to speed up prospective mergers.
It is only reasonable that they should be allowed
to merge in a manner that would assist in attracting capital to the industry. It seems essential that
the greatly impaired credit of the railroads at pres
ent, in spite of the economic and efficient management, should be considerably strengthened by the
financial methods to be employed in effecting consolidations.
If the tentative plan submitted by the Inter-State
Commerce Commission is found to be a logical, wellconsidered scheme for welding the transportation
facilities of the country into an efficient number of
systems, appropriately designed to preserve competition, adequately serve the business of the country,
and give each of the proposed new systems a chance
to earn its own way,a speed-up program would mark
the start of a new era of prosperity of the country.
It has been demonstrated over and over again that
the country cannot be prosperous while the railroads
are starving.
On the other hand, if the plan merely strengthens
some particular railway systems at the expense of
weakening others and disrupts the established channels of trade and commerce in the hope of demonstrating the truth or falsity of some academic theory,
there is no telling what would be the outcome, or
how far the job of arranging transportation systems
as a logical and efficient whole might be set back.
Under the present law, however, complete consolidation is by no means possible, and there are a
number of disadvantages in the present system by
which the roads might be brought under control but
not consolidated. In trackage allocation, the doe
Volume 136
Financial Chronicle
trine of greater use should be vigorously applied.
Trackage holdings should be hooked up for greater
service and equalization of traffic density. This
could be brought about by the formation of several
distinct transcontinental systems.
At the present time no one individual railway
traverses our entire country from East to West. The
Van Sweringen interests, in their recently proposed
consolidation program, have the nearest thing to it.
In their efforts to extend the Missouri Pacific RR.
to the Pacific Coast, as outlined in the consolidation
program of the Inter-State Commerce Commission
by allocating them the Denver & Rio Grande Western
and the Western Pacific, their system would run
from New York to Chicago and St. Louis and thence
to San Francisco. The Missouri Pacific also extends
to New Orleans, and several years ago its system
there was enlarged by the acquisition of a substantial interest in the Kansas City Southern.
It is quite obvious that in carrying out the requirements of the country with regard to greater facility
of railway traffic there is no need for consolidation
of railway properties with block control of regional
and parallel lines, but rather the allocation and conjunction of existing rail trackage to produce new
independent, direct and through rail routes from
Chicago to the Pacific, Atlantic and Gulf ports.
There is no reason why more consideration should
not be given to several transcontinental systems,
which would form definite and distinct routes from
coast to coast. In contemplating such a movement,
careful study should be made of the solidly established position of the Canadian Pacific Railway, a
striking illustration of a transcontinental system.
This company is well equipped, substantially built,
well located for through traffic, with valuable routes
and considerable financial strength, and as a consequence it might easily be stated that it dominates
the Western Canadian freight situation. There is,
of course, an added transcontinental route in Can-
2303
ada comprising the Canadian National System,Government owned; however,the Canadian Pacific Railway is in the favored position.
Any formation of transcontinental systems
through consolidations will naturally bring up the
question of through routing of freight, and its advantages over the inter-company or joint shipment routing for rate-making purposes. With respect to this
situation, attention might also be directed to the
rates in vogue on the transcontinental systems of
Canada. They afford an excellent opportunity to
study through rates from coast to coast over a single
railway system for both raw materials and finished
products, in order to determine whether the rates
on raw materials might be lowered and the rates on
finished products increased, with the result that any
loss accruing from the reduced rates on low-grade
commodities might not be made up by tie higher
rates on high-grade manufactured products.
A greate deal of progress has already been made
in unification by acquisition of stocks, taking of
leases, &c. Still, consolidations, when they shall
become possible,should be made along business lines,
and there is no reason why several well-balanced
transcontinental systems should not grow up in the
country along with the general scheme. This could
go forward progressively, step by step, and a great
deal of success assured under some sort of permissive
plan.
Urgent legislation is needed, and badly, too, in
order to simplify the necessary procedure to secure
the essential agreements and arrangements for
merging. Pending this, no adequate or permanent
reorganization can be made of the freight rate structure. In the meantime, both agriculture and industry will be compelled to continue to wait for needed
relief. It is all purely a business question, which
should be stripped of all partisan bias and decided
on broad .principles and its merits in order to promote the public welfare.
The New Capital Flotations in the United States During the Month of
March and Since the First of January.
New financing in this country during the month of March
was so meagre that there is little occasion for comment beyond merely noting the fact. With virtually all the banks
of the country operating under bank holidays the first half
of the month, new financing was clearly out of the question,
excepting in those few cases where the new issues had been
previously arranged for or where they were due to some
special circumstances, for it happens that the new issues
were mainly brewery issues and beer has just been made legal.
It remains, therefore, merely to say that the total of the
corporate issues brought out during the month aggregated only $5,417,778, and that even the municipal issues
footed up only $13,676,675 (though of course this latter
does not include any loans extended to municipalities
by the Reconstruction Finance Corporation), making
the grand total of all issues brought out during the month
no more than $19,094,453. Obviously, this is the smallest
total for any month since the period of American participation in the war against Germany in 1917 and 1918, when as a
war measure no financing was permitted except such as was
essential to the conduct of the war.
U. S. Government issues, of course, were floated the same
as in other months, even though a new Administration succeeded to control of the Federal Government. The financial
necessities of the Government made that imperative. The
distinctive feature of the Government financing was the
high rates which the Treasury was obliged to pay on its
borrowings in the early part of the month, when banking
moratoria were so widely prevalent and the great modification
for the better which occurred the latter part of the month as the
banks reopened for business and normal banking conditions
were gradually restored. For instance, Treasury bills were
sold on a discount basis early in March of 4.26% per annum,
whereas sales last December were on a basis of only 0.09%
per annum, and two issues of Treasury certificates were
brought out on March 13 bearing respectively 4% and 4Yi%,
which latter was in striking contrast with the sale the previous December of certificates of indebtedness running for
12 months at the extraordinary low figure of % of 1% per
3
annum. In the following we enumerate all the Treasury
offerings of the month:
Treasury Offerings During the Month of March, 1933.
On March 3 Secretary of the Treasury Mills offered in
the amount of $75,000,000, or thereabouts, a new issue of
93-day Treasury bills dated March 6 1933 and due June 7
1933. The total amount applied for was only $94,101,000.
The amount of bids accepted was $75,266,000. The average
price was 98.900, the average rate on a bank discount basis
being 4.26%. On the last sale of bills in February the discount rate averaged only 0.99%. This financing was not
for the purpose of taking up maturing issues and hence
represented an addition of $75,266,000 to the public debt.
On Mar. 12 Secretary of the Treasury Woodin announced
his first offering of Treasury obligations in the amount of
$800,000,000 or thereabouts. The first (series TAG-1933)
comprised an issue of five-months 4% Treasury certificates
of indebtedness, the other (series TD2-1933) consisted of an
issue of nine-months 4X% Treasury certificates of indebtedness. The amount of each series issued was based on the
proportion that the total subscriptions for that series might
bear to the total subscriptions received for both series. Both
2304
Financial Chronicle
series of Treasury certificates of indebtedness were dated
and bear interest from Mar. 15 1933, the 4% Treasury certificates maturing Aug. 15 1933 and the 43i% Treasury
certificates becoming due Dec. 15 1933.
Total subscriptions received were $1,831,815,600, of which
$913,593,600 was for the 4% (series TAG-1933) Treasury
certificates of indebtedness and $918,222,000 was for the
431% (series TD2-1933) Treasury certificates of indebtedness. The amount allotted of the 4% or five-months
Treasury certificates was $469,131,000, and of the 4M% or
nine-months Treasury certificates $473,373,500. Both series
were offered at par. The amount raised for refunding through
the sale of the two series was $695,000,000. The remaining
$247,504,500 represents an addition to the existing public
debt.
A new issue of 91-day Treasury bills was offered by Mr.
Woodin on Mar. 15, in the amount of $100,000,000, or
thereabouts. The bills were dated Mar. 22, and will mature
June 21 1933. Applications for this issue amounted to
$386,906,000, of which $100,569,000 was accepted. The
average price was 99.537, the average rate on a bank discount
basis being 1.83% or quite an improvement on the rate of
4.26% at the previous bill sale. This issue constituted an
addition to the public debt.
Secretary of the Treasury Woodin on March 22 gave
notice of another Treasury bill offering in the amount of
$100,000,000, or thereabouts, running for 91 days. Tenders
of $318,206,000 were received of which $100,158,000 was
accepted. The bills were dated March 29 and mature
June 28 1933. The average price was 99.566, the average
rate on a bank discount basis being 1.72%, which, it will
be noted, was an improvement over the rate paid on the
previous bill issue. These bills were issued to retire a
maturing issue.
A still further offering of $100,000,000 or thereabouts of
91-day Treasury bills was announced by Mr. Woodin on
March 29. This issue was dated April 5 and matures
July 5 1933. Subscriptions received amounted to $383,656,000, of which $100,096,000 was accepted. The average
price on these bills was 99.659, the average rate for them on
a bank discount basis dropping to only 1.35%. This is
the lowest rate thus far attained by the new Administration
on Treasury obligations. This offering represents new
borrowing by the Government as no Treasury obligations
fell due on April 5. Although this offering was announced
in March, the bills are dated April 5 and the issue is, therefore, not included in our tables of Treasury financing for
the first three months of this year as given further below.
In the following we show in tabular form the Treasury
financing done during the first three months of this year.
The result is found to be that the Government disposed of
$2,037,273,100, of which $1,480,789,000 went to take up
existing issues and $556,484,100 represented new indebtedness. For March by itself the disposals (not counting the
sale of bills on Mar. 29, but dated April 5) aggregated
$1,218,497,500, of which $795,158,000 was used to take up
existing issues and $423,339,500 constituted new indebtedness.
UNITED STATES TREASURY FINANCING DURING THE FIRST THREE
MONTHS OF 1933.
Date
Offered. Dated.
Due.
Amount
Applied for.
Jan. 4 Jan. 11 91 days
$229,845,000
Jan. 11 Jan. 18 91 days
339.567.000
Jan. 17 Jan. 2521 days
427.740,000
7,802.843,1100
Jan. 22 Feb. 1 5 years
Feb. 1 Feb. 8 91 (lays
234,790,000
Feb. 8 Feb. 15 91 days
281.122.000
Feb. 16 Feb. 23 90 days
123.929,000
254,283.000
Feb. 22 Mar. 1 91 days
Mar. 3 Mar. 6 93 days
94,101,000
Mar. 12 Mar. 15 5 months 913.593,600
Mar. 12 Mar. 15 9 months 918.222,000
Mar. 15 Mar. 22 91 days
386.906,000
Mar_ 22 Mar. 29 91 flays
318.2(1(1.000
Amount
Accepted.
•
Price.
Yield.
$75.090.000 Average 99.948
75.032,000 Average 99.941
80,020.000 Average 90.054
277.516,000
100
75,228,000 Average 99.955
75,202,000 Average 09.942
60,074,000 Average 99.864
100,613,000 Average 99.750
75,266.000 Average 98.900
469,131,000
100
100
473.373,500
100.569.000 Average 99.537
100.158.000 Average 99.566
*0.20%
*0.24%
*0.18%
2.625%
*0.18%
*0.23%
*0.55%
*0.99%
*4.267
4.007:
4.25%
*1.83%
*1.72%
•Average rate on a bank discount basis.
USE OF FUNDS.
Dale
Offered.
Jan. 4
Jan. 11
Jan. 17
Jan. 22
Feb. 1
Feb. 8
Feb. 16
Feb. 22
Mar. 3
Mar. 12
Mar. 12
Mar. 15
mar 22
Type of
Security.
Treasury bills
Treasury bills
Treasury bills
24% Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
4% Treas. ctfs.
44% Treas. ctfs.
Treasury bills
Treasury bills
Total Amount
Accepted.
875,090,000
75,032,000
80,020,000
277,516,600
75,228,000
75,202,000
60,074,000
100,613,000
75,266,000
469.131,000 1
473,373,500 J
100,569,000
100.158.000
Refunding.
New
Indebtedness.
$75,090.000
75,032,000
80,020,000
144,372,000
75,228,000
75,202,000
60,074,000
100,613,000
$133,144,600
695,000,000
75,266,000
247,504.500
100,569,000
100.158.000
Making brief further reference to the meager corporate
offerings of the month, it is found that there were but five
new issues, totaling, as stated, only $5,417,778. This
April 8 1933
total consisted of $3,270,000 for industrial and miscellaneous
companies and $2,147,778 for public utilities. There was
no financing for the account of railroads during the month.
All of the March financing represented new stock issues,
included among which were offerings by three brewery
companies and one a wine company. The portion of
the month's financing raised for refunding purposes was
$2,247,778, or about 42% of the total. In February
the refunding portion was $36,241,000, or more than
96% of the total for the month, and in January it was
$42,360,000, or over 65% of the month's total. The
$2,247,778 raised for refunding in March (1933) consisted
of $2,147,778 new stock to retire short-term obligations and
$100,000 new stock to repay long-term debt.
No foreign issues of any description were floated here in
March. The Chase National Bank's short-term credit of
$20,000,000 to the Cuban Government was extended for
two years. The extension will be for periods of not more
than 60 days at any time during the two-year term.
None of the March corporate offerings contained convertible features, nor carried rights to acquire stock of one
kind or another.
There was one new fixed investment trust offering during
the month, namely:
National Bond Depositor Corp. Land Bank shares. Offered by W. W.
Snumaker & Co., Inc., Indianapolis, at SI per share.
It has been our practice not to include offerings of this
nature in our compilations of new capital issues. As a rule
information as to the amount sold is not forthcoming and
being sales over the counter it is quite impossible to make
estimates regarding their amounts. In this state of things,
the only way to indicate the presence of these trusts is to
enumerate them as we have been doing from month to
month.
The following is a complete summary of the new financing
—corporate, State and city, foreign government, as well as
farm loan issues—for March and the three months ending
with March:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1933.
MONTH OF MARCH—
Corporate:
Domestic:
Long 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
Canadian Government
Other foreign Government
Farm Loan issues
Municipal, States, cities. do
United States Possessions
Grand total
3 MONTHS ENDED MARCH 31
Corporate:
Domestic:
Long 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
Canadian Government
Other foreign Government
Farm Loan issues
Municipal, States, cities,(te
United States Possessions
New Capital.
Refunding.
Total.
$
$
$
750,000
2,420,000
2,247,778
750,000
4,667,778
3,170,000
2,247,778
5,
417.
778
*13,005,230
*581,445
•13,s76,675
16,265,230
2,829,223
19,094,453
19,721,000
500,000
3,250,000
3,170,000
63,143,000
15,458,000
2,247,778
82,864,000
15,958,000
3,250,000
5,417,778
26.641,000
80,848,778
107,480,778
10,900,000
a62,601.904
a4,201,395
10,900,000
a66,803,299
Grand total
100,142.904
85.050.173 18s 191 (177
'Figures do not include $40,640,940 Reconstruction Finance
Corporation advances to municipalities, either actually made or promised
during March.
a Figures do not include a total of $165,317,107 Reconstruction
Finance Corporation advances to municipalities, either actually made or
promised during the that
three months of 1933.
In the tables on the two succeeding pages we compare
the foregoing figures for 1933 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.
1990.
Refunding.
s
'10,454.500
4.600.000
Total.
$
New Capital.
$
1929.
Refunding.
$
Total.
$
273,731.100
10.650.200
132.272.310
309,739,635
222.906.100
7,378.700
131.964,810
305,816,635
5.000.000
39.000.000
39,000.000
3,000,000
382,000
378.338.000
29.600.000
55,320.236
68.068.127
3,000.000
110,000.000
15,436,500
2.845.563
646,326,363
4,000.000
26.000.000
20,000.000
125.428.605
22.282,053
821,754,968
4,000.000
50,825.000
3,271.500
307.500
3,923,000
52.010,000
52.010.000
100,827.200
19.550.000
882,453,445
250.000
10,000,000
58,327,000
100.827.200
19.550.000
940.780.445
250,000
10.000.000
104,143.843
1,631.833
105,775,676
996,847,288
59.958.833 1.056.806.121
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF MARCH FOR FIVE YEARS.
1932.
1933.
1931.
1930.
1929.
MONTH OF MARCH.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capitol. Refunding.
Total.
New Capital. Refunding.
Total.
Long Term Bonds and Notes$
$
$
$
$
i
$
$
$
$
$
$
$
$
$
Railroads
110,966.300
89.051.700 200.018.000 214.495,000
6.018,000 220.513.000
20.000.000
, 20,000,000
Public utilities
37.915,000
48,700.000
36,960,000
7.200,000
41.500,000
74.875.000 131.563,500
3,836.500 135.400.000
60,800.000
56:4- -00,66o 111.200.000
Iron. steel, coal. copper. Sze
44.000.000
44.000.000
2,000.000
2.000.000
31,950.000
31,950,000
Equipment manufacturers
10,590,000
10.590.000
500.000
500,000
Motors and accessories
Other industrial and manufacturing
11.175.000
11,175,000
17,975.000
17,975.000
56,950.000
56,960,000
00
75.000.000
75,000.000
7,000.000
7.000,000
Land, buildings, &c
905,000
905.000
2,015.000
2,015,000
11.350.000
11,350.000
68.006.100
425,000
68,431.100
Rubber
Shipping
1.650,000
1.650.000
600.000
600.000
Inv. trusts, trading, holding,
&c_47,000.000
47.000.000
Miscellaneous
9.200.000
500.000
9,700,000
29.400.000
500.000
30.000.000
22,200.000
22.200.000
Total
49,605.000
7.200,000
42,405,000
227,511,300 126.511,700 354,023,000 482,883,500
10,454,500 493,338.000 313,916,100
50,825,000 364,741,100
Short Term Bonds and Notes
3,425,000
Railroads
3,425,000
2,500.000
2.500,000
1,500.000
_ ___
1,500,000
Public utilities
16.662,500
2,687,500
19.350,000
10.000.000
10,000,000
1,275,000
2. 00.000
3
3.575,000
Iron, steel, coal, copper, titc
Equipment manufacturers
12.000.000
12,000.000
Motors and accessories
500,000
500,000
Other industrial and manufacturing
13,635,000
3,000.000
16,635.000
2,000.000
1,500.000
3.500.000
Oil
400.000
600,000
1,000.000
Land, buildings &c
1,006.000
1,006,000
1,750.000
1,750.000
100.000
100,000
2.775.200
2,775.200
Rubber
Shipping
Inv. trusts, trading, holding, dscMiscellaneous
570.500
570.500
500.000
500,000
1.328.500
971.500
2.300.000
Total
5,001.500
5,001,500
32.047,500
37,735,000
5.687.500
25.000,000
4,600,000
29,600,000
7.378,700
3,271,500
10.650,200
Stocks
Railroads
Public utilities
1.897,320
2,396.720
499,400
2,147,778
2,147.778
7,168.000
7.168,000
83,081.452
83,081,452 201.486,900
201,486.900
Iron, steel, coal, copper. &c
34,296,490
315,000
34,611,490
Equipment manufacturers
Motors and accessories
1.071,200
1.071,200
6,144.500
___ ___
6,144,500
Other industrial and manufacturing
341.250
3,170,000
100.000
3.270,000
341,250
12.884,711
12,884,711
3,801,106
81.383,350
85,184,450
Dil
2,052.500
2,052,500
4,594.348
4.594.348
Land, buildings,.1c
5.625.000
5,625,000
6.108.000
6,108.000
Rubber
9.364,366
9,364,366
)hipping
inv. trusts, trading, holding, &c250,000
250.000
1,595.000
1.595.000 132.998,588
132.998,58h
Miscellaneous
18 749 000
. 382.000
19,131.000
84.782,103
114,400
84.896.503
Total
2,737.970
1,897,320
3,170,000
2,247,778
840,650
5,417,778
9,470.500 123.006,363
9,470.500
382,000 123.388,363 561,158,645
4,230,500 565,389,145
Total
Railroads
_-_____
3,425.000
3,425,000
89,051,700 200.018.000 214,495.000
110,966,300
8.518.000 223.013,000
21,500,000
21.500.000
Public utilities
41,999,400
9,097,320
51.096,720
2,147,778
2,147,778
39,647,506 101,393.000 224,644,952
61.745.500
3.836.500 228.481.452 263.561,900
52,700,000 316,261,900
Iron, steel, coal, copper. &c
44,000.000
44.000.000
2 090.000
2.000,000
66,246,490
315,000
66,561,490
Lquipment manufacturers
10,590,000
10,590.000
12.500.000
12.500.000
Motors and accessories
1.071,200
6,644.500
----1.071,200
6,644,500
3ther industrial and manufacturing
3,270,000
341.250
341.250
3,170,000
100,000
3.000.000
24.810.000
27.810.000
34.359,711
1,500.660
32.859.711
138.343.350
3,801,106 142.144.450
)11
2.052.500
2,052.500
76.000.000
600,000
75.400.000
11.594.348
11,514,348
Land, buildings, arc
1,911.000
1,911.000
3,765:000
3,765.000
17,075.000
17,075.000
76.899,300
77,314.300
425.000
Rubber
9,364,366
9,364,366
thipping
1.650.000
1,650.000
600.000
600.000
inv. trusts, trading, holding, Arc250.000250.000
________
1,595.000
1,595,000 179.998,588
179.998,588
------Miscellaneous
570.500
500if00
570,500
9,700 000
-9,200.000
48.649.000
49,631.000 108.310.603
982.000
1.085.906 109,396,503
Total corporate securities
3.170,000
2,247,778
48.247.150
5,417,778
9,097,320
57344.470
269,029,300 132,199,200 401,228.500 630.889.863
15.436,500 646,326,363 882.453,445
58.327,000 940,780,445
9E1 etunlo A
MARCH FOR FIVE YEARS.
apyrolto iepueuu
SUMMAR OF CORPORATE,FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF
MONTH OF MARCH.
p
1932.
1933.,
1931.
New Capital. Refunding,
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital.
CorporateDomestic$
$
$
$
$
$
$
$
3
s
Long-term bonds and notes_
42.405.000
49.605.000 218.011.300 126.511.700 344.523.000 367.883.500
7,200,000
Short term
5.001.500
5,001.500
32.047.500
34.73.5.000
2,687.500
25.000.000
Preferred stocks
750,000
212.500
750,000
212.500
6.870.000
6.870.000
55.320.236
Common stocks
2,420.000
628,150
1,897,320
2,247.778
2,525,470
2.600.500
4.667.778
2.600.500
67.686.127
Canadian
Long-term bonds and notes_
9,500.000
9,500.000
5.000.000
Short term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes_
110,000.000
Short term
3.000.000
3.000.000
Preferred stocks
Common stocks
Total corporate
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
Canadian Government
3.685,000
2.000.000
5.685.000
4.000.000
Other foreign Government22.000.000
Farm Loan issues
25.000.000
15.000.000
'
5,000,000
20,000.000
15.000,000
20.000.000
1elunicipal, State cities, &c
*13,095.230
108,790.074
*581.445 *13.676.675
372.997 109.163.071 278,574,381
933,800 279.508,181 122.583.042
United States Possessions....405.000
405.000
Grand total
29.470,317 191,912.541 566,288.681 135.133.000 701.421.681 799.472,905
162.442.224
16,265,230
2.829.223
19.094.453
- es 00 not lnclu0e 340.640.940Reconstruction Finance
Corporation advances to municipalities, either actually made or promised during March.
SUMMARY OF CORPORATE,FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
I MONTHS ENDED MARCH 31.
1933.
1932.
1931.
1930.
New Capital. *Refunding.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
:orporate-Domestic$
$
$
$
$
$
$
$
$
$
$
$
Long-term bonds and notes.
19.721,000
63,143,000
82.864.000
9,138,000 121,088.000 476,974,300 308,203.700 785.178,000 1.028.092.910
111.950.000
75.911,500 1,104,004,410
Short term
500.000
15,458,000
15,958.000
12.751.500
5,250.000
18.001,500
55,115,350
70.943.850
15,828,500
21,003,000 108.410.000
87,407.000
Preferred stocks
3.250.000
3,250.000
6,775.275
81.130,386
40.882.779
_
_ ___
6.775.275
40.882.779
81,130,386
Common stocks
3,170.000
2,247.778
5.417.778
40,656.094 317,800,623
2,296.900
1,897.320
4,194,220
40,656,094
1,233,500 319,054.123
Canadian
Long-term bonds and notes79,500,000
60.300,000
79,500,000
18,000,000
78,300,000
Short term
Preferred stocks
Common stocks
Other Foreign
Long-term bonds and notes_
50,000.000
142.655.000
50.000,000
142.655.000
Short term
3,000,000
5,000,000
3,000,000
5,000,000
Preferred stocks
Common stocks
6.160 000
6.160,000
Total corporate
26,641,000
80,848,778 107,489,778
133,773.675
16,285,320 150,058,995 743,128,523 327,032.200 1.070.160.723 1.728.545.919 116.168.000 1,844,713.919
Canadian Government
16,142,000
21,985.000
2,000,000
19,985.600
3,158.000
19.300,000
Other foreign Government_
66,000.000
4,000,000
70,000,000
10.900,000
Farm Loan issues
10,900,000
5,000.000
47,500,000
29.500.000
22,000.000
52,500.000
29,500,000
22,000,000
*62.601,904
Municipal, State, cities, &c
*4,201,395 *66,803,299
281.778.702
925,122 282,703.824 446.094.289
3,509,300 449,603,589 310,923.872
5,906,063 316.829,935
United S
P
ions__ -_
692.000
1.500,000
692,000
1,500.000
100.142.904
Grand total
85,050,173 185,193,077
421,244,377
64,710.442 485.954,819 1.238,707,812 332.541.504 1.571.219.312 2.145.111.791 129.232.063 2.274.343,854
ures do not include a totalo.4165.317,107 econstruct on Finance Corporation advances to municipalities, either actually made or promised during the first three months of 1933.
1929.
New Capital. Refunding.
Total.
$
$
$
625,146.600 184,988.500 810135100
,
7,997.500
37,641,700
45..639,
200
487,860.085
50,632.950 5324,493,035
1,121,829,006
77,648.592 1,199,477,598
66,100,000
66.100,000
10,400,000
10,400,000
91,010.000
600.000
100.827,200
22,550.000
2,563,964,591
1,750.000
35,750,000
93,010.000
500.000
100.827,200
22.550.000
323,267,542 2,887,232,133
4,000,000
5,750,000
35,750,000
246,379.689
1.495,000
2,849,339,280
2,000,000
5.008.433
251,388,122
1,495.000
332.275,975 3,181,615,255
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE THREE MONTHS ENDED MARCH 31 FOR FIVE YEARS.
Digitized for
1932.
New Capital. Refunding.
Total.
$
43.625,000
109,770,000
9,138,000
38,339.000
Total.
118,908,000
New Capital.
241,126.300
212.506.000
59.2.50,000
10,890.000
1931.
Refunding.
1.980.000
1,980,000
9,205,000
920,000
4,616.000
7.000.000
4,342,000
200.000
111.950,000
7,375.000
750.000
9,138.000
200.000
121,088.000
1,000,000
4.150,000
100,000
8.375.000
4,900,000
100.000
10.180.000
606.474,300
19,777,000
151.640.000
3,186,500
93.308.000
318.107.500
70,900.000
74.180.910
75,000,000
50,002,500
105.000
74,285.910
75.000,000
50,002.500
87,260,000
8.600.000
160.339,600
1,000.000
1,000,000
83,500.000
132.845.000
782,256,600
575.000
400.000
3.205.000
87.835.000
9.000.000
163.544.600
186,988,500
83,300.000
135.050.000
969,245,100
1,500,000
6,409.000
6,081.000
1,500.000
12,490,000
10.125,000
10.000,000
60,000.000
10.680.000 39.900.000
914,678,000 1,231,047,910
500,000
308,203.700
53,372.n00
3.000.1)00
12.000.1100
1,600,000
9.655.000
1,900.000
5,430.000
800,000
13,935.000
709.000
5,833.850
3,500,000
791.000
1,200.000
17,435,000
1.5(81.000
7,033,850
18.828,500
100.000
73,943,8°0
1.000.000
3.650.000
92.407,000
10.000.000
60.000.000
f.7266(5 40.920,000
93.911,500 1,324,959,410
2,500.000
12,628,000
4,900.000
600.000
375,000
570,500
12,751,500
5,250.000
570.500
18,001,500
100.000
55.115,350
2,147.778
4,912.175
1,897.320
6.809.495
68,497,623
68,497,623
216.296.272
22,558.500
6,520.000
491.250
491.250
5.256.250
2,052.500
1,032.500
2.063,950
90.086.021
7.274,804
7.185,000
871,500
2,168.750
5,256.250
2,052.500
1.032,500
2,168.750
17,00.000
2.300.000
2.400.000
81,538.873
2.300.000
2.400.000
81.538.873
20.235,000
39.391.462
405.091.009
382.000
1.253,500
8,667,778
9,072.175
1.897,320
1,500.000
10,969,495
48.241,000
47.486.778
4,342,000
7,375.000
115.432,175
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
54.858,250
2.761,500
16.071.350
3,500.000
791.000
2.120.000
84.358.250
3.552.500
18,191.350
491.250
6.036,000
2,168,750
2.270.500
133.773.175
2.270,500
150,058,995
107.489.7781
16.28p.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
2.500.000
66,000,000
3.000.000
P2,000,000
1,600.000
14,555.000
2,500.000
5.805.000
800,000
6,000;666
.205
1.000.000
7.000.000
500.000
9,000,000
300.000
9,000,000
13,699,200
13.699.200
21,003,000
1,000.000
3.650.000
113.410,000
7.133,500
38,241.700
1,916,500
7,997.500
9.050.000
46,239.200
216,296,272
22.558,500
15.958.000
491.250
Total.
73,531.000
166,467,500
67,713.500
47,875.000
6.036,000
2,168.750
1929.
Refunding.
399,221.000
610,630.000
3,500.000
1,400,000
13,337,500
900.000
New Capital.
73,015.000
19,771,500
34,537,500
6.520,000
Total.
326.206.000
590.858,500
3.500.000
1.400.000
4,056.000
4,056.000
1930.
Refundzno.
387.022,000
373,394.000
59,250.000
10,890,000
1.650.000
1,650,000
82,864,000
New Capital.
61.667.000
145,895.700
160.888,000
61,667,000
900,000
Total.
ap!UOILij tepUelqd
1933.
3 MONTHS ENDED MARCH 31. New Capital. Refunding.
$
Long Term Bonds and Notes
$
12.000.000
31,625.000
Railroads
6.821.000
Public utilities
31,518.000
Iron, steel, coal. copper. /tc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
900.000
Land, buildings, Szn
Rubber
Shipping
Inv. trusts, trading, holding, accMiscellaneous
19,721.000
63,143,000
Total
Short Term Bonds and Notes
4,616.000
Railroads
500,000
6,500,000
Public utilities
4,342,000
Iron, steel, coal. copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, ,SEn
Rubber
Shipping
lnv. trusts, trading, holding, &c
.
Miscellaneous
15,458,000
Total
500.000
Stocks
-Railroads
2.147,778
Public utilities
Iron. steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
6,420,000
100.000
Other industrial and manufacturin
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c
Miscellaneous
6.420.000
Total
2,247,778
Total
12.000.000
36.241.000
Railroads
40.165,778
7.321.000
Public utilities
4,342.000
Iron. steel, coal. copper. &c
Equipment manufacturers
Motors and accessories
6.420.000
100,000
Other industrial and manufacturing
Oil
900,000
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
FRASER
26.641,000
80,848,778
Total corporate securities
460,954,556
62.038,480
14,365.000
16.142,500
475.319.556
78,180,980
30.179.120
263,934.458
138.676,180
86.919,330
35.204.366
10.100.000
20,235,000 612.296,138
39.773,462
43,163.663
406,344,509 1,743.466,291
2,340,950
75.281,920
15,085,272
408,500
2.063,950
90,957.521
7,274.804
7.185,000
32.520.070
339,216,378
153,761.452
87.327,830
35,204,366
10.100.000
612,296.138
4.657.400
47.821.063
128,281,542 1,871.747.833
326,206.000
75,515,000 401,721,000
75.031.000
19.777.000
94.808.000
860.5,6.772
32,399,500 892.926.272 633,831.056 172.086.000 805.917.056
29.0.54.500
29,058,500 129.751.980
19,329.000 149.080,980
13.400.000
13.400,000
3.663.950
3.663,950
30,679,120
2.340.950
33,020,070
5.876.500 179,798.431 360.194.458 75.856,920 436,051.378
173.921.931
84,174,804
84.774,801
600.000
147.276,180
15.485.272 162,761,45,
62,617.500 . 375.000
62.992,500 260.958.130
3,613.500 264,571.630
800.000
800,000
36,104.366
36.204,366
10.000.000
10.000,000
11,100,000
6,000,000
17,100.000
81.235.000
81.235,000 695,796,138
695.796,138 •
82.941,462
1.402,000
84,343,462 183.142,163
14.778.900 191.921.063
1.728,545.919 116.168.000 1.844.713,919 2.563,964,591
23,267,542 2.887.232,133
R7
4
co
2,
4
to
Volume
2307
Financial Chronicle
136
DETAILS OF NEW CAPITAL FLOTATIONS DURING MARCH 1933.
STOCKS.
Par or No.
of Shares.
To Yield
(a) Amount Price
Involved. per Share. About.
Purpose of Issue.
Public Utilities$
*1073889shs Refunding
Company and Issue, and by Whom Offered.
2,147,778
$2
North American Light & Power Co. Corn,stock. Offered by company to stockholders.
Other Industrial and mfg.
75.000 shs New capital; other corp. purposes_
225,000
3
60,000 shs New capital; gen. corp. purposes
1500,000shs Acquire plant; retire exist. mtge
500,000 sits Const. new plant; working capital
345.000
1,950,000
750.000
American Wine Co. Capital stock. Offered by Harry H. Knight & Co. and Festus J.
Wade Jr. & Co.
Berghoff Brewing Co. Common stock. Offered by F. A. Brewer & Co., Chicago.
Croft Brewing Co. Common stock. Offered by Sears dc Co., Boston.
Fehr (Frank) Brewing Co. Pattie. Preferred stock. Offered by Thompson. Ross &
Co., Inc., Chicago.
5.75
1.30
1.50
3.270,000
• Shares of no par value.
a Preferred stocks of a stated par Value are taken at par, while preferred stocks of no par value and all classes of common stocks are computed
at their offering prices.
The Course of the Bond Market.
Pt
Bond prices this week continued their decline of the last
two weeks, reaching the levels of early August 1932. Railroad and utility averages declined more than industrials
during the week. The average price of 120 domestic bonds
closed the week at 74.46, which compares with 75.09 a week
ago and 77.88 two weeks ago. Short term money rates were
down from last week, call money going to 2% from 3% a
week ago, and the New York Federal Reserve Bank rediscount rate being reduced to 3% from 33/2%, the rate which
had been in force since March 3. While high grade bonds
followed the general downward trend of the market in some
instances, the average of high grade issues firmed up this
week, reflecting lower money rates.
United States Government bonds maintained their recent
high price levels. Not only does this show the confidence
of the buying public in the efforts of the Administration to
balance the budget, but also it is in accord with the decline
in money rates. The possibility of inflation which is being
discussed currently in some quarters, is not consistent with
the firmness of Government bond prices. The average price
of eight long term Government issues stood at 101.60 on
Friday this week, comparing with 101.40 a week ago and
101.03 two weeks ago.
Railroad bonds were weak for the most part during the
first half of the past week, but strengthened moderately
during the second half. Part of the weakness was no doubt
due to the April 1 receivership announcements involving
Missouri Pacific, Akron Canton & Youngstown,' International Great Northern and New Orleans'Texas & Mexico.
The week as a whole showed net declines, advances being
few. The low-priced, speculative issues were particularly
weak on Wednesday, with large declines for the bonds of the
Chicago & North Western, unfounded reports regarding
Imminent financial difficulties involving default and reorganization having had an unsettling effect on most other
speculative bonds. On both the buying and selling sides of
the market orders were relatively few; as a result price movements tended to be extremely erratic, not only in the lowpriced group but also among high grade issues. Of the
latter, .Atchison Topeka & Santa Fe 43/28, 1948, dropped
from 87 to 813/i and Pennsylvania 43/is, 1965,from 77 to 74.
In the medium grade group, losses were 53'2 points for Great
Northern 75, 1936, from 51 to 4532, 43% points for Illinois
3
Central 4s, 1955,from 49% to 45, and 5 points for MissouriKansas-Texas 5s, 1962, from 65 to 60. The price average
for 40 railroad bonds stood at 70.62 on Friday, compared to
72.06 a week ago and 73.65 two weeks ago.
While weakness in utility bonds was still in evidence this
week, there was a tendency toward resistance, particularly
on Wednesday and Thursday. High grade bonds in this
group in the last four days acted quite well. American
Tel.& Tel. 5s, 1965,gained % points for the week,from 98%
3
to 993, while Indianapolis Power & Light 5s, 1957, lost 3%
points, from 81 to 773/2. American & Foreign Power 5s,
1
4
2030, were down 25 points, from 27% to 245 this Friday.
%
The price average of 40 utility bonds closed the week at.
73.25, while a week ago it stood at 73.35 and two weeks ago
at 78.10.
A good tone in highest grade issues, but erratic tendencies
in second grade and speculative bonds, characterized the
industrial list this week. In sympathy with stronger share
and commodity markets as the week progressed,some issues
representing companies dependent on inventory fluctuations
did better. The surviving sugar bonds sprang to life on
higher raw sugar prices and optimistic production allotment
rumors. Francisco Sugar 73/25, 1942, climbed 103/ points
to 30 from 193/i last week and American Beet Sugar 6s, 1935,
10 points to 45 from 35 a week ago. Steel bonds were
mainly lower. Rubber issues showed firmness to strength.
Oils and packing issues were relatively steady. Weak specialties included Childs Co. 5s, 1943, off 43% points to 263'
from 303 a week ago, Warner Co. Cs, 1944, which sold
down to 125 on non-payment of interest, and New York
%
Trap Rock Cs, 1946, off to 43 on an unfavorable annual
report. The price average of 40 industrial bonds ended the
week at 79.91, comparing with 80.37 a week ago and 82.14
two weeks ago.
The outstanding feature of this week's foreign bond market
was a sharp break in German bond prices. German 53's,
1965, lost 33% points for the week, dropping from 423 last
Friday to 38% this week, while German 7s, 1949, were off
6 points, from 66 to 60. Argentine issues were off somewhat, similarly Austrian, Chilean and Cuban. There was
a slight recovery in Colombian bonds. Japanese issues were
firm, as were Danish and Norwegian issues. The average
yield on 40 foreign bonds was 11.02% on Friday this week,
comparing with 10.99% and 10.76% one and two weeks ago,
respectively.
Bids are so scarce that in the ordinary sense there is no
municipal bond market. Dealers seem unwilling to buy for
stock even at prices near or below the levels of June, 1932,
and banks and institutions are not inclined to add to holdings.
The uncertain outlook for the near term has again brought
near maturities to a higher yield basis than long term bonds
of the same series. Reports of problems of large cities are
frequent. On April 6 the Common Council of Detroit voted
to reduce the interest on the outstanding debt to 3% and is
considering a plan to refund bonds maturing up to June 30
1943 with a 30-year issue. Banks holding short term notes
in the amount of $44,000,000 are to be asked to waive claims
to pledges of 10% of current taxes and 100% of delinquent
taxes, and to be offered 20-year refunding bonds.
Moody's computed bond prices and bond yield averages
are shown in the table below:
MOODY'S BOND YIELD AVERAGES.*
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.*
(Based on Average Yields).
1933
Daily
Averages.
Apr. 7
5
4
3
1
Weekly
Mar. 24
17
3
Feb. 24
17
10
3
Jan, 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932
Year A go
Apr. 7 1932
Two Years Ago
Apr. 8 1931
All
120
Domes
120 Domestics by Ratings.
120 Domestics
by Groups.
Aaa.
Aa.
A
.
Boa.
RR.
P. U. Indus.
74.46
74.46
74.46
74.36
74.46
74.77
99.84
99.52
99.52
99.36
99.36
99.52
85.10
84.97
85.10
84.72
84.97
85.48
72.65
72.75
72.75
72.55
72.85
72.85
53.28
53.28
53.40
53.34
53.40
53.88
70.62
70.81
71.00
71.00
71.00
71.38
73.25
73.15
73.35
72.95
73.05
73.35
79.91
79.80
79.56
79.34
79.91
80.14
77.88_
79.11
74.67
78 77
81 30
83 23
82 38
83 11
82 99
83.85
81 66
83 97
74.36
82 62
57.57
101.64
102.30
99.04
102 98
104.51
105.89
105.37
I 05.M
105 03
105 54
104.85
106 07
99.04
10.3.99
85.61
87.83
89.17
85.48
89.31
90133
92.68
92.53
92 39
91 81
92 25
90 69
92 97
84.72
89 72
71.38
75.82
77.33
72.06
76.25
79.45
81.54
80 49
Si 18
81 07
81.110
79,34
Si 90
72.06
78.55
54.43
57.24
58.52
54.18
57.98
60 60
62 48
61 34
62 115
63 II
64 31
61 56
8465
53.28
67.86
37.94
73.65
74.57
69.59
73 15
75 50
77.77
76 25
76 25
75.09
75 71
71.96
77.99
69.59
78 99
47.58
78.10
80.49
76.35
80,110
83.85
85 99
85 90
87 56
88 23
89 17
88 23
89 31
72.95
87.69
65.71
82.14
82.74
78.44
83 11
84.97
86 25
85.48
86.38
86.64
87.66
86 38
87 69
78.44
8561
62 09
68.40
92.68
80.49
68.40
46.87
60.97
73.65
71.87
120 Domestics
by GIOUPS.
All
120
1933
Domes
Daily
Averages.
Aaa.
Aa.
A
.
Baa.
RR.
6.72
6.72
6.72
6.73
6.72
6.69
4.76
4.78
4.78
4.79
4.79
4.78
5.79
5.80
5.79
5.82
5.80
5.76
6.90
6.89
6.89
6.91
6.88
6.88
9.42
9.42
9.40
9.41
9.40
9.32
7.11
7.09
7.07
7.07
7.07
7.03
6.84
6.85
6.83
7.87
6.86
6.83
6.22
6.23
6.25
6.27
6.22
6.20
11.02
11.01
10 94
10.86
10.82
10.80
6.40
6.29
6.70
6 32
6.10
5.94
6.81
5.95
5 96
5.89
6 07
5 88
6.73
5 99
8.74
4.65
4.61
4.81
4.57
4.48
4 40
4 43
4.42
4 45
4 42
4.46
4 39
4.81
4.51
5.75
5.58
5.48
5.76
5.47
5.36
5 23
5 24
5.25
5.29
5 26
5.37
62l
5.82
5.44
7.03
6.59
6.45
6.96
6.55
6.26
6.08
6.17
6.11
6.12
6.05
6 27
6.05
6.96
6.34
9.23
8.79
8.60
9.27
8.68
8.31
8.011
8.21
8.00
7.98
7.83
8.18
7 RIO
9.42
7.41
12.96
6.80
6.71
7.22
6.86
6.62
6 41
6.55
6 55
6.66
6 60
6.97
6.39
7.22
6.30
10.49
6.38
6.17
6.54
6.16
5.89
5.72
5.72
5.60
5 55
5.48
5.55
5 47
6.87
5.59
7.66
6.03
5.98
6.35
5.95
5.80
5.70
5.76
5 69
5.67
5.60
6 69
5.59
6.35
6.76
8.11
10.76
10.73
11.19
11.05
10.40
10.05
10.20
9.88
985
962
9 98
960
11.19
9.88
16.83
7.35
5.23
6.17
7.35
10.64
8.26
6.80
6.98
13.08
4.74
5.50
6.59
5.43
Apr. 7__
1__
Weekly
Mar.24_ _
17__
Feb. 24
17_.
10__
Jan. 27__
20._
13__
Low 1933
High 1933
Low 1932
High 1932
Yr. Ago .
Apr. 7'32
2 Yrs.Ago
Apr. 4 '31
120 Domestics Si Ratings.
,
P. U. Indus
6.63
91.53 105.89 100.17
454% coupon. i laturIng in 31 yeare) at d do no purport to show either
Clar• (solid
*Nati -These prime are .sumputed from average yield on the twos of .me
the average level or the average movement of actual prim quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relattve
movement of yield averages, the latter being the truer picture of the bond market.
The last complete list of bonds used In computing these Indexes was published In the "Chronicle" on Jan. 14 1933. page 222. For Moody's Index of bond pekes
by months back 10 1928. refer to the "Chronicle" of Feb.6 1932, page 907.
88 00
75.82
v9 foi
06.70
88.36
5.31
4.40
4.96
5.54
40
Foreign..
2308
Financial Chronicle
April 8 1933
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 7 1933.
Trade activity during the past week has been decidedly
more pronounced. The effects of the banking moratorium
have been less apparent and renewed confidence has been
shown. The constructive influence of much of the Administrative action of the past month is now becoming more apparent. Probably the chief domestic development has been
the legalization of beer which has reopened a wide field both
for industry and taxation, not to mention the psychological
effect on the country at large. This alone will mean a large
addition to our buying power and many industries will
profit by it. The grain markets have already been stimulated, the steel industry will undoubtedly be helped together
.with numerous others. Automobile sales have recently
increased materially, chiefly for the cheaper grade of cars.
Lumber is in better demand and there have been fair gains
in the cotton goods business. Already trade statistics are
beginning to show an improvement. Steel output is still
low, but the prospects for the near future are encouraging.
Conferences with representatives of foreign powers at Washington are expected to result in an expansion of foreign trade
with the prospect of reasonable tariff revision. Although
its measures have been drastic and to some extent experimental the Roosevelt administration has won the confidence
of the country largely through its determination to show conditions in their true light. Retail demand has been decidedly
better since the middle of March. Confidence among wholesale merchants has been stronger than for months past.
Stocks of merchandise throughout the country have been at
a very low point and retail demand has shown a steady increase. The stock market was reactionary in the first part
of the week and bonds have continued to show the effects
of necessitous liquidation until very recently. German
issues have reflected distrust of the present regime in the
Reich, and the situation of that country remains very worrisome, with reports of German domestic policy decidedly
conflicting.
The action of our commodity markets has been most noteworthy. Practically all grains have made new high recorda
for the season and in some instances for the year past.
Speculation has broadened in these markets more than in
those for securities. Sugar has steadily advanced with the
probable adoption of the plan for segregation of 600,000 to
700,000 tons in Cuba and the prospect of favorable tariff
action by this country. Cotton has been strong with improving textile business, but has shown more of a waiting
tendency than grain. Silver, rubber and hides have also
moved up. Reports of a pending shutdown of copper mines
in the United States has resulted in an increase in the export
price. Car loadings which were sharply curtailed during the
banking holiday have been steadily rising and for the week
ended April 1st are expected to show an increase of some
18,000 cars over the previous week. In New York, retail
trade has been better, due primarily to more seasonable
weather. Chicago's business has increased. Department
stores have been busier there than at any time this spring
and in fact for some years past, as trading volume in some
stores has run substantially ahead of last year. The clothing
business has been good and trade has also been brisk in
furniture and shoes. Wholesale millinery sales were better
as was the demand for dress goods. Preparations for a
resumption of the beer business on a large scale has been
a feature. Steel output has kept at a low figure. In St.
Louis shoe and chemical sales were larger and more banks
were open. In general trade was quiet. In philadelphia
silk plants have been active and spring goods have sold
freely. Sho factories were active principally in supplying
the demand for low priced shoes. In Boston and New
England textiles have lagged but there has been a moderate
business in cotton yarns. The shoe industry has been busier
since most of the labor troubles have been adjusted. Retail
trade has improved with more seasonable weather, although
the demand for spring apparel has been light both at retail
and wholesale for men and women's wear. Leather has been
firm. Wool was quiet but firm and mills had curtailed output. In Minneapolis trade increased noticeably owing partly
to special and vigorously advertised sales by the department
stores and partly to better weather. It was aided by the
attendance at the Northwestern Auto show and the approach
of Easter. The brewery business was active and has increased employment. The demand for clothing has been
better. Some improvement was noticed in the building
and lumber trade. Flour has shown much more strength.
In Kansas City trade is better than it was before the banking
holidays. Things were quiet in Youngstown and points in
the Ohio Valley where floods occurred.
In Cleveland as a rule business was slow. Some gain it is
true occurred in the steel trade but it was offset by a falling
off in Pittsburgh, Youngstown and tho Ohio Valley plants.
Trade however, has slipped backward somewhat following
the end of the banking holiday. In San Francisco activity
among the breweries continued to lead the industries. There
was a slight increase in department store trade but in general
business has been disappointing. Hop prices on the Pacific
Coast have jumped 30 cents a pound. California burley
was steady owing to the reduced acreage following the big
crop of last year. In Richmond and Atlanta trade has been
better. Business failures have been decidedly fewer during
the past week than foe the same period for several years
past. The building trade has been very quiet with little
increase in sight other than on Government work. Taking
business as a whole the developments of the past week have
been more encouraging than for months past.
In the case of the stock market, although transactions
were somewhat larger than on the previous Saturday,
amounting to 447,160 shares,fluctuations were negligible and
what speculation there was occurred principally in the markets for commodities. The rail group was somewhat weaker
but the slight strength in the industrial section offset this.
The rally in German issues was the feature in the bond
market. Although some recoveries were as high as 8 points
in the various German loans the net decline during the weak
ranged from fractions to 11 points or more. Other foreign
bonds were irregular. Most railroad issues were lower with
the exception of those of the Missouri Pacific and some
affiliated lines which enjoyed a substantial advance. United
States governments were mixed. Total sales were $5,974,000.
On the 3rd stock prices while moderately strong ignored the
advance in the grain markets and the recent acute dullness
continued. Tobacco shares were strong on the rumors that
the wholesale price of cigarettes would be raised again. Interest centered largely on the administration's plan for the
refinancing of farm mortgages and the impending Federal
regulations affecting stock trading. Bonds were lower as a
rule with trading quiet. Sales totaled $8,974,000. German
government bonds were again weak but municipal and corporation issues were generally stronger. United States governments advanced after early weakness and recovered most
of the lost ground. Domestic corporation bonds were
fairly strong.
On the 4th business was largely routine, total sales showing
only a slight advance to 721,200 shares. The general feeling
in Wall Street is that activity will remain in a curtailed
state until the Administration's legislative program has been
enacted. Railroad stocks were again weaker but the industrial leaders advanced. Bonds were also inactive with
,360,300. German bonds of all classes
total sales of
were again weaker. United States Governments were
stronger and domestic corporation issues were steady. On
the 5th stocks moved out of their rut and until selling of the
rails slowed up the rest of the market activity was greater
and prices better t4an for some time past. Total sales were
1,144,650 shares. The strong grain market had a decided
effect most of the day and most of the industrial news was
encouraging. The weakness of the rail shares however, led
to much speculation as to what companies, if any, would
follow Missouri Pacific in taking advantage of the provisions of the emergency amendment to the United States
Bankruptcy Act. Bonds were more active and the closing
was mixed. Total sales were $11,090,000. United States
Governments were generally higher, but German loans
broke sharply and domestic railroad bonds showed heavy
declines in some instances. The Chicago North Western
issues were particularly weak, and Chicago & Eastern Illinois
Cons. 6s of 1934 broke 16 points.
Although stocks were again dwarfed by commodities on
the 6th the market was considerably broader than it has
Volume 136
2309
Financial Chronicle
The crisis unified the country; and with this unqualified support the
been and the trend was steadily upward. Total sales were Government struck to the heart of the panic, carrying through an economy
1,226,520 shares. The principal exception to the general measure vital to maintain confidence in the currency, and undertaking a
rule of strength was the action Of the utilities. After a strong general reconstruction of the banking system, for the purpose of assuring
solvency or ability to withstand the depression will
general doubt
opening prices eased off, but later in the day advanced again thatagain arise. of its
not
of the grain markets. Most of the news
following the lead
The strain has been a very severe one, and in the complex economic
effects of throwing thousands
the bloodstream,
was bullish. The prospective revision of the securities bill system, wherein credit is or reorganization thea stroke of the pen are certain
by
of banks into liquidation
was looked upon favorably. Inflation talk increased and to be seriously disturbing. But the vigorous handling of the situation has
there was marked strength in those securities whose value encouraged everyone. There is good ground for believing that the country
conbetter
would be increased by reason of inventories of raw materials. can sustain the aftermath of the crisis exertedthan it could sustain theupon
a destructive pressure
tinuous distrust of credit, which has
followed stocks in their strength as a rule, except for business over the past two years. People are impressed by the view that
Bonds
German issues. Total sales were $10,830,000. U. S. such a catastrophe usually brings on the climax of liquidation, and is the
They reason that the losses could not be
governments were all stronger. Railroad obligations were last word in banking deflation. for recovery is improved by getting them
escaped, and that the prospect
Western bonds, which had over with. Reacting in this manner, they have met the crisis with courage
firmer, led by Chicago & North
headed the decline of the day before. To-day prices were and hope. It is demonstrated that sound measures, however drastic, will
if these measures are administered
win the
steady with some reaction on profit taking. Sales totaled as they co-operation of the people, and question as to restoration of order
deserve to be there will be no
cheerful, In the credit situation.
953,855 shares. Sentiment was decidedly more
but speculative interest in securities remains largely dependIn stating that the new currency is not an indication of
ent upon that in commodities and in spite of the generally inflation, the bank says:
bullish tenor of the news budget, the reactionary tendency
It is true that the suspension of gold redemption removes the automatic
in grain had a dampening effect on stocks. Aside from U.S. check which the requirement of a gold reserve imposes against inflation of
the the currency, and this in conjunction with the provision of the emergency
governments, bonds were irregular. The decrease in
banking Act
New York rediscount rate from 33/ to 3% helped United has aroused for the issuance of new currency without a specific goldabacking
sea of
apprehension that the country is embarking upon
States issues to register advances in the majority of maturities debased and depreciating paper money. But an examination of the facts
and high grade corporation and utility bonds followed. does not support this idea for a moment.
the
the
The currency provided for
Railroad bonds were strong, led by Chicago & North Western Reserve Bank notes, and will by fullyAct will be inas a form of Federal
direct obligation
be
secured both
issues. German bonds were again weak. Total sales of the bank issuing it, and by the deposit against it in the United States
Treasury of obligations of the United States, or other acceptable paper.
amounted to $9,500,000.
laid upon
subject to the same tax of h of 1% per
Advices from Lawrence, Mass., state that the Farwell It will bebank notes, and will be issued only duringannum that isemergency
the period of
national
Bleachery Co. plant is operating four and a half days a proclaimed by the President. It will not be handed out as a bonus to any
week. The carding department of the Pacific Mills has been group of the population, as was proposed with respect to the veterans'
payments last year, nor issued by way of Government expenditures, but
.experiencing a busy period. Some departments of the must be obtained by the member banks in the same manner that they
plant have been running nights. The recent spurt in the ordinarily obtain currency, i.e., by tendering acceptable paper or Government securities to the Reserve banks for rediscount or advances.
finishing department of the Arlington Mills appears to have borrowings, member banks must pay the regular rediscount rateUpon such
where the
run its course and many of the extra employees who were paper presented conforms to the ordinary eligibility standards, and a rate
at least 1% above the regular rate where the paper is not of this character.
laid off.
called into work have been
provisions there are a variety of safeguards against inflation.
As to weather conditions, on the 1st and 2d conditions It In thesebe realized that the issuance of currency to people who cash in
should
all over the country were more springlike although cloudy their bank deposits to obtain it, which is the purpose of this Act, is not an
and rainy weather was quite prevalent. In New York on inflationary process. In the commonly accepted definition the term inrequirethe 2d it was clear most of the day with temperatures rang- flation signifies the issuance of a circulating medium in excess ofand curments. Since the circulating medium includes both bank deposits
to 68; Boston, 42 to rency, it follows that the conversion of the former into the latter does not
ing from 49 to 64. Baltimore had 60
48; Buffalo, 38 to 48; Philadelphia, 58 to 66; Chicago, 48 increase the total, and therefore is not inflationary. This would be true
On
deposits
to 52; Cleveland, 46 to 54; Detroit, 44 to 54; Atlanta, 66 even if the entire body of bank hoarded, were converted into currency. the
the contrary, if the currency is
or circulates more slowly than
to 72; New Orleans, 78 to 82; Los Angeles, 60 to 72; Minne- bank deposits circulated, the process is deflationary. There is no creation of
apolis, 36 to 38; Montreal, 38 to 40 and Winnipeg, 30 to 34. artificial purchasing power under these conditions, but only a temporary
extension of the elasticity of the currency system, to cover an abnormal
On the 4th after quite a severe electrical storm the night situation. The sound principle that the currency should be issued by the
before the weather in New York was showery to clear with central banks, and not under the control of the legislative body, is maintemperatures ranging from 40 to 48. Boston had 38 to 44; tained.
Inducement to Retire Currency.
Buffalo, 32 to 36; Chicago, 36 to 48; Cleveland, 36 to 44;
The issuance of the currency is made an expense to member banks, which
Los Angeles, 54 to 60; Philadelphia, 44 to 54 and St. Louis,
must borrow from the Reserve banks to obtain it, and which if they have no
40 to 64. On the 5th it was fair and spring-like here with eligible assets must pay a penalty rate on their borrowings, as stated above.
temperatures of 40 to 63. It was warmer in the upper Ohio These provisions assure the retirement of the currency when it is no longer
needed,since the member banks will undoubtedly
Valley and Appalachian Mountain region. The Mississippi reduce their indebtedness to the Reserve banks. use returning currency to
Valley had showers and thunderstorms which extended to
The lack of direct convertibility into gold will be no handicap to the
the upper Lake region and Gulf States while snows occurred acceptance of the new currency, nor is there any reason why it should drive
other currency into hiding. For the present all currency is on a basis of
in the Rocky Mountains and Maine.
restricted convertibility. The new notes are redeemable in lawful money
On the 6th in New York it was cloudy with showers and normally redeemable in gold, and therefore upon the full resumption of gold
another electrical storm at night. Unsettled weather con- payments they will be convertible into gold in that manner.
issue of this currency to date, and the prompt restoration
tinued with lower temperatures in the Mississippi Valley. ofThe very small
the Reserve banks' gold reserves, indicate that it will be little used.
New York had 48 to 54, Montreal 30 to 44, Boston 40 to 52, Contrary to some opinions having an inflationary price advance in mind,
banks in
Washington 52 to 72, Chicago 42 to 44, San Francisco 54 to the withdrawal of the emergency currency from thebut would extremely
indicate a
large amounts would not be a matter for satisfaction,
60, and Winnipeg 24 to 40. It rained early to-day but continuation of the banking strain. The fallacy that an increase in the
the most persistent fallacy of
cleared up later and the temperatures were 43 to 57 degrees. currency issue is needed to advance prices is
three years
there is none that the history
Overnight Boston had 42 to 52 degrees, Philadelphia 50 to the depression, thoughdisproved. Overwhelmingly the of these share of the
greatest
has more convincingly
62, Portland, Me. 40 to 54, Chicago 34 to 44, Cincinnati country's business is done not with currency, but with bank credit, and
36 to 60, Cleveland 38 to 66, Detroit 36 to 56, Louisville 40 currency put out above the natural requirements either is promptly rebanks, or In case of distrust of banks
to 58, Milwaukee 30 to 40, Kansas City 36 to 46, Denver 42 deposited in theany stimulation to the price level. is hoarded, resulting in
neither case in
to 64, Salt Lake City 40 to 66, Los Angeles 52 to 66, PortIt is incomparably more to be desired that people should put their money
land, Ore. 40 to 56, San Francisco 50 to 60, Seattle 34 to 48, back into the banks and use their deposits to make payments than that they
should demand more currency, for the unthinking endeavor to convert
Montreal 42 to 44 and Winnipeg 26 to 40.
deposits into currency contracts the credit base, paralyzes business, des-
National City Bank of New York on Banking Crisis—
Prospect For Recovery Improved—Drastic Measures
of Government Acclaimed—New Currency Not
Indication of Inflation.
The National City Bank of New York,commenting on the
•
recent banking strain, states that"the banking crisis which
the United States has surmounted during March exceeded
in magnitude and severity any other financial crisis the
country has ever experienced, and the decisiveness with
which leadership has been exercised and a national discipline
enforced has received universal acclaim." The bank, in its
'April monthly letter, finds that "the prospect for recovery is
improved" with the accepting of losses. In part the bank's
comments follow:
troys values, and indeed tears down the economic foundation of the national
life. However successfully the provisions made for Increasing the currency
supply may operate, it should be recognized that any excess of currency
Issued does not go into effective use; that at worst it is hoarded and at best
replaces a more efficient medium of circulation; and that unless it is put
out in such amounts as to become debased it can have no more effect in
raising prices than if it were still blank paper, or were buried in the ground.
Loading of
Revenue Freight Somewhat
Larger.
Loading of revenue freight for the week ended on March 25
totaled 475,850 cars, the car service Division of the American
Railway Association announced on April 1. This was an
increase of 26,138 cars above the preceding week, but a
reduction of 85,268 cars under the same week in 1932 and
263,030 cars under the same week in 1931. Details follow:
Railroad
2310
Financial Chronicle
Miscellaneous freight loading for the week of March 25 totaled 161,953
cars, an increase of 12,591 cars above the preceding week, but 24,889 cars
under the corresponding week in 1932 and 124,052 cars under the same week
in 1931.
Loading of merchandise less than carload lot freight totaled 154,976
cars, an increase of 2,151 cars above the preceding week, but 30,367 cars
below the corresponding week last year and 67,381 cars under the same
week two years ago.
Grain and grain products loading for the week totaled 31,200 cars,
4,536 cars above the preceding week,and 4,093 cars above the corresponding
week last year but 5,715 cars below the same week in 1931. In the Western
districts alone, grain and grain products loading for the week ended on March
25 totaled 20,039 cars, an increase of 3,212 cars above the same week last
year.
Forest products loading totaled 15,717 cars, 1,380 cars above the preceding week, but 4,590 cars under the same week in 1932 and 19,077 cars
below the corresponding week in 1931.
Ore loading amounted to 2.249 cars, a decrease of 231 cars below the week
before. 732 cars below the corresponding week in 1932 and 3,935 cars below
the same week in 1931.
Coal loading amounted to 90,558 cars, an increase of 3.095 cars above
the preceding week, but 26,564 cars below the corresponding week in 1932,
and 35,673 cars below the same week in 1931.
Coke loading amounted to 4,163 cars, 131 cars below the preceding week,
1,058 cars below the same week last year, 2,829 cars below the same week
two years ago.
Live stock loading amounted to 15,034 cars, an increase of 2,747 cars
above the preceding week, but 1,161 cars below the same week last year
and 4,368 cars below the same week two years ago. In the Western dis-
April 8 1933
tricts alone, loading of live stock for the week ended on March 25 totaled
11,718 cars, a decrease of 1,139 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in both 1932 and 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
1933.
2,266,771
2,243,221
559,479
575,481
584,759
561,118
2,873.211
2,834,119
723,215
733,580
741,253
738,880
5.709,679
Total
1932.
1,910,496
1.957,981
477,827
437,813
449,712
475,850
Four weeks in January
Four weeks in February
Week ended March 4
Week ended March 11
Week ended March 18
Week ended March 25
6,790,829
8.644.258
1931.
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended March 25.
In the table below we undertake to show also the loadings
for the separate roads and systems. It should be understood, however, that in this case the figures are a week
behind those of the general totals-that is, are for the week
ended March 18. During the latter period a total of 13
roads showed increases over the corresponding week last
year, the most important of which were the Central of
Georgia Ry., the Texas & Pacific Ry., the InternationalGreat Northern RR. and the Bangor & Aroostook RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED MARCH 18.
'
Total Loads Received
from Conneaions.
1933.
1932.
2,247
2,469
6,342
513
2,252
8,830
485
2,129
3,317
8,149
747
2,568
11,241
591
2,648
3.765
10,191
849
3,061
13,321
647
245
3,721
7.566
1,638
1.909
9,342
716
267
5,516
9.964
• 1,657
2,408
12,340
999
23,138
28,742
34,482
25,137
33,151
4,766
6,785
9,370
133
1,242
6,678
1,246
15,405
1.978
320
266
6,459
9,778
11,833
162
1,673
8,339
2,185
19,245
2,176
419
366
7,251
10,357
13,807
262
1,829
8,968
1,855
26,567
1,703
450
497
4,748
4,675
10,232
1,339
824
5,072
14
18.987
1,630
17
135
6,790
5,620
13,676
2,023
893
6,031
23
27,750
2,273
24
259
62,635
73.346
47,673
65,362
543
1,575
8,780
52
225
210
1,314
2,575
6.387
3,954
4.325
4,238
3,115
1,223
5,195
3,050
572
1,974
9,667
65
327
193
2,277
4,190
8.059
4,823
5,450
5,646
5,513
1,237
6,579
3,404
940
1,248
8,065
42
55
1,807
596
4,540
6,245
142
6,003
3,321
3.212
427
5,859
1,213
1,141
2,005
12,228
106
106
2,738
1,247
6.651
9,722
175
8.998
4,813
4,784
604
7,967
1.967
Total
Group C:
On Arbor
"Ihicago Ind. & Louisville
:neve. CM. Chic. & St. Louis
:Yentral Indiana
3etrolt & Mackinac
3etrolt & Toledo Shore Line
3etrolt Toledo & Ironton
;rand Trunk Western
dichlgan Central
donongahela
'few York Chicago & St. Louis_
, Marquette
ere
Ittsburgh & Lake Erie
Pittsburgh & West Virginia
Vabash
Vheeling & Lake Erie
Total
/mnd total Eastern District
Allegheny- Districtlaltimore & Ohio
Yessemer & Lake Erie
luffalo Creek & Gauley
7.entml RR.of New Jersey....
Yornwall
Yumberiand & Pennsylvania
Agonier Valley
.cog Island
ennsylvania System
,
Lending Co
Jnion (Pittsburgh)
Vest Virginia Northern
Vestern Maryland
Total
Pocahontas Districtnyesapeake & Ohio
forfolk de Western
forfolk & Portsmouth Belt Line
lrginian
Total
Southern DistrictGroup A:
AVantic Coast Line
linchfield
harieston & Western Carolina_
Mrham & Southern
lainesville & Midland
lorfolk Southern
ledmont & Northern
Jcbmond Frederick. & Potom_
SIsaboard Air Line
Duthern System
finston-Salem Southbound
Total
•Figures of preceding week.
377
1,078
6,094
11
178
139
841
1.771
4,084
2,474
2,959
3,130
2,181
820
4,042
2,108
32,287
46,761
103.614
138.138
19,422
626
130
4,354
189
177
862
43,487
9.818
2,378
49
2,327
26,940
640
142
6,345
33
397
208
1,176
58.997
13,064
5,513
57
3,122
83,819
116,634
Group B:
Alabama Tenn.& Northern____
Atlanta Birmingham & Coast
Atl.& W.P.
-West. RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile de Ohio
Nashville Chatt & St. Louis
New Orleans-Great Northern
Tennessee Central
1932.
1931.
1933.
140
563
627
3,480
•98
1,282
747
263
609
13,832
12,274
117
119
1,558
2,448
452
219
223
696
597
3,405
216
1.074
725
316
762
19.270
17,245
114
154
1.928
2,637
579
456
221
944
868
5,994
331
1,088
1,469
590
941
23,388
22,125
237
225
2,465
3,756
813
629
137
649
827
1,943
110
512
1,103
394
503
6,423
2,944
403
156
1,048
1,864
276
486
61,170
86,270
16,000
12,211
936
2,620
19,559
15,660
850
3,695
20,171
16.835
1,622
3,560
5,079
2,642
842
385
5,597
3,422
1,257
324
31.767
39,764
42,188
8,948
10,600
8,426
684
323
141
40
1,343
464
273
6,593
16,159
132
8,558
1,012
377
143
53
1,587
483
366
6,959
19,779
185
14,341
1,280
654
198
82
1,964
570
464
11,145
25,803
200
3,430
1,056
820
274
82
846
688
3.068
2,989
8,722
483
4.366
1,143
901
395
85
993
914
3,269
3,370
10,824
760
34,578
39,502
56,701
22,458
27,024
1932.
192
761
936
2,035
230
416
1,228
328
685
8,369
3,429
331
254
1,075
1,843
297
609
38.828
50,397
66.084
19,778
22,918
Grand total Southern District
73,406
89,899
122.785
42.236
49.942
Northwestern District
Belt Ay. of Chicago
Chicago & North Western
Chicago Great
chic. miiw.St.Western ific_
Paul & pac
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern_ _ _
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern
Great Northern
Green Bay & Western
Minneapolis & St. LOUIS
Minn. St. Paul & 8.5. Marie
Northern Pacific
Spokane Portland & Seattle__
521
10.987
1,811
12.919
2.567
290
309
2,409
267
7.343
473
1,292
3,632
6,487
682
894
14,060
2,355
17,244
3,130
421
383
3.973
280
7,830
611
1,691
4.834
8,103
1,098
1,482
18,580
3,055
21,679
4,433
800
958
6,011
406
9,338
608
2,434
5,616
9,733
1,259
940
5,833
1,610
4,677
1,848
37
314
2,941
113
1,144
271
1,093
1,355
1,399
710
1,390
8.882
2,758
6,887
2,813
71
360
5,242
173
1,657
398
1.586
1,848
1,783
875
_51,989
66.907
86,392
24,285
36,723
_
19,606
3.042
107
15.738
11.374
3,162
1,037
1,812
436
1,132
482
123
13,116
243
309
12.159
382
1,030
23,538
3,582
236
20,771
15,641
3,114
1,145
2,373
265
1,242
649
134
17.872
303
245
15,115
327
1,435
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System_
15,999
Alton
2,529
65,252 Bingham & Garfield
59,976
43,715
238
Chicago Burlington & QuIncY
10,790
167,804 116,525 163,765 Chicago Rock Island & Pacific_
9.114
Chicago 4, Eastern Illinois
2,107
Colorado & Southern
668
Denver & Rio Grande Western.
1,514
34,337
13.882 Denver & Salt Lake
9.296
149
1,589
534
953 Fort Worth & Denver CitY
1.099
211
7
5 Northwestern Pacific
305
9.097
8,390
10,767 Peoria 4, Pekin Union
101
2
35
63 Southern Pacific (Pacific)
9,687
419
15 St. Joseph & Grand island
15
233
6 Toledo Peoria & Western
133
5
267
1,474
2,549
4,113 Union Pacific System
9,502
74,882
24,774
35,932 Utah
215
16,838
11,936
15,819 Western Pacific
920
588
9,200
907
482 Total
65.437
3,524
3;oil
3,806
=
151,754
Total Loads Received
from Connection:.
1933.
Southwestern District
Alton dv Southern
Burlington Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern_
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas_ _ _
Missouri-Kansas-Texas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde & Gulf
Southern Pacific in Texas & La_
Texas & Pacific
Terminal RR.Assn.of St. Louis
Weatherford Min. Wells & N. W
Total
85.290
107,987
112
159
142
1,398
49
2.903
81
1.122
885
284
394
61
3.746
10,174
37
79
6,453
1,857
509
4.582
3,178
1.457
18
157
144
221
2,127
145
1,569
223
1.453
1,244
479
723
53
4,826
13,673
37
63
7,584
2,217
620
5,769
3,171
1,608
21
160
197
224
2,154
105
4,197
345
2,041
1,422
222
709
125
5,218
18,194
33
82
10,025
2,467
629
6,405
5,047
2,299
43
39,680
48.127
62.343
3,656
1,970
24
5,933
7,215
2,298
772
1,572
7
837
213
36
3,269
187
759
5,617
6
1,053
35,424
o.do0.4.
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Brie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
lew York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern_ __ _
1933.
®
0, o=c4.-0.=
Total
1931.
48,189
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H.& Hartford
Rutland
1932.
Total Revenue
F eight Loaded.
Railroads.
w
Total Revenue
Freight Loaded.
Railroads.
2,165
252
152
769
15
1,336
543
1,075
657
408
157
251
1,668
5,446
7
123
2,291
1,164
173
2,256
2,389
1,606
18
24,921
2,925
350
120
902
78
1,971
682
1,380
978
408
205
334
2.234
7,267
27
69
3,024
1,325
261
2.607
3.290
2,331
30
32.7191
s-
Moody's Daily Index of Staple Commodity Prices
Advances on Talk of Inflation.
An increasing volume of speculative purchases of commodity futures, largely due to talk of impending inflation;
made itself felt in cash markets and caused Moody's Daily
Index of Staple Commodity Prices to advance from 86.5 to
88.5 for the week in review. A new high for the year of
88.8 was reached on Thursday, compared to 88.7 on March
16, the first day of unrestricted trading after the Exchange
holiday.
Wheat, cotton. sugar, corn and scrap steel were chiefly
responsible for the advance in the Index, while slightly
higher quotations for copper, rubber and coffee helped to
offset declines in hogs and wool tops. Hides, silver, lead,
cocoa and silk finished the week unchanged or practically so.
The movement of the Index for each day of the past week,
with comparisons, is shown below:
86.4
86.7
86.8
87.5
88.8
88.5
Sat.
April 1
Mon. April 3
Tues. April 4
Wed. April 5
Thurs. April 6
Fri.
April 7
Week ago, Fri. Mar. 31
Year ago, April 9
1932cHigh, Sept. 6
Low, Dec. 31
1933 High, Apr. 6
)Low. Feb. 7
86.3
90.8
103.9
79.3
88.8
78.7
Employment and Payrolls in Manufacturing Industries
in United States Increased During February as
Compared With January According to United
States Department of Labor.
The index of employment in manufacturing industries
compiled by the Bureau of Labor Statistics of the U. S.
Department of Labor is based on reports obtained monthly
from a wide field of representative establishments in the
important industries of the United States.
This index is simply a series of percentages which show
what percentage the number employed each month is of the
number employed in a selected base period. The year 1926
is adopted as the base year, and the average number of
employees on the payrolls that year is represented by 100%.
The monthly indexes, therefore, represent the percentage
of employment compared with the employment in the base
year.
The payroll index is prepared in a similar manner showing
the percentage changes in the amount of earnings received
by the employees each month as compared with the earnings
in the base period. The employment reports now received
by this Bureau cover about 50% of the wage earners employed in the manufacturing industries. Further reporting
the Bureau, said as follows under date of March 30:
The index number of employment in the manufacturing industries in
February 1933. was 57.5 as compared with 56.6 in January 1933, and 65.6
in February 1932. The index of payroll totals was 36.4 in February 1933.
as compared with 35.8 in January 1933, and 49.6 in February 1932. Thus
employment in manufacturing industries increased 1.6% in February 1933,
as compared with January 1933. and payrolls increased 1.7%•
These changes are based on reports received from 17,773 establishments
In 89 of the principal manufacturing industries in the United States having
In February 2,593,672 employees whose combined earnings in one week
were $42,885.896.
Each year since 1923 employment has shown a gain as between January
and February. l'ayroll totals also have increased each year as between
January and February. These changes each year since 1923 are shown In the
following table:
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES JANUARY AND FEBRUARY EACH YEAR 1923 TO 1933
AND PER CENT OF CHANGE BETWEEN THE TWO MONTHS.
(12
-Month Average, 1926=100.)
Payroll.
Employment.
Per Cent
Per Cell
January. February. ofChange. January. February. of Change.
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
106.6
103.8
97.9
100.4
97.3
91.6
95.2
90.7
74.6
64.6
56.6
108.4
105.1
99.7
101.5
99.0
93.0
97.4
90.9
75.3
65.6
57.5
+1.7
+1.3
+1.8
+1.1
+1.7
+1.5
+2.3
+0.2
+0.9
+1.2
+1.6
95.8
98.6
93.9
98.0
94.9
89.6
95.5
88.1
63.7
48.6
35.8
99.4
103.8
99.3
102.2
100.6
93.9
101.8
91.3
68.1
49.6
36.4
+3.8
+5.3
+5.8
+4.3
+6.0
+4.8
+6.6
+3.6
+6.9
+2.1
+1.7
The increase in employment in February 1933, is 1.6% as compared with
January 1933, the average per cent of increase between January and
February over a 10-year period being 1.4%.
There was an increase of 1.7% in payrolls from January to February
1933, the average increase in payrolls between January and February over
•
the 10
-year interval being 4.9%.
The low point in employment in manufacturing industries was reached in
index registered 55.2. The February
July 1932. at which time this bureau's
1933 employment index (57.5) is 4.2% above the low point of July 1932.
In July 1932, the payroll index stood at 36.2. which was the lowest point
reached during that year. The sharp decline in payrolls, however, between
December 1932, and January 1933, brought the payroll index in January
1933. to the lowest point recorded, 35.8, from which there has been an
increase of 1.7% over the month interval.
A comparison of the February 1933. employment and payroll indexes
with the indexes of February 1932, shows that employment has declined
12.3% over the year interval, and payrolls have decreased 26.6% between
February 1932, and February 1933.
2311
Financial Chronicle
Volume 7Th
IN
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS
MANUFACTURING INDUSTRIES.
-Month Average 1926=100).
(12
Payroll Totals.
EmploYmenl.
Manufacturing Industries.
General index
Feb.
1932.
Jan.
1933.
Feb.
1933.
Feb.
1932.
Jan.
1933.
Feb.
1933.
65.6
56.6
.57.5
49.6
35.8
36.4
60.1
62.1
72.8
77.4
78.7
81.1
Food and kindred products
62.1
63.4
76.4
77.0
77.3
83.2
Baking
49.7
49.4
60.6
64.8
63.5
72.1
Beverages
68.8
71.0
79.6
89.0
88.6
84.2
Butter
52.6
54.0
62.9
75.5
76.3
74.5
Confectionery
61.9
66.5
72.2
81.0
82.2
84.3
Flour
46.6
47.1
62.8
61.7
61.3
68.4
Ice cream
65.9
67.1
79.2
84.6
84.5
Slaughtering and meat paCking- 89.8
33.6
66.7
30.5
49.1
25.6 114.4
Sugar, beet
57.7
56.2
67.4
74.1
71.8
75.7
Sugar refining, cane
45.8
42.2
57.6
72.1
69.6
75.1
and their products
Textiles
Fabrics:
25.2
27.0
49.6
40.6
51.2
61.8
Carpets and rugs
48.0
58.5
48.4
74.3
74.8
75.6
Cotton goods
56.8
50.8
75.1
79.8
76.0
87.5
Cotton small wares
56.7
52.5
75.4
78.2
77.3
86.2
Dyeing and finishing textiles_
50.1
48.4
63.4
79.7
79.3
81.6
Knit goods
36.5
35.8
51.3
59.6
59.7
69.3
Silk and rayon goods
57.1
49.9
63.4
78.3
71.4
73.8
worsted goods_ _
Woolen and
Wearing apparel:
39.1
31.3
47.8
68.2
62.1
71.8
Clothing, men's
34.8
42.2
55.4
69.5
63.6
74.4
Clothing, women's
80.7
68.6
95.5
96.6 102.6
Corsets and allied garments- - 105.6
37.1
38.8
40.2
66.5
64.9
67.0
felt
Hats, fur
33.8
32.1
48.5
63.3
61.7
64.3
Men's furnishings
43.2
39.8
65.9
72.0
64.9
82.0
Millinery
34.5
30.2
41.9
58.2
53.4
60.8
Shirts and collars
Iron and steel and their products
24.5
22.6
36.8
51.3
49.0
62.3
not including machinery_
32.6
30.9
46.6
61.1
59.9
Bolts, nuts, washers and rivets- 70.8
13.1 a 11.2
27.8
23.4
27.0
42.1
Cast-iron Pine
Cutlery (not including silver
and plated cutlery) and edge
37.6
35.3
56.4
59.3
57.8
74.3
tools
24.9
27.0
41.7
51.4
52.9
66.9
Forgings, iron and steel
23.2
22.4
36.0
49.0
48.3
58.5
Hardware
23.6
21.4
34.3
53.0
50.6
62.8
Iron and steel
25.9
19.3
42.7
.54.5
44.1
68.9
Plumbers' supplies
Steam and hot water heating
18.2
16.7
28.4
34.8
31.3
apparatus and steam fittings- 45.0
23.2
18.5
30.7
43.0
37.8
50.6
Stoves
ornamental metal
Structural &
17.4
18.5
36.6
37.3
38.1
55.6
work
39.7
39.8
45.3
70.3
67.7
72.8
Tin cans and other tinwaretools,
Tools (not including edge
30.6
33.0
50.9
59.2
59.4
machine tools, files & saws).- 76.8
58.6
50.6
85.2
89.1
102.3
84.7
Wirework
Machinery, not including trans
25.4
25.0
42.3
43.9
43.4
59.8
portatlon equipment
21.6
18.9
35.3
29.9
27.4
41.4
Agricultural implements
Cash registers, adding machines
42.7
42.9
55.7
62.5
62.2
77.3
machines
& calculating
Electrical machinery,apparatus
30.3
30.5
56.5
46.4
46.4
70.8
and supplies
Engines, turbines, tractors and
24.7
24.3
34.8
40.0
39.9
52.0
water wheels
21.6
20.9
34.9
42.3
41.6
Foundry & machine sho prod'ts 54.7
18.8
19.6
34.4
31.0
31.7
47.3
Machine tools
45.5
41.9
61.4
61.9
57.9
72.0
and phonographs
Radios
32.7
33.8
55.6
55.0
54.5
68.7
Textile machinery and parts29.8
32.7
48.3
53.8
57.4
72.1
Typewriters and supplies
30.4
29.9
45.6
50.8
50.1
Nonferrous metals & their prod'ts 61.4
29.6
28.0
39.3
47.8
46.8
55.1
Aluminum manufactures
26.5
27.1
43.4
48.7
48.6
Brass, bronze & copper prod'ts- 60.8
timeClocks and watches and
22.3
23.0
38.0
38.0
39.1
54.7
recording devices
21.1
20.9
34.6
34.8
33.0
43.8
Jewelry
40.4
42.5
58.9
60.5
62.6
76.4
Lighting equipment
31.8
30.0
46.6
58.7
55.1
- 65.1
Silverware and plated
ware_Smelting and refining: copper,
35.0
36.8
51.3
55.9
58.7
69.1
lead and zinc
35.9
30.8
48.1
60.5
54.8
Stamped and enameled ware... 65.6
30.6
34.1
49.8
48.5
49.5
64.8
Transportation equipment
224.5 182.7 185.8 227.9 181.1 187.7
Aircraft
31.3
35.3
50.6
50.8
51.6
67.2
Automobiles
9.0
10.0
13.7
17.2
18.0
Cars, electric & steam railroad- 21.3
7.6
8.3
17.9
11.8
12.7
21.1
Locomotives
43.4
45.8
77.8
61.1
65.0
90.0
Shipbuilding
35.9
35.8
42.6
47.3
48.1
52.2
Railroad repair shops
52.5
52.9
65.2
65.0
65.6
72.4
Electric railroad
34.6
34.5
40.9
45.9
46.7
50.6
Steam railroad
16.2
16.3
25.6
33.4
33.9
41.7
allied products
Lumber and
21.2
19.8
33.7
43.1
42.2
56.2
Furniture
15.8
16.2
27.5
31.2
30.4
41.4
Lumber, millwork
13.3
14.0
20.4
29.8
31.0
36.0
Lumber, sawmids
32.1
36.8
41.6
40.9
43.5
46.8
Turpentine and rosin
20.8
20.1
33.6
36.7
35.4
Stone, clay and glass products_ - - 47.9
7.7
7.7
14.8
19.4
19.2
29.5
Brick, tile and terra cotta
14.9
15.0
29.3
29.7
30.0
43.3
Cement
37.9
36.6
51.9
55.4
53.1
63.4
Glass
Marble, granite, slate & other
21.3
20.9
39.3
36.6
33.6
.53.6
products
31.0
28.1
48.2
57.5
54.8
69.1
Pottery
48.4
42.3
59.3
76.5
72.5
79.1
Leather and its manufactures__ _ _
47.0
40.1
59.4
77.7
73.1
80.9
Boots and shoes
53.1
50.1
58.8
71.6
71.7
70.1
Leather
61.2
62.3
77.5
78.1
78.2
85.0
Paper and printing
53.7
51.4
65.1
68.3
67.3
73.4
Boxes, paper
46.5
45.0
61.2
72.5
72.2
77.7
Paper and pulp
54.9
57.6
74.4
71.0
71.7
82.4
and job
Printing-book
80.2
82.6
95.9
96.8
97.1
Ptg.-newspapers& periodicals_ 101.4
59.7
59.5
70.6
76.5
75.2
. 80.3
Chemicals and allied products_ _ 61.4
60.4
70.7
86.8
85.4
88.9
Chemicals
34.1
33.1
49.5
40.6
36.6
48.2
Cottonseed, oil, cake and meal_
70.0
72.5
81.2
70.5
73.9
78.8
Druggists' preparations
47.0
46.6
58.6
76.2
75.9
84.3
Exp,osives
32.6
32.5
40.4
.56.7
49.9
56.6
Fertilizers
47.3
45.9
64.3
64.2
63.6
73.9
Paints and varnishes
53.0
53.3
61.9
62.7
62.1
66.4
Petroleum refining
136.5 123.5 121.0
products_ _ _ _ 149.2 148.3 149.1
Rayon and allied
78.0
77.0
89.7
95.1
94.2
96.5
Soap
36.8
36.6
52.2
62.6
62.2
69.6
Rubber products
34.0
35.5
41.4
49.2
51.4
62.0
Rubber boots and shoes
Rubber goods, other than boots,
51.7
51.8
61.6
82.0
81.6
84.4
tubes
shoes, tires and inner
32.3
31.5
51.4
58.6
57.4
65.8
Rubber tires and inner tubes_ _ _
42.8
40.9
56.9
65.5
62.4
74.0
Tobacco manufactures
Chewing & smoking tobacco
65.4
74.2
81.1
89.5
90.0
92.4
and snuff
40.1
36.9
54.0
62.4
56.9
71.6
Cigars and cigarettes
Non-Manufacturing I? dustrzes.
In addition to the collection of employment data for the
manufacturing industries the Bureau of Labor Statistics
has been able to expand its work and now collects employment data for 16 non-manufacturing industries. For 14
of these industries the Bureau has data for 1929 so that
index numbers of employment and payrolls can be corn-
2312
Financial Chronicle
puted, using 1929 as the base year. The year 1929 may be
considered a fairly normal recent year for these non-manufacturing industries. The change in employment and payrolls
in the 16 non-manufacturing industries is shown in the
following table. Only two of these industries showed an
increase in employment in February 1933 as compared with
January. Six of the industries, however, showed an increase
in payrolls. The Bureau continued:
The anthracite mining group reported an increase of 11.9% in employment and 31.4% in payrolls; and the canning and preserving industry
reported an increase of 2.8% in employment combined with an increase
of 4.6% in payrolls. Four additional groups reported increases in payrolls
over the month interval coupled, however, with small decreases in employment. The changes in employment and payrolls in these four groups were
as follows: Hotels, employment decreased less than .1 of 1% and payrolls
increased 0.3%; crude petroleum producing, employment decreased 0.2%
and payrolls increased 4.5%; bituminous coal mining, employment decreased 0.7% and payrolls increased 2.9%; telephone and telegraph, employment decreased 1% and payrolls increased 0.4%. In the remaining 10
industrial groups, decreases in both employment and payrolls were reported
as follows: Electric railroad and motor bus operation and maintenance,
0.2% in employment and 0.5% in payrolls; banks
-brokerage-insurance-real
estate, 0.2% in employment and 0.7% in payrolls; power and light, 0.4%
in employment and 1.9% in payrolls; quarrying and non-metallic mining,
0.7% in employment and 4% in payrolls; laundries, 1.4% in employment
and 4.2% in payrolls; wholesale trade, 1.5% in employment and 5% in
payrolls; metalliferous mining, 2.8% in employment and 1.5% in payrolls:
dyeing and cleaning, 2.8% in employment and 9.1% in payrolls; retail
trade,4.5% in employment and 6.9% in payrolls; and building construction,
9.1% in employment and 16.5% in payrolls.
Feb.
1932.
Dec.
1932.
Jan.
1933.
Feb.
1933.
Primary Distribution
Car loadings, merchandise and miscellaneous_ _ _ _
Car loadings, other
Exports
Imports
Waterways traffic
Wholesale trade
62
58
55
65
43
80
53
58
43
57
40
85
55
50
44
54
47
82p
51
55
41p
47p
45
81p
Distribution to Consumer
Department store sales, Second District
Chain grocery sales
Other chain store sales
Mail order house sales
Advertising
Gasoline consumption
Passenger automobile registration
80
73
84
76
66
72
37
68
64
67
61
52
63
29p
64p
62
77p
65
51
72
45p
66p
61
73p
General Business Activity.
Bank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N. Y.City
Velocity of bank deposits, New York City
Shares sold on New York Stock Exchange
Life insurance paid for
Electric power
Employment in the United States
Business failures
.
Building contracts
New corporation formed in New York State....
Real estate transfers
66
62
81
70
82
92
74
69
114
26
82
General price level*
Composite index of wages*
Cost of living*
136
192
142
p Preliminary.
INDEX OF EMPLOYMENT AND PAYROLL TOTALS IN JANUARY AND
FEBRUARY 1933. TOGETHER WITH PER CENTS OF CHANGE BETWEEN JANUARY AND FEBRUARY, IN NON
-MANUFACTURING
INDUSTRIES.
,
000,,noRn comam.vo
,
coomm,oc-n rnnt-mnr.
58.7
89.3
31.5
34.8
57.0
73.9
77.4
+11.9
-0.7
-2.8
-0.7
-0.2
-1.0
-0.4
43.2
36.1
18.1
18.1
39.9
71.7
73.0
56.8
37.2
17.8
17.4
41.7
72.0
71.6
70.4
74.1
73.4
73.8
35.1
74.4
70.9
x
-0.2
-1.5
-4.5
y
+2.8
-1.4
-2.8
-9.1
60.9
61.7
62.7
55.7
24.8
57.9
46.6
:
60.6
58.6
58.4
55.9
25.9
55.5
42.4
x
x
-0.2
x
x
1
II
Anthracite mining
Bituminous coal mining
Metalliferous mining
Quarrying & non-metallic min'g
Crude petroleum producing.. _ _
Telephone and telegraph
Power and light
Electric-railroad & motor bus
operation & maintenance_ _..
Wholesale trade
Retail trade
Hotels '
Canning and preserving
Laundries
Dyeing and cleaning
Building construction
Banks, brokerage, insurance,
and real estate
1 11I++111 144.
04
L4 a;...izipWbba 4Dicabaiz4.
Industries.
Indere* of
Per Cent
Indezes of
Per Cent
Employment.
of
Payroll Totals.
of
GO0.1929=100) Change (Avg1929=l00) Change
Jan. to
Jan. to
Jan.
Feb.
Feb.
Jan.
Feb.
Feb.
1933. 1933.
1933.
1933. 1933.
1933.
a Indexes are not computed as data for index base year are not available.
y Less than .1 of 1%.
"Annalist" Weekly Index of Wholsale
Commodity Prices.
A small decline of 0.2 point carried the "Annalist" weekly
index of wholesale commodity prices down to 81.9 on Tuesday, April 4,from 82.1 on March 28. The "Annalist" adds:
The loss was due almost entirely to lower steel prices, although commodity
prices on the whole tended downward. The grains, however, advanced
sharply, and some of the other commodities made small gains.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation. (1913=100)
Apr. 4 1933.
All
65.7
87.5
x66.8
101.9
94.0
106.6
95.2
67.6
72.1
93.5
76.6
125.4
96.9
107.7
95.8
84.0
81.9
enmmeditles
*Provisional.
Mar. 28 1933.
65.6
87.5
*66.5
101.9
92.7
106.6
95.2
67.6
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
82.1
90.5
Apr. 5 1932.
:Revised.
Indexes of Business Activity of Federal Reserve Bank
of New York.
Stating that "during the first half of March, general business activity and the distribution of goods showed a considerable reduction from the February level," the Federal
Reserve Bank of New York, in its Monthly Review, dated
April 1 has the following to say in presenting its indexes of
Business activity:
In the Metropolitan area of New York, sales of the leading department
stores were 24% lower than a year ago, which represents a larger year to
year decrease than that reported in February, although of about the same
proportions as the decreases in preceding months. Car loadings of merchandise and miscellaneous freight showed a rather large unseasonal decline,
and electric power production was moderately reduced.
In February also the level of general business activity showed some
recession from the previous month, according to this bank's indexes. Declines after seasonal adjustment occurred in the railroad movement of miscellaneous and less than carload freight, foreign trade, and chain store sales.
Department store sales for the country as a whole, however, were little
changed after seasonal allowance.
April 8 1933
(Adjusted for seasonal variations, for usual year-to-year growth,and where necessary
for price changes.)
ao
58
53
70
48
57
77
66
62
99
23
73
44
128
174
132
_
Le
._
_
_
58
50p
73
44
40
80p
64
61
100
25
81
59
59p
72
52
53
75)
63p
61
101
17
81
127
173p
130
124
173p
128
• 1913 average=100.
Monthly Indexes of Federal Reserve Board-Index of
Factory Employment.
Supplementing our item of last week (April 1, p. 2129)
under the caption of "Monthly Indexes of Federal Reserve
Board," we report below the Board's index of factory employment, issued April 1:
BUSINESS INDEXES SUPPLEMENT
-FACTORY EMPLOYMENT AND
PAYROLLS BY GROUPS AND INDUSTRIES.
Index numbers of the Federal Reserve Board 1923-25=100. Underlying figures
are for payroll period ending nearest middle of month.)
Group and Industry.
All manufacturing industries_
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment- Automobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
Employment.
Payrolls.
Adjusted for Sea- IVUhout Seasonal Without
Seasonal
tonal l'ariations.
Adjustment.
Adjustment.
1933.
1932.
1933.
1932.
1933.
1932.
Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan.
Feb.
59.4 59.4 67.7 59.2 58.1 67.3 40.0
53.5
51.4 50.6 62.4 51.8 49.6 63.0 24.7 39.2 37.2
22.7
44.2 44.5 61.2 44.4 44.0 61.4 28.3 26.0
45.0
70.4 69.2 72.4 72.3 69.6 74.4 48.2 44.2 59.8
72.2 72.2 74.4 73.7 72.8 76.0 48.4 46.6
66.1 61.5 67.4 69.0 61.7 70.4 47.7 39.2 60.3
58.8
79.2 79.6 83.7 78.4 78.6 82.9 62.7 64.1 76.3
79.9 79.6 87.2 80.1 80.2 87.3 65.8 67.0 83.5
34.4 35.0 43.3 33.4 33.8 42.0 16.3 16.3 25.9
45.0 47.4 55.1 45.1 46.1 55.4 32.1 34.0 45.6
48.9 53.3 64.7 49.6 50.4 65.7 32.2 36.3 52.0
75.6 72.9 78.1 77.3 73.3 80.0 50.0 43.7 61.4
39.9 39.4 51.4 37.8 36.7 48.4 20.9 20.2 32.9
44.4 44.8 56.0 45.3 44.4 57.2 27.4 27.5 45.0
76.4 76.4 80.2 77.3 76.2 81.1 60.8 60.7 71.0
76.7 76.4 81.2 75.7 75.0 80.2 64.3 64.6 75.1
59.1 59.7 68.1 59.4 59.1 68.6 35.8 35.4 54.2
64 1 64.9 72.8 63.4 60.4 71.9 40.2 38.3 53.4
Wholesale Commodity Prices Again Slightly Lower
During Week Ended April 1, According to National
Fertilizer Association.
Wholesale commodity prices were slightly lower during
the latest week, according to the index of the National
Fertilizer Association. During the latest week, which ended
April 1, the index declined two points. During the preceding week there was a decline of three points. A month ago
the index stood at 55.8. The latest index number, 56.5,
shows an advance of seven points during the last month. It
will be remembered that there was quite an increase in the
level of the commodity prices just after the resumption of
national banking facilities. A part of the gain has been lost,
however, during the last two weeks. A year ago the index
stood at 61.6. (The three-year average 1926-1928 equals
100.) The Association under date of April 3 further reported as follows:
During the latest week only two of the 14 major groups In the
index advanced,
while five declined. The advancing groups were foods and
grains,
feeds and livestock. The gains in each of these groups were
comparatively
small. The declining groups were fats and oils, fuel, metals,
chemicals
and drugs, and miscellaneous commodities. With the
exception of the
fuel and fats and oils groups, the losses were small. Seasonal
declines in
the prices for coal reduced the index number for this group,
while in the
fats and oils group lard and butter were the deciding factors.
During the latest week 32 commodities showed lower prices while
21 commodities showed higher prices. During the preceding week there
were 34
price losses and 23 gains. Important commodities that
advanced during
the latest week included corn, wheat, heavy melting steel, wool,
cheese,
ham, hides, flour, apples and cottonseed. Listed among the
declining
commodities were lard, butter, tallow, eggs, potatoes, barley,
most feed
stuffs, cattle, hogs, copper, zinc, silver, anthracite coal, coffee,
rubber
and camphor. Cotton prices were fairly steady, there being but a fractional decline in the prices for the week.
Financial Chronicle
Volume 136
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
100.0
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
56.5
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
All grouts; combined
Proceding
Week.
Month
Ago.
Year
Ago.
0?,0.010q0CoV0..b.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Latest
Week
Apr. 1
1933.
Group.
mmmcow.-4oviwo.t.o.
!iob,t44.k.6boCebbob
,
Per Cent
Each Group
Bears to the
Total Inds:.
61.8
58.5
46.6
47.7
61.2
89.2
73.4
72.2
81.2
42.4
87.9
70.0
74,8
92.3
56.7
55.8
61.6
Weekly Production of Electricity Shows a Smaller
Percentage Decline as Compared with a Year Ago.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of
the United States during the week ended April 1 1933 was
1,402,142,000 kwh., compared with 1,409,655,000 kwh. in
the preceding week and 1,480,208,000 kwh. in the corresponding period last year. The percentage decline as compared with a year ago was 5.3%, as against 6.9% for the
previous week. The Institute's statement follows:
PER CENT CHANGES.
Week Ended Week Ended Week Ended Week Ended
Major Geographic Reps. Ayr. 11933. Mar. 25 1933. Mar. 18 1933. Mar. 11 1933.
Atlantic Seaboard
New England (alone).._
Central Industrial
Padre Coast
-4.6
-7.2
-8.1
-5.7
-4.3
-7.6
-10.9
-4.1
-8.2
-9.5
-14.8
-6.9
-8.0
-10.4
-14.4
-5.8
Total United States..
-5.3
-6.9
-10.6
-9.6
Arranged in tabular form, the output in kilowatt hours of
the light and power companies for recent weeks and by
months since and including January 1930 is as follows:
Week ofJan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
1933.
Week of-
1932.
Week of-
1931.
1933
Under
1932.
1,495,116,000 Jan. 16
1,484,089,000 Jan. 23
1,469,636,000 Jan. 30
1,454,913,000 Feb. 6
1,482,509,000 Feb. 13
1,469,732,000 Feb. 20
1,425,511,000 Feb. 27
1,422,875,000 Mar. 5
1,390,607,000 Mar. 12
1,375,207,000 Mar, 19
1,409,655,000 Mar. 26
1.402.142.000 Aor. 2
Month of-
1,602,482.000 Jan. 17 1,716,822,000 6.7%
1,598,201,000 Jan. 24 ,712,786,000 7.1%
1,588,967 000 Jan. 31 1,687,160,000 7.5%
1,588,853 000 Feb. 7 ,679,016,000 8.4%
1,578,817 000 Feb. 14 1,683,712,000 6.1%
1,545,459 000 Feb. 21
,680,029,000 4.9%
1,512,158 000 Feb. 28 1,633,353,000 5.7%
1,519,679 000 Mar. 7 ,684,125,000 6.4%
1,538,452 000 Mar. 14 ,676,422,000 9.6%
1,537,747 000 Mar. 21 1,682,437,000 10.6%
1,514,553,000 Mar. 28 1,689.407,000 6.9%
I ARO 208.000 Anr. 4 1.679.764.000 5.3.7,
DATA FOR RECENT MONTHS.
1933.
1932.
1931.
1930.
1933
Under
1932.
January _ ___ 6,480,897,000 7,011,736,000 7,435,782,000 8,021,749,000
7.6%
February
6,494,091,000 6,678,915,000 7,066,788,000
_..._
March
6,771,684,000 7,370,687,000 7,580,335,000
_ __ _
April
6,294,302,000 7,184,514,000 7,416,191,000
__May
6,219,554.000 7,180,210,000 7,494,807,000
___ _
June
6,130,077,000 7,070,729,000 7,239,697,000
July
6,112,175,000 7,286,576,000 7,363,730,000
August
6,310,667,000 7,166,086,000 7,391,196,000
..... _
September.
6,317,733,000 7,099,421,000 7,337,106,000
October
6,633,865,000 7,331,380,000 7.718,787,000
-November.
6,507,804,000 6,971,644,000 7,270,112,000
December_
6,638,424,000 7,288,025,000 7,566,601,000
___ _
Total
77 442 119 non ea 11112 Gan non an is, non non
Note.
-The monthly figures shown above are based
mately 92% of the electric ight and power Industry on reports covering approxianti the weekly figures are
based on about 70%.
Production of Electricity in February Showed a
Decline of 8% as Compared with Corresponding
Month in 1932.
According to the Department of the Interior, Geological
Survey, production of electricity for public use in the United
States during the month of February 1933 amounted to
6,223,467,000 kwh., as compared with 6,932,379,000 kwh.
in the previous month and 7,002,151,000 kwh. in the corresponding period in 1932. Of the total output for February
of this year there were produced by fuels 3,636,070,000 kwh.
and by water power 2,587,397,000 kwh. The Survey's
statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN
THE UNITED
STATES (IN KILOWATT HOURS).
Total-By Fuels and 11-Wer Potter.
Dec. 1932.
Jan. 1933.
Feb. 1933.
Change in Output
from Precious Year.
January. February.
New England
501,532,000 482,707,000 425,131,000
Middle Atlantic__ 2,076,464,000 1,934,273,000 1,721,398,000
East North Central. 1,586,472,000 1,504,043,000 1,372,425,000
West North Central. 464,151,000 494,230,000 430,032,000
South Atlantic
804,465,000 854,379,000 775,102,000
East South Central. 281,361,000 260,831,000 242,919,000
West South Central. 323,498,000 309,609,000 290,850,000
Mountain
203,206,000 197,164,000 186,528.000
Pacific
900,658,000 895,143,000 779,082,000
-10%
-6%
-13%
-4%
-4%
-16%
-9%
-16%
-5%
-15%
-10%
-12%
-10%
-9%
-16%
-10%
-14%
-9%
Total for U. S. 7,141,807,000 6,932.379,000 6,223,467,000
a Based on months of equal length.
-8%
a-8%
2313
The daily production of electricity for public use in February 1933
was 222,300,000 kwh., 0.6% less than in January. The normal change
from January to February is a very small decrease.
The average daily production of electricity by the use of water power
in February was 3% less than In January.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS.
1931.
Kw. Hours.
January
Feoruaty --March
April
May
June
July
August
September._
October ___.
November..
December.-Total
7,956,019,000
7.169,815,000
7,887.713.000
7,655,472.000
7.645,110.000
7.523,592.000
7,771,992.000
7.629,920.000
7.540,377.000
7,764,889,000
7,406,165,000
7,773,286.000
1932.
Kw. Hours.
7.542.624.000
7,002,151,000
7,301,976.000
6.778,652.000
6,635.475.000
8.548,831.000
6.530,706,000
6,742.988.000
6.734.578,000
7.054.302.000
6,9 3.841,000'
,
7.141.807,000
91.729.390.000S2,959,000,000
1932
Kw. Hours.
1933
Kw. Hours.
1931
Under
1930.
1932
Under
1931.
Produced by
Water Power.
1931.
1932.
8%
6%
4%
5%
5%
3%
2%
3%
3%
5%
4%
4%
5%
56%
7%
11%
13%
13%
1316%
12%
11%
9%
6%
8%
30%
30%
34%
41%
41%
38%
35%
32%
29%
27%
28%
35%
41%
42%
42%
46%
45%
41%
41%
38%
36%
39%
41%
39%
4%
9X%
33%
41%
1932.
1933.
1933
Under
1932.
1932
Under
1931.
January __ _ _ 7,543,000,000 6,932,000,000
8%
41%
42%
8%
February
307
7.002.000.000 6 223 000 000
6%
42%
42%
a Based on average daily production. b Fewer working days In July 1932, than
In July 1931
.
At the end of February the coal-burning plants reported a total of 5.698,000 tons of coal on hand. Of this amount 4,547,000 tons was bituminous
coal (including lignite) and 1.151,000 tons was anthracite. Consumption
of coal by the electric utilities in February amounted to 2,294,000 tons,
of which 2,183,000 tons was bituminous and 111,000 tons was anthracite.
At the rate of consumption prevailing in February the stocks of bituminous
coal on March 1 were sufficient to last 58 days, and anthracite stocks
were equivalent to 292 days' requirements.
The quantities given in the tables are based on the operation of all
power plants producing 10,000 kwh. or more per month, engaged in generating electricity for public use, including central stations, both commercial and municipal, electric railway plants, plants operated by steam
railroads generating electricity for traction. Bureau of Reclamation plants,
public works plants and that part of the output of manufacturing plants
which is sold. The output of central stations, electric railway and public
works plants represents about 98% of the total of all types of plants.
The output as published by the Edison Electric Institute and the "Electrical World" includes the output of central stations only. Reports are
received from plants representing over 95% of the total capacity. The
output of those plants which do not submit reports is estimated; therefore.
the figures of output and fuel consumption as reported in the accompanying
tables are on a 100% basis.
The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
Exports of Farm Products Declined Further During
February, According to United States Department
of Agriculture.
A further decrease in volume exports of farm products
in February brought the Bureau of Agricultural Economics,
United States Department of Agriculture, index of exports
down to 71 for that month as compared with a 1909-14
average of 100. All commodities shared in the decline, but
the decrease in exports of wheat and flour was outstanding
in that only 2,176,000 bushels were shipped out of the
country during the month. The index of exports of wheat
and flour dropped to 25, as contrasted with 89 in February
a year ago. Under date of April 3 the Bureau continued:
The bulk of the wheat and flour went to the West Indies, South America
and the Orient, approximately two-thirds going out In the form of flour.
Sales to foreign markets from July 1 1932 to Feb. 28 1933 aggregated
34,126,000 bushels, or only little more than one-third the volume exported
during the corresponding eight months of 1931-32.
Exports of cotton were fairly well maintained in February, though
recording a loss as compared with the five preceding months, and also
with the unusually heavy volume exported in February a year ago. A
sharp reduction in exports to Japan accounted for the major portion of
the decrease.
Fruits and lard made the most favorable export showing in February,
as compared with pre-war figures. The index of exports of fruit for the
month was 210, and the index of lard exports was 146. Exports of all
other farm commodities were below the average of 100 for the pre-war
years. Thus the exports index for grains and grain products was 26 in
February; animal products 69; dairy products and eggs 67; cotton fiber,
Including linters, 82; wheat and flour 25; unmanufactured tobacco 79.
and hams and bacon 17.
New York Federal Reserve Bank on Business Profits
in 1932-Deficit of $10,000,000 in Case of 758
Corporation Compares with Net Profits of $668,000,000 for Same Companies in 1931.
The New York Federal Reserve Bank has the following
to say in its April 1 number of its "Monthly Review"
regarding corporation earnings in 1932:
The annual reports of 758 industrial and mercantile
concerns now available indicate that these companies did
not fully cover interest payments,
taxes, and other charges, and consequently
in the aggregate had a small
deficit from 1932 operations. This deficit
of 310.000,000 compares with
net profits of 8668,000.000 for the same
companies in 1931 and with profits
of $2,898.000,000 in 1929.
Compared with 1931 the best record was that
of the oil company group,
which reported some net profit for 1932.
as against a large deficit in 1931.
Profits of the tobacco companies were maintained
close to the 1931 level
and were larger than in 1929, and eleven other groups of
companies. Including food and chemical concerns, also reported net profits
for 1932.
April 8 1933
Financial Chronicle
2314
These profits, however, were more than offset by the deficits sustained
by twenty other groups of companies. The largest deficits occurred in the
so-called heavy industries including principally the steel and automobile
companies.
Net operating income of telephone companies dropped about 18% in
1932, after having been maintained at a fairly high level in the two preceding
years, and net earnings of the public utility companies declined 18%
following an 8% reduction in the previous year. Net operating income of
class I railroads declined 38% between 1931 and 1932. and after meeting
fixed charges a considerable deficit is indicated.
(Net profits in millions of dollars.)
No. of
cornpanics.
Corporation Group.
1929.
1930.
1931.
1932.
*49.5
oil
39
187.9
87.1
Tobacco
Beverages
Bakery products
Miscellaneous food products_
Chemicals and drugs
Shipping
Confectionery
Finance
Mining and smelting (excl.
coal, coke and copper)
Printing and publishing
Stores
Leather and shoe
Office equipment
Rubber
Meat packing
Silk
Heating and plumbing
Miscellaneous textiles
Aviation
Electrical equipment
Copper
Motion picture
Automobiles
Realty
Household equipment
19
4
14
45
32
10
12
12
75.8
20.5
57.8
192.9
169.2
14.1
26.9
41.2
84.6
21.3
50.0
175.7
139.5
7.7
25.2
38.7
84.6
20.9
41.0
148.4
101.4
2.6
22.6
27.0
27.2
82.2
15.8
30.3
102.6
66.8
1.7
14.3
18.5
28
12
28
15
12
9
14
12
10
27
7
26
13
5
14
8
15
19
39
46
98.7
34.4
132.2
23.1
46.6
27.1
35.5
7.4
18.8
17.7
4.5
149.5
70.8
42.2
355.2
13.9
23.9
11.7
65.6
77.1
52.5
28.3
86.6
12.4
28.1
*20.8
27.2
*2.2
6.7
28.7
15.8
75.3
11.0
12.6
*18.7
*6.9
*2.5
.7.6
16.8
4.9
16.0
2.1
0.0
•17.1
*6.8
*2.7
*9.9
*11.3
*12.4
1.4
96.0
14.9
26.9
173.6
9.3
3.3
0.5
31.0
38.5
0.1
47.6
4.2.0
*7.0
53.9
*49.9
*3.8
'65
*7.8
*25.7
*32.4
48
7
32
15
19
91
88.2
6.7
385.4
9.9
64.7
300.6
30.6
4.2
.173.8
7.4
54.3
169.5
5.6
*1.4
*13.9
*1.0
1.0
66.0
*17.1
*7.8
*147.3
*14.0
*12.5
18.1
758
2,897.7
1,672.5
667.5
* 10.1
104
278.4
270.7
273.1
224.3
65
394.3
360.9
332.7
272.0
169
672.7
631.6
605.8
1,274.6
884.9
537.9
The estimated car loadings for the second quarter of 1933,
together with the actual car loadings for the same period in
1932 and the percentages of increase or decrease, are shown
as follows for each of the 29 commodities included in the
forecast of the Shippers' Advisory Boards:
496.3
167
with the same period in 1932. They are: Cotton, citrus fruits, coal and
coke, ore and concentrates, and sugar, syrup and molasses. The largest
Increase, according to the esimates, is for coal and coke, for which an increase of 16% is expected.
Estimates as to the increase in the loading of cotton in the second quarter of 1933 compared with the same period in 1932 amount to 119%,
while for citrus fruits an increase of 4.5% is expected. For sugar, syrup
and molasses an increase of 4.6%. and ore and concentrates an increase of
.7 of 1% is expected.
The percentages of decrease estimated for the other 24 commodities
range from 25.1% for automobiles, trucks and parts; 18.6% for agricultural implements and vehicles other than automobiles; 18.3% for potatoes,
to .9 of 1% for all kinds of grain.
334.3
Paper
Building supplies
Machinery
Automobile parts and accessories (excluding tires)
Clothing
Steel
Coal and coke
Railroad equipment
Miscellaneous
Total 35 groups
•
•
Telephone (net oper. income)_ _
Other public utilities (net earnings)
Total public utilities
Class I railroads (net operating income)
*9.0
8.4
88.2
•1.4
*2.4
*5.6
*22.0
•1.3
*15.3
*21.6
Decrease of .3 of 1% Estimated in Freight Car Loadings
in Second Quarter of 1933 as Compared with First
Quarter.
Freight car loadings in the second quarter of 1933 will be
.3 of 1% less than actual loadings in the same quarter of
1932, according to estimates just compiled by the 13 Shippers' Advisory Boards and made public April 5. In announcing this, the Boards Said that this estimate, which is
based on reports received from approximately 20,000 shippers to a questionnaire sent out by them, constitutes the
most favorable forecast that has been received for any quarter since the end of 1929. In their announcement the Boards
•
continued:
Shippers located in four regions, the Mid-West, Ohio Valley, Allegheny
estimate
and Southeast territories, expect an increase, according to the
with
just completed, in car loadings in the second quarter of 1933 compared
Mid-West territory the increase is exthe same period in 1932. For the
Ohio
pected to amount to 16.2%. The increases for the other three are:
Valley, 10.4%; Allegheny, 3.1%; and Southeast territory, .4 of 1%. The
is expected
Increase in the Ohio Valley, Mid-West and Allegheny territories
district
to result largely from increased loading of coal. The Mid-West
expects a particularly large increase in coal shipnients, compared with the
second quarter of last year, because many mines which were closed last
year because of labor difficulties are now operating.
Each of the 13 Shippers' Advisory Boards prepares car
loading estimates covering 29 principal commodities, which
constitute over 90% of the total carload traffic. The tabulation below, issued by the Boards, shows the total loadings
for each district for the second quarter of 1932, the estimated
loadings for the second quarter of 1933 and the percentage
of increase or decrease:
Shippers' Advisory Board.
Allegheny
Atlantic States
Central West
Great Lakes
Mid-West
New England
Northwest
Ohio Valley
Pacific Coast
Pacific Northwest
Southeast
Southwest
Trans-Missouri-Kansas
Trutal
Per Cent
Inc.(±)or
Dec.(-).
Actual
Loadings,
1932.
Estimated
Loadings.
1933.
454,802
420,706
147,001
231,386
485,382
106,785
124,925
402,761
292,562
251,520
469,008
394,388
136,616
207,917
564,037
90,203
116,244
451,391
155,223
105,592
404,345
286,556
224,971
+ 3.1
- 6.3
- 7.1
-10.1
± 16,2
-15.5
- 6.9
+10.4
- 9.9
-11.4
+ 0.4
- 2.1
-10.6
3.619.392
3,606.491
- 0.3
409,047
172,325
119,190
The Boards'announcement adds:
five
Of the 29 commodities covered in the forecast, it is anticipated that
will show an increase in lodaings in the second quarter of 1933 compared
Actual.
1932.
178,733
176,714
27,113
and alfalfa
Hay,straw
15,095
Cotton
12,913
Cotton seed and products, except oil
34,059
Citrus fruits
40,160
Other fresn fruits
63,996
Potatoes
81,880
Other fresh vegetables
204,100
Live stock
37,559
Poultry and dairy products
1,061,840
Coal and coke
45,247
concentrates
Ore and
285,003
Gravel, sand and stone
23,585
Salt
256,472
Lumber and forest products
458,396
Petroleum and petroleum products
32,696
Sugar, syrup and molasses
152,848
Iron and steel
17,026
Machinery and boilers
93,498
Cement
41,673
Brick and clay products
30,021
Lime and plaster
Agricultural implements and vehicles other
6,031
than automobiles
72,334
Automobiles, trucks and parts
82,898
Fertilizers, all kinds
60,924
Paper, paper board and prepared roofing
14,452
Chemicals and explosives
-All canned food products (incl.
Canned goods
jams, jellies, olives, pickles, pre
catsup,
31,126
serves, &C.)
177,183
171,068
24,454
16,890
10,920
35,594
38,708
52,264
71,953
190,132
35,990
1,232,109
45,576
242,686
23,317
243,417
424,618
34,208
141,010
14,522
78,322
38,445
26,825
3,618,392
3,606,491
Grain, all
Flour, meal and other mill products
Total for all commodities
•Deficit.
Estimated
Per Cent
Estimated, Inc.(4 or
-)
1933.
Dec.(-).
Carloadings.
Commodity.
- 3.2%
- 9.8%
+11.9°,;,
-15.4%
+ 4.5'
- 3.6';
-18.3%
-12.1%
- 6.8';
- 4.2',
+16.o';
+ .7%
,
- 8.4 7
- 5.1%
7
- 7.4,
+ 4.64
,
- 7.7 7
-14.7%
-16.2%
-12.5%
-10.6%
4,911
54,177
76,051
58,974
13,613
-25.1%
- 8.3%
- 3.2°'
- 5.87:
30,574
- 1.8%
Unemployed in 29 Countries Increased 975,000 in a
Year, According to International Labor Office at
Geneva.
Geneva advices March 31 are taken as follows from the
New York "Times":
World unemployment In March was considerably greater than in March
1932, according to the figures of the International Labor Office issued
to-day. These showed a net increase of 975,000 in 29 countries, including all the important ones except the United States and Russia.
Only four countries reported a decrease-Germany. Poland, Australia
and Canada-but the bulletin says the German and Polish decreases arose
from the fact that many of the jobless were dropped from the list as having
passed the legal limit for a dole.
The Irish Free State registers the highest increase, 199%, resulting
partly from a change in statistical methods. Britain had an increase of
4%,France 9 and Italy 12. The largest absolute increase was in Czechoslovakia, with 287,000. Forty-three percent of the workers in Denmark are
now unemployed. 48 in Holland, 33 in Germany, 32 in Austria, 25 in Switzerland, 23 in Britain. 22 in Belgium and 21 in Czechslovakia. The figure
for the United States Is put at 34%.
British Idle Dropped 103,000 to 2,776,183 at End of
March.
According to a London cablegram April 3 to the New
York "Times," for the second month in succession there
has been a big decrease in the number of Britain's unemployed, which from nearly 3,000,000 at the end of 1932 has
declined to 2,776,183. The cablegram added:
The Minister of Labor estimates that 103,000 more persons found jobs
last month, the total reduction for the last two months being 126,880.
Even shipbuilding, which has plumbed the depths of adversity, having
115.000 of its 182,000 workmen unemployed at the end of Fegbruary, now
records nearly 4,000 more working.
Life Insurance Companies in New York Start Movement for Salary Cuts, with Largest Reductions
in Higher Pay Brackets.
Movements to reduce salaries have recently been instituted
by several of the leading life insurance companies in New
York City, according to the "Times" which adds that the
largest cuts will be made in the higher salary brackets and
that reductions will be scaled down as salaries decrease.
It is understood that Some of the pay cuts will approximate
25%.
Among the companies which are stated to be planning
such action are the Metropolitan Life Insurance, the New
York Life Insurance, the Equitable Life Assurance, and the
Mutual Life Insurance, all of New York City, as well as
the Prudential Insurance Co. in Newark.
Volume 136
Financial Chronicle
Volume of Industrial Activity in New England During
February Practically Unchanged from January,
According to Federal Reserve Bank of Boston.
In reporting conditions in the First (Boston) District. the
Federal Reserve Bank of Boston, in its April 1 "Monthly
Review" states that "Vile volume of industrial activity in
New England during February was approximately the same
as in January,and the changes which occurred in the various
industries were mostly of seasonal nature. Toward the
latter part of February and early in March business activity
in this district was influenced by the development of a crisis
in banking, and since this condition was nation-wide, all
sections of the country were affected." The Bank adds:
During January and February the number of bales of raw cotton consumed
by New England mills amounted to 62.000 and 60,300 bales, as compared
with 03,100 and 71,610 bales, respectively, in the corresponding months
a year ago. Total cotton consumption during the first two months was
about 122,300 bales, an amount approximately 9% less than the 134,700
bales consumed during the two months' period in 1932. The amount of
raw wool used by mills in this district usually increases between January
and February, but in 1933 a decrease was recorded. On a daily average
basis, however, in both January and February this year wool consumption
exceeded the amount reported for the corresponding month a year ago.
The total value of building contracts awarded in New England during
February was 18% less than in January, and nearly 44% less than in
February 1932. A seasonally corrected index of the volume (square feet)
of residential building contracts awarded in New England during February
stood at 16.7% of the 1923-24-25 average, as compared with 16.3% in
January and 40.3% in February 1932. A similar index for the volume
of commercial and industrial building contracts awarded was 9.7% in
February as compared with 5.8% in January and 14.6% in February
last year.
Boot and shoe production in New England during February was of about
the same volume as a year ago, while between January and February there
was an increase of about 22%. This increase was larger than usually occurs
between these months. In Massachusetts boot and shoe manufacturing
establishments there was an increase of mare than 16% in the number
of wage-earners employed between January and February, while aggregate weekly payrolls increased about 33%, and average weekly earnings
per person employed increased substantially.
Sales of reporting New England retail. establishments during February
were 24.4% less than in February 1932, and for the first two months of
1933 a decrease of 26.5% was reported, in comparison with the corresponding period a year ago. The dollar retail value of stocks of merchandise held by Boston department stores at the end of February
1933 was
about 204 less than in 1932, while in stores in other New
England cities
a decrease of 19% was reported in inventories
held at the end of February.
Marked Seasonal Improvement Reported in Industrial
Conditions in Philadelphia Federal Reserve District
During February-Trend Reverses During First
Half of March-Output of Manufacturers Up.
"Industrial conditions during February showed a marked
seasonal improvement," according to the Federal Reserve
Bank of Philadelphia in reviewing conditions in the Third
District, "but, contrary to the seasonal trend, it did not
continue through the first half of March chiefly because of
the nationwide emergency resulting in the summary closing
of banks for over a week." In its "Business Review" of
April 1, the Bank further reports:
The increase in the output of factory products was
virtually up to the
usual gain for February and since the middle of March further
seasonal
increases have been in evidence. Production of coal showed
exceptional
gains, the volume exceeding that of last year. Total building
contracts
awarded reached an extraordinarily low level and there has been
little of
even seasonal improvement since February.
Indicators of distributive activity vary. Sales at retail and wholesale
declined instead of showing an increase as they usually do in
February and
were greatly affected by banking disturbances in early March,
although
the extent of the declines in weekly sales does not seem to
have been as
severe In this district as in the country at large. Collections have
slowed
down considerably. Automobile distributors report a seasonal
upturn in
February while sales of life insurance showed less than usual
increase.
Shipments of commodities by rail and truck maintained the ordinary
rate of
activity, though the volume of deliveries continued smaller than in
recent
years. The number of business liquidations declined while the
amount of
liabilities increased sharply from January to February.
Manufacturing.
Activity in the manufacturing industry during February showed a definite
seasonal expansion; sales of finished goods and plant operations increased as
they usually do in comparison with January. Rut in early March this improvement was greatly hindered by the closing of banks. In addition to the
Interference with meeting of payrolls and settling of accounts, orders for
goods were canceled or withheld for the time being, thus creating a period
of considerable uncertainty from March 4 to about March 15. Since the
opening of the banks, the manufacturing situation has undergone a noticeable change for the better. Inquiries and actual orders for factory products
have increased, and the general business sentiment has improved materially.
Despite some local increases in commodity prices, reports show further
declines in February. Such sharp advances as occurred in the first two
weeks of March probably reflected in part temporary disturbances incident
to the closing of commodity exchanges, since in the latter part of March
quotations showed weakness. Collections declined appreciably as compared
with a month ago and continued smaller than last year. Stocks of both
finished goods and raw materials held by representative factories of this
District showed further reductions in the month and as compared with
recent years. It appears that in most instances manufacturing concerns
continue in a fairly strong statistical position.
Factory employment, in this District, comprising eastern Pennsylvania,
southern New Jersey and Delaware, showed an increase of 2% and payrolls
over 3% in February as compared with January. These gains were somewhat larger than usual. It is estimated that the average employment of all
2315
factories in the District during February totaled about 480.000 workers,
drawing an average weekly payroll of $6,457,000. Compared with a year
ago employment was 15% and payrolls 31% lower.
An analysis of reports covering more than 1.300 manufacturing plants in
Pennsylvania employing about 220,000 wage earners shows that in February
50% of these plants worked five days a week and 47% operated from 40 to
50 hours a week. More than 76% worked from four to six days a week
and from 30 to 60 hours a week. About 15% operated from one to three
days a week. Twenty-six plants, or less than 2% of the total analyzed, had
only a maintenance force of 364 workers such as watchmen and caretakers,
while 45 plants, or 3.2% of the total, were entirely closed.
Output of manufacturers during February showed a gain of almost 2%
over January, which was about the usual percentage increase for this period.
The February index of productive activity was nearly 56% of the 1923-25
average, after adjusting it for seasonal changes and for the number of
working days. The table below gives the revised indexes of factory output
in this District for 1932 and for the first two months of this year. This
revision was necessitated by certain minor changes in some of the industries
included in the groups comprising transportation equipment, building
materials, paper and printing, food, and metal products.
REVISED INDEXES
-OUTPUT OF MANUFACTURES PHILADELPHIA
FEDERAL RESERVE DISTRICT-1923-25100.
Adjusted for
Seasonal
Variations.
Not
Adjusted.
1932
January
February
March
April
May
June
July
August
September
October
November
December
1933
-
70.2
67.3
63.0
60.2
55.5
54.6
55.4
57.3
63.6
62.3
59.3
57.1
69.1
68.0
63.6
58.9
54.6
54.6
53.6
57.0
65.0
64.6
60.5
55.4
January
53.9
55.6p
55.6
56.6p
February
p Preliminary.
Exceptional increases during February occurred in the output of tobacco
and chemical products, building materials, and musical or related instruments. Gains in the production of metal and textile products, on the other
hand, were not as large as were to be normally anticipated, while activity in
the transportation equipment industry declined rather sharply.
Among the important individual industries listed in the table on the last
page, (this we omit-Ed.) 16 out of 31 showed more than seasonal improvement in productive activity from January to February. Unusual gains were
especially pronounced in such industries as woolens and worsteds, cement,
pig iron, shoes, explosives, paints and varnishes. Comparisons with last
year continued unfavorable in all lines with the exception of silk manufactures, underwear, meat packing, and explosives.
Output of electric power by nine central stations showed slightly more than
its usual seasonal gain. Total sales of electricity also increased 3% as compared with January but were 10% below last year. Consumption of electrical energy by industries showed a gain of 2% over the increase that
commonly occurs between January and February; in comparison with a
year ago, however, the industrial use of electric power was 10% smaller.
Changes in Trade and Industry in Cleveland Federal
Reserve District During Month Ended March 25
Due to Financial Situation in United States
Sharp Curtailment Reported in Wholesale and
Retail Trade During First Part of Month.
The Federal Reserve Bank of Cleveland reports that
"eClanges in trade and industry in the Fourth (Cleveland)
District and the United States in the month ended March 25
were largely a result of the unprecedented financial developments in the period." The bank, in its "NIonthly Business Review" of April 1, further states that "local business,
however, felt tile effect of the curtailment of credit facilities
somewhat earlier than in other sections of the country
because the Michigan bank 'aolitlay, which was declared
on the 14th of February, was partly responsible for the
reductions in the automobile assembly industry." Continuing, the bank said:
This in turn was soon reflected in a disappearance of orders or cancellations of 'releases for materials, parts, &c., a large share of which
is supplied by manufacturers located in this District. The restrictions
upon deposit withdrawals, adopted by most banks of the Fourth District
beginning Feb. 27 caused a further contraction in activity, and the complete banking holiday declared by the President, starting March 6, resulted
in an almost complete cessation of buying.
The somewhat limited information at hand covering March operations in
various lines of the District indicates that, as banks were permitted to
open after March 13, the number of inquiries and orders received increased
sharply and operations at many plants were stepped up to the levels
prevailing prior to the holiday.
The upward movement of most commodity prices in and immediately
following the bank holiday period, and the present low level of manufactured stocks no doubt were factors partly responsible for the increased
buying. In this connection the accompanying chart [this we omit], showing
an index of manufactured commodity stocks, seasonally adjusted, prepared
from data compiled by the Department of Commerce, is enlightening. This
index includes stocks of 34 important manufactured commodities for which
figures are available at regular intervals. In January this adjusted index
was 97.7% of the monthly average of the three years 1923-1923, the lowest
level since early 1923, and about 23% below the peak of late 1930.
In the steel industry daily average production in Feleruary increased
slightly more than the usual seasonal amount, but operations in the first
half of March dropped to a level only slightly above the low point of
the summer of 1932. A rather sharp recovery, particularly in the centers
manufacturing automobile steel, was reported in the third week of the
month.
Financial Chronicle
2316
Coal production in January and February was greater in this district
than in the same months last year, but a contraction was experienced in
the first half of March. The number of inquiries increased in the third
week, but few actual sales were reported.
Shoe and clothing production was quite well maintained in February
and early March, most plants being engaged in the production of spring
goods. Shoe factories in this District made 12% more shoes in February
than in the corresponding period of 1932.
Life insurance sales continue to lag behind last year by about 20%, and
postal receipts were down 12% in February at nine large centers despite
the fact that a higher postage rate prevails now than a year ago.
Bank debits to individual accounts in February at 24 cities of the
District were 14.6% behind the same period of 1932, the smaller drop
than was shown in January being due to the large withdrawals in the
latter part of the month.
Commercial failures in this district in February numbered 200, compared
with 256 in the corresponding month of 1932. The reduction of 22% was
about the stone as was reported for January. Liabilities of the defaulting
concerns were down sharply, being 40% smaller than a year ago.
In the retail field, the dollar value of department store sales in
February was up slightly more than seasonally from the preceding month,
but was still 26% below the same month of 1932. Wholesale sales in the
four reporting lines showed larger reductions in February for the corresponding month of 1932 than were reported in January. Both retail and
wholesale trade were quite sharply curtailed in the first part of March.
Regarding conditions in the rubber and tire industry in
the Fourth District. the Bank noted:
Most rubber and tire plants in this District continued to operate on a
very restricted basis in February and curtailed production even further
in early March, but activity was increased in the third week in several
instances as a result of the improved confidence and feeling which followed
the bank reopenings. Difficulties regarding prices are still evident, further
reductions being announced by some companies in the last helf of March.
Employment at 20 factories in this District in February was 59% of
the 1926 monthly average, unchanged from January, but down 10% from
last year. This does not reflect the fact. that many plants are operating
only two or three days a week and are thus spreading the available work
among a greater number of workers.
Final tire production figures for January were 14.5% above those for
December, but, compared with the opening month of 1932, a reduction of
35% was shown. Shipments in January exceeded production so that stocks
were reduced, but in terms of current consumption, they were still above
a year ago.
The price of crude rubber firmed somewhat along with gains in other
commodities, but at three cents a pound in late March, it was still below
the cost of production. Imports of crude rubber in February dropped
sharply to 18,875 long tons, compared with 31,110 tons in January and
80,546 tons in February 1932. Consumption of rubber by factories in this
country was 20,462 long tons in the latest month, compared with 30,012
tons a year ago. Crude rubber stocks dropped slightly in February, but at
the month-end were still 22.2% above the same date of 1932.
As to wholesale and retail trade, the bank reported as
follows:
Retail.
Dollar sales at reporting department stores increased in February, the
expansion being slightly more than the average January-February change
in past years. The seasonally adjusted index rose from 54.1% of the 19231925 monthly average in January to 54.7%. This increase occurred despite
the fact that retail prices of department store goods worked lower in
the month, a drop of 1.7% being shown by "Fairchild's" index, and
general industrial activity in this district was affected by the curtailment
of automobile material orders in the latter part of the period.
Compared with a year ago, sales in February were down 25.9% in the
entire district, the reductions in the individual cities ranging from 21% at
Toledo to 28% at Pittsburgh, and 32% at Wheeling. In January the
decline in the entire District from the first month of 1932 was 26.7%.
Basement sales were down 23.4% from last year, and the ratio of all basement sales to total sales at 30 stores was 18.2% in February compared
with 17.7% a year ago. The ratio of credit to total sales was 55.3% in
February, a reduction of 3.7% from a year ago. Installment sales increased
quite sharply from the preceding month, citiefly because of the special
furniture sales in the period.
The dollar value of stocks at department stores increased 2% in
February, a less-than-seasonal advance, and the adjusted index dropped
from 53.9% of the 1923-1925 monthly average to 52.4%.
Collections held up quite well in February, the ratio of payments received
during the period to the total accounts receivable at the beginning of the
month being 29.1%, a reduction of only 2% from a year ago.
Retail furniture sales at 44 reporting furniture stores throughout the
District were 37.6% smaller than a year ago, and in the first two months
were down 32.5%. Sales reported for the furniture departments of department stores were down 36% from last year.
.
Retail chain drug store sales fell of sharply in February, a reduction of
26% from a year ago being reported. For the first two months a decline
of 18% was indicated. Chain grocery sales were down 5.6% in February
and 7.7% in the first two months from similar periods of 1932.
Wholesale.
Sales in three of the four reporting lines of wholesale trade were smaller
in February than in January, and the per cent, declines in all lines from
February 1932 were larger than the reductions in January sales compared
with a year ago. Combined sales were only 40% of the monthly average
of the three years 19234925, a drop of almost 25% from the same month
last year. In the individual lines wholesale grocery sales were down 23%
in February from a year ago and off 19.5% in the first two months.
Hardware sales were down 24 and 21%, respectively, in the same periods.
Drug sales, which for most of the depression held up quite well, were
down 25% in February and 18% in the two-month period from similar intervals of 1932. And dry goods firms, whose dollar sales have been very
sharply reduced partly because of the decline in prices of commodities
entering into the manufacture of these products, reported a reduction in
sales of 29% iA February and of 23% for the period since the. beginning
of the year.
According to reports, a further reduction in all lines of wholesale trade
occurred in the first part of March, but in the latter part of the month
increased activity was apparent.
April 8 1933
Conditions in Eighth Federal Reserve District, According to Federal.Reserve Bank of St. Louis-Business
at Standstill During Early Part of March-Retail
Trade During February Lower.
"In common with other sections of the country, commerce
and industry in the Eighth (St. Louis) District during the
past 30 days were dominated by the financial situation,"
states the Federal Reserve Bank of St. Louis in its March 31
"Monthly Review," compiled March 21, in which it reviews
conditions in its District as follows:
The usual instrumentalities for transacting business were seriously disrupted by the bank holidays beginning with Michigan in mid-February and
culminating in the National Banking Holiday of the week of March 6.
The ordinary indices and measurements for gauging business activity were
rendered temporarily ineffectual by the unprecedented monetary conditions.
Considerable difficulty was experienced in gathering statistics and information covering February operations in manufacturing and trade, and during
the first half of March, these difficulties were greatly intensified by
uncertainties attending the bank suspensions. With the gradual reopening
of financial institutions on March 13 and subsequent resumption of trading
on the principal security and commodity exchanges of the country, the
situation as a whole was substantially improved and continued betterment
has been in progress since, with the result that in the third week of this
month banking, transportation, communications and other business
facilities were functioning generally throughout the district at a rate closely
approximating that obtaining prior to the crisis.
During February both commerce and industry continued the recessionary
trends noted in January and the closing months of 1932. Existing unfavorable factors were emphasized by the disturbed banking status, and there
was a tendency on the part of merchants and the public to conserve cash
and practice extreme caution in the matter of commitments for commodities. In virtually all wholesaling and jobbing lines investigated by this
bank, aggregate February sales fell below the same period a year ago.
With the exception of dry goods, electrical supplies, apparel and several
less important classifications affected by seasonal considerations, the
volume was also below that of January this year. Retail trade failed to
show the usual pickup from January to February, and special efforts in the
form of reduction sales and intensive advertising campaigns met with only
Indifferent success. There was a moderate increase in production at iron
and steel mills and foundries, but a number of plants which had resumed
operations in February closed down again with the declaration of the bank
moratorium. Production in all the bituminous coal fields of the District
was below that of a year ago.
During the first part of March business was virtually at a standstill,
except those branches dealing with necessities of everyday existence. With
the medium of exchange through checks eliminated, and cash difficult to
obtain, transactions between commercial firms were temporarily halted
and purchasing by the public was greatly restricted. The prompt and
efficient measures taken for opening banks, and resumption of activities by
these institutions served to materially bolster confidence in the business
community and with the public at large. Another factor tending to substantially assist business has been the sharp upturn in commodity prices
and security values with the reopening of the exchanges. In the immediate
past there has been more of a disposition to cover on requirements for a
broad variety of goods than has been evidenced for many months. This is
true particularly of basic raw materials, notably pig iron, nonferrous metals,
textile fibers, and fuel. With exception of wheat, which sustained considerable damage from the February freezes, agricultural prospects are
favorable throughout the District, and farmers are planning their spring
planting programs with more confidence than was thought possible a few
months back.
The volume of retail trade in February, as reflected in sales of department
stores in leading cities of the District, was 2.4% smaller than in January,
and 30.2% less than in February 1932; aggregate sales for the first two
months this year were 26.9% smaller than for the same period in 1932.
Combined sales of all wholesaling and Jobbing firms reporting to this bank
were 6.5% smaller than in January, and about one-fifth less than in
February 1932: for the first two months the total fell 17% below the same
time a year ago. The value of permits for new buildings in the five largest
cities in February was about 16% greater than in January but 84% less
than a year ago; the cumulative total for the first two months was approximately 79% smaller than a year ago. Construction contracts let in the
Eighth District in February were 49% smaller than in January and 58%
less in February 1932; for the first two months the total was 30.6% smaller
than a year ago. Debits to checking accounts in February were about
one-fourth smaller than in January and one-fifth less than a year ago:
for the first two months the total fell 19% below the comparable period
In 1932.
According to officials of railroads operating in this District, the movement of both freight and passenger traffic during February showed somewhat more than the usual seasonal recession. Mild weather tended to hold
down loadings of coal and coke and the movement of farm products,
Including livestock, was considerably smaller than during the same month
a year and two years earlier. During the first two weeks of March there
was a sharp falling off in all descriptions of freight handled and passenger
traffic declined to the lowest levels in late years. More freight than is
ordinarily the case was handled by trucks. This was particularly noticeable
In the movement to market of livestock, poultry and some other farm
products. For the country as a whole, loadings of revenue freight for the
first nine weeks this year, or to March 4, totaled 4.346,304 cars, against
5,069,471 cars, for the comparable period in 1932 and 6,430,545 cars in
1931. The St. Louis Terminal Railway Association, which handles
Interchanges for 28 connecting lines, interchanged 112,484 loads in February, against 111,834 loads in January and 133,429 loads in February 1932.
During the first nine days of March the interchange amounted to 34,183
loads, against 36,361 loads during the corresponding period in February,and
43,433 loads during the first nine days of March 1932. l'assenger traffic
of the reporting lines in February decreased 27% as compared with the same
month last year. Estimated tonnage of the Federal Barge Line between
St. Louis and New Orleans in February was 73,000 tons, which compares
with 81,304 tons in January and 112,558 tons in February 1932.
Taken as a whole, reports relative to collections during the past 30 days
reflect more favorable results than might have been looked for under existing banking conditions. Feb. 1 payments to wholesalers in the principal
distributing centers made a relatively favorable comparison with the
corresponding period last year., In the tobacco districts liquidations with
both banks and merchants during the last half of February were in considerable volume. With suspension of the ordinary banking facilities incident
to the nation-wide moratorium debtors were unable to secure cash for
settlements, so that it was impossible to estimate what was the status of
"41
Volume 135
Financial Chronicle
collections. Reports from both wholesale and retail merchants, however,
Indicate that the delay is temporary only, and that postponed payments by
customers will be made with restoration of normal banking operations.
Indicated losses through weak accounts in February were smaller than a
year ago.
Volume of Business in Richmond Federal Reserve
District at Seasonal Trend During First' Half of
February but Receded During Latter Half.
The Richmond Federal Reserve Bank reports that "business in the Fifth (Richmond) Federal Reserve District in
February was in seasonal volume during the first half of the
month, but in the second half there was a recession, due
principally to growing uneasiness about the banking situation." The Bank, in its "Monthly Review" of March 31,
compiled March 21, adds:
When banking moratoriums, which had started elsewhere, reached this
District and Maryland banks closed, many people in the other Fifth
District States began to question the ability of their banks to meet withdrawals. When confidence is shaken it affects all institutions in a greater
or less degree. Heavy withdrawals of deposits began soon after the middle
of February, hoarding increased enormously, and people started conserving
the cash they had, all of which adversely affected trade. While the national banking holiday was on, retail buying declined drastically. A study
of Reserve bank operations and member bank condition figures, contained
elsewhere in this "Review," shows concretely how severe the calls on commercial banks were, and also how the Reserve bank was able to expand
credit to meet the extraordinary demands upon it. Deposits in 48 reporting
member banks dropped nearly $38.000,000 in three weeks preceding the
holiday, causing the banks to draw upon their reserve accounts for $15,000,000, and to increase their rediscounts at the Reserve bank by about
$33.500.000 in the same period. To meet the demand for currency, the
Federal Reserve Bank of Richmond increased its circulation of Federal
Reserve notes by $114,000.000 between Feb. 15 and March 15, tripled
rediscounts for member banks, and increased investments in open market
paper, most of which was taken from member banks somewhere in the
Reserve system, by nearly $19,000,000.
Since the release of the banks from restrictions imposed during the
holiday, there seems to have been a remarkable revival of confidence.
Deposits everywhere were reported far in excess of withdrawals. and
Federal Reserve notes in circulation and rediscounts at the Reserve bank
promptly began to decline irediately after banks resumed their customary
functions.
As previously mentioned, business outside of banking was not up to
seasonal level in February. Debits to individual accounts during the
month were below debits in February last year, in spite of large withdrawals for hoarding. Commercial failures compared favorably with those
of February last year in number, but liabilities involved in failures in
February 1933 were the second highest for any month on record. Employment conditions registered no improvement last month, and became worse
at the end of the month and early in March. Coal production in February
totaled 2.8% less than production in February 1932, but on a daily basis
the 1933 month made the better record, February 1932 having an extra
day. Textile mills in the Fifth District maintained operations at recent
levels in February, but did not use quite as large a percentage of total
cotton consumption for the month as they did in January, when they used
slightly more than half the cotton used in the United States. Spot cotton
prices rose between the middle of February and the niitldle of March.
Tobacco markets nearly all closed in February after selling a'small crop for
moderately better prices than the 1931 crop brought. Farm work in
February advanced seasonally, and the weather was favorable for both
growing and future crops. A very small number of building permits was
issued and relatively few construction contracts were awarded in February,
although the contracts awarded exceeded those of February last year in
total valuation. Retail trade last month in department stores in the
Fifth District lacked 24.2% of equaling trade in February last year, and
collections were also slower last month.
In reviewing wholesale and retail trade conditions in the
Fifth District, the bank said:
Retail.
Department store sales in the Fifth Federal Reserve District in February
1933 averaged 24.2% less than sales in February 1932, but the decline is
at least partly accounted for by one less trading day this year and by
lower prices in many lines. Thirty-two stores reported on their February
business, and among the individual cities from which three or more reports
were received Washington made the best record with an average decline
of 21.4%. In total sales during the first two months of 1933. the 32 stores
averaged a decrease of 21.3% In comparison with sales In the first two
months of 1932.
Stocks in the reporting stores increased seasonally during February,
rising by 6.8% over those on hand at the end of January, but on Feb. 28
this year stocks averaged 18.1% less than stocks on hand a year earlier.
Part of this decline was also due to price changes. The reporting stores
turned their stock an average of .244 times during February, and between
Jan. 1 and Feb. 28 stocks were turned .479 times, both of these averages
being lower than those for the corresponding periods in 1932.
The percentage of collections in February 1933 to total accounts receivable on Feb. 1 was lower than the percentage for February 1932. Richmond
reported the highest collection percentage, while Baltimore reported the
lowest, chiefly because of a relatively large volume of installment accounts
included in the Baltimore figures.
Wholesale.
In February 1933 sales reported by a selected group of shoe Jobbers
exceeded sales by the same firms in February 1932 by 16.4%, but the other
four lines of wholesale trade for which data are available reported lower
sales. Cumulative sales during January and February in dry goods showed
an increase of .2 of 1%, and shoe sales rose 23.2% in comparison with sales
in the first two months of last year, but the other three lines reported lower
sales this year.
Stocks on the shelves of the reporting grocery firms slightly declined
during February, but dry goods, shoe and hardware stocks advanced
seasonally. All four lines had smaller stocks on hand at the end of February
than on the corresponding date a year earlier, part of the reduction being
due to lower prices.
Collections in February 1933 were slower in groceries, dry goods, hardware and drugs than collections in February 1932, but collections in shoes
were distinctly better this year.
2317
Lumber Output for the Five Weeks Ended April 1 1933,
as Reported by an Average of 589 Mills, 14% Lower
Than a Year Ago—Shipments Off 16%, While
Orders Showed a Decline of Only 1%.
We give herewith data on identical mills for the five
weeks ended April 1 1933, as reported by the National
Lumber Manufacturers' Association:
An average of 589 mills reported as follows to the National Lumber Trade
Barometer for the five weeks ended April 1 1933:
Production.
(In 1,000 Rd. Ft.)
Shipments.
Orders Received.
1933.
Softwoods
Hardwoods
1932.
1933.
1932.
1933.
408,883
35,451
462,230
53,404
534,658
51,931
627,897
69,989
625,506
57,548
1932.
628,932
82,821
Total lumber
442.134 515,634 586,589 697.686 683.054 691.753
Production during the five weeks ended April 1 1933, was 14% below
corresponding weeks of 1932. as reported by these mills and 55% below
the record of comparable mills for the same period of 1931. 1933 softwood
cut was 12% below that of the same weeks of 1932 and hardwood cut was
34%.
Shipments in the five weeks ended April 1 1933, were 16% below those
of corresponding weeks of 1932, softwoods showing 15% decline and hardwoods, 26% decline.
Orders received during the five weeks ended April 1 1933, were 1% below
those of corresponding weeks of 1932 and 40% below orders for similar
weeks of 1931. Softwoods showed 1% decline and hardwoods. 8% decline,
as compared with 1932.
On April 1 1933, gross stocks as reported by 339 softwood mills were
2,763,963,000 feet, or the equivalent of 105 days' average production of the
reporting mills, compared with 3.534.792,000 feet on April 2 1932. or the
equivalent of 134 days' average production.
On April 1 1933, unfilled orders as reported by 528 mills (cutting either
hardwoods or softwoods or both) were 485,398,000 feet or the equivalent
of 16 days' average production, as compared with 536,032,000 feet on
April 2 1932, the equivalent of 18 days average production.
Lumber Shipments Highest of Year—Orders Below
Previous Week.
Lumber production and new business booked at the sawmills during the week ended April 1 1933 were somewhat
lower than during the previous week, but shipments were
the highest of any week since last September, according
to telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations of 652 leading hardwood and softwood mills. During
the first quarter of 1933 production was 11% below the
corresponding period of 1932 and new business was 16%
below. Shipments were 26% and orders 33% above the
production of the quarter. The Association further reports
as follows:
Production during the week ended April'1 amounted to 96.339.000 feet;
shipments to 150,617,000 feet.
New business during the week totalled 155,023,000 feet. This is the
third consecutive week in which orders were more than 60% above production. In each of these three weeks orders were higher than in any
previous week since last September. All regions shared in the increase of
current orders over output, this gain totalling 61% for softwoods and
63% for hardwoods.
Compared with corresponding week of 1932, all regions except northern
pine showed increase in orders, southern pine and northern hemlock making
the best records. The total for softwood orders was 13% above last year
and for hardwoods, 10% above.
New business at the southern pine mills was 49% of capacity; at the
western pine mills, 29%; at southern hardwood mills, 29%; compared with
51%, 29% and 28% respectively for the previous week.
Forest products carloadings during the week ended March 25 were
15,717 cars, the highest of any week of 1933. This was an increase of 1,380
cars over the previous week and a decline of 4,590 cars as compared with
the same week of 1932.
Lumber orders reported for the week ended April 11933. by 403 softwood
mills totaled 139,868,000 feet, or 61% above the production of the same
mills. Shipments as reported for the same week were 136.989,000 feet, or
57% above production. Production was 87,029,000 feet.
Reports from 264 hardwood mills give new business as 15,155.000 feet.
or 63% above production. Shipments as reported for the same week were
13,628.000 feet, or 46% above production. Production was 9,310,000 feet.
Unfilled Orders.
Reports from 355 softwood mills give unfilled orders of 412,650.000 feet,
on April 11933. or the equivalent of 15 days' production. The 528 identical
mills (hardwood and softwood) report unfilled orders as 485,398,000 feet
on April 1 1933, or the equivalent of 16 days' average production, as compared with 536.032.000 feet, or the equivalent of 18 days' average production on similar date a year ago.
Last week's production of 393 identical softwood mills was 85.553.000
feet, and a year ago it was 93.473,000 feet; shipments were respectively
135,511,000 feet and 132,809.000; and orders received 137.949.000 feet and
122,241,000. In the case of hardwoods, 191 identical mills reported production last week and a year ago 7,558.000 feet and 9.959.000; shipments
11,820,000 feet and 13,043,000; and orders 12,567.000 feet and 11,433.000.
West Coast Moremeni.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 178 mills reporting for
the week ended April 1:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery. _ _ _ 26,541,000 delivery ..._ _106,874,000
Ditercoastal. 27,882,000
Export
14,320,000 Foreign
15,194,000
85,838,000 Export
Rail
26,334,000 Rail
22,987.000
65,881,000 Rail
Local
5,945,000
5,945,000
Local
Total
73,140,000 Total
258,593,000
Production for the week was 55,784.000 feet.
Total
71,988,000
Vtriancial Chronicle
2318.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
92 mills reporting, shipments were 53% above production, and orders 40%
above production and 9% below shipments. New business taken during
the week amounted to 26,854.000 feet, (previous week 31,612,000 at 107
mills); shipments 29,416.000 feet, (previous week 27,364,000), and production 19.244,000 feet, (previous week 20,901,000). Production was
35% and orders 49% of capacity, compared with 34% and 51% for the
previous week. Orders on hand at the end of the week at 91 mills were
62,769,000 feet. The 91 identical mills reported a decrease in production of
4%, and in new business an Increase of 38% as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
111 mills reporting, shipments were 184% above production, and orders
217% above production and 12% above shipments. New business taken
during the week amounted to 37,543,000 feet, (previous week 40,166,000
at 119 mills); shipments 33,623.000 feet, (previous week 29,114,000), and
production 11.836,000 feet, (previous week 10,836,000). Production was
9% and orders 29% of capacity, compared with 8% and 29% for the
previous week. Orders on hand at the end of the week at 111 mills were
116,810,000 feet. The 109 identical mills reported a decrease in production
of 26%, and in new business an increase of 7%, as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported no
production from seven mills, shipments 1,260.000 feet, and new business
1,240,000 feet. The same mills reported new business 24% less than for the
same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 15 mills as 165,000 feet, shipments
702,000 and orders 1,091,000 feet. Orders were 14% of capacity compared
with 13% the previous week. The 14 identical mills reported a decline of
39% in production and a gain of 164% in new business, compared with the
same week a year ago.
Hardwood Reperts.
The Hardwood Manufacturers Institute, of Memphis, tenn., reported
production from 249 mills as 8,799,000 feet, shipments 12,586,000 and new
business 13,980,000. Production was 18% and orders 29% of capacity,
compared with 18% and 28% the previous week. The 177 identical mills
reported production 26% less and new business 10% more than for the
same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis.. reported production from 15 mills as 511,000 feet, shipments 1.042,000 and orders 1.175,000 feet. Orders were 22% of capacity,
compared with 32% the previous week. The 14 identical mills reported a
gain of 9% in production and a gain of 12% in orders, compared with the
same week last year.
Official Forecast of Argentina's Corn Yield Is
263,779,000 Bushels.
Under date of April 4 a cablegram from Buenos Aires
to the New York "Times" stated:
The Bureau of Rural Statistics, in its first forecast of the corn crap for
this year places it at 263,779,000 bushels, which is 29,686,000 bushels less
less than last year and 47.784,000 less than the average of the last five
years. Of 14,121,600 acres sown, 5,088,000 were lost through drought
and locusts.
The average yield is estimated at 29 bushels to the acre.
1933 Exports in Argentine Grain—Total for Quarter
• Reported as 29% Below Period in 1912.
Buenos Aires advices April 2 to the New York "Times"
stated:
Statistics for the first quarter do not indicate any change for the better
in Argentina's economic situation. Exports continue low compared with
previous years, with prices in general lower than the cost of production.
Grain exports in the quarter were 29% lower than in the first quarter last
year, amounting to 2,984,400 tons, compared with 4,219,700. Wheat
exports were 20% less than a year ago.
March Production of Flour Slightly Higher Than in
Corresponding Month Last Year.
General Mills, Inc., in presenting its summary of flour
milling activities from figures representing approximately
90% of all flour mills in the principal flour producing centres,
reports that 5,568,721 barrels of flour were produced during
the month of March 1933, compared with 5,559,195 barrels
in the corresponding month last year and 4,792,656 barrels
in February 1933.
During the nine months' period ended March 31 1933
production amounted to 49,836,140 barrels, as against
54,882,345 barrels during the nine months ended March 31
1932. The summary of General Mills, Inc., follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS).
--Month of March-- ---9 Months Ended
1932.
1933.
1932.
1933.
1,336,153 12.122,984 14,572,230
Northwest
1,363,1'62
2.026.181
1,974,185 17,726,321 19,047,726
Southwest
1.815,646 17,363.290 17,541.367
Lake Central & Southern 1,899,410
3,721.022
2,623,545
433,211
Pacific Coast
279,566
Grand total
5.568.721
5,559,195 49,836,140 54.882,345
Greek Flour Mills Required to Use Specified Kinds
of Wheat.
Effective March 20 1933, flour produced in local mills in
Greece must be composed of 60% of Argentine wheat, 15%
of Australian wheat, 15% of Manitoba wheat, and 10%
of hard winter wheat, according to a cablegram received
by the Department of Commerce's Division of Foreign Tariffs
from Commercial Attache Karl L. Rankin at Athens.
April 8 1933
French Coffee Quota Stirs Rio de Janeiro- Measure
Regarded as Retaliatory.
The following cablegram from Rio de Janeiro March 31
is from the New York "Times":
France's coffee quota preoccupies the Brazilian press, especially as the
United States also considers altering its foreign commercial policies, which
may affect coffee.
The newspapers believe the French measure is retaliatory and directed
against countries obstructing commercial freedom. They suggest immediate commercial adjustments based upon reciprocal tariff grants.
One daily asserts a new United States tax on coffee would seriously
complicate Brazil's economic life.
Indian Coffee Growers Protest Brazilian
Coffee-Selling Plan.
The Department of Commerce at Washington announced
on April 1 that members of the Indian legislative assembly
representing coffee-growing areas have protested the recent
plan of Brazilian interests to establish coffee-grinding and
roasting plants at Goa, a Portuguese possession in southwestern India, from which to distribute ground coffee in
India, according to a report to the Commerce Department
from Assistant Trade Commissioner Wilson C. Flake,
Calcutta: The Department adds:
By establishing the coffee-grinding plant at Goa, the Brazilian merchants could escape payment of high import duties on coffee beans.
It was pointed out in the protest to the Government that "an intensive
campaign to make the population coffee-conscious by erecting coffee
kiosks" in the larger cities is contemplated.
That agreements had already been signed with Iraq and Persia for
importing Brazilian coffee "virtually to the exclusion of Indian coffee
in these markets" the further news of the new Brazilian plan had already
led to a fall in coffee prices.
The Government was asked to intervene in the matter and take steps
to protect the coffee industry of India. It was stressed that the industry
now employs some 100,000 laborers.
President of Brazilian Coffee Institute Criticizes High
Tariffs Designed to Protect Brazilian Industries.
From Rio de Janeiro April 5 the New York "Times"
reported the following:
High tariffs intended to protect fictitious Brazilian industries were
bitterly criticized by Figueira de Mello, President of the Brazilian Coffee
Institute, at a dinner given last night by Brazilian economists.
"Only big buyers can be big sellers," said Senor de Mello. "Closing
our ports to foreign products and to foreigners entitled to close theirs to
us spells ruin to Brazilian commerce."
The conservative "Jornal do Brazil" believes import restrictions have
caused the shrinkage in Brazil's commercial balance.
"Unless Brazil harmonizes her interests with those of other countries,
further decreases are undoubtedly forthcoming," the newspaper observes.
Nebraska Beet Sugar Growers Refuse Great Western
Contract.
From Lincoln, Neb., March 28 the New York "Journal
of Commerce" reported the following:
Sugar beet growers in western Nebraska have refused to accept a contract
proffered them for the 1933 season by the Great Western Sugar Co. of'
Denver, and have asked growers in adjoining districts to join them in
protest.
Last year the contract carried a practical guaranty of $3.25 a ton for
beets, with a sliding scale based on sugar content and prices of refined
sugar. This year the company offers the same contract with a higher price
for higher sugar content beets, but makes a proviso that if the price of
refined falls below $3.25 a hundred and if the customs duties are reduced
the price per ton will be the scale price less a deduction of I% of the price
for each Sc. of decrease in net returns below 33.25 a hundred.
The growers say that this places them in the position of carrying the
greatest part of any reduced return. although General Manager Lippitt
says that there must be a reduction in price below 93.25 as well ass lowering
of customs duties for the provision to become effective. Mr. Lippitt says
that the growers are taking little risk under such circumstances as the
lowered sugar stocks and lowered indicated production indicate better prices.
Readjustment of Tariffs on Cuban Sugar Reported
Under Way—Sugar Prices Up 8 to 11 Points on
New York Coffee & Sugar Exchange.
The New York Coffee & Sugar Exchange, in its review
of the sugar market for the week ended March 31 said:
Sugar prices soared 8 to 11 points during the past week on the New York
Coffee & Sugar Exchange, reflecting new phases in the current sugar situation. Where a week ago the sugar trade was busy estimating the effects
of a segregation of 600,000 tons of Cuban sugar from the United States
market quota, the ears of the trade are now pointed in the direction of
Washington. Reports are that the Administration is friendly toward
sugar and plans are under way to provide an allotment plan for the United
States market or favorably to readjust tariffs on Cuban sugar. Volume of
trading on the New York Coffee & Sugar Exchange was the most active
since December. 1930. Commission houses were reported taking profits
but sugar trade houses and Cuban interests were aggressive buyers.
Mexico to Clear Surplus Sugar Stocks by May.
From the New York "Journal of Commerce" we take
the following from Mexico City March 28:
The exportation of 80,000 metric tons of the 100,000 tons of sugar which
has accumulated during three years, to Great Britain and other European
countries, the limitation of the current crop to 180,000 metric tons, and
the sale on world markets of the remaining 20,000 tons of the surplus
during May, will enable the Mexican sugar industry to balance output
with domestic consumption for the first time in years. asserts Engineer
Leon Salinas, Manager of the Sugar Bank here. He says that the 80,000
tons will be dispatched by the end of April, and that much of it is being
sold at a loss in an endeavor to eliminate the great surplus which has constituted a grave problem for the industry. The May consignments,
however, the banker says, will represent some profit owing to the betterment of prices for the commodity on world markets.
Next month, according to Engineer Salinas, the Mexican sugar industry
will launch an intensive national campaign to encourage the use of sugar
as a means of increasing domestic consumption. A feature of this program
will be the manufacture on a considerable scale of concentrated syrups
suitable for fruit preserving, that will be sold in bulk at low prices. Housewives and manufacturers will be encouraged to go in more for preserving
fruit and making marmalades, &c., while the industry is organizing a corps
of preserving experts to give the public and factories advice concerning
the preparation of fruits with sugar.
Value of World Sugar Crop Increased $100,000,000
During March Due to Advances in Sugar MarketNew York Coffee Exchange Reports 633,400 Tons
Traded During Month.
"Sugar traders celebrated the end of the first month since
President Roosevelt was inaugurated by bidding the sugar
market up to new high price levels for the year,"states the
New York Coffee & Sugar Exchange in reviewing the sugar
market for March. Under date of April 4 the Exchange
continued:
Future prices on the New York Coffee & Sugar Exchange went into new
high ground for the year. In the outside actual raw sugar market. Cuban
sugar sold at 1.05 a pound,equalling the season's high price and representing
an advance of 18 points since the inauguration. The statistical department of the Exchange estimates that the 25.000,000 tons world sugar crop
increases in value by $5,500,000 with each point advance in the sugar
'
market. At that rate, the world sugar crop has increased in value by
$100,000,000 since the President took his oath of office.
Wall Street reports that in recent weeks the sugar market has become
the most favored market and is watched with great interest. Exchange
statistics disclose that since the market reopened after the banking holiday
the average daily turnover of sugar futures had been 35.200 tons-the
greatest rate of activity since December 1930.
Under date of April 1 the Exchange reported that leading
statistical authorities issued estimates showing that world
production of sugar for the 1932-33 crop would be about
24,500,000 tons, which is about 2,250,000 tons under estimated world consumption for the period. The 1931-32
world production was 27,805,000 tons.
Consumption of Sugar in United States During Feb_
ruary Decreased 4,108 Tons as Compared with
February Last Year.
Sugar consumption in the United States during February
1933 amounted to 381,625 long tons, raw sugar value, compared with 385,773 tons consumed during February 1932.
This is a decrease of 4,108 tons or 1.06%, according to a
report issued March 31 by B. W. Dyer & Co., sugar economists and brokers. Consumption for the first two months
of 1933 amounted to 762,613 tons, a decrease of 3,582 tons
or 0.47% compared with the same period of 1932.
Raw Silk Imports Again Declined in March 1933
Approximate Deliveries to American Mills Higher
Inventories Lower.
According to the Silk Association of America, Inc., raw
silk imports during March 1933 amounted to 22,289 bales,
compared with 23,377 bales in the preceding month and
38,866 bales in the corresponding period in 1932. Deliveries
to American mills during March were 38,934 bales, as
against 46,761 bales a year ago and 32,665 bales in February
last. Raw silk stocks at warehouses on March 31 1933 were
43,814 bales, compared with 60,459 bales a month earlier
and 62,675 bales a year ago. The Association's statement
follows:
RAW SILK IN STORAGE.
(As reported by the principal public warehouses In New York City and Hoboken.)
Total.
Figures in BalesJapan. AU Other.
European.
In storage March 1 1933
6,383
51,916
60,459
2 160
291
93
Imports, month of February 1933 a
21,905
22,289
Total available during March 1933
In storage April 1 1933 z
2,253
849
73,821
38,505
6,674
4,460
82,748
43,814
Approximate deliveries to American mills
during March 1033 y
1 404
SUMMARY.
35,316
2,214
38,934
Imports During the Month.:
Storage at End of Mosuks
1933.
1932.
1931.
1933.
1932.
1931.
January
February
March
April
May
June
July
August
September
October
November
December
53.114
23,377
22,289
52,238
53,574
38,866
30,953
34,233
31,355
36,055
61,412
56,859
58,775
47,422
45,453
49,294
47,827
57,391
29,446
42,284
46,825
37,315
58,411
48,040
70,490
67,999
50,817
69,747
60,459
43,814
62,905
70,570
62,675
57,849
59,159
53,048
50,721
52,228
49,393
54,465
57,932
132,837
51,814
45,399
47,407
35,497
32,688
37,352
29.921
41,878
36,099
49,921
67,275
69,460
Total
Average monthly_ -
98,780
32,927
547,195
45.600
805,919
50,493
57,815
45,393
2319
Financial Chronicle
Volume 1..i6
58.007
Approximate Deliveries
to American Mills.y
Approximate Amount of Japan
Silk in Transit at Close
of Month.
1933.
January
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
1933.
1932.
1931.
46.204
32.665
38,934
58,793
45,909
46,761
35,779
32,923
37,466
38,382
59,905
59,694
53,703
43,955
40,548
55,910
54,242
55,383
41,356
45,073
42,161
44,748
46,454
53,819
56,868
50.645
48,432
25,700
28,100
39,100
48,500
31,000
28,800
34,800
30,800
31.100
42.200
43,400
42,800
44,700
50,200
51,400
37.700
37,700
21.300
24,800
36,900
33,400
41,600
40,500
53,200
59,700
50,800
53,900
117,803 553,818 594,889
Total
40,958
40.058
30.967
49,574
46,151
Monthly average 39,268
x Covered by European manifests Nos 11 to 14 Inclusive. Asiatic manifests Nos.
36 to 56 Inclusive. y Includes re-exports. z Includes e9 bales held a terminals
at end of month. Stocks at warehouses Include National Raw Silk Exchange
certified stocks 1,700 bales.
Viscose Co. Cuts Rayon Prices 10 Cents.
The Viscose Co. put into effect April 3 price reductions
averaging 10 cents a pound on its viscose process yarns.
The 10-cent cuts apply to all denier from 50 to 150 inclusive,
while 9
-cent revisions are made on the 200 denier numbers,
and a 5
-cent reduction on the 300 denier styles. According
to the New York "Times" of March 3 the new prices for
first quality skeins are as follows:
150 denier, 81; 75 denier, 80 cents: 100 denier, 65 cents; 125 denier,
55 cents; 150 denier, 24 and 40 filament, 50 cents: 150 denier, 60 filament.
55 cents; 200 denier, 30 filament, 46 cents; 200 denier, 75 filament. 51 cents:
and 300 denier. 42 cents. Second quality skeins are 2 to 5 cents cheaper.
First quality cones are 5 cents higher for the 50, 75 and 100 denier, and
equal the first quality skeins in price for tne remaining deniers.
Beer and Wine of 3.2% Alcoholic Content by Weight
-RegulaGo on Sale in All but "Bone-Dry" States
tory Laws Still Confused in Many States-Michigan
and Wisconsin Vote on Conventions for Repeal of
-New York Voters to Express Will
18th Amendment
on Subject May 23.
Beer and wine of 3.2% alcoholic content by weight was
legally sold in 19 States and the District of Columbia yesterday (Apr. 7) for the first time since the enactment of
national prohibition. The text of the Cullen Bill, legalizing
the manufacture and sale of 3.2% beer and wines, signed by
President Roosevelt on Mar. 22, was given in our issue of a
week ago (page 2123).
Sale of alcoholic beverages of the class specified is, of
course, only permitted in those States which do not have
laws forbidding their use. The rapid passage of the so-called
"beer bill" through Congress, however, found many States
unprepared with statutes enabling them to license the new
beverage, although they had no specific laws prohibiting
its sale. New York was a conspicuous example of such a
commonwealth. In these instances sale was generally permitted with local communities acting as temporary distributors of licenses pending the adoption of a clarified code of
regulations by the State.
New York State failed to enact a beer bill before April 7
principally because a majority in the legislature failed to
agree with Governor Lehman on a bill that would, as he
expressed it, remove the issue from politics. Several control
measures are still pending in the Assembly and State Senate.
Meanwhile the prohibiticn question continued in the van
of the week's news, with Michigan and Wisconsin as -the
first states to vote for delegates who will express the desires
of those two states regarding the repeal of the 18th amendment. The "wet" forces claimed an overwhelming victory
in both of these initial tests.
The New York Assembly on Apr.5 passed the Buckley bill
providing for a special election May 23 to select 150 delegatesat-large to act on the repeal move at a convention to be
held in Albany June 27. The vote on the measure was 107
to 39. The bill then went to Governor Lehman for his
signature which, it was understood, was to be a mere
formality.
The States in which sale of the brew became legal yesterday morning,
according to the New York "Times," were:
Arizona, California, Colorado, Delaware, Illinois, Indiana, Kentucky,
Maryland, Minnesota, Missouri, Montana, Nevada, New Jersey, New
York, Ohio, Oregon, Pennsylvania, Washington and Wisconsin
Sale was also legal in the District of Columbia.
Delayed Sale in Six States.
Sale will be permitted In the following States after the dates listed:
Louisiana, April 13. Vermont, May 1. North Carolina, May 1.
Wyoming, May 18. West Virginia, June 9. North Dakota, July 1.
The States in which beer legislation has been defeated, is pending or has
not been initiated yet, are:
Alabama, Arkansas, Florida, Georgia, Idaho, Iowa, Kansas. Maine.
Michigan, Mississippi, Nebraska, New Hampshire. New Mexico, Oklahoma.
2320
Financial Chronicle
Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah
and Virginia.
Yesterday afternoon the Massachusetts legislature passed a law permitting
the immediate sale of the 3.2% beverage.
Connecticut has a stop-gap law which prohibits the sale of 3.2% beer
before Apr. 25, unless regulatory legislation is enacted before then.
Millions of Dollars Go Into Trade Channels as Brewers
Prepare to Sell 3.2% Beer.
In was stated on March 30 by the U. S. Department of
Commerce that brewers are making large purchases of
passenger automobiles, motor trucks, bottles, barrels,glasses,
rubber goods, cereals, malts and a 'arge number of other
items as they prepare to sell 3.2% beer as a result of the
new law effective April 7, according to information reaching
the Department from many industries and trade sources.
The Department's announcement continued:
The Automotive Division has been advised that numerous breweries will
purchase, in the near future, a total of 4,590 trucks and 4,960 passenger
automobiles, and that $20,000,000 will be spent annually for maintenance
of this equipment. Some breweries are reported to be overhauling motor
vehicles at a total cost of approximately $6,000,000.
Orders for bottles are reaching many plants, according to information
received by the Specialties Division of the Department. The trade estimates an annual consumption of 720,000,000 bottles in the sale of beer.
One of the recent orders reported was for 30,000,000 bottles, another for
15,000,000, and a third for 1,000,000 glass tumblers. Other reports evidence that smaller manufacturers are working extra shifts on orders which
will take several months to fill.
The printing industry is reported receiving new business as labels are
prepared for these bottles. Although it is impossible to accurtaely estimate the number of labels being printed, it is known that this activity
has increased sharply during the past few weeks.
The barrel industry also has received a large number of new orders.
In some instances existing manufacturing facilities are being overtaxed.
According to reports received in the Lumber Division from Chicago, barrel
factories have orders on hand which will keep them busy until late in the
summer. One small community in Arkansas is operating 70 mills cutting
barrel staves. Other sections of the country report a somewhat similar
activity. Virtually all beverage barrels are made of white oak.
Manufacturers of boxes and cartons are turning our products for the
distribution of bottled beer. A report from Massachusetts advises that
one firm is working on an order for 125.000 cotton-wood beer cases.
The manufacturers of fibre board cartons are competing sharply for
this business. It is impossible, at present, to secure an accruate estimate
of the volume of this business, but information available in the Paper
Division indicates that manufacturers of fibre cartons expect to make
a larger percentage of the total number of beer cases than in the preVolstead industry.
At the same time, reports received in the Iron and Steel Division indicate
that some firms are purchasing beer cases made of wood and iron. The
iron and steel Industry, in addition to supplying material for vats, is
receiving some orders for barrel hoops.
Rubber manufacturers of the United States expect to participate in the
sales to the brewers to the extent of about $4,250,000. According to
reports received in the Rubber Division, brewers are buying pneumatic
tires for motor trucks, automobile tires, power belting, conveyor belting,
bucket elevator belting, hose and tubing, rubber boots and aprons, water
pump valves, beer pump valves and keg washer wheels. It was estimated that rubber manufacturers will sell approximately $3,500,000
worth of tires and tubes to the brewers, and about $750,000 worth of other
rubber goods.
Purchases of raw materials with which to brew beer are difficult to
estimate until the American public has demonstrated its willingness to
buy the new beverage. On the basis of previous consumption figures
collected by the Foodstuffs Division, the brewing industry may be expected to consume annually about 2.000,000,000 pounds of malt, 167,000,000 pounds of rice, 650,000,000 pounds of corn and corn products, 41,000,000, pounds of hops, 115,000,000 pounds of sugar and 204,000,000
pounds of grits, wheat, bran and barley.
Manufacturers of refrigerators are spending money and adding men
to their payrolls in anticipation of increased sales. One firm, according
to the Electrical Equipment Division, has spent approximately $1.000.000
for new equipment within the past few weeks and $2,500,000 for materials
to be used in the manufacture of refrigerators.
New designs for refrigerators are reported coming onto the market and
additional new models are being anticipated. One manufacturer is producing a small "beer cooler" to be installed in hotel rooms. Others are
reported to be making changes in existing models so that one compartment
may accommodate beer bottles.
The chemical industry is participating in the new business resulting
from legalization of beer, according to reports to the Chemical Division.
The principal use for chemicals is in connection with the manufacture of
glass. Sales of ammonia and parbon dioxide also are being made for
refrigeration purposes. Improved demand also is expected for detergents
for cleaning bottles. Brewers use a fairly large amount of Irish moss,
a chemical used in clarifying beer.
Sales of beer pumps and other devices to be used in the retail sale of
beer are known to be under way although the Department of Commerce
has no information on the sales volume.
April 8 1933
tion recently suggested during the oil conference a Washington would be recommended to Congress for enactment,
including plans to divorce oil pipe lines engaged in interstate commerce from other branches of the oil industry.
President Roosevelt's letter was sent to the Governors of
Arkansas, California, Colorado, Illinois, Kansas, Kentucky,
Louisiana, Montana, New York, New Mexico, Ohio, Oklahoma, Pennsylvania, Rhode Island, Texas, West Virginia
and Wyoming. As described by the "Times" Washington
correspondent:
The letter said that he was without authority to declare or request a
moratorium on oil production until April 15, as advocated at the recent oil
conference here, or to recommend the enactment of conservancy statutes in
States in which none now exist, the President nevertheless directed the
attention of the Governors to both request by the committee, and continued:
"There seems to be a widespread feeling that an emergency exists in the
oil industry calling for action, and it is hoped that the Governors of the
States affected, after consultation with each other, will take action appropriate to meet it.
No Authority for Moratorium.
"It is obvious that the action proposed is within the sole authority and
jurisdiction of the interested States. The President of the United States
has no authority to declare a moratorium such as is proposed and he might
be regarded as infringing on the sovereignty of the States."
The President approved as well considered" the request of the Committee
of Fifteen for Legislation by Congress prohibiting and penalizing the shipment in inter-State and foreign commerce of oil and oil products produced
and manufactured in violation of State laws, and said he was "prepared to
recommend such legislation to Congress as a contribution on the part of
the national government toward the solution of the difficulties in which the
oil industry finds itself."
Approves War on Tax Evaders.
"I also approve," the President said, "of the recommendation in paragraph A4 of this report."
This paragraph requests the President to require strict enforcement and
vigorous prosecution of evaders of the Federal gasoline tax and pipe-line
tax, and co-operation to this end between the Bureau of Internal Revenue
and State tax-collecting authorities.
Other recommendations made to the President by the committee of
fifteen, including the proposed appointment by him of a personal representative to co-operate with State authorities, and suggestions in regard to the
methods by which the Federal Government and the producing States can
aid in stabilizing the oil industry, are left open for future discussions and
disposal.
C. B. Ames, Indorses President Roosevelt's Petroleum
Proposals—Head of American Petroleum Institute
Says Adoption of President's Suggestions Will
Benefit Oil Industry.
C. B. Ames, President of the American Petroleum Institute, declared in a statement on April 4 that if the projects
recommended in President Roosevelt's letter to the Governors of 17 oil-producing States are carried out, they will
prove materially beneficial to the industry.
Mr. Ames' statement is given herewith:
"The President has reached three conclusions which, if made effective,
will be of great help to the petroleum industry. He states definitely that
he is prepared to recommend to Congress legislation prohibiting the trans
..
portation in inter-State and foreign commerce of any oil, or the products
thereof, produced or manufactured in any State in violation of the laws
thereof. If Congress promptly adopts this suggestion, it will be of enormous value in the East Texas pool. For several months great quantities
of unlawfully produced oil have been moving out or that field by rail.
When Congress acts favorably on this recommendation the Federal Government, the States and 95% of the industry will be united in the attack
on the 'hot oil racket.'
"There has been lack of co-operation between the Bureau of Internal
Revenue and the tax collecting agencies of the States in connection with
the gasoline tax. It has likewise been believed for some time that several
of the smaller pipe lines operating in the East Texas field have been evading the Federal pipe line tax. The action of the President in instructing
the tax collecting agencies of the Government to co-operate with the states
and with the law-abiding elements in the industry in respect of these
matters will be of great aid in the fight on gasoline tax evasion, and will.
therefore, be helpful to the Government, the States, and the legitimate
elements of the industry.
"The third matter of great importance outlined by the President is his
request to the Governors to give special attention to those recommendations made by the Washington conference concerning matters beyond
the
jurisdiction of the President, and in reference to which he expresses
the
hope that the Governors 'of the States affected, after consultation
with
each other, will take appropriate action to meet' the emergency.
The
conservation of our oil resources is a problem which entirely disregards
the boundaries of any one State. In the absence of Federal control
of
production It is necessary, therefore, if we are to have a sound program,
for the principal oil-producing States to treat each other in a neighborly
way and work toward the accomplishment of the common purpose.
If
the Governors of these States and their respective regulatory bodies comply
with the President's request to co-operate, as they doubtless will, we
can
look forward with confidence to greater progress in the conservation
movement."
President Roosevelt Urges Governors of 17 Oil-Producing States to Co-operate in Conservation Measures
—Asserts Federal Government Cannot Intervene
in Matters Touching on State Sovereignty—Mentions Legislation He Will Recommend to Congress.
Governors of 17 oil-producing States were urged by Presi- Both Oil-Producer Groups Assert Victory at Recent
Washington Conference.
dent Roosevelt to co-operate with each other in curtailing
oil production and in closing all flush pools. The President,
Leaders of the two opposing factions of oil producers
in a letter addressed to each State executive April 3, told claimed a victory at the oil conference sponsored by President
the Governors that their principal problems incident to the Roosevelt which met at Washington last week.
petroleum industry could best be solved by mutual agreement
As described April 1 by Associated Press Washington
and that the Federal Government was powerless to order a advices, the "insurgent" producers declared their side had
"holiday" on oil production. He added that certain legisla- won over the majority recommendations presented by the
•
Volume 136
Financial Chronicle
three controlling groups at the meeting. The dispatch continues:
Recommendations made to President Roosevelt by the controlling
groups included proposals that all flush pools in the principal oil-producing
States be closed until April 15. This was vigorously opposed by the "insurgent" independents.
Another recommendation was that Congress be asked to authorize the
President to appoint a personal representative to co-operate with the
States in an effort to stabilize the industry.
Secretary Ickes conferred with the President on the matter to-day.
Indications were given that something might be said at the White House
soon.
H. H. Champlin of Enid, Okla., an "insurgent," asserted that his faction
had prevented any serious consideration of a "dictator."
"We now feel that the administration understands our side and will
take our views into consideration in making any decision," he declared.
Mr. Champlin said he considered it was "inconceivable" that the administration would close the flush pools, but predicted that it would provide
for divorcement of pipe lines from operation by the big companies and also
that "illegal" oil would not be allowed to enter inter-State commerce.
Petroleum and Its Products
-Governor Murray Takes
Action to Halt Chaotic Crude Oil Situation--East
Texas Field Shut Down for Five Days
-Pipe Line
Company Establishes 20c. Price for East Texas
Crude-Roosevelt Calls on Governors of Oil States
2321
pected to return a profit for the mere running of oil. However, the fact that the President willingly and quickly acted
in behalf of betterment of the industry as a whole was taken
as a good sign.
The suggestion heretofore made that the State of Texas
create a new body to assume the control of crude now vested
in the Railroad Commission has been acted upon, and a Bill
is now in the State Legislature to that effect. Aside from
creating a new,and probably more effective, board of control
for the industry, the Bill also provides for the imposition
of a graduated scale of taxes which would return to the
State about $8,000,000 annual revenue. The taxable phase,
approved by Governor Ferguson, calls for a tax of 2c. a
barrel on the first 150 barrels produced per well; Sc. a barrel
on the next 100 barrels, and 20c. a barrel on each above 250
barrels daily.
The battle of injunctions which has been waged almost
continually in East Texas since the Commission first started
to try and check the flow of crude, brought on another phase
this week when the State obtained temporary injunctions
restraining the Danciger Oil & Refining Co. and several
other independents from interfering with Commission representatives seeking to gauge the field tanks of the defendent
concerns.
Price changes follow:
April 4.
-Atlas Pipe Line Co. posts price of 20c. a barrel for East Texas
crude.
to Act.
Governor William H. Murray of Oklahoma has called a
conference of the Governors of six oil-producing states to be
held to-morrow, April 9, at Amarillo, Texas, to consider a
uniform law for the more drastic curtailment of crude oil
Prices of Typical Crudes per Barrel at Wells.
production. It is expected that Governor Murray will use
the new proration setup of Oklahoma as a model. This new Bradford, Pa (All gravities where A.P. I. degrees are not shown.)
$1.47 Eldorado, Ark., 40
.52
drastic measure, passed by the Legislature late Thursday Corning, Pa
.75 Rusk, Tex., 40 and over
.52
Illinois
.62 Salt Creek, Wyo., 40 and over..
.52
evening, carries severe penalties for violations of proration Western Kentucky
.60 Darst Creek
40-.50
Midland Dist.. Mich
orders, for making false or fraudulent reports on production Mid-Continent. Okla., 40 and .52 Sunburst,
.70
above
Mont
and pipe line runs and for the production or transportation Hutchinson, Tex., 40 and over__ .30 Santa Fe Springs, Calif.,40& over 1.05
.75
Spindietop, Tex., 40 and over
.52 Huntington, Calif., 26
.75
of "hot," or illegal, oil.
Winkler, Tex
.50 Petrolla, Canada
1.75
Smackover, Ark.. 24 and over
.52
As soon as the machinery for enforcing the new law is set
up, Governor Murray plans to lift the martial law which now REFINED PRODUCTS-GASOLINE RETAIL PRICES ADVANCED
embraces the Oklahoma City field, and to remove the state
-KEROSENE REDUCED-MARKETS FIRMING ON PACIFIC
militia from the oil fields. Under the terms of the new reguCOAST
-EARLY END OF NEW JERSEY PRICE WAR PRElations contempt of the Commission's orders is punishable
DICTED-FUEL OILS FIRMER.
by a fine of $1,000. one year in the Oklahoma County jail,
In conformity with general market expectations, gasoline
or both. Violation of its orders is punishable by a fine of retail prices were advanced lc. a gallon in the metropolitan
$5,000, each day's violation constituting a separate offense. area Tuesday by Standard of New York. The lc. advance
Conspiracy to violate proration is punishable by a fine of had previously been posted throughout New England and
$5,000, five years in prison, or both. These are the most in certain sections of up-State New York.
stringent regulations ever imposed upon the oil industry,
The same company, as of April 5, posted a lc. reduction
and it is Murray's expectation that they will go far in in kerosene tank wagon prices in Manhattan, and 34c. in
bringing order out of the present chaotic condition in the Staten Island.
crude petroleum fields.
The situation in New Jersey is practically unchanged to
The Governors of California, Kansas, Texas, Colorado, date, but reports throughout the trade are to the effect that
and New Mexico, or their representatives, are expected to an early abandonment of the price war has been decided
attend, in addition to Governor Murray.
upon by certain majors, who have found that their trade
One of the most promising steps yet taken was the shut- in other territories is being adversely affected. In fact,
down of the East Texas field for five days, beginning Thurs- the price war, originating in one small sector of the State,
day morning at 7 o'clock. This total shutdown of about has gradually expanded until the affected area now covers
10,000 wells will reduce the nations' crude output by about one of the most profitable trading areas of the entire State.
750,000 barrels daily. The field was legally permitted to
Meanwhile a general firming-up of all refined products
produce 4430,000 barrels daily, but independent investiga- has followed the shutdown of the East Texas field, sore spot
tions indicated that output was nearer 800,000 barrels daily. of the nation's petroleum industry. The tremendous output
The order for the shutdown was based on the necessity of of that field, estimated in excess of 800,000 barrels daily
equalizing bottom hole pressure preparatory to taking the despite proration orders limiting it to half that amount,
potential production of the wells. Regardless of the reason has practically flooded all the markets with a surplus of
for the act, the fact is that the shutdown will give the refined products which has in turn caused sale after sale of
industry time to rid the market of vast accumulations of so-called "distress" merchandise. The entire structure has
surplus stocks cluttering the rails of Gulf ports.
suffered as a result.
The East Texas situation finally reached a point this week
The situation on the west coast is also showing a betterere the Atlas Pipe Line Co., running about 28,000 barrels ment. The recent price advance in gasoline has served to
daily from the field to Shreveport, La., through an eight- strengthen the tone of the entire market, and independents
inch pipe, posted a price of 200. a barrel, as against the as well as majors are showing a more determined attitude
price of the majors of 50e. a barrel. Crude has been moving in the matter of "sell at a profit, or don't sell."
in East Texas at prices ranging as low as ten cents a barrel,
Fuel oils in the eastern territory are considerably firmer,
and the action of Atlas was simply a public recognition of and it is believed that the crude oil problem is satisfactorily
an acknowledged fact. If the present shutdown does not settled conditions warrant a price advance. However,
remedy matters, there is little question but that the major factors heie are content to hold to the present schedules
companies will be forced to take similar price-cutting action until definite steps have been taken to remedy crude
overproduction.
in the very near future.
The letter written by President Roosevelt to the Governors
Bunker fuel oil, grade C,is firm at 75c. a barrel, and Diesel
of the oil producing states calling for the adoption of regula- at $1.65 a barrel, both quotations for bulk at refineries.
tions which would bring about a remedy of the present ills,
Kerosene tank car prices remain at 5Yic., at refineries,
was favorably commented upon generally, with the exception and movement is slow.
of his idea that the pipe lines should be operated as separate
Price changes follow:
units in the industry and be divorced from other activities.
April 4.
-Gasoline service station price advanced
in metropolitan
Some of the major executives held this to be an economic area by Standard Oil Co. of New York. Advance metlc. other companies
by
operating in territory.
fallacy, and hold to the belief that pipe lines cannot be
April 5.
operated independently of other allied activities and be ex- In Staten -Kerosene tank wagon price reduced lc. in Manhattan and 345
Island by Standard of New York.
2322
Gasoline, Service Station, Tax-Included.
$ 128
8.15 New Orleans
$ 145 Cleveland
New York
.12
18 Philadelphia
• 19 Denver
Atlanta
.135 San Francisco:
.13 Detroit
Baltimore
139
Third grade
.17
.145 Houston
Boston
Above 65 octane-- .180
195
.145 Jacksonville
Buffalo
214
Premium
155
14 Kansas City
Chicago
14
147 St. Louis
15 Minneapolis
Cincinnati
Kerosene, 41-43, Water White, Tank Car, F.O.B. Ltd, Refinery.
$.0235-.0334 New Orleans.ex_ _ _ _5.0335
-5.05% Chicago
N.Y.(Bayonne)
0435-.03%
Tulsa
Los Ang.,ex_ .0431-.06
03
North Texas
Fuel Oil, F.O.B. Refinery or Terminal.
5.60
Gulf Coast C
California 27 plus D
.
N. Y (Bayonne)8.75-1.00 Chicago 18-22 D_.4235-.50
5.75
Bunker C
.70
.60 Philadelphia C
1.65 New Orleans C
Diesel 28-30 D
Gas Oil, F.O.B. Refinery or Terminal.
$.0135
I Tulsa
ChicagoN Y.(Bayonne)8.01% I
32-38 00
28 plus G 0_5.0331-.04
Refinery.
F.O.B.
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots,
5.04-.0435
Chicago
N. Y.(Bayonne)
N. Y.(Bayonne)
Shell Eastern Pet_5.05% New Orleans,ex. .05-.0531
Standard 011, N.J..04.-04%
Arkansas
York
Motor. U. 81-5.04% New
05-.07
California
Colonial-Beacon.. .05
Motor,standard .05
Los Angeles, ex_ .0455-.07
.07
Crew Levick
Stand. 011. N. Y_ .05
05-.053j
.04% Gulf ports
z Texas
Tide Water Oil Co .05
.05-.05%
Tulsa
.05
Gulf
Richfield 011(Cal) .06%
.05%
.05% Pennsylvania__
Republic 011
Warner-Quin. Co- .05%
z"Fire Chief." $.05.
Texas Railroad Commission Orders Closing of East
Texas Oil Field for Five-Day Period Beginning
April 6.
The approximate 10,000 oil wells in the East Texas field
were ordered, on April 5, by the Texas Railroad Commission
to close down for a five-day period effective at 7 A. M.
April 6, we learn from Associated Press advices from Austin,
April 5. The advices add that the order followed a hearing
of operators in that prolific pool and in all other Texas fields.
The counties of Upshur, Smith, Gregg, Rusk and Cherokee
are included in the area.
Later advices (Associated Press) dated April 6 said that
the Commission's order was being obeyed generally, according to reports to the Commission's field headquarters in
Kilgore, Texas. The advices add:
Sixty-two operators hold injunctions against the State regulatory body,
however, and officials believed that they would not shut down their
producers.
No orders have been Issued for a potential test of each well, as suggested
by many leaders of the oil industry, to aid the commission in promulgating
new pro-ration regulations.
Oklahoma City Oil Field Shutdown Completely April 5
-Expected to Remain Closed Until Potential Tests
Are Taken-Daily Production Will Be Reduced
from 140,000 to 25,000 Barrels.
A complete shutdown of the big Oklahoma City oil field
at 7 A. M. April 5 was ordered by the State Corporation
. Commission on April 4. Associated Press advices from
Oklahoma City, in noting this, added:
it is expected to
The durations of the shutdown was not specified, but
oil wells making 10% or
cover the taking of potential tests. Only those
will be permitted to flow enough
more Water will be exempt. Gas wells
plants.
to meet current demands of consumers and
it was indicated,
Taking of the potential tests probably will be delayed,
until the Legislature passes a new proration law.
down last week for the taking
The Wilcox sand zone in the field was shut
of potentials.
The "Wall Street Journal" of April 5 notes that the shutdown will result in production for the field of about 25,000
barrels daily, against daily allowable of 140,000 barrels
previously.
Crude Oil Production Off 9,900 Barrels Per Day During
Week Ended April 1 1933-Inventories Continue
to Rise.
The American Petroleum Institute estimates that the
daily average gross crude oil.production for the week ended
April 1 1933 was 2,239,750 barrels, compared with 2,249,650
barrels per day during the previous week, a daily average
production for the four weeks ended April 1 of 2,182,950
barrels and an average daily output of 2,154,000 barrels for
the week ended April 2 1932.
Stocks of motor fuel at all points showed a gain of 357,000
barrels during the week ended April 1 1933 as compared
with an increase of 441,000 barrels during the preceding week.
Reports received for the week ended April 1 1933 from
refining companies controlling 91.6% of the 3,856,300 barrel
estimated daily potential refining capacity of the United
States, indicate that 2,121,000 barrels of crude oil daily were
run to the stills operated by those companies, and that they
had in storage at refineries at the end of the week,40,668,000
barrels of gasoline and 123,823,000 barrels of gas and fuel
oil. Gasoline at bulk terminals amounted to 12,319,000
barrels and 1,517,000 barrels were in water borne transit in
or between districts. Cracked gasoline production by comof
panies owning 95.4% of the potential charging capacity
April 8 1933
Financial Chronicle
all cracking units, averaged 403,000 barrels daily during the
week.
The report for the week ended April 1 1933 follows in
detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels of 42 Gallons Each.)
Average
Week
Ended
Ayr. 1.
1933.
4 Weeks
Ended
Apr. 1,
1933.
427.700
121,100
52,5.50
52,550
22,750
162,750
58,150
398,750
50.050
30,150
30,600
151,750
37,650
93,400
13,450
31,450
5,000
2,600
37,450
459,900
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not Including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
Mar. 25.
1933.
563,800
122,650
55,150
52,300
22.800
161,050
58,600
360,800
49,100
31,200
30,850
154,450
35,300
87,200
14,150
31,150
5,550
2,500
37,350
373,700
465,450
118,400
48,900
50,800
24,000
161,000
58,600
348,550
49,350
31,700
30,700
150,300
35,500
88,900
14,250
31,300
5,550
2,550
37,250
429,900
Week
Ended
Apr. 2.
1932.
408,100
98,850
47,200
49,650
24,500
181,750
55,150
331,050
53,750
28,350
34,900
110,900
30,600
103,150
14,350
38,600
6,650
3,500
37,900
497,100
2,239,750 2,249,650 2,182.950 2,154,000
Total
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, AND GAS AND FUEL
OIL STOCKS, WEEK ENDED APRIL 11933.
(Figures In barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
District.
Reporting.
Potential
Rate.
East Coast
Appalachian__ ..._
Ind., Ill., Ky..
Okla., Kan.,Mo.
Inland Texas
Texas Gulf
Louisiana Gulf
-Ark
North La.
Rocky Mountain
California
644,700
144,700
434,900
459,300
315,300
555,000
146,000
89,300
152,000
915,100
Total.
%
638,700
135,000
424,000
390,000
177,700
542,000
142,000
79,000
138,000
866,100
99.1
95.0
97.5
84.9
56.4
97.7
97.3
88.5
90.8
94.6
Crude Rums
to Stills.
%
Daily OyerAverage. Med.
468,000
71,000
313,000
204,000
74,000
396,000
101,000
32,000
24,000
440,000
a Motor
Fuel
Stocks.
Oas and
Fuel Ott
Stocks.
73.0 15,942,000 6,058,000
52.8 1,996,000
851,000
73.8 8,803,000 3,438,000
52.3 5,582,000 3,037,000
41.6 1,892,000 2,163,000
73.1 6,546,000 8,288,000
71.1 1,832,000 2,198,000
40.5
646,000
292,000
17.4 1,532.000
620,000
50.8 14,887,000 98,524,000
Totals week:
Apr. 1 1933_ _ _ 3.856,3003.532.500 91.62.121,000 60.050.104,000 123,823,000
Mac 25 1933_ 3_856.300 3.532.500 91.6 2.085 000 59 n Ali 7474)4)4) 192 Mc non
a Below are set out estimates of total mo or fuel stocks on U. S. Bureau of Mines
basis for week of April 1 compared with cer sin April 1932 Bureau figures:
59,750,000 barrels
A. P. I. estimate of B. of M. basis, week April 1 1933_b
64,740,000 barrels
U.S. B.of M. motor fuel stocks. April 1 1932
66,803.000 barrels
U.S. B.of M. motor fuel stocks. April 30 1932
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 40,668,000 barrels at refineries, 12,319,000 at bulk terminals, 1,517,000 barrels in transit and 4,600,000 barrels of other motor fuel stocks.
•••••
Fair Trade in Tin at Higher Prices-Zinc Firmer
Copper and Lead Quiet.
Metal and mineral markets for Apr. 6 reports that with
the exception of tin, non-ferrous metals passed through a
quiet trading period in the week that ended yesterday. The
movement of prices was mixed-zinc, tin,and platinum
closing higher, silver declining about one-halicent an ounce,
compared with quotations named a week ago, with copper
and lead unchanged. Interest centered in the developments
pointing to a generally reduced rate of output in major metals
for at least the summer period. Curtailment in production
has been announced in lead and tin. Prospects are favorable
for lowering output of copper, and some action is expected
in zinc. Zinc concentrate production in the Tri-State district
for the current week will be reduced sharply, according to
advices from Joplin, Mo. The market for aluminum was
disturbed by reports of price shading. The leading producer
of aluminum held to the old schedule of prices. The same
publication says:
Copper Marks Time.
Both consumers and producers of domestic copper seemed content to adopt
an attitude of watchful waiting during the past week. Although sales were
in small volume, no selling pressure was evident. l'rices were maintained on
a 5c. Connecticut basis, with deliveries extending through the second
quarter. The chief development of the week, however, was the renewal of
discussions among principal domestic producers directed toward effecting a
sharp reduction in metal output. A successful outcome of these deliberations
-held probable in quite a few quarters-would undoubtedly be of essential
Importance in bringing about reconsideration of the subject of world-wide
curtailment. That the forthcoming visit of Ferdinand Pisan, official of the
Katanga Co.. is linked with the current deliberations seems to be a generally
held opinion in the trade.
Sales in the foreign market continued on a fair scale, although prices
exhibited a downward trend. Unsettled political conditions in Germany
and dullness in the copper market here were held responsible for the weakness
in the price structure. During the seven-day period prices in the foreign
market ranged from 4.875c. to Sc., c. I. f.
J. Y. Murdock. President of Noranda Mines, Canada, said at the annual
meeting of the company that he would not be surprised to see some restriction of copper production in various parts of the world this year.
Magma Copper Co. produced 21,705,716 lbs. of copper last year. against
28.839,617 lbs. in 1931. The company resumed operations on Jan. 1 of the
current year, but will shut down again this summer.
Nevada Consolidated shut down its Ray mine and mill in Arizona on Apr.
1 for an indefinite period. The property has been operating on a greatly
reduced rate.
Financial Chronicle
V .11urne Lit
Germany produced 11.940 metric tons of refined copper during January,
against 13,527 tons in December and 11.505 tons in January, 1932. Smelter
output In Germany during January was 4.219 tons, against 3,505 tons in
December and 4,347 tons in January, 1932.
Despite the millions of tons of copper ore already mined in Katanga. the
known ore reserves are continually expanding, according to M. H. Buttgenbach, professor of geology at Liege University, Belgium.
2323
SLAB ZINC STATISTICS (ALL GRADES). 1931, 1933 AND 1933.
(Tone 01 2.000 Lbs.)
Produced Shipped
During
Dial.,
Motell. Month.
Month.
Total for yr 6213,531 b218,517
Monthly aver b17.794 618.214
Shut
-Down of Copper Mines For Six Months Contemplated Due to Drop in Price of Metal-Stocks
Sufficient for 30 Months at Present Consuming
Rate.
A six-month shut-down of all copper mines in the United
States in an effort to restore the price of the metal to a
profitable basis is considered imminent in the trade, where
informal discussions along these lines have been taking place
for more than a year. The New York "Times" of April 6
notes that the decline in price of the metal to its former
low level of 5 cents a pound, following its rise immediately
after the banking moratorium, is said to have convinced the
officials of several copper companies that a shut-down is
necessary before the industry can hope again to operate on
a profitable basis. We quote further from the "Times" as
follows:
Copper operations in this country in the last year or two have been
carried on generally at a loss, and, with the stocks of metal above ground
sufficient to last for thirty months at the present rate of consumption.
many etecutives feel that it is about time to call a halt to production as
a protection to the investor. They also assert that a shut
-down in the warm
season would work less hardships on the miners than in the Winter, and
this probably is a factor in drawing this question to a head just now.
Despite the low rate of operations, which are believed to be below the
20% rate in effect throughout the greater part of 1932, the consumption
of the metal is little, if any, greater than the production. Consumption
in the United States has declined much more than in Europe and at present
is estimated at about 20.000 tons monthly. Copper stocks in the United
States are placed at around 600.000 tons. Consequently, there is no
chance for a shortage of copper because of a six-months' shut-down.
While there has been some talk of a further curtailment, it is believed
that operations either will be suspended entirely or will continue as at
Present. It is held that a material reduction below the 20% rate, which is
about the current rate of operation for those companies producing copper.
would be less economical than a shut-down.
•••••
Production and Shipments of Slab Zinc Higher in
March.
According to the American Zinc Institute, Inc., production
of slab zinc in March 1933 amounted to 22,095 short tons
the highest since March of last year, when output totaled
22,448 tons, and also compares with 20,076 tons in February
1933. Shipments increased from 15,280 short tons in the
latter month to 16,156 tons in March 1933, while in March
of 1932 there were 22,503 tons shipped. Inventories at
March 31 19?3 amounted to 140,379 tons, as against 134,440
tons a month earlier and 129,477 tons a year ago. The
Institute's statement follows:
31,064
30.249
35.224
27.418
25,851
27.604
28,460
23.599
20.860
21,181
19.963
23.041
Total for yr. 300,738
Monthly aver- 25.062
314.514
26.210
1932.
January
February
March
April
May
June
July .
August
Scetember
October.
November_
December_
22,404 129,909
21.851 129,532
22,503 X29,477
18,032 132,020
18.050 132.675
14.971 134,027
12,841 135.902
16,360 133.153
20,638 125,775
19.152 121.840
b15,970 6121,948
b15,745 6124.856
1933.
January
February
March
22,471
21.474
22.448
20.575
18.605
16.423
14.716
13.611
13,260
16,217
616,078
_ b18.653
619.828
20.076
22,095
15.040 13129,644
15.280 134.440
16,156 140,379
1
0
0
0
20
0
20
0
0
0
0
0
33.236
33.118
31,821
26.673
20.622
19.022
19.266
19.305
20.417
21.374
19.428
19.875
32.737
33,453
30,647
26.765
20,632
19.898
17,920
18,140
19.752
19,809
18,245
18,223
30.251
32,737
31.216
36.150
31.146
33.086
24.815
20.503
15.388
18.365
21,356
18.273
3
23.680
23.099
26,166
31
0
0
0
0
20
0
39
20
20
20
20
22,044 21,001
21.752 20.629
22.016 21.078
20.796 19.469
20,850 20,172
18.742 19.670
18,295 17.552
14.514 15.067
14.915 13.809
17.369 15.901
19,753 617.990
21,023 20,372
170
14
19.339
18.560
17.100
40
0
0
22.660
23.389
22,375
21,970
22.500
21,683
6,313
8,562
8,581
veioidau3mo6t6onio6
Active Trade in Tin.
The shortage in spot and prompt tin continues, and, with business for
near -by material fairly active, the trend of values again was upward. The
March statistics of the industry were accepted as favorable, chiefly because
the total supply on hand, taking into consideration the reduction in stocks
In the East, declined about 900 tons. Domestic sales of tin on Tuesday of
the current week exceeded 400 tons. Tin-plate manufacturers were the
principal buyers.
Total deliveries of tin during March came to 6.770 long tons, against 6.690
tons in February, and 7,780 tons in March, 1932, according to the National
Metal Exchange, United States deliveries for March amounted to 3.330
tons, against 3,045 tons in February,and 3,285 tons in March last year. The
world's visible supply of tin at the end of March was estimated at 43,528
tons, an increase of 368 tons over the preceding month's total. The visible
supply in March last year was 50,780 tons.
World production of tin in ore during February amounted to 7.156 long
tons, against 7,518 tons in January, and 7,415 tons in February last year,
according to the American Bureau of Metal Statistics. The daily rate of
production for February was 256 tons, against 243 tons in January, and
256 tons in February, 1932.
Chinese tin, 99%, prompt shipment, was quoted as follows: March 30th,
23.05c.; 31st, 23.05c.; April 1st, 23.10c.; 3d. 23.15c.; 4th, 23.35c.; 5th,
23.45c.
145.076
144.389
141,493
143,212
143.049
138.928
131.833
129.701
130,168
130,535
131.016
129.842
32,522
29.562
32,328
29.137
25,688
23,483
21,365
21.467
21,327
21.548
20,443
21,868
NNNN
1931.
January
Vebruarv --Mareh
April
May
June
July
August
September._
October
November_
December-
Metaled
Orders.
End of
Month.
NWN*-.1-.00....KMOW
M......Nm...-. m,,
Ti..t.00X.-Cto0[10.
0
Lead Quiet But Steady.
Demand for lead was quiet throughout the week, yet the market appeared
-to be fairly steady in all directions. With curtailment in production under
way, and the sales volume sufficient to remove selling pressure, producers
were disposed to settle back until a better picture might be had of the general
business situation. The market held at 3c., New York, the contract basis
of the American Smelting & Refining Co.. and at 2.875c., St. Louis.
Curtailment in production is not likely to show up to advantage in the
statistics of the industry for two or three months. The March figures. to be
released soon, will probably show another increase in stocks of refined metal.
By summer, however, it is believed that the drift will favor producers. In
other words, producers take a more hopeful view of the future of the domestic
lead market.
Zinc Steady.
The threat of sustained curtailment in the Tri-State district was apparently the chief factor contributing to the steadiness that prevailed in the zinc
market the latter part of last week. At yesterday's close, sellers were generally quoting on a 3c., St. Louis, basis, with inquiry showing some improvement. Sales for the week ended Apr. 1, according to statistics circulating in
the industry, totaled about 1,100 tons. Output in the Tri-State district,
according to the MA.111..1.1. correspondent, is not expected to exceed 1.500
tons of concentrate this week, and production for the week ending Apr. 15
will probably be less than 1,000 tons.
Atte.
Retorts
Socked ashtp- Overtire Retorts
End of pallor End of Duruss
Month. Esport. Month, Month.
Total 3 mos
46.476
40
61.999
a Export shipments are included in total shipments. b Corrected figure.
Note.
-The following statistics for 1932 includes few minor year-end adjustments.
The following table gives a summary of the Institute's statistics for the past three
Yeats.
Steel Demand Broadens, Bringing Increase in Ingot
Production, Says "Iron Age"
-Operations Now at
of Capacity-Price of Finished Steel Declines
16
to Lowest Level Since World War.
A broadening in the demands for steel, aided by increasing
production schedules in the automobile industry and requirements of the resuscitated brewing industry, has lifted ingot
output to 163/2% of the country's capacity from 15% last
week, reports the "Iron Age" of April 6, which further goes
on to say:
Some individual units of the industry have had a surprising influx of
orders, principally in last-minute specifications against low-priced first
quarter sheet contracts, which the mills insist must be shipped by April 15.
Thus, a leading independent maker of flat-rolled steel is able this week to
double its sheet mill operations, having had the largest tonnage for any
single week in three years.
At Chicago, ingot praduction has gained two points to 13% of the dMtrict's capacity because of a better miscellaneous demand as well as orders
for sheets for beer barrels and releases of 5.003 tons of rails for a Western
road and reinforcing bars for highway construction. A further gain in
operations is likely before the end of the week. In the Valleys there has
been a slight increase in steel-making activity, and resumption by a large
plant in that district within a few days may bring a further gain. In other
districts there has been no substantial increase in output of ingots, but
finishing mill schedules have been stepped up, particularly in the lighter
products, including tin plate, average output of which now exceeds 40%
of the total capacity.
The most cheering news to the steel industry is the pick up in the automobile industry, which has been and still is under the depressing influence
of the banking situation, though release offrozen deposits is making progress.
While the automobile industry is taking a cautious course, it has been encouraged by improvement in retail sales. Chevrolet has released steel
orders and Ford business in increased volume is expected shortly.
Brewery tonnage is coming out more freely. Sheet business at Chicago
has been considerably improved by orders from manufacturers of steel
beer kegs, one of whom plans on an output of 4.000 a day. Sheets, small
angles and wire have been bought in various districts for beer bottle cases.
Motor truck business is also being stimulated by brewers' needs.
Nearby prospects for building construction have been dealt a severe
blow by the decision of the Federal Government to take no immediate
action on public work for which contracts have not yet been let. Thus,
about 40 buildings on which bids have been taken or were about to be
called for have been delayed. Meanwhile, a new public works program,
estimated to cost 93,000.000.000. is under consideration at Washington.
The week's structural steel lettings were 20,300 tons, of which 10,500 tons is
for a Federal Court House in New York.
The dip in business caused by the recent bank holiday is illustrated by
the blast furnace production figures for March, which show a falling off of
11.7% in the daily pig iron output last month as compared with February.
The March total was 542.011 gross tons against 554.330 in February. while
the daily average last month was 17,484 tons compared with 19.798 tons in
February. First quarter output was 42.6% below that of the corresponding
period in 1932. There was a net loss of seven furnaces during the month,
leaving 38 in blast on April 1, with a daily operating rate of 15.580 tons.
Only one month of last year, August, showed a poorer pig iron record than
the past month.
Meanwhile, merchant pig iron sale has shown an encouraging improvement. One large consumer has covered its requirements for the remainder
of the year for all of its plants. A stiffening of prices is apparent in nearly
all districts, with prospects of some outright advances in the near future,
while the $1 a ton higher level recently announced in eastern Pennsylvania
has been established by small-lot sales, bringing about the first increase
to $13.58, in the "Iron Age" composite pig iron price since May 1929, since
when there has been an average drop of $5 a ton.
The "Iron Age" composite price for finished steel has declined to the
lowest level since the World War because of a sharp reduction in prices
of steel pipe, amounting to $7 a ton in the case of the base sizes, 1103 inches.
2324
Financial Chronicle
in buttweld, but running as high as $33 a ton on large-sized galvanized pipe.
The present composite price is 1.879c.,a lb. compared with 1.923c. and
is $2.32 a ton below the lowest monthly average price in early 1922, the
previous post-war period of lowest steel prices.
Scrap markets are strong, and there have been scattered advances on a
number of grades in various districts, but heavy melting steel has not been
affected in the principal markets. Hence, the "Iron Age" composite price
on that grade remains at $7.08 a gross ton. A Southern railroad will scrap
16,000 freight cars.
THE "IRON AGE" COMPOSITE PRICES,
Finished Steel.
Apr. 1 1933. 1.923e. a Lb.
Based on steel bars, beams, tank plates,
One week ego
1.8790. wire, rails, black pipe and sheets.
One month ago
1.9230. These products make 85% ot the
One year ago
1.9700. United States output.
Mos.
Low.
1933
1948e. Jan. 3
1.8790. Apr. 4
1932
11.9260. Feb. 2
1931
2037c. Jan. 13
1.9450. Dee. 29
1930
22730. Jan. 7
2.0180. Dec. 9
1929
2.317e. Apr. 2
2.2830. Oct. 29
1928
2.286e. Dec. 11
2.217c. July 17
1927
2.402o. Jan, 4
2.2120. Nov. 1
Pig Iron.
Apr. 1 1933,$13.68 a grow Ton.
Based on average of•bude iron at Valley
One week ago
$13.56 • furnace foundry irons at Chicago,
One month ago
13.56 Philadelphia, Buffalo, Valley and BROne year ago
14.35 mingham. .
High.
Low.
1933
$13.68 Apr. 4
113.56 Jan. 3
1932
14.81 Jan. 5
13.58 Dec. 6
1931
15.90 Jan. 6
15.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
Apr. 11933, 37.08 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$7.08 Quotations at Pittsburgh, Philadelphia
One month ago
6.83 and Chicago.
One year ago
8.21
High.
Low.
1933
$7.08 Mar.28
$6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
7.62 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
13.08 Nov.22
15.25 Jan. 11
April points to a moderate upturn in iron and steel demand,
following the restricted conditions of March, with impetus
expected mainly from the automotive industry, a quickening
in seasonal requirements, and expansion in beer manufacture and distribution, according to "Steel" of Cleveland
on April 3, which further states:
This improvement, however, is likely to develop without extensive
railroad and public construction work, normally active at this period.
Railroad buying is in almost complete suspension pending determination
of what the Washington Administration is planning for the carriers. New
Federal building projects await revision of the emergency construction
program; State legislatures are debating road and bridge building policies.
Steel ingot production in the past week was lifted 1 t4 points to 15.ti %.
with greater gains in finishing mill operations than indicated by this rate.
Improvement in finished steel output was due largely to automotive requirements, but also in no small measure to fuller specifications on first
quarter contracts, owing to apprehension that any change in prices will
be upward.
Preliminary estimates on March pig iron production indicate a daily
average of 17,450 gross tons, compared with 19,752 tons in February.
In output, March apparently did not break through the record low of last
August, but the number of stacks reported active at the close of the month,
39, was two less than for August.
Chevrolet, preparing to make 35,000 cars in April, has released substantial steel orders. The Ford program contemplates 50,000 cars; some
inquiries have been issued and purchasing is expected to develop this
week. Sheet mills in districts tributary to Detroit have stepped up to 30%.
The brewing industry is figuring more prominently in the market for
steel products, ranging from strip for box hinges to structural shapes.
Sheets and parts have been placed for brewery trucks. A Milwaukee
fabricator is planning mass production of stainless steel barrels. New
brewery structures are being figured at St. Louis, Columbus, Ohio, and
Manville, N. J.
Steel consumers manifest less apprehension regarding prices for second
quarter than they did when a general inflation appeared imminent; nevertheless, they continue to cover farther ahead than has been their practice
since the beginning of the depression, seeking protection in some instances
through the remainder of the year. Steel pipe prices have been reduced
37 to $14 a ton, and some revision is contemplated in wrought iron pipe.
Despite the dearth in new Federal and State projects, structural steel
awards for the week show a moderate gain, to 21,594 tons, including 2,830
tons for the Columbus, Ohio, postoffice. Action on more than 35 Federal
projects, principally postoffices, on which bids were opened in the past
two weeks, has been suspended.
Pig iron shipments are improving and sales continue fairly active, featured
by 5,000 tons of gray forge in eastern Pennsylvania, with another order
for 5,000 tons of foundry iron pending; prices there have advanced again,
50 cents to $1 a ton.
Scrap is quieter, though 25 cents higher at Pittsburgh and Detroit.
Southern Ry. is understood to be planning to scrap 15,000 freight cars
and 100 locomotives, to yield 200,000 tons.
Great Lakes iron ore vessels are starting out two months earlier than
last year, mainly to move stock piles before May 1 taxes become operative.
For the third consecutive week, "Steel's" scrap composite has advanced.
to $6.58. The finished steel composite is off 70 cents, to $44.90; and the
iron and steel composite down 23 cents, principally on reductions in line
pipe.
Production of steel ingots for the week ended April 3
shows an increase of more than 1%, according to the "Wall
Street Journal" of April 4, which further states:
The average for the industry is placed at a fraction over 15%, compared
with 14% in the week before. U.S. Steel is credit,ed with a rate of 15,1i %,
against a little over 14% in the previous week, and independents are at
about 15%, compared with a shade under 14% in the preceding week.
Two weeks ago all units were at 143%.
The improvement in operations started after the middle of the period,
and has continued, so that it is considered probable another gain will be
recorded for the current week unless there are some unexpected interrup-
April 8 1933
tions to the activities before the end of this period. Reports from various
producing districts indicate that there has been greater expansion in operations of finishing mills than in the ingot output. So far as can be
learned,
little or no material is being carried to stock at the moment.
The following table gives the percentage of production for the
.
sponding week of the last five years, with the approximate changescorrefrom
the week immediately preceding:
Industry..
U. S. Steel,
Independents.
1932
224i-l34233-11•6
2134-1
1931
52 -3
54 -214
51 -3
1930
72 -246
79 -4
70 +1
1929
9534+114
98 +1
94 +1
1928
86 +1
91 +1
81 +1
-..._._
Steel Quotas Are Fixed by European Cartel-Sets Up
Offices to Regulate Production.
From Paris April 1 a wireless message to the New York
"Times" stated:
An agreement was reached at a meeting of the European
steel cartel
for the creation of bureaus governing the products of six groups
in the
steel industry, fixing quotas based on sales for the first half of
1932 as
follows:
France, 21%; Belgium, 29%; Germany, 28;% Luxembourg, 22%.
Details of the new arrangement will be discussed at another meeting
in Paris April 8.
Major British Steel Firms Form Merger Agreement Dorman, Long and South Durham Assets 1224,000,000.
Copyright advices March 25 from London to the New
York "Herald Tribune" said:
A provisional merger agreement has been reached between Dorman,
Long dr Co., and the South Durham Steel ez Iron Co., which
together
dominate the steel and iron industry on the northeast coast. The combined
assets of the two companies exceed £24,000,000. No particulars are
available as to the financial details of toe merger, but it Is presumed tnat
it
will involve a drastic write-down of the capital of Dorman, Long,
which,
in spite of its great reputation in industry, has been hampered
badly of
late years by financial difficulties. It has paid no dividend on its
common
stock for more than ten years and it is several years in arrears with
preference dividends. The South Durham has had a more fortunate financial
experience, and despite tne decline in profits, was able to pay a 3% dividend on the common last year.
The merger is in line with proposals for radical reorganization
of the
steel industry put forward by the tariff advisory committee last
summer
when it recommended a high tariff on iron and steel. The
national committee then formed to examine the question was headed by Charles
Mitchell,
chairman of Dorman, Long, and it is
understood that a scheme covering
the entire industry will be presented witnin a short time.
Plan Central Control of Britain's Iron and Steel
Industry.
Centralized control of Britain's iron and steel industry,
with elimination of redundant and obsolete plants and
modernization of remaining units, is reported to have been
suggested to the Import Duties Advisory Committee by
the National Committee for the Iron and Steel Industry,
according to advices to the Commerce Department's Iron
and Steel Division from its London office. The Department on April 3 also had the following to say:
The plan calls for a thorough reorganization of this basic industry
of
Great Britain,
with emphasis on control of production and technical
efficiency.
Control of sales in both domestic and foreign markets is also
reported
planned.
It was pointed out that recently Mr. Charles Mitchell, chairman
of
the National Committee for the Iron and Steel Industry, addressing the
London Iron and Steel Exchange, stated that "the old individual
idea of
ownership must definitely go" in order to bring about the necessary degree
of co-operation to "bring down the cost of production to a degree
that
would enable the industry to give the consumer what he demanded;
and
also to make it possible for the industry to be in a position to regain
its
rightful position in the world's markets."
The extension for two years of the tariffs on imported steel was
conditional on the industry being placed on a more ordered basis, it was
pointed
out. The Committee's proposal for reorganization, it was stressed
by
Mr. Mitchell, were based on the idea that "In order to bring down the
cost
of production it was essential to concentrate the production of iron
and
steel in those units which were most suitable geographically, by
natural
resources, by labor conditions, or by any other factors, for the production
of various products."
Steel Ingot Production Falls Off Sharply.
The American Iron and Steel Institute in its latest monthly
report of steel ingot production calculates the output of all
companies for the month of March at only 885,913 tons in
comparison with 1,066,339 tons in February. Furthermore,
there were 27 working days in March, while in the previous
month there were only 24. The approximate daily output
in March was no more than 32,812 tons, while in February
when it was also exceedingly low, production averaged 44,431
tons per day. The steel mills operated during March at
but 15.08% of their capacity and in February at 20.41%.
In March a year ago, when it was considered that operations
were extraordinarily low, the mills were operating 24.04%
of their capacity. In that month, which contained 27 work
days, the output of all companies amounted to 1,403,723
tons and the average daily output was 51,990 tons. We
show below the figures, as reported for the months since
Financial Chronicle
Volume 136
January 1932. Certain revisions and adjustments have
been made in these figures by the Institute.
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1932 TO
MARCH 1933
-GROSS TONS.
Reported for 1932 by companies which made 95.68% and for 1933 by those which
made 97.88% of the Open-hearth and Bessemer Steel Ingot Production in 1932.
Months.
OpenHearth,
1932.
Jan
Feb
March
*1,230,907
.1,230,970
*1,149,193
3 mos
Monthly
Calculated No.of
Output
Monthly WorkBessemer. Companies Output AU leg
Reporting. Companies. Days.
3,611,070
April
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
1933.
Jan
Feb
March
3 mos-.
*1,036,163
*950,838
*755,068
*653,039
*696,122
*804,470
885,773
*838,419
.724,917
Approx. Per
Daily
Cent.
Output OperaAll Cos. Hama
160,633 .1,391,540 x1,454,309
157,067 .1,388,037 x1,450,648
193,944 *1,343,137 x1,403,723
26
25
27
511,844
78
55.239
x47,446
x42,384
x34,381
x31,602
130,712
x37,360
x40,946
138,881
x32,432
x21.94
x19.60
x15.90
x14.61
114.20
x17.28
x18.93
x17.98
115.00
output is estimated at 5,100,000 net tons, a decrease of
23,000 tons, or 0.4%,from the preceding week. Production
in the corresponding week of 1932 amounted to 7,260,000
tons.
Anthracite production in Pennsylvania during the week
ended March 25 1933 is estimated at 998,000 net tons, an
increase of 69,000 tons, or 7.4%, over the preceding week.
Production of anthracite in the corresponding week of 1932
amounted to 1,060,000 tons. The Bureau's statement follows:
25.54
144,197 *1,180,360 x1,233,603 28
103,593 *1,054,431 x1,101,994 26
100,249
.855,317
x893,899 26
*102,916
*755,955
x790,055 25
97,323
*793,445
1829,236 .
27
124,970
*929,440
x971,365 26
132,876 1,018,649 x1,064,598 26
128,844
.967,263 x1,010,894 26
*81,932
*806,849
x843,244 26
2325
4,122,714
4,308,680
*10,955,879 *1,528,544 *12,484,423 x13,047,568 312
*879,082
*916,952
772,623
109,000
*988,082 *1,009,483
126,781 *1,043,733 *1,066,339
94,509
867,132
885,913
26
24
27
155,935 x25.86
x58,026 x26.83
x51,990 x24.04
x41,819 x19.34
*38,826 *17.84
*44,431 *20.41
32,812 15.08
2,568,657
330,290 2,898,947 2,961,735 77
38,464 17.61
*Revised. x Adjusted. •The figures of "per cent of operat on" are based on
the annual capacity as of Dec. 31 1931, of 67,473,630 gross tons for Bessemer and
open-hearth steel ingots.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended.
Coal Year to Dale.
Mar, 25 Mar. 18 Mar. 26
1933.c
1932.
1933.d
1932-33.
INDUSTRIAL CONSUMPTION AND STOCKS OF BITUMINOUS COAL
IN THE UNITED STATES.
Feb. 1933
Jan. 1933 Per Cent
(Preliminary) (Revised) of Change
Net Tons
Net Tons
4,269,000
4,330,000
-1.4
3,679,000
4,051,000
-9.2
745,000
850,000
-12.4
209,000
221,000
-5.4
455,000
473,000
-3.8
6,300,000
7,100,000
-11.3
4,588,000
5,020,000
-8.6
Stocks end of month at:
Electric power utilities.•
By-product coke ovens_b
Steel and rolling mills_b
Cement mills_b
Coal-gas retorts_b
Other Industrial_c
Railroad fuel_d
Total industrial stocks
20,245,000
22,045,000
-8.2
Industrial consumption by:
Electric power utilitics.•
By-product coke ovens_b
Beehive coke ovens_b
Steel and rolling mills_b
Cement mills_b
Coal gas retorts_ b
Other industrial_c
Railroad fuel_d
2,153,000
2,371,000
132,000
682,000
141,000
205,000
6,900,000
6,755,000
2,325,000
2,580,000
128,000
666,000
148,000
223,000
7,085.000
6,470,000
-7.4
-8.1
+3.1
+2.4
-4.7
-8.1
-2.6
+4.4
Total "Industrial consumption"
Additional known consumption:
Coal mine fuel
Bunker fuel, foreign trade
1)aY0 supply on hand at:
Electric power utilities
By-product coke ovens
Steel and rolling mills
Cement mills
Coal gas retorts
Other Industrial
Railroad fuel
19,339,000
•
•
19,625,000
-1.5
258,000
70,000
258,000
60,000
0.0
+6.1
Days' Supply Days 'Supply
56 days
58 days
43 days
49 days
31 days
40 days
42 days
46 (lays
62 days
66 days
26 days
31 days
19 days
24 days
-3.4
-12.2
-22.5
-8.7
-6.1
-16.1
-20.8
Total industrial
. 29 days
35 days
-17.1
a Collected by the U. S. Geological Survey. b Collected by U. S. Bureau of
Mines. c Estimate based on reports collected jointly by the National
Association
of Purchasing Agents and the U. S. Bureau of Mines from a selected list of
representative manufacturing plants. The concerns reporting are chiefly 2,000
consumers and afford a satisfactory basis for estimate. Subject to revision. dlarge
Collected by the American Railway Association from all Class I roads, which consume
06% of all railway fuel; figures given also allow for smaller roads.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended.
Mar. 18
1933.
Mar. 11
1933.
Mar. 19
1932.
Mar. 21
1931.
Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (bituminous)
Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern_a
Northern_b
Wyoming
Other States
136,000
144,000
163,000 255,000
17,000
22,000
44,000
37,000
63,000
83,000
132,000
107,000
589,000
732,000 1,452,000
920,000
225,000
242,000 402,000
331,000
53,000
65,000
90,000
86,000
90,000
97,000 129,000
97,000
402,000
325,000
622,000
596,000
131,000
166,000
177,000
182,000
26,000
26,000
41,000
43,000
9,000
7,000
11,000
13,000
33,000
34,000
50,000
40,000
18,000
19,000
23,000
33,000
38,000
40,000
35,000
28,000
277,000
430,000
381,000
401,000
1,370,000 1,435,000 1,658,000 1,980,000
52,000
57,000
82,000
105,000
12,000
11,000
12,000
11,000
28,000
43,000
49,000
49,000
141,000
161,000
188,000
187,000
22,000
22,000
35,000
32,000
1,080,000 1,019,000 1,419,000 1,3.53,000
255,000
280,000
471,000
507,000
53,000
55,000
70,000
93,000
3,000
3,000
2,000
2,000
Total bituminous coal
Pennsylvania anthracite
5,123,000 5,518,000 7,738,000 7,488,000
929,000
970,000 1,260,000 1,269,000
Total coal
6,052,000 6,488,000 8,998,000 8,757,000
a Includes operations on the N.& W ;C.& 0.; Virginian; K.& M. and B.C.& G.
b Rest of State, including Panhandle.
March Pig Iron Production Off 11.7%.
March production of coke pig iron totaled 542,011 gross
tons, compared with the February tonnage of 554,330,
according to the "Iron Age" of April 6. The March daily
rate, at 17,484 tons, showed a loss of 11.7% from the
February rate of 19,798 tons daily. The output for the
first quarter of this year was 1,665,126 tons, against 2,904,299
for the corresponding period last year, or a loss of 42.6%.
The "Age" continues:
Furnaces in operation on April 1 numbered 38, making iron at the rate
of 15,580 tons daily, against 45 on March 1, with a daily operating rate of
18,910 tons. Eight furnaces were blown out or banked during March and
one blown in, making a net loss of seven furnaces. The furnace put in
operation belongs to an independent steel company. Five independent
steel company furnaces, two Steel Corporation furnaces and one merchant
unit were blown out or banked.
Among the furnaces blown out or banked are the following: One Carle
and one Mingo furnace of the Carnegie Steel Co.; one Cambria furnace,
Bethlehem Steel Co.; one Trumbull-Cliffs, Republic ',Wel Corpn.;
one
River furnace, Corrigan, McKinney Steel Co.; one Indiana Harbor unit
of
the Youngstown Sheet & Tube Co.; one Madeline, Inland Steel Co.
and the
Neville Island furnace of the Davison Coal & Coke Co. The furnace blown
in was a Monessen unit of the Pittsburgh Steel Co.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(Gress Too-)
Pig Iron.:
1933.
January
February
March
April
May
June
Slight Change Reported in Production of Bituminous
Coat During Week Ended March 25 1933
-Anthracite Output Shows Gain.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal showed
little change in the week ended March 25 1933. The total
1929-30.
a Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised.
State.
Stocks of Bituminous Coal in Hands of Consumers
Fell Off 1,800,000 Tons During Month of February.
According to the United States Bureau of Mines, Department of Commerce, stocks of bituminous coal in the hands
of industrial consumers declined in February, 1933, and on
March 1 stood at 20,245,000 tons. Compared with a
month ago, this is a decrease of 1,800,000 tons, or 8.2%.
Reduced stocks were reported by all of the principal classes
of consumers, but the heaviest withdrawals occurred at
the steel works and Miscellaneous manufacturing plants
(other industrials), which show declines of 12.3% and 11.3%,
respectively.
The total industrial consumption for the month-19,339,000 tons
-was 1.5% less than in January. If allowance is
made for the shorter month, however, it will be seen that the
rate of consumption was substantially higher, averaging
690,679 tons in February, as compared with 633,065 tons
in the month preceding, a gain of 9.1%. All consumers
shared in this advance. A comparative table shows:
1931-32.
Bitum. coal:a
Weekly total 5,100,000 5,123,000 7,260,000 290,676,000 358,205,000 513,544,000
Daily aver__ 850,000 854,000 1,210,000
963,000 1,185,000 1,698,000
Pa.anthracitem
Weekly total 998,000 929,000 1,060,000 48,297,000 55,100,000 71,949,000
Daily aver_ _ 166,300 154,800 176,700
161,800
184,600
241,000
Beehive coke:
Weekly tote
19,600
752,100
21,000
951,840 5,712,100
16,600
Daily aver__
3,267
3,500
18,667
2,458
3,110
2,767
Halt year
July
August
September
October
November
December
Year
568.785
554,330
542,011
Peff011142M106114S6.7
1932.
972,784
964.280
967.235
852,897
783,554
628,064
5.168,814
672.296
530,578
592,589
644,868
631,280
546,080
1933.
&sic
8.591
4,783
•
1932.
11,260
4.010
4.900
481
6.219
7,702
33,662
2,299
3,414
2.212
2,302
5.746
7,807
8.686,443
67,342
These totals do not include charcoal pig iron. The 1931 production of
this
Iron was 46,218 gross tons. y Included in pig Iron figures.
Financial Chronicle
2326
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS—GROSS TONS.
Me?- Total
Steel
Works chants •
1932—
January
25 124
.4910
WW.,TOONcONCo—.W=
45.883
49,618
64.975
53.878
51.113
43.413
36.189
31.739
29.979
30,797
31,024
24.847
cx
1931—
January
February
March
April
May
June
July
-._
Alarlan.....
September
October
November
December
ma-asocow.ww....0
Steel
Ales
Works Mann • Total
1932 (Concl.)
February
March
April
May
June
July
August
September-October
November.___
December
1933—
January
February
31.380 March
55,299
60,950
65.556
67.317
64.325
54,621
47,201
41,308
38,964
37.848
36.782
31,625
April 8 1933
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1928—GROSS TONS.
1928.
33,251
31,201
28,430
25,276
20.935
18.461
17,115
19,753
20,800
21.042
17.615
25,000
24,044
23,143
20,618
14.845
15,132
14.045
16,540
16.614
16,607
13.941
7,251
7,157
5,287
4.858
6.090
3,329
3.070
3.213
4,286
4.435
3,674
15.746
16 935
15.072
2,602 18.348
2,863 19,798
2.412 17.484
January
February
Mardi
April
May
June
First six months._
July
August
September
October
November
December
12 mos HVAPSPEI— -
92,573
100.004
103,215
106,183
105,931
102.733
101.763
99.091
101,180
102,077
108,832
110,084
108.705
103.382
1929.
1930.
111.044
114,507
119,822
122.087
125.745
123,908
119,564
122,100
121.151
116.585
115,745
106,047
91,613
115.851
91,209
101,390
104,715
106.062
104,283
97.804
100,891
85,146
81.417
75.890
69,831
62.237
53.732
88.025
1931.
55.299
60,950
65,558
67,317
64,325
54.621
61,356
47.201
41,308
38.964
37,848
36,782
31,825
50.069
1932.
31,380
33,251
31,201
28.430
25,276
20.935
28,412
18,461
17.115
19.753
20,800
21.042
17,616
23.772
1933.
18,348
19,798
17,484
•Includes pig Iron made for the market by steel companies.
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 5, as reported by
the Federal Reserve banks, was $2,587,000,000, a decrease
of $200,000,000 compared with the preceding week and an
increase of $987,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On April 6 total Reserve bank credit amounted to 82,574,000,000, a
decrease of $114,000,000 for the week. This decrease corresponds with decreases of 892,000,000 in money in circulation and $11.000,000 in member
bank reserve balances and an increase of $11,000,000 in monetary gold
stock, offset in part by a decrease of 83,000,000 in Treasury currency,
adjusted.
Bills discounted decreased 833,000,000 at the Federal Reserve Bank of
New York, 839,000,000 at Philadelphia and $109.000.000 at all Federal
Reserve banks. The System's holdings of bills bought in open market
declined 824,000,000, while holdings of United States Government securities shows little change for the week.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended April 5, in comparison with the preceding week and with the corresponding
date last year, will be found on a subsequent page, namely,
2379.
Beginning with the statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve bank notes in actual circulation," representing
the amount of such notes issued under the provisions of paragraph 6 of Section 18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund—Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
-member banks," and "Special deposits-non3. "Special deposits
member banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
April 5 1933 were as follows:
Illbs discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (-I-) or Decrease (—)
Since
1933. Mar. 29 1933. April 6 1932.
April 5
s
8
S
436,000,000 --I09,000,000 --199,000,000
286,000,000 —24,000,000 +228,000,000
—1,000,000 +952,000,000
1,837,000.000
—6,000,000
15,000,000 +21,000,000
TOTAL RES'VE BANK CREDIT_ _2,574,000,000
4,283,000,000
Monetary gold stock
1,856,000,000
Treasury currency adjusted
6,261,000,000
Money In circulation
Member bank reserve balances
1 976,000,000
Unexpended capital funds, non-mem477,000,000
ber deposits, &c
—114,000,000
+11,000,000
—3,000,000
—92,000,000
—11,000,000
+975,000.000
—113,000,000
+50,000,000
+803,000,000
+34,000,000
--1,000,000
+77,000,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
April 5 1933. Mar. 29 1933. April 6 1932.
Loans and investments—total
6,439,000,000 6,457,000,000 6,455,000,000
Loans—total
3,083,000,000 3,118,000,000 3,992,000,000
1 548.000,000 1,555,000,000 1,979,000,000
1 515,000,000 1,563,000,000 2,013,000,000
On securities
All other
Investments—total
3 376,000,000 3,339,000,000 2,483,000,000
U. S. Government securities
Other securities
2,215,000,001) 2,185,000,000 1,596,000.000
1161,000,000 1,154,000,000 867,000,000
Reserve with Federal Reserve Bank__ _ _
Cash in vault
734,000,000
46,000,000
739,000,000
50,000,000
700,000,000
40,000,000
Net demand deposits
Time deposits
Government deposits
4,906,000,000 4,827,000,000 4,790,000,000
748,000,000 737,000,000 760,000,000
170,000,000 170,000,000 152,000,000
Due from banks
Due to banks
62,000,000
1,050,000,000
55,000,000
930,000,000
18,000,000
84,000,000
Loans on secur. to brokers & dealers:
For own account
347,000,000
For account of out-of-town banks__
25,000,000
For account of others
4,000,000
336,000,000
31,000,000
4,000,000
430,000,000
80,000,000
6,000,000
371,000,000
516,000,000
Borrowings from Federal Reserve Bank_
Total
On demand
On time
Loans and Investments—total
Loans—total
376,000,000
84,000,000
995,000,000
241,000,000 234,000,000 416,000,000
135,000,000 137,000,000 100,000,000
Chicago.
1 110,000,000 1,131,000,000 1,399,000,000
-649,000,000 647,000,000 954,000,000
On securities
All other
356,000,000
293,000,000
355,000,000
292,000,000
556,000,000
398,000,000
461,000,000
484,000,000
445,000,000
229,000,000
232,000,000
246,000,000
238,000,000
225,000,000
220,000,000
156,000,000
45,000,000
175,000,000
59,000,000
131,000,000
14,000,000
Net demand deposits
Time deposits
Government deposits
767,000,000
351,000,000
16,000,000
805,000,000
360,000,000
16,000,000
865,000,000
380,000,000
22,000,000
Due from banks
Due to banks
161,000,000
207,000,000
129,000,000
194,000,01)0
149,000,000
267,000,000
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
_
Borrowings from Federal Reserve Bank_
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June, 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statementof the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $5,000,000, the total of these
loans on April 5 1933 standing at $376,000,000 as compared with $331,000,000 on July 27 1932, the low record
for all time since these loans have been first compiled in
1917. Loans "for own account" increased from $336,000,000 to $347,000,000, but loans "for account of out-of-town
banks" decreased from $31,000,000 to $25,000,000, while
loans "for account of others" remain unchanged at $4,000,000.
1,000,000
Administration to Defer Congressional Action on
World Court Membership at Present Session Because of Fear It Might Prove Obstacle in Way of
Relief Measures.
Consideration of the World Court treaty at the present
session of Congress now appears unlikely in view of the
Administration's desire to allow no obstacle to stand in
the path of emergency and other reconstruction legislation.
The Washington correspondent of the New York "Times,"
in a dispatch April 4, commented as follows on the present
Volume 136
2327
Financial Chronicle
status of the question of United States membership in the
Court:
• A recent Survey of the Senate situation convinced administration leaders
that to put the protocols on the calendar—and they have the votes to do it—
would be to present Senators hostile to our membership in the Court with
an incomparable subject for timeless oratory. During the debate on almost
• any bill a Senator opposed to American adhesion to the Court could take
the floor for a long speech.
•
And if the protocols were actually brought before the Senate, hundreds of
thousands—perhaps millions—of words would certainly be uttered by
resourceful and learned opponents.
This having been demonstrated to the satisfaction of the Senate Democratic leaders, and by them duly reported to the White House, the agreement to shelve the protocols at this session was reached.
ASSETS.
March.
I. Cash on band and on current account with
11,396,009.49
banks
52,542,802.86
II. Sight funds at Interest
III. Rediscountable bills and acceptances:
275,172,012.12
1. Commercial hills and bankers'accept
257,460,575.08
2. Treasury bills
The Norwegians conceded Danish sovereignty over the remainder of
.Greenland, but contended that Norway was entitled to a portion of eastern
Greenland. A Norwegian expedition had landed there in 1931, and it was
contended that Denmark had never confirmed her ownership by colonizing
the territory.
The Court found that Norway's declaration of occupation, and any
steps which had been taken in pursuance of that declaration, constituted a
violation of an existing legal situation and were accordingly unlawful and
Invalid. The decision was reached by a vote of 12 to 2.
[The World Court has 15 judges, all of different nationalities, elected by
the League of Nations. It was understood in Washington last night that
the one who did not vote on the Greenland dispute was Frank B. Kellogg,
former American Secretary of State.—Ed.]
Norway's claim was to Eric the Red Land, a strip of territory about 350
miles long on the coast between the parallels 71 degrees 30 minutes north
and 76 degrees 40 minutes north.
The historical basis of this claim goes back to the time of Eric the Red,
for whom the territory was named. Denmark, however, disputed the claim,
declaring Norway had broken the continuity of occupation in the 13th
century when Norwegian ships failed to call with food and the colony
starved.
Leon Fraser of Bank for International Settlements
Arrives in United States—Predicts Return to Gold
—Countries Will Be Back on Standard Sooner
Than Is Thought, He Says—Comments on Bank
Holiday.
Leon Fraser, who will be the President of the Bank for
International Settlements for the next three years, succeeding
Gates W. McGarrah, said on March 30 on his arrival on the
Italian liner Rex that the four days preceding the banking
holiday in the United States had been a troublous time for the
international banking institution. The New York "Times"
from which we quote added:
Anticipating the banking action, officials of the Basle institution were
extremely nervous during the "panicky" week, and he and Mr. McGarrah
spent four days and four nights virtually without sleep, with their hands
on the international telephone, Mr. Fraser said.
He returned yesterday expressing a hopeful attitude on the return of
many countries to the gold standard. He added that it would be sooner
than the world expects
"We are convinced the gold standard is the best international monetary
standard, that those countries that are off are desirous of returning to this
standard as soon as conditions permit," he declared. "The preparatory
conference of the world conference has stated what these conditions are and
how they should be met.
When asked if the world bank had not been less busy because of the cessation of reparation payments, Mr. Fraser replied that reparations had
always been a secondary feature of the Bank's business, but that in any
event the more trouble there was in money matters the more business the
Bank was required to hanale.
The chief business of the Bank is returning countries to the gold standard,
he said. There are 19 countries now off the gold standard.
Mr. Fraser declared that England was expected to lead in the procession of those countries that go back to gold. Asked if he thought five
years would see these countries back on the gold standard, ne laughed and
said this was far too long.
"Things change so rapidly that such predictions are sometimes foolish,"
he added.
In reply to a direct question on the defaulting of tne French instalment
last December, he said it looked "very doubtful" if France would ever make
the payment now.
Mr. Fraser, who is here on vacation, said that Mr. McGarrah would
remain in Basle and be an active director of the Bank, probably until next
winter.
Statement of Bank for International Settlements for
March 31—Cash on Hand Totals 11,396,009.49 Swiss
Gold Francs Compared with 9,305,313.64 on Feb. 28.
The following was contained in Associated Press advices
from Basle, Switzerland, April 4:
Following is the balance statement of the Bank for International Settlements giving its condition as of March 31. Figures are in Swiss gold francs
at par, 19.3 cents.
598,437,246.06
255,688,766.59
532,632,587.20
Total
IV. Time funds at interest not exceeding 3 months_ 185,702,646.57
and investments:
V. Sundry bills
1. Maturing within three months:
14,423,877.39
(a) Treasury bills
70,761,670.11
(b) Sundry investments
2. Between three and six months:
23,481,119.72
(a) Treasury bids
35,301,348.41
(b) Sundry investments
6,456,486.56
3. Over six months
554,126,012.65
223,211,067.03
150,424,502.19
6.023,120.34
156,263,526.82
7,355,126.19
Total
VI. Other assets
World Court Holds, by Vote of 12 to 2, That Territory
in East Greenland Belongs to Denmark—Norway's
Claim is Overruled.
The Permanent Court of International Justice at The
Hague ruled on April 5, by a vote of 12 to 2, in favor of
Denmark in the controversy with Norway, which claimed
certain territory in eastern Greenland. The Court decided
that the territory was owned by Denmark under the Kiel
Treaty signed in 1814.
The Associated Press,in a dispatch from The Hague April5
describes the history of the dispute as follows:
February.
9,305,313.64
96,735,556.14
14,933,408.39
59,647,075.55
33,321,303.51
47,731.599.57
630,139.80
938,721.668.65 1,046,996.602.47
Total assets
LIABILITIES.
I. Paid-up capital
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
125,000,000.00
125,000,000.00
1,318,467.03
2,689,570.55
5,379,141.10
1,318,467.03
2,689,570.55
5,379,141.10
9,387,178,68
9.387,178.68
153,640,000.00
76,820,000.00
68,481,396.68
153,768,617.50
76,884.308.75
68,648,520.43
298,941,396.68
299,301,446.68
196,930,490.31
254,796,113.18
113.338,188.73
436,025.340.70
451,726,603.49
Total
2. Central banks for the account of others:
13,301,451.79
Sight
3. Other depositors.
3,330.020.00
(a) Not exceeding three months
3,285.227.25
(b) Sight
549,363,529.43
6,615,247.25
33,749,790.76
6,699,747.55
41,611,833.42
Total
III. Long-term deposits:
1. Annuity trust account
2. German Government deposit
3. French Government guarantee fund
Total
IV. Short-term and sight deposits:
1. Central banks for their own accounts:
(a) Not exceeding three months
(b) Sight
Total
V. Miscellaneous items
Total liabilities
15,632.866.71
6,308,161.16
391,586.39
938,721.668.65 1,046,996,602.47
War Debt Study Planned at Institute of Public Affairs
at University of Virginia—International Problems
Will Be Weighed for First Time—Tariff Question
Included.
The New York "Times" reported the following from
University, Va., March 25:
The relation of international finance, war debts and tariff problems to
economic recovery at home and abroad will be included this year for the
first time in the program of the Institute of Public Affairs, to be held from
July 2 to 15 at the University of Virginia. This will be the general theme
of all discussions.
Recent activities of the league of Nations also will be considered, and
other topics in the field of international relations may be added within the
limits of the budget for the summer session, which has not yet been adopted.
The inclusion of international affairs other than those relating to LatinAmerica, which have been a feature of the last five sessions of the Virginia
institute, established in 1927 by Dr. Charles G. Maphis, is due to the fact
that the Williamstown Institute of Politics will not be held this year.
Hitherto, preferring not to trespass upon a field in which the Williamstown institute specialized, Dr. Maphis included only Pan-American relations in addition to discussions of domestic affairs.
Other topics to be discussed this year will be unemployment and insurance for the unemployed; banking and sound currency; public utilities
and their control and government regulations.
Montagu Norman Re-elected Governor of Bank of
England—Named for 14th Successive Year.
Montagu Norman was elected Governor for the 14th
successive year on April 4 at the General Court of the Bank
of England. Sir Ernest Musgrave Harvey was elected
Deputy Governor for the fifth time, said a London cablegram on that date to the New York "Times," which also
noted:
Nominations were made several weeks ago and the voting to-day was
only a formal endorsement.
Another court to-morrow will elect the 24 remaining members of the
Bank's court of directors.
The action of the Court of Governors in recommending
the re-election of Governor Norman was noted in our issue
of Nov. 12 1932, page 3254.
Nineteen Professors Urge War Debts Revision—Members of Political Science Faculty at Columbia
Affirm Stand Taken in 1926.
Nineteen professors of the faculty of political science of
Columbia University have reiterated their stand, taken in a
manifesto issued in 1926, that a complete revision of war
debts was necessary to world stability and economic recovery, according to a survey made public on April 3 by
the "Columbia Spectator" student daily newspaper. The
New York "Times" of April 4, reporting this, added:
The survey explained that Professor Raymond Moley of Columbia
University, now Assistant Secretary of State, in charge of the war debt
negotiations, and one of the signers of the manifesto seven years ago, bad
asserted when questioned that he would not disclose his present opinion
because of his official position.
Dr. Nicholas Murray Butler, president of the university and one of the
supporters of the manifesto, while declining to comment on the present
2328
Financial Chronicle
stand of the 19 faculty members, referred to two recent statements made by
him pointing to the need for war debt revision.
Comments of some of the professors reiterating their stand on war debts
follow:
James C. Bonbright, Professor of Finance: Drastic reduction of war
debts is necessary. Subsequent developments have strengthened the
justification of our proposal.
Lindsay Rogers, Professor of Public Law: When the 1926 manifesto was
issued Secretary of the Treasury Mellon said we didn't know what we were
talking about. Mr. Mellon knows better now.
James T. Shotwell, Professor of History: We are no longer a rich creditor
nation. The situation has changed. We should demand compensatory
disarmament in exchange for revision.
Canton J. H. Hayes, Professor of History: If the 1926 suggestion had
been acted upon, a great deal of trouble would have been avoided. I think
the need for Its provisions are even stronger now than when it was first
published.
Neville Chamberlain, British Chancellor, Declines to
Comment on War Debts in Response to Query in
House of Commons—Indicates,However, Amount
Already Paid United States.
A London wireless message April 4 is taken as follows
from the New York "Times":
Neville Chamberlain, Chancellor of the Exchequer, was asked in the
House of Commons to-day whether he would tell the United States that
future war debt payments, if any, would take the form of short-term credits
without interest to be placed by this country at the disposal of the United
States to be used for the purchase of British goods and services. He replied
it was undesirable to say anything about the debts pending future discussions.
In reply to another question. Mr. Chamberlain said the amount already
paid the United States, including last December's installment, was £355,200,000, which was £162,800,000 more than Britain had received from
reparations and war debt payments by the Allies. [The pound is currently
worth $3.423
Offer to Revise British Debt to United States Denied
in Washington.
An Associated Press dispatch from Washington April 4,
was published as follows in the New York "Times":
Responsible officials of the State Department asserted to-night that
Norman H. Davis had made no overture to Great Britain on the war debt
question.
Apparently the above was in reply to the following cable
gram to the same paper from London April 4.
The "Daily Mall" understands that Norman H. Davis on authority of
President Roosevelt presented to Great Britain an offer of revision of her
war debt which is now being examined.
"The offer provides for scaling down Britain's war debt to the United
States by over £200,000,000 [currently about $684,000,000], together with
other concessions," says the "Daily Mail." The paper adds that little
headway has been made in the conversations, as Mr. Davis is unable to
give any undertaking regarding the American attitude toward the Lausanne
agreements.
British Budget Deficit in Year Just Ended—Payment
on United States Debt Shown in Exchequer Return.
Supplementing the item given in our issue of a week ago
(page 2143) bearing on the deficit of £32,279,000 shown by
the British Government at the end of its financial year
Mar& 31, that total including the December war debt
payment to the United States of £28,956,000 ($95,550,000
at that time), which was not budgeted for. We quote as
follows from a copyright cablegram March 31 from London
to the New York "Herald Tribune":
Without this payment there still is a deficit of £3,323,000 (311.406,200).
The American payment is shown in the Exchequer return for the year as
a separate and single item within the year's budget expenditure. Normally
it would have been separated into two parts, interest and sinking fund, but
in making the payment the British Government unilaterally reserved the
right,to treat the whole sum as a capital payment, of which account should
be taken in any final debt settlement with the United States, and the payment therefor is shown separately in the Treasury statement to mark its
special character.
Reparations Not Provided For.
It also is pointed out that if all the scheduled reparations and Allied,
Dominion and colonial war debt payments had been made to this country
during the financial year just ended there would have been a budget surplus
of £5,250,000 ($18,020,600)•
The Treasury statement shows revenue totaling £744,791,000 ($2,556,495,100) and expenditures, exclusive of the American debt payment, totaling
£748,114,000 (82,567.901,300). The budget for the financial year just
closed forecast a total revenue of £766,800,000 and a total expenditure,
including provision for a sinking fund of £32,500,000, or $766,000,000,
leaving an estimated surplus of £800,000 ($2,746.000). These figures made
no provision for reparations and allied war-debt receipts or for the American
debt payment. The deficit figure of £3.323,000, excluding the American
payment, was reached after providing for a sinking fund of £17,250,000
($59,210,600).
Death Duties Exceed Estimate.
Revenue from income and supertax stamps, customs and excise and post
office net receipts all were below the budget estimates. Death duties
receipts were above the estimate.
The floating debt now is £810,455,000 ($2,781,886,710), as compared
with £611,955,000 a year ago (32,307,070,350 at $3.77 to pound), and is
made up of Treasury bills of £775,905,000 ($2,663,293,910), and ways and
means borrowing from public departments of £34,550,000 (3118,592,800).
Total ordinary revenue collected in the financial year just ended, as compared with the previous year, showed a net decrease of £26,172,000 ($89,835,300). The shrinkage in income tax receipts alone amounted to £35,828.000 ($122,979,610), while revenue from the supertax, including arrears
on the income tax, fell E16,050,000 ($55,091,600). The total in land revenue fell nearly £38,000,000 ($130,430,000). Customs receipts showed an
April 8 1933
increase of £3,108,000 ($10,668,210) and excise receipts increased by £1,000,000 (33,432,500).
From the March 31 cablegram from London to the New
York "Times" we take the following:
Chief Revenue Items.
The chief items of revenue were as follows:
Income tax
£251,539,000 Motor duty
£5,000,000
Surtax
60,650,000 Post office
10,870.000
Estate duties
77,140,000 Crown lands
1,220,000
Stamps
19,220,000 Sundry loans
5,125,000
Excess profits
290,000 Miscellaneous
22,922,000
Customs excise
288,135,000
The main items of expenditure follow:
Interest on national debt_ __£262,305,000 North Ireland Exchequer_ £6,966,000
New sinking fund
17,239,000 Miscell. consol.fund services 3,334,000
U. S. debt, December
28,956,000 Supply services
438,270,000
The war debt position as it affects the budget was as follows:
Britain would normally have received £30,250,000 from reparations and
Allied war debts, plus £7,250,000 on Dominion war debts, making a total
net receipt of £37,500,000. Apart from war debt receipts from South
Africa, Jamaica and Trinidad and a contribution from the Isle of Man
which has been voluntarily continued—amounting to less than £500,000—
all these payments have been provisionally suspended until the Lausanne
agreement is ratified or a decision not to ratify is reached.
If all these payments normally due had been discharged fully, the budget
would show a surplus of £5,250,000. after paying more than £23,500,000
of debt, or a real surplus of £28,750,000.
Proposed British Budget for 1933-34 Shows Increase
for Civil Departments.
With the inclusion of benefits to the transitional unemployed, the budgetary estimates for British civil departments for 1933-34 will carry an increase of £10,000,000 over
the £330,210,000 original estimates for the current fiscal
year, it is stated, in a report to the Commerce Department's
Regional Division from Trade CommiSsioner Roger R.
Townsend, London. In indicating this the Department
on March 29 said:
In the current 1932-33 year, however, supplementary estimates, chiefly
because of unemployment, amounted to about £21,500,000.
Budget estimates for the financial year of 1933-34 of all the Government
departments have now been issued and give some indications of the total
revenue and expenditure figures which the Chancellor of the Exchequer
will present to Parliament in April.
Estimates for the civil departments show a nominal decrease of nearly
£11,000,000, but include only three months' expenditure on the payment
of transitional benefit to the unemployed, as the legislative authority for
such payments expires on June 30 1934. The additional expenditure for
this unemployed relief in the remaining nine months of the fiscal year is
estimated at £21,000,000, so that actual comparison with the estimates
made a year ago shows an increase of E10,000,000.
Expenditure estimates so far published also show an increase over the
last year's estimates of more than £3,000,000 for the navy and an increase
of nearly £1,500,000 for the army and air force. Expenditures for customs
and excise show a small increase of £34,000. The expenditure for inland
revenue is nearly £200,000 less than last year.
The total of the estimates for these various services, including the additional £21,000,000 for transitional benefit, amounts to nearly £462,000,000,
or about £14,500,000 more than the total estimated last year.
The amount required for the sinking fund and for interest on the national
debt and other consolidated fund charges will not be announced until the
Chancellor makes his budget statement in Parliament. As a result of the
conversion operations last year, which effected a substantial decrease in
the rate of interest payable on the internal debt, it is expected that the
reduction in such interest payments during the coming year will amount
to about £30,000.000.
Action of British Treasury in Authorizing Bank of
England to Reduce Fiduciary Note Issue.
As was indicated in our April 1 issue (page 2143), the
British Treasury on March 31 authorized the Bank of
England to reduce the fiduciary currency issue from L275,000,000 to £260,000,000—the normal statutory amount.
As to this action a London cablegram March 31 to the New
York "Times" said:
The official explanation is that the Bank of England did
not ask for
renewal of Treasury authority expiring to-night to keep the issue
at the
higher level, owing to its recent big acquisitions of gold, but it Is
in some quarters that the Bank actually has taken a move to suggested
get Britain
back to gold.
Since January, when the present influx of gold began, the Dank
acquired
£64,000,000 worth of gold and therefore it is held that this has increased
the metal cover for the note issue to such an extent that an increase
in the
"confidence" cover is rendered unnecessary. Critics of the Bank,
nevertheless, consider it has made a "deliberate and carefully planned
move in
the direction of deflation." The gold, these critics say, has come to
London
only temporarily in consequence of the panic flight of capital from
and is liable to be withdrawn at any time, which would mean a abroad
definite
ret lrn to the policy of deflation
70% of Deposits in Britain Held by Five Banks
13,000 Branches Operated by These and 25 Other
Institutions.
Accredited
Noting that the extension of the branch system has been
the major development in British banking during the last
two decades, United Press advices from London, April 1,
to the New York "Herald Tribune" also had the following
to say:
As a result, five big banks, usually referred to as the Big Five,
now
have a 70% monopoly on British deposits.
Volume 136
Financial Chronicle
2329
Investments Made Cautiously.
Although there is no regulation to that effect, the Big Five and other
deposit institutions, as a matter of general policy, hold practically no
securities which are not of the so-called trustee class. They .are chiefly
gilt-edge government, municipal and Dominion stocks, all readily convertible into cash.
In the absence of official bank examiners, the chief check on the soundness of a British bank is the annual audit, taken by recognized certified
accountants, appointed by the stockholders at the annual meeting.
'The Bankers' Almanac and Yearbook" lists only 24 institutions in England and Wales, 8 in Scotland and 6 in Northern Ireland. A few, like the
Bank of England, operate under royal charter.
Of these 38 banks, the Mg Five own or control 12. Thus, aside from the
Big Five, there are only 26 banks in England, Wales, Scotland and Northern Ireland which are actually listed as banks.
There are scores of other institutions which carry on the business of
banking, and which would be classed as banks in the United States. They
are houses which deal in exchange operations and investments and overseas
banking or act as advisers to foreign governments.
Even Morgan-Grenfell, the London branch of J. P. Morgan & Co., are
listed by the "Bankers' Almanac" simply as "merchants."
Nearly 13.000 Units Maintained.
The 38 listed banks have among them almost 13,000 main and branch
offices. The Big Five control about 9.500 of these.
There were many outcries against the tendency to concentrate the banking business in the hands of a few institutions. Residents of provincial
cities and towns protested in particular, asserting that London headquarters
would not consider their interests sympathetically. Objections were met
in many cases by retention of the personnel of the old banks in the branches
of the new.
British banks have been criticized, especially in labor circles, for being
too cautious and too conservative, for not taking risks for the sake of
accelerating industrial activity.
But now that the British public has heard something of the effects of the
bank crisis in the United States, even former critics are praising the sagacity
•of the British system.
Dealing in Canadian Issues Temporarily Suspended in
London, as Brokers Fear Effect of Proposed Canadian Tax on Bonds Held Abroad—Statement by
Canadian Minister of Finance Quiets Apprehension
and Trading is Resumed.
Brokers on the London Stock Exchange suspended dealings
in Canadian securities on March 31, following the receipt
of reports that the Canadian Government was planning to
impose a tax on dividends of bonds held outside the Dominion. Almost immediately a statement was issued by
E. N. Rhodes, Canadian Minister of Finance, who explained
that the 5% tax on interest payable on Canadian bonds held
by non-residents of Canada, as proposed in the budget, will
not apply to any bonds on which the interest is payable in
a currency other than Canadian.
When the Finance Minister's explanation had been digested in London it cleared up what had been a partial
misunderstanding, and on April 1 the London Stock Exchange restored Canadian bond quotations.
Soviet _Russia Owes £1,056,973,000 to Great Britain,
Says Government Spokesman in House of
Commons.
A London cablegram March 28 is taken as follows from the
New York "Times":
Current gold and subsidiary coin—
In Canada
Elsewhere
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for Feb. 28 1933 with the figures for Jan. 31 1933
and Feb. 29 1932:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA.
Assets.
Russia's debt to Great Britain, which has nearly doubled since 1918,
now has reached the colossal total of £1,056,973,000 [the pound is worth
about $3.40]. a government spokesman revealed in the House of Commons to-night.
The amount owed at the beginning of the Soviet regime was £508,122,000.
By March 1932 it had risen to £1,006,480,000, the difference consisting
of
accumulated interest after allowing credits for the gold Russia surrendered
to Germany at Brest Litovsk and later received by Britain under the Treaty
of Versailles.
British Shipping Income Drops One-third in Two
Years.
Under date of March 25 the Department of Commerce
at Washington said:
The extent to which the general world-wide depression has affected British
shipping may be judged from the net national shipping income in 1932,
which decreased about one-third from the 1930 levels, according to British
Board of Trade estimates forwarded to the Commerce Department's transportation division from Trade Commissioner W. L. Kilcoln, London.
British Board of Trade estimates place the 1930 income at approximately
£105,000,000, that for 1931 £80,000,000 and for 1932 £70,000.000, or a
decline within two years of about 33 1-3%•
The Board of Trade bases its calculations on the earnings of British ships
for the carriage of United Kingdom exports and imports, for the transportation of non-resident passengers from and to the United Kingdom, the
carrying of goods and passengers between ports abroad, and compensation
for other services to shippers by shipowners through agencies overseas (with
deductions of British disbursements made overseas and an offset figure
for payments of foreign shipping in United Kingdom ports).
It is the opinion of the Board of Trade that the income reduction is
accounted for mainly by the decline in freight and time-charter rates, smaller
passenger traffic receipts and reduced tonnage volume.
London Discusses Policies on Gold.
Arthur W. Kiddy, in copyright advices April 4 to the
New York "Evening Post," said:
Considerable speculation has been aroused by the steady approach of
the gold holdings of the Bank of England to the all-time record figure of
£176,580,000 made in September 1928.
In many quarters this has been taken as a possible indication of the
Bank's desire to re-establish the gold standard in Great Britain, and this
has revived the hot controversey between gold and anti-gold standard
experts. The total gold holdings now are more than £175,000,000.
British Court Affirms Gold Decision--Approves Belgian Company's Bond Payment in Depreciated
Sterling.
From the "Wall Street Journal" of March 24 we take
the following:
The British Court of Appeal has affirmed the decision of the Chancery
Division of the British High Court to the effect that Societe Intercommunnale Beige d'Electricite satisfied terms of a bond issue by tendering
depreciated pounds, although the indenture contained the gold payment
clause, according to advices from London. No indication was given as to
whether the decision would be appealed further to the House of Lords,
the court of last resort.
The Belgian company issued in England in 1928 a £500,000 loan payable
in "gold coin of the United Kingdom of. or equal to, the standard of weight
and fineness existing on Sept. 1 1928." The lower court, however, held
that the contract was not one for the delivery of gold but was a contract
to pay a sum of money and that the company discharged its liability by
tendering whatever was legal tender at the time the payment was due.
Feb. 28 1933. Jan, 31 1933. Feb. 29 1932.
$
38,844,152
21,523,370
Total assets
62,593,953
146,325,257
13,907
123,804,452
9,526
140,769,571
Total
54,256,224
140,759,218
10,351
Notes of other banks
United States & other foreign currenciesCheques on other banks
Loans to other banks in Canada,secured,
Including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Due from banks and banking correspondents in the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and the
United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and Brit'eh, foreign and colonial public securities other than Canadian
Railway and other bonds. debs.& stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover....
Elsewhere than in Canada
Other current loans & disets in Canada_
Elsewhere
Loans to the Government of Canada__
Loans to Provincial Governments
Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated lose provided for
Real estate other than bank premises
Mortgages on real estate sold by bank_
Bank premises at not more than cost,
less amounts (if any) written off
Liabilities of customers under letters of
credit as per contra
Deposits with the Minister of Finance for
the security of note circulation
Deposit in the central gold reserves
Shares of and loans to controlled cos_ _ _ _
Other assets not Included under the foregoing heads
$
42,871,998
19,721.951
60,367,526
Total
Dominion notes—
In Canada
Elsewhere
$
38,961,277
15,294,045
146,339,166
123,813,981
9,196,024
16,677,940
69,104,115
9,230,225
17,944,991
68,817.442
12,713,746
13,213,996
81.033.375
4,339,793
3,881,079
3,072,751
13,463,152
10,489,625
7,889,366
83.291,013
71,471,059
83.580,498
581,282,145
568,196,456 460,030,113
.
168,493,509
47,676,945
168.050,375
47,967,688
97,166,190
76,287,191
923,764.135
155,162,061
99,998,855 129,767,733
83,770,260 98,954,493
945,740,389 1,063,394,898
151,033,947 190,654,928
142,735,279
60.985,568
24,595,737
23,041,425
56,237,585
120,799,070
114,645,673
139,291,699
13,778,175
7,623,419
6,387,652
13,530,406
7.580,961
6,463,813
10,863,877
6,650.184
6,262,595
79,248,175
79,232,160
79,988,547
41,999,250
40,244,749
49.732,168
6,605,675
19,081,732
12,965,722
6,605,675
18,881,732
13,063,406
6,822,186
20,081,732
12,470,386
1,549,424
1.522.925
1,657,755
2,781,964,923 2,783,820,751 2,912,384,050
Liabilities.
Notes in circulation
121,140,822 116,868,992 134,291,993
Balance due to Dominion Govt. after deducting adv. for credits, pay-lista, &e_
26,273.504
37,508,922
79,764,052
Advances under the Finance Act
41,944,000
46,744,000
35,500,000
Balance due to Provincial Governments
18,813,775
20,636,434
20,055,312
Deposits by the public, payable on demand In Canada
445,859,615 445,991,023 496,487,296
Deposits by the public payable after notice or on a fixed day in Canada
1,397,063,161 1,382,874,932 1,390,075,363
Deposits elsewhere than in Canada..._, 309.736,501 316,227,059 305,818,182
Loans from other banks in Canada, secured, including bills rediscounted-Deposits made by and balaneas due to
other banks in Canada
10,883,831
9,835,474
9.869,812
Due to banks and banking correspondents In the United Kingdom
3,722,453
4,899,349
4.787,233
Elsewhere than in Canada and the
United 1C1ngdom
40,557,241
40,723.826
52.022,156
BUle Payable
585,555
515,809
2,568,542
Letters of credit outstanding
41,999,250
40,244,749
49,732.168
Liabilities not Incl. under foregoing heads
2,569,494
2,766,947
2.558.703
Dividends declared and unpaid
2,986,024
3,516,033
1,156,948
Re.t or reserve fund
162,000,000 162,000,000 162,000,000
Capital paid up
144,500,000 144,500,000 144,500,000
Total liabilities
2 770.635,264 2,773,320,605 2,893,720,802
Note.—Owing to the omission of
the above do not exartly agree with the rents In the official reports, the footings In
the totals given.
Irish Free State Finds Deficit Is Small—Winding Up
Financial Year on April 5 with a Net Shortage of
£1.6,000—Revenue Shows a Gain.
The Dublin correspondent of the New York "Times"
on March 31 had the following to say in advices to that paper:
2330
Financial Chronicle
All things considered, the Government of Eamon de Valera, nearing the
close of the financial year, finds itself in a better financial position than
most observers expected.
The Treasury returns issued during the week show the revenue of the
Free State to be about £26,000,000, although the financial year does not
close until April 5. [The pound is currently worth about $3.43.] This is
within .C1,000,000 of the budgetary estimate. Expenditures were about
£26,000,000, more than £2,000,000 in excess of the previous year, yet the
net deficit shown to date is only about £16,000. The fact is that the
Treasury collected £1,500,000 more in revenue from March of last year to
date, although the country was in the midst of a trade war with Great
Britain.
Yield Based on Year Before.
Under such heads as income tax, corporation excess profit duty and
customs, Sean MacEntee, Minister of Finance, had considerably increased
yields, but the s.cessments on which the yields were obtained, it must be
borne in mind, were for incomes and profits earned during the year before
last, before the effects of the fall in trade were felt.
Official trade statistics for the year ended In February showed that the
total trade of the Free State had fallen more than £86,000,000 from the
previous year's total to £64,000,000, and that despite the imposition of
many protective tariffs tne adverse balance of the Free State had risen to
more than £15,000,000.
Opposition spokesmen in the Dail Eireann go so far as to predict a deficit
in next year's budget of more tnan £2,000,000 as a direct consequence of
decreased revenue. If the more than £4,500,000 of land annuity money
withheld from Britain and now being used to aid the year's expenditure
were added, the deficit would be anything from £6,500,000 to £7,000,000.
In reality, these opposition prophecies are seldom fulfilled.
The Fianna Fail administration, when it goes before the Dail with its
second budget, can feel satisfied with the financial position it has to disclose. If the effects of the present trade war with Britain could be kept
within the same limits as the year just closing, the country could carry on
Indefinitely, but this is doubtful, as the bounty schemes that enable the
farmers to evade the full force of the British penal tariffs are proving too
costly.
Irish Free State Said to Have Taken Steps to Redeem
Unpaid Bonds of Irish Republic.
The following from Washington March 29 is from the
New York "Evening Post":
Senator Joseph Connolly of the Irish Free State, who paid his respects
to President Roosevelt. said upon leaving that the Free State Government
has taken steps to redeem outstanding unpaid bonds issued in 1920 and 1921
to finance the Irish Republic.
It is understood about $5,000,000 of such obligations now are outstanding, held mostly by individuals.
Land Annuities Bill Becomes Law with Passage by
Irish Free State Senate.
Montreal "Gazette" we take the following
From the
from Dublin, Irish Free State, March 30:
The Senate to-day passed the land purchase annuities bill, empowering
the Government to transfer the moneys collected for annuity payments to
Great Britain from a suspense account to tne Exchequer for general purposes.
The Governor-General applied his signature immediately, and as the
Dail has already approved the bill it now becomes law.
In publishing the above, the "Gazette" said:
Since the Britian and Free State Governments nave been in a dispute
over land annuity payments, Eamon de Valera has had all the funds collected from the farmers for annuity purposes placed in a suspense account.
Following his re-election In January, however, the head of the Free State
Government notified the British Government he was going to transfer the
moneys and use them as general revenue.
Irish Free State Debates Plan to Have Own Money—
Strong Objections Reported Raised Against Departing from Sterling.
From its correspondent at Dublin the New York "Evening
Post" reported the following (copyright) under date of
March 29:
A change in the basis of Free State currency Is being mooted, tnougn in
official circles notning is said of a departure from the sterling standard in
the near future. Fianna Fail spokesmen make no secret of their ambition
to create a financial system which will be independent of Britain's—a further step in economic independence. The matter of currency naturally is
one for a good deal of consideration, in the circumstances.
Chief objection to any departure from sterling comes from the former
Unionist element, the section that retains Imperial leanings despite the
legislative divorce of most of Ireland from Great Britain. As a rule the
ex-Unionist "thinks Imperially." And he is of the opinion that only In
sterling is salvation. Ile suspects the dollar.
The banking crisis in the United States supplied the ultra conservative
"Irish Times" with a text. "A false financial pride," said the newspaper,
"caused Americans to pretend that nothing ever could damage the position of the dollar." The editorial writer expressed sympathy with those
who had lost confidence in sterling and went on to wonder what would have
happened if the Free State currency had been backed by securities lodged in
New York instead of London.
"Even under Mr. Cosgrave's administration there were some who would
have preferred dollars to sterling, in the belief that American finance could
do no wrong. Happily for everybody, there has been no tinkering with
the currency." The more influential Dublin newspapers saw nothing so
shocking in the state of the dollar during the critical days. Nor did they
discuss possible Irish currency changes under the inspiration of the New
York messages.
Germany to Repay $70,000,000 Credit—Gold Will Be
Sent to New York Reserve Bank, also to London,
Paris and Basle to Settle 1931 Debt.
The following from Berlin April 5 is from the New York
"Times."
The Reichsbank will pay back in a few days its foreign discount credit
of $70,000,000. Equal parts of this will go to the Federal Reserve Bank
April 8 1933
in New York, the Bank of England, the Bank of France and the Bank
for International Settlements.
The credit was given to the Reichsbank in June, 1931, when there was
danger that heavy withdrawal of foreign credits would exhaust the bank's
gold reserie, and necessity for declaring a currency moratorium seemed
imminent. Although it was meant as a short-term credit, it was repeatedly
prolonged, though partial repayments gradually reduced it from $100,000,000 to $70,000,000.
The reason for the unexpected decision of the Reichsbank, as stated
officially, was a demand by the creditor banks—in connection with the
last prolongation on March 4—to convert the dollar credit into gold credit
as protection against depreciation of the dollar. The Reicnsbank, not
deeming it advisable to comply with this proposal, offered repayment of
the entire amount. One of the creditor banks has already accepted the
offer.
Tne credit of $45,000,000 which the Reichsbank obtained in New York
througn the Gold Discount Bank Is not affected by the repayment of the
$70,000.000, wnich will reduce the Reichbank's gold reserve to 542.000,000
marks. The greater part of the amount will be paid in gold, which will
be shipped abroad.
The credit having no bearing on the stability of the mark, which is
maintained by keeping the note circulation and volume of credit in proper
relation to the volume of production and trade, the offer is believed to
have been actuated by a desire to save the interest of 4%,
The decision meets with the approval of the press.
Financial circles view tne decision as indicating that under Hjalmar
Schacht's "strong grip," in place of Hans Luther's "gentle touch," the
Reichsbank would pursue a more active policy. It is emphasized, however.
that depreciation of the mark is not only not intended, but is precluded
by stringent foreign exchange control.
The reduction in the gold reserve is viewed as unimportant and the
Deutsche Aligemeine Zeitung quotes a recent utterance of Dr. Schacht's
that the real coverage of note circulation is in the short-term commercial
bills."
German Loan Reported Extended—Lee, Higginson
Also Said to Have Agreed to Reduce Interest Rate.
The following (copyright) from Berlin April 2 is from
the New York "Herald Tribune":
Capital repayments on the remaining $102,000,000 principal of the
$125,000,000 of the Lee, Higginson loan made to the Reich in October
1930, will be extended over a longer period, ending May 10 1934, according to an agreement just concluded and awaiting formal signature.
The new amortization sehe,dule foresees quarterly instalments of $5,200,000, beginning May 20 and continuing until February 10, the remainder to be payable in a final lump sum. Simultaneously, the interest
rate, hitherto 6%, has been reduced to 5% for the first half year and
4%% for the remainder.
From the German standpoint retention of the clause from the former
agreement which permits the Reichsbank to counternrand transfers when
the situation justifies it is invaluable.
Germany Not to Cut Civil Salaries—Other Expenditures
Pruned 20%—Tenants Get Protection.
The following Berlin cablegram March 29 is from the
New York "Times":
•
The Cabinet decided to-day not to reduce civil salaries for the first
quarter of the current fiscal year, beginning April 1. Other expenditures
will be cut 20%. however.
The Cabinet confirmed the authorization previously conferred on the
Finance Minister to dispense 39,000,000 marks for marketing cereals,
44,000,000 marks for navigation and 57,000,000 marks for export trade.
[The mark is quoted currently at 23.84 cents.]
To protect tenants, a provision was adopted to accord lessees "an appropriate stay of eviction," which may be extended by the authorities on.
the tenant's application.
German Reichsbank to Pay Dividend of 12%—Reports
40,C00,000-Mark Profit for 1932—State to Get
18,000,000.
The German Iteichsbank. In its report for 1932, made'
public April 3. declared a 12% dividend, the same as in
1931. said Associated Press advices April 3 from Berlin to
further stated:
the New York "Times" which It shooed a net profit of 40,000,000 marks (currently about $9,000,000).
Of this sum 4,000,000 marks will go into the reserve fund, 18,000,000
marks will he devoted to dividend payments, and the remainder, an equal
amount, will be turned over to the Reich's Government.
The total turnover dropped from 894,000,000 marks in 1931 to 678,000,000. while currency reserves were reduced by about 250,000,000
marks as a result of repayments of foreign credits. (The current vaiu.
of the mark is about $0.24.)
The report remarks that the economic development has been unsatisfactory despite signs of a slight improvement. It adds that the surplus
of exports over imports is dwindling alarmingly.
"A debtor country is not able to fulfill its obligations if creditor'
countries continue to shut out the former's goods," the document asserted.
Barter Business of German Companies Estimated at
$25,000,000 in 1932.
Certain German companies conducted business in barter
during 1932 conservatively estimated at $25,000,000, it is
stated in a report of Consul Lester L. Schnare, Hamburg,
made public by the Commerce Department on April 1. The
Department says:
There were about seven companies or associations prominently engaging
In this sort of trade during the year. There are very many small companies which engage solely in barter trade, hut complete estimates of
the total amount entering trade through barter arrangements have not
yet been made.
Among the more outstanding German companies interested in barter
trade are the following:
Volume
us
Financial Chronicle
International Goods Clearing Company, Bremen, with branches in
leading .German cities, dealing in general commodities, mainly in southeastern Europe; Foreign Trade Promotion Bureau of the Cologne Chamber
of Commerce, dealing especially in Dutch dairy products for manufactured
German goods in the Netherlands, and also in Spain and central Europe.
The Syndicate for the Promotion of exports, Berlin and Hamburg,
composed of such leading industrial concerns as Krupp, A. E. G., and
Ilapag, barters in products of its members or other interested firms with
any country. The German-Rumanian Chamber of Commerce of Berlin,
deals principally in corn imports from Rumania for the liquidation of
German credits in Rumania.
Tlfe German Foodstuffs Wholesalers' Association and Finace Company
for Industrial Production, Berlin, handles seasonal exchange of prunes
and walnuts for German machinery, also deals for the liquidation of
German credits in Yugoslavia. The Northern Goods Clearing Company,
Lubeck, deals generally with northern countries, while the International
Barter Company of Dusseldorf, deals in Ruhr goods for Dutch products.
The rapid development of international barter in Germany is an outgrowth of the depression. It was found necessary to carry on trade
in some manner because of the restriction of foreign exchange. The
larger share of barter trade occurred between Germany and European
countries, particularly in central and southeastern countries. Comparatively
few and unimportant barter deals have been made between German and
American firms.
As far as it is known, no German Government agency has undertaken
barter during the present crisis. The Government is reported to be adverse to barter which will bring in agrarian products in competition with
Gem= produce, particularly eggs, butter, grain, lumber and other products.
Conmeission charged by barter companies for their services seems rarely
to corer all the costs of arranging the barter deal. Where the liquidation of an old debt is involved, the central banks charge a fee for their
services and the debtor invariably demands a discount for agreeing to
the arrangement. This discount often amounts to 15% or more, and the
total costs involved in cases of this kind may easily range between 20
and 30% of the value of the transaction.
The clearing agreements recently concluded between Germany and
other European countries with exchange rstrictions will probably tend
to reduce the amount of barter which might othrwise be undertaken.
The outstanding feature of this type of agreement is that the importers
in each country make all payments for imports to the central bank rather
than to the foreign exporter.
It is understood that these agreements contain guarantees that the
export surplus which Germany has enjoyed with each of these countries
shall be maintained, the relation of imports in 1931 being taken as the
general standard. Just how this guarantee is made effective is not clear,
but it would seem that balances are to be made from time to time between
the central banks concerned and the necessary adjustments made.
One-Day Boycott Against Jews Enforced in Germany-German Government Announces It Will Not Be
Resumed—Measure Seen as a Blow to German
Trade and Industry—Foreign Opinion Unites in
Condemning Anti-Semitic Measures.
The boycott against Jews in Germany, proclaimed by the
National Socialist Party in retaliation for foreign protests
against anti-Semitism, was officially enforced on Saturday,
April 1, and then suspended with the statement. that it
would be renewed if the Government found no diminishing
in "outrage propaganda" abroad. The boycott order was
described in our issue of April 1, page 2146.
Newpapers reports indicated that while the single-day
boycott was enforced fairly strictly so far as efforts to bar
trading in Jewish shops was concerned, it was attended with
little violence and in general was accompanied by good
humor on the part of the "Nazi" demonstrators. Meanwhile the conservative element in Germany is noted as being
apprehensive regarding the results of the extremist action
on the country's foreign and domestic trade, and the prospect
of a renewal of the boycott is considered remote.
Summarizing the official view of the incident., Julius
Streicher, Reichstag Deputy, and leader in the National
Socialist movement, is reported as follows by the New
York "Times" Berlin correspondent on April 1:
"In view of reports coming in from abroad the probability is that the
boycott will not need to be resumed Wednesday. However, if international Jewry wants to continue the fight the National Socialist party is
ready."
Herr Streicher added that the one-day boycott had established two important results: a realization by international Jewry that Germany would
not stand for any "monkey business" and a realization by the whole world
that the Jewish question was not a problem for Germany alone but for the
whole of mankind.
The opposite side of the picture is shown by reports of
business indexes and stock exchange quotations recording a
steady drop in Berlin, to be succeeded by a sharp rebound
on word that restrictions against Jews were likely to be
eased in the future. The "Frankfurter Zeitung" on April 2
deplored the boycott as "an act of undoubted injustice"
and warned that its continuance would only inflame foreign
opinion against Germany.
Activity Abroad in Behalf of Jews.
In the United States further efforts were made in recent
days to organize concerted group action against repetition
of alleged Jewish mistreatment. The American Joint Distribution Committee on April 2 launched a nation-wide
campaign for funds to aid Jews in Germany. Eleven worldfamous musicians, headed by Arturo Toscanini, cabled to
2331
Chancellor Hitler a protest against persecution of their
colleagues in Germany, and a similar message was sent by
the German Society of Maryland.
Most foreign opinion was solidly against anti-Jewish
measures in Germany, and in Poland the Government. was
swift to act against an abortive attempt by a Nationalist
group to emulate the Hitler anti-Semitic drive.
The German Government announced officially on April 4
that the anti-Jewish boycott, which was applied as a "warning" on April 1, and which was to be renewed on April 5 if
"foreign propaganda" against Jewish mistreatment did not
cease, would not be resumed, although the right of renewal
at any time was reserved. While Government spokesmen
declared that the boycott had resulted in a complete victory
of National Socialist ideas over foreign interference, competent observers assigned pressure brought by German commercial interests as the motivating influence behind the
boycott's abandonment.
Other developments in the German drive against Jews
and radicals during the week included:
The arrest of numbers of Communists and other dissenters
to the Nazi program.
Orders forbidding any citizen to leave Germany without
official permission.
A proposal in the British House of Commons for relaxation of Palestine immigration rules to enable German-Jewish
refugees to enter Palestine.
Extension of the death penalty for such crimes as violence
by means of explosives, arson, "committed to create a public panic," damaging of railway lines, and wholesale poisoning.
Continuance of a semi-official boycott against Jewish
professional men, such as physicians and lawyers.
Placards 'bearing the words "German shop" are to be
posted on stores owned by "racially pure" Teutons.
Fifty-one members of House of Commons request British
Cabinet to make "friendly representations" to Germany
on behalf of the Jews.
Plans for control of the German Lutheran Church by the
National Socialist Party, and a prohibition against the intermarriage of Germans with other races.
Resignation of the entire board of directors of the Federation of German Industries, under National Socialist pressure.
Representatives of the Hitler party will act in their places,
and will be in a position to exercise a dominating influence
on the conduct of German business and industry.
Action of German Government in Replacing One-Mark
Silver Coins by Nickel—Profit to Government Seen
by H. Hentz & Co.—Developments Affecting Silver
in United States.
Developments affecting silver in this country are commented upon under date of March 29 by H. Hentz & Co.
of this city, who at the same time have something to say
regarding the action of the German Government in decreeing
the replacement of the one-mark silver coins by nickels,
to which reference was made in these columns April 1,
page 2146. From the circular of H.Hentz & Co. we quote:
Siker Futures.
The silver market during the past two weeks has acted irregularly.
Fluctuations have been wide and prices ranged from 100 to 180 points
between high and low sales. In the early part of the reviewed period,
prices displayed an easy tendency. However, the market has since steadied
and declines have met good absorption, giving the market a firm undertone.
Business has been mainly in May and July options, totalling 266 and
234 contracts, respectively, and represents the switching which featured
trading. There nas been good buying in March, which factor has strengthened this delivery relatively more than others.
Prevailing sentiment concerning the metal is that the zealous campaigning for silver revaluation will not be fruitless. Hence, interest and activity
have been stimulated and 25,125,000 ounces were traded as compared with
only 10,500,000 ounces during the corresponding period of last year.
Late last week a news report stated that the new German Government
had decreed the abolition of the silver one mark piece, of which there are
now outstanding 256,000,000 reichsmark, and its replacement by a nickel
coin of tne same denomination. About 20,576,000 fine ounces, at present
prices valued at 25,000,000 reichsmark, will be derived from this operation,
and such quantity will be sold over a three-year period. In view of prevailing low prices, and the continuously encouraged use of silver, perhaps this
action seems inconsistent. The Germans demand substantiality in their
money, much preferring small amounts of metal token coin to the note.
However, so enormous has become the circulation of silver and other metal
pieces, both to satisfy the public appetite and to avoid pressure on gold,
that even possession of small change imposes bulging pockets drooping
under the weight of coin. Recently, the public has flooded the banks
with coin, more specifically the five-mark silver piece, as is confirmed in a
statement showing total circulation of coins at the end of January 1933.
to be only 1,428,000,000 reichsmarks, whereas at the close of 1932 it stood
at 1,500,700,000 reichsmarks. To combat this tendency, the Government
contemplates, furthermore, to eventually withdraw from circulation the
three-mark silver token and with the metal thus made available, approximately 21,700,000 ounces, recoin the outstanding 107,000,000 reichsmarks
of the two-mark pieces and the five-mark coins, reducing their size by rais-
2332
Financial Chronicle
ing the silver content from 500-1000 to 900-1000 fineness. At the same
time, the issue of these denominations will be expanded to compensate for
the discontinued three-mark piece. The Government will naturally enjoy
a handsome profit from this move.
Of course, the sale of 20,500,000 ounces of silver extended over three years
cannot in itself contribute greatly to the lowering of the market, but it
must be remembered that this move is designed for profit and, if successful,
may be furthered, as it serves to check unreasonable expansion of unwanted
coin and to enrich the Government.
In our own country developments affecting silver have been many. A
premature announcement to the effect that President Roosevelt would
confer with silver men rallied the market last week. It has, however,
not been amplified and the President's intentions with regard to silver
remain in myster3. Meanwhile, those in favor of silver legislation prepare
for an attack on this issue. There has been created in the Senate a Banking
and Currency Sub-Committee to deal with silver, whose Chairman confidently expects tangible results from its deliberations. Any bill formulated will likely be a combination of previously presented plans.
There has been a virtual stalemate in nearly all markets pending legislation on pressing economic problems, but the leading commodity markets
have clearly shown resistance to declines. Silver, Inapierd by optimism
over the outlook, has been steady. Its future action will be governed
mainly by news from the capital and, as the aforementioned committee
starts functioning to-day, such news should be favorable, witn a quick
response on our market.
Hitler Regime Issues Decree to Govern States, Under
Provisions of Enabling Act—Diets are Dissolved
and Communists Forbidden to Name Candidates
for Elections.
A law revising the fundamental structure of the German
Government, and having for its purpose a unification of the
various States, has been proclaimed by the Hitler regime
under the enabling act (described in these columns April 1,
page 2146). The principal provisions of the law were described April 1 in a Berlin despatch to the New York "Times"
as follows:
Under this law all State governments will have authority for their
territories to promulgate laws, even superseding State Constitutions,
without consulting the State Diets. As all State governments to-day are
in the hands of Nazis, who are pledged to obedience to Chancellor Hitler,
there will be henceforth only one authority in the Reich, that of the Federal
Government. State Cabinets will be hardly more than administrative
bodies carrying out the will of the central power.
The new law, furthermore, decrees the immediate dissolution of all
State Diets except those elected March 5, of all municipal Diets and of the
councils of small communities. Succeessors are not to be elected, but the
old Diets and councils will simply be remodeled in accordance with the
results of the last Reichstag election. Thus the assumption of power by
the Nazis in all State capitals and most cities is legalized.
It is also provided that provincial legislative bodies shall not henceforth
be elected until new Reichstag elections are held. The dissolution of the
Reichstag shall henceforth mean the dissolution also of all these bodies.
This adds considerably to the power of the President, who has the authority
to dissolve the Reichstag, a function for the present transferred to the
Chancellor.
Thus the nationalist government has achieved by one stroke of the pen
what former governments have not been able to accomplish by protracted
negotiations and lengthy resolutions. There will be no more of the political
antagonism between the Reich and the States which in the past has seriously
hampered smooth administration.
Another remarkable feature of this law is that it legalizes the ban on the
Communist party. No Communist candidate is to be admitted to any
State Diet. They are not even to be permitted to put up tickets. The
election of Communist Deputies to the Reichstag and Prussian Diet on
March 5 is revoked. Their seats are to remain vacant.
Holland Regime Asks Broad Farm Powers--Dictatorial
Authority Sought to Curb Output in Effort to
Raise Prices.
From the Hague, March 29, the New York "Times"
reported the following:
The Netherlands Government, seeking almost dictatorial powers to
relieve Dutch farmers, has introduced a bill proposing the creation of a
general fund to be distributed in the relief of the various branches of agriculture. The Government asks the right to forbid or to reduce the production
or storage of or even dealing in certain products.
A central commission would be formed, embracing existing commissions,
for the relief of breeders of dairy cattle and pigs and another commission
would be set up for the execution of the wheat Act. Infringements of the law
would be punishable by imprisonment for one year or a fine of $4,000. The
government holds that improvement in prices can be effected only by regulation of production.
The total exports of the six principal kinds of farm products—vegetables,
fruit, potatoes, eggs, butter and cheese—fell from 1.303,110 tons in 1930 to
1,098,175 tons in 1932 and their value decreased nearly 50%.
Italian Farms Reported as Improving Status Despite
Slump—Agricultural Debts Scaled Down and
Refunded to Lower Interest Charges—Wheat $1.25
a Bushel—Cost of Relief Measures $6,000,000
Yearly.
In Associated Press advices from Rome, April 1 it was
stated that Italian agriculture is actually in better economic
condition now that in 1930, despite the depression. Longterm debt incurred for agricultural improvements was reduced 39% last year and the previous year as compared with
1910. The Associated Press account, as given in the New
York "Herald-Tribune'' continued.:
Short-term debt was scaled down, not because of shrinkage of credit, but
because of more prosperous conditions on the farm. This is indicated by the
fact that the debt declined most in the areas where crop yields were highest.
Baron Acerbo, Minister of Agriculture, told the Chamber of Deputies
April 8 1933
that the situation had improved owing to a series of prudent measures that
carefully avoided anything likely to affect adversely the credit standing of
the agricultural classes, such as moratoria and legal reduction of interest
rates.
Among the measures taken by the Government are the authorization of
repayment by instalments of loans incurred for working capital, the conversion of overly costly agricultural debts, grants of money to specially deserving farmers and, in certain cases, the postponement, with the consent
of the lending institutions, of payments maturing on land debts.
Annual Income Is $260,000,000.
The Association of Italian Corporations points out that the gross value of
Italian agricultural production fluctuates between $1,260,000,000 and
$1,550,000,000 annually. The yearly net income is $260,000,000.
The total debt is between $450,000,000 and $500,000,000. Of this sum,
$150,000,000 has been refunded in recent years so that the interest rate is
not unduly high. Half of the debt is long-term and half short-term. The
association report says:
"Taken as a whole, the situation is much less critical than was feared a
year ago. This is largely due to the steps to stimulate agricultural production along lines which have reduced costs and to assist the farmers to market
their crops successfully, while insisting on the scrupulous respect of contracts which is the foundation of the nation's credit at home and abroad."
Relief Costs $5,000,000 Yearly.
The various forms of relief from the government cost the Treasury an
annual sum of $5,000,000.
Agricultural exports have fallen, but imports have fallen more and the
internal market continues strong, with prices high in proportion to the
decline in other countries.
Wheat sells for around $1.25 a bushel. Millers have a strict government
order requiring them to use 95% native wheat. The wholesale price index of
vegetable foods was 324.4 in January and of animal foods 293.5 on the
basis of 100 in 1913. This compares favorably with the general index of
292 for all products, industrial and agricultural.
Greece Proposes that League of Nations Study
Country's Capacity to Pay Foreign Bondholders.
On March 29 Associated Press advices from Athens stated:
The Government has decided to ask the League of Nations to send a
representative here to study Greece's capacity to satisfy foreign bondholders.
Recently Greece paid 30% of the semi-annual interest on foreign loans.
Premier Tsaldaris said last week that if the foreign bondholders did not
come to an arrangement with the Government Greece would write into
the budget a sum for the payment of the foreign debt based on her capacity
to pay.
Hedjaz to Have a State Bank, Aided by Ex-Ruler
of Egypt.
The following from Cairo, Egypt, March 26, is from the
New York "Times":
The Kingdom of Hedjaz will have a new State bank as the result of an
agreement between King Ibn Saud and former Khedive Abbas Mimi of
Egypt, woo will guarantee toe $3,500,000 capital. The bank is expected
to open in the middle of April. with headquarters at Jeddah.
Ibn Saud's kingdom thus is promised an influx of capital, which it
greatly needs. Apart from the creation of the bank, the new JeddahMecca RR. will bring Ibn Saud $200,000 cash from concessionaires. Considerable sums also will be brought in during the building of the line.
Exchange Restrictions Prevent Transfer to New York
of Funds for Payment of April 1 Interest on Bonds
of State Mortgage Bank of Jugoslavia—Offer of
"Blocked" Dinars to Bondholders.
The State Mortgage Bank of Jugoslavia has advised
J.& W.Seligman & Co.,fiscal agents, that owing to exchange
restrictions in Jugoslavia it has been unable to transfer to
New York the funds necessary to pay the interest due
April 1 on its secured 7% gold bonds, due April 1 1957.
The Bank has stated, however, that it has deposited to the
fiscal agents' credit with the National Bank of Jugoslavia
dinars equivalent at par of exchange to the full interest due
April 1 on all bonds held outside of Jugoslavia. Bondholders who desire to accept "blocked" dinars in payment
of their matured coupons may forward their coupons to the
State Mortgage Bank at Belgrade for that purpose. The
announcement in behalf of J. & W.Seligman & Co. also says:
The fiscal agents stated that the Government of Jugoslavia recently
offered its French bondholders the option either of accepting "blocked"
dinars at par of exchange in payment of their coupons maturing during
the three-year period ending Oct. 14 1935, or of receiving in exchange
for such coupons a 10% cash payment in francs, together with long-term
interest-bearing funding bonds for the remaining 90%. The fiscal agents
understand that the State Mortgage Bank is planning to make a similar
offer in the near future to the holders of its 7% dollar bonds.
Tenders Asked for Purchase of Bonds of New South
Wales (Australia) Through Sinking Fund.
The Chase National Bank of the City of New York, as
successor fiscal agent, invited tenders of State of New South
Wales, Australia, external 5% sinking fund gold bonds
due April 1 1958, for the sale to it at prices not exceeding
their principal amount and accrued interest, of a sufficient
amount of these bonds to exhause the sum of $123,943.94
in the sinking fund. Proposals, which were addressed to
the Corporate Trust Department of the bank, 11 Broad St.,
were received up to noon April 6.
Volume 136
Financial Chronicle
2333
Government Guarantee of
Credits.
Under a recent law the Czechoslovakian Government has
extended the Government guarantee of approximately
$18,000,000 for export credits granted by Czechoslovakian
exporters to foreign governments or foreign public corporations until July 24 1933, it is made known in a report to
the Commerce Department's Regional Division from Commercial Attache Don C. Bliss, Prague. The Department's
announcement of this, April 3, added:
Argentina's artificially high figure of imports. Sir Otto says, has been
maintained since 1923 by a heavy volume of foreign loans to the country
and therefore it was really not paying for the imports. He asserts this led
to inflation and increased spending, as though exports had increased; that
the danger was revealed when the foreign loans abruptly ceased, as they
were bound to do sooner or later, and that the banking system was unable to face the strain; hence the violent fluctuations in exchange and the
eventual enforced exchange control.
"Had the foreign loans been applied exclusively to capital objects which
increased the country's producing capacity," he observes, "and produced
commodities salable abroad, they might have sufficiently Increased the real
wealth to provide an increase in exports, but as they were used mainly to
cover deficits of government administration they merely increased inflation.
without steadying it."
The unexhausted part of the Government guarantee amounting to about
88.400,000 from the previous period is included in the new guarantee. If
the total amount of the Government guarantee is not exhausted before
July 24, the remaining balance may be used for the same purpose after
the expiration of the time limit without further authorization.
Czechoslovakia is one of the many European countries granting Government guarantee of exports to foreign countries. While the guarantees
apply generally, most of the amount placed at the disposal of Czechoslovakian exporters relates to business done with Soviet Russia.
Exchange Control Commission of Argentina Prohibits
Trading in Currency Except at Rates Fixed by
Commission.
A cablegram as follows from Buenos Aires March 27
appeared in the New York "Times":
Czechoslovakia Extends
Proposed Turkish Budget Nominally Balanced.
The proposed Turkish budget for the fiscal year 1933-34,
not yet passed by the National Assembly, is reported to
provide for expenditures of 174,994,000 Turkish pounds
and receipts of 175,000,000 Turkish pounds, leaving a
surplus of 6,000 Turkish pounds, according to a report
to the Commerce Department from Commercial Attache
J. L. Gillespie, Istanbul. (Turkish pound equals $0.47.)
In indicating this on March 28 the Department added:
In 1932-33 the estimated receipts were 169,354,000 Turkish pounds
compared with expenditures of 169,146,747 Turkish pounds, with a surplus
of 208,053 Turkish pounds.
It is reported in Turkish financial circles that the estimated Increase
of approximately 5,650,000 Turkish pounds in receipts will be obtained
from increased customs receipts. It is also stated that quota restrictions
on imports will be made more lenient during the corning fiscal year in
order to increase customs receipts. All the other sources of revenue are
expected to yield about the same as during the current fiscal year.
The authorized expenditures proposed for the various departments and
agencies of the Government are increased, as compared to the previous
year, to the extent of the expected increase in receipts. The Public Debt
and the budget of the Ministries of Public Health, Agriculture and Education will receive the largest increase if the proposed expenditures are authorized by the Turkish Parliament.
Argentine Reform of Banks Urged by Sir Otto Niemeyer
—Asks End at Once of Gold Office—But Would
Keep Control—Recommends New Central Bank
and System to Curb Borrowing.
After several months of study of Argentina's financial,
economic and banking situation, Sir Otto Niemeyer, ViceGovernor of the Bank of England, in a 12,000-word report,
recommends the abolition of the Gold Conversion Office
as obsolete and inadequate to meet Argentina's currency
and credit problems. A cablegram from Buenos Aires
April 3 to the New York "Times," reporting this, added:
He also urges inunediate establishment of a Central reserve bank divorced
from commercial banking and confining its functions to rediscounting the
paper of member banks, the issuance of currency and the stabilization of
exchange.
Sir Otto makes no recommendation regarding the suspension of foreign
debt payments, as in Brazil, but he criticizes the uncontrolled manner In
which foreign debts were contracted and recommends the concentration
of all Federal borrowing power in the hands of the Finance Ministry, with
provinces and municipalities to be prohibited from borrowing abroad
except with the consent of the Federal government.
The British expert says no steps can be taken now to stabilize the value
of the peso, owing to the "existing confusion in most of the leading currencies
of the world." He recommends the continuance of exchange control for the
present as a "regrettable necessity," but suggests that the functions of the
Exchange Control Commission be absorbed by the Central bank and control
abolished as soon as possible.
Budget Balance Stressed.
Sir Otto devotes considerable space to the necessity of a balanced budget.
He would prohibit extraordinary expenditures outside the budget unless
covered by new revenue or economic conditions and would prohibit autonomous bodies from approaching Congress on financial matters, their requirements to be included in the budget. He recommends abolition of the use
of the gold peso in government accounts, since it does not exist as a circulating medium, and would substitute silver and nickel coins for paper in
all denominations below five pesos.
Sir Otto points out that the country's economic set-up is based on the
exportation of animal and agricultural products, constituting 96% of the
total exports; that they are subject to wide fluctuations in value, beyond the
control of Argentina, and therefore the credit and currency problems are
widely different from those of industrial countries. He does not recommend
any increase in circulating currency.
"There already is circulation of currency sufficient to sustain a much
higher price level and a much larger volume of business," he comments.
Two Legislatire Proposals.
The report is accompanied by two legislative proposals, creating a
controlling Central Reserve Bank and establishing a national banking
set-up. He would use the gold fund of the Gold Conversion Office to pay
off the government's heavy debt to the bank of the nation, the government
to have no control over this Central bank, which could lend the government
only 10% each year of the revenue estimated to be receivable, such loans
to be repayed within the calendar year and no new loans allowed until the
old are paid.
The report shows the Federal Government's total debt to be 3,640.060.000
pesos ($1,545.000,000 at par), of which 943,000,000 pesos ($400,000.000)
is foreign debt.
The Exchange Control Commission to-day prohibited trading in currency
except at rates fixed by the Commission. Exchange dealers are required
to adopt the Bank of the Nation's buying and selling rates for dollars at
4.13 and 4.33 pesos, respectively, compared with their Saturday rates of
4.60 and 4.90.
Heretofore there has been a wide margin between uncontrolled currency
and the controlled rate on checks.
Argentina Renews Treasury Notes Held in New York.
According to a Buenos Aires cablegram to the New
York "Times," Alberto Hueyo, Minister of Finance, announced on March 28 a renewal for nine months of $2,578,000
of 5% Treasury notes held in New York.
Paulo's Foreign Loans—
Study Plan.
From a cablegram March 31 from Sao Paulo to the
New York "Times" we quote:
Proposed
Conversion of Sao
Board Named to
Governor Waldomiro Lima, of Sao Paulo State, who is here to-day,
said, referring to a news dispatch from New York, that American and
British bankers opposed conversion of Sao Paulo's foreign loans. General
Lima declared the conversion negotiations were proceeding normally and
he believed the opposition originated among the intermediaries, because
the interest reduction would cut the intermediaries' profits.
Further advices (from Rio de Janeiro April 3) to the
same paper said:
Governor Waldomiro Lima of the State of Sao Paulo and Oswaldo
Aranha, Secretary of the Treasury, conferred to-day on conversion of
Sao Paulo's foreign debt, in which United States and British bankers are
interested.
After the conference Senor Aranha called for a meeting Wednesday at
10 a. m. of the financial commission, to which General Lima will explain
his views and conversion plans.
A press dispatch from Sao Paulo to-clay says the United States Consul
General there, Charles It. Cameron. called upon the Sao Paulo State
Secretary of the Treasury to discuss the conversion project. This is taken
here to mean that Mr. Cameron acted under Washington's instructions.
On April 5 the "Times" reported the following from
Rio de Janeiro:
After hearing an exposition by Governor Waldomiro Lima of the State
of Sao Paulo, the Finance Commission appointed a special committee
to-day to study a conversion plan with which General Lima says American
bondholders agree. He asserts advices from New York are that opposition
is limited to some of the intermediaries. General Lima proposes a conversion on a basis of 30 milreis to the pound and 8.5 to the dollar, which
arbitrary rate was determined upon as what the State can pay. General
Lima declared Sao Paulo's huge internal and external debt did not warrant
half measures and that Sao Paulo wishes to liquidate immediately.
[The Brazilian milreis is quoted at 7.5 cents, 13.5 to the dollar.]
Brazil to Curb Borrowing.
On March 25 Associated Press accounts from Rio de
Janeiro said:
Brazil, with most of her foreign debt in suspension, plans a constitutional
barrier against future borrowing orgies by the Nation, States and municipalities. The constitutional drafting commission has approved an article
providing that foreign loans may be contracted only for productive projects.
Labor to Aid on Brazil's Charter—Will Elect 20 of 254
to Convention in Brazil.
A cablegram as follows from Rio de Janeiro April 2
appeared in the New York "Times":
A reliable informant says the Cabinet has fixed the membership of the
convention which will approve a new Constitution for Brazil at 254. of
whom 214 would be elected by popular vote, 20 by workers' syndicates,
and 20 by employers' associations.
The date for the convention's meeting will be decreed after its election.
The body would have legislative powers, approve the Constitution now
being drafted, and appoint a President.
President Vargas and Olegario Maciel, Governor of Minas Geraes, met
to-day at Juiz de Fora for a conference, which rumor says was concerned
with the election program in Minas Geraes and Rio Grande do Sul.
Colombia Suspends National Debt Service.
On March 31 the Department of Commerce at Washington
stated that the President of Colombia has signed a decree
authorizing the Government to suspend temporarily the
service on the national debt, according to a cablegram to the
Department's Finance Division from Acting Commercial
2334
Financial Chronicle
Attache H. P. Macgowan, Bogota, Colombia. The Departmentfurther says that the decree also authorizes the effectuation of arrangements with the Republic's creditors rela6ive
to future debt service and a reduction in the ordinary expenditures of the Government.
The debt holiday decreed in Colombia was referred to
in our April 1 issue, page 2149.
Notice to Holders of Colombian Bonds Issued by
Hallgarten & Co. and Kidder, Peabody & Co. Call
Attention to Decree of President Regarding Suspension of Service on Public Debt.
Holders of Republic of Colombia 6% external sinking fund
gold bonds, due Jan. 1 1961 and 6% external sinking fund
gold bonds of 1928, due Oct. 11961, as well as holders of
Agricultural Mortgage Bank (Colombia) guaranteed 20
year 7% sinking fund gold bonds, issue of January 1927,
due Jan. 15 1947 (guaranteed by the Republic of Colombia)
are being advised by notice published by Hallgarten & Co.
and Kidder, Peabody & Co. of the receipt of a cable from
Dr. Enrique Olaya Herrera, President of the Republic of
Colombia. The cable is in reply to their communication
with regard to the recent announcement that a decree had
been issued authorizing the National Executive to suspend
temporarily the service of the public debt in whole or in part
and to enter into agreements with creditors of the Republic
in order to determine the conditions for future service of
such debt with a view to harmonizing, so far as possible, the
requirements of National defense and the legitimate interests
of the Nation's creditors, and also authorizing the Executive
to effect reductions in National expenditures. A translation of the cable from President Olaya follows:
"Strict compliance with the obligations of the Republic's external debt
has been the basis of the policy and credit of my Government, carried out
notwithstanding intense crisis and when governments of financially stronger
countries were adopting moratoria. At the end of last year we believed
we had mastered the situation, when an unjustifiable international agression on the part of the Government of Peru. committed without complaint
of any kind against Colombia, and without the slightest provocation on
our part, forced upon my Government heavy military expenses in order
to try to recover invaded territory and to re-establish authorities expelled
from Colombian territory by Peruvian forces. In spite of the fact that the
Peruvian egression has been considered by the Government of the United
States and others as a violation of the Kellogg Pact, and although the
Council of the League of Nations has recommended to the Government of
Peru evacuation of the invaded Colombian territory, such recommendations have not only been ignored, but the general staff of the Peruvian
army has already prepared, and possibly in course of execution, a plan of
attack on the coast and ports of Colombia on the Pacific Ocean,. In view
of this threatening situation, which places in grave danger the security of
the Nation and makes imminent an armed conflict of very serious proportions, my Government has found itself bound to take now inevitable precautionary measures to protect the gold reserves and strengthen its financial
capacity, in order to permit us to repulse invasion and defend the safety of
our coasts and territory. My Government deplores finding itself compelled
to this by the fault of a foreign government, which has had recourse to
violence as a means of repudiating a public treaty, and whose aggressive
action has placed us in the unavoidable necessity of undertaking costly
preparation and measures to maintain the integrity of our territory, and to
prevent international agreements, which fix the boundaries of the Republic,
from being violated with impunity. My Government regrets that an
abnormal situation such as above described disturbs the plans which with
complete success it had been carrying out in developing without interruption its policy of external and internal credit, but it considers that its first
duty is to protect international security, so gravely threatened by the invasion of its territory."
Hallgarten & Co. and Kidder, Peabody & Co. state that,
pending further developments, they see no advantage for the
bondholders in incurring at this time the expense incident to
depositing their bonds.
Independent Bondholders Committee for Colombia,
Under Chairmanship of Robert L. Owen Opposed
to Any Move to Scale Down Debts National Defense Loan Planned.
Belief that the action of the Colombian Government last
week in decreeing a moratorium on the external debt payments constitutes the first step in a movement to scale down
Colombian foreign loans was expressed on April 1 by the
Independent Bondholders Committee of the Departments
and Municipalities of Colombia, which is headed by Robert
L. Owen, former Senator from Oklahoma, according to the
New York "Times" of April 2, which went on to say:
The Departmental dollar debt of $59.904.000 and the municipal debt
of $20,463,000 are already in default as a result of the Colombian decree
issued on Oct. 311931, prohibiting transfers of funds abroad for the service
of the external indebtedness of the departments, municipalities and private
mortgage banks. The unpaid debt service on the Departmental and
municipal debt already amounts to $7,000,000.
The effect of last week's decree is to plunge into default the Government's two United States dollar loans, aggregating 360,000,000, together
with an American banking loan of $17,350,000 of notes, and to cause
defaults on the mortgage bank issues, amounting to approximately $26,000,000. Thus, the stake of United States investors in the moratorium is
approximately $191.000,000.
April 8 1933
Colombian Minister Explains.
Senator Owen's committee made public yesterday a copy of a cable
dispatch received by the Colombian Consulate in New York from the
Minister of Finance in Bogota. Translation of the cable, with words
inserted by the committee in parentheses, follows:
"Decree 643 effected yesterday and the rights granted for the national
defense authorized the Government to suspend, temporarily, service upon
the public debt in total or part in conformity with the existing fiscal requirements of the nation and to (elect) effect agreements with the creditors of
the nation (accredores nacion) or their representatives in the scope to
determine conditions, regulate interest rates, amortization funds, which
require to be made payable in order to harmonize these factors with the
legitimate interests on the State's creditors to what might be necessary
to defend the sovereignty of the country (in plain language, showing that
the creditors must cat down these debts as a means of safeguarding the
sovereignty of the country).
Thesame decree authorized the Government to effect reductions in ordinary expenses, including participating subs
sidles and indemnifications in favor of the entities (departments)."
The Committee made public also copies of letters which it had addressed
on March 10 to Dr. Enrique Olaya lIerrera. President of Colombia, and
to Fabio Lazano of the Colombian Legation in Washington, pointing
out that the trade balance between Colombia and the United States last
year appeared to have been approximately $50,000,000 in favor of Colombia,
whereas the interest and sinking fund payments on the defaulted Departmental and municipal bonds for the period amounted to about $8,000,000.
The Committee pointed out that the revenues which are specifically pledged
to the service on the Departmental and municipal dollar loans continue
far in excess of the debt service requirements.
$5,000,000 Defense Loan Planned.
The independent committee stated that it had been advised that the
Colombian Government was about to conclude arrangements with the Bank
of the Republic for a loan of $5.000,000 for national defense. The Committee was advised also that $2,000,000 was still tine wended of its previous
national defense loans. These loans for defense in connection with the
military operations against Peru are secured by the fiscal revenues of the
Government, including the national defense tax.
The Committee indicated yesterday that while it was not unmindful of
conditions in Colombia, it was determined to safeguard the interests of the
bondholders against any movement to scale down the external debts on the
grounds of expediency under measures for defense. A spokesman for the
Committee said that, if necessary, the whole matter would be placed before
the State Department in Washington.
The interest due yesterday on the Colombian Government 6s, due on
Oct. 1 1961, was paid, since funds had been forwarded here prior to last
week's moratorium decree. The interest due on Jan. 1, last, on the Government's 6s, due on Jan. 1 1961, was also paid. The next coupon on this
issue will be due on July 1. These two issues, which are listed on the New
York Stock Exchange, lost approximately 13 points each last week. All
Colombian loans were weak.
Senator Owen's committee is asking bondholders to deposit their holdings with the Corn Exchange Bank Trust Company, depository. Another
committee, headed by Richard Washburn Child, former United States
Ambassador to Italy, is asking them to deposit their holdings with its
depository, the New York Trust Co.
From the News Bulletin March 27 of the Consulate General
of Colombia in New York we take the following regarding
the National Defense Loan.
(From the News Bulletin of the Ministry of Foreign Affairs, Feb. 25
1933.)
Statement by the Minister of Finance: The Government is about to
conclude a transaction with the Bank of the Republic, whereby the latter
will advance the sum of 35,000,000, for the present, to be used solely for
national defense. In addition to this amount, $2,000.000 of the funds
obtained from the National Defense Loan are still unexpended. The
transaction with the Bank offers it perfect safety, being secured by the
fiscal revenues of the Government. including the National Defense Tax
("cuota militar") recently imposed.
With the gold reserve now held by the Bank (which will be considerably
increased in the near future as a result of financial operations carried out
by the Government), the cover of its currency will be maintained appreciably higher than that required by law, despite the new advance it is making to the Government. Therefore, the fear of currency issues of any sort
without more than sufficent gold cover is absolutely unfounded. The
belief that deposits in commercial and savings banks may be affected in
any way is likewise wholly unfounded. The Government has not contemplated and will not contemplate so unwise a step as that. The only
aid sought from Colombian capital is the payment of the National Defense
Tax.
With the funds mentioned, the Government can cover the expenses required for national defense, with absolute safety and without disturbing
the economic movement of the country.
Colombia's Bonds Sought for Deposit by Committee
Chairmanship of R. W. Child.
• Under
In its issue of April 7 the "Times" said:
The committee for holders of dollar bonds of Colombia, which is headed
by Richard Washburn Child and which previously had confined its activities
to Colombian departmental and municipal bonds in default, circularized
holders of the Colombian Government's bonds yesterday, asking for
deposits of these securities and .of the Government-guaranteed mortgage
bank issues. The Government bonds are not in default, although the
Government issued a decree on March 29 stating that debt service would
be suspended on its own obligations.
Chinese Law Limits Interest Rate to 207—Govern0
ment's Power to Enforce This Decree, However,
Questioned in Press.
From the New York "Times" of March 19 we take tile
following special correspondence from Shanghai, Feb. 20:
Hereafter it will be illegal to charge more than 20% interest per year,
and creditors who demand more than that will be legally declared to have
forfeited all claims, according to a new law promulgated by the Executive
Yuan at Nanking.
Interest rates in China have continued scandalously high—largely because
no one has any faith in the judicial machinery which exists for
recovery
of a debt in case of default. The Chinese version of a "gilt-edged" bond
is one that nets from 1.1 to 19%, mortgaxes yield more than 10%, and
Chinese banks pay 6 and 7% on year-long fixed deposits.
The poorer classes are unmercifully oppressed by usurers and pawnshops,
and are usually charged from 10 to 12% per month for short-term
loons.
Volume 136
Financial Chronicle
peasants for
The same form it extortion has been practiced against the
who actually till
- many centuries, and in many parts of the country the men
the soil are really wage sla‘es to the land owner.
in attemptWhile there is general approval of the Government's gesture
frankly exing to lower interest rates, even the Chinese-language press
enforce the
presses its doubts as to whether the Government will be able to
new law limiting interest rates to a maximum of 20% a year.
President Curbs Gold in Colombia—Decrees Mines
Must Send It to Mint.
The following cablegram from Bogota (Colombia) April 6 is from the New York "Times":
President Olaya issued a decree to-day requiring that licenses for mining
gold be subject to an agreement to deliver all gold produced to the Colombian
mint.
Foreign mining companies will be permitted to buy foreign drafts covering
whatever percentage the Exchange Control Board regards as equitable
and unlikely to hinder development of the mining industry.
Loan to Colombia Renewed.
Under date of Apitil 1 the New York "Times" reported
the following from Bogota:
The quarterly renewal to-day of the National City Bank syndicate's notes
of $17,000,000 of an original $20.000,000 loan to Colombia was effected
with a reduction in the interest rate from 8% to 5%,saving the Government
$500,000 annually. Three per cent, of the interest is payable immediately in gold in New York, and the balance is payable here in pesos, which
will be transferable to New York when the gold reserves permit it, presumably not later than the next renewal.
budget of 64,000,000 yen, according to -a cablegram from the
Tokio office of the Commerce Department. Early in March
the Diet voted a budget for the fiscal year ending March 31
1934 of almost 2.240,000,000 yen, says the Department's
announcement. which adds:
The Japanese Government illso announced that the control of exchange
will include supervision over exports. It was stated that this move was
taken as the result of statements that Japanese merchandise is being
"dumped" in world markets. Details are lacking concerning operation
of the exchange control.
Some Japanese importers are expecting a higher rate for yen exchange,
and it is anticipated that purchases will be small until the exchange is
more stable. Both the wholesale and retail price indices moved downward during the week.
Declining trade has resulted in a weaker charter market, although
shipbuilding activity has increased because of the Government subsidies.
Rail shipments are lower.
The Japanese Diet adjourned March 25, after passing the
1933-34 budget calling for expenditures of 2,239,000,000 yen
compared with estimated expenditures in 1932-33 of 1,943,812,000 yen and actual expenditures of 1,476,875,000 yen in
1931-32,it is stated in a report to the Commerce Department
from Commercial Attache Halleck A. Butts, Tokio. On
March 30 the Department further reported:
Chinese Nationalist Government Abolishes Tael in
Favor of Silver Dollar-23% Export Tax on Silver.
•From Nanking yesterday (April 7) Associated Press advices stated:
The Nationalist Government decreed to-day that the use of taels be
abolished in favor of silver dollars immediately and that a 23.1 % export
tax be imposed on silver and other metals used in minting.
The tael was abolished in order to establish a unified monetary system.
Many merchants opposed the measure, maintaining that the tael, based
upon fine silver content, was a more reliable unit than the dollar.
At Shanghai the sudden abolition of the tael halted business in a majority
of transactions in which the tael is specified. Foreign banks opposed
the Government's action, but they probably will comply with it.
Bankers said the procedure creates a danger of serious fiscal troubles
should the Government fail to maintain the new silver dollar.
From the New York "Sun" we take the following Washington dispatch April 7:
.
The Chinese silver export tax of 234% will have an internal effect in
China but will not influence the international price of silver or Chinese
foreign trade, according to interpretations by Department of Commerce
officials.
The Department believes the tax probably applies to exports from Shanghai into the interior of China. It is thought to be a selective tax to bolster
the use of the new yuan now circulating untaxed at the expense of the
variety of other local Chinese coins which are expected to be restricted in
circulation by the silver levy.
The Department explains that this latest move by China is a step in the
chain to stabilize the country's monetary system along the lines laid down
by the Kemmerer Commission, which spent a year in China in 1929 studying the situation before making its recommendation for a unified system
of money for the country.
Haikwan Tael to Be Abolished--New Silver Yuan
Adopted by Customs Along with Chinese Customs
Gold Unit.
(i v ices, as follows, were issued March 11 by the Department of Commerce at Washington:
The Chinese Customs announces the substitution of the new silver yuan
for the Intikwan tael, according to Commercial Attache Julean Arnold, in
a cable;ram (Wed Shanghai, March 10 1933. (Until now the haikwan
tael has been us-xl in the collection of export duties and the valuation
of exports. "Ilaikwan" means "customs duty".)
The new silver yuan is 0.880 fine and contains 23.493,448 grams of
pure silver. According to the decision of the Government, 1.558 yuan
becomes the equivalent of one haikwan tael. Local yuan circulating at
par with the new yuan coins are acceptable in lieu of the new yuan in
payments to the Customs; other currencies are acceptable only at market
rates. During a transitional period ending July 10, Shanghai taels will be
convertible into yuan at the rate of one yuan equals 71% tael cents.
There is noticeable activity in the closing of orders with American
exporters because of the more favorable exchange rate prevailing in the
present speculative market of Shanghai.
China Extends Agreement Relating to Reorganization
of Provisional Court in Shanghai International
Settlement.
An Associated Press account from Shanglial. March 21,
said :
An agreement reached in February 1930 between China and the United
States, Great Britain, France, the Netherlands, Norway and Brazil, relating
to the reorganization of the provisional court in the Shanghai international
settlement, was extended to-day for three years, beginning April 1.
Japanese Budget for 1933-34 52% Higher than 1931-32—
Exchange Control to Include Supervision Over
Exports.
The Department of Commerce at Washington stated on
March 18 that the Japanese Diet has voted a supplementary
2335
The Diet also approved the steel merger bill and the export control law.
The latter embraces all the features of the recently enacted exchange control
law, but in addition contains provisions sufficiently broad to permit the
Minister of Finance to order traders to prepare foreign exchange drafts on
all shipments in order to prevent the accumulation of deposits abroad.
Mr. Butts also reported that it is believed in local financial circles that
the Government will assist the Oriental Development Co. In meeting
Its foreign obligations.
The Bank of Japan recently took over Government bonds to the amount
of 200.000,000 yen. It is probable that loans totalling a similar amount
will be made through the Deposits Bureau for agricultural relief.
Warehouse stocks have been increasing so far this year. At the end of
February, goods in warehouses in Tokio showed an increase over the previous month of 169,982 parcels and 5,825,000 yen in value. Total goods
In warehouses in Tokio alone were valued at 65.746.000 yen.
Japanese National Debt.
Japan's national debt has been increasing over the past
13 months and totaled 6,748,000,000 yen at the beginning
of February 1933, compared with 6,002,806,000 yen at the
end of 1931, according to a report of the Commerce Department's financial division. In making this known, March 29,
the Department added:
Th national debt is composed of 5,350,453,000 yen of domestic loans and
1,398,297,000 yen in foreign loans at the beginning of February 1933.
compared with 4.525,471.000 yen in domestic loans and 1.477,335,000 yen
in foreign loans at the close of 1931.
The foreign loans are divided into the following classes:
775,867,000 yen in sterling issues in January 1933 compared with 779.290.000 yen at the close of 1931: 161.067.000 yen in franc issues in January
compared with 169,016,000 yen at the end of 1931; 402,785.000 yen in dollar
Issues in January compared with 411,873,000 yen at the end of 1931: 58,758.000 South Manchurian Railway sterling loans in January compared with
117,156.000 yen in 1931.
Japan's Export Trade This Year May Fall Below 1932
Advices as follows were made public March 29 by the
Department of Commerce:
A stronger exchange market is creating some optimism in trading circles
in Japan, although the encouragement is overshadowed by the belief in
local industrial circles that Japanese export trade this year will fall considerably below that of 1932. according to a report to the Commerce Department's Regional Division from Commercial Attache Halleck A. Butts,
Tokio.
Some industries, it is reported, have already considered an increase in
production restrictions, notably the cotton spinning industry. An in
crease in the Indian tariff on pure rayon goods is reported to be disquieting
to Japanese rayon producers. Expansion in the rayon industry has been
very rapid and there are indications that plant capacity is now in excess of
probable demand.
Foreign trade returns for the first two months of this year indicate an
adverse balance of about $26,230,000, an increase of 27% over the import
excess for the corresponding period in 1932. A decline in exports is primarily responsible for the larger unfavorable trade balance.
Rice stocks as of March I are estimated at 235,000,000 bushels or 20,500,000 bushels more than stocks reported on March 11932.
India Gold Shipments Increased Almost 100% in 1932.
Exports of gold bars and coins valued at 722,391,000
rupees during 1932 changed what promised to be a most
unsatisfactory export showing into the largest favorable
balance enjoyed by India since 1925-26, it is indicated in
a report received by the Commerce Department from Calcutta, India. The Department's advices March 29 continued:
Exports of merchandise were valued at 1.349,000,000 rupees compared
with 1,646.000,000 for 1931, a decline of 18%. but overseas shipments of
treasure increased from 391,633,500 to 772,391.000 rupees in 1932. an
ncrease of almost 100%. The principal decline in exports occurred in the
"raw materials" group which dropped in value from 762.000.000 to 520,000.000 rupees, a loss of approximately 32%.
All foreign markets for Indian merchandise took less by value in 1932.
Japan showed the greatest decline, taking 34% less, followed by the United
States with 31% less, and the United Kingdom and the British Empire
with 15 and 14% less. respectively.
The value of imports continued to be high despite lower price levels.
declining only 1.5% to the total of 1,336.471.000 rupees. This showing
2336
Financial Chronicle
was due mainly to larger imports of raw and manufactured cotton, which
improved almost 124,000,000 rupees in value. A drop in the value of
Imports of food, drink, and tobacco, resulted from increased duties and
reduced buying power throughout the country.
Imports from all principal sources, except the United Kingdom and
Japan, declined. Departure from the gold standard, together with increased imports of cotton cloth, followed easing of boycotts and swadeshi
movements, was largely responsible in imports from these two countries.
The share obtained in the United Kingdom was valued at 485,806,000
rupees, 5% more than the preceding year and accounts for 35% of the
total from all sources. Imports from Japan were valued at 192.800,900,
compared with 138.623.000 rupees for the preceding year, placing Japan
second to the United Kingdom as a supplier of goods to the Indian market.
Imports from the United States declined front 143.902,000 rupees to
114,374.000 or 20% in value from 1931 and made up only 81i% of the total
from all sources, compared with 10.0% during 1931. This decline would
have been greater due to unfavorable exchange but for heavy imports of
raw cotton during a favorable price movement.
Bombay continued to be the chief port and was the only one that showed
an increase in the value of goods and treasure received and shipped. Approximately 55 of the gold shipments went through that port and it also
profited by the increase in the imports of cotton piece goods.
(The rupee was valued at about 34 cents in 1931 and 26 cents in 1932,
U. S. currency.)
$207,601,081 8103,360,500
Combined total of time and demand loans
8310,961,581
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
The compilation of the Stock Exchange since the issuance
of the monthly figures by it, beginning January 1926,follows:
1926Jan. 30
Feb. 27
Mar.31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Market Value of Listed Stocks on New York Stock Dec. 31
1927
Exchange April 1 $19,914,893,399, Compared with Jan. 31
Feb. 28
$19,700,985,961 March 1-Classification of Listed Mar.31
Apr. 30
Stocks.
May 31
June
As of April 1 1933 there were 1,221 stock issues aggre- July 30
31
gating 1,292,601,719 shares listed on the New York Stock Aug. 31
Sept.30
Exchange, with a total market value of $19,914,893,399.
Oct. 31
Nov.30
This compares with 1,228 stock issues aggregating 1,- Dec. 31
1928
296,231,953 shares listed on the Exchange March 1, with Jan. 31
a total market value of $19,700,985,961, and with 1,231 Feb. 29
Mar.31
stock issues aggregating 1,302,692,848 shares with a total Apr. 30
May 31
market value of $23,073,194,091 on Feb. 1. In making June 30
July 31
public the April 1 figures the Exchange said on April 6:
Aug. 31
As of April 1 1933, New York Exchange member borrowings on security
Sept.30
Oct. 31
collateral amounted to 8310,961,581. The ratio of security loans to
Nov.30
market values of all listed stocks on this date was therefore 1.56%.
Dec. 31
1929
As of March 1 1933 the New York Stock Exchange member Jan. 31
28
borrowings on security collateral amounted to $359,957,055. Feb. 30
Mar.
30
The ratio of security loans to market values of all listed Apr. 31
May
stocks on that date was therefore 1.83%.
June 29
31
In the following table listed stocks are classified by leading July 31
Aug.
Sept.30
industrial groups, with the aggregate market value and Oct. 31
Nov.30
average price for each:
Dec. 31
1930
Jan. 31
April 1 1931.
March 1 1933.
Feb. 28
Mar.31
Market
Aver.
Market
A tier
Apr. 30
Value.
Prise.
Value.
Pried.
May 29
June 30
8
July 31
A Ltos and accessories
880,076,803 8,35
825,307,233 7.61
Aug. 30
Financial
556,430,569 10.40
629,795.434 11.73
Sept.30
Chemicals
1656.371,758 25.11 1,583.610,876 23.79
Oct. 31
Buildings
125,061,461 7.94
112,781,979 7.16
Nov.30
Electrical equipment manufacturing
517,569,549 12.67
489,896,112 11.99
Dec. 31
Foods
1,586,190,644 22.38 1,481,935,515 21.03
1931
Rubber and tires
112,288,668 11.15
105,675,055 10.49
Jan. 31
Farm machinery
218,624,231 19.47
171,842,910 15.30
Feb. 28
Amusements
40,396,266 2.56
47,999,670 2.54
Mar.31
Land and realty
21,553,272 4.30
22.293,431 4.45
Apr, 30
Machinery and metals
566,233,944 11.68
513.314,057 10.78
May 29
Mining (excluding iron)
532,716,949 8.84
473,2041E82 7.86
June 30
Petroleum
1,944.189,697 10.56 1,902,474,039 10.40
July 31
Paper and publishing
92,704,867 5.52
81.696,965 5.14
Aug. 31
Retail merchandising
1,027,506,294 15.69
987,818,481 15.08
Sept.30
Railways and equipments
2,359.085,553 20.46 2,309,669,859 20.05
Oct. 31
Steel. Iron and coke
741,581,057 18.72
671.604,148 17.13
Nov.30
Textiles
90,512,580 8.19
88,431,799 7.98
Dec. 31
Gas and electric (operating)
1,686,630,571 24.37 1,885,405,037 27.25
1932
Gas and electric (holding)
947,021,137 9.64 1095,840.731 11.20
Jan. 30
Communications (cable. tel. & radio) 1,949.882,289 51.86 2,100,416.907 55.86
Feb. 29
Miscellaneous utilities
114,553,555 11.27
109,333,433 10.76
Mar.31
Aviation
113,015,594 6.34
102,221,315 5.74
Apr. 30
Business and office equipment
130,859,041 12.31
117,979,454 11.05
May 31
Shipping services
5,074,282 2.43
4.934,974 2.36
June 30
Ship operating and building
10,252,415 3.04
0,958,188 2.65
July 30
Miscellaneous business
51,794,521 11.55
48,975.651 10.92
Aug. 31
Leather and boots
152,992,770 22.18
141,404,917 20.50
Sept.30
Tobacco
1,019.719.223 39.32
963,840,624 37.14
Oct. 31
Garments
8,402,410 6.46
8.328.203 6.40
Nov.30
U. S. companies operating abroad__ 340,526,454 10.32
Dec. 31
294,870,673 8.98
Foreign companies (Incl. Cuba & can.)
325,074,975 8.77
319,329,331 8.58
1933
Jan. 31
All listed stocks
19,914,893,399 15.41 19,700,985.961 15.20
Feb. 28
Mar. 31
Outstanding Brokers' Loans on New York Stock
Exchange Decreased $48,996,476 During MarchMarch 31 Total of $310,961,581 Compares with
Total of $359,957,066 Feb. 28.
After four consecutive increases, outstanding brokers'
loans on the New York Stock Exchange decreased $48,995,475 during March as compared with February. The
March total (March 31) is reported by the Exchange as
$310,961,581 compared with $359,957,056 Feb. 28. The
latter figure was $615,998 over the Jan. 31 total of $359,341,058. In the March 31 statement demand loans are
shown as $207,601,081, compared with $222,501,556
Feb. 28, while time loans on March 31 are reported as
$103,360,500, against $137,455,500 Feb. 28. The March 31
figures were made public by the Exchange as follows on
April 4:
April 8 1933
Total net loans by New York Stock Exchange members on collater at
contracted for and carried in New York as of the close of business March 31
1933, aggregated 8310,961.581.
The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New York banks
or trust companies
$144,790,657 8102,316,000
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
City of New York
62,810,424
1,044,500
Demand Loans.
82,516,960,699
2,494,846,264
2,033,483,760
1,969,869.852
1,987,316,403
2,225,453,833
2.282,976.720
2.363,861,382
2.419,206,724
2.289,430,450
2,3 9.536.550
2,541.682,885
Time Loans.
8966,213,555
1,040,744,057
966,612,407
865,848,657
780,084.111
700,844,512
714,782,807
778.286,686
799,730,286
821,748,475
799.625,125
751.178,370
Total boans.
83.513,175,154
3,536.590,321
3,000,096,167
2,835,718,509
2,767,400,514
2,926,298,345
2,996,759.527
3.142.148,088
3,218,937,010
3,111,176.925
3,129.161,675
3,292,860,253
2,328,340,338
2,475,498,129
2,504,687,674
2,541,305,897
2,673.993,079
2,756,968,693
2,764.511,040
2,745,570,788
3,107.674,325
3.023.238,874
3,134,027,002
3,480,779,821
810,446,000
780.961,260
785,093,500
799,903,950
783,875.950
811,998,250
877,184,250
928,320,545
896.953,245
922,898.500
957,809.300
952.127,500
3,138,786,338
3,256,459.379
3,289,781174
3,341,209,847
3,457,860,029
3,568,966,843
3,641,695,290
3,673,891,333
3,914,627,570
3,946,137.374
4,091,836,303
4,432,907.321
3,392,873,281
3,294,378,654
3,580,425,172
3.738,937.599
4,070.359,031
3,741,632,505
5.787,894,495
4,093,889,293
4,689,551,974
5,115,727,534
5,614,388,360
5,722,258,724
1,027,479,260
1.028,200,260
1,059,749,000
1,168,845,000
1,203,687.250
1,156,718,982
1,069,653,084
957,548,112
824,087,711
763,993,528
777,255,904
717,481,787
4,420,352,514
4,322.578,914
4,640.174,172
1907,782,599
5,274,046,281
4.898,351,487
4.837,347,579
5.051,437,405
5,513,639,685
5.879,721,062
6,391,644,264
6,439,740.511
5,982,672,411
5,948,149,410
8,209,999,620
6,203.712,115
8,099,920,475
6,444,459,079
6,870,142,664
7,161,977,972
7,831.991,369
5,238,028,979
3,297,293,032
3,376,420,785
762,491,831
730,398,507
594.458,888
571,218.280
565,217,450
620,762,195
603,651.630
719,641,454
717,392,710
810,795,889
719,305,737
613,080,488
6,735,164,241
6,678,545,917
6,804,457,108
6.771930.395
6,685.137,925
7,071,221.275
7,173,794,294
7,881,619,426
8,549,383,979
6,108,824.868
4,016,598,769
3,989,510.273
3,528,246,115
3,710.563,352
4,052,161,339
4,362,919,341
3,966.873,034
2,980,284,038
3,021,363,910
2,912,612,688
2,830,259,339
1,980,639,692
1 691,494,226
1519,400,054
456,521,950
457,025,000
604,141,000
700.212,018
780,958,878
747,427,251
868,118,387
686,020,403
651,193,422
569,484,395
470,754.776
374,212,835
3.984,768.065
4,167,588,352
4,656,302,339
5,003,131,359
4,747,831,912
3,727,711,289
3.689,482,297
3,598.633,069
3,481,452,781
2,556,124,087
2,162,249,002
1,893,612,890
1,365,582,515
1.505,251,689
1,629,863,494
1.389,163,124
1,173,508,350
1,102,285,060
1,041,142,201
1,069.280.033
802,153.879
615,515,068
590,919,108
502,329.542
354,702,803
334,504,369
278.947,000
261965,000
261,175,300
289,039.862
302.950,553
284,787,325
242,254.000
180,753,700
130,232,800
84.830.271
1,720,345.318
1.839,756,058
1,908,810,494
1,651,128.124
1,434,683,650
1,301,321922
1.344,092,754
1,354,067,350
1,044,407,879
796,268,768
730,151.908
587,159,813
452,706,542
482.043,758
496,577,059
341,003,662
248,937,972
189,343,845
189,754.643
263,516.020
269.793,583
201,817,599
213,737.258
226,452,358
59,311.400
42.620,000
36,526,000
38.013,000
53,459,250
54,230,450
51.845.300
68,183.300
110,008,000
122,884,600
123,875,300
120.352.300
512,017,942
524,663,758
533,103,059
379,015,662
300.397,222
243,574,295
241.599.943
331,699,320
379,801,583
324,702,199
337.812,558
346,804,658
255,285,758
222.501558
207,601,081
104,055,300
137,455,500
103,360,500
359.341.059
359.957,056
310,961,581
Senate Adopts Resolution Broadening Power of Senate
Committee Inquiring Into Stock Market Trading
-Provides For Investigation of Private Banking
Houses, Including J. P. Morgan & Co.
On April 4 the U. S. Senate adopted the resolution introduced by Senator Fletcher broadening the powers of the
Senate Bank and Currency Committee which has been inquiring into stock market trading. The resolution, which
is understood to have been drafted by Ferdinand Pecora,
Counsel to the Committee, gives the Committee authority
to conduct an investigation into the affairs of private banking houses, including J. P. Morgan & Co. In noting (in our
issue of April 1, page 2154) the introduction of the resolution
in the Senate, we published a statement by John W. Davis,
counsel for the Morgan firm, indicating that the latter would
co-operate with the Committee. Stating that Senator
'Tr
Volume 136
Financial Chronicle
McNary on April 3 blocked for one and possibly two days
the adoption of the resolution, a Washington dispatch on
that date to the New York "Times" further said in part:
The Senate Banking and Currency Committee favorably reported a
resolution widening the authority of that committee to inquire into all
phases of public or private banking and the use of interstate commerce
facilities in issuing securities ..
Senator Fletcher reported the resolution as soon as the Senate convened
at noon, while Mr. Pecora in New York awaited word of its adoption in
order to proceed with his investigation of the Morgan company. However,
when Mr. Fletcher asked unanimous consent to consider the resolution
Immediately Senator McNary, Republican leader, interposed an objection,
saying:
"This resolution must necessarily go to the Committee on Audit and
Control."
Mr. McNary could have objected to immediate consideration and forced
the resolution to lie over for one day. His demand for reference of the
resolution to the committee that controls Senate expenditures raises the
possibility that when it is reported out of the audit committee to-morrow
a Republican objection may force it to lie over until Wednesday.
Senator Robinson of Arkansas, Democratic leader, jumped to his feet,
apparently angry, to argue tnat "there is no earthly reason" for sending
the resolution to the audit committee, as it does not contain authorization
for new expenditures, the committee having ample funds on hand under
the old stock market investigation resolution.
.
"Why should any one insist on sending this resolution to that committee?" he asked. "No additional expense is involved. Give me one
good reason for this procedure and I'll agree."
Senators Fletcher and Couzens joined with Senator Robinson in an
informal argument with Senator McNary, but Vice-President Garner ruled
that Mr. McNary had a right to make his demand. He said the parliamentary clerk informed him that although no expenditures are proposed
in the committee, new uses for Senate money is involved and therefore
the committee on audit and control has a right to consider the measure.
As adopted by the Senate on April 4 the resolution reads:
Resolved. That the Committee on Banking and Currency, or any duly
authorized subcommittee thereof, in addition to the authority granted
under S. Res. 84, 72d Congress, agreed to Mar. 4 1932, and continued
in force by S. Res. 239. 72d Congress,agreed to June 211932. and further
continued by S. Res, 371, 72d Congress, agreed to Feb. 28 1933, shall
have authority and is hereby (greeted:1. To make a thorough and complete investigation of the operation by
any person, firm, co-partnership, company, association, corporation, or
other entity, of the business of banking, financing and extending credit;
and of the business of issuing, offering or selling securities:
2. To make a thorough and complete investigation of the business conduct and practices of security exchanges and of the members thereof:
3. To make a thorough and complete investigation of the practices with
respect to the buying and selling and the borrowing and lending of securities which are traded in upon the various security exchanges, or on the
over-the-counter market, or on any other market: and of the values of
such securities, and
4. To make a thorough and complete investigation of the effect of all
such business operations and practices upon inter-state and foreign commerce. upon the industrial and commercial credit structure of the United
States, upon the operation of the national banking system and the Federal
Reserve System, and upon the market for securities of the United States
Government, and the desirability of the exercise of the taxing power of
the United States with respect to any such business and any such securities, and the desirability of limiting or prohibiting the use of the malls,
the telegraph, the telephone, the radio, and any other facilities of interstate commerce or communication with respect to any such operations and
practices deemed fraudulent or contrary to the public interest.
For the purpose of this resolution the Committee, or any duly authorized
subcommittee thereof, is authorized to hold such hearings, to sit and act
at such times and places, either in the District of Columbia or elsewhere,
during the first session of the 73d Congress or any recess thereof, and until
the beginning of the second session thereof, to employ such experts, and
clerical. stenographic and ' other assistants, to require by subpoena or
otherwise the attendance of such witnesses and the production and impounding of such books, papers and documents, to administer such oaths,
and to take such testimony and to make such expenditures as it deems advisable. The cost of stenographic services to report such hearings shall
not be in excess of 25 cents per 100 words. The expenses of the investigation shall be paid out of the sum heretofore made available for the investigation authorized under S. Res. 84, S. Res. 239, and S. Res. 371. 72d
Congress.
Revision of Administration's Federal Security Bill
Undertaken by House Committee—Hearings on
Measure by House and Senate Committees.
It was stated in Associated Press dispatches from Washington on Apr. 6 that revision of the administration bill for
regulation of security issues was undertaken that day by the
House Inter-State Commerce Committee, with the purpose
( clearing away objections developed in several days of
4
hearings. A summary of the bill submitted to Congress by
President Roosevelt appeared on page 2158 of our issue of a
week ago (Apr. 1) and on page 2157 we gave the President's
message to Congress recommending legislation for Federal
supervision over the sale of investment securities. Hearings
on the proposed legislation have since been conducted by the
House Inter-State and Foreign Commerce Committee and
the Senate Banking and Currency Committee. With the
completion of the hearings on the measure by the House Committee on Apr. 5, that body called an executive session for
Apr.6 to redraft the legislation. On Apr.5 Associated Press
dispatches from Washington stated:
Chairman Rayburn said that testimony of both proponents and opponents
of the measure had necessitated a revamping of the bill. Its publicity
principle, as requested by President Roosevelt in his message to Congress,
ho said would be retained.
The Senate Banking Committee meanwhile prepared to continue hearings
to-morrow on the proposal.
2337
Huston Thompson,former Federal Trade Commissioner, who helped draft
the pending bill, and Robert E. Healy, Counsel of the Trade Commission,
proposed a number of amendments to the original measure at the hearings
before the House committee, including one to make it apply only to stocks
and bonds issued after the law becomes effective.
Mr. Thompson said that between $13,000,000,000 and $14,000,000,000
"In questionable securities" had been issued in New York State since 1928.
The hearings by the House and Senate Committees gotten
under way on March 31 brought out testimony (we quote
from a New York "Times" dispatch on that date from Washington) that of $50,000,000,000 in securities floated in this
country in the last 13 years half had proved either "worthless or undesirable." The same dispatch stated that conflict
of opinion arose among Congressional leaders over just what
securities the pending act would apply to. We also quote
from the same account the following:
Senator Robinson, the Democratic leader, said that "if you don't apply
the law to existing securities you lose 90% of the value of the law," and it
was his opinion that the measure would be made to apply to all outstanding
issues.
This was in sharp disagreement, however, with the views of authors of
the measure, including Huston Thompson, former chairman of the Federal
Trade Commission, and Alexander Holtszoff, representing Attorney General Cummings.
They told the House committee that the law could apply only to flotations
hereafter made or to securities which have already been authorized but not
advertised or offered for sale to the public before the effective date of the
new act.
Some Classes Seek Exemptien.
House bemocratic leaders are preparing to make a determined stand for
the securities measure, this determination being strengthened by intimations
that some classes ofissuers would seek to have themselves exempted from the
"pitiless publicity" requirements of the measure.
While they laid plans for swift action on the first step of the President's
permanent program of protection for investors and depositors, the other
two steps, to establish better supervision of the stock and commodity exchanges and eliminate unethical and unsafe banking practices, continued in
abeyance pending action on the securities bill. . . .
Sponsors of the securities act had not been informed to-night how many
types of security issuers would seek to avoid its provisions. It was reported
that railroad companies would oppose vigorously their inclusion in the part
of the measure which compels detailed information about the issuer in any
advertisement of a security flotation.
An appeal was made openly to the House Committee to exempt building
and loan associations from the requirements for registration of every security
issue. This plea was made on the basis that such registration would work
great inconvenience to many mutual building and loan societies, while the
fee would work financial hardship.
See Difficulties for Railroads.
The railroad companies are not included among the issuers required
by the act to register detailed information with the Federal Trade Commission, since their securities must be passed upon under present law by the
Inter-State Commerce Commission.
But the exemptions to railroad companies are not repeated under the
section providing for information that must be set forth if a stock issue is
advertised to the public.
Under that provision the railroads, if they advertised a stock or bond
issue or if one were advertised for them by an investment house, would
have to set forth an account of the whole transaction, including the fees
to be paid to the bankers for handling the loan, the name of the underwriting syndicate, the capital structure of the railroad, including its assets
and liabilities, and its profits and losses during the year just preceding the
offering.
Some persons conversant with the railroad situation went so far as to
express the view that advertising of these facts concerning the carriers would
almost preclude flotation or sale of securities under present conditions.
Representative Parker of New York, former Chairman of the Commerce
Committee and an authority on the railroad problem, insisted that jurisdiction over flotations of the carrier companies should be left entirely to the
Inter-State Commerce Commission, as at present.
Questions from the Republican side left an inference that an attempt
would be made to make the bill more specific as to the control of the
Federal Trade Commission over the floation of foreign securities in the
United States.
Under the terms of the bill the American underwriting syndicate or agent
of a foreign government or industrial enterprise is compelled to register
any proposed issue along with the information required. The only veto
Power the commission would have would be to revoke the registration and
thus outlaw the issue.
Representative Wolverton of New Jersey insisted that the commission
should have authority to stop foreign floattions without subterfuge.
Mr. Thompson answered that blunt action of that nature might offend
sensitive governments to the point that they would construe it as an unfriendly act. Ile related that the State Department had practically such
authority all along but hesitated to use it on that account.
Mr. Wolverton suggested that the pending act be amended to give the
President authority to stop or suspend any foreign issues.
"Would you favor that?" Mr. Wolverton asked.
"I would hesitate to add it to this bill," Mr. Thompson replied.
Advises a Separate Bill.
"Then do I understand," Mr. Wolverton persisted, "that you would
not favor giving the President authority to use his own discretion in this
matter?"
Mr. Thompson smiled.
"I would not want to say what I would be willing to grant the President,"
he said, "but I think that your suggestion should be included in a
separate
bill."
Walter L. Miller, chief of the Foreign Service Division of the Department
of Commerce, said that the State Department had been "very reluctant"
to concern itself with foreign stock issues because of tne lack of
specific
law on the subject. Ile said that under the pending act the Federal
Trade
Commission could discuss any particular foreign issue with the
Cabinet
officers involved and with representatives of the foreign power, and, on
the basis of facts developed, ask the borrowing government to withdraw
Its issue if undesirable or of doubtful worth.
"If the government in question should persist in its offering and
refuse
to withdraw its security issue, then the Federal Trade Commission
could
revoke its registration and no offense legitimately could be taken," he said.
2338
Financial Chronicle
Mr. Miller, under questioning from Mr. Wolverton, estimated that
had
$12,000,000,000 in foreign securities, both governmental and private,
gone
been issued in this country. He declined to estimate how many had
into default, saying simply that a "very substantial portion" had either
"gone bad" or deteriorated to the point of worthlessness.
He was also authority for the estimate that $50,000,000,000 in securities
that
had been floated in the United States between 1919 and 1932, and
about half of them had proved undesirable or worthless.
"This law is designed to stop that sort of business," Mr. Miller said.
Mr. Thompson explained in his testimony that the bill was based on
the theory that adequate public information about security issues would
amply protect the public.
"We can't protect fools," he said, "but we can give investors every
reasonable opportunity to obtain information through the Federal Trade
Commission on securities offered for sale."
Refers to Brandeis Book.
Mr. Thompson alluded frequently to the British securities act, from
which many of the bill's ideas were taken, and to the Martin act of New
York State, from which the language was copied.
He also referred often to a copy of the book of Associate Justice Brandeis
of the Supreme Court on "Other People's Money."
was
A model advertisement for stock issues under the proposed law
lifted bodily from this book and placed in the record by Mr. Thompson,
declared
Mr. Holtszoff, Attorney General Cummings's representative,
that the bill's purpose could be summed up in the words: "Pitiless publicity
of all facts of which purchasers of securities should be informed."
He said that honest business should have no fear of it, "but dishonest
business cannot survive it." He agreed with Mr. Thompson that speculaas
tive stock, even practically worthless stock, could still be issued so long
it did not bear evidences of fraudulent purpose or background, but he
held that the public certainly could know what it was doing on the basis
of information required under the act.
"It not only prohibits false information, but it prohibits the omission
of information," he added.
Arthur R. Tucker of New York, Secretary of the Controller's Institute
of America, suggested an amendment to the bill requiring that the principal
accounting officer of any issuing corporation or partnership be required to
sign the registration statement along with the officers. Under the terms
of the bill those signing the statement—and all officers and directors
would be required to sign—would be held liable for its contents.
A few amendments suggested for the bill were noted by Mr. Thompson
and his advisers for further study. Among them was one offered by
filed
Representative Marland of Oklahoma to the effect that information
by the issuers of foreign securities should disclose, in addition to the commissions to be paid, the amount of balances to be left with the underwriting
banks in this country and other collateral agreements between the floaters
and their agents.
Representatives of investment houses whose stock and
bond flotations in the last few years have run into the billions
told the House Committee on Apr. 1 that legitimate business
had nothing to fear from President Roosevelt's plan for
Federal supervision of interstate securities. The Washington
account, Apr. 1 to the New York "Times" noted this, and
went on to say in part:
Frank M. Gordon of Chicago, President of the Investment Bankers
Association of America, and George W. Bovenizer of New York, partner
of Kuhn, Loeb & Co., expressed wholehearted approval of the legislation
for their groups and even offered assistance in making it more "air tight"
in its regulation of future issues.
Mr. Bovenizer sought to allay the fears of any class issuing securities
which might seek to be excused from the "pitiless publicity" requirements
of the act. Answering specific questions relative to the reluctance of the
railroad companies to advertise their financial situations at this time, as
would be required under the bill, he expressed the view that full publicity
would do much to clear up the public mind about the railroad transactions.
Steps for Clarity Urged.
Mr. Gordon suggested that certain sections of the measure be amended
for the sake of clarity, and said detailed suggestions would be filed with
its consideration.
the committee when it met again Tuesday to continue
A delay in the progress of the securities act was foreshadowed to-day
when the committee adjourned until Tuesday.
"Whole-flearted" Backing Given.
Mr. Bovenizer said that Kuhn, Loeb & Co. were "whole-heartedly" in
favor of the bill.
"We have sat back for 12 years and watched the dragging down of the
name of what has been called an investment banker because of some who
should never nave been in the business," he said. "We have never employed a high-pressure sales campaign to force securities on the people."
It was in answer to questions by Representative Parker of New York
that Mr. Bovenizer sought to give reassurance to the railroad companies
that no harm would result from the advertising of issues required in the
bill. Asked specifically if he would care to have advertised the margin
of fees collected on flotations, Mr. Bovenizer answered:
"I think it might be a good thing. We have nothing to conceal regarding these fees; in fact, any information that is required under this act
already is available to the Interstate Commerce Commission. A general
whole question
advertising of these facts might do much to clear up the
in the public mind."
Mr. Bovenizer said privately that his firm already disseminated probably
more information to buyers of railroad securities than required under the
the
pending bill. Ile said there were certain defects in the bill regarding
be cleared
time of registration in relation to the time of issue which could
up without impairment of its essential features.
Fletcher Denies Decision.
ComSenator Fletcher, Chairman of the Senate flanking and Currency
difference
mittee, was somewhat critical of press reports construing the
division of the Demoof interpretation of the provisions of the bill as a
cratic leadership.
He said the bill did not make it exactly clear to what issues it would
way and
apply and hence the question arose, which some answered one
some another.
leaders
After reference to the President's message on the subject, the
parts of old
agreed that it would apply to new issues or to authorized
large blocks of
issues which had not been actually offered for sale or to
old securities advertised to the public.
measure this morning.
The Senate Committee held a short hearing on the
of Certified Public
J. H. Carter, Chairman of the New York State Society
Building
Accountants, and C. C. James, representing the United States
and Loan League, were the only witnesses.
April 8 1933
Mr. Carter suggested that the facts to be made public by the bill should
include a profit-and-loss statement of the issuers of stock for three years
just preceding the issue instead of one, as now provided.
Mr. James asked the Senate Committee to exempt mutual building
and loan associations from the requirements of posting a fee of 1-100th
of 1% of the value of each flotation.
According to the Washington correspondent of the New
York "Journal of Commerce" a stiffening of the fraud provi—
sions of the bill with power vested within the Federal Trade'
Commission to investigate all issues now on the market, was.
urged on Apr. 3 before the Senate Banking Committee by
William C. Breed, New York, counsel for the New York,.
New Jersey and Connecticut Investment Bankers' Associa—
tion. From the same account we quote:
At the same time he recommended that the revocation provisions of the
measure permitting the Commission to revoke registration of securities.
because of unsoundness, be stricken from the bill on the ground that it
contradicts the statement of President Roosevelt that the Federal Government is not to be placed in the position of passing on the soundness
of an issue.
Criticizes Section.
Mr. Breed further criticized Section 4 requiring each director of a corporation to be responsible personally for the accuracy of information
required to be filed with the Commission when the proposed security is
registered.
He predicted that if that requirement is continued in the bill directors
of corporations would be compelled to resign, especially those connected
with large organizations with investments of several million dollars, because it would be inadvisable for them to assume responsibility for each
figure included in a statement of the corporation's ramifications.
The principle of the bill, however, was given a general indorsement
by Mr. Breed, who felt that its enactment would "help the investment
banker in every particular." He expressed hope that Congress would
make a "model" law of the bill which could be adopted by each of the
States and result in a uniform system of securities regulation.
Thompson Gives Testimony,
Huston Thompson, former member of the Federal Trade Commissiors
and one of the drafters of the bill, admitted to the Senate Committee
that there appeared to be much objection in the House Inter-State Commerce Committee now studying the measure against revocation of this
section of the bill.
The principal complaint, he pointed out, was made on the ground that.
by inference, the section placed the Government in the position of giving
its stamp of approval to the soundness of security issues. Framers and
proponents of the bill had no such thought in mind when drafting the
measure, he added, and to clarify the situation he had no objection to.
the elimination of the two provisions permitting the Commission to revoke
registration if the affairs of a corporation are in an unsound condition or
if the enterprise or security is not based on sound principles.
Sees Clarification Needed,
Mr. Thompson also admitted that the bill needs to be clarified as regards what securities are to be affected by its provisions upon its enactment.
He suggested that the Committee might amend the measure making it
apply to all future issues or those issues which have not yet been sold
to the public.
Consideration also should be given, he added, to a requirement that
corporations file statements quarterly with the Commission in order that the
latter might keep abreast of the changes in the financial structure of the
organizations which have registered their certificates with the Commission.
An amendment prepared by the Federal Reserve Board limiting the
It.
definition of securities was read into the record by Senator Glass.
proposes to exempt from registration requirements of the bill commercial
papers, such as bankers' acceptances, notes, drafts and bills of exchange
based on commercial, agricultural or industrial transactions with maturity
of not more than nine months.
Arthur H. Dean of New York, who said he represented a.
"number of investors," criticized the administration's securities bill before the Senate Banking Committee on Apr. 4
as "a hopeless confusion of ill-assorted provisions lifted bodily
out of the English marketing act and certain blue sky laws."
Associated Press advices frcm Washington report him as
follows:
Mr. Dean said he was in sympathy with President Roosevelt's message
on securities regulation, but that the bill would not afford adequate protection to investors.
The committee chairman, Senator Fletcher, told Mr. Dean he wanted
"constructive suggestions" and did not "want to spend time here listening
to people pick the bill to pieces."
can't,
"The bill is so confused that if a corporation has a maturity and
get the information ready in time, it will promote receiverships," Mr. Dean
replied. "We want it simplified."
a.
As to foreign issues, the witness said the bill "practically amounted to
Prohibition against such loans."
A rewriting of the bill along the lines of the British companies act was
urged by the witness.
From Associated Press dispatches from Washington Apr. 5.
we take the following:
The Senate's Banking Committee heard arguments (Apr. 5) against the
bill from R. V. Fletcher, General Counsel of the Association of Railway
Executives, who contended it was unnecessary to bring railroad's financing
under the Federal Trade Commission control proposed by the bill, because
the roads are now under supervision of the Inter-State Commerce Commission.
Iluston Thompson, former Trade Commission Chairman and one of the
a.
drafters of the securities bill, told the committee Fletcher was under
"misapprehension." He said the small regulatory charge of one one-hundredth of 1% is not levied by the bill on railroad securities.
Bill Not Held Burden.
Alexander Holtzoff of the Department of Justice, said: "It seems to us
with
this bill is not any burden on and does not constitute any interference
legitimate business."
Holtzoff
But illegitimate business ventures could not survive under it,
added.
Volume
116
Financial Chronicle
lioltzoff told the committee that removing the liability of directors for
stock Issues as asked by some witness "would take the teeth out of the
bill."
The person causing an investor to lose, even though innocent of any
fraudulent intent, Holtzoff maintained, should be liable.
Cites Fictitious Follies.
Robert E. Healy, Chief Counsel for the Trade Commission, cited to the
Committee, as indicative of a need for regulation and full publicity, evidence
collected by the Trade Commission in its utility investigation showing overcapitalization, watered stocks, subsidiary holding companies and methods
resorted to by many to dispose of their stocks at increased values and
profits.
Healy said he recounted this data to show that many securities were based
on fictitious values.
He suggested the bill be amended to require companies to report costs of
their assets and how that cost was paid. Touching briefly on the Insull
utility empire's crackup, he said one Insult operating company showed a
deficit and then another took over its stock at par value, setting up a surplus
to replace the deficit on the books.
"This never could have happened if American legislators had not departed
from the common law principle that one corporation couldn't own the stock
of another," Healy said.
New York Stock Exchange Calls for Information From
Members Regarding Transactions in Securities of
Chicago & North Western Ry.
Members of the • New York Stock Exchange have been
called upon to furnish to the Committee on Business Conduct a list of all transactions made on April 5 in securities
of the Chicago & North Western Railway Co. At the same
time members are requested to send to the Committee all
telegraphic communications dealing with the affairs of the
company (other than orders) received or sent by members
April 5. Indicating that the action of the Committee is
prompted by the sharp declines in stock and bond issues of
the road on April 5, the New York "Times" of April 7 said:
No explanation was issued by the Exchange, but it was assumed in Wall
Street that the Committee was seeking evidence of a bear raid on the
securities.
Heavy selling of the issues on Wednesday (April 5) was accompanied
by widespread rumors of a possible reorganization of the company. The
rumors were denied In banking circles and by officials of the company.
The common stock declined 1% points to 134, the preferred 134 to 234
and the various bond issues from 1
3. to 8 points. The Exchange, it is
believed, is seeking to ascertain whether the rumors were circulated to
prepare the ground for an organized bear raid. Its rules forbid transactions
which are likely to demoralize trading and also bar the spreading of false
rumors.
The Chicago & North Western issues rallied sharply yesterday as the
rumors of an imminent reorganization subsided. The common stock advanced %, the preferred 1 point and the bond issues also were generally
higher, four of them advancing from M point to 6 points, while three
declined from 34 point to 534 points.
The following is the communication addressed to members
of the Exchange on April 6:
NEW YORK STOCK EXCHANGE
Committee on Business Conduct.
April 6 1933.
1,, Members of the Exchange:
The Committee on Business Conduct directs me to request that you
furnish it by noon, Monday, April 10 1933, with a list of all transactions
made by you on Wednesday, April 5 1933. (trade date) in the following
securities of the Chicago & North Western Railway Co., giving the volume
and prices, the names of the members or firms with whom the transactions
were made, and the customers for whom you acted:
General 4%
due 1987.
General 4° bonds, due 1987, Stamped.
General 5% bonds, due 1987, StamP•
Stamped.
Debenture S. F. 5% bonds due 1933.
Debenture S. F. 5% bonds; d e 1933, Stamped.
u
Secured Gold 634% bonds, due 1936.
First & Refunding Gold 5% bonds, due May 1 2037.
First & Refunding Cold
bonds, due May 1 2037.
First & Refunding Gold 434% Series D, bonds, due May 1 2037.
%,
Convertible Gold 434%, Series A, bonds, due 1949.
Common Stock.
7% Non-cumulative Preferred Stock.
The Committee also requests you to send to it at the same time
telegraphic communications dealing with the affairs of this company or
Its securities other than specific orders sent or received by you on April 5
1933
This information is to be sent in a sealed envelope addressed to the
Committee on Business Conduct. Delivery should be made at the Incoming Window, Annex Department, 18 New Street, New York City.
I'lease note that this request calls for a reply from each member of the
Exchange to whom it is sent regardless of whether or not he has any information to submit.
Ashbel Green, Secretary.
Unlisted Security Dealers Association Approves Change
in Name—New Designation New York Security
Dealers Association.
The Board of Governors of the Bank Stock and Unlisted
Dealers Association approved a change in the name of that
organization to the New York Security Dealers Association,
the change becoming effective April 3. The change in name,
It was stated, was for the purpose of bringing the title of
the organization more in line with the wider activities of
the Association. The announcement regarding the change
says:
The Bank Stock and Unlisted Dealers Association was formed by the
merging of the Unlisted Securities Dealers Association, which was organized on Jan. 8 1926, and the Association of Bank Stock Dealers, which was
rganized on May 11 1926. The original purpose behind the organiza-
2339
tion of these associations was to establish fair and equitable principles
of trading among the dealers in securities which are not listed on the
major exchanges, also to aid the newspapers in their efforts to secure
reliable quotations on these securities. . . .
By changing the name to the present title, it is felt that the diversified
interests of the members will be more adequately described. The officers
of the Association and the personnel of the Board of Governors will continue the same as for the present organization, namely: Mark A. Noble,
President ; Frank Y. Cannon and Clinton Gilbert, Vice-Presidents; Harry
D. McMillan,. Treasurer, and Oliver J: Troster, Secretary.
•••••
Inquiry into Listing Practices of New York Curb Exchange Begun by New York State Attorney-General
Bennett—Statement by Howard C.Sykes,President
of Exchange.
On April 5 an investigation into the listing practices of
the New York Curb Exchange was opened in this city,
following an announcement on April 4 by the New York
State Attorney-General, John J. Bennett Jr., that the
investigation would be undertaken by his office. Mr.
Bennett's statement of April 4 said:
Attorney-General John J. Bennett Jr., to-day announced that, following the receipt of several complaints during the past few days, an investigation will be immediately instituted into the listing practices of
the New York Curb Exchange.
Howard C. Sykes, President of the New York Curb Exchange, has been
called for examination on Wednesday morning. The investigation will
be conducted by Assistant Attorney-General John F. X. McGohey, in
charge of the Bureau of Securities, and Assistant Attorney-General Ambrose V. McCall.
Pending the investigation Mr. Bennett refused to make any extended
comment. However, he did state:
"As a result of a preliminary survey made of the listing practices
on the New York Curb Exchange it appears that listed and unlisted
securities are traded in without discrimination.
"There is a widespread belief among the investing public that all
securities traded on the Curb Exchange conform to the standards for
listed securities established by that Exchange. The practice of admitting stocks and bonds to unlisted trading privileges presents an opportunity for serious abuses and my investigation will have for its object
the elimination of this so-called unlisted trading."
Wirt the opening of the inquiry on April 5, in the offices
of the State Bureau of Securities, at 80 Centre Street, this
city, Mr. Sykes was the first witness. A statement issued
by President Sykes on that day indicating that the Curb
Exchange "welcomes any inquiry which will clarify to the public the methods employed by the Exchange in admitting
securities to dealing," added that, "the Exchange believes
that the admission to dealing upon its floor of securities
wraich are being traded in the New York market by overthe-counter dealers and investment bankers is a distinct
benefit to the public." Regarding the hearing on April 5
the New York "Times" of April 6 reported:
Mr. Sykes went to Mr. Bennett's offices accompanied by William S.
Muller, former President of the Exchange, William A. Lockwood, counsel
for the Exchange, and Mortimer Landsberg, Treasurer and Chairman of
the listing comniittee. He was interrogated by Assistant Attorney-General John F. X. McGohey, in charge of the Bureau of Securities, and
Assistant Attorney-General Ambrose V. McCall.
"All we questioned Mr. Sykes about was the general practices of the
Exchange as to handling of listed and unlisted securities," Mr. McGohey
said. He added that Mr. Muller would be questioned to-morrow and
that Mr. Sykes would again be interrogated a week from to-morrow.
Mr. McCall explained that the proceedings thus far were in the nature
of a preliminary hearing to determine what procedure would follow. The
State officials will decide in a few days whether to hold public hearings
in the near future.
Mr. McCall added that the Attorney-General was not interested, at
this phase of the inquiry, in brokers who merely buy or sell on order,
but that he would investigate dealers who set themselves up as specialists,
obtain permission to trade on the Exchange in unlisted securities, establish
the price by selling a small number of shares on the Exchange, and then
sell a large number of shares at the same price "out of the box" to the
public.
It was further declared that these dealers get all the benefits of
the
added prestige given a listed stock without the stock or bond having
met any of the requirements fully listed securities are subjected
to.
"There have been several specific instances showing unlisted securities
were the subjects of fraudulent practices," Mr. McCall declared.
One purpose of the inquiry, he added, is to prevent the
possibility of
frauds and "if the facts warrant, to take whatever steps are
necessary."
Under the Martin act, the Attorney-General has the power
to stop any
practice where there is possibility of fraud.
Data Sykes Must Give.
Mr. Sykes received a questionnaire asking him to
furnish the AttorneyGeneral as quickly as possible with full information
regarding the following:
The total number of stock issues in the years 1929,
1930 and 1931—
listed and unlisted.
Total issues bonds, same period—listed and unlisted.
Total number of shares listed, traded in during
each of the above years.
Total number of shares unlisted, traded in during
each of the above
years.
Total dollar volume of bonds listed, traded in
during each of the above
years.
Total dollar volume of bonds unlisted, traded
in during each of the
above years.
A list of all corporations whose securities
have been formerly listed on
the New York Curb Exchange during the years
1929, 1930 and 1931,
which have been stricken from the list on
account of bankruptcy, re-
2340
Financial Chronicle
of the company. Inceivership, or for irregularities in the management
have been stricken from the
clude in this list all cases where securities
register agents.
list on account of discontinuation of transfer and
unlisted trading privileges.
Same as above on the securities admitted to
state the number of shares,
In answering both of the above questions,
each company concerned.
bonds and debentures issued and outstanding by
bond, or debentures,
List of all corporations whose issues, either stock,
removed from trading
formerly listed on the Exchange, which have been
the part of brokers,
privileges because of objectionable practices on
during the years 1929,
specialists, dealers or officials of the corporation
1930, 1931, 1932 and up to date.
5 folThe statement issued by President Sykes on April
lows:
will clarify
York Curb Exchange welcomes any inquiry which
The New
Exchange in admitting
to the public the methods employed by the
securities to dealing.
dealing upon its floor
The Exchange believes that the admission to
York market by overof securities which are being traded in the New
distinct benefit to the
the-counter dealers and investment bankers is a
a purchaser or owner of
public. In buying from or selling to dealers
names as his price.
stock or bonds must pay or receive what the dealer
over-the-counter
This price will include his own profit. The differential
the dealer.
varies according to the willingness of
acts as an agent and
On the Exchange, to the contrary, the broker
open market place. It
buys or sells on a fixed commission basis in an
medium of brokers
is a place where buyer and seller meet through the
published throughor agents for principals. The prices are immediately
rules; members
out the country. Each transaction is subject to definite
and regulation by the Exexecuting orders are subject to discipline
change and each specific transaction may be verified.
The important item to the public is the character of securities dealt
in. This present inquiry does not consider what have been termed "Fully
the
Listed" securities, that is, securities admitted on the application of
which are
company issuing them. The inquiry is in respect to securities
Exchange. This applicalisted on the application of a member of the
must be
tion must be made by a regular member of the Exchange who
is
himself a registered holder of the stock for which the application
be filed
made. This does not apply 'to bonds. Exhaustive data must
actual
. with the application. The company itself must have been in
and must show
operation for not less than two years, preferably more,
Committee. Profit and loss
a record of earnings satisfactory to the
Poor's Manual,
statements covering a period of two years must appear in
or be filed
Moody's Manual, Fitch's Manual or Standard Statistics Manual
by an official
with the Committee. Each request must be accompanied
which report must
copy of the latest annual report of the corporation,
be prepared by a properly qualified practicing independent accountant
director or employee of the corIn good standing and not by an officer,
poration.
The company must have established the principle of furnishing to
stockholders periodic reports certified to by independent accountants.
A full history and description of the business from the date of its
inception to date must be supplied. The names and addresses of the
officers and directors are likewise furnished.
All balance sheets and earning statements are submitted to an independent certified public accountant for examination and report. All
the papers filed with the application are examined by the sub-committee
of five of the Listing Committee. They are also examined by the Listing
Department of the Exchange. If satisfied that the interest of the public
would be forwarded by the admission to dealing upon the Exchange of
such securities they are admitted. In other words, the same essential
data is furnished and the same careful examination is made of each
such security as is the case in respect to the securities listed on the application of the issuing company.
All of this information is open to the public and the Exchange records
constitute the maximum of information available in any quarter to the
prospective investor.
These general requirements are the product of experience over the
years; they have been added to from time to time and have been made
progressively stricter. The principles underlying the present requirements have previously guided the Unlisted Committee in its determinations.
In respect to the character of these securities it may be said that over
70% of the stocks admitted on member applications paid dividends in
1928.
In respect to our present rule that companies must have established
the practice of periodic audits by independent accountants, a hurried
check of 1932 reports on file with the Exchange of 665 corporations
whose stocks are admitted shows that 72% are audited by independent
accountants.
In its April 5 issue the "Times" said in part:
Most of Securities Not Listed.
the State officials said that a large part of the investing
One of
public did not know that the majority of the securities dealt with on
the Curb Exchange had not been formally listed and consequently the
many rules of the Exchange did not apply in any way to the corporations which had issued such securities. It was pointed out that in tradof a
ing unlisted securities it was possible to trade in the securities
corporation that did not want its stock traded in the market.
It was also stated that many investors did not want to purchase stock
that was not listed on the Exchange, and often bought under misapprehen
sion unlisted securities in the belief they had been subjected to the
same scrutiny as the listed securities.
Another State official pointed out yesterday that in dealing with unof
listed securities it was often possible for unscrupulous diatributors
eecurities to use the Curb Exchange as a means of helping them in their
real
sales. Such dealers will take a security that does not enjoy a
market on the Curb, arrange a sale at a price well above the market,
to sell the security to the
then point to this quotation in their efforts
public.
investing
It is the desire of Mr. Bennett and his aides to have the
the
public know that the corporations issuing securities dealt with in
and
market have complied with the listing requirements of the Exchange
of
that the officials of the Exchange know of the financial condition
Curb Exsuch corporations. It was emphasized that a member of the
a given security and wishes to make
change has merely to state he owns
stock can have unlisted
a market in it and very quickly afterward such
trading privileges.
April 8 1933
Figures For Last Year Cited.
that the
Figures were furnished to the Attorney-General indicating
trading in the
New York Curb Exchange does a large part of its bond
only about
unlisted department. Of the bonds traded in the year 1932,
$8,000,000, or less than 1%, was actually listed. •
Exchange
Mr. Bennett contends that securities dealt with on the Curb
the filing of
should be listed and that the Exchange should compel
whose securifrequent statements of financial condition of the companies
accounts,
ties are listed, including balance sheets, income and expense
under
and should notify the public that these are open to examination
proper rules and regulations.
York Curb
The annual report of Mr. Sykes as President of the New
were traded and
Exchange covering 1932 shows that 57,159,897 shares
0.
$929,433,00
the bond turnover for the period had a value of
to unlistedThe report states that the par value of shares admitted
period was $63,733,700. Shares without par
trading privileges for the
the twelve-month
values admitted to unlisted-trading privileges during
months of July,
period were 7,099,390. No figures are given for the
the 7,099,390 being
August, September, October and December of 1932,
the total for the other months of 1932.
From the New York "Evening Post" of April 1 we take
the following by George W. Bolton:
removed from
The New York Curb Exchange, since February 11, has
issues, the
trading privileges 96 bonds, most of them relatively inactive
Exchange mem"Evening Post" has learned. The removals, announced to
to continue in
bers in the bulletins issued every Saturday, are expected
the coming weeks.
no announceThe Curb Exchange, so far as can be learned, has made
public as to why these issues
ment either to Exchange members or to the
offered to the "Evening Post,"
have been removed. The only explanation
that issues are being
upon inquiry at the offices of the Exchange, was
removed because of inactivity.
has
Distributing dealers, however, declare that the Curb Exchange
to "unlisted-trading
begun to modify its practice of admitting bonds
for such action
privileges," partly as a result of a widespread demand
the country.
on the part of dealers both in New York and throughout
Most Are Not Listed.
majority of the bonds traded on the Curb Exchange are not
The great
must conform to stringent relisted in the sense that the companies
of periodquirements, including the payment of a listing fee, the filing
and the conformance to various
ical statements of financial condition
rules.
before recent removals,
Of the total of 873 issues traded on the Curb,
of allowing unlisted
only 23 are said to be fully listed. The method
the company which
trading in securities arises not from the desire of
but solely
issues the bonds or from the sponsoring investment banker
to trade in such issues.
from the desire of Curb Exchange members
in the "bond crowd," for example, beA Curb member who operates
in a
lieves that he can do a satisfactory amount of profitable business
appointed
certain bond. He then applies to the Listing Committee to be
the "specialist" in that particular security.
Ask For Consent.
bankThe New York Curb Exchange then advisee the corporation or the
the
ing house which originated the bonds in question that they consider
and endeavors to secure
bonds eligible for "unlisted trading privileges"
the consent of the company to authorize such trading.
There are, however, innumerable instances in which the Curb officials
started
did not ask for this consent, and many others in which the Curb
trading where consent had been denied by the company.
The "unlisted-trading" department of the New York Stock Exchange
was eliminated in 1910 upon the recommendation of the Hughes investigating commission.
Many corporations and originating investing houses are now questioning
the right of the Curb Exchange to trade in securities which are not
"fully listed" under the Curb's rulings.
The Curb Exchange recognizes that its position is vulnerable, since the
Imposition of listing requirements would cause many of the corporations which desire full listing privileges to transfer their membership
to the New York Stock Exchange.
One observer expresses the viewpoint of distributing dealers as follows:
"Distributing dealers can seldom make a commission or a profit on
bonds which are dealt in on the Curb. A distributing house's profit
comes from buying in a wholesale, or dealers' market, at dealer prices,
just the same as in any other business, and selling at a retail price. If
a distributing dealer is acting as agent, he then buys for a client at the
most advantageous price and charges an agreed commission.
"Very few investors, other than professionals, are conversant enough
with the relative merits of bonds to buy without the guidance of distributing houses. Distributing houses cannot afford to give this guidance
unless they can make either a' dealer's profit or a commission. Consequently, most issues dealt in on the New York Curb do not enjoy the
market help that distributing dealers can give them by soliciting orders.
See Higher Prices.
"Distributing dealers believe that bonds which they are recommending
and into which they are guiding investors' savings enjoy a better and a
higher market, and consequently a higher credit standing for the company, than the same bond would find if it merely enjoyed trading privileges
on an exchange without any sponsorship.
• "This applies, however, more definitely to issues of lesser known corporations and issues of which there is not a very large outstanding amount.
Dealers concede that issues of $10,000,000 principal amount and upward, and of companies which are well known to the public, probably
should be listed.
"The corporation represented by the bonds should determine whether
the investor will fare better with or without listing. The initiative for
having bonds dealt in on an exchange should come from the issuing
company, not from members of the Exchange."
The Curb Exchange, on the other hand, argues that in the great majority of instances investors benefit from having their securities traded on
an exchange. Daily quotations, in addition to being a matter of convenience, are a protection to the investor against selling his securities
at prices less than their actual trading value.
Bonds Are Removed.
Moreover, it is argued, bank loans are much more easily obtainable on
securities on which daily transactions are recorded.
Financial Chronicle
Volume 136
Bonds which have been removed from trading privileges since February 11 are as follows:
Due.
Due.
Amoskeag Mfg 20
-year Ss_ _Jan. 1 1948 Keystone Public Service 5s_Nov.
Atlantic Fruit & Sugar 8s._Jan. 1 1949 Lake Sup Dist Pow B 5s__Dec.
7s
Jan. I 1949 Lehigh Valley Ry 43
June
Alabama & Vicksburg Ry 5s.M ay 1 1974 Lehigh & NE RR A 5s__ July
Bates Valve Bag a t 6s_
Aug. 1 1942 Lexington Teleph 65 w w Mar.
Brooklyn Boro Gas A 5s_._Feb. 1 1967 Louisv Rend & St L Ry 5s_July
Brit Col Power A 5)4s
Mar. 1 1960 Luzerne City G & E 6s
Sept.
Canada Cement Ltd A 5SO Nov. 1 1947 Massey Harris Ltd 5s
Oct. 1
Cent Atlantic States Service
Memphis Pow & Lt C 4Sis_ April
sfA6sww
Mar. 1 1943 Michigan Asso Tel A 5s
April
Cent Vermont PS A 5s__ _ _Oct. 1 1959 Michigan Pub Serv A Ls AprIl
Chicago Artificial Ice 1st 69.May 1 1938 Minn & Ontario Paper C 6s- May
*Col River Longview Bridge:
Morris Plan Shares A 6s__ _Sept.
654s
Oct. 1 1953 Nat Trans Ry hr in 434s Oct.
73
Oct. 1 1943 Northern N Y Util C 6s.
_,May
Continental Roll & Steel
July
E 55
Foundry A 6s
June 1 1940 Norwich & Wor RR 4,Sis Mar.
Consolidated Textile 88
June 1 1941 Ohio States Tel B 5s
July
Colorado Power Sa
May 1 1953 Park & Tiltord Inc a t 6s June
Davies (William) A 6s
Nov. 1 1942 Pa Glass Sand 6s
July
Des Moines Electric 5s
Nov. 11938 Pa & NY Canal & RR Ss__April
Duquesne Gas cony 6jis_...Mar. 15 1935 Pittsb Bess & L Erie RR 5s_Jan.
Convertible 1st 6s
Mar. 15 1945 Pitts Screw & Bolts t 5Sis_June
E St L & Interurb Wat A 5s July 1 1942 Pond Creek Poca cony 7s--May
Electric Public Serv 534a C_April 1 1942 Portland Terminal 4s
July
Georgia & Fla RR 1st 6s A_Nov. 1 1946
53
July
Gateway Bridge 1st 7s
AprIl 1 1938 Potomac E P ten & ref 6sApril
Great Britain & Canada InAug.
Salmon River Power 5s
vest(w w)cony deb 4As_April 1 1959 610 Park Ave Bldg 6s
July
Greenwich W & G A 5sApril 1 1952 Sioux City G & E A 6s
Sept.
Harbour Comm of Montreal
B 65
Feb.
Si,
Nov. 1 1969 So Calif Edison Ltd 4 Sis....Nov.
Harrisburg Gas 1st 5s
May 1 1970 Southern Pub Serv A 6sFeb.
Havana Docks 1st el 7s
July 1 1937 Strawbridge &Clothier Ist5sSept.
Hoboken Ferry 1st cons 58 May 1 1946 Stutz Motor Car of Am Inc
Indiana Harbor Belt gen
7 W3
Oct.
mtge 4jis
July 1 1957 Sun Maiden Raisin Grape
Indiana Southwestern Gas &
Feb.
Assn 6SO
UM CADY A Si,
June 1 1940 Temple Anthracite Coal6YisSept. 1
Indianapolis Water:
Tennessee Power 1st 5s
May
1st & ret Ois
Jan. 1 1940 Tri-State Tel & Tel:
1st lien 55
Dec. 1 1960
May
lat A 515s
Indianapolis Water Works
let B 58
May
Securities 55
Jan. 1 1958 Tri Utilities cony 55
Sept.
Inland Power & Light C St.April 1 1957 Union Gas UM A 614s w w_Nov.
Intercont Pow cony Ca.—Dee. 1 1948
Nov.
A 6Sis
Invest B & S 56 A w wJune 1 1947 United Porto Rican Sugar
Iowa Ry & Light B 5s
June 1 1946
Sept.
A 6.145
Iowa Public Service ...ill._ _Sept. I 1051 Wanamaker (John), Phila.
Grand Rapids & Ind R
11:33
April
Real Estate 5)48
Kansas City Gas A b.,
Feb.
..43 Wayne Coal 6s
Mar.
Kansas Electric Pow A 58 June 1 1937 Wisconsin Public Service:
Kansas Okla & Gult Ry 58_ July 1 1978
5s
Jan.
Keystone W W & Eiee 5.)is_Nov. 1 1948
B 530
Jan.
1978
1956
1948
1954
1944
1946
1954
1947
1978
1961
1947
1950
1947
1955
1943
1955
1947
1944
1936
1952
1939
1947
1947
1935
1961
1961
1953
1952
1940
1947
1949
1955
1943
1948
1937
1942
1944
1962
1942
1942
1979
1937
1937
1937
1949
1937
1942
1958
•Stamped.
New York Stock Exchange Asks Members to Instruct
Trustees to Keep Exchange Advised Regarding
Changes Affecting Bond Issues Listed on the
Exchange.
A notice has been issued to members of the New York
Stock Exchange having bonds listed thereon asks them to
instruct trustees to advise the Exchange as to any changes
affecting bond issues. The notice was made public yesterday (April 7) by the Exchange as follows:
NEW YORK STOCK EXCHANGE
Committee on Stock List.
Gentlemen
Your company has outstanding the following bond issue (s) listed on the
Now York Stock Exchange:
To Insure receipt of prompt advice for the benefit of bondholders and
the investing public, we would greatly appreciate your instructing the
trustees or fiscal agents for these issues to use their best efforts to keep
the Exchange advised as follows:
1. To notify the Stock Exchange immediately of any change or removal
of collateral deposited as security.
2. To notify the Stock Exchange immediately if the principal amount of
an issue is declared due and payable.
3. To notify the Stock Exchange of the issuance or authentication of
additional or duplicate bonds.
4. To notify the Stock Exchange semi-annually of cancellations or other
reductions in the outstanding amounts.
In requesting your trustees to give us this information it may be well to
point out that notification of changes in collateral is not requested with
respect to issues primarily secured by mortgages on real property where
your company is not under agreement to notify the Exchange of such
changes.
Nothing in this request is intended to relieve your company of any of
its specific agreements with the Exchange nor to affect in any way the
terms of the indentures or agreements under which any securities are
outstanding. The purpose is to provide a systematic method of obtaining
current items of information.
Certain trustees which have been consulted in this matter have indicated
that they will be glad to cooperate with the Exchange in tho manner outMed upon the request of the companies for whom they act.
Will you kindly advise us whether or not you will ask your trustees to
follow this procedure in the future? We will be glad to be of any assistance
to you in this matter.
Yours very truly,
Committee on Stock List,
J. M. B. Homey, Executive Assistant.
Illinois Sales Tax of 3% Goes Into Effect April 1—
Estimated Annual Revenue Placed at $65,000,000.
The new Illinois 3% general sales tax had its first day's
application on April 1, and the initial attempt to collect the
impost resulted in some confusion, according to advices from
Chicago. The new tax must be collected by the merchant,
and the only articles exempted are gasoline and farm products
sold directly by the producer to the customer. The estimated
revenue to the State Emergency Relief Fund is $65,000,000
annually.
2341
A Chicago dispatch to the New York "Times" April 1
states:
No provision has been made for fractional payments, hence many retailers will ask an additional penny for all sales up to 33 cents, two pennies
for all above 33, and up to 66, and three pennies for all above 66 and up to
$1. In some instances the tax may be absorbed by the merchant on small
cash sales. But in any case the State will hold him responsible for three
cents on every dollar of business, and it forbids him to pocket any excess
tax caused by lack of means to levy fractions of a cent.
Some confusion and a good deal of customer grumbling were consequences
of inexperience with this new method of taxation. Adjustment and reconciliation are expected to come with time. Customers are being reminded
that the sales tax is solely for the relief of the dependent unemployed.
Recognition of that fact is counted upon to soothe ruffled feelings. All
Chicago stores reported increased sales on the days preceding inauguration
of the tax.
Comptroller of Currency and New York Banking
Authorities Omit Usual Calls for Bank-Condition
Statements at End of First Quarter, but Many
Institutions Issue Reports.
The Comptroller of the Currency refrained from issuing
a call for statements of condition of national banks at the
end of the first quarter of the year because of stress incident
to the banking holiday. New York State banking authorities also omitted to issue a call for statements. Despite
these omissionh many banks in New York as in other States
evidenced a desire to show their condition as of March 31,
and issued the usual statements during the first week of
April. The Comptroller is required by law to make three
calls annually, while the New York State banking examiner
must make four calls a year.
New York City Bank Stocks at New 1933 Low—
Aggregate Market Value of 16 Leading Issues
Drops to $1,100,852,000, Against High for Year of
$1,853,678,000 on Jan. 10.
The New York City bank stock market dropped to a new
low for 1933 during the past week, the result being that the
/
1%. The aggregate value
average yield is now more than 72
of the 16 leading issues as compiled by Holt, Rose & Troster
ended the week at $1,100,852,000, against an aggregate value
of $1,212,864.000 at the close of the previous week, a decline
of $112,012,000, or 9.2%. The 1933 high was $1,853,678,000
on Jan. 10 and the low point of the depression was $929,895,000, recorded on May 31 1932. The firm also says:
The average yield of the 16 stocks is now 7.61% compared with 6.90%
the average yield on March 24. The current market value of the 16 issues
Is now 0.71 times their known book value against 0.78 on March 24.
Based upon current figures the 16 stocks are now selling at an average
of 8.1 times their known earnings compared vulth 8.8 times on March 24.
Citizens Protective League of Atlantic City Seeks Local
Bank Probe.
President Franklin D. Roosevelt has been requested to
order a Federal investigation of the banking situation in
Atlantic City, N. J.
The request came from the Executive Committee of the
Citizens' Protective League, which drafted a telegram to
the President late March 30 asking Federal intervention.
The officers stated that the action had been debated a week
ago, and they felt that subsequent developments justified
the step.
The telegram, reported by the Associated Press in advices
from Atlantic City March 31 follows:
The Citizens' Protective League of Atlantic City, N. J., composed f
taxpayers and property owners, requests that you have immediately inpast and present, in Atlantic City. Municipal funds as well as individual deposits have
been rendered largely unavailable to the city, its employees and its citizens.
It is believed that a political-financial liasion has unnecessarily caused a
loss and restraining of both municipal and individual money.
Our citizenry is unable to ascertain the exact facts or obtain relief, but
It is believed that questionable financial operations utilizing our banks
deposits has caused municipal chaos and precipitated conditions of destitution which are growing worse. Conservators of closed banks here can
probably afford evidence in Justification of our citizens' request—a debt
loaded and financially distrained people lacking the confidence and sympathy of its municipal regime and banks are imploring the aid of their
Government.
stituted a Federal examination of banking conditions, both
Globe & Rutgers Fire Insurance Co. to Be Liquidated—
State Insurance Superintendent Says Rehabilital
tion of Company Is Not Feasible-75% Payment
Predicted.
An application for the liquidation of the Globe & Rutgers
Fire Insurance Co. was made to the New York Supreme
Court April 6 by George S. Van Schaick, State Insurance
Superintendent of New York, bringing to the close attempts
to rehabilitate the concern. The Superintendent's action
_halted abruptly efforts of a reorganization committee to
Financial Chronicle
2342
raise $6,000,000 in new capital to reorganize the company.
Although the Superintendent did not say so, it was understood that the drive to raise the new capital had not been
successful.
The formal statement by Mr. Van Schaick, announcing
the liquidation, follows:
An application has been made to the Supreme Court of the State of
New York by the Superintendent of Insurance, represented by the Attorney-General, for the liquidation of the Globe and Rutgers Fire Insurance Co. on the ground that he deems that further efforts to rehabilitate such company under the order of the Court made March 24 1933,
would be futile.
At the time the order of rehabilitation was obtained, there seemed to
be a reasonable opportunity to effect a reorganization of the company.
A reorganization committee was promptly formed, and efforts were made
by this committee to work out a sound plan of reorganization. No plan
has been developed which, in the opinion of the Superintendent, is feasible
under present conditions, and he has come to the conclusion that it is
for the best interests of the policyholders, creditors and the public to
seek liquidation of the company.
The New York "Times" April 7 says in part:
Before the application was filed Supreme Court Justice Glennon signed
an order granting Mr. Van Schaick permission to reinsure with other
companies risks now reinsured by the Globe and Rutgers and to pay
for this out of the company's assets. In signing the order Justice Glennon was guided by two affidavits, one signed by H. E. Bilke, a VicePresident of the insurance company, and the other by Richard A. Brennan,
special deputy insurance superintendent.
Mr. Bilke, in his affidavit, predicted that, in the event the assets of
the company can be fully liquidated, it will be able to pay out about
75 cents on each dollar of its liabilities. With the elimination of doubtful assets, he added, a payment of at least 55% can be made.
Reinsurance reserves as of March 21 Mr. Bilke estimated at $17,500,000.
There will be considerable salvage to the company he said, due to cancellations, an item which would be extremely large if the company were
not liquidated. There will also be salvage out of some $7,600,000 in outstanding risks.
Mr. Bilke predicted that the company would eventually receive the
full $3,400,000 for mixed claims, which it carries on its books, this in
the face of the fact that the Insurance Department will only allow $2,000,000 to this account to be entered on the company reports. He expects, too, he said, that the company will receive $1,400,000 withheld
by foreign companies under reinsurance agreements.
In case of liquidation, he declared, the assets, as of March 21, are to
be figured at $30,845,832 as against liabilities of $37,038,000. The
largest liability items are $11,313,000 due the Reconstruction Finance
Corporation, $7,600,000 in outstanding losses, $17,500,000 in reinsurance
reserves and $025,000 reserved for commissions, taxes and similar items.
In his affidavit Mr. Brennan explained that of the $1,200,000 cash on
deposit in banks $700,000 is not immediately available because of company loans. Part of it, he thought could be obtained through negotiation.
Reinsurance in Globe & Rutgers Fire Insurance Co.
Replaced in Pennsylvania.
The Insurance Co. of the State of Pennsylvania on
March 31 telegraphed its field men and agents as follows:
Reinsurance has been effected with the American Insurance Co. of New
Jersey to replace the Globe & Rutgers.
Paul B. Sommers, Vice-President of the American of
Newark, explaining the transaction said the American had
taken over 50% of the unexpired liability of the Insurance
Co. of the State of Pennsylvania, as of noon March 31, as
measured on the State of Pennsylvania's net line. Mr.
Sommers explained that he understood the State of Pennsylvania had previously reinsured 50% of its liability in the
Globe & Rutgers and had retained 50% and that under
the arrangement with the American of Newark, that company would assume 50% of the liability and the State of
Pennsylvania would retain the other 50%.
.-..-.
Globe & Rutgers Suspended in Onatrio.
A Canadian Press dispatch of April 4 from Toronto
states:
W. H. Price, Attorney-General, gave notice in to-day's "Gazette" that
the license authorizing the Globe and Rutgers Fire Insurance Co. to
transact the business of fire, automobile, explosion, inland transportation, property, inland marine and weather insurance in *Ontario was
suspended after March 27, according to an Order-in-Council.
Cut in Gold Content of Dollar Proposed in Senate
Bill Offered by Senator Connally—Called Sound
Inflation—Texas Senator Declares Plan Would
Raise the Prices of all Farm Products.
Devaluation of the gold content of the dollar and the
establishment of a system whereby this content will fluctuate
in value along with commodities is proposed in a bill introduced on April 3 by Senator Connally. A Washington dispatch to the New York "Times" states that the measure
would change the entire monetary system of the United
States, immediately reducing the gold content of a dollar by
about one-third, according to his estimate, although the bill
does not make this definite stipulation.
"The reduction of the gold content of the dollar is the
only sound plan of inflation," Senator Connally is reported
as saying in describing his bill. "The immediate effect of the
April 8 1933
revaluation of the dollar will be to raise the price of cotton,
wheat and all other farm products sold on international
markets to a price level approximately 50% above that of
to-day." The dispatch to the "Times" April 3, continued:
Under the bill gold coins apparently would go as completely out of circulation as under the strict Treasury regulations that now obtain. Coinage
of gold would be discontinued and the metal would be held by the government as security for currency and gold certificates.
Senator Connally proposes that a bureau be established within the
Treasury Department which from time to time will fix the gold content
of the dollar in accordance with the average prices of a long list of representative commodities.
An index of commodity values is compiled by the Bureau of Labor
Statistics in the Department of Labor.
The bill would protect the government against speculators in gold by
authorizing confiscation of all profits made by individuals through gold
transactions by levying of a tax of 100% on such profits.
The bill was referred to the Banking and Currency Committee, which
has before it several other bills dealing with methods of increasing the
supply of currency. Most of these proposed measures, however, attack the
problem from the standpoint of appreciating the value of silver.
The silver bills range from one by Senator Wheeler reviving the Bryan
formula, providing for coinage of silver at a fixed ratio of 16 ounces of silver
to one ounce of gold, to a bill by Senator Pittman providing that the government purchase all silver offered to it at the market value.
Globe & Rutgers in Connecticut.
We take the following from the "Wall Street Journal"
of March 31:
The Factory Insurance Association of Hartford, Conn., has cancelled
the membership and business of Globe & Rutgers Fire Insurance Co., according to a telegram sent to policyholders, agents and brokers by H. P.
Smith, manager of the home office. The communication stated that the
liability of Globe & Rutgers on risks written through Factory Insurance
Association was assumed by the member companies of the association,
when the company was taken over by the New York Insurance Department.
Globe & Rutgers also has resigned as member of the Railroad Insurance
Association and the United States Aviation Underwriters Association.
Secretary Woodin Confers with Congressional Leaders
Advocating Silver Remonetization—Secretary Says
He Will Study Question with Open Mind but
Avoids Commitments.
Secretary of the Treasury Woodin conferred on April 5
with 17 members of the Senate and House who are interested
in raising the price of silver. After the meeting he said
that he had determined to make a thorough study of the
various measures dealing with the silver question which have
been proposed, but that he has made no "commitments" as
to his future course of action. The various members of
Congress were headed by Senator Pittman of Nevada.
Reduction In Rediscount of Rate Federal Reserve Bank
of New York—Rate Lowered From 33/i to 3%.
The rediscount rate of the Federal Reserve Bank of New
York was this week lowered from 33' to 3%. The announcement of the change was made on April 6, the reduced
rate becoming effective April 7. A month ago the Bank
raised its rate from 23' to 33'%. Stating that this week's
action was in recognition of the pronounced easing of the
money market since the termination of the banking holiday
the New York "Journal of Commerce" of yesterday (April
7) said:
According to reports in financial quarters some of the directors favored
5
,
bringing the rate back to the 23 % level, which had been held up to March
2. In view of the expectation that the Treasury Department soon would
grant licenses to export gold it was considered sounder policy to hold the
rate to 3% for the present, it was said.
The increase in the rate last month was noted in our issue
of March 4, page 1473. The following is the announcement
made by the Reserve Bank this week:
FEDERAL RESERVE BANK OF NEW YORK
(Circular No. 1205, April 6, 1933. Superseding Circular No. 1164, Dated
March 2 1933.)
RATE OF DISCOUNT.
To all Member Banks in the
Second Federal Reserve District:
You are advised that, effective from the opening of business Friday,
April 7 1933, until further notice, this bank has established a rate of discount
of 3% per annum for rediscounts of eligible paper for member banks, and
advances to member banks under the terms of Section 13 of the Federal
Reserve Act.
George L. Harrison, Governor.
Recent Amendments to Federal Reserve Act Sus..marized by Federal Reserve Bank of New York.
In its April 1 Monthly Review the Federal Reserve Bank
of New York summarizes as follows recent amendments to
the Federal Reserve Act:
The Act of Congress approved March 9 1933, entitled "An Act to provide
relief in the existing national emergency in banking, and for other purposes,"
makes several changes in the Federal Reserve Act,
Section 3 of the Act of March 9 1933, adds a new subsection (n) to Section
11 of the Federal Reserve Act authorizing the Secretary of the Treasury.
when in his judgment "such action is necessary to protect the currency
system of the United States," to require the delivery to the Treasurer of the
Volume 1?6
Financial Chronicle
United States of "any or all gold coin, gold bullion, and gold certificates
owned" by "individuals, partnerships, associations and corporations."
Failure to comply with any such requirement of the Secretary of the Treasury is made subject to a penalty of twice the value of the gold or gold certificates with respect to which the failure occurred.
Section 401 of the Act of March 9 1933, amends the sixth paragraph of
Section 18 of the Federal Reserve Act so as to provide for the issuance of
Federal Reserve Bank notes secured by any direct obligations of the United
States or by any notes, drafts, bills of exchange, or bankers acceptances
acquired under the Federal Reserve Act, and not requiring gold reserves.
This section specifies the conditions under which such notes may be issued,
and provides that "No such circulating notes shall be issued under this paragraph after the President has declared by proclamation that the emergency
recognized by the President by proclamation of March 6 1933. has terminated, unless such circulating notes are secured by deposits of bonds of
the United States bearing the circulation privilege."
Section 402 of the Act of March 9 1933, amends and somewhat further
liberalizes the provisions of Section 10 (b) of the Federal Reserve Act,
under which advances may be made by Federal Reserve Banks under certain conditions to member banks against their notes secured by collateral
that was not eleigible prior to the passage of the Glass-Steagall Act early
In 1932. This section provides that no advance may be made under it
after March 3 1934. or after the expiration of such additional period not
exceeding one year as the President may prescribe.
Section 403 of the Act of March 9 1933, adds to Section 13 of the Federal
Reserve Act a new paragraph under the provisions of which Federal
Reserve banks may make advances on the promissory notes of any individuals,
partnerships or corporations secured by direct obligations of
the United
States.
The Act of March 9 1933, was amended by the Act approved March
24
1933, which adds a new section, Section 404, authorizing Federal Reserve
banks to make loans to non-member banks and trust companies subject to
certain specified conditions. The section provides that such loans may
be
made, in the discretion of the Federal Reserve bank, after inspection and
approval of the collateral and a thorough examination of the applying bank
or trust company; that each application for a loan shall be accompanied by
a statement of the State Banking Department or Commission that in its
judgment the applying bank or trust company is in sound condition;
and
that while such bank or trust company is indebted to the Federal Reserve
bank it must comply in all respects with the provisions of the Federal Reserve Act and the Federal Reserve Board's regulations applicable
to member
State banks,except that in lieu of subscribing to stock of the Federal Reserve
bank it must maintain a reserve balance required by Section 19 of the Federal Reserve Act. The section also prescribes certain other conditions with
respect to loans thereunder to non-member banks and trust companies.
Under the terms of the section such loans may be made "During the existing
emergency in banking, or until this section shall be declared no longer
operative by proclamation of the President, but in no event
beyond the
period of one year from the date this section takes effect."
The text of the act of March 9 (the Emergency Banking
Act)was given in these columns March 11, pages 1625,1626).
The Act aproved by President Roosevelt March 24, was
known as the Robinson-Steagall Measure, and an item regarding Congressional action on its appeared in our issue of
March 25, page 1991, and the text of the measure as enacted
will be found on page 1992.
New York State Banking Board Asks Congress to
Require All State Banks to Become Members of
Federal Reserve System.
The New York State Banking Board, in resolutions dated
March 23, expressed its approval of a unified National
banking system and memorialized Congress in favor of
compulsory membership of all banks and trust companies in
the State in the Federal Reserve System. The resolutions,
which were read into the "Congressional Record," were
signed by Joseph A. Broderick, who is State Banking
Superintendent and Chairman of the Banking Board.
They read as follows:
Whereas it is generally recognized that one of the principal weaknesses
of the banking system of this country has been the over-establishment
and
the competitive establishment as between Federal and State
authorities
of unit banks; and
Whereas the potential dangers of the over-establishment of
In any system of branch banking which may be established isbranches
equally
great and
Whereas it Is desirable to have some degree of uniformity in banking
practices and a further unification of our credit facilities; and
Whereas Congress now has under consideration a general amendment
of the Federal banking laws;
Now, therefore, be it Resolved, That this Board memorialize Congress
to incorporate in any new legislation with respect to branch banking adequate safeguards against this evil; and further
Resolved, That it is the sense of the Board that such legislation should
provide that no National bank or branch thereof shall be established in
any community served by a State bank or trust company without the
approval of the State authorities, if and provided the State will provide by
law that no State bank or trust company or branch thereof shall be established in any community served by a National bank without the approval
of the Federal authorities as well as of the proper State authority; and it
is further
Resolved, That we favor the requirement, as soon as practicable, of
compulsory membership in the Federal Reserve System of all banks and
trust companies of this State.
Ruling of Federal Reserve Board Regarding Computation of Reserves—Classification by Member Banks
of Certificates of Deposit Payable to Other Banks
Within 30 Days.
In a notice issued March 29 to member banks, the Federal
Reserve Bank of New York calls attention to a ruling of
the Federal Reserve Board, published in the Board's
"Bulletin" of November 1932, with regard to the classi-
2343
fication by member banks of certificates of deposit payable
to other banks within 30 days. From the New York Reserve Bank's circular we quote the ruling as follows:
The question has been presented to the Federal Reserve
Board whether
a certificate of deposit payable by one bank to another and
due within
30 days should be classified as an amount "due to banks" or as
a demand
deposit in preparing reports of condition and in computing the
amount of
reserve to be carried with the Federal Reserve bank.
Section 19 of the Federal Reserve Act, which prescribes the reserve
requirements of member banks of the Federal Reserve System, provides
that
"the net difference of amounts due to and from other banks shall
be taken
as the basis for ascertaining the deposits against which required
balances
with Federal Reserve banks shall be determined." It is the
opinion of
the Federal Reserve Board that an amount which will not become
due and
payable until a future date is not an amount "duo" within the meaning
of this provision; and accordingly a certificate of deposit which will be
due
and payable to another bank within 30 days. but has not yet become
due,
may not properly be classified as an amount due to banks. Inasmuch
as
such a certificate is payable within 30 days, it constitutes a demand deposit
under the provisions of the law and should be so classified by a member
bank, both in preparing reports of condition and in computing the amount
of its required reserve.
Governor Harrison of the Reserve Bank, in his notice
to member banks, says:
In computing your reserve to be carried with this bank will you please
be guided by the above ruling.
A revised form (Form B-15) has been prepared by the Federal Reserve
Board for computation of reserve to be carried with the Federal Reserve
banks by member banks and for your convenience copy of this form is reprinted on the next page. This form supersedes the form which accompanied our Circular No. 902, dated Feb. 1 1929. A small supply of the
new form is also enclosed and additional copies will be furnished on request.
The changed form follows:
COMPUTATION OF RESERVE TO BE CARRIED WITIATHE
FEDERAL RESERVE BANK BY MEMBER BANKS.
NET DEMAND DEPOSITS SUBJECT TO RESERVE.
1. Demand Deposits. except U.S. Government deposits
and amounts "due to banks"
$
(See Schedule It of the quarterly condition report
for items constituting demand deposits.)
2. Due to Banks:
(Items correspond with those in Schedule J of the
quarterly condition report.)
(a) Due to Federal Reserve Bank (deferred credits) $
(b) Due to other banks and trust companies in
United States (Amounts sub,ect to immediate
withdrawal)
(c) Due to banks in foreign countries(Amountssubject to Immediate withdrawal,
(d) Certified and cashier's or treasurer's checks, including dividend checks, outstanding
(e) Letters of credit and travelers' checks sold for
cash and outstanding
(1) Total due to boats
Less:
3. Due from Banks:
(Items correspond with items 4 to 8 in Schedule I of
the quarterly condition report.)
(a) Items with Federal Reserve Bank in Process of
collection
(b) Due from banks (other than Federal Reserve
Bank) and trust companies in United States
(Amounts subject to immediate withdrawal)_
(c) Exchanges for clearing house and other checks
on local banks
(d) Balances Passible in dollars due from foreign
branches of other American banks (Amounts
subject to immediate withdrawal)
(e) Total duefrom banks
4. Net Amount Due to Banks(Item 2-f minus item 3
-e)
(If "Total due from banks," item 3-e, exceeds "Total due to
banks," item 2-f, no amount should be reported against item 4.)
5. Net Demand Deposits Subject to Reserve (Item 1 Plus item 4)TIME DEPOSITS.
6. Deposits Payable after 30 days or subject to 30 days'or more notice,
as defined In Federal Reserve Board Regulation D; and Postal
Savings
(See Schedule L of the quarterly condition report for items constituting time deposits.)
RESERVE REQUIRED,
On Net Demand Deposits (item 5 above): Banks in central reserve
cities, 13%; in reserve cities, 10%; elsewhere. 7%
On Time Deposits (Item 6 above): 3%
Total Reserve to be maintained with Federal Reserve Bank_
entative Draft of Revised Glass Bank Bill Provides
For Deposit Insurance.
A tentative draft of the revised Glass bank bill, providing
for the creation of a gigantic corporation to insure deposits
of Federal Reserve member banks, was distributed yesterday
(April 7) to members of the Senate banking subcommittee
in charge of the bill. Associated Pill advices from Washington last night (April 7) also had the following to say
regarding the revised bill:
Designed to give 100% insurance on deposits in member banks, the corporation would be capitalized by a subscription of $150,000,000 from
the
Treasury and a levy of one-half of 1% on the deposits of tAte banks.
Member banks would be required to subscribe for stock in the corporation
amounting to one-half of 1% of their deposits, but not more than one-half
Of this amount during the first year.
Another meeting of the subcommittee probably will be
held to act on
the tentative draft before it is submitted to the full committee.
,,
The revised measure is based upon the Glass bank reform bill
of last
session, and retains provisions of that measure designed
to curb the use of
Federal Reserve credit for speculative purposes.
.
Several new provisions are in the bill, however, in addition to the
insurance feature. It would prohibit payment of interest on demand deposits
and
prevent interlocking directorates between banks and industrial corporations.
Members of the subcommittee have been informed that about $215,000,000 was paid out last year as interest on demand deposits, and they pointed
out that elimination of this outlay would strengthen the banks by that much
2344
Financial Chronicle
Branch bank provisions of the Glass bill as it passed the Senate are retained in the tentative draft, providing authorization for national banks to
establish branches in States which permit their State institutions to have
them.
There is no provision for divorcing commercial banking and trust company
activities.
The bill still retains the clause requiring divorcement of banks and security
affiliates, however, and allows two instead of five years for this separation.
Opposition to Bill to Provide State Guarantee Fund
for Bank Deposits Voiced in Report of Executive
Committee of New York State Chamber of Cornimerce—Cites Failure of Similar Plans.
Strong opposition to the bill to provide a State guarantee
fund for bank deposits, now before the Legislature, is voiced
In a report of the Executive Committee of the Chamber of
Commerce of the State of New York which was acted upon at
the regular monthly meeting of the chamber yesterdaY
(April 6).
The report points out that the history of the attempts
to establish such State guarantee funds is largely a record of
failure. Further objection to the bill is made on the ground
that "it would hand over to a political body autocratic
powers which should not be granted except possibly in times
of a great national emergency." The bill, which was
introduced in the Senate by Senator John J. Dunnigan of the
Bronx, proposes to establish a New York State Bank
Depositors Corporation and would require banks and certain
other institutions to pay into a guarantee fund 5% of their
total deposit liabilities. The report says that the bill would
make the directors of the proposed Depositors' Corporation
practically dictators of the banks of the State. Commenting
on the 5% deposit feature of the measure, the report says:
On June 30 1930, the latest date upon which comparative figures for the
nation are obtainable, the deposits of all the reporting banks in the State
of New York were $15,544,000,000, which was approximately 30% of all
deposits in the United States. The payment of 5%, or over $775.000,000
of these deposits into a central fund, might prove far more detrimental
than beneficial. If the fund consisted largely of securities, they could
not be liquidated in time of need without great loss. If the fund consisted
of cash, a most unreasonable sum would be withdrawn from the money
market.
The Committee summarizes its objections to the bill as
follows:
(1) No bank deposit guarantee bill yet devised has been successful.
The subject therefore requires further study before a guarantee plan is
adopted by this State. A recent sumplary of the results of State guaranty
of bank deposits is as follows:
"Oklahoma enacted in 1907: inoperative In 1921 due to the fund's being
practically insolvent; repealed in 1923. deficit being between $7.000,000 and
$8.000.000.
-Kamm enacted in 1909; repealed in 1929; deficit. $7,000,000,
"Texas enacted in 1909: repealed in 1927; deficit $16.000.000.
"Nebraska enacted in 1909; repealed in 1930: deficit $20,000.000.
"Mississippi enacted In 1914; suspended in 1930, due to deficit of $3,000,000 to $4,000,000.
'South Dakota enacted in 1915; repealed in 1925; reinstated by referendum in 1926; amended in 1927; deficit $32,000.000.
"North Dakota enacted in 1917: repealed in 1929; deficit $14.000.000.
"Washington enacted in 1917; voluntarily canceled when Scandinavian
Bank of Seattle failed with deposits of $9,000.000; repealed in 1929."
(2) The proposed measure would tempt bank officials to invest their
funds so as to secure large returns, without regard to liquidity.
(3) The establishment of the fund proposed, unless definitely required
to be kept in cash, would not produce the cash necessary to pay deposits.
(4) Such assessment would seriously invade the surplus funds of strong
banks and materially weaken their ability to protect their depositors.
(5) Exclusive of the fact that this bill might force State banks to take
out national charters, the whole bill is contrary to the spirit and details
of the banking reform now in progress in Washington.
(6) In respect to savings banks, a 5% guarantee fund would again
seriously weaken the surplus and reserve funds of the stronger banks that
have been under sound management, and that by reason of such management, have accumulated substantial deposits. To risk the strength of
strong banks to protect those which have had inefficient management, would
be an injustice to a large majority of the depositors.
April 8 1933
the effect of reducing the volume of trading and that the State's revenue
from this source would drop.
The present tax is 4cents on shares with a par value of$100
or more. Associated Press advices from Albany yesterday
stated:
The bill removes the difference between par value and no par value shares
for tax purposes. . . .
Gov. Lehman said in a special message to the Legislature two weeks ago
that many firms are c_ianging stock to no par value In order that the payment
of taxes may be avoided in connection with the transfers.
Sr
Arkansas Court Rules Out Action Against Treasury
and Federal Reserve Banks.
Under date of March 13 Associated Press advices from
Little Rock, Ark. stated:
The $300,000.000.000 suit of a local attorney against the Secretary of the
Treasury and Federal Reserve banks has failed.
The Arkansas Supreme Court to-day sustained the Pulaski Chancery
(Little Rock) Court in holding that Oscar Winn's cross-suit against the
Treasurer and the Federal Reserve System was not relative to the original
suit, which was to foreclose some of Winn's property here.
The Prudential Life Insurance Co. sued to foreslose on a mortgage It
held and Winn filed a cross-complaint naming former Secretary of the
Treasury Ogden L. Mills and the Federal Reserve Board as defendants,
and asking the court to force them to "return to the people" $300,000.000,000 in interests and debts "wrongfully extorted from the government
and the people."
New Offering of 91-Day Treasury Bills to Amount of
$75,000,000 or Thereabouts—To Be Dated April 12
1933.
Tenders to a new offering of 91-day Treasury bills to the
amount of $75,000,000 or thereabouts were invited by
Secretary of the Treasury Woodin on April 5. The bids
will be received at the Federal Reserve Banks, or the
branches thereof, up to 2 p. m., Eastern standard time,
Monday, April 10. The bills, which will meet an issue
of $75,090,000 maturing on April 12, will be dated April 12
1933, and will mature July 12 and on the maturity date
the face amount will be payable without interest. The
bills are to be sold on a discount basis to the highest bidders,
and will be issued in bearer form only, and in denominations
of $1,000, $10,000, $100,000, $500,000, and $1,000,C00
(maturity value). In inviting tenders, Secretary Woodin
said in part:
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100. with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
or trust company.
Immediately after the closing hour for receipt of tenders on April 10
1933, all tenders received at the Federal Reserve Banks or branches thereof
up to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on tne
following morning. The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve Banks in cash or other immediately available
funds on April 12 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter
imposed by the United States or any of its possessions,
Bill Amending Stock Transfer Law Passed by New
York Senate—Levies 3 to 4 Cents Tax on Each
Share Sold.
From Albany last night (Apr. 4) a dispatch to the New
York "Evening Post" said:
Tenders of $383,656,000 Received to Offering of $100,000,000 or Thereabouts of 91-Day Treasury Bills
Dated April 5—Bids Totaling $100,096,000 Accepted
—Average Price 1.35%
Tenders to the offering of $100,000,000 Treasury bills
dated April 5, on which bids were asked at the Federal
Reserve banks on April 3 (as noted in our issue of April 1,
page 2157) amounted to $383,656,000. Secretary of the
Treasury Woodin announced on April 3 that tenders amounting to $100,096,000 were accepted. The average price of
the bills to be issued is 99.659 and the average rate on a
bank discount basis is about 1.35%. The New York
"Times," in Washington advices dated April 3, reported
Secretary Woodin's announcement as follows:
Over the solid opposition of the Republicans, the Senate Democratic
majority to-day passed the Buckley bill intended to revise the stock transfer
law. The measure in its present form had been opposed by Richard Whitney
head ofthe New York Stock Exchange,on the ground it would impede the sale
of low-priced shares.
Under the provisions of the bill as passed, a tax of three cents would be
levied on the sale of each share valued at $20 or less, while a tax of four cents
would be levied on each share valued at more than $20.
Mr. Whitney had presented a counter proposal under which the tax
would be levied on a basis of market value.
Republican Senate leader George R. Fearon assailed the measure as unconstitutional during debate prior to passage. He predicted it would have
Secretary of the Treasury Woodin announced to-day that the tenders
for $100.000,000, or thereabouts, of 91-day Treasury bills, dated April 5
1933, and maturing July 6 1933, which were offered on March 30 1933.
were opened at the Federal Reserve Banks on April 3.
The total amount applied for was $383,656,000. The highest bid made
was 99.750, equivalent to an interest rate of about 0.99% on an annual
basis. The lowest bid accepted was 99.630, equivalent to an interest rate
of about 1.46% on an annual basis.
Only part of the amount bid for at the latter price was accepted. The
total amount of bids accepted was $100,096,000. The average price of
Treasury bills to be issued is 99.659. The average rate on a bank discount
basis is about 1.35%
The Chamber committee, of which Joseph E. Sterrett is
chairman, believes that the plan proposed in the bill is
unsound and recommends the creation of a State Commission of practical and technical men in the field of finance
and banking to determine if a deposit guarantee is really
necessary and, if so, the best method to accomplish it.
Volume 136
Financial Chronicle
The last previous issue of Treasury bills offered by the
Treasury was sold at an average rate on a bank discount
basis of about 1.72% as reported in our issue of April 1,
page 2156. Three issues immediately preceding that, sold
at rates of 1.83%, 4.26%, and 0.99%, respectively.
Claude G. Bowers Named Ambassador to Spain, as
President Fills Out Diplomatic List—H. M. Durning
Named as Collector of Port of New York—Other
Appointments.
Rounding out his list of important diplomatic appointments,President Rooseveltsubmitted to the Senate on April3
the name of Claude G. Bowers of New York to be Ambassador to Spain. It will be recalled that on March 22
the Senate confirmed Robert W. Bingham of Kentucky as
Ambassador to Great Britain, while some days previously
it had endorsed the nomination of Josephus Daniels as
Ambassador to Mexico and of Jesse I. Straus as Ambassador
to Prance.
Other nominations submitted to the Senate April 3 by
President Roosevelt included Harry M. Durning of New
York for Collector of the Port of New York, and Judge
Joseph W. Woodrough of the United States District Court
of Nebraska to be Circuit Judge in the Eighth District.
The career of Mr. Bowers, the newly appointed Ambassador to Spain, was described as follows by the New York
"Times" April 4:
Claude G. Bowers has devoted much of his life to research and to active
work in Democratic politics.
Although most widely known as an editorial writer on political subjects,
he has also taken a considerable part in the councils of the Democratic
party and has written several books on political subjects. Among these
are "Jefferson and Hamilton—the Struggle for Democracy in America,"
"The Tragic Era—the Revolution After Lincoln," "The Party Battles
of the Jackson Period," and "Beveridge and the Progressive EA."
His journalistic career began on The Indianapolis Sentinel' in 1901.
Subsequently he was an editorial writer for The Terre Haute Star from
1903 to 1906 and editor of The Fort Wayne Journal Gazette from 1917
to 1923.
During this earlier phase of his career he was engaged in politics and
in 1904-06 campaigned unsuccessfully for Congress in the Terre Haute district. From 1906 to 1911 he was a member of the Terre Haute Board of
Public Improvements, and from 1911 until be became editor of the Fort
Wayne Journal Gazette he was secretary to United States Senator John
W. Kern.
In 1923 he became an editorial writer on The New York World and
remained in that position until the paper was sold in 1931. He then
became a political columnist for The New York Journal. His activity
in politics continued during this time, and in 1928 he was selected to make
the keynote address at the Democratic National Convention at Houston,
Texas, at which Alfred E. Smith was nominated for President.
Mr. Bowers was born in Hamilton County, Lad., Nov. 20 1878.
Jesse Isidor Straus Sworn as Ambassador to France.
Jesse Isidor Straus, New York merchant, was sworn in
at the State Department on March 28 as Ambassador to
France. He was reported as stating (in Associated Press
dispatches from Washington March 28) that he planned to
spend about a week at the State Department becoming
acquainted with his new duties, after which he will return
to New York and sail in three weeks or a month for his
post.
The appointment of Mr.Straus was noted in these columns
March 25, page 1974.
Bill to Guard Official Secrets Is Passed by House of
Representatives--Implied Threat of Censorship
Provokes Protest and Senate Leaders Promise to
Modify Provisions of Measure Forbidding Publicution of Government Documents Without Authorization.
A bill designed to forbid the publication of Government
secrets was introduced in the House of Representatives and
passed by that body with unusual speed on April 3, by a
vote of 209 to 29. The measure carries a maximum penalty
of ten years in prison and a $10,000 fine for those who
transmit or publish confidential reports of the Government "without authorization of competent authority."
The bill was introduced at the instance of the State Department, and it was intimated that it was designed to halt
the publication of important documents in a particular
Instance, Because of its unusual provisions, however, it
provoked a flood of protest from those who saw in it a
threat at the freedom of the press and a potential weapon
of censorship. As a result, when it was referred to the
Senate Committee on Foreign Affairs spokesmen said that
it would be thoroughly revised, and any implied curb on the
press would be eliminated.
The text of the bill as passed by the House on April 3
follows:
2345
II. R. 4220
AN ACT For the protection of Government records.
Be it enacted by the Senate and Home of Representatives of the United
States of America in Congress assembled, That whoever, by virtue of his
employment by the United States, having custody of, or access to, any
record, proceeding, map, book, document, paper, or other thing shall,
for any purpose prejudicial to the safety or interest of the United States
willfully and unlawfully conceal, remove, mutilate, obliterate, falsify,
destroy, sell, furnish to another, publish, or offer for sale any such
record, proceeding, map, book, document, paper, or thing, or any information contained therein or a copy or copies thereof, shall be fined not
more than $2,000 or imprisoned not more than three years, or both, and
moreover shall forfeit his office and be forever afterwards disqualified
from holding any office under the Government of the United States.
Sec. 2. Whoever shall wilfully, without authorization of competent
authority, publish or furnish to another any matter prepared in any
official code; or whoever shall, for any purpose prejudicial to the
safety or interest of the United States, willfully publish or furnish to
another any matter obtained without authorization of competent authority, from the custody of any officer or employee of the United States or
any matter which was obtained while in process of transmission from
one public office, executive department, or independent establishment of
the United States or branch thereof to any other such public office,
executive department, or independent establishment of the United States
or branch thereof or any matter which was in process of transmission
between any foreign government and its diplomatic mission in the United
States; or whoever shall for any purpose prejudicial to the safety or
interest of the United States, willfully, without authorization of competent authority, publish or furnish to another, any such matter or anything purporting to be any such matter, shall be fined not more than
$10,000 or imprisoned not more than ten years, or both.
Sec. 3. In any prosecution hereunder, proof of the commission of any
of the acts described herein shall be prima fade evidence of a purpose
prejudicial to the safety or interest of the United States.
Passed the House of Representatives April 3 1933.
The State Department issued a statement declaring that
the bill was not intended as a censorship or as a muzzle on
the press. The statement follows:
Section 2 of House ResolutiOn 4220, which is understood to have
passed the House this afternoon, was suggested by the Department of
State for the purpose of protecting our diplomatic codes and to make
possible the prosecution of any person guilty of tampering with them.
The first half of the bill is desired by other departments to prevent
the sale of documents coming into the possession of employes of the
Government. The bill, in effect, is an amendment to House Resolution
11057, which was introduced in the House of Representatives on April I
1932, at the instance of other Departments of the Government.
The bill is in no wise intended as a muzzle or censorship of the press.
Report No. 1098 of the House of Representatives, Seventy-second Congress, first session, contains an extract of a letter from the Secretary of
the Interior to the Chairman of the Committee on the Judiciary, dated
March 16 1932:
"In 1930 we had the unfortunate experience of having an employe of
this Department sell for $12,000 to a New York newspaper a distortion
of certain records upon which he had been asked to make a report to
the Secretary. As you know, the records of this Department include
transactions involving oil, gas, Indian matters, construction contracts,
kc., aggregating many millions of dollars each year, as well as the records
in a large number of disputes adjudicated by the Land Office each year,
some of them involving the United States as a party.
"Public interest requires that such records be protected. There is no
remedy at present other than dismissal of the employe for sale of such
material. This bill would correct that situation."
Major 'A. V. Dalrymple Succeeds Col. Amos W.
Woodcock as Prohibition Director—Says New Beer
Law Should Make Enforcement Easier,
Major A. V. Dalrymple of California was appointed
Director of the Bureau of Prohibition on March 31,succeeding
Col. Amos W. Woodcock, whose resignation was announced on that date. In the official notice of the change,
Attorney-General Cummings saidlin part:
"During his period of service Mr. Woodcock was confronted with many
very difficult problems and handled the delicate matters necessarily coming under his administrative control in a highly efficient and satisfactory
manner."
"In toe course
-of his duties he organized the bureau which has functioned
from the date of his connection with the Department until now, and he is
to be credited with the efficient manner in which it has operated. I have
the greatest respect for his ability and devotion to the nighest standards
of public service.
"Major Dalrymple has had long experience in this line of work. Under
the Administration of President Wilson he was supervising Federal prohibition agent for the Central Division, comprising the States of Illinois.
Indiana. Michigan, Wisconsin, Iowa and Minnesota, where he made an
enviable record.
"Prior to that service Major Dalrymple was at toe head of the enforcement of the narcotic laws in the Philippine Islands.
"He is a veteran of the Spanish-American War and served with the
A. E. F. in the World War and was on staff duty at the Peace Conference
in Paris. He has been in the active practice of the law in California since
his return to that State in 1925.
"I have every confidence in his ability to meet the exacting requirements of his:difficult post."
g kr
Majcr Dalrymple was sworn in on April 1, and entered
upon his new duties immediately. In remarking that the
legalization of 3.2% beer and wine -would simplify the
enforcement problem, he said, according to New York
"Times" Washington advices:
I believe thatvenforcement will be a much easier task under present
conditions than in 1920. The breweries and wineries have an interest in
protecting their legal business and they are for the first time under prohibition our allies.
2346
Financial Chronicle
If speakeasies were permitted to operate and to sell hard liquor or if
smugglers were permitted to bring liquor in, it would cut into the legitimate
trade.
Beer and wine should result in an income of a quarter of a billion dollars
to the Government and this income must be protected.
Senate Passes Bills Limiting Inter-State Commerce in
Manufactured Goods to Products of Labor Working Not More than 30 Hours per Week—Emergency
Measure Restricted to Two Years—Robinson
Amendment to Increase Limit to 36 Hours Weekly
is Rejected.
The Black 30-hour week bill which was introduced in the
Senate on April 3, was passed on April 6 by a vote of 53 to 30.
The House Labor Committee on April 3 unanimously agreed
to a favorable report on a companion measure sponsored by
Representative Connery. Both bills would be effective
only over a period of two years, thus placing the legislation
in the emergency classification.
The Senate bill would prohibit inter-State shipment of
goods produced by labor working more than six hours per
day and five days per week, but would not apply to railroad,
agricultural or general office employment.
Senate debate on the measure was described on April 3,
advices to the "Journal of Commerce", as follows:
Defending the constitutionality of the measure, which has been repeatedly
attacked by its opponents, Senator Black (Dem., Ala.) originator of the
legislation, contended that "there is little question of the right of Congress
to pass the measure." He held that the bill would pass the test of the Supreme Court of the United States even though "the majority opinion in
the child labor case should continue."
Under questioning by Senator Tydings (Dem., Md.) Senator Black admitted that the bill does not compel employers to increase their costs and
that it would not meet its purpose if the reduction in working hours was
followed by a decrease in pay. He pointed out, however, that the "compelling features" that would maintain wages would be the voice of organized labor and the voice of public opinion."
Borah Voices Views.
Senator Berah (Rep., Idaho) interjected that the argument advanced
that the bill would lead to lower wages for less hours was the "same as had
been entered when working hours were reduced from 12 to 10 and then 10
to 8."
Objections that the bill would work a hardship on producers of perishable
products, such as canneries, were met by the measure's sponsor with the
statement that he would "gladly work" to an agreement in such Instances.
An amendment to eliminate canneries from its provisions was introduced
by Senator Goldsborough (Rep., Md.).
"Labor has been underpaid and capital overpaid," argued Senator Black.
"This is one of the chief contributing causes of the present depression. We
need a return of purchasing power. You cannot starve men employed in
Industry and depend upon them to purchase."
Before passing the Black bill on April 6, the Senate rejected an amendment proposed by Senator Robinson of Arkansas, which would have altered the specified hours of
work from 30 to 36 a week. Senator Robinson said the
change was desirable on the ground that a 30-hour restriction
might lead to demands for wage reductions. His proposal
was defeated by a vote of 48 to 40. He had previously announced that the suggested alteration would be acceptable
to the President.
At a press conference on April 7, Speaker Rainey said that
the Senate bill would be deferred in the House pending passage of all of President Roosevelt's "reconstruction legislation," and intimated that the thirty-hour work week bill
is not a part of the administration's legislative program.
Daniel W. MacCormack Named Commissioner-General
of Immigration by President Roosevelt, Succeeding
Harry E. Hull.
Daniel W. MacCormack of New York was nominated by
President Roosevelt on March 31 for Commissioner-General
of Immigration to succeed Harry E. Hull. The New York
"Herald Tribune" of April 1 gives the following sketch of
Mr. MacCorrnack's career:
Daniel W. MacCormack has had a romantic career in far-scattered places.
Starting as superintendent of manufacturing plants and wholesale units
in the Panama Canal Service, he remained there from 1905 until 1917.
Coming home, he joined the Army as a captain, was assigned first as assistant executive officer of the Port of New York and later on as executive
officer of the shipping control board. Toward the end of the World War
he_went to France as inspector general of Army transport under General
Atterbury.
After the armistice he traveled through the Balkans to allocate river
shipping, as provided in the terms of the Treaty of Versailles, and, still
later, he returned to the United States to aid in the work of bringing home
the last soldiers and the last millions of tons of supplies. Next he joined
the2American Mission to Persia, remained in that country, became an
authority on opium and with a group of other wandering Americans,
among them being W. V. Poland, who took over relief work in Belgium
when Herbert Hoover left that country, helped to reconstruct the Shah's
dominions.
Colonel MacCormack became director of internal revenue for Persia and
he concluded his services to the Shah by representing Persia at the League
of Nations. He took over the management of the Irving Trust Company's
foreign exchange transactions and when the six Federal judges in New
York, in 1929, made the American Exchange-Irving Trust Company
receiver in all bankruptcy cases in this district, Colonel MacCormack
April 8 1933
headed the receivership department. He resigned in 1930 and in 1931
he and Pierre Jay, the banker, and others organized the Fiduciary Trust
Company of New York. He has offices now at 1 Wall Street,
James W. Collier Qualifies as U.S. Tariff Commissioner.
The Tariff Commission announced on March 28 that James
W. Collier of Vicksburg, Mississippi, has taken the two
prescribed oaths which qualify him as a member of the
Tariff Commission effective that date. The Commission's
announcement also said:
The President nominated Mr. Collier March 23 1933, to fill a vacancy
heretofore existing in the Commission, and the Senate confirmed the
appointment on March 27. The appointment is for the term ending
June 16 1937.
Mr. Collier was elected to the House of Representatives in November
1908, and served continuously in Congress until March 4 1933. He was
eliminated as a candidate for re-election last October as a result of the
decision by the Supreme Court in reference to redistricting the State of
Mississippi.
During the last term of Congress Mr. Collier was Chairman of the
Committee on Ways and Means, and also was Chairman of the Joint
Committee on Internal Revenue Taxation.
Under Executive Order of President Roosevelt Gold
Hoarding After May 1 Will Be Subject to Fine and
Imprisonment—President's Order and Statement
By Secretary of Treasury Woodin.
An Executive order making the hoarding of gold after
May 1 subject to the penalties for violation of the provisions
of the Emergency Bank Act of March 9, viz., a maximum
fine of $10,000, imprisonment for 10 years, or both, was
issued on April 5 by President Franklin D. Roosevelt.
Under the order all persons are required to deliver by May 1
to a Federal Reserve Bank or its branches or to any member
bank of the Federal Reserve system, all gold coin, gold
bullion and gold certificates now owned by them or coming
into their ownership on or before April 28 1933 except the
following:
Such amounts of gold as may be required for legitimate and customary
use in industry, profession or art within a reasonable time, including gold
prior to refining and stocks of gold in reasonable amounts for the usual
trade requirements of owners mining and refining such gold.
Gold coins and gold certificates in an amount not exceeding in the aggregate $100 belonging to any one person; and gold coins having a recognized
special value to collectors of rare and unusual coins.
Gold coin and bullion earmarked or held in trust for a recognized foreign
government or foreign central bank or the Bank for International Settlements.
Gold coin and bullion licensed for other proper transactions (not involving
hoarding) including gold coin and bullion imported for re-export or held
pending action on applications for export licenses.
In explanation of the Executive order, a statement issued
April 5 by Secretary of the Treasury Woodin said:
The President's order of to-day requiring the turning in of hoarded gold,
and at the same time providing that gold shall be available for all proper
purposes, is an expected step in the process of regularizing our monetary
position and furnishing adequate banking and currency facilities for all
customary needs.
Such an order was in contemplation from the time of the passage of the
Emergency Banking Act. As the President indicated to-day, while many
of our citizens voluntarily and helpfully turned in their gold, there were
others who did not so respond. In fairness, the conduct of all citizens with
reference to gold should be the same in this emergency, and this is assured
by the order. Those surrendering gold, of course, receive an equivalent
adiount or other forms of currency, and other forms of currency may be
used for obtaining gold in an equivalent amount where authorized for
proper purposes.
Gold held in private hoards serves no useful purpose under present circumstances. When added to the stock of the Federal Reserve Banks it
serves as a basis for currency and credit. This further strengthening of the
banking structure adds to its power of service toward recovery.
A vital provision of the order is that authorizing the Secretary of the
Treasury to issue licenses for gold for proper business needs not involving
hoarding. Applications will be passe(' upon as the facts in each case warrant.
- Regulations governing the procedure of the Treasury under the new
order are in course of preparation.
From Washington April 5 advices to the New York
"Times" said in part:
In the case of gold earmarked by the Federal Reserve Banks for foreign
central banks, and which is the property of the foreign interests, it Is
understood that requests for export licenses will be treated with liberality.
As to other good demands, no attempt has been made to place a limit upon
what may be exported or withdrawn.
The question has arisen as to whether the Government will release gold
for payment of maturing gold bonds of railroads and other corporations
and for meeting maturities of Treasury certificates that are payable in
gold. It is understood that the policy will be to make gold available in
such circumstances only when it is shown that it is needed for legitimate
purposes in no sense connected with hoarding. A court test in this connection is said to be a possibility.
The Government is in a strong position as regards its gold supply. Total
monetary stocks on March 29 were $4,272,000.000 and the total reserve
was $3,236,766,990, having increased from $2,683,539,090 as of March 8.
The emergency banking law in itself did not direct hoarders to turn in
their gold, but placed it within the power of the Government to make such
a demand and to impose the penalties. As a result of the early response,
it appeared possible for a time that the drastic action taken by the President
to-day would not be necessary.
Doubt was expressed in some circles that lists prepared by the Reserve
Banks of persons who had withdrawn large amounts of gold will be published.
It was reported that the more probable course would be to turn the information over to the Department of Justice.
Financial Chronicle
Volume 136
The text of the Emergency Bank Act was given in our
issue of March 11, page 1625. President Roosevelt's Executive order of April 5 follows:
EXECUTIVE ORDER.
Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates.
By virtue of the authority vested in me by Section 5 (b) of the Act of
Oct. 6 1917, as amended by Section 2 of the Act of March 9 1933, entitled
"An Act to Provide Relief in the Existing National Emergency in Banking
and for Other Purposes," in which amendatory act Congress declared that
a serious emergency exists, I, Franklin D. Roosevelt, President of the
United States of America, do declare that said National emergency still
continues to exist and pursuant to said section do hereby prohibit the
hoarding of gold coin, gold bullion and gold certificates within the continental United States by individuals, partnerships, associations and corporations, and hereby prescribe the following regulations for carrying out
the purposes of this order:
Section 1. For the purposes of this regulation, the term "hoarding"
means the withdrawal and withholding of gold coin, gold bullion or gold
certificates from the recognized and customary channels of trade. The
term "person" means any individual, partnership, association or corporation.
Section 2. All persons are hereby required to deliver on or before May 1
1933 to a Federal Reserve Bank or a branch or agency thereof or to any
member bank of the Federal Reserve System all gold coin, gold bullion
and gold certificates now owned by them or coming into their ownership
on or before April 28 1933, except the following:
(a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time,including
gold prior to refining and stocks of gold in reasonable amounts for the usual
trade requirements of owners mining and refining such gold.
(b) Gold coin and gold certificates in an amount not exceeding in the
aggregate $100 belonging to any one person; and gold coins having a recognized special value to collectors of rare and unusual coins.
(c) Gold coin and bullion earmarked or held in trust for a recognized
foreign government or foreign central bank or the Bank for International
Settlements.
(d) Gold coin and bullion licensed for other proper transactions (not
involving hoarding) including gold coin and bullion imported for re-export
or held pending action on applications for export licenses.
Section 3. Until otherwise ordered, any person becoming the owner of
any gold coin, gold bullion or gold certificates after April 28 1933 shall,
within three days after receipt thereof, deliver the same in the manner
prescribed in Section 2; unless such gold coin, gold bullion or gold certificates
are held for any of the purposes specified in paragraphs (a), (b) or (c) of
Section 2; or unless such gold coin or gold bullion is held for purposes
specified in paragraph (d) of Section 2 and the person holding it is, with
respect to such gold coin or bullion, a licensee or appllcant for license pending
action thereon.
Section 4. Upon receipt of gold coin, gold bullion or gold certificates
delivered to it in accordance with Sections 2 or 3, the Federal Reserve
Bank or member bank will pay therefor an equivalent amount of any other
form of coin or currency coined or issued under the laws of the United States.
Section 5. Member banks shall deliver all gold coin, gold bullion and
gold certificates owned or received by them (other than as exempted under
the provisions of Section 2) to the Federal Reserve Banks of their respective
districts and receive credit or payment therefor.
Section 6. The Secretary of the Treasury, out of the sum made available
to the President by Section 501 of the Act of March 9 1933 will in all proper
cases pay the reasonable costs of transportation of gold coin, gold bullion
or gold certificates delivered to a member bank or Federal Reserve Bank
in accordance with Sections 2, 3 or 5 hereof, including the cost of insurance.
protection, and such other incidental costs as may be necessary, upon
production of satisfactory evidence of such costs. Voucher forms for this
purpose may be procured from Federal Reserve Banks.
Section 7. In cases where the delivery of gold coin, gold bullion or gold
certificates by owners thereof within the time set forth above will involve
extraordinary hardship or difficulty, the Secretary of the Treasury may,
in his discretion, extend the time within which such delivery must be made.
Applications for such extensions must be made in writing under oath,
addressed to the Secretary of the Treasury and filed with a Federal Reserve
Bank. Each application must state the date to which the extension is
desired, the amount and location of the gold coin, gold bullion and gold
certificates in respect of which such application is made, and the facts
showing extension to be necessary to avoid extraordinary hardship or
difficulty.
Section 8. The Secretary of the Treasury is hereby authorized and
empowered to issue such further regulations as he may deem necessary to
carry out the purposes of this order and to issue licenses thereunder, through
such officers or agencies as he may designate, including licenses permitting
the Federal Reserve Banks and member banks of the Federal Reserve
System, in return for an equivalent amount of other coin, currency or
credit, to deliver, earmark or hold in trust gold coin and bullion to or for
persons showing the need for the same for any of the purposes specified in
Paragraphs (a), (c) and (d) of Section 2 of these regulations.
Section 9. Whoever wilfully violates any provision of this Executive
order or of these regulations or of any rule, regulation or license issued
thereunder may be fined not more than $10,000, or, if a natural person,
may be imprisoned for not more than 10 years, or both; and any officer,
director, or agent of any corporation who knowingly participates in any
such violation may be punished by a like fine, imprisonment, or both.
This order and these regulations may be modified or revoked at any time.
FRANKLIN D. ROOSEVELT.
The White House,
April 5 1933.
. Reports Called for From Federal Reserve Banks on Gold
Withdrawals.
In our issue of March 25 (page 2001) we indicated that the
date within which banks were required by the Federal
Reserve Board to report on gold withdrawals had been
extended to March 27. On that date Associated Press
advices from Washington stated:
The deadline for the return of hoarded gold having expired at the close
of business to-day, the Federal Reserve banks to-night had a store of the
precious metal worth 8503,000,000 as a result.
Each of the 12 Federal Reserve banks was under orders to-night to dispatch to the Treasury here as quickly as possible the names of those who,
during the last two years, had drawn out large sums of gold without having
eturned it by this afternnon.
2347
Orders to compile such a list went out early in the Roosevelt Administration. The step was taken under the Emergency Banking Act after it was
found there had been an alarming drop of $558,000,000 in the gold reserve
during February. The compilation called for by the Treasury is expected
to show the names of the persons who withdrew this gold in large quantities
without returning it.
What action the Government will take toward the persons who have not
returned their gold has not been announced, but the Treasury is working
on regulations which might allow publication of the names of the persons
under the Emergency Banking law. These regulations are expected to
define what the Government considers to be hoarding and to lay down a
rule by which the Department of Justice may prosecute hoarders.
The Treasury first asked the commercial banks through the Federal
Reserve banks to forward the list of suspected names by March 13. This
order subsequently was changed to permit the banks to send in the names
of all persons who had withdrawn large amounts of gold in the last two
years without apparent business reasons for doing so and extending by a
week the time limit for reporting the names. A further extension until
the close of business to-day was granted.
Executive Order Cuts $40',000,000 from Veterans'
Pensions, Effective July 1 1933—Largest Single
Slash Under Administration Economy Program
May Eliminate 400,000 non-Service-Connected Cases
—President Says Welfare of the Country Prompted
Move—Revised Rates Affect 1,400,000 Persons
Veterans of All Wars Now on Same Basis.
Annual expenditures approximating $400,000,000 were
slashed from the Federal budget under an executive order
signed by President Roosevelt on April 1, with revisions in
veterans' compensation which will affect almost all of the
1,400,000 pensioners of the Government.
In promulgating the new schedule of veterans' payments,
effective July 1 1933, the President created the largest single
saving in his program of widespread retrenchment in Federal expenditures. The Washington correspondent of the
New York "Times" on April 1 placed the total savings now
in sight under the Administration's program at $850,000,000,
listed as follows:
Veterans' benefits
Adjusted compensation sinking fund (to be omitted from
1934 budget)
Government reorganization
Federal salary reductions
Postoffice Department
Total
$400,000,000
50,000,000
250,000,000
75,000,000
75,000,000
$850,000,000
After signing the executive order, President Roosevelt
issued the following statement, explaining the salient purposes of his regulations:
"In connection with the publication to-day of the regulations having
to do with veterans' benefits, I do not want any veteran to feel that he
and his comrades are being singled out to make sacrifices. On the contrary, I want them to know that the regulations issued are but an integral
part of our economy program embracing every department and agency of
the Government to which every employee is making his or her contribution.
"I ask them to appreciate that not only does their welfare but also
the welfare of every American citizen depend upon the maintenance of
the credit of their Government and that they also bear in mind that every
citizen in every walk of life is being called upon, directly or otherwise,
to share in this."
Non-Service-Connected Disabilities Hit Hardest.
The executive order comprises 12 regulations which place
veterans of all wars on the same basis, so far as Government compensation is concerned. The various decreases
imposed are smallest in the case of seriously disabled veterans suffering from service-connected injuries. Nonservice-connected disability payments, on the contrary, are
so strictly limited as to exclude most of the veterans now
drawing such compensation, according to Frank T. Hines,
Administrator of Veterans' Affairs. Informal estimates
were that more than 400,000 such pensioners would be
eliminated.
Veterans' Bureau Estimates Saving.
A statement by the Veterans' Bureau, estimating a yearly
saving of $400.000,000 under the new regulations, was issued
Immediately after the President had signed the order. This
official statement said:
It is estimated that the saving which will result from the adoption of
these regulations is approximately $400,000,000, and while it is appreciated
that many thousands will be adversely affected, no estimate as to exact
numbers can be given until the reviews authorized have been accomplished.
It can be said, however, that all men who acquired their disabilities in
the military or naval service and the dependents of those who die from
such disabilities are adequately cared for. Also that the more seriously
disabled war veterans are entitled to either a pension or hospital or domiciliary care.
The issuance of these regulations will permit the Veterans' Administration to commence functioning under the new law. It is realized that there
may be other classes of persons who should be specifically provided for,
and the Administrator has been directed to make a further study and report
to the President asp any such classes prior to July 1 1933, when payments
under previously existing law cease. Further, at any time within two
years these regulations may be amended or modified if experience indicates
any changes are desirable.
Financial Chronicle
Editorial comment throughout the country was almost
unanimous in applauding the President's action. Veterans'
organizations showed less willingness to endorse the new
program in full, although many voiced their confidence that
the President would remedy any inequalities, or injustices
in the detailed provisions of the cut, and added that they
were "100% behind the President."
An abstract of the new regulations, as prepared by the
Associated Press, April 1, follows:
High Points of the New Rules on Pensions Affecting the Veterans of AU
Our Wars.
Pensions are authorized to veterans disabled by disease or injury incurred
or aggravated in line of duty in active service.
Rates to be paid for service-connected disabilities are: 10% disabled,
$8 a month; 25%, $20; 50%, $40; 75%, $60; 100%, $80. These are
20% reductions under present aids.
Pensions are authorized to widows, children and dependent parents of
veterans who died from disease or injuries incurred or aggravated in line
of duty in active service. Rates continue as at present.
Payments are authorized for non-service-connected disabilities and
deaths of veterans who served 90 days in the Spanish-American War,
Boxer Rebellion, Philippine Insurrection and World War, provided the
disability was total and not due to personal misconduct.
The latter allowance will not be made to unmarried persons with
incomes of more than $1,000 a year, or to any married person or one
with minor children whose income exceeds $2,500.
Pensions of widows and children of Spanish-American War veterans
are cut 50%.
Peace-time veterans are excluded from domiciliary care.
Emergency officers' pensions are limited sharply.
Pensions for employees of the Government, except those receiving allowances for war injuries or disease, are eliminated, while those receiving
pensions may not be employed in positions in the Veterans' Administration
where they could award monetary benefits. The amount of pension payment to any one henceforth will be disclosed upon inquiry.
To assure that more of the Government's veteran allowances will be
spent at home, a 50% reduction in allowances was decreed for pensioners
residing outside the continental limits of the United States, Hawaii, Alaska
and the Canal Zone.
Spanish War, Philippine Insurrection and Boxer Rebellion veterans and
widows and dependents of deceased World War veterans under a "presumptive" clause in the regulations will be permitted to continue to
receive their allowances, under the presumption that the injury, disease
or death was the result of service.
It was provided, however, that the Government could challenge this
presumption at any time and remove from the rolls any one where medical
judgment or direct evidence showed the disability or death was not
incurred in line of duty. This provision was not in the original plan,
officials of the Spanish War veterans said, but was placed in at their
request when they were consulted on the proposed cuts.
Spanish War veterans reaching the age of 62 received a $6 a month
compulsory pension.
Official Abstract of Regulations Governing Veterans' Compensation Under President Roosevelt's Executive Order.
An abstract of the regulations covering cuts in veterans'
benefits as issued on April 1 by the White House follows:
The President has just signed the following regulations under the provisions of Title I, Public No. 2, 73rd Congress, which pertains to veterans'
relief:
Regulation No. 1, "entitlement to pension."
Regulation No. 2, "effective dates of awards of disability and death
pensions; provisions for filing claims and the review of claims on appeal."
Regulation No. 3, "schedule for rating disabilities."
Regulation No. 4, "protected awards."
Regulation No. 5, "entitlement to emergency officers' retired pay."
Regulation No. 6, "eligibility for domiciliary or hospital care, including
medical treatment."
Regulation No. 7, "eligibility for medical care for veterans of any
war."
Regulation No. 8, "yearly renewable term insurance."
Regulation No. 9, "payment of burial expenses of deceased war veterans."
Regulation No. 10, "miscellaneous provisions."
Regulation No. U, "disclosure of information and furnishing of copies
of records."
Regulation No. 12, "presumption of entitlement to pensions for Spanish
War veterans and certain widows, children, and dependent parents of
deceased World War veterans."
Regulation No. 1 pertains to the entitlement to pensions and is divided
Into three parts.
Part I of the regulation authorizes the payment of pensions to former
members of the military or naval service who are disabled as a result of
disease or injury incurred or aggravated in the line of duty in the active
military or naval service during the Spanish-American War, the Boxer
Rebellion, the Philippine Insurrection and/or the World War.
The basic provisions are that the injury or disease must have been contracted or aggravated in the line of duty and without misconduct, in the
active military or naval service during the Spanish-American War or the
World War. As to persons serving in the Philippine Insurrection or the
Boxer Rebellion it is further required that they must have actually participated in hostilities. An extension is made as to the date of cessation
of hostilities in the cases of those men who served in the Moro Province
during the Philippine Insurrection and in Russia during the World War.
It is not required that the disease or injury have been incurred or aggravated prior to the cessation of hostilities. In all cases it is required that
the person to be entitled must have been honorably discharged from the
service.
A rebuttal presumption of soundness, except as to defects noted at time
of entry into service, for all persons who served 90 days or more is
authorized.
A presumption of service connection for chronic diseases becoming manifest to a 10% degree or more within one year from separation from active
service is allowed, but the Government is authorized to rebut such presumption where there is affirmative evidence to the contrary or evidence to
establish that an intercurrent injury or disease which is a recognized cause
April 8 1933
of such chronic disease has been suffered between the date of discharge
and the onset of the chronic disease, or in the case the disability is due
to the person's own misconduct.
The rates to be paid for war-time disabilities are: 10%, $8; 25%,
$20; 50%, $40; 75%, $60, and 100%, $80. If the disabled person has
suffered the anatomical loss or the loss of the use of one foot or one hand
or one eye, the rate prescribed is increased by $20 per month. If the
disabled person has suffered the anatomical loss of both hands or of both
feet, or of one hand and one foot, or is so helpless as to be in need of
regular aid and attendance, the total rate is $100. Certain additional
specific rates for the more seriously disabled are provided.
Payment of pension on the basis of war-time rates is authorized for
those men who applied for enlistment or were drafted or called into the
National Guard during the World War and before being finally accepted
for service were injured in line of duty.
Pensions to Widows.
Pensions to widows, children and dependent parents of veterans who
died from disease or injuries incurred or aggravated in the line of duty in
the active military or naval service during the before-specified war periods
are authorized. The rates adopted ar those now provided under existing
law for the same class of dependents or deceased World War veterans.
Part II of this regulation authorizes the payment of pensions to former
members of the military or naval service who incurred disability in line
of duty in the active military or naval service other than during war-time
enlistments. In this class of cases it is required that the disability be
contracted or aggravated in line of duty and without misconduct in the
active military or naval service, and that the person be honorably
discharged.
A rebuttable presumption of soundness, except as to defects noted, is
authorized for those who served during peace time for a period of six
months or more.
The rates of pensions payable are 10%, $6; 25%, $12; 50%, $18; 75%,
$24; 100%, $30. If the disabled person has suffered an anatomical loss
or the loss of the use 'of one foot or one hand or one eye, the rate provided
is increased by $10. Special rates are provided for the most seriously
disabled at 50% of the rate provided for the same types of disabilities
which were incurred in war-time service.
Payment of pensions to the widow, child or children and/or dependent
mother or father of any deceased person who died as a result of injury
or disease incurred or aggravated in active military or naval service
during peace time is authorized. The rates for these dependents are
approximately 75% of the rates authorized for the dependents of those
who died from war-time disabilities.
Terms for Non-Service Disabilities.
Part III authorizes payment of pensions for non-service connected disabilities and deaths of veterans of the Spanish-American War, including the
Boxer Rebellion and the Philippine Insurrection, and/or the World War.
The following requirements are set forth: (1) 90 days or more service;
(2) entry into the service prior to the cessation of hostilities; (3) honorable
discharge; (4) the existence of permanent and total disability, and (5) that
the disability not be the result of misconduct.
As to veterans who served in the Boxer Rebellion or the Philippine Insurrection, it is required that they must have actively participated therein to
be entitled. In determining entitlement under this part of the regulation,
It is not required that the 90 days' period of service shall have been
presented before the cessation of hostilities.
The rate of pension for those permanently and totally disabled is $20 per
month. A pension of $6 per month to those Spanish-American veterans
over the age of 62 years is granted.
Pensions under this part of the regulation cannot be paid to any
unmarried person whose annual income exceeds $1,000 or to any married
person or any person with minor children whose annual income exceeds
$2,500. This income provision, however, will not bar the payment of the
$6 monthly pension to Spanish-American War veterans over the age of
62 years.
The payment of pension to widows and children of deceased veterans
of the Spanish-American War, including the Boxer Rebellion or the
Philippine Insurrection, is authorized at approximately 50% of the rates
now provided for such persons, that is, $15 per month for a widow, with
allowance for children.
Regulation No. 2 contains the provisions relative to the filing of claims,
the making of awards, the discontinuance of payments and the review of
claims. The provisions of this regulation are substantially in accord with
the existing practices, except that it is specifically provided that if after
calling for evidence in any claim such evidence is not received within six
months, or excuse offered for non-compliance with the call, that the claim
shall thereafter be barred; also that where a claim is appealed and decision
rendered on the appeal disallowing the claim, the claim cannot thereafter
be reopened or allowed, except upon the basis of new and material evidence
in th form of official reports from the War or Navy Department.
Regulation No. 8 authorizes the establishment of a new rating schedule.
This schedule is to be based upon the average impairment resulting from
disabilities in all occupations so that all men with the same disability
will receive the same pension.
This schedule of disability ratings provides only five rates of disability;
namely, 10%, 25%, 50%, 75% and 100%. Heretofore, the rating schedules have been from 10 to 100% at 1% intervals.
Regulation No. 4 merely carries into effect the provisions of Section 17
of Title I of the Act, which provides, with certain exceptions, that those
veterans suffering with diseases or injuries directly connected with the
active military or naval service should not be removed from the rolls.
Officers' Disabilities.
Regulation No. 5 pertains to entitlement to emergency officers' retirement pay and provides that any emergency officer heretofore granted
retirement pay shall be entitled to continue to receive such retirement pay,
If the disability for which he has been retired with pay resulted from
disease or injury incurred in line of duty during war service. It is further
required that the officer must have been heretofore properly rated 30%
disabled, and that the disease or injury or aggravation of disease or injury
directly resulted from the actual performance of military or naval duty.
Regulation No. 6 authorizes hospital and domiciliary care, including
necessary medical treatment. This regulation authorizes within the limitation of veterans' administration facilities hospital treatment for veterans
of wars who are suffering with injuries or diseases which were incurred in
the active military or naval service, and domiciliary care to those veterans
who served in the active military or naval service for a period of 90 days
or more, who are suffering with permanent disabilities or tuberculosis or
neuropsychiatric ailments which incapacitate them from earning a living.
Volume 136
Financial Chronicle
It is further required that as to this latter class of veterans, they have
no adequate means of support. This is a marked departure from previously
existing law. First, it excludes from entitlement peace-time veterans.
Second, it provides hospital treatment, as such, only for veterans of wars
suffering with diseases or injuries which were incurred or aggravated in
line of duty in the active military or naval service.
Hospital Cars Cut Dam
Third, it requires 90 days' service to be entitled to admission for domiciliary care. Fourth, hospital or domiciliary care for non-service-connected
temporary conditions is no longer authorized.
This regulation also authorizes the furnishing of clothing to persons In
veterans' administration facilities, only where the veteran is indigent and
the furnishing of clothing is necessary to protect health or sanitation, or
where the veteran requires special clothing made necessary by the wearing
of prosthetic appliances.
It further authorizes the payment of traveling expenses to and from
veterans' administration hospitals for veterans suffering with service-connected diseases. No traveling expenses are authorized for the non-serviceconnected cases or in connection with medical examinations. Provision is
made for the payment of transportation expenses for the return of the body
of any veteran who dies in a hospital or home to place of residence or
nearest national cemetery.
Provisions Affecting Depemients.
Under the provisions of this regulation, no person is entitled to receive
domiciliary, medical, or hospital care, including treatment, who resides
outside the continental limits of the United States or its Territories or
possessions. Further, it is provided that the pension of any person suffering with a service-connected disability who is being furnished hospital
treatment, institutional or domiciliary care by the United States or any
political subdivisions thereof shall not exceed $15 per month, but that if
there is a dependent wife, child or children, dependent mother or father,
the difference between $15 and the amount otherwise payable shall be
paid to such dependents.
As to veterans suffering with non-service-connected disabilities, it is
provided that the amount of pension shall be reduced to $6 and that the
difference between that amount and the amount otherwise payable shall
be paid to the dependents. This regulation also provides that where a
person is insane and without dependents and his estate equals or exceeds
$1,500 no payment shall be made until such estate is reduced to $500.
Regulation No. 7 authorizes the granting of medical care to veterans
suffering with service-connected diseases or injuries. This regulation merely
carries on the existing practices with regard to this class of cases.
Ccinversion of Insurance.
Regulation No. 8 pertains to yearly renewable term insurance and
authorizes the conversion of such insurance to United States Government
life insurance in those cases where the insured had disappeared and such
insurance is being continued by payment of premiums by the beneficiary.
It also authorizes conversion to United States Government life insurance
in those cases where an insured who is now totally and permanently disabled and drawing benefits recovers from such permanent total disability
In the future.
Regulation No. 9 pertains to burial of deceased war veterans and
authorizes the issuance of a flag to drape the casket and after burial
to be given to the next of kin in all cases. It authorizes an allowance
for funeral and burial expenses, including transportation of the body,
in an amount not to exceed $75, unless (a) the veteran's net assets at
time of death, exclusive of debts, equal or exceed $75 ; (b) the veteran
has accrued benefits due from the veterans' administration in an amount
equal to or in excess of $75; (c) an allowance for burial and funeral,
including transportation, is provided by a State, county or fraternal
organization, tsc.
Government Emily/oyes*.
Regulation No. 10 contains the miscellaneous provisions, such as definitions, esc., and is particularly important in the following respects:
One, provides that no person holding an office or position, appointive
or elective, under the United States Government or the municipal government of the District of Columbia or under any corporation the majority
of stock of which is owned by the United States, shall be paid a pension
or emergency officers' pay, except (1) those receiving pension or
emergency officers' retirement pay for disabilities incurred in cranbat
with an enemy of the United States, and (2) those persons so employed
who are protected by the specific provisions of the act. As to such latter
class, it is provided that the rate of pension shall only be $6 per month.
Two, provides that persons residing outside of the Continental limits
of the United States, exclusive of Hawaii, Alaska and the Panama Canal
Zone, while so residing, shall only receive 50% of the amount of pension
or emergency officers' retirement pay otherwise provided.
Three, defines those persons who are entitled to benefits and who are
barred from participating in decisions. This definition is that those
persons who are in receipt of monetary benefits on the date of passage
of the act and whose right to receive monetary benefits continues under
the provisions of Public No. 2 are prohibited from participating in decisions under the act. This is also applicable to persons who file new
claims and where on the basis of such claims awards of benefits are
made.
Regulation No. 11 deals with the disclosure of information and the
furnishing of copies of official records. It is substantially in accordance with previously existing laws, except that it authorizes the administrator, with the approval of the President, upon determination that
the public interest warrants or requires, at any time and in any manner, to
publish any or all information of record pertaining to any claim.
Regulation No. 12 provides a presumption of entitlement to pension
for Spanish War veterans now on the rolls and for the widows, children
and dependent parents of deceased veterans of the World War who are
now on the rolls, as of the last day of the month in which such determination is made. It further provides that the Government shall review all
of the claims and where it is in a position to rebut the presumption,
either on medical judgment or specific evidence, the benefits being paid
shall be discontinued.
It is estimated that the savings which will result from the adoption
of these regulations is approximately $400,000,000, and while it is
appreciated that many thousands will be adversely affected, no estimate
as to exact numbers can be given until the reviews authorized have been
accomplished.
It can be said, however, that all men who acquired their disabilities
In the military or naval service and the dependents of those who die
from such disabilities are adequately cared for.
2349
Also that the more seriously disabled war veterans are entitled to
either a pension or hospital or domiciliary care.
The issuance of these regulations will permit the Veterans' Administration to commence functioning under the new law. It is realized that
there may be other classes of persons who should be specifically provided
for and the administrator has been directed to make a further study and
report to the President as to any such clans prior to July 1 1933, when
payments under previously existing law cease. Further, at any time
within two years, these regulations may be amended or modified if
experience indicates any changes are desirable.
—0—
Veterans' Organization Attacks Roosevelt Economy
Move—Calls New Regulation a Blow Aimed
at Blind Ex-Soldiers, and Predicts "National
Revulsion" Against Plan.
A vigorous condemnation of President Roosevelt's executive order cutting $400,000,000 from veterans' benefits was
issued on April 1 by the Disabled American Veterans'
Association. The statement, signed by William Conley,
National Commander of the organization, follows:
"The one redeeming feature of these now regulations on relief to disabled
World War veterans is that the suffering will be such that there will be an
darly national revulsion when the effects are understood.
"Propagandists for many months clouded the whole issue through misinformation that all savings were to be effected by taking any benefits tomen who have become disabled since the war. The fact is that drastic cuts
are to hurt the men whose eyes were blasted out on the Western Front, men
whose arms and legs were blown off by shell-fire and with them, their
wives, their minor children and their aged parents, as well as all others—
without exception—whose disabilities are directly and admittedly traceable to war service.
"Had it not been for these men and their fellow soldiers, America's problem to-day would not be the relatively small question of balancing the budget
but rather the matter of the whole citizenship slaving to meet reparations
to the victorious enemy.
"To alleged leaders of veterans who have supported this movement in its
various stages we can only suggest that they now spend a few hours or a few
days at the offices of the Veterans' Administration and watch the parade of
helplessness as the full force of this blow is felt by those who never have
been and who never will be able to resume their civilian positions because
of the sacrifices they made when American institutions were in peril.
"The American soldier bore hardship and suffering without complaint;
the helpless American will endure only until aroused public opinion demands
that the promises of 1918 be redeemed, and those who are blind, maimed
destitute and distressed, because of their contribution to the National
defense, be taken from the bread lines, which are already overcrowded,
but which offer the only haven."
Labor Heads Agree on Relief Program After Conference
with Secretary Perkins at Washington—Delegates
Ask Bonds to Finance Public Works, Shorter
Working Week, Child Labor Restrictions, and
Billion-Dollar Appropriation for Aid.
Following a conference of leaders of organized labor with
Secretary of Labor Perkins in Washington on March 31,
the labor representatives agreed upon a program of emergency relief measures, and endorsed the plans put forward
by the Secretary.
The proposals upon which the conference united included
,he appropriation of $1,000,000,000 for relief, a bond issue
to finance a $3,000,000,000 program of public works, labor
representation on relief boards,and ratification of the pending
child labor amendment or the enactment of drastic child
labor laws. The delegates were headed by William Green,
President of the American Federation of Labor:
We quote further from Washington advices to the New
York `!Times" March 31:
"It was an extremely significant meeting," Secretary Perkins said at the
conclusion of the all-day meeting.
"While hastily assembled, with but little time for preparation, every
aspect of the conference bore a note of sincerity and intense interest. There
seemed to me to be an appreciation on the part of every one of labor's responsibility to enter into the solution of civic and national problems, and
willingness on the part of labor to bear Its full share in leadership and statesmanship."
Miss Perkins pointed out that there was agreement on many major
questions of policy, with specific questions as to wage standards and methods
of maintaining them postponed for further consideration.
Regarding a public works program, Miss Perkins said there was complete
agreement that the nature of the works to be undertaken first should be
those of a nature calculated to raise the standard of living, such as low-cost
housing and slum clearance, waterworks, sewerage systems and sewage
disposal plants and flood control, and that the money for financing it should
be raised by the issue of "baby" bonds that could be bought by the "man
in the street."
Heavy Bond Sale Predicted.
"The overwhelming voice of those present to-day," Miss Perkins said,
"declared that there would be a great outpouring of hoarded money for
the purchase of such bonds."
"They applauded the report prepared by Robert D. Kohn, Chairman of
the Construction League of the United States, which shows that $3,000.000,000 of necessary construction could be started in a relatively short
period of time.
"It is estimated by the engineers and architects who submitted this
report that this construction would give direct employment to 1,000,000
people, in addition to an almost equal number who would be employed in
the manufacture and transportation of the materials to be used."
The plan provides that the bond issue would provide 50% of the cost of
the work as Federal aid, facilitating the financing of required expenditures
of the States and their subdivisions.
Mr. Green endorsed the project with the statement that "slum clearance'
interests me much more than reforestation."
2350
Financial Chronicle
Labor to Aid Forest Project.
One of the points of labor policy on which an expression of opinion
was sought by Miss Perkins—and this developed with unanimity—was
In regard to questions arising in connection with the Civilian Construction
Corps project. She announced in the beginning that in the matter of enrollment of men for the corps there would be set up an "adviser" who was
also a "labor" man.
She found a unanimous belief also that all supplies purchased for the
corps should be purchased only from firms maintaining an approved minimum standard of wages and hours of labor.
It was stipulated by the conference that great care shold be taken in the
distribution of relief funds so encouragement would not be given to those
who are "sweating" labor and that relief funds should not be used to supplement wages and so enable employers further to depress labor conditions.
The delegates were emphatic in demanding a shorter week and in protesting against "the spirit of opposition on the part of employers to the
organization of workers," the miners leading in this phase of the discussions.
A plan to fix and adjust wages,and to plan against depression by means of
labor boards, on which would be representatives of labor or industry and
of the public, was suggested by Sidney Hillman of New York, President
of the Amalgamated Clothing Workers. It was discussed at some length
but no general agreement was reached.
Secretary of Labor Perkins Ends Five-Day Week in
Labor Department as New Law Omits Furloughs.
On March 28 Associated Press advices from Washington
stated:
-day week in the Labor
Secretary Frances Perkins to-day abolished the 5
Department, beginning next Saturday.
Miss Perkins action, which will return the Department to the five and
one-half day week basis, was made necessary by the new economy law,
-day week was
which did not contain the furlough plan under which the 5
established last July.
Under the new provision four hours will constitute a day's work on Saturdays.
President Appoints Robert Fechner of Massachusetts
Unemployment Director Under New Reforestation
Relief Project—Plans for Administering Law Formulated—Mobilization of First 25,000 Men Follows
Issuance of Executive Order—$10,000,000 Made
Available to Finance Work.
Robert Fechner of Massachusetts was appointed by President Roosevelt on April 3 to be Federal Director of Unemployment under the Unemployment Reforestation Act
signed by the President March 31 (described in our April 1
issue, page 2161). At the same time preliminary plans for
administering the law were rounded into shape, and it was
announced that the administration planned to have 25,000
men at work in the forest camps within a fortnight.
Mr. Fechner is Vice-President of the International Association of Machinists and has lectured at Harvard and
Dartmouth Universities on labor and industrial subjects.
Initial steps in marshalling the unemployed under th
reforestation project were outlined in an Executive Ord
by the President April 5, in which $10,000,000 was made
available to finance the beginning of work. The money
will be drawn from unexpended Federal construction funds.
Mobilization of the first 25,000 men was begun on April 6,
under the supervision of the War Department. These men
will come from 16 cities, with the allotments as follows:
New York City, 7,500 men; Buffalo, 600; Chicago, 4,000; Philadelphia,
3,000; Pittsburgh, 900; Detroit, 2,200; Cleveland, 1,000; Cincinnati,
500; St. Louis, 900; Kansas City, 400; Baltimore, 1,000; Boston, 900;
Milwaukee, 600; Washington, D. C., 500; Minneapolis, 500; Newark, 500.
The Executive Order issued by President Roosevelt on
April 5 read:
By virtue of the authority vested in me by the act of Congress entitled, "An Act for the Relief of Unemployment Through the Performance of Useful Public Work and for Other Purposes," approved March 81
1933 (Public No. 5, 73d Congress), it is hereby ordered that:
(1) For the purpose of carrying out the provisions of said act, Robert
Fechner is hereby appointed Director of Emergency Conservation Work
at an annual rate of compensation of $12,000, less the reduction prescribed
in sub-paragraph (b), Section 2, Title II, of the Act of Congress entitled
"An Act to Maintain the Credit of the United States Government" (Public
No. 2, 73d Congress), approved March 20 1933.
(2) The Secretary of War, the Secretary of Agriculture, the Secretary of the Interior and the Secretary of Labor each shall appoint a
representative, and said representatives shall constitute an Advisory Council
to the Director of Emergency Conservation work.
(3) There is hereby established in the Treasury a fund of $10,000,000
by the transfer of an equal amount from the unobligated balances of the
appropriation for emergency construction of public buildings contained
In the act approved July 21 1932, as authorized by Section 4 of the said
act of March 31 1933, which fund shall be subject to requisition by the
said Robert Fechner, as director of Emergency Conservation Work, on
the approval of the President.
(4) Subject to direction by the President, supplies and materials of
the several departments or establishments shall be furnished on the
requisition of the Director of Emergency Conservation Work, and the
departments and establishments furnishing such supplies and materials
shall he reimbursed therefor in accordance with instructions of the
President.
(5) Reimbursement, if any, to the departments or establishments for
other services rendered shall be made in accordance with instructions
of the President.
April 8 1933
William Green, President of American Federation of
Labor, Estimates March Unemployment Rise to
13,000,000, Counter to Usual Seasonal Trend—
Blames Deflation Policies for Rise in Number of
Idle.
Unemployment in the United States increased by approximately 230,000 during March, bringing the total unemployed to about 13,000,000, it was estimated by William
Green, President of the American Federation of Labor, on
April 4. Mr. Green blamed "deflation policies" for causing a downward trend, when the usual seasonal movement
at this time is upward.
His statement follows:
Our revised estimate for January, showed 12,821,000 out of work, and
In February unemployment increased to 12,980,000, preliminary figure.
March reports from unions show another increase, from 26.0% of the
membership out of work in February to 26.7% in March, in weighted
figures. If the increase in unemployment for the country as a whole
was of the same proportions as in trade unions, some 230,000 more lost
their jobs in March, bringing the total out of work in March well over
13,000,000.
This increase in March is particularly serious since it shows a new
rising trend in unemployment. Last Fall this rising trend had been
checked, and the increase in unemployment was less than seasonal. But
this Spring there is a counterseasonal trend and unemployment is definitely
rising again. The far-reaching consequences of this new increase cannot
be overlooked. It means the beginning of a new downward trend.
As long as deflation continues we cannot hope to get out of this depression. Continuing deflation means continuing destruction of our human
resources and our economic institutions. Millions are going back to the
primitive life of two centuries ago, and as their standard of living is
reduced to starvation levels, industry cuts its activity and Its earning
power until it can no longer make payment on debts.
If deflation is carried to its limit, our present civilization will be destroyed. Yet deflation policies have the upper hand. The Government
salary cut has already started wage and salary cuts in industry. United
States Steel immediately announced another salary cut. Public Service
Corporation of New Jersey cut wages and salaries 10%. Wage cuts mean
further price declines, rent declines, more liquidation, still lower levels
of business and of living.
The only way out of this downward spiral is a vigorous Government
program to get industry to work again, and men back at their normal
job producing and distributing goods.
Our unemployment reports show 72% out of work in building, 50%
In manufacturing, 49% in metal trades, 48% in water transport, 31%
still out of work in clothing although this is almost the peak of the Spring
season, 80% in motion pictures and theatres, 22% in printing where
unemployment in March is normally 5%.
The weighted figure of 26.7% out of work in the country as a whole
compares with a normal of 8.5% for March. Sixteen of our twenty-four
cities report an increase in unemployment in March; only six report
any genral gain.
oad National Program Proposed for United States
Forest Lands—Report Presented by Secretary of
Agriculture Wallace in Response to Senate Resolution Recommends Co-ordinated Plan for Land
Utilization—Proposal for Participation by States
and Federal Governments.
A land use program affecting more than a third of the
entire land area of the United States is presented in a
comprehensive report transmitted to the Senate on March 28
by Secretary of Agriculture Wallace. The report was pre,
pared by the Forest Service in response to Senate Resolu
tion 175 of the last session of Congress, introduced by
Senator Royal S. Copeland.
The report presents a co-ordinated plan intended to insure all of the economic and social benefits which can and
should be derived from productive forests by fully utilizing
the forest land, and by making all of its timber and other
products and its watershed, recreational, and other services
available in quantities adequate to meet national requirements.
The report recommends that public agencies should
acquire 224 million acres of forest land, including a part
of the abandoned agricultural land now available and place
it under forest management at the earliest possible date
following acquisition. A considerable part of this land
has or will come into public ownership in any event by
reason of tax delinquency, the report states. The States
and their local subdivisions should take over as much of
this acquisition program as their resources permit. The
Federal Government should assume -only that part which
the States cannot carry.
Other recommendations include the placing of an additional area of 191 million acres under fire protection and
raising the standards of much of the 321 million acres
now under protection; planting at least 25 million acres
during the next 20 years; raising the area under intensive
forest management during the next few decades to at least
70 million acres and preferably to 100 million acres, and
Volume 136
Financial Chronicle
2351
the area under extensive management to at least 279 million
and preferably to 339 million acres.
The main findings of the report, as summarized in Secretary Wallace's letter of transmittal, are as follows:
the higher will be the cost of forest restoration. A high percentage of
the initial costs are in the nature of capital investments for which low.
interest long-term loans would be justified. I strongly recommend,
therefore, the earliest possible action on the Federal part of the plan.
1. That practically all of the major problems of American forestry
center in, or have grown out of, private ownership.
2. That one of the major problems of public ownership is that of
unmanaged public lands.
3. That there has been a serious lack of balance in constructive efforts
to solve the forest problem as between private and public ownership and
between the relatively poor and the relatively good land.
4. That the forest problem ranks as one of our major national problems.
Message of President Roosevelt to Congress Asking for
Legislation to Provide for Refinancing of Farm
Mortgage Indebtedness.
On April 3 President Roosevelt sent to Congress a message
urging the enactment of legislation to provide for the refinancing of farm mortgage indebtedness. In furtherance of
this proposal a bill calling for a consolidated issue of Federal
Land bonds, to an amount not exceeding $2,000,000,000,
was laid before Congress on April 3, the bonds to be used
either by exchanging them for outstanding mortgages or in
making new loans. Later action was taken toward merging
this proposed legislation with the pending emergency farm
relief bill, and further reference thereto is made in another
item in this issue of our paper. Below we give President,
Roosevelt's message:
As the only assured means of anything approaching a
satisfactory solution of the forest problem, the report recommends, first, a large extension of public ownership of forest
lands, and, second, more intensive management on all publicly owned lands. Solution of the forest problem, the Secretary's letter states,"is the only means to stable, permanent
forest industries, with a pre-depression value including
forests of $10,000,000,000 and gross products prior to 1929
of nearly $2,000,000,000. This is also true of industries
using forest resources other than timber and of a large
group of other industries dependent on both." The Secretary
further says:
The solution will provide an important source of employment for labor.
at a time when the development of labor-saving machinery makes employment a critical national problem. Our forest land in productive condition
and the dependent primary forest industries alone would furnish employment for two million men.
The solution offers an important aid in public finance by increasing
the amount of taxable property. (Pulp and paper mills, for example,
depend on productive forests for their existence.)
It offers one important means for maintaining a balanced rural economic
and social structure in the parts of the country which will grow timber,
by utilizing all of the land productively for the purposes for which it is
best suited, maintaining industries in perpetuity, and holding a reasonable
part of the population in the country in a healthy, diversified rural life.
Programs for the various activities which make up forestry, such as
protection against fire, insects, and disease ; extensive and intensive forest
practice; provision for watershed protection, recreation, forest wild life,
and for the management and utilization of forest ranges have been worked
out in as much detail as present information permits and incorporated in
the national plan which forms an important part of the report on the
Senate Resolution. The Department endorses the recommendations for
these programs.
Ninety per cent of the total area of devastated and poorly
stocked forest land and 95% of the current devastation is
on privately owned forest lands, according to the Forest
Service report. Forest deterioration, which is far more
extensive and hence more serious than devastation, results
from cutting without regard for future productivity of the
forest, or from forest fires, or from the two combined. More
than 99% of such cutting and 98% of the area burned annually is on private lands.
The public policy of passing excessive areas of forest land
to private ownership and the private cut-out-and-get-out
policy, according to the report, has wrecked or seriously
reduced the productivity of the land, made it difficult or
Impossible to pay taxes, and hence has led to tax reversion
so large in several forest regions as to constitute
virtually
a breakdown of private ownership. Stability of
tenure is
one of the essentials for timber growing.
"Although at first opposed, the national forest
enterprise
now has practically universal public
approbation," says
Secretary Wallace in his letter of transmittal.
Continuing.
he says:
I am convinced that the public
program recommended will command
equal approval in the future, and
that the extension of the national and
State forests recommended is as important and as
necessary as the creation
of the existing national and State
forests. The Federal share of the
proposed program, including both
acquisition and the management of
acquired and existing national
forests has, therefore, the unqualified
endorsement of the Department.
The plan recommended goes as far
as possible in co-ordinating the efforts
of all interested agencies. In the
acquisition of land it is believed that
the soundest principles will be for each public agency to
finance its own
purchases and to acquire only what it can subsequently
afford to manage.
The part of the undertaking left to the private
owner is believed to be
within practical possibilities. A substantial increase in public
aid is
provided, in which the Federal Government and the States
should join
forces. Aid to private owners should not, however, go beyond
the public
Interest. The States and their local subdivisions are
encouraged to take
on as much of the remainder of the undertaking as they can
and will.
This will leave for the Federal Government only what neither
private
owners nor the States can carry, and beyond that, what
Is clearly
within the national interest. The resolution stresses aid to the States.
A detailed examination of the program proposed will show that the very
liberal Federal contribution to the whole plan in the form of aid to
private owners and otherwise constitutes in the last analysis aid to the
States which would otherwise have to carry the entire burden.
So far as I can see, nothing can be gained and much will be lost by
delay. The contribution to our national land problem will be very large,
and it is a contribution which is more and more urgently needed. There
should be the opportunity for the large employment of labor in constructive
public works. The longer that forest devastation and deterioration continue
To The Congress:
As an integral part of the broad plan to end the forced liquidation of
property, to increase purchasing power and to broaden the credit structure
for the benefit of both the producing and consuming elements in our
population, I ask the Congress for specific legislation relating to the mortgages and other forms of indebtedness of the farmers of the nation. That
many thousands of farmers in all parts of the country are unable to meet
indebtedness incurred when their crop prices had a very different money
value is well known to all of you. The legislation now pending, which seeks
to raise agricultural commodity prices, is a definite step to enable farm
debtors to pay their indebtedness in commodity terms more closely appriximating those in which the indebtedness was incurred; but that is not
enough.
In addition, the Federal Government should provide for the refinancing
of mortgage and other indebtedness so as to accomplish a more equitable
readjustment of the principal of the debt, a reduction of interest rates.
which in many instances are so unconscionably high as to be contrary to a
sound public policy, and, by a temporary readjustment of amortization, to
give sufficient time to farmers to restore to them the hope of ultimate free
ownership of their own land. I seek an and to the threatened loss of homes
and productive capacity now faced by hundreds of thousands of American
farm families.
The legislation I suggest will not impose a heavy burden upon the National Treasury. It will, instead, provide a means by which,through existing
agencies of the Government, the farm owners of the nation will be enabled
to refinance themselves on reasonable terms,lighten their harassing burdens
and give them a fair opportunity to return to sound conditions.
I shall presently ask for additional legislation as a part of the broad
program, extending this wholesome principle to the small home owners of
the nation, likewise faced with this threat.
Also. I shall ask the Congress for legislation enabling us to initiate
practical reciprocal tariff agreements to break through trade barriers and
establish foreign markets for farm and industrial products.
FRANKLIN D. ROOSEVELT.
The While House, April 3 1933.
Analysis by Henry Morgenthau Jr. of Bill for Refinancing of Farm Mortgage Indebtedness.
As we indicate in another item in this issue of our paper,.
President Roosevelt sent to Congress on April 3 a message
asking for legislation to provide for the refinancing of farm
mortgage indebtedness. The Administration farm mortgage
bill laid before Congress April 3 was later in the week combined with the pending emergency farm relief bill, this
week's Congressional action as to which is noted elsewhere.
On April 3 the following analysis of the farm mortgage
bill was made available by Henry Morgenthau Jr., Chairman of the Federal Farm Board and designated to be
Governor of the Farm Credit Administration:
The bill provides for a consolidated issue of Federal Land Bank bonds,
In an amount not to exceed $2,000,000,000. The bonds are to be a joint
obligation of all the 12 Feeral Land Banks and are to bear interest not
to exceed 4%. Payment of interest on the bonds is to be guaranteed by
the Treasury. The Federal Land Banks will have authority to exchange
these bonds for approved first mortgagee on farm property, or to purchase
such mortgages, but the value of the bonds to be exchanged for, or the
purchase price of. any mortgage shall not exceed the face of the mortgage,
nor shall it exceed 50% of the normal value of the land mortgaged, plus
20% of the value of the permanent insured improvements. The bill fixes
a time limit of two years in which these interest-guaranteed bonds may
be issued. The interest rate on existing mortgage loans made through
National farm loan associations by the Federal Land Banks and those
made within two years after the passage of the Act, can not exceed 4)i%
and provision is made for reducing payments on mortgages now held by
the Federal Land Banks to the same rate, but where loans are made direct
by the Federal Land Banks, and not through a farm loan association, it
is to be one-half of 1% greater.
Fifteen million dollars is authorized to be appropriated to cover the loss
to the Federal Land Banks caused by reduction in the mortgage interest
rate. The Secretary of the Treasury is authorized to subscribe $50,000,000
to the paid-in surplus of the Federal Land Banks, on approval of the Farm
Loan Commissioner, this sum constituting a loan which will permit the'
banks to defer for five years amortization payments and to decrease or
Postpone interest payment due from farmer borrowers who are unable
to meet them.
The effect of the above provisions is to permit a farmer to keep his
Federal Land Bank mortgage in good standing with total annual payments
of only 4 % as against present payments, including amortization, of
an average of 6% , and to offer opportunity for further reductions In
cases of extreme need.
It is hoped that other credit agencies holding farm mortgages will as a
result of the passage of the bill offer similar lenient terms during the emergency to their farmer borrowers.
2352
Financial Chronicle
There is also provision for special loans to be made by the Farm Loan
Commissioner direct to farmers on the security of first or second mortgages
on land, chattels or crops. The amount of any such individual loan is
not to exceed 85,000 and it must not amount to more than 75% of the
normal value of the property pledged as security. The interest rate of
these individual loans is to be 5% and they are to be amortized in 10 years.
One of the purposes of this provision is to permit farmers to regain possession
of farm homes lost through foreclosure within the last year. The Reconstruction Finance Corporation is authorized to advance 8200,000,000 to
the Farm Loan Commissioner for this purpose.
The bill contains provisions for the orderly liquidation of the Joint Stock
Land Banks. After the date of the passage of the Act they are forbidden
to issue any tax exempt bonds, or to make any farm loans except those
Incidental to refinancing existing loans or bond issues, or to the sale of
real estate. The Joint Stock Land Banks would be permitted, under the
bill, to borrow up to a total of 8100,000,000 out of Reconstruction Finance
Corporation funds, to be placed at the disposal of the Farm Loan Commissioner, on the security of mortgages held by the Joint Stock Banks,
but the amount of any loan is not to exceed 60% of the normal value of the
farms covered by the mortgages so pledged. A condition of such loans is
that the Joint Stock Land Banks shall agree to reduce to 5% the interest
charged on their mortgages and a further condition is that they shall agree
not to foreclose any mortgages unless the property is abandoned, or foreclosure is necessary for other reasons in the opinion of the Farm Loan
Commissioner.
There is an added provision in the bill for loans by the Reconstruction
Finance Corporation in an amount not to exceed 850,000,000 to drainage,
levee,irrigation and similar districts to permit them to refinance outstanding
Indebtedness.
April 8 1933
Building & Loan, Garfield Park Building & Loan, East End Savings &
Loan, Prospect Savings & Loan. Prudential Savings & Loan, Riverside
Savings & Loan. Shelby Street Building & Loan, South Park Savings &
Loan, Columbian Savings & Loan, Better Homes Savings & Loan, Ashland
Avenue Savings & Loan. Anchor Savings & Loan, Advance Savings & Loan.
A. J. Hueber Savings & Loan and Atkins Savings & Loan.
Associations placed on the restricted basis of 50% withdrawals were:
Arsenal Building dc Loan. Standard Savings & Loan, Lincoln Highway
Savings & Loan, Provident Building & Loan, Insurance Savings &
Southeastern Savings & Loan Celtic Savings & Loan, Colonial Savings &
Loan. Virginia Avenue Building & Loan, Co-operative Savings & Loan.
Russell Avenue Savings & Loan, Plymouth Savings & Loan. Dime Savings
& Loan, Indiana Savings & Investment Co.. Indiana Savings & Loan.
Occidental Savings & Loan, Monument Savings & Loan. Indianola Building & Loan and Union National Savings & Loan.
Orders for Restriaton.
Associations to which restricted licenses were issued were ordered to
pay shareholders no more than 50% of the value of their shares
as of March 4, but were permitted to accept the shares at full value in real
estate transactions. They were also ordered not to commingle the receipts
from the issuance of new shares after March 6 with previous transactions
and to hold 50% ofsuch revenue in cash or on deposit or invested in Government securities, using the other 50% for real estate mortgages in the usual
way. Other restrictions were in the nature of rules to provide for the
Payment of loans which the associations have made on their assets as a
whole and for expenses of operation.
Columbian Building & Loan Co. of Ohio Taken Over
by State—Has Assets of $19,000,000.
The Columbian Building & Loan Co. of Ohio has been
Senate Considers Farm Relief Measure Combining taken over by Paul Warner,State Superintendent of Building
Allotment and Price-Fixing Plans with Farm Mort- and Loan Associations. Advices from Columbus to the
gage Financing Bill—Proposals in President's Mes- 'Wall Street Journal" of March 28, said that the company
sage of April 3 Embodied in Consolidated Measure.
has assets of $19,000,000. The advices add:
It has undergone two reorganizations in the past two years. Legislation
A consolidated farm relief bill, combining proposals made
was passed by the State Legislature a month ago, under the title of the
to Congress by President Roosevelt April 3 for refinancing Eikenberry Law, which permits the orderly liquidation of a building and
farm mortgages with the Smith cotton plan and Roosevelt- loan association in much the same fashion recent legislation provides for
bank liquidation.
Wallace commodities price project, was reported to the
Under the provisions of the Eikenberry bill, all building and loan associations in the State will be subjected to rigid examination by the office of
Senate April 5.
The principal features of this combined bill were sum- the State Superintendent of Building and Loan Associations. Associations
will be placed in one of three groupings—those that are sound, those needing
marized in Washington advices April 5 to the New York conservators, and those that should be liquidated. The Columbian is the
first association taken over by the Department for liquidation.
"Journal of Commerce" as follows:
Superintendent
Building
I. Proposes a Government cotton pool to be participated in by farmers
agreeing to curtail production.
II 2. Undertakes to raise commodity prices by land rental and acreage
allotment schemes, assessing consumption taxes against processors for
the benefit of the farmers.
3. Incorporates a price fixing plan applicable to agricultural products.
4. Carries the provisions of the farm mortgage refinancing measure,
the major purposes of which are four in number:
To enable the Federal Land Bank system to secure new capital and
thereby resume its functioning as an effective agricultural credit agency;
To reduce the burden of mortgage debt now oppressing the farmer and to
lift the threat of imminent foreclosure:
To provide for liquidating, in orderly fashion, affairs of the Joint Stock
Land banks;
To refinance short term indebtedness of the farmer, to provide him
with working capital when necessary and to help him redeem or repurchase
his foreclosed farm home.
From a Washington dispatch to the "Times," dated
April 5, we quote:
The administration's dual program for agriculture relief, involving in one
bill a broad plan for enhancing farm commodity values and in another the
refinancing of farm mortgages, was laid before the Senate to-day in two
committee reports. Quick action, beginning to-morrow was held likely.
After two weeks of study, the Agriculture Committee reported favorably
on the farm commodity price bill, already passed by the House, the only
important change being the elimination of cattle and sheep from the nine
commodities specified, leaving corn, wheat, cotton, tobacco, rice, hogs and
dairy products.
In an obvious race to beat the Banking and Currency Committee and
thereby obtain credit for reporting the administration's farm-mortgage bill,
the Agricultural Committee tacked the mortgage measure on the price bill
as a new section. thereby reporting the two as one.
Three hours later the Banking and Currency Committee made through
Senator Wagner a favorable report on the farm mortgage bill as a separate
entity. The Senator contributed a strongly favorable and detailed analysis
with the report.
Building and Loan Associations Open in Indiana
Following Bank Holiday—Some Restricted to 50%
Withdrawals—State License Given.
In its March 27 issue the Indianapolis "News" stated
that building and loan associations of Indiana, which have
been closed since March 9 by reason of the general banking
holiday, were authorized to resume business, either normally
or subject to certain restrictions, on March 27 by an order
Issued by Luther F. Symons, Bank Commissioners and
approved by Governor Paul V. McNutt. From the "News"
we also quote:
The associations of the State are divided into two classifications, one
being restricted so as to permit withdrawals of only 50% of investment
stock.
lb Unrestricted licenses were issued to 183 institutions and restricted licenses
were issued to 175. Licenses were refused to 10 associations and the
licensing of six was taken under consideration for future action.
la Marion County associations receiving unrestricted licenses to resume
normal business transactions, except as to the withdrawal of gold or money
for hoarding, are:
West Indianapolis Building & Loan, Security Building & Loan. Home
Builders Savings & Loan, Downey Street Savings & Loan, Railroadmen's
Building & Savings, Fletcher Avenue Savings & Loan, Merit Savings &
Loan, Turner Savings & Loan, Western Savings & Loan, New Progress
Building & Loan, Madison Avenue Savings & Loan. Keystone Savings &
Loan, People's Mutual Savings & Loan, Hoosier Savings & Loan, Home
has examiners in Dayton
and Loan
The State
going over the building and loan associations there, all of which have been
closed for more than a year, with a view to liquidating some and reorganizing
others so that they may again function normally. Examinations shortly
will be made in other communities.
Advisory Committee Named to Advise Reconstruction
Finance Corporation in Administration ofCongressional Resolution Providing for Reconstruction
Work in California Area Damaged by Earthquake.
The Board of Directors of the Reconstruction Finance
Corporation on March 28 appointed a special advisory
committee to advise and aid the Corporation in the prompt
and effective administration of the joint resolution of
Congress, approved by the President on March 23 authorizing the Corporation to make loans for financing the repair
or reconstruction of buildings damaged by the earthquake
early in March. The members of the committee are:
H. S. McKay, Chairman; Zach J. Farmer, Arthur S. Bent,
H. T. Cory and A. R. LeRoy, manager of the Los Angeles
Loan Agency of the Corporation, all of Los Angeles; J. F.
Burke, Santa Ana; George H. Coffin, Hollywood; George
M. Spicer, Long Beach. The joint resolution provides that
the Corporation is authorized:
"To make loans to non-profit corporations, with or without capital
stock, organized for the purpose of financing the repair or reconstruction
of buildings damaged by earthquake in the year 1933 and deemed by
the Reconstruction Finance Corporation economically useful. Obligations accepted hereunder shall be collateraled (a) in the case of loans
for the repair or reconstruction of private property, by the obligations
of the owner of such property secured by a paramount lien except as
to taxes and special assessments on the property repaired or reconstructed,
and (b) in the case of municipalities or political subdivisions of the
States or their public agencies, by an obligation of such municipality,
political subdivision or public agency. The corporation shall not deny
an otherwise acceptable application for loans for repair or reconstruction
of the buildings of municipalities, political subdivisions or their public
agencies because of constitutional or other legal inhibitions affecting the
collateral. The collateral obligations may have maturities not exceeding
ten years. Loans under this paragraph shall be fully and adequately
secured. No loan hereunder shall be mode after December 31 1933. The
aggregate of the loans made under this paragraph shall not exceed
$5,000,000."
The relief resolution was sponsored by Senator William
G. McAdoo of California. Following the passage of the
McAdoo resolution by the Senate, the House on March 17
passed a substitute; the Senate rejected the House amendments, and as a consequence the measure went to conference. As to the action of the conferees, Associated Press
advices from Washington, March 20 said:
Reconstruction Finance Corporation loans to aid the earthquake-torn
sections of California in rebuilding—rather than direct grants from the
Treasury—were decided upon to-day by Senate and House conferees, who
agreed to limit the total to $5,000,000.
Senate conferees, headed by Chairman Carter Glass of the Appropriations Committee, yielded to the House group and accepted the House-
Volume 136
Financial Chronicle
approved substitute providing for loans. The Senate resolution called
for direct grants. The money would be used to repair and rebuild damaged
sections, and collateral would be required.
Senate action on the substitute is required, and the House must approve the agreement limiting the aggregate to $5,000,000. Senator
William G. McAdoo, Democrat, of California, who introduced the measure,
said he and his Republican colleague, Hiram Johnson, urged the conference to raise the limit to $25,000,000.
The House agreed to the conference report on March 21,
while the report was agreed to by the Senate on March 22.
Resignation
of Gardner Cowles as Director of
Reconstruction Finance Corporation.
The resignation of Gardner Cowles as a director of
the Reconstruction Finance Corporation was announced
effective April 8.
Mr. Cowles of Des Moines, was appointed to the Board
of the Reconstruction Finance Corporation by President
Hoover in June 1932. His appointment was confirmed by
the Senate for a term which expires in January 1934. He
assumed his work with the Reconstruction Finance Corporation on July 5 1932. Mr. Cowles expected, however, to
remain in Washington only for about six months. For
personal reasons he feels obliged to leave Washington and
accordingly, some time ago, asked President Roosevelt to
relieve him from his duties with the Reconstruction Finance
Corporation. Mr. Cowles will return to his home in Des
Moines where he is publisher of the Des Moines "Register
and Tribune."
Dr. Charles D. Marx Resigns as Chairman of Engineers'
" Advisory Board of Reconstruction Finance Corporation—To Return to Stamford University.
Dr. Charles D. Marx, who has been Chairman of the
Engineers' Advisory Board of the Reconstruction Finance
Corporation since its organization in August 1932, has
resigned that position to return to Stanford University
In California, where he is Professor Emeritus of Engineering, it was announced on March 29 by Harvey Couch, Reconstruction Finance Corporation director. The resignation was effective March 31st and has been accepted with
regret by the Board of Directors. The Engineers' Advisory
Board was organized to aid the Corporation' in passing
upon applications for loans on self-liquidating construction projects. In accepting Dr. Marx's resignation the
Board of Directors adopted the following resolution:
Resolved, That the Board of Directors of this Corporation
accept Doctor
Marx's resignation, effective, as he
requests, at the close of March 31 1933,
and that it takes this action with
very sincere regret; and
Be it Resolved Further, That the members of this Board
express to Doctor
Marx their sincere appreciation of the
able and valuable service he has
rendered in connection with the organization and operation
of the Engineers' Advisory Board. Dr. Marx, distinguished as an engineer,
brought
to that body the fruits of intensive training and wide
experience in the
field of engineering. The Board is sincerely grateful
for his valued
assistance and co-operation in the important
task assigned to the Engineers' Advisory Board.
Be it Resolved Further, That these resolutions
be spread upon the
minutes of this Board, of this, the 29th
day of March 1933, and a copy
thereof, signed by the members of
the Board, be transmitted by the Secretary, under the seal of the
Corporation, to Dr. Marx, with the best wishes
and affectionate regard of the members
of the Board and the entire staff
of the Corporation.
Director Couch, who has been in general charge of
the
self-liquidating loan work of the Corporation, addressed
the following personal letter to Dr. Marx;
expressing his
deep regret in accepting Dr. Marx's resignation:
"It is with deep regret that your resignation
is received and accepted.
"Although it was well understood that the duration
of your work
with us would be governed by
your own plans and desires, you have
given willingly and freely of your
time and effort.
"Now that the time has come for
you to leave us, I want to express
my personal admiration for
you as a gentleman, as an engineer, and
diplomat. Not only have your
services been helpful, but your influence
has been so far reaching that
this organization, the people whom we serve,
and the Government owe you an
everlasting debt of gratitude.
"My hope is that your days
will continue to be full of sunshine and
comfort and that good health
will follow you always. It is my ambition
that I may be able to round out my
own life as well as you have."
Restrictions on Loans by Life Insurance
Companies
Further Eased by New York State
Insurance
Department in Cases of Necessity.
Restrictions on policy loans and surrender values
have
been partially lifted by the New York State Departmen
t of
Insurance in respect to cases of necessity.
The Department's regulations restricting the making of loans
by life
insurance companies in New York State were
issued by Superintendent of Insurance George S. Van Schaick
on Mar.9
as noted in our issue of Mar. 11, page 1679. On Mar.
17
2353
the Department modified these regulations so as to permit
borrowing for the payment of payrolls. A reference to this
appeared in our issue of Mar.18, page 1817. The new ruling,
issued by Superintendent Van Schaick on April 3, reads as
follows:
Amendment No. 2.
Restrictions as to policy loans and surrender values are lifted in the
following classes of cases where a company is satisfied that the applicant
has no other reasonable means of meeting the necessity:
(d) For the purpose of paying taxes, interest, rent, hospital and medical
expenses and the purchase of food for the assured or his dependents.
(e) For educational purposes.
(f) To farmers for agricultural purposes.
(g) For the prevention of penalties on comitmente prior to this date.
In issuing the ruling the Superintendent also issued the
following:
Questions as to the extent and duration of the emergency which brought
about the limitation upon policy loans and surrender values and the matter
of harmonizing the rules of the various states will be taken up at a special
meeting of the National Convention of Insurance COMMISSIOD
to be
held at the Palmer House, Chicago, April 7 and 8.
The future attitude of the New York Insurance Deparmtent will be
announced after the benefit of the discussions at that gathering.
This does not in any respect interfere with the restrictions imposed by
the supervisory officials of other states in their respective states.
Secretary of Treasury Woodin Says Work of Restoring
Banks is Going Forward Rapidly—$1,160,000,000
Hoarded Money Returned to Banks Between
March 4 and 30—Urges Return of Currency Still
Hoarded—Number of Banks Reopened—Withdrawals of State Banks From Federal Reserve
System.
An address indicating the progress in "the work of restoring banks" was delivered over the radio from Washington
on April 3 by Secretary of the Treasury Woodin in which
he also commented upon the hoarded money already
returned to the banks. Secretary Woodin pointed out that
between March 4 and March 30 $1,160,000,000 in money
was returned, including over $600,000,000 of gold and gold
certificates, and he added:
The volume of outstanding currency is still greatly in excess of the
amount required to meet ordinary needs under existing conditions. It is
essential that this inactive currency should continue to flow back to the
banks. If the amount of money still hoarded can be returned promptly
into active use it will give a marked stimulus toward business recovery.
Mr. Woodin also said:
By the end of March. 5,387 national and member State banks that
had deposits of nearly $26,000,000, had been reopened. In addition.
more than 7,350 non-member State banks had been reopened on an unrestricted basis. This restored to the people and to the business of the
country the use of the major part of the banking facilities.
The task of reopening banks which could not be reopened in the earliest
days, but which could be made sound, was undertaken at the very outset.
The new Act provides that the Federal Government can assist in this
process where necessary by having the Reconstruction Finance Corporation
subscribe for the preferred stock.
The Government is proceeding on the basis of supplying such capital
where conditions warrant on the plan that not less than half the needed
capital would be furnished from private resources.
The work of restoring banks is going forward rapidly. In the 16 days
from March 15 through March 31 the office of the Comptroller of the
Currency supervised the strengthening and reorganization of 289 national
banks, with deposits of about 5435,000.000, so that those banks were
made available to the public on the same solid basis as the banks reopened
in the first days.
A total of nearly 530,000.000 of new capital funds was put into these
289 national banks. In the case of these institutions, less than $550,000
of new capital was to be furnished by the Government. Almost all of it
was furnished by private subscriptions and contributions. Such a record
indicates the enterprise and resourcefulness of the communities in which
these banks are located.
I have said that the new Act makes it possible to conserve the resources
of national banks which could not be immediately reopened and some of
which cannot be reopened.
It is the policy of the Administration to carry on this work of conservation
in such a way as to keep losses of depositors at a minimum and to secure
orderly and intelligent liquidation where liquidation is necessary.
You
may be assured that values are not to be sacrificed unnecessarily and that
debtors are to be given all reasonable opportunity to work out their situations
The relatively large financial operation of the Treasury for March
15,
when nearly $800.000,000 of outstanding Treasury obligations became
due, were made somewhat difficult by the tie-up of the banks. That
operation was successfully accomplished.
Since that time, steadily declining rates at which short-term obligations
of the Treasury have been taken have reflected the passing of the banking
crisis. In this field also, the return of confidence has been gratifying.
This return of confidence has undoubtedly been greatly aided
by tha
action which the Administration and Congress have taken with
so much
determination to vastly reduce Federal expenditures. The passage
of the
economy bill was a notable achievement. It will result in savings
running
Into hundreds of millions of dollars and will enormously benefit
the Federal
budget.
I think that it is evident to an that the Government is going
at the Job
of reconstruction with common sense and courage.
The Government deserves the confidence given to it
by the people
of this country. What we have been doing in the past
few weeks has related
mostly to financial problems. With the same
spirit in which these problems
have been met, the Government is taking steps
to relieve other phases of
the depression.
With the kind of support which you are giving
your Government will
accomplish its great task.
On March 31 Secretary Woodin issued a statement as
follows bearing on the number of banks reopened:
2354
Financial Chronicle
Up to the close of business on Saturday, March 25 1933, 265 national
banks, with total deposits of approximately $350,000,000, have been
reorganized or strengthened so that they could be reopened under license
to perform their full functions and that the deposits again become available to depositors.
These results during the ten days from March 15 indicate the work which
is actively in process in the restoration of banks which were unable to open
on the date originally set and the constructive response being made by stockholders and depositors.
As additional banks have been reopened they have assumed on a sound
basis the performance of the same full functions as the banks opened on
the first days set.
The Washington correspondent of the New York "Journal
of Commerce" stated on March 31 that the 265 national
banks mentioned above do not include those which opened
without reorganization on license by the Secretary of the
Treasury immediately after termination of the Federal bank
holiday. The same paper noted:
Approximately 4,500 national banks are now in full operation, officials
said. The records of the office of Acting Comptroller F. G. Await showed
that Dec. 31, the date of the last call, there were 6,016 national banks.
Failures in January and February were 64. according to Federal Reserve
records, while one national bank was reopened in this period. Deposits
of national banks Dec. 31 were $18,518,107,000, deposits of banks closing
in January and February, $17,819,000, and the bank opening $3,627,000.
March figures are not yet available.
According to Washington advices March 31 to the New
York "Times," the Federal Reserve System has in the
meantime been faced with a considerable number of withdrawals from membership by State banks since emergency
legislation was enacted, despite the fact that this measure
was supposed to have the effect of strengthening the System.
From the same dispatch we quote:
Considerable thought is being devoted to this banking development by
the Reserve Board, but so far there appears to be nothing that can be done.
Since the reopening of the banks on March 13, 14 and 15, 22 State banks
have been admitted into the Federal Reserve System as member institutions, while withdrawals already issued have numbered 19. Forty to 50
applications for permission to quit the System are filed with the Board,
and on these favorable action probably must be taken.
There was some apprehension that numbers of national banks in the
hands of conservators might decide to surrender their charters and start
out anew as State banks outside the Reserve System. All national banks
are required to be members of the Reserve System.
Delay Causes Dissatisfaaion.
Assurances are said to have been given to many State member and
national banks now in the hands of conservators, or for which conservators
will be appointed soon, that they might be rechartered as non-member
banks promptly.
Stockholders, depositors and officials of the banks which have not
yet been permitted to open have objected considerably to the delay and
are anxious to get started to normal banking functions, even if they are
forced to withdraw from the national system and obtain charters as State
banks.
The Treasury's action in many cases has necessarily been slow because
of the decision of Secretary Woodin not to permit 100% operation unless
it is comparatively certain that the banks, once open, can stay open.
State banks, in some instances, feel that the emergency legislation and
the regulations set up by the Treasury have discriminated against them.
Must Approve Withdrawals.
As to applications for withdrawals ofsuch banks from the Reserve System,
there apparently is no discretionary power vested in the Federal Reserve
Board except to take favorable action. Approval in many cases, however,
is being delayed in the hope that the institutions can be induced to remain
in the System.
Object of Formation of New Farm Credit Administration Which Replaces Federal Farm Board—Henry
Morgenthau Jr., in Radio Address, Explains Purpose of President Roosevelt's Order Merging
Agricultural Agencies of Government—Not Planned
to Create New Form of Credit.
In a radio address, broadcast from Washington on
March 30 over the National Broadcasting Co's. chain of
47 stations, Henry Morgenthau Jr. explained the Executive
order of President Roosevelt on March 27 consolidating the
Government's various agricultural agencies. An item bearing thereon appeared in our April 1 issue, page 2159, in
which it was indicated that the Federal Farm Board would
be abolished and woula be replaced by the Farm Credit
Administration. Mr. Morgenthau stated that "the Executive order does not mean the creation of a new form.of
credit to the farmer. It does not create any new class
of loans. It does, however, aim to establish a new and
better form of credit service by making it possible to deal
far more speedily with each individual application." In
his address Mi. Morgenthau said:
By Executive order, issued this week, President Roosevelt took the first
step toward realization of his program of simplifying the operations of
the Federal Government. The objects he has in mind are two: They are
those set forth in an Act of Congress on which this Executive order was
based. The first is economy, as the order puts it, "to reduce expenditures
to the fullest extent consistent with the efficient operation of the Government." The second is service to the people of the nation; in the words
operations of
of the Act of Congress, "to increase the efficiency of the
the Government to the fullest extent practicable within the revenues."
broad
To accomplish these purposes Congress has given to the President
powers which enable him to group, co-ordinate and consolidate the executive
Executive order
and administrative agencies of the Government. This first
April 8 1933
to carry out the purposes of Congress and of the Administration dealt
with the governmental agencies which are engaged in furnishing credit
of one form or another to farmers and farmers' co-operative organizations.
Five separate and distinct governmental agencies have in the past been
handling or supervising the granting of agricultural credits. These agencies
include the Federal Land Banks, the Federal Intermediate Credit Banks,
the Department of Agriculture, the Reconstruction Finance Corporation,
and the Federal Farm Board. The Executive order, which will become
effective May 27, 61 calendar days after its transmission to Congress,
transfers all governmental functions having to do with farm credit from
other branches of the Government to the Farm Board. The Board itself,
however, is abolished and in its place is substituted the Farm Credit
Administration, which will have a single head, or Governor, who will be
responsible directly to the President. The Farm Loan Board, which governs
the system of Federal Land Banks and Federal Intermediate Credit Banks,
and which supervises also the operations of the Joint Stock Land Banks, is
also abolished and the administrative officer, the Federal Farm Loan Commissioner, who has heretofore exercised general supervision over these
land and credit banks, is transferred to the Farm Credit Administration.
From the Department of Agriculture are transferred the Crop Production
Loan Office and the Seed Loan Office and all functions relating to
farm loans.
From the Reconstruction Finance Corporation is transferred the system
of Regional Agricultural Credit Corporations, established in the 12 Land
Bank regions for the purpose of making emergency loans to farmers.
The order is the result of President Roosevelt's conviction, based on
studies which he begun even before he became a candidate for the Presidency, that the farm credit activities of the National Government were
a striking example of unnecessary duplication of effort. From a central
administrative standpoint it is evident that there has been a multiplication
of records and a competition in service, since in a great many cases two
or more, and in some instances all five of these governmental agencies have
had to deal with the same set of facts in transacting business with
borrowers. From the borower's standpoint the situation has been even
more inconvenient, and in more than one instance nothing short of tragic.
Without expert advice he has not known where to go to get the service
he needs and seeks and he has been compelled to deal with many agencies
and with many officers of the Government at widely separated locations,
when ".i.e might with far greater satisfaction to all concerned have transacted
his business in one office.
No New Form of Credit.
The Executive order does not mean the creation of a new form of credit
to the farmer. It does not create any new class of loans. It does, however, aim to establish a new and better form of credit service by making it
possible to deal far more speedily with each individual application.
The creation of any new class of loans or special provision for refinancing
to meet the needs of the present acute crisis in farm debts will depend
upon action by the President and the Congress. The Farm Credit Administration will be available to carry out any new duties entrusted to it.
The Government's present credit service to the farmer is of four general
kinds: Land mortgages loans for a long period and short-term credit for
production needs to individual farmers, and both long- and short-term
credit to farmers' co-operative organizations to assist them in a more
efficient merchandising of their products. The oldest of these services is
the mortgage loan system of the Federal Land Banks and the Joint Stock
Land Banks, ereated by Act of Congress in 1916 as the result of a Congressional investigation of farm credit systems in operation in other lands.
The Joint Stock Land Banks are private institutions under Government
supervision. The Federal Land Banks, however, are an agency of the
National Government operating on a co-operative basis through subsidiary
farm loan associations, to the capital stock of which borrowers subscribe.
They lend money on the security of first mortgages on farm lands and with
the mortgage as security they sell bonds to provide further loan capital.
The capital stock of these banks is in part subscribed by the Government.
Short-term credit to individual farmers is furnished by three different
governmental agencies. The first of these is the system of Federal Intermediate Credit Banks, of which there are 12, one in each of the Federal
Land Bank regions. Each has a capital of five millions of dollars, subscribed by the Government. They do not make loans direct to farmers,
but rediscount the notes of farmers on which loans have originally been
made by credit corporations or by banks. They also make loans to
co-operative marketing organizations on the security of warehouse receipts
for agricultural products, and in this way come into close relation with
the operations of the Federal Farm Board, which makes merchandising
and facility loans to co-operative organizations. Their loan funds are
largely provided by the sale of their debentures, which have been issued
at rates as low as 2%, enabling the credit banks to discount farm paper
at rates as low as 3%.
Other short-term loans of the Government are direct to the farmer and
of an emergency character. Of this nature are the crop production loans
of the Department of Agriculture, which began in 1921 but with a special
relief appropriation of one and one-half millions to furnish funds for seed
to farmers in five northwestern States afflicted by drouth. Loans in
four later years, up to 1931, by the Department were of a similar
emergency character, to deal with distress caused by storms, floods
and drouth. The maximum of these loans up to 1930 was $6,000,000,
but, in 1931, general distress caused by drouth affecting most agricultural States in the Union resulted in emergency appropriations totaling $67,000,000. Last year, with the cumulative effects of the depression and continued low prices for farm products bearing heavily on all
farmers, distribution of emergency relief funds provided by the Reconstruction Finance Corporation was made on a nation-wide basis to the
extent of approximately $64,000,000. Advances for this year up to
$90,000,000 have been authorized.
A further form of emergency credit is that of the Regional Agricultural
Credit Corporations, organized by the Reconstruction Finance Corporation,
which up to March 21 had made direct loans to farmers for this year's
operations amounting to approximately $80,000,000.
The Federal Farm Board is the youngest of the agencies of the Government designed for permanent operation in assisting farmers with their
credit and marketing problems. Created in 1929, its major purpose is to
promote profitable and orderly marketing of agricultural products by
giving advice to co-operative organizations and by making loans for educational, facility and merchandising pommies. The executive order of the
President continues these activities, but it expressly abolishes the experiment of stabilization, by buying and withholding from the market large
quantities of agricultural products, which has proved immensely expensive
to the Government.
The work of consolidating all of these agencies into one represents a
formidable task of reorganization. It will mean the grouping of central
Volume 136
Financial Chronicle
offices, the perfection of a new administrative organization, and the
establishment of a consolidated system of regional offices. It is my belief,
however, that the job is well worth doing. It will mean for the farmer
and the farmers' organizations that they need no longer be in doubt as to
where to apply for any form of loan issued or supervised by the Federal
Government. Each farmer will be able to go or write to one branch office
of the consolidated system and learn speedily for what class of loan
he is eligible and may be sure that his application will be placed, without
delay, in the hands of those who have the authority to pass on it. He
need not suffer the vexation of being referred from one agency to another,
at the sacrifice of time, which may mean to him the difference between
success and failure.
It is the belief, moreover, that the operation of the new system will
result in a very substantial saving to the Federal Treasury. Thus the
farmer will benefit both as taxpayer and as patron of the consolidated
system. I invite the co-operation of the farmers of the nation and of
those who have contact with the farmers' credit problems, in the effort
which will be made by the Farm Credit Administration to give the most
efficient and business-like service possible to all who may have dealings
with it.
H. E. Babcock Named to Assist Chairman Morgenthau
of Federal Farm Board—Will Aid in Recovery of
Loans to Co-operatives by Moving Into Consumption Commodities Owned by Co-operatives—
Total Loans $157,236,323.
With the announcement on March 30 of the appointment
ment of H. E. Babcock of Ithaca, New York, to assist
Henry Morgenthau Jr., as Chairman of the Federal Farm
Board, it was stated that Mr. Babcock would be called upon
to work out plans to enable the Government to recover as
much as possible of its loans to co-operatives "without.
unduly disturbing the market." The announcement made
by the Federal Farm Board through Chairman Morgenthau
stated that Mr. Babcock would report for duty April 1 and
will remain with the Board for eight to ten weeks. The
announcement continued:
Mr. Morgenthau has chosen Mr. Babcock to help him in working out
complicated marketing problems confronting some of the farmers' cooperatives which have borrowed money from the Farm Board and other
Governmental agencies that will come under the Farm Credit Administration as provided in President Roosevelt's recent Executive order.
In announcing Mr. Babcock's appointment, Mr. Morgenthau said the
problem is to move into consumption commodities owned by these cooperatives in such a manner as to enable the Government to recover as
much as possible of its loans without unduly disturbing the market. The
aim will be to aid co-operatives in disposing of their commodities in such a
way that, if possible, the organizations may be maintained for future
service to their grower members.
Mr. Babcock was chosen for this work because of his outstanding experience in the field of co-operative marketing. He is coming at a sacrifice,
taking leave of absence from all his other business connections, in order that
he may devote his full time to the work of the Board.
Mr. Morgenthau expects that through Mr. Babcock's activities valuable
service will be rendered to co-operatives in disposing of their present holdings
and hopes that the Government may be helpful to these organizations in
developing sound sales p licies for the future.
The size of the problem with which Mr. Babcock will have to deal is
Indicated by the present list of Farm Board loans. Against these loans
enormous quantities of commodities have been pledged as collateral. In
many instances the satisfaction of these loans and the future existence of the
co-operatives depend upon the orderly marketing of these commodities.
•Farm Board loans to co-operatives as of Feb. 28 1933, classified by
odities, are as follows:
Beans
$448,647.28
8502,835.07 Poultry
California grape products 11,182,610.23 Tobacco
2,447,443.77
Canned goods
16,798,503.30
1,051,530.43 Wheat
Cotton
84,684,322.83 Wool
18,569,768.05
Dairy products
4,329,931.44
10,924,844.22 Livestock
Fruits and vegetables. _
3,455,963.24 Miscellaneous
299,592.55
Grape juice
188,818.28
Grass seed
1,255,556.23
Total loans to cooperNuts and rice
$157,236,323.35
1,095,958.43
atives
Payment by Land O'Lakes Creameries, Inc., of
$300,000 Emergency Loan Obtained from Federal
Farm Board During Bank Holiday.
The Federal Farm Board made the following announcement on April 1 through Henry Morgenthau Jr., Chairman:
Land O'Lakes Creameries. Inc., of Minneapolis, Minn., has paid in
full, 16 days in advance of the due date, the $300,000 it borrowed for a
period of 30 days as an emergency effective merchandising loan from
the Federal Farm Board during the recent nationwide bank holiday.
The money was advanced on March 17 1933 to assist the Minneapolis
co-operatives in making payments to its dairy farmer-members while its
operating funds and collections were temporarily tied up. On March 27,
10 days following the granting of the loan, John Brandt, President of
Land O'Lakes, paid off $100,000 of the loan and on March 29 he made
another payment of $100,000. We are advised that he transferred a
third $100,000 to the Federal Farm Board's account with the Treasury
of the United States through the Federal Reserve Bank at Minneapolis
on March 30.
Repayment of the entire loan of $300,000, although not actually due
until April 15 1933, has been completed.
Wheat Holdings of Federal Farm Board Reduced to
11,911,000 Bushels.
Announcement was made on April 2 by Henry Morgenthau Jr., Chairman of the Federal Farm Board, that at the
close of the markets on Friday, March 31 1933, the holdings
of wheat futures of The Grain Stabilization Corp. were
11,911,000 bushels. The announcement as made public by
the Farm Board, went on to say:
2355
The futures holdings on March 7 1933 were 30.391,000 bushels.
Mr. Morgenthau has previously announced that no cash wheat is held
by The Grain Stabilization Corp. except that which is in process of being
turned over to the American National Red Cross in conformity with an
Act of Congress.
At the same time Mr.. Morgenthau announced that in carrying out his
policy of economy and retrnechment in the affairs of the Federal Farm
Board he has caused substantial reductions to be made in the operating
personnel of The Grain Stabilization Corp. A revised budget of the Corporation for the month of April shows proposed salary payments of $6,408
as compared to a payroll of $24,410.79 in Feburary and $22,868.31 in
March:
From the New York "Evening Post" we take the following
from Chicago April 3:
The Illinois Telegraph News Company is informed that details of the
11,911.000 bushels of grain futures held by the Stabilization Corp. are as
follows:
Chicago—May wheat, 4,595,000 bushels; July, 380,000; Sept., 1,895,000.
Kansas City—May wheat, 3,028,000 bushels; July, none; Sept., 505,000.
Minneapolis—May Wheat, 1,508,000 bushels; July, none; Sept., none.
S. H. Thompson Resigns as Member of Federal Farm
Board.
Sam H. Thompson, member of the Federal Farm Board,
announced March 29 that his resignation, which was transmitted to President Roosevelt on March 13 1933, had been
accepted, becoming effective April 1 1933. Mr. Thomspon
was appointed as a member of the Farm Board on March 18
1931 to complete the unexpired term of Alexander Legge,
the first Chairman of the Board. He reported for duty on
April 30 1931. Mr. Thompson resigned as President of the
American Farm Bureau Federation, Chicago, Illinois, to
accept the commission. It is stated that he was not designated to represent any particular agricultural commodity,
as was the case with the original members of the Farm
Board.
Monthly Report of Railroad Credit Corporation—Loans
Advanced or Authorized Up to March 31 Totaled
$62,314,518.
According to the monthly report of the Railroad Credit
Corporation, filed April 4 with the Inter-State Commerce
Commission, that Corporation had at March 31 1933 either
actually made or authorized loans to railroads to meet
their fixed interest obligations totaling $62,314,518. Of
that amount, $56,322,706 represented loans actually outstanding, $1,246,312 had been repaid, leaving a balance of
$4,745,500 to which the Corporation is committed. In
stating this, an announcement issued by the Corporation
added:
Reported rate increases under Ex Parte 103, according to the report.
totaled $65,935,866 for the 13 months ended Jan. 311933. and amounted
to $4,310,157 in January.
In a letter addressed to chief executives of participating carriers and accompanying the report, E. G. Buckland, President of the Railroad Credit
Corporation, submits the following statement showing the Corporation's
resources and the application thereof through March 31 1933:
Resources—
$65,935,866
Emergency revenues reported by participating carriers
806,614
Accrued interest
1,200
Proceeds from sale of capital stock
Total
Application—
Loans
Less repayments
$66,743,630
$57,569,018
1,246,312
Net outstanding
Reserved for tax payments, &c
Accounts receivable and accrued items
Expense of administration
$56,322,706
4,440,810
1,646,220
172,461
Total
Balance
Loan commitments
$62,582,197
4,161,483
4,745,500
The report for the month follows:
Net Change
Balance,
During
March 311933.
March 1933.
Assets-Investment In affiliated companies—Loans made__ +56,498,773.64 $56,322,705.68
4,161,482.53
—2,572,405.79
Cash
25.00
Petty cash fund
4,440,810.11
—89,462.87
Special deposit—Reserved for taxes, &c
Miscellaneous accounts receivable—Due from con1,221,817.48
+537,509.79
tributing carriers
306,134.62
+27,297.25
Interest receivable
4,745,500.00
—5,813,839.00
Defsrred assets—Loans authorized—contra
118,242.75
+13,142.22
Unadjusted debits
Expense of administration—Jan. 1 to March 31,
35,616.28
+12,794.97
Inclusive, 1933
Total
—$1,386,189.79 $71,352,334.45
LlaZiUUies—
Non-negotiab.e debt to afffliated companies—Reported rate increases under Ex Parts 103
+84,310,157.29 $65,935,865.53
Deferred liabilities—Loans authorized—contra: —5,813,839.00
4,745,500.00
368,161.32
Unadjusted credits
+13,142.22
Income from funded securities—Interest accrued on
loans to carriers
268,312.56
+92,784.05
Income from unfunded securities and accounts—
Interest on bank balances, Jec
33.295.04
+11.564.65
Capital stock
1,200.00
Total
—81,386,189.79 871.352,334.45
Henry Ford on Essentials of a Sound Banking System—
Safety of Deposits and Use of Credit for Essentials,
Two Requisites.
In "The Rotarian" for April there is a presentation of
the views of Henry Ford as to "Essentials of Sound Bank-
2356
Financial Chronicle
mg." According to Mr. Ford,two objects, safety of deposits
and the use of credit for constructive and not speculative
prices, "are not only feasible, they are absolutely necessary
if any banking system is to survive." ."It was failure in
these two points," observes Mr. Ford, "that brought on the
condition we see to-day." Mr. Ford's views, as told to
Arthur Van Vlissingen Jr., appeared as follows in "The
Rotarian":
Banking, as it has developed in the United States, has grown so far
away from its basic functions, and has brought itself and the country to
so low a condition that, a new deal cannot be longer postponed. We
have always known what was right: now events have aroused the moral
courage to do it. All of our national problems are moral at their root.
A good bank is never a bonanza. It is never a "gold mine." Never a
get-rich-quick scheme. A good bank has as its primary purpose the safeguarding of its depositors' funds and their use in forwarding the vital
functions of industry and commerce. Its success is in promoting the
prosperity of its community. The money that it earns is payment for
service, not a profit on speculations carried on with other people's money.
I have said before that when you see an over-prosperous bank, look for a
heavily mortgaged community. Of course, that kind of prosperity always
collapses and carries its devotees down with it.
The banks that helped to build America were managed by a generation
of bankers who regarded their work as a profession, and whose tradition
was like the traditions of the sea, or medicine. These bankers were
honorable custodians of the people's funds and wise, unselfish business
advisors. They could never have imagined bankers sinking so low as
some have done in our time, or banking practice becoming so degenerate.
Many of these honorable representatives of basic banking are still with
us. though inactive—they have been elbowed out by the new generation
of go-getters. There are still banks which have held faithful to the
precepts of righteousness, and they have reaped the reward of their
Integrity by growing in public respect at a time when many banks are
shrinking in esteem. There are likely, I believe, to be more such banks
In the future.
The fact is no business, and American banking is not an exception, can
exist except on a foundation of eternal truth. This observation is not
original with me. A number of courageous bankers have been preaching
the same things, but they have found how impossible it is to get a hearing
from money-mad people. You might as well talk against a hurricane.
But people who will not listen to reason and obey the voice of righteousness cannot escape the bludgeoning of resulting events.
As long as banking is a private business, subject to the law as all other
private businesses are, we cannot blame its customers for withdrawing
their support if they no loner approve of the business. When customers
decide that a brand of soap or toothpaste or magazine no longer merits
their confidence, they simply withdraw their support, and no one challenges
their right to do so. When a number of citizens use a storage house to stow
away their furniture and then, because they are informed that the storage
place is not fire-proof or sanitary nor its management honest, they withdraw their furniture, who challenges their right to do so? It is the same
with banks. As private business enterprises they are subject to the
same treatment by their customers as any other private business. But
when customers begin to withdraw their patronage from a bank, then,
unlike soap-making or printing, banking assumes a public status, and
customers are informed that if they exercise their rights they are hurting
the country.
The point of view would be more reasonable to the people if some power
had previously compelled the banks to take that public status in the first
place. For example: John Jones has $200 deposited in the bank, saved
from his wages for six months, which he intends to pay on his house.
The $200 undoubtedly belongs to John Jones. It does not belong to the
bank. Yet any morning, without John Jones's knowledge or consent, that
$200 may slip away to take part in some hazardous stock speculation and
never come back. Now, after enough of that has taken place and John
Jones begins to hear that the bank is "shaky," he goes to get his $200.
It is his. He earned it. It is all he has. But he is met by reproof that
he is unsettling the financial structure of the nation by asking for
his $200. The bank suddenly assumes the form of public custodian of
financial integrity. All I am saying is this: if we want John Jones to
take that view of banking now, the bank itself should have taken that
view the morning it let John Jones's $200 go to the stock market. That
is but simple fairness.
I know the other side, of course. But banking is a business, and no
business is worth a moment's consideration that does not take care of its
customers first. Until the emphasis in banking is placed on the depositors'
rights and security, there is absolutely no use in talking about any other
phase of banking. Even to-day, if the depositors had confidence in the
primary dependability of the banks, there would be no crisis. That is to
say, the heart of the whole question is the depositor. Not the banking
system. Simply the depositor. Make everything right at that point, and
everything becomes right, all the way down the line. Making the depositor
Its chief care will keep banking clean in every other phase.
Understand, I am discussing only the elementary principles of banking
here, not the mechanics of making money out of banks. If we were discussing the entire question at this time, we should have to consider the
whole money system, and interest and loans, and the determination of
the value of stocks offered for investment. The ground to be cleared is
so extensive and the problems of its clearing so vital that it should attract
the best brains to the task. Not self-seeking brains. Leadership at this
period can be bought only by public service, and public service at this
period can be rendered only at the cost of sacrifice.
But the advantage of limiting our attention to depositors is that with
this point straight, the others cannot avoid being straight. There are
two ideals which no bank should ever depart from for a single hour. The
first is the security of deposits and their availability at all times. We
now frequently hear that this is impossible. But It is only recently we
began to hear it, for the thing is not impossible at all if the bankers keep
away from practices they know to be wrong—as many sound, honorable,
and solvent bankers to-day can testify. Indeed, this availability of deposits
when needed is not tven the "ideal" I have called it; it is the most
ordinary of necessary policies in banking.
Second, the bank in its capacity as lender of the community's cash
should do business only with productive interests which increase the community well-being by manufacturing commodities, rendering services, thus
paying wages and supporting homes. The spectacle which the country
witnessed previous to 1929 of hundreds of millions for speculation and
not a dollar for production completely illustrates what I mean. Those
April 8 1933
hundreds of millions were the deposits of millions of plain citizens in
country banks and small city banks and big city banks all over the land—
money sucked out of the community that earned it and sent to New York
for stock trading purposes. It is quite the same as if our people's deposits
had been sent to Monte Carlo.
Now, these two objects—safety of deposits, use of credit for constructive
and not speculative purposes—are not only feasible, they are absolutely
necessary if any banking system is to survive. It was failure in these two
points that brought on the condition we see to-day.
Why are these perfectly obvious and desirable things so much disapproved? The first reason is, I suppose, that they would seriously decrease
bank stock dividends. On the above terms it would be impossible to collect
millions in bonus money for selling worthless securities to unsuspecting
depositors. Also 35 to 50% dividends would not be possible. But banks
would be solvent and the nation's business undisturbed. That would certainly be worth more than any bonuses to-day.
Another reason, I suppose, is that things would slow down a little. They
always do, anyway. If we have not sense enough voluntarily to slow
them to their natural tempo, they are slowed down for us far below the
natural tempo. No one now believes that the feverish years previous to
1929 were of any benefit to the country. We could have done without
them. What we thought Was a rapid progress was only a rapid and
dangerous pulse. We needed to be slowed down and we were slowed down,
but unfortunately not by our wisdom, but by our folly. Had we used our
wisdom, we had not suffered so much, but there never was any wisdom
in greed. The way the banks must go In order to survive will be a slower
way, no doubt, but we shall go farther.
As to working these things out, it should be child's play for those
who have mastered the intricacies of modern financial practice. The main
point always is this—the depositor owns the money. If he puts it in for
safe-keeping it should be safely kept; if he is willing to have it invested,
safety should be just as great a factor. I see no particular reason why the
bank should always be the sole lender and why the depositor should not
be an acknowledged partner in the loan, a sharer in the profit and the
risk. Everylastingly emphasizing the rule that the depositor owns the
money is likely to modify a number of banking practices.
The constructive banker of other days was not a big money-maker. It
is remarkable to note that the great bankers of our OWD times did not
make large fortunes at banking. They did not try. They performed
great services but they did not collect big profits. They did not consider
a bank a mechanism devised to enrich its owners and managers, but
rather they held to the idea of making sure that the bank performed its
legitimate service to industry and business by safeguarding depositors'
funds and serving as a central pool of working funds for sound borrowers.
Six years ago I stated that the simplest and most fundamental principle
of business—which is the largest extension of service to all, at the lowest
possible cost—had not penetrated the business of banking. This service
was then becoming more costly to the public. Money, which is a
public privilege, a public asset, publicly owned, has been made a private
concession in the control of interests the most limited and the least social
of any in the country. And I said then: These two things—service In
industry and selfishness in finance--cannot go much further together.
This was based on the fundamental principle that money is a transportation
system in part, justified only as it helps to carry the work of the world.
Events of past weeks have brought to a head the conditions which were
visible 10 years ago and which have become increasingly visible during
the years since 1929. As this is written, events are taking place so
rapidly and the picture is changing so frequently that present details may
be greatly obscured by the time these observations reach print. I have
no fear of the future. The future will certainly arrive. We shall be in it.
Many of the things we now complain of will be completely burned away.
I look for a banking system which will serve with such honor and be
attended by such complete public confidence as shall make us wonder
if these present days were not a bad dream.
Banking is capable of being and will become a very useful business.
When it is organized as it must be, banks will be the servants of industry
as they ought to be. Business will control money instead of money
controlling business. Banking will not be a risk, but a service. Banks
will do much more for the people, and they will be less costly—and they
will yield less in profits. That is a certainty.
If, as seems likely, the whole banking structure of the country is in for
an overhauling, we should be able to devise a system which will work
for the benefit of the public instead of for its harm. The basic fault of
our present system is that it centers attention on money as a thing of
value in its own right. Money is useless except as it facilitates the exchange
of goods and services. We must have banking that will use money for
advancing industry rather than using industry to amass money.
A bank such as I have described can legitimately and safely
operate
to further the sound development of this country by short-time loans
to
small industries and thus encourage the decentralization of industry.
We
know, from our own experience, that manufacturing is coming eventually
to small plants set down in rural or semi-rural communities where the
people can have one foot on the soil and the other in industry. Only the
heavy industries—such as steel making—will remain in large
factories
In the cities. Social considerations, such as President Roosevelt
expressed
in his inaugural address, will force the trend of other
manufacturing into
the country. Helping small plants get started in good communities is a
sound function of banking. And when this development makes progress,
it will greatly help to re-establish buying power throughout
the nation.
Even the big city bank should have time for the little fellow in
Industry. For there cannot be any banking unless there is
Industry;
Industry is the very basis of banking; and that is something
no good
banker will overlook.
It all comes back to a few basic principles, which are so
important
that they cannot be overemphasized. Banks should have two
objectives:
stability and productiveness. Their function is to help industry and
commerce move their products and services through useful, economical
channels. Their function is not primarily to earn large profits.
Banking
should be one of the auxiliary functions of industry and commerce.
A bank
thould serve a business in much the same capacity as a
paymaster and
treasurer serves it. Banking must not be used for speculation, for speculation impedes legitimate business and dissipates energies and
values.
These goals may be attained by setting up banks to handle two
types of
deposits: Demand deposits, for safekeeping only, at a reasonable fee
for
the service; and 'time deposits, for loaning, to pay the
depositor by a
share of the profits or losses incurred.
When and if we get the banks of the United States organized along
these lines, we shall have a fundamentally sound banking system
founded
upon the rock of straight thinking and service to the public.
And when banking is so founded, it will be far better for everybody in
the country—including the bankers themselves.
Volume 136
Financial Chronicle
E. W. Kemmerer Finds Farm Relief Bill
Wrong in Principle —Plan Violates Fundamental
Canons of Taxation, He Holds—Heavy Cost Would
Professor
Hit Poor and Rich Alike—Danger of Extension.
The following views of Edwin W. Kemmerer, Professor of
Economics and Finance, Princeton University, with respect
to the pending farm relief bill, appeared in the New York
"Times" of April 2:
At a time of great economic depression like the present, when our Chief
Executive is giving us a vigorous leadership in the formulation of constructive plans for economic recovery, it is the patriotic duty of all classes of
citizens to support the President. If, however, a citizen is convinced that
some important features of the administration's plans would on net balance
prove to be very harmful to the country, it is equally his patriotic duty to
oppose them and to speak plainly the reasons for his opposition. For this
reason, I must reluctantly express my opposition to some of the principal
features of the Farm Relief Bill submitted to Congress on March 16.
These features of the plan, although intended for a worthy purpose,
in my Judgment contravene most of the fundamental canons of justice in
taxation that are generally accepted to-day by economists as the basic
principles upon which all taxation should be founded. Among the objections
to the plan are the following:
It involves class legislation of a most dangerous type. It will take from
the public through a so-called "processing" tax, whicn will be passed on to
the consumer, hundreds of millions of dollars, which will not be used to
finance the ordinary functions of the State, but will be passed on to our
farming population, and particularly to that part of this population which
Is engaged in the production of nine specified commodities. The agricultural
population of the United States is estimated at something like 30.000,000.
This plan would tax approximately 120,000,000—the farmers themselves
will of course have to pay part of the tax—for the special benefit of this
decided minority of our population.
Discrimination Is Seen.
Moreover, the plan would levy heavy taxes upon the people in some
States primarily for the benefit of the people in other States. Practically
all of the people of New Jersey, for example, would pay taxes on each one
of the nine specified commodities, but the milk producers would be the
only substantial group in that State who would directly and materially
benefit from this proposed farmers' bonus.
The bill proposes to set up an elaborate and expensive machinery for
benefiting a special group, at the expense of the entire public, at Just the
time when public sentiment has become thoroughly aroused at the evils
of similar class legislation for benefiting the few at the expense of the many
found in our excessively high tariff laws, and shortly after the Democratic
Party was elected on a platform condemning the Hawley-Smoot tariff and
pledging itself to the doctrine of "equal rights to all: special privileges to
none." This is the time for the country to move away from special class
legislation like that embodied in our high tariff and in the excesses of
our war veterans' relief laws. It is no time to rush head on into new class
legislation.
The condition of the farmers is bad and strong temporary relief measures
that would benefit them, particularly as regard their mortgage indebtedness
and the opening up of foreign markets for their products by the negotiation
of tariff concessions, are highly desirable. But likewise bad is the position
of our laboring classes and of our so-called "white collar" classes.
A comparatively small percentage of worthy farmers have, in fact, been
driven off their farms because of mortgage foreclosures. Most farmers have
at least a home in which to live and an abundance of wholesome food. There
are few unemployed on the farms, but there are something like 12.000.000
unemployed in our cities, with at least twice as many more dependent upon
them. The movement of the population now is away from the cities and
toward the farms.
Why Only Nine Commodities?
The farm relief plan proposes taxing the public on its purchases of wheat,
cotton, corn, hogs, cattle, sheep, rice. tobacco and milk and to pay the
proceeds of the tax to the farmers producing these articles, the tax to be
made sufficiently high to raise the prices of all these articles to a level which
will give them approximately the same purchasing power over other goods
that they had, on the average, during the five years preceding the World
War. Production of the articles is to be curtailed. Why pick out these nine
commodities and practically ignore scores of other commodities whose
prima are equally low as compared with the pre-war level? Why tax the
public to help the wheat farmer and practically ignore the Potato farmer?
Why help tobacco and ignore apples? Or why help corn and ignore the
distressing circumstances in which many laborers and others find themselves in the basic industries that produce minerals and metals?
This group of nine articles is already an enlargement of a much smaller
group that was early proposed for special favor. Will it be possible to stop
here? Will not the same log-rolling processes which have been applied for
many years ad nauseam to the articles receiving favor under our highly
protective tariff be extended to "farm relleV'? The more the list is extended,
the more clearly will it be evident that the scheme is a grand one for lifting
ourselves by our own bootstraps, and of paying millions of dollars in expenses for the privilege of doing so. The staff required effectively to administer such a plan will be large. The House. by an amendment to the
original bill, has already taken the administrative personnel out of the
civil-service classification and placed it under the "spoils system," which
will of course materially add to the expense of administration.
Adam Smith Contravened.
Probably the most famous of all canons of taxation Is the first one of
Adam Smith, which says: "The subjects of every State ought to contribute
toward the support of the government, as nearly as possible in proportion
to their respective abilities." In other words, the burden of taxation should
be distributed as far as possible in proportion to the respective abilities of
the taxablea to pay. This plan clearly contravenes this principle, for the
taxes it imposes fall mostly upon the necessaries oflife; upon the things which
figure much larger proportionately in the budget of the poor man than in
the budget of the rich man. The tax on wheat will raise the price of bread.
The tax on cattle will raise the price of meat and shoes. The tax on cotton
will raise the price of all cotton clothing. The taxes, likewise, will increase
the price of the laborer's tobacco and of his children's milk. In this present
fourth year of our great economic depression a proper time in which to
saddle upon the laboring classes new burdens of this type?
The theory that the bonus paid to the farmers out of the proceeds of
the farmers out of the proceeds of these taxes will be equitably diffused,
through the farmers' increased prosperity, to all classes in the community
may seem plausible, but it is superficial and unsound. It is the same old
fallacy that we have heard so often advanced in support of bounties, high
tariffs, the soldiers' bonus and similar special class measures. Obviously,
the bonus paid to the farmers is taken, in the form of a shifted processing
2357
tax,from the entire public, including the farmer himself, who buy the commodities taxed. If those who receive the bonus have more money with which
to buy other goods, those who pay the tax have proportionately less.
An Arbitrary Tax.
Another canon of taxation—part of Adam Smith's second canon—is,
that "the tax which each individual is bound to pay ought to be certain
and not arbitrary." This tax will be highly arbitrary, for it is supposed
at all times to be sufficient to provide the fanner, who is willing to limit
satisfactorily the production of the articles benefited, a bonus sufficient to
give him a price for his products that will be equal in purchasing power over
other products to the prices prevailing during the five years preceding the
war. How high the tax will need to be to accomplish this purpose no one
knows. It may be small or it may be large. It may be unimportant in one
year and exceedingly high in another year. The selection of the basic period
(1909-14) is itself rather arbitrary. Different periods would give very different results.
One of the worst features of the plan is that it will tend to set up a large
group of strongly vested interests which will benefit in a financial way by a
continuance of this legislation and which will organize their business on the
assumption of a continuation of this legislation, and this will be true even
though the legislation is expressly declared to be of a temporary character.
Such vested interests, once established in a democratic government like
that of the United States, where each member of Congress represents his
own community or his own State and where no one but the President of
the United States represents the nation as a whole, are exceedingly difficult
to break down when once established. Our early high protective tariffs
were enacted in substantial measure under the plea that they were needed
to protect temporarily the so-called "infant industries" and could be
removed as soon as the industries became established. The infants, however. grew to be giants, but the tariffs in general were raised instead of
lowered. Our experience with pension legislation for war veterans tells a
similar story.
Repeal Difficult.
President Roosevelt, in his letter submitting the Farm Renee Bill,said:
I tell you frankly that it is a new and untrod path, but I tell you with
equal frankness that an unprecedented condition calls for the trial of new
means to rescue agriculture. If a fair administrative trial of it is made
and it does not produce the hoped-for results, I shall be the first to acknowledge it and advise you.
In all frankness we can ask the President how effective his advice would
be likely to be in obtaining a repeal ofsuch a measure after the special vested
interests which it created had become well established. Until they were
firmly established, the proponents of the plan could convincingly maintain
that it had not yet been given a fair trial. What President since the Civil
War could have swept away the excessive rates of our highly protective
tariffs? How many times has there existed in the history of our National
pension legislation a period extending over even one month when a President
of the United States could accomplish the remarkable feat. which Mr.
Roosevelt recently accomplished in his economy Act, of obtaining power
from Congress drastically to reduce the burden-imposed by unreasonable
laws enacted in the special interests of war veterans? The President's
broom is now sweeping clean. How long will it so continue to sweep?
Modern Housing Development Proposed in New York
City Through Loan of Reconstruction Finance
Corporation to Fred F. French Operators, Inc.—
Knickerbocker Village to Replace "Slum" Section,
Including "Lung Block"—Project Will Provide
Work For 10,000 Men For One Year.
A modern housing development will replace one of New
York City's worst slum sections, including the famous "lung
block" of the 1890s, as a result of authorization of a loan to
Fred F. French Operators Inc., agent for Knickerbocker
:Village Inc., by the Reconstruction Finance Corporation.
It is announced that the latter has agreed to advance up to
$8,075,000, bearing interest at the rate of 5%,on the project
although it is not expected that this entire amount will be
required by the borrower. The amount advanced will depend
on the actual cost of land and buildings, which will be subject
to audit by representatives of the Reconstruction Finance
Corporation and of the New York State Board of Housing.
The loan is granted under Section 201 (a) of the Emergency
Relief and Construction Act of July 1932, the applicant being
a public limited dividend corporation. The announcement
(March 30) by the Reconstruction Finance Corporation
goes on to say:
The development, to be known as Knickerbocker Village, will be comprised of two 12
-story and basement, fireproof, steel and concrete construction apartment building units containing 1,630 apartments and 6,030
rooms. In making the count of rooms included in the two buildings, a combination room, consisting of kitchen and dining alcove, is counted AA l%
rooms as permitted under the New York State Housing Act.
The site of the development is in the heart of New York City's heaviest
tuberculosis casualty area of the period immediately preceding and following
the turn of the century. The project involves the purchase of all land in the
blocks bounded by Catherine, Monroe, Market and Cherry Streets. As a
part of the land assembly, Hamilton Street, which extends diagonally
across the site, is to be vacated creating a building site of 219,736 square
foot area.
The building of a modern,clean,light apartment community will eliminate
a potential disease-spreading block of buildings. The "lung block" alone
accounted for 291 cases of tuberculosis between the years 1894-1904. In
one year 11 deaths resulted from tuberculosis in a single tenement house and
six in the next year from an adjacent building. Only two houses in the block
have been free from the disease. The buildings now are in an advanced
stage of obsolescence and the percentage of uninhabited and vacant apartments is said to be growing.
The site is in a densely populated section of lower New York. In 1900
the New York City Tenement House Committee, in a report, branded the
precise block forming the site of Knickerbocker Village as the "worst in the
city." The Tenement House Commissioner in New York City,in 1905.said:
"I know of no tenement
-house block in the city which is so bad from a
sanitary or criminal point of view."
The buildings to be razed are for the most part of five-and six-story walkup type ranging from 50 to approximately 100 years in
age. Filth an
disease are bred in the buildings and in the narrow slot-like streets and
2358
Financial Chronicle
courts between buildings. Many of the apartments are of three and four
rooms, some without any outside openings of any kind.
It is necessary in most.of the buildings for tenants to obtain drinking and
sanitary water from faucets in the court in the rear of the buildings; and
disease is spread through the necessity of tenants using outhouses in the
courts. Water and coal must be carried several flights of stairs to living
quarters. Children, in many cases under-nourished, are forced to play in
streets in an environment which encourages waywardness and crime.
Streets and courts are mere slots between buildings and sunlight sometimes
never is known to dwellers in the section.
The site is within easy walking distance of the City Hall and Wall Street.
Bus lines, street car lines, subway and elevated are within one to four
blocks. A public school is directly across the street. The block virtually
abuts the Brooklyn bridge approach.
Each building of the new development will be of hollow square construction providing a large interior court. Light and sunshine will be
insured for every apartment. A plot between the two units will provide an
earthen playground for children. Each court width is to be 131 feet; length,
230 feet; building height, 112 feet. The buildings cover 43.8% of the land.
Most of the apartments will contain 3% rooms each. A small number of
43 and 53 room apartments will be offered. Rooms will be large with
cross ventilation and good outlook and with modern equipment in way of
automatic push button elevators, incinerators, full plumbing including a
completely equipped bathroom, refrigeration, gas, electricity and insuring
it so far as is possible to foresee against early obsolescence from lack of
utility. Walls will be painted and floors will be of wood.
Of the 219,736 square feet of the site, the Fred F. French Operators.
Inc., now owns almost the entire amount. 25,325 square feet constituting
the bed of Hamilton Street will be acquired from the city. Of the amount
in private hands, the French company holds options on approximately
95%. The land now held by the Operators company will be exchanged for
stock of Knickerbocker Village Inc.
Competitive bids will be taken in the purchase of all sub-contracts and
materials and payments will be made by the Reconstruction Finance Corporation on actual costs as determined by audit and as approved by the
New York State Housing Board and the Reconstruction Finance Corporation. The only fixed item in the cost of the project is the fee of the
Fred F. French Co., which will act as general contractors and will receive
two-thirds of its fee in income debentures of Knickerbocker Village Inc.
Fred F. French Operators Inc., will enter into a contract with Knickerbocker Village Inc., satisfactory to the Reconstruction Finance Corporation
for the management of the property when completed.
Any savings in actual cost below the guaranteed cost will be proportionately applied to a reduction of the Reconstruction Finance Corporation
loan. Approval to the project was given by the Housing Board in October
1932. The rental, as established by the Housing Board, for such developments, is $12.50 per room per month. The maximum of 6,030 at $150 a
month, would provide an income of $904.500 annually. Forty stores will
provide additional income.
It is estimated that 10,000 men will be employed directly or indirectly
for a period of one year on the project. About 2,000 will be employed direct
on the site. It is also estimated that the cost of materials to be required
during the construction period will be approximately $3,000,000 providing
payrolls indirectly, through their purchase and delivery,for several thousand
men for a like period of months.
In the New York "Times" of April 2 it was indicated that
hope was expressed by the builders on April 1 that Hamilton
Street, one block long, which extends diagonally across the
two-block east-side tract on which the Fred F. French
Operators, Inc., plan to erect a model housing development
with the $8,075,000 lent by the Reconstruction Finance
Corporation, can be purchased from the city for one dollar,
the exact sum it cost the city in 1819. In part the "Times"
continued:
Hold Sale Would Benefit City.
A spokesman for the French opinion of the backers of the model housing
project that the city would be the gainer by such a sale. At present, he
pointed out, the street is an expense by reason of paving and cleaning costs.
If sold to the French company to be incorporated as an integral part of the
site of the two-block development, it would be returned to the tax rolls
and furnish income to the city on the same assessment basis as the rest of
the property in the two-block site.
Options Held an Entire Site.
The builders already own or have under option all the land in the twoblock area. Demolition of the tenements will be started by May 1. . . .
Back in the 18th century this site was part of the Rutgers farm ofsome 30
acres, which was held intact for more than a century. It was not until the
early 1800's that development of the land began.
It grew into a fashionable residential section as the city expanded north
of City Hall. In 1819 the Rutgers estate deeded the bed of Hamilton Street
to the city for the nominal sum of one dollar. It was a wise move on the
part of the estate, for the newly created street quickly became the dwelling
place of the aristocracy of the city. It remained so for years until the flood
of immigration from Europe turned the lower east side into a slum.
The original Hendrick Rutgers mansion, built in 1755 from imported
Dutch bricks, stood for more than a century a short distance from the site
of the new development. When Hendrick died in 1779 his son, Henry,
succeeded to the estate. Upon his death in 1830 the Rutgers line died out.
In his lifetime Henry Rutgers gave much of his estate for the building of
churches and schools. At the time of his death, his realty holdings were
valued at $907,949, an extremely large sum for those days.
Insurance Bill Before New York State
Legislature Opposed by New York State Chamber
of Commerce.
The standard unemployment insurance bill now before
the New York State Legislature is opposed in a report
made to the Chamber of Commerce of the State of New
York on April 6 by the Committee on Insurance. The
report holds that the bill, which is sponsored by the American
Federation of Labor, would simply set up a system of
relief or ddle under the guise of insurance. Walter W.
Parsons, Chairman of the Chamber Committee, presented
the report which is signed also by Richard Deming, Harry R.
Farjeon, William H. Koop and William B. Joyce. The
Committee, believing the proposed legislation is objectionable
for social, political andieconomic reasons, criticizes the
Unemployment
April 8 1933
measure from many angles. Among the points it raises are
the following:
Politics would soon vitiate this form of unemployment relief. . . . A
situation would develop identical with that we are witnessing in the activities of war veterans, teachers, Government workers, Ste.
One of the obvious dangers of unemployment "insurance" is that it
tends to lessen the interest of the worker in keeping his job or in getting
other work. The result is that efficiency is decreased; and many men,
when they receive a dole, become reconciled, even though the amount is
appreciably less than their ordinary wage, to remain idle as long as the
dole is coming in.
Under any system of relief funds it is a mistake to start the payment of
benefits soon after unemployment takes place.
The operation of a compulsory unemployment compensation system,
financially supported solely by employers, would have an effect on commodity prices similar to a general sales tax levied on every sale from the
producer to the consumer.
Any regulations seriously penalizing commerce which are only State-wide,
are objectionable. An unemployment tax would be even more detrimental
to business in this State than a State sales tax. It would lead manufacturer
with plants in other States to transfer their operations so far as practical to
those States. It would place merchandise manufactured in this State
at a disadvantage in competition with the products of other States less
burdened with Government regulations. New industries would hesitate
to locate in the State of New York. All classes of business would suffer
as a consequence.
The employer is not in a position to guarantee steady work, for he
cannot control the actions of consumers or compel them to buy his goods.
Under the proposed legislation at Albany it appears likely that situations
would arise where tne employer would be required to pay benefits to nis men
while they were out on strike.
A compulsory reserve fund, even though based on sound principles,
should not be required during a serious business depression such as we are
now experiencing.
Many manufacturers' associations have gone on record to the effect that
compulsory unemployment compensation funds would increase unemployment; would stop the Share-the-Work movement: put an end to the staggering of unemployment in industrial plants; increase the use of machinery;
hinder re-employment; reduce the employment of older men; discourage the
employer from raising wages; and hamper all attempts to bring about a
shorter day or shorter week.
Joseph W. Harriman, Former President of Harriman
National Bank & Trust Co., Is Indicted For Alleged
False Entries.
Joseph W. Harriman, former President of the Harriman
National Bank & Trust Co. of New York, was indicted on
14 counts by a Federal Grand Jury on April 6, each count
it is stated charging him with the making of false entries in
the books of the bank. He will appear in court April 10
for arraignment.
The Harriman National Bank & Trust Co. was placed in
charge of a conservator March 13, as described in the
March 18 "Chronicle," page 1833. On March 31 a resolution in the Senate called for an investigation by the Judiciary
Committee of the delay in the prosecution of Mr. Harriman.
This was referred to in last week's issue, page 2155.
The grand jury indictment charges that Mr. Harriman
made false entries aggregating $1,713,225 during 1931 and
1932, when he was President of the bank. Further details,
as contained in the "Times" April 7, follow:
The total possible sentence on the 14 counts which he faces at the age
of 67 is seventy years, and the fine $70,000.
His counsel, George S. Leisure, protested yesterday that he was so ill
of heart disease that his expectation of life extends only from day to day,
and that he had exhausted all his own fortune and that of his family in
the interest of the bank, which he had founded in 1912, and that he was
completely insolvent.
Federal Justice Frank J. Coleman said, however, that a doctor would
be named by the court to determine when Mr. Harriman might be brought
to trial.
Federal Attorney George Z. Medalie said he hoped it would be possible
to proceed as soon as possible after the trail on April 17 of Charles E.
Mitchell, former President of the National City Bank, who was indicted
on a charge of attempting to evade the Federal income tax law.
Meanwhile, Mr. Medalle said, the grand jury will continue to hear
further evidence concerning the affairs of the closed Harriman bank.
No Cash Abstracted.
According to the charges against Mr. Harriman, the sum of $1,713,225
did not leave the 14 accounts but was temporarily entered against them
to conceal from the national bank examiner the fact that Mr. Harriman,
in an effort to support the price of the bank stocks after the crash of 1929,
had directed its security affiliate to take large blocks off the market and
had allowed it to borrow from the bank for the purpose.
The false entries made against the accounts before the visit of a bank
examiner and a reverse set of false entries after his departure, according
to the indictment, covered up the condition of the bank until June, 1932,
when it was discovered by Carl 0. Francis, national bank examiner.
Several depositors' committees have recently renewed their
efforts to obtain the aid of the New York Clearing House
in order to put the bank in a solvent condition. Thus far
officials of the Clearing House Association have made no
statement as to the association's plans, although several
member banks are believed to consider that it would be
illegal for them to aid the Harriman depositors.
Plans of Chase National Bank of New York for Separation of Business of Affiliates from That of Bank—
Chase Harris Forbes Companies to Be Liquidated
—Word "Securities" to Be Dropped from Name
of Chase Securities Corporation.
The arrangements whereby the separation of the business
of distributing securities, as conducted by the securities
Volume 136
Financial Chronicle
affiliates of the Chase National Bank of New York, and the
commercial banking business of the bank will be effected
were announced on April 5 by Winthrop W. Aldrich, President of the bank. The possibility of selling the securities
business to outside in.erests had been considered, according
to Mr. Aldrich who states, however, that the conclusion was
finally reached that "it would be impossible to obtain at this
time any satisfactory proposal to purchase the securities
business of the affiliated companies." Recommendations
submitted by a special committee of directors to bring about
the divorcement of the business of the affiliates from the
bank were approved on April 5 by directors of the Chase
National Bank and the Chase Securities Corporation. The
proposals which are to be presented for the consideration of
the stockholders of the Bank and the Chase Securities
Corporation on May 16 call for (a) an amendment to the
charter of the Corporation "so as to eliminate from its
activities the business of distributing securities to the
public; (b) the placing in liquidation of the Chase Harris
Forbes Companies; (c) the dropping of the word 'Securities'
from the name of the Chase Securities Corporation; (d) the
change in the par value of the shares of the latter from $5 to
$1 and the reduction in its capital, making it $7,400,000
instead of $37,000,000; (e) the reduction in the number of
directors of the Corporation from 30 to 10 members." Mr.
Aldrich, says:
As soon as these proposals are put into effect the security business of the
Chase National Bank's affiliates will terminate. Although Chase Securities Corp. (under its new name) will continue by identity of stock
ownership to be affiliated with the Chase National Bank, its activities
will be limited to holding and administering its remaining investments.
Including its investment in American Express Co., until appropriate disposition can be made of such investments.
In its issue of April 6 the New York "Times" said:
A group composed of many of the executives and employees who were
.with Harris, Forbes & Co. before the merger with the Chase in August
1930 are planning a new, independent investment organization. Formal
announcement of these plans may be made soon. It is said that it is
not at all certain that the old name of Harris, Forbes & Co.will be revived.
It was also noted in the paper quoted that the Chase
Securities Corporation, is in effect a holding company for
certain Chase interests, including the American Express
Co., Equitable Trust Co. and the Chase Harris Forbes
Corporation. It is also noted that the holder of each share
of Chase National Bank stock holds one of Chase Securities.
Mr. Aldrich in his letter to the stockholders observes that
"since the banks reopened for the regular transaction of
business after the banking holidays, the deposits of the banks
of the country have increased. Our deposits at the close of
business March 3, before the banking holidays, were $1,236,000,000, whereas at the close of business March 31 they
amounted to $1,306,000,000." The letter of Mr. Aldrich
follows:
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK.
Chase Securities Corp.
April 5 1933.
To the Shareholders of
The Chase National Bank and Chase Securities Corp..
The Chase National Bank and Chase Securities Corp. propose to take
several important steps which are detailed below. Some of them will be
submitted for consideration by shareholders at special meetings called for
May 16 1933, official notice of which will be sent to the shareholders in due
course.
These are extraordinary times. They call for intelligent preparation to
meet future requirements and to provide improved commercial banking
facilities. Such is the purpose underlying the program it is now proposed to
follow. We believe this program will commend itself to the judgment of
our shareholders as dictated by a wise and conservative adjustment of
policy to existing conditions.
We believe that what we propose is in the best interests of the bank and
in accord not only with sound banking policy but responsive to enlightened
public opinion.
On March 8 last I issued a public statement pointing out that the experience of the past 10 years had clearly indicated the advisability of
separating commercial banking from the general business of investment
banking. The Chase National Bank had for some time been giving serious
consideration to the question of severing its connection with its security
affiliates and of limiting its future participation in investment banking
solely to handling obligations of the United States Government and of
States and municipalities and other securities as provided in the National
Banking Act. Last month a special committee of directors was appointed
to recommend ways and means of bringing about this result. The report
of this committee was submitted to and its recommendations were approved
by the boards of directors of the Chase National Bank and of Chase Securities
Corp. at meetings held to-day.
The committee, being unanimously of the opinion that there should be a
prompt separation of the business of distributing securities as conducted
by the securities affiliates and the commercial banking business of the Chase
National Bank, reported that it had given consideration to a number of
plans for accomplishing this result, including the possibility of selling the
securities business to outside interests. The conclusion was finally reached
nowever, tnat in view of existing conditions It would be impossible to obtain
at tnia time any satisfactory proposal to purchase the securities business
of the affiliated companies.
sskThe committee accordingly recommended a plan which, as supplemented
by further recommendations made by the Board of Directors of Chase
2359
Securities Corp., embraced the proposals set forth below. These proposals,
as approved by the Board of Directors, are to be submitted for consideration
and action by the shareholders at the special meeting to be held on May 16
1933. These proposals are summarized as follows:
(a) That the charter of Chase Securities Corp. be amended so as to
eliminate from its activities the business of distributing securities to the
public. As the charter of this corporation is broad in scope, the committee
recommended that the intended limitation be accomplished by the addition
of a proviso to the effect that after the effective date of the amendment the
corporation snould not, eitner directly or indirectly, tnrougn any subsidiary, engage in tne business of issuing, floating, underwriting, publicly
selling or distributing, at wnolesale or retail or through syndicate participation, stocks, bonds, debentures, notes or other securities.
(b) That Chase Harris Forbes Companies, which Is a wholly owned sub.
of Chase Securities Corp., engaged exclusively in the securities business, be
placed in process of liquidation.
(c) That the corporate name of Chase Securities Corp. be changed so as
to eliminate the word "Securities" therefrom.
(d) That the par value of each share of Chase Securities Corp. be reduced
from $5 to $1, and thereby the capital stock of Chase Securities Corp. be
reduced from $37,000,000 to $7,400,000.
(e) That the Board of Directors of Chase Securities Corp. be reduced In
number from 30 to 10.
As soon as these proposals are put into effect, the securities business of
,
the Chase National Bank's affiliates will terminate. I Although Chase
Securities Corp. (under its new name) will continue by identity of stock
ownership to be affiliated with the Chase National Bank, its activities will
be limited to holding and administering its remaining investments. including
its investment in American Express Co., until appropriate disposition can
be made of such investments. The proposed reduction in the capital of the
corporation involves an elimination of all elements of "good-will" value
from its assets.
In my public statement of March 8, I suggested that Boards of Directors
of commercial banks should be limited in number by statute so as to be
sufficiently small to enable the members to be more closely in touch with the
affairs of their banks.
In accordance with the spirit of the foregoing suggestion, and without
awaiting the enactment of any such statute as that suggested,the Board of
Directors of the Chase National Bank to-day approved a resolution submitting to the special meeting of the shareholders to be held on May 16
1933, a proposal to reduce the number of members of the Board of Directors
of the Bank to not more than 40.
The present Board numbers 72 members. This number is an outgrowth
of the numerous amalgamations which have taken place between the Chase
National Bank and other banks in recent years, especially those with the
Mechanics and Metals National Bank. the National Park Bank, and the
Equitable Trust Co. Prior to the amalgamation with the Mechanics and
Metals National Bank in 1926 the Board of Directors of the Chase National
Bank numbered 28 members. When the other banks were combined with
the Chase their directorates were successively added to the then existing
Board.
It would not seem necessary to call to the attention of shareholders the
extraordinary conditions with which banking in the United States has
recently been confronted. The emergency banking legislation which has
been passed on the recommendation of the President of the United States
was wisely conceived and has been effective In meeting these conditions.
Since the banks reopened for the regular transaction of business after the
banking holidays, the deposits of the banks of the country have increased.
Our deposits at the close of business March 3, before the banking holidays,
were $1,236,000,000, whereas at the close of business March 31 they
amounted to $1,306,000,000.
It is my firm conviction that each of the steps taken to-day by the boards
of the Chase National Bank and Chase Securities Corp. are in the best
interests of our organization and its shareholders. The Chase has a heritage
of 56 years of service, and in keeping with its traditions recognizes its
primary obligation as a commercial banking institution.
WINTHROP W. ALDRICH,
Chairman Governing Board and President
THE CHASE NATIONAL BANK
Chairman of the Board
CHASE SECURITIES CORP.
Regarding the meeting of the bank's directors this week
the "Times" of April 5 had the following to say:
Chase Board Meets.
To-day the 76 directors of the Chase National Bank, including among
their number four private bankers, will hold their first regular monthly
meeting since the announcement by Winthrop W. Aldrich, head of the
bank, of his program of banking reform, calling for small, responsible
boards of commercial banks. Since his startling pronouncement, Mr.
Aldrich has denied himself to all inquirers, but it has been understood that
he was immersed in the task of making the Chase conform to the standards
he laid down. The outcome of to-day's meeting will be awaited with interest by Wall Street.
The proposal of the Chase National to drop its affiliates
was noted in these columns March 11, page 1651.
National City Bank of New York Sets Up Additional
Reserves—Transfers $30,000,000 from Surplus—
Divorcement of Operating Personnel of Affiliate
Accomplished—Chairman Perkins Indicates Intention to Keep Stockholders Informed as to
Developments Affecting Progress of Bank.
James H. Perkins, Chairman of the Board of directors
of the National City Bank of New York, made known to
the stockholders on April 1 the action of the directors on
March 29 (in accordance with a recommendation of Mr.
Perkins) in transferring from surplus and undivided profits
"the sum of $30,000,000 to set up additional reserves
against items, the collection of which may be delayed or
doubtful." Earlier action, taken at the instance of Mr.
Perkins last month provided for a reduction in the bank's
dividend. In noting this action Mr. Perkins states that
2360
Financial Chronicle
April 8 1933
"in such a period your best interests dictate that we should
CALIFORN1A.
keep the bank strong in resources, ready to meet conIt is learnt from the San Francisco "Chronicle" of
tingencies, and also prepared to profit by any improvement March 25, that the first National
Bank of Kennewick,
in conditions." The April 1 letter to the stockholders Wash., on March 24 received
a license from the Secretary
indicates that "a complete separate of operating personnel of the Treasury to open.
has already been accomplished" in furtherance of the plans
COLORADO.
for the divorcement of the bank and its affiliate. Mr.
Fifty-five of the 102 State banks in Colorado now are
Perkins at the same time informs the stockholders of his
purpose to keep them advised ,of "the more important operating on an unrestricted basis, it was announced
developments" in the progresi of the bank. His letter March 30 by Grant McFerson, State Banking Commissioner,
according to the Denver "Rocky Mountain News"of Mar.31
follows:
which adds:
THE NATIONA CITY BANK
OF NEW YORK.
April 11933.
To the Shareholders:
I propose to keep you advised at intervals of the more important developments in the progress of your institution. Three major decisions have been
made in the last 30 days; viz.,
1. On March 7 the Board of Directors of the National City Bank of
New York and the National City Co. determined on the policy of working
towards the divorcement of the bank and its security affiliate. The Boards
stated at that time that it will be sought to accomplish this as soon as it
could be done in an orderly manner without sacrifice of the assets of the
company and of the value which exists In its facilities for the purchase and
distribution of investment securities of the highest grade. It was further
stated that in pursuance of this policy from that time on no executive
officer of the bank would sit on the Board of the company, and no executive
officer of the company would sit on the Board of the bank. A complete
separation of operating personnel has already been accomplished and in
furtherance of the policy adopted, the company's office is about to be
removed from the bank building to 44 Wall Street.
2. Although the earnings of the bank for the first two months of the
first quarter of this year were in excess of the 50c. dividend, your directors
on March 7 voted, on my recommendation, to reduce the dividend payment
to 25c. per share. When this action was taken the banks of the nation were
closed by Presidential order and the immediate course of economic affairs,
both National and international, was and still Is involved in uncertainties.
In such a period your best interests dictate that we should keep the bank
strong in recources, ready to meet contingencies, and also prepared to
profit by any improvement in conditions.
3. On March 29 your directors, again on my recommendation, transferred from surplus and undivided profits the sum of $30.000.000 to set up
additional reserves against items the collection of which may be delayed or
doubtful.
I have had many years of acquaintanceship with the personnel of the
National City Bank. My experience in my present position has given me an
opportunity to know them in their day to day operations. They are men of
sound training and experience, and are actuated by a high sense of duty.
They are worthy of the same confidence from the shareholders which the
customers of the bank have shown them in these recent weeks.
For more than a 100 years this bank has served its customers. I can not
too strongly express my appreciation of their continued loyalty. The
service which the bank offers them is complete and is intimately interlocked
with American commerce both at home and abroad. Through wars and
depressions, small and great, the bank has stood secure: after every period
of testing, it has gained in strength. It will be my purpose to keep It secure
and to conduct it with a full sense of its responsibilities toward its customers,
its shareholders, and the public. To this end I invite your co-operation.
Yours very truly,
•
JAMES H. PERKINS
Chairman of the Boa rd of Directors.
The plans for the divorcement of the bank and its security
affiliate, the I1TationaI City Co., were noted in our issue
of March 11, page 1652, in which also reference was made
to the cut in the dividend rate, From the New York
"Herald Tribune" of April 1 we take the following:
As of Dec. 311932. National City Bank reported capital of $124,000,000,
surplus of $76,000.000 and undivided profits of $5,454,097. Total surplus
and undivided pr6rits would be reduced from $81,454,097 to $51,454,097
by the $30.000,000 transfer to reserve otwhich Mr. Perkins speaks in his
letter, without ninking allowances for any additions or subtractions from
surplus and undivided profits account in the first quarter. If the entire
$30,000.000 were taken from surplus that account would be reduced to
$46,000.000.
First Transfer in 1930.
National City Bank began the Wall Street banking move toward establishment of reserves by transferring $20.000,000 from surplus in September
1930, thereby reducing surplus from $110,000,000 to $90,000,000. Subsequently, in June 1932, surplus was further reduced to $76,000,000. Undivided profits fell from $24,554.299 on Dec. 31 1930, to $5.454,097 at the
end of last year. Capital was increased from $110,000,000 to $124,000,000
In December 1931,incident to the absorption by National City of Bank of
America N. A.
The building at'4.4 Wall Street into which National City Co. is soon to
be removed was acquired by National City interests at the time of the
merger with Bank of America N. A. The Bank of America occupied the
44 Wall Street address, which Is on the northwest corner of Wall and
William Streets, from thI3 time it was organized in 1812 to the National
City merger.
The withdrawal of National City Bank officials from the board of National City Co. would involve the retirement of Mr. Perkins and Gordon
S. Rentschler, President of the bank. Several National City Bank directors,
however, are still listed on the affiliate board, the list including Floyd L.
Carlisle, Percy A. Rockefeller. James A. Stillman, Eric P. Swenson,
Garrard B. Winston and Beekman Winthrop. Hugh B. Baker, who
retired from the presidency of National City Co. at the time of Mr.
Mitchell's resignation, formerly was on the board of the bank, but at
present no official of the company is included among the bank's directors.
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of April 1 (page 2173)
of the bank holidays put in force in the various States, the
following further action is recorded:
Only a few of the State banks not Federal Reserve members reopened
Immediately on an unrestricted basis when the national holiday ended.
By March 20 the number had been increased to 36 and additions to the
list have since been made at an average rate of about two a day.
M. J. Sowle, Vice-President of the South Broadway National Bank of Denver, Colo., has been appointed conservator of the institution, according to the Denver "Rocky
Mountain News" of March 23. Mr. Sowle was reported
as saying that reorganization plans for the institution were
under consideration.
IILLINOIS.
We learn that conservators had been named for 59 Federal
Reserve member banks in Illinois up to April 3. It was
reported that on April 4 State non-member banks totaling
390 had reopened since the holiday. Before the banking
holiday there were 704 operating.
Edward J. Barrett, Auditor of Public Accounts for Illinois, has authorized the Prairie State Bank of Oak Park
(Cook County) and the Zion Bank of Zion to reopen for business without restrictions, according to Chicago advices on
March 22 to the "Wall Street Journal"
According to the Chicago "News" of March 25, 22
additional State banks were permitted to reopen on that,
day by Mr. Barrett without restrictions. They are:
Danforth—Farmers' State Bank of Danforth.
Ridgway—Gallatin County Bank.
East St. Louis—Southern Illinois Trust Co.
Waterloo—Commercial State Bank of Waterloo.
Campbell Hill—First State Bank of Campbell Hill.
West Chicago—West Chicago State Bank.
Peoria—Bank of Peoria.
Joy—Joy State Bank.
Oakwood—State Bank of Oakwood.
Heyworth—lleyworth State Bank.
Herscher—State Bank of Herscner.
New Lenox—New Lenox State Bank.
Ewing—Ewing State Bank.
Morrisonville—First State Bank of Morrisonville.
Genoa—Genoa State Bank.
Oak Lawn—Oak Lawn Trust & Savings Bank.
First Trust & Savings Bank of Riverdale. Ill.
Farmers' & Merchants' State Bank of Bushnell, Ill.
South Side Trust & Savings Bank of Peoria, Ill.
Farmers' State Bank of Pittsfield, Ill.
Farmers' State Bank of Table Grove, Ill.
State Bank of Stanford, Ill.
The Federal Reserve Bank of Chicago, Ill., on March 23
announced the licensing of the First National Bank of
Racine, Wis., for immediate reopening, according to the
Chicago "Journal of Commerce" of March 24.
Chicago advices to the "Wall Street Journal" on Apr. 1
stated that the Hamilton State Bank of that city had been
admitted to membership in the Federal Reserve System.
The institution had been reopened earlier by the Illinois
State banking authorities, it was said.
The reopening of ten Illinois State banks, not members of
the Federal Reserve System, was authorized by the State
on Apr. 4, according to the Chicago "Journal of Commerce"
of Apr. 5, bringing it was said the total of Illinois State
banks which have resumed business to approximately 390
out of 704 institutions operating before the banking holiday.
The newly reopened banks, as named are:
Albers—Peoples Bank.
Cypress—Farmers and Merchants State.
Grand Chain—First State.
Huntley—State Rank of Huntley.
Longview—Longview State.
Louisville—Clay County State.
Marshall—Marshall State.
Sainte Marie—Sainte Marie State.
Shumway—Citizens State.
Sparland—Sparland State.
The same paper stated that the following banks had been
given authority to reopen on Apr.5 on an unrestricted basis:
Johnsonville—Johnsonville State.
Ohlman—Ohiman State.
Kell—Kell State.
Hartsburg—Rartsburg State.
Plymouth—Plymouth State.
BartonvIlle—Bartonville Bank.
Algonquin—Algonquin State.
Bethany—Scott State,
Buckley—Buckley State.
Financial Chronicle
Volume 136
The Live Stock National Bank of Chicago, a new institution formed to take over the assets and liabilities of the
Stock Yards Bank of that city, opened for business without
restrictions, on Apr. 5. Approximately $10,000,000 of
deposits, it is stated, were released by the opening. "Stock
Yards Bank," we quote from the Chicago "News" of Apr.
5, "a consolidation of the original Stock Yards National
Bank and the Stock Yards Trust & Savings Bank, first
began operation in 1868 and has since held a prominent
position in local banking circles. At the beginning of the
national banking moratorium it ranked first among all outlying banks in both deposits and resources. Depositors of
this institution number more than 17,500, including 312
out-of-town correspondent banks, 2,453 large industrial and
manufacturing firms and 14,722 savings depositors."
D. H. Reimers, former President of the Stock Yards
Bank, occupies the same position with the new institution.
Reopening at the end of the national banking moratorium
was delayed rending the granting of a national charter.
In this regard, Mr. Reimers made the followings tatement:
'The management of the Stock Yards Bank believed that it could render
a greater service to its depositors under present business conditions if the
bank could engage in business under national banking laws rather than the
state charter under which we previously operated. Reopening, therefore,
was delayed pending the time that this change could be consummated.
It is my belief that as a national bank and a member of the Federal Reserve
System we shall be enabled to give our depositors broader service and at
the same time assure a maximum degree of soundness.
"Adjustments in assets to meet the rigid requirements of the national
banking department and the Federal Reserve System have been made to
assure an absolutely sound basis of operation for this national bank. "Under
this conversion the Live Stock National Bank receives full trust powers
and its functions in that respect will continue as heretofore."
IOWA.
Three hundred and twenty-two banks, both State and
Federal Reserve members, have been released from restrictions in Iowa up to March 31. It was reported on April 3
that conservators have been named for 58 banks in the State
members of the Federal Reserve.
The following Iowa banks were released from the restrictions of Senate File 111 on March 31 by L. A. Andrew,
Superintendent of banking for that State and D. W. Bates,
Assistant Superintendent:
Avoca State Bank of Avoca.
Citizens' Savings Bank of Avoca.
Confidence State Savings Bank of Confidence.
Union Savings Bank of Grand Mound.
New Vienna Savings Bank of New Vienna.
Farmers Savings Bank of Princeton.
People's Trust & Savings Bank of Riverside.
Fremont County Savings Bank of Sidney.
Iowa State Bank of Stockport.
West Chester Savings Bank of West Chester.
It is learnt from the Des Moines "Register" of Apr. 4,
that plans for the reorganization of the Security National
Bank of Sioux City, Iowa, the only national bank in the
place operating under restrictions, were announced on Apr.
3 by C. R. Gossett, the conservator, who stated the plans
had been approved by the Treasury Department in Washington. The plan as outlined in the paper mentioned, is as
follows:
Stockholders of the bank will be assessed on their 100% double liability
to the extent that they are able to pay and until sufficient funds are raised
to effect the reorganization, Mr. Gossett said.
A portion of the bank's stock was held by a trusteeship and it was necessary to effect resale of this stock to make assessments, he said.
Sixty per cent of the deposits will be available at once to depositors,
the conservator said. The 40% upon which waivers are given will be placed
In a trust fund with all collections from these assets guaranteed to depositors.
Waivers must be obtained from depositors representing 75% of the total
deposits.
The new bank will be known as the Security National Bank and Trust Co.
Release of 60% of the deposits would free $1,800,000 here, Mr. Gossett
said. All accounts under $100 will be paid in full.
Election of officials and directors of the new bank must await approval
of the plan by depositors. No one man would have charge, Mr. Gossett
intimated. He reported several of the largest depositors already have
signed waivers.
The trust fund would be operated by three reliable Sioux City business
men, he said.
MARYLAND.
That the First National Bank of Havre de Grace, Md.,
which had been in the hands of a conservator reopened for
business on April 3 on a 100% basis, was indicated in the
Baltimore "Sun" of April 2, which said in part:
Hugh Leach, Manager of the Baltimore branch of the Federal Reserve
Bank of Richmond, announced yesterday, April 1, that the First National
Bank of Havre de Grace, has been authorized to open to-morrow morning
on a 100% basis. . . .
MASSACHUSETTS.
The Cabot Trust Co. of Chicopee, Mass., reopened for
business on March 27 after having been closed since the
National banking holiday, according to the Springfield
"Republican" of March 28. The institution has been reorganized. Preston C. Pond, formerly a Vice-President
2361
and Treasurer of the institution, has become President,
succeeding Emerson G. Gaylor who was advanced to Chairman of the Board of Directors, while Guy W. Downer,
heretofore an official of the trust department of the Springfield National Bank of Springfield, has succeeded Mr. Pond
as Treasurer. The directorate of the institution has been
increased from 8 to 13 members.
MICHIGAN.
The Detroit "Free Press" of April 2 states that Michigan's
new emergency banking law was in its 11th day of operation
April 1 with 57 State banks remaining to be reopened or
placed in the hands of conservators. The paper quoted adds:
With two more licenses granted by State Banking Commissioner Rudolph
E. Reichert to resume normal business, the total number of State banks
reopened to date was brought to 192, including 39 members of the Federal
Reserve.
The Governor's Advisory Banking Committee has appointed conservators
for 187 State banks.
On April 1 the Board of Directorsfor the new NationalBank
of Detroit, Mich., was announced. The directors comprising
the Board, as listed in the Detroit "Free Press" of April 2,
are as follows:
Henry E. Bodrnan,former Chairman of the Board of the Union Guardian
Trust Co.
Donaldson Brown, New York financial adviser to Alfred P. Sloan, Jr.,
President of the General Motors Corp.
Waiter P. Chrysler, President of the Chrysler Motor Corp.
Frank Couzens, President of the Detroit Common Council and son of
United States Senator James Couzens.
J. B. Ford Jr., Vice-President of the Michigan Alkali Co,
James S. Holden, President of the Holden Realty Co.
James Inglis, President of the American Blower Co.
Tracy W. McGregor, pnilanthropist.
James T. McMillan, Vice-President of the the Detroit Free Press.
Peter J. Monaghan, attorney.
Stanley Reed, counsel for the Federal Farm Board, Washington.
R. Perry Shorts, Saginaw banker.
Alfred P. Sloan Jr., President of General Motors.
Upon the election of the directors, the Board immediately
went into session and elected James Inglis its Chairman.
On April 4, Walter S. McLucas, Chairman of the Board of
Directors of the Commerce Trust Co. of Kansas City, Mo.,
was chosen by the Board as President of the new bank.
Mr. McLucas (according to an outline of his career appearing
in the Detroit "Free Press" of April 5) after having attained
success in business life, entered the banking field in 1908
when he became Vice-President and Cashier of the Merchants' Bank of St. Joseph, Mo. When the bank in which
he was employed merged with the First National Bank in
1912 he was named First Vice-President. He then went to
the Commerce Trust Co. of Kansas City, Mo., as VicePresident and in 1917 became its President. His next move
was to New York, where he became Vice-President of the
National City Bank. He became Chairman of the Board of
Commerce Trust Co. in 1926 and has held the post since
then. He also is a member of the Advisory Council of the
Federal Reserve Board, and is a director of the National
Credit Corp.
The new National Bank of Detroit is accepting savings
accounts and has appointed two loaning officers to establish
facilities for making loans, handling discounts and extending
credit facilities. Heretofore the bank's functions were
limited, and only commercial accounts were accepted.
Detroit advices to the "Wall Street Journal" yesterday,
April 7,from which this is learnt, added:
The bank has made application to the Comptroller of the Currency for
permission to open 10 branches in addition to the one opened Thursday.
It is learnt from Detroit advices to the "Wall Street
Journal" under date of April 3 that in answer to the Detroit
Board of Commerce's request that Government officials
make known immediately when and what percentage will be
released to depositors of the First National Bank-Detroit
and the Guardian National Bank of Commerce, Jesse H.
Jones, a director of the Reconstruction Finance Corporation,
sent the following wire to the Board:
The delay is due solely to the extent of the preliminary work that must
be gone through with. Every effort is being put forth to perfect an organization for the National Bank of Detroit with a view to making available to
depositors of the First National and Guardian banks the amount of money
heretofore stated at the earliest possible moment. The co-operation of your
membership and all the people of Detroit during the interval required will
be appreciated.
Twelve conservators were appointed on April 7 for State
banks in Michigan by the Governor's advisory commission,
as reported in advices by the Associated Press from Lansing.
They follow:
Wolverine—Wolverine State Savings. Wilbur L. Jones.
Fraser—State Bank,Henry J. Bohn.
Scottsville—State Savings, M. S. Stowell.
Litchfield—Litchfield State Savings, Charles G. Sherk.
Parma—First State Bank, S. A. Powers.
2362
Financial Chronicle
Concord—Parma State Bank, Frank N. Aldrich.
Bloomingdale—People State. Ellis Simons.
Lelanau—Orion State Bank, Lee Earle.
Leroy—Leroy State. C. A. Stiles.
Muskegon Heights—First State Savings. Frank V. Burrows.
Williamston—Williamston State. G. B. Jackson.
Corunna—Old Corunna'State, E. T. Sidney.
The same dispatch stated that the Commission also named
new conservators for two other banks for which previous
appointments ,had been made and not accepted. These
were: Gaylord State Savings Bank, Frank J. Shipp; State
Savings Bank, Owosso, C. R. McLaughlin.
, MINNESOTA.
The Citizens' State Bank of St. Paul, Minn., a small
institution with deposits of approximately $106,460 at the
end of last year, has been closed by its directors, according
to an announcement by John N. Peyton, State Commissioner of Banking for Minnesota. , A dispatch from St. Paul
on April 3 to the "Wall Street Journal," reporting the above,
added that the institution had been operating on a restricted basis':
MISSOURI.
In order to meet the requirements of the United States
Treasury for a license to resume business, the Citizens'
National Bank of Maplewood, Mo., has asked its depositors
to subscribe for $100,000 of 4% cumulative preferred stock,
according to the St. Louis "Globe-Democrat" of March 31,
which went on to say:
The bank's stockholders have contributed $120,000 towards new capital,
eleven of its directors putting up in excess of $87,000 and smaller stockholders the remainder. It was explained by the bank's officials, securities
owned by the bank had depreciated $220,000, mostly in the bond account.
Accordingly, that amount is needed for reopening.
Some depositors will be asked to convert 50% of deposits into stock, it
was stated. The bank has approximately $400,000 deposits, according
to its Cashier, R. F. Townsend, and about $100,000 of this is in small
savings deposits of $50 or less. These depositors will not be asked to subscribe for stock.
The depositary listed assets, in its statement of Dec. 31, at $843,813;
capital $100.000 and surplus $20,000. The officers are J. R. Holekamp,
President, and Dan Sheerin, Vice-President.
The North Side Bank of St. Louis, Mo., reopened on a
restricted withdrawal basis on March 29, after having
been licensed by 0. H. Moberly, State Finance Commissioner, according to the St. Louis "Globe-Democrat" of
March 30, which went on to say:
The bank's last published statement showed resources and liabilities of
about $204,000. The depositary has $25,000 capital, $6,250 surplus and
$5,000 undivided profits and reserves. It was closed March 4 under the
general order.
Few depositors, according to E. J. Gieselman, Cashier, took advantage
of the opportunity to withdraw 5% of their accounts, while the new deposits
were substantial. Further withdrawals beyond the first 5% cannot be
made, under the license, until further notification is received from Commissioner Moberly.
It is learnt from the St. Louis "Globe-Democrat" of April 1
that a shortage variously estimated at between $100,000
and $160,000 was discovered recently in the Cherokee
National Bank of St. Louis. The discovery was made by
National bank examiners, who had been busy at the institution for some time. Their report to the Treasury Department resulted on March 31 in the appointment of Vance L.
Sailor, a National bank examiner, as conservator. The
paper mentioned, continuing, said in part:
Sailor succeeded Henry P. Mueller. President of the bank, wno was
appointed conservator of nis own institution Marcia 15. Wnen Sailor
took cnarge yesterday morning tne bank discontinued limited operation
under which it had been functioning. . . .
It is understood the Department of Justice will immediately begin an
accounting at the bank.
It is known an effort has been made to raise sufficient capital to enable
the institution to reopen for unrestricted business. Such an attempt, It
was said by an official, has so far been unsuccessful. At the time Mueller
was named conservator he said his bank did not reopen immediately after
the banking holiday because of a depreciation in the bond account.
A subsequent issue of the same paper, April 1, stated
that three officers of the bank (including Mr. Mueller, the
President) and a bookkeeper had been placed under arrest
the previous day, April 1. We quote in part from this paper
I
as follows:
The last to be taken into custody was Edward Remmert, 28
-year-old
bookkeeper. . . . Like the others, Henry P. Mueller. President of
the bank and its conservator until his removal on Friday; Harry C. Freler,t,
Vice-President and Cashier, and Rudolph C. Provaznik, Assistant Casnier,
Remmert is specifically charged in a warrant with embezzlement, misapplication and abstraction of about $50,000.
Meanwhile, the board of directors of the bank met and decided to postpone possible reorganization, pending an exact check of the alleged defalcations. A. R. Messing, a Vice-President, said he had been told the loss
will total about $100,000,in which amount the bank is protected by a bond
"It is my opinion stock purchase pledges of $300,000 by directors, stockholders and depositors have been automatically invalidated by events,"
said Messing, who is not active in the bank's operation. "Our prospects
seemed very good until report was made of the shortage. Whether we
attempt to reorganize depends largely on the result of the audit and the
attitude of the people in our community. It is my understanding our
bond depreciation, as a result of the depression, was something like $250,000. Continued operation would have been easily possible with the added
$300,000, for which 6% preferred stock was to have been issued."
April 8 1933
NEBRASKA.
More than half the banks, or 216, organized under
Nebraska charter are now doing business on an unrestricted
basis, Associated Press advices from Lincoln, March 29,
report. The advices said that there are 250 banks still
running under limitations.
Associated Press advices from Lincoln, Neb.,on March 3/
reported that the Bank of Wilber at Wilber, Neb., and the
Thayer County Bank of Hebron, Neb., were open for
unrestricted business on that date by order of the State
department of trade and commerce.
NEW JERSEY.
According to a dispatch from Perth Amboy, N. J., to the
New York "Herald Tribune," the First National Bank of
Perth Amboy, of which United States Senator Hamilton F.
Kean is President, opened on that date for the transaction
of all business without any restrictions by license from the
Treasury Department.
That depositors of the First National Bank of Lyndhurst,
N. J., are being asked to subscribe to $200,000 of preferred
stock in order that the bank may be reopened on an unrestricted basis, is indicated in the following taken from the
Newark "News" of March 31:
The board of directors of the First National Bank of Lyndhurst to-day
explained the sale of $200,000 of preferred stock which must be made
before the bank reopens on an unrestricted basis. The response to the
sale has been prompt, it was said, but many of the depositors have not
understood the meaning of it.
"An issue of 1,000 shares of preferred stock," it was set forth, "has been
offered for purchase to the depositors at a sale price of $200 a share. Each
share of stock, however, may be purchased in one-twentieth units at a price
of $10 a unit.
"A purchase of this stock for $10 will entitle the owner to one-twentieth
of one share of the preferred stock. In no case is it necessary to pay for
the stock in whole or in part by cash, the deposits in the bank being available in every instance.
"The request made by the board of directors for subscription to this stock
in a sum not less than 25% of the deposit was based upon the amount of
the total deposits. It is becessary that in order to carry out the plan and
effect prompt reopening of the bank, the board of directors must have the
co-operation of 100% of the depositors. The board urges all depositors to
come to the bank for full details of the plan."
NI
Fulton R. Hardman, Vice-President of the First National
Bank of Fort Lee, N. J., announced on March 31 following
his return from Washington, where he conferred with Federal
banking authorities, the appointment of H. G. Arning as
conservator of the bank, according to the "Jersey Observer"
of that date. Mr. Aiming will assist Mr. Hardman and the
other directors of the bank in formulating plans for the early
opening of the bank, it was said.
A dispatch to the Newark "News" under date of March 31
stated that the directors of the People's National Bank of
Hackettstown, N. J., the previous day had sent a letter to
the depositors outlining a proposal that 4,000 shares of $25
par value 6% cum. non-assessable preferred stock be sold
for $100 per share, the preferred stock to have prior claims
over the common stock and have equal voting rights with
common shareholders. The dispatch continued as follows:
• The stock would be a temporary issue, to be retired at its purchase price
with the approval of the Comptroller of the currency at,soon as condition
permit. When the $400,000 in stock has been subscribed and approved by
the Comptroller, a license to reopen the bank fully will be issued. Until
this plan for new capital is carried out J. Miller Welsh, President, remains
In charge of the bank as conservator.
The letter states the stock may be subscribed for out of existing deposite
and if the plan is to be successful it will require each depositor to subscribe
a third to half his deposit. Non-depositors may subscribe for the new
preferred stock by paying cash. Stockholders have subscribed a large
portion of the required $400,000, it is said.
A press dispatch from Atlantic City, N. J., on April 5
stated that a movement had been started to reorganize the
Atlantic City National Bank and the Chelsea-Second
National Bank & Trust Co, both of that city, institutions
which were closed several months ago and are now in the
hands of Federal conservators. They had combined accounts of 40,000 and deposits totaling $14,000,000, it was
stated.
NEW YORK STATE.
The Canaseraga State Bank at Canaseraga, N. Y., and
the Trust Co. of Larchmont, Larchmont, N. Y., were
licensed by the New York State Banking Department on
March 27 and March 31, respectively, to resume business,
subject only to the restrictions of the President's proclamation against the payment of gold, gold certificates or bullion,
or the payment of currency for hoarding purposes and foreign
exchange transactions.
Advices to the New York "Times" from Peekskill, N. Y.,
on April 3 stated that the Peekskill National Bank & Trust
Co., which has been under a Federal conservator since the
banking holiday ended, would resume normal operations
the next day (April 4) and John Towart Jr., the conservator,
would resume his duties as President. The Federal Govern-
Financial Chic/nide
Volume 136
2363
ment's plan of having depositors buy preferred stock, it was
said, was invoked, and depositors were asked by the bank
officials to subscribe $400,000 of their funds on deposit.
Joseph A. Broderick, State Superintendent of Banks for
New York, announced on April 4 the reopening of the State
Bank of Chittenango at Chittenango, N. Y.
The Union Trust Co. of North Tonawanda, N. Y., was
closed on April 4 on orders from Joseph H. Broderick, State
Superintendent of Banking, according to United Press advices from that place, which added:
(after attempts to reorganize the institution has failed),
and the appointment of J. C. Van Pelt of Columbus, Ohio,
as a special Deputy Superintendent of Banks in charge of
the institution. The Washington Bank & Trust Co., which
had been operating on a restricted basis sincethe National
banking holiday, as of Dec. 31 1932 reported capital of
$250,000; surplus and undivided profits of $112,727; deposits
of $2,920,097 and total resources of $3,440,441. The
Cincinnati "Enquirer" of April 2, from which the foregoing
is taken, quoted Mr. Fulton in a statement as saying:
The bank had been doing business on a restricted basis since the National
bank holiday.
Under the recent amendments to the banking laws of Ohio, it is possible
for the Superintendent of Banks to appoint another Ohio bank as its liquidating agent for the purpose of liquidating the property and assets of an Ohio
bank of which he has taken possession. I am glad to be able to say that
we have succeeded in getting the Fifth Third Union Trust Co. of Cincinnati, of which E. W. Edwards is President. to act as our liquidating
agent for the Washington Bank and Trust Co. . . .
Under such contract of liquidation the Fifth Third Union Trust Co. will
have entire charge of such liquidation, and has agreed to make available
sufficient funds to pay 30 cents on the dollar in cash to all of the depositors
and general creditors of said Wasnington Bank & Trust.iCo., and 100%
In cash for the payment of the new deposits made with said Washington
Bank & Trust Co.since the State and Federal moratoriums. as soon as such
contract has been approved by tne Common Pleas Court. The Fifth Third
Union Trust Co. will speed up the liquidation as much as possible in an
endeavor to make additional dividends available to depositors and general
creditors at an early date.
I think we will be able to complete the necessary inventory and other
details so that the first distribution of 30% to depositors and general
creditors and the 100% for new deposits can be made available not later
than Monday, April 10. . . .
Under the plan laid down by the Federal Reserve Board,
which would permit reorganization of the Westchester
County National Bank & Trust Co., Peekskill, N. Y.,
Cornelius A. Pugsley, President of the institution, which
will be 100 years old this year, has given up control of the
bank by surrendering his 1,040 shares. This action was
taken by Mr. Pugsley to make possible a more rapid reorganization of the bank, which has been under restricted
operation since Mar. 4, with Fred A. Pugsley, Vice-President
of the bank, as conservator.
Peekskill advices to the New York "Times," authority
for the above, added:
In turning over his shares to the depositors, Mr. Pugsley relinquishes
all financial interest in the institution with which he has been associated
for sixty-three years and of which he has been president for thirty-five years.
Supreme Court Justice William F. Bleakley acted as intermediary for
the depositors and Mr. Pugsley.
Bank examiners on Apr. 4 began a check up of the assets
of the First National Bank & Trust Co. of Yonkers, N. Y.,
so that a plan for reopening of the institution on a normal
basis can be formulated, according to advices on Apr. 4
from that place to the New York "Times," which went on
to say:
P. W. Trudeau, Federal conservator of the bank, which is operating
upon a restricted basis, said there would be no announcement until the
examiners had reported. The bank has four branches and is one of the
largest in Westchester County.
NEW YORK CITY.
Officers and members of the reorganization committee of
the Jamaica National Bank, Jamaica (Borough of Queens),
New York City, on Apr. 3 sent to stockholders and depositors
of the institution a plan for reorganization, according to the
Brooklyn "Eagle" of Mar. 4, from which we also take the
following:
This bank was closed by President Roosevelt's bank holiday but was one
of the first in Queens to be reopened under the direction of a conservator.
Barton R. Smith, one of the founders of the bank, was named conservator.
The plan of reorganization proposes the issuance of 4,500 shares of 6%
cumulative preferred stock, of a par value of $50, which is to be sold for
8100. This stock is non-assessible and is to be retired at 8100 a share.
Holders of the preferred stock will have one vote for each share of stock.
The committee states that this plan has the approval of the Comptroller
of the Currency and of the Federal Reserve Bank. If the plan is carried
through, so the committee says, it will place the bank in a strong liquid
and sound condition. The statement is signed by Robert P. Babcock,
J. Sheldon Fosdick, Gilbert R. Hendrickson, Herman E. Winne and
Barton R. Smith, all prominent business men of Jamaica, who have been
connected with the bank since its organization about 14 years ago.
NORTH CAROLINA.
Two North Carolina banks, the Bank of North Wilkesboro
at North Wilkesboro, and the Swanannoa Bank & Trust
Co. at Swanannoa, were licensed to reopen on Apr. 2,
according to the Raleigh "News & Observer" of Apr. 3.
OHIO.
The Farmers' State Bank of McClure, Ohio, was reopened
without restrictions on March 27, according to advices from
that place printed in the Toledo "Blade," which added:
It is one of the group of which Charles P. Grisier of Wauseon is the
leader. All banks in the group are now open without restriction.
Advices from Cleveland, Ohio, by the United Press on
March 31 stated that the new First National Bank which is
to take the place of the Union Trust Co. of Cleveland will
open for business on May 1 next, according to an announcement by J. R. Kraus, Chairman of the Board of the Union
Trust Co., who is to be the President of the new institution.
Continuing the dispatch said:
At that time the First National, jointly owned by local stockholders and
the Federal government, will take over approximately 40% of the deposits
of the Union Trust, which failed to reopen after the recent banking holiday.
Volunteer solicitors to-day (March 31) began the task of floating 85,000,000 in common stock with which to match the 85,000,000 in preferred
stock which will be subscribed by the Reconstruction Finance Corp.
The Fifth Third Union Trust Co. of Cincinnati, Ohio, at
the request of Ira J. Fulton, State Superintendent of Banks
for Ohio,has agreed to take over the affairs of the Washington
Bank & Trust Co. of Cincinnati and its two branches for
liquidation. This development followed the action of the
State Banking Department on April 1 in taking possession
of the business of the bank at the request of its directors
Referring to the above statement by the Superintendent
of Banks, Mr. Edwards, President of the Fifth, Third Union
Trust Co., said:
I wish to emphasize that the Fifth Third Union Trust Co., in agreeing to
assist the Banking Department of Ohio by liquidating the property ana
assets of the Washington Bank & Trust Co., was actuated largely by a
desire to be of help to that bank's depositors and to the community, as
such liquidation will be without any gain or profit to the Fifth Third
Union Trust Co. . . .
Of course, in making available the first distribution of 30% to depositors
and general creditors and 100% on account of new money deposited, the
liquid assets of the Washington Bank & Trust Co. will be used.
Formation of a new National bank to take over the more
liquid assets of the unlicensed First Central Trust Co. of
Akron, 0., was agreed upon April 4 by Reconstruction Finance Corporation and Akron banking officials. In reporting this, Washington advices by the United Press went
on to say:
Under the plan the R. F. C. will "match dollars" with Akron interests.
The sum of 81,000,000 will be subscribed by the R. F. 0. for purchase of
preferred stock on condition that Akron citizens raise a like amount through
purchase of common stock.
In addition, the R. F. C. proposes to make additional loans to the First
Central Trust Co. to make available to depositors approximately 20%
of tied-up funds.
On April 5 the Reconstruction Finance Corporation agreed
to loan the Guardian Trust Co. of Cleveland, 0., approximately $9,000,000 for liquidating purposes, contingent upon
the merger of that institution and the Union Trust Co. into
a new National bank. The consolidation would join into
one institution two of the largest banks in Cleveland with
deposits now aggregating approximately $200,000,000. In
noting the above, a dispatch by the Associated Press from
Washington, D. C., on April 5 furthermore said:
The Union Trust Co. last week received a 820,000,000 loan to make
available a 35% liquidating dividend. Simultaneously, action was started
to launch the First National Bank of Cleveland with maximum capitalization of 820,000.000. Both the Union Trust and Guardian Trust are unlicensed State banks, and have been on a restricted withdrawal basis for
more than a montn.
Toe $9,000,000 Corporation loan, contingent upon absorption of the
Guardian Trust into the new National institution, will enable the Guardian
to pay out an amount equal to approximately 20% of its deposits.
"The directors of the corporation," said Jesse H. Jones, a director, "are
of the opinion that the depositors of both the Union and the Guardian—
as well as the general situation in Cleveland—will best be served by having
one strong bank succeed these two.
"Conservators will be appointed for each of these banks within the next
day or two, and while appointed by the Superintendent of Banks of Ohio
they will be chosen by the R. F. C. with the approval of Secretary of the
Treasury William H. Woodin."
Harold IL Burton, President of the Guardian, said the capital structure
of the new bank will not be changed. In this the Corporation agreed to
match dollars with Cleveland interests.
The Worthington Savings Bank Co., of Worthington,
Ohio, which had been closed because it did not receive a
license, has been reorganized into the Worthington Savings
Bank and opened for business on Apr. 3. The Columbus
"State," in noting this, went on to say:
The new bank has a capital of $25,000 and a $5,000 surplus. It took
over 85% of the assets of the old bank, and the remaining 1.5% was trusteed
and certificates of participation issued to all depositors for that part of
their deposits.
Incorporators of the new bank are Forest Detrick, President; Arnold
M. Wright, Cashier; Samuel E. Corbin, Anthony W. Tuner and Charles
D. Lehman. Detrick was President of the old bank.
Akron, Ohio, advices on 'Apr. 5 stated that a federal
license had been granted to the National Bank of Hudson,
2364
Financial Chronicle
Ohio, which opened for business on Apr. 3 in charge of C.
E. Cole, Assistant Cashier. The advices continuing said:
One of the provisions pertinent to the opening was the requirement from
depositors that 10% of formerly restricted deposits constitute a loan to
the bank, which loan is to be carried as a capital loss and charged against
undivided profits.
Announcement was made on Thursday night, Apr. 6, by
Jesse H. Jones, director of the Reconstruction Finance Corporation, that Ira Fulton, Superintendent of Banks for
Ohio, had appointed Sidney B. Congdon conservator for the
Guardian Trust Co. and Oscar L. Cox conservator for the
Union Trust Co., according to Associated Press advices
from Washington on that date, which added:
Mr.Jones said that the appointments had been made on the recommendation of Reconstruction porporation officials.
.
OKLAHOMA.
April 8 1933
in turn elected W. W. James, President; Robert B. James,
Vice-President; Ghent Carpenter, Cashier,and Call Proctor,
Assistant Cashier. The dispatch added that the new institution would open as soon as the charter arrived from
Washington.
VERMONT.
Stockholders representing more than three-fourths of the
outstanding 8,000 shares of common stock of the Vermont
People's National Bank of Brattleboro, Vt., on March 30
voted unanimously to-day to authorize an issue of $300,000,
6% cumulative preferred stock, which is the amount of
new capital required by the Treasury department before a
license to reopen on an unrestricted basis will be given.
Brattleboro advices on the date named, printed in the
Springfield "Republican," from which the foregoing is
taken continuing said:
Advices from Oklahoma City, Okla., on March 27 to the
The new preferred stock will be of a par
of $25 a
The old
.`Wall Street Journal" reported that restrictions had been common stock has a par value of $50. Thevalue classes ofshare. will have
two
stock
lifted entirely from three State banks, the Barnsdall State equal voting rights, share for share, thus giving the holders of preferred
Bank, the Vian State Bank and the Sallisaw State Bank, stock control of the institution.
A large amount of the new stock has already been subscribed and it is
by W. J. Barnett, State Banking Commissioner. Mr. expected the balance will be secured soon.
Barnett also authorized an increase in withdrawals at the
VIRGINIA.
Delaware County Bank, Jay, from 10% to 20%. The
Bank of Pocahontas, Pocahontas, Va., has been licensed
Bank of Meeker and the First State Bank, Jennings, were
by the State banking division to resume normal operations,
taken from the totally restricted list and put on a moraaccording to Richmond advices on March 31 to the "Wall
torium basis, it was stated.
Street Journal". •
The Bank of Adair, Adair, Okla., which has been on a
WASHINGTON.
restricted withdrawal basis since the close of the bank
That the First Inland National Bank of Pendleton, Wash.,
holiday, has been placed on a moratorium basis by W. J. is in the hands of a conservator is indicated in the following
Barnett, State Bank Commissioner, according to Oklahoma taken from the Portland "Oregonian" of March 24:
City advices on March 31 printed in the "Wall Street
Edwin Winter, Vice-President of the First Inland National Bank of
Pendleton, has been named conservator of the institution, it was announced
Journal."
in a message from the controller of currency in Washington, D. C. A
PENNSYLVANIA.
.'"
message from Senator Steiwer informed officials of the bank that in order
On application of the partners in the Galeton Banking Co., to obtain a license for reopening it will be necessary to have the recomGaldton, Pa., Judge Howard F. Marsh on March 27 ap- mendation of a bank examiner from the Treasury Department who is
investigate the situation.
pointed S. L. Lush of Galeton receiver for the company, expected here soon to
Reopening on Mar. 29 of the Pacific State Bank of South
according to Associated Press advices from Wellsboro, Pa.,
Bend, Wash., is indicated in the following dispatch from
which added: •
that place to the Portland "Oregonian":
The bank has not received orders for reopening since the banking holiday.
Deposits are estimated at $290.000.
According to the Pittsburgh "Post Gazette" of Apr. 5,
appointment of three conservators for banks in Western
Pennsylvania were announced on Apr. 4 by the Pittsburgh
branch of the Fourth Federal Reserve Bank. The institutions and conservators follow:
First National Bank of Jefferson, Harry A. Cree; First National Bank
of Stoyestown, N. G. Speicher; Citizens' National Bank of Windber,
Henry K. Sarver.
The Federal Reserve Bank of Philadelphia, Pa.,announced
on Apr.6 the appointment of conservators for three national
banks in the Eastern District of Pennsylvania. All of the
institutions have been operating on a restricted basis since
the termination of the Nation-wide banking holiday. The
banks and their conservators are:
Clifton Heights, Pa.—First National Bank; H. M. Collins, Cashier of
the bank.
Hawley, Pa.—First National Bank: J. W. Lance.
Shenandoah, Pa.—First National Bank; David L. Watson, Cashier of
the bank.
SOUTH CAROLINA
It is learnt from "The State" of March 24 that, according
to an announcement by Governor I. C. Blackwood of South
Carolina, the previous night, the Loan & Exchange Bank
of Hampton, S. C., has been authorized to reopen for restricted business with its Cashier, R. 0. Bowden, as conservator. The statement by the Governor read:
The Loan & Exchange Bank of Hampton was authorized by the Governor
upon advice of the State Board of Bank Control to open and operate, and
was added to the list of conservator banks.
The bank failed to comply with the rules and regulations prescribed by
the Governor after reopening and it will be placed in the hands of a conservator inunediately.
The Cashier, R. 0. Bowden, was named conservator.
SOUTH DAKOTA.
Associated Press advices report that 136 State banks in
South Dakota have reopened out of a total of 163.
Associated Press advices from Pierre, S. D., on March 29
stated that the following four banks which had been closed
since the national banking holiday had been authorized to
resume business by the South Dakota Banking Commission: Security State Bank,Canova;St. Onge State Bank,
St. Onge;Whitewood Banking Co., Whitewood,and Farmers'
& Merchants' Bank, Revillo.
TEXAS.
That a reorganization of the Belton National Bank of
Belton, Tex., had been effected with capital of $50,000, was
noted in advices from that place on March 31 to the Houston
"Post." Fifteen directors had been elected, it was said, who
Approximately $500.000 was made available to residents and businessmen
of this part of the State to-day (Mar. 29) upon the reopening for business
of the Pacific State Bank, authority for which came from Washington.
D. C. The bank was closed during the legal holiday.
ITEMS ABOUT BANKS, TRUST COMPANIES, itee.
Arrangements were made April 7 for the transfer of two
New York Stock Exchange memberships at $94,000 and
$93,000, respectively. The last previous transaction was at
$95,000, on April 3, which was a decrease of $16,000 under
the sale of March 22.
Arrangements were made April 7 for the sale of a New
York Curb Exchange membership at $27,000, an advance
of $2,500 over the last previous transaction of March 30.
A seat on the Chicago Board of Trade was sold April 6 at
$7,000, up $2,000 from the last previous sale.
A statement of The Chase National Bank as of March 31
was made public on April 7, showing total resources of
$1,777,727,000, as compared with $1,856,290,000 on Dec. 31
1932. Cash in the bank's vaults and on deposit with the
Federal Reserve Bank and other banks amounted to $289,489,000 as compared with $391,297,000; investments in
United States Government securities $179,904,000 as compared with $214,996,000; securities maturing within two
years, $134,113,000 as compared with $116,305,000; other
bonds and securities including stock in the Federal Reserve
Bank, $123,598,000 as compared with $115,400,000; loans
and discounts $905,532,000 as compared with $887,187,000.
Total deposits were $1,306,745,000 as compared with $1,236,000,000 on March 3 before the banking holiday and with
$1,466,000,000 on Dec. 311932.
Earnings of the Bank for the first quarter exceeded dividend requirements by more than two million dollars, which
amount was added to undivided profits, making the March 31
figure $13,199,000 as compared with $11,130,000 on Dec. 31
1932. Elsewhere in our issue to-day we give the letter of
President Aldrich to the stockholders on April 5 detailing
the plans for the severance of the bank's connection with
its security affiliates.
At a regular meeting of the Board of Directors of Bankers' Trust Co. of New York, E. E. Beach was elected VicePresident. • W. F. Rutherford was appointed Assistant VicePresident; David B. Mathias, Assistant Auditor, and J. F.
Rath, Assistant Secretary.
Financial Chronicle
Volume 136
At a directors' meeting of the City Banks Farmers Trust
Co., New York, held April 4, William B. Cardozo was elected
Senior Vice-President. Mr. Cardozo completed 50 years
of service with the trust company on Dec. 12 1932. The
directors also elected Carl Taylor, of Taylor, Blanc, Capron
& Marsh, New York, a director and a member of the Executive Committee.
It was announced this week that C. Howard Marfield has
tendered his resignation as President of the Continental
Bank & Trust Co. of New York, effective as of May 1, to
en.lble him to carry out his plans'to engage in reorganization work and later enter the investment banking field.
The Sterling National Bank & Trust Co. of New York
this week issued its condition statement as of March 31
1933, showing total deposits of $10,218,510.83 as compared
with $10,646,994.34 as of Dec. 31 1932 and $8,098,967.49 as
of March 31 1932. Cash on hand and due from banks is
reported as amounting to $2,114,585.72 against $2,623,413.86 at the end of 1932 and $1,784,157.31 on March 31
1932. For the same dates, United States Government
security holdings were, respectively, $4,659,030.39, $5,073,.482.03, and $3,281,942.82. The liabilities consisted of
$1,500,000 capital on all three dates and surplus and undivided profits of $1,002,800.10 against $1,017,359.70 at the
year-end and $1,500,709.61 on March 31 1932. The Sterling
National Bank & Trust Co. of New York is a member of
the Federal Reserve System, and has offices at 42nd Street
and Lexington Avenue, and at Broadway and 39th Street.
George Leask, senior partner in the private banking firm
Leask,
of George Leask & Co., 52 William Street, New York, died
on April 2. He was 83 years old. The firm of George
Leask & Co. was formed by Mr. Leask and Julian W.
Robbins as a commercial paper house, holding membership
In the New York Stock Exchange. The firm retired some
years ago from the Exchange, but still maintains its office.
Mr. Leask was also a trustee of the Central Savings Bank
of New York, a member of the finance committee of the
bank, and a director of the Dunbar National Bank. He
was one of the founders of the Lincoln Trust Co. of New
York which merged with the Equitable Trust Co. The
latter institution was, in turn, taken over by the Chase
National Bank.
George Thomas Dixon, a former member of the New York
Cotton Exchange, died of heart disease on March 27. Mr.
Dixon. who was 83 years old, was a member of the old
New York Gold Exchange. He joined the Exchange when
21 years old, after working as a clerk in Philadelphia. He
was an active trader in gold until the Exchange went out
of existence in 1877. He joined the New York Cotton Exchange in 1879 and retired in 1922.
The Anglo-South American Trust Co., representing the
Anglo-South American Bank, London, and its branches
throughout Spain, Central and South America, announces
the removal of its New York agency as of April 10 to
55 Cedar Street.
-4
The semi-annual dividend of 3% on the capital stock of
$150,000 was declared by the directors of the Hempstead
Bank, Hempstead, L. I., on March 31, it was announced
by Eugene W. Garrison, Casrhier. This is the bank's 96th
consecutive dividend disbursement since it was formed
in 1887.
Samuel It. Bell, President of the Larchmont National
Bank & Trust Co., Larchmont, N. Y., which is closed and
in the hands of a Federal conservator, committed suicide
In the basement of the .bank building early on the morning of April 1. Mr. Bell, who was 60 years of age, had
been President of the institution since 1919. His associates
said that the great strain he had been forced to undergo
during the banking crisis had undermined his health. The
deceased banker, who was prominent in Westchester County
affairs, was born in Brooklyn. After leaving high school
he Joined the Brooklyn "Times" as a reporter where he
remained for four years. In 1895 the became a private
secretary to officials of the Astor Place Bank, New York,
and in 1901, when the Larchmont National Bank & Trust
Co. was organized, he was appointed Cashier. In 1916 he
2365
became Vice-President of the bank, and in 1919, President,
the position he held at his death.
On March 30 1933, the New York State Banking Department approved an increase in the number of shares of
stock of the First National Safe Deposit Co., of Utica,
N. Y., from 1,000 to 1,500, par value $100 a share, and an
increase in the capital from $100,000 to $150,000.
The New York State Banking Department on March 23
1933, approved a proposed merger of The Patchogue Bank
& Trust Co., of Patchogue, N. Y., with the Citizens Trust
Co., of Patchogue, under the title of The Patchogue Citizens
Bank & Trust Co.
Pierce L. Fish on April 1 became Executive President
of the Watertown Co-operative Bank of Boston, Mass., and
will devote his full time to the business of the institution,
according to the Boston "Transcript" of March 31, which
went on to say in part:
Since 1926 Mr. Fish has been President of the bank, but now that it
has grown to be one of the largest of its kind in Massachusetts it becomes
necessary to have a full-time President. In order to meet this need, Mr.
Fish has resigned as Vice-President and General Manager of Lewandos,
with which he has been connected since September 1901, both in New
York and Boston. Since 1924 he has been the Vice-President and General
Manager at the plant in Watertown. No other change is contemplated
among officers of the bank, U. S. Young continuing as Treasurer.
Mr. Fish is a native of Taunton, where he was born on Feb. 21 1880.
He was educated in the Taunton schools and was graduated from Harvard
College in 1901. He is a graduate member of the Pi Eta Club of
Harvard.
Effective March 15 1933, the First National Bank of
Hawthorne, N. J., was placed in voluntary liquidation. The
new institution, which was capitalized at $100,000, was
taken over by the People's Bank of the same place.
The Merchant's Trust Co. of Red Bank, N. J., which
had been closed since Dec., 1931, reopened on March 29.
In reporting the opening, a dispatch from Red Bank to the
Newark "News" said:
Reopening of the Merchant's Trust Co. yesterday was marked by a
steadyrstream of old and new depositors, while withdrawals were practically nil. Mayor Charles R. English, Chairman of the Board of Directors;
Kenneth H. McQueen, President, and the other officials received many
congratulations.
On March 28 Norman E. McClelland was appointed an
Assistant Cashier of the First National Bank at Pittsburgh,
Pittsburgh, Pa.. as reported in the Pittsburgh "PostGazette" of March 29.
The first account of Dr. William D. Gordon, State Secretary of Banking for Pennsylvania, in possession of the
Girard Avenue Title & Trust Co. of Philadelphia, was filed
with the prothonotary on March 31 by William F. South,
special deputy. The account covers the period from Oct.
7 1931, the date the institution closed, to Jan. 16 1933. The
Philadelphia "Ledger" of April 1, from which the above
information is obtained, continuing said:
The account lists cash receipts of $1,534,456 and disbursements of
$1,387,222. Included in both receipts and disbursements is an item of
$628,594, representing the proceeds from the sale of bonds and the collections on loans pledged to secure bills payable. There were also included
in both receipts and disbursements items of $163,985, representing offsets
of depositors' balances against their loans.
At the end of the period there was $167,735 cash on hand.
Cash disbursements included two payments to depositors. The first
on September 13 1932, of $119,847 and the second on December 20 1932,
of $119,847 or 10% in all.
The account shows that approximately 64% of the assets have been
liquidated to January 16 1933. The appraised value of the remaining
assets was $585,667. Included in the remaining inventory there are
assets with an appraised value of $61,893, which are subject to the legal
right of offset. After deducting these items there remain assets of
$523,774.
The remaining balances due depositors on Jan. 16, including balances
held for future offset, was $2,219,641.
The account shows $30,660 recovered from personal property assigned
by John F. Gibbons, Jr., George M. Ryan and Edward McVeigh, defaulting former employees of the trust company. The accountant also received from the American Surety Co., $182,771 in settlement of surety
bonds.
Our last previous reference to the affairs of this bank
appeared in the "Chronicle" of March 11 last, page 1690.
Washington, D. C., advices on March 20 to the Philadelphia "Ledger" reported that Acting Comptroller of the
Currency Await had announced that day that the Farmers
National Bank, of Exchange, Pa., which had closed before
the nation-wide banking holiday, would be liquidated and
its business absorbed by the Danville (Pa.) National Bank
2366
Financial Chronicle
Plans to organize a new bank to be known as the Potomac
National Dank to take over the business and assume the
deposits of the Potomac Savings Bank of Washington,
D. C. (Georgetown), were unanimously approved at a meeting of the stockholders held on March 24 in Alexandria,
Va., according to George W. Offutt, President of the savings
bank. The Washington "Post" of March 25, in noting this,
went on to say:
Mr. Offutt said the carrying out of the nationalization plan would proceed as soon as the $500,000 stock is fully subscribed and paid. Stock is
being subscribed very rapidly, he said. The organization of the Potomac
National Bank, suggested by the Treasury Department, is now regarded
as a community proposition, he emphasized.
He said the Georgetown Business Men's Club had voted to invest funds
In the new Potomac National Bank and that the Progressive Business
Men's Association of Georgetown, headed by President John Paul Jones,
had voted to invest funds in the stock of the proposed institution. . . .
The meeting, as is the case with the annual stockholders' meetings of
the bank, was held in Alexandria for the reason that Potomac Savings
Bank, being chartered under Virginia State laws, must maintain legal
headquarters in Virginia, even though its banking office is located in
the District.
The Callao State Bank at Callao, Va., has merged with
the Citizens' Bank of Kinsale, Inc., Kinsale, Va., and will
be operated as a branch of the latter, according to advices
from Richmond on March 31 to the "Wall Street Journal."
The Virginia State Corporation Commission on March
29 authorized three Bland County, Va., banks to consolidate.
All three of the banks were open and doing business when
the merger was authorized. They are: The Bank of Rocky
Gap, the Bank of Mechanicsburg and the Bank of Bland
County at Bland. Associated Press advices from Richmond
on March 29 reporting this, added:
The new institution will be called the Bank of Bland County. Service
at Rocky Gap and Mechanicsville is to be discontinued and the business
transferred to Bland.
The Central United National Bank of Cleveland, Ohio,
has omitted the quarterly dividend of 20 cents, according
to Cleveland advices on March 31 to the "Wall Street
Journal." In discussing the action the bank said:
In keeping with the banking program of the Federal Government and
acting as many leading banks elsewhere have done, officers and directors
are pursuing the very conservative policy of omitting for this quarterly
period the payment of a dividend to stockholders. This action was taken
with the desire to conserve earnings and build up reserves during the
present period of national economic reconstruction. The bank reports
substantial earnings for the first quarter of 1933, but not as great as
in the same period a year ago, a situation recognized as the result of
receding business generally.
—
The People's Bank & Trust Co. of Marietta, Ohio, has
absorbed the First State Bank of Belpre, Ohio, and the
latter, which had been closed since the national banking
holiday, opened as a branch of the Marietta bank. Columbus
advices by the Associated Press on March 30, in noting the
above, added:
J. H. McCoy is President of the People's Bank St Trust Co. and Governor
George White (of Ohio) is Vice-President.
The National Bank of Orleans, Ind., capitalized at $55,000,
was placed in voluntary liquidation on March 22 1933. The
institution was succeeded by The Bank of Orleans of the
same place.
Payment of a 221 2% dividend to the depositors of the
/
Hyde Park Kenwood National Bank of Chicago, Ill., was
announced March 30 by N. W. Irwin, receiver, according to
the Chicago "Tribune" of that date.
Harry Cooper, Vice-President of the Old Second National
Bank of Aurora, Ill., died March 30 after a brief illness.
The deceased banker was 64 years old.
On March 15 last the CKaptroller of the Currency issued
a charter to the First National Bank of Stockton at Stockton, Ill., with capital of $25,000. W. E. White is President
and F. F. McGuire, Cashier, of the new bank.
A charter was granted on March 28 1933 by the Comptroller of the Currency to the First National Bank in Casey,
Casey, Ill. The institution, which is capitalized at $25,000,
succeeds the First National Bank of Casey. W. C. Turner
and Rose Turner are President and Cashier, respectively,
of the new bank.
April 8 1933
Issuance of a charter to the Mid-City National Bank of
Chicago, Ill., a new institution which will assume the deposit
liability of the Mid-City Trust & Savings Bank, was approved
on April 3 by the Comptroller of the Currency. It is expected
that the bank will be opened for business in about a week.
The Chicago "Tribune" of April 4, from which the above
information is obtained, continuing said:
Opening of the new national bank will free $2,800,000 of deposits of the
Mid-City Trust. The bank has paid off approximately 83% of its deposits in the last three years. This liquidation has been accomplished
without resort to borrowing and at the present time the bank has no bills
payable. Three years ago its deposits were $14,900,000.
The new bank will be capitalized at $400,000 with surplus of $50,000
and reserves of $50,000. The old bank is capitalized at $1,000,000 and
has surplus and undivided profits of $263,000. When the banking holiday
went into effect March 4 the assets of the Mid-City were unencumbered.
No money was owed and no assets pledged.
The "Michigan Investor" of April 1 stated that with the
discharge of Frank C. Miller as receiver, indications are
that the reorganized United Savings Bank of Tecumseh,
Mich., would open for business again in a few days. The
bank closed in October 1931, as noted in the "Chronicle"
of Oct. 31 1931, page 2869.
St. Paul, Minn., advices on April 4 to the "Wall Street
Journal" stated that the merger of three St. Paul State
banks had been announced by Edward G. Bremer, President
of the Commercial State Bank, which has absorbed the Rice
Street State Bank and the City - Bank of St. Paul. We
quote furthermore from the advices, as follows:
These banks have been independently operated since organizationTsome
years ago, although stock control of each has been overlapping, Mr. Bremer
said. Resources of the Commercial State Bank as a result of the merger
will be considerably more than $3,000,000, Mr. Bremer asserted, making
it one of the largest State banks in Minnesota.
According to the Omaha "Bee" of March 31, E. H. Luikart,
receiver for the closed State bank of Omaha, Neb., was'
authorized on March 30 by District Judge Frank Dineen
to pay the depositors an additional 5% dividend. The depositors already had received 60%, it was stated.
The First National Bank of Grove, Okla., capitalized at
$25,000, went into voluntary liquidation on Jan. 1 last. The
institution was succeeded by the Bank of Grove.
Probable reorganization of the Pioneer Trust Co. of
Kansas City, Mo., which closed its doors on Jan. 25 last (as
noted in the "Chronicle" of Jan. 28, page 610), is indicated
In the following taken from the Kansas City "Star" of
April 1:
Cornelius Roach was in charge of the Pioneer Trust Co. to-day as
receiver, but on advice of the (Missouri) State Finance Department he
was taking none of the initial moves toward a liquidation. This attitude
Is to give a depositors' committee all possible leeway in working toward
a reorganization.
In line with these instructions, Mr. Roach is not filing the formal inventory of the bank's assets, which he received last night from Fred W. Heyde,
bank examiner, who has been in charge of the institution for the State
since the Pioneer closed Jan. 25. The inventory is a list of everything
the bank owns, or has charge of as a trustee.
Mr. Roach took the inventory, signed a receipt and came Into full
possession of the Pioneer assets. The depositors' committee, which for
the time being has the right of way in shaping a reorganization policy in
preference to liquidation, is headed by Paul Patton, Kansas City contractor.
There have been various conferences with the State Banking Department on the extent of the co-operation depositors would have to give in
re-establishing a Pioneer bank and thereby completely freeing a portion
of the now tied-up deposits.
Walton H. Holmes, who was President of the Pioneer, has promised
such assistance as he can give, but Mr. Holmes would not be a figure in
any reorganization, it was said to-day.
The Wilmore Deposit Bank, Wilmore, Ky., failed to open
its doors on March 27, according to Associated Press advices from that place on Mardh 27. The following statement was given out by George Cox, Assistant Cashier:
On account of the quiet withdrawals of Friday and Saturday (March
24 and March 25), the Directors of the Wilmore Deposit Bank have
deemed it wise for the benefit of the depositors and all concerned to
place the affairs of the bank in the hands of the State Banking Department.
The First National Bank of Sebree, Ky., was placed in
voluntary liquidation on March 20 1933. The institution,
which was capitalized at $40,000, was taken over by the
Sebree Deposit Bank of the same place.
Effective Feb. 27 1933, the Maury National Bank of
Maury, Tenn., capitalized at $200,000, was placed in voluntary liquidation. The institution was absorbed by the Commerce Union Bank of Nashville, Tenn.
Volume 136
Financial Chronicle
The First National Bank of Henderson, N. C., was placed
in voluntary liquidation on March 15. The institution,
which was capitalized at $200,000, was succeeded by the
First National Bank in Henderson.
Announcement was made on March 27 by James J. A.
Fortier and J. Frank Fortier, President, respectively, of
the Continental Bank & Trust Co. and the Morris Plan
Bank, New Orleans, La., of the removal of the two institutions to new quarters in the Community Building, 207 Camp
Street, that city, where for the time being they will consolidate operations. "Just as soon as the joint operations
of both banks have brought about the economies of administration intended," the statement said, "we will announce our plans for the future. On March 24, Mr. James
J. A. Fortier, President of the Continental Bank & Trust
Co. announced that his institution had decided to withdraw
from the commercial banking field and was planning to
consolidate its operation with those of the Morris Plan
Bank. In noting this, the New Orleans "Times
-Picayune"
of March 25, said in part:
2367
tution for about 50 years. The San Francisco "Chronicle"
of March 25, in noting the above, furthermore said:
San Francisco Bank customers have long been familiar with the name
of Kruse. E. T. Kruse's father was one of the founders of the institution
and its second President. The present Mr. Kruse has been a director of
the bank for the last 28 years, and a Vice-President since 1916.
Parker S. Maddux has figured in San Francisco banking circles since
1913. He graduated from Lowell High School and attended the University
of California. He is also a graduate of Harvard Law School and once
served in the office of the United States Attorney-General.
K. L. Carver, heretofore Chairman of the Executive Committee of the Seaboard National Bank of Los Angeles, Calif.,
was appointed President of the institution at a meeting of
the directors on March 22, which followed the resignation
of the Presidency the previous day by George L. Browning,
who founded the bank in July 1924. At the same meeting
C. C. Hine was made Chairman of the Board of Directors
and H. M. Baruch, Chairman of the Executive Committee.
The Los Angeles "Times" of March 23, from which the above
information is obtained, continuing, said, in part:
The new President, one of the bank's largest stockholders, has been a
member of the Executive Committee since the first year of the bank's
operation and has been its Chairman for the past five years. He was
As to a merger of the two institutions President Fortier of the Conone of the owners of the Crescent Creamery Co. and now is an official of
tinental Bank & Trust Co. stated that the Morris Plan Bank, of which he - Western Dairy Products, Inc.
Hine is Vice-President and General Manager of the Globe Grain &
was the first President and of which J. Frank Fortier is now President,
Milling Co. and has been active in the bank's operations as Vice-Chairman
bad submitted a plan of joint operation to the State Banking Department
of the Executive Committee.
which might result finally in a merger of the two institutions.
Baruch is President of the Herbert M. Baruch Corp. He became a
Mr. Fortier's announcement of the decision of the Continental to withmember of the Seaboard Executive Committee shortly after his election
draw from the commercial banking field was in the form of a letter to
as a director. He has been Chairman of the Bond Committee.
checking account depositors, stating that the checking account department
"We are in an unusually liquid position," Carver stated last night.
will be discontinued as of March 31.
"Our deposits have shown a substantial increase since the banking holiday.
Checking account depositors have been asked to withdraw their availThe conservative policies which have merited the confidence of our
able balances before that date, the available balance being 5% of the
depositors will be maintained."
balances as of March 3 as well as any funds deposited since then. Checks
Browning explained that he resigned "because of honest disagreement
for those amounts will be mailed to depositors then who have not complied
with a few of our directors over future policies of bank operations." . . .
with the request to withdraw the funds, Mr. Fortier said.
The Seaboard National Bank, since its founding in 1924, has built its
"You will be advised, of course, as to subsequent payments by the bank
resources to a total in excess of $12,000,000. On a total turnover volume
of the 95% of your balance as of March 3," Mr. Fortier stated.
. "The discontinuance of our checking account department is due to the
of approximately $140,000,000 in loans since the beginning of the bank
tact that in the future the bank will confine its activities to savings bank
to date, the bank has written off net losses on the loans of only $17,183.42.
operations."
Mr. Browning was also the founder and President of the Stockyards State
Bank and Liberty National Bank, both of Oklahoma City. Prior to his
establishment of the Seaboard in Los Angeles he spent considerable time
Effective March 22 1933, the First National Bank of abroad in studying foreign trade and foreign banking.
Rio Grande, Tex., capitalized at $25,000, was placed in
voluntary liquidation. The institution was absorbed by
the First Bank & Trust Co. of the same place.
The First National Bank of Midlothian, Midlothian, Tex.,
with capital of $25,000, was granted a charter on March
20 1933 by the Comptroller of the Currency. The new bank
succeeds the First National Bank of Midlothian. De Witt
Rice and L. N. Wilernon are President and Cashier, respectively, of the new institution.
The First National Bank of Burkburnett at Burkburnett,
Tex., was granted a charter by the Comptroller of the
Currency on March 20. The new bank, which is capitalized
at $40,000, succeeds the First National Bank of the same
place. I. E. Harwell and A. R. Hill, are President and
Cashier, fespectively, of the new bank.
On March 20 1933 a charter was granted by the Comptroller of the Currency to the First National Bank in Mount
Calm at Mount Calm, Tex. The new institution, which
succeeds The First National Bank of Mount Calm, is
capitalized at $25,000. S. J. McKinney is President and
R. C. Pool, Cashier, of the new bank.
The Comptroller of the Currency on March 16 last granted
a charter to the Citizens' National Bank in Ennis, Tex.
The new bank, which is capitalized at $50,000, is successor
to the Citizens' National Bank of Ennis. J. W. Tolleson
and D. W. Ramsay are President and Cashier, respectively,
of the new institution.
On March 15 the Comptroller of the Currency issued a
charter for the City National Bank of Wichita Falls, Tex.,
with capital of $400,000. The institution succeeds the City
National Bank of Wichita Falls. J. T. Harrell is President
and Jack Jeffus, Cashier of the new bank.
Directors of the San Francisco Bank, San Francisco,
Calif., at a meeting held March 24, promoted E. T. Kruse
from a Vice-President to Chairman of the Board and appointed Parker S. Maddux President of the institution.
The appointments followed the recent death of George
Tourny, President since 1923, and connected with the insti-
The resignation of Mr. Browning as President of the
Seaboard National Bank was noted in the "Chronicle" of
•
April 1, page 2181.
—•___
Appointment of a receiver for the closed United Nevada
Bank of Reno. Nev., was asked in a complaint filed in
the District Court on March 27 by a group of depositors
who charged, among other things, "that E. J. Seaborn, the
State Bank Examiner, has failed to properly administer
the bank's affairs since he took charge last December."
Associated Press advices from Reno on March 27, authority
for the above, went on to say:
The United Nevada, located in Reno, closed Nov. 1, along with 11 other
banks in the group controlled by George Wingfield. Oct. 29 it owed
creditors and depositors $1,902,000.
THE WEEK ON THE NEW YORKSTOCK EXCHANGE.
Trading on the New York stock market has shown considerable revival the latter part of the present week. On
Monday, prices were off all along the line but the market
generally improved as the week progressed. On Thursday,
after the close of business, the Federal Reserve Bank of New
York reduced its rediscount rate to 3% from 3%%, the
rate which had been in force since March 3. Call money
renewed at 23% Monday, dipped to 2% in the afternoon
and continued at that rate until Friday afternoon when it
was reduced to 1 M`Yo•
Railroad shares'were under severe pressure during the
two-hour session l on Saturday, and while trading was not
particularly heavy, the losses ranged up to 3 or more points.
Delaware & Hudson bore the brunt of the decline in this
group as it broke nearly 3 points at its low for the day,
followed by smaller recessions in such active shares as
Atchison, Lackawanna, New York Central, Union Pacifie
and New Haven. Public utilities moved with the rest of
the list, Amer. Tel. & Tel. and Western Union falling back
close to their previous lows. Agricultural stocks received
moderate support, but made little progress against the
downward trend. This was true also of the sugar shares
and chemical issues. Toward the end of the closing hour
prices showed moderate improvement. The changes for
the day were generally on the side of the decline though,
on the whole, the recessions were largely fractional. The
principal losses were Brooklyn-Manhattan Transit pref.
1 point to 74%, Consolidated Oil pref. 1% points to 963,
Eastman Kodak 1X points to 51, International Business
2368
Financial Chronicle
April 8 1933
Machines 1% points to 853/2, Manhattan guaranteed 23
% higher in these groups, but the changes in the general list
points to 15, Peoples Gas of Chicago 1 point to 45, Public were not especially noteworthy. The
movements of the
Service of N. J. pref. 1 point to 73, West Penn Electric A day were within narrow limits and
included among other
(7) 1 point to 37 and Worthington Pump 2% points to 10%• stocks closing on the side of the advance
such prominent
Stocks continued to move irregularly downward on Mon- issues as American Smelting pref. 23
4 points to 45, Firestone
day, and while the losses were comparatively small, the pref. 3% points to 48, Grand Union
pref. (3) 33 points to
4
declines extended to all parts of the list. During the early 2634, Johns-Manville 2 points to 47,
New York Shipbuilding
trading, a small rally got under way, but scattered selling pref. 2 points to 67, Pure Oil pref. 2
points to 32 and West
kept it from making very much progress. Some pressure Penn.Power pref. 1% points to 98. The
outstanding feature
against the railroad shares was in evidence, but this dis- of the day's trading was the
sensational advance of Homeappeared after a short time. Tobacco issues were among the stake Mining, 17 points to 193.
strongest of the day and attracted considerable speculative
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
attention, substantial gains being recorded by American
DAILY, WEEKLY AND YEARLY.
Tobacco "B", Liggett & Myers "B" and Lorillard. Stocks
Stocks.
Railroad
State.
United
Total
showing losses as the market closed included among others,
Week Ended
Number of and Miscell. Municipal &
States
Bond
April 7 1933.
Bonds.
Shares.
Porn Bonds.
Armour of Delaware pref.,1 point to 45; Atchison pref.(5),
Bonds.
Sales.
5% points to 50; Atlantic Coast Line, 1 point to 18; Bucyrus Saturday
447,160 53,049,000 82,099,000
$826,000 $5,974,000
Monday
599,940
4,192,000
2,420,000
2,362,000
8,974,000
Erie pref., 431 points to 23; Consolidated Gas pref. (5), Tuesday
721,200
4,132,000
2,575,000
1,653,300
8,360,300
Wednesday
1,144,650 '5,377,000
2,445,000
3,268,000 11,090,000
1 point to 88; Detroit Edison Co., 5 points to 48; Eastman Thursday
1,226,520
4.734,000
3,042,000
2,526,100 10,302,100
953,855
4,457,000
2,925,000
Kodak,2% points to 4832; Sun Oil pref.,6% points to 903%; Friday
2,061,000
9,443,000
Total
Norfolk & Western pref., 23/i points to 77; Indus,rial Rayon,
5.093.325 825.941.000 515.506.000 512.696400 504 145 400
4% points to 25%;Gotham Silk Hosiery Pref• (7), 173% points
Sales at
Week Ended Aril 7.
Jan. 1:0 Amin
.
,
New To k Stock
to 41; Union Pacific pref. 2% points to 593%; West Penn.
EschanDe.
1933.
1932.
1933.
1932.
Power pref., 3 points to 81;Louisville & Nashville, 1 point to
Stocks
-No,of shares5,093,325
7,541,600
63,222,374
100,633,779
283% and Assoc. Dry Goods 2d pref. 23/23% points to 17.
Bands.
Government bonds.....
The market again moved irregularly lower in the forenoon State de foreign bonds_ $12,696,400 $15,307,500 $150,516,000 $178,355,450
15,506,000
12,933,000
182,701.000
192,017,000
on Tuesday, but during the closing hour some of the pivotal Railroad & misc, bonds 25.941.000 30,261,000 407,552,900 402.769,500
industrials advanced to higher levels. Railroad stocks, on
Total
$54,143,400 $58,501,500
$740,769,900
$773,141,950
the other hand, showed little activity and remained sluggish
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
during the greater part of the session. The changes for the
BALTIMORE EXCHANGES.
day were small, but generally on the side of the advance.
Boston.
Philadelphia.
Baltimore.
They included among others, Allied Chemical & Dye 1 point
Week Ended
April 7 1933.
Shores. Bond Sales Shares. Bond Sates. Shares. Bond Sake,
to 77, American Can (4) 1 point to 563'l, American Smelting
10,306
11,065
& Refining 6% pref. 2 points to 91, Bucyrus Erie pref. (2) 2 Saturday
1.000
2,560
Monday
13,258
10,941
10,000
2,474
points to 25, Cuban American Sugar pref. 2 points to 31, Tuesday
14,300
11,850
9,500
3,146
20,000
20,661
Wednesday
17,322
4.500
2,489
2,600
Devoe & Raynolds 1st pref. (7) 23 points to 88, General Thursday
4
21,263
6,000
18,090
30,200
13,185
7,200
Friday
6,723
4,000
6,755
Mills (3) 234 points to 423.1, Homestake Mining (9) 33.1
1,506
2,000
Total
86,512
510.000
points to 75, International Silver pref. 23 points to 323/,
76.023
%
555,200
2
15,360
$31,800
Peoples Drug Stores 3% points to 16 and West Penn Power Prey. wk. revised_ 28.349 826.600 76.425 515.000 18.1128 532.000
pref. 4 points to 85.
a In addition sales of rights were: Thursday, 100.
Reactions in the leading railroad shares and pivotal industrial issues were in evidence on Wednesday, and while
some gains were registered during the early trading a goodly
portion was canceled as profit taking appeared during the
Bank clearings this week will again show a decrease as
closing hour. Railroad stocks were the leaders in the after- compared with a year ago. Preliminary figures compiled by
noon decline and as these moved downward the weakness us, based upon telegraphic advices from the chief cities of
extended to other parts of the list. The changes were gen- the country, indicate that for the week ended to-day (Saturerally within a narrow range,and,on the whole, were slightly day April 8), bank exchanges for all the cities of the United
higher at the close. Prominent among the stocks ending the States from which it is possible to obtain weekly returns will
day on the side of the advance were such active issues as be 20.1% below those for the corresponding week last year.
Allied Chemical & Dye, 1 point to 78; American Smelting Our preliminary total stands at $4,140,568,061, against
pref., 23% points to 413 ; Bethlehem Steel pref., 23 points $5,180,146,607 for the same week in 1932. At this center
%
4
to 303/8; Cannon Mills, 2 points to 16; Detroit Edison, 2 there is a loss for the five days ended Friday of 15.9%. Our
points to 54; Gillette Safety Razor pref., 4 points to 58; comparative summary for the week follows:
International Business Machines, 5 points to 91; Johns-ManClean 00:
-Returns by Telegraph.
Per
ville, 1% points to 173/2; Liggett & Myers, 33% points to
1933.
Week Ending April 8.
1932.
Cent.
127; N. Y. Shipbuilding pref., 3% points to 59%; Penick & New York
52,270,297.704 82,698,753,950 -15.9
Chicago
137,831,588
Ford, 2 points to 33; United States Steel pref., 1% points Philadelphia
211,632,501 -34.9
196,000,000
259,000,000 -24.3
to 60 and West Penn Power pref., (6) 1% points to 85.
Boston
141,000,000
189,000,000 -25.4
Kansas City
38,764,885
53,170,065 -27.1
On Thursday, the market completely reversed itself and St. Louis
43.500,000
54,200,000 -19.7
Francisco
71,000,000
83,744,000 -15.2
moved sharply upward, the gains ranging from fractions to San Angeles
No longer will re port clearings.
Los
56,597,602
2 or more points. The feature of the advance was the sharp Pittsburgh
72,305,880 -21.7
Detroit
7,003,097
53,517,236 -98.7
rise in the industrials, sugar and rubber shares, all of which Cleveland
31,577,307
59,370,664 -46.3
32,708,849
49,230,880 -33.6
were higher at the close. The initial burst of strength carried Baltimore
New Orleans
31,479,747
most stocks through the morning, and while the trend was
Total cities, five days
83,026,281,032 83,815.404,923 -20.7
424,192,352
upward most of the day, the pace tapered off as the session Other cities, five days
520,813,870 -18.6
drew to a close. Public utilities did not participate to any
Total all cities, five days
$3,450,473,384 $4,336,218,793 -20.4
690,094,677
843,927,814 -18.2
great extent in the upturn. Railroad issues were stronger All cities, one day
TM,.I ell Mtlea fn,' weak
54.140.568.061 58 180 US 1107 -90 1
but oil shares and specialties were not particularly note
worthy. The principal gains for the day were Utah Copper
Complete and exact details for the week covered by the
3 points to 40, Union Pacific 134 points to 63, New York foregoing will appear in our issue of next week. We cannot
Central 13.1 points to 163/s, Eastman Kodak 23% points to furnish them to-day, inasmuch as the week ends to-day
51, Delaware & Hudson 23% points to 473/2, Corn Products (Saturday) and the Saturday figures will not be available
2% points to 56%, Consolidated Cigar pref. 3 points to 36, until noon to-day. Accordingly, in the above the last
day
7
J. I. Case, 1% points to 44%, Bethlehem Steel pref. 3% of the week has to be in all cases estimated.
points to 34, American Woolen pref. 23.1 points to 2834,
In the elaborate detailed statement however, which we
American Locomotive pref. 234 points to 26%, Great present further below, we are able to give final and complete
Western Sugar pref. (1) 5 points to 95 and International results for the week previous, the week ended April 1. For
Business Machines 1% points to 92%.
that week there is a decrease of 25.9%, the aggregate of
Stocks opened slightly higher on Friday, and while some clearings for the whole country being $4,164,069,454, against
advances were recorded during the early trading, profit $5,616,459,075 in the same week in 1931. Outside of this
taking canceled a goodly part of the gains. As the day city there is a decrease of 35.5%, the bank clearings at this
progressed, the market settled down to quiet trading and center recording a loss of 20.5%. We group the cities accordnarrow price changes. Oil shares and specialties attracted ing to the Federal Reserve districts in which they are located,
considerable speculative attention and prices were somewhat and from this it appears that in the New York Reserve
Course of Bank Clearings.
Financial Chronicle
Volume 136
District, including this city, the totals show a loss of 21.2%,
in the Boston Reserve District of 37.0% and in the Philadelphia Reserve District of 34.0%. The Cleveland Reserve
District suffers a contraction of 36.0%,in Richmond Reserve
District of 39.0% and in the Atlanta Reserve District 32.6%.
In the Chicago Reserve District the decrease is 48.8% in the
St. Louis Reserve District 20.1% and in the Minneapolis
Reserve District 16.9%. In the Kansas City Reserve District the totals are smaller by 28.4%, in the Dallas Reserve
District by 20.3% and in the San Francisco Reserve District
of 21.0%.
In the following we furnish a summary of Federal Reserve
districts:
3 Months
1933.
Federal Reserve Dists.
1st Boston ____14 cities
2nd New York,
.13 .
3rd Philadelpla 14 "
4th Cleveland__13 "
5th Richmond _ 9 "
6th Atlanta____16 "
7th Chicago ___25 "
8th St. Louis... 7 "
9th klinneapolls13 "
10th KansasCity 14 "
11th Dallas
10 "
12th San Fran 22 "
1933.
1932.
Inc.or
Dec.
1931.
/ 0.17,10
7
1930.
lag 571 1515
.na 005 017 -01 A
March
1932.
Federal Reserve Mts.
$
i
%
1st Boston ____14 cities
673,758,904 1,150,471,186 -41.4
2nd New York 13 " 11,756,509,790 16,060.569,723 -26.8
2nd Philadelpla 14 "
869,095,149 1.402389.885 -309
4th Cleveland...13 "
905,993,935 -15.4
494,308,797
5th Richmond. 9 "
219,088,030
474,897,738 -53.9
13th Atianta____16 "
420,915.861 -55.6
186,693.913
7th Chicago _ -_25 "
735,083,949 1,678,844,239 -56.2
8th St. Louis__ 7 ••
7.51,469,763
409,592323 -38.6
9th Minneapolts13 "
213,265,500
312,239,587 -31.7
10th KansasCity 14 "
557,692.815 -39.7
336,011,422
11th Dallas
10 276,003,090 -33.5
66,406,885
12th San Fran__22 "
842,113,160 -36.9
530,986,390
0 MA lit 5.55
%
-32.1
-20.4
-15.6
-30.5
-32.5
-30.8
-42.9
-26.5
-25.9
-29.4
-25.2
-31.5
I ins LOA 015
-A a
$
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
1,248,548,285
2.334,836.877
1,164.035,044
3,510,023,170
8
6,762,444,351
92,934,738,198
7,384,519309
5,193.086.794
2,289.318,801
2,282,004,151
11,210,801,917
2,629,004,609
1,465,568.360
3,102,222,373
1,422,224.132
4,827,055,359
&IASI
mn am
A 550 10/1 TIA
Three ,vonths.
Month of Match.
1932.
Total bonds
1932.
1933.
Stocks, number of shares_
20,096,557 33,031,499
Bonds.
Railroad & miscell. bonds $89,882,000 1133,785,500
State, foreign, &c., bonds 47,885,500 64,974,500
U.S. Government bonds_
54,288,700 52,140,700
$192.056,200 $250,800,700
58,129,049
99,110,149
5381.611,900
167,195,000
137,819,600
$397,095,500
190,082.000
177,343,450
$686,626,500
8746,520.950
The volume of transactions in share properties on the
New York Stock Exchange for the month of March for
the years 1930 to 1933 is indicated in the following:
429_094.927
75Q06&286
1933.
1932.
1931.
1930.
No. Shares. No. Shares. No. Shares. No. Shares.
March
1931.
March
1930.
8
1,880,972.014
26,760,542,903
1,839,121,901
1,302252,072
611.401.703
565,682354
2,904,665,684
568,757,751
435,335.525
736,775.771
380,853,006
1,139,890,737
S
2.239,340.145
34,181,125,214
2,549,116,047
1,482.593.531
794.177.228
762,476,859
3,341,482.716
789,009.026
505.494,239
1,074,296,873
472,170.602
1,431,952,540
Inc.or
Dec.
10 rolt100
1933.
We also furnish to-day a summary of the clearings for the
month of February. For that month there is a decrease for
the entire body of clearing houses of 32.8%, the 1933 aggregate of clearings being $16,449,678,492 and the 1932 aggregate $24,491,523,342. This large falling off is to a great
extent due to the bank moratorium, declared by President
Roosevelt, which closed all of the banks in the country from
March 5 to March 13, after which time the banks reopened
from day to day as they were permitted to do so, some of
the banks not having reopened at the close of the month.
In the New York Reserve District the totals show a decline
of 26.8%, in the Boston Reserve District of 41.4% and in
the Philadelphia Reserve District of 30.9%. The Cleveland
Reserve District suffers a contraction of 45.4%, the Richmond Reserve District of 53.9% and the Atlanta Reserve
District of 55.6%. In the Chicago Reserve District the
diminution is 56.2%,in the St. Louis Reserve District 38.6%
and in the Minneapolis Reserve District 31.7%. The
Kansas City Reserve District records a decrease of 39.7%
the Dallas Reserve District of 33.5% and the San Francisco
District 36.9%.
We also furnish to-day a summary of the clearings for the
month of March.
March
1933.
$
3,502,880,809
46,906,956,751
3,997,353,226
2,836.120.068
1,462,325,265
1,289,818,910
4,981,918.328
1,258,632030
919,142,873
1.673,836,969
869,081,228
2,572,900,953
Description.
109 cities 4,164,069,454 5,616,459,075 -25.9 9,721,892.845 12,895,360,0e2
Total
Outside N. Y. City
1,298,216,163 2,011,660,669 -35.5 2,898,062,172 3,949.862,094
92 ritlaa
$
2,380,001,901
37,336,025,996
3,372,767,254
1,972,907,342
987,749,937
892,101,171
2,843,059,740
932,010,158
681,197,871
1,182,441.657
650,418,829
1,762,148,690
3 Months
1930.
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for March and the three months of 1933 and 1932 are
given below:
Federal Reserve Dists.
$
8
$
i
%
174,139,919
460,833,135
584,677.092
1st Boston _ __ _12 cities
276,449,770 -37.0
2nd New York...12 2,939,982,036 3.729,500,736 -21.2 6.996,379.834 9,150,374,360
0 ".
616,264.417
387,878,885
3rd Philadelpqa
243,517.319
368,717,036 -34.0
433,314,293
323,289,205
4th Cleveland__ 5 "
139,331,134
218,902,464 -36.4
193.713,730
149,719,947
75,156.304
123,135,513 -39.0
5811 Richmond _ 6 "
79779983
37.591,514
60535,003
eth Atlanta.... 9 "
55,755,568 -32.6
937,452,549
688,404.209
201,999,627
7th Chicago -._16 "
394,337,727 -48.8
8th St. Louis... 3 "
70,100,935
87.726.079 -20.1
135.871329
190 9503
.
92
113,835,056
84,613,208
54,448,597
9th Minneapolis 7 "
65,517,915 -16.9
193,453.206
132,820.555
10th KansasCity 9 "
63,966,725
89,308,660 -28.4
65,174,634
48,426.336
11th Dallas
5 "
28,929.200
36,304,079 20.3
336370,370
253.121,399
12th San Fran 13 "
134,906,144
170,803,528 -.21.0
Canada
3 Months Inc.or 3 Mouths
Dec.
1931.
1932.
168 cities 55,992,830,276 72,282,851,061 -23.9 111.727,595,116 141,502,988,354
Total
18,806,863,187 26,770,546,844 -29.7 39.035,476,365 49,718,976.768
Outside N.Y. City
SUMMARY OF BANK CLEARINGS.
Week Ended April 11933.
2369
Month of January
February
March
18,718.292
19,314,200
20,096,557
58,129,049
First quarter
34,362.383
31,716,267
33,031.499
99,110,149 172,343,252 226,694,430
42,423,343
64,181,836
65,658,034
62,308,290
67,834,100
96.552,040
The following compilation covers the clearings by months
since Jan. 1 1933 and 1932:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total All.
Month.
1933.
1932.
1932.
1933.
%
%
$
$
$
$
Jan.... 20,145,357,034 26,453,105,839 -23.8 7,479,432,009 9.768,771,710 -23.3
Feb.__ 18.397,794,750 21,338,221,880 -13.8 6,234,077,952 8,119,696,152 -23.2
Mar __ 16,449,678,492 24.491.523,342 -32.8 5,093,353,226 8,882,078,982 -42.7
1st an.. 54.992.830.276 72,282,851.061 -23.9 18,806,863,187 26.770.546,844 -29.7
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:
(000.000s
mem.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake CityHartford
BANK CLEARINGS AT LEADING CITIES.
Watch
Jan. 1 to Mar.311933. 1932. 1931. 1930. 1933. 1932. 1931. 1930.
$
11,456 15,609 26,168 33,765 36,266 45,512 72,692 91.784
603 1,086 1,814 2,485 2,002 3,153 5,500 7,468
580 1,003 1,686 1,990 2,057 3,037 4,792 6,025
5,124 7,432
831 1,327 1,705 2,398 3,205 3,747
611
852 1,243 1,612
277
399
535
170
601
790
854
1,168 1,855 2,228
258
368
1,414 1,880 2,617
983 1,021
315
463
628
774
907 1,242
435
488
103
246
336
574
850
280
413
759
186
248
100
1,201
1,614
621
857
283
388
554
167
1,354 1,719
578
919
445
584
106
294
794
443
596
962
268
328
142
202
378
570
655
167
215
120
-546
939
1.756
2,285
631
798
13
299
243
302
502
171
203
76
100
53
467
193
308
571
162
205
58
102
147
84
118
185
47
60
25
35
124
226
394
132
307
74
101
' 33
365
228
272
498
651
120
166
72
155
268
295
68
104
105
199
48
69
145
188
249
298
421
61
88
115
172
226
284
71
93
25 . 59
282
444
563
194
350
73
115
150
104
146
272
48
58
87
170
26
211
183
313
416
513
110
145
69
101
132
28
39
60
75
185
230
52
74
89
113
29
37
155
203
Total
168 oltiee 16,449,678,492 24.491.523,342 -32.8 39,158,088,224 49,623,235,020
Outside N. Y. City
5,093,353,226 8.882.078,982 -42.7 12,989,703,242 15,858.176,893
Total
Other cities
Canada
Total all
16,450 24,492 39,158 49,623 54,993 72,283 111.727 141,503
Outside N.Y.City- 5,093 8,882 12,990 15,858 18.807 26,771 39,035 49,719
32011168
au na aaa
I ml 754.723
-8.4
1.366.46(202
1.6.95 FM 700
We append another table showing the c earings by Federal
Reserve districts for the three months for each year back
to 1930:
15,444 22,734 36,769 47,892 51,029 66,854 104,400 133,577
1,006 1,758 2,389 1,731
3,964 5,429 7,327 7,928
We now add our detailed statement showing the figures
for each city separately for March and since Jan. 1 for
two years and for the week ended April 1 for four years:
CLEARINGS FOR MARCH,SINCE JANUARY 1, AND FOR WEEK ENDING APRIL 1.
Month of March.
3 Months Ends March 31.
-el
Clearings at
1933.
1932.
$
$
First Federal Reserv e District
-6 ostonMe.-Bangor
1.811,535
1,150,032
Portland
9,084.582
1,914,910
Mass.
-Boston
580,466,377 1,003,085,875
Fall River
3,217,879
1,804,540
Holyoke
1,753,218
1,055,083
Lowell
1,623,747
728,653
New Bedford
2,948.196
1,805,044
Springfield
13,649,473
9,092,052
Worcester
9.244,090
3,167,000
Conn.
-Hartford 37,211,675
29,210,709
New Haven
24,777,237
14,231,470
Waterbury
4,965,700
3,080,900
-Providence
FL 1.
34,988.400
24,512,200
N. H.
-Manchester
1,539,934
2,129,579
Total(14 dues)
.
Inc. or
Dec.
1933.
%
$
Week Ended April 1.
1932.
1310.0?
Dec.
1933.
$
%
$
1932.
$
Inc. or
Dec.
1931.
%
$
i
1930.
-36.5
-78.9
-42.1
-43.9
-39.8
-55.1
-38.8
-33.4
-65.7
-21.5
-42.6
-37.9
-29.9
-27.7
4,000,294
17,687,517
2,057,474,291
6,626,366
3,802,241
3,127.398
5,880,787
31,938,415
17,126,358
88,898,400
44,397,024
10,440,300
83,608,100
4,994,310
5,744,155
30,607,095
3,036,609,736
9,786,465
5,537,847
3.956,616
8,581,934
43,800,096
30,168,448
112,672,381
76,107,757
14.973.900
118,114,300
6,220,079
-30.4
-42.2
-32.2
-32.3
-31.3
-21.0
-31.5
-27.1
-43.2
-21.1
-41.7
-30.3
-29.2
-19.7
347,902
624,052
151,752.748
438,470
428,364
2,216,998
239,580,027
660,732
-18.4
-71.9
-36.7
-33.6
748.683
3,643,911
412,156,919
1,178,357
738,854
4,583,806
515,855,222
1,315,914
179.716
365,093
2,332,015
825,199
6,947,417
2,774,933
440,596
762,052
3,429,542
2,134.795
10.681,609
6.275,874
-59.9
-52.1
-32.0
-61.3
-35.0
-55.8
477,745
853,021
6,133.800
3,355,138
12,877,343
6,817,684
970,347
964,996
6,549,386
4,064,129
23,101,370
9,460,312
7,256,600
295,774
9,301,500 -22.0
539,681 -15.2
11,974,300
616,234
16,148,000
924,756
673,758,904 1,150,471,186 -41.4
2,380,001.801
3,502,880,809 -32.1
174,139,919
276,449,770 -37.0
460.833,135
584,677,092
2370
Financial Chronicle
April 8 1933
CLEARINGS-(Con(inued )
Month of March.
3 MonThs Ended March 31.
Clearings at
1933.
Inc. 07
Dec.
1932.
• Second Federal Re serve District -New York-Albany
N. Y.
32,603,801
21,394,737
Binghamton
2,537.473
3,377,996
Buffalo
72,163.705
120,004,117
Elmira
1,657.429
2,919,050
Jamestown
2,522,103
1,280,449
New York
11,456,325,266 15,609,444,360
Rochester
21,118,225
33,040,319
Syracuse
10,743,664
17,438,030
Conn.
-Stamford_ _
9,396,374
12.428,723
N. J.
-Montclair. _
1,643,410
2,308,327
Newark
105,042,373
56,517,665
Northern N. J
88,088,010
125,099,599
Oranges
2,434,319
5.549,989
Total (13 cities)
494,308,797
219,088,030
186,693,913
3,372,767,254
3,997,353,226 -15.6
1932.
Inc. or
Dec.
1931.
1930.
$
%
$
$
-48.8
5,794,589
7,703,521
-28.6
1,627,294
1,891,133
-40.8
52.258.595
58,167,557
-46.6
1,209,643
1.012.617
-51.1
1,229,123
1,989,389
-20.5 8,823,830,673 4,945,497,988-48.5
13.305,780
13,833,463
--28.5
6,589.829
7,984,181
-22.5
3,750,976
4,081,931
-54.1
782,182
961,111
-48.1
35,648,396
40,919,627
-32.5
50,354,754
66,331,862
546,011
202,877
-63.5
-59.5 Clearing mu se has suspen
452,621
230,370
-55.1
-35.6
2,298,777
859,119
-41.8
-37.0
-22.1
-14.5 235,000.000 354.000.000
2,804,682
805.004
-53.4
1,584,284
2,822,453
-29.7
1,877,036
1,272.073
-30.3
842,592
1,485,156
-32.2
-55.1
2,430,300
2,721.000
-1.1
243,517,319
-62.8
755,473
1,235,543dedclea rings ternpora rOy
-49.1
847,672
1,394,960
--62.6
5,318,647
5,097,768-
---33.6
--71.3
--43.9
---32.2
--43.3
364.000.000
2
,998.417
4,045.014
2,967,537
2,864,424
587,000,000
5,180,470
5,535,512
3,797,045
2,866,110
1-12.0
4.081,700
4,157,0(M)
368.717,036 -34.0
387,878,885
616,264,417
5,595,000 -48.6 No clearings r ecorded; only one ban k unrestricted
b
b
b
42,149,880 -25.4
31,457.555
-28.1
64,413,707
5,733,800
8,326,300 -31.1
-37.1
16,021,900
-31.1
-34.1
992,321
714,591
-59.2
1,689,404
+38.5
-45.5
-54.3
-76.2
-29.9
-31.5
-53.3
1,648.555
755,014
2,144,396
854,297,392
13,640,183
15,535,940
2,619,819
1,409,869
3,721,275
1,167,970.999
18,783.714
22,685,561
905,993,935 -45.4
1,972,907,342
-53.5
-30.9
-38.6
-61.0
-58.0
-54.2
3,532,091
25,769,000
282,242,424
5,809,052
7,451,017
6,205,325
488,335,954
2,180,585
-37.1
-46.4
-42.4
-26.9
-27.4
-30.4
87,419,277
2,838,120,088 -30.5
139,331,134
260,884
1,904.000
20.744,151
5,405,034
34,792,378
349,603,541
9,527,111
10.711,177
11,986,930
773,709,624
3,309.725
-34.7
-25.9
-19.3
39.0
-30.4
-42.1
-38.9
-34.1
95,531,160
69,210,184
18,881,400
,
1,933,738
,
130,754,750
191.943.609'
218,902,464 -36.4
323,289,205
433,314,293i
367,786 --29.1
2,396.170 --20.5
25,365,113 --18.2
572,161
4,257.747
34.857,146
1,327,480
4,579,997
41,873,000
461,324
1.000.000 ---53.9
1,816.853
2,414,226
43,250,221
71,984,649 -39.9
79,187.939
111,876,856.
-63.4
186.224,489
263,279,745 -36.9
8,535,724
22,021.795 -81.2
29,028,301
31,642,171
474,897,738 -53.9
987,749,937
1,462,325,265 -32.5
75,158.304
123.135,513 -39.0
149,719,947
193,713,730
2,476,244 +19.4
2,957,449
-58.6
8,948,485 -5.4
8,465,978
-19.3
28,200,000 -12.4
-23.7
24,700,000
939,511 -27.1
684,587
-32.5
-33.3
513,449
391.750
-38.4
10,006,624 -20.6
7,945.031
-33.2
-30.2
8,474,165
9,826.199
-26.0
883,940 --2I.5
-30.1
694.312
-34.2
-23.3
-23.7 No clearings due to bank h ollday
-21.7
92,585
90,262
-26.3
-40.8 No clearings figures avails bin
1.500.000
12,007.575
36.245,883
1,411,940
2,800,000
23,180,592
44,014,846
1,979,866
972,461
11,545,885
1,677.007
18,491,856
14,419,679
1,507,591
23,913,092
2,023,481
168.969
226,113
60,535,003
79,779,983
1,441,253
145,125,027
1.697.893
181418,856
6,777,360
7,890.990
2.761,319
2,619,951
3,897,980
3,452,500
16,475,000
2,192,621
3,767,048
21,931,000
3,033,104
4,028.059
25,542,212
32,837,430
-35.0
-33.7
-19.9
-37.1
-42.0
-49.2
-42.6
-25.5
-38.2
-43.6
-31.4
-34.4
-41.3
420.915,861 -55.6
14,000,000
101,133,188
293,200,000
8,345,085
4,656,900
4,171,575
95,765,091
11,526.598
97,869,025
9,271,088
4,906,020
8,607,000
10,071,169
3,513,036
1,310,208
223,555,188
892,101,171
521,243
6,795,026
349,460,822
9,016,992
18,032.896
3409,048
3,924,238
7,341,174
13,904,204
115,404,715
9,061,779
37,683,697
2,644,801
123,698,262
2 400 000
32,230,700
125,314,223
384.300,000
12,785,028
6,983.741
6.772,728
143,353,117
16,519,678
132,332,791
13,303.490
7,459,554
11,219,000
13,200,771
4,484,390
1,777,181
377,782.518
1.289,818.910 -30.8
1,818.691
8,539,577
939,099,960
21,151,100
41,033.399
8,191.106
20,714,781
14,786,999
20,568.098
171,546,857
18.036,876
46,822,246
19,804,334
226,193,615
6,201,004
37,591,514
55,755,568 -32.6
-71.3 No clearings due to bank h oilday
1.052,497 -44.7
581,826
-20.4
69,942,093 -88.4
8,099,743
-62.8
-67.4
4,043,323
505.838
-56.1
-58.4
890.200 - 5172
2
393,402
-81.1
1,018.822 --72.4
281,018
-50.4
-32.4
11,531,000
6,850.000
-32.7
1,266,492 -83.3
212,087
-49.8
2,847,247 -0.5
2,833,84.5
-19.5
-86.6
15,801,480
9,772,322
-45.3
-61.3
17,796,932
51,444,263
69,068.279 -74.2
65,993,029 -22.0
4,160,349
5,337,029
7,514,322
12,404,452
19.323,123
33,822,710 -42.9
1,781,837
2,996,160
4,524,327
7,012,193
2,580.413
641,815,476
1,310,0711
5,344,744
4,131,367
2,886,042
937,452,549
1,425.092
5,982,522
2,001,593,774
4,098,113
21,949,516
5,284,329
10,863.379
5,560.526
13,268,266
3,152.731.570
8,004,772
33,949,103
13,251,847
21,759,574
-74.4
-54.9
-36.5
-48.8
-35.3
-60.1
-50.1
219,345
163,144,698
288,800
1,588,625
488,078
797,814
972.118
270.929,628
592,513
2,391,717
1,101,230
1,624,178
-39.8
-51.3
-33.6
-55.7
-50.9
2,123,730
458,915,912
987,018
3,477,244
2,606,606
2,553,259
2,843,059,740
4,981,918,328 -42.9
201,999,627
394,337,727 -48.8
688,404,209
700,907
611,238,433
203,184,186
1,447.231 --51.6
852,278,540 --28.3
242,607,319
47,000,000
15,430,663
61.700,000 -23.8
15,127,096
+2.0
99,600,000
24,778,189
--54.8
--45.8
10,840.020
103,590,254
291,269
2,165.089
16.736.651
146,433,689
1,460428
7,637,699
409,592,123 -38.8
932,010,158
70,100,935
87,726,079 -20.1
135,871,129
735,083,949 1,678,844,239 -56.2
251,489,763
6,475,661
7,707,972
6,144.719
32.507,149
15,619,691
5,134,139
5,907,975
3,747.000,000
32,462,956
36,033,192
24,156,961
15,513,111
15,382,000
47,307.700
-45.4
Elehth Federal Re serve District -St. Louis
-Evansville
Ind.
New Albany
600,000
276,963,532
170,359.804
Mo.-St. Louis
Ky.-Louisville
52,750,923
75,037,659
Owensboro
2,369,872
5,241,351
Paducah
25,989,164
47,759.577
-Memphis._ _ _
Tenn.
-Jacksonville_
489,756
Ill.
2,600,248
Quincy
Total(7 Cities)
1933.
574,033,131
918.988,790
108,391,000
5,826,942
1,968,260
6,145,708
-46.2
-63.9
-44.4
-48.4
Seventh Federal R eserve Distric t-ChicaeoMich.
-Adrian
590,284
a
Ann Arbor
2,678,430 -33.4
1,782.971
Detroit
12,854,956
299,048,660 -95.7
Hint
7,100,718 -76.4
1,674,594
Grand Rapids
2.410,994
12,746,587 -80.0
Jackson
a
2,338,318
Lansing
5,118,643 -93.0
356,105
Int.-Ft. Wayne
1,020,586
4,832,163 -78.9
Gary
4,383,516
6,963,325 -37.0
Indianapolis
24,610,715
59,364,301 -58.5
South Bend
5,711.779 -90.1
566.557
Terre Haute
11,255,650
15,072.707 -25.3
-Madison
Win.
5,411.434 -88.0
649,329
Milwaukee
74.377,621 -55.0
33,443,128
Oshkosh
a
2,134,570
Iowa
-Cedar Rapids_
b
b
Davenport
7,796,932
23,093,201 -66.2
Des Moines
22,064,138 -45.6
11,996,530
Iowa City
b
b
Sioux City
11,348,182 -50.1
5,656,885
Waterloo
f
f
-Aurora
Ill.
1,743.895 -89.8
177,410
Bloomington
4,695.427 -85.4
884,770
Chicago
602.850,600 1,086,491.780 -44.5
Decatur
2.782,189 -59.0
1,141,813
Peoria
5,980,349
11,209,145 -46.6
Rockford
1,716,646
4,776,916 -64.1
Springfield
2,073,113
7,149,826 -71.0
Total(25 cities).- -
2,360,380
3,124,475
2,840,477
20,911,545
9,088,891
3,233,196
4,602,553
3,205,000,000
15,116,180
25,347,529
16,891,152
10,523,296
6,919,006
46,808,600
2,876,000
3.201,641
412,629,783
578,389,561
74,634,150
3,841,298
802,758
8,510,671
Sixth Federal Rese rye District- AtlantaTenn.
-Knoxville_ _ _ _
:
5,670,820
Nashville
28,112,187
43,249,998
Ga.-Atlanta
86,200,000
130,100,000
Augusta
3,865,787
2,758,811
Columbus
2,108,019
1,326,074
Macon
1,361,643
2,347,327
Fla.
-Jacksonville _ _ _
26,935,927
53,000,000
Tampa
5,389,381
3,094,526
-Birmingham_
Ala.
29,511,093
39,628,587
Mobile
4,084,543
2,500,797
Montgomery
2,282,188
1,288,189
Miss.
-Hattiesburg
3,372,000
2,313,000
Jackson
x
3,789,771
Meridian
1,541,792
1,011,900
Vicksburg
279,766
476,675
La.
-New Orleans_
a
120,008,973
Total(16 cities)_ _ _
1932.
+52.4
113,472,249
3,841,746
72,487,119 +56.5
7,111,239
--24.9
11,465,924 -15.1
9.735,380
639,827
895,619
--39.9
272,017,277
21,748,811
364.908,787 -25.5
36,711,877
--43.2
7,474,371
10,786,317 -30.7
495,338
927,456
--49.2
5,185,546
8.119.476 -36.1
278,895
570,822
--26.6 36,265.967,089 45,512,304,217 -20.3 2,865,853,291 3,604,798,406
--36.1
72,313,248
104.464,430 -30.8
5,237,815
10,169,469
--38.4
39,677,200
53,917,323 -26.4
2.950,703
4,126,774
--24.4
28,460,020
1,975,557
35,424,039 -19.7
2,550,000
--28.8
5,181,999
7,082,320 -26.8
712,244
326,869
--46.2
201,016,325
14,251,512
314,356,610 -36.1
27,454,020
--29.6
305.210,017
22,581,672
394,220,480 -22.6
33,472,810
--56.1
10,315,276
17,419,709 -40.8
869,095,149 1,402,189,885 -30.9
Fifth Federal Reim rve District- Richmond
W. Va. Huntington1,724,723
802,788
Va.-Norfolk
7,719,000
11,184.587
72,785,808
Richmond
114,751,161
N. C.-Rale,gh
3,150,282
S. C.
-Charleston_ _
1,152,518
3,723,308
Columbia
a
4,129,724
Md.-B I timore
103,216,223
245,599,444
Frederick
466,766
1,018,045
Hagerstown
b
b
D. C.
-Washington
32,644,947
89,616,464
Total(9 cities)
1933.
11,756,509,790 16,060,569,723 -26.F 37,338,025,996 46,906,956,751 -20.4 2,939,982.036 3,729,500,736 -21.2 6,996,379,834 9,150,374,3610
Fourth Federal Re serve District -ClevelandOhio-Akron
a
1,897,000
Canton
b
b
Cincinnati
99,936,910
185,878,973
Cleveland
106,206,968
294,062,720
Columbus
19,690,750
35,414,500
Hamilton
1,005,090
1,949,225
Lorain
1
641,922
Mansfield
2,423,988
4,437,909
Youngstown
b
b
Pa.
-Beaver Co
434,133
795,966
Franklin
455,275
208,270
Gree sburg
1.227,312
292,442
Pittsburgh
368,173,367
258,115,989
Ky.-Lexington
3,811.484
2,609,988
W. Va.-Wheeling_
7,248,282
3,384,269
Total(13 cities)-
Week Ended April 1.
$
Third Federal Res. erve District -Philadelph aPa.
-Altoona
913,634
2,124,600 -57.0
Bethlehem
2,450,787
Chester
833,373
1,755,081 -52.5
Harrisburg
5,482,240
10,616,880 -48.4
Lancaster
4,646,643 -54.2
2,127,217
Lebanon
909,493
1,477,328 -38.4
Norristown
1,373,935
1,965,720 -30.1
Philadelphia
831,000.000 1,327,000,000 -37.4
Reading
2,325,529
9.930,572 -76.6
Scranton
8,012,959
10,396,588 -22.9
Wilkes-Barre
4,744,860
7,137,229 -33.5
York
4,885.457 -40.4
2,913,909
-Camden
N.J.
a
5.093,000
Trenton
8,458,000
12,710,000 -33.5
Total(14 cities)
Inc. or
Dec.
-38.5
-30.5
129.100,000.
42,686,105b
.
-35.2
-29.3
7.670,272
10.898,983
11,492,940
19.184,287
-80.0 Only one ban k operating
-71.7 Clearing Hou se not functio fling sin to bank holid ay
1,208,632,030 -26.5
190,950.392
2371
Financial Chronicle
Volume 136
CLEARINGS-(Concluded.)
1932.
1933.
Inc. or
Dec.
$
Ninth Federal Res erve District -Minneapolis
-43.9
10,541,7165,914,376
-Duluth
Minn.
29.6
201,653,227 141,893.284
Minneapolis
46.3
976,520 524,318
Rochester
29.7
68,156,486 47.905,811
St. Paul
8,095,581 -36.2
5,165,315
-Fargo
N. D.
4,729,000
Grand Forks
51.9
843,352 405,539
Minot
41.9
2,764,593 1,605,393
-Aberdeen _ _ _
S. D.
3,582,731 -29.8
2,514,065
Sioux Fall
1,467,274 -46.8
780,099
-Billings
Mont.
62.1
818,717
2,160,500 Great Falls
20.6
7,106.862 5,644,683
Helena
41.9
161,745 93,900
Lewistown
Total(13 cities)--
213,265,500
312,239,587 -31.7
1933.
-
Total (10 cities)
_
183,406,885
--46.5
-55.6
--33.6
-41.2
-35.8
--S9.9
--27.7
-48.7
-32.1
-45.3
-
276,003,090 -33.5
Twelfth Federal R eserve Marie t
-San Franc sco--Bellingham _
Wash.
2,091,000
Seattle
37.0
69,088,431
109.642,219 Spokane
7,682,000
28,041,000 -72.6
Yakima
695,545
2,171,268 --68.0
Idaho-Boise
1,368,301
3.916,290 -65.1
62.6
Oregon-Eugene
305,000
815,426 39.2
Portland
47,987,298
78,928,883 Utah-Ogden
1,096,199
2,026,398 -45.9
Salt Lake City
38,590,483 -27.5
27,961,180
Ariz.
-Phoenix
10.209,269 -56.1
4.486.111
Calif.
-Bakersfield_ _
3,035,548 -47.3
1,598,323
Berkeley
15,751,415 -37.5
9,846.060
Long Beach
14.353,024 -38.1
8,880,709
Los Angeles
No longer wi II report clear' ngs•
46.9
Modesto
1.792,710 951,270
Pasadena
15,743,699 -43.8
8,848,732
59.0
3,807,514 Riverside
1.562.036
60.3
26,466,092 Sacramento
10,513,756
San Diego
463,225,914 -32.0
San Francisco
315,170,182
6,676.501 -35.8
San Jose
4,285,418
43.2
5,008,701 Santa Barbara
2,843,449
36.7
4,482,019 Santa Monica
2,837,192
5,337,787 -44.2
2,979,198
Stockton
Inc. or
Dec.
1931.
1930.
31,019,518
595,880,137
3,219,570
199.351.906
22.408.089
13,144,000
2.334,644
7,674,671
11,754,495
4,420,453
6,557,444
20,870,090
507,856
-38.1
-25.7
--41.6
--22.2
--28.1
--56.7
--43.4
-29.9
-33.4
-37.4
-46.1
--7.9
--35.3
1,382,480
38,458,581
2,235,8.53 -38.2
45,590.184 -15.6
3.758,060
55,785,567
4,648,349
77,449,900
11,291,974
1,239,127
15,306,775 --26.2
1,659.197 --25.3
19,198.703
1,847,106
25,181,776
1,990.602
458,088
-29.1
646.162 -
830,078
1,082,200
190,947
-36.6
301,049 -
564,733
712,767
2,628,961
2.769,462
681,197,871
919,142,873 -25.9
54,448,597
84,613,208
113,835,056
1,182,441,657
Eleventh Federal Reserve Distr let
-Dallas
4,467,727
Texas-Austin
2,390,891
Beaumont
4,139,717
1,837,251
Dallas
121,754,134
80,860,931
El l'aso
7,121,293
12,120.913
Ft. Worth
25,528,125
16,393,568
Glaveston
8,768,000
5,270,000
85,292,707
Houston
61,642,727
Port Arthur
1,213,583
621,909
Wichita Falls
2,370,000
1.609,000
La.
10,348,184
5,659,315
-Shreveport
1932.
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
19,212,33
328,807
557,692,815 -39.7
336.011,422
1933.
$
917,385
950,000
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
-
1932.
Inc. or
Dec.
$
Tenth Federal Res erve District -Kansas City
78.9
865,874 182,725
Neb.-Fremont
730,381
Hastings
9,737,291 -44.5
Lincoln
5,403,888
102,278,297 -43.5
Omaha
57.836,146
47.3
7,876,597 4,151,780
Kansas-Kansas City.
27.2
8,060,370 Topeka
5,871,52o
17,421,181 -69.3
Wichita
5,355.611
34.8
981,134
1,505,267
Mo.-Joplin
Kansas City
283,032,709 -40.9
167,220,810
St. Joseph
12,575,000 -39.7
7,586,604
18,699,142 -32.4
Okla.
-Tulsa
12,651,315
3,343,958 -38.9
Colo.
2,044.710
-Colo. Springs_
87,921,293 -30.7
Denver
60,901,375
Pueblo
3,645,455 +59.8
5.823,804
Total(14 eitleS)
Week Ended April 1.
3 Months Ended March 31.
Month of March.
Clearings at
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
2,555,214
2,330,134
27,765,158
307,735,460
24,241,648
26,308.377
54,994,214
4,803,270
856,792,607
38,842,000
57,766,075
9,910,685
248,751,235
11,040.892
1,427,400
1,437,892
65.517,915 -16.9
--71.7
351.146
419,605
--,39.7
--,30.9
3,258,376
34,583,403
4,016,831
44.584.166
--7.8
-68.1
-
2.312.473
5,035.348
3,630,938
7,424,633
--24.3
--21.4
81,824.603
3.831,556
125,002,807
5,749.403
---75.2
-59.5
643.657
a
1,331.139
1.038.740
a
1,586.083
89,308,660 -28.4
132,820,555
193,453,206
181,893
51.451
-64.1
-59.2 No clearings available
2,062,572
1,243,296
-36.3
21,502,280
14,867,170
--37.2
-32.1
1,403,352
1,294,389
3.667.932
1.170,720
40.5
--27.7
56,982,836
43.108,203
-27.6
2,308,773
1,814,909
-28.8
-2I.7
440,596
109,231
--32.5
•
--24.4
758,426
307.356
-8.9
63,966,725
29.4
1,673,836,969 -
12,465,987
15,503.380
376,214,497
35,046,947
79,221,795
30,339,000
274,272,192
4.009,060
8,023,000
33,985,370
-33.8
--54.3
-25.4
-26.1
--36.4
-28.3
-I9.1
-38.6
--26.7
-32.1
-
650,418,829
25.2
869,081.228 -
2,090,000
210,658,778
39,543,000
3,087.134
6,155,795
971,000
159.763,732
4,124,511
100,779,107
16,529,448
6,409,699
33,796,003
30,229,276
5,382,540
313,153,946
83,390,000
6,257,548
13,311,197
2,616,426
235,101,231
6.237,308
132,011,833
32,230,486
9,400,604
49.868,219
45,686,768
--61.2
--32.7
---52.6
-50.7
53.8
-62.9
.-,32.0
-33.9
-
3,613.919
31,822,715
6,326,828
41,341,313
5.800,637
50,025,073
13,454,513
86,854,161
-37.7
-36.4
53.0
-52.4
1,020,849,403
14.407,935
9,881.156
9,179,750
10,588,188
1,414,304,835
22,309,985
16,083,335
13,304,035
16,439,273
27.8
-35.4
-38.6
31.0
-35.6
932,876
21,038,096
3,664,446
1,271,000
-34.4
1,422,330 -
2
5,703.611 - 15.8
-27.6
1,755,000 --_
1,695,190
2,455,793
33,636.971
25,587,509
41,443,770
7.290,301
2,392,000
10.414.400
4,402,000
2,022.782
-10.2
1,835,629 -
3.411.874
6.458.671
28,929,200
20.3
36,304,079 -
48,426,336
65,174,634
18,511,908
3,037,000
203,136
12.0
21.033,769 5,653,000 -46.3
419,009 -51.5
29,625,048
8,682,000
889.568
38,089.329
10.198.000
1,082,377
14,987,206
11.7
16,977.324 -
25,725,504
33,786.600
14,970,487
17,801,472
7,532,395
--48.7
--31.8
-32.2
--33.8
7,944,413
2,337,772
2,817,171 -17.0
5,350,149
6,906.188
2,040.230
3,267,531 -37.6
4,182,968
6,417.389
1,942,578
5,993,258 --67.6
6,179,001
6,742.698
-20.6
150,008,281
2,585.014
1,748,943
1,423,036
1,751.400
206,479,206
3,229,398
1.931.055
1,848,558
1,858,100
81,240,010
1,010,643
617,552
703,241
742,473
102,260,700
1,460,026
1,062,015
898,801
1,016,511
---11.9
---21.8
---27.0
21.0 253,121,399 336.370,370J
134.906,144 170,803,528 31.5
842,113,160 -36.9 1,762.148,690 2,572,900,953 Total(22 cities) _ 530,986,390
25.9 9,721,892,845 12895360032
23.Q 4,164,069,454 5.616,459,075 Grand total(168 cities) 16,449,678,492 24,491,523,342 -32.8 54,992,830,276 72,282,851,061 42.7 18,806,863,187 26,770,546,844 -29.7 1,298,216,163 2,011,660,669 -35.5 2,898,062,172 3.949,862,094
Outalde New York__ 5,093,353,226 8,882,078,982 -
CANADIAN CLEARINGS FOR MARCH, SINCE JANUARY 1, AND FOR WEEK ENDING MARCH 30.
Total(32 cities)
1933.
1932.
$
4
331,819,40
323,087,611
134,357,161
53,183,536
20,977,229
16,748.680
10,410,911
16,358,174
21.165,912
7,494,088
6,287,576
11,047.690
16,830,231
12.668,566
1,451,304
1,399,293
5,748,403
2,142,851
3,244.439
2,344,616
2,010,836
746,016
2,434,339
2,490,856
3,264,771
9,810,235
1,221,779
2,713,094
2,187,841
1,796,563
2,187,841
2,122,877
%
-19.5
-5.4
+30.9
-14.2
-29.7
-15.3
-27.2
-22.6
-18.0
-28.4
-22.7
-17.7
-26.5
+4.9
-29.5
-15.7
-24.6
+26.5
-15.5
-22.7
-24.3
-9.9
-16.5
-23.0
-4.9
-22.2
-20.7
-17.4
-15.1
-12.7
-38.5
-18.6
3
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
26,337,000
39,041.446
34,075,160
2,914,307
3.463,603
12,961,951
6,491,013
7,911,857
5,322,426
4,559,724
1,956,188
6,015.549
5,789.229
8,993,922
23,077,144
2,556,606
6.885.664
5,466.050
4,799,329
3,681,272
4,871,548
3
997,425,557
996,501,125
383,373,791
161,274.378
63,719,577
51,290,555
29,501,250
48.428,332
61,059,791
22,913,585
18,527,143
32,561,654
49,692,952
39,889.770
4.029,835
3,932,056
17,112.413
7,619,622
9,716,869
6,649,319
5,886,809
2,272,829
7,397,013
7,116,296
10,450,058
29,013.491
3,851,491
8,757,375
6,380,265
5,751,641
5,165,157
6,232,919
944,727,946 1.031,754,723
-8.4
2,806,134,455
3,103,494,918
$
267,249,626
305,793.875
175,903,88.5
45,629,698
14,753,573
14,182,191
7,576,668
12,659,013
18,347,604
5,368,239
4,860,662
9,089,628
12,377,272
13,288,363
1,022,628
1,180,008
4,332,502
2,710,102
2,741,689
1,811,907
1.521,825
672,279
2.032.701
1.918.415
3,103,245
7,033,420
968,220
2.241,712
1,857,618
1,568,431
1,344,778
1,727,768
Inc.or
Dec.
Inc. or
Dec.
aot4b5*.,',inbbtL•iio66O,O543;o'-aim..o.;—bbok,Ook:e.;o.C.5;••66
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Ilat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
1932.
Inc. or
Dec.
$
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
1.774,880
180,704
236,074
855,194
312,191
690,661
338,278
338,531
124,640
439,445
356,225
631,239
1.394,96
102,286
513.95
350,203
301,255
198,713
339,577
1932.
.
S
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
260,370
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
-9.6
183,571,636
234,295,917 -21.6
111111111111111111111111111L1+11
1933.
Weak Ended March 30,
3 Months Ended March 31.
Month of March.
Clearings al
1933.
1931.
1930.
8
$
%
-26.2 143,354,933 146,281,880
-11.7 119.835,245 137,237,470
-27.0
28.955,919
45,083.068
-27.5
19.675,003
17,087,542
-37.1
6,308.699
7,314.688
6,935,167
-27.8
5,868,032
-33.3
4.590,331
2,933,790
6,192.105
-20.9
5,055,625
-34.6
6,008,152
8,787,381
-30.7
2,512,935
2.226.895
-42.3
1,971,982
2,624,865
-31.2
3,319,811
3,004,377
-24.1
5,679,381
7,514,955
-33.1
4,992.166
6,146.598
-51.1
496.687
389,626
-9.3
613,976
450.000
8,174,342
-36.9
1,425,408
-34.2
611,704
1,023.844
856.268
-11.2
1,048,726
921,372
-42.1
644,043
902,432
-153
612,624
424,647
209,371
-19.7
922,983
-22.0
656,516
-30.9
768,198
977,583
1,173.363
-11.2
1,112,772
-38.9
2,764,371
4,833.785
422,655
-42.3
325,655
986,359
-13.2
680,922
-25.8
647,403
1,000,784
575,119
-16.7
546,617
622,082
-39.3
483.327
1,105,821
901,928
-26.0
369,066,295
429,094,927
a No longer reports weekly clearings. b Clearing house not functioning at Present. e No longer reports clearings. f Only one bank open; no clearings figures available.
a Ho figures available on account of bank moratorium. • Estimated.
2372
Financial Chronicle
April 8 1933
THE CURB EXCHANGE.
pref. which advanced 3 points to 35. National Sugar conThe curb market floundered around without definite tinued its upward surge and recorded a further gain of 1
trend or feature on Monday and Tuesday, but showed point to 32 and Aluminum Co. of America moved up to 45.
considerable improvement during the last half of the week. Oil stocks were somewhat stronger as Gulf Oil made a new
Changes were not especially noteworthy in either direction, top for the year and Humble Oil forged ahead more than
though at times, particularly on Wednesday, the entire 2 points to 4432. Mining shares moved forward under the
market moved toward higher levels. Industrials and public leadership of Roan Antelope which closed at 103' with a
utilities were in demand during the forepart of the week, 2 point gain.
The range of prices for the week was generally toward
but interest in these groups waned later on. Oil shares
were slightly higher and mining stocks made little progress. higher levels, the advances including among others such
On Saturday curb prices were irregular and net changes at prominent stocks as Aluminum Co. of America, 41% to 44;
the end of the session were unimportant, the closing quota- American Beverage, 3% to 4; American Superpower, 2%
tions being slightly below the finals of the preceding day. to 3; Atlas Corp., 6% to 7; Cord Corp., 5 to 5%; Creole
A
Trading was quiet and most of the market leaders were Petroleum,29/i to 23 ;Deere & Co., 103 to 12; Duke Power,
fractionally lower. The course of public utilities was mixed, 393/i to 40;Electric Bond & Share,11% to 12;Ford of Canada
1
Electric Bond & Share moving slightly higher on a com- A,53 to 53(;Gulf Oil of Pennsylvania,27%to 31%;Hudson
A
paratively small turnover, while stocks like Cities Service Bay Mining, 3% to 3%;Humble Oil, 40% to 421 ;Internaand American Gas & Electric tumbled fractionally downward, tional Petroleum,93' to 9%; New Jersey Zinc, 303. to 303';
though the losses on these shares were small. Duke Power Niagara Hudson Power,84 to 9;Penn. Water & Power Co.,
was up about 2 points on a single sale and Florida Power 4031 to 42; Singer Mfg. Co., 93 to 943; Standard Oil of
advanced about 3 points. New England Power, on the Indiana, 193' to 193j; Swift & Co.,8% to 103 and United
other hand, was down 3 points. Oil shares and mining issues Shoe Machinery, 343 to 353.
A complete record of Curb Exchange transactions for the
were practically at a standstill. Trading on the Curb week will be found on p. 2398.
Exchange was without noteworthy feature on Monday.
DAILY TRANSACTIONS AT THE NEW YORE CURB EXCHANGE.
Scattered covering for professional account occurred in
Stocks
Bonds (Par Value).
several of the more prominent utilities, but such buying,
(Number
Week Ended
of
on the whole, was small. Electric Bond & Share which has
April 7 1933.
Foreign
Foreign
Shares). Domestic. Government. Corporate.
Total.
been quite active for a week or more, moved around without
55,060 31,462,000
$88,000 8114,000 81,642.000
much change either way. New England Power pref., Saturday
103,600 2,322,000
117,000
Monday
110,000 2,549.000
113,337 2,525,000
78,000
131,000 2,734,000
Duke Power and Niagara Power displayed fractional gains Tuesday
128,470 2,635.000
77,000
Wednesday
240,000 2,952.000
and Penn Water & Power was down over a point. Mis- Thursday
137,180 2,638,000
121,000
317,000 3,076,000
196,620 2,920,000
86,000
232,000 3.238,000
cellaneous industrials made some fair gains, Aluminum Co. Friday
734,267 314.502,000 3545,000 31,144.000 316,191,000
Total
of America pref. leading the upward swing with an advance
of 13' points, followed by Deere which improved 1 point.
West Ended April 7.
Sales at
Jan. 1 to April 7,
New York Curb
Atlas Corp., on the other hand, made a new low as it dropped
1932.
1933.
1933.
Exchange.
1932.
to 5%. Oil shares were moderately higher as the session Stocks-No. of shares_
1,067,425
734,267
8,780,859
13,828,576
Bonds.
opened, but eased off later in the day. Mining issues
814,502,000 316,118,000 $215,848,000 8191.265,100
Domestic
were neglected.
545,000
Foreign government
48.5,000
9,603,000
6,975,000
1344,000
Foreign corporate-672,000
12,699,000
9,256.000
Covering for professional account kept the market fairly
316.191,000 $17.275,000 $238,150,000 5207.496.100
Total
firm during the forenoon on Tuesday, but a sagging tendency developed later in the day, though the losses were
THE ENGLISH GOLD AND SILVER MARKETS.
small. The industrial stocks showed small gains, particularly Great Atlantic & Pacific Tea Co. pref., A. 0.
We reprint the following from the weekly circular of
Smith and Singer Mfg. Co., all of which moved up from 1 Samuel Montagu & Co. of London, written under date of
to 2 points. Electric Bond & Share, American Gas and March 22 1933:
GOLD.
Cities Service were heavy and moved within a narrow range,
The Bank of England gold reserve against notes amounted to
while Southern California Edison pref., United Light pref. on the 15th inst.. an increase of £6,448,181 as compared with £166.402.261
the previous
and Consolidated Gas of Baltimore were down on the day. Wednesday
Purchases of bar gold by the Bank included £1.760.078 on the 16th Inst.
Oil shares were neglected and mining stocks were slightly and £1,280,000 on the 18th inst.; the total
amount acquired during the
higher. Prices on the curb market were moderately higher week was £3.229,685.
The amounts of bar gold available daily n the open market again varied,
on Wednesday, as many pivotal issues rallied fractionally
considerable; purchs.es were made for
but supplies on the whole
on new buying. Practically all groups participated in the various Continental buyers,were some of the offerings were taken for a
but
upturn and while the gains were not particularly large, destination not disclosed.
Quotations during the week:
they were maintained until the close. Industrial shares
Per Fine
Equivalent Value
Ounce.
were represented in the advances by Aluminum Co. of
of E Sterling.
120s. %d.
March 16
145. 1.85d.
America which forged ahead about 3 points, followed by March 17
1208. 3d.
14s. 1.564.
119s. 7d.
March 18
14s. 2.50d.
A. 0. Smith and Great Atlantic & Pacific Tea Co. Public March 20
1208. 2d.
14s. 1.67d.
120s. 43id.
14s. 1.38d.
utilities were featured by moderate strength in Electric March 21
120a. 94.
March 22
14s. 0.85d.
Bond dr Share, American Gas, Niagara & Hudson, Standard Average
1208. 2.33d.
14s. 1.64d.
The following were the United Kingdom imports and exports of gold
Power pref. and Southern California Edison, all of which
showed modest gains. .Gulf Oil of Penn. led the oil shares registered from mid-day on the 13th Inst. to mid-day on the 20th inst.:
Exports.
Imports.
and that issue closed with an advance of about 2 points. British South Africa
£78,767 Netherlands
£690,270
British
665.335 France
488.578
Public utilities lagged behind on Thursday as the market British India
46.981 Belgium
Malaya
32.600
1.060.323 Czechoslovakia
14.450
moved slowly upward, and while there were slight gains in Australia
U. S. A
233,645 Other countries
9,787
the morning trading, most of the advances were reduced to Brazil
85,581
Germany
1,202.927
fractions before the close. Power stocks, on the other hand, Portugal
830.842
Netherlands
53,086
were higher, the more volatile issues, like Columbia Gas & Other countries
39.903
Electric and National Power & Light pref., moving sharply
£4,297.390
£1,235,685
upward. Industrial shares showed moderate gains all
The SS. Kaisar-l-Hind left Bombay on the 18th inst., carrying gold to
along the line, A. 0. Smith taking a 2
-point advance, the value of about £727.000, of which £412.000 is consigned to London
followed by Deere, National Sugar, Swift & Co. and Chese- and £315,000 to New York.
The
to the United Kingdom
borough Mfg. Co., all of which were conspicuous on the side month figures relating show an excess ofimportsmovements of gold for the
over exports of £5,180,741.
of February last
of the advance. Oil issues were in demand at higher prices The following are the details:
Imports.
Exports.
and mining stocks were neglected.
Netherlands
£216,888 £2,509,824
Belgium
42
127,935
The tone continued steady and the volume of dealings France
2,966
945,037
149,070
moderately higher on Friday, and while there were some Greece
Egypt
235,641
advances in the public utilities, industrials and oils, there Portugal
398,400
Union of South Africa and South West Africa tem 7,387,233
were also a number of prominent stocks that failed to make West Africa
128,140
40
Rhodesia
276,417
the grade. A. 0. Smith, for instance, was down 2 points United States of America
60.115
1.974,809
110.000
to 2332 at the close. Pure Oil pref. (1Y2) dipped 33' points Brazil
British India
1.984.353
to 22 and Standard Power & Light pref. slipped back 23
British Malaya
146,239
Australia
232,979
%
points to 193 . In other parts of the list, Columbia Gas & New Zealand
272,946
85.626
151.869
Electric cony. pref. made a gain of 3 points to 72. Industrial Other countries
£11,288,655 E6,107.914
shares were represented in the advances by Celanese 1st
Volume 136
Financial Chronicle
SILVER.
Although prices have fluctuated during the week, the tendency has been
downward. Quotations have kept above the parity of the China exchanges.
and there has, therefore, been a continuation of China selling, although
offerings have been made rather less freely. Support has been given by
speculators and the Indian bazaars, but resales have also been made by
both. American operators have shown more interest and demand from
and there has, therefore, been a continuation of China selling, although
offerings have been made rather less freely. Support has been given by
speculators and the Indian bazaars, but resales have also been made by
both. American operators have shown more interest and demand from
New York gave the market a steady tone on most afternoons of the week.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 13th inst. to mid-day on the 20th inst.:
Imports.
Exports.
Poland (including Danzig).£20,500 British India
£54.250
German
27.500
13,633C. S. A
British India
25,609 Germany
2,603
Australia
2.216
21.515 France
Canada
6,321 British Malaya
1.600
British South Africa
1,500
4,302 Persia
Other countries
1.757 Other countries
5,333
£95.002
£93,637
Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver per as. std.
Cash Deliv. 2 Mos.Del.
(Per ounce .999 fine.)
Mar. 16-171ld.
281C.
Mar. 15
17 15-16d.
Mar.17-17%d.
28 c.
17 11-16d. Mar. 16
Mar. 18-173ld.
281c.
17 7-16d.
Mar. 17
Mar.20-1734d.
17 5-164.
27 13-16c.
Mar. 18
Mar.21---17 7-16d.
27916c.
17%d.
Mar. 20
Mar.22__17 7-16d.
271c.
173d.
Mar. 21
Average---17.500d.
17.562d.
The highest rate of exchange on New York recorded during the period
from the 16th inst. to the 224 inst. was 33.471( and the lowest $3.41.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
Feb. 28.
Mar. 7.
Mar. 15.
Notes in circulation
17.525
17.521
17.543
Silver coin and bullion in India
11.037
11.028
11.043
Gold coin and bullion in India
2.568
2.579
2.579
Securities (Indian Government)
3.902
3.914
3.921
The stocks in Shanghai on the 18th nst. consisted of about 162.100.000
ounces n sycee, 222.500.000 dollars and 10.560 slyer bars, as compared
with about 161,300,000 ounces in sycee. 220.000.000 dollars and 12.120
silver bars on the 11th inst.
The London bullion market will be closed at Easter from April 14 to
April 17 inclusive.
.
We have also received this week the circular written under
date of March 29 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £169.631.962 on the 224 instant, an increase of £3,229,701 as compared with
the previous Wednesday.
The Bank has made further purchases of bar gold, but on a somewhat
smaller scale, the amount secured during the week being /2,207,089.
Continental buyers secured some of the gold offered in the open market.
fair amounts having been available during the week, but a considerable
proportion of the offerings were taken for a destination not disclosed.
Quotations during the week:
Equivalent Value of
Per Fine
E Sterling.
Ounce.
March 23
14s. 1.14d.
1205. 6%cl.
March 24
14s. 1.20d.
120s. 6d.
March 25
148. 1.09d.
120s. 74.
March 27
148. 0.68d.
120s. 103d.
March 28
14s. 0.79d.
120s. 9 d.
March 29
14s. 0.56d.
120s. 11 d.
Average
14s. 0.91d.
120g. 8.504.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 20th instant to mid-day on the 27th instant:
Exports.
Imports.
British South Africa
£279,965
£2,080,618 France
British West Africa
330,528
74,626 Netherlands
Australia
483,900
2,201,217 Portugal
British India
65,980
689,836 Switzerland
British Malaya
14,560
37,462 Belgium
Germany
13,066
258,703 Other countries
Netherlands
69,035
France
20,188
Other countries
34,325
£1,187,999
£5,466,010
Gold shipments from Bombay last week amounted to about £959,000.
The SS. Corfu carries £856,000, of which £183,000 is consigned to London,
£584,000 to New York, £88,000 to Holland and £1,000 to Marseilles; the
SS. President Harrison has £103,000 consinged to Marseilles.
SILVER.
Prices on the 234 instant were quoted at 17 11-16d. for cash and 17%d.
for two months' delivery, representing a rise of %cl. over the previous day's
quotations. The advance was in response to firmer China exchanges,
but as this firmness was not maintained, the rise was lost the following
day, since when the market has remained quietly steady, prices showing
only small movements. China has been less active. but small sales have
been made on Continental account and the Indian Bazaars and speculators
have bought. The steadiness has been due mainly to American support,
enquiry from New York being a feature on most afternoons throughout
the week.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 20th instant to mid-day on the 27th instant:
Imports.
Exports.
Soviet Union (Russia)
£40.470 United States of America_ - £80,220
Japan
22.670 French Possessions in India 10.050
Australia
14,226 British Malaya
1.980
British West Africa
2,044 British India
7,527
Other countries
2,385 Ceylon
1,750
Yugoslavia
24,800
Germany
4,247
Other countries
3,793
£81,795
£134.367
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per Or. Std.
(Per Ounce .999 Fine)
Cash.
2 Mos.
Cents,
March 23-17 11-16d. 17%cl.
March 22
28
March 24- _17 7-16d.
March 23
171.14.
27
March 23._ -173d.
March 24
17 9-16d.
27
March 27_ - -17 7-16d.
March 25
17144.
27
March 28_ ....17%cl.
March 27
17 9-16d.
27
March 29._ -17 11-16d. 17%d.
March 28
27
Average - - - -17.542d.
17.6044.
The highest rate of exchange on New York recorded during the period
from the 234 instant to the 29th instant was $3.43% and the lowest $3.41 li.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Mar. 22.
Mar.15.
Mar. 7.
Notes in circulation
17 614
17,543
17,521
Silver coin and bullion in India
11,110
11.043
11,028
Gold coin and bullion in India
2.591
2.5792,579
Securities (Indian Government)
3,913
3,921
3,914
The stocks in Shanghai on the 25th instant consisted of about 158.900,000
ounces in sycee. 227.500.000 dollars and 10,460 silver bars as compared
with about 162.100,000 ounces in sycee, 222,500,000 dollars and 10.560
silver bars on the 18th instant.
2373
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:
Aprf/ 1 A pro 3 AprU 4 Aprll 5 April 6 Aprit 7
1933.
1933.
1933. 1933. 1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
10,900 10,700 10,900 10,900 10,900 11,000
1,400 1,430
Banque de Paris et Pays Bag- 1,370 1,380 1,410 1,400
361
363
3.50
362
3.57
Banque d'Union Par cone......
202
204
204
205
206
Canadian Pacific
203
16,375 16,305 16,350 16,415 16,280
Canal de Suez
2,060 2,075 2,075 2,090 2,065
Cie Distr d'Electricite
1,870 1,980 1,900
1,910
Cie Generale d'Electricite
1,920 1,6130
54
53
54
53
Cie Generale Transatlantique
53
467
465
466
477
Citroen B
470
1,090 1,100 1,100 1,i50
Comptoir Nationale d'Eacompte 1,070 1,090
190
190
190
Coty Inc
190
190
190
2,945 2,980 2,990 2,900
Courrieree
--751
751
Credit Commercial de France....
750
749
728
Credit Fonder de France
4,210 4,290 4,410 4.430 4,430 4:440
Credit Lyonnais
2,020 2,010
1,990 1,980 2,020
2,030
Distribution d'Electricite Is Par 2,060 2,070 2,090 2,090 2,060 2.110
Eaux Lyonnais
2,290 2,360 2,390 2,380 2,400
2.370
575
575
Knergie Eiectrique du Nord
580
575
Energle Electrique du Littoral._
870
845
880
847
880
French Line
53
54
53
53
53
-- 5
Llaleries Lafayette
86
90
87
90
89
87
Gas le Bon
800
840
820
800
830
790
Kuhlmann
510
490
510
510
500
490
L'Air LIqulde
720
700
690
730
710
600
Lyon (S. L. M.)
985
990
982
910
Mines de Courrieres
300
290
300
290
"ioo "aio
Mines des Lens
390
390
400
390
400
390
Nord RY
1,300
1,300 1,300 1,330 1,340
1,340
Orleans RY
900
850
870
Paris, France
970"
850
Elio
850
850
860
lia
Pathe Capital
Si)
91
94
94
93
Pechiney
930
870
890
890
880
-666
Rentes 3%
69.00
69.40
69.50 69.50 70.10 69.80
Reines 5% 1920
108.50 108.70 110.10 110.10 110.20 110.10
Rentes 4% 1917
79.80 80.30
81.20
81.70 81.90 81.50
Rentes 434% 1932 A
85.20
85.70 86.10
86.80 87.10 86.90
Royal Dutch._ ,
1,400
1,360 1,380
1,410 1,410 1,440
Saint Cobalt).C. dr C
1,085 1,150 1,150
1,150 1,125
---Schneider &•Cle
1.325 1,308 1,306
1,315
1,325
Soc,ete Andre Citroen
470
460
470
480
470
Societe Francalse Ford
75
70
70
74
67
65
120
Societe Generale Fonciere
118
118
120
120
118
Societe LyonnaLse
2,307 2,355 2,395 2,380 2,390
Societe Marsellaise
592
590
589
569
16,400 16,300 16,400 16,500 16,300 16:200
Suez
Tubize Artificial Silk pref
136
141
143
140
146
710
Union d'Electricite
700
700
700
700
720
Union des Mines
170
170
__-180
65
65
Wagon-I-Its
65
65
65
----
-iaa
THE BERLIN STOCK E (CHANGE.
The Berlin Stock Exchange resumed trading on Friday,
Apri129 1932,after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
April April April April April April
1.
3.
4.
5.
6.
7.
Per Cent ofParReichabank (12%)
146 147 151 152 153 154
Berliner Handeis-Gesellschaft (5%)
96
97
98
97
98
97
Commers-und Privat-Bank A. G
53
53
53
53
53
53
Deutsche Bank mid Disconte-Gesellachaft- 70
70
70
70
70
70
Dresdner Bank
61
61
61
61
61
61
Deutsche Reichsbahn (Ger. Rye.) pt.(7%)- 98
99
99
99
99
99
Allgemeine Elektrizitaete-Gesell. 11..E.G.). 32
30
30
30
30
32
(
Aerliner Kraft U. Licht (10%)
109 111 110 111 110 111
Dessauer Gas (7%)
114
114 112 111 112 113
Oesfuerel (4%)
94
90
91
89
90
91
Hamburg. Elektr.-Werke (814%)
104 107 106 105 106 107
Siemens dr Halske (7%)
158 156 154 152 157
157
I. G. Farbenindustrle (7%)
127 128 128 129 132 131
Salzdetfurth (9%)
203 201
201 202 200 200
IthelnIsche Braunkohle (10%)
200 200 198 200 202 200
Deutsche Erdoel (4%)
98
100
98
102 103
99
Mannesmann Roehren
69
68
68
68
70
70
22
21
21
21
21
21
Hansa
Norddeutstther Lloyd
23
21
21
22
22
22
•Proposed.
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of April 7
1933:
Bid.
271z
tnhalt 75 to 1946
trgentine 5%, 1945. $100
pieces
54
1 2112
intioquia 8%, 1946
LustrianDefaultedCoupons 170
lank of Colombia. 7%,'47 1 1614
lank of Colombia, 7%,'48 1 1614
41
3avaria 614s to 194
8
lavarlan Palatinate Cons.
Cit. 7% to 1945
25
logota (Colombia) 614,'47 1 1512
lolovia 6%, 1940
1 4
1randenburg Elec. 6s. 1953 54
3raxil Funding 5%,'31-'51 38
3ritish Hungarian Bank
634g, 1962
133
Brown Coal Ind. Corp.
634s, 1953
58
'Jan (Colombia) 7%, 1947 1 9
7.1allao (Peru) 734%. 1944 1 7
7:ears (Brazil) 8%, 1947._ 1 41
City Savings Bank, Budapest, 7s, 1953
130
Deutaehe Bk 6% '32 unst'd .1 78
Dortmund Mun Ut116s,'48 29
Dulsberg 7% to 1945
25
Duesseldorf 7s to 1945._ 25
East Prussian Pr. 6s, 1953, 501
European Mortgage & Investment 7.145. 1966._ 140
French Govt. 554s, 1937__ 105
w'rench Nat. Mall SS.63;52 101
Frankfurt 75 to 1945
25
- erman Atl. Cable 7s, 1945 67
d
lerman Building & Landbank 6 Si%, 1948
32
dalti 6% 1953
65
Flamb-Am Line 6%s to '40 53
Hanover liars Water Wks.
6%, 1957
2712
Housing dr. Real Imp 7s,'46 47
Hungarian Cent Mut l's'37 1 2912
Hungarian Discount & Exchange Bank 7s, 1063... 1 2612
Hungarian Defaulted Coup 1 40
!Fiat price.
Ask.
Bid.
3212 Hungarian Ital Ilk 7345,'32 165
Koholyt 611s, 1943
34
____ Karstadt 6s, 1943 C
-D____ 1 15
2312 Land M Bk, Warsaw 88,'41 47
____ Leipzig Oland Pr. 634g,'48 55
1814 Leipzig Trade Fair 7s, 1953 2912
1814 Luneberg Power, Light &
44
Water 7%, 1948
4212
Mannheim dr Paiat 78, 1941 47
30 Munich 7s to 1945
32l2
1712 Monte Bk, Hessen,78 to'45 25
8 Municipal Gas & Elec Corp
56
Recklinghausen, 7s, 1947 34
40 Nassau Landbank 63.1s,'38 58
Nat Central Savings Bk of
35
Hungary 715s, 1962._ 133
National Hungarian & Ind
62
Mtge. 7%, 1948
130
1012 Oberpfalz Elec 7%, 1946._ 3912
10 Oldenburg-Free State 7%
712
to 1945
25
Porto Alegre 7%, 1968.... 1 1314
31 Protestant Church (Ger____
many) 78, 1946
38
32 Prov Bk Westphalia 6s,'33 .1 86
30 Rhine Westph Eiec 75 1936 47
30 Rio de Janeiro 6%, 1933-- f 1012
6212 Rom path Church 634a,'46 48
RC Church Welfare 7s,'48 38
40 4 Saarbruecken M Bk 68,'47 76
8
107 Salvador 7%, 1957
1 1212
103 Santa Catharina (Brazil)
30
8%. 1947
f 9
70 Santander (Calera) 7s, 1948 I 9
Sao Paulo (Brazil) 65, 1947 .1 912
35 Saxon Public Works5%,
'32 1 67
70 Saxon State Mtge 611, 1947 4711
56 Stem & Ilalake deb 61). 2930 275
South Amer Rya 6%, 1933 5512
3112 Stettin Pub Etil 7s, 1948._ 4012
51 Tucuman City 7s. 195L._ 1 13
31 Tucuman Prov. 7s, 1950._ 1 17
Vesten Elea Ry 7s. 1947.... 27
28 Wurtenberg 75 to 1945._ 37
_ _ _.
Ask
99
37
25
51
58
3112
4512
50
3712
30
38
61
3412
3112
4412
30
1412
40
69
53
121z
51
3912
78
14
10
11
1012
72
5111
315
6112
4312
15
20
33
43
Financial Chronicle
2374
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
April 1.
April 3.
April 4.
April 5.
April 6.
April 7.
-16th 173.4cl.
Silver, per oz__ 17 7-16d. 173d.
1734d.
17 15-16d. 177
Gold, p.fine oz. 120s.7% d. 120s.4 Sid. 1208.7d. 121s. 5d. 120s.9% d. 121s.1 Sid.
Consols, 2%%. 76g
76%
7634
751's
75'%
763
British 3Si%W.L
101
101g
10134
10074
10174
10134
British 4%11074
111
1960-90
11134
11074
11074
1103(
French Rentes
70.40
69.40
70.10
69.80
(in Parls)3% fr.
69.50
69.70
French War L'n
(in Paris)5%
110.10
110.20
110.10
1920 amort.._ 108.50
108.70
110.10
The price of silver in New York on the same days has been:
Silver in N.
per oz. (cts.)
27g
27
27
2734
27%
2774
Commercialand WiscellaneonsItem
-All
Breadstuffs Figures Brought from Page 2456.
the statements below, regarding the movement of grain-receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Flour.
Receipts at-
Wheat.
Corn.
Oats.
Rye.
Barley.
018.19611os.bush.60 lbs bush.56 lbsbush.32 ibs.bush.481bs bush.561bs.
191,000
111,000
800,000
406,000
Chicago
16,000
127,000
1.530,000
93,000
247,000
Minneapolis_
122,000
476,000
631,000
13,000
40,000
9,000
48,000
Duluth
17,000
Milwaukee..,,
79,000
17,000
8,000
86,000
51,000
31,000
109,000
To edo
8,000
14,000
6,000
16,000
Detroit
11,000
22,000
332,000
392,000
Indianapolis
433,000
126,000
1,000
161,000
337,000
16,000
St. Louis__ .._
60,000
16,000
196,000
76,000
21,000
Peoria
68,000
673,000
259,000
17,000
Kansas City
144,000
119,000
45,000
Omaha
62,000
43,000
17,000
St. Joseph _
5,000
115,000
Wichita
25,000
20,000
5,000
2,000
Sioux City_
Total wk.'33._
Same wk. 1932
Same wk.1931
446,000
367,000
337.000
3,663,000
1,808,000
3,971,000
2,455,000
1,376,000
3,052,000
1,572,000
1,124,000
1,327.000
201,000
74,000
144,000
784,000
568,000
380,000
Since Aug.113,184,000243.557,000133,589,000 63,669,000 7.717.00029.121,000
1932
14,717,000247,348,000 94,093,000 52,329,000 5,232,00026,141.000
1931
loan
15 037 nnn 338082000151.447.000 86.408 00018.250 000 40391000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 1, follow:
New York_ _ _
Philadelphia Baltimore....
Norfolk
New Orleans *
Galveston.
Halifax
Boston
St. John
W. St. John
Corn.
Wheat.
Flour.
Receipts al
-
Oats.
Rye.
350,000
Total wk. '33
Since Jan.1'33 3,697,000
333,000
8,717,000
111,000
1,122,000
90,000
1,041,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Friday, March 31, and since July 2 1932 and July 1
1931 are shown in the following:
Wheat.
3,000
146,000
64,000
164,000
90,000
315,000
354,000 1,412,000
8,000
Week 1932.._
466,000
Since Jan.1'32 4,295,000 19,471,000 1,025,000 1,627,000 1,643,000
through New Orleans for foretgn ports
* Receipts do not include grain passing
on through bil s of lading.
The exports from the several seaboard ports for the week
ended Saturday, April .1 1933, are shown in the annexed
statement:
Wheat.
Corn.
Oats.
Flour.
Rye.
Bushels.
Bushels. Barrels. Bushels. Bushels.
7,821
21,000
82,000
458,000
11,000
18,000
9,000
6,000
10,000
20,000
234,000
41,000
8,000
25,000
815,000
Total week 1933..
Same week 1932_ _ 2.727.000
38,000
101.000
71,821
89.233
26,000
14,000
Exports for Week
and Since
July 1 to--
Week
Apr.1
1933.
Since
July 1
1932.
Barrels. Barrels.
United Kingdom_ 31,415 1,556,091
600,346
5,406
Continent
1,000
104,000
So.& Cent. Amer_
34,000
465,400
West Indies
49,600
__-_
Brit.No.Am. Cols.
146,161
____
Other countries
Total 1933
Total 1932
Wheat.
Week
Apr. 1
1933,
Since
July 1
1932.
62.000
Corn.
Since
July 1
1932.
Bushels.
Bushels. Bushels.
Bushels.
1,045,000
159,000 44,417,000
647,000 68,464,000
12,000 3,635,000
11,050
2,000 9,445,000
127,000
25,000
68,000
5,000
2,000
7,000
520,000
1,000
2,000
71,821 2,921,598
815,000 122,975,000
89,253 4,498,736 2,727,000 119.241,000
38,000 4,766,000
101,000
318,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 1, was as follows:
United StatesBoston
New York
Philadelphia
Baltimore
New Orleans
Galveston
GRAIN STOCKS.
Corn,
Wheal,
bush,
bush,
3,000
383,000
75,000
21,000
478.000
43,000
346.000
326,000
60,000
616,000
Oats,
bush,
7,000
26,000
29,000
18,000
77,000
Since
July 1
1931.
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Imports.
Month.
1931.
1932.
January _ _
February.
March....
April
May
June
July
August- - September
October _
November
December_
$
65.450.212 87.278.807
68.324,224 83,741,723
67,088.157 101,718,797
81,785.558 90.924.314
52,497,496 83,714,133
52,482,112 89.982.205
37,656,849 84.823.090
43.067.631 81,423,455
48,988.212 94,872,048
54,474,9281 92.059 201
51,826,170 86,585.105
52,453,858, 87,837,295
Exports,
Customs Receipts
at
New York.
1932.
1931.
1932.
1931.
$
44,388.825
47,040.635
48,261.354
42,176,624
38.337,589
36.817,616
35.157.319
31.607.397
36.988,907
38.279.461
38,809,469
38,645,035
$
94,604,323
91.336.302
85,927,653
80,714,213
74.505,792
74,235.131
67,058,129
59.208.716
67.749.087
65.352,268
51,967,285
55,939,911
$
13,177,166
12,756,949
12,047,238
10.741,892
9,019.643
9.079,203
7,704.834
11.864,718
14,253,710
13,883,709
13,273,841
11,000,515
15,764,232
14,741.196
171612,788
14.702.264
13,569,915
14,455,069
17,237,635
20,162.713
21,683,259
18,506.473
15,161,993
15,902,204
Total__ _ 656,095,407 1064960 171 476.600,231 868,598,810 138,803,418 200499.741
Movement of gold and silver for twelve months:
Gold Movement at New York.
Silver-New York.
Exports.
Imports.
Imports,
1931.
1932.
1931.
Exports.
1932.
1932.
Bushels.
366.000
Week
Apr.1
1933.
Since
July 2
1932,
Barley.
The destination of these exports for the week and since
July 1, 1932 is as below:
Flour.
Week
March 31
1933.
Total _ _ _ _ 11,588.000474,344,006593,412,000 3,693,000242,602,000 341,845,000
1932.
New York
Boston
Norfolk
New Orleans
Galveston
W. St. John
St. John
Halifax
Corn.
Since
July 1
1931.
Bushels,
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
44,000 5,438,000 1,951,006
North Amer_ 4,739,900238,236,000242,920,000
19,360,000 107,468,000 1,259,000 51,295,000 24,674,000.
Black Sea_ -Argentina.-- 2,807,0001 71,827,000, 99,296,000 2,016,000 157,689,000298,788,000
Australia ___ 3,882,000 123,116,000,116,146,000
1
600,000
India
374,000 28,180,000 16,432,000
160,000 21,805,006 26,982,000
0th. countr's
Month.
Exports from-
Since
July 2
1932.
Week
March 31
1933.
Exports.
Barley.
bls.1961bs. bush. 60 lbs. bush.56 lbs. bush. 32 lbs.bush.481bs.b24.3h.561bs.
181.0001
15.000
3,000
1,000
24,000
37,000
15,000
9,000
3,000
14,000
2,000
11,000
84,000
30,000
12,000
51,000
29,000
8,000
25,000
4,000
12,000
22,000
41,000
234,000
20,000
April 8 1933
Barley.
Wheal.
Corn.
Rye.
Oats.
United States(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Fort Worth
3,580,000
44,000
648,000
4,000
74,000'
1,868,000
Wichita
5,107,000
Hutchinson
5,000'
St. Joseph
3,640,000 1,151.000
222,000
37,824,000
722,000
272,000
Kansas City
41,000
83,000'
13,918,000 2,614,000 1,636,000
Omaha
54,000
44.000
1,205,000
Sioux City
197,000
148,000
3,000
9,000
St. Louis
3,641,000 2,299,000
473,000
9,000•
4,000
452,000 1,486,000
374,000
Indianapolis
Peoria
4,000
4,000
254,000
7,853,000 14,105,000 3,777,000 1,404,000
Chicago
465,000
231,000
780,000
afloat
118,000
5,363,000 1,544,000
574,000
29,000
Milwaukee
486,000.
70,000
353,000
"
afloat
187,000
24,018,000 1,003,000 10,316,000 3,570,000 5,272,000
Minneapolis
16,170,000
468,000 2,877,000 1,625,000 1,060,000
Duluth
135,000
13,000
25,000
Detroit
24,000
37,000
3,879,000 6,033,000
Buffalo
856,000
575,000
623,000.
2,372,000
183,000
"
afloat
125,000
Total Apr. 1 1933_ _ _ 132,908,000 33,772,000 22,609,000 7,650,000 8,305,000
Total Mar. 25 1933.._ _135,022,000 35,180,000 22,853,000 7,597,000 8,344,000
Total Apr. 2 1932_..i96.526,000 21,640,000 14,805,000 9,310,000 2,851,000
Note.
-Bonded grain not included above: Wheat, New York, 151,000 bushels:
Boston, 370,000: Buffalo, 2,277,000; Buffalo afloat, 2,457,000; Duluth, 4,000:
Erie, 732,000; total, 5,991,000 bushels, against 11,201,000 bushels in 1932.
Wheal,
Corn,
Oats,
Rye,
Benet/.
bush,
bush,
bush.
bush.
Canadianbush.
1,507,000
327,000
Montreal
795,000
380,000.
1,783,000 1,882,000 1,629,000
Ft. William & Pt, Arthur 69,964,000
32,157,000
2,096,000
882,000
Other Canadian
877.000
4,206,000 3,559,000 2,886,000
Total Apr. 1 1933...103,628,000
1933....101,518,000
4,035,000 3,418,000 2,823,000
Total Mar.25
4,896,000 8,844,000 4,522,000
Total Apr. 2 1932___ 64,796,000
Summary
132,908,000 33,772,000 22,609,000 7,650,000 8,305,000
American
103,628,000
4,206,000 3,559,000 2,886,000
Canadian
Total Apr. 1 1933_ _ _236,536,000 33,772,000 26,815,000 11,209,000 11,191,000
Total Mar,25 1933._ _237,440,000 35,180,000 26,888,000 11,015,000 11,167,000
Total Apr. 2 1932.._261,322,000 21,640,000 19.702,000 18,154,000 7,373,000
Rye.
bush.
Barley,
bush.
1,000
4.000
5,000
2.000
1.000
3,000
9,000
January- February.
March_ --April
May
June
July
August..
September
October
November
December_
Total_
$
9,404,455 107,842,041
11.309,143 128,185,769
20,320.531 43,902.866
2,000
36.213,539, 49,480,976
46.392,331 212,143,353
20,000
35,321.267 226,087.954
37.000
10.926.608 23,472,951 1,000,328
25.844.790 18.058.424
32,500
35.000 28,690,327
35,034,945
35.000398.471,058
25,656.339
8,566 4,934,936
6,840,308
5,5701 32,622,524
13,248,219
919.079
829.844
1,116,271
1,229,933
992.889
616.597
213.623
738,216
781,306
353,207
478,353
872,429
572,257
494,562
700,483
715.007
1.600.430
1,036.089
533,848
272,409
554.106
650,348
397 704
541,384
164 681 251 276 512,475809,258,464465,810,671
9,141,747
8,068,627
$
19.067,937,
7,221.315
60330.355
3,164.462
2,919,081
2.229,613
2,484.659
10,268.482
16,170,722
10,759,539
811,521
82,953,565,
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capilot.
Mar, 15-The First National Bank of Stockton, Stockton, Ill___
$25,000
President, W. E. White; Cashier, F. P. McGuire.
Ennis, Ennis, Texas
-Citizens National Bank in
Mar. 16
50,000
President, J. W. Tolleson; Cashier, D. W. Ramsay.
Will succeed the Citizens National Bank of Ennis,Tex.,
Charter No. 7331.
-First National Bank in Burkburnett, Burkburnett.Tex.
Mar. 20
40,000
President, E. 1. Harwell; Cashier, A. R. Hill.
Will succeed the First National Bank of Burkburnett,
Tex., Charter No. 8706.
-The First National Bank in Mount Calm, Mount Calm.
Mar. 20
Texas
25,000
President, S. J. McKinney; Cashier, R. C. P'Pool.
Will succeed the First National Bank of Mount Calm,
Mount Calm, Tex., Charter No. 10297.
-First National Bank In Midlothian, Midlothian, Tex_ _
Mar.20
25,000
President, De Witt Rice; Cashier, L. N. WIlemon.
Will succeed the First National Bank of Midlothian,
Midlothian, Tex., Charter No. 7775,
-National Bank of Detroit, Detroit, Mich
Mar.21
17,500,000
The capital stock of this bank consists of $12.500.000.
Preferred stock and $5.000.000 common stack.
President,James McEvoy;Cashier,Thomas S. Merrill,
Volume 136
Financial Chronicle
Mar. 27—National Boulevard Bank of Chicago, Chicago,Ill--- 500,000
President, J. DeF. Richards; Cashier, John Hagey.
Succeeds Boulevard Bridge Bk.of Chicago,Chicago,Ill.
25,000
Mar.28—The First National Bank in Casey, Casey.
President, W. C. Turner; Cashier, Rose Turner.
Will succeed the First National Bank of Casey, Casey,
111., Charter No. 6026.
VOLUNTARY LIQUIDATIONS.
55,000
Mar. 27—The National Bank of Orleans, Ind
Effective March 22 1933. Liquidating Committee:
R. M.Jenkins, Marion F. Mathers, Geo. H.Carter.
Chas. B. Tegarden and D. K. McCart, care of the
liquidating bank. Succeeded by the Bank of Orleans, Ind.
25,000
Mar.28—The First National Bank of Rio Grande, Tex
Effective March 22 1933. Liquidating Agent, the
First State Bank & Trust Co. of Rio Grande, Tex.
Absorbed by the First State Bank & Trust Co. of
Rio Grande, Tex.
25,000
Mar,28—The Farmers National Bank of Exchange,Pa
Effective March 25 1933. Liquidating Agent, the
Danville National Bank, Danvllle, Pa. Absorbed
by the Danville National Bank, Danville, Pa.,
Charter No. 1078.
100.000
Mar.30—The First National Bank of Hawthorne, N. J
Effective March 15 1933. Liquidating Agent, Harry
R. Dobler, care of Peoples Bank of Hawthorne, N.J.
Absorbed by Peoples Bank of Hawthorne, N. J.
50,000
Mar.31—The First National Bank of Brillion, Wis
Effective March 28 1933. Liquidating Agent, Geo.E.
Dawson, Brillion, Wis. Succeeded by Farmers and
Merchants Bank, Brillion, Wis.
BRANCH AUTHORIZED UNDER ACT OF FEB. 25 1927.
Mar. 25—Union Planters National Bank & Trust Co. of Memphis, Tenn.
Location of Branch: No. 2-4-6-8 North Second St., Memphis,
Tenn., Certificate No. 765A.
Name of Company.
2375
Per
When
Share. Payable
Books Closed
Days inclusive.
Public Utilities (Concluded).
Greenfield Gas Light Co.6% p1.(qu.)__
750 May 1 Holders of rec. Apr. 15
Home Tel.& Tel. Co.(Ft. Wayne)(qu.) 6238c Apr. 1 Holders of roe. Mar. 26
Illinois Commercial Tel. $6 pref. (qu.)__ $138 Apr. 15 Holders of rec. Mar.31
% May 1 Holders of roe. Apr. 15
Illinois Northern Utll. Co.7% pf.(au.)6% preferred (guar.)
1)4% May 1 Holders of rec. Apr. 15
Lexington Telep. Co. si% pref.
134% Apr. 15 Holders of rec. Mar.31
50c Apr. 10 Holders of rec. Mar. 31
Lincoln Telep. Securities A (guar.)
6% preferred (quar.)
134% Apr. 10 Holders of rec. Mar.31
Lone Star Gas Corp.638% pref. (qu.)- - 158% May 1
Apr. 15 Holders of rec. Apr. 6
Mass.POW.at Lt. Assoc. pref.(quar.)_
50c
50c
Apr. 15 Holders or rec. Apr. 6
2d preferred (guar.)
Missouri Edison Co.$7 prof.(quar.)
2134 Apr. 1 Holders of rec. Mar.20
Monmouth Consol. Water 7% pt.(qu.) 134% May 15 Holders of rec. May 01
National Power az Light Co.COM.(quar.)
250 June 1 Holders of rec. May 10
New York Tel. Co.,634% prof.(quar.).... 188% Apr. 15 Holders of rec. Mar.20
Apr. 15 Holders of rec. Apr. 7
Nor.Boston Lt. Prop.corn.(quar.)
$1
Apr. 15 Holders of rec. Apr. 7
Preferred (Qum.)
75e
Apr. 1 Holders of rec. Mar.31
Ohio Associates Telep., pref. (guar.)._ 35c
Ohio Public Service Co., 7% pref.(mo.) 58 1-50 May 1 Holders of rec. Apr. 15
6% preferred (monthly)
May 1 Holders of rec. Apr. 15
50c
5% preferred (monthly)
41 2-3c May 1 Holders of rec. Apr. 15
July 1 Holders of rec. June 15
Peninsular Telep. Co ,(guar.)
250
7% preferred (guar)
134% May 15 Holders of rec. May 5
7% Preferred (quar.)
134% Aug. 15 Holders of rec. Aug. 5
7% Preferred (guar.)
134% Nov. 15 Holders of rec. Nov. 5
7% preferred (quar.)
13.1% 2-15-34 Holders of rec. 2-5-34
Potomac Edison Co., 7% pref.(guar.)- 1'4% May 1 Holders of rec. Apr. 20 6% preferred (quar.)
IA% May 1 Holders of rec. Apr. 20
Public Service Co. of Colorado
7% preferred (monthly)
58 1-3c May 1 Holders of rec. Apr. 15
6% preferred (monthly)
50c
May 1 Holders of rec. Apr. 15
5% preferred (monthly)
41 2-3c May 1 Holders of rec. Apr. 15
Public Service Co.of N.111., corn. (qu.).. 750
May 1 Holders of rec. Apr. 15
7% preferred (quar.)
134% May 1 Holders of rec. Apr. 15
6%
May 1
15
Auction Sales.—Among other securities, the following, Rhodepreferred (guar.) Co.,cl. A (qu.) 134% May 1 Holders of rec. Apr. 15
$1
Island Pub.Sem.
Holders of rec. Apr.
Preferred (quar.)
not actually dealt in at the Stock Exchange, were sold at auction
500
May 1 Holders of rec. Apr. 15
Rockland Light
May 1 Holders of rec. Apr. 15
200
(guar.)
in New York, Boston, Philadelphia and Buffalo on Wed- Southern Calif.de PowerCo., Ltd.—
Edison
nesday of this week:
Common (quar.)
2% May 15 Holders of rec. Apr. 20
Southern Canada Pow.Co.,corn.(quar.) 125e
May 15 Holders of rec. Apr. 29
By Adrian H. Muller & Son, New York:
Springfield Gas Light(quar.)
Apr. 15 Holders of roe. Apr. 6.
620
Shares. Stocks.
$ pet Sh. Toledo Edison Co. 7% pref. (monthly) 58 1-3c May 1 Holders of rec. Apr. 15
250 Sanitary Dash Corp., common, par $100
$50 lot
6% preferred (quar.)
May 1 Holders of rec. Apr. 15
50c
75 Sanitary Dash Corp., pref., par 2100
$35 lot
5% preferred (quar.)
41 2-3e May 1 Holders of rec. Apr. 15.
49 Sanitary Dash corp., pre., par $100
$15 lot United States El. Lt. de P.His.. Ina.—
259 Transamerica Corp. par $25
4
New shares (initial)
1.9e Apr. 1 Holders of rec. Mar.15.
3 Bank of America National Association, par 825
15
United Telephone Co. (Kansas) (qu.)
5134 Apr. 15 Holders of rec. Mar.31
300 National City Bank of New York, par $20
20%
134% Apr. 15 folders of rec. Mar.31
7% Preferred (guar.)
500 Bancamerica-Blair Corp., par $1
138
138% Apr. 15 folders of rec. Mar.31
6% Preferred (guar.)
2,439 H.Milgrim & Bros.,Inc.,$7 pref.(with warrants) no par
5
West Penn El. Co.7% pref.(quar.).
t34% May 15 folders of rec. Apr. 20.
3,1 6 H.Milgrim & Bros.,Inc., corn., no Par
50e
6% preferred (quar.)
134% May 15 folders of rec. Apr. 20
5 St. Louis-San Francisco Rwy.6% pref.; 20 Radlo Products Corp. of America,
$4 lot
Dar 21;2 Radio Products Broadcasting Advertising Corp., par 21
Fire Insurance Cos.
150 H.S. Finegold, Inc
$150 lot American Alliance Ins. Co.,N.Y.
Apr. 15 lolders of roe. Apr. 7
(qu.) - 250
20,000 Shenandoah Lite Insur. Co. stock, delivery of which shares cannot be
Amer. Insurance Co. (Newark, N. J.)
made by the seller and which Is sold subject to the sum of $116,617.58, with
(Quarterly)
12340 Apr. 1 Holders of tee. Mar.IS
int. from Feb. 25 1933, now due and payable, and the sum of $350,000.00,
Great American Ins. (quar.)
Apr. 15 Holders of rec. Apr. 7
25e
payable in three annual installments, with bat. from Feb. 25 1933, at the
Rochester Amer.Ins. Co.of N.Y.(qu.) 25e
Apr. 15 Holders of rec. Apr. 7
rate of 238% per annum, which said sums now payable and yet to mature
constitute a prior claim against said stock
$134,000 lot
Bank & Trust Cos.
Bands—PerCent. Corn Exchange Bank Trust Co. (quar.) 75e
May 1 Holders of rec. Apr. 20
$30,000 Beard's Erie Basin, Inc.,6% registered gold, March 15 1978
21
Miscellaneous.
By R. L. Day & Co., Boston:
Adams-Millis Corp., corn. div. omitted
Shares. Stocks.
$ Per Sh. Ajax Oil a: Gas Co.(quar.)
2c
Apr. 15 Holders of rec. Apr. 3
25 National Rockland Bank,Boston, Dar $20
503i Alaska Juneau Gold Min. Co.,cons.(an.) 15c
May 1 Holders of rec. Apr. 10
Essex Co., par $50___________ _
25
503i Aluminium Co.of Amer.,6% wet
h3734c Apr. 1 Holders Of rec. Mar.27
Second mtge. note for $30,000 dated Nov.20 1928 Peabody, Mass.,subject to a
Amerada Corp., capital stock (guar.)... 50c
Apr. 29 Holders of rec. Apr. 15
1st mtge. of $50,000 given to the Warren 5
American Crayon Co.,6% pref. (quar.) 134% May 1 Holders of rec. Apr. so
-Cent Savings Bank, Peabody.
Payable to Morris Miller on demand with int, monthly at 10% signed by
American Dairies, Inc.,7% PI.((Mar.)
134% Apr. 1 Holders of rec. Mar.15
Morris Goldstein and Ida Goldstein. assigned to Warren National Bank,
American Machine & Foundry Co.—
Peabody by Morris Miller. Notice and demand waived extended to Nov.20
20e
Common (quar.)....
May. 1 Holders of rec. Apr. 15.
1935 rate 6%. Present amount of mortgage $28,000
500
American Motorists Ins. Co.,(guar.).— 134% Apr. 1 Holders of rec. Mar.31
Bands—
Per Cent. American Office Building, prof. (quar.)- $134 Apr.
$1,000 N. Y. New Haven & Hartford RR. debs. 3388 Jan. 1956
35 & int. Associated Portland Cement—
American deposit rec. ord reg
.1692c Apr. 8 Holders of rec. Mar.22
By Barnes & Lofland, Philadelphia:
Atlantic Sate Deposit Co.
Apr. 15 Holders of rec. Apr. 5
(N.Y.)(qu.) _ $2
Shares. Stock.
per Sh. Atlas Powder Co., pref. (guar.)
$134 May 1 Holders of rec. Apr. 20
25 Central-Penn National Bank, par $10
20
Avondale Mills, 8% pref. (8.-a.)
4% Apr. 15
25 Real Estate-Laud Title & Trust Co., par $10
5% BrItman Elec. Co., pref.(quar.)
$134 May 1 Holders of rec. Apr. 15
30 Pa. Co. for Insurances on Lives & Granting Annuities, par $10
26
Brookmire Investors, Inc. (quar.)
60
Apr. 15 Holders of rec. Apr. .3
10 The Parsons & Baker Co., common, par $100
125
Brown Shoe Co., pref. (quar.)
134% May 1 Holders of rec. Apr. 20
6 Philadelphia Bourse, common, par $50
7
Buffalo National Corp., 7% pref. div. o mitted
Colombo Sugar Estates, common
40c July 1 Holders of rec. June 15By A. J. Wright & Co., Buffalo:
Corp.634% pref.(guar.)
134% May 1 Holders of rec. Apr. 15
Shares. Stock.
$ per Sh. Campe Bronze Co.,Ltd..corn.(qu.)
Canadian
t 15c May 1 Holders of rec. Apr. 20.
500 Adargas Mines, par 1 peso
500
£ 51% May 1 Holders of tee. Apr. 20.
Preferred (quar.)
10 Angel International Corp., par El
200
Cincinnati Postal Term.& Rlty. pt.(qu.) 134% Apr. 15 Holders of rec. Apr. 5
Cleveland Graphite Bronze Co.(guar.).
10c Apr. 1 Holders of rec. Mar.29
Cluett, Peabody & Co.common (quar.)_
250 May 1 Holders of rec. Apr. 20
DIVIDENDS.
Coca-Cola Bottling Co. of St. Louis
350 Apr. 20 Holders of rec. Apr. 10
Dividends are grouped in two separate tables. In the Coen Cos., Inc., A—Div.omitted.°mitt ed.
Colgate-Palmolive-Peet, corn. div.
first we bring together all the dividends announced the Commonweath Royalty
Apr. 15 Holders of rec. Apr. 5
30
Consolidated Chemical Indus. pt.A(qu.) d3738e May 1 Holders of rec. Apr. 15
current week. Then we follow with a second table in Consolidated Cigar, pref.(quar.)
2134 May 1 Holders of roe. Apr. 17'
which we show the dividends previously announced, but
73. preferred (quar.)
134% June 1 Holders of rec. May 15.
Dutton Lumber prof
500 Mar.31
which have not yet been paid.
Eureka Pipe Line (guar.)
$1
May 1 Holders of rec. Apr. 15
The dividends announced this week are:
Family Loan Society (guar.)
253 Apr. 1 Holders of rec. Mar. 5
,
Finance Co. of America (Baltimore)—
Common A and B (guar.)
10e Apr. 15 Holders of rec. Apr. ir
When
Books Closed
Per
7% preferred (quar.)
134% Apr. 15 Holders of rec. Apr. 5
Name of Company.
Cent. Payable.
Days Inclusive.
7% Preferred class A (quar.)
134% Apr. 15 Holders of rec. Apr. 5
Food Machinery 634% met
.—div. actlo n deterr ed.
Railroads (Steam).
Foulds Mill Co., pref.(guar.)
Apr. 10 Holders of rec. Mar.31
$2
Minneapolis St. Paul & S. S. Marie—
Freihofer(Wm.)Bak.Co.,7%lst pf.(qu.) 134% Apr. 1 Holders of rec. Mar.23
Leased Lines—Dividend omitted.
French Westinghouse
125 fr.
Morris & Fetes Extension (8.-a.)
May 1 Holders of rec. Apr. 22
$2
General Cigar Co., Inc., corn.(quar,)_
May 1 Holders of rec. Apr. 17
$1
Northern RR.of N.H.(guar.)
2134 Apr. 29 Holders of rm. Apr. 5
Preferred (quar.)
5134 June 1 Holders of rec. May 22
Passaic & Delaware Extension 03.-a.)___
May 1 Holders of rec. Apr. 22
General Machine 7% pref.(guar.)
134% Apr. 1 Holders of rec. Mar.21
Piedmont & Northern (quar.)
750 Apr. 10 Holders of rec. Mar. 31
Globe Discount & Finance Corp.(qu.)....
25c Apr. 15 Holders of rec. Apr. 1
Pitts. Bess. dr Lake Erie corn.(s.
75e Oct. 1 Holders of rec. Sept. 15
-a.)_
Goodman Mtg.Co.(quar.)
50c Mar.31 Holders of rec. Mar.31
Reading Co.(quar.)
May 11 Holders of rec. Apr. 18
250
Hollinger Cons. Gold Mines, Ltd.(mo.).
Sc Apr. 22 Holders of rec. Apr. 7
Syracuse Binghamton & N.Y.(quar.)
$3
May 1 Holders of rec. Apr. 22
Homestake Mining Co.(monthly
75c Apr. 25 Holders of rr c. Apr. 20
)
Utica Chenango & Susq. Val.(s.
-a.)
May I Holders of rec. Apr. 15
$3
Extra
$1
Apr. 25 Holders of rec. Apr. 29
Hotels Statler Co.—Cora. div. omitted.
Public Utilities.
6% and 7% pref.—Divs.omitted.
American Cities Power & Light Corp.—
Hutchins Investing Corp.,$7 pre.
750
Apr. 15 Holders of roe. Apr. 10
Class A (quar.)
750 May 1 Holders of rec. Apr. 5
Internat. Cigar Mach'y Co.(guar.).— 3734e May 1 Holders of rec. Apr. 15
Brocton Gas& Edison (guar.)
Apr. 15 Holders of rec. Apr. 6
503
Kalamazoo Stove Co
50c Apr. 15 Holders of rec. Apr. 10
City Water of Chattanooga 6% pt.(qu.) 134% may 1 Holders of rec. Apr. 20
Knott(A.J.) Tool dr Mfg. prof.(QU.)
$111 Apr. 1 Holders of tee. Mar.15
Cleveland By. Co. (quar.)
x134 Apr. 1 Holders of roe. Mar.31
Kroeh Mfg.Co.,7% pref.(quar.)
134% Apr. 1 Holders of rec. Mar.25
Columbia Gas & Elec. Corp.common_
120e May 15 Holders of recs. Apr. 20
Class A (quar.)
$138 Apr. 1 Holders of rec. Mar.25
6% preferred (quar.)
134% May 15 Holders of rec. Apr. 20
Loew's. Inc. NH prof.(guar.)
2134 May 15 Holders of rec. Apr. 28
5% cony. preferred (quar.)__
1 M% May 15 Holders of rec. Apr. 20
Loose-Wiles Biscuit Co. corn. (quar.)--'
50e May 1 Holders of rec. Apr. 1841
5% cum. pref. (quar.)
134% May 15 Holders of rec. Apr. 20
Macy (It. H.)& Co.,corn.(quar.)
50e
May 15 Holders of rec. Apr. 21
Commonwealth Telep.(Wis.)6% pt.(qu) 134% Apr. 15 Holders of rec. Mar.31
Melville Shoe Co. common (quar.)
30e May 1 Holders of rec. Apr. 14
Concord(N.H.)Elect., corn.(quar.)
700
Apr. 15 Holders of rec. Apr. 6
1st preferred (quar.)
$134 May 1 Holders of rec. Apr. 14
Preferred (guar.)
$138 Apr. 15 Holders of tee. Apr. 6
2d preferred (guar.)
738e May 1 Holders of rec. Apr. 14
Cumberland Co.P.& L.6% pf.(quar.). 134% May 1 Holders of tee. Apr. 15
Metal & Thermlt Corp.(quar.)
$1
May 1 Holders of rec. Apr. 20
Dakota Central Telep.6 34% prof.(qu.) 118% Apr. 1 Holders of rec. Mar.31
Midwest 011 Co.(quar.)
40 Apr. 15 Holders of rec. Mar.31
Davenport Water 6% pref.(guar.)
134% May 1 Holders of rec. Apr. 20
Quarterly
40c Apr. 15 Holders of roe. Mar.31
East Missouri Power Co.7% pt.(s.-a.)
33.4% Apr. 1 Holders of rec. Mar.20
Preferred (quar.)
6c Apr. 15 Holders of roe. Mar.
Edison Elec. III. Co.of Boston (guar.)._ $234 May 1 Holders of rec. Apr. 10
Monroe Calculating Mach.7% pt.(qu.). $134 Apr. 1 Holders of roe. Mar.31
15
Electric Service $6 pref.(quar.)
$13.4 Apr. 1 Holders of rec. Mar.31
National Tea Co. pref.(guar.)
13 M e May 1 Holders of rec. Apr. 14
Exeter & Hampton Elect.(quar.)
$234 Apr. 15 Holders of recs. Apr. 6
Nationwide Securities Trust Ctts. A..-__ $1.11 Apr. 1
Fitchburg Gas & Elect.(quar.)
Apr. 15 Holders of rec. Apr. 6
69e
National Shares Corp.(Del.) pt. A (qu.) 4334e Apr. 10 Holders of me. Mar.31General Italian Edison, Amer.shs
82.04 Apr. 20 Holders of roe. Apr. 14
New York & Honduras Rosario Min.Co_ 3734o Apr. 29 Holders of rec. Apr. 15
2376
Name of Cornpany.
Financial Chronicle
Per
When
Share. Payable
Books Closed
Days Inclusive.
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
Share. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Atlanta & Charlotte Air Line(a-U)
$41
,
1 Sept. 1 Holders of reo. Aug. 20
'Boston & Providence (guar.)
$2.125 July 1 Holders of reo. June 200
Quarterly.
82.125 Oct. 1 Holders of rec. Sept. 201
Carolina Clinchfield dr Ohio (guar.)
Apr. 10 Holders of rec. Mar. 31
$1
Stamped certificates (guar.)
SIM Apr. 10 Holders of reo. Mar.31
Chesapeake dr Ohio. preferred (s.
-a.)... $3
July I Holders of reo. June 8
Clue. Sand.& Cleve. 6% prof. (s.
-a.)
1H% May 1 Holders of rec. Apr. 15
Clay. Clue. dr St. Louis 5% pref.(guar.). 1H% Apr. 29 Holders of rec. Apr. 20
Cleveland & Pittsburgh, guar (qUar.).. 87,40 JUUO 1 Holders of rec. May 10
Special guaranteed (guar.)
500 June 1 Holders of rec. May 10
Guaranteed (guar.)
87)4o Sept. 1 Holders of rec. Aug. 10
Special guaranteed (guar.)
500 Sept. I Holders of rem Aug. 10
Guaranteed (guar.)
87,40 Dec. I Holders of rec. Nov. 10
Special guaranteed (guar.)
500 Dec. I Holders of reo. Nov.10
Erie dr Pittsburgh 7% guaranteed(guar) 87,40 June 10 Holders of roe. May 31
7% guaranteed (guar.)
87,40 Sept. 10 Holders of roe. Aug. 31
7% guaranteed (guar.)
87)40 Dec. 10 Holders of rec. Nov. 30
Guaranteed betterment (guar.)
800 June I Holders of rec. May 31
Guaranteed betterment (guar.)
800 Sept. I Holders of reo. Aug. 31
Guaranteed betterment (guar.)
800 Dec. I Holders of roe. Nov.30
Delaware Hit. Co. (s.-a.)
July 1 Holders of rec. June 15
$1
Georgia RR. & Banking Co
$234 Apr. 15 Holders of rec. Apr. 1
Grand Rapids dr Indiana (5.-10
$2
June 20 Holders of rec. June 10
Kansas City Southern, pref. (guar.).— 50o
Apr. 15 Holders of rec. Mar.31
Mahoning Coal RR.,corn.(guar.)
$634 May 1 Holders of rec. Apr. 12
M111 Creek & Mine Hill Nay. dr RR.(s
-a) $15( July 10 Holders of reo. July 3
Nord Ky. Co
85 fr.
Norfolk dr Western adjust. pref. (quar.)_ $1
May 19 Holders of rec. Apr. 2
North Carolina (3.-a.)
3)4 Aug. 1 Holders of roe. July 2
North. RR. of New Jet.4% gtd.(guar.) $1
June 1 Holders of roe. May 2
4% guaranteed (guar.)
$1
Sept. 1 Holders of reo. Aug. 2
4% guaranteed (guar.)
Si
Dec. 1 Holders of rec. Nov.2
Philadelphia & Trenton (guar.)
Apr. 10 Holders of reo. Mar. 2
$231
Pitts. Bess.& Lake Erie, 6% pref. (gu.) $134 June 1 Holders of rec. May 1
Pittsburgh Fort Wayne & Chicago (.711.) 134% July 1 Holders of rec. June 1
7% preferred (guar.)
July 4 Holders of rec. June 1
1St% Oat. I Holders of rec. Sept.
Quarterly
7% preferred ((Mar)
% Oct. 3 Holders of rec. Sept.
Quarterly
134% Jatt.234 Holders of reo. Dec.
7% preferred (guar.)
.755.414 Holders of reo. Dec.
Pittsburgh Youngstown & Ashtabula
7% preferred (guar.)
1St% June 1 Holders of roe. May 2
7% preferred (guar.)
1St% Sept. 1 Holders of rec. Aug. 21
7% preferred (guar.)
134% Dec. 1 Holders of reo. Nov.20
Reading Co.. 2nd preferred (guar.)
500 Apr. 13 Holders of rect. Mar.23
.
United N.J. RR.& Canal Co.(guar.).. 234% Apr. 10 Holders of rec. Mar. 20
Quarterly
$234 July 10 Holders of rec. June 20
Quarterly
$2,4 Oct. 10 Holders of rec. Sept. 20
Public Utilities.
Alabama Power Co., $5 pref. (guar.).—
% May 1 Holders of rec. Apr. 15
Apr. 15 Holders of roe. Mar. 15
Am.Dist. Teleg. Co.of N.J., com.(q(1.) $1
Preferred (guar.)
$134 Apr. 15 Holders of ree. Mar. 15
American Gas dr Elec Co.. pref.(guar.). $134
May I Holders of reo. Apr. 7
Amer. Light dc Tree. Co. common ((N.)500 May 1 Holders of leo. Apr. 14a
Preferred (guar.)
1,5% May 1 Holders of reo. Apr. 14a
Apr. 15 Holders of rec. Mar. 14a
American Tel. dr Tel. Co.(guar.)
$2,4
Amer. Wat. Works & El. Co., Inc.(qu.)25c atm 1 Holders of rec. Apr. 7
,
Voting trust certifIcates (guar.)
250 May I Holders of fee. Apr. 7
t$1 34 Apr. 15 Holders of roe. Mar.23
Bell Telephone of Canada (guar.)
Bell Telep. Co. of Penna..6 % pref
(qu)
% Apr. 15 Holders of reo. Mar.20
BritishColumblaPow.Corp., Ltd., class A
1500 Apr. 15 Holders of rem Mar. 31
Brooklyn Borough Gas Co.corn.(guar.). Si 34 Apr. 10 Holders of rec. Mar. 31
Bklyn.-Manhattan Trans. corp. rd.
(am) $1,4 Apr. 15 Holders of rec. Apr. 1
Buffalo. Niagara dr Erie Power Co.—
$5 preferred (guar.)
$1,.4
May 1 Holders of rem Apr. 15
Calif -Ore. Pow. Co.7% pref.(guar.). 1,4% Apr. 15 Holders of rec. Mar. 31
IX% Apr. 15 Holders of rec. Mar. 31
6% Preferred (guar.)
8% preferred series 1927(guar.)
1,4% Apr. 15 Holders of rec. Mar. 31
Canada Nor.Pow.Corp..Ltd.Oom.(11U.)
20c. Apr. 25 Holders of rec. Mar. 31
7% preferred (guar.)
134% Apr. 15 Holders of reo. Mar. 31
Canadian Fairbanks Morse 6% pf. (qu.) 1,5% Apr. 15 Holders of rec. Mar. 31
Central Hudson Gas dr El. corn.(guar.).
20e May 1 Holders of rec. Mar. 31
rCentral Illinois Public Service CO.,6% & $6 Pr of. div. action deferred.
Central Kansas Power 7% prof. (guar.). 154% Apr. 15 Holders of rec. Mar. 31
174% July 15 Holders of rec. June 30
7% preferred (guar.)
1X% Oct. 15 Holders of rec. Sept. 30
7% preferred (guar.)
7% preferred (guar.)
% 1-15-34 Holders of rec. Dec. 31
6% preferred (guar.)
134% Apr. 15 Holders of rec. Mar. 31
6% preferred (guar.)
1,5% July 15 Holders of rec. June 30
6% preferred (guar.)
134% Oct. 15 Holders of rec. Sept.30
6% preferred (guar.)
1,5% 1-15-34 Holders of roe. Dec. 31
Chesapeake & Potomac Telep. pt.(gu.)
$134 Apr. 15 Holders of roe. Mar. 31
CM. Newp. & Coy. Lt. & Tr. (gust.).. 51,4 Apr. 15 Holders of rec. Mar. 31
51.1254 Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
i.
Holders of rec. June 15
Consumers Power Co.,$5 pref. (gust.).... $14 July
Holders of rec. June 15
1,4% July
6% preferred (guar.)
Holders of rec. June 15
1.65% July
8.6% preferred (guar.)
Holders of rec. June 15
IX % July
7% preferred (guar.)
500 May
Holders of rec. Apr. 15
6% preferred (monthly)
6% preferred (monthly)
504r June
Holders of rec. May 15
5oo July Holders of rec. June 15
6% preferred (monthly)
55e May
Holders of rec. Apr. 15
6.6% crefened (monthly)
550 June
Holders of rec. May 15
6.6% preferred (monthly)
Holders of roe. June 15
550 July
(monthly)
6.6% preferred
Per
When
Share. Payable.
Name of Company.
Miscellaneous (Conatided).
New York Merchandise Co.7% pf.(qu.) 13j% May 1 Holders of rec. Apr. 20
Common (guar.)
25c May 1 Holders of rec. Apr. 20
Nicholson File Co. ((ivar.)
300 Apr. 1 Holders of rec. Mar. 18
North Star 011, Ltd., pref.(guar.)
8,4c Apr. 15 Holders of rec. Apr. 5
Northeastern Elec. Supply Co.,Ltd.—
Is Amer- deposit refs., ord. registered_
8c Apr. 7 Holders of rec. Mar. 16
Outlet Co. common (guar.)
50c May 1 Holders of rec. Apr. 20
let preferred (guar.)
$1 X May 1 Holders of rec. Apr. 20
2d preferred (guar.)
$1 Si May 1 Holders of rec. Apr. 20
Planters Nut & Chocolate Co.(guar.)
$IX Apr. 1 Holders of rec. Mar. 15
6% preferred (guar-)
1)% Apr. 1 Holders of rec. Mar. 15
Plymouth Cord (guar.)
11e Apr. 20 Holders of rec. Mar.31
Queen City Petrol. Prod.7% pf. (711-).- 154% Apr. 15 Holders of rec. Apr. 1
Reed (C. A.)Co., A (guar-)
May 1 Holders of rec. Apr. 21
500
Reserve Investing Corp.,7% pref
$1
Apr. 15 Holders of rec. Apr. 10
Reserve Resources Corp
750 Apr. 15 Holders of rec. Apr. 10
Ritter Dental Mfg. Co. pref.(guar.). - $11 Apr. 1 Holders of rec. Mar.20
San Diego Ice & Cold Stor. class A—Div. omitte d.
Salt Creek Producers Assoc. (guar.)
250 May I Holders of rec. Apr. 153
.—
Schubert & Balzer (A. G.)
10% Mar. 28 Holders of rec. Mar. 28
Bonus
5% Mar. 28 Holders of rec. Mar. 28
Shuron Optical Co., Inc., pref.(qu.)
- $1 X Apr. 1 Holders of rec. Mar. 31
Signal Royalties Co.class A & B (guar.)15c Apr. 15 Holders of rec. Apr. 10
Simpson(R.) 6% pref.(s-a)
3%
May 1 Holders of rec. Apr. 15
Solvay Amer. Inv. Corp. pref.(guar.).- $134 May 15 Holders of rec. Apr. 15
Superior 011 (Calif.) pref
52% Apr. 15 Holders of rec. Mar. 31
Taylor-Colquitt Co.,corn.(guar.)
280
Mar. 31
Preferred (guar.)
$1% Apr. 1
Took-Hughes Gold Mines,Ltd.(glue.)
15e May 1 Holders of rec. Apr. 13
Tide Water 011 Co.5% pref.(guar.).— 134% May 15 Holders of rec. Apr. 20
Tubize-Chatllion Corp. pref.—Div. omit ted.
United Milk Products Co.$3 pref.(gu.)_
780 Apr. 1 Holders of rec. Mar.30
Universal Products Co., Inc.—Div. omit ted.
Walgreen Co., common (guar.)
250 May 1 Holders of rec. Apr. 15
Wisconsin Hydro-Elec. Co.6% pf. (gu.) $134 Apr. 1111olders of rec. Mar. 23
Name of Company.
April 8 1933
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Clinton Water Works 7% pref. (guar.) 154% Apr. 1 Holders of rec. Apr. 1
Columbus Ky., Pr. dr Lt.. prof. B (N.). $134 May
Holders of rec. Apr. 15
Commonwealth Edison (guar.)
$13' May
Holders of rec. Apr. 15
Commonwealth Mil. Corp. pf. C((NJ.. $154 June
Holders of rec. May 15
Consol. Gas Co.ot N. Y..5% W.
(qu.).. 14% May
Holders of rec. Mar. 31
Dayton Pow. dr Light,6% pref.(mthly). 500
May
Holders of rec. Apr. 20
Des Molnes Gas, 7% pref. (guar.)
87340 Apr. 1 Holders of rec. Mar. 15
Detroit Edison Co.capital stock (guar.). Si
Apr. 1 Holders of rec. Mar. 31
Duquesne Light Co.5% 1st pref.(go.)
134% Apr. 1 Holders of roe. Mar. 15
El Paso Elec.,7% pref. A (guar.)
154% Apr. 1 Holders of rec. Mar.
$6 preferred B (guar.)
134% Apr. 1 Holders of reo. Mar. 31
31
Electric Bond & Share Co..$6 pref.(qu.) 5114
May
Holders of rec. Apr. 6
$5 pre/erred (guar.)
$134 May
Holders of rec. Apr. 6
Empire dr Bay State Teleg 4% gtd.(qu.) $1
June
Holders of reo. May 2
0
4% guaranteed (guar.)
31
Sept.
Holders of ree. Aug. 21
4% guaranteed (guar.)
Dec.
$1
Holders of rec. Nov.20
Escanaba Pow.& 'Pratt.6% pref. (qu.)..... 134% May
Holders of rec. Apr. 26
6% preferred (guar.)
% Aug.
Holders of reo. July 27
6% preferred (guar.)
134% Nov.
Holders of roe. Oct. 27
6% preferred (guar.)
1,4% 2-1-'34 Holders of rec. Jan. 27
Franklin Telep., 254% guar. stk.(.
8 -a.) 3I3' May
Holders of rec. Apr. 15
Harrisburg Gas. pref. (guar.)
$134 Apr. 1 Holders of rec. Mar. 31
Hartford Electric Light Co. (guar.)-.... 6831c May
Holders of rec. Apr. 15
Honolulu Gas,common
20e.
Illinois Pow.& Lt. Corp..6% Pr.(gu.)
$13' May 1 Holders of rec. Apr. 10
International Hydro-Elec. System—
Pre:erred (guar.)
8734c Apr. 15 Holden; of rec. Mar.
Internat. Utilities Corp. $7 prof. (qu.)- -871,i May 1 Holders of rec. Apr. 28
$Ho
154
5334 preferred (guar.)
May I Holders of rec. Apr. 150
$134 preferred (guar.)
4334o Apr. 15 Holders of rec. Apr. 34
Jamaica Water Supply Co.
714% preferred (e.
-a.)
154% May 1 Holders of Fee. Apr. 10
Joplin Water Works,6% pref. (guar.)._ 134% Apr. 15 Holders of fee. Apr. 1
Kansas City Gas Co.
6% 1st and 2nd pref.(guar.)
% Apr. 10 Holders of rec. Mar. 31
Quarterly
$2
Apr. 10 Holders of rec. Mar. 31
Kansas City Sou. KY. Co., pref. (qu.)._ 500
Apr. 15 Holders of rec. Mar. 31
Kentucky Utilities Co.6% pref.(qu.)... $13' Apr. 15 Holders of rec. Mar. 27
Lawrence Gas & Elec. Co.(War.)
900 Apr. 13 Holders of rec. Apr. 8
Lincoln Telephone dr Telegraph
134% May 20 Holders of rec. Apr. 30
6% preferred A (guar.)
5% preferred (guar.)
134% Apr. 10 Holders of rec. Mar. 31
$144 Apr. 10 Holders of rec. Mar. 31
Los ua
Q Age ly Gas .St El.6% pref.(qu.)
reles
May 15 Holders of rec. Apr. 29
Loubville Gas & Electric Co.(Ky.)7% preferred (guar.)
154% Apr. 15 Holders of rec. Mar. 31
6% preferred (guar.)
1 Si% Apr, 15 Holders of rec. Mar. 31
5% preferred (guar.)
134% Apr. 15 Holders of rec. Mar. 31
Marne G Companies,common (guar.).
c oo..nT,Ias
aio
354) Apr. 15 Holders of rec. Mar.28
Preferred (guar.)
$134 Apr. 15 Holders of rec. Mar.28
Marconil naerrel Marine Communicatlonz 10%
In ti
Mass. Lighting Co., 8% Pref. (guar.).6% Preferred (guar.)
Mass. Utilities Assoc.5% pref.(guar.).
Milwaukee El. Ry.& Lt. Co.6% pf.(qu)
Mohawk Hudson Pow.Corp..1st pf
Monongahela Valley Water CO.. PI-(qu.)
Montreal Lt., Ht. dr Pow., corn. (guar.)
Montreal Telegraph Co.(guar.)
Montreal Tramways Co. (guar.)
Mountain States Tel. & Tel. Co
Mutual Telep.(Hawaii)(monthly)
National Pow. & Lt. Co.. $6 pref. (rm.)
Nevada-California Elec. Corp.pref.(qu.)
New Bedford Gas & Ed. Lt. Co. ((Bt.).New Brunswick Telep (guar.)
New England Power Assn.. COLO.(go.)-.
New York Telep. Co.,634% pref.(guar.)
%
North
artPow ar i,Ltd.,com.(gu.)_
( u Co
g.
2
%
%
62340
134%
$1:
, 0
$134
xte2%
$23'
$2
80
$13'
$1
750
togo
Apr. 1 Holders of rec. Mar. 31
Apr, 1 Holders of rec. Mar. 31
Apr. 1 Holders of ree. Mar. 31
May
Holders of rec. Apr. 20
May
Holders of reo. Apr. 15
Apr. 1 Holders of rec. Apr. 1
Apr. 3 Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 31
Apr. 1 Holders of reo. Apr. 6
Apr. 1 Holders of rec. Mar. 31
Apr. 20 Holders of reo. Apr. 10
May
Holders of rec. Apr. 8
May
Holders of rec. Mar.30
Apr. 1 Holders of rec. Mar. 24
Aug. I Holders of rec. Mar. 3
Apr. 1 Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar.31
Apr. 2 Holders of rec. Mar.31
Apr. 1 Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 31
Apr. I Holders of rec. Mar. 31
500
134%
50o
134%
Northern Ienocoledna
6 ooef iaPtr.Serv.7% pf.(qu) 8734e
75e
(gust.)
554% preferred (guar.)
683(0
Northern States Power Co.(Deli—
1% May
Common class A (guar.)
Holders of roe. Mar. 31
134% Apr. 2 Holders of rec. Mar. 31
7% preferred (guar.)
1 Si% Apr. 2 Holders of rec. Mar.31
6% preferred (guar.)
Northwestern Bell Telep.1,4% Air. I Holders of rec. Mar. 20
634% preferred (guar.)
500 Apr. 1 Holders of rec. Mar. 31a
Pacific Gas & Elec. Co., corn. (gust.)...
Pacific Lighting Corp.. coin. (guar.)750 May 1 Holders of rec. Apr. 20
$134 Apr. 1 Holders of reo. Mar.31
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 31
Pacific Telep. dr Teleg. Co., cons.(guar.) $134
Apr. 1 Holders of rec. Mar. 31
$134
Preferred (guar.)
$134
Apr. 1 Holders of rec. Mar. 31
Preferred (guar.)
May
Pennsylvania Pwr. Co.. $5.60 pref.(mo.) 580
Holders of rec. Apr. 20
550
June
$6.60 preferred (monthly)
Holders of rec. May 20
$134 IMO
$6 preferred (quarterly)
Holders of rec. May 20
Peoples Gas Light & Coke
$1)( Apr. 1 Holders of reo. Apr. 3
250
Apr. 2 Holders of rem Apr. 1
Philadelphia Co., corn (guar.)
6% cum. preferred (s.
May
134%
-a.)
Holders of rem Apr. 1
Philadelphia Electric $5 prof. (gust.)....
May
Holders of rec. Apr. 10
Philadelphia Sub. Wat. Co., pref.(qu.). 134%
WKS
Holders of rec. May 120
Power Corp.of Can., Ltd.,6% pf.(gm).(1)4% Apr. I Holders of rec. Mar. 31
6% non-cum. partie. pref.(gust.).... t 134% Apr. 1 Holders of rec. Mar. 31
Public Service Co.of Ind.$7 prof. 01114- $154 Apr. 1 Holders of rec. Mar. 31
E6 preferred (guar.)
$1,4 Apr. 1 Holders of roe. Mar. 31
Pub. Serv. Corp. of N. J.. 6% PI.(ma.
50c Apr, 2 Holders of roc. Apr. 1
)
San Diego Consol. Gas & Pow. p1.(go.)- 154% Apr. 1 Holders of rec. Mar.31
South Pitbur tqor.)r 7% Pref. (qr.). 15i% Apr. 1 Holders of rec. Apr. 1
% p ta e Wate
e t
u
preferred
134% Apr. 1 Holders of rec. Apr. 1
Sou, Calif. Edison Co.. Ltd.—
2%
Original preferred
Apr. 1 Holders of reo. Mar.20
154% Apr. 1 Holders of reo. Mar.20
Series C.5 X% preferred (guar.)
Southern California Gas Corp.
6% and 6% series A pref.(guar.)
37%0 Apr. 1 Holders of rec. Mar. 31
$631 preferred (guar.)
$134 May 3 Holders of rec. Apr. 30
Southern Can.Pow.Co., Ltd..COMAUJ I 25e May 1 Holders of rec. Apr. 29
6% Preferred (guar.)
134% Apr. 1 Holders of roe. Mar.20
Southern Counties Gas Co. (Calif.)
6% preferred (guar.)
134% Apr. 1 Holders of rec. Mar. 31
Southern New Eng. Telep. corn. (guar.) 51 34 Apr. 1 Holders of rec. Mar. 31
Stamford Gas h Electric Co. (guar.).
$2,4 Apr. 1 Holders of ree. Mar. 31
Standard Gas& Elec. Co.,67 pref.(qu.). $154 Apr. 2 Holders of rec. Mar. 31
$134 Apr. 2 Holders of rec. Mar.31
$6 Preferred (guar.)
Standard Power & Light. prof.(gust.)..
144 May
Holders of rec. Apr. 154
Suburban El. Sec.6% it pref.(g.).— - 134% May
Holders of rec. Apr. 15
Tennessee Eled wuso Co.P
o% preferoee ow..5% pf. Wm). 134% July
.
Holders of reo. June 15
134% July
Holders of rec. June 15
7% Preferred (guar.)
Holders of reo. June 15
134% July
7.2% preferred (guar.)
$1.130 July
Holders of roe. June 15
May
500
6% Preferred (monthly)
Holders of rec. Apr. 15
6% preferred (monthly)
June
500
Holders of rec. May 15
500
6% preferred (monthly)
July
Holders of rec. June 15
7.2% preferred (monthly)
May
600
Holders of rec. Apr. 15
7.2% preferred (monthly)
June
600
Holders of rec. May 15
7.2 preferred (monthly)
600
July
Holders of roe. June 15
United Ohio Utilities Co.,6% pref.(MO $134 May
Holders of rec. Apr. 12
West Penn Power Co.. 6% pref. (guar.) 134% May
Holders of rec. Apr. 5
1 34% May
Holders of roe. Apr. 5
Wiehitare
%D Water Co., 7% pref. (gliar.).,- 114% Apr. 1 Holders of reo. Apr. 1
Wisconsin Telephone Co., corn. (gust.). $134
Preferred (guar.)
81 34
Fire Insurance Companies.
Aetna Fire Insurance Co.(guar.)
Firemen's Fund Ins. Co. (guar.)
North River Ins. Co. (guar.)
United State. Fire Ina. Co.(guar.)
Weet American Ina, Co.
404:4
75e
15e
30e.
$1
Apr, 15 Holders of rec. Mar. 27
Apr. 15 Holders of rec. Apr. 5
June 10 Holders of rec. June 1
May 1 Holders of roe. Apr. 20
Financial Chronicle
Volume 136
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous.
Abraham di Straus. Inc.. pref. (guar.)
- $154 May 1 Holders of rec. Apr. 15
Affiliated Products, Inc.(monthly)
100
May I Holders of roe. Apr. 18
Air Reduction Co.(guar.)
750 Apr. 15 Holders of roe. Mar.31
Alaska Juneau Gold Min. Co.(guar.)--150 May 1 Holders of rec. Apr. 10
Allied Chemical az Dye Corp. com.(qu.)_ $145 May 1 Holders of rec. Apr. 11
Aluminum Mfg.,Inc.,corn.((Mar.)
50o
June 30 Holders of rec. June 15
Common (guar.)
Sept.30 Holders of rec. Sept. 15
50c
Common (guar.)
Dec. 31 Holders of rec. Dec. 15
50c
Preferred (guar.)
$154 Mar.31 Holders of rec. Mar. 15
Preferred (guar.)
8154 June 30 Holders of rec. June 15
Preferred (guar.)
5134 Sept.30 Holders of rec. Bela. 15
Preferred (guar.)
8134 Dee. 31 holders of rec. Dee. 15
American Can Co. common (guar.)
$1
May 15 Holders of rec. Apr. 24a
American Envelope,7% nref.(guar.)--% June 1 Holders of roe. May 26
7% preferred (guar.)
134% Sept. 1 Holders of reo. Aug. 25
7% preferred (guar)
134% Dee. 1 Holders of rec. Nov.25
American Factors, Ltd.(monthly)
10c
Apr, 10 Holders of reo. Mar.31
American Hardware (guar.)
250
July I Holders of rec. June 17
Quarterly
250
Oct. I Holders of me. Sept. 16
Quarterly
25o
1-1-34 Holders of roe. Dec. 16
Amer. Home Products Corp.(mthly.)__
250 May 1 Holders of rec. Apr. 140
American Ice pref. (guar.)
5144 Apr. 25 Holders of rec. Apr. 7
American Ship Building Co. (quar.)
50c May 1 Holders of rec. Apr. 15
Amoekeag Co., oommon (e-a)
$1
July 3 Holders of roe. Juno 24
Preferred (5-al
8254 July 3 Holders of roe. June 24
Associated Electric Industries-.
Amer. dep. rec, for ord. rag
zw4% Apr. 13 Holders of reo. Mar. 29
Associated Portland Cement
American dep. rec, for ord. reg
za7% Apr. 8 Holders of rec. Mar.22
Austin. Nichols & Co., Inc., pr. A (q11.) 250
May I Holders of roe. Apr. 14
Baldwin Co., 6% pref. (guar.)
13.4% Apr. 15 Holders of roe. Mar.31
Bandini Petroleum Co. (monthly)
50
Apr, 20 Holders of roe. Mar. 31
Bankers Investment Trust of Am.(5.-a.)
150 June 30 Holders of rec. June 15
Barber(W H.). Pref.(guar.)
5134
July 1 Holders of rec. June 26
Preferred (guar.)
Oct. 1 Holders of rect. Sept.26
$154
Barnet Leather Co.. Inc.. pf. (liguld'g). 2234%
Bayuk Cigar, 1st pref. (guar.)
5154 Apr. 15 Holders of rec. Mar. 31
Beech-Nut Packing Co.7% pref. A (gu.) 134% Apr. 15 Holders of roe Apr. 1
Belding Corticelli, Ltd.(guar.)
Si
May 1 Holders of rec. Apr. 15
Bloomingdale Bros., pref. (guar.)
3134 May 1 Holders of rec. Apr. 20
Bon Ami Co., class A (guar.)
51
Apr. 30 Holders of roe. Apr. 15
Bornot, Inc.. class A
250
Jan. 12 Holders of roe. Jan. 12
Brantford Cordage Co.. Ltd.. Prof.(gU.) t500
Apr. 15 Holders of roe. Mar.20
Bridgeport Hydraulic Co. (guar.)
40o
Apr. 15 Holders of rec. Mar. 31
British Aluminium Co., Ltd.
American dep. roc. ord. ree
zw5% Apr. 8 Holders of roe. Mar. 22
British United Shoe Mach. Co., Ltd.
American dep. rec. ord. reff
a735% June 8 Holders of rec. May 22
Burger Bros., 8% pref. (guar.)
July 1 Holders of rec. June 15
$1
8% preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
51
Burma Corp., Ltd., Am.dep.roe.(int.). relMan Apr. 20 Holders of roe. Mar. 10
Ordinary register
tolHan Apr. 20 Holders of rec. Mar. 10
Burroughs Adding Mach. (guar.)
10e
June 5 Holders of rec. May 5
Byers (A. M.) Co., 7% Wet.
500 May 1 Holders of rec. Apr. 14
0 01=
Calaveras Cement,7% pref.(auar.) -- 154% Apr. 15 Holders of rec. Mar.31
Canada Dud Breweries (guar.)
150
Apr. 15 Holders of rec. Mar. 31
Canada Dry Ginger Ale of Del. (guar.). 250
Apr. 15 Holders of roe. Apr. 1
Canadian Car & Foundry Co.. pref. OM./ 144n. Apr. 10 Holders of rec. Mar. 27
Canadian Industries, Ltd., pref. (guar.) 15144 Apr. 15 Holders
of rm. Mar. 31
Cartier, Inc., 7% prod
8755e. Jan, 31 Holders of rec. Jan. 14
Central Manhattan Properties
$1.08
Centrifugal Pipe Line Corp.eap.stk.(gu.)
100. May 15 Holders of roe. May 5
Capital stock (guar.)
100. Aug 15 Holders of roe. Aug. 5
Capital stock (guar.)
100. Nov. 15 Holders of roe. Nov. 6
Chic. Dock & Canal Co.
634% Preferred C (Quar.)
151% June 1 Holders of roe. May 15
Chickasha Cotton 011 Co
250
May 1 Holders of rec. Apr. 14
Chipman Knitting Mills, 7% Prof (r-a)
354% July 1 Holders of rec. June 30
Coats(J. Sr P.). Ltd.. corn.(guar.)
6d
Colombo Sugar Estates, tom. (guar.)__ 400
July 1 Holders of rec. June 15
7% Preferred (guar.)
35c
July 1 Holders of rec. June 15
Commercial Discount Co. of Call!.
Class A, preferred (guar.)
200
Apr. 10 Holders of roe. Apr. I
Class B, preferred (guar.)
1734c Apr. 10 Holders of rec. Apr. 1
Confederation Life Assoc. (guar.)
$1 June 30 Holders of rec. June 25
Quarterly
$1 Sept.30 Holders of rec. Sept. 25
Quarterly
$1 Dec. 31 Holders of rec. Dec. 25
Consolidated Car Heating (guar.)
81 >4 Apr. 15 Holders of rec. Mar. 31
Cowl. Chemical Indust.. prof. A
(qu.) 3734c May 1 Holders of rec. Apr. 15
Consolidated Royalty Oil (guar.)
Se
Apr. 25 Holders of rec. Apr. 15
Coon (IV. B.) Co. 7% pref. (gust.).... 134% May 1 Holders of rec. Apr. 12
Corn Products Refining Co., corn. (gu.) 750
Apr. 20 Holders of rec. Apr. 3
Preferred (guar.)
5154 Apr. 15 Holders of rec. Apr. 3
Cottrell (C.11.) & Sons Co.(annual).... $4
July 1
6% preferred (guar.)
155% July 1
6% Preferred (Guar.)
154% Oct. 1
6% preferred (guar.)
1M% 1-1-'34
Creamery Package Mfg.Co.. prof.(111.)- $135 Apr. 10 Holders of roe. Apr. 1
Crum & Forster
100
Apr. 15 Holders of rec. Apr. 5
Preferred (guar.)
$2
June 30 Holders of roe. June 19
Hudally Packing,common
62550 Apr. 15 Holders of rec. Apr. 5
(guar.)
6% preferred (s-a)
3%
May 1 Holders of rec. Apr. 20
7% preferred (s-a)
334% May 1 Holders of roe Apr. 20
Curtiss-Wright Export,6% pref.(guar.) 155% Apr. 15 Holders of rec. Mar. 31
Devonian Oil Co (guar.)
150
Apr. 20 Holders of rec. Mar. 31
Dome M ln es(gUar.)
25e. Apr. 20 Holders of rec. Mar.31
Extra
200. Apr. 20 Holders of roe. Mar.31
Dominion Bridge Co.. Ltd. (guar.)
--- (500. May 15 Holders of roe Apr. 29
Dominion Rubber, pref. (guar.)
$134 Apr. 12 Holders of rec. Apr. 6
Dominion Textile Co.. pref. (guar.).
Apr. 15 Holden of rec. Mar.31
- 85154
H.I.du Pont de Nemours & Co.
Debenture stock (guar.)
115% Apr. 25 Holders of rec. Apr. 10
Eureka Pipe Line (guar.)
51
May 1 Holders of rec. Apr. 15
Ewa Plantation Co. (guar.)
60o. May 15 Holders of rec. May
Faber, Coe & Gr., pref. (guar.)
$l% May 1 Holders of rec. Apr. 20
Fibreboard Prod., Inc.,6% pref.(guar.) 134% May 1 Holders of rec. Apr. 15
Firestone Tire & Rubber Co.(guar.)._ 100
Apr. 20 Holders of rec. Mar. 24
Fishman (M. H.) Co., Inc.
A & 11 preferred (guar.)
SIM Apr. 15 Holders of rec. Apr. 1
Motor Co. of Belgium
Ford
5%
Freeport Texas, new 6% prof. (gust.).. 134% May 1 Holders of roe. Apr. 14
General Electric Co., corn. (guar.)
100
Apr. 25 Holders of roe. Mar. be
Special (guar.)
Apr. 25 Holders of rec. Mar. 10a
150
General Mills (guar.)
May 1 Holders of rec. Apr. 15a
750
General Motors Corp.,15 pref.((lama__ $134
May 1 Holders of roe. Apr. 10
General Stockyards Corp.. corn.(guar.). 50.3
May 1 Holders of rec. Apr. 14a
66 preferred (guar.)
514 May 1 Holders of rec. Apr. 14a
Gillette Safety Razor preferred (guar.). elm may 1 Holders of rec. Apr. 1
Gold Dust, voting trust (guar.)
May 1 Holders of rec. Arr. 10
300
Gotham Silk Hosiery Co., 1st pref.(go.) $154 May 1 Holders of tee. Apr. 12
Gottfried Baking Co., Inc.. el. A (guar.)
750. July 1 Holders of rm. June 20
Class A (guar.)
75e. Oet. 1 Holders of rec. Sept. 20
Preferred (guar.)
154% July 1 Holders of roe. June 20
Preferred (guar.)
154% Oct. 2 Holders of rec. Sept. 20
Preferred (GUM.)
134% Jn.2 '34 Holders of roe. Dee. 20
Govt. Gold Mining Areas Cons.. Ltd.
Amer. dep. roe. reg. shame
Holders of reo. Dee. 80
w45%
Grace (IV. R.) az Co.,6% pref. (5.-a.)__
3% June 30 Holders of roe. Juno 28
6% preferred (5.-a0
3% Dec. 29 Holders of rec. Dec. 27
Great Lakes Engineering Works
May 1 Holders of rec. Apr. 24
5o
Guarantee Co. of No. Amer. (guar.). _ _
5155 Apr. 15 Holders of rec. Mar. 31
Extra
5255 Apr. 15 Holders of rec. Mar.31
Harbauer Co., 7% pref.(guar.)
144% July 1 Holders of rec. June 21
7% preferred (guar.)
134% Oct. 1 Holders of rec. Sept. 21
7% preferred (guar.)
144% 1-1-34 Holders of rec. Dee. 21
Hardesty (R.), 7% pref. (guar.)
134% June 1 Holders of rec. May 15
7% preferred (guar.)
154% Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
% Dee. 1 Holders of rec. Nov. 15
Harrods, Ltd., ordinary register
1933
10
Amer. dep. rec. for ord. reg
1933
10
Hawaiian Commercial & Sugar Co.(m0.) 250
May 5 Holders of rec. Apr. 24
Name of Company.
2377
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Hawaiian Sugar Co. (monthly)
20e
Apr. 15 Holders of rec. Apr. 10
Hercules Powder Co., pref. (quar.)___. $154 May 15 Holders of rec. May 4
Hershey Chocolate Corp., coin. (guar.)- 75e
May 15 Holders of rec. Apr. 25
Preferred (guar.)
May 15 Holders Of rec. Apr. 25
$1
Hibbard, Spencer, Bartlett & Co.(mo.) 10e
Apr. 28 Holders of rec. Apr. 21
Monthly
100
May 26 Holders of rec. May 19
Monthly
We
June 30 Holders of recs. June 23
Holland Land (llquidatIng)
500.
Holders of roe. Dee. 14
Holly Development Co. (guar.)
10
Wm. IS Holders of rec. Mar. 31
Horn & Hardart Co.(N. Y.)(Guar.)
May 1 Holders of rec. Apr. 10
-- 500
Household Finance Corp.. pref. (guar.). $1.05 Apr. 15 Holders of roe. Mar.31
Common class A & B (guar.)
75e Apr. 15 Holders of rec. Mar. 31
Howe Sound Co. (guar.)
100
Apr. 15 Holders of roe. Mar.31
Imperial Chem.Industries, Ltd. (final).a w334% June 8 Holders of rec. Apr. 13
Incorporated Investors (s.
e255% Apr. 20 Holders of me Mar. 28
-a.)
Indiana Pipe Line Co., cap, stock
150
May 15 Holders of ree. Apr. 28
r Industrial Rayon Corp.
-Dividend act ion defe med.
Internat. Business Machines (guar.)-- $134
Apr. 10 Holders of roe. Mar.22a
International Harvester, corn
150. Apr. 15 Holders of rec. Mar.20
International Ink, pref. (guar.)
$145 May 1 Holders of rec. Apr. 15
International Life Ins.(liquidating)
8155
International Nickel Co. of Can.
7% preferred (guar.)
81.34% May 1 Holders of rec. Apr. 1
International Shoe Co.. pref. (monthly).
500. May 1 Holders of roe. Apr. 15
Preferred (monthly)
100. June 1 Holders of roe. May 16
Investment Foundation, pref. (guar.)
370
Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
5130 Apr. 15 Holders of me. Mar.31
Jewel Tea Co.. Inc., common (guar.).750. Apr. 15 Holden of roe. Mar.13
Kekoha Sugar Co. (monthly)
100
May 1 Holders of TeC. Apr. 25
Keystone Custodian Fund, series 0...... 204012c
Keystone Watch Can Co
$3 1-3
Kirby Petroleum
100
Apr. 15 Holders of rec. Mar.31
Kress (S. H.) & Co.. common (guar.)._ 25c
May I Holders of me. Apr. 11
Common extra
May 1 Holders of rec. Apr. 11
j50c
Preferred (special)
15c
May 1 Holders of rec. Apr. 11
Kroger Grocery & Baking
7% 2nd preferred (guar.)
134% May I Holders of roe. Apr. 20
LakeView.kStar Co.(London).1ntetim_xto 123.4%
Landis Machine, pref. (guar.)
134% June 1 Holders of roe. June 5
Lane Bryant, Inc., 7% pref. (guar.).__ 134% May
Holders of roe. Apr. 15
Lanzendorf United Bakeries, Inc
250
Apr. 1 Holders of rec. Mar.31
Lawyers Title Ins. Co.(Richmond, Va.),
6% preferred (5.-a.)
3% Apr. 1 Holders of rec. Apr. 10
Lazarus(F.& R.) & Co., Pref.(gust.).. $134 May
Holders of rec. Apr. 20
Lincoln National Life Ins. Co. Cap.stook
600. May
Holders of rec. Apr. 25
Capital stock
600. Aug.
Holders of roe. July 26
Capital stock
70e. Nov.
Holders of roe. Oct. 26
Link Belt (guar.)
10c
June
Holders of rec. May 15
Preferred (guar.)
$155 July
Holders of rec. June 15
Lock Joint Pipe, preferred (guar.)
$2
July
Holders of roe. July 1
Lowell Elect. Light Corp. (guar.)
dApr.1 Holders of roe. Mar.27
90c
Lucky Tiger Comb,Gold Mizeg Co.(go.)
So. Apr. 20 Holders of roe. Apr. 10
Lumbermen's Ins. Co. (Phila.) (guar.).- $154 Apr. 15 Holders of roe. Mar.31
Lunkenheimer Co..pro!.(guar.)
$155 Jule 1 Holders of roe. June 21
Preferred(guar.)
$155 Oct 2 Holders of roe, Sept.22
Macy (R. H.)Sz Co.(guar.)
May 15 Holders of roe. Apr. 21
50c
MacAndrews & Forbes Co.,00m.01=0
250 Apr. 15 Holders of rec. Mar. 31a
134% Apr. 15 Holders of rec. Mar. 31a
Preferred (gust.)
Magnin (I.) & Co.,8% pref.((Mar.)... 134% May 15 Holders of roe. MILY 5
154% Aug. 15 Holders of rec. Aug. 5
6% preferred (guar.)
155% Nov.15 Holders of roe. Nov. 5
6% preferred (guar.)
Manufacturers Casualty Ins. CO.(au).. 37540 Apr. 15 Holders of rec. Apr. 1
McCall Corp.(guar.)
May 1 Holders of rec. Air. 15
50c
McColl Frontenac 011 Co., prof.(guar.)- 05154 Apr. 15 Holders of rec. Mar. 31
MCQuay-Norris Mfg. Co.. corn. (guar.)
750. Apr. 15 Holders of rec. Mar. 31
Mercantile American Realty Co.
6% preferred (guar.)
135% Apr. 15 Holders of roe. Apr. 15
Mo. River-Sioux City Bdge.Co. pt.(gu.) $134 Apr. 15 Holders of roe. Mar. 31
Mohawk Investment Corp.(guar.)
25e Apr. 15 Holders of rec. Mar. 31
Mohawk Mining Co.. cap. stock (gu.)
Apr. 22 Holders of rec. Apr. 70
- 52
Moore (Iv tn.) Dry Goods Co.(Oust.).. $154 July 1
Quarterly
$134 Oct. 1
Quarterly
$155 1-1-'34
Morris (Phil.)& Co., Ltd.(guar.)
25c
Apr. 15 Holders of rec. Apr. 4
Morris 50. & 10e.toll Ste..7% pt.(g.) 154% July 1
7% Preferred (guar.)
154% Oct. 1
7% preferred (guar.)
154% 1-2-34
Municipal Service Corp
$5.56
Holders of rm. Mar. 14
National Biscuit, common (guar.)
70e. Apr. 15 Holders of reo. Mar.17
National Carbon, pref. (guar.)
$2
May I Holders of rec. Apr. 20
National Lead Co. preferred B (guar.)._
$155 May 1 Holders of rec. Apr. 21
r National Refin'g, pref, div. action dole reed.
New England Grain Prod., A pref.(gu.). $1% Apr. 15 Holders of roe. Ala. 1
A preferred (guar.)
$13.4 July 15 Holders of rec. July 1
New Jersey Zinc Co.(guar.)
50c May 10 Holders of rec. Apr. 20
New York Transit Co.. cap.stk. 01-11)-- 150
Apr. 15 Holders of roe. Mar.24
Newberry (J. Ji Realty
634% preferred A (guar.)
1%% May 1 Holders of roe. Apr. 17
6% preferred B (guar.)
134% May 1 Holders of rec. Apr. 17
Niagara Share Corp. of Md.Class A $6 Preferred (gust.)
1134 July 1 Holders of rec. June 15
Class A 56 preferred (gust.)
$155 Oct. 1 Holders of rec. Sept. 15
Class A $6 preferred (guar.)
$134 Jan 2'34 Holders of rm. Dee. 15
Nineteen Hundred Corp., class A (guar.)
50o. May 15 Holders of rec. May 1
Class A (guar.)
500. Aug. 15 Holders of rec. Aug. 1
Class A (Guar.)
50e, Nov. 15 Holders of roe. Nov. 1
Oahu Ry.& Land Co.(monthly)
15a Apr. 16 Holders of rec. Apr. 12
Oahu Sugar Co., Ltd.(monthly)
5o Apr. 15 Holders of rec. Apr. 6
Onomea Sugar Co.(monthly)
20c Apr. 20 Holders of rec. Apr. 10
Otis Elevator Co., corn.(guar.)
Apr. 15 Holders of roe. Mar.31
lbe
Preferred (guar.)
$134 Apr. 15 Holders of rec. Mar.31
Penmans, Ltd.. corn. (guar.)
May 15 Holders of ree. May 5
750
Preferred (guar)
$154 May 1 Holders of roe. Apr. 21
Pennsylvania Salt Mfg. Co. (quar.)____ 75e
Apr. 15 Holders of rec. Mar.31
Philadelphia National Ins. (guar.)
300 Apr. 15 Holders of Me. Mar. 31
Pinhim Johnson, American shares
z w755% Apr. 8 Holders of rec. Mar. 11
Pioneer Mill Co., Ltd:(monthly)
Sc May 1 Holders of rec. Apr. 21
Plymouth Cordage Co.common (guar.). 51.125 Apr, 20 Holders of rec. Mar.31
Procter & Gamble Co.,8% pref.(guar.).
2% Apr. 15 Holders of rec. Mar.240
Prudential Investors, Inc., $6 pref.(gu.) $134 Apr. 15 Holders of rec. Mar. 31
Pullman, Inc.( guar.)
75e May 15 Holders of rec. Apr. 24
Puritan Ice Co., pref.(3.-11.)
May
$4
Holders of roe. Dee. $1
Quaker Oats Co. common (guar.)
81
AW, 15 Holders of Lee. Apr. 1
Extra
$1
Apr. 15 Holders of roe. Apr. 1
6% preferred (guar.)
134% May 81 Holders of reel. May 1
Republic Stamping & Enameling Co.
Common (guar.)
250 Apr. 10 Holders of rm. Apr. 3
Rolls-Royce, Ltd., Am.dep,rec. ord. roe zw8% May 26 Holders of too. Mar. 31
Roos Bros., Inc. (Del.) $634 pref
May 1 Holders of roe. Apr. 15
810
St. Croix Paper Co., corn.(guar.)
500 Apr. 15 Holders of rec. Apr. 5
Ban Carlos Milling (monthly)
20c Apr. 15 Holders of roe. Apr. 7
Scott Paper Co., 7% ser. A pref.(guar.) 134% May 1 Holders of roe. Apr. IS
6% series B preferred
154% May I Holders of rec. Apr. 15
Seeman Bros.. Inc., corn. (guar.)
62540. May I Holders of me. Apr. 15
Sharp & Dohme Co., pref. Cl, A (guar.).
50e May 1 Holders of rec. Apr. 17
Shattuck (F. G.) Co., corn.
Apr. 10 Holders of roe. Mar.201
60
for(W. A.) Pen, pref.(guar.)
(guar.)Shef
$2
Apr. 20 Holders of ree. Mar.31
Preferred (guar.)
82
July 20 Holders of roe. Jane SO
Preferred (guar.)
$2
Oat. 20 Holders of rec. Sept.30
Siemens & Halske (Berlin)
7%
Simpson (Robert) Co.. pref. (8.
May 1 Holders of reo. Apr. 15
-11.)---- $3
South Franklin Process Co., pref.(au).. $154 Apr. 10 Holders of rec. Mar. 31
Southland Royalty Co. (guar.)
So
Apr. 15 Holders of MC. Apr. 1
Spicer Mfg. Corp., $3 pref.(guar.)
750. Apr. 15 Holders of rec. Apr. 3
Standard-Coosa-Thatcher 7% pf. (go.). 154% Apr. 15 Holders of roe. Apr. 15
Standard 011 Co.(Ohio).5% pref.(guar.) 134% Apr. 15 Holders-of roe: Mar.31
Stanley Works,6% pref. (guar.)
37350 May 15 Holders of rec. May 6
State Street Invest. (Boston)(gear.)...
40e Apr, 15 Holders of rec. Mar. 31
Steel Co. of Can., common (guar.)
May I Holders of rec. Apr. 7
130c
Preferred (guar.)
143440 May 1 Holders of rec. Apr. 7
Superheater Co. (guar.)
12Mo Apr. 15 Holders of rec. Apr. 5
Financial Chronicle
2378
Per
When
Share. Payable.
Name of Company.
Books Closed
Days Inatuive.
Miscellaneous (concluded).
Superior Portland Cement (monthly)--- 27140 May 1 Holders of rec. Apr. 22
Supervised Shares, Inc., Cap. stk. Initial_ $.0175 Apr. 15 Holders of rec. Mar. 31
Tacony-Paimyra Bridge Co.
734% preferred (quar.)
134% May 1 Holders of rec. Apr. 10
Telautograph Corp., Corn. (quar.)
250 May 1 Holders of rec. Apr. 14
Toronto Elevator Ltd., 7% pref.(qu.).- 1134% Apr. 15 Holders of rec. Apr. 1
Tucket Tobacco Co., Ltd.,7% pl.(qu.)_ 134% Apr. 15 Holders of rec. Mar. 31
United Biscuit Co. of Amer., p1. (qu.)
$153 May 1 Holders of rec. Apr. 15
United Profit Sharing Corp.cap.stk.(s-a)
5% Apr. 29 Holders of roe. Mar. 31a
U.S.Pipe & Foundry Co.. corn.(guar.). 12%o. Apr. 20 Holders of rec. Mar. 31
Common (quar.)
12%0. July 20 Holders of rec. June 30
Common (quar.)
1230. Oct. 20 Holders of rec. Sept. 30
Common (guar.)
1234e. 1-20-34 Holders of reo. Dec. 30
1st preferred (quar.)
be. Apr. 20 Holders of rec. Mar. 31
1st preferred (guar.)
300. July 20 Holders of rec. June 30
let preferred ((Mar.)
300. Oct. 20 Holders of rm. Sept.30
18t preferred ((mar.)
300. 1-20-34 Holders of rec. Dee. 30
United States Smelting, Ref. & Min. Co.
Common (quar.)
250 Apr. 15 Holders of rec. Apr. 3a
Preferred (quar.)
873ic Apr. 15 Holders of rec. Apr. 3a
United Verde Extension Mining Co-.
100 May I Holders of rec. Apr. 4a
May 1 Holders of rec. Apr. 19
Universal Leaf Tobacco,com.(quar.)
500
Vickers, Ltd
xtri4% Apr. 10 Holders of rec. Mar. 17
Vulcan Detinning Co., pref. (quar.)-134% Apr. 20 Holders of tee. Apr. 7
$1
Apr. 15 Holders of rec. Mar. 31
Wallace Sandstone Quarries, Ltd.(s-a)
$134 Apr. 15 Holders of rec. Mar. 20
Western Grocers, Ltd., pref.(quar.)
250 Apr. 29 Holders of me. Mar. 31
Westinghouse Air Brake Co. (gust.)...
$1;8 May 1 Holders of rec. Apr. 15
Winstead Hosiery Co.(guar.)
Quarterly
$153 Aug. 1 Holders of rec. July 15
$1,4 Nov. 1 Holders of rec. Oct. 15
Quarterly
25c July 1 Holders of tee. June 10
Wiser 011 Co.(quar.)
25e Oct. 2 Holders of rec. Sept. 12
Quarterly
25e Jan2'34 Holders of reo. Dee. 12
Quarterly.
250. May 1 Holders of roe. Apr. 20
Wrigley(Win.) Jr. Co.(monthly)_..__..
25o June 1 Holders of rec. May 20
Monthly
250 July 1 Holders of rec. June 20
Monthly
25e Aug. 1 Holders of roe. July 20
Monthly
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be
quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
Correction. e Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. I Payable in preferred stock.
n Meteor Motor Car Co. dividends cover first half of this year and are payable
the same dates In order to save postage.
o Westinghouse Electric & Mfg. distribution of H share of Radio Corp. of America
Mock for each share held. Preferred stockholders have option of receiving $3.50
In cash in lieu of above. Dividend Including the optional feature, constitutes to
Preferred holders full payment of preferential dividend for 1933.
Govt. Gold Mining Areas Cons. Ltd. div. Is based on Union of Bo. Africa currency.
q Wisconsin Power & Light hal rescinded their recent declaration of preferred
dividends and have deferred action until existing conditions are clarified.
r In view of existing conditions action on dividends is being deferred.
s White Rock Mineral Springs 2d pref. stock pays $2.50 per share on 859 shares-equivalent to 500. per share on 4.295 shares of common stock for which the 2d pref.
may be exchanged, and payable on the equivalent number of common if so exchanged
before the record date.
tPayabie In Canadian funds.
U Payable in United States funds.
c A unit.
m Less deduction for expenses of depositary.
s Lees tax.
V A deduction has been made for expenses.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
April 8 1933
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 1 1933.
*Surplus and Net Demand
Undivided
Deposits.
Profits.
Average.
• Capital.
Clearing House
Members.
S
Bank of N.Y. dr Tr. Co_
Bank of Manhattan Co__
National City Bank____
Chemical Bk.& Tr. Co-_
Guaranty Trust Co
Manufacturers Tr. Co
Cent. Hanover Bk.&Tr_
Corn Exch.Bk.Tr. Co
First National Bank,._...
Irving Trust Co
Continental Bk.& Tr.Co
Chase National Bank
Fifth Avenue Bank
Bankers Print Co
Title Guar.& Trust Co
Marine Midland Tr. Co_
Lawyers Trust Co
New York Trust Co
Com'i Nat.Bk.& Tr.Co.
Public Nat.Bk.dr Tr.Co.
s
Time
Deposits,
Average.
$
$
9,219,800
77,405,000
36,889,200
210,590,000
a55,454,100 8719,637,000
546,652,600
215,153,000
181,233,500 13772,210,000
20,297,500
196,844,000
69,031,200
423,502,000
22,650,000
162,542,000
81.483,400
269,001,000
62,412,100
279,271,000
5,756,000
20,219,000
111,132,900 01,046,335,000
3,673,000
37,730,000
77,136,100 d442,653,000
20,467,100
23,158,000
5,546,200
36,429,000
2,116,600
7,660,000
22,019,400
158,574,000
8,653,000
38,581,000
4,406,700
34,220,000
9,549,000
33,338,000
162,182,000
28,888,000
42,909,000
96,618,000
50,422,000
20,259,000
21,187,000
50,617,000
2,415,000
95,274,000
2,878,000
48,379,000
319,000
5,224,000
1,246,000
14,948,000
2,053,000
26,746,000
517.185.000
Totnla
6,000,000
20,000,000
124,000,000
520,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
3.000,000
12,500,000
7,000,000
8,250,000
846.130.400 5.171.713 000
715 451.000
Includes deposits in foreign branches:(a) 5167,023,000; (13) $43,414,000;(c) $58.010,000;(d) $28,950,000. * As per official reports: National, Dec. 311932; State,
Dec. 31 1932; trust companies, Dec. 31 1932. b As of Jan. 18 1933. a As of
March 29 1933.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended March 31:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MARCH 31 1933.
-AVERAGE FIGURES.
NATIONAL BANKS
Loans,
Disc. and
Investments.
Manhattan
Grace National
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
19,477,700
Brooklyn
Peoples National....
105,600
2,897,100
5,449,000
106,000
306,000
Gross
Deposits.
1,091,000 17,889,300
45.000
4,694,000
-AVERAGE FIGURES.
TRUST COMPANIES
Loans,
Cash.
Disc. and
Investments.
$
S
hfanhattan19,677,000 1,376,300
County
47,869,600 *2,628,500
Empire
44,401
Federation5,715,701
*887,769
10,699.465
Fiduciary
17,758,700 *2,415,100
Fulton
66,986,254 6,328,182
United States
Brooklyn
Brooklyn
Winer. flentnto
81,694,000
21.761.827
Res. Dep., Dep. Other
N. F, and Banks and
Gross
Bleehmere. Trust Cos. Deposita.
$
3
$
1,850,900
17,659,700
6,720,900 2,377,300 49,091,800
408,949
529,098 5,174,617
468,743
123,000 10,391,421
598,100
524,700 15,628,600
18,258,185
63,741,997
2,862,000 26,716,000
1,490,0_42 5,977,957
183,000 95,766,000
22.673.782
* Includes amount with Federal Reserve as follows: Empire, 51,791,700; Fiduciary,
$435,439; Fulton, 52,230,300.
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 5 1933, in
comparison with the previous week and the corresponding date last year:
Resources-'
Goldwith Federal Reserve Agent
Gold redemp.fund with U.S. Treasury.
Apr.5 1933. Mar. 29 1933. Apr. 6 1932.
$
623,843,000 585,843,000 498,217,000
18,564,000
15,159,000
9,085,000
639,002.000
113,686,000
151.557,000
604,407,000
98.373,000
162.537.000
507,302,000
119,475,000
330,365,000
Total gold reserves
914,245,000
865,317,000
957,142,000
Reserves other than gold
70,075,000
09,058,000
55.210,000
Gold held exclusively Wet. F. R. notes
Gold settlement fund with F. It, Board_
Gold and gold certificates held by bank_
934,375,000 1,012,352,000
19,986,000
30,889,000
550,000
Total reserves
Non-reserve cash
Redemption Fund-F. R. Bank notes-Bill, discounted:
Secured by U. S. Govt. obligations__
Other bills discounted
984,320,000
24,382,000
550,000
69,253.000
46,362,000
129,980,000
40,576,000
90,901,000
40,347,000
Total bills discounted
Bills bought in open market_
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Other certificates and tdils-
115,615,000
59,954,000
170,556,000
51,955,000
131,248,000
16,280,000
Total U.S. GovernmentsecuritiesOther securities (see note)
Foreign loans on gold
Deduct bills rediscounted with other
Federal Reserve banks
Total bills and securities (see note;
187,233,000
182,229,000
182,085,000
175,512,000
109,414,000
32,638,000
355,949,000
342,814,000
243,284,000
725,411,000
4,914,000
700.411.000 385,336.000
2,866,000
4.869,000
905,894,000
927,791,000
535,730,000
Apr. 5 1933.
Resources (Concluded)
Gold held abroan
Due from foreign banks (see note)
Federal Reserve notes of other banks...
Uncollecteditems
Bank premises
All other resources
Total resources
1,336,000
7,360,000
93,978,000
12,818,000
27,341,000
mar.29 1933. Apr. 6
1,397,000
15,344,000
90,983,000
12,818,000
36.604,000
1932.
2,361,000
4,025,000
99,438,000
14,817,000
14,566,000
2,057,079,0002.050,751,000 1,703,275,000
LtaeliitterFed. Reserve notee in actual circulation_
F. R. bank notes in actual circulation-Deposits-Member bank reserve acotGovernment
Foreign bank (see note)
Special deposits
-Member bank
Non-member bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilittes__-..........
Total liabilities..,..__.,...
Ratio of total reserves to deposit and
Fed. Reserve note liabilities combined
Contingent liability on bill, purchased
for foreign correspondents
824,197,000
10,232,000
897,808.000
67,772,000
3,665,000
5,553,000
2,279,000
8,006,000
848.349,000
10,338,000
890,440,000
23,055,000
8,698,000
5.100.000
2.201,000
13,545,000
867,167,000
5,216,000
9,070,000
985,083,000
941.039,000
892,169,000
87,952,000
58,374,000
85,058,000
7,073,000
100,595,000
58,374,000
85,058,000
6,998.000
94,021,000
59,179,000
75,077,000
9.471,000
573,358,000
10,716,000
2.057,979,000 2.060.751,000 1,703,275,040
54.4%
52.2%
69.1%
16,812,000
14,897,000
109,231,000
-Beginning with the statement of oet. 17 1925, two new Items were added In order to show separately the amount of balances held abroad and amounts
NOTE.
due to foreign correspondents. In addition, the caption "All other earnings assets." Previously made up of Federal intermediate Credit Bank debentures, was changed
to "Other securities." and the caption, "Total earnings assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total
of the discount acceptances and securities acquired under the provisions of Section 13 and 14 of tile Federal Reserve Act, which It was stated are the only items included
therein,
Financial Chronicle
Volume 136
2379
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April.6,and showing the condition
•of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
-as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 2326, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APR. 5 1933.
Apr.5 1933. Mar.291933. Mar.22 1933. Mar.15 1933 Mar. 8 1933. Mar. 1 1933. Feb. 21 1933. Feb. 15 1933. Apr. 6 1932.
8
$
5
$
RESOURCES.
$
$
$
8
5
3old with Federal Reserve agents
2,575,405,000 2,530,940,000 2,458,432,000 2,215,268,000 1,931,656,000 2,180,967.000 2.387,987,000 2,447,357,000 2,181,947,000
43,201,000
3010 redemption fund with 11,8, Trees__
85,073,000 105,011.000 135,058,000 138,309,000
76,479,000
48,756.000
87,495,000
44,596,000
Gold held exclusively agst. F. R. notes 2,651,884,000 2,616,013,000 2,563.443.000 2.350,326,000 2,069,965,000 2,268,462,000 2416,743,000 2,491,953,000 2,225,148,000
Gold settlement fund with F. R. Board__
3old and gold certificates held by banks_
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Redemption fund—F. It. Bank note,
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bill,bought in open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certificate,
Other certificates and bllis
Total U. S. Government securities
Other securities
Foreign loans on gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
Total resources
281,560.000
345,393,000
247,582,000
373,171,000
266,101.000
362,778,000
301,237,000
359,214,000
278,547,000
335.027,000
385,672,000
237.949,000
437.943.000
263.707.000
363,030.000
345.175,000
318,494,000
488,560,000
3,278,837,000 3,236,766,000 3.192,322,000 3.010.777,000 2.683,539.000 2,892,083,000 3,118,393,000 3,200,158,000 3.032.202,000
209,585,000
205,230,000
178,895,000
137,403,000
125,432,000
174,454,000
188,251,000
187,225,000
212.544,000
3,488,422,000 ,441,996,000 3.371,217,000 3,148.185,000 2,808.971,000 3,066,537,000 3,304,644,000 3,387,383,000 3,244,746,000
110,070,000
1,100,000
131,396,000
1,100,000
125,346,000
740,000
77,318,000
170,000
48,390,000
67,880.000
73.586,000
73,607,000
74,062,000
138,926,000
297,251,000
231,800,000
313.310,000
324,233,000 *769.602,000
346.636,000 *462,714,000
982,188,000
431.748,000
418,921,000
293,470,000
105,102,000
222,036,000
81.485,000
204,888.000
319,796,000
315,478,000
436,177,000
545,110,000
870,869,000 1,232,316,000 1,413,938.000
712.391,000
327,138,000
288.373,000
35,274,000
285,973.000
310,235,000 *352.315,000
403,316,000
417,289,000
383,666.000 *179.576,000
30.784.000
57,946,000
421,774,000
457,871.000
422,778,000
457,872,000
422.627,000
457,874,000
425,313,000
459.015.000
420,832,000
457.880.000
421,021,000
452,661,000
421,099,000
438,044,000
318,690,000
84,395,000
957.723,000
957,722,000
983,886,000
425,013,000
465,084,000
19,000,000
989,937,000
996,466,000
957,251,000
960,551.000
950,165,000
481,929,000
1,837,368,000 1,838.370,000 1.884, 87,0 1.899,034,000 1,880.794.000 1.835,963,000 1.834,233,000 1.809,308,000
00
3
885.014,000
5,541,000
5,402,000
5,394.000
5.644,000
5,831,000
4.719.000
4,697.000
4,797.000
4.321,000
2,565,059.000 2,699,117,000 '2.892965000 3,540,310,000 3,717,850,000 2,936,739,000 *2345644,000 2.131,362,000 1,582,555,000
3,620,000
24,211,000
321,430,000
54,123,000
57,487.000
3,613,000
3,618,000
36,861,000
37,143,000
316,458,000 •421,152.000
54.037,000
54,037,000
64.960,000 *60,305.000
3,610,000
17,955,000
366,178,000
54,028,000
53,568,000
3,615,000
12,719,000
344,518.000
54,029,000
54,555,000
3,515,000
11.083.000
400.335,000
53,962,000
54,082.000
3,498.000
13.289.000
333,656,000
53,962,000
52,998,000
3.510,000
11.542,000
390,639,000
53,962,000
53.481,000
6444,000
14,810,000
362,758,000
57,853,000
36,602.000
6.625,522,000 6,749,825,000 *6,966236000 7,261,322,000 7.044,647,000 6,594.133,000 *6181277.000 6405,386,000 5,380,030,000
LIABILITIES.
F. R. notes in actual circulation
3,644,137,000 3,747,626,000 3.916,342,000 4.292,702,000 4.215.006,0003.679,522.000 3,000,248,000 2,831.145.0002.561,573.000
F. R.bank notes in actual circulation _
15,930,000
3.301,000
9.269,000
14,228,000
Deposits:
Member banks—reserve account
2 268 000
1.975.731,000 1,987,311,000 1.917.618.000 *1983976,000 '1776221.000 2,038.228,000 2.271.129,000 2,236.095,000 1.94 . .
Government
51,542,000
28.137,000
27.766,000
85,596.000
40,729,000
37,643,000
27,688,000
72.294,000 111.472,000
Foreign banks
10,935,000
29.712.000
59.422.000
14,491,000
23,040,000
60.799,000
41,956,000
17,409,000
49,175,000
Special deposits: Member bank
69,342,000
52.754,000 *40,109.000
63.445,000
39,002,000
17,466,000
9,120,000
15,254,000
Non-member bank__
*4,851,000
767.000
Other deposits
20,044,000
36,985,000
26,741,000
47,441,000 *49449,000 *64,075,000 *57,414,000
28.704.000
49,240.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of gold reserve to deposits and
F. R. note liabilities combined
Ratio of total reserves to deposit, and
F. R. note liabilities combined
Rediscount, between Federal Reserve
banks
Contingent liability on bills purchased
for foreign correspondents
Maturity Distribution of Bills and
Short-Term Securities
1-15 days bill, discounted
16-80 days bills clLseounted
ll-60 days bins discounted
.11-90 days bills discounted
Over 90 days bills discounted
2,196,055,000 2,203,154,000 *2,154904000 2,123.739,000 1,961,222,000 2.157.190.000 2.399.398.000 2.375.763.000 2.020,161,000
315,745,000
149.617,000
278,599,000
25.439,000
331,388,000 *430,841,000
149,645,000 149.793,000
278,599,000 278,599,000
26488,000
25.185,000
384,676,000
150,210,000
278,599,000
28,095,000
421,801,000
150.120,000
278,599,000
27,899,000
404.198,000 *331.695,000
150.303,000 150,474,000
278,599,000 278.599.000
20.863.000
24,321,000
388,938,000
150.916.000
278,599,000
20,025,000
353,218,000
155,558,000
259,421,000
30,099,000
6,625,522,000 6,749,825,000 *6.9136236000 7,261,322,000 7,044,647,000 6,594.133.000 *8181277,000 6.105.386.000 5,380,030,000
56.1%
54.3%
52.5%
46.9%
43.5%
504%
57.7%
60.7%
66.1%
59.7%
57.8%
55.5%
49.1%
45.6%
535%
61.2%
643%
70.8%
143.800,000
210,000,000
27.478.000
28,051,000
29,398.000
30.284.000
35.684.000
335,312.000
50,330,000
5
46,549,000
s
42.505,000
3
$
$
$
$
$
8
298,339,000
28,447,000
38,823,000
61,700,000
8,868,000
396,353,000
33,408,000
42,898.000
62,495,000
9,966,000
502,668,000
32,170,000
58,205.000
66,836,000
10.990.000
992,301,000 1.122,083,000
53,398,000
46.290.000
91,878,000
74,154,000
79,371,000
61,312,000
10,097,000
15.368,000
585,190.000
28,255,000
43.672,000
43,902.000
11,372,000
239,437.000
21,807,000
31,696.000
23,619,000
10.529.000
203,195,000
19,631,000
29,928,000
22.787,000
10.834,000
481.735.000
39,618,000
56,810,000
39.210,000
17,892,000
436,177.000
545,110,000
670,869.000 1,232,318,000 1,413,936,000
712,391.000
327,138.000
286.373.000
635,274000
1-15 days bills bought in open market-16-30 days bills bought in open market-31-60 days bills bought in open market—
81-90 days bills bought In open market..
Over 90 days bills bought In open market
78,144.000
72.677,000
119,424,000
15,520,000
208,000
72,471,000
60,165,000
145,905,000
31,481.000
213,000
75.421,000
68,151,000
136.775,000
71,456.000
506.000
106.316,000
82,351,000
128,316.000
105,730.000
603,000
88.645.000
62.215,000
123,946,000
141.262,000
1,221,000
68,122,000
75,533.000
110,198,000
128,883,000
930,000
69,312,000
30.319,000
35,753.000
48,481.000
211,000
6.407,000
8,411.000
4,799.000
10.167.000
26,913.000
8,340,000
12,871,000
9,574,000
239,000
Total bills bought in open market----
285,973,000
310,235,000
352.309.000
403,316.000
417.289.000
383.666,000
174.078.000
30,784,000
57,946,000
1-15 days 12. 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 certificates and bills
60,000,000
112,247.000
139.000,000
195,075,000
451,401,000
31,000.000
60,100,000
183,347,000
210,875,000
472,400.000
60,120,000
60.000,000
170.227.000
248,140,000
455.399.000
52,750,000
58,050,000
193.337,000
133,715,000
571,085,000
146,788,000
58.750,000
204.117.000
144,945,000
441.868,000
141.231.000
33,750,000
89,601,000
215.697,000
476,972,000
89.950,000
138,686,000
92.250.000
197,797.000
441.868.000
89.950.000
169,301.000
63.250.000
174,497,000
453.167.000
3,500.000
3.800.
000
109,916,000
74,300,000
290,413,000
957,723,000
957,722,000
083,886,000 1,008.937,000
996,466.000
957,251,000
960.551.000
950.165.000
481.929,000
5,333,000
5,288,000
5.280,000
5,535.000
5.555.000
4,694,000
4.672,000
4,166,000
51,000
152.000
5,000
4.769.000
3.000
84,000
30,000
84,000
80,000
51,000
68,000
51.000
25,000
25.000
25,000
25,000
20.000
107,000
28,000
6,541,000
5,402.000
5.394,000
6,844,000
5.631,000
4,719,000
4,697,000
4,797,000
4,321,000
Total bills discounted
Total U. S. certificates and bills
1-15 days municipal warrants
18-30 day, municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
Federal Reserve Notes—
Issued to F. It. Bank by F. R. Agent__ 3,965,202,000 4,092,652,000 4,314,448.000 4,728,517,000 4,550,880,000 3.865.116,000 3,249.887.000 3.133,628.000
Held by Federal Reserve Bank
321,065,000 345.026,000 398.108,000 435,815.000 335,674,000 285,594,000 249,639,000 242,483.000 2,796.501.000
234,928,000
In actual eIrculatIon
Collateral field Si, Agent as Security
for Notes Issued to Bank—
By gold and gold certificate,
Gold fund—Federal Reserve Board
By eligible paper
U. S. Government securities
Fetal
• Revised figures
3,644,137,000 3,747.626,000 3.916,342,000 4.292,702.000 4,215,008.000 3,579.522.000 3.000,248,000 2.891,145,000 2,561,573,000
1,281,070,000 1,248.105.000 1,262,847.000 1,091,383,000 805,571,000 835,532,000 988.742.000 1.066.412.000 861,567,000
1.294,335,000 1,282,835,000 1,195.585.000 1,123,885,000 1,126,085,000 1,345,435,000 1,379,245,000 1,380,045,000 1,320,380,000
568.408,000 715,594.000 877.152.000 1.512,877,000 1,754.975.000 1,032.589,000 435,547,000 265,334.000 655,623,000
853,700,000 868.700,000 1.000,700,000 1,009,300.000 886,400,000 661,900,000 473,700,000 445.100,000
3,997,511,000 4,115,234,000 4,336,284.000 4,737,445,000 4.573,031.000 3.875.456.000 3.277.234.000 3.157.791.000 2.837,570,001
2380
Financial Chronicle
April 8 1933
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS Apr. 5 193
Two Ciphers (00) omitted.
Federal Reserve Bank of
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Cily. Dallas. San Fran.
Total.
RESOURCES.
Gold with Fed. Res. Agenta____ 2,575,405,0 171,494.0
Gold redm.fund with U.S.Treas.
76,479,0 5,980,0
$
623,843,0 162,000,0 223,470,0 142,465,0 87,725,0
15,159,0 6,504,0 7,601,0 2,876,0 4,516,0
Gold held excl.agst. F.R.notes 2,651,884,0 177,474,0
Gold settlemt fund with F.R.Bd 281,560,0 6,820,0
Gold & gold Mts. held by banks_ 345,393,0 23,009,0
639,002,0 168,504,0 231,071,0 145,341,0 92,241,0 770,518.0 116,649,0 55,291,0 83,992,0 22.295,0 149,506.0
113,686,0 8,026,0 17,982,0 12,351,0 11,179,0
38,648,0 18,510,0 13,669,0 6,643,0 12.421,0 21,625,0
161,557,0 20,033,0 34,412,0 9,468,0 7,857,0
26,641,0 2,671,0 4,651,0 21,384,0 5,672,0 28,038,0
Total gold reserves
3,278,837,0 207,303,0
Reserves other than gold
209,585,0 15,648,0
Total reserves
3,488,422,0 222,951,0
Non reserve cash_
Redem.fund-F.it, bank notes.
Bills discounted:
Sec. by U.S. Govt.obligations
Other bills discounted
110,070,0
1,100.0
6,364,0
150.0
914,245,0 196,563,0 283,465,0 167,160,0 111,277,0
70,075,0 20,494,0 12,459,0
9,060,0
7,009,0
984,320,0 217,057,0 295,924,0 176,220,0 118,286,0
24,382,0
550,0
5,011,0
250,0
8,141,0
50,0
756,977,0 115,060,0 52,180,0 80,280,0 20,648,0 139,263,0
13,541,0 1,589,0 3,111,0 3,712,0 1,647,0 10,243,0
835,807,0 137,830,0 73,611,0 112,019,0 40,388,0 199,169,0
31,995,0
9,963,0
2,471,0
7,238.0
7,697,0 15,476,0
867,802,0 147,793,0 76,082,0 119,257.0 48,085,0 214,645,0
25,427,0
6,214,0
100,0
1,924,0
4,546,0
5,124,0 12,114,0
138,926,0 6,834,0
297,251,0 12,187,0
69,253,0 17.106,0 14,976,0 3,275,0 3,734,0
46,362.0 45,589,0 38,709,0 15,436,0 22,608,0
4,782,0
14,040,0
1,885,0
3,220,0
508,0 1,601,0
9,536,0 20,219,0
458,0 14,514,0
5,216,0 64,129,0
436,177,0 19,021.0
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Special Treasury certilleatesCertificates and bills
6,273,0
115,615,0 62,695,0 53,685,0 18,711,0 26,342,0
18,822,0
5,105,0 10,044,0 21,820,0
5,674,0 78,643,0
285,973,0 53,963,0
421,774.0 19,739,0
457,871,0 24,828,0
50,954,0
9,288,0
5,952,0
4,550,0
8,600,0 12,612,0
187,233,0 30,911,0 36,362.0 9,918,0 10,153,0
182,229,0 35,947,0 47,435,0 12,936,0 13,064,0
79,072,0 13,194,0 10,366,0
7,582,0
1,048,0 24,342,0
39,902,0 13,956,0 17,291,0 12,559,0 18,020,0 25,730,0
52,048,0 17,555,0 12,688,0 15,112,0 10,463.0 33,566,0
957,723,0 48,545,0
355,949,0 70,283,0 92,743,0 25,295,0 25,544.0
164,601,0 34,321,0 24,809,0 29,549.0 20,457,0 65,627,0
Total U.S. Govt.securities_ 1,837,368,0 93,112,0
725,411,0 137,141,0 176,540,0 48,149,0 48,761,0
256,551,0 65,832,0 54,788,0 57,220,0 48,940,0 124,923,0
Other securities
Bills discounted for, or with
(-). other F. It. banks
5,541,0
4,914,0
Total bills and securities
2,565,059,0 166,096,0
Due from foreign banks
3,620,0
277,0
Fed. Res. notes of other banks-.
24,211,0
216,0
Uncollected Items
321,430,0 34,944,0
Bank premises
54,123,0 3,280,0
All other resources
57.487,0 1,046,0
Total resources
525,0
102,0
905,894,0 209,649,0 236,177,0 75,460,0 87,715,0
1,336,0
127,0
141,0
358,0
399,0
7,360,0
532,0 2,568,0 1,510,0 1,129,0
93,978,0 25,453,0 29,296,0 27,397,0 8,952,0
12,818,0 3,267,0 6,929,0 3,237,0 2,422,0
27,341,0 4,480,0 1,899,0 8,032,0 5,447,0
354,445,0 84,131,0 75,300,0 86,622,0 55,662,0 227,908,0
15,0
10,0
494,0
105,0
105,0
253,0
556,0 2,798,0
4,725,0 1,173,0
273,0 1,371,0
39,443,0 12,434,0 6,544,0 17,871,0 10,444,0 14,674,0
7,595,0 3,285,0 1,746,0 3,559,0 1,741,0 4,244,0
1,191,0 1,119,0 1,918.0
1,194,0 1,500,0 2,320,0
6,625,522,0 435,324,0 2,057,979,0 466,098,0 581,342,0 296,547,0 230,351,0 1,301,122,0 256,264,0 164,080,0 235,952,0 122,934,0 477,529,0
LIABILITIES.
F.II notes In actual circulation. 3,644,137,0 240,079,0
F. R. bank notes in act'l circurn
15,930,0 1,911,0
Deposits:
Member bank-reserve account 1,975,731,0 121,049,0
Government
85,596,0 1,055,0
Foreign bank
10,935,0
797,0
Special
-Member bank
69,342.0 2,598,0
Non-member bank
17,466,0
Other deposits
36,985,0 1,184,0
824,197,0 268,114,0 354,999,0 182,430,0 148,330,0
10,232,0 2,830,0
918,0
929,556,0 152,488,0 101,548,0 125,435,0 43,366,0 273,586,0
39,0
897,808,0 115,114,0 128,873,0 59,104,0 43,441,0
67,772,0
253,0 4,735,0 1,307,0
928,0
3,665,0 1,146,0 1,080,0
382,0
426,0
5,553,0 5,497,0 14,490,0 4,912,0 6.289,0
2,279,0 1,315,0
766,0
778,0
815,0
8,006,0
215,0 3,023,0 3,113,0 2,660,0
242,923,0 62,777,0 38,892,0 74,736,0 51,625,0 139,389,0
2,997,0 1,705,0 1,685,0 1,726,0
349,0 1,084,0
251,0
371,0
1,419,0
317,0
317,0
764,0
17,200,0 4,228,0 1,023,0 2,988,0
199,0 4,365,0
153,0
6,449,0 2,631,0 1,861,0
3,0
416,0
495,0
4,991,0 2,598,0 1,425,0
244,0 9,031,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
985,083,0
87,962,0
58,374,0
85,058,0
7,073,0
275,979.0 74,310,0 45,137,0 80,415,0 52,737,0 155,049,0
37,068.0 13,958,0 6,429,0 17,209,0 12,337,0 16,801,0
15,564,0 4,258,0 2,847,0 3,997,0 3,789,0 10,510,0
39,497,0 10,186,0 7,019,0 8,263,0 8,719,0 19,701,0
3,458.0 1,025,0 1,100,0
633,0 1,986,0 1,882,0
Total liabilities
2,196,055,0 126,683,0
315,745,0 34,833,0
149,617,0 10,710,0
278,599,0 20,460,0
25.439,0
648,0
123,540,0
25,656,0
15,840,0
29,242,0
876,0
152,967,0 69,677,0 54,478,0
27,928,0 26,159,0 9,405,0
13,965,0 5,135,0 4,628,0
28,294,0 11,616,0 10,544,0
2,271,0 1,530,0 2,957,0
6,625,522,0 435,324,0 2,057,979.0 466,098,0 581,342,0 296,547,0 230,351.0 1,301,122,0 256,264,0 164,080,0 235,952,0 122,934,0 477,529,0
Memoranda.
Reserve ratio (per cent)
Contingent liability on bills purchased for for'n correspondent
59.7
60.8
54.4
55.4
58.3
69.9
58.3
72.0
65.2
51.9
57.9
50.0
50.1
50,330.0
3,674,0
16.811,0
5,284,0
4,982,0
1,963,0
1,761.0
6,543,0
1.711,0
1,158,0
1,460,0
1,460,0
3.523,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent Cl-
Boston. New York.
Total.
Phila.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Two Ciphers (00) omitted.
i
$
Federal Reserve notes:
Issued to F.R.Bk.by F.R.Agt. 3,965,202,0 259,250,0
Held by Fed'I Reserve Bank_ 321,065,0 19,171,0
S
1
3
3
i
3
918,994,0 287,664,0 367,571,0 191,773,0 159,127.0 1,015,037,0 163,017,0 105,997.0 136,075,0 46,467,0 314,230,0
94,797,0 19,550,0 12.572,0 9.343,0 10,788,0
85,481,0 10,529,0 4,449,0 10,640,0 3,101,0 40,644,0
In actual circulation
3,644,137,0 240,079,0
Collateral held by Agent as security for notes issued to bks:
Gold and gold certificates
1,281,070,0 65,477,0
Gold fund-P.R. Board
1,294,335,0 106,017,0
Eligible paper
568,406,0 68.295,0
U.S. Government securities
853,700,0 26,500,0
824,197,0 268,114,0 354,999,0 182,430.0 148,339,0
7 007 011
n 900 900 n
i
$
393.743,0
230,100,0
139,033,0
157,000.0
010 070
n
$
8
86,050,0 74,470,0
75,950,0 149,000,0
41,222,0 54,403,0
85,000.0 90.000,0
2AR 222 n 307 5173
41,960,0
100,505,0
26,002,0
24,000,0
3
21,725,0
66,000,0
32,721,0
46,000,0
929,556,0 152,488,0 101,548,0 125,435,0 43,366,0 273,586,0
403,977,0
353,000,0
92,131,0
167,000,0
n 109 407 n 100 440 0 I 010 Ins n
25,180,0
27,000,0
17,383,0
37,700,0
10,480,0 18,148,0 103,500,0
69,800,0 2,500,0 35,763,0
18,062,0 4,037,0 58,429,0
45,000,0 21,500,0 120,000,0
104 8431 0 107.283.0
143.342.0 47 0115 0 317 009 n
36,360,0
78,700,0
15,788,0
34,000,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (00) omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.)
Held by Fed'I Reserve Bank_
$
In actual circulation
Collat.pledged agst.outst. notes:
Discounted & purchased bills_
U.S. Government securities__
s
Total collateral
Boston. New York.
$
i
Phila.
$
2,040,0
129,0
12,249,0
2,017,0
5,000,0
2,170,0
15,930,0
1,911,0
10,232,0
2,830,0
5,348,0
25,249,0
2,300,0
30,597,0
2,300,0
21,049,0
5,119,0
CURRENT
Cleveland Richmond Atlanta.
8
1,600,0
682,0
8
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
8
i
12,249,0
8,000,0
918,0
8
$
$
39,0
365,0
5,000,0
2,683,0
5,365,0
8,000,0
12,249,0
8
160,0
121,0
2,683,0
NOTICES.
-White, Weld & Co. announce the appointment, as its representative
in Amsterdam, of Lodewyk B. Heemskerk , who has been connected with
the firm since the first of the year and formerly was an executive officer
with the Bank of America, in New York. Mr Ileemskerk sailed yesterday
(April 7) on the S.S. Europa and after a short stay in Paris will assume
his permanent duties in Amsterdam.
Mr. Heemskerk was born in Holland in 1886 and received his early
education there. In 1907 he became associated with the Chartered Bank
of India, Australia and China, serving first in London, then in Hamburg
and later in the Dutch East Indies and Bombay. He was recalled to
Holland in 1914 for military service. In 1918 he accompanied J. T.
Cremer, newly appointed Minister to the United States from Holland, to
Washington, D. C., as Secretary and Attache to the Dutch Legation.
Upon Mr. Cremer's return to Holland in 1920. Mr. Heemskerk Joined the
Bank of America, New York, as manager, succeeding later to the positions
of Assistant Vice-President and Vice-President in charge of all foreign
activities, which latter post he held until the Bank of America was merged
with the National City Bank.
-James N. Mandeville has been appointed Manager of the metropolitan
district of New York, representing Distributors Group, Inc., sponsors of
North American Trust Shares and North American Bond Trust Certificates.
In recent years Mr. Mandeville was a Vice-President of Insuranshares
-President of Allied General Corp., in charge of sales
Corp. and also a Vice
in the New England States.
$
-II. Barry McCormick and G. Inman Henderson, formerly President
and Vice-President, respectively, of the 20th Century Press, announce the
formation of McCormick & Henderson, Inc., to specialize In financial,
legal and commercial printing with offices and plant at 411 S. Wells Street,
Chicago. Associated with them as Vice-Presidents are: Robert Loomis,
formerly President of Hawkins & Loomis Co., legal printers, and Joseph
A. Murphy, formerly Chicago Sales Manager of G. E. Barrett &
Co..
Inc., investment securities.
R. G. Rankin & Co., certified public accountants, New York, have
announced the acquisition of The Audit Company of New York and the
consolidation of their accounting practice. They also announce that the
management of their Chicago office will be in charge of William C. Waggoner, a partner.
-Shields & Co., leading Stock Exchange firm, announces admission as a
general partner of Daniel A. Lindley, who Is retiring from the firm of
Lindley & Co. Mr. Lindley has been associated with Lindley & Co. since
1926 and represented them on the floor of the Exchange since 1929.
Announcement is made of the formation of Arthur Robinson &
Co..
Inc., with offices at 60 Wall Street. The new firm will deal in
municipal
bonds, specializing In New York and New Jersey issues. Mr. Robinson
was formerly associated with M. F. Schlater & Co., Inc.
-R. W. Pressprich & Co. announce that Arthur F. Thompson Jr., has
become associated with them as manager of their United States Government
trading LePartmeln•
-Lohr, Warden Co.. 115 Broadway, N. Y., has issued a study of the
approaching crisis In New York City's credit.
Financial Chronicle
Volume 136
Atinanrial
Tire
(frannittrrilit
Bid.
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage12 Mos.
6 MOs,
Within Continental United States except Alaska
$6.00
$10.00
In Dominion of Canada
6.75
11.50
South and Central America, Spain, Mexico, U. S.
Possessions and Territories
7.75
13.50
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
15.00
8.50
The following publications are also issued:
•
COMPENDIUMSMONTHLY PUBLICATIONS
PUBLIC Umrr2-(semi-annually)
BANE AND QUOTATION RECORD
RAILWAY St INDUSTRIAL-(fOUP a year) MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL-(seM1411111.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is $6.00 per year each; for all the others is
$5.00 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
lu New York funds.
Terms of Advertising
Transient display matter Per agate line
45 cents
Contract and Card rates
On request
CHICAGO Orrica-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. 0.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs;
.,William Dana Seibert. Sec., Herbert D.Seibert. Addresses 01 511. Office of Co.
Wall Street, Friday Night, April 7 1933.
Railroad and Miscellaneous Stocks.-The Review of the
Stock Market is given this week on page 2367.
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. 7.
Sales I
for
Week.
Range for Week.
Lowest.
Range Since Jan. 1.
Lowest.
Highest.
Railroads
Par Shwas.' per share.
Caro Clinch & Oh10_100
20 42
Apr 3
Central RR of N J.100
200 38
Apr 4
CC C& St Louis.....100
4090
Apr 1
Chi St Paul Minn & Om
Preferred
100
80, 2 Apr 3
Colo & Sou 1st pref_100
100 14
Apr 4
Cuba RR pref
100
300 434 Apr 4
Ill Cent preferred-100
Leased lines
100
lot Rys of Cent Am•
Certlficates
Preferred
100
Minn St Paul & 8 M
Leased line
100
Nash Chatt & St L.100
Nat Rysof Mex lst pf 100
24 Apr 3 2
14
Apr 4 14
834 Apr 7 23-4
200 16
Apr 5 16
Apr 5 16
30, 3
634 Apr 3 3634 Apr 3 31
200 1% Apr 7
50i 44 Apr 1
Highest.
4 per share. $ per share.$ per share.
42
Apr 3 42
Jan 42
Jan
40
Apr 3 38
Apr 48
Feb
90
Apr 90
Apr 1 90
Apr
14 Apr 7
4% Apr 1
Jan 34 Feb
Jan 19% Feb
Jan 634 Apr
Mar 214 Feb
Mar 384 Feb
14 Mar
44 Apr
2
8
Jan
Jan
50! 436 Apr 5 54 Apr 1 44 Apr 7% Mar
101 15
Jan 204 Feb
Apr 3 13
Apr 3 15
% Apr 334 Jan
% Apr 3
Mar
401
Pitts Ft Worth & Chic
Preferred
100
South Ry M &0etfs100
Apr 7 134
Apr 7 134
100 134
100 124 Apr 3 124 Apr 3 8
Indus. &
Amer Radiator & Stand
Sanitary pref ___ _100
Asso Dry Ode let pf 100
2d preferred
100
Bigelow Sanford Carp_•
Chile Copper
25
Comm Cred pref (7).25
Consol Cigar pref(7) 100
Cushm Bons pf(77
0)100
101
400
200
150
100
58
10
40
8134
24
17
8%
8
18%
33
74
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Devoe & Ray lat pf_100
•
Dresser Mfg el A
Fed Min & Smelt pf.100
Franklin Simon pf 100
Guantanamo Sug pf 100
Hamilton Watch
•
Hat Mfg class A
1
Preferred
100
Houdaille-Hershey CIA'
Indian Motocycle pf 100
Keith-Albee-Orph pf100
Kelly SprIngf'd Tire
$6 preferred
•
Kel.ey Hayes Wh el B 1
Laclede Gas pref _100
170
300
200
20
100
110
20
20
200
20
300
8734
856
19%
18
9
2%
%
5%
434
4%
9
Apr 4
Apr 3
Apr
Apr 5
Apr
Apr 5
Apr 4
Apr
Apr '7
Apr 6
Apr a
Martin-Parry Corp_ *
Mengel Co pre _ _100
.1
Newport Industries..
Outlet Co
Pao Tel & Tel pref_ _100
Panhandle Prod & Re
Preferred
100
Pararn't-Publix etts__10
Penn Coal & Coke .10
200
)6
30 28
300 1%
40 27
10102%
10
900
200
Sloss-Sheff St & I pt 100
Und-Ell-Fisher pref.100
U S Gypsum pref....100
Univ Leaf Tob pref.100
10
Utah Copper
Wheeling Steel pref _100
110 8%
10 76
10010134
70 99
10 40
100 184
Jan
Apr 143
Jan 124 Apr
3
3
5
4
1
5
7
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
6
4
4
5
3
4
5
7
814
18
15
6)6
6
18%
33
74
Apr
Feb
Jan
Apr
Apr
Mar
APr
Mar
91
244
22
8
9
204
464
Jan
Apr
Mar
Jan
Jan
Jan
Jan
Feb
88% Apr 6 794 Jan 90
Jan
7
Apr 3 6% Feb 8
Jan
log Apr 6 18 Feb 234 Jan
Apr 7 12
19
Jan 234 Feb
9
Feb 9
Apr 6 5
Apr
24 Apr 5 24 Apr 3)6 Feb
% Mar
Jan
34 Apr 4
54 Apr 5 54 Apr 6% Feb
4% Apr 6 434 Apr 6
Jan
5 Apr 1 496 Apr 7 Jan
Apr 3 8
9
Jan 14
Jan
100 8
8
Apr 6 6
Apr
Feb 10
Jan
100 2% Apr 7 24 Apr 7 2
Mar 24 Apr
30 4336 Apr 7 45
Apr 4 434 Apr 61
Jan
Apr
Apr
Apr
Apr
Apr
1
34
3 30%
4 1%
4 324
7 1024
7 Apr 8
54 Apr 5
1% Apr 3
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
1
34
5 22
6 134
3 27
7 1024
7
Apr 6
4 Apr 7
1% Apr 6
12%
13 76
1 104
3100
6 40
4 18%
Apr
Apr
Apr
Apr
Apr
Apr
Jan
%
Jan 32
Mar 24
Apr 42
Apr 110
54 Jan
4 Apr
34 Feb
7
84
76
1014
3 99
6 35
4 15
Feb
Mar
Jan
Jan
Jan
7
Apr
34 Feb
1% Mar
Feb 124
Apr 88
Jan 10734
Apr 103
Mar 40
Feb 22%
Mar
Feb
Jan
Feb
Apr
Jan
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, April 7.
Deo. 15 1933...
6.0t.15 1933...
June 15 1933...
May 2 1933_
Aug. 11934...
Feb. 1 1938._ _
--....-• i 6 1015
Apr. 12 1933
Apr, 19 1933
Apr. 28 1933
May 10 1933
May 17 1933
_
Asked.
1.125%
1.125%
1,125%
1.125%
1.125%
0.10%
0.25%
0.25%
0.50%
0.50%
Bid.
May
May
June
June
June
July
Asked.
1.125%
1.125%
1.125%
1.125%
1.125%
1.125%
24 1933
31 1933
7 1933
21 1933
28 1933
5 1933
0.50%
0.50%
0.625%
0.825%
0.625%
0.825%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. April 1 April 3 April 4 April 5 April 6 April 7
First Liberty Loan
High
334% bonds of 1932
-47-{Low_
(First 3)6s)
Close
Total sales in 01.000 units.....
(High
Converted4% bonds of
1932-47 (First 45)
LowClose
Total sales in $1,000 units...
Converted4)(% bonds(High
of 1932-47 (First 434s) Low_
Close
Total sales in $1,000 units...
Secondconverted 411H1gh
bonds of 1932-47 Whet Low_
Second 4)(5)
Close
Total sales in $1,000 units...
FourthLiberty Loan {High
434% bonds of 1933-38
Low_
(Fourth 4)0)
Close
Total sales in $1,000 units...
Treasury
{HighLow_
434s, 1947-52
Close
Total sales in 61,000 units
48. 1944-1954
IHIghLowClose
Total sates in $1,000 units..
IHigh
Low_
3M5, 1948-1958
Close
Toted sales in $1,000 units_
3Hs. 1943-1947
(HighLow_
Close
Total sales in $1.000 units
!High
35, 1951-1955
Low_
Close
Total sales in $1,000 units
-
,
100,1as 10028ss 10021s 100"ss 1018n
100Wm 100"n 10088as 100"n 10088n
100"ss 100"at 100nu 10017,4 1018n
459
72
36
566
302
10155n 10i;S
MI%
1012581 1011122 1011% 101211,
10155,1 10124. 101243, 1012Iss
80
49
36
44
_
-
10iii;
101".1
10128n
97
107"n
10781as
10788as
28
10414,
10488n
10488s,
64
10281n
10281sa
102"sa
13
100553,
1001531
1002,11
26
96.91
96"s
32
1005,1,
{HighLow. 100'.,
,
Close 10020
Total sales in 91,000 units_ _ _
46
100 ..1
,
356s, 1941-43
{HighLow_ 100..3
Close 100",,
Total sales in $1,000 unit,....
87
(High 981 6
.
334s. 194(1-1949
Low_ 981st
Close 98"sa
Total sales in $1.000 units___
308
3)6s, 1940-1943
16=4", 16=i;
101nu
101173,
445
1075n
107
1075n
100
1045,,
103"n
104
110
10288ss
102
102"n
9
1001%1
1011133
101,1ss
590
10781n
1071n
10713a
44
104"as
10481,
104
136
102"n
102"ss
102"n
22
100un
100"n
100"n
80
968n
9853,
985,3
298
100"ii
100l.o
100"ii
23
10011w
89
gam.
961n
98811
314
100,5r,
100 ,,
,
10011s,
93
10011n 100",,
100'ss 100"ss
100,1ss 100"ra
15
89
988n
988as
9781n 98
98
988ss
433
255
101-84;
101"n
10128n
752
10788n
107"n
10781n
99
10488n
1048n
1048sa
228
102"as
102"n
102"n
109
1001'ss
1001ssi
10020,3
23
961512
ggin
985n
532
100"as
1008
'n
100".
22
100"sa
10088s
100"ss
33
988
4
9781n
978
on
832
102
101"n
102
68
10188st
101",,
10155,2
6
1021ss
10188s:
1028n
437
107"n
1078on
107"n
74
104"n
1041as
10411n
205
103
102"as
102"n
32
10081n
10088ts
10081n
88
ggsa.
98 Is
,
961n
771
10088n
100"as
100"as
54
100881,
1008811
10 8-2
18 1021.
1025n
140
164;
-
1021n
1028as
273
108
107"n
107"n
150
104"n
1048112
30482n
119
1038n
1028on
10:230.
39
won..
10055n
100nu
16
988tss
488as
968n
480
101
100"ss
100,1:1
39
100"n
100"as
100"as
58
65
98,,
988sa
988n
98843
98"n
988n
275
431
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
30 1st 34s
1 1st 45is
9 4th0 8
1
,
2 Treasury 48
255 Treasury 348
6
100nn to 100 4
101"as to 101"s
1018881 to 102
1048ss to 104811
97"ss to 97553s
Foreign Exchange.
814
244
194
7
7
18%
33
74
*No par value.
MaturUy.
2381
U. S. Treasury Bills-Friday, April 7.
Rates quoted are for discount at purchase.
Int.
Rate.
Bid.
Asked.
34%
1 4%
14%
2%
2)4%
256%
2',e'.
993411
1001:1
100lis
100 3,
,
100 1s
,
981as
001422
1005,2 May 2 1934- 3%
1001n June 15 1935... 3%
10010o Apr. 15 1937_ _ 3%
.
1001•111 Aug. 11938... 334%
.
1005ii Sept.15 1937_ . 3 M %
98"ss, Aug. 151933... 4%
Inn
% HI. 15 lO32
41407-
Maturity.
Ins.
Rata.
Bid.
Asked.
101nn
101
100
101
100,51,
100lii
102..
101.;
101'ss
100.n
101.ss
10011st
101%,
102s.
To
-days (Friday's) actual rates for sterling exchange were 3.4134(43
3.42 for checks and 3.41%(4)3.42 1-16 for cables. Commercial on banks,
sight, 3.4134. 60 days, 3.41%;90 days, 3.40%,and documents for payment
60 days, 3.41%. Cotton for payment, 3.4134.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.93 1-16
@3.93% for short. Amsterdam bankers guilders were 40.34
Exchange for Paris on London, 86.93, week's range. 87.15 rancs l g i
and 86.92 francs low.
The week's range for exchange rates follows:
Sterling, ActualChecks.
Cables.
High for the week
3.42%
3.4234
Low for the week
3.4134
3.4134
Paris Bankers' Francs
High for the week
3.9334
3.93%
Low for the week
3.9294
3.92%
Germany Bankers' Marks
High for the week
23.8334
23.8434
Low for the week
23.25
23.30
Amsterdam Bankers' Guilders
High for the week
40.38
40.40%
Low for the week
40.31
40.34
CURRENT
NOTICES.
-Straus Securities Co., Inc., an ounces the opening of offices in 1616
Walnut Street, Philadelphia, and in the Union Trust Building, Pittsburgh,
Pa. Frank W. Davis is in charge of the Philadelphia office while Walter H.
Babbitt is in charge of the Pittsburgh office. Both men were previously
associated with S. W. Straus & Co.. as Managers in Philadelphia and
Pittsburgh of that company.
- new partnership under the name of Lawrence J. Clarke & Co. has
A
been form2d by Lawrence J. Clarke and Edward W. Rejaunier, with
membership in the New York Curb Exchange. Offices are located at
39 Broadway, N. Y. C.
-A. M. Kidder & Co.. members New York Stock Exchange, have taken
over the Bridgeport, Conn., office of Pearl & Co., effective April 1. Alexander H. Robinson, formerly Manager of the office for Pearl & Co.. wil
remain in charge.
-A. D. Watts & Co., New York. specialists in Canadian gold mining
securities, have prepared a review of Macassa Mines, Limited, located In
the Kirkland Lake District of Northern Ontario.
James Talcott, Inc., has been appointed factor for La France Silk
Corp. and Levin-Forman Silk Corp.. New York City, distributors of silks.
Daniel J. McMillen, member New York Curb Exchange, has been
admitted as a general partner in the firm of Struthers & Dean.
-A. F. Hatch & Co., Inc., announce the removal Of their office to 76
Beaver Street.
-J. Roy Prosser & Co., New York. have issued a list of investment
suggestions.
2382
April 8 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDE
D IN THIS LIST, SEE PAGE PRECEDING,
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
April 1.
Monday
April 3,
Tuesday
April 4.
Wednesday
April 5.
Thursday
April 6.
Friday
April 7.
Sales
for
the
1Veelc.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Latest.
Highest.
$ Per share $ per share 5 per share $ per share $ per share $ per share Shares
Railroads
Par $ per share $ per share
3812 4018 38s 4012 383 4014 3818 4154 383 4 5
4 0
393 4012 52,500 Atch Topeka & Santa Fe__100 3458 Feb 25 4718 Mar 16
8
*38
5514 50 50
50
50 4 50
5114 5012 5012 51
3
51
2,100
Preferred
100 50 Apr 3 68 Feb 9
1812 1914 18
1914 1712 1812 17
1914 1754 1812 18
1812 6,400 Atlantic Coast Line RR
100 1612 Feb 25 2618 Feb 11
918 93
4
918 93
4
812 $ts
814 914
83
8 918
8 9113 24,400 Baltimore & Ohio
87
100
814 Feb 27 12s Feb 9
10 4 11
3
*10 4 11
3
10
1014
912 1012 10
103
8 1014 1014 6.100
Preferred
100
912 Apr 5 15 4 Feb 9
3
*24
26
.23
25
2412 2412 *21
25
*22
24
*21
24
100 Bangor & Aroostook
50 20 Jan 5 26' Jan 27
80
80
*78
8014 *78
8014 *78
8014 *73
8014 *73
8014
Preferred
10
100 685 Jan 4 85 Jan 27
s
*618 12
*618 12
*618 12
*618 12
*618 12
*618 12
Boston & Maine
100
7 Mar 1 12 Mar 15
*312 412 *312 412
312 312 *312 412 *312 412 *312 412
100 Brooklyn & Queens Tr_No par
312 Mar 29
5 Mar 16
*3013 42
*32
42
*32
42
*3012 42
*3012 42
*3012 42
Preferred
No par 40 Jan 5 4518 Jan 18
2714 277
2712 2814 273 2812 28
4
2914 2818 29
2758 2812 15,900 Bklyn Manh Transit _No par 2134 Feb 25 31 Feb 3
7412 75
74
74
7558 7558 *7612 7712 771 2 7712 77N 775
Preferred series A_No par 61 Mar 2 807 Mar 27
000
8
$6
8
*12
N
*12
N
*1
*12
5
8
•1
Brunswick Ter dr Ry SecNo par
*12
5
8
12 Jan 11
5 Jan 3
8
78 74
5
3
712 70
712 7 4
3
712 7 4
3
712 77
755 758 28,800 Canadian Pacific
25
712 Apr 3 148 Jan 6
*50
65
*50
65
5014 5014 51
51
*47
53
*47
53
100 Caro Clinch & Ohio stpel..100 5014 Apr 4 65 Jan 31
264 2758 2612 273
4 263 2718 2618 273
8
8 265 27
8
27
2714 30,400 Chesapeake & Ohio
25 2458 Feb 28 3012 Feb f)
.5
5
I
*a
s
1
*N
1
*14
1
*14
12
*14
1
Chic & East III Ry Co
100
1 18 Feb 10
118 Feb 10
3
4
3
4
*5
8 1
*5
8
3
4
5
12
8
12
12
"N 214 1,500
100
6% preferred
12 Apr' 114 Jan 11
112
112 *112 15
8
112 112
112 17
s
13
8
112 *112 2
2.200 Chicago Great Western
18 Apr 6
100
3 Jan 11
33
4 33
4
3 4 33
3
4 *312 33
4
212 33
4
31a 31s
3
Preferred
100
318 2,900
212 Apr 5
83 Jan 10
8
114
114
114
13
114
114
1N
1%
1
114
118
114 2,400 Chic Milw St I'& Pao__No par
1 Apr 6
23 Jan 9
8
15
8 2
112 13
4
15
8
15
8
112 15
8
112 13
4
153 15
8 6,300
Preferred
100
112 Feb 28
311 Jan 11
3
318
3
3 18
3
3 1s
114 3
214
212
212 2N 45,600 Chicago & North Western_ 100
114 Apr 5
614 Jan 11
*47
8 6
*43
4 512
4
43
4
2
4
314 33
4
3 8 37
5
8 6,300
Preferred
100
2 Apr 5
914 Jan 11
214 212
212
212 214 23
8
2
212
212 255
23
4 27
8 3,200 Chicago Rock Isl & Pacific_ 100
2 Apr 5
55 Jan 11
8
*4
43
4 •414 412
4
37
4
33
4 4
418 *355 4
500
7% preferred
100
334 Apr 5
811 Jan 11
*312 418 .3
4% *314 4
*3
312
3
3
3
318
700
6% preferred
100
3 Apr 0
712 Jan 11
•15
25
*15
25
*15
25
*15
*15
25
25
*15
25
Colorado dr Southern
100 1514 Feb 24 1513 Feb 20
*314 6
3 8 33
5
33
4
4 33
4 *312 4
*214
4
38 4
600 Consol RR of Cuba prof 100
114 Feb 24
4 Apr 6
453 4912 4453 48
4
445 47
8
445 484 453 483
8
4
8 4614 48
41,100 Delaware & Hudson
100 3753 Feb 25 5814 Jan 11
1914 2012 19
203
8 1812 193
4 181* 2012 1812 20
19
193 24,300 Delaware Lack & Western_50 1714 Feb 25 273 Jan 11
4
8
*2
*178 27
27
8 *178 278
278 27
8 *2
23
4 *2
23
4
100 Deny & Rio Gr West pref- _100
2 Feb 28
3 Feb 19
412
412
438 43
33
4 33
4
414
4 43
4
334 37
43
414
1,800 Erie
100
4
33 Apr 4
812 Jan 11
*5
53
4
45
8
8 45
412 4s
412 412
412 412
412 43
4
1,000
First preferred
100
412 Apr 4
73 Jan 11
4
*218 318 *212 318
212
212 *2
312 *2
312 *2
312
100
Second preferred
100
212 Apr 4
514 Jan 11
63
4 718
7
7
67
8 714
45
8 712
55
8 64
65
8 718 26.000 Great Northern pref
100
458 Apr 5 1158 Jan 11
•1
312 *1
218
*12 2
*1
2
*1
3
*1
3
Gulf Mobile & Northern__100
13 Mar 31
4
2 Jan 6
*2
5
*214 5
*214 5
*214 5
*214 5
*214
5
Preferred
100
212Mar 31
514 Mar 17
117 117 *1112 12
8
1218
12
1212 1212 *1212 13
*1212 13
1.000 Hudson & Manhattan_ _ _100 1113 Feb 27 153 Jan 12
.
4
1118 12
10% 1112 1038 1114
812 1112
912 11
1018 107 17.700 Illinois Central
8
100
812 Apr 5 1512 Mar 16
*518 8
*4
*5
8
7
*4
*5
8
7
*5
7
RR. See ctfs serles A _ _1000
514 Mar 27
7 Feb 17
635 612
614 64
618 635
612 612
635 612
6
05
8 6,100 1114erborO Rapid Tran v t c_100
418 Feb 27
714 Mar 25
8
83
8 *7% 814
77
8 77
8
75
8 73
4 *713 818 *718 814
1,000 Kansas City Southern
100
612 Feb 27 11 Feb 9
•10
*1212 14
14
*11
15
*11
15
*11
15
*11
15
Preferred
100 xI2 Mar 31 16 Feb 9
9
10
912
9
9
9
9
958
9
97
8 10
10
3,100 Lehlgh Valley
50
855 Feb 24 147 Jan 9
3
2814 2912 281s 29
2718 283
4 27 8 2 12 28
3
9
2
914 274 2912 8,600 Louisville & Nashvllle....IOO 2114 Jan 3 323
8Mar 20
15
1518 *153 17
*153 17
8
8
1518 153 *13
8
17
*13
17
100 Manhattan Ry 7% guar__ 100 12 Mar 16 1878 Jan 28
1014 10 4
934 1012
3
938 9 8 10
7
1012 10
1012
93 1018 6.800 Mani' Ry Co mod 5% guar.i00
4
8 Jan 3 11 Mar 31
•13
4 414 *13
4 414 *13
4 38 *13
4 37
8 *2
37
37
*2
Market St Ry prior pref__100
17 Mar 3
8
23 Feb 3
*18
4
14
*18
14
*18
14
*18
14
*18
14
*i8
14
Minneapolis & St Louis__ 100
% Jan 23
*12
3 Jan 19
8
113
•12 118
1 18
*12
*12 Do
*12 its
*12 11,
Minn St Paul & SS Marie.100
12 Mar 20
114 Jan 11
73
718 712
7%
7
7
612 714
65
8 73
8
7
714
5,200 Mo-Han-Texas RR_ __ _No par
531 Jan 3
87 Mar 20
8
16
163 167 17
8
*15
16
1514 1614
1514
15
1512 1614
1,900
Preferred series A
100 1112 Jan 3 205 Mar 20
8
118
112
114
112
114
114
114
13
8
114
13
8
114
114 4.600 Missouri Pacific
100
118 Apr 1
43 Jan 11
8
15
8 2
13
4 2
13
14 2
4 1%
15
8
17
14 17
8 7.000
Cony preferred
7 Jan 10
100
15* Apr 1
'8
14
18
18
14
*____
*
*18
14
14
18
15
200 Nat Rys of Mexico 2d pref_100
% Jan 3
14 Mar 15
1518 1714
153 163
8
4 1514 1614 1518 17
15N 1634 1618 1718 90,300 New York Central
100 14 Feb 25 2113 Jan 11
214
214
3
3
3
3
*214 212 *214 23
4 *2
212
300 NY Chic & St Louis Co_ _ _ 100
412 Feb 0
218 Jan 25
334 *318 3 8
314
314
314
3
318
3
3
27
27
1,600
Preferred series A
100
273 Apr 6
614 Feb 0
10014 10014 *10014 110 *102 105 *102 105 *102 110 *102 110
20 NY & Harlem
50 100 Mar 31 120 Jan 28
4
1134 1234 113 1212 1118 127
4
115* 123
8 113 1212 113 123 17,100 NY N H & lIartford
4
4
8
100 11 18 Feb 27 175 Jan 11
8
20
20
20
19
18
185
8 1812 19
18
19
19
19
3,000
Cony preferred
100 18 Apr 4 30 4 Jan 11
3
812 9
812 84
812 85
8
814 918
8% 87
8% 87
8
8 5,300 NY Ontario & Western...100
8
75 Jan 4 117 Feb 9
8
14
14
*14
3
4
*14
*14
3
4
3
4
*14
3
4
*14
3
4
100 NY Railways pref
18 Mar 15
3 Jan 20
8
No par
*N
*N
3
4
3
4
5
12
8
*3
8
*12
5
8
N
5
N
600 Norfolk Southern
8
11 Jan 11
12 Apr 4
100
*11514 1207 *11514 121 *116 121
8
11512 118 *117 123 *117 125
200 Norfolk & Western
100 111i2Slar 2 130 Mar 15
*77
7912 77
77
*7614 78
*77
79
77
77
*77
78
90
Preferred
100 77 Apr 3 8312 Jan 5
107 1218 1118 1178
8
10 4 1112
3
95 1214
1012 113
4 1112 117 29,300 Northern Pacific
8
10
958 Apr 5 175 Jan 11
1
1
*1
4
*1
*1
4
*1
4
*1
4
4
10 Pacific Coast
100
1 Jan 25
2 Jan 12
1612 173
8 1612 1718
8
153 163
4 15 8 163
5
4
8
155 1612 16
163 31,500 Pennsylvania
4
50 1334 Jan 3 1912 Mar 16
•12 2
*12 2
*12 2
*12 2
*12 2
*12 2
Peoria & Eastern
7 Feb 17
8
100
114 Jan 17
5
5
*4
6
*4
612 *4
72 *4
61
*4
75
8
200 Pere Marquette
100
3 8 Mar 3
7
8% Feb 10
718 8
7
7
*7
912
7
7
7
718
6%
7
160
Prior preferred
100
6 Jan 3 123 Feb 10
8
512 618
53
57
4 53
4 "53
6
6
4 64
6
65
220
8 63
8
Preferred
412 Feb 28 1012 Feb 10
100
*5
8
*5
8
*5
8
*5
8
*5
612 *5
61
Pittsburgh dr Wt Virginia 100 10 Mar 15 10 Mar 15
*23
27
*22
26
*22
26
2312 26
*233 2512 2512 2512
8
400 Reading
50 2312 Apr 5 3238 Jan 11
*2514 295* *2514 295 *2514 28
8
2514 25 4 *2314 295s *2314 295
,
8
100
let preferred
50 2514 Apr' 31 Jan 14
*1712 2712 *1712 2712 *1712 273 *1712 273 *20
8
8
2735 •20
273
2d preferred
50 2312 Mar 31 28 Jan 13
1
1
1
1
1,
*7
7
7
8
*7
8
8
8
s
118
*7
1 18
300 St Louis-San Francisco__ _100
8
78 Jan 30
1 12 Jan 5
118
118
118
118 *I
114 "1
114
118
118 411$
114
300
let preferred
100
Ils Feb 27
17 Jan 17
*314 6
*314 6
*314 6
*314 5
*314 43
4 *314 43
St Louis Southwestern__ _ _100
4
514 Mar 15
514 Mar 15
*418 29
*418 29
*418 29
*418 29
*418 29
*41g 29
Preferred
100
14
14
14
14
*14
3
8
14
14
14
14
14
14
1.300 Seaboard Air Line
No par
14 Jan 3
3 Jan 5
8
*3
8
%
"8
%
*3
8
7
8
"8
•3
%
3
*3
7
8
8
7
8
Preferred
100
N Mar 25
7 Jan 10
8
1314 1412 1312 1414 1318 1418 12,8 145
8 123 137
8 13
4
133 44,700 Southern Pacific CO
4
100 1118 Feb 25 197 Jan 11
8
512 6's
5
,2 53
5
4
512
6
5
9,80( Southern Railway
512 57
53
8
4 6
83 Mar 16
4
100
4% Mar 2
7
7 12
63
4 64
618 63
6
4
714
612 65
5,600
8 *63
4 7
Preferred
57 Jan 3
100
93 Mar 16
4
*16
287 *16
287 *16
8
287 *16
8
29
*16
•16
29
29
Texas dr Pacific
100
*512 6
512 512
53
8 55
512 512
512 512 *514
8
512
600 Third Avenue
100
418 Feb 25
64 Feb 3
*3
4
2
1,
*3
4 1,
2
"4 1,
2
*3
4
112
*3
1l2
"N
Twin City Rapid Trans No par
4
114
Iii Jan 10
15 Jan 20
8
*514 635 *514 65* *514 63
8 *514 635 •514 65
8 *514 65
8
Preferred
75 Mar 16
8
100
658 Mar 31
68
66
6614 6812 6412 6812 6114 673
62
8 6135 643
633 76,100 Union Pacific
4
100 6114 Apr 5 80% Mar 16
*593 6155 5912 60
4
*5618 60
57
57
56
5612 *5314 57
1,000
Preferred
100 56 Apr 6 6812 Feb 10
112 112 *118
13
4 *114
13
4 *1
112 *118
4 *14
13
IN
100 Wabash
100
Ilz Jan 4
218 Jan 10
112
112
112
112
114
114
114
114
1,300
*112 2
IN
118
Preferred A
100
1 18 Apr C
318 Jan II
535 *5
57
3
5 512 *54
12 5 2
5
'2
'2 6
5
,
2,500 Western Maryland
5
534
5
100
4 Feb 27
734 Feb 10
•412 634 *412 64 *412 612 *4
612 *4
612 *4
. 2d preferred
612
8
100
55 Jan 12
712 Feb 9
*114
13
4 *114
13
4 *114
13
4 *114
13
114
4
100 Western Pacific
*114
114
13
4
100
114 Feb 3
2 Jan 9
•17
8 3
*17
8 212 .17
8 3
*2
234
17
17
8
17
8
200
158
Preferred
100
178 Mar 2
33 Jan 11
8
*127
8
*65
335
40
818
6
*13
4
858
5514
2
8
137
*1
1
114
•114
114
16
*127 16
0
*127
8
*65
89
*65
80
4
33
312 3%
312
40
40 40
*39
9
812 85
83
8
4
6
6
6
6
2
4 2
4
*13
*13
83
8
87
8 87
s
83
8
56
663 564 55
4
*8
4
2
8
1
1
s
1455 14
1414 137
112 *1
112 *1
1
7
8
1
i's
114
114
114
114
112 *1,
112 *1 14
4
8 *1
11 1 *1
13
16
•127
85
*65
35
32
,
3912 *39
4
83
84
6 *---2
2
858
85
8
56
5612
118
*3
4
8 14
143
112 *I
1
%
114
I
1% *114
158 "I
•Bld and asked prIces, no sales Diana day
Industrial & Miscellaneous
16
*1278 16
16
16
100 Abraham & Straus
No par
68
*65 100
*65 100
Preferred
100
33
10,600 Adams Express
4
355 35
33
1 4
No par
397 *39
40
40 40
70
Preferred
"
100
10
9
10
3,109 Adams Mills
8
9
No par
6
900 Address Multigr Corp_ _No par
6
57
*5
531
2
*134
4
*13
2
2
300 Advance 'tamely
No par
84
8
83
8 *8
513 83
4 3,200 AffIllated Products Ine_No par
5818 5612 59
57
5812 10,600 Air Reduction Inc
No par
1%
*34
1%
*3
1 18
4
400 Air Way Elec Appliance No par
1412
145 15
8
148 1514 46,100 Alaska Juneau Gold Mln.-10
112 *1
112 *I
A 1' W Paper Co
112
No par
%
78
%
% 15,100 Allegheny Corp
7
8
No par
114
13
8
112 *1 18
15
8 1,900
l'ref A with $30 warr_ ..100
112
1N
112 *I
2
200
Pref A with $40 warr__ _ 10(1
13
8 *1
13* "I
13
100
Prof A without warr_ _ _ _100
a Optional sale. s Sold 15 days. s Ex-dividend.
y Ex-rIghta
1318 Fob 23
80 Mar 3
3 Feb 28
40 Apr 1
8 Apr 7
570 Apr It
IN Feb 21
734 Mar 1
4712 Feb 25
58 Feb 28
1118 Jan 14
1 Jan 5
7 Apr 4
8
1 Apr 5
IN Mar 31
114 Mar 30
167 Mar 16
8
80 Mar 3
53 Mar 16
4
5114 Jan 24
1534 Jan It
1018 Jan 3
25 Jan II
8
1012 Jan 21
6412 Jan 11
114 Jen 5
1514 Apr 7
114 Jan 27
IN Jan II
318 Jan 5
212 Jan 4
23 Jan 8
4
PER SHARE
Range for Previous
Year 1932,
Lowest.
Highest.
-$ per share $ per share
177 June 94
8
Jan
35 July 86
Jan
93 Slay 44 Sept
4
33 June 2138 Jan
4
6 June 4112 Jan
912 June 3534 Aug
50 June 91 Sept
4 July
193 Sept
4
27 July
8
1014 Mar
2314 June 58 Mar
11 18 June 5014 Mar
3112 June 7838 Mar
12 AM
218 Aug
714 May 2058 Mar
39 July 70 Feb
94 July 3112 Jan
33 Aug
12 July
5 Aug
12 May
114 June
53 Aug
8
2t1 Slay
1512 Jan
3 June
4
413 Aug
118 May
8 Aug
2 May
1412 Aug
4 Dec 31
Jan
112 Slay
163 Jan
8
314 Dec 2712 Jan
2 May 2412 Jan
412 June 2912 Sept
1
Dec 1112 Jan
32 July 9213 Sept
812 June 457 Sept
8
112 May
9 Jan
2 May 113 Sept
258 Slay
157 Aug
8
2 May 1012 Aug
512 May 25
Jan
2 Slay 10 Sept
212 Dec 1512 Sept
8 May 303 Jan
43 June 247 Sept
4
8
4 May
1412 Jar
21.4 June 145 Mai
8
'214 June 1514 fielY
5 June 2514 Sepi
5 June 2914 Sepi
712 May 3814 Sepi
9 Sept 4638 Mal
4 June 2034 Mai
2% Dee
9
Jar
18 Jan
8 AD
8
12 Dee
458 Sept
114 May 13 Sep
314 June 24 Sep
1 12 May
11
Jar
212 May 26
Jar
18 Feb
7 Sepi
8
834 June 365* Jar
112 May
93 Sepi
4
2 June 155 Jar
8
8214 May 12713 Aug
6 May 3158 Jar
1178 July 783 Jar
4
35 July
8
153 Sep'
18 Dee
1
Fe?
14 Dec
334 Sep'
57 June 135 Sepi
65 July 8112 De,
512 May 2538 Sepi
I Mar
312 Sepi
612June 2358 Jar
%May
514 Sep
134 June
18 Aul
312 June 26 Aui
212 June 24 Mil
6 Dec 2112 AD
912 June 52% Sep
15 July 33
Jar
15 May 38 Sep
N May
65 Jet
8
I May
93 Jar
4
3 May 137 Sen.
83 Dee 2012 Jai
8
18 Jan
1 Sep
14 Jati
158 Sep
Ctr Jt,ne 3758 Jar
212 May 181z Sep
3 July 233 Sep
4
13 Nov 35 Sep
37 May
14 Ma
118 Dec
412 Jun
7 June 2412 Jai
275 July 9411 Fel
8
40 Slay 715 Ain
8
7/4 Jttne
414 Au
1 Jun
6 .tat
1 12 May 113 Hop
8
2 May 11 14 Sep
45 AD
%June
3 May
4
87 Aui
8
10 June
68 July
IN May
22 June
12 June
813 Dec
1 14 June
414 May
30% July
12 June
7 3 June
4
28 DM
38 May
14 May
Et Juno
3 J11110
4
2458 Au1
98 ma
012 Sep
73 Sep
3
035 SIN
14 Sep
47 AD
8
1612 Mai
6311 80141
311 Sepi
165* Jar
4 Ma:
35* Sew
814 Sepi
8 Sepi
8 Sepl
New York Stock Record-Continued-Page
2
2383
lar 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
April I.
Monday
April 3.
Tuesday
April 4.
Wednesday
April 5.
Thursday
April 6.
Friday
April 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
Lowest.
Highest.
8 Per share $ per share 8 per share $ per share $ per share $ per share Shares.
Indus. & Miscell. (Con.) Par 8 Per share $ per share
*5
512
512 512
6
6
6
6
*534 6
6
6
410 Allegheny Steel Co____No par
5 Mar 30
814 Jan
74 4 753
3
4 753 7714 7514 77
773 80N
4
7834 81
SO
8112 53,000 Allied Chemical di Dye_No par 703 Feb 27 897 Jan 9
4
11814 11814 *118 12012 118 118
8
12
11612 11612 11612 11612 *116 119
500
Preferred
100 11612 Apr 5 1217 Feb 1
s
714 7 4
3
7
72
733 73
,
77
712 8
818
812
812 3,400 Allis-Chalmers NIfg _ _No par
6 Feb 27
912 Mar 16
6
6
.6
6N
63
2 65
8 *6
712 *6
712 *6
712
600 Alpha Portland Cement No par
*3
2 1
53 Jan 10
4
4781
633 Apr 4
•8 1
3
*3
8
1
*3
*3
5
8
1
1
Amalgam Leather Co_.No par
N Feb 21
1 Jan 4
63
4 63
4
7
53 73
8 *65
8 712 *63
4 712 .68 9
*63
200
4 9
7% preferred
100
5 Feb 23
21
7 2 Apr 3
3
21
21
21
211 *21
21
213
4 2114 213
4 2112 233
2 4,100 Amerada Corp
No par 1812 Mar 2 2333 Apr 7
10 4 103
3
4 1114 117
2 1112 1212 1212 1314
131 1418 1314 1433 6,300 Amer Agile Chem (Del) No par
714 Mar 1
143 Apr 7
8
•
98 10
10
10
1012 1152 1112 12
1134 113 *1112 1233 1,200 Amerlean Bank Note
4
10
8 Mar 2 1372 Mar 16
*31
397 *34
2
3612 *31
35
*34
35
*34
35
34
34
100
Preferred
50 34 Apr 7 3972 Jan 13
8 *2
233 23
258
238 238
23
8 314
314
312
3
312 6,300 American Beet Sugar__No par
1 Jan 30
312 Apr 6
.8
10
10
1012
912 912 10
12
1172 123
4 11
13
1,540
7% preferred
100
1178 12
23 Jan 5 13 Apr 7
4
*12
1214 12
1214
12
1234 1234 1434 1412 143
4 3,300 Am Brake Shoe & Fdy-No Par
*60
918 Mar 3 1434 Apr 6
63
*GO
63
6212 6212 60
60
61
66
6612 6612
160
Preferred..
100 60 Mar 28 75 Jan 12
513 5518 5512 5612 55
8
57
5718 585
593
2 5818 5912 61,300 American Can
25 4912 Feb 25 623 Jan 11
•115 11712 *11514 11712 *11514 11712 1163 117 8 58
4
4
11712 11712 *117 125
700
Preferred
100 112 Feb 27 1283 Jan 28
8
4
8
8
*712 814
812 812
73
8 83
4
9
914 1,700 American Car & Fdy___No par
*1612 18
618 Jan 23
ON Mar 15
*1612 18
*1612 1712 1714 1712 18
1812 *20
203
4
400
Preferred
100 15 Feb 28 20 Jan 13
18 138 *112 2
*112 2
*112 2
•152 2
. 15* 2
1
400 American Chain..
.
No par
*314
15 Mar 31
314 Jan 10
8
7
312 312 *33
2 7
*318 7
*4
7
*3
7
100
7% Preferred
100
31, Mar 1
3614 3614 36
8 Jan 17
36
.36
3612 36
3612 36
3612 3618 363
2 2,100 American Chicle
No par 34 - Mar 2 40 Jan 21
*2
37
2 *2
212 *2
212 *2
212 *1
212 •1
Amer Colortype Co
212
10
1612 1612 1612 165
2 Feb 24
4 Feb 9
8 1612 163
4 167 18
8
1714 18
1738 18
7,700 Am Conm'l Alcohol Corp 20 13 Feb 27 223 Jan 5
*12 1
8
*12
1
1
*12
*12
1
1
*12
1
1
100 Amer Encaustic Tiling_No par
1 Jan 5
114 Jan 10
4
37
3 414
4
*334 4
4
4
*414 43
4 *414 434 1,000 Amer European See's__No par
37 Apr 1 1038 Jan 6
418 43
2
418 43
8
4
412
414 112
4
418 414 11,000 Amer & For'n Power_ __No par
48
37 Feb 27
812 88 *8
818 Jan 11
75
812
714
733 814
752 8
2,700
75* 814
Preferred
No par
*43
714 Apr 4 147 Feb 9
4 514
43
4 43
4
45
4
48 43
5
*432 5
5
5 14 2,100
2d preferred
No par
43 Apr 4
2
*612 67
8 *618 714
93 Jan 11
4
613 618
612 63
1,300
7
4
614
612 63
4
$6 preferred__ _ _ _ No par
614 Apr 4 12 Jan 11
*412 512 *412 512 *5
512 *5
518
514 514 .5
100 Amer Hawaiian S S ________
.._
517
413 Jan 5
3
3
514 Apr 6
*23
4 3
2 4 23
3
4
314 314
3
3
312 312
700 Amei Hide & Leather_No par
212 Mar 2
•16
1712 *1112 1712 *1458 1612 167
4 Mar 17
8 167
1712 18
2 17
1812
500
Preferred
100 1312 Feb 11 1912 Mar 15
31
31
31
3118 307 31
8
3118 32
3112 32
2,000 Amer Home Products__No par 2912Mar I 3914 Jan
313* 32
433 412
11
414 412
412 45
8
43
4 47
434 5
518 53* 4,200 American Ice
No par
33 Feb 24
612 Jan 12
4
•25
3112 .25
28
*2512 28
28
28
*25
28
29
28
200
6% non-cum prof
100 25 Feb 15 34 Mar 16
53
4 53
4 *57
618
53
4 6
57
63
612 652
8 63
68
4 3,700 Amer Internal Corp_ _No par
414 Feb 27
•N
83 Jan 11
2
12 .
3
2
12
*3
8
12
*3
8
12
*38
12
*3
Am L France & FoamiteNo par
8
12
38 Jan 5
*2
12 Mar 15
3
*2
3
.2
3
.2
*2
3
3
.2
3
Preferred
100
114 Jan 3
214 Jan 2,
75
8 752
733 75
8
712 73
4
952 4,300 American Locomotive...No par
712 7 4
73
3
8 83
4
83
4
57 Jan 3
*2218 24
*2218 24
933 Apr 7
23
23
24
24
273
2614 2814 27
4
900
Preferred
97 1014 1014 1012
100 173 Jan 3 2314 Apr 6
4
1014 1014 103 1114 11
1112 1114 118 4,900 Amer Mach & Fdry Co.No Par
83 Feb 27 1312 Jan 11
4
.15
8
17
8 *112
17
8 *112 17
8 *112
134 *112
17
8 *112
Amer Nlach & Metals...No par
134
1 Jan 27
2 Jan 4
*1
43
4
418 4N
*4
412
414 414
*414 43
4
43
4 43
4
300 Amer Metal Co Ltd_ __No par
312 Feb 21
532 Mar 16
•19
22
19
19
*Hi
22
*19
22
•20
*19
22
22
30
6% cony preferred
100 1512 Jan 4 21 Jan 12
*19
20
*1914 20
*1914 198 19
1914
19
19
19
19
70 Amer News Co Inc_ __No par 17 Jan 20 30 Feb 6
4
412
4
418
4
414
41
4
438 8,200 Amer Power & Lighi__No par
418 433
43*
4 Feb 27
107 107
914 Jan 11
1038 1012 10
1012
97 1012 10
2
103
2 10s 11
2,600
$6 preferred ______ __No par
97 Apr 5 2412 Jan 11
9
918
912 918
9N 918
972 97
1,200
9
$5 preferred
98
918
978
No par
9 Apr 1
2112 Jan 12
613 612
618 612
614 612
63
8 67
8
634 7
63
4 7
36,600 Am Rod & Stand San'y No par
438 Feb 27
75 Jan 11
8
75* 712
712 77
7
78 78
84 8
73
4 88
73
4 818 6,900 American Rolling Mill
25
534 Mar 2 103 Jan 11
8
21
21
21
21
21
21
2014 2014 2018 207a .2014 21
800 American Safety Razor No par 2018 Apr 6 z217 Mar 15
2
*12
114
*12
114
*12
114
114
*12
•12 114
*12 114
American Seating v t c_No par
15 Feb 2
8
14 '
8 Mar 20
*13
14
14
08
14
*18
100 Amer Ship di Comm___No par
14
14
18
*18
14
14 Feb 1
*1218 1312 *1218 1312 .1212 1312 *128 1312 .
N Jan 5
1414 16
130 Amer Shipbuilding Co.No par 1112 Mar 3 16
1333 14
1412 1452 143 15
Apr 7
4
1434 163* 16
167
8 16
4
173
8 163 178 34,300 Amer Smelting & Refg_No par ION Feb 25 18 Mar 16
*39
43
4014 1014 3912 3912 113 413
4
1,300
4 4114 4214 45
46
Preferred
100 31 Jan 10 16 Apr 7
.25
27
.26
26
27
28
2612 283
1,700
4 29
30
30
29
26 preferred 6% cum100 2012 Jan 2 30. Mar 17
34
*3612 3733 *3
612 3733 375* 378 373 373
8
2 3714 38
37
37e 1,300 American Snuff
25 3212 Jan 10 z3912Nlar 16
*05
_
_ *95
_ __ *95
_ _ *103. _ *10312 _ _ *10312 _ _ _ _ _ ___
Preferred
10 10218 Jan 9 101 Feb 23
6
- 14
6
3 8 618
5
53
4 - 4
533,000 Amer Steel Foundries_ No par
55
8 C118
612 (1-12
57
8 - 12
6
458 Feb 28
8 Mar 16
*375 40
8
*375 40
*3752 40
*38
40
40
40
130
375* 3753
Preferred
100 3733 NIar 28 56 Jan 9
3314 3314 *3314 34
*3314 34
*335 34
8
8
337 34
34
34
700 American Stores
No par 30 Feb 27 3514 Jan 27
337 343
4 343 353
4
4 3514 3812 3753 3912 38s 4033 39
403 27.400 Amer Sugar Refining
4
100 2112 Jan 19 40- Apr 7
34
*88
91
89
89
8812 91
90N 91
8
•94 100
947 95
1,000
Preferred
100 80 Jan 19 95 Apr 7
714 714
714 814
8
9
932
812
87
* 98 11,400 Am Sumatra Tobacco No par
818 914
93 Apr 6
6 Jan 13
88
8918 8812 895
8814 903
2 893 923
2 9012 9314 904 924 116,600 Amer Telep & Teleg
4
100 873 Nfar 31 10932 Jan 11
4
56
5633 573 5812 58
4
59
573 59
7
4
58 8 59
578 5914
6,100 American Tobacco
25 49 Feb 23 634 Jan 24
59
60
603 6212 605 6212 6114 63
4
8
613 63
6114 6212 36,400
4
Common CIMS 13
25 5034 Feb 25 65N Jan 24
*105 110 .105 110 .105 110
10718 10718 *106 112 .10712 112
100
Preferred
100 10234 Nlar 1 117 Jan 14
*43
8 6
412 5
.4
6
*414 5
7
*414 614 *4
400 Am Type Founders_ _ _ _No par
412 Apr 3
9 Jan 13
11
11
1012 1012 *10
*10
11
10 .10N I24
15
10
70
Preferred
100 10 Apr 6 1872 Jan 11
1114 113
4
1118 1114
11
1114
113
11
4 11
113 ZION 113
8
4 4.400 Am Water Wks & Elee_No par 10N Apr 7 1912 Jan 9
93 10
4
*93 103
4
8
912 97
*10
10
*912 10
10
103
8 2,500
Common vot tr ctfs_No par
912 Apr 4 163 Jan 9
4
*33
45
35
35
*351 45
3512 3512 *35
35
4018
35
300
1st preferred
No par 35 Mar 24 58 Jan 12
*414 5
*43* 5
*412 5
.412 5
55*
5
5
5
1,600 American Woolen_ . . par
. _No
312 Mar 2
612 Mar 16
2314 2412 213 244 243 2533 255* 26
4
4
263 28e 2712 284 5,400
8
Preferred
100 223 Feb 16 293 Mar 16
4
•14
•12
12
*14
12
12
12 1
1
1
2,000 Am Writing Paper ctfs-No par
1
*12
34 Feb 8
1 Apr 5
*118 314 .11
2
*118 2
*112 2
*2
314 .2
314
Preferred certificates No par
3 Feb 17
4
214 Feb 10
*212 3
214
212 *25
8 3
.23
4 3
3
312
314
312
800 Amer Zinc Lead & Smelt____1
214 Feb 28
43* Mar 16
•18
2812 .18
2812 *18
2812 .18
2812 *18
2812 *18
2812
Preferred
25 20 Feb 21 20 Feb 24
614 68
614 634
63
8
738
7
712
718
75
714
8
75 35,000 Anaconda Copper Mining_ _50
8
5 Feb 28
932 Nlar 16
•318 63
2 *312 614 *312 7
*312 97
*312 712 *312 718
Anaconda Wire 33 CableNo par
412 Jan f
438 Jan 31
II
11
11
11
*11
11
113
113 123 *113 1212
11
4
4
8
4
.500 Anchor Cap
No par
8 Jan 20 1512 Nfar 16
.60
69
•60
69
•5838 69
*59
*59
65
69
*59
65
$6.50 cony preferred.No par 6212 Jan 11 66 Jan 30
.212 5
.23
4 5
.318 5
.3
*3
5
.3
5
5
Andes Copper MiningNo par
252 Feb I
4 Jan 23
•I2
1118 .1212 1412 *12
1418 *13
1418 *13
.12
14
Archer Daniels NfldFd_No par
1118
4
93 Mar 3 14 Mar 16
*95 100 .95 100
*95 100
*95 100
*95 100
*95 100
7% preferred
100 95 Feb 23 100 Mar 18
*4514 49
45
45
44
44
44 14 4414 4612 1612 *46
484
400 Armour & Co (Del) pref100 41 Jan 3 54 Mar 16
15
8
13
4
15
8
13
4
15
8
13
4
13
4
172 2N
153
218
214 15,700 Armour of Illinois class A-25
IN Feb 28
233'Mar 16
7
8
1
*7
3
1
1
1
78
118
1
1
118 6,100
133
Class B
25
3 Feb 20
112 Mar 16
4
1012 1012 1014 11
1014 101 *1012 1212 103 133
4
123 123
4
4 3,200
Preferred
100
7 Feb 27 1334 Mar 17
*113
Fs
112
lIz
*138 2
17
8
17
8 *13
8 2
1 12
112
300 Arnold Constable Corp_No par
112 Jan 10
17 Apr 4
8
1 512 *23
•13
4 333
4 23
23
2 4 23
3
4
4
4 23
23
4
23
4 23
250 Artloom Corp
4
No par
2 Star 27 2 4 Apr 4
3
*1
114 *1
*7
4,7,
8
1
1
114 *1
114
1
1
100 Aasoclated Apparel Ind No par
7 Mar 2
8
114 Jan 11
413 418
413 418
434
412 412
412
43
4 514
5
5 14 3,600 Associated Dr) Goods
1
312 Feb 20
512 Mar 16
•812 15
87
8 87
*9
14
14
.9
*812 14
.83* 14
70 Associated Oil
25
63 Mar 21 16 Feb 14
4
.44 5
*43
8 61
.43
8 612 ..IN
61
.43
2 612 *41
Atl G & W I SS Llnes...No pa
612
112 Mar 22 c13 Feb 21
4
5412 8
412 8
*412 8
*412 8
*412 8
.412 8
Preferred
100
43 Mar 21
512 Jan 14
4
143 143
4
4 143 151
4
143 15
4
1512 153 1612 11,800 Atlantic Refining
144 1518 15
8
25 1238 Feb 28 1714 Jan 5
1012 1014 *10
11
*934 11
11
4
11
93
4 *93 11
4 93
500 Atlas Powder
No par
9 Feb 14 1314 Mar 21
61
6212 6018 601 *60
65
*GO
65
60
60
*60
65
90
Preferred
100 60 Apr 5 66 Jan 11
•158 312 *158 31
•13
4 2
.15
.13
8 2
4 2
2
*138
Atlas Tack Corp
No par
112 Feb 27
2 Mar 20
3114 3212 3114 331
4 335 353
, 32
3312 3214 353
4 3312 35
8
20,700 Auburn Automobile
No par 3114 Feb28 5612 Jan 11
*I
1N
1
1
*1
1 12
1
1
11
1
*1
112
600 Austin Nichols
No par
7 Feb 2
4
13 Feb 16
614 638 638 638 638 714
vs
712 778
7N
738 734 108,700 Aviation Corp of Del(The).5 512 Feb 27 8 8 Mar 16
*414
412 4414
412
412 434
43
41s 452
8 43
45
8 5
1,200 Baldwin Loco WorksNo par
37 Feb 25
8
614 Jan 10
•912 12
.95 12
912 97
93 113
;
11
1112 12
4 11
960
Preferred
100
912 Apr 4 153 Jan 12
2
.72
79
*72
79 .72
79
*72
*79
*72
79
79
79
Bamberger (L) & Co pref __ 100 6814 Feb 28 7312 Feb 1
*3
4
17
8
*3
4
17
8
*54
17
*3
8
4
17
*3
8
4
Barker Brothers
17
8
*3
4
17
8
No par
38 Jan 4
N Feb 27
312 358
312 35
35
312 352
8 4
312 35
8
312 33
11,200 Barnsdal Corp
4
3 Mar 2
5
414 Jan 10
17
18
1612 1612 1612 1612 16 c173 *1514 164 *I55* 175
4
340 Bayuk Cigars Inc
No par
314 Jan 6 18 Mar 31
50
50
51
51
*50
51
*50
51
50
51
50
55
130
1st preferred
100 27 Jan 18 51 Apr 3
*918 912
918 918
914 93
4
1114
10
11
11
10
1114
1,100 Beatrice Creamery
50
7 Mar 2 12 Jan 10
.51
5712 *567 5712 567 567
8
8
5712 58
8 5712 5712 *56
58
300
l'referred
100 45 Feb 24 6212 Jan 6
.46
49, .47
2
18
4712 4712 *4514 1712 1712 4812 483 483
4
4 1,200 Beech-Nut Parking Co
20 45 Jan 5 50 Jan 27
*33
35
8 33
4
312 35
8 .33
8
35*
333
33
4 33
334 33
4 2,300 Belding Heminway Co_No par
4
312 Feb 20
5 Nfar 16
*6212 6438 •6253 643 *6212 643
8
6214 6214
8 627 6273 *625 . _
8
8
200 Belgian Nat Rys part pref._ 6214 Apr 7 6512 Jan 5
77
75
8 8
74 8
3
8
8 18 84
83
812 - 812 872 7,800 13endix Aviation
4
5
618 Feb 27 1112 Jan II
11
11
11
1033
11
12N
1114
12
12
1112 1214
1252 3,100 Best & Co
No par
9 Mar 2 133 Nlar 16
4
123 13
4
1253 13
123 133
4
8 1312 144 143 153* 1514 16
2
22,100 Bethlehem Steel Corp_.No par 1012 Mar 2 1672 Jan 11
2812 29
a2812 2912 2818 2812 297 3072 33
3414
3318 35
6,700
8
7% preferred
100 2514 Feb 28 3612 Mar 16
.512 7
*514 65* *614 64
*612 7
612 612 *612 7
200 Blaw-Knox Co
No par
312 Feb 24
8 Mar 16
*6
20
*6
20
*6
20
____ Bloomingdale Brothers_No par
____
___
20
•6
*6
•6
652 Feb 28
7 Jan 5
.5512 _ _ .56
_
_ 456
_
_ .5612
__ •56
.06
_ _
_ _ ___
Preferred
100 53 Jan 25 5412 Mar 20
*1012 11
38 ill, 1114 fit, .11 _12
1252 - 712
1214 12
12 2.100 Bohn Aluminum & 13r_No par
9121%lar 2 1434 J5011
56 .52
.53
55 .52
55 .52
*5214 55
55
5214 5214
100 Bon Aml class A
'o par 52 Feb 23 55 Jan 30
Booth Fisheries
1st preferred
207
20
2 205* 2112 2052 213
8 21
213
2IN 223
8 217 22s 12,600 Borden Co (The)
8
2
IS Fei; "27 16713 Jan 11
712 73
4
712 712
718 75
8
734 8
75
8 8
2.800 Borg Warner Corp
77
8 8
10
512 Feb 28
93 Jan 11
4
*14
5
8
*14
5
8
*14
5
8
Botany Cons NIIlls class A__50 ____ ____ .. ____ ____ __
0
N
4
'14
'
1
N
•14
58
3
3
3 18 312
314
314
314
332
312 31
312
312 1,500 Flriggs Manufacturing_No par
2 8 Feb 21
5
5N Jan it
•131d and asked prices. no sales on this day. a Optional sale. .2 Ex-d1 'Mend. y Ex-rights. c Cash sale.
PER SHARE
Range for Prerious
Year 1932.
Lowest.
Highest.
$ per share 8 per share
5 May 15 Sept
4212 June 8814 Sept
9612 Apr 120 Dec
4 June 153 Sept
8
412 July
10 Jan
14 Apr
212 Sept
4 Dec 10 Mar
12
Jan 223 Sept
4
312 June 1512 Sept
5 May 2212 Sept
28 June 47 Feb
14 Apr
278 Aug
1
Apr
93 Aug
4
612 June 1773 Sept
40 July 90 Feb
2952 June 738 Mar
9312 June 129 Mar
318 JUDO 17 Sept
15 Dee 50 Aug
17 Apr
2
714 Sept
7 June 26
Jan
18 June 38 Nov
2 July
814 Sept
11 May 27 Sept
3 Dee
4
5
Jan
234 Apr 153 Sept
4
2 Slay 15 Sept
5 May 3812 Jan
23 May 2114 Aug
4
33 June 33 Jan
4
3 May
612 Aug
1 May
67 Sept
47 May 27 Sept
2
25 June 5138 Mar
33 Dec 211'a Mar
8
35 Dec 68 Mar
212 June 12 Sept
14 Jan
44 Aug
1 July
114 Aug
35* July
1514 Aug
1718 Dec 49 Sept
712 June 2214 Jan
1 June
33 Mar
4
112 June
914 Aug
612 June 32 Aug
14 July 33 Jan
3 June 1714 Sept
1514 June 58
Jan
10 July 493 Jan
4
3N Jtine 1214 Sept
3 May 1812 Sept
133 June z2914 Mar
8
3 June
4
33 Sept
4
N Apr
7 Sept
8
10 June 2518 Jan
518 May 2714 Sept
22 June 85
Jan
15 July 55 Feb
213 June 3612 Aug
4
90
Jan 106 Sept
3 May
1518 Sept
34 July 80 Feb
20 May 363 Nlar
4
13 June 3914 Jan
45 May 90 Aug
234 Apr 1014 Aug
693 July 1373 Feb
2
4
4OI2 June 863 Mar
4
44 June 894 Mar
9513 June 11812 Oct
4 June 25
Jan
1012 July 70
Jan
11 May 3412 Mar
11 Slay 31 NIar
26 June 75 Jan
15* May 10 Sept
1512 Jan 397 Sept
8
14 may
214 Aug
8 Aug
2 July
114 Slay6N Sept
10 June 35 Aug
3 June 193 Sept
2
3 Apr 15 Sept
1712 Mar
5'* May
40 May 75 Sept
IN Slay
9 Sept
7 Apr 1512 Sept
85 Aor 10014 Oct
24 May 61 Aug
234 Sept
53 June
2 Sept
3 June
8
31 Slay
157 Aug
8
I May
338 Aug
15 Dec
4
8
53 Sept
3 Aug
5* June
3 May 11 Sept
612 July
1612 Aug
43 Dec1214 Aug
2
53 Dec 1512 Jan
4
85 Feb 2172 Sent
8
7 Dec 2512 Feb
4512 June 7933 Jan
1 July
3N Aug
28N May 15134 Jan
12 Feb
Vs Sept
871 Dec
,
112 June
2 May 12 Aug
8 Slay 3718 Aug
62 July 99 Feb
12 Apr
312 Aug
7 Sept
33 June
2
2 Dec 13 Feb
30 Dec 59 Jan
4312 Jan
1012 Nos
62 Dec 95
Jan
2914 May 453 Dec
4
83 Sept
4
238 Jan
5732 June 6252 Dec
412 May
1834 Jan
53* June 24N Feb
714 June 295* Sept
Jan
1614 July 74
35 June 10 Aug
8
Feb
614 June 14
49 Dec 61
Jan
47 June 2214 Jan
31 June 55 Nov
18 may
Aug
1
1 14 Jan
12 Nos
20 July 4312 Mar
33 May 1414 Sept
2
1 14 Sept
33 Apr
278 June 113 Mar
4
1
_
New York Stock Record-Continued-Page 3
2384
April 8 1933
W" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
April 1.
Monday
April 3.
Tuesday
April 4.
Wednesday
April 5.
Thursday
April 6.
Friday
April 7.
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 Previous
Year 1932.
Lowest.
Highest.
Lowest.
Highest.
S per share S per share S per share $ per share $ per share S Per share Shares. Indus. & Stilwell. (Con.) Par $ Per share $ Per share S per share g per share
*73
*75
8 8
8
8
8
87
No par
200 Briggs dr Stratton
7
*73
*72
4 84 *72
4 88
714 Feb 28
912 NIar 15
4 May 1012 Jan
6614 6614 *63
65
*63
65
No par 6312 Apr 5 82 Jan 11
6312 66
67
064
*64
1,100 Brooklyn Union Gas
67
46 JUDO 8912 Mar
30
*2912 31
30
.29
30
*29
30
*29
3012 *29
100 Brown Shoe Co
3012
No par 2812 Mar 3 33 Jan 6
23 July 36 Feb
312 312
34 43
312 312
37
8 4
8
2
3 2 37
3 2 358
,
,
2,400 Bruns-Balke-Collender_No par
134 Mar 3
5 Mar 25
118 July
412 Sept
*214
278 .238 212 .214 212 *212 212
234
212 212 *214
10
100 Bucyrus-Erle Co
2 Feb 27
312 Mar 16
112 June
714 Sept
•278 314 *278 314 *27
8 314 *27
8 314
Preferred
314 314
5
200
23 Feb 23
34
,
4
314
418 Jan 11
212 Slay 1018 Sept
2734 273
4 23
22
23
25
24
253
4 253 253
4 2612 2612
100 2012 Mar 31 36 Jan 4
4
280
7% preferred
35 Jima 80 Sept
7
8
7
8
7
8
7
8
7
8
7
8
1
1
078
*78
1
1
500 Budd (E 0) Mfg
4 Feb 7
No par
2 Jan 11
318 Sept
12 Apr
.312 4
*312 4
*312 4
4
4 *___.
412 *---7% preferred
100
30
3 Mar 16
45*
5 Jan 11
312 July
14
Jan
118 118
118
118
1
1
1
1
*1
118 *1
No par
800 Budd Wheel
1 Feb 8
118
214 Jan 11
412 Jan
58 May
1
1
1
1
14 *114 212 .114 212 *114
212 *114
212
No par
300 Bulova Watch
7 Mar 2
8
13 Feb 2
8
118 Apr
312 Jan
025
8 3
3
3
*23
4 37
8 *3
418
3
3
3
3
300 Bullard Co
No par
434 Mar 16
212 Feb 17
218 Slay
8 Sept
75* 7 4 *74 7 4
3
3
618 Feb 14
73
77
4 84
8 3
4
912 Apr 7
8 8 83
818 912 15,300 Burroughs Add Mach_ _No par
,
4
614 June 1314 Aug
1
1
14
1
1
1
1
1
1
1
1
No par
*1
1,200 Bush Term
1 Apr 1
114
33 Jan 5
4
3 Dec 213 Mar
4
212 3
1
1
*114
13
4
2
2 14 *24 412 *218 3
100
1,000
1 Apr 3
Debenture
914 Jan 11
7 Dec 65 Mar
•1212 18
1212 1212 *5
*5
15
15
*5
15
"5
15
100 Bush Term Bldgs gu pref_100 1012 Feb 28 2312 Jan 5
1214 July 85
Jan
"1
118 .1
118
1
1
1
1
1
1
*1
1 Feb 10
Butte & Superior Mining...10
500
14
118 Jan 18
12 July
17 Sept
8
•,2
8
52
5
8
"2
5
3
5
3
4
12Mar 31
*12
300 Butte Copper & Zinc
5
8
3
4
3
4
1 Mar 16
*5
*5
8
8
2 Sept
12 Apr
•15
8 212 •15
8 212
8 212 *15
15
8
15
8 *13
8 152
12
, 152
200 Butterick Co
112 Jan 14
No par
2 Jan 30
13 June
8
57 Sept
8
1018 1018 1014 1014 1018 1012 105 1112 11
8
1138 1118 1112 3,000 Byers Co (A M)
812 Feb 25 15 Jan 11
No par
7 May 2458 Sept
*31
39
.31
39
*31
39
"31
39
031
100 3018 Mar 2 4614 Jan 19
39 .31
39
Preferred
3514 May 69 Sept
10
10 4 1058 107
,
8 1012 103
4 10 4 1114 1114 123
3
__No par
734 Mar 2 1314 Apr 7
8 12
1314 10,500 California
414 June 19 Sept
*14
*14
12
12
Packing_*14
10
3
8
14 Jan 19
12 Nfar 16
3
8
3
8
*3
8
300 Callahan Zinc-lead
12
12
*3
8
18 June
118 Sept
214
2
2 18 *2
214
2
2 Feb 7
2
314 Mar 16
24
24 258
210 258 4,500 Calumet & Hada Cons Cop_ 25
112 May
778 Sept
*2
312 *2
312 .3
512
3
3
2 Feb 28
*3
312 *2
312 Feb 1
100 Campbell W dr C Fdy__No par
32
,
212 June
914 Aug
1018 10
10
95 10
8
1018 1012 1018 103 1012 103 104 2,700 Canada Dry Ginger Ale
5
712 Feb 25 1138 Mar 25
8
4
11 June 15 Sept
.1518 157
8 1518 1514 14
14
14
16
1512 16
No par 14 Feb 2 18 NIar 16
155 1612 2,800 Cannon Mills
8
1018 June 233 Sept
4
*4
5
*4
57
2 '43
4 57
2 *43
4 54 '43
412 Feb 24
No par
Capital Adininis el A
63 Star 1;
4
4 57
8 *43
4 57
8
212 Apr912 Sept
•15
_ *15
*5-- *15
__
___ •15
50 2518 Jan 18 26 Jan 16
Preferred A
*15
_ _ __
19 June 32 Aug
4312 - -12 4214 44
4512 405 44
8
4214 44rN 4318 100 3012 Feb 27 5214 Mar 16
46
445 4612 168:300 Case (J I) Co
8 -163 June 653 Sept
4
4
.46
503
48
8 48
*47
4912 *47
4718 *46
100 41 Feb 27 00 Jan 11
Preferred centficates
4818 48
60
48
30 May 75
Jan
712 752
7 4 73
3
4 *712 77
512 Mar 2
912 Mar 10
8
712 73
4
73
4 8
73
4 832 4,300 Caterpillar Tractor_ _ - _No par
43 June 15
8
Jan
5 8 57
7
2
53
2 53
538 55
4
Am__No par
8
418 Feb 27
9 Jan II
57
612 612 2,100 Celansie Corp of
8 57
8
8
54 57
114 June 125 Sept
8
•I2 2
.
14 2
*12 2
*12 112
No par
12 Mar 15
1 Mar 17
5
8
100 Celotex Corp
5
8
•5
8 1 12
4 Aug
33 Jan
8
.- 4 *---3 *--- 8
3 • __
8 3 Feb 4
No par
8
38 Feb 4
Certificates
3 .. 8 3 •- - -8
3
8
52 Dec
214 Feb
s112 2
*112 2
*112 2
*112 2
*112 2
100
14 Jan 5
3 Jan 11
*112 2
Preferred
112 Dee
712 Mar
22
2218 22
2212 22
2314 23
2414 2258 2438 2312 2412 10,400 Central Aguirre Asso_.No par 14 Jan 3 2412 Apr 7
73 June 2012 Sept
8
*214 314 *214 212 *214 2 8 *214 23
5
214 Feb 3
8 *214
322 Jan 19
258 *258 25
Century Ribbon Mills_No par
8
23 Jun
2
614 Jan
"5012 60
*5212 60
*5212 60
*5212 60
100 52 Feb 27 63 Jan 12
5212 52
52
Preferred
52
80
55 Dec 85
Jan
812 812
85
8 83
4
87
8 93
4
914 10
03 1012
4
912 104 26,100 Cerro de Pasco Copper.No par
57 Jan 4 1012 Apr 6
8
312 Jun
1512 Sept
*7
8
112 *118
13
8 •118
13
8 *118
14
Products_No par
13
1 Jan 9
8 *1 10
13 Mar 17
8
114 *118
Certain-Teed
1
5 Dee
8
33 Feb
8
*4
12
*4
12
*4
12
.4
12
*418 12
*418 12
4 Mar 27
5 Feb 2
100
7% preferred
45 Dec 183; Aug
8
978 "9
8 *9
912 012
012 95
97
8
No par
93
4 93
718 Mar 3 1212 Jan 16
4 1014 1012 1,400 City Ice & Fuel
11
Oct 2812 Feb
•
46
_ 46
46
46
46
46
46
100 45 Apr 7 25214 Feb 15
46
46
45
455
8
Preferred
180
433 Nov 68 Jan
8
94 952
758 712 '614 10
8
83
*612 10
5
4 83
712 Mar 23 207 Jan 18
4 0614 10
500 Checker Cab Mfg Corp
161 Aug 3018 Sept
:
165 17
8
1614 173
8 157 167
8
8 1612 1718 1614 163
4 1614 1612 8.400 Chesapeake Corp
No par 147 Jan 3 203 Feb 10
8
4
478 June 40 4 Sept
3
214
258
212 212 *23
214 214
214
8 212
23
8
4 Feb 17
214
218 Mar 31
214
1.700 Chicago Pneumat Tool.No par
1 May
634 Jun
*5
63
4
612 65
8 *5
612 *5
612
612 65
6
6
512 Feb 28
No par
8
712 Jan 21
500
Cony preferred
212June 1214 Sept
612 612
612
612
612 65
8
63
8 7
618 Jan 4
Chicago Yellow Cab__ _No par
87 Feb 17
8
.62
4 712 *612 712
480
6 Dec 14 Mar
93
8 93
8 *814 912 *814 93
8
914 912
10
5 Mar 2
912 Apr 5
914 9 2 .
,
94 012
600 Chickasha Cotton 011
5 June 1212 Sept
*2
*218 3
*218 3
3
*214 3
*212 3
2 Feb 28
4 Jan 12
*212 3
No par
Childs Co
112 June
8 Sept
84 914
93
8
9
918 912
912 10
97 103
5
8
73 Mar 3 1714 Jan 4
4 105 1114 44,700 Chrysler Corp
4
8
6 June 213 Sept
4
14 Feb 28
•12
*I2
5
3
2
8
No par
*12
3
8
5/3
1 Mar If;
*12
12
400 City Stores
12
*12
5
8
218 Jan
14 July
8 *412 47
8 *412 47
"412 47
8 *412 47
8 *412 478 *412 47
5 NIar 24
No par
Clark Equipment
6 Feb 27
8
314 July
834 Jan
*1018 14
*1018 14
.1018 14
*1018 14
11
11
11
11
300 Cluett Peabody & Co No par 10 Jan 27 1312 Nfar 16
10 Apr 22 Mar
90 9012 *90 100 .90 100
*90 100
90
100 90 Jan 4 0012 Apr 1
90
*00 100
Preferred
200
00 June 96 Feb
8212 821 "82
533 *82
8312 8312 843
8
8 8234 83
81
8212 1,700 Coca-Cola Co (The)N0 par 7312 Jan 3 x88 Mar 15
6812 Wee 120 Mar
*433 451 *44
4
4512 .4418 4512 *45
4512 *4518 4512 *4518 451
No par 445 Jan 6 46 Feb 11
8
Class A
415 July 50 Mar
8
7
7
712 712
73
4 77
8
8
8
812 83
4
812 9
-Peet No par
7 Mar 30 13 Jan 11
3,80C Colgate-Palmolive
1014 Dec 3112 Mar
•____ 50
49
4958 4918 50 '50
52
*5012 5212 *493 523
8
100 49 Apr 3 81 Jan 18
4
500
6% preferred
65 June 95 Mar
338 358 1.500 Collins dr Alkman
*34 3s
312 312
3
312 312
312 312
312
3 Apr 4
No par
5 Jan 5
23 May 107 Mar
4
8
•--- - 6518 •____ 6518 •____ 64 •____ 64 •____ 6518 *---- 6518
Non-voting preferred._ _100 ____ ___ __ _-__ ____ _.
55 June 80 N1ar
*912 101 1
1014
*912 1014 *9
*912 1014 *6
10 -Apr 7 12 Jan 4
10
10
1014
200 Colonial Beacon 011 Co_No par
9 Jan
1212 Oct
4
4
4
4
358 4
312 334
312 Apr 4
33
4 41 t
718 Jan 11
4311 452 4.600 Colorado Fuel & Iron_ _No par
24 July
147 Sept
8
2812 2658 27
2718 .2634 27
27
283
4 2812 293
4
4 29
31
1312 May 414 Star
5,800 Columbian Carbon v to No par 2318 Feb 27 353 Jan 16
•63
"63
678
4 7
4 7
678 *63
7
4 7
8
75
8 818 1,600 Columb Pict Corp v t c_No par
658 Mar 27 105 Jan 6
8
414 May 147 Aug
8
9
9 14
9
912
918 912
95 1014
8
9 Mar 31
173 Jan 11
4
912 104
9 8 90 24,400 Columbia Gas & Elec-No par
3
414 June 21 Sept
60
•52
*55
5912 60
60
*56
60
60
60
100 59 Mar 2 775 Jan 16
60
60
Preferred sertesA
8
900
40 Apr 797 Aug
8
3
3
43
4 47
8
43
4 43
4
43
4 44
43
4 44
4 Feb 27
618 Marl?
4 4 47
.
8
2.300 Commercial Credit__ _No par
5
5
37 June 11 Mar
8
16
16
163 1612 1618 1612 1612 1612 .1614 17
8
1612 1612
50 16 Feb 27 241: Feb 9
Class A
700
113 July 28 Sept
4
1812 1812 *1812 19
1812 1812 1812 1812 1812 1812 *1812 19
2018 Mar 1
25 1818 Mar 21
420
Preferred B
1012 June 21 Sept
72
70
*70
70
70 70
70
70
70
70
'70
72
200
6 S2% first preferred._ _100 70 Mar 24 7612 Feb 10
40 June 75 Nov
22
193 193 *193 213 *20
20 2012 2014 203
4
4
4
4
4 20 4 21
3,300 Comm lavest Trust__ _No par 18 Mar 3 25 Jan 30
,
107 June 277 Mar
8
8
*9012 93
93
93
*9012 93
*944 973 "9412 973 '9412 97
4
4
100
Cony preferred
No par 84 Jan. 4 974 Jan 31
5512June 82 Nov
---- ---- ---- ---- ---- ---- ---- ---- ---4
100 1033 Jan 18 11112Nlar 1
88 June 102 Dec
534% lst preferred
123 1318 123 1314
123 1318 1318 137
4
4
4
8 137 1414 1352 1418 83,000 Commercial Solvents_No par
8
9 Feb 25 1414 Apr 6
311 May
133 Sept
4
14
112
112
13
13
8
8
15
8
112
14
13
8
15
8
13
8
13 Apr 1
15 30,500 Commonw'Ith & Sou.__No par
8
27 Jan 11
8
8
15 June
8
518 Aug
2214 21
2312 2334 22
22
2112 22
213 23
4
*2112 2214 2,500
16 preferred series__ _No par 21 Apr 4 50 Jan 12
273
8June 6812 Mar
3
3
6
3
3
*3
.3
*218 6
6
.218 6
3 Apr 4
600 Conde Nast Publle'na_No par
3 Apr 4
5 May 12 Sept
75* 75
73
4 73
4 8
3
4
8
4 *73
73
4 73
93 Mar 16
7 2 752 *752 7 4
5
8
800 Congoleum-Nairn IncNo par
7 8 Jan 31
3
612 June 1214 Sept
63
4 7
*612 10
*612 10
712 712 *71 1
814
712 Apr 5
*714 814
012 Feb 24
500 Congress Cigar
No par
4 Slay
11 Sept
•4
512 "418 5
4
4
*4
312 4
2 37
5
8
6 Mar In
37
1,000 Consolidated Cigar_ _ _ _No par
312 Apr 6
35 Dec 2412 Jan
8
31
36
33
*20
*30
32
36
36
36
36
40
220
100 31 Apr r 4713 Jan II
Prior preferred
17 June 60 Mar
238
238 *2
*23
*23
8 3
8 3
3
*2
I
3
*2
134 Jan 4
3
414 Jan 20
100 Consol Film Indus
1 Juno
54 Jan
63
7
4 7
7
7
7
7
7
7
7
*714 8
54 Mar 21
1,600
117 Jan 23
8
No par
Preferred
23 June 113 liar
4
4
4014 4112 40
413
4 4018 4118 4158 427
2 4014 4314 4014 412 67,200 Consolidated Gas Co
4
No par 40 Apr 3 634 Jan II
3112June 683 Mar
4
88
90
89
"87
88
*88
89
90
893 893
4
4 8914 8912
500
No par 88 Apr 3 99 Jan 3
Preferred
7212 June 0918 Dec
212. 3
"23
*212 234
212 3
4 3
25
8 25
8
25
8 25
21261ar 3
512 Jan 10
8
000 Consol Laundries Corp_No par
4 Dec
1078 Jan
514
512
3
514 5 8
512 6
3
514 512
518 5 8
514 512
29,800 Consol 011 Corp
614 Mar 16
5 Mar 3
No par
4 June
9 Aug
100 9512 Mar 1 10014 Jan 11
9612 9612 *9612 9918 *9612 9918 *9612 99
*9612 99
*9612 99
3% Preferred
79 Feb 101 Sept
100
34 NI ar 16
3
8
2
12
58
3
3
8
8
3
2
12
14 Mar 1
.38
3
3
2
14 Mar
*3
500 Consolidated Textile__ _No par
s
12
158 Aug
•114
13
4 *114
118
112
114
Jan 10
*5
8
12 1 12
300 Container Corp class A
Ds .
118
112
1 12
13 Mar 16
4
20
%June
212 Feb
*Iz
"5
Class B
*12
15
5
8
12
900
3
5
4
8
12
5
8
5
14 Feb 15
8
12
3 Niar 16
4
No par
14 May
118 Jan
*314 4
*312 4
4
4
*314 4
314 314 "314 4
200 Continental Bak class A No par
3 Mar 1
434 Jan 12
27 May
8
8 Sept
8
5
8
12
12
12 Jan 5
5
8 1.000
"
7 Jan 11
Class B
2
12
*12
12
12
12
5
5
8
12
No par
12 Apr
135 Aug
381 1 3814 3814 3814 03814 4012 3814 3814 *3814 404
.3814 39
400
Preferred
100 36 Jan 3 4118 Mar 18
247 June 4734 Star
8
407 42
8
433
4 4314 44
413 4214 4112 4212 4218 434 43
10,400 Continental Can Inc
8
Feb 23 457 N1 ar 16
8
,
20 35 4
175 June 41 Mar
8
*312 4
"312 4
4
4
*312 3 8 '3 8 34 *358 4
200 Cont'l Dlamond Fibre
7
,
312 Feb 25
514 Jan 11
5
3 Apr
812 Sept
8
1012 11
123 1318 6,000 Continental Insurance. -2.50 1012 Mar 28 1714 Jan 11
3
1012 10 4 11
1114 1138 11 12 121 1
11 14
63 May 2514 Aug
4
1
114
1
14
118
118 3.600 Continental Niotors __No par
118
1
1 18
1
1
118
1 Mar 27
23 Jan 0
4
.
5 Stay
8
334 Sept
53
4 6
6
612 26,200 Continental 011 of Del_No par
512 6
4
53
53
53
4 6
2 57
8 53
8
612 Apr 7
47 Mar 3
8
35 June
8
938 Sept
5412 5412 5752 56
573 40,800 Corn Products Refining_ __ _25 453 Feb 25 5912 Niar 16
8
5314 533 x51 12 c.524 513 525* 52
4
4
8
243 July 553 Sept
4
2
130 130 *127 130 *127 130 *12712 130 *128 130 *128 130
20
3
Preferred
100 11712 Mar 15 145 4 Jan 21
9912 June 140
Oct
8 23
4 *25
4
*212 312 "212 3
"212 23
25
212 212
8 28
500 Coty Inc
,
44 J.441 20
No par a2 Slur 24
112 May
73 Sept
8
4 2614 263
4 26
264 263
4,500 Cream of Wheat etre__ _No par 23 Feb 25 284 Jan 26
27
2612 27
2612 27
2612 27
1312 June 264 Oct
.214 3
.214 3
*214 3
.214 3
•214
3
Croaley Radio Corp.._ _No par
*214 3
214 Mar 28
34 Jan 11
214 May
74 Sept
.20
204 203 20 4 2018 2018 20 4 21
8
3
3
213
8 1,700 Crown Cork & Seal_ ___No par 104 Feb 27 234 Mar 16
21
213
8 21
r77 May 237 Dec
8
8
263 *25
263
4
4 25
*25
200
2512 •257 2712 '2614 2712 "2614 2712
32 70 preferred
2
No par 2412 Feb 27 2912 Mar 24
173 June 3012 Nov
8
its .114
*114
100 Crown Zellerback•t e_No par
110 "114
152 *114
112 *1 14
1 12
Its Jan 3
114
114
112 Mar 16
12 June
3 Aug
•818 101
; 0818 10,
400 Crucible Steel of America. _ 100
8 .818 10,
10
10
8 '818 10
.818 10
9 Mar 2 16 Jan 3
6 May 234 Jan
•1618 17
164 1618 *1614 18
250
173 173
2
8 1618 18
Preferred
1718 13
100 16 Feb 27 24 Jan 10
14 Dec 497 Jan
8
138
114
134
4
1
112
7
8
13 10.500 Cuba Co(The)
7
8
7
8
7
8
7
8
12 Feb 21
13 Apr 6
7
4
8
No par
12 June
312 Sept
412
412 512
45
8 518 35,900 Cuban-American Sugar._ _10
2
Jan 18
47
8 53
118
512 Apr 5
3 2 414
4
7
34
44
1 May
8
37 Aug
8
315
8 29
1,710
31
Preferred
303 323
8
4 324 3314 3312 34
2812 2812 29
100 10 Jan 9 34 Apr 7
34 May 26 Aug
24
x24
24
800 Cudahy Packing
25
26
26
*2212 2612 *2212 24
2612 264
4
50 203 Feb 21 29 Mar lf)
20 Slay 3512 Mar
92
1.700 Curtis Pub Co (Tha)_ _ _No par
:1
9
*83
9
4 014
9
'83
912
9
4 914
9
94
612 Mat
117 Jan 13
8
7 June 31
Jan
400
34
3312 333
*333 36
Preferred
34
4
4
33
4 33
•333 34
•3312 36
8
No par 30 Feb 23 485 Jan 13
373 Dee 86
4
Jan
112 15
15
8
8
112
13
8
13
13
13 12,900 Curtiss-Wright
4
4
4
1 12
152
112 Feb 23
212 Jan 6
1
8
112 15
72 Slay
314 Sept
211
214
238
214
214
238
Class A
214
214
212
8 2,600
214
212 25
34 Jan 9
2 Mar 30
1
112 Mar
434 Sept
0512 778 '512 77
Cutler-Hammer Inc___No par
'514 7
77
8 0514 77
8 *514 7
8 '5
414 Jan 6
81 Jan 30
:
312 May
12 Sept
4 212 *134 212 *13
4 212 *13
Davega Stores Corp
5
4 24 *13
158 Feb 23
4
212
6 Feb 3
*13
4 212 *13
214 Oct
73 Sept
4
__
Davison Chemical
47 Jan 10
8
No par
12 Mar 27
1 May
94 Sept
*114 3
*114 3
*114 3
Debenham Securities
*114 3
114
3
•114 3
23 Jan 20
8
23 Jun 2ii
2
1 June
238 Dec
818 83
5
4
814 8 8
83
20
1.100 Deere & Co prof
4 83
614 Feb 24
4 .814 83
4 83
4
4
83
.818 812
978 Slur!?
614 June
1514 Jan
50
52
48
50
54
53
54
53
*50
900 Detroit Edison
5312
*5018 54
100 48 Apr 3 7112 Jan 6
64 July 122
Jan
20
*9
"9
20
20
*9
09
100 Devoe & Raynolds A. No par
20
*9
20
20
13 Jan 6
10 Mar 1
*9
7 May
1634 Oct
8 177 18
18
2,000 Dtamond NIatch
8
18
177 18
8
1814 184 184 174 177
1712 Feb 28 1914 Jan 9
.18
No par
12 Apr
1918 Sept
8
400
Participating preferred_ _ _25 2618 Feb 27 24 Jan 26
4 284 2614 2614 2614 .2614 2658 •2614 265 •2614 2658
2614 263
2012 May
2634 Dec
134 1318 1312 134 1352 1312 144 13,500 Dome Mines Ltd
4 13
8
4 125 123
No par
12 Feb 28 163 Feb 6
4
1235 123
74 Jan
127 Dec
8
4
4.124 13
1218 1218 *1112 123 *1112 12
600 Dominion Stores 1.td No par
12
1214
1212 1212
1012 Feb 27 155* Jan II
1114 June
184 Sept
8
1112 117
1134 113
4
4
8
113 125
4
8 2,500 Douglas Aircraft Co Inc No par
113 1152 11 12 113
1014 Feb 11
131 Jan 26
4
•113 1112
2
1852 Sept
5 June
3114 3312 33
8 3014 31
3334 3314 3412 25,300 Drug Inc
No par 29 Mar 31
,
3814 Jan 12
293 30 8 3018 305
23 May 67 Feb
4
*3
4
13
8
Dunhill International_ _No par ....__ ____ __ ____ ____ ...
*3
03
4
4
112
Ps
*3
57
4
•2
8
7
Ps
12
,
15
2
31: Sept
5 I/er
8
Et-dividend
•Bid and asked prices, no sales on thls day. a Optional Sale. ,
e Ca di sale. it Er-rIghta.
rw- FOR SALES DURING
New York Stock Record-Continued-Page 4
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
April I.
Monday
April 3.
Tuesday
April 4.
2385
THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
Wednesday
AprU 5,
Thursday
April 6.
Friday
April 7.
Sales
for
the
Week.
S Per share 8 per share Spey. share S per share $ per share $ per share
.10
14
*10
14
14
*10
.10
14
14
.10
14
*10
4
95
*85
.8514 973 .8512 9912 *8514 9914 95
9914 *85
99,
4
•118 2
118
112 "118 2
13
8
13
8 •114 2
13
4
13
4
4812 52
46
4812 48
52
483
4 4918 514 4912 5114
51
124 124
•115 126 .115 126 .115 126 .115 126 .115 126
4
4
4
*4
418
412 *418 412
412 *33
3 412 *4
4
8 333 3412 3412 36
8
33 a 344 333 343
,
3514 367
3 3512 3714
*9918 100
997 100
8
*95 100
993 993 100 100
8
8
99
99
*14
12
*3
8
12
*3
8
12
*3
8
12
*14
3
8
*14
3
8
*234 7
*23
4 7
*23
4 7
.3
*23
7
*3
7
4 7
1012 103 1112 1012 113
8
4 10
1038 1118 1012 103
8 103 1112
4
.____ 83 .__
83 •
83 *
83 .____ 83
____ 83
138
14 17
112 1 1 2
8
17
8
154
8
17
8
13
4 214
214
25
13
8
114
13
8
13
8
13
8
13
8
13
8
112
118
114
118
114
4
3i2 33
312 33
4
4
33
8 37
33
8 33
8
35
8
37
8
34 33
4
*8
8'2 *8
84
7,
2 8
8 *73
8 8
8
*74 83
83
8
7
7
612 6,
2
6 2 63
,
4
614 63
4
63
4 63
4 *64 73
8
8 2412 2412 2412 243
2412 243
24
24
8 237 25
8
25 .25 4
3
a
14 *---14 *---14 *---14 *---14 *---14
.2714 31
*2614 31
.2614 31
*28
31
3012 31
31
31
•
10712 11613 "10712 1101 .10713 11018 .10711 11018 .10712 11018 *10712 11018
414 .41
.414 512
41
*414 6
*412 512
412 412
•15
27
.1312 24
*14
24
.1512 18
1512 1512
*1512 18
25
*14
20
15
17
•18
"17
20
*17
20
1614 17
8
8
*778 8
7
7
*7
8
*7
712
8
*7
414
•4
414 *4
3
4
318 318 *34 33
8 *318 4
*3
4
1
*7, 1
*34
1
1
1
*h
1
•7
8
1
25 .10
25 .10
•10
25
*10
25
*10
25
*10
25
*3
8
7
8
•3
8
7
8
*4
7
3
03
3
7
8
.
3s
7
8
*3
3
7
8
•1
3
*1
3
.1
3
*1
3
*1
3
*1
3
.234 312 .234 312 .23
*3
31
4 312 '23
3
3
4 3
1112 1112 .113 15
•1112 15
8
.113 1134 .115 13
8
12
8
12
*12
118
*13
1 18
*38
118
*12
1,
8
*5
8
118
*5
8
118
•5
63
4 *5
63
4 '5
63
4 .47
514 6
8 514
43
4 434
.41
45 .41
45
*41
45 .41
45 .41
45
45 .41
*114
214 "114
214 *114
214 *114
214
*114
214
214 .114
554
1
*3
4
1
114
*3
8 114
3
4
114
"8
3
3
4
3
4
.
134
•13
4 214
134
13
8
134
138
14
134 *15
13
4
8 13
4
*812 1012 *812 1012 *838 1012 *94 1012 10
10
10
10
103 103
4
4 103 11
4
11
11
11
1314
12
1112 113 12
4
.6
8
"57
8 8
•57
8 8
*578 8
*578 8
*57
8 8
*9
1612 .9
1612 "9
1612
9
9 .____ 1612 --- 1612
•_
81 ._ 81 .___ 81
"79
81
81
81121*- - 95
9 2 9,
,
*9
8
934
913 914
914 914
914 jUl81 11038 103
.44
48
44
4412 *44
48
*44
48
48
48
.47
48
.47
48
48
483
4 47
475
4 48
484 4612 4814 4614 47
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest,
Shares. Indus. & Miscall. (Con.) Pa' S Per share $ per share $ per share $ per share
Duplan Silk
No par 10 Mar 31
15 Jan 3
512June 15 Sept
10 Duquesne Light 1s1 pref. __100 95 Apr:". 102 Jan 30
87 May 1015 Nov
8
218 Mar 23
600 Eastern Rolling al Ws_ _No par
118 Mar 30
1 June
612 Sept
8
14,000 Eastman Kodak (N J)_Ne par 46 Apr 4 613 Jan 16
3514 July 8734 Jan
10
100 120 Feb 10 130 Mar 20
6% cum preferred
99
Jan 125
Oct
318 Mar 2
6 Jan 11
400 Eaton Mfg Co
No par
3 June
9 8 Sept
7
56.600 El du Pont de Nemours____20 3218 Mar 2 43 Mar 16
22 July 593 Feb
4
100 99 Apr 7 106 Jon 5
6% non-voting deb
600
803 June 10518 Aug
4
No par
38 Feb 4
12 Jan 27
Ettingen Schild
218 Sept
Is June
100
4 Mar 29
4 Mar 29
214 May 1212 Jan
6.4% cony 1st vet
8
16,100 Elec Auto-Lite (The)
.5
10 Apr 4 207 Jan 11
812 June 323 Mar
4
100 7814 Mar 29 88 Jan 5
Preferred
61 June 10014 Feb
16,200 Electric Boat
25 Apr 7
8
3
1 Jan 3
12 June
212 Jan
1 Feb 14
4.400 MOO & Mao Ind Am shares__
13 Jan 6
4
Jan
4 June
4
318 Feb 27
9,300 Electne Power Jr Light No par
77 Jan 11
8
234 July
16 Sept
712 Apr 4 2012 Jan 12
1.000
No par
Preferred
103 July 04
4
Jan
4
a614 Apr 5 183 Jan 12
1.300
'to par
56 preferred
8 8 July 5512 Jan
7
8
2,600 Elec Storage Battery_ _No par 21 Feb 16 2534 Apr 7, 125 June 331 s Mar
18 Jan 41
Elk Horn Coal Corp_ No par
lt, Jan 4
Is Jan
114 Aug
400 Endicott-Johnson Corp____50 26 Feb 27 32 Mar 18
16 July 37, Sep t
4
100 107 Feb 17 1084 Mar 16
98 May 115 Nov
Preferred
912 Jan 11
4 Feb 23
4 June 25 Feb
200 Engineers Public Serv_ _No par
112 Jan 24
16 July 51
$5 cony preferred-----'Jo par
1512 Apr 7
100
Feb
18 July 57 Mar
500
No par 15 Apr 4 35 Jan 27
8534 preferred
1012 Dec 19
Jan
612 Mar 27 11 Jan 3
200 Equitable Office Bldg_ _No par
714 Mar
3 Apr 4
2 June
47 Feb 1
300 Eureka Vacuum Clean_No par
8
112 Jan 11
100 Evans Products Co
78 Mar 1
213 Sept
5
12 May
113 Jan
4
03 Jan
4
Exchange Buffet Corp_No par 10 Jan 4 10 Jan 4
1 Sept
13 Sept
4
. 25
Fairbanks Co_
4 Aug
1 June
I Feb 23
100
Preferred
1 Feb 23
213 Mar 23
100 Fairbanks Morse Jr Co. No par
618 Aug
33 Jan 26
8
214 Dec
Preferred
10 Dec 473 Mar
4
60
100 10 Feb 25 1518 Mar 17
12 June
Fashion Park Assoc_ __No par
5 Jan 26
8
17 Sept
1 Feb 6
8
400 Federal Light Jr Traci
15
Jan
434 Apr 6 1014 Jan 20
814 Dec 22
Vo par 41 Mar 3 54 Feb 11
Preferred_...
30 June 04 Mar
Federal Motor Truck__No par
3 Mar 16
11!Stay
4
358 Feb
212 Mar 18
13 May
34 Feb 27
100 Federal Screw Works_No par
238 Aug
118 Jan 27
138 Feb 25
312 Jan 5
8
700 Federal Water Serv A_ _No par
214 Dec 103 Mar
200 Federated Dept Stores_No par
712 Feb 27 1012 Jan 11
612 June 1534 Sept
3,400 Fidel Pben Fire Ins N Y _ _2.50 1014 Mar 27 183 Jan 11
4
6 May 278 Jan
4
713 Mar 23
Fifth Ave Bus See Corp.No par
5 Mar 22
53 June
4
813 Mar
No par
9 Apr
' 9 Apr 5
20 Filene's Sons
7 Mar 102 Sept
100 81 Apr 6 86 Jan 16
Preferred
30
Jan
75 June 94
918 Apr 4 1438 Jan 12
1,900 Firestone Tire Jr Rubber_ _10
1012 June 1878 Aug
8
100 42 Mar 3 033 Jan 13
Preferred eeries A
500
45 July 68 Aug
2,000 First National Stores. _No par 43 Mar 2 56 Jan 4
35 July 5413 Dec
Fisk Rubber
3 Aug
4
18 Feb
1st preferred
8
23 Aug
100
14 Feb
100
1st pref convertible
18 Oct
2 Aug
8
*7
(2 10
712 Feb 7
612 10
8
8 Jan 27
00 Flonsheim Shoe class A_No par
*612 10
*612 10
414 Apr 10
*612 10
Feb
*8313 85
85
85
10
*8312 95 "8312 95
63 July 99 Nov
*8312 95
109 85 Apr 3 97 Jan 10
6% preferred
*8312 95
.3
614 .3
43
4 53
2 June
43 Mar 18
4
100 Follansbee Bros
43
814 Sept
4
4 5318 43
212 Feb 28
312 312
No par
4 *312 43
6
618
6
64
412 Feb 28 1018 Jan 11
3 May 157 Sept
63
8 678
900 Foster-Wheeler
612 612
8
No par
7,8 71s *714 712
*212 23
4 *212 23
4 *212 23
1 July
4 Jan 12
No par
Foundation Co
2 Feb 27
714 Aug
4 *212 23
4 '212 23
4
4 *213 23
1612 1612 1612 1612 *1614 17
1014 June 223 Sent
IS
1612 17
183
8 1,100 Fourth Nat Invest w w
17
17
1 133 Mar 1 21 Mar 16
8
8
7
8
7
8
I
1
7
8
1
1
1
3,900 Fox Film class A
212 Jan 10
1 July
1
1
1
57 Aug
8
No par
1
3 Mar 29
4
2118 2118 2012 20 3 "2012 2112 21
3
8
8
10 1618 Feb 28 263 Jan 6
10 May 2235 Nov
213 217
4
21
8 1,700 Freeport Texas Co
2112 22
•10
247 *10
8
244 *10
Fuller (GA) prior pref_ No par
247 *10
8
247
8
212 May 26
244 *10
Oct
244 *10
9 Jan 9 13 Mar 16
4
4
.34 53
4 "318 53
10
56 2d pre
4 Jan 19
3 June 32 Feb
718 Jan 17
No par
4 *318 53
4 *34 53
4 534 53
4
•118
13
8 •14
13
8 •118
13
8 .118
114
13
8
313 SepC
13 Jan 26
8
200 Gabriel Co (The) el A_ _No par
114
I Feb 27
13
8 •118
14 June
*7
8
'7
8
7
7
40 Game,vell Co (Thel_
613 Jan 20
"7
9 Jan 27
No par
512 Dec 17- Aan
8
.714 8
73
8 78
3
318 318 *318 312 *318 314
600 Gen Amer Investors_ No par
23 Feb 28
8
412 Mar 17
12 Juh'e
314 314 *34 334 535
5 Sept
12
8 334
.47
55
*47
55
*47
55 .47
54
100
No par 42 Feb 23 55 Mar 15
Preferred
26 June 71 ' SeDt•
*49
50
50
50
18
1812 18
183
8 174 1818 18
15,306 Gen Amer Tank Car- No par 133 Feb 28 203 Mar 16
8
1814 19
1812 1814 1914
912 June 353 Mar
4
4
*512 6'4 '512 614 *57
8 614
1.400 General Asphalt
No par
438 Mar 3
6
6
778 Jan 11
43 June 1512 Jan
63
4
4
Vs
614 614
133 133
8
8 133 14
8
133 1418 1418 1434
8
8 1412 143
13 Jan 3 113 Mar 17
4 3,800 General 13aking
1QlJunet 103 M2./
8
1418 143
*023 . _ *993
4
4
__ *993 _ __ *993 _ __ "100
88 preferred
.
No par 9934 Mar 30 10514 Jan 26
4
90- June 106 - Sept 4
_ __ .100 . __ _ _
212 i58
258 _- 8 *213 23
3
1,100 General Bronse.,
5
218 Feb 6
314 Jan 12
3
*212 3
3
5 Aug
*23
8 3
- •12Jun
.1
23
4 *1
234 *1
23
214 Mar I:
No par
General Cable
4 *I
114 Mar 31
23
4 *1
212 .1
• • 14 May
22
,
5 Sept
*214 314 *212 314
*212 312 *23
4 Mar 16
Class A
No pat
214 Feb 27
s 312 *238 312 *234 33
112 May 11.12 Sept
4
*7
8
'
17
9
*7
912 *7
8
40
7
100
7% cum preferred
714 *612 8
613 Mar 30 12 Mar 16
33 June 253 Sept
4
4
*29
30
2912 2912 .281, 2913 29
3314 Feb'6
No par 29 Jan 3
3038 1,100 General Cigar Ire
30
211 Jun
30
2912 30
3338 Mar.
.104 10814 .104 107 .10413 107 *10414 10814 *10414 10814 *10414 10814
100 100 Mar 15 112 . • Jan 25 :75 June 100- Dec
,
7% preferred
1212 127
8 1212 127
1214 1278
C812
8
No par
1012 Feb 24 163 Jan 11
. . may 2818 /5n
1212 1312 1318 133
8
8
8
4 133 137 47,700 General Eleetric
1112 1138 1113 113
8 1138 113
10 1114 Mar 16 12 Jan 12
Special
4 1112 115
1114 1113 10.400
8 1114 113
8
8
1038 July 117 Sent
243 2514 247 2514 2518 253
4
8
8 2514 2614 26
4
No par 21 Feb 24 283 Star .16 -193
12.600 General Foods
2614 2628 27
8May 4012 Mar
5
8
3
4
112 Jan • 3 "'' 3 .JljiyI
4 Apr .1
3
4
3
1,600 Gen'l Gas & Elec. A. ..No par
4
•8
3
8
23 Feb
4
3
4
3
8
3
4
3
4
3
4
3
4
3
2
318 Apr.3
914 Jan 16
*34 5
7
*313 5
*313 7
313 313 '3
100
*312 5
Cony pref series A_ _No par
3 Julie 24, 4 Jan
3
*318 14
*318 14
.5
No par 1038--Jan 4' 14 :
*314 14
14
.5
.313 14
14
,4'eb 23
204 JUly 30' Aug
$7 met class A
.67 20
8
*4
20
.418 20
4
5 . Apr , 6 -'' 143 Jan 11 --8'4 July 46- Feb
.4
20
No par
5
5
58 pret class A
10
*5
20
•2634
*2614
__ *2612
_ .265
8 _ . *2612 ___
25 Star M
_
200 Gen IG10,1Eraser, Elec Corp_ __ . .2414 Jan 9 . 2634-Apr - 7 -1,818 AD
263 263
4
4
-10 - 4 40 -40340
No par !•73512 Mar r'3 4514 Apr ill
40 -28 May 434 Sent
4214 42 8 , 444 433 4 4514 44
4514 13,600 General Mills
"9212 94
'9212 94
94
94
*9212 94
'9212 91
_1(k1 3-:9212 1,t4r 24: 93 •14an 10 .170- Ju!yI 00 Dee
Preferred
.9212 94
12
100
1114 114 1112 1154 1112 1218 113 1214
4
'
8
10 :
'10 .,:Feb 21 147 Jan 11 : 7 8 June '245 Jan
5
4
12 8 1238 123 123 115.900 General Motors Corp
,
8
4
6612 6613 *66
67 .66
'
67
NO par i 6513 Mar:3 7714 Jan 11
5614 AO 1114 Mar
67 4 677
,
4 1,200
8 6812 6812 69 693
45 preferred
'54 914 .54 914 *518 938 *518 914 *518 63
14 Feb 3 '"A Jupej 11. Feb
0
'
Ger Outdoor Adv A__ _No par -' 51 3Jan 0
2 •518 64
*24 3
27
8 37
8 .27
• No par :J•212 Mar CI8 3
318,
27
8 27
' ' 'Feb.10
2 8 Noir
,
8 *234 3
4
Jan
Commor
*23
4 3
200
*4
5
*4
5
*4
5
212 July
*43
8 5
14
5 8 Jan 11
3
*4
Jan
'
5
.4
General Printing Ink__.No par . 314 Jan 4
5
.,
• .
.40
60 .2513 60 .2512 60
*2513 60
'31 -Mar 18 40 1 Jan :1
2713.1613e 6u
Feb
*2512 60
56 preferred . _:..:_'__.NO par:
*2513 60
212 212
212 21
*218 238
434 Mar 16 'y MM'
212 24
7r8 AUlt
2
23
3
2,
4
212 6,400 Gen Pub,le Service..•___NO•par 1.? 2 Apr 6
18
18
*18
183
17, 1714
4
207
1713 1712 173 173
64 Ally 233 Jan
4
4 1812 183
4 1,000 Gen Railway Sufnal_:__Pro par - 1314-35n 8 ' 4-Feb! 1
8
*75 10112 *77 1011 .78 10(12 .75 10112 .75 10112 '75
05 July 90
'
Jan
.1 100 6934 Jnn hi 77 l Feb • 6
6% preferred ..,
10113
*13
3
8
*12
3
8
12
12
12
riv:Jan t1
' ?4 May
38 Feb 18
58
'
214 Sept
h
h
12
h
600 Gen Realty & Utilities_ ___I__1
'6
7
'6
7
*6
7
.6
7
7'L!da11116: Jebe 164 Sept
*6
7
"G
7
,
$6 preferred__ .._11___NtOpar ' 512, Jan 19
278 27
8 *23
8 278
23
8 23
8
278
278
618 :Ian 11
3
13 June 154 Sent
4
•'„Vb:par ''. 212 Feb 27
3
500 General Refreetonea._
33
8 33
8
•1012 18
*1012 18
*1012 16
*1012 16
8 Mar 27 Attg
"1012 10
Gen Steel Caatings!pret NO par . Ps Feb 11 15 • Mar 94
*1012 16
133 14
8
123 133
4
4 1112 123
8 1134 1234
1214 123
4
1214 1234 31,100 Gillette Safety Rader_ _NO par II ig A,pr .4 2014 Jan
.41
10 8 'JP
3
4
] 24, Mar
65 65
643 65
4
54
633
4 58
58
75 Jan 9
58
58
45 Alpe 7212 Aug
56
56
:
No par • -54 Apr ,--4
1,500
Cenv preferred '
112
112
114
138 "114
Ds *114
17 Mar.16
4
13
3
NO par • . 3 'Feb 9
13
8
4
113
800 Gimbel.Brothers • '
13
8
112
- '3* Juhe -334 AMC
5513 912 .
513 938 "618 15
*618 15
10
*618 10
04 Jan' 5
*018
-./
,
Preferred
638 Po 31., Ian
. 100 ' 54Mar 1
.412 5
.412 5
*4
5
412 412
43
4 43
6181far 46 I:* 481 Jane 10 8 Sept
4
3
48
4 518
600 Glidden Co (The)____ _No:par ,,i 334 Mar ! 2
.5012 55 *____ 5-1
.45
54
.45
54
.45
54 '45
54
____.-., , Prior, preferred_
.L100 . 4912 Mar 16 5612 Jan 13
35 AO* 70 Sept
33
8
33
3 33
4
314 33
8
313 35
8
33
8 418
418 414 -5,600 Gobel (Adolf)
44 ,Jan 18
24 May
'
NO par' 3 , r Feb 16
8. Aug
1312 133
4 131., 134 133 133
8
8 133 1414
4
1414 1514
977 167
147 153
8
8
4-Jan --6
814 May 204 Sent
.983 10114 .10014 10114 .10014 10114 .10014 10034 "100 4 10114 10014 10014 ..•0,400 Gold Dust Corp VI 0. Aro:ptu .4.12.,1*Feb
4
,
100
66 Cony preferred_NaLpar )100:r - San 18-103 -"Jan '4
70- .1141y .101 2 Dec
,
414 43
4
43
8 412
4
44
414 43
4
43
4 514
5
54 :94100 GoOttrlett Co 411 Fl __ _.N. par 1.: 3IrMar ..2
214 May 123 Sept
614 -Jan 12
3
*912 1312 "10
1312 .1014 1312 *913 10 4 1112 1312 133 :14 48 -el: 800
3
8
,
,Jan 12
Preferred
7 NW
.....100 ('( 9 ,r"Feb 28 1814'
3314 Sept
133 15 4
4
,
1412 1514
14
143
4 1418 147
8 1412 167
8 15 4..16 4 245.500 Goodyear Tire Jr Rabb_ No par • 94'Feb 27 183 Jan 12
513 May 293 Aug
4
4
3514 3514 347 3512 35
8
35
35
35
3618 40
3914 .40 :f-8,800
lot preferred
4
No par •'273 Mar ; 2' 45 Jan 12 r1934 June 6913 Ado
•
73
8 8
818 83
8
.712 812
8
8
9
9
79 ,8 F41. •,
.2:1:00 Cothern Silk Ilose_-__.No par
752 -Apr •4
714 Jan 303 Sel3t
1 124 Jan -5
4
•____ 56
41
41
.38
50
41
41
*38
50
*38...56e.', 05)10-. Preferred
- -•
'
100 • 41 ;'Apr • 3 • 41- Apr 3
'
5014 Jab 7012 Oct
.118
14
1
118
1
1
1
1
18
118
1
114 .. .1.14,-ti38 -12.000 Graham-Paige Motors .
.1 Apr . 3 • 211 Jar'11
44 Jan
1. May
*37
8 412
8 41
• 8 44 .33
33
412 412
5
5. ,,
- --6)2;„ .:, 5 -,:.,.909•Gran5y Cons St Sm Jr Pr,- 100 ;' 37 Mar , 2
23 June 1158 Sept
8
614 Mar 16
8
•312 4
3
34 3
54
4
4
33
4 33
412 412 ...412. :.r4 ,.-,1,700 Grand Union CO tr ctra-NoPar '.7 -338 Mar . 2 ' 6, -Jan.6
4
934 Mar
4
3 June
14
.2212 27
*2212 25 .2212 25
224 2213 *204..:25- .A.
NO:par _2212 Apr 5 3412.Jan 9
12
22 June 3514 Mar
5113L:261, "- - 709
Kilos
4
Coll 11 nrel
'
•1118 1212 *1118 1212 •1118 1212 *1118 1212 •111a0214
634June 17 Sept
No-par
11 18 Mar 24 1318:Fe1310
71.11 , .2 3, ,Granite ellY *teal •
11 12
'
1912 1912 1814 1812 19
19
19
1918 19 -4,1913 ! 10 :--,41,91 ‘5,44'4 Grant (IV T)
4
Np par . 153 Feb 23 2134 Jan 9
1413 May 3014 Mar
514
*514
514 514
51
54 512
514
5it,, 512 ...V.:. 1203
518 Feb 27
5 June 13, Jan
7 • Jan 5
4 1.500 GI Nor Iron Ore Prop_No par
4
8 133 14
127 13
8
8
127 133
8
1334 144 ' 14-,,.- 108 ,,13i78 .1413 2.1,200 Great Western Sintar No par
67 Jan 19 1112 Apr 7
314 Apr 12 Aug
8
88
90
90
90
883 8S4 8912 90
4
92..1: .05. ..95....0Q3 . 1.1.7.0
Preferred
48 June 83 Aug
100 7212 Jan 3 9514 Apr 7
h
h
3
4
3
4
3
4
3
1
8 .. 7
'
23 Sept
4
3 .., 4 ....!3 . 72 --3.100 Grigsby-Grunow _ _ ..No par .
5:
3
- 12 Apr
4
114 Jan 5
38 Mar 3
1
1
18
1
1
3
4
1
14
13
4,c 24 .„PA.. .24 .24.209 Guantanamo Sugar_ __ _No pa • 14 Jan 23
I Sept
-• 18 Mar
218 Apr f
.10
12
11
11
*10
11
*10 -(1;
11.:. 12
212 June 21144 Sept
634 Feb 27 1912 Jan 5
No par
711 --- .1-13 ...... 500 Gulf States Steel
.
4
.16
247 •16 8 25 .1618 25
3
,
*1618.,A5:•18-, ,2.5,. •;"1- 11 25 •.‘...u.4.:.4
Oct
12 July 40
6
Preferred
100 1614 Jan 16 28 Jan 3
15'8 151
154 1578 *15
1512:,41. *1514. .16 --..1.53
16
Jan
15 May 23
4
ilactensack Water..
25 15 Mar 13 1.53 Jan 12
4.:10.
2
'
.26
27
*20
27
*26
27 "
19 May 28 Apr
8
96; '••27 ' 251
.
..- ..127.0
7% preferred class A..;__25 2518 Apr 6 287 Jan 12
/
4
0 ,
3.124'. •'!2 .1
114
114 .114
13
8
114
11
3 July
8
14 • 13 ' lattst ,I12 ....PS ',Ili r.•,000 Hahn Dept Stores
44 Ailg
21.4 Jan 11
Ds Feb 98
8
No par
74 July 28 Aug
U-- ..t91tb 13.' :4.:130.0
1414 Jan 11
Preferred•
9 Apr I
10C
9i3 -.I
.94 II
'
99
9
9
.3
33
4 .3
33
4 *3 , 3 . :f .
312 July 114 Jan
3. '
414 Feb 7
.•3
16, ,33 1•1!"1
IC
318 Feb 27
:.11.-C....
15 .15 ,. 25- •15" ; .. 4, 15;i;.25.: 3121.4.:418 -,,,,40 Hall Printing
15
.15
20
.
,,w5 • ,
..(5...25 .
t
20
1
Oct30 Star
Hamilton Watch pret ,
100 15 Feb 11 18 Jan 11
•46
50
•46
50 .46;; ;50
: MO'.40 ;;,"464,1 .50 ,...to ,-,40, ,,,,.; _ 4 Fianna A M A) Co 47 pt_No,par 4512 Jan 4 52 Jan 31
:
33 May 70
.
Jan
.7
912 .7
912 "714; 9; *,7' :,,,Prp : •7•-,,, 912 ,•7.„.9)2 .... ,,,. Harblson-Walk Refrae-NO par . • 64 Feb 25
94 Mar 16
7 MaY
18 Sept
3
*12
5
8
'a
's
"TA ' '.,li
12 Jan 10
,, le Dec
8. . . a ---,:44 Hartman Corp clam B-Nb par: • ls Apr 3
2 Sept
Ils,,.. h ; "ir: ) h :
*14
'4
•11
4 •
.' 3
- 3 June
8
4 Mar
7 Jan 5
2
8
:!"14,: • 4 1 • "Le., , 68 . **1 ..;•--, ,4-......sz
Class A_ _ ..... _____. __ No.par . • 14 Mar 18
,
*BM and saked . .. .. ... :. •. 41 .1: o
t . A ,1 ..._
JA
,
y c-r
tAt
,------------------
-'
-'1.000
, .9,1
.
/
4
New York Stock Record-Continued-Page 5
2386
or
HIGH AND LOIV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
April 1,
April 8 1933
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Monday
April 3.
Tuesday
April 4.
Wednesday
April 5.
Thursday
April 6.
Friday
April 7.
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 Previous
Year 1932.
Lowest.
Highest.
Lowest.
Highest.
5 per sitar e 8 per share $ per share $ per share $ per share Shares. Indus.
& Mlscell. (Con.) Par $ per share $ per share $ per share $ per share
Hawaiian Pineapple Co Ltd_20 --------------------113 Nov
10
*3
Jan
4
114
3
4
3
4
*3
4
7
8
*3
4
1
3
4
3
300 Hayes Body Corp
4
*3
4
1
No par
34 Feb 27
17 Jan 9
8
*71
14 Juno
75
*72
312 Sept
76
*71
76
*73
76
*73
76 .73
75
lielme (0 IV)
25 6912 Jan 16 90 Mar 18
*4
8
50 June 81h Sept
*4
8
*4
8
*4
8
*4
8
*4
8
Hercules Motors
No par
3 Mar 20
43 June
54 Jan 18
•16
*16
17
1612 *16
812 Jan
164 1614 1614 1612 1612
163 16 8
3
300 Hercules Powder
No par 15 Feb 27 2014 Mar 1°
*85
137 Aug 294 Sept
88
8
*85
88
*85
88
85
85
*85
88
85
85
$7 cum preferred
30
100 85 Apr 5 9512 Feb 6
*38
7012 June 95
42
38
38
Jan
.37
38
38
38
39
39
39
40
700 Hershey Chocolate__ No par 354 Mar 29 573 Jan 11
4
4312 July 83 Mar
*61
63
*61
67
*61
67
643 64; *64
4
65
*64
65
100
Cony preferred
No par 644 Apr 5 80 Jan 9
57 June 83 Mar
Hoe (It) & Co class A No pat --------------------14 Apr
*4 i 4 13 Jan
4
i 4 112
Holland Furnace
No par
312 Jan 4
7 Jan 30
*214 2 4 *24 23
314 Dec 1212 Aug
3
4 *214
23
4 *214 23
4 *214
23
4 *214 24
Hollander & Sons (A) No par
214 Mar 2
34 Jan 18
*16514 16712 *168 172 a170 175
23 Dec 10 Mar
4
38
17312 174
1743 176
3
175 195
3,900 Homestake Mining
100 145 Jan 16 195 Apr 7 110 Feb 163 Dec
*114
188 *114
10 *114
j5
112 *114
13
4 '1'4
112
112
100 Houdaille-Hershey cl 13 No par
1 Mar 2
212 Jan 10
*4714 48
1 May
4614 4714 4412 46
412 Sept
45
45
4518 4518 *4514 4612 1,200 Household Finance part pf_50 4412 Apr
4 5114 Jan 12
4214 June 5718 Jan
10 4 10 4 10
3
3
10
*1018 1012 10 4 1114
3
1114 1114
1178 1314 3,200 Houston 011 of Tex tern cas100
814 Mar 3 153 Jan 11
4
•218 214
83 May 2814 Sept
4
218 218 *2
212
218 23
218 214
8
212 23
4 2,800
Voting trust ctfs new__ - _25
17 Feb 28
8
314 Jan 11
*814 912
118 May
814 814
538 Sept
814 93
9
8
912
914 97
8
914
97
8 4,500 Howe Sound v t c
512 Jan 3 10 Mar 16
25
*33
8 312
47 Dec 1612 Jan
8
312 312 *34 312
312 312
33
4 33
4
34 34
3
900 Hudson Motor Car__No par
3
3 Feb 28
512 Jan 11
*17
8 2
27a May 113 Jan
17
8
4
17
8
17
8
17
8
13
4 13
4
13
4 17
8
2
2
900 Hupp Motor Car Corp
10
lh Star 3
318 Jan 11
53 Jan
112May
ci
h
14
14
*14
3
8
14
14
14
14
500 Indian Motocycie_ _ _ __No par
14
14
14 Mar 16
3 Jan 6
4
38 June
218 Sept
•I
112 *I
13
8 •1
112 *1
112 *1
112 *1
112
Indian Refining
10
114 Feb 25
2 Jan 4
*2834 297
1
Apr
8 2512 2912 24
2' Nov
2612 2512 2612 273 2812 2812 297
8
8 7,300 Industrial Rayon
No par 24 Apr 4 383 Feb 9
2312 2312 24
74 June 40 Sept
24
24
24
24
2512 2512 2612 2512 263
4 2,500 Ingersoll Rand
No par 194 Feb 27 3158 Jan 11
7 1378 *1312 15
145 Apr 447 Sept
13
8
*1312 15
1414 15
154 1612 18
18
1,900 Inland Steel
No par 12 Feb 27 18 Apr 7
10 June 277 Sept
*214
23
8 *238 27
8
8
214 212
25
21 1
24 23
4
212 212 1,300 Inspiration Cons Copper_ _ _20
2 Feb 25
37 Mar 16
8
3 May
4
114
114
73 Sept
4
114
138 *114
114 *114
138
114
13
114 *114
400 Insuranshares Ctfs Inc_No par
114 Mar 29
24 Jan 16
I June
214 214
378 Jan
218 24 *24 238
Ih
218
13
4
13
4 *17
8 1,200 Insuranshares Corp of Del_ _ _ 1
8 23
lh Apr 5
412 Jan 10
314 July
818 Sept
3
4
*5/3
h
1
*3
7
8
8 1
1
*3
8
1
1
118
500 Intercont'l Itubber
No par
h Mar 21
112 Jan 3
14 Apr
*212 3
318 Aug
*212 3
*212 3
*212 3
212 212
212 212
500 Interlake Iron
No par
218 Mar 1
312 Jan 12
15 July
,
112
112
714 Sept
112
lh
112
15*
15*
134
15*
218
112
13
4 3,400 Internal Agricul
No par
7 Feb 17
8
218 Apr 6
14 Apr
*5
312 Aug
63
8 *5
7
*412 612
6
6
614 678
8
9
500
Prior preferred
100
5 Jan 3
9 Apr 7
33 Apr 15 Aug
4
8512 8614 86
86
86
86
89
91
9012 93
9212 2,400 Int Business Machines_No par 753 Feb 28 9712 Jan 10
92
4
5212 July 117 Mar
312 312
312 312
31i 33
8
312 35* *35
8 33
4
4 33
33
4 1,800 Internal Carriers Ltd
1
27 Jan 16
8
44 Feb 9
114 May
714 712 *712 812 *73
512 Jan
4 814 *8
9
834 84
400 International Cement __No par
812 812
618 Mar 2
912 Mar 16
35 June 1884 Jan
8
•12
5
8
2
8
i2
3
8
h
4
12
*h
I.,
I2
•28
4
700 Inter Comb Eng Corp No par
3 Feb 27
s
h Jan 10
12 May
*4
5
178 Jan
03
4
*3
4
*2
4
*314
5 - *212 4
Cony preferred
No par
314 Feb 27
6 Jan 5
412 Nov 21
213 2214 2112 2318 2114 225* 2214 2312 224
Jan
233
4 2318 237 89,000 Internal Harvester_ _ No par
8
135 Feb 28 253 Mar 16
8
4
103 July 3418 Aug
8
*8912 95
*90
93
*90
923 *90
923
4 92
*9112 99
92
Preferred
100
100 80 Jan 5 92 Mar 16
683
4June 108
23
23
4 *23
Jan
8 23
4
212 23
8
25
8 27
3
314
*23
4 318
1,100 lot Hydro-El Sys cl A_ _No par
212 Apr 4
618 Jan 11
23 June 115 Mar
8
*112
8
17
8 0112 14 *112 13
4 *Ih
14
15
15*
8
15
13
200 lot Mercantile Slarine_No par
8
8
114 Jan 4
2 Mar 18
7 June
8
77
778 814
414 Aug
8
8 18
838
814 812
85
8 87
38,800 Ink Nickel of Canada-.No par
9
8h
8
63 Feb 27
912 Mar 16
4
312 May
*75
1212 Sept
82
78
79
*75
85
*76
82
*77
*77
82
82
200
Preferred
100 72 Jan 11 84 Mar 16
50 June 86 . Mar
*3
43
4
43
4 43
412 412 *314 412 *314
412 *314 412
43 Jan 25
20 Internal Paper 7% pref
100
212 Jan 4
13 June 12 Sept
8
3
4
3
4
"1 1
h
*54 1
3
4
*12
1
*5
8 1
500 Inter Pap & Pow cl A-No par
h Feb 14
118 Jan 11
14
14
12 June
12
12
43 Aug
8
*14
12
*12
12
*28
400
12
Class B
*14
11 Apr 1
No par
12
h Mar 15
14 May
2 Aug
14
14
*14
3
8
*14
3
8
•14
3
400
3
8
Class C
8
.
1 14
3
8
12
No par
14 Jan 6
it Jan 10
14 Apr
*238 212 *238 212
112 Sept
212 212
2
23
8 *214 212
214 214 2,700
Preferred
100
2 Apr 5
412 Jan 16
13 Dec 123 Sept
4
8
1•37
8 5
*37
8 5
•37
'
113h 5
5
*378 5
Int Printing Ink Corp_No par
*44 5
312 Feb 28
5 Mar 15
3 Dec
8h Mar
*43
_ __ *43
_ *43
_
_ 43
43
*39
.._ *39
40
Preferred
100 3812 Feb 23 43 Mar 22 /2434 Jan 45 Nov
1418 1414
1414 1412 *1412 I5
-.
143 14h
4
164
1614 - 1412 15
900 International Salt
No par
4
133 Star 28 185 Jan 9
8
9 4 June 2312 Feb
3
*2812 29
2812 2812 *28
283
4 287 29
8
4
287 28h *283 29
900 International Shoe_ _ _ No par 243 Jan 3 2912 Mar 16
8
8
2014 July 443 Jan
*15
1712 *14
163
8
153 163 *153 17
8
4
8
1712 18
17
2,000 International Sliver
17
100
934 Feb 25 18 Mar 16
712 July 26 Sept
*3018 32
8 31
*303 323
4
3212 323 33
4
3412 3512 *3312 3612
180
7% preferred
100 2412 Mar 2 40 Jan 24
26 May 65 Feb
512 .534
53
6
.512 53
4
53
3 614
57
8 618
57
8 618 24,300 Inter Telep dr Teleg__ _No par
618 Feb 28
812 Jan 11
25s MaY 153 Sept
*13
8
112
112 112
17
112
112
112
112
112 112
178
800 Interstate Dept Stores_No par
112Star 2
278 Jan 11
112 May 11
•12
Jan
20
*12
20
*12
*12
20
20
*12
21
12
12
Preferred
10
100 12 Apr 7 25 Jan 10
18 June 5212 Jan
*2
3 4 *2
3
33
4 *2
33
4 *2
33
4 *2
33
4 *2
Intertype Corp
33
4
No par
17 Jan 24
8
37 Mar 18
8
212 Dec
7 Apr
*15
154 *1518 1512 1518 1518 1514 1514 1512 1512 155 16
700 Island Creek Coal
8
1
11 Feb 27 16 Star 20
1014 Apr 2012 Aug
.23
27
*2312 2712 *24
2612 02512 2512 26
26
27
600 Jewel Tea Inc
27
No par 23 Feb 27 287 Feb 9
8
154 May 35 Feb
16
164
153 1612 157 1614 1612 1812 173 185
8
8
8 1818 1918 23,900 Johns-ManvIlle
No par 1214 Mar 2 233 Jan 11
10 May 333 Sept
*4012 50
8
*41
45
*4012 43
42
45
43
45
46
47
140
Preferred
100 42 Apr 5 62 Feb I
45 July 9934 Jan
*44
50
44
44
*44
*44
50
50
*44
47
44
44
60 Jones de Laugh Steel pref_ 100 35 Feb 1 50 Jan 11
30 July 84
*106
Jan
_
_
*106 ._ *10614 _ -•__ *10614 _ _ *10614 __ _ 106 1061 1
20 K C P & List eraser B No par 106 Mar 31 110 Jan 17
9012 Apr 113h Jan
*23
4 312 *212 34 *212 3
*238 3"
25* 2
-53 *2h
34
100 Kaufmann Dept Stores $12.50
258 Mar 15
33 Jan 26
4
*7I4 8
3 May
*714 8
914 Mar
*7l4 7 8
718 74
5
712 712
73
8 8
1,000 Kayser (J) de Co
67 Feb 27
25
11
43 July 143 Sept
87 Mar 15
8
13
,15, 13
8
13
8
114
13
8
13
8
13
15*
2
13
4
17
8 4,800 Kelly-Springfield Tire
6
7 Mar 2
8
2 Jan
____
6---CertItIcates or deposit
84 Jan 9
1 Jan 10
1- may
2
24 Sept
8% preferred
100
63 June 2412 Sept
8
8% pref certifs of deposit-- ____ ____ - ____ ____ __
7 June 24 Sept
6% preferred
100
20 Jan 5312 Oct
---- ---_ __-- --- ---- ---- ---- ---- _-_- -- ___ ___
Kelsey Hayes Wheel_No par
h Jan 3
h Jan 6
14 DOC
414 Jae
3 4 331
3
4
4
4
4
37
8 4
4
44
44 43
4 4,100 KelvInator Corp
No par
318 Feb 28
53 Jan 0
8
234 Stay 1038 Feb
*33
3312 *33
3312 3312 3312 *3312 35
*3418 35
*3412 35
10 Kendall Co pt pr ser A.No par 30 Jan 10 374 Mar 20
17 July 38 Feb
83
8 9
8s 914
9
93
8
93 10'4
8
10
8 1012 11
51,900 Kennecott Copper
103
No par
73 Feb 28 1112 Mar 16
8
47 June 1914 Sept
8
7
7
7
7
57
6
7
*614 10
6
*6
8
1,400 Klmberley-Clark
578 Apr 6 10 Jan 25
No par
612 Dec 1912 Jan
*118
1
118 *1
2
15,
*1
2
*I
2
14
118 1,400 Kinney Co
No par
1 Apr 3
112 Mar 31
12 Apr
*512 7
5 Sept
514 512 *5
7
5
5
*63
4 7
63 7
50
Preferred
43 Feb 14
8 Jan 23
8
No par
3 June 19 Aug
6
6
6
6
6
64
57
8 618
614 68
5h 6118 5,600 Kresge (SS) Co
512Star 2 103 Jan 10
10
4
6511 July
19 Jan
*88
90
088
94
88
88
88
93 4 •
3
_ 91 *_ _ _ _ 94
40
7% preferred
100 88 Apr 4 100 Jan 5
88 May 110 Mar
*28
2914 *2818 ____ *2818 ____ *2818 ___- *2818 30
*2818 30
Kress (S 11) & Co
No par 27 Jan 17 29 Jan 23
18 June 37
Jan
Kreirger & Toll (Am ats)____ 1-32 Jan 26
14 Jan 3
41May
94 Jan
173 18
4
173 18
8
18
184 183 1918 183 1912 1914 20
4
s
21,100 Kroger Groo & BakNo pan
1412 Feb 2S 20 Apr 7
10 May 187 Mar
8
*2514 253
4 2618 2
638 26
2
618 2
25
5
263
8 243 25h 2418
4
4,100 Lambert Co (The)
No Par 2218 Mar 2 3412 Jan 12
25 May 56h Jan
•112 3'2 *112 3 2 *112 312 *2
,
34 *112 34 0112 312
Lane Bryant
3 Feb 8
3 Feb 8
No purl
2 May
738 Aug
412 412 *412 5
412 412 *412 5
5
5 14 *5
514
800 Lee Rubber & Tire
4Star 2
33
64 Jan 12
SI
13 Apr
818 Sept
*612 83
4 07
93
4 •7
8
*7
93
4 *7
912 *7
Lehigh Portland Cement50I
9
578 Jan 5
8 Mar 17
35 Apr
11 Aug
*427 70
*427 65
*427 65
8
*427 65
8
•427 65
*428 65
8
7% preferred
100 34 Feb 9 45 Star 16
40 Dec 75
*1
Jan
118
1
I
*1
112 *1
114 01
112 *1
1'2
500 Lehigh Valley Coal___No par
I Jan 13
112 Jan 11
1 May
43 Aug
*234 3
234
234 *212 314 *212 34 *212 314 *212 314
50
Preferred
100
234 Apr 3
3$8 Jan 11
14 July
1112 Aug
41
41
4012 413
8 41
41
41
42
427 433
8
8 3,100 Lehman Corp (The)_-_No par 3712 Feb 28 473 Jan 11
4 4314 437
4
3012 June 5I7 Sept
*1612 18
1
8
8
.165* 1718 163 163 *1614 177 *17
8
177 *1712 17h
8
100 Lehn & Fink Prod Co
5 14 Feb 27 187 Jan 27
8
6 May 2414 Mar
53
5 4 *518 6
3
*512 6
*512 6
•53
512 6
8 65*
700 Libby Owens Ford Glass No par
43 Star 1
712 Mar 16
4
93 Sept
33 May
4
*57
58
583 58h 59
4
595* 59
6018 *59
*5914 6012 1,100 Liggett k Myers Tobacco- _25 49 Feb 16 62 Jan 25
61
3214 June 5512 Oct
57
58
58
6012 693 6012 604 613
4
4 61
6214 603 5212 29,100
Series B
4
25 4914 Feb 16 6338 Jan 25
344 May 6714 Sept
41123 12718 12312 12312 *125 12758 127 127
127 127 *127 129
300
Preferred
100 121 Mar 22 132 Feb 1 100 May 132
Oct
•1312 144 1312 1312 1314 134 1312 1312 13
900 Lily Tulip Cup Corp__No par 13 Apr 6 16 Jan 12
1314
13
13
14 June 21 Mar
1314 1312 *1318 135 *1318 13 8 1318 1318 *1314 133
8
5
600 Lima Locomot Works__No par 10 Jan 17 15 Mar 16
4 134 14
84 Apr 193 Aug
8
8
8
*77
8
77
8 77
*73
*73
8
4 8
731
800 Link Belt Co
73
4
73 Apr 7
4
No par
914 Jan 4
612 June 14 Mar
15
153
3 16
1614
16
1614
16
174 1614 1714
1612 163
4 4,800 Liquid Carbonic
No par 1014 Feb 2
1812 Mar 23
9 Stay 22 Mar
97 10'4
93 10
8
4
9 4 107
3
8 10
1034 1112 11
115*
1112 15,000 Loew's Incorporated
812 Mar 22 2112 Jan 4
No par
1314 May 378 Sept
375 373
8
8 37
3712 35
37
3612 39
38
39
3912 3912 1,400
Preferred
No par 35 Apr 4 5612 Jan 13
39 July 80 Sept
2
2
•17
8 2
17
lh *17
8 2
2
2
218 1,200 Loft Incorporated
2
No par
lh Feb 24
312 Jan 6
l7sJ,,ne
5 Sept
*h
214
*h
114
*7
5
114
*h
Long Bell Lumber A No par
118
*7
8
its
*7
8
l's
12 Feb 28
118 Feb 3
4 May
*23
27 Aug
25
8
*233 2412 *2212 25
243 245
4
243 247
8 247 25
4
8
1,800 Loose-Wlieo Biscuit
25 1914 Feb 27 27 Jan 10
1618 July 363 Feb
8
•11712 120 *118 120 *118 120
11818 11818 *118 120 *118 120
10
7% lot preferred
100 115 Jan 9 120 Jan 14
06 July 118 Oct
1212 13
14
13
1312 137
8 133 1418 133 14
4
4
39,100 Lorillard (P) Co
133 14
4
No par 105* Feb 16 1418 Apr 5
9 Stay
183 Sept
8
*94
98
*94
98
*94
3 *95 101
993 *9518 993
4
4 99
99
200
7% preferred
100 8712 Feb 23 9954 Apr 6
734 Jan 1084 Sent
*3
8
3
4
*53
aa
*5
8
3
4
*5
3
600 Louisiana Oil
4
8
*5
h
1s
8
5, Jan 5
3
4
1 Feb 7
No Dar
12 Jan
214 July
*418 5
*418 5
*418 5
*418 5
*418 5
418 418
30
Preferred
100
311 Feb 24
418 Apr 7
3 Dec 18 Jan
•1412 17
143 144 *1212 147
8
8 1.44 143
700 Louisville Gas dr El A_No par
4 1518 1518 1412 1512
8
143 Apr 3 193 Jan 6
8
8'iJltne 233 Mar
8
*414 6
*414 57
*45
8 5 8 *414 57
7
Ludlum Steel
7
8 •45s 5 8 *43
s 57
8
612 Jan 11
4 Feb 28
1
112 Jan 1135 Sept
*1212 2918 *1212 2918 *1212 291s *1212 16
Cony preferred
*1212 16
*1212 16
8
No par 143 Star 28 174 Jan 20
612 Jan 26 Sept
*912 1014 *912 1014 *912 1014
912 O'l
95
200 MacAndrews & Forbes
8 95
8 •95 1212
8
912 Feb 16 1012 Jan 25
10
912 Aug 154 Feb
*62
*62
80
75
*62
1162
75
100 75 Feb 9 75 Feb 9
75 .63
6% preferred
*63
75
75
5712 May 80 Sept
•1914 20
*194 197
8 194 2012 20 8 21
3
2112 21
21
223
8 5,100 Mack Trucks Inc
No par 1312 Feb 27 2312 Mar 16
10 June 285 Sept
315* 3212 3312 34
3312 35
347 351
3512 363
8 363 3714 6,600 Macy (It II) Co InoNo pat 2414 Feb 25 371 4 Apr 7
8
17 June 6012 Jan
*134 2
*135 2
'
1113
2
2
2
214 214 *24 3
300 Madison Sq Gard v t.No par
218 Apr 6
155 Star 30
218 Jan
412 Sept
64 61 $ *Ws 63
4
61 1 61
612 612
64 7
800 Magma Copper
No par
53 Star 2
85 Star 16
8
*614 7
412 Apr 1334 Sept
*2
8 I
•7
8
1
*7
8
1
*78
1
114
14
118
200 Mallinson (II R)& Co_No par
118
h Feb 15
112 Jan 6
12 Jan
•14
4 Sept
7
8
*14
7
8
7
8
7
238 8,580 Manatl Sugar
178
112 2
l7
7
s
8
14 Jan 4
100
23 Apr 7
8
ls Star
214 Sept
•15
8 3
8 2
*138 212 *15
3
7
43
8
438
4
Preferred
4
700
45 Apr 5
4
10
38 Jan 6
4 Apr
314 Sept
*2
312 *15* 4
I'lh 4
*15
8 314 *155 314 '1h
Niandel Bros
No par
11
112 Jan 3
314
314 Mar 15
1 Dec
43 Sept
4
512 6
6
6
*5 4 7
3
1,100 Manhattan Shirt
*53
4 714 *53
4 714 *53
512 Apr 1
25
4 7
8 Jan 31
312 June
9 Aug
01,
*3
8
h
*h
h
•3
8
Maracaibo 011 Explor_No par
h
*38
7
8
7
8
12 Jan 18
*12
3 Mar 16
4
78
%June
112 Aug
55
8 6
6
614 63
638
4
612 63
4
612 63
4
612 65
8 6.600 Marine Slidland Corp
514 Star 31 114 Jan 9
10
612 June 143 Aug
*712 8
*714 8
*711 73
73
*712 73
800 Marlin-Rockwell
4
No par
754
8'2 83
5 Feb 27
4
83 Apr 7
534 May 133 Sept
*12
*13
h
5s
*13
5
8
*12
5
400 Marmon NIotor Car
8
12 Feb 2s
No par
3
8
5
8
17 Jan 11
5
3
8
8
8
12 Apr
312 Sept
7
578 5
8
4 63
63
57
8 *53
8 6s
8 57
611 63
634 7
4
1,300 Marshall Field & Co_ No par
414 Jan 30
8 Star 16
3 July 1312 Jan
153 17 .153 1612 153 153
4
4
4 1612 1612 165 1635 165* 167
8
8 1,700 MathiesoNAlkall WorksNo par 11 Feb 27 1812 Mar 16
9 June 2078 Mar
•101_ *101
_
_
*101
__ *101
_
__
__
Preferred
_
10
Jan 20
113 Ti
8
fi 1212 -1212 *1238 -1-- *101 14 *101 8 141 1 4:400 May Department Stores___25 10018 Feb 24 103 Feb 9 893 Apr 105 Jan
13
3
13
93
137
1414 Apr 7
012June 20 Jae
*Ps
112 *118
114 *118
114 *Ds
114 .118
114 *Ps
Pi
Maytag Co
No par
13 Feb 10
27 Jan 23
4
8
1 July
6 Aug
*312 4
*318 4
318 318 *31 4 4
*3
*3
4
4
200
Preferred
No par
34 Apr 4
55 Jan 13
8
3 Apr 1012 Sept
*1618 17
'16's 17
157 1618 15
8
15
.14
*1512 24
40
700
Prior preferred
No par 15 Apr 5 17 Star 17
2218 Dec 3514 Jan
•Bid and asked prIces, no sales on this day. a Optional sale. e Cash sale. s Sold 15 days. x Ex-dividend. y Ex-lights.
$ per share
New York Stock Record-Continued-Page 6
2387
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
--PER SHARE
PER SHARE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Sales
STOCKS
Range Since Jan. 1
Range for Previous
for
NEW YORK STOCK
On basis of 100
-share lots.
Year 1932.
Monday
Saturday
Tuesday
Friday
Thursday
Wednesday
the
EXCHANGE.
April 3.
April 1.
April 4.
April 6.
April 5.
April 7.
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share
14
14
12
12
•1
112
*212 4
*312 5
193 193
8
4
8
4918 495
17
8 2
4
41‘
*14
22
*3
5
•84 10
413 412
*818 814
.14
17
*2
23
8
412 45
8
*4
412
•24
32
$ per share
*14
15
7
8
*12
*1
112
*212 4
312 312
1913 193
4
494 5018
13
4
13
4
4
4
*14
3
8
*3
512
*87 12
8
43
4 47
8
*83
8 87
8
•14
17
2
2
412 478
*4
5
*26
32
$ per share
*14
15
*12
4
*1
112
.212 37
8
3
33
8
197 2014
8
4912 503
8
*13
4 214
33
4 37
8
*14
2
8
*312 514
*918 912
43
4 5
.83
8 87
8
*14
17
2
2
45
8 47
8
4
4
*2512 31
$ per share $ per share $ per share
15
15
15
15
153 153
4
4
,12 1
•12
1
•12
1
*1
11
Ds
*1
*1
11
*212 33
4
4
8 "212 33
27
8 27
.213 5
'212 5
*212 5
2112
194 20
20
2014 20
8
5018 5214 515 534 54
5413
.134 2
13
4
13
4
13
4
134
*338 34
37
8 37
8
37
8 4
4
*14
2
2
4
*14
3
8
412 *312 412
412 412
*3
11
.9
*10
9
1114
9
5
54
43
4 5
54 512
*83
8 87
8 *83
8 9
.
838 9
*14
*14
17
*14
17
16
•2
214
214 214
218 218
47
8 5
5
47
8 518
53
8
414 412
414 45
8
43
4 43
4
*24
32
32
*24
•24
32
*11
1312 *11
1314 13
13
•11
13
*II
13
1314 *11
1
1
1
1
1
118
1
114
P5
13
8
1
118
.7
1412 *7
10
*7
*8
9
1018
*7
10
9
10
812 83
4
812 812 *814 10
814 814
*814 812 *814 812
i
2913 293 *283 30
4
4
8
294 2912 30
3118 3212 3212 3212 335
I
1218 1212 123 13
8
4
123 1314 127 133
8
8
4 1312 1418 133 1414
*25
31
*25
31
25
.247g 26
25
*247 26
8
*247 31
8
*18
14
18
is
*18
14
*18
14
14
*18
*18
14
*14
8
*14
3
2
14
14
14
14
*14
14
14
2
8
1112 12
*1012 1112 1.04 11
8 1138 1112
113
*1012 1112 II
2
2
*112 214 *113 2
212
*112 2
*2
2
2
I
*214 212
212 212
212 23
4
23
4 23
4
27
8
25
8 3
3
I
*518 53 .
4
54 53
4
513 512
512 512
512 512 *512 8
'5
712 *54 912 '518 912
54 54 *54 913 *518 912
13
4 17
8 *13
4 2
*13
4 2
.134
178
2
17
2
8 2
.6
8
*6
8
*6
*6
8
8
*6
8
8
*6
127 1312 1234 1318 123 1314
8
1278 1338 127 133
4
135
8
8
8 13
*2
218 .2
24
2
2
218
2
2
2
2
2
•13
8 17
8 .13
8 178 *13
8
8 17
o
17
8 *13
17
8 *13
8 17
8 •14
I
34
35
3412 3514 345 353
8
8
8
4 3514 3658 3618 3718 365 373
•122 129 *123 129 *123 133 •123 133 •123 133 •123 133
7 4 87
3
8
818 812
813 87
8
814 878
814 85
818
8
9
1213 127
8 123 133
4
8 127 133
8
8 1312 14
133 1418 1312 14's
4
3
•18
8
•18
3
8
*18
12
*18
14
*18
1
•is
12
8 212 *13
.13
8 232 •13
21
•133 212
8 212 *13
8 212 *Pa
25
26
2518 2534 2538 254 2513 2612 254 2658 2512 263
4
34
34
.3014 34
*32
34
34
*32
34
*32
3312 34
74
'5
77
77
:3 *5
77
8 '5
74 "5
77
8 *5
*5
*55
60
*554 60
5512 5512
60
55
551 *56
55
*54
*102 10912 *102 10912 '102 1091 *102 1091 .102 1091 *102 10912
*80
92
*80
8518 *80
*80
85'8 80
854 '80
92
8518
73
4
678714 75
8
7
74 73
74 84
73
4 8's
163 107
4
8 167 1712 163 17
8
2014
4
4
173 1812 19
167 18
8
8 5
*45
8 6
4 6
412 43
*45
4
*43
412 5
42
•17
20
*17
20
*17
•17
20 .17
20
20
20
244
4
44
43g
4
434 43
4 *414 43
412 434
438
43
4 484
114 117
8 117 1218 113 121
8
4
1214 127
8 1212 123
4
1218 121
*2
3
*2
3
*2
3
2
2
*112 3
*112 3
458 43
8
45
8 44
45
8 5
512 61
518 53
8
8
518 55
*214 312 *24 312 *214 31
*214 312 *214 312 *214 3 2
,
8
678 *74 87
618 618 *64 678
"
618 9
*618 9
678
.2
6
*2
6
*2
6
*2
6
6
*2
*2
6
*512 6i2 *512 612 *5i2 612 *612 612 *612 612
612 612
*12
3
4
12
12
12
2
4
12
12
*12
12
12
1
53
4 6
6
618
6
6
614 63
4
65
8 73
4
712 818
534 573
4 5612 5612 *51
6518 691
55
8
5514 60
597 66
8912 .81
•
79
8912 "80
86
8914 *8113 8913 *84
86 .81
*93
971
98 .93
9712 *934 98
*9312 9712 *9313 9712 *94
18
183
8 173 18
4
1812 183 193
8
8
173 184 177 1814 18
4
8
1512 163
1018 17
4 1.514 16
1614 1658
157 17
1714
8
16
, 34
34
*33
3414 3438
35
35
35
35
35
3518 35
I
43
4 478
434 434
412 434
8 47
45
4 8 478
5
43
8 5
*5112 55
*513 55
4
*52
5214 5214 5112 5112 5012 50'2
55
64 618 *54 614
614 614 *53
4 63
8 •
3 "512 63
514 7
*27
3112 *27
3112 .27
.27
31
31
31
31
"27
*27
*1
114 *1
114 *1
"114
112
11
114 .118 114
114
512 55
8
512 54
514 53
4
53
4 65
8
512 57
513 53
8
214 214
214 23
8
218 218
218
23
8
23
8 2'z
214 23
8
.512 6
53
4 53
4 *43
4 714 .54 7
714 712
714
7
.218 238 *214 238
24 23
8 .214 24
24 214 *214 23
8
*3
4
*3,
8 4
318 318 .3
*3
*3
4
4
4
•114 4
.114 4
.114 4
*14 4
*114 4
*114 4
f
1134 1134 115 113
8
4 1112 1124 115 117
8
8 1178 1238 12
1214
* 8 100 .955 101
055
8
955 954 9313 941 *9312 05
8
*9312 95
134
13
4
214
13
4 17
*13
4 2
2
214
23
8
2
2 14
I
I 47
8 478 *4
43
43
4 43
44 413
5
5
'43
4 5
4114 4112 4012 4213 4012 4112 42
431
4234 434 42
4418
21
21
a2018 211
8
2018 203
4 213 2113 21
8 20
203
4
217
*2514 26
•254 26
2514 2514 26
2613 2612 2612 263 263
4
4
.73
4 814
73
4 73
712 712
8
912
8
818 9
8
i *69
73 .6813 72
6712 69
674 674 6718 6718 67
67
178 2
14 2
14
17
8
178 2
13
4 2
14 2
____ --- ----
Shares. Indus. & Mlacell. (Con.) Par $ per share I per share $ per share $ per share
No par 13 Mar 3 1814 Feb 7
600 McCall Corp
10 May 21
Jan
100 McCrory Stores class A No par
3 Jan 12
12 Apr 1
613 Dec 16 Apr
114 Jan 13
Class B
No par
6 Jan 5
5 Dec 19 Jan
Cony preferred
100
100
212Mar 17 21 Jan 9
20 Dec 62 Feb
400 McGraw-Hill Pub Co_No par
3 Apr 4
34 Feb 1
212 May
712 Jan
18,700 McIntyre Procupine Mines__5 18 NIar 16 233 Feb 6
8
13 May 215 Dec
8
12,700 McKeesport Tin Plate_No par 4418 Jan 4 5738 Mar 16
28 June 6214 Feb
1,900 McKesson & Robbins
3 Mar 15
Mar 2
5
13.1
118 June
612 Sept
Cony pref series A ___ _- _50
2,200
35 Mar 3
8
63 Mar 16
4
318 May 23 Feb
100 McLellan Stores
No par
1 Jan 3
14 Feb 24
3 July
8
4 Mar
30
8% cony pref ser A
100
218 Jan 16
7 Jan 3
7 Dec 36 Mar
100 Melville Shoe
No par
834 Feb 27 107 Jan 11
8
7 8 Dec 18 Jan
7
4.500 Mengel Co (The)
1
2 Mar 1
53 Mar 25
4
1 July
5 Aug
Nfesta Machine Co
5
9 Jan 31
7 Feb 24
514 May 1912 Jan
Metro-Goldwyn Pict pref27 1312 Mar 1
19 Jan 21
14 June 2214 Jan
600 Miami Copper
Mar 16
314
158 Mar 3
5
112 June
614 Sept
14,200 Mid-Continent Petrol_ _No par
538 Mar 16
4
33 Mar 2
33 Apr
4
84 Sept
1,100 Midland Steel Prod_ _ _ _No par
3 Mar 2
63 Jan 6
4
2 June 123 Sept
8
8% cum 1st pref
100 26 Mar 3 404 Jan 23
25 June 65 Sept
100 NIInn-Honeywell Regu_No par
13 Apr 4 17 8 Jan 10
7
11 June 2313 Jan
5,800 Minn Nf ollne Pow Impl No Par
214 Mar 16
%June
7 Feb 3
8
33 Aug
8
100
Preferred
No par
4 Dec 145 Aug
8 Feb 7 12 Mar 16
8
500 Mohawk Carpet Mills_No par
512 June 14 Sept
7 Jan 23 10 Feb 9
3,500 Monsanto Chem Wks_ _No par 25 Mar 3 3358 Apr 7
1338 May 303 Mar
4
90,300 Mont Ward & Co Inc No par
312 Nfay 1613 Sept
85 Feb 25 15 Jan 11
8
100 Morrel (J) & Co
20 May 3514 Mar
No par 25 Jan 6 2612 Mar 21
100 Mother Lode Coalition_No par
14 Jan 5
18 Jan 9
4
8 Aug
4 May
400 Moto Meter Gauged:En No par
14 Apr
114 Sept
14 Jan 5
3 Jan 5
8
1,000 Motor Products Corp No par
8
8
73 June 293 Sept
147 Jan 11
8
73 Mar 1
4
300 Motor Wheel
No par
314 Jan 6
112 Nlar 1
65 Sept
8
2 June
2,000 Mullins Mfg Co
112 Mar 21
No par
8
2 June 133 Jan
612 Jan 6
120
Cony preferred
No par
5 N1ar 21
163 Jan 10
8
5 June 2712 Sept
100 MunsIngwear Inc
No par
713 Jan 26
5 Mar 30
7 Aug 1518 Sept
1,200 Murray Corp of Amer _ _ _10
324 Jan 6
158 Feb 25
97 Mar
8
218 July
Myers F de E Bros
No par
8 Jan 25
9 Feb 9
74 June 19 Feb
No par 1114 Feb 28 1518 Jan 11
5,900 Nash Motors Co
8 May 1934 Sept
800 National Acme
10
118 Feb 28
25 Jan 10
8
514 Sept
114 May
18 May
National Hellas Hess pref_ _100
114 Jan 27
6 Sept
2 Star 15
11,600 National Inscult
10 3112 Feb 25 413 Afar 16
4
2014 July 464 Mar
7% cum pref
100 118 Mar 3 1387 Jan 10 101 Slay 14214 Oct
8
9i Afar 16
14,100 Nat Cash Register A_ _ _No par
518 Mar 2
z614 Dec 183 Sept
4
21,500 Nat Dairy Prod
No par 1012 Feb 27 1814 Jan 9
8
143 June 3138 Mar
Nat Department Stores No par
Is Mar 15
12 Jan 4
14 June
218 Aug
Preferred
100
3 Jan 21
114 Feb 23
14 Dec 10 Aug
11,000 National Distil Prod__ _No par 164 Feb 15 273 Mar 30
8
13 June 2714 Aug
82.50 preferred
700
40 24 Feb 8 3414 Mar 31
2018 May 3212 Feb
Nat Enam & Stamping_No par
5 Feb 2
518 Jan 11
33 July
8
818 Sept
100 4314 Feb 2:3 60 Jan 24
200 National Lead
45 July 92
Jan
Preferred A
100 101 Nfar 1 110 Feb 6
87 July 125 Mar
Preferred B
100 75 Feb 23 81 Feb 11
61 July 105 Jan
13,400 National Pow & Lt_ _ _ _No par
67 Apr 1
8
658 June 203 Sept
1514 Jan 11
8
11,200 National Steel Corp__ _No par 15 Feb 27 22 Jan 11
1313 July 334 Sept
2,100 National Supply of Del
4 Apr 6
50
312 June 13 Sept
612 Mar 16
Preferred
100 17 Feb 23 2218 Jan 9
90
1312 NIay 394 Aug
1,100 National Surety
10
218 Mar 27
812 Jan 6
413 July 194 Aug
No par
8,400 National Tea Co
812 Jan 4 1314 Afar 20
313 May 104 Aug
100 Neisner Bros
No par
112 Jan 16
212 Jan 27
512 Jan
112 Apr
3,200 Nevada Consol Copper_No par
618 Nfar 16
4 Feb 28
2l3 May 1014 Sept
Newton Steel
No par
2 Feb 1
33 Jan 16
4
813 Sept
15 June
8
400 N Y Air Brake
No par
6, Apr 4
8
9 Jan 31
414 June 1412 Sept
New York Dock
100
34 Dec 10 Sept
100
Preferred
100
612 Mar 30
612 Mar 30
20 Apr 30 Aug
2,000 NY Investors Inc
No par
12 June
12 Apr 3
1 Jan 23
33 Aug
4
33,200 NY Shipbldg Corp part stk_ A
134 Jan 4
818 Apr 7
15 Dec
8
614 Feb
1,070
100 31 Jan 9 8912 Apr 7
7% preferred
20 June 57 Nfar
NY Steam $6 pref
No par 80 Nfar 24 101 Jan 9
70 May 100 Oct
No par 06 Mar 30 110 Jan 11
$7 1st preferred
90 June 10918 Mar
No par 173 Jan 14 2114 Feb 3
7,300 Noranda Mines Ltd
8
10 4 May 214 Sept
3
28,600 North American Co_ _ _ _No par 1514 Apr 4 314 Jan 11
133 June 4314 Sept
4
Preferred
900
50 32 Feb 28 46 Jan 12
2512 July x48 Sept
7,200 North Amer Aviation
4 Feb 27
5
718 Jan 4
114 May
8
65 Dec
700 No Amer Edison pref. _No par 5012 Mar 24 7412 Jan 16
49 July 88 Sept
300 North German Lloyd
6 Feb 7
8 Mar 20
8 Jan
25 June
8
Northwestern Telegraph_ _ _50 2918 Feb 2 304 Feb 17
15 June 33 Aug
500 Norwalk Tire dr Rubber No par
14 Feb 23
24 Jan 12
24 Aug
84 Feb
No par
434 Feb 27
16,600 Ohio Oil Co
718 Jan 11
6
Jan 11 Aug
318 Mar 17
118 Feb 27
1,500 Oliver Farm Equip_ _ _ _No par
12 Apr
4 Aug
Preferred A
No par
700
83 Nfar 17
4
34 Feb 28
24 May 1014 Aug
300 Omnibus Corp(The)vtc No par
27 NIar 18
8
14 Jan
12 Mar 2
4
4
43 Mar
5 Jan 23
213 Feb 28
94 Jan
100 Oppenheim Coll dr Co_ _No par
3 June
138 Jan 30
514 Jan 12
314 June 15 Sept
Orpheum Circuit Inc pref _100
No par 1018 Feb 27 14 Mar 16
9 May 2212 Jan
8,100 Otis Elevator
100 9312 Apr 5 102 Jan 27
90 May 106 Nov
Preferred
110
114 Slay
43 Jan 11
8
No par
914 Sept
114 Mar 1
3.200 Otis Steel
8
34 May 203 Sept
100
8
214 Feb 28 107 Jan 11
Prior preferred
160
12 June 424 Nov
9,300 Owens-Illinois Glass Co---25 3112Mar 3 4514 Mar 16
167 June 37 Feb
8
25 20 Apr 7 3114 Jan 11
14,100 Pacific Gas & Electric
433 Jan 11
8
20aJune 4712 Auz
No par 2514 Mar 3
800 Pacific Leg Corp
314 Slay
100
97 Mar 23
8
6 Feb 21
14 Aug
700 Pacific Mills
100 65 Mar
58 Jun 1043 Mar
813 Jan 12
4
4
330 Pacific Telep &Teleg
Jan 9
514 Jan
113 July
13 Mar 24
4
23,600 Packard Motor Car_ _ _No par
14 Sept
6 July
5 12 Jan 5 1211 Jan 11
----- Pan-Amer Petr & Trans
1212 Feb 18
1412 Sept
714 Jul
5 1112 Mar
Class B
*54 738 *512 712
712 Feb 20
2 Apr 10 Sept
6 Jan 20
No par
72
613 612 '512 712 -.15i2 -- -1- -.Lir; --71100 Park-Tilford Ins
2
*31i
12
12
12
12 Jan 3
bs Afar 21
2 Jan
"8
200 Parmelee Transporta'n_No par
14 June
12
12
"8
12
22
12
"8
1
• 8 118
5
4
38
•12
118
*12
118
12
*12 115
12
14 Dec
12 Jan 19
114 Jan
118 Feb 17
400 Panhandle Prod di Raf_No pa
113 Slay 1112 Jan
25 Jan 4
Paramount Publix
8
No p10
8,
Is Mar 3
•118
114 *Da
14
1 24
13
112 Mar 15
8 .114
13
8
14
13
8
114
34 Jan
13
8 1,100 Park Utah C M
2 Sept
1
5 Apr
8
*14
3
8
*14
3
8
*14
3
8
•12
3
8
38
3
8
•3
14 May
8
12
114 Aug
300 Pathe Exchange
84 Jan 4
4 Jan 4
, •114
13
4 *15
8 13
4
15
8
158
158
112
158
158
14 1,000
112
4
114 June
214 Jan 4
Preferred class A.- _ _No par
53 Feb
114 Jan 25
I 1
34 614
7
6
614 "64 7
912 Sept
318 July
*614 67
8
64 64 1.700 Patin° Mines & Enterpr No pa
712 Mar 15
67
8 7
53 Jan 16
8
534
4.34
1
4
*34
4
1
I
*3
4
100 Peerless Motor Car
I
434 Apr
118 Jan 10
4
3 June
3 Feb 16
4
1 •30
33
31
3114 31
33
3278 3414 33
32
31
335
8 5,300 Penick dr Ford
z2512 Feb 27 3414 Apr 6
16 June 3234 Nlar
2178 2214 22
2234 223 223
8
8
4 234 244 24
4 225 233
243 18,400 Penney (J C)
4
13 May 3413 Mar
4
No pa
1914 Msr 2 273 Jan 16
*9478 102 •9878 101,8 "98 10118 1O0' 106 8 .478 106, '9478 101,
5
8
6:8 *4
0
6
.
0:2 9
8
*47
11
478 6
*8
618
2
100
Preferred
10
60 June 91 Mar
90 Jan 4 c10412 Feb 17
•
1
1
1
*1
8
1
1
7
8
7 *8
7
8
7
8
500 Penn-Dixie Cement_ _ _N pa3
1
12 Apr
14
ss Jan 25
NO pa
212 Aug
118 Mar 16
Preferred series A
514 Feb 2
8 Sept
3 Nov
418 Mar 2
100
•1014 161 '1014 1612 16
1612 *15
16
*15
16
15
15
200 Peoples Drug Stores_No par 1034 Jan 25 16 Apr 4
12 Oct1612May
__ .5212
1 .5212
__ •60
__ *60
-- *60
60
_
- •
_
6 yi% cony preferred_ _ _ _100 70 Feb 17 75 Jan 18
5018 July 95 Feb
45 -45
x4512 -451
*45 - -46
4514 1514 4518 ;154 45 - 4612
700 People's G L & C (Chlo)
Jan
78 Jan 9
100 45 Apr I
39 July 121
.6
*6
61
61
*6
61
*5
6
61
638
*6
Pet Milk
612
Na par
64 Jan 6
612 Feb 2
1212 Jan
5 D
54 53
8
54 538
518 518
514 514
518
54 53
4 3,700 Petroleum Corp of Am_No par
73 Sept
8
S's
63 Feb 11
8
458 Jan 3
23 Slay
4
53
4 6
534 534
6
614 7
618 614
30,300 Phelps
638
-Dodge Corp
64 7
712 Mar 16
25
412 Jan 4
8
37 June 115 Sept
8
*2812 29 .25
29 .25
29 '24
29 .25
29 '24
29
Philadelphia Co 0% pref _50 27 Mar 21 32 Jan 20
18 June 41 Star
• r. _ 50 3 _ _ _ 50 •____ 50 •____ 50 •_ _ _ _ 50 ._ _ __ 50
.,
._
56 preferred
No par 49 Mar 27 49 Mar 27
48 June 76 Sept
I Wiz 252 2,2 21 .212 234 234 233 258 24 234 234
900 Phil/4 & Read C dk I_ _ _ _No par
212 Feb 27
778 Sept
412 Jan 11
2 June
"8
9
*8
9
*8
9
*8
838 58
*8
9
9
Phillip Nforrts & Co Ltd_ __ _10
9 Jan 28
8 Feb 23
7 June 13 Aug
*3
412 *3
412 .112 41
*112 412 *112 412
•112 41
Phillips Jones Corp____No par
4 Mar 1
3 Feb 8
4
312 Apr 123 Sept
51714 75 .174 75
*1714 75 '1714 75
*1714 75
"1714 75
Preferred
100
10 Apr 32 Feb
III154 54
511
8 54
5 8 57
5
8
53
4 6
57
8 6
53
612 Mar 16
4 638 8,200 Phillips Petroleum
Ns par
818 Sept
43 Jan 4
4
2 June
•2
314
13
4 2
.134 34 *13
4 314 *14 314
4 314 •13
50 Phoenix Hosiery
6
2 Nov
252 Jan 14
918 Aug
l's Mar 15
•112 212 *113 213 .112 212 *112 212 .112 212 *112 21
Pierce-Arrow class A_ _No par
25 Feb 27
8
15 Mar 3
8
9 Jan
114 June
14
11
*14
3
8
*14
100 Pierce 011 Corp
3
8
•14
"4
8
8
3
8
*14
8
8
25
14 Jan ft
38 Jan 4
34 Sept
14 Jan
*334 414 *33
*412 514
4 5
*34 5
*33
4 8
*412 5
Preferred
100
37 Feb 27
8
513 Feb 11
313 Jan
9 Aug
"4
7
8
8
4
3
4
34
81
*84
*34
7
8
700 Pierce Petroleum
7
8
7
8
7
No par
bs Jan 23
12 Nlay
1 Feb 11
15 Sept
8
•1212 13 . 1213 123
*1334 14
14
3 127 1318 1312 14
8
l41s 1,400 Pillsbury Flour Mills_ _No par
9 8 Feb 24 1514 Mar 17
3
912 13ec 2212 Jan
•31
35
"3218 38
8
334 333 .3312 397 5334 40
8
335 334
8
200 Pirelli Co of Italy Amer shares 3338 Apr 4 347 Jan 30
8
21 June 313 Mar
4
"5
63
4 .5
678 .5
63
*5
67
8 '5
8
67
.5
67
100
Pittsburgh Coal of Pa
4 Feb 25
7 Max 18
3 May 1158 Sept
•17
25
*17
*17
22
25
24
22
25
*17
*17
25
100
Preferred
100 17 Jan 25 22 Apr 6
Jan
17 Dec 40
•I34 214 '13
4 21
•13
4 21
.13
4 21
•I3
4 21
par
.13
4 212
212 Mar 18
Pittsburgh Screw & BoltNo
14 Feb 16
44 Aug
2 Apr
•16
1814 .16
1814 *16
181 *18
16
16
18'i
1814 .16
100 1014 Jan 6 1812 Mar 22
20 Pitts Steel 7% cum pref
OlzJune 2434 Sept
43
4
112
534
11
*3
11
*34
*34
4
112
11..
•84
25
54 Feb 6
114
Pittsburgh United
I Nlar 28
334 Sept
5 Dec
3
•15
17
16
16
19
19 '17
*17
19
16
161 *17
100 153 Feb 27 24 Jan 11
90
Preferred
4
14 May 44 Sept
I
I
1
•Bid and asked prices, no sales on this day. a Optional sate. a Ks-dividend and ex-rights. s Sold 15 days. z Ex-dividend. e Cash sale
-
N
New York Stock Record-Continued-Page 7
2388
April 8 1933
QTFOR 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
April 1.
Monday
April 3.
Tuesday
April 4.
Wednesday
April 5.
Thursday
April 6.
Friday
April 7.
$ per share $ per share $ per share $ per share IS per share $ per share
is
*12 112
12
33
5
3
12
*38
3
4
112
3
2
3
2
714 8
714 714
7
7
7
7
7
8
7
7
•13
4 23
4 *13
4
4 212 *13
11
4 13
4 212 *13
4 213 *2
214
4
.2
238
218 *2
214 24 *2
/
1
214 *2
214 *13
4 2
84
.3
8 1
3
4
*3
4 1
5
4
*1 1
/
4
•8 1
5
*413 518 *412 5
*43
8 47
8 *414 4
/ *414 47
1
4
8 *412 4
/
1
4
*512 7
*514 7
.514 7
*514 7
"512 7
8
5
/ 55
1
4
*714 8
8
714 7
*714 8
/ "7
1
4
*7
/ 812
1
4
812 812
*3
4 1
*3
4 1
.
3
4 1
*3
4 1
*72
•3
4 1
1
.3
4
'3
4
'3
33
4 *3
3 4 *3
3
33
4 *3
331
24
2412 2412 2412 243 2514 253 26
4
4
26
261 26
/
4
2612
*9312 100
*98 100
*38 100
*98 100
*98 100 '98 100
'
/
1
4
13
*14
12
*3
8
12
*14
12
12
12
*14
12
*2
4
*2
4
.2
4
*2
4
*2
4
*2
4
33 8 35
3
334 3418 3314 34
/
1
3312 35
33
/ 3514 3312 341
1
4
/
4
73
73
*72
733 *70
4
7312 *70
7312 *70
7312 .70
7312
84
84
82
83
80
80 '80
81
82
82
*8018 84
*93
99
93
93
"92
98 .9214 100
*9214 100
*9112 100
*110 115 *110 115 *110 11218 *110 1121 •110 11218 *110 11218
/
4
*92
98
9512 9512 .____ 98
*90
98
•90
97 •92
97
22
231 2214 227
/
4
8 2214 23
2214 231 223 233
3 23
/
4
24
4
3
3
3
314
27
8 3
*3
3
/
1
4
3
3
3
314
*3014 37
*3014 35
3014 3014 30
30
*30
31
307 3212
8
*712 8
712 7 8
5
713 7
53
78 8
5
8
83
4
812 87
8
34 3
3
/
1
4
33
4 4
33
4 31
/
4
31 4
/
4
33
4 4
31 4
/
4
*1812 183
4 18
1812 *1714 1812 17
/ 1714 .1713 1812 *173 1814
1
4
4
9
94
/
1
9
9
9
9
9
33
3
9
912
9
914
118
118
118
11 11
/
4
/
4
118
Ds
11
/
4
114
11 *114
/
4
11
/
4
*6
65
8 '6
6
/ *6
1
4
65
8
61 612
/
4
7
7
712 712
7
71 *7
/
4
71
/
4
714 *7
7
7
714 714
7
712
*35
43
43
*35
43
*35
*35
43 '35
43 '35
43
•
.14 1
/ 1
1
4
' 1
14
•14
1
*14
1
.
14
1
2
2
.114 2
.11 2
/
4
*114 2
*114 2
•114 2
3
3
3
3
3
314
3
/ 314
1
4
3
3 14
3
318
*818 114 *814 111 '83 115
/
4
/
1
8
8 '83 12
8
*818 11
*818 11
•____ 1612 *8
1612 '8
1612 *8
1612 *8
1612
1612 *8
15
8 138
112 13
113 112
112 112
4
11 15
/
4
8
13
4
11
/
4
518 514
518 518
5
5
518 53
4
5
/ 57
1
4
8
53
4 61
/
4
*1018 10 4 1018 1018 11
10
10
3
11
113 12
4.
123 123
4
4
*13
4 5
3
/ *13
1
4
4 5 4 .134 534 .134 53
4 .13
4 63
4 *14 53
/
1
4
.2
6
*15
8 6
*11 6
/
4
*15
8 6
'13
4 712 *13
4 712
8
733
'7
/ 7
1
4
L
/ *714 7 4 *714
1
4
73
4 *714 8
3
*3
4
/ *3
1
4
4 8 *3
5
412
3
3
*3---3
3
297 30
8
/
4
297 30 8 301 3012 3038 307
8
3
8 303 33
4
8 30
/ 3118
1
4
60
607
.3 61
61
60
60
60 60
*60
61
60
60
*1
/
4
12
*14
12
*4
,
13
*3
3
12
3
3
3
3
12
12
*8
11
*8
11
'8
11
*8
11
.8
11
'8
11
.234 3
*23
4 3
.2 4 3
3
23
4 24
3
234 3
212 3
•18
183
3 173 173 *175 173
4
4
8
4 1818 1818 1814 1814 1812 183
4
814 814
814 9
9
10
10
10
/
4
10
1112 111 1112
3218 3214 3218 321 3214 333
311 32
/
4
/
4
4 3318 341 333 343
/
4
4
8
7618 7618 76
76
"734 73
/
1
/ 72
1
4
74
74
74
753
4 74
85
831 85
85 .8318 847
/
4
8 8314 8314 8314 844 83
/
1
/ 833
1
4
4
.214 3
/
1
4
214 214 *218 2
/
1
4
23
8 23
s *24 312 '214 312
/
1
' /
/
1
4
1
4
*3
4
7
8
*3
4
7
8
3
4
3
4
*3
4
7
3
*3
4
7
8
.63
3 612 *Vs 612 *63
8 612 *63
3 612
63
8 63
613
8 "6
*28
283 *2818 283
4
/
1
4 2818 2818 .2818 284 2818 2818 '2818 2812
*1712 1814 1712 1712 .1712 1814 173 1814
1814 1814 1814 195
4
8
.112 2
112 112 .13
.112 2
3 11
/
4
11 13
/
4
8 •13
8 2
8
1618 163
4
4 163 1714 163 1714 163 18
8
17
/ 183
1
4
4 175 184
8
/
1
*13
4 218 '13
4 24
/
1
13
4 13
4
11 11 02
/
4
/
4
2
'112 218
*26
33
33
*26
*26
32
•26
3212 *30
32
30
31
•
/
1
4
14
14
14
14
14
.18
14
14
/
1
4
14
/
1
4
11 15
/
4
112 112
•112 11
8
11 158
/
4
/
4
134
11
/
4
11 11
/
4
/
4
718 713 "714 712
7
74
/
1
67
8 7
14
63
4 714
63
4 63
4
•218 278 *212 2
/ *212 2 4 *212 3
1
4
3
*212 3
*212 3
212 23
4 *212 2 4
3
2
/ 213 *212 3
1
4
3
3
*2
/ 27
1
4
8
26
.23
*23
2713 .23
.23
30
2412 24
24
'24
2512
4
4
4
4
418 414
418 418
414 412
41 43
/
4
4
*30
32
33
3112 313 *31
33
.32
33
4
32
*3214 40
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
Lowest.
Shares.
340
2,400
100
300
100
Indus. & MIscell. (Con.) Par
Pittston Co (The)
No par
Plymouth 011 Co
5
Poor & Co class B
No par
Porto Ric
-Am Tob al A_No par
Class B
No par
Postal Tel & Cable 7% pref 100
100 Prairie Oil & Gas
25
300 Prairie Pipe Line
25
Pressed Steel Car
No par
100
Preferred
11,400 Procter & Gamble
No par
5% prat (ser of Feb 1'29)100
200 Producers & Refiners Corp__50
Preferred
50
10,900 Pub Ser Corp of N J___No par
200
85 preferred
No par
1,000
8% preferred
100
100
7% preferred
100
8% preferred
100
100 Pub Ser El & Gas pf $5_No par
15,300 Pullman Inc
No par
No par
6,000 Pure 011 (The)
100
100
8% cony preferred
5,500 Purity Bakeries
No par
400 Radio Corp of Amer_ _ _No par
46,
400
Preferred
50
Preferred B
No par
3,300
No par
1,000 Radlo-Keith-Orph
300 Ftaybestos Manhattan_No par
1,100 Real Silk Hosiery
10
100
Preferred
No par
Reis(Robt)& Co
100
40
1st preferred
1
2,300 Remington-Rand
100
let preferred
100
2,1 preferred
5
1.600 Reo Motor Car
6,600 Republic Steel Corp___No par
1,200
100
6% cony preferred
2,900 Revere Copper & Brass_No pm
80
Na par
Class A
200 Reynolds Metal Co__ No par
200 Reynolds Spring
No par
40,400 Reynolds (It J) Tob class B_ 10
10
140
Class A
500 Richfield 011 of Calif _ __No par
Ritter Dental Mfg
No par
5
900 Rawls Insurance Co
1,500 Royal Dutch Co (N Y shares)
15,400 St Joseph Lead
10
2,900 Safeway Stores
No par
140
100
6% preferred
250
7% preferred
100
200 Savage Arms Corp_ ___No par
100 Schulte Retail Stores__No Par
100
40
Preferred
No par
20 Scott Paper Co
3,900 Seaboard 011 Co of De1_No par
No par
300 Seagrave Corp
57,000 Sears. Roebuck & Co No par
1
300 Second Nat Investors
1
400
Preferred
No par
600 Seneca Copper
1
3,900 Servel Inc
No par
3,300 Shattuck (F G)
No par
Sharon Steel Hoop
No par
1,400 Sharpe & Dohme
100
Cony preferred ser A_No par
No par
8,200 Shell Union Oil
100
400
Cony preferred
48 5
7
5
51 5
5
/
4
/
1
4
5
5 12
538 512
L
518 1,700 Simmons Co
No par
45
,
57
8 "5
5
/ *5
1
4
57
8 *5
5
/
1
4
5
5
10
'5
200 Simms Petroleum
5
/
1
4
/ 3 8 •314 312
1
4
3
/ 3
1
4
3
3
/ 3
1
4
/ .3
1
4
312 312
/
1
4
314 312
600 Skelly Oil Co
25
*24
25
26
.25
25
*24
27
26
25
25 '24
27
200
100
Preferred
15
8 .1
14 •I
/
1
3
4
13
8 '1
15
7
8 •1
8 "1
114
1,000 Snider Packing Corp_ _No par
61 63
/
4
8
614 612
61 6
/
4
/
1
4
61 61
/
4
/
4
61 612
/
4
25
61 7
/
4
38,
400 Socony Vacuum Corp
.6012 62
61
61
61
*6012 62
62
"61
651 '63
/
4
6518
_100
600 Solvay Am Invt Tr
8 2178 2234 2238 2338 2318 24
2134 223
2312 2414 235 2412 40,100 So Porto Rico Sugar_ _..No par
8
pref_/
1
*119 120 .119 11912 1194 11914 119 11912 119 119 .11918 11912
100
100
Preferred
1778 181 173 1814 173 18
/
4
17
/ 1814
1
4
4
17
/ 18
1
4
1712 17
4
/ 8,600 Southern Calif Edison
1
4
25
*I
'1
5
5
1
5
5
*1
'1
'1
5
5
Southern Dairies cl B_ _No par
413 *4
.4
412 .41 412 '41 412 '418 412
/
4
412
*4
/
4
Spalding (A G) ds Bros_No par
/
4
"2518 48
*251 48
*2518 48 '2518 48
*2518 54
•2518 54
let preferred
100
/
4
3
4 *41 3 4 .412 93
.412 9
/ *413 93
1
4
4 *412 93
4 .412 9 4
3
Spang Chalfant&Co In0No par
33
•20
3,20
33 "20
*20
33
33
100
"20
33
*20
33
Preferred
*7
8 1
7
8
7
8
1.78
1
3
4
1
1
/
1
4
/
1
4
7
8
1,200 Sparks WithIngton_ _ _ _No par
'1,13 114
*12 113
*12 114
*12 114
*12 1
*12 114
Spear & Co
No par
4,8
I
•8
9
•8
9
.
8
8/
1
4
8
8
'8
9
100 Spencer Kellogg & Bons No par
5
5
.5
5
5
/ *5
1
4
5
*5
5
/
1
4
512 *5
No par
51 1,000 Spicer Mfg Co
/
4
*12
/
1
4
1418 .1112 1418 .1113 13 .1113 133 *1112 133 .
4
4 1112 131/4
Cony preferred A_ No par
212
*2
212 212 *2
3
3 4 .218 3 4 *218 212 *2
3
212
200 Spiegel-May-Stern Co.No par
15
/ 1618 1513 16
1
4
15
151 16
15
/
4
/ 1514 153
1
4
4 1512 157 45,500 Standard Brands
8
No Par
_ 121
'121
_ _ *121
__ _ •121
•121
_ _ '121
_ __ ___
No par
Preferred
- -14
1
*1
1
14 *I
1
- -14 '1
1
i
114 114 *1 -138
300 Stand Comm Tobacco-No par
514 5
/
1
4
8
5
/ 5
1
4
6
5a
6
/
1
4
5
/ 63
1
4
6
8
61 65
/
4
63
8 7,6011 Standard Gas & El Co.. No par
8
/ 9
1
4
83
4 9
9
9 14
914 10
10
1012 1018 1012 4,200
Preferred
No par
20
23
17
20
17
*17
.17
23
*1814 21
"1814 21
200
$6 cum prior pret __ No par
20 2018 21
"20
*20
23
23
21
22
2214 2312 2312
900
$7 cum prior pref
No par
1
.
/ 1
1
4
*12
"2 1
*12
7
8
*12
33
*12
7
8
Stand Investing Corp No par
*9718 98
97
98 '96
/ 9712 9712 9712 9718 971 •961 9738
1
4
800 Standard ()II Export pret..100
/
4
/
4
8
4
/ 2218 22
1
4
211 221 213 2214 215 22
/
4
/
4
/ 2214 223
1
4
8 23
2412 19,800 Standard 011 of Calif_ No par
13
.1234 1312 *1314 1334
13
4 123 13
4
.1314 1312 .13
133
400 Standard 011 of Kansas____10
2512 247 2538 25
/
1
8
2514 2512 247 2512 244 2512 25
8
/ 273 52.000 Standard 011 of New Jer8ey_25
1
4
8
*2
*2
4
4
4
*2
4
4
•2
4
*2
4
100 Starrett Co (The) L S No par
.
/ 1
1
4
'1/4
7 '
13
/
1
4
7 '
8
3
4
/ '
1
4
3
4
/
1
4
*3
Sterling Securities el A-NO Dar
4
1
*112 2
/ •112 2
1
4
No par
/ *112 13
1
4
4 "112 14 .112 13
4 4 / 13
/
1
.11
4
Preferred
4
2712 "1712 2712 .171 2713 .1712 27 .1712 2712 .
/
4
•15
1712 2712
Convertible preferred--50
28 28
3
3
2 4 23
3
212 212
4 .23
4 314
2
/ 23
1
4
4 *23
400 Stewart-Warner Corp
4 314
10
8
61 61
/
4
618 63
/
4
618 614
612 612
612 67
4 4,100 Stone & Webster
8
614 63
No par
11 2
/
4
11 2
/
4
11 2
/
4
11 2
/
4
2
2
6,925 Studebaker Corp (The) No par
17
8 2
958 10
10
9
/ 10
1
4
9
10
10
10
10
320
10
Preferred
10
100
3514 3514 '35
3513 35
*3514 36
35 '341 36
/
4
300 Sun 011
•341 36
/
4
No par
'9214 96
*93 - -- 9018 91
953 96 .924 96
4
/
1
*9214 96
50
Preferred
100
812 812 .712 812 "712 812
.814 812 "814 812
200 Superheater Co (The)__No par
712 712
1
1
1
1
1
*1
1
112
1
1
114
114
1,700 Superior 011
No par
*218 3
•218 3
.218 3
.218 3
*218 3
200 Superior Steel
3
3
100
'112 3
*112 3
•112 3
.112 3
'112 3
11 11
/
4
/
4
100 Sweets Coot Amer (The).....50
4,28
/
1
4
*38
/
1
4
/
1
4
*
/
1
4
.38
/
1
4
18
3
8
.14
/
1
4
300 Symington Co
No par
1,400
3
1
*3
4
7
8
*3
4
7
8
*3
1
/
1
4
7
8
Class A
12
7
8
3
4
*5
8
No par
9
*8
'8
9
'812 9
•8
9
.818 9
*813 9
Telautograph Corp_
No par
3
13
4 13
8 28
4
2
/ "15
1
4
*11 2
/
4
2
1,000 Tennessee Corp
2
2 14
2
2
No par
1134 12
4
1178 1213 1212 123
123
8 113 12
12
4 124 13
/
1
/ 13,600 Texas Corp (The)
1
4
25
17
1712 1734 18
177 1812 1814 1918 184 2012 19
8
/
191 10,400 Texas Gulf
1
/
4
_ __No par
158
11 112
/
4
11 11 .11 11
/
4
/
4
112 112 *112
/
4
/
4
700 Texas Pacific Coal azOIL...JO
11 13
/
4
4
Sulphur/
4
3
/ 3
1
4
312 312
/
1
4
31 31
/
4
3 4 33
3
3
4
/ 4
1
4
4 3,500 Texas Pacific Land Trust----1
414 43
712 *63
7
7
8 7
.6
65
8 6
7
.6
/ .6
1
4
'6
100 Thatcher Mfg
No par
32 .28
32 .28
32 '28
32 '28
*28
32 '28
32
$3.60 cony pref
No par
.214 314 *212 3
/ .212 314 •24 314 *212 314
1
4
/
1
*212 3
/
1
4
The Fair
No par
40 '32
40 "33
40 .33
60 '33
40
"33
*33
7% preferred
40
100
11 .1
/
4
11 .1
/
4
114 *1
•1
11 .1
/
4
11
/
4
114
11
/
4
200 Tbermold Co
No par
•12
15
.1218 15
15
*12
*12
15
*14
15 '14
15
Third Nat Investors
1
•Bid and asked prices no salmi on Ole day. a Optional sale. a Ex-dividend.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
y Ex-rights. c Cash sale.
Highest.
$ per Share
3 Apr 1
8
6 4 Feb 24
3
134 Apr 3
133 Mar 23
eg Feb 27
4 Feb 27
558 Mar 21
7 Mar 22
158 Jan 21
3 Jan 27
195 Feb 28
8
9713 Mar 16
14 Jan 3
3 Feb 2
3314 Apr 4
70 Mar 2
80 Apr 4
93 Apr 3
115 Mar 20
93114Mar 3
812 Jan 4
2i2 Mar 2
30 Mar 3
5 Feb 24
/
1
4
3 Feb 23
1314 Feb 28
612 Feb 28
I Mar 31
5 Feb 23
513 Feb 27
25 Jan 4
14 Jan 3
118 Jan 3
212 Feb 23
712 Feb 27
8 Feb 27
133 Feb 28
4 Feb 27
9 Feb 28
114 Jan 10
214 Mar 2
6 Feb 27
113 Feb 28
2612 Jan 3
60 Jan 5
Li Feb 21
613 Feb 25
212 Mar 27
1758 Mar 2
618 Feb 27
28 Mar 3
72 Apr 5
2014 Feb 15
214 Apr 3
3 Mar 3
8
6 Jan 25
28 Jan 21
15 Feb 13
118 Feb 25
1212 Feb 25
114 Feb 28
24 Feb 24
13 Mar 28
112 Feb 4
618 Mar 1
11 Feb 23
/
4
212 Feb 27
2114 Mar 2
3 Feb 17
/
1
4
2812 Mar 28
438 Feb 28
8
47 Feb 28
3 Feb 20
22 Feb 28
58 Mar 31
8 Mar 23
58 Feb 25
8
157 Jan 12
112 Jan 4
1712 Apr 7
114 Feb 28
4 Jan 18
251 Mar 28
/
4
412 Feb 18
1712 Feb 9
as Feb 28
:Jan 10
1
8 Mar 3
5 Jan 3
llssMar 21
1 Feb 28
131 Mar 2
/
4
121 Feb 18
1 Jan 3
51 Mar 31
/
4
84 Apr 3
/
1
17 Apr 4
20 Apr 4
12 Mar 31
9212Mar 3
1912Mar 3
123 Apr 4
4
2234 Mar 3
4 Feb 16
53 Jan 11
112 Feb 10
20 Mar 2
212 Feb 24
534 Feb 27
112 Mar 20
9 Apr 3
35 Feb 25
89 Mar 16
712 Feb 17
h Jan 4
2 Feb 28
I Mar 22
Is Apr 6
12 Apr 6
818 Feb 17
138 Feb 28
,
1034 Feb 2
151 Feb 20
/
4
8
13 Mar 3
312 Mar 31
5 Feb 15
271 Feb 6
/
4
23 Mar 31
8
33 Fen 28
1 Feb 28
10 Mar I
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share S per share
I Jan 27
13 Dec
3 Sept
012 Jan 11
83 Nov
8
1213 Sept
2 Jan 18
/
1
4
112 ?lay
6 Sept
/
1
4
312 Jan 19
11 May
/
4
6 Sept
/
1
4
1 Jan 11
5
8May
23 Aug
4
7 Jan 11
/
1
4
134 July
1712 Sept
6 Feb 11
312 June
912 Sept
812 Apr 7
513 June 1214 Sept
114 Jan 5
3 June
4
4 Aug
414 Feb 18
238 June 17 Sept
2912 Jan 4
1978 June 42
/ Jan
1
4
10413 Jan 12
81 July 1031 Dec
/
4
1g May
12 Apr 7
11 Mar
/
4
5 Jan 16
1 May
934 Mar
554 Jan 11
/
1
28 July 60 Mar
8812 Jan 31
62 June 90 Sept
/
1
4
1011 Jan 24
/
4
7112 June 10218 Aug
11212 Jan 1.2
9212 May 114 Mar
125 Jan 9 100 July 13014 Mar
10312 Jan 11
83 June 10313 Deo
2434 Mar 22
1012 June 28 Sept
378 Jan 10
27 June
8
612 Aug
62 Jan 12
50 Jan 80 Aug
10 Jan 11
438 May 15 Mar
/
1
4
6 Jan 5
212 May
1312 Sept
19 Mar 16
10 June 32
/ Jan
1
4
117 Jan 5
8
3 May 234 Sept
/
1
4
/
1
35 Jan 9
8
112 June
73 Sept
4
712 Jan 11
4 July 31234 Aug
/
1
4
in Jan 25
218 July
812 Sept
47 Mar 16
7 June 30 Sept
/Mar 30
1
4
18 Apr
112 Sept
2 Feb 2
Cl
Dec
7 Sept
/
1
4
1 May
44 Mar 16
/
1
712 Aug
111 Jan 31
/
4
4 June 29 Aug
13 Feb 4
5 June 3112 Aug
2 Feb 9
/
1
4
113 Apr
37 Sept
8
714 Jan 10
17 June 137 Sept
8
8
15 Jan 11
5 June 2878 Sept
212 Feb 17
1 July
61 Sept
/
4
24 Max 2
/
1
2 Dec 1212 Aug
9 Jan 27
55 July
8
114 Sept
/
1
612 Jan 10
3 Feb
127 Sept
8
33 Jan 21
/
1
4
2612 June 4014 Jan
62 4 Jan 2,
3
64 May 7118 June
12 Jan 5
13 July
8
14 June
10 Mar 16
4 July 12 Oct
518 Jan II
1' May
912 Aug
211 Jan 6
/
4
121 Apr 23 Sept
/
4
/
1
4
1112 Mar 16
4 July
/
1
4
173 Sept
4
42 8 Jan 11
5
3018 July 5914 Mar
88 Feb 1
60 May 911 Oct
96 Feb 2
69 June 99 Oct
5 Feb 9
114 July
7 Feb
/
1
4
112 Jan 5
12 Dec
4
Jan
7 Jan 9
5 Oct 30 Jan
32 Mar 16
18 May 42 Feb
2014 Jan 5
65 Apr 204 Dec
8
/
1
2 Jan 6
1
Apr
2 4 Jan
3
2218 Jan 11
9 June 37 Jan
/
1
4
/
1
4
3 Mar 16
It July
3 Aug
35 Jan 23
2114 June 361 Aug
/
4
13 Jan 5
Is May
1 Aug
214 Jan 11
112 June
5
/ Jan
1
4
10 Jan 5
5 May 123 Mar
4
4 Jan 6
112 July
73 Sept
4
4 Jan 6
17 June
8
7 Sept
2618 Jan 31
1112 July 3014 Jan
55 Jan 6
8
212 Apr
83 Sept
4
4413 Jan 10
18 May 6514 Sept
ig June
11 Aug
/
4
Jan 11
814
2 June 13 Sept
/
1
4
/
1
4
614 Jan 12
314 Apr
7 Aug
/
1
4
3 4 Jan 18
3
2 Feb
/
1
4
5 Sept
/
1
4
27 Mar 21
12 Jan 33 Sept
/
1
4
318 Jan 4
11 Dec
/
4
712 Sept
7 Jan 11
/
1
4
514 May 1214 Sept
35 June 67 Sept
66 Jan 6
2413 Apr 7
412 Apr 18 Sept
/
1
4
8612May 11212 Dee
120 Mar 30
28 Jan II
153 June 32 Feb
4
/
1
4
114 Feb 28
114 May
3 Feb
3 8 Jan 13
5
4 July 12 Jan
/
1
4
31 Feb 3
25 Dec 95 Jan
18
8 Mar
/
1
4
4 Feb
/
1
4
93 Mar
4
15 Nov 4813 Jan
1813 Feb 8
2 Jan 13
1 May
5 Sept
I Mar 16
12 July
13 Apr
4
8 May 11 Sept
9 Jan 13
3 Dec
51 Jan 11
/
4
8 Sept
/
1
4
20 Jan 31
91:June 18 Sept
3 Jan 10
3
8May
5 Aug
181 Mar 16
/
4
838 June 17 Aug
/
1
4
123 Jan 5 110 June 123 Dec
114 Jan 10
, July
s
2 Jan
153 Jan 11
4
75 June 3414 Mar
8
25 Jan II
914 June 4114 Jan
41 Jan 3
21 July 6212 Aug
4612 Jan 10
28 June 75 Jan
11 Mar 1.'
/
4
14 June
214 Aug
101 Jan 6 z81 June 1004 Dec
/
1
26 Jan 16
8
1518June 317 Sept
17 Jan 16
/
1
4
7 Apr 1612 Aug
8
313 Jan 9
19 Apr 37 Sept
/
1
4
/
1
4
6 Mar 16
3 July
83 Sept
4
11 Jan 27
/
4
Is May
214 Sept
258 Mar 16
/ July
1
4
4 Sept
23 Jan 11
/
1
4
1312 June 26 Aug
3 Jan 5
/
1
4
11 May
/
4
812 Sept
10 8 Jan 11
5
4 July
/
1
4
74 Sept
/
1
514 Jan 6
212 May 133 Sept
4
344 Jan 11
/
1
30 Nov 1047 Mar
8
37 Jan 6
243 Apr 3417 Oct
4
8
98 Feb 2
68 July 92 Dec
7 June 1418 Sept
101 Mar 16
/
4
14 Jan
11 Feb 7
/
4
2 Sept
45 Jan 12
8
214 May
91 Sept
/
4
Is July
35 Mar 15
8
11
Jan
14 Mar
/ Jan 5
1
4
1 Sept
7 Jan 13
/1
II May
2 Aug
/
1
4
6 July
914 Jan 16
13 Mar
/
1
4
1 May
318 Mar 16
4 Sept
/
1
4
914 June 1814 Sept
1418 Jan 11
12 July 2634 Feb
25 Jan 16
8
17 Jan 4
lit Am
4 Aug
211 June
53 Mar 16
8
8 Sept
/
1
4
912 Mar 16
2 Apr 10 Nov
/
4
271 Feb 6
221s AM 32 Dec
814 Sept
212 Dec
3 Mar 17
/
1
4
38 July 85
45 Feb 0
Jan
/June
1
4
158 Mar 17
4 Sept
10 May 1712 Dec
1612 Jan 3
tar FOR SALES DURING THE
New York Stock Record-Concluded-Page 8
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
April 1.
Monday
April 3.
Tuesday
April 4.
2389
WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
Wednesday
April 5.
Thursday
April 6.
Friday
April 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jas. 1
On basis of 100 share lots.
PAR SHARE
Range or Previous
Year 1932,
Lowest.
Highest.
Lowest.
Highest.
15 per share $ Per share 5 per share $ per share $ per share $ Per share. Shares Indus.& Mlscell.(Cond.)Par I per share $ per share $ per share $ per share
*65, 718 *614 714 *612 7
.612 714 '64 714 *614 712
Thompson (J R)
25
6 i Mar 18
8
71$ Nov 16% Mar
8% Mar 17
*614 612
612 612 ''63
4 7
63
8 7
518 Jan 6
74 714 1,200 Thompson Products Ine.No par
718 714
7 Jan 12
12
24 June 10 Feb
.
3
8
3
4
*12
3
4
*12
3
4
12
12
3
4
5
8 2,000 Thompson-Starrett Co_No par
3
4
12 Mar 3
5
8
7 Feb 10
2
3 June
8
214 Aug
12
*1112 20
12
20
*1112 13 8 *115 20
*12
5
*115 20
8
8
33.50 cum prat
100
No par 12 Jan 10 1212 Jan 23
12 June 171 Sept
*35, 33
35, 3%
4
3% 3 8
3
3 8 35,
3
312 3% 4,400 Tidewater Assoc Oil_ _ _No par
312 312
3% Jan 13
4 Feb 11
55, Sept
2 Apr
24
25
2612 *2518 26
*26
25
25
24
2312 25
Preferred
265, 2,100
100 2312 Apr 6 4418 Jan 12
20 Feb 60 Sept
583 15
4
.83 15
•84 15
4
*83 15
4
Tide Water 011
*83 15
•84 15
4
No par
5 June 10 Aug
49
*45
*45
49
48
•44
*45
49
52
•47
200
48
50
Preferred
100 ii Feb 2 iii Feb io 30 Feb 52 Sept
Vs
13
4
17
13
*138
4
4
Fs
134 13
4
4
900 Timken Detroit Axle
I% 18
13
4 13
31 Jan 12
10
112Mar 22
2 July
6 4 Sept
3
153
1518 15
8 15
1512 1514 15h
15
1512 15 4 1512 16
3
6.100 Timken Roller Beating..No par 135, Feb 23 175, Mar 16
75, July 23 Jan
Tobacco Products Corp No par
274 Jan
6 8 Mar
3
Class ANopar_
65, Jan
9 Mar
418 48
418 414
41s 4 8
4% 414
3
418 43
414 48 12.900 Transamerica Corp__ -..No pa
irkitiar i
213 Jan
lit" Jan 4
718 Sept
*27
8 43
4 *27
.2 43
4 *23
4 43
4 •2 8 412 .27
7
Transue& Williams St'l No pa
8 4% *27
8 412
2 8 Mar 21
7
312 Jan 4
2 July
14
812 Sept
3
3 18
314 314
318 314
318 314
3
3%
4
312 33 14,400 TM-Continental Corp--No par
24 Feb 27
51 Sept
412 Mar 16
112 May
5425 48
8
*425 48
*425 46
8
8
44
44
•4018 50
45
45
200
6% preferred
No par 44 Apr 5 59 Jan 10
42 Jan 72 Sept
*213 22 4 •213 223 *213 22 4 213 213 *2114 2214 .2114 2214
4
3
4
4
4
3
4
4
100 TrIco Products Corp
No par 2018 Feb 25 23 4 Mar 23
3
1911 May 3112 Mar
8
*12 I
•% 1
12
12
%
5
8
800 Truax Traer Coal
%
5
8
*5
5 114
No par
12 Apr 4
3 Feb 27
4
14 May
3% Jan
12
212 212 *212 23
212 212
•21s 2
4 *212 23
200 Truscon Steel
4 *212 2%
2 Mar 3
10
4 Jan 6
2 Apr
714 Aug
3
4
3
4
1
1
3
4
1
3
4
1
.34
*3
4
1
1
600 (lien az Co
le Jan 16
No par
114 Jan 4
h May
3% Aug
12
12
12
1212 123 123
4
4 13
1414 14
1412 143 153
4 4,500 Under Elliott Fisher Co No pa
75, July 245, Sept
914 Feb 24 153 Apr 7
4
*534 812 •6
812
612 612 •63
8 8% •612 812 *612 912
100 Union Bag & Pap Corp_No par
512 Jan 13
83 Feb 9
4
512 June 115, Aug
s
4 217 2212 2118 2214 217 24
22 223
2314 2414 233 245, 34,300 Union Carbide & Carb_No par 193 Feb 24 281 Jail II
4
1512 May 363 Mar
8
1014 1014 1014 1014 103 1018 104 105, 1014 10% 1014 107
4,300 Union 011 California
8l1 Mar 2 II% Jan 4
25
8 July 155, Sept
11, 1112 1112 1112 117 12 .11
8
2
11 2 11
,
1112 1118 1118 1,100 Union Tank Car
No par 1012 Feb 21 1211 Jan 19
113 June 1914 Jan
4
193 2078 201 215
4
4
195, 205, 193 207
8 207 213
2
4 20 4 215, 41,300 United Aircraft & Tran_No par 1612 Mar 2 283 Jan 11
3
4
612 May 345, Sept
55
*51
*52% 55 .52
55 •52
55
55
11% pret series A
*53
3014 May 58 Dec
50 5112Mar 1 5938 Jan 5
*1412 15
*143 17
4
1414 15
14
143
4 15
15
1512 1,800 United Biscuit
15
100 1312 Feb 24 18i2 Mar 16
11 July 2812 Mar
•93 105
*93 105
*93 105
*95 105
*95 105
95
95
10
Preferred
100 93 Mar 22 97 Feb 7
75 July 103 Mar
11
11
11
11
10 4 11
3
1114 1112 1114 11% 1112 114 4,700 United Carbon
No par 1014 Feb 25 15 Jan 5
6 8 June 18 Sept
5
United Cigar Stores
1
% Jan 3
14 Jan 4
13 Jan
4
18 Nov
__ ____ ____ ____ ____ ___ ____
_ ____ _-- ____
Preferred
100
Vs Jan 13
6% Feb 2
2%May 20 Jan
47
51
47
8 518
47
47 Mar 31
58
3
1
518 53
5
8
8
518 53 42,300 United Corp
No par
1018 Jan 11
312 J une 14 Sept
25
24% 255
2614 251 2618 26
2614 26
Preferred
265, 2614 272
* 7,700
No par 2478 Apr 1 37% Jan 6
20 June 3988 Sept
*58
112
*3
4
112
*3
4 112
*4
3
112 •
I
United Dyewood Corp--.100
112 *1
112
114 Feb 17
112 Jan 9
7 Apr
8
318 Sept
112 2
*112 2
5112 2
*112 2
.158 1% *13
4 2
500 United Electric Coal__ _No par
1 Mar 31
4 Jan 12
6% Aug
25, July
313 3212 324 3314 327 3418 331, 347
3314 34% 333 345, 20,700 United Fruit
4
No par 2314 Jan 3 3512 Mar 10
1014 June 325, Aug
14
141e 1414 143
4 1414 1412 14
3 143
14
145, 1418 1412 24,403 United Gas Improve
No par 14 Mar 31 20% Jan II
914 June 22 Sept
*863 8712 *87
4
8918 •873 8912 •8712 8912 8918 8918 8912 8912
8
Preferred
200
No par 89% Apr 6 100 Jan 9
70 June 99 Dec
•12 2
*12 2
*12 2
*12 2
*It 2
•12 2
United Paperboard
h Jan 23
100
% Jan 23
3 Aug
4
% Dec
*312 412 . 2 412 *33
3
,
4 412
34 34
3
3
33 June . 117 Sept
600 United Piece Dye Wka_No par
3 4 33
4 5
3
4 *33
312 Mar 3
512 Jan 3
8
59
*55
59
63
*59
62
•55
62 •
56
55
62
62
270
100 56 Apr 7 7412 Jan 25
6S% Preferred
6412Jun
9312 Jan
.
7
8 1
1
1
*7
8 I
1
I
1
1
1
1
600 United Stores class A--No par
34 Feb 28
I% Jan 5
3 Jan
114 May
*4312 49
.4312 49
*4312 49
443% 49
Preferred class A..-__No par 45 Mar 21 51% Feb 3
*4311 49 .4312 49
27 Jan 4814 Mar
2112 2112 2112 2112 *2112 231 *22
400 Universal Leaf Tobacco No par 211 Apr 1 26 Jan 11
223
4
7
4 227 22 a *2314 233
8
11 May 31 Sept
•13
11
*6
11
•8
11
•8
Universal Pictures 1st pfd-100 10 4 Feb 1 15 Jan 21
11
•8
*8
11
11
3
10 4 Dec 50 Jan
3
02
$48
12
12
14
1
*14
12
*14
12 . •
14
12 1,300 Universal Pipe & Rad--No par
14 Apr 4
7 Jan 5
8
218 Aug
12 Apr
*714 7 4
3
74 714
712 734
75, 7'3
734 734
8
8
800 U S Pipe & Foundry
20
618 Mar 1 103 Jan 5
8
1818 Sept
714 Jun
*123 1312 *123 1312 *123 131' 4 131 .123 1312 13
4
4
4
1,123
1st preferred
100
13
4
No par 13 Mar 15 143 Feb 10
4
1112 June 16 8 Aug
3
•114 3 2 •2
,
32
,
2
2
2
2
*112 • 2
5118 2
200 U S DIstrib Corp
2 Feb 23
412 Jan 20
No par
5% Dec
2 June
*14
3
4
*14
U S Express
3
4
*14
3 ..r
•14
. ,
3
4 .
14
3
4
100
3 Jan 30
3 Jan 30
8
8
114 Sept
% Jan
*8
8%
8
8
57 4 111
3
.7
200 116 Freight
8 -"
8
*814 11
108
No par
7 Feb 16 12 Mar 18
81t May 15 4 Sept
3
*3% 35,
318 318
3% 31
314 314
318 314 *3
3%
700 11 13 5i Foreign Secur
5 Mar 15
NO Par
614 Sept
318 Feb 23
18e June
•37
*37
42
40
*37
43 .37
39
40 •37
100
Preferred
39
39
No par 3612 Mar 28 50 Jan 5
26 June 64 Sept
213 213
4
4 2112 22
218
4 213 22
21
4
2134 228
8 3,100 U S Gypsum
2211 227
20 18 Feb 25 2314 Mar 16
1012 June 27 Sept
5112 2
1%
112 *138 213 *114 25,
900 U B Hoff Mach Corp__No pox
13
4 I% •112 2%
I% Apr 3
3 Jan 5
6 Sept
3 Apr
4
2012 21
211/1 22
2114 22% 22
5
, 227 24
2318 2412 20,400 U 13 Industrial Aloohol_No par 1312 Feb 28 2714 Jan 10
8
23
13% June 3614 Sept
4
*3% 4
31
35
•2
% 33
4
312 334
33
4 33
800 U S Leather v t o
33
334
4
No par
714 Sept
114 May
4
25,Mar 1
43 Mar 16
*7
712
7% 71
75, 75,
814 85
8
8 12
Class A v t o
8
84 914 5.600
No par
414 Feb 25
914 Apr 7
3% June 16 Sept
•29
45
*29
45
*29
48
*35
48
40 40
540
100
54
Prior preferred v t a
44% June 7018 Sept
100 30 Feb 23 50 Jan 13
3
318
3
3
*314 35,
37
314 33
37
3%
8 1.300 U 8 Realty & Impt----No par
32
7
53 Mar 16
212 Feb 28
2 June 113 Sept
4
318 3 8
3
314 3%
4
35, 33
3% 35,
4
33
4 412
4 14 4,100 U S Rubber
No par
2% Feb 27
53 Jan 12
114 June 1014 Aug
4
6% 7
*7
8
612 612
1st preferred
4.200
812 93
7
73
4 9
77
100
5% Feb 23 12 Jan 13
3% June 20 4 Aug
3
213 22
4
*2114 22
22
2312 23% 237
237 2518 247 2588 20,100 US Smelting Bet & Min--50
8
1312 Jan 3 255, Apr 7
10 June 2234 Aug
43
43 •42
43
413 413 542
4
4
43
1,200
4312 44
4212 44
Preferred
50 39% Jan 4 44 Apr 6
31 July 457 Aug
2714 2814 2714 2814 2818 295, 29
2718 28
3014 29% 3012 100,825 U S Steel Corp
101; 235, Mar 2 331 Mar 16
2114 June 52% Feb
5912 5312 587 593
8
4 58% 59
587 61's 6014 62
13,000
62
Preferred
61
100 53 Mar 2 6712 Mar 16
5112 June 113 Feb
6712 6712 6712 68
67
67
6812 69
900 U S Tobacco
69
6814 683
4 69
No par 59 Jan 9 271 Mar 16
55 June 66 Apr
2
218
218 218
2
2%
2
2
2
21s
2
2 18 5,000 Utilities Pow & Lt A
No par
2 Msr28
4% Jan 11
112 May 101 Jan
3
8
%
*12
5
8
*12
5
8
700 Vadsco Sales
12
12
12
1
No par
*3
12
8
3 Jan 6
8
118 Sept
% Jan 30
14 Mar
*2312 27
*2312 30
*2312 30 •___ _ 30 •___ _ 30 •_ 30
Preferred
100 15% Jan 11 2434 Mar 20
12 June 20 Jan
101s 1012 10
1014 10
11
1012 1i'4
10%
112* 11
1114 3.500 Vanadium Corp of Am_No par
75 Mar 2 1414 Jan 11
8
514 May 23% Sept
*218 3% •218 3/8 •
02% .358 *2% 3% .218 3% •218 35,
Van Raalte Co Inc
No par
2% Feb 16
7 Feb
13 Jan 4
2 Dec
4
•25
35
•25
42 •25
42
*25
*25
34
42
*31
42
5% non-cum Prof
100 24 Jan 27 3412 Feb 17
1512 July 42 Sept
8
•8 118
7
1
I
*7
8 114
118
18
114
13
8
1
114 1,700 Virginia-Carolina Chem No par
I% Apr 6
% Feb 23
h Mar
28 Aug
*5
5 8 *514 57
7
57
*514 57
61* 612 1,800
6
5% 65
8
6% preferred
100
3 8Mar 2
658 Apr 6
3
3% Feb 11% Aug
.33
40
*35
40
*3518 40
•3518 40 •3512 40
*3614 40
7% preferred
100 3538 Mar 31 5012 Jan 5
20 Apr 69 4 Nov
3
*67
70 .67
7012 •64
7012 •65
674 6812 6812 •65
10 Virginia El & Pow $6 pt No par 6812 Apr 6 85% Jan 25
70
60 June 90 Sept
16
16
*1512 16
15% 16
15% 17
8 1718 19
1,370 Vulcan Detinning
175, 173
8
100 124 Feb 25 205 Jan 6
8
714 July 347 Aug
*57
7
.57
2 al *6
6
6
*6
63
4 .6
6'2
100 Waldorf System
Ps
5$48 Mar 29
No par
718May 19 Jan
88 Jan 20
1
1
re
1
1
I
1
1
1,200 Walworth Co
1
1
1
I
2 Jan 10
Tg Apr 5
54 June
No par
4 8 Aug
3
*214 27
2 *214 274 •214 27
8 *2% 27
*214 27
Ward Baking dam A No par
8 *214 2 8
2% Mar 15
312 Jan 13
7
2 may 1014 Jan
1
*7
8
1
7
8
7
8
*7
8
1
7
8
Class B
78
1,100
1
3
4
1
3
4
34 May
118 Jan 6
34 Men 3
No par
25, Jan
134 •9
147
2 ro
•9
14
*9
14
*912 12
*912 131
Preferred
12 May 4012 Mar
100 1212 Mar 15 15 Jan 12
114
1'4
114 I%
114
114
41 Sept
114
112
214 Jan 4
'June
112 1'2 16,900 Warner Bros Pictures
1 12 112
1 Feb 25
5
53
8
*3
812 .3
8
53
8
*3
8
5
100
5
53.85 cony prof
414 Feb 7
4 June 20 Feb
No par
65, Jan 21
•4
8
.% 1
1
'a
%
*5
8
1
.
3
4
1
1
1%
600 Warner Quiniand
2% Aug
5 Mar 21
8
No par
112 Jan 13
'zMay
312 3 8 *33
7
4 4
312 33
38
38
4 1,200 Warren Bros
4 *312 33
4
33
2% Feb 25
4% Jan 11
114 May
No par
4 334
83 Sept
8
•
7% 7 2
,
712 712 *712 9
*712 9
712 712 *712 9
Convertible pref-_--No par
7% Feb 14 II% Jan 11
2 June 1712 Jan
40
*514 714 *
514 714 *514 714 *514 714 •514 714 *514
714 May
Warren Fdy di Pipe-_- _No par
5 Feb 20
1414 Sept
9 Jan 17
714
*118 2
5118
112 *114 2
112
13a
4 5112 I%
1 Jan 16
2% Mar 1
400 Webster Eisenlohr
No par
I%
13
5
sMay
2 Jan
Ills 1118 107 1114
8
1012 1018 10 4 10 4
3
3
11
1112 10 4 11% 6,900 Wesson 011 & Snowdrift No par
818 July 20 Sept
7 Mar 3 14 Mar 16
3
212 45
*42
43
4112 4212 •39
4112 41
41
Cony preferred
41
4112
423 July 5812 Sept
500
No par 40 Mar 3 49 Jan 3
4
1818 187
175, 19
8 173 187
4
8 1814 20% 183 20
4
1814 20
33,500 Western Union Telegraph_ 100 1714 Feb 25 31 Jan 11
123 June 50 Feb
8
1514 155, 1514 153
4 143 1518 147 1514 1512 1612 1618 16%
4
8
914 Apr 1818 Sept
4
10,800 WestIngh'se Air Brake.No par , 113 Jan 3 1678 Feb 11
2318 24
23% 237
235, 24
a233 255
4
2 2442 2512 2514 2614 26,600 Westinghouse El & Mfg, 50 193 Feb 25 311 Jan 11
15% June 4312 Sept
.6712 6812 •68
6812 *68
6812 *68
6812 6812 69
5211 June 82 Sept
69
69
120
1st preferred
50 6012 Feb 2 7212 Jan 11
*314 4
*314 4
*314 33
4
3.4 33
1
4
34 4
3
*33
4 4
5 Jan 10
212 Apr
500 Weston Elec Instrum't_No par
312 Feb 27
914 Feb
108
1712 *9
1712 •9
1712 *10
1712 *10
1712 .10
Class A
8
1334 Apr 19 Jan
No par 10 Mar 31 147 Feb 7
1712
•323 36
4
39
37
•3234 35
*3234 35
35
35
*323 35
4
40 West Penn Elec class A_No par 34 Mar 22 5112 Jan 13
25 May SO Sept
3812 393
397
8 37
4 38
3814 37
38'8 38%3812 38
3812
Preferred
480
22 June 76
100 37 Apr 4 63 Jan 13
Jan
3412 3412 *34
3412 34
34
*3312 34
33% 3312 34
34
100
100 332 Apr 6 52 Jan 1'2
6% preferred •
20 June 70 Jan
•100 101 *10018 101
9814 100, *98
8
9914 •98
9914 98
98
70 West Penn Power pre:---100 96 Mar 18 110 Jan 12
80 June 111
Oct
81
85
*80
81
85
85
x85
85
*80
85
*80
84
6% preferred
50
100 81 Apr 3 101 Jan 11
6612 June 1013 Mar
4
2% 25
*2
2 4 *214 2%
3
212 212
212 233 .212 314
300 West Dairy Prod ol A_ _No par
45,1118T 16
812 Nov 16% Mar
212 Apr 5
%
7
5
•re
1
7
,2
1
5
•
% 1
•8 1
7
1
1
Class B v to
41 Mar
I% Afar 17
500
78 Mar 3l
1 June
No par
•612 7
•
612 73 •
4
6% 712 *612 713 *7
712 *7
712
Westvaco Chlorine ProdNo par
8 Jan 24
3 June 1258 Mar
5 Mar 3
*7
712 *7
712 *7
71$ *7
7% *7
712 *7% 8
Wheeling Steel Corp
8 Jan 11
5 June 15 Sept
No par
712 Jan 4
*1214 23 •1214 23 *121 23
•12% 23
4
*1214 23 .1214 23
White Motor
50 14 Jan 25 14 Jan 25
Vs June 27% Sept
Certificates of
_ ____
.
19 Nov
- ...2 114 ; /52 ii-3- ;11E8 -1-1-- -i RI 114 ___500 White Rock Min depositNo par ____ ___ __ 16 Jan 11 1134 July 24 Oct
NT
- 1 -iiE8 12 ;
11 4
i
4
3
4
- 3Sur cif
1158-Apr 1
2812 Mar
*12
12
3
4
*12
12
3
4
*12
3
4
*14
3
4
200 White Sewing Machlne_No par
*5
8
3
4
12 Jan 20
5 Jan 3
8
14 Apr
2% Aug
.01% 218 •Ile
2% *118 2% *118 218 *118 218
13
4 13
4
Cony preferred
100
134 Apr 7
No par
I% Jan 14
3 Apr
4
234 Sept
212 212
212 212
212 212 •238 212 5238 212
2% 212
800 Wilcox Oil & One
3 Jan 4
5
2 Mar 2
2 4 May
3
8% Aug
1712 *15
1712 .15
1712 017
•I5
1712 .17
1712
1712 *17
Wilcox-Mee CIA oonv_No par 15 Mar 1
1814 Jan 12
1312 June 2011 Mar
•
2 8 Jan 4
li, Mar 70
3
5
8May
37 Sept
8
_
Cony preferred
100 12 Feb 14 17% Jan 24
6 June 25 Jan
" Ili -if., 1 4 - ii4
1 ' .
is; --1;8 ;
'
1'2 "ii'3 --1 i2 - is, _ 1:500 Wilson /a Co Inc
2 I8
No par
1% Jan 10
78 Jan 3
%June
1% Mar
5
5
*5
512 *5,
8 512 *514 512
12 53
5
Class A
8
57
8 57
8 1,000
No par
4 Jan 3
618 Mar 18
47 Sept
8
15,May
2278 2112 21% 2112 2112 22
•21
22
2211 2212 23
24
600
Preferred
100 19 Mar 2 2512M. 16
,
11 June 31 Mar
273 2814 275, 2814 2818 29% 2812 29
4
27% 28
5
26
2914 25,400 Woolworth (F W)Co
10 2612 Feb 25 3718 Jan 5
22 June 45% Mar
4 11
1014 1014 1014 1014 .1012 103
11
*1114 123 .11
4
1112
400 Worthington P & M
100
8 Mar 2 16 Jan 11
5 May 24 Sept
1512 1512 *143 16
4
•1512 20
*1518 17 .1512 17
•1514 17
100
Preferred A
100 14 Mar 15 23 Feb 9
1412June 41
Jan
20
*14
20
*1312 20 *14
•13
20
*14
20
*14
20
Preferred B
100 14 Feb 2R 1818 Jan 11
12 May 31 Sept
.6
*6
11
II
II
0
*6
712 .612 7
63
8 68,
120 Wright Aeronautical___No par
37 Apr 1812 Sept
6 Apr 5
9 Jan 31
3612 37
36% 37
363 375, 375, 373
4
4 37% 38 4 38% 3814 2,300 Wrigley (Win)Jr(De0_No par 343$ Feb 28 397 Mar 16
3
8
2514June 57 Jan
*8
914 *9
9%
9
9
9% 912 *9
10
59
912
300 Yale & Towne Mfg Co
25
7 Jan 20
018 Apr 5
634 July 15 Sept
22, 27
2 4 24
3
2% 2 8
5
2 4 2%
3
27
8 314
314 314 4,100 Yellow Truck & Coach ol B_ 10
218 Mar 2
7 4 Sept
414 Jan 11
3
13 June
2
•125 20 .123 20 .123 19
4
8
•122, 20
4
•123 19 •123 19
4
4
Preferred
100 18 Mar 2 237 Feb 7
12 May 4012 Sept
8
*334 612
33
4 3 4 *37
1
8 614 *4
5
5
5
.4
412
200 Young Spring & Wlre__No par
312 Mar 30
64 Jan 31
3 June 11% Sent
*9
10
10
10
*9
10
10
1012 10% 11
11
1112 1,700 Youngstown Sheet & T_No par
713 Feb 28 1313 Jan 11
4 May 27 Bent
12
*12
*3
8
3
3
4
'8
3
4
*12
5
1
4
*12
3
4 .
100 Zenith Radio Corp----No par
12
3
4
h Feb 27
I Jan 16
12May
2 Jan
414 412
414 412 *45, 45
414 45, *414 412
•438 45
1,700 Zonite Products Corp
35 Feb 29
1
512 Mar 16
Ws Mar
4 Dec
•Bld and asked prices, no sales on this day. sOptIonal sale. a Sold seven days. z Ex-dividend
v Ex-rights. z Ex-warrants.
,
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
2390
On Jan. 1 1909 the Exchange method of quoting bonds was Changed and micas are now "and Interest"-excey1for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 7.
'9.2
at
,a,
-
Prim
Bridal/.
April 7.
Week's
Range or
Last Sale.
.4
g1
te
Range
Since
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 7.
il
3
.-. a.
Price
,
Bridal
April 7.
IL
Week's
Range or
I
Last Sale.4
Rassini
Mite
Jan. I.
Bid
High
Ask Low
High No. Low
High
Dominican Rep Cust Ad 530'42 M S 47 Sale 47
a4712 14
441k 00 4
8
998%3103103s
1st ser 534a of 1926
. 3514
1940 A 0 3518
37
10
3514 41
1013
2d series sink fund 5301940 A 0 3518 ii 3514
19w
002
37
_
10 03414 40%
991%110211n Dresden (City) external 7s__1945 MN 48
8
513 51
5314
7 85 8512
10111331011%i Dutch East Indies extl 63_1947 1 J Ws 993 977
4
8
93 100
9812 12
4
40
-year external 6s
1982 M S 99 Bale 9818
99
19
9314 101
1001%110333w
-year ext 5315____Mar 1953 M El 9697
30
971g le
918g 100
103111,1114w
-year extl 5315___Nov 1953 M N 96 10014 97 Mar'33 -_
30
92% 995s
9931.2107301, El Salvador (Republic) Fa A_1948 J J 26 Sale 26
30
6
28 43
J J --- 35 60 Dee'32 ___
98,432105ns:
Certificates of deposit
97000220H Estonia (Republic of) 7s---1987 J J 45 Sale 4212
45% io
4212 - 13
4
6n Finland (Republic) ext 8s___1945 M S 80
9314.398.
62% a59
5812 67
12
60
98 1023913
External sinking fund 75_1950 M 8 63
68 6314
20
67
6012 72
9834310251w
External sink fund 8315_1958 M S 61 Sale 603
67 66
8238 40
8
951%11001n
External sink fund 5315-1958 F A 5738 5912 5712
59
21
57 82
FinnIsh Mun Loan 8345 A-1954 A 0 571s 80 a57
3 ..-xx7 81
5912
--ii
State & City-See note below.
External 631s series B__1954 A 0 58 Sale 57%
58
8
55
61
4
8 973 Frankfort(City of) s f 830_1953 MN 2712 Sale 2618
May 1957 MN ____ __-- 9734 Feb'33 __-NY City 430
4
30
251 51
97
40
French Republic extl 730-1941 J D 122 Sale 120
122
60 120 127%
D 115 Sale 113
Foreign Govt. & Municipals.
19491
External 7s of 1924
115
21 011212 1231j
23
1947 F A 1 1.2 30
181g
49
Agri° Mtge Bank 5 f 65
1712 3412
23
2
Sinking fund 65 A__Apr 15 1948 A 0 2 13 Sale 221
17% r3512 German Government Interne6512
Akershus (Dept) ext 5s..__. .1963 M N 6 % Sale 65
83 6878
4
6
47 2285
Donal 35-yr 531s of 1930 1985 1 D 383 Sale 3712
371 64%
15
7
7
6
Antioquia (Dept) coil 78 A..1945 J J
1034 German Republic extl '75_1949 A 0 60 Sale 593
7
4
7178 580
5934 8811
4
7
19455 J
7
14 8
1
External 5 t 7s ser B
German Prov de Communal Bins
11
7
7
7
1
1012
1945 J J
7
14 15
(Cons Agee Loan)1330 A.1958 J D 32 Sale 32
External s f laser C
3713 84 032
5511
7
7 Mar'33
14
1945 J 1
1954 MN 50 Sale 50
External a t 7s ser D
1014 Gras (Municipality) 85
52
7
13
7
50
84
6 Mar'33 ____
8
1957 A 0
938 Gt Brit & Ire(UK of) 5318_1937 F A 10412 Sale 10414 10434 472 103 1063
8
External s f 78 1st ser
4
F A --------10514 Jan'33 ____ 10504 10514
15
5 Mar'33 ____
5
1013
Registered
External sec s f 7s 2d ser_ 1957 A 0
8
438
6% 14
t 4% fund loan f opt 1960.1990 M N 07613 Sale a763s a7678 45 072
458 9 4
External sec s 1 78 3d ser_ 1957 A 0
3
77
external 55_ _1958 J D 7 12 Sale 7512
7712 21
Greater Prague-See "Prague"
7514 83
Antwerp (City)
Sale 4738
32
18 Mar'33 ____ al8
5012 31
5012 Greek Government 5f ser 75_1964 MN 19
41
Argentine Govt Pub Wks 6s_1980 A 0 4
2812
1968 F A 16 Sale 18
Sinking fund sec 138
16
Argentine Nation (Govt of)3
16
21
777 743
Haiti (Republic)s f 6s series A_'52 A 0 71
51
Sink funds M of June 1925-1959 D 4 18 Sale 47
4
41
76
735
5012 90
18 071
Sale 47
1946 A 0 30 Sale 30
5012 48
Extl a f 65 of Oct 1925__1959 A 0 4
4012 5012 Hamburg (State) 6s
30
3734 83
59
External s t 8s series A_---1957 M 5 4 13 50 48
5112 129 a4018 5113 Heidelberg (German) extl 730'50 J J 2514 34 3414 Mar'33 __
60
34
Sale 4612
D 4
5012 25 04034 51
Heisingfors (City) ext 6345-1980 A 0 57 60 563
External (is series B_ _Dec 1958
5914 20
61
47
24 2114
5078 23 4034 5078 Hungarian Munic Loan 7315 1945.7 J 22
Extl 51 69 of May 1926___1960 M N 4 12 Sale 47%
2312 27
1534 23%
Sale 47
External s 1 7s__ _Sept 1 19463 J 24 ___ 2334
5034 111 04018 507
s
Externals 1 88 (State RY)_1960 M S 4
2378
7
19
24
4014 5078 Hungarian Land MInst 734s'61 MN 24% Sale 2418
241
5078 81
Eat'68 Sanitary Works_ _1961 F A 4 4 Sale 4718
24
6
3218
41
5012 16
5012
Sale 4712
Sinking fund 7348 ser B
1927 1961 M N a4
1981 M N 24 Sale 2313
24
Exti(is pub wks May
4 2311 31
47
og
47
sale 41%
357
Hungary (Kingd of) of 730_1944 F A 3212 36 347
59
Public Works mid 534s..__1902 F A 4
41
3114 45
58
4978 56% Irish Free State WI a f 59....19/30 MN 7818 ___ 78 Mar'31 ____
2
Argentine Treasury bs £__1945 M 5 5 % 59 56
7634 7814
7114 7834 Italy (Kingdom of) ext1 7s_19513 D 9734 Sale 9818
76% 117
Australia 30-yr 59-July5 195,5 J J 7 78 Sale 7534
98
91
94% 101
7712 138
7214 788 Italian Cred Consortium 75 A'37 M S 99 10014 99%
External 5.9 of 1927...Sept 1957 M S 7 2 Sale 76
10012
7
9673 101
External see s f 7s ser B_1947 i'll 8 9218 Bale 92
7314 73 8818 7414
External g 4315 of 1928_1958 M N 7 Ig Sale 7214
93
19
9018 97
8912 62
1943 1 D 8 38 Sale 8818
861 95 Italian Public Utility eat'7e_1952 J 1 8812 Sale 8834
Austrian (Govt) 6 f 75
8812 28
Qa
M
-12 9--s
s
55
35
Internal sinking fund 7s 1957 J J 5038 Sale 5038
503 647
8
457 Sale a44
30 a44
47
89 Japanese Govt 30-yr 5f 6348_1954 F A 6212 Sale 5714
1945 F A
8212 240
Bavaria (Free State) 6315
45% 8213
9934 84
Extl sinking fund 5315____1985 MN 5112 Sale 461
9834 102
4
Belgium 25-Yr extl 6315
5134 207
1949 M S 993 Sale 9838
3512 5134
9212 89 89
19551 J 92% Sale 92
98 Jugoslavia (State Mtge Bank)
External a f 69
66
1955 J D 10212 Sale 1013
4 103
.._1957 A 0 14 Sale a13
9912 10734
1418 22
-year St 7s
Secured of g 75
External 30
20
12
80 100 106
103
Leipzig (Germany) s f 7s___1947 F A ---- 49 53
1956 MN 10218 Sale 101
53
Stabilization loan 70
1
53 84
Lower Austria (Prov) 730-1950 J D 52 Sale 52
Bergen (Norway)5218
3 493 8011
4
70 75 Jan'33 __-_
75
75 Lyons (City of) 15
10112
Eat'sink funds bs_Oct 161949 A 0 60
-year 80-1934 M N --- 102 101
7 0101 10534
6512
2 63 75% Marseilles(City of) 15-yr 85_1934 MN ___ 10112 10112 10112 18 al01% 10513
External sinking fund 5a_1980 M S 6318 67 63
3914 131
28
60
614 914 7
Medellin (Colombia)8310.....1954 J D
Berlin (Germany) a f 6315_1950 A 0 37 Sale 3414
1
734 14
34
214 5
99
2312 57 Mexican Irrig Asstng 4315._1943 M N
214 Mar'33 ____
Externals f 1313. _June 15 1958 J D 29 Sale 2812
214 3
1734 22
1945 A 0 1618 Sale 15
23 Mexico (US) extl bs of 1899 £'45 Q J --------26 Apr'30__
15
Bogota (City) extl f 8s
31_ --4
4% 20
412 Sale
N
3s.1947
4
Assenting 63 of 1899
1945 ---Bolivia (Republic of) extl IN
3% Mar'33
12
7
3% 5
2
4os
312 612
312 434 312
3 4 10
3
Assenting be large
External secured 78 (Jl01).1958 J J
3
3% 3 8 5 Deo'32___
4
1969 M 8
314
11
214 314 214 Mar'33 3% 612
32 Sale
Assenting 4s of 1904___. ._-__ ---Externals I 78 Ulan
214 "j
3
6 al01% 10514
Assenting 4s of 1910_ .._ ---- ---- -- ___ 314 Deo'32 ____
Bordeaux (City of) 15-yr 68.1934 MN ____ 102 a101% 10112
33 Sale
2412 27
Assenting 48 of 1910 large ---- ---Brazil(U E3 of) external 83_ 1941 J D 2334 Sale 2312
234
1834 26%
3 --ilia -338
131;
24
129
1Mg
Assenting 45 of 1910 small__ ____ ____ ____ 2%
External 0 f 6315 of 1926 1957 A 0 237 Sale 211
4
238
5
214 313
148 2512
24
•
*
79
External a 1 6315 of 1927 1957 A 0 24 Bale 22
Trees& ot'13 assent(large)'331 J
•
2014 34
1952 1 D 1914 Sale 1914
75 (Central RY)
1213 23
Small
•
•
6212 41
57
Bremen (State of) MI 7&__1935 M 5 55 63 57
7212 Milan (City, Italy) esti 63481952 A 0 84 Sale 83
85
62
80
90
1957 M S 13874 6914 67
677
Brisbane (City) a f 58
26
8415 7712 Minas Geraes (State) Brazil
1958 F A 6812 683 67
bs
S 2214 Sale 22
6712 20
4
1958 M
Sinking fund gold
8378 6934
External s f 634s
22% 138
12
238
19501 D 764 Sale 7634
77
10
-year a 1 65
7018 78%
Ext sec 0315 series A---1959 M S 2218 Sale 22
20
2213 51
1112 23%
2814 82
Budapest (City) eat' s f 6,3_1962 J D 2734 Sale 2718
2411 297 Montevideo (City of) 70-__1952 J D 16 Sale 16
16
3
30
1254 21
1413 13
Buenos Aires(City)6302 B 1955 J J 3814 sale 3814
4214 23
37 45
13
External a f 8s series A--1959 MN 13
13
11
3
50 48
6
48
External 5 f Os ser C-2_ _1960 A 0 47
3714 48
74
New So Wales (State) extl 681951 F A 733 Sale 73
711k 76
86
812Sale 82 4
1960 A 0 42
__ 42
A A 73
42
%
4
7 38
External s f Ils ser C-3_
Apr 1958 F O 8 14 8
1
741g 3
8 14 81
External of bs
3412 413
3 71
7514
2412 19
113 23
Buenos Aires (Prov) extl as_1961 M 8 22 2412 Norway 20
le
-year ext 65
8111 87
2313 29
Stpd (Sep 1 '33 coup on)1961 M El 23 Sale 2012
1944 F A 8318 917 8514
20% 24
87
20-year external 6s
17
811 87
231 24 2214
1961 F A
2312 bb
1952 A 0 8512 Sale 837
External s f 8310
1738 24
-year external 88
30
8512 36 a8012 881*
2214
Stpd (Aug 133coup on)19131 F A ____ 24 21
19651 D 7834 Sale 7834
8012 39 07412 85
40
2278
21
8
-year s t 5315
Bulgaria (Kingdom) s 1 76_1967 J J ___ 1878 21 Mar'33 ___
4 35 0721* 83%
773
3
197 23%
External s t 5a_ _Mar 15 1983 51 El 77 Sale 767
2212
24
7514 Mar'31 _-_10
Municipal Bank extle f bs_1987 J D 7278 81
Stabil'n 8 f 7.30--Nov 151968 MN 23 24
2212 2712
7414 78
Municipal Bank extl s t 50.1970 J D 727 ___ 7534 Feb'33 ---- 075
11
77
341* 25
9 Mar'33 ___
J .1 1018 11
1212 1654 Nuremburg (City) Intl 60_1952 F A 31 Sale 31
(Aides Dept of(Colombia)7350'46
31
5218
804 135
1953 M S 4518 478 45 Mar'33 ____
79
Canada(Dom'n of) 30-yr 43.1960 A 0 8012 Sale 797
88 Oriental DOvol guar 611
35
4654
1958 M N 42 Sale 3818
1952 M N 9512 Sale a9413
9534 59 09178 10112
42
be
41
Eat' deb 5318
3134 4218
9312 28
93% 11:04 Oslo (City) 30
1938 F A 95 Sale 9413
84
20
431s
80
-years f 6s--1955 M N 8314 Sale 8314
88
19541 ./ 60 74 74
2
75
74
Carlsbad (City) 5 1 8
86
5
95 997 100
100
4 813
143
1
812
Cauca Val(Dept) Colom 7315'48 A 0 11
812 1314 Panama (Rep) exti 534s_.__1953 J D
9954 10254
6
26
1963 M N 2334 Sale 02312
14
Extl 5 f 55 ser A.._May
Central Agric Bank (Germany)221s 46
87
2
87 Sale
160
56
8
47
75 Pernambuco (State of) extl Ts'47 M ti
Farm Loans f 7s__Sept 15 1950 M S 49 Sale a48
14
834 1054
614
47 154
Farm Loans f 6s_July 15 1980 1 J 36 Sale 36
36
87 Peru (Rep of) external 75_ _1959 M S 05 Sale a5
9 ab
10
4 Sale
41
3%
46 324
Farm Lean of 6a_ Oct 15 1960 A 0 383 Sale 35
35
Nat Loan extl s f ils lat ser 19803 D
6878
41
3% 734
334 4
334
A 0
4%
3
547 174
Farm Loan 6s ser A Apr 151934 A 0 46 Sale 45
45
Nat loan exti of 6s 2d ser-1961
7511
9
334 7
1942 M N
5
Chile (Rep)-Exti s f 7s
712 814
7
4 13
3
543
74
5313 59
a578 1114 Poland (Rep of) gold 6s--1940 A 0 5412 Sale 5334
5
518 Sale
5312 213 6114 6813
6
External sinking fund 68_1980 A 0
5
14
Stabilization loan 5 f 78-1947 A 0 52 Sale 5134
10
47
Ext sinking fund 6a__Feb 1961 F A
514 10
512 Sale
8134 109 059
External sink fund g Eis--1950 J J 8014 Sale a59
58 58
89
47 10 Porto Alegre (City of) 80_1961 J D 15% 1638 15
Ry ref ext s 1 es
Jan 1961 J J
5
15
612 5
512 88
3
9% 18
16
Ext sinking fund 65_ _Sept 1981 M 5
5 Sale
6
5
18
Eat! guar sink fund 7Hs--1966 J J 12% 16
10
5
5
18
854 17
7 91 Mar'33 ___
External sinking fund 6e__1962 M 13
518 934 Prague (Greater City) 73113._ 1952 M N ____ 89
bla
518 Bale
5% 13
9014 93
42 224 a33
External sinking fund 68_ _1963 M N
5
5% 57
10 Prussia (Free State) ext1 8315 '51 M 5 35 Sale a33
5
637
512 22
1952 A 0 34 Sale 03112
Chile Mtge Bk 634s June 30 1957.7 D
812 97
8 74
7114 13
6
3913 188
9
External 5 t es
3
31% 6111
S f 831s of 1926-June 30 1961 .1 D 12
1212 1113 Mar'31 ____
1118 15 Queensland (State) eat'a f 70 1941 A 0 91 Sale 90
9113 60
88
97
1947 F A 82 Sale 82
Guar s f es
Apr 30 1961 A 0
714 8
838 10
-year external es
25
712
712 1114
82
4
78
86
8% 11
Guar s f 68
1982 MN
8
5378
8
53
7
7% 9
1154 Rhine-Main-Danube 78 A-1950 M S --__ 537 53
7115
48
41
1960 M S
Chilean Cons Munk 7s
45 Sale
8 Rio Grande do Sul esti of 88_1946 A 0 14 Bale 13%
4
415
9
14
22
12
15
Chinese (Hukuang Ry) 55_1951 J D 1434 17
65_1968 J D 1134 Sale 1011
10
15
12
External sinking fund
1812
12
20
818 1812
8112 8312
Christiania (Oslo) 20-yr 5 f 138 '54 M S 8234 88 82 Mar'31 _.-External e f 78 of 1926_ __1986 M N 1214 Sale 12
13%
5
9
1813
36
38
12
39
External s f 73 munle loan_1987 J D 1113 Bale 111*
Cologne(City)Germany6%51950 M S 49 Sale 36
5754
8
814 1854
2313 85 a113
Colombia (Rep) 80
Jan 1961 1 J 23 Sale 17
3714 Rio de Janeiro 25
-year s 1 8s_1948 A 0 1134 Sale 11
1134 22
9
1514
1953 F A 12 Sale 10
2312 66
Ext s f 63 of 1928__ _Oct 1961 A 0 2312 Sale 1714
1812 37
External e t 8310
12
53
6% 13
21
1952 A 0 8514 Sale 85
10
Colombia Mtge Bank 630 of 1947 A 0 21 Sale 1818
1818 30 Rome (City) extl 6315
4
863 129
82
8
927
Sinking fund 7a of 1926___1946 MN 2118 Sale 1912
2118 10
1932 2914 Rotterdam (City) extl 831
1964 MN 2312 98 9512
30
96
90L, 10114
35
Sinking fund 78 of 1927---1947 F A 22 Sale 19
39
'
32
20
22
Roumania (Monopolles)7s 1959 F A 35 Sale 3412
1834 30
56
84
1952 J D 83
65 63
15
1953 J J -- -- We 60
Copenhagen (City) ba
73 Saarbrueeken (City) 85
59
80
3 80
7211
1953 MN 8112 Sale 6112
-year g 414s
25
7
87 8 Sao Paulo(City) of 8sMar 1952 MN 1118 Sale 1118
58
63
30
Ills
2
1013 15
202,
912 1112 914
4
1957 F A 1234 Sale 1234
Cordoba (City) extl s f 7s
External of 6318 of 1927_1957 I'd N
3
10 4 1618
s
127
5
External st 75_ _ _Nov 15 1937 MN 2734 2814 2514 Mar'31 ____
2
2434 281z San Paulo (State) extl of 85.1938 1 1 1137 Sale 167
8
1712
8
1
7 3 13
1874 2 4
28
External see s 1 88
1950 .1 J 131 1334 1312
2434 3012
7
Cordoba(Prey) Argentina 751942 J J 27
28 271
14
17
1312 18 8
7
External a f 7s Water L'n_1958 M 5 1213 14
Costa Rica (Republic)1213
14
13 all% 153 8
4
19653 J 1234 133 1212
External s t (is
4
75 Nov 1 1932 coupon on_1951 M N ___ ___ 2634 Mar'33 _--231* 27
14% 28
918 15 '
15
1940 A 0 53 Bale 51
14
1
15 Sale 15
Secured 5 f Ts
1934
78 May 1 1936 coupon on-1951 ___
53% 57
50% 59
23 0837 89 Santa Fe (Prov Art Rep) 75_1942 M S 1312 1434 1334
86
s
Cuba (Republic) 58 of 1904..1944 51 El 84 Sale a837
8
1413 23
1234 17
External Ss of 1914 ser A__1949 F A 80 Sale 80
9312 Saxon Pub Wks(Germany) 75'45 F A 43 Sale 43
9 80
827
4878 111
41% 775g
1951 M N 39 Sale 39
16
r68
1949 F A 60 88 62
82 n75
Gen ref guar 6315
External loan 4319
45
50
3744 5912
64 8414
66
13 84% 75 4 Saxon State Mtge that 75_1945 J D 6018 64 8011
Sinking fund 5315 Jan 15 19531 J 80
3
7 6014 7412
6234
33H 225
Sinking fund g 8313-Dee 19463 D 57 Sale 56
43
32
Public wks 5 Hs June 30 1945 D 3312 Sale 32
61% 15
56
68
Cundinamarca (Dept) Colombia
Serbs Croats & Slovenes 83.._1962 M N 14 Sale 1334
15
33
123* 22
1982 111 N 13 Bale 13
1969 MN 11 Sale 1078
1134 25
External see laser B
External 5 1 6318
1014 16
15
43
123 21%
4
1953 J D 41 Bale 4013
90
Czechoslovakia(Rep of) 88._1951 A 0 89 Bale 89
89 9914 Silesia (Prov of) eat' 79
3
4112 17
40
45
1952 A 0 89 Sale 8812
40 34%
90
Sinking fund 85 ser B
7
8812 MI Silesian Landowners Men 86_1947 F A 31
35
4
33
6011
-year extl es___ _1942 1 .1 82 Sale 77%
Denmark 20
9234 Solasons (City of) ext1 65......1938 M N 10012 103 10112 10112
13
82
75
1 100 103
80
External gold 531s
1955 F A 80 Sale 7418
69
64
14
87 Styria (Prov) external 73_1946 F A 4811 Bale 4812
49
8
4612 571g
68
External g 431,3__Apr 15 1982 A 0 87 Sale 64%
5814 7434 Sweden external loan 5313_1954 M N 9034 Bale 903
51
003 98%
9313 66
4
Switzerland Gort old 5310-1948 A 0 104 Sale 10314 104
Deutsche Bk Am part et:65.1932
29 010258 105
Stamped extd to Sept 1 1935_--- ____ 80 80 Mar'33 ____
77 85
r Cash sale. a Deferred delivery. t Accrued Interest payable at exchange rate of 34.8685. • Look under list of Matured Bonds on pairs 2395.
-State and City Securities -sales of state and City securitles occur very rarely On the New York Stock Exchange and usually only at long intervals, dealings to
N OT E.
such securities being almost entirely a private sale over the counter. Bid and Asked quotations, however, by active dealers in these securities will be found on a subsequent page under the general head of "Quotations for Unlisted Securities."
Bid
U. S. Government.
Ask Lois
High No.
First Liberty LoanJ D 011283 Sale 1001%1101"w 2084
331% of 1932-47
J D 001133-1021332Feb'33 ____
Cony 4% of 1932-47
J D 02189 Sale 1011332102% 427
Cony 434% of 1932-47
.1 D 101 102108( 1011(33Feb'33 ____
2d cony 434% of 1932-47
Fourth Liberty LoanA 0 1021,, Sale 10117,110211n 2492
434% of 1933-38
1947-1952 A 0 073033 Sale 107
460
108
Treasury 434s
1944-1954 J D lO4t2n Sale 103303210433n 471
Treasury 45
Treasury 3315
1946-1956 M 8 10230,, Sale 102 1030.2 211
Treasury 3315
1943-1947 1 D 003532 Sale 100%10010n 314
Treasury 3s ..._Sept 15 1951-1955 M S 981132 Sale 96233 981on 2307
Treasury 3315 June 15 1940-1943 J D 0031,1 Sale 1001,, 101
253
Treasury 3318 Mar 15 1941-1943 NI S 0027,, Sale 10083, 10023.1 324
Treasury 3318 June 15 1948-1949 J D 9813n Sale 9723,1 981331 2513
Low
New York Bond Record-Continued-Page 2
April 8 1933
t1ONDS
N. Y. STOCK EXCHANGE
Week Ended April 7.
Price
Friday.
April 7.
Week's
Range Or
Last Sale.
Foreign Govt. & Municipals.
Ask Low
Bid
Sydney (City) of 5343
1955 FA 723 Sale 72
8
Taiwan Elec Pow 6 f 5545_1971
4214 Sale 38
Tokyo City 55 loan of 1912_1952 MS 35 Sale 35
Externals f 5548 guar__ _1961 AO 46 Sale 44
Tolima (Dept of) exti 7s....A947 MN
8 Sale
8
Trondhjem (City) 1st 554s_1957 MN 63
72
65
Upper Austria (Prov) 76.___1945 ▪ D
50
External s f 6 hs_June 15 1957 • D
45
Uruguay (Republic) exti 85 1946 FA
20
297 30
8
External s t 65
N a173 Sale 1512
4
1960
External s f 65_ _ _ May 1 1964
N
18
2212 171s
Venetian Prov Mtge Bank 78 '52 AO 94
9814 963
4
Vienna (City of) exti s f 68_1952 MN 57
60
57
Warsaw (City) external 7s 1958 FA 363 Sale 3612
4
Yokohama (City) eat' Bs__ A961 J O 4712 Sale 44
Railroad
Ala Gt Sou lot cons A 58__1943 J O
lot cons 4s ser B
1943 J O
Mb & Susq lot guar 3he_ _1946 AG
Alleg & West let gu 4s
1998 AO
Alleg Val gen guar g 40
1942 MS
Ann Arbor 1st g 4s__ July 1995 Q J
Atch Top & S Fe
-Gen g 45_1995 AO
Registered
AO
Adjustment gold 4e__July 1995 Nov
Stamped
July 1995 MN
Registered
MN
Cony gold 4s of 1909____1955 J D
Cony 48 of 1905
1955 J D
Cony g 48 issue of 1910_1960 J D
Cony deb 4548
1948 J D
Rocky Mtn Div lot 4s._ _1965 J
Trans
-Con Short L lot 46_1958 J
Cal-Ariz 1st & ref 4 548 A_1962 MS
Atl Knoxv & Nor let g 55_1946 J O
Atl & Charl A L 1st 434s A 1944 j
let 30-year 5s series B
1944 j
Atlantic City let cons 45_ _ _1951 j
Atl Coast Line 1st cons 48 July'52 MS
General unified 434o A_ _ _1964 J D
L & N coil gold 4s_ __Oct 1952 MN
Atl & Dan let g 4s
1948
2d 45
1948.7,
Atl & Yad 1st guar 48
1949 AO
Austin & N W let gu g 58_1941.7,
Bait & Ohio lot g 4s___July 1948 AO
Registered
July 1948 Q J
20
-year cony 4345
1933 MS
Stpd (10% part reduc)____
MS
Refund & gen 55 series A.1995 J O
let gold 5s
July 1948 AO
Ref & gen 6s series C_1995 J O
PLE&W Va Sys ref 45_1941 MN
Southw Div 1st 55
1950 J ,
Tol & Cin Div lot ref 48 A.1959.7,
Ref & gen 58 series D__ _2000 MS
Cony 454s
1960 FA
Bangor & Aroostook lot 5s 1943 J J
Con ref 4s
1951 J J
Battle Crk & Stur 1st gu 35_1989 J O
Beech Creek 1st go g 4s_ _1936 J J
2d guar g 5s
1936 J J
Beech Crk ext 1st g 3Me_ _ _1951 AO
Belvidere Del cons gu 3318..19 J J
43
Big Sandy 1st 4s guar
1944 J D
Boston & Maine 1st 5e A C_1967 MS
lot M 5s series II
N
1955
lst g 4Hs ser JJ
1961 AO
Boston & NY Air Line 1st 461955 FA
Bruns & West 1st gu g 45_1938• J
Buff Roch & Pitts gen g 5s 1937 MS
Consol 4148
N
1957
Burl C R 5; Nor 1st & colt 55_1934 AO
35
High No, Low
73
23
66
4214 66
3318
5
36
26
463
4 87
33%
8
6
8
3
68
61
1
50
50
45is
7
44
2
30
29
22
143
1512
21
25
1718
98
4
94
5914 16
56
373
4 25
35
4712 45
357
8
84
High
73
427
8
3614
463
4
13%
7514
6212
r56
401s
3114
32
983
8
6818
417
8
495
70
80
Range
Since
Jan. I.
105 Sept'31
8012 Feb'32
8234
823
4
65 Mar'33
9112
9218 Mar'33
24
29
28 Mar'33
8714 Sale 8612
90
207
9012 Jan'33
76
86
1
77
77
77
34
80
7912 787
8
_78 80 Aug'32
i4T8
76 Mar'33
78
75
7
---- -- 80 Mar'33
8112 Sale 81
87
33
_84 84 Mar'33
12
SOT4 91
90 Mar'33
85
88
88
4
91
___ 10312 Feb'31
6512 75
Oct'32
5071
68 Sale 68
70
11
78 Sept'32
-66 -6912 67
68
10
40
55
5512 Mar'33
5212 Sale 5114
5315 44
14 Sale 14
14
12
818 16
1412 Feb'33
12
20
20 Feb'33
104 Mar'31
7712
Jan'33
77
Sale
37
81
4012
6218
6112
4614
35
2614
Sale 37 • 3814 106
Sale 81
83
28
Sale 397
173
8
43
68
6612 a64
15
Sale 6112
63
21
473 4812
4
4812
2
3718 38i2
3612 19
Sale 2512
283 325
s
95 88 Mar'33
72 663 Mar'33
8
_ 61
Feb'31
80 Mar'33
Jan'30
100
88 Mar'31
65
0
56
55
95
58
59
91"
341s Sale
76
76
33
56- Feb'33
583
4
61
55
887
8
4
843
88
3415
47
59
Mar'33
55 12
Mar'33
Mar'33
Mar'33
3912
47
"78"
65
90
2334
8612
9012
77
787
65
9814
2818
97
9112
8714
8812
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 7.
Els
h
9.
-.N
11;
83
80% Chic R I & P RY gen 48----1988 J J 5112 Sale
95
Registered
J J
85
Refunding gold 48
1934 AO
Secured 4Hs aeries A
964
8
1952 MS 215 Sale
Cony g 4501
9714
63 Sale
4
1960 MN
Ch St L & N 0 55_ _June 15 1951 J D
7112
Registered
J D
Gold 3545;
-6711
June 15 1931 J D 41
_
Memphis Div 1st g 4s__1951 J O 45 16
Chic T H & So East lot 5s_ _1960 J O 41 Sale
67
77
Inc go be
51
56
Dec 1 1960 MS 16 Sale
Chic Un Sta'n 1st gu 434s A_1963 J J 933 Sale
45
56
8
1314 2212
lst 58 series B
1963 J J 97 Sale
8
16
Guaranteed g Is
4
1944 J O 953 Sale
lot guar 6548 series C
20
26
1963 J J 110 11014
Chic dr West Ind con 4s_
1952 J J 65 Sale
lot ref 5548 series A
8
1962 MS 727 Sale
Choc Okla & Gulf cons 5s..„1952
75
86
50
N 44
Cin H & D 2d gold 4Hs_ __ _1937• j 83
80
72
91
•
C _ St L dr C lst g 4s_ _Aug 2 1936 Q F
Registered
August 2 1936 @ F
3318 44% Chi Lob & Nor 1st con gu 45_1942 MN
8018 9012 Cin Union Term 1st 45482020 J J
95
5012
lot mtge bs series B
3712
2020 J , loois 1011
6112 7518
1st mtge g 55 series C
4
N r1013 Sale
1957
55
Clearfield & Mah 1st gu 58_1943'.7
70
4812 ups Cleve Cin Chi dr St L gen 4.2_1993 J D 68 -ig
34 4 4314
3
General 55 series B
931
1993 J D 84
2512 34
Ref & impt 88 ser C
593
1941 • J
88
Ref & impt 5s eer D
96
1963 J J 4712 52
65
Ref & impt 454s ser E
731s
1977 .7.7 3918 Sale
Cairo Div lot gold 45
821
1939 1 J 85
Cin W & M Div 1st g 4s1991 J J
_ 641
St L Div lot coil tr g 45._ _1990 MN 68
72
Spr & Col Div lot g 4s
1940 MS 71
WW Val Div 1st g 4s_ _ _1940 J J
76
75
73
81
8312
90
88
gice
Ins
15
24
57
5818
55
5412
843
4
85
34%
464
74
74
70
6312
843
4
8912
443
4
54
12 i
1
Week's
Range or
Last Sale.
Bid
AO Low
Chicago Great West lot 48_ _1959 MS 22 Sale 20
Chic Ind & Loulsv ref 613_ _ _1947 J J 2012 3414 3314
Refunding gold 55
1947 J J
58
35
Refunding 4s series C
1947 J J
9 6
33
1st & gen 58 series A
6
12
20-1312 12
lot & gen 6s series B _May 1966
12
1412 1212
Chic Ind & Sou 50-year 4-2_1956• J
_ _ _ _ 8112
Chic L S & East lot 4 Hs_ _1969 J D ____ 97
9412
Chi M & St P gen 4s ser A 1989
J 40 Sale 40
Gen g 354s ser BMay 1989
43
J 32
3612
Gen 4548 ser C
J 41 Sale 41
May 1989
Gen 450 ser E
May 1989 J J 41 Sale 41
Gen 4248 ser F
42
May 1989 J J 39
42
Chic Milw St P & Pao 58 A_ _1975 F A
1114 Sale 11
Cony ad) 82
314 Sale
Jan 1 2000 A 0
314
Chic & No West gen g 3548_1987 MN 25
3814 3812
Registered
Q F
---- 478
4s
19S7 M N 4012 Sale 30
nterapdl4s non-p Fed Inc tax '87 15I N 40 Sale 36
Gen 454sstpd Fed Inc tax_1987 MN
47
Gen Ss stpd Fed inc tax__ _193 MN ____ 46
40
1983
7
Sinking fund deb bs
N 6812 Sale 63
Registered
68
MN
Stamped (10% part red)
6412 Sale 6012
15
-Year secured g 6545_1936 MS 45 Sale 43%
1st ref g 55
May 2037 J D 17 Sale 15
1st & ref 434s stud_ _May 2037 J D 15 Sale 15
1st & ref 454s ser C_ _May 2037 J D 10% 16
15
Cony 454s series A
412
8 Sale
1949 MN
CCC&I gen cons g 65_1934 JJ
Clev Lor & W con 1st g ba_ _1933 AO
Cleveland ds Mahon Val g 58 1938
Clev dr Mar lot gu g 450_1935
N
Clev & P gen gu 450ser B_ _1942 A0
Series B 354s
1942 A0
Series A 434o
1942
Series C 3,54s
1948 MN
Series D 354s
1950 AF
Gen 4345 ser A
1977 FA
Cleve Sho Line lot gu 4346_1961 A0
Cleve Union Term 1st 554s_1972 AO
1st of 58 series B
1973 AO
hit s f guar 450 series C_ _1977 A0
Coal River Ry 1st gu 4s
1945 J D
Colo & South ref & ext 450_1935 MN
General mtge 434s ser A 1980 MN
Col & H V lst eat g 48
1948 A0
Col & Tol 1st ext 48
1955 FA
Conn dr Passum Riv lot 4s_A943 AO
Consol Ry non-cony deb 4&..1954
Non-cony deb 40
1955 JJ
Non-cony deb 45
1955 AO
Non-cony deb 45
1956
Cuba Nor Ry lot 5340
1942 J D
Cuba RR lot 50
-year 56 g1952 J J
lot ref 7340 serial A
1936 J O
1st lien & ref 6sser B
1936 J O
Canada Sou cons gu be A__ _1982 AO 68
8
747 847 Feb'33 _
8
82
8512
Canadian Nat guar 4 54o __,1954 MS 803 82
8
81
8014
7914 87 4
2
3
30
-year gold guar 4 54 s_ _ _ 1957 ii 807 Sale 793
8
4
79% 873
807s 53
4
Guaranteed gold 4 Hs_ ___1968 J O 803 Sale 793
4
4
803
4 28
79 4 87%
3
Guaranteed g 58
July 1969I, 8518 Sale 8412
8514 38 a8412 9312
Guaranteed g 5e
Oct 1969 AO 8512 Sale 8434
8512 26
84
933
4
Guaranteed g 58
92 85
1970 FA 85
8514
3 08428 9314
Guar gold 4 he___June 15 1955 J D 82 Sale 815
8238 33
5
803 90
4
Guar g 434s
1956 F A 81 Sale 8014
8114 32
80
87%
Guar g 4546
Sept 1951 M S 803 Sale 8014
4
817
8 61
793 873
4
4
Canadian North deb of 7o__1940.7 D 977 Sale 9714
8
987
8 97
9718 1047
5
25
-year s f deb Ohs
1946.7 J 9512 Sale 9514
9512 15
9412 107
10-yr gold 4 he___Feb 15 1935.7 J 92
94
9112
93
4
90
99
Canadian Pac Ry 4% deb stock
5012 Sale a4912
52
49
58
6812
Coll tr 454e
1946 M S 56
59
581s Mar'33
56% 787
s
51 equip tr ctfs
1944 .1 J 833 Sale 83
8
8314 29
8012 9012
Coll tr g 5s
Dee 1 1954 J D 0593 Sale 5812
4
6014 34
5811 85 4
3
Collateral trust 4545
1960.7 J 547 Sale 547
8
8
56
54
15
77
Car Cent let cons g 48
1949
1018
15 Mar'33
15
15
Caro Clinch & Oast 30-yr 58_1938 J D 83
83
83
1
83
91
1st & cons g 66ser A_Deo 15'52 .7 D 72 78
70
70
6
Del & Hudson 15t & ref 45_1943 MN
88
80
Cart & Ad lat gu g 4s
1981J D ____ 75 60 Feb'33
58
55
60
1935 A0
Cent Branch U P 1st g 4o1948.7 D 25 Sale 25
26
4
25
Gold 5342
36
1937 MN
Central of Ga lot g 58__Nov 1945 F A
30
42
40
40
2
D RR & Bridge lot gu g 40._1936 FA
42
32
Consol gold 551
1945 M N
11 Sale 1014
1114 33
Den & R G lat cons g 4s
9% 20
Ref & gen 5546 series 13_1959 A 0
1936 .7.7
4
5
3
5
24
3
Conaol gold 4546
912
Ref dr gen 551 series C1959 A 0
1936• J
412 Sale
3
33
s
8
212 81s Den & R G West gen be Aug 1955 FA
Chan Div pur money g 48_1951 J D 1212 17
23 Mar'33
23
Ref & inapt be ser IL _Apr 1978 AO
23
Mac & Nor Div lot a 58_1946 .1 .7
9314 June'31
Des
hi Ft D lst gu 4s
Mid Ga & Atl Div pur m 5e'47 J .7
1935
10212 Nov'30
_
Certificates of deposit
J J
Mobile Div let g 58
1946 J J
24 Dec'32
Des Plaines Val lot gen 4540_1947
•S
Det & Mac let lien g 40
Cent New Engl 1st gu 4s
1955 J D
1961
J
613 61
4
Feb'33
61
683
4
Second gold 45
Cent RR & Bkg of Ga coil 53.1937 MN 283 Sale 28
1995 J D
s
30
16
25
32
Detroit River Tunnel 4 Hs 1961
N
Central of NJ gen g bs
1987 J J ____ 8478 86 Mar'33
86
9512 Dul Missabe dr Nor gen 58_1941 J J
Registered
1987 Q J
90 Feb'33
90
90
Dul & Iron Range lot 5s
•0
General 45
1937
1987.7 J ____ 7712 7712 Mar'33
77
77i2 Dul Sou Shore & ALI g
J J
Cent Pao 1st ref all g 48_1949 F A 6712 Sale 6712
69
36 s8712 8612 East Ry Minn Nor Div55_1937 AG
lot 46'48
Registered
F A
_
783 Jan'33
4
783 783 East T Va & Ga Div lot 55_1956 MN
4
4
Through Short L 1st gu 48_1954 A 0 6812 Sale 6612
6612
2
6612 80
Elgin Joliet dr East lot g 58_1941
N
Guaranteed g Ss
1960 F A 45 Sale 45
5114 43
45
El Paso & S W let bs
61
1965 AG
Charleston & Say'h lot 78_1936 J .1
111 June'31
Erie & Pitts g
3Hs ser B 1940 J J
Ches & Ohio 1st eon g 5s1939
N 1017s Sale 10012 10112 45 10012
Series C 3Hs
1940.7,
Registered
1989 M N
10214 Dec'32
Erie RR 1st cony g 45 prior 1996 J .1
General gold 450
1992 M S 92 Sale 89
92
7 "85" 16312
Registered
1996'.3
Registered
M S
96 Dec'32
lot consol gen lien g 4s__ _1996 ▪ J
Ref & impt 430
1993 A 0 81 Sale 80
8254 18
9354
80
Registered
1996 J J
Ref & impt 440 eer B_1995.7 J 81
8212 793
4
823
4 21
Penn coil trust gold 4s
793 934
4
1951 FA
Craig Valley lot 55__May 1940.7 J
100 101
10114 10
91 10114
50
-year cony 48 series A1953 AO
Potts Creek413ranch 1st 45_1916 J J -go8
_ 945 Aug'32
Series B
1953 AO
R & A Div 1st con g 4a1989 J J 8014 87
805 Mar'33
8
Gen cony 46 series D
1953 AG
2d consol gold 45
1989.7 J 77
84
8514 Mar'33
84
Ref dr impt 55 of 1927___ _1967 MN
8612
Warm Spring V lot g 5s 1941 M
92
100
Oct'32
Ref dr impt 65 of 19301975 AO
Chic & Alton RR ref g 3s_1949 A 0 327 Sale 327
8
8
3
3712
327
Erie &Jersey 18t f Os__ 1955 J J
Chic Burl & Q-Ill Div 3;0_1949 J .1 8312 Sale 8312
84
33
82% 91
Genessee River 1st of 68_ _1957.7,
RegLstered
J
84 Dec'32
Fla Cent & Pen 15t cons g bs 1943 J J
Illinois Division 48
1949 J .1 88's Sale 8712
90
35
1812 Florida East Coast lit 4540_1959 J D
General 413
1958 M S 8148 845 87 Mar'33
8
934
87
lot & ref 55 series A
1974 MS
1st & ref 434s ser B
1977 F A
73
7512 7412
75
7412 8514
13
Certificates of deposit______
lst & ref 55 ser A
1971 F A 8418 Sale 8212
8412
82
937 Fonda Johns & Choy lot 434s 1952 MN
5
,
Chicago &Tut Ill 1st 6s_1934 A 0 3512 55
32
32
7
32
58
(Amended) 1st cons 4Ha_ _ 1982 MN
C & E III Ry (nets co) gen 55_1951 MN
57 Sale
8
58
7
7
13
5% 12% Fort St U D Co 1st g 450_1941
J
Chicago & Erie 1st gold 58._1982 M N 90
92 a89 Mar'33
89
94% Ft W & Den C lot g 5546_1961 J O
r ash sales. a Deferred delivery •Look under list of Matured Bonds on page 2395.
2391
Priee
Friday
April 7.
High
24
3314
Dec'32
Mar'33
1312
1412
Dec'32
Mar'33
42
Mar'33
41%
44
44
13
418
3812
Aug'32
40
40
Jan'33
4214
70
Mar'33
6614
51
1712
173
4
1712
8
Sale
94
Sale
_ _
Sale
Sale
Sale
14
70
71
9312 Mar'33
79
7912
9214 Dec'32
29
30
32
33
814
103
4
12%
15
Range
Since
Jan. 1.
No, Low
100
20
1
28
2
3
29
18
20
17
217
171
5
29
5
7
54
36
14
20
30
29
703
513
8
53
56
_
6412 Sept'32
22
21
56
21
22
62
6
712 75
72 Mar'33
8412 May'32
__
8512 May'31
46
Jan'33
_
39
41
8
15
181s 20
933
8
9312
3
9612
97
20
94%
96
17
110
111
9
65
66
17
70
73
34
_
70 Sept'32
85
85
5
955s Feb'33
Oct'32
97
83
Jan'33
96
96
2
993
4 1003
4 30
100
r1013
4 68
75 Sept'32
70
70
10
85
85
1
70 Nov'32
52
47
7
38
417
5 57
75 Mar'33 _ _
747 Feb'33
8
68
68
4
76 Dec'32 _
5618 Aug'32
100 1001 101 Mar'33
_ Lo_ 95
95 Mar'33
90 101 Sept'31
----97 99 Feb'33
91 June'32
91
86
Jan'33
96 Mar'33
91
98
84
8612 84 Mar'33
Oct'32
83
81
Oct'32
77 Feb'33
____ 78
8
65
643 Sale 625
4
55 Sale 55
58
4
52
50 Sale 493
85 __-- 85 Dec'32
a70 Sale 70
72
52
52
5012 52
---- 8518 Mar'33
8412 Dec'32
---90 Dec'30
4012 Feb'33
271249
4012 Mar'33
2712 45
4612 Sept'32
2712 51
45 Dec'31
2712 49
14 Sale 10
14
a1512 Sale 15
17
15
16
177 16
8
16 Mar'33
1218 16
71
90
79
92
2918
32
9
123
4
4,2
High
38
43
"55" II"
11
17
1212 22
941
38
35
40
40
38
11
314
34
9914
48 4
3
45
52
52
55
22
6%
43 4
5
"io"
36
47
40
58
59
40
47
52
70
6858
8012 6614
43% 574
15
224
15
204
15
204
4% 15%
51% 65
-19
3614
1812 29%
6
1612
72
78
"ii" "dr
497
8
36
15
30
92 10118
95 106
9234 102%
10338 114
59% 89
66
7612
"85
95
8815
95 8
5
82
83
96 10012
964 10514
9614 103 8
3
-71585
7611
88%
47
38
85
6204
68
55
a49
88
647g
75
-
100
95
84
24
23
59
3
6
4
1014
9512
86
"7 /
7
80
61
713
4
55
89%
4914 85
7
"78"
48% 58
8512 86%
40
10 2
-145
90
17
1
-io" 11"
32
84%
70
9312 97
79
93
1s
10
64
9
53
9
14 13
4 2 Mar'33
45 Aug'32
35
45
34
Oct'32
25 Dec'32
85 Feb'33
1013 10314 10314 Mar'33
4
98 10012 99% Mar'33
12
13
13
13
84 Feb'33
71 Sale 71
71
8312 80 Mar'33
61
Feb'33
8612 Aug'32
88% Feb'33
"ia 72 7012 71
6
5712 June'32
46 gie" 45%
47
44
41
Jan'33
99
99's 99
99
37
4012 3818
4218 21
37
4112
443 4112
4
2
---- -- 40 Mar'33
2214 Sale 2014
23
135
2214 Sale 2012
227 242
8
2214 22% 8212
8212
1
80 Sale 80
82
15
8
18
15
Jan'33
39
41
42% Mar'33
4
4 14 4
4
1
27
8 312 24
312
6
312 6
712 Mar'33
212 4
212 Mar'33
87 Nov'32
"56" 166" 88 Mar'33
15
15
16
29
29
25
aiaT,
27
40
814 16 4
1
11
22
2
2 12
----
---80
10314
8
997
12
84
71
80
61
15810314
10212
20
84
84
8412
72
88's 88's
69
764
"40i 1812
2
41
99
304
3038
40
2014
2012
81%
75
15
42 2
5
3
2
4
212
41
99
43
43
401s
31
31
82%
8315
16
45
12
5
712
5
Cs
88
90I
New York Bond Record-Continued-Page 3
2392
April 8 1933
r.
120NDS
N. Y. STOCK EXCHANGE
Week Ended AprU 7.
i''''
CS
.- t I
.7; a,
Frem Elk & Mo Val 13t 65_1933 A 0
Galv Hous & Head lot 511_1933 A 0
J
Ga & Ala Ry lot cons 58 Oct 1945
Ga Caro & Nor lot gu g 56 1929Extended at 6% to July 1 1934 J 1
Georgia Midland let 3s. _1946 A 0
D
Gout/ di Oswegatchie let 5.3_1942
J
Gr R dc text 1st gu g 430-1941
Grand Trunk of Can deb 76_1940 A 0
1936 M 5
-year 8 I 65
15
D
_1947
Grays Point Term lot
5s..Great Northern gen 7sserA_1938 J J
_1961 J J
lot & ref 4301 series
.
1 33coup) -__
Stpd (without fly A__1952 J J
General 530 series B
1973 J J
General 55 series C
General 430 series D__1976 J J
General 430 series E1977 J J
Green Bay & West deb ctfe A___ Feb
Feb
Debentures ctts B
Greenbrier Ry 18t gu 4s____1940 MN
Gulf Mob & Nor lot 530 B 1950 A 0
1950 A 0
1st mtge 55 series C
Gulf & S I lot ref & ter 5eFeb 1952 1 J
Hocking Val 1st cons e 4%8_1999 J J
1937 MN
Housatonic Ry cons g 58
1937 J 1
H & T C lot g 55 int guar
Houston Belt & Term let 58_1937 J ./
Houston E & W Tex let g 58_1933 MN
1933 MN
lot guar 55
Bud & Manhat lot Ets ser A_1957 F A
Adjustment income 55 Feb 1957 A 0
Illinois Central 1st gold 0_1951 I J
J
1951
let gold 3345
Extended lot gold 330.__1951 A 0
1951 M S
lot gold 38 sterling
1952 A 0
Collateral trust old 48
1955 M N
Refunding 48
1952 J .1
Purchased lines 3348
Collateral trust gold 0_1953 MN
1955 M N
Refunding be
1936 J J
-year secured 830 g
15
Aug 1 1966 F A
-year 4%8
40
1950 J D
Cairo Bridge gold to
Litchfield Div lot gold 38.1951.8 J
Louley Div & Term g 3545 1953 .1 .1
1951 F A
Omaha Div lot gold 35
St Louis Div & Term g 35_1951 J 1
1951 J 1
Gold 3345
Springfield Div 1st g 330-1951 J J
Western Lines lot g 4s-,_1951 F A
ill Cent and Chic St L & N 019835 D
Joint lot ref 5s series A
1st & ref 430 series C_ _19133 .1 D
Ind Bloom & West 1st ext 45 1940 A 0
1950 J J
Ind III & Iowa let g 48
Ind & Louisville lot gu 48._1956 1 J
Ind Union Ry gen 58 ser A-1965 .11 J
1965 J J
Gen & ref M series B
Int & Grt Nor lot 68 ser A 1952 J J
Adjustment 65 ger A_July 1952 A 0
19561 J
1st 5e series 13
19661 J
1st g 5e series C
Int Rys Cent Amer 1st be B 1972 M N
lot coil trust 8% g notes_1941 MN
1947 F A
lot lien & ref 6345
Iowa Central 1st gold 5s__1938
J D
Certificates of deposit
1951 M 13
lot & ref g 48
James Frank & Clear 1st 413 19595
1938 J
Kal A & OR 1st gu g 5s
1990 A
Kau & M lot gu g 45
K C Ft S & M ay ref g 4s 1936 A
A
Certificates of deposit
Kan City Sou lot gold 38___1950 A
Apr 1950 J
Ref & impt 58
Kansas City Term lot 4s__ .1960.8
Kentucky Central gold 45__1987 J
Kentucky & Ind Term 4)45.1961 J
1961 .1
Stamped
1961 1
Plaln
D
1
0
0
0
0
J
J
.1
.1
J
.1
Lake Erie & West lst g 56_1937 1 J
1941 J .1
2d gold 55
Lake Sh & Mich Bog 3348_1997 J D
19971 D
Registered
Lehigh & N Y lot gu g 45_1945 M 5
Leh Val Harbor Term gu fts 1954 F A
Leh Val NY lot gu g 4340_1940 J J
Lehigh Val (Pa) cons g 4s_ _2003 M N
M N
Registered
2003 M N
General cons 4345
2003 MN
5s
General cons
Leh V Term Ry lot gu g 55._1941 A 0
Lox & East let 50-yr 5s gu_1985 A 0
Little Miami gen 49 series A.196: M N
1935 A 0
Long Dock consol g 65
Long Island1938 J D
General gold 48
1949 M S
Unified gold 4e
19341 D
Debenture gold 5s
1937 M N
-year p m deb 531
20
1949 M 8
Guar ref gold 48
LouLsiona & Ark 1st 54 ser A.1969 J 1
Louis &Jett Bdge Co gd g 481946 M 8
1937 M N
Louisville de Nashville fe
1940 J J
Unified gold 4s
J 1
Registered
lot refund 530 wiles A_2003 A 0
2003 A 0
lot & ref 58 series B
2003 A 0
lot & ref 430 series C
1941 A 0
Gold 55
Paducah es Mem Div 48._1946 F A
St Louis Div 2d gold 3s._1980 M S
Mob .4 Montg lot g 430_1945 M S
South Ry Joint Monon 45_1952 J 1
All Knoxv & Cln Div 4s1955 M N
1934 J J
Mahon Coal RR. 1st 5t3
Manila RR (South Lines) 45 1939 MN
1959 M N
lot ext 45
Manitoba SW Coloniza'n 551934 J D
Man GI B & N W let 3348_1941 I J
Mex Internet lot 4s asstd_1977 M S
Michigan Central Detroit & Bay
19401 J
City Air Line 4s
Jack Lane & Sag 330._1951 M S
1952 MN
lot gold 3340
Ref & impt 430 ser C_1979 J J
1940 A 0
Slid of N J lot eat 56
Mil Jc Nor 1st ext 4%8(1880)1934 J D
1934 J D
Cons ext 430 (1884)
MU Spar & N W lot gu 413__1947 M S
Line lot 330_1941 J J
Milw & State
r Cash sales
a Deferred del very
Price
Friday.
April 7.
Week's
Range or
Last Sale.
.,
3
11
ceib
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aprit 7.
C'
ul
4a.
Mee
Friday
April 7.
Week'sRange
1
Range or
.
Since
41
Last Sale.
Jan. 1.
Rid
Ask Low
High No Low
High
High
Bid
High No Low
Ask Lew
68
60
Minn & St Louis lot cons 55_1934
1
54
60
65 60
1934 MN --------212 Dec'32
CtIs of deposit
76
70 Mar'33 --__
55
____ 70
118
% 11
4 4
12
%
lot & refunding gold 45_1949 M S
54 6
514 65
518 Mar'33 -_
ita
14
14 Feb'33 ___
,s 8
7
Ref & ext 50-yr 5s ser A 1962 Q F
Q F --__
14 5 Dec'32 ___ ___
_ _
4
612 193 20 Aug'32 ____ ___
Certificates of deposit
26
30
27 -44
29 - - M St P & SS M con g 45 int 611 '35J J 25 Sale 24
29
29 Feb'33 ____
---- 24
1938
15
18
20
J J
18
2
16
20
1st cons 5s
--------100 Jan'31 .___ -29
29
1
29
85 ---12
6
9
45
1st cons 5s gu as to Int-1938 J J ---- 30
80 --- 9612 Feb'33 ____
912 10 Feb'33 ___
4
993
10
13
1948 J J
lit & ref 8s series A
4
67
4
963 1043
977 Bale 975
8
12
812 Jan'33 ___
9414 101%
1949 M gi
0812 94
31
-year 530
25
96
9512 Sale 9414
J 37 Sale 37
37
8
37
_
82
1978
1st ref 530 ser B
.
--------96 Nov 30 ____ ____
___ 95% Dec 30 -__
___
.
6478
lot Chicago Terms f 45-1941 MN --4512 .- 514 101
454 Sale 4512
67 65
J 65 65
68
10
80
68
1 65
6818 68
/5
66
Mississippi Central let 58-1949
66
86
68
1
92 66
66
1959 J .3 15 Sale 15
18
2
15
55
3
39
42 4 13
2812
Mo-III RR lot 58 ser A
4
413 Sale 40
7412 30 07312 84%
5118 Mo Kan & Tex let gold 48_1990 J D a74 Sale 07312
43
__ 433 46 Mar'33 ____
4
64% 51
39
11
80
37
48% Mo-K-T RR pr lien loser A-1962 J J 60 Sale 60
38 Sale 3714
754
J J 52,____ 5118
53
23
5118 65
34
21
4812
1962
40-year 0 series B
40
34 Sale 34
3
88
55
5 55 sale 55
62
1978
__
Prior lien 430 ser D
.
42
25
5712 Apr 31 --__ ___.
38
26
414
33
8
314 6
Cum adjust 55 ser A-Jan 1967 A 0 34 Sale 34
7 _7 Jan'33 __
24
3
A 22 4 Sale 2012
117
___ Mo Pac lot & ref 5s ser A-1985
184 2612
--------90 Aug'32 ____ ____
74 Sale
7
1975 M S
818 181
7
25 k
147
5
3212
25
25 Sale 25
General 4s
:
241 412
1977 M s 2314 Sale 2012
18
2634
32
lot & ref 55 seriesF
4
23
2212 233 23
2712 12
1978 M N 2212 Sale 2012
24
170
181: 26%
- --------22 May'32 --__ -1st & ref 55 ser G
4 Sale
34
414 131
1949 MN
8512
8
Cony gold 530
._- 8512 99
87
91
21
85
13%
26
1980 A 0 24 Sale 2112
149
lio: 2812
80
lot ref g 5s series H
79
7014--- 79 Mar'33 ___
4
244 236
1981 F A 2212 Sale 203
let & ref Ssoer I
1814 2612
8512 89
97
8512 8512 Mar'33 ____
8
811: 86
82 Feb'33 ____
68% 734
Mo Pac 3d Melt at4% July 1938 MN 571 - 887 Jan'33 ___
____ 81
295 Aug'31
____ 9912 9812 Jan'33 ____
9812 9813 Mob & Blr prior lien g 55-.1945 J J ____ 91
97 Sept 31
.
J J ---- 90
Small
9812 1004
00 Jan 33 _
53 Aug'32
19451 .3 ---lit M gold 413
8
32
887
73 Sale 72
72
74
3
377
J J ---- ---- 81 July'31 __-- ___
Small
44 Sale 41
3918 55
44
45
7 ____ 28 Mar'33 -_
28 r72
Mobile & Ohio gen gold 0_1938 M 5
11 Feb'33 -_
54 30
8118 Feb'33 ____
9
784 8118
. .
11
Montgomery Div 1st g 55.1947 F A
5 Mar'33 _--4 5
4
1977 M S
7612 91 7934 Feb'33.
824
Ref & impt 430
7812 793
418 5
44 5
1938 M 5
3
44 6
See 5% rotes
5_ 5
7612 ---- 78 Dec'32 ____ ____ --__
_V.% 65 Mar'33 ---65
___ Mob & Mal lot gu gold 45_1991 M S 55
__
64
--------73 Mar'30 ____
.3
1J.4 J8.11'33 ____
1937
4
935 933
.1 ---- til
4
527 Sale 5278
7
52 8 65
Mont C lot gu 65
8
13 ____55
92 Feb'33 _-_
r-- 90
90
1937 1 J 92
lot guar gold 55
60
45
57
42
45
4814 50
71
7
71
7812
____ 55
5412 Dec'32 ____ ____ ____ Morris & Ewes lot gu 3141.2000 J D 71 Sale 71
195,5 M N ---- 69% 81 . Oct'32
_
4913
40
11
40 Sale 40
Constr M Si ser A
44
V61955 M N ---- 64% 70 Feb'33 __
Constr M 430 ser B
524 64
5212 62
7
524
534
604 72
6018 Sale 6018
654 21
60
7
60
30
35
8
40% Nash Chatt & St L 48 ser A-1978 F A 60 Sale 60
104
32 Sale 30
704
70
Oct'32
1937 F A -58-- 85
50t2 65
N Fla & S let gu g
52
5012 Mar'33 _
8
13 18 July'28
I18
1
58
8014 Nat Ry of Mex pr lien 430 1957
--------58 Feb'33 ____
------------118 Mar'33
,.
Assent cash war rct No. 4 on
58
5
63%
58
55_ 58
_
__
Guar 48 Apr '14 coupon_1977 A 0 --------1234 July'31
6114 6012
Feb'33 -__
6014
____ -60
1
2
1 Mar'33'__
iAssent cash war rct No.5 on ----------6913 Feb'33 ____ 594 6912
Nat RR Mex pr lien 4345 Oct'26
62 63
____ 55 63 Feb'33 ___
112 24 113 Mar'33 ____
1%02
.
Assent cash war rct No. 4 on - ____ 75
5830 Nov'32 ____ .___
1951 "eo --------22 Apr'28 ____
66 --71
1st consold 45
71 Feb'33 ___
____ 70
8 14 Mar'33 ---15
114
iT4 -- -5
1;
Assent cash war rct No. 4 on ---85
7112 Nov'32
1954 MN 83
8
387 51
Naugatuck RR lot g 4s
445 125
42 Sale 40
49
iii- 11
37
New England RR cons 58_1945 J .1 ---- 85 68 Mar'33 ---1
34
4
393
40
4
393
1935 J 1 --------79 Nov'32
__
Consol guar 45
71- 80 Dec'31 ..._ _--- ____
92 Nov'30 -_ _ _
N J Junction RR guar lot 43-1986 F A ---- 90
75 Nov'32 ___ _
70
____ 30
30
30
9
27 -1 NO & NE 1st ref &impt 4)4e A '52 J J 26
3
274 Feb'33 ____
____ 27
53
51 Mar'33 _--9213 9214 New Orleans Term lot 45_.1953 J 1 46
5012 5312
3
---- 82 92 4 Feb'33 ___
20 Dec'32
85
85
Jan'33 ____
85
____ 98
N 0 Tex dr Mex n-c Inc 58_1935 A 0 ---- 35
1954 A 0 1612 Sale 1812
1914 35
--i6F2 -24
184 26
19% Sale 1814
lot 51 series B
2012 65
1612 22
163
18
4
20
1956 F A
412
40: 334
8
4
lot re series C
3
So
4 3
163 2
1614 17
163
1956 F A
1712 11
183 2212
16
17
3
25
20 4
4
163 Bale 16
let 4345 series D
1954 A 0 1738 Sale 17
19
62
16 Sale 16
17
16
1712 13
2114
lot 5348 aeries A
2513
8912 8912 Aug'32 ____ _
4
333 4212 N & C Bdge gen guar 430..1945 J .1 70
2
3
33 4 Sale 335
333
395 453 N Y B & MB lot con g 58_1935 A 0 100 -___ 98 Mar'33 ---397
1
39% Sale 39%
4
Thi- 16- 4
6
2
31
2638 2812 27
27
27
50
23
46
641:
N Y Cent RR cony deb 68_1935 M N 50 Sale 4712
61
1998 F A 60 Sale 60
25
2
107
3
2
60
70
Consol 43 Belles A
o 218 Mar'33.
37% 95
58 212 1 Mar'33 ____
1
35
112
467
Ref & Met 4349 series A,.,2013 A 0 36 Bale 35
8
4212 278
2013 A 0 40 Sale 39
39
Ref de impt 58 series C
5012
7314 46
65
68
____ 60 86 Mar'33 ___
NY Cent & Hud Riv M 3345 1997 1 1 7112 Sale 7113
7112 8013
72
7412 Feb'33 __
J 65
_
19975
.
--------103 Mar 31 ____ ..__
Registered
7112 744
:
8 au
685
1934 M N 8014 6414 60
89
60 -1
60 Sale 60
60
60
Debenture gold 4s
73
6412 Feb'33 -___
313 54
64
71i:
1942 1 1 ---- 75
3512 Sale 33
3512 137
30
-year debenture 48
3712 31
9
485
3518 47
32
3314
32 Sale 32
Ref &!mut 430 see A__2013 -- 37 Sale 35%
65
6478
86,
71
63
F
4 12
5234 Sale 52
54
46 a48
62
Lake Shore coil gold 3348.1998 .,- A 60
1998 F A ---_ 6612 6512 Nov'32 ____
3
47
53 8 34
48 Sale 48
5612
Registered
6618
87 4 78
83
6 -Oa- IC
9412
8734 Sale 84
Mich Cent roil gold 330_1998 F A 86 Sale 66
.
1998 F A -_ -- 68 934 Oct 31
82
78
7714 80
79 Mar'33 ___
Registered
6812
1 _1937 6/
. -- 1i
A 0 6813 Sale 6812
13 7
____ 80 84 Aug'31 ____ ___ ____ N Y Chic & St L let g 4s
1
4
16
4
20
25
14
56
8914 July'31
60
_-- ____
Refunding 5148 series A-1974 A 0 143 Sale 14
13
18
43
14
1978 M 5 13 Sale 1214
.
90 Apr 30 __Ref 430 series C
8
9
107
84 Sale
514 154
1935 A 0
3-1*6% gold notes
90 87
884 11
62
6512 N Y Connect lot gu 416e A 1953 F A 88
55
63 Mar'33 ____
87
64
97
1953 F A --__ 98 99 Mar'33 __
45
Oct'32
47
94 100
let guar So series B
5
15
71% 82
76
713
863 863
N Y Erte 1st ext gold 45_1947 M N 84 k--- 865 Jan'33 _-__
714 76
4
3212 51
40 Dec'32
1948 M N
73
77
N Y Greenw L gu g 55
__ 7312 Feb'33 ____
70
7212 ._-- 84 Mar'33-38-Oct'32 _ _ _--- ___ N Y ic Harlem gold 330_2003 M N
6014 65
45
83 Nov'32 ____ -_, _
N Y Lack dr W ref 430 B
1973 M N 85 -.-- 90 Nov'32
____ 80
-.
8 6814 N Y & Long Branch gen 48_1941 M S --------8414 Dec 31
597 3618 664 60 Mar'33 ____
29
16
25
37
2612 2712 25
N Y de NE Bost Term 45_ 1939 A 0 --------9512 July'29
28
N It N II dcH n-c deb 4s__1947 I31 8 46
28
50 Mar'33 ---- -ii- -----------28 Jan'33 ____
_-.:.0
5
50
Oct'32
324 3812
43
3214
33
324 35
Non-cony debenture 3142_1917 M 8 2614 -28
48
A 0 41
5012 Mar'33 __
1
33
33
Non-cony debenture 330
_-1954 if4230
33 Sale 33
J J ---- 65 55 Mar'33 _-_
92
90
1
Non-cony debenture 4, 1955
91
94 91
91
si
68
48 Mar'33 _-_79
8412
7812 85
79 Mar'33 ____
Non-cony debenture 4s_...1956 MN -__- 50
454 5612
44 Mar'33 ___
J 273 67
1956
_.
Cony debenture 330
.
9112 May 32 ____
__
44
51
1 J 5718 Bale 574
1948
61
9012 101
43
Cony debenture 65
5718 83
9 ____- 9012 10 -12 9012
9212
0
J --------7014 Dec'32 _Registered
.
9512 98%
1940 A 0 6112 Sale 6
6112 if; -66F8 WI
04
934 9814 9814 Mar'33
Collateral trust 65
.
4
363 Sale 383
1957 el N
363
4
4
8414 9114
4
__. 90 Mar'33
83
Debenture 4e
3634 4514
534 33
97 101
1st & ref 4348 ser of 1927._1987 J 0 52 Sale 52
9730_, 97 Mar'33 ____
AO
654
90
88 Mar'33 ____
91 100
Harlem R & Pt Chee let 45 1954 M N 88
914
9114 - 3 91 Mar'33 ____
88
90
8258 9118
6
13
837
8
8330 8712 827
38
58
20
N Y 0& W ref g4sJune____1992 M 5 58 Sftle 56
2412 83
51318 go%
19
24 Sala 2234
3
3
75 4
4614
1955 1 D 45 4 47
4730 26
4
753 Feb'33 ____ a72
General 413 •
78
55
43
5212
85 Nov'32
9412 98
9914 Mar'33 ___ 097 rI03 N Y Providence & Boston 45 1942 A 0 ___ 87
64 Mar'33 ____
82
91
N Y & Putnam lot con gu 413.1993 A 0 ____ 72
.
tfa- Ift :
8312 45
8212 Sale 82
27
27 Mar'33 ____
85
82
N Y Susq & West lot ref 55-1937 1 J 25
Jan'33 ___
2518 34
--------85
21
2d gold 4145
8512 79
1
1937 F A ____ 43
78
78
7112 80
Oct'32_ ._
4
175 20
175 Mar'33 _
6312 76
1940 F A
General gold be
7412 24
70 Sale 70
1612 19
8
597 71
Jan'33 ____
1943 M N ____ 72 64
4
Terminal let gold M
1374
64
64
6312 88 67
87
N Y W Ches & 13 lot eer I 4345'48 1 1 364 Sole 35
4
463
88
34
3612 23
5
87
1
/
87 Sale 87
70
69
Jan'33 ___
70
65
55
8
53
43
Nord Ry ext sink Mild 6345 1950 A 0 995 Sale 9930
10130 22
23 48 Mar'33 __
20
990e 10614
r
•
*
844 85
Norfolk South lot dr ref A 55_1961 F A
____ ---- 85 Feb'33 ___
6
134 6
58
8
40
5
Norfolk & South 1st gold 51.1941 M N
52
1
52 Sale 52
6
1312
Nont & West RR impt&ext 6s'34 F A 101 103 10212 Mar'33 __-- 10212 10412
78
75
2
75
75 ---- 75
1998 A 0 9214 Sale 904
N AC W Ry 1st copse 4s
920
47
8814 10014
,,
94,„ 94
1966 A 0 ____ _ _ _ 94t4 Jan'33 __
101 10114
Registered
95 1003 101 Mar'33.
4
913
Div ! 151 lien & gen a 48._1943 J 1 96 Sale 95
.
3
jo
.
934 10118
5118 53 4
01 Mar'33 __
5118 52
1941 .1 0 94 Salo 9212
Pocah C & C JoInt 4s
94
511s
50
10
5112 Jan'33 _
894 9913
52
45
751: North Cent gen & ref Si A-1974 M El --------87 Aug'32
74
74 Jan'33 ____
____ 85
47
1974 M S --------85 Aug'32
Gen & ref 4345 ser A
47
30 --- 47 Feb'33 ____
31"
1 -ii" 25
25
1945 A 0 ---- 2
--------2 Sept'32 ____ ___, ____ North Ohio 1st guar g 58
North Pacific prior lien 48_1997 Q 1 77 Sale 77
77
81
61
874
Registered
.
Q i -.,-- 85 82 Feb'33 __-_
98 Aug'31 _
8112 824
Gen lien ry &Id a 3s_Jan 2047 Q F 50 Sale 50
54
48
--------79 May'26 ____ _ .
50
81%
Registered
ai Jan 2047 Q F --- --- 5512 Jan'33 _87i
50
5512 554
80 84 Jan'33 _
SO 5318 5318 Mar'33 __Ref & Imp& 4348 series A_2047 J J
64
61
Feb'33 ___
61
534 64
454 68
.1 8212 Sale 6214
Ref & impt 85 series B____2047
48
48
65% 36
Jan'33 ____
62
--------48
7512
Ref &'mut 55 wiles C____2047 .1 J ____ 60 80
2
591s 6715
60
.
e
---- 647 87 June 32 __ ____ ____
.
Ref & imps 5s series D....2047 J 1 57 Sale 57
811
____ 687 70 Nov'32 ____ ____
8
4
58467'a
__ 9514 Oct'31
43
3412 -- -14 Nor Ry of Calif guar g Se-1938 A 0 -......
1
39
____ 41%39
40
40
Jan'33 --__
____ 817 40
o
iii-
•Look under list of Matured Bonds on page 2395.
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 7,
A,
Price
Friday,
April 7.
Week's
Range or
Last Sale.
•:s
°
F,A1
al r%
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended April 7.
b•
-e
2393
Price
Friday
April 7.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
High
High No. Low
Bid
Ask Low
High
No. Low
II
66
31
60
5712 Site 5712
Southern Ry let cons g 5s__1994 J J
3812 50
____
58 Nov'32
60
J J 45
Registered
24
17
225
8 65
Devel & gen 4s series A_1956 A 0 21 Sale 21
____ -io" -- 86
20
28
25% 81
2478 23
1956 A 0 22
Devel & gen 63
70
70
_
207 30
8
37
4
27
1956 A 0 2612 Sale 253
Devel & gen 639e
87
19
9612
40
46
46
Jan'33
.1 47
1996
Mom Div 1st g Is
1 100 105
48
36
2
4712
4712
1911 J J 44 17
St Louis Div 1st g
29 10012 107
697 101 Sept'31
8
89
East Tenn reorg lien g 53_1938 M S 39
75
50
33
20
3
25
243 25
4
Mobile & Ohio con tr 45..1938 M S 23
21
3
21
18
20
21
22
19
7312 8614 Spokane Internet 1st g 58_1955 J J
72
80
7312
75
Pac RR of Mo 1st ext g 4
s-1938 F A
60 May'32
Staten Island Ry 1st 4398_1943 J D
75
85
72
80
75 Mar'33 ____
1938 J J
2d extended gold be
97 Nov'31
92 87 Sept'32 ____ ____ ---- Sunbury & Lewiston 1st 48.1936.5 J
Paducah & Ills 1st s f g 4 Hs_1955 J J 80
3 a9612 103
9712
Paris-Orleans RR ext 5 Hs 1968 M 5 9612 9914 97
34
25
3212 • 7
3212
1947 A 0 1712 32
Tenn Cent 1st 6s A or B
39
2
36
46
Paulista Ry 1st ref s f 7s
1942 M S 38 Sale 38
96 10114
2
98
Term • m of St L 1st g 430 1939 A 0 98 Sale 98
81
80 Mar'33 ____
75
88
Pa Ohio dr Det 1st & ref 9 Hs A '77 A 0 69
9112 10034
9112 963 9112 Mar'33
4
1st cons gold 58
95 4 1005
3
8
98 Mar'33 ____
Pennsylvania RR cons g 93_1943 M N
70
4
8414
7014
7012 7212 70
Gen refund f g
90
92
9178
92
12
917 10012
2
Consol gold 4s
1998 M N
59
1
6812
65
63 65
54 AAj 59
19943 F
98 Mar'33 ____ a9412 10412 Texarkana & Ft S 1st 5395 A 1 950 jF
9s sterl stpd dollar May 1 1918 M N 8518 92
60
1
65
60
60
88
9713 10412 Tex & N 0con gold be
98 7
8 15
Consol sinking fund 9396_1960 F A 98 Sale 98
86 100
923
4 15
86 Sale 86
2943 2
1000 .1
77
88
7318 9114 Texas & Pac let gold 5s
General 4398 series A
1965 J D 74 Sale 7318
95 Mar'29
2d Inc5s
(Mar'28c p on)Dec2000 Mar 20
78
977
8
85
13
General be series B
1968 J D 82 Sale 82
19
42'z 51
49
47 Sale 4612
Gen dr ref 59 series B
F A 9912 Sale 9918
37
9712 1091z
secured 6345
100
15-year
1936
9314 5814
503
4 11
Gen & ref 58 series C
1979 A 0 48 Sale 48
97 A 0
7
78
9
735 Sale 735
8
40-year secured gold 58_1964 M N
738 9212
43
17
56
50
4712
4712 51
Gen & ref 5s series D
73
58
6112 107
Deb g 439s
197C A 0 5914 Sale 59
59
50
54 Mar'33
802 S
9
64
73
29
68
8512 Tex Pac-Mo Pac Ter 539s A 19 M D 5212 59
General 93is ser D
1981 A 0 71 Sale 71
863 Dec'32
4
97
Tot & Ohio Cent 1st gu 5s_1935.5 .1 80
38
33
5
30
Peoria & Eastern 1st cons 48_1940 A 0 3012 35'2 33
75 Aug'32
85
Western Div let g 5s
1935 A 0 70
15
8 314 33 Feb'33 __
4
13
4 314
Income 48
April 1990 Apr
73
8255
75 Feb'33
70
80
General gold 58
693 77
4
Peoria & Pekin Un 1st 5Hs_1974 F A 65
83'2 75 Feb'33 ____
5212
44
52 Mar'33
60
-year g 4s
1935 -I D 50
95 A O
0
2914 4313 Tol St L & W 50
3412
373
4 28
Pere Marquette let ser A 56_1956 J 1 3918
10014 10014
10014 Feb'33
_
Tol W V &0 gu 439s ser B 1933 J
28
37
28
28
11
29
32
let 43 series B
1956 J .1
9618 Apr'31
1st guar 98 series C
1946 J D
1942 M S
28
3913
1st g 43.48 series C
30
43
1980 M S 28 Sale 28
3-WI 164
80 Feb'33
50
89
Toronto Ham &Buff let g 413
95 101
947 95 Mar'33 ____
8
nine Bait & Wash 1st g 9s.1943 MN 89
94 1007
a
9512 182
Union Pac 1st RR &Id gr 95 1947.5 .1 94 Sale 94
97 100
98 Mar'33 ____
General be series B
1974 F A 78 100
9713 9918
9812 9712 Feb'33
J J _
81
88
85 Mar'33.,....,
General g 939e series C_1977 J
9
8018 9312
8114
8312
lst legiste ret 45
Rlen drred
June 2008 M S 92i2 86
19
23
1918 21
1912
8
Philippine Ity 1st 30-yr s 1 45 '37 J
19
773 95
8
8
79 Sale 775
793
4 35
Gold 939s
95 10555
11
96%
99
98
1st lien & ref 5s
1007 M S
9
June 2 68 2 j 95
2
96 102
96
98
A 0 96
99
P C C & St L gu 4398
7212 8618
43
4
76
723 Sale 723
4
40
-year gold 4s
9812
5
97 10112
Series 13 93.45 guar
1942 A 0 98 Sale 97
967 10012
8
1
8
967
8
944
8j D
196 MS 90 1001 967
4
993 Feb'33 ____
4
993 993 U N J RR & Can gen 9s
4
Series C 439e guar
1942 M N
_
100 July'31
Utah & Nor 1st ext 46
95
95
95 Feb'33 _
Series D 45 guar
1945 Al N
80 June'32
1955 F j
Series E 4395 guar gold
1949 F A --------8512 Oct'32 ------------ Vandalla cons g 48 series A 1933 2 A
9312 Sept'31
Cons t 4s series B
1957 MN
917 Dec'32
8
Series F 98 guar gold
1953 J D
184 212
9312 Sept'31
1933 J J
9212 9212 Vera Cruz & P west 4 He
Series G 913 guar
1957 M N ____ ____ 9212 Feb'33 ____
89
92
7
Virginia Midland gen bs
1938 M N --112 -28 212 Jan'33
Series II cone guar De_ .._ _1960 FA --------80 Apr'32 ____
84 Mar'33
65
69
80
95
9812
4
Series I eons guar 4 He...1963 F A
Ws ____ 963 Mar'33 ____ -9114 ---- Va dr Southwest 1st gu 58-2003
3612 48
__ _ _ 65 Mar'33
1958 A 0 55
1st cons Is
2
9834 9812
4
963
4
8
Series J cons guar 439e...1964 M N 965 9712 963
28
40
81
9614
Virginian Ry let Is series A_1962 M N 3812 Sale 3812
1
76
92
76
76
80
General M be series A
1970 J D 73
17
87
78
8912
1st mtge 434e series B
1962 MN 8612 Sale 85
78
92
80 Mar'33 ___
80
Gen wage guar 5 ser 13_1975 A 0 73
1
78
78
72
72
81
10
72
86
Gen 43.48 series C
1977 J J 69
43
65 8
7
Wabash RR 1st gold be
1939 M N
21
48
40
45
995 993
2d gold fe
1939 F A 43 Sale 43
4
____ 993 Mar'33 ____
4
Pitts McK & Y 2d gu 6s
1934 3 j 91
40 Mar'33
36
Deb 6s series B registered 19392 .1 25
Pitts Sh & L E lst g 58
1940 A 0 --------100 Mar'33 ____ 100 102
371 37I
_ 9818 May'29
1st lien 50
_
-year a term 46_1954 J J
1st consol gold 53
1943 J j --------100 Feb'33 ____ 100 10012
1
62
623
3712
3712
4
74
Del & Chic Ext 1st 5s
1991 .1 J -__ _90 Nov'32 __ _
Pitts ve & Char 1st 48
1943 MN 65
35
35
9818 6214 Feb'33
Des Moines Div 1st g 43 1939 J J 46
30
a -" li56
Pitts & W Va 1st 434s ser A.1958 .1 D 30 Sale 30
32
Jan'33
37
35
Omaha Div 1st g 334s._ 1941 A 0 _ _ 40
32
32
I
30
3812
let M 4345 series 13
1958 A 0 32 Sale
43
55
15
30 32 Mar'33
Toledo & Chic Div g 441_1941 M
33
2
1st M 439s series C
337 33
8
30
3812
1960 A 0 25
54 9
3
____ 55 43 Feb'33
Wabash Ry ref & gen 534s A 1975 M
8512 Oct'32
95
Pitts Y dr Ash 1st 48 ser A 1948 J D 80
818
812 8
812
5
613 Sale
____ ____ ____
Refdrgen 55(Feb'32 coup)B '76 F A
____ 90 July'32
1st gen be series B
1962 F A 86
5
4 r77
e
612
63
4
63 Sale
4
Ret & gen 4 He series C
1978 A 0
713 July'31 -----------8
Providence Secur deb 98_1957 M N ---41
5 74
3
612 14
612 7 8 618
3
Ref & gen 58 series D__ .__1980 A 0
80 Alar 33 __ __
Providence Term 1st 9s
1956 IVI S 75
814
7
5
50 50
67 Sale
8
Warren 1st ref gu g 3He_ - 2000 F A
481114 62
50 Feb'33
Washington Cent 1st gold 95 1948 Q M
66
1
66
78
Reading Co Jersey Ceti coil 48'51 A 0 56 Sale 66
52 Feb'33
8713 91
Wash Term 1st gu 3398-1945 F A
81
21
7718 91
Gen & ref 439s series A
1997 j J 7718 Sale 7718
90 Mar'33
9212 95
87
1st 40-year guar 96
1945 F A 85
80 Mar'33 ____
Gen & ref 4396 series 13
82
78
9113
1997 1 3 75
943 95 Feb'33
8
53
64
Oct'30
____ ___ Western Maryland 1st 45._1952 A 0
Rensselaer & Saratoga Os....1941 M N --------113
44
6712
57 Sale 57
52
60
1st dc ref 5395 series A
1977 J
40 Sept'32
Rich & Merch let g 4s
1948 MN
59 Sale 59
991g 10212
6212 32
1937 J
- 9712
9712 ____-I/i12---- West N Y & Pa 1st g be
1
Rehm Term Ry 1st gu be_ _195 J j 9712 Sale 9713
1
9914
80
8514
General gold 4s
1943 A 0 9913 10014 9914
Sept'31 ::::
85
Rio Grande June 1st gu 53._193 J D 3512 84
80 Mar'33
2012 293
3
1996 M
Rio Grande Sou 1st gold 96_194 J .1 --------1 Dec'32
---- ---- Western Pac 1st Is ser A
293
4 56
2112 Sale 2012
712
70
7755
West Shore 1st 4s guar
2361.5
____
Guar 4s (Jan 1922 coupon) '4 J J
7212
7
6712 717 7218
8
044 74
Registered
2361 J
.64
2 -ais 14
Rio Grande West 1st gold 48.193 J j -664 eV 63
Feb'33
_ 6914 71
69
71
Wheel & L E ref 4 Hs ser A_I966 M
4
25% 39
1st con & coil trust 43 A 194 A 0 30
343 37 Mar'33 _- __
6412 go
69
69
10
70
Refunding bs series B
1986 M
21
16
1818 29
R I Ark dr Louis 1st 9396_193 M s 20 Sale 19%
2
6412
79
60
_ 5412
70
RR let consol 4s
1949 M
1
3558 5112
45
3513
3553
Rut-Canada let gu g 4.8
IWO J .1 33
1
7114
21
24
1942,1 D 7114 Sale 7114
46 Feb'33 __
3412 43
46
5113 Wilk & East 1st gu g be
Rutland 1st con 439e
194 j .1
8
8
Will & S F let gold Is
19382 D 185 227 21 Mar'33
911 Oct'31
8
"io 90
Winston-Salem S B let 98_1960 J .1
81
81
81
1
81
90
St Jos & Grand lel 1st 4s___194 J j 811
834 1312
80 Mar'33
84
8
8858 885 Wis Cent 50-yr let gen 9s 1949 J J 80
8
4
St Lawr & Adr let g 55
199 J J ---- 643 885 Feb'33 ____
20
834
10
6
1114
83 Sale
4
Sup & Dul div & term 1st ele'36 M N
663 Oct'32
4
2,1 gold 135
199 A 0 ---- 70
7
6
6
6 Sale
Wor & Conn East 1st 4 He 1943 J J
St Louts Iron Mt & Southern8514 Sept'31
8
4314 131
Riv dr 13 Div 1st g 434._ 193 M N 39 Sale 363
353 59
8
INDUSTRIALS.
2812 9314
St L Peor & N W 1st gia 521_194 j j 3018 9078 42 Mar'33 ____
St L-San Fran pr lien 9s A 1950 J .1
1114 Sale 11113
8
12
9
1414 Abitibi Power & Paper 1st Is 1953 ID
12 Sale 1118
12
86
812 1312 Abraham & Straus deb 5Hs_1943
Certificates of deposit
5
8012
82
80
9014
8313
1
A0 80
With warrants
Prior lien be series 11
1312 1112
1112
1
10
137
8
1950 J J 11
2
5312 6411
5312
55
8
1155
11
____ 1118
934 131a Adams Express coll tr g 93__1948 MS 515 60
1
Certificates of deposit......
6
9612
92
97
9712 96
Con M 434s series A
8
97
8
1012 192
a65 1012 Adriatic Else Co ext1 78____1953 A0 94
1978 irrii 103 Sale
8
1
31
2814 33
31
32
Certifs of deposit stamped_
_
1018 Sale
98
7
1014 56
614 1114 Albany Perfor Wrap Pap 66.1948 A0 28
124
30
27 Sale 26%
2512 37
56
St L SW 1st g 48 bond ctfe_1989 AIN 52
5412 54
17
54
6312 Allegany Corp coil tr 5s,...1944 FA
129 421913 285
22
4
4
4
g 4s inc bond ctfs Nov_ _1989 J J -- _ - 367 35
Coll & cony Is
1949 J D 193 Sale 193
8
Jan'33 --__
35 35
713
93 114
4
5
15
Coll dr cony 58
1950 A0 a9 Sale
22
let terminal & unifying 53_1952 j j 19 Sale 1935
12
19
7
3
18
69
Sale 65
65
77%
Gen & ref g 53 ser A
15
1
15
199(1 J j 19 Sale 15
2773 Allis-Chalmers Mfg deb 58 1937 MN 6512
53
82
Alpine-Montan Steel let 72.1955 MS 5112 561 56 Mar'33
30
St Paul & K C Si) List 4 34e_1941 F A
34
3112 34
8 a28
373
3
22
2614 45
3512
45
50
8012 Feb'33 ____
Si P & Duluth let con g 45.1968 J I) 70
7814 8012 Amer Beet Bug cony deb 68.1935 FA 45
48 Mar'33
43
70
45
American Chain deb s I 66_1933 AO
St Paul E Gr '1'rk 1st 9398.1947 J 162 Sep't32
4
75
76
7012 80
76
1;ei 94 Mar'33_.... -993 -_(2 Amer Cyanamid deb 58
St Paul Minn & Man con 45_1933 3 j -91 1942 AO 75
i'3 C
123 2 39
3
8
271 342
8
1st cons& g 6s
93
Am dr Foreign Pow deb 58..2030 MS 295 Sale 235
99
J .1 89
1933
9
567
8
54
8314
6e reduced to gold 434s._1933
93
1953 J D 5112 541 54
10
1
91 9/4 American Ice a 1 deb 5s_
1
883 96
21 2E8412 8312
/0
Registered
Amer I G Chem cony 5395..1949 MN a64 Sale 064
21 ___ ___9 18 Feb'33 ____
)
1 1 9194941
92
95
22
67
81
68
75
86
75
2
Mont ext 1st gold 911
Am Internet Corp cony 539e 1949 J J 67 Sale 67
75
1937 .1 I)
3 103 1051s
103
103
Pacific ext gel 4s (sterling)_1940 J .1 67
7412 70
Amer Mach & Fdy a f 6s
70
1939 AO 103
20
70 481
7
5 71
29
80
60
74
70
95
96
96
St Paul Un Dep 1st & ref 58_1972 J J 95
Amer Metal 539% notes....1934 AO 6414 - . 60
8
9312 101
102
78
87
83
Am Sm & R 1st 30-yr 5seer A '97 AO 82 Sale 8112
4 1023 1053
2
4
55
55
5012 55
Amer Suit Ref 5
1937 J J 10312 Sale 10312 104
1
S A & Ar Pass Ist get it 48_1943 J J
-year ils
54
84
6
8
10118
10118 Sale 1003
997 10312
a
90 90 Mar'33 --__
Santa Fe l'res & Phen let 58_1942 131 5 80
Am Telep & Teleg cony 45..1936 M
8214 90
79 1003 10712
104
2
8
Say Fla & West 1st g 6s____193 I A 0 ---- 967 9814 Feb'33 -30
-year coll tr 58
1946 J D 103 Sale 10118
9614 96'4
98 1074
9912 255
101
Oct'31 _
1st gold 5.9
35-year s f deb 58
1960 J J 9913 Sale 98
1931 A 0
4
4
1037 138 01023 10912
8
9212
. 95
20
4
6
90.
. 18 Scioto V & N E 1st gii 4s
-year s f 53913
ND) AI N 923 95
1943 MN 1033 Sale 10314
16 100 10714
Seaboard Air Line 1st g 9s Iii50 A 0
Cony deb 4346
*
1939 J J 10112 Sale al0013 102
gg 10714
*
9913 265
*
Gold 48 stamped
"
Debenture be
1965 FA 9912 Sale 98
1950 A 0
2718 17
444
8
35
35
40
15
3
Jan'33 ___
3
6) Am Type Found deb 6e
2
Certits of deposit stamped__ A 0
1940 AO 31
3
8 2
49
14 Mar'33
78
9855
80
Adjustment be
12.
3 Am Wat Wks & El coll tr 55_1934 AO 7818 Sale 78
4
Oct 1949 F A
7214
34
51
56
50
511 51
*
Refunding 95
Deb if fie series A
1975 MN
1959 A 0
2 Mar'33 _ - __
112 3
Certificates of deposit
2
28
7
2 a2214 37
2114 301 a2214
25
23
144 344 Am Writing Paper let g 6s 1997
378
1st & C0119 65 series A._._1945
314 3 8 318
1
312 21
3
11
S
218 512
5
218
214
218 3
3
3 12 234
Certificates of depost _
Anglo-Chilean Nitrate 76_1945 MN
_
80
82
_
__
82 Feb'33
5
8
6 Mar'33 ____
6
73 Ark & Mem Bridge & Ter 56_1964
4
S 75
A tl & Iiirm 30-Yr 1st g 98J .
- 1953 isi i
1
77
817
2
8014 253
4
Armour & Co (III) 1st 4 He 1939 ,ID 80 Sale 793
Seaboard All Fla 1st gu 68 A 1935
7814
71 13 76
72
75 Sale 743
112 14
4
1
112 1
Certificates of deposit
I
13 Armour & Co of Del 534e
A 0
1943 j
4
65
7818
1
66
Armstrong Cork cony deb 513_1940 J D
66
66
Series II
1935
912 114 Mar'33
114
114 Associated Oil 6% g notes_1935 MS 124 Sale 1023
6 10113 10355
8
1023
Certificates of deposit
4
F A ....
_
4
Atlanta Gas L 1st 56
k183 983
4
4
_ _ _ _ 983 Feb'33
1947 J D 95
Ati Gulf dr W I SS coll tr 58 1959 .1 .1 36 Sale 36
8914 Oct'32
35
4312
No Ala con5 gu g 58...1936 F A
363
4 16
So &
9938 24
1 -ii- I51- Atlantic Refining deb Es
97 10314
84
75
2
75
Gen Cons guar 50-year 5s_1963 A 0 75
1937 J J 9914 Sale 99
95
4
40185518 Baldwin Loco Works let 58..1990 MN 72
80
a82
4514
9612 28
80
82
So Pac coil ths(Cent Pac coil) k'49 .1 D 3912 44
3
8
59
40
707 Batavien Pete guar deb 4345_1942 .5.5 9412 Sale 943
8
9014 94 4
8
993 137
4
1st 434e (Oregon Linea) A 1977 M S 55 Sale 537
8;13 873
2
4
Belding-Heminway 55
70
70 Mar'33 _
8714 82
8712
1936 ii 80113 8712 8712
1934 J I) 52
20-year cony bs
3812
8
42
42
37
3813 5414 Bell Telep of Pals series B 1948 .1 .3 1033 Sale 102
10312 39 102 III
1968 M S 39
Gold 4 345
1st & ref &aeries C
3714 53
8
403
4 42
1033
8 50 10113 11155
1960 A0 1033 Sale 102
Gold 43.45 with warrants.,.1969 M N 3812 Sale 3714
89
75
82
37
527 Beneficial Indus Loan deb 6s 1996 M
8
75
7512 79
42
8018 14
1981 M N 3812 Sale 37
Gold 43.45
3912 7012
Berlin City Elm Co deb 6348 1951 J o 09112 Sale 41
4612 60
85
68
7312 14
San Fran Term 1st 48. _1950 A 0 71 Sale 66
39
6912
Deb sinking fund 639s
453
8 83
1959 FA 40 Sale 40
9718 ___ 102 Mar'33 ____ 102 102
So Pao of Cal let con gu ifs 1937 M N
j
8452
Debenture tle
1937
37
4414 145
1955 A0 3918 Sale 3918
96
Jan'30 _ .._ _
BO PBC Comet 1st gu g 4s
3318 83 8
7
433
4 46
-6618 88 -99- ai9 - Berlin Else El &Underg 6 Hs 1958 A0 38 Sale 3618
19552 J 69 Sale 64
So Pac RR 1st ref els
71
90
10
76
75 Sale a7312
9212 Mar'30 ____ ____ ____ Beth Steel 1st at ref Is guar A '92 MN
Stamped (Federal tax).- _1955 J J
95
30
79
-year pm & Inapt 8155.1935 J J 8212 Sale 81
5
821s
Bid
og 8 L chum let gu g 4s___1948 J J
8
33
Ohio Concecting Ry 1st 9s__1943 M S
Ohio River RR 1st g 55____1936 .1 D
1937 A 0 70
General gold Is
Oregon RR & Nay corn g 48_1946 J D 88
Ore Short Line 1st cons g 56_19'6 J J 80
1946 J .1 100
Guar stpd cons 5s
79
1961 J J
Ore-Wash RR & Nay 4:3
High
Ask Low
45 Mar.33
34
97 13Iar'32
82
80 Mar'33
80
70 Mar'33
88
90
93
100
1013 100
4
10112 10012 101
Sale 78
80
•
53%
r Cash sales
d Due May. k Due Aug
a Deferred delivery
•Look under list of Maturia Bonds on ease 2395
•
2394
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 7.
Price
Friday,
April 7.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 7.
',a,
April 8 1933
Price
Friday
April 7.
No
Week's
Ran
Lastee or
Sale.
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High
Low
High
16
17
1
17
8
20 Gulf States Steel deb 534e___1942 .1 I) 48 Sale 47
52
42
54
16
578 Sale
5
6
4
5
6
Hackensack Water 1st 4s___1952 J J 94
9714 95
/
1
4
95
/
1
4
2
023 0812
2
4% Feb'33
41 512 Hansa SS Lines 6s with warr_1939 A 0 35
/
4
444 48 Mar'33
/
1
46
61
Harpen Mining Os with stk perch
4
6
158 Dec'32
war for com stock of Am shs'49 J J
5218 30
46
7215
214 37
37 Havana Elec comsat g 5s__ _1952 F A 46 Sale 46
2
8 2 Mar'33
20
333 18
4
18
18
241s
1
278 Sale
278
278
2
Deb 5118 series of 1926_1951 NI S
1
2
/
1
4
312 858 3 Mar'33
/
1
4
314 10
6938 74 693
8
5 6512 754 Hoe(R)& Co 1st 61 ser A_1934 A 0
69
/
1
4
/
1
/
4s
18
194 204
/
1
1272 2014
/
1
2014
10418 Sale 0218 10414 17 10112 108
Holland-Amer Line Os (fiat)
.1947M N
1978 20 Feb'33
177 20
4
10314 Sale 02
10312 101 10112 108 Houston 011 sink fund 51 1940 MN
/
45
394 Sale 38
/
1
38
53
32
41
8612 Sale 86
87
83
8414 96
Hudson Coal 1st s f 5s ser A_1962 .1 D 30
311 2712
2712 35
/
4
3012 40
51 Sept'32
Hudson Co Gas 1st g 55
102 10312 102
/
4
102
1 1011 10814
50 Nov'32
Humble Oil& Refining 5s
194 MN 102 Sale 10112 102
937 A O
9
31 10038 104
7812 Sale 7812
8012 15
78l 87
106 107 10612 107
10234 112 Illinois Bell Telephone 55_1956 J D 103
/ Sale
1
4
10118 10714
10978 118 10912 10912
1 108 11718 Illinois Steel deb 41
sA O 98 Sale 10112 10378 24
F A
/
4
97 10312
9734
98
10
- 158 Feb'33
158 158 finder Steel Corp mtge 65_1199484°
35
5812
41
17
99
9912
8
99 105 Ind Nat Gas & °Bret 5s....1936 M N 35 Sale 35
955 9612
8
9612 Feb'33
10218 Sale 1003
4 10218 19
Inland Steel 1st 434s
9812r1073
4
1978 A 0 69 Sale 66
81
66
15
69
9914 Sale 99
100
7
99 105'2
1st M s 41 ser B
/
4
8
1981 F A 6612 72 65
8012
4218
42
7 65
6612
50
18
42 6712
5
15
15
1
15
3314 Interboro Rap Tran let 58_1966 3 J 5712 Sale
47
59
5612
19
59 613
30 19
25
25
19
6412
10
6s3A 0
-year
2
•
37 Sale 37
37
1
37 46
Certificates of deposit______ __
14
1812 21
17 Mar'33
Ws
..1932
10
-year cony 7% notes.
•
•
Cal G & E Corp unf & ref 55_1937 MN
__ 10212 10212
1 100 10634
Certificates of deposit
62 Sale 613
70
Cal Pack cony deb 5s
6714 69 67
25 52
4
/
1
4
63
1940 3 J 1021/4-6912 23
6254 070 Interlake Iron let 554B
32
4312
36 Sale 32
Cal Petroleum cony deb s f 55'39 F A _84 85 Mar'33
9
36
85
9412 Int Agric Corp 1st & coil tr155 M
951
Cony deb 5 g 54
1938 M N i3i2 85 8515
/
1
*
8512
1 083
Stamped extended to 1942.... M N 3912
96
394 42
/
1
3878 40 Mar'33
Camaguey Sugar ctts of deposit
Int Cement cony deb 5s_ __ _1948 MN 052
14 Feb'33
Sale
2%
for 1st 7s
29 05012 6212
52
1942
14
14 Interest Hydro El deb 68_..1944 A 0 a25 Sale 05012
2414 44
2438
Canada SS L 1st & gen 65..1941 A 0 13 Sale 13
26
93
14
Inter Mere Marines 1 68
1044 20
1941 A 0 3112 Sale 30
Cent Dist Tel 1st 30-yr 55_1943 J D 10412 105 10312 Mar'33
37 02912 a4014
32
102 108 Internat Paper 5s ser A & B_1947 J J 4078
39
49%
Sale
Cent Hudson G & E 5s_Jan 1957 M S 102 Sale 102
/
1
18
10318 15 100 107
46
Ref 8 f (Is series A
1955 M 13 10 Sale 404
10
15 s
7
Cent Ill Elec & Gas 1st 55_1951 F A 54 Sale 52
10
54
12
56
25
52
75 Int Telep & Teleg deb g 41 1952 J J 194
/
4
s
1712 314
/ Sale
1
Central Steel 1st g s 1 8s
/
1
71 Mar'33
1941 M N 6114 84
22 208
_
Cony deb 4345
71
93
1939 J J 2312 Sale 1712
20% 37
Certain-teed Prod 51 A
201
4
/
4
8
1948 M S 263 Sale 26
2818 46
24 360
26
Debs 5s
3912
1955 F A
18
3312
Chesap Corp cony 58 May 15'47 M N 6512 Sale 6414
67 195
2012 296
6312 7538 Investors Equity deb 58 A-1947 J D 20 Sale 18
75
85
Ch G & Coke Ist ir11 g 5s-1937 J J 10114 Sale 99
8412
1
84
/ 10114 37
1
4
994 105
Deb 5s ser B with warr-1948 A 0 80
/
1
0 78___ 84
/
1
4
80
85
Chicago Railways let Ss 8tPd
80 Mar'33
Without rarrants
1948
75
8418
Sept 1 193220% part. 114
78 10438 80 Mar'33
F A
•
•
Childs Co deb 58
1943 A 0 2614 Sale 25
3012 39
25
39
/ KCP0w&Ltlst43lsserB.l957 J J
1
4
9814 10412
Chile Copper Co deb 55
9934 Sale 9914 1003
3238 Sale 27
32% 61
1947 3 .1
8 29
27 46
lat M 41
/
45
96 1053
4
CIn & E 1st M 4s A
9914 63
93
1988A 0 93 Sale 904
/
1
34
9058 100 Kansas Gas & Electric 410.19 0 J D 9812 Sale 9818
1981 F A
6
78
96
Clearfield Bit Coal 1st 415_1940 3 J 3518 -- - 38
78 78
12
38
6
81
Karstadt (Rudolph) 1st 68_1943 M N 71
38 38
Small series B
184 4114
111
1940J J 2514 - 28
Keith (B.F.)Corp. 1st 68- _1946 M 8 24 Sale 23
2914 37 4
4
Colon Oil cony deb 56
8
37 379
1 8 12 i5i./7
1938 J J 20 3412 25
Kelly-Springfield Tire 65_1942 A 0 3412 Sale 30
32
4844
Colo Fuel & Ir Co gen s t 515_1943 F A 38 Sale 3$
38
3914 42
37 47
Kendall Co 53.45 with warr 1948 M S 3914 Sale 38
55
67
Col Indus 1st & coil 53 gu
8
625 Sale 593
30 20
20
1934 F A 20
4
6258 18
1912 3018 Keystone Telep Co 1st 56
1935 J
68% 7012
Columbia 0& E deb 58 May 1952 M N 7118 Sale 66
711a 07
0812 7012 Mar'33
66
893 Kings County El L & P 58_ _1937 A 0
s
1021 108
/
4
/
1
4
Debentur05s
16374
707
s
103
/
1
4
6 68% 89
Apr 15 1952 A 0 70 Sale 6812
Purchase money 68
13118 135
/
1
4
Debenture 56
nol8 116 3118 Mar'33
70
/ 74
1
4
Jan 15 1961 .1 J 70 Sale 6612
Feb'33
6618 8778 Kings County Elev 1st g 48._199 F
49 A
7
1
72
774
Columbus Ry P & 1st 41 19573 J 881z Sale 87
90
7312 Sale 7312
21
/
4
8
5
75
8515 9714 Kings Co Lighting 115t 56_...19543 3
100 16512
Secured cony g 5413
10118
95 101
/
1
6
1942 A 0 99 100 99
01 Mar'33
98 106
First and ref 61
/
4
s
11414 11412
1412 Mar'33
Kinney(GR)& Co 71 notes 541 0 _ - 115
1936 J 3
'
/
4%
Commercial Credits I 65 A 1934 M N 9812 Sale 97
53
9812 10
53 42
2 a42
a42
97 10314 Krolge Found'n Coll tr 65._ _1936 J D 41
3114 6412
Coll tr s f 511% notes_
1935 J J 97 Sale 97
97
38
42 3818
11
27
Kreuger & Toll class A etfs of dep
9% 100
41
Comm'l Invest Tr deb 510-1949 F A 10012 Sale 010014 r10112 83 100 1047
for 8ec s t g 55
8
195981 S
10
Computing-Tab-Ree s 1 65_1941 J J 106 Sale 106
1814
10712
12 Sale 104
5 106 10818
56
/
1
12
97 Mar'33
Conn Ry & Ist & ref 34;01951 J J
97 10112 Lackawanna Steel 1st 58 A.A950 M S
10112 96 Mar'33
Stamped guar 4/
75 87
1
4
5
3
95 10112 Laclede G-L ref & eat 55_ _ -1934 A 0 7712 80 7712
78%
88
Consolidated Hydro-Elec W1 1 3
96
o 1
88 88 Mar'33
Coll & ref 51 series C__ _1953 F A 72
/
45
of Upper Wuertemberg 78_1956 3 .1 48
4912
67 4
/
1
4
50 48
3
3 484 66
29
56
Coll & ref 51 series D
/
1
1960 F A 49 Sale 48
/
4
8
CODS Coal of Md 1st& ref 58.1950 J D 115r8 11
/
1
4
1018
11
7
2 55 66
6
/ 12 Lautaro Nitrate Co Ltd 63_1954 J J _-- 5612 55
1
4
55
Consol Gas(NY)deb 51
/
45_1945 F A 103 Sale 10212 103
2la 5
93 MOO 10714 LeblghC&Navsf43sA 1954J J 0234 Sale 0234
18
3
Debenture 41
9412 Sale 93
/
4
7712 00
9412 71
5
1951 3
3
92 1011
78
Cons sink fund 451s ser C-1954 J J 7514 85 7712
/
4
Debenture 5s
99 Sale 9714
40 88
/ 873 80 Mar'33
1
4
9914 155
4
9614 10512 Lehigh Valley Coal 1st 58.-1934 F A 75
Consumers Gas of Chic gu 58 1936 J D
1011 101
10218
/
4
6 100 1053
99
/
1
4
0018 Dec'32
/
1
4
lat Zs ref s f 5s
1944 F A
4
Consumers Power 1st 56 C 1952 M N 11515f4 Sale 9334 10114 16
-11 601*
42 -60 52 Feb'33
993 107
1st & ref 81 58
4
20
Container Corp 1st 65
2315
1946 J D 3712 Sale 3612
20
3712
8
24 21 Mar'33
35
42
lst&refsf 5s
1111
17
15
-year deb 55 with warr_1943 J D 22 Sale 1814
20
22
164 20 20
17
/
1
1634 22
lst &ref 8159
1974 F A
20
22 25
Copenhagen Telep 56-Feb 15 1954 F A 6612 Sale 6518
6612
5 085
40 23 Mar'33
7312
Corn Prod Refg 1st 25-yr stSs'34 M N 10112 103 1011 10112
57 6818
/
4
5 101 10412
/
1
/
1
tA 0 684 75 664 Mar'33
uredMyers Tobaro 7 1944 j
8
dr 6llold no - 15: 93
Crown Cork dr Seals 1 63__ _1947 J D 85 Sale 85
863
4 13
12212 Sale l221
4 11778 12612
79
124
55
9012
Crown Williamette Paper 68_1951 J J 56 Sale 56
58
24
1083 Sale lOS1a 10914 39 102 110
4
56
64 Loew's Ine deb s t 6s
1941
48
Crown Zellerbach deb 55w w 1940 M
841s
3612 Sale 36
37
11
5714 Sale 55
36
44 Lombard Elec 7s ser A
5714 30
FA
764 904
•
Cuban Cane Prod deb 6s..1950 3 J
8458 Sale 84
10
•
Lorillard (P) Co deb 78
85
1944 t.
Cumb T & T lst & gen 5s
4 10212 28 100 107
1937 3 J 10212 Sale 1013
108 110 1064 10818 12 010212 114
/
1
55
90
99
13
92
Louisville Gas & El(Ky)5s-19 2 M N 9112 Sale 9112
1 51
9414 1064
Del Power & Light 1st 434e.1971 J 3 96
99 99
99
1
9714 Sale 9518
99 10212 Lower Austria Hydro ElPow983
4 30
1st & ref 41
/
4
8
933 9418 Mar'33
4
1969 J J 85
94% 99
lat 5161
/
4
8
45
53
let mortgage 411s
1969
47
95
48 47 Mar'33
69 9912 Mar'33
'3
9912 10134
Den Gas & El L 1st & ref s t 58'51 MN 9312 Sale 9312
95
20
91 100
McCrory Stores Corp deb 5;15 44 3 D
'41
19 F A
2142 62
Stamped as to Penna tax 1951 M N 94 Sale 94
14
95
/
4
92 19654 McKesson & Robbins deb 51
2158
17
23
/
48'50 M N 211 26
2344 3912
Detroit Edison Ss ser A
8
93
1949 A 0 90 Sale 90
90 10354 Manati Sugar 1st s f 71 _1942 A 0 24 Sale 02334
2612 81
/
4
8._
Gen & ref 5s series B
95 9312 Mar'33 1955 J D 93
91 103
•
Certificates of deposit ______
31 10
Gen & ref 5s series C
1962 13 A 90 Sale 90
9234
7
90 10312
-- 6
6
Stamped Oct 1931 coupon 1942 10
(5 1012
Gen & ref 411s series D-1961 F A 83 Sale 8112
8412 31
•
811 100
/
4
Certificates of deposit..........
3
11
Gen & ref 56 series E
19
0 90 Sale 8912
93
1952 A
11 Sale
9
11
8912 103
4
Manhat Ry(NY)cons g 45_1990 A (
29
Dodge Bros cony deb 65__ _1940 M N 723 Sale 703
381s
4
4
7314 105
7034 91
2dCertificates of deposit.......... 3334 Sale 3334
4s
79
36
22% 31
Dold (Jacob) Pack 1st 65_1942 M N 72 Sale 6518
8 65
66
201
70
31 Mar'33
Donner Steel 1st ref 75
175 25
4
4
6912 65
6712
1942 J J 65
4-Manila Elm RR & Lt 1 58._21113 81 B 1912 2412 25 Mar'33
57
69
1953
Duke-Price Pow 1st 68 ser A_1966 M N 5012 Sale 46 4
3
5012 47
843 895
4
4
66
43 5314 Mtrs Tr Co etts of partio In
853 8934 Mar'33
4
Duquesne Light 1st 411s A 1967 A 0 100 Sale 98
10014 100
98 105
A I Namm & Bon let 6s 1943 J D
/
1
4
43
1st M g 411s series 13_ _4957 M S 100 Sale 100
554
/
1
4
/
1
10212 28 100 107
46 46 Mar'33
Marion Steam Shovel 81 65_ _1947 A 0 40
2514 37%
33 2514
Market Bt RY 75 ser A_AprIl 1940 Q J 28
14
29
61
East Cuba Bug 15-yr s t g 7318'37 MS
•
75%
•
Mead Corp 1st 68 with warr_1945 M N 67 Sale 6534
•
7012 144
Ed El Ill Bklyn let cons 45_1939 J J 101 Sale 101
34
aola
10112
3 10058 1044 Merldionale Else 1st 7s A-1957 A 0 036 Sale 34
/
1
37
24
Ed Else(N Y) let cons g 58_1995 J J 1075 120 108
87
96
8
108
3 108 120 Metr Ed lst & ref 58 aer C 19 881 S 96 Sale 95
19
9 33 J
0
5
96
93
El Pow Corp (Germany) 611s '50 M 5 411 Bale 41
99
/
4
46
/ 93
1
4
823 90 94 Mar'33
4
lat g 41 series D
38
/ 68 4
1
4
/
3
4
5
1st sinking fund 61 _1953 A .
72
90
0 39 Sale 39
46
/
4
s.
60
8112 79
Metrop Wat Sew & Dr 51
38
68
79
15_1950 A 0 75
3
/
4
Ernesto Breda Co 1st 75..1954
6518 7615
70
/ 72
1
4
/ /
1
4
Met West
4
(Chic)4s-1938
721
/
4
With stock purchase warrants_ F A 7514 79
1314
74
/
1
4
8 72 80 Miag MillSide El1st at 7s 1956 F A 1018 15 701 Mar'33 25 39 15
7514
1314
Mach
_
J
67%
_
40 39
Midvale St &0 coll trst5s 1936 M
30
10
Federal Light & Tr 1st 513_1942 M S 68 . 72 6712
80
95
69% 11
63
70
/ MilwEiRy&Lt156B191J D riois 83 82
1
4
08414 30
lst lien s 55 stamped_ _ _1942 M S 68, 72 68
9 65
69
643 84
4
643 Bale 6434
4
let ratite 8e
70
/
1
4
69 120
1st lien 68 stamped
65% 83
681z Mar'33
_ 66 6
pe 3 series 1st
1942 M S 65
68
77 Mopt:n:POIVerA 58 A___ _1971j j
12
1943 J J
512
6818 55
30
-year deb 13.s series B _1954 J D 50 60
52 55 Mar'33
86
65 Sale 60
52% 60
29
70
Federated Metals sI 78-._.1939 J D 81
54
62
86 813
4
5
813
81
4
85
Montecathil Min &
54 Mar'33
1982 D
Fiat deb s I g 78
/
1
973
95
/ 98 954
1
4
93
4 16
1946
Deb g 78
9734
1937J
08714 98%
•
Fisk Rubber lst a f 88
/
1
•
Montreal Tram 1st & ref 56..19413 J 944 97 94
98
18
781 8614
/
4
Framerican Ind Dev 20-yr71941 rvi
9 95 10114
9812 95
8
97
/'42 J
4
Gen 85 ret t 5s series A_ _1955 A 0 785 8012 787
1
/
8
79
6 06418 66%
Francisco Sug 1st s I 74
/
1
30
33
1012 30
Gen & ref f 5s ser B
50 18
5_1942 M N 24
1955 A 0 5312 5712 643 Feb'33
4
68% 5854
Gen & ref s f 41 ser C-1955 A 0 5312 5712 68 Feb'33
/
1
4
/
4s
Gannett Co deb 139 see A - - -1943 F A 75 Sale 75
7712 14
Gen & ref a f 5s ser D
70 7014 Oct'32
75 80
1955 A 0 45
Gas& El of Berg Co sow]g 5516393 D 101 105
9818 June'32
Morrbs & Co 1st
/
4
4/ _1939 J J 5312 571 77 Sept'32
1
4
8__
Gelsenkirchen Mintng (W.__ _1934 M 8 55 Sale 53
6014 70
Mortgage-Bond Co 46 ser 2_1966 A 0 78 80 78
53
75
80 47 78 81
Gen Amer Investors deb 55 A1952 F A 76
1
76
21
803 76
40 40% Dec'32
78
4
8111 MurraY Body lst 61
/
4s
75
80
Gen Baking deb sf 51
22
1940 A 0 100 Sale 9912 100
/
45
Mutual Fuel Gas 1st gu g 55_19 M 11.
7212 75 Feb'33
97 10112
343 N
47
99 107 s
Gen Cable 1st 51 51 A
5
435
s 39
1947 I J 4318 Sale 43
/
4s
38
5412 Mut Un Tel gtd 68 ext at 5% 1941 MN 99 101 Mar'33
/
1
4
76
Gen Electric deb g 311s- _1942 V A 100 102 98 Mar'33
75
98 10214
99 75 Feb'33
/
1
4
Gen Else(Germany) 78 Jan 15'4 3 J 29
32
35
32
36
32
8212 Namm (Al)& Son_ _Bee Mfrs Tr
Stdeb 611s
3214 11
32
3214 Sale 32
5712 Nassau Elec gu g Is stpd_1951 J J 5314 Sale 53
35
23
61
61312
20
-year s f deb 6s
2512 Sale 2512
313 123
2.5
4
55
/ NatAcmelstatOe
1
4
111816,
1942 J D 53 60 54 Mar'33
53
64
Gen Petrol 1st s f 55
103
17 102 105
Nat Dairy Prod deb 5
102 Sale 02
/ ..i948 FA 7812 Sale 783
1
48_
s
80% 152
7714 91
'
Gen Pub Serv deb 5548
4
75
793
711 8614 Nat Steel 1st coil 58
/
4
4
7612 79
k
1956 A0 78 Bale 747
78
89
8112
Gen Steel Cast 514s with wart'49 J 3 48 Sale 47
4912 15
Newark Consol Gas cons 55_1948 3D 101 10312 10212 1021 100
47
66
1 10212 107
Gen Theatres Equip deb 65._1940 A 0
•
Newberry (JJ) Co 511% notes'40 AO 67
7334 81
82
17
85
82
Certificates of deposit
1
118 112 118 Mar'33
2 New Eng Tel & Tel tss A..__ _1952 D 105 Sale 10412 1051
22 100 1113
Good Hope Steel & It sec 75_1945 A 0 4612 Sale 4612
s
47
15
4612 6518
1st g 4 Hs series B
1961 MN 100 Sale 99
100
, 60
9812 10712
Goodrich(B F)Co 1st 61
65 63
6414 24
NJ Pow & Light let 430_1960 A0 82 Sale 81
62
80
/
45._1947 J J 64
82
31
8014 95
Cony deb 68
i9-153 p 3512 Bale 341s
36
/ 127 03313 493 New Orb Pub Serv 1st 5s A 1952 AO 4514 Sale 4312
1
4
._
4
464 99
/
1
4312 64%
Goodyear Tire & Rubb 1st 551957 M N 721 Sale 6912
/
4
7212 108
68
First & ref 58 series B__1955 3D 4514 Sale 4414
86
46
36
4414 6412
Gotham Silk Hosiery deb 65_1936 J
78 Mar'33
N Y Dock 1st gold Is
78
87
1961 P A 48 Sale 47
48
12
45 6014
Gould Coupler 1st I f 6s___ _1940 F A
Serial 5% notes
1934 A0 28 Sale 28
29
8
28
Gt Cons El Pow (Japan) 713_ _1944 F A 45 Sale 4312
3712
45
3755 45 NY Edison 1st kr ref 6115 A.1941 AO 110 Bale 10812
13
11014 49 1061 115
/
4
let & gen e t (1)is
19503 3 40 Sale 397
1st lien & ref 5s series B
5
19
40
31
40
1944 AO 104 Bale 103
10414 61 10218
let lien & ref 5.5 series C
1951 AO 10414 Bale 10112 10414 58 101 108%
10814
Bing & Bing deb 65s
1950 M
Botany Cons Mills 6/
1
4
s
1934 A 0
Certificates of deposit
_A 0
Bowman-Bilt Hotels 1st 75_1934
Stmp as to pay of $435 pt red__ M S
Wway & 7th Ave 1st cons 55.1943 J D
Certificates of deposit
J D
Brooklyn City RR 1st 58_ __1941 J J
Bklyn Edison Inc gen 5s A._1949 .1 J
Gen mtge 55 series E
1952 J J
Bklyn-Manla K T see 6s___1968 J J
Bklyn Qu Co & Sub con gtd 58'41 M N
1st 55 stamped
1941 J J
Bklyn Union El 1st g 5s_...1950 F A
Bklyn Un Gas let cons g 58_1945 M N
let lien & ref 65 series A._1947 M N
Cony deb g 51
/
4s
19363 J
Debenture gold 58
1950 J D
1st lien & ref series B
1957 M N
Buff Gen El 41 series B..1981 F A
/
45
Bush Terminal 1st 4s
1952 A 0
Consol 55
1955 3 .3
Bush Term 131dgs 53 gu tax ex '30 A 0
By-Prod Coke 1st 51 A
1945 M N
/
4
s
'3
LigTt
r Cash Wes. a Deferred delivery. •Look under list of Matured Bonds on Page 2395
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apiil 7.
Prize
Friday.
Atoll 7.
s
Wgut'
Range or
Range
Since
Jags. 1.
Last sate.
Bo
Ask Low
High
/
1
4
NY Gas El Lt H & Pow g 55 1948 3D 1064 Sale 10618 1063
Purchase money gold 49._1949 FA 99 Sale 983
4
9914
85 80 June'32
MN
NY L &W Coale:MI.5%8'42
95 100 June'31
NY LE&W Dock & Imp 58'43 J J ia
7
8
2
1 Sale
f „
1
4
N Y Rye Corp Inc / _Jan 1965 Apr
/
4
41
Prior lien 68 series A
1965 J J 391 4112 33
N Y & Richm Gas let 68 A_ _1951 MN 99 1001 101 Mar'33
N Y State Rya let cons 4Hs A '62
154 41
MN
13
Certificates of deposit
4
13
4
60-yr let cons 648 ser B__1962
14 13
/
1
112 Feb'33
Certificates of deposit
105
11/1N Y Steam 68 ser A
1997 - 1:1 104 Bale
let mortgage 58
95 4
3
1951 MN 95 Sale 9414
3518
let M 5s
1956 MN 94 Bale 94
1013
N Y Telep lst & gen f 4;0_1939 MN 10118 Sale 100
45
N Y Trap Rock 1st /
1
4
1
1946 J O 43 Sale 43
99
9914
Niag Lock &0Pow lat 5s A _1955 AO 90
99
56
Niagara Share deb 5Hs_ - _1950 MN 53 Sale 53
Norddeutsche Lloyd 20-yr 81( '47 MN 31 Sale 31
4
0
/
1
4
12%
Nor Amer Corn deb 648 A_ _1990 MS 12% Sale 12%
4
North Amer Co deb 58
4
1961 FA 693 Sale 69
711
6614 67
70
No Am Edison deb 58 ser A.I957 MS 65
641
Deb 548 ser B__ _Aug 15 1963 FA 62 Sale 62
Deb Ss series C___Noy 15 1969 MN 5812 Sale 5812
65
Nor Ohio Trac dc Light 68_1947 MS 91 95
91
91
981
Nor States Pow 25-yr 58 A 1941 AO 9412 Sale 94
101
4
let & ref 5-yr 65 ser B.__ _1941 AO 1003 Sale 100
' ____ 9412 90 Feb'33
North W T Ist fd g 4Hs gtc1.1934
3
Norweg Hydro-El Nit 548._1957 MN 68 Sale 67
683
95
Ohio Public Service ?Hs A..1948 AO 95 Bale 94
let & ref 78 series B
95 Mar'33
1947 FA 7514 86
17 Sale 17
17
Old Ben Coal let (is
1944 FA
Ontario Power N F let 5s_1943 FA 9614 98
97
98
Ontario Power Fiery let 5%s_1950 3,
•
Ontario Transmission 1st 59_1945 MN __- 95 91 Mar'33
Oslo Gas .!: El Wks extl 52_ _1963 (71
6612 7312 6612
67
1412 Sale 1412
151
Otis Steel let M 6s ser A _1941 M
Owens-Ill Glass s f g 55
101
1939 .1 J 100 2 10112 101
Pacific Coast Co let g Ss_ _1946 ID 29
26
2612 26
Pacific Gas & Elgen & ref 58 A '42 J J 10012 Sale 3312 10012
Pee Pub Serv 5% notes _ -1936 MS 6912 86
7018
7018
Pacific Tel & Tel 1st Ss
10318
4
'3 1023 Sale 101
_1937
Ref mtge 55 series A
4 10214
1952 MN 102 Sale 1013
Pan-Am VetCo(of Cal)conv 68'40 3D
•
2812 3
Certificatss of deposit
32 Mar'33
2612
Paramount-Wway 1st 5%8_1951 ii 2612 Sale 2512
Certificates of deposit
Paramount-Fern's-Lasky 88.1947
Certificates of deposit
Paramount Publix Corp 5%e 1950 FA
Certificates of deposit '
8
8
Park-Lee let leasehold tiIis 1953
314 10
Certificates of deposit
a8 Mar'33
Parmelee Trans deb 6s
15
15 Sale al2
1944
Pat & Passaic0& El cons 581949 MS 101 105 101
101
Pattie Each deb 78 with warr 1937 MN 6518 6712 5838
63
Pa Co gu 3%s coll tr A reg_ _1937 MS
87 Nov'31
Guar 3%s coil trust ser B.1941 FA
78 Jan'33
Guar 314s trust ctts C__ _ _1942 ID 73
74 Mar'33
7913 7312 Jan'33
Guar 3%e trust Ws D.
..1944 J O
Guar 48 Ber E trust ctfs
85 80 Mar'33
1952 MN 79
Secured gold 41
78 Sale 78
81
/
48
1963 MN
Penn-Dixie Cement let 68 A 1941 MS 36 Sale 3413
36
Pennsylvania P & List 4%s 1981 A 0 8212 Sale 78
82 4
3
Peep Gas L & C 1st cons 68_1943 AO 107 111 10912 Mar'33
Refunding gold Se
94
1947 MS 9212 Sale 92
Registered
_
MS
96 Apr'32
Phila Co see 6s series A._ __1967 J
704 Sale 69
7112
Phila Elec Co let & ref 4%s..1987 MN 100 10112 277
8
983
4
let & ret 413
93%
1971 FA 93% Sale 9212
Phila & Reading C & I ref 581973
55
'
3
52 55
Cony deb Os
33 Sale 32%
34
1949 M
Phillips Petrol deb 5
/
1
70
/ -.1939 3D 634 Sale 68
1
4s
Pillsbury F1'r Mills 20-yr 68_1943 AO 9512 99
95
95 12
Pirelli Co (Italy) cony 75._ _1952 MN 10014 1003 100 Mar'33
4
Pocah Con Collieries 1st s f 58'57 ii 60 Sale 60
60
Port Arthur Can & Dk 1313 A.1953 P A 37
51 Mar'33
65
let mas series B
80
63 Aug'32
1953 P A 52
Port Gen Elec let 4%e ser C 1960 MS 504 Bale 49
521
Portland Gen Elec let 55_1935
98
J
99
98
Porto Rican Am Tob cony (is 1942• J 2014 24
19%
20
Postal Teleg & Cable coil 50_1953 J J
18 Sale 1618
194
•
Pressed Steel Car cony g 53_1933 J J
Pub Serv El & G let dc set 454e'67 J O 10018 Sale 99% 1004
1st & ref 434s
10014
1970 P A 100 Sale 100
1st & ref 48
9512
1971 A0 95 Sale 94
Pure 0118 f 54% notes_ _1937 FA 694 Sale 69
7014
8 5H% notes
6312 Sale 63
1940 M
12
67
Purity Bakeries a f deb 58..1948
' 6012 Sale 60
I
6112
Radio-Keith-Orpheum part paid
etts for deb (is & corn stk 1937 MN
-- 60 Dec'32
Debenture gold(
/
1
4
83 Sale
8
838
8%
1941 ID
Remington Arms 1st e I 68-1937 MN 65
6618
6812 65
Rem Rand deb 5%s with war '47
N 4318 Sale 04114
4412
Repub I & S 10-30-yr See f_1940 AO 563 69
55 Mar'33
8
Ref & gen 5Hs series A-1953
'
I 29
35
3012 Mar'33
Revere Cop & 13rass Os ser A 1948 MS 5118 5914 55 Mar'33
Rheinelbe Union s f 7e
42
/
1
4
1946 J J 3712 Sale 35
Rhine-Ruhr Water series 6..1953 J J 31 Sale 31
37
Rhine-Weetphalla El Pr 75_ _1950 MN 55. Sale 55
5818
Direct mtge (is
45
1952 MN 3618 Sale 3618
Cons M Os of 1028
4412
4
1953 P A 3534 Sale 353
Con M 6e of 1030 with warr'55 AO 36 Sale 35
4412
Richfield 011 of Calif 68
•
•
1944 MN
Certificates of deposit
MN 22 Sale 214
22
Rime Steel 1st a f 78
40
40
1955 P A
Roch0& El gen M 5%s ser C'48 M S 98
98.2 101
99
Gen mtge 4 Ha series D..1977 MS
3314 Feb'33
Gen mtge 571 series E
3612
973
1962 MS 95% 97
4
Roth & Pitts C&Ipm 58_1946
N
65 Dec'30
Royal Dutch 98 with warr_.1945 A0 883 Sale 8818
4
89
Ruhr Chemical a I (is
49
1948 AO 43 Sale 43
No.
St Joseph Lead deb 5Ha._ ..1941 MN 85
86
85
87
St Jos By Lt lit & Pr let 58.1937 MN 66
90 Feb'33
86
Si L Rocky Mt & P5 stpd_1955 J J
32
32
St Paul City Cable cons 5s._1937 J J 48
48
50
50
Guaranteed 5e
51 Mar'33
1937 J J 48
50
San Antonio Pub Sera let 68 1952 ▪ J 7512 Sale 7414
7612
Sehulco Co guar 6
35 Mar'33
1946 3, 20
34
Stamped (July 1933 coup on)
45 Mar'33
2012 28
Guar f 6 He series B _ _1946 AO 40
35 Mar'33
55
Stamped
40
_Sharon Steel Hoop a f 534s._1948 FA
4
163 Sale- 16
Shed t Pipe Line a (deb 58_1952 MN 713 Sale 71
72
4
Shell Union Oil a f deb 58 -__I947 MN 69 Sale 6812
7014
/
1
4
Deb 58 wlth warranta_ _1949 AO 693 Bale 6912
7012
4
Shinyetau El Pow let 6%8..1952 J O 40 Sale 383
40
4
Shubert Theatre 6a_June 15 1942 ID
•
Siemens & Ilalske a t 7a_-_1935
'
3 79 Sale 77
80
/
1
4
Debenture e f 610
6512
1951 MS 59 Sale 59
Sierra & San Fran Power 52_1949 FA 91
943
:
4
943 92
Silesia Else Corp a f
P A
38
38 Sale 37
Fillealan-Am Corp coll tr 78_1941 FA 32% Sale 32
33
Sinclair Cons 011 15-yr 78_1937 M
97
96 Sale 9512
let lien 8%o serles B
8
1938 J D 93 Sale 927
9314
Sinclair Pipe Line a f 55
101
1942 AO 1003 Sale 100
4
Skelly 011 deb 510
1939 MS 83 Sale 6212
6314
Smith (A 0)Corn 10 8%a..1933
N 9812 Sale 96
9812
5
9
58
68
10
2
24
4
1
9
14
14
129
14
37
13
60
3
42
56
5
4
63
3
8
82
46
29
31
18
23
16
1
8
43
119
32
20
75
102
156
4
22
11
199
16
2
7
6
8
31
14
35
9
Tenn Coal Iron & RR gen 58_1951 ii
Tenn Copp &Chem deb Os B 1944 MS
Tenn Elec Pow let 6s
1947 J D
Texas Corp cony deb 5s_ __ _1944 AO
Third Ave Ry let ref 48
'3
1960
Ad]Inc 58 tax-ex N Y_Jan 1960 AG
Third Ave RR let g 55
1937 3,
Tobacco Prods (N J) 630_2022 MN
Toho Elec Power 1st 711_1955 M
Tokyo Elec Light Co Ltd
1st /dollar series
(
1
4
1953 3D
Trenton 0 & El 1st g 5s
1949 MS
Truax-Traer Coal cony 646_1943 MN
Trumbull Steel lets f 6s_ _ 1940 MN
Twenty-third St Ry ref Ss_ 1962 J J
Tyrol Hydro-Elec Pow 7%8_1955 MN
Guar sec a 78
1952 P A
Week's
Range or
Last Sale.
98
50
8312
8214
39
2312
86
97
50
§
caQ
Range
Since
Jan. 1.
High No. Low
9114
7
87
10238 41 100
104
23 100
66
1
64
10312 84 101
9412 113
9234
•
2278 52
2014
105
1 105
9912 100 Mar'33
55
50
50
8412
Sale 82
Sale 80
8212
Bale 373
39
8
Sale 22
2312
8814 67 Mar'33
974
Bale 3514
5412 50
50
56
57
42
17
_
73
2
High
93
107
1074
81
105
100
444
110
a9812 10414
50 637
784 10014
7714 93
4512
36
2038 283
4
83
90
89 102
41
52
12
4112 182
Sale 334
---- 1044 10412 37
25 6154
181z 17
43
7
Sale 4112
10 Feb'32
1
61
61
4
56
55
1554 444
0
102 1062112
3
47
Ungawa Elec Power a f 7s___1945 M S 4634 Sale 4538
/ 22
1
4
Union Elec Lt & Pr(Mo)58_1933 M N 10018 101 10014 Mar'33
Gen mtge goldfa9A 0 100 Sale 374 100
63
11945573 .1
Un E L& P(t11) lat g 5Hs A
101 104 102
3
103
Union Elev Ry (Chic)58_ _ _1954 A 0 1014 _- 18
Jan'33
Union 011 30-yr 68 A__May 1992 F A 10214 105 102
1021
4
lat lien a f 58 ser C___Feb 1935 A 0 9812 9912 9812
6
987
Deb 59 with warr. .Apr 1945 J D 79
7912 794
3
791
United Biscuit of Am deb 68_1942 MN 95 4 Sale 95 4
3
1
95
3
3
United Drug Co (Del) 5s___1953 M S 494 Sale 44
491
67
United Rye St L let g 4s_-1934 J J
2214 Mar'33
U S Rubber let & ref 5s ser A 19473 J 35 Sale 3412
36
65
United SS Co 15
78
78 Mar'33
-year 6s_ _ _1337 M N 70
Un Steel Works Corp 6 Ms A-1951 J D 31 Sale 30
39
78
371
Sec I 6SO series C
3112
-- 3012
13
Sink fund deb 6
371
35
1941.1 D
5
ser A _ _19 7.1J 30 Sale 2912
25
384 United Steel Wks of Burbach25
373
4
981
8
3
Each-Dudelange at 7s__ _ _1951 A 0 987 10512 a9714
1914 20 Dee'31
Universal Pipe & Rad deb /1936 J D
1
1
4
42
Unterelbe Power & Light 68_1953 A 0 38 Bale 374
27
Utah Lt & Tree let & ref 58_1944 A 0
574 Mar'33
631
Utah Power & Light 1st 5s_1944 F A 63 Sale 62
17
Utica Elec L & P 1st s f g 58_1950 J J 103 104 105 Mar'33
Utica Gas & Elec ref & ext 561957 J J 103 Sale 103
1
103
a3
18
Util Power & Light 5Hs_
16% 54
1947 J D 15 Sale 1318
6% 15
Deb 58 with warrant& _1959 F A
1312 Sale 12
15
119
101 10614
474 6812 Vanadium Corp of Am cony 52;'41 A 0 37 Sale 34 4
3
377
18
Vertientes Sugar let ref 78_1342
-78
7
78
4%
6 Sale
6
9
Certificates of deposit
74
74
912 1418 1012 Mar'33
Victor Fuel 1st f 58
J
2 429
1953
8
7912 823 Va Elec & Pow cony 5 Ms. 19 M S 98 101 100
100
5
Va Iron Coal & Coke 1st g 5s 94M S 473 _ _ _ _ 50 Feb'33
8
Va RY & Pow 1st & ref 58._ _1934 J J 9812 Sale 9838
99 - 31
7
3
8012 8312 Walworth deb 6%s with warr '35 A 0
4
7
96
49
Jan'33
11
78
9612
Without warrants
18 Dec'32
A 0
10712 114
let sinking fund 6s ser A._1945 A 0
934
4
1112 - 17
93 Sale
92 10712 Warner Bros Pict deb (is_ _..1939 M S 16 Sale 14
16
38
_ Warner Co let 6s with warr_1944 A 0 124 35 10
13
18
69
90
Without warrants
12%
- 12%
A 0 1212
2
97% 10512 Warner-Quinlan Co deb 6s._1939 M
1512 14
alb Sale 14
9213 100
Warner Sugar Refin let 76_1941 J D 105 Sale 104% 105
11
54
67
Warren Bros Co deb 6s
33
1941 M S 31 Sale 31
19
632% 49
Wash Water Power a f 5a...1939 J
98 10212 10212 Mar'33
6718 75 4 Westchester Ltg Se stpd gtd_1950 J D 103 105 10312 104
3
/
1
4
4
95 104
West Penn Power ser A 58._1946 M S 10312 104 103
104
8
a993 1003
8
4
let 5s series E
10314 10
1963 M S 10218 10212 102
60
60
1st see 5s series G
D 10212 Sale 101% 103
22
1956
50
65
Western Electric deb 5s
87
1914 A 0 8518 Sale 81
89
"io 7054 Western Union coll trust 58_193S 3 J 54 60 52
54%
7
98 101
4018
Funding & real eat g 448.195 M N 40 Sale 374
65
0
18
33
15-year 6%s
58
38
M s
1936 F A 58 Sale 56
1618 284
25-year gold 58
41
60
1951 I D 41 Sale 37
30
-year 58
40 Bale 363
4
4
0% 39
99 1053 Westphalia Un El Power 68_19 9 J J 2812 Sale 2812
4
34
77
19 3
6
5
100 1053 Wheeling Steel Corp let 5 Hs 1948 J J 54 Sale 4412
8
54
6
9312 10012
1st & ref 4 Hs series II....1953 A 0 44
44
45
46
15
69
7912 White Sew Mach 6s with warr '36 J J
31 Mar'33
6312 7712
J 2318 30
Without warrants
25
7
2212
67
55
Partic f deb 61:
2318 30
2214 Mar'33
Wickwire Spencer St'l 1st 761931 M N
9
CU dep Chase Nat Bank _ _ _
114 2 4 118 Mar'33
3
812 19
78(Nov 1927 coupon) Jan 1935
58
61318
118
dep Chase Nat Bank__
7
1
2
/ 1
1
4
MN
4112 58
351
Willys-Overland s f 6
3
35
_ _ _1933 MS 3412 36
55
83
Wilson & Co 1st s f 6s A__ _ _1941 A0 9012 Sale 89
901
48
/
1
4
30
53
Youngstown Sheet & Tube 5s '78 J J 54
5412
5614 78
55
52
62
571
1st mtge f 5s ser B
1970 AO 5412 Sale 5412
35
34
664
/
1
31
571
:
55
77
3618 7012
3534 7014
(Negotiability Impaired by Maturity)
35
70
•
1912 29
MATURED BONDS.
Prue
....2
Week's
N. Y. STOCK EXCHANGE l'i
38
41
Range or
Friday.
Week Ended April 7.
9812 107
,a.
April 7.
Last Sale.
ala
3314 398
4
2612 10134 Foreign Govt. & Municipals.
Ask Low
Bid
High No.
Mexico Trees( assent large '33 J J
/
1
4
/ 412 Mar'33
1
4
354 5
Small
83
90
.1 .1 ____ ____
314 Mar'33
43
62
Railroad.
Bait & Ohio cony 4%s
81
94
1933 M S 70 Sale 69
1 114 36
7
Stpd (10% part reduct)
88
93
M S ____ ____ 6514 Mar'33
Norfolk South 1st & ref 58 A.1961 F A
32
33
314 31 314
8
/
4
314
Seaboard Air Line let g 43_1950 A 0
42
51
214 23
23 Feb'33
8
Gold 44 stamped
61
55
1950 A 0
518 8
518 Mar'33
741 92
/
4
Refunding 4s
1959 A 0
214 212 133
12
214
25
35
Industrials
39
45
Abitibi Pow & Paper let 5s_.1953 1 D
35
28
12 Sale 11
12
13
Chic Rys 5s Mod 20% part paid__ F A 4914 593
4
3
"IC 36 Cuban Cane Prod deb Ss__ _1950 3 J 278 Sale 494 4912 289
17
8
27
8
69
85 East Cuba Sue 15-yr 8 f g754s'37 M S 614 934 6
2
7
Fisk Rubber lets f Ss
65
83
1941 M S 573 Sale 573
4
4
5814 36
6312 833 Gen Theatres Equip deb 68 1940 A 0
4
112
112 Sale
1
11
Gould Coupler 1st s f 68
28
40
1940 F A
5
778 7
1
7
3712 50
1004 102
9612 10412
10012 105
18
18
99 4 105 4
3
8
9812 100 4
2
89
75
954 100
43
70
193 2214
4
2914 5012
75
88
30
6014
3012 80
294 5912
77
95
8
59
8212
82
92 102
94
37
8
6912
32
4238
18
22
9014 100
12
8812 9712
30 100 103
/
1
4
25
59
/ 70
1
4
13
97 101
4138
10114
16
4112
394 65
55
55
6314
6214
9314 981s
3714 66'2
56
72
14
74
60
105 105
103 10814
1318 34 4
3
12
30
3434 48 4
3
112 6
101: 14
99 105%
4812 50
9712 103
11
11
12
812 23
12
20
10
25
1238 22
14
27
1s
10212 106
30
45
10212 106
103 11012
1
004 108
102 1094
2912 107
81 • 102
52
70e
3712 62
55
72
3612 57 8
7
364 59
/
1
2612 5712
4412 63%
41% 557
8
31
37
2212 37
2214 37
118
11
/
4
7:
35
84
52
5214
1%
79%
9314
61
82
Matured Bends
Interboro Rap 'Fran 63
1932 A 0
10
-year 7% notes
1932 M S
Menet' Sugar 1st s f 7 s__1942 A 0
Stmpd Oct 1931 coupon__1942 A 0
Ontario Power Serv 1st5He_1950 J J
Pan-Am Pet Co (Cal) cony 68'403 D
Pressed Steel Car cony g 5s._1933 J I
Richfield 011 of Calif tis
1944 M N
Shubert Theatre 6s June 15 1942 J D
Stevens Hotels series A
19453 3
r Cash sales. a Deferred delivery. •Loot wider list of Matured Bonds on 0a2 mtge.
Price
Fridae
Aprii 7.
Bid
Ask Low
High
112
/ Solvay Am Invest 5s ser A..1942 MS 9118 93 90
1
4
:
10314 South Bell Tel & Tel 1st a f Eis '41 J J 1013 Sale 10118
Erweet Bell Tel let & ref 5s__1954 P A 10314 Sale 102
Southern Colo Power 613 A_ _1947 J J 6614 6812 65
"Is; Stand 011 of NJ deb 55 Dec 15'46 FA 10312 Sale 10212
41
32
Stand 011 of NY deb 4 Hs_ _1951 J O 9414 Sale 923
4
100 1053 Stevens Hotel 181 68 series A_1945
4
Studebaker Corp 6% g notes 1942 J O 23 Sale 2014
114
13 Syracuse Ltg Co 1st g 58_1951 ID 98
9912 105
4
14 112
101 109
94 10412
94 104
9812 106
43
6014
99 105
72
53
31
60
1018 26%
69
89
67
87
62
89%
584 84
/
1
4
91 10714
94 1043
4
100 10612
90 90
5314 7118
23
5
94 105
_
95 104
231:
1
15
8
9312 1013
4
•
91 10014
4
664 a72
34 2412
24
3
99 1013
4
1
32
26
91
9914 1063
4
3
6812 8812
37 101 1073
4
7 10112 1083
4
15
it
Low
104
98
7
44
39
217
14
2
48
117
9
41
5
22
45
1
59
10
14
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 7.
2395
1912
624
13
14
653
4
30
3712
2314
1:
1012
Sale
Sale
Sale
Sale
74
31
Sale
Sale
12
1112
183
4
2014
6214
6333
13
13
7
14
694 Mar'33
31
31
3712
39
23
2312
/ Mar'33
1
1
4
1012
10
•
57
40
71
8
6
23
11
Range
Sluce
Jau. 1.
Low
High
33
4
Vs
3'4 6
7712
67
61
6812
212 4
14
17, 334
612 7
12
Ds 3
11
49
34
2
/
1
4
45
I
6
1612
57
12
Vs
7
5814
2
12
1012
12
22
6112 71
13
2
14
6618 7112
25
/ WS
1
4
3712 5712
21
2944
$s
111
10
16
Financial Chronicle
2396
April 8 1933
Outside Stock Exchanges
Boston Stock Exchange.---Record of transactions at
the Boston Stock Exchange, April 1 to April 7, both inclusive, compiled from official sales lists:
Friday
Sales
Last iVeek's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Stocks-
Railroads
Boston & Albany
100
Boston Elevated
100
Boston & Maine
Common stamped
Preferred stamped
CI A 1st pfd stpd--100
Class B 1st pref stpd_100
Prior pref stpd
100
Boston dc Providence 100
East Mass St Ry Co ad) 100
Common
Norwich & Worc'ter p1.100
Old Colony RR
100
Pennsylvania RIO
50
65
76c
30e
16%
83
81
634 6555
53.4
6
11
12%
18
12814
76c
30c
83
754
1515
534
6
15
1215
2054
1284
76c
300
83
77
1615
131
338
Range Since Jan. 1.
Low.
80
Jan
6334 Apr
354
595
124 54
195 35%
500
5
944 133
1,630
5
General Capital Corp
Gillette Safety Razor__ •
International Hydro ElecLoew's Theatres
Mass Utilities Assoc v t 0.•
National Service Co
New Eng Tel & Tel_ - _100
Pacific Mills
100
Reece Buttonhole Mach Co
Shawmut Assn tr ctfs----*
Stone & Webster
•
Swift & Co
•
Torrington Co
•
144
144
254
114
2
154
7535
815
5
614 6%
655 655
855 10%
25
22
35
789
25
74
235
1,422
801
840
90
720
180
325
535
1
3315
31
64
10
30
3%
15
1
37
31
64
10
31
3%
1
154
80c
104
1
23c
X
35c
136
80c
1015
115
23c
3-4
35c
Mining
Copper Range
La Salle Copper Co
Mohawk Mining
Nipissing Mines
North Butte
Old Dominion Co
Utah Metal & Tunnel__
25
25
25
180
3,100
3,990
825
400
10
165
30
14
25c
88
114
Sc
6
614
255
Jan
Feb
Mar
Feb
Apr
Jan
Mar
Jan
Mar
Apr
Jan
Feb
Mar
Apr
24 Jan
Jan
Mar 500
Apr 1094 Jan
Mar
215 Jan
Apr
Apr
55
Jan
9
Feb
Apr
954 Jan
Mar 22% Mar
631
104
25
37
31
30
34
114
9651
Apr
614
Apr 70
Apr 59
Jan
555
Mar 183
Jan
6
Jan
Jan
Feb
Mar
Jan
Feb
134
11%
254
7%
14
40e
73
554
43-4
635
5%
7
22
Mar
Feb
Apr
Feb
Apr
Mar
Apr
Mar
Jan
Jan
Feb
Feb
Apr
1835
2054
6
114
251
114
94
955
54
715
10%
1114
304
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Mar
Feb
Jan
Jan
Mar
Jan
165
1,534
291
50
33
47
193
60
1
33
304
535
935
30
2%
3.4
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Apr
156
3954
32
835
134
32
455
1
Jan
Mar
Jan
Jan
Feb
Mar
Jan
Jan
640
100
100
70
114
600
9%
85c
20e
500
25e
Apr
Feb
Jan
Jan
Jan
Mar
Jan
255
85o
134
14
34c
55c
40e
Jan
Mar
Feb
Feb
Mar
Jan
Mar
194 194 31,000
1%
7315
8%
25
_1
Bonds
Brown Co 515s
1946
Chicago Junction Ry dr
Union Stk Yds 5s___1940
E Mass St Ry set A 4355'48
Pond Creek Pocah's 7s1935
90
70
15
855
53.4 Apr
20
11
Feb
32
Feb
15
10 11
Jan
16
113 17
Feb 254
24 12835 Apr 132
17 51c Feb
1
55 20e
Jan 30c
10 83
Mar 84
77 73
Mar 79
705 10
Feb 19%
Miscellaneous
Amer Pneumatic Serv pref_
14 154
136
Common
45c
45c 45c
Amer Tel & Tel
100 91
88
92%
2
Amoskeag Mfg Co
2
151
Andes Petroleum
Sc
Sc
Sc
Bigelow Sanford Carpet_.•
655 635
Boston Personal Prop Tr_
64 8
Crown Cork Intl Seal Corp
355
334
East Gas & Fuel Assn
Common
•
34 44
451
415% prior pref
100
54
574
6% cum pref
100 40
35% 45
Eastern Steamship Lines_•
514
5
Edison Mee Ilium
100 140
133 143
Employers Group
514
5
United Founders corn•
U Shoe Mach Corp
25
Preferred
25
Waldorf System Inc
Waltham Watch pref
Prior preferred.
Warren Bros Co
•
Westfield Mfg Co ctf of dep
High.
17
Mar
1951 Apr
964 964
27
27
9755 9734
96
24
95
Jan
Jan
Feb
9851 Feb
2715 Feb
9754 Apr
14
1135
254
9%
154
75c
73
73.4
so
200
200
5,000
1,000
3,000
• No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange, April 1 to April 7, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Abbott Laboratories corn.•
Acme Steel Co
25
Adams Mfg (J D) corn_ •
Asbestos Mfg Co com. ..1
Associates Invest Co corn.•
Assoc Tel UtilCommon
•
Bastian-Blessing Co corn_•
Bendix Aviation com....
•
Borg-Warner Corp com_10
7% preferred
100
Bruce Co (E L) corn
•
Butler Brothers
10
Castle & Co (A M) corn_10
Central Ill P S pref
•
,
Central Pub Seri Corp A.1
Central Pub Util•
ChM A
V t c common
1
Cent 8 W UtilCommon
•
Prior lien preferred_
•
Preferred
Chain Belt Co corn
Chicago Corp
•
Common
•
Preferred
Chicago Elec Mfg el A_ •
_100
Chi dr N W Ry
Chicago Yellow Cab cap_ _•
•
Cities Service Co corn
•
Club Alum Uten corn_
Commonwealth Edison 100
Comm'ty Tel cumul part •
Consumers Co common_ _5
Cord Corp
Crane Co
25
Common
100
Preferred
Godchaux Sugar cl 13- --•
Great Lakes D &D. •
Grigsby Grunow Co corn_•
Hall Printing common_ _10
HarniseMeger Corp com_ •
Hart-Carter cony pref_ ....•
Range Since Jan. 1.
Low.
High.
25
25
14
14
64 64
234
215
32
32
300
150
10
400
200
21%
10
6
2%
31
Jan
Feb
Mar
Mar
Mar
27
14
615
535
37
Feb
Mar
Feb
Jan
Mar
si
6
6
8
854
74 855
73
73
5
555
1% 214
550
50
1,800
5,000
50
300
1,100
4
3
6%
5%
70
454
14
Apr
Feb
Feb
Feb
Jan
Jan
Feb
115
64
1151
9%
8055
7
3
Jan
Mar
Jan
Jan
Feb
Jan
Mar
755
715
17
15
3i
Si
100
190
100
74 Apr
Mar
19
34 Mar
715 Apr
3355 Jan
55 Feb
X
X
so
20
34 Feb
34 Mar
35 Jan
14 Apr
115
13.4
10
10%
555
5
9
9
25
14
250
60
270
10
1
855
5
9
Feb
Feb
Mar
Mar
2
19
104
10
Jan
Jan
Jan
Jan
3,050
I
13.6
1,600
12% 1315
315
355
10
135 34 13,900
6
755
400
r2
254 6,200
100
h
X
1,400
53
56
3
354
400
200
Si
h
4.15 5% 9,200
1
12%
315
135
6
2
%
50
3
15
44
Feb
Apr
Feb
Apr
Apr
Feb
Feb
Mar
Mar
Apr
Jan
2
1834
34
634
84
3%
34
82
33.4.
15
734
Mar
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Apr
Mar
Jan
44 415
20
22
3
15
Feb
Feb
6
28
Mar
Mar
Si
815
7%
214
Si
Si
13.4
13
235
715
255
55
34
555
455
21
211
115
74
Si
355
315
24
315
215
31
3%
2%
£34
150
110
1,100
450
1,300
150
50
600
51
655
51
315
235
315
Mar
Feb
Apr
Mar
Mar
Jan
24 Apr
8% Jan
151 Jan
415 Jan
3
Jan
315 Jan
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares
Houdaille-Hershey cl B •
•
Class A
Indep Pneum Tool v t
Iron Firemen Mfg v t C--- - -----Kalamazoo Stove com_ •
Ky Util Jr cum pref____50
La Salle Ext Univ com__10
Libby McNeill dr Libby
Common
10
2%
Lindsay Nunn Pub $2 pref•
554
Lynch Corp com
5 11
115
135
334 434
7
7
4
4
84 834
15
15
31
X
100
100
10
50
100
20
10
151 215
555 64
11
11
1,600
500
100
Range Since Jan. 1.
Low.
1
34
7
3
4
15
Jan
Jan
Feb
Mar
Apr
Jan
Mar
2%
6
11
4.4
84
2435
55
Feb
Jan
Feb
2
8
114 134
McCord Rad & Mfg cl A.. •
10
134
McWilliams Dredging Co •
7
1,300
7
135
115
115
Manhat Dearborn com.•
150
134
654
Marshall Field common. •
2,000
554 7
415
Material Serv Corp com_ 10
100
54 53-4
5
Mickelberry's Food Prod
415
355 44
2,350
1
214
Common
650
Middle West Util new._.•
si r.15 Si
15
Midland United1
1
Convertible preferred_ •
100
1
2
2
10
2
Midland Util6% pr lien 100
3
100
3
20
3
7‘:' prior lien
0
834 6%
655
50
655
Modine Mfg coin
2
2
20
2
Monroe Chemical corn_ *
5
244 2435
20 2415
Preferred (w w)
10
10
50 10
National Standard corn_ •
400
234 2%
215
North American Car com20
2
2
50
No Amer Lt & Pwr com_ •
2
615
636 655
1,300
5
Northwest Bancorp corn..•
3
3
20
pref 100
2
Nor West Util
3
3
50
3
Parker Pen Co (The) corn10
3
6
6
250
6
Penn Gas dr Elea A com_ •
14
164 17,050 10
• 15%
Prima Co common
1
155
•
300
1
Process Corp corn
Public Service of Nor Ill
• 254 2534 27%
700 25%
Common
23% 25
150 234
Common
100
55
80 50
100 524 50
6% preferred
69% 7035
20 67
100
7% preferred
Quaker Oats Co
•
85
81
380 63
Common
107 107
30 107
100
Preferred
High.
Feb
Mar
Apr
Feb
Feb
Apr
Mar
214 Mar
64 Mar
1215 Mar
Apr
Jan
Mar
Feb
Jan
14
9
154
8
615
Apr
Jan
Jan
Mar
Jan
Feb
Jan
5
31
mar
Feb
Feb
Feb
Feb
Apr
Apr
Feb
Apr
Mar
Feb
Mar
Apr
Feb
Feb
Apr
1%
4
515
8
4
30
11%
34
515
10%
514
3
7
164
24
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Apr
Jan
Apr
Jan
Apr
Apr
Apr
Mar
48
47
85
95
Jan
Jan
Jan
Jan
Feb 93
Mar 117
Mar
Jan
Jan
h
100
3.4
Railroad Shares Corp com •
554 Jan
34 Jan
24 24
100
155 Jan
Raytheon Mfg Co corn_ •
24 Mar
5
5
50
5
Jan
Sangarno Electric Co- •
535 Jan
900
%
•
%
Mar
Seaboard Utll Shares34 Jan
1654 18% 2,550
Jan
Sears, Roebuck & Co corn • 18
Feb 22
14
114
10
Signori° Steel Strap com- •
ih Mar
Mar
4
4
10
4
Cumulative preferred_30
Feb
4
Feb
4%
4
4
1,150
Storkline Furl cony pf_ _25
3% Jan
715 Mar
650
si
Super-Maid Corp corn_ *
35
Jan
1
3.4 Feb
16
15 17
17)5 3,350 1235 Feb
Swift International
1754 Mar
8% 10% 11,100
25 1034
Swift dr Co
7
1155 Mar
Feb
3% 4
Telephone Bond & 511 0100
40
314 Apr 13
Jan
154
1
•
71
1
Apr
Class A
315 Jan
654 7
654
750
Thompson (J RI com___25
954 Jan
h Mar
50 20
Union Carbide & Carbon.• 244 244 2414
Feb 284 Jan
20 22% 214 2255
600 18
Mar
Mar 23
U S Gypsum
10154 10355
100
50 1014 Apr 10611 Jan
Preferred
•
200
654 8
654 Feb 11% Mar
U Ei Rad & Tel com
450
55
55
Utah Radio Products corn •
55 Mar
36 Jan
•
100
34
Si
Util & Ind Corp
115 Jan
Feb
154 2
200
115 Mar
Convertible preferred- •
315 Jan
5
•
5
so 44 Feb 634 Jan
Vortex Cup Co corn
•
Wahl Co corn
Walgreen Co common....
Ward (Montg) & Co clA.•
•
Wayne Pump corn
Western Grocer Co com_25
Wisconsin Bank Shares
•
Common (new)
Zenith Radio Corp com_ •
Bonds
Chic City Rys 5s____1927
Certificates of deposit_
Chicago Rys 55
1927
Certificates of deposit--_
Holland Furnace 6s_ 1936
Metrop West Side El 4s '38
208 So La Salle St Bldg
1958
5%a
34
134
3171
1255 13%
49
55%
55
34
114
14
800
1,950
510
70
10
34
1115
4734
34
13.4
Jan
Feb
Feb
Mar
Feb
54 Jan
141( Jan
Jan
el
1
Jan
2
Jan
4
Si
50
50
36
A or
Mar
10
Jan
% Jan
4
55
43
51
• No par value. r Cash sale.
4315 $6,000
51
49
44
44
1214 14
4,000
4,000
3,000
42
Mar
4854 Mar
4355 Mar
124 Apr
214 24
6,000 1851 Feb
Er-dividend. VEX rights.
54
Jan
5915 Jan
Mar
44
14
Jan
24
Jan
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, April 1 to April 7, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices
Sale
Week.
Par. Price. Low. High. Shares.
23% 2335
Alberta Pee Grain pref_100
56
56
Beatty Bros prof
100 56
8315
Bell Telephone
100 8034 80
1
1
Blue Ribbon Corp corn_ •
15
15
64% preferred
so
755 74
754
Brazilian T L & Pr corn. •
B C Packers prof
100 1054 104 1054
13 C Power A
144 1455
• 1415
2315
Burt(F N) Co com
25 2315 21
34 4
Can Canners cony pref. •
4
48
48
lot preferred
too
3
3
3
Can Car & Fdry pref. _ _ _25
11
12
Can Dredge dr Dock corn.* 12
Can Gen Elec pre
53
52
50 52
1%
155
Can Indust Alcohol A_ •
Canadian Oil corn
64 6%,
•
Canadian Pacific Ry_25
9
915
9.4
44 415
Cockshutt Plow com
•
354 4
Consolidated Bakeries..
4
Consolidated Industries_ •
Si
Si
Cons Mining & Smelting 25 64
5851 66
178 180
Consumers Gas
100 178
14
Crow's Nest Pass Coal_100
12
Dominion Stores com____• 15% 144
Fanny Farmer pref
27
• 27
Ford Coot Canada A...
6
635
Goodyear T dr It pref__100 80
80
Gypsum Lime & Alabast_•
14
154
Hayes Wheels & Forg corn •
1
Internatl Mill let Pr...100
100
Internati Nickel corn
* 10.55 9.50
Lake of Woods Mill corn..
5%
Laura Secord Candy com_• 39
36
Loblaw Groceterias A_
1015
• 11%
13
104
•
Staple Leaf Mill prof. _100
515
Massey-Harris corn
•
3
2%
Range Since Jan. 1.
Law.
15 20%
66 56
594 80
21
1
48 10
1,100
715
35
6
1,500 14%
28 20
35
354
5 48
300
3
35 10
86 51
70
115
25
634
3,735
9
110
314
100
2
34
35
1,469 54
42 170
.56 12
High.
Jan 25
Apr 57
Apr 100
Apr
1
Feb
15
Mar 10
Jan
1234
Apr 17%
Feb 28
Apr
53.4
Apr 55
Apr
4
Mar 1314
Mar 5635
Mar
2
Apr 10
Apr 1654
Feb
515
Jan
455
Apr
115
Mar 7255
Jan 181
Apr 20
Star
Feb
Jan
Apr
Apr
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Feb
Star
Star
Feb
154
321
12% Feb 17%
27
90 23
Jan 28
64
955
6
Apr
8
82%
134 80
Apr 91
154
55
14 Feb
24
1
75
7
Jan
1
100
40 98
Jan 100
10.65 11,801 8.15 Mar
11.15
25
5%
Mar
555
5
39
70 36
Jan 40
1115
1,490 1035 Apr 12
225 104 Ma
1055
1115
6
110
634
5
Feb
.3%
355
334
215 Ma
Feb
Star
Jan
Jan
Jan
Apr
Apr
Mar
Apr
Star
Feb
Feb
Feb
Mar
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
•
Moore Corp corn
Muirheads Cafeterias corn •
Page-lIersey Tubes com__•
Photo Engrvrs & Electro_*
Pressed Metals corn
Riverside Silk Mills A _ •
Simpson's Ltd pref.. _..I00
Steel Co of Canada com__•
Twin City Rapid com100
Walkers (Hiram) com____*
Preferred
Western Can Flour Mills_•
•
Weston Ltd (Geo)
Winnipeg Electric pref_ 100
Bank—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
42
734
7%
15
534
10%
Low.
High.
5% 511
1
1
41
44
8
834
8
8
7% 734
6% 754
15
15%
30
25
150
95
20
30
55
30
5
%
40
8
8
7
6
14%
Mar
Feb
Mar
Apr
Apr
Mar
Mar
Feb
Jan
7
Apr
1
53% Jan
Jan
14% Jan
Jan
12
Jan
17% Mar
1%
5
514
1034 10%
5
5
17
18%
5
5
30
1,140
989
5
50
35
1
4
9%
4
17
5
Mar
Mar
Mar
Feb
Apr
Apr
11
5
20%
5
49
15
38
103
34
94
3
123
127
126
158
239
126%
155
Apr
Apr
Apr
Apr
Apr
Apr
Apr
12414 123
129
127
126
126
158
158
239
127% 12634
155
Loan and Trust—
Canada Perm anent _ _ _ _100 121
Huron & Erie Mortgage 100
National Trust
100
Range Since Jan. 1.
120
85
200
125
130
130
162
240%
128
155
122
85
200%
86 120
5 80
15 200
1% Mar
Mar
Mar
Apr
Mar
Apr
140
148
158
189
263
143
172
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr 153
Mar 102
Apr 212
Jan
Jan
Jan
• No par value.
Toronto Curb.—Record of transactions at the Toronto
Curb, April 1 to April 7, both inclusive, compiled from
official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low, High Shares.
Brewing Corp
Preferred com•
•
Can Bud Breweries com_.•
Canada Malting Co
•
Can Wire Bound Boxes A_•
Consolidated Press A_
•
Distillers Corp Seagrams_•
Dominion Bridge
•
Dominion Motors of Can 10
Dom Tar & Chem pref _100
Dufferin PavdrCr St p1.100
Goodyear T & Rub corn__*
Imperial Tobacco ord .... _ _5
Montreal L li & P Cons •
National Steel Car Corp_ _"
PelLssier's Ltd corn
*
Power Corp of Can corn.._•
Quebec Power
Shawinigan Water & Powr"
Toronto Elevators corn__ _•
United Fuel Invest pref 100
011—
British American 011
*
Crown Dorn 011 Co
•
Imperial 011Ltd
•
International Petroleum •
McColl Frontenac 011 Co_*
Preferred
100
North Star Oil cons
5
Preferred
5
Supertest Petroleum ord *
Thayers Limited pref_ __ _•
4%
5%
1534
4
15%
10
45
8
5%
10%
15
7%
734
11%
%
1%
12
Range Since Jan. 1.
Low.
14
634
734
15%
434
5
534
17%
234
10
10
Mar
Mar
Feb
Apr
Jan
Jan
Mar
Jan
Jan
Apr
Feb
11%
9%
12%
4%
Mar
Feb
Apr
Mar
Apr
Jan
Apr
Feb
Feb
Apr
6734
834
32
8
.20
8%
11%
13%
15
93.4
Jan
Jan
Jan
Jan
Apr
Jan
Mar
Jan
Apr
Jan
734
I%
7%
10%
734
54%
%
1%
11
9
Jan
Apr
Air
Mar
Mar
Apr
Apr
Apr
Mar
Feb
814
3%
954
12%
9
61
1.50
3
14
10
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Apr
%
5%
534
15%
4
3%
4%
15%
1
10
8
'50
585
305
1,481
160
50
75
143
105
25
10
4414
7%
27%
5%
.20
634
11%
10
15
4%
45
8
28
574
.20
7
11%
10%
15
4%
60
910
85
100
50
40
7
27%
554
.20
35
55
130
75
714
134
7%
10%
7%
5434
%
1%
12
10
8
134
8
11
7%
55%
%
1%
12
10
1,413
5
5,663
1,025
15
30
200
80
150
50
ioo
6
• No par value.
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, April 1 to April 7, both
inclusive, compiled from official sales lists:
Stocks—
rriaay
mies
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low, High. Shares.
Range Since Jan. 1.
Low.
High.
Bankers Securities pref__50
774
Bell Tel Cool Pa pref__100 108% 106%
Cambria Iron
50
333.4
Camden Fire Insurance_ _5
9%
934
Central Airport
•
Si
Electric Storage Battery100
23%
Horn & Hardt
(NY)com_ _•
19
Insurance Co. of N A _ _ _10 26%
25
Lehigh Coal dr Navigation'
6
514
Lehigh Valley
50
8%
73.4
108%
34
9%
%
24%
19
27
6
974
20
834 Feb
734 Apr
200 106% Mar 114% Jan
110 3334 Feb 3434 Jan
800
93-4 Feb 11% Mar
600
% Apr
13-4 Jan
55 21% Feb 25% Jan
100 17% Jan 20% Jan
Mar 3534 Jan
1,000 25
1,000
8% Jan
534 Mar
345
854 Feb 14% Jan
Mitten 13k Sec Corp prat 25
Pennroad Corp v t c
•
Pennsylvania RR
so
Phila Elec of Pa $5 pref•
MULL Elea Pow pref._ _25
l'hila Rapid Transit__ _50
7% preferred
50
Philadelphia Traction..._50
Reliance Insurance
10
Scott Paper
•
Series A 7% pref__ _100
34
1%
17
99
29%
13.4
4
16%
4
28%
104
100
5,000
3,400
370
600
100
200
200
200
9
11
%
134
13%
97%
28%
134
3
15
3%
28
9934
Jan
Feb
1
Mar
134 Jan
Jan 19% Jan
Apr 103% Jan
Jan
Mar 33
Mar
2% Jan
Feb
6
Jan
Mar 22% Jan
Mar
454 Jan
Jan 31
Jan
Jan 104
Mar
1,300
14
%
600
514
1,100
14% 56,100
380
90
4
100
100
1
25
5
Is
ha
334
14
87
3%
1
5
mar
%
Jan
Mar
Apr
Mar
Feb
Mar
Feb
14
12%
20%
9934
4
1%
534
Tonopah-Belmont Deve1.1
Tonopah Mining
1
Union Traction
50
United Gas Improv com_.•
Preferred
•
Victory Insurance Co- _ -10
Warner Co
•
Westmoreland Inc
•
1%
9734
534
14%
89%
Bonds—
Chic 33 81 P Ry adj 58 2000
Elec dr Peoples tr Ws 4s '45
l'enn Cent L & P 4%8_1977
Phila Elec (Pa) 1st 58_1966
Southern Ry Co 6s_ _ 1956
.
34
134
is%
9734
28%
1%
3%
16
3%
28%
103
hi'
ha
4%
14
87
4
1
5
4
15
62%
105%
23%
4
$2,000
4
43,200 15
19
5,000 62%
64
105% 3,000 103%
1,000 23%
23%
Friday
Sales
Last Week's Range for
Sale
of Prices.
TVeek.
Stocks (Concluded) Par. Price. Low. High. Shares.
Ches&Pot Tel Halt pre( 100
112 114%
Commercial Credit
4%
614% 1st preferred_ -100
70
70
7% preferred
18% 18% 18%
Consol G E L dr Pow__ _ _• 43% 43
45%
6% preferred ser D_100 105
105 105%
100% 100%
5%% pref ear E
100 100
5% preferred__ .....100 06% 96
97
2
Eastern Rolling Mill
2
2
Emerson Bromo Sells A w I 15% 15% 18
Fid & Guar Fire Corp__10
5% 534
Fidelity & Deposit
16% 17%
50 17%
Finance Co of Amer cl B_ _
4
4
4
Finance Service el A corn.. -----4% 4%
Class B common
4% 434
Houston Oil preferred_ _ _
2% 2%
Maryland Casualty Co_ _ _ _ ---134
1% 2%
Merch & Miners Transp_*
20
20
Mt Vern-Woodb Mills pref
11
11
New Amsterdam Can Ins..
7
734
7A
Northern Central
64% 64%
Penns Water & Power...
42%
42% 40
United Rys & Electric_ _50 12e
120 140
US Fid & Guar new_ _ _ _10
214
2% 3
Bonds—
Baltimore City—
City 334s
1980
City 4s
1961
Md Elec Ry 634s flat..1957
United Ry & Elec Id 5s 1936
1st 4s flat
1949
Income flat
• No par value.
Feb
Mar
Jan
Jan
Jan
Apr
Mar
Feb
Apr
4
Apr
Apr 21% Feb
Apr SO
Jan
Mar 110% Feb
Apr 23% Apr
Stocks—
Stocks—
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
•
Arundel Corp
Atlantic Cst Line(Conn)50
•
Black & 1)ecker corn
1034
1%
9% 10%
1331 13%
1%
134
4,576
20
130
Range Since Jan. 1.
Low.
9% Apr
13% Apr
1
Feb
High.
17
19
2
Jan
Jan
Jan
Low.
111 112
4%
515
5 70
550 1814
58 43
74 105
32 100%
123 96
30
I%
415 1554
4%
5
17 15
4
50
393
4%
4%
14
120
2%
1%
4,007
110 19%
60
9%
7
710
45 64%
155 40
400 12c
1%
2,415
80
80
$300
2,500
95
9535
2
8
8
2
2
5,000
9
9% 5,000
A
A 17,000
'
,may
hates
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares,
Allegheny Steel
•
•
Armstrong Cork Co
Blaw-Knox Co
*
Columbia Gas & Elec.__ •
Devonian Oil
10
Ft Pittsburgh Brewing _.1
Harbison Walker Refracts •
Independent 13rewing_ _ _ 50
Preferred
so
Koppers Gas dr Coke pf 100
Lone Star Gas
•
Mesta Machine
5
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Plate Glass--25
Pittsburgh Screw & Bolt_ *
Plymouth Oil Co
5
Standard Steel Spring_•
Westinghouse Air Brake_ •
West'house Elec dr Mfg_ _50
alVestern Pub Serv v t c _ •
Unlisted—
Copperweld Steel
•
General Motors Corp.. _ _10
Gulf Oil Corp
25
Lone Star Gas 6% pref _100
Pennroad Corp
*
Pennsylvania RR
50
Standard Oil(N J)
25
United States Steel_ _100
80
95
8
2
9
%
Mar
Apr
Mar
Mar
Apr
Apr
Mar
Mar
Feb
Apr
Mar
Mar
Apr
Apr
Apr
Mar
Mar
Jan
Mar
Apr
Feb
Apr
Jan
Mar
High.
116%
434
75
20%
65
110%
107
102
2
24%
34
4
4%
4%
3%
354
21
11
1734
71
60
140
4
Feb
Mar
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Apr 91
Apr 10254 Feb
Apr 12% Jan
3
Jan
Jan
Apr 13% Jan
1% Feb
Apr
Range Since Jan. 1.
Low.
High.
2%
47
534
16
1334
8
5
2534
653.4
53-6 6
4% 5%
654 634
934 10%
7
7
234
234
7% 754
1% 2%
254
234
45
47
5
53.4
8% 9
70
522
215
255
22
9,472
100
900
475
20
5,151
100
534
434
4
9%
7
1%
634
1%
2
45
5
7
Apr
Feb
Feb
Apr
Apr
Jan
Feb
Mar
Mar
Mar
Mar
Feb
6%
6
8%
17%
7%
234
9
334
4%
65
7%
934
Feb
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Mar
63.4
1434
1334
2
6%
5
15
23
4%
7
16
13%
254
8
5
1614
25%
434
400
310
210
200
1.030
100
609
214
803
5
10
13
13-4
6%
3
1274
1934
474
Jan
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Mar
10
1954
1534
2%
9
554
16%
3134
6
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Mar
53.4
1134
3034
65
1
1534
24%
27
5%
12%
3034
66
1
175.6
2554
2954
10
447
700
190
88
673
63
752
554
934
2634
65
1
1374
23
23%
Jan
Feb
Jan
Apr
Apr
Feb
Mar
Feb
6
14%
3034
72
1%
193-6
3134
33%
Jan
Jan
Apr
Feb
Feb
Mat
Jar
Mar
41
5
634
10
Bonds—
Independent Brewing 68'55
42
35
Mar
4574 Mar
$2,000
* No par value. a Listed on March 16, prior to that date sold as unlisted.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, April 1 to April 7, both inclusive, compiled from official sales lists:
Stocks—
Sala
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
•
Aetna Rubber corn
Chase Brass & Cop pf A 100
City Ice & Fuel
•
Preferred
100
Cleve Elec 1116% pref_ _100
Cleveland Ry corn
100
100
Ctfs of dep
Cleve Worsted Mills nom.*
•
Dow Chemical corn
*
Foote-Burt corn
Gen'l Tire & Rubb com_ 25
Goodyear Tire dr R corn._•
Greif Bros Cooperage cl A •
Hanna, MA.$7 corn Did_•
Interlake Steamship corn.
•
Kelley Island L & Tr corn_•
Medusa Cement
•
•
Ohio Brass, B
Patterson Sargent
•
Richman Brothers corn_ •
Selberling Rubber corn_ •
Sherwin-Williams com25
AA preferred
100
YnlIncratna, SY A, T nrof Inn
• No par value.
10
46
9974
36%
6%
25
1534
15
'
5
1
65
934
46
9974
32
3034
5
35
634
25
1434
8
1
65
10
46
9934
32
35
5
3654
654
25
1634
8
100
45
267
20
28
15
90
415
310
50
10
575
13
48
1434
774
6
6
10
24
134
15%
75
21
48
15
774
8
634
10
24%
134
16
76
21
10
430
40
25
145
10
219
170
105
30
20
Range Since Jan. 1.
Low.
High.
65
9%
46
953-4
32
314
4
30
654
25
1034
8
Jan
1
Apr 76
Apr
12%
Apr 52
Mar 110
Apr 43
Apr 4334
Jan
5
Jan 3854
9
Apr
Apr 25
Feb
1834
Mar 10
Jan
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Apr
Jan
Feb
48
14
734
6
5%
914
23
1
1334
70
1734
Apr
Feb
Mar
Feb
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Feb
Max
Jan
Feb
Jan
Jan
Jar
74
52
16
10
8%
7
10
32
214
173.4
81
23
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, April 1 to April 7, both
inclusive, compiled from official sales lists:
• No par value.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, April 1 to April 7, both inclusive, compiled from official sales lists:
8
Range Since Jan. 1.
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, April 1 to April 7, both
inclusive, compiled from official sales lists:
High.
A Jan
% Mar
554 Apr
is% Mar
234 Mar
Apr
3
Feb
4
14% Feb
1 • Apr
Apr
10
Jan
5
%
3
5%
14
4
3
4%
15
1
10
7
2397
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Aluminum Industries_
•
Amer Laundry Machine_20
Amer Products pref
Amer Rolling Mill com__25
Amer Thermos Bottle A. •
Churngold Corp
•
CM Ball Crank pref
•
Gin Gas & Electric pref_100
Cincinnati Street Ity.- _ 50
Cm & Sub Bell Tel
50
CM Union Stock Yards •
City Ice & Fuel
•
4%
8
5
7%
134
1
314
79
635
59
17%
10%
5
9
5
8%
1%
1
81%
6%
60
1734
10%
43
519
10
239
100
10
300
102
111
120
445
75
Range Since Jan. 1.
Low.
3
6%
5
6%
154
3%
79
534
58
17%
10%
Mar
Mar
Mar
Feb
Apr
Feb
Apr
Apr
Mar
Jan
Apr
Mar
High.
5
10
5%
10%
114
1
334
93
8
64
18
12
Feb
Mar
Feb
Jan
Apr
Feb
Apr
Jan
Feb
Mar
Jan
Jan
Financial Chronicle
2398
Friday
Sales
Last Week's Range for
of P1
Sale
-ices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Dow Drug corn
•
Eagle-Picher Lead
20
Formica Insulation
•
General Machinery pt. •
Gerrard (S A)
•
Gibson Art corn
*
Hobart Mfg
*
Julian & Kokenge
•
Kroger cons
•
Lazarus pref
100
Procter & Gamble new___•
5% preferred
100
Pure 0116% pref
100
Richardson corn
•
10
.11 S Playing Card
U S Print & Litho corn...'
* No par value.
236
2%
5
55
1
9
1036
6
1836
85
24
98
20
6%
1231
1
236
2%
5
55
1
9
1031
6
19%
87
26
99
25
7
12%
1
40
50
33
10
10
10
96
3
593
200
100
15
16
100
113
100
Range Since Jan. 1.
Low.
High.
Mar
Jan
4
Feb
336 Jan
Jan
8
Jan
Apr 55
Apr
1
Feb
Apr
Apr 11
Jan
Feb 1236 Jan
Feb
Feb
6
Feb 19% Apr
Apr 88
Feb
Mar 29% Jan
Apr 103% Jan
Apr 48
Jan
Jan
731 Feb
Mar 13
Jan
Apr
136 Jan
234
5
55
31
10
6
15%
85
19%
98
20
4
9
1
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, April 1 to April 7, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Stocks-
Brown Shoe common_ •
2936
29
Curtis AIfg common
4% 5
4%
5
Internatl Shoe common..' 29
2836 29
Preferred
100 106
105% 106
MeQuay-Norrls Com_ •
26% 25
Mo Portld Cement com_25
5%
531 5%
Rice-Stix Dry Ode cora. •
334 336
v
1
Scullin Steel pref
1%
136
S'western Bell Tel pref_100 110% 109% 110%
Wagner Electric com .. _ _ _ 15
5
534
• No par value.
Range Since Jan. 1.
Low.
High.
30 29
Apr 33
4% Apr
60
5%
106 26
Mar 29%
12 102% Jan 106
60 24% Mar 27
4% Feb
110
6%
3
340
Feb
1
130
Apr
136
222 109% Apr 117
436 Mar
350
6
Feb
Feb
Mar
Apr
Mar
Jan
Mar
Apr
Jan
Mar
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, April 1 to April 7,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
La.91 Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Alaska Juneau
15% 14%
Anglo Calif Natl Bk of EY F
12%
Bank of Calif N A
120
Byron Jackson
Calambra Sug 7% pref.__ _
12
California Packing
-10%
Calif Wat a v c pref
65
Calif West Sts Life Ins cap 15% 15%
Caterpillar
7%
731
Coast Cos G&E6% lst pref
69%
Crown Zeller v t c
1%
Preferred A
8
Preferred B
8
Fireman's Fund Indemnity
12%
Fireman's Fund Insurance_
38% 8431
First Nati Corp of Portland
1134
Food Mach Corp
634
Range Since Jan. 1.
Low.
High.
12%
13
65
16
8
69%
1%
8
8
12%
40
1133
63(
245 11%
1,048 12%
25 101
1,000
1
250 11
9,097
8%
10 65
179 15%
7,143
5%
49 69%
480
1
7
731
15
7
6 12%
2,469 3434
10 11
669
5%
Jan 15% Apr
Mar 20
Jan
Feb 152% Jan
Mar
1% Jan
Mar 13
Jan
Mar 13
Apr
Apr 65
Apr
Apr 31% Jan
Feb
9% Mar
Apr 79
Jan
Feb
Mar
Mar
9% Feb
Mar
93( Jan
Apr 16
Feb
Mar 44
Jan
Jan 12% Mar
Jan
8
Mar
Golden State Ltd
3% 3%
Haiku Pine Ltd pref
154 1%
Hale Bros
4% 4%
Hawaiian C & S Ltd
31% 31% 32%
Home F & M Insurance
18
------ 18
Honolulu Oil Ltd
8% 816
833
Pacific Lighting Corp
2636 25% 26%
6% preferred
80
83
80
Pat Pub Serv non-vot pref.
236 2%
233
Pacific Telephone
67
6833
8% preferred
102
102 104
Paraffine Co
11
11
Ry Equip & Rlty 1st pref.
5
5
Series 2
2
2
2
Richfield
34
34
7% preferred
31
31
2% 2%
Roos Bros
Southern Pacific
12% 14%
Honolulu Plantation
30
30
30
375
3%
100
13(
100
436
330 2716
100 18
482
8%
2,764 2534
575 80
1,070
2
90 67
100 102
224
8%
41
5
1%
86
36
350
400
X
235
2
3,186 11%
55 30
Apr
434
Apr
1%
Apr
636
Jan 33
Apr 22%
Apr
Mar 43
Apr 93%
Apr
Apr 8136
Apr 110
Feb 14
Feb
6
Mar
3
Jan
34
Feb
31
Jan
2%
Feb 19%
Mar 32
Leslie Calif Salt
13
Louisiana Gas Elec pref
85
Magnavox
Mere Amer Rity 6% pref
Nor Amer Inv 531% pref... -----NoAmer 011 Cons
Paauhau Sugar
Pacific Gas
2033
6% lot preferred
22%
2031
531% preferred
Sou Pacific Golden Gate A
Spring Valley Water
Standard Oil California.- - 23%
Tidewater Associated Oil_ _
3%
6% preferred
13
84
34
60
9
336
3%
20
22
19%
533
2%
21%
3%
24
15%
12%
120
230
13
220
8633
230
36
10
60
10
9
613
334
125
4
21% 10,439
23
8,526
1,350
2036
405
5%
60
2%
24% 6.889
206
3%
188
25
11%
84
%
60
9
336
336
20%
21%
19%
4%
2%
20
3%
24
Feb
Apr
Mar
Jan
Apr
Apr
Apr
Apr
Mar
Mar
Jan
Apr
Feb
Feb
Apr
14
9831
31
60%
12
536
4
31
25%
23%
5%
53(
25%
3%
441
(
Mar
Apr
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Mar
Jan
Apr
Jan
Mar
Feb
Jan
Mar
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
April 8 1933
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Transamerlean
Union Oil California
United Aircraft
Wells Fargo Bk St Un Tr
Western Pipe Steel
Range Since Jan. 1.
Low.
High,
41(
434 4% 33,506
436 Mar
10% 1033 2,140
1031
914 Feb 11%
2131 20% 21% 1,335 17
Feb 28%
16934 169% 175
88 16931 Apr 210%
6% 634
128
516 Feb
834
Jan
Jan
Jan
Jan
Jan
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, April 1 to April 7,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
LOw,
High.
Bolsa Chica 011 A
10
136 1%
300
1%
Bway Dept Stores pref_100
39
39
15 35
Byron Jackson
1%
1% 136
400
•
1
California Bank
25
32% 33
100 32%
Central Invest CorP---100
3 odd It 2
3
3%
Claude Neon Elea Prod_ •
6
6
200
6
Cense! 011 Corn
5% 5%
200
534
Douglas Aircraft Co Inc.
12% 12% 12%
100 11%
Farm & Merch Nat Bk_100 267
267 267
30 265
Goodyear Text Mills pf 100
61% 61%
24 6036
Goodyear Tire & Rub pf100
25% 25%
15 22
Jan
13(
Jan 45
Feb
1%
Apr 38
Mar
336
7%
Jan
Jan
5%
Jan 13%
Feb 301
Feb 71
Mar 33
Hancock 011 corn A
Los Aug Gas & Elec pf_100
Los Angeles Inv Co
_10
Mortgage Guar Co
-100
Pacific Finance pref D.
-10
Pacific Gas dr Eleo corn_ 25
25
6% let preferred
Pacific Lighting 6% pref.'
Pacific Mutual Life Ine_10
Secur 1st Nat Bk of L A..25
•
Signal Oil & Gas A
So Calif Edison Ltd com_25
Original preferred
_25
7% preferred A
25
25
6% preferred B
536% preferred C
25
So California Gas 6% pf_ 25
So Counties Gas 6% Pr-100
Southern Pacific Co -100
Standard 011 of Callf.___•
Taylor Milling Corp
•
Title Ins. dr Trust Co- -25
Transamerica Corp
•
Union 011 of Calif
25
Weber Showcase & Flatlet preferred
•
85
20
80
35
23%
20%
18%
23
23%
5%
43(
10%
Jan
Feb
Apr
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
4%
85
3
8
936
20
22%
50
20
35
136
17%
33
22%
19%
17%
4%
86%
3
9
9%
2136
22%
80
20%
3536
1%
18%
33
24%
2034
18%
100
378
300
442
200
3,500
200
10
150
1,700
400
3,000
100
2,100
1,700
500
3%
85
1
8
836
20
22%
80
19
35
1%
17%
34
22%
19%
17%
Feb
Apr
Jan
Feb
Mar
Apr
Apr
Apr
Mar
Mar
Mar
Apr
Mar
Apr
Apr
Apr
98
3
9
916
30%
25%
92%
29%
4536
13(
2736
40%
27%
24%
22%
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
23
88
13
2134
5%
2236
436
10
23
88
14%
24
5%
23
436
10%
100
14
400
2,100
100
70
7,900
3,600
23%
86
11%
20
4
22
436
9%
Feb
Jan
Feb
Feb
Jan
Mar
Apr
Feb
2436
90
18%
25%
5%
24
5%
11%
Feb
Feb
Jan
Jan
Apr
Feb
Jan
Jan
3
3
80
• No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, April 1 to April 7,
both inclusive, compiled from sales lists:
StocksAdmiralty Alaska
Bancamerica-Blair
Barry-Hollinger
Como Mines
Davison Chemical
Fada Radio
Fremont Gold
Fuel Oil Motors
General Electronics
Golden Cycle
(H) Rubenstein pref
Hellion& Hubbell
Hooven Auto Type
-D
Huron Holding C
Int'l Rustless Iron
Macassa Mines
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. igW. High. Shares.
1
1
1
1
•
1
10
1
10
•.
1
1
Sc
11c
38c
213
17e
331
43(
536
2)4
130
22c
Paramount Public
10 iSo
Petroleum Conversion...5
Pittsburgh Brewing
•
: 15
Prima Co
11(
Railways new
Shortwave St Television-.1
Swedish Ball Bearing 100 kr
*
Syivestre UM A
1
United Cigar
•
Van Sweringen
•
Western Television
A
1
20
White Dental
9c
Willys-Overland
5
Wing Aero
10
Zenda Gold
1
Range Since Jan. 1.
Low.
Se
Sc
2
2
9c
9c
11c
110
38c
%
236 2%
1.15 1.25
15c
19e
336 331
93(
4% 434
536 531
2% 2%
180
13c
200 250
26e 27e
1,500
200
500
1,000
2.000
5,200
200
4,500
9,100
100
100
1,300
700
700
6,400
8,000
Sc
1%
9c
9c
38c
2
1.00
10e
231
8%
234
536
1%
13e
100
190
Mar
Mar
Feb
Mar
Apr
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Mar
Apr
Feb
Jan
22e
1
736
15
134
160
1911
34
9c
12c
38c
4%
3
12e
180
17e
3,300
2,000
100
50
600
300
100
100
3,400
500
1,500
8,100
100
5,200
1,300
1.000
12c
38c
7
15
1
15c
1836
%
Sc
12e
25e
2
3
Sc
12e
90
Mar
Apr
Apr
Apr
Jan
Apr
Apr
Feb
Feb
Jan
Apr
Jan
Apr
Mar
Apr
Jan
16o
38e
7
15
1
150
18%
33
Sc
12e
25e
3%
3
70
120
17e
High.
113234 J r
c Mar7 Feb
e
Jan
190
31
Feb
A pr
Mar
Feb
ar
p
12
8
23.05
334
0
131
8
236
36
35c
30c
Feb
Mar
Jan
Mar
Feb
24e
Mar
7
Febpr
Apr
jj pr
4 c% AnanA
15
13
0
5
Apr
a
12 yl Jsr
1
Feb
14
Jan
12c
436
13a
3
1
230
Apr
MarAe
Fp
Feb
Mar
• No par value.
New York Curb Exchange -Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (April 1 1933)and ending the present Friday (April 7 1933). It is compiled entirely from
the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in which
any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Week Ended Apr. 7.
Stocks-
Indus. & Miscellaneous.
Acetol Products class A•
Acme Steel Co
25
Acme Wire v t c
25
-M
A dams II e 7% pref _ 100
Air Investors corn v t e_ •
Convertible preferred_ •
•
Allied Mills Inc
•
Aluminum Co com
(3% preference maa-160
.
Aluminum Ltd
•
Common
American Bakeries el A.
..6
Amer Beverage Corp..
American Capital Corp
33 preferred
331
13
44
4231
5
4
High.
3% Mar
13% Mar
734 Jan
72% Jan
X Jan
636 Jan
400
2,050
850
Apr
8
37% Feb
37
Mar
4
Jan
Jan
54
52)( Mar
100
100
5,100
13
mar
20% Jan
Jan
5
534 Mar
400
25
200
150
300
200
3
3
403( 45
40
42%
18
18
5
5
336 4
551
Low.
Feb
Apr
Mar
Apr
Jan
Mar
31( 334
13
13
3
3
60
64
31
31
6
6
5%
Range Since Jan. 1.
100
2%
13
234
60
34
534
3%
Feb
1% Mar
4%
Jan
6
Mar
Friday
Sales
Last Week's Range for
of Prices
Sale
Week.
Stocks (Continued) Par. Price. Low. High Shares.
Amer Cyanamid
Class 11 non-vot
•
Common A
10
Amer Equities corn
1
Amer Founders Corp-- •
American Investors
1
Amer Laundry Machlne.20
Anchor Post Fence
•
Arcturus Radio Tube
_1
Armstrong Cork corn_ _•
Arundel Corp corn mon_ _.5
Assoc Mee Industries
Amer dep rcts
El
Assoc Rayon corn
•
Atlantx Coast Fisheries_ •
Automatic Vet Machine.•
Axton Fisher 'Fob el A..10
5%
2%
234
4% 536 12,300
5% 5% 4,200
2% 2%
200
X
31 2,900
2% 236
300
9
9
150
31
X
100
. 31
1,200
5
5
400
1034 10%
100
231
234
36
%
1%
1
13(
13(
39
3933
300
100
400
100
100
Range Since Jan. 1.
Low,
3% Feb
424 jjaann
Apr
6:1 1 e
25 Feb
F
'e
31 Feb
Feb
436 Mar
1034
2% Apr
% Mar
Jan
211'4 Fea
. 16 j b
5
a
High.
6% Mar
514 Mar
3
Jan
Mar
Jan
Mar
10
1% Jan
34 Jan
536 Mar
12% Feb
331 Jan
154 Feb
1% Apr
2
Jan
Jan
85 „---
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Atlas Utilities Corp Oom-•
•
$3 preference A
Warrants
Beneficial Indus Loan'
Blue Ridge CorpCommon
1
•
8% opt cony pre
Brill Corp A
•
Class B
•
BrIllo Manufacturing- _•
Class A
•
British Amer TobaccoAmer dep rata ord br stk_
British Celanese LtdAmer dep rats ord reg shs
Burma CorporationAm dep rata for reg MaButler Brothers new_ _10
7
234
1034
231
24
1034
20
Range Since Jan. 1.
574 734 10,000
400
35
3634
234 234 4,300
934 1034 1,100
574
33
234
9%
Apr
Mar
Feb
Apr
834
38
334
1234
Jan
Feb
Jan
Jan
2
234
24
2531
1
1
44
14
10
1034
20
20
144
2134
34
31
634
20
Mar
334
mar 29%
1
Feb
Jan
X
Feb10%
Apr 20
Mar
Jan
Mar
Apr
Apr
Apr
3,300
6,100
700
200
2,400
100
200
16
Mar
1634 Feb
1
134
800
1
Apr
134
134
2
134
2
800
100
134 Feb
134 Feb
134 Jan
234 Mar
531 Mar
Feb
4
734 Jan
534 Jan
27
51
234
2
1034
6
34
8
30
1i•
Illi
1
434
4%
%
6
433£
60
2%
334
1731
7
%
10
30
34
%
154
534
734
1
1034
Jan
Jan
Feb
mar
Jan
Jan
Jan
Mar
Apr
Jan
Mar
Apr
Jan
Jan
Mar
Jan
5
Feb
434 Jan
334 Jan
Mar
Feb
Feb
Mar
Jan
Feb
Mar
Feb
Apr
Apr
Apr
1234
he
134
88
7
1%
4
4
Mar
Apr
Apr
Ma(
Mar
Mar
Apr
Jan
Feb
434
48
23
,
4
3634
434
1054
234
22
1%
Mar
Mar
Feb
Feb
Fe
Mar
Mar
Jan
Jan
Apr
Feb
Apr
Feb
Apr
Jan
Apr
334
7
331
34
5
734
23
131
10
531
24
'ii
2034
Jan
Jan
Jan
Feb
Jan
Mar
Apr
Feb
Jan
Mar
Mar
Mar
Feb
Feb 155
Mar 124
mar
mar
Jan
Mar
mar
mar
Jan
Feb
Apr
Jan
Jan
Jan
Jan
2
1734
394
254
A
25
34
34
10
3%
2
19
3%
2%
A
2734
34
'is
1034
334
2
600
200
100
200
1,200
300
600
500
200
400
1731
334
234
A
25
.4
34
10
334
2
Jan
Mar
Mar
Apr
Mar
Feb
Jan
Apr
Mar
Apr
20
Jan
736 Jan
e3
Mar
1
Jan
3534 Jan
34 Jan
X Mar
1534 Jan
6
Jan
334 Jan
100
200
200
5
700
100
1,300
34
103-1
%
25
1
z4
534
Mar
Jan
Jan
Apr
Mar
Jan
534
A
A
1034 1054
A
A
25
25
1
1
a274 a27-4
534 534
Apr
Jan
Mar
31 Feb
25
Apr
1
Mar
4
Jan
8
Jan
2
44
2036 2035
2
23.1
*is
34
50
900
1,600
Feb
17
19-4 Feb
hi Apr
2334 Jan
2% Mar
34 Jan
200
1
1
100
134
134
154 21,800
%
100
46
46
78
70
70
400
8
8
X Feb
191 Apr
K Jan
3
834 Feb
Jan
70
Feb
8
134 Mar
134 Apr
134 Apr
46
Jan
70
Jan
934 Jan
Marion Steam Shovel ____•
1
Maryland casualty
2
Mavis Bottling cl A
%
1
Mead Johnson & Co oom-* 46
Nielville Shoe6% 1st pf 100
Mercantile Stores
•
Midland Steel Prod2d non-cum div shs____•
2
Minneapolls-Honey well reg
Preferred
100
Montgomery Ward & CoClam A
• 54
National American
•
•
National Aviation
Natl Denali Hass corn...A
134
Nat Investors common---1
134
Warrants
Nat Screen Service
•
• 3144
Nat Sugar Refining
Nat Service common
1
134
Nehl Corp common
•
1
New York ShipbuildingFounders shares
6
1
Niagara Share of Md al B.13
3
Oilstocks Ltd
5
Overseas Securities
•
Pan-American Airways_10 2954
Parke, Davis & Co
• 143-4
Parker Rust
-Proof ___
•
Pennroad Corp new vro_ 1
134
Peppereil fvffa co
100
Pet Milk 7% prof
100
Phoenix SecuritiesCommon
I
$3 cone pref sec A_ __10
54
Pilot Radio & Tube clA•
Pitney-Bowes Postage
4 111 Meter
234
*
Apr
Apr
Jan
Feb
Mar
Mar
Feb
Jan
Apr
Jan
Jan
Mar
Mar
Feb
Mar
Mar
434 Mar
234 Feb
234 Jan
Deere & Company
53(
• 12
934 1234 20,300
Detroit Aircraft Corp_
•
34
400
34
14
Doehier Die-Casting coin.*
100
1%
lA
13-4
Dow Chemical
37
300 30
37
• 37
priver-Harrls com
10
100
334
3% 334
Eisler Electric Corp
34
x
700
34
•
Elea Power AssoocoM-___I
600
234 334
234
234
Class A
234
234
234
1
234 2,300
Electric ShareholdingCommon
•
300
2% 2%
234
$6 cum pref with warr •
100 3634
36% 3634
l'iz-Cell-0 Aircraft dr Tool•
100
I%
134
136
Fajardo Sugar
50 22
100 3054 3634 36 34
F -D Corp
-E
334
200
•
434 434
. Fiat Amer dep rots
9
600
934 954
954
' Flak Rubber Co
X
2,400
34
13
131
Preferred
900 18
100 18
1934
18
FlIntkote Co class A
*
134
100
114
134
, Ford Motor Co LtdAmer dep rats ord reg..C1
334
2%
234 334 3,300
Ford Motor of Can el A_ •
4% 534
534
1,100
4%
Foundation Co (torn shs)•
300
234
231
234
General Alloys Co
*
loo
34
31
A
General Aviation Corp_ _•
334 4
3%
1,200
234
Gen Elea Ltd Am den rcts•
200
634
63-4
63-4
Gen Tire & Rubber Co_ _ 25 23
23
23
10 23
Gilbert(A C)Co com_ _ _ _•
1%
1%
1%
200
131
Glen Alden Coal
•
634 6%
6%
1,500
63-4
Globe Underwriters Exch 2
4
300
434 434
Goldman Sachs Trading1
134
134
174 234 5,900
Gold Seal Electrical
34
1
h. 4,700
31s
Gray Telep Pay Station_ •
50
434 834
834
GI Alt & Pac TeaNon-vot corn stock -__•
170 128
136 139
7% 1st preferred-AN 11834
60 118
118 119
241
A
2536
34
hi
Sales
Friday
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Pitts & Lake Erie com__50
Pittsburgh Plate Glass_ 25
Potrero Sugar Co
5
Prudential Investors
•
Pub Util Holding coin
Without warrants
•
Warrants
$3 cum preferred
*
Quaker Oats corn
*
Rainbow Luminous el A_ •
Reliance Management_ __5
Rayburn Co Inc
10
Rossia International
•
Ryerson (Jos T)& Son_ •
1%
h
311
,
134 Apr
1634 1634
Carnation Co corn
*
200
7
7
Carrier Corp
*
4
100
4
Celanese Corp of America
7% 1st panic pref_ __100 30
27
30
575
7% prior preferred _100
51
76
51
Centrifugal Pipe Line__ •
400
234 234
Cities Service common....
234
234 34,600
2
Preferred
• 1034 10% 12
1,500
Claude Neon Electric com •
7
100
7
7
Claude Neon Lights
34
1
34 1,300
X
Colt's Patent Fire Arms_25
300
934
8
Columbia Mills
10030
10
30
ri.
Consol Automatic Meech•
100
'is
Consol Retail Stores com_•
A
X
100
Cooper-Bessmar com___ •
1%
134
400
134
$3 prat A with warrants
5
400
-*
5
534
Cord Corp
534
5
474 534 10,800
Corroon dr Reynolds
•
34
400
a54
$6 preferred A
*
239
634 734
634
Courtaulds LtdAmer deo rets
400
434 431
Crocker Wheeler Elea_ .•
100
234 274
Crown Cork Internat A-•
700
334 334
334
Born & Hardart
*
Hydro El Secur corn
•
Hygrade Food Prod new_ _5
Industrial Finance v t c__10
Insurance Cool No Am..10
International Products_ _.*
Interstate Equities C,orp.1
$3 cum pref ser A
50
Irving Air Chute
•
Kleiners (J 13) Rubber__ *
Koister Brandes LtdAmerican shares
£1
Kress(S H)spec pref _100
Lakey Fdry & Mach
•
Lane Bryant 7% of w w 100
Lefrourt Realty new
1
Preferred
•
Lehigh Coal & Navigation•
Lerner Stores Corp6 A ',;', pref. ex-warr_ _100
Libby-McNell & Libby_10
Louisiana Land & Explor_•
High.
Low.
2399
2
2
59
59
34
11
100
2
Feb
2
Feb
10
59
Apr
68
Jan
5034 5534
A
A
4% 534
136 lx
134
13-1
A
34
574 6
2934 3234
1
154
1
1
200
500
1,400
7,400
400
2,100
200
4,900
1,400
200
4634
A
474
51
1
A
61
34"
834
134
334
134
104.
3234
1A
1
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Apr
Apr
Apr
631
344
334
A
3134
1434
2334
134
2736
75
9,300
400
100
200
1,100
2,700
550
2,200
10
10
134
3
3
A
20
1234
2034
134
2634
70
6%
Jan
7
Apr
334
Feb
1
Apr
Feb 31 34
Mar 1934
Mar x34
Mar
134
2
Feb 3
Feb 84
Apr
Jan
Mar
Jan
Apr
Feb
Feb
Mar
Mar
Jan
ti
,
A
934 934
54
34
300
200
000
'is Mar
934 Feb
A Mar
34 Mar
1034 Jan
2
Mar
234
300
2
Feb
354 Jan
4
3
334
A
29
13
2234
134
2736
75
2,t;
Feb
Apr
Apr
Jan
Feb
Apr
5% Apr
2231 Feb
A Ma
Apr
1
Safety Car Ileat&Light 100
10
St Regis Paper com
Seaboard Utilities Shares_*
Segal Lock & Hardware_ _.
Selby Shoe Co common_ __*
Selected Industries'no
Common
1
35.50 prior stock
25
Allotment certificates- -Shenandoah Corp
Common
1
6% cony prat
50
Sherwin Williams com25
Silica Gel Corp vi a
•
Singer Manufacturing-100
Smith(LC)&Corona TYP-*
Smith(A 0)Corn
•
Southern Corporation_ .•
Spiegel, May, Stern
634% preferred
100
Stahl-Meyer corn
*
Starrett Corporation
6% pref with priv--50
Stutz Motor Car
•
25
Swift & Co
Swift Internacional
15
31
2434
2
A
9%
134
3034
2
2334
Brazilian Tr L dr P ord. •
Buff Nlag & East Pow
Cables & Wireless Ltd _ _25
Am dep rats A ord fibs £1
Cent & So-West Mil
37 prior lien pref
•
Cent Stares Elea new com 1
Wat rants
Cities Sere P & L
Cleve Elea Illum com
•
Colombia Gas dr EleeCony 5% pref
100
Commonwealth Edison. 100
Common & Southern CorPWarrants
Commonwealth Securities
Cony pref
100
Consol GE L&P Balt com •
Consol Traction of N J_100
Duke Power Co
10
336
17%
1331
334
54
13-4
'ii
High.
250
100
300
1,500
28
13
34
3
34
31
In
in
134
I%
83
84
31
31
14
34
31
%
31
31
734
731
2,200
3,800
700
50
200
200
400
5,400
50
IN
Feb
'II
181
134
54
31
A
%
%
734
Jan
Mar
Mar
Mar
Jan
ApI
Mar
Mar
A
434
87
x
11%
1
%
834
2234 2434
134 234
Si
34
A
A
9% 9%
650
5,100
400
4,000
100
1634
134
A
34
934
Feb
Mar
Feb
Jan
Apr
2434
3%
44
%
10
134 131
33
34
2834 3034
1,200
200
750
X Feb134 Mar
Mar 45
33
Jan
2634 Mar 47
Jan
2
13
1634
31
9234
1
2334
135
3434 Jan
Jan
14
134 Apr
434 Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Feb
134
12
1234
44
90
1
1134
34
100
200
Apr
15
234 Apr
2834 Jan
354 Mar
34
834
7
1234
Feb
Feb
Feb
Feb
Hu Jan
17% Jan
1134 Mar
1734 Mar
300
2,900
800
1,500
'ii
234
34
234
Mar
Feb
Jan
Jan
X
4
hi
534
Mar
Jan
Jan
Jan
700
300
100
100
1,000
9,100
25
100
300
134
1
2
834
A
1
1834
8034
3034
Mar
Feb
Apr
Mar
Mar
Mar
Apr
Mar
Mar
134
1%
6
1234
1%
I%
1834
3834
36
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Feb
Mar
100
200
800
150
300
'is
1774
34
8
134
Jan
Mar
Jan
Mar
Mar
X
2
334
%
13
234
Jan
Jan
Jan
Jan
Mar
100
1.100
600
100
500
2
X
X
2
1134
Mar
Jan
Jan
Feb
Feb
334 Jan
X Mar
X Jan
234 Apr
Jan
14
300
100
100
300
25
200
79-4
31
1134
93i
5334
6
Feb
Mar
Feb
Jan
Apr
Apr
9
%
1434
1234
61
6
700
1134
Jan
27
100
334
700
1,900
3
18% 13,500
1,000
14
39-4 17,400
54
500
15
100
134
200
134 5,600
is
600
200
54
2534
3
254
1734
13
214
52
15
134
1
1,1
31
Feb
Feb
Apr
Mar
Feb
Mar
Apr
Apr
Mar
Apr
Jan
Mar
3034
534
5%
8334
1934
Feb
a%
Jan
6
Feb
834
34
800
34
20,100
874 11
834 1034 25,300
1534 1734 2,000
27
3
23-4
1734
1334
254
52
15
134
I
11s
A
Mar
Feb
Mar
Feb
200
200
175
800
130
200
900
400
2
1334
1634
34
95
1%
2734
136
Tastyeast Inc CIA
•
34
34
Technicolor Inc corn
•
2% 334
3
Tobacco Products of DeL1
A
X
Transient Air Trans
•
334 354
354
Trans Lux Pict ScreenCommon
1
134 134
134
Tri-Continental warrants- -----131
131
Tubize Chatillon cam_ --1
2 .2
Class A
I
United Dry Docks
•
A
A
United Founders new- --1
1
134
1
United Milk Prod $3 pid-•
1836 1834
United Shoe Mach com_25
3534 37
Preferred
25
3
436 3534
II 8 dt lineman &cur---•
• 1
Common
X
34
151 pref with warrants_• 19
1834 19
United Stores Corp v t c__*
34
31
31
U 8Playing Card com_10 1234 12
13
Utility Equities common.*
134
134
134
Utility & Indus Corn
Cony preferred
*
2
2
Van Camp Pack corn_
•
31
34
Preferred
100
31
A
Vogt Manufacturing
•
234
234
Walgreen common
*
1234 13
W. H.Gooderham & Worts
Cum preferred
•
834 8%
Wayne Pump Co com
•
31
%
Western Air Express .10
1234 1234
Western Auto Supply cl A•
10% 11
Weet Cartridge6% pfd 100
5334 5334
West Va Pulp & Paper Co *
6
6
6
Woolworth (F W) LtdAmer deo rcts for ord shs 1334 1334 1334
Public Utilities
Am Cities Pow & Lt
Cony class A
25
New class B
1
Amer & Foreign Pow MUTAmer Gas & Elee oom •
Amer L & Tr corn
25
Am Superpower Corp corn.
1st preferred
•
Preferred
•
Assoc Ga. & Elec Corn.,...5
Class A
•
Warrants
Assoc Telep Utilities
•
Low.
28
30
13
13
134
134
334 4
15
15
234 3
34
11
1034
1634
Range Since Jan. 1.
Feb
334
Feb 15
Mar 17
Feb
X
Mar 102
Feb 134
Feb 2934
134
Jan
Mar
Jan
Jan
Jim
Jan
Apr
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Apr
1334 Mar
Jan
Jan
Jan
Jan
Jan
69
3334 Jan
234 Jan
2% Jan
34 Jan
134 Jan
834
200
16
1754
34
131,
1,300
1,100
1036 1054
154
13.4
A
ji.
10
3,000
900
21
2034 2134
700
2034 Mar
3234
Jan
72
68
53
200
100
68
53
Apr
Mar
96
8254
Jan
Jan
%I
Jan
634
17 .
13-4
X
East Gas & Fuel Assoc- •
East States Pow awn 13__
__
East Utli Associates
COM stook
,
•
Else Bond & Share corn...12
$5 cuinui preferred__..• 2234
36 preferred
• 2531
Electric Pwr & Li 2d pf A •
534
Option warrants
2
Empire Gas & Fuel
6% preferred
100
631
7% preferred
100
734
Empire Power part stock.'
European Electric Corp
Class A
10
234
Option warrants
a..
Florida P & L 37 pref
•
General Gas & Elec Corp$6 cony pref series IL...•
Georgia Pow $.6 pref
• 51
Hamilton Gas cam v t e 1
'
11,
Internatl Utility
Class A
•
Class B
I
Interstate Pow $7 pref__..
634
Italian Superpower A____•
X
72
53
16
"is
Jan
Apr2254 Jan
Apr
1,11 Jan
814 Mar
11.4 Feb
'IS Apr
1734 Jan
Mar
3
Si Apr
he 51,000
31
Jan
li
%
4354 4434
1754 1734
3936 40
75
2,400
25
225
34
4344
1754
39
Apr
Apr
Apr
Mar
44 Apr
Jan
65
1794 Apr
Feb
59
4
134
500
100
Mar
4
134 Mar
634 Feb
Jan
3
Apr
Feb
Apr
Apr
Feb
Feb
334 Jan
217-4 Jan
4034 Jan
4334 Jan
Jan
12
436 Jan
4
134
131 131
10
1134 1274 81,500
2234 2534
700
25
3,800
2954
534 531
425
131 234 1,300
634
734
834
1%
10
2254
25
434
134
83-1
734
634
200
100
200
634 Apr
734 Apr
634 Mar
Jan
10
Jan
14
834 Feb
234 234
ate
'as
15
15
2,100
1,000
50
234 Mar
ail Jan
Mar
12
3
Jan
'as Jan
3334 Jan
3
3
50
51
'as
34
50
225
4.000
3
Apr
49
Mar
X Jan
Jan
11
7034 Jan
X Feb
100
300
70
300
Apr
5
34 Feb
5.1 Mar
34 Feb
634 Jan
134 Mar
Jan
11
131 Jan
5
%
634
74
5
34
634
4
7
Financial Chronicle
2400
Friday
Sales
Last Week's Range for
Sale
Public Utilities
ofPrices.
Week.
(Concluded)
Par. Price. Low. High. Skares.
Long Island LtgCommon
1054 1054 1114
7% preferred
100
66
66
Marconi Wirel T of Can...
"Is
34
74
Mass UM Assoc corn vtc_.
112
134 114
Memphis Nat Gas new__5
3%
334 315
Middle West UM corn...*
he
711
he
National P & L $6 pref--• z39
34 239.34
New England Pow A58n100 31
2614 311(
6% Preferred
NYP&L 7% prat_ _100
84
84
N Y Teln 6H% Pref-100 1121 11214 112,34
,
1
Niagara Had Pow
Common
15
815 951
Class A opt warrant__
34
34
71.
Class C optional warr_
14
Nor Amer Lt & Pow corn 50
2
2
Nor N Y Util 7% pref__100
70
70
Nor States Pow coin A-100
24
2634
Okla Nat Gas614% pfd 100
Pacific 0& E 6% 1st pt 25 22
5.14% 1st preferred_ -25
Pa Water & Power Co...' 42
Puget Sound P & L•
36 preferred
Ry & Lt Secur corn
Shawinigan Wat & Pow--•
8%
Sou Calif Edison
7% preferred series A_25
25 2034
6% pref aer B
514% preferred C
1834
Southern Calif Gas Co
25 22%
6% preferred A
Standard P & L pref
• 1931
Tampa Electric Co
1,200
10
1,600
100
600
100
750
134
34
34
234
2X
1
Gulf MCorp of Penna-25 311(
Indian Ter Ilium Oil 13- •
Intercont Petrol Corp
-5
International Petroleum..I.
914
Kirby Petroluem
14
Lone Star Gas Corp
: 514
Mexico Ohio Oil Co
•
Middle States Petrol
Class A vt
•
Mountain & Gulf Oil Co._1
Mountain Producers____10
3k
National Fuel Gas
• 11
New Bradford Olt Co.....25
Nor Cent Texas 011
5
Nor European 011 Corp....
PacificWestern Oil
•
Pure 011 Co 6% Prat---100
Salt Creek Consol 011_10
Salt Creek Prod Assn_ 10
Southland Royalty Co 5
Sunray 011
5
Tenon Oil & Land Co....'
Venezuelan Petroleum_ _5
3
22
4
3k
634
MlnlnBwana M'kubwa Copper
Amer shares
Bunker Hill & Sullivan__10 18
Voting trust ctfs
10 15
Comstock Tun& Drain Col
71.
c
onsol copper Mines... 6
34
Copper Range Co
•
134
Cre6aoo Consul G M
1
sts
Mexican MIning..500
Goldfield Consol Mines-10
Heels Mining Co
214
25
Bollinger Consol 0 M.__5
Hud Bay Min & Smelt •
Lake Shore Mine. LPL
2934
Mining Corp of Canada. •
Mohawk Mining Co____25
8
25
New Jersey Zinc.
NewMont Mining Corp 10
NiptssIng Mums
1
Ohio Copper Co
Pioneer Gold Mines Ltd 1
1
Premier Gold Mining
ROOM Antelope CoPPer.-St Anthony Gold Mines...1
Shattuck Penn Mining_ _5
Tech-Hughes Mines
1
United Verde Extension 50c
.1
Wenden Copper Mining.
Wright-Hargreave. Ltd..'
3034
18H
X
534
914
314
2
374
Mar
Feb
Jan
Feb
Mar
Jan
Jan
Mar
Apr
Feb
Apr
Mar
Mar
16%
ell,.
34
5%
70
40
Jan
Jan
Jan
Jan
Apr
Jan
63(
2534
2334
60
Jan
Jan
Jan
Mar
414 Jan
21% Mar
1914 Mar
39
Apr
1134 1154
634 7
8X 834
70
125
100
8
Mar
634 Apr
Feb
1754 Jan
9% Jan
1131 Jan
2234 24
19X 2034
18
1814
500
400
400
2214 Apr
1914 Mar
17.14 Mar
27
Jan
2414 Feb
2214 Jan
2234 2234
2254
16
19H 20
100
450
200
22% Apr
Apr
16
19% Apr
2234 Apr
36
Jan
2611 Feb
1% 1%
2% 254
1% 1%
154 134
18
19%
he
34
2
234
834 934
73
71
2531 25%
4014 4414
614 6k
314 314
514 514
3
3
434 411
Other 011 Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas coal.. •
Common class A
•
Preferred
100
Carib Synd tale
25c
Columbia Oil & Gas vt0.-•
Coeden Oil Co
CBs of Dep corn
•
Pref ctfs of dep
100
Creole Petroleum Corp...'
Crown Cent Petrol com_ •
Darby 011 & Ref com
*
Derby 011 & Refininz____•
1234
8234
1%
234
4%
31
69
50
3,800
100
600
Former Standard 011
Su beidiariesChesebrough Mfg
25
Eureka Pipe Line
100
Humble Oil & Ref
25
Imperial Oil(Can) null- •
Indiana Pipe Line
i0
National Transit
New York Transit
5
Northern Pipe Line
1934
1034
1614
Apr
Apr
Apr
Apr
Feb
Jan
Apr
54 5%
2134 23
20
20
39
42
iii
22
22
X 1
2% 254
654 6%
12
10%
66
lhe
151
2)4
3434
4,000
814
1,000
700
34
100
25 68
400 226
200
100
100
4,500
2,900
1,000
5,200
1,300
7,200
2,600
400
1,600
100
50
South Penn Oil
25
SolVest Pa Pipe Line_ _ _50
Standard 011(indiana)_25
Standard 011 (KY)
10
Standard 011 (Ohio) coin 25
Swan Finch OU 7% W.._25
High.
Low.
430 2634 Apr 4814 Jan
Apr 99
25 84
Jan
25 112
Mar 116% Jan
United Corp warrants.... -----Union Gas of Canada__ •
United El Serv Am She_
United Gas Corp corn newl
14
• 18%
Prat non-voting
Option warrants
34
United Lt & Pow corn A.
234
•
$6 cony let prat
U S Elec Pow with warr •
Warrants
Utah l'ow & Lt $7 pref...• 22
Util Pow & LI corn
34
ClassBvt c
7% preferred
100
4214
634
334
514
3
434
Range Since Jan. 1.
1134
28
1854
914
1514
14
2
83(
14
114
20
/4
2
614
Mar
Feb
Apr
Feb
Feb
Feb
Mar
Apr
Mar
Apr
Mar
Mar
Mar
Apr
334
3
r134
21(
29
34
434
19)4
144
X
36
114
8
2554
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
250
100
1,700
1,700
300
200
200
100
71
20
40
634
314
514
3
414
Apr
Mar
Mar
Mar
Feb
Mar
Apr
Apr
90
2814
45
814
4
734
314
54
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
12
600
28
100
1914 20,500
1034 3,000
1614 1,050
14
10
11
2454
17
834
15.14
14
Feb
Mar
Mar
Mar
Mar
Apr
12
33
22%
11%
21
14
Jan
Jan
Jan
Mar
Jan
Apr
114
2
114
134
13
81,
144
114
234
Si
34
si
114
114
234
Si
k
200
200
2,800
200
2,300
1,600
234
554
231
34
1%
1
2%
554
231
34
1h
600
100
3,600
500
100
100
114
234
21(
%
34
h
Jan
Jan
Apr
Feb
Mar
Mar
27
3234 12,400
14 154
200
iii 1,300
9
915 4,500
X
X
100
414 514 1,300
2
2
100
24
11.4
7t.
aX
Si
434
2
Mar
Jan
Jan
Feb
Jan
Apr
Feb
100
1,600
1,200
300
2,500
4,500
700
44
X
2)4
10
14
14
71,
Jan
Jan
Jan
Feb
Jan
Apr
Jan
44
h
234 334
1034 11
1i 1
34.34
h. Mar
114 Feb
21
Mar
2
Feb
X Feb
X Jan
3
3
22
2514
34
h
3k 4k
334 334
51
34
634 sg
34
100
50
500
2,600
400
500
900
2,000
3
22
14
3
31(
X
X
14
Mar
Apr
Feb
Feb
Feb
Jan
Apr
Jan
1i
34
15
18
15
15
44
II
44
44
144 144
44
124
34
31
100
100
100
1,000
300
100
1.500
1.000
1,000
1,500
2,100
6,700
5,100
100
300
54
1454
15
31
)4
134
it.
X
he
254
514
214
2514
1%
8
Jan
Jan
Apr
Mar
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Apr
Apr
31
1,800
1834 3,300
114
200
900
34
514 11,500
he 4,500
1014 1,200
100
1
100
314 12,000
z234 1,100
300
33434 5,400
2634
1114
1
71,
314
14
734
he
X
31(
114
its
834
Mar
Mar
Jan
Jan
Jan
Jan
Ma
Jan
Feb
Feb
Mar
Jan
Jan
24 24
6
614
334 3H
2614 2934
114 134
8
1016
3034
16
114
he
5
34
834
he
1
314
114
Si
1%
2
33/
34
114
Jan
Mar
Jan
Jan
Jan
Jan
211
73.4
2214
34
1%
131
Mar
Mar
Jan
Feb
Jan
Jan
3234
134
34
1054
1
7%
2
Apr
Feb
Jan
Jan
Mar
Jan
Feb
Bonds-
April 8 1933
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High
Alabama Power Co- 1946
1st & ref 56
lat & ref 58
1951
1st & ref 5s
1968
1st & ref 434s
1967
Aluminum Coat deb 5s'52
Aluminum Ltd deb 53.1948
Am Commonwealth Pow
Cony deb 68
1940
Am El Pow Corp deb 68'57
Amer 11 & El deb 58-2028
Am Gas & Pow deb 613.1939
Secured deb 5s
1953
Am Pow & Lt deb 68_ _2016
Am Radiat deb 434a. _ 1947
Am Roll MIII deb 58-1948
434% notes_ _Nov 1933
5634
1
1334
73
14
3434
9214
36
Cent 8 e re 414e E_1951
41i Mser ow11
8
19 7
Cent Ohio L & P 58-1950
Cent Power Sneer D-1957
Cent Pow & Lt 1st 68.1956
Cent Pub Scrv 530.-1949
With warrants
Cent States Eleo 5s___1948
Deb 5145 Sept 15 1954
With warrants
Cent States P & L 514s '53
50H
36
87
54
51
42
7,000
5,000
13,000
29.000
49,000
21,000
8714
7314
6314
59
80
4714
Apr 100H Jan
Apr 97
Jan
Apr 89% Jan
Apr 8134 Jan
Apr 99
Jan
Mar 61
Jan
1
13
72
13
13
3214
9214
33
45
114
1414
7434
16
1414
37
93
36
4634
4,000
27.000
72,000
19,000
14,000
120,000
6,000
59,000
42,000
1
13
72
13
13
3234
9114
33
45
Jan
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
214
26
92
29
2534
6414
97
55
70X
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
973.4 9734
7814 81
714 8
714 8
65 n72
94
9734
6634 6814
4534 4514
2534 2734
6,000
14,000
6,000
17,000
16,000
16,000
75,000
1,000
127,000
9634
7814
414
431
65
94
661(
45%
2534
Jan 97H
Apr 9714
Jan
8
Jan
8
Apr 8514
Apr 105
Apr 9054
Apr 61
Apr 4734
Feb
Jan
Mar
Mar
Feb
Feb
Jan
Feb
Jan
13
15% 103,000
14 alb
17,000
1214 1454 295,000
1334 1514 223,000
13h 1514 208,000
17
20
19,000
6
6
5.000
1934 21H 56,000
7
1034 211,000
18
1814 9,000
2914 30
10,000
13
1214
113(
131(
13
16
6
15
5
15.
27
50
Apr
4834 Apr
32
Feb
$17434
70
54
88
87
81
54,000 87
34,000 8514
2,000 100
3,000 88
5,000 65
1,000 97H
9,000 10134
8,000 2714
2,000 101
1,000 9934
1,000 59
32,000 98
25,000 7034
a7434 1,000
71
2,000
58
18,000
891( 14,000
87
2,000
81
8,000
61
51
59
5514
82
54
4934
42
63
57
6134
5534
82
56
.51X
4854
10,000
73,000
10,000
3,000
1,000
17,000
16,000
97.000
71
70
54
88
8614
80
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Mar
26
Jan
27
Jan
263( Jan
28
Jan
27
Jan
3514 Jan
7
Feb
26541 Jan
24543 Jan
53341 Jan
41 , Jan
8614 Jan
4814 Apr
43
Feb
Feb
Apr
Jan
Apr
Mar
Mar
Mar
Apr
Feb
Mar
Mar
Apr
Mar
10034
100
104
102
80
10054
105
48%
10754
10654
6754
102
9234
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Apr
Mar
Mar
Mar
7754
7754
733.4
97%
9834
931(
Feb
Feb
Jan
Jan
Jan
Jan
4334 Apr 647 Jan
4
9854 Apr 105
Jan
60
51
59
51H
82
54
49X
42
Mar
Apr
Star
Mar
Apr
Apr
Apr
Apr
793.4
7334
78
73
9314
76
76
67
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
214
214 214 18,000
a2714 30
29
85,000
14 Jan
2714 Apr
434 Mar
46
Jan
29
24
28
Apr
2314 Apr
47
41
Chic D184Elec Gen 434e'70
pe6
,4
1935
Chic Rye 5s Ws
1927 50
Cincinnati St Ry 510.1952
68 series B
1955
Cities Service 5s
1066 2514
Cony deb 5s
1950 2614
Cities Service Gas 53.4* '42 4534
Cities Serv Gas Pipe L '43 5734
Cafes Serv P & L 514s 1952 2514
34 Jan
554*
1949 2534
54 Apr Cleve Elea 111 1st 50-1939 104
Jan
5s series A
1954 10414
13
Jan
5s series B
103X
Apr Commerz und Privat 1961
Feb
Bank 5 Hs
49
34 Feb Commonwealth Edison1932
tat M Is series A...1953 99%
3
Mar
1st 11.1 Is series B...1954 9754
4014 Feb
1st 43.4s series C...1956
1st at 4348 series D 1957
)4 Jan
414 Jan
454* series E
1960 8714
4
Is! M 48 serles F-1981 80
Jan
5345 series 0
14 Jan
1962 10051
Jan Com'wealth /Ribald 634848 6334
8
34 Feb Community Pr & Lt1) 1957 40
Connecticut Light & Power
514 series B
1954
4148 series C
10034
11,, Jan
65 series D
es
10314
Mar C
18
River Pow 513 A 9 2 9414
995
1554 Feb Consol G, E L & P434,'35 101
h Jan Consol Gas El Lt& P (Baltl
414s series G
34 Jan
1969
2% Jan
1st ref
93
4s
4 Mar Conn!Gas (Balt city):989391
Mar
10414
3s
54 Jan Consol (las Util Co334 Mar
let & coil Os ser A._1943 2934
Feb
7
Deb 654s with warr 1943
354 Feb Consol Publishers 731 1936
3434 Feb
Stamped
30
1% Jan Consumers Pow 4%8_1958 93
1034 Apr
let & ref 5s
1936 10114
Cont'l Gas & El 5s...1958 42
Mar Continental Oil 510_1937 92
32
1834 Apr Crane Co fa._ __Aug 1 1940 6634
114 Jan Crucible Steel deb 56.1940 28
71$ Mar Cuban Telephone 7%s 1941 58%
514 Apr Cudahy Pack deb 5301937
7h. Jan
Sinking fund 5s. -1946 100H
1054 Apr Cumberrd Co P&L414856
34 Jan
134 Jan Dallas Pow & Lt 6e. 1949
43( Feb
58 series C
1952
21( Mar Dayton Pow & Lt 53_1941 10134
11. Jan Delaware El Pow 5 Hs 1959 60
414 Feb Denver Gas & Eleo 50.1949
1
8834
74
69
62
86
5654
4334 4814 15,000
9814 10014 2,000
5214
59
High.
8755
73H
63k
59
80
5514
88% 8734 9015
8751 8534 8834
100 100
100
95
88
65
65
9914 99k
102% 102 103
2754 2714 2934
10331 103X 10334
103% 103H 10314
6134 6134
98 100
100
7154 7014 '7234
71
5734
Low.
50
5134 8.000
48% 48% 5,000
36
3731 93,000
7334
6714
61
Amer Thread 5H s_ _ _1938
Appalachian El Pr 53_1956 79
Appalachian Gas 68_1945
8
6s series B
714
1945
Appalachian Pow 6a A 2024 66
58
1941 973.4
Arkansas Pr & Lt 58_ 1956 6614
Arnold Print Works 68 1941
Associated Elec 4He 1953 27
Associated Gas & El Co
Cony deb 654s
1938 1314
Cony deb 4 Hs
1948 1414
Cony deb 4148
1949 1314
Cony deb 5s
1950 1414
Deb Ss
13
1968 1414
Cony deb 514s
1977 1954
6
Assoc Sim Hdwe 6148 1933
Assoc T & T deb 5348 A '55 2134
Assoc Telep Util 5340_1944
7
6% notes
Atlas Plywood 5548_ _1943
933
Baldwin Loco Wks 5348'33
Ctfs of deposit
Balt & Ohio Sneer F..1996
Bell Telep of Canada
1st M 5s series A___1955
let M 5s series B._ _1957
Bethlehem Steel 68...1998
Binghamton L H & P 58'46
Birmingham Eleo 4 Hs 1968
Boston & Albany 48_1933
Boston Consol Gas 5e.1947
Broad River Pwr 58 A.1954
Buffalo Gen Eleo
58 series A
1956
Canada Nor Power 58_1953
Canadian Nat Ry 78-1935
Canadian Pao Ry 6e_.1942
Capital Adminis 55...1953
With warrants
Without warrants
Carolina Pr A Lt 58.....1956
Caterpillar Tractor 58.1935
Cedar Rapids M & P 58'53
Cent Arlo Lt & Pow 58 '60
Central German Power
Part eta)(313
Cent Illinois Lt 58. _19
34
1 43
Central ill Pub Service&series E
1st & ref 4145 ear K19677
56
5s series0
1968
Range Since Jan. 1.
28
2934 81,000
84,000
2334 25
15,000 6734 Apr 8434
6714 70
1,0,000 74
75
74
Apr e94
20,00
49
50
47
Mar 59
5134 5114 4,00
5134 Apr 5754
53
53
3,00
53
Feb 6354
2414 2631 21,00
2414 Mar 36H
a2414 27 920,00
2414 Mar 3834
71,00
43
46
42
Feb 58
21,00
56k 68
54
Jan 74
25
2654 51,00
25
Apr 41
2514 27 100,000 253( Apr 4114
102X 104
49,00 10114 Mar 10614
10314 10414 26,000 10334 Mar 1083(
102 104
9.000 102
Apr 110
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
49
55
257,00
49
Apr
9834
9754
86
86k
85
7914
100
6134
3634
9914
9834
86
90H
87k
8114
10134
67
4014
58,00
42,00
1,00
22,00
23,00
121,000
88,000
64,000
55,000
93
9314
86
85
8434
791(
9834
6114
361(
Mar
Mar
Apr
Mar
Mar
Apr
Mar
Apr
Apr
10614
10034
103
9314
101
10634 2,000 10214 Mar 11014 Jan
10034 4,000 100
Mar 10554
10314 6,000 9314 Apr 10754 Feb
Feb
95
75,000 9434 Mar 100
Jan
10134 13,000 9934 Mar 10434 Feb
.111
99
6,000 98
Apr 106
Jan
9314 52,000 93
Apr 91114 Jan
98
93
10414 105
30
94
10114
43
94
67
33
603.4
83
10034
78
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2,000 10314 Mar 108)4 Jan
2734 2954 29,000
a434 5
2,000
30
92
10034
37
92
ssg
25
4834
873(
9914
7254
661( Jan
10634
10534
1024
10134
101
9334
1064
863(
6234
21
Jan
434 Jan
1,000 30
116,000 92
34,000 IGO
189,000 37
49,000 92
37,000 651(
2,100 25
8,000 583(
22,000 87
16,000 9914
4,000 7234
is Apr
554 Feb
Mar 45
Jan
Apr 10454 Jan
Mar 106
Jan
Apr 6114 Jan
Mar 9814 Jan
Mar 704 Feb
Apr 5514 Jan
Apr 73
Jan
Ma
9214 Jan
Ma 10354 Feb
Apr 9114 Feb
103 10314 7,000 10114 Feb 10814 Jan
100 100
1,000 993,4 Feb 10314 Feb
10034 102
34,000 9954 Mar 10654 Jan
64
60
15,00
60
Apr 83
Feb
9934 9934 3,000 99
Mar 10234 Jan
Financial Chronicle
Volume 136
Bonds (Conlinued)Derby Gas& Else bs-1946
Det City Gas 85 ear A 1947
1950
68 1st series B
Detroit Intl Bridge 79_1952
1967
Duke Power 4Hs
Chides
Sales
Last Week's Range for
of Prices.
Sale
Went.
Price. Low. High.
65
8034
6255
80
71
r134
8845
East Utilities Invest
5s ‘sith w arrants._ _1954 1234 12
Edison Elec 111 (Boston)
1934 10054 100
2-year 55
1935 100% 100
5% notes
Elec Power & Light 511_2030 2244 21
6534
1950
El Paso Electric 5s_
42%
6558 series A w w_ _ _1943
Empire Dist El 58-.._1952 3835 37
Empire Oil & Ref 564s1942 3054 2845
Ercole Mania Elec Mfg
68
645s with warr_ _ _ _1953
European Elec6Hs--1965
Without warrants
6234 6145
European Mtge Inv 78 C'67 26% 2655
Fairbanks Morse deb 5s_'42
Federal Sugar as
1933
Federal Water Bevy 5648'54
Finland Residential Mtge
Banks 65
1961
Firestone Cot Mille 55_48
Firestone Tire & Rub 55'42
First Bohem Glass 715_1957
Fisk Rubber 5Hs__._1931
Certificates of deposit_ - _
8s ctfs of dep
1941
Fla Power Corp 55415.1979
Florida Power & Lt 531954
4654
3
19
74
77
41%
4744
4634
51
46
3
19
46%
68
71
63
46
4054
47
44
49
10,000
66
81
10,000
72
8,000
r134 1,000
9055 7,000
Ranee Since Jan. 1.
High.
Low.
6255
75
6934
A
8845
1454 83,000
9)4
100% 55,000
100% 97.000
27 222,000
6554 1,000
42% 2,000
3945 36,000
30% 101,000
6944
9944
21
65%
42%
37
2844
Apr 7445
Mar 9844
Mar 91
Mar 1
.1%
Apr 102
Feb
23
Mar 103%
Mar 10354
Apr 47%
Apr 8645
Mar 5745
Apr 4845
Apr 48
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
13,000
66
Apr
76% Feb
6344 28,000
25,000
27
60
26
Mar
Mar
7054 Jan
Jan
36
46
Apr
245 Jan
Apr
19
524 Jan
4
Jan
Jan
36
68
47
15,000
3
4,000
52134 11,000
47% 13,000
75% 35,000
11,000
77
63
1,000
34,000
50
46% 201,000
75,000
56
4755 37,000
54 117,000
38
68
71
60
37
36
40
44
48
Jan
Mar
Apr
Jan
Mar
Feb
Feb
Apr
Mar
50
8534
88
6544
50
4734
56
6254
70
Mar
Jan
Jan
Jan
Apr
Mar
Apr
Jan
Jan
Gary El & Gas Sneer A 1934 37% 3545 39
Jan
38,000 3534 Mar 72
Gatineau Power 1st be 1956 60
59% 61
Jan
92,000 5934 Apr r73
Deb gold 6s June 15 1941
4335 46
Mar 5434 Jan
12,000 39
Deb 6s series B. 1041
Mar 5335 Jan
. 44 r47
14,000 39
General Bronze 6s._ _ _1940
a44
Jan
47
11,000 z4434 Apr 51
Gen Motors Accept Corp
5% serial notes
101 10135 4,000 100% Mar 103
Feb
1934
5% serial notes. _ 1935 10134 101 10135 3,000 99
Mar 103% Jan
5% serial notes_
101% 10134 2,000 100
Mar 104
Feb
1936
Gen Pub Serv Is
Jan
1933 6534 65% 6554 1,000 6555 Apr 75
Gen Pub UM 64511 A 1956 14% 12
Jan
14% 23,000 12
Mar 22
19% 21
10,000 1734 Mar 28
6548
Jan
1933 21
Gen Rayon fie
Mar 28
Jan
1948 22% 2234 22% 5,000 20
General Refactories 5s 1933 33
8,000 22
33
Feb 56
28
Jan
Gen W at W ks & Elbe 1943 4334 42% 45
36,000 38% Mar 4754 Mar
85 series Ii
1345 14
6.000 11
Feb
Mar 18
1944
Certificates of deposit-. 1355 1344 14
6,000 11
Feb 14
Mar
Georgia Power ref 55_1967
Georgia Pow & Lt 58_1978
Gestural deb fle
1953
Without warrants
Gillette Safety Razor Sc'40
Glen Alden Coal 46.--1965
Glidden Co i134e
1935
Gobel (Adolf) 634s
1935
With warrants
Grand (F&W) Prop 68 '48
Certificates of deposit...
Grand Trunk Ry 634s 1936
Grea Nor Pow 58_ _1935
Guan
mo & West 65'58
Guest in Investors 55 1948
W
w r.ants
Gulf 01 ni ea 55
1937
5s
1947
Gulf Stat.: Util 58-1956
Hackensack Water 5a_ 1977
be
1938
Hall Printing 664s
1947
Hamburg El & Und 540'38
Ilanna(MA)65
1934
Hood Rubber 10-yr 534836
78
1936
Houston Gulf Gas
1st as
1943
1355s with warrants_1943
lions L & P 1st 455s E 1981
1st & ref 455eser D.1978
let 5a series A
1953
Hudson Bay M & fir 5a.1935
Hungarian Rai Bk 734s '63
Hydraulic Power
1st & ref bs
1950
Hygrade Food Products&series A
1949
Idaho Power 55
1947
Illinois Central RR 440'34
Nor Utilities 5s. _1957
III I'ower Is A
1953
III Pow & I. 1st 6s am A '53
let & ref 555e ser 15_1954
let & ref be ser C.
-1956
S f deb 545s_May 1957
Indiana Electric corn
664e series 13
1953
deserter C
1951
Indiana & Mich Eleclet & ref 55
1955
bs
1957
Indiana Service 58- -1963
1st & ref 59
1950
6944
43
95%
464
68
7041 104,000
4255 43
3,000
4455
9554
4645
79
48% 39,000
10035 87,00
48
93.00
5,00
80
674 Mar
4234 Apr
4444
9534
46%
79
9014 Jan
Jan
59
Apr 6954 Jan
Apr 102
Feb
Jan
Apr 58
Apr 863.4 Feb
63
63
5,00
55
Apr
8
94
94
14
8
98
97
15
4,000
6,000
7,000
2,000
8
94
97
14
Mar 10%
Apr 10034
Mar 101
Apr 21
26%
95
92
50
26% 5,000
96% 21,000
9334 95,000
9,000
58
2645
94%
92
50
Apr 3845 Jan
Mar 101% Feb
Ma 100% Jan
Apr 82
Jan
93
97
50
55
94%
36
47
95
99%
5344
62
94%
37
48
8,000
21,000
15,000
19,000
5,000
13,000
8,000
93
98
49
55
92
3135
44
Feb
Feb 99
Mar 1023( Feb
Mar 65
Feb
Apr 7234 Jan
Jan 9555 Feb
Mar 40
Mar
Feb 48
Apr
34
a23
8244 80
80
034 93%
80
40
0
37%
24
82%
83
9434
80
40
30,000
5,000
13.000
16,000
12,000
3,000
10,000
3144
21%
80
80
9344
77
35%
Mar 5144
Mar 37%
Mar 9644
Apr 96%
Mar 104
Mar 85
Feb 40
98
96
92
56
93
37
48
10344 10335
Mar
41
Apr
50
Mar
90
3334
85%
99%
56
52
45%
38
Mar
Apr
Apr
Feb
Apr
Apr
Apr
Apr
10254
.46%
100%
100%
77
725(
71
60%
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
69% Apr 91
Apr 578%
52
Jan
Jan
Jan
Jan
Jan
Jan
91
33%
8554
9954
56
52
4544
38
9255
35
86
9954
60%
5254
50
41
6.000
25,000
3,000
3,000
71,000
7,000
78,000
37,000
2,000
9,000
86
97
16
lb%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1,000 103
42
6955 69%
52
58
564
524
4834
4044
tont:
Jan
Feb
Jan
Jan
Jan
3,000
41
91
34
68
Jan
6,000
89
974 4,000
37,000
18
17% 17,000
86
97
18
15
Apr 99
AD 105
30
Fe
Fe
32%
Indianapolis Gas 5s A_1952
3,000
71
70
P & L Sc ser A '67 7745 76
92,000
81
International Power Soo
Secured 6455 ser C-1955 84% 8354 85
52,000
7s series E
1957 9244 904( 92% 9,000
1952 81% 81% 82% 13,000
7e series F
Internationai Salt 58..1951 76
10,000
75
77
International Sec 55..1947
11,000
43% 45
Interstate I r & Stee15345'46 21% 21
12,000
23
Interstate Power fe--.1957 40
67,000
40
42
Debenture 68
1952 2254 20% 23
36,000
Interstate Public Service
68 series D
1,000
1956 59
59
59
445e series F
1958 47
45
49% 59.000
Invest Co of Amer be 1947
2,000
65
85
With warrants
06534 56555 2,000
inssa-Neb L & P 58-1957 664 66% 6644 1,000
1961
6,000
Is series B
6835 69
Iowa Pub Serv 58. _1957
2,000
69
69
Insrea-Hydro-Elect 7s 1952 74% 7434 7754 13,000
Isotta Fraschinl 75_ _1942
Without warrants
1,000
75
75
Italian Superpower of Del
Debs (Is without war '63 42
19,000
40% 42
70
76
Apr
Apr
83% Jan
95)4 Jan
80
85
79%
7434
40
21
40
20%
Mar
Mar
Mar
Mar
Mar
Apr
Mar
Apr
91
96
90
80%
5155
33
61
43%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
59
45
63
65
6635
8854
6835
7244
Apr
Apr
Mar
Mar
Apr
Apr
Mar
Mar
78%
72
75
75
84%
84%
8334
86%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
1534
63
Jan
7835 Feb
38
Jan
47
Jacksonville Gas 5s- -1942
30% 35
10,000 30%
Jatintiett Water Sup 5455'55 100% 100 101
5,000 99%
89
5,000 8745
90
Jer C P & L ist 5s II-1947 00
1st 4345 series C- ..1961 81% 8054 82)4 64,000 80%
101 10134 5.000 101
Jones & Lau'lln Steel 55'39 101
Apr 51
Mar 102
Mar 10154
Mar 965(
Apr 103%
Jan
Jan
Jan
Jan
Jan
Feb
Bonds (Continued)
-
2401
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
Kansas Power & Light
1955
6s series A
&series B
1957
Kentucky Utilities Co
1981
1st M 55
645s series D
1948
1969
58 series I
Koppers(1 dr C deb be 1947
Sink fund deb 5458_1950
Kresge(8 Si &
1945
Certificates of deposit- _ _
Range Sines Jan. 1.
Low.
High.
8634
n87
7,000
3,000
5834
71
5734
77
78
77
674
24,000
2,000
16,000
34.000
23,000
2,000
11,000
Laclede Gas 54se
50
51
1935 51
72
Laratan Gas Corp 66481935 72
72
Lehigh Pow &cur 69_2026 64% 56
65
Libby McN & Libby 58'42 50
so 504
Los Angeles Gas & Elec102 10255
t%
1942
555s series F
1943 9935 9835 9955
55
1939 1014 101% 1014
1st & gen 58
94
1961
94
75
Louisiana Pow & Lt be 1957 76
7634
Louisville Gas & Elec10044 10034
t% series A
1937
43.5s series C
95
95
1961
13,000
7,000
115,000
33,000
Manitoba Power 550.1951 32
29
33
Mass Gas Co
Sink fund deb 55-1955
75
76
5455
81
1946 82
82
...1949 80
Mass Utll Assoc 55.
80
8134
McCord Rad dr mfg 651943
854 10
With warrants
99
Memphis Pow az Lt be 1948
99
Metropolitan Edison
1971 73% 734 7354
4a series E
5s series F
1962 8645 82
884
100 100
Michigan Light 55_ _ _ 1946
304 31
Middle States Pet 6345 '45
Middle West Utilities
3% 344
3%
55 ctts of deposit _
1932
4154 42
Midland Val RR 58_ 1943 42
93
Milwaukee Gas Lt 434s '67 93
9534
Minneap Gas IA 4348-1950 72% 72% 7445
Minn Gen Elec 5a
1934 10014 100% 100%
58
Minn P & L 4Hs
1978
60
14,000
29
Apr
46
8,000
10,000
2,000
75
80
80
Apr
Mar
Mar
94% Jan
Jan
99
8844 Feb
MlasissIPPI Pow 5s_ 1955
MIss Pow & Lt 5s.....1957
Miss River Fuel 65_1944
\Without warrants
Miss River Pow 1st 5s_1951
Missouri Public Eery 55'47
Monon West Penn Pub Ber
1st lIen & ref 5356 B 1953
Montreal L H & P Con
1st dr ref 5s ser A __ _1951
be series B
1970
Munson 55 Line 640.1937
With warrants
83
84
83
78
58%
58
70
5635
76
77
77
6631
5755
77
78
674
45%
5845
40
44
56
12,000
2,000
2,000
5,000
Feb
95
894 Feb
55
70
54)4
7045
72
77
66%
Mar
Apr
Mar
Mar
Mar
Apr
Mar
Feb
75
Feb
93
7445 Jan
47
Mar
62459 34 JanJansa r
7
58% Jan z9098704 MF.Tjennb
a
56
Apr 8854 Jan
4655 Mar 57
Mar
Mar
Apr
Mar
Mar
Apr
10454
103
106%
10334
94%
Feb
Feb
Jan
Jan
Jan
99
Mar tog Jan
94% Feb 102
Feb
Jan
8% Apr 13% Feb
Apr 103
Jan
99
10,000 71
38,000 81
6,000 100
3,000 2744
Jan
Mar 86
Mar 9745 Feb
Apr 107
Jan
Mar 4454 Jan
3%
2,000
5.000 37
15,000 93
8,000 7235
14,000 100
51)00 58
Mar
344
Feb' 4545
Apr 102%
Apr 90
Mar 103%
Apr 81
1,000
9,000
3,000
44
Apr
5554 Mar
Apr
Jan
Jan
Jan
Feb
Jan
7335 Jan
Jan
83
79
Feb 87
Jan
98% Mar 10534 Jan
40
Apr 65
Jan
51
48
33,000
48
Apr
78
Jan
87%
85
8554 8744 50,000
8234 85
6,000
84
82
Feb
Feb
9644
9551
Jan
Jan
10%
10
Feb
11
Jan
54
11
14,000
Narragansett Elec 58 A '57 98
97
29,000
98
&series B
1957 9754 97% 98
11,000
Nat Pow & Lt 68 A. _ 026 59
52% 59
38,000
Deb be series B _ .2030 51
4144 51 133,000
Nat Public Service bs 1978
Certificates of deposit.- 1254 13% 49,000
National Tea Is
1935 8934 88
8944 8,000
Nebraska Power 4545_1981
96% 97
5.000
65
8945 90
3.000
2022
17
Neisner Bros Realty 6s '48
11.000
20
Nevada-Calif Else 53_1956 53
5234 5335 48,000
N E Gas dr El Assn 65_1947 39% 37
39% 64,000
Cony deb 55
3844 393.4 6,000
1948
Cony deb 55
1950 39% 37% 39% 103,000
New England Pow 55_1951
10055 100% 3,000
New Eng Pow Man 58_1948 4454 3554 45% 109,000
41
4733 86,000
Debenture 634a. -1954 47
New On Pub Serv 4555'35 4334 43
45% 60,000
NY dr For'gn Inv 5%51948
5,000
69% 70
With warrants
5,000
90
NY Penns & Ohio 4355'35
90
NY P&L Corp let 434e'67 88
88% 70,000
87
75
70
38.000
N Y State0& E 440_1980 71
8334 7.000
N Y&W'chester Ltg4s 2004 834 82
--
105
Niagara Falls Pow 68_1950 105
ba aeries A
1959 10034 100
Nippon Elea Pow 635s 1953 4334 43
No American Lt & Pow
7354
5% serial notes_ _1936
53.4e series A
1956 26% 21%
24
Nor Cont UtlI 5458---1948 24
Northern Indiana P S62
lat & ref 58 ser C-1966
59%
45.5s series E
1970
& series D
1969 6434 64%
80
Nor Ohio Pow & Lt 53.45'51 83
79
Nor Ohio Tr & Lt 5s_ _1956
No States Pr 54% notes'40 70
70
Refunding 450...A961 8334 80%
86
Northern Texas TAB 761935 88
N'western Pub Serv 551957 59
59
Ogden Gas Co 55
1945
Ohio Edison 1st 515- -1960
Ohio Power 1st bs B-1952
let & ref 434e ser D 1956
Oblo Public Service Colin & ref Ss ser D. _1954
Okla Gas & Elea 55-1950
Deb 13s series A_ -1940
Oswego Falls 68
1941
Apr
Mar
3,000 100
10,000 9835
6,000 10045
2,000 94
26.000 75
29,000
47
57% 18,000
81
81
10054 101
40
45
83
75
7945
95
89%
74%
8
96%
96%
50
41
Mar 10334 Jan
Mar e103
Jan
Jan
Mar 85
Mar 74
Jan
1144
83%
9434
89%
17
50 '
37
3834
37%
9954
3554
40
43
Mar 2334 Jan
Jan 8934 Ape
Mar 101% Jan
Apr 98% Jan
Apr 26% Feb
Mar 6944 Jan
Apr 5954 Jan
Apr 60
Jan
Apr 69% Jai]
Feb 105
Feb
Mar 62% Jan
Mar 65% Jan
Apr 65
Jan
68
90
87
70
82
Jan
Mar
Apr
Apr
Apr
7834
95
99
9134
97%
Mar
Jan
Jan
Jan
Jan
105% 12.000 10134 Mar 108% Jan
Fel 106
Jan
10054 12,000 98
Apr
10,000 3544 Feb 45
45
9,000
75
3055 93,000
7,000
25
7354 Apr
21% Apr
Feb
23
Jan
91
46
Jan
3634 Jan
24,000
9.000
3,000
30,000
5,000
2,00
105,000
18,000
3,000
82
59%
64%
80
79
70
80%
8334
58
Apr 90% Feb
Apr 8545 Jan
Apr 91
Feb
Apr 10344 Jan
Apr 10045 Jan
Mar 92
Jan
Apr 9744 Jan
Mar
Jan 88
Jan
Mar 75
87%
75
9454
86
8744 1,000
80 104,000
95
13.000
90% 68,000
87
75
9444
86
Mar 10145 Feb
Jan
AD
98
Apr 104% Jan
Apr 9954 Jan
65
74
63
36
6,000
66
75% 9,00
65
9,000
38
16,00
64
74
63
36
Mar
Mar
Mar
Apr
Pacific Gas & El Co
1st Cs series B
105%
1941
1st & ref be ser C.-1952 1014 10034
55 series D
1955 98% 9744
1st & ref 4345 E._ _1957 91
88
let & ref 434s F. _.1960 904 8754
Pacific Ltg & Pow 55.1942
104
Paz Pow & Light 5.4.- _1956 49% 4954
Pacific Western 0116348'43
With warrants
59
573.1
Palmer Corp of La 68.1938
7955
64
60
64%
85%
82%
70
83%
88
59
106
102
99
91
9054
104
554
59
81
Penn Cent L & P 46481977
64
60
Penn Dock & Warehouse
6s ctfs of dep
3455 3454
1949
Penn Electric 48
1971 60
5944 60
Penn Ohio Ed
Deb 555s sertea 13.--1959
45
45
as ser A without warr 150 55% 55
55%
Penn-Ohio P & L 530 11154
9114 9344
Penn Power &
98
1958 98
596
Penn Public Service
65 series C
1947 8754 8745 87%
& series D
1954
73
73
Penn Telep 5s
90
1960
90
Penn W at &Pow 440 B '88
97
97
1st mtsre 5s
104 105
1940 104
9,00 101
30.00
99
12,00
9554
68,000 87
35,00
86
3.000 104
51,000 4934
89%
91%
7834
53
Jan
Jan
Jan
Feb
Ma
Mar
Mar
Mar
Mar
Mar
Apr
11234 Jan
Jan
1063410135 Jan
101% Jan
10154 Jan
108% Feb
7154 Jan
33,000
6,000
575.1 AP
7934 Apr
Jan
n
8834 Feb
67
13,000
60
Apr
80% Feb
4,000
12,000
29
Mar
159% Apr
32, Mar
7
Jan
1.000
8,000
11,000
10,000
53
55
90
96
1,000 8634
1,000 73
3,000 90
3,000 95
7,000 100
Mar 75% Jan
Jan
Apr 82
Mar 103% Feb
Feb
Mar 104
JanJan
Feb 19003
Apr
Mar 9744 Feb
Jan
Mar 101
Jan
Mar 108
2402
Bonds (Coatis:1mi)-
Financial Chronicle
Friday
Sales
Lail Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Peoples Gas Lt & Coke
1981 7634 7635 7831
4s series B
Miseries C
1957 9335 91
9435
Peoples Lt & Pow 58..1979
1
1
Phil& Electric Co 5a_ 1966
105 10531
Phila Elec Pow 5345-1972 104
104 105
Phila Suburban CountteaGas & Elec 4358.-1957 99
9736 99
58
195.5
98
98
Piedmont Hydro El Co
1st & ref 6 hs cl A--1960 6935 6831 6931
Piedmont & Nor Ry 55 '54
6035 61
Pittsburgh Coal 68...1949 83
85
83
Pomerania Elec 6s____1953
3734 38
PUd Gas & Coke 58. _1940 83
83
8531
Potomac Edison 58 E.1956 76
7634
75
435s aeries F
1961 69
69
70
Potomac Eleo Pow 5s.1936
10235 103
Power Corp (Can)4351313 '59
28
36
Power Corp of N Y1942
6355 ser A
90
90
Procter & Gamble 434e '47 101
Prussian Elec deb 68-1954 4835
Pub Serv Newark Term
1955 101
Railway Co 58
Pub Serv N H 435s I3_1957
108
Pub Serv of NJ pet
Pub Serv of Nor Illinois1956 7434
lat & ref 55
1966 6935
5$ series C
435e series D
1978 66
1st & ref 4he eer E.1980 68
1st & ref 4358 ser F.1981 64
635s series 0
1937 94
1952 8835
6his series H
Pub Serv of Oklahoma
1961
58 series C
1957 60
58series D
Pub Serv Sub 5345 A.1949
Puget Sound P & L 535s'49 50
lot dr ref 58 ser C__ _1950 4534
1st & ref 4358 ser D.1950 45
73
6834
66
67
64
a8835
8336
62
5931
50
47
4531
40
Quebec Power 58
1968 72
72
Republic Gas 6s June 15'45
14
Certificates of deposit_ __
14
Rochester Cent Pow 5s '53
2735
Rochester Ry & Lt 5s-1954 100
100
Ruhr Gas Corp 635s-1953 4035 3935
Safe Harbor Wat Pr 4348'79
St Louis Gas & Coke 65'47
San Antonio Pub Serv 5a'58
San Joaquin Lt & Pow
1957
58 serle5D
1955
Sauda Falls 55 A
Saxon Pub Works 68-1937
Scripps (E Ill deb 5358 '43
Seattle Lighting 58.-1949
Shawinigan W & P 4348'67
1968
435s series B
1970
let 58 series C
1st 4358 series D.._1970
Sheridan Wyo Coal 68_1947
Sou Carorina Pow 58..1957
Southeast P & L 13e. _2025
Without warrants
Sou Calif Edison 58_1951
1952
Refunding 55
Refunding 5e June 1 1954
1939
Gen & ref 58
SouCallfGasCo 434s-1961
1957
lot & ref 58
1952
5358series B
Sou Calif Gas Corp 5s-1937
Sou Counties Gas 4}4a '68
Southern Gas 634s....1935
Sou Indiana 0& E 5356'57
Sou Indiana Ry 48- -1951
Southern Natural Gas 68'44
Ms:stamped
Stamped
Sou Public ULU 58___1943
Southwest G &E lis A.1957
1957
55 series 13
Sou'west Lt & Pow 55_1957
Sou'Vest Nat Gas 68.-1945
Sou'weet Pow & Lt 6s.2022
S'west Pub Serv 6s..1945
96
8
51
5131
9835
99
9735
7,000
51
High.
9735 Apr 10431 Jan
9531 Mar 10431 Jan
90
Apr
9834 Mar
4834 Apr
9931 Feb
wag Feb
70
Jan
1,000 .100
Mar 10635 Jan
2,000 85
Apr 9531 Feb
18,000 10331 Apr 119
Jan
79
73,000 73
7034 10.000 6835
13,000 66
70
70
31,000 66
6934 35.000 64
9434 268,000 z89
8931 34,000 8331
Apr 10035 Jan
Apr 98
Jan
Apr 9035 Jan
Mar 9114 Jan
Apr 93
Jan
Apr 10734 Jan
Mar 100
Feb
62
61
54
50
4734
4535
Mar
Apr
Mar
Apr
Apr
Mar
4,000
9,000
32,000
72,000
33,000
75,000
62
5931
49
47
453/
40
7531 6,000 72
1435 2,000 14
4,000 14
16
2734 9,000 25
10136 22,000 100
87,000 3935
47
9531 9635 17,000
7
835 6,00
72
2,00
71
84
10034
50
6235 5835
3231
34
49
51
50
51
57
58
49
51
2834
30
Low.
30,000 65
Jan 7654 Jan
4,000 6034 Apr 7231 Feb
13,000 83
Mar 89
Jan
4,000 35
Mar 5934 Jan
5,000 83
Apr 10036 Jan
14,000 75
Apr 8931 Jan
4,000 69
Apr 8635 Jan
2,000 10235 Apr 10634 Feb
51,000 28
Apr 46
Jan
100 101
36,000
4835 5431 51,000
101 101
85
85
10334 108
Range Since Jan. 1.
7,000 7635 Apr 9354 Jan
Apr 10635 Jan
87,000 91
1
1,000
Feb .134 Jan
3,000 10235 Mar 11034 Jan
27,000 10135 Mar 108
Feb
6,000
1,000
85
10034
57
6235
35
5135
5135
5835
51
30
52
4731 54
9835
97
9731 99
9634 9735
10135 10135
85
84
90
90
9995 9935
78
77
8131 8131
93% 95
9934 100
3731 3835
9,000
3,000
57,000
7,000
6,1)00
128,000
35,000
51,000
46,000
8,000
6,000
7634
7735
8035
6734
66
63
Feb
Jan
Jan
Jan
Jan
Jan
Apr 85
Jan
Apr 1935 Feb
Apr 1834 Feb
Mar 48
Jan
Mar 108)4 Feb
Apr 07
Jan
9534 Apr 102
Jan
7
Apr 1635 Jan
Apr 8335 Jan
71
83
9735
50
5535
3231
49
50
57
4831
23
Mar 98
Mar 105
Apr 6735
AD
7234
Apr mg
Apr 65
Apr 64
Mar 7034
Mar 65
Feb 30
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
51
Apr
66
Jan
Mar
Mar
Mar
Mar
Feb
Apr
Apr
Feb
Apr
Mar
Jan
Feb
Mar
8235
10535
10534
10535
108
95
9951
103
8935
9234
96
10531
45
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
152,000 4735
39,000 9536
12,000 96
27,000 98
3,000 101
8,000 84
2,000 90
5,000 9935
11,000 77
4,000 8135
3,000 9135
19,000 9936
4,000 31354
4231
4234
92
64
54
52
3135
34
60
51.000
5.000
4,000
21,000
10,000
2,000
9,000
17,000
1,000
39
3935
9135
60
52
52
26
32
60
Apr 49
Apr 49
Apr 102
Apr 8235
Apr 82
Apr 70
Mar 38
Apr 61
Apr 70
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
71
70
Staley (A E) Mfg 68..1942 71
39
Stand Gas & Elea 68..1935 38
35
3935
Cony 65
35
1935 39
Debenture 68
2834 34
1951 30
Debenture Os.Dec 1 1966 29
2831 34
Standard Investing 5318'39 65
65
65
Stand Pow & Lt68
1957 2834 2834 33
Stand Telep 00
1943 1531 1535 1534
Stinnes (Hugo) Corp
41
75 without warr Oct 1 '36 34
32
37
75 without warr
1946 31
30
Sun Oil deb 5355
1939 101
101 10231
Sun Pipe Line 58
9835
98
1940
Super Power of Ill 4358.'68
6431
62
lot 4348
63
1970 64
6431
Swift & Co lot ma 155_1944 9835 9635 9835
5% notes
1940 9035 8731 9034
Syracuse Lt 535s
102 102
1954
7,000
93,00
33,00
98,00
99,000
10,000
54,00
16,000
6935
35
35
2834
2831
65
2835
1434
Mar
Mar
AP
Apr
Apr
Mar
Apr
Ma
8135
6451
66
5334
6331
6834
6036
3236
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Apr oisim
AD
6931
Mar 10236
Jan 100
Apr 84
Apr 8335
Apr 10335
Ma
97
Apr z108.35
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Feb
Terni Hydro Elea 635a 1953
Texas Cities Gas 5s-1948
Tessa E'er: Service 58_1960
Texas Gas UM fis
1945
Texas Power & Lt 58-1958
55
1937
Thermold Co Os
1934
With warrants
Tide Water Power 58_1979
Toledo Edison&
1962
Twin City Rap Tr 535s'52
Men Co deb Os
1944
Union Amer Invest 55.1948
With warrants
Union Elms Lt & Power
1957
434e
1967
5 series B
Iln Gulf Corp 56-July 1'50
45.-1949
United Elea(N
United Elec Serv 78_1956
United Industrial6hs 1941
1945
let 6.5
United Lt &Pow 88-1975
lot 5358---Aprll 1 1959
1974
Deb g 6358
1952
ljn Lt dr RS'5355
1952
Cs series A
1973
65 series A
United Rys of Hay 734e'36
4034
3935
9135
60
52
3135
3231
7631
6735
15
75
30
8731
2431
2035
39
3935
9135
60
52
52
30
32
60
102,000 32
120,000 30
18,000 9935
2,000 96
12,000 62
16,000 63
42,000 9635
17,000 87
1,000 102
6334
49
66
15
71
94
78%
49'
6931
15%
75
95
36,000
2,000
75,000
11,000
29,000
12,000
69
46
66
1131
71
94
Jan 8135
Feb 57
Apr 90
Feb 2134
Apr 92
Apr 104
Feb
Jan
Jan
Jan
Jan
Jan
2636
50
8631
2331
28,000
30
1,000
50
8734 88,000
23,000
25
2635
50
8631
23
Apr
Mar
Apr
Feb
Jan
Jan
Jan
Jan
18
22
13,000
7235 7235
91
98
9835
77
4231
42
2834
3034
3635
6535
2,000
92
98
9935
9855
77
46
48
30
60
35
3634
66
27
2035
24,000
2,000
39,000
25.000
37,000
76,000
39,000
14,000
10,000
2,000
88,000
10,000
12,000
2.000
90
97
9731
9731
7635
4135
42
28
5531
3034
3131
64
2534
2034
April 8 1933
43
69
9935
32
Jan
32
Feb
7235 Mar
77
Jan
15
88,5
94
97
95
74
4135
42
28
5431
3035
31,4
66
2536
20
Mar 9934
Mar 104
Mar 103
Mar 103
Mar 8331
Apr 66
Mar 68
Apr 53
mar 7234
Apr 5335
Apr 57
Apr 80
Apr 4834
Feb 24
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Bonds (Concluded)
U S Rubber
3
-year 0% notes- --1933
635% serial notes__1934
034% serial notes -1935
635% serial notes._1936
634% serial notes._1937
634% serial notes_ _1938
Vamma Wat Pow 5351: '57
Van Sweringen 65__1935
With warrants
Va Elea & Power 5s-1955
Va Public Serv 5348 A 1946
lot ref 58 ser B
1950
1946
(is
Waldorf-Astoria Corp
78 with warrants...1954
Certificates of deposit_ _
Ward Baking Co Os..-1937
Wash Gas Light Se...1958
Wash Ry & Elea 45_ 1951
Wash Water Power 58_1960
West Penn Elea 58_
2030
West Texas Utll 58 A_1957
Western Newspaper Union
1844
Cony deb Os
Western United Gas & Elea
1955
let 5345 ser A
Westvaco Chorine 5358'37
Yadkin River Pow 58_1941
1937
York Rye Co 58
Foreign Government
And Municipalities
Agri(' Mtge Bk (Colombia)
1946
78
1947
78
Baden external 78_
1951
Buenos Aires(Prov) 7355'47
78
April 1952
1948
Cauca Valley Is
Cent Bk of German State &
1951
Pray Banks (Is B
1952
(is series A
Danish 5355
1955
lo53
5s
Danzig Port dr Waterways
635s July 1 1952
Sales
Frick/
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
5535
28
94
6131
45
High.
7135 90,000
5534 9,000
34
1,000
29
1,000
25
1,000
28
5,000
73
14,000
70
5035
2935
27
25
27
68
5
94
65
58
4436
6
8,000
94
5,000
66
20,000
6131 3,000
45
7,000
4
Jan •735 Feb
93;5 Mar 101
Jan
60
Mar 77
Jan
513
Apr 7154 Jan
44;5 Apr 62% Jan
531
38
78
73
10134
8035
78
8331
Low.
70
5031
34
29
25
28
7131
431
9031
78
85
8831
46
37
92
Range Since Jan. 1.
531
431
91
85
85
92
47
40
2234 2435
4,000
1,000
4,000
40,000
8,000
11,000
12,000
83,000
5
235
90H
78
85
8831
45
87
5,000 z21
Mar
Apr
Feb
Feb
Apr
Feb
Jan
9134 Jan
Jan
60
Jan
44
Jan
42
3831 Jan
3934 Jan
7434 Feb
Mar
835 Feb
Feb
555 Jan
Apr 97
Jan
Mar 9435 Feb
Mar 91
Jan
Apr 10254 Jan
Jan
Mar 63
Apr 5435 Jan
Feb
20
Feb
7531 20,000 70
10134 1,000 101
8035 4,000 8034
4,000 78
80
Feb 8934
Mar 10334
Apr 89
Apr 92
Feb
Jan
Jan
Jan
1736
20
35
2631
2231
735
1735 1,000
20
1,000
40
7,000
27
15,00
n2534 13,000
735 4,000
Apr
Mar
Apr
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
60
50
36
6534
59
5231 21,000
36
4,000
67
12,000
60
2,000
41
41
42
3535
3335
58
30
3931
4034
59
3531
2335
50
German Cons Munlo 75.'47 36
1947 34
Secured 6s
Hanover (City) 75-1939 58
Hanover(Pray)6345_1949 34
Indus Mtge Bk (Finland)
1st mtge Coils I 7s.-1944 6235
4
Lima (City) Peru 6358 1958
1951
Medellin 75 ser E
1951
Mendoza 734s
Mtge Bk of Bogota 7s-1947
(Issue of May 1927)..... ......
(Issueof Oct 1927)
Mtge Bk of Denmark 58'72
7,000
1754
16
35
2531
19
7
50
Apr
3235 Mar
58
Mar
57
Jan
35
35
5734
35
30
1134
66
55
75
65
Jan
Jan
Jan
Jan
3931 Mar
54
Jan
58,000
81,000
60,000
54,000
3534
3034
54
30
Apr
Mar
Jan
Mar
6234
(1135
61
5414
Jan
Jan
Mar
Jan
61
66
86,000
4
4
2,000
1231 14,000
11
1736 20
26,000
59
4
1034
17
Mar
Feb
Mar
Mar
73
034
15
2035
Feb
Jan
Jan
Jan
23
23
23
25
5731 5731
1834 Feb
20
Mar
5735 Apr
30
31
66
Feb
Feb
Jan
Parana (State) Brazil
1958
7s
634 634
9
Rio de Janeiro 634s-1959
834 935
Russian Govt
235 3
234
1919
6355
2
2
231
635s certificates.- _1919
235 235
1921
53is
235
235 235
5348 certificates__ 1921
99 101
Saar Basin Counties 781935 100
1935
10334 10336
Saarbruecken 7s
1945
15
Santa Fe 75
15
435 4%
1949
Santiago 78
1,000
4,000
1,000
10,000
12,000
5
7
Jan
Jan
934 F-b
Jan
12
12,000
234 Mar
454
5,000
131 Mar
434
3,000
2
Mar
4
10,000
2
4
Jan
16,000 98
Mar 101
2,000 10335 Jan 1033,4
2.000 15
Jan 1036
3,000
4
Mar
634
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Jan
• No par value. a Deterred delivery. CO it Certificates of deposit. cons Consolidated. cum Cumulative. cony Convertible. • See note below. m Mortgage. n Sold under the rule. r Sold for cash. v t C Voting trust certificates.
W I When Issued. w w With warrants. z Ex-dividend. a to Without warrants.
z See alphabetical Ilat below for "Deferred delivery" sales affecting the range
for the year:
American Laundry Machinery, corn., March 16, 94 at 10.
American Manufacturing. pref.. Feb. 7, 30 at 4331• -1..4
Arkansas Natural Gas, corn., class A, March 15, 400 at 74.
Associated Gas & Elec. 5345, 1938, registered Jan. 24, 55,000 at12331.
Associated Gas dr Elec. 58 1968, registered, Mar. 29, $1,000 at 13.
Associated Telephone $1.50 preferred, Feb. 9, 100 at 1935.
Central States Electric 58 1948, Aprll 7, 516,000 at 273,4.
Creole Petroleum Corp.. Feb. 6. 500 at 3.
Genera Bronze Corp 68 1940, April 6, 51,000 at 44.
Illinois Power 5s 1933, Jan. 9, $13,000 at 10014.
Indiana Electric 5s, series C. 1951. Feb. 1, $7,000St 80.
International Petroleum. Feb. 2, 200 at 834•
Larutan Gas Corp. 6358 1935, April 6, 55,000 at 72Lefcourt Realty Corp., pref. April 4, 100 at 235.
Niagara-Hudson Power class B option warrants. March 21 100 at 194
Peoples Light at Power 58, 1979, Jan. 5, 51,000 at 154.
Public Service of Northern Illinois 635s. ser. G., 1937, Aprl' 1, 51,000 at 8834
Reliance Management 5s w. w.'1954, Mar. 27,82,000 at 55.
Syracuse Lighting 534a, 1954, Feb. 1. 81,000 at 10935.
Western Newspaper Union 6s, 1944, March 16, 31,000 at 21.
:
alphabetical list below for "Under the rule" sales affecting the range for
the year:
e
Chicago District Electric 531s, 1953. Feb. 2 22.000 at 9534.
.
Federal Sugar Refining 0e, 1933, Jan. 5. 32.000 at 4.
General Vending 65, 1937, Jan, 20. 51.000 at 435
Ilygrade Food Products, new cons.. Marph 15. Slat 335.
Illinois Contra RR, 435a, 1934, Feb. 9. $1,000 at 48.
Narragansett Electric 58,series I3, 1957, Jan. 17. 81.000 at 104.
New York d: Westchester Ltg 5s 1954, Mar. 27, 55,000 at 10635.
Niagara Iludson Power class A option warrants, Jan. 12, 100 at 1.
Salmon River Power, 5s, 1957, Feb. 14, $1,000 at 10934.
Southwestern Public Service 68, A, 1945. Feb. 14, $1,000 at 70.
Tennessee Public Service 58, 1970, Jan. 13, $1,000 at 95 h •
Van Ss eringen Corp., Gs, w. w. 1935. March 16, $2,000 at 9.
CURRENT NOTICES.
-William G. Schoonover has joined Arnett, Baker & Co., Inc.. 150
Broadway, New York,in charge of their trading department. He is assisted
by John Connell. Horace Newins and John H. Hawkins have become
associated with the firm in their sales department.
-James G. Conifer, former Manager of the municipal:bond division of
the Continental Illinois Co., has become-associated,with Blyth & Co., Inc.,
in their Chicago office as Manager of theirlmunicipallbond department in
the Middle West.
-The NiCii York Stock Exchange firmIof Wertheim 87Co7innounces
.
the opening of a London office at 6 Throgmorton:Street under the management of Walter H. Laband, resident partner.
-Harry W. Middaugh, formerly of Lewis & Stoehr, Is now associated
with Alexander Jacoby & Co., Inc.. New York,in charge of the guaranteed
mortgage certificate department.
Financial Chronicle
Volume 136
2403
Quotations tor Unlisted Securities-Friday Apr. 7
Port of New York Authority Bonds.
Bid
Public Utility Bonds.
Ask
Bid
Arthur Kill Bridges 4145
M&S
series A 1933-46
Bayonne Bridge 4s series C
6.75 6.25
J&J 3
1938-53
Inland Terminal 434s ser D
Geo. Washington Bridge
Matti;
1936-60
48 series 13 1936-50_ _ _J&D 5.60 5.25 Holland Tunnel 41‘s series E
414s ser B 1939-53__M&N 5.50 5.25
M&S
1933-60
U. S. Insular Bonds.
Philippine Government
-Bid Ask
4s 1934
97 100
45 1946
84 88
4348 Oct 1959
88
92
&Ks July 1952
88
92
5e AprIl 1955
92
94
bs Feb 1952
92
94
5148 Aug 1941
99 101
Hawaii 4145 Oct 1956
99 102
Honolulu bs
US Panama 35 June 1 1961_
2s Aug 1 1936 •
2s Nov 1 1938
Govt of Puerto Rico
414s July 1958
bs July 1948
Ask
85
90
6.75 6.25
90
95
Bid
4.80
10112
9914
9914
Ask
4.50
10212
99%
99%
95
97
100
100
Federal Land Bank Bonds.
Bid
81
81
82
82
82
91
2214
4s 1957 optional 1937.M&N
4s 1958 optional 1938.M&N
434s 1956 opt 1936____J&J
434s 1957 opt 1037____J&J
4.186 1958 opt 1938___M&N
bs 1941 optional 1931_M&N
4145 1933 opt 1932___j&D
Ask
82
82
83
83
83
92
100
414s
434s
414s
430
414s
4Ks
4115
Bid
1942 opt 1932__M&N 8512
1943 opt 1933____J&J 8512
1953 opt 1933____J&J 84%
1955 opt 1935___J&J 8412
1956 opt 1936____J&J 8412
1953 opt 1933____Jka 8512
1954 opt 1934_J&I 8512
Ask
8612
8612
8512
8512
8512
8612
8612
New York State Bonds.
Canal & Highway
55 Jan & Mar 1933 to 1935
bs Jan & Mar 1936 to 1945
bs Jan & Mar 1946 to 1971
Highway Imp 414s Sept '63
Canal Imp 4 Ka Jan 1964._ _
Can & Imp High .1 & M 1965
Barge CT 4345 Jan 1945...
Bid
Ask
3.50
3.80
4.00
3.80
3.80
3.80
3.75
Bid
World War Bonus
4345 April 1933 to 1939-434s April 1940 to 1949__
Institution Building
45 Sept 1933 to 1940
413 Sept 1941 to 1976
Highway Improvement
48 Mar & Sept 1958 to'57
Canal Imp 45J & J'80 to'67
Barge C T 45 Jan 1942 to'46
Ask
3.50
3.75
3.50
3.76
Bid
78
78
78
78
78
81
81
81
81
95
95
95
Par Bid
512
25
Lafayette National
100
Merchants
Nat Bronx Bank
60 25
25 13
National Exchange
212
Nat Safety Bank & Tr_ _ _25
5
25
Penn Exchange
100
Peoples National
Public Nat Bank & Tr_ _-25 21
20
Richmond Nati
Sterling Nat Bank & Tr_ _26 1058
24
Textile Bank
100 15
Trade Bank
12
Washington Nat Bank 100
Yorkville(Nat Bank of).100 30
Ask
80
80
80
80
80
83
83
83
83
9612
96%
9612
Ask
812
30
16
412
9
80
23
3
1358
27
20
•4
40
Trust Companies.
Par
Banat Comm Itallana Tr100
Bank of Sicily Trust
20
Bank of New York & Tr_100
Bankers
10
Bronx County
20
Brooklyn
100
Central Ilanover
20
Chemical Bank 44 Trust_.A0
Clinton Trust
50
Colonial Trust
100
Cont Bk & Trust
10
Corn Exch Bk & Trust__ _20
County
25
Bid Ask
140
_
12
14
252 262
5114 5314
9
- 77
10612 11012
31
33
25
35
11
15
1258 13%
4514 47%
25
27
Par Bid Ask
20 1612 1812
100 230 255
100 228 233
10 14% 16%
100 1900 2000
Empire
Fulton
Guaranty
Irving Trust
Kings County
20 1012 12
Manufacturers
Mercantile Bank & Trust_ - _
% 2
25 6512 6812
New York
Title Guarantee & Trust_20 13% 14%
100
70
Trust Co of NA
20 30
Underwriters Trust
40
100 1335 1385
United States
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
Alabama & Vicksburg (III Cent)
Albany & Susquehanna (Delaware & Hudson) 100
Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (Now York Central)
100
Caro Clinchfield & Ohio(L & N A C L)4%__--100
Common 5% stamped
100
Chic Cleve Clue & St Louis prof(NY Cent)
....100
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
50
Delaware (Pennsylvania)
Georgia RR & Banking (I.& N, A C L)
100
Lackawanna RR of N J (Del Lack & Western)_100
Michigan Central (New York Central)
100
Morris & Essex (Del Lack & Western)
50
New York Lackawanna & Western(D L & W).100
Northern Central (Pennsylvania)
50
Old Colony (N Y N II & Ilartford)
100
Oswego & Syracuse (Del Lack It Western)
60
Pittsburgh Bess & Lake Erie(U S Steel)
Preferred
Pittsburgh Fort Wayne &Chicago(Penn)
100
Preferred
100
Rensselaer & Saratoga (Delaware & liudson)_ _100
St Louis Bridge 1st prof(Terminal RR)
100
2nd preferred
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal(Penns)
100
Valley (Delaware Lackawanna & Western)
100
Vicksburg Shreveport & Pacific (III Cent)
Preferred.
Warren RR of N .1 (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
•No par value.
6 Last reported market.
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
Bid.
Ask.
55
155
63
23
80
128
40
40
60
52
56
29
28
95
55
600
50
74
65
75
50
25
50
118
135
96
103
52
103
192
73
45
45
40
46
62
165
70
27
85
135
45
45
55
58
60
33
30
105
60
800
54
79
69
80
58
30
60
125
133
102
106
56
106
196
80
50
50
44
52
e Defaulted.
Newp N & Ham bs '44..J&J
N Y Wat Sec bs 1951_M&N
20 Old Dom Pow bs_May 15'51
4012 Parr Shoals P58 1952„Adt0
4412 Peoples L & P 554s 1941 Jac.1
1914 Roanoke W W bs 1950_J&J
36
United Wat Gas & E 55 1941
Western P S 5 Ks 1960_ F&A
75
45 Wichita Ry & L bs
Bid
74
85
60
3712
2812
6312
80
48
Ask
7812
6812
84
_
3112
67
Bid
Ask
30
5
4
_
91
160 103
- 26
52
50 60
12 III
61
63
65% 6712
67
70
9212
33
38
149
42
38
95
_
149
68
65
70
13
4
"4712 5012
2
2
3
Par
Kansas City Pub Serv pref •
Kentucky Sec Corp com_100
6% preferred
100
Metro Edison 87 pre B _•
Mississippi P .3t L $6 pret-•
Miss River Power prof..100
100
Mo Public Serv pret
Nassau & Suffolk Ltg pf 100
Nat Pub Serv pref A__ I00
Newark Consol Gas__ _ _ICO
New Jersey Pow & Lt $6 pt •
N Y & Queens E L & P 0100
Pacific Northwest P S____•
6% preferred
100
Prior preferred
100
Philadelphia Co $5 prof. 50
Somerset Un Md Lt
100
South Jersey Gas & Elec.100
Tenn Else Pow 6% pret_100
United G & E(NJ) prof 100
United Public Service prof.'
Wash Ry & Else corn__ _100
5% preferred
100
Bid
Ask
2
23
81
5
57
26
85
10
62
ill
iO"
95
fi97
•___
7
12
812 10
44
39
7412
145
ig"
40
47
.230 321
81% 88
Investment Trusts.
New York Bank Stocks.
Par Bid Ask
Bank of Manhattan Co.
.20 1712 19
Bank of Yorktown
100
35
Bensonhurst Nati
100 25
34
Chase
20
4 2114
Citizens Bank of Bklyn_100 123 95
City (National)
20 2154 2334
Comm'l Nat Bank & Tr_100 124 134
Fifth Avenue
100 1270 1320
First National of N Y__ -100 1005 1055
Flatbush National
100
35
Fort Greene
100
25
Grace National Bank_ _ _100
250
Harbor State Bank
25
Kingsboro Nat Bank..._100 411
Ask
42
Public Uti ity Stocks.
Par
Arizona Power pret__--100
Assoc Gas & El odic pref__•
$6.50 preferred
•
$7 preferred
•
Atlantic City Eiec 88 prof.'
Bangor Hydro-El 7% p1.100
Broad River Pow pt.._ _100
Cent Ark Pub Serv pref.100
Cent Maine Pow 6% p1.100
Cent Pub Serv Corp pref.'
Consumers Pow b% pref..*
6% preferred
100
6.60% preferred
100
Dallas Pow & Lt 7% pref 100
Derby Gas & Elec $7 pref.'
Essex-Hudson Gas
100
Foreign Lt & Pow units....
Gas & Else of Bergen_ _100
Hudson County Gas_ _ 100
Idaho Power 8% pref
•
7% preferred__ ______ 100
Inland Pow & Lt pref-100
Jamaica Water Supply pf_50
3.75
3.75
3.75
New York City Bonds.
Bid Ask
a3s May 1935
8912 91
a4 Ks June 1974
63145 May 1954
72
75 a43js Feb 15 1978
a3 Ks Nov 1954
72
75 a434s Jan 1977
ads Nov 1955 & 1956
73
76 a4345 Nov 15 1978
ads M & N 1957 to 1959_._
73
76 a434s March 1981
a4s May 1977
73
76 a434s M & N 1957
a4s Oct 1980
73
76 a4 Ks July 1967
64 Ks Feb 15 1933 to 1940- 6.50 5.50 a4 Ks Dec 15 1974
a434s March 1960
76
79 a44s Dec 11979
a434s Sept 1960
78
80
a4 Ks March 1962& 1964 _ _ _
78
80 a68 Jan 25 1935
a4145 April 1966
78
80 °Os Jan 25 1930
a43.ds April 15 1972
78
80 a13.3 Jan 25 1937
a Interchangeable. 6Coupon. e Registered coupon (serial).
Bid
Amer S P S 5148 1948_M&N
3712
AUtusta 0 L 5s 1947 __J&D 9512
Cen G&Eb e 1933._ F&A
15%
1st lien coil tr 5 Ks'46J&D 36
1st lien coil tr 65'46_M&S 3912
Fed P 8 1st (Is 1947_ _Jed) 1614
Federated Util 534s'57 M&S 32%
III Wat Ser let 68 1952-126.1 72
Iowa So UPI 5145 1950-1,14.1 42
Louis Light 1st bs 1953 _ A &O 10214
Par Bid Ask
• 10.20 11.20
Administered Fund
Amer Bankstocks
.95 1.15
.*
8
Amer Brit & Cont $6 pref -•
6
Corp_1.16 1.25
Amer Business Shares
Amer Composite Tr Shares_
2% 2%
412
Amer & Continental Corp..
3
Am Founders Corp 6% pt 50
12
7
7% preferred
13
7
50
Amer & General Sec CI A..8
5
10
• 28
6% Preferred
35
Amer Insuranstocks
13
4
Assoc Standard 011 Shares-27
8 3%
Par
Major Shares Corp
Mass Investors Trust
Mohawk Investment Corp.
Mutual Invest Trust class A
Mutual Management com_•
National Shawmut Bank__
National Trust Shares
National Wide Securities Co
Voting trust certificates
N Y Bank & Trust Shares..
NoAmer Bond trust ctis
No Amer Trust Shares
Series 1955
Bancamerica-Blair Corp...
1%
Series 1956
Bankers Nat Invest'g Corp• 1014 1414 011 Shares Inc units
BancsIcHla Corp
214
2% Old Colony by Tr com___•
Basic Industry Shares
1.88
Old Colony Trust Assoc Sh•
British Type Invest A___1
45c W:);
Bullock
8 4 8 4 Pacific Southern Invest p1..
5
5
ClassA
Central Nat Corp class A
18
Class B
16
Class B
dl
3 Petrol & Trad'g Corp CIA.'
Century Trust Shares
121 1312 Quarterly Inc Shares
Chartered Investors corn..*
3
• 50
Preferred
55 Representative Trust Shares
Chelsea Exchange Corp A..
614 1
Royalties Management _ _
4,4
Class 13
Consolidated Equities Inc
12 1 Second Internat Sec el A- •
Corporate Trust Shares_
1.45
6% preferred
50
Series AA
1.46
Securities Corp Gen $6 Pf •
Accumulative series
Selected American Shares_
1.46
Series AA mod
1.46 1.60 Selected Cumulative She__
Series ACC mod
1.46 1.60 Selected Income Shares....
Crum & Foster Ins Shares
Selected Mau Trustees Shs.
Common B
8 Shawmut Association corn.'
10
6
7% preferred
•
100 65 69 Spencer Trask Fund
Crum & Foster Ins com___•
712 10 Standard All Amer Corp__
8% Preferred
75 80 Standard Amer Trust Shares
Cumulative Trust Shares... 2.44
Standard Collat Trust She•
State Street Inv Corp
DepositedBank Shs ser A..
134 24 Super Corp of Am Tr Shs A
Deposited Insur Shs A
AA
1% 2%
Diversified Trustee Shs AB
412
13B
1.90 2.10
318 312
Dividend Shares
.89 96c Supervised Shares
Equity Trust Shares A
Fidelity Fund Inc
First Commonstock Corp..'
Five-year Fixed Tr Shares
Fixed Trust Shares A
•
•
Fundamental Tr Shares A..
Shares B
•
Guardian Invest prof w war
Gude-Winmill Trod Corp_ •
Huron Holding Corp
Incorporated Investors_ _ _•
Independence Tr Shares •
Indus & Power Security„..•
V t o units
Internat Security Corp(Am)
614% preferred
100
6% preferred
100
Investment Co of America.'
7% preferred
100
Investment Fund of N J___
Investment Trust of N Y •
Investors Trustee Shares _ _
Low Priced Shares
1.90
42
1.15
2.48
5.47
4.33
2%
212
8
32
12
1138
1.40
944
.97
2.10 Trust Fund Shares
45% Trust Shares of America...
1.35 Trustee Stand InvestmentC
Trustee Standard Oil Shs A
Trustee Amer Bank Shs A..
3 Trusteed N Y Bank Shares_
20th Century orb; series...
SeriesB
14 Two-year Trust Shares
12%
1.65 United Bank Trust
10% United Fixed Shares ser Y
1.08 United Insurance Trust
U S & British International
712 15
Preferred
•
7
13 U 8 Elec Lt & Pow Shares A
3
8
812 11
Voting trust ctts
2
3 Un N Y Bank Trust C 3...
314 3% Un Ins Tr Shs ser F
4.80
U S Shares ser H
2%
Universal Trust Shares_ _ _
Ask
_
125 14
8
2612
25
314 414
24
5
23
25
4
44
4
2.14 2.24
63
4 7%
214 23
4
Bid
1721 7538
1.55 1.75
1.55 1.75
212
12 111
512 7
8
11
3
114
18
12
4
9
1.02 1.09
5.49 5.99
15
12
14
12
629
1.68
4%
214
3.40
614
9
2.70
2.30
314
4012
2 91
1.35
2.33
1.35
3.83
3.73
1.03
112
15
1.70
47
8
2%
3.85
67
8
95
8
2.90
2.50
4
4414
1:56
1.60
4.25
4.15
1.12
2% 23
4
2
2%
1.40 1.65
1.35 1.60
3
2% Ili
13
4
2
1.05 17 5
1.40
1.70 2
-66
6% 814
24
3
111
134
312
2
---
4
8
1012 11
1.79 1.89
.78 .85
3
314
2% 288
3
312
1.89 1.94
Telephone and Telegraph Stocks.
Par Bid
Cuban Telephone
100
100
7% Preferred
Empire & Bay State Tel_100 30
Franklin Teleg $2.50
100 25
Int Ocean Teleg
50
• 82
Lincoln Tel de Tel 7%
New York Mutual Tel__100 14
Ask
Par Bid Ask
35 Northw Bell Tel of 613%100 103 106
40 Pac & Atl Teleg U S 1%..25
7
10
Porto Rico Telephone__ _100
100
Roth Telep $6.50 1st pt_100 98 105
60 So & Atl Teleg $1.25____25 11
Tri States Tel & Tel $8---• 85
Wisconsin Telep 7% pref100 100 103
Sugar Stocks.
Haytian Corp Amer
x Ex-stock dividends.
Par Bid 1 Ask
Pari Bid I Ask
•
Sugar Estates Oriente p1100
1
l
I 2 II
z Ex-dividend.
2404
Financial Chronicle
April 8 1933
Quotations for Unlisted Securities-Friday Apr. 7-Concluded
Chain Store Stocks.
Par Bid
Butler (James) corn
100
Preferred
100
2
Diamond Shoe pref
100 35
Edison Bros Stores pref.
_100 35
Fan Farmer Candy Sh p1. • 19
4
Fishman(M H)Stores...
Preferred
100 40
Kobacker Stores pref
100
Lord & Taylor
100
1st preferred 6%
100 5712
Sec preferred 8%
100 6712
Ask
2
5
22
9
60
16
Insurance Companies.
Par Bid
6
Miller (I) & Sons pref. _100
MockJuds&Voehringerpf 100 22
Murphy (S C)8% pref. _100 73
7
Nat Shirt Shops (Del) p1100
N Y Merchandise 1st pf _100 741:
312
•
Piggly-Wiggly Corp
Reeves(Daniel) pref.. _..100 99
Rogers Peet Co corn.. __100
100 55
Schiff Co pref
Ask
8
32
80
15
50
65
Industrial Stocks.
Par
.100
Alpha Port! Cement p1.
American Book $4
100
Bliss(E
60
Lst met
10
2d pref B
..100
Bohn Refrigerator p1.
•
Bon Am!Co B corn
.100
Brunsw-Balke-Col pref.
100
Burden Iron pref
Canadian Celanese com___•
100
Preferred
•
Carnation Co corn
100
Preferred 87
Chestnut & Smith coin____*
Preferred
100
Color Pictures Inc
Columbia Baking corn....'
1st preferred
•
•
2d preferred
Coiagoleum-Nairn $7 Pf 100
Crosse & Blackwell corn___•
Crowell Pub Co $1 com___•
$7 preferred
100
De Forest Phonofilm CorpDoehler Die Cast pref
Dryice Holding Corp
•
Eiseman Magneto cora
•
Preferred
100
Gen Fireproofing 57 pf__100
Graton A Knight corn
•
Preferred
100
Herring-Hall-Mary Safe.100
Howe Scale
100
Preferred
100
Industrial Accept com_-__•
Preferred
100
Locomotive Firebox
Macfadden Publiens
Bid
50
37
25
30 4
,
20
4
60
84
,
7212
1
l's
14
99
17
75
412
30
14
2
8
12
4
/11-2
2
112
Par
Macfadden PublicMs
Merck Corp $8 pref
100
National Licorice corn...100
National Paper & Type.100
New Haven Clock pref_ _100
New Jersey Worsted pf__100
Ohio Leather
•
30
1st preferred
100
7
2d preferred
100
63 Okonite Co $7 pref
100
71, Petroleum DerivatIves. •
7812 Publication Corp corn
•
2
$7 1st preferred
100
10 Riverside Silk Mills
•
2 Rockwood A Co
58
Preferred
100
2 Rolls-Royce of America_ •
1
Rosy Theatres unit
Common
•
Preferree A
•
20 Rubel Coal &Ice corn
Preferred $1.75
25
114 Solid Carbonic Ltd
•
8 Splitdorf Beth Elec
9 Standard Textile Pro...100
100
4
Class A
100
15
Class B
36 Stetson (J B) Co pref____25
114 Taylor Wharton Ir&St corn •
6
Preferred
100
13 Tenn Products Corp pref _50
2 TubizeChatilion 7% cu 01100
8
Walker Dishwasher corn •
4 White Rock MM Spring
25
37 1st preferred
100
4
$10 2d pref
100
3 Woodward Iron
100
Ask
85
40
20
712
5434
28
Bid
12
74
16
12
36
9
Ask
14
78
21
19
20
12
40
3
8
9
15
75
712 812
5
31
38
2
bs 222
Is 1
12 212
I
1
4
10
10
15
12 18
4
3
5
214 434
25
36
2
3
75
70
1
Ask
Par Bid
Ask
Par Bid
4
,
Aetna Casualty & Surety_ 10 31 4 X13 Hudson Insurance
7
278
10
Aetna Fire
10 2214 24
Aetna Life
Importers & Exp of N Y 25
95s ii
10
57
8 7
05 31
3622 Independence IndemnIty_10
Agricultural
872
American Alliance
10 x
57 Knickerbocker
8
American Colony
10
45
8
3
American Constitution_ 20
Lincoln Fire
1,
8
5
American Equitable
5
5
7
2 278 Lloyds Ins of Amer
3
American Home
20
58 6 8
,
American of Newark
•15
,
15
8 238
, ,
American Re-insurance_10 21 4 24 4 Majestic Fire
5
II)
378 578 Mass Bonding dc Ins
97 1278
8
American Reserve
25
918 1118 Merchants Fire Amur com10 17 4 21 4
25
American Surety
, ,
10 1178 1378 af erch ds Mfrs Fire Newark 5
48
,
3
Automobile
Missouri States Life
,
25
8 48
10
118
218
244
Baltimore Amer
,
3,
8 58
25 1911 29 4 National Casualty
,
Bankers & Shippers
10
National Fire
100 319 344
10 3114 3314
BostonNational Liberty
27
8 378
2
4
67
8 878 National Union Fire
10
,
Carolina
20 198 23 4
City of New York
100 5712 6712 New Brunswick Fire
8
6
10
47
2 678 New England Fire
8
10
Colonial States Fire
678 117
10
8
Connecticut General Life_10 1578 177 New Hampshire Fire....10 2414 2814
2 New jersey
Consolidated Indemnity-5
578 878
20
57
8 77 New York Fire
8
Continental Casualty- -10
8
6
10
Cosmopolitan
10 1078 1378 North River
2.50
712 912
Northern
,
,
12.50 21 4 26 4
112 212 Northwestern National_25 4512 5012
5
Eagle
658 7 8
,
5
Excess
Pacific Fire
, ,
25 24 4 31 4
4
10 365 4112 Phoenix
,
8
10 407 42 4
Federal
4
622 812
5
Fidelity & Deposit of Md_20 1634 183 Preferred Accident
o
1012 Providence-Washington - _10 444 165
8
5
2
Franklin Fire
Public Fire
5
324
•
General Alliance
312 512
19 Rochester American
5 17
Glens Falls Fire
30
25
5
7_
5
Globe & Republic
St Paul Fire & Marine
25 9912 10412
Globe & Rutgers Fire..._25
10 1854 1024 Security New Haven.... O 18 4 2054
Great American
,
4
6 Springfield Fire A Marine 25 45 4 50 4
Great Amer Indemnity---5
,
,
St uYvesant
5
25
73
8 938 Sun Life Assurance
10
100 206- 250
Halifax Fire
478 297
8
50
Hamilton Fire
21
Travelers
10 19
100 237 252
Hanover Fire
Harmonia
10
5 4 74
,
,
.2
10 3012 3212 U S Fidelity A Guar Co..
2 8 • 38
,
Hartford Fire
3
4
4
,
,
4 14 8 16 8
Hartford Steam Boiler _ _10 393 423 U S Fire
5 10 4 1214
,
Home
3
8
138 Westchester Fire
Home Fire Security
10
8
2.50 103 123
8
8
278 47
10
Homestead Fire
4
Realty, Surety and Mortgage Companies.
Industrial and Railroad Bonds.
Bid Ask
53
Adams Express 48 '47...l&D 49
795s
American Meter 6s 1946._
Amer Tobacco 48 1951 F&A 9312
Am Type Fdrs 6s 1937 MAN 4812 55
48
Debenture 68 1939_ _MAN
iE" 55
Am Wire Feb 721 '42__M&S Bear Mountain-Hudson
River Bridge 75 1953 Adt0 6212 66
Chicago Stock Yds 5s_ 1961 60...
8
Consol Coal 44411 1934 MAN 1258 165
Consol Mach Tool 75_1942 0512 912
Consol Tobacco 48 1951.... 90
43
47
Equit Office Bldg 5s1952.._
8
e4
Haytian Corp 8,1938
50
Journal of Comm 634s.193
7 46
16
Kans City Pub Serv 8s 1951 14
Loew's New Brd Prop
J&D 50
55
68 1945
Bid
Merchants Refrig es 1937... 85
N 0 Or No RR 55'55.F&A
e978
N Y dr Hob Ferr Sti '48 JAD 55
N Y Shipbdig 56 1940.M&N 60
Pierce Butler & P 6148 1942 8234
Prudence Co Guar Coll
544s. 1961
2812
Realty Assoc Sec 68'37_J&J 2812
Securities Co of N Y 4s
61 Broadway 5445 '50_A&O - 46So Indiana Ry 4s 1951_ F&A
35
Stand Text Pr 644s '42 M&S
Struthers Wells Titusville
644s 1943
3512
Tol Term RR 4448'57.M&N 70
114
U E3 Steel 5s 1951
Witherbee Sherman (is 1944
Certificates of deposit.... e3
Woodward Iron 581952 _J&J 01722
Ask
113;
Co
50
39
14
3912
75
6
23
Chicago Bank Stocks.
Aeronautical Stocks.
Ask
40
Ask
3
30
80
354
20
Par Eld Ask
Lawyers Title & Guar__100
614 814
Lawyers Mortgage
112 3
20
National Title Guaranty 100
3
N Y Title & Mtge
14
10
114
State Title Mtge new_ __100
/4
23112
32
Par Bid Ask
Par Bid 1 Ask
100 76
79
60 First National
Amer Nat Bank & Trust_100 50
Central Republic
100
14
54 Harris Trust & Savings._100 240 265
100 320 330
Continental III 13k & Tr.100 53 55 Northern Trust Co
Par Bid
Alexander Indus 8% pf _100
American Airports Corp___•
•
1
Central Airport
Cessna Aircraft common__•
Curtiss Reid Aircraft corn_•
Par Bid
112
Bond & Mortgage Guar_ _20
Empire Title & Guar_ -100
Guaranty Title dr Mortgage. 50
134
..25
Home Title Insurance.
15
International Germanic Ltd
Par Bid Ask
..l
Kinner Airplane & Mot.
14 1
•
Sky Specialties
2
5
Southern Air Transport •
2
•
Swallow Airplane
14
5
4
Warner Aircraft Engine...'
whIttelsey Manufacturing-•
New York Real Estate Securities Exchange
Bonds and Stocks.
Bid
Active Issue:.
BondsAlbany Metropolitan Corp.
1938
634s
42 Broadway Bldg. es 1939_
61 Broadway Bldg 545s '50
Chrysler Bldg. 68 1948
Drake, The 68
1939
Equitable Office Bldg. 5s '52
43 Exchange Place Bldg.6s 1938
10 East 40th St Bldg 6,1940
18-20 East 41st St Bldg 68'40
Granada,The es 1938
Harriman Bldg 6s1951
Hearst Brisbane Prop 68 '42
Hotel Lexington es 1943._
do Certificates
Hotel St George 534s 1943._
Lefeourt Manhattan Bldg
544s 1941
Lincoln Bldg. 544s 1953._
Lombardy, The, 65 1942...
616 Madison Ave Bldg. 6228
'38
Ask
Active Issues.
Bonds (ConcludeeD___ Millinery Center IlIdg. 7544
11
Montague Court Office Bldg
6448 1945
44
50
47
N Y Athletic Club 6s 1946
45
38
New Weston Hot Ann 6s '40
33
New Weston Hot Ann etre_
23
16
47 Pk Murray Office Big 64041
43
1 Park Ave. Bldg. 88 1939._
42
45 2 Park Ave. Bldg. es 1941_ _
22 Poatum Bldg. 61i9 1943._ _
18
12
15 Prudence Co. 5448 1961____
4
10 263-71 %Vest 38th St. Bldg
6s 1940
45
50 Varick St. Sta. I'.0. 68 '41_
45 40 Wall St. Bldg. as 1958_ _
42
9
1I
West End Ave, 104th Street
10
8
Bldg es 1939
Stocks
13
16
Beaux Arts Apts., Inc., units
39 Broadway Bldg. units_
12
17 City & Suburban Ilomes Co
1912 20 551 Fifth Ave., Inc., units.
18
22 F F French Invest'ii Co corn
FF French In vesrg Co pref.
9
1312 F F French Operators Inc_
Bid
Ask
-
60
65
13
1212
14
9
18
3012
3112
60
29
14
16
12
22
32
3312
70
31
12
71
29
17
80
30
8
1212
6
8
5
5
2
7
55
7
12
7
10
2t2
12
70
Bid
6.00
8.50
5.75
5.75
12.00
12.00
12.00
12.00
12 00
7.50
7.50
7.50
4.50
5.00
4.50
4.75
6.50
4.75
13.00
5.25
5.25
12.00
12.00
6.50
4.50
Ask
5.50
7.00
5.00
5.00
8.50
8.50
8.50
8.50
8.50
6.50
6 50
6.50
3.00
4.50
3.50
3.75
5.75
4.25
8.50
4.75
4.75
8.00
8.00
5.50
3.50
Other Over-the-Counter Securities-Friday Apr. 7
Short Term Securities.
Bid
Ask
Bid !Ask
Allis-Chal Mfg 5s May 1937 6512 66
Mag Pet 444s Feb 15 '34-'35 9912
9812 911;
Amer Metal 5448 1934.AA() 6414 70 Union 011 58 1935....FAA
Amer Wat Wks 581934 A&O 7814 78 4
,
Water Bonds.
Bid
Alton Water 58 1956__A&O 80
Ark War 1st 58 A 1956_A&O 82
Ashtabula W W 55'58_A&O 78
Atlantic Co Wat 58'58 M&S 78
Birm WW 1st 5448 A'54A&O
.J&D
1st m 5s 1953 sex B.
1st 581957 series C__F&A
Butler Water 58 1957__A&0
City of Newcastle Wat 5s'41
City W (Chat) 5s B '54 J&D
1St 58 1957 series C_MAN
Commonwealth Water
F&A
1st 5s 1956 B
1st m 58 1957 ser C F&A
Davenport W 55 1961 J&J
J&J
ES Ldt IntW 5s'42
1st m as 1942 ser B J&J
F&A
58 1960 ser D
1st
94
87
87
74
86
91
91
87
87
83
80
87
75
Bid Ask
Ask
85 Hunt'ton W 1st es'54_ _INAS 94
8184
1st m 58 1954 ser B_ _M&S 81
82
5s 1962
85
80
82 Joplin W W5s'57 ser AM&S 78
80
Kokomo W W 5s 1958_J&D 75 80
96 11 1onm Con W 1st 58'56 J&D 78
.
81
92 Monon Val W 5443'50.J&J 82
85
92 Rlehm W W 1st 58'57_11 42N 82
4
84
78 St Joseph Wat 5s 1941 _A &O 93 95
89 South Pitts Water Co
93
tot 5s 1955
F&A
9412 9812
92
1s1 & ref 58'60 ser A _J&J 90
93
let dr ref 5s '60 ser B_J&J 90
93
90 Terre Irte WW es'49A J&D 95 100
1st m 55 1956 ser B._ JAD 80
90
86 Texarkana W 1st 5s'58 FAA
79
8183 Wichita Wat 1st es 349 M&S 93
90
1st m 59 '56 ser B.. FAA 80
11- 6
1s1 m 55 1960 ser C _MAN 80
80
85
Railroad Equipments.
Bid
Ask
5.75 5.00 Kanawha & Michigan 85....
Atlantic Coast Line 68
5.50 4.75 Kansas City Southern 5448.
Equipment 6 45
0.25 5.75 Louisville & Nashville 6s...
Baltimore & Ohio 68
Equipment 614s
Equipment 444s & 5s.... 6.25 5.75
7.50 6.00 Minn St PASS M 444s & 58
BuffRoth & Pitts equip 65_
Equipment 6148 & 7s....
Canadian Pacific 444s & 85 6.25 5.50
5.50 4.50 MissouriPacific 6448
Central RR of N J 65
4.75 4.25
Equipment(Is
Chesapeake & Ohio 68
4.75 4.25 Mobile & Ohio 5s
Equipment 644s
4.75 4.25 New York Central 4448 & 58
Equipment 5s
Equipment 68
Chicago & North West 6s- _ 9.00 7.00
9.00 7.00
Equipment 78
Equipment 630
12.00 8.50 Norfolk & Western 4448.Chic RI & Pao 4448 A 5s
12.00 8.50 Northern Pacific 78
Equipment es
6.00 5.00 Pacific Fruit Express 7s__
Colorado & Southern 612._
5.00 4.25 Pennsylvania RR equip 55..
Delaware & Hudson es
9.00 7.50 Pittsburgh & Lake Erie 6448
Erie 4148 5s
9.00 7 50 Reading Co 444s A 58
Equipment 65
5.50 4.75 St Louis A San Fran 58
Great Northern es
5.25 4.75 Southern Pacific Co 4445.
Equipment 5s
5.25 4.75
Equipment 78
Hocking Valley 5s
5.50 4.75 Southern Ry 444s & 58
Equipment 68
7.50 6 50
Equipment 69
Illinois Central 4445 & 58_
7.50 6.50 Toledo & Ohio central 65
Equipment 68
Equipment 7s ds 634*.... 7.50 6.50 UnionPacific 7s
• No par value. d Last reported market.
e Defaulted. 5 Ex-dividend.
Volume 136
Financial Chronicle
2405
Current Earnings—Monthly, Quarterly, Half Yearly
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND
PREVIOUS ISSUES.
Below will be found all returns of earnings,income and profits
for current periods, whether monthly, quarterly or half-yearly,that have appeared the present week. It covers
all classes of corporate entities, whether railroads, public utilities,industrial concerns or any other class
and character of enterprise or undertaking. It is all
inclusive in that respect, and hence constitutes an invaluable
record.
The accompanying index, however, is not confined to the returns
which have come to hand the present week.
includes also those given in our issue of April 1 and some of
It
those given in our issue of March 25. The object
of this index is to supplement the information contained in
our "Monthly Earnings Record," which has been
enlarged so as to embrace quarterly and semi-annual stateme
nts as well as monthly reports. The "Monthly
Earnings Record" was absolutely complete up to the date
of issue, March 24, embracing every monthly, semiannual and quarterly report which was available at the time
of going to press.
The index now given shows the statements that have become
available in the interval since then. The
figures in most cases are merely for a month later, but there
are also not a few instances of additions to the
list, representing companies which had not yet made up their returns
when the March number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each
week,furnishing a reference to every
return that has appeared since the last preceding number of the "Month
ly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all purposes.
But to those persons who are desirous
of seeing the record brought down to date every week, this further and
supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle" index in conjunction
with the "Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current
earnings and income,furnishing a cumulative record brought down to date each and every week—an absolutely
unique service. A further valuable feature
Is that at the end of every return,both in the "Chronicle" and the "Monthly Earnin
gs Record," there is a reference
line showing by date and page number the issue of the "Chronicle"
where the latest complete annual report
of the company was published.
lupe of Chronicle
Issue of Chronicle
Name of Company—
When Published. Page.
Name of Company—
When Published. Page.
Adams Minis Corp
Mar. 25_2070 Central Indiana Power Co
Apr. 1__2237
Addressograph Multigraph Corp.,
._Apr. 8..2425. Central RR.of New Jersey
Apr. I__2222
Affiliated Products, Inc
Mar. 25_2070 Central Power & Light Co
Apr. 1..2238
Abraham & Straus Inc
Apr. 1..2246 Central States Electric Co
Apr. I__2238
Air Way Electric Appliance Corp__ _Mar. 25_2071 Central
Vermont
Apr. 1__2222
Canton & Youngstown
Akron
Mar. 25_2053 Century Ribbon Mills Inc
Apr. 8..2429
Ala. Great Southern RR.Co
Apr. 1.2225 Charleston & Western Carolina_
_Apr. 1__2222
Alabama Power Co
Apr. 8__2407 Chesapeake Corp
Alabama Water Service Co
Apr. 8__2407 Chesapeake & Potomac TelephoneApr. 1..2235
Alaska Juneau Gold Mining Co
Apr. 8..2407
Co. of Baltimore City
Alton RR
Apr. 1__222I Chesapeake & Potomac TelephoneApr. 1._2238
Alton & Southern RR
Mar. 25__2053
Co. of D. of C
Apr. I__2238
Altoona & Logan Valley El. Ry
Apr. 1_2237 Chesapeake & Potomac Telephone
Aluminum Co. of America
Apr. 8__2425
Co. of Virginia
Apr. 1__2238
Amer. Commercial Alcohol Corp.. Apr. 1_2246
American Hawaiian Steamship Co_ _Mar. 25_2071 Chesapeake & Potomac Telephone
Co. of West Virginia
Apr. 1__2238
American Hide & Leather Co
Apr.1__2228 Chesapeake & Ohio Ry. Co
Mar. 25_2057
American Laundry Machinery Co
Apr. 1__2246 Chicago Aurora & Elgin RR
Apr. 8__2421
American Maize Products Co
Mar. 25_2072 Chicago Burlington & Quincy
Apr. 1__2222
Amer. Radiator & Standard SaniChicago City Railway Co
Apr. 1..2239
tary Corp
Apr. 8__2426 Chicago & Eastern Illinois
Apr. 1__2222
American Ship & Commerce Corp..
.Apr. 8__2426 Chicago
Apr. 1..2223
American States Public Service Co Apr. 1_2237 Chicago & Erie RR
Great Western
Apr. 1..2222
Amer. Water Wks.& Elec Co. Inc
Apr. 8..2407 Chicago & Illinois Midland
Apr. 1..2222
American Writing Paper Co
Apr. 8__2426 Chicago Mil. St. Paul & Pacific
Apr. 1__2222
American Zinc Lead & Smelting Co.Apr. 8__2426 Chicago & North
Western
Apr. 1__2222
Ann Arbor
Mar. 25..2053 Chicago Ry
Apr. 8..2414
Arkansas-Missouri Power Co
i..2237 Chicago River & Indiana
Apr.
Apr. 1__2222
Armstrong Corp. Co
Mar. 25_ 2072 Chicago Rock Island & Gulf
Apr.
Arnold Constable Corp
Apr. 1__2247 Chicago Rock Island & Pac.Ry. Sys_Apr. 8__2406
1....2222
Artloom Corp
Apr. 1..2247 Chicago Rock Island & Pacific
Apr.
Associated Gas & Electric Corp
Apr. 8_2418 Chicago St. Paul Minn.& Omaha_ Apr. 1..2227
Atchison Topeka & Santa Fe
Apr. 8._2412 Cin. New Orleans & Tex.Pac,Ry.Co.Apr. 1..2222
1..2225
Atlanta Birmingham & Coast
Apr. 1..2221 Cincinnati Street Ky. Co
Mar. 25__2066
Atlanta & West Point
Apr. 1..2221 City Ice & Fuel Co
Mar. 25__2075
Atlantic City
Apr. 1__222I Clinchfield RR
Apr. 1..2222
Atlantic Coast Line
Apr. 1__2221 Conemaugh &
Mar. 25__2053
Atlantic Gulf& W.Indies SS. Lines_Apr. 1_2228 Dan Cohen Co Blacklick
Mar, 25_2075
Atlas Tack Corp
Apr. 1__2247 Colorado & Southern
Apr. 1..2222
Baltimore & Ohio RR
Apr. 1__2221 Columbia Gas & Electric Corp
Mar. 25..2063
Baltimore & Ohio Chicago Terminal_Apr. 1..2221 Columbia Pictures
Corp
Apr. 8__2407
(L.) Bomberger & Co
Apr. I..2247 Columbus & Greenville
Apr.
Bangor & Aroostook RR
Apr. 8_2413 (The) Commonwealth & Sou. Corp _Apr. 1..2222
1__2228
Barcelona Traction Lt.& Pr.Co.Ltd.Apr. 1..2228 Communit
y Water Service Co
Apr. 1..2239
Baton Rouge Electric Co
Apr. 8..2407 Consumers
Apr. 1__2299
Beaumont Sour Lake & Western—.Apr. 1__2224 Congress Power Co
Cigar Co
Apr. 1..2242
Belding Hemlnway Co
Apr. 1__2247 Connecticut Co
Apr.
Belt Ry. of Chicago
Apr. 8..2406 Consolidated Film Industries Inc_ _Apr. 8__2421
Bendix Aviation Corp
8...2429
Apr. 8_2427 Consolidated Gas Electric Light &
Bessemer & Lake Erie
Apr. l__2221
Power Co. of Balt
Apr. 8__2407
Best & Co
Apr. 1..2248 Consolidated Oil Corp
Apr. 8__2430
Birkshlre Street Ry. Co
Apr. 8__2419 Consolida
Apr. 1..2249
Blackstone Valley Gas & Elec. Co- Mar. 25_2066 Crane Co tion Coal Co
Mar. 25_2075
Blauner s
Apr. 1..2248 Cream of Wheat Corp
Apr. 8...2430
Bloomingdale Bros. Inc
Apr. 8..2427 Crowley Milner & Co
Apr. 1__2250
Blum's Incorporated
Apr. 1__2248 Cumberland County Pr.& Lt. Co
Apr. 1__2239
(IL C.) Bohack Co. Inc
Apr. 8..2428 Curtiss-Wright Corp
Apr. 8...2430
Boston Consolidated Gas Co
Apr. l..2237 Cutler-Hammer Inc
Apr. 8..2431
Boston Elevated Ry
Apr. 1..2228 Dakota Central Telephone Co
Apr. 1__2239
Boston & Maine RR
Apr. 8_2412 Deisel-Wenuner-Gilbert Corp
Boston Personal Property Trust
Apr. 1..2228 Delaware Lackawanna 8c Western. Apr. 8..2431
._Apr. 1__2222
Boston Worcester & N.Y.St. Ry,Co.Apr. 1..2228 Denver & Rio
Apr. 1__2227
Brazilian Traction Lt.& Pr.Co.Ltd_Apr. 1._2228 Denver & SaltGrande Western
Lake
Apr. 1__2222
Bridgeport Machine Co
Apr. 8..2428 Detroit Toledo & Ironton RR
Mar. 25._2053
Briggs & Stratton Corp
Apr. 8_ 2428 Detroit & Mackinac
Apr. 1__2222
British Columbia Power Corp
Mar. 25_2055 Detroit Terminal
Apr. 1..2222
Brockton Gas Light Co
Apr. 8..2419 Detroit & Toledo Shore Line
Mar. 25 2053
Brooklyn Eastern District Terminal_Mar. 25..2053 Dominion Stores Ltd
Apr. 8__2431
Bucyrus Erie Co
Mar. 25__2074 Douglas Aircraft Co. Inc
Apr. 8._2407
Bucyrus-Monighan Co
Apr. 8..2428 Duluth Missabe & Northern
Apr. I_.2222
Bullard Co
Mar. 25__2073 Duluth South Shore & Atlantic
Apr. I..2222
Bunker HIII & Sullivan Mining &
Duluth Winnipeg & Pacific
Apr. 1..2222
Smelting Co
Apr. 8..2407 Durham Hosiery Mills
Apr. 1..2250
Burlington Rock Island
Apr. 1..2221 EastKootenay Power Co
Apr. 8..2407
Burns Bros
Apr. 8..2428 Eastern Gas & Fuel Associates
Apr. I_.2229
Bush Terminal Buildings Co
Mar. 25-2073 Eastern Steamship Lines Inc
Apr. 8__2407
(H. M.) Byllesby & Co
Apr. 1-2248 Eastern Utilities Associates
Mar. 25__2035
Calgary Power Co. Ltd
Apr. 8__2419 Edison Electric Illuminating Co. of
Cambria & Indiana
Apr. 1_.2221
Brockton
Mar. 25__2067
Canadian National Ry. System
Apr. 1-2226 Edmonton Street Ry
Mar. 25.,2054
Canadian Nat'l Lines In N.England Apr. 1_2221 Elgin Joliet & Eastern Ry
Apr. 8..24I5
Canada Northern Pr. Corp.Ltd
Apr. 1_2228 Elgin National Watch Co
Apr. 8__2432
Canadian Pacific Ry
Apr. 1._2227 El Paso Electric Co (Del.)
Apr.
Canadian Pacific Lines in Malne
Apr. 1_2221 Electric Illumunating Co.of Boston_blar. 8 2407
25..2067
Canadian Pacific Lines in Vermont_Apr. 1-2222 Electric Light & Power
Co.of AbingCaterpillar Tractor Co
Mar. 25_2055
ton & Rockland
Mar. 25..2067
Central of Georgia
Apr. I__2222 Emerson's Bromo Seltzer Inc
Apr. 8__2432
Central Illinois Electric 8c Gas Co Apr. 8-2419
Issue of Chronicle
Name of Company-When Published. Page.
Empire District Electric Co
Apr. 1__2240
Engineers Public Service Co
Apr. 1__2229
Equitable Office Bldg. Corp
Apr. 8__2407
Erie Railroad
Apr. 1__2227
Erie RR. System
Apr. I__2223
Evans Products Co
Apr. 8__2432
Federal Screw Works
Apr. 8._2432
(Wm.) Filene's Sons Co
Apr. 8__2432
First Chrold Corp
Apr. 8__2408
Florida East Coast
Apr. 1__2222
Fort Smith & Western
Apr. 8__2406
Fort Worth & Denver City
Apr. 1__2222
Ft. Worth & Rio Grande
Apr. 1__222.5
Foster Wheeler Corp
Mar. 25...2076
Fourth National Investors Corp_
Apr. 8_2407
Fraser Cos. Ltd
Apr. 8__2433
(Geo. A.) Fuller Co
Mar. 25__2076
Fyr-Fyter Co
Apr. 8__2433
Galveston Wharf
Mar. 25__2053
Gamewell Co
Mar. 25._2055
Gannett Co. Inc
Apr. 1__2251
General Alliance Corp
Apr. 8__2433
General Asphalt Co
Apr. 8..2433
General Electric Co
Apr. 1..2232
General Foods Corp
Mar. 25__2057
General Motors Corp
Apr. 1__2231
Georgia Power Co
Apr. 8__2408
Georgia RR
Apr. 1._2223
Georgia & Florida RR
Apr. 1..2227
Georgia Southern & Florida Ry. Co.Apr. 1...222.5
Gimbel Bros. Inc
Apr. 1__2251
Globe Underwriters Exchange,Inc_ _Mar. 25._2077
Grand Trunk Western
Apr. 1..2223
Grand Union Co
Apr. 1..2251
Granite City Steel Co
Mar. 25__2077
(W.T.) Grant Co
Mar. 25_2077
Great Lakes Power Co., Ltd
Apr. 8...2422
Great Northern
Apr. 1._2223
Green Bay & Western
Apr. I__2223
Gulf Colorado & Santa Fe Ry
Apr. 1__2221
Gulf Mobile & Northern RR
Apr. 1__2223
Gulf & Ship Island
Apr. 1..2223
Gulf States Utilities Co
Apr. 8__2408
Hahn Department Stores Inc
Apr. 1__2252
Hale Bros. Stores Inc
Apr. 1__2252
Hazel Atlas Glass Co
Apr.1._2252
Hobart mtg. Co
Mar. 25..2078
Holly Development Co
Apr. 1..2252
Honolulu Rapid Transit Co.,Ltd_ Mar. 25__2055
Hudson & Manhattan RR
Apr. 8__2412
Hudson Motor Car Co
Mar, 25__2078
Illinois Central
Apr. 1__2223
Illinois Central RR
Apr. 8__2416
Illinois Central System
Apr. 1__2223
Illinois Northern Utilities Co
Apr. 1__2240
Illinois Terminal
Apr. 1..2223
Indiana Bell Telephone Co
Apr. 1..2240
Indiana Harbor Belt
Apr. 1__2224
Indiana Ice & Fuel Co
Apr. 1__2253
Ingersoll-Rand Co
Apr. 8..2434
Inland Steel Co
Apr.
Interborough Rapid Transit Co..._Apr. I__2253
8__2408
Intercontinental Rubber Co
Mar. 25_2079
International Great Northern
Apr. 1_2223
International Printing Ink Co
Apr. 1__2254
International Tel. & Tel. Corp
Mar. 25__2062
Interstate Equities Corp
Apr. 8..2408
Iowa Electric Co
Iowa Electric Light & Power Co.. Apr. 1__2240
..Apr. I...2241
(Mead) Johnson & Co
Mar. 25__2079
Kansas City Public Service Co
Apr. 1__2241
Kansas City Southern Ry. Co
Apr. 8..2413
Kansas Electric Power Co
Apr. 1__2241
Kansas Oklahoma & Gulf
Apr. I__2223
Kaufmann Department Stores
Apr. 1..2254
Kentucky Utilities Co
Apr. 1..2241
Keystone Public Service Co
Apr. 1..2242
Key West Electric Co
Apr. 8__2408
(G. R.) Kinney Co. Inc
Mar. 25..2079
Kings County Lighting
Apr. 1__2242
Co
Lake Superior & Ishpemin
g
Apr. 1..2223
Lake Terminal
Apr. 1..2223
(F. & R.) Lazarus & Co
Apr. 1_2254
Lehigh & Hudson River Ry
Apr. 1..2223
Lehigh & New England
Apr. 1..2223
Lehigh Valley
Mar. 25-2054
Lehn & Fink Products Co
Mar. 25_2079
Issue of Chronicle
When Published. Page.
Name of CompanyMar. 25..2080
Lessings Inc
Mar. 25_2080
Long Bell Lumber Corp
Apr. I__2224
Long Island
Apr. 1..2226
Los Angeles & Salt Lake
Apr. 1__2223
Louisiana & Arkansas
Apr. 1__2223
Louisiana Arkansas & Texas
Louisiana Steam Generating Corp Apr. 1..2229
Apr. 1..2223
Louisville & Nashville
Mar. 25__2081
McKesson & Robbins. Inc
Apr. 1__2242
Companies
Mackay
Apr. I__2255
(R. H.) Macy & Co
Apr. 8..2436
(I.) Magnin & Co
Apr. 1_2227
Maine Central RR
Mar. 25_2080
(H. R.) Mallinson & Co
Apr. 8__2436
Mandel Bros. Inc
Mar. 25..2080
Mapes Consolidated mfg. Co
Apr. 1..2229
Market Street Railway Co
Mar. 25..2081
Marlin Rockwell Corp
Apr. 8_.2436
May Department Stores Co
Apr. 1_ _2223
Midland Valley
Apr. 1..2223
Minneapolis & St. Louis
Apr. 1..2223
Minn. St. Paul & S. S. Marie
Apr. I__2224
Mississippi Central
Apr. 1..2242
Missouri Gas & Elec. Service Co
Apr. 1..2224
Missouri Illinois
Apr. I__2227
Lines
Missouri Kansas-Texas
Apr. 1..2224
Missouri & North Arkansas
Apr. I__2224
Missouri Pacific
Apr. 1..2242
Missouri Public Service Co
Apr. 1...2224
Mobile & Ohio
Apr. 1._2224
Monongahela
Apr. 8__2406
Monongahela Connecting
Apr. 1 _ _2234
Montgomery Ward & Co
Apr. 8..2437
Motor Products Corp
Apr. 1__2243
Mountain States Tel. & Tel. Co
Apr. 1__2243
Narragansett Electric Co
Apr. I__2224
Nashville Chatt. & St. Louis
Apr. 1....2255
(Conde) Nast Publications Inc
Apr. 8..2415
Notional Cash Register Co
Apr. 1._2233
National Dairy Products Corp
..Mar. 25__2082
National Distillers Products Corp.
Apr. 1..2256
Nat'l Enameling & Stamping Co
Apr. 8__2406
National Rys. of Mexico
Mar. 25..2082
Neisner Bros., Inc
Apr. 1__2229
Nevada California Electric Corp
Apr. 1__2224
Nevada Northern
Apr. I__2224
Newburgh & South Shore Ry
Apr. 8__2438
New England Steamship Co
Apr. 1__2223
New Jersey & New York
Apr. l _ _2224
New Orleans Great Northern
New Orleans & N.Eastern RR.Co- Apr. I..2225
Apr. I__2225
New Orleans Terminal
Apr. 1__2224
New Orleans Texas & Mexico
Mar. 25..2082
Industries Inc
Newport
Apr. 1..2224
New York Central
Apr. 1__2224
New York Chicago & St. Louis
Apr. 8__2417
RR
New York Connecting
Apr. 8__2414
N.Y. New Haven & Hartford
Apr. I__2224
Ontario & Western
New York
Apr. I__2229
New York Railways Corp
Apr. 1..2224
N. Y. Susquehanna & Western
Apr. 1_ _ 2229
Telephone Co
New York
Apr. 8._2408
N. Y. Water Service Corp
Apr. 8__2423
New York Westchester & Boston
Apr. 1._2224
Norfolk Southern
Apr. 1._2227
Norfolk & Western Ry
Mar. 25_2068
North American Co
Apr. 8__2439
North Central Texas Oil Co
Apr. I__2225
Northern Alabama Ry. Co
Apr. 8__2424
Telephone Co
Northern Ohio
Apr. 1._2224
Northern Pacific
Apr. 8...2439
North Star Insurance Co
Issue of Chronicle
When Pubtished. Page.
Name of C. mpanyNorthwestern Bell Telephone Co_ _Apr. 1..2243
Apr. 1..2224
Northwestern Pacific
Apr. 1...2229
Ohio Edison Co
Mar. 25..2068
Ohio Public Service Co
Apr. 1..2224
Oklahoma City Ada Atoka
Apr. 8__2439
Oliver Farm Equipment Co
.
Orange & Rockland Electric Co_ _ _Apr. 1..2229
Apr. 1..2226
Oregon Short Line
Oregon Washington RR.& Nay. Co_Apr. 1_2226
Apr. 8__2439
Outlet Co
Apr. 1__2256
Oxford Paper Co
Apr. 8..2439
Coast Co
Pacific
Apr. 1__2256
Pacific Finance Corp
Apr. I.._2243
Pacific Public Service Co
Apr. 8__2440
Packard Motor Car Co
Apr. 8__2440
Pan-American Airways Corp
Apr. 1_2221
Panhandle & Santa Fe
Mar. 25..2083
Paramount Broadway Corp
Apr. 8__2440
Pathe Exchange Inc
Mar. 25_2081
Pettnroad Corp
Apr. 8..2410
Pennsylvania Railroad
Pennsylvania RR. Regional System_Apr. 1_2227
Apr. 1_2257
Peoples Drug Stores
Apr. 1...2225
Peoria & Pekin Union
Apr. 1..2225
Pere Marquette
Mar. 20_2084
Pet Milk Co
Mar. 25..2059
Pierce Arrow Motor Gar Co
Apr. 1..2224
Pittsburgh & Lake Erie
Mar. 25..2084
Pittsburgh Screw & Bolt Corp
Apr. 1..2225
Pittsburgh & Shawmut
Apr. 1__2225
Pittsburgh Showmut & Northern
Apr. 1__2257
Pittsburgh Terminal Coal Co
Apr. 8.2408
Ponce Electric Co
Porto Rican American Tobacco Co-Apr. i..2257
Mar. 25..2069
Postal Telegraph & Cable Corp
Apr. 1__2244
Providence Gas Co
Apr. 1__2244
Public Electric Light Co
Apr. 1._2244
Co. of Okla
Public Service
Mar. 25_2056
Public Service Corp. of N..1
Puget Sound Power & Light Co_ _ _ _Apr. 8__2408
Apr. 1_2232
Pullman Inc
Mar. 25..2063
Pure Oil Co
Apr. I__2229
Express Agency Inc
Railway
Apr. 1..2225
Reading Co
Apr. I__2158
Real Silk Hosiery Mills Inc
Apr. 8__2441
Corp
Reliable Stores
Apr. 8__2441
Reo Motor Car Co
Mar. 25..2084
Revere Copper & Brass. Inc
Rich'd Fredericksburg & Potomac__Apr. I__2225
Apr. 1._2244
Roanoke Water Works Co
Rochester & Lake Ontario Water
Apr. 8_2409
Service Corp
Apr. 1_2225
Rutland RR
Apr. 1_2226
St. Joseph & Grand Island
Apr. 1.2224
St. Louis Brownsville 8c Mexico
St. Louis San Francisco Ry. System_Apr. 1_2228
Apr. 1..2225
St. Louis San Francisco Ry
St. Louis San Francisco & Texas__ _Apr. 1_2225
Apr. 1..2223'
St. Louis Southwestern
Apr. 1..2245
Safe Harbor Water Power Co
Apr. 1..2258
Safeway Stores Inc
Apr. 1..2225
San Antonio Uvalde & Gulf
Apr. 1_2225
San Diego & Arizona
Apr. 8 2408
Savannah Electric & Power Co
Apr. 1_2223
Seaboard Air Line
Apr.
Seaboard Oil Co
Mar. 25_2085
Seagrove Corp
Mar. 25..2070
Seattle Gas Co
Second National Investors Corp__ _Apr. 8..2409
Mar. 25..2056
Servel, Inc
Apr. 1__2245
Shenango Valley Water Co
Apr. 8_2442
Simmons & Co
-We give below the
Latest Gross Earnings by Weeks.
weekly returns of earnings for all roads making such
latest
reports:
Inc.(4-) or
Previous
Current
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louts
Southern
St Louis Southwestern
Western Maryland
Year.
Dec.(-)
4,231,021
3,322,000
18,500
175.842
2,858,548
339,854
397,368
887.086
520.000
-825
-24,518
-435,294
-21,154
85,346
Year.
Period
Covered.
4th wk of Mar
4th wk of Mar
3rd wk of Mar
4th wk of Mar
4th wk of Mar
4th wk of Mar
4th wk of Mar
3,543.935
2,802,000
17.675
151.324
2,423,254
318,700
312.022
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Length of Road.
Gross Earnings.
Month.
January
Inc. (4 or
-)
Dec.
1931.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
April 8 1933
Financial Chronicle
2406
365,522.091
338.182.295
375,617.147
369.123.100
368,417.190
389.133,884
376.314.314
383.778.572
364,385.728
362.551,904
304.829.968
288,205.765
1932.
274,890.197
274,976.249
268.892,520
289,633,741
287,473.938
254.382.711
245.860.615
237,482.789
251,761,038
284.724,582
298.076.110
253,223.409
245,751.231
1933.
228,889,421
-90,545.842
69,289.775
85,983,408
101.649.162
114.034,479
-123.273.269
-138,851.525
112.017.634
79,681,146
84.475.794
51.608,559
-42.454,535
-46.000.776
Not Earnings.
Month.
1932.
hinUllry
February
March
AP111
May
JUJ1O
31117
AtUfuot
September
October
November
December
January
45,940,085
57,375.537
67.870,702
58,263,320
47,429,240
47,008,035
48,125,932
62.540,800
83,092.939
98.336.295
63,966,101
57.854,695
1933.
45,603.287
1932.
1931.
M Ues
244,243
242,312
241.996
241.876
241,995
242,179
242.228
242,208
242,292
242,031
241,971
241.806
1933
241,881
Mites.
242.365
240,943
241,974
241,992
243.163
242.527
242,221
242,217
242.143
242.024
242.027
241.950
1932.
241,991
Inc.(4-) or Dec.(-).
1931.
Amount.
Per Cent.
72,023.230
66,078,525
84.706,410
79,185,676
81,052.518
89.688,856
96.983,455
95.070.808
92.153,547
101,914.716
66.854,615
53,482.600
1932.
45.964.987
26.082.545
-8,702.988
17.035,708
-22,922,356
-33.623,278
42.680.821
50.857,523
-32,530,008
-9,060.608
-3,578,421
-2,888,514
+4,372,095
36.24
-13.11
-20.18
28.97
41.41
-47.58
-52.43
-34.12
-9.83
3.51
4.32
+8.17
--361.700
0.79
-
issue of Chronitie
Tram Published. Page.
Name of CompanyApr. 1..2259
(Franklin) Simon Co
Apr. 1__2228
Soo Line System
.Apr. 8..2409
South Bay Consolidated Water Co.
Southern Counties Gas Co. of Callf.Apr. 1_2245
Apr. 8..2409
Southern Natural Gas Corp
Apr. 1__2225
Southern Pacific Co
Southern Pacific Steamship Lines Apr. 1..2225
Apr. 1__2225
Southern Ry
Apr. 8..2442
South Penn Oil Co
.Mar. 25..2070
Southwestern Bell Telephone Co.
Apr. 8..2424
Southwest Tel. Co.(Del.)
Mar. 25.-2057
Sparks Withington Co
Apr. 1...2225
Spokane International
Apr. 1_2125
Spokane Portland & Seattle
Apr. 8..2424
Springfield Street Ry
Apr. 8..2443
Standard Oil Co. of Ky
Apr. 8__2443
Standard 011 Co. of Ohio
2225
8:: 443
Ap
Staten Island Rapid Transit
Apr.
Stix Baer & Fuller Co
Mar. 25...2058
Studebaker Corp
Apr. 8..2443
Superheater Co
Mar. 25..2086
Symington Co
Apr. 1..2245
Telephone Investment Corp
Apr. 1..2225
Tennessee Central
Apr. 8__2409
Tennessee Electric & Power Co
..Apr. 1_2226
Terminal RR. Assoc. of St. Louis.
Apr. 1..2223
Texarkana 8c Fort Smith
Apr. 1_2226
Texas Mexican
Apr. I__2225
Texas & New Orleans
Apr. 1_2228
Texas 8c Pacific
Apr. 1..2230
Third Avenue Ry. System
Apr. 8_2409
Third National Investors Corp
Apr. 1..2226
Toledo Peoria 8c Western RR
Apr. I__2226
Toledo Terminal
Apr. 1_ _2260
Truscon Steel Co
Apr. 8._2444
Ulen & Co
Apr. 1..2231
Union Carbide & Carbon Corp
Apr. 1__2226
Union Pacific
Apr. 1_2226
Union Railroad
United Aircraft & Transport Corp Apr. 8_2444
Mar. 25..2086
United American Bosch Corp
Mar. 25..2087
United-Carr Fastener Corp
Apr. 8..2409
United Fruit Co
Apr. 8..2409
United Light & Power Co
Mar. 25..2087
U. S. Freight Co
Apr. 8__2444
United States Leather Co
Apr. 1..2230
U.S. Smelting Refg.& Mining Co
Apr. 1..2226
Utah
Apr. 8__2409
Virginia Electric & Power Co
Apr. 1_2226
Virginian Ry
4
:2 28
Apr. 8 2246
A
1
Wabash Ry
Waco Aircraft Co
: 0
8 62 2
Apr. 28 :2410
Snowdrift Co
Wesson Oil &
Mar.
Western Electric Co
Apr. 1_2227
Western Maryland Ry
Apr. 8_2410
Western N. Y. Water Co
Apr. 1_2226
Western Pacific
Apr. 8..2409
Western Public Service Co
Apr. 1_2226
Western Ry. of Alabama
07
, 1::2 3
mar
Western Union Telegraph Co Corp_A p .. 28 2280
Weston Electrical instrument
Mar. 25..2087
Westinghouse Air Brake Co
Apr. 1..2245
West Penn Power Co
Apr. 1_2226
Wheeling & Lake Erie
Mar. 25..2059
White Motor Co
Apr. 1..2226
Wichita Falls & Southern
. :12409
r
A pi. 8
Winnipeg Electric Co
2445
Wright Aeronautical Corp
Apr. 1__2230
Yale & Towne Mfg. Co
Apr. 1_2223
Yazoo & Mississippi Valley
Apr. 8..2410
Yosemite Holding Corp
Mar. 25__2064
Youngstown Sheet & rube Co
Net Earnings Monthly to Latest Dates.
Belt Ry. of Chicago1933.
Fearuary$278,645
Gross from railway___
68,945
Net from railway_ _ _ _
73,785
Net after rents
(Fro'n Jan.
543.725
Gross from railway
134.947
Net from railway...
226,293
Net after rents
R. I. & Pacific System
Chic.
Chicago Rock Island & Gulf1933.
FebruaryGross from railway... $237.908
55.084
Net from railway_ _
-41.638
Net after rents
From Jan. 1
518.429
Gross from railway
122.541
Net from railway_
-02.565
Net after rents
Fort Smith & Western1933.
February$54,097
Gross from railway...
3.335
Net from railway-- - -1.419
Net after rents
From Jan. 1
108,835
Gross from railway
5.547
Net from railway_
-2.808
Net after rents
Monongahela Connecting1933.
k'eb,uary$31,743
Gross from railway___
-15.746
Net from railway____
-19,724
Net after rents
Flom Jan. 1
64,642
Gross from
-35.999
Net from railway._ _
-44.110
Net after rents
1932.
$326.936
92,411)
71,364
1931.
8420.431
128.848
149.846
1930.
$579,489
183,035
159,594
657.494
183,473
137,126
896,640
308.526
298.345
1,208,644
341,070
302,437
1932.
$355.911
136.127
62.518
1931.
8438.554
140,147
92.627
1930.
8522.384
135.984
88,472
725.978
267,955
138.262
943.061
344,693
233.893
1,054.300
263.654
150,708
1932.
853.753
-2.691
-8,479
1931.
868.249
3,747
-8,665
1930.
$123,505
20.408
6.525
123.791
5.705
-4.839
159,384
18.543
-5,323
256,179
47.747
20.561
1932.
840.858
-24.656
-30.082
1931.
$93.818
1.554
-5.117
1930.
$170,913
31.478
15,972
90.714
-42,625
-53,360
186.655
-1,933
-15.071
342,766
65.701
35.004
Other Monthly Steam Railroad Reports.-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, ecc., or where they differ in
some other respect from the reports to the Commission.
National Rys. of Mexico.
-Month of January- -12 Alos. End. Dec. 311932.
1933.
Pesos.
Pe1s9o3s2..
1
8
e16,.194 $6,294,840 873.460.461 $88,356,558
86,2sos
P
Railway oper. revenues_
5,819.969 69,328,920 73,446,007
Railway oper. expenses_ 5,864.172
46474,871 464,131,540 314,910,551
$352.022
Net oper. revenue___
83
92
94
94
Percentage exp. to rev_
145
2,139
9,480
Tax accruals & uncollect
revenue (deduction)_
43,604
45,213
608,900
Non-operating income_
Deductions (items 536221,652
321,572
5,228,862
•
541 1.0.0 )
$173,444
b196,759 (10341)7,902
Balance
_ 11.315.019 11,533,619 11,368,719 11.533,619
Kilometers operated
• Due to changes in classification, figures not available.
Volume 136
Financial Chronicle
INDUSTRIAL AND MISCELLANEOUS.
Alabama Power Co.
(A Subsidiary of The Commonwealth & Southe
rn Corp.)
-Month of February- -12 Mos.End.Feb. 281933.
1932.
1933.
1932.
Gross earnings
51.225,965 $1,353,482 *15,336,295 517.552,783
Oper. exps., incl. taxes
and maintenance_ _
491,725
591.609 6,371,815
7,733,153
Gross income
$734,239
$761,872 $8,964,479 59.819.630
Fixed charges
4.629,545 4,576.990
Net income
$1,334,933 $5,242,639
Provision for retirement reserve
952,866
933,300
Dividends on preferred stock
2,341,548 2.305.407
Balance
51.040,519 52,003.932
KrLast complete annual report in Financial
Chronicle April 16 '32, P.2898
2407
Consolidated Gas, Electric Light & Power Co.
of Balto.
2 Months EndedFeb. 28 '33. Feb. 29 '32.
Revenue from electric sales
$2,980,113 $3,221,621
Revenue from gas sales
1.606.357
1,618,415
Revenue from steam sales
170,827
148,317
Miscellaneous operating revenue
65.096
76.595
Total gross operating revenue
$4,822,393 $5,064,948
Operating expenses
2,338.104
2,307.342
Retirement expense
412,363
388,561
Taxes
559.880
542,559
Net operating revenue
51,512.045 *1.826.471.Miscellaneous non-operating revenue
13.729
33,811
Total net operating and non-operating revenue
_ 51.525,775 31.860,287
Fixed charges
481.027
485,345
Net income
$1.044,747 $1,374,941
Preferred dividends
192,176
189,942
Common dividends
700,438
700,302
Balance
$152,134
$484,698
PEPLast complete annual report in Financial Chronicl
e Mar. 11 '33, p. 1717
Alabama Water Service Co.
12 Months Ended Jan. 31
Operating revenues
Operating expenses
Maintenance
General taxes
1933.
3743,378
291,547
24,391
91,642
Douglas Aircraft Co., Inc.
1932.
5842.814
300.901
38.178
96.499
Net earnings from operations
Other income
$335,799
$407,236
4,449
3,422
Gross corporate income
$340,248
Interest on long-term debt
$410,657
212,499
214,580
Reserved for retirements and
72,805
Federal income tax & misceil.replacements
38,250
deductions
10,563
20.054
Net income
$44.379
Dividends on preferred stock_ _ _
3137,773
__________ _
a33,937
40,416
le a $6;790 euni7dividenel wlifailirs
dia:red or accrued onithe
books, is net included in dividends for not'iieeaithe year ending Jan. 31 1933.
077slotr=inieresi
°lined-SY'Federal WT.
Service Corp. has been subordinated
ter
to the payment of pref. dividends.-
3 Months Ended Feb. 281933.
1932.
Sales
8923.397
$449.439
Net profit after charges and taxes
$85,832
$57 026
Earns, per share on 356,435 no par shares cap.stock
$0.24
$b.16
Unfilled orders as of Feb.
$1.736,497 on Nov. 30 1932. 28 1933, were 51.570.000, comparing with
farLast complete annual report in Financial Chronicl Apr.
e
8'33, p. 2431
Eastern Steamship Lines, Inc.
Operating revenue
Operating expense
Operating deficit
Other income
Other expense
Net deficit
East Kootenay Power Co.
...aassaisismook
Alaska Juneau Gold Mining Co.
Period Ended Mar.31- 1933
-Month-1932
1933-3 Mos.-1932
Gross earnings
Net profit after operat. exp., $316,000 $240,500 $799,500 $769,500
& develop,charges but before
deprec.,deplet.,& Fed.taxes
130,700
64,700
269,400
192,400
_parLast complete annual report
in Financial Chronicle Mar.18 '33, p. 1888
American Water Works & Electric Co., Inc.j
(And Subsidiary Companies)
-Month of February- -12 Mos. Enc
T776:281933.
1932.
1933.
Gross earnings
1932.
Oper. exp., maint.SG tax. $3,416.179 $3,883,519 $42.857,408 $49,025,128
1.687.446
1,919.075 21.192,209 24.272.110
Gross income
31.728.732
Less-interest and amort. of discoun 51.964,443 $21,665.199 524.753.017
Preferred dividends of subsidiaries t of subs.-- 58,703,862 $8.662.498
5,657.844
Interest and amortiz. of disc. of
5.636,588
American Water
Works & Electric Co., Inc
1.310,016
1.314.137
Balance
$5,993,476 $9.139.793
Reserved for renewals, retirements
& depletion...
2.743,115
2,979,746
Net income
$3,250.360 $6.160.047
Preferred dividends
1,200,000
1,200,000
Available for common stock
$2.050.360 54.960,047
Shares of common stock
1,734,889
Earnings per share
1,750.888
$1.18
$2.83
"Last complete annual report in
Financial Chronicle Mar. 11 '33, p. 1713
....-............a.
:
...e.A-SerNetig.oiseiga31
Baton
Rouge Electric Co.
-Month ofFebruary- -12 Mos.En
d.Feb. xti1933.
1932.
1933.
Gross earnings
1932.
3129.910
3124,146 $1,451,173 $1,418.205
Operation
59,484
57,995
729,748
Maintenance
709.605
4,310
4.279
62,187
Taxes
56,907
13,518
11.950
148,460
138.308
Net oper. revenue__ _
$52,596
$49,921
$510,776
Interest & amortization_
$513.384
14.505
14,372
173,638
168.102
Balance
838,090
$35,548
$337,137
Reserve for retirements (accrue
$345,281
d)
115,000
115,000
Balance
Dividends on preferred stock
$222.137
$230,281
37.238
34.425
Balance for common stock divs.
& surplus-3184.899
$195.856
'During the last 26 years
the company has expended for mainten
a total of 6.72% of the entire gross earning
s over this period, and inance
dition, during this period has set
adaside for
a total of 13.66% of those gross earning reserves or retained as surplus
s.
'Last complete annual report
in Financial Chronicle March 4'S3, p. 1545
altw
Bunker Hill & Sullivan
Mining & Concentrating Co.
Period Ended Feb. 28-
1933
-Month-1932 1933-2 Mos.-1932
Net income before deprec.
&
depict., but after taxes
5204
$29,160
$22,210 $101,158
OrLast complete annual
report in Financial Chronicle Mar.18'33, p.
1889
Columbia Pictures Corp.
(And Subsidiary Companies)
Six Months EndedDec. 24 '32. Dec. 26 '31.
Net profit before amortization of film,
interest
charges and income tax
32.903.274 $3,029,068
Amortization of film
2,487,632
2,745,633
Interest charges
14.141
39,091
Net profit
$401,501
$244,343
Other income
35,675
72,951
Net profit before Federal
6137,176
$317,294
Provision for Federal incometaxes
tax
63,390
42.288
Balance
$373,785
$2753/06
Previous balance
1.296,808
1.271.912
Total
$1,670,593 $1,546,918
Dividends on preference stock
26.121
26,596
Dividends on common stock-Cash
30,768
Stock
52,024
Additional provision for further decline in market
value of securities
13.445
Balance at end of period
Earnings per share of common stock, based on capi- $1,644,472 $1.424,083
talization outstanding at end of period
$2.07
$1.46
OrLast complete annual report in Financial Chronicle
Oct.1 '32, p. 2343/11
-Month of February- -2 Mos. End. Feb. 28$490,645
$603,g26 $1,027,119 *1,191,d00
555,496
644.437
1,120,819
1,261.200
64.551
40.611
93,700
69.900
7,643
6.862
14,835
13.866
80,200
59,455
161,534
118,915
$137.108
$93.204
$240.399
$174,957
-Month of February- -11 Mos. End.
Feb. 281933.
1932.
1933.
1932.
332,689
$38,255
$390,086
$441,935
12,825
17.120
130,008
162,899
Net earnings
$19,864
$21.135
$279,036
Mil Last complete annual report in Financial Chronic $260,078
le June 18'32, p.4491
Gross earnings
Operating expenses
El Paso Electric Co. (Delaware).
(And Constituent Companies)
-Month ofFebruary- -12 Mos.End.Feb.
28-1933.
1932.
1933.
1932.
Gross earnings
$206.960
$239.429 $2,689,409 $3,319,450
Operation
85.188
99,685
1,123.743
1,383,512
Maintenance
11.557
13,597
145,299
179,716
Taxes
23,489
28.256
288.271
315,923
Net oper. revenue
$86,725
$97,889 $1,132,004 $1,440,308
Interest & amortization_
35,780
37,040
442,248
446,728
Balance
$50,944
$60,849
$689,845
$993,580
Reserve for retirements (accrued)
230.000
230.000
Balance
$459,845
$763.589
Divs. on pref. stock of constituent co
46.711
46.030
Balance
$413.134
$717.549
Divs, on pref. stock of El Paso Electric Co.
(Del.)
194.998
194,706
Balance for common stock diva. &
surplus$218,136
$522,843
During the last 31 years the company
and
have expended for maintenance a total of 6.88% its predecessor companies
of the entire gross earnings
over this period, and in addition, during this
period have set aside for
reserves or retained as surplus a total of 10.49%
of these gross earnings.
IllarLast complete annual report in Financial
Chronicle March 4'33, p. 1545
Equitable Office Building Corp.
Period Ended Jan.31- 1933
-Month-1932.
Rental earned
$409,415
$467,515
Miscellaneous earnings_
23,576
24.289
Total
$432,992
$4491,804
Oper. & admin. expense
79,591
80,027
Depreciation
22,982
22,982
Net operating profit__ $330.419
$388,795
Other income
2.174
3,006
Total income
$332,593
5391,802
Rea) estate taxes
69.233
71 967
Interest
102,061
103,604
New York State taxes
4,436
4,833
Reserve for doubt accts.
16.760
1.500
Prov. for Federal taxes_
20,000
26,000
Res for addit. deprec
10.743
9,255
1933-9 Mos.-1932.
53.753.376 54.290.351
200,833
267,937
$3,954,209 $4,558,287
718.467
797.521
206.836
206.836.
$3,028,906 53.553.930
57.914
82,949
$3,086.820 *3.636.880
635,607
647.700
92°,295
934.615
39.967
43.478
165,201
54.240
178.000
229,000
96,684
83,296
Avail, for dividends.- $109,361
$174,642 $1,051,067 51.644.550
CH Last complete annual repo, in Financia Chronicl
e June 11 1932, page
4330 and June 4 1932, page 4163.
Fourth National Investors Corp.
3 Months Ended March 31Interest
Cash dividends
1933.
$17,664
123.607
1932.
$26,512
167,670
1931.
$22.749
179,389
Total income
Management fee
Stock transfer expenses
Custodian's fee (safe-keeping of
securities)
Legal fees, auditing fees, stockholders' reports
Other corporate expenses (stockholders' meeting dividend disbursements, &c.)
New York State tax
$141,272
21,952
2,476
$194.182
25,585
1.945
$202,137
37.787
2,490
2,833
3,185
3.128
2,233
1.500
2.124
25,486
Net income
$107.436
$158.567
$438,864
Security Profits Account 3 Months
Profit realized on sale of securities. based Ended March 31 1933.
$188
Tentative provision for loss on deposit on average cost
in closed bank
76,000
Net loss
$75.813
Excess of cost over market value of
Excess ofcost over market value of investments, Dec. 31 1932- 7.346,957
investments,March 31 1933- 8.638,043
Increase in unrealized loss
$1,291,089
Change in Net Assets 3 Months Ended March
31 1933.
Total.
Per Share.
Net assets, market value (Dec.
311932)
$12,090,249
Decrease for period: Net income
$24.18
107,435
Net loss per security profits
0.21
75,813
0.15
Increase in unrealized loss account
1,291,086
2.58
Net assets, market value March
31 1933
$10.830,786
$21.65
liarLast complete annual report in
Financial Chronicle Jan. 7 '33, P. 1511
Financial Chronicle
2408
(The) Key West Electric Co.
First Chrold Corp.
Jan. 1933. Feb. 1933. Mar.1933.
Gross operating loss-___
$24,510 prof$6,399
$6,970
23
27
Expenses
23
Total.
$25,082
73
$25,155
Net loss
$24,534 prof$6,376
96,997
0
J12 'Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1724
cA Subsidiary of The Commonwealth & Southern Corp.)
-Month ofFebruary- -12 Mos.End.Feb.281932.
1933.
1932.
1933.
$1,807.517 $1,975,567 $22,081,068 924,785,771
Gross earnings
Oper. exps., incl. taxes
881,947 9,410,945 11,664,561
810,129
and maintenance..
81,093,619 $12,670,122 913,121,210
8997,387
Gross income
5.791,657 5.445.685
Fixed charges
$5,288
2,225
$7.110
2,258
969,234
27,284
$85,951
27,742
$3,063
Balance
Reserve for retirements (accrued)
$4,852
$41,949
20,000
$58,209
3,333
$21,949.
24,500
$54,875
24,500
$6,878.465 97,675,524
1.320.000 1,306.156
3,362,880 3,438,146
Balance
Dividends on preferred stock
$30,375
x$2,550
Balance for common stock dividends & surplusx Deficit.
During the last 26 years, the company has expended for maintenance a
total of 9.34% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total of
14.45% of these gross earnings.
e
tai"Last comple, annual report in Financial Chronicle Mar. 4 '33, p. 1547
$2,195,584 92,931,221
Balance
reLast complete annual report in Financial Chronicle July 9 '32, p. 294
Gulf States Utilities Co.
Gross earnings
Operation
Maintenance
Taxes
-Month ofFebruary- -12 Mos.End.Feb. 28-1932.
1933.
1932.
1933.
$398,837 $5,256,126 96,202,536
$369,529
207,514 2,325.070 2,774,509
173,724
221,141
186.029
23.042
13,280
461,033
429,032
38,009
34.835
$147,689
90,880
9130,271 $2,315,992 $2,745,852
7,659
90.898
$56,809
Balance
Interest & amortization (public)
$39,373 22.315,992 $2,753,511
1,090,570 1,062,687
Net open revenue_ _ _ _
Inc.from other sources-x
$1,690,824
24,941
Balance
Interest (Eastern Texas Electric Co., Del.)
$1.225,421
Balance
Reserve for retirements (accrued)
$1,225,421 $1.665,882
458.000
458,000
$767.421 $1,207,882
566.858
567,182
Balance
Dividends on preferred stock
$641,024
$200,238
Balance for common stock diva. & surplus_ _ _ _
x Principally interest on funds for construction purposes.
VeLast complete annual report in Financial Chronicle March 4'33, p.1548
Interborough Rapid Transit Co.
-Month ofFebruary- -8 Mos. End. Feb. 281932.
1933.
1932.
1933.
Gross operating revenue $4,665,941 $5,364,295 $39,305,827 $44,143,837
2,894,836 3,387,080 26,718,073 28,494,229
Operating expenses
Net operating revenue 91,771,105 $1,977.215 $12,587,753 $15,649,608
1,577,404
1,493.770
196.049
167,935
Taxes
$1,603,169 $1,781,166 $11,093,983 $14,072,203
Incomefrom operation
3.340,095 3.348,947
418,431
417,304
Current rent deductions..
$1,185,864 $1,362,734 $7,753,888 $10,723,256
Balance
Used for purchase of as345,466
26,115 def137,929
13,147
enterprise
sets of the
Balance, city & co--- $1,172,717 $1,336,619 $7,891,817 $10,377,789
Payable to city under
1,556,487
324,950
contract No.3
Gross inc. from oper'n $1,172,717 $1,011,668 $7,891,817 $8,821,302
9,330,114
1,153,776 9,196,854
1,141,806
Fixed charges
$30,910 def$142,107df$1,305,036 def$508,812
Net inc.from oper'n
54.565
25,946
3,322
2,308
Non-operating income
Bal. before deducting
5% Manhattan div.
rental
The amt.required for full
div. rental at 5% on
Manh. Ry. Co. modified guarantee stock.
Payable if earned
New York Water Service Corp.
(And Subsidiary)
Feb 28, 33. Feb. 29,'32
12 Months Ended$2,803,679 $2,822,509
Operating revenues
784,026
777.359
expenses
Operating
57,710
10,210
Provision for uncollectible accounts
5,907
36,393
General expense charged to construction-Cr
75,878
100,877
Maintenance
259,905
261.326
General taxes
231,870
1,854,066
1,854,966
Amt. by which the full
5% Manhattan div.
309,213
rent.was not earned.def$198,652 def$370,656 df$3,134,057df$2, subof the
an unearned
-As of Feb. 28 1933. there is still receivers are balance to collect
Note.
entitled
which the
way Preferential of $251,994,
follows:
from future subway earnings. The detail is as
def$390,063
Adjusted unearned balance Jan. 31 1933
138,069
month of Feb
Earns,in excess ofsubway preferential retained,
$1,638,733 $1,702,464
Net earnings
Other income:
Dividend revenue
Miscellaneous income
28,652
20,986
42,250
54,895
$1.688,372 $1,799,610
Gross corporate income
794,682
792.851
Interest on mortgage debt
115,815
97,500
Interest on gold notes
consten)
12,938
18,729
Miscellaneous interest (incl. int. chgd. to
62.816
57,333
Amortization of debt discount & expense
53,224
53,329
Provision for Federal income tax
175,500
153,250
Provision for retirements & replacements
11,796
10,694
Miscellaneous deductions
461,599
$615,923
Net income
b
a150,461
Dividends on preferred stock
a Cumulative preferred dividends which have not been declared or paid
amount to $127,963.
for the year ended 'Feb. 29 1932
b Cumulative preferred dividends which have not been declared or paid
for the year ended Feb. 28 1933 amount to $279,192.
Ponce Electric Co.
Gross earnings
OpmatIon
Maintenance
Taxes
-Month of February- -12 Mom.End.Feb. 28-1932.
1933.
1933.
1932.
$27,902
$27,831
$330,939
$323,587
9,919
10,086
123,332
132,775
1,007
2,042
15,354
20,208
3.018
3.485
41,716
35,815
$13,885
76
$12,287
77
$150,536
889
$134.788
1.051
913,809
Valance
Reserve for retirements (accrued)
$12.210
$149,646
40,000
$133,737
40.000
Net operating revenue
Interest charges
$93737
. 46
$109 6
Balance
26,031
26,296
Dividends on preferred stock
$83,615
$67,440
Balance for common stock dividends & surplus..
During the last 31 years, the company and its predecessor companies
have expended for maintenance a total of 7.63% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 10.39% of these gross earnings.
tarLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1548
Puget Sound Power & Light Co.
$33,218 def$138.785df$1,279,090 def$454,247
231.870
-Month Of February- -12 Mos. End.Feb. 281932.
1932.
1933,
1933.
$206,24P
$177,658
$17.599
$12,794
72,450
6.330
83,960
5,189
20,052
2,318
17,766
904
1,839
1.411
15,920
18,569
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest & amortization_
Georgia Power Co.
Net income
Provision for retirement reserve
Dividends on 1st preferred stock
April 8 1833
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Co..)
-Month of February- -12 Mos.End.Feb.281932.
1933.
1932.
1933.
$1,046,925 $1,201,967 $13,212,799 $15,448,027
465.372 5.041.728 6,299,256
374.508
58.086
43,752
649,509
874.030
85.295 1,125,926 1.017.814
101.447
Net operating revenue
xInc,from other sources_
$527,216
34,890
$593.213 $6,395.634 $7,257,125
106.968 1,238,295 1,171,718
Balance_ ___ _ _ ______
Interest & amortization_
$562,106
344,383
$700.181 $7,633,930 $8,428,843
341,839 4,102,041 4,094.340
$217.722
Balance
Reserve for retirements (accrued)
$358,341 $3.531,889 $4,334.503
1,237.073 1,299.051
1933----def$251,994
Unearned balance of subway preferential Feb. 28
herein for the "previous
The "subway" and "system" balances as shown shown as there were no
year" are limited as to the subway to the amount
subway earnings at
past due preferentials to collect from subsequent
Feb. 28 1932.
as stated herein are
alt"Current rent deductions" and "fixed charges"
company and its obligations
based upon the outstanding securities of the
of such obligation
the
under leases, without attempting to stateTheyportion the cancellation of
reflect
be assumed by the receivers.
which may
interest on overdue 7% notes from
the accrual heretofore made of the
accrual of interest on 1st and
Sept. 1 to Nov.30 1932, and in lieu thereof the
such notes from Sept. 1
refunding mtge.5% bonds which were collateral to
1932 to Feb. 28 1933.
Financial Chronicle Aug.27 '32, p. 1489
reLast complete annual report in
92,294,815 $33.035,451
Balance
y2,133.934 2,139,104
Dividends on preferred stock
$160.881
$398,347
Balance for common stock dividends & surplus_
r.x Includes interest on funds for construction purposes, current month nil
$819.792 (1932. $732,388). y Includes
(1932. 972.116); current 12 months
cum. dividends unpaid or not declared of $1,198.982.
During the last 33 years, the company and its predecessor companies
have expended for maintenance a total of 9.90% of the entire gross earnings over this period, and in addition during this period have set wide for
reserves or retained as surplus a total of 7.50% of these gross earnings.
arLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1543
Interstate Equities Corp.
Savannah Electric & Power Co.
Period Ended March 31 1933Interest received
Cash dividends received
3 Months. 9 Months.
$117,048
$19,549
118.457
42,812
235,505
$62,361
Total income
150,229
38,611
Operating expenses
Balance of income for the period (without giving
effect Ito profits & losses on security trans$85,276
$23,751
actions)
Statement of Deficit Account as at March 31 1933.
$3,751,441
Balance deficit as at Dec. 31 1932
the three months
Realized net loss from sales of securities during
257.081
ended March 31 1933
$4.008.522
Total
23.750
March 31 1933
Net income for the 3 months ended
3,050
Profit from joint account
2.451 shares of own precost of
Excess of capital value overretirement
89,509
purchased for
ferred stock
$3,892.212
Deficit as at March 31 1933
FinancialChrcmicle Sept. 3 '32, p. 1669
arLast complete annualreport in
Gross earnings
Operation
Malnatenance
Taxes
-Monthly ofFebruary-- -12 Mos.End.Feb.28-1932.
1933.
1933.
1932.
3162.409 $1,862,003 $2,044,416
4
$145.35
50,973
44.707
647,194
694.291
8.767
8.350
118.502
118.240
17,861
16,252
195.364
214,145
$76,043
33,310
884,806
35,089
$900.941 $1,017.738
408.131
420,023
$42.732
Balance
Reserve for retirments (accrued)
$49,717
$492,810
150,000
$597.714
25,000
$342,810
$572,714
208.209
Net operating revenue
Interest & amortization_
Balance
Dividends on debenture & preferred stock
209,082
$133.727
$364.505
Balance for common stock dividends & surplus_
During the last 31 years, the company and its predecessor companies
have expended for maintenance,a total of 8.40% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 7.68% of these gross earnings.
arLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1549
Financial Chronicle
Volume 136
Rochester & Lake Ontario Water Service Corp.
Nig 12 Months EndedFeb. 28,'33. Feb. 29,'32.
Operating revenues
$549,674
1520.078
Operating expenses
166,010
163,346
General expense charged to construction-Cr
6,135
596
Rental of mains & hydrants
8,672
8,858
Maintenance
27,289
15,569
General taxes
47,298
48,387
Net earnings
$285,601
$305,450
Other income
265
1,061
Gross corporate income
$286,662
8305,715
Interest on funded debt
125,000
125.000
Interest charged to construction-Cr
515
10
Provision for Federal income tax
12,367
12,454
Provision for retirements & replacements
25,420
25,420
Miscellaneous deductions
560
277
Surplus net income
$142,883
$123,522
Second National Investors Corp.
flr Three Months Ended March 31-Interest
Cash dividends
1932.
$10,721
70,788
1933.
86.618
53,053
1931.
$8,757
80,268
Total income
$91,306
889,025
$59,671
Management fee
16,113
10.694
9,110
Stock transfer expenses
1.0721
1,118
Custodian's fee (safekeeping of secs.)_
1,000
1,050
Legal fees, auditing fees stkhldrs. rep.
12,133
2.478
2,403
Other corp. expenses (stockholders'
meeting, div. disbursements, &c)_ _
1.051
757
New York State'tax
772
Net income_
$60.778
$65,211
$44,460
Security Profits Account Three Months
Profit realized on sale of securities, based onEnded March 31 1933. $188
average Cost
Tentative prov. for loss on deposit In closed bank
32,500
Net loss _______________ _ _ _ __________________
$32,313
Excess ofcost over market
iiiititiO1investments. Dec.31 1932-- 3.089,745
Excess ofcost over market value ofinvestments, March 31 1933- 3.664,095
Increase in unrealized loss
$574,349
Change in Net Assets Three Months Ended March 31 1933.
Per Share
Total.
Pref. Stock.
Net assets, market value-Dec.31 1932
$5,032,886
$50.33
Decrease for period-Net income
44.460
0.44
Net loss on sale of securities
0.32
32.313
Increase in unrealized loss
574,349
5.74
$562.202
85.62
Net assets, market value-March 31 1933
4,470,684
44.71
Last complete annual report in Financial Chronicle Jan. 7'33, p. 170
South Bay Consolidated Water Co., Inc.
12 Months EndedOperating revenues
Operating expenses
General expense charged to construction--Cr
Amortization of rate case expense
Maintenance
General taxes
Feb. 28 '33. Feb. 29 '32.
$543,233
$516,039
158,856
174,057
8,456
31,405
19,747
24,510
24,924
37.543
42,707
Net earnings
Other income
8283,840
2,461
$332,949
2,593
Gross corporate income
$335,542
8286,302
Interest on funded debt
158.105
158.347
Miscellaneous interest charges
36,725
18,832
Amortization of debt discount and expense
12.176
11,976
Interest charged to construction-Cr
462
2,489
Provision for Federal income
9,822
5.864
Provision for retirements and tax
22,000
replacements
24.000
Miscellaneous deductions
1.284
1,278
Net income
150.609
$113.774
Dividends on preferred stock
b
a62.664
a Includes 82,611 dividends accrued which have not been declared or
paid, dividends having been omitted since Feb. 15 1932. b Cumulative
preferred dividends which have not been declared or paid for the year
ended Feb. 28 1933 amount to $62.664.
Month of
12 Mos.
December End.Dec.31
1932.
1932.
8274,586 12,536.810
3,009
37.307
Operating expenses
Gross corporate income available for interest,
depreciation, Federal income tax, &c
Interest on first mortgage bonds accrued
•
(The) Tennessee Electric Power Co.
[A Subsidiary of The Commonwealth & Southern Corp.]
-Month of February- -12 Mos. End.Feb. 281933.
1932.
1933.
1932.
Gross earnings
8915.891 $1,062,832 111.466.035 313,469,038
Operating expenses, incl.
taxes & maintenance
432.357
494,585 5.348,699 6,567.096
Gross income
$483,533
8568.247 16.117.336 $6,901,941
Fixed charges
2,654,833
2,404,779
Net income
83.462,502 84,497.162
Provision for retirement reserve
1,260,000 1,260,000
Dividends on preferred stock
1,551,165 1.537.274
Balance
$277.595 82.574.117
120,975 1,176,709
8156,620 11,397,408
$83.797 11.031.492
United Fruit Co.
1932.
1931.
3 Mos End. Mar.31.
1933.
1930.
Net earns, after all chgs.
$700,000 83,260.000 83,800,000
except Fed.taxes(eat.) 31,033,000
Shs. common stock outstanding (no par) _ _ __ 2,925,000 2,925,000 2,925.000 2,925,000
80.24
$1.11
$0.35
$1.33
Earnings per share
arLast complete annual report in Financial Chronicle Feb.35'33, p. 1369
United Light & Power Co.
1932.
1933
12 Mos Ended Jan. 31.
Gross operating earnings of subsidiary and controlled companies (after eliminating inter-com$75,529,880 $82.507.940
pany transfers)
32,174,298 35,078,735
Operating expenses
Maintenance, charged to operation
4,072.794 4,719.517
Taxes, general & income
8,089.738 7,774,071
Depreciation
7,289.099 y8,643.850
Net earnings from operations of subsidiary &
controlled companies
$23,903,949 126,291.767
Non-operating income of subsidiary & controlled
2,248,240 4,127,704
cos
826,152,189 830,419,471
Totalincome ofsubsidiary & controlled cos
Interest on bonds, notes, etc
11,517.345 10,746.531
811.335
738,587
Amortization of bond & stock discount & expense
4,315.514 4.433,875
Dividends on preferred stocks
Proportion of earnings, attributable to minority
2,729.345 3,649.226
common stock
Equity of United Light and Power Co. in earn$6.851.398 $10.778,505
lugs of Subsidiary & controlled cos
66.616
55.075
Earnings of United Light and Power Co
$6,906,473 $10,845.121
122.614
138.728
Balance
Expenses of United Light and Power Co
Gross income of United Light and Power Co--- - $6,767.745 $10.722,508
Holding Company Deductions
82.484,233 12.888.065
Interest on funded debt
1,958
151,748
Other interest
336.107
278.587
Amortization of bond discount & expense
$3.853,177 $7,496,377
s3.600,000 3.600.000
Balance available for dividends
Preferred stock dividends
Balance available for common stock dividends--- $253.177 $3,896.377
$1.12
1.07
Earnings per share on common stock
x Includes $3,000,000 accrued but not declared. y Adjusted.
Gross earnings
Operation
Maintenance
Taxes
Virginia Electric & Power Co.
(And Subsidiary Companies)
-Month ofFebruary--12 Mos. End.Feb.281932.
1933.
1932.
81,175,613 $1,320,968 $15,140,553 816,806,017
460,597 5,493,833 6,370.245
382,074
1,000.037 1,206.354
88,221
74,641
117,313 1,385,484 1,482,841
116.392
Net operating revenue
Inc.from other sources x
8601,905
2.877
$654,835 $7,261,198 87,746,575
42.174
34,652
2,888
Balance
Interest & amortization_
$604,782
160,543
$657.724 17,295,850 $7,788,749
1,941,442 1.854,236
156,915
$500,809 15,354,408 85.934.512
1,800,000 2.050,000
$2,382,972 12,713,392
Bal. for common stock-Diva.& surplus
x Interest on funds for construction purposes.
During the last 23 years, the company has expended for maintenance
a total of 10.57% of the entire gross earnings over this period, and in
addition during this same period has set aside for reserves or retained as
surplus a total of 13.15% of these gross earnings.
VirLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1560.
The Western Public Service Co.
1933.
$5,366
46,543
1932.
88,550
65,146
1931.
$5,982
76.530
Total income
Management fee
Stock transfer expenses
Custodian's fee (safekeeningof sec.)
-Legal fees, auditing fees,stockholders'
reports
Other corp. exps. (stockholders' meeting, div. disbursements, &c.)
New York State tax
$51,908
7,856
740
900
$7?.sin
).
$82.512
14.338
2.245
2,338
729
980
733
799(
900
$3,554,408 13,884.512
1.171,120
1,171,436
Balance
Dividends on preferred stock
Third National Investors Corp.
3 Months Ended March 31Interest
Cash dividends
8,745
Net income
$38,458
$59,810
859,429
Security Profits Account, Three Months Ended March 31 1933.
Profit realized on sale of securities, based on average cost
$ 94
Tentative provision for loss on deposit in closed bank
18,000
Net loss ______________________________________________
$17.906
Excess of cost over market value of investments, Dec.31 1932_ - 3,234,227
Excess of cost over market value of investments. March 31 1933 3,729.325
Increase in unrealized loss
1495.098
Change in Net Assets Three Months Ended March 31 1933.
Per Share.
Total.
Net assets, market value, Dec. 31 1932
14.323.886
$19.65
Decrease for Period
Net income-Cr
38,457
0.18
Net loss on sale of securities
0.08
17,906
Increase in unrealized toss
495,098
2.25
82.15
8474,646
Net assets, market value, March 31 1933
17.50
$3,849,340
r211"Last complete annual report in Financial Chronicle Jan. 7'33, p.171
$651.336 11,699.888
$444,239
Balance
Reservefor retirements(accrued)
Southern Natural Gas Corp.
Gross operating revenue
Other income _
2409
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of February--12 Mos. End.Feb.281933.1933.
$153,828
$181,228 $1,998,552 $2,438,4S9
1,287,913
80,006
90.649 1.077,653
92,491
5,276
8,378
82,173
11,742
11,640
130,050
150,968
Net operating revenue
Inc. from other sources x
$56,803
870,561
494
$687,756
2,421
8928,534
5,754
Balance
Interest St amortization_
156,803
31,669
171,055
24,127
$6690,178
316,428
$934,288
286,729
Balance
Note interest (Eastern
Texas Elec. Co., Del.)
825.133
146,927
8373,749
$647.559
19,806
161.465
220.060
$27,121
$212,284
216,666
$427,499
220.000
Balance
$25,133
Reserve for retirements (accrued)
Balance
Dividends on preferred stock
$207,499
y$4,382
59,539
74,735
Bal. for common stock-Diva. & surplus
y$82,118
8147,960
x Interest on funds for construction purposes. y Deficit.
larLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1550
Winnipeg Electric Co.
Gross earnings
Operating expenses
Net earnings
-Month of February- -2 Mos. End. Feb. 281933.
1932.
1933.
1932.
8461,404
8502.113
$958,720 $1,028,744
319.720
342,355
647,531
691,644
$141,684
$159.758
6311,189
$337,100
Financial Chronicle
2410
Wesson Oil 8c Snowdrift Co., Inc.
Feb. 28. 33. Feb. 29. 32. Feb. 28. 31.
6 Mos. EndedNet sales
512.305,139 516,067,871 525,116,062
Cost of sales
12,361,356 14,521,313 23,275,196
Depreciation
491.025
347,101
502.437
Operating profit
loss $403,318 a 51.044,121 51.349.841
Other Income
101,202
182.081
206,680
Total income
loss $302,116 $1,226,202 $1,556,521
Interest
18,138
Federal taxes
153,200
186.550
Net profit
loss $320.254 $1,073,002 $1,369.971
Preferred dividends
596,647 r 658,773 II 725.995
,
Common dividends
225,000 .'''' 450,000 '''' 600,000
Deficit
51,141.901
$35.771 sur.$43.976
Earns,per sh. on 600,000 abs. corn.stk.
(no par)
Nil
W$0.69
The net loss for the quarter ended Feb. 28 1933, was $126,363$ ;
0
1
charges and taxes,comparing with net loss of $193,891 in preceding quarter,
and net profit of 2431,849 or 18 cents a share on common In the quarter
ended Feb. 29 1932.
kgrLast complete annual report in Financial Chronicle Oct. 29, 32p. 3013.
Western New York Water Co.
12 Months EndedOperating revenues
Operating expenses
General expense charged to construction-Cr
Maintenance
General taxes
Net earnings
Other income
Feb.28'33. Feb. 29 '32.
$729.689
$766,741
183.952
204.025
1,326
11.573
15.479
14.941
94,382
87.814
$437,203
911
*
Gross corporate Income
Interest on mortgage debt
Interest on 6% debentures
Miscellaneous interest charges
Amortization of debt discount and'expense
Interest charged to construction-Cr
Provision for Federal incomeitax
Provision for retirements and replacements
Miscellaneous deductions
Net income
Dividends on preferred stock
$471,533
11,860
$438,114
204,888
58,620
4,494
9,446
27
9,733
50,250
2,829
2183.393
205,084
58.620
10,233
9,404
2,555
11.542
54.250
4,984
297,881
51,530
$131,829
51,530
Yosemite Holding Corp.
Income Accountfor Three Months Ended March 31 1933.
Interest received
Dividends received
$24
118
Total income
Transfer agents' fees
Printing and stationery
Accounts fees
State franchise tax
Miscellaneous expenses
$141
616
171
125
18
44
expenses over
tExcess oftransactions) income (without giving effec I to securing
$834
Statement of Capital Surplus as at March 31 1933.
Balance, Dec. 31 1932
Adjustment of div. of Jan. 1 1933 on $3.50 cum. pref. representing excess accrual in 1932
$648,933
Total
Loss on salesof securities
Loss on sale offornituramd fixtures
Excess of expenses over income for the three months ended
March 31 1933
$649.007
266
2,478
Capital surplus
44
834
$645,428
FINANCIAL REPORTS.
The Pennsylvania Railroad Co.
(86th Annual Report-Year Ended Dec. 31 1932.)
W. W. Atterbury, President, says in substance:
The Year 1932.
-The unsatisfactory economic conditions that prevailed
during 1930 and 1931 became more serious in 1932 and Industry showed a
further recession, with the result that the total operating revenues fell to
$331.393.457, a decrease of $361.745,273, or 52%, compared with 1929.
.Operating expenses were reduced 51.6% compared with 1929.
,The results to the company, while not satisfactory, continue to
favorably with those attained by railroads generally. In view of compare
the continued decline in earnings, it was necessary, as stated in the report of last
year, to discontinue the payment of quarterly dividends. After consideration of the best interests of the company and the stockholders, the board
of directors declared a dividend of 1%. payable March 15 1933. and
it against the net income for the year 1932. The outlook at the charged
time is not clear, and further dividends in 1933 cannot be expectedpresent
unless
'there Isla material improvement in the company's income.
Fixed Charges and Other Payments.
-The increase of 22,283,736 in "rent
for leased roads" was caused by increased rentals paid as interest and
dividends on securities during the year for capital account purposes by
Delaware RR., Connecting By., New York Bay RR., Northern Central
Ry., Philadelpkla Baltimore & "Washington RR., Cleveland & Pittsburgh
RR., Pittsburgh Cincinnati Chicago & St. Louis RR., Pittsburgh Fort
Wayne & Chicago By,and Pennsylvania Ohio & Detroit RR., whose lines
are leased to this company. Of the $51.138,673 charged as rent for leased
roads. $30,052,892 accrued on stocks and bonds owned by this company
and is included in "non-operating income." The increase of $558,090 in
"interest on funded debt" is due to interest for a full year on the $50,000.000 50
-year
% general mortgage bonds issued in 1931, and to interest on the loan from the Reconstruction Finance Corporation.
Net Income, &c.
-The net income for the year amounted to $13,573.536,
a decrease of $6,367,962. Against this net income were charged the dividend of 1% upon the capital stock, the usual appropriations to the sinking
and other reserve funds amoutning to $1,754,105, and $701,853 advanced
to leased and affiliated companies forming part of the Pennsylvania Railroad system, which were unable to make repayment. The balance of $1,533,730 was transferred to the credit of profit and loss, and that account
was charged with $1.927.772, due chiefly to retirements of properties and
facilities, partly offset by profit on securities sold.
Investownts.-Under "Investments in affiliated companies," the increase
of $68.531,974 in "stocks" and "bonds" is due chiefly to additional holdings
of stocks and bonds of leased companies received in partial settlement
of advances made to such companies in prior years for capital account
purposes, which also explains the decrease in "advances." The increase
of $2,000.000 in "notes" represents notes of the Fruit Growers Express
Co. received from that company in payment for 2,622 refrigerator cars
sold to it.
is The decrease 191' $11,899.234 In "other investments" is due chiefly to
&slag; of United States Government bonds and notes which were held as
temporaryinvestments.
Current ssets.-The increase 0(515,848,191 in "time drafts and deposits"
18 due to placing funds on special deposit until needed to meet corporate
requirements. The increase of $1,283,915 in "Interest and dividends rereceivable" is due chiefly to Interest and dividends accrued on additional
holdings ofstocks and bonds ofleased and affiliated companies, and interest
on loans. Material and supplies decreased $5,360,510. The decreases
In other accounts under "current assets" reflect generally the decreased
volume of business.
-The increase of $249,85011n outstanding capital stock is
Capital Stock.
-due to the issue of shares of stock subscribed to at par under the Emplyees'
Stock plan authorized by the:stockholders in 1930.
-Equipment trust obligations with a
Funded Debt and Other Liabilities.
par value of 25,800,000 matured and were paid. Funded Debt was also
April 8 1933
reduced by the retirment of-bonds and other securities through sinking
funds. The amount of $27,500,000 was borrowed from the Reconstruction
Finance Corporation to enable the company to continue work on its improvement program.
Els*ification.-Electric passenger train operation between New Brunswich and Jersey City and New York was established on Dec. 9 1932, and
between New York and Philadelphia on Jan. 16 1933. This service between New York and Philadelphia, with the electrified line already constructed between the latter city and Wilmington, Del., constitutes the first
unit of the company's long distance electrification project, which will be
utilized eventually for both passenger and freight trains between New
York and Washington. Incident to the electrification to Washington, all
of the telephone and telegraph wires between Wilmington and Washington
have been placed In underground conduits.
The Pennsylvania Rallraod system now has a total of 392 miles of line
and 1,287 miles of track electrified, which Includes the Long Island RR.,
the line between New York, Philadelphia and Wilmington, and all of the
suburban lines in the Philadelphia district.
-The work on many of the projects Included in
Improvement Program.
the company's "improvement program," described in the 1930 annual
report, was under way, contracts had been made with municipalities and
others, and large sums already expended, and it was desirable that the work
be continued at a reasonable rate of activity, but in view of the continued
decline in earnings and the Inability of the company to market securities
at reasonable prices, arrangements were made with the Reconstruction
Finance Corporation for a loan of $27,500,000 for that purpose, the company pledging securities which it owned as collateral. The company has
also arranged with the Finance Corporation for an additional loan of $2,000.000. when required for the construction of 1.285 improved type steel
box cars, which are now under construction. The expenditure of these
funds for capital account purposes assists in relieving the unemployment
situation.
Co-ordination of Rail and Motor Transportation.
-Previous reports have
recited in some detail the efforts made by the company to meet changing
conditions in the transportation industry and the inauguration of modern
methods when they are economical and efficient. In recent years the
container, trailer, demountable truck body, self-propelled equipment,
special equipment for certain commodities, and other forms of service to
meet competition and to co-ordinate the rail and motor transportation
service have been introduced.
During the past year. store-door collection and delivery of less than
carload freight has been established experimentally at a number of points
and will be extended as conditions warrant.
Co-ordinated transportation continues to be one of the most important
present-day problems requiring for its solution scientific study and treatment. and co-operation on the part of the public and regulatory authorities.
Unification of Railroad One-rations in Southern New Jersey.-Newotlationa
were concluded for the unification of the operations of the lines and facilities
of the West Jersey & Seashore RR. and the Atlantic City RR, in which
lines the Pennsylvania and Reading companies are interested, and which
extend generally from Camden, N. J., to the seashore resorts of southern
New Jersey. The West Jersey & Seashore RR. is controlled by Pennsylvania RR. by stock ownership and long term lease, and the Atlantic City
RR. is controlled by the Reading Co. by stock ownership.
In recent years, improved highways for the use of automobiles, buses
and trucks, have resulted in the diversion of such a large volume of passenger and freight traffic from the lines of both companies as to cause severe
loss in operation. Unification of the operations of the two systems will, it
is believed, by the elimination of losses through discontinuance of duplicate
service, stations and other facilities, permit of adequate service to fully
meet the demands of the public and promote the development of southern
New Jersey.
The agreement provides that Pennsylvania RR. shall own two-thirds
and the Reading Co. one-third of the stock of the operating company
the assignment to the operating company by Pennsylvania RR. of its
lease of the West Jersey & Seashore RR. and the guarantee by Pennsylvania RR.. and Reading companies of the obligations under the lease.
Other provisions of the agreement contemplate the construction of certain
tracks to connect existing facilities; the exercise of trackage rights to properly
co-ordinate operations, and the abandonment of portions of the lines of
both railraods that will be no longer required.
The stockholders of the West Jersey & Seashore RR. authorized the
assignment of the lease of its railroad, property and franchises, and the
agreement was entered into in accordance with authority granted by the
boards of directors of the interested railroad companies.
-S. C. Commission, and the necesThe plan requires approval by the I.
sary applications have been made to that Commission for authority to
the provisions of the agreement to make effective the unified
carry out
operations of these seashore railroads.
-S. C. Commission apRailroad Consolidatton.-0a July 13 1932, the I.
Proved, with certain modifications, the plan for grouping the railroads
District (excluding New England) which had been subIn the
mitted to the Commission by the Executives of Baltimore & Ohio RR.,
Chesapeake & Ohio By. New York Central RR. and Pennsylvania RR.,
with an application for a modification of the plan published by the Commission in December 1929. as explained In the last annual report.
In the plan now published by the Commission, the Delaware &
Hudson RR.Is left for the present as an independent system, while under
the plan submitted by the Railroad Executives it was allocated to the four
systems jointly. The plan of the Commission also provides for the allocation of the Virginian By. to the New York Central system, while the plan
submitted to the Commission provided for its allocation jointly to the
Pennsylvania system and the Chesapeake and Ohio-Nickel Plate system.
The Commission has left various terminal properties without specific
allocation.
The plan as modified and approved by the Commission assigns to the
Pennsylvania RR. system the -Wabash By. Detroit Toledo & Ironton
RR., Toledo Peoria & Western RR., and the Norfolk & Western By.,
together with certain short lines, various trackage rights and a part interest
In other lines.
The following railroads are assigned to the four systems jointly: Lehigh
& New England RR., Montour RR., Pittsburgh Chartiers & Youghiogheny
By,, Monongahela Ry.. Pittsburgh & West Virginia Ry. (east of a point
at or near Gould's Tunnel), Akron SZ Barberton Belt RR. and Akron
Canton. & Youngstown Ry.
As pointed out in previous annual reports, the Four-System Plan recommended by the Railraod Executives in the Eastern District constitutes
the culmination of more than 10 years of effort to solve a great national
problem and meet the requirements of the Transportation Act, and is the
best solution of the problem of zonated consolidation in the Eastern District
that could be agreed upon. The plan having been approved by the Commission, with certain modifications, the gradual grouping of the four
systems, whether by stock control, lease or merger of properties, will be
effected subject to its approval. It is anticipated that among the many
benefits resulting from such a consolidation will be improved service,
introduction of many economies In operation and savings in capital expenditures.
-A group consisting
Regulation and Taxation of Highway Transportation.
of six Railroad Executives and six executives representing the Highway
Users was appointed to consider the question of regulation and taxation
of highway transportation, and after three months of intensive study and
discussion was able to reach an agreement upon nearly all essential points.
The Committee is in accord on such important questions as taxation,
reciprocity, co-ordination of highway administration and grade crossing
separations, and common ground has been found for many aspects of
regulation. Regulation of truck rates, and length and weight of vehicles
are subjects upon which it has not been possible to reach complete agreement, but it is hoped through future conferences that present differences
will disappear.
The progress made by the Committee is a distinct step forward in sound
transportation policies. This is an effort to solve economic problems by
conference rather than by legislation.
The conferences grew out of a mutual appreciation of the need for a
rational appraisal of the relations between railway and highway transport
In the light of the broad public interest involved In the use of these facilities.
-Notwithstanding the unsatisfactory ecoGeneral Railroad Situation.
nomic conditions of the past two years, the raikaods have continued their
efforts to improve their service to the public.
The Reconstruction Finance Corporation, formed by the Government
to make emergency loans to many forms of useful enterprise, proved of
material assistance during the past year in alleviating the financial difficulties confronting the railroads. supplementing the work of the Ratkaod
Credit Corporation by lending funds to enable them to pay some of their
debts, interest on their bonds and the cost of essential improvements and
betterments already initiated, and to meet other corporate requirements.
The net return to the railroads of the country for 1932 was only about
1.3% upon their investment in road and equipment, less than in any year
since 1920, and comparing with 2% in 1931:3.4% in 1930, and 5% in 1929.
• These low returns,as has been repeatedly emphasized, are clearly inadequate
if the railmods are to have that sound basis of credit necessary to attract
sufficient capital to continue improving their plants and facilities. By
reason of the long continued business depression their financial condition
presents one of the most serious problems confronting the country. Operating revenues declined further during the year, and while expenditures
were further reduced, the rate of return earned upon the Investment in
Road and Equipment approached the vanishing point. Dividends were
reduced or omitted by many large railroad companies; several railroads
were in receivership, and further retrenchment was imperative in all lines
of railroad activity. All of these conditions are apparent to railroad management, which is impressed with the necessity of increasing revenues and
further reducing expenses, if the solvency of the railroad industry is to be
maintained.
As pointed out in previous annual reports, the unsatisfactory conditions
in the railroad industry, while accentuated by the present depression, are
due in part to the fact that during periods of expansion the railroads are
not permitted because of inadequate rates, restrictive legislation and subsidized competition, to participate, as do other industries, in the country's
prosperity. All of this emphasizes the unsoundness of existing methods
of governmental regulation.
The railroads will continue to be the basic transportation agencies of the
country. They fully appreciate that informed public opinion desires to
have them accorded fair treatment, and are confident that intelligent
consideration of their present situation will result in such legislative and
regulatory relief as will insure them equality of opportunity to engage
profitably in any kind of transportation service desired by the public.
The cost of e iminating grade crossings, which is closely identified with
the growth of highway transport, continues to be a matter of grave concern
to the railroads, upon whom,for many years, it has imposed a great burden.
They are financially unable to meet the constantly growing demands for
more grade crossing eliminations, and despite the large expenditures in
recent years the rising tide of highway traffic has created an increase in
the number of crossings. The present method of assessing railroads with
even one-half of the cost of grade crossing eliminations imposes upon them
an inequitable division of the expense, and the time has arrived when the
entire costs should be assumed by the States or municipalities, as these
crossings are for the benefit of highway users and hence a part of the necessary cost of building and improving roads, The railroads should be required to bear only such costs as can be justified by direct benefits to their
transportation service when the crossing projects are on existing highways,
and should be relieved from paying any part of the costs of eliminating
grade crossings on new highways.
That some of these most important problems confronting the railroads
are already being given serious consideration is evidenced by recent legislation and recommendations in various States and municipalities with
reference to size and weight of trucks and buses that may legally operate
on public highways; the formation of associations of shippers and business
organizations to study the problem; 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,
and the helpful attitude of the
C. Commission. In the last annual
report of the Commission it again recommended the co-ordination of rail
and highway transport' that Congress place interstate bus transportation
under its jurisdiction, that a thorough investigation by made by Congress
of the question of subsidized competition with the railroads in every field,
and that it take up the problem of regulating port
-to-port rates by water.
Stockholders.
-The capital stock of the company again reached a new
high record for wide-spread distribution at the end of the year, being owned
by 250,506 holders, an increase of 4,997 compared with Dec. 31 1931.
The average number of shares held by each stockholder was 52.6.
Employees' Wayes.-As a result of continued unsatisfactory business
and economic conditions, reductions of 10%,5% and 10%, effective April
1 and July 1 1932, and March 1 1933, respectively, in addition to the reduction of 10%, effective July 1 1931. were made in the salaries of all
officers of the company. An agreement was also reached with employees
(including those operating under the Pennsylvania RR. Employees Representation Plan),under which the deduction of 10% from wages which became
effective Feb. 1 1932, for a period of one year, was extended to Oct. 31
1933, inclusive. In addition, the working hours of all employees have
been reduced.
•
STOCKS OWNED BY THE PENNSYLVANIA RR. CO. DEC. 31 1932.
Name of CompanyTousf Par.
Total Par,
Name of compantl
Amer. Contract de Trust Co$342,333,916
$500,000
Brought forward
Baltimore & Eastern RR.Co
841,500 Perth Amboy & Woodbridge
Belvidere Delaware RR.Co.
244,600
198.400
RR
Cherry Tree & DitonvilleRR
200,000
250,000 Phila.& Beach Haven RRChicago Union Station Co- 535,995
700,000 Phila. & Camden Ferry Co..
Cincinnati Union Term. Co.
600
Phila. & Trenton RR
common
5.000 Phila. Halt.& Wash. RR_- 21,586,950
Cleveland & Pittsburgh RR.
Pitts.Cine.Chlo.& St. Louis 46,250,300
sow.guar. betterment
17
do
7,654.900
Scrip
Columbus & Xenia RR
58,050 Pitts. Ft. Wayne & Chicago
Connecting By. Co
103,514.000
By.,common
175,350
Cumberland Valley & Mar1,500,000
Pitts. Joint Stk. Yds. Co_ tinsburg RR
700,000 Pittsburgh Youngstown &
Del. River RR.& Bridge Co. 1,300,000
3,056,100
Ashtabula By., preferredDuquesne Warehouse CoNo par
100,000 Railway Express Agency,the
Enola Sewerage Co
448,500
20,000 Raritan River RR
Fort Street Union Depot Co.
667,300
310,800 Richmond-Washington Co_
Ft. Wayne Union By. Co..250
20,000 Rocky Hiii RR.,4 Trans.Co.
Freehold & Jarnesburg AgriShamokin Valley ,Sc Pottsville
cultural RR
73,500
37,800
RR
Frontier Electric By.Co._
12,500 So. Penn. By.& Mining Co.
800,000
Fruit Growers Express Co_ 2,012,700 Stewartstown RR. of Penn_
9,500
Grand Rapids & Ind. By
20,000 Stuyvesant Real Estate Co.
500,000
Green Real Estate Co
No par Susquehanna Coe,Co
2,136,800
Lehigh & Hudson River By.
209,400 Term. Ware. Co of Bait Cty
200,000
Long Island RR
54,951,150 Toledo Termlna RR
387,200
Lykens Valley RR.& Coal
No par
600 Trans. Air Trans., Inc
Manor Real Est. & Tr. Co
1,350,000
2,000,000 United N.J. RRACanal Co
Merchants' Warehouse Co
1,511,100
124,500 West. Ailegheny RR
Monongahela By
1,666,666 West Jer. & Seash. RR.corn
6.747,900
N.Y.& Long Branch RR
special guaranteed
do
45,350
2,000,000
N.Y.Connecting RR
1,500,000 W.N.Y.& Penn. By.,corn. 23,859.900
N. Y. New Haven & HartScrip
do
71
ford RR., comm on
non-cum 5% pref.
do
31,992,500
4,752,450
N. Y. Phila. & Norfolk RR2,500.000 Wheeling & Eaetern RR_ __ _
500
Norfolk & Western Ry., adWheeling Coal RR (Penn.)
justment preferred
stk.imbecile.(10% paid).
140.000
12,525,000
Norfolk & Western Ry.,com. 21,670,000 Wheeling Coal RR.
(W.Va.)
100,000
Northern Central By
91,300
17,414,650 Wi.kes-Barre Connect. RR.
Penn. & Atlantic RR
987,000
1,107,850 York, Hanover & Fred. By.
Pennsylvania Co
124,625,000 Sundry water companies8,000,050
Penn. Term. Real Estate Co. 3,000,000 Miscellaneous stocks
594,564
Penn. Tunnel & Term. RR. 50,000,000 Stocks held under lease of
Peoria & Pekin Union By.united New Jersey RR.&
83,400
Canal Co
10,226,250
Carried forward
2411
Financial Chronicle
Volume 136
2342,333,916
Total
$582,805,765
TRAFFIC STATISTICS, PENNSYLVANIA RR. REGIONAL SYSTEM.
Calendar Years1932,
1930.
1929.
1931.
No.of Pass. carried__
99,019,359
61,045,637
79,522,936
113,713,797
No. pass. carr. 1 mile 2,190,742,188 2,920,816,896 3,653,251,497 4,234,747,758
Average revenue from
each passenger_ _ _ _
1.18 cts.
0.98 eta.
1.18 eta.
1.09 eta.
Average revenue per
passenger per mile_
2.729 eta.
3.160 cis.
3.173 eta.
2.974 as.
No. of Pa98, carried
per mile of road...
10,618
7,274
8,954
11,899
No. of rev, tons carr. 104,075,235
191,519,150
145,656,392
233.528,274
No. of revenue tons
p carried 1 mile_ _ _ _25,225,675,778 33,160,773,471 41,019,260,188 49,174,162,345
Aver. trainload(tons)
929
976
Aver, rev, per ton__
$2.26
$2.17
4.10
$.09
Average revenue per
ton per mile
0.934 cts.
0.980 eta.
0.951 eta.
0.994 eta.
No.of rev, tons carr.
per mile of road
9,880
17,919
13,684
21,747
Freight revenue per
mile of road
222,357
237,601
$29,638
$45,496
INCOME STATEMENT FOR YEARS ENDED DEC. 31.
Mileage (incl. 68 miles of
1929.
1932.
1931.
1930.
canals & ferries
10,960
10,960
10.579
10,966
Ry. Oper. Revenues$
$
$
$
Freight
235,347,937 315,184.241 399.303,150 482,896,402
Passenger
59.738.930 86,817,698 113.802,911 129,583,665
Mail, express, &c
24,950,752 30.840,769 38,054,158 49,086,991
Incidental
10,986,086 14,660,639 18,521,223 20,306.579
Joint facility (net)
829,294
369,752
586,930
783,918
Total, ry. oper. revs_331,393,458 448,090,279 570,465,360 682,702,931
Ry. Oper. ExpensesMaint.of way & struct
26,457,504 49,775,170 63,473,843 87,847.375
Maint. of equipment_ _ _ 65,274,608 93,244,042 110,960,175 131,642,781
Traffic
7.228,351
9,165,632 10,215.694 11,054,411
Transportation
122,648,843 175,832,116 210,423,591 235.190,937
Miscell. operations
4,283,125
6,508,980
7,601,680
8,410,012
General
16,593.005 18.769,939 20,036,242 19,826,177
Cr821,101
Transp. for investment- Cr473,832
Cr429,948
Cr528,045
Total,ry. oper.exps_242,011,603 352,865,931 427,183,181 493,150,592
Net rev,from ry. oper - 89.331,855 95.224,348 143.232,179 189.552,339
Railway tax accruals_ _ _ 28,231,430 29,969,737 35,661,756 40,518.596
Uncoil, railway revenues
87,830
147,256
88,726
75,227
• Ry. oper. income_ _ _ _ 61,075,198 65,166,731 107,473,167 148,945,017
Hire of equip.-Deb.bal. 10,620.693 12,612,332 13,340,018 14,116,524
1,683,867
Jt.fact!.rents-Deb.bal. 1,322,467
1,951,592
1,498,593
Net ry. oper. income- 49,132,038 51,055,806 92,181,557 133,139.626
Non-Oper. Income
278,160
Inc.from lease of road..
319,173
379,116
366,544
Miscell. rent income_ _
2,563,083
2.430.449
2,080,352
2,471,170
Separately operated Drop_erties-profit
1.015
Dividend income
31,437,448 33,003,868 36,767,124 28,535.116
Inc.from funded secure_ 5,828,853
7,203,463 10,959.435
5.379.752
Income from unfunded
3,030,130
securities & accounts_ 2,565,801
4,614,606
2,790,979
Income from sinking and
other reserve funds- _ _ 4,186,780
3,714,228
3,968,661
3.516,435
41.775
Miscellaneous income__ _
132.568
84.997
37.791
Total non-oper.inc
48,599..592 48 Alb
55abb,b77 48,791,500
Gross income
95,731,430 99,092,143 147,448,234 181.931,126
Deductions
Rent for leased roads_ _ _ 51,138,672 48,854,937' 49,791,721 50,442,830
Oper. deficits of branch
142,900
108,543
roads borne by Pa.RR
396,304
999,717
1,016,840
1,061,311
Miscellaneous rents_ _ _ _ 1,024,019
118,174
135.858
Miscell. tax accruals_
158,769
160,320
69,852
196,211
Separ. oper. prop. loss_
27.148
53.541
Int, on funded debt..... 28,409,499 27,851.409 26,756.929 27,777.736
500,843
876.346
277,527
420,562
Int. on unfunded debt. _
97.815
836.551
97.113
Miscell. income charges_ 1.095.867
Total deductions
82.157,894 79,540,948 78,638,416 80,552,608
Net income
13,573,536 19,545.194 68.309,817 101,378.518
Disposition of Net Income
4.962.852
4,820,210
4,594,213
Sink. & other res. funds 4,754,105
52,030,987 46,835.965
a•
Dividends
6,583,848
(8%)
(8%)
Rate
(1%)
(5J6%)
Construe. exp., operat.
def. & adv. to leased
701.853
lines & affil. cos
Balance, surplus
1.533,730 14,950,981 11,958,621 49,579,701
Shares of capital stock
outstanding (par $50)_ 13.167.696 13,162,699 13,038.711 11,495.128
$8.82
$1.49
$5.23
Earns. per sh. on cap.stk
$1.03
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.
Note -Operating revenues for 1932 included $7,603,512 received from
increase in freight rates and paid to Railroad Credit Corporation.
GENERAL BALANCE SHEET DEC. 31.
Assets1932.
1931.
Invested in-Road
$618,703,927 2614,064,589
Equipment
553,770,709
558,306.542
General expenditures
6,656,417
6,094.575
Improve,on leased railway property106,653,156
98,363.127
Sinking funds
87,733
153,084
Miscellaneous physical property....
1,448,144
1,325,454
Invest. in MI.companies
-Stock... 442,152,629
407,020,020
Bonds
45,916,315
12,516,951
Notes
39,376,238
41,376,238
Advances
102,525,954
147,734,238
Invest, in secur. issued, assumed or
carried as nab. by accounting co..
643,336
644,039
Other investments
78,729,012
90,628,246
Cash
31,140,799
38,311,325
Demand loans, time drafts and depos.
2,515,864
18,380,918
197,942
Special deposits
131,609
Loans and bills receivable
44,159
2,544,800
Traffic and car service bal. receivable
3,625,252
5,106,386
Net bal. rec. from agents & conduct's
6,588,733
6,904,965
Miscellaneous accts. receivable
10,491,973
9,966,679
Materials and supplies
26,413,934
31,774,444
Interest and dividends receivable
5,127,429
6,409.300
Other current assets
175,129
177,725
Working fund advances
318,739
326,152
Insurance and other funds
87,006,190
84,789,697
Other deferred assets
2,342,279
1,579.891
Unadjusted debits
9,865,351
11,764,011
1930.
2607,781,279
552,284,891
5,564,988
91,291,878
123,941
1,307,208
388,503,853
36,014,850
39,376,238
132,950.468
1,036,916
95,398,442
25,004,514
27,515,557
84,826
26,423
6,711,101
9,263,938
11,828,114
33,099,439
5,715.516
195,842
522,294
79,015,957
618,206
15,058,148
Total
$2,208,112,414 $2,170,799,930 22,166,294,832
Liabilities
Capital stock
658,384,800
658,134,950
651,935,550
Premium on stock
10,142,739
10,142,739
9,874,088
Grants in aid of construction
100
Funded debt
488,265.930
488,401,240
438,423,180
Funded debt of acquired cos. assumed
by Pennsylvania RR
32,787,500
32,809,500
32,830,500
Funded debt assumed
27.630,000
28,130,000
28,568,000
Guaranteed stock trust certificates7,478,250
7,478,250
7,478,250
Equipment trust obligations
40,989,000
52,589,000
46,789,000
Girard Pt. Storage Co. 1st mtge.334s
1,561.000
1,605,000
1,583.000
Reconstruction Finance Corporation_
27,500,000
Mortgages and ground rents payable495,955
595,955
740,954
Loans and bills payable
9,000
Traffic and car service balances pay6,199,215
7,121,379
9,334,057
Audited accounts and wages payable_
16,759,667
23,845,315
17,533.992
Miscellaneous accounts payable
18,330,947
28,500,820
17,429,214
Interest matured unpaid
361,258
376,490
376,043
Dividends matured unpaid
94,689
100,541
110,188
Funded debt matured unpaid
28,571
32,571
128.571
Uninatured interest accrued
6,756,970
5,886,809
6,366,984
Unmatured rents accrued
3,713,981
5,689,366
5,701,486
Other current liabilities
530,433
777,869
584,107
Other deferred liabilities
2,573,830
1,525.667
2,052.354
Tax liability
30,844,371
2,849.857
38.697,068
Premium on funded debt
116,003
108,161
112,857
Accr. depreciation-Road & equip.. 236,358,244
224,750,014
212,412 300
Reserve for injuries to persons
5,715,124
4,564,670
4,022.300
Reserve for loss and damage-Freight
1,925,085
1,210,315
1,794,357
Other unadjusted credits
77.701,363
73,281,143
68,328,536
Addition to prop. thru Inc.& surplus_
212,504,038
212,531,989
212,525,658
Funded debt retired thru Inc.& Burp_
8,432,247
7,877,124
7,417,715
Sinking fund reserves
144.721
109.803
174,474
Miscellaneous fund reserves
78,196,390
73,904,565
69,771,232
Approp.surplus not specifically iv..
13.094,139
6,583,848
6,581,353
Profit and loss, balance
202,476,805
202,870,847
236,042,388
Total
-V. 136, p. 2336.
$2.208,112,4l4$2,170,799,930 22,166 294,832
2412
Financial Chronicle
Atchison Topeka & Santa Fe Ry.
(38th Annual Report
-Year Ended Dec. 31 1932.)
The remarks of President W. B. Storey will be found
under "Reports and Documents" on subsequent pages.
TRAFFIC' STATISTICS FOR CALENDAR YEARS
-SYSTEM.
1932.
1931.
1929.
1930.
Tons of rev, freight carried 26,946,886
37,298,281
44,584,471
50,948,871
x Tons rev, freight carried
1 mile (000 omitted)... 9,069,545
16,579,277
14,526,835
12,350,190
Average revenue per ton__
$3.99
$3.85
$3.95
$4.01
Aver, rev, per ton per mile 1.184 eta.
1.163 cts.
1.211 cis.
1.234 eta.
No. of passengers carried__ 1,619,478
2,287,747
3,274,826
4,253,695
Passengers carried 1 mile__ 573,645,245 799,218,230 1,050,544,657 1,240,494,049
Average rev, per pass __ _ _
$8.97
$9.52
$8.92
$9.86
Av. rev, per pass, per mlle 2.531 Os.
2.822 eta
2.968 eta.
3.057 eta.
x Number of tons of freight carried one mile shown above includes water ton
miles, San Francisco and Gaiveston Bays.
INCOME ACCOUNT FOR CALENDAR YEARS.
1932.
1931,
1929.
1930.
Operating Revenues
$
$
$
$
Freight
107,400,213 143,624,008 175,960,471 204,551,492
Passenger
14,520,805
22,557,054
31,180,170
37,926,205
Mail, express and miscell. 11,212,518
15,000,199
19,280,404
24,711,481
Total revenue
133,133,538
Operating Expenses
Mahn. of way and struct. 15,342,514
Maint. of equipment
31,536,604
Traffic
4,920,730
Transportation-railline_ 43,997,003
Miscellaneous operations79,306
General expenses
5,962,474
Transport, for invest.Dr79,693
181,181,261
226,421,045
267,189,178
23,825,472
39,822,046
5,685,353
57,047,976
206,724
6,522,044
Cr296,690
35,459,810
45,402,804
5,964,687
67,093,803
351,210
6,757,166
Cr1,108,857
42,175,627
48,439,077
5,840,227
73,011,041
252,570
6,694,388
Cr1,169,695
Total expenses
101,918,323
Net railway oper. revenue 31,215,215
Taxes
12,824,970
Uncollectible railway rev.
37,568
132,812,924
48,368,336
15,038,206
53,320
159,920,623
66,500,422
18,280,551
40,593
175,243,236
91,945,942
20,340,961
54,556
18,352,677
Cr43,959
Dr736,842
33,276,811
Dr990,617
Dr836,920
48,179,278
Dr2,504,120
Dr798,691
71,550,425
Dr2,311,608
Dr586,486
17,659,793
31,449,273
44,876,466
68,652,331
162,734
562,513
121.151
113,149
1,976,462
182,894
500,153
289,056
1,263,542
1,958,997
292.847
875
10,228
Gross income
Deductions
Rent for leased roads..._
Miscellaneous rents
MIscell. tax accruals_ _ _ _
Interest on funded debt_ _
Interest on unfunded debt
Miscell. income debts...
20,899,752
Net corporate income..
Preferred dividends
Common dividends
California-Arizona Lines
bonds sinking fund_ _ _ _
S.F. &S.J. J. V.Ry.Co.
bonds sinking fund
7,545,008
0,208,640
x2,427,060
Ralway oper. income_
Equipment rents (net)..
Joint facility rents (net).
Net ry. oper. Income_
Non-Operating Income
Income from lease of road
Miscellaneous rent Income
Misc.non-oper.phys.prop.
Dividend income
Inc. from fund. securities
Income from unfunded securities and accounts_ _
Income from sinking and
other reserve funds_
Miscell. Income credits
213,489
542,523
154,566
1,066,029
2,212,699
238,911
499,551
285,970
1,191,432
2,227,382
877,135
1,510,394
1,350,527
876
11,985
934
15,937
928
24,214
36,533,911
50,593,036
74,480,245
8,327
8,546
38,374
147,651
75,993
114,334
12,809,454
12,804,313
290,225
166,904 .
171,285
151,556
8,910
41,613
62,948
12,885,315
97,915
147,536
9,178
105,840
80,779
12,766,878
266,497
214,269
23,101,691
6,208,640
21,841,865
37,348,802
6,208,640
24,171,761
01,036,804
6,208,640
24,162,930
23,396
22,710
22,044
21,397
8,425
25,825
31,984
54,277
Balance, surplus
def1,122,513 def4,997.350
6,914,372
30,589,558
Skis. com.outst.(par $100)
2,427,060
2,427,060
2,421,669
2,416,293
Earns, per share on corn.
$6.96
$0.55
$12.86
$22.69
x In addition to this amount (1%). Dividends amounting to $3,640,590 (135%)
were paid March 1 1932, but are ncluded in previous year's total.
GENERAL BALANCE SHEET DEC. 31-SYSTEM.
1931.
1932,
1930.
1929.
Ands$
$
$
$
Invest. Inroad and equip.1,154,229,731 1,137,168,863 1,094,701,875 1,061,145,835
Exp. for additions & betterments and road ext.
42.466,988
33,556,041
1,529,897
17,060,867
during curr. f,scal year
25,787,073
28,092,744
26,359,306
25,248,383
Inv. in term & coil. cos_
358
326
896
544
Sinking fund
10,529,153
10,779,924
9,176,632
Miami'. physical property 10,666,584
22,748,532
48,891,477
23,825,264
Other investments
23,938,925
37,985,017
19,814,996
33,710,303
22,384,243
Cash
618,146
687,500
362,000
Time deposits
105,000
54,364
57,257
74,939
21,823
Special deposits
975,634
259,113
911,096
Loans & bills receivable.300,144
2,121,828
2,909,751
3,019,407
Traffic & car service bal_
2,224,137
785,261
999,299
1,341,075
646,548
Agents and Conductors..
5,141,463
5,900,317
'Atwell. accts. receivable
3,145,558
7,631,005
29,097,945
29,731,382
22,073,030
Materials and supplies
18,871,506
33,824
30,114
694,728
Int. and divs. receivable_
62,362
56,279
66,732
99,772
Other current assets
35,853
355,437
381,147
381,891
Deferred assets
438,902
1,692,386
1,388,291
1,919,893
1,484,050
Unadjusted debits
Total
1 268,178,333 1,267,643,893 1,272,674,937 1,262,491,804
Liabilities
Preferred stock
124,172,800 124,172,800 124,172,800 124,172,800
Common stock
242,166,900 241,629,300
242,706,000 242,706,000
358,400
Premium on capital stock
717,800
717,800
Funded debt
309,672,262 309,698,182 310,626,335 311,575,201
1,527,921
1,017,673
1,610,464
Traffic k car service bal.
702,081
9,283,130
14,379,381
18,392,661
Aud. accts. & wages pay6,904,912
MIscell, accounts payable
497,315
645,819
502,985
791,635
803,777
822,878
Interest matured, unpaid
804,380
787,724
260,860
258,550
Dividends matured, unpd
265,805
267,509
9,166,398
9,145,053
6,744,910
Unmatured dive, declared
3,104,320
3,351,235
3,390,676
3,388,597
Unmatured int. accrued_
3,377,220
114,533
101,019
112,752
Unmatured rents accrued
89,987
461,210
565,350
Other current llabllttles
437,831
339,090
3.043,950
3,351,366
2,974,765
Deferred liabilities
2,115,873
13,532,893
11,068,335
8,831,632
Tax liability
6,514,216
Accrued depreciation.- _ _ 158,432,684 147,318,522 136,283,793 125,877,658
4,242,224
4,960,937
3,537,537
Other unadjusted credits_
3,424,659
Additions to property
87,602,228
87,797,619
through income & surp_
88,011,982
88,102,394
Fund, debt returned thr.
341,541
396,011
453,794
427,399
Income and surplus
350,732
350,290
367,438
372,864
Sink. fund, &c., reserves.
_ _ 314,528,509 316,320,008 321,311,747 314,460,358
Profit & loss-balance_
Total
-V. 135, p. 3853.
1,268,178,333 1,267,643,893 1,272,674.937 1.262,491,804
Hudson & Manhattan Railroad Co.
(24th Annual Report-Year Ended Dec. 31 1932.)
J. Vipond Davies, Vice-President, says in part:
The number of passengers transported decreased 12,770,000 as compared with traffic for the year 1931. The decrease in volume of traffic is
largely attributable to existing business conditions and the unemployment
situation, resulting in a decrease in riding between homes and places of
employment and also to and from retail shopping and theatre districts.
April 8 1933
Net income from Hudson Terminal Buildings reflects not only the.
present stagnation of industry, but also the competition arising out of the
relatively recent over-production of office buildings in New -York City.
For the year 1932 gross rentals show a decrease of 12.2% and net incomefrom the buildings declined 17.4%.
In addition to the curtailment of operating expenses of the railroad
property and Hudson Terminal Buildings made prior to 1932, further
retrenchment was effected, including a substantial reduction in all salaries
and wages, effective July 17 1932, and, mainly as the outcome of these
economies, operating expenses of the railroad decreased $578,263 and of
the Hudson Terminal Buildings $46.756, a total reduction of $625,019
,
compared with the previous year; and in addition, taxes decreased $108,146.
At the same time, the property has been maintained in a highly efficient
and safe operating condition, in every respect adequate to meet the servicedemands.
The issue of $5,000,000 New York & Jersey RR.(predecessor company)
let mtge. 5% bonds, which matured Feb. 1 1932, has been retired, payment
having been made from the company's funds.
During the year agreements were concluded between company and
Pennsylvania RR., providing (a) for the division of fares derived from the•
Operation of joint train service between New York and Newark, N. J.;
(b) for operation of joint train service between New York on the one hand
and the new stations of the Pennsylvania RR. at Market Street, Newark,
and at South Street, Newark, with a supplementary service to the present
Park Place Station in Newark, on the other hand, and (c) for company's
continued occupancy and use of the new and enlarged station and track
facilities of Pennsylvania RR. at and adjacent to Journal Square, JerssY
City.
INCOME ACCOUNT YEARS END. DEC. 31 (Incl. Hudson Term. Bldgs.)
1929.
1931.
1932.
1930.
Railroad Revenues$6,131,607 $7,080,675 $7,839,598 $6,294,277
Passenger fares
240,000.
277.000
142,000
290,000
Advertising
286,356.
308.758
308,297
248,830
Other car & sta.
58.155
84,500
84.500
84.500
Rent, of bldg. &c. Proppriv-82.346.
111345
83.346
85,343
Misc, transport. rev
3.520,
4,587
3.451
5,143
Other miscell. revenue
Total railway revenue $6,695,730 $7,838.405 $8 639.343 $8.964,656
Operative Expenses$540,898
$414,743
$302.498
$508,725
MaWt. of way & struc
526,789'
324,213
406,226
484.230
Maint. of equipment
657,293
572.0)7
629,762
500,042
Power
1,712,007
1,575,009
1,683,196
Transportation expenses 1,331.830
363,787
359,565
41'/,161
348,301
General expenses
Total railroad op. exp. $2,806.883 $3.385,147 $3,665,479 $3,800,775.
5,163,881
4,973,865
4,453.258
Net rev. from RR. oper. 3,888.847
950.433
867,373
939,613
969,924
Taxes on RR.oper. prop.
Railroad oper. income $3,021.474 $3,513,645 $4,003,940 $4,213,448
income other than
Net
1,613,991
1,619,072
1.671.534
railroad operations_ 1,338,619
Operating Income.... $4,360,093 $5,132,717 $5,675,474 $5,827,438442,221
524,138
335,087
483,991
Non-operating income
$4,695,180 35.656355 $6,159,465 $6,269,660'
Gross income
Deduct300
3,000
Int. on real est. mtges
69,660.
66,691
54,588
64,337
Rents ofIrk. yds & term.
38,762
38,762
38,762
38,762
Amort. of debt discount.
91,698
90.39394,713
97,430
Miscell. deductions_ _
lien & ref. 5s
Int. on 1st
1st mtge. 4145 and
2,168,535
2,164,158
1,931,632
2,168.535
N.Y. & 564
1,655,100*
1.655,100
1,655,100
Int. on cum. adj. Inc. 55 1,655.100
$914,669 $1,639,485 $2,138,680 12,247.210
Net income
262,058262,060
262.057
262,058
Preferred dividends
1,199.785
1,199.795
1.399,754
1,399,763
Common dividends
(3%).
(3%)
(314%)
(334%)
Rate
$785,367
df.$547,186 df.$22,335
$476,868
Surplus
399,954
399,954
399,954
399.954
Sha.com.outst.(par $100)
$1.63
$3.44
$4.69
Earns, per sh, on com
BALANCE SHEET AS OF DEC. 31.
1931.
1931.
1932.
1932.
$
Liabilities$
$
$
AssetsCommon stock_ 39,995,385 39,995,385
Property acc'ts
less reserve_ _ _115,855,528 116,019,543 Preferred stock_ 5,242,939 5,242,939
2,830,864 Stocks to redeem
Investments __- 1,738,611
11,620
secur. old cos_
11,626
Amort.funds..,.. 4,701,037 7,563,038
N.V.&J.RR.55..
3,200,000
Bond disc, in pro944,000
944,000
2,153,860 2,242,335 lat M.41i % bds
cess of amort_
316,922 1st lien & ref. 55 37,521,234 37,521,234
384,576
Cash
50,988 Adj. inc. M. bds 33,102,000 33,102,000
59,853
Cash for Int., &c.
50,000
50,000
375,476 Real estate mtge.
449,206
Current acc'ts
388,867
274,968
8,653 Cur. accts.pay.
2,671
Cash div. depos.
51,184
57,986
500,000 Matured interest
500,000
fd.
Ins.& casual.
974,211
Accrued interest
821,508
Dep, with public
552,751
631,866
15,038 Oper. reserves__
19,413
departments.
Matured funded
Prepaid insur.,
debt unpaid__
101,489
2,000
86,904
taxes, &c....
Int. on adjust.
Materials & supIncome bonds
282,358
827,550
270,029
plies
827,550
Int. pay. Apr. 1
2,548
Items In suspense
34,029
Items in susp'se
139,537
Preferred div_ __
140,170
32,186
Corn. dv. pay..
33,920
Prof. & loss stir- 6,646,196 7,160,002
Total
126,224,233 130,306,612
126,224,233 130,306,612
Total
a After reserves for amortization of $8,876,377 in 1932(1931,$8,637.462)•
-V.136.P. 15
43.
Boston & Maine RR.
-Year Ended Dec. 31 1932.)
(100th Annual Report
E. S. French, President, states in part:
-Freight revenue was 329,784,948, a decrease of
Operating Revenues.
$8.073,242, or 21.32%. Tons of freight carried during the year were
13,018,933, a decrease of 3,705.596.
Passenger revenue was $8,109,168, a decrease of $3,335,866, or 29.15%.
Number of local and communtation passengers carried decreased 4.277,288.
or 20%. Number of interline passengers carried decreased 313,253, or
28.8%.
-Expenses for maintenance of we and structure&
Operating Expenses.
decreased $2,964,342. Decreases were general throughout the group.
although the major reductions were made in the roadway and track accounts.
It was possible to make these savings by reason of the large expenditures for
heavier rail, stone ballast, treated ties and new bridges during the few
years preceding 1932. Expenditures for removing snow and ice were near
to the low record of the last dozen years, the year 1928 being the only one
to show a lower figure than that for the current year.
Expenses for maintenance of equipment decreased $1,182.689. The
repair program for the year has been confined to providing equipment
commensurate with the volume of traffic moving and service has been and
Is protected bye substantial margin.
Transportation expenses decreased $4.527,144. Station expenses, yard
operating costs and train service expenses were substantially reduced. A
new record of gross ton miles per train hour was achieved in spite of a
further sharp reduction in traffic volume. Unit costs were considerably
lowered through this efficiency as well as through a decrease in the price of
coal purchased for locomotives.
Operating expenses as a whole were reduced in part through the general
wage reduction of 10% effective Feb. 1 1932 and effective as of Oct. 1 1932
a further reduction of 10% was voluntarily agreed to by the general and
supervisory officers.
-Tax accruals decreased $308,479. An increase
Railway flax Accruals.
in city and town tax accruals of $166,540 was the result of a substantial
increase in tax rates. Federal income and State tax accruals decreased
$483,566 due to the decrease in taxable income and a reduction of taxable
valuations in most of the States in which we operate. Miscellaneous
Federal taxes, such as gasoline, telephones, checks. &c., increased $8,545.
-By an order of the I.
-S. C. Conunission dated July 12
Federal Valuation.
1930 received Feb. 13 1931, the final value for rate making purposes of the
Boston & Maine System (excluding St. Johnsbury & Lake Champlain RR.
Volume 136
as of June 30
and Montpelier & Wells River RR.) is fixed at $230,897,118additions and
1914. This value brought up to date by adding the net
betterments since June 30 1914 makes the Value Dec. 31 1932 $311873,519.
This does not'include value of'nomcarrier property.
-The number of shares of capital stock of all classes outCapital Stock.
standing Dec. 311932, indluding full-paid negotiable receipts for subscripto prior preference stock was 1,046,113 shares, of a par value of
tions
$104.611,300.
Beginning Jan. 1 1934 and until Jan. 1 1940, holders of this company's
bonds of series Q to GG inclusive have the right to exchange such bonds
without limit for prior preference stock dollar for dollar in amounts of $500
and multiples thereof. In Order that the railroad may be in position to
carry out such exchange, stockholders will be asked at their annual meeting
.
to authorize the issue of 163,460 shares of prior preference stock.
-Funded debt on Dec. 31 1932 amounted to
Changes in Funded Debt.
$149,482,927, an increase of $15,473,544 since Dec. 31 1931.
-Short term loans increased during the year
Changes in Unfunded Debt.
$9.115,237, making total amount borrowed and unpaid at close of year
$11,615,237: of this amount $6,115.237 was borrowed from Reconstruction
Finance Corporation and $5,500,000 from various banks. Collateral deposited as security for these loans is $6,795,000 series KK 5% bonds and
V2,500,000 series LL 6% bonds.
-By arrangement with the Maine Central RR., it was
Joint Operation.
..ssible to discontinue the operation of 19 miles of Boston & Maine track
between Wing Road and Fabyan, N. H. and 12 miles between Whitefield
Jct. and Lancaster, N. H. Boston and Maine service is operated over the
Maine Central tracks between Vabyan and Whitefield and between Waumbek Jct. and Coos Jct.
Effective Jan. 3 1933 arrangements were made with the Boston & Albany
RR. to operate Boston & Maine trains over the former's tracks between
Barre and a point west of Wnre, Mass., permitting discontinuance of
operation of 17 miles of this company's central Massachusetts branch.
-Revenues from operation of buses
Boston & Maine Transportation Co.
showed a substantial decline. Long haul inter-State business was seriously
affected by unregulated competition. Discontinuance of unprofitable lines
produced a substantial reduction in operating expenses.
Revenues from truck operations declined but operating expenses were
reduced sufficiently to show a profit.
While operations of the Transportation company resulted in a net loss
of $23,581 contrasted with a profit in 1931, the continued operation of the
Traesportation company permitted the railroad to make very large operating savings.
GENERAL STATISTICS FOR CALENDAR YEARS.
1929.
1930.
1932.
1931.
28,950,990
26,305.369
Passenger carried
22,496,601
17,908,060
Pass.carried one mile__ - _ 349,890,245 461,999,214 553,195,082 618,019.245
2.627 eta.
2.562 cts.
Av.rev, per pass, per m
2.477 eta.
2.318 cts.
23,787,543
20,027,552
Revenue tons carried-18,724.529
13,018,933
Tons carried one mile
1,812,073,717 2,273,290,701 2,666,890,844 2,993,421,378
1.734 eta.
1.696 cts.
Av. rev, per ton per m
1.644 cts.
1.665 eta.
INCOME STATEMENT FOR CALENDAR YEARS.
1929.
1930.
Operating Revenues1931.
1932.
Freight
$29,784,949 $37,858,191 $45,241,697 $51,916,729
Passenger
8,109,168„
1,493,412
Mail
1,556,163
1,528,182
1,448.897
2,621,928
Express
2,068,864
1,454,073
890,730
Other
5.499.496 6,012,112 6.214,328
4.854.006
Total oper.revenues_ _$45,087,754 $57,784,977 $69,278,336 $78,481,438
Operating ExpensesMaint. of way & struc
8,469,286 11,668,430 14,381,312
5,504,943
Maint. of equipment__ _ 6,973,835
8,156,524 10,213,944 13,997,723
'Traffic
1,099,745
1,078,822
850,506
1,026,374
Transportation
17,289,911 21,817,056 24,999.189 27,004,923
Miscellaneous operations
284,331
138,204
295.598
220,727
General
2,643,325
2,188,591
2,615,301
2,537,410
Trans. for invest.-Cr_ _
2,416
2,323
5,680
1,776
Total oper. expenses ;MT)iWi a2,225,601 $50,865,606 $59,408,943
Operating revenue
Net
12,144,086 15,559,376 18,412.729 19.072,496
3.496,364
Tax accruals
3,531,795
2,866.977
3,175,457
7.510
Uncollectible revenues
6.830
2.706
12.530
Operating income_ _
$9,274,403 $12,371,390 $14,874,103 $15,568,622
income
Other
1.827.898
. 2, 22 2,303.85
Gross income
12,20174 $14,404,112 $17,177,955 $17,778,519
In7
Deductions
2,783.521
Hire of freight cars (net) 1,672,621
2,487,722
2,154,539
1,139,132
Rent for leased roads_.. 1,141,640
1,138,915
1,134,149
6,908,747
Interest and discount.._ 6,606,482 6,663,096
6.785,936
953,276
Other deductions
1.037.852
1.075.048
880.900
Total deductions
$10,301,643 $11,026,832 $11,450,425 $11,784,678
5,993,841
Net income
5,727,530
3,377,280
800,660
Inc. app. to sink. funds_
174,412
168,153
178.087
187,428
3,264,561
4,138.572
Pref. div. appropriations
3,627,477
1.578.912
Common div. approp_
394.728
Total appropriations_
$187,428 $4,200,292 $5,891,896 $3.432,715
Surplus
613,232 def$823,012 def$164,366 $2.561,126
Earns.per sh.on 395.051
$3.58
$6.71
Nil
sits com.(par $100)..
$2.03
BALANCE SHEET DEC. 31.
1932.
1931.
1932.
1931.
$
AssetsLiabilities$
$
&Road & equIp_244,017,875 242,743,629 Common stock_ 39,505,100 39,505,100
bImpts.on leased
Preferred stock. 3,149,800 3,149,800
railway prop_ 16,475,908 16,084,613 1st pref. stock__ 38,817,900 38,817,900
Sinking funds__ 4,092,707 3,905,217 Prior pref. stock 23,138.500 23,138,500
Prem.on com.stk 4,227,040 4,227,040
Deposit in lieu of
Funded debt _ _ _149,482,928 134,009,383
mtged. property sold
26,661
35,087 Loans & bills pay 11.615,238 2,500,000
Misc. phys. prop 1,340,923 1,363,521 Traffic & car serInv. In atSI. cos. 5,163,876 4,235,715
vice bal. pay. 1,879,670 2,007,382
Other invest'ts. 2,331,167 2,400,784 Audited accts. &
wages payable 2,012.403 2,783,239
Cash
6,853,725 2,010,926
269,913
Misc. accts. Pay• 375,508
Cash in transit,
488,914
487,080
agents' remit.
323,189 Int. rnat'd unpd.
231,255
15,558
419,266
Dive.mat. unpd.
Time drafts and
deposits
110,000 Funded debt ma2,300
2,800
Lured unpaid_
Special deposits_
197,448
423,379
Loans & bills rec.
4,700Unmatured int.
4,700
1,421,281
1,461,805
Traffic and car
serv. bale. rec.
amatured
358,206 Un ecrued rents
305,635
184,854
184,854
accrued
Net bal. rec. fr.
este. & cond.
530,957
562,717 Due to leased
Misc. accts. rec. 1,776,457 2,538,517 road at expire209,989
Mat'l & supplies 5,346,308 4,810,033 tion of leases_
209,989
357,492
594,514
Int. dc diva. me_
76,144
85,869 Other def'd liab.
725,351
Work fund. adv.
684,159
4,954
6,024 Tax liability-4,917
6,323
Ineur. and other
Prem. on to. dl.
1,217,035
35,000 Ins. dr cas. res.. 1,220,236
funds35,000
48,990
0th. def'd assets
48,990
812,679
741,337 Accr.depr.(road)
Ins. prem. paid
Accr. depr.(eq't) 22,533,061 20,987,593
in advance..._
37,248
64,969 Accrued deprec.
Disc, on funded
(misc. physical
576,704
debt
532,315
3,515,545 3,655,003
property)- -- 268,344
254.324
0th. unadl. deb. 2,926,928 3,821,836 Oth.unadl.credSecur. issued or
Add'ns to prop.
assumed, unthrough Inc..
pledged528,500
703,500 since June 30
914,931 4,393,647
&cur. issued or
1907
Fund.debt ret'd
assumed plods 19,295,000
thr. inc.& sur. 1,929,000 1,929,000
8k. fd. reserves_ 4,214,875 4,027,247
Profit and loss__ c6.606,915 2,894,575
315,725,600 290,823,774
Total
Total
315,725,600 290,823,774
a Includes $17,177,801 representing equipment acquired under equipment trust agreement but does not include equipment SO:mired from leased
roads at inception of leases, hppraised at $1,585,001. b Does not include
improvement on property of affiliated companies nor on leased roads when
leases provide for current settlement. c The increase in surplus was due
principally to an adjustment of $3,483,942 on account of equipment trust
installments charged to income prior to Dec. 31 1925 since financed from
sale of prior preference stock.
-V.136, p. 2235.
2413
Financial Chronicle
Kansas City Southern Ry.111
!
-Year Ended Dec. 31 1932.)M .11
- (33d Annual Report
GENERAL STATISTICS FOR CALENDAR YEARS.
1929883.
2319.
83
1930.
19328.
883
883
Miles operated
Statistics
311,274
,893
144,075
Passengers ca
110,249
carried
17,022,123 19,804,286 31,174,223 39.338,853
Pass. carried one mile
1.823 cts. 2.686 cts. 2.741 cts. 2.908 ctio.
Rev. per pass. per mile
7,229,872 7,921.251
No. of tons carried(fght) 4,027,882 5,891,606
Rev. fr't card 1 mile-822,016,026 1199063,746 1708914,625 1802140,820
Rev, per ton per mile... 1.002 cts. 0.994 cts. 0.953 cts. 1.023 cts.
_,_
_ _..1 24 .
_$21,622 . 1 883
$11,186
$15,935 ..,..
Rev, per mile of road...
.
r
"
COMPARATIVE STATEMENT OF'OPERATIGNS FOR CAl
30
19
[Kansas City Southern Ry., Texarkana & FortStnith Ry.]
1929.
1931.
1932.
Operating Revenues$8,233,887 $11,920,960 $16,290,104 $18,428,962
Freight
1.143,977
854,457
532,017
310,337
Passenger
2,087,166
1,620,376
1,361,871
1,137.180
Mail, express, &c
318,117
331,757
258,562
194,032
Incident. & joint facility
$9,875,438 $14,073,410 $19,096,694 $21,978,222
4Gross revenue
Operating Expenses$1,019,372 $1,342,698 $2,261.225 $2,595,480
& struc
Mamt. of way
2,239,226 3,123,845 3,433,248
Maint. of equipment_ _ _ 1,642,731
853,015
847,797
686,187
595,335
Traffic
3,246,759 4,313,336 5,703.046 6,179,335
Transportation
60.006
96,399
70,689
50,340
Miscellaneous operations
1,166,472
1,099,699
938,431
863,842
General
Cr12,142
Cr11,812
Cr44,170
Cr6,562
Transportat'n for invest.
Total oper.expenses.. $7,411,816 $9,546.397 $13,120,190 $14,275,415
5,976.495 7,702,806
4,527,013
2,463,621
Net revenue
1,446,457
1.187.937 • 1,170,083
Taxes
1,023,125
11,805
3.494
2,482
2,825
Uncollectible revenues
Operating income.... $1,437,671 $3,336,595 $4,802.918 $6,244,544
87,399
24,839
23,075
20,292
Rentfrom equipment _ _ _
163,959
197,215
173.929
167,268
Joint facility rent income
1,024
178
54
133
Inc.from lease of road__
13,097
13,953
15,174
13,191
Miscell.rent income....
33,962
52,498
45,716
38,118
non-op.phys.prop
Misc.
168,750
150
38
75
Dividend income
328,215
252,135
474,252
326,387
Inc.from funded secur- _
Income from unfunded
498,895
222,384
416,330
205,521
securities & accounts_
598
653
367
357
Miscellaneous Income...
$794,876
4,131,471
$957,952 $1,305,902
7,550,445
5,760.871
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
26,076
$3,749,883 $3,755,174 $4,294,261
Total deductions
1,466,610
376,297
def1,380.759
Netincome
840,000
840.000
525,000
Preferred dividends...._
1,498,112
524,340
Common dividends
,185,227
3,365.219
840,000
1,498,111
Total non-op.income_ $931,454
2,369,124
Gross income
Deductions
376,136
Hire offr't cars, deb. bal
50.048
Rent for equipment....
243,896
Joint facility rents
166,367
Rent for leased roads...
2,414
Miscellaneous rents_ _ - 3,857
Miscell. tax accrualsInt. on funded debt.... 2,700,420
162,795
Int. on unfunded debt
12,516
Amort.of disc.onto. dt.
36
Maint. of invest. organ_
31,398
Misc.income charges_ _ _
940,359
143,548
273.073
171,880
708
5,234
2,585,320
32.307
6,719
Income balance..-_def$1,905,759 def$988,043 def$871,502 $1,027,108
299,599
299.599
299,599
299,599
Shs.pom.outst.(par$100)
$8.46
$2.09
Nil
Nil
Earns. per sh. on corn..
BALANCE SHEET DEC. 31.
[Kansas City Southern Ry., Texarkana & Fort Smith Ry.]
1931
1932.
1931.
1932.
$
LiabilitiesAssets
Common stock_ 29,959,900 29,959,900
Invested In road
& equipment.117,872,413 117,825,336 Preferred stock. 21,000,000 21,000.000
Grants in aid of
Deposited In lieu
281,239
281,239
construction__
of mortgaged
Property sold_ 3,832,361 3,830,828 lst M.3% g. bds 30,000,000 30,000,000
994,040 Ref.& imp.M.5s 21,000,000 21,000.000
963,252
Misc. phys. prop
1st M.51.5% bds.
Inv.in MM.cos.:
of Texar.& Ft.
1,944,508 1,944,507
Stocks
2,030,915
Smith Ry____ 10,000,000 10,000,000
2,030,915
Bonds
16,366 K. C. dc Grand18,114
Notes
view Ry. Co.
1,944,098 1,672,798
Advances_ _
1st M.ser. A_ 3,000,000 3,000,000
Other invest'ts_ 7,790,110 8,771,560
1,603,850 2,628,294 Eq. Tr. No. 34
Cash
254,400
% notes
574,446
568,583
Special deposits_
756,000
597,033 Equip.Tr.5545124
Loans & bills rec
Texarkana Union
Traffic and car
St. tr. Mts.,
serv. balances
285,000
285,000
series A
200,986
243,667
receivable._
828,800
Equip. oblig_ _
Net balance reTraffic & ear serceivable from
398,807
318,346
vice bale. pay.
169,435
122,675
agts.& conduc
821,371 Audited accts.&
463,209
Misc, accts. me_
925,629 1,384,377
wages pay'le_
Materials & supp 1,429,717 1,572,618
25,130
13,853
147,134 Misc. accts. pay
130,702
Int. & diva. rec11,006 Int. & diva, ma10,954
0th. curr. assets
569,445
568,582
20,992 tured unpaid_
18,417
Work fund adv.
5,000
1,181 Ft.dt. mat.unpd
1,406
Other def. assets
Unmatured dive.
Rents & ins. pre773,629
664,036
Int. & rents...
56,327
58,997
paid
191,482
132,890
Other curr. habil
Disct. on funded
603,432
595,613
234,237 Other derd habil
221,721
debt
734.346
492,621
280,723 Tax liability.. _ _
209,788
Other accounts_
Accr.depr. equip 4,363,284 4,062,566
368,038
393,711
0th. unadj. cred
Add'n to prop.
thru. inc. and
553,455
562,921
surplus
Appr. surp., but
904.637
970,182
spec. invested
Profit and loss
credit balance 15,122,975 17,291,230
141,479,582 144,402,116
Total
-V.136, p. 1011.
Total
141,479,582 144,402,116
Bangor & Aroostook RR.
(39th Annual Report-Year Ended Dec. 31 1932.)
Percy R. Todd, President, writes in part:
Freight Traffic.
-The revenue recieved from the transportation of freight
during the year was $5.432,726, a decrease of $751,223, or 12.1%, as compared with the previous year. The decrease was due to the reduction in
tonnage of freight traffic handled.
The total number of revenue tons caned were 1.814,167, as compared
with 2,074,258 tons the previous year. The number of tons of revenue
freight carried one mile was 240,968.177, as compared with 269,946,104
tons the previous year. The freight revenue per ton per mile was $.02255,
as compared with $.02291 the previous year.
Passenger Traffic.
-The revenue received from passenger traffic for the
Year was $224,032, a decrease of $165,024, or 42.4%. as compared with
the previous year. The decrease was wholly due to the continued depression
and the use of private authomobiles.
The total number of passengers Carried was 119,777, as compared with
224,841 last year. Passengers carried one mile were 5,770,459, as against
2414
Financial Chronicle
9.350„ 67 the previous year. The revenue per passenger per mile was
.
3
$.03882, as compared with 2.04158 the previous year.
Operating Expenses.
-Total operating expenses for the year were $3,
926,588, as compared with $4,899,629 last year, a decrease of $973,042,
or 19.8%, or approximately the same amount as the decrease in railway
operating revenues.
Maintenance of Equipment.
-The total expense for the maintenance of
equipment for the year was $1,110,199, a decrease of $210,899, or 15.9%,
as compared with the previous year.
The American Railway Association standard is that a railroad in first
class shape should not have more than 18% of its locomotives requiring
repairs, and not more than 5% of its freight equipment. At the end of
the year we had only 2.4% of our locomotives requiring heavy repairs and
only 3.6% of freight equipment owned requiring repairs; this in spite of
the reduced expenditure for maintenance of equipment, which was brought
about because there being decreased traffic our equipment was not used to
the usual extent, many locomotives and freight cars having been stored in
good condition for long periods, and also from the fact that on account of
this we were able to do with many less employees in the mechanical department, and those remaining were working at a reduced rate of pay.
faintenance of Way and Structures.
-Total expenditure for maintenance
of way and structures for the year was $996,875, a decrease of $398,621, or
28.5%, as compared with last year.
Increased Freight Rates.
-The increased emergency rates granted by the
I. S. C. Commission, effective Jan. 4 1932 amounted to $79,416 for the
year.
Reductions in Salaries and Wages.
-A 10% reduction In salaries and wages
of all officers and employees, which went into effect on Feb. 11932. with
one or two exceptions as to the effective dates, amounted to 2216,056 for
the year and while the agreements originally made with the officers and
employees covered only one year, it has now been arranged whereby the
10% reduction will continue in effect until Oct. 31 1933, for all classes of
employees.
TRAFFIC STATISTICS CALENDAR YEARS.
1932.
1931.
1930.
1929.
Tons revenue freight--_ • 1.814,167
2,074,258
2,552,711
2,431,389
Ton miles,rev.freight-240,968,177 269,946,104 326,765,300 315,323.581
Passengers carried
119,777
224,841
322,864
324.468
Pass miles
-revenue
5,770.459 9.356,367 13,291.174 13,655.916
Freight revenue
$5.432.726 $6,183,950 $7 442,917 $7,073,357
Passenger revenue
$224,032
$389.056
$553,018
$580.068
Av.frt.rev. p.m. road$8,851
$10,075
$11.524
$12,124
Our usual comparative income statement for the year
ended Dec. 31 1932 was published in V. 136, p. 2232.
BALANCE SHEET DECEMBER 31.
1932.
1931.
1932.
Assets$
Liabilities$
$
Inv.In road & eq_-35,041,971 35,058,964 Preferred stock_ __ 3,480,000
Deposits In lieu of
Common stock_ _ _ 7,089,600
mtgd. prop. sold
4,5.52 Prem,on cap.stk. 653,882
Min. phys. prop-_
150,469 Funded debt
150,314
17,356,000
Inv.In MM.cos.__ 592.399
517,500 Traffic & car serv.
Other investments 102,188
bale. payable_._
60,342
Cash
255,761
154,150 Accts.& wages pay 133.690
Seeks'deposits_
350,802
405,453 Misc. accts. pay..
8,141
Loans & bills rec
89,088 Int. mat'd unpaid_ 218,225
49,370
Traffic & car serv.
Divs. mat'd unp'd 132,577
bale. receivable. 221,484
269,006 Unmet. int. accr'd 111,367
Net bal. rec. from
Other cure. Habil._
9,171
agents & cond'rs
32,834 Deffered liabilities
49,700
294
Misc, accts. reeelv.
67,996 Tax liability
51,554
105,100
Mat'ls.& supplies_ 886,757
969,386 Prem.on fund. dt_
748
Int. ree. accrued__
122 Accr. deer. equip. 2,965,344
1,239
Other curr. assets_
2,181 Other unad). cred_
1,681
38,789
384 Add'ne to property
Working fund adv
409
Other def'd assets_
18,698
15,879
through surplus_ 379,368
Unadjusted debits 126,751
148,508 Profit and lose._
5,155,641
Total
37,898,261 37,837,292
-V. 136, p. 2232.
Total
1931.
$
3,480.000
7,089,600
853,882
17,424,000
71,285
328.187
10,101
219,895
185.558
112,021
13,239
1,309
82,500
1,069
2,710,389
57,525
378,527
5,018,204
37,898,261 37,837,292
New York, New Haven & Hartford RR.
(61st Annual Report-Year Ended Dec. 31 1932)
Edward G. Buckland, Chairman, and John J. Pelley,
President, state in part:
The operation resulted in a deficit in net income of $393,047, a decrease
of $9.572.916 as compared with 1931. This deficit Is before guarantees
on separately operated properties which amounted to $962,106.
The continuation throughout the year 1932 of the severest decline in
business ever experienced by company resulted in a volume of traffic during
the past year less than one-half of the capacity of company's plant and
equipment. Revenue ton miles of 1932 were the lowest of all years since
1909. Passengers carried one mile were the lowest since 1902.
Operating revenues totaled 874.973.252. a decrease of $25,357.842, or
25.3%. under the previous year. This decrease is divided as follows:
freight revenue $13,329,149, or 24.6%; passenger revenue $9,616.122, or
27.9%; express revenue 41,024,295, or 38.5%. and all other revenue
81.388.275. or 15.5%•
Operating expenses were reduced consistent with the low traffic volume
and public service requirements. Total operating expenses were $52,985207, a decrease of 216.128.516. or 23.3%. under the previous year. This
decrease is divided as follows: maintenance of way $4,647,137, or 33.3%;
maintenance of equipment $3.253.043, or 23.3%; transportation $7.220,885. or 21.2%,and all ether, consisting of traffic, general and miscellaneous,
81,007.449, or 15.6%.
The ratio of operating expenses to revenues was 70.67% for the year
1932. as compared with 68.89% for the year 1931.
The physical property of company has been maintained consistent with
the low volume of traffic handled during the past year. With any appreciable return of traffic volume, it will be necessary to increase the cost of
maintenance.
Notwithstanding the greatly reduced volume of traffic, gross ton miles
per train hour, the unit of performance which considers both train load
and average speed, decreased only 1.2% under the 1931 record, which was
the highest ever made. The speed of freight car movement based upon
car requirements for 1932 business, or exclusive of serviceable cars stored,
was 26.0 miles per day, better than any previous year except 1931. which
was the record year.
Due to the decline In passenger travel, passenger train service, measured
In train miles. was reduced approximately 20% during the year. The
percent of passenger trains operated on time was higher than for any prior
year.
Changes during the year In the road and equipment investment account,
including leased lines, were as follows: Expenditures and charges $1,231,724.58, less retirements $793.573.74; net increased of $438,150.84.
Long-term debt decreased $1,886,500 during the year.
Total loans and bills payable at the close of the year were 217,875,000.
an increase of $4,875,000 over the previous year. The increased borrowings were necessary to meet maturities and sinking fund payments, together with guarantees, additions and betterments, &c.
No public financing by company was possible during the year. However, on July 1 1932, under authority granted by the I.
-S. C. Commission,
there were issued $25,516,000 1st & ref. mtge.6% gold bonds,series of 1932,
maturing July 1 1972. for the purpose of pledging as collateral for shortterm loans. Company's short-term loans in 1931 were not covered by
collateral security.
Profit and loss balance at the end of the year was $14,011,017, a decrease
of $3.707.077 as compared with last year.
A dividend on the preferred stock covering the first quarter of 1932
was declared on March 8 and paid on April 1 1932. On account of prevailing business conditions and reduced earnings, directors voted to discontinue further payment of dividends on the preferred stock until improved
conditions justify such payment. This preferred dividend is accumulative,
and the unpaid accumulation for the year 1932 amounts to $2,574.427.
No dividend on the common stock was paid during the year.
Reference was made in last year's statement to the receivership of the
Worcester Consolidated Street sty. and an expected reorganization during
1932. The reorganization was completed during the past year. Company
April 8 1933
and New England Investment & Security Co. disposed of thelr entire
holdings of Worcester Consolidated securities, with the exception of equipment trust certificates maturing in 1934, held by the New Haven. The
loss on the New Haven's direct investment in the Worcester company
amounting to $557.127 was charged to profit and loss in 1932. In addition, there will ultimately be a further substantial loss to company becuase
of its investment in New England Investment & Security Co., which owned
all of the common and some of the preferred stock of the Worcester Consolidated Street By.
The competitive situation with respect to unregulated bus and truck
operations continued throughout 1932 and still continues. The business
depression has emphasized the unfairness of the lack of adequate regulation
of these competing agencies. New or revised legislation, providing
reasonable regulation and for fair taxation of transportation for hire for
by
motor vehicle, Is now pending before Congress and before the
the States in which company operates. In conformity withlegisaturof the policy
adopted by the Association of Railway Executives, with which we are In
fun accord, the officers of company will continue to urge the enactment
of reasonable regulatory legislation governing the operations of these
competing carriers.
Further co-ordination of all forms of transportation in which company
is engaged is progressing as rapidly as legal restrictions can be removed.
Your transportation system, which includes operation of rail, trolley, water
and highway service, is continually being adjusted to meet changing
tions, with a view of producing the best service possible through the condiuse of
the most economical forms of transportation.
During the past year, In order to reduce the decline in passenger travel
as much as possible, your company has been experimenting with reduced
fares for excursions, week-end trips, night travel and special parties more
extensively than heretofore.
Reference was made in last year's statement to decision of the Court
of Appeals of the District of Columbia, sustaining the contention of the
-S. C. Commission should include the valuation of the
company that the I.
New York and Boston Passenger Terminal rights in its final valuation.
During the past year. the United States Supreme Court reversed this
decision and decided that the Commission could not be required to include
a specific valuation of those rights in the final valuation, but your company
Is not precluded from presenting this claim again in a proceeding involving
a question of rates.
In last year's statement, mention was made of the increase in certain
freight rates covering specified commodities which became effective Jan. 4
1932, to remain in effect to March 31 1933. These increases in rates are
commonly known as freight surcharges. The amount included in operating revenues of company for the year ended Dec.31 1932 was $1,242.283.
The I.
-S. C. Commission on March 7 1933, authorized the continuation of
these increased freight rates for a six months' period, which extends the final
date to Sept.30 1933. The Commission suggests that the railroads continue
to turn over the amount of these increases in freight rates to the Railroad
Credit Corporation in order that they may be loaned, insofar as practicable.
to prevent default by railroad companies in their fixed obligations.
OPERATING AND TRAFFIC STATISTICS, CALENDAR YEARS.
1932.
1931.
1930.
1929.
Tons of rev, freight car's_ 16,807.783
22,364,509
25,693,079
30,278,069
do carried one mlle_.2,178,265,714 2,937,948,479 3,369,079,725 3,912,924,622
Tons of rev, freight card
1,043,225
1 mile per mile of road1,392.595
1,573,590
1,824,274
Aver, no. of ions of rev.
freight per train mile538
596
651
634
Av. no. of tons all freight
589
per train mile
651
712
691
$41,383,338 $54,766,151 $83,322,068 $76,499,094
x Total freight revenue
Aver,amount me.for each
82.462
ton of freight
$2449
$ 2.465
$2.527
1.900 eta.
Av. rev, per ton per mile_
1.880 eta.
1.880 cts.
1.955 eta.
$20,186
Av. rev, per mile of road_
$26,440
$30,147
$38,376
No. of interline revenue
passengers carried....
888,715
1,257,753
1,815,001
1,580.689
No. of local revenue pas7,809.530
sengers carried
10,961,077
14,040,760
18,128.65.1
No. of commutation pas24,603,737
sengers carried
29,477,704
33.486,018
38,462,320.
Total no. of rev. pass.
33,301.982
carried
41,696.534
49,107,467
54,405,974
Total no. of rev. pass.
1,034,475,478 1,293,813,519 1,517,791,164 1,662,345,572
Carried one mile
No. of rev, pass, car. one
734,150
mile per mile of road.863,613
978,135
984,225
Total passenger revenue. $24,809,836 $34,425,958 $42,274,947 $46,842,159
Average amount received
74.50 cta.
from each passenger.82.56 eta:
86.09 eta.
86.10 eta.
Av.rev, per pass, per mile
2.398 eta.
2.661 eta.
2.785 eta.
2.818 eta.
Total passenger service
$29,469,706 $40,557,335 849,625,321 $55,270,751
train revenue
Net operating revenue per
191.00 eta.
166.05 eta.
revenue train mile
222.33 cts.
235.18 eta.
Includes in 1932 8408,309: in 1931 $461,973: in 1930 2464,264, and in 1929
2454,020 revenue from milk handled on freight trains.
Our usual comparative income statement for the year
ended Dee. 31 1932 was published in V. 136, p. 2232.
CONDENSED BALANCE SHEET DEC. 31.
1931.
1932.
1932.
1931.
Assets
Road & equIp__357,930,556 357,871,204 Preferred stock. 49.036,700 49,036.700
Common stock_ 157,118,800 157,118,600.
Impts. on leased
railway prop_ 12,958,881 12,929,364 Prem.on cap.stk 12,538,037 12,538,038
583,871 Grants In aid of
Sinking funds__
613,615
Depoe. In lieu of
construction_
13,724
13,724
Mtge. bonds... 98,379,000 97.351,009
mtged. property sold ____
42,784 Debentures_ ...124,577,250 124,577,250
56,207
Misc.P ys. prep 1,425,485 1,421,864 Equip. obliga'ne 16,798,000 18,784,000
Stocks pledged „
5,131,133 Misc. oblIga'ns. 18,495,700 19,424,200
104,185,283 Loans & bills pay 17,875,000 13,000,000
Unpledged..
Bonds pledged_ 42,409,907 4.880.000 Traffic & car service bal. pay. 3,071,451 3,485,842
38.714,580
Notes unpledge 22,273,790 22,269,600 Audited accts. &
Advs. unpledged 20,260,358 18,748,601
wages Payable 1,901,924 2,617,792
Cash
6,311,673 5,162,341 Maid int., dive.
Special deposits_ 1,733,547 1,693.203 & debt, Incl.
miscell, accts.
Accts.receivable 2,565,417 2,601,744
Math & suppl's 6,329.585 7,756.784
payable
1,702,835 1, 728,938
Loans & bills rec
1,110,876 Unmatured dive.
833,571
declared
Interest, diva. &
858,142
rents ree'ble._
741,801 Unmat'd Interest
831,444
0th. curr. assets
and rents _ _ _ 2,594,068 2,635,801
130,624
76,487
Deferred assets_ 2,854,978 2,138,471 0th.curr. liabil.
185,980
205,905
Unid). debits._ 4,967,837 5,113,875 Deferred Habib_ 12.831,874 13,353,602
Unad). credits.. 11,751,539 12,083,338
Accrued deprec_ 48,510,680 44,194,627
Corp. surplus:
Add'ns to prop.
through Inc. dr
surplus
1,794,782 1,782,450
Sk. Id. reserves_
564,943
538,964
P.& L. surplus. 14,011,017 17,718,095
Grand total-593,752,904 593,025,003
Grand total..593,752,904 593,025,003
-V.
-136,p. 2236.2232.
Chicago Railways Co.
(Annual Report -Year Ended Jan. 31 1933.)
INCOME ACCT.
-YEARS END. JAN.31-CHICAGO SURFACE LINES.
1932-33.
1931-32.
1930-31.
1929-30
Gross earnings
244,421,102 851.196,142 $56,737,090 $62,717,80
Operating expenses
37,726,934 42,943.893 47,325,943 49,250.703
Residue receipts
26,694,168 $8,252.249 $9.411.147 813,467,165.
Chicago RYs. (605')
4,016,501
4,951.349
5.646,688
8,080,29w
South Side Lines (4o%)- 2,677,667
3,300.900
3,764,459
538,866
Financial Chronicle
Volume 136
INCOME ACCOUNT CHICAGO RYS.-YEARS ENDED JAN. 31.
1929-30.
1930-31.
1931-32.
1932-33.
Chicago Rye.(60%)---- $4,016,500 $4,951,349 35.646.688 38.080,299
174.464
119.034
171,447
206,004
Joint account expenses....
Balance
$3.810.497 84,779.903 85,527.654 37.905.834
Deduct-lot, at 5% on
4.831.790 4,762.720 4.745,894
4,838.171
capital valuation
Net income
def$1.027.675 def3,51.888
2.166
License fees paid by city
1,449
$764,934 $3,159.940
Total
def31.029.123 def$54,054
Chicago Rye.(45%).--def1.029.123 def54.054
4,838,171 4,831,790
5% on investment
Miscall. interest, &c
129,401
111.531
8764.934 33.159,940
1,421.973
344.220
4.762.720 4.745.894
353.994
268.763
Gross income
83.920.579 34.907.137 85,375.703 36.521,862
Deduct
'Interest accrued
4,290.489 4.360.058 4,568.764
4.220.921
63,000
58.200
Fed.inc. tax on int. coup
4,700
36,100
305.988
384.804
Corp. expend. & adjust_
180,830
84,681
Net inc. for int., &c._def3421.122
$431,118
Previous surplus
10,661.019 10,229,901
1572.641 31,584.109
9,657.260 8.073.151
Total pro.& loss surp.310,239.897 110,661.019 310.229.901 19.657.260
•All bonds secured by the company's four mortgages draw interest at
the same rate after as before maturity. This Item of "interest accrued on
bonded debt" covers interest which accrued from Feb. 1 1932 to Feb. 1
1933,on all outstanding bonds secured by all the mortgages: but, under the
decree of the U. S. 'District Court, entered July 18 1928. no payment
has been or can be made on any of the bonds secured by the consolidated,
Purchase money, or the adjustment mortgages, until the full amount
of the principal of and accrued interest of the first mortgage bonds shall
trst have been paid.
!GENERAL BALANCE SHEET AS AT JAN. 31 (CHICAGO RYS. CO.)
1932.
1933
1933.
1932.
Assets$
$
100,000
100,000
Capital stock_
alload,equipm't
83,503,297 86.286,097
& franchises_ _102,888.844 103,113,578 Funded debt
96.219
53,660
672 Accts. payable672
Treasury secure
Interest di taxes
Can, acct. and
12,193,728 11,274,775
cash Items- __ 2,743,449 4,774,673 accrued
11,622,532 11,370.402
bReserves
Renewal and deprecia'n fund_ 11.622.108 11,803,562 Deferred credit_ c1,083,177
10,239,899 10,661,019
Spec. renewal &
Surplus
equipm't fund
20,128
2,436
Accts.receivable
358,479
509,930
Items in ausp'se
79,432
23,610
Deferred assets- c1,083,177
Total
118,796.290 119,788.462
118,796,290 119.788,462 Total
a Certified valuation or city purchase price $96,601,085 in 1933 and
896.839.529 in 1932. b For renewals and depreciation. 311.622,108 in
1933 and 311.366,424 in 1932: for special renewals and equipment, $423
In 1933 43.977 in 1932). c Deficit in 5% return on certified valuation
due from future receipts -V. 136. p. 841. 2238.
Elgin Joliet & Eastern fly.
(Annual Report-Year Ended Dec. 31 1932.)
RESULTS FOR CALENDAR YEARS.
1929.
1930.
1931.
1932.
Operating revenues
$7.764,089 $13,342,164 $21,807,616 $26.412,440
Operating expenses
7,173,469 11,323,072 15,573,475 17.096,233
1.484.972
1.357.450
1,304 831
1,195,154
Tax accruals
Operating income_ ___def3604,534
$714,260 $4,876,691 $7,831.235
2,378.407
1,861.441
Equipment rents
722,386
410.467
Net railway Inc...-def$1.015.001
def38,126 $3,015.250 $5,452,828
409.264
310.265
Other income
211.952
136.958
Gross income
8203,826 $3,325,515 $5,862,093
105588/8.043
Deductions
1,829 732 1.667.521 4.901.431
1,563.863
$960,662
Net income
def$2.441,906df$1,625,205 51,657,994
43,882
16,911
Other credits
3,749
17,526
Previous surplus
11.453.950 13.536.578 12.471.258 12.088.084
Total surplus
8U,029,570 811,914,422 $14,146,102 $13,092,622
600,000
600,000
Dividends
400,000
21,371
9.585
60.471
Other debits
134.244
Profit & loss surplus.. 88,895,325 311,453.950 313,536,578 312.471,258
BALANCE SHEET DEC. 31.
1931.
1932.
1932.
1931.
LiabilitiesAssets-$
$
$
5
10,000,000 10,000,000
Prop. Investment.31,816,786 31,767.154 Capital stock
Spec, deposit with
Funded debt
11,845,000 12,090,000
trustees
2,247 Traffic & car serv2,788
Leaseholds invest_ 4.000.000 4,000,000 bals. due other
Adv.to RR. Credit
898,510
515,254
companies
Corp
287,343
Audited accts. and
Other investments 530,024
744.322
wages payable__ 729,338
534,678
Cash
11,617
8,941
697.780
933,211 Misc. accts. pay._
Special deposits
32,750
1.815,347 4,616,736 Matured Int. accr_
28,575
Int. coupon deposit
28.575
32,750 Unmatured Int. &
Int. & dive. Teeth/.
5,434
208,746
5,434 rents accrued..._ 216.284
Traffic & car serv414,557
Other curr. liabils. 106.367
ice balance due
86,330
Deferred liabilities 125.756
from other co's.
58,320
35,235 Unadj. liabilities.- 8,062,870 7,750,680
Net bal. due from
Add'ns to property
agents & cond'rs
85,595
621,590
198,858 through income. 621,590
Misc. accts. reedy. 161,279
148,646 Specifically InvestMaterials & supp_ 1,161,004 1,531,511 ed reserve
55,147
55,147
Other curr. assets.
3.794
7,246 Profit & loss surp_ 8,895,325 11,453,950
Deferred assets.... 311,279
296.619
Unadjusted debits 244,501
257,874
Total
41,210,448 44,368,199
-V. 134. p. 3269.
Total
41.210.448 44,388,199
National Cash Register Co. (Maryland).
(Annual Report -Year Ended Dec. 311932.)
Consolidated net sales (after deducting repossessions) for the year 1932
amounted to $16,475,548, as compared with 328,870,302 for the year 1931,
2415
or a decrease of43%. This is the smallest volume of business since the year
1916, and compares with $41.987,324 average consolidated net sales for
the past ten years.
Company's sales are largely on the instalment plan, and due to the abnormal number of mercantile failures during the year the repossession of cash
registers in this country reached the total of $5,147.557.
After deducting all expenses incident to operation, including repairs and
maintenance, and adequate provisions for depreciation and taxes, the operations of the parent company and its subsidiaries for the year ended Dec.31
1932 resulted in a consolidated net operating loss of $3.399.265. before special provisions for liquidation of inventories and collection expenses of
3750.000 and $350,000, respectively.
This operating loss is after charging operations with several extraordinary
write-offs, of which the principal items were:
(1) Charging off gross profit on sales canceled and repossessions- $2.736.251
(2) Difference between pricing inventories at a normal manufacturing overhead instead of the actual overhead
525.370
(3) Inventories written off and registers scrapped
374.462
Investment in Foreign Subsidiary Companies and Branches.
-The investment in foreign subsidiary companies and branches amounted to 37.050.708.
after deducting a special reserve of $3,150,000 for contingencies and a reserve to eliminate all inter-company profit. Property accounts of foreign
subsidiary companies and branches were valued at U. 8. dollar costs les
depreciation and all other items at rates of exchange as at Dec. 31 1932.
-Reserves for contingencies as shown on the balance sheet
Reserves.
amount to 5636,015 after deducting $2,556,372 applied directly to current
and other assets.
Foreign Operations.
-At the present time foreign operations are restricted
by the exchange situation, and by trade regulations in various countries.
The company instituted a program for the substantial reduction of expenses
abroad, but the carrying out of this program has been retarded by laws and
restrictions by foreign countries.. It is the current policy of the company
not to invest additional sums in foreign countries until conditions have become somewhat clarified. Shipments have been curtailed where payment
can not be made in U. S. currency. The net register shipments to foreign
subsidiaries during the year amounted to 31,165.297. The cash remitted
by these subsidiaries during the same period was $3.149.361. The total
cash balances in foreign countries on Dec. 31 1932, taken at rates of exchange then existing, were equal to $1,372,066.
Changes in Capital Structure.
-At a special meeting held on Dec. 15 1932,
the approval of the stockholders was given to certain changes in the capital
structure which had been recommended by directors. As a result of Birch
approval,shares of the company's common B stock are now being exchanged
for a new class of common C stock. Upon completion of such exchange,
the company's capital structure will be greatly simplified. Also as a result
ofsuch approval, there was created a capital surplus,and the earned surplus
account was changed from a deficit to a credit. This latter change will permit the resumption of dividends when justified by earnings.
INCOME ACCOUNT YEARS ENDED DEC. 31.
1931.
1932.
1929.
1930.
Sales (incl. foreign subs.
$16.475,548 $28,870.302 $45,380,767 $57,607.181
and branches)
•41
Profit and income from
loss 2.547,424 2.040.563 5,486.632 10,927,6
all sources
1,283,824
1,515.220
988,934
1.030,083
Provisions for deprec___
Profits from oper_ _loss $3,536,358 $1,010.479 34.202,807 $9,412,441
231.=
16.476
40,047
250,437
Miscellaneous income_ _
loss $3.285,921 $1,050,527 $4,219,284 89,643,945
Total
634,453 1,304,305
226.187
113,344
Prov.for Federal taxesNet profit for year_loss 33,399.265
Dividends declared:
On common A stock_
On common B stock_
Provision for liquidation
750,000
of inventory
Prov. for collec'n exps-..
350,000
3824,339 33.584,830 $8.339,640
446,269
3,570,000
600,000
4.760.000
1,600,000
$378,070 def$585.170 81,979,640
def$4,499.265
Balance
1,022,355 2,648.255 3.273,314 5.374.942
Previous surplus
a6,920,842 Dr2,003,970
Special credit
Patents, good-will, &c..
Dr39,889 Dr4.081.267
written off
Surplus at Dec. 31... $3,443.932 $1,022,355 $2.648,255 $3,273,314
Shares common A stock
1,190 000
1,190 000 1,190.000
outstanding (no par).. 1,428,000
$3.01
$6.69
Nil
Earnings per share
Shares combined A & B
1.590 000
1,590.000
1,590.000
stock outst's(no par). 1,828,000
:Km
Nil
$2.25
Nil
Earnings per share
a Credit arisingfrom transfer to capital surplus ofcertain chargesformerly
surplus.
deducted from earned
Capital Surplus Account at Dec.31 1932.
Capital surplus created by reduction of stated value of capital$17,793,335
stock from $42.213,335 to $24.420,000
Deduct: Charge to capital surplus to restore to earned surplus 6,920.842
certain amounts formerly deducted therefrom
5,566,254
Other charges
35.306.240
balance sheet, Dec.31 1932
Capital surplus per
st.oi
COMPARATIVE BALANCE SHEET DEC. 31.
1931.
1932.
1931.
1932.
Liabilities
$
$
Asset,stock.. _d24,420,0001542235691
Capital
Land, buildings &
c8,759,986b10,926,055 Earned surplus___ 3,443.932J
equipment
Capital surplus-. 5,308,240
Patents and good636,015 2,411,146
1 Reserves
1
will, arc
328,379
Accts. pay., dec.- 983,049
market
Short term
2,613,595
money °MU
Pur.
675,000
securities
8,037,466 12,267,393 Agents' bal., &e... 660.478 1,051,387
Investments
445,938
281,679
4,138,634 3,862,206 Tax reserves
Cash
125,632
Accts. reedy.. &c. 7,012,791 12,018,225 Customers' depos_ 129,387
6,158,850 8,352,284
Inventories
Agts.' bal. a. misc. 902,270 2,651,603
134,000
175.781
Prepayments
35,860,780 50,211.767
35,860,780 50,211,767 Total
Total
a Represented by 1,190.000 shares common A stock and 400,000 shares
common B stock (no par value). b Includes tools, machinery and equipment acquired from Remington Cash Register Co., amounting to $1.225.1,428.000
176 c After depreciation of 36.169,728. d Represented by200,000 no
no par common A shares, 400.000 no par common B shares and
-V. 136, p. 1898.
par 0 shares.
General, Corporate and Investment News
STEAM RAILROADS.
-Tariffs of railroads
-S. C. Commission.
Rates of Hard Coal Reduced by I.
serving the principal anthracite producing regions of northeastern Pennsylvania reducing sharply the present rate bases on all prepared sizes of
anthracite coal from Pennsylvania to central territory became effective
-S. C. Commission refused to suspend such tariffs
April 1 when the I.
"Evening Post" April 1, p. 21<'.
-Class I railroads on Feb. 28 had 649.630 surplus
Surplus Freight Cars.
freight cars In good repair and immediately available for service, the Car
Service Division of the American Railway Association announced. This
was a reduction of 20,598 cars compared w th Feb. 14, at which time there
were 670.228 surplus freight cars.
Surplus coal cars on Feb. 28 totaled 205,925, a decrease of 8,915 cars
below the previous period, while surplus box cars totaled 367,987, a decrease of 10 258 cars compared with Feb. 14.
Reports also showed 32,297 surplus stock cars, a decrease of 274 compared with Feb. 14, while surplus refrigerator cars totaled 14,497, a decrease
of 677 for the same period.
-New York Central.
Mailers Covered in the "Chronicle" of April I.
Denver & Rio Grande Western and Texas & Pacific Roads to receive
additional loans from Reconstruction Finance Corporation-Loan Denied
Southern New York Ry., Inc.
-Southern Pacific, Wabash and Ann Arbor
apply for loans, p. 2167.
Akron Canton & Youngstown Ry.-Reconstruction
Finance Corporation Loan Denied.
-S. C. Commission, March 30, denied the company's application
The I.
for approval of a loan of 3325.000 from the Reconstruction Finance Corporation.
2416
Financial Chronicle
Seeks Trustees Under New Bankruptcy Law.
-
The company on April 4 filed a petition in Federal Court at Cleveland
for itself and its subsidiary leased line, the Northern Ohio By. to take
advantage of the new Federal bankruptcy act. The petition was granted
by Federal Judge John Paul Jones who will await word from the I.
-S. C.
COMMiSMOD before appointing trustees.
The entire line is 171 miles long, of which the Northern Ohio accounts for
152 miles. Interest of $62,500 was due on the latter company's bonds
April 1 and was not paid, the Reconstruction Finance Corporation refusing
to advance the necessary money. This was due on a $2,500,000 first
mortgage issue, the only bonds outstanding. Both the interest and principal
of these bonds are guaranteed jointly by the Akron Canton & Youngstown
and the Lake Erie & Western RR., a subsidiary of Nickel Plate.
IllsInterest totaling $99,500 was also due on the Akron 6s series A, of which
there are $750,000 outstanding and the 5s series B of which there are
$2.800.000 outstanding.
-V.•136, p. 838.
Alleghany Corp.-Terminal Shares Redemption Releases
$1,171,000 Cash for Bonds of Corporation.
Cash amminting to $1.171,000 has been received by trustees of the
Alleghany Corp. bonds by the retirement of notes of Terminal Shares, Inc.,
held as c
Cash received for the 5s of 1950 amounts to $685,000; for the 5s of 1944,
$334,000; and for the 5s of 1949. $152,000. These sums are in proportion
to the total of $15,416,000 Terminal Shares notes held for each of the
Alleghany issues.
The Missouri Pacific has been paying $400,000 quarterly to Terminal
Shares, which in turn used as much as was necessary for payment of interest
on its obligations and held the balance for retirement of principal. The
trustee for Terminal Shares now has released the accumulated balance
for that purpose.
-V. 136, p. 1010.
Ann Arbor RR.
-Interest Not Paid.
Interest due April 1 1930 on the 1st mtge. gold 4% bonds, due 1995 was
not paid.
See also Wabash Ry. below.
-V. 136, p. 2235.
Atchison Topeka & Santa Fe Ry.-Abandonment,
Operation, &c.
The I.
-S. C. Commission on March 27 issued a certificate (1) permitting
the company and the Western Pacific RR.to abandon operation in passenger
service of that portion of its railroad extending southerly from Richmond
depot to its pier at Ferry Point. on the eastern shore of San Francisco Bay,
2.1 miles;(b) to abandon operation of its ferry facilities across San Francisco
Bay between Ferry Point and San Francisco. 7.7 miles;(c) to operate under
trackage rights in passenger service over certain tracks of the Southern
• Pacific, extending southwesterly from a connection therewith at a point in
Oakland known as the 16th St. interlocking tower to the end of the tracks
onIthe Southern Pacific's Oakland pier. approximately 2.3 miles; and (d)
to operate in passenger service across San Francisco Bay; between Oakland
pierand San Francisco.3.5 miles, through joint use of the Southern Pacific's
ferry facilities. and (2) authorizing the Western Pacific RR. to construct a
certain connecting track 512 feet long.
-V. 135, p. 3853.
Atlantic Coast Line RR.
-Bonds Authorized.
The L-S. C. Commission on March 30 authorized the company to procure
authentication and delivery of not exceeding $742,000 of series A 4%%
general unified mortgage 50-year gold bonds In reimbursement for capital
expenditures.
-V. 135, p. 2826.
Baltimore & Ohio RR.
-Fare Cut Denied.
The I.
-S. C. Commission on April 5 refused to permit the company to
reduce passneger fares on the portion of its system which is competitive
with the Louisville & Nashville, which latter road has already reduced
these charges to two cents a mile.
The B. & 0. would have reduced fare between St. Louis, Mo., and
Louisville, Ky., between Cincinnati, 0. and St. Louis and also between
Cincinnati and Louisville.
-V. 136, p. 1881.
Central of Georgia Ry.-Interest Not Paid.
-
The interest due April 1 1933 on the refunding and general mortgage
% bonds,series B and series C.due 1959. was not paid.
-V.136, p. 1716.
Chicago & North Western Ry.-85% of Bonds Deposited
-Time Extended to April 15.
-
The company announced April 3, that it would extend until
April 15 the
opportunity for holders of its 5% debentures of 1933 to assent to
cash refunding plan for meeting them when they mature on Mayits partial
1.
than 85% of the holders of the $6,355,000 have thus far accepted the More
plan.
but Fred W. Sargent. President of the company, states that
substantially
all must assent to make it effective.
Under date of Feb. 20 1933, the company made an offer to pay 50% of
the face amount of the debentures, with accrued interest, in cash,
and to
deliver, in respect of the remaining 50%, a like face amount of 5% general
mortgage gold bonds due Nov. 11987.
Denies Rumor of Plan for Receiver.
A report that the company was about to petition for a trustee under the
recent amendment to the bankruptcy law was denied in a statement issued
April 5 by Samuel H.Cady, Vice-President. who said:
The North Western does not contemplate receivership action under the
new Bankruptcy Act to
-day, to-morrow or at any other time. I understand
that a large block ofour stock was sold on the New York Stock Exchange and
that the false receivership rumor spread soon afterward.
Os•"Another rumor that we are not to receive an expected R. F. C.
equally false. We have a loan of $8,000,000 from the R. F. C. that loan is
we are
going to draw down as needed."
Pres. Sargent denied report that the road contemplates
reorganization, saying:
April 8 1933
•
Denver & Rio Grande Western RR.
-Bonds Authorized
The L-S. C. Commission on March 23 authorized the company to
Issue $1,299,000 of ref. dr impt. mtge. gold bonds, series B, to be pledged
and repledged from time to time to and incl. Dec. 31 1934. as collateral
security for any note or notes which it may issue within the limitations
of section 20a(9) of the Inter-State Commerce Act.
Authority was also granted to the Rio Grande Junction By. to issue
$188,000 of its ref. mtge 50
-year gold bonds, series A, to be delivered
to the Denver & Rio Grande Western RR. in payment for advances for
capital purposes.
-V. 136, p. 2235.
Galveston Houston & Henderson RR.
-Non-Payment
of Principal.
The interest due April 1 1933, is being paid but the principal due April 1
1933 of the first mortgage 5% gold bonds is not being paid.
Issuance of Bonds Authorized.
The I.
-S. C. Commission on March 30 authorized the company (1) to
ssue $1,061,000 1st lien Sr ref. gold mortgage bonds, series A, to be offered
at par to holders of first mortgage 5% gold bonds, maturing April 1 1933
in part payment of such bonds, and (2) in addition thereto to procure the
authentication and delivery of $1,591,500 of 1st lien & ref. gold mortgage
bonds, series A, $1,061,000 thereof in respect of the retirement of said first
mortgage bonds and $530,500 thereof in reimbursement of the applicant's
treasury for additions and betterments. Compare also V. 136, p. 2235.
Great Northern Ry.-95% of Bondholders Assent to Plan.
With assents received from about 95% of the holders of its 1st & ref.
bonds to the amendment of the indenture, the company hopes to announce
within a short time its plan for extending the St. Paul Minneapolis &
Manitoba By. bonds maturing July 1.
President W. P. Kenney announced Apr. 5 that as of Apr. 4 94.7% of
the 1st & ref. bonds had approved the preliminary step in the plan.
"This is unusually gratifying," he said, "because it indicates a knowledge
on the part of the owners, not only of what we are trying to bring about,
but that this is the only practical way to do it."
-V. 136, p. 2064.
Illinois Central RR.
-Earnings for Calendar Years.
(Including Yazoo& mtssisstppi Valley RR.)
1932.
1931.
Railway operating revenues
Railway operating expenses
89,305,278 116,788,194
66,504,097 94,797,654
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenues
22.801.182 21.990,540
7,766.951
7,482,148
39,893
55,132
Railway operating income
-net debit
Equipment rents
-net credit
Joint facility rent
14,994,337
2,491,182
75,399
Net railway operating income
Non operating income
12,578,554 11,847,418
1,886,901
2,597.308
Gross income
Deductions from gross income
14,465.455 14,444,726
18,012,030 18,026,838
Balance. deficit
-V. 136. p. 2235.
3,546,574
14,453,261
2,733,225
127.382
3,582,112
International Rys. of Central America.
-Pays Off
81,800,000 Note Issue with New Notes and Cash.
The company, it is announced paid $1,800,000 principal amount of oneyear 6% notes due April 1 1933 by issuing in exchange therefor
principal amount of new one-year 8% notes due April 1 1934, and$1,600,000
paying
the balance in cash. Except for these new notes, the company has by obligano
tions maturing before 1936.-V. 134. p. 3475.
Lehigh 8c New England RR.
-Balance Sheet Dec.31.1931.
1932.
.
Assets
Liabilities5
s
Inv.in rd. dr equip.20,700,980 20,684,956 Capital stock
6,800,000 6,800,000
39,406 Funded debt
35,185
Misc. phys. prop__
8,194,000 8,297,000
Loans de bills pay_
Inv. in affil. cos.
300,000
25,101 Traffic & car-serv.
25,101
Stocks
balances pay_
50,000
50,000
Bonds
130,748
119,055
186,514 Audited accts. &
283,983
Advances
wages payable
113,675
Other investments 113,675
257,634
256,625
329,279 Misc. accts. pay_
271,229
Cash
2,293
1,701
72,441 Int. matured unpd. 176,300
49,637
Special deposits_ _
176,450
Unmat.int.accrued
Traffic & cox serv.
9,529
10,389
187,943 0th.current Habil_
balances receiv- 177,956
11,028
9,215
Deferred liabilities
Net balance receiv.
19,612
15,386
31,206 Tax liability
17,242
fr. agto. & cond116,997
162,769
Misc, accts. rec_
18,175
26,714 Prem. on funded
Material & sunlit
359,411
341,770
debt
5,669
6,636
197
Int. & diva. rec
181 Insur. & casualty
0th. current assets
2 reserves
8
126,953
141,672
15,013 Accrued deprecia15,013
Insur. & oth. fds
Working fund adv.
5,000
5,000
tion-equipment 3,162,812 3,043,294
Other def. assets
1,686
1,086Other unadjusted .
Insur'ce premiums
credits
16,763
20,180
709 Corporate surplus_ 3,191,688 2,901,475
paid in advance_
5,798
Disc,on fd. debt
62,983
60,184
70,136
49,206
Other unadj. debits
22,222,024 22,261,846
Total
Total
22,222,024 22,261,846
Correction -In the income statement given in V. 136, p. 1372, the
dividends paid for the year 1932 should have been $136,000 ($1 per share)
and not $476,000 ($3.50 per share) as shown.
-V. 136, P. 1372.
"We are a very conservatively capitalized railroad. There is nothing to
scale down. With any reasonable increase in business we would have no
trouble in earning our fixed charges. We have done it for 75 years and we
will again just as soon as we get out of the midst of this depression. If you
take the bonds in the hands of the public and divide them by the system's
mileage you get a low rate per mile for funded debt. We have a valuation.
from the I.
-S. C. Commission largely in excess of our total capitalization"
Stock Exchange to Sift Stock Selling.As a result of sharp declines on Wednesday in stock and bond issues of the
company, the Committee on Business Conduct of the New York Stock
Exchange began April 6.an investigation into all transactions in these issues.
No explanation was issued by the Exchange, but it was assumed in Wall
Street that the committee was seeking evidence of a bear raid on the securities.
The message sent to members was signed by Ashbel Green, Secretary
of the Exchange. It said:
}e."The Committee on Business Conduct directs me to request that you
furnish it by noon, Monday. April 10 1933. with a list of all transactions
made by you on Wednesday, April 5 1933 (trade date) in the following
securities of the Chicago Sr Northwestern By.. giving the volume and
prices, the names of the members or firms with whom the transactions were
made, and the customers for whom you acted:
General 4% bonds, due 1987.
General 4% bonds, due 1987, stamped.
General 5% bonds, due 1987, stamped.
Debenture sinking fund 5% bonds, due 1933.
Debenture sinking fund 57,, bonds. due 1933. stamped.
Secured gold 6%% bonds, due 1936, 1st & ref. gold 5% bonds.due May 1
2037.
First & ref. gold 43.i% bonds, due May 1 2037.
First & ref. gold 434% series C, bonds, due May 12037.
Convertible gold 434%, series A. bonds, due 1949.
Common stock.
7% non-cum. pref. stock.
"The committee also requests you to send to it at the same time all
telegraphic communications dealing with the affairs of this company or
its securities other than specific orders sent or received by you on April 5
Checks for the semi-annual dividend due April 1 on the leased line certificates have not been received by stockholders and as far as could be learned.
no action has been taken yet by the directors.
The certificates, of which $11,256,400 are outstanding, were issued by the
company in exchange for a similar amount of Wisconsin Central By. 4%
preferred stock in 1909.
The Soo Line, a subsidiary of the Canadian Pacific By., agreed to pay
$4 yearly to holders of record March 20 and Sept. 20 preceding the semiannual installment days (April 1 and Oct.1). The Wisconsin Central By.
has been in receivership since December. but there has been no
default on Wisconsin Central obligations guaranteed by the Sooprevious
Line.
V.136. p. 2064.
I "Please note that this request calls for a reply from each member of the
Exchange to whom it is sent regardless of whether or not he has any infor-V. 136. p. 1716. 1502.
mation to submit."
Missouri Pacific RR.-Trustees Panel Published.
Pursuant to the provisions of the new bankruptcy law, the I.
-S.
Commission has designated a panel of 12 men as the standing panel 0,
dr
Midi RR. (Compagnie des Chemins de Fer du Midi),
-Dividend Rate Reduced.
France.
The company has declared a dividend of 5334 francs per share for the
year 1932 as against 5834 francs per share paid a year ago and 6234 francs
-V.134, p. 2331.
per share previously paid each year.
Minarets & Western
Ltd. (Calif.),-Acts to Reorganize Under New Bankruptcy Law.Co.,
The company has filed with the I.
-S. C. Commission a copy of its petition
asking permission of the Federal Court for the Southern District of California to effect a reorganization under the new bankruptcy law. Inability to
pay obligations was cited.
The road has $1,388,000 of long-term bonded indebtedness outstanding,
of which $25,000 is matured. The company defaulted in the payment of
its semi-annual interest due Aug. 1 1932 and Feb. I 1933 aggregating $76,340. In addition, it has about $18.000 of current liabilities.
The Commission has designated a panel of four men from which the court
will select a trustee to conserve tho assets and operate the property. The
panel includes W. C. Fankhauser, Allan P. Matthew, Max Thelen, all of
San Francisco, and George R. Sykes of Pinedale, Calif-V. 127, p.3087.
Minneapolis St. Paul & Sault Ste. Marie Ry.-No
Interest on Leased Line Certificates.
-
Volume 136
Finan;ial Chronicle
trustees from which the courts with jurisdiction over the Missouri Pacific
RR. re3rganization must select a trustee or trustees to handle railroad
properties in the process of reorganization.
The panel includes the following: L. W. Baldwin, Pres. of Missouri
Pacific, St. Louis, Mo.;C. B. Ames,Pres. of American Petroleum Institute,
Oklahoma City; James C. Davis, former Director-General of Railroads,
Des Moines, Ia.; F. F. Faville, Des Moines, la.; R. C. Fulbright,
for National Industrial Traffic League, Houston, Tex.; former Counsel
Senator
James A. Reed, Kansas City, Mo.; Chester I. Long, Wichita, Kan.; C.
H.
Moses, Little Rock, Ark.•, Earl F. Nelson, St. Louis,
son, former Federal Trade Commissioner, Denver;Mo.; Huston ThompGuy A. Thompson,
and George C. Wilson, St. Louis, Mo.
The Commission advised the court it was its present view that the maximum compensation for trustees of the Missouri Pacific should not exceed
425,000 a year.
Copies of the petitions filed with the St. Louis court and docketed
with
the Commission included three separate petitions, one each for the Missouri
Pacific, the New Orleans Texas & Mexico Ry. and the Internati
onalGreat Northern RR.
The filing of the petition stating the insolvenc
railroad,
ability to most its debts and the desire to effect a y of thereorganiz its inplan of
ation is
the first step to be taken under the procedure provided by the law. The
second step is the selection of a trustee or trustees to take over the
property. Such officers or officer must be selected from a panel of standing
trustees qualified for such service and designated by the Commissi
on.
Filing of the reorganization plan with the I.
-S. C. Commissi
the
successive step. This will be followed by hearings before the on is C. next
I.
-S.
Commission preliminary to a ruling by the Commissi
Such a ruling may propose a substitute plan. on under the proposed plan.
Acceptance by security holders of the
sion is then in order. After these steps plan as approved by the Commisbefore the court for confirmation. Such havebeen taken, the plan is laid
confirmation by the court will
the seal of legal approval, which will bind all parties and determine be
all
rights. See also V. 136, p. 2236.
Interest Not Paid.
-The interest due April 1 1933 on the 1st and refunding mortgage 5% gold bonds, series H, due 1980, was not paid.
Returns 950 Men to Work.
A total of 950 men will be returned to work in the company's shops
month, according to an announcement by J. Cannon, Vice-President this
and
General Manager. Points affected are St. Louis, Kansas
Poplar Bluff,and Nevada, Mo.; Little Rock.Ark., Monroe, City. Sedalia.
La., Hoisington
and Coffeyville, Kans.
Four hundred twenty-five men will
Little Rock and Sedalia and will be inbe placed at work April 10 at both
service 10 days
The remaining 100 were returned to steady employment during the month.
April 1 at the other
locations.
-V. 136, p. 2236.
National RR. of Haiti.
-Exchange Offer Made to Bondholders.
Roger L. Farnham,receiver, M a notice to
fund bonds issued under its mortgage to the the holders of6% gold sinking
Farmers Loan & Trust Co. of
New York dated Aug. 1 1911, says:
"In accordance with a law of the Republic of Haiti
of Haiti Sept. 26 1932. and duly promulgated. the signed by the President
to exchange customs and general revenues external Republic of Haiti offers
30
-year sinking fund 6%
gold bonds, series C. of the Republic of Haiti, due Oct.
road bonds with Aug. 1 1914 and subsequent coupons, 11953,for the railon the basis of 75%
principal amount of said series 0 bonds for 100%
principal amount of the
railroad bonds. The series 0 bonds will bear interest
from Oct. 1 1923, and
the accrued interest represented by the matured
coupons on said series 0
bonds will be paid in cash at the time of the exchange.
Series C bonds are
identical, except as to their serial designation
and maturity date, with the
series A bonds of Haiti. now outstanding which
are listed on the New York
Stock Exchange. The series 0 bonds are
issued in denominations of $500
and $1.000 only and holders of
change to a fractional interest in railroad bonds who are entitled upon exa $500 series 0 bond, will receive a certificate of interest therefor, which upon ipresentat
ion at the National City
Bank. of New York, 55 Wall St., N. Y.
certificates representing in the aggregate City, together with other similar
$500 or more principal amount of
the series 0 bonds, will entitle the holder to receive such
a bond or bonds
and a new certificate of interest with
interest represented by the certificates respect to any remaining fractional
so surrendered. In addition to such
series C bonds,and (or)certificates of interest
and cash payment of matured
coupons as above mentioned, holders of
ditional sum of $35.75 in cash for each railroad bonds will receive an adrailroad bond so surrendered for
exchange.
-V. 119. p. 455.
New Orleans Texas & Mexico Ry.-Interest Not
Paid.
The interest due April 1 1933,on the 1st mtge.5%
due 1954, and the 1st mtge 5% gold bonds,series B.% gold bonds,series A,
due 1954 was not paid.
-V.136, p. 1716.
New York Connecting RR.
-Earnings.
-
Calendar Years1932.
1931.
1930.
1929.
Operating revenues_ _ _ _ $2,558,597 $2,225,811 $2,517,279
$3,041,033
Operating expenses
578,792
793,913
783,627
1,058,169
Tax accruals
444,577
435,509
430,311
438.788
Operating income_ _ _ _ $1,535,228
$996,389 91,303,341 $1,544,075
Equipment rents-Dr....
89.141
94,607
97,195
95,084
Joint tacit. rents-Dr.._ _
381,243
263,600
212,442
188,133
Net oper. income_ _ _ _ $1,064,845
.
$638,182
$993,703 $1,260,858
Non-operating income__
75,821
80,073
87,836
78.483
Gross income
$718,255 $1,081,540 $1,339,340
91,140,665
1)educt.from gross Inc
1.323,601
1,322,411
1,327,698
1.308,820
Net loss
$181,746
$605,346
$246,158 prof.$30,520
-V. 134. p. 1020.
Norfolk & Western Ry.-Operation.
The 1.-S. 0. Commission, March 28, issued a
the company to operate under trackage rights over certificate authorizing
Little Miami RR., Pittsburgh, Cincinnati, Chicago the main tracks of the
Pennsylvania RR., from a connection between the & St. Louis RR., and
tracks of the
and the Panhandle at a point near Clare. to a connection with Norfolk
the tracks
of the Baltimore & Ohio RR, at or near East Norwood,
a distance of
approximately 5.28 miles, all in Hamilton County, 0.
Operating Statistics for Calendar Years.
1931.
1932.
1930.
1929.
Aver, mileage operated_
2,259
2.263
2,240
2.240
Revenue tons carried
30.447.425 39,101,285 50,626,522 59,712,795
do 1 mile(000 omit). 30,447,425 10,863,493 13,984,197
do 1 m. per m.road_ 8,593,675 4,808,004 6,243,503 16,730,308
7,468,588
Av. per rev, ton per mile 0.685 cts. 0.684 cts. 0.666 Ct.8.
0.648 cts.
Av. rev, per mile of road
$32,881
$26,012
941,596
$48,369
No. rev, pass. carried,1,192,948
775,855
1,791,416
2,442,141
do one mile
59,622,118 82,184,474 117,484,789
Av'. rev, per pass. mile- 2.807 cts. 3.210 cts. 3.293 cts. 151,545,519
3.373 cta,
Av. pass, rev, per m.rd.
$1,463
$2.058
$2.785
93.695
Net op. rev, per m.road
$11.063
$12.950
$18.240
$23.026
Commodities Carried for Calendar Years (Revenue Freight).
Revenue
Products of
Bituminous 0th. Min. Mfrs. and
Tons. Agricul. Forests.
Products.
1932-- 821,876
618,699 Animals..3
137,711 24,892.04
1,161,127
1931-- 1.012,307 1,012,307 147.957 31,104.755 1,929,324 2.815,969
1930-- 1,215,745 1,527,903 169,455 39,845,992 2,917,465 3,894,331
1929-- 1,195,222 2,074,352 178,928 47,903,916 2,726,971 4,949,962
1928-- 1,223,551 2,071.501 194,442 42,305,396 2.870.066 5,633,406
1927-- 1.244,164 2,266,728 195,810 42.634,250 3.211.205 5.388.520
5,294.403
1926-- 1,277,097 2,170,076 189,161 45.599,980 3,630,344 5,321.419
1925-- 1,201,667 2,206,979 198,819 38,122,834 3,281.822 5,254,436
1924-- 1,323,170 2,248,297 200,910 32,579,530 3.152,754
1923-- 1,368,517 2,311,274 190,638 29,468.395 3,985,728 4,921,040
5.250,331
See also V. 136, p. 2231.
Northern Ohio Ry.-Interest Not Paid.
-
The interest due April 1 1933, on the guaranteed lit mtge. 5% gold
bonds, due 1945 was not paid.
-V. 134. P. 2142.
Rio Grande Junction Ry.-Bonds Authorized.
-
See Denv-r & Rio Grande Western RR. above.
-V. 129, p. 3959•
2417
Rock Island Arkansas & Louisiana
RR.-Bonds.
The 1.-S. C. Commission on
issue not exceeding 970,000 of 1st March 28 authorized the company to
mtge. gold bonds to be delivered at not
less than par to the Chicago Rock
of a like amount of indebtedness for Island & Pacific Ry. in satisfaction
advances made by it for capital purposes. Authority was granted to the
to assume obligation and liability, as Chicago Rock Island & Pacific RI%
guarantor, in respect of said bonds.
V. 122, p. 1759.
St. Paul & Kansas City Short Line RR.
-Bonds
thorized.
The I.
-S. C. Commission on March 30
not exceeding $220,500 of 1st mtge. gold authorized the company to issue
bonds to be delivered, at par, to
the Chicago Rock Island & Pacific Ry. in
settlement of a like amount of
indebtedness to that company for advances for
capital purposes.
Authority was also granted to the Chicago Rock
assume obligation and liability, as guarantor, inIsland & l'acific Ry. to
respect of the bonds.
-V. 134, p. 1192.
San Diego & Arizona Eastern Ry.-Acquiers
Properties.
See San Diego & Arizona Ry.-V. 135, p. 3163.
San Diego & Arizona Ry.-Properties Transfer
red.
The properties of this company were acquired
by the San Diego & Arizona
Eastern Ry., effective
company -V. 135, p. Feb. 1 1933, and are being operated by the latter
3163.
South American Rys.-Acceptance of Offer Urged
on
Noteholders-Financed.
The company in a circular letter dated March
30 to the holders of 6%
convertible gold notes, due April 15 1933,
states:
This company's issue of 912.000,000 unsecured
6% convertible gold
notes matures on April 15 1933. Company
finds itself unable to meet
either the principal or the interest on these notes.
Therefore the directors
recommend that holders of these notes
on Dec. 8 1932 by the parent company,accept the exchange offer made
Public Utility Holding Corp. of'
America, whereby it is offering to
holders of
standing in the hands of the publicthe immediat the notes remaining outan
e payment in cash of 20%
and its own two-year 7% notes, due April
15 1935. for the 80% balance
of the obligation.
As of Nov. 30 1932 Public Utility Holding
Corp. of America owned 92%
of the common stock and 60% of the preferred
stock of South American
Rye. and also $4,386,000 of the $12,000,0
00 issue
well as $2,602,100 of additional notes shown on the of the above notes as
balance sheet as owed
to parent company.
Company is not an operating company, owns
no physical properties
and has no subsidiaries. Company's investmen
ts
tions of the Buenos Aires Central RR.& Terminal consist solely of obligaprincipal amount. Aside from operating charges Co., totaling $17,496.771
incurred in the ordinary
course of its business, this is the only debt of Buenos
& Terminal Co. and represents funds furnished by your Aires Central RR.
company to enable
the Terminal company to complete and equip a new subway
The Terminal company directly owns and operates in Buenos Aires.
which cost in excess of $21,000,000. The additional the new subway
funds
its construction were raised through the sale of stock of required for
the Terminal
company, Junior of course to the notes held by your company. The
Terminal company also owns 100% equity control in Buenos
RR., Buenos Aires Lacroze Tramways Co. and Buenos Aires Central
Aires Lacroze
Light & Power Co. The equity in these subsidiaries under
present conditions is of uncertain value as none of them is
and in the case of the first two subsidiaries theirearning its fixed charges,
mortgage and debenture
holders have consented to waive interest and sinking
fund payments for
varying periods of time in the belief that until a
ditions materializes it is in their best interests to doreturn to normal conso rather than enforce
their legal rights against these subsidiari
es.
The subway was designed and constructed by American
engineers and
contractors. It is modern in every respect
and efficiently operated.
Unfortunately it went into operation in
worst depressions which the Argentine December 1931 during one of the
has known, and naturally traffic
has not come up to expectations.
Even under present unfavorable conditions, however, the subway is earning
before amortization and depreciation, at in excess of its operating expenses,
the
per annum at the prevailing low exchangerate of approximately $250,000
are approximately only one-half of normal. rates. These exchange rates
These earnings are of course
considerably less than fixed interest
thereof can be transferred out of the requirements and only a small part
country
change restrictions imposed by the Argentine under present stringent exWith a return to normal conditions there isGovernment.
every
large increase in traffic, and with improved exchange reason to expect a
rates a substantially
greater amount will be available.
Since the benefit of any improvement in the affairs
of the Terminal
company will accrue to the holders of the new notes
Corp. of America upon the consummation of the of Public Utility Holding
of directors of this company recommends thatexchange plan, the board
you deposit your notes
Immediately with Chemical Bank & Trust Co., depositar
y, 165
New York, in acceptance of the above-mentioned exchange Broadway,
offer.
Statement ofIncome and Earned Surplus Six Months Ended
Nov. 30 1932.
Gross income-Interest,*
$165,750
Interest
444,279
Amortization of discount on funded debt
61.944
Taxes other than Federal income tax
2,134
General expenses
7,642
Net loss
$350,248
Earned surplus, June 1 1932
473,278
Remainder
$123.030
Surplus credit-Adjustment of prov. for Federal
income tax
45,042
Earned surplus, Nov. 30 1932
$168,073
* This item, with the exception of $253,
to and paid on July 15 1932 on the notes of represe is interest accrued
Buenos Aires Central RR. &
Terminal Co., paid from funds provided
contract dated June 3 1931 to enable the by South American Rys. under
Terminal company to complete
the construction of its subway and to meet
current interest obligations.
No accrual of interest on these notes
ment for the period from July 15 to has been included in the above stateNov. 30 1932.
Balance Sheet Nov. 30 1932.
Assets
Liabilities
Cash
$61,168 Notes payable to parent co__c$2,602,100
:Investments
17,410,565 Loan payable
60,000
Unamort. disc, on fund. debt
46,458 Accrued interest
153,890
Accrued taxes expenses
24,128
3-yr.6% cony, gold notes
12,000.000
Capital stock
d2,510,000
Earned surplus
168,073
Total
$17,518.191
Total
$17,518,191
Buenos Aires Central RR. &
year gold notes, due Jan. 15 1933 Terminal Co.: $14,500,000 8% three1932). 00914,413,793; $2,996,771(at par less discount unearned at June 1
7% credit notes, due Jan. 15 1933, at
par. (b)92,996,771.
a At Feb. 23 1933 the principal
interest for the six months ended amount due Jan. 15 1933 and $580,000
that
23 1933 the principal amount due Jan. date were in default. b At Feb.
for the six months ended that date 15 1933 and a portion of the interest
$2,540,000 principal amount of these were in default. c At Feb. 23 1933
notes, due Jan. 15
of the interest for the six months
ended that date were 1933. and a portion
in default. d Preferred shares (no par) $3.50
in liquidation, $50 a share cumulative series A, priority over common
-Authori
shares, $2,497,500; common shareszed, issued and outstanding, 50,000
-Authorized, 20,000 shares; issued
and outstanding, 10,000 shares,
$12,500.
Note.
-At Nov. 30 1932 dividends
of $175,000 on the 'preferred stock
were in arrears for the year ended
Sept. 1 1932.-V. 136, P. 2065.
Southern Pacific Co.
-New Directors.
Ogden L. Mills and
elected directors to fillMalcolm P. Aldrich, both of New York. have been
vacancies caused by the death of James S. Alexander and Hugh Neill.
-V. 136, p. 2065.
Financial Chronicle
2418
Wabash Ry.
A. K. Atkinson, Treasurer for the receivers of the Wabash and Ann
Arbor railroads, announced March 31 that they had made arrangements
under court authority to delay payments due on the mortgage bonds of
both roads on April 1. Action was taken pending decision of the Reconstruction Finance Corporation on the granting of a loan for this purpose.
The road is allowed a period of grace before the bondholders can move
tenth° foreclosure under the mortgage. The receivers hope that a loan
has
will.be forthcoming before this period of grace expires. The Wabsah has
applied to the R. F. C. for a $3,000,000 loan while the Ann Arbor had
they
asked fori$365.243. The receivers stated in the application thatSalt Lake
followed the economy program laid down by the President in his passenger
City speech. Recently the road combined its Chicago-Detroit
service with the Pennsylvania, which will result in considerable savings.
ge"The applicants determined," the receivers said, "that it would be sound
receivership policy to base their receivership budget on what the financial
structure of the property would be after a drastic reorganization. Accordingly, they determined (a) to protect the integrity of the underlyipg mortgage bonds and equipment trust obligations, and (3) to eliminate all interest
on the junior issue of bonds commonly known as the refunding and general
mortgage bonds, outstanding in the amount of $60,867,000.
3."Based upon actual performance for 1932, with due allowance for further
economies to be effected in operating methods, the applicants are convinced
go through the
that the loan now asked will, if granted, enable them to in 1932,involvyear 1933 on a program as full and complete as that followed
maintain the property at the present standard
ing a budget sufficient to
and to meet all obligations, including fixed charges upon its underlying
bonds, equipment trust obligations and outstanding receivers' certificates,
-V. 136, p. 2236.
without recourse to further borrowing."
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of April 1.-(a) Electric output higher.
D. 2130. (b) Gas utility revenues decline in January. P. 2131.
-Earnings.
Alabama Water Service Co.
For income statement for 12 months ended Jan. 31 see "Earnings De-V. 136, p. 1372.
partment" on a preceding page.
--Dividend.
American Cities Power & Light Corp.
The directors have declared the regular quarterly dividend of 1-32d of
optional div,
1 share of class B stock on each share of cony. class A stock,
series. payable May 1 to holders of record April 5. The class A stockholders
in
have the option of receiving 75 cents in cash in lieu of the dividend or
class B stock, provided written notice is received by the corporation on
15 1933. A similar distribution was made on Feb. 11933.before April
V. 136. p. 657.
st,ibeti•
American Community Power Co. Cue
notes
The noteholders' protective committee for the 1-year 534% secured
ordered a cash distribution to de3sitons of record March 31 1933. at
the rate of $70 for each deposited not possession the collateral securing
,The committee recently reduced
first mortgage &
the notes comprising $2,250,000 principal amount of 136, D. 1011.
-V,
collateral trust bonds of General Public Utilities Co.
-Service Exlet American Telephone & Telegraph Co.
tended to Palestine.
American telephones on
,Three cities of Palestine became within reach ofHaifa and Jaffa. PalesApril 7, when service was extended to Jerusalem,
c
tine is reached by connecting the regular transatlanti radio telephone
and Cairo, Egypt,
circuits with a short wave channel between London
and land wire facilities o at of Cairo. Bell-connecting telephones in the
The service embraces all Bell and
A three-minute conversation
United States, Canada, Cuba and Mexico.$37.50.-V. 136, p. 2237.
between New York and Palestine will cost
-Federal Power Board
Appalachian Electric Power Co.
Wins in Virginia Ruling-Federal Judge Upholds Right to
Streams.-.
Control Electric Plants on Non-Navigable Norfolk, Va., March 30.
handed down at
Federal Judge Luther B. Way
's control over hydroan opinion sustaining the Federal Power Commission
certain conditions and
electric plants on non-navigable streams underrestrain the Commission
company to
dismissed the injunction bill of the
y County
from interfering with its project on New River in Montgomer to impose
Commission
asThe.Court in brief upheld the authority of the license for the proposed
regulations on the Appalachian through a standard the cost of the plant
n of
power plant in connection with the amortizatio
the cost of the developprovide for recapture by the Government,supervise produced and of the
ment,.regulate the rates to be charged for power power development.
based on the proposed
issuance and sale of securities
and rigbt to water flowing
Se On the ownership of the beds of a stream banks of a stream did not
the
thereon. the Court held that ownership of 136. p. 1716.
---V.
flow.
give authority over beds and the
Power Act Upheld by
y Refused Injunction in New River Case. DisCourt-Compan
a decision by Federal
-Water
Appalachian Power Co.
The Federal Water Power Act was upheld in Government in the New
Court Judge Luther B. Way, sustaining the Norfolk. Va., although
in
River case. The decision was handed down Va.
the case was heard by Judge Way at Alexandria, Appalachian Power Co.
of the
The decision turns down the application Commission which two years
for an injunction against the Federal Power
company's projected $5.000,000
ago ordered construction stopped on the Attorneys for the power comdam on the New River at Narrows, Va.
appeal.
pany are expected to
New River is navigable and
The questions centred about whether the the constitutional right to
whether the Federal Power Commission hadIs a tributary of a navigable
stream, which
regulate power projects on the
river.
provisions of the Water
Another question was whether the regulatory
of streams, whether navigable
Power Act are constitutional on any class
-V. 133. p. 1613.
not.
or
-Output Decrease Lower.
Co.
CI Associated Gas & Electric Associated System reports electric
For the week ended March 25, the of 46.742,231 units (kwh.). which
output,excluding sales to other utilities,
total of 49,064.334 units produced
is 2,322.103 units or 4.7% below the
the lowest percentage decrease
during the same week of last year. This is
since the week ended Jan. 14 1933. 339,773.700 cubic feet. a decrease of
for the same week was
irtGas output
the figure for 1932.-V. 136.
13,567.600 cubic feet, which is 3.8% below
_
to. 2237.
-Consolidated StateAssociated Gas & Electric Corp.
trict
Dec. 31ment of Earnings and Expenses, Years Ended
$168,000,000 Reserve Set Up. has been issued, which states in part:
A preliminary annual report for 1932
provision for retirement, but
There was a balance of $18,642,033 after
This was over 20 times the annual fixed
before Federal income taxes.
bonds of the corporation.
-year
interest requirements on the 8% 8 heldgold minimum as a result of the
to a
Losses in operating revenues were the employees of all of the operating
plan" undertaken by
"business building
by the increase of 1.4%
subsidiaries. The success of the plan is indicated
a year of great financial stringency.
In residential electric sales duringsales of power for industrial use.
decline in
There was a substantial
preceding 12 months. The
Operating expenses were 4.3% below the fact that unusual expenses
for the
reduction would have been greater, but legislative investigations to which
and
were caused by the many commission
subjected.
the industry has bean recently great uncertainty as to the ultimate purThere is, at the present time,
merely another way of saying that
Power of the dollar, which is materials) are in a highly sensitive,
chasing
finished
values of commodities(raw and
moment real estate and all kinds of construcuncertain positian. At the
are seriously reduced.
tionwhere the values are measurable, as in the case of going concern
measurable,
W'here such valueslate not industries, the earnings are so reduced that
like
value for public utilitylend
nerally/accepted methad of ascertaining values of
capitalizing themj(theke
April 8 1933
such concerns) produces results which are but a fraction of those which
prevailed when business was in large volume.
No one is able to prophesy with accuracy whether the reduction in values,
which has been going on since 1929, will continue or values will remain at
their present levels, or increase. It seems to the management, therefore,
that a position should be taken in the handling of the accounts of the corporation so that they may be readily adjusted to conform reasonably to
conditions when they are again stable.
In order to do this, there has been provided out of capital surplus a reserve
for contingencies of $168,000.000. The decision to set aside the reserve
was based solely on existing economic conditions and is not the result of
any change in the attitude of the management as to the ultimate earning
power of the subsidiaries.
The reserve will not be applied to a write-down of investments, except
in consolidated statements, until business conditions become more stabilized
and the proper amount of write-down (if any) can be more accurately determined. If it is then found that all of the reserve or some portion thereof
is not needed, the remainder will be returned to capital surplus.
It is the intention that corresponding changes_will be made on the books
of other companies in the Associated System as soon as the plans of the management are completed. Following the determination of policy,conferences.
will be held with the independent auditors to determine the proper method
of application.
The decrease of approximately $107,000,000 in inter-company account&
is due principally to the fact that interest-bearing obligations of subsidiaries
convertible into stock have been taken in payment on open accounts.
x1932.
1931.
Calendar Years$69.371,942 $66,009,080
Total sales, electric
181,335
266,844
Miscellaneous revenue
Total electric revenue
Total sales, gas
Miscellaneous revenue
$69,638,785 $66,190,415
$12,352,364 $11,581,689
35,529
71,207
$12,423,570 $11,617,219
Total gas revenue
Water, transportation, heat 3c miscellaneous revs_ 8,602,303 7,026,347
$90,664,658 $84,833,982
Total operating revenues
42,629,466 40,778,357
Operating expenses
5,274,671
4,898,074
Taxes (exclusive of Federal taxes)
7.251.436
8.314,044
of fixed capital, &c
Provision for retirement
Operating income
Income of non-utility subsidiaries
Other interest, dividends, &c
Total other income
Other expenses and taxes
$34,823.074 $31,529,518
1,565,809
1.788,914
$3,352.723
439,005
$2,913,719
Net other income
$34.443,236
Gross income
9,446,716
Operating companies-Interest on funded debt
432,814
Interest on unfunded debt
2.133,027
Preferred stock dividends
3,453,911
-Interest on funded debt
Group companies, &c.
127,240
Interest on unfunded debt
286,269
Preferred stock dividends
by
Income applicable to stocks of subsidiary companies held
128,563
the public and earnings prior to acquisition
CY.207.336
Credit for interest during construction
Y578,324
-Funded debt__ _
Associated Gas & Electric Corp.
Interest of
1,588
Unfunded debt
Federal taxes, int. on cony. obligations (now
Balance for
converted Into stock),optional reserves, dividends and sur- $18.062,122
Corp
plus of Associated Gas & Electric
interest requirements on funded debt,
x Preliminary. y Annual fixedbonds of the
corporation were not out-year gold
8% 8
3800,000. The
standing during the entire 12 months period.
Gas
-This statement excludes all income received from Associated
Note.
sz Electric Co. and all deductions dependent thereon.
Comparative Balance Sheet (Preliminary)•
Dec. 31 '32. Sept. 30'32.
Dec. 31 '32. Sept. 30'32.
$
$
Li011ities$
$
Assets514,780,777 Capital & surp_455,398,157 825,884,187
819,843,018
Investments
Inter-co. accts.15.513 1,013,977
ny
Inter-compa
14,918,110 121,810,365 8% 8-yebds.,'40 10,000,000 10,000,000
accounts
35,418
247,918
1,888,258 2,988,129 Accrued interest
Cash
Res. for conting.188,000,000
Interest, divs.,
1,097,121 Mise.res.,esusp. 3,851,833 3,718,008
849,802
Ac., receiv_
Conthig. Habil.
Notes of subsids.
for subs. notes
endorser guarendors.orguar887,500
anteed (contra) 500,000
887.500
500,000
anteed(contra)
15,194
18,438
Suspense
837,813,421 844,339,088
Total
837,813,421 841,339,088
Total
135. P. 3689.
Utilities Co. Receivershi3."
-.. Associated Telephone
Wilmington and William . WarChristopher L Ward Jr., Attorney of receivers in the Court of Chancery
were appointed equity
dall of New York,
The company admitted insolvency and
in Wilmington, Del., April 1. the receivers. Mr. Wardell is President
consented to the appointment of
another receivership suit against the company
of the company. Recently
was dismissed.
ation Committee Formed.
Reorganiz
of receivers, announcement WDA
In connection with the appointment
a committee for the purpose of formulating
made April 3 of the formation of company.
ion of the
a plan of reorganizat
Trust Co., New York, is chairman
It. G. Page, Vice-Pres. of the Bankers
of Milbank,
of the committee, the other members being Lawrence Bennett
attorneys Robert B. Rugg, President, National
Tweed, Hope & Webb,
Cameron Winslow, Investment Secretary,
Rockland Bank of Boston, and Hartford.
National Fire Insurance Co. of
-year debentures,
15
of the
In its statement to the holders of priorcompany's
preferred stock, the convertible
6% secured gold notes, both ifistleS
common stock, the committee says in part:
preferred stock and the
and expects to announce
The plan which our committee is formulatingto according fair treatment
the view
in the near future is being prepared withfor deposits directly under the plan
will call
to all classes a securities, and
committees for any class of the comwithout the intervention of special
are advised to defer any action
pany's securities. Holders of these securities
of reorganization.
until the announcement of the plan request of the management and with
appointed at the
The committee was
the securities of
the approval of the security houses which distributed
the company.
appointment of receivers, Wm. J. Wardell, PresibeliIn connection with the
security holders in which he pointed
dent, issued a statement addrassed to
such action would be taken and that
out that the company was advised31 and, with the desire to conserve the
March
"the board of directors met
n might take place, voted
assets of the company so that a fair organizatio
receiver." A reorganization comto consent to the appointment of such
committee will have the co-operation
mittee has been appointed and this
Co., Inc., Paine, Webber &
of the management as well as Bonbright &
banking firms which disCo., and Mitchum. Tully & Co., the investment
tributed the company's securities. April 1, principal and interest on the
and payable
"There became due
secured gold notes. The comcompany's outstanding $3,858,000 6% a two-year extension of payment
pany recently requested holders to grant notes have not been deposited
20% of the
of principal. Approximately
company is incapable of raining
under the extension agreement and the of non-deposited notes.
the sums required to pay the principal
outstanding and none of the company's
'(Company has no bank loans
exception of the preferred stocks of certain
securities are pledged with the collateral for the 6% secured gold notes.
as
operating{companies pledged securities consists of $24,801.800 of debenThe Zeompany's outstanding
46,290 shares of $7 prior preferred
tures $3,858,000 secured gold notes
stock 49,000 shares of $6 constock 29,297 shares of $6 prior preferred of common stock.
preferred stock and 619,448 shares
vertible
letter to security holders states in part: revenues
Mr. Wardell, in his
decline in the operating
"Due to the continuing and drastic bank holiday and the necessity of
of the system, the adverse effect of the
of the subsidiary companies, the board of
conserving the cash resources
Volume 136
Financial Chronicle
directors is now convinced that the income of the company as budgeted
for the future will be substantially less than the interest charges on the
present funded debt of the company."
Mr. Wardall issued a supplemental letter to holders of the company's
6% secured notes who have deposited their holdings under the extension
agreement, in which he states that "under the terms of the deposit receipt
held by you, you have the right to surrender the same to the depositary
and to receive back your deposited notes. The company earnestly requests you, however, not to do so until the reorganization committee shall
have had an opportunity to prepare its reorganization plan and submit
the same to you for your approval, at which time you
requested to
deposit your deposit receipt with the reorganization will be
committee for the
purpose of carrying out the terms of such plan."
-V. 136, p. 1544.
Bell Telephone Co. of Pa.
-Changes in Personnel.
Philip C. Staples, Vice-President in charge of operations, has been elected
President, succeeding Leonard H. Kinnard, who has been elected chairman
of the board.
William H. Harrison. Plant engineer of the American Telephone & Telegraph Co., has been elected Vice-President in charge of operations, succeeding Mr. Staples.
-V. 136. p. 1545.
Berkshire Street Ry.-Earnings.
-
Calendar YearsOperating revenues
Operating expenses
Tax accruals
1932.
$438,437
387.625
22.368
1930.
$650,745
542.451
29,547
1929.
$718.069
612.420
21,911
$28,444
2.256
Operating income_ __ _
Non-operating income
1931.
$560,441
472,452
22.670
865.319
2.734
$78,747
5,049
$83,739
3,010
Gross income
:Deduct.from gross inc_
$30.700.
$68,052
$83,796
$86,749
284,468
290.044
287,515
292,527
Net deficit
$253.768
$221,991
$203.719
$205,778
x Deductions from gross income include
$209.800 in 1932. 8$209.980 in
1931. $209.980 in 1930 and $209980 In 1929, interest accruing to the
N. Y. N. H. & H. RR., but not included
in the income account of that
company.
Balance Sheet Dec. 31.
Assets-1932.
1931.
Liabilities1932.
1931.
Invest. In road &
Capital stock
$5,398,100 $5,398,100
equipment
$1,983,894 $2,412,745 Long-term debt___ 1,467,000 1,468.000
Mise.physical prop
40,356
75,948 Loans & notes pay. 3,333,000 3.333,000
Deposits in lieu of
Misc. accts. pay__
15,530
17,310
mtged.prop.sold
5,511
23,222 Matured int., dive.
Cash
73.249
75,044 & rerCs unpaid__ 4,045,358 3,835,154
Special deposits_
32,755
52,523 Matured funded
Misc.sects. me
42,151
5,625
debt unpaid____
1,000
Mats.& supplies
80,922
91,720 Accr. int., dive. &
Int., dive. & rents
rents payable_.34,560
34,560
receivable
1,160 Deterred liabilities
325
306
Other curr. assets_
2,350
2,350 Tax liability &
Unadjusted debits
511
other reserves__
7,473
9,339
20,911
Accr. depreciation 224,240
309,106
0th. unadj. credits
3,448
4,401
12,271,962 11,671,277
Deficit
Total
$2,261,699 $2,747,810
$2,261,699 $2,747,810
Total
-V. 136. 1). 1011.
Brockton Gas Light Co.
-Earnings.---
Calendar YearsGross earnings
Open'. caps.& taxes
1932.
1931.
1930.
1929.
$1,043 739 $1,152,479 $1,144,849 $1.093.770
789,616
882.626
885,445
851,240
Net earnings
Other income
$254.123
2,065
$269,853 .
2,847
$259.404
3,552
$242,530
4,449
Wi Gross income
Income deductions
$256,188
47.064
$272,700
35,986
$262,956
33.064
$246,979
14,622
$209.125
236.198
$236,714
229.532
$229,891
229.532
$232.357
228,455
II
Net income
Dividends
Balance
$27.073
$7,182
$359
$3.902
Comparative Balance Sheet Dec. 31.
I AssetsIF
1932.
1931.
Liabilities-1932.
1931.
Plant and equip- __$4,016,164
$3,984,800 Capital stock
$2,981,450 $2,869,150
Investments
.
Coupon notes_
,
750,000
Cash
168,186
141,197 Notes payable_ _ .._
75.000
905.008
Accts. receivable
181,191
188,229 Accts. payable____
25,137
28.723
Materials and supCustomers' depos_
7,095
7.896
plies
197,169
231,293 Accruals
28.681
30,853
Special deposit_ _ _
600
600 Other adj. credits_
100
125
Prepaid accounts..
6,739
17,520 Res. for deprec- 279.178
252.683
Unadj. debts....
15,514
other reserve
5,195
3,113
Surplus
455,536
489,143
Total
$4,607,372 $4,586,687
Total
$4,607,372 $4,586,687
-V. 135. P. 3855.
'
-sF-- -- •c,- ...
. 3 IMO
-Calgary Power Co., Ltd. (8c Subs.).
-Earnings.
Calendar
Years1932.
1931.
1930.
1929.
Gross earnings
Operating exps. at taxes_ $2,034.704 $2,082,248 $1,833.415 $1,506,829
739,694
772,516
654,942
649.897
Net earnings
$1,295,011 $1,309,732 $1,178,923
$856,932
Other income
119,231
16,876
84
Total income
$1,414,242 11.309.732 $1,195,799
$857.016
Bond interest
308,252
500.000
500,000
133.322
Other interest
15,354
8,876
56.664
2,360
Exchange thereon
34.083
55,677
Depreciation
175,000
165,000
165,000
150,000
Income tax
38.105
45,560
Amortiz.of bond disc...
36,121
Netincome
Preferred dividend
Common dividend
Surplus
Previous surplus
$632.090
360,000
210,000
$601,773
351.420
210,000
$627.778
301.004
195,000
$525,774
237.146
125,000
$62,090
$40,353
8131,774
$163,628
973.516
989,378
981.766
b626,642
Totalsurplus
$790,270
Hips. & deferred charges $1,035,606 $1,029,731 $1,113,540
36,091
124.163
d191,496
Prof.& loss surplus_ -- $1,035,606
$993,640
$989,378
$981.766
a 5% 1928-29 6% 1931-30.
Incurred in retirement of 5% first b Adjusted. c Premium and expenses
mortgage bonds. due
and amortization of proportion of deferred charges. 1940. less reserves
d Reinstatement
of deferred charges to be amortized
Consolidated Balance Sheet Dec. 31.
1932.
1931,
1932.
1931.
Pr Assets$
Liabilities-$
$
8
Property
20,417,867 20,207,809 Preferred stock__ 6,000,000 6,000.000
Investments
1,957,672 3,225,946 Commonletock___ 3.500,000 3,500,000
Cash
117,825
226,861 Funded debt
10,000,000 10,000,000
Accts. receivable__ 336.340
420,098 Bank loan
1,937,000 2,805,000
Materials & supAccts. & bills pay- 327,953
908.154
1 pliW
78,432
137,400 Cons. deposits-69,502
66,570
Deferred charges 1,449,452 1,493,692 Dividends declared 142,500
142,500
Accrued bond int. 125,000
125.000
Depreciation res.. 1,161,200 1,001,111
Misc. reserve
58,833
169,830
Surplus
1,035,606
993,639
Total
24,337,593 25,711,806
Total
24,857,593 25,711,806
-V. 135. O. 983, 628.
2419
/Central Atlantic States Service Corp.-DefeuiL7Jvr 1 $842,500 5-year secured 6,4, % notes due March 1 1933 have not been
6
paid. The March 1 1931 and subsequent coupons
on this issue are also in
defa t.
-V 133
1129
Central Illinois Electric & Gas Co.
-Earnings.
-
Calendar Years1932.
1931.
1930.
1929.
Total gross revenues--- $4,133.867 $4,712,772
35,194.884 35.410.230
Total operating expenses,
maint. & gen. taxes__ 2,230,981
2,445,746
2,715.632
2,852,118
Interest on funded debt890,537
778,486
199,498
201.667
All other int. (net) and
amort.of dt.dis.& expx26.386
92,810
349,635
260,620
Provision for Fed, taxes
and depreciation
648,173
679,268
582.658
696,586
Net income
$337.790
$716,463 $1,347.460 $1.399,238
x Does not include amortization.
Note.
-Dividends aggregating $1,004,246 were paid on the common
stock
during 1932.
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
$
Liabilates$
$
Plant property. 80,574,282 30,634,790 :Capital stock-- 7,424,200
7,400,000
Investments
304
1,651 Funded debt
17,902,000 17,672,000
Cash
522.677
93,880 Accounts payable_ 104,470
94,846
Notes receivable
8,384
32,146 Notes payable
789
Accts.receivable
657,967
772,203 Accrued interest
352,163
366,852
Merch., materials
Accrued taxes_ . 281,835
313,945
& supplies
287,601
519,040 Sundry accruals
15.488
2.403
Prepayments: ins.
Due affiliated cos.
40.503
prem., taxes, &c
10,642
17,737 Deferred liabilities 112,589
124,373
Miscell. assets_ _ _ _ 275,572
435,169 Def'd credit items_
10,053
10,720
Derd debit items_
171,361
279,282 Reserves
3,782.616 3,386,610
Earned surplus._ 402,6341 3,414,149
Capital surplus___ 2,079,448j
Total
32,508,789 32,785,902
Total
32,508,789 32,785,902
x Represented by 74,242 shares, no par
. no par value, in 1931.-V. 135, p. 3352. value, in 1932 and 74,000 shares.
"Central Illinois Light Co.
-Stock Increased.
-
At the annual meeting March 23 the stockholder
authorized pref. stock from 100.000 shares (par s voted to increase the
(par $100) and the authorized common stock from$100) to 150.000 shares
100,000 shares (no Par)
to 210,000 shares (no par). See also V. 136. p. 1883.
"
nsu•Central West Public Service Co.
-Voluntary Plan of
Adjustment and Refunding Proposed.
-The company has prepared and sent to its various classes of security holders a
voluntary plan of adjustment and refunding, dated March
20 1933. The co-operation of the security holders is requested in order to avoid costly foreclosure proceedings.
Max McGraw, Chairman of the board, in a letter to the
security holders, states:
Consolidated net earnings of company and subsidiaries before interest
deductions, depreciation and Federal income tax have declined from
$1,161,865 for the 12 months' period ended Nov. 30 1931 to $858,935 for
the 12 months' period ended Nov. 30 1932. or a decline of more than 26%.
Cash requirements for the necessary capital additions to properties
for depreciation (renewals and replacements) approximately exhaust and
the
balance remaining after interest requirements on the secured debt. Due
to the falling off in earnings the company has not been able to accumulate
sufficient cash with which to pay its arrears in interest on its first lien
collateral gold bonds, to say nothing of meeting other interest payments
when due. It goes without saying that the company has been unable
to
obtain additional funds through borrowing or the sale of securities. This
situation makes necessary an adjustment of the financial structure of
the
company to prevent endangering its existence during emergencies
such as
the present when its earnings are at such a low point.
During the last quarter of 1932 the net loss in public utility customers
(which was less than ;4 of 1%) was less than 1-10th of the average loss
for
the previous three quarters, and unless this condition changes
the management believes that with the proper co-operation of adversely
the company's security holders the financial structure of the company can be placed
on a practicable working basis without foreclosure under the
first lien
collateral indenture.
With the co-operation of the holders of substantial amounts of the company's securities, the management has prepared a voluntary plan of adjustment and refunding. In the absence of a continued decline in the earnings
of the company preventing this plan becoming operative, the management
believes this plan will work to the advantage of the debenture holders,
note holders, preferred and class A stockholders in that it tends to preserve
their relative interests in the company, which might be substantially wiped
out by the bondholders in the event of foreclosure. This plan will work to
the advantage of the first lien collateral bondholders of the company in
that it will avoid the demoralizing effect and heavy expenses and
incident to an involuntary reorganization through foreclosure under fees
the
first lien collateral indenture.
In an effort to prevent any need for the institution of foreclosure proceedings by the first lien collateral bondholders, it is hoped that all the
security holders of the company will join in this plan thereby effecting
the following:
(a) Extension of the maturity of $2,800,000 1st lien coll. 5% gold bonds,
series C. due Dec. 15 1933 to June 15 1948. increasing the annual return thereon to 54%
(b) Issuance of interest scrip in exchange for at least one coupon on all the
1st lien coll, gold bonds, series A, B and 0
(c) Conversion of unsecured funded debt, consisting of fixed interest,
bearing debentures and notes, into a pref. stock on which dividends
shall be cumulative to the extent that they are covered by the amount
of "net income available for the cumulation of pref. stock
(d) Issuance, without cash payment,to the holders of the 1st liendividends"
coll, bonds
of voting trust certificates representing not less than 51% of the new
class B (voting) stock
(e) Issuance, without cash payment, to the holders of the present
and debentures of voting trust certificates representing not less notes
than
26% of the new class B (voting) stock of the reorganized company
(f) Conversion of the present cumulative $100 par value pref. stock,
series
A and B, into non-cumulative class A stock
(g) Issuance to the holders of each two shares of the present
of a voting trust certificate representing one share of class A stock
new class B
(voting) stock and
(h) Surrender of the present class B (voting) stock. (The company originally received $1,577,500 in cash for this stock.)
While it is the feeling of the management that foreclosure may
be unavoidable should the decline in the earnings ofathe company
continue,
yet it is believed that the apparent trend toward stabilizatio
n of the company's business Justifies an attempt to avoid foreclosure.
The holders of a substantial proportion of the company's securities
already approved of this plan and large blocks of securities (Including have
over
25% of the 1st lien coll. 5% gold bonds, series C, due
Dec. 15 1933) have
already been deposited.
Description of Principal Features of Voluntary Plan
of Adjustment
and Refunding.
Summary of Events Leading to Submission of Plan.
On May 1'1932 company was unable to pay
S7.470.000:5%% 1st lien coll, gold bonds,series the interest then due on
B (due
and on $1.410,000i10-year cony.6% debenturesA andNov. Nov. 1 1956).
(due
1 1936). Company at ithatjtime also thad'an impending maturity of
31.000.000 3
-year
7% gold notes (due'Aug. 1 1932). with $35,000 accrued int, due
at maturity
and a $200,000 demand loan note. Int. was
82,800,000 1st lien coll. 5% gold bonds, series also duo June 15 1932 on
0 (duo Dec. 15 1933).
As the result of the'consummation of its plan
May 28 1932, the company, before the close of Oct.of exchange announced
1932, had paid
due Int, and had refunded substantially all of $1,000,000 3-year all past
7% gold
notes (due Aug. 1.1932) and,its 4200,000 demand note by exchanging
therefor an equal principal amount of new 3
-year 7% gold notes (due
2420
Financial Chronicle
Aug. 1 1935). Although when the note exchange plan was submitted last
May it was believed its operation would enable the company to continue
without material change in its capital structure, yet even though declining
earnings prevented this result, the consummation of the plan has been of
great value for without the extension of such notes the proposal of this
voluntary plan of adjustment and refunding probably would not have
been possible.
The earnings on which the note exchange plan was predicated were the
latest complete figures then available and were for the 12 months' period
ended March 31 1932, which showed consolidated net earnings, before
int. deductions, depredation and Federal income tax, of $1,121,561, and,
after int. on funded debt, a balance of$366,499 before depredation, amortization and Federal income tax. Comparative figures for the 12 months'
period ended Nov. 30 1932 are $858,935 and $105,210, respectively.
The clearing up of the company's defaults on principal and interest of its
funded indebtedness during and prior to Oct. 1932 called for disbursements
oflarge amounts of cash and the company has not yet accumulated available
funds for the payment di $205,425 of interest due Nov. 1 1932 on $7,470,000
1st lle,n coll. 515% gold bonds, series A and B; of $42,300 of interest due
-year cony. 6% debentures, and $70,000 of
Nov. 1 1932 on $1,410,000 10
Interest due Dec.15 1932 on $2,800,000 1st lien coll.5% gold bonds,series C.
-year 7%
On Feb. 1 1933 $42,000 of interest became due on $1,200,000 3
gold notes. Cash requirements for necessary capital additions to properties and for depreciation have not permitted and will not permit, under
to make all
the present earnings, the accumulation of the funds necessary
these payments as they have and will become due, nor does the company
expect to be able to arrange for the payment in cash at maturity of the
principal amount of $2,800,000 series C 5% bonds (due Dec. 15 1933).
To assure the 1st lien coll, bondholders that all funds available from
earnings accruing while this plan is being worked out will be conserved for
the benefit of said bondholders in the event the plan becomes inoperative,
the company is paying all available cash to the bondholders' depositary
under a provision whereby the depositary is required, in the event the plan
becomes inoperative, to apply such cash upon the payment of interest on
the A, B and C bonds until such cash is exhausted. Under this program
$100,000 has already been paid to the depositary and from time to time
additional payments of cash in such amounts as shall be deemed available
for that purpose will be made from working capital, and when a sufficient
amount becomes available to pay the Nov. 1 1932 and Dec. 15 1932 coupons
on the series A, B and C bonds (even though the plan has not then become
operative) the deposited coupons due Nov. 1 and Dec. 15 1932 will be paid.
Max McGraw, Frank Milhollan and Judson Large, respectively the
Chairman of the board, the President and the Secretary and Treasurer of
the company, are acting as the committee under the deposit agreement.
The present members of the committee are all officers of the company and
as such are receiving compensation for services, and, while they are receiving
compensation from the company, they shall net be entitled to receive any
compensation as committee members. It will, however, be necessary that
the company pay the service charges and compensation of depositaries and
security dealers and other expenses properly incurred by the committee
in working out the plan.
In the event the plan becomes inoperative, none of the deposited securities will be returnable for 31 days thereafter in order that the holders of
the various classes of the company's securities may have an opportunity
to organize committees. If, within this 31-day period, a new committee
has been organized with respect to any one or more classes of securities to
which the present committee feels it desirable to give over the deposited
securities of that class, then the present committee shall immediately send
notice to such effect to the holders of the class of securities affected. The
holders of said class of securities shall then have the right for a period of
30 days after the mailing of such notice to withdraw their securities without
any expense to them and the present committee shall, at the expiration of
said 31-day period, give over to the new committee such securities as have
not been so withdrawn.
If a committee satisfactory to the present committee is not organized
with respect to any class of security before the expiration of 31 days from
the time the plan becomes inoperative, then-the holders of such class of
security shall have the right to withdraw their securities, without any expense to them, at any time after the expiration of said 31 days, and thereafter the present committee, in its discretion, may return all unwithdrawn
securities at any time.
A summary of the provisions of the plan with respect to
each class of security holders of the company, assuming all
the security holders accept the plan, is as follows:'
$7.470,000 First Lien Coll. 534% Gold Bonds,Series A &B,Due Nov. 1 1956.
The holders of above bonds are not asked to deposit their bonds, but only
their Nov.1 1932 and May 1 1933 interest coupons with Continental Illinois
National Bank & Trust Co., Chicago, as depositary, and if plan is declared
operative the holder will receive (1) cash in payment of the Nov. 1 1932
coupon deposited,(2)interest scrip in the amount of the May 1 1933 coupon
deposited (which interest scrip may be paid at any time and in any event
will mature in two equal installments, one due Dec. 31 1935 and the other
made
due Dec. 31 1936. and no dividend payments may be unlessto the holders
and until the
of any of the stock of the company then outstanding for
the payment of
proportionate amount necessary to provide a reserve
maturity and interest, if any, on the interest scrip
the principal amount at
and other obligations, if any, then outstanding, issued to pay or fund any
interest charges, taxes or operating expenses, has been provided for or set
one share
apart), and (3) a voting trust certificate representingbonds with ce new
and B
respect
class B (voting) stock for each $100 of series A becomes inoperative,
both
deposited. If the plan
to which coupons are
coupons will be returnable to the holder without expense upon the surrender
certificate of deposit, except in so far as payments have been made
of his
on the coupons out of earnings during the interim.
$2.800,000 First Lien Coll. 5% Gold Bonds, Series C, Due Dec. 15 1933.
The holders of series C bonds are asked to deposit their bonds with the
Dec. 15 1932 and subsequent coupons attached with Continental Illinois
National Bank & Trust Co., Chicago, as depositary, and if the plan is debonds
clared operative the holder will receive:(I) New series D with in the same
substantially
principal amount, of substantially the same tenor and
the same security as the present series C bonds, except that the series D
1933, will be due June 15 1948 and will yield
bonds will be dated June 15
interest to the
a return of 5%% per annum instead of 5%. whichthe bonds and extent
secured
of 5% will be represented by coupons attached to due Dec.
15 1933; the
by the indenture, the first of which coupons will be
35 of 1% increase in the return cannot be secured by the indenture and will,
therefore, be represented by coupon scrip; (2) cash in payment of the
Dec. 15 1932 coupon deposited: 13) interest scrip in the amount of the
June 15 1933 coupon deposited (which interest scrip may be paid at any
time and in any event will mature in two equal installments, one due
Dec. 31 1935 and the other due Dec. 31 1936, and no dividend payments
may be made to the holders of any of the stock of the company then outstanding unless and until the proportionate amount necessary to provide
a reserve for tne payment of the principal amount at maturity and interest,
if any, on the interest scrip and other obligations, if any. then outstanding,
Issued to pay or fund any interest charges, taxes or operating expense, has
been provided for or set apart); and (4) a voting trust certificate representing
one share of new class B (voting) stock for each $100 of series C bonds with
respect to which coupons are deposited. If the plan becomes inoperative,
all bonds and coupons deposited will be returnable to the holder without
expense upon the surrender of his certificate of deposit, except in so far as
payments have been made on the coupons out of earnings during the interim.
-Year Convertible 6% Debentures, Due Nov. 1 1936.
$1,410,000 10
The holders of the debentures are asked to deposit their debentures with
the Nov. 1 1932 and all subsequent coupons attached with City National
Bank & Trust Co. of Chicago, as depositary, and if the plan is declared
operative the holder will receive for each $100 of debentures deposited two
shares of new $3 addend pref. stock, on which dividends shall be cumulative in each year to the extent that they are covered by the amount of
"net income available for the cumulation of pref. stock dividends." and a
voting trust certificate representing two shares of new class B (voting)
stock. If the plan becomes inoperative, the deposited debentures with
the Nov. 1 1932 and all subsequent coupons attached will be returnable
deposit.
to the holder without expense upon surrender of his certificate of
-Year 7% Gold Notes, Due August 1 1935.
$1,200,000 3
to deposit their notes with the Feb. 1 1933 and
The holders are asked
Trust & Savings Bank,
all subsequent coupons attached with First Unionoperative the holder will
Chicago, as depositary, and if the plan is declared
one share of new $4 dividend
receive for each 131.00 of notes surrendered
dividends
ref. stock, one share of new $3 dividend pref. stock, on which
that they are covered by
shall be cumulative in each year to the extentcumulation of pref. stock
amount of "net income available for the
the
April 8 1933
dividends," and a voting trust certificate representing two shares of new
class B (voting) stock. If the plan becomes inoperative, all deposited
notes, with the Feb. 1 1933 and all subsequent coupons attached, will be
returnable to the holder without expense upon surrender of his certificate
of deposit.
$2.163.900 Cumulative ($100 Par) Preferred Stock, Series A and Series B.
The holders are asked to deposit their stock with Omaha National Bank,
Omaha, Neb., as depositary, and if plan is declared operative the holder
will receive for each share of present pref. stock deposited three shares
of new $2 dividend non-cum. class A stock (non-voting). If the plan
becomes inoperative, all stock deposited will be returnable to the holder
without expense. This new class A stock will have substantially the same
type of provisions as to participation in dividends and the distribution
of assets as the present class A stock.
90,240 Shares of Class A Stock.
The holders are asked to deposit their stock with Omaha National Bank,
Omaha, Neb., as depositary, and if the plan is declared operativejthe
holder will receive one share of new class 13 (voting) stock for each two
shares of the present class A stock deposited. If the plan becomes inoperative, all stock deposited will be returnable to the holder upon surrender
of his certificate of deposit without expense.
200,000 Shares of Class B Stock.
The plan contemplates that the present class B (voting) stock will be
surrendered, though no commitment for this surrender has as yet been
received.
Provisions for the Issue of Authorized Stock in Addition to That to Be Issued
Under the Plan.
The total number of shares of stock which it Is contemplated the company shall have the power to issue and the number of shares of stock which
it is proposed will no issued in accordance with the plan, asstuningiall
smurity holders accept the plan, is as follows:
Total Shares
Shares to Be Issued
Authorized.
Under the Plan.
50,000
40,200
$3 dividend preferred stock
50.000
12,000
$4 dividend preferred stock
100,000
Class A stock
405,000
2 90
01017
2
Class B (voting) stock
It Is contemplated that the new class A stock to be issued under the plan
will be issued as a reclassification of the present pref. stock rather than as a
strictly new issue, and that such shares of the new class B (voting) stock
as are issued for the present class A stock will be issued as a reclassification
of the present class A stock rather than as a strictly new class B (voting)stk.
Voting Trust Agreement.
When plan has been consummated, Fred W.Sargent, Pres. of Chicago &
Ry., Chicago; W. Dale Clark, Pres. of Omaha National
North Western
Bank, Omaha, Neb., and Walter H. Andersen (C.P.A.). Chicago, have
consented to act as voting trustees under the voting trust agreement under
which are to be deposited such of the 200,020 shares of new class B (voting)
stock as are alloted to the present bondholders, noteholders, debenture
holders and class A stockholders under the plan. The voting trust agreement will run for a period of five years unless sooner dissolved by vote of
the holders of a. majority of the then issued and outstanding voting trust
certificates.
Securities to Be Outstanding, Assuming All Security Holders Accept Plan.
1st lien coll. 534% gold bonds (series A & B, due Nov. 1 1956) $7,470,000
1st lien coll. *515% gold bonds (series D, due June 15 1948) 2.800,000
Iowa-Illinois Tel. Co. 1st mtge. & coll. lien 534% gold bonds
(series B,due April 1 1938)-a
704.000
Preferred stock, no par value (40,200 shares of $3 dividend
ad
-vdoetnidng)
n
sh on cum
:
64 210
52 007a
a ndA 4t
ass 12,010 ( aree of $4..
non
no par value, $2 div )_ _
Cl
Class B stock (vot.stk.,no par value,to be represented by v.t.c.)200.020 she.
* 35 of 1% per annum of this return will be represented by coupon scrip
which cannot be secured under the terms of the 1st lien coll, indenture.
a Gives effect to consummation of an exchange plan now over 85%
completed.
ea
oti:) pocn
Distribution of New Class B (VActzptStia k Assuming All Security Holders
Shares of New
Class B (Voting)
Stock to Be Issued.
Security Now Owned
1st lien coll. 534% gold bonds (series A & B) (1 share per $100 of
)
%
bo edac to 5 pres ntnds (se tinc trdas certifier s10
t un n ;oil.be regoldeboed by vgas g) thare pcates
0 of bonds;
1st
to be represented by voting trust certificates)
28,000
-year cony. 6% debentures (2 shares per $100 of debentures;
10
to be represented by voting trust certificates)
28,200
$100 of notes; to be represented 24.000
-year 7% gold notes (2 shares per
3
by voting trust certificates)
Class A stock (present class A stockholders are allotted 1 share of
the new class B (voting) stock for each 2 shares of present class A
stock now held; to be represented by voting trust certificates)- 45,120
Total
200,020
9 .o
31
Consolidated Income Statement 12 Months Ended N v. 30.
ss
(Reflecting annual charges on securities to be outstanding, assuming all
the security holders accept the voluntary plan of adjustment & refunding.)
1932.
Operating revenues-----------------------------$2,887,095 $2,425,361
Non-operating revenues
43,382
39,327
Total gross earnings--- -- ------- 7----------$2,926,422 $2,468,744
-taxes)____ 1,764,557 1,609,809
Oper. exp. (incl. maint. StStaie - loca
-- --$1.161,865 $858,934
Net before depreciation--- ---------Proposed annual interest requirement on funded debt'
b Iowa-Illinois Tel. Co. 5348
38.720
38,720
and B)
1st lien coll. 534s (series A
410,850
410,850
c 1st lien coll. 534s (series D)
154,000
154,000
Balance available for depreciation, &c
$558,295 $255,365
Estimated cash requirement for depreciation and
necessary capital additions to ProPerties-d
288,709
242,536
Balance _
$269,586
x Proposed annual div. requirement on new pref. stk_
168,600
a$12,828
168,600
Balance_f
$100,986
Proposed annual dividend requirement on new class
A stock (non-cumulative)
129,834
a See statement of recent earning trend below. b Gives effect to completion of an exchange plan now over 85% completed. c 34 of 1% per
annum of this return will be represented by coupon scrip which cannot be
secured under the terms of the 1st lien coll, indenture. d Because of low
earnings and the general financial situation, it is not possible for the company to reimburse itself for any capital expenditures, included above,
through the sale of securities and for that reason this item is shown as a
deduction prior to certain charges. e Until the interest scrip due Dec. 31
of 1935 and 1936 has been retired the balance will be reduced to the extent
of the reserve for the payment at maturity of the interest scrip. f It should
be noted that operating expenses for the 12 months ended Nov. 30 1932
($1,609,809) represent a reduction of $154,747 compared with the previous
12 months' period. A substantial portion of these operating economies
can be maintained permanently even when business increases, which reductions in expenses together with additional economies recently placed
in effect(which can be maintained permanently in part) would substantially
increase the above balance of $100,985.
x Cumulative only to the extent that dividends are covered by the amount
of "net income available for the cumulation of pref. stock dividends... as
defined in the deposit agreement.
Earning Trend of Dec. 1932. Jan. 1933 and Feb. 1933.
In line with the policy which has been observed for six years, the company does not release its Dec. 31 balance sheet or earnings for the period
ended that date, or statements covering later periods, until the newel annual
audit by certified public accountants Is completed. Consequently. November figures are used in this plan. The preliminary company figures show a
decline, however, of approximately $15,000 in net earnings before depre-
Financial Chronicle
Volume 136
elation for each of the months of December and January and $11,000 for
the month of February (as compared with the same months the previous
year). On this basis net earnings before depreciation for the 12 months
ended Feb. 28 1933 will be $41,000 less than for the 12 months ended Nov.30
1932, shown above. For the 12 months ended Nov. 30 1932 the average
decline in net earnings before depreciation was more than $25,000 per
month (as compared with the same period the previous 12 months). Company is considering setting up an additional $15,000 reserve for uncollectible accounts as at Dec. 31, which, if done, will further reduce earnings
to that extent.
Consolidated Balance Sheet Nov. 30 1932.
Assets
LiabilitiesPlant, property, rights, &c__$23,119,890 Pref. stock-Series A & B__ $2,163,500
39,655
Miscellaneous investments__
33,310 Ser. B represent. by fr.warr.
Debt discount and expense__ 1,146,788 Cl. A stock (88,941 shares).. 2,594,047
Special deposits
20,055 Cl. B stock (200,000 shares). 4,060,000
20,628
Prepaid accounts and deCl. A stk. diva. pay.in A stk.
ferred charges
13,510,000
132,041 Funded debt
Funds in escrow
48,126
20,000 Deferred liabilities
Cash and working funds
810 178
89,299 Current liabilities
Warrants and notes receiv'1,245,752
Reserves-Depreciation
able
14,444
Contributions for extenrens
91,584
Accounts receivable, leas re543,577
Capital surplus
serve
161,269
286,650 Earned surplus
Material and supplies
271,561
Total
-V. 136, p. 1883.
" ..Chester
$25,211,179
Total
$25,211,179
2421
Balance Sheet Dec. 31.
1931.
1932.
1031.
1932.
Assets$
Invest, in road:&
Capital stock
19.877.000 19,877,000
equipment
46,431,618 48,035,498 Long-term debt._ _20,123,000 20,132,000
Expend, on leased
Loans & notes pay 4,128,024 4,128,024
lines
5,426,039 5,659,062 Misc. accts. pay_ - 602,932
435,663
Misc. phys. prop_ _ 154,577
47,072 Acer. int. & rents
Deposits. in lieu of
payable
134,276
132,759
mtged prop. sold
49,625
68,864 Other curr. liab
12,011
12,097
Invest. In affil.cos. 405.302
647,688 Deferred liabilities 1,788,319 1,788,650
Other investments
8,288
75,045 Tax llab. & other
4
Cash
226,562
223,607 reserves
587,713.
583,428
Special deposits_ _ _
38,144
40,168 Accr. depr., equip.
51,519
Jr buildings__
Loans & notes rec_
12,427
7,506,075 6,883,138
Misc. accts. rec_
134,192
181,892 0th. unadj. credits 400,242
394,410
Materials & supp_ 530,009
667,955 Misc.fund reserves 2,511,093 2,332,199
0th. eurr. assets
10,615 Profit & loss_ __ _def.1,148,593 1.925,705.
Deferred assets
3,000,574 2,808,712
Unadjusted debits.
88,647
113,088
Total
56,516,375 58,630,785
-V. 135. p. 463.
Total
56,516.375 58,630,785
akota Central Telephone Co.
-Omits Dividend.
The directors recently voted to omit the quarterly dividend ordinarily
payable about April 1 on the common stock, par $100. From 1925 toe
and incl. Jan. 1 1933 regular quarterly distribu;
.,...,,... per share wer
t
i
.
'
t !2
made on this issue.
-V. 136, P.
8z Philadelphia Ry.-Omits Dividend.
--Plan Abandoned.
‘ East Coast Utilities Co.
At a meeting of the directors held on March 27 1933 no action was taken
The reorganization plan, dated
y 2 1932 of the Empire Public Service
on a dividend, the earnings of the company not justifying a declaration
Corp. (V. 134, p. 3822). has been abandoned:
at this time. Dividends have been paid as follows: 37% cents per share
A new committee is being formed to reorganize the East Coast Utilities
on Jan. 15 1932, 3734 cents per share on April 15 1932, 30 cents per share
Co. It will be headed by Edward C. Delafield and include Robert W.
on July 15 1932, none on Oct. 15 1932 and 87% cents per share on Jan.
Rea and James Bruce. A. reorganization plan is expected to be prepared
16 1933.-V. 135, p. 4559.
soon by the committee.
-V. 134, p. 3979.
Chicago Aurora & Elgin RR.
-Earnings.
Eastern Utilities Investing Corp.
-Offer Extended.
Calendar Years1930.
1931.
1932.
It is announced that the offer of the General Finance Corp. of Feb. 16
Operating revenue
$1,671,181 $2,176,077 $2,661,062
1933, to exchange each $1,000 principal amount of 5% gold debentures of
Operating expenses
2,296.702
2,113,029
1,848,343
1954 for either: $1,000 principal amount of Associated Gas & Electric
Co.4% gold debentures due 1983 or $1,000 principal amount of Associated
Net revenuefrom ry. operations__ _loss$177.161
$364,360
$63,048
Gas & Electric Co. income debentures due 1983, has been extended to and
Net loss from auxiliary operations
1,662
3,808
including May 1 1933.
Taxes
90,324
102,033
117,472
There remains outstanding in the hands of the public less than 10% of
the total original issue, over 90% having been acquired by subsidiary or
Operating deficit
$40,646 Inc$270,228
$294,633
affiliated interests or deposited under the terms of the offer dated Feb. 16
Non-operating income
286,953
299,131
244,587
1933.
The General Finance Corp., in accordance with its letter of Marcia 15
Gross income
$557,181
$258,485
loss$50,046
1933, will immediately pay to all who deposit their debentures on or before
Interest on funded cent
478,031
505.526
493,243
Other deductions
the close of business May 1 1933, with March 15 1933, and subsequent
98.446
78,444
101,971
coupons attached, an amount equivalent to the interest represented by such
Net loss for the year
March 15 1933, coupons.
$645,260
$19,297
$325,485
Holders desiring to accept said offer should deposit their debentures at
Balance Sheet Dec. 31.
once, with all unpaid coupons attached, with the Chase National Bank of
-V. 136, p. 1546, 1884.
1932.
1931.
the City of New York, depositary, N. Y. City.
111.
1932.
Assets$
Liabilities$
$
Investments
-Dividend
20,209,119 21,037,148 7% pref. stock_ ___ 746,000
746,000 ""...-.Edison Electric Illuminating Co. of Boston.
Cash
65,554
57,463 Common stock- __ 9,500,000
-The directors on April 3 1933 declared a
Working funds_ _ _
5 °500
777
11,185 Funded debt
8,231,050 :: °:" Rate Decreased.
Loans & notes me_
67,893 1 30,414 Notes pay.-attll- •
quarterly dividend of 2M% ($2.50 per share) on the outAccounts receliele_
1105,779
940,000
fated co
940,000
standing $53,487,500 capital stock, par $100, payable May 1
Materla &supplies 144,563
135,697 Accts. pay. at date
Prepaid expenses&
to holders of record April 10. In each of the three preceding
of receivership &
deferred items
429,463
449,949
accr. int, on bds 947,423
quarters a distribution of $3 per share was made,as compared
87,137
Accrued wages...,
28,988
with $3.40 per share paid every three months from Nov. 1
151,342
152,609
Misc, accts. pay
38,767
11,632
Acad.int. payable
1929 to and incl. May 2 1932.
125,604
155,740
Accrued taxes_ _ _ _
In connection with the dividend announcement, the com98,646
103,560
Deterred liability_
834,986
662,335
Reserves
pany stated in substance:
9,171
11,069
0th. unadj. credits
Rate reductions have been authorized effective May 1 for users of elec518,480
def573,796
Surplus
tricity in offices and stores.
In the last 10 years, the rates for residence use have been reduced five
Total
20,916,593 21,827,636
20,916,593 21,827,636
Total
times whereas the rates for power have remained practically unchanged
Note.
-Cumulative dividends on the prior lien pref. stock in the amount
and customers using electricity for offices and stores have not benefited
of $65,275 are in arrears since Sept. 30 1931.-V. 134, p. 2903.
to the same extent as residence customers. It is hoped that these reductions
of stimulaling business and aiding in economic recovery,
will
Cleveland Electric Illuminating Co.
- and have the effectthis result it seemed to the management proper that the
-Rate Reduction.
to accomplish
The company has accepted the 6%-year electric light rate ordinance
stockholders should for the time being at least contribute their share with
passed by the City Council of Cleveland, 0.
the employees in making the rate reductions possible. A considerable
The ordinance, affecting commercial and domestic customers, fixes the
4, ing 1c compensation
14
.
decrease in pay roll should be accomplished by re: 1
maximum rate for electricity at 4 cents per kwh and a minimum charge
of all officers and employ
V. 1
p
of 60 cents monthly. The new rates will be 4 cents for the first 240 kw h.
and 21i cents per kwh,for all over 240. The old rate was Scents for first
'ly Abandoned.
40 kwh., 4 cents for next 200 and 2% cents for all over 200 kwh.-V. 136. `" -Electric Public Beryl e
The reorganization plan of EmIfbi Service Corp. ,dated May 2
P. 1884.
1932 (V. 134, p. 3822), has been a ndoned.
Cleveland Ry. Co.
-Injunction Vacated.
Bondholders' Committee Plans Independent ReorganizaJudge Ewing of the Common Pleas Court at Chicago has vacated his
tion-Committee States That Company Can Be Operated'
njunction restraining the payment of the quarterly dividend of $1.50 per
share in so far as the Cleveland Trust Co. was concerned and the cashing
More Economically.
of all checks drawn and issued prior to the granting of the Injunction on
James Lee Kauffman, Chairman of the committee for the protection of
April 3. Cleveland Trust Co. was the depositary for dividend funds. This
the holders of secured bonds of the company,in a statement issued April 4
will allow all checks to be cashed, inasmuch as all dividend checks were
announced that the committee is endeavoring to formulate an independent
mailed to stockholders on March 31.
plan of reorganization for the sole benefit and protection of the secured
The plaintiff who obtained the temporary injunction has filed an amended
bondholders. In the meantime, he adds, the committee will give immepetition asking a permanent injunction restraining the payment of any future
diate attention to ways and means of reducing the operating expenses of
dividends while the company is in default on a $6,000,000 bond issue due
the properties, which, it contends, are too high.
March 1, last. In event of failure to obtain this, the plaintiff asks for an
The company has been in the hands of receivers for over a year," states
operating receiver for the company.
a letter to the bondholders, "but the management has been practically the
The company offered to exchange $6,000,000 10
-year 6% sinking fund
same as before the receivership. The 'management fees' for the year 1932
1st mtge. bonds for the $6 000 000 two-year 5% bonds which fell due
were $50,334, in addition to salaries paid by each of the operating subMarch 1.-V. 136, p. 1545.
its shouldo"ngld.)yees. In the opinion of the committee, these
expenses
ine ma
b eresrially decreased if the bondholders
olumbia Gas & Electric Corp. Smaller Common Div
to protect their interests.
dencl-Bank Loans Reduced The dir ors on April 6 de- act in unison further states thattthe bondholders' committee endeavored
The letter
dared a uarterly dividend of 20 cents per share on the cornto work out a plan of reorganization in co-operation with committees reprosenting other securities holders, but due to the sharp decline in earnings for
mon stock, no par value, payable May 15 in cony. 5% cum.
1932 -it has been impossible to consummate any plan in co-operation with
reference stock, )fir $100, to holders of record April 20.
such other committees."
"We believe," continues the letter, "that if the bondholders, or a large
his compares with 25 cents per share in conv.5% preference
proportion of them, will act in unison steps may be taken to induce the
stock paid on the common shares in each of the four pretrustee, under the indenture securing the secured bonds, to vote the shares .
ceding quarters.
of the operating subsidiaries of the Electric Public Service Co. now pledged
with it, for the election of directors satisfactory to this conimittee, so as
The company states that bank loans are now $13,000,500.
to assure a more efficient and economical management in the operation
This represents a reduction of $6,000,000 since the first of
of such subsidiaries." Up to date $738,500 of secured bonds have been
deposited with the committee.
the year.
-V. 136, p. 2063.
The Chemical Bank & Trust Co. is depositary for the committee. Ulysses.
D. Cutting. 72 Wall St., New York, is Secretary to the committee and
Consolidated Gas, Electric Light & Power Co. of
counsel is Patterson, Eagle, Greenough & Day.
Balti more. Earnings.
In addition to Mr. Kauffman, who is a member of the firm of Patterson,
Eagle, Greenough & Day, the personnel of the committee comprises Julian
For income statement for two months ended Feb. 28 1933 see "Earnings
D. Anthony of Columbian National Life Insurance Co., Boston; Bartlett
Department" on a preceding page.
-V. 136, P. 1884.
Beaman of Curtis, Stephenson & Co., Inc.; Edgar P. Lawson of E. P.
Lawson Co., and Charles M. Sellman of H. L. Nason .Sc Co. Inc., all of
Connecticut Co.
-Earnings.
whom are large owners of the company's bonds, or represent such holder!,
Calendar Years1930.
1929.
1931.
1932.
- The letter goes on to say: The earnings for 1932 and 1931 as compiled
Operating revenues
$8,528,589 $10,432,644 $11,956,815 $13,399,101
from the audit reports prepared by Barrow, Wade, Guthrie & Co., C.PA's,
Operating expenses
9.086,521 10,546,907
7,115,421 .7,836,377
are as follows:
Tax accruals
554,094
517,360
678,173
492,372
1931.
1932.
Gross revenue of subsidiaries
Operating income_ _ -- $920,796 $2,078,907 $2,316,200 $2,174,021
$2,139,860 $2,482,887
Balance for Elec. P. S. Co. after payment of oner•
Non-operating income_ _
.
163,084
146,046
180,860
189,143
caps., taxes, subsidiary int, and dividends and
depreciation but before the payment of interest
Gross income
$1,109,939 $2,259,767 $2,479,284 $2,320,068
on the secured bonds
381,086
Deduct,from gross Inc_ _ 2,270,669
203,480
1,289,727
1,260,494
1,761 580
Interest requirements oiLilicured bonds
237.187
237.187
Net income
For the yi3ar T9
- -33, the present main:gemeat of the-compatimatee
$498,188 $1,218,790 $1,030,341
$1,160,729
Dividends
cash available for interest on the secured bonds at approximately $118,000.
1,000,000
300,000
It would appear, however, that this sum may be decreased by the cost for
Balance, surplus
construction which the company will be required to do in 1933. Even
$218,790
$730,341
$498.188
$1,160,729
2422
Financial Chronicle
should such cash amount to $118,000, it will be less than one-half of the
Interest requirements on the secured bonds. It is apparent, therefore, that
the financial condition of the company is steadily growing worse, and although this is undoubtedly due in part to general conditions, the committee
believes that the company can be operated more economically under a more
efficient management.
-V. 135, p. 2996.
Electric Power Corp. (Elektrowerke Aktiengesellschaft), Germany.
-Reduces Bonds.-
April 8 1933
Previously, the company paid quarterly dividends of $1 per share.
,
V. 124, p 3771.
Houston Electric Co.
-Tenders.
-
The First National Bank of Boston, trustee, will until noon, April 21,
receive bids for the sale to it of 1st mtge. 6% gold bonds, series A., due
June 11935, to an amount sufficient to exhaust $108,400.-V. 134, p. 2718
Illinois Power & Light Co.
-New Officer.-
Allen Van Wyck has been elected a Vice-President.
-V.136, p.1884.
The Chase Harris Forbes Corp. as sinking fund agent, announces that
-'
deposit has been received of $187,d00 6
-Dividend Deferred.0 bonds due 1950, to cover sink- --. Illinois Traction Co.
4ngfund requirements due April 1 1933. This leaves outstanding $6,750,000
The directors recently decided to defer the
dividend due April 1
on the 6% mini. pref. stock, par $100. The last re
of
lquail!'r quart
quarterly payment
--..............these bonds from an original issue of 37,500,000.-V. 134. p. 4491.
of 1M % was made on this issue on Jan. 2 1933.- .122, p. 94.
Electric Public Utilities Co.-Reorganization Plan
Approved.-
International Transit Co.
-Earnings.- ,
Income Account for Year Ended Dec. 31 1932.
Robert W. Rea, Chairman of the bondholders' protective committee,
Operating revenues
$190200,:321353065
representing holders of 15
-year 6% secured gold bonds, series June 1 1927
Operating expenses (incl. retirement appropriation, $10,003)
and due June 1 1942, announced April that a plan of reorganization dated
un
General interest
5 1933, relating to the above-mentioned bonds, has been prepared
April
and approved by the committee and lodged with the Provident Trust Co.
Net income
•of Philadelphia, depositary for the committee or Maryland Trust Co. of
Previous surplus
Baltimore, sub-depositary.
Adjustment for prior period
Dr.67 87453
16$1,179
9
Holders of certificates of deposit, the announcement states, shall be
•conclusively deemed irrevocably to have assented to the plan of reorganSurplus, Dec. 31 1932
$173,423
ization unless they withdraw from the deposit agreement on or before
May 12 1933.
Balance Sheet Dec. 31 1932.
The reorganization committee under the plan and agreement for the
Liabilitiesreorganization of Empire Public Service Corp. and subsidiary and affiliated
FixedcsTital
Assela
5640,185 Common stock
• companies, dated May 2 1932 (V. 134, p. 3822) of which Edward C. DelaCash
9,568 Accounts payable
field is Chairman, has announced the abandonment of its plan. Holders
Accounts receivable
621 Diked. railway & ferry tickets_ _$1530: 1
1
-of certificates of deposit for secured bonds issued thereunder may become
Materials and supplles
3,517 Miscell. current liabilities
74
parties to this plan.
Prepayments
351 Accrued taxes
156
Digest of Plan.
Miscellaneous deferred debits171 Due to affiliated companies_ __ _ 25,000
It is proposed that a new corporation be organized with authorized
Reserves for retirement
277,902
-capital stock consisting of 70,000 shares of common stock, which stock may
Res
for public liability
24,068
be either without par value or with a par value of a nominal amount.
Surplus
173,423
176,426
The new company proposes to acquire all securities pledged with the
trustee under the trust agreement securing the secured bonds at the time
Total
$854,414 Total
$654,414
of the acquisition thereof.
-V. 113, p. 2613.
Depositors who shall have complied with the terms and conditions of the
plan and deposit agreement will be entitled, subject to the provisions •••• ••..lowa-Illinois Telephone Co.
•
-Extension of Bonds.
thereof and upon the consummation of the plan and upon surrender to the
It is announced that more than 95% of the 1st mortgage and collateral
depoeitary hereunder of their certificates of deposit, in negotiable form, to
lien 5M %lbonds, series A, due April 1 1933, have been exchanged, or
receive, when issued and ready for delivery, 20 shares of common stock of
received for exchange, by the Northern Trust Co., Chicago, for new
the new company, or voting trust certificates therefor, for each $1,000
series B bonds of the same description which mature April 1 1938. Upon
efsecured bonds represented by such certificates of deposit.
completion of exchange $704.000 principal amount of the bonds will be
The secured bonds deposited under the plan will be available for use by
outstanding The Iowa-Illinois Telephone Co.is a subsidiary of the Central
the committee or the new company in making full or partial payment of
West Public Service Co. (which see).
.
-V. 136, p. 1885.
the purchase price of the collateral acquired. It is not contemplated that
the new company will----- cksonville (Fla.) Traction Co.
have any funded indebtedness upon the consum
dness
Ja
-S'acceSsor COMpany.
mutton of the plan, but the committee and (or) the new company will have
w glie properties of the company were soy foreclosure Jan. 3 1933 and
a
the right to pledge any or all of the collateral purchased to provide funds
acquired by the Motor Transit Co. n accordance with a plan of
for payments in connection with such purchase, to pay all expenses inreorganization formulated and approved
the committee for the first
cident thereto, and expenses of reorganization. The committee will have
consolidated bonds.'
the right to dispose of any shares of stock of the new company which
The plan dated Nov. 30 1932, gave participating bondholders for each
would be distributable to holders of secured bonds not deposited under
$500 principal amount of Traction company bonds $380 principal amount
or subjected to the plan to meet any of the aforementioned expenses or
offirst mortgage 6 % income bonds and 18 shares of common stock of the
payments or may use funds of the new company for that purpose.
new corporation having a par value of $10 each. .
All stock of the new company to be outstanding upon the consummation
The plan was prepared toy the committee with the co-operation of First
.of the plan will be deposited under a three-year voting trust agreement
National Bank, Boston; Merchants National Bank, Boston, and State
which shall provide for three voting trustees and shall contain such usual
Street Trust Co., which banks owned in the aggregate $1,215,000 principal
ed
provisions as shall be approved by the co
committee.
.and customary terms and
bonds outstanding.
The committee has invited F. W. Woodcock, L. J. Schimberg and R. W. amount out of 31.937,500 of the plan have
a capitalization as follows:
Motor Transit Co. under the
Rea to act as voting trustees.
Holders of certificates of deposit for the secured bonds of Electric Public
Authorized.
(a) First mortgage 65i% income bonds to be issued under an
rtilities Co. issued by the reorganization committee under the plan and
indenture of trust with Title & Trust Co. of Florida as
agreement of reorganization of Empire Public Service Corp. and subtrustee, dated as of Jan. 3 1933
.sidiary and affiliated companies, dated May 2 1932, may participate in
$1.655,000
this plan and become entitled to the benefits hereof by depositing their
(b) Common stock ($10 par)
70,000 she.
certificates of deposit. in negotiable form, on or before May 12 1933, with
The income bonds will be dated as of Jan. 3 1933, will be due Jan. 1
the depositary or sub-depositary of this committee. Depositors of such
1952 and will be secured by a first mortgage on all the properties purchased
certificates of deposit shall be bound by all the terms of the plan and the
at the foreclosure sale, the South Jacksonville properties and after--deposit agreement.
acquired property of the Motor Transit Co. Interest up to but
The protective committee consists of Robert W. Rea, Robertson Grisnot exceeding 13M % per annum will be payable semi-annually Jan. and July,
• wold, and Warren A. Tyson.
-V.135, p. 4033.
if and to the extent that surplus income, as defined and determined in
accordance with the indenture, is available for the payment ofsuch interest.
Public Service Corp.-Reorganization Plan Interest will be cumulative.
Abandoned.-The reorganization committee (Edward C.
The plan also provided that the Motor Transit should acquire from the
City of Jacksonville
consideration for
Delafield, Chairman) has announced that the plan dated it will issue $155,000the South Jacksonville line, inissue of $1,655,000which
income bonds from the total
prinMay 2 1932 (V. 134, p. 3822) has been abandoned,
cipal amount.
After the distribution of income bonds and stock to the holders of TracDepositors of securities under the plan may withdraw, without charge,
tion company bonds deposited with the committee and to the aforemensecurities of the character and to the amount represented by the certifitioned banks, it is contemplated that any excess income bonds and stock
cates of deposit issued by the City Bank Farmers Trust Co. as depository,
will be donated to the new company. After the exchanges outlined above
Empire reorganization committee has given to the depositors of
The
have been completed, the entire outstanding issue of income bonds, except
securities a list of committees representing security holders. This precludes
the $155,000 principal amount to be issued to the City for the South Jackany reorganization of the system as a whole and indicates a splitting-up
sonville branch and the entire outstanding issue of new stock will be held
et'the properties directly available to the various security holders of underby the participating bondholders or by or for the new company.
-V. 135, p. 3856.
lying companies.
The traction business of the City of Jacksonville will be carried on by
-Earnings.the new company under a new and more favorable franchise granted
Great Lakes Power Co., Ltd.
March 29 1932, and expiring not earlier than Mar. 291952. The new com1930.
1929.
x1931.
1932.
Years End. Dec. 31pany will have a board of nine directors, of which one will be selected by the
$704,834
$705,241
y$722,872
$746,461
Operating revenues
city, two by the banks and one by the committee. At least a majority
Operating exps., maint,
will be residents of Jacksonville.
323,795
249,481
304,068
154,667
& taxes
The franchise contemplates that the operating company may at its elec115,571
77.938
120,186
90,224
'Retirement appropriat'n
tion, by and with the consent of the City Council of Jacksonville, gradually
46,094
Frov.for doubtful sects_
substitute motor buses or some other form of transportation for street
railway lines.
-V. 135, p. 2175.
3326,822
8303301
$335,574
Net operating income_ $431.887
21,222
30,074
21,287
3,582
Non-operating income
-Bonds Approved.
Los Angeles Gas & Electric Co.
This corporation, a subsidiary of the Pacific Lighting Corp., has applied
$333.175
$348.109
$306.796
$435.469
Gross income
to the California RR. Commission for an order authorizing the j
secies issuance
116,370
121,615
128,186
109.900
Int. on funded debt _ __ _
and use for sinkingfund purposes of 482,100 par val
bonds.
277,743
'General interest
3,655
-V. 136, p. 224.
46,6649,521
26,643
Iliac.int. & oth. deducts
Utilities, C.
an Abandoned.
5202.039
3224.955''"..,Louisiana Ice 8c
8185,075
$21.183
Net income
bile ervice
dated May 2
The reorganization plan of Empire
42,000
42,000
44,450
Preferred dividends.---52,500
i
1932 (v. 134. P. 3822), has been aban
V.:.:6,
80,000
110,000
90,000
20,107
,
Common dividends
p432
- .)Gas Coo._necls---1.m-a-Di5tri,bu- .4111
. -- Corp., 7. tion
"
anhester (14 H
.1
-c
$50,039
$102,955
350,625
Surplusfor year
def$51.424
A quarterly dividend'of Viper share was recently declared on the common
x On Oct. 6 1931 The Great Lakes Power Co. Ltd., and The Algoma
p v arch = .-v. lmpapes1w3th
2
0.deThie co16 r. 5 19
.
stock, payable Aprilll to holders of recorikIlle.y...
District Power Co. Ltd., were amalgamated, forming Great Lakes Power
quarterly distributions of $2 Per share
.
-Co., Ltd. The figures for 1931 are for the consolidated figures for The
Great Lakes Power Co., Ltd., and Great Lakes Power Co., Ltd., together r"Maritime Telegraph & Telephone C=lo••
.-BMaller
with the International Transit Co. y Does not include International
Dividend.- 1211041$
Transit Co. (which see).
A quarterly dividend of 15 cents per share was recently declared on the
Comparative Condensed Balance Sheet as of Dec. 31.
common stock, par $10, payable April 1 tor holders of record Mar. 21.
1931.
1932.
This compares with quarterly dividends of 20 cents per share paid from
1932.
1931.
Liabilities$
$
$
Oct. 1927 to and incl. Jan. 1933.-V. 135, p. 3356.
PrAssels750,000
Property account_10,402,492 10,374,407 Preferred stock- 750.000
Motor Transit Co.-Acquires Properties of Jacksonville
428,438 Common stock-- 2,050,000 2,050,000
Inv. In tarn. cos__ 150,501
1,795,000 1,905,000
79,930 Funded debt
79,930
Inv. in other utllsTraction Co.-See latter company a ve.
19,142
18,002
payable_
14,521 Accounts
11,906
-Warts & supplies_
95,354 Bank
Accts. rec'ble, eze. 237,572
anks and Insult Units
loan5° °168.. Z-National Electric Power Co.
"%4
1
1,270
32,430 Consumers* depos38,359
Cash
34.375
4,375
Will Set Up Company to Adjust Their Claims.
-Referee
547 Divs. accrued__
56
special deposits25.600
7.422
497
2,329 Taxes accrued-Prepayments
Kurtze Calls Creditors for April 27-Reor nization of Four
19,502
17,950
Interest accrued-_
t
Miscell. Invests. &
Planned at Presen
Holding Firms is Not
10,965
47,187 Due to atfil. cos- 4,019.500 3.759.918
marketable secs_
et Co. and Chemical
1.289,322 1,164,998
As a meanslto7adjiistIthecla1m5:of New Yor
40,898 Reserves
43,588
Misc. def'd debits_
135
Misc. unacii. creds
795
Bank & Trust„Oo.iagainst National Electric Power Co., National!Public
1,022,891 1.335,538
Surplus
Service.Corp. •SeaboardiPublic Service Co. and Electric Management &
Engineeringidorp., unitslinIthe formergnsull system, and to:adjust claims
10.975,867 11,118,039
•.ainst,each'other among°the fourilastfnamed companies, a new company
10,975,867 11,118,039 Total
Total
will be formed, in 1which!the banks and the holding firms will have an
134, p. 2905.
A l 2 f rth in ICurtz,
-Na
interest,' according Ito la plan flied Aprilprilwith uirwer states: referee in
-Dividend Reduced.- bankruptcy. The a"Herald Tribune"
"Greenfield (Mass.) Gas Light Co.
While not a reorganization, the program submitted to Referee Kurtz
75 cents per share was recently declared on the
W A quarterly dividend of
.
by Irving,Trust Co., as trustee in bankruptcy, will bring to a close financial
common stock, par $50. Payable April 1 to holders of record March 15.
Volume 136
Financial Chronicle
2423
Apparently not anticipating that any such agreement would evolve,
two of the banks who were concerned in the affair earlier, Chase National
Bank and Central Hanover Bank & Trust Co., reduced the collateral
securing notes of the companies to possession. Central Hanover took
position
that action last December, while Chase did it in February. The security
of those banks has been changed from that of direct creditor to
holder, except in case of the Chase, which bid in the collateral it was offering for less than the amount of the note, making the bank a creditor
for the deficiency.
Chase is concerned in the jdan presented to the referee yesterday in
that included in the collateral National Puolic Service pledged with Chemical
on a note of $4.930.000 was "all right, title and interest of Electric in and
to all notes, bonds, stock and(or) other securities pledged by Electric to
Chase to secure the payment of a note of Electric to Chase originally in
the principal amount of $6,000,000. dated June 19 1931, including among
such notes so pledged a note of Seaboard to Electric originally in the principal amount of $6,000,000, dated June 19 1931."
Some solution of the overlapping responsibilities that are contemplated
under the present plan is expected, but further details, apparently, have
yet to be worked out.
have raged since
controversies involving claims and counterclaims thatthe collapse of the
the companies first got into difficulties last July after Samuel and Martin
vastginsull utility system and the subsequent flight of
refutes the
Insult from the United States. At the same time, the plan agreement
the country that no
many reports in Wall Street and throughoutwould ever be reached.
the involved emirs of the companies
on
on the
ise Referee Kurtz yesterday ordered a hearing to be held April 27
proposed plan. The special meeting of creditors will be in the referee's
15 Park Row at 10 a. m.
offices at
shares of
lie The capitalization of the new company will consist of 100.000
common stock without par value and 64,050,000 of secured gold notes.
be dated April 1, due and payable *April 1 1936. and will
The notes will
bear Interest at the rate of 6% annually, payment subject to the discretion
of eries A and
of directors. The notes will be made up of $3,600,000
$450,000 of series B.
Division of Securities.
ha
held
a. New York Trust Co.. in return for giving up certain collateral seriesat
A
present for its notes of the holding companies, will receive all of the will renotes and 20,000 shares of the common stock. Chemical BankNational
the series B notes. Irving Trust Co., as trustee for
ceive all
for
Electric Power, will receive 62,400 shares of common. As trustee the
Chase National Purchases Collateral.—
Seaboard Public Service, Irving Trust will receive 17,600 shares of
The Chase National Bank on March 31 purchased at public auction
common.
all the collateral for a $5.485,050 note of the Seaboard Public Service Co.,
concurrence
Electric Power Co. system.
It is planned that the 100,000 shares of common, with the
a holding company subsidiary of the National a
terms
of New York Trust and Irving Trust, will be made subject to the
The note was held by the bank as security for defaulted loan to National
trust certificates.
of a voting trusteeship that both will agree upon. Votingmanner outlined.
Electric Power, and the bank was the only bidder at the auction, acquiring
Instead of the common stock, will be allotted in the
the collateral for $4,002,540.
The agreement is to remain in force until April 1 1938, with one trustee
On Feo. 7 the bank acquired $382,500 National Public Service Corp.
the third by
to be selected by Irving Trust, one by New York Trust andacceptable to
debentures and a promissory note of the Seaboard Public Service Co..
loan
the first two voting trustees. The third trustee must be
the note having originally been given as security for abank made to National
possession of the
Irving Trust and New York Trust.
Electric. Possession of the note did not give the
Under the present plan the board of the new company would consist
which was bid in March 31.
underlying collateral,
by
of the Insult
of five directors, two to be selected by Irving Trust and twofourNew York
So complicated was the inter-company loan arrangements
directors,
the first
collateral
Trust. The fifth director would be selected by
system that even the present sale did not bring all the tangible the colwith the provision that he be satisfactory to Irving and New York.
Chase National Bank because among
into the possession of the
& Power Co. and the
New York Trust Claims $3,148,953.
lateral acquired were notes of the Buckeye Light of underlying operating
Central Eastern Power Co., both secured by stocks
New York Trust's claims against the companies, as of yesterday, totaled
colconcerns. To give the bank full ownership and possession of this
83,148.953 including interest, unpaid principal, expenses and disburselateral a third sale will be required.—V. 136. p. 1015.
for $2,325,000,
ments. The claim arises from two notes. The first is
secured by 11 separate blocks of collateral. The second is for $825,000.
Corp.—Customer Owners of
.
secured by 166.589 shares of Penn Central Light & Power. Both are "" "'Nevada-California Electric
notes of National Public Service. The terms under which New York
Preferred Stock Offered Debentures in Exchange for Holdings.—
Trust would receive the series A notes and the common shares call for the
The corporation is offering new 7% debentures in exchange for its 7%
sale and transfer of the above collateral to the new corporation. At the
preferred stock on a par-for-par basis. The debentures may be converted
same time New York Trust would turn over to the new company $451.046
1935 and
into $6 preferred stock at 90 during 1933 and 1934, at 95 duringcustomer
or notes of Georgia Power & Light to Virginia Public Service.
In cash
to
at 100 thereafter. The exchange offer is being made only to
The agreement further provides that New York Trust will turn overfor
p. 2243.
owners of the preferred stock.—V. 136,
the new company 5,882 shares of common, or voting trust certificates, 1
principal and interest, by April
cancellation if the series A notes are paid.
--Monthly "French"
New Jersey Bell Telephone Co.
1935.
Chemical Bank, in return for the $450,000 of series B secured notes, by
Phone Fee Cut.—
company the note of
the plan, will agree to sell and turn over to the new
See New York Telephone Co. below.—V. 136. p. 2243.
Seaboard Public Service to National Electric Power for $3,000.000, 200,000
share of Florida Power and all of the common stock of Georgia Hight &
New Orleans Public Service Inc.—Tenders.—
Power held as collateral for a note of Seaboard Public Service to the bank.
The New York Trust Co., trustee, 100 Broadway, N. Y. City, will
At the same time Chemica will pay to Irving Trust, as trustee for National
until 2 p. M. on May 3 receive bids for the sale to it of general lien 4%%
Irving, as trustee for Seaboard
Public Service $20,500, and will turn over to
gold bonds, due July 1 1935. to an amount sufficient to exhaust 8150.258
Public Service, the note of the latter company of $68,000 and the collateral,
at prices not exceeding 105 and interest.—V. 136, p. 2243.
not already allocated to the new company,securing the note.
New York State Electric & Gas Corp.—Ordered to
Chemical Allowed to Sell Shares.
Ai there will be a deficiency arising from the difference between the
Alter Valuations.—
$4,575,995 which is Chemical's aggregate claim against the companies, and
The Public Service Commission of New York announced April 3 that it
the 8450.000 the bank will receive in series B secured notes Chemical will
had adopted a report on certain transactions of the corporation in which It
be permitted to sell, and retain the proceeds therefrom, of $4,670.500 prin.
states that properties which did not cost the Associated Gas & Electric
dpa amount of first lien and collateral trust 5%% bonds of Northeastern
System more than $2,275,000, when purchased from outsiders, were placed
Public Service and 104,600 shares of common of the same company, seon the books of the New York operating company at $13.500,000.
curity of a National Public Service note of $4,930,000 The bank must
"The Commission has directed the New York State Electric & Gas
agree that the minimum price for these securitie will be $4,146,495 or
Corp. to correct its accounts and records, and has specifically set forth
enough to make up the deficiency. If the price exceeds the minimum set,
the journal entries to be made," the announcement said.
the bank will have to turn over the amount by which it is exceeded to
After a review and explanation of the transactions involved in the inIrving Trust, as trustee for National Electric Power.
vestigation, the Commission's report states: "It is apparent,from a review
The bank is further required to agree that it wll bid in the securities
of the facts found in this proceeding, that the accounts and records of the
Itself if no other bidder offers the minimum set, but that it wil notify
New York State Electric & Gas Corp. do not reflect its true financial conIrving Trust three days before the sale to permit the latter to seek a higher
dition and have not been kept in accordance with the uniform system of
price than the minimum.
accounts prescribed by this Commission under the authority of the public
Irving Trust, as National Electric Power trustee,1011 sell at $10 a share
service law.
to the new company all the odd shares now held by National Electric Power
"Whatever purpose the officers of the New York State Electric & Gas
The new company will hold in its own right all the shares of stocks and
Corp., who were also officers in the Associated Gas & Electric Co.. sought
bonds sold to it or transferred to it by New York Trust, Chemical Bank &
to accomplish by such unwarranted and unauthorized action, it is certain
Trust and Irving Trust as trustee for the four bankrupt holding companies.
that the result of the transaction could only tend to mislead creditors of the
At the same time, the new unit will turn back to Irving Trust all notes of
corporation and the public who invested money in its securities. —V.136
Seaboard Public Service to National Electric Power that are received in the
P. 493.
transfers.
Plan Will Release Companies.
New York Telephone Co.—Monthly "French" Phone
When the full details of the above plan are put into effect each of the
Fee Cut.—
banks involved will release each of the companies against whom it had any
bankruptcy for the four companies,
claims. Irving Trust as trustee in
The New York P. S. Commission on April 5 ordered the company to
will then release the bank from any claims that the holding units may have
reduce from 25 cents to 15 cents a month its additional charge to subscribers
had against the financial institutions. In addition, the claims that the four
for the use of hand-set or French type telephones. The order goes into
companies have had among themselves will be withdrawn by Irving Trust,
effect May 1 for a period not to exceed two years. It will result in an
acting as trustee for each in turn.
estimated saving of nearly $1,000.000 a year to subscribers throughout the
The plan as submitted to the court yesterday has the approval of the
State, according to the Commission's announcement.
banks. Various protective committees have not been required to furnish
A similar order was issued by the New Jersey Board of Public Utilities
approval, as the program is principally to adjust the difficulties with the
Commission to the New Jersey Bell Telephone Co.
banks. The makeup of the four companies is such that general creditors
On Mar, 1 1933 the New York Telephone Co. had 2.370.425 stations,
will levy against the shares in the new company alloted to National Electric
of which 800,000 were hand sets in the hands of approximately 200.000
Power and Seaboard Public Service.
customers.—V. 136. p. 2068.
National Electric Power owns 96% of the voting stock of National
Public Service, which owns 99% of the voting stock of Seaboard Public
New York Water Service Corp.—Earnings.—
Service. National Electric Power and National Public Service each own
For income statement for 12 months ended Feb. 28 see "Earnings De50% of the voting stock of Electric Management & Engineering. Irving
partment" on a preceding page.—V. 136. P. 658.
Trust as trustee, at present holds the stocks in these companies for the
bankrupts.
N. Y. Westchester & Boston Ry.—Earnings.—
The meeting of creditors called by Referee Kurtz for April 27 will
1929.
1930.
1931.
1932.
Calendar Years—
discueth
plan as it appears to them. No direct provision is made for creditors.
$1,872.531 62,185,468 $2.485.395 $2.530,489
Operating revenues
They will have apportioned among them such assets as remain when the
1,570,219
1.521.839
1.457,417
1,396,896
Operating expenses
secured notes have been paid. The proportion that remains for the stock
275.818
272.554
280.136
321.712
Tax accruals
Allocated to National Electric Power and Seaboard Public Service will have
to be divided among them.
$684.452
$691.002
$447.916
$153.923
Operating Income_ _ _ _
It is planned that the $4,050.000 ofsecured series A and B notes will have
12,460
10.452
27.623
27.062
Non-operating income__
the same terms and provisions and shall be issued under and secured by
an Indentures to New York Trust, as trustee, which shall include such pro$8913,912
6701,453
$475.538
$180.985
Gross income
visions as are satisfactory to Irving Trust and its counsels and New York
2.867,848
2,794.877
2.853,895
:Deducts.from gross Inc 2,866,197
Trust and Chemical Bank.
It is believed that the present earnings of the companies whose securities
$2.685.212 62.378,356 $2.093.423 $1.970.936
Net deficit
are pledged with the new company will be sufficient to meet the 6% inDeductions from gross income include $1,471,043 In 1932. $1,413.290
:
terest rate of the secured notes. The earnings of these companies were
In 1931, $1,357,635 in 1930 and 81,323,117 in 1929, intermit accruing to the
approximately $750.000 in 1932, more than three times the interest reN. Y. /i. H. & 11. RR. but not included in the income account of that
quirements. During the time that the holding companies have been in
company.
bankruptcy the operating units have been without central supervision.
Balance Shed Dec. 31.
It II believed that with the proposed plan effected the operations of the com1931.
1932.
1931,
1932,
panies may be on a more favorable basis.
LiabUtties—
a
with the proposed program, new money will be brought into the
Assets—
8
In line
Capital stock
5,005,250 5.005,250
Invest. in road dr
operating companies through advances from the banks. Although the
25,438,749 25,459,696 Long-term debt__-23.462,492 23,582.104
equipment
plan does not include specific mention of what funds will be available, and
Loans & notes pay.24.544,860 23,582,310
Deposits in lieu of
the agreement to provide such advances is not part of the plan, it Is be8,598 Audited accts. &
19,688
mtged. prop.sold
lieved that approximately $700,000 will be available.
476,491
28,457
21,957
wages payable__ 736,352
Invest.in WM.cos.
Discussed Three Afonths.
263,784
106,025 Misc. accts. pay-_ 270,043
Other investments 106,025
The present plan has been under discussion since about the first of the
Intangible assets 8.193.291 8,193,291 Matured Int., dive.
for agreement have been reported In
current year. Rumors of some basis
98,241
75,565
dc rents unpaid__ 17,852,630 16,257,749
Cash
Wall Street for several weeks, but little credence was accorded the rumors,
435,803 Accr. Int., diva. &
436,568
Special deposits_
due to unfounded previous reports. Efforts toward some agreement have
215,310
Misc. accts. reedy.
24.550
24,040
rents payable_ __ 218,629
been made since last July,shortly after the four companies were adjudicated
41,185
5
59,472 Other curr. Habil_
Materials & supple
bankrupt in the United States District Court for the Southern District of
155
31
105
Other curr. assets_
Deferred llabditic ;
At that time Irving Trust was appointed trustee in bankNew York.
5,178
4,640
Deferred assets_ _ _
25,456
20,199 Tax debility
ruptcy for each of the companies. Edward L. Williams, as counsel
Unadjusted debits 1,330,455 1,344,305 Accrued deprec.—
for the trustee has sought to bring the various contesting groups into
1,153,650 1.010,508
equipment
agreement. The multiplicity of interests has prevented any solution of the
209
5,748
Other unadi. credit
problem until now.
Additions to prop.
current plan indicates a change in the tactics of the trustee and its
The
13.883
13,883
through surplus_
counsel. Beginning with the banks, each group will be treated in turn.
37,332,106 34,839,485
Deficit
It remains for other creditors to put themselves on record as for or against
the proposed program. What weight such opinions from other creditors
35,736,176 35,753.452
Total
35,736,176 35,753,452
Total
will have with the court remains to be seen. After almost a year of wrang—V.134, p. 2622;
ling and uncertainty the problem for the first time seems near some solution.
2424
Financial Chronicle
North American Co.
-Appointments.
-
President Frank L. Dame has announced the appointment
Smith as Assistant Vice-President and Charles E. Neil andof R. Gilman
Edward M.
Thierry as Assistants to the President. Mr. Smith was formerly statistician. Mr. Neil continues in charge of rate research and Mr. Thierry in
charge of advertising.
Electric Output of Subsidiaries.
President Frank L. Dame on April 6 made the following quarterly output
report:
"Electric output of North American subsidiaries during the first quarter
of 1933 showed a decrease of 831% as compared with the
1932, after adjustment for an extra day due to leap year. first quarter of
This indicates
maintenance of approximately the same relative improvement
the fourth quarter of 1932 when the percentage decrease was shown in
8I1% as
compared with 12% and 1435% respectively for the
quarters of last year. Total output for the 12 monthssecond and third
ended March 31
1933 was 4.250,000,000 kwh., a decrease of 11% compared with the 12
months ended March 31 1932."-V.136. p. 2068, 1536, 1375.
April 8 1933
Income Account for Year Ended Dec. 311932.
Operating revenues
Miscellaneous operating revenues
Non-operating revenues
Total revenues
Operating expenses
Interest on funded debt
Miscellaneous interest deductions
2% normal and State taxes paid to bondholders
Trustees' expenses..,
Interest during construction
Provision for retirements(10% of gross exchange and
toll revs.)
Net loss for year
$639,524
9,544
937
$650,006
413,759
211,829
1,768
1,651
1,258
Cr.448
63,952
$43,764
Balance Sheet at Dec. 31 1932.
AssetsLiabilities
Fixed capital
$5,747,048 7% preferred stock
Current assets
287,611 Common stock (25,000 shares, $528,000
Miscellaneous assets
Northern Ohio Telephone Co. (Bellevue, Ohio.)
3,042
- Miscell. unadjusted debits__ 17,073 stated value)
12,500
Funded debt
Earnings.
Discount on preferred stock_ _ _
25,500 Secured 6% cony, bonds, due 2,852,400
Years Ended Dec.311932.
Dec. 1 1932, & accrued int.
1931.
Operating revenue
thereon
$818,825
$923,665
672,847
Operating expenses
Other current liabilities
476,418
562,272
67,918
Accrued liabilities
78,612
Net operating revenue
Deferred credits
$342,407
$361,393
885
Tager: county. State and Federal
• 96,356
Advances from Western Conti93.220
nental Utilities, Inc
436,128
Operating income
Advances from Southwestern
$246,051
$268,172
Non-operating revenue
States Telephone Co
2,253
3.748
3,286
Reserve for retirements
363,042
Gross income
xCapital surplus
$248,304
$271.920
1,127,946
Total deductions from gross income
Earned deficit
109,009
109,341
63,292
Total
Netincome
28,080,274
Total
$139.295
$162.580
$6,080,274
Preferred dividend paid & accrued
x Arising from appreciation through appraisal of fixed
70,730
68 394
capital (after writ
Common dividend paid & accrued
89 776
:
ins off bond discount and expense)
67,332
.-V. 135. p. 3524.
Net income unappropriated
$4,408"`"
---Southern United Gas Co.
$1,232
-Reorganization.Following default in the payment ofinterest on theist
Balance Sheet Dec. 31 1932.
lien
series A, due April 1 1937 on April 11932,a receiver was 6% gold bonds.
Assets
Liabilities
Federal Court for the Northern District of Illinois, and appointed byithe
the property has
Fixed capital Installed
$4,022,120 Common stock issued
since been under his management and control.
$1,496,275
Investment securities
16,845 Preferred stock issued
The men named below have formed a committee to represent
1,025,233
Cash and deposits
the in18,509 Funded debt
terests of bondholders, to secure the deposit of bonds, and
1,565,500
Employee's working funds
to formulate a
1,445 Bills payable
plan of reorganization, on the basis of which the
39,541
Bills receivable
60,700 Audited vouchers unpaid
company may be resumed free from receivership. normal operations of the
22,093
Due from subscribers
62,413 Accounts payable
The plan of reorganization provides for a new company to
6,424
Accounts receivable
3,354 Matured interest not due
take over the assets of the Southern United Gas Co. and to be formed to
36,211
Matured interest receivable
83 Service billed in advance
of the new company in lieu of the above described bonds. issue securities
365
Material and supplies
The plan also
131,230 Other current assets
contemplates the issuance of secured notes of the new company,
90
Other current assets
and all
2,122 Accrued taxes
bondholders are extended the privilege of subscribing to these
93,268
Sinking fund reserve
notes and
14,104 Dividend declared & accrued
receiving with the notes an additional pro rata share of the
32,904
Prepaid rent
stock of the
1,033 Other accrued liabilities
new company. The committee urges the deposit of bonds.
2,043
Prepaid insurance premiums
3,180 Reserve for accrued depreciat'n
The committee consists of Clarence I. Worcester. Chairman;
73,461
Capital stock disc. unamort
3,200 Corp.surp. unappropriated
EdwardIM.
Fitch Jr.; Charles B. Gillet, and Charles B. Roberts III.
40,478
Debt discount unamortized _ _ _
Orr, Hall &
94.781 Net income unappropriated.,_
Williams, counsel, Philadelphia, Pa. Edward S. Lower Jr.,
1,232
Secretary.
2020 Packard Bldg., Philadelphia, Pa.
Total
$4,435,123
Total
$4,435,123
The depositary is Pennsylvania Co. for Insurances on Lives
and Granting
-V.134. p. 2522.
Annuities, Philadelphia. Pa.
-V. 134. p. 2909.
Northwestern Utilities, Ltd.
-Tenders.
-
The Trusts & Guarantee Co., Ltd., Toronto, Canada, will until April 14
receive bids for the sale to it of 7% 1st mtge. 15
-year sinking fund
bonds to an amount sufficient to absorb *177,000.-V. 135, p. 4034. gold
Ontario Power Service Corp., Ltd.
-Sale.
-
A tender of 814,000,000 made bythe Ontario Hydro-Electric
mission for the assets of the above corporation, known as Power Comthe
Canyon Hydro-Electric Development, was submitted on March Abitibi
31 to
I. H. Hilliard, K. C., Master of the Supreme Court of Ontario, and accepted. It was the only bid made.
The property was offered for sale by the Montreal Trust Co. as
for the holders of $20,000,000 of bonds of the Ontario Power Service trustee
Corp.,
Ltd. (New York "Times.")
-V. 135, p. 3166.
"Portland (Me.) Gas Light Co.
1..
-Dividend Decreased.
quarterly
A
dividend of $1.50 per share was recently declared on the
common stock. Par 350, payable April 1 1933 to holders of record March 28
This compares with $1.75 per share paid each quarter from April 1 1932 to
and including Dec. 31 1932.-V. 132. P. 2765.
Potomac Electric Power Co.
-Changes in Personnel.
-
At a meeting of the board of directors of this company and the Braddock
Light & Power Co. held on March 31, William F. Ham was elected Chairman of the board and tendered his resignation as President of both companies.
William McClellan was elected President to succeed Mr. Ham. Mr.
McClellan, who was also elected a director of the Potomac and Braddock
companies, has been Vice-President of the Stone & Webster Engineering
Corp., and in that capacity has served as consultant during the last few
years for Potomac Electric Power Co.
Following the meeting Mr. Ham stated that the developments of the
last year or so had been such that he desired to be relieved of the pressure
of certain of his active duties. Under the new plan he will have an opportunity to devote more of his time to the transportatioh merger and other
matters involved in the development of utility service required in a growing
community.
Mr. Ham will continue as President of the Washington Railway & Electric Co. and its subsidiary transportation companies, including the Washington Interurban RR.. Wash8ngton & Rockville Ry. and Glen Echo
Park Co.
-V. 136. p. 1376.
Radio Corp. of America.
-Torquay Petition Dismissed.
-
The petition of Torquay Corp. to have the Court's decree ordering distribution of General Electric and Westinghouse common stock holdings
In Radio Corp. of America distributed to their stockholders, was dismissed
In an opinion filed by Judge Melds in United States District Court at
Wilmington. About two months ago the Court restrained distribution of
the stock but last month lifted the restraining order and held the Torquay
petition for further consideration. Under the Court's opinion the entire
petition of Torquay is dismissed.
-V.136, p. 2069.
Rochester & Lake
Earnings.
-
Ontario Water Service
Corp.-
For income statement for 12 months ended Feb. 28 see "Earnings Department" on a preceding page.
-V. 136. p. 1015.
St. Louis Public Service Co.
-New Member of Executive
Committee.
Hugo Wurdack has been elected to the executive Committee. Former
members of the committee were re-elected as follows: F. 0. Watts, Stanley
Clark. A. T. Perkins. Mark C. Steinburg and A. L. Shapleigh.-V. 136.
p. 159.
Scranton Montrose & Binghamton RR.
-Sale,
This trolley line was placed in receivership Nov. 1 1930, the receivers
being Warren T. Acker, Ira C. Fine and D. Rexford Maxey. Operations
were suspended July 20 1931 and the physical assets sold at receivers' sale
Oct. 27 1931. Final distribution of receivership has been held up pending
decision to come from Court of Appeals in Philadelphia.
-V. 115, p. 645.
South Bay Consolidated Water Co., Inc.
-Earnings.
-
For income statement for 12 months ended Feb. 28 see "Earnings
Department" on a preceding page.
-V.135, p.4560.
"sSouthwest Telephone Co.(Del.).-Default,
--
The company,which went into receivership Nov.91932(V.135, p.3524),
defaulted in the payment of the $650.000 6% secured convertible debentures due Dec.1 1932 and the Interest on the debentures due on that date.
Springfield Street Ry.-Earnings.-
Calendar Years1932.
1931.
1930.
1929.
Operating revenues_ _-- $1.788,387 $2,125,083 $2,420,496
$2,719,696
Operating expenses
1.662,003
1.701.577
1,921,623
2 191,364
Taxes
47,537
41.964
36,065
37.837
Non-operating income.._
Cr.1,150
Cr.3.773
Cr.5,863
Cr.8,892
Deducts,from gross inc..
267,143
269.983
279,612
290,341
Net income
def$187,145
$115,332
$189,060
$209,047
Dividends
93.094
186,188
186,188
Balance, surplus
dea187.145
$22.236
ie./2
$22,859
Balancf Sheet Dec. 31.
Assets
1932.
1931.
1932.
1931.1111
Invest. in road &
Capital stock
equipment
88,099,520 $8,144,898 Long-term debt $2,900,000 $2,900,000
Dep. in lieu of
Loans & notes pay. 3,114,583 3,226,794
1,081,566
mtged prop. sold
977.87$
7,044
191
Iacres
161.065.
Misc. phys. prop_
4,843
4,843 Mattired ni.!.fiY-) vs
ll .
40,851
Other investment_
6,000
6,000 & rents unpaid_
1,041
Cash
152,621 Accr. Int., diva. &
87,876
Materials & sum'. 146,815
161,829
ai hi_e.._ ..
75:309 '
10
98
76,44
0th. curr. assets
32,245 Def. liabilities
48,040
renilabil
ts
t1.813.
Rents & Insurance
Tax liability &
Mr 11
Prem. pd. in adv
5,369
16,546
other reserves__
71,896
132,938
Deferred assets_ _ _
1
Accr. deprec., road
0th. unadj. debits
X X
1,128
36,418 & equipment. __ 1.031,915
912,138
0th. unadi. credits
9515
126,932Profit & loss
def6,779
148,537
Total
$8 406 835 $8,555,592 Total
58,408,635 88,555,592
V.
- 136, p. 2070, 1015.
--- Union Gas Corp.
-Bondholders' Protective Committee.
The committee for the 1st mtge. 6.50% sinking fund
gold bonds consists.
of Benj. F. Taylor, Chairman (formerly with
Taylor, Ewan & Co.):
Frank W. Camp (of Smith, Camp & Riley,) Portland,
(of Harker & Hamlin), Chicago; Hubert E. Howard Ore.; H. L. Harker
(Binckley Coal Co.).
Chicago; W. T. Riley (Dalton, Riley & Co.),
Milwaukee: W. W. Turner
(R. E. Wilsey & Co.), Chicago. The depositary
is
National Bank & Trust Co.. Chicago; counsel for the Continental Illinois
committee are Chap.
man & Cutler, Chicago. All communicatio
F A. Brown,secretary to the committee, 120 ns should be addressed toSouth LaSalle St., Chicago.
The previous plan adopted by the committee
did not go through and
a new one has now been worked out. As soon as
approval to the new plan it will be submitted tothe court has given Its
the bondholders.
135. p. 3000.
-V
United Public
Company.
-
Service
Co. Committee to Reorganize
-
Plans looking toward the reorganization of the
System are nearing completion,according to reports United Public Service
from Chicago. Federal
Judge Walter C. Lindley has authorized the
and its receiver- to enter into a contract withUnited Public Utilities Co.
Co. and its receivers for an exchange of interestthe Middle West Utilities.
in the United Public
vice Co.
SerIt is proposed to exchange all interest in
United
subsidiary for a block of United Public Utilities 5% Public Service and
income bonds, which
will be issued, and the controlling stock of
the ICentucky properties
United Public Service Co.
of
The proposed contract will be submitted to
reorganization committee which is working out security holders by the
a solution to the many
difficulties encountered. The contract with
Middle West Utilities will:
be entered into only upon approval by the security
holders of the United
Public Service System.
The committee expects to have the plan
so that the reorganization of the properties completed in the near future
will not be delayed
proval h
after apbeen given -V. 135. p. 3693. V
"....United Telephone Co., Abilene, Kan.
A quarterly dividend of $1.75 per share has been -Div. Reduced.
declared
stock, par $100, payable April 15 to holders of record on the common
March 31. Distributions of $2 per share were previously made each
Regular quarterly dividends of lg% on the 7% quarter on this issue.
6% pref. stock have also been declared. payable pref. and 136% on the
April 15 to holders of
record March 31.
Power & Light Corp.
-To
The directors have called a special meeting ofChange Par Value.
stockholders to be heith
April 26 to change the class A stock, class B stock and
shares without par value to shares of a par value of common stock from
$1 each.
Financial Chronicle
Volume 136
By this change in par value the company will effect large savings in franchise and other taxes because shares of no par value are generally considered
to have a value of $100 per share. The stockholders will al 2„
l nre in pay.
7
ment of transfer taxes on shares -V. 136, p. 2245.
*
*/irginia Electric & Power Co.
-To Inol.dllOnded Debt.
The stockholders will vote April 19 on approving a proposal to increase
the bonded indebtedness of the company.
-V. 136, p. 1887.
Western New York Water Co.
-Earnings.
-
For income statement for 12 months ended Feb. 28 see "Earnings Department" on a preceding page.
-V. 135, p. 4561.
INDUSTRIAL AND MISCELLANEOUS.
Matters Covered in the "Chronicle" of April 1.-(a) Salary reductions
restored by B. F. Goodrich Co.
-Rubber manufacturers foresee increased
business. p. 2154. (b) Copper, lead and zinc decline
-Tin and silver
steady, p. 2138. (c) Steel production shows slight gain-Operations now
at 15% of capacity. P. 2139. (d) No action taken against Straus Securities Co. by Attorney-General Bennett, p. 2151. (e) Globe & Rutgers
Fire Insurance Co. taken over by New York State Superintendent of
Insurance, p. 2152-54. (f) Advances by Reconstruction Finance Corp.
from Feb. 2 1932 to Mar. 21 1933 totaled $2,083,750,079
-Repayments
8407.368,772
-Advances to Banks $1,013,020,639
-Repayments $307.243,965-p. 2165.
Addressograph-Multigraph Corp. (& Subs.).-Earns.
Calendar YearsProfit on sales
Expenses
aNet profits
Depreciation
Engineering, laboratory, develop. &
patent exps. St amortization
Prov. for Fed. & foreign taxes (eat,).
Indirect cost of moving (est.)
Special reserve for receiv
Interest, &c., charges
Divs, on pref. stocks of sub, held by
minority interests
1932.
82,372,611
1,732,770
$639,841
281,947
169,717
20,426
259.657
150,000
110,794
19,631
1931.
1930.
2425
Allis Chalmers Mfg. Co.-Unfilled Orders-Soviet Government Makes Final Payment.
Unfilled orders at March 31 were $4,501,000, against $4.371,000 at the
end of February, $4,831,000 at the end of January and $5,442,000 on
Dec. 31 1932.
The last payment of $4,500,000 for equipment sold by this company to
the Soviet Government through the Amtorg Trading Corp. has been paid
in full, the company stated. This contract was mainly for tractors used
in the mechanization of Russian agriculture.
-V. 136, p. 1877.
Alpine Montan Steel Corp. (Oesterreichisch-Alpine
Montangesellschaft).-Conditional Interest Payment.
The corporation, in a notice to the holders of the 7% closed 1st mtge.
30-7ear sinking fund gold bonds due March 1 1955. states:
By reason of the Decree of the Austrian Government published July 17
1932, we have been unable to obtain the requisite foreign exchange to make
the payments in U. S. currency to the New York Trust Co. as trustee, to
meet the service charges on the above bonds required to be paid by us 14
days before March 1 1933. However, pursuant to said decree, we have
deposited with the National Bank of Austria in the fund of foreign debts
established for such purposes, the counter-value in Austrian schillings of
the interest coupons matured on March 1 1933.
The holders of such interest coupons matured on March 1 1933. upon
presentation and surrender, thereof, to Niaderosterreichische Escomptegesellschaft, at its office in Vienna, Austria, may obtain payment thereof
in Austrian schillings at the bid rate of exchange for check on New York of
the National Bank of Austria on the day of presentation, provided, however, that such schillings during the duration of the transfer restrictions be
not exported from Austria and be withdrawn from the fund at the Austrian
National Bank for instance for the following purposes: (a) To provide for the
living expenses of American citizens during their stay in Austria; (b) to
-V.135. p.4217.
purchase and pay for merchandise or securities in Austria.
3859.
Aluminum Co. of America.-Dividend Record Date.
81.385,544 $2.190,964
373.024
349.926
205,707
96.392
187,142
223.212
25,073
24,841
Net income
loss$372,332
Net inc. of Amer. Multigraph Co. &
subs, for nine mos. end. Sept. 30
1930. Prior to acquisition
8685.348 b$1,405.843
Net income
loss$372,332
Previous surplus
3,040,286
Foreign subsidiaries
Adjust, of exch. loss on cony, of net
curr. assets of foreign subs
6,564
Refund & adjustment of prior years'
Federal income taxes
23,909
$685,348 $1,211,670
3,528,554
3.873,649
20.512
194,172
Total surplus
$2,698,427 $4,213,902 $5,105,832
Cash dividends paid
187,108
843,505
905.317
Stock dividends
713.178
Direct surplus adjustments (net)20,594
Amt.req.to conv.assets offoreign subs
169,419
Other adjustments
98.878
60.216
Balance at Dec. 31
$2,451.103 83,040.287 $3,528.554
Earnings per share on capital stock
41.85
Nil
$0.90
a After deducting all manufacturing, selling and general expenses, but
before making provision for depreciation, amortization, &c. b Including
net income of American Multigraph Co. and subsidiaries for the nine
months ended Sept. 30 1930. prior to acquisition. c Based on total stock
outstanding at end of year, including 125,638 shares issued Dec. 29 1930
in connection with acquisition of American Multigraph Co.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets
Liabilities
$
Cash
536,620
437,201
742,864 Accounts payable_ 486,091
Govt., &c., mark.
Sundry accruals__ 123,509
154.283
scour. at cost_
69.172
175,827 Brokers' account10,980
Notes and accounts
Cust. cred. bal__72,665
reedy., less res. 2,272,575 2,551,726 Deferred income__
12,044
Inventories
2,457,180 2,469,160 Bank loans
1,500,000
550,000
Def. ohm to over. 155,824
218,688 Supply contr. Wig 124,414
145,868
Agents' & empl.
Federal & foreign
stk.notes & accts
income taxes,est
73,768
51,409
141,792
Empl. notes reedy.
Dividend payable..
188,157
secur, by stock
37,562 Purch. money oblig
8.681
8.253
Stock held for sale
Res. for coning.
to employees_ _ _
and insurance_
174,180
44,374
314,499
Agenteadv. comm 331.590
131.792 Minority int. In
Cos. stk. held in
stocks of subs
818,499
358,990
treasury
262,909
yea pital stock_ _
8.500,000 8,500,000
Value of life Insur.
Paid-in surplus_
378,901
772,615
policies
76,819
53.223 Earned surplus_
2.451,103 3,040,287
Miseell. securities_
4,545
5,037
silent & equipm't 4,639,405 4,697,468
Patents,appllo.for
patents, devel.
expense, trademarks & goodwill 3,702,265 3,354,416
Total
14,582,673 14,611,945
Total
14,582,673 14,611,945
x After depreciation. y Represented by 760.213 no par shares, of
which 23.516 are held in treasury in 1932.-V. 136, p. 2246.
---s-Ajax Oil & Gas Co., Ltd., Toronto.
-Smaller Dividend.
A quarterly
dividend of2cents per share has been declared on the common
stock. par $1, payable April 15 to holders of record April 3. This compares with distributions of3 cents per share made each quarter from April 15
1932 to and including Jan. 16 1933.-V. 135, p.299.
Alaska Juneau Gold Mining Co.-Earnings.--
For income statement for month and three months ended March 31 see
"Earnings Department" on a preceding page.
-V. 136, P. 1888.
Under date of March 28 1933, a ruling was issued by the New York
Curb Exchange to the effect that the 6% pref. stock of this company be
quoted ex-dividend 37% cents a share on that date, and all deliveries after
March 15 1933, in settlement of transactions made prior to March 28.
carried due bills. This ruling was issued based upon information furnished
the secretary's office to the effect that the record date for said dividend was
March 15 1933. It has since been ascertained that the record of stockholders for said dividend was taken on March 27.
Accordingly, the Committee on Securities rules that, in the event any
due bills have been issued pursuant to the above-mentioned ruling to
parties who became registered stockholders prior to the close of business
on March 27 1933, said due bills are cancelled.
Consolidated Income Account for Calendar Years.
1929.
1932.
1931.
1930.
Gross earns,after erp - $3,543.792 811,120,559 $18.784,345 834,421.804
Res.for deprec.,depl.,itc 5,895,358
5,391,792
5,417.910
5.586.501
3.711,961
lies. for Fed. tax, &c_
1,693.708
938.696
Bond prem. amort., &
adjustm'a not affect1,189.541
804,042
685.308
ing Year's operations
Gain from purch. St retirem't of pref. stock_ Cr178,834
Net income
loss$2,172.731 $3.910,054 810,868,685 824.128,509
8,849,750
Preferred dividends_ _ _ _ 4,411,809
8,835,750
8,835.750
Surplus def$6,584,540def4,925,696 $2,032,935 $15,278.759
Previous surplus
23,018,076 27,971,219 25.938,284 10.659.525
Total surplus
$16.433.536 $23,045.523 827,971.219 825,938.284
Adjust.ofInterco. profits
in invent. &c
721.136
Adjust. of cansol. surp
27.447
Surplus
$15,712.399 823.018,076 827,971.219 325,938.284
Earns, per sh. on 1,472.625 shares corn, stock
(no par)
Nil
Nil
$10.37
$1.38
Condensed Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
AssetsLiabilities
xl..and, plants &
Preferred s00ek_146,653.200 147,262.500
facilities
145,805,750 109,538,061 yCommon stock 7,363,125 7,363.125
Cash
2,936,890 5,941.560 Funded debt_ 36,511,00037,672,000
Accts.,notes rec.
Accts. payable_ 1.178,801
1,380,744
& market.sec. 33,292,733 35,581,429 Bills payable- 25,600,000 23,050,000
39,094,132 42,199,053 Accrued llabll__ 2,065,298 3,302,394
Inventory
Sinking funds for
Def. charges &
accruals
116
bonds
30,873
894,698
Reserve for Fed.
Inv. in subs. &
taxes, &c__ _
592,549
386,240
affil. cos. not
consolidated _ 13,978,287 50,855,056 Miscell. over.
596,602
other reserves 1,667,140
Deferred charges 3,431,754 3,195,593
2,208,938
1,102,460
Pref. div. pay
15,712,399 23,018,076
Surplus
Total
238,539,663 247,341,625
238,539,663 247,341,625
Total
z After amortization, depreciation and depletion of $71,462,530 in 1932
and $64,546,531 in 1931. y Represented by 1,472,625 no par shares.
V. 136, p. 2246.
-(eduction in Capital
Amalgamated Leather os., Inc.
-Good-will Item Eliminated.
In connection with the recent
ion of the stockholders (on March 21)
in reducing the capital of the corporation from 87.500,000 to $2.675.000.
(a) by decreasing the par value of the 50.000 outstanding shares of pref.
stock from $100 to $50 per share and,(b) by reducing the amount of capital
represented by the 175,000 outstanding shares of common stock, without
par value, from, $2,500,000 to 8175,000 and changing the par value of the
common to $1 per share, it is announced that the item of good-will which is
carried on the books of the corporation in the sum of 85,000,000 will be
eliminated by the application of the $4.825.000 capital surplus created by
the aforesaid reduction and by the application of $175,000 of the previous
capital surplus.
The stockholders at their meeting on March 21 also approved the purchase
from time to time by the corporation, out of the capital or surplus of shares
of its pref. stock for retirement, whenever the board of directors deems it
advisable and for the best interests of the corporation so to do.
-V. 136.
p.2246.
----American Bemberg Corp.-Reduces Stated Value of
Common Stock-President S. R. Fuller April 5 stated:
Alexander Building Corp.-Exchange of Bonds.
Until recently, the stated value of the common stock on the books VMS
In accordance with plan of reorganization approved Jan. 25, the holders
$1.428,000 and the capital surplus amounted to $124,024. In order to be
of the 6% 20
-year 1st mtge. sinking fund gold bonds who have not already
able to charge off the deficit for the year 1932 (of 8603.619 against capital
deposited the same with the Montreal Trust Co. are required to present
surplus and to provide for other necessary reserves, on March 30 1933, the
their bonds with all coupons attached, including that which fell due Oct. 1
capital was reduced to the extent of 91,148,000 by reducing the amount
1932, at the office of the trust company for cancellation in accordance with
of capital represented by the outstanding shares of common stock, and
the provisions of the resolution.
common stock, class B from $1.428,000 to $280,000. The amount of such
Upon the surrender of such bonds for cancellation, the holders will be
reduction of capital, to wit: the sum of $1,148,000 has been credited to
entitled to receive in exchange therefor 1st mtge. 6% cum. income bonds.
surplus -V.136, p. 659.
fully registered, together with certificates of no par value shares of the
company, on the basis of one share of such stock for each $100 principal ----American Chain Co., Inc.
-Non-Payment of Principal.
amount of bonds so surrendered for exchange.
The interest due April 1 1933 was paid but the principal due on the same
date of the 10-year 6% sinking fund debenture bonds, due 1933, was not
Se A dividend of 1% has been declared on the let mtge. 67 cum. income
bonds. Checks for the interest will be mailed by the Montreal Trust
paid.
Co. to the holders of the income bonds upon completion of the exchange.
Trustee Resigns.
V. 136. P. 1016.
The Chemical Bank St Trust Co., as trustee of the 10
-year 6% s. f. deb.
bonds due Apilll 1933. on April 4 gave notice of
Allied Distributors, Inc.
-Stock Averages Again Decline. trust created by1the indenture, such resignation its resignation from the
to take effect April 29
The investment trust average compiled by this corporation again declined
1933. or immediately upon the appointment of a successor trustee.
-V.
during the week ended March 31 1933. The average for the common
136. p. 2246.
stocks of the five leading management trusts, influenced by the leverage
factor, stood at 8.22 as of March 31, compared with 9.37 on March 24 and
American Insurance Co.
-Stock to Be Placed on a Semi
with 10.73 on Dec. 31 1932.
Annual Dividend Basis.
I The average of the non-leverage stocks stood at 9.53 as of the close
March 31, against 9.64 ot the close on March 24. The average of the muThe directors have voted to change the company's dividend policy to a
tual funds closed at 7.05 against 7.53 on March 24.-V. 136, p. 2246.
semi-annual basis. April and October, instead of quarterly.
Financial Chronicle
2426
April 8 1933
The company stated that by combining the four annual payments into
two, considerable saving in clerical work, printing, postage and check taxes
will be effected.
From July 9 1932 to and incl. April 1 1933 quarterly distributions of
12% cents per share were made on the capital stock, par $2%.-V. 135,
P.4561.
are given the right to May 1 to reinvest all or any part of this distribution
in additional series D shares at the offering price less a discount of 5%.
Six months ago a distribution of 12.478 cents per series D share was
made, compared with 18.685 cents per share on April 15 1932.-V. 136,
P. 2072.
The stockholders on March 28 voted to decrease the stated capitalization of this company from $3.576,722 to $1.085,000 to be represented by
217,000 shares of no par value capital stock (incl. 5.430 shares held for
exchange of predecessor company stock at Dec. 31 1932). There are authorized 500.0013 no par shares. See also V.136, p.2071.
General expenses
Interest
American Ship & Commerce Corp.-Earnings.
-Reduces Stated,
American Machine & Metals, Inc.
Calendar Years1932.
1931.
1929.
1930.
Total income
$340,248
$735,272
$141,750
$403.765
Value of Stock.
American Radiator & Standard Sanitary Corp.Annual Report.-
Clarence M. Woolley, Chairman, and Theodore Ahrens, President,
state in part:
The statement of income shows a net operating profit for the year 1932
before charges of $286,461. After all charges, including depreciation.
Interest, inventory write-downs, &c., there was a net loss for the year of
$5,990,985. The unusual nature of the year's operations is shown by an
analysis of the charges involved in the net loss recorded. In those sections
of the country where the market for building materials has come to a standstill it was necessary to close several manufacturing plants. The retention
of a skeleton organization, together with taxes, insurance, repairs and upkeep, involved substantial expenditures. The statement of income herewith shows a loss of $1,518,063 with respect to this item. Rent and maintenance of branches, showrooms and warehouses not in operation and
amounting to several hundred thousand dollars was charged to operations.
Inventory write-downs charged to profit and loss amounted to $1,231,294.
The foregoing and other items of unusual nature accounted for a substantial
portion of the year's loss.
An analysis hag been made of asset values as affected by the depression.
No reappraisals of properties have ever been made nor book values written
up. Many of the older properties acquired on a low price basis have heret,ofore been depreciated well below current values. However,extraordinary
shrinkage in values has taken place with respect to certain items, particularly new construction carried out since 1914, plants and bra ches not now
In operation, plant equipment not presently employed, &c. Reserves
aggregating $11,087,172 covering such items have been set up for application should it later develop these lower valuations become stabilized,
and such reserves have been charged against surplus. The sinking valuations of commodities utilized in production during the year involved sharp
losses in inventories of raw materials. Reduction in wages and salaries
added to the shrinkage in replacement value of finished product is reflected
In plant costs. This further decreased replacement value of inventory of
finished product. Such extraordinary losses have been covered by reserves charged against surplus in the aggregate amount of $3,126,967.
This is in addition to amounts charged to operations for decline in inventory
values as shown in the statement of income. There has also been charged
against surplus the sum of $4,353,705 for items not applicable to current
operations consisting of the revaluing of various assets including investments, development expenses, &c.
The foregoing charges against surplus aggregate $18,567.845. It is
accounted fortunate that the corporation, due the husbandry of prior years,
is able to face the situation and take the steps necessary to place its balance
sheet on a basis consistent with depression conditioLs.
After giving effect to all charges, surplus at Dec. 31 1932 amounted to
$31.640,593, and the net asset or book value of the common stock of the
company stands at $12.04 per share.
Consolidated Income Statement (Including Subsidiary & Affiliated Cos.).
1931.
1929.
1932.
1930.
Calendar Years$61,295,561 $98,731.385$135,401,9215181.797,144
Gross sales
Returns,allowances, discounts,freight7,452,549 11,406,614 16,102,324 20,468,800
Inter-co. items elimlnat_ 4,044,787 8,477,121 11,205,243 16,745,470
35,177,392 54,875,695 74,919,377 93.235,502
Cost of sales
14.334,371 19,336.148 24,017,500 25,470,344
Selling & adminis. exp
Operating profit
Discounts on purchases
Interest received
Miscellaneous income_ _ _
$286,461 $4,635,808 $9,157,476 $25.877.028
628,773
780.397
884,196
978.608
670,821
782,503
1.073,460
325,377
561,789
774,882
Total income
Interest paid
Depreciation & depletion
Miscellaneous charges- Reserve for Govt. taxes_
Foreign exchange losses
on current operations_
Reserve for losses in
closed banks
Inventory price adjust
Minority interest
Idle plant expense
$1,519.071 $6,193.193 511,838,318 $27,866,998
942,997
956,315
865,853
941.776
1,782,901
1,912,099 2,417,377 3,195,666
213,848
325,065
275,377
114,994
1,599,486 3,246,059
1,192,105
981.483
321.558
632,065
200,000
1,231,294
46.981
1,518.064
100,000
1,240,375
55,215
Consol. net profits_loss$5,990.986
Pref. dividends of sub.
174,209
companies not owned_
334,152
Preferred dividends- --_
1,008,622
Common dividends
99,958
145,040
$200,646 56,641.797 $20,012,171
503.991
509,603
566,482
7,111,100 13,968,693 14,338.334
17,507,969 $7,414,445 17,836,499sur$5107,355
Deficit
Shares of common stock
outstanding (no par)_ 10,158,157 10,158,139 10,158,015 10,154,677
Earnings per share on
Nil
Nil
$0.60
$2.02
average amt.outstand.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
LiabUUles$
Assets$
162,484
264,464
c19,844,772 20.060.946 Accrued wages_
Cash
Notes payable_ 3,518,960 3,677,507
Govt. & munici1,159,192 1,147,924 Accts. payable_ _ 1,929,188 2,690,672
pal bonds_ _
Res.forCovt.tax 1,064,234 1,184,011
a Notes and ac853,516
980,832
counts reedy_ 10,654,242 15,696,257 Pens'n &benefits
29,833.591
Inventories_ _ _ 20,930,463 28,506,552 Deprec. & depl429.033
General reserve. 2,339,538
Foreign exchange
val. reserve_ _Cr.1,599,779 Cr.1,298,247 Long-term oblig. 10,000,000 10.100,000
Adv, to employ_ 1,567,497 1,427,574 Minority Int. in
4,163,787 4,401,978 cap.& Burp. of
Investments-underlying cos. 3,001,999 3,048,481
Pension fund
investments
400,000
512,216 Preferred stock_ 4,773,600 4,773,600
Deferred Items_ 1,634,523 2,140.144 b Common stock 90,698,993 90.698,648
Paid-In surplus_ 8,105.096 8,105,096
Plants, propd91,228,407 133,062.694 Earned surplus_ 23,535,497 49,872,104
erty, &c
149,983,105 205,658,039
149,983,105 205,658,039 Total
Total
a After reserve for doubtful accounts of $1.236.925 in 1932 and $912,459
in 1931. b Represented by 10,158,157 (10,158,1:20 in 1931) no par shares.
c After reserve for accounts in closed banks of $250,000. d After depreciation reserve of $41.684,054.-V. 136, p. 2072. 160,
-Stocks Allotment Plan qpprovCd.
American Tobacco Co.
The stockholders on April 5 again ratified the stock subscription plan
which they originally approved on July 28 1930. Under this plan, the
Directors were authorized to permit certain officers and employees to subscribe to not more than 312,000 shares of common B stock, at not less than
$25 a share.
Approval also was given to the plan for the sale of preferred stock to
officers and employees during the years 1917 to 1927, inclusive, and the
sale of common and common B stock to officers and employees in 1918.
1924. 1925. 1926 and 1929.
The stockholders also approved the cancellation of certlin allotments
and sales of stock made under the stock purchase plan known as the 1929
Plan.
This is the plan which Richard Reid Rogers is attacking in a suit in
---V. 136. p. 2072.
New York State.
American Trustee Share Corp.-Div. on Series 1)Shards.
The corporation announces a distribution of 11.927 cents per share on
Diversified Trustee Shares series D, payable April 15 1933. Shareholders
28.831
305,482
45,285
338,212
49,657
407,483
100,554
542.992
Net loss
5192.563
$343.249
$53,375 prof$91,726
General Balance Sheet Dec. 31.
1932.
1931.
Liabilities- '
1931.
Assets
1932.
$108,274 3138,453 Notes payable to
Cash
Inv. In Hamburgbanks-secured_31,223,800 $1,598,800
Notes payable to
Am. Line at
others-secured- 3,630,000 3,570,000
cost-Accounts payable..
141,915
7% purch. mon
25,387
Accrued interest__ 223,564
notes, marg
110,605
serially to 1937_ 1.750,000 2,125,000 bCapital account_ 2.058,793 2,311,329
Cap. stk. 35,096
abs. (Par 300
3,323,839 3,323,839
marks)
Notes rec.-Wm.
Cramp & sons'
Sh p dr Engine
Cl
161,406
Building Co_ _ lat.(net).20,416
24,792
aInv. In attn, cos.
at adj. book val. 1,958,602 1,958,602
Miscell. invests, at
198
198
cost
193
361
Furn. & fist. (net)
$7,161.525 17,732,650 Total
Total
$7,161,525 $7,732,650
a Wm. Cramp & Sons' Ship & Engine Building Co., general mortgage
6% bonds due June 1 1930 at coat. $1,958.600; Wm. Cramp & Sons' Ship
& Engine Building Co. 93.845 shares (61.59% of total capital stock) at
nominal value, $1; Cramp-Morris Industrials, Inc., 131.427 shares (87.62%
of total capital stock) at nominal value, $1. b Represented by 591,271
shares of no par value outstanding. c After reserve of 5187.304.-V. 135.
p. 3358, 821.
American Writing Paper Co., Inc.-Earnings.
1931.
1932.
Calendar Years1930.
1929.
$4,444,845 $7,546,571 $10,691,140 $12,896,586
Gross sales
290,002
447,766
Returns, allow. & disc
618,631
761,711
Raw materials consumed 1,759.148 2,741,552 4,795:195 5,700.537
509,876
834,309 1,207,120
Direct labor
1,361,802
Manufacturing expenses 1,279,050 2,408,810 2,347,895 3,174,925
Inventory adjustments.
23,144
199.525
Administrativeexpenses
218,452
231,409
255,462
387,608
609,348
Selling expenses
718,772
883,647
$19,635
$286,335
Operating profit
$772,117
$735,357
39,462
109.036
Other income
94,186
122,622
$857.979
$59,097
$395,371
5816,303
Total income
175,542
174,027
Other expense
114,043
120,684
316,130
314,071
Interest on bonds
323,887
327.960
213,868
252,767
Depreciation
263,215
Res. for Fed. income tax
19,819
44,903
1055$646,445 loss$345,494
Net profit
$145,338
$364,433
Preferred dividends
267,798
267,798
$646,445
$345,494
Deficit
$122,460 prof$96.634
Earnings per share on
Nil
Nil
pref.stock(no par) _ - _
$1.62
$4.05
Balance Sheet Dec. 31.
1931.
1932.
1932.
193/.
Liabilities$
$
$
Assets$
9 Capital stock-. 9,278,572 9.278,572
x Land, buildings,
11.882.469 12,026,736 Accounts payable_ 127.103
&o
127,953
equip.,
418,461 Accrued accounts_
235,068
21,693
25,139
Gash
Serial notes
Notes dc accounts
153,000
618,073 Mortgage bonds_ 5,188,500 5.188,500
515,228
receivable, &c
836.888 1,244,042 Surplus
det662,519
56,507
Inventories
416,392
311,001
Investments
Real est., not incl.
64,857
in bond indent
Trademarks, good1
will, &c
105.965
107,836
Deferred charges
13,953.350 14,829.672 Total
13,953,350 14,829,872
Total
x After depreciation of $1,475,410 in 1932 and $1,261,541 in 1931.
y Represented by 90.000 no par shares preferred stock (voting trust certificates for 734.4239 shares held in Treasury) and 200,000 no par shares
common stock (voting trust certificates for 2.748 shares held in treasury-V. 136, p. 1553.
and 917 shares in escrow).
American Zinc, Lead & Smelting Co.
-Earnings.
1932.
1931.
1930.
Calendar Years1929.
$3,883.785 $5,338,891 56.638.254 58,257.693
Net sales
x3.703,624 4.541.813 5,788.379 6.934,376
Cost of goods sold
Gross profit on sales- y$180,161
10,807
Other income
$797.078
35.087
$849,875 $1,323,317
47,893
87,652
$190,968
$832,165
$897.768 $1,410,969
Total gross income-Administrative, selling
and other expenses...
Interest charges (net)--Deprec. and depletion-Federal income taxes-
See x
280.933 •
Cr25,000
def$64.966
Net profit
Previous earned surplus_ 1,306.094
319.129
Cr1,184
301.773
347.564
24.061
335.519
297,549
41.703
459,099
25,000
$212,446
1.093,648
$190,622
1,264,504
$587,619
1,038,364
$1,241,128 $1,306,094 $1,455,126 $1,625,982
Total surplus
Divs. decl. on pref. stk361.478
361,478
Earned surplus at end
$1,241,128 51,306,094 51.093.648 $1,264,504
of period
x Includes administrative, selling and other expenses. y Profits from
operations.
Consolidated Balance Sheet Dec. 31.
Liabilities1931.
Assets1932.
1932.
1931.
aProPertY account$4,774,142 $5,058,822 Preferred stock...81,933.213 $2,008,212
325,540 Common stock.. c200,000 b200,000
Investments
352,198
Reserves for insurOre stocks inven1,624,467 1,769.980 ance & sundries_
tories, &c
83,132
72,909
Cash
423,759
277.185 Purch. mon. Wig.
25.000
Accounts payable_ 130,839
Notes and accts.
176,401
417,652 Drafts in transit...
336,269
receivable
29,110
65.698
Taxes accrued....
Plant .4 tack. to be
40,943
36,750
Res.for Fed Inclax
85,417
dismantled
25,000
Earned surplus...1.241,128 1,306,094
Deferred charges
91,064 Capital surplus__ 4,048,365 4,022,177
110,482
to operations
Total
$7,706,731 $7,938,243 Total
17,706,731 $7,938,243
a After reserves for depreciation and depletion of $6,650,392 in 1932 and
$6.411,210 in 1931. b Represented by 200.000 no par shares. c Repre--V. 136. p. 1888.
sented by 200,000 $1 par value shares.
-'-Resumes
Anaparo Mining Co.
The directors have declared a dividend of 1%, payable May 1 to holders
of record April 21. This is the first dividend paid by the company twee
Nov.9 1929, at which time a quarterly payment of like amount was made.
-V. 134. a. 3462.
Financial Chronicle
Volume 136
-Changes Par Value.
4 •4b•Arnold Constable Corp.
The stockholders on April 4 approved a proposal to change the par value
of the capital stock from no par to $5 per shore, one new share to be issued
In exchange for each present share.
Consolidated Surplus Account for Year Ended Jan. 31 1933.
(1) Deficit from Operations
$240.921
Net loss for year ended Jan. 31 1933(V. 135, P. 2247)
36.000
Provision for Federal income tax assessment for prior years..._ _
Total deficit
Proportion of net loss and surplus adjustment of Arnold Constable & Co., Inc., for year ended Jan. 31 1933 allocated to
stock of Arnold Constable & Co., Inc., not acquired, transferred from deficit
$276,921
1,821
$275,099
Deficit from operations, Jan. 31 1933
(2) Capital Surplus
$1,338,450
Paid in surplus, balance Jan. 31 1932
876,550
it Special surplus, balance Jan. 31 1932
Minority interest in stock of Arnold Constable & Co., Inc.,
Dr.29,079
not acquired as at Jan. 31 1932
Total
x Deficit, balance Jan. 31 1932
$2,185 921
67,936
Total surplus Jan. 31 1932
$2,117,985
Add: Surplus created by reduction of no par value common
stock from $5,508.0o6 to $1,685,545
3,822.511
y Adjustment of reserve for contingencies
81.968
$6,022.464
Total
Provision for contingencies
2,600,000
Write down of leasehold and good-will of Arnold Constable
992,374
& Co., Inc
799.999
Write down of investment in stocks of other cos. to $1
Write down of note due from other company to $1
66.499
Capital surplus, Jan. 31 1933
$1,563,592
Total surplus carried to balance sheet
$1.288,492
x Surplus accounts as at Jan 31 1932 were applied against tne writedown of certain assets, by resolutions of the board of directors dated
Feb. 24 1932, ratified by the stockholders at meeting held April 5 1932.
The foregoing figures give effect to the write-down of assets approved by
the stockholders at the aforementioned meeting.
y After deducting therefrom $68,032 representing depreciation and interest, &c.,less rentals on 721 Fifth Avenue Corp.
Consolidated Balance Sheet Jan. 31.
Assets
1932.
Liabilities1933.
Cash
$902,294 $563,293 Accts. payable__ 1264,248 $128,520
cAccts. & notes tee 439,420
820,509 Accr. wages & ex p_
87,642
149.644
Medi.accts. re&
22.883
32,943 Notes payable__
7,000
Inventories
574,566
768.563 Cust. deposits and
Investments
437,343
177,444
unclaimed cred's
33,416
17,256
Sundry investm•ts
83,135 1,032,259 Mtge.install. pay_
87.500
bLand, Bldg. and
Deferred liability_ 103,600
107,800
store fixtures- 3,491,054 3,758,562 Deferred Income-62,917
72,917
Deferred charges
44,797
72,184 Res. for canting- 2,450,000
Leasehold & goodaCapitalstock____ 1,685,545 5.508,056
will
1 1,000,000 Minor. int. in stk.
of Arnold Constable Co., Inc.,
19,6311 2,147.064
not acquired1,288,492(
Surplus
Total
85,995,494 $8,225,758 Total
$5.995,494 $8,225,758
a Represented by 337.109 shares of no par value. b After deducting
reserve for depreciation. c After deducting reserve for discounts, doubtful
accounts, &c.
Our usual comparative income statement for the year ended Jan. 31
1933 was published in V. 136. p. 2247.-V. 136, P. 1721.
Associated Simmons Hardware Cos.-Subsidiary Order
Liquidated.-See Winchester Simmons Co. below.-V. 135,
p. 4562.
Atlas Corp.
-To Assume Management of Goldman Sachs
Trading Corp.-See latter above.
-V. 136, p. 1365.
Balaban & Katz Corp.
-Reopens Theatre.
2427
a par value of $5 per share, $41,953,260; capital surplus arising from sale
of treasury stock. $90,970; total, $51.033.159. Deduct
-Net loss for
year 1932, $1,601,242; patents, patent rights, contracts, deferred experimental and development expenses,&c.,written down to $1.$38.029,840
loss on dissolution and sale of capital stock of subsidiaries. $57.540; dividends paid, $314,501; surplus Dec. 31 1932 $11,030,036.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
AssetsLiabilities$
$
$
$
755,275
Cash
3,041,141 2,832,708 Accounts payable.. 550,626
376,045
Market. securities 495,943 1,108,086 Accruals
358,776
519,1345
Notes & accts. rec_ 1,344,320 1,869,890 Divs. payable_
Inventories
3,065,632 3,992,811 Income taxes
430,815
490,801
610,671
Investments
1,947,385 2,260.948 Real estate mtges. 431,801
cMinority nterest 147,750 b159,200
Miscell. real estate
& sundry secur_ 2,452,136 2,084,055 Capital stock_ _n10,468.315 52,441,575
Officer & employee
Surplus
11,080,036 8,988,920
534.325
303,738
accounts
15,029
Treasury stock
dPlant & equIp 10,195.901 11,485,749
Patents, patent
rights, &c,
1 36,800,623
Deferred charges
790,551
567,661
Prepaid expenses.. 591,922
23,438.120 64,342,440
Total
23,438,120 64,342,440 Total
a Represented by 2.097.663 shares of $5 par value. b Represented by
2,097 663 no par shares. c Preferred capital stock of subsidiary company
in hands of public. d After depreciation of $6,600,179 in 1932 and $5,472.628 in 1931.-V. 135, p. 4562.
-Obituary.
(L.) Bamberger & Co, Newark, N J.
See R. H. Macy & Co. below.
-V. 136, p. 2247.
Beardsley & Wolcott Mfg. Co.-Receivership.
-
James R. Sheldon, President, was on March 30 named temporary receiver for the company, makers of drapery and upholstery hardware.
bathroom fixtures and household electrical appliances, in an action brought
by 19 large stockholders. Mr. Sheldon says assets are far In excess of
liabilities, but a receivership was considered advisable as a means of obtaining working capital.
-V. 135, p. 2498.
Beatrice Creamery Co.
-To Reduce Par Value.
The New York Stock Exchange has received notice from this company
of a proposed change in the par value of the common stock from $50 per
-V. 135, p. 2342.
share to $25 per share.
Blauner's (& Wholly Owned Subs.), Philadelphia.
Balance Sheet Jan. 31.1933.
Assets$973,632
Cash
Marketable seems. 300,534
215,667
Accts.receivable_
Mdse. Inventory-- 123,386
Inv. in Blauners
stock
590,960
Cash suer. val. life
Insurance policy
25,709
Bldg. (mat., turn.
& fixtures, autos,
citc
734,510
Sundry advances__
39,609
Deferred charges40,830
1932.
1932.
Liabilities1933.
$617,294 Acc'ts payable-- 6359.976 $578.
382
423,055 Outstanding cash
5,395
8,275
459,134 credits
35.561
56.687
221,222 Accrued expenses_
51.320
Res. for Fed. taxes
28.003
87.598
53.552
615,550 Dividends payable
147.2.87
:Preferred stock__ 141,064
752,352
14,262 yCommon stock__ 752,352
Approp. surp. for
18,670
24,893
pref. stock red__
1,620,035 1,646.8.55
849,887 Surplus
82,197
40,818
83,044,838 83.323,421
Total
Total
$3,044,838 $3,323,421
x Represented by 27.200 no par shares $3 cum. pref. stock in 1932 and
28,400 in 1931. y Represented toy 132,662 no par shares in 1932 and 132,595
in 1931.
Our usual comparative income statement for the year ended Jan. 31
1933 was published in V. 136, p. 2248.
Bloomingdale Bros., Inc.
-Earnings.
1930.
Years Ended Jan. 311932.
1931.
1933.
Net sales
$19,202,933 $22,206,708 $22,155,408 $24,377.777
Costs and expenses
18,641.044 21,923.355 21,899,887 23.559,038
Net profit
Other income
$561,889
6,117
$283.353
77.335
$255,521
8818.739'
The corporation has reopened its United Artists Theatre in Chicago. Ill..
Which had been closed about two weeks because, said the company, of its
Inability to get suitable pictures.
-V. 136. p. 2073.
Baltimore American Insurance Co. of New York.
-
Total income
Depreciation
Interest paid
Provision for Fed. taxes
6568,006
378,502
19,175
$360,688
333,972
23,447
$255.521
199,331
$818,739
194.564
Balance Sheet Dec. 31 1932.-
Net income
Preferred dividends----
$170,328
221,053
$3,268
225,610
$56,190
225,610
$50,725
Deficit
Previous surplus
2,521,394
Appropriated surplus... _
675,000
Disc. on pref. stock purchased for redemption
38,843
Trans. out of excess in
reserve for conting_ _ _
86,416
$222.342
2,743,735
675,000
AssetsCash
Mortgage loans
Collateral loans
Bonds and stocks
Real estate
Uncollected premiums
Accrued Interest
Other assets
Total
-V. 135, 9.822.
$727,432
87,500
5.000
3,357,838
122,148
574,737
16,589
30,048
$4,921,290
Liabilities
$1,500,000
Cash capital
Reserve for unearned
premiums
2,115,162
301,282
Reserve for losses
Reserve for taxes and accounts
75,000
435:8 )
94t0
Reserve for contingencies_ _
Net surplus
Total
$4,921,290
Bendix Aviation Corp.-Annual Report.
Vincent Bendlx, President, says in part:
Change in Capital Structure.
balance sheet on Dec. 31 1931 had
-The
Included a large amount for patents and other intengible assets. Directors
considered desirable. 88 a conservative financial procedure, the readjusting of the balance sheet by writing down the value of these Intengibles
as of Dec. 14 1932 from $38,029,841 to $1. The amount written off was
charged to capital surplus created by the reduction in the amount of the
capital represented by each of the 2,097,663 issued shares of stock from
$25 to $5 a share. Accordingly, the amount of the capital shown in the
balance sheet at the end of 1932 is $10,488,315. Concurrently, the shares
of the capital stock without par value were changed into shares having
a par value of $5 each. The reduction in the amount of capital and the
change in the par value of the stock of the corporation were authorized
by the stockholders at a special meeting on Nov. 17 1932 and by the board
of directors.
Income Account (Incl. Domestic and Canadian Subsidiaries).
Calendar Years1930.
1931.
1929.
1932.
Gross profit after cost of
sales
$3,495,071 $6,943,213 $7,021,745 $12,765,769
Other income
417,558
480.278 1,891,399
135,747
Total income
$3,630,818 $7 360.771 $7.502,023 $14,657.168
Depreciation
1,259,192
1,030.113
767.476
1,210,782
Selling, gen. & adminis.
expenses
4.956,087
3,724,278 4.089.449 4,903,191
149,683
Int. & miscell. expenses_
596,243
304,149
297,000
United States & Canada
income taxes
167,899
141,431
920.309
Minority Interest
67,275
11.071
645
Net income
1055$1,601.242 $1.555,479 $1,183,860 $7,416,408
Dividends paid or accr'd
314,500 2,096,884 3.607.944 3,126.061
Deficit
$541.405 $2,424,084sur4,290,347
61.915.742
Shares corn, stock outstanding (par $5)
2,097,663 x2,097,663 x2,097.663 x2,097,454
Earnings per share
$0.74
$0.56
$3.53
Nil
x No par shares.
Surplus Account Dec. 311932.
-Balance Jan. 1 1932, $8.988,929; Add
Capital surplus arising from reduction of stated value of capital stock to
75.000
,
$549,175
226.460.
$169,420 sur$322,715
1,940,844
2.913.155
675,000 1.335,000
Total surplus
$3,270,929 $3,196,394 $3,418,735 $3,598,559
Losses incurred in conn.
with Instal. accts_ _ _ _
156,364
Store flxt. written down
631,000
Prem. paid pur.pref.stk.
10,404
Total surplus
42,483,564 x$3,196.394 43,418.735 $3,588,155
Earns, per sh. on 300,000
shs.com.stock(no par)
Nil
Nil
Nil
$1.07
:
Including $777,000 representing the par value of preferred stock
reacquired.
Balance Sheet Jan. 31.
1933.
1932.
1932.
1933.
AssetsLiabilities
$
pitigs..stores,fixts.
Preferred stock___ 3,136.900 3,223,000
& delivery equip 5,485,819 6,405,730 :Common stock__ 3,600,000 3,600.000
Cash
700,921
595.630 Notes payable__
900.000
Custom's' accts. &
Accounts payable_ 483,912
565,991
notes receivable 1,710,401 2,423,352 Accrued salaries &
Misc. accts. rec__ _
96,538
209,520 expenses
146,707
86,259
Inventories
1,680,624 1,995,652 Divs. payable__
56,403
54,983
Miscell. invest__
118,210
67,470 Contingency res..,
111,420
25.000
Prepaid expenses_
78,112
102,562 Approp. surplus... 675,000
675,009
Good-will
1
1 Earned surplus
1,808,564 2,521,394
Total
9.870.628 11,799,918 Total934;6 28 11,799,916
-V 187
. 0 34 .
x Represented by 300.000 shares of no par stock.
.
es3.
Bloomington Limestone Co. of Ind'ana. Foreclosure
Suit Filed-Seeks to Reduce Fixed Charges.
Plans to reduce fixed charges of this company
reducing the interest
rate on the funded debt, were announced by company officials on April 1
after a suit to foreclose the first mortgage on properties of the company
had been filed in Federal Court.
The suit, attorneys explained, was a legal step for reorganization. It was
filed by attorneys for the Central Republic Trust Co. and Arthur T.
Leonard. Chicago. trustee under the first mortgage trust indenture. The
capitalized
"WilraynIstlpor
the board of directors, said the bond issue
represents $2,101,500 first mortgage paper now outstanding. The Plan
proposes preservation of the first lien for bondholders, by setting aside
certain properties for their benefit. Common stock will be issued to present preferred stockholders. Mr. Wilms said many of the bondholders
already have approved reorganization. (Indianapolis "News.")
-V. 125.
p. 3485.
2428
Financial Chronicle
(H. C.) Bohack Co., Inc. (& Sub.).-Earnings.
-
Years Ended Jan. 311933.
1932.
1931.
Net sales
$32.065,034 $35,353,973 $33,298,855
Cost of sales & operating expense_ _ _ _ 30,695,634 34,079.688 31,856 037
Net operating profit
$1.369,399 $1,274,285 $1,442,818
Other income
227,841
217,123
167,458
Total income
$1,597,241 $1,491,408 $1,610,276
Depreciation
624,543
586,215
479,984
Interest on mortgages
140,936
125,669
101.069
State and Federal taxes
155,256
105.704
156,142
Sundry deductions
5,354
Net profit
$671,151
$673,820
$873,080
Dividends paid on 7% preferred stock
of Bohack Realty Corp
66,500
66,500
66,500
Balance carried to surplus
$604,651
$607,320
$806,580
Surplus, beginning of year
1.290.653
1.386,154 1,289.803
Total surplus
$1,895,304 $1,993,474 $2,076.184
Divs. on 7% 1st pref. stock
210,000
210.000
210,000
Divs. on 6% 2d pref. stock
9,000
9,000
9,000
Dividends on common stock
263,843
382,572
364,655
Surplus charges
11,219
101,250
106,375
-Surplus ending of year
$1.401.242 $1,290,653 $1,386,154
Earnings per share on 105,537 shares
common stock (no par)
$3.55
$3.68
$5.64
Consolidated BalanceISheet Jan. 31.
[1933.
'
ir Assets-$
'Property, plant &
equipment
3,819,536
Bohack Real.Corp. 3,517,780
Cash
993,483
Deposits in closed
banks
8,610
Merchandise
2,145,886
Accts.receivable
453,036
Mt. receivable
357
Mortgages reedy_
45,000
Investments
Unexp. in.sur., &o.
Total
1932.
$
4,149,627
3,344,941
1,358,030
14,494
2,186,030
283.680
3,708
172,250
3,446
3,446
134,442
130,190
11,121,576 11,646,399
1933.
$
1st pref. stk., 7%. 3,000,000
2d pref. stk., 6
150,000
Bohack Real Corp.
stock
950,000
Accrued payroll
54,189
Accrued interest_
44,478
Notes payable_ _ _ 1,000,000
Accounts payable_ 642,844
Deposits
11,995
Accrued taxes_ _ _ _
114,053
yCommon stock
3,752,775
Surplus
1,401,242
Total
1932.
3,000,000
150,000
950,000
45,525
1,800,000
602,766
14,650
40,030
3,752,775
1,290,652
11,121,576 11,643,399
x$After deducting $1,736,733 depreciation in 1932 and $1,589,057 in
1931. y Represented by 105,537 no par shares.
Period End. April.1- 1933-5 Weeks-1932. 1933-9 Weeks
-1932.
Sales
$2.844,214 $3,364,471 $5,053,677 $5,952,711
136, p. 1554.
•
April 8 1933
Briggs & Stratton Corp.
-Earnings.
Calendar Years
Net profits from oper--Depreciation
1932.
$17.149
66,634
1931.
$370,163
65,923
1930.
1929.
$949,342 11,680.940
88,115
61.081
Netincome
loss$49.485
Other inc.,less misc.chgs.
81.390
1304,240
98.225
1881,227 11.619.859
168,308
183,708
Total income
Federal income taxes
Wisconsin inc. & surtax.
Interestpaid
$402,465 11,049,535 11,803,567
33,990
112,881
192.722
12,626
54.301
111,826
131.906
1,217
Net profits, carried to
surplus
$30.689
Balance Jan. 1
2,745,077
Surplus transt. to fixed
capital in connection
with reclassif. of caplProfit on sale of invest.
in former sub. co.(net)
$355,850
3,103,094
$582,353 $1,499,019
2,876,083 2,053,952
Dr.155.140
62,943
Total surplus
$2,775.766 $3,458,944 $3,758,436 $3,460,773
297.148
Common stock dividends
594,294
594.438
478,751
Prov. for reduct. to mar12.734
ket of misc. stock Inv_
119,573
32,404
58.283
Recapital. exps. writ. off
47,657
Inv. in affil. co. writ. off
28,500
12,465,883 12,745,076 $3,103,094 $2,876,083
Balance Dec. 31
Earns. per sh. on 300,000
shs. stock (no par)
$0.10$2.94
$4.99
Consolidated Balance Shett-Dec. 31.
i 18
1931.
1932.
LiabilitiesAssets1932.
1931.
$84,787 Accounts payable_ 323,376
$122,697
Cash
831,405
Marketable secur_ 1,079,734 1,811,725 Accrued liabilities..
40,658
47,329
Provision for Fed425,000
Demand loan
146,458
eral and Wis77,250
Accts. & notes rec.
279,939
consin Income__ '22,307
209,079
Inventories
84,000
Dividends payable
Cash surrender val.
74,287
148,574
50,452 Reserve for Wis55,582
of life insurance.
consin income &
10,309
4,904
Prepaid expenses_
24,200
surtaxes
46,146
MLscell. investlei.
22,000
Y Capital stock
x Real est., bldgs.,
300,000
300,000
Surplus
plant, machin'Ir,
2,465,883 2,745,077
970,516
equipment, &c_ 906,118
Pat'ts,trade marks
1
1
and good-will_
Total
$2,926,512 $3,378,385
Total
$2,926,512 $3,378,385
x After depreciation of $908,604 in 1932 and $842,998 in 1931. y Represented by 300,000 no par shares. z Wisconsin income taxes only.
-V.136.
p. 331.
Boston Insurance Co., Boston, Mass.-Balanct Sheet
'
44..% Brookinire Investors, Inc.-Dividend Decreased.
Dec. 31 1932.A quarterly dividend of6 cents per share has been declared on the capital
Assets
LfabfWiesstock, par $1, payable April 15 to holders of record April 3. A distribution
Stocks and bonds
.
$19,629,162
Real estate
1,364,000
Mortgages
73,500
Accrued interest
81,913
Premium notes
73,038
Premiums and accounts in
course of collection
799,354
Cash
761,296
Total
522,782,273
130, p. 1463.
Losses in process of adjust, or
in susp..Incl. all rep'd losses 81,315,433
Res. for losses unreported...
183,000
Unearned premium reserve__ 4,988,684
Res. for marine lay-up return
prems., outstand. reinsur_
475,702
Reserve for Federal taxes_ _ __
129,150
Commission expenses, taxes_
236,500
Reserve for dividend
240,000
Empl, says. fund & interest_
25,962
Contingency reserve
5,323,281
Capital
3.000,000
Net surplus
6,864,561
Total
$22,782,273
'"-.Boston Metropolitan Buildings, Inc.-Receivership
Denied.
Judge Stanley E. Qua of the Superior Court of Mass, has denied a motion
for the appointment of a temporary receiver for the company. He said
that he saw no reason at this time for appointing a receiver. He thought
such action ought to wait until the bill brought by S. Karpen & Bros.,
minority stockholders, is heard on its merits.
-V. 136, p. 2073.
'4 1 Brentano's, Inc. (Publishing House).-Receivership.
\ The Irving Trust Co. was appointed receiver by Judge Knox on March 30
on petition of seven publisher-creditors with claims of over $70,000. The
petition estimates the liabilities at about $500,000 and the nominal value
of the assets at approximately the same figure. The corporation operates
live stores in N. Y. City and one each in Philadelphia, Pittsburgh, Cleveland. Chicago and Washington.
-V.130, P. 1280.
Bridgeport Machine Co.
-Earnings.
Earnings for the Year Ended Dec. 31 1932.
Net sales and tool rentals
Cost of sales and tool rentals
Operating expenses
$1,004.099
778,457
184,280
Net operating profit
Miscellaneous credits (net)
$43,382
1,381
Net income
Cash dividends paid
$44,744
18.330
Balance
Earned Surplus Account.
Operating deficit as at Dec. 31 1931
Deduct
-Adjust, on account of diva. paid, in prior years, out of
capital surplus as permitted under the laws of (Delaware) the
State granting the company a charter. This adjust, is made
as result of an analysis (completed since our last report) of
the surplus account from Inception of the company
Adjusted operating deficit as at Dec. 31 1931
Net income for the year ended Dec. 31 1932
Earned surplus as at Dec. 31 1932
Balance Sheet Dec. 31.
Assets
Cash
Customers' notes
& accts. receiv.
Sundry notes and
accts. rec.(curr.)
Inventories
Prepaid expenses_ _
Sundry notes and
accts. receivable
Investments
Rental tools
Plant & equipment
Unamortized dLsct.
On debent. notes
Total
1932.
$102,241
a325,285
4,578
713,490
5,268
23,680
70,618
37,500
b213,129
9,033
$26,413
$47,583
Total
23,047
124,536
26,413
$1.877
$1,504,821 $2,315,941
=After reserve for doubtful accounts of $114,356. b After depreciation
and amortization reserve of 1324,339. c Represented by 149.500 no par
shares.
-V. 135. p. 4219. M.. t...salla141101 haus sta..
kW
.
_ •irst,
-Barclay Office Bldg., N.Y.-Deposttary.
Broadway
Manufacturers Trust Co. is depositary for the bondholders protective
committee covering the $6,500.000 1st mtge. 6% sinking fund gold bonds,
due Feb. 1 1941.-V. 136.P. 845.
IS
Brunswick-Balke-Collender Co.
-New Director.
-
I. W. Jackson. sales manager, has been elected a director to succeed
Arthur Sachs, retired. Mr. Jackson was also made a Vice-President.
-V. 135, p. 4388.
Bucyrus-Monighan Co.
-Earnings.
Calendar Years.Gross income-------------------------------General administration and selling expenses
1932.
$162,897
81,846
1931.
$494,568
102,118
381,051
49,537
$392,451
51,064
$130,588
29.748
14,907
$443,515
29,319
49,036
30,000
Net profit
Dividends
185,933
93,406
$335,160
124,000
Deficit for year
Previous surplus
$7,473 sur$211,160
477.999
266,839
Operating profit
Other income
Totalincome
Depreciation
Federal tax
Contingency reserve
Profit and loss surplus
1470,525
$477,999
Balance Sheet Dec. 31.
Liabilities
1932.
Assets$32,133 Accounts payable.
$276,048
Cash
723,952 1,176,598 Commissions pay,.
aReceivables
136,627 Dividendspayable
182,646
Inventories
18,956 Customers advance
Investments
46,175
deposit
51,203
Marketable secur_
Accrued expenses_
23,047
Treasury stock...
Due to MM. co_
Cash value of life
10,930 Federal income tax
6,825
Insurance
Res. for conting..Unexpired insur783 cClass Acorn.stk.
754
ance premium
278,977 dClass B corn.stk_
bMach'y & equip_ 249,665
1 Paid-in surplus_
1
Good-will
Earned surplus...
Total
$1,514,141 $1,701,180
Total
1932.
$1,838
41,397
1931.
$107,985
3,782
70,000
29,890
19,152
15,293
14,641
60,430
30,000
30,000
600,000
200,000
121,295
470,525
600,000
200,000
121,295
477,999
$1,514,141 31,701,180
a After reserve for doubtful accounts of $31,951. b After depreciation
of $250,223 in 1932 and $220,476 in 1931. c Represented by 40.000 shares
(no par). d Represented by 40,000 shares(no par value).
-V.136, p. 1722.
Bunker Hill & Sullivan Mining & Concentrating Co.
-Earnings.-
1931.
Liabilities
1932.
1931.
8112,844 Notes payable_ _
$55,000 $200,000
Accounts payable.
54,452
53,761
478,980 Accrued liabilities_
3,737
5,968
Notes payable, due
3,024
Jan. 1 1934_ _ _ _
2,000
730,017 Serial 6% gold de7,134
benture notes._ 233,900
284,400
7% preferred stock 523,850
29,023 Common stock. _
c149,500
24,880 Capital surplus_ _ _
464,617 1,771,810
37,500 Reserve for con892,539
tingencies
15,889
Earned surplus...
1,877
$1,504,821 $2,315,941
of8 cents per share was made on this issue on Jan. 16 last.
-V. 136. p. 662,
331.
For income statement for month and two months ended Feb. 28 see
-V. 136, p. 1889.
"Earnings Department" on a preceding page.
-Earnings.
Burns Bros.(& Subs.).
1931. •
1932.
1930.
$19,186.620 $31,311,150 $51,524,284
14,954,924 24,807.366 42,042,470
$4,231,696 86,503,784 19,481,794
Gross profit
248,702
517,110
Other income
369.219
$4,480,398 $7,020,894 $9,851,013
Total income
General expenses, &c... 5,548,652 8,181,492 9,589,425
694,889
Deprec. & amortization_
730,015
374.685
690.441
946,211
Interest, &c
854.420
Federal taxes
Extraordinary deduclui_
x420,082
495.901
Prov. for doubtful rec.
Calendar YearsNet coal sales
Cost of sales
1929.
850 113,634
46:438.052
$3,677,582
704,792
$4,382.374
3,140,951
145,000
12,949,486 82,836,824 $1,387,599pf$1.096,423
Loss
Adjust.for minority int_
308
82,949,486 $2,836,518 $1,387.599pf$1.096.423
179,693
180,600
180,600
800,000
823,149
82,949.486 $3,016,211 $2,366,999 sur$92,674
Deficit
Shs. class A stk. outst'g_
100,000
100,000
100,000
100,000
She. class B stk. outst'g_
100.000
100,000
100,000
100.000
Nil
Earn. per sh.on A stock_
Nil
Nil
$8.45
Earn. per sh.on B stock_
Nil
Nil
Nil
$0.45
x Adjustment of book inventories to physical loss on disposal of yards.
abandonment of facilities, &c.
Net loss
Prof. divs.(7%)
Corn. cl. A diva. ($8)_
2429
Financial Chronicle
Volume 136
Consolidated Surplus Account Year Ended Dec. 31 1932.
13.435,828
(1)
-Capital surplus-Balance Jan. 1 1932
446,144
Add'l prov. for doubtful accounts prior to reorg., Jan. 1 1931
90,311
Adjustments of insurance funds
65,871
Sundry adjustments
50,000
for contingencies
Reserve
s
12.783.501
Balance, Dec. 31 1932
82.836,518
(2) Earned surplus-Deficit, Jan. 1 1932
693,276
.Additional provision for 1931 doubtful accounts
Cr.373
Sundry adjustments
2,949,486
Loss for the year 1932 (as above)
which would be payable June 1 will be decided at a later date, Secretary
Irving Levy said. If business picks up, the dividend will be paid, otherwise not, Mr. Levy said.
The last regular quarterly dividend of $1.75 per share on the 7% cum.
preferred stock, par $100 was paid on March 1 1933.-V. 136, p. 2075.
-Sales Show Gain.
Chevrolet Motor Co.
In the second 10 days of March Chevrolet dealers delivered 10,000 new
cars and trucks to consumers despite the existence of the sationsl bank
holiday during most of the period. In the corresponding period of last year
retail sales totaled 10,378 cars.
Stocks of new cars in the field werereduced 3,477 units during the period,
owing to the difficulty of making deliveries to dealers because of lack of
facilities for clearing drafts.
From Jan. 1 to March 20 deliveries to consumers totaled 88,068 cars.
against 86,769 in 1932. Retail sales in January and February were larger
-V. 136, p. 1722.
than in the corresponding months of last year.
$6,478,907
Deficit, Dec. 31 1932
3,695.406
Deficit, per balance sheet
Consolidated Balance Sheet Dec. 31.
1931.
-Tenders.
1932.
Chicago Daily News, Inc.
1931.
1932.
$
Liabilities-Assets$
Halsey, Stuart & Co., Inc., 35 Wall St.. N.Y.City, and the Continental
7% cum. pref. stk. 2,580,000 2,520,700
bRfti est., bldgs.,
Bank & Trust Co.of Chicago. 231 So. LaSalle St., Chicago,
Illinois National
equipment,&c__ 6,071,169 6,770,378 aCiaas A corn.stk_ 6,000,000 6,000,000
Ill., sinking fund agents, will until Jan. 18 receive bids for the sale to them
Cash
653,037
394,788 aCiass B corn, stk.. 1,000,000 1,000,000
of 10
-year 6% sinking fund gold debentures, due Jan. 1 1936, to an amount
& accts.reo. 3,980,663 5,635,336 Accounts payable_ 2,354,926 2,475,471
cNotes
sufficient to exhaust 8268,275 at a price not exceeding 10136 and interest.
44,244
Sundry accrs. rec..
128,261 Dividend payable
V. 136, p. 162.
169,985
Notes & accept.rec.
206,005 Prov.for State tax 143,611
475,000
Inventories
Chicago Mortgage & Realty Trust.-Organized.
1,273,606 2,678,897 5% g. notes (curr.) 375.000
Insurance fund_ _ _ 219,551
494,435 5% gold notes (not
Formation of this trust with a capital of $1,500,000 is announced by
8,150,000 8,525,000
misceil. securities,
estate operator. Mr. Wirtz will be a
current)
Arthur M. Wirtz, Chicago real
at
25,834
18,626 Mtge. pay. dr open
mortgages, ea
trustee and manager of the trust, which will maintain officesbeen3152*
pri81,000
128,500
is stated, has
Deferred charges_ _
maturities
132,788
52,370
Sheridan Road, Chicago. The capital stock, it public. The purpose of
obi*. 2,754,978 2,754,978
imprest funds
79,428 Purch. mon.
vately subscribed and will not be offered to the financing of real estate
4,218
Notes receiv, after
Min. int. in substhe trust, as outlined in the announcement. is''the
888,356
1,369,118
one year
42,001 dAccruats
on a conservative basis and the purchase of property at present-day prices
77,500
25,000
Claim against venMtge.on real est_ _
for investment."
sourcet
626,217
986,478
dor
423,386
395,449 Reserves
"With the limited amount of capital now available from other basis,'
599,309
def.3,695,406
efreasury stock
Surplus
208,251
for the financing and purchasing of property on a conservativebe used
Good-will, contets,
"
the statement continues, there is a great need for capital to
&c
9,264,336 9,265,586
for this purpose. The real estate stivation in Chicago has not been favorable for several years, but the Chicago Mortgage & Realty Trust feels
22,172,204 26,241,980
Total
22,172.204 26,241,980
Total
that an improvement can now be expected and that this is the time to
a Represented by 100,000 shares of no par value. b After depreciation
Invest capital in real estate."
of $4,452,877 in 1932 and $3,834,655 n 1931. c After allowance for doubt-Halves Dividend.
ful accounts. d Includes accrued rental and interest payment subordi-'Cincinnati Advertising Products Co.
nated in accordance with term of agreement dated March 4 1931. e 1,690
A quarterly dividend of 25 cents per share was recently declared on the
shares prof. stock, 650 shares class A common stock and 600 shares class B
common stock, no par value, payable April 1 to holders of record March 20.
to
s .......
.. common stock at cost.
This compares with 50 cents per share paid each quarter from April 1-V. 136. p. 2248.
and including Jan. 2 1933, and with 75 cents per share previously.
Bush Terminal Co.-Receivership.
V. 135, p. 3171.
Federal Judge Robert A. Inch in Brooklyn on April 1 appointed James C.
Cleveland Automatic Machine Co.-Protective ComVan Siclen, official referee for the Supreme Court of New York, and C.
Walter Randall, attorney of Garden City, as temporary equity receivers
mittee.for the company and its subsidiaries. The receivers furnished a joint
A protective committee of preferred stockholders has been formed
bond of $100,000 and were ordered to take charge of the properties at once.
with the view of getting representation of the preferred stockholders on
Irving T. Bush commended the appointment of receivers for the compreferred
the board of directors. As the dividends on the common. sttock are in
pany as in the best interest of creditors and security holders. In a statearrears, this issue now has equal voting rights with Witt, F. E. Wright.
ment issued Mr. Bush said that "I believe a receivership for the Bush
protective committee, consisting of John P.
The
Terminal Co. is in the best interest of its creditors and security holders.
and John R. Watson, has sent a letter to stockholders asking for proxies
I shall at all times be at the service of the receivers to co-operate with
to be voted at annual meeting April 8.-V. 132. p. 2396.
them and the company organization to assist in the solution of the present
difficulties.'
-No Class A Dividend.- - on the
Companies, Inc.
The receivership action arose from a debt of $4,118, filed by the Perth
dividend
The directors have taken no action on the declaration of a share was made
Amboy Dry Dock Co. for repairs to two car floats. It was pointed out
class A stock, no par value. A distribution of 20 cents per
In the application for receivership that the company would be unable to
on Jan. 15 last, the first payment since Oct. 15 1931. on which date a like
meet various mortgage maturities.
-V.135, p. 4563.
int was paid.
Interest on 18t Mtge.4% 50-Year Gold Bonds Not Paid.
-Omits Common Dividend.
olgate-Palmolive-Peet Co.
-year gold bonds,
The interest due April 1 1933 on the 1st mtge. 4% 50
The directors on April 7 decided to omit the quarterly
due 1952, was not paid:
c
Meeting Adjourned.
-
The annual meeting scheduled for April 3 was adjourned to May 3 at
the request of Chairman Irving T. Bush and by a vote of stockholders.
Mr. Bush explained that the Court had stated that an adjournment
would be desirable. He added that the equity receivership was concurred
in by the directors for the purpose of conserving the assets and protecting
the interests of security holders.
John A. Stephens, President, stated his resignation would not be recalled
and that he was leaving the company at once. Other officials retain their
offices at the pleasure of the receivers. James C. Randall. a receiver,
stated it had not yet been determined whether the present officials would be
_ retained -V. 136, P. 2073.
-Smaller Distribution.
"Canadian Bronze Co., Ltd.
A quarterly dividend of 15 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 31 l( cents per share paid each quarter from Feb. 1 1932
to and incl. Feb. 1 1933. while from May 1 1929 to and including, Nov. 1
1931 quarterly distributions of 62; cents per share were made.
-V. 136,
.
'Casino Theatre, N. Y. City.-Foreclosure.
-
A mortgage foreclosure suit against the former Earl Carroll Theatre
property, now the Casino Theatre, at the southeast corner of 50th St. and
Seventh Ave. N. Y. City, was filed in the N. Y. Supreme Court April 3
y the Mutual Life Insurance Co.on six consolidated mortgages aggregating
$1,450,000. The defendants are the 755 Seventh Avenue Corp.. the
Earl Carroll Realty Corp. and others, including Joseph Grafton Minot,
Charles Minot Amory, Frances I. Amory and May Josephine Cutting.
The plaintiff asks that deficiency judgments up to $300,000 be entered.
Thecomplaint charges default of the 1932 taxes, amounting to $50,920
and interest Due Dec. 1.
Century Ribbon Mills, Inc.(& Subs.).
-Earnings.
Calendar Years1929.
1930.
1931.
1932.
z Net sales
$1,999,024 $2,512,091 $2,570,200 12.996,086
General & selling eats'. _
734,594
695,790
622,925
601,132
Cost of goods sold (net).. 1,208,495
1,798.776
1,626.829
1,313,937
Other expenses
318.417
360.571
315.175
293,847
Depreciation
129,414
102,000
103.892
94,938
Net loss
Preferred dividends_ _ _ _
$199.389 sur$156,163
81,249
72,791
$172,835
90.741
827,269
98,700
Deficit
$263,576
$125,969
$272,180 sur$74.914
x Including other income of $265,265 in 1932, 8294.467 in 1931, 8315.616
in 1930 and $271,240 in 1929.
Surplus Statement Dec. 31 1932.
-Net loss for year ended Dec. 31 1932,
8199,388 operating deficit Dec. 31 1931. 816,672 operating deficit Dec.
31 1932, 1216.061.
Capital surplus: Available for pref. stock diva, and redemption fund
agreement at Dec. 31 1931, $676,984; discount on pref. stock purchased and
retired during 1932, $23,081; total, 8700,065. Dividend on pref. stock
paid in 1932. $72,791; capital surplus available for pref. stock dive, and
redemption fund agreement, $627,274.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
LiabilitiesAssets1932.
1931.
yPlant, eq't, &o._$1,868,494 $1,982,989 Preferred stock_ __ $996,500 61.100,200
Investments
2,700 xCommon stock__ 2,536,814 2,536,814
700,000
Cash
531,267
553,671 Notes payable_ ___ 500,000
Notes & tr. accept. :10,540
60,283 Acceptance against
139,585
letters of credit.
Accts. receivable
1,230,987 1,548,603
441,098
Inventories
1,183,937 1,399,887 Accounts payable_ 410,056
411,213
660,312
Other cur. assets
6,700 Surplus
Deferred assets...
12,923
Prepaid expenses_
16,436
23,177
34,854.583 $5,578,010
Total
64,854,583 $5,578,010 Total
x Represented by 100,000 shares of no par value. y After deducting
81,116,145 reserve for depreciation in 1932 and 11.021,208 in 1931.
a Customers' notes receivable only.
Dividend Action Deferred.
The meeting of directors scheduled for April 4 for action on the preferred
dividend was not held. The question of action on the preferred dividend,
dividend ordinarily payable about April 21 on the common
stock, no par value. Dividends of 25 cents each were
paid on this issue on July 25, Oct. 20 and Jan. 21 last,
while from January 1930 to and incl. April 1932 distributions
-V. 136,
of 623 cents per share were made each quarter.
p. 1891.
-State SuperColumbian Building & Loan Co. (Ohio).
vision.Superintenden%
The company has been taken over by Paul Warner, State
of Building and Loan Associations for Ohio.
It has undergone
The Columbian has assets, it is said, of $19,000,000. was passed by the
two reorganizations in the past two years. Legislation of the Eikenberry
title
State Legislature of Ohio a month ago, under thebuilding and loan assoof a
Law, which permits the orderly liquidationlegislation provides for bank
recent
ciation in much the same fashion
liquidation.
and loan associations
Under provisions of the Eikenberry bill all buildingthe office of the State
in the State will be subjected to rigid examination by Associations will be
Superintendent of Building and Loan Associations.sound, those needing
-those that are
placed in one of three groupings
The Columbian is
conservators, and those that should be liquidated. liquidation.
over by the Department for
the first association taken
-Omits Dividends.
*"..Community State Corp.
--omit the quarterly dividends of 12;6
The directors recently decided to
and class B
cents per share ordinarily payable about March 31 on the class A
was made on
stocks, par $10. The last quarterly distribution at this rate
Dec. 31 1932.-V. 133, p. 1771.
Consolidated Film Industries, Inc. (& Subs.).
Annual Report.
Herbert J. Yates, Chairman, says in part:
cumulative
The 1932 earnings after allowing for 82 per share on the
524.973
preferred stock are equivalent to earnings of 12c. per share on the
stock outstanding.
shares of common
and the net amortised
During the year 1932 the book value of the good will
value of patents of the Cinema Patents Co.,Inc.,a wholly owned subsidiary,
were reduced to the aggregate value of 81 by a charge to capital surplus.
of a
The latter account was created during the year by the authorization of
reduction of the capital stock from $9,000,000 to 86,524,973 to consist
stock at a stated
400,000 shares of $2 cumulative participating preferred
value of $15 per share and 524,973 shares of common stock at a par value
of $1 per share.
In view of the unsettled and depressed conditions which have prevailed
In the motion picture industry as well as in other industries during 1932,
the management feels justified in believing that the progress of the company during 1932 is satisfactory and constitutes assurance to the stockholders for the future progress of the company. The management is
hopeful and is looking forward to satisfactory operations of the company
during 1933.
Consolidated Income Account for Calendar Years.
1929.
1,1930.
1931.
1932.
Calendar YearsSales (net)
$8,372,612 88,829,085 $9,665,317 89.644,800
7,176,262 6.841,900
Cost of sales and expense 6,978,250 6.950,179
Net operating income_ $1,394,362 $1,878,906 $2,489,055 32.802,900
161,803
400,362
Other income
265,688
233,540
Total
A
1' p i r l n
) v7foati oubtful accts.
Federal taxes
sale of secur_ _ _ _
Lo
Interest
Other deduction
perseecb no consol
$1,627,902 $2.144,594 $2,889,417 $2,964,703
153.836
158,478
4
138:27
?V:BR
178,000
0 0
5 00
6 1',26
6
32,641
167,615
15,230
77,233
130.920
20.433
260,200
296.505
161,429
a124,989
Balance for stock__
$862,228 $1.303,562 82,309,311 $2,389,373
a Includes $30,778 fire loss expenses at Hollywood plant. b Includes
operation of American Record Corp.from Oct. 1 1930 (date of acquisition)
to Dec. 31 1930.
2430
Financial Chronicle
Analysis of Consolidated Earned Surplus as at Dec. 31 1932.
Consolidated earned surplus Jan. 1 1932
$1,952,345
Net income for the year (as above)
862,228
Unrealized loss on securities previously charged to surplus, said
securities sold in 1932 and loss charged to current operations_
45,255
Miscellaneous adjustments affecting prior years
13,242
Adjustment of prior year's royalty
4,949
Total surplus
$2,878,020
Dividend of 50c. cumulative participating preferred stock
200,000
Additional reduction to market value at Dec. 31 1932 of investment of marketable securities
38.905
Adjustment of prior year patent royalties, taken as income
in 1931
55.884
Adjustment of inventory value as at Dec. 31 1931 of American
Record Corp
46,812
Miscellaneous adjustments
19,014
'Consolidated earned surplus, Dec. 31 1932
$2,517,406
=sac
I
,
Analysis of Consolidated Capital Surplus as at Dec. 31 1932.
Reduction of capital stock from $9,000,000 to $6,524,973
$2,475.027
Reduction of good will
1,888,528
Expenses incidental to amending the charter of the corporation
2,592
Reduction of net amortized value of patents and legal expenses
incident to their acquisition, Cinema Patents Co., Inc., and
Studio Camera Co., Inc
463,281
Reduction of book value of investment, American Record Corp_
18,345
Miscellaneous
500
Balance, Dec. 31 1932
6101,781
Comparative Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets$
$
-Cash
684,296 Notes payable_ __ 831,383
911,199
824.202
Marketable secur.
Accounts payable_ 502,392
596.141
at cost
132,747
201,489 Accruals
137,308
140,636
Accrued int. and
Divs. payable_._
200,000
dive. declared
21,466
3,745 Def. inc. royalties
.Notes and accts.
Paid in advance_
8,943
receiv. & trade
Sundry liabilities_
14,705
accept. reedy
2.501.758 2,811,990 Bal. purch. price
Inventories
732,773
744,047
of capital stock
Note rec. see, by
of subsidiary
9,842
9,842
real est. mtge._ 735,000
835,000 Trust deed note
30,000
30,000
Sundry notes and
Fed. Income tax
60,000
178,000
accounts reeeiv_
36.374
46,210 Res. for purch. of
Cash value of life
property
112,344
112,344
Insurance
56,265
42,272 Reserve for realty
Sundry assets....
13,829
assessment
2,079
Inv. in and advs.
Mortgage payable
21,000
23,000
to subs, not cons 157,317
55,721 Preferred stock _ d6,000,0001
.c9,000,000
bProperty & plant 5,165,969 5,077,934 Common stock
e524,9731
Prints & negatives 215,855
215,744 Capital surplus.... 101,781
Patents, less amort
463,281 Earned surplus__ _ 2,517,406 1,952,344
Prepaid expenses &
deferred charges 182,579
207,275
Good-will, &c
1 1,888,529
April 8 1933
(William) Cramp & Sons' Ship & Engine Building Co.
-Balance Sheet Dec. 31.
Assets-1 mg
1932.
1931.
Liabilities1932.
1931.
Cash in banks_ _ __
$3,633 Accounts payable..
$163
$1,523
$1,188
Accts. receivable__
968
Notes payable(incl.
Due from asso. cos.
24,120'
23,626
1931 interest).- 187,305
170,422
Proceeds sale of
Property
taxes,
assets
158,050
153,550
penalties, &c___ 570,768
460.735
Gen. mtge. 6s held
Notes payable_ _ _ _ 1,097.500 1,037.500
in treasury
125,000
125,000 Past due obligat'ns 5.073,043 4,888,123
Fixed assets at
Ground rents (est.)
4,032
4,032
book value
7,578,548 7,578,548 Reserves and deDeferred assets_
25,284
26,484 !erred items____
24,271
24,771
Capital stock
15,232,500 15,232,500
Deficit
14,278,810 13,908,430
Total
$7,912,134 $7,910,843
-V. 134. P. 2
916.
Total
$7,912,134 57,910,843
Cream of Wheat Corp.
-Earnings.
Calendar Years1932.
1931.
1930.
1929.
Manufacturing profit _ _ _ 63,067,098 $3,510,249 $3,907,480 64,012,688
Expenses, &c
1,461.971
1,861,040
1,858,586
1,953,687
Operating profit
Other income
31,605,127 $1,649,209 $2,048.894
113,336
75,741
71,981
Total income
Federal taxes, &c
61,718,463
217,886
Net profit
Dividends
$1,500,577 $1,504,168 $1,868,164 $1,882,122
x1,350.600 x1,501,050 x1,500,000
750,000
31.724,950
220,783
32,059,001
66,598
32,120,875 62,125,599
252,711
243,477
Surplus
$149,977
$3.118
$368,164 31,132,122
Earns, per sh.on 600,000
shs.cap.stk.(no par)_
$2.50
$2.50
$3.11
$3.13
x Includes dividends declared and payable Jan. 2.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
LiabilitiesAssets1932.
1931.
bldgs., mach.
yCapital stoek _41,200,000 $1,200,000
& equipml_ _ _ $754,702 $795,508 Accounts payable_
45,665
39,467
801,905 Accrued payrolls,
850,785
Cash
Marketable secure. 1,848,575 1,687.796
gen. taxes. &c._
31,742
33,916
14,015
10,304 Federal taxes, &c.. 217,886
interest _
Accrued
220,783
179,876 Dividends payable 450,000
Accts. reedy., &c. 171.049
450,000
378,665 Capital surplus__ 1,240,953 1,240,953
368,679
Inventories
50,723
51,208 Earned surplus... 945,845
Other tang.assets795,868
1
1
Good-will
81,923
67.364
Deferred charges
Total
34,125,892 $3,987,186
Total
$4.125,892 $3,987,186
x After depreciation of $200,169 in 1932 and $234,084 in 1931. y Repre-V 136, p. 665.
no par shares.
sented by 600,000
-414
" "Crumden-Martin Mfg. Co -Smaller Dividend. --:
Total
10,863.135 13,077,534
Total
10,863,136 13,077,534
a After deducting reserve for bad debts of $200,262 in 1932 and $226.361
in 1931. y After deducting reserve for depreciation of $1,581,620 in 1932
and $1,369,401 in 1931. c Represented by 400.000 shares cum. partic.
$2 prof. stock and 524,973 shares common stock, both of no par value.
d Represented by 400.000 no par shares. e Represented by shares of
$1 par value.
-V. 136. p. 1555.
Columbia Pictures Corp.-Earnings.
For income statement for 6 months ended Dec. 24 see "Earnings Department" on a preceding page.
-V. 136, p. 1022.
Consolidated Oil Corp.-Earnings.
(Including Subsidiaries
-Domestic and Foreign.)
Consolidated Statement of Income, 11 Months Ended Dec. 31 1932.
Gross oper. earns.. excl. of inter-co. sales. Inter-co. transportation charges and U.S. Federal & State gasoline & oil tax$133.065.512
Costs, operating and general expenses
112,731.267
Operating income
$20,334,245
Int. & divs., profit on sale of securities and miscellaneous (net)
1.876,186
Excess of par value over cost of company's pref. stock and
bonds retired or held in treasury for retirement
492.994
Total income
Interest
Depreciation, depletion and abandonments
Net profit
Balance at Jan.31 1932
Adjustments applicable to prior years
Total
Preferred dividends
$22.703.426
3,659,368
17.443,018
$1,601,039
15,997,764
100.000
$17,698,804
701,964
Balance at Dec. 31 1932
316,996.840
Note.
-Equity in undistributed current gains of controlled companies
ot included in consolidated statement. 35,664.-V. 135, P. 3171.
Consolidation Coal Co., Inc.-To Join in Coal'Selling.
Judge William Coleman in Federal Court at Baltimore, April 1. signed
an order permitting the receivers of the company to enter into an agreement with the Appalachian Coals. Inc.. the coal-selling agency with headquarters in Cincinnati, which the U. S. Supreme Court recently ruled is
not a combination in restraint of trade.
Judge Coleman's order permits the receivers to purchase not over $35,000
of the capital stock of Appalachian Coals, Inc.
In the application asking permission to enter into the agreement, the
receivers said that, while it was not certain that material benefits would
accrue from entering the selling agreement, it was thought some benefits
might be obtained.
-V. 136. p. 2249.
Counsellors' Fund, Inc.
-Changes Name-Financing.
-
r• The stockholders have voted to change the name of the corporation to
Income Fund of Boston, Inc. and to issue 50,000 additional $5 par common shares,of which 46,860 are to be issued for cash and 3,140 for securities.
'
The stockholders are being notified that the trustees have voted to ter•
minate the Trust as of April 20. Stockholders are being given the option
of taking their pro rata share of the cash resulting from liquidation of reinvesting their share in common stock of the Loomis-Sayles Mutual Fund,
Inc. The trustees state the liquidation is being undertaken because the
Trust has become too small for economical management.
On Dec. 20 1932 there were 15,915 shares of stock outstanding, the
current market for which is around $25 per share.
p. The portfolio of Counselors Securities Trust as of Dec. 20 1932 comprised
the following issues (in shares):
200 American Telephone
1,000 Lehman Corp.
500 Borden
500 National Biscuit
400 Consolidated Gas of New York
600 National Dairy Products
200 Continental Can
600 Pacific Gas & Electric
200 First National Bank of Boston
700 Standard 011 of New Jersey
2,000 Third National Investors
600 First National Stores
2,600 Fourth National Investors
3,200 Tr -Continental Corp.
General Capital
600 Union Carbide & Carbon
2000.
1,400 United Gas Improvement
400 General Electric
600 General Motors
500 United Shoe Machinery
80 Guaranty Trust of New York
-v. 135, p. 4221.
.Creameries of America, Inc.
-Omission of Dividend.
- .40
r The directors recently decided to omit the quarterly dividend ordinarily
payable about April 1 on the voting trust certificates for common stock
of no par value. A distribution of 15 cents per share was made on this issue
on July 1, Oct. 1 and Dec. 31 last, compared with 25 cents per share pre-V. 135, p. 3529.
viously each quarter.
A dividend of $1.50 per share was paid on the 7% pref. stock on Feb. 3
last to holders of record the same date. Previously the company made
regular semi-annual distributions of $3.50 per share on this Issue.
-V. 116,
p. 1056.
Curtice Brothers Co., Rochester, N. Y.-Int, Not Paid.
The company has failed to meet the April 1 interest on its 1st mtge.
614% sinking fund bonds and a bondholders'committee is being organized.
The Lincoln Alliance Bank & Trust Co., as trustee, in a letter to bondholders, says it understands that "there is no probability of funds being
forthcoming for some time."
-V. 121, p. 80.
Curtiss-Wright Corp. (lic Subs.).-Earnings.Calendar Years1932.
1931.
y1929.
1930.
Sales & other revenues_ 312.406.721 $21,651,585 $19,325,197 $26,047,904
Costs,exp. & depreciaen 11,237,669 23,127,306 25.465.848 24,934,899
Loss of manufacturing
Pf$1,169.052
subsidiaries
136.256
Other income
Loss
Pf$1,305.309
Int.. pat., exps., &c_
361,971
Invent. adj.& devel.exp.
written off
z123,501
Prov.for contingencies.._
126.079
Idle property expense._.
Deprec. & amortizat'n
1,239,472
Unabsorb. office bldg..
expense. &c
34.962
Moving expenses, &c
25.504
Liquid. of Curtiss-Wright
Exhibition Corp.. &c_
Federal taxes of manufacturing subs
Loss of manufac.subs_
Cost of establishing airports & flying service_
Portion of loss applic. to
minority stockholders
$1.475.721
155,171
86,140.651 pf$1.113,005
405,209 x2,375.337
31.320.550
655.491
35.735,442pf33,488,342
969.460
281,881
x466.685
950.826
564,429
2,410.577
1,421,268
288,143
259.465
160,602
$606,183
68,246,124
9,607
120,064
$9.374,914 pf$1,624,591
2,471,014
362.025
177,891
Net loss
3596.574 31,126,060 $9.012,919
$668,532
x Includes 61,619,781 profit on sale of securities. y Includes results
for entire year of subsidiaries, acquired during 1020. z Inventory adjustment only.
Consolidated Earned Surplus Account Dec.311932.
Loss for the year ended Dec. 31 1932
3596,575
Idle property expense
147,870
Portion applicable to minority interests
Or2,604
Deficit, Dec. 31 1932-----------------------------------
$741,840
Contingent Reserve Account Dec. 311932.
Balance, Dec. 31 1931
$5,575,000
Inventory losses, settlement of purchase commitments,revaluation of inventories, &c
1,575,537
Development engineering expenses
304,582
Losses on investments (non-affiliates)
198.460
Reduction of values of operating and airport equipment
101,230
Chile factory organization expense
62,586
Miscellaneous------------------------59,905
lc reduce invenfories, MiscelAmount applied
------------laneous investments and accounts receivable
2,219,051
Additional provision for inventory revaluation and development
engineering expense as at Dec. 31 1932
Cr126,079
Balance, Dec. 31 1932
31,179.727
___________Consolidated Capital Surplus Account Dec. 31 1932
Consolidated
.
...
Dec. 31 1931
$
92,653,881
Excess of consideration received from sale of common stock over
par ve'ue thereof, and excess of value of subsidiaries' shares
over stacks given and (or) cash paid in exchange therefor
245,184
Total
$22,899,065
Write-down of fixed properties to estimated sound and (or)
ultimately realizable values ($1,443,621) leas portion applicable to minority stockholders
4,345.166
Losses of flying service subsidiaries, a large portion of which
resulted from disposal of assets. &c
720.314
Sundry adjustments
88,722
Balance, Dec. 31 1932
817,744,882
MEM&
Balance Sheet Dec. 31.
1932.
3
1932.
1931.
$
Assets-
aircraft
Land,
a.
equipm't, build13,452,333
lugs, Sto
1.362.550
Cash
Excess mfg. & air9,622.907
port facilities_
Notes & accts. rec. 948,340
1,989.907
Inventories
13,011
Dens. & adv. pay.
MIscell. investmls 551,980
694,906
Patent & pat. rts
prepd. insur., &c- 411,773
1
Good-will
21,064,026
1,450,678
8,180,842
1,200.290
6,689,071
83,930
1,167,090
711,522
1,229,194
1
$
Liabilities-
1931.
$
."-.---Dominion Square Corp., Montreal.-Interest Not Paid.
The corporation has decided to take advantage of the 30 days' Trace
b Class A stock_ __ 1,142,455 1,141,214
b Common stock__ 6,435,420 6,320,908
Capital surplus_ _17,744,862 33,425,742
Earned deficit__ 741,840 10,771,861
1,823.000
Notes payable_
391.751 1,169,071
Accounts payable_
169,575
Accr. wages,int.&e 238,247
Dep. on unfilled
197,485
sales contracts__ 264,236
Bonds and mtges.
258,449
payable (curr.). 143,352
Fixed pay, on pur75,000
chase cost
Bonds and mtges.,
896,366
768,536
&c.. payable__ _
Res, for conting_ 1,179,727 5,575,000
Minority interest.. 1,405,963 1,571,696
29,047,711 41,776,645
Total
29.047,711 41,776,645 Total
-V.135. p. 3697.
a After depreciation. b Represented by $1 par shares.
Cutler-Hammer, Inc.(& Subs.).-Earnings.
1929.
1930.
1932
1931.
Sales
$3,001,897 85,912,792 $9,342,899 312,368.340
Calendar Years-
555,073
214,644
326,176prof1531,664 prof3050905
211,263
272.462
245,675
_
$769,718
17,892
15.367
8571,851 prof1259202prof2839,642
111,727
38,280
9.857
30.752
86,645
66,917
Gross loss
Prov. for Federal taxes_
Other debits
$736,458
$495.077prof1384,126prof2982,121
285,000
148,741
9,247
45,096
5,943
Net loss for the year_ _ _ _
Cash dividends
3738,110
Loss from operations _ _ _
Pror. for depreciation
Net operating
Interest received
Other credits
1,652
8501.020pf$1,190,289pf$2,687,874
962.500
x1,154,446
Balance. deficit
$501,020 sur$35,843sur1,725.374
$738.110
Shs. of cap. stk. out275.000
standing (no Par)330.000
330,000
328.900
89.77
Earnings per share
$3.60
Nil
Nil
x In addition a stock dividend of 20% (8550,000) was paid Jan. 15 1930.
Comparative Balance Sheet Dec. 31.
1931.
Assets1932.
1932.
1931.
LiabilitiesaPlant & prop--32,776,674 $2,931,719
Accts.& notes rec.. b616,170
738,038
Cash
521,148
513,192
Mutual Insur, Co.
deposits
30,693
Cash sure. val. life
(mut% policy__ _
13,802
Aocr. Int. roe
808
Miscell. accts. rec
92,207
Inventorlea
1,396,827 1,849,552
Marketable secure
14,600
174,978
Investments
1,046,940 1,000,000
Patents
400.677
418.171
Deferred charges.10,894
18.634
Total
cCapital stock ----S3,268,995 $3,299,995
39,380
102.429
Accts. payable_ _ _
106,782
83,992
Tax accruals
21,881
16,370
Miscell. accruals5.000
15.000
Due to subs
42,458
79,644
Reserves
Capital surplus-- 2.984.861 2,949,521
Earned surplus__ 408,178 1.161,288
$6.829,236 $7,736,541
Total
$6,829,236 37.736,541
a After deducting reserve for depreciation of $3,666,852 in 1932 and
83,519,493 in 1931. b After reserves of $50,970. e Represented by
326.899% no par shares in 1932 and 330,000 in 1931.-V. 136. p. 332.
-Earnings.
Deisel-Wemmer-Gilbert Corp.
Calendar Years1929.
1932.
1930.
1931.
Sales
$5,426,391 $6,959,948$8,599,814 $6,432,319
Cost of sales
4,538,890 5,799.915 5,308,002 5,018,982
peeking Sr shipping exps.
45.361
47,008
33,607
47.171
Selling expenses- _
342.997
440,204
361,384
435,632
Admin.& general raps
99.441
128,571
143.415
147,679
Net profit
$925.557
3376.028
$349.095
8529.550
Miscellaneous income- _ 72.728
90.006
18.618
33.718
Net inc.before Fed.tax $382.813
3766.035
$998.285
8548.188
Provision for Fed.inc.tax
83,600
102,000
70,700
52.000
Miscellaneous charges-35,108
Net income
$682,434
$896.285
8477,468
$295,708
Capital surplus
2,388,082 2,327.706
Paid-in surplus
2,430,950 2.430,950
Previous earned surplus509.993
702.281
768,763
Total surplus
$3,432,551 $3,507,456 $3,823,377 13,327,235
Preferred dividends_
126,000
133,000
128.333
118,650
Common dividends
357.146
257.959
284.988
54,353
Surplus Dec.31
$3.259,548 $3.098,469 $3,133,232 12,940.943
Shares of com,stock outstanding ($10 par)
238.095
216,410
238,095
208,680
Earns. per sh.on 238.095
shares corn. stock_ _ _ _
$2.31
$1.55
$3.23
$0.85
Comparative Balance Sheet Dec. 31.
Assets1932.
1932.
1931.
Liabilities1931.
Cash
$961,860 3397,543 Pref. 7% cum_ _31,590,000 $1,700.000
Cost.accts. reedy
207,267
404,776 yCommon stock_ 2,086.800 2,164,100
Due from attn. co.
54,829
244,829
24,095 Accts. pay., trade.
Sundry accts. rec.
868
2,230
3,519 Due to MTh. co___
Inventories
1,661,429 1,924,345 Unexp. approp. for
prepd. ins. taxes &
advertising
62.000
62,000
other charges _ _
.
43,333
12,044
58,636 ContingenciesAdvs. to Bernard
Accr. royalties and
Schwartz Cigar
14,692
rebates
19,253
Corp
250,000
540,000 Prov. for Fed. Inc.
Adv. to officers &
52,000
77,689
tax
employees
16.072
19,948 Capital surplus... 2,368,082 2,327,706
Investments
1,735,300 1,731,900 Earned surplus__ 891,466
768,763
iprop., pl. & equip 578,662
585,369
Cigar mach. leased
48,403
64,898
Organis. expenses.
10,929
16,394
Good-will, brands
and trademarks_ 1,605,250 1,605,000
Total
2431
Financial Chronicle
Volume 136
$7,120,736 $7,376,423
Total
37.120.736 37,376,423
x After depreciation of $330,795 in 1932 and $294,581 in 1931. y Represented by 208,680 shares (no par) in 1932 and 218.410 in 1931.-V. 135,
p.3172.
..\,Denver (Colo.) Orpheum Co.-Receivership.--
Albert H. Jewell, trust °nicer of the United States National Bank, Denver, was appointed receiver April 1 by District Judge Charles O. Sackmann
at Denver.
The action was taken after complaint for foreclosure was filed In District
Court by the bank,as trustee for bondholders against the Denver Orpheum
Co.. the Orpheum Theatres Operating Coro., the Orpheum Circuit, Inc.,
the Keith-A bee-Orpheum Corp. and the olorado Consolidated Theater
Corporation -V. 133. p. 1723.
Detroit Bankers Co.
--Omits Dividend.
The directors recently voted to omit the quarterly dividend ordinarily
payable about March 31 on the capital stock, par $10. A distribution of
28 cents per share was made in each of the three preceding quarters as compared with 60 cents per share a year ago and 85 cents per share previously.
136, P. 1022.
Dome Mines, Ltd.
-Value of Production.
Mar. 1933. Feb. 1933. Mar. 1932.
month of$319,052
$381,365
$412,565
Output (value of)
-V.136, p. 1723.
allowed on the semi-annual interest due on April 1 1933 on the 1st mtge.
sinking fund 67 gold bonds, of which there are approximately $4,954,500
outstanding.
-V. 135, P. 3004.
..
-., ...
Dominion Stores, Ltd.-March Sales.-19717.
'ar'
Period End.ltl 25--1933-4 Wks7=1932. 1933-12 Wks.
$4.455.518 35,493,179
$1,555.614 31.885,675
Sales
There were 49 fewer stores being operated in the four weeks ended March
'25 1933 than in the same period in 1932.
1929.
1930.
1931.
1932.
Calendar YearsS23,042,272 325,200,150 $24,118,586 $24,641,184
Sales
22,545,239 24,569.182 23.517,323 x24.146.933
Cost ofsales
$494.250
$601.263
$630,967
$497,033
Grow profit
147.299
142,704
148,063
126,888
Other income
$623,921
214,301
48,000
$779,030
198,399
58.000
3743,967
167.158
46,000
3641.550
$361,621
Net profit
1,201,049
Previous surplus
Profit on bds. sold & reval. of bonds held_
97.796
Excess provision for U.S.
22,803
exchange
3522.631
1.287,004
$530,809
1.071,149
$590,550
1,113,995
Gross income
Depredation
Federal income tax
See a
51,000
$1,683,270 $1,789.635 $1,601.958 31,704,545
Total surplus
313.076
335,436
419,413
Common dividends
338.858
for U. S. exProvision
47,572
43,028
change on dividends
102,958
Res've for investments_
48,255
Cr.482
10,902
7.517
Prior year's taxes
20.000
5.242
7,741
Res. for future fire losses
252,065
written down_
Good-will
Res. for losses on stores
75,000
closed
100.000
Cap, assets writ. down_
31.113.623 31,201,049 $1.267,004 31,071.149
Profit & loss surplus
272.250
277.715
282.382
282.382
Ms. com. stk. outst'g
$2 17
$1.91
$1.28
$1.85
Earnings per share
a Includes merchandise cost, selling and adm. exp. and depreciation.
Balance Sheet Dec. 31.
1931.
1932.
LiabilIties1931.
1932.
Assets3265.000
$436,017 • $479,839 Bank advances_
Cash
957,894
362,000 Bills & accts. pay_ $874,167
120,000
Call loans
189.204
84,714
Dividends payable
Dom. of Can. 4%
885,750 Prov. for Federal
58,000
48,000
income tax
101.570
52.000
Mtge. on Whouse_
5,408 Res, for stores to
75,000
be closed
Guar. Invest. etts_ 400,000
Res. for future fire
Employ. co-oper.
78,229
32,982
losses
48,998
invest. plan _ _ _
8,119,876 3,119.876
:Capital stock
Life Insur.cash surProfit & loss surp. 1,113.623 1,201,049
8,325
render value_ _ _
2,326.828 2,190,076
Inventory
Deferred charges &
103,074
76.321
accrued revenue
1,605,597 1,771,534
Capital assets
1
1
Good-will
$5,348,384 35.899,252
Total
35,348,364 $5,899,252
Total
bonds
Acc'ts receivable
Adv. on account of
merch. purch.
a
182,250
144.025
-V.136.
Represented by 282,382 shares (no par).
p. 2250.
-Earnings.Douglas Aircraft Co., Inc.
1929.
1930.
1931.
1932.
Years Ended Nov.30$2.317,569 $3.825,270 14,088.595 $2,546.025
Net sales
3,094,127 3.175,037 2,053.489
2,026.707
Costs, expenses, &c_
108.005
184.013
182.575
144.909
Gen. & adrainIs. exii3.$384,531
$729.544
$548.569
$145,953
Operating profit
91.213
69.049
90.638
71.976
Other income
3475.744
3798,593
3639.207
$217,929
Gross income
21.928
13.782
15.943
134.709
Other deductions
50.453
94.962
73,934
11.597
Prov. for Fed. inc. tax8403,364
3689.849
$549.330
$71,622
Net profit
424.561
428,004
299.569
Dividends paid
3403.364
3265.287
$121.326
def$227.947
Balance
Shares corn. stock out338,692
341.086
342,403
356.435
standing (no par)_ _ _ _
$1.19
.
$1.60
$0.20
Earnings per share
-For income statement for 3 months ended Feb. 28
Quarterly Earnings.
on a preceding page.
see "Earnings Department"
Balance Sheet Nov. 30.
1931.
1932.
1931. I Liabilities
1932.
Assets$85,027
payable_ $184,999
$750,838 $245,439 Accounts
Cash
76,248
13,912
Marketable securs. 1,331,162 1,725,324 Accrued taxes_ _ _ _
172,891 Res. self insurance
171,519
Accts.receivable
2,000
3,500
925,344 (Comp)
757,704
Inventories
40.241
15,650 Uncompleted contr
3,456
Empl. stk. subscr.
1.874,624 1,734.304
2,062 xCapital stock_ _ _ 4,586
Bund.accts.rec. &c
1,631,254 1,859,199
Surplus
Cash surr. value13,232
. 21,514
life insurance._
Invest. In & adv.
73,328
to Northropeorp
Real est.. bldgs.,
810.073
571,129
equipment
1
1
Gd.-w. designs, Ac
Def. chgs.-taxes,
40,782
63,495
insurance, Ac_ _
$3,748,530 $3,758.778
Total
$3,748,530 S3.756,778
x Represented by 356,435 no par shares in 1932 and 342.403 In 1931.
says in part:
Donald W. Douglas, President,
Capital Stock.
-There Is issued at the present time 356.435 shares of
capital stock.
Under the terms of a five-year option the company is committed to
deliver 150,000 shares of stock at $10 a share, on or before Nov. 22 1933.
To date 39.131 shares have been purchased under the terms of the option.
including 14.131 shares purchased during the past fiscal year. The norchase price is approximately the same as the present book value of the
stock. The authorized, but unallotted portion of the capital stock set
aside for purchase by employees at $10 a share amounts to 12.696 shares.
Under date of Dec. 28 1931 the company entered Into an agreement
with John K. Northrop and W. K. Jay, to form a subsidiary company
to be known as Northrop Corp. This corporation was organized to develop
new ideas In airplane construction, and started business in January 1932.
Under the terms of this agreement our company agreed to advance funds
for the promotion of experimental work by the Northrop Corp. and to
accept preferred stock In exchange for these advances. At Nov. 30 1932
advances of $70,000 had been converted into 700 shares of preferred stock.
Our company also owns 51% of the no par common stock, and holds the
-V. 135. p. 4039.
balance in trust until all preferred stock is retired.
Total
Drake Hotel Co., Chicago.-Receivership.
-
Federal Judge James H. Wilkerson at Chicago has appointed Charles R.
Williamson equity receiver upon the petition of Metropolitan Life Insurance
Co. The petition was directed against Whitestone Management Co.,
owner of the hotel. It alleged that the principal amount of 83,480,000
plus unpaid interest was due the plantiff from the Whitestone company.
-V.135, p. 3172.
Eagle-Picher Lead Co.
-Board Reduced:
At the annual meeting held last week the directorate
was reduced to
9 from 11 members. L. Alvin Kreis and George W. Potter were not reelected.
2432
Financial Chronicle
President A. E. Bendelari stated the company had no money impounded
in closed banks. The company is carrying a large inventory, he stated,
which should work to the company's benefit should any sustained price
improvement appear.
-V. 136. p. 1892.
Eastern Rolling Mills Co.
-New Director.
-
A. J. A. Walls of Baltimore, Vice-President and Chief Engineer of the
Pennsylvania Water & Power Co. has been elected a director of the Eastern
Rolling Mills Co. succeeding Mason B. Starring Jr.
-V.136, p. 18%.
Elgin National Watch Co. Reduces Par Valu
Director-Earnings.
-
New
The stockholders at the annual meeting approved a proposal to reduce
the par value of the 400,000 shares of capital stock to $15 from $25, the
difference of 84,000,000 to be transferred to capital surplus.
Chester Foust has been elected a director to succeed the late Martin A.
Ryerson.
Surplus Accountfor Year Ended Dec.31 1932.
Loss from operations for year 1932 (after providing $417,515
for depreciation and general taxes)
81,193.781
Reduction of inventories to market or realizable value
806,670
Provision for depreciation and obsolescence of sundry parts in
process set aside under existing conditions (after deducting
8700,000 transferred from reserves in prior years
1,425,000
Total loss for year 1932
Surplus at Dec. 31 1931
Refund of prior year's Federal taxes
Reduction of reserve provided in prior year for decline in market
value of securities
$3.425,452
3,389,255
Cr.152.049
Cr 15.973
Surplus at Dec. 31 1932
Balance Sheet Dec. 31.
1932.
1931.
1932.
AssetsLiabilities-Cash
771,111
968,824 Accts.& wages pay 264,639
Accts.& notes ree_ 770,444 1,445,719 Accrued taxes_ _ __
130,000
Marketable secur_ 2,335,579 1,817,255 General reserves_ _ 300,000
Inventories
1,848,424 5,801,538 Capital stock
10,000,000
Sundry partie. in
Surplus
131,825
Process
547,463
Treas, stock of co_
27,066
Other assets
136,335
140,976
Deferred charges
63,835
54,429
Land,fact'y,bide.s.
machy.& equip_x4,326,209 4,540,489
National house and
gymnasium
01,128
$131.825
1931.
$
311,036
130,047
1.000.000
10,000,000
3,389,255
Total
10,826,465 14,830,338
Total
10,826,465 14,830 338
x After depreciation reserves of $3,996,204 in 1932 and $33,701,608 in
1931.-V. 135. p. 135.
1932.
1931.
1930.
$1,560.577 $2,079,629 $2,071,174
6.462
9.754
7,006
Net income for the period
Earned surplus at begin, of period
$1.554,115 $2.069,875 $2.064,168
265,488
85,682
13.523
Gross earned surplus
Preferred dividends
Class A dividends
Class B dividends
$1.819,583 $2.155,557 $2,077.691
197,773
197,736
295,141
101.112
130,091
137,274
1,249,970
1,562,264
1,559,695
$85.682
677.890
$2.75
1931.
724,984
89,927
2,472,100
1,516,703
18,749,565
2,099,796
265,468
Total
25,497,132 25,918,542
Total
25,497,132 25,918,542
a Represented by 50,566 no par shares. b Represented by 624,985 no
shares.
-V. 135, p. 2180.
par
Equitable Office Building Corp.
-Earnings.
For income statement for month and nine months ended Jan. 31 see
"Earnings Department" on a preceding page.
-V.136, p. 2076.
-Earnings.
Evans Products Co.(& Subs.).
Calendar YearsGross profit from sales-_
Sell. & admin. exps____
1932.
$85.822
211,102
1931.
$202,289
271.977
1930.
1929.
$515,917 $1,345,956
330,658
400,591
Net profit from sales_loss$125,281 loss$69,688
35.688
Royalties received
45,678
4,775
Interest received
8,292
Miscellaneous
1.936
5,303
$185,258
40,637
11,498
9,263
Total profit
loss$82,880 101'8310,415
Interest paid
69,413
59,356
Net amount of unusual
losses & devel. chits
108,706
Special losses
Federal taxes
$246,657 $1,013,818
101,082
43,170
Loss
Dividends paid
$250,943
$79,828
$945,365
35,838
14,070
18,545
Total
Net income before deprec., int. & Federal
income tax
loss$159,067
Prov. for inventory obsolescence
50,000
Provision for deprec- _ - _
169,894
Interest on gold notes
35,566
Federal income tax
$12,113
11,418
$581,384 $1,328,280
11,950
22,897
7,329
$695
$593,334 $1,343,848
187,230
122,804
229,082
125,904
28,142
233,124
130,000
b117,687
Net profit
1°84414,527 loss$309,339
$210.225 4863,037
Dividends paid
396,825
519.170
Shs. corn. stk. outstand.
(no par)
158,500
158,500
158,500
159,000
Earnings per share
Nil
Nil
81.33
$5.42
a Including earnings prior to dates of acquisition of subsidiaries and
(acquired in 1928 and merged in 1929), adjusted for
Chelsea Screw Co.
interest on convertible 10
-year gold notes and Federal income tax
at 12%•
b Based on taxable income for 1929 adjusted for a full year's interest on
-year gold notes, Federal income tax for 1929, computed
the convertible 10
at the rate of 11% effective for that year, would have been $102,943.
Consolidated Balance Sheet Dec. 31.
1932.
Assets1931.
Liabilities1932.
1931.
$113,714 8215,802 Accounts payable_ 830,033
Cash
$61,253
141,394 Accr. interest, &a.
77,877
Notes & wets. reo16,136
41,645
259,556
Inventories
427,905 Cony.635% 10-yr.
Loans to officers &
gold notes
1,883,000 1,883,000
945
directors
4,069 Res. for conting50.000
50,000
Cash value of life
Y Capital stock792,500
702,500
ins., sund. accts.
Deficit
528,940
121,088
26,463
26,031
receivable, &c
x Ld.,bldgs., mach
& equipment- 1,717,504 1,875,689
Good-will
1
1
Uncap. ins, prams.
18,469
22,501
prepd. taxes, &c
Deferred gold note
30,160
readjust expense
$2,248,730 82,707,360
Total
Total
82,248,730 82,707,360
x After depreciation of$1.101,776 in 1932 and $960,311 in 1931. y Repre-V. 135, p. 3530.
sented by 158,500 shares (no par).
1933.
Years End. Jan.311932. 1931.
1930.
832,593,796 $41.382.187 $45,314,489 $47,422,264
Netsales
Cost ofsales:sell. oper.&I
131.570,401 39,441.877 42,838,585 44,650,753
general expenses
Depreciation-Real es403,745
tate,fixtures & equip_
429.179
379,421
158,480
Netincomefrom oper- $619,650 $1,511,131 $2,298.482 82.613.031
296,228
Other income
228,252
Totalincome
Interest paid
Prov. to reduce mark.sec
Income taxes
Net profit for period..
Preferred dividends-- - Common dividends
$915,878 $1,739,383 $2,296,482 $2,613,031
73,221
75,109
x98,537
92,800
65,000
130,452
212,810
262,533
285,450
$712,205 $1,386.464 $1,935,412 $2,234,981
420.851
455,263
509,974
542,026
425,000
250,000
Balance,surplus
def$133,646
$681,201 $1,425.438 $1,692,955
Earns. per sh. on 500.000
80.58
shs. coin.stk.(no par)
81.88
$2.85
x Includes interest of $74,825 on mortgage notes payable of R. H. White
Co., which in the report for the previous year was included in the amount
shown for cost of goods sold operating and miscellaneous expenses.
Consolidated Balance Sheet Jan. 31.
1933.
1932.
1933.
1932.
Liabilities
Assets
850,482 Accounts payable_ 212,396
753,058
Cash
460,695
Sundry creditors__
U.S. Govt. & mu29,196
54,110
0,025,920 5,429,542 Accrued salaries &
nicipal secs
expenses
Customers' accts.
427,484
514,286
2,753,413 3,557,315 Res.for Fed. taxes 139,216
& notes recelv
215,050
130,315 Accrued dive. on
98,114
Sundry debtors_ _ _
Merchandise invest 2,795.443 2,944,102
pref. stocks....
34,734
36,020
Misc. Investments 1,475,915 1,435,505 Mtge. notes pay
1,580,000 1,580,000
Land & buildings_b4,513,241 4,788,427 6j.6% cum. pref.stk 6,412,600 6,650,000
751,125 aCommon stock
Fixtures & equip_ c 778,319
5,000,000 5,000,000
30,786 Earned surplus... 5,661,447 5,672,218
Delivery equipm't d 37,344
Prepd. ins., exp. &
Approp. surplus
763,089
763,089
583,734
sundry def.chgs. 495,257
Premium paid on
R.H. White Co.
534,137
534,137
stock
Good-will, leases,
trademarks,
1
1
trade names,&c.
73.749
94,500
$218,857prof$802,399
701,359
Film Securities Corp.-April 1 Interest Paid--Noteholders to Take Over and Retain Loew's Stock.
-
464,432
83,362,934 $3,685,821
-Dix. on "American" Shares.
Fiat (Turin, Italy).
A distribution of 503i cents per share was made on the American depositary receipts on March 28 to holders of record March 23. This compares
with 94 cents paid on March 31 1931. No payment was made last year.
V. 136, p. 1207.
Income from operations before deprec_loss8145,407
Other income
Other deductions
13,660
20,260,163 21,035,470
Total
Total
20,260,163 21,035,470
a Represented by 500,000 no par shares. b After depreciation and
$2,079,854. c After depreciation of $597.333. d After
amortization of
depreciation of 838,076.-V. 134, p. 3987.
Deficit
$250.943
$79,828
$218.857 sur$101,040
Shares outet'g (par $5)_ _
236,516
244,494
244,494
244.494
Earnings per share
Nil
Nil
Nil
$3.28
x Inventory loss.
Consolidated Balance Sheet Dec. 31.
Assets-1932.
Liabilities
1931.
1932.
1931.
Cash
4294,341 8383,963 Accounts payable_ 850,272
$51,391
Accts. & notes rec. 192,822
70,464
242,395 Accruals
41,813
Inventories
630,424 Bank loans pay- 324,000
513,413
325,000
Cash surren. value
Other loans & trade
Pro insurance._ _
acceptances _
56,700
44,900
5,000
Deferred charges
60,595 Sundry liabilities_
13,297
2,185
Deposit P.M.Ry.
1,593
1,662 Reserve for taxes_
16,078
Adv. steel contr...
1,996
8,134
8,308 Res.for Can.exch.
22,045
Adv.to empl., &c.
25,843 Other liabilities6,171
328,402
Investments
201,184 Common stock.- 1,182,580 1,182,580
Land contrac. rec.
1,590
Bonds& mtge. Day 577,000
696,000
Timber tracts_ _ _ - 1,198,895 1,322,451 Capital surplus- 1,014,318 1,000,559
Plant, buildings,
Earned surplus...129,994
365,215
775,931
equipment, &c. 737,437
1
1
Patents & licenses.
depos__
8,164
398
Sink,fund
$3,382,934 83,685,821
Total
-V. 136, p. 2250.
Federal Screw Works(& Subs.).
-Earnings.Calendar Year.1932.
1931.
1930.
a1929.
Gross prof. before deprec
$69,920
$345,302 $1,048,348 $1,847,439
Selling expenses
109,477
181,028
256,535
244,966
Admin.& general exps
105,850
152,161
210,428
274,194
(Wm.) Filene's Sons Co.
-Earnings.-
Emerson's Bromo-Seltzer, Inc.
-Earnings.Calendar YearsTotal income
Expenses
Earned surplus at end of period_ __ _
$270.727
$265,468
Shares class A. and B stocks outst'g-675,552
675.541
Earned per share
$2.01
$2.77
Balance Sheet Dec. 31.
1932.
1931.
1932.
Assets
S
Liabilities$
$
27.191
Cash
5,397 Dividends payable 387,215
Accrued interest on
Due to Emerson
balance_ _ _
bank
205
Drug Co
323
Divs. receiv. from
Preferred stock_ 2,472,225
subsidiaries _ _
442,648
888,676 Class A stock
a1,510,695
Investments In capClass B stock_b18,749,565
ital stocks of subCapital surplus_ _ _ 2,100,382
sidiarles
25,027,088 25,024,470 Earned surplus... 270,727
April 8 1933
The corporation has paid interest amounting to $600,000 on its $20,000.000 notes due April 1 and also $1.730,000 on account of principal at the
rate of $86.50 per $1,000 bond. It Is the intention of the noteholders, it is
stated, to take possession of the 660,900 shares of Loew's. Inc.,stock held
as collateral and steps are being taken to this end. It is understood that
when this is done noteholders will agree to retain the stock for an indefinite
period. The Loew stock is at present on a 25
-cent quarterly dividend basis.
The concern was formed in 1931 as the vehicle by which the Fox Film
Corp. was to dispose of its holdings in Loew's, Inc.. which was ordered
under the terms of a consent decree of the Department of Justice.
The
holdings consist of 660,900 shares of Loew's, Inc., common stock, now
paying $1 annually in dividends.
To finance the sale of the stock to the Film Securities Corp. thero were
issued the notes and 100.000 shares of 7% pref. stock.
The 462,000 shares
of class A common stock, non-voting, is held by the Fox Film Corp. and
the 51,000 shares of class B voting stock by the banking group which underwrote the offerings.
The noteholders are reported to be the Chase Securities Corp., First
National Bank of Boston, Hayden, Stone & Co., the Bancamerica-Blair
Corp.. Dillon. Read & Co. and the Atlas Corp.
Chemical Bank Trustee for Notes.
The Chemical National Bank & Trust Co., New York, has been appointed
successor trustee for the 818,270,000 6% notes and the collateral backing
the notes, 660.900 shares of the common stock of Loew's. Inc.. has been
transferred to it. The Chase National Bank resigned on March 13 as
trustee for the notes.
-V. 132. p. 2973.
First National Stores, Inc.
-Transfer Agent.
-
As of April 1 1933 the First National Bank of Boston became the Boston
transfer agent for capital stock of the above corporation, succeeding the
Atlantic National Bank.
-V. 136, p. 2078.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
$
Liabilities$
$
Assets597,669
132,512 Accts. & bills pay_ 678,059
20,749
Cash
16,301.374 24,155,500
503,420 Funded debt
Accts.rec.. d-c_ _ _ _ 194,733
23,987
.
300,000 Rank overdraft_
Notes receivable_
3,240,898 4,712,961 Secured bank loans 3,353,291 2,849,000
Inventories
240,000
Other bank loans__
Land, bldgs., Ste_ _26,163,345 39,223,424
395,523 Fraser Industries,
10,236
Investments
41,302
Inc., loan
Dep.with Montreal
172.656
65,725
62,000 Shipment reserve_
Trust Co
50,095
113,458 General reserve.... 279,650
151,236
Deferred charges
3,995
Reserve for disc't5,467,374
Deficit
Delve°. reserve.... 2,312,522 1.759,921
Depletion reserve_ 2,593,044 2,332,027
Special reserves.z.. 800,000
Payroll and other
78,009
81,295
chanres accrued_
13,250,945f y13986930
Capital stock
I 4,396,507
Capital surplus__ _5
-Earnings.
First Chrold Corp.
see
For income statement for month and 3 months ended Mar. 31 1933
"Earnings Department" on a preceding page.
Comparative Balance Sheet.
Mar.31 '33. Dee.31 '32. Liabilities- Mar.31 33.Dec.31 32.
Assetsa$389,094 63387,093
$425,181 $462,412 Capital stock
Cash
79,233
50,643
Undivided profits_
Speculative long
Surplus from sale
positions at
3,624
3,956
3,302 of treasury stock
18,513
market
Reserve for Federal
Investment long
2,936
income taxes, &c.
positions at
21
33,208 Accrued expenses_
market
Speculative short
26,015
positions at mkt.
$443,694 2498,923
$443,694 $498,923 Total
Total
-V. 136, p. 1724.
a 3,862 no par shares. b 3,842 no par shares.
-Sales.
(M. H.) Fishman Co., Inc.
-March-1932.
1933
$169,334
$126,152
-V. 136, p. 1024.
Decrease. I
243,1821
1933-3 Mos.-1932.
$421,371
2351,328
Decrease.
$70,043
29,781,199 50,910,672
29,781,199 50,910,672 Total
Total
x Represented by 150.189 shares no par). y Represented by 403,782
-V. 136. p. 1382.
shares (no par). z From capital account.
-Properties Sold at Auction-ReorganizaFisk Rubber Co.
tion Committee Outbids General Tire for Property.
-Earnings.
General Alliance Corp.(& Subs.).
-Earnings.
General Asphalt Co.(& Subs.).
The directors on April 4 decided to defer action on the
'due April 15 on the 65i% cum. pref. stock, par $100, until the meeting of
the board to be held in September, at which operating figures for the fiscal
year will be in hand. The last regular monthly payment of 54 1-6 cents
per share was made on this issue on March 15 1933.-V. 135, P. 4039.
-Earnings.
Fourth National Investors Corp.
For income statement for 3 months ended March 31 see "Earnings Dement" on a preceding page.
-V. 136, P. 1e5.
ii<
ox Film Corp.-Receivership Petition Withdrawn.
The stockholders' action calling on the corporation, its officers and the
'Chase Securities Corp., which is alleged to control Fox, to show cause in
Federal Court March 31 why a receiver should not be appointed for the film
company has been withdrawn. The action was twofold, asking in addition
to the appointment of receiver a full accounting from the individual officers
and the Chase Securities Corp. The accounting part of the suit has not
been withdrawn.
• The suit was brought by Martin C. Ansorge, attorney for Benjamin
Shellenberg, the stockholder. Mr. Ansorge, in explaining the reasons for
withdrawal of the receivership request,said a conference was held March 30.
at which the President of the Fox Film Corp., Sidney R. Kent, and counsel
for the company, Hughes, Schurman & Dwight, participated and at which
was also present the receiver for General Theatres Equipment, Inc., the
bolder of the majority stock of Fox Film Corp.
NrAt that conference earnest representations were made that practical and
constructive plans are now being developed for the continuation of the
company upon a profitable basis and that arrangements have been made
for taking care of the interest payable Arpil 1 on the $30,000,000 debentures
of the company, and that negotiations are in progress with the view of reorganizing Wesco Corp. so as to preserve a substantial interest in Wesco
or its subsidiaries for Fox Film Corp.
Art was contended that the appointment of a receiver would interfere
with and possibly disrupt all these plans
"I have therefore agreed to withdraw the motion for the appointment
of a receiver at this time, Mr. Ansorge said, but shall continue the action
for an accounting against the Chase Securities Corp. and certain other
defendants."
Counsel for Fox Films has filed a general dental of all the allegations
Shellenberg complaint.
-y. 136, P. 2251.
1932.
$307.703
186,893
162,635
1930.
1931.
$712.817 $1,172,904
555.222
344.891
530.728
359.259
def$41,824
8.950
$8,666
9.539
$86.955
13,613
Total income
Miscellaneous deductions
Federal taxes
def$32,874
2.598
$18.205
4,693
2,139
$100.567
14.153
11,039
Net income
Class A preferred dividends
Loss on sale of equipment
Loss on treasury sold
def$35,472
$11,373
22,085
75,375
35,975
569
70
$10.712 sur$38.760
IlDefIcit for year
$35,472
210.105
198,804
Profit and loss surplus
160,826
Earns, per sh. on 40,000 sh. class B
N11
$0.88
mistoek,(no par)
Nil
Balance Sheet Dec. 31.
1931.
1932.
Liabilities
Assets1932.
1931.
Bidge., machinery,
:Capital stock____ $443,500 $4443,500
96,996
equipment,&e__ $363,960 $362,162 Res, for deprec__- 111,358
198,804
160,826
Patents
10,718
8,615 Surplus
21,633
11,383
1
Good-will
1 Accounts payable.
5,663
3,119
49,215
Treasury stook
48,935 Accruals. &c
Deferred charges _ _
11,098
10,270 Reserve for doubt83,576
7,500
11.089
Cash
57,170 ful accounts_ _ _ _
47,824
Securities
60,348
83,723
Notes & accts. ree_
127,421
87,570
Inventories
102,763
$737,686 $777,686
Total
Total
$737.686 $777,686
Mx Represented by 20.000 shares class A stock and 40,000 shares class B
no par value.
-V.135. p.2838.
stock, all of
1931.
1932.
$111.477 $1,382,341
560,483
553,815
44,825
261,018
647.084
792.359
390.000
736.972
465.273
263.087
355,432
1929.
1930.
.2278.289 $1,419.961
739,062
628,5341
193.857
612,283
1,391,994
390.000
734.870
1.938.215
$711.097
$2.316.422 $1,260,110 $4.219.470
Net loss
eAfter operating expenses, Federal and general taxes and provision for
Ibad]and,doubtful debts.
1930.
1931.'
1932.
Calendar Years$6,717,933 $9.266,292 $16,270,148
x Total volume of business done
8,794,902 14,896.242
6,959.133
Oper. exp., maint. & admin. exp.76,534
Loss on revaluation offoreign accounts
loss$241,199
112.231
2394,856 21,373,905
138,000
124,332
loss$128,968
Total income
Income taxes
483,524
depletion & amortize n_
Depreciation,
8.775
Interest
$519,189 $1,511,905
50.000
35.000
455.110
493.576
10.677
$621.268
194,177
$20,065sur$1006,795
1,549.717
978,782
Net trading profits
Other income
Net loss
Common dividends
$542,922
2998,847
$815,445
Deficit
413,333
413,333
413,333
Shares common stock out.(no par)...
$2.43
Nil
Nil
Earned per share
x Total volume of business done by the General Asphalt Co. and its
gross sales and earnings,
subsidiaries as represented by their combined
exclusive of intercompany sales and transactions.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
$
Liabilities8
$
Assetsaccount_37,400,658 37,799,551 bCommon stock__36,117,130 36,117,130
Property
185,000
823,652 Equip. trust Ws__ 147,000
Treasury stock__ 881,144
472,420
89.565 Accounts payable_ 590,713
71,810
Investments
403,079 Reserve for FedPrepaid expenses_ 395,097
151,417
128,621
eral taxes
Inventory at cost_ 2,350,001 2,528,179
165,696
2,024,271 2,433,815 Contingency res've 170,195
Cash
6,837,198 7,881,853
895,675 Surplus
allotes & accts.ree. 867,875
43,990,857 44,973,516
Total
43,990,857 44,973,516
Total
of $59,053 in
a After allowance for discounts and doubtful receivables par shares.1932 and $66.244 in 1931. b Represented by 413,333 no
136, p. 2251.
.
viation Corp. To Change Par Value.Proposed Sale.
will vote April 26 on changing the par value of the
The stockholtT
sale of
common stock from no par to $1 per share, and on approving the
most of the company's assets to the General Aviation Manufacturing
Corp. and the sale of all the stock of the latter to North American Aviation,
Inc.
-V. 136, p. 2007.
See also North American Aviation, Inc., below.
(A.
•
" C.) Gilbert Co., New Haven, Conn.-Defers Div. 1
quarterly dividend due April
Operating profit
Other income
Fraser Co.., Ltd.-Earnings,
$36,171
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Assets$18,610
$7,500
xInvestments _ _ _ -$5,586,225 $7,895,896 Reserve for taxes__
3,200,000 3,200,000
14,048
18,867 Capital stock
Cash
2,392,773 4,697,945
Surplus
Employee's stock
1,793
subscrip. fund..
$5,600,273 $7,916,555
Total
$5,600,273 $7,916,555
Total
x Includes General Reinsurance Corp.,23.176,607; North Star Insurance
Co.. 22,355,739; Herbert Clough, Inc.. 253.879 in 1932. In 1931 General
Reinsurance Corp., $4.474,474; North Star Insurance Co.. $2,185,600;
United British Ins. Co.. Ltd. preference shares, 2382,218; United British
Ins. Co., Ltd. ordinary shares, $707,025; Herbert Clough, Inc., miscellaneous investments, $102.419.-V. 135, p. 1500.
ood Machinery Corp.
-Defers Dividend Action. dividend
monthly
Fyr-Fyter Co.-Earnings.
-
1931.
$35,843
328
$11.081
Total income
Operations to Continue.
At a meeting of the Fisk reorganization committee, of which Orrin G.
Wood is Chairman,the committee determined that operation of the business
would continue. The committee selected the management and directorate
will
of the new operating company contemplated by the plan. These itsales
announce in a few days. The new company will begin a vigorous
tcampaign at once, it is stated.
-V. 136. P. 1557.
Calednar YearsNet sales
Cost of sales
Selling expenses,&c
1932.
$10.949
133
Year Ended Dec. 31Dividends received
Interest received
Real estate, buildings and other property of the company,in receivership
since 1929, were sold at auction at Chicopee Falls, Mass., April 3. to Orrin
G. Wood of Boston, representing the reorganization committee. for $3.4330,000. The only other bidder was the General Tire & Rubber Co. of
.Akron. 0., which was represented by its President, William O'Neill. The
property sold has a book value of $23,000,000.
The sale was confirmed by Federal Judge Lowell of Boston April 4.
The following statement was issued by Ferdinand Eberstadt of F. Eberstadt & Co.,Chairman of the Fisk Rubber bond and noteholders' protective
committee:
"The price bid by the Wood committee for the Fisk assets in receivership
Indicates a substantial and satisfactory cash distribution on the bonds and
notes of the Fisk Rubber Co. represented by the committee."
Calendar YearsxProfits
Depreciation
Depletion
Bond,interest
Debenture interest
•Other interest
inventory write-off
2433
Financial Chronicle
Volume 136
The directors recently voted to defer the
on the $3.50 cum. preference stock, no par value. The last regular quarcents per share was made on this issue on Jan. 2
terly payment of 87
1933.-V. 135, p. 1665.
Gillette Safety Razor Co.-Loses Suits.
The U. S. Circuit Court of Appeals on April 3 reversed the lower Court
decisions in three patent infringement suits brought by the company in
the Federal District Court in Connecticut. The suits, involving the manufacture and sale of blades which could be used in the Gillette razor, were
brought against the Standard Safety Razor Co. in two actions and the
Hawley Hardware Co. in the third action.
The Appeals Court ruled that the Gillette company "cannot be permitted
to extend its patent and include the blade as an element of a combination
claim," since similar blades had been manufactured for more than 20 years.
-V. 136, p. 1558.
-To Be Liquidated
Globe 8c Rutgers Fire Insurance Co.
-75% Payment Predicted,-See details under "Current
-V. 136,
Events and. Discussions" on a preceding page.
p. 2251.
-Management to b.
Goldman Sachs Trading Corp.
-To Change Name.
Assumed by Atlas Corp.
At a special meeting to be held April 17, the stockholders will act on a
proposed termination of the management contract with Goldman, Sachs &
Co.. who have been in charge of the management of the Goldman Sachs
Trading Corp.since its incorporation and the assumption of the management
by the Atlas Corp. It Is also proposed that the name of the Goldman Sachs
Trading Corp. be changed to Pacific Eastern Corp.
President Walter E. Sachs, in a letter to the stockholders,
states:
The Atlas Corp. has been acquiring stock in your corporation from time to
time until it now owns or controls substantially over 40% of the total issue,
which holding, of course, gives the Atlas Corp. practical and effective control of your corporation. Accordingly, it is believed that Atlas Corp.should
assume the active management that is logically attendant upon that position.
which involves the termination of the maangement contract. Goldman
Sachs & Co. recognizes the logic of this change as the natural outcome of the
dominant holding of Atlas Corp.
The relations between Atlas Corp. and Goldman, Sachs & Co., the
managers under the present management contract, have been and continua
to be entirely cordial and co-operative. The firm ef Goldman. Sachs & Co.
2434
Financial Chronicle
April 8 1933
has continued to hold during the entire life of the management contract evey
the courts should be unafraid and fearlessly be the first to modify estabshare of stock in the Trading Corp. that it acquired at the time of its organilished precedent and the rigor of the law in the cause of justice.
zation, and from time to time has increased its holdings. The firm's total
"To deny what always was granted as a matter of course may be bold.
holding to-day is about 4% of the entire stock. While this is small as combut it cannot be stigmatized as unjust or inhuman. After all, the respect
pared to the holding of Atlas Corp.. the firm Is still the second largest stockfor law and the confidence placed in the courts is based upon the
holder, and it is contemplated that at least one member of the firm will be
belief
that the law as administered by the courts seeks justice not implacable,
invited by Atlas Corp. to continue on the board of directors upon the conbut justice warm-blooded and humane. Impressed with the distress
summation of the above change.
of
property owners and confident of its power to anticipate legislative relief,
The first requisite step is the termination of the management contract,
this court of equity experiences no qualms and has no hesitancy in making
which by its provisions may be terminated by a vote of a majority in interest
the direction under discussion."
of the stockholders at any meeting of the stockholders called for the purpose.
The suit was brought by the Bank of Manhattan Trust Co. as successor
Coincident therewith should be the change in the name of the corporation
trustee of a $700,000 bond issue made by the Elide Corp. in 1925. Of
in accordance with the provision for the elimination of reference to "Goldthese bonds $644,300 are outstanding, on which a total of$706,178 was due
man Sachs" upon such termination. The new name proposed to be adopted
on Feb. 3, including interest and taxes.
Is "Pacific
The certificate of incorporation also contains provisions referring to the
"Votels Statler Co., Inc.
-Suspends Dividends.
management contract with Goldman, Sachs & Co.. and these provisons also -atal4
The directors have decided to suspend dividends on all classes
should be eliminated with the termination of the management contract.
On Dec. 31 1932 quarterly distributions were made as follows: of stock.
If the foregoing plan is carried out, all of the directors but Floyd B. Odium
25 cents
per share on the common stock, $1.75 per share on the
(President of Atlas Corp.) and Walter E. Sachs will tender their rsignations,
sr.. :171k cents per share on the 6% preferred stock. 7V preferred stock,
,
and the stockholders' meeting will be requested to elect their successors.
-V. 135, P. 2501.1111
-V. 136, p. 1894.
Sound Co.
-Stated Capital Decreased.
------s..-Grand Rapids Varnish Corp.
-Dividend Omitted.
The stockholders on March 20 approved a capital readjustment plan
The directors have decided to omit the quarterly dividend ordinarily
whereby the stated amount of all the issued 496,038 shares of capital stock
payable about March 31 on the capital stock, no par value. In each of the
is reduced to S2,480,190 from $3,174.646. This change results from exthree preceding quarters a distribution of 73. cents per share
changing shares of no par value for shares of $5 par value. In April 1932
compared with 10 cents per share on March 311932.-v. 134. p.was made,
the stockholders had approved the change in the.par value.
4503.
-V.136.p.2078.
(W. T.) Grant & Co. (Del.).
-Sales
-New Director.
rrirnois Life Insurance Co.
-Petition Filed to Halt
1933
-March-1932.
Decrease.
1933-3 Mos.-1932. Decrease.
Liquidation.*5,137,026 *5.566.892
$429,866 S13;901,950 $14,898,401
$996,451
lai
in an intervening petition filed in the Federal Court at Chicago March 30,
R. A. Cunningham, Assistant to the Chairman, has been elected a
Ernest J. Stevens, former Vice-President of the company, asks a court
director.
-V. 136, P. 2077.
order compelling the receiver for the company to open negotiations with,
the local representatives of the Reconstruction Finance
Grigsby-Grunow Co.
-Reports Improved Collections.
to
complete an alleged agreement whereby the R. F. C. wasCorporation up
Collections from distributors of Majestic refrigerators and radios manuto advance
to $5,000.000 to Illinois Life to be used to reinstate the company as a
factured by this company, have increased by 50% since the end of the
going concern, which the petition sets forth would be possible under present
banking holiday and are now better than at any time during_ the past
12
restrictions on withdrawals of cash surrender values of policies, V,
months,according to J. F. Ditzell, Assistant Vice-President.
136.
p.2078.
said Mr. Ditzell, "that the distributors collections from"This means,"
improved and in turn the dealers' collections on installment dealers have
Incorporated Investors.
payment for
-Add to Holdings.
radios and refrigerators, and follows the general improvement in confidence
Incorporated Investors, Boston-type investment fund. added 35,500
throughout the country
shares of the COMMOD stocks of leading American companies to its invest"Employment in the Grigsby-Grunow plants," he said, "which dropped
ment portfolio during the first quarter of 1933.
from 2,500 to below 1,000 at the end of the radio season, has increased
The complete changes made in the portfolio of Incorporated Investors.
again to 2,500 since the end of the bank moratorium and is now in excess
during the quarter ended March 31 1933
of a year ago at this time. Production of both refrigerators
-Number follows:of
were as
es-- Inc.(+)or
currently running slightly ahead of a year ago. Orders for and radios is
refrigerators
Company
-Dec. 31 32. Mar.375 3; Dec. (‘-).
1:0
received from our distributors on Monday. April 3, were the largest for a
Air Reduction
12,500
single day in the past two years.
12,500
Allied Chemical
5,000
Designs for the present line of Majestic refrigerators were not drawn up
American Can
7,500
until after the Democratic Convention in June 1932,so that the refrigerators
American Telephone
2,500
2,500
the company is now manufacturing are being made to accommodate storage
American Tobacco "B"
8,000
6,000
of bottled goods.
-2,000.
Atchison Topeka & Santa Fe
5.000
"Future orders for refrigerators are expected to favor the larger models
+5,000
Bankers Trust
10,000
10.000
if the average capacity of ice boxes sold in pre-prohibition days can be
Bethlehem Steel
15,000
15,000
used as a guide, Mr. Ditzell added.
-V.136, p. 1895.
Chesapeake & Ohio
10,000
+10,000.
Chrysler
20,000
2 :000
0 00
5 0
Hale Bros. Stores, Inc.
-Balance Sheet Dec. 31.Coca-Cola
AssetsCommercial Solvents
1932.
1931.
1932.
1931.
10,000
+10.000
xEquip.(turn., fixConsolidated Gas of New York
yCapital stock__ _ _$5,284,781 $5,284,781
10,0 00
5 00 0
10,000
$820,493 $871,895 Long-term contract
tures, &c.)
Continental Can
7.500
7,500
Int. in radio broadCorn Products
Payable
116,100
15,000
141,100
15,000
cast. equip., &c_
31,157
42,546 Notes payable _ _ 100,000
Delaware & Hudson
6,000
+6.000
Impts. to leased
Drug, Inc
Accounts payable- 681,029
15 0 00
2 00 0
.
977,233
12,000
118,106
property (net)
125,549 Mdse. orders outst. 16,432
E. I. duPont
15.000
19.033
Investments
388.988
368,137 Prov. for Federal
First National Stores
12.000
12.000
519,400
479,888 income tax
Cash
General Electric
28,000
20,000
25;000
10 00
42,000
0
U. B. Lib. Loan
Deferred credits_ _
General Foods
5,591
15.000
3,220
bonds
531,993
253,431 Insurance reserves
General Motors
25,130
29.000
25,130
40,000
+11,000
Other marketable
Doubtful accounts
Gillette
20.000
20,000
securities
100,717
107,816
receivable
W.T. Grant
87,000
12:00
0 00
0
55,000
-1,500
Accts.receivable
1,778.135 2,256,155 Surplus
Guaranty Trust
323,132
444,974
8 50
2 0
,0 0
'
Mdse. on hand... 2,221.984 2,292,208
International Business Machines_ _ _ _
6,000
6,000
Mdse. in transit
77,928
64,148
Liggett & Myers "B"
6,000
6,000
38,214
Mails & supplies_
39,811
Loew's,Inc
15.000
Employees' stock
Monsanto Chemical
4.000
146,"500
perch, contracts 190,089
198,821
National Dairy Products
20.000
10,000
- +1.0E
+
10 0
73,982
98,082
Deferred charges
National Steel
10.000
10.000
1
Owens Illinois
3,000
+3.000.
Pacific Gas 6z Electric
14,000
14,000
88,687,188 88,992,471
Total
Total
Public Service of New Jersey
86,667,188 88,992,471
7,500
7.500
xRaclio Corp. of America
x After depreciation. y Represented by 225,000-shares (no par).
Sears, Roebuck
15,000
Our usual comparative income statement for the year ended Dec. 31
135,033030
Union Carbide
25,000
1932 was published in V. 136. p. 2252.
25,000
Union Pacific
10.000
7.500
- 3
+3,500
-2.500
33
United Aircraft
Hamilton Mutual Auto Casualty Corp.
+7,500.
-Dissolved.
United Fruit
77,55800
+7,500
Justice Edward J. Dlennon of the N. Y. Supreme Court signed an
United Gas Improvement
20.000
20.000
order April 1 dissolving the corporation. The order was signed on the
U. S. Gypsum
10,000
10.000
application of State Superintendent of Insurance George S. Van Schalck
x Received as result of distribution on General Electric holdings.
and with the granting the application the company forfeits its charter.
-V..
136, p. 2078.
The directors of the company had consented to the dissolution.
Hartford Steam Boiler Inspection & Insurance Co.
of Hartford, Conn.
-Balance Sheet Dec. 31 19324Assets
$782,202
Caen
Premiums in course of collec973,590
tion (since Oct. 11932).
40,081
Int.accrued on mtge. loans
114,258
Int.accrued on bonds
Loaned on bonds &
948,517
437,474
Home office real estate
212,748
Other real estate
Agent's ledger balances
4,159
Bonds on an amortized basis_ 8,823.378
Stocks at "convention values" 7,178,230
Total
-Y.133, v. 3637.
819,514,636
Liabilities
Premium reserve
Losses unpaid
Commissions & brokerage....
Other liabilities
Contingency reserve
Capital stock
Surplus over all liabilities-
Total
$7.142,070
317.337
194.718
588,977
3,600,000
3,000,000
4.693,533
$19,514,838
"Homestake Mining Co.-Extra Dividend
sw...
of $1.
The directors have declared an extra dividend of $1 per share in addition
to the regular monthly dividend of 75c. per share, both payable April 25
to holders of record April 20. The company paid a similar extra dividend
in January of each year from 1925 to and including 1930, and on Oct. 25
1930, April 25 1931, Sept. 25 1931, Feb. 25 1932 and Sept, 26 1932.
From May 25 1932 to and including Aug. 25 1932 monthly distributions
of 75c. per share were made as compared with 65c. per share each month
from Oct. 26 1931 to and including April 25 1932 and 50c. previously.
V. 136. 1;.• 1895.
Elysee, N. Y. City.-Foreclosure Sale Barred by
Court.
In a decision April 6 by Supreme Court Justice Schmuck in a suit to foreclose a $700,000 mortgage on the Hotel located_ at.56-60 East 54th St.,
N. Y. City, the court for the first,time passed on the plans for the reorganization of the property in ruling on the demand for the sale of the premises. The court ordered that no sale is to be held "until there is reasonable
assurance of normal competitive bidding."
The decision said, however, that if the owner does not aid in consummating the plan thought to be best for all concerned, an application may be
made to sell at once. These rulings are not to be effective if "all interested
desire an immediate sale."
Commenting on the predicament in which realty owners find themselves, Justice Schmuck said:
"We are not unmindful of the rights of a mortgagee nor are we forgetful of the plight of the owner in these unbelievable hours of darkness.
In ordinary circumstances no tolerance,would,be given to a plea delaying
the mortgagee's right to foreclose and sell. But when conditions change
and measures usually effectual and just become oppressive and destructive
'
Ingersoll-Rand Co.(& Subs.).-Earnings.
-
Calendar Years1932.
Total earnings
closs$2.169,277
Depreciation
1.227.643
1931.
1930.
1929.
4624.190 26,037.270 $12,209.493
1.277.060
1,249.731
1.177,577
Operating profit.. _ _loss$3.396.920 loas$652,870 $4,787.539 $11,031.921
bOther income
520,355
487.149
609.481
827.399
Net profit
10842,876,565 loss$165.721 $5.397.020 $11.859.320
Interest
25.000
Bond premium
35.875.
Loss on secs. sold
59.355
Federal taxes
522.244
1,144.634
Net profit--------losa$2.935.919loss$165.721 *4.874.776 $10,653.810.
Div.on pref.stk.(6%)-151,518
151,518
151,518
151,51S
Common dividends
3.990.810
2.435.283
5,999.696
6,999,629
Deficit
85.522.720 S4.317.049 $1,276.438sur$3502.663
Previous surplus
11.284,442 16.284.304 17.936.827 14.083.588
Adjustments
Cr.373.029
682.813
376.085 Cr350.575
Profit & loss surplus.- $6,134,751 311,284,442 $16,284.304 *17,936.826
Shares of common stock
outstanding(no par)-974,160
1,000,000
1,000.000
1.000 000
Earns, per share on comNil
ATE
$4.72
$19.50
a After providing *203.757 additional reserve for inventory
and $154,656 loss on foreign exchange. b Includes dividendsobsolescence
on treasury
stock. C Includes proportion of loss of controlled manufacturing company
Of $20,777.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
Assets$
Liabilities$
$
$
aProperty account 8,098,848 10,173,885 Preferred stock__ 2,525,500
Investments
4,054,932 3,623,473 Common stock-c27.278,480 2.525,500.
28,000.000
bTreasury stock727,216 Empl.stock acct..
43.128
Accts. receivable 1,453,177 2,444,936 Accounts payable- 892,883
993,838
Sundry accts. rec. 152,248
Dividends payable
75,759
75,759
Inventories
7,340,588 9,280,410 Capital surplus.- 1.470,195 1,462,691
Bills receivable
639,849 Earned surplus-- 8,134,751
584,237
11,284,443
Advances
288,596
U.S. Govt.securs. 9,094,626 4,018,195
Other securities.- 1,861,090 8,173.1351
Cash
5,928,023 4,938,357
Deferred charges
30,003
78,980
Total
38,375,669 44,385.358
Total
38,375,589 44,385,358
a After depreciation of $4,308,369 in 1932 and $4,008,278
in 1931.
b Includes common stock held for sale to employees. a
Represented by
974,160 no par shares in 1932 and 1.000,000 in 1931.-V. 136,
P. 669. -
Volume 136
Financial Chronicle
-Smaller Distribution.Independence Shares Corp.
A regular semi-annual distribution of six cents per share was made by
the Pennsylvania Co.for Insurances on Lives & Granting Annuities,trustee,
on April 1 to holders of Independence Trust Shares.
An initial semi-annual distribution of 27 cents per share was made on
Oct. 1 1930, which was followed by a payment of 25 cents per share on
April 1 1931, 10 cents per share on Oct. 1 1931, and nine cents per share
on April 1 and Oct. 1 1932.-V. 135, p. 1667.
-Plan
Industrial Office Building Co., Newark, N. 3.
Operative.
•The plan ofreorganization dated Sept. 15 1932 has been declared operative
by the reorganization committee,composed of George Ramsey and Sherman
Damon. Deposits of outstanding securities may be made to April 17 with
Chase National Bank, New York, depositary. or Harris Trust & Savings
-V. 125, p. 3070.
Bank, Chicago, sub-depositary.
2435
(S. S.) Kresge Co.-March Sales.
Decrease.
Decreased 1933-3 Mos.-1932.
-March-1932.
1933
08.491.512 $10.383,401 01,891,8891024,251,769 028.309.010 $4.057.241
-V. 136. P. 1727.
-To Decrease Stock.
-.
5" Kresge Department Stores, Inc.
The stockholders will vote May 16 on approving a proposal to decrease
the authorized pref. stock from 250.000 shares to 40,000 shares and the
-V. 136. p. 2254. '
common stock from 700.000 shear° to 250,000 shares.
-March Sales.(S. H.) Kress & Co.
Decrease.
-March-1932. Decrease. 1 1933-3 Mos.-1932.
1933
04.086.768 05.290.334 01 ,203.566 i $11 ,895.553 $14.262.185 02.366.632
--V. 136, p1.2254.
Kroger Grocery & Baking Co.-Sales.
-1932.
1933-12 Weeks
-1932.
Period End. Mar.25-- 1933-4 Weeks
Tied Up.$15,223.412 017.299,328 $44,696.225 050,713.608
Sales
Upon petition of James P. O'Grady, who had invested about $2,000 in
Average number of stores in operation during the third period of 1933
debentures of the above corporation, the Cook County (Ill.) Superior
was 4,691 as compared with 4,856 in the corresponding period of 1932, a
Court issued a writ of attachment against the pensions being paid to
decline of 3%.-V. 136. p. 1728.
Samuel Instill by the Commonwealth Edison Co. the Peoples Gas Light
-Omits Dividend.
'
& Coke Co.and the Public Service Co.of Northern Illinois. These pensions-...•••• Leland Electric Coe
-V. 136. p. 2079.
aggregate $18,000 a year.
The directors recently decided to omit the quarterly dividend ordinarily
payable about March 20 on the no par common stock., On Dec. 20 last a
-Claim of Swedish Match distribution of 15 cents per share was made,the first since Sept. 30 1931 on
International Match Corp.
a quarterly dividend of 50 cents per share in stock was
CO. Cut $62,000,000 to 50,000,000-Suit Entered Against which latter date 3701.
-V.135. p.
paid.
Anders Jordaht and Associates.-February Sales.The claim of $112,000,000 filed in New York last October by Iva:
Lerner Stores Corp.
Decrease.
greuger's Swedish Match Co. against the assets of his bankrupt Interne-February-1932. Decreased 1933-2 Mos.-1932.
1933
$499,514
02,854.081
tional Match Corp. was amended Apr.5 to $50,000,000. The original claim
SI 449.019 $243 574 l $2,354,567
$1,205,445
was intended to protect the eventual rights of the Swedish organization in ...._ .......4 136. p. 503', 1210.
'
.....„
general. The amended claim, filed Apr. 5 with Oscar W. Eluthorn, referee
-Protective Committee Formed.In bankruptcy was offered as a list of specific transactions capable a proof.
Liggett Building, Inc.
by the Swedish Match Co. was
About alf of the $50.000.000 claimedh
At tne request of a suestantial amount of the 1st leasehold mtge. 5%%
for funds allegedly advanced to Kreuger for operations or acquisitions on
sinking fund bonds, a protective committee has been formed, composed
behalf of the International Match Corp. The other half was for assets of the
of Chandler Hovey of Kidder. Peabody & Co.; J. W. Lowes, Deputy
,
Swedish Match or its subsidiaries, which were said to have been transS.
Treasurer of Harvard University'
' The total
ferred to International Match and repaid in "fictitious entries.
and R. J. Whitfield, Vice-President of Chase Securities Corp., under a
of such "fictitious entries" in payment of assets taken from the Swedish
deposit agreement dated March 311933.
subsidiary, Continental InvestMatch Co. directly or through its foreign
The Liggett Building, Inc., a subsidiary of Louis K. Liggett Co., is
meats A. G., was set at $26,688,000.
lessee under a ground rent lease of the Liggett Bldg. northeast corner of
Among the advances claimed the largest were: 59,792.900 to assist in
Madison Ave. and 42d St., in N. Y. City, by which fease these bonds are
in conthe purchase of 350,000 shares of Diamond Match stock, 07.000.000 never
secured. Louis K. Liggett Co. is required to make certain monthly paynection with a Polish match monopoly agreement which is now alleged
meats to cover certain interest and sinking fund of the bonds and the bankm
,
to have existed, and 06,000.000 for the acquisition of 60,000 shares of the
ruptcy of Louis K. Liggett Co. will result in a default on the bonds. ..4
Ohio Match Co.
Because of the need for immediate, concerted action, in connection
The amended claim of the Swedish Match Co. will be argued before
with the bankruptcy of the Louis K. Liggett Co.. and in view of the nature
Referee Ehrhorn Apr. 26.
of the security, the protective committee urges holders of these bonds
At the separate proceedings in the American bankruptcy of Kreuger &
to unite for their protection and to deposit their bonds promptly with the
Toll before Referee Henry K. Davis at 140 Nassau Street, the examination
Chase National Bank of New York, 11 Broad St , N. Y. City, or the Old
Toll Co..
Court
into the affairs of Jordahl & Co.,formerly the American Kreuger &
Colony Trust Co. 17 Cot St., Boston depositaries. Transferable
rights
ed.
cleposr
deposited.
bondsf
bonds'
reached a stage where a plenary suit was entered Apr. 5 to protect thepassed
osit
certificates of deposit will be issued
Toll in any assets which had
of the American creditors of Kreuger &
William B. Snow, 115 Devonshire St., Boston, is Secretary of the corn423
.-V 126
through the hands of Anders Jordahl, who was Kreuger's American agent,or
mittee,and Herrick,Smith, Donald & Farley are counsel
which have been disposed of by Mr. Jordahl through any of his companies,
-Bankruptcy.
his associates or his relatives. Summonses were served on Mr. Jordahl and ---- (Louis K.) Liggett Co.
his associates and his wife by Winthrop, Stimson. Putnam & Roberts,
The company March 31 filed a voluntary petition in bankruptcy In the
counsel for Edward S. Greenbaum, trustee in bankruptcy for Kreuger &
U. S. District Court for the Southern District of New York. The cornToll. Detailed complaints will be served later -V. 136, p. 2079.
4
•
pay in a statement issued March 31 says:
"The Liggett Company, like all retail businesses, has suffered serious
-Earnings.Interstate Equities Corp.
es
declines in volume for the past three years due to the terrific loss in pubic
For income statement for three and nine months ended March 31 see
income and curtailment of spending power. This has been reflected in its
-V.136. p. 502.
"Earnings Department" on a preceding page.
sales to the extent that its volume is more than 30% below the sales volume
of 1929. The company's management has done everything in its power to
-Record Shipments.
Interstate Hosiery Mills, Inc.
reduce expense and to cope with this progressive loss in volume and conseThe corporation reports that shipments during the month of March
quent loss of earnings. The salaries of management and employees have
showed an increase of 73% over the corresponding month last year, and
been successively reduced to a point beyond which further reductions can
that both in dollar volume as well as in shipments it was the largest month
not be made. Every other economy has been effected that the business
-V.136. p. 1727.
in the history of the company.
could stand.
"During this period the company's largest expense item has been rent,
-Cent Dividend.
-50
Co.
Kalamazoo Stove
and every effort has been made to secure rent reductions. In addition,
share, payable
The directors hay declared a dividend of 50 cents percompany states,
the company has had nearly 1,000 subtenants who leased from it such part
April 15 to holders of record April 10. This dividend, the
of leased locations as were not needed by the company for its retail stores;
dividend
more than one-half of these subtentants have gotten into financial difficulis being paid out of surplus earned prior to 1930, and is the firstcents per
declared since July 1 1931, when a quarterly payment of 6214
ties which have resulted in &faults, abandonments and forced readjust-V. 135, p. 1832.
share was made.
ments of rent. Under these conditions, the losses of the Liggett Company
- have been so great that it could no longer continue.
Kaufmann Department' Stores, Inc. (ftv Subs.).
"In November last representative landlords organized a Liggett Landlords' National Protective Committee, whose members since that time have
Balance Sheet Dec. 31.worked strenuously to adjust the problems of the Liggett Company and
1931.
1932.
1931.
1932.
its landlords and to secure modifications in rental obligations. Notwith$
Liabilities-3
$
Assetsstanding the efforts of this committee, which was composed of outstanding
975,000
900.000
•Property account 7,828,814 7,999.554 Preferred stock.-- 7,079,538 7,077,483
men whose activities were nation-wide, the results of their efforts were offset
597,183 Common stock_ Outside property_ 581,227
by the continuing loss of sales referred to. It is believed to be for the best
2,200,000 2,500,000
5.500.000 5,500.000 Mortgages
Good-will
interests of creditors of all classes that an attempt should be made to effect
800,000 1,100,000
319,183 Notes payable_
251,212
Investments
a reorganization."
159,208
payable
18,984
Accts.& notes rcc_ 2,983,779 4,138,898 Dividends
3,058,554 4,040.512 Accts. payable, &c 918,121 1,442,840
Chicago Division Files Bankruptcy Petition.
Inventories
32,448
838,474 Federal tax res_
855,709
Cash
A voluntary bankruptcy petition was filed March 31 in Federal Court
9,234,220 10,078,780
133.955 Surplus
Prepaid accounts_ 107,584
at Chicago for the Chicago division of the Liggett Drug Stores. Inc.. comprising 34 of the chain's 450 stores.
20,948,883 23,363,738
Total
20,948.883 23,383,738
Total
S. S. McCully, division manager, stated in his petition that liabilities
were $2.958,000 and assets $338,000. Owing to the Louis K. Liggett Co.,
a After depreciation.
New York, the petition set forth, was $2,540,000 for loans and advances.
Our usual comparative income statement for the year ended Dec. 31 1932
was published in V. 136. p. 2254.
Restraining Order Lifted in Philadelphia.in New York was made
bankruptcy petition by the
Filing
3
Kid ercr:1-eabody Acceptance Corp.-Massachusetts Su- pomible of athe U. S. District Court ofcompany
Judge
Philadelphia March 31
by
preme Court Dismisses Bill of Class A Stockholders to Enjoin
George A. Welsh lifted a temporary restraining order which prevented the
concern from filing such a petition. The order was obtained last NovemClass B j'rorri• Redeeming Stock at Par.ber by a landlord who charged the Liggett Company sought to end costly
The full bench of the Mass. Supreme Court has dismissed the bill in
leases through bankruptcy proceedings. The company told the Court
equity brought by Crimmins & Peirce Co. and other holders of class A
that it was impossible to finance itself another year.
holders of class B prepreferred stock of the corporation seeking to enjoin
ferred stock from redeeming their stock at par and accumulated dividends.
Canadian Company Not Affected.
Outstanding stock consists of $13,500,000 (par $100) and includes 60,000
l
e n
c
t l . canad n eeorl t
l
.
Bankruptcy of the Louis K. Liggett Co.in the Uttit States wina ot affe e
I
„L
shares of claw A preferred (including 1.726 shares in the treasury). 40.000
iia
c n comp
r
o ti a
operations of 41 storesofpeietijInb2 Liggetts y.
shares of class B preferred (Including 251 shares in the treasury). 30.000
preferred stock and 5.000 shares of common stock.
shares of second
Creditors Act to Assist Advisory Committee.
When this bill was filed on Jan. 15 1932, dividends on the preferred stock
A merchandise creditors' advisory committee to co-operate with the
of the several classes has not been paid for the two preceding dividend periods
company was appointed at a creditors' meeting April 1. Herbert
so that $720.000 were then in arrears in such dividends. -Holders of 22,927
Melleny, of the liudnut Sales Co.. Inc. WU selected Chairman. and Rayshares of class B then notified the corporation of their desire to retire the
mond Hough of the credit association Secretary of the committee.
stock plus accrued dividends.
The committee will try to centralize the interests of creditors and coThe full bench in a decision written by Chief Justice Arthur P. Rugg
ordinate work to reorganize the company, Mr. Hough explained, so as to
that the bill alleges that if class B preferred shares are redeemed the
says
avoid the expenses incidental to a receivership and a multiplicity of comresult to class A would be that the already impaired capital would be
mittees. He said the committee "believes that operation of the numerous
greatly aggravated and seeks to enjoin this redemption of class B until it
Liggett stores can now proceed under the direction of the Federal Court
can be done without impairing the capital.
without further hindrance and that the reorganization sought can move
The full bench says that the financial report of the corporation on July
-V. 136. p. 1728.
showed assets of $10,440,908 and liabilities, exclusive of capital
along rapidly."
16 1931
stock of $2,836,439. leaving a surplus of $7,604,649. and on Nov. 14, 1931
and 37,752.092. while
-Obituary.
Loblaw Groceterias Co., Ltd.
the respective figures were $7,974,501, 0222,408deducting the stock in the
the
President T. P. Loblaw died on April 2 in Toronto, Ontario, Canada.
par value of the outstanding capital stock after
-V. 136, p. 1896.
treasury is as follows: Class A. $5,896,600; class B 53.996,700; second
preferred $3,000,000 and common 0500.000.
-New
(Frederick) Loeser & Co., Brooklyn, N. Y.
recited that redemption
The full bench says it is apparent from the figuresa surplus in the
would leave
corporaTreasurer, &c.
of all or a large part of class B preferred
considerably less than the par value of the class A preferred but inGeorge V. McLaughlin. President of the Brooklyn Trust Co., has been
tion
that such an amount
trinsically large in amount. There is no allegation continue its business.
elected a director.
to
will not be sufficient to permit thellcorporation A for their own interest
Leo Hart, Comptroller of the store, has been elected Treasurer to succeed
certain stockholders of class
The hill is brought by
-V. 125, p. 3207.
B. Earl Tuckett, resigned.
else. There are no allegations the corpoand not for the benefit of any one has been any injury to creditors or that
there
-Stock Offered Holders
Loomis-Sayles Mutual Fund, Inc.
ration is Insolvent or that bad faith orsbreach of trust, or that the retirethere has been any fraud,
-See latter above.
of Counselors Securities Trust Shares.
of class B would disable the corporation from performing its functions,
ment
might not be
though the inference is permissible that its business activities
-Retiring Bonded Debt.
•
" fts Coose-Wiles Biscuit Co.
so extensive as they might be with full capital resources. of this sentence -.," The directors recently authorized the redemption and payment on Sept. 1
in
court says the caseiinvolves the interpretation
The full
next of the $199,000 let mtge. 6% serial bonds on the Long Island City
the corporation; -The class Bjpreferred stock
the articles of agreement in holder be retired at thesaid redemption price
property maturing serially March 1 1934 to and incl. March 1 1938.
may also at the option of the
prescribe at he time or
163,000 2d mtge. 6% gold bonds. due March 1 1938, were paid on
$.
under such conditions as the board of directors may
under
-V. 135.
March I last. On the latter date $43,000 let mtge. bonds maturin
months' notice thereof."
times of issue but upon no less than 18
that time were also paid.
-Pensions
Insull Utility Investments, Inc.
2436
Financial Chronicle
During 1932 the company paid a purchase money mortgage of $300,000
on the Boston property. It also retired $220,000 1st and 2d mtge. real
estate bonds (Long Island City property), consisting of serial bonds due
in 1932, and bonds maturing each year March 1 1933 to March 1 1938 incl.
purchased in the open market. See also V. 136, p. 1728.
Co.-Decision Given-Borrowers
Instead of Bondholders Lose Payments Made in Advance.
Louisville (Ky.) Title
The Courier-Journal, March 25 had the following:
Borrowers of the old Louisville Title Co.,Instead of bondholders, will lose
-on payments made in advance to the company as a result of a Court of
Appeals opinion rendered to-day (March 24) affirming in part and reversing
in part a ruling of Judge John Marshall Jr., of the Jefferson Circuit Court.
The ruling of the Appellate Court reversed that portion of Judge Mar-shall's decision which held the bondholders instead of the borrowers would
lose. In all other respects Judge Marshall's decision was allowed to stand.
Previously the court ruled that where a borrower had made payments
up to date on his loan, but had made no advance payments, the bondholder
would lose because of deficiencies in the accounts of the L011113Ville Title Co.
In to-day's opinion, the court held that where prepayments had been
made, or payments made in advance of their due date, the borrower would
lose. Judge William H. Rees, Maysville, who prepared the court opinion,
•dissented from the court's decision.
In discussing the case, he wrote:
"The Chancellor held that a new principal sum must be fixed for each
bond In order to be able to adhere to the bond maturities in making future
distributions, and that this new principal must be arrived at by crediting
each of the bonds with its share of the sinking fund loss. He fixed the
maturity of each bond as the proper date for making the credit. He points
out in his opinion the confusion that would arise by reason of selecting any
of the other dates suggested and for reasons of convenience and fairness
to all concerned, we think the judgment in this respect is correct.
"There are other questions discussed in briefs of counsel, but they were
not considered below, and it appears from the record that these questions
have been raised in other cases now pending and we refrain from passing
on them. All questions not expressly passed on are reserved. Our conclusions on the disputed questions briefly summarized are as follows:
Summarizes Conclusions.
"(1) All sums paid to the Title company by the borrower in strict accordance with the provisions of the dead of trust, that is 68 payments of $36.16
.each, were received by it as trustee for the bondholders.
"(2). The seventeen payments due under the terms of the deed of trust
subsequent to June 22 1931. but made by the borrower before that date and
seferred to as prepayments, were not received by the Title company as
trustee for the bondholders and the loss of this sum must fall on the borrower.
"(3) The sinking fund loss, or the amount which the borrower is entitled
to treat as a credit against the balance of his debt, is to be computed by
subtracting the total amount of the 68 payments due under the deed of
trust prior to June 22 1931, and received by the Title company, the total
amount of bonds and coupons paid off by it before it closed.
(4) The loss thus determined must be distributed ratably among the
"
outstanding bonds, irrespective of their maturity.
"
(5) That credit after the payment of interest as directed by the Chancellor in Paragraph 4 of the statement of his conclusions heretofore quoted
gill be applied pro rate on each bond at its maturity.
"The writer of this opinion does not concur in the conclusion that the loss
-of the prepayments amounting to $597.72 should fall on the borrower.
He is of the opinion that under the ruling of the Schmidt case this loss must
fall on the bondholders.
"The judgment is reversed in so far only as it adjudges that the loss of
the prepayments must be borne by the bondholders and in all other respects it is affirmed, with directions to enter a judgment conforming hereto."
The case was styled the Fidelity & Columbia Trust Co. against Louise
.Conrad and the Masonic Widows'and Orhpans' Home, holders of the company's bonds to which the payments applied.
In the particular loan under consideration Martin Gotten and F. C.
Kelly had made 85 payments when the company failed, although only 68
were due. The 17 extra payments, the court held,"were not received by
the Title company as trustee for the bondholders and the loss of this sum
must fall on the borrower." The 17 payments amounted to $597.72.
Miss Conrad holds one and the Masonic Widows' and Orphans' Home
holds three of the bonds. Any credits remaining from the payments must
-V. 132, p. 4771.
be applied pro rata to each bond at maturity.
(R. H.) Macy & Co., Inc.
-Changes in Personnel.
Jesse Isidor Straus, who has been appointed Ambassador to France by
President Roosevelt, on April 5 resigned as President and also as a member
of the Board of Directors of R. H. Macy & Co., Inc.
Percy S. Straus for 14 years Vice-President of the store, was elected
President. Oswald W. Knauth, an Executive Vice-President in charge of
one of the store's merchandising divisions, was elected Treasurer, to succeed Herbert N. Straus, now deceased.
Is. Jack Isidor Straus, son of the newly appointed Ambassador, resigned
as Secretary and was elected Vice-President. Two other Vice-Presidents
were named: Edwin I. Marks, formerly an Executive Vice-President in
charge of a merchandising division, and Delos Walker, General Manager
of the store.
VoRalph I. Straus, son of the store's new President, who has been an
Assistant General Manager, was elected Secretary, succeeding his cousin,
Jack Isidor Straus.
),.. To fill the vacancies created by the election of Oswald W. Knauth,
Edwin I. Marks, Jack Isidor Straus and Delos Walker as Vice-Presidents,
the following were elected Executive Vice-Presidents: J. E. Davidson,
J. P. Kasper, H. F. Otten and Ralph I. Straus. The first three wore
merchandise counselors.
*Oswald W. Knauth and Leon Lauterstein were elected to the Board of
Directors, filling the vacancies created by the deaths of Alfred F. Selig'sberg and Edmond E. Wise. Mr. Lauterstein is a member of the law firm
of Seligsberg & Lauterstein, attorneys for the Macy corporation. To fill
the vacancy on the board occasioned by the resignation of Jesse Isidor
Straus, Edwin I. Marks was elected. Delos Walker was elected to a place
-on the Board of Directors not previously filled.
Obituary.
Herbert Nathan Straus. Vice-President of this company, and President
.of L.Bomberger & Co.. Newark, N.J., died in New York City on April 6.V. 136. p. 2255.
-Proposed Change in Par.
-. ....Magma Copper Co.
'
The stockholders will vote May 8 on changing the par value of the capital
-V. 136, P. 2255.
stock from no par to $10 per share.
-Earnings.
(I.) Magnin & Co.
' 1930.
1931.
1929.
Calendar Years1932.
$6,706,473 $8,813,398 $10,090.045 $10,984,159
Sales
290,615
591.207
788,041
Net income after taxes loss222,501
81,108
81,108
76,949
81,652
Div-s. on pref. stock---$209,507
$510,099
Bal.avail,for com.stk def$299,450
$706,388
$0.81
$1.76
$2.44
Earns. per sh. on com_ _ _ loss$1.17
Balance Sheet Dec. 31.
LiabilUtes-1932.
1931.
1931.
1932.
Assets$464.993 $284,632 Preferred stock _ _ _51,231,500 $1,326,800
.Cash
:Common stock_- 1,348,399 2,298,399
Securs.-Govt. &
359,622 Mer.& other accts.
399,695
svmunicipal
payable
437,103
502,286
• Customers'sects 1,448,481 1,971,398
Fed. Income tax_
40,863
Empl.stock purch.
75,842 Sundry reserves__ 39,938
66,180
43,997
YR& loan sects_ _ __
27.399
37,717 Res. for common
• Other accts. receiv.
dividends
768,982
520,025
52,039
Merchandise
193,376 Earned surplus_ _ _
521,968
986,839
Adv.spring purch_ 157,881
111,881
131,977 Capital surplus
Life insurance__ 145,304
469,385 1,219,960
Fixtures
145,156
4,557
Misc. AL def'd chgs.
1
1
Good-will
62,561
39,370
expenses
Prepaid
Total
$3,717,030 $5,251,224
$3,717,030 $5,251,224
Total
x Represented by 255,845 no par shares in 1932 and 260,196 in 1931.
-v. 134. p. 4506.
-Liquidating Dividends.
'".Mason Tire & Rubber Co.
liquidating dividends of $1.50 per share
The.directors recently declared
on_the!pref. stock and 75 cents per share on the common stock of no par
April 8 1933
value, both payable March 20. Initial liquidating dividends of $2.50 per
share on the pref. and $1.21 per share on the common stock were paid on
Nov. 28 1931.-V. 133, p.3976.
Mandel Brothers, Inc.
-Earnings.PeriodNet sales
Cost of goods sold
-Years Ended Jan.31- 13 Mos,End, Cal, Year
1933.
1932.
Jan. 31 '31.
1929.
$14,831,112 $19,644,767 $24,782,825 $25,796,852
9,816,833 13,974,622 17,012,932 18,214,309
Gross profit on sales__ $5.014,279 $5.670.145 $7,769,893 $7,582,543
Discount
817,228
1,012,049
Total income
$5,014,279 $6,487.373 $7,769,893 $8,594,591
Expenses (excl, of prov.
for depreciation)
5,347,546
6,611,775
8,372,204
8,154,890
Operating loss
Income credits-interest
earned, &c
$333,267
1124,402
110,130
142,195
Gross loss
Prov.for deprec. of prop.
and improvements__ _
Supp, prov. for possible
losses on receivables_ _
Miscellaneous charges
$223.137 sur$17,793
117,486
33,613
101,726
Net loss
Dividends
$578,558
$371,271
204,322
287,338
$602,311 sur$439,701
137,637
164,105
$464,674 sur$603,807
339,024
288,073
63,871
61,525
$867.570 sur$254,209
195,624
Total deficit
$578,558
$371,271
$867,570 sur$58.585
Earnings per share on
Nil
capital stock (no par)_
Nil
Nil
$0.81
Summary of Surplus Year Ended Jan. 31 1933.
-Profit and loss deficit,
Feb. 1 1932, $815,854; net loss for year ended Jan. 31 1933, $578.558:
profit and loss charge, reduction of book value of investment in bonds to
market value as of jan. 31 1933, $99,974; profit and loss deficit at Jan. 31
1933, $1,494,386.
Capital surplus, Feb. 1 1932, $3,669,298; deduct reduction of book value
of treasury stock to its stated value, $62,510; capital surplus Jan. 31 1933,
$3.606,787; surplus, net, Jan. 31 1933, $2,112,401.
Balance Sheet Jan. 31.
1933.
1932.
LiabilitiesAssets1933.
1932.
xProperty & impt_31,908,939 $1,975,204 yCapital stock_ _ _ 33,428,435 $3,500,000
Accounts payable_ 384,885
Good-will & trade
723,270
1
1 Accrued wages and
name
salaries
1,185,606 1,008,539
Cash
72,803
107,346
500,280 Merchandise eds.
Marketable sec__ 399,521
Notes & accts. rec. 1,264,111 1,920,430 outstanding_ -3,836
3,789
2,130 Accrued tax, &c
3,932
Accrued interest676,664
741,024
22,130
264,497 Reserve for hank.,
Sundry investm'ts
1,954,482 2,390,184
coining., &c.___ 106,101
Inventories
210,098
46,398
77,705 Capital surplus.- 3,606,787 3,669,297
Deferred Charges
Profit & loss del__ 1,494,386
815,854
Total
Total
$6,785,122 $8,138,971
x
$6,785,122 $8,138,971
After depreciation of 81,483,013 in 1933 and $1,278,690 in 1932.
y Represented by 306,000 no par value shares in 1933 and 313,000 in 1932.
-V. 134, p. 2537.
-To Distribute Beer.
Mavis Bottling Co.
President James M. Elliott on April 5 announced that the company
has closed a contract to act as metropolitan distributor for the sale and
distribution of Schlitz Beer in the five boroughs of New York City, and
In the cities of Philadelphia, Pa., and Camden, N. J.
"The addition of the Schlitz Beer to the list of regular Mavis products is
regarded by the management as one of the most important steps taken to
increase the company's volume of business," said Mr. Elliott.
"As the method of distribution of beer is identical to our present methods
of distributing Mavis carbonated and milk beverages, the management
believes that the company's present volume of business will be substantially
increased at only a nominal increase in expenses.
"Predicating an estimate upon the volume of business done by &hilts
In these territories before prohibition, there is every indication that the
volume of Mavis sales should be increased sufficiently to result in substantial profits for the Mavis company.
"The Mavis Bottling Co. at this season of the year has approximatelr
15,000 active retail outlets through which Schlitz Beer will be distributed.
The initial order of Schlitz Beer for the Mavis warehouses consists of
17 cars, which were ready and waiting under seal for the zero hour of midnight, April 6, when they were pulled out of the Schlitz Brewery in Milwaukee by express freight for the New York and eastern territories. Twelve
cars will be consigned to the Mavis company in New York and five to the
Philadelphia Mavis Co. It is (mooned that the Schlitz product will be
received for general sale here no later than April 12.-V. 134, p. 2162.
Melville Shoe Corp.
-Readjusts Leases.
President Ward Melville, in the annual report for 1932, on March 2,
stated in substance:
The R-W Realty Co., Inc., a subisdiary, succeeded during 1932 in
negotiating rent reductions on RI% of the Melville Shoe Corp.'s existing
eases A total of 204 leases will expire during 1933. Thus the company
will effect still further savings in rentals, as it is certain that thee leases
can be renewed at figures more to our advantage. It is estimated that
by the end of 1933 not more than 50 leases will remain unadjusted. In
this connection, it was deemed advisable during Jan. 1933. to organize
a new and stronger real estate operatl company instead of increasing
the present $50.000 capital of The R-W Realty Co., Inc. This new organization is known as the Melville Rea ty Co.. inc.
During the past year, the corporation's engineers made a survey and
revaluation of Its warehouse. its Items of equipment and its various other
fixed assets, to determine the changes which had taken place in their
utility and replacement values. It was found that, because of reduced
construction and other costs, the net book value of these fixed assets
(many of which were acquired during periods of high labor and material
costs) exceeded their estimated replacement value at Dec. 31 1931.
As a result of this survey and revaluation, and with the collaboration
of its auditors, Peat, Marwick, Mitchell & Co., the corporation has reduced the net book value of these fixed assets as of )ec.31 1931, by $848,137
and has charged this amount to its earned surplus account.
The end of the year 1932 found the corporation operating 499 John
Ward, Rival and Thom McAn stores in 221 cities in 35 states, a net gain
of 21 stores as compared with the number in operation on Dec. 31 1931.
To this total we expect to add during 1933, as desirable leases at suitable
rentals become available. See aio V. 136, p. 1729.-V 136, p.2255.
May Department Stores Co.-Annual Report.
Morton J. May, President, states In Dart:
Net income amounted to $948.432, or $0.77 per share of capital stock
outstanding. Operations for the year were relieved of charges aggregating
$902,508 in respect of depreciation and amortization of furniture, fixtures, equipment and deferred charges written off as of Feb. 1 1932.
In view of the fact that company has been in a strong financial position
throughout the year and had a substantial surplus account as of Jan. 31
1932 comprised largely of undistributed earnings, directors decided that,
In view of the unusual economic conditions, the book values of certain
of the company's capital assets should be readjusted so that they should
not appear to be overvalued, even from the most conservative viewpoint.
Accordingly, all items properly shown as deferred charges In the last
annual report have been written off and the book values of furniture,
fixtures, equipment, and delivery equipment, listed as capital assets,
have been reduced to nominal values of $1 each, by charges to earned surplus account as of Feb. 1 1932.
Similarly, the established value of leases shown as a capital asset on the
last annual report, and credited originally to capital surplus, has been
reduced to the nominal value of $I and charged to capital surplus.
Also the cost of additions made to these capital asset accounts during
the year just ended has been charged to earned surplus account as of Jan.
31 1933. The balance sheet discloses the values of the assets, which are
now carried at nominal sums, on the basis of cost less depreciation and
amortization at rates previously used.
At the annual meeting to be held April 18 the stockholders will be asked
to authorize the reduction in the par value of the company's capital stock
Financial Chronicle
Volume 136
from 125 (present par value) to 110 per share by transferring $18,461,190
($15 per share on stock outstanding at Jan. 31 1933) to capital surplus
account and to reduce the book value of goodwill, trade names &c..
from $15,015,226 to $1 by charge to capital surplus account. As in the
-case of the adjustment of other assets, this proposed reduction in the
book value of goodwill, trade names, &c., does not change the real value
of any asset of the company.
If the changes are authorized, the net worth of the company on the
basis of the accompanying balance sheet as at Jan. 31 1933 would be as
follows:
Capital StockAuthorizea 2,500,000 shares, par value 810 each issued and outstanding, 1,230,746 shares
$12,307.460
Surplus
Earned surplus
19,683.975
Capital surplus
10,045,236
Total
$29,729,212
The capital stock held in the treasury at Jan. 31 1933 amounted to
136,580 shares, of which 22,747 shares were acquired during the year
at a cost of $302,819, being $265,856 less than the par value (at $25 per
share) of such stock reacquired. This difference of $265,855 has been
transferred to capital surplus account.
Income Account Years Ended Jan. 31.
1933.
1931.
1930.
1932.
Net sales
72,521,486 93,041,880 101,636,229 112,724.226
Cost of goods sold, &c..- 71,752,116 90,159,600 96,710.088 105.364,807
Deprec. az amortization..
287,939
953,693
961,582
820,925
Net profits
481,431
1,920,698
3,972,448
6,538,493
Other income
492,001
426,432
630,130
601,593
Total
Federal taxes (est.)___ _
973,432
25,000
2,522,291
325,000
4,602,578
521,625
6,964,925
790.000
Net profit
948,433
2,197,291
4,080.953
6,174,925
Common dividends_ _ _ _ 1,733,936
4,083,412
2.593,323
3,192,532
Rate of corn. divs_ _
(10%)
(14%)
(5.60%)
(8%)
Balance, surplus
def785,503 def995.241
2,091,513
1.487,630
Cap.shs. outst.
(par $25) 1.230.746
1,345,244
1,300,994
1,253.493
Earned per share$0.77
x$4.75
$1.75
x Based on the average number of shares outstanding duringthe year,
$
the earnings per share were $5.17.
Surplus Accounts for the Year Ended Jan. 31 1933
(1) Earned surplus, Feb. 1 1932
$27,683,798
Balance transferred for year (as above)
948,432
Prov. for decline in the market val. of U. S. °langs. (by charge
to earned surp. at Jan. 31 1932) in excess of net loss resulting
from sales during the year
32,212
Total
$28,664,443
Cash dividends
1,733,936
Adj. made to reduce the carrying values of store & office furn.,
fixtures & equipm't & delivery equipm't to nominal sums:
Book values as of Jan. 31 1932
6,360,486
Cost of net additions during the year
Write-off of balances in def. chge. acct. at Jan. 31 1932
202,100
Add. to res. provided to reduce sundry invests, to est. pres. val.
100.000
Addition to reserve for contingencies
425,000
Balance, Jan. 31 1933
$19,683,975
(2) Capital surplus, Feb. 1 1932
7,970,548
Difference between par value and cost of 22,747 shares of
treasury stock acquired during the year
265,856
Total
$8,236,404
Adj. made to reduce unamortized portion (as of Jan. 31 1932)
of estab. val. of leases acquired subsequent to the organization of the company to nominal sum of $1
1,637,132
Balance, Jan. 31 1933
Total surplus, Jan. 31 1933
$6,599,271
26,283,247
Consolidated Balance Sheet Jan. 31.
1933.
1932.
1933.
1932.
ASSE18$
$
Liabilities-$
$
Good-will
15,015,226 15,015,226 Common stock___30,768,650 31,337,325
Investments
656,084 1,089,673 Accounts payable_ 1,818,458 1,452,082
D. S. Govt. °Wig
Sundry creditors__
151,151
203,434
& accrued int
Accrued expenses- 656,788
912,822
thereon
5,644,089 2,738,032 Mdse. in transit__
838,494
aLand, buildings &
Res, for conting._ 657,989
261,709
leasehold
6,094,366 6,249,334 Reserve for trading
bInvest. & adv. to
stamps,drc
154,245
186,694
real estate cos
9,818,001 9,497,979 Tax reserve
47,500
307,500
Est. val. of leases.
1 c1,637,134 Earned surplus...19,683,975 27,683,798
Furn., fixt. & eq._
1 d6,423,933 Capital surplus.
6,599,272 7,970,548
Delivery equIpm't
1 e132,238
Due from oper. of
leased dep
210,487
Loans & advances
to employees... 212,662
IAMB. receivable 7,243,090 9,610,870
Inventories
10,652,425 13,128,402
Sundry debtors.__ 210,385
486,961
Prepaid expenses_ 531,674
470,878
Cash
4,249,536 4,423,160
Adv. to trustees
20,299
Deterred charges.
230,288
Total
60,538,029 71,154,407
Total
60,538,029 71,154,407
a After depreciation of $2,262,039 in
b After amortization of $557,574 in 1933 1933 and $2,010,479 in 1932.
and $538.875 in 1932. c After
amortization of 11,785,225. d After
depreciation of $4,827,622. e After
depreciation. f After reserves of
$1,017.682 in 1933 and $1,019.481 in
1932.-V . 135, p. 998.
" Merchants Discount Co., Boston.-Omits Dividend.
116.11
-
'he directors recently voted to omit the quarterly dividend
usually
payable about March 31 on the capital stock, no par value. Previously
the company paid quarterly dividends of 37ji cents per share on this issue.
-v. 131, p. 4063.
Midwest Oil Co.
-Changes in Personnel.
--•-
A. D. Aitken has resigned as Vice-President of the Midwest Oil Co.
and II. H. Brooks as Secretary and Treasurer of Salt Creek Producers
Association, Inc.. and affiliated companies, according to reports. Mr.
Aitken will remain an officer and director of the Salt Creek Producers
Association and allied companies, while Mr. Brooks will continue as a director of the allied companies, but will not be as active as heretofore.
A. R. Kline was elected Vice-President and Treasurer of Midwest Oil
and Treasurer of Salt Creek Producers to succeed Mr. Brooks. L. G.
Crosier was made Secretary and Assistant Treasurer of both companies.
-V. 136, p. 505.
"Midwest Refining Co. Dissolution-Litigation Settled
Litigation in the Colorado cour
hich has retarded the dissolutie of
this company has beau settled and it is probable similar action will result
in the dismissal of two cases pending in Maine. The Standard Oil Co. of
Indiana owned 99.96% of Midwest stock. Stockholders at a meeting last
fall voted to dissolve the corporation following transfer of the assets to the
parent company and the Stanolind 011 & Gas Co.
-V. 136, p. 1212.
Modern Investment & Loan Corp.
-Reorganized.-
2437
Modern Investment & Loan was organized in 1924. It has nine offices
in Manhattan, Richmond, and The Bronx. It does a general industrial
banking business, making loans from $50 to $5,000 to small merchants
and wage earners. Since its inception the company has granted 300,000
loans aggregating 818,000,000.
Under the plan of reorganization, which was approved by the Banking
Department, 25% of the liabilities of the company and outstanding investment certificates have been converted into certificates of interest
which are subordinate to the claims of the holders of investment
tificates, but which rank ahead of all stock of the company. The cercertificates of interest carry 3% and are convertible at the option ofnew
the
holder into common stock with voting power.
-V. 133, p. 3101.
Montgomery Ward & Co.
-March Sales.
Sales for Month and Two Months Ended March 31.
1933
-Month-1932.
Decreased 1933-2 Mos.-1932,
Decrease.
311.120,815 $14,053,973 82,933,158 1E21,324,641 $26,017.339 84,692,698
-V. 136, p. 2255. 2234.
Mortgage-Bond Co. of New York.
-Interest Not Paid.
-
The interest due April 1 1933 on the 4% gold bonds, series 2, due 1966.
was not paid.
Bondholders' Committee Formed.
Representatives of substantial blocks of collateral trust mortgage bonds
of the company have formed a bondholders' committee as the result of
the company's being "prevented by recent emergency legislation and
executive orders from making regular payment of maturing coupons on
the several series of its bonds and in one instance from paying bonds previously called for sinking fund.' The announcement of the formation of
the bondholders' committee includes the statement that "if the present
trends of legislation, regulation and private reaction continue, the company's operations will be severely curtailed and its business seriously
threatened not only in New York but also throughout much of the territory
where its loans have been made." Moreover, the statement says these
conditions come at a time when the company is already faced with substantial shrinkage in income due to the increasing liability of borrowers
to
meet their obligations to it.
One series of the company's bonds in the aggregate principal amount of
$1.820.500 matures on Nov. 1 1933.
Holders of all the series, which are of equal rank, are urged to join by
depositing with the committee their securities so that its efforts in their
behalf may be made more effective. Deposited bonds will be held under
a bondholders' agreement, copies of which may shortly be obtained from
the depositary, Chemical Bank & Trust Co., New York, or the
itaries, Harris Trust & Savings Bank,Chicago,and Harris Forbessub-deposBoston. George J. Leness. 60 Cedar St., N. Y., is secretary of Trust Co..
tee, for which.Sullivan & Cromwell, New York, are counsel. the commitThe agreement will provide that expenses of the committee,
compensation to its members, may not exceed 13-6% of the including
principal
amount of bonds deposited.
Ridley Watts, 165 Broadway, New York, is Chairman of the committee
which also includes George Ramsey, Vice-Free., Chase Harris Forbes
CorP,..
New York; Lawrason Riggs Jr., of Iselin & Riggs, New York; Felix T.
Rosen of Ladenburg, Thalmann & Co., New York; Chester A.
Allen, Second Trust Officer, King's County Trust Co., Brooklyn, N. Y.,
Samuel S. Hall Jr.. Carnegie Foundation for the Advancement of Teaching,
New York; and Otto H. Nelson, Vice-Pros., Merrill Trust Co .Bangor. Me
-V. 134. p. 144.
Mortgage Guatanty Co., altimore.-85% of Holders
Assent to Reduction Asked by Mortgage Guarantee.
The company states that holders of 85% of a total of approximately
$22,000,000 outstanding guaranteed mortgage certificates have assented to
the company's proposed plan for extending maturity dates of its 5;5%
guaranteed first mortgage certificates for not exceeding five years, and for
a reduction of 1% in interest. Assent by 90% of holders is required.
The Title Guarantee & Trust Co., affiliated with the Mortgage Guarantee
Co.. will endeavor to work out plans for reopening as soon as the mortgage
plan becomes effective. Reopening of the trust companylis contingent on
acceptance of the mortgage company's proposal.
-V. 136, p. 2081.
oto Meter Gauge & Equipment Corp.
-To Change Par.
The stockholders will vote April 26 on approving a proposal to change
the par value of the common stock from no par to 11 per share.
-V. 135.
p. 4568.
Motor Products Corp.
-Earnings.
-
Calendar Years1932.
Gross profits from oper_loss$48,227
Other income
108.469
Profit on disposition of
capital assets
Dr.9.667
1931.
1930.
1929.
8454,433 $1,150.607 83,267.519
130,090
205.967
175,468
Total
Selling,adm.& gen. exp.
Depreciation
Fed.& Canad'n inc. tax.
$584.905 $1,356,574 83,442.988
288.876
370,421
636.882
314,490
423.012
405,258
76.000
260,000
$50,575
270,603
297.979
382
Net profit
loss$518,007 loss$18,461
Earn.surp. begin. of yr_ 1,979.398
2,393,905
Total
$1.461,391
Dividends paid
286,478
Adjust. of val, of sec. &
500,444
Can. curr. assets (net)
Add'I inc.taxes prior yrs.
82,375.444
387.518
$487,139 82.140.847
2,298,625 x2.236,681
$2.785,765 $4,377,528
391,860 12,078,903
8,529
Earned surplus Dec.31 $674,468 $1.979,397 32,393.905 12,298.625
Earns.per com.sh.outst'g•
Nil
Nil
$2.48
$10.42
Adjusted. y Includes 184.020 preferred dividends.
Capital Surplus Dec. 31 1932.
-Balance at Jan. 1 1932, $3,731,268; excess of proceeds of 1,901 shares of common stock issued in 1932 over stated
value under Stock Corporation Law of New York State of $10 per share.
$31,214; together. $3,762.482. Deduct common stock held in treasury for
cancellation ($7,050; less stated value under Stock Corporation Law of
New York State, 300 shares, 53.000). $4,050; balance, 83.758,433.
Balance Sheet Dec. 31.
ssets
1932.
1931.
1932.
1931.
y Fixed assets---$3,647,335 $3,917,785 x Capital stock ___$1,909,850 $1,893,840
Inventories
523,904
659,208 Accts. payable,&c. 156,769
184,933
Accounts receivAccrued payrolls,
able
328,805
328,389
employees' stk.
Government secontr. cred., &c_
128,681
128,231
mines, &I.__ 1,821,036 2,815,2,77 Res. for Federal &
Cash
239,295
134,884
Canadian taxes.
10,007
Deferred charges
67,826
89.680 Res've for contIng
17,545
Capital surplus... 3,758,433 3,731,268
Earned surplus__ 674,468 1,979,397
Total
$6,628,201 $7,945,222
Total
$6,628,201 $7,945,222
x Represented by 190.985 (189,384 in 1931) no par shares. y
depreciation of $3,999,471 (83.717,2 9 in 1931).-V. 135. p. 4394. Aftec
(G. C.) Murphy Co.-March Sales.
-March-1932.
1933
Decrease.' 1933-3 Mos.-1932,
Decrease.
81,313.762 $1,430.301
8116,539183,666.327 33,762.497
$96,170
-V. 136. p. 1030.
National Department Stores, Inc.-Sale of Nugent
Stores Confirmed.
Federal Judge John P. Neilds on April I confirmed the sale of the assets
of the Nugent stores which was held March 31, in St. Louis. The equipment and stock of the company netted 3167,000.-V. 136, p. 2255.
The corporation has been completely reorganized by the State
Department of New York and resumed business March 29. The reorBanking"
ational Supply Co.
-Reduces Par Value, &c.ganization is of unusual significance because it is the first of its kind on
The stockholders on April 5 approved a proposal to reduce the par value
the basis provided in the Robinson Act passed by the New York Legisof the common stock to 125 from $50 a share, thus creating a capital surlature the early part of March.
plus of S9,564,775. against which it is proposed to charge down the values
The bill makes possible the reorganization of banks and trust cornat which plants are carried to a figure more in line with present conditions.
panies under the supervision of the Banking Department by readjustment
to charge off the item of good -will, to write down securities and make such
of liabilities and capital structure,
other charges as might later be advisable
Financial Chronicle
2438
The stockholders also approved the retirement of the 8,762 shares of
-V. 136, p. 1898.
common stock owned by the company.
National Tea Co.
-Sales.
-1932.
1933-12 Wks.
-1932.
Period End. Mar. 25- 1933-4 Wks.
Consolidated sales
$5,062,462 $6,444,054 $14,641,436 216,361.037
The number of stores in operation declined from 1,491 at March 25
1932 to 1,374 at March 25 1933 as a result of the closing of stores which
-V. 136.
for various reasons had become unprofitable, it is announced.
p. 1731.
National Weaving Co.
-Defers Dividend.
The directors recently voted to defer the quarterly dividend due March 31
on the 7% cum. 2d pref. stock, par $100. On Dec. 30 1932 a quarterly
dividend of $1.75, plus interest on back dividends of $1.6634 per share,
was paid.
-V. 136, p. 671.
Neisner Brothers, Inc.-March Sale8.Decreased 1933-3 Mos.-1932.
1933-March-1932.
$925,503
81.155.542
8230,039 182,550,270 $2,910,746
Balance Sheet December 31.
1932.
Liabilities1931.
Assets1932.
bFurn. & fixtures$5,418,362 $5.508.417 Accts. Pay.& managent bonuses.. $142,721
Investments
750,000 1,019,803
3,144,500
616,219 Funded debt
Cash
433,744
15,198
86,344 Accrued interestPrepaid rents
81.846
45,383
40,412 Notes payable.... 500,000
Accts.receivable.36,814
38,406 Reserve for taxes__
43,274
Life ins. cash value
1,353,472 1,369,995 7% cum. convert.
Inventory
preferred stock. 2,207,700
92,092
43,584
Deferred charges
126,972
Reserve
811,014
aCommon stock
1,184,746
Surplus
Decrease.
$360,476
1931.
$240,945
3,303.000
16,000
800.000
8,308
2,207,700
114,544
811,014
1,270,177
$8,169,666 $8,771,690
Total
$8,169,666 $8,771,690
Total
a Represented by 206,234 shares of no par value. b After depreciation
and amortization of $1,094,553 in 1932 and $882,751 in 1931.
Our usual comparative income statement for the year ended Dec. 31
1932 was published in V. 136. p. 2082.
(J. J.) Newberry Co.
-March Sales.
-March-1932.
1933
$2.117,306
$2,537,299
-V.136, p. 1899.
Decrease.] 1933-3 Mos.-1932.
26,379,340
$419,9931$5,976.022
Decrease.
$403,318
New England Steamship Co.-Earnings.Calendar YearsOperating revenues
Operating expenses
1931.
1930.
1929.
1932.
$3.662,627 $5,110.464 $5,855,400 $7,033,031
5,776,725
6,623,431
4.067,484
5,147,103
Net operating income-def$404,857
Tax accruals
59.834
def$36,639
66,398
$78,676
59,205
$409,600
55,574
_def$164.691 def$103.036
167,446
220,973
$19,471
227,204
$354,026
243,839
Gross income
loss$297,245
Deduct, from gross inc_
600,759
$117,936
639,976
$246,675
642,626
$597,865
663,549
Net deficit
-V. 134. p. 2737.
$522,040
$395,951
$65,684
Operating income_
Other income
$898,004
New York Athletic Club.-Depositary.
The Continental Bank & Trust Co. of New York has been appointed
depositary for $4,602,000 1st & gen. mtge. fee 6% sinking fund gold bonds
dated Oct. 1 1926.-V. 130, p. 300.
New York & Honduras Rosario
Quarterly Payment.
-
Mining Co.
-Larger
The directors have declared a dividend out of earnings of37X net cents per
share on the outstanding capital stock. payable April 29 to holders of record
April 18. This is an increase of 123 cents per share over the previous
quarterly rate of 25 cents per share.
A special distribution of 25 cents per share was also made on April 23
and Dec. 30 1932, and one of 1234 cents per share on Jan. 30 1932.135. p. 4227.
Norfolk 8c Washington Steamboat Co.
-Omits Div.
The directors recently decided to omit the quarterly dividend ordinarily
payable about April 1 on the capital stock, par $100 A distribution of
2% was made on Jan. 3 1933 and on Oct. 1 1932, as aiainst 3% in preceding quarters.
-V. 135, p. 2184.
North American Aviation, Inc.-(To Acquire Stock of
-Plan of Reorganization.
General Aviation Manufacturing Corp.
-George N. Armsby,Chairman, and Thomas A. Morgan
President in a letter to the stockholders on April 4 stated:
It is planned to unify the interests and operations of General Aviation
Corp. and North American Aviation, Inc., in air transportation through
the acquisition of assets from General Aviation Corp. in exchange for stock
of North American Aviation, Inc. as outlined below. The net assets of
the two companies have been valued by the boards of directors as of Feb. 28
1933, and on the basis of these values 1,474,883 shares of North American
Aviation, Inc., stock will be issued in exchange for all the stock of General
Aviation Manufacturing Corp., which will own all such assets of General
Aviation Corp. at the time of the exchange. The 1,474,883 shares of
North American Aviation, Inc., are subject to not over 10% variation if
adjustments prove necessary pursuant to the contract with General Aviation
Corp. The enlarged company will have substantially increased holdings
in Western Air Express Corp.. which, with the present holdings of North
American Aviation, Inc., in Transcontinental Air Transport, Inc., and
Its 100% interest in Eastern Air Transport, Inc., will co-ordinate the
mid-Contenent air transport route from coast to coast and the important
north and south route from New York to Atlanta and Miami, where connections are made with lines operating to South and Central America and
the West Indies. The company rill also benefit by the acquisition of a
large amount of cash and the airplane manufacturing operations of General
Aviation Manufacturing Corp., which can be readily co-ordinated with
those of B-J Aircraft Corp.
Before the consolidation of interests of General Aviation Corp. and
North American Aviation, Inc., it is proposed to separate and distribute
to the North American Aviation. Inc., stockholders, pursuant to a plan
of reorganization, the present holdings in Sperry Gyroscope Co., Inc.. Ford
Instrument Co., Inc., Intercontinent Aviation, Inc., and Curtiss-Wright
Corp. A new corporation to be called the Sperry Corp. is to be organized
for this purpose and all its stock, in the form of voting trust certificates, will
be distributed to the stockholders of North American Aviation, Inc., of
record on April 27 1933, without the necessity of their surrendering certificates for their shares in North American Aviation, Inc. In view of the
very technical and highly specialized nature of the operations of Sperry
Gyroscope Co., Inc., and Ford Instrument
Inc. it has been considered
desirable to assure continuity of management by placing all the shares of
Co..
the Sperry Corp. in a 10
-year voting trust. George N. Armsby, Lindsey
Hopkins, Thomas A. Morgan, E. A. Pierce and J. Cheever Cowdin, representing large holdings of stock in North American Aviation, Inc., and the
management of the group of companies to be included in the Sperry Corp.,
have consented to act as voting trustees without compensation. Application will be made to the New York Stock Exchange for the listing of the
voting trust certificates.
All negotiations have been conducted by the officers and directors of
your company, in co-operation with its bankers. No commissions or other
compensation will be payable to any of them for these services.
[The stockholders will vote April 26 on approving the above-mentioned
proposals.
-Ed .1
Plan of Reorganization Dated April 4.
It is proposed that North American Aviation, Inc., should be reorganized
in accordance with the following plan:
-Prior to the reorganization, the following steps
Preliminary Steps.
are to be taken: (a) North American will acquire for cash at $6 per share,
the 47.667 shares of capital stock of North American now held in the
treasury of Intercontinent Aviation, Inc. (b) 122,181 shares of capital
April 8 1933
stock of North American now held in the treasury of Sperry Gyroscope
Co., Inc., will be declared and paid as a dividend to North American, sole
stockholder of Sperry Gyroscope (c) North American will acquire from
Intercontinent 13,000 shares of stock of Pan American Airways Corp..
at $30 per share payable partly in cash and partly in securities and (d) hy
appropriate stockholder action, the certificate of incorporation of l'slorth
American will be amended so as to change the par value of shares of it
capital stock from $5 per share to $1 per share, the amount ofsuch reduction
to be credited to capital surplus of North American.
-As part of the plan, it is proposed that
Organization of the Spent' Corp.
a new corporation, to be called the Sperry Corp. shall be organized under
the laws of the State of Delaware, with an authorized capital stock of
2,500,000 shares of the par value of $1 per share, all of one class.
Exchange of Certain Holdings of North American for all the Capital Stock
-North American will transfer to the Sperry Corp. all
of the Sperry Corp.
its holdings ofcapitalstock of Ford Instrument Co.,Inc.,Sperry Gyroscope,
Intercontinent and Curtiss-Wright Corp., in exchange for 1,949,111 shares
of capital stock of the Sperry Corp., being all of the shares of that corporation to be issued as part of this plan. At this date, North American owns
40,000 shares of Sperry Gyroscope (being all its outstanding capital stock),
1,274 shares of Ford Instrument Co., Inc.(being all its outstanding capital
stock, exclusive of stock in the treasury of Ford Instrument Co., Inc.),
172,500 shares of Intercontinent (being 74.2% of its outstanding capital
stock, exclusive of stock in the treasury of Intercontinent) and 115,232
shares of class A and 401.951 shares of common stock of Curtiss-Wright
Corp. (being a minority of outstanding stock in each case). The number
of shares of the Sperry Corp. to be issued in exchange for North American'S
holdings above-mentioned shall not be changed as a result of any increase
or decrease in such holdings of North American prior to the date on which
the plan becomes effective.
Voting Trust for Shares of the Sperry Corp.-Immedlately upon the acquisition by North American of all the capital stock of the Sperry Corp.
on the basis above indicated, all such shares will be deposited in a 10
-year
voting trust to be created under the laws of the State of New York, under
which George N. Armsby, Lindsey Hopkins, Thomas A. Morgan, E. A.
Pierce and J Cheever Cowdin (with power to the majority of them to fill
vacancies prier to or after the closing date) shall be voting trustees. Appropriate provision shall be made for registration and transfer of voting
trust certificates which, as well as the voting trust agreement, shall be in
the form now on file with the Secretary of North American, with such
changes as may be requested by the New York Stock Exchange and as may
be approved by the Board of Directors of North American.
-Pursuant to the plan of reorganization,
Distribution to Stockholders.
all the stock of the Sperry Corp., presently to be issued, will be distributed,
in the form of voting trust certificates above described to the stockholders
of North American share for share, without requiring any surrender of
North American stock certificates. April 27 1933 has been fixed as a record
date for North American stockholders entitled to such distribution.
-Application will
Listing of Voting Trust Certificates of the Sperry Corp.
be made to the New York Stock Exchange for the listing of the voting trust
certificates of the Sperry Corp. upon the issuance and distribution thereof
to the shareholders of North American.
Pro-forma Balance Sheet of General Aviation Manufacturing Corp. at
Feb. 28 1933.
[Showing Assets and Liabilities of the Corporation at time of acquisition
of its stock by North American Aviation, Inc.]
Liabilities
Assets
$1,872,941 Accounts payable
$22,224
Cash
425,598 Accrued liabilities
40,311
Short-term securities
37,562 Reserve for contingencies_ _ _
Accounts receivable (net)..
250,000
161,146 Net worth
Inventories at cost (less res.).
3,676.524
Western Air Express Corp.
x1,222,425
stock
600
Miscellaneous investments
8,693
Leaseholds
Mach'y & equip. at cost.- y187,480
72,614
Deferred charges
$3,989 060
Total
Total
contract
x 81,495 shares at $15 per share valued in accordance with838
y After deducting depreciation rewith North American Aviation, Inc
serve of 2118,289.
Pro-forma Consolidated Balance Shee of North American Aviation, Inc.,
and Wholly-owned Subs diaries at Feb. 28 1933.
[After giving effect to (1) completion of proposed plan of reorganization,
(2) certain adjustments of values provided for in contract with General
Aviation Corp., and (3)the acquisition of the stock of General Aviation
Manufacturing Corp.]
Liabilities
Assets
$2,291,414 Accounts payable
$168,883
Cash
425,598 Accrued liabilities
56,027
Short-term securities
422,664 Reserve for contingencies_ __ _
500,000
Notes & accts. rec.(net).639 Capital stock (par $1)
3,423,994
Due on stock subscriptions-.
3,877,546
638 Capital surplus
Inventories at cost (less res.)631.
Earned surplus
1,233,641
Western Air Express Corp.
a1,399,800
stock
Transcontinental Air Transb750,000
Port, Inc., stock
Douglas Aircraft Co., Inc.,
c1,024,213
stock
461,860
Other aviation securitiesby. in assets of Ludington
Air Lines(not consolidated) d247.900
0126,451
Miscellaneous investments
Land,bldgs., mach'y & equip.
f1.042,942
'at cost
9293,891
Flying equip. at cost
141,019
Deferred charges
$9,260.092
Total
$9,260,092
Total
a 93,320 shares valued at $15 per share. is 200,000 valued at $3.75 Per
share. c 89,062 shares valued at $11.50 per share. d At cost, less depreciation. e Including $77,211 of securities deposited under contracts.
f After deducting $362,808 depreciation reserve. g After deducting $720,955 depreciation reserve.
Pro-forma Consolidated Balance Sheet of the Sperry Corp. and Wholly-owned
Subsidiaries at Feb. 28 1933.
[After giving effect to (1) completion of proposed plan of reorganization and
of contract between North American Aviation, Inc., and
(2) terms
General Aviation Corp.]
Liabilities
Assets
$811,917 Accounts payable
$115,578
Cash
565,444 Due to London bank
31,556
Notes & accts. rec. (net)....
2,659 Accr. royalties, wages, &c
118,582
Due on stock subscriptions-.
Prov. for installation, service
Contracts & work in progress,
and guaranteed products._
47,843
invet. of finished goods,raw
125,929
materials and supplies- 81,449,325 Deferred income
Reserve for contingencies....
77,235
Investments
Capital stock (par $1)
1,949,111
b Curtiss-Wright Corp. A
250,799 Capital surplus
3,785,129
stock
C Curtiss-Wright Corp.
602,926
common stock
d Intercontinent Aviation,
704,111
Inc., cap. stock (74.2%)
Miscellaneous investments_ e114,146
Aviation, Inc.,
Nor. Amer.
f46,550
and Sperry Corp stock
91,666,582
Plant dr equipment
36,503
Deferred charges
1
Patents
$6,250,965
Total
$6,250,965
Total
a Contracts in progress amounting to $260,974 are valued at selling
price for percentage completed. b 115,232 shares. c 401.951 shares.
d 172,500 shares. c Includes $29,434 of securities deposited under contracts. f 9,310 shares of North American Aviation Co., Inc and 9.310
shares (voting trust certificates) of the Sperry Corp. capital stock, held in
treasury. g After deducting depreciation reserve of $523,775.
Subsidiary Sells Minority Interest in Foreign Company.
-V. 136. p. 2082.
See ran American Airways Corp. below.
-To Aid Subsidiary-New
New York Investors, Inc.
Director, &c.
Corp.
This corporation, of which the Prudence Co., the Allied Owners
April 3
,
and the Realty Associates Securities Corp. are subsidiaries, on of the
annual meeting to extend Its guarantee of the bonds
agreed at its
atter corporation.
The Realty Associates Securities Corp. defaulted in interest of $150,000
-year sinking fund 6% gold bonds, which was due on
on its guaranteed 15
guarantee of
April 1. The stockholders voted on April 3 to continue the out by the
bonds and to abide by any plan which might be worked
the
President William M.Greve
board to place the bonds on an income basis.
meeting was
said the board would have a plan within a month. The next be drawn up
set for April 17, and it is expected that a tentative plan will
by that date.
The Prudence Co., with the endorsement of the corporation, borrowed
$20.000.000 from the Reconstruction Finance Corporation, pledging as
security most of the assets of the corporation. A majority of all stockholders approved this action.
Gordon S. Bratslin has been elected a director. Louis J. Horowitz and
-V.135,P. 3867.
Charles B.Stuart have retired from the board of directors.
North Central Texas Oil Co., Inc.-Earnings.Calendar YearsIncome from all sources_
Oper. and gen. expenses
Depletion & depreciation
Federal taxes
Loss on sale of securs_
1932.
$188,701
57,226
108,879
Net income
Preferred dividends_ _ _ _
Common dividends_
$22,596
19,555
1931.
$163,422
71,987
93,777
1930.
$424.512
83,087
203,572
210.264
loss$2,343 loes$72,411
50.102
24,175
119,871
$278,638
65,000
161,743
$1,645,301 21,727.794
Total
Total
$1,645,301 $1,727,794
x Represented by 262,446 no par shares -V. 135, p. 3534.
North Star Insurance Co.-Earnings.
1932.
$2.444,360
2,245,007
Increase of surplus
Previous surplus
1931.
$1.658,649
1.726,185
$199,353
869,350
Years Ended Dec. 31Total income
Total disbursements
dee$87.536
936,885
$869.349
$1,068.703
Balance surplus Dec. 31
Comparatire Bolance Sheet Dec. 31.
1931.
1932.
Assets-1932.
1931,
Liabilities$338,508 $101,621 Res've for claims dt
Cash
claims expenses_ $413,003 $266,950
Bonds & stocks.__ 3,484,079 3,091,354
Res. for unearned
Prem. in course of
1,329,817 1,421,589
collection
113,968
177,376
premiums
27,138
Accrued interest__
30,879 Res. for commas,
43,141
15,385
taxes & oth.liab.
Contingency res've 336,786
800.000
800,000
Capital stock
869,350
1,068,701
Surplus
Total
$3,963,692 $3,401,030
-V. 131. p. 2707.
Total
$3,963,692 $3,401,030
-Balance Sheet
Northwestern National Insurance Co.
Dec. 31 1932.Liabilities
Assets
22.000,000
Stocks and bonds
$9.391,381 Capital stock
Cash
259,046 Res. for unearned premiums_ 5.533.893
469.859
Res. for losses in adjustmentAgents' balances In course of
250,000
collection
996,954 Res, for taxes accrued
Collateral loans
16,000 Res. for service retirements
107,230
Real estate
and death benefits
776,963
207.564
Loans secured by real estate
Res for all other liabilities
mortgages
1,798,205 Reserved for conflagrations
Interest accrued
and other contingencies___ 1,500,000
124,229
3,294,232
Net surplus
Total
V. 136, p. 2256.
$13,382,778
Total
$13,362,778
ma ha Ice & Cold Storage Co.
-Receiver Requested.
A group of bondholders owning $238,200 in bonds petitioned and had an
order signed March 28 asking that Fred J. Rent!). President, be made temporary receiver. The order was signed by District Judge W. G. Hastings
at Omaha, Neb.
The bondholders alleged there is now due and owing $360,136 of which
$11,336 Is in defaulted interest as of Feb. 1 1933. The company floated
-year bonds in February 1929. The suit was brought by the
$425,000 In 10
Omaha National Bank as trustee of the bondholders.
Oliver Farm Equipment Co.(& Subs.).
-Earnings.
Calendar Years
32.
1931.
1930.
1929.
Net sales
$4,450,833 315.610,266 $24,934.142 327,437.973
Cost of sales, expenses,
deprec. &c., acets__ _ 7.168.670 14,428.493 25.766.463 24.215.653
Depreciation
1,234.362
1.079.760
1,145.622
819,733
$52,589 $1,912,082pf$2.402.587
Net loss from oper
$3,863,459
Interest earned
916,473
1,321,156
657,711
1,290,874
Profit on sale of capital
assets (net)
109,382
income_
Miscellaneous
168,607
Total loss
$3.205,748 sur.3863.884
S590.9261)33,971.450
707.549
1,092,757
Interest paid
44,623
959,227
3.536,771
4,679,772
Special charges
64.448
Prov. for Fed. and Can.
income taxes
250,000
Net deficit
$4,164.974 $44,908,644 34,835,246sur13612,378
1.683,096
2.068,769
Prof. dividends paidBalance, deficit
$4,164.974 $4,908,644 $6,518,342sur31543,609
Surplus Accounts Dec. 31 1932.
Earned Surp. Paid-in
(Deficit)
Surplus.
311.598,936 39,135.611
Balance at Dec. 31 1931
Direct credits to surplus accounts:
Recovery of Canadian exchange loss on conver409.537
sions, based on exch. rate at Dec. 31 1932.......
Excessof capital amount of treasury prior pre271,203
ferred stock over cost to company
$11,189,398 $9,406,814
Net loss for the year ended Dec.31 1932, as above- 4.164.974
Balance. Dec.31 1932
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
•
Liabilities$
$
Assets9,778,258 11,488,673 Preferred stock___18,861,000 20.000,000
aFixed assets
bCommon stock__ 9,244,180 9,244,180
Patents, good-will,
1 Notes payable__ 9,850.000 12,980,000
1
Ace
211,530
100,511
2,190,518 2,758,301 Accounts payable_
Cash
Accrued payrolls,
cNotes,accounts as
621,542
465,671
taxes, ,kc
14,035,119 17,673,940
accr, int. rec
6,460,133 8,232,406 Sub. co.'s stk. held
Inventories
4,000
4,000
by others
Prior pref. in hands
867,797 Surplus allocated to
of trustees
capital accounts 1,500,000 1,500,000
504,259
1,135,948
Unused property
9,406,8151 2,463,325
572,550 Paid-in surplus
Deferred charges._ 477,826
def.
Earned deficit ___ _15,354,373f
Total
34,077,803 4.7,097,927
34,077,803 42,097,927
Total
a After depreciation of $7,908,884 in 1932 and 37,520,597 in 1931.
b Represented by 622,290 (622.976 in 1931) no par shares. c After reserve
for collection losses of $6,062,701 in 1932 and $4,745,022 in 1931.-V. 134.
1)• 3289.
1412 Broadway Corp.-Bondholders' Names Released.
1929.
$605,138
91.515
190.067
44,918
$51,895
$3,041 def$26,518 def$242,384
Surplus
268,900
262,600
(no par)
262,446
Shs.com.stk.out.
262,446
$0.79
Nil
Nil
$0.01
Earns, per sh. on com
Comparative Balance Sheet Dec. 31.
1931.
1932.
LiabUities1932.
1931,
Assets
Preferred stock-- $293,300 $343,500
Mineral rights and
x Common stock__ 1,312,230 1,312,230
leases (less res.
for depletion)- -$1,211,166 $1,322,191 Accounts payable,
5,241
3,793
&a
Lease equip. (less
15,000
4,921
8,455 Notes payable_ _
res. for (iepreo.)
5,582
4.766
payable
auto.
Dividends
Furn.,tixt. &
48,241
31,212
2,085 Surplus
1,332
(less res.for depr )
22,274
52,051
Cash
2,021
Accr. Int. reeeiv
198,125
Securities owned_ _ 229,613
9,301
13,738
Accts.. &c., recev.
158,907
134,898
Deferred assets_
2,021
Miscell. accts. rec.
•
2439
Financial Chronicle
Volume 136
315,354.374 39.406.814
-story building at 1412 Broadway,
The corporation, owner of the 24
N. Y. City, a Lefcourt operation, on April 3 obtained an order from Supreme Court Justice Charles C. Lockwood in Brooklyn to obtain from the
receivers of S. W. Straus & Co. a list of the names of persons who hold
bonds of its building. The request was made that the fiscal affairs of the
company and the structure might be laid before the bondholders, as there
have been radical changes in the rental situation in the garment district
since these bonds were issued against the building six years ago.
Referee Is Appointed.
Mortimer Lanzit, President and general attorney for the Lefcourt Realty
Corp., also secured'from Justice Lockwood an order appointing George
W. Alger, 50 Broadway, referee to investigate the financial condition of
1412 Broadway, Inc., and study the plan which Mr. Lanzit will submit for
balancing the budget of this building. Mr. Alger will submit his report to
the Court, and this will be passed to the bondholders as equitable tmder
conditions.
First Case of Its Kind.
The action is the first of its kind, according to Mr. Lanzit, to secure from
the house of issue the names of persons who hold bonds on any property.
Mr. Lanzit explained that his success was due to the fact that Justice Lockwood appointed the receivers for S. W. Straus & Co. under the Martin Act,
and as such he could grant an order on his appointees to open the books
of the mortgage bond company revealing the names and addresses of those
who hold a 22,800,000 interest in the structure.
Mr. Lanzit was of the opinion that the action and the response of the
Court offered suggestions that might help in similar situations and preclude
the need for bondholders' committees, which he considers costly procedure.
He also believes the case might lead to legislation which would break the
legal restriction on information regarding the bond ownership of a building.
Originally there was a bond issue of $3,200,000 on the building. This has
been reduced $400,000. The bonds call for an interest payment of5 %
At the time of issue there were no vacancies and business was booming.
Most of the original leases expired in 1931 and renewals and new leases had
to be made at rentals under those of 1927, when the building was erected.
-Halves Common Dividenit.N. Outlet Co.
The directors on April 1 declared a quarterly dividend of 50 cents per
share on the common stock, no par value, payable May 1 to holders):
record April 20. This compares with $1 per share paid each quarter from
May 2 1927 to and incl. Feb. 1 1933.
1930.
1931.
1932.
Years Ended Jan.311933.
32.260.285 32.906.018 $33.299,607 33,554,651
Total gross profit
2.357.737
2.463.909
2.175,397
Oper.exp.less other inc_ 1,923,424
Special contrib. to corn.
26,887
chests Sr unemp.rec133.000
107,000
99,000
62.900
Provs.for Fed.taxes(est.)
Net profit
Previous balance
Sundry adjustments
3273.960
1,909,086
3604,734
1.922.659
$728,698 $1.063,914
1.263.579
1,753.466
Dr4,266
2.610
Total surplus
32.183.046 32.527,393 32.484,774 32.323,227
145,010
117,304
Divs. on let pref. stock138,864
77.389
23,250
24.750
21.750
Divs.on 2d pref.stock._
20,250
400,000
Divs, on common
400,000
400.000
398,180
Prem. paid on pref. stk.
73,777
33,830
purchased
Prem, paid on corn. stk.
8,422
purchased
5.476
2.567
Miscall.surplus charges.
31.642,408 31,909,086 31,922.659 31.753.466
Earnedsurplus
Shares of common out100.000
100,000
100.000
99,440
standing (no par).--$5.67
38.94
$4.66
$1.76
Earns, per sh. on corn..
Balance Sheet Jan. 31.
1932.
1933.
1932.
1933.
LtablittfesAssets7% lat pref.stock - 1,002.800 1,342,500
yLand, bldgs.. fix350,000
,405,274 3,481,301 6% 2d pref. stock.. 325,000
3
tures. ,kc
507,824 xCommon dock__ 1,889.360 1,900.000
370,147
Cash
99,203
187,038
Accts. receivable
1.380,368 1,718,064 Accounts payable_
47,001
58,733
969,846 1,184,855 Accrued accounts.
Inventories
62.900
99.000
13,580 Reserve for taxes_
8,122
Marketable secure
21,496
20,390
23,992 Insurance reserve_
19,500
Other assets
5,267
6,640
45,794 Deferred income__
44,199
Deferred charges-Capital surplus,... 1,102,021 1,102,021
Earned surplus._ 1,642,408 1.909.086
Total
6,197.456 8,975,409
Total
6.197,456 6,975,409
x Represented by 99,440 no par shares in 1932 and 100.000 in 1931.
-V. 134, p. 3109.
y After depreciation and amortization.
Pacific Coast Co.(& Subs.).-Earnings.
1929.
1931.
1930.
1932.
Calendar YearsGross earnings
32.435.783 $3,040.770 $44,350,104 $5,003,400
4,460.010
3.749,300
2,691.988
Operating expenses, Sze_ 2,037,956
166,616
165,700
156,610
Taxes
134,008
Net earnings
Other income
$253,819
11,679
$192,171
6,050
$434,188
7,353
3377,690
4.472
Total net income
Interest on bonds
x Accrued int. & disc_ _ _
General interest(net)_ _ _
Res,for deprec.& deplet.
$275,498
200,000
16.097
1,173
228,719
3198,221
200.000
15.236
14.811
284,601
$441,541
200,000
14,547
14,027
296,241
$382.163
200,000
15,536
11,228
Net losA
$170,491
$316,428
383.274 Pf$155.398
x Accrued interest and discount on Carbonado Mine purchase.
Consolidated Balance Sheet Dec.31.
1932.
1931.
1932.
1931.
Asseit$
Liabilitiesi
$
Property account_15,373,049 15,580.179 1st pref. stock......_ 1,525,000 1,525.000
Investments
1,012,739 1,015,910 2d pref. stock__ 4.000,000 4,000.000
Market. securities 148,958
165.109 Common stock--- 7,000,000 7.000,000
Cash
387,979
215,137 Funded debt
4,000,000 4,000,000
Contracts dr mtges.
Notes payable
28,688
30,000
recelveable
194,513 Accounts payable- 198,761
195,708
300.548
Accr. Int. on Inv
1,350
604 MinAnt.in sub.cos.
8.773
Accounts and notes
Other current liab. 157.909
157,794
receivable, &c
449,788
549,128
634,229 Deferred liabilities 501,950
Coal & lumber Inv. 388,576
966,322
686,493
558,440 Surplus
Supplies
118,369
134,990
Other assets
23,599
37,142
Total
18.100,114 18,536,254
Total
18,100,114 18,536,254
Financial Chronicli
2440
Proposed Change in Par Value.
-
The stockholders will vote April 12 on approving a proposal to change the
par value of the 1st pref. stock and the 2d pref. stock from $100 per share
to no par value and the common stock from $100 per share to $10 per share.
-V. 136, p. 2256.
Pacific Eastern Corp.-Proposed New Name.
See Goldman Sachs Trading Corp. above.
Packard Motor Car Co.
-Annual Report.
Alvan Macauley, President, states in part:
Operations for the year 1932 showed a net loss of $6,824,312 after depreciation, taxes and all charges. Our loss included depreciation on factory properties of $2.076,632, which was determined on the same basis as
in previous years. The operation of our branches and subsidiary companies
resulted in a loss of $834,186 compared with a loss of $532,404 for the previous year.
Since the close of the year the so-called bank holiday has occurred throughout the nation. As our statement had not then been made public, we felt
it would be wisely conservative to revise it to include ample provision for
any losses that may occur due to trouble in any of the banks having a portion of our accounts. Se we made an added charge against earnings of
31.000,000 and increased our reserve for general purpcses by that amount.
At the end of the year this reserve totaled $2,250,000 as compared with
$1,250,000 at the close of the previous year.
We have deposits with banks and trust companies throughout the United
States. All of these institutions were reopened by Government authority
after the national banking holiday except five, and in these we have on
deposit $1,292,202. We feel confident that a major portion of this amount
will become available to us and that the addition of $1,000,000 to our reserve is more than ample to provide for possible shrinkage in these deposits.
It is reassuring to know that company continues in a strong financial
position regardless of the recent banking situation. Aside from our bank
:
.
deposits, we had on Dec. 31 1932 $9,171.875 of U. S Government bonds
and $875,597 of municipal. State and Canadian bonds, all adjusted to
the lower of cost or market. Total cash and marketable securities at the
close of 1932 were 313,387,612, as compared with 313,994,486 at the end
of 1931.
Our cash and securities at the end of the year were only $606,874 less
than they were a year ago at Dec. 311931.
We have no preferred stock, bonded indebtedness or any other capital
obligation ahead of our common stock. We have no bank loans.
At a meeting of stockholders of the company held June 19 1929, the
transfer of 320,000,000 from our surplus, as it was then, to our capital
account was approved. At their annual meeting April 18 1932 the stockholders approved a reduction in the capital account of the company in
the amount of $10,000,000 and the increase of the surplus in like amount.
The effect of this was to return 310,000,000 to surplus from which it was
transferred in 1929. These changes in capital structure did not affect the
total value of the company's assets or the book value per share.
As of Dec. 31 1932 surplus totaled $8.398,251 and capital and surplus
together amounted to $48.398,251, the corresponding book value being
$3.23 per share.
We had 112,052 stockholders at Dec. 31 1932 as compared with 104.756
at the end of 1931.
Consolidated Income Account for Stated Periods.
'
Calendar Years
Years End.
1931.
1930. Aug. 31 '29.
Period1932.
Sales-Carriages,trucks,
6 parts, marine and avi315.515,695 329,987.160 $57,690,0214.107,542.163
ation engines
16.757,787 27.090,476 42,134,783 76,970,833
Cost of sales
2.454,345
Depreciation
2.076,632
3,002,673
3,123.335
1 Gross profit
1
Other income
def$3,318,723
539,600
$442,339 312,552.565 327.447,995
925,166
984,763
1,744,957
def$2,779,123 $1,367,505 313,537,328 329,192,952
Gross income
2,534,216 3,310,965
Sell., gen. & adm.exps__ 1,961,000
4,612,354
Federal taxes
1,215.610
2,884,605
650,000
Deprec. in value of sec
250,000
Res. for miscell. items
1.000,000
560,000
750,000
Res. for gen. purposes
Prof. fr. fac. oper__loss$5,990,125loss$2376711 $8,260,752 $21,695.993
Profit from opera'n of
loss834,187 loss532.405
branches & subs
773,467
3,487,263
loss$6,824,312loss$2909117 39,034,220 325,183,256
Net profit
5,222,563 14,877,333 15,584,419 30,428.943
Previous surplus
Amt. returned to surp x10,000,000
Total surplus
Transf. to capital acct
Common divs. (cash)_
Adjustments
$8,398,251 311.968,216 324,618,639 355,612,199
20,000,000
6,745,653
9,741,306 17,234,244
xer728,394
Profit & loss surplus- $8,398,251 $5,222,563 $14,877,332 $19,106,349
Shs.com.stk.out.(no par) 15,000,000 15,000,000 15,000,000 15.000,000
Nil
$0.60
Nil
$1.68
Earns.per sh.on com.stk.
x Transferred to capital account in conttection with adjustment of income tax of items charged to poerations in prior years. y In accordance
with resolution of stockholders April 18 1932, from amount transferred
from surplus to capital stock in year 1929.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
AssetsaProperty account 31,318,711 33,441,951 b Capital stock_ __40,000,000 50,000,000
Accts. nay., &c___ 1,477,725 1,648,486
Rights, privileges,
1 MLscell. liabilities_ 547,988
807,828
1
franchites, &c__
666,861
mtges.&rd contr_ 857,000 1,038,607 Res.for mise.items 298,878
install. notes 895,284 1,860,207 Rester gen. pur__ 2,250,000 1,250,000
Def'd
8,398,251 5,222,563
5,762,734 7,874.087 Surplus
Inventories
790,559
Accts. & notes ree_ c403,893
Munie. secs., Ste__ 875,598 2,705,904
Govt. securities__ 9,171,875 7,875,750
3,340,139 3,412,832
Cash
595,840
347,608
Deferred charges
52,972,842 59,595,717
Total
52,972,842 59,595,717
Total
a After reserve for depreciation of $14,494,447 in 1932 and $14.199.076
no par shares. c Accounts reIn 1931. b Rspresented by 15,000 000
-V. 136, p. 1900.
maivable only.
-Reports Record Gains
Pan American Airways Corp.
for 1933.
Overcoming an operating deficit which has appeared on the company's
books since the Pan American Airways System was formed in 1928, the
International air transport system ended the year 1932 with its first earned
surplus of $188,328, it is revealed in the financial report to stockholders
signed by J. T. Trippe, President.
In addition to increased traffic and broad economies previously instituted by the system's management, Mr. Trippe points out in his statenient that the improved earnings reflected in a substantial measure the
action of a majority of the countries on the airlines toward reduction of
inequitable and archaic taxes in their interests of assisting further development of international air transport service and thereby removing these
serious handicaps to. mproved international air transport operation.
other gains, realized from reduced ton mile costa of operating new and
larger equipment, purchased the previous year, were applied to a reduction
of passenger and express tariffs and assisted materially in the substantial
Increase of traffic shown for the year.
The position of Pan American Airways as the international air transport
System of the United States, representing as it does a community of interests on the part of American aviation in the international field, the
route mileage of the system was increased by 6,000 miles to a total of
26,652 miles of organized airways in operation by the end of the year.
In March, Pan American Airways Corp., with the approval of the Cuban
Government, acquired Cia Nacional Cubans, S. A., the national air
transport system of Cuba.' By direct connections with the international
airlines at Havana, the Cuban company provided service for passengers
and express throughout the island, as well as a domestic air mail service
under contract with the Cuban Government. In July, Pan American
April 8 1933
acquired the ground facilities, aircraft and mail contracts of Pacific International Airways of Alaska, Inc., and Alaskan Airways, Inc., the assets
of which were consolidated and transferred to a new wholly-owned subsidiary of the Pan American Airways Corp., Pacific Alaska Airways,
Inc. An operating base was established at Fairbanks, radio and meteorological services installed and regularly scheduled service instituted between
important cities in the territory heretofore only accessible by dog teams or,
In summer, by slow river steamers.
Expansion of service provided by the international air transport system
was likewise effected during the year through the inauguration of important connecting services by two new operating companies in which the
Pan American Airways System is interested. In Colombia. passenger
and express service was opened in July between Medellin, Turbo and the
Panama Canal Zone by Uraba, Medellin & Central Airways, under exclusive franchise from the Colombian Government. Providing rapid
transport facilities between the rich Antioquia region and the seacoaat the
new line, together with the increasingly important services of the Scadta
Air Lines, link all important interior cities of Colombia with direct connections with the international airlines. In August,the Aerovias Centrales,
S. A. inaugurated a passenger and mail service from Mexico City, where
direct connections are made with the international route, north to El Paso,
Tex., via important cities in central Mexico and with a branch to the seaport cities on the Gulf of California. This company also carries mail
under contract with the Mexican Government. In December, the MiamiCentral America service of Pan American was re-routed by way of Merida,
to include the important capital of Yucatan on a direct service from Florida
and Cuba and providing a direct through service from Miami and Havana
to Mexico City.
Setting a new international travel record, the system reported a total
of 19,571,000 Passenger miles, as compared with 12,479,000 passenger
miles for 1931, a gain largely credited to the greater capacity and commodiousness of the new four-engined 44-passenger "Clipper Ships" in
service during the year and to the considerable increase registered in longhaul passenger traffic, especially between the United States, Brazil and
Argentina. Air express volume more than doubled during the year, to
register a total of 298,815 pounds for the 12 months.
On July 7 1932 the capital stock of the Pan American Corp. was changed
from no par to $10 par value, creating a capital surplus which amounted,
as of Dec. 31, to $8,034,219. To provide a fund to cover purchases of
equipment, cash and United States Government securities were segregated
and an amount of $1,576,570 was set aside, to which other sums will be
added from time to time until an amount equal to total equipment depredation reserves shall have been reached.
Consolidated Income Account for catendar1Yeas.
93 .s.
1932.
1931.
1929.
Inc. from operations, &c $8,387,113 $7,913,587 $5,609,938 $3,907,540
Oper.exps.,incl.salaries,
maint.,deprec. & taxes 7,688,587
7,808,135
5.915,210
4,325,557
Profit from operations
Int. & other income_ _
$698,527
$105,4521oss$305,272 loss$418,017
126,598
Net profit
Other chgs., md. amort.
of develop. expenses_
$698,527
$105,452 loss$305,272 loss$291,419
Net profit for year
Previous deficit
Net adjust, of deprec. &
development exps_
Other adjustments_ _ _
$698,527
535,884
$105,452 loss$305,272 loss$317,413
576,002
347.072
29,659
Dr25,684
Dr65,334
Cons.surp.from oper.
Adj. surp. of Compania
Mexicana de Aviacion,
S.A., at acquisition
25,994
Cr76,341
$188,327 def$535,884 def$576,002 def$347,072
59,235
59.235
59,235
$188,327 def$476,649 def$516,767 def$287,837
$1.36
$0.21
Nil
NU
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
$
479,496 Accounts payable_ 396,682
52,044
378,645
1,180,440 1,014,121 13al. of porch, price
of assets payable
143,360
333,298
from future prof.
of sub
1,576,571
34,638
881,743 Int. of minority
793,230
56,403 stockholders in
50,991
subsidiaries
131,018
120,341
170,000 Reserve for contin• 170,000
gent income_ _ 187,257
170,000
108,349 Reserve for depre147,423
elation
502,003
4,828,791 3,738,758
927,003
&Capital stock __ _b5 125,814a12,670,363
,
9.852,123 9,531,778 Capital surplus._ 8,034,219
Surplus
188,328 def476,649
43,394
Surplus, Dec. 31
Earnings per share
Assets
Cash
Accounts reedy _ _
Guarantee deposits
Ctrs. of depos.
U. S. Treas. Mrs
Materials & suppl.
Securities owned ._
Rec. from future
Prof. of oth. cos_
Prepaid & deferred
Charges
Inv. in assoc. cos_
Airports, bidgs.
equipment
Adv. on acct. of
addidonal equip
Good-will, organization, extens'n
At development.. 3,361,626 3,670,811
Total
18,924,748 16,801,459
Total
a Represented by 502,381 no par shares.
18,924,748 16,601,459
b $10 par value shares.
Foreign Expansion.
The corporation has purchased from Intercontinent Aviation, Inc., the
latter's minority interest in China Airways Federal, Inc., a majority of
which is controlled by the Chinese National Government. The Intercontinent Aviation company is 74.2% controlled by North American
Aviation, Inc. The Pan American company made the purchase through
the payment of stock.
By the transaction the Pan American concern becomes a partner with
the Chinese Government in the operation of the national air transport system1in that 18 untry. The step is regarded as Pan Americans first major
v
35, p co 6
. 3.
step to secure a foothold on the key air trade routes in the Far Asst.-
mount-Publix Corp.
-Stockholders' Plea to Dismiss
Bankruptcy Petition Denied.
A motion to dismiss the voluntary petition in bankruptcy filed by the
corporation and to have the notice of meeting of creditors canceled, was
denied Apr. 5, by Federal Judge William Bondy.
The motion, made by Louis Boehm, Attorney for a group of minority
stockholders, was based on affidavit filed by an attorney for the corporation
recently in an action for re.eivers in the state courts, in which it was asserted
tn at cess
i h exthe
0 0 000 capital
sodge uond y d 3120, rmed ip c thattal a d eur alus
w sjul vent and hawas 1nf 0 . A nr
h s stp te
corporationofliabilities.
ments in this affidavit have since been retracted and that an apology has
been extended to the judge In the state court for the attorney's action in
filing smh an erroneous affidavit. it was stated that the affidavit was
made on the basis of information which the attorney thought to be true.
The appointment of a trustee in bankruptcy for the corporation is to be
delayed until the Circuit Court of Appeals renders a decision on the petition
of a group of bondholders to have the equity receivership vacated and to
have an adjudication forced upon the,company's petition in involuntary
bankruptcy. The Circuit Court Apr. 3 heard argument on a show came
order signed last week by Judge Manton of the court requiring Judge William
Bondy of the Federal District Court to answer the bondholders petition.
The meeting of treditors scheduled for Apr. 3 at which the trustee was to
-V. 136 p 2257
have been appointed has been postponed.
-To Change Par Value:
& Tilford, Inc.
The stockholders will vote April 10 on approving a proposal to change the
par value of the capital stock from no par to $1 per share.
-V.136, p. 2257.
Pathe Exchange, Inc.-Control, &c.
A syndicate [omen by President Stuart W. Webb has acquired the
stockholdings in the corporation of Joseph I'. Kennedy, Elisha Walker and
Jeremiah Milbank and others. This gives the Webb administration complete
control of the corporation. The transactions concerned were in the 8%
preferred stock, the preference A ann the corporation's bonds.
Financial Chronicle
Volume 136
"This may be taken to indicate," said Mr. Webb."that Pathe Exchange,
Inc., is not necessarily, contrary to some opinion, in the process of liquidation."
Consolidated Income Account For Stated Periods
Years EndedDec.31 '32. Jan. 2 '32. Dec. 27 '30. Dec. 28 '29.
Gross sales and rentals__ $484,919 $4.459,985 $14,581,210 $18,166.877
Cost ofsales,rentals, &c.
565,224
4,327,742 15,601.371 al7.591,720
Operating income_
Other income
_ def$80,305
390.408
Total income
Bond int. & discount__
Depreciation_ _ _
Prov. for contingencies..
Loss on sale of cap.aaset
Special write-offs
Prov.for story rights,&c.
Prov. for loss on foreign
exchange
•
$310,100
209,489
34,346
27,079
149.023
5132,243df$1,020,162
223,070
526,986
$575,157
446,126
$659,230 def5797,092 $1,021,283
452,361
430,289
339,871
66,929
74.786
208,452
106,700
210,226
34,724
564,180
251.183
42,021
Net loss
$392,523 $2.007,771 pfS501,993
$109,834
a After deducting $2,542,128 transferred from special reserve in 1928
and $157,872 transferred from special reserve and $541,597 transferred
from surplus in 1929 to absorb excess costs of sales over normal costs.
[Editor's Note.
-In accordance with instructions from the New York
Stock Exchange, the company has broken down its surplus statement
to show capital surplus and earned surplus separately. As of Jan. 2 1932.
company showed a capital surplus balance of $2,390,897, this being a net
amount, having deducted an earned deficit existing on its books at that date
of $5,189,425. This latter figure, added to the deficit of $109,834 for the
year ended Dec. 31 1932, gives a total earned deficit Dec. 31 1932 of $5.299,259. The capital surplus account is given below.]
Statement of Capital Surplus as at Dec. 311932.
Balance ofcapitalsurplus arising from the appraisal of properties
$96.603
Capital surplus arising from the revaluation (in 1930) of the
investment in Du Pont Film Manufacturing Corp. common
stock ______________________
3.532,647
Capital surplus arising ______
iltTiclass A-Preicirencestock
and common stock at El. per share (1928) and the proceeds of
sales of common stock in excess of $1 per share (1929)
Surplus acquired through the acquisition of the balance of the 3.892,139
outstanding stock of an affiliated company
58,932
Capital surplus Jan. 2 1932
Depre lotion for the 52 weeks ended Dec. 31 1932 applicable to $7,580,321
appraisal increment of properties
3,758
Capital surplus Dec. 31 1932
$7.576.563
Comparative Cons9lid3ted Balance Sheet.
Dec. 31 '32. Jan.2'32.
Dec. 31 '32. Jan.2' 32.
Assets$
8
Liab
Liabilities5
S
Cash
429,287
584,818 Preferred stock___ 804,300
804,300
Notes receivable_
1,567 b Class A stock _ _ 242,823
.
242,823
Accts. receivable
43,067
282,254 c Common stock__ 948.581
948,581
Market see. mat.
Owing to outside
1933
124,487
producers
22,173
45,129
Inventories
11,594
86,924 Notes payable...1,250
Notes rec. from
Unel. diva. pay_ _ _
206
Rad.-K.-Orph... 1,696,550
a Plant equip.,.ke. 132,553 1.905,279 Accts. payable and
174,732 accrued expenses
51,628
135,568
Inv. In assoc. Co.- 4,000,000 4,023,716 Res. for
conting__ 162,608
210,068
Story rights and
Customers dep_
5,055
39,171
scenario i
75,000
172,344 Accrued bond Int_
26,244
33,969
Marketable secure. 151,000
150.087 10-year 7% bonds_ 2,249,500 2,729,000
Deferred Charges
126,679
199,238 Capital surplus_ 7,576,563 7,580,321
Earned deficit _ _ __ 5,299,259 5,189,425
Total
6,790,218 $7,580,963
Total
6,790,218 57.580,963
a After reserves for depreciation and amortization. b
by 242,823 no par class A preferred shares. c Represented Represented
by 948.581•
no par shares.
-V. 136, P. 1032.
Pennsylvania Co.for Insurances on Lives & Granting
Annuities.
-Comparative Balance Sheet.- •
i
2441
Punta Alegre Sugar Corp.
-Notes Called.
There have been drawn for redemption on April 15 1933, at the principal
amount thereof plus interest accrued thereon from March 1 1933 to April
15 1933, $78,300 principal amount of 3
-year 6% collateral trust notes
dated Sept. 1 1932. Upon presentation and surrender of any one of the
notes numbered below at the Chase National Bank of the City of New
York, payment will be made to the bearer thereof of the amount payable
thereon, and there vrill be delivered to such bearer a new note or notes for
the principal amount of such surrendered note remaining unredeemed and
unpaid.
After April 15 1933 interest on such portion of the notes called for redemption as aforesaid will cease and no interest will be paid on such portion of
said notes so redeemed and paid after said date.
Note No.6. Note No.22. Note No.24.
Portion of prin. amt.drawn for redem.
$100
$62,800
$15,400
-V. 135, p. 643.
Realty Associates Securities Corp.
-Guarantee of Bonds
to Be Continued.
See New York Investors, Inc above.
-V.136, p. 507.
-Earnings.
Reliable Stores Corp.(& Subs.).
Calendar Years1932.
Sales
$6.877,211
Cost of sales, open. exp., loss on repossessions St
prov. for bad & doubtful instalment accounts
receivable
7,987,451
Loss
$1,110,240
Excess of par value over cost of 6% sinking fund
gold notes purchased
110,752
Claim for ref. of prior years personal property taxes
52.944
Miscellaneous income
67.536
1931.
$9.711.822
9.719.210
$7.388
91,440
37.593
Balance
loss$879,009prof$121.646
Interest on 10-year 6% sinking fund gold notes_ ___
132,518
157.914
Amortization of dIsct. & exp. on 10-yr.6% sinking
fund gold notes
41',870
34.173
Interest on other notes payable
4.79'24,455
Loss for the year
Previous earned surplus
$1,050,155
783.215
$82,937
980.717
Totalsurplus
def5266.940
7% cumulative 1st pref. dividends
41.590
75' cumulative class A pref. diva. (paid to June 30
1931-divs.of 335% are in arrears)
Ain't written off prop. accts.. of Levy Realty Corp_
80,000
$897,780
83.179
31.385
Earned deficit at Dec.31 1931
$388.530 surS783,215
Consolidated Balance Sheet Dec. 31.
1932.
Assets1931.
$6.384,794 $8,295.569
xInstalment accounts receivable
1,160,703
922.983
Merchandise inventories
26.704
24.495
Miscellaneous accounts receivable
14,142
28.370
Cash surrender value of life insurance policies
250.727
304,936
U.S. Government & municipal bonds
55.061
Amount receivable from City of Detroit
185,000
Short-term loan at 4%
256,297
547,052
Cash
148,483
114.634
Capital stock of Levy Realty Corp
132,807
90,158
Furniture,fixtures & delivery equipment
172,015
157,247
Leaseholds & leasehold improvements
Unamortized discount & expense on 10-Yr. 6%
sinking fund gold notes, prepaid insurance, rent,
238.724
taxes,&c
161,732
Good-will & trade names
1
1
Profit & loss deficit
388.530
Total
$9,182,205 $10.878.962
Liabilities
Accounts payable & accrued liabilities
$507,586
$246,855
Purchase money obligations
54.375
Int. accrued on 10-yr.6% sink,fund gold notes_ _ _ _
35,805
28,740
Div. payable Jan.2 1932 on first pref. stock
20,795
Prov. for Fed,income tax payable during 1932--- 50.000
12,500
10-yr.6% sinking fund gold notes
2,387.000
1,916.000
Reserve for contingencies
522,501
460.425
7% cumulative first preferred stock
1.188.281
1,188,281
896,714
896.714
75' cumulative class A preferred stock
yCommon stock
4,432,689
4,432.689
Earned surplus
783.215
AssetsCash & amt. on deposit with Fed. Res. Bank--Mar. 31 '33. Dec. 31 '32.
$42,666,218 $54,422,004
U.S. Government securities
25,497,496
43,284,134
Loans upon collateral
82,833,838
83.621,910
Investment securities
34,073,303
32,521,596
Commercial paper
14,516,918
Reserve fund for protection of "cash balances 13,609,337
in trust accounts"
7,026,696
6,681,912
Total
$9.182,205 $10,878.962
Miscellaneous assets
2.678.843
2,645,065
x After reserve for bad and doubtful accounts of $1,164,304 in 1932 and
Interest accrued'
1.568,644
1,566,395
$1,196,890 in 1931. y Represented by 354.670 no par shares.
-V. 135.
Bank building, vaults and equipment
4,016,083
4,022,320
p 2349.
Customers' lbility account letters of credit
issued and accepted, executed
249,034
253,838...Reserve Resources Corp.-Reduces Dividend.
The directors have declared a quarterly dividend of 75 cents per share
Total
$214,219,493 $243,536,094
on the pref. stock, par $100. payable April 15 to holders of record April 10.
A distribution of S1 per share was made in each of the four preceding quarCapital
$8,400.000 $8,400,000
ters.
-V. 134, p. 2739.
Surplus
17,000,000
17,000,000
Undivided profits
1,429.438
1,279.525
Reserve for dividends
Salt Creek Producers Association, Inc.
336,000
-New Treas630,000
Reserve for building, taxes and expenses
1,163,641
1.303,272
urer, ctc.Interest payable depositors
444,086
534,208
Miscellaneous liabilities
See Midwest Oil Co. above.
1.59,080
-V. 136, p. 1567.
134.578
Letters of credit & accept. exec. for customers__
249,034
253.839
Deposits
175.038,213 204,000.671
Reo Motor Car Co. (8c Subs.).-Earnings.
Reserve for contingencies
10,000,000
10,000,000
Calendar Years1930.
1931.
1932.
1929.
Total
Sales (net)
$17,043,957 $29.671,006 $48,011,458
$9,096,330
$214,219,493 $243,536,094
-V. 136, p. 2257.
Cost of sales
8,579,221 14,129.186 22.952,086 35,585,005
Sell., gen. & adm. exp.. 2,545,385
9.905,952
6,855.075
4.760,197
"
'.Plymouth Oil Co.-OmitsjDividend.
The
Uirectors have voted to omit the quarterly dividend ordinarily
payable about April 1 on the capital stock, par $5.
The company has issued the following state Bent:
"Quarterly dividend action has been postponed pending outcome of
negotiations for stabilization of the industry which is now being discussed
by the Federal government authorities and authorities of the various oilproducing States."
The last previous quarterly dividend was 25 cents per share which was
1 .444. i on D02. 30 1932 to stock of record Dec. 10.-V. 135, p. 3867.
4 p
ntic
rice Bros. & Co., Ltd.-Loan Authorized-Receivership, &c.
Gordon Scott, who was appointed guardian in the affairs of the company
was authorized Apr. 6 by Wilfred Edge, registrar of the bankruptcy court,
Quebec to secure a loan of $250.000 to carry on.
A hearing will be held in Quebec on Apr. 10 to decide whether the petition
of the Duke-Price Power Co. for a trustee in bankruptcy for Price Bros. &
Co. will be allowed.
Gordon Scott. Montreal auditor, has been appointed as guardian.
The protective committee representing over 62% of the 1st mtge. bonds
of Price Bros.& Co.states:"It has for some time been apparent that it would
be necessary to put the company into bankruptcy or liquidation for the conservation of the property until such time as a plan for reorganization can
be form slate I, anti to [mint in dealing with the difficulties of the company
in the interim. Mr. Scott has the highest qualifications, and this committee welcomes his appointment as interim receiver."
The suit of Price Bros. & Co., asking $750,000 from the Newsprint Institute of Canada and 12 paper companies, has been dismissed by the
Quebec courts.
The company for the 10 months ended Dec. 31 1932. reports a loss
of $57,910 after all expenses and reserves, including $108,000 on account of
newsprint deliveries in Great Britain, but before interest, depreciation and
depletion. In the 10-month period, interest on bonds, exclusive of premium
on United States funds, bank loans and miscellaneous items amounted to
$818,435, leaving total loss of $876,345, before depreciation and depletion.
-V. 136, p. 1567.
Operating loss
Other income
Interest received (net)
$2,028,277 $1,845,425
95,718
55,797
299.903
212,457
5136,155surS2520.500
178.200
262.060
480.204
468,431
Total income
loss51,760,022loss51499.804
Depreciation
912.085
901.706
Prov. for Fed. taxes_
Res. for contingencies_
Tool amortization
387,349
217.209
$510,477 $3,262.764
1.642.382
2.224.625
196.857
275,000
350.000
Net loss
$2.878.9381oss527492381oss51989148 $1,073,524
Previous earned surplus_ 3,304,882
6,823,191 10,361,223 11.295,661
Sundry credits
370
40.810
118.318
Taxable refunds
3,081
10,344
276,800
Total
Dividends paid
Sundry adjustments_ _ _ _
Addit. Fed. taxes paid _ _
Inc. taxes foreign corp
$426.314 $4,077,035 $8,423,229 $12,764,303
772,153
1,600,000
2,400,000
8
3.080
38
1.835
1.813
Total earned surplus_ $422,656 $3,304,882 $6,823.191 $10,361.223
Earned per share on cap.
stock (par $10)
Nil
Nil
Nil
$0.53
Capital Surplus Dec. 31 1932.
Balance,Jan. 1 1932
$558.690
Increase through acquisition of Treasury stock
85,166
Surplus created by reducing the par value of the common stock
from $10 to $5 per pare, approved by stockholders Dec. 27
1932
9,000,000
Total
$9,653,857
Revaluation of assets together with write-off and provision for
other charges, in accordance with resolution and approval
by stockholders Dec. 27 1932
4,792,216
Balance, Dec. 31 1932
$4,861.639
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
8
S
LiabilitiesAssets
768,239
Accounts payable. 547,738
hand &
Cash on
212,202
4,700,002 3,865,415 Accrued payroll__ 100,026
In banks
24,178
35,817
Taxes
Drafts outstand'g,
70,581 Res. for conting„
33,460
sight & foreign.
commit.& miss_ 839,843
Net receivables_ .._ 525,628 1,004,404
206,579
165,765
Miscell. payable
Claims upon closed
182,650
Divs. decl. on corn
826,387
banks
13,236
14.198
Marketable scour_ 1,271,697 2,293,569 Deferred credits__
9,000,000 18,105,130
5,200,344 Capital stock
3,453,568
Inventories
422,657 3,304,882
Earned surplus
Land contr.& mlsc
508,690
153,966 1.017,651 Capital surplus- 4,861,840
accounts
'Total fixed assets 4,645,705 9,662,961
275,182
177,269
Deferred charges
15,787,683 23,390,086
Total
15,787,682 23,390,086
Total
x After depreciation of 54,755,813 in 1932 and $8,371,373 in 1931.-V.
135. p. 4569.
-Sales.Safeway Stores, Inc.
-4 Weeks Ended- -12 Weeks EndedMar.25 '33. Mar.26 '32 Mar.25 '33. Mar.26 '32.
Period$15,885,573 $18,575.087 $46,257,286 $55,265,901
Sales
Stores in operation now total 3,316 compared with 3,527 last year.
V. 136, p. 2258.
--........
-Defers Dividend.
San Diego Ice & Cold Storage Co.
The directors recently voted to defer the quarterly dividend due April 1
on the $1.75 cum. panic. class A stock, no par value. A distribution of
30 cents per share was made in each of the three preceding quarters, prior
to which regular quarterly dividends of 43% cents per share were paid.
V. 135, p. 146.
....'%••••. Sauquoit Silk Mfg. Co. of Phila.-Decreases Capital.
The stockholders on March 29 voted to decrease the authorized capital
,..,. ,stock from 60,000 shares, represented by a stated capital of $4.250,000
to 30,000 shares, represented by a stated capital of 82.500,000.-V. 136.
p. 1035.
-Successor Individual Trustee.
Schulco Co. Inc.
,
Effective April 15, B. W. Read, Assistant Vice-President of Central
Hanover Bank & Trust Co. has been appointed as successor individual
-V. 136. p. 2085.
trustee to succeed Frederic J. Fuller, resigned.
-Proposed Change in Par.
"•--Schulte Retail Stores Corp.
--The stockholders will vote April 17 on approving a proposal to change
-V. 136,
the gt value of the common stock from no par to $1 per share.
2Scrti.
.Scruggs-Vandervoort-Barney Dry Goods Co., St.
-Plan Operative.
Louis.
it
represented
With a total of 88% of the outstanding 7% notes was formally by those
declared
assenting to or depositing under the extension plan, itof the indenture. The
accordance with provisions
operative on March 30.in
interest 1, a the old
new issue matures in 1943 and bears the same rate of company's current
notes. The redult of the plan has been to enhance the
treasury position and also eliminate the necessity of having to retire from
$225.000 to $250,000 of notes during each of the next six years. See also
V. 136, p. 1390, 1734.
-Sales.
Sears, Roebuck & Co.
eks-1932.
-1932. 1933-8
Period End. Mar. 26- 1933-4 Weeks
We
$14,215,630 $18,999,087 $30,042,477 $38,646,726
Sales
-V. 136. p. 2259.
-Earnings.
Second National Investors Corp.
For income statement for three months ended March 31 see "Earnings De-V. 136, p. 339.
partment" on a preceding page.
Security Investment Trust, Inc.-Reduces Dividend.
A semi-annual dividend of $1 per share was recently declared on the 69'
cum. panic. pref. stock, par $100, payable Apr. 1 to holders of record
March 20. This compares with semi-annual.distributions of $1 per share
made during 1932. Previously, the stock was on a regular 6% annual
-V. 134, p. 2545.
dividend basis.
Security Life ins. Co. of America.-Assets Impaired.
John A. Masson, receiver for the company, a Virginia corporation,
April 3 submitted a report in U. S. District Court at Chicago showing imeser
ent of assets of approximately 85.000,000 in reserves of the concern.
ess of the insurance company has been taken over by the Central Life
-V. 135, P. 1673.
Insurance Co., which has reinsured po cy holders.
s
----..,
rulit
c uires AssetsJo! Shubert
Select Theatres Corp.
Theatres Corp See latter company.
....Shamrock Oil & Gasoline Co.,St. Louis.-Receivership.
Henry Schroeder.was appointed receiver for the company March 25 by
Circuit Judge Hamilton at St. Louis. and ordered to continue operation of
I
NewT
the concern until further order of co .
----",.. Shubert Theatres Corp.
ssets Sold-Plan Abandoned)
ork corporation, which was
e
The Select Theatres Corp., a
only bidder for the assets of the Shubert Theatres Corp., which were
offered for sale at public auction by Special Master E. B. Barnes in the
new County Court House April 7, obtained the assets at their bid of 8400,000. Lee Shubert, receiver of Shubert Theatres Corp., is President of
Select Theatres Corp., which was organized a few days ago, William P.
Klein is Vice-Pros. & Treas. and M. It. Weinberger is Secretary.
Special Master Barnes said he will report the proceedings to the Federal
.
Court on April 12
Failing to receive sufficent deposits to carry out the plan, the reorganization committee announced April 6 that the reorganization plan has been
abandoned. Certificates of deposit are being received before the original
-V. 136, p. 2085.
securities by the depositary, Empire Trust Co.
-Smaller Preferred Dividend.
's
---. Silverwood's Dairies, Ltd.
f
A dividend,$1 per share was recently declared on the 7% cum. pref.
stock, par $100, payable April 3. Previously, the company paid quarterly
-V. 135, p. 4229.
dividends of $1.75 per share on this issue.
-Earnings.
(Franklin) Simon & Co., Inc.(& Subs.).
The income account for the year ended Jan. 31 1933 was given In V. 136.
p.2259.
Consolidated Surplus Account for Year Ended Jan. 311933.
$2,363,864
Earned Surplus Feb. 1 1932
Appropriated surplus for retirement of preferred stock transferred
120,000
surplus
to
150.000
Transfer from reserve for inventory adjustment
Total
Loss for year ended Jan. 31 1933
Reserve for had debts
-7%,payable quarterly
Dividends on preferred stock
Miscellaneous adjustments
82,633.864
1,407,152
50,000
161,054
15,023
$1,000,635
Balance. Jan. 31 1933
$2,692,304
Capital surplus Feb. 1 1932
Surplus created by change in common stock from no par value
he
sar to par value 2.605.470
11
por
common stock f stated al ofof $10 grre
value $
common stock of the
54,233
epreferred stock
a
Discount on repurchase of 9,806 shares of
$5,352,007
Total
Difference between declared value and amount paid for 12,870
1.287.000
stock. June 14 1929
shares ofcommon
$4,065,007
surplus as at Jan. 31 1933
Capital
5,065,641
Total surplus as at Jan. 31 1933
April 8 1933
Financial Chronicle
2442
AssetsyAldgs.,impt.,
&c.Cash
U. S. Govt. secur.
Prepay, for mdse_
Cash val. ins. Pol.
Acc'ts receivable
Inventories
Sundry loans and
accts. receivable
Good-will
Investments
Deferred charges
Consolidated Balance Sheet Jan. 31.
1933.
1932.
1933.
$
Map:Inks-$
$
3,522,802 Preferred stock._ 2,299,400
3,376.210
254,673 Common stock.-- z137,130
789,381
1,300,000
508,110 1,589,414 Mortgages
2,021 Notes payable_
6,309
149,769 Due on construc'n
189,645
contracts
1,319,976 2,189,451
422,258 1,429,755 N. Y. State fran110,365
chise tax
Accounts payable. 178.373
23,116
57.290
.500.000 2,500,000 Accr. wages, &c....
2
1,711 2,487,282 Earned surplus..__ 1,000,635
96,094 Capital surplus... 4,065,007
51,483
1932.
$
3,280,000
x3,000,000
1,300,000
275,000
304,100
108,436
681,242
76,313
2,363,864
2,692,304
9,148,200 14,201,261
Total
9,148,200 14,201,261
Total
X Represented by 150,000 no par shares. y After depreciation. z Represented by 137.130 $1 par shares.
Our usual comparative Income statement for the year ended Jan. 31
1932 was published in V. 136, p. 2259.
-Earnings.-Simmons Co.(& Subs.).
1929.
1930.
1931.
1932.
Calendar Years$18,817,864 $28,679,210 $42,795.611 $50,363,874
Net sales
sales,Incl.selling,
Cost of
admin.& adv. exps__ _ 17,491,020 24,153,288 36,233,134 38,501,026
$1,326,844 $4,525,921 $6,562,476 811.862.848
Balance
1,411,474
1,899.586
1,256.557
772,772
Int. & &c., deductions
1,719,476
2,192,715
1.970,753
Res. for depreciation_ 1,915,285
1,093,055
574.361
899.972
419,118
Maintenance of prop'ties
1,233,164
865,775
595,678
548.083
Reserve for taxes
1,710,106
932,999
1,719,707
510,100
Advertising
239,533
Foreign exch. shrinkage_
$2,838,513 81,043.959 81,015,279 x$4,695,572
Net loss
69.011
180,271
53,674
45,634
Pref. diva. of subs
3,300.000
2.019,000
Common diva. (cash)_
$2.884,147 $1,097,633 $3,214,550sur$1,326561
Balance, deficit
Shares of common stock
1.115.737
1,133,236
1,133.236
outstanding (no par)- 1,133,236
Nil
Nil
$4.14
Nil
Earned per share
x Profit.
Consolidated Capital Surplus Account Year Ended Dec. 311932.
$953.444
Balance, Dec.31 1931:From appreciation offixed assets
320,952
Excess of book values ofsubs,over costs of stock acquired_ _
Total
Allowance for 1932 depreciation thereon
$1,274,396
64,649
Balance
Reduction of stated value ofcapital stock to $5 per share
$1,209,747
20,080,605
$21,290,352
Total
Deduct:
Amount transferred to earned surplus representing earned
surplus previously capitalized through the issuance of stock
5,185,455
dividends representing split-ups
Reduction in depreciated book values of fixed assets to cost to
parent or subsidiary companies (incl. $1,209,747 bal. above). _ 4,923.292
Realization of part of above-mentioned appreciation of fixed
assets through depreciation previously charged to earned ssrp. 1,558.375
1.125,134
Write-down of good-will to $1
Amount transferred to reserve for contingent revaluation of
1,500,000
fixed assets
86.998.097
Balance, Dec 31 1932
-The above deductions relating to fixed assets are subject to unNote.
important adjustments upon completion of detailed review of plant ledgers.
ConTolidated Elrned Surplus Account Year Ended Dec. 311932.
$465,065
Balance, Dec. 31 1931
Portion of reduction of stated capital representing earned
surplus previously capitalized through the issuance of stock
5,185,455
dividends representing split-ups
Realization of appreciation of fixed assets through depreciation
1,558,375
previously charged to earned surplus
105,246
Refunds of Federal and State income taxes for prior years
51,225
Excess of par values over costs of subsidiaries' stocks purchased_
--- $7 365 386
Total------------------Allowance ----- ------------- ------- on miscellaneous notes
200.000
accounts receivable and investments
2,884,147
Net loss for the year ended Dec.31 1932
$4,281,218
Balance, Dec. 31 1932
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
$
Assets4,935,509 4,888,728 Serial notes 4, bds.
Cash
695,389
of subsidiaries_ 551,806
allotes rec., trade_12.317,313} 362,131
233,402
2,742,027 Accts. pay., trade- 177,578
aAccts. rec„ trade
3,587,337 4,721,129 Accr'd Int., wages.
Inventories
taxes, Arc
721,281 1,028,277
Prepaid ins., int.,
194,779 Res. for deprec. of
148,387
taxes,&c
201,379 fixed assets
20,277,649
Value of insurance
Res. for coming.
Miso.accts. de notes
reval, of fixed
267,578 6781,098
rec. dc I n veqs_
1,500,000
18,810,137 45.922.110 assets
Fixed assets
534.304 Res. for self-insur.
534,155
Deferred charges
188,774
& contingencies. d79,071
Patents & trade288,075 Fund, debt of subs 2,975,599 3,918.979
mks.,less amort. 128,212
Gold dabs. of SimGood-will acquired
6,754,000 8,592,000
mons Co
through porch of
1 1,078,635 Pref. stocks of subs 1,003,800 1,085,700
subsidiaries
Minority int. In
corn, stocks of
7,979
subsidiaries
5,666,180 25,748,785
cCapital stock
Capital surplus... 6,998.097 1,274,398
465,065
4.281,218
Earned
Total
30,708,630 61,492,39
Total
30,708,630 61,492,395
a After reserves of $338,710 in 1932 and $215,371 in 1931. b including
at Dec. 311931, $398.000 in stocks of affiliated companies. c Authorized
2,000.000 shares of no par value, 1,133,236 shares issued and outstanding.
d Reserve for self insurance only.
-V. 135, p. 3869.
-South Penn Oil Coe-Earnings.
Calendar YearsGross operating income
Other income
1931.
1932.
$10,181,795 $9,538,311
522,651
Total Income
Operating and general expense
Development expense
Taxes
Depreciation
Depletion
Other deductions
$10,704,446 $9,538,311
6,261,380
6,543,655
258,292
204,255
523,603
513,931
1.596,116
1,629,686
253.069
286,215
896.364
Net income
Dividends paid
$945,761
1.157,302
$330,428
1,186,025
$855,597
Deficit
$211.541
$0.25
Earns, per sh. on 1.200,000 ohs. cap. stk.(par $25)
$0.79
-Surplus Dec. 31 1931;
Consolidated Surplus Account Dec. 31 1932.
$14,029,923; total, $18,504,549. Capital
Capital, $4,474,625; earned,
surplus adjustment, year 1932 (debit), sale of Pen Mex Fuel Co. stock,
$4,474,625; balance, earned surplus, $14,029,923. Earned surplus adjustment, prior year (credit), $162.863; income, year 1932, $945,761; total.
$15,138.548,• dividends paid, year 1932, $1,157,302; surplus. Dec. 31
1932, $13,981,246.-V. 135. p. 4399.
P.
--Earnings.
Standard Oil Co. of Kentucky.
Calendar YearsNet profit
Federal taxes
1932.
$2,825,696
. 231,715
1929.
1930.
1931.
$3,332,183 $5.778,825 $7,362,736
709.745
525,643
11 Net income
Previous surplus
$2,593,981
10,773,487
$3,332,183 $5,253,182 $6.652,991
13,764,945 13,681,031 12,174,739
Total surplus
Cash dividends
Rate of dividends_
Retire. annuities Plan-
$13.367,468 $17.097,128 $18,934,213 $18,827,730
5,146,700
5,169,267
4,156,189
3,389_,078
(20%)
(20%)
(13%)
2,167,453
Profit & loss surplus-- $9,978,390 $10,773,487 $13,764,945 $13,681,030
Shares capital stock out2,577,124
2,588,735
standing (par $10)--- 2.606.983
2,606.984
. $2.58
$1.28
22.03
$1.00
Earnings per share
Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
$
Liabilities$
Assets
26,069,834 26,069,834
Capital stack
Plant improvem'ts
equiPment_35,411,510 35.978,033 Accounts payable_ 1,885,367 3,150,747
and
Merchandise
4,489,998 4,458,987 Res. for gas taxes_ 1,111,803
Accrued deprec'n_17,119,247 16,908,275
Cash. accts. rec.,
Insurance reserve_ 350,000
350,000
&c., and invest16,716,331 16.815,342 Federal tax reserve 231,715
ments
128,517
Surplus
9.978,390 10,773,487
prepaid charges
56,746,356 57,252,342
Total
-V. 136. p. 1902.
Total
Total
$8,687,457 $9,541,746
88,687,457 89,541,746
Total
x After reserve for depreciation of $1,514,809 in 1932 and $1,366,602
-V. 135, P. 313. .
in 1931. y Represented by 292,600 no par shares.
-Balance Sheet
Sun Indemnity Co. of New York.
Dec. 31 1932.Assets
Amortized value of bonds and
convention value of stocks_ _83,920,481
652,076
Cash
763,292
Prem.In course of collection._
56,729
Other admitted assets
Total
1929.
Calendar Years1932.
1931,
1930.
Gross sales of all products
including gasoline tax_258,714,734 $67,882,045 $70,018,667 $71,536,474
8,665,385
11,852,255 12.013,148
9,677,308
a Gasoline tax
Gross sales, less gasoline tax
$46,862,479 $55,868,897 $60,341,359 $62,871,089
purch. and manuf. cost
of sales (ext. of deprec.
on manufactur'g plant) 34,000,488 37,314,301 42,030,663 45,021,595
962,909
Deprec. on manuf. plant 1.313.250
1.253,753
1.382.896
Gross profit on sales of
all products
$11,548,741 $17,171,700 $17,056,943 $16,886,585
Marketing and other exp. 11,752,473 13,613,641 12,125,565 11,663,789
882,825
1,172,655
Deprec.on market. tacit. 1,642,058
1,873,023
df$1.845,790 $1,685,036
817,013
641,241
Balance Sheet Jan. 31.
1932.
1933.
Liabilities1932.
1933.
AS3[45-Cash
$1,090,677 8682,983 Curr. Invoices in
course of pay.
Mun. bonds.4 oth.
not yet due for;
673,611
market securs_ 461,890
$343,329 1400,599
discount
Due to customers_ 1,642.794 2,063,517
203,745
48,655 Empl. says. accts. 163,772
Sundry accts. rec.
1,740,221 1,821,853 Acct. exp. & amid.
Merchandise Inv
44,265
liabilities
45,841
Inv..4 other assets 2,571,656 2,881,683
7% cum. pref. stk_ 1,875,000 1,875,000
x Store turn, fix.,
eqpt. & trains_ 1,117,789 1,294,922 y Common stock- 6,259,515 7,018,136
1
1
Good-will
Def.chgs.to future
74,521
62,429
operations
56,746,356 57,252,342
Standard Oil Co. of Ohio.-Earnings.-
operating profit
-net
Other income
2443
Financial Chronicle
Volume 136
$3,758,723 $4,339,971
434,806
458,897
Total income
loss$1,204,548 $2,502,049 $4,217,620 $4,774,777
Minority int. in above
73,609
7,482
net profit
27,268
498,783
Federal income
485.812
115.608
b1,813
Net profit for year _ _loss$1,206,361 $2,359,173 $33,724,326 $4,202,385
previous earned surplus_ 16,715,390 16,838,111 16,250.064 13,938,611
1,813
Adjust. during year ___
26,211
6.058
6,447
Total surplus
$15,515,477 219,203,343 $20,000,600 $18,142,808
492,745
preferred dividends_ _ - _
607,367
600,000
608.306
1,400,000
Common dividends
1,400,378
1,503,242
1.867.600
Retirement premium on
7% preferred stock and
other adjustment_ _
1,154,742
Write-off sub. company
good-will
72,000
Issuance exp.of pref.and
common stocks
20,351
85,392,578
LiabilItiesReserve for unpaid cialms„--51,316,596
Reserve for unearned prems__ 1,624,403
224,591
Reserve for commissions
Reserve for taxes, expenses,&c 128,087
400,000
Contingency reserve
1,000,000
Capital paid up
698,901
Surplus over all liabilities
Total
85,392,578
.-Earnings.Superheater Co.(& Subs.)
1929.
1930.
1931.
1932.
Calendar Years$145,132 $2,802,308 $3.815,084
Profit from operations_loss$252,814
Int. & divs, from invest1.016.872
941,711
815,584
ments. bank bals.,&c_
606,383
Mac income, incl, gain
115.974
72.367
247,908
93.239
on sales of investments
5440,809 $1,20e,o25 $3,816,387 $4.947,930
Total income
170.022
152,014
105,346
68,240
Depreciation
539.544
448,366
83,980
47,325
Federal income tax
607,295
Loss on sale ofsecurities_
248.599
136.601
26.794
Cr.5,784
Applic,to minority int's_
$385.209 83.079.406 $3,989,764
2337,027
Net profit
964 405
970.705
884 799
879.849
Shs.of cap.stk.(no par)
23.19
$4.11
20.44
$0.38
Earnings per share
Consolidated Satancc Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities
Assets
Cash
802,410 1,007,624 Accts. payable and
195,912
319,947
accruals
Accts., trade ac221,200
109,983
568,502 Divs. payable_ _ _ _
cept.& notes rec. 440,673
104,995
40,486
Federal income tax
Royalties and int.
174,404 Res. for develop.,
166.627
accrued
2,323,144 2,250,000
°outing.,
582,655
463,469
Inventories
5,137,380 5,137.380
Investm. (at cost)11.826,126 11,918,286 °Capital stock_ _
Earned surplus.- 9,854,739 10,234,882
Inv. In stk. of affiliated cos
1,180,935 1,180.935 Sure, arising from
di!. bet. cost &
965,256
aReal est.& bldgs_ 950,549
cap. val. of stk.
bPatents & license
314,875
held In Can. MM. 341,175
90,000
rights
79,213
Minor. stkhldrs.'
Deferred charges de
int.in cap.& sur.
126,411
prepayments.-- 101.021
689.610
of Can.atCiliate. 708,818
Treasury stock (at
2,700,605 2,658,807
cost)
18,711,629 19,272,889
Total
Total
18,711,629 19,272,889
a After depreciation of $1,140,117 in 1932 and $1,076.771 in 1931.
b After amortization reserve c Represented by 985.205 no par shares.
Balance earned surp.$13,331,928 $16,715,391 $16,838.111 216,250,664V. 136, P. 1903.
Shares of common stock
-Sinking Fund Payments Waived.Corp.
560,000 ...... Superior Steel
outstanding (par $25)560,720
752,467
753,740
The following is taken from the annual report of the calendar year 1932:
Earnings per share
Nil36.62
$
inasmuch_ "Under the indenture securing the issue of 1st mtge.67 B. f. gold bonds,
5.5
a Gasoline tax does not indicate total number of gallons soldld
the company is required to deposit with the Union Trine 00. of P'ittaburgh,
as sales to licensed dealers are tax exempt as to the first sale,
trustee, 2150,000 on Oct. 15 of each year, to be used in the purchase and
Consolidated Balance Sheet, Dec. 31.
retirement of bonds In order to conserve the cash position the manage1931.
ment, with the approval of the trustee, asked the consent o the bond1932.
1932.
1931.
Assetsholders to waive the making of the sinking fund payment of $150,000 due
Liabilities
$
$
_18,843,500 18,811,675
to be paid to the trustee on Oct. 15 1932, and the making of the sinking
Plant
57,512,848 58,082,252 Common stock__
fund payment of $150,000 due to be made to the trustee on Oct. 15 1933.
Merchandise
5,820,680 8,393,683 5% pref. stock_ _12,000.000 12,000,000
152,475
on condition that the corporation would surrender to the trustee for can
Cash
4,723,207 2,976,109 Pref. divs. payable 150,000
.731
collation bonds in the principal amount of $150,000 previously acquired
Notes & accts. rec. 3,131,120 3,046,417 Mortgages payable 326,035
by the cor I ration upon the waiver's becoming operative. The holders
Accounts payable. 4,218,503 4,074,097
U. 8. Govt. bonds
46,680
and other occur. 1,210,970 1,343,248 Notes payable....
34.000
a $1,132,
par value of bond; (more than three-fourths of total out
Other investments 5,134,197 5,926,349 Mm.int. In subs.
186,376
standing) out of a total of $1,418,000 par value of boucle outstanding on
15,934
52,990
Prepaid rent,
Oct. 1 1932, consented to this waiver, and $150,000 par value of bonds was
Miscell. reserves18,941,792 17,143,655
taxes, &c
delivered by the corporation to the trustee for cancellation. This left
1,786,054 1,587,157 Depreciation
. 6.
v 13
standingatD 735.
Good-will of suboutstanding p. lec. 31 1932 $1,266,000 principal amount of bonds.' See
Reserve for an7,076,418 7,497,647
sidiaries
also
nuities. &c
30,000
168,000
1,812
115,608
Fed. Income taxes
10 East 40th Street Corp.-Hearing Delayed on BuckingProfit & loss surp_13,331,928 16,715,391
Capital surplus... 4,359,417 4,380,628
ham Committee's Plan for Reorganization.
Announcement was made April 4 that upon the appeal of the corporation
Total
79,349,076 81,523,215
79,349,076 81,523,215
Total
the Appellate Division has stayed the hearing on the reorganization plan
136. P. 1902.
for the property advanced by the Buckingham-Pope-Stern committee,
The stay was granted by
which had been originally scheduled for
-Initial Dividend.
- the court on condition that the appeal April 7. on April 13.
techer-Traung Lithograph Corp.
be argued
An initial quarterly dividend of $1.87 yi per share was recently declared
According to the Buckingham committee, this means that its plan of
on the 7;i% pref. stock, payable March 31 to holders of record March 27.
reorganization will not be passed upon by the Supreme Court until after
-v. 135. P. 4399.
the Appellate Division decides the appeal of the 10 East 40th Street Corp.
The committee expects that the decision of the higher court will be handed
Stewart
-Warner Corp.
-Balance Sheet Dec. 31.down about April 21, and in case the intervention of the Buckingham com1932.
mittee is approved by the higher court the hearing on its plan of reorgani1931.
1932.
1931,
-V. 136, p. 2086.
zation should go forward within a few days thereafter.
$
Assets$
Liabilities$
S
Colt 10 banks &
582,565
Accts. payable._ - 456,047
Third Canadian General Investment Trust, Ltd.
406,792 1,705,009 Commis., wages,
on hand
Resumes Dividend.
taxes, int.& royU.S. Govt.secs. &
326,845
365,199
bankers' accents 2,092,585 2,678,727
aides accrued__
A dividend of 10 cents per share was recently declared on the common
Patents & licenses,
111VS. in marketable
stock, par $5, payable April 1 to holders of record March 15. A quarterly
securities
351,572
purchase money
264,829
-V.136.
payment of Scents per share was made on Oct. 1 1931; none since.
170,000
205,000
obligations
a Notes & acota.rec 1,167,831 1,733,021
P. 340.
2,194,346 2,869,281 c Capital stock. 12,467,860 12,729,230
Inventories
-Earnings.
Third National Investors Corp.
Deferred charges._
187,418 Surplus--earned- 4,714,649 7,966,883
128.758
For income statement for three months ended March 31. see "Earnings
Is Land, build., machinery & equIp.11,793,617 12,410,591
Department" on a preceding page.
-V. 136, p. 1904.
•
Pats., trade marks,
Thompson Products, Inc.
-New Contract.
1
1
good-wilt, &c_ _
A contract has been closed with the Chrysler Corp. by Thompson
Products, Inc., to supply Thompson valves, seat inserts and retainer locks
18,135,401 21,848,877
18,135,401 21,848.877
Total
Total
for Plymouth. Dodge and some of the larger Chrysler models to Jan. 1
a After reserves of 2225,614 in 1932 and $278,088 in 1931. b After de1934. On basis of recent levels of production, it is estimated this business
predation of $7,889,795 in 1932 and $7,406,406 in 1931. c Represented
will run 2,500,000 valves. 3.000,000 retainer locks and 1,500,000 seat
by shares of $10 par value
inserts for the balance of 1933. a Cleveland (0.) dispatch states.
-V.
Our usual comparative income statement for the year ended Dec. 31
136 p 2259
1932 was published in V. 136, p. 1902.
1. ---.-Trustees System Service Corp.-Bankrupt --Earnings.
Stix, Baer & Fuller Co. (8c Subs.).
An audit of the corporation, disclosing liabilities amounting to ten times
1932.
1931.
Its assets, was filed April 1 with Federal Judge James H. Wilkerson at
1933.
Years Ended Jan 31Chicago. The report was submitted by Robert N. Golding, counsel for
sales
84,924,998 85.907,083
84,071.009
Gross profit on
Frank 0. Birney and Clyde L. Day, receivers.
Admin., buying, selling, publicity &
A condensed balance sheet of the concern lists liabilities of $18,629,000
occupancy expenses, incl, deprec.
5,303.854
and assets of $1,808,000. Trustees System Service was a holding com4,945,410
4,274,348
charges & interest
76,797
pany, controlling 29 small loan concerns in Chicago and in Eastern and
prov.for Federal & State income taxes
Southern cities.
With 21 of the 29 subsidiaries also in receivership, the auditors wrote
$20,411 Pf$526,431
$203,339
Net loss
Not
the investment of the parent concern in these companies down to zero.
131,2501
dividends
131,250
Preferred
On this basis, the receivers recommend that Trustees System Service be
291,285j Stated
36,326
Common dividends
adjudged bankrupt and its assets be liquidated for the benefit of creditors.
The total amount of stock outstanding is $14,052,000, and its present worth
$442,946
$370,915
Deficit
Is nothing, the audit shows. Direct creditors may fare a little better, the
Earns,per sir. on 292,600 shs.common
-V. 136, p. 1569.
$1.36
Nil
audit indicates.
Nil
(no par)
stock
2444
Financial Chronicle
'... -Tubize Chatillon Corp.
"
-Dividend Deferred.
The directors have taken no action on the quarterly dividend due April 1
on the 7% cum. pref. stock, par $100. The last regular quarterly payment
of 14% was made on this issue on Jan. 2 1933.-V. 136, p. 2260.
Ulen & Co.(& Subs.).
-Earnings.Calendar Years1932.
1931.
1930.
1929.
Totalearnings
a$1,773,943 42,073,563 $2,876,975 $2.697.555
Oper. expo. & 0th. chgs_
458,486
975,788
1,090,201
816,378
,Interest
528,569
557,847
520,717
416,846
Prov. for contingencies
75.000
Loss on securities sold
16,554
4,748
Amort.of dt. disc. & exp.
70,645
30,936
Loss on foreign each__ -49,791
29,660
Provision for anticipated
losses and expenses__ _
522,892
1,110,213
Loss on sale of stocks of
subsidiary companies_
244,874
166,275
Prov. for write-down of
Invest. in affil. cos.__
557,142
Losses on rec. & sales of
• miscellaneous assets
229,452
Contract & new bus exps.
700.184
Other charges
173.188
Provision for taxes
18,146
8,420
149,160
136,904
Net income for year _loss$922,611loss:51683696 $1,041,896 $1,327,426
Dien & Co.'s propor, of
net income
1oss887,023 1oss1595,331
1,040,530
1,327,426
8% pref. dividends
263,185
734% pref. dividends_ _ _
102,770
205,862
132,268
Common dividends
216,499
325,230
Net income for year,
after dividends_ _ _ _defS887,023def$1914,600
$509,438
$931,973
Surplus at begin. of yr
1,756,393
3,605,257
3,292,068
2,499,240
Credit adjust. prior years
59,918
8,285
Total surplus
Prem. on retire, of notes
and 8% pref. stock_ _
Adjust.of earns. ofsubs
Miscellaneous adinst'ts-
$929,288 $1,698,942 $3.801,506 $3,431,214
101,705
217,197
26.037
Surplus at end of year.. $929,288 $1,672,904 $3,584,309
$3,329,509
Earns, per sh. on common stock (no par)__..
Nil
Nil
$3.07 •
$3.43
a Includes extraordinary income credits of $478,922 in 1932 and
$96,881
In 1931.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets
Cash
323,924
427,705 Notes payable..._ 2,552,990 3,290,000
Notes & accts. rec.
56,152
564,083 Accounts payable_
36,630
264.944
Bds,red. dur. yr... 223,000
265,000 Repurch. agreem't
23,200
Accr.int.&fees rec- 411,773
622,302 Fed. & State taxes
33,826
1,3,025
Notes rec. stk.sub.
20,000 Interest accrued__
143,166
180,052
0th.notes & accts.
Reserve for unreal(not current)_
122,894
ized profits and
197,630
Real eat, developcontingencies_ ,- 206,800 1,029,683
ment project_
102,641 Minority intereat
Invest. In & adv.
in capital stock
to still. cos
493,805 1,536,187
and surplus of
Securities
11,628,865 12,602.912
subsidiaries ____ 107,901
262,009
Conv.6% skg.fund
Deferred credits.
67,939
gold debentures381,215 Cony.6% sink.Id.
Real estate mtges.
gold debentures 5,617,000 6,653,000
& notes reo
47,827
278,88.5 734% cum. pref.
Prop. & leasehold
stock
2,717,188 2,782,800
improvement_
134,166
247,033 aCommon stock
1,480,956 1,503,651
17namort. debt die.
Surplus
929,287 1,672,904
and expenses.... 318,642
389,287
Other def. charges
13,179
156,920
Patents
92,941
Good-will
1
1
Total
13,848,945 17,710,009
Total
13,848,945 17,710,009
b State taxes only. a Represented by 270,773 no par shares in
1932 and
271,522 in 1931.-V. 136, p. 1392.
- Union Central Life Insurance Co., Cincinnati, Ohio.
-Balance Sheet Dec. 31 1932.Assets
mortgage loans
. 8159,482,457
Real estate
37,970,964
Real estate soid on contract_ 12,456,953
-Policyholders accommodat'n 99,637,730
Other assets
11,281,201
Cash resources
8,911,792
Total
-V.136. p. 1569.
April 8 1933
1932.
1931,
1930.
Number of miles
12.353.640 11,114.679
8.051,305.
Pounds of mail
3,336.368
4.839.804
4.738,635Pounds ofexpress
172,326
59,756
76,871
Number of passengers
88,933
42,928
12,936
Shipments of United Aircraft Exports, Inc., for the year
1932 were in
excess of $2,000,000. Unfilled orders for export on
hand at the end of 1932
were approximately $676,000.
Consolidated Income Account for Calendar Years.
1932.
1931.
1930.
1929.
Oper. revenues and salesS24,229.071 827.752.659
Oper.exps.&cost ofsales_ 19,623.487 22,206,534 $29.989,836 $31,423,618
24.611,699 21,660,365
Depreciation
2,401,633
2.833.554
.
•
•
Operating Income..-. 82.203.950 $2.712.571 $3.132,678 $8.658,574
Interest
518,665
454,819
502,356
669.229
Profit on sale of invests_
162.418
11.148
897.261
Profit on sale of fixed
assets
22,368
Sundry income
93,672
150.150
299,594
215,804
Total income
$2.838.655 $3,479,958 $3,945.777 $10,440.868
Organization expenses_
88.659
Stock listing & transfer
agents' expenses
177.335Loss on sale of fixed
assets
44,490
119,228
Loss on investment
357.441
Spec. res, for coating--400.000
Sundry expenses
63,321
197.768
74,145
84,228
Federal income tax
368,993
338.473
1,0711,494
404.370
Min. int. in profits of
sub.companies
Cr38.764
Cr8,321
55.204
35,743
Net inc. avail.for diva. $1,687.663 $2.907,548 $3.302,207 $8,966,032
Earned sur. bal. Jan. 1... 6,182.128
6.010,124
1,428,949
9.516,960
Transf. to capital of the
remaining surplus bal
of sub. co. at date of
acquis. Oct. 31 1928- _
Dr211.352
Min. int. in surplus of
13.760
of subsidiary company
2.360
4.947
Total earned surplus__ 57,885.551 $8,917,672 $17It727.78
0 $10.188,577
Divs, on pref. stock_
580,005
720,000
661.250
720,000
Prof. divs. to min. int.,
sub. companies
10.367
Patent, patent rights &
other intang. written
off
1,091.402
Transf. to capital acct
5,000,000
Prem. in excess of book
value of stock of subs_
214,557
Reduct. in book value of
700,593
airports
Special write-downs.
372,609
Prov. for prop. loss, &c_
1.428.378
Earned surp. Dec. 31- $6,602.54 $6,182.128 $6,010,124 59,516,960
Earns. per sh. on average
$0.53
she. common stock-- $1.04
$5.42
$1.28
Paid-in Surplus Dec. 31 1932.
Balance. Jan. 1 1932
81,312.500
Excess of par value over purchase cost of60.000 she. of pref.stock
retired during the year
409,990
Total-------- ----------------------------------------722,490
p
Premium iraid on 30,000shares ofProf.stock-called Nov.2 1932- $1.,
and reted Dec. 31 1932
150,000
Balance, Dec. 31 1932
$1,572,490
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets
Liabilities
4,441,414 4,420,623 Accounts payable.. 672,065
Cash
761,951
Accr. wages,taxes,
U. S. ctLs. of in10,977,546 12,623,039
debtedness
eze
502,145
510,883
Prov.for Fed taxes 368,993
Other marketable
227,192
747,864 Adv.on contracts. 313,984
1,081.724
securities
151,228
Trade accts. rec._ 3,215,999 2,987,848 Mtges. pay., airport site
Sundry accts. rec.
15,000
136,656
261,616 Res. for contIng_
(accr. Int., &c.). 180,760
78,579
581,403
Merchandise inv.- 3,970,773 3,964,016 Min. int. stks. &
2,896,281 2,345,649
Invest. at cost..
surp. of sub. cos. 130.837
228,680
Preferred stock... 7,500,000 12,000,000
xLd.,bldgs mach.
•
tools, equip. &c.12,283,505 14,843,393 yCommon
20,938,5.37 20,938,407
325,413 Paid-in surplus
159.196
Deferred charges
1,572,490 1,312,500
Earned surplus... 6,602,954 6,182,128
39,207,199 42,519,461
Total
Total
39 207,199 42,519,481
x After depreciation of 86,611,493 in 1932 and
y Represented by 2.086.352 no par shares in 1932 and $5.481,015 in 1931.
2.084,317 In 1931./7. 136, P. 1905
.
LiabilitiesInsur. res. required by law-S288,200,333
Policyholders funds
28,323,728
Divs. to policyholders- - -7,033,258
Other liabilities
6,778,323
Contingency reserve
2,335,932
Res. account employment
benefit
521,263
Surplus from non-participating business
936,404 "-United Milk Products Co.
-Initial Dividend.
Surplus from participating
An initial quarterly dividend of 75 cents per share was recently declared
business
13,111,854
pref. stock. no par value, payable April 1 1
opr !: p
o the 11
Capital stock
to
2,500,000
March 30 Thi stock is entitled to cumulative dividends gin30.
idendshobelders
ning Jan. 1 1934.-V. 136, P. 1038.
8
8329,741,097
Total
8329,741,097
United American Bosch Corp.
-Surplus Account:,
The surplus account. Dec.31 1932,follows: Earned surplus Jan. 1 1932,
$747,121; deficit for 1932. $1.857,128; balance deficit. $1,110.807; capital
surplus Jan. 11932. $5,843,450; balance, $4,733,443; write-down of plant
values, $2,500,000; write-off of good-will, $624,999; write-off of Chicopee
Investment. 8300,000: capital surplus Dec. 31 1932, $1.308.444.
This corrects the statement appearing in our issue of March 25.D. 2086.
United Fruit Co.
-Earnings.
The company's cash balance, including government securities March 31
1933. was $25,200,000 as compared with $18,300,000 at end of first quarter
last year.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. p. 1905.
United Investment Shares, Inc.-Dividends:
-
United Post Offices Corp.-Depositary.-Irving Trust Co. has been appointed depositary under agreement dated
March 22 1933 for 1st mtge. 534% sinking fund gold bonds of the United
ns p , a hdd.uchabends,dheapvosinitgedthwe
Coraitaene s m y be
subsePmt t coupo
quen OtTices
quent
with the c1o9r3p3oraantde
department. 1 Wall St., N. Y. City.
-V. 124, p. 1876,
United States Electric Light & Power Shares, Inc.
(Md.).-Initial Distribution on New Shares.An initial dividend of 1.9 cents per share has been declared on the new
25
-cent par voting trust shares, payable April 1 to holders of record March
15.-V. 136, p. 1393.
United -States Fidelity & Guaranty Co.-Status of
Bond Depository Bonds.
-
President E. Asbury Davis March 31 issued the following statement
regarding the company's status on bank depository bonds:
"Unsettled conditions resulting from the general bank holiday have
caused considerable speculation and uncertainty as to situation of the
surety companies with respect to their liability on bank depository bonds.
It has been rumored that this company Is heavily involved with such liabilities. As those rumors are entirely unfounded, I wish to make the following statement as to our position:
"For several years we have been restricting, reducing and,
many instances. eliminating bank depository business heretofore on ourin
books. As
the result of this policy, our outstanding net liability represents business
of a preferred character, and is much less in amount than one-third of the
total previously carried. A very large percentage of the banks
which
United Aircraft & Transport Corp.-Annual Report.
these guarantees are in force are now open on an unlimited basis. on
The net
Frederick B. Rentschler, President, says in part:
. amount remaining on unopened, or banks operating on a restricted basis,
Cash, U. S. Treasury and Liberty bonds and other readily marketable
Is such a small percentage that it gives us no concern whatever. .
securities amount to 816.500,684. Inventory has been maintained at a
"It is very gratifying to be albo to announce that the mortgage companies
low level and is entirely covered by firm orders or contracts. During the
for which we have executed certain guarantees have received assurances
year the outstanding preferred shares were reduced from 240,000 to 150,000.
from the Reconstruction Finance Corporation of financial assistance,
A total of 60.000 shares were purchased in the market at an average of
will minimize, if not entirely relieve, the guarantors of their liability which
under
approximately $43 per share, or a saving under the call price of about $12
such guarantees."
-V. 136; P. 1393.
per share. The remaining 30,000 shares were redeemed at Dec. 31 1932.
"-.United States Leather Co.-Reduction in Capital.
The &met values of the two airport companies were reduced by 8582.509.
This reduction together with certain other miscellaneous plant write-downs
The stockholders on April 5 approved a proposal for reduction of capital
resulted in a charge against earned surplus of $700,592.
to $13.003,722 from $20,253,652 by reducing capital represented by class.
Unfilled orders of equipment companies on hand at Dec. 31 1932,
A stock to $12.46 a share from $31.80 and by reducing capital represented
amounted to $9,077.128. During the year 1933 to date additional business
by common stock without par value to $3.92 from $10.
has been received in the amount of $3.755,428.
This action was deemed advisable for the purpose of creating a surplus
Comparative operations of United Air Lines for the years 1930. 1931
and to enable the company to continue the policy of retirement of its
and 1932 are:
prior preference stock.
The tenth regular quarterly cash distribution on United Investment
Shares, series A, to be made April 15, will amount to $1.03 on each 100
share certificate, compared with the Jan. 15 distribution of 96.2 cents.
It includes dividends received on common stocks of American Telephone
& Telegraph. North American, Du Pont, General Electric, National
Biscuit and Standard Oil of New Jersey.
The increased disbursement is due to the sale of Radio Corp. of America
stock distributed to shareholders by the General Electric Co.
The se-•ond regular quarterly cash distribution payable on April 15 on
United Investment Shares,series C• will be $1.58 on each 100share certificate
compared with the Jan. 15 distribution of 51.64.-V. 135. p. 4570.
Financial Chronicle
• Volume lid
Calendar Years1932.
1929.
_ 1931.
1030.
x Net loss
$1,806,385 $1,133,032 $1,196,738 $1,892.161
Income from invest'ts
43.399
65,114
23,956
Refund on account of
Federal taxes
187,144
Total loss
Inventory adjustment_
$1,806,385 $1,109,076
$944,480 $1,848,778
1.860,371
Total loss
Prior pref. dividends_
$1,806,385 $1,109,076
730.875
560,734
$944,480 $3,709,149
1,034,086
883.078
2445
and we are therefore requesting co-operation through the deferment of the
coupons on the bonds and debentures maturing April 1 of this year.
The company has consulted with members of the banking houses by
Whom the bonds and debentures were originally sold to the public and has
stated its present position and policy to them, and has also asked the advice
of several of the large holders of the bonds and debentures. The company
proposes to keep these persons thoroughly informed with regard to its
affairs so that they may advise the bondholders as to any action which
should be taken for their protection.
-V. 136, p. 1394.
- Warner Co.
-Interest Not Paid.Pi The interest due April 1 1933, on the 1st mtge.6% sinking fund bonds.
Balance, loss
$2,367,119 $1,839,951 $1,827,558 $4,743,235
due 1944 (with and without warrants) was not paid.
-V.136, p. 2264.
Profit and loss surplus
5,484,396
3,656,838
def550,233
1,816,887
Wesson Oil & Snowdrift Co., Inc.
-Earnings.x After provision for depreciation, all State and local taxes, repairs and
maintenance.
For income statement for six months ended Feb. 28 see "Earnings Department" on a preceding page.
-V. 136, p. 1570.
Consolidated Balance Sheet Dec. 31.
1932.
1931. . "kriley-Bickford-Sweet Co., Worcester, Mass::-LOmits
1932.
1931.
4".
Assets-.
$
Liabilities$
Inventories
10,247,620 13,943,409 Accounts payable_ 493,328
Dividend.
573,553
Accts. receivable_ - 1,393,715 1,150,563 Div. prior pref.stk. 147,327
219,884
The directors recently decided to omit the quarterly dividend due Apri
Bills receivable__. 182,931
195,042 Insur.reserves___- 965,000 1,040,000
1 on the $3 pref. stock, no par value. The last regular quarterly payment
Cash
257,473
739,949 Bills payable___ _ 250,824
of 75 cents per share was made on this issue on Jan. 1 1933.-V. 110.
Other investments 785,916
943,716 General reserves__ 2,706,484 3,803,208
13• 977.
/VI est., incl. timPrior pref. stock__ 7,806,725 8,616,875
berlands, plants,
Willys-Overland Co.
' -Preferred Stockholders' Committee
aClass A stock ___ _ 7,859,938 7,859,946 '
dtc
10,609,370 10,889,807 bCommon stock__ 3,970,103 3,970,103
Formed.
Prepaid taxes, indef550,233 1,816,887
Surplus
A protective committee for preferred stockholders has been formed. A
surance, szo
174,473
37.970
letter asking holders to deposit their stock with the Toledo Trust Co. has
been sent out by a temporary committee composed of C.0. Miniger, Ward
Total
23,649,498 27,900,456
23,649,498 27,900,456
Total
M. Canady, W. B. Stratton, H. J. Leonard and J. E. Parsons. The
a Represented by 247.168 shares (no par). la Represented by 397.010
committee indicated that it would co-operate with the bond holders and
shares (no par).
-V.136, p. 1737.
other creditors interested in the company which was placed in receivership
Feb. 15.-V. 136, p. 2264.
United States Shares Corp.
-Liquidating Dividend.
BMW
The dividend of $3.85 per share in liquidation, announced last week, is
Wilson & Co., Inc.
-Tenders.
payable on the United Common Stock Trust Shares, series A2, upon preThe Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will
sentation of these certificates at the City Bank Farmers Trust Co., N. Y.
until 10 a. m. on April 17 receive bids for the sale to it of 1st mtge. 6%
-V. 136, p. 2260.
.
25
-year sinking fund gold bonds. due April 1 1941, series A. to an amount
sufficient to exhaust $184,031 at a price not exceeding 107H and interest.
niversal Pipe & Radiator Co.
-To Change Par.
-V. 136. p. 1395.
The company proposes to change the par value of the common stock from
r to $1 per share.
-V. 135, p. 4230.
Winchester Simmons Co., Phila.-Ordered Liquidated
by Court.
niversal Products Co., Inc.
-Omits Dividend.
The directors recently voted to omit the quarterly dividend ordinarily
Liquidation of the company, a subsidiary of the Associated Simmons
payable about April 1 on the no par value common stock. A distribution
Hardware Cos., which is in the hands of trustees, was ordered March 23
of 10 cents per share was made on this issue on Jan. 2 1933 and on Oct. 1
by Circuit Judge Hamilton at Philadelphia at the request of the trustees.
1932, compared with 15 cents per share on July 1 1932. 25 cents per share
L. E. Crandall and Kenneth Teasdale of the parent company.
on April 1 1932 and 50 cents per share each quarter from Jan. 2 1930 to
The trustees stated it was their opinion the Philadelphia concern could
• and incl. Jan. 2 1932.-V. 135, p. 2008.
not be operated at a profit, as the books showed it has lost in the eight
years approximately $1,500,000. The concern lost, since the trustees took
Utah Home Fire Insura=c7-Dividend Omitted.
charge in December,111,929 for that month,$6.488 in January, and $6,679
The directors recently voted to omit
in February, the trustees set out in a report.
quarterly dividend ordinarily
payable about March 15 on the capital the
The concern also is indebted to the parent company in the amount
stock, par $100. A distribution
of $1 per share was made on Sept. 15 and on Dec. 151932. as.against $2
of $93,353, and although the assets are inventoried at $156.320. it will
per share previously each quarter.
be necessary to sell merchandise below the inventoried value at a liquidation
-V. 135. P. 3013.
sale, the trustees relate, adding that the sale probably will not provide
VanARaalte Co., Inc.
-V. 121.
-Stock Options Canceled.
sufficient funds to pay the indebtedness to the parent company.
-.16a
In connection with the recent plan of readjustment given in the
p.2651.
"Chronicle" of Feb. 25 1933, page 1394 it should be stated that all outstanding
options to officers and employe.;; on common stock have been
-March Sales.
W.) Woolworth Co.
canceled.
Astotal of 17.250 shares had been under option
Decrease.
at $10 per share, to expire
-March-1932.
1933
1933-3 Mos.-1932.
'Decrease.
Oct. 15 1933.-V. 136. p. 2087.
$17.510,663 121.256,056 $3,745,394 $49,600,341 $58,041,327 18,440,986
-V. 136. p. 1737.
Waco Aircraft Co. Earnings.
Calendar YearsWright Aeronautical Corp.
-Earnings.
1932.
1930.
1931.
Net sales
$923,001
1860.468
$578.423
Calendar Years1929.
1932.
1930.
1931.
Cost of sales
703,030
458.406
726,571
Net sales
$6,510,547 $9,557.826 $3,477,560 $10.379,245
Engineering. sell. & admin. expenses_
247,361
196,068
203,323
Expenses
9,432.616
6,557,140
5,497,719 8,124,677
Depreciation
831,705
1,059,433
832,665
1,210.880
Net operating loss
$113,464
$83.305
Other income,lam other deductions prof.$23,904
911
6,913
4,767
Net income
$114,924
$222,269def$2,139,013
$180,163
Other income
883,109
111,822
62.449
79,957
Net loss for the year
1106,550
$82,394
prof.$28,671
-V. 135. p. 3707.
Total income
$284,718def$2,027,192 $998,032
$260,120
Federal taxes reserve_
97.194
Waldorf System, Inc.
-March Sales.
Extraord. deductions
9.267
171,233
88,098
1933
-March 1932,
Decrease, I 1933-3 Mos. 1932.
Decrease.
Net income
31,103,513 11,265,498
$900,837
$196,620def$2,198,424
$250,853
$487,121
1161,98511 3,232,745 $3.669,866
Dividends paid (cash)_
-V. 136. P. 1039.
(12)1049,527
<14L
lisc
ki
(O.
Walgreen Co.
-March Sales.
1933
-March 1932.
Decrease.
Decrease. I 1933-3 Mos. 1932.
$3,413,894 13,864,705
1450,81111$10,327,230 112.057,412 $1,730,182
At the end of Mar. 1933
company had 470 stores in operation,
against 464 stores on Mar. 31 the
1932.-V. 136, P. 1737.
' Wallace Sandstone Quarries, Ltd., Montreal, Canada.
N
-Smaller Dividend.
-
A semi-annual dividend of $1 per share has been declared on the
cum. pref. stock, par $100, payable April 15 to holders of record March7%
This compares with semi-annual distributions of $1.50 per share made31.
on
this issue from Oct. 15 1926 to and including Oct. 15 1932.
N Walworth Co.-6pterest Not
Paid
The interest due April 1 1933 on
1st tge. sinking fund told bonds.
series A,6%,due 1945, and the 10 the6H % sinking fund gold debentures,
-year
ser
A, due 1935. WBA not paid.
protective Committee Formed for Bondholders
/
otective committee for the 1st
fund gold bonds.
series A,6%,due 1915, has been formedmtge, si roilowing who have conby the
sented to serve in this capacity; Burton A. Howe (,E. H. Rollins &
Sons.
Inc.), Chairman; Charles Francis Adams,trustee; Edmond Carley(Bancamerica-Blair Corp.); A. B. Hager Jr. (Halsey Stuart & Co., Inc.); James J.
Minot Jr. (Jackson & Curtis), and James W'. Wheeler (Burr Gannett & Co.).
'
George dell. Greene, 44 Wall St., New York, is Secretary. and Herrick.
Smith, Donald St Farley, 1 Federal St. Boston, are counsel.
Deposits may be made with City Bank-Farmers Trust Co.22 William
St., New York, as depositary, or with the Second National Batik of Boston,
as 1:1Tn for the depositary, at its office. 111 Fran in St.. Boston.
gent
.Debenture Holders' Committee Formed.
ouncement is made of the formation of a rotective committee for
the holders of the 10-year 6H % sinking fund gold debentures, series A,
due Oct. 1 1935. The committee is composed of John R. Montgomery
(Bancamerica-Illalr Corp.), Chairman; T. T. Sweeney (E. H. Rollins &
Sons, Inc.), and Archie A. Way. Thomas P. Gill, 44 Wall St., New York,
Is Secretary of the committee, and Chadbourne, Hunt. Jaeckel & Brown,
70 Pine St., New York, are counsel.
No deposits of debentures are requested at the present time, but debenture holders are requested to notify the Secretary of the committee of
their names, addresses and the amounts of their respective holdings, so
as to enable the committee to communicate with them if and when, in its
opinion, further action is required.
Howard Coonley, Pres., in a notice to holders of the 6%
1st mtge. bonds and 6% debentures, states:
Company has not provided funds with which to pay the coupons due
April 1 1933 on its 1st mtge. bonds and its debentures, believing that
It is for the best interests of the holders of these securities that the company's cash resources should not be reduced at the present time.
The business of the company follows the trend of the steel industry
and although it has not declined quite as low as that of tonnage steel
products, nevertheless the decrease in volume of sales has been drastic.
Sales in 1932 were 24% of 1929 and only 58% of 1931. During 1932 the
company reduced its controllable expenses 53% from the previous year
and but for the payment of interest on its mortgage bonds and debentures
would have shown a substantially greater amount of cash at the close of
the year 1932 than at the close of 1931. We believe that it is essential for
continued progress that the company maintain its present cash resources
Balance, surplus
$196.620 def2,198,424 def$148,690
$250,853
Shs. cap. stk. outstand g
(no par)
599,857
599,857
599,857
599,857
Earned per share
$0.42
$0.32
Nil
$1.50
Contingent Reserve Account Dec. 31 1932.
Balance, Dec. 31 1931
$2,440,000
Deductions representing charges against reserve provided at
Dec. 31 1931 and prior thereto:
Inventory losses, settlement of purchase commitments,
revaluation of inventories, &c
1,081,075
Development engineering expenses
140,000
Loss on investments (non-affiliates)
15,680
Reduction of value of operating & airport equipment
40.212
Miscellaneous
13.520
Balance
$1.149,511
Less, amt, applied in bal. sheet to reduce invent. & misc. Invest
969,459
Balance, Dec. 31 1932
$180,051
Statement of Capital Surplus Year Ended Dec. 31 1932.
Balance, Dec. 31 1931
$2,874,087
Surplus from operations as at Dec. 31 1931
196,619
Refund of 1928 Federal income tax
2,302
Total
Additional Federal income tax, year 1929
Cancellation of Ferguson contract
Write-down of fixed prop. to est, ultimately realizable values
$3.073,009
2,514
3.867
2.030,249
Balance, Dec. 31 1932
11.036.376
Balance Sheet Dec. 31.
1931.
1932.
1931.
Assets
Liabilities
:Mach.,equip.,&c 3,942,295 6,583,141 yCapital stock...,.. 2,999,285 2,999,285
Cash
603,039
422,458 Accounts payable_
469,853
165,459
Accts.& notes rec. 297,279
688,379 Deposits
18,862
20,862
Inventories
1,174,266 3,632,018 Accr. wages, sal.,
Int. rec. de Ins.dep.
13,898
84,966
As
20,035
17,770
Misc, Investment..
42,189
98,310 Due to affil. cos
73,039
43,330
Due from affil.cos_ 471,585 1,054,452 Sundry reserves
23,752
50,442
Patents, &c
26,781
37,511 Capital surplus
1,036,376 2,874,087
Deferred expenses- 193,362
379,993 Earned surplus__
196,620
250,853
Pay. to MM. to;
purch. of plant,
assets, &c
2,000,000 3,845,961
Res. for coining
180,051 2,440,000
Total
6,764,694 12,961,229
Total
6,764,694 12,961,229
x After depreciation reserve of $1,322.615 in 1932 and $2.566,490 in
1931. y Represented by 599,857 no par shares.
-V. 135, p. 3538.
(Wm.) Wrigley Jr. Co.
-New Director, &c.
Fremont B. Hitchcock has been elected a director to succeed H. 11.
Hitchcock. James C. Cox, formerly Vice-President and Treasurer, has
been elected 1st Vice-President, and James A. Gill, Assistant Treasurer,
has been ()meted Treasurer. Frank J. Ellis has been appointed Comptroller.
-V. 136. p. 1581.
1932
Yosemite Holding Corp. Earnings.
For income statement for three months ended March 31 1933 see "Earnings Department" on a preceding page -V 136. n. 2264.
2446
Financial Chronicle
April 8 1933
gevorts and Documents.
PUBLISHED AS ADVERTISEMENTS
THE ATCHISON TOPEKA AND SANTA FE RAILWAY COMPANY.
THIRTY-EIGHTH ANNUAL REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1932.
March 7, 1933.
To the Stockholders:
Your Directors submit the following report for the fiscal
year January 1, 1932, to December 31, 1932, 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:
with $1,215,195,121.37 at December 31, 1931, an increase
during the year of$3,263,084.94,which analyzes asfollows:
Dec. 31, 1932. Dec. 31. 1931.
Atchison, Topeka and Santa Fe Railway_ - 9,709.19 miles 9,742.32 miles
Santa Fe Railway__
1.955.10 "
1,955.10 "
Gulf, Colorado and
Panhandle and Santa Fe Railway
1,870.88 "
1.870.88 "
Additions and betterments:
Fixed property
Equipment:
Net additions
Betterments- --.
13,535.17
"
13,568.30 '
Construction and acquisition of new mileage,including the
acquisition of bonds and stocks of other System railway companies:
Atchison, Topeka & Santa Fe Ry
$262,466.97
Elkhart & Santa Fe Ry
87,144.06
Kansas City, Mexico & Orient Ry
38,776.42
Kansas City, Mexico & Orient Ry.of Tex
168.06
North Plains & Santa Fe By
25,568.46
North Texas & Santa Fe Ry
1,305.32
South Plains & Santa Fe Ry
17,115.75
$357,045.44
$2.466,958.77
1,528,884.84
234,777.19
1,172,851 12
Investments in terminal and collateral companies:
Alameda Belt Line
$39.628.43
Beaumont Wharf & Terminal Co
4,614.37
Central California Traction Co
1,530.00
Chicago Produce Terminal Co
4.163.07
1,778.50
Denver Union Terminal Ry. Co
Houston Belt & Terminal By. Co
4,549.32
Kansas City Terminal Ry. Co
2,225.73
Oklahoma Terminal Land Co
5,000.00
374.45
Pueblo Union Depot & R. R. Co
1.550.705.67
Railroad Credit CorPoration
36,800.00
Railway Express Agency, Inc
6,405.73
Sabine Basin By.Co
350.00
St. Joseph Union Depot Co
B.
682.24
St. Joseph Terminal R.R Co
5,905 21
Santa Fe Tie & Lumber Preserving Co..19,593.71
Sunset By Co
375.00
Tulsa Union Depot Co
72,174.91
Union Passenger Depot Co.of Galveston
2,539.64
Union Terminal Co. of Dallas
Decrease during the year 33.13 miles. This decrease
consists of 10.35 miles of branch line, Cordes to Middleton,
Arizona, abandoned; the Magunden and Oil City branches
in California aggregating 22.98 miles, owned jointly with
the Southern Pacific Company and operated during 1932
by that company; less minor adjustments aggregating .20
miles.
The average mileage operated during the year ended De-.
comber 31, 1932, was 13,544.59 miles, an increase of 76.95
miles over the average mileage operated during the preceding year. This increase is due to 271.81 miles of new lines
including trackage rights, constructed or acquired in 1931,
1,733,438.24
which were in service only a portion of that year, being in Miscellaneous phys cal property
113,840.29
113,090.43
Other investments, *ncluding sinking funds
operation throughout the year 1932.
The Company is also interested jointly, through owner83.263.084.94
Net increase in Capital Account during the year
ship of stocks and bonds of the Central California Traction
Credits in bold face.
Company and the Sunset Railway Company, in 105.33
The credit of $1,528,884.84, covering net additions to
miles of railway, of which the former company owns 55.27,
equipment for the year, analyzes as follows:
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, 1931 and 1932:
1931.
1932.
8181,181,260.58 $133,133,537.52
132.812,924.30 101.918.322.59
Operating revenues
Operating expenses
Net operating revenues
Railway tax accruals
Uncollectible railway revenues
Equipment and joint facility rents
$48,368,336.28 $31,215,214.93
15,038,205.52 12,824,969.82
53,319.51
37,568.13
1,827,537.56
692,883.53
Net railway operating income
Other income
$31.449,273.69 $17.659,793.45
5,084,637.41
3,239,958.18
$36,533,911.10 $20.899.751.63
Gross income..
114.334.29
Miscellaneous tax accruals
75,992.78
508,431.49
Rent for leased roads and other charges.._..
474.438.27
$35,911,145.32 $20,349,320.58
Interest on bonds, including accrued
12.809.454.30
Interest on adjustment bonds
12,804.313.13
Net corporate income (representing
amount available for dividends and
$23.101,691.02
surplus)
Surplus to credit of. Profit and Loss.
December 31, 1931
17,545.007.45
316,320,008.46
Total
8323,865,015.91
Appropriations for the year:
Dividends cn Preferred Stock—
No. 68 (2%%) paid
$3,104,320.00
August 1, 1932
No. 69 (2% %) paid
3,104.320.00 $6,208,640.00
February 1. 1933
Dividends on Common Stock—
No. 108(1%) paid June 1
1932
California-Arizona Lines Bonds Sinking
Fund
S. F. & S. J. V. By Co. Bonds Sinking
Fund
23.396.44
8,424.92
8,667,521 36
$759.396.99
90,411.80
668,985.19
Surplus to credit of Profit and Loss December 31. 1932-3314.528.509.36
"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.
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, 1932, aggregated $1,218,458,206.31 compared
$1,050.80
59.610.73
110.317.75
79,821.06
1,453.45
252,253.79
$1,528,884.84
The retirements and additions reported above include the
following conversions:
Of the 978 freight-train cars retired 73 were converted to company service
equipment.
Ofthe 12 passenger train cars retired 3 were converted to company service
equipment.
Of the 320 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, 1932, in
comparison with the previous year:
Year Ending • Year Ending Increase or
Dec. 31, 1932. Dec. 31. 1931. Decrease.
$90,411.80
668,985.19
Donations in connection with industry
tracks, etc
$1,781.138.63
Additions:
3 Freight-train cars..
2 Passenger-train cars
2 Motor equipment of cars
100 Company service equipment
4 Miscellaneous equipment
2,427,060.00
' $315,197,494.55
Surplus appropriated for investment in physical property
Miscellaneous debits—Net
Retirements and adjustments:
$223,552.97
14 Locomotives
1,300.715.28
978 Freight-train cars
75,797.81
12 Passenger-train cars
3,700.09
1 Motor equipment of cars
173,127.31
320 Company service equipment
2,380.31
4 Miscellaneous equipment
Adjustment of charges for equipment received in previous year:
1,286.03
Freight-train cars
Company service equipment
578.83
$
$
Operating Revenues—
$
107,400,213.35 143,624,008.07 36,223,794.72
Freight
14,520.805.52 22.557.053.51 8,036,247.99
Passenger
Mail, express & miscellaneous 11.212,518.65 15,000,199.00 8,787,680.35
Total operating revenues
133,133.537.52 181,181.260.58 48,047,723.06
Operating Expenses—
Maintenance a way & struc15.342.513.57 23,825,471.99 8,482,958.42
tures
Maintenance of equipment.-- 31,536.603.77 39,822,045.92 8,285,442.15
4,920,729.75 5,685,352.82
764,623.07
Traffic
Transportation—Rail line.. _ _ 43,997.002.77 57.047,975.62 13,050,972.85
79,305.64
206.724.28
127,418.64
Miscellaneous operations- — 5,962,474.43 6.522,043.85
559,569.42
General
Transportation for invest79.692.66
296,690.18
376,382.84
ment—Cr
Total operating expenses
101.918,322.59 132,812,924.30 80,894,601.71
31,215,214.93 48.368.336.28 17,153,121.35
Net operating revenue
12,824,969:82 15,038,205.52 2,213,235.70
Railway tax accruals__
15,751.38
37.568.13
53.319.51
Uncollectible railway revenues
Railway operating income.. 18.352,676.98 33,276,811.25 14,924,134.27
43,958.88
Equipment rents—Net--Dr-990,617.12 1,034,576.00
736,842.41
836,920.44
100,078.08
Joint facility rents—Net--Dr
Net railway oner. Income
Credits in italics.
17.659.793.45 31.449.273.69 13.789.480.24
Financial Chronicle
Volume 136
CAPITAL STOCK AND FUNDED DEBT.
The outstanding Capital Stock on Decmber 31, 1932,
consisted of:
$242,706,000.00
Common
124,172,800.00
Preferred
$366,878,800.00
corresponding to amounts outstanding on December 31,
1931, 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.
41,204
40,927
40,874
41.784
42,237
December 31—
1928
1929
1930
1931
1932
Preferred.
19.439
18.115
17,328
17.049
17.393
The outstanding Funded Debt of the Systemvb
on December 31, 1931, amounted to_ __ _$309,698,181.90
The following changes in the Funded Debt
occurred during the year:
Obligations retired:
S. F & S. J. V. Ry. Co. First mortgage 5% Bonds
.
Obligations issued:
California-Arizona Lines First and Refunding Mortgage
434% bonds
Decrease or Funded Debt_ _
$26,000.00
80.10
$25,919.90
Total System Funded Debt outstanding Dec. 31, 1932—$309,672.262.00
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, 1932,
$22,489,243.12 cash, and in addition owned 819,655,400.00
of United States Government securities which are carried
at cost of $20,001,198.97 in the general balance sheet.
RICHMOND BELT RAILWAY.
During the year, with the approval of the Interstate
Commerce Commission, your Company acquired joint
ownership, with the Southern Pacific Company, of the
railroad property of the Richmond Belt Railway, which had
been operated under lease in alternate years by your Company and the Southern Pacific Company since 1905. This
railroad, 6.32 miles in length, connects with the tracks of
your Company at Richmond, California, and reaches an
important industrial section of that city.
ABANDONED MILEAGES AS AUTHORIZED BY THE
TERSTA.TE—COMMRRCE—COMATISSION
The Interstate Commerce Coi'' r'imission
the
abandonment of the branch line from Cordes to Middleton,
Arizona, comprising 10.35 miles of track to which reference
is made on page 5 in connection with decrease in miles of
system lines. This branch bad become unprofitable due to
the discontinuance of mining operations to serve which it
was originally built. The estimated annual net saving in
expenses and taxes is about $11,000 but due to the need of
general rehabilitation $25,000 per year would be required
for the next five years. The ledger value of this line was
$363,490, and the estimated salvage value in excess of cost
of recovery about $2,000.
•
ADDITIONAL MAIN-TRACK MILEAGE.
The mileage of second track in operation at December
31,1932 was 1,825.95 miles. No additions are contemplated
during the current year.
TAXES.
Federal, State, local, and miscellaneous railway tax accruals for the year 1932 aggregate $12,824,969.82, a decrease
of $2,213,235.70 compared with the year 1931. A comparison of these accruals for the two years is presented in
the following table:
1932.
Federal Tares—
Income
Miscellaneous
1931.
$798,675.30 $1,400,430.42
9,069.25
15,299.10
Decrease.
$601,755.12
6,229.85
Total
$807,744.55 $1,415,729.52 $607,984.97
State, local & Miscellaneous_ 12,017,225.27 13,622.476.00 1,605,250.73
Grand total
$12.824,969.S2 $15,038.205.52 S2.213.235 70
GENERAL.
The decline in general business has included the railroads,
your Company in common with the rest, and 1932 witnessed
the third successive year of reduction in traffic. Gross
operating revenues declined 26.52 per cent., expenses 23.26
per cent., and net revenue 35.46 per cent. Agriculture,
which is of major importance, both directly and indirectly,
to our territory suffered more from abnormally low prices
than from crop conditions. Crops as a whole made fair
yields, wheat alone being poor, particularly in central and
western Kansas and southeastern Colorado, due to a deficiency in moisture through the winter and spring. Corn
made a fine crop and cotton a fair one. Other grains, citrus
and deciduous fruits, and vegetables were average. Livestock conditions, except price, were about normal. The
water supply in the reservoirs of Arizona and California
was much better than for some years, and much of it still
remains, giving assurance for the current year. However,
2447
there has been a deficiency in precipitation during the
winter up to the present time, but it is hoped that this will
be brought up to normal during the latter part of the winter
season as frequently occurs. Manufacturing, building,
mining, and lumbering have been in limited volume, while
the oil industry has done relatively better. Aside from the
resulting diminution of traffic from the above conditions,
the only. extraordinary problem or difficulty which has confronted your Company was a severe washout of the joint
Southern Pacific-Santa Fe line on the Tehachapi Pass, which
interrupted service to and from the San Joaquin Valley for
two weeks the early part of October, which is the time of
our heaviest grape movement.
The program of additions and betterments for 1932 was
limited to such work as was immediately required and no
new equipment was purchased,except two gas-electric motor
ears ordered during the preceding year. Capital expenditures for the current year will be on about the same basis.
The condition of roadway, structures and equipment is
being well maintained, while every justifiable economy is
being practiced. In connection with roadway maintenance
129 miles of old rail were replaced with new 110-lb. rail,
and 1,517,324 new ties were inserted. Since the adoption
of 110-lb. rail as standard for our transcontinental main
lines 3,638 miles of this weight have been laid, and in addition 13 miles of 130-lb. rail, which is placed on mountain
stretches where there is unusual wear. Our 1933 program
comprises 8 miles of 130-lb., 280 miles of 110-lb., and 9 miles
of 90-1b. rail.
The 10 per cent. wage reduction agreement with the representatives of the employes'organizations for the year ending
January 31, 1933, has been extended 9 months and will be
applied to all officers and employes.
While it has not been found possible to take off any further
great amount of passenger service, about 150,000 train miles
additional per annum were eliminated, making the total
reduction in such service in the past three years, roughly,
5,550,000 train-miles per annum.
Your Company contributed to the Railroad Credit Corporation $1,550,705.67 up to December 31, as required by
the order of the Interstate Commerce Commission in authorizing certain limited increases in freight rates. These funds
are being used by the Credit Corporation to assist various
railroads in meeting interest payments, which would otherwise be in default, and are repayable with interest within
four years. The Credit Corporation at December 31 had
extended aid to a total of about $47,000,000. The railroads
are asking authority to discontinue payments to the Credit
Corporation at the close of March, 1933, but to continue
the emergency rate increases.
Pick-up and delivery service by local truckmen, as instituted in 1931, was continued. A very considerable
volume of freight was accorded this service, which it is felt
has shown itself to be helpful in meeting truck competition.
However, as long as competitive trucks are not regulated
and can name whatever rate is necessary to capture the
business, it is impossible to determine what traffic the railroads can expect to handle in competition with truck transportation. The need of reasonable regulation of truck
transportation is so evident in the interest of the public
generally and of shippers, motor carriers, and railroads,
that it seems reasonable to hope it will not be much longer
delayed.
During the year 1932 your Company paid out in pensions
to its retired employes $920,970.00, there Leing 1,781
pensioners on the roll at December 31, 1932, comp red with
$799,716.60 paid in 1931 and 1,546 pensioners? December 31,
1931. The pensioners have an average service of 29 years
with the Company and an average age of 66 years. During
1932 death benefits were paid in 503 cases, amounting to
$540,479.89, compared with 376 cases,.amounting to $431,808.75 in 1931. The average length of service in all cases
in which death benefits were paid in 1932 was 19 years, the
same as in 1931.
During the year the Company suffered the loss of Mr.
Arthur G. Wells, Vice President in charge of operations,who
died in Chicago, September 3, 1932. Mr. Wells began hip
service with the Santa Fe at Albuquerque in 1881 in the
purchasing department of the then Atlantic and Pacific
Railroad Company. Except for an interim of seven years
from 1886 to 1893, when he was in the operating departments
of two other companies, the rest of his life was given to
your Company, making a total of forty-four years in its
service.
Mr. Wells was a master of every detail of railroad operation. In the councils of operating officers his voice was
outstanding because of his sound judgment. He was steadfast in principle, not swayed by expediency. In his relations with the railroad organizations not only his absolute
fairness, but more than this, his warm human sympathy
were universally recognized. As a citizen he supported
generously the public good. Among those who knew him
well he commanded both admiration and deep affection
for his courtesy, his kindliness, and his sterling character.
His loss will be felt far beyond the ranks of this Company.
Your Directors acknowledge with pleasure the faithful
and efficient service rendered by the officers and employes
of the Company.
W. B. STOREY, President.
For Comparative General Balance Sheet Income Account, etc..
see Annual Reports :n "Investment News Columns".
2448;
,
Financial Chronicle
April 8 1933
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately followin1 the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, Apr. 7 1933.
COFFEE.
-On the 1st trading in futures was very small
being only 10 lots or 2,500 bags in the Santos contract. The
close for Santos was 5 points higher while Rio was quoted
3 to 4 points above the close of the previous day although no
transactions were effected. The Sao Paulo Coffee Institute
reported that stocks in interior warehouses and at railways
including those at Minas Geraes on Feb. 28th totaled 8,443,000 bags exclusive of 9,107,000 bags which is the property of
the National Coffee Department. Receipts at interior warehouses in February totaled 744,000 bags. Spot prices were
unchanged. On the 3rd in a dull market futures closed
4 points off to 3 points up. Transactions totaled 20 lots in
the Santos contract. Cables to the exchange reported that
the National Coffee Department withdrew from stocks during
the week ended Apr. 1: 33,000 bags of Rio; 85,000 bags of
Santos and 10,000 bags of Victoria coffee and that 15,000
bags had been deducted from Rio stocks for local consumption
and 3,500 bags from Santos for the same reason. The world's
visible supply of coffee on Apr. 1 1933 amounted to 5,778,000
bags, against 5,296,000 bag& on March 1 1933 and 5,620,000
bags on Apr. 1 1932, according to exchange statistics. Cost
and freight prices sagged, basis Santos 4s ranged from 8.25
to 8.40e. Spot business was dull and prices unchanged.
Basis Santos 4s were quoted at 83 c. to 9%c., Rio 7s at 73 c.
%
%
and Victoria 7-8s at 7%c. Over the week-end it was reported
that the•Atlantic and Pacific had cut the retail price on coffee
2c. per pound. On the 4th there was a sharp rally in future
trading. The Santos contract closed 12 to 14 points higher
and Rio 8 to 12 points. Of the latter contract only two lots
were traded. Total transactions amounted to 9,250 bags.
The upturn was generally ascribed to short covering and
some new trade buying. The advance in futures came suddenly and was not followed up in either the cost and freight
market or the spot market.
On the 5th the Santos contract closed 1 point lower to
3 points higher and Rio 2 points lower to 2 points higher.
The volume of trading amounted to 12,000 bags. The mild
contract was more active and closed with prices 3 points
down to 7 points up. Some European selling was noted and
the buying was attributed principally to local speculators.
Spot coffee had an easier tendency. Cost and freight remained generally unchanged at 8.15 to 8.400., Rio 7s 7.15c.
and 7-8s at 7.050. for prompt shipment. Offers were reported to be on the outside 10 points lower in some instances.
Mild coffees were %c. off; 62,500 bags of government coffee
will be sold on the 18th of April. Although it will be sold
in the usual manner it will be no longer in the name of the
Grain Stabilization Corporation. Spot quotations on mild
grades follows: Maracaibo Trujillo, 9% to 93%; Cucuta, fr.
to g'd., 10 to 1034; Washed, 1034 to 113%; Ocana, 9% to
9%; Colombian, Ocana, 934 to 10; Bucaramanga, Natural,
4
934 to 10;Washed,103% to 103 ;Honda,Tolima and Giradot,
10 to 103%; Medellin, 10% to 1034; Manizales, 10 to 10%;
Armenia, 10 to 103%; Mexican, Washed, 934 to 1034; Liberian, Surinam, 834 to 83 ; East India, Ankola, 18 to 25;
%
Manheling, 18 to 25; Genuine Java, 17 to 21; Robusta,
Washed, 8; Natural, 8 to 8%; Mocha, 1234 to 13; Harrar,
%
1134 to 12; Abyssinian, 1034 to 103 ; Guatemala, Prime,
1034 to 103 ;Good, 10 to 10%; Bourdon, 934 to 93 ;Haiti,
4
4
Trieala, Main,9 to 9%;San Domingo, Washed,9% to 93%.
On the 6th with the rest of the commodities futures advanced
3 to 11 points. Although there was more speculative interest,
the volume of sales was still small. Cost and freight offers
were unchanged with basis Santos 4s for prompt shipment,
8.15 to 8.40c.; Rio 7s, 7.15e.; 7-8s, 7.05e. Mild offerings
from Colombia were withdrawn. The inquiry in the spot
market was larger than it has been for some time past.
The Rio No. 7 futures closed May, 5.43; July, 5.33; Sept.,
5.19; Dec., 5.13; 1934 March, 5.07. Santos No. 4, May,
7.96; July, 7.64; Sept., 7.34; Dec., 7.24; 1934 March, 7.18.
Mild grades, May, Sept. & Dec., 9.37. To-day futures
ended 1 point lower to 1 point higher. Final prices show a
rise for the week of 19 points on Rio December and Rio
futures, while Santos contracts are 18 to 31 points higher
than a week ago. Europe was said to be buying to-day.
Rio coffee prices closed as follows:
May
5.43 December
5.11
July
September
5.33 March
5.19
5.02
Santos coffee prices closed as follows:
.951December
7
May
July
September
7.64 March
7.35
•
7.23
7.14
COCOA to-day closed 4 to 5 points lower with sales of 110
lots. May ended at 3.30c.; July at 3.41c.; Sept. at 3.520.;
Oct. at 3.55c. and Dec. at 3.650. Final prices however are
3 to 4 points higher than a week ago.
SUGAR.
-On the 1st futures prices closed unchanged to 1
point lower on profit-taking, largely supposed to be for speculative cotton interests. Houses with Cuban connections
bought. Total sales were 19,600 tons. In spite of the
banking holiday trading in futures for March was heavier
than any other month since December 1930. According to
the statistical department of the Exchange here the value of
the world crop increased $100,000,000 during the past
month. This was attributed largely to the prospect of Cu.
ban segregation and the belief that construction action to
aid the sugar industry will be taken by the present administration at Washington. Spot raws.were unchanged, being
quoted nominally at 95c., 2.95., refined prices were firm at
4.20. • In London the term market was steady. On the
3rd in a quiet market futures closed unchanged to 3 points
higher. Sales totaled 12,950 tons. Much of the buying
was believed to be for Cuban interests. Raw and refined
sugar continued unchanged in price, although interest was
reported to be increasing. A meeting of the Cuban Sugar
Institute for the discussion of the segregation plan was
postponed to the 4th. The London terme market was
quiet. Sellers there were asking 5s 11%d equal to 79e.
f.o.b. Cuba. Figures for the Cuba sugar movement for the
week ended April 1st were: Arrivals, 61,008; exports
67,547; stocks ports 903,838. Exports were to New York,
6,030; Philadelphia, 15,018; Baltimore, 2,642; New Orleans,
480; Savannah, 5,078; Galveston, 3,820; Jacksonville, 467;
United Kingdom, 32,562; France, 1,450; The following
mills in Cuba have finished grinding: Amazonas,21,020 bags;
El Pilar, 74,694; Santa Lucia, 112,087 and San Cristobal,
79,279.
For the week ended March 25 refined sugar melt of 13
United States refiners totaled 75,000 long tons, raw sugar
value, which compares with 80,000 tons for the same week in
the preceding year. Deliveries were 64,518 long tons for the
same period, against 59,142 in the preceding year. Melt and
deliveries since the beginning of the year follow: Meltings,
Jan. 1 to March 25 1933, 735,000; Jan. 1 to March 26 1932,
790,000. Deliveries Jan. 1 to March 25 1933, 715,075; Jan. 1
to March 26 1932, 736,561. On the 4th trading was fairly
heavy in the futures market but fluctuations were slight. The
close showing both losses and gains of 1 point. New interest
appeared in the raw market and prices were quoted at .98
to lc. and 2.98 to 3c. Refiners bought in substantial fashion.
The National bought 30,000 bags of Porto Ricos at 2.98e.
half due Apr. 17th and the remainder during last half of
April; 4,400 tons of Porto Ricos were sold to Pennsylvania at
3c. by an operator who took from Pennsylvania 32,000 bags
of Cubas clearing yesterday at 1.040.; 25,000 bags of Cubits
for second half of April shipment at 1.050. New York basis
were sold to Revere of Boston. Operators also bought 15,000
bags of Porto Ricos due Apr. 24th at 2.98c. and 25,000 bags
of Cubas for May shipment at 1.050. No word was received
of the meeting of the Cuban Sugar Institute scheduled for
the
4th and it was presumably not held. On the 5th closing
prices on the Exchange here while somewhat off from
the
best of the day closed 2 to 3 points higher. Sales totaled
33,650 tons. Some selling was attributed to banking interests
while prominent local houses were buyers. December and
March deliveries made new high records. The impression
is steadily gaining ground that administrative action
will be
taken in Washington to help sugar in one form or another.
Cuban raws sold as high as 1.07c. Sales included 20,000
bags
of Cubas now loading at 1.050.; 10,000 at 1.07c. for prompt
shipment and 10,000 more Cubas for prompt shipment
at
1.070.; 6,000 bags of Porto Ricos loading to-day
delivered basis. Refined sugar was unchanged. sold at 3e.
Exports of sugar from Cuba during the first three months
of 1933 were 395,529 long tons, raw value, compared with
655,083 tons during the corresponding period last year, or
a decrease of 259,554 tons. Of the total 290,340 tons were
shipped to the United States, against 548,721 during the
similar three months' period.of last year, or a decrease of
258,381 tons. To other destinations, principally European,
the exports amounted to 105,189 tons as compared with
106,362 tons last year, a decrease of 1,173 tons.. On the 6th
prices advanced 5 to 7 points in heavy trading. Total
transactions amounted to 53,050 tons. Cuban and trade
interests were the largest buyers while much of the local
selling was ascribed to profit taking. It was understood
that segregation of 600,000 or.
700,000 tons dependent upon
the amount voluntarily contributed has been virtually decided upon. The amount segregated will be released beginning Jan. 1934 in six installments. . Washington news was
also bullish. It indicated that a tariff adjustment on sugar
was near at hand. Raw sugar moved up to 1.05@3.05,and
the sale price on Cubas in shipment positions went to 1.10,
a new high figure for the year. While not confirmed there
were reports that 1.12 might be paid. Sales included 24,000
bags of Cubes for second half April-first half May shipment
at 1.10c. c. and f., 15,000 bags of Cubas same position and
Financial Chronicle
Volume 136
price, 6,000 tons of Philippines for April-May shipment at
3.050. and 2,000 tons of Philippines for April arrival at 3.05e.
The London market was dull and unchanged. Willett &
Gray's figures for the week gave receipts as 57,812 tons
melting 48,271, importer's stock 91,336 and refiner's stock
94,814 against 66,000, 46,000, 160,000 and 142,000 for the
same items respectively last year. To-day futures closed 3
to 5 points lower on heavy profit taking. Cuban buying
was not enough to stem the tide. May ended at 1.12e.
Final prices show an advance for the week of 3 to 7 points.
Closing quotations follow:
May
July
September
•0
1.12 December
1.18 January
1.20 March
1.22
1.23
1.26
LARD futures on the 1st inst. closed unchanged. There
was only a small demand but there was no pressure to sell.
Liverpool was quiet and unchanged. Hogs were steady.
Cash prime 4.60 to 4.70c.; refined to Continent 4%c.; South
America 45 c. On the 3rd inst. futures ended unchanged to
%
5 points higher. Commission houses were buying a little
and corn was higher. Exports were heavy, i.e. 949,730 lbs.
to London, Southampton, Bremen and Helsingfors. Hogs
were steady. Liverpool was also steady. On the 4th inst.
futures ended unchanged. A fair demand from commission
houses and a strong corn market were the principal bracing
factors. Hog receipts were heavy. On the 5th inst. futures ended unchanged to 3 points lower. Early prices were
easier on hedge selling but scattered buying and stronger
hog and grain markets caused a rally and prices ended at
about the high of the day. Exports were 727,160 lbs. to
Newcastle and Hull. Prime cash 4.60 to 4.70c.; refined to
Continent 43/8c.; South America 458c. On the 6th inst.
/
futures advanced 5 to 8 points on a better demand. Liverpool was unchanged to 3d. lower. No export clearances of
lard were reported. Cash prime 4.70 to 4.80c.; refined to
Continent 4% to 5c.; South American 5 to 5%c. To-day
futures closed 5 to 8 points lower. Final prices however are
2 to 5 points higher than a week ago.
2449
Standard Oil Co. of New York. Shell Eastern Petroleum
Products, Inc., met the advance. East Texas crude was
said to be available at 10e. a barrel. Reports from Gulf
coastal ports stated that 3,000 tank cars are being pressed
for sale at or below that figure. Sentiment was more cheerful
due to the news that the East Texas field including some
10,000.wells will be shut down for five days beginning Apr.
6th. This will afford time to dispose of the surplus gasoline
that is now cluttering up the rails around the Gulf ports.
Gasoline here was steady but the situation in northern New
Jersey shows little if any improvement. The New Jersey
Tax Department has warned against illegal price postings,
and interesting developments are expected from that center
in the very near future. Fuel oils were steady. Bunker
fuel oil grade C was quiet at 75c. refinery. Diesel oil was
steady at $1.65 same basis. Kerosene was in fair demand
at 5%c. for water white.
Tables of prices usually appearing here will be found on an earlier page in
our department of"Business Indications," in an article entitled "Petroleum
and Its Products."
RUBBER.
-On the 1st futures closed 2 to 4 points lower
with sales of 320 tons. The dullness which was a feature of
the previous week continued. Lack of adequate banking
facilities at Akron hampered the cash trade. More activity
is expected this week as this situation is expected to be
remedied and tire factories are planning to increase their
operations. Cash rubber was unchanged except for 1-32c.
advance on standard ribs. London futures were higher although spots were slightly lower. Singapore closed unchanged to 1-16d. up. On the 3rd futures closed 2 points
higher to 1 point lower with crude standard grades steady.
Only 70 tons were traded in in the futures market. March
export figures for Malaya and Ceylon were disappointing.
March shipments of Malayan totaled 42,059 tons compared
with 37,564 tons in February and 39,903 tons for March 1932.
Exports for the first quarter were 126,222 tons compared with
124,549 tons for the same period last year. Ceylon exported
4,827 tons for March as against 5,093 for February and for
DAILY CLOSING PRICES OP' LARD FUTURES
IN CHICAGO.
the first quarter 14,507 tons which compares with 12,425 tons
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
May
4.25
4.27
4.27
4.27
4.35
4.27
for the same period last year. The closings were for May,
July
4.35
4.40
4.40
4.37
4.45
4.40
September
3°.; July, 3.10c.; Sept. 3.17c. and Dec., 3.28c., 1934; Jan.,
4.45
4.50
4.50
4.52
4.50
4.55
Season's High and When Made.
3.33e.; Feb., 3.38c.; March, 3.43c. Spot, 2.94c. London
Season's Low and When Made.
May
5.42
May
Dec. 6 1932
3.82
closed generally slightly lower and Singapore unchanged.
July
4.95
Mar. 16 1933 July
F02
eb. 21 1933
__43:92
September-- -5.07
According to one authority the factory value of sales of rubber
September_
HOGS.
-On the 1st closed steady with small receipts. At goods showed a decrease in 1932 for the sixth consecutive
Chicago there were only 4,000 and the total for the Western year. This decline was due in part to the reduction in price
run was 21,500. Chicago's close was 133.85 to $4.00 compared of goods sold but largely to decrease in the quantity diswith $3.65 to $4.10 the close of the day before. On the 3rd posed of. On the 4th there was somewhat more activity in
although prices changed but little hogs were in better demand. future trading with total sales of 290 tons. Prices closed
Receipts at Chicago were 31,000 of which packers bought 3 points lower to 2 points higher. Traders sold the market
27,000 and shippers 3,000. The average price was $3.90 down earlier in the day but the decline was pretty well rewith the top $4.05. Light lights $3.65 to $4.00,light weights, covered by the close. A good demand was reported for in$3.85 to $4.05; medium weights, $3.90 to $4.00; heavy ferior grades. Spot quotations were unchanged. Neither
weights, $3.75 to $3.95; packing sows, $3.25 to $3.65. On London nor Singapore showed any divergence of trend.
On the 5th trading on the Exchange here aggregated 820
the 4th receipts in Chicago were the largest for a Tuesday
since Dec. 20th, last, amounting to 28,000. Offerings were tons with a very narrow range of prices. The close was
somewhat excessive and prices declined 10c. The top price unchanged to 1 point lower. There was no improvement in
was $3.95 and most business done between $3.70 and $3.90. sentiment apparent and although other commodities have
On the 5th prices were stronger and receipts smaller totaling shown marked strength rubber has continued sluggish. Lon18,000 at Chicago. The average price for the days trading don closed unchanged to 1-32d. off and Singapore was down
was $3.85 with the close $3.80 to $4.00. Light lights, $3.60 1-32d. On the 6th futures followed other commodities upto $3.90; light weights, $3.80 to $4.00; medium weights, ward and closed 2 to 5 points higher in a more active market.
$3.85 to $4.00; heavy weights, $3.65 to $3.90 and packing Outside trading really led the way for futures and spot prices
were 1-32 to 1-16e. better. London was 1-32d. higher all
BOWS, $3.25 to $3.60. After a fairly strong opening prices
weakened on the 6th and declines of 5 to 10e. were general. around and Singapore was unchanged. On the 1933 conThe average sale price was $3.75 with the top $4.00. Light tract April closed at 2.98, May 3.02-04, June 3.06, July
lights, $3.60 to $3.90; light weights, $3.75 to $4; medium 3.11, August 3.14, October 3.22, November 3.26; 1934
weights, $3.75 to $4.00; heavy weights, $3.55 to $3.90; January 3.34, February 3.38, March 3.42-43, Spot 36.
Packing sows, $3.25 to $3.60c. Receipts at Chicago Total contracts traded in 700 tons. To-day prices closed
10 to 12 points higher. This is the biggest advance in a
were 19,000.
PORK steady; mess $16.50; family $16.50; fat backs single day for many weeks past. September sold at 3.300.
$10.50 to $12.50. Beef steady; mess nominal; packet and December at 3.39c. Crude rubber was quoted at 3 1-160.
nominal; family $10.50 to $11. extra India mess nominal. as against 30. yesterday. May ended at 3.06 to 3.070.
Cut meats quiet; pickled hams 4 to 6 lbs. 530.;6 to 10 lbs. July at 3.15e.; Sept. 3.25 to 3.26o.; Dec. 3.35 to 3.36; Jan.
/
53/i43.; 14 to 22 lbs.9 Wic.; 22 to 24 lbs. 90.; picked bellies 6 to 3.39o. and March 3.48 to 3.49e. Final prices are 3 to 5
8 lbs. 9 Vic.;8 to 10 lbs. 9c.; 10 to 12 lbs.8Vic.; bellies, clear, points higher for the week.
dry salted, boxed, N. Y., 14 to 20 lbs. 6%c. Butter,
HIDES.
-On the 1st in
creamery, firsts to premium marks and higher score than steadied and closed from 1moderately active trading prices
point lower to 5 points higher.
extras 19 to 201 4c. Cheese, flats 13 to 19c. Eggs, mixed The deadlock between tanners
/
and packers as to
proper
colors, checks to special packs 11 to 16c.
trading price continued. Trading in hide futures thethe 3rd
on
continued to be dull and prices closed unchanged to 10 points
OILS.
-Linseed was reported to be very quiet in some
quarters while some improvement was said to have taken higher. Packers' stocks continue small but large tanning
place in others. Carlota cooperage basis 7.4 to 7.6c. Cocoa- interests are still holding off on the buying side. Business
nut, Manila, Coast, tanks 25'c.; tanks New York spot 3 to in finished leather goods is reported to be better. The close
,
3X30. Corn, crude tanks f.o.b. Western mills 33i to 33c. for June was 6.05, Sept., 6.40 to 6.45; Dec., 6.70 to 6.85;
China wood, N. Y. drums, carlots, delivered 5c.; tanks spot Mar., 1934, 7 to 7.10. In the outside
hides
43/i to 43 c.; Pacific Coast, tanks 43.4c. Olive, denatured, were quoted 6 for native and 534 for market packer ColoA
butt brands.
rados, 53/2; Chicago light native cows, 6. New York City
spot Greek drums 50 to 54c.; Spanish drums 54 to 58e.;
shipment carlots, Greek 47 to 49c.; Spanish 53 to 54c. Soya calfskins 9-12s, 1.25; 5-7s, 60. On the 4th trading became
bean, tank cars, f.o.b. Western mills 334 to 3
carlots, more active but futures declined from 1 to 10 points. Sntidelivered drums, N. Y. 4.6004 L.C.L. 5c. Edible olive ment was mixed. The spot hide position is strong but the
$1.25 to $1.40. Lard, prime 83/2e.; extra strained winter market for the time being is inclined to follow that for stocks
73/20. Cod, Newfoundland 21e. Turpentine 41%c.to 47e. in its dullness and irregularity. Total sales for the day were
640,000 lbs. Trading in futures on the 5th
Rosin $3.10 to $4.85.
amounted to
COTTONSEED OIL sales to-day, 108 lots. Prices 760,000 lbs. The tone was strong although transactions
were in moderate volume and the market
closed as follows:
closed 10 to
points above the previous day. The technical position 20
May
con3.921 November
4.28
tinued strong and inquiries from tanners showed some inPETROLEUM. Gasoline was advanced lc. retail and crease. June closed at 6.05;
Sept., 6.50; Dec.,
wholesale throughout New York and New England by the
Mar. 1934, 7.15 to_7.25. On the 6th futures 6.85 to 7.00;
followed the
2450
Financial Chronicle
April 8 1933
York while London rose I-16d. to 17 5-16d. April closed at
27.53c.; May at 27.60c.; July at 27.80c. to 27.82c.; Aug. at
27.97 to 27.98c.; Sept., 28.12 to 28.15c. and Dec., 28.40c.
On the 6th inst. futures added 16 to 20 points to their advances of the previous day. There was a substantial broadening of trading, sales being 4,750,000 ounces. The announcementfrom Washington that the Administration would
leave the problem of recoinage of silver to an international
agreement, which would include Great Britain, France and
the United States and the imposition of an export duty by
China upon the metal were the principal features of interest.
Bar silver here rose %c. to 273'c. while London was up Md.
to 17 7-16d. May closed at 27.76c.; July at 28c.; Sept. at
28.27e. and Dec. at 28.55 to 28.65c. To-day futures closed
CHARTERS included grain, from Montreal, April-May, four ports,
16 to 27 points lower with sales of 1,750,000 ounces. May
Denmark,10 c. 30,000 qrs. Montreal. April 25, May 10, United Kingdom,
sold at 27.60c.• July at 27.80c. and Sept. at 28c. Closing
Is. 9d. Booked-one load Hamburg from New York, 6c. 9 loads, BostonBremen, Sc. grain booked-few loads, Boston-Hamburg, Sc. to Rotter'
prices: Apr., 27.30c.; May, 27.42c.; July, 27.70c.; Sept.,
-West Indies, round, 70c., redelivery Montreal
dam, Sc. Trips
27.95c.; Dec., 28.26c.; Jan., 28.35c.; Feb., 28.47c. Final
West Indies, round, 80c. continuation two West Indies, rounds, $1.25.
Sugar-Santo Domingo, April, Casa Blanca, about 13s. 6d.
prices are 32 to 41 points higher for the week.
COAL.
-Demand continued light. Early in the week
COPPER demand was stimulated by rumors of impending
prices were shaded at Hampton Roads 5 to 15c. High and shutdowns of United States mines and prices were firmer.
prices were notfar apart. Domestic consumption Producers were quoting 53.c. Prices in Europe were 4.96
low volatile
•of anthracite in New York and New England has been de- to 5c. Th market is very sensitive to bullish influences.
cidedly lower partly because of warmer weather and partly Sales of 125 tons of futures were made on the Exchange here
because of reasons of economy. Industrial demand has also on the 6th inst. and prices were 18 to 24 points higher;
been small for all grades. Central Illinois quoted small May sold at 4.10 to 4.25c.• June at 4.30 and Dec. at 4.75c.
screenings at a low of $1.00 and crushed at $1.25. The London on the 6th inst. advanced 13s. 9d. on spot standard
Bureau of Mines preliminary figures indicate that the March to £29; futures up 15s. to £29 6s. 3d.; sales 100 tons of spot
output of bituminous coal was 23,646,000 tons against 27,- and 2,000 tons of futures; electrolytic up 15s. to £32 15s.
134,000 in February and 32,250,000 in March, 1932. An- bid and £33 asked; at the second London session futures
thracite last month was 4,405,000 against 4,275,000 in Feb- dropped is. 3d. on sales of 350 tons of futures. To-day
ruary, 4,789,000 in March, 1932.
copper was firm at 5Yo. In Europe the demand was someTOBACCO.-There has been little change in the situation what better with prices ranging from 5.10 to 5.20c.
in this industry. The outlook for cigars has improved.
TIN was in better demand and reached new high ground
There has been a noticeable addition to withdrawals of when spot Straits reached 25.100. Tin plate production is
Sumatra and Havanna cigar leaf. April will undoubtedly at 40% of capacity. London on the 6th inst. rose 12s. 6d.
make a better showing in this branch of the trade than either to £153 15s. for spot and £154 12s. 6d. for futures; sales 50
February or March. The legalization of beer which will tons of spot and 500 tons of futures; spot Straits advanced
take place in many States this week is also counted upon to 5s. to £159 10s.; Eastern c. i. f. London up to £160; at the
help in bringing back the popularity of cigars. Protests second session standard declined 2s. 6d. on sales of 5 tons
against the inclusion of cigar leaf tobacco in the farm relief of spot and 15 tons of futures. Futures here on the 6th
bill as it now stands continue. A telegram sent by the Presi- inst. declined 5 points. The world's visible supply increased
dent of the Associated Cigar Manufacturers and Leaf To- 368 tons during March to 43,528 tons while Straits tin shipbacco Dealers to Senator Smith of South Carolina, Chairman ments for the month were 5,255 tons. The increase in world's
of the Senate Committee on Agriculture, called his attention visible supply for last month was small by comparison with
to the fact that "proper distinction should be made between declines the preceding month, which had been close to 2,750
farmers growing cigar leaf tobacco and farmers growing tons for that two month period.
other types such as cigarette, chewing and pipe tobacco.
4
LEAD was quiet but firm at 3c. New York and 27 0.
There is less relationship between these two main divisions
than there is between silk and cotton. Cigar leaf growers East St. Louis. The statistical position for the present is
should be segregated from operations of the measure." rather weak but is expected to be considerably better what
The telegram then goes on to say that the members of the with the drastic curtailment of production which went into
Association feel that a processor's tax paid to farmers who effect on Apr. 1st. London on the 6th inst. advanced 3s.
reduce their productive acreage will tend to increase produc- 9d. on spot to £10 10s.; futures up 5s. to £10 17s. 6d.; sales
tion by those raisers who do not subscribe to the plan as pro- 200 tons of spot and 40J tons of futures; at the second session
vided in the bill. The vicious circle of price-cutting in the prices advanced Is. 3d. on sales of 100 tons of futures.
cigarette industry has gotten to the point where the only
ZINC was firm at 3o. East St. Louis despite the unfasolution seems to be a general increase in prices all around. vorable statistics for March. Demand was quiet. Surplus
Independent dealers have been obliged to follow the chain stocks of slab zinc increased 5,939 tons during March to
cigar stores and the latter's prices for cigarettes have been 140,379 tons, the highest surplus since May 1931 when the
governed to a great extent by chain grocery stores. No real total surplus had been 143,049 tons. Production last month
solution is in sight yet. Lower prices especially for burey was 22,095 tons as against, shipments of 16,156 tons. Retorts
are predicted by one authority in the Kentucky district if in operation at the end of the month totaled 22,375 against
the acreage planted is increased this year as much as indi- 23,369 in the previous month. Unfilled orders at the end
cated. Burley growers are planning a 23% increase which of the month were 8,581 tons against 8,560 tons a month
would mean a yield of approximately of 415,000,000 pounds previous. The daily average production was 713 tons
as compared with the annual disappearance of about 300,- against 717 tons for the preceding month. In London on the
000,000 pounds. Richmond, Va., reports to the U. S. To- 6th inst. prices advanced 6s. 3d. to £14 15s. for spot and
bacco Journal stated that "although total tobacco exports
for
and 900 tons of
declined 11% from December to January, exports of Vir- £15 2s. 6d.the futures; sales 100 tons of spot dropped is. 3d.
second London session prices
ginia fire-cured tobacco mounted from 515,000 pounds in futures; at
December to 792,000 pounds in January, Department of on sales of 600 tons of futures.
Agriculture figures show. Kentucky-Tennessee fire-cured
STEEL began the week with a slightly more active tenshowed a decrease, 2,900,000 pounds in January, as com- dency and more of a forward demand. It is conceded that
pared with 3,200,000 pounds in December. Maryland fire- March's figures will be disappointing. The decline in procured exports also dropped. Prices for Virginia fire-cured duction for that month is expected to equal the tentative
tobacco at auction floor markets during February averaged estimate of 113/2% already made for pig iron's falling off for
7.6 cents a pound, compared with 8.9 cents for January." the same period. The demand for steel bars has improved
Withdrawals of all classes of domestic cigars during the first somewhat although gains are very slow. The postponement
eight months of the present fiscal year showed a decrease as of various government building projects, principally for post
compared with the same period of the 1932 fiscal year of offices has been a disappointment. Still the trend has been
536,484,596 or 15.79% according to the Department of a rising one with auto demand better and structural steel
Internal Revenue. Cigarette withdrawals were off only orders larger. The latter increase however has been largely
3.53%, snuff 10.87% and manufactured tobacco 7.90%.ail due to orders for the new Federal Court House in New York.
SILVER futures on the 1st inst. ended 30 to 40 points As the week progressed railroad demands picked up to some
higher with sales of 875,000 ounces. May was in the best extent and the automotive industry and brewers increased
demand. May closed at 27.72 to 27.75c.; July at 28.00c.; their inquiries. A well known authority placed the average
Sept. at 28.22 to 28.26c. and Oct. at 28.37c. Bar silver was rate of operation at 163/2% but stated that the composite
273o. in New York and 17 7-16d. at London. On the 3rd price of finished steel declined to a new low since the war.
inst. futures closed 40 points lower on the average after sales The figures of the American Iron and Steel Institute issued
ic. on the 6th showed a recession of output for March to 15.08%
of 1,100,000 ounces. Bar silver at New York dropped y
effects of the
to 27c. while the London quotation was 3-16d. lower at of capacity and clearly reflected the 1932, when an banking
point was August
average
holiday.
1734d. April ended at 27.25c.; May at 27.32c.: July, of 14.20%The low
was reached.
27.60c.; Sept., 27.85e.; Oct., 27.90c. and Dec., 28.17c. On
PIG IRON.-Estimated sales for the New York district
the 4th inst. futures advanced 10 to 20 points after sales of
1,550,000 ounces. Bar silver was unchanged at 27c. at New during the month of March were 20,000 tons or the largest
York and 1730.at London. On the 5th inst. futures closed since last September. Although sales last week were 13,000
steady with sales of 1,900,000 ounces. September was in the tons a much smaller volume was looked for this week and
best demand. Bar silver was Ho. higher at 273ic. at New it was feared that a further decrease in what little activity
general commodity drift but after an impressive show of
strength in the morning lost most of their advance and
closed unchanged to 5 points up. Total sales were 840,000
lbs. The spot market was steadier although quiet and
Western markets were stronger than had been expected.
Thirty-five hundred March frigerifico light steers were sold
30
at 5 3-16c. in the Argentine. To-day prices ended . to 35
points higher. A fair business was reported. Dec. sold at
6.65c. Closing prices: June, 6.40 to 6.55c.; Sept., 6.87 to
6.90c.; Dec., 7.20c. and Mar., 7.500. Final prices are 51
to 55 points higher for the week.
OCEAN FREIGHTS were in somewhat better demand
especially for trip tonnage. Later business fell off.
Financial Chronicle
Volume 136
there has been recently was in store. A large purchase is
reported to have been made recently by the American
Radiator Company for its plants at Bayonne, Buffalo,
Detroit, Elyria, Litchfield and Springfield. This is the first
of any size made by that company since last September.
-According to a government report from Boston
WOOL.
on the 3rd wool quotations show a fair degree of firmness
in spite of a very light demand from manufacturers. About
the only business being closed is on small quantities to fill
immediate requirements. Buyers that are looking at wools
for which they may later have a need appear in no haste
to close transactions. Receipts of domestic wool at Boston
during week ended April 1, estimated by the Boston Grain
and Flour Exchange amounted to 338,700 pounds, as compared with 381,200 pounds during the previous week. On
the 6th a Boston dispatch again stressed on the dullness of
the wool market there. It stated that the principal buying
was in small lots of various types to finish out unfinished
contracts. Fine territory combings clean was quoted at 45
to 46; French combing, 42 to 44; half blood, 43 to 45; %
blood, 38 to 40; and X blood, 36 to 38. Fine Ohio fleeces
34 blood and % blood were 19 to 1934 and X blood 1834 to
19 grease basis.
WOOL TOPSfutures to-day ended 20 to 100 points higher.
October closed at 54.70c. and November at 54.80c. Boston
spot 57.500.
SILK futures on the 1st inst. ended unchanged to lc.
higher with sales of 700 bales. A feature was a sale of 50 lots
of August in one transaction. Some thought this was covering of a short position for an importer, but it was difficult
toisay exactly what it involved. April ended at $1.12;
May at $1.11 to $1.13; June at $1.10 to $1.13; July, Aug.,
Sept., $1.10; Oct., $1.10 to $1.11 and Nov., $1.11. On the
3rd inst. futures closed unchanged to lc. lower with sales of
440 bales. April closed at $1.12 to $1.15; May at $1.11 to
$1.13; June, July and Aug., $1.10 to $1.12; Sept., $1.10 and
Oct. and Nov., $1.11. On the 4th inst. the closing was unchanged to lc. higher with sales of 1,370 bales. The statistics issued by the Silk Association apparently were discounted. They showed that consumption ran from 4,000 to
9,000 bales ahead of estimates. April closed at $1.13 to
$1.15; May at $1.12 to $1.13; June, July and Aug. at $1.11
.
to $1.12; Sept. at $1.11; Oct., $1.12 and Nov., $1.11 to
$1.12. Futures on the 5th inst. were firmer early on higher
Japanese markets, but later reacted and ended lc. lower to
lc. higher with sales of 650 bales. April, $1.13 to $1.15;
May, $1.13 to $1.14; June, $1.10 to $1.12; July, $1.11 to
$1.12; Aug., Sept. and Oct., $1.12 and Nov.,$1.11 to $1.12.
On the 6th inst. futures closed lc. lower to 2c. higher with
sales of 1,200 bales. Japanese cables were lower. April and
May ended at $1.13 to $1.14; June, $1.12; July and Aug.,
$1.11 to $1.12; Sept., $1.12 and Oct. and Nov., $1.11 to
31.12. The Silk Association of America reported deliveries
of all sorts of raw silk to American mills during March of
38,934 bales. This is an increase of nearly 4,000 bales over
the best estimate and was 9,000 higher than the average
guess. The increase over February takings was 6,269 bales
but the total was 7,827 behind last year. Imports amounted
to 22,289 bales or 1,088 less than February. Arrivals show
a decrease of 16,577 bales as compared with March, 1932.
Port stocks dropped 16,645 bales under the total in storage
at the end of February, amounting to 43,814 bales and were
18,861 bales below March a year ago. Afloats of Japanese
raw silk of 39,100 bales were 11,000 ahead of February and
11,300 above the total of the same month a year ago. To-day
futures ended lc. lower to 2c. higher with trading rather
active. June sold for $1.12; July and Oct., $1.13. Japanese
cables however were lower. Closing prices: June and July
$1.11 to $1.13; Aug., $1.13; Sept., $1.12; Oct.,$1.12 to $1.13
andlNov., $1.12. Final prices are 1 to 2 points higher for
the_week.
COTTON
Friday Night, April 7 1933.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 55,548 bales, against 71,916 bales last week and
78,838 bales the previous week, making the total receipts
since Aug. 1 1932 7,469,033 bales, against 8,960,134 bales
for the same period of 1932, showing a decrease since Aug. 1
1932 of 1,491,101 bales.
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with •
last year:
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
1.690 1.950 4,6'74 1,444
564 1.203 11.525
Texas City
Houston
-ilO
.
f,gii 3 §5§ 2,igi 1- 658
.
.
1778N4
Corpus Christi
466
284
127
97
113
186 1.273
.
257 2,318 5,682 1,875
210 6,284 16,626
New Orleans_ __
Mobile
119
708 2.120
46
344
233 3.570
Jacksonville ---,
-------------11
11
Savannah
85
82
43
335
198
78
821
Brunswick
--------------------182
182
Charleston
177
567
473
130
312
469 2.128
____
____
____
____
Lake Charles_
---300
300
Wilmington
35
82
3
24
28
51
223
36
Norfolk
33
143
88
31
43
374
Baltimore
WM
Totals this week-
3.957
7,835 16.389
6.734
2.527 18.106 55,548
1932-33.
Receipts to
April 7.
1931-32.
Stock.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
1933.
1932.
Galveston
11,525 1,785.453 10,718 2,182,900 703,828 739,305
Texas City
1,386 222,580 1,854 229,016
46,194
49,525
Houston
17,029 2,545,981
Corpus Christi_..- 1,273 287,995 14,286 3,093,856 1,688,466 1,391,640
625 426,598
70.273
61.247
Beaumont
28.494
25,171
22,447
New Orleans
16,626 1.621.898 54,916 1,757.149 1.004.738 1,078,897
Gulfport
606
Mobile
3,570 268,500 4,295 430,788 127,919 182,441
Pensacola
119.300
60,082
31,198
Jacksonville
11
8.388
84
26,770
9.988
17,029
Savannah
821 130,385 1,646 306,354 155.167 256,864
Brunswick
182
35.878
29,375
Charleston
2.128 142.836 3,494 120,323
51.674 116,639
Lake Charles---300 152,125
461 136,675
72,652
61,357
Wilmington
223
49,595
526
49.226
21.394
18,951
Norfolk
374
47,126
790
62,704
51,795
59.837
N'port News, -------8,689
New York
198,439 205,980
Boston
867
19,490
12,405
Baltimore
100
13,204
104
22,203
2.832
2,893
Philadelphia
77
5,389
Totals
55.548 7.469.033 93.799 8,960,134 4.278.494 4,260,399
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1932-33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28.
Galveston---Houston
New OrleansMobile
Savannah ___ _
Brunswick
CharlestonWihnington- Norfolk
N'port N.,
All others--
11,525
17,029
16,626
3,570
821
182
2,128
223
374
3,070
3.128
2,023
1,883
2,231
2,960
Total this wk_
55,548
93,799
40,426
47,498
48,659
73,019
Since Aug.1
10,718
14,286
54,916
4,295
1,646
3,996
6.205
21,028
2,062
3.342
6,697
9,174
21,038
2,518
3,206
3,394
526
790
487
206
1,077
1,729
777
476
12,167
14,466
9,250
10,058
26,641
13,681
3,999 • 3,448
9,254
3,717
751
853
1,202
2,384
2,041
2,575
7,469.033 8.960.134 8.117.777 7.630.7R0 R 555 553 7.457.761
The exports for the week ending this evening reach a
total of 132,629 bales, of which 12,594 were to Great Britain,
15,071 to France, 29,284 to Germany, 23,161 to Italy, nil
to Russia, 15,938 to Japan and China, and 36,581 to other
destinations. In the corresponding week last year total
exports were 180,934 bales. For the season to date aggregate exports have been 6,187,742 bales, against 6,962,994
bales in the same period of the previous season. Below
are the exports for the week.
Week Ended
April 7 1933.
Great
GerExportsfrom- Britain. Frame. many.
Galveston
Houston
4,027
Texas City
New Orleans
5-Jaa
EzPOrled 10
Italy.
Japan&
Russia. China. Other.
Total.
7,132
Jacksonville..
Pensacola
Savannah
Charleston
-
-
3,612 9,565
____ 7,733 13,272 41,314
5,712 5,300 9596
-___
7,544 45,679
_
619 - -------- ------1,560 2,179
2,2132 18,463
--------3,705 2,985 32,721
200
iiii
2,897
New York
Los Angeles
San Francisco_
___
564
____
____
___-
___25
104
----------------1,000
_
750
no
loo
320
3,781
_ _ __
1,104
78
IrTo
-tal
12,594 15,071 29,284 23,161
...... 15,938 36,581 132,629
Total 1932
Total 1931
21,431 16,348 38,860
2.713 15.711 26.507
____ 51,219 43,958 180,934
____ 25.530 26.514 107.000
From
Aug.1 193210
April I 1933. Great
GerExports from- Britain. France. many.
Galveston__ 200,227 186,379
Houston ___ 216,860290,647
Corp. Christi 33,121 60,601
Texas City39,463 18,052
Beaumont-802
670
El Paso
New Orleans_ 295,325107,447
Lake Charles
8,215 25,782
Mobile
71,779 14,722
Jacksonville.
4,347
____
Pensacola... 21,194
180
Panama City
4,980
____
Savannah
87,375 2,350
Brunswick
10,676
____
Charleston
62,722
__-_
Wilmington
Norfolk
16,958 1,294
Gulfport_ --506
100
New York__1,299
6
Boston
52
Los Angeles_
3,674
263
San Francisco
2,116
____
Seattle
Total
Receipts at-
2451
9,118
9505
Exported to
Japan &
Italy. Russia China. Other.
Total.
218,664 153,771 --- 521,550261,152 1,541,743
413,786 203,941 ___- 391,023304.672 1,820,929
42,309 18,803 ____
80,414 38,761 274,009
49,845 2,901 ____
10,628 21,384 142,253
3,990
263
322
6,047
15,372
15,372
268,344 176,709 ____ 327,226 124,2011,299,262
24,203 10,874 ____
30,623 11,601 111,298
116,872 21,529 .._. 39,430 15,994 280,326
3,197
136 ____
7,600
24
15,804
48,709 2,107 ____
5,366 2,596 80,242
7,036
12,016
54,256 7,228 ____
15,222 5,332 171,763
17,618 --------5,700 1,702 35,696
96,387
--------2,000 9,228 170,337
3,508 20,750
1,600 25,858
6,974
136 .......
229
43 25,634
606
247
300
487
2,339
320 3,195
3.567
11,488
------- 93,316 8,967 117,706
.1
100 ____
32,287
442 34,995
5
435
440
1,081,691 708,493 1,387,481 619,338 -_ _ 1,563,239 827,5006,187,742
Total 1932_ 1,022,362361,679 1,336,38 545,677 ...2915 404781,5896,962,994
Total 1931
957.505887.589 1.479.057 15.911 29 279 1 25n R9A11951 79S A RAIZ 201
'
loNOTE.-Exporfs 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
all the cotton destined to the Dominion comes overland
returns concerning the same from week to week, whileand it is impossible to give
reports from the customs
districts on the Canadian border are always very slow In coming to
hand. In view
however, of the numerous inquiries we are receiving
say that for the month of February the exports to theregarding the matter, we will
have been 9,671 bales. In the corresponding month Dominion the present season
of the preceding season the
exports were 14,433 bales. For the seven months ended Feb. 28
1933 there were
123,488 bales exported, as against 119,483 bales for the seven months of 1931-32.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Financial Chronicle
2452
On Shipboard Not Cleared for
Great
Other CoastGerApris 7 at- Britain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
CharlestonMobile
Norfolk
Other ports *- -
.
Total.
Leaving
Stock.
4,000 16,000 3,000 29,500 674,328
418 20,734 984,004
3,565 8,280
----------200 154,967
200
_
____
_
_
51.674
54
Bii ____ 4:i§g
586 5.6'i§ 122,247
-------------------- -------51,795
2,000 1,000 2
29,10
48,373
000
500
5,000
6.893
1,500
1,578
Total 1933
14,267 4,328 9.765 58,478
Total 1932- 20,786 14,484 13,503 83,136
Total 1931- - 19,488 6,662 11,156 50,248
* Estimated.
4,268 91,106 4,187,388
8,605 140.514 4,119,885
5.607 93,161 3,537,860
COTTON during the week has shown an advancing tendency which has been steady rather than spectacular. Conflicting elements have entered into the situation, but sentiment has been hopeful. The feeling is general that the Administration is determined to help both the farmer and the
Industry as a whole with an open-minded rather than a
dogmatic attitude. Cotton goods have been firm. Speculatively the market has been under the influence of other
commodities rather than a law unto itself. On the 1st inst.
prices closed 10 to 11 points higher, at about the best levels
of the day. Inflation talk was prevalent on the theory
that the Administration favored higher commodity prices
• and in one way or another they would be obtained. Aside
from this most of the day's news was hardly favorable.
Exports for the season to date were given as 680,000 bales
lower than for the same period last year reflecting smaller
exports to Japan and China. The export demand generally
has been light. Manchester was dull and featureless and
there was little activity in Worth Street. Fertilizer tag
sales increased in March. Weather has been more favorable for farm work in the West and spot middling cotton
here was marked up to 6.40c. an increase of 10 points.
Liverpool was quiet and slightly lower.
On the 3rd inst. In the dullest market for some time
prices closed 2 to 4 points lower. Liverpool came somewhat lower than due but our opening was only slightly
lower than Saturday's close. Althougfh trading was in moderate volume all day, fluctuations were unusually narrow.
One private report indicated a probable increase in acreage
of 6.4%. Another agency expected an increase of from
5 to 10%. New Bedford, Mass., reported somewhat stronger
quotations for cloths as was the case with other New
England cotton mills. Activity in that section however
has been much curtailed. Spot cotton here was unchanged.
The weekly trade report of the New York Cotton Exchange
Service said in part as follows: "World consumption of
all kinds of cotton during February totaled approximately
2,002,000 bales as against 2,083,000 in January, 1,933,000
In February last year and 1,830,000 in February two years
ago. During the seven months from August through
February this season, world spinners used 14,037,000 bales
of all kinds as against 13,631,000 in the corresponding
portion of last season and 12,809,000 two seasons ago.
In other words, spinners throughout the world used 406,000
more bales of cotton during the first seven months of this
season than during the same time last season, and 1,228,000
more than two seasons ago. Spinners used 771,000 bales
more of American than last season and 1,715,000 more than
two seasons ago, but they used 365,000 less bales of foreign
than last season, and 487,000 less than two seasons ago.
The above figures bring out clearly the facts that world
cotton consumption has made substantial gains during the
past two years in the face of declining general business
activity, and that world spinners are using an unusually
large proportion of the American staple. World consumption of American cotton in February was smaller than in
January, totaling 1,095,000 bales as against 1,180,000, while
world consumption of foreign growths was slightly larger
than in January, aggregating 907,000 bales as against
903,000. The world stock of all cottons on February 28,
including the unpicked portions of foreign crops, totaled
approximately 26,270,000 bales as against 28,850,000 a year
earlier, and 23,494,000 two years earlier. The total supply
of all cottons for this season was slightly smaller than
for last season, 40,307,000 bales as against 40,481,000 or
174,000 bales smaller, but the higher rate of consumption
this season has reduced the supply more rapidly than last
season, leaving the amount at the end of February 580,000
bales less than a year earlier. American cotton constituted
an unusually large proportion of the world stock of all
cotton on February 28, although it was somewhat less,
both actually and proportionately, than a year earlier.
The American stock at end of February totaled 17,967,000
bales as against 18,428,000 last year, and 13,697,000 two
years ago. On a percentage basis, American cotton was
68.4% of the total world stock of all cotton on February
28 this year, as against 68.6% a year ago, and 58.3% two
years ago. The significance of these relationships lies
in the fact that the relative supply of American cotton
determines to a considerable degree the price of American
cotton versus the prices of foreign growths and hence the
proportionate consumption of American cotton versus foreign growths. The large stock of American, both actually
and relatively, suggests that foreign spinners will continue to be heavy users of the American staple for some
time to come, notwithstanding the tendency to revert to
foreign cottons."
April 8 1933
On the 4th inst. trading continued dull, but there was an
absence of pressure to sell and prices advanced 5 to 6 points.
The disposition is stronger than ever now to await the outcome of farm relief legislation. The trade generally feels
that higher prices will be at least the immediate result of
Its enactment. Textile markets were stronger in this country, but Manchester reported little business. Fertilizer tag
sales in eight States in February amounted to 539,000 tons,
compared with 426,000 tons in February 1932. The total
for four months this year was given as 879,000 tons as
against 741,000 tons for the same period last year and
1,456,000 tons two years ago. Spots in the local market
advanced five points to 6.45 for middling upland.
On the 5th inst. cotton closed 3 to 6 points up in a light
volume of trading. The advance was due more to the influence of other commodity markets than to any intrinsic
change in cotton itself. Liverpool came lower than due, and
for a time sold quite persistently in our market. The South
and New Orleans also sold. Trade demand was better and
prices rallied when the Liverpool selling ended. Worth
Street was more active. The weather yesterday was generally unfavorable. Spot cotton here was marked up five
points to 6.50c., with sales of 352 bales. Total sales in 13
Southern markets were 7,642 bales against 5,141 bales a
year ago. The average price of middling at 10 designated
markets was 6.33c., or 6 points up.
According to the American Cotton Crop Service, "late reports from all sections of the cotton belt indicate farmers
are actively engaged in planting or preparing land for the
1933 crop. The Roosevelt Farm Bill, now pending in Congress, appears to be of little interest to the average cotton
grower. With competitive crops selling at relatively lower
prices, cotton farmers are either planting or preparing to
plant cotton as the main cash crop. Most growers believe
that cotton held in storage will ultimately bring profitable
prices, and, for this reason, loans to tenant farmers are
contingent upon a large acreage planted to cotton."
On the 6th inst. cotton followed the other commodities
upward in a considerably more active market than for several days. Gains were moderate, running from 9 to 10 points,
but closing prices were only a little under the high points.
Liverpool continued to sell in the morning, but stopped later
In the day. Speculative buying was on an increasing sciae,
ewa g tale.
aa
and larger commission house and trade buying
able. The action of the market gave the Impression of
following in the wake of Wheat and corn rather than basing
its advance on any new cotton news of a particularly bullish
character, although textile reports were somewhat better.
Spot middling here was 6.60c., up 10 points from the previous
day. Sales were only 74 bales. The average price for
middling spots in 10 designated Southern markets was 6.42c.,
up nine points. Sales for 13 Southern markets were 10,241
bales, compared with 5,416 bales a year ago. Offerings
from the interior were on a small scale, 'and
the basis
continued strong.
a_day,
s
To-day, after ubstantial advances in the early
trading
of from 6 to 10 points, cotton followed grain
downward later
in the day, and closed one to three points lower.
Liverpool
came lower than due, but a general buying wave
opening of our market ignored this, and during at the
the last
hour of its session, Liverpool advanced sharply.
buying spent itself to a great extent in the Speculative
morning, and
as the grain markets turned weak, profit-taking
became a
decided factor. Manchester reported a better
in cloths and yarns, but Worth Street, after business both
tions at higher prices, withdrew prices forsome transacprint cloths.
The principal reason given was the
uncertainty caused by
th Black Bill pending before Congress,
Increased costs through fewer operating which portended
was dull. Weather news was generallyhours. Spot cotton
bullish. Memphis
wired that planting operations had been
delayed in the
Mississippi Valley by recent excessive
rains. The crop in
that section is getting a late start.
Offerings from the Soutll
were reported as somewhat more
.
plentiful on the recent
advance. Final prices show a rise for
points. Spot cotton ended at 6.60c. for the week of 23 to 26
middling, an advance
from a week ago of 30 points.
The official quotation for middling
upland cotton in the
New York market each day for the past
week has been:
April 1 to April
7-
Middling upland
1933
1932
m1
1930
1929
1928
1927
1926
Sat: Mon. Tues. Wed.
Thurs. Fri.'
6.40 6.40 6.45
6.50 6.60 6.55
NEW YORK QUOTATIONS FOR 32
YEARS.
1925
6.55c.
6.05c.
10.30c.
16.75c.
20.550.
20.30c.
14.40c.
19.30c.
1924
1923
1922
1921
1920
1919
1918
24.60c.
29.75c.
30.00c.
17.95c.
12.00c.
42.60c.
29.05c.
35.70c.
1917
1916
1915
1914
1913
1912
1911
1910
1909
?2:88:: 1907
1908
9.95c.
10.10c.
11..00c..
02 0
5
50
11:00c
87 .
13.40c. 1906
12.60c. 1905
11:28g:
19 190
4 90c
. .
.
10.45c.
1903
15.00c. 11909°42
fros%7WMARKET AND SALES AT NEW
YORK.
Spo Market
Closed.
Saturday...
Monday ___
Tuesday ___
Wednesday_
Thursday __
Friday
Total week_
Since Aug. 1
Futures
Market
Closed.
ulet, 10 pte. adv__ Very steady
ulet, unchanged.. Early steady__
ulet,5 pts. adv.__ Very steady ___
Met,5 pte. adv- Steady
let. 10 pts. adv.- Steady
ulet, 5 pls. dec...... Steady
SALES.
Spot. Contr't. Total.
866
200
352
74
100
-MO
. 200
0
352
1 74
1.126
100 1.226
82,799 197,900 280.699•
Financial Chronicle
Volume 136
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
April 1.
April
Range-ClosingMayRange_ClosingJune
Range__
ClosingJuly
Range__
ClosingAug.
Range..
Closing_
Sept.
Ranges..
Closing
Monday,
April 3.
Tuesday, Wednesday, Thursday.
April 5.
April 4,
April 6.
2453
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out1in
detail below:
Friday,
April 7.
Movement to April 7 1933.
Towns.
6.26- 6.23- 6.29- 6.34- 6.43- 6.416.24- 6.35 6.29- 6.34 6.29- 6.37 6.35- 6.47 6.40- 6.54 6.48- 6.58
6.34- 6.30. 6.32 6.36- 6.41- 6.42 6.50- 6.48- 6.49
6.42- 6.38- 6.44- 6.48- 6.58- 6.55-
Oct.
Range.
Closing
Nov.
Range __
Closing _
Dec.
Range...
Closing_
Jan.(1934)
Range__
Closing..
Feb.Range__
Closing_
March
1. Range-_
0 Closing_
6.41- 6.52 6.46- 6.50 6.46- 6.54 6.51- 6.64 6.56- 6.70 6.63- 6.75
6.50- 6.51 6.47- 6.48 6.53- 6.54 6.56- 6.58 6.66- 6.67 6.63- 6.65
6.60- 6.60 6.70- 6.70- 6.57- 6.54- 6.59- 6.62- 6.70- 6.706.70- 6.72- - 6.90- 6.9(
6.63- 6.61- 6.67- 6.72- 6.80- 6.78.
91
6.61- 6.72 &as_ 6.73 6 66_ 6.75 612_ 6 85 6,77_ 6,92 6 85_ 6.
.
.
6.70- 6.71 6.69- 6.70 6.74- 6.75 6.79- 6.88- 6.89 6.86.
6,77 ___ 6 75 _ 6,80 _ 6.85- 6.95 _ 6,936.75- 6.85 6.79- 6.85 6.80- 6.87 6.85- 6.97 6.89- 7.05 7.00- 7.1
6.85- 6.82- 6.83 6.87- 6.92- 7.02- 7.03 7.00 6.79- 6.90 6.87- 6.91 6.86- 6.93 6.92- 7.01 6.97- 7.12 7.06- 7.1I
6.91- 6.87- 6.93- 6.99- 7.09- 7.07 6.97- 6.94- 7.00- 7.05- 7.15- 7.13 -6.93- 7.04 6.99- 7.05 7.00- 7.07 7.04- 7.17 7.10- 7.23 7.20- 7.2
7.04- 7.02- 7.07- 7.11- 7.13 7.21 - 7.20 -
Range of future prices at New York for week ending
April 7 1933 and since trading began on each option:
Option for
Mar. 1933
April 1933
May 1933
June 1933
July 1933
Aug. 1933._
Sept. 1933_ _
Oct. 1933
Nov. 1933
Dec.11933
Jan. 1934
Feb. 1934
Mar. 1934
Range for Week.
Range Since Beginning of Option.
6.24 April 1 6.58 April 7
6.41
6.60
6.70
6.61
April
April
April
April
1
5
5
1
6.75
6.70
6.90
6.98
April
April
April
April
7
6
7
7
6.75 April 1 7.11 April 7
6.79 Aprll 1 7.15 April 7
6.93 April 1 7.29 April 7
5.53
5.90
5.69
6.02
5.75
6.00
6.07
5.93
6.50
6.30
6.35
6.62
6.84
Dec. 8 1932 9.84
Dee. 2 1932 6.77
June 8 1932 9.93
Nov. 28 1932 6.92
Dec. 8 1932 10.00
Dec. 3 1932 7.06
Dec. 8 1932 7.39
Dec. 8 1932 7.50
Feb. 21 1933 6.78
Feb. 6 1933 7.66
Feb. 6 1933 7.65
Feb. 24 1933 6.63
Mar. 28 1933 7.29
Aug. 29 1932
Nov. 11 1932
Aug. 29 1932
Mar. 16 1933
Aug. 29 1932
Oct. 10 1932
Sept. 30 1932
Mar. 16 1933
Mar.30 1933
Mar. 16 1933
Mar. 16 1933
Feb. 24 1933
April 7 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
April 7Stock at Liverpool
Stock at London
Stock at Manchester
1933.
bales- 744,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1932.
645.000
1931.
918.000
1930.
847,000
110,000
209.000
219,000
129,000
854,000
854.000 1,137.000
976,000
545.000
259,000
25,000
84.000
129.000
328,000
188,000
26,000
92,000
99,000
481,000
302.000
5,000
96,000
68,000
1,042,000
535,000
395.000
13.000
121,000
60,000
733.000 1,124,000
952.000
Total European stocks
1.896.000 1,587,000 2,261.000 1,928,000
India cotton afloat for Europe
53,000 119.000 201.000
38,000
American cotton afloat for Europe 251.000 339,000 245.000 200,000
Egypt,Brazil,&c., afi't for Europe 42,000
73,000
63,000
68.000
Stock in Alexandria, Egypt
509,000 653,000 682.000 533,000
Stock in Bombay, India
811,000 674,000 969,000 1,277,000
Stock in U. S. ports
4,278.494 4,260,399 3,631,021 1.769,883
Stock in U. S. interior towns..
1,839,230 1,812.832 1.264.845 1,066.544
U. S. exports to-day
31,233
12.555
3.976
Total visible supply
9.668.700 9,483,464 9,247.421 7,043,427
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
435.000 294.000 453,000 366.000
Manchester stock
64,000 126,000
93,000
74.000
Continental stock
977,000 680,000 1,011.000 871,000
American afloat for Europe
251,000 339,000 245,000 200,000
U. S. port stocks
4,278,494 4,260,399 3,631,021 1,769,883
U. S. interior stocks
1,839.230 1.812,832 1,264,845 1,066,544
U. S. exports to-day
31,233
12,555
3,976
Total American
East Indian, Brazil, &v.
-Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
7.848.700 7,543,464 6,710,421 4,347,427
309,000 351,000 465.000 481,000
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
55.000
113.000
81.000
119,000 201.000
63,000
68.000
682,000 533.000
969.000 1.277.000
1.820.000 1,940,000 2,537,000 2,696,000
7,848,700 7,543,464 6,710,421 4,347.427
Total visible supply
9,668.700 9,483.464 9,247121 7,043.427
Middling uplands, Liverpool
4.73d,
5.28d.
_
5.59d.
8.76d.
Middling uplands, New York
6.10c.
6.55c.
10.20e.
16.55c.
Egypt,good -akel,
7.80d. 10.00d. 15.00d.
8.07d.
Peruvian, rough good. LiverpoolBroach, fine, Liverpool
4.48d.
4.45d.
4.61d.
9.45d.
Tinnevelly. good. Liverpool
4.61d.
4.92d.
5.30d.
7.80d.
Continental imports for past week have been 97,000 bales.
The above figures for 1933 show a decrease from last
week of 126,830 bales, a gain of 185,236 over 1932, an
Increase of 421,279 bales over 1931,!and aligainfpf 2,625,273
bales over 1930.
AT THE INTERIOR TOWNS the movement-thacis;
the receipts for the week and since Aug. 1, the shipments for
Receipts.
Ship- Stocks
mous. April
Week.
7.
Week. Season.
Ala.,Birming'm
279 36,607
Eufaula
289
8,174
Montgomery.
240 39,264
Selma
160 55,881
Ark.,Blytheville
344 184,869
Forest City
5 23,026
Helena
288 77,025
Hope
201
51,330
Jonesboro..
131
19,804
Little Rock
538 134.913
Newport
100 48,963
Pine Bluff
782 117,639
Walnut Ridge
79 65,291
Ga., Albany
____
1,37
Athens
75 24,49
Atlanta
1,309 222,886
Augusta _ __ _ 2,719 112,252
Columbus
1,830
18,800
Macon
26
18,532
Rome
85
11,921
La., Shreveport
243
73,687
Miss, Clarksdale
524 123,978
Columbus
128
15,364
Greenwood_
466 128,871
Jackson
77
34,779
Natchez
56
8,172
Vicksburg
104
34,260
Yazoo City
____
32,027
Mo., St. Louis- 4,325 129,804
N.C.Greensb'ro
25 26,974
Oklahoma15 towns*_
1,273 707,445
S.C., Greenville 2,165 123,936
Tenn.,Memphis 25,0921,731,222
Texas, Abilene396 83,681
49 22,015
Austin
Brenham._33 16,341
671 91,868
Dallas
Pails
263 52,192
6,462
Robstown
14
65 10,865
San Antonio,.
Texarkana
513 44,393
Waco
180 71,799
Movement to April 8 1932.
Receipts.
Week, Season,
652 8,290
383
337 6,715
20
661 54,867
188
437 48,143
125
1,651 43,801
271
332 15,815
301
920 37,061 1,119
1,564 18,586
40
37 3,160
40
4,861 58,437 4,878
800 11,910
127
1,827 46,560 2,327,
369 7,860
78
___
..___I
3,166
455 49,795
400
2.981267.880
504
2,297106,722
750
200
1,550 22,009
1371
74 40,404
100 13,972
205
651
1,486 65,601
2,507 44,407 1,262
663
626 12,063
2,008 73,255
645,
____1
510 26,059
20 5,754
14
568 12,185
_-__
283 16,015
20
4,325
177 2,346
1,545 23,155
172
1Ship- Stocks
merits. April;
Week.
8. 4
72,008
12,342
38,408
85,540
119,294
33,491
76,420
59,307,
20,998
179,047,
48,368
170,994
46,999
5.294
33,019.
76,6441
176,5971
57,4871
31,333
13,869
110,679
194,7651
22,069,
169,087i
25,652
12,3311
40,952
47,137
125,417
18,806
134 28,891
547 7,280.
1,466 59,219.
2,302 65,791
3,993 46,369
478 18,584
1,389 44,949
234 14,444
1,077 3,119
6,248 64,053
2,029 16,823
3,907 56,774.
685 8.754
___ 4,271
200 41,135
334 166,388
3,318 118,510
716 25,500
5 37.925.
150 10.818
1,375 84.779
1,563 92,788
1,318 11.601
2,822 87.974
___- 28.785
58 5,690
109 13,934
459 20,958
2,346 1,151
185 20,702
5,223 88,374 1,521 613.939 3,891 54,841
.
3,837 99,469 2,610 147,898 2,818 80,82?
31,877451,424 35,388 1,863,880 40,923399,146
444 1,051
39 55,210
113
389
227 3,147
42 28,097
---- 2,865
182 8,926
90
19,826
365 6,035
1,323 21,440
274 142,016
914 24,632
1,177 10,081
316 97,056 1,076 9,378
2
317
1
31,128
120
830
7
425
61
17,848
169
922
596 18,559
282 64,057
844 12,998
367 12,193
143 81,023 1,525 12,016
m.-...1 AR Moyne OR nszn4 R4R 178 81.0451839230 58.6335.288.323 92.0051812832
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 35,010 bales and are to-night
26,398 bales more than at the same period last year. The
receipts at all towns have been 12,253 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-1932-33Since
Week. Aug. 1.
4,325 130,416
4,080
400
225
14,007
3,876 118,054
3,993 282.803
-1931-32---SinceWeek. Aug. 1.
2,346 130.673
23,889
105
463
7,672.
e5§
3,201 132.843.
5,250 348,274
12,419
549,760
11,540
643,819
100
243
2,470
13,671
8,032
127,424
104
289
4,348
23.403
9,627
180,793
2,813
149.127
4,741
213,828.
Leaving total net overland*
9,606 400,633
* Including movement by rail to Canada.
6.799
429,091
April 7ShippedVia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
Total to be deducted
The foregoing shows the week's net overland movement
this year has been 9,606 bales, against 6,799 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago.
of 29,358 bales.
-1932-33
-1931-32/n Sight and Spinners'
Since
Since
Week.
Takings.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to April 7
55,548 7,469,033 93.799 8,960.134
Net overland to April 7
9,606
400,633
429,991
6.799
Southern consumption to April 7.. 98,000 3.501.000 100,000 3,280,000.
Total marketed
163,154 11,370.666 200.598 12,670.125.
Interior stocks in excess
*35,010
439.528 *34,523 1.022.605
Excess of Southern mill takings
over consumption to March 1
-196,973
646.858.
Came into sight during week-.128,144
166.075 '
Total in sight April 7
12,007,167
---- 14.339.588
North.spinn's's takings to April 7 14,543
769.099682.687 19.031
• Decrease.
.
Movement into sight in previous years:
Week1931-Apr. 10
1930
-Apr. 11
1929
-Apr. 12
Bales. Since Aug.189.54211930
138.205 1929
153,656 1928
Bales.
12.757.929.
13.619,575
14.291.241
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton,
markets for each day of the week:
Week Ended
April 7.
Galveston
New Orleans..- _
Mobile
Savannah
Norfolk
Montgomery_
Augusta
Memphis
Houston
Little Rock
Dallas
Port Worth
Closing Quotations for Middling Cotton on
Saturday Monday. Tuesday, Wedday. Thursd'y. Friday.
6.25
6.33
6.20
6.29
6.39
6.20
6.54
6.25
6.25
6.10
5.95
5.95
6.25
6.26
6.15
6.26
6.36
6.15
6.51
6.20
6.20
6.06
5.90
5.90
6.30
6.33
6.20
6.31
6.41
6.20
6.56
6.25
6.25
6.12
5.95
5.95
6.35
6.38
6.25
6.37
6.47
6.30
6.62
6.30
6.30
6.16
6.00
6.00
6.45
6.47
6.35
6.45
6.55
6.40
6.70
6.40
6.40
6.25
6.10
6.10
6.45
6.47
6.35
6.49
6.55
6.35
6.69
6.40
6.40
6.25
6.10
6.10
Financial Chronicle
2454
NEW ORLEANS CONTRACT MARKET.-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Apr.(1933)
May
June
July
August_ _ _
September
October _
November
December..
Jan.(1934)
February _
March.Tone
Spot
Tuesday, Wednesday, Thursday,
April 5,
April 6.
April 4,
Monday,
April 3,
Friday,
April 7.
1932
-33.
April 6.
Receipts at
-
6.32- 6.33 6.26- 6.28 6.33 Bid. 6.38- 6.47- 6.45- 6.46
6.49- 6.43- 6.50- 6.51 6.54- 6.63- 6.60- 6.61
6.70- 6.71 6.64- 6.66 6.71- 6.75- 6.76 6.85- 6.86 6.82- 6.83
6.83- 6.84 6.78- 6.84- 6.88- 6.99- 7.00 6.966.89 Bid. 6.84 Bld. 6.90- 6.94 Bid. 7.05 Bid. 7.02 bid
6.98 Bld. 6.96 Bid. 7.03 Bid. 7.08 Bid. 7.19 Bid. 7.17 Bid
Steady.
Steady,
Steady.
Steady.
Steady.
Steady
Rfaady
'P.m
Rtaado
Rta.dv.
RtPRAO.
RAMO WO
nntInna
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the central cotton
belt is still too wet for field work in most parts, and this
work has been inactive. In Louisiana, western Arkansas,
Oklahoma and Texas progress has been fairly good. In
southern Texas planting has made good progress.
-The river is 38 feet and rising. PrepMemphis, Tenn.
arations for planting have been delayed by wet weather.
Galveston, Tex
Abilene, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
New Orleans, La
Shreveport, La
Mobile, Ala
Savannah, Ga
Charlotte, N. C
Memphis, Tenn
Rain. Rainfall.
1 day 0.39 in. high 80
dry
high 88
1 day 0.40 in. high 90
1 day 0.26 in. high 84
1 day 0.04 in. high 80
1 day 0.04 in. high 84
1 day 0.40 in. high 82
1 day 0.18 in. high 80
1 day 0.16 in. high 84
3 days 3.01 in. high _
3 days 0.70 in. high 80
2 days 1.08 in. high 82
4 days 0.58 in. high 83
3 days 0.47 in. high 75
4 days 3.85 in. high 73
Thermometer
low 58 mean 69
low 38 mean 63
low 60 mean 75
low 58 mean 71
low 44 mean 62
low 48 mean 66
low 52 mean 70
low 46 mean 63
low 50 mean 67
low __ mean 71
low 50 mean 65
low 53 mean 68
low 48 mean 66
low 44 mean 62
low 47 mean 58
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg__
April 7 1933. April 8 1932.
Feet.
Feet.
13.2
11.8
Above zero of gauge..
Above zero of gauge38.0
30.7
17.5
Above zero of gauge..
15.4
17.6
Above zero of gauge_
14.3
40.1
35.7
_______ Above zero of gauge-
hiMCEIPTS11FROM IITHE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do .not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
1932. 1 1931.
1932.
1931. I 1933.
1932.
1
194.020353.609 115,5702.169.3302.206,968 1.750.859 349,976343,014
13._ 168.774274.657 106.8052.167.2432,398.054 1,725.164 166.687 265.743
20._ 188.072 241.478 80,428 2.165,999 2,175,407 1.696,148 186,828 218.831
27__ 198,981,280,4421115,04512,138,401 2,158,461 1.658.372,171,383 263.496
I
Feb.
1
182.110 223.6451105.95312,118.211 2,123,944 1,627,318 161,920189.128
10._ 121.163 24C,848 106,106 2,084,026,2,102,990 1,588,762 86,978 228,894
17... 102,180 175,417,113,438 2,648,0632.080,961 1.556.997 66,517153.388
24... 122.954 161,669,119,3622.011,66612.032,312 1,514,682 89,557 113.020
1
1
Mar.
101 012 184.065 118,571 1.977,74,1,997.909 1.461,838 64,142 149,662
10._ 7:6,119 158,7011 93,477 1,9 s4,139 1,981,116 1,420.753 58,162 121.908
17_ 48,554[125.715 68,1391,932,.t 11,908.5101.379.376 11,666 73,109
78.838130,965 61,736 1.903,091 1,872.8781,349,018 49,682 95.336
M.. 71,916 115,5871 53,101 1,871,180 1.847,155 1,312,856, 43,003 89,864
Apr.
11A 7-- 55.548 93,799 40,426 1,839,230 1,812,832 1,264.815 20,358 59.476
89,34.8
81,110
51,412
77.269
74,897
67.552
81.673
77,017
65,725
41.083
26.762
31,378
16,939
- - RLD'S SUPPLY AND TAKINGS OF COTTON.
13076
1932-33.
Week.
Season.
1931-32.
Week.
Season.
9,795,530
9,623,308
Visible supply March 31
6,892,094
7,791,048
Visible supply Aug. 1
128,144 12.007.167
166,075 14,339,588
American in sight to April 7
56,000 1,320,000
68,000 1,750,000
Bombay receipts to April 6..
6,000
311,000
17,000
278,000
Other India ship'ts to Apr. 6..
11,000
864,000
Alexandria receipts to Apr. 5_
25,000 1.303,000
'
6,000
402.000
422,000
8,000
Other supply to April 64 5._ _
le
10,017,674 23,155,215 9,895,383 24,554,682
Total supply
Deduct
9,668,700 9,668,700 9,483,464 9.483,464
supply April 7
Visible
348.974 13,486,515
411,919 15,071,218
Total takings to April 7-a
255.974 10,057,515
309,919 11,312,218
Of which American
93,000 3,429,000
102.000 3.759.000
Of which other
Brazil, Smyrna, West Indies, &c.
* Embraces receipts in Europe from the total estimated
embracesfsince Aug. 1
consumption by
a This total
Southern mills, 3,501,000ibales in 1932-33 and 3,280,000 bales in 1931-32
takings not beingiavailable-and the aggregate amounts taken:by Northern
bales ini11932-33 and 11,791,2181bales in
and foreign spinners, 9,976,5151 and 8,032,2181bales American.
1931-32, of which 6,547,515 bales
_.
b Estimated.
Week.
Since
Aug. 1.
68,00011,750,000 56,000 1,320,000 64.00012,538.000
Bombay
For the Week.
Exports
from
-
Since Aug. 1.
Great
Great Conti- Japan&
Britain. nent. China.' Total. Britain.
Bombay
1932
-33__
1931-32.._
1930-31__
Other India
1932
-331931-32__
1930-31_ _
Total all
1932-33__
1931-32__
1930-31.._
4;666
8;665
Conti- Japan &
nent.
China. I Total.
4,000 27,0001 31.000 29,000 200,000 751,0001 980,000
4,000 9,000 13,000 15,000 111,000 700,000 826,000
20,000 44,000 73,000 104,000 537.000 1,421,0002,062,000
6,000 71,000 270,000
17,000 77,000 201,000
23,000 106,000 351,000
6,000
9,000
23,000
341,000
278,000
457.000
10,000 27,000 37,000 100.000 470,000 751,0001,321,000
13,000 9,000 30.000 92,000 312,000 700,000 1,104,000
9,000 43,000 44,000 96,000 210,000 888,000 1.421,0002,519,000
8;666
According to the foregoing, Bombay appears to show an
increase compared with last year.in the week's receipts of
12,000 bales. Exportsfrom all India ports record an increase
of 7,000 bales during the week, and since Aug. 1 show an
increase of 217,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Egypt. The following are the receipts and
Alexandria,
shipments for the past week and for the corresponding week
of the previous two years:
1932-33.
Receipts (Cantors)
This week
Since Aug. 1
1931-32.
1930-31.
70,000
4,406,541
Alexandria. Egypt,
April 5.
125,000
6,274,569
90,000
6,204,375
This Since
This Since
This Since
Week. Aug. 1. Week Aug. 1. Week. Aug. 1.
Export (Bales)
-
109,110
To Liverpool
5,000 87,089
To Manchester, &c
To Continent and India.. 9,000 355,550
27.736
ToAmerica
6,000 168,035
6,000 128,890
11,000 452,268
5.000 24,430
6,000 104,840
6,000 95,540
10,000 425,756
3,000 14,115
14.000 579,485 28,000 773,623 25,000 640,251
Total exports
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending April 5 were
70,000 cantars and the foreign shipments 14,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for yarn and
cloth is poor. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1933.
1931.
111,The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 7,835,252 bales;
in 1931-32 were 9,911,138 bales and in 1930-31 were 8,806,214
bales. (2) That, although the receipts at the outports the
past week were 55,548 bales, the actual movement from
plantations was 20,538 bales, stock at interior towns
having decreased 35,010 bales during the week. Last year
receipts from the plantations for the week were 59,476
bales and for 1931 they were nil bales.
1.....
Week.
1930-31.
Since
Aug. 1.
Stocks at bUerior Towns. 'Receiptsfront Plantations
1933.
Ian.
Cotton Takings,
Week and Season.
Week.
1931-32.
Since
Aug. 1.
32s Cop
Twist.
d.
1932.
831 Lie. Shirt- Cotton
(nos, Common Middrg
UpPds.
to Finest.
d.
d.
83
83
83
53
86
86
86
86
5.33
5.30
5.25
5.15
834(81031
8%010%
1(410x
83
.
8340103i
83
83
88
83
@86
@86
08 6
08 6
4.94
6.09
4.96
4.95
834010yi
834(81034
9 @1(134
9 010;i
83
83
83
83
83
@86
@ 86
@86
@86
@86
4.79
5.17
5.26
5.13
5.15
9 010%
834(81031
834@1034
834(810
834(8 9%
1
83 @ 8 6
5.28
8%
0
s. d.
s. d.
Fan.
834(6)10H
8%(g10
20.
@ 9%
4334@ 9%
Feb.834(4) 9%
BA@ 934
814@ 9%
8110 9%
March9M
@ 9%
8%0 9%
8%0 9%
8%0 9%
April
834(8 9%
32s Cop
Twist.
831 Lt's. Shirt- Cotton
ing:, Common Afickfrg
to Finest.
Cords.
S. d.
9%
1
s. d.
0 00000 0000 COOS
Saturday,
April 1.
April 8 1933
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
d.
4
4
4
4
6.33
6.41
6.52
5.58
4
4
4
4
6.637
5.59
5.95
5.79
4
3
3
3
3
5.78
5.51
5.31
5.15
4.81
3
4.73
-As shown on a previous page, the
Fill SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 132,629 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
-Mar. 28
-San Pedro, 856.. Mar. 31
HOUSTON-To Havre
-West Moreland, 3,176
Toronto, 1,103_ _April 4
To Bremen-Mar.31-1(elkheirn, 4,796
To Hamburg-Mar.31-Kelkheim, 504
To Malaga-Mar. 30-Aldecoa, 86
To Barcelona-Mar.30-Aldecoa, 3,859_ _ _April 3-Sapinero,
2,522
To Genoa-April 1-Monflore,4,906
To Naples-April 1-Monflore,589
To Dunkirk-Mar. 31-Toronto, 567
-Mar. 31-Toronto, 1,169_ _ _April 4
To Ghent
-West Moreland, 1,303
-Mar.31-Giulia, 3,317
To Venice
To Trieste
-Mar. 31-Giulia, 784
To Japan-April 1-Cingalese Prince,2,300
To China-April 1-Cingalese Prince, 1,200
To Guayaquil-April 1-Tillie Lykes. 133
To Lisbon-Apr114-0gontz, 121
To Leixoes-April 4-0gontz, 452
To Oporto-April 4-0gontz,1,160
To BlIbao-April 4-0gontz, 172
To Oslo-April 3-Tortugas, 250
To Gothenburg-April 3
-Tortugas, 1,425
-Tortugas, 899
To Copenhagen-April 3
To Mantyluoto--Aprll 3
-Tortugas, 1,900
-Tortugas, 643
To Gydnla-April 3
-West Moreland, 1,450
To Rotterdam-April 4
-West Harshaw, 1,799
To Liverpool-April 5
-West Harshaw, 2.228
To Manchester-April 5
SAVANNAH-To Gdynia-Mar. 31-Tugela, 100
WILMINGTON-To Genoa-April 1-Monrosa, 1,750
To Naples
-April 1-Monrosa, 1,500
Bales.
5,145
4,796
504
86
6,381
4,906
589
567
2,472
3,317
784
2,300
1,200
133
121
452
1,160
172
250
1.425
899
1,900
643
1,450
1.799
2,228
100
1,750
1,500
Bales.
3,118
-Nubian, 3,118
-Mar. 29
-To Liverpool
NEW ORLEANS
2,248
--Nubian, 2,248
Manchester-Mar. 29
To
75
To Maracaibo-April 1-Lorentz W. Hanson, 75
To Havre-April 1-San Pedro, 1,552_ Mar. 31-City of 1,769
Joliet, 217
433
To Dunkirk-April 1-San Pedro,433
335
-A ril 1-San Pedro, 335
To Antwerp
25
To Colon-Apr 5-Contessa, 25
11,545
To Bremen-Mar.31-Waban, 11,545
31-Waban, 500_ __Mar. 31-Frankfurt,
To Hamburg-Mar.
936
436
675
To Rotterdam-Mar.31-Waban, 100_ _ _City of Joliet, 575
100
To India-April 1-Silverwillow, 100
1,175
-Mar. 31-City of Joliet, 1,175
To Ghent
5,982
Bremen-Mar. 31-Frankfurt, 5,982
To
325
-Mar.31-Frankfurt, 325
To Oporto
125
To Riga-Mar.31-Frankfurt, 125
3,605
To Japan-April 3-Skramstad, 3.605
100
To China-April3-Skramstad, 100
100
To San Felipe-April 2-Atenas, 100
50
To San Salvador-April 2-Atenas. 50
450
CHARLESTON-To Liverpool-April 1-Delllian, 450
2,447
2,447
-April 1-Delilian,
To Manchester
258
To Antwerp-April 5-Kirkpool, 258
62
To Rotterdam-April5-Kirkpool,62
564
To Hamburg-April 5-Kirkpool, 564
-West Moreland, 2,549;
GALVESTON-To Havre-Mar. 31
5,280
-Toronto, 2,062
Phoenicia, 669_ - _April 3
To Dunkirk-Mar.31-West Moreland, 48; Phoenicia, 571W
1,852
April3-Toronto, 1,233
To Ghent
-Mar.31-West Moreland, 1,057; Phoenicia, 196
1,603
April 3
-Toronto,350
-West Moreland,50;Phoenicia, 1.200..To Antwerp
-Mar.31
1,300
April 3
-Toronto,50
124
To Rotterdam-Mar.31-West Moreland, 124
50
To Oslo-April 5
-Tortugas, 50
6,107
To Genoa-Mar. 31-Monfiore, 3,389; Tripp, 2,718
200
To Copenhagen-April 5
-Tortugas. 200
711
To Naples
-Mar. 31-Monfiore, 511; Tripp, 200
251
To Gothenburg-April 5
-Tortugas, 251
To Japan-Mar. 31-Hakubasan Maru, 2,800-April 33,700
Cingalese Prince,900
345
To Gyeinia-April 5
-Tortugas, 345
To Bremen-Mar,31-Kelkheim,3,612
3,612
-Giulia,
To Barcelona-Mar. 31-Sapinero, 2,619_ _ _April 3
7,813
5,194
To India-Mar.31-City of Lincoln, 400
400
1,601
To Venice
-April 3
-Giulia, 1,601
1,146
To Trieste-April 3
-Giulia, 1,146
To Lisbon-April 1-0gontz,204
204
To Oporto-April 1-0gontz, 504
504
200
To Passages
-April 1-0gontz, 200
278
To Bilbao-April 1-0gontz, 278
4,033
To China-April 3-Cingalese Prince. 4.033
104
SAN FRANCISCO
-To Great Britain,(7) 104
1,000
To China, (7) 1,000
750
PENSACOLA-To Genoa-April 3-Monstella, 750
25
LOS ANGELES
-To Dunkirk-April 1-Oregon, 25
0
ikTo Janpan-April 1-President, 700_ _ _April 2-Nankat Maru,
800
619
TEXAS CITY
-To Bremen-Mar.31-Kelkheim,619
420
To Barcelona-Mar. 31-Sapinero, 420
265
To Oporto-April 1-0gontz,265
175
To Passages-April 1-0gontz, 175
375
To Copenhagen-April 5
-Tortugas, 375
325
To Gothenburg-April5
-Tortugas,325
-To Bremen-Mar. 26-Kelkheim, 455 WeiLAKE CHARLES
648
gand,193
78
NEW YORK
-To Bremen-April 5
-Dresden,78
200
JACKSONVILLE-To Liverpool
-Mar. 30-Delillan, 200
Total
132,629
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Liverpool .45c. .60o.
Trieste
Manchester.45o. .60o.
Flume
Antwerp .36c. .500.
Barcelona
Havre
.27o. .40o.
Japan
Rotterdam .35c.
.50o. Shangba
Genoa
Bombayz
.40c. .55c.
Bremen
Oslo
.46c. .61o.
Stockholm .42o. .57e.
Hamburg
•Rate is open. z Only small lots.
High StandDensity. era.
.50c. .650.
.500. .650.
.350. .500.
•
•
•
•
.400. .55c.
.35c. .500.
.350.
High StandDensity. era.
Piraeus
.75o.
Saionica .75c. .900.
Venice
.500. .650.
Copenh'gen.380. .530.
Naples
.400. .550.
Leghorn .40o. .550.
Gothenberg.420. .57e:
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks,&c., at that port:
Mar. 17. Mar. 24. Mar. 31.
51,000
45,000
53.000
767,000 769,000 761,000
451,000 455,000 450,000
53,000
43.000
30,000
32,000
23,000
12,000
128,000 107,000
82,000
51,000
66,000
35.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Apr. 7.
52,000
744.000
435,000
51,000
17,000
58,000
30,000
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.
Quiet
and
More
unchanged demand.
Market,A fair
business
12:15 { Quiet,
doing,
P.M.
Quiet.
Friday.
A fair
business
doing.
5.I88.
5.16d.
5.22d.
5.16d.
5.06d.
5.288.
Steady at
Futures. Quiet but Steady, Steady, up- Quiet, up- Steady. 1 to 3 pts.
(
steady,2 to 6 to 8 pts. changed to changed to 1 to 3 pts, advance.
Market
opened 4 pts. dec. advance. 2 pts. dec. 1 pt. adv. advance.
MId.Upl'cis
Steady, Quiet but Steady, Very st'dy, Very st'dy
Market I Steady,
at 4 pts.
3 to 4 pis. 7 to 9 pts. sedy, 1 pt. 2 to 4 pts. Opts.
4
advance. adv.: 1 pt. advance, advance, advance.
decline,
P. M.
decline.
Prices of futures at Liverpool for each day are given below:
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.15 12.30 12.15 4.0012.15 4.00 12.14 4.1112.15 4.0012,15 4.00
p. m p. m.p. m.p. m.p. m.p. m.p. m.p. m p. m.p. m.p. m.p. m.
d.
d.
New Contract, d.
May (1933) -------4.85 4.92
4.86 4.92
July
4.89 4.95
October
January (1934).._ .... 4.93 4.99
4.96 5.03
March
4.99..May
5.02 ....
July
5.05..October
5.09.. __
December
January (1935) __ - 5.10,- _
March
d. d,
4.93 4.92
4.93 4.93
4.97 4.96
5.01 5.00
5.05 5.04
5.07- -5.10.....5.15.. __
5.17....
5.18....
d.
4.93
4.94
4.97
5.01
5.05
5.0
6.09
5.12
5.16
5.17
gaTigi00:
,
0“1.•
April 1
to
April 7.
2455
Financial Chronicle
Volume 136
d.
5.04
5.05
5.09
5.13
5.17
d.
5.08
5.09
5.13
5.17
5.21
5.22 ---5.13- 5.16__ __ 5.25 -_
6.20..- 5.29 ..-5.21.,. _ 6.30 --5.24_ -- 5.33 ____
5.26
5.29
5.33
5.34
5.37
d.
4.95
4.96
5.00
5.04
5.08
d.
4.98
4.98
5.02
5.06
5.10
d.
5.04
5.05
5.09
5.13
5.17
BREADSTUFFS
Friday Night, April 7 1933.
-On the 3rd inst. mill representatives in New
FLOUR.
York quoted their offerings 5 to 10c. higher following the
recent advance in wheat. Actual business continued on a
small scale. More interest was shown, but bids continued
to be well under the market. As the price of grains advanced on the various exchanges flour followed. On the
5th inst. white flour moved upward from 5 to 10c. a barrel.
Rye flour was quoted 15c. higher, and family flour advanced
15c. per barrel to 5.60@6.30. Semolina was unchanged.
On the 6th inst. the flour market was strong, with a 10c.
advance in Semolinas. Standard Bakers' white flour was
generally Sc. a barrel more.
-The week has been one of the most spectacular
WHEAT.
in many months. New high prices for the season have been
set almost daily, and securities, cotton and many other commodities have very largely been under the influence of wheat
and other grains. Possible inflation has been one of the
reasons for the tremendous increase in speculative interest,
but latterly wheat has been strong on its own merits. Crop
news has been bad and demand for all grains has increased
materially with the legalization of beer. On the 1st inst.
the upward swing continued, with closing prices % to %c.
above those of Friday. Strong cash buying was in evidence.
Wheat stocks have been steadily decreasing in the United
States, while the volume of export from the Argentine and
Australia is on the decline. Reports from the South and
Southwest continue unfavorable. The holdings of the Federal Farm Board futures have been steadily. decreasing;
•its cash wheat having been disposed of some time ago.
On the 3rd inst. all grains advanced in active trading.
Wheat closed 1% to 1%c. up. The May delivery sold at
the best price since last October, with the exception of
March 17 of this year. Outside speculation broadened and
lagging stock and cotton markets were ignored. Cash offerings were relatively small on the theory that pre-war prices
for wheat would eventually obtain. This feeling has had a
marked effect on offerings. One crop expert placed the
April 1 condition of winter wheat at 59.6%, with the condition of 61.1% the lowest known heretofore. Private estimates of winter wheat averaged 371,000,000 bushels. If this
figure materializes the present crop will be the smallest
since 1904. The spring wheat area in the Canadian Northwest is also expected to decrease about 3% from last year.
Leading professionals were credited with heavier buying
than for some time past. On the 4th inst. cash wheat sold
at the highest price in nearly a year. Trading in futures
slackened, and prices were % to %c. lower at the close in
contrast to the action of most of the coarse grains. American wheat and flour exports amounted to 207,000 bushels
last week. Exports for the year to date were given as
75,000,000 bushels less than a year ago. On the 5th inst.
all grains advanced, and a new high was established fir
September wheat. At its top price the best figure was
reached since Oct. 6. No. 2 +hard winter sold at 58c. a
bushel. In spite of considerable profit-taking and selling
/
on offers the close was 1% to 114c. higher. The open
interest in the May wheat contract was down to 47,000,000
bushels. At the close the price of all grains was approaching those prevailing at the same time last year, and May
rye was %c. above it.
On the 6th inst. the biggest bull market seen on the Chicago Board of Trade in several years occurred. Scenes in
the wheat and corn pits were reminiscent of 1929. After
advances amounting in the case of September to 1%c.,
prices declined on profit-taking, so that the closing showed a
net gain of 1 to 1%c. Trade in July wheat was particularly
heavy. Inflation talk overshadowed crop news, although
unfavorable reports on the winter wheat condition were
steadily received. Estimates on the yield in Kansas were
from 50 to 75 million bushels, with no rain in the dry
areas reported overnight. No. 2 red sold at 63c. a bushel,
the highest price for over a year. Primary receipts were
501,000 bushels against 517,000 bushels last week and 351,000
bushels last year. Shipments were 416,000, 419,000 and
480,000 bushels, respectively. A membership in the Chicago
Board of Trade sold at $7,000, or an advance of $2,000 over
the last sale.
To-day there was a rush of profit-taking after a higher
opening that carried prices sharply downward. A wideopen break in corn gave impetus to the decline. Good buying support came into the market sfhortly after, however.
and the close was only % to 1
4c. lower. At one time
during the day September contracts reached a new high for
the season. Although speculative enthusiasm was somewhat sobered, grain continued to be the outstanding speculative medium. Final prices are 2% to 31
4c. higher than a
week ago.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues, Wed, Thurs. Fri.
No. 2 red
763( 77% 77% 78% 803( 8034
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
May
543( 55ri 55%58% 57% 5734
July
54% 56
56% 5734 58H 58%
September
58% 59% 59%
55% 57
57
Season's High ana When Made.
Season's Low and When Made.
65
May
Dec. 28 1932
Aug. 10 1932 May
4334
July
603.4
Oct. 4 1932 July
4334
Dec. 28 1932
September
6034
Apr. 7 1933 September
4634
Jan. 3 1933
2456
Pinancial Chronicle
DAILY CLOSING PItI0E8 OR WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
51% 51% 51%
50% 50
50
July
52%
51% 51% 51 7 52% 53
October
53% 53% 53% 54% 54% 54%
INDIAN CORN has been a dominant figure in an historic
week in American grain markets. It has shown independent
strength with an increased speculative following. The recovery to-day, which made up over two-thirds of a loss of
over 3c. in the early trading, showed the inherent strength
of its technical position. On the 1st inst. closing prices
were % to 73c. higher than the previous day. The May
/
delivery sold at 30%c., the highest price seen this year, and
71 c. above the season's low point. More public participa,
tion was in evidence. On the 3rd inst. trade showed a broadening tendency, with some strong professional buying. The
close was from 1% to 1%c. higher. September sold at a
new high level for the season, and May at the best price
since November. World corn clearances were only 3,693,000
bushels. This was a gain of 160,000 bushels over the week
before, but a decline of 4,300,000 bushels from a year ago.
On the 4th inst. caSh corn sold at the highest price since
April 1932. Since March 3 the advance in this commodity
has been 10 to 12c. a bushel. The gain in white corn has
been conspicuous because of the demand from millers and
brewers. No. 2 white sold at 35
/
3
4c. Futures closed from
% to %c. higher, with a much broader speculative demand.
On the 5th inst. corn resumed its upward swing, and closed
% to %e. higher. Commission house buying was persistent,
country offerings were small, and speculative interest increased. Toward the close profit-taking and selling on
offers checked the advance, but it was apparent that soldout bulls were waiting for a decline to buy again. The May
delivery sold at the best price since October, and white
corn sold at 36%c., or more than Sc. over May. On the 6th
Inst. the corn market was even more active than on the
previous day, and was the broadest of the year so far.
Profit-taking toward the close drove prices down from the
high points of the day, but the close was from % to 114c.
/
higher. Prices for all contracts were at new highs for
season. One hundred and fifty thousand bushels of cash
the
corn sold 'at a premium of 1% to 2c. over May.
To-day selling of corn unsettled the grain market, which,
in turn, had a decided effect on the markets for securities
as well as commodities. After a fairly strong opening,
profit-taking on a large scale appeared, and stop-loss orders
were caught. Before the selling wave was checked prices
had .broken 314c. The recovery was almost as rapid and
/
showed the strength of the technical position. The close
was % to Thc. lower than that of Thursday, but was from
1% to 2c. above the low points of the day. Final prices
are 1 to 2c. higher than a week ago.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
47% 48% 49% 49% 50% 49
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
33q 32% 32% 33
31
30
May
33%
32
34% 35
July
35
35%
337 35
September
35% 36% 37% 37
Season's High and When Made. IS Season's Low and When Made.
Feb. 28 1933
23%
Aug. 8 1932 May
May
41
Feb. 28 1933
25
Apr. 6 1933 July
July
36
26%
Feb. 28 1933
Apr. 6 1933 September
September
38
OATS during the past week have given an excellent account of themselves in the prevailing bull market for commodities, and have only recently shown a disposition to
follow corn rather than to act independently. On the 1st
Inst. oats continued strong with the other coarse grains,
closing % to %c. higher. The effect of the Southwestern
drouth was feared, the increased movement of cash oats
found more ready buyers, and speculative commitments on
the long side were more in evidence. On the 3rd inst. speculation in oats broadened, and prices advanced % to %c.
July and September deliveries sold at new high prices for
the season. On the 4th inst. July and September oats sold
at new high figures for those options, and much more
activity was reported in oats on the Chicago Board of Trade.
Prices closed generally % to I/ c. higher at about the highest
4
price of the day. Cash oats sold at the best price since
July 1932.
On the 5th inst., with speculative interest the largest for
some time past, prices closed % to %c. up. Too much
moisture, with continued wet weather east of the Mississippi
River has delayed seeding. There was excellent buying of
cash oats. In the broadest trading of the year oats sold
through their previous highs, and 'although there was a
reaction on profit-taking later in the day, prices closed
%c. higher. To-day prices followed those for corn and
ended % to %c. lower. Final prices show a rise for the
week, however, of % to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Thurs.
Fri.
Wed.
Tues,
Mon.
No.2 white.29%-30% 30%-31% 30%-3134 31%-32% 31%-32% 31%-32%
CLOSING PRICES OF OATS FUTURES IN CHICAGO./
(Sat. to . 'Plies. Wed. T urs. Pm.
19% 11 20% 20$ 20
19
May
19
20
20
20% 21
20
July
21
19
21
20% 20
21
_
September,
Season7LOW End11 1Ten Made.
-.
7
Season's High and When Made. I
Aug. 8 1932 May
Mar. 3 1933
15%
2334
May
Mar. 3 1933
16
Apr. 6 1932 July
21%
July
16%
Feb. 28 1933
Apr. 6 1933 September
Septsmbel 22
MiLY CLOSING PRICES OF OATS FUTURES TN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
25% 24% 24
25
24% 24
May
25% 24% 24
25% 24% 24
July
April 8 1911
RYE has been in some ways the most spectacular in its
action of all the coarse grains. It made new high records
for the season secveral days in succession, and at times,
particularly as in to-day's market, has had a tendency to
react in as an erratic a manner as it advanced. On the 1st
inst. the close was % to %c. higher. Eastern interests were
understood to have been buying lately on the theory that
rye has become a good investment purchase. The MO
contract was only lc. below the season's high point. It
was reported that a cargo of 170,000 bushels was to be
shipped from Milwaukee at the opening of navigation. On
the 3rd inst. rye advanced independently, and closed from
214 to 2%c. higher. The May delivery sold at a new high of
/
1%c. over its top price in 1932. There was more activity
in this grain than for some time past. On the 4th inst. all
deliveries of rye sold at new high records, but toward the
close reacted and finished unchanged to 1
4c. lower. It
was the only grain that followed wheat's action downward
during the day. On the 5th inst. rye scored net gains of
274 to Sc. The cash demand was good, offerings were
,
small, and Eastern buying was apparent. Rye has made
the best showing of any of the grains for several days, and
recently has moved faster than wheat. On the 6th inst.
rye went to new highs for all contracts, but a reaction later
In the day left prices practically unchanged at the close.
To-day prices ended % to 114c. lower, with other grain off.
/
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
41
44
43% 46% 46
45
July
41
44% 431 46% 46
45a
September
41
44
44
47
46,145
Season's High and When Made. I Season's ctow and When Made.
Apr. 6 1933 May
May
48
30%
Nov. 1 1932*
Apr. 6 1933 July
July
48
31
Dec. 28 1932'
September -__48
Apr. 81933 September
Apr. 1 1933
DAILY CLOSING PRICES OF RYE FUTURES IN WINNEPEG.
May
34% 36% 36% 3734 3734 3734.
July
36% 3734 37
38
38% 38
BARLEY,
-The legalizing of beer has failed to awaken
any active speculation in barley. It has followed the upward trend of other grains sluggishly, and has remained in.
a narrow range. On the 1st inst. there was practically no
trade in Chicago, although prices closed %c. up in Winnipeg.
It was reported that two cargoes of feed barley were to be
brought from the Northwest. On the 3rd inst., in more
active trading, prices advanced after 'absorbing liberal offerings, and closed % to 7
/
fie. higher. On the 4th inst. prices
were 34 to %c. higher. Recently barley has been following
/
the other coarse grains in its market action, and has enjoyed
some increase in activity. On the 5th inst. interest in barley
was overshadowed by other grains, and the close was unchanged to 34c. up. On the 6th inst. prices followed the
other coarse grains upward, and the closing reaction left
prices unchanged for the May delivery and %c. higher for
July. To-day prices ended unchanged to 14c. lower. Final
/
prices, however, are %c. higher for the week.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
May
3034 3134 31% 31% 31% 3134
July
31% 32% 32% 32
3334 334
DAILY CLOSING PRICES OF BARLEY FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
May
30% 30% 304 30% 3634 31%
July
3134 31
30% 31% 3134 31%
-Closing quotations wereas'follows:
-
GRAIN.
Wheat, New York
Oats, New York
No.2 red. c.i.f., domestic_80H
No. 2 white
Manitoba No. 1 f.o.b. N.Y60% Ryeh.3 whlt b..2bondmy.
No ca0.go2 f o
o Ni
.Noe
oi I
Corn. New Yorknom.
No. 2 yellow, all mil
4 % Barie y.,
8
9
N .y
...No. 3 yellow, all rail
c.i.f., domestic48%
Chicago, cash
28®45
FLOUR.
•
spring pat. high protein S4.350S4.70 Rye flour patentzi"
Spring patents
4.050 4.35 Seminole. bbl., Nos. 1-3s3.800s4.08
4.850 5.25
Clears. first spring
3.85® 4.30 Oats goods
1.60
Soft winter straights__ 3.650 3.90 Corn flour
1.10® 1.20
Hard winter straights.- 3.80® 4.00
Hard winter patents.... 4.150 4.35 Barley goods
Hard winter clears
3.65® 3.85
Coarse
2.25
Fancy Minn. patents... 5.30® 6.00
Fancy pearl NOB. 2,
City mills
5.30® 6.00 "'is 4 and 7
4.15® 4.30
For other tables usually given here see page 2374.
IA RN
WEATHER REPORT FOR THE WEEK
ENDED.
APRIL 5.
-The general summary of the weather
issued by the Department of Agriculture, indicatingbulletin
the influence of the weather for the week ended April 5,
follows:
The week was generally warm, with
rather frequent rains in nearly all
sections from the lower Missouri and Mississippi Valleys
eastward to the'
Atlantic Ocean.
The table on page 3 shows that the temperature averaged
near normal,
though slightly above, in the Ohio Valley, and decidedly
above
all other sections, except the extreme Northwest and locally normal In
Southwest. In the South the plus departures from normal in the far
2 degrees to 6 degrees: in the Lake region mostly from 2 degrees ranged from
to 4 degrees.
and in the trans-Mississippi States from 4 degrees to
In the Pacific Northwest about normal warmth as much as 11 degrees.
but
sections from the Rocky Mountains westward theprevailed,was In other
relatively
warm. In the East freezing temperatures extended weather
as far south
western Virginia. but farther west the line of freezing reachedas southonly to
Louisville, Ky., Peoria, Ill., and Des Moines, Iowa. The
lowest reported
for the week was 10 degrees above zero at Sault Ste
Marie. Mich., on
the 29th.
The table shows also that precipitation was mostly moderate
nearly everywhere east of the Great Plains. Most localities to heat'y
from the
Mississippi Valley eastward had weekly totals ranging from
0.5 inch to
more than 2.0 inches, though the falls were again light in
States. West of the Mississippi Valley precipitation the South Atlantic
was mostly light,
except that some rather heavy falls occurred on the north Padre coast.
A largo southwestern area again had a practically
rainless week. In this
section precipitation has been deficient for a long time-see
chart for the
month of March, in this issue.
The mild temperatures of the week were favorable for the
vegetation in all sections of the country,except in some dry areas, growth or
principally
in the western Great Plains and the far Southwest. However,
seasonal
operations, such as preparation of soil and planting, remain largely
standstill over extensive and important agricultural sections. In at a
the
Atlantic area fields remain mostly too wet to work southward to West.
Volume 136
Financial Chronicle
Virginia and northern Virginia, but in the southern half of the area, that
Is from southern Virginia southward, conditions were more favorable and
spring operations made satisfactory advance. The central Cotton Belt
is still mostly too wet and field work was inactive; in the western belt,
including most of Louisiana, western Arkansas, Oklahoma, and Texas,
progress was fairly good. Cotton planting was active in southern Georgia,
and in Alabama seeding was begun locally as far north as Montgomery at
about the average date for beginning this work. In southern Texas planting
made good progress.
In the Corn Belt. field work was mostly at a standstill practically everywhere from the Mississippi Valley eastward. In this area March rainfall
was heavy and showers continued frequent during the past week, which
kept most fields in a saturated condition. In the Plains States, work was
more active, planting made satisfactory progress, and is about abreast of
the season;some corn was planted to the northern border of Oklahoma at
about the average date. But little oat seeding has been accomplished in
the central valleys because of continued wet soil; in Iowa some were sown
this week in the southeastern and south-central parts of the State.
In the Spring Wheat Belt, conditions are favorable in Montana and the
Dakotas, but farther east the soil is too wet and but little field work has
been accomplished. In the Dakotas seeding is fully abreast or a little
ahead of an average season, with drilling well started in southern North
Dakota; in an average year seeding begins by April 1 to about the NorthSouth Dakota line.
The week was favorable for livestock in the great western grazing sections,
but moisture is needed over a large southwestern area. Rain would be
beneficial also in the South Atlantic States, especially Florida, and the
soil continues unfavorably dry in the western Great Plains. Except in
the south Atlantic area, dry. sunshiny weather is needed nearly everywhere from the States bordering on the west bank of the Mississippi River
to the Atlantic Ocean.
SMALL GRAINS.—Winter cereals continue to make satisfactory
progress in the Southeast and East, with growth starting northward to
Pennsylvania. In the Ohio Valley winter wheat is showing improvement.
with growth begun in most sections; local deterioration occurred due to
excessive wetness, but general condition of the crop is good, although some
variability was noted. Wheat made good advance in the trans-Mississippi
States and in the extreme southwestern belt, but in the west-central part
of the main producing section dryness continues, with condition poor and
many fields bare. In eastern Kansas fair growth was made and wheat
generally covers the ground, while to the northwestward winter grains were
largely favored.
In the Pacific Northwest it is still too wet in some of the better grain
areas, but seeding progressed on light soils; winter grain that survived the
freezes and early-sown spring grain are growing slowly. In the spring
wheat area seeding has started in Montana and North Dakota, but in
eastern districts the soil is too wet to work; in South Dakota the condition
of the top soil is favorable for planting. Oat seeding was also delayed in
many parts, but much is coming up to good stands in the south-central
sections of the country. Much land has been prepared for rice in Louisiana.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
virginia.—Mchmond:Temperatures slightly above normal;light to heavy
precipitation. Plowing and dragging active. Planting corn and sowing
oats begun in central. Tobacco beds and considerable early truck planted
in south. Harvesting spinach in full swing. Fruits in excellent condition,
with peaches and plums blooming; some slight frost damage to peaches.
North Carolina.—Raleigh: Mild
showers near close. Much
land prepared for spring planting,latter half;
though some becoming hard. Truck,
fruit and small grains generally satisfactory progress. Some corn planted in
south. Blue mold reported in tobacco beds in a few southeastern counties.
South Carolina.—Columbia: Rather warm and windy;
made generally good progresi, but rain needed. Wintersoil dry. Plowing
cereals and
growing nicely. Spring cabbage being harvested on coast; asparagus truck
shipments increasing. Tobacco transplanting begun. Sweet potato beds improving. Corn planting extending northward from coast
Georg-Jct.—Atlanta: Warm days. but cool nights; some frost; some rains
In west. but rather dry in southeast. Much
field work
and truck planted generally;sweet potatoes and tobaccoaccomplished. Corn
beds planted. Cane,
peanuts and othe crops planted in south. Cereals generally
good;
heading well. Some corn coming up to good stands. Peaches generally oats
good.
Floricla.—Jacksonville: Week rather dry, especially in south. Cotton
being planted in north and west. Oats poor. Potatoes good and being harvested. Corn and watermelons good; cucumbers poor to fair.
Citrus full
bloom,* some fruit
Cane good stands Ranges poor and dry.
Alabama.—Montgomery: Moderately warm, except
setting.
.
to heavy frosts in north. General rains, mostly light on 4th when light
to heavy. Windsto ms Wednesday in Escambia, Marion, Colbert, Lauderdale,
Limestone
and Madison Counties; damage not yet determined. Ground preparation
good progress until heavy rains. Farm work st 11 backward. Crops,
pastures and ranges made good to excellent progress. Corn
becoming general. Some cotton planted north to Montgomery. planting
Mississippi.—rcksburg: Mostly somewhat warm. Moderate to
rain . Violent local w ndstorms Friday caused 54 deaths within heavy
heavy property loss. Progress in planting corn and cotton generallyState;
slow.
Progress of fru t, gardens and truck fair. Progress of pastures mostly good..
Lotosiana.—New Orleans: Seasonal temperatures* moderate rainfall
Friday, except heavy to excessive in northwest. Some local storm damage.
Favorable for farm work and growth, except too wet in northwest latter
part. Corn planting well along; some up to good stands. Much land prepared for cotton and rico, and cotton planting begun in most sections.
Cane, truck, potatoes and oats good growth.
Texas.-1Iouston: Warm throughout State; heavy rains in
quarter and moderate falls in Panhandle, but dry elsewhere. northeast
Planting
cotton good progress in south land prepared in north. Corn making good
growth in south. Wheat, oats and livestock fair to good; ranges need rain
in west and northwest.
Oklahoma.—Oklahoma City: Warm, with light to heavy rains; sunshine
adequate. Week favorable for farm operations, except soil too wet in some
eastern localities. Condition of winter wheat poor to only fair, but some
improvement; rain needed in much of west and some wind damage in scattered areas of west. Fair progress in planting corn and some done to northern border. Oats fair stands; considerable planted. Sweet potatoes bedded;
gardens, pastures and potatoes advanced favorably. Livestock fair.
Arkansas.—Little Rock: Light rainfall and moderate temperatures in
most of north and west favorable for farm work and growth of
but in other portions heavy rainfall on wet soil unfavorable. vegetation,
Some corn
and a small amount of cotton planted, but farm work late, especially on
eastern lowlands where too wet. Wheat,oats, meadows, pastures, potatoes,
truck and fruit made good Progress,
Tennessee.—Naahville: Farm work backward; considerable plowing on
uplands, but generally too wet. Planting potatoes and bedding sweet
potatoes progressing. Tobacco plants coming up; garden work active.
Strawberries and some apple trees blooming ; peach prospects short. Hay
backward, but thrifty. Winter grains and pastures good to excellent.
Kentucku.—Loulaville: Moderate temperatures. Grass and grains growing
slowly. Frequent, moderate to heavy rains; soil saturated. Practically no
progress in plowing and planting potatoes, sowing oats and gardening.
Tobacco seed slow in germinating, due to lack of sunshine. Wheat small,
but mostly good stands and condition. Rye and barley making strong
start. Peaches blooming in north.
THE DRY GOODS TRADE
New York, Friday Night, April 7 1933.
\ bile some indications of incipient seasonal revival are
noted in the textile trade, primary markets are in the main
still quiet and hesitant, buyers, in common with the rest
of the trade and the business world in general, being disposed to wait action on the group of Farm Relief legislation
now before Congress and get a clearer idea of the probable
effects of the legislation, if passed in more or less its
present form. At the same time other measures under
consideration at Washington are fraught with similar uncertainty, especially as to how plans for farm and unemployment relief, of a more or less inflationary character,
will react upon the essentially deflationary measures
2457
already taken, notably the Economy Bill and the banking
Measures, and the plans under formulation for reorganization of the capital structure of railroads. There is widespread hope, forstered somewhat at the moment by moderate improvement in various leading industrial indexes,
that a substantial seasonal revival in general business is
in close prospect, and that such improvement, in conjunction with relief measures from Washington, may offset the
losses through downward readjustment in capital structures
or outright defaults on bonds. The concensus of current
opinion appears to favor the view that the technical inflation being formulated at Washington will prove in practice
merely a brake on the process of deflation. Weanwhile there
are some in the textile trade who think that the Farm Bill
has its good points. It should, it is contended, effectively
combat night-and-day operations by mills. Buyers are reported in numbers of cases to be finding their practice of
buying strictly for immediate needs pretty expensive, as
they often are unable to get needed goods on very short
notice, and are forced to pay jobbers high prices when
they can find what they want for immediate delivery. A
number of jobbers are said to be reaping an excellent harvest
from their foresight in laying in considerable quantities of
goods for which they are finding a ready market at the
present time. Garment manufacturers are busy completing
orders and hope with some confidence that a good volume
of business will continue in evidence for some time, leading
retailers having announced their intention of deferring
spring clearance sales to late dates.
DOMESTIC COTTON GOODS.—The serious prospect of
enactment of the "Black" 30
-hour law, already passed by
the Senate, has been the strongest immediate deterrent to
resumption of activity in cotton goods channels, the trade
regarding it with seemingly uniform distrust and disapproval. The practice of stamping bills with a clause to
allow for losses occasioned by the bill, if enacted, is already
fairly widespread, and many merchants are reported to
be declining to part with goods for delivery beyond 30 days
from the date of invoice until such time as final action
has been taken on the bill in point. Feeling objections to
the bill are particularly emphatic from the South, where
one leading manufacturer is described as saying that the
proposed bill would increase costs of operation in his plant
by some 40%, and the prevailing opinion is to the effect
that while a rise in prices would naturally follow immediately upon the heels of the bill, that the effect of that,
so far from being stimulating to business, would in all
probability act to considerably restrict distribution of goods
affected. Yet buyers remain very reluctant to pay higher
prices even where, as in the print cloth market, there is a
definite need for goods. Some sales have been made in the
past two days at slight advances, but were few and far
between notwithstanding the fact that sellers were holding
out for better prices. The result was a considerable falling
off in turnover in the past few days. Concurrently with
smaller demand for print cloths and carded broadcloths,
however, there is reported at the moment a somewhat better
demand for certain sheetings and osnaburgs. On :the week,
sales of print cloths and broadcloths were fairly large,
buyers having come into the market readily (before sellers
raised prices) in anticipation of enactment of the "Black"
bill, and the sharp rise in values which the new legislation
is expected to usher in. A strong demand for organdies is
the feature of the fine goods market, buyers drawing
avidly on the inadequate supply in primary channels, and
even being reported in some instances to be taking late
shipments on which their chances to profit are small when
such contracts also include goods for early delivery of
which they stand in pressing need. Print cloths 27-inch
64x60's constructions are quoted at 21
4c., and 28
-inch 64x60's
at 2%c. Gray goods 39-inch 68x72's constructions are
quoted at 3%c., and 39-inch 80x80's at 4%c.
WOOLEN GOODS.—Slow progress is reported in markets
for woolen and worsted goods toward the establishment of
prices on men's wear lines for fall. Some of the larger
producers are reported already to have booked considerable
business at prices around the same level as a year ago. Yet
the prices in point are said to be not generally available,
since sellers are unwilling that buyers who ordinarily operate late in the season should have too much opportunity
early in the season to hammer them down. Many buyers
are at present in the markets looking over the new offerings and sampling them, especially fancy worsteds. Manufacturers are reported in many cases to be busy supplying
the fill-in needs of retailers whose turnover in recent days,
especially when a few rays of rare sunshine enlivened the
murky atmosphere, has been considerably accelerated. A
moderate increase in the demand for quick-shipment goods
is also in process in primary markets, as a result. A fair
volume of topcoatings is reported moving into distribution
and consumption. Soft-finished cloths, tweeds, and coverts
are quoted as among the leaders in the demand for coatings.
FOREIGN DRY GOODS.—Importers of linens were encouraged this week by a continued expansion in the demand
for dress goods, though suitings continued to sell only in
relatively small volume. A moderate increase in future
buying of burlaps lifted values somewhat in the market
for that commodity, though trading, on the whole, remained
quiet and listless. Light weights are quoted at 3.10c., and
heavies at 4.35c.
April 8 1933
Financial Chronicle
2458
State and City Department
MUNICIPAL BOND SALES IN MARCH AND FOR THE
FIRST QUARTER.
The National banking holiday in effect from March 6 to
Marc1i 12 inclusive, which brought about a virtual stoppage
of financial transactions of any nature during that period
-nd
a- for some time thereafter, so demoralized the municiTaI
bond market as to reduce the-volume of sales f7 Mrcii
figure comto the diminutive tOt17,1 of $13,676,675.
pa
-xes-With-$17,d1f,818 for February and with $1097637671.
in March 1932. The poor condition the market in Marc
is illustrated-inI the fact that whereas 77 murucipalities
succeeded in disposing of their offerings no less than 53 were
-- not so fortunatthe issues of these latter,_aggregating
-ls,ck of
$7,103,213,1aving failed of sale eitheribecause of a
bras or the postponement of the sales contemplated for an
indefinite time.
Of course, the banking moratoria during March were not
wholly responsible for the poor condition of the municiR
--3
1
bond market. Thiscondition has-- 7evaileiranerally since
the summer of 1931 and has increased in intensity since
-anirary 193: -During the firstthree Months of 1931 7;
-Mr mun
F
- --aggregate sales of State 1 - -717noTh -tei bondThave
been only $66,803,299, in contrast to $282,703,824 in the
$449,6037589 in 1957fi16,:
corresponding period in
829,935 in 1930, $251,388,122 in 1929, $364,000,414 in 1928
6
- -alrd with-$372,613,7 5 in the first quarter of 1927.
There were four municipal issues m excess of $1,000,000
each disposedof during March as follows:
% bonds were purchased at par by the
$3,000,000 Providence, R. I..
of
city's sinking funds. The total includes $1,200.000 highway
bonds, due serially from 1934 to 1948 incl.; $800.000 school,
due from 1934 to 1973; $500.000 sewer, due from 1934 to 1958.
and $500,000 sewage disposal plant bonds, maturing from 1934
to 1953 incl. The city originally intended to sell the bonds at
public sale, but decided in favor of the sinking fund transaction.
1.635,000 Boston, Mass., bonds, consisting of $920,000 school building.
$465,000 hospital and $250,000 airport issues, were purchased
by the Sinking Fund Conunission. No other details in connection with the sale were reported.
as
1,500.000 Oregon (State of) highway bonds, comprising $900,000 w
due from 1936 to 1938, and $600,000 6s, due in 1934 and 1935:
were purchased privately by a Portland banking group at an
interest cost basis of about 6%. The sale was made after the
bonds had failed of award at public offering on March 15.
1,020,000 Minneapolis, Minn.,bonds,comprising $600,0006s and $4200
5s. were awarded at a price of par to a syndicate headed by
Lehman Bros. of New York. The award consisted of $600.000
6% public relief bonds, due from 1934 to 1938 incl. $300,000
public relief bonds, due from 1934 to 1938, and $120.000
5
5% park and parkway impt. bonds, due from 1934 to 1953 inc12
The difficulty experienced by municipalities throughout
the country to find a market for their issues, which gairted
e cm.mmous dr- 3cliTie
momentum recently as a result
secmity values, was further aggravated during Marcii
t _of the general suspension of bankingfacilities, as
Irady noted. Our usual compilation
that 53
municipalities, whose respective offerings amounted- the
in
aggregate to $7,103,213, proved unsuccessful wiiiitgir
.
-offerings in March In February the amount involved was
03,591,350, representing offerings by 40 politicTh:
-- - --T
j'isios. T11 FaruarY fi igur ncludes $6,657,000 State
and $4, 00,060 State of Montanabonds.
5
-In the table which follows we furnish a list of the unsuccessful March offerings, showing the name of the
tl
me,
pality, the amount and rate of interest namedin irr
reason, if any, assigned for the non-sale
together with
of the bonds:
munici-
RECORD OF ISSUES THAT FAILED OF SALE DURING MARCH.
Name,
Amount.
Int. Rate.
Report.
Page.
No bids
6%
$29,000
1748 Allen County, Ohio
Not exc.6%
40,000 Bids rejected
2280 Altamont N. Y
No bids
43i%
750,000
1931 Anne Arundel County. Md_
No bids
42,000
6%
1748 Avon-by-the-Sea, N.J
Not exc.6%
55,000 Bids rejected
2099 Batavia, N.Y
No bids
13.000
6%
1931 Bowling Green S. D., Ohio_
No bids
6%
24,000
1749 Campbell City 8 D., Ohio..
No bids
28,793
6%
1749 Canton, Ohio
No bids
70.000
4%%
Cass County. Ind
1749
62.000
No bids
7%
2281 Clark County. Wash
96.400
No bids
6%
2099 Cleveland Heights, Ohio--No bids
Not exc.4 U%
60.000
1749 Colwyn S. D., Pa '
No bids
2281 Cook County,Ill1.600,000
n
No bids
Cransville, Pa
4,000
1749
2281 Cuyahoga Falls City S. D.,
No bids
23.000
6%
Ohio
15,000 Bids unopened
2462 a Davison County, S. Dak_Not exc.5%
No bids
61,000
6%
2100 Delphos, Ohio
150.000 Postponed
b Dutchess County, N. Y_ Not exc.6%
1750
No bids
Not exc.6
29.000
1932 Fordson S. D., Mich
Not
30,000 Postponed
1932 Freeport. N. Y
No bids
73.000
ex :
2282 Haddon Twp., N. J
No bids
15,000
4%
2282 Hopewell Twp. S. D., Pa- 6%
No bids
10,000
Hubbard Village S. D., Ohio
2282
No bids
Not exc.6
150.000
1933 Irvington. N J
60.353 Bids rejected
1751 Jamestown. N. Y Wash__ _ Not exc.6%
No bids
Not exc.6%
34,826
County,
2283 Klickitat
500,000 Postponed
5
1751 La Crosse. Wis
No bids
94,500
6 c
County,Ohio
1751 Lake
Not exc.6%
212,000 Postponed
2101 c Leonia. N. J
a.
Report.
Amount.
Int. Rate,
Name.
Page.
221,756 Postponed
6%
2283Logan County Ohio
No bids
Not exc.6%
150,000
2283 Longport, N. J
No bids
500,000
x
1596 Louisville Ky
110,000
5%
No bids
2283 Lyndhurst Twp., N.J
336,440
6%
No bids
1933 Mahoning County, Ohio
x
30,000 Postponed
2283 Medford, Mass
x
67,000 Postponed
1752 Moriah, N. Y
Not exc.8%
28,000 Postponed
1934 Moose Lake, Minn
Not exc.6%
130,000 Postponed
1752 Ocean Beach, N. Y
1934 Onondaga, Marcellus, Fayette and Otisco S. D.
No bids
Not exc.5%
185,000
No. 1, N.Y
Not exc.6%
100.000 Postponed
2285 Paragould, Ark
4M%
30,000 Bid rejected
2285 Potter County, Pa
x
No bids
6,400
1935 Renwick, Iowa
11,255 Postponed
6%
1935 d Rush County, Ind
x
14,500 Not sold
2103 South Bend, Wash
2104 Spokane County Sch. Dist.
x
2,500 Not sold
No, 102, Wash
No bids
60,000
,s,
2286 Uniontown, Pa
Not exc.6%
40,000 Postponed
MISS
1935 Vicksburg,
4%
60,000 Postponed
1754 ()Washington Twp.S.D.,Pa.
4p%
20,000 Not sold
1936 Weatherly, Pa
4ji
128,000
No bids
1936 Weehawken Tivp.,N.J
No bids
300,000
1936 Westmoreland County, Pa. 4 or 4 %
1936 Whitestown, Rome, Marcy
and Floyd S. D. No. 1,
No bids
N.Y50,000
190,490 Sale canceled
1
6%
1600 Youngstown. Ohio
z Rate of interest was optional with bidder. a Bids were returned unopened, as the county was served with an injunction restraining sale of the
bonds. b Bonds were reoffered for award on April 6. For result of sale
see subsequent page of this section. c Further bids for the issue have been
2283. d Issue has been reoffered for
invited until April 10-V. 136.
award on April 15-V. 136, p. 2103. e Bonds were not sold, as taxpayers
protest against their issuance.
were granted right to
p.
Record of Municipal Loans Made by the Reconstruction
Finance Corporation.
The activities of the Reconstruction Finance Corporation
during the month of March included the making of direct
relief loans to various States in the aggregate amount of
$32,029,440, also the promise to purchase a total of ,611,500 bonds for self-liquidating projects. In February direct
relief loans totaled $47,917,851, while bond-purchase agreements were in amount of $23,984,500. The Corporation
recently reported that up to the close of business on Feb. 15
1933 it had granted an aggregate of $169,458,948.22 poor
relief loans to 39 States and two Island Possessions, in
addition to having agreed to purchase $155,809,134.24 bonds
for self-liquidating municipal projects, of which purchases
in amount of $18,497,000 had actually been made. The
report, published in V. 136, p. 1682, detailed the extent of
the Corporation's municipal advances since it was first
authorized to make such loans.
Loans for immediate relief purposes, made in accordance
with Title I, Section 1, subsections (c) and (e) of the Emergency Relief and Construction Act of 1932, are to be repaid to
the Government through the deduction of the sums advanced
from future Federal grants for highway construction development. The States are to pay 3% interest on such advances.
So-called self-liquidating loans are made under the provisions
of Section 201 (a), Title II, of the Construction Act. In the
case of these latter, the Corporation, upon investigation of
the improvement contemplated, agrees to finance the project
through the purchase of bonds or notes of the municipality
concerned, bearing interest at such a rate and maturing over
a period of years as are mutually agreed upon.
The following tabulation indicates to which States the poor
relief loans in amount of $32,029,440 were made during
March, and a separate record is made of the municipalities
whose bonds the R. F. C. has agreed to purchase in connection with self-liquidating projects. We wish to state that
none of the loans are taken into consideration in our totals
of either permanent or temporary financing by States and
municipalities as compiled by us from month to month.
Page. State.
1748 'Alabama
2098 Alabama
1593 Arizona
2280 Arizona
1593 Arkansas
1749 California
1749 California
2281 California
1750 Georgia
2282 Georgia
1751 Indiana
2101 Indiana
1751 Iowa
2101 Iowa
2283 Iowa
2484 Kansas
1933 Maine
1751 Michigan
1933 Michigan
1933 Michigan
2102 Michigan
2283 Michigan
2283 Michigan
1596 Minnesota
1596 Mississippi
1596 Missouri
1752 Missouri
Date
Amount
Loaned. Granted.
5127,935 Mar. 8
27,000 Mar. 22
201,513 Mar. 2
201,453 Mar. 25
1,392,851 Mar. 1
4 186,854 Mar. 3
22,714 Mar. 8
404,604 Mar. 30
79,712 Mar. 9
306,006 Mar. 29
1,040,256 Mar. 3
598,000 Mar, 18
82,990 Mar. 9
17,950 Mar. 18
26,235 Mar. 30
0
84
75,700 Mar. 31
Mar. 11
1,117,652 Mar. 3
413,398 Mar. 13
66,492 Mar. 16
303,367 Mar. 18
11.331 Mar. 28
4,219 Mar. 29
448,813 Mar. 1
950,537 Mar. 1
1,345,354 Mar. 1
29,740 Mar. 9
Amount
Date
Page. State.
Loaned. Granted.
2284 Missouri
$9,830 Mar.30
1596 Montana
826,145 Mar. 2
1752 Montana
20,900 Mar. 3
1752 Montana
4,400 Mar. 9
2465 Montana
23,100 Mar. 31
1597 Nevada
6,000 Mar. 2
1597 New Mexico
130,138 Mar. 2
2284 New York
6,600,000 Mar. 25
1752 North Dakota
231,079 Mar, 9
1752 Ohio
12,000 Mar. 3
1934 Ohio
37,439 Mar. 16
2284 Ohio
2,709,161 Mar. 28
1597 Oregon
32,500 Mar. 2
1934 Oregon
101,000 Mar. 13
2103 Oregon
15,298 Mar. 22
1598 Pennsylvania...3,224,429 Mar. 1
1598 Tennessee
2,500 Mar.
1753 Tennessee
588,435 Mar. 3
1935 Tennessee
4,500 Mar, 16
1598 Texas
1,377,955 Mar. 2
1753 Virginia
548,829 Mar. 3
2286 Virginia
38,824 Mar. 25
1754 Washington
1,233,933 Mar. 3
1754 Washington..... 639,250 Mar. 9
2104 Washington___. 74,725 Mar. 22
2468 Washington
8,050 Mar. 31
1754 West Virginia
46,504 Mar. 9
Financial Chronicle
Volume 136
During March the Reconstruction Finance Corporation
agreed to purchase $8,611,500 bonds for self-liquidating
projects. However, although the Corporation has agreed to
purchase these issues, the procedure in most instances is to
offer the obligations at public sale and, if no outside bid is
received, the issue is then taken at par or at a small discount
by the R. F. C. Actual purchase of the bonds, it will be
seen, does not occur until some time following announcement
by the Corporation of its readiness to buy the obligations.
Also, although agreement may be made to finance the cost
of an entire project, purchases of the obligations may be
made over a period of time as work on the improvement
advances. The bonds which the Corporation agreed to
purchase during March are as follows:
Date of
Interest
Rate. Agreement
Page.
Name.
Amount.
2099 Arkansas State Agricultural and MeMar.
chanical College, Ark
Mar. 2
3
7
53 %
6
t
1749 Bethel, Ohio
$18 50 0
3 ; 00
5
1594 Coal Grove, Ohio
Mar.
m .
515%
62,000
1594 Fort Sumner Irrig. Dist., N. Mex
135,000
6%
Mar. 22
2100 Greensburg, Ky
40,000
6%
1895 Illmo, Mo
Mar. 1
42,000
6%
2101 Jones Beach State Parkway Authority, N. v
Mar. 23
4%%
5,050,000
2101 Marion, Ky
Mar. 22
6%
35,000
2465 Niagara Frontier Bridge Commission, N Y
Mar. 31
43/270
2,800,000
Mar. 22
2103 Owenton.Ky
65,000
6%
6ar 1
Mar.
1598 Owingsville, Ky
49,000
6%
Mar.31
2466 Richmond, Ky
40,000
Mar. 31
2467 Roseville, Ohio
15,500
534 0
2104 Sulligent, Ala
Mar. 22
38,000
6%
8%
2104 Thomasville, Ala
Mar. 22
20,000
On March 29 it was reported that the Engineers' Advisory Board of the
R. F. C. had come to agreement with representatives of the Port of New
York Authority, N.Y.,on the terms of the proposed loan to the latter body
of $75,000,000 to finance the construction of a mid-town tunnel under
the Hudson River from 38th St., New York to Weehawken, N. J. The
compromise followed almost a year's discussion on the project and is expected to result in expediting immediate financing of the tunnel
-V. 136.
p. 2285. During March the Corporation refused to purchase $1,000,000
King County, Wash., warrant funding bonds on the ground that its policies
do not permit the making of loans to fund existing obligations
-V. 136,
p. 1751.
The market for temporary municipal issues was likewise
aversely affected by the restrictive banking and investment
regulations which olitained during the month of'Marcli.
- -Interest rite's t which roans were obtained were at hrgher
rt
levels than prevailed on similar borrowings in the preceding
month. This was particularly obvious in the case of New
York City, which on March 22 was obliged to pay 6%
interest on an issue of $15,000,000 certificates of indebtedness, due on June 15 1933. During February the city
marketed temporary issues amounting to $36,000,000, of
which $25,000,000 was obtained at 43 % interest, $10,4
000,000 at 5% and $1,000,000rat 43%. The State of
New York, however, effected interim financing on favorable
terms during March, having sold $25,000,000 notes, due
June 27 1933, at an interest rate of only 3%. This issue,
plus New York City borrowings of 2,896,900, helped to
swell the aggregate of short-term municipal sales in March
to $135,074,800. The city's total includes $12,896,900 of
new revenue bills which are being offered for purchase only
by taxpayers.
The sale of $4,600 5% Ripley, Ontario, bonds to local
investors was the only piece of financing reported by Canadian municipalities in March. There was some reference to
the possibility of the Dominion Government arranging for
the refunding in the New York market of $60,000,000 4%
Treasury notes which mature here on Oct. 1 1933. The
issue was placed in this market a year ago by a large syndicate
headed by the Chase Harris Forbes Corp. of New York
V. 136, p. 2286. No United States Possession financing was
resorted to during March.
A comparison is given in the table below of all the various
securities placed in March in the last five years:
1933.
1932.
1931.
1930.
1929.
$
$
$
S
$
Perman'tloans(U.S.) 13,676,675 109,163,071 279,508,181 125,428,605 105,775,676
Temp'ry loans (U.S.) 135,074,800 158,427,500 82,232,238 110,112,000 48,994.000
Bonds U.S. Posses'ns
None
None
None
None
405,000
Can. loans (perin't):
Placed in Canada_
4,600 28 087,547 20,253,680 12,185,471 3,560 820
Placed in U. S____
None ' None 5,685,000 4,000.000
250:000
General fund bonds
(New York City).
None
None
None
None
None
Total
148,766,075 296,083,118 387,679,099 251,726,076 158,580,496
•Includes temporary securities by New York City in March:5135,074 800 in 1933,
$64.450,000 in 1932, $17,850,000 in 1931, $40,970,000 in 1930 and $34,204,000
in 1929.
The number of places in the United States selling permanent bonds and the number of separate issues made during
arch 19331 were 77 and 91, respectively. This contrasts
;rah 96 and 121 for February 1933 and with 188 and 263
fi7FM"arcliT.M.
For comparative purposes we add the following table
showing the aggregates for March and the three months for
s series of years. In these figures temporary loans, New
2459
York City's "general fund" bonds and also issues by Canadian:municipalities are excluded.
For the
Month of
For the
Month of
Three Mos..
March.
Three Mos.
March.
$21,138,269 $75,634,179
513,676,675 $66,803,299 1912
1933
22,800,196 123,463,619
109,163,071 282,703,824 1911
1932
469,093,390 104.017,321
a279,508,181 449,603,589 1910
1931
79,940,44632,680,227
125,428,605 316,829,935 1909
1930
90,769,225
18,912,083
105,775,676 251,388,122 1908
1929
58,320,063
10.620,197
5129,832,864 364,000,414 1907
1928
57,030,249
20.332,012
88,605,561 372.613,765 1906
1927
35,727,806
17.980,922
116,898,902 359,623,729 1905
1926
46,518,648
14,723,524
111,067,656 326,927.507 1904
1925
40,176.768
9,084,046
101.135,402 295,559,537 1903
1924
31,519,536
7,989,232
69,575,262 246,574,494 1902
1923
23,894,354
10,432,241
116,816,422 292,061,290 1901
1922
34,492,466
8,980.735
61,570,797 204,456,916 1900
1921
18,621,586
5,507,311
58,838,866 174,073,118 1899
1920
23,765,733
6,309,351
50,221,395 106,239,269 1898
1919
35,571,062
12,488,809
75,130,589 1897
28,376,235
1918
15,150,268
4.219,027
35,017,852 101,047,293 1896
1917
21,026,942
4,915,355
32,779,315 120,003,238 1895
1916
24,118,813
5,080,424
c67,939,805 144,859,202 1894
1915
17,504,423
6,994,246
1914
43,346,491 165,762,752 1893
22,264.431
8.150,500
72,613,546 1892
1913
14 541,020
State. b Includes 522,500,000 bonds
a Includes $100,000,000 bonds of New York
of New York State. c Includes 827,000,000 bonds of New York State. d Includes
$50,000,000 bonds of New York State.
In the following table we give a list of March 1933 loans in
the amount of $13,676,675, issued by 77 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where accounts of the sale are given:
Name.•
Rate. Maturity. Amount.
Page.
r$20,000
2098_ -Aberdeen. Wash
r11,735
1934-1942
6
1931_-Athens. Ohio
2280-Auburn, N.Y.(2 issues)_4.40 1934-1943 402,028
2,500
1748_ _Balsam Lake S. D.,Wis_
434 1936-1943 455,000
2462__Berks County. Pa
1934-1947
94,000
2099- _Black Hawk Co.,Iowa__ _5
45,000
434 1934-1943
2099_ _Bluffton S. D.,Ohio
2099„Bosque and Hamilton Cos.
5,000
S. D. No.6, Texas.---5
40 Yrs.
1.635,000
2281--Boston, Mass.(3 issues)..
10 yrs.
11.000
6
2281_ _Bushnell,Ill
1,354
1934-1938
2099- _Cardington Twp., Ohio--6
1935-1942
7,500
1931_ _Center Tvrp. S. D..Pa--5
rll.700
S. D.,Pa
434 1934-1952
2099 Centralia
15,000
1934-1938
1749„Chesterton, Ind
94,000
1934
434
1749-Columbus, Ohio
r65,000
434 1934-1938
2100_ _Columbus, Neb
r2,500
6
2100_ _Corinth, Miss
225,000
1963
434
2100_ -Cumberland, Md
41.650
1934-1942
5
1750„Decorah, Iowa
r13,005
6
1594__Dennison, Ohio
1932__Denton Co. S. D. No. 6,
800
5
Texas
434 1934-1937 168.000
2100-Dee Moines.Iowa
2281_ _Dover & Foxcraft W. D.,
45,000
1936-1944
5
Maine
61,500
1935-1942
1932_ _ Dubuque County,Iowa_ _5
25,000
3% 1935-1958
1932_ _Emaus Sch. Dist.,Pa
30.000
1934-1939
4
_Faribault, Minn
2282_
2282_ _Fillmore Co.S. D.No.45,
16,500
434 5-15 yrs.
Minn
189,000
1932_ _Florham Park S. D.,N.3534
36,000
1932_ _ Fountain Hill S. D.,Pa--41i 1943-1963
10 years r100,000
6
1750_ _Gary,Ind
60,000
1934-1948
4
2282_ _Gloucester, Mass
2463_ _Gonzales Co. Road Dis25,000
534 1936-1943
trict No. 1, Tex
220.000
1932_ Hannibal S. D., Mo
_Hillsborough Co., N. H_434 1934-1953 4000300
2101_
10,000
2101_ Holmes County, Ohio_ _ _ 5% 1934-1938
61,486
1934-1942
2282_ Howard County, Ind_ _ __6
Howard
67,245
1933_ _ lberville Parish, La _____ __ 1933-1947
6,700
1933-1943
5
1933 Jasper County, Ind
r18,500
6
1933_ _Kosciusko, Miss
15,000
1935-1959
6
210i_ Lima, Ohio
Lima,
9,000
1934-1937
6
2102_ _Mason County, Tex
434 1934-1953 150,000
1934_ _Minneapolis, Minn
1934-1938 300,000
5
2284_ _Minneapolis. Minn
1934-1938 600,000
6
2284_ _Minneapolis, Minn
1934-1938 120.000
5
2284_ _Minneapolis, Minn
1934-1943 425,000
5
2284__New London, Conn
2,600
1934-1938
5
Canton, Ohio
1934_ _North
16,000
1933-1937
6
1752_ _IN orthvale, N. J
13,100
1934-1940
(2
1752_ _Norwich, N.Y. issues) 5
1934-1942 r115,005
6
2103_ Oakwood, Ohio
Oakwood.
1597_ Onondaga County, N. Y_434 1934-1943 350,000
3,000
1-10 years
5
_Oregon, Ill
1934_
1934-1935 600,000
6
2285_ _Oregon (State of)
434 1936-1938 900,000
2285_ _Oregon State of)
20,000
1936-1939
2103_ _Plymout County, lowa_5
1934-1943
5,000
1935_ _ Portage County, Ohio_ _ _ 5
1937-1946 263,000
_Pottawattamie Co., Iowa 5
1935_
1935_ _Providence, R. I.(4 iss.)_34 1934-1973 3,000.000
4% 1934-1943 300,000
2285_ _ Reading,Pa
r15,000
1752_ _Rich ValleyS. D.,Va_ _ _ _5% 1934-1948
r100.000
2285_Salt Lake City, Utah _ _ _ _4 j,i, 10 yrs.
Salt
r10,000
_Senatonia,
Its
2285_
50,000
434 1935-1944
2467_ _Seymour, Conn
1935_ _Snohomish Co. S. D. No.
1935-1938
2,500
6
101, Wash
12,500
1935-1937
5
2103_ _ Somerville, N. J
100,000
531 2-10 yrs.
2285_ Spokane Wash
Spokane,
4
1934-1963 100,000
2104_ _ Springfield, Mass
275,000
1935_ _ Springfield,Mo
434 5-20 yrs.
1933-1937
20.000
2285_ _Stevens Point, Wis
2285- _Suffolk Co., N.Y.(21s8.)_5.70 1934-1943 325,000
135,000
1753__Tyrone, Pa
434 1933-1961
2286„Urbana, Ohio
5
1935-1944
1,000
1935-1943
64,000
2286_ _Ventnor City, N.J.(2 is.)-6
Its
6
1934-1953
40,000
2104__Vicksburg,
1935__Vigo County, Ind
534 1934-1942 151.000
1754_ _Wadsworth, Ohio
6
1934-1943
28,000
1754_ _Wayne County, Ind
6
1934-1941
132,000
1936.. Weathrfod,_
Texas
6
7,500
1754_ _Weiser Irrig. Dist., Idaho
12,000
1754_ _Weiser Irrig. Dist., Idaho
r99.000
1754_ _West Feliciana Par., La_ __
34.000
1936_ _Winslow, Ariz
6
1933-1942
97.767
Price. Basis.
101.27
100.12
5.70*
3.37
100.85
100.21
4.36
4.97
100
100
100
6.006.00
5.00.
100
6.00
100
100
100.57
4.256.00
4.47
100
4.85
100.04
100.11
100
100
4.99
4.98
3.50
4.00
- --
105.05
100
100.09
3.90
6.00
3.99
100
5.50
97.11
101.39
100.16
100
100
4.62
5.00
5.96
8:55
100
6.00
100
100
100
100
100.05
100
4.50
5.00
6.00
5.00'
4.99
5.00
100
100
100.18
100
5.00
6.00
4.71
5.00'
100
100
100.95
100
100.69
5.00
5.00'
4.87
3.50
4.31
100.10
100
99.26
1:85
100
5.00'
4.74'
4.00.
100
100.009 4.24
100.12
5.65
100
100
100
100.13
5.00
6.00
6.00,
5.47
100
6.00'
100
100
-------
100
ifoo-
Total bond sales for March (77 municipalities covering 91 separate Issues)
$13,676,675
d Subject to call in and during the earlier years and to mature in the later
year. k Not Including $135.074.800 temporary loans or $40.640,940 Reconstruction Finance Corporation municipal loans. r Refunding bonds.
The following items included in our totals for previoua
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Page.
Name.
2100._ Des Moines, Iowa (January)
1933 __Lake County, Ind. (January)
1934--Minneapolis, Minn. (February)
Amount.
$188.324
205,000
,
300.0001
2460
Financial Chronicle
We have also learnt of the following additional sales for
previous months:
Page.
Name.
Rate. Maturity, Amount. Price. Basis.
1750—Gloversville, N. Y
5
1934-1937
$7000 100.14
4.93
1933_ _Linn County,Iowa
43i
117,000 100
4.50
2102- _Morrisvllle S. D., Pa_ _ --43i 1944-1958 $30,000 107.79
3.89
All of the above sales are for February 1933. These
additional issues will make the total sales (not including
temporary or Reconstruction Finance Corporation loans)
for that month $17,411,818.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
MARCH.
Rate. Maturity. Amount. Price. Basis.
5
1-6 Yrs.
$4.600 100
5.00
Total amount of bonds sold during March____
$4,600
-Page.
Name.
2104„Rip1ey, Ont
• NEWS ITEMS
Arkansas.—Bills Signed and Vetoed by Governor Futrell. —
Associated Press dispatches from Little Rock report that
on March 28, the day Governor Futrell signed the Ellis bill
for the refunding of approximately $146,000,000 State
road bonds—V. 136, p. 2279—he also gave his approval
to a bill appropriating $4,380,000 a year for the next biennium to pay the interest on the new bonds. Bondholders
are not required to exchange the outstanding bonds for the
new ones, but the recent Legislature made no provision for
interest or maturity payments on the old bonds, it is said.
The State defaulted on a $770,500 bond interest payment
due on March 1—V. 136, p. 2097. For the reason that it
would repeal the Ellis Refunding Act, Governor Futrell
vetoed the Hardin-Nance Refunding bill, a rival measure,
which sought to give priority on appropriation to old road
district bonds."It was claimed," said the veto message,
"that such priority existed under Section 3of Act 11 of 1927."
(Act 11 of 1927, known as the Martineau Road Law,authorized the issuance of $84,000,000 of direct State highway
obligations.) The Governor also signed several bills appropriating funds to pay off bond maturities and interest.
Cincinnati, Ohio.—Supreme Court Ruling Threatens
Validity of City Ordinances—Council Re-enacts Necessary
Governing Ordinances.—The. Supreme Court of Ohio on
March 28 refused to grant a rehearing on its decision in a
Cincinnati case in which it had ruled that bond issues and
assessment notices must be published in a newspaper of
general circulation. The case originated in a petition filed
by Louise Biaing of Cincinnati in Common Pleas Court on
June 6 1930. She asked that the city be enjoined from
collecting two assessments totaling $775.35, levied on her
property, contending the assessments were not legal because
they were published in the "City Bulletin," a paper published
at the city's expense. She lost her suit in two lower courts
but on Jan. 26 1933 the State Supreme Court upheld her
contention. Many similar injunction suits were filed against
the city and when the Court refused to reopen the case it
was feared that all the city ordinances enacted since 1927
had been invalidated by the decision. A meeting of the
City Council was held on March 29 and all city ordinances
necessary for the government of the city were re-enacted.
Other city codes will be passed on by the Council on June 1.
Indiana.—Report on Legislation Enacted at Recent Session.
—Important bills were passed at the recent session of the
Legislature,looking toward the raising of additional revenues
for the State and the elimination of unnecessary expenses.
One of the bills passed is the sales and income tax act which
was recently signed by Governor McNutt over numerous
protests as to its unconstitutionality—V. 136, p. 1747.
Another bill which created a great stir in the State is one
which postponed all municipal primaries from May 1933 to
1934, without mandating city officials to retain money
already put aside for that purpose. The New York "Herald
Tribune' recently carried the following Indianapolis dispatch on the late session:
"With economy as the avowed purposes the new State administration
headed by Governor Paul V. McNutt. former national commander of the
American Legion, has caused enactment of a revolutionary legislative
program. Some of the measures were promised during the campaign last
year, others were not brought up until the legislative session was under way,
and one of the most drastic—postponement of all municipal elections until
next year—vats not even mentioned until the session had entered the last
fortnight.
"Each was put through the Legislature with machine-like precision.
Only 16 Republicans were left in both houses after the landslide last November, and only a handful of Democrats offered vigorous opposition to
any administration projects. A Democratic Senator representing the
populous South Bend district resigned in mid-session with the explanation
that he could not serve any longer with the 'gag' method used and retain
his self-respect.
"Revolutionary bills were advanced to second reading without consideration by committees and passed under suspended rules. The municipal
election postponement introduction wasaccomplished and passage facilitated
in the Senate by striking out all except the title of a bill relating to disposition of property of the insane and substituting the election postponement
provisions.
Sales Tax Fought by Busmess.
"At the outset the McNutt administration forced through a bill giving
the Governor power to reorganize or abolish 168 bureaus, departments and
commissions (see V. 136, p. 1231.—Ed.) The next move was for a sales
tax. Strong protests were entered by business organizations, and the
Governor invited the business men to submit an economy plan which would
make new taxation unnecessary. A plan was submitted, but the Governor
said it was impractical. Then the administration substituted a gross income tax measure,involving taxation of manufacturers, retail sales tax and
Pef?
Ilndl in nie3 ti;stem ifii ture l es
er tre ne;t 'h Le :Cit actuX•asse t
f
b.Tgfeds't Colggui e .
i
a ip
u
gt
f
and retail and personal incomes at 1%,with exemptions of 81,000 allowed.
No personal income exemption for dependants. Farmers will pay one-fourth
of 1%, as they are listed with manufacturers. Protests from cities were
met with the explanation that the administration's teachers' wage guaranty
measure, by which the State Treasury will be drawn on to the extent of
$600 for each school teacher in the entire public primary and high school
system would give the cities returns which would promote great reductions
in real estate taxes. The estimated gross income yield IS $14,000.000 a year.
April 8 1933
"The State deficit for this year is estimated at $3,000,000 and the deficit
in the next fiscal year, had not remedial legislation come, was expected
to
exceed $7.000.00. Opponents of the new tax system argued it would
Increase the deficits of business men, cause bankruptcies and provide
officials with more money to spend on 'socialization.'
Old Age Pensions Established.
"The Legislature, under the administrative spur, also established
an old
age pension system mandatory on the counties (V. 136, p. 1747.—Ed.)
reduced the statutory salaries of city and council officials throughout the
State, set a low tax rate on intangible property which had been subject
to
taxation at the same rate as real estate and enacted a new bank code. The
State prohibition enforcement act, the most drastic in the
Union, was
repealed and machinery for beer production and sale regulation
was established in anticipation of Federal legislation.
"The Governor's critics contend that he has built a personal political
machine, by the new legislation, for use in elevating himself to the United
States Senate. They see great political significance in the fact that
the
government reorganization measure takes all power from the Democratic
faction headed by Secretary of State Frank Mayr Jr., who opposed Mr.
McNutt in the contest for the gubernatorial nomination.
"The comparatively tender treatment accorded the farmers in the
legislation is emphasized also by the groups that have dubbed the new tax
'emperor.' czar' and 'Mussolini.' The teachers' minimum wage Governor
guaranty
system, it is pointed out, will favor a large, well organized group of voters.
When the manufacture and distribution of beer comes it will be regulated
by a 'beer dictator' appointed by the Governor.
'The election postponement legislation, however, caused the greatest
commotion in political circles. It affects 102 cities, in which municipal
primaries would have been held next May, followed by elections in November. Only 49 of those cities have Republican or independent adminstrations. As a result of the postponement, city, county and some State
officials will be elected simultaneously in November 1933. In that election.
the Governor's critics point out, a contest will be held for the United States
Senate seat now held liciy Arthur R. Robinson, Republican, and it will not
be surprising if Senator Robinson is opposed by Governor McNutt.
Election Revolt to Be Blocked.
"With the people deprived of the right to vote for municipal administrations this year. it is reasoned by the Governor's opponents, the revolt
against the new system cannot affect the local Democratic machines which
the Governor will need next year if he enters the Senatorial campaign.
"The economy aspect of election postponement is discussed derisively by
-McNutt interests. They point out that the people already have
the anti
been taxed for the elections that were scheduled for this year and that the
new law does not mandate city officials to retain that money for use in
1933. Besides, they say, the legislature that voted to postpone the municipal elections on the ground that elections would be extravagant decreed
that all counties shall elect delegates this year in preparation for the State
constitutional convention on repeal of the Eighteenth Amendment.
"The legality of some of the revolutionary McNutt legislation is questioned by some Indiana authorities. The centralization of power for State
government reorganization, involving surrender of legislative power, has
been denounced as in conflict with the State constitution. The gross
income tax, it is said, also violates the constitution. In a public referendum
last November a constitutional amednment specifically authorizing income
taxation failed to win a majority indorsement. (V. 136, p. 186.) An attack
In the courts on the municipal elections postponement was discussed in a
meetiniF of Republican county chairmen this week, but no action was
taken.
Kansas.—Legislation Enacted at Recent Session.—Following the pledges made by Governor Alfred M. Landon and
other candidates in the 1932 campaign, the record of the
Legislature which adjourned on March 25 showed many
economies had been made in State expenditures, reports the
Topeka "Capital." Chief among the measures approved by
the Legislature to produce new revenues is the income tax
bill, which places a flat 2% tax on the net income of corporations. For individuals the rate ranges from 1% on $2,000
to 4% on incomes in excess of $7,000. Other measures
also passed include one which places lower limits on tax
levies of the various tax units, a second directing the governing bodies of the State to operate on a cash basis, and another
instructing the State Tax Commission to make an approximate 20% reduction in assessed valuations of real property
and improvements.
Maine.—Legislature Adjourns.
--Early on April 1 the 86th
Maine Legislature adjourned sine die after enacting the first
liberalization of the State dry laws since 1846, and setting
up the convention machinery to pass on repeal of the Federal
liquor amendment, according to an Associated Press dispatch from Augusta to the Boston "Herald" of April 2.
In the final hours of its 13-week session the Legislature is
said to have put through a revenue bill to accompany a beer
measure that was previously enacted, appropriated $16,522,513 to run the State government during the biennium
starting July 1, stated to be $5,000,000 less than the preceding two years, and gave Democratic Governor Louis J.
Brann sweeping powers for the next nine months over State
expenditures.
--1Grylazig:=Governor Signs Two Bills Authorizing ShO
—
term Loans.—On March 31 Governor Ritchie signed two
bills permitting counties and municipalities to borrow funds
with which to meet their obligations. A dispatch from
Annapolis to the Baltimore "Sun" of April 1 reported on
the new legislation as follows:
Designed to enable the counties and other political subdivisions of the
State to borrow in order to meet their current expenses and maturing
obligations, two bills which had been passed by the General
afternoon were signed by the Governor and became law. Assembly tnis
On of the measures was introduced by Senator William D. Byron
(Dem.)
of Washington, while the other was sponsored by Senator Lansdale
G.
Sasscer (Dem.), Prince George's. Both bills contain clauses excepting
Baltimore city from their provisions.
The city was made an exception because, under the terms of the
State
Constitution, loans for Baltimore must be authorized by an act of the
General Assembly, by an ordinance enacted by the Mayor
and by a referendum to the voters of the municipality. and City Council
Both bills carry
emergency clauses and were passed by a three-fifths vote of the two houses.
Legislature Passes Bill Authorizing $4,000,000 Road Bond
Issue.—On March 31 the House passed and sent to the Senate
a bill authorizing a bond issue of $4,000,000, the proceeds of
which are to be used to finance the widening and improve-.
ment of the Philadelphia and Belair roads, the issue to be
made in the form of debentures of the State Road Commission
to be retired and secured by special taxes on truck licenses,
which are estimated to yield approximately $450,000 annually
for this purpose,according to Annapolis dispatches of the 31st.
Later advices reported that the bill had also been passed by
the Senate. The approval of Governor Ritchie is expected
as the measure is said to be an administration recommendation.
Volume 136
Financial Chronicle
Michigan.-Legislature Abandons Proposed Constitutional
Amendments.-After receiving word from Secretary of State
Fitzgerald that it was too late to include three proposed
constitutional amendments on the ballot at the election
held on April 3, the Legislature abandoned its attempt
to obtain a vote on the measures. One of the proposed
amendments would have authorized a $75,000,000 bond
issue to aid local governments. The following discussion of
the abandoned proposals is taken from a recent issue o" the
Detroit "Free-Press":
"Both houses of the Legislature. Thursday. abandoned their attempt to
submit three Constitutional amendments to the voters at the election April
3. as requested by Gov. Witliam A. Comstock.
"The attempt failed when Secretary of State Frank D. Fitzgerald notified
the lawmakers that there is no possibility of including the proposals on
the ballot, inasmuch as questions should have been certified by March 3
and because absentee ballots were to have been mailed this week. Administration leaders had contended that the March 3 deadline could be
ignored.
"The propositions that Gov. Comstock insisted should be submitted
would have authorized a $75,000.000 bond issue to aid local governments,
would have permitted a Constitutional Convention this summer to revise
the basic laws and would have permitted special tax rates against personal
property.
Financial Program Involved.
"Failure of the personal property tax plan may seriously affect the
Administration's financial program. Contending that 70% of the wealth
of the State is in personal belongings which escape taxation, the Governor
was prepared to submit several bills levying on stocks, bonds, mortgages.
&c. Without a change in the Constitution, however,such personal property
• cannot be taxed except at the same rate as real property.
"The Senate, Wednesday, approved both the resolutions for the property tax change and the $75,000,000 bond issue. These were recalled
Thursday and tabled following Secretary Fitzgerald's decision. The Constitutional Convention plan was kilted in the House by a vote of 37 to 50.
"The lawmakers turned, Thursday, to one of the principal subjects of
the Administration's program-government financing.
"Senator Henry C. Gleaner, chairman of the Finance and Taxation
Committees, announced a public hearing at 7:30 p. m. next Tuesday on
the proposed income and sales taxes.
Minnesota.-LGovernor Signs Bill Permitting Municipalities to Borrow for Poor Relief.- A bill was signed by
Governor Olson on March 27 permitting the various local
units of the State to borrow funds for poor relief, according
to the St. Paul "Pioneer-Press" of March 28, which carried
the following on the subject:
Governor Olson signed one of'the principal relief bills passed by the present
Legislature when he approved a measure Monday permitting political
subdivisions of the State to borrow funds for poor relief, effective April 1.
The bill also validates all bonds
proceedings started for issuance of such bonds for this purposeissued or
before the law
Each political subdividion charged by law with was enacted. for the
responsibility
support or relief of poor persons having a legal settlement in the subdivision
Is granted authority to borrow funds
and pledge its credit to make loans
either
necessary.from State, Federal Government or from private sources when
Limit Not Increased.
The act does not increase the limit of
debt prescribed by any special
law or home rule charter under which the political subdivision is organized.
Under this at the governing body
must first
prove a bond issue and then obtain of such subdivisionsGovernor, apthe consent of the
who
would declare an emergency to exist. The Governor is empowered
to
decrease the request but not to increase the amount stated. The law
waives requirement of submitting the proposal to the votes of the electorate.
After obtaining the consent of the Governor, the governing body of the
political subdivision making the request may then proceed to issue and
sell such bonds.
In defining "political subdivision," the act includes any subdivision of
the State or any municipal corporation or public quasi-corporation, however
organized, as coming within its provisions,
New York City.-Maurice A. Stephenson Inducted as
Budget Director.-Maurice A. Stephenson, former Deputy
State Tax Commissioner, was sworn in on April 1 as Director
of the Budget for New York City by Mayor O'Brien at City
Hall. Mr. Stephenson succeeds Charles L. Kohler, Tammany leader of the Tenth Assembly District, who retired
on pension March 31.
New York City.
-Report Issued on Present Conditions
Governing City's Bonds.
-An analysis is being issued by the
Worden Co. of New York City, the purpose of which
is to explain briefly to holders of obligations of the city and
to prospective purchasers of them the causes of the recent
wide fluctuations in price and the reasons for the low prices
now prevailing.
New York State.
-Bill for City Charter Revision Loses in
Assembly.
-In the face of a special message from Governor
Herbert H. Lehman asking the passage of the DesmondMoffat bill for city charter revision by initiative and referendum, the Assembly voted against it on April 6, according to
Albany dispatches of that date. The vote is said to have been
72 to 71, with 76 votes required for a constitutional majority.
The bill is not dead, for it has not as yet come up in the
Senate and a motion to reconsider the vote lies on the table
in the Assembly. It is reported that the Governor is being
urged to assert his leadership of the Democratic Party by
more than a message, and thereby swing the votes needed
for its passage. Unless he does this, all prospect of charter
reform for the cities in this State, with particular reference
to New York City, is thought to be dead for this year.
Senate Passes 1% Sales Tax and Other Tax Bills. A 1%
tax on retail sales, a 1% tax on gross incomes, a bill lowering
the exemptions on the State personal income tax, and a
fourth measure increasing the inheritance tax were passed
on Apr. 6 by the Senate as it moved toward a balancing of
the State's budget. Food is understood to be exempt from
the sales tax. In the bill lowering the income tax exemptions,
the allowance for married persons is cut from $4,000 to
$2,500, and for single persons from $2,500 to $1,000. Under
this tax program sponsored by the Democrats, $28,000,000 is
anticipated from the sales tax; $9,000,000 additional from
lowering exemptions in the personal income tax; $37,000,000
from the gross income tax, and $5,000,000 from the increase
in the inheritance tax. These bills were sent to the Assembly
where considerable opposition is expected. On the same day
2461
the Assembly defeated, by a vote of 112 to 26, a proposed 2%
sales tax, known as the Stone bill.
New York State.-State Comptroller's Annual Report
Declares State's Credit Rating Very Satisfactory.-In his
annual report to the Legislature, made on April 3 by State
Comptroller Morris S. Tremaine, it is declared that in spite
of the current economic depression the credit of New York
State in the past fiscal year was enhanced to the highest
point in its history. The report shows the financial transactions and the condition of the finances of the State for the
fiscal year ended June 30 1932. According to the report a
total of $1,795,750 in State funds were on deposit in banks
which failed during the past year, of which only about
$72,000 remains to be recovered. The Comptroller also
pointed out that during the past 25 years the State never
lost a dollar of principal or interest in default on its investments in New York State municipal securities. He recommends that various changes be made in the audit and payment procedure of the State, in order to effect needed economies and he reports that much clerical and bookkeeping
duplication could be eliminated.
Old Age Pensions.-Five More States Enacted Old Age
Pension Laws in 1933.-Old age pension laws have been put
on the statute books of five additional States this year,
according to the April issue of the "Old Age Security Herald,"
monthly organ of the American Association for Old Age
Security. Three States, Oregon, North Dakota,and Arizona
enacted pension legislation during March, and similar laws
were passed by the Legislatures and signed by the Governors
of Indiana and Washington earlier in the year. Steady
progress of pension measures in other States also is reported.
In Arkansas approval has been given to a bill which is
awaiting the signature of Governor Futrell. The Legislature of Oklahoma also has passed a pension measure.
Additional bills are on the way to adoption in the lower
Houses of Ohio and Missouri. Favorable committee reports are speeding the progress of this legislation in other
States. The Association reports that a bill is pending
before the current Congress calling for Federal aid to States
granting such pensions.
Pittsburgh, Pa.
-Mayor Kline Resigns.-On March 28
Mayor Charles H. Kline sent his resignation to City Clerk
Robert Clark, giving no reason for his act. John S. Herron,
President of the City Council, automatically became Acting
Mayor of Pittsburgh on March 31 when the resignation took
effect. He will hold the position for from 10 to 20 days,
within which time the Council must elect a successor to
Klme.
Roane County, Tenn.-County Unable to Meet May 1
Bond Maturities.-Notice is being made to the holders
of the 5% road bonds of this county, maturing on May 1
1933, advising them that the county will be unable to meet
the 8145,000 obligation, as no funds will be available for that
purpose. It is reported that arrangements have been made
for the issuance of 5
refunding bonds maturing on
May 1 1943, which would be exchanged for these bonds.
The fiscal agents will be Bailey & Co. of Knoxville, and the
Equitable Securities Corp. of Nashville. The bondholders
are advised to communicate with Bailey & Co. for further
details.
BOND PROPOSALS AND NEGOTIATIONS
ABERDEEN, Brown County, S. Dak.-BOND DETAILS.
-The
$975,000 electric power plant revenue bonds to be voted at the election on
April 18-V. 136, p. 2098
-are more fully described as follows: Int. rate
is not to exceed 6%, payable semi-annually. The bonds shall be issued
at such time and in such demons, and shall be payable at such place as
the City Commissioners shall determine. Bonds are coupon in form with
privilege of full registration. Said bonds shall become due serially from and
after the date thereof, in 23 semi-annual installments of prin., approximately as follows: $50,000 3 years after date; $30.000 334 years after date
$30,000 4 years; $30,000 434 years; $35,000 5 years; $35,000 534 years
$35,000 6 years; $35,000 634 years; $35,000 7 years $40,000 734 years
$40,000 8 years; $40,000 834 years; $40,000 9 years
years
$45,000 10 years; $45,000 1034 years; $50,000 11 years $5000 1134 years
$55,000 12 years; $55,000 1234 years; $60,000 13 years $60,000 1334 years
$40,000 14 years after date.
ABERDEEN, Gray's Harbor County, Wash.
-BOND DETAILS.
The $20,000 block of refunding bonds that was purchased by the State
of Washington-V. 136. p. 2098
-was sold as 6s at par, and matures on
Jan. 1 as follows: $1,000, 1935 to 1944, and $2,000, 1945 to 1949, all incl.
ALABAMA, State of (P. 0. Montgomery).
-LOAN GRANTED BY
RECONSTRUCTION FINANCE CORPORATION.
-The following announcement of a relief loan grant to this State was made public by the
-Corporation on April 4:
"The R. F. C.. upon application of the Governor of Alabama, to-day
made available $25,000 to meet current emergency relief needs in three
counties for the period April 1 to April 30 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"The Corporation heretofore has made available $3,322,493 to meet
current emergency relief needs in various political subdivisions of the
State of Alabama."
ALAMEDA COUNTY (P. 0. Oakland), Calif.
-BOND
It is reported that the County Clerk will receive sealed bids OFFERING.
until April 11,
for the purchase of an issue of $1,000,000 relief bonds. Interest rate is not
to exceed 5%,payable semi-annually. Due from 1939 to 1944. Alternate
tenders may be submitted by the bilders for $750,000 or $500,000 of the
bonds. (A. $500,000 issue of relief bonds was offered for sale without
success Feb. 28.-V. 136, p. 1593.)
ANDOVER, Essex County, Mass.
-TEMPORARY LOAN.-Thazter
Eaton, Town Treasurer, reports that the Merchants National Bank of
Boston purchased on April 3 a $50,000 revenue anticipation loan at
3.37%
discount basis. Due on Nov. 4 1933. Bids received for the issue were
as follows:
BidderDisct. Basis.
Merchants National Bank of Boston (purchaser)
3.37%
W.O. Gray & Co
3.45%
Faxon, Gade & Co
3 60%
Washburn. Frost & Co
4.00%
Andover National Bank
4.70
Second National Bank of Boston
4.95
4,
2462
Financial Chronicle
ANSONIA, New Haven County, Conn.
-BOND SALE.
-The i881.10 of
$150,000 coupon municipal relief refunding series A bonds offered at 4 %
interest on Mar. 31, at which time no bids were submitted-V. 136. p.
-was sold privately on April 3 as 43s, at a price of par, to Shaw,
2280
Aldrich & Co., of Hartford. Dated Mar. 1 1933 and due $10,000 on
Mar. 1 from 1934 to 1948 incl. Public re-offering of the bonds was made at
prices to yield 4% for the 1934 maturity, 1935 and 1936, 4.10%, 1937,
4.15%. 1938, 4.20%, 1939, 4.257 1940 to 1943, 4.30%, and 435% for
0,
the bonds due from 1944 to 1948 incl. The obligations, according to the
bankers, are legal for savings banks and trust funds in the State of Connecticut.
BALTIMORE, Md.-$12,000.000 RELIEF BOND ISSUE APPROVED.
-The State Legislature has approved the bill authorizing the issuance of
$12,000,000 emergency relief bonds. A complete description of the issue
was given in V. 136, p.2280.'
..1
BARSTOW UNION HIGH SCHOOL DISTRICT (P. 0. San Bernardino), San Bernardino County, Calif.
-BOND ELECTION CAN-We are informed by the County Clerk that the election scheduled
CELED.
for March 31 in order to vote on the issuance of $25,000 in high school
addition bonds
-V.136. D. 1748
-was called off.
BEDFORD Cl't I SCHLIUL DISTRICT, Cuyahoga County, Ohio.
-BONDS NOT SOLD-DIRECT EXCHANGE PLANNED.
-R. P.
Orchard, Clerk of the Board of Education, reports that no bids were
obtained at the offering on April 6 of $10,750 6% refunding bonds
-V.
136, p. 2099
-and that the District will now deal direct with present bond
owners exchanging refundings for the maturing obligations. The new issue
is dated April 1 1933 and will mature serially on Oct. 1 as follows: $750 in
1934 and $1,000 from 1935 to 1944 incl.
BELLEVILLE, Essex County, N. J.
-REVENUE BONDS AUTHORIZED.
-An issue of $60,000 tax revenue bonds, in $10 denems., has been
authorized for the purpose of meeting the December 1932 salaries of town
employees. The bonds, it is said, will be accepted by merchants and landlords and the latter may use them in the payment of taxes, assessments or
water bills.
BERKS COUNTY(P.O. Reading),Pa.-BONDSALE.-The $455,000
coupon (registerable as to principal) bonds offered on March 31-V. 136.
-were awarded as 4%s to a syndicate composed of E. H. 1101111113
p. 1748
&• Sons, Inc.; Halsey, Stuart & Co.; A. C. Wood Jr. & Co., and It. M.
Snyder & Co.. all of Philadelphia, jointly, at a price of 100.85, a basis of
about 4.36%. Dated April 1 1933. Due Oct. 1 as follows: $55,000 from
1936 to 1941 incl., $60,000in 1942,and $65,000 in 1943. Public re-offering
of the bonds is being made on a yield basis of 4.05%. They are described
by the bankers as being tax exempt in Pennsylvania, free of all Federal
Income taxes and legal investment for savings banks and trust funds in
Pennsylvania, New York,and other States. Principal and interest(A.& 0.)
are payable at the County Treasurer's office.
Financial Statement.
Assessed valuation (1932)
$310,339,118
Total funded debt (including this issue)
7.658.000
pp Ratio of funded debt to assessed valuation, 2.46%. Population (1920
census), 200,854; (1930 census). 231,717.
BEVIER, Macon County, Mo.-BONDS DEFEATED.
-The Town
Clerk states that at an election held on March 21 the voters rejected a
proposal to issue $15,000 in school building bonds.
-BOND OFFERING.
BIRMINGHAM, Jefferson County, Ala.
Sealed bids will be received until noon on April 18 by C. E. Armstrong,
City Comptroller, for the purchase of a $300,000 issue of public inapt. gold
refunding bonds. Denom. $1.000. Dated May 1 1933. Due $25,000
from May 1 1936 to 1947 incl. The bidder shall specify therate of interest
which the bonds are to bear, not exceeding the legal rate of interest in the
State. The bonds may not be sold for less than 95% of par value, plus
accrued interest to date of delivery of the bonds and payment thereof.
Prin. and int. payable in gold at the Central Hanover Bank & Trust Co.
of New York. The approving opinion of Thomson, Wood & Hoffman of
New York, will be furnished. Said bonds will be delivered to the successful
bidder or bidders on May 1 1933. unless a later date should be mutually
agreed upon. A certified check for 1% of the amount of bonds bid for,
payable to the city, is required. It is also stated in the official offering
notice that: Said bonds are secured by the full faith and credit of the City
of Birmingham. Ala., and by the taxing powers of said City heretofore, now
or hereafter conferred upon it by law. Said refuding bonds are also secured
by subrogation to the respective liens which the bonds refunded by said
refunding bonds respectively have on the respective sinking funds and local
Improvement assessments securing the issues of which the refunded bonds
form a part. Said refunding bonds and the interest thereon are exempt
from State, county and municipal taxation, and after the maturity thereof
are receivable in payment of all taxes and dues to the City of Birmingham,
Ala.'
BLAIR COUNTY (P. 0. Hollidaysburg), Pa.
-BOND OFFERING.
-John R. Bassler, County Comptroller, will receive sealed bids until 11
a. m. on April 28 for the purchase of $150,0004.4%,4M or 5% coupon
county bonds. Dated May I 1933. Denom. $1,000. Due $15,000 on
May I from 1934 to 1943 incl. Bidder to name one of the aforementioned
interest rates for all of the bonds. Interest is payable in May and Nov.
The offering notice states that the bonds and interest thereon will be payable without deduction for any tax or taxes, except succession or inheritance
levies. The bonds are registerable as to principal only and are being issued
subject to the favorable opinion of Townsend, Elliott & Munson, of Philadelphia. as to their validity. A certified check for 2% of the amount bid
for, payable to the order of the County Treasurer, must accompany each
proposal.
BONNEVILLE COUNTY (P. 0. Idaho Falls), Itia.-BOND OFFER/NO.
-Sealed bids will be received until 2 p. m. on Apr. 25 by W. L.
Brewrink, Clerk of the Board of County Commissioners, for the purchase
of an issue of $100.000 coupon funding bonds. Interest rate is not to exceed
8% payable semi-annually. Denom. $1,000. Dated May 1 1933. Due in
from 2 to 10 years from date of issuance. Prin. and int, payable at the
County Treasurer's office, or at the Chase National Bank in New York City.
All bidders are required to submit bids specifying:
(a) The lowest rate of interest and premium,if any, above par, at which
bidder will purchase said bonds, or
(b) The lowest rate of interest at which such bidder will purchase such
bonds at par.
Bids for bonds to bear interest at a rate other than 6% to be expressed
In a multiple of M of 1%.
Bonds will be sold to the bidder making the best bid therefore, subject
to the right of the Board of County Commissioners to reject any and all
bids, and to readvertise said bonds for sale.
All bids must be sealed, and shall be accompanied by a deposit of 5%
of the amount bid, either in cash or certified check, payable to the County
Treasurer, which check shall be promptly returned to the bidder if his bid
is not accepted, but which check shall be forfeited to the said County if
the bid it accompanies be accepted by said County Commissioners and said
bidder fail, neglect, or refuse to take up and pay for said funding bonds,
together with accrued interest, within 10 days after notice by the County
Commissioners that the bonds are ready for delivery.
I.: The approving opinion of a recognized bond attorney will be furnished the
successful bidder.
-TEMPORARY
is BRISTOL COUNTY (P. 0. New Bedford), Mass.
-The Fall River National Bank has purchased an issue of $100,000
LOAN.
tuberculosis hospital maintenance notes, dated April 7 1933 and due
April 7 1934, and $10,000,industrial farm notes. also payable April 7 1934,
at 3,19% discount basis. No other bids were submitted for the $100.000
Issue, although the following offers for the $10,000 notes were received:
Taunton „Savings Bank at 4% and the First National Bank of Attleboro
at05%•
BROOKFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-Lois
-BOND OFFERING.
okfield), Trumbull County, Ohio.
McMaster, Clerk of the Board of Education, will receive sealed bids until
Br°
12 m. on April 19 for the purchase of $7.500 6% refunding bonds. Dated
April 1 1933. Due Oct. 1 as follows: $500 from 1934 to 1946 incl., and
41,000 in '1917. Interest is payable semi-annually. Bids for the bonds to
bear interest at a rate other than 6%, expressed in a multiple of M of 1%.
will also be considered. A certified check for $75, payable to the order of
the Board of Education, must accompany each proposal.
-TEMPORARY
rIPBRUNSWICK, Cumberland County, Me.
A1$30,000 revenue 'anticipation loan, due on Nov. 1 1933, has been sold
privately at 5%% discount,basis.
April 8 1933
The issue was purchased by the Canal National Bank of Portland, according to S. L. Forsaith, Town Treasurer.
BUFFALO, Erie County, N. Y.
-CERTIFICATE ISSUANCE AUTHORIZED.
-Governor Lehman has signed as Chapter 124 of the Laws
of 1933, amending the city charter by adding thereto Section 352, empowering the City Comptroller to issue obligations, known as certificates
of deposit, in a sum of $10 each or any multiple thereof under certain prescribed conditions and terms.
CALIFORNIA, State of (P. 0. Sacramento).
-RECONSTRUCTION
FINANCE CORPORATION LOAN GRANT.
-The following announcement of the granting of a relief loan to this State was made public by the
Corporation on April 6:
"The It. F. 0., upon application of the Governor of California, to-day
made available $15,000 to meet current emergency relief needs in Riverside County for the period April 1 to April 30 1933.
"These funds are made available under Title I, Section 1, subsection
(c) of the Emergency Relief and Construction Act of 1932.
"The Corporation heretofore has made available $6,956,557 to meet
current emergency relief needs in various political subdivisions of the State
of California."
.
CALIFORNIA, State of(P. 0. Sacramento).-PROPOSED IRRIGATION BONDS TO BE VOTED UPON IN 1934.
-The proposed $55.000,000 irrigation bond issue authorized in the constitutional amendment
passed by the General Assembly on March 21-V. 136. p. 2099-will be
submitted to the voters at the general election in 1934,according to report.
CALIFORNIA TOLL BRIDGE AUTHORITY (P.O. San Francisco),
-A friendly suit
Calif.
-SUIT INSTITUTED TO LEGALIZE BONDS.
to establish the legality of the San Francisco-Oakland bridge bonds of
$62,000,000 to be underwritten by the Reconstruction Finance Corporation
was instituted recently in the State Supreme Court. The document was
prepared by the above Authority and is in form of a writ of mandate to
compel Earl Lee Kelly, as State Director of Public Works, to sign the
bonds. The test suit was asked by the R. F.0.to clear up a few legal loose
ends to the bridge matter, including constitutionality of the six bridge bills
-V.136. p. 1054.
enacted by the Legislature in January
CAMPBELL CITY SCHOOL DISTRICT,Mahoning County,Ohio.
-George E. Prokop, Clerk of the Board of Education,
BOND OFFERING.
will receive sealed bids until 12 m.on May 1 for the purchase of $15,0006%
refunding bonds. Dated May 1 1933. Due Nov. 1 as follows: $1,000 from
1934 to 1946 incl., and $2,000 in 1947. Interest is payable semi-annually.
Bids for the bonds to bear interest ar a rate other than 6%. expressed in a
multiple of M of 1%, will also be considered. A certified check for $500.
payable to the order of the Board of Education, must accompany each
p
Prani. revious offering on March 6 of $24,000 6% refunding bonds no
N
-V. 136, p. 1749.)
bids were received.
CANAAN TOWNSHIP (P. 0. Mount Gilead), Morrow County,
-The issue of $695 6% road improvement
Ohio.
-BONDS NOT SOLD.
-was not sold, as no bids
bonds offered on March 24-V. 136. P. 1749
were obtained. Dated April 1 1933 and due on March and Sept. 1 from
1934 to 1943 incl.
-BOND SALE POSTCASS COUNTY (P. 0. Logansport), Ind.
PONED.
-Sale of the proposed issue of $70,000 4%% coupon poor relief
bonds, originally announced to take place on April 1-V. 136. p. 1233
has been postponed to May 1. Sealed bids should be addressed to Marion
Flory, County Auditor, Dated Jan. 1 1933 and due $7,000 semi-annually
1938 incl.
on May and Nov. 15 from 1934 to
-WARRANT CALL.
CHICAGO, Warrant County, Ill.
-M. S•
Scymczak, City Comptroller, has called for redemption on or before Apr. 14
1933, after which date interest accrual will cease, variously described tax
anticipation warrants issued against the 1931 tax levy.
CHICAGO SANITARY DISTRICT, Cook County, III.
-ADDI-The District Board has passed
TIONAL $1,000,000 WARRANT ISSUE.
an ordinance authorizing the issuance of an additional $1,000,000 of 1932
tax anticipation warrants. A total of $825,000 of such warrants have
already been issued, although none are in the hands of the public, it is said.
-FINANCIAL STATEMENT.COHOES, Albany County, N. Y.
Henry LaVelle, City Comptroller, in a report of the municipality's financial
condition issued on March 30,showed that the city has a borrowing capacity
of $98,530 and listed outstanding obligations as follows:
"General city bonds, $105,532.07 special assessment bonds, $15,623.34
water rent bonds, $30,467.93, or a total of $151,623.34. The exemption
for water bonds is $30,467.93, thus making the total being paid by the
city to retire city bonds, $121,155.41.
"The total in outstanding bonds was $2,151,825.94 and less the sinking
fund amount, the present outstanding debt, of the city is $2,030,670.53 as
of the adoption of the budget on Feb. 21, last.
"The statement shows the borrowing capacity of the city as $2,129,201.10
and as the outstanding debt is $2,030,670.43, the city of Cehoes is, therefore, $98.530.57 within the legal bonded debt limit."
At a special meeting of the common council on April 5 an ordinance
was passed providing for the issuance of $58,000 certificates of indebtedness
against uncollected 1932 taxes. The money will be used to pay claims and
bills of 1932 which remain outstanding.
COLUMBIA, Adair County, Ky.-BONDS PURCHASED BY RECON-We are informed by the City
STRUCTION FINANCE CORPORATION.
Clerk that the Corporation has taken over the $29,000 6% serial semi-ann.
water system revenue bonds which it agreed to purchase on Oct.12-V. 135,
P. 2686. Payable in gold at the National City Bank in N. Y. City.
-BOND OFFERING.CONNEAUT, Ashtabula County, Ohio.
B. L. Palmer, City Auditor, will receive sealed bids until 12 m. on April 20
for the purchase of $200,000 5% first mortgage water works revenue impt.
bonds. Dated April 1 1933. Denom. $1,000. Due $10,000 on Oct. 1
from 1934 to 1953 incl. Int. is payable in April and October. A certified
check for 1% of the bid price, payable to the order of the City, must accompany each proposal.
COOK COUNTY (P. 0. Chicago), ill.'WARRANT CALL-Joseph
B. McDonough, County Treasurer, has called for payment the following
described tax anticipation warrants: Corporate fund, Nos. 1971 to 2,445 A
and Nos. 1 to 25; highway fund, Nos. 5,135 to 6,222: bond and interest
fund, Nos. 5,143 to 5,150. Interest accrual will terminate on Apr. 10 1933,
if foregoing described warrants are not presented for collection on or before
that date.
At a meeting of the County Board on April 3 a 1933 tax levy of $18.416,880 was voted, which compares with the 1932 levy of $17,862,375.
The increase was attributed by the commissioners to a $1,806,505 addition
in the levy for bond and interest requirements and inclusion of $500,000
for employees' pensions. Nothing was levied for pensions in 1932. These
Increases, it is said, more than offset reductions of $1,502,000 in the corporate fund and of $250,000 in the highway fund levies.
A comparative summary of levies for the various funds for the two
years shows:
1933.
1932.
Corporate funds
$10,514,000 $12,016,000
Bond and interest
6,652.880
4,846,375
Highway
750.000
1.000,000
Employees' pension
500,000
*
*No levy.
DAVISON COUNTY (P. 0. Mitchell), S. Dak.-BONDS NOT SOLD.
-We are informed by the County Auditor that an injunction was served
on the county and no bids were opened for the sale of the $15,000 issue
of coupon county building bonds, scheduled to be offered on March 31
-V. 136, p. 1750. Int, rate not to exceed 5%, payable semi-annually.
Dated May 1 1933. Due serially in 20 years.
-BOND SALE.
DELAWARE COUNTY (P. 0. Muncie), Ind.
-The
$95,300 poor relief bonds offered on Apr. 1-V. 136, p. 2100
-were awarded
as 6s, at a price of par, to the Merchants National Bank of Muncie. the only
bidder. Dated Apr. 1 1933 and due $17,650 on May and Nov. 15 1934.
-VOTERS REJECT DEBT REDETROIT, Wayne County, Mich.
FUNDING COMMISSION.
--At the regular election held on April 3 the
voters defeated the proposed amendment to the city charter providing for
the creation of a debt refunding commission for the purpose of seeking and
effecting a readjustment of the funded debt of the city.
-V. 136, p. 2281.
Returns from 873 of the 876 distrcits showed that an unfavorable vote of
112,908 to 96,657 had been csat against the measure. A further amendment setting up a 21-man city council was defeated by a vote of almost
3 to 1.
Volume 136
Financial Chronicle
2463
Dated April 16 1933. Denom. $1,000. Due $10,000 on April 15 from 1934
to 1943, incl. Principal and interest (April and Oct. 15) are payable at
the Augusta Trust Co., Augusta. The bonds, exempt from taxation in
superMaine and from all Federal Income tax, will be issued under the Co. of
vision of and certified as to genuineness by the Fidelity Trust Pierce
will be approved by Cook, Hutchinson,
Portland, and their legality
& Connell of Portland, whose opinion will be furnished the successful bidder.
Debt Statement.
$4,796.392.00
Assessed valuation for 1932
195.000.00
Bonded indebtedness
35,576.75
Other indebtedness
1,600.65
Interest accrued and payable April 16 1933
COU.NVIL ACTS TO REVISE TERMS ON OUTSTANDING OBLIGA-The New York "Times" of April 7 reported that on the previous
TIONS.
day the City Council voted to reduce the rate of interest on outstanding
obligations to 3% from the present rates offrom 41i to 6% and to eliminate
appropriations of $18,552,063 from the 1933-1934 budget for payments of
principal on funded debt and bank loans due in that period. The Council,
It is further reported, has under consideration a plan to refund all of the
city's obligations falling due between March 1 last and June 30 1943 by
-year bonds. The "Times" report continued as follows
means of new 30
with respect to the situation:
"Bankers here who have marketed Detroit's bonds and who hold shortterm notes of the city indicated yesterday that a bondholders' committee
might be organized. It is understood that they have in mind a counter
$232.177.40
Total
proposal which, while designed to aid the city in its financial dilemma, will
50,000.00
Temporary loans in anticipation of taxes
take a stronger stand for the creditors.
-year
Population 1930 census, 5.609.
"Under the city's refunding plan the sinldng fund on the new 30
bonds would not begin for five years,starting at a smallfigure and gradually
issue now offered are to be applied in payment of
-Proceeds of
Note.
increasing during the life of the loan. The city has approximately 114,$76,000 refunding bonds due April 16 1933, and to reduce temporary
000,000 of short-term notes held by banks here and in Chicago and Detroit,
loans in anticipation of taxes.
it is expected that it soon will ask the bankers to waive their claims to
and
-TEMPORARY LOAN.GARDNER, Worcester County, Mass.
the 10% of current taxes and 1007 of the delinquent taxes said to be
0
Having failed to receive a bid for a 6100.000 revenue anticipation loan offered
-year bonds in exchange for the notes.
pledged to these notes and to accept 20
publicly on April 6, the municipality later sold $50,000 of that amount to
on Feb. 15, at the time of
"Detroit went into default on its bonded debt
the First National Bank of Gardner at 5%% discount basis and $20,000
the bankin.g_holiday in Michigan, and thus far has not made the payments
to Faxon, Gade & Co. of Boston, also at 5%%. Due on Dec. 14 1933.
overdue. To take care of this situation it proposes to issue obligations
-The issue of
maturing in from 1 to 10 years and carrying an interest rate of not more
-BONDS NOT SOLD.
GARFIELD HEIGHTS, Ohio.
than 5%.
offered on April 1
1359.454.15 5;4% special assessment refunding bondssubmitted. Dated
"Bankers here said yesterday that no formal action would be taken in the
-was not sold, as no bids were
-V. 136, p. 2100
matter until definite proposals had been addressed to them by the city
Jan. 11933. Due serially on Dec. I from 1934 to 1945. incl.
officials."
-The $30.000 534%
-BOND SALE.
GENEVA,Ontario County, N. Y.
-BOND SALE.
Poughkeepsie) N. Y.
DUTCHESS COUNTY (P. 0.
coupon or registered refunding bonds offered on April 1-V. 136: P. 2282
plus a premium
The $150,000 coupon or registered bonds offered on April 6-V. 136, P.
-were awarded to the Marine Trust Co. of Bufflao, at parApril! 1933 and
2281-were awarded as 43(s to the N. W. Harris Co., Inc., of New York,
of $78.90, equal to 100.26, a basis of about 5.20%. Dated plus a premium
at par plus a premium of $900. equal to 100.60, a basis a about 4.66%•
due on April 11934. The National Bank of Geneva bid par
Included in the awards were:
of $50 for the issue.
$100,000 highway bonds. Due $5,000 on March I from 1934 to 1953 incl.
Financial Statement (March 27 1933).
50,000 emergency relief bonds. Due $5,000 on March 1 from 1934 to
1943 incl.
The bonded debt of the City of Geneva, is $604,069.83 including all
date.
Each issue is dated March 11933. The following is an official list of the
bonds authorized by the Common Council to the present including special
bids submitted at the sale, which was originally scheduled to take place on
Assessed valuation of real estate of the City of Geneva,
March 8, but postponed at that time owing to the general bank holiday
franchise valuations, $22,108,654.
City
In effect:
Current tax rate, State. County and City, $16.889. Population of
Rate Bid.
Bidder
Int. Rate.
(1930 census), 16,010.
100.60
N
N. W. Harris Co., Inc. (purchaser)
4 %
-The
-BONDS NOT .SOLD.
GIRARD, Trumbull County, Ohio.
5Par
Fallkill National Bank
-was not sold,
Issue of $950 6% bonds offered on April 3-V. 136, p. 1932 and include a
Halsey, Stuart & Co100.18
5
received. The bonds are dated Dec. 1 1932
M.& T. Trust Co
as no bids were
100.463
51i
incl.
$650 judgment issue, sue $130 annually on Oct. 1 from 1934 to 1938
100.188
Roosevelt & Son and Dewey, Bacon & Co.,jointly - - 5%
and a $300 issue, due $100 on Oct. 1 from 1934 to 1936 incl.
Batchelder & Co
100.14
5%
LehmanBrost
100.50
GONZALES COUNTY ROAD DISTRICT NO. 1 (P. 0. Gonzales).
Brown Bros., Harriman & Co
la
100.50
5
-A $25,000 issue of 5%% semi-ann. road bondsof
-BOND SALE.
Tex.
Wachman & Wassail_
R100.39
5%
stated to have been purchased at par by Graham & Co., Inc.,
Report.
Revised Tax Collection
San Antonio.
Taxes RemainTotal Tax
-LOAN OFFERMass.
GREAT BARRINGTON, Berkshire County,on April 10 for the purl
ing Unpaid.
Levy.
-Sealed bids will be received until 10 a. m.
ING.
1929
$1.723,582.04
$1,079.23
$50,000 revenue anticipation loan, dated Aprichase at discount basis of a
1930
1.708,301.49
2,323.80
1931
15 1933 and due on Nov. 15 1933.
1.690.006.30
10,386.01
-The
1932
-TEMPORARY LOAN.
1,988,205.56
34,650.65
HAMILTON, Essex County, Mass.
See Note
1933
.52
a $20,000 revenue anti1,86
Merchants National Bank of Salem has purchasedDec. 7 1933. The only
Note.
-On March 1 1933, the amount of unpaid taxes in the hands of the
cipation loan at 3.227. discount basis. Due on which named a rate of
20 town tax collectors was $225,473.82. These collectors will make their
other bidder was the Day Trust Co. of Boston,
anal returns to this office on or before June 1.
3.64%.
-BOND OFFERING.
EAST FORK IRRIGATION DISTRICT (P. 0. Hood River), Hood
HILLSIDE TOWNSHIP (P. 0. Hillside), N. J.
8 P.m.
River County, Ore.
-Sealed bids will be received
-BOND OFFERING.
-Howard J. Bloy, Township Clerk, will receive sealed bids untilcoupon on
or
53f or 6%
until 2 p. m. on May 2 by E. E. Lage, President of the Board of Directors.
April 12 for the purchase of $656,000 53(. 53.,
for the purchase of two 1.8811ES of 6% refunding bonds aggregating $56,000,
registered bonds, divided as follows:
divided as follows:
follows: $2.000 in
1528.000 general improvement bonds. Due Dec. 15 as
1958 to
128.000 Series 3, Issue I bonds. Denom. $500. Dated July 1 1932.
1938; 115.000 from 1939 to 1957. Incl.; $20,000 from
are
Due $4,000 on Jan. 1 and $5,000 on July 1 1940; $5,000, Jan. and
1968, incl., and $21,000 in 1969. Principal and interest an
of
July 1 1941, and $5,000 Jan. 1 and $4,N0 on July 1 1942.
payable at the Hillside Trust Co. These bonds are part
28,000 Series 3, Issue 2 bonds. Denoms. $500 and $100. Dated Jan. 1
original issue of $616,000.
and
1933. Due as follows: $4,500 on Jan. and July 1 1943; $4,500
128,000 assessment bonds. Due Dec. 15 as follows: $70,000 in 1939 the
at
Jan. 1 and $5,000 July 11944;$5,000 Jan. 1 and $4,500 July 1 1945.
658,000 in 1940. Principal and interest are payable
Prin. and let. (J. & J.) payable in gold or its equivalent at the office of
bonds are part of an original issue
Hillside National Bank. These
the County Treasurer. A certified check for 2% of the bonds bid for,
of $822,000.
June and
payable to the President of the Board of Directors, is required.
All of the bonds are dated Dec. 15 1931. Interest is payable on respecEL PASO COUNTY COMMON SCHOOL DISTRICT (P. 0. Ysleta),
Dec. 15. The sums required to be obtained through the sale of the
- tive issues are $522,720 and $126,720. Bids must be for at least a price of
Tex.
-BONDS VOTED.
-At the election held on April 1-V.136.p. 2100
order of
the voters approved the issuance of $20,000 5% grammar school building
99. A certified check for 2% of the bonds bid for, payable to the
opinion of
bonds by a count of 190 "for" to 45 "against.- Due from April 10 1934
the Township, must accompany each proposal. The approving
to 1943. Interest payable (A. & 0. 10).
York, will be furnished the
Hawkins, Delafield & Longfellow, of New
-A. Mar-BONDS NOT SOLD.
ELMIRA, Chemung County, N. Y.
successful bidder.
which the
shall Lowman, City Chamberlain, reports that no bids were submitted at
(The above two issues are part of a total of 61,438,000 bonds
total
the offering on April 3 of $590,000 coupon or registered bonds, consisting of
Township offered without success on various occasions. Part of the
has been given in exchange for outstanding obligations.)
a $500,000 welfare 1138110, due $100,000 annually from 1935 to 1939 incl., and
$90,000 refunding bonds. due serially from 1934 to 1937 incl.-V. 136, P.
-:-LOA1V7SOL .-fferre k=HOLYOKE, Hampden County, Mass.
2100. Bidders were asked to name a rate of interest not in excess of 6%.
of Boston
vouloir, City Treasurer, reports that the First National Bank note issue
ERIE, Erie County, Pa.
-The city
-PROPOSED BOND ISSUES.
during the past week a $200,000 revenue anticipation 24 1933.
Purchased
plans to sell $126,000 45,, refunding bonds, divided as follows:
1933 and due on Nov.
at 5% 7. discount basis. Dated March 27
1250.000
468,000 series B bonds. Due May 1 as follows: $1,000 in 1939; $2,000 in
(No bids were obtained at a public offering on March 23 of a
1940, and $5,000 from 1941 to 1953 incl.
loan, dated March 24 1933 and to mature on Dec. 15 1933.)
in 1939, and $4,000
58,000 series A bonds. Due May 1 as follows: $2,000
SCHOOL DISTRICT
HURLEY INDEPENDENT CONSOLIDATED
from 1940 to 1953 incl.
CON(P. 0. Hurley) Turner County, S. Dak.-BOND ELECTION near
-BID REJECTED.
-John
FITCHBURG, Worcester County, Mass.
-It is reported that an election will be held in the
TEMPLATED.
B. Fellows, City Treasurer, has rejected a bid of 5%% submitted for the
refunding bonds.
_ _
future to submit to the voters a proposed issue of $66.000
purchase of $400.000 revenue anticipation notes, due $200,000 each on
-Sealed bids
-NOTE OFFERING.
Nov. 8 and Nov. 22 1933. This issue was originally scheduled for sale on
IDAHO, State of (P. 0. Boise).
P. Enking, State Treasurer, until 10.30 a. m.
March 23. Notes are dated March 23 1933. In connection with the offerwill be received by Myrtle
(Mountain time) on April 14, for the purchase of a $500,000 issue of General
ing, the following record of tax collections was issued:
Fund Treasury notes. Int. rate is not to exceed 6%. Denoms. to suit
Tax levy, 1931
$1,687,457.53
Total amount collected as of March 11932(77%)
purchaser. Dated April 15 1933. Due on Feb. 15 1934. Printed and
1,294,788.93
not to
Tax rate__
engraved notes will be furnished by the State, at the actual costopinion
$29.20
Tax levy, 1932
exceed $50, which expense shall be paid by the purchaser. Legal further
1,738,516.10
any
of the Attorney-General will be furnished without cost, but purchaser.
Total amount collected as of March 1 1933(75%)
1,307,903.27
Tax rate_
$31.60
legal advice must be procured by and at the expense of the to registraNotes will be payable to bearer and holders shall have the right
faices-tor Year Thai (as of Marcli 11933)(made
Uncollected- tion and to payment in New York City. The notes will be sold to the best
up of polls, motor vehicle and personal only)
$2,286.92
bidders for par and accrued int. to the day of delivery and for cash only.
There are no uncollected taxes for years previous to 1931.
or
The State Treasurer reserves the right to divide the issue among twothe
Dec. 31 1932
$56,187,057.00
-valuation
more bidders and to reject any or all bids. A certified check for 2% of
Dec. 31 1932
-total funded debt (total funded debt approxis required.
amount bid, payable to the State Treasurer,
imately 3.16% of valuation)
1,781,300.00
672.000.00
Dec.31 1932
-total net debt (1.2% of valuation)
7
=
BOIJD BILL SIGNED. a-is reported that GOVernor C. Ben Ross has
signed a bill permitting municipalities to issue 20-year bonds to purchase
-NOTICE TO BONDEOLDERS.FLINT, Genesee County Mich.
water works upon approval of 2-3ds vote of the taxpayers.
Olney L. Craft, Director of Fenance, has announced that sinking funds are
-RECONSTRUCTION
available to pay March 15 1933 bond principal and interest charges and
ILLINOIS, State of (P. 0. Springfield).
that because of the banking situation the County is obliged to pay the
-The following is the text
FINANCE CORPORATION LOAN GRANTED.
charges direct to holders. Both bonds and coupons should be mailed to
of an announcement made by the Corporation on April 3, regarding a
the City Treasurer for payment. Mr. Craft also advises that holders of
relief loan granted to this State:
other city bonds now in default communicate with his office immediately.
"The R. 1'. C., upon application of the Governor of Illinois, to-day made
available $3,725,000 to meet current emergency relief needs in Gook
-TO REFUND $1,313,000 BONDS.
FLINT, Genesee County, Mich.
County and 44 down-State counties of that State for the period April 1 to
-The City Commission voted on March 27 to refund $1,313,000 of outApril 15 1933.
standing obligations, some of which are in default, through the exchange
"These funds are made available under Title!, Section 1, subsection (c)
of new bonds bearing int. at not more than 4% and to mature serially
of the Emergency Relief and Construction Act of 1932.
Detroit "Free Press" of the followfrom 1936 to 1948 incl., according to the
"The Governor filed application for supplementary relief funds for the
ing day.
entire month of April. In full agreement with the Governor's representa"The City Finance Director pointed out that thus far small creditors
tives the Corporation made funds available only for one half that period
and the City employees, in payroll cuts, have shouldered all of the economy
due to the desire of the State not to appear to take undue advantage of the
measures. The bonds will be payable over a period of 13 years, comunder
temporary elimination by Congress a the maximum of 15%
mencing with 1936. The delinquent bond issues date from 1913 up to the
or Territory.
the original Relief Act,can be made available to any one Statewhich.
curront year, with the first payments of the latest sewer bond issues sched"Since funds were made available to the State of Illinois for the month of
uled for default when they are due.
March the Illinois Legislature has enacted a State Sales Tax, effective
"The legislation will permit lumping the bond issues in two groups
April 1. It is estimated that this tax will produce an annual gross revenue
for an exchange with City bondholders. Previous interchange resolutions
of about $56,700,000. The net proceeds, which will be considerably less.
were canceled by to-night's action. It was explained that the first resoluwill be available for relief purposes. Injunction proceedings have been
tions provided for higher bond int. rates because at that time Flint was
Initiated by one country and the constitutionality of this law is now being
almost alone among the defaulting cities. It now has plenty of Company
questioned In the Supreme Court of the State. An early decision is
the financial aspect has altered."
and
expected. Meanwhile receipts from the sales tax are being impounded.
-F. E.
"The Corporation heretofore has made available $44.738,621 to meet
-BOND OFFERING.
GARDINER, Kennebec County, Me.
current emergency relief needs in various political subdivisions of the
McCausland, City Treasurer, will receive sealed bids until 1:30 Pm. on
bonds.
State of Illinois.April 13, for the purchase a $100.000 4.4% coupon refunding
2464
Financial Chronicle
ILLINOIS (State of).
-OBLIGATIONS OUTSTANDING APRIL 1
TOTAL $220,940,500.
-On April 1 1933 the State had obligations outstanding in amount of $220,940,500 according to State Treasurer John 0.
Martin's report of the receipts and disbursements of the Treasury for the
month of March. The statement on the volume of debt outstanding was
given as follows:
Statement of Indebtedness of the Slate of Illinois Outstanding April 1 1933.
Caned bonds outstanding which have ceased to draw
interest, viz.:
New internal improvement stock
$4,000
New internal improvement interest stock, payable
after 1878
500
One old internal improvement bond
1,000
Twelve canal bonds
12,000
$17,500
State highway bonds
$145,500,000
Soldiers compensation bonds
37,180,000
Waterway bonds
6,003,000
Emergency relief bonds
20,000,000
Total bonded debt
$208,700,500
Tax anticipation notes held by motor fuel tax fund
11,900,000
Tax anticipation notes held by agricultural premium fund..
340,000
$220,940,500
INDIANAPOLIS, Marion County, Ind.
-NOTE SALE.
-The $60,000
sanitary district maintenance and general expense fund notes offered on
April 4-V. 136, p. 1933
-were awarded as 5%s. at a price of par, to the
Merchants National Bank and the Indiana Trust Co., both of Indianapolis,
jointly. This bid was the only one received. The notes are dated April 4
1933 and mature on July 3 1933 at the office ofthe Marion County Treasurer.
IONIA COUNTY (P. 0. Ionia), Mich.
-EXTEND MATURITY OF
COVERT ROAD BONDS.
-William C. Holtz, County Clerk, under date of
March 31 announced that the Board of County Commissioners have adopted
a plan whereby payment of Covert road bonds will be deferred for three
years, although interest payments will be made on schedule. Approximatel
y
$87,000 of the bonds mature on May 1 1933 it was reported earlier in
March
-V. 136, P. 1933.
JAY, KEENE, CHESTERFIELD, WILMINGTON, BLACK
BROOK
AND FRANKLIN (Towns of) Central School District
No. I (P. 0.
Ausable Forks), N. Y.
-BOND VALIDATION BILL SIGNED.
Governor Lehman has signed as Chapter 125 of
Porter bill legalizing the acts and proceedings of thethe Laws of 1933 the
Board of Education in
connection with the issue of $200.000 6% school bonds sold
Dec. 6 1932 to George B. Gibbons & Co., Inc., of New Yorkat par on
-V. 136.
p. 1751.
KALAMAZOO SCHOOL DISTRICT, Kalamazoo County,
Mich.
NOTES PARTIALLY SOLD.
-H. W. Anderson, Secretary and Business
'Manager of the Board o Education, reports that a block of $125.000 57
promissory notes of the $315,386.53 issue unsuccessfully offered
on
20-V. 136, p. 2101-has been sold locally. Of the original issue. March
$223,174.86 notes are to mature on or before Sept. 27 1933 and $92,211.67
on or
before Oct. 1 1934.
The block of $125,000 notes mature $45,000 on Sept.27 1933 and
$80.000
on Oct. 1 1934.
KANSAS state of (P. 0. Topeka).-RECONSTRt CT:ON FINANCE
CORPORATION LOAN GRANT.
-The R. F. C. on March 31 announced
the granting of a relief loan to this State as follows:
"The Corporation, upon application of the Governor of Kansas, to-day
• made available $800 to meet current emergency relief needs in Wichita
County during the month of April 1933.
"Thesefunds are made available under Title I, Section
of the Emergency Relief and Construction Act of 1932. 1, subsection (c)
• "The R. F. C. heretofore has made avaiable $2.447,863 to meet
emergency relief needs in various political subdivisions of the current
State of
Kansas."
KENTUCKY,State of (P. 0. Frankfort).
-WARRANTS CALLED.'State Treasurer Elam Huddieston on March 29 called for
redemption
$1,091,335.60 worth of State road warrants to be redeemed during
day period ending on April 8, when interest on the warrants in the 10
question
will cease..
KENTUCKY, State of (P. 0. Frankfort).
-RECONSTRUCTION
FINANCE CORPORATION LOAN GRANT.
-On April 4 the R.
made public the following announcement of a relief loan grant to this F. C.
State:
"The Corporation, upon application of the Governor of Kentucky,
to-day made available $28,900 to meet current emergency relief needs
in
Kenton County during the month of April 1933.
'These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"The Corporation heretofore has made available $5,172,859 to meet
current emergency relief needs in various political subdivisions of the State
of Kentucky."
KLINE TOWNSHIP SCHOOL DISTRICT (P.O. Kelayres), Schuylkill County,Pa.
-BOND OFFERING.-.Carlo Cara,Secretary of the Board
of Directors, will receive sealed bids until 7 p. m.on April 22 for the purchase
of $55.000 4 % coupon school bonds. Dated April 15 1933. Denom.
$1,000. Due April 15 as follows: $10,000 in 1938, and $15,000 in
1943,
1948 and 1953. Bonds are registerabie as to principal only and interest
will be payable in April and October. It is stated that the bonds
of any tax or taxes except succession or inheritance taxes, which areare free
now or
may hereafter be levied and assessed by or under the Laws of Pennsylvania
.
A certified check for 2% of the bonds bid for, payable to the
District Treasurer, must accompany each proposal. Bonds are order of the
being issued
subject to the favorable legal opinion of Townsend, Elliott & Munson.
of
Philadelphia.
LACONIA, Belknap County, N. H.
-LOAN OBTAINED.
-Mrs.
Carron, wife of Mayor Charles E. Carroll, has made a loan
the municipality at 5% interest. Last week Mayor Carroll of $50,000 to
declared
the rate of 6% demanded by a Boston bank on a short-term loan that
was
excessive.
-V. 136, p. 2283.
LA CROSSE COUNTY(P.O. La Crosse), Wis.-BOND OFFERING.
Sealed bids will be received until 2 p. m. on April 10 by Esther M. Domke,
County Clerk, for the purchase of a $500.000 issue of 5% semi-ann.
rate purpose, series C bonds. Denom. $1.000. Dated Jan. 11933.corpoDue
$50.000 from Jan. 1 1934 to 1943 incl. The county will furnish the bonds
and legal opinion. (These are the bonds that were scheduled for sale on
March 6, the award of which was postponed because of the bank holiday.
-V. 136. p. 1751.)
LAKE COUNTY (P. 0. Crown Point), Ind.
-WARRANTS
SOLD.
-Herman L: Cotner, County Treasurer, reports that no bids NOT
were
submitted for the issue of $100,000 4%% tax anticipation warrants offered
for sale on April 1-V. 136, p. 2101.
LANSING, Ingham County, Mich.
-BOND OFFERING.
-11. E.
Sanderson, City Comptroller, will receive sealed bids until 8 p. m. on
April 17 for the purchase of $165,000 4 % coupon or registered bonds,
divided as follows:
$125,000 welfare emergency bonds. Due $25,000 on May 1 from 1936 to
1910 incl.
40,000 sewerage bonds. Due May 1 as follows: $3,000 from 1936 to
1913 incl., and $4,000 from 1944 to 1947 incl.
Each issue is dated May 1 1933. Denom. $1.000. Principal
(May and November) are payable at the City Treasurer's and interest
offices. A
certified che,k for $1,650 must accompany each proposal. The approving
opinion of Thomson, Wood & Hoffman, of New York, will be furnished
the successful bidder. Issuance of the bonds has been approved by the
Michigan Public Debt Commission.
LINN COUNTY (P. 0. Cedar Rapids), lowa.-BOND REFUNDING
AUTHORIZED.
-The County Board of Supervisars on April 3 agreed to
refund $74.000 in primary road bands maturing on May 1 1933, because
the usual funds are tied up in closed banks.
LIPSCOMB COUNTY ROAD DISTRICT No. 1 (P. 0. Lipscomb),
-PROPOSED BOND CANCELLATION.
Tex.
-It is stated that an election
is to be held on April 15 to vote on the cancellation of all but $13,000 of
$337,000 bonds voted in this district in April 1931.
LORAIN COUNTY (P. 0. Elyria), Ohlo.-BONDS AUTHORIZED.
The Board of County Commissioners has authorized an issue of $8,800
poor relief bonds.
April 8 1933
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif..
-SUPERVISORS REQUEST AUTHORITY TO MAKE RECO.NSTRUCTION FINANCE CORPORATION LOANS.
-In connection with the notice given)
in V. 136, p. 1933, relative to the passage of resolutions by the Board or
County Supervisors for a loan of $20,000,000 from the R. F. C., we are.
informed by the County Auditor that what was actually done was the passsage of a resolution by the said Board memorializing Congress to amend the
R. F. C. Act to permit loans to be made to political subdivisions for the
purpose of reconstructing school buildings that were either demolished or*
damaged in the earthquake area. He goes on to say that if the Act is
amended to permit these loans it will be neoessary to vote bonds in each of
the subdivisions to be purchased by the Corporation.
LOUISIANA, State of (P. 0. Baton Rouge).
-BOND PAYMF:NTS
AVAILABLE.
-It is stated by the Chase National Bank of New York,
fiscal agent of the State, that funds are available to pay the April 1 maturities on State bonds. Funds are on deposit in the Hibernia Bank & Trust,
Co. of New Orleans, to pay the March 15 maturities, but are tied up and
probably will be released in a few days.
LOVELL, Big Horn County, Wyo.-BOND REFUNDING AUTHORI7ED.-The City Council is reported to have passed an ordinance providing
for the refunding of $100,000 in municipal water bonds.
MAINE (State of).
-NOTE SALE.
-F. S. Moseley & Co. of
have purchased an issue of $400,000 tax anticipation notes, dated Boston,
April 1
1933 and payable on June 1 1933 either in New York or Boston. Notes are
available in denoms. of $50,000.$25,000 and $10,000 and have been certified
as legal by the State Attorney General.
MALDEN, Middlesex County, Mass.
-LOAN NOT SOLD-The city
failed to receive a bid at a recent offering of a $100,000 revenue anticipation
loan, to mature on Nov.30 1933.
MANCHESTER, Hillsborough County
N. H.
-TEMPORARY
LOAN.
-The city has obtained a loan of $5150,000 from the Amoskeag
Manufacturing_Co. of Manchester, at 6% interest. Due $300,000 on Dec.
1
and $200,000 Dec. 15 1933. Mayor Damase Caron appealed to the company for the loan, stating that he was unable to secure the money through
customary channels because of unsettled financial conditions. Similar
the
aid was extended to the city last year.
BOND ISSUE APPROVED.-Georgeaf. Waddell, Town Treasurer, was
notified on April 5 that the $300,000 bond issue with which the town plans
to fund uncollected taxes and emergency welfare expenses has been approved
and certified by the First National Bank of Boston. Mr. Waddell stated
that the bonds will be dated May 1 1933 and offered at public sale during
the latter part of April. Proceeds of the sale, in addition to $427,000 in
taxes due from April 15 to May 15, will be used to pay temporary notes
and bond obligations of about $600,000 which will mature during May.
MARION COUNTY(P.O. Indianapolis), Ind.
-NOTE OFFER/NO.-Charles A. Grossart, County Auditor, will receive sealed bids until
on April 24 for the purchase of $186,961.22 6% poor relief notes.10 a. m.
April 24 1933. One note in denom. of $961.22, others for $1,000 Dated
each.
Due $93,000 on May 15 and $93,961.22 on Nov. 15 1934. Prin. and
Int. (M. & N. 15) are payable at the County Treasurer's office. A certified check for 3% of the notes bid for, payable to the order of the Board
of County Commissioners, must accompany each proposal. No conditional
bid will be accepted and the opinion as to the validity of the notes is to
be furnished by the successful bidder.
MARSHALL, Calhoun County, Mich.
-PLAN REFUNDING
ISSUE.
-The Board of Education has made application to theBOND
State
Public Debt Commission for permission to issue $6,000 bonds for the
purpose of effecting payment of a like amount which have
The
new bonds are to bear interest at 5% and mature $1,000matured. from
annually
1935 to 1940 incl. A check to cover the original bonds at maturity had
been forwarded to the Detroit Trust Co. it is said, but failed to be cleared
in time to avert being tied up as a result of the banking situation.
• L. W. Schroeder, Secretary of the School Board, has been advised of the
• approval of the bonds by the public Debt Commission, Mr. Schroeder
informed the Board that orders have already been received for $4,000 bonds
and stated that little difficulty is anticipated regarding the sale of the
remainder.
MARYLAND (State of).
-LEGISLATURE APPROVES $12,000,000
-The State Legislature has approved the measure
RELIEF BOND BILL.
authorizing the issuance of $12,000,000 bonds for the purpose of providing
for poor relief needs in Baltimore during the next two years and to reimburse
the city for such expenditures made in the past. (A detailed report on
this
matter appeared in an item published under the name of the City of Baltimore in our issue of last wm.k.-V. 136. p. 2280.)
MEMPHIS, Shelby County, Tenn.
-FINANCIAL DATA
• following official information is furnished us in connection with the .-The
offering
scheduled for April 11 of the $250,000 coupon or registered
water department, series C, bonds
-V. 136, p. 2283.
General Information as to Eight Years of Operation of the General
Citu
Corporation of M
T
Ter
• 7Ciotnyst of General
,
ritory
Government
rnment
Cost
Served in
Including Debt
92 earY
5
a6 Miles.
Population Squ2reo m
l7i m3 .
Service.
Capita.
1
$4,162,765.69
ir
.85
1926
26.126
177,000
4,166,580.16
23.54
1927
26.126
178,900
4.255,164.61
23.78
1928
28.238
201,000
,
4,096 873.56
2201278
1929
205,500
4,329,221.64
1930
28. 38
48. 8
253,143
2
5
4,708,087.65
18.60
1931
253,143
48.538
4,540,037.20
17.93
1932
48.538
4,088,060.92
16.14
This shows that with
increase of 45% in population and
area, and with a large decrease in revenue that the per capita of 75% in
cost of government was materially reduced without a decrease in the
class of service
rendered the citizens.
The net funded debt of the city since Jan. 2 1928 to Jan.
an increase of only $2,000.000, of which $1,350,000 was for2 1933 shows
school lands
and buildings.
The city has no immediate requirements for any increase in
its funded
debt. Expenditures for unemployment relief since 1929
have been about
$53,000 out of tax funds and no bonds or notes have been
issued for this
purpose.
Short-term borrowings have been decreased from $2.250,000
in 1930 to
$1,000,000 in 1933, and the total budget allotments for
debt service, have been reduced approximately 7% under 1933, including
actual expenditures for the year 1932.
MILFORD, New Haven County,Conn.-BORROWING
-The board of Selectmen adopted a resolution on April AUTHORIZED.
3
loan of $50.000 for the purpose of meeting current expenses authorizing a
in anticipation,
of tax collections. Referring to the necessity of the
borrowing. Selectman.
Harry M. Merwin stated that the Town has about $31,000
Milford Trust Co. by the bank restriction and that the Taxtied up in the
Collector haa
$2,000 similarly impounded.
MINNEAPOLIS, Hennepin County, Minn.
-BONDS
FOR INVESTMENT.
-The total of $1,020,000 coupon or OFFERED
bonds that were purchased on March 31 by a syndicate headed registered
by Lehman
Bros. of New York, as 55 and gs, at par-V. 136, p.
-are being
offered by the purchasers for public subscription, at the 2284
following prices:
$420.000 5% bonds, due from 1934 to 1953, yielding 4.75%.
bonds, bearing 6% interest, due from 1934 to 1938, yielding and $600,000
March 1 and April 1 1933. These bonds are reported to 4.85%. Dated
ments for savings banks and trust funds in New York,be legal investMassachusetts
and Connecticut.
ADDITIONAL INFORMATION.
-In connection with
in V. 136, pi 2284. that the $1,000,000 tax anticipation the report given
certificates of indebtedness were not sold on March 31, we are informed
as follows by
Geo. M. Link. Secretary of the Board of Estimate and
Taxation:
"No bids were called for on the $1,000.000 (tax
of indebtedness. Action thereon was deferred to anticipation) certificates
the next meeting of the
Board, in order to give the County Treasurer time to
tax settlements with the city. Large sums have been make month-end
County Treasurer during the latter part of March which received by the
have been received in February. the State Legislature would ordinarily
having passed a
statute authorizing a delay during the present year of one
month in the
payment of personal property taxes.
Financial Chronicle
Volume 136
MINNESOTA, State of (P. 0. St. Paul).
-LOAN GRANTED BY
-The granting of a
RECONSTRUCTION FINANCE CORPORATION.
relief loan to this State was announced as follows by the R.F.0.011 April 4:
'Upon application of the Governor of Minnesota the Corporation to-day
made available $81,524 to meet current emergency relief needs in Ramsey
County for the period April 1 to April 15 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"The Minnesota Legislature during the present session has passed
several relief measures, which are expected to enable the State and its
political subdivisions to more nearly meet their relief needs.
"The R. F. C. heretofore has made available $2.155,592 to meet current
emergency relief needs in various political subdivisions of the State of
Minnesota."
MONROE COUNTY (P. 0. Rochester), N. Y.
-BONDS AUTHORIZED.
-The County Treasurer has been authorized to issue $350,000
bonds to provide for work relief during the months of April, May and June
1933. The bonds are to mature in 10 Years.
BOND OFFERING.
-Harry J. Bareltam, County Treasurer, will receive
sealed bids until 11 A. M. on April 13 for the purchase of $350.000 not to
exceed 6% interest coupon or registered emergency bonds. Dated April 5
1933. Denom. $1,000. Due $70,000 on April 5 from 1939 to 1943 incl.
Rate of interest to be named by the bidder in a multiple of X of 1% and
must be the same for all of the bonds. Principal and interest (April and
Oct. 5) are payable at the Union Trust Co., Rochester. or at the Marine
Midland Trust Co., New York City. A certified check for $5,000. payable
to the order of the County, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater, of New York, will be furnished the
successful bidder.
MONROE COUNTY (P. 0. Bloomington), Ind.
-BONDS NOT
SOLD.
-John M. Gilmore, County Treasurer. informs us that the issue
•of $339,600 poor relief bonds offered on March 28-V 136, p. 2102
-failed
of sale.
MONTANA, State of (P. O. Helena).
-OPINION GIVEN ON TAXATION OF SCHOOL BONDS.
-Attorney-General Raymond T. Nagle
is reported to have rendered an opinion to the effect that school bonds
held by residents of the county of issue are not exempt from taxation.
MONTANA, State of (P. 0. Helena).
-LOAN GRANTED BY RECONSTRUCTION FINANCE CORPORATION.
-The following announce:went of a relief loan grant to this State was made by the R.F. C. on March
31:
"The Corporation, upon application of the Governor of Montana, to-day
made available $23,100 to meet current emergency relief needs in seven
counties of that State for varying periods ending April 30 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"The R. F. C. heretofore has made available $2,035,435 to meet current
emergency relief needs in various political subdivisions of the State of
,.
Montana.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND OFFERING.
-F. E. Treon, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m. (Eastern standard time) on April 18 for
the purchase of $416,000 6% refunding bonds. Dated April 1 1933.
Denoms. $1,000, $500, $250 and $100. Due semi-annually on April and
Oct. 1 from 19,34 to 1943 incl. Prin. and int.(A. & 0.) are payable at the
County Treasurer's office. Bids for the bonds to bear interest at a rate
other than 6%,expressed in a multiple of X of 1%, will also be considered.
A certified check for $4,160, payable to the order of the County Treasurer,
must accompany each proposal. Bids shall be unconditional, except as to
optional interest rate offers.
Financial Statement (As of Dec.1 1932)•
Assessed value: 1930 duplicate (real estate and personal property).
$559,011,290; county tax rate, 3.154.
1931 duplicate (real estate and public utilities), $130,168,230; county
tax rate, 2.808.
Indebtedness. Sink. Fund.
General bonds and notes outstanding
$2,263.950
Special assessments,road bonds and notes
Special assessments: sewer and water bonds and 3,438,850
notes
5,689,950
$505.000
Total
611,392,750
$505,000
Tax Collection Report.
1930 Settlement
1929 Levy,
Unpaid of
Pr. Delqs.
Unpaid of
Carr. Only. Curr. Levy.
Levies.
Pr. Delqs.
General taxes levied
(county only)_ ___$2,160,577.07 $196,500.94 $168,507.46 $34,533.62
Spec. assessin'ts levied (county only). 1,331,067.30 461,576.28 462,850.08
333,333.79
1931 Settlement
1930 Lem
Pr. paps.
Unpaid of
Unpaid of
Curr. Only. Curr. Levy.
Levied,
Pr. Delqs.
General taxes levied
(county only) _ _ _ _$1,891,035.65 $281,745.49 $272,852.63 $193.304.48
Spec. assessm'ts levied (county only)_ 1,204,150.94 610,809.44 808,721.18 695,847.80
1932 S.ttlement
1931 Levy,
Pr. Delqs.
Unsaid of
Unpaid of
Curr. Only. Cum Levy.
Lmied.
Pr. Delqs.
General taxes levied
(county only)----$1,207,912.40 $376.732.44 $119,097.54 $350,603.18
Spec. assessm ts levied (county only)- 1.234,869.21 840,122.48 1,302.599.20 1,244.374.24
MONTGOMERY COUNTY (P. O. Independence), Kans.-BOND
OFFEEING.-Sealed bids will be received until 11 a. m. on April 10 by
Guy Smith. County Clerk, for the purchase of an issue of $100,282.94 4%
semi-ann, funding bonds. Denoms. $1,000. $500, and one for
$282.94.
Dated May 1 1933. Due on Aug. 1 as follows: $10,282.94
1934. and
$10,000 from 1935 to 1943 incl. Interest payable F. & A..in A certified
check for 2% of the bid, payable to the County Treasurer, is required.
(These bonds were authorized on March 20.-V. 136, p. 2102.)
MOOSE LAKE, Carlton County, Minn.
-BOND
Sealed bids will be received until 8 p.m. on April 18 by F.OFFERING.
A. Schweiger,
Village Clerk, for the purchase of a $28,000 issue of municipal light plant
bonds. Interest rate is not to exceed 6%,payable J. & J. Denoms.$1.000
and $500. Dated Jan. 11932. Due on .an. 1 as follows: $1,000, 1935 to
1935 to 1937; $2,000, 1938 to 1942. and $2.500, 1943 to 1948, all ind. A
$600 certified check, payable to the Village Treasurer, must accompany
the bid. (These are the bonds that were scheduled to be sold on March 18,
the sale of which was postponed.
-V.136, P. 1934.)
NEBRASKA, State of
Lincoln).
-IRRIGATION BONDS
BANNED AS SCHOOL INVESTMENTS.
-On March 31 Governor Bryan
signed a bill preventing the investment of permanent school funds in
irrigation, drainage district, and dormitory bonds, and in the bonds of
municipalities which have defaulted during the past 10 years.
NEWPORT, Newport County, R. I.
-LOAN SOLD PRIVATELY.
-Although no bids were received for the $100.000 revenue anticipation
loan offered publicly on April 4-V. 136, p. 2284, the issue was sold subsequently at private sale. Dated April 6 1933 and due on Sept. 5 1933.
NEWARK, Essex County, N. J.
-TAX RATE ESTABLISHED.
William P. Macksey, Secretary of the Essex County Tax Board, announced on April 1 that the city tax rate for 1933 has been fixed at 33.28
per $100 of assessed valuation. The levy had been tentatively established at $3.16, but due to the insistence of the city's bankers that an
additional sum of $1,000,000 be raised by taxation, to be set aside as a
reserve fund, the higher figure was made necessary. Last week the city
commission was advised by the bankers that the purchase of $3,000,000
tax anticipation notes, for the purpose of paying municipal salaries and
other obligations, would be conditioned upon the reduction of the 1933
budget by 32,000,000, the increase of $1,000,000 in the tax levy as a reserve
fund and an advance in the water rates of 25%-V. 136, p. 2284.
NEW BERLIN, NORWICH,PITTSFIELD, MORRIS AND BUTTERNUTS CENTRAL SCHOOL DISTRICT NO.6(P.O.South New Berlin)
N. Y.
-ADDITIONAL INFORMATION.
-In connection with the issue
of $100,000 school construction bonds favorably voted on March 4V. 136, p. 2103
-we are advised by Everett S. Webb, District Clerk, that
(1.. o.
2465
the bonds probably will bear interest at 5% and mature serially as follows:
$1,000 in 1936 and 1937;$2,000from 1938 to 1946 incl.;$3,000 from 1947 to
1953 incl.; $4,000 from 1954 to 1957 incl.; $5,000 from 1958 to 1962 incl..
and $6,000 in 1963, 1964 and 1965.
Financial Statement.
Assessed valuation
$905,443.65 I Bonded debt
$2,000.00
Real valuation
1,205,686.12 I Tax rate. 1933
$11.50
Population (estimated). 800.
BOND OFFERING-Everett S. Webb,Clerk of the Board of Education,
will receive sealed bids until 2 P. M. on April 18 for the purchase of $100.000 5% coupon school bonds. Dated May 1 1933. Denom. $1.000. Due
May 1 as follows: $1,000 in 1936 and 1937; $2,000 from 1938 to 1946 incl.:
$3,000 from 1947 to 1953 incl.; $4,000 from 1954 to 1957 incl.; $5,000 from
1958 to 1962 incl., and $6,000 from 1963 to 1965 incl. Principal and
interest (May and Nov.) are payable at the National Bank of New Berlin.
A certified check for 10% of the amount of the bid must accompany each
proposal.
NEW MEXICO, State of (P. 0. Santa Fe).
-REFERENDUM
-We are informed that petitions
SOUGHT ON HIGHWAY BOND ACT.
are now being circulated throughout the State asking for a referendum on
the $2,000,000 highway debenture bill passed by the recent State Legislature
-V. 136, p. 1409. It will be necessary under Article IV, Section 1,
of the State Constitution, to obtain the signatures of not less than 10%
of the qualified electors a each of three-fourths of the counties, and in the
aggregate, not len than 10% of the qualified electors of the State, before a
referendum can be had.
NEW MEXICO, State of (P. 0. Santa Fe).
-RECONSTRUCTION
FINANCE CORPORATION LOAN GRANT.
-The following announcement
was made by the Corporation on April 4 regarding a relief loan grant
to this State:
"The R. F. C., upon application of the Governor of New Mexico, to-day
made available $14,800 to meet current emergency relief needs in 31 WWI
ties of that State during the month of April 1933.
"These funds are made available under Title 1, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"The Corporation heretofore has made available $3302.138 to meet
current emergency relief needs in various political subdivisions of the
State of New Mexico."
NEWTON FALLS EXEMPTED VILLAGE SCHOOL DISTRICT
(P. 0. Newton Falls), Trumbull County, Ohio.
-BOND OFFERING.
H. C. Wolcott, Clerk of the Board of Education, will receive sealed bids
until 12 m. on April 20 for the purchase of $17,500 6% refunding bonds.
Dated April 1 1933. Due as follows: $500 April and $1,000 Oct. 1 1934.
and $1,000 April and Oct. 1 from 1935 to 1942 Incl. Int. is payable semiannually. Bids for the bonds to bear interest at a rate other than 6%.
expressed in a multiple of 3,1 of 1%, will also be considered. A certified
check for $175, payable to the order of the Board of Education, must
accompany each proposal.
-TEMPORARY FINANCING DURING MARCH
NEW YORK, N. Y.
-Short-term financing by the city during the
TOTALS $82,896.900.
month of March in anticipation of tax collections and other revenues
amounted to 382,896.900, which includes $12,896.900 of the new so-called
These latter, bearing interest at 431%. made their initial
"baby bonds.
appearance in March and were offered exclusively for purchase by taxpayers. This class of security was conceived by Comptroller Berry for
the dual purpose of ootaining funds during the period prior to the regular
tax collection dates without the necessity of relying wholly upon local
bankers for such aid and to reduce the interest charges on such borrowings.
The securities, as previously noted, are available only to taxpayers and
are to be surrendered to the city either in payment of May 1 or Nov. 1
taxes, in accordance with the maturity date indicated thereon. The
city's total temporary issues disposed of during March comprised the
following:
$10,000.000 431% revenue bills of 1933, due on or before March 3 1934
and sold on March 3.
3,000,000 4% revenue bills of 1933. due on or before March 23 1934
and sold on March 23.
5,000,000 53.4% special revenue bonds of 1933, due on or before June
14 1934 and sold on March 1.
5,000.000 534% tax notes of 1933, due on or before June 14 1934 and
sold on March 1.
27.000,000 6% special corporate stock notes, due June 15 1933 and sold
on March 15.
15,000,000 6% certificates of indebtedness for work and home relief
purposes, due June 15 1933 and sold on March 23.
5.000.0004% certificates of indebtedness for work and home relief.
due March 15 1934 and sold on March 25.
9.452,580 431% revenue bills for 1933 taxes ("baby bonds"), due May
31 1933 and issued on various dates during March.
3,437.920 434% revenue bills for 1933 taxes ("baby bonds"), due Nov.
29 1933 and issued on various dates during March.
6,400 4 % revenue bills for 1933 taxes ("baby bonds"), due May
1 1933 and Issued periodically during March.
NIAGARA FRONTIER BRIDGE COMMISSION, N. Y.
-RECONSTRUCTION FINANCE CORPORATION AGREES TO PURCHASE
130NOS.-The following report was issued by the R. F. C. on March 31,
relative to an agreement to purchase bonds of the above named Commission-V. 136, p. 2279:
The Corporation to-day agreed to purchase $2,800,000 revenue bonds,
bearing interest at the rate of 43.4 %,of the Niagara Frontier Bridge Commission, the money to be used to construct two toll bridges over the east
branch of the Niagara River on a new proposed highway from Niagara Falls
to Buffalo, N. Y.
The Commission was created by an act of the Legislature of the State of
New York taking effect in April 1929.
The loan was approved by the R. F. C. board subject to a number of conditions which will be worked out at a later date.
The structures, monumental in charater, will be known as the North
Grand Island bridge and South Grand Island bridge. The superstructure
of the North Bridge will be 4,100 feet in length, South Bridge, 2,000 feet.
The approaches for each will be about 1.650 feet in length. The roadway
of each will be 24 feet wide with two 3-foot sidewalks.
Approximately 50,000 cubic yards ofconcrete will be required in the bridge
structures, approaches and embankments and plazas; 1,500 tons of reinforcing steel; 12,550 tons of steel; 44,500 feet of concrete piles.
The main channel span of the South Bridge will be 600 feet; the North
Bridge, 500 feet.
The total cost of the two bridges is estimated at $4,000,000. A preliminary schedule of tolls has been set at 10 cents for passenger cars, including
passengers;.50 cents for trucks; 50 cents for buses. Traffic on the proposed
highway and bridges is expected to be increased due to development of
parks by the State Council of Parks,on Grand Island. The two bridges will
connect State parks at each end of' the island. Considerable work has already been done, it is said, in developing the Grand Island park through
hiring of men from the ranks of the unemployed. Considerable relief
moneys,available for materials and labor in connection with further development of the island, will be released as quickly as work on the bridges progresses.
The State of New York will construct a 6
-mile highway on Grand Island
as a connecting roadway between the two bridges.
It is estimated that 2,000 men will be employed 18 months on the
project
on the basis of a 30
-hour work week.
NILES CITY SCHOOL DISTRICT, Trumbull County, Ohio.
BOND OFFERING.
-Anna D. Masteller, Clerk of the
will receive sealed bids until 12 m. on April 17 for theBoard of Education,
purchase of $11,000
6% refunding bonds to provide for the payment of a like amount
of
tions maturing on March, April and June 1 1933. The bonds will obligabe dated
April 1 1933 and mature 31.000 annually on Oct.
Bids for the bonds to bear interest at a rate other1 from 1934 to 1944 incl.
than 6%,
multiple of X of 1%, will also be considered. A certified expressed in a
check for $110.
payable to the order of the Board of Education, must
posal. The unqualified approving opinion of Squire,accompany each proof Cleveland. will be furnished the successful bidder. Sanders & Dempsey
NORFOLK, Norfolk County, Va.-NOTE
ISSUANCE AUTHORIZED.
-The issuance of $500,000 in 6%
is reported to have been authorized by theshort-term tax anticipation notes
City Council on recommendation
of the City Manager. It is stated that local interests are expected
to take
the entire amount.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-LOAN OFFERING.
Ralph L. Pettingell, County Treasurer, will receive sea:ed b.ds until
2466
Financial Chronicle
10.30 a. m. on April 11. for the purchase of $50,000 tuberculosis hospital
maintenance notes. issued under authority of Chapter 111 of the General
Laws of the State. Notes will be in denoms. to suit purchaser, dated April
11 1933 and payable April 6 1934 at the First National Bank of Boston.
Bids to be submitted on a discount basis. The notes will be authenticated
as to genuineness and validity by the First National Bank of Boston,
under advice of Ropes, Gray. Boyden & Perkins, of Boston.
-No bids were submfttecf
-LOAN NOTSOLD.
NORTHAMPTON,Mass.
at a recent offering of $225,000 revenue anticipation notes, dated April 3
1933 and due on Nov. 10 1933.
-REFUNDING
NORTH CAROLINA, State of (P. 0. Raleigh).
-On April 3 Senator
BOND BILL INTRODUCED IN LEGISLATURE.
John W. Hinsdale of Wake County introduced a bill in the Legislature to
authorize the issuance and sale of $12,502,371 in bonds to provide funds
for the payment of outstanding general fund notes and to reimburse the
highway fund for advances, according to the Raleigh "News" of April 4.
The bonds, to be issued from time to time by the State Treasurer if the bill
is approved, would draw semi-annual interest at 6%, and would mature
in annual series beginning not more than three years nor running longer
than 15 years from the date of issuance.
-The
-LOAN NOT SOLD.
NORWOOD, Norfolk County, Mass.
Town failed to receive a bid at a recent offering of $100,000 tax anticipation
notes, payable Nov. 10 1933. Bids were asked on a discount basis.
-Raleigh S.
-FINANCE REPORT.
NUTLEY, Essex County, N. J.
Rife, Director of the Department of Revenue and Finance, on April 3
declared a moratorium on town and school payrolls and bills and the
suspension of borrowing pending the payment of debt service charges which
on May 1 well amount to $64,000. This sum includes $40,000 tax anticipation notes, which, together with a $100,000 issue due June 1 1933,
constitutes the entire floating indebtedness of the Town. Mr. Rife stated
that unpaid taxes total $839,000. against which $286.000 has been borrowed.
-WARRANTS
OKLAHOMA, State of (P. 0. Oklahoma City).
-A call has been issued by Ray Weems, State Treasurer, for
CALLED.
$1.210.752 of warrants for redemption, thus reducing the total of outstanding warrants to $12,800,000. It is said that collections for March
aggregated $2,874.599. The Treasurer put the total indebtedness of the
State at $14,323,701, including $1,225,200 in bonded obligations.
AFfrr
-i
--WIE7trwasm
"'We give the following report fro
"A dent was made in the State's indebtedness Saturday by a call for
$1,210.752 in outstanding warrants upon showing of $2,874.599 in collected
revenue for last month. Ray 0. Weems, State Treasurer, said.
"The warrant call leaves $12,800,000 in warrants outstanding. March
set a record when tax collections were $1,700.257 more than the $1.174,301
collected in February.
"In a financial statement of March 31 Weems showed the State's total
outstanding warrant and bonded indebtedness to be $14.323,701. Outstanding warrants, exclusive of those called, showed $13.068,501. The
bonded debt is $1,225,200.
"The warrants include $193,136.45 for the 1930 general revenue fund,
$5,368,491.22 for 1931. $3.093,421.92 for 1932 and $4.413,488.50 for 1933.
"Total of $248,100 is still due on the funding bond issue of 1913. The
bonds were issued when Lee Cruce was Governor to wipe out a series of
outstanding warrants. The last payment will be made Oct. 1.
"Other bonded obligations include: $377.600 in 1911 public building
bonds. $253.000 in Oklahoma A. & M. Dormitory bonds. $253,000 in
University of Oklahoma Dormitory bonds and $123,500 in University of
Oklahoma Infirmary bonds.'
-BOND OBLIGATIONS MET.
OREGON, State of (P. 0. Salem).
The following report on the payment of State bonds and interest which
matured on April 1, is taken from a Salem dispatch to the Portland
"Oregonian" of March 31:
"The State of Oregon will meet all of Its bond obligations due and payable
April 1, it was announced at the State treasury department to-day. Bond
and interest obligations aggregate $2.616,172.
"Highway bonds totaling $937,500, with interest of $637,728,are included
among these obligations. These bonds and interest payments will be made
through the State's fiscal agency in New York City.
"The State treasurer also will pay $500,000 in principal on State bonus
commission bonds and $541,944 in interest. The aggregate highway bond
apyments will be $1.574,228 and aggregate bonus commission bond payments $1,041.944.
"The highway commission was able to meet its bond and interest obligations through the placing of $1,500,000 of short-term bonds with Portland
banks. Repayment of $700,000 to the bonus commission from the general
fund permitted that department to fulfill its bond obligations.
"The outstanding bonded debt of the highway department totals $28.079,250 after the maturities due Saturday have been met. Payments due
and payable by Dec. 311934, will reduce the total principal indebtedness
to less than $25,000,000."
-BONDS NOT SOLD.
ORRVILLE, Wayne County, Ohio.
Frederick Smucker, Village Clerk, reports that no bids were received at the
-V. 136, p.
offering on April of $7,000 53(% final judgment bonds
public
-and that the issue will be sold privately. Dated April 1 1933 and
2103
due $1.000 on Oct. 1 from 1934 to 1940, inclusive.
-In con-BOND REPORT.
OSSINING, Westchester County, N. Y.
nection with the recently authorized issue of $131,000 funding bonds,
-we are advised by the Village Clerk that
2I03
-mentioned in V. 136, p.
the bonds will be offered for sale probably about May 1. iiiihwas,
April 8 1933
Financial Statement March 2j1933.
General bonded debt
Water bonded debt
*Grade crossing bonds
Total bonded debt
Floating debt
Tax revenue bonds of 1929
Tax revenue bonds of 1930__
Taxrevenue bonds of 1931-Tax revenue bonds of 1932--
$3,324,500.00
2,551,000.00
873,000.00
$6,748,500.00
$65,000.00
400,000.00
741,000.00
616,000.00
Temp. impt. bonds (trust).. $562,600.00
Temp. impt. bonds (capital).. 263,000.00
93,000.00
Tempimpt. bonds (water)..
Deficiencybonds (general)- 53,268.33
$1.822,000.00
971,868.33 $2,793,868.33
Total bonded and floating debt
General bonded and floating debt
Grade crossing bonds
Water bonded and floating debt
E9.542,368.33
36,025,368.33
873,000.00
2,644,000.00
$9,542,368.33
Taxes receivable-Year 1929-- $204.380.62
Year 1930
413,113.28
Year 1931
691,954.17
Year 1932
1.115,168.12
-General
Sinking funds
School
Water
$87.634.20
369,264.20
427,906.81
T. I. bonds trust
Cash construction
Cash assessment reserve
Assessments receivable
$2,424,616.19
$26,593.71
8,115.12
324,957.42
$884,805.21
$359.666.25
Net taxable valuations 1933$44,701,526.00
Real
5,648,702.00
Personal
$50,350,228.00
Population, Census 1930. 43.516.
* Credit Chapter 130 Laws 1932 (Grade Crossing Elimination Bonds
3503,636.76).
-EMERGENCY BORROWING TM
PHILADELPHIA, Pa.
-Governor Pinchot on April 1 vetoed Representative L.
VETOED.
Arthur Greenstein's hill increasing the annual emergency borrowing
capacity of the city from $2,000.000 to $5,000.000-V. 136. p. 1060.
In announcing rejection of the measure, the Governor stated that no responsible city official has asked him to approve it or given any reason
why its adoption would be a benefit to the city and its taxpayers.
He added that "it would merely postpone the financial housecleaning which
must inevitably be made by Philadelphia and would lay still further burdens
on the real estate taxpayers of the city." In pointing out the necessity of
the measure, Representative Greenstein said that the "Governor forgets
that the city Is in bad shape financially, with $46,000,000 of delinquent
taxes outstanding." adding that "an effort would be made to break the
tradition that the Legislature can't pass a bill over the Governor's veto.':
-Frank J. Willard, Assistant Receiver
REVENUES SHOW DECREASE.
.of Taxes, announced on April 4 that revenues from all sources during the
first three months of 1933 aggregated $38.997,521. constituting a decrease
of $4,421,412 in comparison with the receipts in the corresponding period
of 1932. Mr. Willard stated that the decrease was partly due to the bank
holiday last month and the placing of a number of banks In the hands of
conservators. The Philadelphia "Ledger" of April 5 commented on Mr.
Willard's report as follows:
"City tax receipts showed the heaviest loss, the total for January, February and March being $20,958.251, against $22,637,181 for the same
three months last year, a decrease of $1,678,930.
"School taxes dropped from $12,026,645 in 1932 to $11,139,933 in 1933
a decrease of $886,711, and personal property taxes from $191,419 to
$172,697, a decline of $18,722.
"Payment of delinquent taxes and water rents also declined heavily the
former showing a loss of $1.126,234. while water rent collections dropped
from $2,576,885 in 1932 to $2,011.305 in 1933, a decrease of $565,580.
"Delinquent collections aggregated 34,220,711, against $5,346,945 in
1932, and were made up as follows: City taxes, $2,837,422, against $3,553.830 in 1932, a decrease of $716,407; school, $1.356,673, against $1,760,904
in 1932, a decrease of $104,231, and personal property $26,615. against
$32,211 in 1932, a decrease of $5,596.
"The remainder of the receipts came from miscellaneous sources."
PINE TREE SCHOOL DISTRICT (P. 0. Longview), Gregg County,
-We are informed by the Superintendent of
Tex.
-BONDS NOT SOLD.
Schools that the $40,000 issue of 5% semi-ann. school bonds offered on
-was not sold. Due in 1937 and optional in 1934
March 1-V.136, p.526
-BONDS A UTHQWED.
PITTSBURGH, Allegheny County Pa.
The city council has adopted an ordinance providing for the issuance of
$500.000 4% poor relief bonds, to be dated as of May 1 1933 and mature
$25,000 annually on May 1 from 1934 to 1953 incl. Prin.and Int.(M.& N.)
payable at the office of the City Treasurer.
PLAINVIEW COMMON SCHOOL DISTRICT NO. 12(P.O. Snyder)
-It is stated by the County'
-BOND SALE.
Scurry County, Tex.
Superintendent of Schools that the $1,700 issue of 5% semi-ann. school
GRAVITY DRAINAGE DISTRICT NO. 1
OUACHITA PARISH
-was sold to the State Depart-V.136. p. 696
issue of 53i%
January
bonds approved in
-The $85,000
-BONDS NOT SOLD.
(P. 0. Monroe), La.
ment of Education, as had been contemplated.
-was
semi-ann. drainage bonds offered on Macrh 24-V. 136. p. 1598
rejected. Due in 25 years.
-BONDS VALIDATED.
not sold as all the bids received were
PORT ARTHUR, Jefferson County, Tex.
-The Legislature is reported to have passed a bill validating $100,000
PACIFIC COUNTY SCHOOL DISTRICT NO. 125 (P. 0. South
seawall bonds voted here in 1932 to complete the storm protection system.
-It is reported that an election will
ELECTION.
-BOND
Bend), Wash.
PORT OF ILLAHEE (P. 0. Marlette) Kitsap County, Wash.be held on April 8 in order to vote on the proposed issuance of $16,000 in
BOND SALE.
-The $1,500 issue of 6% coupon semi-ann. dock bonds
school refunding bonds.
-was purchased by the
11-V. 136. p. 1415
. • offered for sale on Marchof Seattle, at a price of 91.60, a basis of about
Wyo
PARK COUNTY SCHOOL DISTRICT NO. I (P. 0. Powell),
Manson Construction Co.
-At the election held on March 25-BOND RECALL DEFEATED.
7.78%. Denom. $100. Due in from 1 to 11 years.
proposal to recall $70,000 of school
-the voters rejected the
V. 136. p. 1934
-BOND EXCHANGE
PORTSMOUTH, Scioto County, Ohio.
bonds by a count of 303 to 176, according to the District Clerk.
PLANNED -William Gableman, Director of Finance, reports that the
-John F.
-BOND OFFERING.
PARMA, Cuyahoga County, Ohio.
city has received permission to refund all bonds, excepting regular water
Goldenbogen Jr., Auditor-Clerk of the City, will receive sealed bids until
works issues, maturing from Jan. 1 1933 to July 11933,amounting to $225.175. These refundings consist of $80.750 general tax and 873.350 special
12 m. on April 17 for the purchase of $98,559 6% special assessment bonds.
Dated Sept. 11931. Due Oct. 1 as follows: $13.559 in 1934; $12,000 from
assessment bonds, dated Dec. 11932. and $49,625 general tax and $21,500
special monument bonds, dated March 11933. Mr. Gableman states that
1935 to 1937, incl.: $13,000 in 1938, and $12,000 from 1939 to 1941, Incl.
Interest is payable in April and October. Bids will also be considered for
as the refunding bonds, which bear interest at 6% compared with rates of
from 4 to 6% on the maturing obligations, have failed of sale at public offerthe bonds to bear interest at a rate other than 69'. A certified check for
City Treasurer, must
ings due to a lack of bids, he is now engaged In a plan to exchange them for
2% of the bonds bid for, payable to the order of the of Squire, Sanders &
accompany each proposal. The approving opinion
the bonds that they are to replace.
Dempsey of Cleveland. will be furnished at the expense of the successful
-RECEIVES INITIAL TAX TITLE
REVERE,Suffolk County, Mass.
bidder for the issue.
-James M. O'Brien, City Treasurer, on Apr. 4
LOAN FROM STATE.
Mr. Goldenbogen will receive bids at the same time for the purchase of
Oct.
a check for $200,000 from State Treasurer Charles F. Hurley for
received
812,742.87 6% special assessment bonds, dated Sept. 1 1931 and due
the purpose of paying municipal salaries due as of Apr. 1. The loan con1 as follows: $4,742.87 in 1934, and $4,000 in 1935 and 1936.
stitutes the first advance under the terms of the Act signed by Governor
Ely on Apr. 1, providing for the creation of the Emergency Finance Board
-PLAN ISSUE OF $400,000
PATERSON, Passaic County, N. J.
and authorizing it to make loans to cities and towns against their tax titles.
-The city was to begin distribution
NOTES FOR SALARY PAYMENTS.
The bill limits the maximum amount of such borrowings to $10,000.000 and
anticipation notes in payment of salaries
on March 31 of $400.000 6% tax
the first
the State recently obtained $3,000,000 that sum through the public sale of
denoms.
of municipal employees. The notes,in maturityof $25 and $10, areexpected
date. They are
its notes.
-V.136, p.2283.
taxes and carry Dec. 15
Ben on 1933
to prove acceptable to merchants and landlords, who in turn may surRICHMOND, Madison County, Ky.-BOND PURCHASE AGREEthem in payment of assessments and taxes.
render
MENT BY RECONSTRUCTIONFINANCECORPORATION.-On March
- 31 the R. F. C. announced as follows the granting of a self-liquidating
-BOND ELECTION.
PEEKSKILL, Westchester County, N. Y.
loan to the above city:
S. Gallaher. Village Clerk, reports that an election will be held on
W.
W
"The Corporation to-day agreed to purchase $40,000 bonds of the City
April 11 at which a proposed issue of $13,000 fire department apparatus
of Richmond. Ky., bearing interest at the rate of6%. the money to be used
purchase bonds will be considered by the voters.
to reconstruct the distribution system for the city's gas plant. The loan
- is made subject to the satisfactory decision of the Court of Appeals of the
-BONDS NOT SOLD
PERTH AMBOY, Middlesex County, N. J.
State that the city has the legal right to issue its revenue bonds for such
-At the offering on April 4 no bids were
STATEMENT OF FINANCES.
the $217,000 coupon or registered bonds placed on sale
obtained for
r
l?11 eas
a 're ity recently purchased the plant from the Bondholders Proof $132,000 series 13 funding
V. 136, p. 1935. The offering consisted
series BB water
tective Committee of the Richmond Water & Light Co.
1935 to 1950, incl.
bonds, due serially from 1967, incl. Bidders and $85,000 name a rate of
were asked to
"Three-quarters of the amount lent will be used to pay labor costs inbonds, due from 1935 to
volved in reconstructing mains, representatives of the city state. The
nterest up to 6% on the bonds.
Volume 136
Financial Chronicle
2467
SOUTHINGTON, Hartford County, Conn.
remaining 310.000 will be spent for materials including more than $3,000
-LOAN ASSURED.
worth of meters. It is estimated that 40 men will receive direct employTown officials have completed negotiations for a loan of $5,000 from a local
ment for six months on the project on a 30-hour work week basis. Work
bank for poor relief purposes, it was reported on April 3.
can be started within one month, officials state.
SPARTANBURG COUNTY (P. 0. Spartanburg), S. C.
-PROPOSED
"Reconstruction work will effect material reduction in maintenance of
BOND ISSUE.
-The Legislature is said to be considering a bill providing
the system and increase its earnings."
for the issuance of $750,000 in bonds for the payment of maturing bonds
ROCHESTER, Olmsted County, Minn.
-CERTIFICATE SALE.
- and interest.
The $1.000 issue of 4 X% semi-ann. certificates of indebtedness offered for
SPINK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 24
sale on March 30-V. 136, p. 2103
-was purchased by Margaret Kennedy
-The $6,000 issue of'
of Rochester at a price of 4%. Dated April 1 1933. Due on April 1 1934. (P. 0. Mellette), So. Dak.-BOND DETAILS.
school funding bonds that is to be voted on at the election to be held on
ROME, Oneida County, N. Y.
-will bear interest at a rate not to exceed 6%
-REFUNDING BONDS AUTHApril 11-V. 136. p.1103
ORIZED.
-Governor Lehman has signed the Abbott bill as Chapter 109 of
and will mature $1,000 from June 1 1936 to 1941 incl.
the Laws of 1933 empowering the city refund certain bonds maturing in 1933.
SULLIGENT, Lamar County, Ala.
-BOND PURCHASE AGREEROSEVILLE, Muskingum County, Ohio.
-In connection with the report given in V. 136.
-RECONSTRUCTION
MENT APPROVED.
FINANCE CORPORATION BOND PURCHASE AGREEMENT.
-The
p. 2104, that the Reconstruction Finance Corporation agreed on March 22
following is the text of an announcement made by the R. F. C.on March 31,
to purchase $38,000 of 6% water works revenue bonds of this town, it is
regarding a self-liquidating loan to this village:
stated by the Town Clerk that the proposal has been approved and will
"The Corporation to-day agreed to purchase $15,500 554% revenue bds.
soon be executed.
of the Village of Roseville, 0., the money to be ised to improve the city's
TEANECK TOWNSHIP (P. 0. Teaneck), Bergen County, N. J.
waterworks system.
-Henry E. Diehl, Township Clerk, will receive sealed
BOND OFFERING.
"It is estimated that 40 men will be employed direct on the project three
bids until 9 p. m. on April 18 for the purchase of $579.000 6% coupon or
months on the basis of a 30
-hour work week. More than $5,000 of meters
registered bonds, divided as follows:
and galvanized pipe will be required.
$505,000 improvement bonds. Due June 15 as follows: $30,000 from 1934
"The city recently completed a new waterworks system from proceeds
to 1942 incl.;*35.000 in 1943, and $10.000 from 1944 to 1948 incl.
of a bond issue. The system is useless except for fire protection purposes
74,000 assessment bonds. Due June 15 as follows: $11,000 in 1934 and
and produces little revenue. The R. F. C. money will be used to purchase
$9,000 from 1935 to 1941 incl.
and install meters and provide service connections.
Each issue is dated May 3 1933. Denom. 81.000. The amounts to be
"Approximately 300 residences and more than 50 business concerns are
raised through sale ofthe respective issues are $199,950 and $73.260. Bonds
expected to contract for water. More than 30,000 gallons daily will be
cannot be sold at less than a price of 99. Principal and interest (June and
required to meet the demands of the Ohio State Prison."
December) are payable at the West Englewood National Bank. West
SAGINAW, Saginaw County, Mich.
-WILL ASK TO REFUND
Englewood. A certified check for 2% of the bonds bid for, payable to
$350,000BONDS.
-George C. Warren, City Controller, has been authorized
the order of the Township, must accompany each proposal. The approving
by the City Council to petition the State Public Debt Commission for
opinion of Hawkins, Delafield & Longfellow,of New York, will be furnished
authority to refund $350,000 of the $828,000 bonds which mature during
the successful bidder.
1933.
TENNESSEE, State of (P. 0. Nashville).
-LOCAL BOND BILLS
ST. FRANCISVILLE, West Feliciano Parish, La.
-BONDS VOTED.
SIGNED.
-The following municipal bond bills have been passed recently
-At the election held on March 21-V. 136. p. 1753
-the voters approved
by the Legislature and signed by Governor Hill McAlister: Montgomery
the issuance of the $50,000 gas system bonds by a small margin. Interest
County, a bill to repeal an issue of $100.000 highway bonds; Meigs County.
rate is not to exceed 6%. Due in 20 years. (They may be sold to the
a bill providing for $86,000 refunding bonds; Trousdale County. a bill
R. F. C.)
validating $31,000 county bonds; Wilson County, providing for *100.000
indebtedness bonds; Lawrenceburg, to validate $40,000 city bonds; proST. JOSEPH, Buchanan County, Mo.-BOND OFFERING.
-Sealed
viding for $12,000 Cannon County refunding bonds; a bill providing for
bids will be received until 5 p. m. on April 19 by T. M. Longmuir, City
$110,000 indebtedness bonds of Weakley County; $10,000 current expense
Comptroller, for the purchase of an issue of $120,000 5% coupon refunding
warrants of Unice' County were provided; Henry County, providing for
bonds. Denom. $1,000. Dated May 11933. Due on May 1 as follows:
$85,000 indebtedness bonds; $190,000 Shelbyville bonds were validated, to
57,000, 1938 to 1915, and $8,000, 1916 to 1953, all incl. Prin. and int.
be used as follows: $100,000 refunding, and $90,000 city bonds; Spring
(M.& N.) payable at the Guaranty Trust Co. of N. Y. City. Delivery to
City, providing for $10,000 indebtedness bonds; $32.500 Jefferson County
be made only when and as bonds being refunded are presented for payment
refunding bonds were validated; Somerville, a bill providing for $4,000 inand are canceled. Bids subject to time for printing and for registration
debtedness bonds, and $75,000 of Macon County bonds were authorized to
with State Auditor. Legality to be approved by Chapman & Cutler of
pay off outstanding debts.
Chicago. City will pay attorney's fees and will print the bonds. A certified check for 2% of the amount of this issue must accompany the bid.
STATE BOND BILLS INTRODUCED.
-A bill is reported to have been
introduced in the Legislature on April 4 providing for a $3,800,000 issue of
ST. LOUIS, Mo.-TAX COLLECTIONS 311014 LARGE DELINState refunding bonds.
QUENCIES.
-The following report on delinquencies in the collection of
Also on April 4 the bill calling for the issuance of $10,000,000 In State
taxes for the past 10 years, is taken from the St. Louis "Globe-Democrat"
deficit bonds (V. 136, p. 2286) was introduced In the Senate.
of March 30:
"Delinquent city, State and school taxes on real estate and personal
TERRE HILL SCHOOL DISTRICT, Lancaster County,Pa.
-BOND
property here aggregate $15,882,449. the largest total in the city's history,
OFFERING.
-H. Frank Eshlemen, District Solicitor, will receive sealed
it was disclosed yesterday when Collector Koeln made public his annual
bids at his office, 48 North Duke St., Lancaster, until 12 m. on April 17
report to Comptroller Nolte.
for the purchase of $18,000 43 % coupon school bonds recently approved
"Of these back taxes $7,946,643 are the 1932 delinquency, while the
by the Pennsylvania Department of Internal Affairs
-V. 136. p. 2286.
remaining $7,935,806 are delinquent taxes due as far back as 1923. The
Dated March 1 1933. Denom. $1,000. Due $1,000 on March 1 in each
1932 delinquency at the beginning of this year was $10.669,566, showing
of the following years: 1935. 1937. 1939, 1941, 1943, 1945, 1947. 1949.
that it has been reduced by $2.722,923 since Jan. 1.
1951. 1953. 1955 and 1957,and from 1958 to 1963 incl. The district reserves
"The 1932 tax delinquency is about 24% of the $32,648.643 levy for that
the right to redeem one or more of the bonds on and at any interest period
year. Last year at this time the delinquency was $6,447,841 on a 1931
after March 1 1937. Principal and interest (March and September) will be
1,37 of 335,916.235. or about 17%•
payable without deduction for taxes, except succession and inheritance
'Of the amount delinquent for 1932, $6,848,930 is on real estate. 44.600
taxes. The issue was authorized at the general election on Nov. 8 1932.
parcels, and $543,546 against personal property of 74,500 taxpayers. Of
A certified check for 2% of the bonds bid for, payable to the order of the
the amount delinquent for prior years 35,486,786 is real estate taxes and
District, must accompany each proposal.
$2,449,019 personal."
TEXAS, State of
Austin).
-RECONSTRUCTION FINANCE
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-BONDS NOT SOLD.
- CORPORATION GRANTS LOAN-The following announcement of the
The $1,000,000 issue of 4(% semi-ann. poor relief bonds offered on April 3
granting of a relief loan to this State was made public by the Corporation
-V. 136. p. 1935
-was not sold as no bids were received, according to the
on April 1:
County Auditor, Dated April 1 1933. Due *200.000 from April 1 1935 to
"The R. F. C., upon application of the Governor of Texas, to-day made
1939, inclusive.
available $1.427,405 to meet current emergency relief needs in 244 political
subdivions of that State during the month of April 1933.
ST. PAUL, Ramsey County, Minn.
-BOND ISSUE AUTHORIZED.
"These funds are made available under Title I, Section 1, subsection (c)
-On April 3 the City Council and the County School Board are reported to
of the Emergency Relief and Construction Act of 1932.
have voted to issue $600,000 bonds for poor relief, under a new State law
"In support of her application, Governor Ferguson advised the Corwhich makes this possible.
poration that a State Advisory Relief Committee has been appointed
SANDUSKY COUNTY(P.O. Fremont), Ohio:
-LOCAL INDEBTEDwith headquarters in Austin and a State Director of Relief appointed in
NESS TOTALS $1,960,626.
-Walter W. Hofelich, County Auditor, issued
order to insure centralized control of relief administration, and that a
a report on March 30 showing that the local subdivisions in the county are
joint committee of the Texas Senate and House is preparing a resolution
indebted to the amount of $1,960,626.38. which is $310.995.57 less than
submitting to the people of the State a proposal to authorize a bond issue
the 1932 figure of $2,212,811.95, according to the Toledo "Blade" of
for relief purpose. The Governor has advised the Corporation that this
March 31:
proposal has her full support and that of the legislative joint committee.
"Fremont public schools are heaviest in debt with $667,000, although the
The amount of the bond issue has been tentatively fixed at $20,000,000.
City of Fremont carries a burden of $203,400. However, $195,400 of the
"The Corporation heretofore has made available $5,513,089 to meet
latter is in filtration plant bonds which are being paid out of earnings.
current emergency relief needs in various political subdivisions of the
"County debt was put at $644.714.81 villages, $146.558.91 .townships.
State of Texas."
$9,552.66 and other schools outside Fremont, $493,100. Only two new
bond issues were authorized during the year and one of these, a $56,410
-The
-BONDS NOT SOLD.
THE DALLFS, Wasco County, Ore.
emergency relief issue, will be paid out of utilities excise tax receipts.
$15.000 issue of fire equipment bonds offered on March 3-V. 136. p. 1061
The other, of $2,400, was raised for cemetery purposes in Madison town-was not sold as no bids were received, according to the City Recorder.
ship."
Interest rate not to exceed 6%. payable J. & J. Dated Jan. 11933. Due
from Jan. 1 1935 to 1939.
SAN MATEO COUNTY (P. 0. Redwood City), Calif.
-BOND SALE.
-An issue of $124,000 relief bonds is reported to have been purchased by
-BOND OFFERING.
TOMPKINS COUNTY (P. 0. Ithaca), N. Y.
Heller. Bruce & Co. of San Francisco on April 4, as
Charlotte V. Bush. County Treasurer, will receive sealed bids until 2 P• m.
of $801, equal to 100.64, a basis of about 4.43%. 43s, for a premium
Dated Dec. 1 1932.
on Apr. 17 for the purchase of *550,000 not to exceed 6% interest coupon or
Due on Dec. 1 as follows: $16,000, 1942 to 1944, and $19.000, 1945 to
registered court house and jail construction bonds. Dated May 1 1933.
1948, all incl. (These bonds are part of a $350,000 issue voted on Nov. 8,
Denom. $1,000. Due May 1 as follows: $16,000 from 1935 to 1953 incl.;
of which $112,000 bonds were sold on Dec. 12-V. 135, p.
4250.)
$25,000 from 1954 to 1962 incl. and $21,000 in 1963. Rate of interest to be
in a multiple of X of 1%. Principal and interest
SAN PATRICIO COUNTY (P. 0. Sinton), Tex.
named
-BOND ISSUANCE (May by the bidder payable
at the First National Bank, of Ithaca. A
and Nov.) are
CONTEMPLATED.-lt is reported that the county has advertised its
certified check for 2% of the bonds bid for, payable to the order of the
intention to issue $11,500 in 6c road and bridge funding bonds, to take
County Treasurer, must accompany each proposal. The approving opinion
up outstanding indebtedness. Duefrom April 15 1935 to 1938.
of Hawkins, Delafleld & Longfellow, of New York, will be furnished the
SCIOTO COUNTY (P. 0. Portsmouth), Ohio.
uccessful bidder.
-PROPOSED BOND
ISSUE.
-The Board of County Commissioners has voted to issue $83,000
-APPLICATION FILED
TONASKET, Okanogan County, Wash.
bonds for poor relief in order to receive at least $120,000 for that purpose
FOR BOND SALE -It is reported by the Town Clerk that application has
from the Reconstruction Finance Corporation during 1933. The Corporabeen made with the Reconstruction Finance Corporation for the purchase
tion insists that States and municipalities exhaust all others possibilities to
of the $31,000 water system bonds that were voted at the election on
obtain relief funds before applying for Federal aid.
Oct. 25-V. 135. p. 3201.
SEATTLE, King County, Wash.
-BONDS PURCHASED BY RE-BOND
CONSTRUCTION FINANCE CORPORATION.
UNION TOWNSHIP (P. 0. Union), Union County, N. J.
-The $750,000 issue of
coupon or registered water bonds offered for sale on March 31-V. 136.
OFFERING.
-W. W. Friberger, Township Clerk, will receive sealed bids
p. 1598
-was taken by the R. F. C. as 5s at par. No other bids were
until 8 p.m. on April 11. for the purchase of $284,000 coupon or registered
received.
tax revenue bonds. Dated March 15 1933. Denom. to suit purchaser.
Due March 15 as follows: *91.000 in 1934; $86.000 in 1935 and $107,000
SEATTLE, King County, Wash.
-BONDS CALLED.
-H. L. Collier,
in 1936. Rate of interest to be named by the bidder in a multiple of one
City Treasurer, is reported to be calling for payment at his office from March
one-hundreth of 1% and must be the same for all of the bonds. Principal
30 to April 11, various local iinpt. district bonds and coupons.
and interest are payable at the Union Center National Bank, Union. or
at the Chase National Bank, New York. A certified check for 2% of the
SEBRING Mahoning County, Ohio.
-BOND EXCHANGE.
-James
bonds bid for, payable to the order of the Township. must accompany
M. Elliott, Village Clerk, reports that the issue of $26,960 6% general and
each proposal. The approving opinion of Reed. Hoyt St Washburn, of
special assessment refunding bonds unsuccessfully offered on Jan. 21New York. will be furnished the successful bidder.
V.136._p. 697
-was given in exchange subsequently for bonds of the original
sale. The refundings are dated Oct. 1 1932 and mature Oct. 1 as follows:
UTAH,State of (P. 0.Salt Lake City).
-RATES OF SALES TA X
$2.960 in 1934. and $3,000 from 1935 to 1942, inclusive.
In connection with the report given in V. 136, p. 2281, of the signing of the
sales tax bill by Governor Blood, we are now informed that the new act,
SEYMOUR, New Haven County, Conn.
-BOND SALE.
-The R. F.
effective from June 1933 to April 1 1935, places a tax of X of 1 cent on
Griggs Co. of Waterbury and Christianson, MacKinnon & Co. of New
each dollar of retail transactions in tangible property; also on revenues of
London. jointly, have purchased an issue of $50,000 4 % poor relief bonds
all public utilities, and a tax of 1 cent on all amusements tickets the price
at a price of 99.26, a basis of about 4.62%. Dated April 1 1933 and due
of which falls below $1.30. and of
of 1 cent for each dollar above that
serially from 1935 to 1944 incl. Bids submitted for the issue were as follows:
amount.
BidderRate Bid.
CITY TAX INCREASE BILL VETOED.
-The Governor is reported to
R. F. Griggs Co. and Christianson, MacKinnon & Co. (purchasers)_ _99.26
have vetoed a bill which would have permitted cities to increase their taxes.
Day. Stoddard & Williams. New Haven
99.20
Shaw. Aldrich & Co., Hartford
VERMILLION COUNTY (P. 0. Newport), Ind.
98.18
-BOND SALE.
Putnam & Co., Hartford
97.53
The $38.000 6% poor relief bonds offered on March 25-V. 136, p. 1935--
(p. o.
2468
Financial Chronicle
were awarded to Walter, Woody & Heimerdinger. of Cincinnati, and 0.W.
McNear & Co. of Chicago, jointly, at par plus a premium of $38, equal to
100.10, a basis of about 5.97%. Dated March 15 1933. Due as follows:
$2,000 May and Nov. 15 from 1934 to 1940, incl., and $2,500 May and
Nov. 15 in 1941 and 1942.
VIRGINIA, State of (P. 0. Richmond).
-NOTE OFFERING.
We are informed that sealed bids will be received until April 15 by the
Board of Sinking Fund Commissioners, for the purchase of a $500,000
Issue of revenue anticipation notes. Dated April 15 1933. Due on May
15 1933.
WASHINGTON State of, (P. 0. Olympia).
-LOAN GRANTED BY
RECONSTRUCTION FINANCE CORPORATION.
-On April4 the R. F. C.
issued the following announcement of the granting of a relief loan to this
State:
"Upon application of the Governor of Washington the Corporation to-day
made available $2,247 to meet current emergency relief needs in Benton
County during the period April 1 to April 30 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"The R. F C. heretofore has made available $4,738,483 to meet current
emergency relief needs in various political subdivisions of the State of
Washington."
WASHINGTON, State of (P. 0. Olympia).
-RECONSTRUCTION
FINANCE CORPORATION LOAN GRANT.
-The following report on
the granting of a relief loan to this State was issued by the R. F. C. on
March 31:
"The Corporation, upon application of the Governor of Washington,
to-day made available $8,050 to meet current emergency relief needs in
two counties of that State for the period April 1 to April 30 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"The R. F. C. heretofore has made available $1,730.433 to meet current
emergency relief needs in various political subdivisions of the State of
Washington."
WEATHERFORD, Parker County, Tex.
-BONDS VOTED.
-At the
election held on March 28-V. 136, p. 1936
-the voters approved the
Issuance of the $7,500 6% city hall and fire station bonds by a count of
338 "for" to 35 "against." Dated April 1 1933. Due in 1943.
WEATHERLY, Carbon County, Pa.
-CERTIFICATE ISSUE
SOLD.
-The Markle Banking & Trust CO. of Hazelton, has purchased the
issue of $20,000 4H% registered certificates of indebtedness which was
offered on March 13 and reported as not having been awarded-V. 136.
p. 1936. The Trust company paid par plus a premium of $25, equal to
100.125. The certificates bear date of March 1 1933 and are redeemable,
in whole or partly, at any time within five years from such date.
WEBER COUNTY (P. 0. Ogden), Utah.
-NOTE SALE.
-A $75,000
Issue of tax anticipation notes is reported to have been purchased at 6%
by the First National Bank of Ogden. Due on Dec. 1 1933.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BOND
SALE.
-The $500,000 coupon or registered unemployment work relief
bonds offered on April 4-V. 136. p. 2286
-were awarded as 6s, at a price
of par, to a group composed of Lehman Bros. and R. W. Pressprich & Co.,
both a New York. also the Manufacturers & Traders Trust Co. of Buffalo.
This bid was the only one received. The bonds bear date of April 1 1933
and mature $50,000 annually on April 1 from 1934 to 1943, incl. The
bankers made immediate re-offering of the securities at prices to yield
.5.50% for the 1934 maturity, 1935, 5.25'7,', 1936, 5.25", 1937, 1938 and
1939, 5.15%, and 5% for the maturities from 1940 to 1943, incl.
According to the purchasers, the bonds are legal investment for savings
banks and trust funds in New York State and constitute general obligations of the county, payable from unlimited ad valorem taxes on all the
taxable property therein.
WEST VIRGINIA, State of (P. 0. Charleston).
-RECONSTRUCTION FINANCE CORPORATION LOAN GRANT.
-The following announcement of the granting of a relief loan to this State was made public
by the R. F. C. on April 5:
"Upon application of the Governor of West Virginia the Corporation
to-day made available $6,300 to meet current emergency rellef needs
in Tyler County during the month of April 1933.
"These funds are made available under Title I, Section 1, subsection (c)
of the Emergency Relief and Construction Act of 1932.
"In support of his application the Governor said: 'Tyler County has not
heretofore applied for funds from the Reconstruction Finance Corporation.
but its increasing relief load has made necessary the securing of outside
aid.'
"The R. F. C. heretofore has made available $8,305,328 to meet current
emergency relief needs in various political subdivisions of the State of
West Virginia."
-BONDS OFW1LKIN COUNTY (P. 0. Breckenridge), Minn.
FERED.
-Sealed bids were received until 3 p. m. on April 6 by C. A.
Seffens, County Auditor, for the purchase of a $25,000 issue of drainage
funding bonds. Int. rate is not to exceed 5H %,payable A. & 0. Denom.
31,000. Dated April 1 1933. Due $5,000 from April 1 1935 to 1939
incl. Prin. and int. payable at such place as designated by the purchaser.
The approving opinion of Junell, Driscoll, Fletcher, Dorsey & Barker
of Minneapolis will be furnished. A certified check for $1,000, payable
to the County Treasurer, must accompany the bid.
W1LLACY COUNTY WATER CONTROL AND IMPROVEMENT
-DAMAGE SUITS
DISTRICT NO. 1 (p. 0. Raymondville), Tex.
FILED.
-It is reported that a total of $4,810,000 in damage suits have been
filed against local citizens by the District. It is said the suits were instituted'against the defendants because they secured an injunction recently
to restrain the District from applying to the Reconstruction Finance Corporation for financial aid.
-BOND OFFERING.
WILLIAMSBURG, Clermont County, Ohio.
G. P. Medary, Village Clerk, will receive sealed bids until 12 m. (Eastern
standard time) on April 21 for the purchase of $90,000 6% electric light,
heat and power plant construction bonds voted at the general election
held on Nov. 8 1932. Dated Sept. 1 1932. Denom. $1,000. Due
$3,000 on March and Sept. 1 from 1934 to 1948 incl. Prin. and
int. (M. & S.) are payable at the Village Treasurer's office. Bids for the
bonds to bear interest at a rate other than 6%, expressed in a multiple of
31 of 1%, will also be considered. A certified check for 5% of the bonds
bid for, payable to the order of the Village Treasurer, must accompany
each proposal.
-LOAN SOLD PRIWINCHESTER, Middlesex County, Mass.
-The Second National Bank of Boston has purchased at private
VATEL Y.
sale a $300,000 revenue anticipation note issue, dated Apr. 10 1933 and
payable on Nov. 10 1933.
-BOND OFFERWOODBURY COUNTY (P. 0. Sioux City), Iowa.
-Sealed bids will be received until 2 p.m. on April 17, by F. Price
ING.
Smith, County Treasurer, for the purchase of a $211,000 issue of funding
bonds. Interest rate is not to exceed 5%, payable M.& N. Dated April 1
1933. Due on Nov. 1 as follows: $70.000 in 1942 and 1943, and $71,000
in 1944. After the receipt of sealed bids and the consideration of open
bids, the bonds will be sold to the hizhest bidder for cash. Prin. and int.
payable at the office of the County Treasurer. The approving opinion of
Chapman & Cutler of Chicago, will be furnished. All other things being
equal, preference will be given to the bid of par and accrued interest or
better which specifies the lowest rate of interest. A certified check for
2% of the amount of bonds bid for, is required.
WYOMING, State of (P. 0. Cheyenne).
-STATE OVERDRAFT
-The following report on the canceling of the State's long
CANCELED.
ehnedlyengneovciegralfcth
Aprilihe issuance of certificates is taken from a
t
of
"Wyoming's State overdraft, a moot question since 1915, to-day was
officially canceled under authority granted by the 22d Legislature.
"By a stroke of the pen State Auditor R. II. Alcorn erased the $715.730.58 debt through the issuance of $1,000,000 worth of certificates of
Indebtedness drawn on the State permanent fund.
"These certificates, according to the legislative act, will bear interest
at the rate of 3% per year instead of the 6% rate on the unpaid warrants
which made up the overdraft. The legislative act authorized also a one-year
-fifth mill levy to pay the interest and reduce the principal over a 15
period.
z
April 8 1933
"Retirement of the overdraft which at its peak amounted to $1,124,906.
Alcorn said, left the treasury with $284.269 in its general fund to meet
running expenses until the receipt of tax revenues in July amounting to
$1,000,000."
CANADA, its Provinces and Municipalities
BRITISH COLUMBIA (Province of).
-REPORTS OPERATING
DEFICIT
-INCREASE PLANNED IN EXISTING TAX LEVIES.
-Hon. J. W. Jones, Minister of Finance, has reported that an operating
deficit of $712,311 was incurred during nine months of the fiscal year
1932-1933,revenuesfrom April to December 1932 inclusive having amounted
to $15,029,523 while expenditures in that period totaled $15,741.834.
The March 24 issue of the "Monetary Times" of Toronto, in reporting on
the deficit, also carried the following with respect to increases which are
to be made in existing tax levies:
"Not one dollar of new taxation will be imposed on the average taxpayer of British Columbia, said Hon. J. W. Jones, Minister of Finance,in
his budget speech in the legislature, but on personal incomes over $5,000
a year the government will levy a new graduated surtax progressing from
1% on the first $2,500 to 18% on incomes in excess of $50,000. This will
be additional to all present levies and is estimated to raise $350,000.
"Succession duties will be raised 25%,which, with further detailed adjustments, will bring a new revenue of $315,000.
"The government will spend $22,729,595 in the next fiscal year as against
$24.693,671 In the year now ending, a reduction of $1,964,078 or a total
cut in departmental expenditures in the last two years of $7,420,518."
-CITY DENIES CLAIMS OF TRUST COMPANY
CALGARY, Alta.
-A dispatch from Calgary to
REGARDING $5,000 BOND MATURITY.
the New York "Herald Tribune" of April 7 reported as follows on the general
denialentered by the city in the case involving $5,000 bonds held y the
Malden Trust Co., of Malden, Mass., which matured at New York on
Jan. 1 1933:
"In a defense statement, filed with the court, the city declares it offered
to meet the Calgary bonds held by the United States firm in American
gold coin, which offer was refused. Due to this, the statement continues,
the city denies all responsibility for payment of exchange on the debentures.
"In reply to the plaintiff's alternative claim for damages for breach of
contract, which the Malden company plans to press if its exchange action
is lost, the city's statement declares the trust company failed to give the
required thirty days' notice in writing of the court action.
"The Malden Trust Co. holds $5,000 worth of Calgary City debentures,
When these bonds matured at the beginning of the year Calgary refused
to meet them in other than Canadian funds. The city declared it was not
legally bound to pay the United States money."
The above litigation is the outcome of the original action of the City
Council in voting to make payment of about $2,609,000 bonds which became due at New York on Jan. 1 1933 in none other than Canadian funds.
-V.136, p. 1936.
-VOTES ADDITIONAL $10,000,000 AID
CANADA (Domin'on of).
TO PROVINCES.
-1 he Government has decided to make additional loans
in amount of $10,000,000 in order to prevent default by the Provinces of
Manitoba, Saskatchewan, Alberta and British Columbia according to the
following report from the Toronto "Globe" of March 30:
"Default by the four Western Provinces, or further assistance from the
Dominion Government amounting to $10,000,000, was the alternative
considered by the Federal Cabinet during the last few days. It has been
decided to finance them for another year, and to send Watson Seiko,
Comptroller of the Treasury, to Winnipeg, Regina, Edmonton and Victoria to examine the financial condition of the Provinces whose capitals
are in those cities.
"Loans have been made to the Provinces mentioned, as follows: Manitoba, $4,953,710,• Saskatchewan, $7,724,338; Alberta, $1,840,000; British
Columbia, $2,968,677.
"In addition to those sums, there were loans carried over from the previous year totalling $20,544,432.
"The Federal Government has no intention of permitting the Western
Provinces to default during the present year, and it is hoped there will be
an upturn in business and an improvement in finances before the matter
has to be considered next year."
-M UNICIPALFINANCING DURING FIRST
CANADA(Dominion of).
-In a report dealing with the volume of Provincial
QUARTER OF 1933.
and municipal financing accomplished during the first three months of 1933
prepared by Wood, Gundy & Co., Ltd., it is shown that new issues in that
period aggregated 819.208,943, as compared with $85,033,193 in the same
period of 1932. The figure for the current period, it is said, is the lowest
since 1929, when the three months' aggregate was $18,953,240.
19n
.
Government and Municipal Financein
To March 31 tn
1930.
1932.
1929.
1933.
Dom.Govt. direct & gtd.
28,100,000
Prov. direct and gtd____ 7,157,000 26,306,300
Ontario Municipal
3,687,404 16,564,063
Que. dc Marit. munIcIpal.12,540,900 1,436,300
Western municipal
5,567,936 16.326.311
Sold in Canada
Sold In U.S. A
Sold In England
70,000,000
52,101,000 45,132,000 17,950,000
15,103,140 16,951,127
704,727
16,201,000 20,870,000
554,216
2,480,441 2,080,066
18,953,240 88,732,974 155,885,581 85,033,193 19,208,943
11,753,240 48,305,874 92,616,581 83,733,193 19,208,943
7,200,000 38,377,100 61.269,000 1,500,000
2,050,000 2,000,000
18,953,240 88,732,974 155,885,581 85,033,193 19,208,943
HALIFAX COUNTY (P. 0. Halifax), N. S.
-BOND SALE.
-The
county council has announced the sale of $15,000 bonds, due in 20 years,
to the Bank of Nova Scotia at a price of 100.25.
NORFOLK COUNTY, Ont.-BOND OFFERING.
-Jonathan Porter,
County Treasurer. will receive sealed bids until 2 p.m. on April 12 for the
purchase of $40,000 5% bonds payable in 15 annual installments of principal
and interest at the County Treasurer's office at Simcoe.
-BORROWING AUTHORIZED.
QUEBEC (City of).
-The Provincial
Legislation recently adopted legislation authorizing the city to negotiate
various loans on terms as follows:
"The bill allows the city to borrow $455,000 by a 30
-year loan at not
more than 6%, this sum being made up of $400,000 for unemployment
relief work, $30,000 for settlement of two cases, and $25,000 for purchase
of land.
"The city may also borrow, for five years, $1,192,512 to consolidate
part of its floating debt, the amounts in question being $112,717 in anticipation of future sale of ground, $354,795 under the Workmen's Dwelling
Act, and $725,000 representing sums paid to the Catholic Schools Coin
mission in anticipation of collection of taxes. For a 10
-year period the city
may also borrow $250,370, of which $137.060 is for cost of snow-removal
equipment and $113,310 to make up deficits on the provincial exhibition,"
ST. COLOMB DE SILLERY, Que.-BOND OFFERING.
-Sealed bids
addressed to R. Gagnon, Secretary-Treasurer, will be received until 6 p.m.
on April 10 for the purchase of $50,000 5%% bonds, dated April 1 1933
and due serially in 40 years. Denominations to suit purchaser. Bonds
are payable at the principal office or any branch of the Banque Canadienne
Nationale in Quebec.
WINDSOR, Ont.-TO APPLY FOR INTEREST RATE REDUCTION.
-The City Council has adopted a resolution to apply to the Ontario
Municipal Board for a reduction in the rate of interest now being paid on
outstanding obligations, according to the "Monetary Times" of Toronto of
March 31.
WOODSTOCK, ONT.-BOND SALE.
An issue of $57,000 5% general improvement bonds was sold on April 4
to Matthews & Co.,of Toronto,at a price of 196.053,a basis of about 5.61%,
Denom. $1,000. Due in 15 equal annual installments. Bids received for
the issue were as follows:
Bidder,
Rate Bid.
Matthews & Co.(Purchaser)
96.053
J. L. Graham & Co
95.62
Dyment, Anderson & Co
95.59
Imperial Bank of Canada
95.50
@FedFRASER