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The
illumerct31
Volume 137
financial
lirtitude
New York, Saturday, August 12 1933.
Number 3555
The Financial Situation
IF THE present revival in trade and industry is to
be extended and made permanent, the welfare of
the railroads must not be overlooked. And to say
this is to say that in this particular much will depend upon the action and attitude of the Inter-State
Commerce Commission in dealing with the many important questions that come up for consideration
and over which the Commission exercises exclusive
jurisdiction. The future of the railroads lies largely
in the hands of that important body. In the long
period of depression the railroads have suffered
beyond all other branches of human activity, the
trouble being that with the industrial energies of
the country almost completely paralyzed, there was
no traffic for the roads to handle or to transport,
and that as a consequence their revenues dwindled
close to the vanishing point. Now that business is
once more reviving, they are getting large volumes
of the traffic previously lacking, and as a consequence they appear now to be on the way to a return
of prosperity. The pace and extent of the improvement, however, may be hindered or greatly whittled
down by unwise Government regulations and restrictions.
In view of this, some action just taken of a thoroughly sound and wholesome nature by the InterState Commerce Commission is to be hailed with a
great deal of satisfaction, while contrariwise some
other propositions now under contemplation or
under serious consideration which cannot fail to do
incalculable harm if adopted must be frowned upon
and condemned in advance. Under the improved
outlook for the rail carriers, their securities have latterly undergone considerable appreciation, and it
must be the prayer that no untoward moves on the
part of any Government body will act to arrest the
upward trend as continued improvement in the revenues of the carriers warrants further advances.
The authorities at Washington at present are devoting all their energies to. increasing the purchasing
power of the population, but what could be a more
powerful aid to that end than to have the vast mass
of depreciated railroad securities restored to somewhere near their former value by a recovery in their
traffic and revenues? Many embarrassed financial
institutions would as a result be given a new lease
of life and many large capitalists and thousands of
small investors would be put in position where they
could once more think of returning to their old
Spending activities. The truth is, the whole financial and commercial community would take on a
changed aspect, and what had been feared as an
irrevocable loss of capital and investment would be
found to be once more invested with signs of intrinsic merit and value. Therefore the desideratum
of transcendant importance, fully as essential as
anything else to insure enduring trade recovery, is
to aid in every way to restore the railroads to their
former point of vantage.
We are led to these reflections by the action of the
Commerce Commission in having turned down a
proposition for a general reduction in railroad rates,
and by the employ of such convincing logic as to
merit unqualified approval, though on the other
hand, as already stated, some propositions in another important case which is now receiving consideration are giving more or less occasion for uneasiness. The rate case was brought at the instance
of several national associations representing farmers, coal producers and lumber manufacturers. In
their plea they did not ask specific reductions, but
sought to show that existing rates are out of line
with commodity prices. And they contended that
through a general lowering of present schedules the
railroads would gain traffic and improve their
revenues. By a vote of 7to 3 the Commerce Commission rejects this reasoning and argument.
The Commission says it is difficult to see how
general rate reductions would increase the total
volume of business of the country unless they bring
about increased consumption through lowered prices
to consumers. During the depression prices to consumers have, without stimulating consumption, been
lowered to a far greater extent than could possibly
result from a rate reduction as great as 25%. Purchasing power of course has been low. The record
does not support, it is stated, a conclusion that general reductions in rates would materially increase
the commerce of the country or that they would increase rail freight traffic except to the extent that
they would result in recovery of tonnage from motor
and water rates.
On this latter point it is admitted by the Commission that greatly increasing amounts of traffic are
being lost to competing motor and water carriers by
the rail lines, and the latter have been forced to
make numerous large rate reductions, sometimes
50% or more, in efforts to retain their present traffic or to regain traffic already lost to these com• petitors. General reductions, substantial in amount,
would, it is stated, recover some traffic from motor
and water carriers and tend to minimize further
losses to such competitors; but as such competition
exists either not at all, or only to a limited extent,
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Financial Chronicle
as to a considerable proportion of the traffic, the
loss in revenue on the latter would more than offset
the gain from the recovered traffic.
It is also pointed out that it is a mistake to think
that the freight rate level on the rail carriers has
been reduced from the peak of 1920 only by the general 10% reduction of 1922. On the contrary, we
are told, thousands of reductions have been made by
the Commission and by the carriers themselves since
that year. As an indication of this, the average
ton-mile earning in the first quarter of 1933 was
about 22% below the 1920 peak and 11% below the
level resulting from the 1922 reduction. "Excluding
the emergency charges which are scheduled to expire
with Sept. 30, the present ton-mile earnings are
about 24% below the peak and 13% below those of
1923." The general average rate level, it is admitted,
probably has not declined as much as the ton-mile
earnings, because of the loss of much short-haul
traffic, which has no doubt increased the average
haul and depressed the average rate per ton-mile.
However, the Commission says it is clear that the
general freight rate level is substantially below that
immediately following the general reduction of 1922.
To be sure, the lowering has not been uniform, many
rates not having been reduced at all since 1922, but
others having been reduced as much as 50% or more.
The Commission does not fail to take cognizance
of the recent upturn in business and traffic, and
observes that this,if continued, will, at present rates,
result in materially greater gross revenue in the ensuing year than in the one just past; but the Commission believes that the favorable effect upon that
revenue will be in some measure offset by further
losses of traffic to competing motor and water carriers, and by further rate reductions to meet such
competition; and moreover that its full effect will
not be reflected in net income because of the added
expense of handling The additional traffic and the
necessity for greater maintenance expenditures.
The Commission reaches the conclusion that "with
rates 25% below those of 1931, the probable net
income would fall short of meeting fixed charges by
nearly $500,000,000."
This leads the Commission to warn,as it obviously
,should warn, of the possibility of more railroad receiverships should any further extensive cuts in rates
be made. "With a general reduction in freight rates
no greater than 10%, unless there were a greater
increase in traffic than now seems probable, and
unless large additional Government aid were extended, many more carriers would be forced into
receivership or reorganization, with consequent serious losses to investors in railroad securities, among
whom are many savings banks and life insurance
companies. With a 25% reduction, such receivership or reorganization would be inevitable for all but
the strongest carriers."
In view of such possibilities, the duty of the Commission in the premises was obvious, and the Commission did not hesitate to adopt it, but vetoed the
whole proposition of a general rate cut. The Commission also points out that considerabie amounts
of money will be needed by the carriers to meet
maturing obligations, necessary expenditures for
deferred maintenance, and for other purposes. Unless such funds are furnished by the Government,
they must be obtained from private sources. And
in the opinion of the Commission a reduction of
10% would so impair the credit of the carriers as
Aug. 12 1933
to make it difficult, if not impossible, to obtain the
necessary money—again making it plain that the
Commission had no alternative but to reject the
whole proposition.
Broader considerations impelled to the same conclusion. A general reduction in rates at this time,
it is urged, would threaten the possibility of furnishing adequate transportation service to the public.
The benefit which would accrue to the average agricultural or industrial shipper from a general reduction in rates would be small compared with the disastrous effect on the revenues and credit of the carriers. These different elements considered together,
the Commission well says, indicate that a general
reduction in rates would not be in the public
interest.
In view of all this, the findings of the Commission
were inevitable. And it is to the credit of the Commission that they are presented so frankly and without qualification or reserve. "We find," says the
Commission, "that the present freight rates and
charges subject to the Act, in the aggregate, as a
whole or in the several rate groups, or as applicable
to specified commodities or dezcriptions of traffic,
are not shown to be unreasonable. * * * What
we here conclude is that general reductions are not
warranted, and that there is not sufficient evidence
to determine what reductions, if any, should be made
in rates on particular descriptions of traffic or on
particular commodities."
HE other case which the Commission has at
present under advisement, and where it has
given indications of the adoption of an attitude
which, if persisted in, might involve great peril to
the railroads, is the application by the Chicago Milwaukee St. Paul & Pacific RR. Co. to have an issue
of $10,500,000 first and refunding bonds authenticated and approved by the Commission. The bond
application was filed with the Commission on May 6,
and is still under consideration by it or by the subcommittee having the matter in charge, and newspaper accounts tell us the Commission's approval
appears questionable because of a dispute raised by
the Commission with reference to the road's capitalization as shown by the different items in the
balance sheet. The Commission appears to have a
feeling that the proposed issue would result in a
possible overcapitalization. The whole matter, however, seems to be involved in legal technicalities and
to be lacking the substance and merit which alone in
our estimation would warrant rejection of the company's application to put out the new bonds.
The Chicago Milwaukee St. Paul & Pacific is a
property which appears to be entitled to especially
favorable treatment at the hands of the Commission.
It was completely reorganized only a few years ago,
but almost from the start has been beset with bad
times. It is being managed, however, with consummate skill and seems to be now emerging from the
long lane of depression. And adverse action now by
the Commission would be like plunging it back into
the dismal past.
As indicating the road's rapid progress towards
recovery, announcement came on July 27 that the
company had withdrawn its application for a loan
of $9,000,000 from the Reconstruction Finance Corporation which had been asked to help in meeting
its financial requirements for the remainder of 1933,
and we referred to the action at the time as an
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Volume 137
Financial Chronicle
1097
extremely favorable bit of railroad news. "Owing to be used in a legitimate and proper way. Has the
to a marked improvement in our earnings and cash money been spent, or is it to be spent, in a perfectly
position," H. A. Scandrett, the President of the meritorious way, for the benefit of the property?
company, said, "the road will not require these All else should have no bearing on the matter.
funds." The action elicited the comment that this Whether the items in the balance sheet can be
was the first instance where any major railroad sys- arranged or rearranged to show one result or antem had recalled a request for financial assistance. other, is a consideration of no importance whatever
Moreover, on Aug. 1 the company paid the 21 270 on an occasion like this. The Chicago Milwaukee
/
semi-annual coupon due on that date on the 50-year St. Paul & Pacific was reorganized only about six
mortgage for $106,395,096.
years ago, that is, in 1927, and the Commerce ComIn withdrawing, however, its application for ap- mission approved every detail of the reorganization
.
proval of a loan of $9,000,000 from the Reconstruc- It must be assumed, therefore, that everything was
tion Finance Corporation, the company did not with- in proper order, and there should be no occasion,
draw a companion application for authentication therefore, for questioning the validity of anything
and delivery of, and to pledge, the $10,500,000 first done in recent years. If the Commission sees any
and refunding mortgage series A bonds. And it is good reason why the balance sheet should be reconthis latter which is now the subject of controversy. structed, according to a new or different theory
The company's revenues have recently been increas- that is an independent matter and should have
no
ing in a marvelous way as is evident from the fact bearing upon the question of determining the com1 hat for the month of June.the gross revenue from pany's financing or the means by which it is to
be
railway operations in 1933 was $8,456,905 as against carried through.
t95,859 in June 1932, and the net from railway
The merit of the proposition itself, in putting out
operations for the month the present year was the new bonds, is the only element or
factor that
$3,009,122 as against a deficit below the expenses in should be permitted to enter into the
controversy.
June 1932 of $354,026—a difference in favor of the Trivial or technical objections should
play no part
present year for this single month of $3,363,148. in influencing the policy of the Commission,
with
And there can be no doubt that the road is rapidly reference to new stock and bond issues.
And we
getting on its feet again. Apparently the permission say this not only with reference
to the present
to issue $10,500,000 of first and refunding bonds is Chicago Milwaukee St.Paul & Pacific case, but with
for the purpose of doing private financing with a reference to all the railroads in the country. These
view to a further restoration of the company's cash railroads need now to be helped to their feet, and
position and in the carrying through of such financ- the same broad considerations ought to govern the
ing the company should of course be aided in every policy of the Commission relative to the carrypossible way, seeing that the Federal Government ing through of new plans of financing by the carriers
appears to be about the only recourse open to the as have governed the Commission in the rate-making
vast majority of large borrowers. Plainly enough, a case which we have discussed further above. Any
railroad which has advanced to the position where other policy will be short-sighted and sure
to work
it can once more engage in financing its own needs great harm in the end.
ought not to be thwarted in its endeavors except on
•
good and sufficient grounds such as would appeal to
HILE on the question of the policy of the Interany man of ordinary common sense.
State Commerce .Commission concerning the
Moreover, the question appears to be wholly one treatment of the railroads, it seems proper to say
of bookkeeping, the Commission contending that that in any of the many questions that come up for
certain assets included by the company as capitaliz- determination by the Commission the latter should
able should be classified as non-capitalizable. The act wholly free of bias and prejudice. The Commismain point of difference between the road and the sion should never be influenced by petty feelings of
Commission appears to revolve around the value of any kind. This seems like a commonplace observathe no par common stock. President Scandrett con- tion, since it is such an obvious requirement that no
tends that inclusion of the no par common stock, as one would be inclined to take exception to it, but
carried in the balance sheet, is not a proper measure nevertheless it would appear to have relevancy in
for determining whether capitalization is excessive. view of the comment that keeps constantly cropping
He pointed out that the Inter-State Commerce Act up in connection with the affairs of the St. Louisitself provides a method of measuring the value of San Francisco Railway. It will be recalled that in
no par stock in arriving at a determination of the May of last year the Commission made the granting
amount of capital security. Paragraph 9 of Sec- of a loan to the St. Louis-San Francisco conditioned
tion 20-A provides that in case of securities having upon agreement on the part of the company to reduce
no par value the par value for purposes of the statute its fixed charges and required it to file a plan to
shall be the fair market value as of the date of that end by the first of the then ensuing July 1.
issue. He points out that market value of the no The Commission expressed the opinion that the railpar common shares of the Chicago Milwaukee St. road was overcapitalized and that, in addition, the
Paul & Pacific as measured by sales on the New York proportion of bonds to capital stock was excessive,
/
Stock Exchange May 15 was 318@31 2 Using $3.50 the Commission adding: "We do not believe that
/
.
a share as the fair market value,President Scandrett this carrier can operate successfully in the future
contends that the company has an excess of capitaliz- without a reduction of its fixed charges." This
able assets of not less than $100,000,000.
action appeared especially remarkable in view of
But all this, it will seem to the ordinary man, is the fact that only four years before, in authorizing
a matter of very little consequence. The only ques- a bond issue of $110,000,000 and an issue of preferred
tion, especially in troublesome times, to the rail- stock for $49,000,000, the Commission not only aproads, such as they have recently been passing proved and authorized the company's plan of financthrough, should be whether the new securities are ing but required that $102,000,000 of the consoli-
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1098
Financial Chronicle
dated Mortgage 41 2% gold bonds series A to be
/
issued immediately "be sold at not less than 94
/
1
2
and interest." On this action savings banks and life
insurance companies acquired large amounts of the
new issue, and the sale was consummated with great
success. This bond issue now sells at 22 on the
New York Stock Exchange, and has sold as low
as 6. At the time referred to, in 1928, the Commerce Commission also authorized the company "to
issue $49,157,400 of 6% preferred stock, said stock
to be offered for subscription at par and dividend to
the holders of common stock of record March 16
1928, at the rate of three-fourths of a share of the
new stock for each share of common stock held."
This preferred stock now sells at $6 a share.
There appeared to be grave injustice in the action
of the Commission in thus treating the St. Louis-San
Francisco Railway, but the management, lacking
spine and cowed into submission, rendered prompt
compliance to the requirement of the Commission,
and submitted its plan for a reduction of the company's fixed charges and for the readjustment of the
capitalization of the company. The Commission was
satisfied, but some large bodies of the holders of the
bonds showed determined opposition to the scheme
as far as it related to themselves, and these holders
are now continuing their opposition before the Commerce Commission, and with the Commission now
obliged to pass final judgment upon the scheme, the
Commission is urged to deal in drastic fashion with
the reorganization and to go to radical extremes to
retrieve its own past errors, which have resulted so
disastrously to those unfortunate enough to be influenced in buying the securities in question on the
Commission's approval in February 1928. Here, for
instance, are some observations on the subject which
appeared in the "Wall Street Journal" on Tuesday
evening of the present week in the column coming
from the Washington Bureau of that publication:
Aug. 12 1933
sist upon is that the shareholders of the 'Frisco must
assume some of the burden of the reorganization.
This is supposed to mean that heavy assessments
should be levied on the shareholders, and the statement proceeds on the assumption that the shareholders have escaped and are to continue to escape
bearing any of the burdens of the company's
collapse.
But this last completely overlooks the fact that
under the Commission's order of 1928 these shareholders had to pay par for the $49,157,400 of 6%
preferred stock then offered for subscription to the
holders of the common stock. The common shareholders availed of these subscriptions to the full extent, and they now hold this preferred stock for
which they paid $100 and for which they can now
get only $6 a share in the market. Is there no burden in having acquired an investment involving such
an enormous loss? If now, in addition, an assessment is to be clapped on in order fo make the burden
seem more real, how many of the shareholders would
be able to pay the assessment? And if, at the same
time, an assessment were levied on both the common
and the preferred shares, where would that leave the
shareholders who in subscribing for the preferred
stock turned over $49,157,400 in ready cash to the
company?
HERE has been considerable talk this week to
the effect that the Washington authorities
were mapping out a real_plp.n of inflation by availing to a greater extent thalr. heretofore of the extraordinary powers conferred upon the Administration by the inflationary rider to the Farm Relief
Bill. There appears to have been no more basis for
this report than the numerous previous reports of
the same tenor. At all events the Federal Reserve
statements this week are of the same character as
have been all recent previous statements. The Federal Reserve banks are continuing their acquisition
"The Inter-State Commerce Commission is fully
determined to make a thorough job of the financial of United States Government securities at the rate
reorganization of the St. Louis-San Francisco of about $10,000,000 a week, and 'this serves to add
in a mild kind of way to the volume of Reserve credit
Railway.
"There appears to be every disposition to set up outstanding, but apart from that, evidence of inflathe 'Frisco's capitalization once and for all.
tion continues to be lacking. In the week under
"In the eyes of the Commission the 'Frisco is an review, that is the period from Aug. 2 to Aug. 9, the
old offender. Not only that, but its approval of the holdings of United States Government securities
by
1916 reorganization of this line is a tender subject
the 12 Reserve institutions increased from $2,037,of regretful memory with the Federal Rail Board.
That explains why the Commission is determined to 928,000 to $2,048,288,000, but there has been no
corresponding addition to the volume of Reserve
make amends.
"It is reacting in this fashion under a wave of credit outstanding. For one thing, and as a partial
criticism.
offset, member bank borrowing has been reduced
"That the shareholders of the 'Frisco should from $163,542,000 to $156,268,000, this being the
assume some of the burden of a reorganization is falling off in the discount holdings of the Reserve
conceded to be a cardinal point which the Commis- System for the week. At the same time the holdings
sion will insist upon."
of acceptances bought in the open market fell from
The foregoing observations are no different from $8,213,000 to $7;636,000. The result altogether has
those which have appeared over and over again in been that the total of the bill and security holdings,
many different daily papers, and they are quoted which constitutes a measure of the volume of Reserve
here to show the course that is being urged upon the credit outstanding, has increased during the week
Commission, and the assumed depth of feeling only from $2,211,529,000 to $2,214,045,000.
The volume of Federal Reserve notes in circulatinder which the Commission itself is supposed to be
proceeding in consideration of the problem of the tion has also undergone some further contraction
proper reorganization of this important railroad this time, the amount dropping from $3,004,605,000
property. It will be noticed that the assertion is to $2,999,245,000, though the volume of Federal Remade that the Commission means to retrieve its serve batik notes in circulation diminished only from
errors of the past by going to the full limit in very $126,632,000 to $126,563,000. The Federal Reserve
severe disciplinary action on the present occasion. banks are still acquiring further amounts of gold,
In the closing paragraph of the excerpt we are told the gold reserves of the System having risen during
that a cardinal point which the Commission will in- the week from $3,559,510,000 to $3,577,787,000.
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Volume 137
Financial Chronicle
While the Reserve note liability was reduced slightly
during the week, as already stated, on the other hand
the liability on account Of the deposits increased
from $2,563,918,000 to $2,595,598,000, the increase
being almost entirely in the member bank reserve
account, which rose during the week from $2,319,239,000 to $2,375,866,000. This increase in the deposit liabilities served as an offset to the gain in the
gold holdings in the computation of cash reserves,
and, accordingly, we find that the ratio of total gold
reserves and other cash to deposit and Federal Reserve note liabilities combined stands precisely the
same this week as last week, namely, at 68.4%. The
amount of United States Government securities held
as part collateral for Federal Reserve notes outstanding decreased from $477,200,000 to $475,700,000
during the week.
—4NE of the most striking statements having to
do with economic conditions in the United
States, is that relating to insolvencies,for the month
of July issued by Dun & Bradstreets, Inc. A marked
improvement in this insolvency record has appeared
for some time past, especially since the opening of
1933. Something more than the usual seasonal reduction in the number of business failures, has
characterized these monthly statements, following
January of this year, but the July totals are remarkably low.
There were in all 1,421 business defaults last
month in the United States. These figures compare
with 1,648 failures in June and 2,596 similar defaults in July of last year. It is nearly ten years
since the number of insolvencies in a single month,
has been below that Of July 1933. The reduction
from July of last year was no less than 36.4%. A
notable comparison is that which shows the decline
from January this year, which is 50.3% lower; in
other words, July failures this year were less than
one-half those of January. In 1932, the reduction
for the same period was less than one-third and approximating the same figure in 1931. For the two
years last mentioned the seasonal decline was in excess of that which occurs normally during that
time.
Liabilities also have been greatly reduced, as compared with previous monthly records. For July the
amount was $27,481,103 against $87,189,639 in July
a year ago. For the seven months of this year, the
number of business failures has been 14,144, compared with 20,029 during the same period of 1932,
a reduction of 29.4% and the liabilities $355,071,851
against $624,473,927, 43.1% less this year.
In practically every respect the July statement
makes a very notable showing. By geographical sections, all parts of the country contributed to the
smaller losses. By Federal Reserve districts, there
were three divisions in which the insolvencies in the
past month were considerably less than one-half of
those which occurred a year ago. These three
districts include New England, the Philadelphia
district, and that of Atlanta. There was a very
notable reduction for the New York and Chicago
sections; likewise, for Cleveland, Richmond, St.
Louis, Kansas City, Dallas and San Francisco. For
the Minneapolis district, failures were not so numerous last month as a year ago, nor were the liabilities
heavy, but there was only a slight reduction in number from last year, while the indebtedness this year
was a little heavier.
0
1099
COTTON crop of 12,314,000 bales from this
year's growth, is indicated in the August report by the Department of Agriculture. Such a
harvest this year, if it is realized, would compare
quite favorably with most of those in the past.
In making this announcement, deduction is allowed
by the Department for the 10,304,000 acres of cotton
taken out of cultivation, in compliance with the
plans of the agriculture readjustment plans. To
quote from one of the Department's favorable precepts: "The final outturn will depend upon whether
the various influences affecting the crop during the
remainder of the season," &c., &c. In the past
10 years, six have •been more favorable, and the
final outturn has been in excess of that first indicated. In two of these six years the increase was
approximately 2,500,000 bales. On the other hand,
the reductions in the four instances referred to
above, were in each case approximately 600,000 or
700,000 bales, except for one, where it went to
1,376,000 bales.
The Aug. 1 cotton condition report is in every
respect a problematical one, a month or two of
growing weather remains, during which almost
anything may happen. Following that picking, in
important sections of the crop area, may continue
well into the spring months of next year. Furthermore, with 10,304,000 acres taken out of cultivation,
the remaining 29,704,000 acres may receive additional care. In recent years the area harvested has
been from 40,000,000 to 47,000,000 acres. The
Aug. 1 condition of the crop this year is 74.2% of
normal. This compares with 65.6% on Aug. 1 1932
for the crop raised in that year, and a 10-year average
of 67.9% of normal. The Aug. 1 condition this
year is higher than for any Aug. 1, condition back
to 1915, excepting Aug. 11931, when it was 74.9%
of normal. The crop raised in that year was 17,096,000 bales, and the area harvested, 40,954,000
acres. Last year the yield was 13,002,000 bales
and the area harvested, 35,939,000 acres. The
average yield per acre last year was 162.1 pounds;
in 1931 it was 211.5 pounds. This year's estimate
is 198.4 pounds per acre.
The Department reports growing conditions this
year as having been particularly favorable in the
Atlantic Seaboard States, where the crop is early,
well fruited, and where weevils are less active than
usual. In the central portion, and in Texas and
Oklahoma, conditions are above the average, although not so favorable as in other sections. Weevil
damage, on account of the hot, dry weather in June,
promises to be less potent than is usual. There is a
larger production this year as compared with last
year in Georgia, North and South Carolina, Alabama
and Mississippi. On the other hand, a large reduction is indicated for Texas, with a smaller yield
also for Arkansas and Oklahoma. These estimates
are made after deductions are allowed for the agricultural readjustment plan.
A
ONDITIONS as to the grain crops were barely
maintained during July. The August 1 report
of the Department of Agriculture, issued at Washington after the close of business on Thursday, tells
the story in the main. Indications for the corn crop
show further deterioration, with a possible yield of
only slightly above that of 1930, which was a socalled record low. Winter wheat shows a little
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1100
Financial Chronicle
higher total, but spring wheat is practically unchanged, with an estimate considerably below the
average. For oats, production will be the smallest
crop harvested since 1894, at about one-half the
usual high yield. The outlook for the other crops
promises a production below last year, with scarcely
an exception, some of them, notably barley and rye,
making a very poor showing.
The Aug. 1 condition of corn of 65.5% of normal,
compares with 70.2% on July 1, and 77.4% on
Aug. 1 1932. The Aug. 1 condition for the corn
crop harvested in 1930 was 62.0% of normal, and
was exceptionally low. The yield this year is now
estimated at 2,273,019,000 bushels, compared with
2,875,570,000 bushels harvested last year. The
low record of the 1930 crop was 2,060,185,000
bushels.
Prospects for wheat are for a total yield of 499,671,000 bushels. This includes the Winter wheat
crop of 340,355,000 bushels, and Spring wheat of
159,316,000 bushels, Both of the latter are very
low. The Aug. 1 condition for Spring wheat is down
to 44.6% of normal from 52.1% on July 1 this year,
and compares with 70.4% on Aug. 1 1932. The
yield of Spring wheat last year was fairly large, being
264,604,000 bushels. The yield per acre of Winter
wheat is now placed at 12.7 bushels, against 14.7
bushels, the average for the past ten years.
The expected production of oats this year is down
to 666,745,000 bushels, the lowest crop since 1894,
as already stated. The Aug. 1 condition is down to
45.7% of normal. Last year the harvest of oats was
1,238,231,000 bushels. Barley production is now
estimated at 157,634,000 bushels, compared with
299,950,000 bushels harvested last year, and rye at
23,100,000 bushels against 40,400,000 bushels last
year. White potatoes do not promise well, production this year now being placed at 293,000,000 bushels
compared with 358,000,000 bushels last year. The
hot and dry weather during July was detrimental to
most crops, especially in the West,although there was
some improvement in some parts of the South during
that month which helped conditions as to tobacco
and rice.
Aug. 12 1933
Tuesday. These advisers of the President were Professor George Warren of Cornell University; Professor James Harvey Rogers of Yale University,
and James Warburg of New York City, recently
returned from the special post of adviser to the
American delegation at the London Economic Conference. President Roosevelt was believed by many
persons to have called the conference,so the accounts
read, as a result of the recent declines in the commodity markets. These inflationary rumors did
their duty in raising prices on the Stock Exchange
the same as many previous rumors of the same kind,
and they appeared to have about as little basis as
these antecedent rumors. Prices of leading stocks
moved sharply upward all around. A break in the
price of cotton of about $1.50 a bale, due to the appearance of the Government's estimate of the growing crop, putting the probable production at
12,314,000 bales, or 1,300,000 bales above private
forecasts, did not serve to unsettle the stock market
to any degree,such was the impetus given the market
by the general upward movement. Wednesday the
rise continued, mainly as a result of the same inflationary rumors.
On Thursday, after some further upward swings
in prices in the morning, a downward reaction occurred, the principal influence in precipitating the
reaction being the United States Steel Corporation's
report of the unfilled orders on the books of the
company's subsidiaries, this showing a decrease of
86,546 tons in such unfilled orders.
On Friday a break occurred in the grain markets,
notwithstanding the poor exhibit made by the Agricultural Bureau on the condition of the growing
grain crops, issued after the close of business on
Thursday, this putting the probable yield of spring
and winter wheat combined the present year at only
499,671,000 bushels as against 726,283,000 bushels
in 1932 and 900,219,000 bushels in 1931, with very
poor'reports at the same time for all the other leading grains, and this break in the grain markets
served also to extend the reaction on the Stock Exchange. The bond market throughout the week has
moved in harmony with the stock market, the lowpriced speculative issues sharing in the rise after
HE New York stock market this week has been some hesitancy at the beginning of the week. Trade
a rather tame affair. Speculative fervor has reports have been generally of the same favorable
not yet revived after the severe blow dealt by the tenor as in the weeks immediately preceding. The
collapse of the market during July. On Saturday "Iron Age" reported that although the demand for
last, of course, the Stock Exchange was closed. On steel was commencing to waver in the face of labor
Monday trading was extremely light, the day's trans- troubles, soaring fuel prices and "confusion growing
actions falling short of 1,000,000 shares, and the out of the complication of the NRA blanket code,"
market on that day was extremely weak. Prices de- the steel industry continued to operate at about 57%
clined nearly all around, with the utility shares per- of ingot capacity, or approximately the same as in
haps more depressed than those of any other group, the preceding week. Car loadings continued to run
these laboring both under the threat of rate reduc- well ahead of the corresponding week of the precedtions and the prospect that increased costs under ing year, and the production of electricity by the
the National Industrial Recovery Act would cut into electric light and power industry of the United
profits. On Tuesday the market staged a sharp rise, States for the week ended Saturday, Aug. 5, was realmost entirely on reports that the Washington Ad- ported at 1,650,013,000 'kilowatt hours as against
ministration was once more engaged in devising 1,426,986,000 kilowatt hours in the same week of
schemes of monetary inflation. Newspaper corre- 1932 and 1,642,858,000 in the corresponding week
spondents, in dispatches from Hyde Park, N. Y. (the of 1931.
home of the President), appearing in the daily
The course of the commodity markets has been
papers Tuesday morning featured in prominent rather irregular during the week. Cotton prices, as
headlines that early announcement by President already indicated, moved sharply downward as a
Roosevelt of an inflation program was being pre- result of the large estimate of the growing cotton
dicted when it became known that three special stu- crop, while grain prices also weakened in face of the
dents of the monetary question had been summoned very poor report on Friday by the Government reto a conference at the summer White House on garding all the leading grain crops. Spot cotton
T
Volume 137
Financial Chronicle
here in New York yesterday was down to 9.30c.
against 10.15c. on Friday of last week. The September option for wheat in Chicago closed yesterday
at 95Y against 97
2c.
4c.
3
/ on Friday of last week, and
4
3
/
the September option for corn closed at 52 c.
against 5414c. The September option for rye closed
/
4
1
/
4c.
3
/ against 72 c., and the Septemyesterday at 71
ber option for barley at 53c. against 53%c.. The
spot price of rubber yesterday was 7.38c. as against
7.50c. Domestic copper was quoted yesterday at 9c.
as against 9c. the previous Friday. Silver developed
fractional strength, and the London price per ounce
/
was 17 15/16 pence yesterday as against 1778 ence
on Friday of last week, while the New York quotation yesterday was 36.41c. against 36.20c. The foreign exchanges showed greater steadiness, and cable
/
transfers on London yesterday closed at $4.4914
against $4.52 the closing price the previous Friday,
while cable transfers on Paris closed yesterday at
/
5.31%c. against 5.3612c. on Friday of last week.
Very few new records of either new high prices or
new low prices for the year were established the
present week. On the New York Stock Exchange
the record for the week is 23 new highs and four new
lows, and for the New York Curb Exchange 18 new
highs and 13 new lows. Call loans on the Stock
Exchange have again remained 'unaltered at 1%.
Dealings have again been on a relatively small
scale. On Saturday last the New York Stock Exchange was closed. On Monday the sales were 765,070 shares; on Tuesday 1,232,454 shares; on Wednesday 2,562,250 shares; on Thursday 2,821,805 shares,
and on Friday 1,342,590 shares. On The New York
Curb Exchange the sales on Monday were 188,245
shares; on Tuesday 223,555 shares; on Wednesday
365,660 shares; on Thursday 397,255 shares, and on
Friday 242,770 shares.
As compared with Friday of last week, prices are
again irregularly changed, but with a few sharp
advances. General Electric closed yesterday at
243/i against 223 on Friday of last week; North
%
American at 245 against 24%;Standard Gas & Elec.
%
4
at 153 against 14; Consolidated Gas of N. Y. at
/
50 against 511 2; Pacific Gas & Elec. at 253 against
26%; Columbia Gas & Elec. at 203, against 1934:;
Electric Power & Light at 91 against 9; Public
4
Service of N. J. at 433 against 46; International
4
Harvester at 357% against 33%; J. I. Case Threshing
Machine at 70% against 65; Sears, Roebuck & Co. at
4
393 against 353 ; Montgomery Ward & Co. at 2434:
4
against 203 ; Woolworth at 417% against 41%; Western Union Telegraph at 663/i against 597%; Safeway
Stores at 523 against 50%; American Tel. & Tel. at
s
126 against 1233/; American Can at 8734: against
%
;
12
/ Commercial Solvents at 36% against 317 ;
84
4
Shattuck & Co. at 93 against 87%; and Corn Products
at 84% against 80. •
Allied Chemical & Dye closed yesterday at 12534:
against 1121/2 bid on Friday of last week; Associated
Dry Goods at 153' against 13 bid; E. I. du Pont de
4
Nemours at 753 against 6934:; National Cash Register "A" at 19 against 17; International Nickel at
%
4
183 against 1834:; Timken Roller Bearing at 275
Johns-Manville at 48 against 44; Gillette
against 25;
4
Safety Razor at 133 against 133/2; National Dairy
at 207% against 20; Texas Gulf Sulphur at
Products
285 against 263 ; American & Foreign Power at
%
4
1234: against 113; Freeport-Texas at 39 against 38;
United Gas Improvement at 19% against 20; National
Biscuit at 543/2 against 54; Continental Can at 62
1101
against 60; Eastman Kodak at 79 against 743/2; Gold
4
Dust Corp. at 213 against 2134:; Standard Brands
at 27% against 2634:; Paramount Public Corp. ctfs.
at 17 against 2; Westinghouse Elec. & Mfg. at 44
%
against 4034:; Drug, Inc. at 48 against 453/s; Columbian Carbon at 57 against 50 bid; Reynolds Tobacco
class B at 49% against 47; Lorillard at 22% against
4
213; Liggett & Myers class B at 96 against 913 ,
4
and Yellow Truck & Coach at 53 against 5.
Stocks allied to or connected with the alcohol or
brewing group have moved higher as a rule. Canada
Dry closed yesterday at 30 against 29 on Friday of
last week; Crown Cork & Seal at 46 against 46;
Liquid 'Carbonic at 3334: against 3234:; Mengel &
Co. at 144: against 143' bid; National Distillers at
90 against 86; Owens Glass at 78 against 7834:, and
United States Industrial Alcohol at 697% against 62.
The steel shares also are higher. United States
Steel closed yesterday at 533/2 against 513' on Friday of last week; United States Steel pref. at 97
4
against 96; Bethlehem Steel at 40 against 383 ; and
Vanadium at 2534: against 2334:. In the auto group,
Auburn Auto closed yesterday at 57 against 533
,
on Friday of last week; General Motors at 30%
4
against 29; Chrysler at 387% against 323 ; Nash
%
213 against 193/s; Packard Motors at
Motors at
4
534: against 47%; Hupp Motors at 53 against 534:;
and Hudson Motor Car at 1234: against 10%. In
the rubber group, Goodyear Tire & Rubber closed
yesterday at 374: against 354: on Friday of last
week; B. F. Goodrich at 163' against 14%, and
United States Rubber at 183' against 173/2.
The railroad shares have been strong features.
4
Pennsylvania RR. closed yesterday at 353 against
34% on Friday of last week; Atchison Topeka &
Sante Fe at 6234: against 58; Atlantic Coast Line at
46 against 43 bid; Chicago Rock Island & Pacific
4
at 67% against 6%; New York Central at 443 against
42; Baltimore & Ohio at 2934: against 27; New Haven
s
4
at 263 against 253/; Union Pacific at 1203/ against
11534:; Missouri Pacific at 6% against 634:; Southern
/
Pacific at 283/i against 251 2; Missouri-Kansas-Texas
at 12% against 113/2; Southern Ry. at 28 against 25;
Chesapeake & Ohio at 463' against 42%; Northern
Pacific at 263' against 24, and Great Northern at
2734: against 25Y1The oil stocks have moved moderately forward.
Standard Oil of N. J. closed yesterday at 363' against
35 on Friday of last week; Standard Oil of Calif. at
37 against 3434:; Atlantic Refining at 257% against
%
24, and Texas Gulf Sulphur at 28% against 263 .
Anaconda Copper closed yesterIn the copper group,
day at 17% against 1634: on Friday of last week;
4
Kennecott Copper at 203 against 193; American
%
Smelting & Refining at 348 against 33; Phelps Dodge
at 147% against 15; Cerro de Pasco Copper at 333/
against 31, and Calumet & Hecla at 63/ against 6%steady
pRICES wereleadingthis week on stock exchanges
in all the
European financial centers,
with
low ebb. The London
trading at an extremely
Stock Exchange did not open until Tuesday, as the
traditional August bank holiday was observed Monday. Absence of dealings on the British exchange
served to deter trading in all the European markets
early in the week. Nor was there any great increase
in activities in later sessions, as the summer season
is now in full swing and many traders and investors
are absenting themselves from the financial centers.
Coupled with this factor was a pronounced tendency
1102
Financial Chronicle
In Europe to await further developments in the
United States. The question of stabilization of currencies again was revived in London, owing to a
statement last Saturday that Montagu Norman,
Governor of the Bank of England, had sailed for the
United States for a vacation, during which he would
confer with George L. Harrison, Governor of the
Federal Reserve Bank of New York. London reports
indicate that the American situation appears quite
as bewildering to British observers as it does on this
side of the ocean, and further light on the national
and international economic and currency tendencies
is awaited anxiously. Traders and investors are
averse, in the meanwhile, to any extensive commitments. There were again indications, this week,
that the recovery from the depression is continuing
in some of the leading industrial countries of
Europe. Official German unemployment statistics
published Wednesday revealed a decrease of 358,000
in German unemployed during the second half of
July, bringing the aggregate down to 4,486,000.
This improvement is even more pronounced than
that reported in Great Britain and France, recently.
The London Stock Exchange was exceptionally
quiet as business was resumed Tuesday, after the
bank holiday suspension, but the tone was cheerful
in most sections. British funds improved on evidences of fresh ease in money rates, and other giltedged issues also were stimulated. Home rail stocks
moved up because of good traffic over the holiday.
British industrial stocks showed a little irregularity,
with profit-taking visible here and there. Dealings
started in the new Canadian loan at a substantial
premium, but other international securities were
dull. Business was again on a small scale, Wednesday, but the good tone continued. Home rail issues
were better at first, but lost some of their gains in
late dealings. The demand for industrial issues improved somewhat, and most of the international
issues also showed small gains. British funds remained firm. Some increase,in activity was reported Thursday, mainly in mining stocks, which
were in good demand. British funds made further
headway, while industrial stocks were well supported. Home rail issues developed some irregularity, but movements in the international section
were generally in favor of holders. British funds
were in brisk demand yesterday, but industrial
stocks showed irregularity. International securities
drifted lower.
On the Paris Bourse, traders marked time Monday, owing to the close of the London market and the
absence of any stimulating reports from New York.
Business was at a low ebb, and prices drifted slowly
downward, with net changes quite unimportant.
Rentes were steady. Trading remained very quiet
Tuesday, partly as a result of unusually high temperatures, which caused a general exodus from
Paris. Price variations were small and irregular,
many issues showing no change whatever from previous levels. Dullness was again the chief characteristic of the French market on Wednesday, but
prices were firm. International securities moved
up a little on favorable reports from other markets,
but French issues were almost motionless. With a
four-day closing impending for Assumption Day
observance, traders were not inclined to increase
their activities Thursday, and the Bourse remained
sluggish. Rentes declined slightly, owing to the
unsatisfactory outcome of the Anglo-French repre-
Aug. 12 1933
sentations at Berlin regarding Austria, but in most
other sections of the market small gains were registered. Contrasting with the general firmness was
a sharp decline in the German international 5 %
/
1
2
bonds listed at Paris. Small recessions occurred in
rentes yesterday, but other sections were good.
Trading was very quiet in the pre-holiday session.
Trading on the Berlin Boerse was started in listless fashion Monday, little interest being shown
either by the investing public or professional speculators. Some colliery issues improved on merger
reports, but most equities showed no changes of any
Fixed-interest securities drifted
consequence.
lower. The trend Tuesday was generally downward,
with trading again on a small scale. Reichsbank
shares moved contrary to the general trend, an advance of 3 points resulting from unconfirmed rumors
that full transfer of the dividend would be permitted
on foreign holdings. Demand for bonds improved
a little. A general upward movement occurred
Wednesday, at Berlin, despite continued dull trading. Losses registered in the earlier sessions of the
week were regained, reports said, but beyond this
the movement did not go. Recessions were the rule
Thursday in the German market, with utility stocks
the only group that showed any resistance. Shipping stocks were especially weak, but mining and
industrial securities also dropped substantially.
There was no great increase in turnover. After a
weak opening yesterday, prices improved on the
Boerse and net changes were small.
OLITICAL tension in Europe was increased very
perceptibly this week as a result of French and
British representations at Berlin regarding German
Nazi propaganda in Austria, which allegedly aims
at the overthrow of the Dollfuss Government and
the establishment of a Nazi regime at Vienna.
Italian representations on the same subject, but of a
less formal nature, also appear to have been made
at Berlin. The Ambassadors of the British and
French Governments are understood to have registered oral protests last Monday, while the Italian
Ambassador contented himself with a friendly hint.
A German official statement indicates that these
representations were made under the four-Power
treaty which was signed at Rome,recently, by Great
Britain, France, Germany and Italy. It was made
plain in the German communication, moreover, that
curt replies, amounting to rebukes, were given the
diplomatic representatives of France and Great
Britain in the German capital. This incident clearly
reflects the added strain in the European political
situation that has been caused by the advent of the
Fascist Government of Adolf Hitler in the Reich.
Most independent observers,it may be noted in passing, attribute the impatience of the German people
with Republicanism and their expressed preference
for Fascism to the unwillingness of France, in particular, to soften the more onerous terms of the Versailles treaty.
The British and French representations at Berlin were made separately and not jointly, but the
two Governments are said to have communicated
extensively regarding the recent Austro-German difficulties. They made inquiries at Vienna last week,
through their Ministers, and received full information regarding several "raids" on Austrian towns by
German Nazi aviators in July,in the course of which
numerous leaflets were dropped urging the over-
P
Volume 137
Financial Chronicle
throw of Chancellor Dollfuss. The Austrian Government announced that the information had been
given as requested, but it was carefully added that
no suggestion of intervention had been made by
Vienna. It was reported from Paris and London
late last week that France, Great Britain and Italy
probably would join in representations concerning
the impropriety and danger of the air raids, and
also of broadcasts from German radio stations in
which the Dollfuss Government of Austria was attacked. The Ambassadors would urge at Berlin,
it was said, that such actions violate the spirit of
the preamble to the four-Power pact.
Instructions for these "friendly remonstrances"
finally were sent from Paris and London to the
respective Ambassadors over the week-end, and the
oral representations were delivered in behalf of
France and England on Monday. The Italian Ambassador gave the reported "hint" on Sunday, and
the appearance of joint action was thus avoided.
Rome reports emphasized, moreover, that Italy was
not making a formal protest. In Paris and London
it was stated in the usual "authoritative diplomatic
circles" that the verbal representations would be
made in the spirit of the four-Power treaty. The
Nazi propaganda for overthrow of the Dollfuss Government would be portrayed as a breach of Germany's treaty engagements, since the Reich had undertaken in the Versailles Treaty to respect Austrian
sovereignty,it was stated. French sources indicated
that the protests would mention specifically not
only the air raids and radio addresses, but also a
speech before the German Reichstag by Thoedore
Habicht, a Nazi leader, and the arrest of Austrians
in Germany without provocation.
In Berlin an official communication was issued,
Monday, stating that the French and British protests had been presented separately by the French
Ambassador, Andre Francois-Poncet, and the British Charge d'Affaires, Basil Newton. The views
were expressed that "the German propaganda with
reference to Austria and certain cases of recent occurrences are inconsistent with existing treaty obligations," the statement said. It was stated in reply,
according to the German announcement, that "the
Government of the Reich did not consider the provisions of the four-Power pact in this form applicable; that no infractions whatever of treaty obligations had occurred on the part of Germany, and that
therefore Germany regards this intervention in
Austro-German difficulties as inadmissable." In
some Berlin reports the German communication was
quoted as charging that French and British financiers are interested in seeing the present regime
maintained in Austria, but other dispatches did not
mention this item.
That the German Government virtually told the
British and French to mind their own business was
admitted in London, late the same day. It was
added emphatically that this is precisely the intention of the British and French Governments, which
intend to bring the whole matter up in a meeting
of the League of Nations under Article XI of the
Covenant. That Article declares it to be "the
friendly right of each member of the League to bring
to the attention of the Assembly or Council any circumstances whatever affecting international relations which threaten to disturb international peace
or good understanding between nations upon which
peace depends." The German official communica-
1103
tion on the matter was regarded in London as issued
largely for home consumption in the Reich. British
officials nevertheless were said to regard the whole
Austrian incident as a matchless example of German diplomatic short-sightedness, since the German
aims clash directly with Italian aims regarding Austria and thus impair the friendship between the two
Fascist States. Paris reports of Monday indicated,
traditionally, that the French regard the whole
affair as a further indication that France cannot
afford to disarm or to permit Germany to re-arm.
The Italian hints at Berlin apparently elicited an
answer quite different from those given to France
and Great Britain. A Rome report of Wednesday
to the Associated Press stated that the Italian Government had communicated to the French and British Ambassadors, that day, a promise on the part
of the German Government to prohibit further dropping of Nazi propaganda by Nazi airplanes on Austrian territory, while broadcasts against the Dollfuss regime from German radio stations also would
be stopped. Chancellor Adolf Hitler, according to
an Italian statement, had denied responsibility for
terroristic acts in Austria and had communicated a
desire to halt them. Further representations at
Berlin would be inadvisable, the Italian Government
said. It was added that the protests could have been
avoided if there had been sufficient time to reveal
the Italian representations, which preceded those
made by Great Britain and France, and Chancellor
Hitler's reply.
Despite the Italian assurances, further concern
regarding the situation was manifested in Paris and
London, Wednesday, owing to a further broadcast
from Munich by Theodore Habicht, the German Nazi
leader and organizer. Denying any German infringement of Austrian sovereignty, the Nazi leader
declared that the Austrian affair is purely an internal one, occasioned by unscrupulous maintenance
of the Dollfuss regime in power against the wishes
of a majority of Austrians. Other incidents also
were considered disconcerting. An Austrian auxiliary policeman named Michael Schwaninger was shot
and killed while on patrol near the Bavarian border,
Monday. In Austrian circles it was alleged that
this murder was committed by German Nazis in
reprisal for the shooting of an Austrian Nazi by one
of the Austrian police. The Germans were said in
London to be fully confident that the Austrian Government soon will collapse. This view also is growing in London, a dispatch of Thursday to the New
York "Evening Post" said, occasioning apprehensions that "the ugly question of an Austro-German
anschluss" again will face Europe within six
months.
INGLY and by twos and threes, American delegates to the World Economic Conference at
London have returned to this country, expressing
widely divergent views not only regarding the Conference itself but also with respect to the general
European political situation. Secretary of State
Cordell Hull arrived in New York last Saturday,
on the SS. President Harding, and immediately proceeded to Hyde Park, N. Y., for a conference with
President Roosevelt at the summer White House.
Mr. Hull issued a statement on his arrival, in which
he declared that "to preach the failure and futility
of the World Economic Conference at this premature
stage would be to preach a gospel of despair as to
1104
Financial Chronicle
both economic and military disarmament." The
Conference is very much alive, according to Mr.
Hull, and has a "thoroughly virile and comprehensive organization to direct its affairs during the
recess period." These views of the Secretary contrasted sharply with those of Henry Morgenthau,
American delegate to the wheat conferences at
Geneva and London, who arrived the previous day.
Mr. Morgenthau declared that such a "town hall
meeting of nations" could not be successful, and
that some other solution, such as bilateral treaties,
probably would prove more applicable. Europe is
bristling with arms,just as in 1913, Mr. Morgenthau
pointed out, and he attributed the failure of the
London Conference largely to the very real danger
of another immense war. Secretary Hull, in turn,
found no reason for such profound pessimism regarding the European political situation. Nor did
Representative S. D. McReynolds, who accompanied
Secretary Hull, see any indication of an immediate
resort to war in Europe. James M. Cox, who also
played an important role at London, arrived in New
York, Monday, and remarked that the Conference
had been held too soon. Mr. Cox failed to see any
war spirit flaming in Europe.
After his conversation with President Roosevelt,
Secretary of State Hull returned to Washington,
where he made it clear last Monday that he considered his policy of international trade expansion
quite feasible, despite the events at London. "Neither the domestic recovery program of the Roosevelt
Administration nor the paucity of concrete results
in London appear to have dampened the enthusiasm
of the Secretary of State for his long-professed doctrine of economic internationalism," a dispatch to
the New York "Times" remarked. It was made
known, however, both at Hyde Park and in Washington, that Mr. Hull henceforth will devote a good
deal of attention to the negotiation of bilateral
treaties with a number of Latin American States
and also with some other countries. Conversations
regarding such trade treaties already have been initiated with Argentina, Brazil and Colombia, and in
every case special reciprocal concessions are contemplated, it is reported. "As to the World Economic Conference," a dispatch to the New York
"Times" said, "the impression was gained that
President Roosevelt is well satisfied to leave it in
its suspended state indefinitely, particularly as he
is unwilling to trade exchange stabilization for the
intangible benefits promised by the gold standard
countries."
ECULIAR interest attaches at the present time
to the national finances and the internal political developments in France, since that country is
the leader of the gold standard bloc which includes
Belgium, Holland and Switzerland. It is held in
many quarters that French ability to remain on the
gold standard may well determine the future of the
gold problem. The position of the French Treasury
is quite comfortable at present, partly because direct
tax collections were started last month and partly
because success finally was attained with a 2,000,000,000 franc loan on which books were closed
July 29. Taking advantage of its favorable situation, the French Treasury repaid last week the first
half of a £30,000,000 loan granted by English banks
in April, the repayment having been foreshadowed
by announcements of a month ago. The gold position of the country is, of course, exceedingly
P
Aug. 12 1933
strong, note circulation being covered almost completely by the holdings of the metal.
Recent reports from Paris nevertheless reflect a
certain uneasiness regarding the French position
in well informed quarters. Currency hoarding remains a perplexing problem, a recent analysis by
the "Bulletin Quotidien" showing that this movement has gone to lengths never before reached in the
history of France. These hoards may well play an
important part in any future decision regarding
devalorization of the franc, a Paris dispatch to the
New York "Times" remarks, owing to "the knowledge that the least sign of wavering on the Government's part will bring huge amounts of hoarded currency out of hiding and into goods, commodities,
equities, and the like."
Budgetary deficits, which are the rule in France,
have increased sharply in the depression of the last
four years, and there are signs that the problem
will grow hereafter, rather than diminish. In 1930
the deficit was 6,700,000,000 francs; in 1931 it was
5,600,000,000 francs, while the nine months' budget
of 1932 showed a deficit of 6,150,000,000 francs. The
current year's deficit is estimated at 4,000,000,000
francs, while it is already held evident that in 1934
the deficiency will aggregate 6,000,000,000 to 8,000,000,000 francs, based on the estimates now available.
It is pointed out that the French Government's endeavor to aid the agriculturists of the country by
means of artificial maintenance of high grain prices
is proving exceedingly costly, as indeed it always
does. The law fixing the price of wheat at 115 francs
a quintal ($1.25 a bushel at gold parity) already
is entailing heavy demands on the French Treasury,
and some observers estimate that expenditures will
reach 6,000,000,000 francs on this account for the
1933 harvest. Nor are tax collections at all satisfactory, the first half of 1933 showing returns of
16,472,000,000 francs, or 673,000,000 francs less than
in the corresponding period Of 1932. Payments in
June alone were 138,000,000 francs under budgetary
estimates. After reviewing these figures, a correspondent of the New York "Herald Tribune" remarks that the "future of the franc is by no means
certain."
Juggling with tariff rates, meanwhile, remains one
of the diversions of the French Government, as it
does of many others. The French decree of July 14,
which raised import duties sensationally on many
products, was rescinded Thursday, in so far as it is
applicable to American products. The new measure
now promulgated is said to be aimed at removing
an unintentional discrimination against American
goods, the original decree being a measure of retaliation against German tariff increases, the rates incidentally affecting similar merchandise from the
United States. A further long list of general tariff
increases was published Wednesday, with the increases ranging from 10% to 300%. In a Paris dispatch of Wednesday it is remarked that there is no
indication whether the United States will get the
general rates or the minimum rates. For some time
now there has been talk in Paris of a 15% surtax
in the duties on imports from the United States, as
an offset for the depreciation of the dollar. Recent
reports state that this surtax probably will be imposed ?very soon.
--•-WIFTLY moving events in Cuba resulted in the
development of a crisis, this week, in the long
unsettled political affairs of that island. It
Volume 137
Financial Chronicle
appears likely, as we go to press, that a complete change of government will follow. Popular
discontent has been growing in Cuba for years, and
of late has reached the proportions of what most
observers call a "passive revolution." The animosity
is focused on President Gerardo Machado and his
ruthlessly dictatorial Government, not only because
of the suffering caused by the economic depression,
but also because of the increasingly oppressive methods of the regime and the lengthening list of political murders that has marked its career. The hope of
the Cuban people for relief was stimulated last
month, when the newly appointed American Am.
bassador, Sumner Welles, began to negotiate with
all political factions in an endeavor to settle the difficulties by peaceful means and without intervention
by the United States. The passive revolution began
to flare into a very active one, after this information
seeped through to the Cuban people, and disorders
developed in all parts of the Island. The British
and Spanish Governments found it necessary,
Wednesday, to protest to the United States Government against excesses to which their nationals were
subjected in the disorders. Mediation by Ambassador Welles assumed a new importance thereafter,
especially as it was made very clear that his endeavors had the full approval of President Roosevelt.
Widespread strikes developed in Havana and in
most other important cities of Cuba last week, and
for a time it seemed that a national strike might
paralyze all activities. The public was quite evidently in sympathy with the strikers, and the Move.
ment was generally interpreted as a spontaneous
protest against the Machado Government and
against the apparent ineffectiveness of the mediation by Ambassador Welles. Striking workers were
warned by the Cuban Government early this week
that martial law would be declared unless they returned to work. It became known Monday that Ambassador Welles had submitted to the Government
and to the various opposing political factions a proposal for settlement of the troubles. "It can be said
almost with certainty that this formula involves the
resignation of President Machado," a Havana dispatch to the New York "Times" said. Among the
Cuban people the false rumor spread quickly that
Senor Machado actually had relinquished his post,
and there followed late Monday one of the most significant and most ghastly incidents of the Machado
dictatorship. Joyous crowds, believing the resignation rumors, gathered in the central part of Havana,
and staged an impromptu parade toward the Presidential Palace. While still far from the Palace, the
marching, laughing and singing groups were met
with a hail of bulletsfrom the guns of Cuban soldiers
and secret police, and the terrified people fled in
panic, leaving the streets littered with killed and
wounded civilians. Foreign press correspondents
estimated that there were at least 26 killed and 150
wounded in this episode.
Efforts by Ambassador Welles to mediate the
growing political conflict were redoubled in view
of this development, and an impasse quickly was
reached, with the United States Government clearly
anxious for any solution that would prove satisfactory to Cuba and still make intervention unnecessary. It was made known at Hyde Park, N. Y., in
behalf of President Roosevelt, Monday, that the
United States Government fully approved a formal
offer by Ambassador Welles of his good offices in
1105
settling the Cuban dispute. "The first desire of the
United States is for peace in the Caribbean, a condition essential to the building up of the Pan-American harmony that the Administration is seeking to
establish on a firmer footing than has yet been
achieved," a report to the New York "Times" said.
Havana dispatches indicated that the peace formula
suggested by Ambassador Welles involved a "leave
of absence" for President Machado, and the appointment of Dr. Carlos Manuel de Cespedes, former
Cuban Ambassador to Mexico, as Secretary of State,
to replace Dr. Orestes Ferrara. Dr. Ferrara is a
native of Italy and therefore not qualified to act as
Provisional President, and under the formula Dr.
Cespedes would become President pro tem.
President Machado made it clear, however, that
he had no intention at that time of resigning or requesting a leave of absence. In a signed statement,
Tuesday, he declared that he would continue to exercise all his Constitutional prerogatives. "The difficulties now occurring in Cuba are similar to those
happening in other countries, but a greater importance is given to those unfolding here, possibly because ours is a smaller country and in it a greater
amount of foreign capital is invested," the President
said. Rumors were circulated that President Machado had instructed the army chiefs to resist any
armed intervention by the United States, but these
were denied by General Alberto Herrera, Secretary
of War. It was noted, however, that Cuban radio
stations circulated appeals to the Cuban people to
support the Government,even to the extent of taking
up arms against intervention by a foreign Power.
Diplomatic activity increased greatly on Wednesday,in this situation. President Roosevelt appealed
to the people of Cuba,from his summer White House
at Hyde Park, to submerge their political differences
in the interest of solving the problems of starvation
and of depression. 'While President Machado was
not mentioned in the statement, the appeal was interpreted on good authority to mean that if Cuban
political differences could not be composed with
President Machado in office, the United States
would look with favor upon his resignation," a Hyde
Park dispatch to the New York "Times" said. The
Cuban Ambassador, Oscar B. Cintas, conferred with
Mr. Roosevelt at the former's request. In Washington a vigorous protest was lodged by the Spanish
Ambassador against the killing of three Spanish
citizens by Havana police, and the imprisonment of
60 Spanish merchants for refusing to open their
shops. The British Ambassador protested against
the destruction of the property of British nationals
in the interior of Cuba. In Havana, according to a
dispatch to the New York "Herald Tribune," throngs
of Cubans lined the sea-wall, in the expectation of
glimpsing American battleships bringing intervention in the situation. President Machado refused
to take any action on the mediation formula suggested by Mr. Welles, and instead issued a decree
declaring a state of war throughout Cuba. The
army was ordered to take control.
The situation remained substantially unchanged
Thursday, notwithstanding indications of further
intense diplomatic maneuvers. The so-called Liberal party, of which President Machado is the head,
adopted a resolution condemning the mediation
efforts of Ambassador Welles, and urging efforts for
adjustment without any foreign intervention. Secretary of State Ferrara declared that President
1106
Financial Chronicle
Machado would make a counter-proposal to the formula presented by Mr. Welles within 48 hours. Ambassador Welles was reported in continuous conference with leaders of the various Cuban political factions. Ambassador Cintas conferred at length with
Secretary of State Cordell Hull in Washington. No
further move was made by President Roosevelt, that
day, although it was admitted at Hyde Park that the
problem of the United States Government was made
much more serious because of the demands for protection by the British and Spanish Ambassadors.
The promised counter-proposal of President Machado and his associates was submitted to Ambassador Welles yesterday. Under this proposal, President Machado would surrender his office to General
Alberto Herrera, the present Secretary of War, an
Associated Press report from Havana states. A
meeting of the Cuban Congress was called yesterday,
and much significance was attached to this development, as the approval of that body would be required
for any leave of absence by the Executive. If this
arrangement proves acceptable, it is likely that General Herrera's occupancy of the Presidency would
prove temporary, the dispatch said. General Herrera could be expected to form a national Cabinet,
representing all political factions, and the new Government would continue mediatory efforts, it was
indicated. The ultimate aim would be to select a
Secretary of State who would be satisfactory to all
factions, and then General Herrera in turn would
surrender the Presidency,'re-establishing the regular
order of succession. There was a further instance
of violence in Havana yesterday when a street car
was bombed. The vehicle was filled with policemen, and seven men were injured. Rumors were circulated in Havana late yesterday that some of
President Machado's army supporters had rebelled,
and that the President had fled from the city.
HERE have been no changes during the week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Rate in
Dale
Effect
Aug 11 Established.
5
Belgium
Bulgaria_ —
Chile
Colombia_ _
Csechoslovakia___
Danzig _ _ _ _
Denmark _
England_ Estonia _ _
Finland_ _._
France _
Germany
Greece
Holland _
334
854
44
4
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
July IS 1933
334
4
3
2
534
54
24
4
7
3'.4
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
May 27 1933
Oct. 9 1931
Sept. 31 1932
May 29 1933
July 28 1933
Previous
Rate.
6
94
5
414
5
34
6
2
5
9
4
Country.
Rate In
Date
Ellen
Aug 11 Established.
In London open market discounts for short bills
8%, as against %@7-16% on
on Friday were /
Friday of last week and /@7-16% for three months'
bills, as against 7-16@M% on Friday of last week.
Money on call in London yesterday was /%. At
Paris the open market rate was lowered on Monday
(Aug. 7) from 23/2% to 23%. Switzerland on the
same day from 2% to 1 7(3.HE Bank of England statement for the week
ended Aug. 9 shows a small additional gain in
gold of £8,733 which however again brings the total
to a new high mark of £191,529,921. A year ago
the Bank held only £139,419,297. Circulation expanded £2,790,000 and so reserves fell off £2,782,000.
Public- deposits decreased £2,105,000 and other
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1933.
Aug.9
1932.
Aug. 10
1931.
Aug. 12
1930.
Aug. 13
1929.
Aug. 14
t
t
£
£
t
Circulation
a 384,975,000 370.819,429 360,051,001 367.379,125
Public deposits
19,413,000 10,667,587 19,433,691 12,256,294 370,591,830
14,998,847
Other deposits
140,692,030 119,901.329 93,042,033 100,272,788
Bankers' accounts_ 92,893,707 85,322,561 58,162,699 66,252,805 100,790,229
Other accounts
47,898,323 34,578,768 34,879,334 34,019,983 64,501,795
36,288,434
Govt. securities
88,295,963 70,553,993 53,225,906 54,346,247 73,421,855
Other securities
23,410,498 34,573,878 29,148,749 29,609,058
30,419,365
Disci.& advances_ 11,035,865 15,236,346 7,051.367 6.864,918
Securities
12,374,633 19,337,532 22,097,382 22,744,140 5,188,642
Reserve notes & coin 66,555,000 43.599,868 48,253,227 46,736,187 25,230,723
Coin and bullion
191,529,921 139,419,297 133,304,228 154,105,312 30.096,105
140,687,935
Proper.of res.to liab.
41.56%
33.39%
42.90%
41.52%
25.99%
Bank rate
2%
any.
2%
4,
4%
R IL Of
0
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues, adding at that time £234,199,000 to the amount of Bank of
England
notes outstanding.
HE Bank of France in its weekly statement
dated Aug. 4, shows a gain in gold holdings of
105,058,206 francs. Owing to this further increase
the bank's gold is now at 82,081,165,788 francs, in
comparison with 82,178,945,228 francs a year ago
and 58,556,751,063 francs two years ago. Credit
balances abroad and bills bought abroad reveal decreases of 428,000,000 francs and 13,000,000 francs,
respectively. Notes in circulation record an increase
of 5,000,000 francs, raising the total of notes outstanding to 82,858,696,540 francs. Total circulation last year was 81,597,550,980 francs and the
previous year, 79,007,068,095 francs. French corn mercial bills discounted and creditor current accounts register decreases of 604,000,000 francs and
1,006,000,000 francs while advances against securities rose 69,000,000 francs. The proportion of gold
on hand in sight liabilities stands this week at
78.02%, the same period a year ago it was 76.77%
and two years ago, 56.31%. Below we furnish a
comparison of the various items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Aug. 4 1933. Aug. 5 1932. Aug. 7 1931.
for Week.
Prepious
Rate.
Hungary- - - 44 Oct. 17 1932 5
India
34 Feb. 16 1933 4
Ireland.. _ 3
June 30 1932
Italy
4
Jan. 9 1933 5
3.65 July 3 1933 4.38
Japan
July 1 1933 44
Java
5
May 5 1932 74
Lithuania _ 7
Norway _ 34 May 23 1933 4
Poland _ _
6
Oct. 20 1932 734
Portugal _ _
6
Mar. 14 1933 64
Rumania
Apr. 7 1933 7
6
Feb. 21 1933 5
South Africa 4
Oct. 22 1932 634
Spain
6
Sweden_ _
June 1 1933 334
3
,
Switzerland 2
Jan. 22 1931 24
Aug. 12 1933
deposits £2,575,219. The latter consists of bankers'
accounts which rose £3,336,312 and other accounts
which fell off £5,911,531. The reserve ratio is at
41.56% as compared with 42.07% a week ago and
33.39% a year ago. Loans on government securities
decreased £1,725,000 and those on other securities
£146,776. Of the latter amount £136,064 was from
discounts and advances and £10,712 from securities.
The rate of discount did not change from 2%. Below
we show the figures with comparisons for five years.
Francs.
Francs.
Francs.
Francs
+105,058,206 82,081,165,788 82,178,945,228 58,556,751,063
Gold holdings
Credit bals. abroad_ —428,000,000 2,144,893,500 3,365,189.964 12,209,707,907
a French commercial
bills discounted_ _ —604,000,000 2,857,628,090 3,002,945,639 5,193,756,090
b Bills bought abr'd
—13,000,000 1.390,909,718 2,098,266,796 14,480,137,375
Adv. against secure_
+69,000.000 2.729,202,917 2,823,306,631 2,826,526,576
Note circulation_ _._
+5,000,000 82,858,696,540 81,597,550,980 79,007,068,095
Credit current accts. +1,006,000.000 21,013,437,433 25,441.032,60424.090.565.437
Propor. of gold on
hand to slant Ilan_
78.02%
—0.15%
75.7781.
An 5181.
a Includes bills purchased in France. b Includes bills discounted abroad.
lE Reichsbank's statement for the first quarter
of August shows another increase in gold and
bullion, this time of 15,215,000 marks. The total
of gold is now 260,175,000 marks, in comparison with
762,961,000 marks last year and 1,365,034,000 marks
the previous year. A decrease appears in reserve in
foreign currency of 1,990,000 marks, in bills of exchange and checks of 113,409,000 marks, in advances
of 78,664,000 marks,in investments of 172,000 marks,
in other assets of 48,493,000 marks, in other daily
maturing obligations of 80,855,000 marks and in
other liabilities of 10,077,000 marks. The proportion of gold and foreign currency to note circulation
is now at 9.9% as compared with 23.4% a year ago
and 38.2% two years ago. Notes in circulation
reveal a contraction of 114,128,000 marks, the total
of which is now down to 3,377,997,000 marks. Last
p
Financial Chronicle
Volume 137
year circulation aggregated 3,822,084,000 marks and
the year previous, 4,375,601,000 marks. Silver and
other coin rose 19,053,000 marks and notes on other
German banks 3,400,000 marks. Below we furnish
a comparison of the various items for three years:
Assets—
Gold and bullion.
Of which depos. ,broad
Reserve In tering l curr_
Bills of exch. and cheeks
Silver and other cMu__
Notes on other G el'. bks
Advances
Investments.
Other assets.
Liabilities—
Notes in circulati ni....
Other daily mat *.()Wig
Other liabilities
Propor. of gold 1 tor'n
curr. to note e reula'n
—90Days— -46 to 60 Days- —11045Days—
Asked.
Bid.
Bid.
Asked.
Bid.
Asked.
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Prime eligible bills
1107
SPOT DELIVERY.
—180 Days--- —150 Days-- —120 Days—
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
134
1
1
134
34 . 34
bld
134% bid
Aug. 7 1933. Aug. 6 1932. Aug. 7 1931.
Retchsmarks. Retchsmarks. Retchsmarks. Reichsmarks.
+15,215,000 260,175,000 762,961,000 1,365.024,000
No change.
27,681,000
56,387,000
99,553,000
—1,990,000
75,622,000 131,394,000 307,211,000
—113,409,000 3,067,594,000 3,071,066,000 3,579,196.000
+19,053,000 223,901,000 208,592,000
60,395,000
+3,400,000
8,131,000
6,620,000
8,414,000
—78,664,000
85,874,000 106,160,000 167,530,000
—172,000 320,004,000 365,055,000 102,728,000
—48,493,000 477,846,000 777,814,000 818,769,000
been no changes this week in the
THERE have ratesscheduleFederal Reserve banks.
of the
rediscount
The following the
rates
—114,128,000 3,377,997,000 3,822,084,000 4,375,601,000
—80,855,000 331,477,000 333,919,000 780,581,000
—10,077,000 186,522,000 706.233,000 765,754,000
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
+0.7%
9.11%
23.4%
38.21
of
is
now in effect
for the various classes of paper at the different Reserve banks:
Federal Reserve Bank.
Boston
Rate in
Effect on
Aug. 11.
3
Date
Established.
June
1 1933
Previous
Rate.
334
New York
2%
May 26 1933
3
ONEY rates have remained extremely easy in the. Philadelphia
June 8 1933
3
334
Cleveland
3
June 10 1933
334
New York market this week,as the easy money Richmond
354
4
Jan. 25 1932
Nov. 14 1931
Atlanta
3
334
May 27 1933
a
policy of the authorities remains in full effect. Callloans Chicago
334
St. Louis
3
June 8 1933
334
Minneapolis
35'
Sept. 12 1930
on the New York Stock Exchange were 1% for all Kansas City
3
Oct. 23 1931
334
4
3%
Jan. 28 1932
Dallas
transactions, whether renewals or new loans. In San Francisco
354
3
June 2 1933
the unofficial outside market funds were available
every day at 4%,or a concession of 4% from the
3
1
TERLING exchange and all the foreign exchanges
official level. Time money rates were not greatly
are steadier than at any time in several weeks.
changed, but the tone was easy. No changes ocThe market has been exceptionally dull for the past
curred in bankers bill or commercial paper rates. An
issue of $75,000,000 in 91-day Treasury discount ten days or more. The steadiness of sterling indibills was awarded, Monday, at an average discount cates of course that the dollar is also steady in terms
of only 0.32%, as against 0.35% on a similar issue of the pound. The range this week has been between
sold a week earlier. Brokers loans against stock and 4.463/2 and 4.50 for bankers' sight bills, compared
bond collateral increased $4,000,000 in the week to with a range of between 4.403/i and 460 last week.
Wednesday night, according to the usual statement The range for cable transfers has been between 4.47
and 4.503/g, compared with a range of 4.403/ and
of the Federal Reserve Bank of New York.
.
4.6034 a week ago. It may be recalled that on
July 17 and on the 19th and 20th the United States
EALING in detail with call loan rates on the dollar
was quoted in Paris at 68.8 gold cents. On
Stock Exchange from day to day, 1% has Saturday
last the dollar was quoted in Paris at 73.6,
been the ruling quotation all through the week for
on Monday at 74.0, on Tuesday at 73.8, on Wednesboth new loans and renewals. The market for time
day at 73.8, on Thursday at 73.7, and yesterday at
money has been comparatively quiet this week.
73.8 gold cents. Monday last was the August bank
There has been some interest displayed in 30-day
holiday in London, a fact which accentuated the exmaturities at 4% and an occasional transaction treme
3
dullness in trade. The narrow range in the
-day money. Rates are nominal at 4% for
in 90
3
sterling fluctuations means also that the pound has
30, 1% for 60 days, 1@3.
i% for three and four been extremely steady in terms of the French franc
months and 13 @13/2% for five and six months.
.
or of gold, hardly moving from day to day from a
There has been good demand for commercial paper
point around 84.50 to the pound, or just under what
this week. Supplies are more abundant and the
appears to be the desirable median line in the estimademand has been strong. Rates are 13/2% for extra
tion of the London market, that is, 85.00. There are
choice names running from four to six months and
some conjectures in the market that the extreme
13 % for names less known.
4
steadiness in the foreign exchange quotations may be
due to a secret agreement among the monetary
HE demand for prime bankers' acceptances has authorities of the several countries, that is,
London,
continued good this week with most of the in- Paris, and the New York Federal
Reserve Bank.
quiries coming from New England and the Middle However, it may be safely asserted
that no such
West. Rates are unchanged. Quotations of the Ameri- agreement is in existence or in the
least possible
can Acceptance Council for bills up to and including at this juncture.
45 days are M% bid, and %% asked; for 46 to 90
The steadiness may be accounted for entirely by
days they are /% bid and M% asked; for four the absence of business. Speculation has been cut
months, 'N% bid and 4% asked; for five and six to the minimum owing to restrictions
3
of one kind or
months,.13/ bid and 1% asked. The bill buying another in the major markets. This is the summer
8
%
rate of the New York Reserve Bank is 1% for bills holiday season and commercial requirements in the
running from 1 to 90 days, and proportionately midsummer lull are at ebb. There have been no new
higher for longer maturities. The Federal Reserve developments of any kind and so for the time being
banks' holdings of acceptances decreased during the a condition of equilibrium has been established.
week from 8,213,000 to 7,636,000. Their holdings Aside from this period of dullness and hesitation,
of acceptances for foreign correspondents, also de- the foreign exchange situation is essentially uncreased during the week from 37,123,000 to 36,885,- changed. As pointed out here in several occasions,
000. Open market rates for acceptances are as fol- in spite of official denials by the London authorities
lows:
that the pound was being pegged with respect to
M
S
D
T
1108
Financial Chronicle
French francs or to gold, it steadiness around 85
francs to the pound seems confirmatory of the opinion
widely held that London is secretly operating to
maintain this level. The market opinion seems to be
that whether the dollar goes up or down, London will
not follow its course, but will make every effort to
hold the pound steady with respect to the franc, or
gold, at present levels. Less talk is heard of permanent stabilization of the pound in terms of gold at the
present or any other level. It seems to be the confirmed view of London, for the time being at least,
that no sort of sterling stabilization can be planned
until such time as Washington's attitude on currency
matters is made clear. The uncertainty of the
American position is a dark cloud on the general
foreign exchange horizon. It becomes increasingly
evident that the London authorities are growing more
sympathetic to the plans of the gold bloc nations for
currency stabilization on the gold basis, and that
the British authorities do not favor the stand taken
by Washington, or rather the President's failure to
indicate clearly his intended course with respect to
the gold content of the dollar. London and all markets are alarmed by the prospects of inflation here
• and are watching the progress of events with intense
interest approaching anxiety.
The market sees a clear indication of London's
sympathy with the gold bloc in the recent heavy shipments of earmarked gold from New York to Paris.
It is thought that this gold could have come only from
British stock sold to the French authorities. These
gold shipments during the past few weeks have
approximated $126,000,000. Since the organization
of the gold bloc immediately after the close of the
London conference there has been a movement
of funds from London to the gold bloc countries,
notably France, Holland, and Switzerland. At
present this movement seems to have been halted
and money is in superabundant supply in London,
with the result that open market money rates
continue at extremely low levels. As noted here last
week, there is every disposition in London to extend
foreign loans and the London market may soon
become active in this respect. Considerable extensions of such financing may be expected soon in the
South American countries and in the British colonial
commonwealths. Business is showing decided signs
of improvement in all parts of the world and with the
return of confidence which should result from widespread business revival, London will certainly again
become active in the extension of financing to promote British exports. The usual autumn strain on
the European exchanges which under normal conditions begins to be rather severe as September approaches can have practically no effect on these
countries at present, owing to our own attitude on
monetary matters and to the severe decline of the
dollar in terms of gold. The plethora of funds in
London is reflected in open market money rates.
/
Call money against bills is in supply at %% to 3 27o)
two-months' bills are at 5-16% to %%,three-months'
bills at %%,four-months' bills at %% to 7-16% and
six-months' bills at M% to 9-16%. These rates are
even a shade easier than they have been for the past
few months. On Saturday last the Bank of England
bought £3,917 gold bars. Bars were quoted in the
open market at 124s. 9d. On Tuesday, £550,000
was available in the open market of which approximately one-half was taken by an unknown buyer
Aug. 12 1933
(probably the Bank of England or the Exchange
Equalization Fund)- and the balance for Continental
account at a premium of 4d. Gold bars were quoted
at 124s. 73 d. On Wednesday gold totaling £250,000
4
is believed to have been taken for Continental account
at a premium of 53/d. Gold bars were quoted at 124s.
2
8d. On Thursday bar gold totaling £700,000 was
taken for Continental account at a premium of 53/2d.
Bars were quoted at 124s. 8d. On Friday £80,000
available was taken by the Continent at a premium
of 53/d. and bars were quoted 124s. 83/d. The Bank
2
2
of England statement for the week ended Aug. 9
shows an increase in gold holdings of £8,733, the
total standing at £191,529,921, which compares with
£139,419,297 a year ago and with the £150,000,000
minimum recommended by the Cunliffe committee.
At the Port of New York the gold movement for
the week ended Aug. 9, as reported by the Federal
Reserve Bank of New York, consisted of exports
of $12,966,000, of which $12,848,000 was shipped to
France and $118,000 to Germany. There were no
gold imports. The Reserve Bank reported a decrease
of $12,966,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of New
York, as reported by the Federal Reserve Bank of
New York, was as follows:
GOLD MOVEMENT AT NEW YORK AUG. 2-AUG. 9 INCL.
Imports.
Exports.
$12.848.000 to France.
118.000 to Germany.
None.
$12.968,000 total.
Net Change in Cold Earmarked for Foreign Account.
Decrease: $12,966,000.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of gold or change in,gold held earmarked
for foreign account. On Friday there were no
imports of the metal, but $12,128,400 of gold was
exported to France and gold held earmarked for
foreign account decreased $12,052,800. No reports
have come during the week of gold having been
received at any of the Pacific ports.
Canadian exchange continues at a discount. On
Saturday last Montreal funds were at a discount
of 63/2%; on Monday, at 6 9-16%; on Tuesday, at
63%; on Wednesday, at 5%%; on Thursday,
at 5%%; on Friday, at 5%%.
Referring to day-to-day rates, sterling exchange on
Saturday last was easy in a dull market. Bankers'
%
sight was 4.493 ® 4.50; cable transfers 4.493 ®
4.503/ On Monday the tone was easy, the market
s
.
quiet. August bank holiday in London.. The range
%
was 4.473/ ® 4.493 for bankers' sight and 4.475
%
4.493 for cable transfers. On Tuesday in restricted
trading the rate was inclined to sag. Bankers'
4.49%; cable transfers 4.47 ®
sight was 4.463/2
4.50. On Wednesday sterling was steady. The
range was 4.483/i ® 4.493, for bankers' sight
and 4.48%@ 4A9% for cable transfers. On Thursday the market was dull and the pound fairly steady.
4.493/ for bankers' sight
The range was 4.483
and 4.483/ 4.49% for cable transfers. On Friday,
3
sterling was steady; the range was 4.48% @ 4.49/s
for bankers' sight and 4.49 @ 4.4932 for cable transfers. Closing quotations on Friday were 4.493/i for
demand and 4.493,. for cable transfers. Commercial
-day bills at 4.48;
sight bills finished at 4.48%; 60
90
-day bills at 4.47%; documents for payment (60
days) at 4.48, and seven-day grain bills at 4.47%.
Cotton and grain for payment closed at 4.48%.
Volume 137
Financial Chronicle
XCHANGE on the Continental countries presents no new features of importance. Trading
in all markets has been decidedly limited. French
francs and the gold bloc currencies generally are of
course firm in terms of both the dollar and sterling.
In Paris a cheaper dollar is expected, in the belief
that our inflationary program will be carried as
originally projected in the minds of the Congressional
majority which placed unprecedented powers at the
disposal of the President. Paris says that speculative purchases of dollars and bear covering which
have sustained the dollar rate lately seem to be ended
and wide fluctuations in the dollar are not expected
so long as President Roosevelt does not arrive at a
definite decision as to the monetary policy he intends
to pursue. As noted above, the Federal Reserve
Bank reports a total of $12,848,000 of gold shipped
to Paris during the week ended Aug.9from earmarked
stock. This brings the total of gold shipments to
Paris in the last several weeks to approximately
$126,000,000. As intimated in the resume of sterling
exchange, this gold was probably sold to the French
authorities by the Bank of England acting for the
British Exchange Equalization Account. It is well
known that France had repatriated practically all
its earmarked stock on this side during 1932, while the
British authorities were building up their balances
here. Money is in great abundance in Paris and is
almost unlendable at the lowest rates. France and
the other gold bloc countries are enjoying a period of
considerable confidence and the feeling grows that
they will be well able to protect their currencies on
the gold basis regardless of what position may be
taken either by the United States or Great Britain
in the immediate future. The extensive gold shipments from New York to Paris do not seem as yet
fully reflected in the weekly return of the Bank of
France. It is surmised that these earmarked takings
from New York may be at least partly suppressed
for some reason of policy agreed upon by the French
Treasury and the Bank of France. The Bank of
France statement for the week ended August 4 shows
an increase of fr. 105,058,206 in gold reserves, the
total standing at fr. 82,081,165,788, which compares
with fr. 82,178,945,228 a year ago and with fr. 28,935,000,000 in June 1928, when the unit was stabilized. The Bank's ratio is at the high level of 78.02%
which compares with 76.77% a year ago and with
legal requirement of 35%.
German mark quotations are of course largely
nominal as mark exchange is severely restricted by
the Reichsbank. A special communication to the
Wall Street "Journal" recently stated: "That portion of German payments due abroad which is now
forbidden to leave Germany and which must be paid
in to the Konversionskasse during the rest of the year
is reliably estimated at rm. 350,000,000. For this
amount the Konversionskasse will issue scrip which
it is expected will be immediately sold abroad in
large quantities and at a considerable discount. In
order to facilitate German exports the Reichsbank is
expected to follow a liberal policy with regard to the
use of this scrip in payment of German exports in
order to help the transfer of blocked marks by the
Konversionskasse. Since it is expected that discounting of the scrip will be considerable, exports
amounting to only rm. 150,000,000 to rm. 200,000,000 ought to be enough to transfer the whole amount
of these blocked marks." The Austrian international
loan provided for in the Lausanne agreement after
1109
a year of delay and negotiations was finally floated
on August 10. The issue is for £4,514,200. The
coupon is 3% and is redeemable 1933-53.
The London check rate on Paris closed on Friday
at 84.55, against 84.55 on Friday of last week. In
New York sight bills on the French centre finished on
Friday at 5.313/, against 5.36 on Friday of last week;
2
2
cable transfers at 5.31%, against 5.363/, and com.
against 5.35M. Antmercial sight bills at 5.30
werp belgas finished at 18.96 for bankers' sight bills
and at 18.97 for cable transfers, against 19.11 and
19.12. Final quotations for Berlin marks were 32.37
for bankers' sight bills and 32.38 for cable transfers,
in comparison with 32.69 and 32.70. Italian lire
closed at 7.133 for bankers' sight bills and at 7.13M
for cable transfers, against 7.183/ and 7.19. Austrian
schillings closed at 15.50, against 15.50; exchange on
Czechoslovakia at 4.04, against 4.08; on Bucharest
at 0.85, against 0.85; on Poland at 15.30, against
15.45, and on Finland at 2.02, against 2.05. Greek
exchange closed at 0.763/ for bankers' sight bills and
at 0.77 for cable transfers, against 0.773i and 0.78.
the countries neutral during the
EXCHANGE onthe influencesSwiss francs aremajor
affecting the
war reflects
both
exchanges. Dutch guilders and
lower in terms of the dollar, as these two neutrals are
members of the gold bloc and derive strength in consequence. Lately there has been a considerable flow
of funds to both the Swiss and Dutch centers and
both countries have been able to draw gold from Paris
Funds are so plentiful in Amsterdam that another reduction in The Netherlands Bank rate is looked for.
The private discount rate in Amsterdam is now
and the acceptance buying rate 13,%, which com4
pares with 3%% and 33 % early in July and with
5-16% and M% a year ago. These rates indicate a
complete recovery from the guilder scare which occurred in June and early July. Spanish pesetas are
steady as the Bank of Spain seems to have been following a policy of keeping the peseta firm in terms
of the French franc, or gold. The Scandinavian
units fluctuate strictly in accordance with sterling,
with which they are allied.
Bankers' sight on Amsterdam finished on Friday
at 54.80, against 55.20 on Friday of last week; cable
transfers at 54.82, against 55.25, and commercial
sight bills at 54.65, against 55.05. Swiss francs
closed at 26.23 for checks and at 26.24 for cable
transfers, against 26.47 and 26.48. Copenhagen
checks finished at 20.07 and cable transfers at 20.08,
against 20.18 and 20.19. Checks on Sweden closed
at 23.17 and cable transfers at 23.18, against 23.31
and 23.32; while checks on Norway finished at
22.62 and cable transfers at 22.63, against 22.72 and
22.73. Spanish pesetas closed at 11.33 for bankers'
sight bills and at 11.34 for cable transfers, against
11.41 and 11.42.
XCHANGE on the South American countries,
while only nominally quoted, is firmer in terms
of the dollar since the United States departed from
.gold. There is practically no market in the South
American currencies, as all are under the control of
government exchange boards. For the most part
British accounts are favored by these boards. On
the other hand it is noted that American accounts
have a more decided disposition to remain blocked
in foreign centers since March. All the South American centers are reporting a decidedly encouraging
E
1110
Financial Chronicle
increase in business prospects and their raw material
exports are finding more ready markets at better
prices.
Argentine paper pesos closed on Friday nominally
at 34.75 for bankers' sight bills, against 35.00 on
Friday of last week; cable transfers at 35.00, against
353/g. Brazilian milreis are nominally quoted 7.81
for bankers' sight bills and 83/2 - cable transfers,
for
against 7.81 and 83/2. Chilean exchange is nominally
quoted 83/2, against 83/2. Peru is nominal at 20.50,
against 20.00.
XCHANGE on the Far Eastern countries is at
present quite as listless as any of the major
exchanges. The Chinese units are steadier and much
higher than they were some weeks ago, owing to the
improved prices of silver. Japanese exchange is
governed by the strictest of control regulations and
the nominal quotations are now only apparently
firmer and are governed largely by the fluctuations
in sterling exchange. The Indian rupee moves consistently with sterling, to which the unit is attached
at the rate of is. 6d. per rupee.
Closing quotations for yen checks yesterday were
273/s, against 273/2 on Friday of last week. Hong
Kong closed at 32 1-16 @ 323/g, against 323i. ®
32 11-16; Shanghai at 283 © 28%, against 283 ®
%
%
28%; Manila at 50, against 50; Singapore at 52%,
against 52%; Bombay at 33%, against 343/g, and Calcutta at 3338, against 343/8.
E
PURSUANT
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 5 1933 TO AUG. 11 1933. INCLUSIVE.
Country and Monetary
Noon Buying Rate for Cabe Transfers in New York,
Value in United States Money.
Aug. 5.
Aug. 7.
Aug. 8.
Aug. 9. Aug.10. Aug. 11.
EUROPES
$
$
$
S
$
.154500* .153168 .152500 .153875 .153166 .153000
Austria.schilling
Belgium, belga
.189500 .189027 .189291 .189191 .189392 .189330
.010833* .010666 .009900. .009850. .009900* .010400*
Bulgaria. lev
Czechoslovakia, krone .040455 .040412 .040541 .040372 .040383 .040314
Denmark, krone
.200830 .200284 .200311 .200550 .200618 .200575
England, pound
sterling
4 496416 4.482666 4.490166 4.484666 4.491500 4.490000
Finland, markka
019966 .019900 .019950 .019966 .019916 .019916
France.franc
.053250 .053098 .053130 .053060 .053135 .053111
Germany, reichsmarlf .324250 .323478 .323584 .323321 .324669 .323528
Greece, drachma
007691 .007680 .007630 .007658 .007654 .007666
Holland, guilder
.548836 .546725 .547553 .547115 .547658 .547535
Hungary, pengo
.232166* .242000 .240500 .241500 .238750 .242250
Italy. Ura
.071433 .071295 .071250 .071241 .071305 .071278
Norway, krone
.225866 .225166 .225860 .226050 .226118 .226125
Poland. zloty
.154100 .153750 .153200 .153300 .153400 .153625
Portugal, escudo
.041000 .040900 .040950 .041145 .041130 .040987
Rumania,leu
008466 .008466 .008450 .008260 .008340 .008350
Spain, peseta
113623 .113250 .113232 .113203 .113314 .113328
Sweden.krona
231858 .230915 .231227 .231508 .231525 .231472
Switzerland, franc_ __ .263138 .262264 .262442 .262450 .262400 .262292
Yugoslavia, dinar____ .019000 .018850 .018883 .018650 .018683 .018533
ASIAChinaChefoo (yuan) dol'r .281666 .277916 .278958 .279791 .281458 .279166
Hankow (yuan)dol'r .281666 .277916 .278958 .279791 .281458 .279166
Shanghal(yuan)dorr .282187 .281875 .279531 .280468 .282031 .279687
Tientsin (yuan) dol'r .281666 .277916 .278958 .279791 .281458 .279166
hong Kong dollar__ .320416 .320000 .318875 .316875 .318437 .315825
India, rupee
338500 .337450 .337550 .337515 .337740 .337675
Japan, yen
.271062 .267500 .269375 .270000 .270125 .270125
Singapore (S.S.) dollar .527500 .521250 .520000 .522500 .522500 .522500
AUSTRA LASIAAustralia, pound_ _ _ 3.570000 3.565833 3.568333 3.572083 3.568750 3.569166
New Zealand, pound 3.575833 3.574166 3.576666 3.581250 3.577500 3.577500
AFRICA
South Africa, pound 4.442500 4.426250 4.431875 4.418750 4.433750 4.433125
NORTH AMER.Canada, dollar
.935520 .934635 .936875 .940000 .944062 .941770
Cuba. peso
.999275 .999200 .999200 .999200 .999343 .999537
Mexico, peso (silver). .281740 .281820 .281140 .280900 .280790 .281020
Newfoundland, dollar .932750 .932187 .934375 .937500 .941750 .938593
SOUTH AMER.Argentina, peso (gold) .786404. .786476. .784154* .786753* .787349* .786911*
Brazil, milreis
080400* .080400• .081400* .080400* .080400* .080400.
Chile, peso
081250* .081250* .081250* .081250* .081250* .081250.
Uruguay, peso
6479160 .647500* .640833* .6425000 .842500. .642500.
Colombia. peso
862100* .862100. .862100. .862100* .862100 .862100*
•Nominal rates; firm rates not available.
Aug. 12 1933
HE following table indicates the amount of gold
bullion in the principal European banks as of
Aug. 10 1933, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of-
1933.
£
England... 191,529,921
France a_
. 656,649,326
Germany b
11,624,700
Spain
90,386,000
Italy
73,416,000
Netherrds _
64,500,000
Nat.Belg'm
76,872,000
Switzerland
61,461,000
Sweden
13,872,000
Denmark
7,397,000
Norway...
6.569.000
1932.
f
139,419,297
657,431,561
34,802,300
90,242,000
61,392,000
85,054,000
75,092,000
89,156,000
11,445,000
7,400,000
7,911,000
1931.
f
133,304,228
468,454,008
64,973,800
91,015,000
58,063,000
49,002,000
43,946,000
30,956,000
13,209,000
9,546,000
8,130,000
1930.
£
154,105.312
373,251,791
123,461.850
98,911,000
56,323,000
32,554,000
34,399,000
24,407.000
13,468,000
9,567,000
8,142,000
1929.
£
140,687,935
307.781,154
100,371,550
102,533,000
55,792,000
37,451,000
28,928,000
20,286,000
12,976,000
9,585,000
8,154,000
Total week_ 1,254,276,947 1,259,345,158 970,599,036 928,589,953
Prey. week- 1.250.700.698 1.258.592.145 968.275 071 094 196 5115 824,445,639
501 OTA 000
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
abroad, the amount of which the present year is E1,384,050. exclusive of gold held
American Policy in Cuba and Haiti.
The relations between the United States and parts
of Latin America have been thrown into striking relief during the past week by the rapid development
of the political crisis in Cuba and the announcement
on Monday of an agreement for the withdrawal of
American marines from Haiti. The two incidents
are, of course, entirely different. The Cuban situation involves, among other things, the right of the
United States to intervene, under the Platt amendment and the Cuban Constitution, in case intervention is adjudged necessary to restore orderly government and maintain civil rights. The Haitian situation, on the other hand,has to do with the termination of a military and civil intervention which has
been maintained for many years, and which has occasioned deep resentment in Haiti and much outspoken criticism in this country. Both cases have
been dealt with by Mr. Roosevelt in a way which,
we feel confident, American public opinion will
generally approve.
The immediate occasion of the widespread disturbance in Cuba is to be found in the policy of the
Machado Government, but the interest of the United
States goes back much farther. The withdrawal of
American control over Cuba, in 1901, was conditioned upon the acceptance of the Platt amendment
of March 2, which provided, among other things, that
the United States "may exercise the right to intervene for the preservation of Cuban independence and
to maintain a Government capable of protecting life,
property and individual liberty." The condition
was accepted by the Cuban Congress and on June 12
was made a part of the Cuban Constitution. The
right was exercised by the United States in 1906
in consequence of political disturbances, and American troops were not withdrawn until April 1909. In
1921, as a result of further electoral difficulties,
Major-General Enoch H. Crowder was sent to Cuba
as President Wilson's personal representative, and
the election of President Zayas was accomplished
under his direction and a number of reform measures
were adopted.
In November 1924, General Machado, candidate
of the Liberal party in opposition to General Menocal, the Conservative candidate, succeeded Zayas as
President. His administration was at first well re.
garded in business circles, and his popularity was
increased by the inauguration of a public works program which included the construction of a $100,000,000 central highway connecting Havana with
all parts of the island, and the building of the $20,000,000 capitol at Havana. In 1927, however, he
contrived to obtain the support of the three existing
Volume 137
Financial Chronicle
1111
parties for changes in the Constitution and electoral efforts of Ambassador Welles in this direction have
laws which not only insured his re-election in 1928, met repeated obstacles. On Tuesday President
but also extended the presidential term from four Machado, in response to a request from the New
to six years. His second term, which began in May York "Times" for a statement of his views and
1929, has been characterized by an increasingly arbi- plans, declared his intention to continue in office,
trary dictatorship. Organized opposition began al- and on Wednesday was reported to have refused to
most at once with the students of Havana University, receive Mr. Welles and to have insisted that further
and since 1930 has spread to all parts of the island. communications must be made through the Cuban
An organized insurrection in 1931 under General Secretary of State. Members of the Liberal party
Menocal was quickly suppressed by military force, were reported to have endorsed his refusal to retire,
and since that time President Machado has main- and to have appealed to other Latin American countained himself in power largely by means of the tries to oppose the idea of intervention, while an
army, the secret police, and the so-called "porra" or irregular opposition group, broadcasting through an
gangs of strong-arm supporters, and with martial "outlaw" radio station, have bitterly denounced
law, suspension of constitutional guarantees, censor- American interference. President Machado himship of the press, suppression of the public activities self, in his cable to the "Times," added to the comof opposition parties, wholesale arrests and imprison- plexities of the situation by declaring that he was
ments, and a long list of killings as the character- on Wednesday sending to Congress "a message
istics of the regime. The opposition, in return, has recommending the immediate approval of the elecmet repression with terrorism, a secret society toral reforms" which Professor McBain,of Columbia
known as the A.B.C. taking the lead, since 1932, in University, has lately been engaged in drawing up,
plots, bombings and assassinations.
and that the demands of the strikers in the Havana
The causes of the trouble have not been entirely transportation service had been approved and the
political, however. The imposition of a tariff of service would be resumed the next day. On the
2 cents a pound, in 1930, on Cuban sugar entering other hand, the British and Spanish Ambassadors
the United States tended further to depress the al- at Havana were reported to have protested on
ready demoralized sugar industry, the suspension of Wednesday to Mr. Welles regarding the treatment
the public works program increased unemployment, of their nationals, and the Japanese and Italian Amand taxes rose as revenue resources weakened. The bassadors at Washington later made informal inwidespread strikes, practically universal in scope, quiries of Secretary Hull, thus confronting the
which have developed rapidly during the past week, American Government with its obligations under
and which have brought matters to a crisis, are in the Platt amendment.
The outlook for a peaceable solution without interpart the result of acute economic distregs as well as
vention was heightened, however, by a report on
of intense opposition to the Machado Government.
The position of the United States is one of peculiar Friday that the Liberals had yielded, and were predelicacy. President Roosevelt has been represented pared to support a plan similar in principle to that
as opposed to intervention, at least under such cir- which Mr. Welles had been criticized for proposing.
cumstances as have developed thus far. There are Under this plan, as summarized by the Associated
many reasons why he should hesitate to use forcible Press, the present Secretary of War,General Alberto
measures. Armed intervention in Cuba, no matter Herrera, was to be appointed Secretary of State.
what the circumstances, would be certain to make a President Machado would then take a leave of abvery unfavorable impression throughout Latin sence, General Herrara would succeed to the PresiAmerica, where the memory of other interventions dency in accordance with the Constitution, and with
by the United States is still keen and their exercise a new national Government acceptable to all parties
deeply resented. It would undoubtedly prejudice would attempt a solution of the political difficulthe position of the United States in the Pan-Amer- ties. According to a dispatch of the same date to
ican Conference which is to meet at Montevideo next the New York "Sun," from Hyde Park, N. Y., the
December, and in the meantime create an unfavor- summer capital, a program "designed to assist the
able atmosphere for the negotiation of the new com- Cuban Government in achieving complete economic
mercial agreements with Latin American countries independence" was also being developed by Presiwhich the Administration is expected to undertake. dent Roosevelt. If these reports are fully conThe fact that the disturbances in Cuba have a large firmed, and the proposals are accepted by the wareconomic basis creates a further complication—a ring elements in Cuba, a way will have been found to
complication which was recognized in the statement relieve a crisis which had become dangerously tense.
The problem of American relations with Haiti
issued by Mr. Roosevelt on Wednesday, after a conference with the Cuban Ambassador. According to has, fortunately, lent itself to easier and happier
this statement, the situation was discussed treatment. American occupation in Haiti dates
"especially in its economic aspects," and the Presi- from 1915, when American forces took possession
dent and the Ambassador were represented as feel- of the country after a bloody insurrection and reing "that the problems of starvation and of depres- stored order. In 1916 the United States undertook
sion are of such immediate importance that every by treaty to aid in the establishment of an orderly
political problem should be met in the most patriotic government, and at the *same time assumed certain
spirit in order to improve conditions at the earliest supervision of Haitian finances. The American occupation was deeply resented by the Haitian people,
possible moment."
The efforts of the United States, accordingly, have and has been repeatedly criticized with severity by
been directed to securing, if possible, through unofficial American investigators. In 1930, followfriendly representation, the retirement of President ing the killing of a number of Haitians by American
Machado, which is generally admitted to be an indis- marines, President Hoover dispatched the Forbes
pensable condition of peace, and the acceptance of Commission to investigate conditions and report, if
a temporary Executive pending a new election. The practicable, a plan for the withdrawal of the Amer-
1112
Financial Chronicle
jean forces. The Commission recommended, among
other things, the replacement of the military High
Commissioner by an American Minister, and the
recommendation was 'approved. In 1931 a treaty
was concluded which provided for the termination
of American military control and the transfer to
Haiti of most of the public services, the United
States, however, retaining control of finances and
the National Guard, the former to guarantee the
service of a loan contracted in the United States,
and the latter because Haitian officers had not yet
been trained. A supplementary treaty of 1932, completing the arrangements for the withdrawal of
American marines and further regulating the financial administration, was rejected by the Haitian
Assembly.
The executive agreement which was signed at
Port au Prince on Monday, and which apparently
does not require ratification either by Congress or
by the Haitian Assembly, provides for the withdrawal of American marines and the American Scientific Mission in October 1934, and the replacement
by that time by Haitian officers of the American
officers now associated with the National Guard.
The President of Haiti may, "if he considers it desirable," ask for the designation by the President
of the United States of not more than seven officers
who have served in Haiti, for the further training
of the Guard. Beginning Jan. 1 1934, the services
of the financial adviser general receiver are to be
carried on by a fiscal representative and a deputy
appointed by the Haitian President on the nomination of the President of the United. States, the customs service remaining under the charge of the fiscal
representative until the loan for which the customs
revenue is pledged is fully amortized or refunded.
Various provisions intended to insure a proper conduct of Haitian finances and the operation of a
budget system are also included, together with an
agreement by the Haitian Government "not to reduce the tariff nor to modify the taxes and internal
revenues in such a manner as to reduce the total
amount thereof without the consent of the fiscal
representative." The upshot of the agreement is
that the United States is to retain a supervisory
control over the finances of Haiti until such time as
American loans have been discharged, but that the
country will be free of the presence of American
marines and of American connection with most of
the ordinary business of government.
Mr. Roosevelt has followed in Haiti the policy to
which Mr. Hoover emphatically committed himself,
that, namely, of terminating American occupation
of foreign territory at the earliest practicable moment, and leaving to the peoples of the occupied territory the duty of governing themselves without the
aid or interference of American marines. In so
doing, he has repudiated a policy of intervention
which has done more than anything else to keep alive
in Latin America unfriendliness for the United
States and to nurse suspicion • of American intentions. If, by patience and firmness, he can also succeed by good offices in bringing peace to distracted
Cuba, he will have strengthened his influence and
that of the United States in every Latin American
country without waiving any American rights or
avoiding any American obligations.
Divergent Effects of Trade Revival.
It is quite interesting to note the reaction to the
long period of self denial to which all persons either
Aug. 12 1933
voluntarily or by reason of sustaining serious losses
of income from investments or from customary earnings have subjected themselves.
Over three years of privation have depleted wearing apparel. Old garments have been remade and
patched until they have become quite useless. With
many workers therefore, upon being re-employed
even at a wage lower than customary their first
thought is to "get some decent clothes." This accounts for the revival of the textile industry early
in the present year. Many unmarried women have,
only their personal wants to provide for and upon
being re-employed at a mill, in an office or a store
they at once renew their interest in store advertisements and window displays and a liberal part of
the first pay envelope received is devoted to the
supplying of actual wants.
Men may be a little slower to purchase but as soon
as household needs are taken care of, a new suit of
clothes looks pretty good to them and they make a
purchase; justifying their action by the remark that
it is better to buy before prices rise to the old high
level.
Thus retail stores have been functioning well and
the demand is traced back to the factories, each week
finding more workers employed, thus enlarging the
purchasing field.
Another remarkable evidence of the loosening up
of purse strings was observed at the end of last
week following the very hot wave which had overspread the East. A multitude of people swarmed
to the resorts, especially to the seaside. They had
been denying themselves during the heated term, but
upon obtaining pay for renewed work at the end of
July, they flocked in great numbers to places where
they might escape the heat, obtain some recreation
and become reinvigorated. A large amount of newly
earned wages was put into circulation during July
and the first week in August.
There is one line of business, however, which
seems to run counter to the general trend and that
is the manufacture of drugs and chemicals. A
pharmaceutical manufacturer explains the situation
by stating that a sick heart often makes a weak
body. He added that when a person fails to obtain
customary employment, being unfitted for any other
kind of work, and having been idle for some time he
becomes somewhat despondent and discouraged. In
this state he gives attention to any ailment with
which he may be afflicted and his worry over lack
of employment aggravates his disposition and makes
him look upon his physical troubles more seriously
than he otherwise would. In this state the unemployed person turns to doctoring himself and becomes a steady patron of his nearby drug store.
Many hundred thousands of such cases stimulate
consumption of medicines and spur activity in the
drug and chemical plants.
Thus it occurs that the pharmaceutical business
is apt to thrive during a depression when most other
kinds of business are extremely dull.
But when good times come again the tables are
reversed for the drug and chemical trade. With
employment afforded at their usual occupations
persons give less attention to their personal ailments. They begin to think of buying new apparel,
new furnishings for the home, repairing the old
car, paying back taxes and interest accrued and unpaid on the mortgage. Consequently the demand for
medicines falls off and as a result while most in.
Volume 137
Financial Chronicle
dustries begin to thrive the manufacture of drugs
and chemicals which had maintained a fair pace
all through the depression begins to lag, but as business indices approach normal a revival in the chemical industry will again be noted and it will begin to
keep pace with its neighbors in general progress.
1113
achievement in science,in literature,in civil progress
and in industry of every kind.
Nowhere around the globe does the toiler reap
more for his ardous labor than he obtains in the good
old U. S. A., and one of the foundations of this most
desirable result is the well-established system of
public education, supplemented by wonderful higher
institutions of learning which have been made possible by liberal contributions from American citizens
who have been successful in amassing large fortunes.
Thus the birthright of every American child is the
greatest opportunity for development which is afforded by any nation. Co-operation is the cornerstone for life, liberty and the pursuit of happiness
in America.
In the New Deal we have arrived at the point
where it must be determined whether the spirit of
co-operation shall be continued and fostered or
whether it will be blighted. Every citizen who toils
either in a mill, in a laboratory, or in an office,
whether he be engaged in manual labor or in directing others toward the common ambition of success
in life, must be encouraged by the prospect of an
adequate reward for his services. Destroy that
motive and we shall have chaos.
If there is taken away from the investor a desire
to so employ his capital that it will reap an adequate
return, industry in every form will languish.
In nearly every industry labor, by which term may
be designated all persons who toil for a living by
manual work, even when supplemented by the best
of modern machinery made available through capital, has for years been well organized. Through
constant contributions from the workers funds are
supplied for the employment of skilled leaders who
engage economists, statisticians and workers in
bureaus to compile facts and figures and make suggestions in order that new ideas may be advanced
and supported by ingeniously compiled tables of
statistics supposedly to advance the interests of the
toilers and thus to perpetuate a continual dispute
between employer and employee.
The goal constantly appears to be to make the employee discontented with his lot and to gain some
advantage over the employer.
If the wisdom of the President under existing
circumstances shall prove to be sufficient to reconcile these two conflicting forces and preserve harmony with a view of making it permanent, a great
deal will be accomplished, not only for the employer
and employee, but for the consumer, who after all
must foot the bill for any concession which must be
paid for by the increased cost of manufacture.
Every American citizen whether he be a capitalist,
a toiler or a consumer, and the latter term includes
all adults who must purchase articles for the consumption and use of himself and family, has a deep
interest in the vast undertaking as outlined in the
National Industrial Recovery Act. A spirit of
loyalty upholds the hands of the National leader
upon whom an unusual peace-time responsibility
now rests.
A Time to Disregard Self
-Interest and to
Exercise Co-operation.
What is probably the hardest and the most vexatious problem which President Roosevelt has been
called upon to solve and adjust is the question of
proper relations between capital and labor, of master
and servant, of employer and employee.
In the early days of America, Negroes were stolen,
kidnapped one might say to use a modern term, put
aboard ships and forcibly carried to America where
they were sold into slavery. On general principles
slavery is unthinkable, but there were degrees of
servitude.
On some of the old plantations of the South where
Negro children were born into slavery and reared
with white children there existed a great bond of
attachment between the master and members of his
own family and the household servants. But the
whole system was revolting and finally was abolished
through bloodshed because, as Lincoln expressed it,
"No nation could survive which was one-half free
and one-half slave."
It may be, as our Declaration of Independence
states, that "All men are created equal," but soon
after birth even twin brothers will develop along
diverging lines. One may become a leader, a natural
master in his particular calling, while the other,
lacking in energy even if gifted, may hide his talents
under a napkin and be contented to toil all the days
of his life. Some of the greatest leaders of the world
in various spheres have sprung from humble origin
and at time of birth no one may foretell what any
child of American parentage may achieve in the
course of his natural life. The pages of American
history are glorified by records of accomplishment
of citizens in every line of worthy endeavor from the
scientist whose remarkable talents have been utilized
for the benefit of all mankind,the leaders in industry
who have availed themselves of discoveries and
turned out marvelous products, and military leaders
who have not only preserved the Union but have enabled its territory to be vastly extended.
Great honor is paid to the masters without whom
this country could not have been developed from
its primitive and humble origin to one of the greatest
nations of the world in art, in science, in invention,
in industry and as the mightiest example of selfgovernment on the face of the earth.
Back of these brilliant leaders has been the cooperation and sustaining power of the common
people, who as a body are enlightened, industrious,
law abiding, honest and upright in their relations
with their fellow citizens. Without the soldier in
the ranks no general could have won a victory. Without the toilers in the mines, in the mills, upon the
railroads, in construction and in all other worthy
Our Investments Abroad Now Exceed
lines of employment, little progress could have been
153'i. Billion Dollars.
made. This principle has been fully recognized in
During recent years this country has played an
the United States from the beginning in 1776. extremely important and constructive role in the
Always due deference has been paid to the vast realm of world finance and business. In addition
army of workers who have shared with the leaders to the receipts from the sale of goods and services,
in war and in peace the fruits of victory and of a substantial part of its current income is derived
Financial Chronicle
1114
from the long-term and short-term investments
abroad and from the performance of incidental banking, investment and brokerage services.
Late in 1930 the finance and investment division
of the United States Department of Commerce prepared a detailed census of American investments
abroad. Since that time addition to or deductions
from these figures have been considered of sufficient
importance to require certain alterations.
The revised statement therefore indicates that our
private long-term investments in foreign countries
4
now amount to more than 151 billion dollars, so
that during the past thirty-two years the United
States has increased its holdings abroad approximately $477,000,000 each year.
About $4,432,000,000 of this American capital is
invested in Europe, and Germany has been the recipient of a greater portion than any other continental European country. Following next to
Europe, Canada and Newfoundland have obtained
nearly $3,999,000,000 of American capital. Total
private investments in South America are estimated
at $2,982,000,000. Central America secured $966,000,000 and Asia and the West Indies over a billion
each.
These capital outlays comprise "direct investments," which include direct participation in commercial and industrial enterprises abroad, such as
investments in American-controlled manufacturing
and distributing organizations, mining properties,
plantations, petroleum properties, and,in fact, virtually all forms of investmtnts abroad which do not
fall within "portfolio investments," and these latter
in turn are defined as holdings of foreign securities
publicly offered or secured through purchase in the
international markets. The direct investments are
based upon book values as reported at the mid of
1929 with allowances for additions and deductions
since that time, while portfolio investments are
based on par values.
The following statement presents the American
private long-term investments in foreign countries
at the end of 1932:
Region.
Direct.
Canada and New22,073.000.000
foundland
1.553.000,000
Europe
933,000,000
Central America_
1,645,000,000
South America
1,075,000.000
Indies
West
127.000,000
Africa
423,000,000
Asia
168.000,000
Oceania
27,997.000,000
Total
Plus the capital of
banks & insur. cos.
nranr1 tntal
Portfolio.
Total.
81,926.000.000
2,859.000.000
33.000,000
1,337.000,000
134.000.000
2.000.000
579,000,000
280.000.000
23,999,000,000
4.432.000,000
968,000,000
2.982,000,000
1,209,000,000
129,000.000
1,002,000,000
428.000.000
$7,130.000,000
215,127,000,000
125,000,000
315,252 000 000
The interest received in 1932 by American holders
of foreign bonds amounted to approximately $311,000,000 as compared with $383,000,000 in 1931. The
principal factors which were responsible for the
sharp decline in these receipts were interest defaults,
reductions in interest receipts due to repayment of
the principal and repatriations of outstanding securities.
The extraordinary exchange situation and the depressed condition of business throughout the world
added to the difficulties of estimating earnings on
direct investments abroad. But in spite of this state
of affairs it is reasonable to assume that during 1932
there were some American businesses which, instead
of receiving at their home offices earnings from
abroad, actually made net remittances in the opposite direction in order to keep their foreign properties in repair and in productive condition. The es-
Aug. 12 1933
timated aggregate return on direct investments
abroad is therefore based on range estimates for
each of the four investment areas, as follows:
Area.
Earnings.
Canada
820.000.000- 830,000,000
Europe
25,000,000- 35,000,000
Latin America_
35,000,000- 45,000,000
Africa, Asia and
Oceania
10.000.000- 20,000.000
Total
$90.000.000-2130.000.000
Transfers.
215,000,000- $25.000.000
20,000,000- 30.000.000
25,000,000- 35,000,000
7.000.000-
13,000,000
367,000.000-8103.000.000
The estimated returns to Americans on direct investments in Canada are based largely upon the examination of the annual reports of Canadian subEidiaries of American concerns. A compilation prepared by the "Financial Post" indicates that the
dividend payments of these companies totaled about
$165,000,000 in 1932 as compared with $226,000,000
in 1931. The Dominion Bureau of Statistics estimates that 20% of the capital employed in Canada
is owned in the United States. Thus, by applying
this ratio to the dividend payments, it is apparent
that Americans received $33,000,000 (Canadian),
which when converted into United States funds
would be reduced to possibly $30,000,000.
About one-third of American direct investments
in Europe are placed in Great Britain, largely in
manufacturing enterprises. The "Economist's" index of dividends paid on ordinary capital in 1932
was 5.9% as compared with 7.2% in 1931. Most of
the corporations included in this index are oldestablished English companies that have accumulated reserves over a period of years. Generally
speaking, the American subsidiaries in England have
not had the opportunity or occasion to accumulate
reserves and as a consequence their returns in 1932
were lower than the general index seemed to indicate. In fact, annual reports show that some of
the American subsidiaries did make net profits in
1932.
Germany is second in importance among European countries as a field of operations for American
corporations. As a general thing American investments in Germany are centered in industries which
have suffered severely as a result of world economic
conditions and particularly because of the industrial
and financial crisis through which the country
passed during 1932. As a consequence some industries in which American capital is invested suffered
heavy losses, while in most others net profits were
relatively small.
A large part of the American investments in Italy
and Spain, as well as some in France and other
European countries, are public utilities. Most of
these reported fair earnings and dividends, but at
leat two of the European countries in which American corporations have interests of this type have
instituted exchange restrictions which prevent the
transfer of part or all of the earnings. However,
public utility investments are a relatively small portion of the total American direct investments in
Europe, so that earnings would naturally have to
come principally from manufacturing concerns,
which were far from prosperous. Accordingly, the
total earnings in Europe are estimated at between
$25,000,000 and $35,000,000 and the actual transfers,
considering the depreciated pound and exchange restrictions, between $20,000,000 and $30,000,000.
Latin America comes in for a lion's share of the
direct investments. A large proportion of these investments represent enterprises engaged in the production of raw materials or foodstuffs, the prices
Volume 137
1115
Financial Chronicle
of which have declined to such low levels that profitable operation has been virtually impossible during
the past two and a half years. Sugar production was
almost totally unprofitable, while other industries
that have been severely depressed are petroleum and
copper. In fact some of the producing units in the
general Latin-American group actually received net
remittances from the United States to protect their
property investments. Considering the amounts of
capital invested in the different types of enterprise,
it is estimated that the year's earnings were somewhere between $35,000,000 and $45,000,000, including estimated earnings of $5,000,000 in Mexican
border enterprises.
The total direct investments in Africa, Asia and
Oceania were somewhat higher in 1932 than in 1931,
and they were roughly placed at $718,000,000. A
substantial portion is invested in rubber plantations
in the middle east, which reported no net earnings.
The same situation existed in Australia. However,
in South Africa small earnings were reported in copper investments, and the capital invested in gold
mining enterprises was also profitable. It is probable that the earnings from direct investments in
the three areas were between $10,000,000 and $20,000,000, of which approximately two-thirds was remitted.
In addition to these long-term investments abroad,
an estimated return of $60,000,000 accrued to United
States banks on their short-term capital investments
abroad. Also minor receipts,estimated at$5,000,000
included payments by foreigners of stock-transfer
taxes, commissions paid to fiscal agents by foreign
long-term borrowers, and brokerage fees paid by
foreign buyers and sellers of securities in the American market.
When considering both long-term and short-term
international investments during the period 1926 to
1931, net receipts ranged from approximately $467,000,000 in 1926 to $616,000,000 in 1931. During 1931
and 1932 both credits and debits suffered severe declines, with the result that the estimated net balance
in favor of the United States fell to $536,000,000 in
1931 and to $393,000,000 in 1932.
Gross and Net Earnings of United States Railroads for the
Month of June
Improvement is now the order of the day in railroad earnings, and accordingly it is possible to view
the monthly compilations of earnings for the railroads of the United States with considerable satisfaction, Our compilation to-day covers the month of
June, the closing month of the half year, and perhaps
the best way to indicate that these rail carriers are
coming back very fast is to note at the very outset
that for that month net earnings the present year
show an improvement of over 100%. The statement
may seem incredible to some but the figures furnish
full confirmation of it. Gross operating revenues as
compared with the corresponding month last year
show an increase of $35,484,283 or 14.43%, and as
this has been attended by a reduction in operating
expenses of $11,945,657 or 6.01%, the gain in net
amounts to $47,429,940 and as the net earnings last
year, after a long series of decreases, had dropped to
only $47,018,729, this means that this year's net is
over double that of last year, the exact ratio of
income being 100.87%.
In other words, net operating revenues for the
year (before the deduction of the taxes) stands at
$94,448,669, as against $47,018,729 in June 1932.
The gain in the gross attracts attention no less than
the very striking improvement in the net, this gain
having reached the substantial amount of $35,484,283
or 14.43%. There had also been a gain in the gross
earnings compared with a year ago in May, but it
amounted to no more than $3,584,364 or 1.41%, and
it was the first time any monthly return had shown
any improvement in gross earnings since away back
in September 1929. The much more substantial
improvement now disclosed for the month of June is
important as showing that the tide has definitely
turned and that these rail carriers are getting heavier
traffic to move as the direct results of the revival of
trade and industry throughout the length and
breadth of the land. Of course the ratio of improvement in both the gross and the net is so large because
of the low depth to which the totals had been reduced,
in cumulative fashion year by year between 1929 and
1932. In June 1930 our tabulations showed $87,518,847 loss in gross and $39,954,902 loss in net, and
this was followed in June 1931 by a further loss of
$75,062,549 in gross and of $20,587,220 in net, on
top of which heavy losses there was piled in June
1932 a further loss in gross in the huge sum of
$123,273,269 and a further loss in net in the sum of
$42,680,821. Now the railroads are again on the up
grade, but obviously they have far to go before they
will be even approximately back to the large totals
of 1929.
Month of June—
Mlles of road
Gross earnings
Operating expenses
Ratio of expenses to earnings_
Net earnings
Inc.(+) on Dec. (—)
1932.
-878 —0.36
242,333
$
281,353,909 245,869,626 +35,484.283 +14.43
186,905,240 198,850,897 —11,945,657 —6.01
+26.88
23.65%
50.53%
1933.
241,455
94,448,669
47,018,729
+47,429,940 +100.87
In the leading indexes of industrial activity, the
statistics show growth along much the same lines as
the revenue returns of the rail-oads. In other words,
they show as a rule a much larger volume of business
than in 1932, but far below the best of previous years.
We may take automobile production as the first
illustration of the kind. In June 1933 the number of
motor vehicles manufactured in the United States
was 253,322, as against 183,106 in June 1932, and
250,640 in June 1931; but comparing with 334,506
in June 1930 and with 545,932 in June 1929.
Much more striking, however, is the 1933 recovery
in the case of iron and steel. The "Iron Age" reports
the make of coke pig iron in the United States in
June 1933 at 1,265,007 gross-tons as against 628,064
tons in June 1932, the low total of the latter year
having thus been more than doubred, but in June
1931 the make was 1,638,627 tons; in June 1930
2,934,191 tons and in June, 1929, 3,717,225 tons. In
the case of steel production the comparisons are
much the same, the output of steel ingots in June 1933
having been 2,597,517 tons as against 912,757 tons
in June 1932; on the other hand this compares with
1116
Financial Chronicle
2,127,762 tons in June 1931; 3,418,535 tons in June
1930 and 4,902,955 tons in June 1929.
Considerable recovery in 1933 is also shown in the
mining of coal. The output of bituminous coal in
the United States in June 1933 reached 25,320,000
tons as against 17,749,000 tons in June 1932, but
comparing with 29,185,000 tons in June 1931;
33,714,000 tons in June 1930 and 38,580,000 tons in
June 1929. The output of Pennsylvania Anthracite
was 3,928,000 tons in June 1933 against 2,550,000
tons in June 1932, but comparing with 4,544,000
tons in June 1931; 5,152,000 tons in June 1930 and
5,069,000 tons in June 1929. On the other hand,
there is as yet little indication of a revival of activity
in building construction. The F. W. Dodge Corporation reports construction contracts awarded in the 37
States East of the Rocky Mountains as having had a
money value of only $103,255,100 in June 1933 as
against $113,075,000 in June last year; $316,147,000
in June 1931; $600,573,400 in June 1930 and $529,891,100 in June 1929. Lumber trade activity nevertheless was on an increased scale. Data for the five
weeks ended July 11933, as reported by the National
Lumber Manufacturers' Association for an average
of 575 identical mills show that the cut of lumber in
the United States in this period reached 841,127,000
ft. as against only 567,322,000 ft. in 1932, shipments
for this period of five weeks having reached 1,046,097,000 ft. against 653,114,000 ft. and the orders
received 1,190,950,000 ft. against 620,827,000 ft.
However, while production was 48% greater than
during the period in 1932, it was 21% below the
record of comparable mills for the same period in 1931.
Perhaps, however, the most striking increase in
traffic the present year appears in the case of the
Western grain movement. In 1932 the grain movement oxer Western roads fell to very diminutive
figures. The crops were large then, but grain prices
ruled extremely low and farmers did not deem it
worth while to forward their grain to market at such
low prices. The present year the situation has been
the precise reverse of this; the crops nearly everywhere, and especially in the Southwest, have been
poor, while prices have moved up with startling
rapidity and the farmers have been quick to avail of
their opportunity. Holding large left over supplies
they proceeded to send them to market in a way that
has had few parallels in the past. We give the details
of the Western grain movement in a separate paragraph further along in this article and will say here
only that for the five weeks ending July 1 1933 the
receipts of wheat, corn, oats, barley and rye at the
Western primary markets aggregated no less than
94,149,000 bushels, as against only 28,734,000
bushels in the corresponding period of 1932.
The most conclusive evidence, however, of the
all-around growth in the volume of traffic moved by
the railroads is found in the figures giving the loading
of railroad revenue freight. The statistics in that
case relate to the railroads of the entire country and
include all the different items of freight, constituting
in the latter respect a sort of composite of railroad
tonnage of all classes. For the four weeks of June
1933 the number of cars loaded with revenue freight
was 2,265,379, as against 1,966,488 cars in 1932, but
comparing with 2,991,950 in the four weeks of 1931;
3,718,983 cars in 1930 and 4,291,881 cars in the same
four weeks of 1929.
Gains in earnings by the separate roads are proportioned to the gains disclosed by the roads as a
Aug. 12 1933
whole. They are large and they are numerous, and
they embrace all classes of roads and all sections of
the country, with a feyv exceptions in the Southwest
where disastrous weather conditions have greatly
diminished the yield of winter wheat. The Pennsylvania Railroad stands at the head of the list for
amount of increase in the gross earnings, reporting
$2,695,150 gain in the gross and $3,541,153 gain in
the net earnings. New York Central, including all
the roads commonly known as the New York Central
Lines, reports $2,656,987 addition to the gross and
$4,530,239 addition to net and the other East and
West trunk lines are distinguished in much the same
way; and, as a matter of fact, virtually all the leading
railroad systems in the different parts of the country,
the Middle West, the Northwest, the South and
the Southwest have a closely similar favorable
record. In the Southwest, the Southern Pacific
has fallen behind $623,032 in the gross, but has
managed to convert this into a gain of $277,658 in
net through lowering of the expense accounts; the
New Orleans, Texas & Mexico shows a loss of $219,703
in gross and of $190,945 in net; the Los Angeles
Salt Lake has fallen behind $159,963 in the gross and
$106,689 in net, but these are exceptions to the rule.
The Southern roads give a particularly good
account of themselves, the same as in other recent
months, showing large gains in gross and net alike,
with the Southern Railway, as in previous months
at the head of the list. The truth is there are only
two very minor losses in the case of either gross or
net in the whole of the Southern group of roads. The
Southern Railway itself reports $1,498,823 improvement in gross for the month and $2,069,005 improvement in net, and there are numerous other notable
gains in both gross and net in the Southern section.
As a matter of fact, the Northwestern group is distinguished in much the same way there being only
one minor loss in gross and one very minor loss in
the net. In the following we show all changes for
the separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross and
net. It is a quite notable fact, indicative of the
general character of improvement disclosed, that
there are only five roads or systems with losses in
gross running as high as $100,000 and only two for
amounts of over $100,000 in the case of the net
earnings.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JUNE 1933
Increase.
Increase.
$2.695.150 Western Pacific
Pennsylvania
$286,833
2.299.359 Chic St P Minn & Omaha
Chesapeake & Ohio
278,614
1,961,046 Nash Chats & St Louis..
Chic Milw St P & Pac
214,413
a1,943,593 Seaboard Air Line
New York Central
212,659
1,498.823Denver & It G Western__
Southern Rv
192.264
1,471.563 Chic & Illinois Midland_
Baltimore & Ohio
173,192
1.399.105 Chicago Great Western._
Union Pacific (4)
171.439
1.342,083 Union RR of Pa
Great Northern
162,762
1.312.165 Yazoo & Mississippi Val_
Norfolk & Western
155,217
Chicago & North Western 1,193,579 Delaware & Hudson_ _ _ _
154.838
1.016.314 Western Maryland
Missouri Pacific
154.205
974,354 Minneapolis & St Louis-Illinois Central
149,496
Chic Burl & Quincy
888,029 St L Southwestern Lines_
149,107
882.823 Lake Sup & Ishpeming__
Louisville & Nashville.-147.646
762,999 Clinchfield
Northern Pacific
140.817
Duluth Missabe & Nor__
680.036 Wabash
134.922
Erie (3)
631,425 Indiana Harbor Belt_ __
130,751
591,686 Mobile & Ohio
Atch Top & Santa Fe (3)
125,889
Internat Great Northern
585,389 Montour
125.511
582.643 Term RR AMU of St L.
Pittsburgh & Lake Erie__
121.943
567,933 Chic & Eastern Illinois
Reading Co
117,910
Lehigh 'Valley
563,704 New York Connecting__
116,610
NY Chicago & St Louts_
537.867 Pittsburgh & W Virginia.
114,003
Chic it I & Pacific (2)533,988 Central RR of N J
108.171
487,445 Alabama Great Southern
Atlantic Coast Line
104,414
Elgin Joliet & Eastern
465.533
Del Lack & Western....
Total (71 roads)
462.193
$35.433.059
Wheeling & Lake Erie_ _ _
421.598
Pere Marquette
408,502
Decrease.
Bessemer & Lake Erie.—
397.160 Southern Pacific (2)._.. $623.032
Grand Trunk Western
384.961 Long Island
312,396
St Louis-San Fran (3)--361,094 N 0 Texas & Mex (3)
219.703
Virginian
313,695 Los Angeles & Salt Lake_
159.963
Cin N 0 & Texas Pacific
293,802 Detroit Vol & Ironton__
126,918
Minn St Paul & 58 M.
289,152
Central of Georgia
Total (8 roads)
288.642
$1,442,012
a These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St Louis. Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute In:
eluding Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is
an increase of $2,656.987.
PRINCIPAL CHNAGES IN NET EARNINGS FOR THE MONTH
OF JUNE 1933.
Increase.
Increase.
New York Central
$302,493
a$3,977,845 NYNH& Hartford__ _
290.560
Pennsylvania
3,541,153 Yazoo & Mississippi Val_
288.550
Chic Milw St P & Pac
3,363.148 Grand Trunk 'Western.._
Great Northern
280.993
2,303,262 Virginian
277.658
Southern Ry
2,069,005 Southern Pacific (2).. _
269.860
Illinois Central
1.506.662 Wheeling & Lake Erie_ __
Baltimore & Ohio
256.715
1,471,253 Central of Georgia
Union Pacific (4)
256.274
1,461,493 Denver & R G Western__
Atch Top & Santa Fe (3) 1,388.842 Minneapolis & St Louis_ _
253,175
Chicago & North Western 1,300,738 Chicago Great Western_ _
241,863
222,446
Chesapeake & Ohio
1,293,721 Central RR of N J
Chicago Burl & Quincy.._ 1.060,681 Alton
213,804
198,512
Erie (3)
1,049,250 Chic & Eeastern Illinois..
Norfolk & Western
193.729
1,006,207 Western Pacific
Northern Pacific
161.208
963.840 Term RR Assn of St L__
Chic R I & Pacific (2)_ _
149,851
895,581 Clinchfield
Louisville & Nashville__ _
149.760
889.755 Alabama Gt Southern_
Reading Co
138.331
854,391 Chic & Illinois Midland..
Atlantic Coast Line
134.066
834,591 Indiana Harbor Belt___ _
Missouri Pacific
133.945
814,162 San Diego & Arizona____
Del Lack & Western_ _ _ _
133.505
771.873 Union RR of Pa
N Y Chic & St Louis____
133,235
724,726 Mobile & Ohio
Lehigh Valley
130,346
652,183 Nash Chats & St Louis. _
Duluth Missabe & Nor
130.055
612,451 Lake Sup & Ishpeming.._
Minn St P & S S M
127.819
486.231 Chic Ind & Louisville_
Wabash
112.921
439.672 Kansas City Southern_
Bessemer & Lake Erie
111,387
432,998 Montour
Elgin Joliet & Eastern_ _ _
111,254
427.663 Pittsb & West Virginia_ _
Boston & Maine
110.423
423,908 Colorado & Southern (2)
Pittsburgh & Lake Erie_ _
109.249
418,328 New York Connecting...
Chic St P Mimi & Omaha
415,925
St Louis-San Fran (3)
$45,891,747
391,128
Total (80 roads)
Delaware & Hudson_ ___
390,164
Cin N 0 & Texas Pac__
Decrease.
357,313
Pere Marquette
$190,945
339.500 NO Texas & Mexico (3)Internat Great Northern
106,689
324,699 Los Angeles & Salt Lake_
St L Southwestern Lines
306,883
Seaboard Air Line
$297,634
Total (4 roads)
306.535
a These flumes cover the operations of the New York Central and lessen
lines---Cleveland Cincinnati Chicago & St. Louis. Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt the
result is an increase of $4.530.239.
When the roads are arranged in groups, or geographical divisions, according to their location, the
widespread character of the improvement, taking
within its embrace virtually all sections of the
country, is once more disclosed in the fact that all
the leading districts-the Eastern, the Southern and
the Western-and also all the different regions
grouped under each of these districts, record very
notable gains in both the comparisons of the gross
and the comparisons of the .net. Our summary by
groups is as below. As previously explained we
group the roads to conform to the classification of the
Inter-State Commerce Commission. The boundaries
of the different groups and regions are indicated in
the footnote to the table.
SUMMARY BY GROUPS.
District and Region.
Cross Earnings
Month of June1932. Inc.(+)or Dec.
(-)
1933.
Eastern District
New England region (10 roads)._
12,371,928
12,365,360
+6,588 0.05
Great Lakes region (30 roads)___
55,743,718
49,285,065
+6,458,653 13.10
Central Eastern region (25 roads) 57,451,855
50,761,800
+6,690,055 13.18
Total (65 roads)
Southern District
Southern region (30 roads)
Pocahontas region (4 roads)
125,567,501
112,412,225
+13,155,276 11.70
33,977,432
16,832,585
28,171,315
12,895,830
+5,806,117 20.61
+3.936,755 30.53
50,810,017
41,067,145
+9,742,872 23.72
34,729,814
46,689,833
23,556,744
27.485,458
43,287,844
21,616,954
+7,244,356 26.36
+3,401.989 7.86
+1,939,790 8.97
104,976,391
Total (34 roads)
Western District
Northwestern region (17 roads)
Central Western region (22 roads)
Southwestern region (28 roads) _ _
Total (67 roads)
92,390,256
+12,586,135 13.62
Total all districts (166 roads).
- 281,353,909 245,869,626 +35,484,283 14.43
District and Region
Net Earnings
Month of June- -Mileage-1923.
1932. Inc.(±)or Dec.(-)
Eastern District- 1933.
1932.
New England region 7,252 7,294 3,940,652 3.144,560
+796,092 25.32
Great Lakes region.. 27,190 27,366 17,436,021
7,642,157 +9,793,864 128.16
East. region_ 25,469 25,474 21,455,992 13,337,179 +8,118,813 60.87
Cent.
59,911 60,134 42,832,665 24,123,896 +18,708,769 77.55
Total
Southern District
southern region.... 39,677 40,047 9,932,202 2,263,529 +7,668.673 338.79
4,862,953 +2,610,318 52.86
Pocahontas region_ 6,116 6,137 7,482,271
17,414,473
7,126,482 +10,287,991 144.36
48,875 11,660,307
53,910 15,588,109
33,230 6,953,115
1,179,760 +10,480,547 888.41
9,972,245 +5.615,864 56.32
4,616,346 +2,336,769 50.62
135,751 136,015 34,201,531
15,768,351 +18,433,180 116.90
45,793
Total
Western District
Northwestern region 48,764
Cent. West. region_ 53,915
Southwestern region 33,072
Total
46,184
Total all districts.241,455 242,333 94,448,669 47,018,729 +47.429,940 100.87
-We have changed our grouping of the roads to conform to the classifiNOTE.
cation of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
-This region comprises the New England States.
New England Region.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of bake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region -This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac. River to its mouth.
1117
Financial Chronicle
Volume 137
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va.. and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg.
W.va.. and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Region.-Tbis region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
-This region comprises the section south of the NorthCentral Western Region.
western Region, west of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican bounday y to the Pacific.
Southwestern Region -This region comprises the section lying between the Mississippi River south of St. Louts and a line from St. Louts to Kansas City and thence
to El Paso and by the Rio Grande to the Gull of Mexico.
As already indicated, Western roads in June the
present year (taking them collectively) enjoyed a
very much larger grain traffic than in June 1932.
Moreover, the movement was the largest in that
month for many years past. This appears from the
fact that the receipts at the Western primary markets
of the five cereals, wheat, corn, oats, barley and rye,
combined, aggregated 94,149,000 bushels in the five
weeks ending July 1 1933, as compared with only
28,734,000 bushels in the same five weeks of 1932;
61,839,000 bushels in 1931; 59,373,000 bushels in
1930, and 70,012,000 bushels in the corresponding
five weeks of 1929. All the different cereals, without
exception, contributed in greater or less degree to the
1933 increase. Thus the receipts of wheat at the
Western primary markets were 33,379,000 bushels
as against only 15,891,000 bushels in the same five
weeks of 1932; the receipts of corn 38,052,000 bushels,
against 6,562,000 bushels; of oats 13,210,000 bushels,
against 4,207,000 bushels; of barley 6,141,000 bushels,
against 1,579,000, and of rye 3,367,000, against
495,000 bushels. In the following table we give the
details of the Western grain receipts in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Rye.
Corn.
Oats.
5 Wks. End. Flour.
Wheat.
July 1.
(bush.)
(BM.)
(bush.)
(bush.)
(bWL)
(bush.)
Chicago
886,000
388,000
1933____ 940,000
1,085,000 13,118,000 2,565,000
99,000
17.000
1,806,000
634,000 2,070,000
1932_ __ _ 726,000
Minneapolis
1933_
8,630,000 3,916,000 3,839,000 2,546,000 1,230,000
583,000
220,000
280,000
301,000
1932_
2,488,000
Duluth
1933_
6,810,000
1,253,000
1932.
Milwaukee
187,000
1933__ _ _
77,000
1932_ _.
.
32,000
38,000
Toledo
650,000
1933..
621.000
1932.
Detroit
1933...._
77,000
1932...... _
77,000
Indianapolis dt Omaha
1933.
2,303,000
21,000
1,094,000
1932..___
St. Louis
1,424,000
1933........ 638,000
1932_ __ _ 595,000 1,369,000
Peoria
1933._ 211,000
1932- 174,000
Kansas City
1933_ __ _
62,000
1932____
49,000
Ss. Joseph
1933_
1932_
Wichita
1933_
1932..
Sioux City
1933_
1932.
53,000
3,935,000
1,000
2,475,000
212,000
2,376,000
1,000
998,000 1,364,000
111,000
152,000
481,000 1,258,000
249,000
230,000
125.000
1,000
190,000
173,000
310,000
433,000
5,000
10,000
7,000
89,000
63,000
6,000
57,000
30,000
108,000
40,000
37,000
8,000
5,378,000
1,077,000
2,012,000
671,000
2,721,000
1,352,000
708,000
260,000
16,000
30,000
28.000
111,000
69,000
2,106,000
786,000
260,000
240,000
316,000
457.000
4.000
8,000
7,648,000
5,375,000
2,275,000
455,000
162,000
124,000
842,000
173,000
1,516,000
65,000
263.000
99,000
3,452.000
2,654,000
17,000
3,000
4,000
6,000
160,000
46,000
342,000
82,000
173,000
6.000
8.000
183.000
1,000
Total All
1933._ 1,928,000 33,379,000 38,052,000 13,210,000 6,141,000 3,367.000
495,000
1932....... 1,650,000 15.891,000 6,662,000 4,207,000 1,579,000
The Western livestock movement also appears to
have been larger in June 1933 than in the month
last year. At Chicago the receipts comprised 12,716
carloads as compared with only 10,050 carloads in
June 1932, through the receipts at Kansas City and
Omaha, were only 3,268 and 2,754 carloads, respectively, as against 4,192 and 3,130 cars, in June 1932.
The Southern cotton movement-ordinarily of no
great consequence in June, it being the tail end of the
crop season-was on a larger scale the present year.
Financial Chronicle
1118
The gross shipments of the staple overland were trivial
being 39,310 bales in June 1933 and 14,575 bales in
June the previous year, and comparing with 42,610
bales in June 1931; 34,131 bales in 1930; 22,761
bales in 1929, and 27,164 bales in 1928. At the
Southern outports however the receipts of the staple
reached 328,202 bales in June the present year as
against only 174,056 bales in June 1932; 81,651
bales in 1931; 138.761 bales in 1930; 69,458 bales in
1929 and 147,036 bales in June 1928. The port
movement of cotton back to 1928 is shown in the
table we now introduce:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE 1933, 1932, 1931,
1930, 1929 AND 1928.
1933.
Galveston
Houston, &c
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1932.
1931.
1930.
1929.
1928.
58,268
100,800
5,012
844
78,864
22,167
8,642
12,476
23
24,921
10,173
2,311
2.975
726
21,485
20,486
438
6,419
11,320
96
13,428
20,471
299
17,943
15,481
41,662
28,926
67,814
26,783
4,816
10,797
13,435
5,457
170
1,268
682
425
40,556
5,024
4,128
8,987
33,364
6,426
250
34,284
17,259
7,271
49.125
5,000
56
11,282
2,125
639
582
1,775
27,369
262
265
2,343
3,103
5,787
493
3,833
1,065
4,133
328.202
174.056
81.651
138.761
69.458
147.036
4,075
RESULTS FOR EARLIER YEARS.
Stress has already been laid on the fact that the present
year's improvement of $35,484,243 or 14.43% in the gross
and of $47,429,940 or 100.87% in the net, follows heavy
cumulative losses in the three years preceding. In June
1932 our tabulations showed losses of $123,273,269 in gross
and of $42,680,821 in net, and this came on top of $75,062,549 loss in gross and $20,387,220 in net in June 1931 and of
$87,518,847 loss in gross and $39,954,902 in net in June
1930. In extending our comparisons further back, it is
impertant first of all to point out that in comparing with
1929 we are not comparing with totals of unusual size.
June 1929 was unquestionably a period of very exceptional
activity in trade and industry, yet we were led at the time
to comment on the fact that the improvement in the revenues
of these rail carriers in that month had been relatively very
small, the increase in the gross then having been only $28,577,315, or but 5.68%, and even the increase in the net,
while much larger in ratio, owing to tne greater efficiency
of operations, being only $22,659,557, or 17.77%. Moreover, these increases in 1929, in the matter of gross and
net alike, came after losses in June of each of the two preceding years, so that the 1929 improvement constituted
a recovery merely of what had been lost in 1928 and 1927.
In June 1928 the falling off was not iteelf of very great
magnitude, especially considering that June of th kt year
had one less working day than June 1927 (it having contained five Sundays, whereas June 1927 had only four, and
it might be added that June 1929 and June 1930 likewise
had five Sundays). Our tables for June 1927 registered
$14,871,440 decrease in gross, or 2.88%, and $1,827,387 decrease in net, or 1.41%. The decrease, though not very large,
was disappointing, because the revival in trade and industry,
which subsequently became so pronounced, was then already
under way, and because it came after really quite heavy
losses in June 1927. In this latter year our compilations
registered a falling off of $23,774,774 in the gross earnings,
or 4.40%, and of $20,897,156, or over 14%, in the net earnings. These large losses in June 1927 were the result of a
variety of special unfavorable influences and conditions,
the more important of which at least were not repeated in
June 1928, hence the disappointment at the lack of recovery
in the latter year.
In June 1927 there was, in the first place, the strike at
the unionized bituminous coal mines in various parts of
the country. This strike began on April 1 1927 and was
still in full force in June of that year. It involved a substantial reduction in the cod tonnage of the railroads traversing
the Central West, particularly those in Illinois, Indiana and
Ohio. It is true that the strike benefited the roa Is serving
non-union mines, and yet some of these latter, nevertheless,
failed to equal their production of the year preceding (1926),
one conspicuous instance being the railroads in the Pocahontas region, like the Chesapeake & Ohio, the Norfolk &
Western, and the Virginian Ry., the explanation of this
being found in the fact that these same roads had had their
Aug. 12 1933
tonnage and revenues greatly swollen in 1926, owing to the
large foreign demand for coal, which then developed because
of the coal miners' strike in Great Britain. This latter began
on May 1 of that year and did not terminate until towards
the close of November in the same year. But though in
1928 there was no repetition of this coal miners' strike of
1927, it nappened that bituminous coal production in June
1928 a,ctu illy fell below that of June 1927, when the strike
prevailed, the reason being that stocking up in anticipation
of the strike had led to heavy accumulations of coal which
it had not yet been found passible to work off in 1928. In
the anthracite field, too, the further slump in production in
June 1928 proved even more pronounced than in the case of
soft coal, and a decrease appeared on top of the big decrease
in 1927. As a matter of fact, the shrinkage in the anthracite
output continued even into June of the next year, though
there was a recovery in the production of bituminous coal.
The railroads were spared, however, one serious drawback in 1928 which they had encountered in June of the
previous year. In June 1927 many of the roads in the
Mississippi Valley and the Southwest still suffered from
Lie disastrous overflow of the Mississippi River and its
tributaries for which that year was noteworthy. In fact,
a portion of the afflicted area in that month of 1927 had to
contend with a second overflow, caused by spring freshets.
As nothing of the kind was experienced in 1928, some of
the roads which in 1927 hai kid their earnings heavily reduced, by reason of the circumstance mentionei, were able
to show substantial gains in earnings, representing a recovery of what had been lost in that way in 1927. And yct
even in such instances the 1928 gains were by no means in
proportion to the previous years' losses. As against any
auvantages to the roads on that account, however. the South
was still suffering from trade depression due to the collapse
of real estate booms, while Florida had many troubles of
its own to contend against in addition to the collapse in
land values, and, accordingly, the roads traversing Florida,
or connecting with the same, suffered very heavy losses in
traffic and earnings on top of the losses of the previous year.
On the other hand, in the two years immediately preceding the exhibits were quite favorable. In June 1926 our
tabulations showed $32,634,035 gain in gross and $18,571,582 gain in net, and in like manner the figures for
June 1925 registered $41,227,707 increase in gross and $29,350,006 increase in net. However, the gains in these two
years to a very large extent, at least as far as the gross
earnings are concerned, were simply a recovery of the
losses sustained by the railway transportation lines of the
country in 1924. This last mentioned year was the time of
the Presidential election, when a tremendous slump in business occurred, which was reflected in sharply declining
railroad revenues. Our table for June 1924 'showed a falling off in the gross of no less than $75,442,339, or 13.97%,
with a decrease in the net of $22,846,602, or 18.37%. But it
should also be borne in mind that these losses in turn followed heavy gains in 1923. This last-mentioned year was in
many respects the best in railroad history, particularly in
the case of the great east-and-west trunk lines serving the
big manufacturing sections of the Middle States and the
Middle West. The improvement in earnings in June of that
year amounted to $66,903,501 in the gross, or 14.14%, and to
$14,427,896 in the net, or 13.16%.
In carrying our comparisons back beyond 1923, to 1922
and 1921, a fact which must not be overlooked, especially
in the case of the net, is that in these years the managers
of the roads made very notable headway in regaining control of the expenses of the roads afper the unfortunate period
of Government operation. While the improvement in the
net in June 1923 was relatively small and fell below expectations, it came on top of improvement in gross and
net alike in 1922 and very striking improvement in 1921 in
the case of the net, though not in the gross. Our statement
for June 1922, though recording only $12,376,822 increase
in gross, or 2.69%, showed $28,989,678 increase in net, or
36.03%, because of a concurrent reduction of $16,612,856 in
expenses. That reduction in expenses, in turn, followed
an even greater reduction in 1921, when our tables recorded
$65,390,662 gain in net in face of a loss of $33,582,095 in the
gross earnings, indicating that operating expenses for the
month in that year were reduced no less than $98,972,757, or
over 20%; the loss in the gross then would have been much
larger except for the fact that the Commerce Commission
the previous July had authorized advances in freight and
passenger rates which it was computed at the time would
Volume 137
Financial Chronicle
add $125,000,000 a month to the gross earnings of the carriers-supposing the volume of traffic had remained unchanged instead of undergoing an enormous shrinkage. In
like m..nner, the $98,972,757 saving in expenses would have
reached still higher figures except that wage schedules the
previous July had been raised 20%-which advance would
have added $50,000,000 a month to the annual payrolls of
the carriers if the volume of traffic and the force of employees nad been maintained at the high levels existing when
the wage award was made.
Previous to 1921, on the other hand, expenses had been
mounting up in a perfectly frightful way until in 1920 a
point was reached where even the strongest and best managed properties were barely able to meet ordinary running
expenses, not to mention taxes and fixed charges. And it is
these prodigiously inflated expense accounts that furnished
the basis for the savings and economies that were effected
in 1921 and 1922. In June 1920, particularly, expenses
were exceptionally heavy and the net correspondingly low.
At that time in 1920 railroad managers had very distressing
conditions of operations to contend with, the troubles experienced in that respect in April and May having extended
into June. What with car shortages, freight congestion,
outlaw strikes on the railroads themselves and additional
labor troubles at terminal points by reason of strikes of
teamsters and draymen and the like, which interfered with
unloading and removal of freight -intensifying the congestion existing-and with wages high, it was impossible to
avoid heavy increases in expenses, ev in though comparison
was with totals of expenses in themselves large the year
before.
In speaking af expenses in the year before (1919) having
been large, a word of explanation is necessary. Actually,
our tables recorded $78,763,342 reduction in expenses coincident with a gain of $30,769,974 in gross revenues, yielding
therefore an addition to net in the huge sum of $109,533,316.
But this followed entirely from the exceptional nature of the
result in June of the year preceding. In this preceding
year (1918) there was included in the expenses one item
of huge magnitude and wholly abnormal in character. William G. McAdoo was then Director-General of Railroads,
and after granting a big increase in wages to railroad employees, retroactive to Jan. 1 he directed that the whole
of the extra compensation for the six months should be
included in the returns for the month of June. The increases in wages at that stage (subsequently there were
numerous other increases) added, it was estimated, somewhere between $300,000,000 and $350,000,000 to the annual
1119
payrolls of the roads. Accordingly, the June expenses in
that year included $150,000,000 to $175,000,000, representing the wage increases for the six months to June 30, The
result was that with a gain in gross earnings for the month
of $40,002,412, there was an augmentation in expenses of
no less than $182,340,983, or over 84%, leaving, therefore,
a diminution in the net of $142,338,571. With that large
itent included, the railroads actually fell $40,136,575 short
-from which an idea
of meeting their bare running expenses
may be gained of the abnormal character of the exhibit at
that time. The reduction in expenses in 1919, with the
elimination of the special item referred to, follemed, therefore, as a matter of course.
In the subjoined table we furnish the June comparisons
back to 1906. For 1909, 1910 and 1911 we use the InterState Commerce totals (which then were more comprehensive than they are now), but for preceding years we give
the results just as registered by our own tables each year
a portion of the railroad mileage of the country being then
always unrepresented in the totals, owing to the refusal
of some of the roads in those days to furnish monthly figures
for publication:
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Year I Inc.(+) or
Preceding.
Dec.(-).
Year
Given.
Year
, Inc.(+) or
Preceding.
Dec.(-).
$
$
$
$
June.
$
$
I
1905.100,364,722 90,242,513 +10,122,20; 31,090,697 27,463,367 +3,627,330
1907 _ 132,060,814 114,835,744', +17,225,040 41,021.559 36,317,207 +4,704,352
1903 _ 126.818,844153,806.702 -26,987,858 41,818,184 46.375,275 -4,557,091
1909 _ 210,356,964 184,047,2161 +26,309,748 74,196,190 59,838,655 +14,357,535
237,988,124210,182,484 +27,805,640 77,173,345 74.043,999 +3,129,346
1910.
1911 _ 231,980,259 „ 1 -6,519.626 72,794,069 77,237,252 -4,443.183
1912 _ 243,226,498 228,647,3831 +14,579,11 76,223,732 71,689,581 +4.534,151
-138,972
1913 259,703,994242,830,546 +16,873,44 75,093,045 76,232,017
.
1914 _ 230,751,850 241,107,727; -10,355,877 66,202,410 70,880,934 -4.678,524
1915 _ 248,849,716247,535,879 +1,313,837 81,649,636 69,481,653 +12.167.983
1916 _ 285,149,746 237,612,967 +47,538,779 97,636,815 76,639,703 +20,943.112
10.474,218
1917 _ 351.001,945301.304,803 +46,696.242113.816.026103,341.815
1918 _ 363,565,528 323,163,116 +40,002,41, 36,156,952 106,181,619-142,338.571
69,396,741 40,136,575+109,533,316
1919.
424,035,872393,265,8981„
1920 _ 486,209,842420,586,968 +65,622,874 21,410,927 68,876,652 -47,465,725
1921 _ 460,582,512494.164,6071-33,582,09 80,521,999 15,131,337 +65,390,662
12.376,82109,445,113 80,455.435 +28,989,678
1922 _ 472,383,903460,007,881
1923.540,054,165 '
, , , +66.903,501154,046,578109,618.682 + 14,427,896
1924 _ 464,759,956 540,202,295 -75,442,33 101.327.990124,374.592 -22,846,602
.
1925 _ 506.002,036464,774,329 +41.227.707130,837,324101.487,318 +29.350.006
1926 538,758,797506,124,762 +32,634,035 149,492,478 130,920,896 +18,571,582
.
1927 516,023,039539,797,813 -23,774,774127,749.692 148,646,848 -20,897.156
.
1928 _ 501,576,771 516,448,211 -14,871,440127,286,367 129,111,754 -1,827.387
_ „ 502,455,883 +28.577,315150,174.332127.514,775 +22,659,557
9
1930 _ 444,171,625531,690,472' -87,518,8471110,244,607 150,199,509 -39,954,902
1931 _ 369.212,042444,274,591 -75,062,549 89,667,807 110,264,613 -20.587.220
1932 _ 245,860,615369,133,884 -123,Z73.26 47,008,035 89,688.856 -42,680,821
Note.
-In 1906 the number of roads included for the month of June was SO; in
1907. 84; In 1908 the returns were based on 147,436 miles of road; in 1909, 234,183:
In 1910, 204,596; in 1911, 244,685; in 1912, 235,585; in 1913, 230,074; in 1914.
222,001: in 1915, 240,219; in 1916, 226,752; in 1917, 242,111; in 1918, 220,303; in
1919, 232,169; in 1920, 225,236; in 1921, 235,208; In 1922, 235,310; in 1923, 236,739
In 1924, 236,001; in 1925, 236,779; In 1926, 236,510: In 1927, 238,405; In 1928,
240,302; in 1929, 241,608; in 1930, 242,320: In 1931, 242,968; In 1932, 242.170; In
1933. 241.455.
The New Capital Flotations in the United States During the Month
of July and for the Seven Months Since the First of January
In considering the new financing done in the United
States during July the point which attracts chief attention
is the same as that which has been the main feature for all
recent months, namely the paucity of the offerings. The
total is above the average of the monthly total for the
first half of 1933, but ranks far below that for the month
of June, when, however, as pointed out by us at the time,
the amount was swallen to more than ordinary size through
certain special offerings of unusual magnitude. It may be
recalled that in March, when the country was under the
influence of the bank holidays, or bank moratoria, the
total of the new fina icing dropped to the insignificant figure
of $19,346,417. In April the total rose to $45,745,471
and in May to $60,468,368, while for June it jumped to
$222,644,097. Now for the month of July we find that
the aggregate of the new issues brought to market under all
the different heads has fallen back to $161,990,127.
But contraction during July was a foregone conclusion,
since, as already stated, the June figures embraced some
special offerings of exceptional size. In the first place the
June total included $60,000,000 of 4% notes brought out in
this country by the Dominion of Canada, the Dominion
Government having sold an issue for that amount to a
syndicate headed by the Chase National Bank of New
York. As a side remark, it may be said here that this
$60,000,000 issue of Dominion notes constituted the only
foreign loan of any kind sold in the United States since
the floating of the original $60,000,000 notes in September
1932.. Besides this, the total of the June awards by States
and municipalities also proved far above the ordinary,
aggregating $102,115,708, and in that case likewise a few
individual sales for especially large amounts served to raise
the municipal total for that month to proportions above
the ordinary. Thus New York State in June disposed of
$26,595,000 of serial bonds, the State of Tennessee placed
$10,000,000 of bonds, the State of Missouri disposed of
$5,000,000, the State of Massachusetts of $3,150,000,
the Boston Metropolitan District of $3,000,000 bonds,
while Hartford, Conn., and Rochester, N. Y., likewise disposed of $3,000,000 each.
As against June awards of State and municipal bonds of
$102,115,708, the July municipal total is no more than
$29,785,320 and there were only two separate issues in July
for amounts of $3,000,000 or over; namely $4,356,000 New
Hampshire 3%% bonds and $3,000,000 Golden Gate Bridge
3
and Highway District, Calif., 44% bonds. As a matter
of fact the July total would have been even more diminutive
if the financing of that month had not happened to include
$35,000,000 Federal Intermediate Credit Bank 23/2% debentures issued to provide funds for loan purposes. The truth
is the July tottl was smaller under all the different headings.
The corporate total would appear to be an exception, having
aggregated $95,954,807, as against $60,378,389 for the,
month of June, but this included 32 offerings in behalf of
brewing and distilling companies for a total of $29,242,807.
And this, too, will explain why for the first time in a long
while the stock issues have preponderated over the bond
and note issues, among the corporate flotations. We make
a more detailed analysis cf the corporate new issaes during
July further along in this article.
1120
Financial Chronicle
Of course it must always be remembered that the new
issues by corporations, municipalities, &c., &c., as many
times pointed out by us in these columns, now hold a subordinate place to the new issues put out by the U.S. Government and that in any compilation intended to show the
demands made upon the investment and the capital markets,
consideration must be first given to these Government
issues inasmuch as Government borrowing is now proceeding
on such a huge scale. We may repeat, therefor, what we
have said in previous reviews, namely that new financing
by the United States Government is now on a greater scale
and represents larger new debt creations than by all other
sources of net capital issues combined. In a measure also
,
the Government by its enormous new issues at low rates
is pre-empting the ground and certainly it has been occupying
the investment field to the disadvantage of ordinary financing
for a long time, a matter of no small consequence, especially
in view of the fact that owing to the prevailing loss of confidence in security values generally the demand on the part
of the investing public has been almost entirely for the
-and obviously
highest and best type of security investment
nothing could be higher or better than e U. S. obligation.
To the other drawbacks in the way of ordinary financing
the passage of the Federal Securities Act has thrown new
difficulties in the way because of its stringent provisions
intended to increase the responsibility of those bringing
out new issues, and this, it would seem, is calculated to
retard new financing of the ordinary kind in a very appreciable degree and to keep the totals of private financing
light for the immediate future.
Because of the importance and magnitude of U. S.
Government financing, we furnish below a summary of the
Treasury issues of all kinds put out during the month of
July, and also those put out during the six months preceding, giving full particulars of the different issues, and
making a complete record in that respect for the calendar
year up to date.
New Treasury Offerings During the Month of July 1933.
An offering of $100,000,000 or thereabouts of 91-day
Treasury bills was announced by Acting Secretary of the
Treasury Acheson on June 27, but the bills were dated
July 5 1933 and will mature Oct. 4 1933, and therefore did
not form part of the Government's financing for the month
of June. Tenders for the issue amounted to $242,687,000,
of which $100,010,000 was accepted. The average price
obtained for the bills was 99.929, tha average rate on a
bank discount basis being about 0.28%. They were issued
to replace maturing bills.
On July 5 Acting Secretary of the Treasury Acheson
invited tenders to an offering of 91-day Treasury bills in
the amount of $75,000,000 or thereabouts. The bills were
dated July 12 and will mature Oct. 11 1933. Applications
received were $220,281,000, of which $75,453,000 were
accepted. The average price realized by the Treasury on
this issue was 99.909, the average rate on a bank discount
basis being 0.36%. They were put out to provide for maturing
bills.
Another issue of 91-day Treasury bills was announced
by Mr. Acheson on July 12 in the amount of $75,000,000
or thereabouts. The bills were dated July 19 and will
mature Oct. 18 1933. Subscriptions for this offering
amounted to $228,835,000, of which $75,172,000 were
accepted. The average prick was 99.901, the average rate
being 0.39%, or slightly higher than the previous bill rate
of 0.36%. These bills were sold to meet a maturing issue.
A further offering of $80,000,000 or thereabouts of 91-day
Treasury bills was announced by Acting Secretary of the
Treasury Hewes on July 19. This issue was dated July 26
and will mature Oct. 25 1933. Applications for the issue
amounted to $259,858,000, of which $80,122,000 was accepted. The average price realized on this issue was 99.906,
the average rate on a bank discount basis being 0.37%.
The proceeds were intended to provide the means to take up
a maturing bill issue.
A still further offering of 91-day Treasury bills was announced by Acting Secretary of the Treasury Acheson on
July 26 in the amount of $60,000,000 or thereabouts. The
bills, however, were dated Aug. 2 and hence will form part
of the August financing of the Government. This issue will
mature Nov. 1 1933. Tenders amounted to $201,409,000,
of which $60,096,000 was accepted. The average price
obtained was 99.913, the average rate on a bank discount
basis being 0.35%. The proceeds went to provide the
means for taking up maturing bills.
Aug. 12 1933
As it happened, Mr. Acheson on Sunday night, July 30,
also ann minced the details of the Treasury's August program
of financing, subscription books being opened on Monday,
July 31. It consisted of a combined offering of Treasury
bonds and notes to the amount of $850,000,000 or thereabouts. The Treasury bonds consisted of an issue of
eight-year 33'% bonds, dated Aug. 15 1933 and maturing
Aug. 1 1941, and the Treasury notes of a two-year issue
bearing 1%% interest and dated Aug. 15 1933 and due Aug. 1
1935. Subscriptions amounted to $4,700,000,000, of which
$3,200,000,000 was for the 33'% bonds and $1,500,000,000
was for the 1%% Treasury notes. The offering of the
Treasury bonds was not limited to the nominal sum of
$500,000,000, as the Secretary of the Treasury expressly
reserved the right "to increase the offering by an amount
sufficient to accept all subscriptions for which 1 X% Treasury
certificates of indebtedness due Sept. 15 1933 may be
tendered in payment," and there are $451,447,000 of these
certificates outstanding. The Treasury circular also stated
that subscriptions for which payment may be tendered in
Treasury certificates of indebtedness due Aug. 15 1933,
and bearing 4% interest, would be given preferred allotment. These latter are outstanding in amount of $469,089,000. No exact figures of the aggregates of the allotments have yet been made, but it is estimated that the
amount allotted on the 3X% Treasury bonds was approximately $900,000,000, while on the 1%% notes the amount
allocated was between $350,000,000 and $400,000,000.
Both securities were offered at par. The amount raised for
refunding through the sale of the two issues was approximately $9'z0,536,000. The balance, approximately $329,464,000, represents an addit?on to the existing public debt.
This piece of financing has a four-fold significance. First, it
was the first time that the Treasury has offered an issue of
Treasury bonds since Sept 15 1931; secondly, small investors
were given a special opportunity to participate by the issuance of bonds of small denominations down to as low as $50;
thirdly, the gold-redemption privilege was eliminated from
a bond issue for the first time; and lastly, the Treasury bonds
do not enjoy exemption from the surtaxes which run on a
graded scale up to as high as 55%.
In the following we show in tabular form the Treasury
financing done during the first seven months of this year,
but not those appertaining to the month of August. The
result is found to be that the Government disposed of
$4,978,483,100, of which $3,279,140,000 went to take up
existing issues and $1,699,343,100 represented an addition
to the public indebtedness. For July by itself the disposals
aggregated $330,757,000, all of which was used to take up
existing issues.
UNITED STATES TREASURY FINANCING DURING THE FIRST SEVEN
MONTHS OF 1933.
Date
Offered. Dated.
Due
Jan.
Jan. 11 91 days
Jan. 11 Jan. 18 91 days
Jan. 1 Jan. 25 91 days
Janu
Jan. 2
Feb.
Feb.
Feb. 1
rY tctal
Feb. 1 .5 years
Feb. 8 91 days
Feb. 15 91 days
Feb. 23 90 days
Febru
Feb. 2
Mar.
Mar. 1
Mar. 1
Mar. 1
Mar.2
ary tota I
Mar. 1 91 days
Mar. 6 93 days
Mar. 15 5 mont
Mar. 15 9 months
Mar. 22 91 days
Mar. 29 91 days
Mar
Mar. 20
Apr.
Apr. 1
Apr. 1
Amount
Applied for.
Amount
Accepted.
5229,845.000
339,567,000
427,740,000
575,090,000 Average
75,032,000 Average
80,020,000 Average
Price.
Yteld.
99.948 *0.20%
99.941 *0.24%
99.954 *0.19%
9230,142,000
277,516,600
100
75.228,000 Average 99.955
75.202,000 Average 99.942
60,074,000 Average 99.864
2.625%
*0.19%
*0.23%
*0.55%
254,283,000
94.101.000
913.593.600
918,222,000
386,906,000
318,206,000
$488,020,600
100,613,000
75,266,000
469,131,000
473,373,500
100,569,000
100,158,000
*0.99%
*4.26%
4.00%
4.25%
•1.83%
•1.72%
h total.
Apr. 5 91 days
Apr. 12 91 days
Apr. 19 91 days
Apr. 26 91 days
383.656,000
404.325,000
348,315,000
290,184,000
1,319,110,500
100,096,000 Average
75,733,000 Average
75,188,000 Average
80,295,000 Average
April total_
Apr. 2 May 2 3 years
Apr. 2 May 3 91 days
My 3 May 10 91 days
May 1 May 17 91 days
May 1 May 24 91 days
May 2 May 31 91 days
1.202,043,500
224,691,000
225,173.000
254,685,000
221,557,000
407,553,000
7,802,843,600
234,790,000
281.122.000
123,929,000
May total
May 31 June
June 6 June
June 6 June
June 14 June
June 21 June
591 days
12 91 days
19 91 days
26 91 days
July total
Gran d total_
242,687,00C
220,281,000
228.835,000
259,858,000
99.659
99.806
99.876
99.870
*1.35%
*0.77%
*0.49%
*0.51%
100
Average 99.877
Average 99.878
Average 99.887
Average 99.893
Average 99.919
2.875%
*0.49%
*
0.48%
*0.45%
*0.42%
*0.32%
$944,013,200
75,529.000 Average 99.932 *0.27%
623,441,800
2.875%
100
460,099.000
100
0.75%
100,361,000 Average 99.939 0.24%
75,697,000 Average 99.931 0.27%
197,947,000
7 91 days
15 5 years 3.306,415,900
15 9 months 2,353,184,000
240.273,000
21 91 days
209.956,000
28 91 days
June total
June 27 July
July 5 July
July 12 July
July 19 July
$331,312,000
572,419.200
60,655,000
75,067,000
75,442,000
60,078,000
100,352,000
Average 99.750
Average 98.900
100
100
Average 99.537
Average 99.566
1,335,127,800
100,010,000 Average
75,453,000 Average
75,172,000 Average
80,122,000 Average
$330,757,000
4,978,483,100
•Average rate on a bank discount basis.
99.929
99.909
09.901
99.906
*0.28%
*0.36%
*0.39%
*0.37%
Financial Chronicle
Volume 137
USE OF FUNDS.
Dated.
Type of
Security.
Total Amount
Accepted.
Refunding.
New
Indebtedness.
Jab. 11
Jan. 18
Jan. 25
Treasury bills
Treasury bills
Treasury bills
Total
Feb. 1
Feb. 8
Feb. 15
Feb. 23
2 % Treas. notes
Treasury bills
Treasury bills
1 reasury bills
6230,142,000
277,516,600
75,228,000
75,202,000
60,074,000
Total
Mar. 1
Mar. 6
Mar. 15
Mar. 15
Mar. 22
Mar.29
Treasury bills
Treasury bills
4% Treas. etts.
44% Treas. ctfs.
Treasury bills
Treasury bills
$488,020,600 1354.876,000 6133.144.600
100,613,000
100,613,000
75,266,000
75,266,000
469,131,000 1 695,000,000
247,504,500
473.373,500 f
100,569,000
100.569,000
100.158,000
100,158,000
Total
Apr. 5
Apr. 12
Apr. 19
Apr. 26
Treasury
Treasury
Treasury
Treasury
Total
May 2
May 3
May 10
May 17
May 24
May 31
214% Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
6331,312,000
572,419,200
60,655,000
75,067,000
75,442,000
60,078,000
100,352,000
Total
June 7
June 15
June 15
June 21
June 28
Treasury bills
24% Treas. notes
4% Treas. etfs.
Treasury bills
Treasury bills
$944,013,200 $610,791,000 8333,222,200
75,529,000
75,529,000
623,441,800 1 374,000,000
709,540,800
460,099,000 I
100,361,000
100,361,000
75,697,000
75.697,000
Total
July 5
July 12
July 19
July 26
Treasury
Treasury
Treasury
Treasury
bills
bills
bills
bills
bills
bills
bills
bills
Total
Grand total_
$75,090,000
75,032,000
81),020,000
61,319,110,500
100,096,000
75,733,000
75,188,000
80,295,000
51,335,127,800
100.010,000
75,453,000
75,172,000
80,122,000
5330.757,000
$75,090,000
75,032,000
80,020,000
6230,142,000
144,372,000 6133,144,600
75,228,000
75,202,000
60,074.000
$895,771,000
8423,339.500
100,096,000
75,733,1,00
75,188,000
80,295,000
5231,216,000 $100.096,000
239,197,000
333,222,200
60,655,000
75,067,1)00
75,442,000
60,078,1)00
100,352,000
8625,587.000 8709,540,800
100,010,000
75,453,000
75,172,1)00
80,122,000
8330,757.000
84.978.483,100 63,279,140,000 81,699,343,100
1121
33,333 shares of common stock of Dunrobin, Ltd., offered
at $4 per share, involving $133,332 and representing the
only foreign issu3 of any description offered here during July.
During the month of July,seven issues were floated with
convertible features. or bearing subscription warrants. The
issues were as follows:
$12,000,000 The Baldwin Locomotive Works 5-year cons. mtge. 6s,
March 11938. Each $1,000 bond carries a detachable warrant
to purchase 40 shares of common stock at $5 per share until
Feb. 28 1938. .
2,400,000 Wiedemann Brewery Corp. cony. partic. pref. stock (no
par). Convertible share for share, at any time, into common
stock.
.
750,000 (Richard) Lieber Brewing Corp. cony. partic.
(par $4). Convertible share for share, at any
common stock.
700,000 Cuban-American Manganese Corp. 8% cony.
(par $2). Convertible share for share, at any
common stock.
pref. stock
time, into
pref. stock
time, into
700.000 Centlivre Brewing Corp. cony. & partic. class A common
stock (par $2). Convertible share for share, at any time.
into common stock.
600,000 Sohn Brewing Co. cony. & partic. pref. stock (par $3).
Convertible at any time into common stock on a share for
share basis.
450,000
Fontenelle Brewing Co. cony. pref. stock (par
$2). Convertible at any time into common stock on a share for share
basis.
One new fixed investment trust offering was announced
during the month of July, viz.:
Commonwealth Investment Co. capital stock offered by North American
Investment Corp., San Francisco, at market.
The following is a complete summary of the new financing,
corporate, State and city, foreign Government, as well
as farm loans issued for the month of July and the seven
months ending with July:
Proceeding now with our analysis of the corporate offerings
announced during July, with the view to studying the
further details, we find that industrial and miscellaneous SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
financing accounted for $87,893,807, or 91%, of the corNew Capital. Refunding.
Total.
porate total of $95,954,807. In June industrial and miscelMONTH
laneous flotations amounted to only $15,415,389. Public Corporate— OF JULY—
Domestic—
utility financing during July was limited to a single issue
Long-term bonds and notes
Short-term
13,061,000
13,061,000
in the amount of $7,000,000. Railroad financing amounted
6,708.750
Preferred stocks
6,708,750
46,051,725
Common stocks
76,051,725
30,000,000
to only $1,061,000, as against $41,963,000 recorded for Canadian—
Long-term bonds and notes
June. Of the total corporate financing of $95,954,807
Short-term
Preferred stocks
reported for July, stock issues comprised $82,893,807, and
133,332
Common stocks
133,332
Other Foreign—
short-term issues $13,061,000.
Longterm bonds and notes
Short-term
The portion of the month's financing used for refunding
Preferred stocks
Common stocks
purposes was $43,061,000, or over 44% of the total. In June
52,893,807
43,061,000
95,954,807
Total corporate
the refunding portion was $48,296,400, or close to 80% of the Canadian Government
Other foreign Government
month's total. In May it was $12,050,300, or about 77% of Farm Loan issues
35.000,000
35,000.000
*27,939,507
•1,845,813
29,785,320
Municipal, States, Cities, &c
the total. In April it was $18,206,500, or more than 51% of
1,250,000
1,250,000
United States Possessions
the total. In March it was $2,247,778, or about 42% of the
117,083,314
44,906,813 161,990.127
Grand total
total for that month. In February the refunding portion
SEVEN MONTHS ENDED JULY 31
Corporate—
was $36,241,000, or more than 96% of the total, and in
Domestic—
23,621,000 111,008,500 134,629,500
Long-term bonds and notes
January it was $42,360,000, or over 65% of the total In
57,536,700
74,130,700
16,600,000
Short-term
11,033,750
11,033,750
Preferred stocks
61,147,225
32,317,778
93,465,003
July 1932 the amount raised for refunding was $49,029,000,
Common stocks
Canadian—
Long-term bonds and notes
or 43% of the total for that month. The $43,061,000 raised
Short-term
for refunding in July of the present year comprised $1,061,000
Preferred stocks
133,332
133,332
Common stocks
Other Foreign—
new short-term to refund existing long-term; $12,000,000
Long-term bonds and notes
1,600,000
1,600,000
Short-term
new short-term to replace existing short-term, and $30,Preferred stocks
000,000 new stock to replace existing short-term. Two large
Common stocks
112,535,307 202,462,978 314,998,285
Total corporate
refunding issues were put out during July, namely 2,104,633
Canadian Government
60,000,000
60,000,000
Other foreign Government
shares of Fox Film Corp. class A common stock, offered
Farm Loan issues
45,900,000
45,900,000
a238,250,917 a16,504,429 a254,755.346
at $18.90 per share and involving a total of $39,777,563, Municipal, States, Cities, &c
United States Possessions
1,400,000
1.400,000
of which $30,000,000 represents refunding. The other issue
Grand total
398,086,224 278,967,407 677,053,631
was $12,000,000 of new five-year 6% cons. mtge. bonds of
• Figures do not include $31,045,765 poor relief grants to States by the Federal
the Baldwin Locomotive Works issued in exchange for a Emergency Relief Administrator during July 1933.
a Figures do not include an aggregate of 8285,372,603 of Federal Government
funds made available to States and municipalities during the first seven months of
like :mount of three-year 5M% notes due March 1 1933.
1933, either through the facilities of the Reconstruction Finance Corporation or
Corporate financing during July was featured by the Federal Emergency Relief Administrator.
In the elaborate and comprehensive tables on the succeedthe offering of 2,104,633 shares of Fox Film Corp.
class a common stock at $18.90 per share and in- ing pages we compare the foregoing figures for 1933 with the
volving, as already stated, a total of $39,777,563. The corresponding figures for the four years preceding, thus
next largest issue put out in July comprised $12,000,000 The affording a five-year comparison. We also furnish a detailed
Baldwin Locomotive Works five-year 6% cons. mtge. bonds analysis for the five years of the corporate offerings, showdue March 1 1938, issued at par in exchange for a similar ing separately the amounts for all the different classes of
amount of three-year 53/2% notes due March 1 1933. The corporations.
Following the full-page tables we give complete details
remainder of the month's financing included 32 offerings
of stock issues in behalf of brewery and distilling companies of the new capital flotations during July, including every
and totaling no less than $29,242,807. The latter included issue of any kind brought out in that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JULY FOR FIVE YEARS.
MONTH OF JULY.
$
Total.
$
New Capital.
61,500.000
1932.
Refunding.
10,529.000
Total.
72,029.000
New Capital.
10.326.000
1931.
Refunding.
464.000
4.450,000
800.000
New Capital.
C
54,998,000
162.517.500
4,000,000
630.000
14,825,000
27,540,000
800.000
25.974,000
464,000
10,375,000
'Total.
1930.
Refunding
9c
7.634,001
13,547,000
16.425,000
36.300,000
262,291,500
61,040,000
50.625,000
19.805.000
25.000.000
25.000,000
25.000,000
7,000,000
7,000.000
$
22, - 4
- 1-9 .141
151,525,000
28.718.500
145,278,400
501,892,596
10,000,000
428.761.500
2,600,000
42,100,000
3,433,000
803.553,355
•
59.294,141
3,433.000
862,847,496
85,114,065
112.358.085
84,249.565
864,500
585,819.585
887,802.920
60.158.641
.
YEARS.
New Capital.
Total.
a
a
22.220.000
62,632,000
16,250,000
176,064.500
450,000
4,000.000
630,000
150.000
67,900.000
27,540,000
100,000
16,425,000
36.550,000
1929.
Refundina.
$
15,000,000
Total.
a
22,220.000
21.250.000
450.000
240,000
150,000
67.900,000
100,000
36.790,000
30,424,000
52,389,000
266,110,500
21,181.000
287,291,500
20,250.000
4,415.000
168,285,000
15,240.000
20,250.000
4.415,000
183,525,000
38.500,000
90.060,000
10,440,000
100,500.000
53.400.000
-- ______
5.000,000
53.400,000
5,000.000
3,500,000
720.000
5.360,000
10.000,000
5,780,000
5.360,000
13,500,000
6,500.000
150,000
7,500,000
950,000
300,000
7,500.000
1.250,000
775,000
1,590,000
101,425,000
2.300.000
65,740,000
1,061,000
13.061,000
342.000
342,000
38,500,000
342,000
38,842.000
90,985,000
10,440.000
7,000,000
2.042,901
30.000,000
556,838
70.810.382
1,320,120
1.061.000
12,000.000
30.000,000
1,088.566
75.000
82,893.807
1.061.000
7.000.000
2,042,901
12,000,000
556.838
70.810,382
1.320.120
1.000,000
1,088,566 '
75,000
.
2.300,000
71,040,000
7.578,500
3,358,500
21.140,000
275.045.906
4,233.000
28.718,500
843.750
1,200.000
2,119,750
843.750
1,200.000
2,119,750
110.529,000
100,386.000
1,000.000
49,029.000
76,000
1.000.000
1,000.000
61,500.000
10,525.000
36,414,000
136.800,000
4,450,000
14,975,000
464.000
1.000.000
342.000
62.842,000
5.000,000
625,000
4,055,000
625,000
4,055,000
8,084,200
40,303.599
624,650
1.120,000
-16,914,141
8.084.200
40,303,599
17,538.791
1,120,000
10.000,000
50.750.000
70,430,000
200,338,090
97.940.410
627,689,855
6.000,000
22,914,141
200,338,090
103,940.410
650,603.996
62,632,000
234,464,500
9.000.000
630.000
7,500.000
28,790.000
625,000
22.070,000
22,220,000
294,795,906
5,403,000
5.360,000
25,000,000
5.780,000
27,580.000
319.795,906
11,183.000
8.234.200
108,203,599
724,650
41.028,500
16,914,141
240,000
8.234.200
108.203.599
17.638.791
41,268.500
10,000,000
53.050,000,
428.761.5001
220,588.090
102,355,410
803.553.355
6,000.000
59.294.141
220,588,090
108,355,410
1012 54740n
1,000,000
464.000
1,651,000
1,651.000
43.061.0001.
5,300,000
3,358,500
5,000,000
76.000
30.000,000
1,590.000
%Mb'
12,000,000
Zr
13,061,000
21,965,000
775,000
12,000,000
72,029,000
150,000
1,061.000
10.529.000
38,500,000
61,500,000
49,029.000
342.000
111,871,000
843.750
1,200,000
115.069.750
40.864,000
843,750
1.200.000
155.933.750
t
10.000, '
'
50,750.000
70,430.000
54.998.000
220.917,500
4,000.000
630,000
7,500,000
28,490,000
625.000
22,070.000
10.000.000
53.050.000
402.280.500
7,634,000
13,547,000
5.000.000
300,000
26.481.000
275,045.906
4,233,000
Pg61
MONTH OF JULY.
New Capuat.
Long Term Bonds and Notes—
$
Railroads
Public utilities
Iron, steel, coal, copper, Szc
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
Short Term Bonds and Notes—
Railroads
Public utilities
Iron. steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c__
Miscellaneous
Total
Stocks—
Railroads
Public utilities
7.000.000
Iron. steel, coal, copper, &cc
2.042,901
Equipment manufacturers
556,838
Motors and accessories
40.810,382
Other industrial and manufacturin
Oil
1,320,120
Land, buildings, &c
Rubber
Shipping
1.088,566
Inv. trusts, trading, holding, &c
75,000
Miscellaneous
52,893.807
Total
Total—
Railroads
7.000,000
Public'utilities
2.042,901
Iron, steel, coal, copper. dm
Equipment manufacturers
-1I6T.§:iA
Motors and accessories
40.810,382
Other industrial and manufacturing
1,320.120
Oil
Land, buildings. &c
Rubber
Shipping
1.088,566
Inv. trusts, trading, holding, dEc
Miscellaneous
75.000
Total corporate securities
52.893,807
1933.
Refunding.
1919.
Refunding.
..,
15.240,000
21,140,000
New Cantu,'
.
136,285.000
7.578,500
145,278.400
478,978.455
Total.
al3!110.7(1.9 teptletqj
1933.
1°32.
1.
.31.
1930.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Totai.
New Capital. Refunding.
New Capital. Refunding.
Corporate—
Domestic—
X
$
$
Long term bonds and notes_
61.500.000
72,029,000
10,529,000
21,965.000
52.389,000
21,181,000
30,424,000
241.110,500
Short term
13.061.000
13,061.000
342,000
38,500,000
90,985.000
38,842,000
10,440.000 101,425.000
55.740.000
5,300,000
Preferred stocks
6.708.750
6.708,750
50.625,000
76,000
76,000
Common stocks
46,051,725
30,000,000
1.000,000
76,051,725
1,000,000
2,043,750
19,805,000
2,043,750
Canadian—
Long term bonads and notes
25.000.000
Short term
Preferred stocks
Common stocks
133,332
133,332
Other foreign—
Lon& term bonds and notes
Short term
10,000,000
Preferred stocks
Common stocks
Total corporate
52.893,807
43.061,000
95,954.807
49,029,000 111,871.000
62,842,000
115,069,750
26,481,000
40,864,000 155.933.750
402,280.500
Canadian Government
2,600,000
Other Foreign Government—
42,100.000
Farm Loan Issues
35,000,000
35.000.000
16,000,000
16,000.000
15.000,000
15,000,000
Municipal, States, Cities, &c
*27,939,507
*1,845,813 *29,785,320
1,292,450
27.831.232
26,538,782
93.057,726
96,766,226
5,058,225
3,708,500
107.299,860
United States Possessions_ _
1.250,000
1.250,000
Grand Total
117.083,314
44,906,813 161,990,127
50,321,450 155.702,232
223.127.476
105,380.782
31,539.225
44.572,500 267,699.976
554.280.360
* Figures do not include $31,045,765 poor re ief grants to States by the Federal Emergency Relief Administrator during July 1933
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JULY FOR FIVE
zrj au:infoA
apitzolti,9 lepueuLy
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE
SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS.
SEVEN MONTHS END. JULY 31
1933.
1932.
1931.
1930.
1929.
New Capital. Refunding.
Corporate—
Total.
New Capital. Ilefundino.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Domestic—
s
1
8
a
a
x
a
•,‘
Long term bonds and notes_
a
23,621,000 111,008,500 134,629,500
196.017.300
38,922,500 234,939.800
795.535.100 646.758,200 1,442.293,300 2,051.599,660 211,628,250 2,263.227,910 1,309.768,840 389,845,260 1.699,614.100
Short term
16,600.000
57.536.700
74 136.700
16,936.000
97.849,000 114,785.000
247.311,350
77,099,500 324.410.850
346,489,250 57.613,000 404,102.250
121.180.200
Preferred stocks
43.037.500 164.217.700
11,033,750
11.033,750
6,775.275
_____----_
6,775.275
95.974.667
31,050,000 127.024.667
357.722.946
357,722,946
940.124.766
93,251,540 1,033,376.306
Common stocks
61,147,225
32,317.778
93,465,003
3.296,900
1,897,320
5,194,220
124,751.134
124,751,134
932.651,351
13:315:845 945,967,101 2,602,194.338 385,236,302 2,987,430,640
Canadian—
Long term bonds and note
90.000,000
90,000,000
152,138.000
38,000,000 190,138.000
214,100,000
Short term
214.100,000
5.000.000
5,000.000
Preferred stocks
13,000.000
13,000,000
10.400.000
Common stocks
10.400.000
133.332
133,332
18,163,900
Other foreign—
18.163,900
Long term bonds and notes_
72,800.000
72.800.000
169,015.000
4,000,000 173.015.000
150,010.000
2,000,000 152.010.000
Short term
1.600,000
1,600,000
5,000,000
5,000,000
31,000.000
31.000,000
1,617,283
Preferred stocks
10,432,717
12.050,000
102,312.200
Common stocks
102.312,200
10.060.000
10.060.000
32.256,347
32.256,347
Total corporate
112.535,307 202.462.978 314,998.285
223,025,475 138.668,820 361,694,295 1.426,372.251 759.907,700 2,186.279,951 4,068.676,207 324,557.000 4,393,233.207 5,502.127.874 923,803,319
Canadian Government
6,425.931.193
60,000.000
60.000.000
40,922,000
9,500,000
50.422.000
46.742,000
7.158,000
53,900.000
28,612,000
Other Foreign Government—
8,000,000
36.612.000
411.306,000
5,500,000 416,806.000
41,750,000
Farm Loan Issues
41,750,000
45,900,000
45,900.000
46.000.000
92,500.000 138,500,000
44,600.000
31.000,000
75,600.000
30.500.000
30,500,000
Municipal, States, Cities, &c
*238,2E0,917 *16.504.429 254,755.346
502,280.946
54,019,826 556,300,772
932.438.662
15,516,000 947.954,662
855,028.030
22,866,637 877,894,667
746,938,794
8,559,026 755,497.820
United States Possessions
1.400.000
1.400.000
692,000
692,000
295.000
295,000
9.675,000
9.675.000
1.995.000
1.995.000
Grand Total
398.086,224 278,967,407 677,053.6311 771.998,421 285.188.646 1,057.187,067 2.444,627,913 815,923.700 3,260,551,613
5,421,927,237 360,081,637 5,782,008,874 6,321,423,668 940,362,345 7,261,786,013
* Figures do not include an aggregate of $285,372,603 of Federal Government funds made available to States and municipalities during the first seven months
of 1933, either through the facilities of the Reconstruction Finance Corporation
or the Federal Emergency Relief Administrator.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SEVEN MONTHS ENDED JULY
31 FOR FIVE YEARS.
1933.
1932.
1931.
1°29,
1930.
SEVEN MONTHS END. JULY 31 New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long Term Bonds and Notes$
$
a
Railroads
12.000.000
76,765.500
88,765,500
9,327,000
9,327,000
247.815.300 146,319.700 394,135,000
623.775.250 177,585,750 801.361,000 288,717,240 112,143,760 400261.000
Public utilities
10.721,000
32,518.000
43,239,000
193,111,303
29,545,500 222,862,800
472.818.000 484,512,000 957,330.000 1,106,713.000
67.547,500 1,174.260.500 443.841.500 243,390,000 687,231.500
Iron. steel, coal. copper, &c
102.939.800
6.062,500 109.002.300
21.500.000
21.500,000 121,513.500
3,186,500 124,700,000
Equipment manufacturers
12,434.000
12,434.000
8.380.000
8,380,000
1,150.000
Motors and accessories
1,150,000
150,000
Other industrial and manufacturi
150.000
1,725,000
1,725,000
76.542,000
5,950,000
82.492.000
182.601,910
455.000 183.056,910 207,853.000
575,000 208.428,000
Oil
2,000,000
2,000.000
142.550.000
6,950.000 149,600,000
18,984,000
15,416,000
Land, buildings, Scc
34.400,000
900,000
900,000
2,500,000
50.000
2,550,000
29,850,000
1:220;6615
-31,070,000
108.097,500
70,000 108,767,500 261,009.600
3,929,000 264.938,600
Rubber
30.000,000
30,000.000
1,000,000
Shipping
1.000,000
1.650.000
1,650.000
10,000.000
10.000.000
3.100.000
6,000,000
Inv. trusts, trading, holding, &c_
9,100,000
75,250.000
75,250.000 113,250.000
Miscellaneous
113,250,000
200.000
200,000
12.286.000
2.694,000
14,980,000
63,285,000
1.020.000
64,305,000 213.310.000
7,101,6456
Total
23,621,000 111,008.500 134,629,500 196,017,300
38,922,500 234,939,800
958.335,100 646;758.200 1,605.093,300 3,372,752,660 253,628,250 2,626,380,910 1,673.878.840 391,845,260 220,515,000
Short Term Bonds and Notes—
2,065,724,100
Railroads
7.277.000
7.277,000
7,375,000
1.000.000
8,375.000
24.970,000
12,530.000
37.500,000
12.000,000
2,500.000
14,500.000
1,500,000
5,360,000
Public utilities
16,500,000
6,860,000
23,295.200
39.795,200
2,850,000
96,749.000
99,599.000
162,447.500
30.277,500 192.725.000
178,522.000
15.628.000 194,150.000
25,876.283
40,413.717
Iron,steel, coal, copper, Oa.
66.290,000
5,605,400
5.605.400
100,000
100,000
899.000
3,101,000
4,000,000
28.000.000
5,000.000
33,000.000
720,000
5,780,000
Equipment manufacturers
6.500,000
12,000.000
12,000,000
12.000.000
12,000.000
Motors and accessories
10,100.000
10,100,000
500,000
Other industrial and manufacturing
100,000
500,000
5,000,000
5,100,000
21,535.000
33.500.000
55.035,000
71.105.000
17,200,000
88.305.000
13,150,000
Oil
13,150,000
9.649.000
791.000
10.440.000
6.650.000
600.000
7,250,000
Land, buildings, &c
4,101,000
4,101,000
7.710,850
1,400,000
9.110,850
46.812,250
685.000
47,497.250
57.947,700
Rubber
57,947.700
5,959,100
5,959,100
800.000
15.000,000
15,800.000
Shipping
Inv. trusts, trading, holding, &c.
500,000
500,000
1,000.000
1.000.000
Miscellaneous
2.610,000
2,610.000
20.100.000
20,100,000
15.500.000
1.000,000
16,500.000
23,103,500
1.916,500
25,020.000
Total
16,600,000
59,136,700
75,736,700
16,936.000
97,849.000 114.785.000
247,311,350
82,099,500 329.410,850
382,489,250
57,613,000 440,102,250 122,797,483
53,470,217 176,267,700
Stocks—
Railroads
66.055,600
66 055.600
71.107.700
Public utilities
71.107.700
7.000.000
2,147,778
9.147,778
4,912,175
1,897,320
6,809,495
181,563.511
31,050,000 212,613.511
654,771,761
11,562,250 666.334,011 880.196,299
52,206,590 932,402,889
Iron, steel, coal, copper, &c
2,042,901
2,042,901
1.500,000
1,500,000
115.879.875
115,879,875 143,027,385 263,020,200 406,047,585
Equipment manufacturers
Motors and accessories
859.269
859,269
4.132,662
4,132,662
67,361,202
5.511,852
Other industrial and manufacturing
72.873,054
59.778.451
89.948,451
30,170,000
1,491,250
1,491,250
13,606.250
13,606,250
174,142.395
17.1. 11:866 175.513.895 534.480,188
3
84,32.220 619.312,408
Oil
1,470,120
1,470.120
3.052,500
3,052.500
82.323.463
82.323.463
83,843,644
58.666.080 142.509.724
Land, buildings, &c
1.466,500
1,466.500
16.320,000
16.320,000 106,197,330
408,500 106,605.830
Rubber
2,168.750
2,168.750
54.233,534
Shipping
54.233,534
23,178.000
Inv. trusts, trading, holding, &c_
23.178,000
1,088.566
1.088,566
3.143.750
3,143,750
82.987,079
82,987.079 1.035.304,652
1.500,000 1.036.804.652
Miscellaneous
75.000
75.000
1,500.000
1,500,000
16,393.290
16,393,290
116.821,462
-382.000 117,203,462 706.521.617
12,342,400 718,864,017
Total
72,314,307
32.317,778 104,632,085
10,072.175
1.897,320
11.969.495
220,725,801
31,050.000 251.775,801 1,313,434,297
13.315.750 1,326,750.047 3,705.451.551 478.487.842 4.183.939,393
Total—
Railroads
12,000.000
84,042,500
7,375,000
96.042,500
10,327,000
17,702.000
272.785.300 158.849.700 431,635,000
701,830.850 180,085,750 881,916.600 361,324,940 117,503,760 478,828,700
Public utilities
34.221.000
57.960,978
92,181,978
201,079,475 128,191,820 329,271.295
816,829,011 545.839,500 1,362,668,511 1,940.006,761
94,737,750 2,034.744,511 1,349,914.082 336,010,307 1,685,924.389
Iron. steel, coal, copper. esc
7.648.301
2.042,901
5.605.400
100.000
105.338,800
100,000
9.163,500 114,502.300
165.379.875
5,000,000 170,379,875 265.260.885 271,986,700 537.247.585
Equipment manufacturers
12.000.000
12.000.000
12,434,000
12.434,000
20,390.000
20.390,000
1,150,000
Motors and accessories
1.150,000
859.269
859,269
14.232,662
14.232.662
68.011.202
6:511:852
Other industrial and manufacturing
73,523.054
96,773,451
59.878.451
36,895,000
1,491,250
1,491,250
111,683,250
39,450,000 151,133,250
427,849,305
19,026,500 446.875.805 755,483,188
85.407,220 840,890,408
Oil
1,470,120
1,470.120
14.701,500
791,000
15,492,500
231,533.463
7,550.000 239,073.463 102.827,644
74,082,080 176,909,724
Land, buildings, &c
900,000
6,601.000
900,000
50,000
6,651,000
39.027.350
2,620.000
41,647,350
171.8 9.750
755.000 172,584.750 425,154.630
4,337,500 429,492,130
Rubber
5,959,100
5,959,100
2,168,750
2,168,750
30,800.000
15,000,000
45,800.000
55.233.534
Shipping
55.233,534
1,650,000
1.650,000
10,000,000
10,000,000
26.278.000
6.000,000
Inv. trusts, trading, holding.
32.278,000
_
1,088,566
1.088.566
3,143,750
500.000
3.643.750
159,237.079
159,237,079 1,148.554,652
1.500,000 1,150.054.652
Miscellaneous
75,000
75,000
4.310.000
48,779.290
4,310,000
2,694,000
51,473.290
195,606.462
2,402,000 198.008,462 942.935,117
21.463,900 964.399.017
Total corporate securities
112,535,307 202,462,978 314,998.285, .
138,668,820 361.694,295 1,426,372,251 759.907,700 2,186,279,951 4,068.676,207 324.557,000 4,393.233,207 5,502,127,874
923,803,3196.425 931 193
Financial Chronicle
1124
Aug. 12 1933
DETAILS OF NEW CAPITAL FLOTATIONS DURING JULY 1933.
stioDT-TEitm BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Purpose of Issue.
Amount.
Price.
Railroads
1,061,000 Refunding
To Yield
About.
Company and Issue, and by Whoa Offered.
100
100
Equipment Manufacturers
12,000,000 Refunding
5.50 Galveston Houston & Henderson RR. Co. 1st Lien & Ref. 5%s "A" April 1 1938. Offered to
holders of company's 1st Mtge. 5% Bonds, maturing April 1 1933.
6.00 The Baldwin Locomotive Works Cons. Mtge. 6s March 1 1938. (Each $1,000 note carries detachable
warrants entitling holder to Feb. 28 1938, to subscribe at $5 per share for 40 shares of company's
-year 534% notes, maturing March 1 1933.
common stock.) Offered to holders of company's 3
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
To Yield
(a) Amount Price
Involved. Per Share. About.
Public Utilities
7,000,000 General Corp. purp.
Company and Issue, and by Whom Offered.
7,000,000
5
Indiana Eastern Gas Corp., Corn. Stock. Offered by Benj. Baker de Co., Inc., N. V.
Iron, Steel, Coal. Copper. &c.
700,000 Development; expansion., &c__ _ _
700,000
2
240,000 Acquisitions; other corp. purposes
1,200,000
Cuban-American Manganese Corp. 8% Corm Preferred Stock. (Convertible into one
share of common stock at any time on or before 10th day prior to redemption date, if called
for redemption). Offered by company to stockholders; underwritten.
Engineers Exploration & Mining Corp. Common Stock. Offered by Hammons & Co.,
Inc., New York.
Flour City Ornamental Iron Co. Common Stock. Offered by Allison-Williams Co. and
Bigelow, Webb & Co., Minneapolis.
Transue & Williams Steel Forging Corp. Capital Stock. Sold privately.
19,635 shs
Working capital
3,000 sits. Additional capital
112,901
30,000
5
5%
10
2,042,901
Motors and Accessories
*152,000shs Additional working capital
58,946 Additional working capital
380,000
176,838
2%
3
Hayes Body Corp. Common Stock. Offered by company to stockholders.
Motor Meter Gauge & Equipment Corp. Common stock. Sold privately.
Air Conditioning Indus.,Inc. Cons. Stock. Offered by Harris, Ayers & Co., Inc., N.Y.
A. B. C. Brewing Corp.(St. Louis). Corn. Stock. Offered by Pfaff & Hughel, Chicago.
Bavarian Brewing Co.,Inc. Capital Stock. Offered by Nelson Browning & Co., Loulsv.
John F. Betz & Sons, Inc.(Pa.). Corn. Stock. Offered by Lyon, Pruyn & Co., N. Y.
and Parsly Bros. & Co.. Phila.
Birk Bros. Brewing Co.(Chicago). Corn. Stock. Offered by Baker, Walsh & Co., Chic.
Cadillac Brewing Co. Common Stock. Offered by Cullen, Ferriss & Colquohoun, Det.
Capitol Breweries,Inc. Common Stock. Offered by Edwards-Bihl Co., Inc.
Centlivre Brewing Corp.(Fort Wayne, Ind.). Cony. Cl."A" Common Stock. (Convertible at any time, share for share into Cl. "B" common stock). Offered by Zalser &
Zalser, Inc., Indianapolis; Paul W.Cleveland & Co., Inc., Chicago; J. Ross McCulloch and Wm. H. Bohan, Ft. Wayne, Ind.
Consumers Brewing Co., Inc. (Warwick, R. I.). Corn. Stock. Offered by Goddard
at Co., Inc.
Dunrobin Ltd. Common Stock. Offered by E.G.Childs de Co., Inc., Syracuse.
Fontenelle Brewing Co.(Omaha. Neb.) Cony. Pref. Stock. (Convertible into Common
stock at any time on a sharefor share basis). Offered by Drum at Co., Chicago.
Peter Fox Brewing Co. (Chicago). Common Stock. Offered by Webber-Simpson &
Co., Chicago.
Fox Film Corp. Cl."A" Corn. Stock. Offered by company to stockholders (Underwritten
to the extent of more than $36,000,000).
Fuhrmann & Schmidt Brewing Co. (Shamokin, Pa.) Common Stock. Offered by
Klopstock & Co. Inc.
Gambrinus Cooperage Works (Louisville, Ky.) Cl. "A" Common Stock. Offered bY
Dunlap Wakefield & Co., Inc.
Gipps Brewing Corp. Cl "A" Common Stock. Offered by Phalen & Co., Inc., Chicago,
and Eugene Osborn Co., Peoria.
G. Heileman Brewing Co.(La Crosse, Wis.) Cap. Stock. Offered by Paul It. Davis
& Co.. Chicago.
Kentucky Brewing Co. (Louisville, Ky.) Panic. Pref. Stock. Offered by Edward
Brockhaus & Co. Louisville.
.k. °It'd by Otis &Co.,(Inc.)&Edw.B.Smith &Co.
Kuebler Brew'g Co.,Inc. Corn. St
'
(Richard) Lieber Brewing Corp. (Indianapolis, Ind.) Cony. Partic. Prof. Stock.
(Convertible Into common stock at any time on a share for share basis.) Offered by
Wm. R. Stuart dc Co., Chicago.
Minneapolis Brewing Co. Common Stock. Offered by F. A. Brewer & Co., Chicago;
Piper, Jaffrey & Hopwood, Minneapolis, and Kalman & Co:, St. Paul.
Muessel Brewing Co.(South Bend, Ind.) Capital Stock. Offered by Thompson Ross
& Co., Inc., Chicago.
Neustadtl Brewing Corp. Common Stock. Offered by Sayre & Co., Inc., N. Y.
Old Vincennes Brewery,Inc. Preferred Stock. Offered by McFayden & Co., Inc., Chic.
Paducah (Ky.) Cooperage Co. Common Stock. Offered by Link, Gorman & Co..
Inc., Chicago, and Chas E. Lewis & Co., Minneapolis.
Peerless Motor Car Corp. Common Stock. Sold privately.
Rassman Brewing Co., Inc. Class A Common Stock. Offered by H. B. Boland &
Co., New York.
Remington Arms Co., Inc. Common Stock. Offered by company to stockholders
Rickel(H. W.)& Co. Common Stock. Offered by William C. Roney & Co., Detroit
Rock Island Brewing Co., Participating Preferred stock. Offered by Hoagland,
Allum & Tunney, Inc.; G. W. Thompson & Co.; Schimberg, Trahan & Co., Inc.;
Kent, Grace & Co., and Patterson, Copeland & kendall.
Ryan Brewing Co., Inc., Common Stock. Offered by Reed, Hawkey & Co., Inc.
Schenley Distillers Corp., Capital Stock. Offered by Lehman Bros.
Sohn Brewing Co. Cony. Panic. Preferred Stock. (Convertible into common stock at ant/
time on a sharefor share basis). Offered by William R.Stuart & Co., Inc., Chicago•
Sonotone Corp. Common Stock. Offered by Van Aistyne; Noel & CO., Inc. and Great
Northern Investing Co., Inc.
Steuben Beer Taverns, Inc., Common Stock. Offered by J. Arthur Warner & Co..
New York.
Capital Stock. Offered by Redmond & Co.
Tillier-Thompson,
Vollmer Brewing Corp.(Ph ila.) Capital Stock. Offered by A.D.Braham & Co.,N. Y.
Inc.,
Weibel Brewing Co.(New Haven) Capital Stock. Offered by Bonner, Brooks & Co.,
Inc.
Wiedemann Brewery Corp. Cony, Partly. Preferred Stock . (Convertible into Common
stock at any time on a share for share basis.) Offered by Penton & Co., Inc., N.Y.
White Top Champagne Co.,Inc. Capital Stock. Offered by II.M.Kilborn & Co.,Inc.
New York.
556,838
300,000
110,000
695,000shs
175,000
Other Industrial &
Expansion; other corp. purpose_ _
New equip;., working capital_ _ _ _
Addns.; impts.; wkg. capital
Addns.; impts.; wkg., capital_ _ _ _
420,000
935,000
868,750
700,000
1.40
834 (mkt.)
134
4
90,000
368,500
*48,520shs
400,000
New plant equipment., &c
Addns.; equip., other corp. purp_
Addns.; working capital
Expansion; equip.; wkg. capital
720,000
366,500
242,600
700,000
8 (mkt.)
1
5 •
442,500
7%
133,332
450,000
4
3
59,000 Addns.;impts.; equipt., Ste
33,333shs Working capital
300,000 Plant improvements; wkg. cap_ _ _
200,000 Retire mtge.; inlets.; wkg. capital
.2104633shs Retire debs., bank loans, &c
340,000
39,777,563
8% (mkt.)
18.90
80.000 Expansion; working capital
240,000
100,000 New equip.; working capital
120,000
1.20
140,000 Addns.; impts.; other corp purp
560,000
4 (mkt.)
2,075,220
9 (mkt.)
230,580shs Expansion; working capital
3
275,000 Acquisition of property; wkg. cap.
343,750
134
300,000 Working capital
500,000 Impts.; equip.; wag. capital
900,000
750,000
3
6 (mkt.)
240,000 Addns.; equip., other corp. purp_
2,040,000
527,500 Addns.;impts.; wkg. capital
844,000
29,000 Acq. plants; equip.; work. capital
300,000 New equip.; wkg. capital
150,000 Retire obligations; wkg. capital.._
362,500
475,000
375,000
178,150 sits Alter plant for brewing purposes- *90,000 sits Additions; equip.; other corp.purp.
534,450
562,500
1,700,000 Additions; equipMent
180,000 ohs Additions; working capital
550,000 Expansion; working capital
346,620 Additions; equip.; other corp.purp.
1,150,000 Expansion;other corp. purposes_ _ _
300,000 Impts.; equip.; wkg. capital
835 (mkt.)
8(mkt.)
12%
4% (mkt.)
2% (mkt.)
3
6%
3,825,000
360,000
990,000
234
2
9(mkt.)
519,930
3,450,000
600,000
3
15
6 (mkt.)
150,000
3
149,000 Expansion; working capital
745,000
5
80,000 New capital
75,000 Expansion; impts., arc
130,550 Additions; impts.; wkg. capital._ _
480,000
187,500
424,287
6
2%
3%
50.000 Retire loans; working capital
*200,000slis Retire debt; additions, Ac
100,000 Additions; impts.; &c
2,400,000
12
400,000
4
70,810.382
Oil.
220,020 Working capital
1,320,120
6
Carib Syndicate, Ltd., Capital Stock. Offered by company to stockholders (Underwritten).
Empire Capital Corp. Class A Capital Stock. Offered by G. J. Springer dv Co.,Inc.,
New York.
Equity Corp. Common Stock. Purchased by syndicate and offered to stockholders.
International Mining Corp. Common Stock (with warrants to purchase one additional
share at $10 on or before Sept. 1 1939). Offered by Lehman Brothers.
Investment Trusts, Trading,
Holding, &c.
250,000 Provide funds for invest. purposes_
312,500
6%
150,000 sits Provide funds for invest. purposes.
53,506 sits Provide funds for invest. purposes.
187,500
588.566
1%
11
1,088,566
Miscellaneous30,000 Forkingcapital
75,000
Budget Plan Corp. Common Stock. Offered by E. Whiteside & Co., New York.
234
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by
-
%
35,000,000 Federal Intermediate Credit Banks
Debentures, dated July 15 1933 due in 8, 9
and 12 moo (provide funds for loan purposes). Price on application Charles R. Dunn, Fiscal Agent, New York.
Financial Chronicle
Volume 137
1125
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.(a)Amount.
of Shares. Involved. Price
147,5C0 shs
5,944,000
1,000,000
To Yield
About.
Company and Issue and by Whom Offered.
1,622,500 it
Kingsbury Breweries Co. (Wis.) Capital Stock. Offered by Blyth & Co., Inc., N. Y.
5,944,000 83
77713 Public Service Co. of Indiana 1st Mtge.& Ref. 6s, G, Feb. 1 1952. Offered by Halsey, Stuart & Co., Inc.
1,000,000 Price on application Utilities Power & Light Corp. 54% Debentures, 1947. Offered by Hammons & Co., Inc., N. Y.
8,566.500
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.
The general bond averages have remained at approximately the same level for over two weeks, during which time
high grade issues have firmed up somewhat and low grades
have eased off very slightly. Taken as a whole, the bond
market has given a very good account of itself during the
recent fluctuations in the stock market,for the bond averages
remain not far below their highs of a few weeks ago.
Federal Reserve purchases of Government bonds have continued at their recent moderate pace, with $10,000,000 added
to holdings this week. No new developments in the credit
situation have appeared. Short term money is apparently
plentiful and interest rates are continuing very easy. U. S.
Government bond prices are up slightly this week, the new
Treasury 3%s selling at a small premium.
High grade railroad bonds again have been strong with
some issues, such as Chesapeake & Ohio 4%s, 1995, and
New York Central 33'2s, 1997, reaching new high ground for
the year. Among the medium and second grade bonds,
gains have ranged from one to three points. Especially
active have been the Allegheny 5s, 1944, 1949 and 1950,
which advanced from 613/ to 643%, 56% to 573 and 363%
2
4
2
to 413/, respectively; Chesapeake Corporation 5s, 1947,
advanced from 1013% to 1043/2; Chicago Milwaukee St.
Paul & Pacific 5s, 1975, from 51 to 53; and Erie 5s, 1967,
from 62 to 63. The low grade speculative rails in most
instances have more than recovered their losses of the previous week, Missouri Pacific 4s, 1975, advancing from 16 to
18, Chicago Milwaukee St. Paul & Pacific 5s, 2000, from
24% to 253% and Chicago & North Western 43 s, 1949,from
4
36% to 3732.
High grade utility bonds have maintained a generally
firm undertone during the week. Speculative and second
grade issues have moved more or less with the stock market.
After falling off early in the week, New York tractions recovered. Among the actively traded issues, International
Tel. & Tel. 5s, 1955, advanced from 50 to 51% for the week,
Third Ave. Railway 4s, 1960,from 50 to 50%, Pacific Power
SE Light 5s, 1955, declined from 64% to 62% and Utilities
Power & Light 5s, 1959,from 333 to 333%.
4
Enlarged volume of trading has been evident in industrial
bonds and on the average the list gained fractionally.
Publication of the drop in U. S. Steel Corporation unfilled
tonnage brought some recession in steel issues, Youngstown
Sheet & Tube 5s, 1970, being off % points to 813 ,for ex3
4
ample. Illinois Steel 4%s,1940,gained from 103% to 1043%,
however, in the highest grade classification. Liggett &
Myers 5s, 1951, rallied one point to 109, McCrory Stores 5s,
1941, rose sharply to 61 from 501 8. Oils have been reason/
ably steady,showing fractional losses. In the packing group
Armour bonds have been firm, near their highs for the season.
Gobel 6%s, 1935, lost 23 more points to 84, following their
4
recent rally to 933%•
During the week the foreign bond market has worked its
way into slightly higher territory. The so-called "goldcurrency" bonds are up somewhat, Nord Railway 634
making an exceptionally sharp gain of 6 points from early
week's prices. Argentine and Chilean bonds have moved
slightly higher while Finnish, Danish and Norwegian issues
have been steady, the latter regaining fractionally some of
last week's losses. German Governments as well as corporate
and municipal issues have been somewhat lower for the most
part.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
Aa.
A.
Baa.
RR.
100.33
100.33
100.33
100.33
100.17
Stock
100.00
100.00
99.68
99.68
88.77
89.04
89.17
89.17
89.04
Excha
89.17
89.31
88.90
89.04
74.36
74.67
74.77
74.67
74.98
nge Clo
75.19
75.29
75.29
75.40
99.04
102.98
104.51
105.89
105.37
105.54
105.03
105.54
104.85
108.03
97.47
103.99
85.61
99.52
99,36
99.04
97.62
96.54
95.33
93.85
94.43
93.99
93.26
92.25
90.55
87.30
85.35
83.35
Stock
85.87
85.10
84.48
87.83
89.17
Stock
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
100.33
82.99
89.72
71.38
89.17
88.23
88.23
86.91
85.36
84.60
83.60
83.48
82.87
81.78
80.72
79.34
76.67
74.46
72.16
Excha
73.95
72.65
72.85
75.82
77.33
Excha
72.06
76.25
79.45
81.54
80.49
81.18
81.07
81.90
79.34
89.31
71.87
78.55
54.43
75.71
74.67
76.67
75.40
73.35
72.06
70.43
70.15
68.94
68.04
66.98
65.62
62.56
58.32
55.73
age Clo
54.80
53.28
53.88
57.24
58.52
nge Clo
54.18
57.98
60.60
62.48
61.34
62.95
63.11
84.31
61.56
77.66
53.16
67.86
37.94
96.70
83.35
71.67
60.97
4A...IMOv.4.4.4.1..4.4,14.4..3.4.44-4-4.40MOW0MOWCWOO moccicocco
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Go ine4666qb66,
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OR A7
84.60
67.69
00
91 39
Aug. il
10
91.67
9
91 67
8
91.67
7
91.67
5
4
91.67
3
91.81
2
91.53
1
91.67
Weekly
91.67
July 2
8
90 97
21
91.67
14
90.41
7
88.90
June 30
87.96
23
86.77
16
86.64
9
85.87
2
85.10
May 26
84.10
19
82.74
12
79.68
5
77.11
Apr. 28
74.67
21
14
75.61
13
74.46
7
74.77
1
77.88
Afar. 24
79.11
17
10
74.67
3
78.77
Feb. 24
81.30
17
83.23
10
82.38
3
83.11
an. 27
82.99
20
13
83.85
81.66
6
92.39
nigh 1933
Low 1933
74.15
high 1932
82.62
1-9w 1932_____
57.57
Year Ago- -Aug. 11 1032_ _ .._ '76.35
Two Years Ago-Aug i's ins,
4, 17
120 Domestics
by Groups.
120 Domestics by Rat ngs.
10785
108.03
107.85
107.85
107.67
107.67
107 67
107.67
107.49
107.14
108.96
106 96
106.25
105.72
105.54
105.20
104.16
103.82
103.99
103.32
102.30
99.36
99.68
97.78
100.00
99.84
99.52
101.64
102.30
w
All
120
Domes
tic.
00
1933
Daily
Averages.
MOODY'S BOND YIELD AVERAGES.)
(Based on Individual Closing Prices.)
P. U. Indus.
84.22
84.60
84.60
84.47
84.97
98.73
98.73
98.73
98.88
98.73
85.23
85.35
85.23
85.35
98.41
98.41
98.09
98.09
85.48
84.72
85.87
84.72
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.06
97.94
97.16
97.31
95.93
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.85
83.35
81.30
74.67
73.25
73.35
78.10
80.49
81.90
70.91
80.14
82.14
82.74
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
98.88
78.44
85.61
62.09
81.30
77.55
05.78
83.110
All
1933
120
Daily
DomesAverages. tic.
Aug. 11_ _
10_ _
5..
1_
Weekly-July 28_ _
21..
14..
June 30_
23._
16__
May 26.19_
12._
5-Apr. 28_
21._
14_
13__
Mar.24_
17.._
10__
a__
Feb. 24._
17_
10._
Jan. 27__
20__
13__
Low 1933
High 1933
Low 1932
High 1932
Yr AgoAug.11•32
2 Yrs.Ago
Aug.12'33
120 Domestics by Rat ngs.
Aaa.
Aa.
A.
5.32
5.30
5.30
5.30
5.30
4.29
4.28
4.29
4.29
4.30
4.73
4.73
4.73
4.73
4.74
5.30
5.29
5.31
5.30
4.30
4.30
4.30
4.31
4.75
4.75
4.77
4.77
5.51
5.49
5.48
5.48
5.49
Stock
5.48
5.47
5.50
5.49
5.30
5.35
5.30
5.39
5.50
5.57
5.66
5.67
8.73
5.79
6.87
5.98
6.24
6.47
6.70
4.33
4.34
4.34
4.38
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
4.78
4.79
4.81
4.90
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
6.61
6.72
6.69
6.40
6.29
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
6.70
6.32
6.10
5.94
6 81
5.95
5.96
5.89
6.07
5.25
6.75
5.99
8.74
4.81
4.57
4.48
4.40
4 43
4.42
4.45
4.42
4.46
4.28
4.91
4.51
5.75
5.76
5.47
5.36
5.23
5 24
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
Baa.
120 DOWSUGS
by Groups.
RR.
P. D. DMus.
40
Foreigns.
6.73
5.26
5.86
5.25
5.83
6.70
5.83
5.24
6.69
5.25
5.84
6.70
5.27
5.80
6.67
Excha age CM sed.
6.65
5.28
5.78
6.64
5.26
5.77
5.27
6.64
5.78
6.63
5.27
5.77
4.83
4.83
4.83
4.82
4 83
9.09
9.07
9.01
9.04
9.04
4.85
5.85
4.87
4.87
9.03
9.01
9.01
9.01
5.26
5.48
6.60
5.76
5.55
6.70
5.28
5.82
5.55
6.51
5.25
5.73
5.65
6.63
5.35
5.82
5.50
4.89
5.77
6.83
5.83
5.63
5.94
6.96
5.91
5.75
6.00
7.13
5.92
5.71
5.06
7.16
5.75
5.97
7.29
6.11
6.06
7.39
5.84
6.14
7.51
5.93
6.15
6.20
6.27
7.67
6.07
6.29
6.51
8.05
6.34
6.58
6.72
8.63
6.73
6.76
6.95
9.02
7.03
6.96
Stock Excha age Clo sod
7.06
6.77
9.17
6.70
6.90
9.42
7.11
6.84
6.88
6.83
9.32
7.03
6.38
6.59
8.79
6.80
6.17
6.45
8.60
6.71
Stock Enlist age CM sod
6.54
6.96
9.27
7.22
6.16
6.55
8.68
6.85
5.89
6.26
8.31
6.62
6.41
5 72
6.08
8.06
5.72
6 17
8 21
6 55
6.11
8.00
5.60
6.55
6.12
7.98
6.66
5.55
6.05
7.83
5.48
6.60
6.27
8.18
6.97
5.55
5.47
6.42
5.19
5.47
9.44
6.98
7.22
6.97
8.34
7.41
6.30
5.59
9.23 12.96 10.49
7.66
4.88
4.83
4.92
5.01
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
8.91
8.84
8.89
9.32
9.65
9.51
9.68
9.78
9.62
9.66
10.08
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.76
10.73
6.35
5.95
5.80
5 70
5.76
5.69
5.67
5.60
5.69
4.82
6.35
5.75
8.11
11.19
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.98
8.63
11.19
9.85
15.83
11.37
6.54
4.96
5.93
7.00
8.26
7.09
6.10
6.43
5.63
4.40
4.84
5.83
7.43
5.94
5.02
5.91
845
. •Note.
-These prices are computed from average yield on the basis of one"deal" bond (45-1% coupon, maturing in 31 years) and do not
the average level or the average movement of actual price quotations. They mere y serve to I lustrate in a more comprehensive way the relative purport to show either
levels and the relative
Movement of yield averages, the latter being the truer picture of the bond market.
1 The last complete list of bonds used In computing these Indere t was published in the 'Chronicle" of Jan. 14 1933, page 222. For Afoody's index of bond prices
br nu- nths back to 1928, refer to the "Chronicle" of Feb. 6 1932, page 907.
1126
Financial Chronicle
Aug. 12 1933
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, August 11 1933.
Business was still surging ahead though there is much
confusion and uncertainty over the new codes. There has
been some seasonal recessions in some lines, but it has been
rather faint. There has been some falling off in the production rate, but employment apparently is still on the increase.
The electric output fell off 0.7% from the preceding week
but it is 15.6% over the comparative week of 1932 and is
slightly above the 1931 level. There has been some reduction
in the production of lumber. Steel operations receded a
little. Retail trade continued to hold recent gains, being
helped considerably by August clearance sales, which have
been general throughout the country.
The usual summer lull has been checked to some extent
by the increased buying power. Department store sales
have been larger. Sales of women's coats in the ready-towear departments are the largest in three years. Sales of
shoes are also large at higher prices. Furniture, rugs, electric sewing machines, table linens china and glassware are
all in good demand. Sales of hardware and electrical appliances continue to increase. There has been less installment
buying. Wholesale buying has been more cautious but continues on a good scale with some of the price uncertainties
now out of the way. Nearly all wholesale lines, with the
exception of drugs, and chemicals, and flour and foodstuffs,
report increased sales. In textiles there have been a good
demand for white goods, organdies, piques and many types
of printed materials. In many cases stocks of shirts and
staple underwear have been cleaned out. There have
been more interest in heavy goods for commercial and
industrial uses. The advance in prices of candlewick bedspreads has checked the demand to some extent, but it was
the result of added cost of production under the code. Orders for men-s clothing have been heavier than at any time
in the last three years, owing to the smallness of stocks and
higher prices for woolens. Floor coverings have been advanced 5 to 15% yet orders are unusually large.
Industrial activity is now feeling the effects of the industrial recovery program as thousands of workers have been
added to payrolls and others have received pay increases.
Operations in the textile, automobile, shoe, iron and steel,
electrical, clothing and other industries have been pretty
well maintained, but there has been a decrease in new orders.
Woolen and worsted mills have been operating close to
capacity, but new business has fallen off somewhat. Prices
of men's suits and women's coats, it is reported, will be
sharply advanced on Sept. 1, owing to the application of
the code recently approved by the entire wool industry.
The delay over the code of the steel industry has tended to
check buying. Consumers are showing resistance to higher
prices in some lines owing to uncertainties over individual
codes of fair competition. There was a decrease in unfilled
orders of the United States Steel Corp. of 86,546 tons in July.
Cotton ended the week at a decline of more than $4 a
bale. The market was under pressure all week and was a
pre-bureau affair up to the Government report, which was a
complete surprise and sent prices downward on the 8th
inst. $2.75 a bale. The government put the crop at 12,314,000 bales which was in sharp contrast with general expectations of around 11,000,000. Further talk of inflation and
good buying on the declines sent prices upward at times.
Wheat has been reactionary and today declined the limit
allowed by the Exchange in one day's trading of 5 cents
despite very bullish crop reports. Other grain followed
wheat downward. Provisions show a decline for the week.
Lard is off 13 points. Silver declined 21 to 24 po nts. Sugar
shows an advance for the week of 3 to 4 points and rubber 7
points,• while cocoa shows no change.
Sales in July of the first 10 chain store and mail order
houses to report showed an increase of 10.1% over sales for
July 1932. This is the largest increase in two years. Dollar
volume for the 10 companies was $61,933,284 against $56,246,711 last year: Montgomery Ward & Co. reported an
increase of 15.3% and F. W. Woolworth Co. had a gain of
7.9%. S. H. Kress & Co. reported July sales of $4,928,805,
an increase of 9.7%. Sales for the 10 companies for the first
seven months of the year were $405,152,637, a decline of 1.3%
from the sales of $420,619,735 reported for the first seven
months of 1932.
The weather, although cooler, has been unfavorable in
many parts of the country because of heavy rains, floods
and high winds. A United Press dispatch from Sharon
Springs, Kan., dated Aug. 6, said that at least one person
was dead, hundreds of head of livestock were drowned and
property damage estimated in thousands of dollars was
reported, and communication lines were shattered as floods
rushed over a wide area in Western Kansas. The same
report stated that Sandy Creek, Beaver Creek and several
other smaller streams were out of their banks at Sharon
Springs. Sand Creek reached a depth of 10 feet and the
stream, ordinarily a mere trickle along an almost dry course
was half a mile wide. A report from Yakima, Wash., told
of an hour's hailstorm and a heavy rain that practically
destroyed fruit crops on many ranches. One rancher estimated his loss at 4,000 boxes of apples; another, 1,500 boxes
of apples and 25 tons of pears and other ranchers told of
heavy losses. Other reports told of the devasting winds,
loss of life, damage and destruction caused by a gulf hurricane
that swept through Mexico and the Rio Grande Valley.
The latter part of the week has been generally more favorable with moderate temperatures accompanied by scattered
rains and showers.
Canadian reports say that further damage has been done
to grain crops over large areas, particularly in southern and
central Saskatchewan and southern Alberta, by drouth, heat,
grasshoppers and frost. In other sections and provinces
rainfall and weather conditions have been mostly favorable.
To-day it was 58 to 69 degrees here and raining. The
forecast was for showers and slightly warmer. Overnight at
Boston it was 64 to 76 degrees; Baltimore, 62 to 78; Pittsburgh, 64 to 72; Portland, Me., 56 to 70; Chicago, 66 to 74;
Cincinnati, 68 to 86; Cleveland, 66 to 70; Detroit, 66 to 76;
Charleston, 80 to 94; Milwaukee, 68 to 78; Dallas, 74 to
94; Savannah, 74 to 94; Kansas City, 72 to 86; Springfield,
Mo„ 68 to 90; St. Louis, 72 to 90; Oklahoma City, 72 to
96; Denver, 60 to 82; Salt Lake City, 66 to 96; Los Angeles,
64 to 82; San Francisco, 52 to 70; Seattle; 56 to 78; Montreal, 62 to 78; Calgary, 52 to 86; and Winnipeg, 58 to 76.
American Federation of Labor Calls Second-Quarter
Business Advance the "Most Amazing in History"
—Survey Says July Break in Markets Was "Important Turning Point in Recovery."
Business activity in the second quarter of 1933 made the
largest advance in history, according to the monthly survey
issued by the American Federation of Labor on Aug. 4,
which estimated that 1,500,000 unemployed had found jobs
between March 15 and June 15. The analysis declared
that the late July collapse in the stock market and commodity
markets was an "important turning point in the course of
recovery," since, prior to that decline, the growth in business was "comparable to hot-house forcing," with the crop
in the dollar and the rise of prices being the stimulants.
The Federation warned that if wages are to be raised enough
to create "necessary buying resources employers must
postpone profit increases. This means: Raise wages, shorten
hours, take on more workers, keep prices at the lowest possible levels." The survey, further said, in part:
Events of the last month have proved beyond a doubt that a blanket
code was urgent. Danger signals began to show that industry could no
longer follow its rapid pace of recovery and leave workers' buying power lagging behind. During the second quarter of 1933, business activity has made
the most amazing advance in history, regaining in three short months
nearly half the ground lost in three years of depression. But the swift
advance in production and prices has not brought proportional gains in
employment and purchasing power and by June retail sales were still lagging
4% behind last year, although production was 55% above 1932.
During July, retail sales have apparently made no further gains, while
production continued to increase in the first two weeks. This unsupported
rise stimulated by speculation and the rush to beat codes, came to an end
about mid-July. The rapid upsweep of steel production had ended a week
before and other industries were beginning to slacken. Textile activity
dropped suddenly after the code went into effect on July 17, and on July 18
the dollar fell to a new low point on international markets.
Clearly the decline of the dollar cannot go on forever. It has served as
an effective forcing measure to get prices and business started upward,
but lasting recovery must be built on a more solid base. Wholesale prices
in general have made considerable progress on the road back to 1926
levels. From 60% of 1926 on March 4 the Labor Department average had
risen to 70% by July 22, one-quarter of the way back: wheat and cotton
prices have covered almost half the distance back to their 1926 levels
.
(in spite of July losses). Speculation has unquestionably speeded these
Financial Chronicle
Department Store Sales in July Declined from June
According to Federal Reserve Board.
Preliminary figures on the value of department store sales
show a decrease from June to July of about the estimated
seasonal amount. The Federal Reserve Board's index,
which makes allowance both for number of business days and
for usual seasonal changes, was 69 in July on the basis of
the 1923-1925 average as 100, compared with 68 in June
and 67 in May. The Bureau continued on Aug. 10:
In comparison with a year ago, the value of sales for July, according
to
preliminary figures, was 4% larger. The aggregate for the first seven
months of the year was 13% smaller than
last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
*July.
Federal Reserve District:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas cur
Dallas
San Francisco
_____
Jan. 1
to
July 31.*
+3
2
+1
+13
0
+5
1
+7
0
+8
+16
+13
Number of Number
Reporting
of
Stores.
Cities.
16
13
15
14
13
13
14
-13
-11
11
-8
-12
47
50
34
20
47
23
56
19
17
23
22
73
25
25
14
10
18
15
34
10
11
15
9
26
Total
+4
431
-13
212
*July figures preliminary: in most
ness days this year and last year. cities the month had the same number of busi-
"Annalist" Weekly Wholesale Price Index Steady in
Dull Week.
An unimportant loss of 0.1 point for the week left the
"Annalist" Weekly Index of Wholesale Commodity Prices
at 103.0 on Aug. 8, compared with 103.1 Aug. 1. The
"Annalist" said that it marked the second week of relatively
little change, the preceding one having seen a rise of but
0.6 point. The "Annalist" added:
On Aug.2reports from Washington,purporting to deny the recent rumors
that actual currency debasement would not be resorted to, sent the dollar
down and stocks and commodities up. The following days were somewhat
dull and featureless, partly because of the curbs on speculation announced
by the Stock Exchange (presumably in the hope of averting more drastic
measures by the Government). Probably more important was the subsidence of the speculative activity of recent months as a result of the softpedaling of Inflation at Washington.
The dollar lost 1.1 cents net during the period, declining to 73.6 cents
from 74.7. In consequence, the commodity index on a gold basis lost part
of its gain of a week ago, falling to 75.8, from 77.0 last week and 73.3 the
week previous.
THE ANNALIST WEEKLY INDEX OF WFIOLESALE COMMODITY PRICES
Unadjusted for Seasonal Variation (1913=100).
Aug,9 1933. Aug. 1 1933. Aug.9 1932.
Farm'products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
90.4
103.3
*126.6
122.5
104.4
107.4
96.9
86.6
91.7
103.9
2128.8
118.7
104.2
107.3
96.9
86.5
74.5
98.8
68.9
143.5
96.0
106.7
95.2
79.7
All commodities
103.1
94.0
103.0
All commodities on x gold basis
77.0
75.8
____
* Preliminary. z Revised. xBased on exchange quotations for France, Switzerland, Holland and Belgium.
Increases and Decreases from Corresponding Mos. of 1932.
Total
March
April
May
June
July
Room sales were down 2% and the sole cause of this was the 8% drop
-point rise in the occupancy,
In average sale to the room,since there was a 3
to 48%. For the first time on record there was a seasonal increase in
occupancy, the July figure being 1 point higher than June. Heretofore the
average drop was 3 points. However, room occupancy was still far from
normal because the 1927-1932 July average was 57%, while this July it
Was only 48%. About 55% of all hotels reporting sold more rooms this
July than last.
The extent of the pickup in hotel business since the early part of the
Year is shown by the following figures:
Rooms.
-28%
-28
-15
-7
+1
Food.
Rates.
-29%
-19
-13
-4
+3
-27%
--21
--16
-11
-15%
-13
-13
-9
-8
Chicago and Washington had sharp increases over last July; New York
City,a small one. The hotels in the smaller cities of the country
-grouped
under "other cities"
-are sharing consistently in the improvement.
The ratio of beer sales to food sales was slightly higher in July than
heretofore,and this helped the restaurantsales to outdistance the room sales.
INCREASES AND DECREASES IN SALES FROM THREE YEARS AGO.
Jan.
Feb.
Trktal
March.
April.
%
-51.4
-50.8
-53.7
-40.1
-53.8
-59.3
-55.8
%
New York
-50.7
Chicago
-54.6
Philadelphia _ _ _ _ -53.3
Washington
-44.3
Cleveland
-50.7
Detroit
-48.4
California
-51.5
All others reporting
-49.1
%
-53.7
-58.8
-60.0
-36.3
-58.7
-60.0
-57.5
%
-53.5
-50.9
-53.4
-45.6
-53.2
-60.8
-55.2
-49.7
-55.3
-52.3
-5/1 A
-50 1
-cc 1
-51 5
May.
June.
July.
%
%
-45.3 -42.4
+6.8 +23.2
-51.5 -49.2
-36.4 -10.3
-47.6 -39.3
-49.8 -500
-48.0 -47.0
-50.4
-401
-46.1
.-42Q
-20.5
The following analysis by cities was also issued by Horwath
& Horwath:
TREND OF BUSINESS IN HOTELS IN JULY 1933 COMPARED WITH
JULY 1932.
•
Occupancy.
Room Rate,
Saler.
Percent of
Percent ofInc.(4-)or Dec.
(-)
TMs ISarneMo.
(+)
Total. Rooms. R,esTant. Month. last Year Dec.(-)
New York
Chicago
Philadelphia.,
Washington
Cleveland
Detroit
California
Texas
All others reporting
+3
+122
--16
+27
--4
--11
--14
+4
+128
--15
+30
+3
-3
+2
+116
--17
+22
--11
--22
--I4
--9
--7
+1
Total
-2
-14
--8
+2
42
86
25
35
50
41
41
43
45
37
.55
27
29
48
42
42
43
45
-10
+38
-11
+3
--14
--20
--12
--9
--8
+3
48
45
-8
Revenue Freight Car Load'ngs Continue Below Previous Weeks, But Still Exceed Corresponding
Period in 1932.
The first 15 major railroads to report car loadings of revenue freight originated on their own lines for the seven days
ended Aug. 5 1933 loaded 261,072 cars, compared with
269,474 ears in the preceding week and 211,657 cars in the
corresponding period last year. With the exception of the
Atchison Topeka & Santa Fe Ry., the Chicago, Rock Island
& Pacific Ry. and the Missouri-Kansas-Texas Lines, all of
these carriers continued to show substantial increases over
the 1932 week. Comparative statistics follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Lines.
Rec'd from Connections.
Weeks Ended.
Aug.5 July 29 Aug.6 Aug. 5 July 29 Aug.6
1933. 1933. 1932. 1933. 1933. 1932.
Atch. Top. & Santa Fe Ry
Chesapeake & Ohio Ry
Chic. Burl. et Quincy RR
Chic. Milw. St. Paul 6: Sac. Ry_.
Chicago AL North Western RyChic. Rock Island & Pacific Ry
Gulf Coast Lines & subsidiaries_ _
International Great Northern RR
Missouri-Kansas-Texas Lines...Missouri Pacific RR
New York Central Lines
Norfolk & Western Ry
Pennsylvania System
Pere Marquette Ry
Wabash Ry
16,893 16,977
23,928 24,368
14,396 16,259
17,913 17,999
15,153 15,172
12,099 12,418
2,113 2,254
2,410 2,403
4,164 4,479
13,595 13,574
44,841 x47,176
21,716 21,738
62,426 64,760
4,366 4,654
5,059 5,242
19,238 4,140 4,459
16,847 8,602 9,439
13,202 6,245 6,205
14,377 6,300 6,610
13,746 8,356 9,055
12,809 7,692 8,538
988
1,683 1,089
1,664 1,422 1,349
4,253 2,183 2,408
11,437 6,593 6,729
33,102 59,918 x62,459
13,555 4,309 3,751
47,135 37,567 40,328
•
3,577
5,032 6,713 6,849
3,499
5,957
4,728
5,796
6,846
6,761
1,051
1,139
2,081
5,733
41,812
2,354
26,492
5,301
Total
261,072 269,474 211,657 161,129 169,167 119,550
x Revised. •Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Week Ended.
Illinois Central System
Bt. Louis-San Francisco Ry
Total
Trend of Business in Hotels During July Surveyed by
Horwath & Horwath-Total Sales Ahead of Year
Ago for First Time Since December 1929.
In surveying the trend of business in hotels during July,
Horwath & Horwath stated that "for the first time since
December 1929, the total sales were higher than in the corresponding month of the preceding year." The firm continued that "the July increase in total sales was 1%; that in
restaurant, 3%." Adding, they said:
1127
1111111
8`.:3
gains and thus benefited the farmers, but it also drove prices above Justified levels on the exchanges. The recent collapse has placed the situation
on a more realistic basis.
- The task now is Ito increase business and raise prices by creating buying power. The President's aim is to accomplish just this through the
blanket code. The President's blanket code calls for a 35-hour week,
with a 40-cent an hour minimum wage in industry, and a 44
-hour week
with a weekly minimum wage of $12 to $15 for clerical workers, salesmen, etc.
If the nation joins wholeheartedly in this move to create buying power,
the unbalance of the last few months can be speedily corrected. It will require the highest type of patriotism on the part of every employer of labor
to follow the far-sighted policy even at personal sacrifice, to carry out the
President's program and list us finally out of this depression. The July
price collapse warned us what lies ahead if we fail."
I
Volume 137
Aug. 5'33. July29'33. Aug.6'32.
25,216
11,547
25,788
11,401
21.410
10,877
36,763
37,189
32,287
Loading of revenue freight for the latest full week-that is,
for the week ended on July 29
-totaled 638,396 cars, the
American Railway Association announced on Aug. 5. This
was a deerease of 10,518 cars below the preceding week this
year but an increase of 127,293 cars above the corresponding
week in 1932. It was, however, a reduction of 123,422 cars
below the corresponding week in 1931. Details for the latest
full week follow:
Coal, coke, ore and merchandise less than carload lot freight showed
increases for the week of July 29 over the preceding week this year but
grain and grain products, livestock, forest products and miscellaneous
freight showed reductions. All commodities showed increases over the
corresponding week last year except grain and grain products.
Miscellaneous freight loading for the week of July 29 totaled 228.592
cars, a decrease of 6.482 cars below the preceding week, but an increase
of 50,886 cars above the corresponding week in 1932. It was, however.
a decrease of 60.879 cars under the same week in 1931.
Loading of merchandise less than carload lot freight totaled 172,407 cars,
an increase of 939 cars above the preceding week, and 5,537 cars above the
Financial Chronicle
1128
corresponding week last year. but 41,535 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 33,365 cars, a
decrease of 15,539 cars below the preceding week, 7,139 cars below the
corresponding week last year and 18,155 cars below the same week in
1931. In the Western districts alone, grain and grain products loading
for the week ended July 29 totaled 22,030 cars, a decrease of 3,752 cars
below the same week last year.
Forest products loading totaled 27,567 cars. 1,137 cars below the preceding week, but 12,158 cars above the same week in 1932. and 194 cars above
the same week in 1931.
Ore loading amounted to 26.633 cars, an increase of 385 cars above the
week before, and 20,186 cars above the corresponding week in 1932, but
8,709 cars below the same week in 1931.
Coal loading amounted to 128,006 cars, an increase of 11,607 cars above
the preceding week, 40,663 cars above the corresponding week in 1932,
and 8,441 cars above the same week in 1931.
Coke loading amounted to 6,759 cars, 295 cars above the preceding week.
4.440 cars above the same week last year, and 1.951 cars above the same
week two years ago.
Livestock loading amounted to 15,067 cars, a decrease of 586 cars below
the preceding week, but 562 cars above the same week last year. It was,
however, a decrease of 4,730 cars below the same week two years ago. In
the Western districts alone, loading of livestock for the week ended on
July 29 totaled 11,532 cars, an increase of 681 cars compared with the
same week last year.
All districts except the Central Western reported increases in the total
loading of all commodities compared with the same week in 1932. All
districts reported decreases compared with the corresponding week in
1931, except the Pocahontas. which showed an increase.
Loading of revenue freight in 1933 compared with the two previous
years follows:
Aug. 12 1933
1966.
2,266,771
2,243,221
2,280,837
2,774.134
2,088,088
1,966,488
488,281
415,928
503.761
501,912
511,103
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
667,630
762,444
757,980
742,481
761,818
15.716.457
Total
1962.
1.910,496
1,957,981
1,841,202
2,504,745
2,127.841
2,265,379
834,074
539,223
648,206
648,914
638,396
Four weeks in January
Four weeks in February
Four weeks In March
Five weeks in April
Four weeks in May
Four weeks in June
Week ended July 1
Week ended July 8
Week ended July 15
Week ended July 22
Week ended July 29
16.040.524
22.045.217
LUSI.
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended July 29. 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
July 22. During the latter period a total of only 16 roads
showed decreases as compared with the corresponding week
last year. Among the most important carriers continuing
to show increases over a year ago were the Pennsylvania
System, the Baltimore & Ohio RR., the New York Central
RR.; the Chesapeake & Ohio Ry., the Southern By. System,
the Norfolk & Western By., the Chicago Milwaukee St.
Paul & Pacific Ry., the Chicago & Northern Western Ry.,
the Chicago, Burlington & Quincy RR., the Louisville &
Nashville RR. and Illinois Central System.
-WEEK ENDED JULY 22.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)
Railroads.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.& Hartford...
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & NorthernTotal
Group C:
Ann Arbor
Chicago Ind.& Louisville
Cleve. On. Chic. & St. Louis..
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line...
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis.
Pere Niarguette
Pittsburgh & Lake Erie
Pittsburgh & Vv est Virginia -- Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District
Allegheny District
Baltimore & Ohio
Bessemer .4 Lake Erie
Buffalo Creek & Gauley
Central 11.11. of New Jersey.
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
Pennsylvania System
zt kitting Co
.1 glop (Pittsburgh)
A:est Virginia Northern
Western Maryland
zPenn-R ead Seashore Lines-.
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina.
Durham & Southern
Gainesville dr Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound_
Total Revenue
Freight Loaded'
1931.
1932.
1933.
Total Loads Received
from Connections.
1933.
632
2,602
6,789
599
2,456
9,119
556
719
3,468
9,643
764
3,637
13.657
636
217
4,859
9,930
2,701
1,555
12,334
1,031
208
4,086
8.036
2,105
1,347
9,507
1,063
27.530
22.753
32,524
32,827
26.352
5,343
9,095
13,141
184
1.636
7,769
2.463
23,083
1,978
511
382
4.484
7,842
9.853
170
1,276
6,663
928
16,171
1,793
445
225
6,210
10,421
13,428
178
1,650
8,533
2,292
26,107
2,339
519
535
6,973
5,800
14,415
1,792
1,073
6,972
25
28,975
2,051
27
263
5,576
4,528
10,955
1,481
767
5,406
21
20,869
1,628
57
189
65,585
49,850
72,212
68,375
51.477
536
1.440
8,718
28
184
271
1,664
3,497
7,267
4,054
4,890
4,906
6.056
1.575
5.845
3.837
430
1,572
7,039
37
291
137
1,445
2.148
5,071
2.815
4,756
3,522
2,892
916
5,389
2,397
558
1,986
9,305
65
284
215
1.632
3,705
7,746
4.672
5,373
5.324
4.690
1,381
6,595
4,189
1,044
1,822
12,445
67
113
2,072
846
5,083
8,272
256
8,720
4,425
6,023
1,049
7,258
3,144
867
1,444
8,421
37
96
1,121
719
3,835
5,703
168
6,100
2,914
2,730
422
5,966
1,829
54,768
40,857
57,720
62,639
42,372
147,883
113,460
162,456
163,641
120,201
31,601
3,239
308
5,308
2
279
59
1,046
64.291
12,423
10,836
66
3,546
1,222
22,060
1,000
93
5.219
1
142
53
926
49,202
10,114
2,832
20
2.110
1,019
32,904
4,183
134
7,891
515
326
83
1,348
73,436
15,074
6,809
33
3,281
_
15,404
2,515
7
10,163
36
17
31
2,104
40.436
15,254
3,149
9,724
682
7
7,979
28
17
5
2,070
27.217
11,118
859
4,576
1,398
2,538
1,149
134,226
94,791
146,017
95,090
63,393
22,953
20,253
806
3,661
15,812
13.562
649
2,620
22,121
19,847
999
3,256
9,349
4,073
1.074
536
6,151
2.629
803
458
47,673
32,643
46,223
15.032
10,041
6,160
1.185
.582
133
51
1,507
482
415
6,721
20,791
165
5,665
648
388
121
39
1,276
363
293
5,617
15,607
145
8.511
1,189
530
175
50
1,771
563
394
8,541
22.760
173
4,674
1,595
809
342
76
974
969
3,944
3,472
13,026
733
3,339
922
495
255
40
701
532
2,829
2,401
7,503
546
Total Loads Received
from Connections.
1933.
1932.
630
2,914
8.190
965
2,880
11,209
742
Total Revenue
Freight Loaded.
Railroads.
Group B:
Alabama Tenn.& Northern-.
Atlanta Birmington & Coast--Atl. & W.P.
-West.RR.of Ala
Central of Georgia
Columbus dt Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah-Megaton! Central
Mobile & Ohio
Nashville Chatt. & St. Louis...
NewOrleans-Great Northern-.
Tennessee Central
1932.
1931.
1933.
273
1.697
913
4.564
234
273
833
380
755
17,981
18.863
191
141
1,843
2,695
578
346
137
601
491
2,904
159
290
775
295
699
16,219
13,646
171
142
1,593
2,268
383
235
265
1,264
729
5.333
• 170
424
1,211
513
846
22,363
19,835
235
182
2,002
2,810
843
495
133
496
1,060
2,747
171
274
1,5(15
313
730
9,382
4,424
2.99
• 254
1,308
3,282
251
563
1932.
141
293
698
1.895
107
365
892
244
503
6,464
2,628
290
180
742
1.888
212
367
52.560
41.008
59.524
27.192
17,909
Grand total Southern District-.
90,752
71.170
104,181
57,806
37,472
_
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw.St. Paul& PacificChic. St. Paul Minn.& Omaha.
DuluthMissabe & Northern
Duluth South Shore & Atlantic_
Elgin Jollet & Eastern
Ft. Dodge Des M.& Southern.
Great Northern
Green Bay vt Western
Minneapolis & St. Louis
MInn.St. Paul & S.S. Marie._
Northern Pacific
Spokane Portland dr Seattle
804
20,147
2.706
19,022
3,751
7.188
917
5,521
485
12.432
532
2,340
5,044
8,648
978
994
13,098
2.192
14,278
3,165
1,934
470
2,709
301
7,215
459
1,801
4,169
6.514
1.068
1,519
21,430
3,591
22.626
3,907
12,879
1,333
4,333
407
13,997
607
3,093
6,329
9,405
1,095
2,189
8,927
2,3E5
7,010
3,536
62
350
4,785
138
2,290
386
1,452
2,282
2,337
1,271
1,860
7.088
1,891
5,561
2,540
94
280
2,543
105
1,827
310
1.035
1.703
2,058
756
90.515
60,367
106,551
39.369
29,651
18.761
3,265
174
18.167
12.587
2,719
677
1,339
•175
1,113
668
2E3
15,873
288
530
11,065
•169
1,153
22,764
-- 3,330
132
13.220
12,465
2,403
595
1,195
192
1,201
579
215
15,491
241
376
10.195
98
1.213
28,203
4,377
186
20,044
17,255
2,821
1,015
2.023
250
1,46.1
847
139
20,601
441
393
13,778
90
1.576
4,630
1,931
19
6,183
11,726
2,127
896
1,919
19
686
289
38
3,034
291
1,093
6.310
5
1,316
3,444
1,612
16
4,499
5,196
1,296
549
1,800
15
584
478
87
2,656
263
731
6,146
4
1,435
88,976
85,905
115,512
37,512
30,811
_-
259
118
124
2,126
85
114
88
1,697
282
172
154
x1,674
3,708
283
124
976
2,:51()
161
1,489
998
311
480
147
4,564
15,245
61
63
7.296
2,006
,46l
1133
1.318
1,221
67
437
38
4.528
12,872
35
80
7,626
1,1343
4,62- 4
418
1,982
1,788
187
831
61
5,411
18,494
34
112
8.766
2,969
1,172
1,275
358
809
1,246
1,362
997
873
301
720
12s
156
181
274
2,173
2,266
7,123
6.131
28
14
104K
3,246
2.602
1,468
1.097
i.6415
4:607
3,311
1,852
63
6,500
4,815
1,983
84
Total
Total
Central Western DistrictAtch. Top. & Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island & Pacific.
Chicago & Eastern Illinois
Colorado & Southern
Denver as Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand island
Toledo Peoria dr Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
y 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..
MissouriPacific
Natchez & Southern
Quanah Acme & Pacific
Bt. Louis-San Francisco
St. Louis Southwestern
Y San Antonio Uvalde & Gull
Southern Pacific in Texas & La.
Texas& Pacific
Terminal RR.Assn.01St. Louis
Weatherford Min.Wells & N
.W
3,541
2,300
21
2,125
290
110
868
.
2- 60
iiii
3,408
2,665
35
2,647
1.691
41
33,509
46 85!)
61.541
43.576
26.51(
30,614
44,6E7
19.563
Total
30.162
Total
38.192
x Estimated. r Included in Gulf Coast Lines. x Pennsylvania-Reading Seashore Lines include the new consolidated lines of the IS est Jersey & Seashore RR.
formerly Part of Pennsylvania 1111. and Atlantic City RR,formerly part of Reading Co.; 1931 and 1932 figures Included in Pennsylvania System and Reading Co.
Financial Chronicle
Volume 137
Commodity Prices Lower During Latest Week Ended
Aug.5 According to National Fertilizer Association.
Wholesale commodity prices declined slightly during the
week ended Aug. 5 according to the index of the National
Fertilizer Association. During the week this index declined
three points, receding from 67.5 to 67.2. (The three-year
average 1926-1928 equals 100.) A month ago the index
stood at 65.4 and a year ago at 61.3. The latest index
number is therefore 18 points higher than it was a month
ago and is 59 points higher than it was at this time last year.
Under date of Aug. 7 the Association said:
During the latest week only one of the 14 major groups in the index
advanced, five declined and eight showed no change. The advancing
group was metals, but the gain was small. The declining groups were foods,
grains, feeds and livestock, textiles, fats and oils and fertilizer materials.
The largest declines were shown in grains, feeds and livestock and fats and
oils.
Thirty-six individual commodities showed lower prices during the latest
week while only 24 showed price gains. During the preceding week there
were 31 price advances and 26 price declines. Three weeks ago there
were 76 advances and only nine declines. Commodities that advanced
during the latest week included pig iron, copper, calfskins, wool, woolen
Yarns, rayon, potatoes, beef, peas, prunes, peanuts choice cattle and
cottonseed. The declining commodities included cotton, lard, butter,
most vegetable oils, eggs, raw sugar, flour, corn, oats, wheat, rice, cottonseed meal, hogs, silver, rosin, petroleum and rubber.
The index numbers and comparative weights for each of the 14 major
groups listed In the index are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476
COMMODITY PRICES.
(1926-1928=-100).
Per Cent
Each Group
Bears to the
Total Index.
Group.
23.2
16.0
12.8
10.1
8.5
6.7
8.6
6.2
4.0
3.8
1.0
.4
.4
.3
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
loonA1,....,........,.....,.,_....
Latest
Week
Aug. 5
1933.
Preceding
Week.
Month
Ago
Year
Ago.
69.3
58.0
.55.9
66.6
68.0
84.4
74.1
78.4
77.2
51.0
87.0
66.0
65.9
90.1
69.4
58.0
56.9
67.1
68.0
84.4
74.1
78.2
77.2
54.0
87.0
66.7
65.9
90.1
67.0
56.0
55.1
63.2
63.2
84.4
72.4
77.0
75.4
55.4
87.9
64.9
65.7
90.1
61.1
67.6
45.1
40.6
59.8
87.7
71.5
68.4
76.2
41.9
87.4
68.8
71.8
92.1
AG A
Cl,
nn n
01.4
',r0
4
Moody's Daily Index of Staple Commodity Prices
Declines at Week-End.
Prices for the principal staple commodities fluctuated
irregularly the present week, the average ending lower on
Friday. In the early part of the week, weakness in cotton
and hogs was largely responsible for the recession but on
Wednesday these items recovered a part of their previous
loss. The gain failed to hold, however, and on Friday
practically all items contributed to the decline.
In spite of the fairly substantial drop from a week ago
in the Index, five items in the Index show small advances,
six are unchanged and four are lower. The small gains are
in cocoa, wheat, corn, silver and sugar. The declines are
in silk, rubber, hogs and cotton, the last item declining
sharply from 10.15 cents per pound a week ago to 9.30 cents
the present Friday.
The movement of the Index number during the week, with
comparisons, was as follows:
Aug. 4
Fri.
135.1 2 wks. ago, July 28
Aug. 5
Sat.
*
Month ago, July 11
Mon. Aug. 7
134.5 Year ago, Aug. 13
Tues. Aug. 8
133.61932 High, Sept. 6
Wed. Aug. 9
135.4
Low, Dec. 31
Thurs. Aug. 10
135.9 1933 High, July 18
Fri.
Aug. 11
133.9
Low, Feb. 4
*Index not computed as most commodity exchanges were closed.
137.4
139.0
94.2
103.9
79.3
148.9
78.7
Weekly Electric Power Output 15.6% Higher Than a
Year Ago.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended Aug.5 1933 totaled 1,650,013,000 kwh., an increase of 15.6% over the corresponding
period last year, when output amounted to 1,426,986,000
kwh. A gain of 15.4% was registered for each of the two
preceding weeks over tha same periods in 1932.
This was the 14th consecutive week that production exceeded that for the 1932 week, and also compares with 1,661,504,000 kwh. produced during the week ended July 29 1933,
1,654,424,000 kwh. for the week ended July 22 and 1,648,339,000 kwh. for the week ended July 15 1933.
Electric output in the New England region during the
week enned Aug. 5 1933 was 21.3% over that for a year ago,
the Middle Atlantic region showed a gain of 12.8%, the
Central Industrial region an increase of 22.7%, the Southern
States region an advance of 17% and the Pacific Coast
region a gain of 5.9%. The Institute's statement follows:
1129
PER CENT CHANGES.
Major Geographic
Divisions.
TVeek Ended
Week Ended Week Ended Week Ended
Aug. 5 1933. July 29 1933. Jtdy 22 1933. July 15 1933.
New England
Middle Atlantic
Central Industrial_.._
Southern States
Pacific Coast
+21.3
+12.8
+22.7
+17.0
+5.9
+24.0
+13.6
+21.1
+14.0
+8.0
+27.1
+11.7
+19.2
+18.6
+8.0
+26.0
+12.2
+19.2
+25.8
+5.3
Total United States-
+15.6
+15.4
+15.4
+16.4
Note.
-Specific information on the trend of electric power production is now
available for the Southern States, the addition of another geographic region in
the weekly reports of electric power output. This major economic division includes
the territory south of the Potomac and Ohio rivers and the States of Arkansas,
Oklahoma, Louisiana and Texas.
The region formerly described as the Atlantic Seaboard has been changed to the
"Middle Atlantic" area and includes the States of Maryland, Delaware. New
Jersey and the central and eastern portion of New York and Pennsylvania.
No changes have been made in New England, the Pacific Coast. or the Central
Industrial region, which, as before, is outlined by Buffalo, Pittsburgh, Cincinnati,
St. Louis and Milwaukee.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
Week ofMay 6
May 13
May 20
May 27
June 3
June 11)
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
1933.
Week of-
1,435,707,000 May 7
1,468,035,000 May 14
1,483,090,000 May 21
1,493,923,000 May 28
1,461,488,000 June 4
1,541,713,000 June 11
1,578,101,000 June 18
1,598,136,000 June 25
1,655,843,000 July 2
1,538,500,000 July 9
1,648,339,000 July 16
1,654,424,000 July 23
1.661,504,000 July 30
1,650,013,000 Aug. 6
Aug 13
1932.
Week of-
1,429,032,000 May 9
1,436,928,000 May 16
1,435,731,000 May 23
1,425,151,000 May 30
1,381,452,000 June 6
1,435,471,000 June 13
1,441,532,000 June 20
1.440,541,000 June 27
1,456,961,000 July 4
1,341,730,000 July 11
1,415,704,000 July 18
1,433,993,000 July 25
1,440,386,000 Aug. 1
1,426,986,000 Aug. 8
1.418.122.000 Aug 15
1933
Over
1932.
1931.
1,637,296,000
1,654,303,000
1,644,783,000
1,601,833,000
1,593,662,000
1,621,451,000
1,609,931,000
1,634,935,000
1,607,238,000
1,603,713,000
1,644,638,000
1,650,545.000
1,644,089,000
1,642,858,000
1.829.011.000
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
15.4%
15.6
DATA FOR RECENT MONTHS.
Month of-
1933.
1932.
1931.
January _ _
February ___
March
April
May
June
July
August
September
October _
November
.
December_
6,480,897,000
.5,835,263,000
6,182,281,000
6,024.855,000
6,532,686,000
6,809,440,000
7,011,736,000
6,494,091,000
6,771,684,000
6,294,302,000
6,219,554,000
6,130,077,000
6,112,175,000
6,310,667,000
6,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7,435.782,000
6,678,915,000
7,370,887,000
7,184,514,000
7,180,210,000
7,070,729,000
7,286,576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
Total
1933.
Under
1932.
1930.
8,021,749,000 7.6%
7,066,788,000 10.1%
7,580,335,000 8.7%
7.416,191,000 4.3%
7.494,807,000 85.0%
7,239,697,000 al1.1.,
;l7,363,730,000
7,391,196,000
__7,337,106,000
7.718,787.000
7,270,112,000
7,566,601,000
__-
77.442.112.000 86.063.969.000 89.467.099.000
a Increase over 1932.
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are based
on about 70%.
Orders for Electrical Goods During Second Quarter
1933 Increased as Compared with Preceding Quarters.
New orders booked during the second qu irter of 1933, as
reported to the U. S. Bureau of the Census by 78 manufacturers of electrical goods, were $79,513,557, as compared
with $57,897,333, for the first quarter of 1933, and $79,079,886,for the second quarter of 1932. The following totals
of bookings for each quarter since the beginning of 1926
according to an announcement issued in the matter July 31
include motors, storage batteries, domestic appliances, and
industri Ll equipment, and are presented, not as a complete
statement of the industry, but as sufficiently representative
to indicate the trend.
Year-
Total.
lot Quarter. 2nd Quarter
3rd Quarter
4th Quarter
1926
$817,824,484 8215,080,783 8201,308.343 8196,824,568 8204,610,790
1927
761,671,664 197,165,626 188,293,886 192.568,772 183,643,386
1928
825,957,490 195,071,142 199,993,086 212,604,090 218,289,172
1929
1 065,510,643 270,483,985 285,090,125 280,188,354 229,747,599
1930
813,899,812 236,329,372 228,902,071 180,732,926 167,935,443
1931
578,723,668 146,489.841 181,347,794 132,303,909 118,586,124
1932
282,662,547 77,351,480 79,079,886 63,319,307 62,911,874
1933--------t7507333 70 AIR RA7
Sharp Increase Noted in Canadian Output of Electric
Energy in June-Dominion Bureau of Statistics
Reports Total for Six Months Also Ahead of Same
Period Last Year.
In line with the increased output of electric eneigy in the
United States, the output of Canadian central stations
showed a sharp rise in June, the total being larger than for
the preceding month and the corresponding months of 1932
anu 1931. According to figures compiled by the Dominion
Bure al of Statistics, energy generated last month amounted
to 1,370,913,000 kwh., compared with 1,349,942,000 kwh.
in the previous month and with 1,198,232,000 kwh. in June
of 1932. An announcement issued in the matter July 29
continued:
The amount of •energy generated by water power was 1,349.280,000
kwh., the largest output for any month since December 1932.
For the first six months of 1933 the output of Central stations aggregated
8,083,295,000 kwh., compared with 7,926,493,000 kwh.for the corresponding period last year. For the six months period only the Province of Quebec
showed an increase in production, its gain being large enough to offset
1130
Financial Chronicle
losses in other areas. In June,however, Ontario and the Maritime Provinces
also showed increases in output.
Increased production of newsprint and greater use of the electric boiler
for the generation of steam were credited for the improvement in electric
output.
June Sales of Electricity Increased 11.6% Over Same
Month Last Year-Total Revenue Shows Little
Change.
The following statistics, covering 100% of the electric
light and power industry, were released by the Edison Electric Institute on Aug. 4:
Month of June- P.C.
1933.
1932. Change
3,948,024.000 3,628.725,600 +8.8
2,741,138,000 2,446.805,000 +12.0
x Kilowatt Hours Generated (Na)By fuel
By water power
Total kilowatt hours generated
Additions to Supply
Energy purchased from other sources
Net International imports
6,689,162,000 6,075,530,000 +10.1
224,760,000
44,156,000
Total sales to ultimate consumers
Total revenue from ultimate consumers
x Kilowatt hours Generated (Na)By fuel
By water power
216.977,000 +23.9
50,036.000
98,602,000
Total
Total energy for distribution
Energy lost in transmission,distribution,ate._
Kilowatt hours sold to ultimate consumersSales to Ultimate Consumers(Kwh.)Domestic service
Commercial-Small light and power (retail)._
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
178,792.000 +25.7
38,185,000 +15.6
268,916,000
Total
Deductions from Supply
Energy used in electric railway departments
Energy used In electric and other depts
67,276,000 -25.6
95,154,000 +3.6
148.638,000
162,430,000 -8.5
6.809.440,000 6,130.077,000 +11.1
1,206,025,000 1,107,738,000 +8.9
5,603,415,000 5,022,339,000 +11.6
888,701,000
869,104,000 +2.3
997.258.000
981.423,000 +1.6
3,159,186,000 2,817,451,000 +20.7
142,890,000
156,112,000 -8.5
304.485,000
314.001.000 -3.0
54,374,000
42,048.000 +29.3
56,521.000
42,200.000 +33.9
5,603,415,000 5,022,339,000 +11.6
$143,367,600 $143,396,100 -0.0
-12 Months Ended June 30- P.C.
1933.
1932.
Change
44,413,170,000 52,335,686,000 -15.1
31,280,359,000 29,235.716,000 +7.0
Total kilowatt hours generated
75,693,529,000 81,571,402,000 -7.2
Purchased energy (net)
2,654,485,000 2,729,798,000 -2.8
Energy used In electric railway and other depta 1,961,924,000 2,236,624,000 -12.3
Total energy for distribution
76,386,090.000 82,064,576,000 -6.9
Energy lost in transmission, distribution,&c 13,934,118,000 13,951.211.000 -0.1
Kilowatt hours sold to ultimate consumers_ 62,451,972,000 68,113,365,000 -8.3
Total revenue from ultimate consumers
$1,772,767,900 $1,913,463,100 -7.4
Important Factors
Per cent of energy generated by waterpower
41.3%
35.8%
Average pounds of coal per kilowatt hour
1.46
1.49
Domestic Service (Residential Use)
Aver,annual consumption per oustomer(kwh.)
598
592 +1.0
Average revenue per kilowatt hour (cents)...
5.56
5.65 -1.7
Average monthly bill per domestic customer
$2.77
$2.79 -0.7
Basic Information as of June 30.
1963.
1932.
Generating capacity (kw 1-Steam
24,026,200 24,095,900
Water power
8,977,200 8,893,100
Internal combustion
461,500
450,000
Total generating capacity in kilowatts
33,464,900 33,439,000
Number of Customers
Farina in Eastern area (included with domestic)
502,201
409,494
Farms in Western area (included with commercial,large).203,926
208,314
Domestic service
19,706,381 19,968,755
Commercial-Small light and power
3,656.527 3,705,172
Large light and power
523,956
557,944
All other ultimate consumers
64,362
63,891
Total ultimate consumers
23,951,226 24.295,762
x As reported by the U. S. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
New York State Factory Employment and Payrolls
Recorded Further Gains from Middle of June to
Middle of July-Fourth Consecutive Advance.
The fourth successive monthly advance in New York
State's factory employment and wage payments occurred
during the period from the middle of June to the middle of
July, according to a statement issued Aug. 10 by Industrial
Commissioner Elmer F. Andrews. The gain in numbers
employed amounted to 4.2% and in total f9Anury payrolls
to 6%. These advances occurred despite the seasonal
downward tendency, for normally July is one of the dullest
months of the year. Returns from 1,620 representative
factories which report each month to the Division of Statistics
of the State Labor Department form the basis for this analysis. The statement further said:
The July increases advanced the State index of factory employment to
62.0 (preliminary), and the index of total factory payrolls to 47.8 (preliminary), and extended the gains since a year ago to 18.3% and 21.3%.
respectively. These index numbers are computed with the average for the
three years 1925-1927 taken as 100. The upward tendency was general,
with the'movement extending this month to include all major industry
groups. Increases in wage rates were reported by many concerns. In
New York City, employment rose 3i of 1%, while wage payments were
increased 2.3%.
Increases in fetal Employment Continue.
The metal group again showed increased working forces as compared with
previous months. All industries comprising the group, excepting sheet
metal and hardware, reported continued gains in personnel. Reporting
firms in the group as a whole, which had taken on 5,800 persons during May
and 5.135 during Juno,re-employed approximately 4,000 additional workers
in July. Workers were being recalled by the silverware and jewelry;
structural and architectural iron; firearms, tools and cutlery; cooking,
heating and ventilating apparatus; automobiles and airplanes; railroad
equipment and repair; and instruments and appliances divisions. Particuarly large increases in numbers employed occurred in brass, copper and
aluminum;iron and steel; machinery and electrical apparatus; and boat and
ship building concerns. The increase in the sheet metal and hardware division was caused by a strike in a large up-State plant.
Aug. 12 1933
Net Gain in Clothing and Millinery.
Opposite tendencies were again apparent in the clothing and millinery
group. Men's clothing shops were busy manufacturing for the fall and
winter trade and were continuing to take on help in large numbers. The
men's furnishings and miscellaneous sewing branches again showed contraseasonal expansion in working forces. In factories manufacturing women's
clothing, women's underwear, and women's headwear, the usual July contractions were noted. Laundering and cleaning establishments were not
as busy as last month. The net result in the clothing and millinery group
as a whole was an increase in numbers employed of 1.5%•
Unusual Activity Continues in Textile fills.
Textile employment during July recorded its fourth consecutive monthly
Increase, contrary to the usual seasonal movement. In the group as a
whole, employment rose about 7.5% above the June level. Gains continued to be repelled by the woolens, carpets and felts; cotton goods; knit
goods; and miscellaneous textile divisions, while employment in silk mills
showed a recession from last month. Reporting firms in the textile group
as a whole, which had recalled 2,458 persons during May,and 3,500 during
June,added approximately 2,550 additional operatives in July.
Food Concerns 1faintain Upward Trend.
The volume of employment in the food and tobacco group again moved
higher in July. Most of the persons taken on were recalled by canneries,
where the summer canning season is at its height during July. Gains in
personnel were reported also by tobacco, and sugar and other groceries
concerns. Processors of flour, feed and cereals, and meat and dairy products kept about the same number of persons employed as during last
month. The candy division, which had shown an unusually large loss in
employment during June, was recalling workers this month. Some recession from June was noted in bakeries and in beverage plants.
Other Industries Busier.
In the furs, leather and rubber goods group increases were shown by all
the industries comprising the group excepting gloves, bags and
canvas
goods. In the latter division, employees in New York City factories
were
on strike. All industries comprising the stone, clay and glass; wood manufactures; chemicals, oils and paints; pulp and paper; and water, light
and
power groups reported improvement over previous months. A net gain
was noted in printing and paper goods concerns.
Net Gain in New York City.
In New York City, factory employment showed a not rise of
3. of 1%.
Payrolls, however, were increased 2.3%. Large losses occurred in the apparel group, where seasonal dullness prevailed in most industries.
Decreases occurred in all branches of the group except miscellaneous sewing.
A strike in the men's clothing industry caused a loss to be recorded instead
of the expected seasonal rise. Losses were noted also in stone, clay and
glass, textile and chemicals, oils and paints establishments. An increased
volume of employment was reported by the metals and machinery; wood
manufactures; printing and paper goods; foods and tobacco; and
furs.
leather and rubber goods groups. In the latter group, a strike in leather
goods concerns caused the gloves, bags and canvas goods division to show a
decline. In water, light and power plants employment remained at about
the June levels.
Employment and Payrolls Higher in All Up-State Centers.
For the second consecutive month all of the major up-State industrial
districts reported increases in both factory employment and payrolls.
Continued advances in operations in metal concerns were again the chief
factors in the improvement in Buffalo and Syracuse. In Rochester, men's
clothing shops were in the midst of the fall and winter manufacturing season, and consequently were hiring operatives in large numbers. Utica and
Albany-Schenectady-Troy had increases in textile mills and in metal concerns. In the latter district, shirt and collar manufacturers were also
extending operations. In Binghamton, shoe and metal firms continued
their gains over previous months.
Business Failures Very Much Reduced in July.
Business failures in July were greatly reduced in number.
It has been many years since the insolvency record has been
at so low a point, even for a mid-summer month, when some
recession in the number of mercantile defaults may be
..xpected. For the month just closed there were 1,421
insolvencies. This compares with 1,648 in the United
States in June, and 2,596 in July of last year.
The improvement in this report for 1933 has been unusually
marked. The decline in the number of failures since January
of this year has been very much greater than in either of the
two preceding years-in fact there are few if any records
where such a difference is shown as appears in this year's
report. The July failures were less than one-half in number
of those reported in January last. The reduction a year ago
for the corresponding period was slightly over one-third
and only a little under that ratio in 1931. The betterment
this year has seldom been equalled.
Liabilities for July were considerably lower than those for
any month for many years. The total for July this year is
$27,481,103 which compares with $35,344,909 for June and
$87,189,639 for July 1932. The amount has been considerably higher than twice the July figm es for many of the
months in the past six or eight years. Going back to the
opening of 1932, there were only three months, with the
exception of July this year, when the liabilities were below
$50,000,000.
The improvement was quite general in July throughout the
United States. The comparison in respect to the geographical
divisions, cover the figures of July 1932, and where the
reduction is so great as it has been between the insolvency
record for the past month and that of a year ago, changes
are quite easily traced.
A notable reduction In the number of business defaults for
July this year appears quite generally in the East, in the
Financial Chronicle
Volume 137
South and for the greater part of the Western States. There
are three of the 12 Federal Reserve districts where the
number of insolvencies in July of this year was less than
one-half the number that occurred in July 1932. These
three districts include New England, the Philadelphia
District, and the Atlanta District. For the New York
District and that of Chicago, the number of failures in July
this year and the liabilities were very much less than they
were in that month a year ago.
FAILURES BY FEDERAL RESERVE DISTRICTS FOR JULY.
Number.
Liabilities.
1933.
1932.
1931.
138
333
63
110
102
58
180
60
62
75
42
198
321
606
163
203
173
12g
331
109
71
141
72
278
192
435
152
153
89
99
308
80
56
107
60
252
United States_ 1.421
2.596
Boston (1)
New York (2)
Philadelphia (3)_
Cleveland (4)
Richmond (5)
Atlanta (6)
Chicago (7)
St. Louis (8)
Minneapolis (9)...
Kansas City (10)_
Dallas (11)
San Fran.(12)
1983.
1933.
81,967,928
8,786,025
1.347,034
2,667,563
1,262,789
657,912
3,888,186
1,091,513
1,133,996
605,334
798,981
3,278,842
1932.
$7,131,918
26,847,583
5.562,218
7,877,028
4,545,602
6,218,234
14,242,478
2,093,558
903,822
3,639,171
2,197,484
5,930,543
1931.
$5,126,802
12,864,112
9,410,631
6,422,579
1,320,725
2,652,050
9,799,743
5,298,184
591,669
1,351,878
1,050.406
5.119,074
5274R1_1(13 587.189.639 560.997.853
Liabilities.
Number.
1932.
1931.
April
1,421
1,648
1,909
1,921
2,596
2,688
2,788
2,816
1,983
1,993
2,248
2,383
Second quarter
5,478
8,292
6.624 $134,413,863 $261,763,666 $155,894,995
March
February
January
1,948
2,378
2,919
2,951
2,732
3,458
2,604
2,563
3,316
First quarter_ _ 7,245
9,141
8,483 $193,176,882 $275,520,622 $214,602,374
July
June
May
Halt
-year
1933.
1932.
1931.
1933.
$27,481,103 $87.189,639 $60.997,853
35.344.909 76,931,452 51,655,648
47,971,573 83,763,521 53,371,212
51.097,384 101,068,693 50,868,135
$48,500,212 $93,760,311 $60,386,550
65,576,068 84,900.106 59,607,612
79,100,602 96,860,205 94,608,212
12,723 17,433 15,107 $327,590,748 $537,284,288 $870,497,369
Industrial Employment in Ohio and Ohio Cities Reviewed by Ohio State University-Further Gains
Shown During July.
Total employment in Ohio during July registered a gain
for the fourth consecutive month, the increase from June
amounting to 5.9%, states the Bureau of Business Research
of the Ohio State University, in its review of industrial employing in Ohio and Ohio cities issued Aug. 5. The Bureau
said that "the July gains were due entirely to the 7.4% increase in manufacturing employment, since nonmanufacturing employment, reflecting seasonal influences, showed a decline of 2.2%. Employment in the construction industry decreased 0.4 of 1% in July, which is contra-seasonal." The
Bureau, in its review, added:
The expansion in total employment from the March low point to July,
amounting to almost 30%, has been brought about almost entirely by increased activity in the manufacturing Industries; construction employment
and non-manufacturing employment showing relatively small gains during
these 4 months.
Each of the 11 manufacturing groups shared in the July gain, the metal
products, lumber, and rubber groups showing gains of over 10%. The
stone, clay and glass, vehicles, and miscellaneous manufacturing groups
recorded gains ranging from 4% to 10%, while chemicals, machinery, paper
and printing, textiles and food groups registered increases from 1% to 4%.
Employment in each of these groups, with the exception of chemicals, is
above a year ago.
Gains extending from 9% to almost 15% were noted in Toledo, Akron,
Youngstown and Canton, while in Columbus, Cleveland and Cincinnati gains
of less than 4% were reported. Employment in Dayton remained substantially unchanged during July. Columbus is the only city of this group in
which employment in July does not exceed July of last year. In the State,
outside the 8 thief cities, July employment increased 8.4%.
Trade and Industry in Cleveland Federal Reserve District Showed Gains in Late June and First Half of
July-Wholesale and Retail Trade Higher Than a
Year Ago-Conditions in Tire and Rubber Industry.
The Federal Reserve Bank of Cleveland, in Its Aug. 1
"Monthly Business Review" of conditions in the Forutb
(Cleveland) District states that "gains in trade and industry
were reported in late June and the first half of July which
placed operations definitely above a year ago, and in several
lines made them approach or even exceed 1931 levels. A
slight tempering of the sharp expansion," continues the
"Bank,"was apparent in the latter part of July. However,
this might have been a belated seasonal change, for normally
in July and August.there is considerable let-down in most
lines of activity." In its "Review" the Bank also notes:
Accompanying the gain in production, employment and pay rolls expanded quite materially in June and July. In Ohio the gam in industrial
employment In June was reported to be approximately 9.5%. compared
With a five-year average reduction for this period of 1%. Pay rolls showed
S sharper upturn because wage increases were granted in many lines.
According to the U. S. Department of Labor, employment in the entire
country in June was up 14% from the low point touched in March. Pay
1131
rolls were up 29% in the same period and were approximately 10% higher
than a year ago. Despite the increase they are still less than half as large
as the monthly average of 1926.
As in May the gains in this District in June and early July were largely
the result of improvement in the iron and steel, automobile and allied
industries. The steel producing rate at Pittsburgh and Cleveland rose
eight points in the four latest weeks. At the same time oungstown mills
increased operations 14 points or approximately 28%. The automobile
industry continued to be the chief source of steel orders, though miscellaneous buying improved and a few rail orders for maintenance materials
were reported. Price advances were quite general, which caused buyers
to place rather large orders in June and July, but a tapering-off in the
latter part of the month was reported.
Iron ore receipts at Lake Erie ports in June were over six times as large
as a year ago and In the first half
-year were 7 times what they were in
the corresponding period of 1932. More boats have been, or are soon to
be placed in operation carrying ore from upper lake ports than since 1929.
Automobile production moved contrary to the seasonal trend of past
years in June and output was 38.3% higher than a year ago. Further
improvement occurred in early July and orders for parts and materials
received by local manufacturers indicated little summer dullness in this
Industry.
Coal production in recent weeks has been the highest for this season in
two years, output of local mines being up 58% in June from the corresponding month in 1932. Shipments of soft coal in June from Lake Erie ports
were up 46% from last year.
Electric power production continued to show gains, the total for this
district in May being 8.8% above May a year ago, and further gains in
June and July were indicated by preliminary reports. Tire production
increased sharply in May and June and conditions in Akron are very much
improved.
The glass industry has experienced and unprecedented demand for goods
in recent weeks and orders for electrical appliances and household goods
have improved. Paint and paper companies are operating at capacity
levels in most cases.
Retail buying in June improved contrary to the seasonal trend of past
years and sales in the latest month were slightly higher than a year ago,
the first gain since April, 1930.
Agricultural conditions continue to be quite unfavorable, though the
wheat crop in this District was much larger than in most sections of the
country. Other crops have been very adversely affected by lack of moisture
in recent weeks.
As to the wholesale and retail trade conditions in the
Cleveland District the "Review" said:
The value of department store sales in leading cities of the Fourth District 111 June NVAIS 0.7% higher than in June 1932. This was the first increase from the corresponding month a year ago since April 1930. The
decline in sales from May to June was slightly lees than seasonal, and the
adjusted index rose from 61.2 to 62.0% of the 1923-1925 monthly average.
Four of the seven individual reporting cities experienced increases in sales
In June. In the first six months of 1933 the sales volume was 15% smaller
than in the corresponding period of 1932. A further improvement in
retail trade was reported in July, particularly in the latter part of the
month in centers where liquidating dividends were paid by some of the
closed banks.
Larger pay rolls and the somewhat general feeling that retail prices
were on the verge of an increase no doubt were factors partly responsible
for the expansion in June sales. According to "Fairchild's" index, retail
prices advanced 2.6% in June from the May level, and from the low point
touched in April the advance has been 4.2%. Compared with a year ago
however, current prices are still down 3.8%. It is interesting to note
that prices of yard goods and home furnishings recorded the largest gains
and it was in these departments that the greatest improvement in sales
was experienced. All home furnishing departments, excluding musical
Instruments, showed favorable gains from a year ago, and sales of cottons.
linens and domestics also showed increases from last year. Sales of silverware, men's clothing and furnishings, and some women's apparel were
larger than in June, 1932.
Dollar value of stocks declined 0.6% from May to June, the drop being
slightly less than seasonal, but on June 30, stocks were still valued at
20% less than on the corresponding date of 1932. Approximately the
same per cent of total sales in June were credit sales as a year ago, but an
Increase in instalment buying was noted in the period. Such sales in
June accounted for 6.4% of total sales, whereas a year ago instalment
buying represented only 4.5% of all sales.
A slight improvement in collections was reported, payments in June
on accounts receivable at the end of May amounted to 32.0%, whereas
last year collections were 29.6% of the accounts receivable at the end of
the preceding month.
Wholesale,
A slightly greater-than-seasonal increase in the four reporting lines of
wholesale trade occurred in June. and sales of two groups, dry goods and
hardware, were considerably larger than a year ago. Depleted inventories and the possibility of increased prices caused retailers to specify
quite heavily and the dollar value of dry goods sales was 34% larger in
June than a year ago. The gains of the past two months offset part of
the large losses reported earlier in the year and the decline in sales in the
first six months of 1933 from the same period of 1932 was only 6.9%.
Hardware sales were 9% larger in June, but down 10.9% in the first six
months from corresponding periods of 1932.
Wholesale drug and grocery sales have been lagging somewhat, the
former being 13% smaller in June than last year and a reduction of 20%
was recorded in the first six months. Grocery sales were down 3.5% in
June and 11.4% in the January-to-June interval from corresponding
periods of 1932.
The following on the tire and rubber industry in the
Fourth Districe is from the "Review":
While tire and rubber factories have been consuming crude rubber at
an unprecedented rate in the past six weeks there are indications that
some of the activity resulted in an increase in inventories. Sales of tires
for original equipment increased with the advance in automobile production,
while replacement tire sales, though up sharply from the low point touched
earlier this year, have not shown the gain indicated by crude rubber consumption figures.
According to the Rubber Manufacturers' Association, crude rubber
consumption in June was 51,326 long tons, a new high record. This compares with 44,584) tons in May and represents an increase of 23.8% from
June last year when domestic consumption was unusually high due to
the fact that tire companies were operating at high rates supplying dealers
With stocks prior to the date the Federal tax on tires became effective.
In the first six months of the year consumption was 184,724 tons, a slight
1132
Financial Chronicle
reduction from the 190,924 tons used in the corresponding period of 1932.
Imports of crude rubber in June were 22,729 tons, a decrease of 17.5%
from May and of 45.1% from June 1932. The sharp drop in imports in
contrast with the increase in rubber consumption caused domestic crude
rubber stocks to decline to 333,954 tons on June 30, slightly less than was
on hand a year ago. Record rubber consumption in June occurred in the
face of price increases of more than 100%; rubber was quoted at ten cents a
pound in the third week of July.
Most tire companies expanded operations sharply in June and showed
a further increase in the early part of July. Judging by reports from leading producers. Employment at Akron was up 13% from May to June and
in the latest month was 6.7% above a year ago. Part of this increase
represented a building up of inventories which were very low earlier this
year. Efforts to dodge the processing tax on cotton tire fabrics also partly
accounted for the increased output.
Tire production in May was 35.5% ahead of the same month of 1932,
and the Federal Reserve Board's adjusted index advanced to 94% of the
1923-1925 monthly average from 65 in April and a low of 41 in March.
In the first five months of 1933 production was off 18.7% from the same
period last year.
Business Conditions in Cansas City Federal Reserve
District-Improvement Noted in Both Wholesale
and Retail Trade During June.
Crops in the Tenth (Kansas City) Federal Reserve District, according to the Aug. 1 "Monthly Review" of the
Kansas City Federal Reserve Bank, "ieteriorated rapidly
in June and the forepart )f July." The "Review" said that
"extreme temperatures and continued drouth have cut
prospective yields of practically all crops to the lowest
levels in recent years." It continued further:
In western and southern areas corn is virtually a complete failure, and
In Nebraska, northeastern Kansas and northern Missouri, where prospects
are still good, the crop is in immediate need of generous rains. Harvest
of the smallest crop in years of winter wheat and oats is virtually completed.
Grain prices advanced rapidly between June 15 and July 18 then dropped
perpendicularly July 19 and 20,with all classes closing somewhat above June 1
quotations. The fluctuation in cotton prices was similar to that of grains.
Livestock prices decreased slightly in June and improved somewhat the
second and third weeks of July. Advances in wool and hide prices were
more moderate in June than in the two preceding months. Butterfat
and eggs advanced in June but poultry declined. Increases in potato
prices were rapid and extensive.
Trade at both wholesale and retail improved further in June. Wholesalers reported their sales increased somewhat more than usual as compared to May, whereas, department store sales declined at about the
usual seasonal rate. June sales of five representative wholesale lines
combined were 11.6% larger, and sales of 32 department stores were 1.8%
larger than a year ago.
June marketings of wheat, corn, oats, and rye were heavy. Production
of flour and crude oil and shipments of zinc ore and lead ore were larger
than a year ago, but the output of soft coal declined 6.4%. Bullding
activity continued quiet.
Bank debits showed the first increase over the previous year since November, 1929, and Federal Reserve bank clearings were 8.9% larger than a
year ago. Member banks increased their loans and discounts 3.8% between June 14 and July 12 and their investments 7.7%. Net demand
deposits were 9.3% and time deposits 1.3% larger on July 12 than four
weeks earlier. Savings deposits and the number of savings accounts,
at 45 selected banks, increased slightly between June 1 and July 1.
The following was contained in the "Review" as to whilesale and retail trade conditions:
Retail.
Thirty-two department stores, located in Tenth District cities, reported
their June sales in dollars declined 13.3%, or practically the usual seasonal
amount. Total sales were 1.8% larger than a year ago although retail
prices averaged somewhat lower. This June increase was the first reported
for that month in four years and compares with an increase of 0.8% for
May this year over May last year, the first increase for any month over
the previous year since May, 1930. For the fourth consecutive year,
six months' sales were smaller that for the like period in the preceding
year, declining 12.3%.
Inventory reductions were somewhat smaller than usual in June, amount,
log to 3.7% with stocks on hand June 30, 17.8% lighter than one year
earlier. The stock index as of June 30 was, with the exception of Jan. 31.
the lowest for any month-end in over ten years.
Collections in June amounted to 34.3% of amounts outstanding at the
close of May, compared to ratios of 35% reported for May this year and
32.7% for June last year.
Wholesale.
June dollar sale of all five reporting wholesale lines, except furniture,
were larger than in May, with those of dry goods, hardware, and furniture
showing substantial improvement over a year ago. Sales of drugs declined
6.9% from June of last year and sales of groceries were unchanged. Increases for June over June a year ago of 25.7% for dry goods, 27.7%
for hardware, and 65.7% for furniture were the first reported in six years
for the former and in four years for the other two, and the largest in recent
years for either. The decrease in drug sales was the smallest in four years
and grocery sales held their own after two successive declines. The June
to May comparison for dry goods, hardware and furniture was the best for
several years.
Wholesalers of groceries and furniture enlarged their inventories 5.4
and 12.8%, respectively, in June, contrary to the usual seasonal tendency.
Stocks of dry goods, hardware and drugs were slightly smaller on June 30
than on May 31, but all reductions were less than usual. Compared to
June 30 1932,the following reductions in inventories are reported:dry goods,
10.2: groceries, 1.8; hardware. 12.7; furniture, 8.3; and drugs. 16.5%.
Further Advance Noted in Commerce and Industry in
St. Louis Federal Reserve District During June and
First Half of July-Retail Trade Unchanged from
Year Ago While Wholesale Trade Advanced.
"Continuing the notable improvement of the two preceding months, commerce and industry in the Eighth Federal
Reserve District," according to the July 31 "Monthly Review" of the Federal Reserve Bank of St. Louis, "moved
forward with increased momentum during June and the
Aug. 12 1933
first half of July." The "Review" said that "in virtu illy
all lines investigated by this bank, substantial gains were
recorded in production and distribution of commodities."
Continuing, the "Review" said:
The increases in many important classifications reversed the ordinary
seasonal trends. Despite one of the hottest Junes on record In this general
region, there was no slowing down in activities at iron and steel plants,
lumber mills, glass and fire clay manufactories and in some other industries
which suspend or heavily curtail operations at this time of year. At
the middle of July the rate at iron and steel working plants was at approximately 35% of capacity, as compared with 30% a month earlier and 25%
In May. Estimated melt of pig iron and steel scrap in June was 8% greater
than in May and 14% larger than in June 1932.
Production of bituminous coal in all fields of the district increased in
June over May and was in substantially larger volume than in June last year.
Reflecting a sharply increased demand for staves and other descriptions
of lumber, additional lumber mills in the south resumed operations, some
after an idleness of more than two years. Activities in the building industry
and the movement of building materials generally exhibited noticeable
betterment from May to June. In practically all reporting industries.
both employment and payrolls expanded further and were the largest since
last summer.
Excepting drugs and chemicals, which showed practically no change.
all wholesaling and jobbing lines investigated reported substantial gains in
June sales over the same month in 1932. June volume also execeded that
of the preceding month in all groups but boots and shoes, apparel and
furniture. In these three lines decreases from May to June were due to
unusually large sales in May, which, in turn, were partly accounted for
by commitments deferred from earlier months in the year. While the
,
June hot spell had a stimulating effect in the movement of seasonable
merchandise through retail channels, wholesale trade made a relatively
better showing than ultimate distribution. Except in the case of beverages, summer apparel, certain electrical supplies and other typically seasonal lines, available retail statistics for June do not reflect marked expansion, either as contrasted with the preceding month or the corresponding
period a year ago.
In the agricultural situation in this District, the principal development
was the record high temperatures and drought in June, which resulted in
serious damage to growing crops. Prospects for yields of the principal
productions, except winter wheat, deteriorated sharply between June 1
and July 1, according to the U. S. Department of Agriculture's report as
of the latter date. The clear, dry weather of June was favorable for
harvesting and threshing wheat, and the movement of new grain to market
has been in considerable volume. Adverse effects of the short crops on
farm incomes is offset by the marked appreciation in values during June
and the first half of July, particularly in the case of wheat, corn, oats
and cotton. During that period in the St. Louis market, No. 2 red winter
wheat advanced from 74c to $1.18 per bushel; No. 2 white corn from 45C
to 663ic per bushel; No. 2 white oats from 28.kic to 48c per bushel, and
middling cotton from 8.55c to 11.40c per pound. On July 16, 1932.
No. 2 red winter wheat closed at 47c per bushel, No. 2 white corn at 32c
per bushel, No. 2 white oats at 17c per bushel, and middling cotton at
5.35c per pound. Prices of live stock failed to advance with other farm
products, and in early July were below those of a year ago.
Retail trade in June, as reflected in sales of department stores in the
principal cities of the district, showed practically no change from the same
month in 1932 and a decrease of 6% below the May total this year, the
decline in the month-to-month comparison being of about the usual seasonasize; for the first half of 1933, the volume was 15% smaller than during
the comparable period in 1932. Combined sales of all wholesaling and
jobbing firms reporting were 55% greater in June than a year earlier, and
for the first six months this year the total was 12% larger than for the first
half of 1932. The dollar value of building permits issued for new construction in the five largest cities of the District in June was 150% greater
than in May, and 57% in excess of June last year; for the first half of 1933
the aggregate was 44% less than the comparable period last year. Construction contracts let in the Eighth District in June were 2.5% less than
In May and 40.2% more than the June 1932 aggregate; cumulative total
for the first six months this year was 39.5% less than in the first half of
1932. Debits to checking accounts in June were slightly smaller than a
year ago. but 7.3% greater than the May total this year; cumulative total
for the first half of 1933 showed a decrease of 28% under the first six
months of 1932.
According to officials of railroads operating in this district, the recent gaily'
In the volume of freight traffic handled were carried further and at a sharply
accelerated pace through June and the first half of July. For the country
as a whole loadings of revenue freight for the first 26 weeks this year, or
to July 1, totaled 13,241,718 cars, against 14,107,820 cars for the corresspending period in 1932 and 19,020,485 cars in 1931. The St. Louis
Terminal Railway Association, which handles interchanges for 28 connecting lines, interchanged 148,366 loads in June, the largest number
since March 1932, and comparing with 136,659 loads in May and 135.115
loads In June 1932. During the first nine days of July the interchange
amounted to 40.960 loads, against 42,852 loads during the corresponding
period in June, and 33,070 loads during the first nine days of July 1932.
Passenger traffic of the reporting roads in June decreased 16% under the
same month last year, the smallest decline recorded for any month in more
than two years. Estimated tonnage of the Federal Barge Line, between
St. Louis and New Orleans, in June was 109,000 tons, against 113,029
tons in May, and 108,002 tons in June 1932.
Production of Lumber During Four Weeks Ended
July 29 1933 Increased 78% Over Same Period Last
Year-Shipments Up 72%-Orders Received Gained
50%.
We give herewith data on identical mills for the four
weeks ended July 29 1933, as reported by the National
Lumber Manufacturers' Association:
An average of 572 mills reported as follows to the National Lumber Trade
Barometer for the four weeks ended July 29 1933:
-Production-- _shipments
-- --Orders Received_
1033.
1932.
1932.
1933.
1932.
1933.
(In 1,000 Rd. Ft.)
682,596 393,248 690,327 426,119 594,235 425,296
Softwoods
67,974 27,613 98,438 33,502 87,263 288 9
Hardwoods
0
750,070 420,861 788,765 459,621 681,498 454,105
Total lumber
Production during the four weeks ended July 29 1933 was 78% greater
than during corresponding weeks of 1932, as reported by these mills and
5% below the record of comparable mills for the same period of 1931.
1933 softwood cut was 74% above that of the same weeks of 1932 and
hardwood cut was 144% above, or almost 24 times as great.
Volume 137
Financial Chronicle
Shipments in the four weeks ended July 29 1933 were 72% above those
of corresponding weeks of 1932, softwoods showing gain of 62% and hardwoods of 194%.
Orders received during the four weeks ended July 29 1933 were 50%
above those of corresponding weeks of 1932 and 12% below orders for
similar weeks of 1931. Softwoods showed 40% increase while hardwoods
acre three times the volume of hardwood orders in corresponding period
of 1932.
On July 29 1933 gross stocks as reported by 346 softwood mills were
2,420,015,000 feet, or the equivalent of 93 days' average production of the
reporting mills, compared with 3,191,755,000 feet on July 30 1932. or the
equivalent of 123 days' average production.
On July 29 1933 unfilled orders as reported by 516 mills (cutting either
softwoods or hardwoods or both) were 674,300,000 feet or the equivalent
of 24 days, average production, as compared with 378,286,000 feet on
July 30 1932, the equivalent of 13 days' average production.
Lumber Orders Continue Decline—Production Also
Lower.
Lumber orders booked at the sawmills continued their
decline during the week ended Aug. 5 1933, dropping 6%
from the previous week and 42% from the high week of
1933, that ended July 1, according to telegraphic reports to
the National Lumbei Manufacturers Association from
regional associations covering the operations of 641 leading
hardwood and softwood mills. Production was 8% less
than the average output of the three preceding weeks and
totaled 196,457,000 feet. Orders were 150,066,000 feet and
shipments, 205,217,000 feet. The Association further reports
as follows:
Softwood orders were only 73% of production and hardwood orders
were 8% above production. Douglas fir, Western pine. and Northern
pine regions showed orders greatly below output, the fir region reporting
only 61,177,000 feet or 36% below production. Western pine orders were
25% and Northern pine orders were 50% below their output.
Southern
pine orders were 1% above production.
All regions showed all items above those of corresponding week of 1932.
total production being 72% above; total shipments, 75% above; total
orders 18% above the record of a year ago. For the first 31 weeks of 1933.
production was 16% above; shipments 14% above; orders 23% above those
reported for similar period of 1932.
Unfilled orders declined to the equivalent of 21 days' average production
of reporting mills, compared with 27 days' average output of a month
before, and 14 days' a year ago. Softwood stocks increased slightly but
were 26% below those of corresponding date of 1932.
Forest products carloadings at 27,567 cars during the week ended July 29
1933. were 12.158 cars above those of same week in 1932 and 194 cars
above similar week of 1931.
Lumber orders reported for the week ended Aug. 5 1933, by 428 softwood mills totaled 127.736,000 feet, or 27% bellow the production of the
same mills. Shipments as reported for the same week were 177.590,000
feet, or 1% above production. Production was 175,799,000 feet.
Reports from 231 hardwood mills give new business as 22.330,000 feet
or 8% above production. Shipments as reported for the same week were
27,627,000 feet, or 34% above production. Production was 20,658,000 feet.
Unfilled Orders.
The 520 identical mills (softwood and hardwood) report unfilled orders
as 613,479,000 feet on Aug. 5 1933, or the equivalent of 21 days' average
production, as compared with 412.495,000 feet, or the equivalent
of 14
days' average production on similar date a year ago.
Last week's production of 406 identical softwood mills was 168,508,000
feet, and a year ago it was 101,496,000 feet; shipments were respectively
171,892.000 feet and 102,101,000; and orders received 125.136,000 feet
and
111,479,000. In the case of hardwoods, 174 identical mills reported
production last week and a year ago 16,429.000 feet and 6,332.000; shipments
23.339.000 feet and 9.356,000; and orders 18,076,000 feet and 9,585,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 186 mills reporting for
the week ended Aug. 5:
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery__ _ _ 14,952,000 delivery.._ _223,368,000 intercoastal
45.773,000
11,192,000 Foreign
Expert
89,410,000 Export
15,129,000
Rail
26,366.000 Rail
80,645,000 Rail
30,779,000
Local
8.667,000
Local
8,667.000
Total
61,177.000 Total
393,423,000 Total
100,348,00U
Production for the week was 96,201,000 ft.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 99
reporting, shipments were 9% above production, and orders
mills
1%
above production and 7% below shipments. New business taken during
the week amounted to 27,846,000 feet, (previous week 30,485.000 at 103
mills); shipments 29.975.000 feet, (previous week 29.189.000); and production 27.588.000 feet, (previous week 27,901.000). Production was
47% and orders 48% capacity, compared with 48% and 52% for the
previous week. Orders on hand at the end of the week at 98 mills were
73,445.000 feet. The 98 identical mills reported an Increase in production
of 50%, and in new business a gain of 38%, as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
118 mills reporting, shipments were 11% below production, and orders
25% below production and 16% below shipments. New business taken
during the week amounted to 36.064.000 feet, (previous week 43.741,000
at 120 mills); shipments 42.794,000 feet, (previous week 53.827,000): and
Production 48,207.000 feet, (previous week 57,044.000). Production was
34% and orders 26% of capacity, compared with 41% and 31% for the
Previous week. Orders on hand at the end of the week at 114 mills were
128,058,000 feet. The 114 identical mills reported an increase in production of 33%, and in new business a gain of 21%, as compared with the
same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 7 mills as 3.630,000 feet, shipments 3,041,000 feet and
new business 1,818.000 feet. The same mills reported production
358%
above and new business 28% less than for the same week last year.
1133
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association. of
Oshkosh, Wis.. reported softwood production from 18 mills as 167.000 feet,
shipments 1.432.000 and orders 831.000 feet. Orders were 9% of capacity
compared with 18% the previous week. The 15 idential mills reported an
increase of 198% in production and a gain of 53% in new business, compared with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tennessee,
reported production from 213 mills as 19,972,000 feet, shipments 25.685.000
and new business 21,342,000. Production was 43% and orders 46% of
capacity, compared with 49% and 47% the previous week. The 159 identical mills reported production 174% greater and new business 93% greater
than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 18 mills as 686.000 feet.
shipments 1,942,000 and orders 988.000 feat. Orders were 16% of capacity,
compared with 19% the previous week. The 15 identical mills reported a
decrease of 5% in production and an increase of 33% in orders, compared
with the same week last year.
Newton D. Baker Appointed Arbiter for Rubber Industry—Former Secretary of War to Decide Disputed Questions Under Manufacturers' Code.
Newton D. Baker, former Secretary of War under President Wilson, has been appointed arbiter for the rubber industry. with power to decide disputed questions, under a Code of
Pair Competition which has been accepted by 60 manufacturers. In an announcement to this effect, on July 2S, it was
stated that Mr. Baker, as counsel for the Rubber Manufacturers' Association, would submit the code to the NRA.
Newspaper reports from Cleveland, on July 28. said that the
Code gives a Committee of Pour responsibility for writing a
set of rules to govern trade practices, and Mr. Baker will
cast the deciding vote when committee members do not agree.
The Code was also described as stipulating fixed methods for
computing costs of production, by which it may be deter:
mined whether manufacturers adhere to the fair practice
rules for the elimination of ruthless price-cutting.
Ford Motor Co. Resumes 40
-Hour Week, in Line with
Recovery Program.
The Ford Motor Co. announced on Aug. 5 that it has
returned to a five-day, 40
-hour week, as contrasted with a
six-day, 48
-hour week at which it had been operating during
July. Officials of the company said the change was made
in line with the National Recovery program. The announcement also said that no curtailment would be made in the
production schedule, and that the current output of 15,000
cars weekly would be maintained. No statement was made
regarding the employment of additional workers.
—4—.
Agricultural Department's Complete Official Report
on Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture made public late on Thursday afternoon, Aug. 10, its forecasts and estimates of the grain crops of
the United States as of Aug. 1, based on reports and dat&
furnished by crop correspondents, field statisticians and
co-operating State Boards (or Department) of Agriculture..
This report shows that the production of winter wheat is
now placed at 300,355 bushels, which compares with the
Department's estimate of 335,767 bushels a month ago,
and with 461,679,000 bushels harvested in 1932 and 789,000,000 bushels harvested in 1931. The production of spring
wheat is estimated as of Aug. 1 at 159,000,000 bushels,
which compares with the July 1 estimate of 160,000,000
bushels and with a production of 265,000,000 bushels
last year, and a five-year average production of 271,000,000.
The condition of spring wheat for Aug. 1 1933 is placed
at 44.6% of normal as compared with a condition of.70.6%
of normal last year and a 10-year (1921-30) average condition of 71.8%. The probable production of corn is placed
at 2,273,000,000 bushels or 111,000,000 bushels less than
the estimate of 2,384,000,000 bushels made a month ago,
and compares with a production of 2,876,000,000 bushels
last year and a five-year (1926-30) average production of
2,512,000,000 bushels. The condition of corn on Aug. 1
was 65.5%, comparing with 77.4% on Aug. 1 1931 and a
10-year average of 77.2%. Generally, crop prospects have
declined from the very unpromising prospects of a month
ago. Below is the report in full:
Crop prospects, which were very unpromising a month ago, declined.
further during July according to the August estimates of the Crop Reporting
Board of the United States Department of Agriculture. The forecast for
corn has been reduced by 111.000,000 bushels, indicating a crop of 2.273.000
000 bushels, the second smallest since 1901. The wheat and oat crops are
each expected to be the smallest in 35 years or more and the forecasts for
barley, flaxseed, hay, beans, and potatoes are all below the very low forecasts of a month ago. The condition of pastures on Aug. 1 was the lowest on
record for that date. July weather was, however, favorable for some
southern crops, as cotton, tobacco, rice and sweet potatoes. The low yields:
Financial Chronicle
1134
of food and feed crops will more than offset the fairly large carryover of
such products on farms and elsewhere and necessitate as close utilization of
available supplies as in 1930 when similar conditions prevailed.
Drouth this year has affected a larger area than in 1930. practically the
whole of the United States being affected on the first of July, but the area
in acute distress is smaller, being limited chiefly to the Panhandle of Texas,
western Oklahoma and southwestern Kansas and to an area extending from
central South Dakota into southwestern Minnesota. The drouth has been
broken in nearly all parts of the Cotton Belt and there has been partial
relief in most other sections east of the Great Plains. A large portion of the
Great Plains, Corn Belt, and North Atlantic areas, however, lacked adequate moisture during part or all of July. So far as can be told at this time,
with early grains not all threshed and late corn dependent on weather conditions for some months ahead, total grain production this year will be
16% less than in any of the last 10 years and 24% less than the average
production during that period. The hay crop is expected to be about the
same as in the drouth years 1930 and 1931, and 12% below the average
production during the last 10 years. Buckwheat,flaxseed and beans are all
very short crops.
Fruit production is expected to be about 10% below average production
during recent years, the upward trend in the production of oranges and
grapefruit partially offsetting the rather poor prospects for apples, peaches,
pears, grapes and prunes. The potato crop seems likely to be the smallest
since 1916. Home gardens and commercial vegetables have also been
seriously affected by the drouth, particularly cabbage, beans, corn, root
crops and some other late vegetables grown in the Northern States. Judging
from present conditions the production of vegetable crops for canning will
be slightly less than last year's greatly reduced crop and about 25% below
average production during the previous five years. Tobacco production,
due to the increase in acreage. is expected to be substantially above last
year's very short crop, but below production in any of the preceding five
years. The cotton crop is expected to be the smallest in 10 years due to the
reduction in acreage under the Agricultural adjustment program.
Aug. 12 1933
WINTER WHEAT.
Yield per Acre (in Bushels).
1932.
1933.
New York
New Jersey
Penneylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota__ _
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia_ _
North Carolina
South Carolina- _
Georgia
Kentucky
Tennessee
Alabama
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico_ _ -Arizona
Utah
Nevada
Washington
Oregon
California
18.4
20.9
18.0
16.9
15.6
16.4
18.5
18.4
18.4
19.8
12.6
14.0
15.4
13.0
17.8
18.7
13,8
13.5
9.9
9.6
8.7
12.4
10.5
10.7
10.1
11.7
11.5
15.3
19.9
15.4
12.2
9.8
20.3
18.7
23.5
23.5
21,8
18.4
20.5
21.0
15.0
20.5
16.0
15.0
24.0
19.5
21.0
16.5
11.2
19.0
12.0
11.5
11.5
13.0
10.8
11.0
9.5
9.5
9.5
10.5
9.5
10.0
8.0
11.0
10.0
20.0
23.0
10.0
9.0
6.0
21.0
17.0
19.0
25.0
20.0
18.0
19.5
22.0
18.0
19.0
14.5
16.0
16.0
15.0
15.0
17.0
12.5
5.5
12.8
9.5
13.5
16.5
13.5
14.7
9.5
8.0
7.0
12.0
10.5
9.0
8.0
9.7
7.0
10.5
15.5
8.0
8.5
4.5
28.0
13.5
24.0
23.5
19.5
19.0
4,593,000 3,916,000
1.275.000 1,008,000
18,513,000 13,335,000
27,073,000 32,308,000
25,751,000 22,976,000
30,536,000 21,750,000
15,060,000 16,584,000
850,000
702,000
3,241,000 3,423,000
7,612,000 3,778,000
18,094,000 14,851,000
1,273,000 4,921,000
59,422,000 24,600,000
153,186,000 106,398,000
1,998,000
908,000
9,690,000 4,940,000
8,975,000 6,253,000
1,604,000 1,276,000
3,638,000 3,572,000
537,000
760,000
572,000
703,000
2,742,000 2,835,000
3,307,000 2,584,000
29,000
60,000
199,000
248,000
52,386,000 43,626,000
32,559,000 29,580,000
9,830,000 12,360,000
12,867,000 14,996,000
1,637,000 1,100,000
15,969,000 4,383,000
2,102,000 1,320,000
520,000
609,000
3,419,000 3,128,000
100,000
19.000
26,472,000 30,175,000
19,577,000 15,020,000
12,515,000 10,674,000
United States.
14.7
13.7
12.7
589,733,000 461,679,000 340,355,000
DURUM WHEAT.
Production.
Condition-Aug. 1.
1933.
Average
1926-30.
1932.
Indicated
1933.
a79
a74
871
872
Four States
73
69
78
72
50
40
13
46
Bushels.
Bushels.
Bushels.
3,411,000 1,638,000 1,210,000
48,088,000 26,296,000 15,295,000
675,000
14,029,000 11,334,000
352,000
600,000
284,000
873.9
Minnesota
North Dakota
South Dakota
Montana
71.7
37.6
65,812,000 39,868,000 17,532,000
a Short-time average.
SPRING WHEAT (OTHER THAN DURUM).
Production.
Condition-Aug. 1.
•
State.
1932.
%
92
71
66
61
81
71
77
80
72
75
60
67
80
01
b8.5
66
87
55
59
75
88
94
70
77
%
94
58
66
48
60
41
60
70
47
61
75
36
17
49
133.5
38
73
42
56
64
73
85
77
73
Bushels.
58,000
178,000
171,000
238,000
195,000
2,767,000
148,000
1,279,000
15,438.000
778.000
148,000
66,947,000
20,820,000
2,932,000
339,000
46,333,000
15,644,000
2,668,000
5,027,000
408,000
2,271,009
286,000
17,085.000
3,436,000
Bushels.
66,000
170,000
130,000
148,000
238,000
1,683,000
190,000
1,330,000
14,445,000
572,000
75,000
80,860,000
37,840.000
2,020,000
153,000
42,650,000
15,660,000
1.342,000
2,316,000
434,000
2,204,000
442,000
14,728,000
5,040,000
70.4
45.7 205,623.000 224.736.000 141.784.000
%
86
81
84
78
76
78
80
82
874
81
77
a68
a63
79
138.5
a68
83
83
76
70
89
90
68
78
c71.8
Maine
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Montana
Idaho
Wyoming
Colorado
New Mexico
Utah
Nevada
Washington
Oregon
United States
a Short-time average. b Yield per acre. c All spring wheat.
Indicated
1933.
1933.
Average
1926-30.
Avge.
1921-30 1932.
1932.
Prelim.
1933,
4
.095,000
1,078,000
15,516,000
33,839,000
21,866,000
24,592,000
12,720,000
435,000
2
,370,000
3
,587,000
15,250,000
990,000
25,894,000
56,696,000
1,012,000
6,518,000
7,425,000
1,808,000
3,714,000
608,000
469,000
3,240,000
2,804,000
27,000
216,000
28,848,000
12,012,000
6,164,000
8,292,000
544.000
1,904,000
891,000
1,120,000
2,565,000
48,000
14,194,000
4,388.000
12,616,000
WHEAT (BY CLASSES).
Corn production is forecast at 2,273.019,000 bushels, a decline of 111,
000.000 bushels from the July 1 forecast. Hot dry weather during July was
largely responsible for the reduction in the condition of the crop from 70.2%
to 65.5% of normal. The decrease in condition was greatest in the west
.
North Central States,particularly in South Dakota where drouth and grass•
hopper damage is extensive, and in Missouri and Kansas where drouth has
occurred in the east north-central
been very severe. Smaller decreases
region, while the condition improved in the Southern States. The indicated
yield of 22.1 bushels is 15% below the five-year average (1926-30) of 26.1
bushels. The year's crop promises to be larger than the very short crop of
1930 by only 45,000,000 bushels and smaller than the five-year average
(1926-30) production of 2,511,991,000 bushels by 239,000,000 bushels, or
9.5%.
Wheat.
Production of all wheat is forecast at 499.671,000 bushels, an increase
of about 1% over last month's forecast. The increase was in winter wheat;
durum and other spring showed practically no change.
The preliminary estimate of winter wheat production is 340355.000
bushels, as compared with last year's production of 461.679,000 bushels
and the five-year average (1926-30) of 589,733,000 bushels. The present
estimate is about 1% above last month's forecast. The yield per acre this
year is estimated at 12.7 bushels per acre as compared with the 10-year
average of 14.7 bushels.
All spring wheat production is forecast at 159,316,000 bushels, which
Is practically the same as last month's forecast but about 105,288,000 bushels
less than the 1932 crop and about 112,118.000 bushels below the five-year
average. In most of the important spring wheat territory the damage to the
crop during the month of June was irreparable and some further deterioration
occurred during July in Montana and Minnesota. This was offset largely
by a slight improvement in prospects in North Dakota, where early July
rains came in time to be of benefit to the crop.
The indicated production of durum wheat is 17,532,000 bushels and of
other spring wheat 141,784,000 bushels.
Avge.
1921-30 1932.
Average
1926-30.
Average
1921-30
Corn.
State.
Production (in Bushels).
State.
Bushels.
110.000
125,000
105,000
78,000
143,000
708,000
100.000
1,038,000
10,188,000
360,000
65,000
41,080,000
3,944.000
3,120.000
52,000
23,032,000
12,474,000
1,320,000
2,805,600
275,000
1,710,000
352,000
27,176,000
11,424.000
Spring.
Winter.
Year.
Hard Red.
Soft Red.
Hard Red,
Durum.
Bushels.
Bushels.
Bushels,
1929
362,353,000 165,760,000 144,678,000
375,454,000 175,259,00 1 160,554,000
1930
91,529.000249,502,000 70.290,000
1931
264,475,000 147,728,000 187,488,000
1932
1933a.._ _ _ 162,837.000142,781,000 91,725,000
White.
(Winter and
Spring.)
Bushels,
56,307,000
59,191,000
21,266,000
40,813.000
18,765,000
Total,
Bushels.
Bushels.
83 475,000812,573,000
,
8 453,000858,911,000
8,
67,632,000900,219,000
85,779,000 726,283,000
83,563,000499,671.000
a Indicated Aug. 1 1933.
Oats.
The Aug. 1 condition of oats was 45.7% of normal, the lowest for that
date on record. The estimated production of 666.745.000 bushels, as
compared with 1,238,231.000 bushels produced in 1932, and the five-year
average (1926-30) of 1,189,693.000 bushels, is the smallest United States
crop harvested since 1894.
The condition on Aug. 1 indicates an average yield of only 18.0 bushels
per acre for the acreage as estimated on July 1. Weather conditions at
seeding time were unfavorable in many States, resulting in later plantings
and thin stands. Extreme heat and deficient moisture in June caused early
heading on short straw and poor filling. The condition is extremely bad In
South Dakota and portions of Nebraska where grasshopper damage has
been an additional adverse factor. Much acreage has been cut for hay and
some has been entirely abandoned. Yields are below average in every
Important State, and are relatively the poorest in the North Central States
which have approximately 80% of the total acreage.
OATS.
Condition-Aug. 1.
State,
Avge.
1921-30 1932.
1933.
Production,
Average
1926-30.
1932.
1,000
1,000
Bushels.
Bushels.
4,600,000 4,940,000
322,000
234,000
1,915,000 2,046,000
185,000
165,000
71,000
68,000
252,000
279,000
27,596,000 27,032,000
1,233,000 1.066,000
30,109,000 24,072,000
67,502,000 45,344,000
61,215,000 58,950,000
134,629,000 161,512,000
46,278,000 34,101.000
88,761,000 88,655,000
138,627,000 164,700,000
216,206,000219,426,000
32,758.000 34,371,000
41,327,000 44,352,000
60,005,000 75,432,000
67,398.000 74,190,000
29,846,000 34,572,000
84,000
104,000
1,463,000 1,425,000
2,892,000 3,237,000
3,478,000 3.036,000
2,832,000 3,690,000
7,925,000 7,974,000
5,537,000 6,993,000
123,000
80,000
2,985,000 2,349,000
1,903,000 1,910,000
1,631,000 1,485,000
574,000
512,000
2,115,000 1,596,000
316.000
300,000
22,829,000 24,012,000
36,686,000 41,976,000
10,563,000 10,075,000
4,492,000 5,476,000
3,801,000 2,961,000
5,595,000 3,384,000
767,000
920,000
287,000
364,000
1,783,000 1,836,000
83,000
114,100
7,310.000 8,300,000
8,153,000 6,802,000
2,558,000 1,813,000
Indicated
1933,
1,000
Bushels.
4,500,000
228,000
1,647,000
155,000
66,000
261,000
17,004,000
1,118,000
21,712.000
26,720,000
30,145,000
74,906,000
21,831.000
65,208,000
76,228,000
115,496,000
27,504,000
21,528,000
5,474,000
22,260.000
25,476,000
108,000
1,348,000
3,154,000
2.751,000
3,075,000
6,825,000
5,285,000
88,000
1,830,000
1,485,000
1,224.000
352,000
1,648.000
289,000
19,692.000
18,882,000
6,650,000
4,402,000
2,970,000
3,696,000
760,000
348,000
1,683,000
99,000
8,413,000
8,128,000
2,092,000
b77.5 b75.3 b45.7 1189693000 1238231000 666,745,000
United States
Allowance made for condition at harvest in Southern States.
a Yield per acre. b
Maine
New Hampshire_ _
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
%
89
88
90
85
87
86
84
82
84
78
73
75
79
84
79
84
72
72
73
77
821.6
79
83
79
83
a16.6
a21.7
a 18.1
813.3
76
75
al7.4
a19.4
818.8
a22.7
a19.9823.8
70
86
85
80
71
88
91
90
80
84
a25.6
%
89
88
91
83
84
60
78
73
70
60
70
81
69
81
78
85
58
66
82
82
821.5
81
70
69
61
a18.0
a20.5
3118.5
811.5
57
66
al5.0
al6.0
al4.0
al5.0
al8.0
824.0
72
87
61
63
71
93
89
98
80
82
824.5
%
90
85
72
78
83
80
53
79
61
40
33
37
49
59
45
48
59
34
15
26
'116.5
81
66
72
63
a15.0
al9.5
a 17.5
a12.5
59
67
a15,5
a16.0
al6.0
a17.0
*0.8.0
818.0
40
79
52
63
67
82
84
82
81
87
823.5
Volume 137
Financial Chronicle
1135
Barley.
The Aug. 1 forecast of barley production in the United States was
157,634,000 bushels as compared with 299,950,000 bushels produced in
1932, 198,389,000 bushels in 1931, and 263,629,000 bushels, the five-year
(1926-1930) average. A further decline in barley prospects was registered
during July in practically all sections of the country. The crop came to
maturity with a larger proportion of thin stands, short straw and small
heads as a result of general drouth and extreme heat during the blooming
and filling stages. Some fields were complete failures and the straw on
much acreage was too short for harvesting with binders and was cut for hay
or pastured instead. The average yield, as indicated by Aug. 1 condition
was 15.0 bushels per acre which is the lowest on record. Notwithstanding
the marked upward trend in acreage during the past 15 years, the extremely
low yield and reduction from last year of approximately 20% in planted
acreage gives a smaller production in 1933 than in any previous year since
1922.
Dakota and extends into southwestern Minnesota. Other dry spots
include east central Illinois and most of New York and Vermont where
pastures are the poorest on record.
Hops.
Production of hops is now forecast at 35,518,000 pounds, which is an
Increase of 2,922,000 pounds over the July 1 estimate for this year. This
increase in prospective production is due largely to partial control of
threatened mildew damage by weather conditions during July. The
present forecast for 1933 is 11,398,000 pounds greater than the production
in 1932 and 5,165,000 pounds greater than the five year (1926-1930)
average production.
Rye.
The preliminary estimate of rye production is 23,116,000 bushels, as
compared with the 1932 crop of 40.400,000 bushels and the five-year
average (1926-1930) of 41,600,000 bushels. The present estimate shows a
decline of about 2,200.000 bushels from the July 1 forecast. In most of the
Important rye-producing States, the yield turned out to be smaller than
expected a month ago.
Rice.
The forecast of production of rice is unchanged from a month ago except
in Arkansas where an increase of 276.000 bushels is indicated; making the
total for the three Southern States 28,161,000 bushels, and for the United
States 34,203.000 bushels, compared with 39,356,000 bushels harvested in
1932 and a five year (1926-1930) average of 42,960,000 bushels.
Stocks of rice on farms in the United States are estimated to be about
0.3 of 1% of the 1932 crop.
Buckwheat.
The forecast production of 5,791,000 bushels of buckwheat from 481,000
acres is 14.5% less than the 1932 crop of 6,772,000 bushels harvested from
459,000 acres and much below the five-year (1926-1930) average production
of 9.913,000 bushels. The condition of the crop is reported as only 65.4%
and the indicated yield of 12.0 bushels per acre is the lowest since 1887
being one-tenth of a bushel below the yield obtained in 1930.
Peanuts.
The peanut crop improved during July except in the southwest.
In
Texas and Akansas, owing to the severity and persistence of the drouth,
conditions have declined slightly. Aug. 1 condition of peanuts
was 70.9%
of normal compared with 67.600 July 1. Present conditions are
practically
the same as a year ago, but low compared with the 10
-year average of 77.6.
Grain Sorghum.
The acreage of grain sorghum for all purposes is estimated to be 8,164,000
acres, an increase of about 4% from the 1932 acreage and of about 6%
from the five-year average (1926-1930). Aug. 1 condition was 51.8%,
indicating a production o 68,552,000 bushels as compared with last year's
crop of 105,871,000 bushels and the five-year average of 93,200,000 bushels.
Prospective yields are below average in all States but poorest prospects
are shown in Kansas, Oklahoma and Texas.
'
Flaxseed.
The condition of 41.1% of normal on Aug. 1 indicates a production of
only 7,797,000 bushels of flaxseed as compared with 11.800,000 bushels
In 1932 and the five-year average (1926-1930) of 20,000,000 bushels.
Prospects declined somewhat during July because of continued unfavorable
weath r conditions in the flax-producing States. The indicated yield per
acre is only 4.4 bushels as compared with the 10
-year average (1921-1930)
of 7.5 bushels.
Sugar Beets.
The prospects for the sugar beet crop improved somewhat during July
and the present forecast of a 9,955,000 ton crop of beets is an Increase of
261.000 short tons over the July 1 forecast. If conditions during the
remainder of the season do not cause a reduction, the 1933 crop will be the
largest ever made; exceeding the previous record crop (1930) by 756,000
short tons.
Louisiana Sugar Cane.
The sugar cane crop in Louisiana is expected to be 3,205,000 short tons
compared with 3,359,000 harvested in 1932 and 2,717,000 short tons in
1931. Production of sugar from Louisiana cane, if forecast at 185.000
abort tons and sirup (not molasses) at 4,724,000 gallons. In 1932. 223,000
short tons of sugar and 3,650,000 gallons ofsirup were madefrom Louisiana
cane.
Hay.
The report condition of tame hay on Aug. 1 was below the eight-year
(1923-1931) average in nearly all States, except in an area extending in
general from West Virginia to Rhode Island; the greatest minus departures
being in the Great Plains from North Dakota to Oklahoma inclusive, where
the drouth was severe early in the season.
Production of all tame hay is forecast at 64,910,000 tons, which is the
smallest crop in 20 years with the exception of one other drouth year 1309.
Production of tame hay in 1932 was 69.794,000 tons, and the five-year
average (1926-1930) was 72,700.000 tons.
Wild hay production is forecast at 8,868.000 tons, compared with
12,187,000 tons in 1932, and a five-year average (1926-1930) of 11.500,000
tons.
The total prospective hay crop,tame and wild,is therefore only 73,778,000
inns. This would be about 12% below average production during the fiveyears 1926-1930, 10% below 1932, and about the same as production in
1930 and 1931 when similar drouth conditions prevailed.
The alfalfa hay crop (which is included in tame hay) is expected to be
only 23.901,000 tons compared with the July 1 forecast of 24,219.000 tons.
25,965,000 tons harvested in 1932 and a five-year (1926-1930) average of
23,819,000 tons.
Pastures.
Pastures were seriously hurt by the hot weather and drouth,and the condition on Aug. 1, as reported by crop correspondents was the lowest on
record for that date. The average for the country as a whole was reported
as 55.6% of normal compared with 56.4 in 1930, 63.7 in 1931, 62.7 in 1911,
and 66.0 in 1894, the lowest August averages previously recorded. In the
eastern half of the country south of New York, pastures averaged better on
Aug. 1 than on that date in 1930 and in most of the western half of the
country (except Oklahoma and Texas) they were better than in August
1931 but there is no large area where pastures were above average. The
Pasture situation on Aug. 1 was worst in an area that included western
Oklahoma, the Panhandle of Texas and southwestern Kansas. Another
area where conditions are serious includes the northeastern third of South
Soybeans.
Soybean prospects are very poor, the Aug. 1 condition being 61.7
compared with 80.3 last year and a 10
-year average of 81.1. Conditions are
worst in the leading producing States of Illinois and Indiana and Missouri,
and in the North Central States as a group the condition averaged
56% of
normal. In the South the condition ranges mostly from about 70 to
75%.
Cotopeas.
The condition of cowpeas is better than the condition of soybeans,
the
United States average being 67.8 compared with 74.9 last year
and 75.9
the 10
-year average. Conditions are poorest in the North Central
and
Southwestern States.
Beans.
A crop of 9,365,000 bags of dry edible beans is indicated
by Aug. 1
growing conditions. Last year's crop was 10,164.000 bags of 100
pounds
each. The indicated crop is far below the average of
about 13.000.000
bags during the 3 years, 1929-31, or even the average crop, 1926-30,
of
about 11,100,000 bags.
The bean crop Buffered severely from heat and drought
during July
in New York and Michigan. In early planted fields many blooms
were
blasted and in late fields the vines were stunted. The loss of over a million
bags in the prospective production in these two States is only partly
offset
by gains of about a quarter million bags in the Western States,
where
Improved prospects are general.
Tobacco.
Because of recent rains, the tobacco crop is expected
to be about 54.500,000 pounds larger than was forecast July 1, most of the
increase being in
flue cured, burley and cigar filler. Indicated yields per acre
are, however.
still below average. Total production of all types
is forecast at 1,299,154.000 pounds compared with 1,015,512.000 pounds produced
in 1932 and a
5
-year (1926-30) average of 1.411.697,000 pounds.
Forecast production of the flue cured types is
622,829.000 Pounds compared with 373,631,000 pounds in 1932; of
burley 380,043000 Pounds
compared with 312.182,000 pounds in
1932; and of the cigar binder types
35,065.000 pounds compared with 64,472,000 pounds
in 1932. Only
small differences from the 1932 production are forecast
for most other
types, except Miami valley cigar filler for
which the present forecast is
11,931.000 pounds compared with
21,674.000 Pounds in 19 .
32
Potatoes.
Intense heat and lack of rainfall in many of
the Northern States have
caused a much greater decline in the potato crop condition
than ordinarily
occurs during July. The reported Aug. 1 condition
for the United States
is 62.5% of normal compared with 72.2% on July
1 and an average for
Aug. 1 (1921-30) of 79.7%. In only three other years
since 1900 has the
August condition been at such a low point. in
1901, 1911 and 1921. For
several States in the Ohio valley, the present condition
is the lowest on
record. As a result of these conditions, United
States potato crop prospects
are indicated to have fallen almost 14.000.000
bushels since July 1 to
292.668,000 bushels, the forecast as of Aug. 1.
This indicates a crop
roughly 18% smaller than in 1932, which was about
an average crop.
The production in the 18 surplus late potato States
is indicated to be
207,842.000 bushels, a decrease of 5% from the July forecast
and 16%
below average. In the 12 other late States, the forecast
is for 28.046.000
bushels, also about 5% less than on July 1 and
24% below average.
Sweet Potatoes.
Late July rains, that were quite general over most of the
southern area.
resulted in marked improvement in sweet potato prospects
during the
past month. Reported condition shows an increase from
63% of normal
on July 1 to 71% on Aug. 1, so that, instead of below-average
production
as forecast on July 1. the crop is now indicated to
be 7% above average.
The Aug. 1 forecast is 67.083.000 bushels, nearly
6 million bushels more
than the July forecast but still 11.400,000 bushels
smaller than the unusually large crop of 1932.
Fruit.
As a whole, the tree fruit crop of 1933 is expected
to be around 10%
below the average of recent years. Compared with
the 5
-year average.
1926 to 1930. apples are about 13%. peaches nearly
20%, Peals 3%.
grapes 27%, plums and prunes 10% below, while cherries,
due to a sharp
upward trend, will exceed the average by about
22%, and citrus fruits,
for the same reason, will most likely exceed the
average production of
recent years. The most outstanding factors
during July which influenced
the prospective fruit crops were the continuation
of the drought through
the Central States, a period of unusually hot weather
in most of the interior
valleys of California. and dry weather and
severe scab and aphis injury
to apples in most of the Eastern States. In
the Southeastern States
conditions during July were apparently favorable
and the fruit crops, for
the most part, improved accordingly.
Apples.
The total apple crop is now forecast at
146.831,000 bushels, about
2% less than the July 1 forecast and around
13% below the average crop
for the five years 1926-1930, but still
about 4% larger than the short
1932 crop.
In the important apple producing States of
the East, scab, aphis, and
codling moth are the worst in recent years
and considerable fruit will be
produced that will not come up to commercial
standards. Dry weather
In the Central States caused some deterioration
in the crop prospects during
the past month. Cooler weather with
beneficial moisture conditions
Improved the prospects for a crop in the South.
In the Pacific Northwest
and California a fair crop is now forecast.
With the generally light crop expected for the
country as a whole. and the
expectation of considerably small and low-grade fruit
as a result of the
dry weather and unusual scab and insect damage,
the first forecast of
the commercial apple crop is placed at 85,113,000
bushels, which would
be 1% smaller than the commercial production of
1932 and about 13%
below average.
Peaches.
The peach crop 113 forecast on Aug. 1 at 45,553.000
bushels, which is
about 1% larger than the forecast a month ago, about
7% larger than the
crop of 1932, and nearly a fifth smaller than the average
for the five years,
1926-1930.
The increase over the forecast of July 1 took place almost entirely in the
10 southern early States, where a large portion of the crop has already been
shipped and will probably be completed before the end of August. Eliminating these 10 early shipping States from the present forecast, the crop In
the remaining States is forecast at 33,118,000 bushels, which is nearly
5% smaller than the forecast of last month, about 10% less than the 1932
crop, and about 20% below the five-year average (1926-30).
The deterioration of the crop during the past month is attributed largely
to dry weather and an unusually hot spell in most of the interior valleys
in California.
Pears.
Little change was noted in the pear crop during July and the forecast on
Aug. I Is for 22,281,000 bushels,'which is but slightly more than the 22,050,000 bushels produced in 1932 and about 3% less than average. The
pear crop was reduced by unfavorable weather conditions occurring earlier
in the season. Most of the slight improvement during the past month
occurred in the l'acific Northwest.
Grapes.
The 1933 production of grapes is forecast on Aug. 1 at 1,794.000 tons,
which is about 6% less than the July forecast, 19% less than the production
of 1932, and 27% less than the five-year average (1926-30)•
The hot weather in California during July is accountable for much of the
decline during the month. In the Chautauqua-Erie section of New York
and in Pennsylvania the crop suffered from drouth and hot weather. In
Michigan and Arkansas, where weather conditions were more favorable,
prospects improved.
Gurus.
With the exception of California oranges, citrus condition on Aug. 1
is reported higher than at the same time last year. With the upward trend
In the bearing acreage of citrus, particularly grapefruit, it seems almost
certain that production during the 1933-34 season will exceed the average
of recent years.
GENERAL CROP REPORT AS OF AUG. 1 1933.
The Crop Reporting Board of the United States Department of Agriculture makes
the following forecasts and estimates for the United States, from reports and data
furnished by crop correspondents, field statisticians, and co-operating State Boards
(or Departments) of Agriculture and Agricultural Colleges:
Total Production in Millions.
CondUion.
Aver.
19211930. 1932. 1933.
Per Cf. Per Ct. Per CI.
Crop.
Indicated.
Arer.
19261930.
1932.
July 1
1933.
Aug. I
1933.
65.5 2,512 2,876
77.4
bush. 77.2
Corn
482
---------.590
Winter wheat
40
66
37.6
71.7
" b73.9
Durum wheat
225
206
45.7
70.4
___
Other eprIng wheat _ "
265
271
44.6
70.6
71.8
wheat._ _ "
All spring
726
861
.
All
-45.7 1,110 1.238
.
-755
77.5
"
wheat-Oats
300
264
45.5
73.6
78.2
Barley
40.4
41.6
Rye
-65.4
9.9
6.8
-78.7
83:i
''
Buckwheat
11.8
20.0
41.1
61.3
75.4
"
Flaxseed
39.4
43.0
81.5
85.8
84.7
"
Rice
93.2 105.9
51.8
78.2
77.3
Grain sorghums- - _ "
69.8
72.7
67.6
78.1
ton b80.0
Hay, all tame
12.2
11.5
52.1
77.7
" b75.6
wild
Flay,
Hay, all clover and
26.0
------34.2
" b82.2
timothy c
26.0
23.8
68.5
79.0
" 82.5
Hay, alfalfa
55.6
71.1
77.4
Pasture
Beans, dry edible,
10.2
11.1
73.2
75.6
100-1b. bag 80.7
61.7
80.3
81.1
Soybeans
70.9
70.8
77.6
Peanuts
67.8
74.9
75.9
Oowpeas
iii a iii
53.9
50.2
Apples, total crop _.bush. 55.0
28.6
32.6
55.7
54.9
kpples, coml crop_ _bbl. 58.0
51.1 d56.6 d42.4
46.1
Peaches, total crop:bush. 58.9
57.6 d22.9 d22.0
.56.9
__bush. 60.7
Pears, total crop_
68.0 d2.45 d2.20
78.0
ton 80.0
:Mapes e
358
355
62.5
76.6
bush. 79.7
Potatoes
78.5
62.5
71.1
74.4
77.7
?meet potatoes.. _ _ _ "
68.9 1.412 1,016
lb. 74.2
56.9
Tobacco
9.07
7.72
81.0
top 86.1__
Wm beets
24.1
30.4
91.4
lb
81.2
86.4
lops
2,384
336
18
142
160
496
699
170
25.3
2,273
a340
18
142
159
500
667
158
a23.1
9.2
33.9
_
66.0
8.9
7.8
34.2
68.6
64.9
8.9
25.9
24.2
25.5
10.2
9.4
io
147
___
5.8
28.4
___
45.6
45.1
22.3
21.8
1.79
1.90
293
306
61.2 '67.1
1,245 1.299
9.96
9.69
35.5
32.6
a Preliminary estimate. b Short-time average. c Excludes sweetclover and
lespedeza. (Minor States excluded). d Includes some quantities not harvested.
e Production is the total for fresh fruit, Juice and raisins.
Fled per Acre.
Acreage.
1,000 Acres.
Crop.
Aver.
19261930.
Mee
Flay, wild
(lay, all clover and
timothy b
Flay, alfalfa
Beans, dry edible
Soybeans c
Peanuts c
2
" owpeas c
Velvet beans c
Potatoes
3weet potatoes
Tobacco
3ugar beets
Forgo /or sirup
Wpm cane for sirup
lops
1932.
1933.
Indi1933
cated
P. C. Arer.
1921- 1932. Aug. 1
of
1933.
1932. 1930. '
"
99,328 107.776 103,022 95.6
38,581 33.635 26,802 79.7
2,500 64.7
3,863
5.428
15,925 17,654 15,577 88.2
21,353 21,517 18,077 84.0
59,934 55,152 44,879 81.4
40,215 41,193 37,023 89.9
13.212 10,540 79.8
11.261
2,716 81.7
3,326
3,382
481 104.8
459
664
1,755 84.3
2.081
2,979
767 88.3
663
869
8.164 104.0
7,850
6,481
54,563 52.974 54,806 103.5
13,635 14,305 13,845 96.8
"
29,223
23,438
11,214
1,708
2,278
1,402
1,615
92
12,501
1,386
2,880
1,932
2,021
86
12,761
1,615
2,945
1,643
1,800
86
3,090
3,371
3.223
661
1.830
d759
170
106
23
926
1,422
d812
250
110
22
813
1,741
d1,031
242
122
27
26.1
14.7
12.3
12.9
12.8
14.1
29.6
22.8
12.6
15.9
7.5
41.8
14.6
1.31
.85
26.7 22.1
13.7 212.7
7.0
10.3
9.1
12.7
8.8
12.3
13.2 11.1
18.0
30.1
22.7 15.0
12.1 a8.5
14.8 12.0
4.4
5.7
45.3 44.6
8.4
13.5
1.32 1.18
.64
.85
23,750 101.3
"
lb.
bush
Corn
Winter wheat
"
Durum wheat
Other spring wheat.. "
All spring wheat..... "
' "
All wheat
"
Oats
"
Barley
Rye
"
Buckwheat
"
Flaxseed
[Main sorghums__
Flay, all tame
Aug. 12 1933
Financial Chronicle
1136
"
ton
__ _
1.16 1.11
102.1 2.14 2.08 1.87
580
733
669
116.5
102.3
85.0
89.1
100.0
95.6 110.8 106.1 90.8
87.8 91.2 84.8 82.5
746
714
772
122.4
127.0
96.8
110.9
124.1 1,255 1,095 1,551
CORN.
Production.
Condition Aug. 1.
Aver.
1921- 1932. 1933.
1930.
State.
%
80
73
78
Average
Indicated
1932.
1926-1930.
1933.
78
Maine
New Hampshire
Vermont
76
85
81
76
74
76
77
83
82
84
75
77
79
80
72
83
78
76
78
80
73
75
81
76
75
72
70
68
70
69
70
75
87
84
80
72
85
88
93
85
86
88
81
75
81
82
85
82
86
82
86
81
75
59
68
67
85
77
67
79
57
46
72
69
78
74
71
72
Si
77
80
80
72
90
68
55
74
87
88
94
78
79
84
%
86
88
80
85
88
82
70
86
79
58
58
53
73
87
77
80
61
75
42
76
44
76
81
77
76
75
77
73
65
73
74
76
72
53
70
26
52
59
84
63
63
62
75
81
60
72
79
83
77.2
77.4
65.5 2,511,991.000 2,875,570,000 .273.019 non
%
81
82
79
Massachusetts_
83
81
Rhode Island
Connecticut
86
84
87
84
New York
New Jersey
Pennsylvania
Ohlo
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota....
South Dakota._
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia_ North Carolina__ _
South Carolina
Georgia
Florida
Kentucky
Tennessee
klabama
VlissIssippi
krkansaa
',ouislana
)klahoma
Texas
dontana
daho
Vyoming
17olorado
4'ew Mexico
irizona
Rah
7evada
Vashington
iregon
:alifornta
United States
(Bushels)
520,000
568,000
2,613,000
1,738,000
341,000
2,048,000
18,934,000
6,944,000
44,818,000
116,902,000
146,116,000
297,334,000
35,130,000
66,399,000
140,822.000
423,875,000
150,072,000
19,228,000
107,836,000
224,658,000
127.412,000
3,550,000
14,425,000
32,873,000
11.408,000
39,328,000
20,751,000
39,426,000
6,863,000
64,144,000
59,546,000
34,996,000
30,423,000
30,159,000
17,405,000
54,305.000
78,426,000
1,952,006
1,618,000
2,784,000
22,936,000
3,556,000
551,000
411,000
50,000
1,222,000
2,040,000
2,537,000
(Bushels)
656,000
560,000
(Bushels)
738,000
616,000
2,624,000
2,583,000
1,520,000
1,634,000
351.000
369,000
2,268,000
2,040,000
20,790,000
19,992,000
6,930,000
6.683,000
46,435,000
48,818,000
121,872.000
89,910,000
173,962.000 115,236,000
387,043.000 222,778,000
45,969,000
38,902,000
80,808,000
79,416,000
176,916,000 147,250,000
509,507,000 407,740,000
186,721.001) 126,610,000
26,676,000
30,072.000
73,235,000
40,050,000
269,293,000 245,232,000
136,197.000
97.1317,000
4,263,000
3.675,000
16.440,000
18,048,000
26,388.000
34,385,000
11,150.000
11,934,000
34.830.000
40,250,000
17,885,000
22,330,000
38,560.000
41,140.000
5,840,000
5.661,000
67,464.000
62,077,000
59,418.000
59,619,000
37,076,000
41.782,000
32,589,000
36.301.000
35,874.000
20,823,000
17,906.001)
17,371,000
65,760,000
22.323,000
102,726,000
74,312,00(1
2,580.000
2,712,000
2.255.000
1,800,000
2.024,000
2,409,000
13.363.000
3,267,000
615,000
540,000
48,000
1,292,000
2,015,000
3.069.000
19,090,000
3,024,000
630,000
483,000
40,000
1,280,000
2,010.000
3.224,000
Foreign Crop Prospects.
The latest available information pertaining to cereal crops
in foreign countries, as reported by the Foreign Service of
the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington, and given out
on Aug. 10, is as follows:
Wheat.
Estimates and forecasts of the 1933 wheat production in 38 foreign
countries which last year produced about 64% of the Northern Hemisphere
wheat crop exclusive of Russia and China total 2.127,879.000 bushels
compared with 2.067.984.000 bushels in the same countries a year ago.
The hot, dry weather during July further reduced the prospects of the
Canadian crop.
Present indications are that Europe will harvest the largest crop on
record. Estimates and forecasts of the production in 29 countries total
1,538,000,000 bushels compared with 1,485.000,000 bushels in 1932. The
Danube countries report an increase of more than 100.000,000 bushels
over the small crop harvested last year. Germany reports the largest crop
on record. Unofficial forecasts indicate a crop about the same as last year
in Italy, while in France a decrease of about 10% is reported. The production in Spain and Portugal is considerably less than last year. Good
rye crops are expected in Germany and l'oland, the principal rye producing
countries. Reports from Russia indicate good yields and a wheat crop
larger than last year, but the super-abundance of weeds and unsatisfactory
harvesting operations, however, are important factors affecting the final
crop outturn.
Four North African countries report a decrease of 18% compared with
last year, while four Asiatic countries report an increase of6%.
The wheat area in Australia has been reduced about 4% and conditions
are less favorable than last year. No official estimate of the acreage sown
in Argentina is available, but some unofficial estimates indicate a smaller
area than last year. Conditions during the early months of the season were
favorable, but during June and July rainfall has been considerably below
average.
-PRODUCTION IN SPECIFIED COUNTRIES, 1930-31 TO 1933-34.
WHEAT
1930-31.
Country.
1932 33.
1,000
1,000
1,000
Bushels.
Bushels.
Bushels.
818,911
900,219
726,283
11,4413
16,226
9,658
1,361,945 1.434,794 1,484,853
115,468
103,895
127,246
489,083
446,227
520,687
United States
Mexico
Europe 29 countries
Africa, four countries
Asia, four countries
1933-34
(Pt('fIn.)
1,000
Bushels.
.500,000
11,753
1,537,552
104,059
474,515
2,856,884 2,955,790 2.714,267 2.627,879
Total, 39 countries
Estimated Northern Hemisphere total.
Pvellutino Thlatalo taml (Minn
1931-32.
3.314.000 3.316.000 3.244.00)
Barley,
a Preliminary estimate. b Excludes twee clover and lespedeza. Minor States
excluded). c Grown alone for all purposes. d Planted acreage.
The 1933 barley production in 18 foreign countries, which last year
accounted for more than 45% of the Northern Hemisphere total, exclusive
of Russia and China, amounts to 697.027,000 bushels, a decrease of 4.5%
from the production in those countries last year. The decrease in the North
African countries amounts to about 11%. while in the European countries
reported it is 4.5%. In Great Britain the condition of the barley crop this
year is slightly above average, while in l'oland it is considerably above
average.
The amount of barley remaining on farms in the United States on Aug. 1
1933 is estimated at 5.3% of the crop of 1932, or about 15,897,000 bushels.
as compared with 5,960.000 bushels on Aug. 1 1932 and 9,420,000 bushels,
the average of stocks of barley on Aug. 1 for the five years 1926-30.
The 1933 oats crop in 15 foreign countries reported totals 752,000,000
bushels, which is a decrease of more than 5% from the 1932 production in
those countries. The European countries so far reported show a decrease
bush
lb.
lb
Oats.
Financial Chronicle
Volume 137
of about 6%. In Czechoslovakia and Great Britain the condition of the
oats crop is a little above average. In Canada the crop has been severely
damaged by drouth.
Corn.
The 1933 corn production in six foreign countries so far reported totals
456,196,000 bushels, a decrease of 22% from the production in those
countries last year. Weather conditions in the Danube Basin early in the
season influenced the corn outlook there somewhat unfavorably.
-PRODUCTION IN SPECIFIED COUNTRIES, 1930-1933.
FEED GRAINS
Crop and Countries Reported in 1933.
BarleyUnited States
Europe, 11 countries
North Africa, four countries
Asia, three countries
Total above 19 countries
1930.
1931.
1932.
1933.
1,000
1,000
1,000
1,000
Bushels. Bushels. Bushels. Bushels.
198,389
299,950
158,000
303,752
444,695
383,139
448,555
428,267
104,059
105,729
94,248
91,693
193,254
175,325
174,512
182,167
1,022.307
878,841 1,029,559
855.027
Estimated Northern Hemisphere total,
excluding Russia and China
1,643,000 1,429,000 1,605,000
Oats
United States
Europe, 11 countries
North Africa, three countries
Turkey
Total above 16 countries
1,276,035 1,117,970 1,238,231
713,041
773,406
709,178
12,139
11,903
20,985
8,729
8,095
10,000
667,000
726,179
14,109
11,712
2,016,198 1,851,245 2,032,269 1,419,000
Estimated Northern Hemisphere total
excluding Russia and China
3,487,000 3,200,000 3,563,000
Corn
United States
Europe, five countries
Turkey
1137
of the Committee on Education of the Chicago Board of
Trade. A Chicago dispatch, July 8, to the New York
"Times," reporting this, added:
Corn, he said, will bring a farm revenue increase of snore than $700,000,000 above last year; wheat will bring almost $280,000,000 more, and
oats about $85,000,000 additional.
"Not only will the grain farmer benefit through increased total income
on his 1933 crop, but he is gaining in resources daily by the upswing in value
of reserve supplies held on the farm," Mr. Mansfield said.
"1 he Department of Agriculture has stated that farm stocks of wheat on
July 1 should approximate similar holdings of a year ago. This would mean
that 90,000,000 bushels of wheat are held by farmers, with a market value
to-day to the farmer of approximately $80,000,000. A year ago he would
have received almost $50,000,000 less for the same amount."
Formation of National Federation of Country Grain
Elevator Associations--Organized to Provide Means
of Adopting Trade Code.
A new organization, the National Federation of Country
Grain Elevator Associations, has been formed to provide a
means for adoption of a code in harmokly with the announced
objective of the agricultural adjustment administration.
We quote from the Chicago "Journal of Commerce" of July
29, which also had the following to say:
2,057,693 2,567,306 2,875,570 2,273,000
438,480
474,733
570,254
407,044
17,716
20,398
14,763
18,553
Directors who will act as a code drafting committee and will serve until
a regular election in December, are George E. Booth, Chicago, President of
the Grain and Feed Dealers National Association; C. E. Huff, President
Farmers National Grain Corporation; R. B. Bowden, Minneapolis, Executive Secretary of the Northwest Country Elevator Association; Lawrence
Total above seven countries
2,483,290 3,082,437 3,460,587 2,729,196
Farlow, Bloomington, Ill., Secretary of the Farmers Grain Dealers Association of Illinois; E. A. Boyd, Spokane, Wash., President Pacific Northwest
Estimated Northern Hemisphere total,
Grain Dealers Association; Harry L. Robinson, Salina, Kans., Secretary
excluding Russia
3,078,000 3,648,000 4,066,000
Associated Southwest Elevators, and W. E. Culbertson, Delavan, Ill.,
Secretary of the Illinois Grain Dealers Association.
it was explained by Mr.
see
The
United States Wheat on Export Basis Despite Short that asole object of the Federation,and applied effectively.Booth, is toand
code is prepared, adopted
Officres
Crop.
directors will serve without pay.
The United States crop of wheat in 1933 now appears
"Every country grain shipper," Mr. Booth stated, "will have a voice in
s the federation through his local association. The committee will press
to be less than domestic needs but because of the carryover
forward at full speed toward a general trade agreement and code of business
of old wheat, supplies for the 1933-34 season, including ethics to cover this important phase of the grain industry."
carryover and new crop will probably provide a surplus for
export, said the Bureau of Agricultural Economics in its
report on world wheat prospects on June 29. The Bureau
added that there is little prospect of selling this surplus
abroad, so long as United States prices remain far above an
export parity with the world market. The rise in wheat
prices here is attributed largely to dollar depreciation in
foreign exchanges, since "the domestic market is still burdened by a very large carryover and the world market price
is still at a very low level."
World carryover of wheat into the 1933-34 season will be
larger than last year's, but world production may be somewhat smaller, said the Bureau, adding that "the carryover
in the principal exporting countries as of July 1 is expected
to be as much as 50,000,000 bushels above that of last
year," and that "some importing countries, notably Germany
and France, apparently have larger stocks than they did
a year ago."
Henry Morgenthau, American Delegate to Wheat Conference in London and Geneva Reports European
Nations Storing Up Grain.
Henry Morgenthau, American delegate to the wheat
conference in London and Geneva, returned to the United
States on Aug. 4 on the steamer Berengaria, and elsewhere
we refer to his comments as to the imminence of war. According to the New York "Times" of Aug. 5, Mr. Morganthan said certain countries were producing wheat uneconomically in infertile soil in a desperate effort to garner as much
as possible. He regarded this as a sympton of fear and
"one of the signs" of war.
If war should come, he explained, a belligerent nation
would be unable to import wheat. From the "Times"
account, Aug. 5, we also quote:
Mr. Morgenthau said the wheat committee would meet again in August.
But meanwhile the American need for an agreement is becoming less and
less, he said, explaining that America had been burdened by the 1928
bumper crop, from which all our wheat difficulties stemmed. Now, he
said, owing to present conditions, "we are going to get rid of this bumper
crop and will revert to a normal surplus."
The remaining problem, he said, is an agreement of the four maior
exporting countries to reduce their crops, provided other countries do
not begin producing more to take advantage of this artificially produced
reduction in surpluses. And this, he added, devolves into a "big political
question."
Grain Price Rise Adds Billion for Farmers, According
to R. I. Mansfield of Chicago Board of Trade
Benefit Not Confined to 1933 Crop, as Upswing
Affects Reserve Stocks Also.
Dollar wheat, coupled with higher prices for corn and oats,
will increase the wealth of grain farmers this year by more
than 81,000,000,000 over what they received last year, according to an estimate made July 8 by It. I. Mansfield, Chairman
$1,000,000 Grain "Corner"Suit is Filed-Action Brought
by E. W. Backus Said to Allege Illegal Manipulation of Corn Prices in 1928.
According to the Chicago "Journal of Commerce" of July
29, E. W. Backus, wealthy Minneapolis lumberman,
filed a suit on July 28 against three Chicagoans whom he
charged with manipulating a corner of the corn market in
July 1928. The account in the paper quoted went on to
say:
The suit was filed after United States District Judge Charles E. Woodward refused an immediate ruling on Backus' "bill of recovery," which had
asked for an order to force the United States grain futures administration
to divulge market records and show the operations of what Backus claims
was a corner of the market in violation of the Sherman anti-trust act and
the grain futures law.
The three Chicagoans named as defendants are Gustavus Swift, Jr.,
Chairman of the Swift packing firm. Herbert J. Bloom and Allen Moore,
Board of Trade operators.
Attorney Maurice Townley filed the suit for Backus. The suit charged
the Minneapolis man lost 8300,000 because of the "corner."
The suit stated that Backus contracted to deliver 950,000 bushels of
July corn when the price was $1.06 a bushel. The "corner," Mr. Backus
charged, caused July corn to jump to $1.15I-6 a bushel and Backus settled
for $1.12 a bushel. His loss, it was stated, was increased 8 cents a bushel
because of a penalty levied by the Board of Trade for failure to deliver
the grain as contracted. This failure, Backus charged, was due to the
"corner."
In the "bill of recovery," which was denied and which was something
new in grain dealings, Backus charged that the three defendants acquired
9,000,000 bushels of corn of the floating supply and that they forced all
persons who had contracted to sell corn to buy from them at prices made
higher by the "corner."
F. L. Carey, Former President of Chicago
Board of Trade, Dead.
Frank Leighton Carey, Vice-President of the Hallet &
Carey Company, commission firm and former President of
the Chicago Board of Trade, died on July 23, according to
Associated Press advices from Minneapolis. He was 66
years old. The advices went on to say:
Mr. Carey was one of the city's foremost grain men, having been associated with his firm for a quarter of a century. During the World War
he served under Herbert Hoover as Vice-President of the Food Administration Grain Corporation, a post he held from September 1917 to August
1919. Until 1920 he was Vice-President of the United States Grain Corporation. Later he was active in the reorganization of the Nye, Schneider,
Fowler Company of Chicago and. in 1923, was elected President of the Chicago Board of Trade.
Improved Outlook for Dairy Industry Reported by
United States Department of Agriculture.
Further expansion of the dairy industry is being checked
by high feed prices and pow pastures, and prices of dairy
products are expected to follow the rise of prices of all commodities, according to the dairy outlook report issued by
the Bureau of Agricultural Economics, U. S. Department
of Agriculture. Under date of July 29 the Bureau said:
1138
Financial Chronicle
Prices of feed grains have risen more rapidly than prices of dairy products and livestock, and there has been a sharp increase in the slaughter
of cows and heifers. This may bring an end to the rapid increase in the
number of milk cows on farms, in progress since 1928.
Production of milk the first ball of this year was about equal to production in the first half of 1932 although there were more cows on farms
this year. Production of manufactured dairy products the first half
of this year changed little from last year. Storage stocks were smaller
at the beginning of 1933 than a year earlier, but the stimulus of rising
prices has induced a heavy movement into storage, and on July 1 storage
stocks of butter and cheese were well above normal.
It is pointed out that dairy products abroad have not shared the upward
price movement experienced in this country, and that price differentials
on butter between this country and leading foreign markets are unusually
wide for this time of year.
Short Crops and Higher Prices Feature Farm Situation
—Report of U. S. Department of Agriculture.
The markets during the last month have reflected a remarkable combination of the influences of speculative sentiment, reduced crops (especially grains), and governmental
action, according to the Aug. 1 report on the farm situation
of the Bureau of Agricultural Economics, U. S. Department
of Agriculture, which said:
The condition of growing crops as a market factor has grown steadily
more bullish, and as the season progresses, the evidence of widespread crop
damage grows more apparent. This is going to be one of the short crop
years, as regards the major food and feed crops. It begins to resemble the
drouth year 1930.
Spring wheat prospects have declined steadily, and corn
has finally begun to show the effects of heat and drouth,
according to the Bureau, adding that "corn over a wide
area has tasseled out on stalks about four feet high." The
Bureau continued:
Thousands of grain growers will have little to sell this year, no matter how
high the price goes and other thousands of livestock and poultry raisers are
hurt, not helped, by high-priced feeds. The rise in grain already has raised
a serious problem for eastern dairymen and poultrymen.
In general, farmers are approaching the harvest season with a more
hopeful feeling than last year but with less increase in their actual buying
power thus far than might be expected, judging from the upswing in prices.
If the main cash crops can be harvested and actually sold on the higher
market, it will mean probably an increased income, even with smaller
crops.
One essential condition of general farm improvement is higher prices for
livestock products. If the rise in feed grains is to help agriculture as a
whole, it must be realized not only in the cash prices they bring but also
In prices of the meat animals and dairy and poultry products to which
they will be fed.
Dr. 0. C. Stine of the Bureau, discussing the turn in
prices, said that "the rapid rise in prices of agricultural
products since February seems to mark a real turn in the
agricultural situation. The average of the prices of the
principal farm products has risen about 47% from February
to mid-July. As usual, the marked rise, however, has not
been shared evenly among all farm products." Dr. Stine
added:
While the prices of many important products including cotton and wheat
have risen more than the average, prices of livestock products in general
have registered only small increases.
The general recognition of a turn in affairs, the depreciation of the
dollar in foreign exchange, increased business activity, improvement in
purchasing power of consumers, and reductions in farm production have
all been important factors in the change in prices and in farm income.
Eventually the buoyant force of the depreciating value of the dollar in
international exchange and increasing the purchasing power of consumers
will be reflected more extensively in the livestock market.
The Bureau says that the outstanding developments in
the cotton situation during recent months have been the
unusually rapid increases in prices, marked increases in the
rate of consumption to record levels, the increased acreage
planted to cotton in the United States, and the putting into
operation by the Agricultural Adjustment Administration
of a plan for reducing cotton acreage in the United States.
With regard to hog markets, the Bureau says that unusually large slaughter supplies of hogs have been the outstanding factor during the last three months. Total dressed
weight of hogs slaughtered under Federal inspection in May
and June exceeded all previous records for those months,
and July production from slaughter apparently will be about
equal to the July record made in 1924, according to the
Bureau, which also noted:
lb The three-months total hog slaughter from May to July is expected to
be fully 30% greater than that of the corresponding period last year and
about 5% greater than the previous record total for those months. The
increase in tonnage over the same period a year ago amounts to about half
a billion pounds of bog carcass: in number of bogs slaughtered, the increase
totals about 2.750.000 head.
S.
H. Logan, General Manager of Canadian Bank of
Commerce, Finds Several Important Canadian
Industries Carried to Higher Levels Through
July—Employment Gains—Crop Prospects.
"The momentum attained by business during the second
quarter of the year has carried several industries to higher
levels through July," says S. H. Logan, General Manager of
Aug. 12
1933
the Canadian Bank of Commerce. "It may therefore be expected that complete reports for the past month will show
the volume of business as a whole to have been maintained
at about the June level, which was slightly higher than June
of 1932. In view of the serious crop damage, the breakdown
of the World Economic Conference and the recent stock market losses, this stability should be regarded as the best showing possible." Mr. Logan added:
The extent of this upward movement is disclosed by the cumulative records
for the major industries and for employment, which showed gains in the
three months ending June, seven times larger than recorded for the same
period of 1932. The newsprint industry, the leading branch of manufacture,
was the first to revive. This industry always enjoys its most active market
in the early part of the year, but the recent seasonal expansion assumes more
than usual significance inasmuch as it was more prolonged than in any year
since 1930, and lasted almost throughout June, in striking contrast with
the recessions in that month which occurred on the average during the
past 10 years.
Production of lumber in the three months ending June in the major area,
British Columbia, was nearly treble that in the preceding quarter; the June
cut of 183,000,000 feet B.M. was almost equal to that of %lay 1,432. the
month that immediately preceded the decline which continued almost without interruption until March of this year.
The automobile industry has realized the optimistic hopes held for its
future at the beginning of the year. Production of cars of all classes in the
second quarter was about 13% higher than in the like period of last year.
Mining has also been stimulated by more active foreign markets, the noteworthy improvement being in two branches of the industry which were
formerly the most depressed, namely, nickel and asbestos. The latest production returns, those for May, show that the output of nickel was the
largest for any month since the spring of 1931, while that of asbestos was
the highest during first five-month period of the current year.
Prospects for New Crops.
The prospects for the new crops have steadily deteriorated during the
past month, except in British Columbia and most of the agricultural sections of the Maritime Provinces. In Southern Ontario some splended fields
of hay and fall wheat have been harvested, but later crops, particularly
roots and spring grains, have been severely damaged by continued drouth,
while pastures have been so badly burned as to cause a marked reduction in
• milk production, in some important dairying districts by fully 50%.
The prairie grain crops have had to contend not only with
continued
drouth, but with a spread of grasshopper damage. Accordingly, the area of
prospective short yields has widened to include sections which were fairly
promising a month ago, and to leave Southwestern Manitoba, West-Central
Saskatchewan and a large part of Eastern Alberta without much, if any,
hope of improvement, even if heavy rains now fell. Complete failures
are
reported by many farmers in these sections, while others expect to reap
but
little more than their seed for next year. There remains, however, about
as
large an area where the crop prospects range from fair to excellent,
the
latter term applying principally to some of the northern sections, and particularly to Northern Alberta. Because of the extreme variation in
conditions, it is more than ordinarily difficult to forecast this year's yields;
private estimates of the wheat crop range from 200 to 260 million
bushels
but there is a fair chance that that grown in the northern part
may tun;
out better than is now expected.
Bank of Montreal on Canadian Crop Conditions.
The Bank of Montreal reporting on Canadian crop conditions says in part:
In the Prairie Provinces, further damage has been done to
grain crops
over large areas, particularly in southern and central Saskatchewan
and
southern Alberta, by drouth, heat, grasshoppers and frosts.
Harvesting
is under way in Saskatchewan and Manitoba, except in the most
northerly
districts, but in Alberta it will not be general for 10 days. Rains have
benefited pastures and feed crops in a number of districts. In Quebec
good growing weather has prevailed and crops are making satisfactory
progress. In Ontario fairly heavy precipitation has materially
Improved
the conditon of crops in most districts. In the Maritime Provinces
the
weather has been favourable to growing crops, but rain is still needed in
many sections. In British Columbia weather conditions continue favourable, and crops generally are making very satisfactory progress.
•
Emergency Program Calling for Removal by January of
500,000,000 Pounds of Pork From Market with View
to Bringing About Increased Prices Recommended
by National Corn and Hog Producers' Committee—
Also Advocates Hog Process Tax.
The National Corn and Hog Producers'Committee adopted
at Chicago on July 25, an emergency program calling for
the removal of 500,000,000 pounds of pork and pork products from the American market by Jan. 1 to increase the
prices under the Agricultural Adjustment Act. Reporting
this Chicago advices to the New York "Times" added:
The Committee, representing ten Corn Belt States, ended a two-day
session but announced that further meetings would be held from time
to time.
The program recommended calls for the reznoveal of 2,000,000,000 pounds
of pork and pork products from the American market during the next
12 months. It was suggested that the following methods be used to accomplish the committee's object of establishing prewar parity prices on hogs:
1. Sale, or if necessary donation, to relief agencies under an agreement
that their normal purchases of meat will not be reduced.
2. Making low-grade hogs and hog products into tankage (highly concentrated protein hog feed) and lard from them into soap.
kb 3. Making benefit payments to farmers for the removal from production of light pigs and sows, the benefits to come from processing taxes.
4. By increasing exports.
5. By levying a substantial processing tax on all hogs marketed at
weights exceeding 235 pounds.
jw Losses incurred by the farmers in the disposal of surplus products would
be paid from a processing tax on pork and competing products, including beef, mutton and possibly fish.
Volume 137
Financial Chronicle
Corn-Hog Producers Recommend Establishment of
Premium Prices at Live Stock Markets to Encourage
Marketing of Pigs.
Recommendations from representatives of corn-hog producers for immediate adoption of a plan to establish premium
prices at livestock markets to encourage the marketing of
pigs, farrowed in the spring of 1933 and under 100 pounds
in weight, have been received by the Agricultural Adjustment Administration. It was stated on Aug. 1 that the
proposal is being considered by the Administration for possible inclusion in a tentative program for applying the Agricultural Adjustment Act to corn and hog production, this
having been indicated by Dr. A. G. Black, Chief of the
Corn-Hog Production Section.
The foregoing announcement was made Aug. 1 by the
Department of Agriculture, its advices also stating:
A reduction in pig numbers would further the desired aim of effecting
a substantial reduction in tonnage of hogs marketed during the coming
year, so as to help bring hog supply into better balance with effective
demand and thereby improve farmers' return from hogs. It is pointed
out that the pig crop in the United States in the spring of 1933. subject
to this proposed plan, is estimated at 51,030,000 head, or about 3% larger
than the number saved in the spring of 1932, and practically the same
number as the average of the five years, 1928 to 1932.
The possibility that young pigs may be purchased, on an equitable price
basis, as part of the program to effect an emergency adjustment in hog
production this fall is of special interest to agricultural areas, particularly
the western corn belt territory, where the harvest of feed grains, including
corn, will be below normal on account of dry weather. Farmers who are
obliged to reduce the size of their feeding herd because of short feed supplies would qualify under a pig purchase plan, if and when it is put into
effect.
From Washington yesterday (Aug. 11), the "WorldTelegram" reported the following (United Press), from
Washington:
The Agricultural Adjustment Administration to-day accepted an emergency plan to raise hog prices suggested by the National Corn-Hog Producers' Committee of Twenty-five providing for removal from the domestic
market of 4.000.000 pigs and 1,000,000 sows about to farrow.
The date for putting the plan in effect was left open, as administrators
concluded it would be impossible to work out details before next Tuesday,
the suggested date.
Sheep Outlook Report of United States Department of
Agriculture Indicates Smaller Supplies and Improving Demand.
Supplies of lambs for market during the next 10 months
are slightly smaller than those of a year earlier, and some
improvement in consumer demand for lamb is expected as
industrial activity increases, according to the summer sheep
and wool outlook report issued by the Bureau of Agricultural
Economics, U. S. Department of Agriculture. According
to an announcement issued by the Department Aug. 2, the
Bureau said that sheep numbers are now on the "down
trend" of the production cycle after having reached a peak
in 1931, following a period of nine years in which they increased more than 45%.
Prices for feeder lambs this fall may be adversely affected
by the general shortage and relatively high prices of feed
in the Corn Belt, the Bureau said, adding that wool prices
have advanced faster here than abroad and that increased
consumer buying will be necessary to maintain the recent
price increases in the wool industry. The Bureau continues:
The trend of flock numbers in Western sheep States during the next
few years will depend on the number of ewe lambs kept for flock replacements, It is stated. Replacements have been relatively few the last two
years and the number of older ewes in western flocks is now relatively large.
Normal replacements this year are unlikely, says the Bureau, on account
of present widespread poor condition of ranges prospective feed shortage
this fall and winter, and possible difficulties of financing. Therefore a
further reduction in breeding ewes in the Western sheep States is regarded as probable. No material change in flock numbers or lamb
production appears likely during the next few years in the "native" or
farm-flock States, where sheep and lambs are a minor enterprise.
With higher prices than in 1932 for the 1933 production oflambs and wool,
it is stated, the income of sheep growers this year will be somewhat greater
than last year.
Milk Strike in Central New York—Dairymen's Association Seeks to Compel State Milk Control Board to
Approve Guarantee of Blanket Price—Governor
Lehman's Message to Legislature Asking for
Inquiry into Board's Operations—Governor Declares Crisis Is Over.
A milk strike in central New York State, involving between 5,000 and 6,000 farmers in active or passive participation, began on Aug. 1, following the recent organization of
the Empire Dairymen's Association, who are seeking to
compel the State Milk Control Board to discard its milk
classification plan in favor of a guarantee of a blanket price
of 43" cents for all fluid milk leaving the farm. Striking
in most cases is being done by independent farmers, although
many have organized to picket roads in the Boonville
district and have dumped several loads of milk on the way
1139
to market, despite efforts of State troopers to maintain order.
The strike was begun after spokesmen for a group of milk
producers had demanded that Governor Lehman remove two
members of the Milk Control Board: Charles H. Baldwin,
the Chairman, who is Commissioner of Agriculture and
Markets, and Kenneth F. Fee, Director, who was originally
appointed by the Governor. These complainants said that
the third member of the Board, Dr. Thomas Parran, State
Health Commissioner, was "the only friend of the farmers on
the Board." This producers group opposed Commissioners
Baldwin and Fee on the ground that they had failed to support a demand that the Board fix a flat rate to the producer,
instead of the present sliding scale of prices, with the rates
set in accordance to the use to which the milk is put. Milk
sold for fluid consumption is accorded the highest rate under
the present system, while that for cheese and butter is placed
in a lower scale. The producers contended that they were
entitled to at least 45 cents out of the consumer's dollar.
Mr. Fee said that this would mean that the dealer would be
required to pay the fluid-milk rate for all milk taken from a
producer, and as a result, lealers would take only milk that
they could dispose of at the highest rate for fluid consumption
and would leave the rest on the farm. In discussing the
demands of the producers, Mr. Fee on Aug. 4 was quoted as
follows in an Albany dispatch to the New York "Times":
"We have been receiving to-day more than 450 telegrams from producers
in all parts of the State upholding the sliding scale of prices now in force as
the fairest to the farmer and condemning the flat rate proposed as ruinous
to the milk producers."
What the producers are complaining of is that when they sell milk they
never know until the settlement at the end of the month what proportion
is being sold for fluid consumption and what for other purposes.
The present scale of prices runs from $2.23 for 100 pounds for fluid
milk down to 77.6 cents for milk for manufacture of butter.
Producers assert that they are wholly at the mercy of the dealer and that
dealers in many instances pay the lower rates for milk which they have sold
at the top price for fluid consumption.
"We have means and machinery for checking up on the dealer," Mr. Fee
declared, "and we are doing it all the time."
He said the classification established by the Board was standard all over
the United States and complied with the terms of the market agreement
reached at a general conference of milk producers and dealers in Chicago
recently.
The present rate, he declared, netted the producer from 451 to 5 cents a
quart.
To illustrate the benefits received under the scale. Mr. Fee recalled the
milk prices in June last year.
At that time the Sheffield Farms Co. was paying $1.08. the Dairymen's
League 89 cents, and one of the plants at Boonville. a trouble centre in the
strike. 92l4 cents per 100 Pounds
In June this year the corresponding rates were $1.38, $1.17 and $1.33.
Since June the rates have been boosted twice to their present level by the
Milk Board.
M^. Pee added that many producers would be happy to sell their milk at
the rates now in force, but were keeping it at home because afraid of offending neighbors who are striking.
On Aug.4 Governor Leham addressed a special message to
the extraordinary session of the New York Legislature in
which he asked for an immediate investigation to determine
whether the Milk Control Board would be continued or
abolished. After mentioning that the Board had been
created by the Legislature to assist the farmers to dispose of
their milk at better prices, the Governor said that the strike
was directed not against the producer or the distributor but
against the Milk Board itself. He said that there would be
no purpose in continuing that organization if it was to be
opposed at every point by those it had been formed to help
and protect. On the same day (Aug. 4) Governor Lehman's
Agricultural Advisory Commission, after a conference with
the Governor, adopted a resolution condemning the strike
as the result of Communist propaganda, and demanded an
investigation along this line by Attorney-General Bennett.
The text of Governor Lehman's special message to the Legislature on Aug. 4 follows:
Governor Lehman's Message to the Legislature.
To the Legislature (in extraordinary session):
I wish to lay before your honorable bodies, for your consideration a
matter which is of pressing importance and urgency to the people of the
State.
At the last regular session the Legislature adopted an act creating a Milk
Control Board and defining its jurisdiction, powers and duties. The Legislature gave to this Milk Control Board very wide powers with regard to the
fixing of prices and all other matters relating to the production and distribution of milk.
It was a radical step in government and in economics, believed to be
justified only by an emergency situation.
The Legislature very wisely provided that the Milk Control Board be
answerable only to it and properly vested the principal authority and direction of the Board in the Department of Agriculture and Markets, the main
function of which is the administration of the problems of the farmer.
No powers whatsoever in connection with its work were given to the
Governor, save that he is authorized to appoint one of the three members
of the Board, subject to confirmation by the Senate. The other two
members of the Board are specifically named in the act.
The legislation was enacted on representations of a large percentage of
.
the producers of the State who believed that the creation of a Milk Control
Board, with wide powers, would lead to better regulation of milk production
and distribution and result in higher prices to the producers.
1140
Financial Chronicle
Aug. 12 1933
The consuming public, because of its sympathy with the plight of the
that the Governor call out the National Guard to maintain
producers, agreed to the legislation, although it was evident even at that
order in the strike areas. Governor Lehman, however,
time that it would ultimately lead to higher retail prices.
avoided issuing any such order, but instead instructed all
There can be no doubt, therefore, that the Legislature created the Board
solely with the desire to help the dairy farmers in securing prices which would
sheriffs to augment their forces of deputies to prevent disotherwise have been unobtainable because of disorganization and inability
order. He also asked all district attorneys to prosecute to
to control the production of the large number of individual farmers scattered
the limit any strike violators.
throughout the State.
As a result of the creation of the Board,the average price for milk products
The assurance that there would be no milk famine in
which the dairy farmers are now receiving is very substantially in excess of
New York.City was given on Aug. 7 by Shirley W. Wynne,
that previously ruling.
Almost since the first functioning of the Milk Control Board dissatisfacHealth Commissioner, who said that because of the up-State
tion with its rulings and policies has been voiced by groups of milk producers.
strike the New York City milk shed had already been exThe expression of this dissatisfaction has now crystallized in demonstratended, and comprised New York, New Jersey, Pennsylvania,
tions carried on in different parts of the State by several groups of milk
producers for the purpose of defying and nullifying the rulings of the Milk
Maryland, Connecticut, Vermont and Massachusetts. On
Control Board and of preventing the free passage of milk from the farm
Aug. 11 Governor Lehman said that the crisis in the milk
to the consuming public.
strike is definitely past, and that the flow of. milk is once
I have no authority in the conduct of the affairs of the Milk Control
Board. I have no means of judging as to the wisdom of their rulings.
more approaching normal.
I have, however, a very definite responsibility, as Chief Executive of the
so far as is possible that
State. to maintain law and order and to guarantee
Brazil's Coffee Crop to Be Dispatched to Market .in
law-abiding citizens vrill be protected in the conduct of their legitimate
18 Series—Six to Be Sold to National Coffee Deand lawful affairs and business. That responsibility I shall continue to
partment—Suggestions to Latter by Sao Paulo
discharge.
the following statement.
Some days ago, in reply to inquiries. I made
Institute Regarding Handling of Crop.
which represents my definite point of view as to the responsibility of the
In the New York "Journal of Commerce" of July 31 it was
State. and my own responsibility as Chief Executive, in maintaining law
stated that Brazil's 1933-34 coffee crop will be dispatched
and order:
"Law-abiding citizens will be protected by the State in the conduct of
to the market in 18 series, according to reports from Brazil.
their lawful business.
Six of the series, equal to 40%, represents the "sacrifice
"Dairy farmers unquestionably have the right to keep their milk at home,
If they desire to do so. Similarly, the rights of others to send their precincts
quota" to be sold to the National Coffee Department at 30
to market must be respected and not interfered with.••
milreis per bag, according to the paper quoted. from which
The men who are now using violence in order to prevent others from conducting their business in an orderly and legitimate way are not striking
we also take the following:
against either producers or distributors. They are striking against an
Six of the series, representing 30% of the crop, will be retained, and the
agency of the State created by the Legislature for the sole and single purpose
last six of the series, representing also 30%, will move direct to ports. The
of helping the milk producers.
sacrifice and the retained series will precede the direct series. Discussing
To me it is right and proper that the State should lend its strength and
this plan and the coffee market in general, Nortz & Co., in their bi-nionthly
resources and protection, so far as possible, to any group of its population,
review, say:
particularly in an emergency period such as the one through which we are
"This is not in agreement with information given out previously, accordnow passing.
ing to which the 30% for export was to come forward in regular monthly
It would seem to me, however, neither good sense nor good policy for
instalments, and if the sacrifice and retention series are given preference
the State to force its help on any one. Certainly, a situation in which an
over the series 'directa,' considerable confusion may ensue, especially with
extraordinary State agency specially set up by the Legislature is fought by
reference to making shipments of new crop coffee already sold.
the very people who requested its creation is untenable.
"A cable was received a few days ago stating that the Sao Paulo Institute
It must be obvious to every thinking man and woman that where an
and the leading coffee associations of the State of Sao I'aulo had placed the
attempt is made to control, by artificial means, prices, production or disfollowing suggestions before the National Coffee Department and the Fedtribution, it is impossible fully to satisfy every one.
eral and State governments for their consideration, with reference to
The best that can be hoped for is to improve conditions generally and
handling the current crops:
serve the greatest good of the greatest number. Prices cannot be advanced
"I.—Advance 40 milreis bag on bills of ladings free and retained quotas
too greatly without doing grave injustice to the consumer and, in addition,
State.
present crop and 20 milreis bag sacrifice quotas.
driving the milk business out of the
"II.—Rapid elimination sacrifice quotas and retained stocks view reduce
It appears to me that the time has been reached when it is necessary for
National Coffee Department's holdings to 10 million bags.
the Legislature to determine whether the Milk Control Board which it set
up is of benefit to the milk producers and whether they, as a class, desire
"III,—Permission sell 50% export bills open market.
by the rulings and policies
the work to continue and are willing to abide
"IV.—Iteduction gold tax to fixed basis five milreis paper.
by it in the interest of the great mass of dairy farmers.
laid down
"V.—Reduction Santos stock by elimination National Coffee Department's
There is no use in continuing an agency, at great cost to the taxpayers of
holdings.
the State, if it is not found to be helpful. There is no use in continuing an
"VI.—Defense type four undescribed by intervention 'Santos Bolsa Official
agency entrusted with wide powers by legislative action if, in the opinion
de Cafe.'
of those it is to serve, it is not accomplishing a sound purpose.
"Nothing has been heard as yet whether or not any of the suggestions
It is perfectly evident that no State agency can be maintained successembodied in the above cable have been adopted.
fully, or function along sound economic or social lines, if it be subjected to
"The market firmed up slightly a few days ago on news of political
the militant antagonism of some of the very groups it has been established
unrest in the State of Sao Paulo. Newspaper reports state that President
to assist.
Vargas has decided to remove Waldomiro Lima as Federal Interventor. The
Such State aid must not be a matter of official mandate backed up by
implication is that General Lima is becoming too popular. Cables were
force.
received here that Federal troops were moving on to Santos and that part
It can succeed only, and be justified only, if it meets with general acceptof the Brazilian Navy was carrying on its regular maneuvers in the neighborance and approval and if the demand for it is insistent.
hood and at a distance convenient to the Port of Santos, which is taken as
Official milk control was created on the insistence of dairy farmers theman indication that the present Government is preparing for all emergencies.
selves. It is incumbent upon the Legislature to find out at once whether it
"When our market reached the high point last week, Brazil was offering
.
believes the Milk Control Board is serving a worth-while purpose and to
and selling coffee at below our parity. Notwithstanding the sharp decline
adjust the State's future course of action accordingly.
here, Brazil's prices have been reduced very little and, consequently, at the.
that the Board will function soundly or helpfully if
It cannot be hoped
present time tier basis is now considerably above our parity.
repeated attempt is made to nullify its policies through violence or intimida"There is not much interest in the purchase of coffee now, and unless.
tion.
small legislative
there is something new injected into the situation it looks as if, for theI therefore recommend to your honorable bodies that a
time being, the trade will use up its supplies before making further purfor the purpose of determining the senticommittee be immediately created
chases, watching developments in the meanwhile. At the same time, the.
ments of the milk producers of the State with regard to the continuance of
political situation in Brazil is causing uneasiness, due to the possibility of
the Milk Control Board.
State it
'further interference with shipments from Santos in the event of new disIf it is found that it has been helpful to the dairy farmers of this
helpful, or cannot be made helpful,
turbances. Discussion of the coffee situation necessitates the use of many
should be continued. If it has not been
'ifs,' and in conclusion we can only say that if the present Government Iii
it should be abolished.
Brazil remains undisturbed, and if the plans of the National Coffee DepartThe Committee should be instructed to make its investigation at once
ment are carried out, and if the adjustment of the Brazilian exchange rate
and in connection therewith to consult as fully as possible with producers,
report its finding's
continues, an improvement in coffee prices along more or,!erly lines should
distributors and consumers, and without loss of time
Legislature.
follow,'
and recommendations to the
It should not be difficult to determine the sentiments of the great mass
of reasonable, intelligent, law-abiding and industrious dairy farmers of this
Brazilian Coffee Ruling—Deposit and Document Plan
State, and it is upon these sentiments I believe that decision with regard
to Facilitate Deliveries of Sacrifice Quotas.
to the continuance of the Milk Control Board and its work should be based.
The following is from the "Wall Street Journal"'of Aug. 10:
Nothing will be gained, even though the intent may be of the best, by
imposing extraordinary administrative machinery on people who feel that
The New York Coffee and Sugar Exchange has received the following
its operation is not in their interest. We should obtain the facts now.
notice from the National Coffee Department of Brazil:
Therefore, pursuant to Article IV, Section 4 of the Constitution, I
"The National Coffee Department, with view to facilitate deliveries
recommend for your consideration the immediate creation of a legislative
of sacrifice quotas, have resolved to allow interested parties to sign docucommittee to study the effects of the administration of the Milk Control
ment when undertaking to deliver such quotas inside of 60 days, said
law and to determine the wisdom of its continuance.
document being guaranteed by deposit of 30 milreis per bag. If quota
HERBERT H. LEHMAN.
is delivered inside of 60 days' deposit will immediately be
refunded by
National Cottee Department, otherwise tho deposit will only be refunded
The New York State Senate on Aug. 7 approved a resolu- in 180 days. This measure is only temporary and liable to cancellation
tion to create a legislative committee of 12 members to in- whenever present crop is moving sufficiently free for export purposes.
National Coffee Department is compelled
quire into the circumstances of the milk strike. This vote to sacrifice quantities undelivered so to purchase coffee corresponding
that such risks will obviously be
of the Senate had at- limited to strict necessities only."
was taken after Republican members
tacked the resolution as a surrender to the strikers, and had
declared that Governor Lehman was seeking to shift the
responsibility for dealing with the problem from his own
shoulders to the Legislature. The resolution was approved
by a vote of 26 Democrats to 21 Republicans. Meanwhile,
in the Assembly, Assemblyman Louis Cuvillier demanded
Agricultural Department's Report on Cotton Acreage,
Condition and Production.
The Agricultural Department at Washington on Tuesday
(Aug. 8) issued its report on cotton acreage, condition and
production as of Aug. 1. It places the area indicated for-
harvest at 29,704,000 acres, the condition at 74.2% and the
probable yield of lint cotton at 12,314,000. The area indicated for harvest is the area in cultivation July 1, less the
probable removal of acreage reported Aug. 8, by the Agricultural Adjustment Administration, less 10 year average
abandonment on area not under contract. The condition
of 74.2% of normal on Aug. 1 this year compares with a
condition of 65.6% a year ago, 74.9% two years ago and a
10-year (1922-31) average condition of 67.9%. The indicated yield per acre is placed at 198.4%,as against 173.3%
last year and a 10-year average yield of 167.4%. The present
estimate of the 1933 crop at 12.314,000 bales or only 688,000
bales less then the harvest of a year ago. None of the figures
take any account of linters. Below is the report in full:
A United States cotton crop of 12,314,000 bales in 1933 is indicated by
the cotton crop report of the Department of Agriculture based on conditions
as of Aug. I and an indicated area for harvest of 29,704,000 acres. This
indicated area for harvest is the estimated area In cultivation July 1, less
the probable removal of 10.304,000 acres reported by the Agricultural Ad.justment Administration, less 10
-year average abandonment on the acreage
not under contract.
The condition of the crop is reported at 74.2% of normal, as compared
with 65.6% a year ago and a 10
-year average of 67.9%. The Aug. 1 condition this year is higher than on any other Aug. 1 since 1915 excepting the
74.9% condition reported in 1931. Growing conditions have been particularly favorable in the Atlantic Seaboard States, where the crop is early,
well fruited, and where weevils are less active than usual. In the central
part of the belt, and in Texas and Oklahoma conditions have been less
favorable but are still above average.
The indicated yield per acre of 198.4 pounds is about 18% higher than
the 10
-year (1922-31) average yield of 167.4 pounds, and is the highest
since 1914, with the exception of the 211.5 pound yield in 1931.
When the yield indicated for each State is applied to the acreage estimated
to be covered by the reduction contracts, the amount of cotton taken out of
production by the Agricultural Adjustment Administration is indicated
to be about 4,247.000 bales. The potential crop, had there been no cotton
reduction program is thus indicated to have been 16,561,000 bales.
In interpreting the reported condition in terms of yield per acre, the
Board made allowance, as in other recent years, for weevil presence and
activity. The data on weevil collected by the Board indicated that the dry
hot weather of June has greatly reduced the potential damage from this
Insect. The weevil index for 1933 appears to be about the same for the
United States as in 1931 and not much more than one-half of the average
of recent years.
COTTON REPORT AS OF AUG. 1 1933.
The Crop Reporting Board of the United States Department of Agriculture makes the following report from data furnished by crop correspondents, field statisticians, co-operating State Boards (or Departments)
of Agriculture and Agricultural Colleges. The final outturn of cotton
will depend upon whether the various influences affecting the crop during
the remainder of the season are more or less favorable than usual.
State.
Virginia - --N. Carolina_
S. Carolina_ _
Georgia
Florida
Missouri_ _ _ _
Tennessee_ _ _
Alabama_ _ _ _
_
Louisiana_ _ _
Texas
Oklahoma_
Arkansas _ _
New Mexico_
Arizona
California_
All other_ _ _ _
U. S. total
Lower Calif.
(Ohl Mex.)f
1141
Financial Chronicle
Volume 137
Production (Ginnings)
Aug. 1 Condition. Yield per Acre. 500-/b. Cr. Wt. Bales.
Area
AverIndicated Avermdi1933 Crop
age,
for
age,
mdi1032
Harvest. 1922- 1932. 1933. 1922- 1932. cated
Crop.
caled
1933.
a
1931.
1931.
Aug. 1.
Sons. acre
67
1,07
1,32
2,13
96
329
801
2,485
2,963
1,330
11,095
2,852
2,652
80
ell5
205
15
74
72
63
63
68
73
73
67
69
65
66
71
71
86
89
93
71
65
56
60
57
81
69
59
60
62
69
70
70
85
91
91
70
Lbs.
85 270
79 272
77 201
78 172
80 128
75 254
77 197
78 172
75 192
67 191
71 136
76 143
71 188
88 307
91 315
85 350
85 203
Lbs.
233
252
206
154
78
362
216
150
147
173
162
167
188
307
293
503
393
Lbs.
320
310
285
240
170
265
230
220
220
205
153
175
195
360
340
406
295
29,704 67.9 65.6 74.2 167.4 173.3 198.4
54 ____
85
70
238
248
177
Thous. bales.
45
34
696
660
791
716
1,071
854
34
17
182
307
428
480
1,143
947
1,363
1,180
570
611
3,541
4,500
1,043
1,084
1,081
1,327
72
60
e82
69
174
129
10
13,002
12,314
14
20
a Area In cultivation July 1 less probable removal of acreage reported Aug. 8,
-year average abandonment
by the Agricu tural Adjustment Ado Inistration. less 10
On area not ut der contract. h Prior to 1924 interpolated from July 25 and Aug. 25
reports. c Indicated Aug. 1, on area remaining for harvest. d Allowances made
for Inter-State movement of seed cotton for ginning. e Including Pima Egyptian
long staple cotton, 26,000 acres and 14,000 bales. f Not included In California
figures nor in United States total.
Increase in Cotton Acreage in Egypt-1,804,209 Feddans in 1933, Against 1,093,701 Last Year.
Cairo (Egypt) advices Aug. 7 are taken as follows from
the New York "Times":
The Ministry of Agriculture of the Egyptian Government issued to-day
figures on cotton acreage in 1933. A marked increase which was shown
over last year is believed to be due to the fact that the fellahin failed to
find profit in cereals which they had been induced to cultivate, because
of extremely low prices, and therefore resumed cotton planting.
Statistics show 1,804,209 feddans of cotton (a feddan is a small fraction
more than an acre), against 1,093,701 last year. Of this amount 391,051
feeldans were in Sakellarides, against 369.294 previously, and 1.010.359
in lIashmouni, against 506.972 in 1932.
The Alexandria Cotton Exchange was not affected to-day by the announcement of acreage.
Preliminary Report on Cotton Acreage to Be Removed
from Production, 1933.
Preliminary tabulations of the cotton acreage reduction
offers indicate that approximately 10,304,000 acres of United
States cotton has been or will be taken out of production as
a result of the campaign for acreage reduction. This is
25.3% of the acreage of cotton in cultivation July 1 1933,
as reported by the Crop Reporting Board.
The acreages finally to be taken out of production may be
somewhat different from those published herewith, because
considerable cotton under contract still remains to be taken
out of production.
The acreages indicated for removal, by States, are as
follows:
Acres Removed or to Be Removed.
State.
Acres.
virgInla
North Carolina
South Carolina
Georgia
Florida
Missouri
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
New Mexico
Arizona
California
Other
United States total
Per Cent of Acreage
in Cultivation
July 1.
10,000
239,000
426,000
680,000
22,000
110,000
260,000
725,000
925,000
450,000
4,305,000
1,160,000
925,000
30,000
21,000
13,000
3,000
12.8
18.1
23.9
23.7
18.0
24.4
22.3
22.3
23.5
24.9
27.3
28.1
25.4
25.9
15.3
5.9
15.8
10,304,000
25.3
World Using Cotton at High Rate According to New
York Cotton Exchange.
World consumption of all growths of cotton during the
cotton season just over was the largest since the 1929-30
season, according to the New York Cotton Exchange Service. During the 12 month period from Aug. 1 1932, to
July 31 1933,• that is, the 1932-33 season, world spinners
used approximately 24,725,000 bales of all kinds of cotton
as against 23,007,000 in 1931-32, 22,329,000 in 1930-31,
24,826,000 in 1929-30, and 25,803,000 in 1928-29. Under
date of Aug. 7 the Exchange Service added:
The increase of 1.718.000 bales in consumption of all growths of cotton
from 1931-32 to 1932-33 was almost entirely due to the large increase
In the use of the American staple, which rose from 12,506,000 bales in 1931of
32 to 14,132.000 in 1932-33. a gain of 1.626,000 bales. Consumption
foreign cottons rose but slightly, from 10,501.000 bales in 1931-32 to 10,593.000 in 1932-33, an increase of 92,000 bales.
The world carryover of all kinds of cotton on July 31 was approximately
15,530,000, on the basis of preliminary returns as against 17.412,000 a
year ago, 13,946,000 two years ago, 11,113,000 three years ago, and 9.367,000 four years ago. The reduction of 1,882,000 bales in the carryover
from the beginning to the end of the past season marked the first reduction
in the carryover since the 1928-29 season. The carryover of American
cotton on July 31 was 11.975.000 bales as against 13.228.000 a year earlier,
a reduction of 1,253,000 bales, and the carryover of foreigh growths was
3.555,000 bales as against 4,184,000 a year earlier or down 629.000 bales.
Cotton Raises Farm Exports Index of United States
Department of Agriculture During June-Highest
Index for June Since 1928.
The farm exports index of the U. S. Department of Agriculture reache 1 72 in June-the highest June index since
1928-due to the largest June exports of cotton in 24 years.
But the index for all commodities except cotton was only
45-a new low monthly record-reflecting the drastic decline in exports of wheat and flour.
Cotton exports normally drop off at this season of the
year, explains the Bureau of Agricultural Economics, but
the upward price movement has induced greatly incre..sed
European buying of American cotton, and the June index
of cotton exports was 91, or 38 points above the index a
year ago. The Bureau under date of Aug. 5 continued:
Exports of wheat, including flour, totaled less than 2,000.000 bushels
In June. and whereas exports in the 12 months ended June 1932 were
135,797,000 bushels, exports in the 12 months ended June 1933 aggregated
only 41.225,000 bushels.
June exports of leaf tobacco were the smallest in nearly two decades
and exports of lard fell off from immediately preceding months influenced
by increased import duties in Germany. Fruit exports continued to
make a favorable showing, although for the year ended June 30 exports
of nearly all kinds of fruit dropped below those of a year ago.
Rugs Rise 5 to 15% at Fall Opening-Further Increase
Seen as Mills Fail to Guarantee Present Quotations
-Active Buying Prevails.
A situation unprecedented in recent years in the floor
coverings industry, according to trade observers, confronted
the several hundred buyers who came to New York on
Aug. 7 to attend the fall opening of rug and carpet lines.
Advices to this effect were contained in the New York
"Times" of Aug. 8, which further observed:
Instead of the customary guarantees against price changes buyers who
made commitments were informed that mills had raised prices 5 to 15%
for the opening, but would not accept orders for delivery at the new levels
beyond Sept. 1. A further proviso that prices are liable to change without
notice and that unfilled portions of uncompleted orders will be subject
to any new prices made, was attached to buying contracts.
1142
Financial Chronicle
Although the buyers were prepared for a 5 to 10% price advance the
mills' refusal to book business more than a month in advance and the
definite indication that further price increases would be made before
Sept. 1 caught the buyers by surprise. As a result there was brisk buying
throughout the day, as both retail and wholesale establishments sought to
cover against higher prices by getting orders in early. Ordinarily there
Is little buying done on the first day of a seasonal opening.
Interest in the price situation overshadowed all other developments
of the day. Buyers reported they were pleased with the new patterns
‘, and weaves brought out by the mills, and they placed substantial orders
for rugs of modernistic design and for the wide variety of Oriental reproductions which were featured in the new style developments.
A. & M. Karagheusian, Inc., announced a new rug, the "Mirastan,"
which is intended to retail in the 9 by 12 size at $89.50. Suggested retail prices on the Gulisten rug were increased from $115 to $120 and the
super-Gulistan was advanced from $125 to $135. The Karagheusian
organization was one of the few mills which placed no restriction on orders
for advance delivery.
The Bigelow-Sanford Carpet Mills, W. & J. Sloane, selling agents for
Alexander Smith & Sons and other large volume rug producers, were
among the major floor coverings houses which refused to make commitments beyond Aug. 31. Practically all the small volume producers also
placed similar restrictions on orders accepted.
All low-end axminster rugs, with the exception of those produced by
the Smith and the Mohawk Carpet Mills, were advanced about 5% in
price. Wilton rugs were advanced 15% by the majority of manufacturers;
velvet rugs remained unchanged but yard goods and all carpetings were
increased 5 to 15%. Linoleums and felt base products remained unchanged.
The market has accepted the likllhood that prices on all lines of soft
and hard-surface goods will be subjected to another advance of 5 to 10%
before Sept. 1. With yesterday's price rises the average rug is now priced
at 15 to 35% above that prevailing last spring. Prices were advanced
5 to 8% in June and subjected to another rise of 5 to 10% last month.
In its Aug. 9 issue the "Times" said:
Rug Buying Brisk Again Yesterday.
Buying continued active yesterday in the wholesale floor coverings
market where the fall opening of new lines is in progress. Mills were
anxious to book enough orders to permit their operation at capacity throughout the current month and present indications are that the desired volume
will be obtained before the close of the week. Discussions concerning
future price advances were numerous throughout the market. The consensus of opinion is that new prices will be named by several of the larger
mills around the 25th of this month. Some of the producers may make
new quotations as early as the 15th, it was said.
Pay of 15,000 Workers of Western Electric Co. Increased
11%—Company Signs NRA Agreement.
The Western Electric Co. announced on Aug. 7 an increase
of 11% in the salaries of 15,000 hourly rated employees having salaries up to $3,240 a year. The increase, which is
effective from Aug. 1, will add approximately $2,250,000 to
the company's payroll annually. It was said that the increase restores the 10% cut in wages made April .1 when
shorter working hours were adopted which still remain in
effect. The company also announced on Aug. 7 that it had
signed President Roosevelt's NRA agreement.
General Motors Corp. Increases Pay of Salaried
Employees 10%.
A 10% increase in the pay of salaried employees, effective
Aug. 1, was announced on Aug. 7 by the General Motors Corporation. The increase, the announcement said, affected
"all salaries as of July 31, effective Aug.1, of General Motors
Corporation employees." From the New York "Times" of
Aug. 8 we quote the following:
Officials declined to amplify this brief announcement, but it was understood the increase was to go to all salaried workers of the parent company
and its various subsidiaries.
The corporation and all its divisions employ in the neighborhood of
135,000 workers, including those whose wages are computed on an hourly
wage basis. The latter, mainly in the employ of the various car divisions,
received a wage increase averaging 15% about two weeks ago. The increase
announced Aug. 7 was said to have been for the purpose of re-establishing
the former margin between salary and wage levels.
Wages of 10,000 Shoe Workers in Haverhill, Mass.,
Increased.
About 10,000 Haverhill (Mass.) shoe workers will benefit
by pay increases averaging more than 25% as a result of an
arbitration award announced Aug. 7. Associated Press advices from Haverhill that day said:
•
The new scale will become effective the first pay-roll week after
Aug. 12 and, in the meantime, a flat increase of 10% will be effective
as of Aug. 1. The new scale is based on a 40-hour, five-day week which became uniformly effective in the industry to-day.
Amoskeag Manufacturing Co. Advances Wages
-25,000
Operatives in Worsted Department of Company
Affected.
Operatives in the worsted department of Amoskeag Manufacturing Co. will receive increases in wages for the year of
about $500,000, according to advices from Manchester,
N. H., Aug. 10 to the New York "Evening Post" which
added:
Notices have been posted that differentials have been established, effective Aug. 14; 25,000 operatives are affected. The amount of the increase
is virtually the same as that given the cotton and mechanical employees.),
Aug. 12 1933
Wages Raised and Hours Cut for 25,000 Workers in
Woolen and Worsted Industry in Lawrence, Mass.
A wage increase and shorter hours went into effect on
Aug. 7 for more than 25,000 workers in the woolen and
worsted industry in Lawrence, Mass. The working time
was cut from 48 to 40 hours a week. The workers received
hourly pay increases of about 30% which brings wages 10%
higher for the 40
-hour week than what existed for the 48
-hour
week. Piece workers also shared in the general increase.
Petroleum and Its Products—Revised Code Expected
To-day Providing Strict Enforcement of Production
Allocation by Federal Government—Importance
of Cost Recovery Provision Stressed by Pure Oil
Head—Ames's Statement on Oil Output—Texas
Proceeding with Plans for New State Allowable
Regulations Aug. 21.
Late advices from Washington yesterday afternoon
indicated that the revised oil code would be brought before
General Johnson either late last night or some time this morning, Saturday. Reports which gained credence throughout
oil circles yesterday were that the code will contain stringent
regulations for the enforcement of Federal control, and
that State lines will be abolished through the power of the
Government to allocate national demand among the various
oil producing States, and prevent the shipment out of any
State of oil produced in excess of the Federal allowable.
Meanwhile Texas authorities proceeded with plans for a
public hearing to be held Aug. 21 at Austin, at which time
new State allowables will be drawn up in conformity with the
national code. It is believed that there will be a sharp
reduction from the present levels, and that East Texas will
be cut to about 400,000 barrels daily. Production in that
field last week ran to more than 580,000 barrels daily, and
the proposed cut would therefore have a very beneficial
effect upon the price situation in general.
Government control which has thus far done much to
eliminate the problem of "hot oil" as a menace to proper
conduct of the petroleum business received considerable
impulse this week when the Oklahoma Corporation Commission met Wednesday with Federal representatives and
agreed on forms for use by oil producers and transporters in
reporting oil operations. The drive will be concentrated
immediately upon the Oklahoma City field, where "hot
oil" has been a more serious problem than elsewhere throughout the State.
Under the direction of Dr. J. Howard Marshall, assistant
solicitor of the Department of the Interior, representatives
of the Corporation Commission have worked out plans for
the form, which will show what oil is produced and what is
run from wells in the Oklahoma City region. The new plan
goes into effect immediately, with the Corporation Commission to issue formal orders as soon as legal notices of hearing
have been given.
Considerable stress is put upon the cost recovery provision
of the code by Henry M. Dawes, president of the Pure Oil
Co., who says that such a provision would protect competition, as contrasted with price fixing, which would foster
monopoly. After explaining the difference between cost
recovery and price fixing, and the confusion in the public
mind which the latter phrase creates, he says:
"Having established this minimum base price for crude
which represents cost recovery the refinery price should
always bear a fixed relationship or percentage to it, and the
cost recovery price of refined products at the refinery would
add to the cost of the crude content a fixed minimum expense
of its operation to establish its cost recovery price. To this
refinery price should be added a fixed minimum of expense
for the various phases of marketing. In the practical application of this the principle would be very simple, and the only
computation at all difficult would be that of the average cost
of crudes. There are no new principles proposed in this, but
its embodiment in the oil code, from a practical standpoint,
will probably immediately put the oil business in a condition
of moderate prosperity and ability to meet the heavy labor
charges which are involved in the readjustment."
Many views on the pressing problems of the day have been
presented during the week, one of which being the statement
of C. B. Ames, Chairman of the Texas Co., who presses the
importance of production supervision. Mr. Ames says in
part:
"This act is a part of the Administration's plan to facilitate
recovery by increasing employment, maintaining or inaugurating fair wages and increasing commodity prices. In
respect of these matters the Governmbnt has the right to
Volume 137
expect the co-operation of the petroleum industry, and the
great weight of the industry both in numbers and in volume is
making a serious effort to co-operate. During the depression
the industry has maintained volume,employment,and wages
at a relatively high ratio, but prices have been abnormally
low. The success of the NIRA as applied to the petroleum
industry will depend largely on its administration. If it is
administered wisely and if there is co-operation between the
Federal Government, the State administrative agencies, and
the industry, the objectives of the Act can be achieved.
"Production has heretofore been regarded as a subject
within the control of the respective States. It has not been
regarded as a part of inter-State commerce, but as purely an
intra-State matter. The emergency has not changed the
Constitution. If the national Administration undertakes
direct control of production a grave constitutional question
at once arises. If the national Administration merely
approves agreeinents within the industry relating to production, the question still arises as to whether these agreements violate the State anti-trust laws, particularly those
of Texas, the greatest oil producing State. Every effort
should be made to avoid constitutional conflict between the
Federal Government and the States in respect to this fundamental factor. This conflict can be avoided through cooperation between the Federal and State governments.
The code which has been prepared by the industry presents
a sound program from an economic standpoint, but, recognizing the limitation's of governmental power involved, it
recommends co-operation between Federal and State governments."
If the reports from Washington mentioned above are
verified by public announcement to-day of the receipt of the
revised code, it is expected that there will be an almost immediate reaction throughout the industry. Business within
the ranks of the petroleum industry has been on an uncertain
basis since the code program was first mentioned, and
many decisions affecting price movements have had to be
delayed, pending final settlement of disputed points in the
code.
Price changes of the week follow:
• Aug. 11.
-South Penn Oil Co. and Tide Water Pipeline Co. increase
prices of all grades of Pennsylvania crude 10c. a barrel. New Pennsylvania
prices are:
Bradford-Allegheny, $2.10; Central Pennsylvania. $2.02;
South West Penn. $1.77; Eureka, $1.72; Buckeye, $1.57.
Prices of Typical Crudes per 17 acre( at Wells.
(All gravities where A. P. I. despoil p are not shown.)
Bradford, Pa
$ .61
$2.10 Eidorad Ark., 40
Corning. Pa
.50
.85 Rusk, Ter., 40 and over
.50
Illinois
.77 Salt Creek, Wyo.,40 and over
Western Kentucky
.40
.72 Darst Cr wk
Mid-Cont.. Okla., 40 and above... .62 Midler d District, Mich
.00
Hutchinson, Tex., 40 and over.... .41 Sunbur ft. Mont
.80
SpIndietop, Tex., 40 and over
.41 Santa is Springs. Calif..40 and over 1.14
.96
Winkler, Tex
.50 Huntinglon. Calif., 26
Smackover, Ark., 24 and over
1.82
.30 Petrol!: Canada
REFINED PRODUCTS
-SLUGGISH MARKET FAILS TO WEAKEN
PRICE STRUCTURE
-POSTINGS ADVANCED IN BUFFALO
AREA
-KEROSENE WEAK AS BUYERS LOCATE CONSESSIONS-BUNKER FUELS SHOW MORE ACTION-ADOPTION
OF CODE WILL BRING STEADINESS TO GENERAL CONDITIONS, IS BELIEF.
The refined products market wavered through another
week of uncertainty, with factors unwilling to take definite
steps on price revision either one way or the other until the
final provisions of the code are made public and are accepted
by General Johnson. Belief is general, however, that such
action will be reflected immediately in a general strengthening of price structures throughout the country.
During the past week gasoline prices here have held
steadily, despite strong efforts made by buyers to force
sales through under the market. However, the sentiment
of the refiners was made plain when, on Wednesday, Standard of New York posted an advance of 1-5e. per gallon in
retail and service station gasoline prices throughout the
Buffalo area. This advance followed closely a Yo. advance
in gasoline tank wagon prices in the same territory.
Kerosene weakened somewhat under the influence of
buyers' demands, and sales were reported to have been conto.
summated at from 4Y to 5e. However, price postings
officially continue from 5c. to 53/20. a gallon, tank car, at
refineries.
There has been a noticeable increase in the call for Grade
C bunker fuel oil, which is firm at 85c. a barrel, in bulk at
refineries. Diesel is also in good call, with prices steady at
$1.75 a barrel, same basis. Chicago reports that spot
gasoline of the lower grade is available in abundance and
that prices have weakened as a result. Production has
again gotten to the point where a daily surplus over market
1143
Financial Chronicle
demand is being accumulated. Gasoline of lower than 59
octane rating is to be found in the Chicago market down as
low as 3%e., although the general market has been fairly
steady at Me. The higher grades have not shown the same
tendency, as production has been kept more within the
bounds of market demand.
The lowering of mid-continent gasoline wholesale prices
was reflected in Ohio this week when major oil companies
in the northern portion of the State reduced the price structure Mc. a gallon, making the new prices 22e. and 200., for
the top grades, these prices including tax but being subject
to a 2e. cash discount.
Export demand for gasoline as reported in the New York
area shows a slight improvement, although buyers are not
operating far ahead, being content to cover their spot needs
at current prices.
Pennsylvania lubricating oils are very firm, and moving
in good volume.
Price changes follow:
-Standard of New York advances retail and service station
August 9.
prices of gasoline 1-5c. per gallon in Buffalo area, following Mc. advance
In tank wagon prices in same territory.
-Major oil companies reduce gasoline Mc. per gallon in
August 10.
northern section of State, reflecting weakened gasoline structure in midcontinent area. New prices 22c. and 20c., including taxes but subject to
2c. rebate for cash.
Gasoline, Service Station, Tax Included.
9.183
New Orleans
Cleveland
New York
9.182
.135
Philadelphia
195
19% Denver
Atlanta
San Francisco:
.156
Detroit
.203
Baltimore
Third grade...- .151
.175
Houston
182
Boston
Above 85octane- .195
.20
Jacksonville
.193
Buffalo
.215
Premium
14
.165
Kansas City
Chicago
145
St. Louis
.159
Minneapolis
•.20
Cincinnati
Less 2 cents cash discount.
•
n.20
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery.
$.02M-.0334 New Orleans, ex- -9.034
Chicago
New York.044-.03%
Tulsa_
(Bayonne)- --$.05-.0534 I Los Ang.,ex-- .04(-.06
.03
North Texas
Fuel 011, F.O.B. Refinery or Terminal.
9 .70
Gulf Coast C
California 27 plus D
N.Y.(Bayonne)3.75-1.00[Chicago 18-2213- .42M-.50
Bunker C
$ .85
.85
.70 Philadelphia C
Diem 28-30 IL__ 1.75 I New Orleans C
Gas Oil, F.O.B. Refinery or Terminal.
$.0134
'Tulsa
N.Y.(Bayonne)!Chicago-$.0134 i
28 plus0 0--$.03M-.041 32-36 G 0
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
$.05-.0554
Chicago
N. Y.(Bayonne)N.Y.(Bayonne)Shell Eastern Pet_$.0590 New Orleans,ex_ .04-.043:
Standard OH,N.J..04-.043(
Arkansas
Motor, U. S__-$.0634 New York05-.07
California
Colonial-Beacon__ .06
Stand. 011, N. Y. .0615
.0590 Los Angeles, ex- .0434-.0T
a Texas
Water 011 Co .06
Tide
.05-.053(
06
Gulf ports
Gulf
Richfield Oil(Cal.) .0625
.05-.05(
.0634 Tulsa
Republic Oil
Warner-Quin. Co_ .06
.0534
Sinclair Refining_ .0634 Pennsylvania
"Golden." z"Fire Chief." 3.0615.
:Richfield
Natural Gasoline Production Declined in June
Inventories Lower.
According to the United States Bureau of Mines, Department of Commerce, the production of natural gasoline,
which had increased in May, again declined in June, when
the daily average output was 3,740,000 gallons. This was
20,000 barrels below the daily average of May and 5.1%
below the average of a year ago, it was the same as the low
point reached in April. Production in the Oklahoma City
field increased materially, that in the Texas Panhandle
remained virtually stationary, but that in Kettleman Hills
decreased. Production in the East Texas field totaled 1,800,000 gallons, representing a small decrease from May.
Stocks of natural gasoline held by plant operators decreased
for the first time in 1933; the total on hand June 30 1933,
was 36,681,000 gallons, compared with 38,884,000 gallons
on hand June 1. The Biueau's statement further shows:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Stocks End of Mo.
Produaton.
Jan.
June
1932.
June
may
1933.
1933.
4,200 31,400 37,100
4,000
4,100
600
28,900 169,600 199,400
1,700 11,700 13,400
30,300 171,600 179,000
3,200 19,600 25,600
7,800 10,400
1,300
4.600 27,600 30,100
41,800 241,600 285,600
6,046
639
15,721
1,290
8,314
1.228
121
1,109
2,213
7,723
775
14,987
1,111
9,389
1,151
120
1,091
2,537
Total
112,100 116,600 685,000 784.006
4,310
3,780
3,760
3,740
Daily average
2,776 16,309 18,681
Total (thousands of bbls.) 2,669
103
90
90
89
Daily average
36,681
38.884
873
926
June
1933.
Appalachian
3,200
Illinois, Kentucky,Indiana
500
Oklahoma
29,600
Kansas
1,700
Texas
29,200
3,000
Louisiana
1,300
Arkansas
Rocky Mountain
4,500
39,100
California
May
1933.
Jan.June
1933.
Crude Oil Production Off Slightly During Week Ended
-Inventories Lower.
Aug. 5 1933
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended Aug. 5
1933 was 2,679,200 barrels, compared with 2,697,850 barrels
per day during the preceding week, a daily average of 2,670,900 barrels during the four weeks ended Aug.5 and an aver-
Financial Chronicle
1144
age daily output of 2,171,900 barrels for the week ended
Aug.6 1932.
Stocks of motor fuel oil at all points declined 155,000
barrels during the week under review, or from 52,722,000
barrels at July 29 to 52,467,000 barrels at Aug. 5. In the
preceding week there was a gain of 786,000 barrels.
Reports received for the week ended Aug. 5 1933 from
refining companies controlling 92.2% of the 3,586,900 barrel
estimated daily potential refining capacity of the United
States, indicate that 2,382,000 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,
28,576,000 barrels of gasoline and 130,047,000 barrels of
gas and fuel oil. Gasoline at bulk terminals, in transit and
in pipe. lines, amounted to 20,141,000 barrels. Cracked
gasoline production by companies owning 95.1% of the
potential charging capacity of all cracking units, averaged
465,000 barrels daily during the week.
The report for the week ended Aug.5 1933 follows in detail:
Aug. 12 1933
DISTRIBUTION OF TOTAL IMPORTS.
(Barrels of 42 Gallons.)
Month of-
July.
June.
May.
April.
Crude
Fuel oil
3,172,000
1,375,000
2,052,000
558,000
2,295,000
682,000
2,576,000
1,395,000
Tob0
4.547.000
2.610.000
2.977.000
3.971.000
California Oil Receipts at Atlantic and Gulf Coast
Ports More than Doubled During July.
Receipts of California oil (crude and refined) at Atlantic
and Gulf Coast ports during the month of July totaled
1,872,000 barrels, a daily average of 60,387 barrels, according to the American Petroleum Institute. This compares
with 928,000 barrels, a daily average of 30,933 barrels,
received during the month of June. The detailed statement
follows:
RECEIPTS OF CALIFORNIA OIL AT ATLANTIC AND GULF COAST
PORTS (CRUDE AND REFINED).
(Barrels of 42 Gallons.)
Month of-
DAILY AVERAGE CRUDE OIL PRODUCT ION.
(Figures In barrela.)
Week
Ended
Aug. 5
1933.
Total
Auerage
4 Weeks
Ended
Aug. 5
1933.
Week
Ended
Aug. 6
1932.
568,450
130,150
56,750
51,300
21,850
159,450
58,850
581,700
84,400
52,200
26,200
31,250
124,300
45,900
94,900
21,850
29,950
6,500
2,350
37,700
493,200
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
North Louisiana
Arkansas
Coastal Texas (not including Conroe)
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
July 29
1933.
600,600
125,500
55,600
50,750
21,850
158,200
58,400
583,650
84,100
52.600
26,050
31,250
125,750
46,450
93.100
19,950
29.700
7,250
2.400
37,600
487,100
594,600
129,150
52,100
50,750
21,800
158,850
58,350
565,500
81,650
52,550
26,500
31,300
125,500
45,050
93,000
19,000
28,20f1
7,250
2,450
37,550
489,800
431,750
93,650
55,350
49,950
24,300
178,650
57,550
329,300
2,700
55,900
29,350
34,100
121,100
31,100
105,050
20,000
38,900
7,350
2,900
34,750
468,200
2.679.200 2.697.850 2.670.900 2.171.900
.Vote.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED AUG. 5 1933.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
East Coast
Appalachian_.,_
2nd., III.,
.
Okla.,Kans.,Mo.
Ky_Inland Texas__ _
Texas Gulf
Louisiana Gulf
North La.
-Ark
Rocky Mountain
California
582,000
150,800
436,600
462.100
274,400
507,500
162,000
82,600
80,700
848,200
Total.
%
582,000
139,700
425,000
379,500
161,100
497,500
162,000
76,500
63,600
821,800
CJICIDgC:C.T.004:,00 I
WC:OW.90000 N
No
00 f
. .
0
0
•
.
0 0I
3
Potential
Rate.
%
Daily OperAverage. Wed
488,000
96,000
346,000
265,000
82,000
428,000
116,000
50,000
32,000
479,000
83.8
68.7
81.4
69.8
50.9
86.0
71.6
65.4
.50.3
58.3
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
14,781,000 8,340,000
2,042,000
835,000
7,422,000 4,763,000
4,792,000 3,870,000
1,447,000
1,809,000
5,561,000 7,481,000
1,298,000 1,888,000
259,000
559,000
985,000
771,000
13,880,000 99,731,000
Totals week:
Aug. 5 1933._ 3,586,900 3,308,700 92.2 2,382,000 72.0 c52467000 130,047,000
901022
2 “tA nnn 2 2P4 7nn 09 99494 nnn 72 2 A9 799 nnn 19C AR1 nnn
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Aug. 5 compared with certain August 1932 Bureau figures:
A.P. I.estimates on B.of M. basis, week Aug.5 1933_13
54,470,000 barrels
U.S. B. of M. motor fuel stocks. Aug. 1 1932
62.181,000 barrels
U.S. B. of N. motor fuel stocks, Aug. 31 1932
57,592,000 barrels
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 28,576,000 barrels at refineries, 20,141,000 bulk terminals, in transit
and pipe lines, and 3,750,000 barrels of other fuel stocks.
Imports of Petroleum Increased Sharply in July.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined) at the
principal ports in the United States in July 1933 amounted
to 4,547,000 barrels, a daily average of 146,678 barrels, as
compared with 2,610,000 barrels, a daily average of 87,000
barrels, during the preceding month. The Institute's report
follows:
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS.
(CRUDE AND REFINED OILS.)
(Barrels of 42 Gallons.)
hfonth ofAt Atlantic Coast Ports
Baltimore
Boston
New York
Philadelphia
Others
Total
Daily average
-41 Gull Coast Ports
Total
Daily average
At AU United Stales Ports
Total
Daily average
a Received at Port Arthur.
July.
June.
330,000
76,000
2,829,000
1,028,000
92,000
4,355.000
140,484
May.
April.
1,409,000
899,000
157,000
132,000
68,000
1,839,000
699,000
104,000
300,000
201,000
2,203,000
968,000
299,000
2.610,000
87,000
2,842,000
91,677
2,610,000
87.000
2,977,000
96,032
3,971.000
132.367
117,000
538.000
747,000
470,000
June.
May.
April.
38,000
159,000
353,000
230,000
130,000
473,000
443,000
182,000
180,000
435,000
232,000
148.000
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels of 42 Gallons.)
July.
Month ofAl Atlantic Coast Ports
Gasoline
Kerosene
Gas oil
Fuel oil
Lubricants
Tntril
June.
1,705,000
86,000
a706.000
81,000
73,000
8,000
1.872.000
141,000
May.
April
995,000
80,000
71,000
212,000
8,000
829,000
1.366.000
1.142 on I
313,000
-
a928.000
a Revised.
,
June Crude Oil Production Continued to Exceed
Corresponding Period in 1932
-Daily Average Output Higher Than in May 1933
-Inventories Continue to Increase.
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum
in the United States during June 1933 totaled 82,841,000
barrels, a daily average of 2,762,000 barrels. Although the
total was nearly 2,000,000 barrels less than in May, the
daily average was 28,000 barrels greater. In general, the
increase in daily average output in June was due to the fact
that production in Oklahoma increased more than that in
Texas decreased. The East Texas field produced 24,533,000
barrels in June, a daily average of 818,000 barrels as compared with an average of 890,000 in May. The Bureau adds:
Production in the majority of the other important districts of Texas fell
off and the daily average for the State (1,368,000 barrels) was 81,000 barrels
below May. Daily average production In the Oklahoma City field rose to
201,000 barrels from 135,000 barrels in May; the majority of the other
districts also increased so that the daily average for the State rose from
429,000 barrels in Slay to 517.000 barrels in June. Production in California remained at the same level as in May. Production in most of the
remaining States increased, the largest gain being recorded in Kansas.
Several black-oil fields of Wyoming, which had been shut in, were opened
up in June and the daily average output of the State rose to 331000 barrels
from 29,000 barrels in May.
The consumption of crude at refineries continued to increase in June,
when daily average runs were 2,487.000 barrels, compared with 2,398,000
in May. In spite of this increased demand,stocks of crude again registered
a material gain.
The percentage yield of gasoline rose to a new high level for the year of
44.7%; it is noteworthy that the gain was due entirely to an increase in
straight
-run production as the yield from cracking operations declined.
The indicated domestic demand for motor fuel totaled 37,710.000 barrels,
compared with a total of 39,460,000 barrels in June 1932. Those figures
are, however, not comparable with one another and are not truly representative of actual consumptive demand due to shipments made in anticipation
of the Federal gasoline tax, Inaugurated in June 1932, and Increaspd during
June 1933. Exports of gasoline were 2,619,000 barrels, a substantial increase
over May but 26% below a year ago. Stocks of motor fuel on Juno 30
totaled 54,581,000 barrels, which was 4,452,000 barrels below May stocks
and 6,977,000 barrels below stocks of a year ago.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude-oil capacity of 3,470,360 barrels. These
refineries operated during June at 72% of their capacity, given above,
compared with a ratio of 69% for May.
NUMBER OF WELLS COMPLETED IN THE UNITED STATES. a
Oil
Gas
Dry
1135,000
4,355
July.
1,872,000
780,000 1,228,000
Total
995,000
60,387
26,000
Daily average
39,613
33,167
At (July Coast Ports
y148,000
Total
x138,000
x147,000
4,933
Daily average
4,452
4,900
At Atlantic .t. GUY. Coast Ports
1,872,000
928,000 1,366,000 1,142,000
Total
Dam, sivi.nura
60.387
30.933
44.065
35 11417
x Fuel oil received at Port Arthur. y Rece ved at Port Arthur district: 141,000
barrels of crude oil and 7,000 barrels of gasoline.
3,971.000
132,367
145,000
102,000
6,194
4,547,000
146.678
At Atlantic Coast Ports
Baltimore
New York
Philadelphia
Others
June
1933.
372
63
274
May
1933.
444
60
282
June
1932.
993
66
325
Jan.
-June
1933.
2,957
381
1,634
Jan.
-June
1932.
4,630
542
1,574
4,972
Total
1,384
786
709
6,746
a From "011 & Gas Journal" and California office of the American Petroleur;
Institute.
Financial Chronicle
Volume 137
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of barrels of 42 U. S. gallons.)
Jan.June
1933.
Jan.
June
1932.
June
1933.
82,841
2,762
2,669
126
85,636
2,855
7,869 16,262 32,244
7,015 22,276
3,605
79,202 473,407 471,458
2,590
2.616
b2,640
9,555
80,932
2,611
4,378
5,093
2,678
5,499
37,710
3,115
25,343
1,646
126
596
1,310
1,016
4,141
1.33
2,500
33,999
3,005
23,527
1,624
82
528
1,231
446
4,232
155
3,926
39,460 179,934 183,606
2,128 18,950 16,711
23,164 157,132 160,878
7,763 10,503
3,054
509
554
81
4,211
4,331
779
5,157
4,738
1,391
1,923
1,835
1,215
3,539 21,436 20,021
1,330
703
187
13,817
4,013 15,061
77,636
2,588
Stocks (End of Month)-.
ude petroleum
at ural gasoline
It dined products
2,206
653
90,487
2,919
87,107
2,904
Total domestic demand
Daily average
64,835 433.230 397,632
2,185
2,394
2,161
2,812 16,309 18,681
625
591
81
67,728 450,130 416,938
2,291
2,487
2,258
1,384
Increase in stocks, all oils
Demand
)cal demand
Daily average
(ports:
Crude petroleum
Refined products
omestic demand:
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel
84,747
2,734
2,776
105
87,628
2,827
2,143
712
88,491
2,950
_Veto Supply,mestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol_ a
Total production
Daily average
II sports:
Crude petroleum
Refined products
Rai new supply, all oils
Daily average
May I June
1932.
1933.
72.755
2,347
79,011 412,437 418.666
2,300
2,279
2,634
b9,487
11,477
134,910
88,689 461,930 476,368
2,617
2,552
2,956
2.791
6,887
15,955
33,538
14,179
43,523
348,197 343,588 363,783 348,197 363,783
3,897
3,763
3,897
3,966
3,763
247,626 250,648 260,033 247,626 260,033
599.586 598,202 627.713 599,586 627,713
240
235
212
229
206
a Based upon production of coke reported to Coal Division by those by-product
coke lants that recover benzol Products. b Decrease.
Total, all oils
Days' supply
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS.
(Thousands of barrels of 42 U. S. gallons.)
May 1933.
June 1933.
DatlyAo. Total. DatlyAo.
-975
34
1,030
5,998
1,855
2,236
1.620
8,634
14,345
77
357
1,920
2,271
1,669
8,958
14,818
84
313
10,824
12.731
9,582
51.271
84,408
481
1,828
10,896
14,459
11,740
53,849
90,944
643
2,606
61
1
62
3,486
325
2
2
116
11
51
1
52
3,307
363
305
6
311
19,693
2,191
424
17
441
17.122
3,032
1,207
752
1,959
474
185
1,051
256
40
25
65
16
6
35
9
1,238
761
1,999
527
174
1,098
223
6,766
4,917
11,683
2,734
982
6,443
1,489
5,545
4,949
10,494
2,917
1,292
6,718
1,838
252
88
340
8
3
11
259
82
341
1,575
488
2,063
1,818
555
2,373
6,029
3,423
6,055
15,507
1,060
1
201
114
202
517
35
____
4,179
3.105
6,005
13.289
1,045
____
tt228e
26,942
19,453
35,352
81,747
5,984
2
19,231
22,514
37,870
79,615
6,436
3
5,224
4,724
24,533
6,556
41,037
316
174
157
818
219
1,368
11
5,721
5,000
27,591
6,068
44,920
313
569
404
973
19
14
33
596
310
906
82,841
2,762
'A347
27,521
19,169
29,146 32,698
101,043 61,117
40,408 43,266
198,118 156,250
1,760
2,013
3,594
2,045
5,639
4,155
2,742
6,897
during the week by producers was on the basis of 9c. per pound. delivered
Connecticut, which, if anything, points to a little improvement in the
situation, in that scattered business went through in each of the two preceding weeks at concessions. Shipments of copper to fabricators were
large during June, and preliminary estimates on the movement of metal
range all the way from 60,000 to 65.000 tons. Part of this large movement
in copper is ascribed to the change in the mood of fabricators and consumers who now believe in carrying fairly large stocks of raw materials.
However, actual consumption of copper'has undoubtedly increased in
recent months, and some fabricators' reserves of metal are known to be
Early in the year shipments of copper by producers averaged less
than 20,000 tons a month.
The foreign market was quiet, but in the absence of any selling pressure
by large producers, prices abroad showed little change compared with
those of a week ago.
The committee in charge of the copper code conferred with Washington
officials yesterday. In addition to regulation of production with a view
to reducing the large surplus holdings, the code contains a provision for
selling copper on a quota basis at a price not below the weighted average
cost of the metal offered for sale.
Advices from Washington received late yesterday stated that the labor
provisions of the proposed copper code are not satisfactory to the NRA.
and an informal conference of representatives of the copper industry is to
be held at a date not yet fixed to iron out the differences.
Lead Buying Moderates.
Demand for lead declined sharply last week, the total volume of business
booked falling to less than half that for the preceding seven-day period.
contract
Prices, however, continued unchanged at 4.50c., New York, the
St.
settling basis of the American Smelting & Refining Co., and 4.35c.,
Louis. Consumers lack of interest in the metal was generally attributed
earlier
to (1) their having satisfied immediate requirements in the course of
heavy buying; (2) recent quietness in the security markets, and (3) the
and the preparation of codes.
focusing of attention on the NRA program
Continuance of a good movement of lead products into consumptive
channels is reported. A code of fair practice, specifying maximum hours
of labor and minimum rates of wages, is understood to have been filed
by the Lead Industries Association on behalf of the producers of lead
and manufacturers of lead products.
Stocks of refined pig lead in the United States stood at 183,071 short
tons on July 1, as compared with 187,176 tons on June 1, according to
the American Bureau of Metal Statistics. Total stocks were 280.331
tons on July 1, as against 287,635 tons a month earlier. Sales of pig
lead for August shipments, according to statistics circulating in the industry.
total about 27.500 tons; sales for September shipment have reached about
low.
7.600 tons.
Zinc Deliveries Large.
The feature in the market for zinc was the statistical position as disclosed in the figures released on Tuesday by the American Zinc Institute.
Shipments during July amounted to 45,689 tons, against 36,737 tons in
June and 27,543 tons in May. Shipments during January and February
of the current year averaged a little over 15.000 tons. Production during
July increased to 30,905 tons, which was not looked upon so favorably.
The stocks of zinc declined from 123,924 tons at the end of June to 109,140
tons at the end of July.
The zinc statistics of the American Zinc Institute for May,June and July.
in tons, follow:
•
July.
June.
May.
30.905
24.027
21,730
Production
997
801
701
Production-daily average
45,689
36,737
27,543
Shipments
a22
a44
Shipped for export
109.140
123,924
136.634
Stock at end
35.788
27.142
21,056
Unfilled orders
25.836
24,404
23,569
-end of period
Retorts operating
24,127
22,590
22.154
Retorts-average
a Export shipments are Included in totals under "shipments."
Trading in zinc was quiet throughout the week. With the industry
operating under a code of fair practice, producers were disposed to move
slowly until a better picture can be had in respect to costs and the necessary
changes in operating conditions. All of the business reported last week
was at 5c. per pound for Prime Western, St. Louis basis.
Moderate Trading in Tin.
The domestic tin market was relatively quiet during the early part of
, last week, but on Tuesday a good business was done, with total bookings
for the day estimated at 200 to 300 tons. This interest, to a somewhat
lesser degree, continued yesterday. Both consumers and dealers participated in the trading, one dealer being reported an purchasing a lot of
75 tons. l'rices declined slightly during the week, chiefly as a result of
the comparative inactivity prevailing in the market early in the seven-day
period, and owing to the downward trend in sterling exchange.
Trading in Chinese tin was also moderate in volume and confined chiefly
to forward material, spot and nearby metal being virtually unobtainable.
Nominal quotations on Chinese 99% tin, prompt shipment, follow: Aug.
3,43.80c.; Aug. 4, 43.90c.; Aug. 5, 44.00c.; Aug. 7, 43.50c.: Aug. 8, 43.65c.:
Aug. 9, 43.75c.
I
•
5.674
62
74
54
288
478
3
12
GtilV.152
Jan.
June
1932.
ei :25,7
Total.
Ark ansa.s
California:
:ettieman Hills
.ong Beach
ante Fe Springs
:est of State
II
Total California
'olorado
hutlots
Indlane:
outhwestern
ortheastern
Total Indiana
Ka 1SaS
EelItucky
Lo lislana:
:tilt coast
1 eat of State
Total Louisiana
Mi thigan
Mo ntana
Netr Mexico
Netv York
Ohlo:
'entral and Eastern _
.
Torthweatern
Total Ohio
Oklahoma:
,klahoma City
eminole
:est of State
II
Total Oklahoma
Pe nsylvan1a
Ten nessee
Texas:
Mr coast
'eat Texas
sat Texas
.est of State
Il
Total Texas
g Virginia
Wy oming:
alt Creek
eat of State
Total Wyoming
Jan.June
1933.
1145
S. total
433,230 397,632
Non-Ferrous Metal Prices Hold Recent Gains Despite
Decline in Sales Volume.
"Metal and Mineral Markets" in its issue for Aug. 10 1933
points out that in comparison with recent weeks, trading
in major non-ferrous metals was quiet in the seven-day period
that ended yesterday, but prices underwent scarcely any
change, with the general tone firm. The various branches
of the industry report good progress in the matter of perfecting their codes of practice, and in the last week announcement was made in Washington that both the zinc producers
and copper fabricators had been granted permission to
operate under the President's Re-employment Agreement.
That operating costs will increase under the revised wage
and labor provisions is fully understood, and it is this
factor that is giving support to prices. The same publication
continues as follows:
Copper Steady.
Trading In copper In the domestic market during the last week was
In moderate volume, with the price steady. All the business booked
Sharp Gain in Production and Shipments of Slab
Zinc During July.
According to a compilation prepared by the American
Zinc Institute, Inc., production and shipments of slab zinc
recorded a further sharp gain during the month of July 1933.
In this period output totaled 30,905 short tons, compared
with 24,027 tons in the preceding month and 14,716 tons in
the corresponding period in 1932. Shipments amounted to
45,689 short tons (of which 22 tons were for export) as
against 36,737 tons in June 1933 and 12,841 tons in July
1932. Unfilled orders at July 31 1933 were 35,788 short t ms,
as compared with 27,142 tons a month earlier and 16,949
tons a year ago. Inventories totaled 109,140 short tons, as
vainst 123,924 tons at June 30 1933 and 135,902 tons at
July 31 1932.
During the seven months ended July 31 1933 output
amounted to 160,110 short tons, as comparsd with 136,712
tons in the corresponding period last year, while shipments
totaled 175,826 tons as compared with 130,652 tons in the
first seven months of 1932.
The Institute's statement follows:
1146
Financial Chronicle
SLAB ZINC STATISTICS (ALL GRADES).
(Tons of 2.000 Pounds.)
Produced
During
Period.
1929.
Total for year. 631.601
Monthly aver_ 52,633
1930.
Total for year. 504.463
Monthly aver_ 42,039
1931.
Total for year. 300,738
Monthly aver_ 25,062
1932.
January
22,471
February
21.474
March
22,448
April
20.575
May
18,605
June
16,423
July
14.716
August
13,611
September
13,260
October
15,217
November
16.078
December
18,653
Unfilled
Orders,
End of
Perot:.
75,430
6,352
529
57,999
68,491
18,585
436,275
36,356
143,618
196
16
31,240
47,769
26,651
314,514
26,210
129,842
41
3
19,875
23.680
23,099
23,099
18,273
26,166
22,404
21,851
22,503
18,032
18,050
14,971
12,841
16,360
20,638
19,152
15,970
15.745
129.909
129,532
129,477
132,020
132,575
134,027
135,902
133,153
125.775
121.840
121.948
124,856
31
0
0
0
0
20
0
39
20
20
20
20
22,044
21,752
22.016
20.796
20,850
18,742
18,295
14,514
14.915
17,369
19,753
21,023
21,001
20,629
21,078
19.469
20,172
19,670
17,552
15.067
13,809
15,901
17,990
20,372
24,232
23.118
23,712
20,821
19,837
16,116
16,949
18,017
16.028
10,333
8,640
8,478
170
14
19,339
18,560
17,190
40
0
0
45
0
44
22
22,660
23.389
22.375
22,405
23,569
24,404
25,836
21,970
22,500
21,683
21,526
22,154
22,590
24,127
6,313
8.562
8.581
18,072
21.058
27.142
35,788
Stock at
End of
Period.
602,601
50,217
Total for yr_ 13213.531 b218,517
Monthly aver_ 1617,794 618,214
1933.
January
February
March
April
May
June
July
TrOol 7 mne
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1928
-GROSS TONS.
Retorts Average
aShip- Operarg Retorts
ped for End of During
Export. Period. Period.
Shipped
During
Period.
19,828
20,076
22,095
21.449
21.730
24,027
30,905
15,040
15,280
16,156
19,381
27.543
36,737
45.689
litAlln
17k 519g
129,644
134,440
140,379
142,447
136,634
123,924
109,140
ICI
Export shipments are included in total shipments.
Revised Pig Iron Production Figures for July-Daily
Rate, Highest Since May 1931, Showed an Increase
of 37.1% Over June.
July production of coke pig iron totaled 1,792,452 gross
tons, against 1,265,007 tons in June, according to revised
figures released by the "Iron Age" this week. The July
daily rate, at 57,821 tons, increased 37.1% over the June
average of 42,166 tons a day. The daily rate in July was
the highest since May 1931, which was 64,325 tons. The
"Age" further reported as follows:
There were 106 furnaces in operation on Aug. 1, making iron at the rate
of 59,930 tons daily, compared with 90 on July 1, with a daily operating
rate of 51.675 tons. Sixteen furnaces were blown in and none taken
off blast. The Steel Corp. and the independent steel companies blew
In six furnaces each and merchant companies blew in four furnaces.
Among the furnaces blown in are the following:
Name of Furnace.
Susquehanna
Donner
Port Henry
Standish
Donora
Duquesne. Isabella and Ohio
Eliza
Monosson
Campbell
Lorain
Toledo
Colorado
Ensley
Woodward
Company.
National Steel Corp.
Republic Steel Corp.
Witherbee, Sherman & Co.
Chateaugay Ore & Iron Co.
American Steel & Wire Co.
Carnegie Steel Co.
Jones & Laughlin Steel Corp.
Pittsburgh Steel Co.
Youngstown Sheet & Tube Co.
National Tube Co.
Ir terlake Iron Corp.
Colorado Fuel & Iron Co.
Tennessee Coal, Iron & RR. Co.
Woodward Iron Co.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS).
Pig Iron. x
1933.
1932.
Ferromanganese. y
1933.
1932.
January
February
March
April
May
June
568.785
554,330
542.011
623,618
887.252
1,265.007
972.784
964.280
967.235
852,897
783,554
628.084
8,810
8,591
4,783
5,857
5.948
13.074
Half year
July
August
September
October
November
December
4.441,003
1,792,452
5,168,814
572,296
530,576
592,589
644,808
631,280
546,080
47.063
18,661
•
11.250
4,010
4,900
481
5,219
7.702
33,562
2,299
3,414
2,212
2,302
5,746
7,807
Year
8,686,443
57,342
a These totals do not include charcoal pig iron. The 1931 production of this
Iron was 46,213 gross tons. y Included In pig iron lgures.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
MerSteel
Works. chants.* Total.
1931Januar!
,
February
March
April
May
June
July
August
September
October
November
December
i 1932January
February
March
Anr11
45,883
49,018
54,975
53,878
51,113
43,413
35,189
31,739
29,979
30,797
31,024
24.847
25,124
25,000
24,044
23.143
Met
Steel
Works. Chants.* Toad.
1932(Cond.)
May
.0,618
June
14,845
July
15,132
August
14,045
September
16,540
October
16,514
November
16,607
December
13,941
1933
January
15,746
16,935
February
15,072
March
18.879
April
25,492
6,256 31,380 May
7,251 33,251 June
38,078
7,167 31,201 July
51,038
11 257 25420
9.416
11.332
11.481
13,439
13,212
11,209
12,012
9,569
8,985
7,051
5,758
6,778
55,299
60,950
65,556
67,317
64.325
54,621
47,201
41,308
38,964
37,848
36,782
31,625
Includes pig iron made for the market by stee companies.
•
Aug. 12 1933
4,658
8,090
3,329
3,070
3,213
4,286
4,435
3,674
25.276
20,935
18,461
17,115
19,753
20,800
21.042
17,615
2.602
2,863
2,412
1,908
3,129
4,088
6,783
18,348
19,798
17,484
20,787
28,621
42,166
57,821
1928.
January
February
March
April
May
June
First six months_
July
August
September
October
November
December
12 mos.average
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.
111,044
114,507
119,822
122,087
125.745
123,908
119,564
122,100
121.151
116,585
115,745
106,047
91,513
115.851
1930.
1931.
1932.
91,209
101,390
104.715
108,062
104,283
,
1,804
100,891
85,146
81,417
75,890
69,831
62,237
53,732
86.025
55,299
60,950
65,556
67,317
64,325
54,621
61,356
47,201
41,308
38,964
37,848
36,782
31,625
50.069
31,380
33,251
31,201
28,430
25,276
20,935
28,412
18.461
17,115
19.753
20.800
21,042
17,615
23.772
1933.
18.348
19.798
17,484
20,787
28.621
42,166
24,536
57,821
Steel Production Holds at 67% of Capacity-Demand
Wavering, Due to Labor Troubles, Soaring Fuel
Prices and Confusion Over Code-Price of Finished
Steel and Steel Scrap Higher.
The forces of recuperation in the iron and steel industry
have been checked by complications growing out of the
NIRA, states the "Iron Age" of Aug. 10. Demand still
shows a buoyancy surprising for this season, but it is commencing to waver in the face of continued labor trouble in
the Connellsville region, soaring fuel prices, and confusion
growing out of the application of the NRA blanket code,
under which most iron and steel consumers must operate
pending the preparation and adoption of special codes, continues the "Age", adding:
An additional deterrent to buying is the resistance of large buyers to
the single-price policy recently adopted on leading mill products. Large
consumers are unwilling to conform to this new practice until the steel
code is officially adopted, and meanwhile are pressing for a continuance
of concessions, which in a few cases have been granted, notably on automobile body and steel furniture sheets. Likewise a Detroit base on steel
bars has been temporarily reestablished, although the steel code abolished
a separate basing point for the automobile city.
Pressure for concessions, however, M meeting with diminishing success
in view of the growing alarm of steel producers over mounting costa. In
addition to the increased costs incident to advances in wages and shortened
hours, the industry faces not merely soaring prices of fuel but an early
shortage, in the event that current labor difficulties are not settled soon.
Furnace coke has risen from 52.50 to $2.75 a ton, Connellsville, but
only occasional cars can be bought at the advanced figure and some sellers
are now asking $4. Coking coal is no longer available at any price and
slack coal has been sold at $1.25 a ton, western Pennsylvania mines.
Valley operations have reacted to the fuel stringency, ingot output
having declined to about 60% of capacity and the lighting of a steel company blast furnace having been indefinitely postponed. Steel production
in other districts has not yet been curtailed because of the fuel situation,
although there have been slight recessions in the Cleveland-Lorain district
and in eastern Pennsylvania. Output in the South will shortly be reduced because of the closing down of the Ensley rail mill. In other centers, recent rates have been maintained and at Chicago there has been a
gain, present operations averaging well over 53% as compared with 52%
a week ago.
The national average of steel ingot output is still close to 57%, the rate
of a week ago, and any further decline is more likely to be due to a fuel
scarcity than to reduced demand. Suspension of operations at certain
steel plants may become necessary within the next fortnight if the fuel
shortage continues.
Some slight falling off in the steel requirements of the automobile industry Is noted, but motor car output for August will nevertheless exceed
200,000 unite, according to present indications. An order for 11,500
tons of pipe for a gas line extension in the Southwest was divided between
Western maker and a Valley mill. Of 51,650 tons of plates and shapes
required for the Naval vessels placed with private yards,35,200 tons have
been purchased. Bids on part of the 32,050 tons needed for the 16 vessels
to be built in Government yards were taken early this week and action
on the remainder will follow promptly.
Fabricated steel awards are light, totaling only 8,450 tons, compared
with 33.135 tons a week ago. Action on public projects is impeded because of uncertainties surrounding codes under which contractors must
operate. There is growing doubt in the steel industry whether the public
works program will prove timely enough and large enough to bring business
back to normalcy. If Government credit could be extended to private
enterprise, surer and quicker results could be obtained. Much business
has been blocked in recent months, it is contended, because of credit
stringency.
Railroad buying is improving, particularly purchases of steel for car and
locomotive repairs. The Burlington has bought 4,000 tons of rails, and
the Nickel Plato has released 3,000 tons against an old order. A release
of 6,000 to 7.000 tons from the New York Central is an early possibility,
while the Chesapeake & Ohio is expected to place its 1933 contract the
last week in August or the first week in September.
Advances in scrap at Pittsburgh and Philadelphia have raised the "Iron
Age" composite for heavy melting steel from $12.08 to $12.25 a ton.
General adherence to 1.65c.. Pittsburgh, on hot strip has advanced the
"Iron Age" finished steel composite from 1.973c. to 1.979c. a lb. The
pig iron composite is unchanged at $15.94 a ton.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Aug.8 1933, 1.979c. a Lb.
IBased on steel bars, beams, tank plates,
One week ago
wire, rails, black pipe and sheets.
1 973e
One month ago
1.9730.1 These products make 85% of the
One year ago
1 976c.I United States output.
1933
1932
1931
1930
1929
1928
1927
High.
1.9739. Aug. 8
1.9770. Oct. 4
2.0370. Jan. 13
2.273c. Jan. 7
2.317c. Apr. 2
2.286e. Dec. 11
2.402c. Jan. 4
LOW.
1.867c. Apr. Ig
1.926a. Feb. 2
1.946c. Dec. 29
2.018c. Dec. 9
2.283c. Oct. 29
2.217e. July 17
2.212o, Nov. 1
Pig Iron.
Aug. 8 1933, $15.94 a Gross Ton.
f Based on average of basic iron at Valley
furnace foundry irons at Chicago,
$15.94
One week ago
15.171 Philadelphia, Buffalo, Valley and BirOne month ago
13.761. mingham.
One year ago
1933
1932
1931
1930
1929
1928
1927
High.
$15.94 Aug. 1
14.81 Jan. 5
15.90 Jan. 6
18.21 Jan, 7
18.71 may 14
18.59 Nov.27
19.71 Jan. 4
Low.
313.58 Jan. 3
13.56
15.79
15.90
18.21
17.04
Dec. 6
Dec. 15
Dec. 16
Dec. 17
July 24
17.54 Nov. 1
Steel Scrap.
(Based on No. 1 heavy melting steel
Aug.8 1933, $12.25 a Gross Ton.
One week ago
$12.081 quotations at Pittsburgh, Philadelphia
10.88 I and Chicago.
One month ago
6.83[
One year ago
1933
1932
1931
1930
1929
1928
1927
High.
$12.25 Aug. 8
8.50
11.33
15.00
17.58
16.50
15.25
Jan. 12
Jan. 6
Feb. 18
Jan. 29
Dec. 31
Jan. 11
Low.
$6.75
6.42
7.62
11.25
14.08
13 08
13.08
Jan. 3
July 5
Dec. 29
Dec. 6
Dec. 3
July 2
Nov.22
"
Steel of Cleveland, Aug. 7, in its summary of the iron
"
and steel markets, stated:
Hanging over the iron and steel markets is a growing number of uncertainties. Including a more aggressive attitude of labor. Inability of the
Industry to see clearly the full effects of the NRA blanket code, and increasing resistance of large consumers to the proposed elimination of concessions
on tonnage in the new price program.
Direct results of this situation are a freezing of purchasing and a reduction of one point in the steelworks operating rate to 54%. Whatever buying
has been stimulated by the threat of a shortage, such as basic pig iron, has
not as yet offset the general curtailment.
Although some steel producers came up to the end of last week with only
a few days supply of coal. it was expected the labor difficulties in the
western Pennsylvania fields would be settled speedily, probably accompanied by a general increase in fuel prices, already reflected in coke.
Unless actual consumptive demands improve substantially soon a deadlock Is promised on the issue of abolishing preferential prices. Already an
exception has been made, as it appears that large consumers in the Chicago
district will be quoted the Pittsburgh base by Chicago mills, but small
users will continue to pay the $2 a ton differential. Stability of the steel
price structure is dependent to an important extent on early adoption of
the industry's code.
In the meantime there Is a tendency to apply quantity extras to the
smallest purchases. More producers have adopted differentials for steel
bars and shapes in lots of three tons or less, and are extending these to
plates and structural shapes. Differentials also have been put in effect for
small orders of railroad spikes and tie plates. Prices generally continue to
show an upward trend. Cold-finished steel bars have been raised $5 a ton.
Further increases are noted in raw materials, principally furnace coke,
refractory brick and manganese ore.
Nothing has occurred to destroy steelmakers' expectations of a fall upturn,
based largely on improved purchasing power for miscellaneous products,
public works, and railroad requirements. Structural awards for the week
were down to 5,762 tons, though the public works administration at
Washington allocated the first billion of its three billion dollar program.
Award of 34 war vessels calls for approximately 77.000 tons of steel.
Railroad repair work continues to expand. Boston & Maine is to rebuild
500 steel cars in its own shops. Nickel Plate has released 3,000 tons of rails;
Chesapeake & Ohio is preparing to make a substantial purchase this month.
Ford's decision not to shut down this month will greatly mitigate the seasonal
reduction in automobile production.
With a net gain of 15 active blast furnaces in July, 105 out of the country's
289 stacks were operating at the close of the month,67 more than in March.
Daily output for the month averaged 58,108 gross tons, 37.8% more than
In June, and the highest since May 1931. Total output for the month,
1.801,345 tons, was 536,392 tons or 42.4% over June. In the seven months
this year, blast furnaces produced 6,246,095 tons, 511,353 tons more than in
the comparable period last year.
Steelworks operations last week dropped 22 points to 55% at Birmingham;
14 Pobits to 76 in New England; 6 points to 57 at Buffalo; 4 points to 54 at
Chicago; 1% points to 65% at oungstown; 1 point to 48 at Pittsburgh;
increased 1 point to 43%% in eastern Pennsylvania, and remained unchanged elsewhere.
"Steel's" iron and steel price composite this week is unchanged at $30.02;
the finished steel figure is up 10 cents to $47.50; while the scrap composite
Is down 4 cents to $11.58 on an easier market at Chicago.
Steel ingot production for the week ended Aug. 7 is placed
at 55% of capacity, the same as in the previous week, according to the "Wall Street Journal" of Aug.8, which adds:
Two weeks ago the rate was a shade above 56%. U. S. Steel Corp.
Two weeks
with a rate
of 58%,compared with 59% in the week before and 61% two weeks ago.
The following table gives the percentage of production for the corresponding week in previous years, together with the approximate change
from the week Immediately preceding:
U. S. Steel. Independents,
Industry.
15-1
13
14 1932
32 +1
30+1
32 +1
1931
62)-2
51-2
56 -2
1930
91-1
98 -2
94 -2
1929
76 -5
69-1
72 - X
1928
68 -3%
63-2
65-3
1927
Is estimated at 51%. a gain of I% over the preceding week.
ago the corporation was at 49%. Independents are credited
United States Steel Corporation Unfilled Orders Fall
Off in July.
orders on the books of the subsidiaries of the
The unfilled
United States Steel Corporation fell off 86,546 tons during
July. This follows an increase of 176,856 tons during
June. The tonnage at the end of July was 2,020,125 tons
as compared with 2,106,671 tons at June 30 and 1,966,302
tons as of July 31 1932. Below we show the monthly figures
since January 1928. Figures for earlier dates may be obtained from the "Chronicle" of April 14 1928, page 2243.
1147
Financial Chronicle
Volume 137
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
End of
Month.
Januaty _ _ _
February __
March
April
May
June
July
August_
September
October_
November
TIprarnhpr
1933.
1932.
1931.
1930.
1929.
1928.
1,898,644
1,854,200
1,841,002
1,864,574
1,929,815
2,106,671
2,020,125
2,648,150
2,545,629
2,472,413
2,326.926
2,177,162
2,034,768
1,966,302
1,969,595
1,985,090
1,997,040
1,968,301
1 066 140
4,132,351
3,965.194
3,995,330
3,897.729
3,620.452
3,479,323
3,404,816
3,169,457
2,144,833
3,119,432
3,933,891
2.735.353
4,468,710
4,479,748
4,570,653
4,354,220
4,059,227
3,968,064
4,022,055
3,580,204
3,424,338
3,481,763
3,639,636
3.943.596
4,109,487
4,144,341
4,410,718
4,427,763
4,304,167
4,256,910
4,088.177
3,658,211
3,902,581
4,086,562
4,125,345
4.417.193
4,275,947
4,398,189
4,335.206
3,872,133
3,416,820
3,637,002
3,570,929
3,624,043
3,698,368
3.751,037
3,643,002
3.976.710
Steel Ingot Production at Much Higher Rate in July.
The American Iron & Steel Institute in its latest monthly
report of ingot production places the output of all companies
in July at 3,203,810 tons. This is 606,293 tons above that
of the previous month and 1,201,819 tons above that for
May. The increase over April and March is even greater.
Operations during the past month were at the rate of 58.95%
of capacity and in June at 45.96% while in March the rate was
only 15.50% of capacity. A year ago in July 1932 when
operations were as low as 14.92% of capacity the output for
the month was only 861,034 tons. Approximate daily production for the 25 working days in July was 128,152 tons
and in June, which had 26 working days, 99,904 tons. In
July 1932 in which month there were also 25 working days,
the average output per day was no more than 32,269 tons.
Below we show the statement given out by the institute,
covering the months since January 1932:
MONTHLY PRODUCTION OF STEEL INGOTS. JANUARY 1932 TO JULY
-GROSS TONS.
1933
Reported for 1932 by companies which made 93.71% of the Open-hearth and
Bessemer Steel Ingot Production in that year and for 1933 by companies
which made 96.57%.
Months.
OpenHearth.
Calculated No.of
Monthly
Monthly Work
Output
Bessemer. Companies Output AU tag
Reporting. Companies. Days.
Approx. Per
Cent.
Daily
Output Opera
AU Cos. don.:
1932.
Ian
1.230.907
Feb
Mar
Apr
May
June
July
1,230,970
1,149,193
1,036.163
950,838
755.068
653.039
160,633
157,067
193,944
144,197
103,593
100.249
102,916
1,391,540
1,388,037
1,343,137
1,180,360
1,054,431
855,317
755,955
1,484,991
1,481,253
1,433,337
1,259,629
1,125,243
912,757
806,722
26
25
27
26
26
26
25
57,115
59,250
53.087
48,447
43.279
35.106
32,269
26.41
27.40
24.55
22.40
20.01
16.23
14.02
7,006,178
962,599
7,968,777
8,503,932 181
46,983
21.73
696.122
804.470
885,773
838,419
724.917
97,323
124,970
132,876
128,844
81,932
793,445
929,440
1,018,649
967,263
806,849
846,730
991,858
1,087,058
1,032,221
861,034
27
26
26
26
26
31,360
38,148
41,810
39,701
33,117
14.50
17.64
19.33
18.36
15.31
10,955,879 1,528,544 12,484,423 13,322,833 312
42,701
19.75
26
24
27
25
27
26
25
39,618
45,286
33,699
54,514
74,14:
99,904
128,152
18.23
20.83
7 mos
Aug
Sept
Oct
Nov
Dec
Total
1933.
Jan
Feb
Mar
Apr
May
June
July
885,743
922,806
784,168
1,180,893
1,716,482
2,211,657
2,738,083
109,000
126,781
94,509
135.217
216,841
296.765
355,836
994,743
1,049,587
878.677
1,316,110
1,933,323
2.508,422
3,093,919
1,030,075
1,086,867
909,886
1,362,856
2,001,991
2,597,517
3,203,810
15.50
25.08
34.11
45.96
58.95
67.739 31.16
7 mos. 10,439,832 1.334,949 11,774,781 12,193,002 180
x The figures of "per cent of operation" in 1932 are based on the annual capacity
as of Dec. 31 1931 of 67,473,630 gross tons for Bessemer and Open-hearth steel ingots.
..,nd in 1933 on the annual capacity as of Dec. 31 1932 of 67,386,130 gross tons.
Preliminary Estimates Show July Production of Bituminous Coal and Anthracite in Excess of Corresponding Period Last Year-Anthracite Output
Below That for June.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates show that for the
month of July 1933 thare were produced a total of 29,457,000
net tons of bituminous coal, as against ,,5,320,000 tons in
the preceding month and 17,857,000 tons in the corresponding period last year. Anthracite production amounted to
3,673,000 tons as compared with 3,928,000 tons in June
1933 and 3,021,000 tons in July 1932.
An average of 1,178,000 net tons of bituminous coal per
working day were produced during July 1933 as against
974,000 tons in June of this year and 714,000 tons in July
1932. The Bureau's statement follows:
Total for
Month.
(Net Tons.)
Number of Average per Cal. Year to
Working Work'g Day. End of July
(Net Tons.) (Nei Tons.)
Days.
July 1933 (Pretinatutry)Bituminous coal
Anthracite
Beehive coke
June 1933 (Revised)
Bituminous coal
Anthracite
Beehive coke
Jtay 1932
Bituminous coal
Anthracite
Beehive coke
29,457,000
3,673,000
67,200
25
25
25
1,178,000
146,900
2,688
25,320,000
3,928,000
50,100
26
26
26
974,000
151,100
1,927
17,857,000
3,021,000
38,200
25
25
25
714,000
120,800
1.528
174,667,000
26,060,000
470,900
162,445,000
27,183,000
441,500
-All current estimates will later be adjusted to agree with the results of the
Note.
complete canvass of production made at the end of the calendar year,
1148
Financial Chronicle
Preliminary Summary Shows 275,938,000 Net Tons 04
Bituminous Coal Produced in 1932 in Ten States.
The United States Bureau of Mines, Department of
Commerce, reports that a preliminary summary shows that
275,928,000 net tons of bituminous coal were produced
during the calendar year 1932 in ten States and that the
average sales realization per ton was $1.22. A total of
349,151 men worked an average number of 146 days each
and produced per man per day 5.42 net tons. The Bureau's
statement follows:
PRELIMINARY SUMMARY OF COAL PRODUCED, AVERAGE SALES
REALIZATION PER TON, MEN EMPLOYED, DAYS WORKED. AND
OUTPUT PER MAN PER DAY IN CERTAIN STATES, IN 1932.
State.
Average Output Aoge. Sales
No. of Per Man Realization
Days. Per Day. f.o.b. Mine.
Net Tons.
Total
7,855,000
33.165,000
13,324,000
25,675,000
9,457,000
1,413,000
13,556.000
28,537,000
46,313,000
3,520,000
7,691,000
21,344,000
64,088.000
20,382
46,190
10,639
30,811
10,266
3,093
21,960
45,560
58,006
7,345
10,376
20,343
64,240
102
111
142
156
148
148
129
146
158
148
143
171
167
3.76
6.49
8.82
5.34
6.22
3.09
4.80
4.29
5.06
3.24
5.18
6.13
5.96
$1.55
1.52
1.30
1.05
.84
1.28
1.10
1.45
1.28
1.23
1.20
.91
1.11
275.939.000
Alabama
Illinois
Indiana
Kentucky-Eastern
Western
Maryland
Ohio
Pa. bituminous
-Central
Western
_-_
Tennessee
Virginia
West Virginia-Northern..
Southern
No. of
Men.
349.151
146
5.42
61.22
Production of Bituminous Coal Continued to Rise
During Week Ended July 29 1933-Anthracite
Output Approximately the Same as a Year Ago,
But Increased 20.1% Over the Preceding Week.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal continues
to leave the eorresponding record for 1932 far behind and
has now risen above that for 1931. The estimated total for
the week ended July 29 1933 is 7,550,000 net tons, as compared with 7,220,000 tons in the preceding week, 4,637,000
tons in the correspodning period in 1932 and 6,884,000 tons
in the same week in 1931.
Anthracite production in Pennsylvania during the week
ended July 29 1933 is estimated at 1,044,000 net tons, approximately the same figure as for the corresponding week
last year, and compares with 869,000 tons during the week
ended July 22 1933.
I[
OrkAug.9 total Federal Reserve bank credit amounted to $2,220,000,000,
an increase of $12,000,000 for the week. This increase corresponds with
increases of $57,000,000 in member bank reserve balances and $7,000,000
in unexpended capital funds, non-member deposits. Ftc., offset in part by
a decrease of $10,000,000 in money in circulation and an increase of $41,000,000 in Treasury currency, adjusted.
Bills discounted decreased $3,000,000 at the Federal Reserve Bank of
Atlanta, $2.000.000 at New York and $8,000,000 at all Federal Reserve
banks. The System's holdings of bills bought in open market show practically no change for the week, while holdings of United States bonds
increased $1.000,000. of Treasury notes $5,000,000 and of Treasury catificates and bills 964,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle" on page 3797.
The statement in full for the week ended Aug. 9, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 1200 and 1201.
Beginning with the statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
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.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
July 29
1933.c
July 22
1933.d
Calendar Year to Date.
July 30
1932.
1933.
1932.
1929.
Bltum. coal: a.
Weekly total 7,550,000 7,220,000 4,637,000 173,322,000 160,457,000 295,753,000
Daily avge_ _ 1,258,000 1,203,000 773,000
978,000
906,000 1,667,060
Pen. anthra.: b
Weekly total 1,044,000 869,000 1,048,000 25,870,000 26,789,000 39,801,000
Daily avge_ _ 174,000 144,800 174,700
147,400
152,600
226,800
Beehive coke:
Weekly total
8,400
17,900
16.300
467.800
434,400 3,946,700
Daily avge__
2,983
2,717
1,400
2,613
2,427
22,049
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.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended.
Slate.
July 22
1933.
July 15
1933.
July 23
1932.
July 25
1931.
July
1923
Average.a
Alabama
195,000
181.000
108,000
211,000
389,000
Arkansas and Oklahoma_ _
34,000
33.000
8.000
40.000
74,000
Colorado
49,000
38,000
40,000
68,000
165,000
Illinois
609,000
510.000
201,600
605,000 1,268,000
Indiana
195.000
229,000
157,000
218,000
451,000
Iowa
36,000
41,000
53,000
45,000
87,000
Kansas and Missouri
69,000
69,000
88,000
101.000
134,000
Kentucky-Eastern
659.000
682,000
434.000
635,000
735,000
105,000
Western
123,000
209,000
110,000
202,000
Maryland
28,000
27,000
17,000
35,000
42,000
Michigan
2,000
2,000
2,000
1,000
17,000
Montana
29,000
35,000
14,000
33,000
41,000
New Mexico
20,000
14,000
13,000
22,000
52,000
North Dakota
16,000
15,000
8,000
19,000
14,000
381,000
Ohio
406.006
176,000
435,000
854,000
Pennsylvania (bit.)
2,083,000 2,080,000 1.179,000 1,810,000 3,680,000
Tennessee
74,000
72,000
44.000
86.000
113,000
Texas
13,000
14,000
10,000
10,000
23,000
Utah
28,000
28,000
19,000
17.000
87,000
Virginia
230,000
226,000
123,000
170,000
239,000
Washington
22,000
22,000
15,000
28,000
37,000
West Virginia-Southern b 1,70f1.000 1,660,000 1.088,000 1,604,000 1,519,000
482,000
Northern c
491,000
344,000
464,000
866,000
Wyoming
59,000
61,000
47,000
57,000
115,000
Other States
1,000
1,000
3,000
2,000
4,000
Total bituminous coal... 7,220,000 6,965,000 4,400,000 6,826,000 11,204,000
743,000
Pennsylvania anthracite__
869,000
706,000
882,000 i,950,000
Total coal
8.089.000 7.708,000 5,106.000 7.708.000 13.158.000
a Average weekly rate for the entire month. 1 Includes operations o the N. &
W.: C. & O.; Virginian: K. & M.: and B. C. & 0. c Rest of State,
including Panhandle.
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 Aug. 9, as reported by
the Federal Reserve banks, was $2,215,000,000, an increase
of $6,000,000 compared with the preceding week and a
decrease of $161,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
amount of such
Aug. 12 1933
During the calendar year to July 29 1933 there were produced, according to estimates, a total of 173,322,000 net
tons of bituminous coal and 25,870,000 tons of anthracite,
as against 160,457,000 tons of bituminous coal and 26,789,000
tons of anthracite during the calendar year to July 30 1932.
The Bureau's statement follows:
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
Aug. 9 1933 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
Aug. 9 1933. Aug. 2 1933.
Aug. 10 1932.
$
156,000.000 8,000,000 -296,000,000
8,000,000
-31.000,000
2,048,000.000 -1- 10,000,000 -I- 107.000.00
0
8,000,000 +10,000,000
-7,000,000
TOTAL RES'VE BANK CREDIT.._ 2,220,000.000 +12,003,000
4,320.000.000
Monetary gold stock
1,989,000,000 +41,000,000
Treasury currency adjusted
Money in circulation
5,608,000,000 -10,000,000
Member bank reserve balances
Unexpended capital funds, non-mem-2,376,000.000 +57,000,000
545,000,000
ber deposit, &c
+7,000,000
-137,000,000
+315,000,000
+190,000,000
-911,000,000
+314.000,060
+153.000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
Financial Chronicle
Volume 137
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $4,000,000, the total of these
loans on Aug. 9 1933 standing at $880,000,000, 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" remain unchanged at $742,000,000
but loans "for account of out-of-town banks" increased
from $125,000,000 to $131,000,000, while lOans "for account
of others" decreased from $9,000,000 to $7,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Aug. 9 1933. Aug. 2 1933. Aug. 10 1932.
Loans and investments
-total
6,722,000,000 6,732,000,000 6,515,000,000
Loans-total
1149
statement, had total loans and investments of $839,000,000 and net
demand, time and Government deposits of $832,000,000 on Aug. 2, compared with $838.000,000 and $831.000,000, respectively, on July 26.
A summary of the principal assets and liabilities of the reporting member
banks, in 90 leading cities, that are now included in the statement, together
with changes for the week and the year ended Aug. 2 1933. follows:
Aug. 2 1933.
Loans and investments-total_ _ _16.557.000,000
Increase (+1 or Decrease (-)
Since
July 26 1933. Aug. 3 1932.
-105,000,01)0
-43,000,000
8,546,000,000
-15.000,000
-960,000,000
3,772,000,000
4,774,000,000
-17,000,000
+2,000,000
-308,000,000
-652,000,000
8,011.000,000
-90,000,000
+917.000,000
U.S. Government securities_ __ _ 5,048.000,000
Other securities
2,963,000,000
-69,000,000
-21,000,000
+839,000,000
+78,000,000
1,664,000,000
178,000,000
-10,000,000
-10,000,000
+214,000,000
+1,000,000
10,475,000,000
4,533,000,000
560,000,000
-123,000.000
-5,000,000
+435,000,000
-13,000,000
+231,000,000
1,118,000.000
2,560,000,000
+4,000,000
-4.000.000
-3.000,000
+48,000,000
31,000,000
+3,000,000
-111,000,000
Loans-total
On securities
All other
Investments
-total
Reserve with F. It. banks
Cash in vault
3,365,000,000 3,374,000,000 3,493,000,000
On securities
All other
Investments-total
U. S. Government securities
Other securities
1,775,000,000 1,778,000,000 1.672,000,000
1 590,000,000 1,596,000,000 1,821,000,000
3,357,000,000 3,358,000,000 3,022,000,000
Due from banks
Due to banks
2,307,000,000 2,300,000,000 2,085,000,000
1,050,000,000 1,058,000,000 957,000,000
Borrowings from F. R.banks
Reserve with Federal Reserve Bank_ _, 761,000,000
_
Cash in vault
37,000,000
749,000,000
36,000,000
782,000,000
39,000,000
Net demand deposits
Time deposits
Government deposits
5,244,000,000 5,221,000,000 4,953,000,000
772,000.000 776,000,000 820.000,000
254,000,000 254,000,000 136,000,000
Due from banks
Due to banks
72,000,000
88,000,000
68,000,000
1,142,000,000 1,116,000,000 1,149,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
For own account
742,000,000
For account of out-of-town banks..._ 131,000,000
7,000,000
For account of others
742,000,000
125,000,000
9,000,000
320,000,000
17,000,000
8,000,000
880,000,000
876,000,000
345,000,000
625,00,0000
255,000,000
627,000,000
249,000,000
251,000,000
94,000,000
Total
On demand
On time
Loans and investments-total
Net demand deposits
Time deposits
Government deposits
Chicago.
1,251,000,000 1,257,000,000 1,267,000,000
Loans-total
On securities
All other
Investments-total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
708,060.000
709,000,000
879,000.000
355,000,000
351,000,000
359,000,000
350,000,000
505,000,000
374,000,000
545,000,000
548,000,000
388,000,000
319,000,000
226,000,000
320,000.000
228,000,000
218,000,000
170,000,000
302,000,000
26,000,000
292,000,000
26,000,000
181.000,000
17,000,000
1 015,000,000 1,008,000,000
354,000,000 354,000,000
42,000,000
42,000,000
803.000,000
337,000,000
11,000,000
191,000,000
269,000,000
184.000,000
263,000,000
166,000,000
237,000,000
5,000,000
Statement of Bank ior International Settlements for
July 31-Cash on Hand Totals 8,495,069.94 Swiss
Francs, Compared with 6,052,552.98 on June 30
Reports Gold Deposits First Time.
Associated Press advices from Basle, Switzerland, Aug. 4,
to the New York "Times" of Aug. 5, said that the Bank for
International Settlements, which a few months ago had only
a 25
-cent gold-piece as its sole gold holding, now has more
than $1,000,000 in gold bars in its vaults, according to the
July statement issued Aug. 4. The gold rept esents liability
to sight depositors. Earmarked gold, held in custody for the
account of Central banks, was not included in the statement.
The Basle account to the "Wall Street Journal" of Aug. 5
contained the following comment:
New entry called "sight deposits (gold)" is understood to represent gold
deposited by certain Central banks in order to benefit by immunity from
seizure vouchsafed to the Bank for International Settlements by most
European countries. This gold is distinct from earmarked gold, of which the
Bank for International Settlements has a considerable quantity.
The move may constitute the initial step toward development of an international gold settlement fund or a system of redistribution of gold or international lending and borrowing of gold, which is amohg the subjects of
discussion centering around general reform of the gold standard.
From the New York "Evening Post" of Aug. 6 we quote:
The July 31 statement of the Bank for International Settlements shows
sight deposits of 8,500,000 Swiss francs of gold. This is the first time gold
has shown up in the Bank's statement. . . . The Bank acts as custodian of earmarked gold for some of the depositor Central banks, but it has
never invested any of its funds in gold. When the Bank was first set up
there were hopes that it might become the depositary of a large amount of
gold in connection with the working of an international gold settlement
fund, but political tension in Europe has balked realization of this plan.
Complete Returns of the Member Banks of the Federal
The July balance statement of the Bank was given as
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the follows in the Basle cablegram (Associated Press) to the
"Times." Figures are in Swiss francs at par, 19.3 cents:
publication of its weekly condition statement of reporting
Assets
July 31.
June 30.
1. Cash: Gold bars
5,147,422.15
which had been disconmember banks in leading cities,
On hand and on current account with banks
8,495,069.94
6,052,552.98
tinued after the report issued on March 6, giving the figures
II. Sight funds at interest
32,534,160.55 35,766,773.85
for March 1. The present statement covers banks in 90 III. Rediscountable bills and acceptances:
I. Commercial bills and bankers' acceptances231,310,177.31 232,139,705.69
2. Treasury bills
178,480,589.96 168,302,835.09
leading cities instead of in 101 leading cities as formerly, and
Total
409,790,767.27 400,442.540.78
shows figures as of Wednesday, Aug. 2, with comparisons
IV. Time funds at interest not exceeding three mos_ _106,185,042.12 113,214,279.69
for July 26 1933 and Aug. 3 1932.
V. Sundry bills and investments:
1. Maturing within three months:
As is known, the publication of the returns for the New
(a) Treasury bills
31,174,660.39 30,276,539.93
(b) Sundry investments
36,008,483.91 35,658,169.38
York and Chicago member banks was never interrupted.
2. Between three and six months:
These are given out on Thursday, simultaneously with the
(a) Treasury bills
13,189,279.40 13,654,125.85
(b) Sundry investments
71,941,523.99 71,238,917.47
figures for the Reserve banks themselves, and cover the
3. Over six months
594,961.83
593,738.09
same week,instead of being held until the following Monday,
Total
152,908,909.52 151,421,490.72
1,238,814.63
5,499,702.85
before which time the statistics covering the entire body of VI. Other assets
reporting member banks in 90 cities cannot be got ready.
Total assets
716,300,186.18 712,397,340.87
LiabilfltesIn the following will be found the comments of the Federal
I. Capital paid-up
125,000,000.00 125,000,000.00
II. Reserves:
Reserve Board respecting the returns of the entire body of
1. Legal reserve fund
2,021,691.48
2,021,691.48
2. Dividend reserve fund
3,894,823.45
3,894,823.45
reporting member banks of the Federal Reserve System for
3. General reserve fund
7,789,646.89
7,789,646.89
the week ended with the close of business on Aug. 2.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Aug. 2 shows decreases for the week
of $123.000.000 in net demand deposits. $90,000,000 in investments and
$15,000,000 in loans.
Loans on securities declined $14,000,000 at reporting member banks in
the New York district and $17,000,000 at all reporting member banks.
"All other" loans increased $15,000,000 in the New 'cork district, and
declined $7,000,000 in the Boston district and $5.000,000 in the Cleveland
district, all reporting banks showing a net increase of $2,000,000 for the
week.
Holdings of United States Government securities declined $54,000,000 in
the Chicago district. $12,000,000 in the Boston district, $7,000,000 in the
Dallas district and $69,000,000 at all reporting member banks. Holdings
of other securities declined $10,000,000 in the New I ork district and
$21,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $31,000,000 on Aug. 2. an increase of $3,000,000 for the
week.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
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
(0) Sight
13,706,161.82
13,706,161.82
154,387,500.00 152,898,750.00
77,193,750.00 76,449,375.00
49,804,652.13 53,791,673.49
281,385,902.13 283,139,798.49
128,361,610.38 129,206,661.58
101,419,787.45 93,453,538.40
Total
229,781,397.83 222,660,199.98
2. Central banks for the account of others:
Sight
12,055,638.44 11,687,031.81
3. Other depositors:
Sight
3,173,369.04
3,043,794.76
Gold
5,147422.15
V. Profits:
6% shareholders' dividend
7,335,000.00
Participation long-term depositors
2,410,505.79
Total
Miscellaneous items
Total liabilities
9,745,505.79
46,050,294.77 43,414,848.22
716,300,186.18 712,397.340.87
1150
Financial Chronicle
Visit to United States of Montagu Norman,
Governor of Bank of England.
With the departure from London of Montagu Norman,
Governor of the Bank of England, for a visit to the United
States, Associated Press cablegrams from London Aug. 5
stated:
Probably for the first time in his career as Governor of the Bank of
England, Montagu Norman to-day disclosed his movements in advance
and his intention of traveling under his own name.
He announced that "Mr. and Mrs. Montagu Norman are leaving for
a holiday in the United States; Mr. Norman hopes to be able to include
a brief visit to Mr.(George L.) Harrison, Governor of the Federal Reserve
Bank in New York."
Heretofore Mr. Norman has traveled to the United States or the Continent in secrecy and under other names,such as "Mr. Collet" or "Professor
Clarence Skinner."
Even now the announcement does not indicate details of the forthcoming trip.
On the same date Associated Press advices from Washington said:
The visit of Governor Montagu Norman of the Bank of England to
the United States was described to-day by officials of the Federal Reserve
Board here as "just a visit with nothing concrete planned."
They said Mr. Norman undoubtedly would discuss world financial
and economic conditions with officials in this country, but that his visit
had no official standing and that no preparation for any conferences had
been made.
Bank for International Settlements Viewed by James
M. Cox as Providing Valuable Means of Dealing
with International Indebtedness and Future
Extension of Credits—Address at World Economic
Conference.
The Bank for International Settlements was upheld by
James M. Cox of Ohio in a final address on July 27 at the
plenary session of the International Monetary and Economic Conference as providing a valuable means of dealing
with the problem of international indebtedness and future
extension of international credits. Associated Press advices
from London, July 27, further indicated as follows what
Mr. Cox had to say:
Speaking as the President of the Conference's Monetary Commission,
the former Ohio Governor said that "We can easily foresee an entirely new
order created by the Bank for International Settlements," which is in
Basle, Switzerland.
"Of course It can have no arbitrary powers in these matters," Mr. Cox
said. "Its services are simply available if desired. If credits are to flow
only to sound bases, the ultimate interests of the debtor will be adavnCed,
and unsound loans will be an exception."
He decried the cynical view of the conference, but acknowledged that
much remained to be done and said be refused to regard the parley as dead.
Regarding a possible time for reassembling the Congress, which adjourned to-day, Mr. Cox said:
"I do not know, but it patiently awaits upon the time for an inevitable
hour of service. Gentlemen, you will be back in your seats, or others of
your countrymen will be."
The results of the conference he listed as follows:
"First, we all know through the clearance of national experiences what
none of us knew of the actual state of the world's economic and social life.
"Second, no one denies that while nationalistic policies designed to promote a tranquil social state are necessary temporarily, we do not give up
that broad vision which sees that ultimate self-interest is best conserved
by fostering the general interest.
"Third, there is not that divergence of opinion on important subjects
that might be expected. If we failed in some Instances it was due to the
factual background arising from the course of events.
"Fourth, we are agreed that not to go on applying the best endeavors of
concerted civilization would be the saddest reflection of humanity in all
history."
As the work of the parley progressed, Mr. Cox went on, it became apparent that economic forces of the world were at grips and the situation
could not be cured in sixty days.
He said that the World War had cost $165,000,000,000, whereas based
on present prices the cost would have been $65,000,000.000.
Inflated prices, he continued, "led to credits to individuals and corporations and governments,extended,in many instances, with careless disregard
of that prudence which for generations has been the safeguard for sound
finance."
Mr. Cox pointed out that committees had studied private indebtedness
and made undoubted progress. He felt that the first aid evidently is a
rise in commodity prices. The gradual working out of a plan of settlements necessarily will require time, he declared. but it was the general
agreement that the matter must have the continuing attention necessary
to stimulate constructive action by debtor countries.
Bank for International Settlements.
No detailed outline of the part the Bank for International Settlements
may play was given by Mr. Cox. But he said it would be an instrument
of great value and "it is my opinion that the Bank for International Settlements will, through its close contacts, give just that service necessary to
keep the matter moving to a constantly improving status."
Referring to charges that nationalistic policies had impeded progress
at the Conference. Mr. Cox continued:
"Nations that are intensively devoting their energies to putting their
houses in order are not dealing primarily with either monetary or economic
problems. It is a social problem, pure and simple. It Is a wise nation that
regards social order as its first duty."
Unemployment a Challenge.
"Since the dark ages civilization has never had such a challenge as our
vast unemployment," he said. "It is an unpleasant fact that domestic
preoccupation interferes with, or rather postpones, the work of an international conference. Yet it is a fact to be admitted."
Mr. Cox explained that, while the causes of the depression were the
same everywhere, some nations were stronger than others and showed
more rugged resistance. Thus "as the economic illness was delayed.
so have been stages of recovery." He said he felt that this must determine
Aug. 12 1933
the timeliness and order of the remedies. He predicted that when National
units are restored to economic health trade will again start crossing frontiers,
and he added:
"We are reminded that with the world's emergence from the dark ages
ships of trade appeared on every sea . . . and so it will be again.
Man will triumph over the things that have enveloped him when he realizes
that the social hermit was a pathetic figure of the medieval past and that
the modern day has no place for the National hermit."
To the isolationists. Mr. Cox said one "might as well try to reverse the
earth in its orbit as restore the provincialism of the past."
Secretary Hull Returns from London—Denies That
World Monetary and Economic Conference Was
Failure—Declares It Is "Alive and Virile" and
Asserts It Has Aided in Maintaining International
Peace—Secretary Visits President Roosevelt at
Hyde Park Before Traveling to Washington.
Asserting his belief that the World Monetary and Economic Conference at London had not proved a failure, but
instead aided materially in maintaining peace between nations, Cordell Hull, Secretary of State and head of the American delegation to the Conference, arrived in the United States
on the liner President Harding on Aug. 5. Mr. Hull issued
a prepared statement in which he said that to preach "the
failure and futility of the World Economic Conference at
this premature stage would be to preach a gospel of despair
as to both economic and military disarmament." In replying to questions by reporters, he said that the Conference is
"alive" and "virile." Shortly after his arrival in New York
Mr. Hull motored to Hyde Park, N. Y., to visit President
Roosevelt at his summer home. Mr. Hull remained at the
President's home overnight, and the two men had a long
conversation in the course of which, according to newspaper
reports, Mr. Roosevelt assured Mr. Hull that he continued
to give him his complete confidence. Mr. Hull left for Washington on Aug. 6.
•
The text of the prepared statement issued by Mr. Hull on
his arrival in New York on Aug.5 follows:
The chief problems of the Monetary and Economic Conference, present.
ing as they do unprecedented difficulties, remain undisposed of, but the
present recess to permit further preparation for their solution can afford
little elation to the pessimist or the defeatist or the blind and chronic opponent of mutually profitable trade between nations. The World Conference has exhibited fine common sense thus far by determining first to
diagnose carefully the deep-seated economic ills of the nations of the world
rather than to rush forward with hasty and haphazard remedies, more apt
to be superficial than fundamental.
The future work of the Conference is organized in detail. The Conference
has created two permanent continuing agencies, first a bureau consisting
of the sixteen most important and most widely representative nations, and
secondly an Executive Committee consisting of the officers of the Conference and the President, Vice-President and Secretaries of the main committees. These bodies, one or both, will meet in September with the fullest
possible powers to take any action necessary within the scope of the Conference to advance the work of the Conference, whether by calling local or
regional or special meetings, by organizing studies, or by reconvening the
full session.
The steady purpose of the 64 delegations convened at London has been,
as it will be, to develop a program of sound policies and methods best calculated to aid every part of the world in restoring business confidence, higher
commodity prices, employment of idle labor and the fullest measure of
stable and permanent business recovery.
After nearly four years of isolated and futile effort by each nation to
extricate itself from terrific depression conditions, enlightened peoples,
everywhere, must now agree that there is at least room for additional and
outside help, and that no such help could be more sane or practical or valuable than the unchoking of international finance and commerce, now reduced to a skeleton.
The various nations to-day ought to be producing and distributing among
themselves $40,000,000,000 to $50,000,000,000 worth of commodities in excess of the present nominal volume, and $6,000,000,000 to $10,000,000,000
of this amount should be the share of the United states instead of its present
$1,250,000,000.
To preach the failure and futility of the World Economic Conference at
this premature stage, would be to preach the gospel of despair both as to
economic and military disarmament. It is the verdict of history that many
destructive wars, owing their origin to bitter trade and economic strife,
could have been avoided under a policy of peaceful conference and mutual
understanding. Had there been one week of frank conference in July 1914,
such as the repent six weeks at London, the catastrophe of the World War
probably could have been averted.
The 64 nations which met at London prepared the way for continuing
Conference and co-operation, with the united purpose of liberating the world
from the man-made economic shackles that now disastrously oppress all
human kind. No one can reasonably conclude that this great undertaking
has been or will be in vain.
The interview with Mr. Hull on Aug. 5 was described, in
part, as follows in the New York "Times" of the following
day:
"The Conference," he said, "despite any confused reports about its status,
is still alive and has a very virile and comprehensive organization to direct
its affairs during the recess period. The Conference can be depended on
to go forward in the future with such progress as the nature and extent of
the difficulties would permit.
"These have been piling up in every part of the world for twelve years,
with the natural result that correspondingly more time is necessary to consider and solve them."
With regard to rumors that he might resign, Mr. Hull said:
"I have no intention of resigning now or hereafter. It has not
been in
my mind at all—my mind is not even speculative about that."
He attributed the rumors to opponents of his policies.
Volume 137
Financial Chronicle
The Secretary indicated that he did not observe the belligerent attitude
of Europe as reported on Friday by former Ambassador Henry Morgenthau,
replying to a question on this subject by saying:
"I am not so pessimistic as that."
When the subject arose again he said:
"I am trying to say I think a more optimistic view can be taken, although
I say that with great respect for Mr. Morgenthau, who is more capable of
judging than I."
He was asked if he thought the Conference a success, and replied that
such a question could be compared to the one which asked "if a man had quit
beating his wife."
"The Conference has just commenced," he added.
Mr. Hull was told it had been suggested by Mr. Morgenthau that such a
"town hall meeting of nations" could not be successful, and that some
solution such as bilateral treaties was more applicable.
"I hope so," he replied. "I pity the future of the civilized world if this
is the limit of our capacity to go forward for human progress. If you want
to consider the future, either viewpoint is accurate in a sense.
"Nothing is of more value than to have 60 or 70 nations of the world
represented by Ambassadors, Prime Ministers and heads of the government
in a frank discussion and understanding on searching questions."
Secretary Hull said that in his opinion there would be both "economic
and military chaos" if the world left off "peaceful international negotiation
and peaceful understanding."
The Secretary would not discuss possible recognition of Russia, explaining that it would "take hours" to discuss the pros and cons of the subject.
As the interview ended, Mr. Hull was told that returning delegates and
private observers at the Conference had spoken in glowing terms of his
leadership in the Conference and of the strong impression he had made in
Europe as an American diplomat.
"I am glad," he said. He shook his head slowly from side to aide, and
then added: "It was a difficult job."
James M. Cox, on Return to United States, Says London
Conference Met "Too Soon" to Be Successful—
Found No War Spirit in Europe.
The World Monetary and Economic Conference met "too
soon" to be successful, according to James M.Cox,a member
of the United States delegation to the conference and President of the Monetary Commission, in a statement issued on
Aug. 7 as he arrived in New York on the liner Europa. He
said that no single country could be blamed for the limited
achievements of the conference, and added that the developments at London could not have been foreseen in advance.
His other comments were reported as follows in the New
York "Times" on Aug.8:
•
Mr. Cox did not agree with some returning delegates and observers that
a war spirit was flaming in Europe. He said he had talked with German
leaders on this subject and they had declared Germany entertained no
thoughts of trouble, characterizing such reports as "silly."
"The struggle throughout the world," Mr. Cox added, "Is that each
nation is anxious to improve its trade balance. It is a purely economic
struggle for self
-containment. Many European nations have been refused
loans by the Bank for International Settlements until each has put his own
house in order. And that means improved trade balances."
While the struggle for "self
-containment" goes ahead, conditions in
Europe are improving perceptibly, he declared.
He paid high tribute to the work of Secretary Hull in London and said
all Europe was watching America's recovery program with great sympathy
and hope.
Edward Bruce, Silver Expert, Back from London Monetary and Economic Conference Says Silver Agreement Will Stabilize Metal as Money—Trade Benefit
Seen.
Edward Bruce, silver expert with the American delegation
at the London Conference, returned on Aug.4 on the Cunard
liner Berengaria with a conviction that the Conference resolutions on the silver question would go far to restore normal
business conditions, particularly for countries bordering
the Pacific. The New York "Times" of Aug. 5, authority
for the foregoing, further quoted Mr. Bruce as follows:
"The silver victory was worth the entire Conference, in my opinion,"
Mr. Bruce declared. "Our first victory, and a very real one, was to put
the silver question on the monetary side of the Conference, and dispel a
strong feeling that the silver demands represented little more than a mining
racket."
Mr. Bruce said the trouble with silver had been widespread demonetization, particularly in India and Spain, the two largest holders of such silver.
These two countries, together with China, the greatest user of silver as
a monetary unit, represented one side of the question, the other side of
which included the United States, Mexico, Peru, Canada and Australia,
the world's outstanding producers of silver, Mr. Bruce declared.
The resolution which these eight countries signed, which when ratified
will stabilize silver and return it to its place as a major unit of money, will
stimulate trade between the United States and the Orient and indirectly
improve conditions the world over, Mr. Bruce asserted.
"I am convinced." he said, "that the trade future of the United States
is in the East. Naturally such a move as this will mark a new era of sliver,
and put silver on the map as a monetary unit again."
He explained that the resolution which these eight countries adopted
would call for control of silver sales by China, and the five producing
countries would absorb from their mines enough silver in their money
systems to bring the balance between the eight countries to a normal level.
The effect on trade. which Mr. Bruce forecasts will be increased greatly,
Will come about by the revaluation of silver, and its increased importance
as a medium of exchange.
"I think we will see a gradual rise in silver, and a stabilization of silver
Money," Mr. Bruce said. "Senator Pitman, with whom I worked at the
Conference, believes with 'me that the silver question is a question of
stabilization with the Orient.
"I don't believe any one can travel about the East as much as I have
without becoming convinced that our trade future is there, instead of in
competitive Europe. It is purely a Pacific basin affair."
1151
Silver Agreement Reached at World Monetary and
Economic Conference to Benefit Canada in Opinion
of Minister of Finance Rhodes.—Increased Trade
with Orient Mentioned as Direct Result.
The following Canadian Press account from Quebec
Aug. 3 is from the Toronto "Globe":
The silver pact negotiated by the delegates to the World Economic
Conference should bring direct benefits to Canada as one of the large producers, and from the standpoint of increased trade with the Orient. This
was the opinion expressed to-day by Hon. E. N. Rhodes, Minister of
Finance, and his Deputy, Dr. W. C. Clark, on their return from London.
The agreement of the silver-producing countries to withhold from the
market a total of 35,000,000 ounces of silver each year for a period of four
years is expected to raise the price to the producer and to stabilize the
market for this metal. It will tend to stabilize the value of the money of
those countries using silver as an exchange medium, and give their currency a greater value in the markets of the gold and paper countries, the
officials said.
"Undoubtedly. China would buy more wheat from Canada if her money
had a greater and more stabilized value here," Mr. Rhodes said, and
the opinion was expressed that such a result would tend to stimulate trade
generally.
Canada's share of the 35,000,000 ounces to be held off the market each
year during the life of the pact may not be large. It will be held for whatever purpose the country concerned decides, the general intention being
to place it in the metal reserve, as in the case of the gold reserve, against
note issues: but there is apparently no intention in Canada to further
monetizing the white metal.
Henry Morgenthau Declares Europe Anticipates War—
Former Diplomat, Returning from London Conference, Likens Conditions to 1913—Says Nations
Are "Armed to the Teeth."
Declaring that most European Nations are anticipating
another war, Henry Morgenthau added that this fear was
one of the principal causes of the failure of the World
Monetary and Economic Conference. Mr. Morgenthau gave
his views to newspaper men on Aug. 4 after his return to
the United States from Europe. He said that virtually all
delegates to the conference believed that conditions were
similar to those of 1913. A further account of the interview
with Mr. Morgenthau, as given in the New York "Herald
Tribune" on Aug. 5 follows:
"Please don't tell me that certain European countries cannot afford war,"
he said quietly. "This is a belief that I also shared until I happened to be
present in Turkey in 1913 and 1914, when the Germans told the Turks how
they could afford to fight. A very simple process, indeed: They simply
used the right of martial law, confiscated oil and other necessary commodities, assessed 45 pounds a person against each Christian and Jew and
they had ample supplies to fight. And this martial law system of confiscation is only too well known in Europe, as I was reminded recently."
Sitting at his ease in a mid-Victorian chair,the gentle-mannered diplomat
spoke of his hatred for combat of nations and his keen interest in attempting to gain an international settlement on the problem of wheat production,
consumption and exportation. He emphasized his assertion that he was
no alarmist, but said that America must realize not only that the war clouds
are hovering over Europe, but that "the death of one or two Frenchmen on
German soil might easily cause an entire European conflagration."
It is this undying conviction that war is coming that not only overshadowed the purposes of the London conference but, in part, frustrated
the efforts of the delegates, he insisted.
Mr. Morgenthau believes that the masses in Europe have an ardent love
of peace, but that there has been instilled in them the psychology that
another war is inevitable because of the keen desire of foreign statesmen
to remain in power and of the ambitions of their opponents to gain or return to power.
"It is incredible, but they have learned nothing from the aftermath
of the World War," he continued. "Of course, since we emerged from
savagery there have been wars on a wholesale scale. Now we are trying to
supplant war with justice. We must admit that it will take time. But in
the next war—and these countries abroad are armed to the teeth, almost
every last man of them—they will not need American soldiers to aid. At
least they believe not, as millions and millions are arming and drilling
every day. It may come from Germany, or it may come from Poland, but
the delegates fear that war is inevitable."
Ottawa Agreements Unfruitful, Says Lord Essendon—
Declares They Have Caused No Gains in Trade—
Decline in Exports.
The following from London July 26, is from the New
York "Times":
Lord Essendon, chairman of Furness, Withy & Co., Ltd., declared to-day
that so far as his shipping company was concerned the advantages anticipated from the Ottawa agreements "have either failed to materialize or
have been lost sight of in the general depression."
"Our exports to Canada, instead of increasing have declined," he said.
"Furthermore, Argentine trade, in which we are largely interested, has
been seriously affected by actual and prospective reductions in importations of meat."
The restrictions placed on Argentina, however, will benefit Australia
and Asia, he said, and the company is therefore interesting itself in this
direction. He was convinced it was not beyond the powers of man to evolve
an international scheme either laying up or scrapping a sufficient percentage
of tonnage to permit the rest to operate at a profit. If shipping were prosperous and international trade brisk, he declared, subsidies would be neither
necessary nor tolerated, but Britain cannot remain isolated much longer.
Robert Fleming of Robert Fleming & Co., Scotland,
Dead—Founder of First Investment Trust.
Robert Fleming, head of Robert Fleming & Co., merchant bankers, one of Scotland's greatest financiers and
philanthropists, died July 31, at Bridge of Orchy, Argyllshire, Scotland, at the age of 89, according to wireless from
1152
Financial Chronicle
London, Aug. 1, to the New York "Times" of Aug. 2,
which continued:
Known as the "father" of the investment trust system, he started,
among other successful undertakings, the Scottish American Investment
Trust, which expanded to such proportions that three separate companies
eventually were formed to handle its business. The United States, then
recovering from the effects of the Civil War, provided a wonderful field
for his activities.
Largely under his influence, the Santa Fe and Denver & Rio Grande
Railroads were later reconstructed and the completion of the Cuba RR.
was due to his support. Another great task was the formation of the
Anglo-Persian 011 Co. Strangely enough he was never connected with
either.
Lord Bradbury, Former Secretary of British Treasury,
Opposed to Dollar-Pound Link—Says United
States Goal Is Not Known—England Amassing
Gold—J. M. Keynes Criticizes Runciman Figures
on Public Works—Sees Victory for Deflationary
Faction.
The controversy over whether Great Britain should follow
the price-raising policy of the United States received two
distinguished contributions on July 16, it was observed
by the London Correspondent of the New York "Times,"
who added:
One was a warning by Lord Bradbury, former Secretary of the British
Treasury, not to link the pound to the dollar. The other was a statement
by John Maynard Keynes, economist, who has been in close touch with
the leaders ofthe British dominions'delegations at the Economic Conference,
that Walter Runciman's condemnation in the Conference Thursday[July 13]
of public works programs as an unemployment remedy "made nonsense of
the British Government's alleged intention to raise prices."
Lord Bradbury on President Roosevelt's Plan.
Lord Bradbury, who as permanent Secretary of the Treasury during
the war and for a year afterward saw the British sovereign disappear from
circulation and the British pound fall below 84, contributed two articles
to the London "Times" on the question of the dollar-pound alliance. Of
President Roosevelt's policy for a lower value of the dollar he says:
"It is, I think, a reasonable inference that he regards this policy as
a desperate remedy in a catastrophic situation. If he had regarded currency
depreciation as a useful specific for an ordinary trade depression he would
scarcely have felt justified in adjuring future generations to abstain from it."
"President Roosevelt's apparent intention to let the dollar find its own
level," continues Lord Bradbury, "is perfectly intelligible, but in practice
probably is not a tenable policy. To talk as many do of the pound finding
its own level before we have determined the level of prices we want to work
to at home is, of course, sheer nonsense."
Lord Bradbury points out that depreciation of the pound would automatically restore the balance of payments only if, after the fall in sterling
exchange, sterling prices could be kept steady relatively to the foreign
process.
"In point of fact, sterling prices undoubtedly have risen relatively to
foreign prices, though not to the extent proportionate to the fall: and the
rise would be even greater but for the economy campaign and the balancing
of the budget, both deflationary in effect. It seems clear therefore that
a fall in exchange cannot be relied on to correct an adverse trade balance
unless deflationary measures are maintained. In the absence of such
measures an adverse balance will persist until it provokes a further fall
in exchange, and so on ad infinitum."
It should be added that not all the members of the Hitler brain trust
are fully cognizant of what goes on in the country they rule. The result
of the tight press censorship is not only to keep the German people uninformed, but also, ironically enough, to keep the Government itself in the
dark. sesterday the writer met an official close to the Chancellor who
was sincerely surprised and shocked when told of the Stelling affair, reported
only in the foreign press.
It is a short-sighted government that blinds itself and supplies the darkness for conspiracy.
Wants the Pound Anchored.
"The pound." concludes Lord Bradbury," must be anchored to something
whether it be the price level, the American dollar or gold.
"At the moment we are back on the gold standard unofficially, tentatively
and precariously, with a depreciation of about 30% below the old parity,
and we are,'owing to a flight into the pound,' amassing gold at a pace which
must amuse those whose gold-hoarding proclivity we so recently have
been eloquent in denouncing. The policy of hitching ourselves to the American dollar might have attractions if we knew where it was going to lead us."
Discussing Mr. Runciman's statement that for every £1,000,000 the
British Government had expended on public works only 2,000 men had
been employed directly and 2,000 indirectly, Mr. Keynes observes in
a letter to the London "Times":
"No one disputed the calculation which I advanced earlier this year,
and since published, that the total increase in employment from public
works can be safely estimated at not less than one man per £1,500 expenditure."
Mr. Runciman's statement, he adds, is therefore seriously misleading
or seriously inaccurate.
"If the tone and substance of his remarks represent the considered
policy of the Government, it makes nonsense of their alleged intention
to raise prices," he continues. "As strictly balanced budget, abstention
from public works and a pegged exchange between sterling and the gold
bloc currencies would represent one more victory for the deflationary faction
despite the overwhelming contrary opinion now to be found in every
quarter."
London "Economist" Attacks Inflation—Reaping of
"Whirlwind" Predicted for Policy President Roosevelt Is Pursuing.
Belief that the United States would reap a whirlwind from
the present inflationary movement was expressed in Sir Walter
Layton's weekly, "The* Economist," said advices July 14
from London to the New York "Times", which further
quoted from "The Economist" as follows:
Asserting that the dollar had not so much been allowed to fall after
a heroic struggle as "encouraged and egged on to depreciate": that printing
paper money was being held over the markets as a threat and that the
Aug. 12 1933
Administration was defying the laws of economics by compelling industries
to raise the costs of production, the writer—presumably Sir Walter—adds:
"In these days the wind has been sown. There is every prospect the
crop will be of the familiar biblical character.
"Not the least dangerous aspect of the President's policy is seen in the
fact that its success already has convinced many nations, including the
dominions and Scandinavia, and a large section of British opinion, that
he has discovered a sovereign cure for all our ills.
"The inflationary movement is gathering momentum, and in a few
months more its impetus may be all but irresistible.
"Let us suppose the rise in prices continues as it has begun and that
the desired level is reached early next year. Will Mr. Roosevelt then
be able, and if able will he be willing, to stabilize prices at the dollar level
then reached?
"Americans may not listen as readily to a President who bids them
check their exuberance as to the one who promised to lead them around
the corner to where prosperity was waiting.
"Mr. Roosevelt has been fortunate enough to call upon the waves to
advance when the tide was at low ebb. If he tries to check them when the
winds are spreading, he may have no more success than did King Canute."
Declaring the end of every inflationary movement means a temporary
but sharp depression, the writer doubts whether Mr. Roosevelt will have
the heart "when the American people have caught the first glimpse for
Years of the promised land to turn its face back once more to the wilderness."
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for June 30 1933 with the figures for May 31 1933
and June 30 1932:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA.
June 30 1933. May 31 1933, June 30 1932.
Assets.
Current gold and subsidiary coin—
In Canada
Elsewhere
8
38,858,097
12,090,417
Total assets
54,967,387
130,714,634
14,067
127,381,636
9,339
138,058,520
Total
55,483,043
138,047,374
11,144
Notes of other banks
United States & other foreign currenciesOheques 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 British, 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 & dLsets in Canada_
Elsewhere
Loans to the Government of Canada-.
Wane to Provincial Governments
Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated loss provided for
Real estate other than bank premises
%lortgages 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
Oeposlt In the central gold reserves.,..
(hares of and loans to controlled cos__
)ther assets not included under the foregoing heads
$
38,253,822
16,713,561
50,948,517
Total
Dominion notes—
In Canada
Elsewhere
8
42,446,010
13,037.032
130,728,697
127,390,977
9,172,476
21,584,987
116,067,355
9,203,135
22,712,369
92,043,982
10,507,213
15,569,546
96,868,491
3,988,985
4,317,964
2,779,895
15,835,594
18,316,561
7,688,778
67,111,588
66,199,902
95,417,950
838.665,556
631,092,797
462,309,745
165,915,260
55,573,524
162,053,265
43,047,778
152,038,571
54,983,264
101,518,053
99,894,097
899,782.928
152,772,212
93,766,419 109,863,315
90,201,811
73,666,758
897,077.958 1,037.313.917
148,357,111 174,895,690
21,660,790
32,660,482
34,338,040
135,218,549
142,940.760
139,216,545
14,259.354
7.890,107
6,301,346
14,283,173
7.813,724
6,265,884
12,506,663
7,192,266
6,007,746
78,826,979
78,991,256
79,895,219
45,537.597
46,471,395
48,493,015
6,774,117
21,181,732
13,358,478
6,615,338
19,481,732
13,417,104
6,950,952
22,881,732
13,008,189
1,567,122
1,748,488
1,420,429
2,889.465,918 2,835,292,233 2,848,177,383
Liabilities.
137,742,040 128,365,391 136,295,915
'totes in circulation
Balance due to Dominion Govt. after de13,038,028
30,829,792
36,417,005
ducting adv. for credits, pay-lists, &a_
51,944,000
42,344,000
leivances under the Finance Act
40,500,000
22,233,121
20,665,028
Balance due to Provincial Governments
18,929,751
)eposits by the public, payable on de535,048,009 498,917,874 488,937,580
• mend in Canada
)eposits by the public Payable after no1,386.930,428 1,396,819,807 1,373,265,341
nee or on a fixed day in Canada
324,920,903 306,123,163 308,220,892
)eposits elsewhere than in Canada
.oans from other banks In Canada, secured, Including bills rediscounted)eposits made by and balanoes due to
14,984,627
11,038,158
12,185,180
other banks In Canada
hie to banks and banking correspond5,226,820
5,730,912
ents In the United Kingdom
4,680,772
Elsewhere than In Canada and the
32,3411.757
51,360,417
31,520,866
United Kingdom
571,980
1,192,889
468,794
ills payable
45,537,597
48,493,015
46,471,395
etters of credit outstanding
2,204.017
2,184,476
2,173,923
labilities not Incl. under foregoing heads
650,802
816,528
2,468,799
nvidends declared and unpaid
162,000,000 162,000,000 162,000.000
'.e4 or reserve fund
144,500,000 144,500,000 144,500,000
'apital paid up
2 879,879,187 2,828,799,551 2,831,618,201
Total liabilities
Note—Owing to the omission of the rents In the official reports, the footings In
Coleus given.
the above do not exaetly agree with the
Gold Sent to France to Meet Losses in Pay of United
States Government Officials Abroad Affected by
Depreciation of Dollar—Gold Shipment to Germany
First Since June.
With regard to a release of $465,400 gold from earmark
and the shipment of an equal amount abroad, $347,200 to
France and $118,200 to Germany, was reported August 9 by
Volume 137
Financial Chronicle
the Federal Reserve Bank of New York, the New York
"Times" of Aug. 10 had the following to say:
The gold shipped to Germany was metal that had been earmarked months
ago. It was the first gold exported to that country since June, when $1,445,000 was taken out of earmark.
The shipment to France was a special transaction connected with the
United States Government's arrangements for paying its foreign-service officials in gold-standard countries in gold dollars. The Government's plan to
compensate employees abroad for their loss of income due to the fall in the
exchange value of the dollar was revealed earlier this month following
shipments of gold on Aug. 2 to France and Czechoslovakia of $12,301,200
and the simultaneous release from earmark of $11,954,000, or $347,200 less
than the amount shipped.
At that time it was assumed that the discrepancy between the earmarked
gold released and the amount sent abroad meant that not all the gold exported had come out of earmarkings. It was learned yesterday, however,
that the entire amount of gold shipped on Aug. 2 had been earmarked gold
but that on the same day a fresh earmarking of $347,200 had been made for
the account of the Bank of France.
In return for the gold earmarked here for the account of the Bank of
France, that institution turned over to the United States disbursing officer
in Paris an equivalent amount of French francs. These francs were used
to cash the paychecks of foreign-service employees at the par rate of exchange. The shipment to France yesterday is in settlement of the account.
It is expected that a similar shipment of gold will be made each month to
meet the payroll of foreign-service employees in gold-standard countries.
Including yesterday's transactions there has been shipped to France since
the beginning of July $98,205,700, all of which, except the $347,200, consisted of gold previously earmarked here for British account and now being
sent to Paris to create franc balances for use by the British Exchange Equalization Fund in supporting sterling. There remains under earmark here for
foreign account $209,712,400 gold.
Steps to relieve the Government's employees abroad of
the severe effects of the abandonment of the gold standard
on their purchasing power were announced on Aug. 2 by the
State Department, according to a Washington dispatch on
that date to the New York "Herald Tribune" which further
stated:
Having shared with all of the other Government employees the 15%
economy act reduction in their salaries, these employees also found themselves in a serious plight because the dollars they continued to receive shrank
sharply when exchanged for foreign currencies.
The Department's announcement cites the case of an American clerk in
Paris with a salary of $2,000, subject to the reduction of 15%.
"His net available salary, therefore," the statement continues, 'is $1,700,
but instead of being able, as in this country, to apply that entire amount
to his necessary expenses, he must in France turn his dollars into francs in
order to pay his rent, living expenses and purchase such things as he may
need. In this transaction he must now pay at the rate of $1.45 for each
twenty-five francs, where some months ago he would have paid only $1 for
the same number of franca. In this way the actual money which he has
to apply to the payment of his expenses has dropped from $2,000, the amount
appropriated by Congress originally, to a little more than $1,000. This
amounts to nearly a 50% reduction in pay.
"This not only is the condition in France but in a number of other
countries where local currencies have greatly appreciated in terms of dollar
exchange. Clearly Congress did not intend that employees should suffer
this heavy reduction."
French Loan Is Oversubscribed.
1153
fees for travelers between the two countries, the arrest of
newspaper correspondents, the outlawing of the Nazi party
in Austria, and the arrest of embassy attaches at Berlin
and Vienna. The protest by Great Britain and France was
based on Nazi propaganda in Austria having as its aim the
overthrow of the present Austrian Government and the establishment of a Nazi dictatorship in Austria. Italy, as the
other signatory of the four-power pact, did not directly
associate herself with the French and British protest, although it was said that the Italian Ambassador to Berlin
had hinted that recent Nazi activities in connection with
Austria were distasteful to his Government. The German
Foreign Office on Aug. 7 issued a communique describing
the protest and the German reply. This statement, according to the Berlin correspondent of the New York "Times"
read as follows:
At the Foreign Office to-day the French Ambassador suggested with
reference to the four-power pact that from the viewpoint of the French
Government the German propaganda with reference to Austria and certain
cases of recent occurence are inconsistent with existing treaty obligations.
The reply to the French Ambassador was that the Government of the
Reich did not consider the provisions of the four-power pact in this form
applicable, that no infractions whatever of treaty obligations had occured
on the part of Germany, and that therefore Germany regards this intervention in Austro-German difficulties as inadmissible.
The English Ambassador, who called later on the same matter, was given
an identical answer.
In commenting on the German reception of the protest,
the Berlin correspondent of the "Times" wrote:
The French and British Ambassadors presented their notes to UnderSecretary von Buelow, Foreign Minister von Neurath being on vacation.
Baron von Neurath conferred with Chancellor Hitler in Berchtesgaden.
Bavaria, last Friday, so there is no reason to doubt that the German
position has been approved by the highest authority.
No further information was given out concerning the substance of the
British and French representations. In usually well-informed circles,
however, they were said to have been a great anticlimax to the predictions
in the London and Paris press. They were not accusations or reproaches,
it was said, but merely "friendly steps within the frame of the four-power
pact."
It was hinted that the Anglo-French demarche would not have been undertaken but for the mistaken zeal of permanent officials in the foreign offices
of those countries who acted in the absence of chiefs on vacations. Some
Germans say the move was to strengthen the Austrian Government because
of financial considerations. They contended there was no basis for complainants against radio propaganda because Strasbourg has been broadcasting in German.
"Political circles," says the "Vossische Zeitung," "are under the impression that with the communications of the Ambassadors of France and
England the whole matter may be regarded as closed."
The "Volkische Beobachter" says: "The whole matter may now be considered as shelved; it was never tenable on any ground of fact."
All newspapers stress Italy's alleged refusal to join the Anglo-French
protest.
"It is quite clear," said "Der Angriff," even before the German Government's reply was made public, "that Italy views the four-power pact
exactly as Germany does."
The "Deutsche Allgemeine Zeitung" says the Dolfuss Government
"will yet have an opportunity to revise its opinion about this very doubtful
service rendered by its French friend."
On Aug. 5 Associated Press advices from Paris stated:
Georges Bonnet, Finance Minister, announced to-day that more than
3.000,000.000 francs had been subscribed for the 2,000.000,000-franc loan
which the Government launched on July 4 to cover the continuing deficit.
The loan, which will bear 434% interest, is expected by the Finance Ministry to meet the Government's needs until some time In the Autumn.
In the "Wall Street Journal" of Aug. 5 it was stated:
The loan was a portion of a fr. 10,000,000.000 loan authorized by Parliament; fr. 5.000,000.000 had been floated in April. When the present
instalment was floated, it was stated the receipts would be used to pay a
recent British loan of £2,500,000 and to finance the railway and other
budget deficits through September.
The bonds are tax exempt. They bear 4 Yi% interest and are redeemable
in 1943 or earlier. They were sold at 962.5 for a fr. 1.000 bond.
Apparently the loan succeeded beyond expectation, for when it floated.
during the dark days of the London Economic Conference, doubts were
expressed that sufficient small investors could be attracted to bring in the
full sum.
The loan was referred to in these columns April 1, page
2145 and April 22, page 2697.
Great Britain and France Protest to Germany Against
Nazi Propaganda in Austria—German Reply Declares Interference in Dispute Is "Inadmissible"
Under Four-Power Pact—Italian Ambassador Does
not Join in Formal Representations to Berlin
Foreign Office,
The French and British Ambassadors at Berlin on Aug. 7
presented oral representations to the German Foreign Office,
in protest against German propaganda against Austria, but
received a rebuke from the German Government, which
declared that the recently-signed four-power pact, under
which the protests were made, was not applicable to the
dispute with Austria. Germany further asserted that no
infraction of treaty obligations had been committed and that
"Germany regards this intervention in Austro-German
difficulties as inadmissible." Dissension between Austria
and, Germany has increased in recent weeks, and has been
augmented by such events as the imposition of higher visa
German Reichsbank Gains by Transfer Plan—Reserves
Increased in June to 323,000,000 Marks from
274,000,000—Hitler Cabinet Would Give the State
Power to Compel the Formation of Cartels.
From Berlin, Aug. 5, advices to the New York "Times"
stated:
The Reichsbank's new policy of replenishing reserves at the cost of transfer of amortization bonds thus far has met with success. In June, the first
month of the reduced transfer, reserves rose from 274,000,000 marks to
323,000,000 marks. At this rate they would quadruple in 12 months.
The decision to accumulate gold reserves while keeping the exchange
reserve law also has proved practiclable. In June the latter declined
7,000,000 marks, while the former increased 56,000,000 marks. Of the
new gold appearing in the July 31 return, 17,000,000 marks arrived from
Moscow, and part of it was paid for with exchange.
Bankers notice the identical tendency in the Dutch, Belgian, Swedish
and French central banks, which the dollar's depreciation apparently convinced that even the best of foreign bills were doubtful, and therefore it
was advisable to concentrate on gold.
Chancellor Hitler's Cabinet seems resolved to regulate industry even more
drastically, and plans for a wider law authorizing the State to compel the
creation of cartels. Hitherto the only example of a German compulsory
cartel is potash, which is a pre-war organization.
The Cabinet's method is to invite concerns voluntarily to form cartels
under the threat that if they refuse the State will enforce compulsion. This
policy involves giving a monopoly to existing undertakings, but this is no
novelty, as monopoly is the effect of the recent law forbidding openings of
new retail stores.
German Gold Loss Large—Exports Exceed Imports in
First Six Months by 588,000,000 Marks.
Advices from Berlin, July 29, to the New York "Times"
stated:
Germany's import of gold in the first half of the year amounted to
153,000,000 marks, of' which 125,000,000 came from Russia and the
remainder from Holland and the United States.
The gold exports amounted to 741,000,000 marks, mostly to France, Holland and Great Britain. Trade reports show a net loss in gold of 578,000,000
marks. This is less than appears in the Reichsbank returns, but some of the
gold lost was merely re-booked in foreign central banks, therefore it does
not appear In the trade figures.
•
1154
Financial Chronicle
German Savings Increase.
York
A wireless message, Aug. 5, from Berlin to the New
stated that savings bank deposits at the end of June
"Times"
of
amounted to 10,500,000,000 marks, showing an increase
500,000,000 marks this year.
Germany's Trade Aided by Work-Creation Plan.
the
From Berlin, Aug. 5, the New York "Times" reported
following:
•
schemes
Increased investments under the Government's work-creation
for consumption
began advantageously to influence the market this week
wares, and the turnover of retailers is rising.
some expansion
The steel industry's home sales are increasing and there is
but some orders
in the demand for raw materials. Export business is dull,
steel exchange is
are coming in from Brazil and Argentina. The Brussels
East.
slightly more active as a result of increased orders from the Far
campaign
Hamburg steel exporters complain that there is an organized
and Belgians.
for their elimination from the world market by the French
"cost including freight"
The international cartel's new system of invoicing
for buyers'
is reported to be working unsatisfactorily and is one reason
reserve.
June Turnover of Department Stores in Germany
22% Under 1932—Official Figures Show Drop in
Unemployment.
From a London account, Aug. 6, to the New York "Times"
we take the following:
A Berlin dispatch to the London "Times" to-day says:
stores
"The most recent trade figures published by German department
level of
reveal that their total turnover for June was 22.2% below the
months,
June 1932. The decline, which has been progressive in the last few
small
and shows no sign of ending, is said to have been to the advantage of
retailers."
Another dispatch to the London "Times" says:
"Official figures on unemployment show a decline of more than 1,200,000
from the winter peak figure of 6,047,000 on Feb. 15 to 4,828,000 on July 15.
"Figures for persons in employment issued by the health insurance offices
indicate their number on June 30 was 13,378,000, or about 600,000 better
than on the same date last year. No great improvement would therefore
appear to have been made yet."
Catholic Centrist Party in Germany Is Dissolved-Formal Action Follows Speech by Dr. Goebbels
Forecasting Move--No Important Political Unit
Now Outside Nazi Ranks.
The dissolution of the Catholic (Centrist party in Germany
was formally announced on July 5, and with this action the
final non-Nazi party in the nation passed out of existence.
The order decreeing the dissolution was signed by former
Chancellor Heinrich Bruening. The announcement, according to a Berlin dispatch to the New York "Herald Tribune,"
said:
A political revolution has placed German State life on a completely new
basis which leaves no more place for party activity. The German Center
party therefore dissolves itself in agreement with Chancellor Hitler—the
dissolution to take effect immediately.
The dispatch continued:
The Clerical communique goes on to say that the party's dissolution affords
its adherents an opportunity to co-operate in the new Nazi State under Hitler's leadership. The Catholic leaders make a plaintive request to the victors
not to confiscate party property during the process of liquidation, to refrain
from making further arrests of Clerical politicians, and to release those of
the latter already imprisoned, in so far as they are not implicated in criminal
offenses.
The Centrists make a final plea that their former followers may be "protected from slander in the future by the leadves of the National Socialist
movement," and that the Catholic press may have liberty equal with that
accorded to "the rest of the national press."
The Center party leaders made public to-night a swansong addressed to the
Catholic voters.
"The German Center party is no more," it said. "Its withdrawal from
the stage of political history, like its birth six decades ago, takes place amidst
the storms of a new epoch."
"In an honorable desire to strive in building up the new State," the swansong concluded, "and in co-operation in the national community, the people of the Pormer Center party will not be outdone by anyone.
"The hour of departure is an hour for reverential thoughts of our great
leaders of the past and for sincere thanks to all who have been true to the old
flag. If we now dissolve the framework of our party, we do BO with a firm
will to serve in the future the entire people, loyal to our proud tradition,
which always has placed State and Fatherland above party."
Aug. 12 1933
with us than in the hands of the Center. When we do away with the Center
we are doing the Church a service."
Saying that the German unified State stands at the end of the party
system and that the unified State will carry the Nazi stamp, Dr. Goebbels
predicted that in 20 years the Nazis' Weltanschauung (viewpoint upon the
world) would be the only one existing.
Jews Prohibited from Holding any Public Office by
New German Law—Cannot Even Work for PubliclyOwned Utilities.
A law prohibiting all Jews or persons with Jewish family
affiliations from holding any kind of office in Germany has
been promulgated in the official gazette, according to Berlin
advices to the New York "Times," on July 2. The statute
provides that no person of "non-Aryan" descent shall be
eligible as an official of the Reich, the States, municipalities
or municipal associations, or any other kind of public or legal
corporation, institution or endowment. Other features of the
law were summarized as follows in the dispatch mentioned:
The same prohibition applies to persons of "Aryan" descent who are married to persons of non-Aryan descent and Aryan officials who marry persons
of non-Aryan descent are to be dismissed. Similar provisions are decreed
for the Reich railroads, the Reichsbank and incorporated religious organizations.
The law further provides that only such persons will be appointed as Reich
officials who "offer a guarantee that they will at all times unconditionally
support the National State."
According to Nazi terminology, the word "non-Aryan" in this law means
all persons who have one-quarter or more Jewish blood—that is, all those
who have at least one grandparent of the Jewish faith. The number of such
non-Aryan persons in Germany is estimated by Dr. Achim Gercke, expert for
racial research in the Reich Ministry of the Interior, at 1,500,000, but other
sources put the number at about 3,000,000. That means that 5% of the
German population has been deprived of the right to hold office.
The final provision of the law requiring "national reliability," presumably excludes from the Reich's offices many more millions. Undoubtedly
it excludes all Socialists and Communists, who in the last elections polled
nearly 12,000,000 votes, and it is likely that the law excludes many Democrate and Centrists.
In its widest interpretation, in fact, it can be made to mean that only
Nazis can henceforth be appointed as Reich officials, for Nazi leaders have
often stressed that only Nazis can be true supporters of the Nazi State.
Austrian Loan Taken Up—Sterling Issue at 3% in
London Heavily Over-Subscribed.
The following London cablegram, Aug. 10, is from the
New York "Times":
The new Austrian Government International 3% sterling bonds were
heavily applied for when the lists were opened this morning. The books
were closed almost immediately.
Dealings in the issue NMI probably start to-morrow. In view of the oversubscription and the fact that the loan is for the relatively small amount
of £4,514,000, the rate of allotment will doubtless be small.
Under date of Aug. 8, London advices to the same paper
stated:
Prospectus of the London part of the long-awaited Austrian Government
Internationally guaranteed loan of 1933-1953, issued to-night, shows
that it resembles closely the 3% British conversion loan of 1948-1953. the
present price of which is 96 15-16 ex-dividend and which gives a gross
redemption yield of 3 1-5%.
The list of applications for the new loan will be opened Thursday. The
London share amounts to £4,514.200 (the equivalent of 100,000,000 Austrian gold schillings) and takes the form of 3% sterling bonds guaranteed
regarding principal and interest by the British Government under the provisions of the Austrian loan guarantee act of 1933.
The price of the issue is 96 and the first payment of interest, amounting
to 11-20%. will be made on Jan. 1. The sterling portion is really a British
Government loan and therefore ranks as a trustee investment.
The loan IS repayable within 20 years by a cumulative sinking fund to be
applied annually in the purchase of bonds at or below par or by drawings at
par. The Austrian Government, however, reserves the right to repay the
loan on July 11943. or half yearly thereafter on 90 days' notice.
Reported Plans for New Italian Loan—To Offer to
Exchange New Bonds for Morgan Loan Dollar
Bonds at Par.
From Rome, July 12, the New York "Times" reported
the following Associated Press advices:
Financial circles said to-day that the Italian Government would issue a
4,000.000,000 to 5,000.000,000 lire loan 13300.000.000 to $375,000,000J In
September or October. It will include an offer to exchange the new bonds
-loan dollar bonds at par Instead of the deMorgan $100,000,000
preciated dollar rate.
Morgan bonds consequently jumped from $85 to $91 on the market here.
and holders of the bonds, which are worth 1.210 lire for a $100 bond at
the present rate of 13.30 lire for the dollar, would receive bonds worth
1,900 lire.
However,the new bonds will bear 4 or 4%% interest, whereas the Morgan
obligations carry 7%. This will reduce the Government's interest charges.
The new loan will be used partly to retire 9
-year Treasury bonds falling
due in 1934.
for the
In an address that was interpreted as foreshadowing the
dissolution of the Centrist party, Dr. Joseph Goebbels, Nazi
Minister of Propaganda, on June 28 told a meeting of publishers at Stuttgart that if the party did not dissolve voluntarily it would probably be forcibly absorbed by the Government. The Centrist party was the single political organization of any prominence in Germany that had not been disbanded or dissolved by the National Socialists. Dr. Goebbels's speech was described as follows by the Berlin correspondent of the New York "Herald Tribune" on June 28:
Italy Gold Import Linked to Retaining Standard—
Central Bank Acquired Billion Lira of Metal in
6 Months.
Copyright advices as follows from Rome, Italy, Aug. 6,
are taken from the New York "Herald-Tribune":
"If I may give the Center party a piece of good advice," Dr. Goebbels
said, "I would tell its members that they would do well to close up their
party shop. The National Socialists will not look on much longer at the
spectacle of Centrist experiments.
"If the Centrists think they have to defend Catholic interests we can
tell them that the interests of Catholicism will probably be in better hands
Italy's determination to maintain the gold standard is reflected in the
Bank of Italy's slow but constant gradual increaes in gold holdings. During
the first six months of the current year Italy's central bank acquired gold
equivalent to nearly 1.000.000,000 lire, with the gold reserve at the encl of
June totaling 6,776.000,000 lire, against 5,626.000,000 in 1931 and 5,839 000.000 in 1932.
Financial Chronicle
Volume 137
This policy of buying gold is accomplished by a simultaneous reduction
of other gold currencies and balances abroad which now stand only at
321,000,000 lire, against 1.304,000,000 at the end of 1932 and 2,170.000.000
at the end of .1931. Furthermore, the Bank of Italy has been contracting
its note circulation which now is 13,026.000,000, against 13,672,000.000 and
14,294.000,000, respectively, at the end of 1932 and 1931. It should be
noted that while note circulation has been decreased 10%, the index of
wholesale prices shows a drop of nearly 13%. The ratio reserve to note
circulation is now 49%,which is 9% above the legal cover.
Italian Government Increases Subsidies to Merchant
Marine.
The Italian Government has increased the subsidies to
be paid to the Italian Merchant Marine for the fiscal year
beginning July 1 1933, it is indicated in a report received
in the Commerce Department's Transportation Division
from Rome. On July 10 the Department further said:
The entire subsidy for the current fiscal year will be 331,246.000 lire, an
increase of 8,469.000 lire compared with the 322,777,000 lire granted in the
preceding fiscal year. Of the total subsidy. 260,035,000 lire is for shipowners. This is an increase of 8,600,000 lire compared with last year.
The new subsidy does not include the sum of 1,585,000 lire paid to certain
companies by the Government for special services, such as the transportation of mails. The subsidy to Lloyd Triestino has been increased to 62,800.000 lire because of the improved service of this company to Bombay, the
report stated.
(Lire equals 5.26 cents at par.)
Bank Deposits Increase in Italy.
The Agenzia Economics, & Finanziaria, Rome, has recently published statistics concerning the increase of deposits in checkiiags and savings accounts with the largest
Italian Banks during the first four months of this year.
It is announced that:
The percentage of increase in these categories of deposits on April 30 1933
compares as follows with the figures as of December 311932:
Banco di Roma
8.46%
Credit() Italian°
Banea Commerciale Italians
2 1.
7.
Bence Popolare Co-operativa di Novara
0.66%
Istituto Italian° di Credit° Marittimo
0.34%
Dutch East Indies to Pay on Gold Basis Interest Due
September 1 on Government.
The following announcement was issued Aug. 7 by the
Guaranty Co. of New York:
Guaranty Co. of New York has received a cable from its European
representative stating that the Dutch East Indies Government has issued
an official announcement that it will purchase at the rate of guilders 2.46
per dollar the coupons duo Sept. 1 1933, on the Dutch East Indies 40
-Year
External Sinking Fund 6% Bonds due Mar. 1 1962, and the 30
-Year External Sinking Fund 5%% Bonds due Mar. 1 1953, which are delivered to
the Nederiandsche Handel Maatschappij in Amsterdam, Holland, on or
before Aug. 21 1933.
In our issue of June 3, page 3815, reference was made to
the action of the Dutch East Indies Government in adhering
to the gold basis in paying the July 1 coupons on the dollar
loan due 1947. Anent the action of that Government the
"Wall Street Journal" of August 8 had the following to say:
Following decision of the Dutch East Indies to pay the July 1 coupon
on the 68, 1917, in dollars at the gold equivalent, resulting in a premium
over face amount to holders it was stated in a cable Monday to the Guaranty Co. that similar procedure would be followed in connection with the
Sept. 1 interest on the 6s, 1962, and 5%s. 1953. The Dutch East Indies
Government, in other words, will purchase coupons at the rate of 2.46
guilders to the dollar, whereas, the present exchange rate is around 1.82
to the dollar so that the dollar payment for each $30 coupon will amount
to $40.51 and for each $27.50 coupon, to $37.14. The 68, 1962, recovered
25i points Monday to 126 against a year's high of 130 and low of 933.
Following table given the high and low for the bonds and the last, or recent
level:
Dutch East Indies ext. 6s, 1947
121%
93
115%
Dutch East Indies ext. 68, 1962
130
93%
126
East Indies 5%s, Mar.,'53
Dutch
125%
91%
118
Dutch East Indies 53.s. Nov..'53
125%
923
118%
These bonds are part of that select company of foreign issues for which
interest Is being paid on a gold basis and whose heavy premiums reflect
the additional sums in dollars which the holder stands to receive so long
as the policy continues and so long as the dollar remains depreciated in
terms of the respective foreign currencies. Others in the group are the
French cities of Lyons. Bordeaux and Marseilles 6s, and French Government 7s and 7;is. currently selling at premiums of from 26 to 37 points
above par.
Rulings on Bonds
of Dutch East Indies
Stock Exchange.
by New York
The following announcements were issued on Aug. 10 by
Ashbel Green., Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Aug. 10 1933.
Notice having been received that the Dutch East Indies Government
has issued an official notification that it will purchase at the rate of Guilders
2 46 Per dollar, coupons due Sept. 1 1933, of Dutch East Indies 40-Year
.
External Sinking Fund 6% Gold Bonds, due 1962, which are delivered to
the Nederlandshe Handel Maatschappij, Amsterdam, on or before Aug. 21
1933:
The Committee on Securities rules that beginning Friday, Aug. 111933.
to and including Thursday, Aug. 31 1933, the said bonds, in addition to
t he regular method of trading (with next due coupon attached. "and
interest") may be dealt in "ex" the Sept. 11933. coupon,transactions made
in that manner to be "Flat," and to be a delivery to carry the Mar. 1 1934.
and subsequent coupons.
1155
Unless otherwise specified, transactions in the said bonds shall be
deemed to have been made with the Sept. 1 1933, coupon attached.
Aug. 10 1933.
Notice having been received that the Dutch East Indies Government
has issued an official notification that it will purchase at the rate of Guilders
2.46 per dollar, coupons due Sept. 1 1933, of Dutch East Indies 30
-Year
External Sinking Fund 53. % Gold Bonds, due Mar. 1 1953, which are
delivered to the Nederlandsche Handel Maatschappij, Amsterdam, onlor
before Aug. 211933:
The Committee on Securities rules that beginning Friday, Aug. 11 1933,
to and including Thursday. Aug. 31 1933. the said bonds, in additionito
the regular method of trading (with next due coupon attached, "and interest") may be dealt in "ex" the Sept. 1 1933, coupon, transactions made in
that manner to be "Flat," and to be a delivery to carry the Mar. 1 1934.
and subsequent coupons.
Unless otherwise specified, transactions in the said bonds shall be deemed
to have been made with the Sept. 1 1933, coupon attached.
ASHBEL GREEN,
Secretary.
Soviet Russia Farms Pass Sowing Programs—Improved
Organization of the Collectives on 200,000,000
Acres Spurs Hopes.
A Moscow cablegram July 15 to the New York "Times"
from Walter Duranty stated that the Council of Commissars and the central committee of the Communist party
issued on July 14 a decree increasing the grain delivery
quotas of State farms by 40%. According to the cablegram
the decree said the action has been taken "in view of the
above-average harvest prospects." As to these "harvest
prospects" we quote as follows from the cablegram:
In 1928 there were 30,000,000 separate farms in the Soviet Union and
their average area under cultivation each year was not more than 20 acres.
For the most part the peasants scratched along as their ancestors had
done for centuries, although in places there were the beginnings of cooperative farming, and a number of State farms were using modern mechanized methods to provide an example and instruction.
More than Half Collectivized.
Of the total peasant population, approximating 100,000.000, 40,000,000
were still landless despite the Bolshevist revolution. This year 64.4%
of the peasants are collectivized, and 85% of the whole cultivated area
is in the hands of the collective or State farms, both of which have overfulfilled their sowing programs.
The collectives sowed almost three-quarters of the total area—namely,
200.000.000 acres. Three-fifths of this area is now supplied with mechanical traction in the form of tractor stations, with their political departments, which have brought order out of chaos. . . .
An editorial in the newspaper "Pravda" goes further and explains that
the crop prospects are good not only in the south but in other regions,
and not only on State farms but particularly on collective farms.
Collectives Reassured.
The editorial emphasizes in the strongest terms that in no case will
the obligatory grain deliveries as set for the collectives by the decree of
Jan. 19 be increased because the harvest prospects now are better than
were then expected. The quotas fixed in that decree were put at a low
level to encourage collective production.
The "Pravda" points out that the State farms are State property and
that any surplus production over expectations naturally belongs to the
State, and in any event that they have no right to sell grain to any one,
any more than an automobile factory might privately dispose of machines
produced above the program.
In the case of collectives, however, once Lhe "grain delivery obligations have been fulfilled the remainder of the products is the property
of the collectives and may be disposed of as the collective chooses."
A decree of June 20 expressly forbade any attempt by local authorities
to raise the "norms" of collective deliveries, and added the threat of criminal
proceedings in case of infringement. Iesterday the "Pravda" stated
that two of the principal Communist party officials of a county in Odessa
Province—the party secretary. Komissarenko, and the president of the
county committee. Kosaroff—had been expelled from the party, removed
from their jobs and arrested because they had ordered an increased norm
from regional collectives.
Soviet Russia Fur Auction
Held—Sales Expected to
Reported Greatest Ever
Exceed 5,000,000 Rubles.
A cablegram from Leningrad, Aug. 16 to the New York
"Times" stated:
The four-day fur auction opening here to-day will be the greatest In
Soviet history. with 70 foreign firms represented by 150 buyers. Motty
Eitingon of the New Iork firm Eitingon-Schild Fur Co., Inc., who has a
big contract with the Soviet Government, including a monopoly of sables.
told your correspondent he expected sales to reach the record firure of
5,000,000 rubles, with prices firm He added that the Russins had made
great strides in the new industry of dressing and dyeing furs, which formerly was left to foreigners abroad.
"Probably 20% of the furs sold are to be home-dressed, and 80% of
the 'Persians'—caracul and baby lamb—on which the new industry Is
concentrated,"
Business Prospects in Colombia Improved Following
Settlement of Dispute With Peru Over Possession
of Leticia—Views of Royal Bank of Canada As to
Business Conditions in Latin America and West
Indies-Colombian Loans—Gold Production Increases.
A report on "Business Conditions in Latin America and the
West Indies," issued July 28 by The Royal Bank of Canada,
contains an article on Colombia, in which it discusses the
effects of the peace recently concluded with Peru upon
economic conditions in Colombia. The article says:
Colombia.
The settlement of the dispute between Colombia and Peru, over possession of Leticia and the surrounding district, has improved business prospects
in Colombia. Although Leticia, a port on the Amazon River, was
ceded
1156
Financial Chronicle
to Colombia by Peru under the Salmon-Lozano Treaty of 1922, Peruvian
citizens seized the port on September 1 1932. Peru offered to submit the
dispute to arbitration, but Colombia maintained that it was a question of
restoring Colombian sovereignty and not a matter of international relations.
Both countries concentrated troops and aeroplanes in the affected area and
there were a number of minor engagements. The Pan American Union and
the League of Nations offered their assistance in the arbitration of the
dispute, but matters appeared to have reached a deadlock at the end of
April. After the death of President Sanchez Cerro of Peru, the new President, General Benavides, and Alfonso Lopez, the Colombian High Commissioner to Great 'Britain, held a series of conversations in Lima. The
two countries signed an agreement in Geneva on May 25, whereby administration of the disputed area was temporarily vested in a special League of
Nations Commission. The Commission, composed of an American, a Brazilian
and a Spaniard, assumed control on June 25. Discussions concerning final
settlement of the boundary problem will take place in the near future.
In order to secure the funds for the transportation and maintenance of
troops in Leticia, which is not readily accessible from Central Colombia,
the Government made a public issue of 10,000,000 pesos of National Defence Bonds in 1932, and early this year obtained a further loan of 5,000,000 pesos from the Bank of the Republic. To the end of May, when
active hostilities in the zone ceased, the Government had spent approximately
11,750,000 pesos for National Defence purposes. Part of these funds was
used for the construction of highways which would help to make Leticia
more accessible by land. In April the Federal Government announced that,
owing to the expense of hostilities, it was forced to suspend interest and
sinking fund payments on the foreign debt. After the agreement was concluded a plan was announced whereby coupons on the direct and guaranteed
debts of the Republic falling due within the next year would be paid onethird in cash and two-thirds in non-interest-bearing scrip, due October 1
1987.
The cost of the actual warfare and of the heavy imports of goods for
military purposes was met out of the proceeds of the loans mentioned above
and the Colombian Government has maintained budgetary stability, in so
far as ordinary revenues and expenditures have been concerned. In order
to secure a balanced budget, expenditures have been appropriated monthly
on the basis of average monthly revenues.
All foreign exchange operations are still strictly regulated by the Exchange Control Board. In view of the close commercial relations between
the two countries, the Board has maintained the existing rate of exchange
for the peso and the dollar, since the United States went off the gold
standard. Approximately two-thirds of Colombian exports are shipped to
the United States and from 25 to 40% of her imports are purchased from
the same source. The value of Colombian foreign trade has declined rapidly
in the past few years, but the proportion of exports to the United States has
Increased, Shipments to this market are chiefly coffee, petroleum and
bananas.
Exports of all products in the first few months of 1933 were hindered by
low water and poor navigation conditions on the Magdalena River; coffee
shipments have been 18% below those of last year. It is expected, however, that the crop to be harvested this autumn will be large and that total
exports during the present year will equal those of 1932.
An outstanding feature of the past year has been the increase in gold
production. All gold mined within the Republic must .be sold to the Mint,
but this gold receives a premium of 23%. Production is expected to show
continued increase. Although the general business situation is still uncertain, the settlement of the Leticia dispute, the increased gold production, and the prospect of normal coffee exports this season have increased
public confidence.
Withdrawal orAmerican Marines from Haiti by Oct. 1
1934 Provided For in New Agreement Signed at
Port-au-Prince.
Under a new agreement between the United States and
Haiti, signed at Port-au-Prince on Aug. 7, provision is made
for the withdrawal of American marines by Oct. 1 1934.
Under the agreement it is provided that:
Aracte I.
The American officers now serving with the Garde d'Haiti will be replaced
In such a manner that by Oct. 1 1934 the Garde shall be completely commanded by Haitian officers.
Article 2.
P' On Oct. 1 1934 the Garde, under complete command of Haitian officers,
will be turned over to a Colonel in active service whom the President of
the republic shall designate as commandant.
Article 3.
The promotions to be effected until the complete Haitianization of the
Garde will be made after examinations held in the presence of the representatives of the Government of Haiti in conformity with Article X of the
treaty of Sept. 16 1915.
Announcement of the signing of the agreement was made
by the State Department at Washington on Aug. 7. It was
pointed out in the New York "Times" that the document
is an executive agreement, which does not require ratification by the Senate. The signatories are Norman Armour,
United States Minister, and Foreign Minister Albert Blanchat. From the Washington account Aug. 7 to the New
York "Herald Tribune" we quote:
The withdrawal of the marine brigade within 30 days after October 1
1934. was agreed upon, and the new financial arrangement will be made
effective January 11934. provided for measures of administration envisaged
in the existing agreement between the two governments until amortization
of the outstanding bonds in 1944, or their retirement by the Haitian government prior to that time.
The signing of the accord, State Department officials indicated, in effect
supplants the treaty signed by the United States and Haiti last September
but never ratified by the latter government It Is the consummation of
negotiations of many months in an effort to remove the last American forces
from the area of the Caribbean.
k
,The treaty of friendship, signed by the United States and Haiti, with
attached protocols providing for the HaltlanizatIon of the Garde and financial measures, was not ratified in Haiti, where it was apparently felt that
the provisions for withdrawal of the Marine forces left some doubt as to
the exact date when the withdrawal would actually take place.
Aug. 12 1933
There also was objections to the financial provisions on the ground that
they appeared to go beyond the stipulations of the existing treaty of 1915
between the two countries, and of the protocol of October 3 1919, in accordance with which the bonds were issued.
The new agreement covering the Garde and the Marine brigade provides
that the Garde will be completely Haitianized and turned over to Haitian
officers by October 1 1934, which is three months earlier than was provided In the treaty of last September. The date of Oct. 1 1934. it was
agreed, was about the earliest at which there would be a sufficient number
of Haitian officers trained to take over complete control of the Garde
The agreement also provides that the Marine brigade will be withdrawn
from Haiti within 30 days from October 1 1934.
The accord further provides that there shall be a fiscal representative
and a deputy fiscal representative appointed by the President of Haiti
upon nomination by the President of the United States, to carry on the
services of the present financial adviser-general receiver and deputy-general
receiver. As the customs revenues constitute the principal pledge to the
holders of the bonds, the fiscal representative will have under his direction
the customs service. He may employ not more than eighteen Americans.
An item regarding the treaty between the United States
and Haiti signed last September (but never ratified, as indicated above), appeared in our issue of Sept. 17 1932, page
1937. The accord just signed is a lengthy one and we give
above but three of its articles.
NRAv Codes Inapplicable In Puerto Rico Governor
p4 Gore Announces—Strike of Tobacco Strippers.
From San Juan, Puerto Rico Aug. 9 a wireless message
to the New York "Times" stated:
United States wage scales and codes of the NRA are inapplicable to
Puerto Rico, Governor Gore announced this afternoon following word from
Washington.
The tobacco strippers' strike involving about 6,000 workers probably
will end to-morrow following a conference between representatives of the
employers and the strikers with Governor Gore. The Governor took the
strike problem in hand to-day, obtaining an offer of a 25% wage increase,
together with other concessions.
R. Alonzo Torres, General Secretary of the Puerto Rico branch of the
American Federation of Labor, said no violence had occurred in the strike.
He said all labor on the island wholeheartedly supported President Roosevelt's labor and humanitarian program.
Special Session of Puerto Rican Legislature Calledby
Gov. Gore—With His Inauguration Governor Suggested Large Landholders Shares Estates to End
Hunger and Unemployment.
A call for a special session of the Legislature for Aug. 1,
one month after his inauguration, was issued by Governor
Gore of Puerto Rico on July 29. It was stated in a wireless
message from San Juan to the New York "Times" that reduction of the legal interest rate from 12% and legislation to
make island mortgages secure for investment were among a
dozen recommendations listed in the call. The advices
(July 29) also stated:
Henry Morgenthau Jr. of the Farm Credit Administration recently asked
Mr. Gore to investigate the situation whereby income tax claims and workmen's compensation premiums received priority over mortgages.
The call suggests an amendment to the Workmen's Accident Compensation Act, pensions for widows from a beer and wine tax, relief for taxpayers
In arrears, and financial relief for municipalities.
Robert H. Gore was inaugurated Governor of Puerto Rico
on July 1. and in his inaugural address he suggested that it
might he practical and legal for large landholders to share
their holdings with their employees to end hunger and unemployment. This plan the Governor credited to President
Roosevelt. Further details of his speech are given below, as
contained in a cable to the New York "Times" on July 1, and
in special correspondence to the same paper from San Juan
on June 28:
Possibly the most remarkable part of the speech was the Governor's assertion that the people were the Government of Puerto Rico, and that if they
were so minded they could and would change the form of the Government.
In this instance Governor Gore departed from the original text, substituting
the word "people" for "workers."
Next to his promise to legalize cockfighting, Mr. Gore's promise to better
the working conditions of women brought the most applause. The question
of Statehood for Puerto Rico received little applause, and his opposition to
birth control virtually none. Before the inaugural ceremonies Governor Gore
restored the ancient Spanish custom of attending Mass in the Cathedral and
taking communion.
An advance copy of the inaugural speech of Governor-designate Gore . • •
says the hour has come for recasting the Island's governmental and political life.
He holds that a new spirit must be born to assure islanders the prosperity
Just as surely as it is
and happiness of the New Day and the New Deal.
necessary for President Roosevelt, to whom Mr. Gore refers as a great humanitarian and statesman, to destroy the obstructions of government for and by
the people of the United States, so it is essential that a similar course be
followed in Puerto Rico. The needless must go, he said, and the unnecessary
cannot survive.
Much of Mr. Gore's speech deals with the possibilities of developing new
industries and, through careful workmanship, attaining a reputation for line
workmanship, particularly in the handicrafts, in which the island has a
start.
Mr. Gore's reference to Statehood was specific, but his statement gave so
indication that its realization would be speedy. He said:
"Economy must ever be the watchword of the Government of Porto Rico
If it is to survive and to qualify for the Statehood for which the Democratic
party is on record. I therefore shall make every effort and every sacrifice
necessary to reduce the expenditures of the Island's government, so that
all the sooner Porto Rico may become a self-sustaining governmental organ.
ization, which can exist without special privileges from the parent Government."
For Full Wages, Short Hours.
Turning to the present economic problem facing workers, he says:
"It is of small moment to be freed politically, when by our own Government officials we are bound to an industrial system that means industrial
slavery. It is not right that industrial masters or financial masters should
be able to dictate to the Government to the end that workers are denied the
right of full wages and the privileges of short hours. Let us always remember
that the workers of Puerto Rico are the Government of Puerto Rico, because
it is of them and for them that we have a Government, and were they of a
mind and a disposition to change this Government by force, it could and
would be changed."
Mr. Gore warns politicians that the Island Government must be made
fundamentally sound, saying:
"Too often politicians view a Government as a special agency for political
exploitation, and entirely lose sight of the main fact that a Government is an
organization constructed for the sole purpose of extending to all the people
qualified as citizens under that Government the maximum amount of benefits
which we call, in the final interpretation, happiness. A Government that
loses sight of its primary objective fails in the trust which the people have
reposed in it and should be reformed."
Loan for Puerto Rico-$1,250,000 for a Year at 5%
Obtained from National City Bank.
According to advices, July 5, from San Juan, Puerto Rico,
to the New York "Times," the Insular Government completed
that day arrangements for a one-year loan of $1,250,000 at
5% from the National City Bank of New York, repayable In
quarterly instalments this year. The advices added:
Negotiations had been pending since May, and the Government rejected
original stipulations by the New York bank that all revenue receipts of the
Government should be pledged as guarantee for the loan. Treasurer Domenech said the funds would permit full payment of salaries past due teachers
and of other overdue accounts.
National City Bank of New York Will Lower Interest
Rates on Deposits of Puerto Rican Government.
The following San Juan cablegram,
June
26, is
from the
New York "Times":
The National City Bank of New York announced to-day that commencing
on July 1 it would cut the interest rate on the Insular Government's demand
deposits from 2% to 1%, and on savings deposits from 3% to 2%%.
"El 3fundo" newspaper editorially criticizes Insular Treasurer Domenech
for inability to conclude with the National City Bank a loan of $600,000
applied for three weeks ago. Part of the proceeds was to be used for the
Government's May payroll.
Henry Morgenthau, Jr., of Farm Credit Administration
Forbids Mortgage Loans by Federal Agencies in
Puerto Rico.
In a San Juan wireless message July 17 to the New York
"Times"it was stated that Henry Morgenthau,Jr., Governor
of the Farm Credit Administration, has instructed all
Federal agencies that have been lending money secured by
mortgages in Puerto Rico to cease doing so. The message
added:
His action is taken on the ground that mortgage investments are insecure,
due to the insular law giving income tax and workmen's compensation
assessments prior rights over mortgages, along with property taxes.
This interpretation of the law, long held by the insular Treasurer, has
been sustained by the Circuit Court of Appeals at Boston. Mr.Morgenthau
has requested Governor Gore to investigate the situation and, if possible,
correct it.
Total Short Interest on New York Stock Exchange
July 31, 972,613 Shares with 1,417,637 Shares June
-Reported as Lowest Figures Recorded.
30
The total short interest existing as of the opening of
business on Monday, July 31, as compiled from information
secured by the New York Stock Exchange from its members,
was 972,613 shares, the Exchange announced on Aug. 10.
This compares with 1,417,637 shares, as of June 30. From
the New York "Times" of Aug. 10, we quote:
Considering the ability with which the Stock Exchange short interest
apparently withstood the ravaging fears of inflationary developments
during the rise in June, yesterday's figures for July showing a drop of
445,000 shares to the lowest figure yet reported may seem somewhat
surprising. But probably at the present time the dangers of inflationary
developments-even though they are less frequently discussed perhaps
are far greater from the standpoint of the operator for the decline than
they were in the period in which enthusiastic operators were recklessly
discounting inflation. And, of course, the quiet backing and filling movements of the markets lately have not been conducive to the building up of
large short positions.
Market Value of Listed Stocks on New York Stock
Exchange Aug. 1 $32,762,207,992 Compared with
-Classification of Listed
$36,348,747,926 July 1
Stocks.
As of Aug.1 1933, there were 1,206 stock issues aggregating
1,281,035,555 shares listed on the New York Stock Exchange, with a total market v due of $32,762,207,992.
This compares with 1,207 stock issues aggregating 1,285,081,423 shares listed on the Exchange July 1, with a total
market value of $36,348,747,926, and with 1,217 stock issues
aggregating 1,293,876,237 shares with a total market value
1157
Financial Chronicle
Volume 137
of $32,473,061,395 on June 1. In making public the Aug. 1
figures on Aug. 7 the Exchange said:
As of Aug. 1 1933, New York Stock Exchange member borrowings on
security collateral amounted to $916,243,934. The ratio of security loans
to market values of all listed stocks on this date was therefore 2.80%.
As of July 1 1933, New York Stock Exchange member
borrowings on security collateral amounted to $780,386,120.
The ratio of security loans to market values of all listed stocks
on that date was therefore 2.15%.
In the following table, listed stocks are classified by
leading industrial groups, with the aggregate market value
and average price for each:
August 11933.
Market
Value.
2,030,889,723
875,647,219
3,067,927.102
290,654.609
883,789,472
2,431,915,030
manufctrigpods
278,337,374
Rubber and tires
357,769,108
Farm machinery
104,163,336
Amusements
41,408,695
Land and realty
976,086,399
Machinery and metals
1,045,582,208
Mining (excluding iron)
3,153,203,544
Petroleum
205,653,342
Paper and publishing
1,532,987,551
Retail merchandising
3,993,206,938
Railways and equipments
1,496.816,313
Steel, iron and coke
202,434,498
Textiles
2,257.085.931
Gas and electric (operating)
1.107.864.050
Gas and electric (holding)
Communications (cable, tel. & radio) 2.719.195.039
1541.355.890
Miscellaneous utilities
189.817.003
Aviation
Business and office equipment
241.626268
Shipping services
14,220,688
32.174,048
Ship operating and building
Miscellaneous business
69.775,659
Leather and boots
253.336,986
1,458,250.544
Tobacco
17,304,700
Garments
U.S. companies operating abroad...
635,290,435
Foreign companies (incl. Cuba & Can.) 641,438,290
Autos and accessories
Financial
Chemicals
Building
Electrical equipment
July 1 1933.
Aver.
Price.
$
19.21
16.44
43.56
18.69
21.62
34.24
27.52
29.06
6.44
8.27
20.27
18.83
17.32
12.24
25.25
34.72
38.06
18.05
32.53
12.26
72 32
15.38
9.72
22.73
6.79
9.53
15.56
36.75
56.26
13.31
19.20
17.32
Market
Value.
Aver.
Price.
2,193,319,040
946,007.987
3,396,080,507
332,409,087
968,841,871
2.618,346,883
285,874,301
435.677.582
111.427,036
51,789.048
1.107,443.638
1.094,931,852
3,603.979.681
230,151,630
1.768,829,698
4,193,398,315
1,674,106.080
251.062.023
2.481.317.379
1.759.293.335
2.842.875.041
170,762.136
218.833,681
282,404,503
16.042.472
34.034.563
74,116.337
263,814,393
1,487,836.870
17.681.152
733,349,583
702.710.222
21.30
17.76
48,37
21.37
23.70
36.92
28.27
35.39
6.94
10.34
23.00
19.70
19.81
13.70
29.16
36.46
42.58
22.49
35.83
17.95
75.61
16.80
11.33
26.56
7.67
10.09
16.53
38.27
57.37
13.60
22.17
18.97
32.762,207.992 25.57 36,348,747.926 28.29
All listed stocks
Market Value of Bonds Listed on New York Stock
Exchange-Figures for Aug. 1 1933.
The New York Stock Exchange issued the following announcement Aug. 9 showing the total market value and the
average price of all listed bonds on the Exchange:
As of Aug. 1 1933, there were 1,546 bond issues aggregating $40,812,137,909 par value listed on the New York Stock Exchange. with a total
market value of $34,457,822,282.
This compares with 1,553 bond issues aggregating $40,877,524,112 par value listed on the Exchange July 1, with a total
market value of $33,917,221,869.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
Market
Value,
All bonds
115,338,539,040
4,422,910,809
7,669,726,083
3,376,097,588
2,260,690,421
1,389,858,341
$101.90
73.94
72.00
89.88
73.45
60.65
$34,457,822,282
United States Government
Foreign Government
Railroad industry (United States)
Utilities (United States)
Industrial (United States)
Foreign companies
Average
Price.
$84.43
The following table, compiled by us, shows the total
market value and the total average price of bonds listed on
the Exchange for each month since Jan. 1 1932:
Market
Value.
1932Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
TIon 1 -
Average
Price.
$37,848,488,806
38,371,920,619
39,347,050.100
39,794,349,770
38,896,630,468
36,856,628,280
37,353,339,937
38,615,339,620
40,072,839,336
40,132,203,281
39,517,006,993
RR 'lac 12.4 nen
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
77.50
76.38
7201
Market
Value.
1933
Jan. 1.. _ _ _ $31,918,066,155
Feb. 1 _ _ __ 32,456,657,292
Mar. 1_ _ .._ 30,758,171,007
Apr. 1_ ___ 30,554,431,090
May 1 _ .. __ 31,354,026,137
June 1_ __. 32,997,675,932
July 1__ __ 33,917,221,869
Aug. 1_ _ __ 34,457,822,282
Average
$77.27
78.83
74.89
74.51
76.57
80 79
82.97
84.43
E. S. Daniell Jr., Boston Lawyer, Indicted for Bombing
New York Stock Exchange with Tear Gas.
Three indictments against Eugene S. Daniell Jr., Boston
lawyer who is charged with exploding tear gas bombs in the
ventilating system of the New York Stock Exchange on
Aug. 4, were returned on Aug.9 by the grand jury to Judge
William Allen in General Sessions Court, New York City.
An account of the incident, which forced suspension of trading on the Exchange shortly afternoon on Friday of last week,
was given in our issue of Aug. 5, page 957. One of the three
indictments returned against Daniell charges, it is said mali-
1158
Financial Chronicle
cious mischief as a felony because of damage to Exchange
property. Another alleges assault in the second degree and
the third charged Daniell with the possession of a noxious
liquid gas bomb. If convicted under all three indictments,
Daniell could be imprisoned for 16 years. Describing the
return of the indictments, the New York "Times" of Aug. 10
said:
The indictments were returned on evidence presented to the grand jury
by Assistant District Attorney Morris H. Panger. '
Daniell, who ran on a one-man ticket for President last year and got
about 300 Boston votes, has been accused by police of placing two tear
gas containers in the ventilating system of the Stock Exchange to get
some spectacular publicity for his National-Independent party.
He has been held in the Tombs in default of $10.000 bail since his arrest
here Saturday on a charge of suspicion of malicious mischief. That charge
was formally dismissed yesterday morning by Magistrate Jonah J. Goldstein. and Daniell was rearrested on a bench warrant to face the indictments, He was taken to Police Headquarters, fingerprinted and photographed and taken back to the Tombs.
Later he was arraigned before Judge Allen in chambers, and bail was
set at $5,000, which until a late hour last night he was apparently unable
to furnish. Judge Allen asked Daniell whether relatives had not offered
to supply bail. The prisoner replied that he had not asked them to do so,
and that none had volunteered.
New York Commodity Exchange to be Closed
Saturdays Through September 2.
At a meeting of the Board of Governors of Commodity
Exchange, Inc., held Aug. 9, it was decided to close the
Exchange on Saturdays up to and including Sept. 2. The
Exchange will be closed to-day (Aug. 12),Aug. 19 and 26,and
Sept. 2. It was closed last Saturday, Aug. 5, as noted in
our issue of that date, page 957.
E. A. Crawford Offers to Settle with Creditors—Grain
Speculator Lists Liabilities of $2,500,000 and
Assets of $1,200,000—Creditors Name Committee to
Consider Proposal—Six Suits in Winnipeg Court
Seek to Recover $515,998.
A committee of seven creditors to represent all creditors
in connection with the voluntary bankruptcy petition filed
by Edward A. Crawford was appointed at a meeting held
in New York on Aug. 8. Mr. Crawford had been engaged
in speculation in commodity markets and was said to have
been long many millions of bushels of grains when the
market broke sharply on July 19. He was later suspended
from membership in the Chicago Board of Trade and the
Commodity Exchange, Inc., as was noted in our issues of
371ly 9, page 762 and Aug. 5, page 960. Mr. Crawford
—Yhas offered to pay his creditors 25% cash in 30 days, 25%
in one-year secured notes, 25% in two-year notes and the
balance in three years. The notes would carry 2% interest.
The creditors' committee comprises Fred Uhlman, S. W.
Atkins, Richard Bernard, I. C. Coker, Clarence C. Taylor,
Edward Fineberg and Clifton B. Jordan. Mr Crawford's
condition on July 31 was said to show liabilities approximating $2,500,000 and assets of $1,200,000. Additional
claims against Mr. Crawford were revealed Aug. 10, when
an Associated Press dispatch from Winnipeg said that six
writs with total claims of $515,998 have been filed against
him in the Court of King's Bench. Describing the creditors
meeting on Aug. 9 the New York "Times" of the following
day said:
The meeting to consider Dr. Crawford's proposal was called to order
by Hiram C. Todd, of counsel for one of the large creditors, and upon
motion from the floor, Walter W. Price of Livingston & Co., brokers,
occupied the chair without opposition. Mr. Todd then explained that
a group of the larger creditors took the situation in hand privately about
10 days ago and found Dr. Crawford so willing to co-operate that the
accounting firm was immediately put to work on his books.
According to Mr. Todd, the accountants also found that only about
$500,000 of Dr. Crawford's assets were immediately liquid. Consequently the doctor had proposed a settlement which, Mr. Todd said,
had been favorably considered by the few larger creditors who represented about $1,500,000 of the $2,500.000 indebtedness.
Basis of Settlement.
The proposed settlement was to pay 25% in cash in 30 days; 25% in
assets of negotiable character payable within a year; 25% in unsecured
notes bearing 2% interest, payable in two years, and the remaining 25%
In unsecured notes, bearing 2% interest payable in three years.
pi There seemed little opposition to the proposal. A committee was
named to represent the creditors in conserving the assets and shaping
the final terms of a compromise to be submitted to the Federal Court
here under the new Bankruptcy Law, which makes any settlement binding
If accepted by 51% of the creditors in number and amount.
III3Dr. Crawford's counsel explained that his petition in bankruptcy under
the new law, invoked so far by only about a half dozen persons, was filed
on Aug. 2. He said, however, that a petition in involuntary bankruptcy
was filed about the same time by Irvin A. Edleman, 239 Broadway, on
behalf of two small creditors.
Rehabilitation Plans for New York Title & Mortgage
Co. and the Home Title Insurance Co.
As part of the reorganization program for title and mortgage guaranty companies under the supervision of the State
Insurance Department, an order was signed August 4 by
Aug. 12 1933
Justice Alfred Frankenthaler of the New York Supreme
Court, New York County, directing New York State Superin-•
tendent of Insurance George S. Van Schaick to take possession of the property of the New York Title & Mortgage Co.
for rehabilitation. A similar order with respect to the Home
Title Insurance Co. was granted by Justice John B. Johnston
of the New York Supreme Court of Kings County. The
orders were entered upon consent of the Boards of Directors
of the two companies. A statement issued by George S. Van
Scrhaick follows:
The rehabilitation plan approved by the Court for each of these companies provides for the immediate formation of two new companies, the
New York Title Insurance Co. and the Home Title Guaranty Co., which
will engage in the business of insuring titles to real property and making
surveys and searches. They will also engage in general loan and mortgage
business but will not guarantee mortgages as had been done by the companies which they succeed.
These two rehabilitation plans have been reviewed and approved by the
Insurance Board, consisting of former Superintendents of Insurance William
H. Hotchkiss, Jesse S. Phillips, Francis R. Stoddard and James A. Beha and
Aaron Rabinowitz and Matthew Woll. The plans were worked out with the
co-operation of the New York Guaranteed Mortgage Protection Corporation
which has been of material assistance to the Insurance Department in connection with the entire rehabilitation program for title and mortgage guaranty companies.
The New York Title Insurance Co., the new company which succeeds the
New York Title & Mortgage Co., will have a capital structure of $4,000,000,
while that of the Home Title Guarantee Co., the successor to the Home Title
Insurance Co., will be $750,000. These assets will consist of cash, securities and the title plants of the old companies. Inasmuch as these assets
are provided from the estates of the old companies, the stock of the new
companies will be issued to the old companies and will be held and controlled by the Superintendent of Insurance as Rehabilitator.
The title insurance business of the New York Title and Mortgage Co. and
the Home Title Insurance Co. has proved profitable in the past. Through
the new companies the earning capacity of these title plants, in which large
sums of money have been invested, shobld be preserved for the benefit of
creditors and policyholders of the old companies.
The new companies will be used to service mortgages owned and guaranteed by the old companies as well as the properties which they have taken
over. This work will be performed at actual cost and the arrangement may
be terminated by the Superintendent of Insurance at will.
The new companies will operate under stringent supervision of the
Superintendent of Insurance. This control will be the same as that previously announced with respect to the new Bond and Mortgage Guarantee
Co. and the Lawyers Mortgage Guarantee Corp. (see "Chronicle" Aug. 5,
page 959).
At the request of the Superintendent, State Senator Henry G. Schackno,
Oliver Roosevelt of the Dry Dock Savings Institution and Robert Moses,
former Secretary of State, have consented to serve on the Board of Directors
of the New York Title Insurance Co. and Michael C. O'Brien, a prominent
real estate man, and Frederick L. Cranford, Vice-President of the Brooklyn
Chamber of Commerce and head of the ten-year plan for the development
of Long Island and Brooklyn, have agreed to serve on the Board of Directors
of the Home Title Guarantee Co. State Senator Elmer F. Quinn also has
consented to act as a company director representing the Superintendent and
the public in the reorganization program.
A statement issued by Frederic J. Fuller, President of the
New York Title Insurance Co. follows:
The recent action taken by the Hon. George S. Van Schaick, Superintendent
of Insurance, with respect to the rehabilitation of the guaranteed mortgage
and title companies is distinctly in the interests of their policy holders
and creditors, and the general public. It is a very constructive step in the
solution of a most difficult problem and insures an orderly method of
procedure in adjusting and satisfying the obligations of the companies to
the holders of their guaranties.
Creditors and policy holders of the New York Title & Mortgage Co. should
benefit materially by the plan under which the company has been taken
Into rehabilitation. Under this plan a new company known as the "New
York Title Insurance Co." has been organized, with a capital of $1,500,000,
a surplus of $2,300,000 and reserves of $200,000, all the stock of which will
be owned by the New York Title & Mortgage Co. and held by the Superintendent of Insurance, as Rehabilitator, for the benefit of its creditors and
policy holders. In accordance with the plan approved by the Court the
Superintendent caused to be transferred to the new corporation out of the
assets of the old company, cash and United States Government securities
amounting to $1,200,000, first mortgages on real estate on the basis of
present day values of $2,200,000, and the title plants valued at $600,000.
The New York Title Insurance Co. acquires the entire real estate title
plant and complete title insurance organization heretofore operated by the
New York Title & Mortgage Co. for more than 30 years.
The title insurance business has been very profitable as is evidenced by
the fact that its average annual premium income for the years 1925 to
1931, inclusive, was over $2,500,000, and its average annual net income
was slightly in excess of $800,000.
Because of the inactivity in real estate and the recent but generally expressed disfavor of the public to title policies issued by a company which
also has issued guaranteed mortgages and certificates, the earnings of the
title plant have been impaired. It is obvious that a larger clientele should
be attracted by a company engaged in a title business unaccompanied by
the risks or hazards of mortgage guaranties. The earning power of the
company should thus be increased and the business restored to a productive
and profitable basis.
The profits accruing to the new company, which will be operated on a
conservative and economical basis, will naturally enure to the benefit of
the creditors and policy holders of the old company.
The New York Title Insurance Co. will not engage in any form of guaranteed mortgage business and its capital funds will be subject only to the
contingent liability on the policies of title insurance which it will issue.
The experience of the old company and of other companies in the title insurance business in this locality, over a long period of years, has demonstrated with a reasonable degree of certainty that losses suffered by title
companies and claims paid on title policies are about 3% of the gross examination fees received. It is the policy of the new company to set up
adequate reserves on all business written to protect it against contingent
claims of this nature.
Volume 137
Financial Chronicle
The new company will also engage in an unguaranteed mortgage business.
While at present there is little, if any, mortgage money available, the officials of the company believe that in the course of time there will be a demand for carefully selected mortgages, based on conservative appraisals which
can be sold to investors without any form of guarantee of payment. At
the moment there is an increasing number of applications for mortgage
loans, bearing a very low ratio to present day values, on well located, income producing, property. With high grade bonds selling at a low yield,
it is reasonable to expect that investment funds soon will be attracted to
the mortgage field and that the mortgage will again resume its place as a
favored form of investment.
The new company will offer the facilities of a department of experienced
and trained personnel in the servicing of mortgage investments and will
assist the Superintendent of Insurance in his work of rehabilitation of the
old company under the terms of a contract made with him in accordance
with the plan.
The officers look confidently to the profitable operation of the new company with a consequent appreciation in value of its stock in the interests
•
of the creditors and guaranty holders of the old company.
Lloyds Insurance Co. and General Indemnity Corp. of
America Taken Over by New York State Insurance
Department—Policies Canceled.
With the consent of their respective Boards of Directors,
Superintendent of Insurance George S. Van Schaick applied
to the New York Supreme Court, New York County, Aug. 4
for orders authorizing thim to take possession of the proper.
ties of Lloyds Insurance Co. of America and the General Indemnity Corp. of America for rehabilitation. The orders
were granted by Justice Alfred Prankenthaler.
Lloyds Insurance Co. of America was formed as a result of a merger of
Lloyds Casualty Co., the Constitution Indemnity Company of Philadelphia
and the Detroit Fidelity & Surety Co. Recently, Lloyds Insurance Co. of
America acquired stock control of the General Indemnity Corp. of America.
The present difficulties of the two companies are attributable to a falling off of premium income and an unliquid condition.
A statement issued by the State Insurance Department
Aug. 9 further states:
Orders have been signed by Justice Alfred Frankenthaler of the New
York Supreme Court, New York County authorizing and directing Superintendent of Insurance George S. Van Schaick, as Rehabilitator of Lloyds Insurance Co. of America and the General Indemnity Corp. of America, to
cancel outstanding insurance obligations of the two companies without
tender of return premiums.
The orders also apply to policies of other companies on which liability
had been assumed by Lloyds Insurance Co. of America and the General Indemnity Corp. of America. These companies are: Lloyds Casualty Co.,
Constitution Indemnity Co. of Philadelphia, Detroit Fidelity & Surety Co.,
Franklin Surety Co., Northeastern Surety Co., and the General Casualty &
Surety Co. Cancellation notices have been sent to all policyholders and
obligees affected by the Court order so that they may cover their risks
in other companies and file their claims with the Rehabilitator for return
premiums.
Lloyds of America on Aug. 4 issued the following statement:
Lloyds Insurance Co. of America, through the action of its Board of Directors, has found itself in a condition where it has requested the Superintendent of Insurance of the State of New York, the lion. George S. Van
Sahaick, to take over the company in rehabilitation proceedings, pursuant to
the special emergency laws recently enacted for such purposes.
The company now finds itself in a very non-liquid condition, due primarily
to the fact that other insurance companies with which it carried over $1,000,000 reinsurance had previously failed. As a result of the failure of the
other insurance companies, Lloyds Insurance Co. of America found itself
facing losses which were contemplated to be covered in the failed reinsurance companies.
In addition thereto, the company owns approximately $2,500,000 of real
estate and mortgages which are not readily convertible into cash without
disastrous sacrifices. The company has upward of $1,500,000 deposited as
security in the various States, which securities are not available for the payment of losses, although a proper asset of the company.
Concurrently with the action of the Board of Directors in applying to Mr.
Van Schaick to take the company over in rehabilitation, a committee consisting of Victor Sincere, It. L. Meneely and Lewis H. Pounds has been named,
which committee will organize a general rehabilitation committee which will
Immediately present plans for the reorganization of the company. It is
expected that this committee will itself secure funds and will seek help of the
Reconstruction Finance Corporation.
Under recent authority of Congress, the Reconstruction Finance Corporation was authorized to invest in preferred stock of the insurance companies.
An application will immediately be made to the Reconstruction Finance
Corporation to subscribe to a substantial amount of such preferred stock in
connection with the reorganization plans.
One of the plans under consideration will be the organization of a new
company which will take over the assets of Lloyds Insurance Co. and its
wholly owned subsidiary, the General Indemnity Corp. of Rochester, N. Y.,
for which rehabilitation is likewise applied for by action of its Board of
Directors. The reorganization committee is expected to be made up by
creditors, policyholders, stockholders and other interests.
Massachusetts Receiver for Lloyds Insurance Co. of
America.
Judge Henry T. Lummus of the Massachusetts Supreme
Court has appointed Merton L. Brown, Insurance Commissioner, as receiver of the Lloyds Insurance Co. of America.
Judge Lummus also enjoined the company from continuing
business and enjoined all persons from prosecuting suits
against the company. A decree entered by Judge Lummus,
however, allows the State Street Trhst Co. to. pay out money
on order of the industrial accident board from the fund of
$60,000 deposited with it by the Lloyds Insurance Co.
1159
Hamburg-American Insurance Co. Liquidated—State
Insurance Department to Pay Claims in Full.
An order has been entered in the Supreme Court, New York
County. authorizing George S. Van Schaick, Superintendent
of Insurance of the State of New York, as liquidator of the
Hamburg-American Insurance Co., to pay in full all claims
confirmed for allowance and to distribute the surplus, after
payment of these claims, to the New York Hamburg Corp.,
principal stockholder of the Hamburg-American Insurance
Co. A notice issued by the New York State Insurance Department July 31 further states:
The Superintendent of Insurance took over the Hamburg-American Insurance Co. on April 7 1933, after the company, which was engaged exclusively in reinsurance of fire risks, had canceled all of its contracts and
settled in full with its treaty companies. The company proceeded with its
voluntary liquidation in such a manner that it was only necessary for the
Superintendent of Insurance to effect a dissolution and distribute the
surplus. Minority stockholders received par for their stock and the principal
and controlling stockholder, New York Hamburg Corp., received all the
remaining assets, the bulk of which are unliquidated stocks and bonds.
Senator Thomas Urges Further Steps Toward Self
Control by New York Stock Exchange—Otherwise
He Says Federal Government Will Have to Step
In—Federal Steps Already Taken in Furtherance
of Regulation of Security Trading.
Commenting on the action taken last week by the New
York Stock Exchange to curb speculation (referred to in
our issue of Aug. 5, page 955) Senator Thomas of Oklahoma
stated on Aug.8;that this was a step in the right direction;
he urged however, further steps toward self control by the
change, otherwise the Federal Government would step in.
A United Press dispatch from Washington, Aug. 8, to the
New York "Herald Tribune" indicated this as follows:
Drastic new legislation to curb stock speculation will be introduced in
the coming session of Congress, Senator Elmer Thomas (Democrat, Okla.)
announced to-day. He was not satisfied with recent regulations applied
by Exchange officials and advocated prohibition of margin trading, buying
and selling of stocks by floor traders, specialists and pools, he said.
"I feel that Congressional control of stock exchanges will have early
consideration," Mr. Thomas declared.
The New York Stock Exchange last week issued a ruling fixing minimum
margins, which in some instances are higher than those charged by individual brokerage houses. Previously the Exchange had merely stated
accounts must be adequately margined.
In addition the Exchange prohibited margining of stocks selling at less
than $5 a share: fixed 10 points as the minimum margin on short accounts;
introduced stringent rules governing customers' men, and called for reports
weekly on pools, syndicates and joint accounts.
Step in Right Direction.
Mr. Thomas said this was a step in the right direction.
The nature of the new legislation, he indicated, would depend largely
upon what further steps toward self-control may be taken by the stock
exchanges.
"Unless the exchanges themselves control speculation," he said. "then
the Federal Government will have to step in."
The Government already has taken a number of important steps toward
a restriction of speculation in both the security and commodity markets.
Some of the measures taken by stock exchanges to control speculation may
or may not have been taken at the suggestion of the Administration.
Officials have said on numerous occasions that they were desirous of
avoding the speculative exeeqses of the Hoover bull market which are
blamed in some quarters for a part of the difficulties since 1929. They
were apprehensive over the recent "new deal" bull market and it has
never been denied that pressure from Washington caused abandonment of
that abortive movement.
Intervened in Grain Market.
Fr Active Federal intervention into the grain market was seen recently in
the establishment of minimum prices and maximum fluctuations by the
Chicago Board of Trade.
The Administration openly has not showed interest in stock speculation.
A number of recent steps, nevertheless, show gradual regulation of security
trading:
1. The Banking Act of 1933 which gives the Federal Reserve Board power
to fix the amount advanced by member banks on stock and bond collateral
and power to direct any member bank to refrain from further increase in
such loans.
2. Current investigation into stock exchange trading by a Senate committee in New York.
3. Higher Federal taxes and reduced exemptions arising from stock market purchases and sales.
4. Increased margin requirements and additional curbs placed on customers men by the Exchange itself.
5. Provisions in the securities bill which regulate sale of new securities.
Message of Governor Lehman to New York Legislature
Urges Enactment of Bill Requiring Payment of
Interest on Funds Deposited by Counties, Municipalities, &c.—Recommendation Grows Out of
Provision in Glass-Steagall Bank Act—Action in
Vermont.
In a message addressed to the New York Legislatureon
—Governor ahman urged the enactment-of_a bill
rug71
requiring the payment of interest on all public moneys
deposited by counties, municipalities and school'districts.
The legislation is asked by reason of the provision in the
Glass-Steagall Banking Act which prohibits interest on such
depWsits unless specifically required under—Stite
Governor Lehman's message follows:
Second Quarter
1932.
First Quarter
1933.
Second Quarter
1933.
Reporting profits:
106
69
80
Number
$108.774,000
846,006,000
$63,352,000
Profits
Reporting deficits:
57
94
83
Number
531,814,000
$66,929,000
558.397.000
Deficits
Total reporting:
163
163
163
Number
$76,960,000
*520,923,000
$4,955,000
Net profits
* Deficit.
The recovery in corporate earnings has permitted more favorable dividend declaration by many companies, and while the dividend trend during
the second quarter was still downward the rate was slower than before.
According to the compilation by the New York "Times," which embraces
not only industrial but also railroad, public utility and financial companies,
dividends were resumed or increased by 63 corporations in the second
quarter, compared with 45 in the preceding quarter and 28 in the second
quarter of 1932. Dividend reductions and omissions totaled 570 as compared with 609 and 1,000 respectively. Total dividends declared amounted
to $619,000,000 in the second quarter, as compared with $603,000,000 in the
preceding quarter and $727,000,000 in the second quarter of 1932. Since
July 1 the number of dividend reductions and omissions has been practically
matched by the number of resurnptions and increases and the usual cycle
of dividend payments, of marching up hill and then down again, has apparently been completed.
Earnings for the Half Year.
Earnings for the first half year are at a somewhat higher level than a
year ago, the extremely poor results in the initial quarter of 1933 being
offset by the sharp gain in the second quarter. The accompanying table
gives comparative figures covering the first half year for a group of 240
companies, including many companies which publish semi-annual but not
quarterly statements, with a net worth aggregating $10,002,000,000. Combined net profits for the half year were $21,000,000 in 1932 and $66,000,000
in 1933, while the annual rate of profits return on net worth rose from
1933.
1932.
1933.
1932.
1933.
$272
264
286
265
252
246
5272
212
218
225
255
*279
511
22
33
20
12
13
$13
10
11
19
41
*45
1429
al9
a6
a20
a30
221
a530
a33
a32
a25
*a2
*2
,alon
504197
S139
81.417 I $112
51.601
Sin months
*Partly estimated a Deficit.
Results given above for the first half of the year 1933 indicate that improvement in railroad earnings still has a considerable distance to go before
there will be any liberal margin over bond interest charges to apply on the
common and preferred stocks and justify still higher share prices, but the
upturn in trend is extremely important. Earnings of the railroads, as well
as the industrial companies, during the latter half of the year should make
an increasingly favorable comparison with the corresponding period last
year, when the trend was sharply downward.
ts'
6r.A
1933.
el .
1932.
A
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g
1933.
Approximately 80% of the companies improved their earnings as compared with the preceding quarter, and 70% were better than in the second
quarter of last year. Only 35% of the companies operated at a deficit during the second quarter of this year, as against 58% in the preceding quarter
and 51% in the seccnd quarter of 1932 and, in the majority of cases the
companies still in the red have been able to reduce their deficits materially.
Combined net profits, less deficits, of the 163 industrial companies
amounted to approximately $77,000,000 in the second quarter of this year,
while in the first quarter the same companies had a deficit of $21,000,000,
and in the second quarter of 1932 profits of $5,000,000. At the beginning
of this year this group had a net worth of $8,553,000,000. The improvement was unusually large in such industries as automobiles and accessories,
baking and food products, chemicals and drugs, electrical and other machinery, building materials, merchandising, mining and miscellaneous manufacturing.
The increase in number of companies now on an earning basis and in
their aggregate profits is shown by the following summary:
Net Income
Alter Charges.
1932.
January
February
March
April
May
June
e
Y.
•t
B 13
•g
gR
I
National City Bank of New York on Industrial Corporation Plaits in Second Quarter of 1933—Net
Profits of 163 Companies $77,000,000—Same Companies in First Quarter This Year Reported Deficit
of $21,000,000 and in Second Quarter of 1932
Showed Profits of $5,000,000.
According to the National City Bank of New York the
broad expansion in business activity that began last March
is reflected in the corporate reports covering the second
quarter of the year. In its monthly letter for August the
bank adds that a tabulation of the statements of 163 representative industrial companies engaged in diverse lines of
manufacturing and trade shows a marked upturn in earnings in contrast with the downward trend that had been al.
most continuous for more than three years. In presenting
detailed figures of profits of industrial corporations the bank
goes on to say:
Net Operating
Income.
Cross
Revenues.
211onfh.
Annual Rate
of Return.
Per Cent.
Clever Vermont.
bank
FIThe State of Vermont was not to be done out of interest on its
forbade
deposits by the new Banking Act of 1933. Noting that the Act
or municithe payment of interest except in the case of deposits of States
State
palities "with respect to which payment or action Is required under
law requiring banks to
law," the Vermont Legislature recently enacted a
throughout the
pay interest on deposits of the State. As a result, banks
of that
country, not merely those in Vermont. that may receive deposits
that other
State's funds may pay interest upon them. It is to be expected
and that municipalities
States will not be slow to follow Vermont's lead
State Legisand other political subdivisions will soon be petitioning their
of public
latures to pass laws requiring payment of interest on deposits
bodies.
Net Worth
Jan. I.
From the New York "Times" of Aug. 5 we take the
following:
Railroad Earnings.
Recovery in general business has resulted in a heavy increase in railroad
freight traffic and gross revenues, and has lifted sharply the net operating
income remaining after ordinary expenses but before interest charges. In
view of the desperate financial condition in which many railroads found
themselves last year and the large loans from the Reconstruction Finance
Corporation that were necessary because of their lack of earnings and inability to refund maturing bonds and notes, the recent betterment in railroad finances is one of the most encouraging developments since the depression begun. Reflecting the improvement in railroad credit, the railroad bond
market has enjoyed a sensational rise this year, the Dow-Jones index of
ten first grade rail bonds moving up from a low of 80.35 to a high of 93.51
and the index of second grade rails from a low of 55.97 to a high of 77.60.
Comparative figures for the first six months of 1932 and 1933 are given
below, with the latest month partly estimated:
In Millions of Dollars.
ca-.6,:a.ivaalraaa,s4a.iw4
C
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§
ci
.
Net Profits
Half Year.
Act.
Therefore, pursuant to Article IV, Section V of the Constitution, I
recommend for your consideration legislation providing that interest
behalf of
shall be paid on all deposits of public moneys made by or on
any county, school district or municipality of the State.
0.4% to 1.3%. The rise in rate of return is due in part to the reduction
in net worth last year, brought about by operating deficits, by payment of
dividends in excess of earnings and by writing down of capital and surplus
in connection with revaluation of plants and properties, inventories, receivables, investments, goodwill and other assets.
INDUSTRIAL CORPORATION PROFITS
The Banking Act of' 1933 recently enacted by the Congress of the United
States provides that banks which are members of the Federal Reserve
System may not pay interest on deposits payable on demand. The Act,
however, expressly excepts any deposit of public funds made by or on
behalf of any State, county, school district or other subdivision or municipality with respect to which payment of interest is required under State law.
on
The finance law of the State clearly demands that interest be paid
funds deposited by the State and therefore moneys so deposited by the
State will continuo to obtain interest.
not
But in the case of some municipalities and-school districts, it is
definitely provided by law that interest must be paid on deposited funds.
of legislation to remove any
Accordingly, I recommend the adoption
existing deficiency in law, so as to assure such municipalities and school
districts that they will come within the exemption contained in the Federal
Aug. 12 1933
Financial Chronicle
1160
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Message of Governor Lehman of New York to Legislature Recommending Legislation to Permit Private
Bankers and Corporations to Conform to GlassSteagall Banking Act.
On Aug. 7 Governor Lehman sent to the New York
Legislature a special message urging passage of a bill giving
private bankers and corporations power to "do all acts
which are necessary or required by law to secure full benefits" available to them under the new Federal Banking Act.
From an Albany dispatch Aug. 7 to the New York "Times"
we quote further as follows:
Financial Chronicle
Volume 137
The Governor pointed out that the new Federal Act made fundamental
changes in the banking structure of the country and said that it would
be necessary to amend the State laws to co-ordinate the two banking
systems. He said he did not believe it necessary to enact detailed changes
in the banking laws at the extraordinary session, holding that such changes
could be considered better at the regular session in January.
The Governor recommended passage of a general law giving private
bankers and corporations power to obtain benefits of the Federal Act
and said the general law could be repealed next year when the specific
changes were made.
Eight Forms Supplied by Comptroller of Currency to
National Banks for Use in Submitting Reports
Under June 30 Call for Statement of Condition—
Capital Accounts Shown at End of Liability Side
Instead of Beginning—Forms for Affiliates—Federal Reserve Board Issues Identical Forms for
State Member Banks.
In calling for figures of condition of National banks under
date of June 30, Comptroller of the Currency J. F. T.
O'Connor has issued eight forms on which the banks are
required to supply data. Of the eight forms, three concern
reports of affiliates, three are publishers' certificate forms,
one is the form for reporting the condition of National
banks, and in still another form, the banks are called upor
to supply data covering rates of interest on deposits. In
his letter to the banks preceding the issuance of the June 30
call, the Comptroller, directing attention to the new forms,
pointed out that "the capital accounts, instead of being
shown at the beginning of the liability side of the statement, are shown at the end." One particular in which the
new form differs from the old lies in the fact that capital
account, previously having been confined to one item, is
divided in the new form as follows:
23. Capital Account:
Class A preferred stock
per share, retirable at
Class 13 preferred stock
per share, retirable at $
Common stock
per share.
shares, par S
per share.
shares, par $
per share.
shares, par $
1
S
The following section under Section L—Time Deposits—
contained in the 1933 statement was not included in the 1932
statement:
3. Deposits the payment of which has been deferred beyond the customary period by agreement with depositors.
A comparison of the section in the 1933 and 1932 forms
relating to "Other Time Deposits" listed under Schedule L,
follows:
4. Other Time Deposits (1933)
(a) Deposits evidenced by savings
pass books—Number of accounts
(b) Certificates of deposit (other
than for money borrowed)
(e) Christmas savings and similar
accounts
(d) Open accounts
3. Other Time Deposits (1932)
(a) Reads same as in 1933 statement
(b) Reads same as in 1933 statement
(c) Time deposits, open accounts;
Christmas savings accounts,
&c.
•
One of the new forms on which the banks were required
to furnish data is the following:
SCHEDULE P—RATES OF INTEREST PAID ON DEPOSITS.
Charter No
F.R.District No
Name of bank
Location
(City)
Class of Deposits
(State)
Customary Rate Maximum Rate Aftnionum Rate
Time Deposits
1. Public funds of States, counties,
school districts, or other subdivisions or municipalities
2. Deposits of other banks and trust
companies, located in:
(a) United States
(b) Foreign countries
S. Deposits the payment of which has
been deferred beyond the customary period by agreement
with depositors
4. Other time deposits:
(a) Evidenced by savings pass
books
(9) Certificates of deposit
(c) Christmas savings and
similar accounts
(6) Open accounts
Deposits Payable on Demand
1. Due to mutual savings banks.
2. Publio funds of States, counties,
school districts, or other subAlvisions or municipalities
If
Are different rates of interest paid on deposits of different maturities?
so, give below the rate applicable to each maturity for each class of time deposits
rate differs according to maturity.
for which the interest
(Signature of officer who signed
the condition report)
The latest forms sent by the Federal Reserve Board to
the State member banks of the Federal Reserve System
have been made to conform to those on which National
banks report to the Comptroller of the Currency.
The letter addressed to the National banks by the Comptroller, follows:
TREASURY DEPARTMENT.
Office of Comptroller of the Currency.
Washington.
June 29 1933.
President or Cashier,
Dear Sir:
below for use in submitting
There are enclosed eight forms as indicated
rePorts of your bank and its affiliates, other than member banks, as of the
1161
next call date. (Await announcement of date of call. This letter is not
a request for a report of condition.)
3 copies, Form 2130, Report of condition of national bank.
3 copies. Schedule "0". Loans and advances to affiliates and investments
in and loans on securities issued by affiliates.
3 copies, Schedule "P", Rates of interest paid on deposits.
2 copies, Form 2139, Publisher's certificate form for report of condition
of national bank.
4 copies, Form 2130-E, Report of affiliate other than holding company
affiliate.
2 copies, Form 2130-E-1, Publisher's certificate form for report of affiliate
other than holding company affiliate.
4 copies, Form 2130-F, Report of holding company affiliate.
2 copies, Form 2130-F-1, Publisher's certificate form for report of holding
company affiliate.
FORM 2130. It will be noted that the capital accounts, instead of being
shown at the beginning of the liability side of the statement, are shown
at the end thereof, item 28, and that in addition to the net book value
of such capital accounts the number of shares, par value, and retirement
value of preferred stock, and the number of shares and par value of common
stock, are required to be shown. The single amount to be shown in the
short column opposite the items of preferred and common stock must
represent the actual net book value of all capital stock. This amount,
plus the bank's surplus, undivided profits and reserves for contingencies.
as shown in the short column, will be the total of the capital account as
extended into the long column. The total capital account added to other
liabilities as reported against items 15 to 27, inclusive, will give the "Total,
including capital account," which total must agree with total assets.
The amount to be extended opposite the capital stock accounts will,
therefore, not necessarily represent the number of shares of preferred stock
multiplied by the par value (or by retirement value in case the retirement
value is in excess of par value), plus the number of shares of common stock
multiplied by its par value, but rather the actual net book value of all
capital stock without any offsetting item of any kind being included among
the bank's assets. For example, if total par or retirement value of the
preferred stock plus the par value of the common stock amounts to 5500.000.
but the actual net book value to $347,612.35, the bank should show $347.612.35 against the capital stock accounts.
The report of condition must be verified by the oath or affirmation of
the president or cashier, attested by at least three directors other than
the signing officer, and acknowledged before a notary public who is not
an officer or director of the bank. Section 5211, as.amended Feb. 25 1927,
provides that a vice-president or an assistant cashier of the association
designated by its board of directors may verify reports in the absence of
the president and cashier. In such cases, however, the board of directors
should by proper resolution authorize the vice-president or assistant cashier
to sign, and a certified copy of the resolution should be forwarded to this
office.
SCHEDULE "P." It is also requested that you transmit with the call
report, on Schedule "P," which has been printed separately, a statement
of the rates of interest paid on time and certain demand deposits. It is
believed this new schedule, as well as the amendments in schedules "Ii,"
"L" and "A" of Form 2130, are self-explanatory.
FORM 2139. The statement of resources and liabilities (Form 2130) of
the bank should be published in a newspaper in the place where the bank
is established, in the same form in which rendered to the Comptroller,
or if there is no newspaper published in the place, then in the one published
nearest thereto in the same county, and proof of such publication furnished
on Form 2139.
FORMS 2130-E and 2130-F. In addition to the usual condition reports
required of National banking associations. Section 5211 of the Revised
Statutes, as amended by the Banking Act of 1933, approved June 16 1933,
requires each such association to furnish a report of each of its affiliates,
other than member banks,to the Comptroller of the Currency and to publish
each such report under the same conditions as govern its own condition
report. The definitions of affiliates as given in the Banking Act of 1933
are contained in Section 2 (b) and (c) thereof, which is printed on the
reverse side of the forms to be used by affiliates in preparing their reports.
Section 27 of the Banking Act, which requires the submission and publication of the reports, is also printed on the reverse side of such forms.
For your use in preparing the required reports there are enclosed four
copies of Form 2130-F covering holding company affiliates and four copies
of Form 2130-E covering other affiliates. There are also enclosed two
copies each of Forms 2130-F-1 and 2130-E-1 to be used in preparing reports
of affiliates for publication and in furnishing proof of publication to the
Comptroller of the Currency.
If the number of forms enclosed herewith, to be used in preparing the
reports of affiliates of your association, is not sufficient to cover your
requirements, additional copies should be obtained promptly from the
Chief National Bank Examiner of your Federal reserve district.
You are requested to obtain and trasnmit to this office at the same
time as you submit the next condition report of your association on Form
2130, and as of the same date, a report covering each of your affiliates,
other than a member bank, on Form 2130-F if a holding company affiliate
and on Form 2130-E if not a holding company affiliate. If it is not practicable for you to obtain and transmit to this office the reports covering
your affiliates at the same time you transmit the condition report of your
association, 1. e., within five days from the receipt of the call for your
report, prompt request should be made to the Comptroller of the Currency
for an extension of time. Such request should set forth the additional time
required and the specific reasons why additional time is necessary.
FORMS 2130-E-1 and 2130-F-1. Under the provision of Section 5211
of the Revised .Statutes, as amended, each National bank is required to
publish the reports of its affillatos, other than member banks, as defined
in the Banking Act of 1933, under the same conditions as govern its own
condition reports. Accordingly, this report must be published in a newspaper
published in the place where the principal office of the bank is established,
or. if there is no newspaper published in that place, then in the one published
nearest thereto in the same county. Whenever practicable, the report
of the affiliate or affiliates should be printed in the same paper and on the
same day as the condition report of your bank. If this is not possible the
report of each affiliate should be published as soon as possible thereafter.
A copy of the printed report of each affiliate, attached to the publisher's
certificate on Form 2130-F-1 if a holding company affiliate, and on Form
2130-E-1 if not a holding company affiliate, must be furnished this office
in accordance with the instructions appearing on those forms.
SCHEDULE "0." You are also requested to submit as a part of your
condition report the information called for by the enclosed Schedule "0"
covering loans and advances to affiliates, other than member banks, of
your bank as well as investments by your bank in and loans made by
your bank on securities issued by each of such affiliates. Every affiliate,
other than a member bank, (including holding company affiliate) must
be listed on this schedule. If your association has no affiliates, other than
member banks, under the terms of the Banking Act of 1933, the following
Financial Chronicle
1162
words should be written across Schedule "0": "This bank has no affiliates
(or no affiliates other than member banks) within the meaning of the
Banking Act of 1933."
Three copies of the reports and schedules should be prepared, the original
to be forwarded to the Comptroller of the Currency,one copy to the Federal
reserve agent of your district, and the third copy,complete in all particulars,
should be retained in the files of the bank for inspection by the Examiner.
In addition one copy of the form covering affiliates, which should be prepared in quadruplicate,should be retained by the affiliate. Proof of publication of the various reports need not be sent to the Federal reserve agent.
Officers responsible for the preparation of the accompanying reports are
requested to see that the title, location, Federal reserve district and charter
number are properly shown in the heading and that all other information
called for is furnished.
Yours very truly,
J. F. T. O'CONNOR, Comptroller.
Federal Reserve Board's Review of Financial Conditions—Increase in Excess Reserves of Member
Banks at End of June—Progress in Re-Opening of
Closed Banks—Extent to Which Rates Charged by
Member Banks for Small Loans Have Changed
Since 1928.
In reviewing financial conditions during June, the Federal
Reserve Board, in its July Bulletin issued July 23, refers to
the continued return of currency to the Federal Reserve
banks during June, and to the progress in the restoration of
banking facilities through the re-opening of closed banks and
the removal of restrictions on the withdrawal of deposits.
The Board in its review also draws attention to the data
made available by the Comptroller of the Currency relating
to the number and size of deposit accounts in member banks.
The results of an inquiry which the Board made among
member banks to determine to what extent rates charged
borrowers on small loans have changed since 1928 are likewise presented. "On small commercial loans" the Board
notes "147 member banks of the 175 reporting showed no
change in rates since 1928, 20 banks showed a slight decrease
in rates and eight showed a slight increase." The Board's
Review of the month- follows:
Recent Banking Developments.
Return of currency to the Federal Reserve banks continued during June,
notwithstanding the fact that an increased volume of industrial and trade
activity was reflected in larger demands for cash for pay roll purposes and
for retail trade. The movement indicates that the return of cash previously
held in hoards has been in larger volume than the increase in currency
requirements arising from the revival of business activity. Funds arising
from the return of currency and from the purchase of $85.000,000 of
United States Government securities by the Reserve banks were used by
member banks in retiring $110.000,000 of discounts and $10,000,000 of
maturing acceptances at the Reserve banks, and in increasing their reserve
balances by $120.000.000.
Excess reserves of the member banks at the end of June were about
$500.000.000, the increase of about $150,000.000 for the month reflecting
in part the increase in reserve balances held and in part a reduction in
required reserves resulting from a decline in net demand deposits. The
decline in these deposits occurred after the middle of June following the
prohibition laid down by the Banking Act of 1933, which became effective
June 16. on the payment of interest by member banks on deposits payable
on demand. Funds previously held by depositors in this form were shifted
In part into time deposits, on which interest is paid, and in the case of
deposits of country banks with their city correspondents were transferred
In part into balances with Federal Reserve banks. This transfer of funds
from member banks to the Reserve banks was reflected in a considerable
growth of member bank reserve balances at interior Federal Reserve banks.
At the reporting member banks in 90 leading cities total loans and investments increased further in June by about $240,000,000. This increase
represented a growth of about 6300,000,000 in holdings of United States
Government securities at reporting member banks outside New 'cork City,
offset in part by decreases in their other investments and in their loans, as
well as in the loans of the New York City banks. Loans of the reporting
banks secured by stocks and bonds increased by $35,000,000 between May 31
and June 28, while all other loans decreased by $68,000.000. The increase in
security loans during the month, as during the preceding two months,
reflected an increase in loans to brokers at New 'cork City, offset In part
by a decrease, both at New I ork and elsewhere, in security loans to other
borrowers. The accompanying table summarizes the changes during June
in the loans and investments of the reporting member banks, with separate
figures for New 'cork City and other leading cities.
REPORTING MEMBER BANKS.
Changes Between May 31 and June 28.
New York City.
Loans on securities
All other loans
United States securities
Other securities
Loans and investments, total
89 Other CUlet.
+858,000,000
—85,000,000
+9,000,000
—2,000,000
—$23,000,000
+17,000.000
+297,000,000
—32,000,000
—$20,000,000
+5259,000,000
Licensed Banks.
The restoration of banking facilities through the reopening of closed banks
and the removal of restrictions on the withdrawal of deposits proceeded
further in June. The number of member banks licensed by the Secretary of
the Treasury to open on an unrestricted basis increased between May 31
and June 28 by 66 to 5.602, the figures reflecting in part the admission of
additional State banks to the Federal Reserve System. In the same period
the number of member banks not so licensed decreased from 1.163 to 1,104,
reflecting both the granting of additional licenses and the placing of banks in
receivership or liquidation. The proportion of total member bank deposits
represented by member banks still unlicensed by the Secretary of the
Treasury on June 28 was approximately 5%. During the same four-week
period there was an increase In the number of non-member banks that were
operating on an unrestricted basis by action of the banking authorities of
the several States, and in the proportion of the total deposits of all nonmember banks represented by such unrestricted banks.
Aug. 12 1933
Deposits by Size of Account.
Comprehensive information has recently become available for the first
time relating to the number and size of deposit accounts in member banks.
This information, which relates to licensed banks, was collected as of May 13
1933, by the Comptroller of the Currency for National banks and by the
Federal Reserve Board for State member banks. It shows that on this
date, when the total number of licensed member banks was 5.500 and their
total deposits were $23,542,307,000, they had altogether 30,556,105
deposit accounts, and that the average size of the accounts was $770. The
classification by size shows that 96.5% of these accounts were in amounts
of $2,500 or less, the average account of this class being $189. While the
number of accounts of more than $2,500 was relatively small, constituting
only 3.5% of the total number, the amount of funds held in the larger
accounts constituted 76.3% of total deposits of the banks included in the
tabulation. Accounts in the highest bracket shown in the table, those of
over $50,000, numbered less than 50.000. and constituted a small fraction
of 1% of the total number of accounts, but these accounts averaged
$224,000 and in the aggregate held 45% of total deposits of licensed member
banks.
LICENSED MEMBER BANKS (5,500 BANKS)
--NUMBER OF DEPOSIT
ACCOUNTS, BY SIZE OF ACCOUNT, MAY 13 1933.
Size Group.
Number of
Accounts.
Amount of
Deposits,
Deposit accounts ot29,482,384 $5,580,327,000
12,500 or less
569,833 1,912,132,000
$2,501 to 85,000
269,903 1,840,791,000
$5,001 to $10,000
187,115 3,720,403,000
$10,001 to $50,000_ .. _ _
46,870 10,488,654,000
Over $50,000
mt.,IS 5001,..d,..\
an
A SR Ms 122 M2 207
Percentage
Distribution.
Average
Number Total
Size of
of AcDeAccounts.
counts. posits.
96.5
1.9
.9
.6
.1
23.7
8.1
7.8
15.8
44.6
3189
3,356
6,820
19,883
223,782
nnn inn n
Inn n
.
7,1
Rates Charged Small Borrowers.
In view of the decline in money rates for open-market loans :Ltd in the
prevailing rates charged bank customers, the Federal Reserve Board
recently made a special inquiry among member banks to find out to what
extent rates charged borrowers on small loans have changed since 1928.
About 200 member banks in 38 cities were requested to report the range of
rates charged on two classes of small customer loans, ranging in amount
from $500 to $1,000 in May 1928 and in May 1933. The classes of loans
selected were, first, prime customers' commercial paper, such as would be
eligible for rediscount at the Federal Reserve banks, and, second, loans
secured by stock-exchange collateral. The information brought in by this
Inquiry is summarized in a table printed at the end of this review.
On small commercial loans. 147 member banks of the 175 reporting
showed no change in rates since 1928, 20 banks showed a slight decrease
in rates, and eight banks showed a slight increase. A simple average of all
the rates reported by the 175 banks shows a decline for the period from
6.42% in May 1928 to 6.38% in May 1933. On small loans secured by
stock-exchange collateral 150 banks of the 182 banks reporting showed no •
change, 22 banks showed a slight decrease In rates, and 10 a slight increase.
A simple average of all the rates reported under this classification showed a
decline from 6.45% in May 1928 to 6.40% in May 1933. During the same
period the Federal Reserve Board's continuing average of rates charged on
customers' loans in leading cities, which is in general based on larger commercial loans and on larger loans on stock-exchange collateral, declined from
5.16% in May 1928 to 4.92% in May 1933.
Recent Course of Production.
The physical volume of industrial production, including both manufactures and minerals, increased rapidly during April and May. and according
to the Board's seasonally adjusted index was at 77% of the 1923-25 average
in May as compared with 60% in March. Preliminary reports indicate a
further substantial increase in June. Activity in the construction industry,
which is not represented directly In the index of industrial production, is
currently at a level considerably lower, relative to the 1923-25 average.
than the volume of industrial production. The value of contract awards
showed a nonseasonal increase in Slay and June but the total for the
second quarter was smaller than a year ago.
The course of manufacturing output from January 1919 to May 1933 is
shown on the accompanying chart [this we omit.—Ed.1 with separate lines
for the total, for durable manufactures—including iron and steel, nonferrous metals, coke, lumber, automobiles, locomotives, and ships—and for
nondurable manufactures—mainly textiles, leather, food, tobacco, rubber,
and paper products. The underlying data are adjusted for the usual seasonal
variations. The chart shows that the increase in total volume of manufacturing output from March to May was about one half in durable goods,
and one half in nondurable goods, this is in contrast to developments in the
autumn of 1932 when the output of textiles and other nondurable products
increased considerably, while output of durable products showed little
change. The chart also brings out the fact that output of nondurable
manufactures in May reached a level approximately equal to the 1923-25
average, while output of durable manufactures, which had previously
declined to extremely low levels, amounted in May to about 50% of the
1923-25 average.
Analysis of the recent Increase in output of nondurable manufactures
shows that the advance in this group was general. At cotton mills activity
advanced sharply to the highest rate since the autumn of 1929, and in the
woolen industry production reached a level higher than in most other months
since that time. Output of shoes increased sharply in April and May and
was larger In May than In the corresponding month of any other recent
year. The quantity of cigarettes manufactured in May was much larger
than that reported for any previous month.
Among the durable goods industries the most rapid advance was in the
steel industry, where activity increased from 16% of capacity in March to
34% in May and 46% in June. This advance was largely in response to
demands from miscellaneous sources and, to a lesser extent, to increased
orders from the automobile industry. Demand for steel from the construction and railroad industries continued at low levels. Lumber production in May, although larger than in other recent months, was less than
one third of the 1923-25 average. The limited demand for structural steel,
lumber, and other building materials reflected current conditions in the
construction industry. Increased demand for steel from the automobile
industry reflected growth in activity in that industry during April. May and
June. Production of cars in these three months totaled about 650,000, as
compared with about 500.000 in the corresponding period of last year and
about 1,800.000 in the corresponding months of 1929.
Commodity Prices.
Prices of commodities at wholesale have been advancing for four successive months,and in June the index of wholesale commodity prices computed
by the Bureau of Labor Statistics reached 65% of its 1926 average, as
Financial Chronicle
Volume 137
compared with 59.8% in February. The extent to which commodities in
the different major groups which compose the index contributed to this
advance is indicated in the table, which shows that prices offarm products,
hides and leather products, textiles, and foods rose much more rapidly
than the index as a whole. Prices of commodities in most of the other
groups entering into the index showed a much smaller advance, and there
was a small decline in prices of products in the fuel and lighting group.
WHOLESALE COMMODITY PRICES 11926=1001
February
1933,
Percentage
Change.
40.0
68.0
51.2
53.7
. 59.8
69.8
71.3
59.2
77.4
72.3
53.2
82.4
61.5
61.2
65.0
74.7
73.7
60.8
79.3
73.4
+30.1
+21.2
+20.1
+14.0
+8.7
+7.0
+3..4
+2.7
+2.5
+1.5
Aq Ft
Farm products
Hides and leather products
Textile products
Foods
All commodities
Building materials
Chemicals and drugs
Miscellaneous
Metals and metal products
House-furnishing goods
Fuel and lighting,.
June
1933.
A1 S
-...1 q
In general, the widest price advances have occurred in raw materials.
The demand for these primary products, which are generally quoted in
organized markets and many of which enter actively into international trade,
usually responds quickly to changes in market conditions. Since February
prices of these commodities have reflected increased demands, including
forward buying, accompanying sharp increases in industrial output and, in
the case of some agricultural commodities, prospects of reduced supplies
owing to weather conditions and proposed reductions in acreage. They
have also been influenced by increased trading in the organized commodity markets in expectation of further price advances, and, particularly
In the case of international raw materials, by the change in the value of the
dollar in the foreign exchange market. In cases where the price of raw
materials constitutes an important factor in the cost of finished products,
advancing prices for these materials have been generally accompanied by
advancing prices for such products.
Relative changes in the prices of finished products and the raw materials
from which they are wholly or mainly produced are illustrated on the chart
for four different groups of commodities. The groups are selected foods,
textiles, leather, and iron and steel products. In each case the comparison
Is made in terms of index numbers with the average for 1929 as 100. The
chart shows that during the past four years the price of raw materials in
each of these groups declined to a much greater extent than the price of
the finished product. During recent months, however, when the direction
of price movements has been reversed, raw material quotations have risen
in general much more rapidly than prices of finished products, with the
result that for the groups shown on the chart the spread between the two
types of quotations has been considerably reduced. In some particular
cases, however, where demand has been especially heavy, analysis of the
underlying data shows that prices of finished goods have risen at about the
same rate as the price of raw materials.
INTEREST RATES CHARGED ON SMALL LOANS ($500 TO $1,000).
City.
Rates Charged by 175 Member
Banks on Small Prime Commercial Loans ($500 to $1,000),
Such as Would Be Eligible for
Rediscount al Federal Reserve
Banks.
Rates Charged by 182 Member
Banks on Small Loans ($500
to $1,000) Secured by Prime
Stock Exchange Collateral.
Number
Number
of Banks. May 1028. May 1933. of Banks May 1928. May1933
Boston
New York City_
Philadelphia
Cleveland
Cincinnati
Pittsburgh
Richmond
Baltimore
Charlotte
Atlanta
Birmingham __ _
Jacksonville
Nhshville
New Orleans _ _ _ _
Chicago
Detroit
St. Louis
Little Rock
Louisville
Memphis
Minneapolis
Helena
Kansas City_ _ _
Denver
Oklahoma City _ _
Omaha
Dallas
El Paso
Houston
San Antonio _
Fort Worth
Waco
San Francisco_ _
Los Angeles
Portland
Salt Lake City_ _
Seattle
Spokane
4
4
12
3
5
7
3
5
3
3
2
3
3
2
22
1
4
4
4
3
3
2
4
7
5
3
5
2
7
5
4
3
6
6
4
4
2
5 -6
4
6
5 -6
6
5 -6
6
6
6
5H- 7
, 6 -8
6 -8
6 -8
6 -8
4- 6
6
5 -6
6 -7
6
a
535- 6
,
8
5 -8
-10
-10
-8
-8
-8
-10
si-to
-10
-7
-8
-8
-8
-8
-
,0
5 -6
3 -6
5 -6
5 -6
6
6
434- 6
6
5 -7
6 -8
6 -8
6 -8
6 -8
3 -6
6
5 -ii
6 -7
6
H- 6
8
-8
-8
10
-8
-8
-8
-8
-10
-10
-10
-7
-8
5
6
13
3
5
7
3
5
3
3
2
3
3
2
24
1
4
4
4
3
3
2
4
7
5
3
5
2
7
5
4
3
6
-
-8
-8
-8
4
6
2
5 -6
4
6
5 -6
6
5 -6
6
6
6
6
7
6 -8
6 -8
6 -8
6 -8
436- 6
6
5 -6
6 -8
6
6
5
6
6
6
6
6
5
6
6
6
6
6
5
5
6
6
6
6
-10
-10
-8
-8
-8
-8
-10
-10
-10
-7
-8
-8
-8
-8
-8
5 -6
4 -6
5 -6
6
5 -6
6
6
4
6
6
6 -7
6 -8
5 -8
-8
-8
-6
6
-8
6
6
6
8
-8
-8
-10
-8
-8
-8
-10
-to
-8
-8
-8
-8
-8
-8
Condition Reports of Affiliates of Chase National
Bank-Figures as of June 30
-Capital ot $7,400,000
Reported by Chase Corporation.
The Chase National Bank,in compliance with the Banking
Act of 1933, is publishing over a period of weeks the financial
statements of all its affiliated institutions. The New York
"Sun" of last night (June 11) observed that statements of
many of these have never been made public before. All
reflect the conditions of each as of June 30, the date of the
last conditions report of the bank. The "Sun" continued:
Chase Corporation, principal affiliate of the bank showed as of June 30.
7,400,000 capital and $6,796,884 surplus and undivided profits, or about
$1.91 a share, corresponding closely to the figures given by Winthrop W.
Aldrich, president of the bank, at the meeting of stockholders in may
when it was voted to liquidate the corporation. Borrowings from the
Chase National Bank are listed as $17,472.145 and amounts due subsidiaries $27,895,259. Investments and securities are listed as $82,051.852.
1163
cash $106,995. receivables $2,755.100 and stocks of banks other than the
Chase, $387,811. The corporation holds no Chase bank shares.
The statement of the Chase Bank, an affiliate which conducts a large
share of the foreign business of the Chase National and which operates
branches in several foreign countries, shows a flourishing condition. Total
assets are listed at $37,897,353. of which $11,128,592 is cash and $10,545.535 loans and discounts. Capital is $5,000,000,surplus and profits 32,095,772 and deposits $26,894,765.
Statement of the Cedar Securities Corporation lists assets of $207,906, of
which $82,130 are investments. Capital is $1,000 and surplus is $206,906.
Another affiliate, which few persons knew as a Chase company, is F. C.
Linde, Hamilton & Co., whose assets are given as $151,948 and capital is
listed at $50,000.
Another affiliate, Brooklyn Real Estate Exchange. Ltd., has assets of
$414.281. Capital is $247,000 and surplus and profits $153,561.
The Portland Realty Corporation, another real estate affiliate, has
assets of $3,533,408. mostly real estate Capital is $50,000 and the corporation is listed as a borrower of $3,766,648 from the bank.
Chase Safe Deposit Co. report shows assets of $2,154,189. mostly vaults
and equipment. Capital is $400,000; surplus and profits $1,636,272.
The report of the Swony Corporation, another little known affiliate,
shows $719.026 of which $717,862 is real estate. The capital of this company is only $150 and it has a deficit of $265,855. It is a borrower of
$984,581 from the bank.
Another affiliate is the Metpotan Securities Corporation, whose assets
are $4.056,702, including $3,331,861 in collateral loans and $601,483 stock
in affiliated bank. Capital is $25,000. profits $17,700 and bills payable
$3,072,546.
Further Extension of Time for Filing Reports of
Affiliates of National Banks and State Reserve
Member Banks.
The Comptroller of the Currency, J. F. T. O'Connor,
announced on Aug. 10 that the Federal Reserve Board
and theComptroller of the Currency have extended until
gelit. 16 1933, the time within which national banks and
State member banks, respectively, may file with the Comptroller and the Federal Reserve Banks, respectively, reports
of their affiliates called for on July 7, pursuant to the Banking Act of 1933, and such reports need not be published
until they have been filed. The announcement added:
This extension has been granted due to the necessity of securing the
opinions of the legal departments of the Government with respect to
questions which have arisen.
Time within which banks must file their own reports has not been extended. Both reports of banks and reports of their affiliates must show
the condition as of June 30 1933.
Previous references to the filing of reports by affiliates
appeared in these columns July 8, page 241 and July 15,
page 422.
Death of Edwin A. Kenzel, Deputy Governor Federal
Reserve Bank of New York.
Edwin R. Kenzel of New Rochelle, a Deputy Governor
of the Federal Reserve Bank of New York, died on Aug. 9,
of heart disease, at St. Andrews, N. B., according to word
received at the New York Reserve Bank that day. Mr.
Kenzel had just begun his vacation at St. Andrews and
was apparently in good health. He was 60 years old.
Mr. Kenzel was a pioneer in the development of the acceptance market in this country. He had been associated with
the Federal Reserve Bank since its organization in 1914,
at which time he was elected an assistant cashier. Previous
to joining the Federal Reserve Bank he had been employed
by the Chemical National Bank, now the Chemical Bank &
Trust Co. Mr. Kenzel was in charge of acceptance operations at the Reserve Bank. He was also a member of the
American Acceptance Council, an organization of bankers
devoted to the development of the dollar acceptance.
Bonds of Home Owners' Loan Corporation Acceptable
as Security For Public Deposits-Bonds of Federal
Land Bank Bonds Also Acceptable at Par.
Bonds of tho Homo Owners' Loan Corporation and of the
Federal Land Bank are now acceptable at par as collateral
security for Governmental deposits in member banks,
according to a Treasury Department ruling announced by
Governor Hatrison of the New York Federal Reserve Bank
this week. In the New York "Journal of Commerce" of
Aug. 11 it was pointed out:
Federal Land Bank bonds formerly had been acceptable as collateral at
market price. The Home Owners' Loan Corporation has recently been
formed to exchange its own bonds for firstimortgages on homes, interest
-but not principle
-on its own debentures guaranteed by the Government.
By making the Home Owners' Loan bonds eligible as collateral against
public deposits the market for these securities will be broadened. The
broadening of the market will be an inducement to holders of first mortgages on real estate to exchange them for the debentures.
Governor Harrison's announcement was issued as follows:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1264, Aug.8 1933. Reference to 1932 Treasury.
Department Circular No. 92 Revised.]
Special Deposits of Public Moneys Under the Act of Congress-Approved
Sept. 24 1917 as Amended.
To designated special depositaries of public moneys and all other
banks and trust companies in the Second Federal Reserve District:
There is enclosed a copy of the Third Supplement dated July 24 1933 to
Treasury Circular No. 92, authorizing the acceptance at par of bonds of
1164
Financial Chronicle
the Home Owners' Loan Corporation as collateral security for deposits of
public moneys under the terms of that circular. The only other change
involved in this supplement is to authorize the acceptance of bonds of the
Federal Land Banks at par which for some time past have been acceptable
at market value. All other securities issued under the Federal Farm Loan
Act, as amended, will be accepted at market value, not to exceed face
value, as heretofore.
GEORGE L. HARRISON,
Governor.
The Treasury ruling follows:
SPECIAL DEPOSITS OF PUBLIC MONEYS UNDER THE
ACT OF CONGRESS APPROVED SEPT. 24 1917
AS AMENDED.
1933 Third Supplement
Treasury Department,
Department Circular No. 92.
Office of the Secretary,
Revised.
Washington, July 24 1933.
Accounts and Deposits.
To Federal Reserve Banks and other banks and trust companies incorporated
under the laws of the United States or of any State:
Treasury Department Circular No. 92, dated Feb. 23 1932, as amended,
is hereby further amended by the addition of the following paragraph under
the caption "Collateral Security":
"11. Federal Land Bank and Home Owners' Loan Corporation Bonds.
—Bonds of the Federal Land Banks and bonds of the Home Owners'
Loan Corporation; all at par.'
Paragraph 2 of the collateral security provisions of the circular is hereby
amended to read as follows:
"2. Federal Farm Loan, Insular, and Territorial Government Securities.—Bonds and debentures issued under the Federal Farm Loan Act, as
amended. (other than bonds of the Federal Land Banks as specified in
paragraph 11), bonds of Puerto Rico, bonds and certificates of indebtedness
of the Phillipine Islands, and bonds of the Territory of Hawaii: all at
market value, not to exceed face value.'
DEAN ACHESON,
Acting Secretary of the Treasury.
President Roosevelt Urges Building and$Loan Associations, Savings Banks, &c., to Aid in Campaign
in Behalf of Home Owners—Asks That They
Facilitate Exchange of Mortgages For Bonds of
Home Owners' Loan Corporation,
Through William F. Stevenson, Chairman of the Federal
Home Loan Bank Board, Piesident Roosevelt points out how
building and loan associations, savings banks and homestead
associations may aid in the campaign to enable home owners
to save their homes. Among other things the President
urges a sympathetic attitude toward the plan for exchanging
bonds of the Home Owners' Loan Corporation for mortgages
on homes. The President's letter to Mr. Stevenson follows:
"My dear Mr. Chairman:
"I desire through you to urge the building and loan associations and
homestead associations and savings banks of the country to render aid in
the campaign the administration is waging to enable unfortunate home
owners to save their homes.
'They can do this, first, by showing a sympathetic attitude toward the
plan for exchanging bonds of the Home Owners' Loan Corporation for
mortgages on homes, and accepting them in cases where they can do so.
"Second, by joining the Home Loan Banks and procuring funds from
them to loan to distressed home owners whose loans are eligible to be
discounted in the Home Loan Banks, and thus build up a permanent
reserve of long-time credit in these institutions and relieve the Home
Owners' Loan Corporation from the pressure of that class of loans, enabling
that corporation to concentrate its resources on relief of those owners whose
loans are not eligible.
"These two institutions should work hand in hand—the corporation
being transient and designed to relieve pressing and unusual needs, and
the bank being permanent and designed to make provision for current
and continuing needs.
"Third, they can aid in developing the Federal Savings and Loan Associations now about to be organized by the board, and thereby increase the
available capital and lessen the load to be carried by the corporation as
membership in one of these associations gives access to the rediscount
facilities of the Home Loan Banks.
"Hoping this appeal will be effective and that we will find these great
institutions united in a forward movement in the great work before us,
lam,
"Sincerely yours,
"FRANKLIN D. ROOSEVELT."
Subscriptions of $4,700,000,000 Received to Combined
Offering of $850,000,000 or Thereabouts of Treasury
Bonds and Notes—In Case of $500,000,000 33(%
Bonds Totaled $3,200,000,000 and For $350,000,000
1%% Notes $1,500,000,000—Subscriptions For and
Up to $10,000 Accepted in Full.
The subscription figures and the basis of allotment for
the combined offering of $850,000,000 or thereabouts of
Treasury notes and bonds in the Government's Aug. 15
financing were announced on Aug. 7 by Dean G. Acheson,
Acting Secretary of the Treasury. The offering, which con-year 33% Treasury bonds of
sisted of $500,000,000 of 8
-year 1%% Treasury notes of
1941, and $350,000,000 of 2
Series B-1935, was noted in our issue of Aug. 5, page 963.
The total subscriptions Mr.Acheson said on Aug.5amounted
to
,700,000,000. In the case of the 3)i% bonds the
Acting Secretary's announcement said that subscriptions
totaled $3,200,000,000, of which $228,000,000 were exchange
subscriptions, tendered in 1 X% Treasury certificates of indebtedness of Series TS-1933, maturing Sept. 15 1933. In
the announcement of the offering the right was reserved to
the Secretary of the Treasury to increase the offering of
Treasury bonds to an amount sufficient to allot in full all
such exchange subscriptions. Exchange subscriptions re-
Aug. 12 1933
ceived in amounts up to and including $10,000 in payment
for which Treasury certificates maturing Aug. 15 1933 were
tendered were alloted in full. In amounts over $10,000
they were alloted 50%. Cash subscriptions in amounts up
to and including $10,000 were alloted in full and in amounts
Subscriptions to the
above $10,000 were alloted 12
1%% Treasury notes aggregated $1,500,000,000, of which
$181,000,000 represented exchange subscriptions,in payment
for which Treasury certificates maturing Aug. 15 1933 were
tendered. Such exchange subscriptions in amounts up to
and including $10,000 were alloted in full and in amounts
more than $10,000, 623'%. Cash subscriptions were alloted
in full for amounts of $10,000 and under and 16 2-3% over
that amount. The Acting Secretary's announcement contained in advices from Washington, Aug. 7 to the New York
"Herald Tribune" of Aug. 8, follows:
Dean Acheson, Acting Secretary of the Treasury, to-day (Aug. 7) announced the subscription figures and the basis of allotment for the Aug. 15
% Treasury bonds of 1941, maturing Aug. 1 1941,
offering of eight-year
and of two-year 134% Treasury notes of Series B-1935, maturing August
1935.
Reports received from the Federal Reserve Banks show that for the
offering of 33:1% Treasury bonds of 1941, maturing Aug. 1 1941, total
subscriptions aggregate more than $3,200,000,000. The offering was for
$500,000,000, or thereabouts, with the right reserved to the Secretary of
the Treasury to increase the offering by an amount sufficient to allot in
full all subscriptions for which payment is tendered in 1 % Treasury
-1933, maturing Sept. 15 1933.
certificates of indebtedness of Series TS
More than $228,000,000 of such subscriptions were received.
As previously announced, cash subscriptions in amounts up to and including $10.000 were allotted in full. Cash subscriptions in amounts above
$10,000 were allotted 1234%, but not less than $10,000 on any one subscription. Exchange subscriptions in amounts up to and including $19,090
in payment for which Treasury certificates maturing Aug. 15 1933, were
tendered were allotted in full Exchange subscriptions in amounts more
than $10,000, in payment for which Treasury certificates maturing Aug. 15
1933. were tendered, were allotted 50%. but not less than $10,000 on any
one subscription.
Reports received from the Federal Reserve Banks show that for the offering of 134% Treasury notes of Series B-1935, maturing Aug. 1 1935,
which was for $350,000,000, or thereabouts, total subscriptions aggregate
more than $1,500,000,000. Of these subscriptions more than $181,000,000
represents exchange subscriptions in payment for which Treasury certificates maturing Aug. 15 1933, were tendered. Such exchange subscriptions
in amounts up to and including $10,000 were allotted in full. Exchange
subscriptions in amounts more than $10,000 were allotted 6234%, but not
less than $10.000 on any one subscription. As previously announced, cash
subscriptions in amounts up to and including $10,099 were allotted in foll.
Cash subscriptions in amounts more than $10,000 were allotted 16 2-3%,
but not less than $10,000 on any one subscription.
In its issue of Aug.8 the New York "Herald Tribune" said:
On the basis of these allotments figures and of other known factors, it
was calculated in the financial district that the Treasury would issue approximately $900,000,000 of the new 334% bonds, which were offered in
the amount of $500,000,000 or thereabouts. The 1 YE;% notes will be
issued in an amount between $350,000,000 and $400,000,000, it was further
assumed.
Tenders of $263,679,000 Received to Offering of $75,000,000 or Thereabouts of 91-Day Treasury Bills
Dated Aug. 9—$75,142,000 Accepted—Average Rate
0.32%.
The Treasury Department announced on Aug. 7 that
tenders to the offering of $75,000,000 or thereabouts of 91-day
Treasury bills dated Aug. 9, which were received at the
Federal Reserve Banks or the branches thereof up to 2 p.m.
that day, totaled $263,679,000. Of this amount, the
announcement said, $75,142,000 were accepted. The bills,
to which tenders were invited on Aug. 2 (as noted in our
issue of Aug. 5, page 966), were sold at an average rate on a
bank discount basis of 0.32%. This compares with previous
rates of 0.35% (bills dated Aug. 2); 0.37% (bills dated July
26.), and 0.39% (bills dated July 19). The average price of
the bills to be issued is 99.919. The highest bid accepted
was 99.940, which is equivalent to a rate of about 0.24% and
the lowest bid accepted was 99.917, equivalent to a rate of
about 0.33%. Only part of the amount bid for at the latter
price was accepted.
-Day
New Offering of $75,000,000 or Thereabouts of 91
Treasury Bills—To be Dated Aug. 16 1933.
Tenders will be received up to 2 p. m., Eastern Standard
time, Monday, Aug. 14 to a new offering of 91-day Treasury
bills to the amount of $75,000,000. Announcement of the
new offering was made Aug. 9 by Acting Secretary of the
Treasury Hewes. The bills will be used to meet an issue of
$75,442,000 maturing on Aug. 16. They will be dated Aug.
16 and will mature Nov. 15 1933, and on the maturity date
the face amount will be payable without interest. The
bills will be sold on a discount basis to the highest bidders.
Tenders will not be received at the Treasury Department,
Washington, but at the Federal Reserve Banks and their
branches. In part Mr. Hewes' announcement said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100.000, $500,000 and $1,000,000
(maturity value).
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Financial Chronicle
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 Aug. 141933.
all tenders received at the Federal Reserve Banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds on
Aug. 16 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.
•
President Roosevelt Confers with Monetary Experts.
At his home at Hyde Park, N. Y., President Roosevelt,
on Aug. 8, conferred with James Warburg, special financial
advisor to the London Economic Conference delegation,
and the two professors, George Warren of Cornell and James
H. Rogers of Yale, who have been making a study of Government finance. In an account from Hyde Park (Aug. 8),
regarding the Conference, the New York "Times" had the
following to say:
It was stated in authoritative quarters that the conversations were of a
general and informal nature, touching virtually every phase of the economic
problem. No conclusions were reached either on stabilization or inflation.
and there was a general impression among the President's associates following the conferences that he is awaiting further reports concerning the
progress of national recovery before taking any further steps.
Much of his future action, it is expected, will depend upon reports gathered
by the NRA during the next fortnight, the period of "grace" reported to
have been given industry by Hugh S. Johnson, Administrator, during which
co-operation with the recovery program by industry may yet be accomplished on a purely voluntary basis.
Natural Means Preferred.
It is frequently remarked among the President's intimates that he is
most anxious to have recovery effected through natural means to the
largest degree possible. In a recent conference with newspaper correspondents he spoke hopefully of a future time when industry reorganized will
be as much as possible on a self-governing basis.
Always, however, there are the President's reserve powers over the
currency, with which he could immediately expand credit and money
in circulation to create virtually any desired price level.
Professor Warren, like his two associates in to-day's conference, a volunteer assisting the administration without official position, is known as a
student of the "commodity dollar," or currency with a fluctuating metallic
base which can be kept in line with commodity price levels. Mr. Warren
is expected to sail for Europe this week to continue his studies.
Professor Rogers came here from Washington and Mr. Warburg from
New York. Both left for their homes after to-day's conference.
To-morrow the President expects Secretary Woodin to discuss the fiscal
side of the economic picture.
J. P. Morgan & Co. Signs President Roosevelt's
Blanket Code.
J. P. Morgan & Co. on Aug. 7 signed President Roosevelt's blanket code. The firm was the first important
private banking institution to take such action. In our
issue of Aug. 5, page 967, we noted that the American
Bankers' Association joined in the national recovery program under a modified Presidential reemployment agreement.
Regular Banking Hours not Changed by Adoption of
Code by Members of New York Clearing House
and Other Banks.
The adoption by members of the New York Clearing
House and other banks of a uniform code under the NRA
will mean no change in "regular banking hours," it was
noted in the New York "Times" of Aug. 5, which added:
The hours, as observed at the main offices and most branches of New
York banks, are from 10 a.m. to 3 p.m.. although most banks tellers'
cages are ready for business somewhat before 10 o'clock and often remain
open after the regular closing time if customers are in the bank waiting to do
business.
Many of the banks maintain longer hours in certain branches to accommodate the particular needs of the community in which they are situated. There is no uniform schedule of these hours, and they are altered
from time to time. It was stated yesterday by the leading banks, however,
that no changes in the hours of branch operations were expected as a
direct result of the adoption of the new code.
From the "Times" of Aug. 6 we take the following:
Banks and the NRA.
Not since the war has there been so strongly concerted an effort in
support of a national movement as that which has been enlisted in furtherance of the National Industrial Recovery Act. The important banks,
Which are steeped in a tradition that makes them hesitate to embrace
revolutionary ideas, are falling in with the broad purposes of the act.
Corn Exchange and National City were among those to announce their
1165
pledge of co-operation with the NRA last week. In addition, the executives of large industrial banking companies have been working out plans
for releasing additional credit. The Morris Plan Banks, it is understood,
will soon announce some definite action in that direction.
Gen. Johnson, National Recovery Administrator, Commends Action of New York Stock Exchange in
Accepting President's Re-employment Agreement.
The action of the New York Stock Exchange in accepting
the conditions of President Roosevelt's re-employment agreement, occasioned the following letter from Gen. Hugh S.
Johnson, National Recovery Administrator:
August 4, 1933.
The Governor,
The New York Stock Exchange, New York City,
The action of the New York Stock Exchange in so emphatically and
promptly conforming to President Roosevelt's proposals as to wages and
hours is most gratifying to the N RA. Your acceptance of the blanket
agreement indicates that the spirit of helpfulness and patriotism which
is sweeping the country is as vivid on Wall Street as in sections not so
sophisticated in the fiscal realm of our economic structure. My personal
thanks and congratulations to you and the board of governors.
(Signed) HUGH S. JOHNSON.
Administrator.
As was noted in our issue of Aug.5(page 958) the Exchange
has also put into effect an increase of 10% in wages.
New York State Bankers Association Endorses NRA
Banking Code.
Following a meeting of the Council of Administration of
the New York State Bankers Association on Aug. 7, George
V. McLaughlin, President of the Association announced
that the following notice had been sent to all members of
the Association:
At a special meeting of the Council of Administration held in the office
of the Association on Monday morning, Aug. 7, a motion was unanimously
adopted approving the Code of Fair Competition submitted by the American Bankers Association and approved by the National Recovery Administration.
The Council recognizes that certain modifications of the code seem desirable and accordingly has appointed a committee consisting of Mr.
William L. Gillespie of Albany, and Mr. Brewer D. Phillips of Jamestown.
to co-operate with the American Bankers Association in bringing about
such modifications.
In the meantime, the Council expresses the hope that members of the
Association will co-operate with the National Recovery Administration
by signing the Code and putting its provisions into effect immediately.
Members of the Council of Administration present at the
meeting which was held at the Associations' headquarters
in the Federal Reserve Bank Building, New York City,
Aug. 7, were the following:
George V. McLaughlin. President.
President, Brooklyn Trust Company, Brooklyn.
William L. Gillespie, Vice-President.
President, National Commercial Bank & Trust Co.. Albany.
Arthur B. Wellar, Treasurer.
Treasurer, Ithaca Trust Company, Ithaca,
W. Gordon Brown, Executive Manager.
33 Liberty Street, New York.
Clifford F. Post, Secretary.
33 Liberty Street, New York,
Orrin C. Lester, representing savings banks,
Vice-President, Bowery Savings Bank, New York,
Brewer D. Phillips, representing state banks,
Chairman of the Board, Bank of Jamestown. Jamestown.
William J. Grange, representing state banks,
Director. Citizens Bank of Brooklyn, Brooklyn.
Lewis L. Strauss, representing Investment Banking Houses,
Member of firm, Kuhn, Loeb & Co., New York.
Fred S. Millard, Chairman Group I,
Cashier, Citizens National Bank, Lancaster,
Thomas It. Dwyer. Chairthan Group II,
Vice-President, First National Bank & Trust Co., Rochester.
William A. Boyd, Chairman Group
President, First National Bank, Ithaca.
R. G. Hannahs, Chairman Group IV,
President, Watertown National Bank, Watertown.
Thomas H. DeLaire, Chairman Group VI,
Cashier, Fishkill National Bank, Beacon,
Walter I. Sherman, Chairman Group VII,
Cashier, First National Bank & Trust Co., Floral Park.
Grain Exchanges Draft Code Covering Reforms—
Would Restrict Speculative Trading and Price
Fluctuations—Proposes Increases in Margin Requirements—Further Steps Held Necessary by
George N. Peek, Farm Administrator.
In response to the call made upon grain exchanges by
the Farm Administrators for a code covering reforms, a
draft of the proposed code was submitted on Aug. 8 to the
Agricultural Adjustment Administration. Indicating that
it was apparent that the Administration, as a whole, considers the draft, inadequate a Washington dispatch (Aug.
9) to the New York "Times" said:
George N. Peek, Administrator of the farm adjustment program, reiterated a previous warning to the conferees to-day that the code must go
far enough "to justify your existence as the market for the farmers' grain."
"We have one responsibility under the law." Mr. Peek said. "That is
to get the farmers' prices up to parity and to keep them from falling below
that point.
"You gentlemen operating the market for the farmers' grain also have
a responsibility.
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Financial Chronicle
"Under the law we are going to exercise every power that we have, if
It is necessary, to accomplish the purpose of the law.
is"Unless we can get these farm prices up—I don't mean after the farmer
has sold his grain, but before he has sold his grain—I anticipate that you
will face legislation next Winter which may make what we are talking
about now fade into insignificance compared with the restrictive provisions
that will be placed upon you.
"I say that with all the candor in the world, because I am interested
primarily in preserving the social order under which we have all grown up
and prospered to a greater or less degree.
"If this code doesn't go far enough to correct the abuses on the exchanges then I urge you with all the sincerity I have in may heart to undertake to do whatever is necessary to clean your own house and justify
your existence as the market for the farmers' grain."
According to the same account the code includes the
emergency restrictions on speculative trading and price
fluctuations under which they are now operating and increases margin requirements on a sliding scale based on the
size of contracts. It was further stated in the dispatch:
No provision was made, however, to change several practices which
have been criticized by the adjustment officials. For instance, no mention
was made of limitations on lines of individual traders, nor was it suggested to establish minimum prices below which grain could not be sold
over any period.
The code would abolish weekly indemnities, but proposed continuance
of daily indemnities, which are now barred.
On Aug. 10 Associated Press advices from Washington
reported that Administrator Peek, in voicing dissatisfaction with the code declared further steps were necessary
on the part of the exchanges. The Associated Press went
on to say:
At the same time he told newspaper men that governing bodies of grain
exchanges should exclude from their membership persons actively engaged
"In trading and speculation." He described this as "an essential change."
Some exchanges, he said, now have conduct committees from which
active traders and speculators have been excluded, but he added that
the Chicago Board of Trade, the largest trading center in the country, is
"not one of them."
Mr. Peek added that representatives of exchanges have shown a "disposition to co-operate in reforming exchange practices," and that he believes
many changes are necessary in order to "justify public confidence in the
exchanges as the principal market for the farmer's grain.
"Obviously we do not want to destroy the present marketing machinery
unless something better is provided," Mr. Peek said, adding, in answer
to a question, that he has no program to offer as a substitute for exchanges
at this time.
He outlined four suggestions he has made to exchange representatives
which he said should be the basis for additions to the exchange code:
"1. That they do a thorough job of cleaning up their own organization
and practices so that they might stand up in the light of public opinion.
"2. That the personnel of their business conduct committees should not
be made up of active traders or speculators, but that they should be so
selected as to warrant public confidence.
"3. That special people should be employed for the particular purpose
of policing trades.
"4. That exchanges co-operate fully with the Grain Futures Administration in Washington and through the local representatives of that administration in the cities where they are stationed."
Mr. Peek said that as a result of conferences with representatives of
grain exchanges and terminal elevators, who also have submitted a code,
it has become clear "that the exchanges are the principal markets the
farmer has and, therefore, the public interest in their conduct is very
great."
He added that "unless public confidence could be restored in the activity.
of the exchanges, they are quite likely to face control through one form
or another, possibly through far-reaching legislation."
The Administrator also said, in discussing his conference yesterday with
exchange representatives, that he informed them of "the necessity of securing for the farmer adequate prices particularly during the season that he
is marketing his crop."
Inquiry by Secretary Wallace Into Speculative Operations on Chicago Board of Trade During Period
From June 14 to July 31..
In furtherance of an inquiry undertaken at the instance
of Secretary of Agriculture Wallace, members of the Chicago
Board of Trade were notified on Aug. 5 by that organization
to furnish promptly to the Grain Futures Administration
a statement covering individual operations and holdings
of wheat futures from June 14 to July 31, inclusive, in
excess of 200,000 bushels for any individual account, and
also to make separate reports of any transactions in excess
of 200,000 bushels resulting from operations in daily or
weekly bids or offers. From the Chifaxgo "Journal of
Commerce" of Aug. 7 we quote the following:
This investigation has been requested by Henry A. Wallace, Secretary
of Agriculture, under authority of the Grain Futures Act. Dr. J. W. T.
Duvet, Federal Grain Futures Administrator, asserted that a number of
traders on the Board of Trade had accumulated the biggest individual
"lines" in the history of the Grain Futures administration.
He pointed out that the maximum line of 5,000,000 bushels permitted
under an agreement between the Government and the Board of Trade,
drawn in 1926, had been greatly exceeded in several cases.
Detailed statement sent members of the Board of Trade Clearing House
by Peter B. Carey, President of the Exchange, follows:
"At the request of Henry A. Wallace, Secretary of Agriculture, under
authority of the Grain Futures Act, all clearing members are to furnish upon
forms, in accordance with instructions to be furnished by the Chicago office
of the Grain Futures Administration, a report for each account appearing
on the books of any clearing member which at any time during the period
from June 15 1933, to July 31 1933, incl., showed an open interest in any
wheat future equal to or in excess of 200,000 bushels.
"An individual report is desired for each such account which shall show
the amount of open commitments in each Chicago wheat future as at the
close of business June 14 1933, and the total purchases and sales of each
Aug. 12 1933
such wheat future and the open commitment therein each day from June
15 to July 31 1933, incl. It is requested further that each such account
be designated as hedging, speculative or spreading, as the case may be.
"If any purchase or sale reported in any account coming within the terms
of the call shall have resulted from any trade or transaction in indemnities, either weekly or daily, a separate report is desired showing all such
transactions in form and according to instructions from the Chicago office
of the Grain Futures Administration.'
Advices Aug. 5 from Chicago to the New York "Times"
had the following to say with reference to the inquiry:
The period designated in the order covers an advance of 15 cents in
December wheat from the low point on June 14 to a high price of $1.24
a bushel on July 18 and a break to 93% cents on July 20. The Exchange
was closed on July 21 and 22, but re-opened on July 24 with shortened
trading hours and with pegged prices established. The peg was removed
on July 25 and the price dropped 15 cents in three days alter having advanced more than that amount after trading was resumed. The peg was
placed in the market again on July 29 at 95% cents for the December
future and will remain in effect until Aug. 15 at least.
Big Operations in Period.
In the period under investigation there were tremendous speculative
operations in wheat by Edward A. Crawford and others, and the liquidation of the large lines of futures was alleged to have been a factor in
causing the decline of 30% cents in futures from the high on July 18 to
the low on July 20, one of the most sensational breaks ever known on
the Exchange.
•
It is stated that the inquiry will embrace, in addition to
dealings in Chicago, operations in Kansas City, Minneapolis
and Duluth.
Chicago Mercantile Exchange Bans Rights on Butter
and Eggs.
In the Chicago "Tribune" of Aug. 5 it was stated that
effective Monday, Aug. 7, trading in buying and selling
rights on the Chicago Mercantile Exchange would be discontinued, Lloyd S. Tenny, business manager, announced.
The "rights" trading in butter and eggs corresponds to
privileges in grain.
Draft of Terminal Elevator Code Hailed as Step in
Grain Trade Plan—Agricultural Administration
Officials See Increase in Employment, Payrolls
from Accord.
A tentative draft of a proposed code of fair competition
for the terminal elevator industry was discussed by representatives of that trade and officials of- the Agricultural
Adjustment Administration on Aug. 7, according to a
Washington dispatch on that date to the New York "Journal
of Commerce" from which we also quote:
The proposal,submitted to the Adjustment Administration behind closed
doors, was said to provide for a maximum work week of 40 hours and
minimum wages ranging from $14 to $1.5 weekly. It provides that "no
terminal elevator or warehouse operator shall purchase or sell, or offer to
purchase or sell, for competitive purposes, grain which represents an intentional merchandising loss," according to official information.
Control 80% of Space.
Presentation of the terminal elevator industry code was hailed by the
Adjustment Administration as a "definite step" toward working out the
general plan for the grain trade as a whole. The measure was proposed
by the Terminal Elevator Grain Merchants Association. Its representatives in submitting the preliminary draft were said to have stated that
their 77 members operate approximately 300,000.000 bushels of terminal
elevator storage, about 80% of the total terminal storage space in the
United States, and approximately all terminal space east of the Rocky
Mountains except railroad-operated elevators at seaboard.
Pointing out that there are about 5.000 men employed in the industry,
Adjustment Administration officials said that it is estimated that the
provisions of the proposed code will increase both employment and pay
rolls. The Administration has been informed that the country elevator
industry will be ready to submit its code late this week or early next week,
It was learned.
George N. Peck, Administrator of the Adjustment Act, opened the conference, which was held under the direction of F. A. Theis, chief of the
wheat section of the processing and marketing division. William I. Westervelt, Director of the processing and marketing division, was present and
the National Recovery Administration was represented by T. Leo Miller.
The maximum hours provisions limit hours for clerical and similar workers to 40 a week, with wage minimums from $14 to $15 a week, depending
upon the size of the city. For mechanical workers the same weekly limit
is set with a provision of 10% tolerance for watchmen, engineers, foremen
and similar workers. Mechanical workers have minimum rates of pay
varying from 40 to 45c. an hour. The terminal workers provide in their
code that higher rates in effect shall remain at their present figure.
Certain exceptions as to hours are made in cases of emergency and
repair workers and people in managerial capacities, but with additional
pay provided for such longer hours as may be necessary.
President Roosevelt Issues Executive Order Requiring
Contractors Supplying Federal Government to
Conform to Provisions o' NRA Codes.
Before supplying further goods to the Federal Government
contractors must adhere to an NRA code, according to the
provisions of an executive order issued by President Roosevelt on Aug. 10. The New York "Journal of Commerce,"
from which we quote, also stated in its Hyde Park advices,
Aug. 10:
All supplies purchased by the Government are involved and their value
is estimated at 3500.000,000. According to the terms of the order the Government may cancel a contract where contractors do not conform to code
requirements. Furthermore the Government may buy undelivered
materials elsewhere and penalize the contractor for any extra expense which
is incurred by such action.
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Financial Chronicle
It is understood that a number of contracts involving large amounts
have been held up pending the issuance of the order, which is not retroactive.
In cases where no code has been adopted yet by a specific industry the
contractor must abide by the President's blanket code in making Government supplies, regardless of whether or not he is a party to the code.
The order, according to the New York "Times," has the
approval of the public works council in Washington, and its
legality is backed by an opinion by Attorney General Cummings. From the same account we quote:
Order Is Held Strong Step.
President Roosevelt made public the order without comment, releasing
Its text from the temporary White House offices in Poughkeepsie.
It is regarded here, however, as the strongest step taken under the NRA,
for government contracts at the present time are considered the backbone
of the construction, steel and numerous other key industries.
In addition, the order for the first time exerts a coercive influence in
connection with the voluntary industrial code promulgated by President
Roosevelt.
It provides that where no code yet exists for a specific industry to which
a government contractor belongs, the contractor must then abide, in manufacturing material for the government, by the President's code "without
regard to whether the contractor himself is a party to such code or agreement."
The following is the text of the Executive order:
Executive Order—Administration of the NIRA.
By virtue of the authority vested in me by the act of Congress entitled
"An act to encourage national industrial recovery, to foster fair competition,
and to provide for the construction of certain useful public works and for
other purposes," approved June 16 1933 (Public No. 67, Seventy-third
Congress), and in order to effect the purposes of that act, it is hereby ordered
that:
1. Contracts for supplies. Every contract entered into within the limits
of the United States (by which is meant the 48 States of the Union, the
District of Columbia, the Territories of Hawaii and Alaska, the Panama
Canal Zone, Puerto Rico and the Virgin Islands) by the United States or
any of its agencies or instrumentalities for supplies mined, produced or
manufactured in the United States as contemplated by Section 2. Title III.
of the act approved March 3 1933, entitled "An act making appropriations
for the Treasury and Postoffice Departments for the fiscal year ending June
30 1934, and for other purposes" (Public No. 428, Seventy-second Congress), except as set forth in the proviso under paragraph (A) below shall
provide and require that:
(a) The contractor shall comply with all provisions of the applicable
approved code of fair competition for the trade or industry or subdivision
thereof concerned, or, if there be no approved code of fair competition
for the trade or industry or sub-division thereof concerned, then with the
provisions of the President's re-employment agreement promulgated under
authority of Section 4 (a) of the foregoing act, or any amendment thereof,
without regard to whether the contractor is himself a party to such code or
agreement.
Provided that where supplies are purchased that are not mined, produced or manufactured in the United States the special or general code of
fair practice shall apply to that portion of the contract executed within the
United States.
(b) If the contractor fails to comply with the foregoing provision, the
government may, by written notice to the contractor, terminate the contractor's right to proceed with the contract, and purchase in the open market
the undelivered portion of the supplies covered by the contract, and the
contractor and his sureties shall be liable to the government for any excess
cost occasioned the government thereby.
(2) Disbursing officers. No disbursing officer shall be held liable for
any payment made under the provisions of the foregoing act, or any executive order issued under authority of that act, or for the unobligated balance
of any over-payment involved.
FRANKLIN D. ROOSEVELT.
The White House, Aug. 10 1933.
Constitutionality of NRA Questioned by Chicago
Lawyer Acting for Hosiery and Other Companies.
Associated Press advices from Washington Aug. 10, said:
The question of the constitutionality of the NRA was raised formally
to-day for the first time into the campaign of Hugh S. Johnson to blanket
the country with Blue Eagle insignias.
Hosiery manufacturers challenged the legality of the Recovery Act's labor
provisions, the question being raised by David R. Clark, a Chicago lawyer.
Speaking for the L. and A. Hosiery and other companies, Mr. Clark said
that the section of the law reserving to labor the right to organize and
bargain collectively was contrary to constitutional rights under Supreme
Court decisions.
He contended that by agreeing to the code containing that provision the
manufacturers would waive their constitutional rights.
This statement was challenged by Sidney Hillman, one of General
Johnson's labor advisors, who labeled the criticism "the most outrageous
statement made by any one at any of the hearings."
Creation of Central Statistical Board Under Executive
Order of President Roosevelt—Dr. Mordecai Ezekiel
and L. H. Bean Appointed to Newly Formed Body
to Represent Department of Agriculture—Board to
Co-ordinate Statistical Services of Federal Government Incident to NIRA.
In compliance with an executive order, signed by President
Roosevelt July 27, establishing a Central Statistical Board,
Acting Secretary of Agriculture Tugwell has designated Dr.
Mordecai Ezekiel, economic adviser to the Secretary of Agriculture, as the U. S. Department of Agriculture's representative on the Board. Louis H. Bean, economic adviser to the
Agricultural Adjustment Administration, was named alternate. A statement issued Aug. 4 by the Department of Agriculture continued:
The Central Statistical Board is "to formulate standards for and to effect
co-ordination of the statistical services of the Federal Government incident
to the purposes of the NIRA." The Board will consist of representatives of
the Departments of Interior, Agriculture, Commerce, and Labor, the Federal
1167
Reserve Board, the NIRA, a member designated by the Commission on Government Statistics and Information Services, and such other members as
the President may designate or the Board may invite for full or limited
membership.
The Board has power "to appraise and advise upon all schedules of all
Government agencies engaged in the primary collection of statistics required
in carrying out the purposes of the NIRA, to review plans for tabulation
and classification of such statistics, and to promote the co-ordination and
impro‘ement of the statistical services involved."
A dispatch from Washington August 3 to the New York
"Journal of Commerce" said:
It is probable that Dr. Alozander Sachs, economist of the NRA, will head
the group, the other members of which may be Dr. Mordecai Ezekiel (Agriculture), F. G. Tryon (Interior), William L. I. Austin (Commerce), Isador
Lubin (Labor) and Winfield Riefler (Reserve Board).
Representation on the Board also will be had by the various other statistics
gathering agencies, such as the Tarif, Commission, Farm Credit Administration, Agricultural Adjustment Administration, Treasury Department, Inter.
State Commerce Commission and the Federal Trade Commission.
Federal Government to Adjust Its Contracts to Allow
for Increased Labor Costs Under NRA---President
Roosevelt Urges This Action—Also Asks States
and Municipalities to Adopt Same Policy.
President Roosevelt will recommend that adjustments be
made in Government contracts with employers who have
increased wages and decreased hours, as a result of subscribing to codes of fair competition or to his re-employment
agreement, he said in a statement issued on Aug. 6. In
cases where such adjustments cannot to be made the President will recommend to the next Congress that it deal
equitably with those who have "whole-heartedly co-operated
with the Administration of the NIRA." The President also
said that he would recommend to the Governors of the
various States and executives of counties and municipalities
that "they take similar action to allow for equitable adjustments in such eases." The text of the President's announcement follows:
"It has been brought to my attention that in many instances hardship
may be imposed upon employers who sign the President's agreement, or
come under the codes of fair competition which are approved, who have
previously made contracts with the Government to supply goods or services
at fixed prices which may be inadequate in view of errsts caused by shortening hours or increasing wages in compliance with agreements or codes.
"The policy of the Administration was stated in the statement which I
issued upon signing the NIRA urging 'those having benefit of these for
ward bargains (contracted before the law was passed) to take the initiative
in revising them to absorb some share of the increase in their suppliers'
costs, thus raised in the public interest.'
"This policy was carried forward in the provision of paragraph 12 of
the President's re-employment agreement, under which those making this
agreement with the President also agreed to 'make an appropriate adjustment of said fixed price to meet any increase in cost caused by the seller
having signed the President's re-employment agreement or having become
bound by any code of fair competition approved by the President.'
"The United States Government as a buyer of goods should be willing
itself to take action similar to that recommended to private buyers. Therefore, wherever adjustments can be made under existing law, I shall recommended that they be made.
"In other cases where such adjustments cannot be made,under authority
now possessed by the Executive departments I shall recommend that the
next Congress, meeting in January 1934, take action giving authority to
the Executive departments, under such safeguards as the Congress may
approve and making any necessary appropriations, to provide for recompensing such buyers who have in good faith and whole-heartedly co-operated
with the Administration of the NIRA, and as a result thereof should
equitably be allowed an increase in the prices of goods furnished in the
Interim in accordance with the terms of contracts entered into with the
Government prior to June 16 1933.
"Because this same situation exists with regard to employers who have
previously made contracts with States, municipalities, or other local
governments, I further recommend to the Governors of the various States.
and to executives of counties and municipal units, that they take similar
action to allow for equitable adjustments in such cases."
President Roosevelt Appoints Mediation Board of
Seven Members to Decide Industrial Disputes—
Industrial and Labor Advisory Boards of NRA
Ask Moratorium on Strikes—Senator Wagner
Chairman of New Tribunal, Which Includes Representatives of Both Employers and Labor.
President Roosevelt joined with leaders of industry and
labor on Aug. 5 in issuing a joint appeal for industrial peace
pending the complete functioning of the national recovery
program, and appealed directly to the public to end all strikes
and lockouts during the intervening period. At the same
time the President appointed a board of seven men "to pass
promptly on any case of hardship or dispute that may arise
from interpretation or application" of the blanket re-employment agreements. This board will be headed by Senator
Robert F. Wagner of New York and will act as a mediating
body in connection with any disputes which might threaten
to disrupt industry. The other members of the bo ird are:
William Green, President of the American Federation of Labor.
Dr. Leo Wolman. Professor of Economics of Columbia University.
John L. Lewis, President of the United Mine Workers of America.
Walter C. Teagle, President of the Standard Oil Co. of New Jersey.
Gerard Swope, President of the General Electric Co.
Louis E. Kirstein, General Manager of William Filene's Sons Co. of
Boston.
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Financial Chronicle
The President's statement was issued at his summer home
in Hyde Park, N. Y., concurrently with the issuance in
Washington of an appeal for industrial peace, signed by
every member of the Industrial Advisory Board and the
Labor Advisory Board of the NRA. This document President Roosevelt compared with "Samuel Gompers's memorable wartime demand to preserve the status quo in labor
disputes. . . . It is an act of economic statesmanship.
I earnestly commend it to the public conscience."
The statement issued by the Industrial and Labor Advisory
Boards on Aug. 5 read:
The country in the past few weeks has had remarkable evidence of cooperation in the common cause of restoring employment and increasing purchasing power. Industrial codes are being introduced, considered and
put into effect with all possible dispatch, and the number of firms coming
under the President's re-employment agreement is inspiring.
This gratifying progress may be endangered by differing interpretations
of the President's re-employment agreement by some employers and employees.
The Industrial and Labor Advisory Boards jointly appeal to all those
associated with industry, owners, managers and employees,to unite in the
preservation of industrial peace.
Strikes and lockouts will increase unemployment and create a condition
clearly out of harmony with the spirit and purpose of the NIRA.
Through the application of the Act the Government is sincerely endeavoring to overcome unemployment through a nation-wide reduction in the
hours of work and to increase purchasing power through an increase in wage
rates. This objective can only be reached through co-operation on the part
of all those associated with industry.
In order to develop the greatest degree of co-operation and the highest
type of service on the part of management and labor, we urge that all causes
of irritation and industrial discontent be removed as far as possible; that all
concerned respect the rights of both employers and employees, avoid aggressive action which tends to provoke industrial discord and strive earnestly
and zealously to preserve industrial peace pending the construction and
adoption of the industrial codes applicable to all business,large and small.
Exceptional and peculiar conditions of employment affecting small employers and others whose business circumstances merit special consideration
will be handled with due regard to the facts of the situation and with the
desire to achieve increased employment and purchasing power.
This appeal is made to the sound judgment and patriotism of all our
people, in the belief that even the most vexatious problem can be settled
with justice and expedition where employers and employees act in accord
with the letter and spirit of the NIRA without fear that any just rights
will thereby be impaired. In that way only can the re-employment agreement be made to apply with fairness pending the adoption of the code
To protect every interest, it is the unanimous recommendation of the
Industrial and Labor Advisory Boards of the NRA that a board to which
differences may be referred should be created, this board to be made up of
the following members:
Hon. Robert F. Wagner, United States Senator from New York, Chairman; Dr. Leo Wolman,Chairman of Labor Advisory Board of NRA;Walter
C.Teagle, Chairman of Industrial Advisory Board of NRA;William Green,
John L. Lewis, Gerard Swope and Louis E. Kirstein.
This board will consider, adjust and settle differences and controversies
that may arise through differing interpretations of the President's reemployment agreement and will act with all possible dispatch in making
known their findings. In return, employers and employees are asked to
take no disturbing action pending hearings and final decision.
This board will promptly proceed to establish such central and local
organizations as it may require to settle on the ground such differences as
arise in various parts of the country.
The members of the Industrial and Labor Advisory Boards
issuing the statement are:
Industrial Advisory Board.—Walter C. Teagle, Gerard Swope, Louis E.
Kirstein, David R. Coker, W. F. Vereen, Henry H. Heimann, Austin
Finch, R.L. Lund,John B. Elliott, Edward N.Hurley, Alfred P. Sloan Jr.,
James A. Moffett, Henry I. Harriman.
Labor Advisory Board.—Leo Wolman, William Green, John Frey, G. L.
Berry, John L. Lewis, J. A. Franklin, Francis J. Haas, Sidney Hillman,
Rose Schneiderman.
President Roosevelt's statement on the Industrial Mediation Board issued at Hyde Park on Aug. 5, as follows:
Of importance to the recovery program is the appeal to management and
labor for industrial peace, which has just been sent to me for approval.
With compelling logic it calls upon every individual in both groups to avoid
strikes, lockouts or any aggressive action during the recovery program.
It is a document on a par with Samuel Gompers's memorable wartime
demand to preserve the status quo in labor disputes, and in addition to the
signature of the President of the American Federation of Labor it carries
the signature of every great labor leader and every great industrial leader
on the two advisory boards of the NRA. It is an act of economic statesmanship. I earnestly commend it to the public conscience.
This joint appeal proposes the creation of a distinguished tribunal to pass
promptly on any case of hardship or dispute that may arise from interpretation or application of the President's re-employment agreement. The
advantages of this recommendation are plain, and I accept it and hereby
appoint the men it proposes, whose names will carry their own commendation to the country:
Senator Robert F. Wagner, Chairman.
Mr. William Green, Dr. Leo Wolman, Mr. John L. Lewis.
Mr. Walter C. Teagle, Mr. Gerard Swope.
Mr. Louis E. Kirstein.
The National Board of Arbitration was created by the
NRA after several days of conferences of the Labor Advisory
Boards, according to a Washington dispatch to the New York
"Times" on Aug. 5, which continued:
Underlying the formation of the body was the fear that, unless some
such organization was established during the war on the depression, strikes
and lockouts would throw the nation back to the jungle method of adjusting
industrial disputes. The board, consisting of seven outstanding leaders of
labor, industry and the public, will conciliate, mediate and arbitrate disputes arising out of differing interpretations of the President's re-employment agreement.
Its functions will parallel those of another emergency labor body, the
War Labor Board, which was set up by President Wilson April 8 1918.
Aug. 12 1933
With a joint announcement of the two advisory boards, describinethe
establishment of the National Board of Arbitration, went an appeal to labor
and industry for a moratorium on disputes which would impede progress
of the President's recovery program.
Lori
The advisory boards appealed to employers and employees"to unite in
the preservation of industrial peace," since the objective of overcoming
unemployment through nation-wide reductions in hours and increaseslin
wage rates could only be reached "through co-operation on the part of all
those associated with industry."
In announcing the formation of the board and its approval by President
Roosevelt, General Johnson asserted that the new body's appeal was even
more important than "the wartime appeal for harmony between capital and
labor issued by Samuel Gompers, President of the American Federation of
Labor."
"Strikes and lockouts at this time are idiotic and foolish," declared
General Johnson. "This is an appeal for industrial peace which I am
confident will be heeded by all sides. The purpose is to have labor, in
asking for its rights, not to proceed by aggression,and industry,in carrying
out its industrial policies, not to act arbitrarily.
"Machinery is here set up for the adjustment of industrial disputes in
peaceful fashion. This is real progress."
He pointed out that the new arrangement provided for the establishment
of central and local organizations whose function it would be to seek an
adjustment of disputes and settle them. The National board would hear
appeals.
Norman Thomas, Socialist Leader, Regards "Truce
on Strikes" Dangerous Precedent for Labor.
The "truce on strikes" whereby labor and industry have
agreed to submit all disputes to a mediation board appointed
by President Roosevelt was attacked on Aug. 7 by Norman
Thomas, Socialist leader, on the grounds that it is an "extremely dangerous precedent for labor to give up its right to
strike." Mr. Thomas spoke before more than 750 students
and faculty members of the New York University Summer
School at the Washington Square Center according to the
New York "Herald Tribune" of Aug. 8, which further reported as follows what he had to say:
Mr. Thomas admitted that strikes are "Inadvisable" now, but that in
the future the ban on strikes may develop into actual menace to the working
man. His objections apparently were based on the statement by President
Roosevelt that he hoped this would lead to a permanent system of media- •
tion, either through a National body or through separate bodies in each
industry, which will minimize the seriousness and frequency of strikes
and lockouts.
Mr. Thomas predicted a catastrophe in the United States unless wages are
raised commensurately with the increase in prices in 60 to 90 days.
"There are three things that can happen in the United States," said Mr.
Thomas. "There will either be co-ordination of the present program which
will result in Socialism. Fascism or actual catastrophe. The catastrophe
will come in the United States within 60 or 90 days unless there is great
demand for the products now being produced in anticipation ofsuch demand.
Iou've got to insure purchasing power among the lower classes. You must
increase wages and employment as much as you increase prices. A break
will be catastrophic. The Administration realizes this, and I give them
credit. They have tried to avoid a break."
From the New York "Times" of Aug. 8, we take the following regarding Mr. Thomas' comments:
"The administration is faced with a grave problem in the quick acceptance
by employers of industrial codes," Mr. Thomas said.
"I have found more cases of bootleg labor in operation under the industrial codes than we had prior to Its acceptance." he declared. "If the
Administration does not take steps immediately to prevent employers from
ousting real labor leaders it will find a bigger farce on its hands than even the
Eighteenth Amendment."
Contrasting the United States of last February with the United States
of to-day. Mr. Thomas said: "The observer will notice a change of heart
and a feeling of new hope. Of course, we can find a special reason for our
plight of February in our Constitution. Electing a President in November
and waiting until March to inaugurate him leads me to believe that the
Electoral College is one of the forms of higher education that should be
abolished as an economy measure.
"Nothing has really been done by the new administration. All that
has been done is merely to anticipate a rise in buying power. However, a
good sign on our troubled horizon is that the threat of fascism or dictatorship is non-existent under the present administration." . . .
"America has just passed through a genuine revolution," the Socialist
leader continued. "It will move forward to a definite goal; either Socialism,
co-operative government or Fascism. It would be something close to tragedy
if the Supreme Court should rule any of the existing legislation unconstitutional. The Supreme Court has done more damage to the well-being
of the United States than even Congress."
"A growing danger in the United States is the spread of nationalism,"
Mr. Thomas said. "I do not believe that any nation like ours can build
a wall around itself and think it will be self-prosperous. We would be
out of luck if we were to try it. We are too dependent on other nations
for raw materials and finished products to make any such move."
General Johnson Attacks Labor Disputes in Pennsylvania—Demands Striking Coal Miners and Operators Settle Their Differences—Says Strike Is a
Hindrance to National Recovery.
General Hugh S. Johnson, visiting Pennsylvania on Aug. 2
for the purpose of mediating in the coal mining strikes, demanded that the operators and striking miners come to a
prompt settlement of their differences. Speaking before a
meeting of the Pennsylvania Chamber of Commerce, the
Pennsylvania Manufacturers' Association and the State Federation of Labor at Harrisburg, General Johnson declared
that he did not know "who is wrong or who is right" in the
controversy, but added: "These few fierce local troubles
will seem to the rest of the country like some one blowing a
fire siren in the midst of a symphony concert." A further
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Financial Chronicle
report of his speech, as given in Associated Press advices
from Harrisburg, follows:
General Johnson forced upon the mass meeting to-day his military impatience with anything or person blocking national recovery.
"God help the man or group of men who stand against this drive," he
shouted, pounding the desk as he told of the Roosevelt recovery policies and
their objectives.
Commenting on shootings and disputes between Governor Gifford Pinchot,
sheriffs and mine operators, the Recovery Act Administrator said:
"I don't see why blood should flow and men should refuse to talk with one
another when the whole country is sacrificing everything to get the people
close together.
"I would talk to the devil himself if I thought there was any chance of
making hell colder."
Strikes and disorders, he added, exact their toll ultimately on
the "long
suffering people" who must pay the bills,
Pounding the speaker's stand in the forum of the
State Educational Building, General Johnson shouted time and again above cheers
which almost
overwhelmed his words.
.
During his flying visit to the State capital to explain
the NRA to Pennaylvania's business and industrial leaders, he received
Governor Pinchot's
pledge that the State is "squarely behind" the national
program, saw several
thousand manufacturers gather from all parts
of Pennsylvania to back that
pledge, and received first-hand informati
on of application of the mediation
he advocated.
General Johnson said the "Blue Eagle" of the
NRA now stands for a movement which will pull the country out of
unemployment and "let the people
smile again." He warned against "shirkers
," saying "you must not let
those who are not playing the game run
the whole game." By demanding
the "Blue Eagle" and forcing the co-operat
ion of every employer, he asserted
Use National Recovery program can be
made effective by Aug. 15.
The employers found General Johnson
ready with answers to their
questions.
Assemblyman John M. Flynn, President
of the Pennsylvania Manufacturers' Association, wanted to know
what protection employers in the NRA
have against an "influx of foreign
goods."
"When prices are raised and imports
interfere the President can declare
an embargo," General Johnson replied,
Another manufacturer asked whether
employers are expected to pay minimum wages "without regard
to age or ability of the worker."
To pay minimum wages to such
workers, General Johnson said, "might
be a hardship to the employer, but
not nearly the hardship to the old man
or
woman who would be forced on
the street."
Introducing General Johnson, Governor
Pinchot said:
"The United States has embarked
on an undertaking which will either
lead the nations out of the night
of despair into a new and better day
or
down into a chaos of destructi
on and destitution such as we cannot
even
comprehend.
"If the National Recovery
nrovement should fail in Pennsylvania
it would
fail throughout the United
States. The prospect of such a failure
is so
terrible that even the possibility
of it will be rejected by every man
with
any real understanding of what
is at stake."
Mine Strike in Pennsylvania
Roosevelt Appeals to UnionEnds After President
Leaders to Return to
Work Pending Adoption of Coal
lows Truce Between Miners andCode—Action FolEmployers Negotiated by NRA—President
Appoin
Mediation-20,000 Resume Jobs in ts Board of
Connellsville
District.
More than 20,000 miners in the
Connellsville coke region
of southwestern Pennsylvania returne
d to work on Aug. 9,
after they had been on strike for
the past two weeks in an
effort to win official recognition by
United Mine Workers of America. their employers of the
The strike was ended as
a direct result of the efforts of Preside
nt Roosevelt, who issued
an appeal to the striking miners to
go back to work pending
the adoption of the coal code, on which
NRA hearings began
in Washington on Aug. 9. The
delivered through Edward F. McGraPresident's appeal was
dy, labor advisor of the
NRA, who visited Uniontown, Pa.,
on Aug.8 and addressed
the 128 delegates of the 64 unions of
the Fayette-Greene
County district, asking them to
subscribe to a truce which
had been arranged at Washington on
truce was first offered to the local Aug. 4. When this
unions some of them
hesitated to accept it on the ground
that the H. C. Frick
Coke Co., United States Steel Corp.
accorded the union recognition. Mr. subsidiary, had not
McGrady, however,
appealed to the patriotism of the labor
leaders on Aug. 8,
and urged the men "in the name of Frankli
n D. Roosevelt,
President of the United States to return
delegates thereupon unanimously voted to to work." The
sustain the truce,
and their decision was followed by the great
body of strikers.
A description of the earlier events in the coal
strike, which
at one time threatened to disrupt the
Administration's recovery efforts and also threatened a fuel
shortage for the
steel industry, was given in our issue of Aug.
5, page
An end to the strike of the bituminous coal miners 943.
seemed
assured early in the morning of Aug.5, when
President Roosevelt announced from his summer home at Hyde
Park, N. Y.
that an agreement for a truce had been reached
. This announcement followed a conference with General
Hugh S.
Johnson, Recovery Administrator, who had
traveled by
aeroplane from Washington bringing the
agreement with
him. The agreement provided that both
management and
label would suspend dissension at the mines
attempt to settle their difficulties at the public pending the
hearings on
1169
the proposed code for the coal industry. In the meantime
they consented to accept the mediation of a Board consisting
of Gerard Swope, President of the General Electric Co.;
Louis E. Kirstein, General Manager of William Filene's
sons Co.
of Boston, and George L. Berry, President of the
Printing Pressmen's and Assistants' International Union of
North America. The agreement had been signed on behalf
of labor by John L. Lewis, President of the United Mine
Workers. The President's announcement of Aug. 5 said:
A great coal strike threatened the entire bituminous field and—bec
ause
of scant storage at factories—also threatened the revival of manufact
ure
on which so much depends. On the basis of a simple suggestion
for settlement made by General Johnson, both management and labor have
declared
an absolute truce on dissention at the mines to await the resolution
of the
whole matter at the coming hearings on the coal codes. In the
mean time
all disagreements are to be settled by a Board of my selection, to
which
both sides agree—Gerard Swope, Louis Kirstein and George L.
Berry.
Never in our country has a strike of such threatened proportions
been
settled so quickly and so generously.
"The public spirited men of both sides of the agreeemnt are to
be conRratulated in thus averting threatening disaster, but I cannot
let the
o
ion p
without referring to the tireless and constructive laborsTof
the intermediaries, Governor Pinchot, Gerard Swope, Edward
McGrady
and Walter Teagle, as well as to the operators and to John Lewis and
other
representatives of the miners."
The agreement for the truce in connection with the dispute
between miners and employers actually represented two
separate documents. The first of these was an agreement
between the companies' group headed by J. D. Morrow,
President of the Pittsburgh Coal Co., and the United Mine
Workers of America. It explicitly recognized the jurisdiction of the union by stating that "the United Mine Workers
agree to send all the striking miners back to work." The
second agreement consisted of a letter by Thomas Moses,
President of the H. C. Frick Coke Co., subsidiary of the
United States Steel Corp. This avoided the question of
union recognition by stating that, "if the strike in the coal
fields is called off," the strikers would be restored to their
jobs without prejudice or discrimination. Newspaper reports
from Washington on Aug. 5 said that officials of the United
States Steel Corp. in New York refused to include specific
mention of the miners' union, and for this reason the Morrow
group signed the separate agreement.
Fear that the truce announced by President Roosevelt on
Aug. 5 would not become effective immediately, as had been
hoped, was renewed on Aug. 6 when union leaders representing miners in Fayette and Greene Counties, and meeting
at Uniontown, Pa., voted 102 to 84 to postpone its effectiveness. This decision was understood to have resulted from
the fact that the Frick Co. had signed a separate agreement
omitting all reference to the United *Mine Workers. On the
same day John L. Lewis,President of the United Mine Workers, sent a telegram to 300 local unions urging the members
to return to work pending the adoption of a code for the
industry. Mr. Lewis said that the agreement had been
concluded by the union with President Roosevelt, Governor
Pinchot and General Johnson. Meanwhile, also on Aug. 6,
Governor Pinchot telegraphed to the H. C. Frick Coke Co.
and asked the company to delay re-opening its mines until
the question of the truce could be finally settled. At the
same time the Governor sent his personal pledge to the
strikers in Uniontown to do his best to assure them absolute
justice. The Frick Co., in response to Governor Pinchot's
plea, decided to delay the mine opening for one day, announcing its decision as follows:
In response to a personal request from Governor Pinchot, the
H. C.
Frick Coke Co. will not open its mines until Tuesday. Aug.
7.
The text of the telegraphic appeal sent by Mr. Lewis on
Aug. 6 to the 300 local unions in the strike areas of Western
and Central Pennsylvania was as follows:
This message should be read to all of the members of your
local union
at once:
"The United Mine Workers of America have entered
into agreement
with the Federal Administrator of the Recovery Act, the Governor
of the
Commonwealth of Pennsylvania and the President of the
United States.
"This agreement provides that the mine workers in Central
and Western
Pennsylvania shall resume their employment at the mines
under a temporary arrangement until the National Industrial Recovery Administ
ration
can conduct a hearing and promulgate a basic code for the coal industry
.
The hearing was called officially for Aug.9 and it is a reasonable expectat
ion
that but a short time will elapse until a basic code is made effective
.
"The temporary agreement provides that all men shall resume
their
employment without prejudice or discrimination. That check
weighmen
shall be installed where the men desire their services. That the Presiden
t
will appoint a national Board to hear and dispose of grievances
during the
temporary agreement. The President has appointed such Board
and has
named Messrs. Gerard Swope, George L. Berry and Louis E.
Kirstein as
the members of the Board.
"Let me assure every member of the United Mine Workers
of America
affected by this situation that their interests lie in conformi
ng to the
agreement made by their organization and in carrying out
the exrpessed
wish of the President of the United States by the complete
acceptance of
its provisions.
"There will be those among you who will advocate defiance
to the policy
of your organization and defiance to the wish of the Presiden
t. Such men
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Financial Chronicle
are not wise counsellors and their advice should be re'ected. Such a course
can only lead to further collective and individual distress among our people
and will delay the accomplishment of the plans of the Federal Government
to bring about economic stability to the coal industry through the instrumentality of the Recovery Act.
"I have faith, however,in the loyalty and fine judgment of the overwhelming majority of our members in the affected area that they will
promptly adhere to the wishes of their Government and their union and
immediately restore the mines to operation.
"Our nation is going through a period of supreme crisis and our union
and its members must make a contribution toward the task of maintaining
our institutions and rationalizing our economic processes. For this moment
let controversy cease.
"Return to your normal occupation. Give time for the application of
reason and logic to your own problems and the problems of the coal industry and extend your co-operation to your Government, to your President
and to your union.
"I have pledged the honor of the United Mine Workers of America to
the President of the United States to assist him in working out these grave
questions and I ask your support to redeem this pledge.
"JOHN L. LEWIS,
"President, United Mine Workers of America."
NRA Strike Truce Prompts Resignation of Mary Van
Kleeck from Federal Advisory Council of United
States Employment Service—Sees Disadvantage to
Labor and Danger to Recovery Incident to Appointment of Mediation Board.
Miss Mary Van Kleeck, Director of Industrial Study for the
Russell Sage Foundation, resigned on Aug. 6, after one day,
from her membership in the Federal Advisory Council of the
United States Employment Service, asserting that the
Roosevelt Administration's policy of collective bargaining,
with a truce on the right to strike, was placing labor at a
disadvantage as against capital and jeopardizing any National
recovery. In thus reporting the action of Miss Van Kleeck,
the New York "Herald Tribune" of Aug. 7 went on to say:
In an interview last night at her home, 10 Mitchell Place, Miss Van
Kleeck went further in her criticism of the Administration's policies, declaring that without real National planning for the management of industry
there could be no recovery. She said there was a very evident danger to-day
that the emotions of the people, roused by a policy of "goodwill and cooperation" toward a great National effort, might be diverted into Fascism
when their hopes for a higher standard of living were disappointed.
Ultimately, she predicted, "we will have to come to grips with the question of property rights in our National resources," in the process of economic
planning.
Miss Van Kleeck said her studies for the Russell Sage Foundation of the
results obtained for labor through "company unions" and through independent organized labor unions had proved the company unions ineffectual
In giving labor any real bargaining power with employers. Not only were
the implications of the NRA policy toward the iron and steel industries
a sign that the right of collective bargaining still was unassured,she said, but
the personnel of the mediation board appointed by President Roosevelt was
such as to give rise to still further doubts of the Government's guaranty.
Miss Van Kleeck's resignation was tendered in the following night letter sent Aug. 6 to Frances Perkins, Secretary of
Labor, at Washington:
Hon. Frances Perkins,
Secretary of Labor,
1Vashington, D. C.
Greatly regret that to-day's announcement of latest action by NRA
obliges me to cancel my telegraphed acceptance yesterday of membership
in Federal Advisory Council of United States Employment Service. This
conclusion necessary for me because of my interpretation of dangers to real
recovery through implications surrounding appointment of Industrial
Mediation Board and through the closely related efforts of the Administration to terminate the Pennsylvania miner's struggle for collective bargaining
through trade unions without having first given assurance that the Administration will rule that company unions are not collective bargaining as defined
In NIRA.
In fact this issue was evaded at recent hearings on steel code when Iron
and Steel Institute was requested to withdraw section announcing employees'
representation (or company union) as its policy while the Institute's president, former Secretary of Commerce Lamont, declared on the stand that
the policy remained though the words were withdrawn. Administrator
thereafter ruled as unnecessary the testimony of President of American
Federation of Labor against company unions declaring that the issue was
no longer raised in the code.
Danger in this threatened nullification of the law's provision for collective
bargaining is greatly magnified by President's announcement to-day of
Industrial Mediation Board calling for avoidance of strikes or "any aggressive action during the recovery program." Moreover the board's employer
members are all officers of corporations having company unions known as
employee representation plans and only two of the seven members are
elected representatives of labor. Several years' investigations of industrial
relations, including both company unions and trade unions in coal mines
and other industries, together with my experience as member of War Labor
Policies Board of Federal Government during world war, have led me to
conclusion that only genuine collective bargaining through trade unions
with right to strike preserved and not discouraged can insure the selfgovernment in industry necessary to stabilize employment and raise wages.
Such self-government in industry has been put forward in connection with
NIRA as justifying release of industry from restraints imposed by Sherman
Anti-trust Act. Monopolies unrestrained by Government or by effective
workers' organizations will inevitably seek to raise prices through restricted
production and lower wages while only hope for recovery program lies in
higher wages to raise living standards which in turn alone can utilize full
production. Moreover enforcement of labor provisions in codes accepted
by Federal Government requires active trade unions in addition to any
administrative machinery which may be developed.
While wholly in accord with law for Federal employment service my
acceptance of place on advisory council of that service is rendered impossible
by my fundamental disagreement with principles and procedures of NRA
as finally clarified by Administration's announcement to-day. Federal
Employment Service cannot function effectively in its re-employment
program if industry is released from Governmental restraint against unjustified rise in prices while labor unions are weakened in their efforts to raise
Aug. 12 1933
wages. Because of great importance of clarifying this issue in advance of
hearings this week on two principal codes offered by coal industry I am
taking the liberty of making this communication public.
(Signed) MARY VAN KLEECK,Director.
Department of Industrial Studies,
Russell Sage Foundation,New York.
Gen. Johnson, National Recovery Administrator, Urges
Buying Now or NRA Plan Will Be Failure—Spending for Taxes and Doles Alternatives—White Bar on
Blue Eagle for Employers Temporarily Excused
from Compliance with Program.
A warning not to "trifle with that bird '—the Blue Eagle—
was issued by Gen. Hugh S. Johnson, National Recovery
Administrator, in an address over a telephone from a radio
station in Washington on Aug. 6 to a mass meeting in Cleveland held under the auspices of the local NRA Committee-Gen. Johrson declared that "it is what we buy and have and
use that makes the increased business upon which the whole
program depends. We are buyers" he added, "and the
part of buyers is now to buy or this plan will b 3 a failure."
He further declared that "if you don't spend now and get
something you will spen I later for taxes and doles and get
nothing." Gen. Johnsen indicatel that arrangements were
being made for the employer who cannot "do all things
necessary to get the full blue eagle", to get me "with a white
bar across its breast showing the points on which that man
is temporarily excused." In his remarks Gen. Johnson said:
When President Roosevelt launched his re-employment drive he said
to the question, "Will the American people pull themselves out of unemployment?"—"They will if they want to."
That is the true answer. No law can save the shiftless. All that a
law can do is to give men a chance to help themselves. Some laws give
little. Some give much. NIRA gives the most that any law ever gave.
Five days have passed. Great flocks and blocks of people have begun
the march toward the goal. Some move promptly. Some hesitate.
It is so of cities. A few are already 100% together and have employed
their jobless men. Some have barely started. In other words, some want
to—and some don't. Here is the big point about that. The cities that
have done the job have proved that it can be done. It is not true that
any community would rather wallow in its own distress than bestir itself
to get out of it.
Where there is delay it is not the fault of the community. The trouble
is that even when NIRA says "act together," several thousands of people
cannot act as one without real leadership. The cities that lag are to be
pitied. Their trouble is the lack of a rallying voice.
Two weeks ago I was in Cleveland. I met your Mayor, Ray Miller,
and the men who had gathered to support him. From what I saw I said
"With one Franklin Roosevelt and a few Ray Millers this whole country
would be on its way in a month."
A few days later the returns began to come in. With a much smaller
population, Cleveland was ahead of New York City. But that was before
Grover Whalen took hold of New York City. Now the very much larger
city is marching like Cleveland.
We will be out of the depths of this depression by Winter, if only each
community will sieze the chance that the President has given it and—as
Cleveland has done—as New 1 ork is doing—make one strong pull—one
long pull—one pull together.
Warns Against Trifling eith Blue Eagle.
What must be done? Of course, first of all every employer should put
the Blue Eagle in his window, and deserve it.
And here let me give a solemn warning. Do not trifle with that bird.
In the confusion of early days a man may get away with it. But the day
of reckoning against an aroused public opinion is sure.
There is an equal duty for workers. No employee should rest easy unless he has matched the sacrifice his boss has made, by making the shorter
hours 100% worth the higher pay. The man who has thus got a new job
or a pay raise, or a shorter work week, is not worth it unless he does his
part to get for his employer the increased business which alone can keep
the bigger payrolls going.
Buy Now.
Whether a man is a worker or an employer, we are all consumers. It
is what we buy and have and use that makes the increased business upon
which the whole program depends. No employer Can go on increasing
payrolls without increased business. We are buyers and the part of buyers
Is now to buy or this plan will be a failure.
You ought to buy because buying supports your job. But there Is
another reason. These higher wages will make higher prices just as sure
as the sun sets, and it will make them soon. If you don't want to start
buying at once because buying is your part in the common purpose, you
should start because buying just now is the best business you could engage
In. Turn your money into things, because, almost before you cai draw
a breath, the things you want will be worth more than the money you can
save by not buying.
This is no time to hoard. It is no time to save money. It is a time
to get things. Buy the things you need. Spend for reemployment. If
you don't spend now and get something you will spend later for taxes
and doles and get nothing.
On the other hand, if you do buy now you will help to start the upward
spiral of business and make your job secure.
Spend Under Blue Eagle.
Where should you spend? Can there be any question? You should
spend under the Blue Eagle. If you spend there you are spending for Increase:! employment. If you spend elsewhere you are hurting the chance
to end unemployment because you are helping to destroy the business of
the men who are paying more for help: you are aiding them who refuse
to do so.
While Bar For Those Temporarily Excused.
We are making arrangements to let a man who cannot—really cannot—
do all things necessary to get the full Blue Eagle, get one with a white
bar across its breast, showing the points on which that man is temporarily
excused. It will take another two weeks to attend to all this, but when
that time comes no man in this country who is really doing his part will
have any excuse for non-membership in NRA—at least no excuse good
enough to warrant his asking for patronage at the expense of those who are
making this plan succeed.
Volume 137
Financial Chronicle
I have heard it said that some companies cannot do what is asked of
them in justice to their stockholders. We cannot belittle honest rights.
But stockholders will be all right if this plan succeeds, but heaven help
them if it fails. There is not a stock in the world that is worth a cent if
it cannot earn, and no stock can earn if we are to let our business structure
.drop back into a new collapse.
Premature Use of NRA Insignia by Lebanon Shirt Co.
Not Done with Intention of Disregarding Law
General Johnson National Recovery Administrator
Decides.
A letter from General Hugh S. Johnson, National Recovery
Administrator, saying lie was satisfied that the Lebanon
Shirt Co. had not made premature use of the NRA emblem
to disregard the law, was made public on Aug.6 by Ferdinand
Pecora, the company's attorney. In indicating this, the New
York "Herald Tribune" of Aug. 7 added:
General Johnson had criticized an advertisement by the firm in a trade
publication which said that retailers could offer the company's shirts under
the NRA label after Aug. 15.
•
"Following the criticism," Mr. Pecora said, "the Lebanon Shirt Co. wrote
to General Johnson explaining the use of the label and pointing out that it
was addressed to the retail trade in a trade newspaper and explicitly stating
that the use of the NRA insignia in connection with these shirts for the
at tention of the public could not be made before Aug. 15."
Mr. Pecora gave out General Johnson's reply as follows:
"Replying to your letter of Aug. 1 explaining your premature use of the
NRA emblem, I am satisfied from my investigation that the act did not
proceed from an intention to disregard the letter of the law.
"All of us, including myself, make mistakes. Now that you have complied
with all governmental requirements I want you to know that as Adminis.
trator I wish you and your company well. I am sure from your letter that
you are sincerely for the objectives of the Recovery Act."
The company informed General Johnson, Mr. Pecora said, that it was
acting "in the best of faith and in hearty co-operation" with the Recovery
dministration and that last May 10 it had increased its employees' salaries
10%, with a similar increase 30 days later.
"Convinced of the good faith and spirit of the company, and realizing
t he injury to it by his criticizing telegram of July 31," 'Mr. Pecora said,
"the General, who strikes from the shoulder, evidenced his fairness and magnanimity by his letter of Aug. 2."
Aides Say Gen. Johnson of NRA Not Writing Codes—
Has His Own Meaning for the Word "Conciliate."
Recovery Administrator Johnson will take a "firm hand"
In seeking to have industry agree upon codes, but he will not
write any codes, it was explained at the offices of the Administration, on July 28. Making this known, a dispatch
from Washington on that date to the New York "Times"
also said:
It was stated unofficially that it was not within the province of the Administrator to write codes, but that the industries themselves would have
to get together. When such agreements are not possible or when more than
one code is submitted, it is the intention of the Administrator and his
deputies to conciliate the differences.
Just what conciliation might mean Was said to depend on the type of
deputy in charge of the hearings. These deputies range from the extreme
diplomat to General Johnson, whose temperament makes the word "conciliate"
take on a sterner meaning.
That the Government will apply strong pressure where necessary, if recalcitrant groups balk, goes without saying. But, it was explained, that does
not mean that the Government will write the codes.
Executive Council, with Attorney-General Cummings
Presiding, Discusses Recovery Program at First
Official Meeting.
The first official meeting of the recently-formed Executive
Council was held on July 18, with Attorney-General Cummings presiding in the absence of President Roosevelt,
who was confined to his rooms .with a slight cold. The
session occupied itself principally with the activities of the
various Administration recovery agencies. After the meeting the following statement was issued at the White House:
The Executive Council held its first official session to-day. AttorneyGeneral Cummings, being the senior Cabinet officer present, presided.
Reports were received from all the departments in regard to their activities,
and a number of matters were brought up for general discussion without
action.
The most important function of the conference is to keep each department, including the newly created agencies of the Governineht, in touch
with all that is being done toward the main objectives of the administration. Where it is found that several agencies are interested in the same
problems, this council will also arrange for conferences and committees
of co-ordination in each instance as it conies up. Several such informal
committees were appointed this afternoon.
The reports received to-day were very full, and as the result every
department at the close of the meeting was fully apprised of what is being
done in every line of governmental activity. This will be helpful in securing quick action and close co-ordination.
Code for NRA Drive in New York State and City is
Adopted—Committees Declare New York Must Set
the Pace for the Nation—Public Urged to Give
Support to NRA Members, Although Boycott is
Not Mentioned-100% Enrollment Set as Goal.
Re-employment committees for New York State and City
agreed on Aug. 9 on a joint declaration of purpose and
Policy, and on a Code of rules and procedure to govern the
activities of the City and State organizations. This Code
was telegraphed to General Hugh S. Johnson, Recovery Ad-
1171
ministrator, for his approval. The propcsed Code outlines
the provisions of the President's blanket re-employmeM
agreement, and contains a plea for all employers to sign an
NRA pledge as soon as possible. In addition the Code calls
upon all consumers to patronize NRA members, although it
does not urge a boycott of non-member firms. Declaring
that President Roosevelt's leadership will result in "the cooperation of each for the benefit of all," the Code asserts
that it is "imperative for all to aid in this great undertaking,
and especially is it imperative that the richest State and City
in America, which are always the first to assume their obligations, will not shirk the commands of their fellow-citizen
and their leader, Franklin D. Roosevelt." The Code as
adopted was formulated by a sub-committee headed by
Herbert Bayard Swope,and it was apprcved by the Executive
Committee of the City group with little discussion, after
which it was endorsed by W. Averell Harriman, Chairman
of the State Committee. Representatives of leading New
York City newspapers who attended the meeting included:
ARTHUR HAYS SULZBERGER. The New York Times.
OGDEN REID, New York Herald Tribune.
BERNARD H. RIDDER, Journal of Commerce and Staats Zeitung.
JULIAN MASON, New York Evening Post.
ROY HOWARD, New York World-Telegram.
LEE OLWELL, New York Evening Journal.
E. D. COBLENTZ, New York American.'
J. M.PATTERSON, Daily News.
A. J. KOBLER, Daily Mirror.
M. F. GOODFELLOW. Brooklyn Daily Eagle.
FREMOIsIT PECK, Brooklyn Times
-Union.
After the Code had been approved, Grover A. Whalen,
Chairman of the City NRA Committee, said that both his
Committee and Mr. Harriman's were determined that New
York would set the pace for the entire country in the NRA
campaign. The New York "Times" of Aug. 10 quoted Mr.
Whalen and Mr. Harriman as follows:
After the meeting, Grover A. Whalen, Chairman of the City Committee,
made it plain that both his committee and Mr. Harriman's were determined
that New York should set the pace for the whole country in the NRA
campaign.
"The State of New York," said Mr. Harriman,"has undertaken to make
our President proud of his own State. Acceptance of his leadership in this
co-operative, patriotic endeavor, is in keeping with one of our soundest
American traditions."
The Code. Mr. Whalen explained, was designed to serve as the "guiding
star" for all NRA activities in the city and State, and to release the "full
force" of the program. According to General Johnson, he said, no other
committees had tackled their work in such a comprehensive way as have the
New York groups. New York is most decidedly setting the pace for the
nation, he quoted General Johnson as having said.
From now on, Mr. Whalen announced, the city executive committee
will meet twice a week, at 3 p. m.. Mondays and Thursdays, to take up
problems arising in connection with the campaign. The committee approved
the Code unanimously, he added, the vote being by roll call.
Mr. Harriman announced the naming of the members of 27 county
boards up-State. The make-up of the boards in the 20 remaining up-State
counties will be made public in a day or so, he said.
These boards, he explained, are non-partisan, being made up in each
case of two Republicans,two Democrats and one Independent,the members,
however, not having been picked in any sense because of their political
leanings. He warmly praised the city committee set up in Buffalo, where
Arthur .3. Block, the Chairman, heads a group of 500 of the city's most
prominent men.
It has been made clear to the up-State NRA workers, Mr. Harriman said,
that the Blanket Code extends to all communities and not, as was at one
time construed, to only those of 2,500 or more population.
"The committees throughout the State," he said, "have shown extraordinary ingenuity and initiative in dealing with their local problems."
The following "Plan and Purpose of the New York State
and City Committees Directing the Campaign in Support of
the President's Program for National Recovery" was adopted
on Aug. 9:
Purpose.
The New York State and City Committees undertake the work laid
upon them by President Roosevelt and his Administrator of the NIKA.
General Hugh S. Johnson, with complete adherence to the program, and
with full appreciation of what it means to the country to have our President
succeed in his task, namely: the revival of confidence and hope through
creating stabilized conditions under which re-employment of those now out
of work is brought about, and all at a living wage. These two objectives
are the main purposes of the present movement. The effort to accelerate
returning prosperity is to be participated in not only by those who are already
grouped under permanent codes, but also by those accepting and signing
the President's re-employment agreement, sometimes called the Blanket
Code.
Those Affected by the President's Re-employment Agreement:
In general, all employers of workers in factories, shops and other enterprises, but excluding agricultural and domestic labor, are expected to sign
the pledge of adherence and to put into immediate practice the provisions
of the agreement. Thereupon they have the right to display the Blue
Eagle, insignia of loyalty and co-operation. Without such agreement in
writing and compliance therewith, the Eagle must not be displayed—action
will follow violation.
Those signing the President's agreement will be released from its provisions when they are placed under permanent codes.
The President's Agreement Provides:
A maximum of 40
-hours' work in one week for individuals, though this
does not limit the number of hours shops and other distributing agencies
shall remain open.
A maximum week of 35 hours for factory or mechanical workers or
artisans, but with the right to work a maximum week of 40 hours for any
six weeks before Dec. 31 1933.
1172
It fixes minimum rates of pay as follows—For factory or mechanical
rate
workers or artisans, not less than 40 cents per hour, unless the hourly
30 cents
on July 15 1929, was less than 40 cents, but in no case less than
in cities
per hour. For those others working 40 hours a week, $15 per week
not less
of over 500,000; $14.50 in cities between 250,000 and 500,000, and
and 250,000. In towns of less than 2,500
than $14 in cities between 2,500
$12 per week
wages to be increased by not less than 20%, but not to exceed
as the minimum wage.
to—Registered pharThe maximum hours provision does not apply
managerial
macists,other professional persons (such as doctors and lawyers),
week. Persons emor executive employees now receiving more than $35 per
skilled workers
ployed on emergency maintenance and repair and highly
to household or
on continuous processes are exempted. It does not apply
other types of special workers.
personal workers, or to farmers and certain
minor under 16 years
As to minors, the agreement provides—That no
14 and 16 years may
of age shall be employed,excepting that those between
a. m.and 7 p. m., but not
be employed for three hours each day, between 7
in factories or at mechanical labor.
price of any merchandise
As to prices, the agreement provides—That the
by more than is made
shall not be increased over the price of July 1 1933.
or invoice cost
necessary by actual increases in production, replacement
Adjustment Act.
or by taxes growing out of the Agricultural
they will support and
As to consumers, the agreement provides—That
agreement and are listed as
patronize establishments which have signed the
members of the NRA. •
Where to Get Information.
done by their industries,
If employers are doubtful as to what is being
associations, or telephone or visit
they shall communicate with their trade
and city headquarters, Hotel
the information bureau of the NRA State
be answered. Pledges and
Pennsylvania, where also all other questions will
from NRA headquarters
of the President's agreement may be obtained
texts
The agreement should be
or from letter carriers or the nearest post office.
York City, in the return enmailed to the Department of Commerce, New
have been put into effect,
velope provided. After the terms of the agreement
at the same time as the
the certificate of compliance, which you received
delivered to the nearest post
agreement, should be signed and personally
Not until then are you peroffice, when you will be given your insignia.
mitted to display the Blue Eagle.
ts without employees may obtain
Owners operating their own establishmen
agreement and a certificate of
the insignia of the NRA by signing the
compliance.
Answering President's Call.
there will be brought
Through following the leadership of our President
all. Work at a living wage
about the co-operation of each for the benefit of
earn wages, the more there
will be provided for the workers. The more who
will be increased, thus in turn
are to spend money. The volume of business
than any we have ever
Increasing work. A new and sounder prosperity
known is within our grasp.
undertaking, and especially
It is Imperative for all to aid in this great
in America, which, always
Is it imperative upon the richest State and City
not shirk the command of their
the first to assume their obligations, will
Roosevelt.
fellow-citizen and their leader, Franklin D.
Under
Allocations for Public Works Construction -dollar
Authorization of Recovery Act Pass Billion
Mark—$1.00,000,000 Alloted for River Projects in
Dam
Western States Including $63,000,000 to Labor
Columbia River—Secretary Ickes Issues
Rules
Allotments from the $3,300,000,000 fund for public works
construction voted by the last Congress passed the billionadollar mark on Aug. 1, when the Public Works Administr
for river protion allocated nearly $100,000,000, principally
the total allojects in Western States. With this allotment
,201,
cated as of Aug. 1 had reached the sum of $1,023,966
of which has been set aside for Federal projects. These
most
ly
were selected first because they provided work immediate
$500,000,for large numbers of men an.1 also because almost
the Act for specific
000 of the funds had bean earmarked in
Adminispurposes, including public roads. Public Works
1
Ickes, who is also Secretary of Interior, said on Aug.
trator
allocated about80% will be expended
that of the total amount
00
for labor. The Aug. 1 allotments included $63,000,0
Coulee Dam in Washington State, previously
f r tha Grand
Casparapproved by the President; $22,700,000 for the
irrigation project on the North Platte River in
Alcova
on
Wyoming; $11,500,000 to complete dams already started
Upper Mississippi; $15,982,745 for the Forest Service
the
the Coast
of the Department of Agriculture; $2,600,000 for
and
and Geodetic Survey of the Department of Commerce
for the Geological Survey cf the Interior De$2,500,000
partment.
on
In announcing rules and regulations for public works
said that the program is to be related to
Aug. 1, Mr. Ickes
Act
the reconstruction legislation of which tie Recovery
Further details of these rules are given below,
is a part.
York
as contained in a Washington dispatch to the New
Tribune":
"Herald
works jobs
declares that public
The labor policy laid down in the rules
qualified workers who are unemployed.
shall be equitably distributed among
geographically, as widely and as
Work opportunities shall be distributed,
and local materials are to be given
equitably as practicable. Local labor
preference.
in lieu of machinery wherever
"The maximum of human labor shall be used
and public advantage,"
practicable and consistent with sound economy
shall be employed and no materials
the instructions read. "No convict labor
used on any public works
manufactured or produced by convicts shall be
project.
to be supplied by agencies
"Lists of workers for public works projects are
but highly skilled or organized
of the United States Employment Service,
ways through recognized trade
labor shall be obtained In the customary
union locals.
Aug. 12 1933
Financial Chronicle
"The 30-hour week is established as far as practicable and feasible.
"All wages are to be paid in lawful money of the United States in the full
amount earned by each individual at the time of payment. There shall be
no deductions on account of goods purchased, rent or other obligations.
"Contractors are required to post in a prominent and accessible place at
the site of the work, a list of all wage rates to be paid various classes of
•
labor employed on the work.
"The rules provide tests for eligibility of projects to be applied by the
administrator, State advisory board and State engineer, under the Public
Works Administration.
"Preference will be given to projects 'Integrated with and consistent with
a State plan rather than to the isolated or inconsistent,' projects which
can be started promptly and projects near centers of unemployment."
In our issue of July 29, page 788, recent allotments in
the Government's public works program were listed. On
July 27 the Cabinet Advisory Board alloted $6,000,000 to the
War Department and $4,850,620 to the Department of
Agriculture. The sum thus set aside for the War Department will be used for coast defense and harbor improvements,
$2,000,000 being assigned to Hawaii and $1,000,000 for
"construction, renovation and modernization of the coast
and harbor defense arr mgaments" in the Panama Canal
Zone. The Department of Agriculture plans to spend its
fund in combating plant parasites throughout the country.
Sacretary Ickes explained on July 27 that the Board intends
to keep the administrative costs of the public works program at a "record low" and he estimated that this outlay
would be less than 1% of the total fund.
The Cabinet Advisory Board, meeting on July 29, approved road assignments totaling $27,358,552 within five
7
additional States as follows: Rhode Island, $1,998, 08;
Michigan, $12,736,227; Nevada, $4,545,917; Arizona,
$5,211,960, and Connecticut, $2,865,710. On the previous
day President Roosevelt had approved the expenditure of
$63,000,000 for a power dam and reclamstion project in
the Columbia River and of $22.700,000 for the development
of the Casper-Alcova flood control and reclamation project
in the North Platte River, Wyoming. The authorized
expenditures for these two projects were among those listed
by the Public Works Administration on Aug. 1, as described
above. The projects were outlined as follows, in Washington advices of July 28 to the New York "Times":
In entering upon power and reclamation projects, the administration
abandoned an earlier decision. It had been decided by experts that it
would be unwise to expend any more money in reclamation, since the
Government has embarked on a program through the Farm Adjustment
Act to reduce acreage.
In order to adhere to the spirit of the Farm Act, the President indicated
that submarginal acreage would be wiped out by the productive land producod by reclamation. For every acre brought under cultivation by
reclamation, three or four acres of submarginal lands will be eliminated.
This is regarded by farm experts as a profitable investment.
Smaller Structure Planned.
Plans for the erection of a power dam in the Columbia River, at Grand
Coulee, originally called for a structure 300 feet high to produce 1,000.000
h.p. Since there is no ready market in the region for so much electricity.
the Government decided to build a dam only 130 feet high, but with foundations sufficient to support a structure 300 feet in height.
The electricity that will be manufactured there, the President said.
would be the cheapest in the country and would set a precedent for prices
on the West Coast. The power district of the State of Oregon will cooperate with the Government in the sale of power at the dam.
The project near Casper, at Alcova. Wyo., on the North Platte River,
is designed chiefly for flood control of the tributaries of the upper Missouri.
It will serve as a reclamation outlet, however, and bring 40,000 acres of
rich land under cultivation.
At the conference to-day with Secretary Ickes it was also agreed to
-foot channel on the upper Misesissippi. Formal
resume dredging the 92
approval of this project was postponed, although the President indicated
that funds to carry on the deepening of the river for another year would soon
be sanctioned.
President Roosevelt declined to set aside $150,000,000 of the public
works fund for the St. Lawrence seaway. He decided that it was not
the spirit of the Industrial Recovery Act to hold up the money for future
work, but to use it without delay to stimulate employment. Senator
the
Vandenberg and others who favor the St. Lawrence project urged
President to hold up enough of the emergency appropriation to begin work
as soon as the treaty is ratified by the Senate.
Cabinet Advisory Board Allots Highway Funds to
Pennsylvania, Illinois, New Jersey, and Alabama,
Bringing Total Allocations from $400,000,000 Fund
to $380,244,288.
The Cabinet Advisory Board on Aug. 7 approved highway
plans submitted by New Jersey, Pennsylvania, Illinois and
Alabama, and by the authorizations for these four States
brought to $380,344,288 the amount already allocated from
the $400,000,000 in the NIRA set aside for State road im•
provements. Georgia and Maryland are the only States still
to receive allocations. The Pennsylvania allotment was $18,_
891,004, while that for Illinois was $17,570,770, for Alabama
$8,370,133 and for New Jersey $6,346,039. The New Jersey
allotment provided that 37.4% of the work be assigned on
the Federal aid highway system, 55% on extensions of the
Federal aid highways into and through municipalities and
7.6% on secondary or feeder roads. The Cabinet Advisory
Financial Chronicle
Volume 137
Board explained that no plans have as yet been approved for
Georgia because of the political situation in that State, where
the Highway Department has been taken over by the National Guard at the order of Governor Talmadge. Maryland's plans were said to be in the hands of the Bureau of
Public Roads for approval. Work on road construction has
already been started in Utah, and other States are expected
to initiate the work in the near future.
Public Works Administration to Deal Directly with
Cities, Secretary Ickes Tells Governor Ely of
Massachusetts—Governor Declares in Letter to
Secretary Ickes Policy of Federal Government
"Affront to Sovereignty" of Commonwealth.
The Public Works Administration will deal with municipalities and other political subdivisions without State interference, according to an announcement by Secretary of the
Interior Ickes, Public Works Administrator, on Aug. 2,
when he refused unconditionally a request by Gov. Joseph
B. Ely of Massachusetts that the Administration agree not
to deal with municipalities in that State unless a board to
be created by the Governor approved the proposed projects.
Mr. Ickes told Governor Ely that the Public Works Administration would consider every proposition submitted
on its own merits, regardless of what action the State government might desire.
The policy of the Federal Government in dealing directly
with Massachusetts cities and towns on its proposed huge
public works program is characterized as "an affront to the
sovereignty of this Commonwealth," in a letter addressed
by Governor Ely to Secretary Ickes. This was noted in the
Boston "Evening Transcript" of Aug. 3,from which we also
quote as follows:
"Unless some satisfactory method Is arranged for taking care of this situation. I feel obliged to inform the public in regard to it and my reasons for
so doing." the Governor said.
Governor Ely gave out the letter to the press after publication under a
Washington date line of a telephone conversation in which he asked Secretary Ickes to permit the Massachusetts executive department to handle
some of the responsibilities for the municipal projects to be authorized in
this State.
"In view of the dispatches from Washington giving out my telephone conversation with Secretary Ickes,I feel obliged to make public at this time a
letter dispatched to the Secretary immediately following the conversation
and which I think makes my position perfectly clear," the Governor said.
The Governor's greatest fear is that indiscriminate distribution of Federal
money to the cities and towns may have an injurious effect on their financial
structure. His letter to Secretary Ickes was as follows:
"It has been a very laborious undertaking for Massachusetts to rehabilitate the credit of our municipalities. This alone should be sufficient
reason for you to understand our strenuous objections to the making of
direct grants to any municipality except with the approval of the State
authorities. The Federal Government in a long-range policy of direct
grant is hardly in a position to correctly estimate either the projects or the
financial structure of the city.
"If you are interested at all in the fundamental theory upon which the
Federal Government was created and by which the municipalities are
created, I think it should be plain that direct contact between the Federal
Government and the municipalities is an affront to the sovereignty of this
Commonwealth.
"It is our policy here to co-operate in every way with the efforts of the
President to rehabilitate the economic conditions of this country. We
wish, however, that it might be understood that this co-operation should
be mutual. For the purpose of doing our part we have delegated to a board
created for the purpose of regulating municipal finance in this emergency,
the authority to approve municipal projects for public works. This is a
situation that you will probably not find existent in any other State, and
the further question arises as to whether or not you deem it necessary, not
only to affront the sovereign right of the State, as expressed through the
Governor, but also the distinct provisions of legislative enactment.
Urges Co-operation.
"Unless some satisfactory method is arranged for taking care of this
situation. I feel obliged to inform the public in regard to it and my reasons
for so doing. Furthermore, let me say to you that a pleasant co operation
would be much more agreeable and that you would probably fall to find
any distinct disapproval on the part of our board of any proper protect
consistent with the financial resources of any of our cities or towns."
Discussing the incident with newspaper men, Governor Ely brought up
the appointment by President Roosevelt of former Governor .Alvan T.
Fuller to the Federal Public Works Board for Massachusetts. There has
been some comment to the effect that the Fuller appointment was displeasing to Governor Ely in view of his political clashes with Mr. Puller
in the past.
"If anyone thinks I'm peeved at Mr. Fuller being named to that board,
they're all wrong." said Governor Ely. "I think Mr. Fuller ought to be
named Chairman of the Board; in fact, I was going to ask him to serve on
my State Board."
In answer to the above Secretary Ickes on Aug. 4 wrote
Governor Ely that the Board had no intention of putting
funds into the hands of any agency where "political influence" could be used. This was indicated in a Washington
dispatch Aug. 4 to the Boston "Herald," the dispatch
further stating:
The letter was in answer to charges made recently by the Executive that
refusal of the Board to work tbrough state agencies in helping municipalities
showed lack of mutual co-operation. He threatened, in a letter to Secretary Ickes. to make public the exchange of correspondence in the event
the Board failed to agree to his request.
1173
Secretary Ickes Willing.
In his answer to-day, Secretary Ickes bluntly told Governor Ely he was at
liberty to make public the letters. The Secretary contended that he.would
be sustained by public opinion with their publication.
This is not the first time Secretary Ickes has come under fire of politically
powerful figures, especially in the Senate and House, through the crowded
weeks since he assumed charge of the expenditure of the $3,300,000.000
public works funds.
"It would be a terrible political power to let Governors say what cities
could have money." be wrote Governor Ely. He believed that the Governor's suggestion was absurd, and that it the Board must deal through
State agencies, "it might as well dole out all the money and shut up shop."
So far as "affronting" Massachusetts, he contended that throughout his
territory the Federal Government has dealt directly with cities. in various
ways,such as selecting locations for postoffices, offices for internal revenue
collectors, and the like.
Says Fund Federal.
The funds are Federal and the law under which the Administration
operates is the law of Congress. Therefore. Secretary Ickes held, the public
works officials are responsible only to the President and to Congress.
Loan of $3,500,000 at 23%% to Secretary of Agriculture
for Purchase of Cotton Held by Government
Agencies Authorized by Directors of Reconstruction Finance Corporation.
The Reconstruction Finance Corporation announced on
Aug. 9 that the directors of the Corporation have authorized
a loan of $3,500,000 at 23%% to the Secretary of Agriculture
o
t"- e used for the purchase of cotton held by government
agencies. Noting that the proceeds of the loan are to be
used in acquiring from the Farm Credit Administration the
last remaining stock of government-owned cotton to meet
option requirements under the reduction program, a Washington dispatch, Aug. 8, to the New York "Times," also
had the following to say:
The 2%% rate is actually lower than that at which the corporation
obtains funds from the Treasury.
The adjustment administration about two weeks ago rejected a loan of
$70.000,000 from the Reconstruction Finance Corporation because It
carried an interest rate of 4%. Instead, the adjustment administration
borrowed $30,000,000 through a private syndicate headed by the Chase
National Bank and the Guaranty Trust Company.
,
Of the bank loans $15,000,000 was for 45 days at 23g% and $15,000.000
for ninety days at 2%.
Corporation declined toChairman Jones of the Reconstruction Finance
rate had been allowed where a
day to discuss the reasons why the 2
4% minimum had previously been stipulated. It was reported, however,
that protests against the R. F. C's former stand had been filed with the
President.
The loan granted by the Syndicate headed by the Chase
National Bank and the Guaranty Trust Company, was
referred to in our issue of Aug. 5, page 969.
American Cotton Co-Operative Association Voluntarily
Accepts Rate of 4% Incident to Commitment Providing for Use of $10,000,000 Government Funds in
Handling Cotton for 1933-34 Season—This in Lieu
of % of 1% Previously Agreed to—Central Bank
for Co-Operatives in Process of Organization.
Surrendering a commitment under which $10,000,000 of
Government funds would have been used in handling cotton
for the 1933-34 season at an interest rate of % of 1%, the
American Cotton Co-Operative Association has voluntarily
accepted a rate of 4%for the same financing, Henry Morgen.than, Jr., Governor of the Farm Credit Administration,
announced on Aug. 4. The announcement by the Farm
Credit Administration Aug. 4, added:
The Co-Operative Association, which is one of the world's largest dealers
In cotton, has also agreed. Mr. Morgenthau revealed, to subscribe to capital
stock of the new Central Bank for Co-Operatives, authorized by the Farm
Credit Act of 1933, in tha amount of 5% of all its borrowings.
The Association made its original request for working capital for the
current season to the Federal Farm Board in January, of this year, and at
that time the Farm Board passed a resolution extending to July 31 1934,
the due date on a working capital loan of $5,000.000 and agreeing to permit
the use of $5.000,000 additional for the 1933-34 season,subject to a satisfactory showing of condition by the association.
The rate of interest was that prescribed by the Agricultural Marketing
Act, being determined by the lowest rate of yield of any Government security
outstanding at the time of the loan commitment. This resulted in a rate
of fi of 1% for the entire $10,000,000.
The Farm Credit Act, which prescribes a new method of financing cooperatives through a central and regional banks in which the co-operative
organizations themselves will have an interest, fixes minimum and maximum loan rates of 3 and 6%,the actual rate to be governed by the rate borne
by Intermediate Credit Bank and Land Bank borrowings. Under this
provision of law the co-operative division of the Farm Credit Administration
has, since the law became effective, been making loans at 4% for working
capital purposes and 43 % when made for facility purposes and secured
6
,
by mortgage on real estate and plant.
The Central Bank for Co-Operatives, authorized by the Farm Credit
Act,is now in process of organization. The American Cotton Co-Operative
Association will be the first large National Co-Operative to become a
stockholder in it. "ACCA", as the association is popularly called, was
organized in 1930 through a federation of State and regional cotton marketing associations. Through contracts with growers and growers' associations it controls the marketing of upwards of two million bales of an average
cotton crop, representing at present prices a turnover of $100.000.000 or
more in a season.
Mr. Morgenthau is quoted as saying:
"It is exceedingly gratifying to me that this powerful co-operative marketing association has voluntarily assumed the obligations of the new plan for
financing co-operatives. It means putting co-operatives marketing on a
1174
Financial Chronicle
Aug. 12 1933
sound business-like basis that will challenge analysis and comparison with
any other business. Approval of this loan and acceptance of the subscription of the American Cotton Co-Operative Association is evidence that we
regard it as a well-managed enterprise with a properly-considered budget
and business program."
the code, and he estimated that the reduced hours and increased wages specified would add about $30,000,000 annually to the workers' earnings. The statement issued on
Aug. 6 by General Johnson, in connection with publication
of the code, follows:
Sale of 75,000 Bales Out of a Total of 872,000 Bales of
Stored Cotton Held as Collateral for Government
Crop and Seed Loans.
"The signing of the coat and suit code presented to me by Deputy
Adminsitrator Earl D. Howard, is a particularly noteworthy event because
it marks the culmination of efforts which for nearly 25 years the industry
has been making to discipline itself. In this effort distinguished names
appear. The 'protocol of peace,' which was signed in 1910 between employers and the International Ladies Garment Workers' Union, was due
in considerable measure to the efforts of Mr. Justice Brandeis. One of the
labor representatives under that protocol was Sidney Hillman, now a member of the Labor Advisory Board. Since then the industry has operated
under collective labor agreements.
"Beginning in 1924 a commission appointed by Governor Smith, and
having among its members Herbert H. Lehman,now Governor of New S ork,
and Professor Lindsay Rogers, now a Deputy Administrator, functioned for
two years and aided the efforts which the industry valiantly made to eliminate sweatshops. Renewals of collective agreements were later made with the
good offices of Lieutenant Governor Lehman and Governor Roosevelt.
"The difficulty has been that, while the principal factors in the Industry
were anxious to raise standards, their efforts were handicapped by the ease
with which sub-standard shops can be set up. Manufacturing conditions
make this possible, and without co-operation from governmental agencies
and retailers unfair competition cannot be eliminated.
"This, I think, will now be possible under the provisions of this code. I
am particularly happy to note that the wholesalers accept responsibility
for the workers in the contractors' shops which they employ, and that
the union has made important concessions in the interests of fair competition which will ultimately advance the interests of the workers. The
provisions of the code permitting the self-discipline of the industry will, I
believe, make it possible for the sweatshop to be completely eliminated, for
the responsible manufacturers to be freed from unfair competition, for employment to be increased and for the workers to 3et the earnings to which
their skill entitles them.
"The regrettable conditions in the industry, which seem to have been
cleared by the devoted and patriotic effort of its members in both management and labor, have been a matter of concern to the President for many
years and upon approving this code he expressed his especial gratification
at the result."
Out of 872.000 bales of stored cotton held as collateral for
Government crop and seed loans, about 75,000 bales have
been sold by permission of the farmer borrowers, or released
for sale, Henry Morgenthau, Jr., Governor of the Farm
Credit Administration, revealed on Aug. 3. To offset sales
in the open market, long futures contracts for 19,800 bales
have been bought for the account of the Secretary of Agriculture. The Farm Credit Administration's announcement
of Aug.3 went on to say:
The transactions are a part of the process of acquiring title to cotton
against which Government agencies held claims so that the Secretary of
Agriculture may fulfill cotton option contracts in the acreage reduction
program.
Since July 19, the 400,000 farmers whose cotton in Iota usually of one to
three or four bales has been held as security for the Government loans have
been permitted to release it for sale by agreeing to accept credit for it at the
market price on the day they release it. Co-Operative cotton marketing
associations which control by marketing agreements with the cotton planter
all but 160,000 of the 872,000 bales of seed loan cotton, have been acting as
agents of the Government in dealing with the farmers.
"The seed loan transactions," said Mr. Morgenthau to-day, "have from
the start been handled in such a way as to avoid any possible disturbance of
the market. Such sales of spot cotton as have been made have been in
small lots as market conditions warranted. There has been no great rush
of the farmers to release their cotton for sale. The daily releases, or fixations, which is the trade name for them, are now being made at the rate of
10,000 to 15,000 bales a day."
The Farm Credit Administration has already delivered to the Department of Agriculture 1.583,974 bales of spot cotton and cotton futures upon
which advances had been made by the Federal Farm Board to the cotton
co-operatives and The Cotton Stabilization Corporation. The net amount
received by the Farm Credit Administration for this cotton was 9% cents
per pound, which was the approximate market price on June 7th when the
agreement for delivery was made with the Secretary of Agriculture. Of
this total price the Secretary of Agriculture agreed to pay directly 5 cents
per pound, and a supplementary payment of 43 cents per pound is to be
made to the Farm Credit Administration out of the fund of $100,000,000
made available to the Farm Credit Administration and the Department of
Agriculture in Section 220 of the NIRA for the purpose of carrying out
the provisions of the Agricultural Adjustment Act.
Cloak and Suit Code Becomes Effective, Following
President Roosevelt's Approval of Compromise
Measure—Union Leaders Estimate 16,000 Additional Workers Will Be Employed—Sets Up Combined Piece Work and Work Week—Shop Hours
Limited to 35 Weekly—General Johnson Foresees
End of Sweatshop.
A compromise code for the cloak and suit industry became
effective on Aug. 7, after having been approved by President
Roosevelt on Aug. 5. The completed code was formulated
after a series of hearings at Washington on the basis of
separate proposals submitted by the employers and the International Ladies' Garment Workers Union, and affects approximately 31,000 workers, of whom 25,000 are in New
York City. Union leaders said on Aug. 6 that it was "the
most progressive, most advanced and most constructive instrument yet evolved by any industry under the National
Industrial Recovery Act." General Hugh S. Johnson, Recovery Administrator, in making public the terms of the
agreement on the same day, said that its, conclusion marked
the culmination of efforts which for nearly 25 years the industry had been making to discipline itself, and that it
promised the end of the sweatshop. In our issue of July 29,
Page 792, the hearing on the code and the disagrement on
wage provisions was described. In its completed form, the
code provides a maximum work week of 35 hours for manufacturing, with only one shift a day and overtime prohibited,
except by permission of the Administrator, and then only
in case labor in the industry is fully employed. Child labor
is forbidden, the minimum age for workers being set at 18
years. Among the other features of the code are the establishment of the NRA label, a provision for re-establishment of the unemployment insurance fund as soon as the
code becomes firmly effective, and the creation of a cloak
and suit code authority to administer the code and govern
the industry. The minimum wage fixed is $14 a week for all
non-manufacturing employees. For workers engaged in pro-.
duction there is provided a combined principle of week work
and piece work, with minimum earnings guarantees for
piece workers. The week-work principle applies to workers
below average efficiency.
David Dubinsky, President of the International Ladies'
Garment Workers Union, said on Aug.6 that 16,000 workers
now unemployed would receive jobs through application of
Garment Code Approved—'Worst One,' Says
General Johnson.
President Roosevelt announced Aug. 5, after a conference
with General Hugh S. Johnson, that he had approved a
compromise code for the cloak and suit industry. A Hyde
Park dispatch Aug. 5, to the New York "Times" is further
quoted as follows:
It contains the guarantee that any garment sold without the NRA insignia
will be classed as "sweatshop production."
General Johnson said that the code was "one of the worst babies there
is," prior to the hearing.
Millinery Code, Affecting 35,000 Persons, Submitted
to Deputy Administrator of Recovery Act—Dispute
on Wage Provisions Features Initial Hearing.
A Code of Fair Competition for the millinery industry,
affecting 35,000 workers, formulated on July 5, was submitted to Earl D. Howard, Deputy Administrator of the
NIIIA, and hearings began on Aug. 1. The Code, which was
drafted by the National Millinery Council, calls for a 30-hour
week, no overtime, abolition of employment of persons under
16 years of age, and includes a clause guaranteeing the right
of the workers to bargain collectively. At the initial hearing before Mr. Howard, on Aug. 1, a controversy on wages
was precipitated because the Code offered by the National
Millinery Council omitted wage classifkations for skilled
and partly skilled workers, and this omission was opposed by
the Women's Headwear Group, Inc., and organized labor.
Describing the hearing on Aug. 1, a dispatch of that date to
the New York "Times" from Washington said:
Proposing a minimum wage of 35c. for a 40-hour week in New York City,
32%c. in Chicago and 300. elsewhere, the Council's Code addid:
"The industry recognizes that certain operations are classified as skilled
and certain operations are classified as semi-skilled, and that the foregoing
minimum wage has no reference to such classes, to whom higher wages
shall be paid."
The Women's Headwear Group recommended a 40.hour week, with $1
hourly for cutters, blockers and machine operations; 60c. for trimmers and
$14 weekly for all biller workers. The Cloth list, Cap and Millinery Workers stood out for a 35-hour week, with $1.13 for machine operators and cutters ; $1.30 for blockers and 70c. for trimmers.
Knox President Asks Survey.
Witnesses for the Council Code held that it was impossible to classify all
skilled labor at this time, without more study. Fletcher H. Montgomery,
of the Hat Corporation of America and President of the Knox Hat Co., said
he wanted a survey made, in lieu of which, he asserted, there was no way
to make the wage adjustments.
Conceding that Mr. Montgomery would be a generous employer, Sidney
Hillman of the labor forces was nevertheless suspicious of others, unless
definite classifications were made for skilled labor. Mr. Montgomery, however, argued all manufacturers except "a few cheaters" would raise wages
for skilled labor in unison with President Roosevelt's program.
"There are many factories in the industry still liquid," he said to Mr.
Hillman. "If we go into the red again, then the Government will have to
employ the workers, and all that you will have left is Sovietism."
Max Shlivek, of the Headwear Group, conceded that there must be a
differential in wages in and outside of New York, but he "begged and prayed"
that this be fair enough to prevent New York factories from being driven out
of existence by competition with lower wages elsewhere.
Financial Chronicle
Volume 137
Fear of "Coolie Wages" Voiced.
He expressed fear lest the industry be removed from New York to smaller
centers where "coolie wages" might be paid.
Representing the workers, Max Zaritsky argued that the Council's plan
meant nothing more than a scheme to pay all labor, including skilled workers, the minimum wage. Louis Kirstein, industrial adviser to the Men's
Clothing Group, a visitor at the hearing, scoffed at the suggestion. He
pointed out that President Roosevelt's intent was to raise wages, not to
lower them.
Questions by Mr. Howard strongly intimated his conclusion that the
Council will yet have to agree to a wage classification for skilled and semiskilled workers.
The witnesses included M. W. Milberg, Executive Chairman of the Council; Sylvian Gotshall, attorney for the organization; .T. W. Farley of Worcester, and Joseph E. Helfer, Executive Secretary of the Head Wear Group.
Modified Agreement Authorized by NRA for Meat
Packing Industry, Pending Hearings on Proposed
Code—Maximum Work Week of 40 Hours, with
Certain Exceptions—"White Collar" Group Included.
A modified re-employment agreement for the meat packing
industry has been approved by the NRA, according to an
announcement by General Hugh S. Johnson, Recovery
Administrator, on Aug. 6. General Johnson said that the
agreement would affect 140,000 employees and would provide new positions for 15,000 to 20,000 men. The agreement incorporates the wages and hours which are specified
in a code now pending before the Agricultural Adjustment
Administrator, including a provision for a 40-hour work
week over a period of any month for all "white collar"
employees except outside salesmen. A 40-hour maximum
week is provided for all factory employees, mechanical
workers and artisans, although the right is retained for a
maximum week of 48 hours for not more than eight weeks a
year, with a tolerance of 10% over 48 hours not to exceed an
additional eight weeks. Other provisions of this agreement
were summarized as follows in a Washington dispatch to the
New York "Times" on Aug. 6:
No worker shall be employed for more than 10 hours a day in this group.
Employees in executive, managerial, supervisory and technical capacities
and their assistants, employees exercising managerial functions and receiving more than $35 a week, and certain other employees in special work are
exempt from the provisions of both preceding paragraphs.
The wages provided are a minimum of 4214 cents an hour for factory
and mechanical workers and artisans in cities of over 500,000 and 40 cents
an hour In cities of less than 500,000, except in Delaware, Maryland, West
Virginia, Kentucky, Arkansas, Oklahoma, New Mexico and Arizona, where
the minimum rates shall be not less than 35 cents an hour in cities of over
500,000 population, nor less than 30 cents an hour in cities of less than
500,000.
Construction Industry Submits Basic Code to NRA—
Maximum 35
-Hour Week Provided—Will Affect
2,000,000 Workers—Five Separate Groups to File
Supplementary Codes—Prohibition Against "Bid
Peddling."
A basic code of fair competition for the construction industry was submitted to the NRA on Aug. 7 by the Construction League of the United States, which said that the
agreement would benefit more than 2,000,000 workers and
would mean the re-employment of many. It was stated
that the code would be supplemented by other codes to be
filed by the various representative National trade associations and professional bodies within the industry. With
certain exceptions the basic code fixes a minimum wage rate
for unskilled labor of 40 cents an hour and provides that in
no event shall the wage be less than 30 cents. It specifies a
maximum average of 35 hours a week during a six months'
period, provides for collective bargaining and eliminates
child labor. Five principal groups which will operate under
the basic code, and also will submit supplementary codes,
comprise the general contractors, the subcontractors, the
architects, the engineers and certain types of material men.
Supplementary codes have already been submitted to the
NRA by the general contractors and the architects.
One of the most important features of the basic construction
code is a prohibition against "bid peddling," generally recognized as an unfair practice. Another feature provides
for a National administrative committee, which is to consist
of the policy committee of the Construction League and three
non-voting members appointed by the Administrator of the
NRA. This committee will provide for administration and
co-ordination within the industry. The section on bid
peddling reads:
No one in the construction industry shall be a party to the unfair practice
Commonly known throughout the industry as "bid peddling:' All supplemental codes before receiving the approval of the National administrative
committee shall contain provisions to enforce this rule.
The section of the basic code dealing with adjustments
reads as follows:
1175
Adiustments.
In the event that any buyer subject to this code shall have contracted
before June 16 1933, to purchase goods, structures, or parts thereof at a
fixed price for delivery during the period of the President's re-employment
agreement, he shall make an appropriate adjustment of said price to meet
any increase in cost to the seller caused by the seller's having signed the
President's re-employment agreement or having become bound by any
code of fair competition approved by the President; provided, however,
that in view of that fact that construction operations customarily involve
the furnishing of various goods and structures, or parts thereof by a continuous series of independent long-term contracts and agreements at fixed
prices between various parties, such as owners (including governmental
departments), builders, contractors, sub-contractors and others, such adjustments shall be contingent upon similar appropriate adjustments to
be made by all other parties thus participating, from and including the
Initial vendor of such goods and structures or parts thereof to and including
the owner of the works or structure upon which they are used.
Retail Lumber Association Files Code Calling for
-Hour Week, Compared with Recent Operating
40
Rate of 52 Hours.
The National Retail Lumber Dealers' Association submitted a Code of Fair Competition to the NRA on Aug. 8,
and a public hearing on the agreement is scheduled for
Aug. 16. The wages and hours provisions of the Code have
already been substituted for those in the President's blanket
re-employment agreement, with the approval of General
Hugh S. Johnson, Recovery Administrator. The industry
has recently been operating at 52 hours a week, but under the
proposed Code the hours would be reduced to 40. It was
estimated that approval of the agreement would result in an
immediate increasd of 25% in employment.
Retail Cleaners, Dyers and Tailors Adopt Code.
A convention of retail cleaners, dyers and tailors of the
East adopted a Code on Aug. 8, after a meeting in New York
City, and forwarded the tentative agreement to the NRA.
Under the wage scales specified in the Code, pressers and
tailors are to be paid 60c. an hour, while pleaters, spotters
and finishers would receive 75c. an hour. Chauffeurs would
be paid $25 weekly. The Code also provides for the establishment by local boards in all cities of prices based on the
costs of the retail trade plus a reasonable percentage of
profit.
Silk Trade Code Would Set Minimum Wages at $12
in South and $13 in North, or Same Rates as in
Textile Code Now Operative.
The Silk Association of America filed with the NRA during the current week a Code covering the silk, rayon and synthetic fibers industry, which would provide a minimum wage
of $12 weekly for Southern mills and $13 for Northern mills.
These minimum rates are the same as the temporary minimums in the textile Code under which the silk industry is
now operating pending approval of its own Code of Fair Competition. Originally it had been announced that the silk
Code would specify an $18 minimum wage. The General
Planning Committee of the Association rhas proposed that
the tentative Code cover manufacturers of all silk, rayon or
other synthetic fiber warp fabrics, whether made on silk or
cotton looms; ribbons, hat bands, woven labels, silk and
rayon sewing threads, spun yarns and flosses, and that the
agreement also regulates the distribution of all these
products.
Memorandum from Robert P. Lamont on Proposed
Code for Iron and Steel Industry—Discussion of
Basing Points for Prices and Provisions Regarding Price Fixing.
A communication from Robert P. Lamont, President of
the American Iron and Steel Institute, addressed to the NRA
on Aug. 4, in which he declared that adherents of the steel
Code had "already gone beyond anything that can be justified under present conditions," was mentioned in our issue
of Aug. 5 (page 975). Mr. Lamont's statement formed the
conclusion of a memorandum in which he answered several
questions asked by Donald Richberg, General Counsel of
the NRA, at the hearing on the Steel Code on July 31.
Further details of the memorandum, as given in the New
York "Herald Tribune" on Aug. 5, follow:
Under the subhead "Concerning Maximum Hours of Labor and Minimum
Rates of Pay" the memorandum stated:
"We deem it unnecessary to reply to what was said on this subject or to
add to the facts stated and the statistical data furnished by Mr. Lamont.
We do desire again to emphasize that practical, not theoretical, questions
are involved and that they cannot be solved merely by mathematical computation, since there is probably no industry in the country involving so
many variable factors as the steel industry."
One of Mr. Richberg's questions to which Mr. Lamont replied at length
was whether the establishment of "basing points for prices is not subject
to favoritism as between one community and another, which may create
public objections and resentments of the effect of those basing points," and
whether the basing point "serves a useful or necessary purpose."
1176
Financial Chronicle
In his reply Mr. Lamont stated: "It is the general understanding that
the NIRA was not intended to upset the normal and customary course
of operations of industries in the country, especially where to do so would
disrupt the course of business in the industry and require extensive readjustments with resulting losses and increase in unemployment during the
period of readjustment. In the preparation of the code long and careful
consideration was given to the subject of basing points and to the question
as to what basing points should be included as basing points for the respective products coming under the code. It was the accepted view of
the members of the code that the practice of establishing prices for products
in the industry upon basing points was a sound economic practice and should
be continued without substantial change."
Mr. Lamont explained that the basing points for a particular product
are the principal localities at which such a product is made. Referring to
certain objections to the omission of St. Louis as a basing point, Mr.Lamont
said that if St. Louis were to be made a basing point for certain products
"Boston or another place where they are used would have the right to
make the same demand and to expect it to be complied with."
Complaints Called Negligible.
"The AdminIstrator must have been impressed," Mr. Lamont said,
"by the small number of complaints, really negligible, from consumers.
Wide publicity has been given to the code, yet the provisions of it have so
generally been recognized as in the public interest and the interest of consumers, as well as producers, through the elimination of practices which
have resulted in unfair advantaegs in the past that the only complaints
registered were negligible, and for the most part were based on misunderstanding of the provisions of the code."
Li Mr. Lamont discussed fully the one provision in the code in reference to
price fixing. His memorandum stated:
Lt"To answer the specific question asked by Mr. Richberg regarding this
Section 5: It does give the board of directors power to fix a fair base price
for a product, but only if the member of the code which shall have established a base price for such product that the board shall after investigation
have determined to be unfair shall fail within ten days after notice of the
board's determination in that regard to file with the Secretary under the
code a list showing a fair base price for such product. It is apparent,
however, that the power conferred upon the board of directors by this
section is not intended to be, and cannot in practice be, used for the purpose of exercising general control over prices in the industry.
"Under the provisions of such section, all the decisions of the board of
directors, together with the reasons therefore, must be filed with the
President, and the Administration will, therefore, be in position to determine at any time whether the exercise by the board of directors of the
powers conferred upon it by such section is in any way prejudicial to the
public interest, and to take such action under the NIRA as the Administration may deem necessary or proper in the premises.
Anti-Trust Act Heeded.
"We repeat, this provision of Section 5 or Schedule F is the only provision in the code with reference to price-fixing. The code, therefore, does
not in any respect seek, or contain any provision that can amount to a
relaxation of the anti-trust laws in any way in respect to the fixing of prices."
Mr. Lamont said it was believed that the steel code was the first submitted
to the President under the NIRA which contained definite and detailed
provisions "designed to remove from the industry to which it relates unfair
and destructive competitive practices which have prevailed in the past
by regulating the manner in which members of the industry shall establish
the prices for, and sell, their products."
Oil Industry Adopts Modified Blanket Agreement on
Hours and Wages, Pending Settlement of Terms of
Disputed Petroleum Code
-40
-Hour Maximum Week
for Marketing Operations and 36 Hours in All Other
Branches—Minimum Wage Rates Vary According
to Geographical Location.
A modification of the President's blanket code to specify
a scale of wages and hours for the oil industry, pending final
settlement of the controversial petroleum code, which is
now under consideration, was approved by Gen. Hugh S.
Johnson, Recovery Administrator, on Aug.9. After authorizing the modification the NRA issued a statement which
said that, as a result of this action, thousands of oil producers, refiners and dealers throughout the country are
offered the choice of two methods to obtain the NRA Blue
Eagle insignia. One method is to sign the unmodified Presidential re-employment agreement for a maximum 35-hour
work week and a minimum wage of 40 cents an hour, except
in retailing operations. The second is to sign a modified
agreement which fixes a 40
-hour maximum week for marketing operations and a 36-hour week in all other branches
of the industry. Filling station employees, under this agreement, will be paid on a graduated scale of $12 to $15 a week,
according to population. Minimum wages in other divisions
of the industry range upward from 40 cents an hour in
various geographical districts. These modified provisions
as to hours and wages have been approved unaimously by
the industry in order to allow interested companies to obtain
the Blue Eagle insignia, pending the consideration of other
problems. The minimum wage scales were detailed as
follows in a Washington dispatch of Aug. 9 to the New York
"Herald Tribune":
For Drilling,Production, Refining and Pipeline Operations,
Middle Atlantic Division.—New York, New Jersey, Pennsylvania, 52
cents. 4«
New England.—Maine, New Hampshire, Rhode Island, Massachusetts,
Connecticut, 52 cents.
East North Central.—Obio, Indiana, Illinois, Michigan, Wisconsin,
52 cents.
I., West North Central.—Minnesota. Iowa, Missouri, North Dakota,
Nebraska, Kansas, 48 cents.
South Atlantic.—Delaware, Maryland, District of Coumbia, Virginia,
West Virginia, *North Carolina, *South Carolina, *Georgia, *Fieticia,
45 cents.
Aug. 12 1933
East South Central.—Kentucky, Tennessee. *Alabama, Mississippi,
45 cents.
West South Central.—Arkansas, *Louisiana, Oklahoma, *Texas, 48 cents.
Mountain.—Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Nevada, Utah, 50 cents.
Pacific—Washington, Oregon, California, 52 cents.
For refinery and pipeline work in States indicated, not more than
10%, constituting common labor only, of the total number of employees
In any plant or operation may be paid at not less than 80% of this minimum
rate.
Marketing Wages Also Fixed.
In marketing operations all employees, including clerical, executives,
supervisors and their immediate staffs, shall work not more than 40 hours
a week. The minimum rates for the employees (other than those employed in filling or service stations, garages or other institutions which sell
gasoline to the public) in each of the geographic divisions above specified
shall be as follows:
Middle Atlantic Division.—New York, New Jersey, Pennsylvania,
47 cents.
New England.—Malne, New Hampshire, Vermont, Rhode Island, Massachusetts, Connecticut, 47 cents.
East North Central.—Ohio, Indiana. Illinois, Michigan, Wisconsin,
47 cents.
West North Central.—Minnesota, Iowa, Missouri, North Dakota, South
Dakota, Nebraska, Kansas, 42 cents.
South Atlantic.—Delaware, Maryland, District of Columbia, Virginia,
West Virginia, *North Carolina, *South Carolina, *Georgia, *Florida,
40 cents.
East South Central.—Kentucky. Tennessee, *Alabama, *Mississippi,
40 cents.
West South Central.—Arkansas, *Louisiana, Oklahoma, *Texas, 40 cents.
Mountain.—Montana, Idaho, Wyoming, Colorado, New Mexico, Arizona, Nevada, Utah, 45 cents.
Pacific.—Washington, Oregon, California, 47 cents.
* For market operations in states so marketed, not more than 10%,
constituting common labor only, of the total number of employees in any
plant or operation may be paid at not less than 80% of this minimum rate.
The agreement fixes minimum wages for filling, service station or garage
employees employed in selling gasoline to the public at not less than $15 in
cities of more than 500,000 population; not less than $14.50 in cities between
250,000 and 500.000; not less than $14 in cities of from 2,500 to 250,000,
and requires a 20% increase in wages for employees in towns of less than
2,500 provided the increase does not involve wages in excess of $12 a week.
Twelve Industries Authorized to Modify Accords on
Hours and Wages in Signing President'sRe-employment Agreement—NRA Predicts Move Will
Affect Several Hundred Thousand Workers—General Johnson Approves Changes, Pending Hearings
on Individual Codes—Industries Include Printing,
Wheat, Flour Milling, &c.
Orders were issued on Aug.4 by General Hugh S. Johnson,
Recovery Administrator, authorizing the adoption of modified Presidential re-employment agreements by 12 important
industries. It was estimated at the NRA offices in Washington that several hundred thousand workers would benefit by
the agreement. The industries included in the order were
advertising specialties, ice cream, fluid milk, knitted outerwear, oil burners, optical, paint, varnish and lacquer, printing, Printer's League Section of New York Employing
Printers' Association, toys, wheat flour milling, lumber,
lumber products, building materials and building specialties.
By authority of General Johnson the maximum hours of work
and minimum wage provisions of the codes of fair competition submitted by these industries will be substituted for
the hour and wage requirements of the Presidential agreement pending hearings on the separate codes. The hours
and wages which will govern the industries under the modified
agreements are as follows:
Advertising specialties: Minimum wage of 30 cents an hour for a 40
-hour
work week, with exceptions for peak or seasonal rush periods.
Knitted outerwear: Minimum wage of 35 cents per hour, or $14 per week
for a 40-hour work week, except in the cases of apprentices and persons not
classed as operatives in the industry, with operations of knitting and
winding machinery limited to two shifts of 40 hours per week and other
-hour shift per week.
productive machinery to one 40
Retail dealers in lumber, lumber products, building materials and building specialties: the modified agreement, adopting the schedules of the
pending code, provides for a 40-hour week throughout the industry with
exceptions for executives, supervisory staff and outside salesmen, temporary emergency employees and seasonal employment under certain conditions. Minimum wages fixed, varies in different States.
Oil burner industry: An average work week of 35 hours, with variations
of from 32 to 40 hours to meet seasonal requirements and a yearly average
of 38 hours for installation and service is established, with minimum wages
of 46 cents an hour for all employees except office employees, who will
receive a minimum of $15 a week for a 40
-hour week.
Optical industry: The modified agreement establishes a 40-hour week
with seasonal exceptions and provides for payment of time and one-third
for overtime work. Minimum wages of 40 cents per hour for workers whose
wages total not less than 75% of the entire pay roll, 325i cents per hour for
those whose wages total not more than 20% of the entire pay roll, and a
minimum of 25 cents an hour for those whose wages total not more than
5% of the entire pay roll, the latter class including office help, apprentices
and casual employees.
Paint, varnish and lacquer industry: A maximum of 1,088 hours in
any 26 weeks period—the equivalent of 40 hours for 20 weeks and a maximum of 48 hours per week for six weeks within any six months period
is prescribed. Minimum wages are fixed as follows: $15 a week in cities
of over 500.000 population; $14.50 in cities of from 250.000 to 500,000;
814 In cities of from 2,500 to 250.000; and in towns of less than 2,500
It is provided that employers shall increase all wages not less than 20%
provided this shall not require wages in excess of $12 per week; mechanical
workers' and artisans' wages, 40 cents per hour for male employees and
Volume 137
Financial Chronicle
35 cents for female employees and male employees under 18 years of age,
but in no case less than 30 cents an hour.
-hour week for
Printing industry: The modified agreement fixes a 40
for overtime wages.
all mechanical employees with provision .
Printers' League Section of New York Employing Printers' Association,
-hour day with a maximum of 40 hours a week and time and
Inc.: An 8
one-half for overtime.
-hour week, with exceptions
Toy and plaything industry: Provides for a 40
for seasonal peaks, and fixes minimum wages_of 30 cents an hour or $12
per week for all employees except learners.
-hour week and minimum
Wheat flour milling: Provides for a maximum 40
wages ranging from $14 to $15 a week in towns of from 2.500 to 250.000
or more population. In towns of less than 2,500 population employers are
required to increase wages 20% provided the increase does not require
wages in excess of $12 a week.
Minimum wages for mechanical workers and artisans range from 45 cents
an hour in cities of 500,000 or more population to 37;i cents in smaller cities
and towns with a differential of 5 cents per hour in the territory east of the
Mississippi River and south of the Ohio and Potomac Rivers. Women
employed on so-called "light work" are to receive 30 cents an hour.
Fluid milk Industry: Establishes a 48 hour week for factory and pasteurizing plant workers including artisans and mechanical workers and all other
classes of inside and outside employees except outside route salesmen and
managerial forces. Accounting, clerical and office help will work not to
exceed 40 hours subject to a 10% tolerance monthly: and minors between
the ages of 14 and 16 years will be permitted to work not more than three
hours a day between 7 a. m. and 7 p. m. in such work as will not interfere
with the hours of day school.
Ice cream Industry: The same maximum hours provisions adopted for the
fluid milk industry are included in the modified agreement for the ice cream
industry.
President Roosevelt Approves Code for Electrical
Manufacturing Industry, Affecting 125,000 Employees—General Johnson Predicts It Will Result
in Greater Employment Than Ever Before—
Minimum Wage 40 Cents an Hour, with Few Exceptions.
Approval of a Code for the electrical manufacturing industry by President Roosevelt was announced on Aug. 5 by
General Hugh S. Johnson, Recovery Administrator, who said
that the new agreement meant that more persons than ever
before would be employed in the industry. General Johnson
predicted that when improvement in business necessitates
an operating rate of 60% of the 1929 volume, "there will be
employed in the industry a greater number of persons than
to be found at any peak operation." About 125,000 persons
now employed will be affected by the Code, which does not include radio manufacturers. Minimum wages were set at 40c.
an hour, except where the wage on July 15 1929 was lower.
In no case, however, is any person to receive less than 32c.
an hour. The work week in most processing departments is
fixed at 36 hours, while in all other departments except administrative, traveling and commission sales personnel the
maximum week is 40 hours. Further details of this Code, as
given in Washington advices to the New York "Times," on
Aug. 5, follow:
Affecting the entire electrical manufacturing industry except the radio
manufacturers, from the General Electric Co. and the Westinghouse Electric
& Manufacturing Co. down to the smallest manufacturer, the Code is expected to put to work more hands than have ever been employed in the
industry.
"The provisions of the Code will result in a substantial increase in wages,"
said General Johnson's report to the President, recommending the Code,
"and when improvement of business requires the industry to operate at 60%
of the 1929 volume there will be employed in the industry a greater number
of persons than are to be found at any peak operations."
In 1929 the electrical industry employed 328,000 persons with a total payroll of $456,000,000, the value of its products being in excess of $2,000,000,000. The proponents of the Code, representing 75% of the industry's
capacity, reported that more than 125,000 persons at present employed in
sections of the industry will come under the Code.
The Code prohibits the employment of any one under 16 years of age. It
designates the National Electrical Manufacturers' Association as the administrative and supervisory agency for enforcement. A board of directors will
control the collection of statistics, which are to be kept confidential.
Manufacturers using printed price lists shall file with the supervisory
agency any changes in the list within 10 days. Manufacturers are forbidden
to sell, directly or indirectly, at prices lower than those provided and circulated. Subdivisions of the industry will have their own supervisory agency
appointed by the board or executive committee of the National Electrical
Manufacturers' Association.
The Code, as finally submitted to the President, had the full approval of
the Labor, Industrial and Consumers' Advisory Committees.
The hearings on the electrical manufacturing Code were
noted in our issue of July 29, page 795.
Utilities Code Submitted, Affecting 350,000 Employees
—Edison Electric Institute and American Gas
Association Offer to Sign Modification of Presi-hour Week, with
dential Agreement—Provides 40
48 Hours in Emergencies—Permanent Codes to Be
Presented Later.
Modified blanket codes were submitted to the NRA by
the Edison Electric Institute and the American Gas Association on Aug. 5 with a request that their members be
permitted to sign the President's re-employment agreement
with certain exceptions as to hours of labor for highly technical employees. The electric code was approved by Dudley
Cates, Deputy Administrator, and the Administration's
1177
labor advisers, and was presented to General Johnson for
his consideration. The gas code was deferred in order to
clarify the language regarding the employees who would
be subject to longer hours than those specified in the President's agreement. A description of the leading features
of the two tentative codes is quoted below from a Washington
dispatch of Aug. 5 to the New York "Times":
Both utilities have "load dispatchers, gas production workers, substation operators" and the like, who with their crews keep vigilant watch
on the operation of the gas and electric plants throughout the Nation.
Stating that the utilities work night and day, the institute and the gas
association asked that such men with their crews be permitted to work
up to 48 hours weekly until substitutes can be trained.
This would be done "as rapidly as is consistent with the rendition of
safe and continuous service" of gas and electricity. Furthermore, the
skilled workers would be reclassified later.
The Presidential standard of hours and wages is adhered to in the two
-hour
temporary codes except in the instance stated, and also where a 48
week is allowed in emergencies, but even here there must not be more than
collar workers conform to the
-day period. White
40 hours weekly in a 90
Presidential language ranging them from $12 weekly in towns of 2,500 to
$15 in cities of 500,000.
The electric institute proposed a step highly endorsed by Mr. Cates—
namely, that each member should periodically file with the Government
data relating to hours and wages. This scheme, which "is to keep the
President and the Administration informed," might, it was intimated, lead
to a uniform accounting system for public utilities, and, it was said,"might
correct abuses." Mr. Cates said that a uniform system would "lead to
more wholesome practices and be beneficial to the public and the Government."
The proffered code of the Edison Electric Institute, successor to the
National Electric Light Association, was signed by George B. Cortelyou,
President, and the American Gas Association code by Alexander Forward,
managing director. Natural gas is not included in the latter code and that
industry will send in a program of its own. Other public utilities, such as
street railways are expected to offer codes very soon.
One hundred per cent, co-operation by the two utilities was promised
to General Johnson yesterday and the codes arrived in Washington to-day.
It is said that 350,000 employees will be'affected by the two proposals.
General Johnson is expected to act on the electric code within a day or two,
and, according to intimations, no great difficulty is expected in arranging
the language of the gas code to suit the labor advisers.
General Johnson Says Newspapers May Sell Advertising
Space for Announcements of "Blue Eagle" Firms.
From Washington Aug. 8 the New York "Journal of
Commerce" reported the following:
Gen. Hugh S. Johnson, Recovery Administrator, to-day said a warning
he issued against racketeers who are attempting to get people using the
Blue Eagle to pay for inclusion in a so-called roll of honor, had been misinterpreted.
"Some people have construed this as preventing newspapers from selling
advertising space for the announcements of Blue Eagles firms and individuals," he said. "That is an absurdity. The NRA wants all publicity
given to the use of the emblem and, obviously, there are no strings on the
newspapers as to the form, shape, size or character of their ads solong as
the advertisers are bona fide members of the Blue Eagle fraternity."
A_previous:item in the same paperafromLWashington
rig. 7 said:
Various rackets having for the.r object the obtaining of money in connection
Pubwith the NRA have come to the attention of Administrator Johnson.
lications using misleading titles, conveying the impression that they are
merchants, manufacturers
sponsored by NRA, are attempting to charge
and others for listing as entitled to the use of the Blue Eagle banner, &c.
charging
A minor form is that of some local newspaper associations
honor list.
business men for listing their names on what purports to be an
NRA,and no
None of these enterprises has the slightest countenance of the
other
such authority will be given to any paper, pamphlet, book, chart or
publication to capitalize the patriotism of those who have joined with the
Administration in putting over the restoration drive. The Administration
will receive complaints ofsuch practices and will take proper action thereon,
it announced to-day.
Retail Grocersi Warned Against Shortening Business
Hours Belowi Minimum In President's Re-employment Agreement—Deputy Administrator Whiteside's Telegram to Retail Grocers' Association.
A threat of the withdrawal of the blue eagle insignia of
the NRA from retail grocers seeking to shorten store hours
in contravention of the terms of President Roosevelt's reemployment agreement was issued in Washington, on Aug. 6,
by A. D. Whiteside, Deputy Recovery Administrator. This
was made known in a Washington dispatch, Aug. 6, to the
New York "Journal of Commerce," which also had the following to say:
Warns Indiana Grocers.
His [Mr. Whiteside's] attention called to the fact that in several communities in Indiana, retailers are seeking to enter into agreements among
themselves to shorten the number of store hours they are open for business,
Mr. Whiteside in a telegram to the Indiana Retail Grocers' Association
asserted that not only was this in violation of the re-employment pact, but
was out of step with the plea made for greater than 40 man work hours each
week in the particular case of the grocers.
It had been contended by the grocers that neighborhood stores in particular are required for convenience of the public to remain open long hours,
the average for the country being estimated at 73 per week. It was because
of this situation that the NRA was moved to allow the grocery trade to employ their workers for 48 hours per week, while limiting employment in
other retail establishments to 40 hours.
Text of Message.
The text of Mr. Whiteside's telegram follows;
"Chairman of the Indiana Retail Grocers' Association, Claypool Hotel,
Indianapolis, Id.: You are urged to give serious consideration to the fact
1178
Financial Chronicle
that in several local communities retailers are making joint agreements to
shorten store hours. This is not in keeping with either the spirit or the
fact as expressed in the President's re-employment agreement or in the
President's statements regarding re-employment of which the essence is to
effect an increase both in re-employment and in wages to those employed.
"In the Presidential agreement the absolute minimum hours of any store
which customarily operated more than 52 hours is 52 hours. The average
number of hours which retail grocers were open was by their national committee stated to be 73 hours. They said they did not want their hours
shortened because of possible loss of business. On this representation grocers
were given especial consideration and allowed 48 hours work for the
employees.
•
Held Code Violation.
"If the store hours are reduced by agreement to any number of hours
below 63 hours the re-employment which is anticipated through the allowance of the 48 man-work hours each week will not be obtained and the
understanding upon which the food and grocery distributors and the retail
codes was based will not have been carried out. The proposal to shorten
store hours is in violation of Section 8 of the President's re-employment
agreement.
"Reconsideration of the provisions of the retail codes and possible withdrawal of insignia will be necessary immediately if community or concerted
action to shorten store operating hours is taken.
"General Johnson awaits a report on the resolution of your Association
pertaining to this vitally important subject."
Printers to Fight Newspaper Code—Head of Union
Declares It Fails to Conform to Spirit of NIRA
—Sees Workers Ignored—Invitation for Conferences in Formulating Document Was Not
Accepted, He Says.
Charles P. Howard, President of the International Typo:iphical Union, in a statement at Washington on Aug. 9,
Teclared that the code submitted Aug. 8 by the American
—
Newspaper Publishers Association "does not conform to
either the spirit or the letter" of the NIRA. As to Mr.
.
Howard's contentions, we quote as follows from the Washington advices Aug. 9 to the New York "Times":
Asserting that the NIRA anticipated conferences between employees
and employers in formulating a code, Mr. Howard said that the newspaper
publishers' proposal was prepared "without conference and without consideration of the rights of the employees or their representatives."
Bid for Parleys Rejected He Says.
"An invitation extended by the Typographical Union to the Publishers
Association for conferences was not accepted," said Mr. Howard,"and the
specious plea was made that to apply a code to the newspapers would
interfere with the freedom of the press."
"It was apparent," he continued. "the newspaper publishers intended
to use their great influence to escape rules and regulations which were
to be applied to every other industry in the Nation
"Exemption was to be secured if possible and if not exemption the attitude
of the publishers was one of silent resistance. The representatives of the
employees will resist the code presented and we shall oppose the modification of Section 7 of the NRA as it is an attempt to restrict the rights of the
workers, prevent them from bargaining collectively through representatives
of their own choosing and also legalizing individual contracts between
employers and employees.
"We shall also oppose the 40 and 44
-hour week proposed in the Code.
Cites Union Activities.
"The members of the Typographical Union have spread employment
by limiting thamselves to five days per week for five days' pay. In addition to this they have accepted reductions in wage rates and have assessed
themselves heavily to pay benefits and grant relief for those for whom
there was no employment.
"When the services of these unemployed members were needed during
prosperous times they were available for the profit of publishers. During
the period of the depression the entire burden of caring for the unemployed
has rested upon the shoulders of the employed members and no part of this
burden has been borne by the employers. Now the Association presents a
code which would extend the hours of labor rather than reduce them.
"The printing trades unions will oppose approval of the proposed code
and offer a substitute when hearings are held."
Newspaper Publishers File Code with NRA—Provides
40
-hour Week for Clerical and Union Employees
Not Covered by Contracts—Reporters and Editors
Excepted as Members of "Professional Class"—
Minimum Wages Exceed Those in Blanket Scale—
Specific Provision Made Against Licensing.
The newspaper pyblishers of the United States filed a
Code to govern wages and hours of employment with the
NRA on Aug. 8, and offered to operate under President
Roosevelt's blanket re-employment agreement with certain
modifications. Shortly after this Code had been submitted,
many newspapers throughout the country announced that
they had accepted its provisions. The Code specifically
excepts "professional persons," or those in managerial,
supervisory or executive capacities who receive more than
$35 a week. Editors and reporters are classified as members
of a profession. The agreement provides that the maximum
work week for accounting, clerical, office, service or sales
employees (except outside employees) would be 40 hours,
while a similar maximum is specified for factory workers,
mechanical workers or artisans, with the right to work a
44
-hour week within any six months' period. For both
classes an exception was made to cover existing contracts.
The minimum wage for office workers and mechanical
workers was fixed on a population basis ranging from $15
to $12 a week. The committee of newspaper publishers
Aug. 12 1933
which formulated the Code issued the following statement
on Aug. 8:
A code on behalf of newspaper publishers, in full sympathy with the
purposes of the NIRA, adjusting wages and hours of employment, was
submitted to the NRA to-day.
This code is the result of deliberations consuming more than three weeks
by a committee of 25 publishers, representing the American Newspaper
Publishers Association, the Southern Newspaper Publishers Association.
the Inland Press Association, the New England Press Association and
other organizations of publishers of daily newspapers.
It was the unanimous opinion of the full committee that no sound ground
for objection could be offered to the code as prepared.
Newspapers are not a national industry: they are, on the contrary, by
nature and necessity, local in their scope. Conditions in each locality
control and regulate such fundamental factors as number of editions, time
of publication, method of distribution, &c. It is obvious, for example,
that costs in Salem, Ore., can have little or no effect on the cost of publishing a paper in New York.
With nearly 2,000 daily newspapers in the United States, having circulations ranging from about 1,000 copies daily to over 1,000,000 daily, the
problem of preparing a code which, in its main features, would be equitable
to all was necessarily a difficult and complicated one.
1111 For this reason, while minimum wages and maximum hours are proposed,
provision was made for flexibility in communities whore there might be a
Shortage of competent labor.
The allegation is constantly made that this or that industry is a peculiar
one, and while daily newspapers have no desire to set up for themselves
any threadbare argument,it is proper to call attention to these facts.
Im In NRA Bulletin No. 2, Paragraph 7, Section A,it is stated:
An average work week should be designed as far as possible to provide
for such a spread of employment as will provide work, so far as practical,
for employees normally attached to the particular industry.
This desired end has been substantially maintained by daily newspapers.
If the country at large had kept its employment and payrolls on the level
of the newspaper industry, there would have been no need for any codes
at all.
Newspaper publishers do not claim that this is due to any especial patriotism on their part, but solely because a daily newspaper, by its very
nature, is under the compulsion of continuous production.
A daily newspaper cannot materially reduce its forces or shut down its
plant in keeping with reduced revenues. The very depression, uncertainty
and ferment which hinder business and reduce employment throw an increased demand upon newspapers to secure and distribute the news.
There is no major business activity in the United States which operates
throughout on higher wage scales or whose payrolls represent so large a
proportion of cost of production. Wages alone account for approximately
50% of the total cost of daily newspaper production.
Now,as to the constitutional aspects of this question, the NIRA provides
that those subject to its provisions may be licensed and also authorizes
the use of injunctions to restrain violations. With the authority to license,
there is also the power to deny,suspend and revoke licenses.
These provisions cannot be applied to newspapers because of the specific
prohibition in the First Amendment to the Constitution of the United
States against the enactment by Congress of any law abridging the freedom
of the press.
This committee is not authorized to express any decision for individual
newspapers, and every publisher will, as of right, decide for himself what
course he will pursue in this instance. Certain considerations, however,
must be faced.
First, under a government by the people,and above all,in times of doubt
and distress, no single privilege is as essential to the preservation of free
institutions as a free press.
Second, no press can be free if it may be compelled to operate under a
license or be subject to injunction. It does not matter how generous or
broad the terms of that license may be, nor with what honesty of purpose
and solemnity of promise the intention is declared to leave each newspaper
full liberty of expression, the fact remains that on the day on which the
press submits to a license it will have abdicated its posit.on and abandoned
Its trust.
Once let the principle of licenses be established and a way will be opened
that cannot be closed for the "revocation of such licenses for the violation
of the terms or conditions thereof."
The above statement is made so that all may know of the difficulties
confronting newspaper publishers and of their desire to co-operate with the
President in his program for recovery.
The text of the letters and accompanying Code submitted
to the NRA on Aug. 8 by the American Newspaper Publishers Association follows:
New York City, Aug. 7 1933.
TheNational Recovery Administration, Washington, D. C.
and letter requesting the substitution of certain
Mrs.—The attached code
provisions therein for provisions in the President's blanket agreement, together with the elimination of certain provisions in the blanket agreement.
are submitted in behalf of daily newspapers of the United States—members of the American Newspaper Publishers Association, the Inland PresS
Association, the Southern Newspaper Publishers Association, the New
England Publishers Association and other organizations of publishers of
daily newspapers which, by this submission, hope to give material assistance
to the President's prosperity drive.
The organizations above referred to, representing the great majority of
publishers of daily newspapers in the United States, through their duly
authorized representatives, approved this code at a meeting in the offices
of the American Newspaper Publishers Association at New York on Aug. 4
and 5. Not only were the terms unanimously approved but a committee.
composed of John Stewart Bryan, Amon G. Carter and the undersigned.
was designated to present it and urge its approval by you.
The board of directors of the American Newspaper Publishers Association,
its Federal laws committee and representatives of the other organizations
have been in almost continuous session on this problem for more than two
weeks past. During that period they have been in constant contact with
publishers throughout the country and feel certain that the code herewith
submitted will receive almost unanimous support from publishers of daily
newspapers.
This code provides for a shortening of hours, for minimum wages higher
than provided in the blanket agreement, for the maintenance of existing
contracts and the reservation -of the constitutional right of a free press—
which cannot be abridged by the application of a licensing system or
the
use of injunctions to suppress a newspaper.
In our opinion, in the highest possible degree, It supports the
President's
program, and we ask your approval thereof.
Very truly yours,
HOWARD DAVIS,
President American Newspaper Publishers Assn.
Financial Chronicle
Volume 137
Substitute Paragraphs Proposed.
New York City, Aug.7 1933.
The National Recovery Administration, Washington, D. C.
Sirs.—Attached hereto you will find a code prepared in accordance with
the provisions of the National Recovery Act by the American Newspaper
Publishers Association, for which approval is requested, in behalf of publishers of daily and/or Sunday newspapers, members of the association and
others who may desire to become party to such a code.
It is respectifully requested that Paragraphs (1), (2), (3), (4) and (5) of
this code be accepted as substitute paragraphs for Paragraphs (1) to (7)
inclusive in the President's blanket agreement; that Paragraphs (9). (11).
(12). (13) and (14) of the President's blanket agreement be eliminated. so
that publishers signing the President's blanket agreement and this code,
with the substitutions and eliminations above proposed,should be considered
as having done their part in the President's re-employment drive.
The substitution of Paragraph (1) in this code for Paragraph (1) in the
President's blanket agreement is essential to the preservation of the present
circulation structure of newspapers.
The substitute Paragraph (2) meets the intent of the similar paragraph
in the President's agreement as it applies specifically to our business.
The same may be said for our substitute Paragraphs (3) and (4).
Our Paragraph (5) covers the matters referred to in Paragraphs (5). (6)
and (7) of the President's agreement, in so far as they relate to conditions
In our business.
The elimination of Paragraph (9) is requested as publishers do not sell
merchandise and this paragraph does not apply.
The elimination of Paragraph (11) is requested because the submission of
the code by the American Newspaper Publishers Association makes it
unnecessary
The elimination of Paragraph (12) is requested because it does not apply
to newspaper publishing.
0.The elimination of Paragraphs (13) and (14) is requested because the
signing of this code makes them unnecessary.
Very truly yours,
•
HOWARD DAVIS.
President American Newspaper Publishers Assn.
TEXT OF CODE.
(Code of the Amer.can Newspaper Pubishers Association.)
Preamble.
The association as referred to herein shall mean the American Newspaper
Publishers Association and all daily and/or Sunday newspapers which sign
this code.
The term "newspapers" as used herein shall include daily and/or daily
and Sunday newspapers.
The term "newspaper publishing" as used herein is defined to mean the
publishing of newspapers issued daily. and, when such is the case, on Sun,days, in the United States.
The term "publishers" as used herein shall include individuals, partnerships, associations and corporations which are actually engaged in the publishing of daily and/or Sunday newspapers.
Purpose.
Being in sympathy with the spirit and purpose of the National Industrial
Recovery Act, but realizing the constitutional limitations upon the application of various provisions of the act to the press, this association: whose
members are engaged in newspaper publishing, desires to present this code
to the President, the better to forward the program looking toward tho economic and business recovery of the United States the necessity for which is
stated in Title I, Section 1, of the act.
The Association.
The American Newspaper Publishers Association is a voluntary membership corporation, not for profit, organized and incorporated under the
laws of the State of New York. A copy of its by-laws is hereto attached,
marked Exhibit A, and asked to be read as a part hereof, Membership
within the association is open to any publisher who conforms to the requirements of membership therein, but for the purpose of this code any publisher
who finds it impracticable to become a member of the association, but who
subscribes hereto, shall be considered as having accepted his share of
responsibility and shall be entitled to the benefits of its provisions.
This code shall take effect upon approval by the President and shall continue in force until June 15 1935, unless prior thereto the President shall
by proclamation or the Congress shall by Joint resolution declare that the
emergency recognized by Section 1 of the act has ended, in either of which
event it shall terminate.
Obligations of Members.
Publishers agree:
(1) After Aug. 31 1933, or prior thereto upon approval by the President,
not to employ any person under 16 years of age (a) except for the delivery
or sale of newspapers where such work does not interfere with hours of day
school, and (b) except persons between 14 and 16 years of age for other
work between 7 a. m. and 7 p. m., not to exceed three hours per day, in
employment in other than mechanical or manufacturing departments.
(2) Not to work any accounting, clerical, office, service or sales employees
(except outside employees) in any office or department for more than
40 hours in any one week, except as provided in existing contracts and
agreements.
(3) Except as provided in existing contracts and agreements, not to
employ any factory or mechanical worker or artisan more than 40 hours
per week, but with the right to work a maximum week of 44 hours for any
six weeks within any six months' period during the term of this agreement.
(4) That the maximum hours fixed in the foregoing paragraphs (2) and
(3) shall not apply to professional persons employed in their profession;
nor to employees employed in a managerial, executive or supervisory capacity who receive more than $35 per week; nor to special cases where restrictions of hours of highly skilled workers on continuous process would unavoidably reduce production, but, in any such special case, at least time and
one-third shall be paid for hours worked in excess of the maximum, except
as provided in existing contracts and agreements. However, when necessary,
because of an emergency, overtime and extra shifts above the limitations
herein set forth shall be permitted, provided that no employee, other than
one engaged on emergency maintenance or repair work, shall be permitted
to work more than 48 hours in any one week.
(5) Not to pay any full-time employees of the classes mentioned in
Paragraph (2)less than $15 per week in any city of over 500.000 population
or in the immediate trade area of such city; nor less than S14.50 per week
in any city of between 250,000 and 500,000 or in the immediate trade area
Of such city; nor less than $14 per week in any city of between 2,500 and
250,000 population or in the trade area of such city; nor less than $12 per
Week in towns of less than 2,500 population. A full-time employee mentioned in paragraph (2) will receive as much for the shorter day, week
or month, in the event full time is worked, as heretofore. A full-time em-
1179
ployee mentioned in paragraph (3), in the absence of contracts or agreements obligating work in excess of 40 hours per week, and whose hours of
work are reduced in accordance with this code, will be entitled to receive
an hourly rate of pay not less than the hourly rate which prevailed in his
community on July 15 1929, for the same work. Population for the purposes of this code shall be determined by reference to the 1930 Federal
MMUS.
(1) That employees shall have the right to organize and bargain collectively through representatives of their own choosing, and shall be free from
the interference, restraint or coercion of employers of labor, or their
agents, in the designation of such representatives or in self
-organization
or in other concerted activities for the purpose of collective bargaining or
other mutual aid or protection;
(2) That no employee and no one seeking employment shall be required
as a condition of employment to join any company union or to refrain from
joining, organizing or assisting a labor organization of his own choosing;
(3) That employers shall comply with the maximum hours of labor,
minimum rates of pay and other conditions of employment, approved or
prescribed by the President, and
(4) That no employee shall be required to join any organization to
secure or retain employment or to secure the benefits of this code, and the
right of every individual to refrain from joining any organization, and the
right of employee and employer to bargain together free from interference
by any third party, is hereby recognized.
Mutual Agreements.
It is mutually agreed: That during the term of this code, nothing herein
contained shall require publishers to adjust, abrogate, violate or in any way
to deviate from the terms and conditions of any contract or agreement now
in effect with any employee or group of employees, and where, by the
specific terms of such contract or agreement provision is made for the renewel thereof by agreement or by arbitration, nothing herein contained
shall serve to abrogate such a provision; it is also mutually agreed that
nothing herein contained shall be construed as giving any employee or group
of employees the right to abrogate or violate any contract or agreement
now in effect with an employer or require an adjustment of the conditions
therein provided in any way other than as such adjustment is provided
for in such contract or agreement.
It is further mutually agreed: That it is not the purpose of this code to
require the payment of punitive overtime rates and that in any city where
there is a sufficiency of competent labor, publishers in the readjustment of
their schedules of hours of employment, not subject to existing contracts
and agreements,shall be free to readjust such schedules within the maximum
hours hereinbefore provided, at rates of pay not less than the minimum so
provided, and that no law, rule, regulation or order of any organization
or group of employees shall require a publisher, as a part of this code, to
pay punitive rates for services rendered within the maximum hours of
work bereinbefore specified; further, that in any city where there is no surplus of labor of any particular class or classes essential to the production
of a daily newspaper, the maximum hours specified in paragraphs (2) and
(3) shall not apply, and upon due certification to the NRA of the fact that
there is no surplus, publishers may employ any employee not to exceed
48 hours in any one week at pro rata rates of pay, based on the maximum
hours specified in paragraphs (2) and (3).
Nothing in the adoption and acceptance of this code shall be construed
as waivering, abrogating or modifying any rights secured under the Constitution of the United States or of any State, or limiting the freedom
of the press.
It is mutually understood that because of the limitations of the First
Amendment to the Constitution of the United States nothing in this code
shall be construed as authorizing the licensing of publishers and (or) newspapers or as permitting injunction proceedings which would restrain the
publication of newspapers.
AMERICAN NEWSPAPER PUBLISHERS ASSOCIATION.
By HOWARD DAVIS,President.
NRA Approves Modified Agreements on Wages and
Hours for Magazine and Periodical, Paperboard
and Battery Industries.
Modified President's re-employments agreement approved
by the NRA on Aug. 7, established minimum wages and
maximum hours for the magazine and periodical industry
and the electric storage and wet primary battery industry,
as well as maximum hours for the paper board manufacturing
industry. The specified schedules will be effective for the
industries mentioned, pending hearings on their respective
Codes of fair competition. Under the modification approved
for magazines and periodicals, minimum wages are set at
40 cents an hour for men and 35 cents an hour for women
employed on manufacturing processes and 32M cents an
hour for women engaged in clerical work, with a maximum
work week of 40 hours. A substitute provision regarding
wages reads as follows:
"To effectuate the policy of this code, maximum working hours shall
be uniform over the whole country. Standard working hours shall be
40 hours per week, but editors, business executives and sales people receiving
not lass than $35 per week shall not be limited by this requirement. These
standard working hours shall not apply to employees engaged in the maintenance of plant and machinery.
It is not the intention of this provision to limit the number of days,
hours per day or shifts that any publisher may operate. In case of necessity, arising from an emergency or the character of the work, or from the
inability to obtain competent labor, permission may be granted by the
executive committee of the institute upon proper showing being made to
exceed the foregoing limitation, providing such permission may be granted
only upon the condition that no employee shall work more than 200 hours
in any five-week period and not more than 48 hours in any one pay roll
week, overtime at not less than time and one-third to begin after eight
hours in any one day.
In the electrical storage and wet battery industry, the
maximum work week was set at 40 hours for persons engaged in the processing of products, and the same provision
applied to most other persons in the industry receiving less
than $35 a week. The minimum wage for employees in
processing work was set at 90 cents an hour, while the
1180
Financial Chronicle
minimum for all other employees, except commission sales
persons, was fixed at $15 a weex, with office boys or girls
and learners to receive a differential under that figure.
The substitution approved by the NRA for the paperboard manufacturing industry reads:
The maximum number of working hours of all employees engaged in the
production of paper board,shall be eight hours a day and 40 hours per week.
Employees may be employed for such additional bolus in any week asshall
be necessary for maintenance of equipment, provided such additional
hours shall be permissible only with respect to employment on equipment
which is not in operation.
Such maximum hours of labor shall not apply in cases of emergency for
protection of property.
Inter-State Commerce Commission Refuses to Order
Cut in Freight Rates—Present Level Not Depressing Trade According to Ruling—Preservation
of System Is More Important Than Lower Tariffs,
the Commission Holds.
-to-3 deThe Inter-State Commerce Commission, in a 7
cision, made public Aug. 5, rules the general railroad freight
rate structure to be reasonable in the light of present conditions and refused to order a blanket reduction as requested
by farm, lumber, coal and'other interests. The Commission
asserts, however, that the decision must not be regarded as
holding that all existing charges are fair, and suggests that
the carriers consider revisions downward in rates on grain,
lumber and export coal. "Rate revisions must be continued
without abatement to meet new conditions," it says. "Rate
peaks must be retained where justified and cut down where
found unjust."
The decision was on a petition filed in January by farm
organizations, the National Coal Association and the National Lumber Manufacturers' Association, which held that
freight rates had been maintained at prosperity period levels
while commodity prices dropped. The Commission says that
after allowance for the recent upturn in commodity prices
the freight rate level "is still relatively higher than the commodity price level." It holds further that commodity prices
alone are not the controlling factor in determining the reasonableness of rates; that present rates as a whole are "not
depressing the volume of traffic or business of the country,"
and that general rate reductions "would not stimulate the
aggregate volume of traffic by railroad, except so far as they
would tend to recover traffic from competing forms of transportation."
The majority of the Commission states that net revenues
of the carriers last year were only half those of the "depression year" of 1921, and that, after making full allowance
for the recent upturn in the volume of traffic, if rates in
general were lowered as much as 10% the net revenue soon
"would probably fall short of meeting fixed charges" by more
than $20,000,000. A blanket cut now in the revenues of the
carriers, the decision says, would "threaten the continuance
of adequate railroad service, and, by preventing maintenance
and other work would tend to increase unemployment."
"With general reduction in freight rates no greater than
10%," it continues, "unless there were a greater increase in
traffic than now seems probable, and unless large additional
Government aid were extended many more carriers would be
forced into receivership or reorganization, with consequent
serious losses to investors in railroad securities, among whom
are many savings banks and life insurance companies."
In a dissenting opinion, Commissioner Clyde B. Aitchison
says that the existing rate level constitutes a violation of the
Inter-State Commerce Act's provisions prohibiting "unjust
and unreasonable rates," and that, while the industrial recovery program presented "countervailing tendencIes," It
was not intended to cure "maladjustments and disparities in
rates." "The successful consummation of the policies and
plans now under way," says Mr. Aitchison, "calls for rate
structure better adapted to what the traffic can bear and
what it will bear, and not adherence to schedules which
simply force tonnage to other forms of transport, shut it off
from movement or compel the relocation of industry. We
ought to settle the matter and not leave it in the limbo of
continued uncertainty as is done by the majority report."
While refusing the application for lower general rates, the
Commission points out that the emergency surcharges on
freight which it authorized in December 1931 would expire
(after being extended from March 31 1933) Sept. 30 next.
This alone will cut the nation's freight bill by from $60,000,000 to $100,000,000. Excluding these surcharges, the
Commission says that present rate level is more than 20%
below that of 1920 and more than 10% under that immediately following the rate cut of 1922. The Commission sug-
Aug. 12 1933
gests that the railroads consider placing in effect voluntarily
the reduced grain rates it ordered on July 1 1930. The
United States Supreme Court went against the Commission
in this proceeding and ordered the old rate restored. The
Commission reopened the case and hearings are expected to
be concluded at an early date. "Although we are not warranted in this proceeding in requiring readjustments of
grain rates or even in definitely suggesting that respondents
should make such readjustments," the Commission says,
"nevertheless they should give consideration to voluntary
revision of their rates in the light of our original decision
and of the additional evidence developed at the further hearings, so far as that is at present possible. This applies particularly to certain border adjustments."
Commissioners Claude R.Porter and William E. Lee joined
in Commissioner Aitchison's dissent. Commissioner Joseph
B. Eastman, the railroad Co-ordinator, did not participate.
The official summary of the Commission's decision
follows:
1. There appears to be a general impression that the freight rate level
has been reduced from the peak of 1920 only by the general 10% reduction
of 1922. On the contrary, thousands of reductions have been made by us
and by carriers since that year. The average ton-mile earning in the first
quarter of 1933 was about 22% below the 1920 peak and 11% below the
level resulting from the 1922 reduction. Excluding the emergency charges
which are scheduled to expire with Sept. 30, the present ton-mile earnings
are about 24% below the peak and 13% below those of 1923. The general
average rate level probably has not declined as maph as the ton-mile earnings, because of the loss of much short-haul traffic, which has no doubt
increased the average haul and depressed the average rate per ton mile.
However, it is clear that the general freight rate level is substantially below
that immediately following the general reduction of 1922. The lowering,
however, has not been uniform, many rates not having been reduced at all
since 1922, and others having been reduced as much as 50% or more.
2. It is difficult to see how general rate reductions would increase the
total volume of business of the country unless they bring about increased
consumption through lowered prices to consumers. During the depression,
prices to consumers have, without stimulating consumption, been lowered
to a far greater extent than could possibly result from a rate reduction as
great as 25%. Purchasing power has, of course, been low. The record
does not support a conclusion that general reductions in rates would materially increase the commerce of the country or that they would increase
rail freight traffic except to the extent that they would result in recovery
of tonnage from motor and water carriers.
3. Greatly increasing amounts of traffic are being lost to competing motor
and water carriers by the rail lines, and the latter have been forced to make
numerous large rate reductions, sometimes 50% or more, in efforts to retain
their present traffic or to regain traffic already lost to these competitors.
General reductions, substantial in amount, would recover some traffic from
motor and water carriers and tend to minimize further losses to such competitors; but as such competition exists either not at all, or only to a
limited extent, as to a considerable proportion of the traffic, the loss in
revenue on the latter will more than offset thegain from the recovered traffic. It is both natural and proper that the development of trucks and water
carriers should result in loss by the rail carriers of that traffic which can
be most economically handled by these other forms of transportation. But
the unrestrained and destructive competition between motor carriers, between water carriers, and of both with rail carriers, is not only having an
unduly depressing effect upon the revenues of the rail carriers but is exerting a disorganizing influence upon business in general and tending to prevent the maintenance of a stable and nondiscriminatory rate adjustment by
the rail carriers. These conditions will undoubtedly exist so long as interState motor and water carriers are exempt from requirements that their
rates be published and maintained on a reasonably stable and nondiscriminatory basis.
4. After giving full consideration to the recent upturn in business, there•
is little probability that the volume of freight traffic in the next 12-month
period will exceed that of 1931.
5. In 1932 tax accruals amounted to over 10%, and compensation of employees to nearly 57% of the total operating expenses and taxes. These two
items constituted about 67% of such expenses. Public announcement has
been made that the major part of the 57% portion will not be reduced at
this time. Fuel and supplies constitute the major portion of the remaining
expenses. Prices of these materials have been at a very low level and are
more likely to increase than to decline. Consequently, there is no immediate prospect of material reduction in railway expenses, although greater
economy and efficiency in operation are no doubt ultimately possible through
greater co-operation and co-ordination, and in other ways. Such questions
are being investigated by us in a pending proceeding and by the Federal
Coordinator of Transportation.
6. The recent upturn In business and traffic, if continued, will, at present
rates, result in materially greater gross revenue in the ensuing year than
in the one just past; but the favorable effect upon that revenue will be in
some measure offset by further losses of traffic to competing motor and
water carriers and by further rate reductions to meet such competition; and
its full effect will not be reflected in net income because of the added expense of handling the additional traffic and the necessity for greater maintenance expenditures.
7. Based on the best estimate we are able to make of traffic, expenses, and
taxes likely to exist in the coming 12-month period, with freight rates 10%
below those of 1931, the carriers as a whole would fail to earn their fixed
charges by over 20 million dollars. With rates 25% below those of 1931,
the probable net income would fall short of meeting fixed charges by
nearly $500,000,000.
8. With a general reduction in freight rates no greater than 10%,
unless
there were a greater increase in traffic than now seems probable, and
unless
large additional Government aid were extended, many more carriers
would
be forced into receivership or reorganization with consequent serious
losses
to investors in railroad securities, among whom are many savings banks
life insurance companies. With a 25% reduction, such receivershipand
or
reorganization would be inevitable for all but the strongest carriers.
9. Considerable amounts of money will be needed by the carriers to meet
maturing obligations, necessary expenditures for deferred maintenance,
and
for other purposes. Unless such funds are furnished by the
Government,
Financial Chronicle
Volume 137
would
they must be obtained from private sources. A reduction of 10%
impossible, to
so impair the carriers' credit as to make it difficult, if not
obtain the necessary money.
10. The value of the service to the shipper, when measured solely by the
decline in commodity prices and by the depressed condition of industry, has
been lowered. The recent upturn in commodity prices, coupled with the
general imFederal Government's recovery program, indicates that further
provement in price level and the condition of industry may be expected, thus
lessening the disparity between commodity prices and the condition of
industry, on the one hand, and freight rates on the other. But shippers, as
well as the public generally, are vitally interested in stability of rates and
service.
in the maintenance of adequate and efficient railway transportation
The maintenance of such service is one of the elements to be considered in
measuring the value of the service to the shipper. A general reduction in rates
at this time would threaten the possibility of furnishing adequate transportation service to the public. The benefit which would accrue to the
average agricultural or industrial shipper from a general reduction in rates
would be small compared with the disastrous effect on respondents' revenues
and credit. These elements, considered together, indicate that a general
reduction in rates would not be in the public interest.
11. Certain interveners have advocated reductions on so-called basic commodities only. Others take the position that in the event general reductions
are not required, separate consideration should be given to the commodities
in which they are interested. There is little evidence of record by which
to judge the reasonableness of rates on particular commodities or descriptions of traffic. No one has presented or can present a workable definition
of basic commodities, nor has anyone shown how a list of such commodities
chuld be selected without creating prejudice and preference as between different industries and disastrous results to some. The movement of particular
commodities is much greater on some railroads than on others. Reductions
confined to particular commodities would therefore have materially greater
effect upon some carriers than upon others. Although the revenue effect
of a percentage reduction confined to certain commodities would be less in
the aggregate than the same horizontal percentage reduction applied to all
traffic, its effect upon particular carriers would in many cases be practically as severe.
12. In our first report in the Fifteen Per Cent Case, 1931, supra, Oct. 16
1931, we said at page 580, under the heading "The Railroad Future":
The railroads now furnish the backbone and most of the other vital bones of the
transportation system of the country, and we believe this will be the situation for a
long time to come. We are not Impressed with the thought that they are doomed,
in anything like the near future, to go the way of the stage coach and canal.
The most effective remedy for the immediate Ills of the railroads is the economic
recovery of the country. The present low earnings are not the result of low rates;
may be
but reflect general industrial conditions. . . . While the tide Improve slow
than
In turning, there is no more reason for thinking that business will not
a thing of the past and that we
there was in 1928 for thinking that depressions were
take
were in an era of permanent prosperity. . . . When railroad earnings . . a
sharp turn upward as in due time they will, railroad credit will also rise. so great
and
So far as freight service is concerned, the railroads have so many hauls and the
Inherent advantages of economy, particularly.In the case of the longer withstand the
they will not be able to
heavier traffic, that we can not believe that
competition of the motor trucks. It may be that some traffic must permanently be
surrendered to the trucks but for the most part it is traffic on which the railroads
have always claimed that they lost money.
At that time we believed that the depression was the principal cause of
the then unfavorable condition of railroad revenues and credit; that, while
motor competition had had serious and probably permanently adverse effect
upon passenger traffic and earnings, the competition of water and motor
carriers was comparatively unimportant in the handling of freight and did
not loom large in the general railroad situation; and that with recovery
in business no general alarm need be felt for the future of the railroads.
The depression has been much more prolonged and severe than it was
then possible to foresee. The competition of other forms of transportation
has grown to such formidable proportions that the opinion expressed in 1931
no longer portrays the situation. Formerly it Was thought that competing
motor carriers were taking and would take principally short-haul less-thancarload traffic, and that water carriers would take principally low-grade
freight. Time has disproved both of these beliefs. Water carriers are now
taking much high-grade, long-haul traffic. Trucks are handling less-thancarload freight over long distances and also vast quantities of freight which
heretofore has moved on the railroads in carloads, principally commodities
which have been most profitable to the railroads. Until the advent of
active water and truck competition rates were made largely on the theory
of what the traffic could reasonably bear, low-grade articles having taken
relatively low rates and high-grade articles relatively high rates. A large
part of the carriers' profit was thus derived from the higher grade commodities, but to-day much of the latter traffic either is lost to motor or
water carriers or is handled at rates which produce little or no profit. In
the 1933 Act the Congress points to the need, in the public interest, of
adequate and efficient railway transportation service. But such service can
not be maintained if the cream of the railroads' traffic is to be taken by
competitors and if we require reductions on the traffic not subject to competition. If carriers can not earn enough to pay the cost of service, plus a
reasonable profit, all incentive for continuing the service is removed. The
country is not ready to abandon its railroads. We believe that it is our
duty to do that which presents the greatest promise of preserving in operation the efficient railroad mileage of the country. General reductions in
rates would tend to defeat that end.
Findkg.
We find that the present freight rates and chafges subject to the Act, in
the aggregate, as a whole or in the several rate groups, or as applicable to
specified commodities or descriptions of traffic, are not shown to be unseasonable.
The conclusions reached in this proceeding are without prejudice to those
which may be reached in other proceedings in which the reasonableness of
particular rates or rates on particular commodities is or may be in issue.
What we here conclude is that general reductions are not warranted, and
tint there is not sufficient evidence to determine what reductions, if any,
should be made in rates on particular descriptions of traffic or on particular
commodities. Nothing here said should be construed as an expression of
opinion that all rates throughout the country are necessarily reasonable, or
that no rate changes of importance are needed.
We ordered revision and reduction of grain rates in the western district
and for export on July 1 1930. The rates so ordered went into effect, but
as a result of a decision of the Supreme Court of the United States the old
rates were restored. We thereupon reopened the proceeding for further
hearing. It is expected that the latter will be concluded at an early date.
Subsequent steps in the proceeding will be taken as expeditionsly as possible.
Although we are not warranted in this proceeding in requiring readjustments
of grain rates or even in definitely suggesting that respondents should make
such readjustments, nevertheless they should give consideration to voluntary
1181
revision of their rates in the light of our original decision and of the additional evidence developed at the further hearings, so far as that is at present
possible. This applies particularly to certain border adjustments.
The exportation of bituminous coal to Europe and South America has
almost ceased, although in former years there was a large movement from
which the rail carriers derived considerable revenue. The carriers have
been giving consideration to requests of coal operators for lower export
rates intended to revive this traffic, but favorable action has been prevented,
at least in part, by the fear that the carriers would be forced to make
similar reductions on coal moving beyond the ports to destinations in the
United States and Canada. This record is insufficient upon which to base
an opinion as to whether undue prejudice would result from the establishment of such export rates, but we feel warranted in saying that there is
nothing here to indicate that undue prejudice would result from the establishment of such rates. Carriers are urged to give further consideration to the
subject.
The lumber situation has been hereinbefore discussed at some length. The
carriers may well give consideration to the inroads upon this traffic by trucks
and water carriers, particularly the latter, with a view to determining
whether there are instances in which lower rates might result in greater
rail movement and net revenue. The same comment may be made of a number of other commodities.
As soon as sufficient time has elapsed so that it can be determined with
reasonable certainty that the prices of particular commodities have stabilized on a level lower than that of commodities in general, and that the
rates on such commodities are higher than they can reasonably bear, consideration should be given by respondents to readjustments of such rates
in harmony with the changed conditions. The general process of rate revision to meet competition of other forms of transportation, to meet other
contemporary conditions, and to facilitate the free flow of commerce must
continue without abatement. Any industry may bring the rate level on its
commodities to our attention with a view to bringing about such readjustments in the rates thereon as may be warranted by changed conditions which
appear to have sufficient permanency to be used as a basis for readjusting
rates.
The proceeding will be discontinued.
$119,959,404 Advanced by Reconstruction Finance
Corporation in June as Compared with $169,635,492
in May—$17,366,883 to Bank and Trust Companies
in Operation—Closed Institutions Advanced $21,474,583 to Aid in Reorganization or Liquidation.
The June report of the Reconstruction Finance Corporation issued July 31 indicated an improvement in the conditions of the nation's banks. The report showed that during
the month $38,841,466 was advanced for banks and trust
companies as against $64,110,259 in May. Of these totals
$21,474,583 was advanced to aid in reorganization or liquidation of closed banks in June, as against $35,850,500 in May.
The report also contained the following according to the
New York "Times" of Aug. 1:
Loans and advances totaling $119,959,404.78 were made by the Corporation in June, as against $169.635,492.82 in May, a decrease of E49.676,088.04. This shows the continued decrease in loans by the Corporation.
Loans and advances in April were $205.582.631.38.
The Corporation authorized 349 loans in June and made a number of
advances. Loans authorized were $116,706,358.95, while authorized increases aggregated $3.253.045.83.
The largest advance was $46.199.120 to mortgage-loan companies and
the next largest was $36.831.439 in relief grants to farmers under the
1933 act.
Building and loan associations received $1,823,911.83; insurance cornpanies, $1.689,185.22; mortgage-loan companies, $49,842,643.93, and a
credit union. $50.000,000.
Joint stock-land bank loans totaled $3,130,000 and those to Agricultural
Credit Corporations, $201,022.01. Regional Agricultural Credit Corporporations had advances of $17,315,175.20 and live Stock Credit Corporations $116,000.
Authorizations to railroads were only $6,950,000, the smallest in many
months.
During the mrth $70,000,000 of the series C 33i% notes authorized by
the board of directors, on April 29, were sold to the Secretary of the TressurY. making $1,585.000,000 of notes outstanding.
The Corporation also paid $6.100,000 to the Treasury for making
payments on stock of the Federal Home Loan Banks. This made a total
of $42,970.000 paid to the Treasury for this purpose.
Payments made to the Emergency Relief Administrator as aid to States
were $36,831.439.
Subscriptions were authorized for preferred stock in 20 banks and trust
companies to the amount of $4,838.000 and four loans of$3,350,000.secured
by preferred stock authorized in June.
Bank stock subscriptions were as follows, (a) indicating no part of the
amount had been disbursed up to June 30:
First National Bank, Gadsden, Ala.. $125,000 (a); First National Bank,
Conway, Ark., $25.000; Tradesmen's National Bank, New Haven, $200.000; Winthrop Trust Co., New London, Conn., $75.000 (a); First National
Bank and Trust Co.. Evanston, Ill.. $150,000; Marion National Bank of
Marion, Ind.. $250,000 (a); National Bank of Waterloo, Iowa, $60.000:
First National Bank, Paintsville, Ky.,$100,000 (a); First National Bank of
Jefferson Parish, Gretna, La., $100,000 (a); Baltimore National Bank.
$1,500,000 (a); First National Bank of Athol, Mass., $100,000 (a): Birmingham (Mich ) National Bank.$60.000; Lansing National Bank,$250.000
(a); First National Trust and Savings Bank, Port Huron. Mich.. $500.000;
Wolfeboro (N. H.) National Bank, $123,000; First National Bank and
Trust Co., Asheville, N. C.. $150.000; South Carolina National Bank of
Charleston, $800.000 (a); Farmers National Bank, Appomattox, Va..
$20,000; Petersburg Savings and American Trust Co., Va., $200,000 (a);
Bank of Waverly. Inc.. Va..$50.000.
Loans on preferred stock were: September Co.. San Francisco. $2.500,000
Military Investment Company, Port Huron, Mich., $400.000: Shelby
Loan and Mortgage Co.. Shelby, N. Y., $250.000 and Williamson Mining
and Land Co., Williamson, W. Va.. $200,000.
The Reconstruction Finance Corporation's statement of
condition, as of the close of business, June 30 is as follows
according to the New York "Times":
1182
Financial Chronicle
ASSETS.
Item—
Cash on deposit with Treasurer of United States
Funds held in suspense by custodian banks
Petty cash funds
Allocated for expenses regional Agricultural Credit Corporations—
Farm Credit Administration
Advanced for Federal Emergency Relief Administration expenses_Allocated to Secretary of the Treasury (1)
Allocated to Secretary of the Treasury (2)
Allocated to Land Bank Commissioner
Allocated to Secretary of Agriculture (3)—less reallocated as capital of regional Agricultural Credit Corporations (544,500,000)_ _
Capital regional Agricultural Credit Corporations
Loans under Section 5—
Proceeds disbursed (less repayments):
Banks and trust companies (4)
$685,527,567.62
Credit unions
549,200.70
Building and loan associations
82,299.375.29
Insurance companies
73,921,882.30
Federal Land Banks
21.800,000.00
Joint Stock Land Banks
7,754,907.82
Live Stock Credit Corporations
. ,
•
Mortgage loan companies
155,906,961.
88
Regional Agricultural Credit Corporations,
107,350,218.95
Other Agricultural Credit Corporations
2,137,918.28
Railroads (including receivers)
359,184,351.20
Total proceeds disbursed
Proceeds not yet disbursed:
Banks and trust companies (4)
Building and loan associations
Insurance companies
Federal Land banks
Joint Stock Land Banks
Live Stock Credit Corporations
Mortgage loan companies
Regional Agricultural Credit Corporations
Other Agricultural Credit Corporations
Railroads (including receivers)
Amount,
53,283,014.40
658,483.87
5,070.00
5,260,000.00
10,067.49
124,741,000.00
200,000,000.00
300,000000.00
155,500,000.00
44,500,000.00
81.500,816,851.91
870,183,926.11
1,402,110.63
8,676,859.07
3,200.000.00
9,064,981.18
147,500.00
10,842,221.49
4,415,485.42
427,835.34
25,063,193.49
Total proceeds not yet disbursed
$133,424,112.73
-Liquidating Projects (Sec. 201-a)—
Loans and Contracts for Self
Proceeds disbursed (less repayments)(by purchase of bonds, certicates and notes—par $29,769,750)
829,462,386.41
Proceeds not yet disbursed (contracts, bonds, certificates and notes
—par $185,944,700)
184,947,896.26
Loans for Repair or Reconstruction of Property Damaged by Earthquake, &c.—
Proceeds disbursed (less repayments)
676,795 00
Proceeds not yet disbursed
9,771,105.00
Loans to Institutions under Section 201-d—
Proceeds disbursed (less repayments)
2,748,595.20
Proceeds not yet disbursed
1,720,621.60
Relief Authorizations (1932 Act)—
Proceeds disbursed (less repayments)
298,073,703.77
Proceeds not yet disbursed
1,460,151.23
Relief Grants (1933 Act) (5)—
Proceeds disbursed
37,910,142.00
Proceeds not yet disbursed
13,621,589.00
Loans Secured ho Preferred Stock, Ranks and Trust Companies—
Proceeds disbursed
12,185,000.00
Preferred stock banks and trust companies purchased
31,083,000.00
Subscriptions authorized
3,950.000.00
Capital notes and debentures banks and trust companies purchased
200,000.00
Advance for Care and Preservation of Collateral—
Proceeds disbursed (less repayments)
174,245.14
Proceeds not yet disbursed
96,666.59
Collateral purchased (cost, less proceeds of liquidation)
1,956,698.86
Accrued interest receivable
29,441,722.46
Reimbursable expense
369,668.87
Furniture and fixtures, less allowance for depreciation (544,793.76)
364,705.69
Total
53,128,413,293.48
LIABILITIES AND CAPITAL.
Payable to Secretary of the Treasury (1)
881,771,000.00
Payable to Secretary of the Treasury (2)
199,000,000.00
Payable to Land Bank Commissioner
297,800,000.00
Payable to Secretary of Agriculture (Farm Credit Administration) (3)
40,500,000.00
Callable by Farm Credit Administration for expenses of regional
Agricultural Credit Corporations
4,278,334.63
Liability for funds held for regional Agricultural Credit Corp'ns
3,000,000.00
Liability for funds held as cash collateral
975,802.89
Proceeds not Yet Disbursed—
Loans under Section 5
133,424,112.73
Loans and contracts for self-liquidating projects. Sec. 201-a
184,947,896.26
L08119 for repair or reconstruction of property damaged by earthquake, Oa
9,771,105.00
Loans to institutions under Section 201-d
1,720,621.60
1,460,151.23
Relief authorizations (1932 Act)
Relief grants (1933 Act) (5)
13,621,589.00
Advances for care and preservation of collateral
96,666.59
Subscription authorizations preferred stock banks and trust com3,950.000.00
panies
25,244,941.70
Cash receipts not allocated, pending advances
2,231,339.43
Miscellaneous liabilities (including suspense)
Liability for funds held pending adjustment
2,602.09
2,472,447.92
Unearned discount
Interest refunds and rebates payable
47,572.27
8,803,211.26
Interest accrued
Series "C" 3)4% notes
1,585,000,000.00
500,000,000.00
Capital stock
17,804,757.73
Surplus Dec. 31 1932
Interest earned, less interest and expenses (Jan. 1 1933. through
10,489,141.15
June 30 1933)
Total
53,128,413,293.48
NOTES.
(1) Section 2 of the Reconstruction Finance Corporation Act, as amended by
the Federal Home Loan Bank Act, provides that "in order to enable the Secretary
of the Treasury to make payments upon stock of Federal Home Loan Banks subscribed for by him in accordance with the Federal Home Loan Dank Act, the sum of
$125,000,000 or so much thereof as may be necessary for such purpose, Is hereby
allocated and made available to the Secretary of the Treasury out of the capital of
the corporation and/or the proceeds of notes, debentures, bonds and other obligations Issued by the corporation." The amount of such stock subscribed for by the
Secretary of the Treasury Is $124,741,000
(2) Section 4-B of the Home Owners' Loan Act of 1933 provides that "the Board
(Federal Home Loan Bank Board) shall determine the minimum amount of capital
stock of the corporation (Home Owners' Loan Corporation) and is authorized to
increase such capital stock from time to time in such amounts as may be necessary,
but not to exceed in the aggregate $200,000,000. Such stock shall be subscribed for
by the Secretary of the Treasury on behalf of the United States and payments for
such subscriptions shall be subject to call in whole or in part by the board and shall
be made at such time or times as the Secretary of the Treasury deems advisaele. . . .
In order to enable the Secretary of the Treasury to make such payments when called.
the Reconstruction inance Corporation is authorized and directed to allocate and
make available to the Secretary of the Treasury the sum of $200,000,000, or so much
thereof as may be necessary, and for such purpose the amount of notes, bonds, debentures or other such obligations which the Reconstruction Finance Corporation
is authorized and empowered under Section 9 of the Reconstruction Finance Corporation Act, as amended, to have outstanding at any one time, Is hereby increased by
such amounts 88 may be necessary." The amount of such stock subscribed for by
the Secretary of the Treasury is 5200,000,00 .
0
(3) Allocated in accordance with the provisions of Section 2 of the Reconstruction
Finance Corporation Act, approved Jan. 22 1932, as amended. On Feb.4 1933, the
President approved an act authorizing the Secretary of Agriculture to request the
corporation to advance to him the balance of the sum authorized to be allocated under
Section 2 of the act of Jan. 22 1932 (eecepting the amount used to establish Agricultural Credit Corporations under Section 201 (E) of the act of July 21 1932), and
directing the corporation to make such advances, regardless of the amount of its
obligations outstanding at the time of making such advances, the sums thus advanced
together with the sums collected or to be collected from loans made by the Secretary
Aug. 12 1933
of Agriculture during the year 1932 under Section 2 of the act of Jan. 22
1932, to be
available to the Secretary of Agriculture to make loans for crop production during
the year 1933 not to exceed $90,000,000 in amount. Under an
Executive order
Issued by the President, under date of March 27 1933, there were transferred
Jurisdiction and control of the Farm Credit Administration the functions to the
Secretary of Agriculture under all provisions of law relating to the making of of the
advances
or loans to farmers, fruit growers, producers and owners of livestock
to individuals for the purpose of assisting in forming or increasing and crops, and
the capital stock
of agricultural credit corporations, livestock loan companies, or like
organizations,
except Public Resolution No. 74. Seventieth Congress, approved Dec.
21 1928,
providing for the Puerto Rican Hurricane Relief Commission and the
Crop
tion Loan Office and the Seed Loan Office of the Department of Agriculture Producand the
functions thereof.
(4) Loans under Section 5 of the Reconstruction Finance Corporation
Act to aid
in the reorganization or liquidation of closed banks have been
authorized in the
aggregate amount of $160,998,570.08, of which $7,945,387.76 has been
cancelled.
After taking into consideration repayments of $48,966,008.83,items (4)
sheet include the balance of $71,060,779.94, representing proceeds of the balance
disbursed (less
repayments) and $33,026,393.55 representing proceeds not yet disbursed.
(5) Under the provisions of the Federal Emergency Relief Act of
1933 the corporation is authorized and directed to make available $500,000,000 for
the Federal Emergency Relief Administrator, payment to be made expenditure by
by
tion upon certificate of the Federal Emergency Relief Administrator. the corporaIn addition to loans and other authorizations reflected on the
statement of condition, the corporation has approved in principle, loans in the amount
of
034.97 and purchases of preferred stock and debentures of banks and trust $260,399,companies
in the amount of $14,095,000, upon the performance of specified
conditions.
This statement of condition does not take into consideration expenditures
incurred
but not paid by the corporation at the close of business June 30 1933,
nor income of
regional agricultural credit corporations whose capital stock was subscribed
by the
corporation.
$2,819,136,788 Advanced by Reconstruction Finance
Corporation During Period from Feb. 2 1932 to
July 29 1933—$728,119,600 Repaid—Banks Advanced $1,221,878,164 of Which $545,072,969 Has
Been Repaid—Loans to Railroads.
The Federal Government has made cash advances of
$2,819,136,788.92, through the Reconstruction Finance
Corporation since that agency began operation on Feb. 2
1932, according to a report made available Aug. 5 by the
Corporation. The report said that repayments amounting to
$728,119,600.92 have been received.
Excluding advances required by law to be made: (1) to
the Secretary of Agriculture for crop loans; (2) to the Secretary of the Treasury for purchase of stock of the Home Loan
Bank and the Home Owners' Loan Corporation; (3) to the
Land Bank Commissioner for loans to Joint Stock Land
banks and farmers; and (4) to States and Territories for
relief purposes upon certificates from the Federal Emergency Relief Administrator, the report noted that the
Corporation has authorized loans and other advances of
funds totalling $3,244,719,426.87, since it began operations.
Of this, $269,604,014.78 was withdrawn or canceled and
$422,215,680.14 is still at the disposal of the borrowers.
The report continued:
Banks were the largest class of borrowers. Loans authorized
to 6,278
of them aggregated $1,496,073,488.51. Of this amount,
$184,582,600.06
was canceled or withdrawn, $89,612,723.58 remained to the
credit of
the borrowers and $1,221,878,164.87 was disbursed in cash,
of which
3545.072.969.71, or 45%, has been repaid. Last month at this
time
repayments were 38% of disbursements.
Since the passage of the Emergency Banking Act, the
Corporation
has agreed to purchase $47,330,500 of preferred stock or capital
notes and
debentures to aid in organizing or reorganizing banks and to
make loans
for that purpose aggregating $14,348,000 secured by
preferred stock.
Under these authorizations 350,083,000 in cash has been
disbursed. In
addition to these agreements, the Corporation has made
conditional agreements to subscribe for $56,600,000 of preferred stock or capital
notes and
debentures and to loan $1.100,000 upon preferred stock.
Disbursement
of funds on these conditional agreements is awaiting
compliance with
the conditions.
Under Section 36 of the Emergency Farm Mortgage Act of
1933, the
Reconstruction Finance Corporation is provided with an
appropriation
of 350,000,000 for loans to refinance the indebtedness of
drainage, levee
and irrigation districts. The Corporation has received 121
applications
which are being considered at the present time and
several appraisals
have been ordered—priority being shown to districts in the
greatest distress and in which all of the bonds have been deposited for
settlement
on a very low basis. Indications are that the first loans
will be made
on the basis of approximately 35%•
Cash advances, according to the report were as follows:
(Figures as of close of business, July 29, unless otherwise
indicated.)
By the Secretary of Agriculture to farmers for crop loans in 1932
from funds furnished him by the Reconstruction Finance Cor. ...
. ..._ ______ _.............. .
_
poration _ ....
564,204,503.06
By the Secretary of Agriculture
for crop loans in 1933(to July 31)_ _
56,770,018.91
By the Reconstruction Finance Corporation:
To the Secretary of the Treasury for purchase of Horne Loan
Bank stock
47,070,000.00
To the Secretary Of the Treasury (Or purchaseof Home Owners'
Loan Corporation stock
1,000,000.00
To the Land Bank Commissioner to make loam to Joint Stock
Land banks and to farmers under the Emergency Farm
Mortgage Act of 1933-- _ - _ ----------- ----------------2.200,000.00
To the following classes of borrowers under
Section 5 of the Reconstruction Finance
Corporation Act:
Banks and trust companies
$1,221,878,164.87
Railroads
381,026,501.51
Mortgage loan companies
177,579,880.31
Regional agriculture credit corporations
10 :779 0 071
4 7 2 7 5:
0 9 : 58 76
9
Building and loan associations
Insurance companies
84,781,336.45
Federal Land banks
23,800,000.00
Livestock credit corporations
12,255,530.78
Federal Intermediate Credit banks
9,250,000.00
Joint Stock Land banks
8,796,696.30
Agricultural credit corporations
4,603,551.72
Credit unions
565,148.70
$2,175,108,575.1 I
To aid In organization or reorganization of bank and trust companies through purchase of preferred stock or capital notes
and debentures
37,858,000.00
To aid in organization or reorganization of banks and trust coinpanics through loans secured by preferred stock
12,225,000.00
To States, territories and political sub divisions of States for
relief purposes under the Emergency Relief and Construction
Act of 1932
299,838,296.82
Financial Chronicle
Volume 137
To States for relief purposes under Federal Emergency Relief
Act of 1933 upon certificates from Federal Emergency Relief
Administrator
To aid in financing self-liquidating construction projects that
will provide employment (under Section 201 (a) ), including
S1.120,170.00 for repair and reconstruction of buildings
damaged by earthquake,fire and tornado
To aid in financing sale of agricultural surpluses in foreign
markets (under Section 201 (c))
To finance the carrying and orderly marketing of agricultural
commodities and livestock produced in the United States,
(under Section 201 (d) of the Emergency Relief and Construction Act of 1932)
79,114,990.01
37,961,601.92
1,497,503.38
4,288,299.71
Repayments were as follows: (Figures as of close of
business, July 29.)
By farmers on 1932 crop loans
By farmers on 1933 crop loans
By borrowers under Section 5 of the Reconstruction Finance Corporation Act:
$545,072,969.71
Banks
49,742,168.41
Railroads
29,208,228.54
Building and loan associations
22,243,319.33
Mortgage loan companies
21,463,996.59
Regional agricultural credit corporations
196;02540812.804o;
Insurance companies
Federal Intermediate Credit banks
8,171,348.81
Livestock credit corporations
2,402,798 06
Agricultural credit corporations
226,818.50
Joint Stock Land banks
16,825.86
Credit unions
By borrowers on self-liquidating projects
By borrowers for relief purposes
By borrowers to finance carrying and orderly marketing of agricurtural commodities (under Section 201 (d))
$21,875,889.64
796,787.85
$703,847,316.68
52,100.00
466,145.00
1.081,361.75
The loans authorized to each railroad, together with the
amount disbursed to and repaid by each are shown in the
following table contained in the report (July 29):
Authorized.
$
Disbursed.
127,000
127,000
Aberdeen & Rockfish RR.Co
275,000
275,000
.
Alabama Tennessee & Northern RR.Corp.__
2,500,000
2,500,000
Alton RR. Co
634,757
Ann Arbor RR.(receivers)
634.757
400,000
400,000
Ashley Drew & Northern Ry. Co
71,625,000 68,985,378
Baltimore & Ohio RR.Co
41,300
41,300
Birmingham & Southeastern RR. Co
7,569,437
7,569,437
Boston & Maine RE. Co
53,960
Buffalo-Union Carolina RR.Co
350,000
549,000
Carlton 4: Coast RR. Co
3,124,319
3,124,319
Central of Georgia By.Co
464,298
500,000
Central RR.Co.of New Jersey
5,916,500
5,916,500
Chicago & Eastern Illinois Ry. Co
31,232,133 30,632,133
Chicago & Northwestern By. Co
1,289.000
1,289,000
Chicago Great Western RR
8,000,000 8,000,000
Chic. Milw. St. Paul & Pac. By. Co
1,150,000
Chic. North Shore & MIlw.RR.Co
1,150,000
13,718,700 13.718,700
Chic. Rock Island & Pacific Ry.Co
8,300,060
10,398,925
Cincinnati Union Terminal Co
Columbus & Greenville Ry. Co
Copper Range RR. Co
Denver & Rio Grande Western RR.Co
Erie RR. Co
Eureka Nevada By. Co
Florida East Coast Ry.(receivers)
• Fort Smith & Western By. (receivers)
Fredericksburg & Northern By. Co
Gainesville Midland Ry. (receivers)
Galveston Houston & Henderson RR. Co.....
Georgia & Florida Ry. (receivers)
Great Northern By. Co
Green County BE. Co
Gulf Mobile & Northern RR. Co
Illinois Central RR. Co
Lehigh Valley RR. Co
Main Central RR. Co
Maryland & Pennsylvania RR. Co
Meridian & Higbee River Ry. Co
Minn.St. Paul & S.Ste Marie By.Co
Mississippi Export RR. Co
Missouri Pacific RR.Co
Missouri Southern RR. Co
Mobile & Ohio RR. Co
Mobile & Ohio RR.Co.(receivers)
Murfreesboro-Nashville Ry. Co
New York Central RR Co
New York Chicago & St. Louis RR.Co
New York New Haven atr Hartford RR.Co
Pennsylvania RR. Co
Pere Marquette By. Co
Pittsburgh & West Virginia Ry. Co
puget Sound & Cascade By. Co
st. Louis-San Francisco RR. Co
St. Louis Southwestern By. Co
Salt Lake Jr Utah RR.(receiver)
Sand Springs By. Co
Southern Pacific Co
Southern By. Co
Tennessee Central Ry. Co
Texas Oklahoma & Eastern RR,Co
Texas & Pacific Ry. Co
Texas South-Eastern RR. Co
TUckerton RR. Co
Wabash By.(receivers)
Western Pacific RR. Co
Wichita Falls de Southern RR. Co
Wrightsville & TenniIle BE. Co
Repaid.
153,960
230,027
39,182
141,500
2,518,000
838
44,974
8,300,000
jx2,098,925
x60,000
60,000
53,500
53,500
500,000
5,753,600
8,300,000
2,189
13,403,000 13,403,000
x3,000
3,000
627.075
x90,000
717,075
227,434
227,434
15,000
x10,539
10,539
1,000,500
1,061,000
354,721
354,721
6,000,000
6,000,000
91 i
13,915
13,915
520,000
260,000
520,000
33,333
6,346,333 1
6,363,000
J
x16,667
5,500,000
6,500.000
2,550,000
12,874
2,550,000
100,000
100,000
600.000
6,843,082
386,667
6,843,082
100,000
100,000
23,134,800 23,134,800
99,200
99,200
785,000
785,000
785,000
1,070,599 •1,070,599
25,000
25,000
27,499.000 25.078,737
18,260,000 17,790.920 2,688,413
578,224
700,000
29,500,000 28,900,000 128,900,000
I :600,000
3,000,000
3,000,000
3,975,207
3,975,207
300,000
300,000
7,995,175 2,805,175
7,995,175
18,790,000 18,672,250
790,000
200,090
200,000
162,600
162.600
23,200,000 10,200,000
14,751,000 14,751,000
147,700
147,700
108,740
x108,740
700,000
700,000
30,000
30,000
39,000 }
81
45,000
16,000
15,731,583 15,731,583
4,366,000
4,366,000
1,303,000
400,000
400,000
22,525
22,525
407.839,426 381.026,502 49,742,168
x Denotes amount canceled or withdrawn, Instead of repayment. (Total cancel
lotion, 53,047.831).
Federal Co-ordinator Eastman Favors Federal Aid to
Eliminate Crossings.
Joseph B. Eastman, Federal Co-ordinator of Transportation on Aug. 2 made public two letters addressed by him
to Secretary of the Interior Ickes (in the latter's capacity
as Chairman of the Special Board for Public Works, which
is spending $3,300,000,000 on such projects) in which he
Presents the advantages of allocating a substantial portion
of the $400,000,000 highway appropriation to grade crossing
elimination. Stating that he has no official responsibility
in the matter, but feels warranted in discussing it because
of its relation to his work, Mr. Eastman's first letter says
that the rules for road expenditures promulgated by the
1183
Secretary of Agriculture place grade crossing elimination
last on the priority list, whereas the Bureau of Public Roads
assigned them to second place. Continuing, his first letter
reads in part as follows:
Naturally I do not know the reasons which the Secretary of Agriculture
had for placing grade crossing elimination last in the list, and they may
be very good reasons. However, I do know that grade crossing elimination
Is a matter of very great importance from the standpoint of public safety,
and it seemed to me that you should have the benefit of our statistics on
that point.
In 1931 train accidents killed 4,853 and injured 20,057 persons. Of
these, 1,811 were killed and 4,657 were injured in accidents at highway
grade crossings. In contrast, only 40 railroad passengers were killed and
2,102 injured, and some of these were involved in highway crossing accidents. Such accidents have become by far the most prolific source of
loss of life from the operation of the railroads, with the possible exception
of the trespassers on railroad property who are killed.
The casualties from such highway crossings accidents mounted rapidly
and steadily, until they reached a peak in 1929 with 2,485 killed and 6,804
injured. Since that time these has been some decrease, and I suppose
that it has been due to better protection of the crossings as well as to decreased traffic.
Money spent in elimination of the most dangerous grade crossings would,
therefore, be money exceedingly well spent from the standpoint of public
safety.
Grade crossing elimination has been a most painful thorn in the flesh
of the railroads. The conditions which impel such elimination with continually increasing force have been created, not by the railroads, but by
their competitors, the motor vehicles. From a railroad standpoint, moreover, the heavy capital expenditures involved in such elimination fall far
short of paying their way.
My belief is strong that use of the public works fund in the elimination
of railroad grade crossings would be most beneficial to the rairoads and to
the country as a whole, having in mind not only public safety, but railroad
traffic and employment and other employment as well.
Mr. Eastman's second letter deals with the amount of
labor required "on the job" in the elimination of grade
crossings, and refers to a study of the subject made by a
group of engineers for the Association of Railway Executives
and also to studies on the same subject by the Inter-State
Commerce Commission's Bureau of Valuation. "Our
engineers," says Mr. Eastman, "believe it (the percentage
paid to labor on the job) would run about 35% generally.
In contrast, the similar ratio in the case of highway construction work is probably under 20%.
Co-ordinator Eastman Reminds Carriers of Labor
Clause-Suggests Deferring Any Economy Projects
-Regional Boards RulingReducing Personnel
Co-ordinator Objects to Duplication by General
Committees as Evasive of Law.
To safeguard the labor protective clauses of the Emergency Railroad Transportation .Act, Joseph B. Eastman,
Co-ordinator of Transportation, on Aug. 9 suggested to the
heads of the principal railroads that they postpone any projects for economy that might be at the expense of labor and
the President's recovery campaign. In a statement addressed
to the Regional Co-ordinating Committees of the Eastern,
Western and Southern districts, he says:
Section 7 (b) of Title I of the Emergency Railroad Transportation Act,
1933, contains restrictions on reduction in the number of employees in the
service of a carrier and in their compensation "by reason of any action taken
pursuant to the authority of this title." I have expressed the view that
these restrictions do not apply to any lawful action taken by individual
carriers or by carriers jointly which does not result from any authority
conferred by the Act or involve the use of any agency or mechanism which
it creates, and to this opinion I adhere.
The Act provides for the creation by the carriers in each of the three
regions, East, South and West, of a Regional Co-ordinating Committee,
and imposes upon these committees the duty of carrying out the purposes
of the Act with respect to the avoidance of waste and preventable expense,
"so far as such action can be voluntarily accomplished by the carriers."
These committees have been created.
It appears, however, that in each region the carriers have also created
a general committee which is separate from the Regional Co-ordinating
Committee, and that the duties of these general committees are much
the same as those which the Act imposes upon the Regional Co-ordinating
Committees, i.e., to search out means of avoiding waste and preventable
expense and promote voluntary action by the carriers to this end. The
plan seems to be that these general committees shall function independently,
and that the projects which they consider shall not be brought to the attention of the Regional Co-ordinating Committees or of the Co-ordinator
unless voluntary action by the carriers proves impossible. This is with
the thought. I take it, that any economies which the carriers may be able
to accomplish in this way with the help of the general committees will
not be subject to the labor restrictions of Section 7 (b).
The general committee in each region heads an organization, made up
of a number of sub-committees, which impresses me as being splendidly
designed for a comprehensive search after waste and preventable expense.
so far as they are localized within a given region. My regional directors
have been freely informed in regard to the program of these committees.
and I commend it. It will, of course, take some considerable time to complete the survey. but with the diligent and aggressive work which I am sure
can be anticipated, it can be finished well within the time limits of the Act.
There is one aspect of this matter, however, which disturbs me. It
seems obvious that there would have been no object in having two sets of
committees designed for much the same purpose, except for the labor restrictions of Section 7 (b). Nor Is the independence of the general committees convincing. The Regional Co-ordinating Committees are made
up of 15 of the leading railroad executives of the country. That they are
out of touch with the general committees and do not concern themselves
with what those committees are doing can be true only in theory.
I agree that it was not the intent of Section 7 (b) to interpose obstacles
to economies which carriers might be able to accomplish in ordinary course
of management. On the other hand, it was clearly the intent that the labor
1184
Financial Chronicle
restrictions should apply to economies resulting, not only from action by
the Co-ordinator, but also from the impetus given by the Government in
the Emergency Railroad Transportation Act, 1933, to collective carrier
action through the agency of the Regional Co-ordinating Committees which
the Act created. An arrangement by which such Regional Co-ordinating
Committees are formed and then the activities for which they were designed
are entrusted to another and ostensibly independent set of general committees has the earmarks of a device to avoid the provisions of Sections 7(b).
I know that the general committees were instituted prior to the passage
of the Act, or trace their lineage to committees which were so instituted.
But this was in anticipation of the legislation which finally emerged as the
Emergency Railroad Transportation Act, 1933, and it seems clear that these
committees would, but for the provisions of Section 7 (b), have been merged
with and in the Regional Co-ordinating Committees.
It is, of course, important that entire good faith should be maintained
with the President and Congress, whose will is reflected in Section 7 (b).
and that anything which savours of evasion should be avoided. From
this point of view, I cannot escape the conclusion that projects for economy
which are found to require consideration by committees representing the
carriers of any region collectively should be handled as the Act contemplated
that they would be handled, namely, through the agency of the Regional
Co-ordinating Committees, and not through general committees which are
understudies or substitutes therefor.
With a view to accomplishing this result, I deem it my duty now to refer
to the Regional Co-ordinating Committees for investigation and report
all projects within their respective regions which are embraced under
certain general heads listed in the appendix hereto. They cover matters,
which, as my regional directors have found, the general committees are now
Investigating or propose to investigate. They do not include projects
which may be undertaken by individual railroad systems in ordinary
course of management, but are confined to projects which require coordinated action by two or more separately operated carriers. Nor do
they include projects which have been consummated, or those which are
about to be consummated under arrangements which have been completed. The object which I seek to achieve is that the Regional Coordinating Committees shall assume the leadership and responsibility
which the Act intended that they should assume, and take charge of the
general committees.
Two things may be said of economies in railroad operation and management which involve reduction in railroad employment. From a longrange Point of view I am fully persuaded that it is essential to the welfare
of railroad investors, of railroad labor, and of the country generally that
the railroads should be operated with the utmost possible economy. Otherwise they cannot ultimately provide the service and charge the rates which
they must be able to provide and charge if they are to meet successfully
the competitive and like economic conditions by which they are and will,
in increasing measure, be confronted.
From a short-range point of view, there is another aspect to the matter.
The country is now engaged in a great and concentrated effort to pull itself
out of the mire of depression by increasing employment, lifting purchasing
power, increasing production and sustaining it through the force of greater
consumption. At such a time it may be well that projects for economy
at the expense oflabor should be postponed,so that they may not in any way
conflict with or imperil the supreme effort toward recovery which the
Nation is now making. Such a postponement need not and should not
prevent the survey and search for all possible economies in railroad operation, consistent with good service, upon which we have embarked, and I
have every confidence that the results of this endeavor will eventuate to
the benefit of all concerned. It may be, also, that certain projects can,
with advantage, be undertaken subject to the restrictions in the labor
clause, and that these restrictions will permit the economy to be realized
gradually.
It is perhaps unnemsksazy to say that the matters which I am now referring in general terms to the Regional Co-ordinating Committees are by
no means all that I shall refer. There are other important matters, which
my organization is now studying or will later study, and which I shall refer
to the committees in due course as soon as concrete plans can be developed.
These projects either do not involve reduction in railroad employment,
or cannot be accomplished without the help of the Co-ordinator, or are so
countrywide in scope that they are not at all likely to be made effective
through the general committees.
Co-ordinator Eastman then sets forth a program of projects, confined to those requiring "co-ordinated action by
two qr more separately operated carriers," which is referring
to the regional co-ordinating committees for investigation
and report, as follows:
Unification of Facilities.
1. Unification or joint use of terminal facilities, particularly at the
larger terminal centers, but also at the smaller common points. Terminal
facilities include, among others, yards, team tracks, stations (both passenger
and freight), ticket offices, accounting offices, general offices, telegraph
facilities, freight houses, icing facilities, round houses, lighters and tugs,
warehouses, docks, elevators, coal-piers and produce terminals.
2. Unification or joint use of shops, including among others, back shops,
engine terminals and other places where repairs are made.
3. Unification or joint use of other facilities, such as tie-treating plants,
stone-crushers, ballast pits, quarries, power plants, storehouses, scrap
and reclamation yards, Scc.
Unification of Service,
1. Arrangements for the consolidation or pooling of traffic or train
service, freight or passenger.
2. Arrangements for the consolidation or pooling of other forms of
service.
3. Discontinuance of unduly circuitous or otherwise uneconomical routes.
Note.—Projects which have been consummated are not to be included,
nor projects for the consummation of which arrangements have been
completed.
Railroads Headed for Government Ownership Unless
Public Opinion is Mobilized, According to F. J.
Lisman.
We are now living in the midst of revolution which will
—Mvmost certainly carry the railroads of our country into
ernment ownership unless drastic steps are taken to educate
the public to the value of private management, F. J. Lisman, railroad authority, declares in the current issue of the
"Railway Age", continuing:
P We are revolving very rapidly with the power house directed by idealists.
theorists and practical politicians, with an increasing tendency toward
Aug. 12 1933
experimentation. If these experimentershould succeed, we shall have
created an intricate anthill or beehive with the workers and voters all
subject to the same queen bee.
Mr. Lisman calls attention to the fact that Joseph Eastman, Railroad Co-ordinator, has been very frank in the
past in his advocacy of Government ownership and that his
opinions would undoubtedly carry great weight with the
President and his cabinet. The public on the other hand,
he maintains, has vague ideas that the salaries of railroad
presidents are too high and that the railroads have not
been progressive in meeting highway competition. Mr.
Lisman's article further said:
They have heard about fancy railroad salaries and favoritism of all
kinds. They do not in the least understand what an infinitesimal amount
railroad executives, salaries are in proportion to gross earnings; nor do
they realize the burden of responsibility resting on the executives. Neither
do they understand that in normal times men of requisite capacity to become executives have opportunities to make large income in private life
with very much less responsibility and that it is therefore necessary for
the carriers to pay a few big salaries, not only to the men they now have.
but as an incentive to those in minor positions who gradually expect to
get to the top.
In comparing private and public management Mr. Lisman
states:
Private management of the railroads is not 100% perfect any more
than any other. human enterprise. Much has been said about the wastes
connected with it—largely because there has been concentration ofattention
on such wastes, and the endeavor on the part of everyone to pick flaws
and find them. Nevertheless the railroads are probably the most efficient
enterprises in the country; they are certainly operated at over 85% efficiency which is surely better than the average large or small manufacturing
concern. It is doubtful whether Government organizations are operated
even 50% as efficiently.
Those who have made a study of government and realize the highly
developed grafting organizations of our big cities and the lackadaisical and
stupid lack of supervision of the minor communities such as counties,
villages, etc.. will surely subscribe to this.
Selected Income and Balance Sheet Items of Class I
Steam Railways for May.
The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of May.
These figures are subject to revision and were compiled from
146 reports representing 151 steam railways. The present
statement excludes returns for Class I switching and terminal companies. Data for this class of roads were included
in all published statements prior to January 1933. The
report in full is as follows:
TOTALS FOR THE UNITED STATES (ALL REGIONS).
Income items.
For the Month of May.
1933.
1932.
For the Five Months of
1933.
1932.
Net railway operating income 40.680.527 11,665,701
13,411,389 15.366,510
Other income
93,419,971
68,948,246
97,313,166
80,732,265
54,091,916 27,032,211
10,919,816 10,746,221
44,471,510 43,960,649
1,801,730 2.116,646
162,368,217
53,980,104
221,553,597
9,821,493
178,045,431
53,163,062
219,242,816
10,321,084
Total income
Rent for leased roads
Interest deductions
Other deductions
57,193.056 56,823,516 285,355,194 232,726,982
Total deductions
c3,101,140 c29.791,305 c122 986,977 c104,681,531
Net income
.
Dividend declarations (from
Income and surplus):
11,021.333 13,655,268
On common stock
32,126,940
22,622,069
1.210,484
750,846
On preferred stock
4,740.491
6.273,980
Balance Sheet Items.
Balance at End of May.
1933.
1932.
celected Asset Items—
Investments in stocks, bonds, acc., other than those of
affiliated companies
778,401,739
Cash
Demand loans and dePoldik
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors.- _
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
231,529,984 274,854.407
41.239,215
30,842,353
22,428,711
15,098,321
30,182,166
26,699,467
17,196,322
11,315,435
47,221,378
46,234,385
39,537,852
43,402,158
135,075,350 152.095,032
299,878,513 355.095.816
44,068,897
45,845,237
2,319,200
2,627,490
5.549,929
5,251,966
Total current assets
782,517,773
943.803,669 1,031,788,925
Selected Liability Items—
Funded debt maturing within six months_s
107,259.157
97,288.441
Loans and bills payable.b
Traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
346.492,569
61,885,646
203.130,518
58,203.818
180,601,473
3,443,651
98,042,631
11,907,273
125,325,477
37,482,244
14,919,801
259,723.945
82,809.639
223,040,412
54,382,872
144,962,256
7,372,452
49.821,796
13,070.751
120,636,439
37,582,179
15,601,446
1,141.425,101 934.934,178
Total current liabilities
a Includes payments which will become due on account of principal of long-ferin
debt within six months after close of month of report. b Includes obligations
which mature less than two years after date of Issue. c Deficit.
Volume 137
Financial Chronicle
New Jersey Bank Advisory Board Meets with Governor
Moore—Conference on Operation of Glass-Steagall
Banking Act—Reports Regarding Proposal for
State Control of Bank Deposit Guaranty System.
Matters vital to the operation of the Banking Act of 1933,
known as the Glass-Steagall Bill, as it affects State chartered
banks, savings banks and trust companies featured the organization meeting of the Bank Advisory Board recently
appointed by the President of the New Jersey Bankers'
Association, held at the Little White House in Sea Girt, N.J.
on Aug. 1.
Colonel William H. Kelly, Commissioner of Banking and
Insurance, under whose auspices the Board was appointed,
following the request of President Roosevelt, presided at the
meeting and was elected its permanent Chairman. George
R. Compton, Deputy Commissioner, was made Secretary.
Governor Moore received the members of the Board and
also attended the meeting. An announcement in behalf
of the New Jersey Bankers' Association says:
While the various subjects brought before the meeting for discussion were
not made known, it is understood that serious consideration was given to
several features of the Banking Act as it affects State banks not presently
members of the Federal Reserve System. Further discussion hinged upon
the NIRA,with the recommendation that banks generally adopt the blanket
code pending approval by the Bankers Association of a specific code now
under consideration.
The members of the Advisory Board attending the meeting, in addition
to Governor Moore and Commissioner Kelly. were:
J. H. Bacheller, President, Fidelity Union Trust Co., Newark.
C. Wesley Benson, President, United States Trust Co., Paterson.
Wynant D. Vanderpool, President, Howard Savings Institution, Newark.
John A. Campbell, President, Trenton Banking Co., Trenton.
Charles H. Plenty, Vice-President, Hackensack Trust Co., Hackensack.
Edward C. Stokes, Chairman of the Board, First-Mechanics National
Bank, Trenton.
Carl K. Withers, President of the New Jersey Bankers' Association,
member ex-officio, and
George R. Compton, Secretary.
Other members are: J. II. P. Reilly, President, Hudson Trust Co.,
Union City,
Joseph G. Parr, Vice-President, Trust Co. of New Jersey, Jersey City and
J. Fisher Anderson, General Counsel for Now Jersey Bankers' Association.
The idea of a banking board, while hitherto unknown in New Jersey,
has for many years been a recognized and helpful aid to the administrations
of banking departments in at least a dozen States, among them, Alabama,
Kansas. Oklahoma, Oregon, Rhode Island, Vermont, North Dakota, and
more recently, New ork. Connecticut and Delaware.
The functions of such a board in most instances, is to hold Itself in readiness to the call of the Commissioner for the impartial discussion of all
matters having to do with the welfare of banks operating under State charter.
While the present Now Jersey Advisory Board has been appointed at the
request of the President for the specified purpose of considering the operation of the Glass-Steagall Bill as it affects State chartered institutions. It
Is hoped that such success may attend its efforts as to merit later provision
for a permanent board by legislative enactment.
In a dispatch from Sea Girt to the Newark "News" of
Aug. 2, it was stated that plans to substitute State control
of a bank deposit guaranty system for the methods provided
in the Glass-Steagall Banking Act are under consideration
by New Jersey bankers. The dispatch to the "News" also
said in part:
The plans were suggested yesterday at a conference here between
Governor Moore, Banking Commissioner Kelly, and other State officials
and representatives of the banking interests.
The principal proposal is to have the State Department of Banking and
Insurance have supervision over any form of insurance to be provided for
State chartered banks. Several suggestions have been made as to how this
can be accomplished. One is a State appropriation sufficient to assure
depositors. Another is for a fund to be raised by contributions from both
the State and the banks, the latter by assessment fixed at a percentage of
deposits. Another proposal is that the national system turn over to State
departments the contributions to the national fund now intended to be made
by State chartered banks.
The Glass-Steagall provision on deposit guarantees takes effect July I
1931, although it may be put into effect Jan. 1 by Presidential proclamation.
It requires examination of all banks that wish to take advantage of its provisions. Many State banks, especially those not members of the Federal
Reserve System, do not wish to comply with these requirements.
The suggestions made at yesterday's conference will be considered at
another meeting at which representatives of national banks. State member
banks and State non-member banks will present their views. It was reported yesterday that other States are planning to co-operate in an effort
to have the Glass-Steagall Act modified.
New Jersey State Senator Loizeaux Criticizes N. J.
Bankers Bank Deposit Guaranty Plan.
The following from Trenton, N. J., Aug. 7, is from the
Now York "Herald Tribune":
State Senator Charles E. Loizeaux, Republican, of Union County, took
the bankers of New Jersey sharply to task for moving to set up an independent State pool to guarantee bank deposits, In place of the National
Plan provided for in the Banking Act of 1933, which became law on Jan. 16.
1. Mr. Loizeaux declared that New Jersey bankers must bein
adopting protective legislation "which is the result of known deficiencies
In the present banking system."
Colonel William II. Kelly, Commissioner of Banking and Insurance, together with Governor A. harry Moore and the advisory committee of the
State Bankers Association discussed at Sea Girt last week the formation
Of a State guarantee pool, but no conclusion was reached. Senator Lotzeaux's statement was prompted by opposition to a bill he Introduced In
the Legislature last spring providing for a State pool before the Glass-Steagall measure was passed at Washington.
1185
"The fact that some of the bankers who opposed Senate bill 245 are now
in favor of a State guaranty plan, after we have a Federal law, on this
subject comes, I think, with very poor grace," Louzeaux said. "It is my
belief that the Federal law should be given the most intensive study and if it
provides that measure of restrictive control and protection which will prevent repetition of the abuses which were largely the result of individual
selfishness, or incompetency of a minority of the banking officials of this
State, it is all the safeguard required.
"Recognition of the fact that absolute confidence in the banking system
must be established was the motive which prompted the introduction of
the Senate bill which I sponsored, and it was based upon the proven fact
that the banking system can be no stronger than the individual bank which
fails to give a full and complete measure of honest, intelligent administration. Banks are dependent upon the public for their existence and every
provision for the protection of the public must be observed.
"The honest, intelligent bankers of New Jersey must meet this situation
with fearless courage and it cannot be done by opposing the adoption of
protective legislation which is the result of known deficiencies in the present
banking system."
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of Aug. 5 (page 987)
with regard to the banking situation in the various States,
the following further action is recorded:
ALABAMA.
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $50,000 preferred stock in the First National Bank in Bessemer, Ala.,
a new bank to succeed the First National Bank of Bessemer,
Ala. The preferred stock authorization is contingent upon
the subscription of an equal amount of common stock by
those interested in the organization of the new bank.
ILLINOIS.
That the Citizens' Bank of Chatsworth, Ill., had reopened
on Aug. 3 was reported in the Chicago "Tribune" of that
date, which said:
The office of State Auditor Edward J. Barrett announced yesterday that
he had authorized the opening this morning of the Citizens' Bank of Chatsworth, Ill., on an unrestricted basis
INDIANA.
From the Indianapolis "News" of Aug. 1, it is learnt,
that the Indiana State Banking Department on that day
took over the affairs of the Aetna Trust & Savings Co. of
Indianapolis, Ind., at the request of its directors, and immediately started work on a reorganization plan. Thomas
D. Barr, former Assistant State Banking Commissioner,
was appointed special representative in the contemplated
reorganization, and Leo M. Gardner, a member of the
House of Representatives, who took an active part in drafting the new State banking code, was named legal advisor.
In a statement, Ross H. Wallace, President of the trust
company, was quoted as saying:
"The Board of Directors of the Aetna Trust & Savings Co., after careful consideration, deemed it advisable to request the State Banking Department to appoint a representative to assist in liquidation or possible
reorganization of the affairs of the company.
"If this step eventually results in final liquidation, it is the opinion of
the directors that through the orderly manner made possible under the
supervision of the State in accordance with the recently-enacted statute.
it will be possible to pay all depositors and creditors in full."
The paper mentioned added:
All deposits since Feb. 27 will be paid in full it was said. The bank
has been listed as a "B" bank since the bank holiday. Its directors are
Samuel T. Brown, Francis W. Dunn. J. J. Fitzgerald, P. F. Goodrich,
R. S. Martin, Leo M. Rappaport and Wallace.
Organization of the City National Bank of South Bend,
Ind., and complete liquidation of the Citizens' National
Bank of that place, which has been operating on a restricted
basis since Feb. 22, last, were announced on Aug. 2, according to South Bend advices on that date to the Indianapolis
"News". The new bank, the dispatch said, which will
have a capitalization of $360,000, had been approved by
the Comptroller of the Currency. It was furthermore
stated that immediately on opening the new bank would
make approximately $1,100,000 available to the depositors
of the old Citizens' National Bank.
Plans for the organization of a new bank in Fort Wayne,
Ind., with capital of $1,000,000, were approved by the
directors of the old First National Bank & Trust Co. of
Fort Wayne, at a special meeting held Aug. 3, according
to advices by the United Press from that place on the date
named, which went on to say:
The plan calls for the immediate release of $6,000.000 in restricted
deposits of the old bank. The new institution would be known as the
National Bank of Fort Wayne. The United States Government would
be a partner in the proposed now institution, which would take the place
of the old First National Bank & Trust Co. The latter has been operating
on a restricted basis since the banking holiday.
KANSAS.
A new institution, to be known as the Citizens' National
Bank, will be organized in Independence, Kan., to replace
the First National Bank of that city, which has been closed
since March 4, according to an announcement on Aug. 7 by
H. C. Bergman, Conservator for the institution, following
on,
his return from a conference with officials in Washingt
C. A dispatch from Independence by the Associated
D.
Press on the date named,from which the above information
is obtained, continuing, said:
stockholders
Under the plan approved by the Comptroller of the Currency
for the new
of the First National will subscribe $100,000 capital stock
will subscribe a
Institution and the Reconstruction Finance Corporation
like amount in preferred stock.
conservator's direction
All deposits made in the First National under the
National Bank.
of the institution will be 100% available in the new Citizens
KENTUCKY.
d
The Reconstruction Finance Corporation has authorize
the purchase of $50,000 preferred stock in the Murray
National Bank of Murray, Ky., a new bank to succeed the
First National Bank, Murray, Ky. The preferred stock
authorization is contingent upon the subscription of a like
organizamount of common stock by those interested in the
ation of the new bank.
"CourierA dispatch from Sanford, Ky., to the Louisville
Aug. 7 stated that announcement had
Journal" under date of
Lincoln
been made by S. F. Mamatheny, conservator of the
Bank of Sanford, which had been operating
County National
had
on a restricted basis since the bank holiday, that orders
perbeen received from the Comptroller of the Currency
mitting the institution to reopen on a 100% basis and to
resume normal banking operating on Aug. 9. The dispatch
continuing said:
bank directors
The assets and control of affairs will be returned to the
license approved
and the bank will be permitted to resume operations under
by the Secretary of the Treasury, effective on that basis.
Vice-President.
J. B. Paxton is President of the bank; R. L. Hubble,
MARYLAND.
The Hopkins Place Savings Bank of Baltimore, Md.,
which had been operating on a restricted basis, has been
of
reorganized and reopened. A statement of condition as
1 shows assets of $15,549,823, of which cash on hand
Aug.
and in banks amounts to $3,331,070. On the debit 'side
of the statement, deposits are given at $11,537,029.
With reference to the reorganization plan under which
4
the institution has reopened, Baltimore advices on Aug.
the "Wall Street Journal" said in part:
to
de65% of their
The plan makes immediately available to depositors,
intervals to those
posits. Additional payments will be made at six-month
s to be made in
depositors who maintain their accounts, the distribution
six-month period
proportion to average closing monthly balances for each
in excess of present
out of profits gained from the sale of assets at prices
Savings accounts, the
book values. All deposits under $25, Christmas
be paid in full.
Baltimore Relief Campaign and fiduciary accounts will
The Bank of Brunswick at Brunswick, Md., reopened
said:
on Aug. 3, according to the Baltimore "Sun", which
by
authorized yesterday
The Bank of Brunswick, Brunswick, Md., was
reopen this morning on a
State Bank Commissioner John J. Ghingher to
by rescontruction of its
normal basis. This bank has been reorganized
of beneficial interest to
capital assets and by the issuance of certificates
respective deposit accounts
the depositors to the extent of 40% of the paid, will be immediately
The remaining 60%, less the 5% previously
made available for depositors.
and W.0. Rau is cashier.
Dr. Levin West is president of the institution
State
It was made known on Aug. 7 by John J. Ghinger,
Miller Jr.,
Bank Commissioner for Maryland, that Edgar G.
of a
a Baltimore attorney, has accepted the Chairmanship
the
committee to formulate plans for the reorganization of
Guarantee & Trust Co. of Baltimore. The committee
Title
members in
will include four other well-known lawyers as
E.
addition to the Chairman, Joseph Addison and Harry
named to act for directors of the company,
Karr having been
and William M. Maloy and George Forbes to represent
it was
the interests of the depositors in the institution,
"Sun," from which the foreannounced. The Baltimore
in part:
going is taken, continuing saidinstitution will be reviewed carefully
All phases of the situation of this
for reorganization drawn for
by the committee, it was stated, and plans
submission to the Bank Commissioner.
of the reorganization cornMr. Miller, who agreed to serve as Chairman
company, having served as its
mittee, has an intimate knowledge of the
1919. During 1919 interests
President for twenty years from 1899 to
control of the company and
associated with Albert G. Towers acquired
Mr. Miller retired from the Presidency.
been in receivership since last
The Title Guarantee & Trust Co. has
the hands of the Bank CornFeb. 20. its affairs having been placed In
Directors. This action was made
missioner by resolution of its Board of
the condition of the real
necessary, it was pointed out at the time, by
company's assets being in real
estate market, a large proportion of the
company in 1884 until the
estate mortgages. From the founding of the
the institution had made
depression following the 1929 market collapse
estate field were highly
steady progress, and its operations in the local real
on titles guaranteed were less
successful. In a period of 48 years its losses
cash dividend and a 100%
than $50,000. In 1922 it was able to pay a 20%
cash payment in addition to
stock distribution. and in 1927 made a 16%
a 50% stock payment.
Aug. 12 1933
Financial Chronicle
1186
Several plans have been proposed since the banking holiday last March
for reorganization of the institution, both the directors and the depositors
having formulated tentative proposals. The new committee, under Mr.
Miller's leadership, it is understood, represents the various interests which
have a stake in reorganizing the Title company, and it is generally believed
that a specific program will be shortly devised for submission to the Bank
Commissioner.
At the time it was closed the Title company had resources of something
under $7,000,000 and deposits of more than $4,500,000. It held mortgages
and ground rents of more than $2,300,000.
The Baltimore National Bank of Baltimore, Md., which
supersedes the Baltimore Trust Co., opened for business on
Monday of this week, Aug. 7, releasing several millions of
dollars in freed deposits. Three branches of the new bank
were also opened in Baltimore. The new institution has a
capital structure of $2,000,000, consisting of $1,000,000
preferred stock, $500,000 common stock, $400,000 surplus
and $100,000 undivided profits and reserves. All of these
funds have been raised by private subscription, with the
exception of the preferred stock, which has been subscribed
by the Reconstruction Finance Corporation. The personnel
of the new bank is as follows: Howard Bruce, Chairman of
the Board and President; James C. Fenghagen, Chairman
of the discount committee; Eugene L. Miles, Vice-President
and Cashier; C. Bradley Hayes and J. Hambleton Ober,
Vice-Presidents; and C. D. Fenghagen, Jr., Harvey E.
Emmart and John W.Backer, Assistant Cashiers.
In regard to the payment of depositors in the former
Baltimore Trust Co., the Baltimore "Sun" of Aug. 7, had
the following to say:
Beginning to-day, officials said, checks will be mailed to all old depositors
who had $10 or less on deposit when the bank holiday began. Persons with
less than $200 on deposit will receive checks for the 10% cash payment
that will be available to them. Persons who had $200 or more on deposit
when the bank holidays began will have 10% of their balances transferred
In cash to their credit in the new bank, these sums becoming available
when the new institution opens for business this morning.
According to the same paper, application has been made
to the Federal Reserve Board by the new institution for
powers to operate a trust department and authorization is
expected to be panted in the near future, the officers announced Aug. 6. The "Sun" also stated that the new institution would not take over the Baltimore Trust Building .
nor own any other real estate, but according to an announcement by the officers on Aug. 6 it would rent quarters in the
building on an equitable rental basis varying with the
amount of deposits.
That the Farmers' & Merchants' Bank of Eaton, Md.,
had reopened on a 100% withdrawal basis, following the
approval of a reorganization plan under which the institution's capital structure was revamped through voluntary
stock subscriptions, was noted in the New York "Eevening
Post" of Aug. 10, which furthermore said:
The institution, upon reopening, had capital of $60,000 and surplus
and undivided profits of $30,000. Deposits approximate $750,000.
MASSACHUSETTS.
The taking over of the liquid assets of the Essex Nationa
Bank of Haverhill, Mass., and the First National Bank o
that city (both of which have been closed since Mar. 4 last
and in the hands of conservators since Mar. 16) by the
Haverhill National Bank, Haverhill, was authorized on
Aug. 2 by Federal Judge James A. Lowell in a decieion addressed to Robert MacGregor, Jr., Conservator for the
Essex National Bank, and Clarence A. Ratabourne, Conservator for tne First National Bank. In indicating the
above, the Boston "Transcript" of Aug. 2, furthermore said:
The Haverhill National Bank has offered $1,517,000 for the cash, GovEssex
ernment bonds, other securities, and bills receivable, held by the
National
National Bank, and $1,281,127 for the same assets of the First
Bank.The
sale will enable the immediate declaration of dividends, the Haverhill National Bank says, and will permit the satisfying of all secured claims
and 65% of the unsecured claims on the closed banks. It has also expressed
a willingness to accept bills receivable held by the banks at face value,
of
plus interest, and to buy other securities and bonds now in the hands
the banks.
The new Bay State-Merchaats National Bank of Lawrence, an institution formed to take over the business of
the closed Bay. State National Bank and the Merchants'
Trust Co. of that city, opened for business on Aug. 1. In
announcing the approaching opening of the new institution,
Arthur Guy, State Bank Commissioner for Massachusetts,
was quoted in the Boston "Transcript" of July 29, as saying;
"The opening of the Bay State-Merchants National Bank of Lawrence,
s
on Aug. 11933. completes the plan of reorganization for release of deposit
for the Bay State National Bank and the Merchants' Trust Co.
20,000 depositors of both institutions
"This reopening will release to
The successful
50% of their deposits, a total of more than $5,000,000.
fulfilment of the plan has been made possible by the combined co-operation
on
with Fred II. Eat
of depositors and stockholders of both banks, together
and Arthur Sweeney, conservators; F. D. Williams, chief national bank
examiner of this district; Frederic 11. Curtiss, Federal Reserve agent, and
Henry H.Pierce,supervisor of liquidation in the State Banking Department.
Financial Chronicle
Volume 137
"The bank as reorganized is again in a position to serve the depositors
and the community and is deserving of their wholehearted confidence and
support.
"I take this occasion to thank Albert 1. Couch, Daniel J. Murphy and
Charles P. Smith, members of the advisory committee, who so ably assisted in the consummation of the plan."
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $50,000 preferred
stock in the Millbury National Bank of Millbury, Millbury,
Mass., a new bank to succeed the Millbury National Bank
of Millbury. The preferred stock authorization is contingent
upon the subscription of an equal amount of common stock
by those interested in the organization of the new bank.
MICHIGAN.
Concerning the affairs of the closed Citizens' Savings
Bank of Mt. Clemens, Mich., a dispatch from that place on
Aug. 3, printed in the D3troit "Free Press", contained the
following:
Application for a new loan from the Reconstruction Finance Corporation will be made by Macy E. Watkins, receiver for the Citizens' Savings
Bank, as soon as the application forms can be filled out. The loan is sought
to pay off $1,000,000 still due on old R. F. C. loans, and to provide a
"substantial dividend" to depositors.
Receiver Watkins made this announcement Thursday following assurance from Circuit Judge Niel E. Reid that he would approve filing
of the application. The receiver said the (Michigan) State Banking Department already had given its approval. The plan would mean that
the entire assets of the closed bank would be put up for security, and that
the Reconstruction Finanee Corporation would have jurisdiction over
the entire liquidation of the bank.
Joseph H.Brewer,President of the Grand Rapids National
Bank of Grand Rapids, Mich., announced on Aug. 4 his
appointment as President of the new National Bank of
Grand Rapids, which has been organized to replace the
old institution, according to advices by the Associated
Press from Grand Rapids, which added:
His appointment was approved by the Federal Reserve, the Reconstruction Finance Corporation and the National Bank Examiner, Brewer
said. The incorporators of the bank will serve as directors until January,
when stockholders will elect a Board.
Announcement was made on Aug.6 by M.H. Haselwerdt,
conservator of the First National Bank of Rochester,
Mich., that sufficient stock subscriptions had been obtained to permit the reorganization of the institution,
according to Rochester advices on that date, appearing in
the Detroit "Free Press," which continuing said:
A Federal Bank Examiner is expected in the village early next (the
present) week to make an examination and go over the reorganization
plans. The Government has agreed to subscribe to $25,000 preferred
stock provided the community purchase stock enough to make a total
capitalization of $50,000 with a surplus of $10,000.
Haselwerdt stated that it was impossible to give any estimate on when
the bank will be opened, as several formalities are necessary before a
charter and license can be obtained.
The stock subscriptions were obtained by a committee headed by Henry
Axford. A loan from the Reconstruction Finance Corporation sufficient
to permit payment of a 25% dividend when the bank reopens has been
promised.
On Aug. 10, the new Manufacturers National Bank of
Detroit, Detroit, Mich., organized by the Ford interests and
others, was formally opened in the offices previously used
by the Guardian National Bank of Commerce in the Penobscot Building. The new institution, which unites four Detroit
suburban banks—the Highland Park State Bank and the
Peoples Wayne County Bank of Highland Park, and the
Guardian State Bank and Dearborn State Bank of Dearborn
—is capitalized at $3,000,000 with surplus of $1,500,000
and undivided profits of $750,000. It is headed by John
Ballantyne (formerly Chairman of the Board of the First
National Bank-Detroit and former President of the Detroit
Bankers Co.). On the eve of the opening of the institution
—we learn from the Detroit "Free Press" of Aug. 10—
Mr. Ballantyne announced the policies to be pursued by the
new bank in a statement which read as follows:
"There is nothing profound, nothing involved and certainly nothing
new about the policies which will govern the bank.
"In fact, they are very old-fashioned indeed; policies that have proven
to be right in overcoming situations infinitely more difficult. Just the
old-fashioned banking policies of providing safety for funds entrusted to
us and of extending credit and lending money on the basis of what it will
do for the general good rather than on the sole basis of the security offered.
"These policies are very old-fashioned, but it has been conclusively
established that they are the surest and quickest way to establish a sound
prosperity for all the citizens of a community or a country."
In addition to Mr. Ballantyne, other officers of the bank
all of whom are ranked as senior officers) as are follows:
Henry H. Sanger, Vice•President; Charles K. Bartow,
Cashier; Roderick P. Fraser, John H. Hart, Charles A.
Kanter, Samuel R. Kingston, Frank J. Maurice, Benjamin
C. Vernor and Joseph F. Verhelle.
MISSOURI.
According to the Kans is City "Star" of July 30, a new
bank, representing a reorganization of the Missouri Savings
Bank & Trust Co. of Kansas City, Mo., will be opened
1187
shortly under the title of the Missouri Bank & Trust Co.
The title is one of the points that already has been passed
upcn by the State Finance Commission at Jefferson City.
The paper mentioned went on to say:
The new bank will start with fresh capital, and when it opens will have
only cash assets, as the plan as now developed contemplates that none
other than cash assets be brought into the new institution from the old bank.
The opening of the new bank will be accompanied by a percentage disbursement to depositors of the old Missouri Savings Bank. The percentage is dependent upon the loan now being considered by the Reconstruction Finance Corporation in Washington. It has been the hope
of the depositors'committee throughout the summer that it might achieve
approximately a 50% disbursement.
The Reconstruction Finance Corporation loan will be to the old bank.
After that loan has been retired in the liquidation of the old bank assets,
the remaining realization would go to depositors for the percentage still
due them. The Missouri Savings liquidation will be influenced very considerably by future real estate values.
The unsecured Missouri Savings deposits are approximately $2,300,000.
NEW JERSEY.
The Mt. Holly National Bank, Mount Holly, N. J., was
closed on Aug. 5 by the Comptroller of the Currency, and
George M. Hillnaan, former Burlington County prosecutor,
appointed receiver. The bank has been operated on restricted basis since the bank holiday, when J. W. Marren
was appointed conserviltor. A dispatch from Mount Holly
on the date named, appearing in the New York "Herald
Tribune",from which the foregoing is learnt, continuing said:
One of Mr. Hillman's first acts to-day (Aug.5) was to release Mr. Marren
of further duties. Mr. Hillman said he would have no statement to make
until he has examined the bank's assets and liabilities Monday. He did
say, however, that all deposits made since the bank holiday could be
withdrawn in full.
A. Engle Conrow, President of the institution, could not be reached for
comment at his home at Rancocas to-day.
That the First National Bank of Washington, N. J., was
to reopen cn Aug. 5, was indicated in a dispatch from that
place on Aug. 9 to the Newark "News"; which read as
The First National Bank of Washington (Aug. 3) received a license to
do an unrestricted business, and the directors announced the institution
would reopen to-morrow at 9 a. m.
The Board reported that William S. Rittenhouse and Oscar Merkel o
this place and Lewis A. Dalrymple of Newton, who resigned as directors,
had been succeeded by F. M. Coogan of Phillipsburg, John H. Knight of
Easton and Charles Lanning of Washington. The Board elected Dr. C. B.
Smith, Chairman, Harry M. Riddle, President, H. P. Humphrey, VicePresident, Howard M.Jefferson, Executive Vice-President, A. S. Harte,
Cashier and Mrs. Kathryn F.Skinner, Trust Officer and Assistant Cashier.
The bank will reopen with deposits of $1,786,000.
The directors will give a banquet this evening at the Farrell Arms to
about 100 persons who assisted in the bank's reorganization.
A plan for the merger of three Bergen County, N. J.,
banks, the Cliffside Park National Bank at Cliffside Park;
the First National Bank of Fairview, and the Palisades
National Bank at Fort Lee, was approved last week by the
Comptroller of the Currency. Information to this effect,
said the "Jersey Observer" of Aug. 4, was conveyed in a
telegram from Washington to F. W. Jacoby, conservator of
the Cliffside Park National Bank, on the night of Aug. 2
and announcement of its receipt was made the same night
by Mr. Jacoby at a mass meeting of the depositors of the
Cliffside Park National Bank. The paper mentioned, continuing said in part:
Mr. Jacoby did not state what the plan is that has been approved, but
Congressman Edward A. Kenney devoted the greater part of his talk to
an explanation of it, and what it involves.
He confirmed the fact that a plan for the consolidation of Cliffside Park
National, Palisade National and Fairview National Banks had been considered feasible and had been finally decided upon by the treasury department a few days ago. This plan the Comptroller of the currency has
approved. The new bank will not be a branch institution, but one bank,
located in Cliffside Park.
The new bank will require $150,000 capital; 50,000 surplus, and $10,000
in undivided profits. The burden of the re-organization rests upon the
depositors. Kenney said. They must co-operate with the conservators to
get the bank open as soon as possible. The Treasury Department would
not approve a plan which it did not think was the best, he said. The
depositors will be called upon to subscribe to stock to the amount of 1%
of their deposits. About 50% of the deposits could be released on the
opening of the new bank.
In answer to a question from the floor as to what is to prevent the same
thing happening in the new bank as had happened, it was explained that
the Federal Government is to guarantee the depositors against loss, which
has newt' been done before. The Government will not permit the taking
over of investments and deposits that are uncertain, Mr. Kenney explained.
No matter what happens to the bank, a fund will be provided to take care
of the depositors, a law to this effect becoming effective next Jan. 1.
Under the plan the depositors will be asked to sign a waiver of from
35 to 40% of their deposits. The plan will soon be published and copies
will be sent to the depositors for their approval. In order for the plan to
go through, 75% of the deposits must be included in the number of depositors signing the waiver.
In a subsequent issue (Aug. 5), the "Observer" stated
that William H. DeVere, former Vice-President and Cashier
of the First National Bank of Hoboken, N. J., was the
previous night named Federal conservator for the First
National Bank of Fairview to take the place made vacant
by the removal of conservator Frank Bradley,former Cashier
of the institution, from his Federal post. Mr. DeVere, it
Financial Chronicle
1188
was stated, would take up his new duties on Aug.5, replacing
Acting Conservator A. T. Trautman, who had been serving
since Mr. Bradley was removed from office. We quote
further in part from the "Observer," as follows:
The new conservator told the "Jersey Observer" on his return from
Washington, last night, that he had spent a week with Treasury Department officials discussing the proposed merger of the three East. Bergen
(County) banks into one institution and that the consolidation plan would
be carried through with as much speed as possible with the Government
in full accord with the move.
In the mean time, each of the banks, the Fairview National, the Cliffside
National and the Palisade National, will be operated under direction of
Its individual conservator.
Mr. DeVere's appointment gives the proposed merger group a man with
wide experience in the banking business. He spent many years with the
Hoboken institution and was looked upon as a good, substantial bank
man. His previous experience in the banking business gives him a thorough
knowledge of the needs of the proposed merged institution.
Theodore B. Furman on Aug. 9 was appointed President
of the new Seaboard Trust Co. of Hoboken, N.J., organized
recently to succeed the Steneck Trust Co., which was closed
by the State Commissioner of Banking & Insurance of New
Jersey in June 1931. Mr. Furman was formerly a Deputy
State Banking Commissioner. At the same time, other
officers selected for the new trust company, which will cipen
for business Aug. 16, were John J. Garibaldi, a Hoboken
real estate dealer, Vice-President; William F. Burke, Secretary and Trust Officer, and August Hormel, Treasurer.
The New York "Herald Tribune" of Aug. 10, from which
the above information is obtained, said:
Aug. 12 1933
The Otsego County National Bank of Cherry Valley,
N. Y., chartered to succeed the National Central Bank of
that place, a member of the Federal Reserve System, was
permitted on Aug. 9 to resume full operations in the Second
Federal Reserve District.
With reference to the closed Larchmont National Bank &
Trust Co. ot Larchmont, N. Y., advices from that place
under date of Aug. 9 to the New York "Herald Tribune"
contained the following:
Major Franklin Brooks, who was appointed receiver for the Larchmont
National Bank & Trust Co. on Monday, announced to-day that all persons
who had deposited money in the bank since the national banking holiday
would receive their deposits back in full, provided they did not owe the bank
any money on notes, mortgages or other loans.
Major Brooks said he had received these instructions from the Comptroller of the Currency at Washington. The Larchmont bank reopened on
a limited basis after the national moratorium, but recently was placed in a
receivership and closed again. From $100,000 to $200,000 deposited while
the bank was open on a limited basis is affected by the order.
A committee of seven depositors will be named to preserve the assets and
advise on their liquidation, Major Brooks explained. He said the liquidation probably would proceed slowly,in view of the present securities market.
Persons who had deposited funds before Mar. 4 would receive whatever
was left after the later depositors have been paid.
Concerning the First National Bank in Yonkers, Yonkers,
N. Y., which is being organized to replace the closed First
National Bank & Trust Co. of that place, a dispatch from
Yonkers under date of Aug. 10 to the New York "Herald
Tribune" carried the following:
Charles H. Laird, Jr., President of the reorganizing Institution, to-day
announced receipt of a letter in which the Commissioner stated he felt
the reorganization plan "is fair and equitable to all depositors, other
=editors, and stockholders, and is in the public interest."
The plan includes the issuing of 10.000 shares of class A preferred stock
at $10 per share.
Samuel Untermyer said to-night that he was willing to buy $100,000
worth of stock in the proposed First National Bank in Yonkers to help
the depositors of the closed First National Bank & Trust Co. of Yonkers
to organize the new bank.
Mr. Unterrnyer spoke at a meeting of 1,000 depositors of the old bank
at the Longfellow High School. The purpose of the meeting was to encourage the depositors to complete the buying of $800.000 worth of stock
in the new bank. Mayor Joseph F. Loehr presided.
Lately, Mr. Untermyer said, the buying has slackened, although 26,000
of the 40,000 shares which were to be in the issue have been sold. Of the
30,000 accounts in the closed bank, he said, 17,601 averaged about $10
each, so that these depositors hardly can be expected to buy, but he added
that nothing has been heard from 670 depositors whose accounts averaged
more than $286, because most of their notices went to the wrong address.
To take up the slack of the 17,000 accounts which will not buy stock.
Mr. Untermyer said that he would invest $100,000, if the Board of Directors of the new bank, its legal advisers and the legal advisers of the conservator of the old bank were satisfactory to him. Mr. Untermyer explained
that he was not a depositor, but was acting only from a wish to serve.
Trenton, N. J., advices on Aug. 10, appearing in the
New York "Times," stated that eight depositors with
accounts of upward of $200 filed suit on that day in the
Chancery Court to prevent a proposed reorganization which
would permit reopening of the Peoples' Bank & Trust Co.
of Passaic, N.J. The dispatch continued in part as follows:
The Citizens' National Bank of Bryan, Ohio, a new institution which succeeds the Farmers' National Bank of that
place, opened for business on Aug. 2, according to advices
by the Associated Press from Bryan on tne date named,
which added:
The Seaboard Trust plans to pay 30% to all Steneck depositors upon
opening Aug. 16. The depositors will receive pro rata shares in assets of
Steneck Trust and stock in the Seaboard Trust.
W. H. Kelly, State Commissioner of Banking and Insurance for New Jersey, has approved a plan under which
the Burlington County Trust Co. of Moorestown, N. J.,
shortly will reopen, according to Moorestown advices on
Aug. 4 to the Philadelphia "Ledger," which furthermore
said:
The bank was merged in 1931 with the Lincoln National Bank, the City
Trust Co. and the Realty & Security Co.
The depositors alleged that the proposed reorganization plan was unfair
and inequitable in that subscriptions of 70% would be required, leaving
only 30% of deposits available for withdrawal. It also was alleged that
40,000 shares of stock of the bank now worth $25 each would be valueless.
Among those named as defendants are Nicholas H. Dosker, President,
and James A. Crowley and George N. Segar, Vice-Presidents.
The complainants asked that the court declare the bank insolvent and
appoint a receiver for it. . . .
NEW MEXICO.
The Board of Directors of the Reconstruction Finance
Corporation has authorized the purchase of $250,000 preferred stock in the First National Bank in Albuquerque,
N. M., a new bank to succeed the First National Bank of
that place. The preferred stock authorization is contingent
upon subscription of common stock by those interested in
the organization of the new bank.
OHIO.
The new bank opened with a payment of 40% on the deposits of the
old Farmers' National Bank which it succeeded.
Bryan advices on Aug.2, appearing in the Toledo "Blade",
gave additional information regarding the opening of tne
new bank as follows:
Bryan had an open bank Wednesday for the first time in five months
when recently organized Citizens' National opened its doors and was
crowded with depositors transferring accounts from the Farmers' National.
The new bank, which Is paying 40% on deposits of the old bank, has
$90.000 capital and surplus. A. L. Gebhard is President: Ross Stine,
Vice-President and Forest Witzerman, Cashier.
Reopening of the Citizens' Central Bank of Nelsonville,
Ohio, on an unrestricted basis was announced on July 29
by Ira J. Fulton, State Superintendent of Banks fcr Ohio,
according to Associated Press advices from Columbus, Ohio,
on the date named, which added:
S. E. Dean, former director of the institution, has been acting as conservator.
NEW YORK STATE.
We learn from a dispatch by the Associated Press from
According to the New York "Herald Tribune" of Aug. 6, Columbus, Ohio, under date of Aug. 5, that the Macedoniastockholders of the Kings Park National Bank, Kings Park, Northfield Banking Co., of Northfield, Summit County,
L. I., have been notified of a special meeting to be neld Ohio, was licensed to resume 100% business on that date
Aug. 15 to approve a plan for organizing a new bank to by the State Banking Department. The bank had been in
permit the payment of 60% of the closed institution's de- the hands of a conservator.
That a new bank is being organized in Montpelier, Ohio,
posits immediately. The plan, it was stated on Aug. 5 by
Austin Goodier, former Cashier and at pr'sent conservator to succeed the Montpelier National Bank of that place, is
of the bank, has been approved by the Comptroller of the indicated in a dispatch from Montpelier on Aug. 8, printed
in the Toledo "Blade," which read as follows:
Currency. The paper mentioned continued:
"The remaining 40% is to be waived," it Is stated,"and the other assets
trusted for the benefit of the depositors in lieu of the 40% waiver. A
general meeting of all depositors will be held in the Kings Park High School
auditorium at 8 p. m. on Aug. 15.
"Although this is the first plan to be accepted by the Comptroller of
the Currency, it is the third tryout by the bank. The bank has been
closed since the banking hollday on Mar. 4, taking in only special trust
accounts.
"The first plan set forth by the bank was the preferred stock plan to
raise $75.000 in preferred stock: approximately one-half had been raised
when the Comptroller notified the bank he would not accept the plan.
The Spokane plan, I. e., to organize a new bank to take over the Class A
assets and provide a capital stock of $25,000, was rejected because of the
Glass-Steagall bill, which required a capital of $50,000.
"This latest plan Is therefore the third one to be submitted. Details
will not be given out until the meeting on Aug. 15."
Informed that Federal agents would liquidate the assets of the Montpeller National Bank unless they took action themselves, 250 stockholders
and depositors of the institution instructed a committee to prepare plans
for a new bank in which depositors will be asked to accept 50% of their
claims as stock.
The group was told that $250.000 of new capital would be needed to
reorganize the old bank, while $60,000 of new capital will suffice for the
new institution.
OREGON.
On Aug. 14 the First National Bank of Portland, Portland,
Ore., will open a branch office in Hillsboro, Ore., when it
will take over the Shute Savings Bank of that place. According to an announcement by E. B. McNaughton,
President of the First National Bank of Portland, a con.
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Volume 137
tract has been entered into between the directors of both
institutions whereby the First National Bank will lease the
quarters of the Hillsboro bank and take over cash and
certain acceptable bonds. The Portland "Oregonian" of
Aug. 2, from which the above information is obtained, also
said in part:
Amount of deposits which will be released by the First National will
depend entirely upon the amount of money realized from sale of bonds
between now and date of opening of the branch.
Mr. McNaughton stated that such bankable loans as the institution
may have will be taken over by the First National in the form of dividends
to the depositors.
The Shute Savings Bank has been operating on a restricted basis since
the banking holiday. Just yesterday (Aug. 1) the State Banking Department extended the time in which it might continue to operate, be
sold or liquidate, until Aug. 15. It will be taken over by the Portland
institution a day before the time limit expires. It was established in
1911 and was headed by L. J. Merrill as President.
Release o fa portion of the upwards of $500,000 of deposits will mean
big thing t(hundreds of depositors.
PENNSYLVANIA.
That the Union National Bank of Carnegie, Pa., was to
reopen on Aug. 4 without restrictions, was indicated in the
Pittsburgh "Post-Gazette" of Aug. 2, which said:
The Union National Bank of Carnegie will reopen for full operation
Friday (Aug. 4), S. C. Hopper, Conservator, announced yesterday (Aug.1).
Removal of restrictions on the bank. Hopper stated, will free more than
$500.000 in deposits tied up since the bank holiday last March. There
are 3.000 depositors.
The bank has recieved a license removing all restrictions, effective
Friday morning, when the affairs of the bank will be turned over to its
Board of Directors, Hopper stated.
We learn from the Philadelphia "Ledger" of Aug. 6
that the United States Government has promised to permit
organization of a new bank in Ambler, Pa., if its sponsors
can obtain $100,000 in new funds, to take over approximately
50% of the assets and liabilities of the First National Bank
of that place. The paper mentioned continued as follows:
1189
Earnest A. Baetz, Vice-President of the bank, was appointed conservator
by an order of the Comptroller of the Currency received here Monday
morning in response to an application made by the officers and directors
of the bank. The doors of the bank were not closed all day, although
withdrawals were barred. New deposits were accepted subject to checking
at any time.
Texas rangers, who have been acting as the wheel hub of the national
investigation of the history of the certificates since their theft in New
York, announced Monday morning they were ready to file charges. Conferences with Walter Tynan, district attorney, and James Young. Jr..
assistant district attorney, occupied the entire day, and night came without
any action.
WISCONSIN.
Organization of a new National bank in Waupaca, Wis.,
to replace the Old National Bank of that place, which has
been operating under a waiver plan since last February
and under a conservator more recently, was approved by
the depositors at a recent mass meeting, according to
Waupaea advices to the Milwaukee "Sentinel" on Aug. 3.
The dispatch furthermore said:
It is planned to take the liquid assets of the old bank and place them
in the new bank.
Stock, non-assessable under the Glass-Steagall Act, will be sold and
all deposits guaranteed under the Federal Guaranty Corporation. Assistance in organizing the bank will also be asked from the Reconstruction
Finance Corporation.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
Supplementing its statement of Aug. 2 (noted in our issue
of Aug. 5, page 990), the Federal Reserve Bank of New
York issued the following list on Aug. 9 showing additional
banking institutions in the Second (New York) District,
which have been licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1266, Aug. 9 1933.1
MEMBER BANKS—NEW JERSEY.
Washington—The First National Bank of Washington.
The affairs of the institution were discussed Friday night (Aug. 4)
before more than 600 depositors by Dr. Andrew Godfrey, conservator
and member of the Board of Directors, after W. C. Irvin, Montgomery
County Comptroller, charged Dr. Godfrey had not complied with requests to make available details of the institution's condition.
NEW YORK STATE.
Cherry Valley—Otsego County National Bank of Cherry Valley. (Newly
chartered to succeed The National Central Bank of Cherry Valley.)
SOUTH CAROLINA.
NON-MEMBER BANKS—NEW JERSEY.
Lodi—Lodi Trust Co.
GEORGE L. HARRISON, Governor.
The closing on Aug. 9 of the Central National Bank of
Spartanburg, S. C., was noted in a dispatch from Spartanburg to the New York "Journal of Commerce" on that date,
which read as follows:
The Central National Bank failed to open its doors this morning and an
official announcement posted stated that it had been closed "by order of
the United States Comptroller," J. L. Campbell, receiver for the Carolina
National Bank of Spartanburg, was named receiver, succeeding John A.
Law, former President. who has been acting conservator since President
Roosevelt's national banking holiday issued Mar. 4.
Receiver Campbell stated that the bank will be reopened Thursday
(Aug. 10) for purpose of paying checks drawn on special trust fund deposits
received during the period of the conservatorship.
TENNESSEE.
The Commercial National Bank of Chattanooga, Chattanooga, Tenn., the newly organized bank, which succeeds
the Chattanooga National Bank, opened for business on
Tuesday of this week, Aug. 8. The new institution, which
has no connection with any other bank and will have no
affiliates. It begins with combined capital and surplus of
$750,000 and undivided profits of $50,000. The Reconstruction Finance Corporation owns preferred stock to the
amount of $400,000 in the institution. The new bank's
personnel, headed by Z. C. Patten as President, is as follows:
Edward Finlay, Vice-President; Robert L. Hall, Executive
Vice-President; Gordon L. Nichols, Cashier and H. A.
Minor and W. H. Dewitt, Assistant Cashiers. The official
announcement of the opening of the institution also said:
The Comptroller of the Currency has instructed the Conservator of the
Chattanooga National Bank to deposit with us the funds necessary for the
first 40% dividends to the depositors of the Chattanooga National Bank.
The Commercial National Bank will have no real estate, and its entire
capital and deposits will be in cash and Government bonds.
TEXAS.
The placing of the Commercial National Bank of San
Antonio, Tex., in the hands of a conservator on July 31 by
order of the Comptroller of the Currency in response to an
application for same by the officers and directors of the institution, following the discovery that $500,000 worth of
Treasury certificates held by the bank since March last were
those supposed to have been stolen in New York in November 1932, was indicated in the following dispatch by the Associated Press from San Antonio under date of Aug. 1:
The vigilance of a girl clerk in Washington, checking over coupons of
Treasury certificates, is responsible for the discovery that $500,000 worth
of Treasury certificates held by the Commercial National Bank here since
last March were those supposed to have been stolen last November in New
York, it was learned Monday.
This discovery has led to the appointment Monday (July 31) of a Federal
conservator for the Commercial National Bank here, and nationwide
investigation of criminal activities.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A New York Stock Exchange membership was sold Aug. 10
at $185,000. The previous transaction was at $240,000 on
July 19th.
Arrangements were made for sale of a New York Curb
Exchange membership at $41,000, off $9,000 from the previous sale price.
It was voted on Aug. 3 by the directors of the Public National Corporation, which is owned share for share by the
stockholders of the Public National Bank & Trust Co., New
York, to recommend to the stockholders that the corporation
be dissolved. The stockholders will be called to act on the
proposal Aug. 31, and,if it is approved each stockholder will
receive about $8.50 a share in cash. It is pointed out that
the divorcement of the affiliate became necessary under the
new Banking Law and as a result the directors have ,liquidated the holdings of the corporation in recent months so
that now all its assets are virtually in cash.
The East River Savings Bank, New York, filed an application dated July 28 with the New York State Banking Department for permission to move its branch located at 4 Maiden
Lane and 170 Broadway to 24-26 Cortlandt St. and 19-25
Dey St. According to the Banking Department's "Weekly
-Bulletin" of Aug. 4 this is not a new location but is in lieu
of change of branch location to 14-22 Cortlandt St. and 9-17
Dey St., previously authorized on Feb. 21 1933, which the
institution has advised they do not wish to exercise.
The agreement of the merger and sworn copies of the proceedings of the meetings of the Board of Directors and of the
stockholders of the Lawyers Trust Co. and the County Trust
Co., held for the purpose of approving the merger of the
former into the latter under the title "Lawyers County
Trust Co.," were filed on Aug. 1 with the New York State
Banking Department, we learn from the Department's
"Weekly Bulletin" of Aug. 4. The following is also from the
"Bulletin":
LAWYERS COUNTY TRUST COMPANY
Location: 350 Fifth Ave.
New York City.
Authorization issued upon the merger of Lawyers Trust Co. into County
Trust Co. of New York, under the title "Lawyers County Trust Co." becoming effective, for change of location of principal place of business 1rom 350
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Financial Chronicle
Fifth Ave., to 160 Broadway, and to maintain and occupy a branch office
at each of the hereinafter specified locations: 350 Fifth Ave., Manhattan;
14th St. and Eighth Ave., Manhattan and 44 Court St., Brooklyn. (These
branch locations are not new locations, but are locations formerly occupied
by the Lawyers Trust Co. and County Trust Co. of New York.)
The opening of the merged institution was noted in our
issue of Aug. 5, page 990.
Depositors of the closed State National Bank of Lynn,
Mass., soon will receive another 10% dividend, according to
an announcement made Aug. 2. This will make a total of
50% which has been paid to depositors and creditors who
have proved their claims. The Boston "Herald," from which
the above information is obtained, furthermore said:
This dividend will amount to about $200,000 and will be ready by the
latter part of the month for distribution to about 3,000 depositors. The
first payment received after the bank was closed was 30%, and the second
was 10%.
Our last previous reference to the affairs of the State National Bank of Lynn, which closed Dec. 15 1931, appeared in
our Sept. 10 issue, page 1772.
A special meeting of the stockholders of the Berkshire
Trust Co. of Pittsfield, Mass., has been called for Aug. 15
to consider reorganization of the capital structure of the
Institution, according to a dispatch from that place on
Aug. 8, appearing in the Springfield "Republican." The
specific proposals were set out in the dispatch in part as
follows:
1. To consider and vote upon the question of reducing the capital stock
of the company from $300,000 its present amount, to $150,000, by reducing
the par value of each share from $100 to $50.
2. To consider and adopt a plan of reorganization under the provisions
of chapter 112 of the Acts and Resolves of Massachusetts, 1933, whereby
the trust company shall increase the capital stock from $150,000 par value,
to $750,000, par value, by the issuance of $300,000, par value preferred "A"
and $300,000 par value preferred stock "B," which preferred stocks shall
be issued subject to and with benefit of such provisions, preferences, voting
powers and qualifications as shall be determined at the meeting or any adjournment thereof, shall eliminate certain undesirable assets and shall sell
certain slow assets.
3. To consider and vote upon the question of increasing the capital stock
of the company by issuing 6,000 shares of preferred stock "A" of a par
value of $50 each and 3,000 shares of preferred stock "B" of a par value
of $100 each, subject to such provisions, voting powers and qualifications
as shall be determined at the meeting or any adjournment thereof, pursuant
to the plans of reorganization to be adopted at the meeting.
According to a dispatch from Phillipsburg, N. J., on Aug. 7,
printed in the Newark "News," announcement was made
Aug. 5 that Howard S. Lyon, Executive Vice-President of the
Phillipsburg National Bank & Trust Co. has resigned to become Executive Vice-President of the Somerville Trust Co.
at Somerville. Mr. Lyon, who was formerly a National Bank
Examiner,came to Phillipsburg eight years ago and has been
connected with the local bank since. He will assume his new
duties Sept. 1. He will not sever his connection entirely with
the Phillipsburg bank, it was stated, but will remain a member of the Board of Directors and will retain his membership on the Board of Directors of the First National Bank
of Belvidere.
We learn from the Philadelp- hia "Ledger" of Aug. 4, that
announcement was made the previous day by the Pennsylvania State Banking Department of an advance payment of
7%% on Aug. 22 to the depositors of the closed Roxboraugh
Trust Co. of Philadelphia, which closed Oct. 13 1931 with a
total deposit liability of $1,306,166. The "Ledger" continuing said:
The distribution will amount to $97,962 to 9,774 depositors and will
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bring the total payments by the institution up to 371%, three payments
having been made previously.
to
According to the Philadelp- hia "Ledger" of Aug. 2, the
Adelphia Bank & Trust Co. of Philadelphia, Pa., which is in
course of liquidation, has announced a dividend of 50 cents
a share, payable Aug. 15 1933 to stockholders of record
July 31. The "Ledger" went on to say:
This payment will make a total of $11.60 repaid to the stockholders, the
depositors having been paid in full. The stockholders, with the Aug. 15
dividend, will have received about 58% of the $20 per share they subscribed for the stock at the time of the bank's organization in 1929.
A fourth payment of 10% to the 7,554 depositors of the
closed Pennsylvania Bank & Trust Co. of Pittsburgh, Pa.,
will be made Aug. 28, according to an announcement on
Aug. 4 by Dr. William D. Gordon, State Secretary of Banking for Pennsylvania. The Pittsburgh "Post-gazette" of
Aug. 5, in noting this, also said:
The payment, amounting to $255,922, follows three previous payments
totaling 35%. The bank, then located at 3400 Butler Street, closed its
doors Sept. 26 1931, with deposit liabilities of $2,559,324.
Aug. 12 1933
We learn from the Philadelphia "Ledger" of Aug. 5 that
advance payments to depositors in three closed banks in the
Philadelphia District were announced on Aug. 4 by Dr. William D. Gordon, State Secretary of Banking for Pennsylvania. The institutions named are as follows:
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Hamilton Trust Co. (Philadelphia), 71%, amounting to $114,276, on
Sept. 1.
Richmond Trust Co. (Philadelphia), 10%, amounting to $162,337, on
August 31.
),
Willow Grove Trust Co. (Willow Grove, Pa: 5%, amounting to $26,558,
on August 25.
In the case of the Hamilton Trust Co., the payment will bring disburse%
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ments up to 271 of the amount due depositors; the Richmond Trust
Company, 35%, and the Willow Grove Trust Company, 45%.
From the same paper, it is also learnt, that announcement
was also made that a 5% payment on Aug. 28 would be made
to the depositors of the Mid-Valley Trust Co. of Olyphant, Pa.
_•___
The National Bank of Orrville, Orrville, Ohio, was granted
a charter by the Comptroller of the Currency on Aug. 2. The
new institution succeeds the Orrville National Bank. D. Ed.
Seas is President and Leroy D. Webner, Cashier of the new
bank, which is capitalized at $50,000.
A third dividend of 5% will be paid Aug.22 by the Citizens'
Bank of Jackson, Ohio, the State Banking Department announced on Aug. 5, according to Associated Press advices
from Columbus on that date, which added:
Previously the institution has paid dividends of 10 and 5%.
Regarding the affairs of the Kaspar-American State Bank
of Chicago, Ill., which closed on June 24 1932, we learn from
the Chicago "Tribune" of Aug. 3 that Judge Robert E. Gentzel in the Superior Court the previous day gave tentative approval to the payment of a 15% dividend to the depositors
of the institution. The "Tribune" continuing said:
He entered an order for the payment on Sept. 1, but at the same time instructed Otto Ring, attorney for the Receiver Arthur H. Meyer, to file a motion to set aside the order, which was set for hearing on Sept. 1. The
payment order will be rescinded if present plans to reorganize the bank are
successful before that date.
Attorney Edward Sager, representing a group of depositors, attacked the
reorganization plan, under which depositors would be required to assent to
the "freezing" of 60% of their deposits. They have already received a
10% dividend. Attorney Sager charged that "a group of politicians" were
backing the reorganization plan.
A charter was
-issued by the Comptroller of the Currency
on July 22 for the First National Bank of Marissa, Marissa,
Ill. The new bank, which succeeds The First National Bank,
is capitalized at $25,000. Will J. Brown is President and
H. E. Hamilton, Cashier, of the new institution.
—•—__
On July 28 the Comptroller of the Currency granted a
charter to the newly organized Community National Bank
of Pontiac, Pontiac, Mich., which succeeds the First National
Bank of that place. The new institution is capitalized at
$400,000, $200,000 of which is preferred stock and $200,000
common stock.
The Comptroller of the Currency on July 31 granted a
charter to the National Bank of Jackson, Mich. The new
bank is capitalized at $300,000, consisting of $200,000 preferred stock and $100,000 common stock. S. M. Schram and
J. F. Clark are President and Cashier, respectively, of the
new organization, which succeeds the Union & Peoples' National Bank of Jackson.
The closing of three Kansas State banks "for examination
and for protection of the depositors," namely the Fidelity
State & Savings Bank of Emporia; the Eureka Bank, Eureka,
and the Farmers' State Bank, Neosho Falls, was reported
in Associated Press advices from Topeka under date of
Aug. 8, which said:
A municipal bond forgery, which authorities believe may have been a
$1,000,000 swindle, caused the closing of three State banks to-day and the
arrest of one man.
Ronald Finney, bond broker and son of NV. V. Finney, Emporia banker
(President of the Fidelity State & Savings Bank), surrendered after being
charged with uttering $20,000 in forged bonds to the National Bank of
Topeka. He was released on $25,000 bond, and preliminary hearing was
set for September 5.
Governor Alf M. Landon revealed that eight issues of Kansas municipal
bonds, totaling $329,000, purchased by the State school fund and held in the
State Treasury vaults, had been forged in duplicate, making $658,000 in
spurious bonds.
W. J. Barnett, State Bank Commissioner for Oklahoma,
has announced authorization of the payment of a fifth dividend of 10% to depositors of the closed Bison State Bank at
Bison, Okla., according to the "Oklahoman" of July 29, which
continuing said:
Volume 137
Financial Chronicle
The dividend amounted to $8,496.12 and brought the total refunded to
depositors since the bank closed Oct. 13 1981, to $42,170.82 or 50%.
R. H. Thomas on Aug. 1 became Assistant to the President
of the Union National Bank of Kansas City, Mo., the new
bank which opened on July 24 last as a successor to the
Fidelity National Bank & Trust Co. and the Fidelity Savings
Trust Co. Heretofore Mr. Thomas had been Assistant Manager under Roy L. Bone of the Reconstruction Finance Corporation's agency in Kansas City. Mr. Thomas went to
Kansas City in February 1932 from Leavenworth, Kan.,
where he had charge of the liquidating of the Wulfekuhler
State Bank of that city. The Kansas City "Star," authority
for the above, also said:
Mr. Thomas's home was in Highland, Kan. He was Assistant Cashier
there from 1914 to 1928 in the Farmers' State Bank. He became an examiner
for the State Banking Department and held the place until his selection
in 1930 as an aide by Herman N. Langworthy, who then was receiver for the
Kansas City Joint Stock Land Bank. Mr. Thomas was renamed to an examiner's post in Kansas in 1931, and then made liquidating agent for the
Leavenworth bank.
Russell E. Mooney, former National Bank Examiner, on
July 26 assumed his duties as Vice-President in charge of
the credit department of the National Bank of Commerce in
Memphis, Tenn., according to the Memphis "Appeal" of
July 27 which went on to say:
Mr. Mooney is 32 years old and a native of Milan, Tenn. Ile spent his
boyhood at Jackson, entering the banking business there. He was an Assistant National Bank Examiner assigned to the Eighth Federal Reserve
District for six years, and a National Bank Examiner in the Eighth District
for four years.
From the Atlanta "Constitution" of July 25 we learn that
steps for a partial reorganization of the First National Bank
of Atlanta, Ga., in line with the provisions of the "Banking
Act of 1933," have been launched, and after a committee of
seven officers and directors had made a canvass of the requirements of the new banking laws, recommendations were
made to reduce the number of directors and to separate the
directorate of the bank and the Trust Company of Georgia,
an affiliated institution. In order to complete the reorganization, an announcement in the matter said, a meeting of the
stockholders will be held on Aug. 23, at which time the new
Directorate of 25 members will be chosen. We quote further
from the paper mentioned, as follows:
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past
for the bank, to become Vice-President and Trust Officer. He is a
President of the Atlanta Clearing House Association and of the Georgia
Bankers' Association, and is now Chairman of the Bank Management Commission of the American Bankers' Association. Mr. Ransom also is serving
as Chairman of the Georgia Relief Commission, which is administering
emergency relief funds in Georgia, having been appointed to the post by
Governor Eugene Talmadge.
Kosciusko Miss., advices dated July 28, printed in the
Memphis "Appeal," stated, that according to an announcement on that day by J. Wesley Miller, liquidating agent of
the Sallis Bank of Sallis, Miss., a 5% dividend is being paid
to depositors. This brings the total dividends already paid
up to 75%.
The Sallis Bank closed Nov. 20 1930, and has been in liquidation since that time.
The City National Bank of Wichita Falls, Tex., capitalized
at $1,000,000, has been placed in voluntary liquidation. The
institution has been succeeded by the City National Bank
in Wichita Falls.
Effective July 27 1933, the Farmers' National Bank of
Dublin, Tex., went into voluntary liquidation. The institution, which was capitalized at $50,000, has been absorbed by
Dublin National Bank of the same place.
The Trinity National Bank, Trinity, Tex., capitalized at
$50,000, was placed in voluntary liquidation on July 23. The
institution has been succeeded by the First National Bank.
The Commercial National Bank of Uvalde, Tex. (said to
be the oldest bank in the place), has been consolidated with
the First State Bank of Uvalde, according to Associated
Press advices from Uvalde on Aug. 2, which went on to say:
Tully C. Garner, son of Vice-President John N. Garner, who was President of the First State Bank, will head the consolidated institution, which
also will be known as the First State Bank.
Purchase by Henry C. Van Schaack and associates of the
entire business, good will and assets of the Denver National
Co., former affiliate of the Denver National Bank of Denver,
Colo., was announced on July 31. The acquired company is
said to be one of the largest and best known real estate and
insurance firms in the Rocky Mountain region. Roblin H.
Davis, President of the Denver National Bank, in a statement accompanying the announcement, said:
The movement to reorganize the Directorate personnel and other phases
began on June 13 when the directors appointed a committee of seven to make
the canvass. . . .
The committee of seven met on July 11 and recommended several steps of
reorganization which were unanimously adopted by the Board. The changes
In addition to providing for a reduction of the Directorate from 59 to 25,
provide for reduction of the Board of the Trust Company of Georgia to 16
and the reduction of the Directorate of the First National Associates to 16.
The reorganization plan also called for the transfer of $2,800,000 from
the surplus account of the First National and $200,000 from the undivided
profit account, to be set up as a reserve. Of that reserve, $1,043,000 will
be used in charging down the present value of banking houses and other real
estate, which now stands on the books at $4,659,000, and which, after the
collection on Jan. 1 next, for real estate already Bold, will reduce the real
estate account to $3,500,000.
The plan further stipulates that $1,000,000 of that reserve be used to
bring bonds and securities to present market value and that the balance of
$957,000 be used to take care of possible losses in loans and discounts.
According to the information given shareholders, the manipulations outlined will leave the capital of the bank at $5,400,000, with a surplus of
$2,600,000 and undivided profits of $687,462, making a total capital structure of $8,687,462 and in addition a reserve of $2,196,500.
The plan further provided for $500,000 of the surplus account of the
Trust Company of Georgia, and $500,000 of the undivided profits account
to be set up as a reserve to take care of possible depreciations. After the
adjustment, the capital of the trust company will be $2,000,000; surplus,
$1,500,000; undivided profit, $170,000 making a total capital structure of
$3,670,000 and in addition reserves of $1,331,000.
It was not planned at this time to separate the stock ownership of the
First National and its affiliate, the trust company. Plans call for a recommendation during the year allowed by the Banking Act as to whether or
not the trust company will continue in the investment banking field or
continue in commercial banking. The notice to shareholders said the steps
were being taken in order to insure the greatest future progress.
Officers of the bank said that the reorganization would not affect the
officer personnel of the bank and that capitalization would not be changed.
The provisions of the so-called Glass-Steagall bill recently passed by the
National Congress have made it seem advisable and possibly necessary for
the Denver National Bank to dispose of the business formerly carried on by
Denver National Co., an affiliate. The Denver National Bank will hereafter confine its activity in accordance with the spirit of the Glass-Steagall
Bill, to the customary banking activities of the commercial, savings and
trust departments.
Ronald Ransom, an official of the Fulton National Bank
of Atlanta, Ga., since 1922, was advanced to Executive Vice.
Presidentof the institution on Aug. 2, at a meeting of the
directors, who at the same time named Bolling H. Jones Jr.,
an Atlanta business man, a member of the Board. In announcing the appointments, Ryburn G. Clay, President of the
Institution, stated that the bank showed a satisfactory
growth and that deposits reflected general improvement in
business conditions. The Atlanta "Constitution" of Aug. 3,
In noting the above, also said in part:
Roy L. Orem, Executive Vice-President, United States National Corp.,
is manager of Albany branch of the United States National. For years he
was with the State Banking Department and is thoroughly familiar with
banking conditions throughout the State. His assistants will all be exemployees of Albany banks, as it is the purpose of the United States National
to become thoroughly a local institution in every locality in which it
operates. . . .
The request that the United States National located in Albany was made
in the farm of a petition signed by business firms of that city, and the
opening of yesterday was the answer to that request.
Announcement was made by First National that Fred E. Canister, Conservator of First National of Albany, would be Manager of their branch in
that city, with John Bryant, Cashier of the closed bank, as assistant, and
A. D. Gildow, Teller. . . .
Mr. Ransom has been associated with the bank since 1922, when he left
a law partnership of Smith, Hastings and Ransom, which had been counsel
The Denver "Rocky Mountain News" of Aug.1,from whose
report of the matter, the foregoing is taken, furthermore
said;
Details of the consideration paid for the business were not revealed, but
it was stated that the new company, Van Schaack & Co., will have a capital
of about $200,000. The business will be continued in the same quarters.
Directors of the new company, besides Henry C. Van Schaack, will be
A. E. Humphreys, R. C. Van Schaack, Cedric Kaub, E. S. Gregory, Mason
A. Lewis and W. E. Martin.
The Los Angeles "Times" of Aug. 2 stated that H. D. Ivey,
President of the Citizens' National Trust & Savings Bank of
Los Angeles, Calif., had announced on Aug. 1 that Ralph Edwards, Assistant Cashier at the head office had been appointed Manager of the Western-Virginia branch of the institution and that H. W. Stockfish, who had been Manager
of the Western-Virginia branch for many years, had been
transferred to the head office.
Two large Portland banks, the United States National
Bank and the First National Bank, opened branch offices
in Albany, Ore, on July 26. The branches of the respective
institutions are located in the heart of the city within a
block of one another. In reporting the opening of the
branches, the Portland "Oregonian" of July 27, said in part:
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Financial Chronicle
R. F. Watson, for two years Vice-President of the United
States National Bank of Salem, Ore., on July 29 was appointed Assistant Vice-President of the United States National Bank of Portland, Ore., of Which the Salem institution
became a branch on July 30. The Portland "Oregonian" of
July 30, from which the above information is obtained, continuing, said:
Aug. 12 1933
3rd quarter earnings, and the advance in General Motors
was due in part to increased demand for July. The outstanding gains for the day were Allied Chemical & Dye
434 points to 1223/2, American Beet Sugar pref. 4 points to
45, American Woolen pref. 51% points to 503 , Chesapeake
4
/
Corp. 3 points to 44, Chrysler Corp. 3% points to 375s,
Granite City Steel 4 points to 28, Homestake Mining 15
Mr. Watson, a credit expert, has had 22 years' banking experience, all but
two of which have been with Canadian institutions. He began his career
points to 220, Ingersoll Rand (134) 5 points to 62, Internawith the Bank of Hamilton, and when that was absorbed by the Canadian
tional Business Machine 4 points to 149, and Woolworth &
Bank of Commerce went with that institution and remained until casting his
lot with the United States National. He served the Cinadian Bank of ComCo. 33/2 points to 4134.
merce in a number of its offices in Canada and the States, and prior to going
The market moved sharply upward on Wednesday, many
to Salem was assistant to E. B. Ireland when the latter was manager of the
active issues advancing up to 6 or more points. The turnCanadian bank here. He will be active in the credit department of the
over was 2,562,250 shares as compared with 1,252,454 shares
United States National and will represent the parent institution in its dealing with its branches.
on the preceding day. Railroad stocks, steel issues and wet
Mr. Watson is a World War veteran, having served in France two years
securities were the leaders of the upswing, though there was
with the Canadian army.
also an improved demand for the motor shares. Some profit
From the Portland "Oregonian" of Aug. 1 it is learnt that taking was in evidenee during the morning, but this was
the First National Bank of Portland, Portland, Ore., has generally absorbed as ths market continued its advance.
taken over the First National Bank of Astoria, Ore., and The principal gains were Air Reduction 4 points to 101,
will operate the institution as a branch. The Astoria bank Allied Chemical & Dye 43/2 points to 127, American Beet
had deposits, as of June 30 1933, of $1,400,000. S. S. Gordon, Sugar pref. 6 points to 51, American Commercial Alcohol
who has been Cashier of the institution since its organiza- 53/2 points to 5334, American Sugar Refining 43/2 points to
tion, remains as Manager. We quote furthermore from the 6134, Auburn Auto 534 points to 5134, Bethlehem Steel 2
points to 4234, J. I. Case Co. 5 points to 7334, Colorado
"Oregonian," as follows:
Southern 7 points to 40, Crown Cork & Seal 334 points to
E. B. MacNaughton, President, First National, stated that while the As/
toria institution never had operated a savings department or maintained
493/2, Delaware & Hudson 334 points to 753/2, Eastman
safety boxes, these would be added immediately and work would be started
Kodak 3 points to 79, Mack Truck 3 points to 38, National
at once to remodel the building to provide adequate space for the new deSteel 3 points to 46, Reading Company 334 Roints to 52,
partments.
First of Astoria was founded in 1886 by George Flavel, W. M. Ladd, T. B.
Union Bag & Paper 3 points to 45, Union Pacific 33 points
4
Wilcox, Jacob Kamm, S. S. Gordon and John Devlin. Management of the
to 120, United States Tocacco (4.40) 3 points to 88, Western
Institution has been in the hands of the Flavel family for three generations.
Union Telegraph 434 points to 6534, Worthington Pump
H. M. Flavel, President, is a grandson of George Flavel.
Majority of stock of First of Astoria has, during intervening years, passed
4
234 points to 273 , American Car & Foundry pref. 6 points
into possession of estates, with the result that active management of the
to 46 and Atlas Powder 33/2 points to 303/2.
bank has been left largely to Mr. Gordon, who because of his long service
During the early trading on Thursday, the market followed
of 47 years feels he has earned a vacation.
The institution has employed 12 people for many years and, it was said,
up its advance of the previous day, but considerable selling
most of these will continue in their present positions with the Astoria branch.
appeared shortly after the noon hour. The trend turned
Addition of this new unit will give First National nine branch offices in
downward, and while the volume of sales was somewhat
addition to its affiliate at Gresham.
larger than on the preceding day, the market was below the
previous finals as trading closed, the early advances being
THE WEEK ON THE NEW YORK STOCK EXCHANGE. entirely
erased. Merchandising stocks, motors, oils and
Trading on the New York Stook Exchange has been chemicals were in demand during the morning dealings and
comparatively quiet during the present week, though the Chrysler Motors reached a new peak for the year. Prominent
volume slowly increased following the moderate dealings on among the stocks closing on the side of the decline were
Monday. There has been a small amount of profit taking Allied Chemical & Dye, 23/2 points to 12434; American Locofrom time to time but this was readily absorbed as the week motive, 234 points to 293%; American Tobacco "B," 23/2
points to 8734; Auburn Auto, 3 points to 583/2; Bethlehem
progressed. Motor shares and liquor stocks attracted the Steel, 2 points to 4034; Crown Cork &
Seal, 2 points to 4734;
largest amount of trading interest, though there has been a Houston Oil, 2 points to 26; Louisville & Nashville, 23%
modest demand for railroad stocks and oil issues. Call points to 54; National Distillers,3 points to 9034; New Haven,
money renewed at 1% on Monday and continued unchanged 1% points to 2634; Woolworth, 2% points to 4134; Montesanto, 13/2 points to 71; American Typefounders pref., 39s
at that rate throughout the week.
points to 25%; Atlantic Coast Line, 13/2 points to 26; and
There was little interest manifested in the market on
Consolidated Gas 13% points to 50%.
Monday and stocks drifted around without definite trend as
Stocks worked lower on Friday, and while there was a
trading was resumed following the Saturday holiday. The moderate rally during the morning trading, it was not
day's movements were without noteworthy incident and the maintained and prices were lower at the close, the losses
turnover was down to approximately 765,050 shares, the ranging from 1 to 2 or more points. In the morning trans.
smallest in several weeks. Liquor stocks were moderately actions, railroad equipment shares were the strong stocks,
steady in anticipation of a favorable repeal vote in Arizona, most of the dealings centering around American Locomotive,
Baldwin Locomotive, American Car & Foundry and General
and there was some buying in a number of other issues, but Railway
Signal, due to rumors of impending rail equipment
there was little or no enthusiasm at any time during the buying in the group. American Woolen, common and
session. Railway stocks were/dull and practically without preferred, attracted considerable attention and so did the
movement and most of the recently active shares among the miscellaneous industrial stocks, the latter, in many inmining issues and oils made little progress in either direction. stances, showing fractional gains. The changes for the
Price movements were within a narrow channel and generally day were generally% on the down side, the declines including
Allied Chemical & Dye pref., 3 points to 12034; Columbian
on the side of the decline. Among the prominent stocks Carbon, 2
points to 57; Electric Storage Battery, 23/2 points
closing on the down side were American Smelting pref. 23/2 to 4134; Ingersoll Rand, 33/ points to 6134; Tide Water
s
points to 55; Brooklyn Union Gas, 3 points to 78; Goodyear Oil pref., 2% points to 63; Vulcan Detinning, 23/2 points
(1) pref., 2 points to 68; Homestake Mining, 53/2 points to to 46; United Biscuit pref., 3 points to 107; Union Bag &
215; New Haven pref., 2 points to 413/2; Peoples Gas, 23/2 Paper, 1 point to 48, and Reading Co., 2 points to 50. At
slightly
4
points to 533 ;Sloss Sheffield Steel,2 points to 30; Worthing- the close the market was dull but firm, with prices
above the low levels of the day.
4
ton Pump, 23/2 points to 233 , and United States Tobacco
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
(4.40), 234 points to 85.
DAILY. WEEKLY AND YEARLY.
The market turned upward on Tuesday, a fair sized rally
Total
United
State.
Railroad
Stocks,
Bond
States
.
Week Ended
Number of and Missal. Muntstga St
carrying many popular speculative favorites to higher levels.
Sales.
Bonds.
Aug. 111933.
Bonds. Poen Bonds.
Shares.
Motor stocks, rails and mining shares were the strong issues,
Exo hangs closed .
Saturday
$318,000 $8,272,000
765,070 $5,547,000 $2,407,000
though the improvement extended to all parts of the list. Monday
9,960,000
1,022,000
2,161,000
6,777,000
Tuesday
1,232,454
944,000 11,334,000
2,317,000
8,073,000
2,562,250
Wet stocks also were in demand at higher prices, being stimu- Wednesday _
1,573,500 10.815,500
2,007,000
7,235,000
Thursday
2,821,805
849,000
8,633.500
1,889,500
5,895,000
1.342.590
lated by the vote on prohibition in Arizona. Chrysler Friday
Total
8724189 333.527.000 110,781,600 84.706,100 349.015.000
good demand in expectation of improved
Motors were in
Volume 137
Financial Chronicle
1193
over was small, the changes were also narrow. Some pressure
Sales at
Week Ended Aug. 11.
Jan. 1 to Aug. 11.
was apparent but the offerings were, as a rule, well absorbed.
New York Stock
1932.
Exchange.
1933.
1932.
1933.
Industrial shares were the strong stocks, particularly in the
236,402,776
Stocks
-No.of shares.
475,375,621
8,724,169 24,565,840
late trading. Aluminum Co. of America was moderately
Bonds.
strong and showed a modest gain at the close and Armstrong
$457,508,950
Government bonds_
$4,706,500 $8,695,900 $288,056,900
485,037,100
• State&foreign bonds_ - 10,781,500 14,102,000
487,641,000
Cork & Seal was up about a point at its top for the day.
978,629,500
Railroad dc misc. bonds 33,527,000 64,161,000 1.401,994,900
Public utilities eased off, most of the popular issues showing
Total
849.015.000 $86;958,900 $2,177,692.800 $1.921,175,550
a fractional loss. Oil stocks were dull and mining shares
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
were neglected. The range of prices for the week was genBALTIMORE EXCHANGES.
erally toward higher levels, though the gains were small.
Baltimore.
Boston.
Philadelphia.
Among the prominent stocks showing advances for the week
Week Ended
Aug. 111933.
were Aluminum Co. of America, 685' to 733j; American
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Gas & Electric, 343/ to 35%; American Light & Traction,
Saturday
Monday
19,644
445
$2,000
16,169
81,100
19 to 20; Atlas Corp., 133. to 143.1; Commonwealth Edison,
Tuesday
895
$13,800
21,962
4,050
11,401
Wednesday.
36,481
1,857
2,100
27,875
4
633. to 653.1; Cord Corp., 93 to 113/8; Creole Petroleum,
Thursday
46,422
1,096
9,000
31,900
6% to 63'; Duke Power, 60 to 61; Electric Bond & Share,
Friday
3,515
384
5.000
4,000
2,925
%
23 to 243/; Ford of Canada A, 13 to 145 ; Gulf Oil of Penn8
Total
128,024, 819,050
$1,100
4,677
520,900
90,270
Prey. wk. revised_ 173.5071 s2a nnn
80 607
5411110
5.400
814.200
sylvania, 453 to 473j; Hudson Bay Mining, 93 to 99's;
4
Humble Oil, 69% to 753'; International Petroleum, 1634
to 16%; Parker Rust Proof, 603.1 to 62%; Standard Oil of
THE CURB EXCHANGE.
Indiana, 283/i to 297 ; Swift & Co., 17% to 183/2; United
%
Closely following the movements of the "big board,"
Founders, 1% to 2; United Light & Power A, 5 to 53.1;
the Curb Market has been quiet during most of the week,
and United Shoe Machinery, 51% to 5234.
particularly on Monday when the volume of trading was
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
very small. Wet stocks have been in good demand and
generally moved forward and there has been some interest
Bonds (Par Value).
Stocks
Week Ended
(Number
displayed in industr;a1 stocks, but there has been only a
Aug. 11 1933.
Foreign
Foreign
of
very moderate amount of interest shown in the miscellaneous
Total.
Domestic. Government. Corporate.
Shares).
issues, oil stocks and mining shares. Some profit taking Saturday
Exch ange closed
Monday
188,245 32,499,000
8142,000
$109,000 *2,750,000
was in evidence on Thursday, and while it served as a check Tuesday
140.000 2,743,000
223,555 2,463,000
140,000
on the advance, it made little change in the final prices. Wednesday
138,000
97,000 3,644,000
365,660 3,409,000
Thursday
112,000
47,000 3,436,000
397,255 3,277,000
On Monday, trading was unusually dull and with the excep- Friday
75,000 3,355,000
242.770 3,122,000
158,000
tion of the so-called wet stocks, the price trend was toward
$468,000 $15,928,000
Total
1,417,485 $14,770,000
$690,000
lower levels. The liquor group gained ground during the
Jan. 1 to Aug. 11.
Sales at
Week Ended Aug. 11.
morning, but prices softened as the day progressed and sold
New York Curb
1932.
1933.
Exchange.
1933.
1932.
off at the close. Stocks like Electric Bond & Share, Ameri30,510,497
72,991,131
can Gas & Electric and Aluminum Co. of America were off Stocks-No.of shares_ 1,417,485 2,755,462
Bonds.
about a point. Hiram Walker and Gulf Oil of Pennsylvania, Domestic
$483,722,100
596,624,000
$14,770,000 $33,890,000
20,417,000
28.453,000
1,288,000
690,000
on the other hand, showed fractional gains. Mining shares Foreign government_42,623,000
26.841,000
Foreign corporate
468,000
746,000
were down on the day and investment issues were below their
$546,762.100
$651,918,000
Total
$15,928,000 835,924,000
best levels.
Trading was again dull and without noteworthy incident
COURSE OF BANK CLEARINGS.
on Tuesday, though the tone showed some improvement
over the previous day. Wet stocks were the leaders of the
Bank clearings this week will again show a decrease as
upward movement, the interest in this group being due to compared with a year ago. This is the second time that our
the repeal vote taken in Arizona. The strong stocks were bank clearings totals have shown a decrease as compared
Hiram Walker, which at one period was up about 3 points with 1932,since the week ended June 10. Preliminary figures
to 41% and Distillers Seagran, which jumped about 3 points. compiled by us, based upon telegraphic advices from the
Public utilities firmed up as the day progressed and such chief cities of the country, indicate that for the week ended
popular stocks as Electric Bond & Share and American to-day (Saturday, Aug. 12) bank exchanges for all the cities
Gas & Electric gained about a point. Oil shares attracted of the United Statesfrom which it is possible to obtain weekly
some speculative attention, Humble Oil showing a substan- returns will fall 11.2% below those for the corresponding
tial advance. Mining shares were active, and while the gains week last year. Our preliminary total stands at $3,929,546,were not large, most of the group closed moderately higher. 019, against $4,423,126,478 for the same week in 1932. At
Investment trust were slightly higher.
this center there is a loss for the five days ended Friday of
Fresh buying was apparent on Wednesday, and as the 12.5%. Our comparative summary for the week follows:
market increased in activity, the gains registered up to 4
Per
Clearings-Returns by Telegraph.
or more points though, on the whole, the volume of sales was
Week Ending Aug. 12.
1932.
Cent.
1933.
not Particularly noteworthy. The usual market leaders con- New York
$2,066,446,307 $2,362,290,791 -12.5
145,080,370
143,652,187
-1.0
tinued in demand. Electric Bond & Sahre was up about a Chicago
Philadelphia
171,000.000
179,000,000 -4.5
point at its peak for the day. American Gas & Electric Boston
135,000,000
-3.0
131,000,000
Kansas City
49,750,173
-9.9
44,844,904
was slightly higher and Consolidated Gas of Baltimore was St. LOUIS
42,700,000
+0.7
43.000,000
Francisco
76,557,000 -12.3
67,123,000
above the previous final. In the industrial group, Aluminum San Angeles
Los
No longer will re port clearings.
56,396,780
55,474,830 +1.7
Co. of America was bought in moderate volume and jumped Pittsburgh
Detroit
37,133,530
41,538,000 -10.6
about 2 points at its peak for the day. Dow Chemical was Cleveland
44,704,711
48,853,671
-8.5
30,705,499
46,026,397 -33.3
up about 3 points and Tubize gained 4 points. Oil shares Baltimore
New Orleans
22,500,402 -26.2
16,605,005
attracted a moderate amount of buying and both mining
Twelve cities, five days
$2,852,611,923 $3,204,771,634 -11.0
Other cities, five days
stooks and investment issues were firm.
-4.4
422,009,760
441,372,615
Following a brisk upward movement during the morning
Total all cities,five days
83,274,621,683 $3,646,144,249 -10.2
776,982,229 -15.7
654,924,336
trading on Thursday,substantial gains were recorded ranging All cities, one day
Total all cities for week
$3,929,546,019 $4,423,126,478 -11.2
up to 3 or more points, though the list was subjected to
profit taking on a broad basis which cancelled a goodly part
Complete and exact details for the week covered by the
of the early advances. As the session neared the close, the foregoing will appear in our issue of next week. We cannot
selling subsided, and while some gains were made, most of furnish them to-day, inasmuch as the week ends to-day
the active stocks failed to attain their early levels. Aluminum (Saturday) and the Saturday figures will not be available
Co. of America and General Tire & Rubber moved against until noon to-day. Accordingly, in the above the last day
the trend, the latter touching 103 at its top for the day. of the week has to be in all cases estimated.
Public utilities displayed considerable strength during the
In the elaborate detailed statement, however, which we
first hour, though some of the stocks gave way to pressure present further below we are able to give final and complete
later in the day. Wet stocks showed early gains, and while results for the week previous, the week ended Aug. 5. For
part of the advanced were erased, the group, as a whole, that week there is a decrease of 2.7%, the aggregate of
continued fairly firm. Oil shares were moderately strong, clearings for the whole country being $5,057,204,254, against
but the gains were small.
$5,197,354,823 in the same week in 1932. Outside of this
Irregular price movements were the rule during the trad- city the decrease is 1.3%, the bank clearings at this center
ing on the Curb Exchange on Friday, and while the turn- having recorded a loss of 3.4%. We group the cities ac-
Financial Chronicle
1194
cording to the Federal Reserve districts in which they are
located and from this it appears that in the New York Reserve District, including this city, there is a decrease of 3.6%,
in the Boston Reserve District of 4.3% and in the Philadelphia Reserve District 3.1%. The Cleveland Reserve District
enjoys a gain of 1.5% and the Atlanta Reserve Dstrict of
19.3%, but the Richmond Reserve District suffers a loss of
28.0%. In the Chicago Reserve District the totals record a
diminution, but in the St. Louis Reserve District the totals
record an expansion of 29.1% and in the Minneapolis Reserve
District of 26.0%. The Kansas City Reserve District has
to its credit an increase of 7.5% and the Dallas Reserve
District of 2.0%, but the San Francisco Reserve District
shows a decrease of 5.6%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1931.
1930.
Federal Reserve Digits.
12 cities
1st Boston
2d New York _ _ _12 '
3d Philadelphia_ 9 "
.
4th Cleveland. 5 "
6 "
5th Richmond
._10 "
6th Atlanta..
7th Chicago .. _ _ _19 "
4 "
8th St. Louis
9th Minneapolis 7 "
10th KansasCity 9 "
.
11th Dallas_ _ _ 5 "
12th San Fran_ _13 "
$
$
$
$
%
439,405,074
403,035,041
230,387,344 -4.3
233,387,601
3,436,775,277 3,565,128,559 -3.6 4,738,067,459 5,819,375.215
505,159,401
423,559,511
268,517,739 -3.1
260,327,018
337,654.660
282,379,318
190,145,876 +1.5
197.999,813
155,740,839
149,827,495
122,844,653 -28.0
88.440.682
118,814,412
101,196,691
71,223,130 +19.3
84,953,068
739,602,328
438,058,651
326,118,822 -3.9
313,404,505
144,965,950
109,735,458
72,108,318 +29.1
93,069,141
108,298,78)
83,533,647
85,719,551
67,227,816 +26.0
1E9,189,413
140,541:X3
98,443,170
91,599,832 +7.5
48,262,779
40,414,570
30,897,155 +2.0
31,529,693
276,071,242
233,005,172
161,155,579 -5.6
152,154,7)5
111 cities
Total
Outside N. Y. City
5,057,204,254
1,705,866,945
32 ritim
CIE 479 118
Cannds1
5,197,354,823
1,727,890,961
-2.7 7,143,362,246
-1.3 2,534,487,068
8,889,540,103
3,199,815,180
ICA 5A1 1R1
361 497302
36.044341 -I-886
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended Aug. 5.
Clearings at
1933.
1932.
Inc. or
Dec.
1931.
1030.
a
s
$
%
First Federal Reserve Dist rIct-Boston+2.3
484,427
495,450
Maine-Bangor.
2,279,859 -20.2
1,818,529
Portland
190,000,000 195,000,000 -2.0
-Boston
Mass.
625,789
502,566 +24.5
Fall River
337,349 -18.5
.275,000
Lowell
625,658
511,325 +22.4
New Bedford._
2,950,120 -20.8
2,337,508
Springfield _ _
2,309,726 -48.4
1,191,106
Worcester __
12,780,420 -4.6
12,187,258
-Hartford
Conn.
3,680,494 -17.8
3,024,544
New Haven_ .._
9,112,800 -22.2
-Providence
7,089,800
R.2.
438,258 +63.6
716,959
N.H.-Manches'
632,381
3,169,323
360,380,323
918,134
• 430,904
823,424
3,958,859
2,814,315
12,716,517
5,989,362
10,613,500
587,999
637,347
3,701,453
394,467,796
873,282
539,978
863,993
4,035.678
2,973,035
12,163,876
6,961,623
11,558,700
628,313
-4.3
403,035,041
439,405,074
Total(12 cities)
220,387,601
230,387,344
$
-New
Second Feder al Reserve D strict
5,346,791
-Albany..
6,014,645
N. Y.
1,179,371
1,141,674
Binghamton...
24,806,798
24,873,593
Buffalo
510,428
520,491
Elmira
314,656
530,541
Jamestown....
New York.... 3,351.337,309 3,469,601,078
9,143,092
6,843,004
Rochester
3,022,113
3,262,552
Syracuse
3,023,984
2,553,623
Coon -Stamford
636,698
472,909
-Montclair
N. J.
18,760,048
15,845,235
Newark
28,317,115
23,846,088
Northern N. J.
York6,011,351
5,947,888
+12.5
-3.2
1,744,106
1,401,299
43,554,593
35,522,395
+0.3
709,215
908,380
-1.9
1,121,075
839,480
-40.7
-3.4 4,608,875,178 5,682,724,923
10,395,985
10,367,682
-25.2
5,195,057
4,616,956
-7.4
3,871,072
3,616,176
-15.6
628,216
-25.7
642,830
29,423,174
26,532,506
-15.5
33,996,448
38,706,689
-15.8
Total(12 cities) 3,436,775,277 3,565,128,559
-3.6 4,738,067,459 5,819,375,215
Third Federal Reserve Dist rict-Philad eiphia 664,497
372,914
391,871 -4.8
-Altoona _ _ _
Pa.
c
c
c
C
Bethlehem _ _
1,045,921
382,744 -24.2
290,006
Chester
2,420,906
1,211,319 -28.4
867,293
Lancaster
Philadelphia
250,000,000 255,000,000 -2.0 403,000,000
2,639,232
1,854,957 -47.7
969,679
Reading
4,535,518
3,090,514 -24.4
2,334,948
Scranton
2,049,180
1,875,813 -17.9
1,556,420
Wilkes-Barre..
1,319,248
+0.2
1,432,521
1,434,858
York
4,982,000
3,278,000 -23.7
2,500,900
-Trenton..
N.J.
1,277,006
c
1,590,135
1,590,906
485,000,000
3,111,522
3,920,835
3,204,876
1,928,121
3,536,000
423,559,511
505,159,401
Total(9 cities)_
260,327,018
Fourth Feder al
Ohio-Akron__ _ _
Canton
Cincinnati _
Cleveland
Columbus
Mansfield
Youngstown
-Pittsburgh.
Pa.
268,517,739
-3.1
Reserve D istrIct-Clev eland
C
c
c
c
CC
34,905,234
35,389,927
+1.4
62,2.55,695
58,167,544 +7.0
7,432,700
7,400,300 +0.4
930,721
735,609 +26.5
C
c
c
88,937,189 -2.2
86,990,770
c
c
48,221,552
93,281,593
12,439,600
1,297,558
c
127,139,015
c
c
66,815,702
103,127,642
13,251,000
1,516,779
c
152,943,537
+1.5
282.379.318
337.654,660
Fifth Federal Reserve Dist act-RIchm ond98,585
345,451 -71.5
WNa.-Hunt'ton
2,442,000
2,846,461 -14.2
Va.-Norfolk _
22,191,292 +3.5
22,968,492
Richmond._
662,784 -13.9
570,676
-Charleston
S.C.
79,245,508 -36.0
50,724,262
Md.-Baltimore _
17,553,157 -33.7
11,636,667
D.C.-Washing'n
548,541
3.528,556
29,644,395
1,366,017
92,448,204
22,291,782
974,946
3,355.478
38,079,000
1,745,916
86,944,488
24,641,021
Total(5 cities).
192,999,813
190,145.876
122,844,653 -28.0
149,827,495
155,740,839
Sixth Federal Reserve Dist rict-Atlant a2,179,019 +84.9
4,029,957
-Knoxville
Tenn.
7,118,794 +80.7
12,861,718
Nashville
23,700,000 +20.3
28,500,000
Ga.-Atlanta__ ....
815,258 +9.4
672,998
Augusta
414,088 +29.4
535,694
Macon
6,886,978 +55.4
Fla.- Jack'nville
10,702,000
6,733,136 +22.6
8,256,470
Ala.-BIrm'ham
762,516 +30.9
Mobile
998,049
c
Miss -Jackson..
C
Vicksburg
9,129 +0.4
109,588
10
22,704,212 -19.5
18,286,594
La.-NewOrleans
3,522,645
10,912,877
30,300,000
1,089,673
650,965
9,801,695
10,950,361
1,234,670
c
121,742
32,612,063
2,317,000
17,018,342
36,230,510
1,186,049
1,393,795
9.776,740
13,255,616
1,693,688
c
202,725
35,739,947
71,223,130 +19.3
101,196,691
118,814,412
Total(6 cities)-
Total(10 cities)
88,440,682
84,953,068
Week Ended Aug. 5.
Clearings al
1933.
1932.
Inc. or
Dec.
$
Seventh Feder al Reserve D istrict-Chic agoMich.
103,525 -82.5
-Adrian -18,108
Ann Arbor_ - -813,541 -26.4
599,075
63,460,614 -21.0
50,151,426
Detroit
Grand Rapids.
1,823,089
3,951,977 -53.9
Lansing
643,939
1,340,100 -51.9
471,224
1,278,665 -63.1
Ind.-Ft. Wayne
12,002,000 -14.5
Indianapolis
10,260,000
975,849 -58.4
South Bend
405,556
3,004,897
2,659,248 +13.0
Terre Haute15,546,689 -18.8
Wis.-Milwaukee
12,629,976
236,226
610,936 -61.3
Ia.-Ced. Rapids
5,124,760 -3.6
Des Moines--.
4,942,683
2,107,541
2,314.340 -8.9
Sioux City....
Waterloo
*300,000
1,137,690 -73.6
Ill.
-Bloomington
220,434,027 209,075,828 +5.4
Chicago
701,177 -1.8
688,890
Decatur
2,464,662 +0.1
2,467,436
Peoria
767,572 +58.0
1,212,977
Rockford
1,789,649 -43.7
1,007,435
Springfield_
Total(19 cities)
Inc.or
Dec.
1932.
1933.
Week Ended Aug.5 1933.
Aug. 12 1933
313,404,505
326,118,822
1931.
1930.
196,734
770,240
13,345,370
6,399,997
2,774,454
1,709,612
17,924,000
1,034,716
3.656,891
21,545,553
2,525,092
6,441,238
4,625,719
177,665
819,591
137,596,697
6,244,317
3,021,773
2,907,461
20,109,000
2,310,201
4,041,977
26,130,585
2,993,747
7,613,882
5,646,705
1,383,189
345,948,875
919,561
2,807,627
1,409,999
2,639,784
1,970,951
506.681,717
1,354,366
4,390,464
2,764,560
2,826;669
-3.9
438,058,651
739,602,328
Eighth Federa I Reserve Die trict-St. Lo uis-Evansville
Ind.
49,000,000 +32.9
65,100,000
Mo.-St. Louis..
17,694,386
15,532,899 +13.9
Ky.-Louisville
9,862,755
7,055,959 +39.8
Tenn.- Memphis
Ill.
-Jacksonville
519,460 -20.7
412,000
Quincy
79,200,000
19.814,379
9,809,465
911,614
98,800,000
31,444,932
13,435,825
Is
1,285,193
72,108.318 +29.1
109,735,458
144,965,950
Ninth Federal Reserve Die trIct-Kinn moons
4,023,761
2,752,088 +46.2
-Duluth..
Minn.
45,644,281 +36.5
62,317,896
Minneapolis14,908,239 -4.2
14,287,413
St. Paul
1,697,551 -10.6
1,517,753
N. D.
-Fargo- -599,873 -23.9
456,571
S. D.
-Aberdeen
280,962 -8.4
257,431
Mont.
-Billings
1,344,822 +38.2
1,858,726
Helena
4,567,708
57,131,077
16,552,376
1,920,204
750,520
539,585
2,072,177
5,842,188
76,554,750
19,042,802
2,038,680
1,005,950
596,420
3,218,000
67,227,816 +26.0
83,533,647
108,298,790
Tenth Federal Reserve Dis trict- Kane as City
179,263 -57.8
75,574
Neb.-Fremont.
Hastings
1,775,494 +21.7
2,161,299
Lincoln
20,312,238 +4.2
21,156,576
Omaha
1,819,085 -6.6
1,698,502
Kan.
-Topeka
4,265,218 -43.8
2,395,575
Wichita
59,412,210 +12.8
67,026,567
Mo.-Kan. City.
2,314,872 +26.3
2,923,779
St. Joseph
878,747 -34.7
574,228
Colo.-CoM.spa
642,705 -32.9
431,070
Pueblo
270,091
345,256
3,091,090
31,905,642
2,782,120
5,026,491
90,853,567
3,849,729
1,362,391
1,408,112
3,616,055
41,192,402
3,722,294
8,382,911
123,590,059
5,224,131
1,381,999
1,734,306
+7.5
140,549,233
189,189,413
-Da IlasEleventh Fede ral Reserve District
723,720 +8.1
782,552
-Austin _ _
Texas
22,187,509 +7.6
23,868,654
Dallas
4,725,621 -18.9
3,830,918
Ft. Worth
1,441,000 +1.5
1,462,000
Galveston
1,819,305 -12.8
1,585,569
La.
-Shreveport-
1,162,832
28,264,413
6,237,670
2,054,000
2,695,655
1,294,044
32,484,544
8,870,787
2,223,000
3,390,404
40,414,570
48,262,779
Total(4 cities).
Total(7 cities)-
Total (9 cities)-
Total(5 cities).
93,069,141
84,719,551
98,443.170
31,529,693
91,599,832
30,897,155
+2.0
Twelfth Feder al Reserve D Istrict-San Franci ISCO23,734,140 -18.6
19,321,160
-Seattle..
Wash.
27,930,675
4,845,000 -7.7
4,471,000
Spokane
9,436,000
309,333 -8.7
282,382
Yakima
663,155
16,776,468 -6.9
15,613,600
-Portland..
070.
26,531,554
7,757,554 +23.8
9,603,952
Utah-S.Lk. City
13,170,523
2,632,160 +8.3
2,851,101
Calif.-Lg.Beach
4,881,932
Los Angeles_ _ _ No longer will report clear, ngs.
2,735,708 -7.1
2,542.009
Pasadena
4,267,518
6,157,790 -58.1
2,582,963
Sacramento
7,815,666
San Diego
No longer will report cleanl ngs.
91,827,154 -1.5 130,542,000
90,485,892
San Francisco.
1,532,375 -0.2
1,529,879
San Jose
2,944,423
920,791 -3.5
888,938
Santa Barbara_
1,686,721
806,311
827,731
+2.7
Santa Monica.
1,558,805
1,120,795 +3.0
1,154,128
Stockton
1,576,200
37,320,694
10,188,000
949,261
31,688,136
15,643,961
6,080,840
4,675,098
8
7,207,78
153,266,000
2,997,992
1,789,609
2,100,465
0
2,163,40
Total (13 cities) 152,154,735 161,155,579
Grand total (111
Cities)
5 057,204,254 5,197,354,823
-2.7 7,143,362,246 8,882,540,103
Outside New York 1,705,866,945 1,727.890,961
-1.3 2,534,487,068 3,199,815,180
-5.6
233,005,172
276,071,242
Week Ended Aug. 3.
Clearings at
1933.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _
New Westminster
Medicine Hat Peterborough _
Sherbrooke
Kitchener
Windsor
Prince Albert__
Moncton
Kingston
Chatham
Sarnia
Sudbury
98,411,603
122,293,695
153,815,611
15,901,718
3,718,092
4,198.125
2,107,312
3,793,228
6,023,874
1,659,369
1,647.137
2,276,806
3,224,326
5,583,998
331,341
309,630
1,323,537
472,980
742,371
680,328
561,171
198,482
559,123
555,318
861.000
2,431,991
284,770
551,776
552,361
484,044
363,542
560,579
Total(32 dues)
436,479,238
1932.
Inc. or
Dec.
83,040,158 +18.5
72,317,989 +69.1
47,817,182 +221.7
13,884,355 +14:5
3,853,560 -3.5
4,762,454 -11.8
2,082,983 +1.2
3,492,908 +8.6
4,571,785 +31.8
1,810,121 -8.3
1,507,617 +9.3
2,290,923 -0.6
3,442,317 -6.3
4,491,822 +24.3
389,437 -14.9
367,446 -15.7
1,912,327 -30.8
491,422 -3.8
776,896 -4.4
576,683 +18.0
423,381 -32.5
175,979 -12.8
588,790 -5.0
629,209 -11.7
1,193,237 -27.8
2,375,406
+2.4
278,155 +2.4
800,891 -31.1
584,532 -5.5
308,079 +21.6
357,218 +1.8
359,073 +56.1
262,044,341
+66.6
1931.
1930.
105,845,949
80,609,902
44,625,030
19,937,433
6,184,055
6,147,465
3,486,527
4,897,991
4,528,652
2,129,109
2,034,429
2,550,308
4,637,396
6,113,260
468,275
421,912
2,205,767
666,358
807,903
688,100
767,762
231,152
787,291
746,483
921,524
3,015,956
416,514
877,153
682,447
360,696
464,183
724,379
$
122,898,086
90,802,355
55,558,255
22,815,449
6,922,977
7,5(38,468
3,806,304
5,338,618
7,585.080
2,531,355
2,822,766
2,786,939
5,159,481
5,286.953
631,557
555,697
2,364,740
1,017,233
1,006,961
844,867
2
917, 08
327,898
596,012
976,414
1,113,554
922
4,163,
388,342
1,058,902
8
08,077
638,288
92
8,512
997,011
308,981,381
361,497,302
Is No clearings available. c Clearing House not functioning at present.
•Estimated.
_ Financial Chronicle
Volume 137
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 26 1933:
GOLD.
The Bank of Ergland gold reserve against notes amounted to £189.695.939
on the 19th inst.. as compared with £189.694,971 on the previous Wednesday.
During the week the Bank announced purchases of bar gold to the
value of £358,180.
In the open market substantial amounts of gold have been available.
Purchases have been made for the Continent, but most of the offerings
were secured for destinations rot disclosed.
The demand for spot gold continued to be keen and, in consequence.
the premium over franc parity has been maintained.
Quotations during the week:
Equivalent Value
Per Fine
of E Sterling.
Ounce.
July 20
13s. 7.77d.
124s. 6d.
July 21
13s. 8.32d.
124s. Id.
July 22
13s. 8,7d.
123s. 8d.
July 24
13s. 9.04d.
123s. 6%d.
July 25
13s. 9.09d.
123s. 6d.
July 26
135. 8.70d.
1238. 9%d.
Average
13s. 8.63d.
123s. 10.17d.
The following were the United Kingdom imports and exports
of gold
registered from mid-day on the 17th inst. to mid-day on the 24th inst.:
Imports.
Exports.
Germany
£1,638
£14,990 GermanY
Netherlands
38,900
Netherlands
,
France
244.902
1,720.410 France
Switzerland
2.000
1.473,308 Switzerland
Iraq
11.450
18.094 Czechoslovakia
United States of Amezica_
1,490
72,279 Other countries
British South Africa
1.032.840
China
270,419
British India
784,326
British Malaya
65.801
Hong Kong
71,920
Australia
268,331
Newfoundland
287.725
New Zealand
21.821
Venezuela
11,585
Other countries
21,369
£300.380
£6.162,200
Only a small shipment of gold from India was reported last week. the
SS. Maloja, which sailed from Bombay on the 22d inst.. carrying £83,000
corsigned to London.
SILVER.
The feature of the week wag the announcement that a silver agreement
bad been signed on the 22d inst. by the World Economic Conference delegates of India, China, and Spain, as the most important holders of silver,
and Australia, Canada, the United States, Mexico and Peru as principal
producers.
No official statement has yet been issued, but from the press reports
it is understood that for a period of four years commencing Jan. 1 1934
the Indian Government, under the agreement, will not sell more than 140.000,000 fine ounces of silver, based on an average of 35,000.000 fine
ounces a year, and the Spanish Government not more than 20.000,000
fine ounces, or an average of 5,000,000 fine ounces a year, whilst the Chinese
Government will not sell silver derived from demonetized coins.
On the other hand, Governments of the producing cour tries mentioned
not only undertake not to sell silver, but to buy or otherwise withdraw
from the market a total of 35,000.000 fine ounces each calendar year from
the silver mined in their countries.
The agreement, which has yet to be ratified, afforded no strength to
the market, for although prices during the week have been subject to rather
wide fluctuations, the tendency has been downward. China and .India
have given support, and there was some speculative enquiry, but buying
has been limited. Selling from the Continent has been steady and there
has been re-selling by speculators, whilst offerings from New York gave
the market an easy tone on most afternoons.
It seems that the large bull position open affords little room at present
for further speculative buying and tends rather to retard an advance in
prices.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 17th inst. to mid-day on the 24th inst.:
Imports.
Exports.
Soviet Union (Russia)
£62.000 France
£1,320
Germany
24,265 Germany
2.441
United States of America__
3.807 Aden
3.200
British India
13,400 British India
1.480
Australia
8,613 Other countries
5,324
Other countries
334
£112,419
£13,765
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Standard.
(Cents per Ounce .999 Fine).
Cash Delo.
2 Mos. Delo.
July20
183.d.
July 19
393.1
July 21
183.cl.
183.(d.
July 20
377.1
July 22
1715-16d.
181-168. July 21
35%
July 24
185-168.
18 7-16d. July 22
363.1
July 25
18 1-16d.
183-16d. July 24
37'1
July2618d.
July 25
373.1
Average_ - - _18.07dd.
18.198d.
The highest rate of exchange on New York recorded durirg the period
from the 20th inst. to the 26th inst. was $4.82 and the lowest $4.61.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)July 15.
July 7. June 30.
In circulation
Notes
17752
17697
17657
Silver coin and bullion In India
10400
10384
10344
Gold coin and bullion in India
2907
2907
2907
Securities (Indian Government)
4445
4406
4406
The stocks in Shanghai on the 22d inst. consisted of about 126.400,000
ounces in sycee. 280,000,000 dollars and 6,380 silver bars, as compared with
about 126,400,000 ounces in sycee, 277,500.000 dollars and 6,300 silver
bar ion the 15th inst.
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:
Tues.,
Sat.,
Mon.,
Aug. 8.
Aug. 5.
Aug. 7.
Silver, per oz.. Iloliday. Holiday. 17 15-166.
Gold, p.fine or. Holiday. Holiday. 1248.73.5d.
Consols, 2 ti% Holiday. Holiday.
733.1
British 3Si%Holiday. Holiday.
W. L
904
British 4%11034
1960-90
Holiday. Holiday.
French Rentes
67.40
(in Paris) 3%fr. Holiday.
66.90
French War L'n
(in Paris) 5%
109.10
1920 anion
108.80
Holiday.
Wed.,
Thurs.,
Fri.,
Aug. 9.
Aug. 10. Aug. 11.
17 15-16d. 18 I-16d. 17 15-16d.
1248.8d. 1248.8d.
1248.8lid.
733.1
73%
7334
993.1
11034
66.30
109.40
991.1
1101.4
66.70
108.40
90%
11034
67.00
108.40
The price of silver in New York on the same days has been:
Silver In N.Y.,
Per oz. (cts.)
3534
3534
36
3614
363.4
3634
1195
PRICES ON PARIS BOURSE.
Quotations of representative stoeks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Aug. 5 Aug. 7 Aug.8 Aug.9 Aug.10 Aug-II
1933. 1933.
Francs. Francs.
12,600
Bank of France
1,650
Banque de Paris et Pays Etaa_ _
368
Banque d'Union Partsienne
307
Canadian Pacific
19,700
Canal de Suez
2,725
Cie Distr d'Electricitte
2,230
Cie Generale d'Electricitie
550
Citroen B
1,130
Comptoir Nationale d'Eacompte
240
cots Inc
,
373
Courrieres
842
Credit Commercial de France-.
4,960
Credit Foncier de France
2,270
Credit Lyonnais
2,710
Distribution d'Electricitie is Par
EMIX Lyonnais
2,940
772
Energle Eleetrique du Nord
1,006
Energie Electrique du Littoral....
72
French Line
92
Galeries Lafayette
1,160
Gas le Bon
Kuhlmann
Roll670
820
Vein. Liquide
day
911
Lyon (P L M)
370
Mines de Courrieres
480
Mines des Lena
1,400
Nord Ry
887
Orleans Ry
1,050
Paris, France
80
Pathe Capital
1,280
Pechiney
66.90
Rentes 3%.
108.80
Rentea 5% 1920
Rentes 4% 1917
78.20
Rentea 434% 1932 A
83.40
1,760
Royal Dutch
Saint Gobain C & C
1,348
Schneider & Cie
1,605
Societe Andre Citroen
540
Societe Francalse Ford
92
Societe Generale Fonciere
145
Societe Lyonnaise
2,940
Societe Marseilialse
573
Suez
19,700
Tubize Artificial Silk pref
170
Union d'Electricitie
940
Union des Mines
220
wagon-Ms
97
1933.
Francs.
12,600
1,650
365
306
19,625
2,720
2.310
.546
1,130
240
367
836
4,940
2,260
2,720
2,920
763
1,007
73
91
1,140
860
820
923
370
480
1,400
872
1,020
80
1,270
67.40
109.10
78.80
83.70
1,760
1,335
1,610
550
90
144
2,925
572
19,600
179
940
220
97
1933.
Francs.
12.500
1,650
364
312
19,610
2,700
2,300
544
1,130
240
365
839
4,950
2,260
2,700
2,950
765
1,005
73
90
1,140
860
820
917
370
470
1,390
861
1,020
80
1,290
86.30
109.40
79.10
83.70
1,770
1,325
1,612
.550
90
144
2.950
570
19,700
176
930
220
93
1933.
Francs.
12,800
1,680
368
316
19,720
2,720
2,300
.545
1,130
240
363
842
4,950
2.280
2,720
2,940
769
1,010
75
91
1,140
660
820
916
370
480
1.410
868
1,020
80
1.310
66.70
108.40
78.10
83.40
1,790
1,347
1,817
550
87
153
2,945
574
19,700
177
930
220
100
1933.
Francs.
12,000
1.660
"ail
2,254
1,13 9
- .
1
250.
4:950
2,270
2,720
2,980
--ii
90
1,140
660
820
-ail)
.
470
1.400
1:13213
1
1:295
67.00
108.40
78.20
83.60
1,770
-LiO
87
142
19,ioii
-
-iiii
210
....
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Aug. ANN
Aug. Aug. Aug. Aug.
7.
8.
9.
5.
10.
11.
Per CCU of Par
151
Reichsbank (12%)
86
Berliner Handels Gesellschaft (5%)
49
Commerz'und Privet Bank A G
53
Deutsche Bank und Disconto-Gesellschaft
Dresdner Bank
45
99
Deutsche Retchsbahn(Ger Rys) pref(7%)._
20
Allgemeine Elektrizitaets-Gesell (A E G)
110
Berliner Kraft u Licht(10%)
Dauer Gas (7%)
Holt- 118
80
Gesfuerel(5%)
day
105
Hamburg Elektr-Werke (83.4%)
153
Siemens & Retake(7%)
130
1 G Parbenindustrie(7%)
(734%)..
Salzdetfurth
i
Rheinhiche Bmunkohle (10%)
111
Deutsches Erdocl(4%)
61
Mannesmann Roehren
13
Hapag
14
Norddeutscher Lloyd
147
86
49
53
45
99
20
110
116
80
105
154
131
172
190
ill
61
13
14
151
86
49
53
45
99
20
109
115
79
104
154
132
173
196
110
81
13
14
151
86
48
53
45
99
20
109
114
80
104
154
130
171
195
108
60
12
13
152
85
48
52
45
99
20
109
115
81
103
154
132
171
193
109
80
12
13
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Aug. 11
1933:
Bid
27
Anhalt 78 to 1946
Argentine 5%, 1945. $100
72
pieces
/24
Antloquia 8%. 1946
A ustrian Defaulted C,oupons r75
Bank of Colombia. 7%.'47 127
Bank of Colombia. 7%,'48 j27
f35'z
Bavaria 6 Ks to 1945
Bavarian Palatinate C0118.
/21
Clt. 7% to 1945
Bogota (Colombia)634.47 f231
/10
Bolivia 6%. 1940
Buenos Aires scrip
/18
Brandenburg Elec. 6s. 1953 57
Brazil funding 5%,'31-'51 35
British Hungarian Bank
/41
6558, 1962
Brown Coal Ind. Corp.
6548. 1953
58
Call (Colombia) 7%, 1947 1184
Callao (Peru) 7l5%. 1944
5
Ceara (Brazil) 8%, I947__f 7
Columbia scrip
/26
Costa Rica scrip
125
City Savings Bank, Budapest, 7s. 1953
f38
Deutsche Bk 6% '32 unst'd f70
Dortmund Mtm UtIl 68,'48 41
Duisberg 7% to 1945
/14
Duesseldorf 78 to 1945__ _ 119
East Prussian Pr. 68, 1953. 40
European Mortgage & In/62
vestment 7348, l96&
French Govt. 5348, 1937
125
French Nat. Mall SS.68;52 11712
27
Frankfurt 78 to 1945
German All Cable 7s, 1945 53
German Building & Land31
bank 6K %. 1948
Haiti 8% 1953
60
Hamb-Am Line 634s to '40 6812
Hanover Harz Water Wks.
/27
6%, 1957
Housing & Real Imp 78,'46 3812
Hungarian Cent Mut 78.'37 13812
Hungarian Discount ds Exchange Bank 7s. 5963._ r31
fMat price.
Ask
31
28
31
31
3712
23
25
13
28
59
38
43
61
1914
712
10
35
35
41
44
18
23
42
64
130
12012
29
56
33
65
7212
31
4212
40Ig
33
Hungarian defaulted coups
Hungarian Hal Ilk 734s.'32
Koholyt 6144, 1943
Land M Bk, Warsaw As.'41
Leipzig Oland Pr 634s,'46
Leipzig Trade Fair 7s, 1953
Luneberg Power, Light &
Water 7%, 1948
Mannheim & Paiat 7s, 1941
Munich 78 to 1945
Munic Bk, Hessen, 78 to'45
Municipal Gas & Elec Corp
Recklinghausen. 78. 1947
Nassau Landbank 634s.'38
Natl. Bank Panama 812%
1946-9
Nat Central Savings Bk of
Hungary 71.ls, 1962_ _National HUllgtelan ez Ind.
Mtge.7%.1948
Oberpfalz Elec.7%. 1946-Oldenburg-Free State 7%
to 1945
Porto Alegre 7%,1968.__
Protestant Church (Germany), 78, 1946
Prov Bk Westphalia 88.'33
Prov Ilk Westphalia 88,'36
Rhine Westph Elec 7%.'36
Rio de Janeiro 6%. l933
RamCath Church 614s.'48
R C Church Welfare 7s.'46
Saarbruecken M Bk 88. '47
Salvador 7%, 1957
Santa Catharine. (Brazil),
8%. 1947
Santander(Colom)78. 1948
Sao Paulo (Brazil) 6s. 1947
Saxon Pub. Works 5%.'32
Saxon State Mtge 68. 1947
Mem & Halske deb 68, 2930
Stettin Pub Util 78, 1946__
Tucuman City 78, 1951...
Tucuman Prov. 78, 1950_
Vesten Elec Ry 78, 1947__
Wurtemberg 78 to 1945___
Bid
Ask
16
0
75
170
3812 4012
55
60
6512 6912
2812 3112
5512
48
I3412
5812
51
27
37
31
34
6412
6612
37
40
42
147
49
/47
32
49
35
27
/26
31
30
40
/
53
35
43
14512
4812
2812
58
4212
68
19
/
27
.55
4012
63
117
122
115
.116
/
35
61
205
44
/3
3
35
/24
39
24
16
18
235
46
26
38
27
42
Financial Chronicle
1196
CominercialiandMiscellaneousBaus
Name of Company.
National Banks.—The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
July 29—The Citizens National Bank of Bryan, Bryan, Ohio-- $75,000
Capital stock consists of $15,000 preferred stock nd
260,000 common stock.
President, A. L. Gebhard; Cashier, F.E. Witzerman.
Will succeed the Farmers National Bank of Bryan, No.
2474.
300,000
July 31—The National Bank of Jackson, Jackson, Mich
Capital stock consists of $200,000 preferred stock and
$100,000 common stock.
President, S. M. Schram; Cashier, J. F. Clark.
Will succeed Union & Peoples National Bank of Jackson.
No. 1533.
50,000
Aug. 2—The National Bank of Orrville, Orrville, Ohio
President, D. Ed Seas; Cashier, Leroy B. Webner.
Will succeed the Orrvllle National Bank. No. 6362.
CHANGE OF TITLE.
July 31—The Bay State National Bank of Lawrence. Mass., to
Bay State Merchants National Bank of Lawrence.
CURRENT NOTICES.
—Simmons & Peckham, members of the New York Stock Exchange have
purchased a membership on the Chicago Board of Trade. The membership is in the name of Henry A. Peckham.
Auction Sales.—Among other securities, the following
notjactually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia, and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
500 Phosphate Mining Co.(N. Y.), common, par 8100
115 3-5 General Water Treatment Corp. (Del.), common, no par
570 Securities-Allied Corp. (Del.), non-voting, common, no par
50 Sterling Securities Corp.(Del.), class B common, no par
3,395 All America General Corp.(Del.), par $20
263 American, British & Continental Corp. (Del.), pref. no par
1,734 The Financial Corporation (Del.), par $1
2,500 Chadwick-Hoskins Co.,(N. C.), common, par $25
$ Per Sh.
10
$180101
1334
50e.
1,530
1434
2734
$150 lot
By R. L. Day & Co., Boston:
Shares. Stocks.
$ Per 3h.
50jAssociated Textile Companies,6 preferred
$9 lot
$234 lot
1,000 Kreuger & Toll, American certificates, par $5.36
5 Boston Securities Co., common, par $100;5 Worcester Transportation Associates, common;2 Springfield Ice Rink, Inc., common: 20 Retail Properties,
Inc., common; 40 Central Public Utility Corp., par $1
$15.50 lot
1834
5 American Hosiery Co
16 Boston Casualty Co
534
Per Cent.
Bonds—
16 flat
$1,000 Lawyers Mortgage Investment Insured 1st 534s, April 15 1941
By Barnes & Lofland,Philadelphia:
$ per Sh.
Shares. Stocks.
$1.50 lot
450 Bower & Kaufmann, Inc., preferred
2M
26 International Textbook Co., common
$100 lot
1,200 Rich Hill Coal Co
25
35 Virginia-Kentucky Coal Corp., preferred
10
40 Saxman Coal dr Coke Co
3
4 South Ocean City Pier Co
2
1,217 Superior Fuel Co
100
2,256 The Titan Metal Manufacturing Co., common
25
53 The Titan Metal Manufacturing Co., preferred
a
200 The Titan Metal Co
6
42 Virginia-Kentucky Coal Corp., common
1
500 Bay State Gas Co
I
5 Chapman Standard Slate Co
1
5 Conway's Theatre Ticket Offices, Inc., common
$1 lot
1,500 Goldfield Belmont Mining Co
I
10 The Goldfield Consolidated Mines Co
3
520 Kimberly Consolidated Mines Co
I
20 Loan Society of Philadelphia
11
100 Ocean City Coastal Highway Bridge Co., common
$2 lot
500 Providence-Shoshone Mining Co
I
100 Rock Island Co., preferred
$5 lot
4 International EducatOnal Publishing Co., common:8 preferred
fiM
10 Tennessee Copper & Chemical Corp., common stock trust
$55 lot
30 Arlington Development Co., common, no par
100 Pennsylvania Co.for Insurances on Lives and Granting Annuities,Par $10. 2834
57
5 Philadelphia National Bank, par $20
4034
17 First National Bank of Baltimore, Maryland
29
Chase National Bank, New York, par $20
4
1034
50 Real Estate-Land Title & Trust Co., par $10
30
5 Brill Corporation, preferred
97
5 Philadelphia Suburban Water Co., preferred
534
25 Tri-Continental Corp., common
Per Cent.
Bonds—
$1 lot
$1.100 National Properties Co. American Railways, 4%, due 1946
5 flat
$15,000 The Titan Metal Manufacturing Co.,6%,due 1945
$1 lot
M8,000 Hamburgische Staatsanleihe Von 1911 Schuldeer-Schreibung
By A. J. Wright & Co., Buffalo:
$ Per 3h.
15e.
120.
$ Per Sh.
Shares. Rocks.
15 International Rustless Iron
10 The Como Mines
Shares. Stocks.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are.
When
Per
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Railroads (Steam).
Mein., New Oil. & Tee.Poe.. pt. (qu.)_
Delaware dr Bound Brook (guar.)
Ft. Wayne & Jackson,554% Pref. 13 (.$.)
Georgia.RR. dr Banking (guar.)
Lackawanna RR.of N.J., 4% gtd.(au.)
N.Y.Lacks.& West.,5% gtd.(guar.).North Pennsylvania (guar.)
Union Pacific,corn.(guar.)
Preferred (s.
-a.)
$134 Sept. 1 Holders of roe. Aug. 15
$2 Aug. 20 Holders of ref. Aug. 16
$234 Sept. 1 Holders of roe. Aug. 19
$234 Oct. 15 Holders of rec. Sept. 301
$1 Oct. 2 Holders of roe. Spot. 8
Oct. 2 Holders of roe. Sept. 15
Aug. 25 Holders of rec. Aug. 14
$1
$134 Oct. 2 Holders of roe. Sept. 1
Oct. 2 Holders of rec. Sept. I
$2
Public Utilities.
Alabama Power Co.,$7 pref.(guar.)
$6 preferred (guar.)
$5 preferred (quar.)
$1,1 Oct. 2 Holders of rec. Sept. 15
$15.4 Oct. 2 Holders of rec. Sept. 15
Ws' Nov. I Holders of rec. Oct. 16
--
Public Utilities (Concluded).
Bangor Hydro-Elec.. 7% pref.(guar.).6% preferred (guar.)
Birmingham Was. Wks.,6% pf.(guar.).
Butler Water, 7% Pref. (guar.)
Caroline Tel.& Tel. Co.(guar.)
Chicago Dist. Elec. Generating, pt.(qu.)
(Indianap's),5% pf.(qu)
Citizens Gas Co.
E.St.L.dr Interurban Wat.,7% pf.(qu.)
6% preferred (guar.)
Honolulu Gas(monthly)
-a.)
Houghton Co. El. Lt. Co.,6% pf.(s.
Huntington Water,7% pref.(quar.)
6% preferred (guar.)
Lake Superior Dist.Pr. Co.,6% pt.(qu.)
7% preferred (guar.)
Ironwood dr Bess. Ry.& Lt.,7% pf.(qu.)
Middlesex Water Co.(guar.)
Minim Water Works, 8% pref. (quar.)_
Nebraska Power Co.,7% prof.(quar.)
6% preferred (guar.)
New Castle (City of) Water,6% pf.(qu.)
Oklahoma Gas& Elec.,7% pref.(quar.)_
6% preferred (guar.)
Public Service Co.of Colo.,7% pf.(mo.)
6% preferred (monthly)
5% preferred (monthly)
Terre Haute Water Works,7% Pf.(qu.)
Texas Utilities. 7% pref. (guar.)
Fire Insurance Companies.
National Liberty Ins. CO
Aug. 12 1933
Per
When
Cent. Payable.
Books Closed
Days Inclusue.
194% Oct. 2 Holders of rec. Sept. 11
134% Oct. 2 Holders of roe. Sept.11
$134 Sept. 15 Holders of rec. Sept. 1
$134 Sept.15 Holders of rec. Sept. 1
$234 Oct. 2 Holders of rec. Sept. 25
$IM Sept. I Holders of roe. Aug. 15
134% Sept. 1 Holders of rec. Aug. 19
$134 Sept. I Holders of rec. Aug. 21
$134 Sept. I Holders of rec. Aug. 21
15c Aug. 21) Holders of roe. Aug. 15
750
Aug. 3 Holders of roe. Aug. 3
$134 Sept. 1 Holders of roe. Aug. 21
$134 Sept. 1 Holders of rec. Aug. 21
134% Sept. 1 Holders of rec. Aug. 15
134% Sept. 1 Holders of rec. Aug. 15
$134 Sept. 1 Holders of rec. Aug. 15
750 Sept. 1 Holders of rec. Aug. 25
$2
Sept.15 Holders of rec. Sept. 1
14% Sept. I Holders of rec. Aug. 14
134% Sept. 1 Holders of rec. Aug. 14
$134 Sept. I Holders of rec. Aug. 21
134% Sept.15 Holders of rec. Aug. 31
134% Sept.15 Holders of rec. Aug. 31
58 1-3e Sept. 1 Holders of roe. Aug. 15
50c
Sept. 1 Holders of rec. Aug. 15
41 2-3c Sept. 1 Holders of rec. Aug. 15
6134 Sept. 1 Holders of rec. Aug. 21
$134 Sept. I Holders of rec. Aug. 21
10c Aug. 21 Holders of rec. Aug. 1
Miscellaneous.
25c
Sept, 1 Holders of roe. Aug. 15 I
Abbotts Dairies, the., corn.(guar.)
5134 Sept. 1 Holders of rec. Aug. 15
1st and 2nd preferred (guar.)
2340 Sept. 1 Holders of rec. Aug. 151
American Business Shares (guar.)
$134 Sept. 1 Holders of rec. Aug. 15
American Capital Corp.,$534 pf.(qu.)—
$2
Sept. 1 Holders of rec. Aug. 211
American Dock,8% pref.(mum)
Aug. 15 Holders ot rec. Aug. 3
Security Co.(8.-a.) 400
American Investment
Amer. Rail. dr Stand. Sanitary, pf.(au.). $134 Sept. 1 Holders of roe. Aug. 15
25e
Sept.15 Holders of rec. Aug. 21
Atlantic Refining Co.,corn.(quar.)
25e
Aug. 15 Holders of roe. Aug. 9
Atlas Brewing, special
Sept. 1 Holders of rec. Aug. 19
Atlas Corp.,$3 pref., series A (guar.)._ _ 75e
Automotive Gear Works, pref. (quar.)— 41340 Sept. 1 Holders of roe. Aug. 21
30e
Sept. 1 Holders of rec. Aug. 15
Berghoff Brewing (quar.)
25c Oct. 2 Holders of rec. Sept. 15
BohnAluminum & Brass (guar.)
So Aug. 15 Holders of me. July 29
Buffalo Ankerite Gold Mines(s
-a)
Burma Corp., Ltd., Am.dep. rec. (final) tv334A Oct. 21 Holders of rec. Sept. 14
toMA Oct. 21 Holders of rec. Sept. 14
Bonus
8%
Canada Starch, Ltd.,7% pref
Canadian Eagle Oil Co., Ltd., preferencet r23.880 Aug. 10
100
Aug. 21 Holders of rec. Aug. 10 I
Central Tube Co
Aug. 15 Holders of roe. Aug. 10
Champion Coated Paper Co., corn. (qu.) 25e
$134 Oct. 1 Holders of roe. Sept. 201
1st & special preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 201
Champion Fibre Co., pref.(guar.)
250
Sept. 1 Holders of rec. Aug. 16
Chicago Corp., preference (guar.)
$IM Sept. 1 Holders of rec. Aug. 21
City Ice & Fuel, pref.(guar.)
50e Sept.30 Holders of rec. Sept.15 1
Common (guar.)
$134 Sept. 1 Holders of rec. Aug. 18
Collins & Allman, pref.(guar.)
50c
Sept. I Holders of rec. Aug. 18
Columbian Carbon Co.(guar.)
Commonwealth Loan,7% pref. (guar.). $134 Sept. 1 Holders of roe. Aug. 20
100 Sept. 1 Holders of roe. Aug. 25
Consolidated Paper (guar.)
20e
Sept.15 Holders of roe. Sept. I
Cord Corp
Creameries of America, pref. A (guar.)_ 8734e Sept.10 Holders of roe. Aug. 10
Oct. 1 Holders of roc. Sept. 13
Crown Willamette Co.. 1st prof.(guar.). 581
750
Oct. 1 Holders of rec. Sept. 5
Eastman Kodak Co..corn.(guar.)
$134 Oct. 1 Holders of roe. Sept. 5
Preferred (quar.)
17Mo Sept. 1 Holders of rec. Aug. 15
Finance Service Co., pref.(guar.)
$134 Sept. 1 Holders of rec. Aug. 16
Gates Rubber,7% pref.(guar.)
$135 Oct. 2 Holders of rec. Sept. 14
General Mills, Inc., pref.(guar.)
General Motors Corp., corn.(quar.)
250
SePt.12 Holders of rec. Aug. 17
$134 Nov. I Holders of rec. Oct. 9
$5 preferred (guar.)
50o Sept.30 Holders of reo. Sept.29
Goodman Mfg (guar.)
Oct. 2 Holders of rec. Sept. 1
Goodyear Tire & Rubber,7% pref.(qu.) 50e
250
Sept. 1 Holders of rec. Aug. 19
Great Northern Paper Co.(guar.)
20e
Aug. 15 Holders of rec. Aug. 10
Hawaiian Sugar Co.(monthly)
Hooven as Allison Co.,7% pref.(quar.)_ 131% Sept. 1 Holders of rec. Aug. 15
250 Sept.10 Holders of rec. Aug. 31
Honolulu Plantation (monthly)
fr12340 Sept. 1 Holders of rec. Aug. 15
Imperial Oil, Ltd. (guar.)
International Milling, orig. 1st pt. MO_ $14. Sept. I Holders of rec. Aug. 19
$1.35 Sept. 1 Holders of rec. Aug. 19
1st preferred, series A (guar.)
be Sept. I Holders of rec. Aug. 25
Kekaha Sugar(monthly)
Kelvinator Co.of can., Ltd.,irtd.ot.(ou.) 2134 Aug. 15 Holders of rec. Aug. 15
750 Sept. 1 Holders of rec. Aug. 15
Laura &cord C'dy Shops,Ltd.,com.(qu.)
0.516
Leaders of Industry Shares A
25e
Sept.30 Holders of rec. Sept. 15
Loew's,Inc.,corn.(guar.)
$134 Sept. 1 Holders of rec. Aug. 5
Ludlow Mfg. Assoc
75c
Oct. 2 Holders of roe. Sept. 15
Mapes Consolidated Mfg. Co.(guar.).—
75c
Jan 2'34 Holders of rec. Dec. 15
Quarterly
750
Apr214 Holders of rec. Mar. 15
Quarterly
75e
July2'34 Holders of rec. June 15
Quarterly
Sept. 1 Holders of rec. Aug. 24
May Hosiery Mills,Inc.,$4 pref.(qu.)_ $1
81340 Sept. 1 Holders of roe. Aug. 21
Metal Textile Corp , ref. (guar.)
.
8% Aug. 10
Mexican Eagle 011
Ltd., preference..
Mitchell(5.8.)& Co., Ltd., pf.(guar.). 21 34 Oct. 2 Holders of roe. Sept. 15
200 Aug. 31 Holders of rec. Aug. 24
Motor Finance (guar.)
$2
Sept.30 Holders of ree. Sept.21
8% Preferred (guar.)
40e
Murphy(G. C.) Co., corn. (guar.)
Sept. 1 Holders of roe. Aug. 21
50
Aug. 15 Holders of rec. July 31
National Indus. Loan Corp.(quar.)
Oct. 2 Holders of roe. Sept. I
National Sugar Refining Co.of N.J.(qu) 50c
New Bedford Cordage, 7% pref.(guar.). 2151 Sept. 1 Holders of rec. Aug. 14
15e
Oct. 1 Holders of roe. Sept. 15
Newberry (J. J.) Co., corn.(guar.)
62o
Aug. 15
New York Bank Trust Shares
f2% Oct. 2 Holders of rec. Sept. 5
North American Co.(guar.)
750 Oct. 2 Holders of roc. Sept. 5
Preferred (guar.)
$131 Sept. 1 Holders of rec. Aug. 21
Ogilvie Flour Mills Co., pref.(guar.)._
$134 Sept.15 Holders of rec. Aug. 31
Ohio Oil Co., pref.(guar.)
20.3
Aug. 20 Holders of rec. Aug. 10
Onomea Sugar Co.(monthly)
Sept. 1 Holders of roe. Aug. 15
Pacific Southern Investors,Inc., pt.(qu.) h75u
1235c Sept. 1 Holders of rec. Aug. 15
Patterson Sargent Co., corn.(quar.)
$3.20 Aug. 15 Holders of rec. Aug. 9
Pepperell Mfg. (s.
-a.)
8735c Sept. 1 Holders of roe. Aug. 15
Phoenix Hosiery Co., pref.(guar.)
75e
Sept. 1 Holders of roe. Aug. 18
Prentice-Hall, Inc. (guar.)
$134 Sept. 15 Holders of rec. Aug. 25
Procter & Gamble Co.,5% pref. Mari_
50e Sept. 1 Holders of rec. Aug. 21
Reliance International Corp., pref
20c Aug. 15 Holders of roe. Aug. 1
San Carlos Mill(monthly)
60c Aug. 15 Holders of roe. Aug. 1
Extra
Sept. 15 Holders of rec. Sept. 1
Seaboard 011 Co.of Delaware (guar.).— 150
3.5e Sept.la Holders of rec. Aug. 31
Selected American Shares
Simon (Franklin)& Co.,7% Prot (guar.) 14% Sept. 1 Holders of roe. Aug • 16
250
Sept. 15 Holders of roe. Aug. 16
Standard Oil Co.(Indiana)(guar.)
250 Sept. 15 Holders of rec. Sept. 1
Standard 011 of Kentucky (quar.)
750 Oct. 1 Holders of rec. Sept. 15
Standard Steel Construction, pt.(guar.).
$154 Sept. I Holders of roe. Aug. 14
Stromberg Carlson Tel. Mfg.(quar.)
6234% Aug. 20 Holders of roe. Aug. 1
Superior 011 of California, pref.
Tex
-O-Kan Flour Mills, 7% pref.(guar.) $IM Sept. 1 Holders of roe. Aug. 15
25e
Sept. 15 Holders of roe. Sept. 1
Texas Gulf Sulphur (guar.)
Timken Detroit Axle Co., pref.(quar.)_ 134% Sept. 1 Holders of roe. Aug. 19
3.2o Aug. 10 Holders of rec. July 31
Trusteed N. Y. Bank Shares
Underwood Elliott Fisher Co.. corn.(qu) 12340 Sept. 30 Holders of roe. Sept. 12a
$134 Sept. 30 Holders of rec. Sept. 12a
Preferred (guar.)
United States et Foreign Securities Corp.
5E434 Sept. 1 Holders of roe. Aug. 21
1st preferred
Oct. 2 Holders of rec. Sept. 15
United States Gypsum Co., corn.(guar.) 250
$134 Oct. 2 Holders of rec. Sent. 15
Preferred (guar.)
1234e Oct. 2 Holders of roe. Sept.15
Vortex Cup,corn.(guar.)
6234e Oct. 2 Holders of roe. Sept. 16
Class A (guar.)
Sept. 1 Holders of me. Aug. 19
Western Auto Supply Co., Cl. A et B (qu) 500
Oct. 2 Holders of rec. Sept. 20
White Rock Mineral Springs, corn. (qu.) 50c
1 M % Oct. 2 Holders of rec. Sept. 20
1st preferred (guar.)
$234 Oct. 2 Holders of rec. Sept. 20
2nd preferred (guar.)
do.,
Financial Chronicle
Volume 137
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:
Name of Company.
Railroads (Steam).
Albany & Susquehanna (s-a)
Atlanta A Charlotte Air Line(s-a)
Boston de Providence (guar.)
Cleveland & Pittsburgh, guar (guar.)._
Special guaranteed (guar.)
Guaranteed (guar.)
Special guaranteed (guar.)
Delaware (s -a.)
Erie dr Pittsburgh 7% guaranteed (guar.)
7% guaranteed (guar.)
Guaranteed betterment (guar.)
Guaranteed betterment (guar.)
Hartford & Connecticut Western (s.
-a.)_
Hudson & Manhattan, 5% pref. (s-a)
Louisville fiend.& St. L.5% pt.(s-a) _ -Common (s a)
Norfolk dr Western, common (guar.)
Adjustment preferred
North. RR. of New Jer. 4% gtd. (guar.)
4% guaranteed (guar.)
Oswego A Syracuse (s.-a.)
Peterborough (s -a.)
Pitts. Bess.& Lake Erie corn.(s.
-a.).
6% preferred (guar.)
Pittsburgh Fort Wayne & Chicago (qu.)
7% preferred (guar.)
Quarterly
7% preferred (guar.)
Pittsburgh Youngstown Jr Ashtabula
7% preferred (guar.)
7% preferred (guar.)
Reading Co., 1st preferred (guar.)
2d preferred (guar.)
United N. J. RR.& Canal Co.(quar.)-West Jersey A Seashore, corn. (s.-a.)___
6% special guaranteed (s.
-a.)
Per
When
Share, Payable.
Books Closed
Days Inclusive.
5434
$44
52.125
873.40
500
87340
500
51
8734c
87 Si0
800
800
Si
5234
%
$4
$2
51
$1
$I
$234.
$134
750
134%
%
134%
134%
134%
Jan. 1 Holders of rec. Dec. 15
Sept. 1 Holders of rec. Aug. 20
Oct. 1 Holders of rec. Sept.20a
Sept. 1 Holders of rec. Aug. 10
Sept. 1 Holders or rec. Aug. 10
Dec. 1 Holders of ree. Nov. 10
Dec.1 Holders of rec. Nov. 10
Jan 134 Holders of rec. Dec. 15
Sept. 10 Holders of rec. Aug. 31
Dec. 10 Holders of roe. Nov. 30
Sept. 1 Holders of roe. Aug. 31
Dee. 1 Holders of reo. Nov. 30
Aug. 31 Holders of rec. Aug. 21
Aug. 15 Holders of rec. Aug. la
Aug. 15 Holders of rec. Aug. I
Aug. 15 Holders of rec. Aug. 1
Sept. 19 Holders of rec. Aug. 31
Aug. 19 Holders of rec. July 31
Sept. 1 Holders of reo. Aug. 21
Deo, 1 Holders of lee. Nov. 20
Aug. 21 Holders of rec. Aug. 8
Oct. 2 Holders of rec. Sept. 25
Oct. 1 elders of rec. Sept. 15
Dee. 1 olders of rec. Nov. 15
Oct. 1 Holders of rec. Sept. 9
Oct. 3 Holders of rec. Sept. 9
Jan.2'34 Holders of rec. Doe. 9
Jan.4 34 Holders of rec. Dec. 9
.
134%
%
50e
50e
523.4
5134
134%
Sept. 1 Holders of ree. Aug. 21
Dec. 1 Holders of rec. Nov.20
Sept. 14 Holders of rec. Aug. 24
Oct. 12 Holders of rec. Sept. 21
Oct. 10 Holders of rec. Sept.20
Jan 1'34 Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov. 15
Public Utilities.
Baton Rouge Elec.,$6 pref.(guar.)
$134 Sept. 1 Holders of rec. Aug. 15
Bridgeport Gas Light Co. (guar.)
60e Sept. 30 Holders of rec. Sept. 15
Brooklyn Edison (guar.)
$2 Sept. 1 Holders of ree. Aug. 11
Brooklyn Union Gas Co.(guar.)
El% Oct. 2 Holders of rec. Sept. 1
California Water Service, 6% pref.(qu.) 134% Aug. 15 Holders of rec. July 31
Canadian Hydro-Elee. Co., Ltd.
First preferred (guar.)
tr$134 Sept. 1 Holders of rec. Aug. 1
Central Arkansas P.S. Corp. pref.(qu.)_ 134% Sept. 1 Holders of rec. Aug. I5a
Central Kansas Pow.. 7% prof. (quar.)_ 134% Oct. 15 Holders of rec. Sept. 30
7% preferred (guar.)
134% 1-15-34 Holders of rec. Dec. 31
6% preferred (guar.)
134% Oct. 15 Holders of rec. Sept. 30
6% preferred (quar.)
1 Si% 1-16-34 Holders of rec. Dec. 31
Central Mass. f.t. & Pr.6% pref.(qu.)
5134 Aug. 15 Holders of rec. July 31
Cent. Miss. Vall. Elec. Prop. pt.(au.)5134 Sept. 1 Holders of rec. Aug. 15
Chester Vat. Sem . Co.,$534 pt.(qu.)
,
5134 Aug. 15 Holders of rec. Aug. 5
Clear Sprg. \Vat. Sore., $6 pret.(guar.). $134 Aug. 15 Holders of rec. Aug. 5
Cleveland Elea. Illuminating Co.
6% preferred (guar.)
$I% Sept. 1 Holders of rec. Aug. 15
Columbia Gas & Elec. Co.,corn.(guar.)_
120c Aug. 15 Holders of ree. July 20
5% cony. preferred (guar.)
134% Aug. 15 Holders of roe. July 20
6% preferred (guar.)
134% Aug. 15 Holders of rec. July 20
5% preferred (guar.)
134% Aug. 15 Holders of rec. July 20
Commonwealth Utilities pref. C (quar.)
5134 Sept. I Holders of rec. Aug. 15
Concord Gas, 7% pref. (guar.)
13.4% Aug. 15 Holders of rec. July 31
Connecticut L.& P.Co.,5M % pt.(qu.)_
$134 Sept. 1 Holders of rec. Aug. 15
634% preferred(quar.)
5134 Sept. 1 Holders of rec. Aug. 15
Connecticut Power Co., common (qu.)-.. 6234e Sept. 1 Holders of ree. Aug. 15
& Light'g., 434% pref.(qu.)_ 51.125 Aug. 15 Holders of rec. July 31
Conn.
Consol. Gas Co. of N. Y., corn.(guar.).85e Sept.15 Holders of me. Aug. 7
Consol. Gas, Elect. & Pow.Co.of Bait.
Common (guar.)
90e Oct. 2 Holders of rec. Sept. 15
5% series A preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 15
6% series D preferred (guar.)
$134 Oct. 2 HOlders of rec. Sept. 15
% series E preferred (guar.)
3134 Oct. 2 Holders of rec. Sept. 15
Consumers Power Co., $5 pref. (quar.)_
5134 Oct. 2 Holders of roe. Sept.15
6% preferred (guar.)
$134 Oct. 2 Holders of rec. Sept.15
6.6% preferred (guar.)
$1.65 Oct. 2 Holders of ree. Sept.15
7% preferred (guar.)
513.4 Oct. 2 Holders of rec. Sept. 15
6% preferred (monthly)
500 Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
Me Oct. 2 Holders of rec. Sept.15
6.6% preferred (monthly)
550 Sept. 1 Holders of rec. Aug. 15
0.6% preferred (monthly)
550 Oct. 2 Holders of rec. Sept.15
Dayton Pow.& Lt.,6% pref.(monthly).
500 Sept. 1 Holders of rec. Aug. 19
Eastern Shore l'ub. Ser. 5634 Pt. (qu.)... 5134 Sept. 1 Holders of rec. Aug. 10
$6 preferred (guar.)
3134 Sept. 1 Holders of rec. Aug. 10
Eastern Util. Assoc.. common (guar.)._ _
25e Aug. 15 Holders of rec. Aug. 3
El Paso Elec.(Del.).7% prof. A (quar.)_
% Oct. 16 Holders of rec. Sept. 29
$6 pref. B and 6% pref.(guar.)
5134 Oct. 16 Holders of rec. Sept. 29
Elisabeth dr Trenton P.R. (0.-a.)
$I
Oct. 1 Holders of rec. Sept. 20
5% preferred (s.
-a.)
$1 34 Oct. 1 Holders of rec. Sept. 20
Empire A Bay State Tel.,4% gtd.(qu.). $1
Sept. 1 Holders of rec. Aug. 21
Dec. 1 Holders of roe. Nov. 20
$1
4% guaranteed (guar.)
Empire Gas & Elec. Co.,6% pt. A (au.). 134% Sept. 1 Holders of rec. July 31
7% preferred C(guar.)
134% Sept. 1 Holders of rec. July 31
6% preferred C (guar.)
134% Sept. 1 Holders of rec. July 31
Elleanaba Pow.& Trao.6% pref.(qu.)_. 134% Nov. 1 Holders of rec. Oct. 27
134% 2-1-'34 Holders of roe. Jan. 27
6% preferred (guar.)
EI.Corp.,Ltd.,com.A & B (qu)
European
100 Aug. 15 Holders of rec. July 25
Federal Lt. & True. Co. pref. (quar.).
$134 Sept. 1 Holders of rec. Aug. 15a
Federal St.& Pleasant Valley Pass.Ry
6234e Aug. 25 Holders of rec. Aug. 20
8734c Sept. 1 Holders of rec. Aug. 15
Florida Power Corp.7% pref.(guar.).
Preferred, series A (guar.)
$134 Sept. 1 Holders of rec. Aug. 15
Georgia Power & Light $6 pref.(quar.)_ _
5134 Aug. 15 Holders of rec. July 31
Gulf States Utilities Co.,$6 pf.(quar.)_ _ $IM Sept.15 Holders of rec. Sept. 1
$534 preferred (guar.)
5134 Sept.15 Holders of rec. Sept. 1
75e Aug. 15 Holders of roe. July 28
Havana Elec.& Util., 1st pref.(guar.)
Illuminating Power Security
5134 Aug. 15 Holders. of rec. July 31
7% preferred (guar.)
Kentucky Utilities Co.,7% Jr. pt.(au.). 87340 Aug. 21 Holders of rec. Aug. 1
50o Sept. 1
Lorain Telep. Co.,6% pref.(monthly)._
Los Angeles Gas & Elee.6% Pr.(guar.)- 134% Aug. 15 Holders of rec. July 31
Louisville Gas & Electric Co.(Del.)
4334e Sept. 25 Holders of rec. Aug. 31
Class A & B common (guar.)
Luxerne County Gas dr El. Corp.
5134 Aug. 15 Holders of rec. July 31
7% lot preferred (guar.)
5134 Aug. 15 Holders of rec. July 31
$6 let preferred (guar.)
Monmouth Cons. Water,7% pref.(qu.)_ 13-4% Aug. 15 Holders of rec. Aug. 1
Montreal Light, Heat & Power (quar.)_ _
$2 Aug. 15 Holders of roe. July 31
8c Aug. 20 Holders of rec. Aug. 10
Mutual Telep., Hawaii (monthly)
25c Sept. 1 Holders of rec. Aug. 11
National Power & Light, coin.(guar.)._ _
New Rochelle Water Co.(guar.)
5134 Sept. 1 Holders of rec. Aug. 21
New York Steam Corp.,common (qu.)
55c Sept. 1 Holders of rec. Aug. 15
North American Edison Co.. pref.(q11.
). 5134 Sept. 1 Holders of rec. Aug. 15
Nova Scotia Lt. & Pow.,6% pref.(qu.). 134% Sept. 1 Holders of rec. Aug. 16
0h10 Pow. Co.,6% prof.(guar.)
134% Sept. 1 Holders of rec. Aug. 5
Ohio Pub,Ser. Co.7% pref. (mthly.).- - 58 1-3c Sept. 1 Holders of ree. Aug. 15
50c Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
41 2-3c Sept. 1 Holders of rec. Aug. 15
5% Preferred (monthly)
Pacific Gas A Elea.,6% pref.(guar.). - 3734e Aug. 15 Holders of rec. July 31
o34% preferred (guar.)
3434c Aug. 15 Holders of rec. July 31
Pacific Lighting Corp.,com.(guar.)--75e Aug. 15 Holders of rec. July 20
Peninsular Telep. Co., 7% pref. (guar.) 134% Aug. 15 Holders of rec. Aug. 5
7% Preferred (quar.)
134% Nov. 15 Holders of rec. Nov. 5
7% preferred (guar.)
1 M % 2-15-34 Holders of rec. 2-5-34
Pennsylvania Pow. Co.,$6.60 pref.(au.)
55e Sept. 1 Holders of ree. Aug. 21
$ Preferred (guar.)
6
5134 Sept. 1 Holders of rec. Aug. 21
Name of Company.
1197
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Penn State Water Corp., pref.(g uar.)_ _ _
5134 Sept. 1 Holders of rec. Aug. 21
Peoples Telep. Corp., pref. (guar.)
$134 Sept. 1 Holders of rec. Aug. 30
Philadelphia Co., 5% preferred (s.-a.)
250. Sept. 1 Holders of rec. Aug. 10
Philadelphia Elec. Pow.Co..8% pfd.
50c Oct. 1 Holders of rec. Sept. 5
(au)
Phila.Suburban Water Co.. prof.(guar.) 5134 Sept. 1 Holders of rec. Aug. 12a
Pittsburgh Suburban Water Service Co.
$134 Aug. 15 Holders of rec. Aug. 5
5534 preferred (guar.)
134% Oct. 2 Holders of rec. Sept. 13
Ponce Electric, 7% pref.(guar.)
Potomac Electric Power
6% preferred (guar.)
$134 Sept. 1 Holders of rec. Aug. 12
% preferred (guar.)
5134 Sept 1 Holders of rec. Aug. 12
Public Service Corp. of N.J., corn.(qu.)
70e Sept. 30 Holders of rec. Sept. 1
$2 Sept.30 Holders of rec. Sept. I
8% Preferred (guar.)
$I% Sept. 30 Holders of rec. Sept. 1
7% preferred (guar.)
513.4 Sept. 30 Holders of rec. Sept. 1
$5 preferred (guar.)
6% preferred (monthly)
50c Aug. 31 Holders of rec. Aug, 1
50c Sept.30 Holders of rec. Sept. 1
6% Preferred (monthly)
Quebec Power Co., corn.(guar.)
t725c Aug. 15 Holders of rec. July 26
Rochester Gas& El., 7% pref. B (quar.). 3134 Sept. 1 Holders of rec. July 28
6% preferred C (guar.)
5134 Sept. 1 Holders of rec. July 23
$134 Sept. 1 Holders of rec. July 28
preferrd D (guar.)
tr13c Aug. 15 Holders of rec. July 14
Shawinigan Wet.& Pow.
Valley Water Co.6% pf.(au.) 134% Sept. I Holders of rec. Aug. 20
Co.,crn(qu)Sheago
13.4% Dec. I Holders of rec. Nov.20
6% preferred (guar.)
South Carolina Power Co., $6 pt. (qu.)_
5134 Oct. 1 Holders of rec. Sept. 15
South Pitts. Water Co.,5% pref.(s -a.). 134% Aug. 19 Holders of rec. Aug. 10
2% Aug. 15 Holders of rec. July 20
So. Calif. Edison Co., Ltd., corn.(qu.)__
134% Sept.15 Holders of rec. Aug. 19
7% preferred series A (guar.)
% Sept.15 Holders of roe. Aug. 19
preferred series B (guar.)
So. Calif. Gas Corp.,5634 pref.(quar.)... 134% Aug. 31 Holders of rec. July 31
25e Aug. 15 Holders of rec. July 31
Sou. Canada Pow.Co., Ltd.,corn.(au).
Stamford Water Co.(guar.)
$2 Aug. 15 Holders of rec. Aug. 5
Susquehanna Utilities, pref.(quar.)
513-4 Sept. 1 Holders of rec. Aug. 19
Syracuse Ltg. Co., Inc.,8% pref.(guar.)
2% Aug. 15 Holders of rec. July 31
634% preferred (guar.)
134% Aug. 15 Holders of me. July 31
134% Aug. 15 Holders of rec. July 31
5% preferred ((Mar.)
Tampa Electric Co., corn. (guar.)
56c Aug. 15 Holders of rec. July 31
Preferred, series A (guar.)
$134 Aug. 15 Holders of rec. July 31
Telephone Invest. Corp. (inthly.)
20e Sept. 1 Holders of rec. Aug. 20
Monthly
20e Oct. 1 Holders of rec. Sept.20
Tennessee Elec.Pow.Co..7.2% pt.(au.) $1.80 Oct. 2 Holders of rec. Sept.15
7% preferred (guar.)
513.4 Oct. 2 Holders of me. Sept.15
6% preferred (guar.)
513.4 Oct. 2 Holders of rec. Sept.15
5% preferred (guar.)
5134 Oct. 2 Holders of rec. Sept.15
7.2% preferred (monthly)
60e Sept. 1 Holders of rec. Aug. 15
7.2% preferred (monthly)
60e Oct. 1 Holders of roe. Sept. 15
6% preferred (monthly)
50c Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50c Oct. 1 Holders of rec. Sept.15
Tide Water l'ow., $6 pref.(guar.)
75e Sept. 1 Holders of rec. Aug. 10
Toledo Edison Co. 7% pref.(mthly.)_.. 58 1-3c Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
5"00 Sept. I Holders of rec. Aug. 15
5% preferred (monthly)
41 2-3c Sept. 1 Holders of rec. Aug. 15
United Companies of New Jersey (qu.)
5234 Oct. 10 Holders of rec. Sept. 20
United Gas Improvement (guar.)
30e Sept. 30 Holders of rec. Aug. 31
Preferred (guar.)
5134 Sept.30 Holders of rec. Aug. 31
United States El. Lt.& Pow. Shs., ser. B
4.3 Aug. 15 Holders of rec. July 31
Utica Gas & Elec. Co., 7% pref.(guar.) _
$IM Aug. 15 Holders of rec. Aug. 1
Virginia Elec. A Pow.$6 pref.(guar.) _ _ _
5134 Sept.20 Holders of rec. Aug. 31
Washington Gas Light Co.(quar.)
90e Sept. 1 Holders of rec. Aug. 26
Washington Ky. A. Elec., 5% pref. (au.) $ly, Sept. I Holders of rec. Aug. 16
Quarterly
5134 Sept. 1 Holders of rec. Aug. 16
West Penn Elec., 6% pref. (guar.)
134% Aug. 15 Holders of rec. July 20
7% preferred (guar.)
134% Aug. 15 Holders of rec. July 20
Wheeling Elec. Co., 6% pref. (guar.)._ 134% Sept. 1 Holders of ree. Aug. 5
Williamsport. $6 pref.(guar.)
$134 Sept. 1 Holders of rec. Aug. 21
Fire Insurance Companies.
Boston Ins. Co.(s -a.)
Seaboard Insurance (guar.)
Southern Fire Insurance Co.(N. Y.).
Oct. 2 Holders of rec. Sept.20
54
15 Mc Aug. 15 Holders of rec. Aug. 5
50c Aug. 15 Holders Of ree. Aug. 1
Miscellaneous.
Affiliated Products, Inc (mo.)
Allegheny Steel Co.. pref. (guar.)
Allied Atlas Corp., liquidating
Aluminum Mfg.. me.,corn.(guar.)
Common (guar.)
Preferred (guar.)
Preferred (guar.)
American Arch (guar.)
American Bank Note Co.. pref. (quar.).
American Can Co., corn. (guar.)
American Chicle Co.(guar.)
Extra
American Envelope Co.7% pt.(quar.)-7% Preferred (guar.)
Am.& Gen.Secs.Corp.cl A corn.(qu.)
.
$3 series cum. preferred (guar.)
American Hardware (guar.)
Quarterly
American Home Products (monthly)_ _ _ _
American Hosiery Co.(guar.)
American Investors, $3 pref. (guar.) - - American Laundry Mach Co. (quar.)__
American Re-Insurance Co.(Omar.)
American Steel Foundries. prof
American Stores Co.(quar.)
Extra
Quarterly
Amer.Sugar Refining Co.,corn.(guar.)_
Preferred (guar.)
American Tobacco, class A A B (guar.).
Anglo-Amer.Corp. of So. Africa.6% pf _
Angostura-Wup'm'n,Initial(guar.)
Archer-Daniels-Midland Co. corn.(au.).
Artloom Corp., pref. (guar.)
Bamberger (L.) & Co..634% Pf. (qu.)...
Bandini Petroleum (monthly)
Bankers' National Invest. (guar.)
Class A A B (guar.)
Preferred (guar.)
Barber(W.H.), pref. (guar.)
Beacon Mtg.,6% pref.(guar.)
Blauner's, Inc., corn.(guar.)
Preferred (guar.)Bloch Bros. Tobacco (guar.)
Quarterly
Preferred (guar.)
Preferred (guar.)
Blue Ridge Corp. $3 cony. pref. series
1929 (guar.)
Bohack (II. C.), common
1st preferred (guar.)
Bohack Realty Corp., lot pref.(guar.)-Bon Ami Co., common A (guar.)
Common B (guar.)
Borden Co., corn. (quar.)
Borg-Warner Corp. pref. (guar.)
Hornet. One., Mass A
Boss Mfg. Co., com. (quar.)
7% Preferred (guar.)
Bourjois. Inc., pref. (quar.)
Brach (E. J.) A Sons common (guar.) -British South Africa Co.
Amer. dep. rec. (Interim.)
Brown Shoe Co., common (guar.)
Buck lIili Falls (quar.)
Buckeye Pipe Line Co. (guar.)
Burger Bros., 8% pref. (quar.)
Sc
5134
$15
50e
500
513.4
$134
25c
75e
SI
50c
25e
134%
134%
73.dc
75e
250
25c
250
373-i e
75c
10c
5go
50c
50e
50e
50c
50c
5134
$13.1
3%
Sc
25c
ASIM
134%
Sc
6c
24e
15e
5134
134%
25c
The
3734e
37Mo
$1 34
5134
Sept.30 Holders of rec. Sept. 15
Deo, 31 Holders of rec. Dec. 15
Sept. 30 Holders of rec. Sept.15
Dec. 31 Holders of rec. Dec. 15
Sept. 1 Holders of rec. Aug. 21
Oct. 2 Holders of rec. Sept. 11
Aug. 15 Holders of rec. July 250
Oct. 2 Holders of rec. Sept. 12
Oct. 2 Holders of rec. Sept. 12
Sept. 1 Holders of rec. Aug. 25
Dec. 1 Holders of rec. Nov.25
Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of rec. Aug. 15
Oct. 1 Holders of rec. Sept. 16
1-1-34 Holders of ree. Dec. 16
Sept. 1 Holders of rec. Aug. 140
Sept. 1 Holders of rec. Aug. 24
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 22
Aug. 15 Holders of rec. July 31
Sept. 30 Holders of roe. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Dec. 1 Holders of rec. Nov. 15
Jan 1'34 Holders of rec. Dec. 15
Oct. 2 Holders of rec. Sept. 5a
Oct. 2 Holders of rec. Sept. 5a
Sept. I Holders of rec. Aug. 10
Aug. 18 Holders of rec. June 30
Oct. 1 Holders of rec. Sept.15
Sept. 1 Holders of rec. Aug. 21
Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of rec. Aug. 15
Aug. 19 Holders of rec. July 31
Aug. 25 Holders of rec. Aug. 12
Aug. 25 Holders of rec. Aug. 12
Aug. 25 Holders of rec. Aug. 12
Oct. I Holders of rec. Sept.26
Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. Aug. 11
Nov. 15 Holders of rec. Nov. 11
Sept.30 Holders of rec. Sept. 25
Dec. 31 Holders of rec. Dec. 25
p75c
25e
SIM
$13.4
$1
50c
40e
5134
250
25e
5134
68 Mc
10c
Sept. 1 Holders of rec. Aug. 5
Aug. 15 Holders of rec. July 25
Aug. 15 Holders of rec. July 25
Aug. 15 Holders of rec. July 25
Oct. 30 Holders of rec. Oct. 15
Oct. 1 Holders of rec. Sept.24
Sept. 1 Holders of rec. Aug. 15
Oct. 1 Holders of rec. Sept. 15
Jan. 12 Holders of rec. Jan. 12
Aug. 15 Holders of rec. July 31
Aug. 15 Holders of rec. July 31
Aug. 15 Holders of rec. Aug. 1
Sept. 1 Holders of rec. Aug. 12
need
750
1234c
75c
51
Aug. 17 Holders of
Sept. 1 Holders of
Aug. 15 Holders of
Sept.15 Holders of
Oct. 1 Holders of
Sept. 1 Holders of rec. Aug. 18
Sept. 1 Holders of rec. Aug. 15
rec. July 7
rec. Aug. 21
rec. July 20
rec. Aug. 25
roe. Sept.15
Financial Chronicle
1198
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
10c Sept. 6 Holders of rec. July 31
Burroughs Adding Machine Co.(guar.).
Aug. 15 Holders of rec. Aug. 3
81
Cabot Mfg. Co. (quar.)
400 Oct. 1 Holders of rec. Sept. 15
Calambs Sugar Estates. corn. (qua:.)._
350 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
500 Aug. 15 Holders of roe. July 31
Canadian Converters, Ltd.. corn.(guar.)
1234c Aug. 15 Holders of rec. Aug. 1
Canadian Oil Coo.. Ltd., corn.(quar.)_
- 374c Aug. 31 Holders of rec. Aug. 15
Canadian Silk Prod., class A (guar.).
El% Oct. 1
'Carnation Co.,7% pref.(guar.)
1-1-34
$1%
7% preferred (guar.)
87)40. Jan. 31 Holders of reo Jan 14
'Cartier. Ina.. 7% pre/
75e Aug. 15 Holders of rec. July 31
'Cedar Rapids Mfg.& Pow.(guar.)
J5% Aug. 15 Holders of rec. Aug. I
'Central Aguirre Associates
11.1o. Aug. 15 Holders of reo. Aug. t)
'Centrifugal Pipe Line Corp.oap.stkAgu.)
Nov. 16 Holders of reo. Nov. ft
Capita] stock (quar
SI% Sept. 1 Holders of rec. Aug. 19
Century Ribbon Mills,Inc., pref.(qu.)
10e Aug. 15 Holders of rec. Aug. 1
Chain Belt Co.(guar.)
Chartered Investors, $5 pref.(quar.)___.. $14 Sept. 1 Holders of rec. Aug. 1
25e Sept. 1 Holders of rec. Aug. 19
Chicago Yellow Cab Co., Inc.(guar.)
50c Sept. 15 Holders of rec. Aug. 15
Chrysler Corp. corn., special (guar-)
50e Oct. 1 Holders of rec. Sept. 20
Clorox Chemical Co., el. A (guar.)
500 Jan 1'34 Holders of rec. Dec. 20
Quarterly
81)4 Oct. 2 Holders of rec. Sept. 12
Coca Cola Co.,common (guar.)
75c Sept. 1 Holders of rec. Aug. 17
Columbia Pictures Corp. pref. (quar.)
50e Oct. 1 Holders of rec. Sept. 5
Comml Invest. Trust Corp. corn. (qu.).
Sept. 5
Convertible pref., orig. series 1929(qu) m$1.4 Oct. I Holders of rec. July 15
$1 Aug. 15 Holders of rec.
-a.)
Compania Swift Internacional (5.
350 Sept. 15 Holders of rec. Aug. 31
Compressed Industrial Gases, Inc. (411.)
$1 Sept. di) Holders of roe. Sept '25
Confederation Life Assoc. (guar.)
$1 Den 31 Holders of rec. Dec. 25
Quarterly
rec. Aug. 15
Congoleum Nairn, Inc., 7% pf (guar) 14% Nov. 1 Holders of rec. Aug. 15
El% Sept. 1 Holders of
(quar.)_
Consolidated Cigar. 7% pref.
Holders of rec. Aug. 1
Aug. 15
Consolidated 011CorP.. Pref•(Mari-- $2
(
10c Sept. 1 Holders of rec. Aug. 21
Consolidated Paper Co. (guar.)
500 Aug. 15 Holders of rec. July 250
Continental Can Co.. Inc. corn. (guar.)July 31
Cosmos Imperial Mills, Ltd..7% Pf•((lu.) 8734c Aug. 15 Holders of rec.
0b
Cottrell (G. B.) & 8 .
Oct. I
14%
0% preferred (guar.)
14% 1-1-'34
6% Preferred (guar.)
4% Aug. 19 Holders of rec. July 18
Courtaulds, Ltd., corn. Interim
lc Aug. 15 Holders of rec. July 31
Cresson Consol. Gold Mining & Mtg•Co.
Aug. 12
Crown Zellerbach Corp., pt. A dr B (qu.) 37 4c Sept. 1 Holders of rec. Aug. 1
Sept. 1 Holders of rec.
$2
Crows Next Pass Coal
10c Aug. 31 Holders of roe. Aug. 21
Crum & Forster ins. Shs. A&B (guar.)
El% Aug. 31 Holders of rec. Aug. 21
Preferred (guar.)
Sept. 1
Cuneo Press, Inc.,64% pref. (guar.)- - 1)4% Sept. 15 Holders of ree. Aug. 15
50e Sept. I Holders of rec.
Cushman's Sons, Inc., corn. (guar.)...
81% Sept. 1 Holders of rec. Aug. 15
7% preferred (quar.)
Sept. 1 Holden of rec. Aug. 15
82
$8 preferred (quAr.)
18.6d. Aug. 18 Holders of rec. June 30
Daggafontein Mines, Ltd., ord
Sc Sept. 1 Holders of rec. Aug. 15
Deere dr Co., pref. (quar.)
81 Aug. 15 Holders of rec. Aug. 4
Delaware Division Canal (8.-a)
25c Sept. 1 Holders of rec. Aug. 15
Diamond Match Corp.. corn. (quar.)75e Sept. I Holders of rec. Aug. 15
Preferred (5.-a.)
- 814 Aug. 15 Holders of rec. July 31
Dieme & Wing Paper Co.,7% Pt(MI.)
1240 Aug. 15 Holders of rec. July 31
Distributors Group (guar.)
31
Dominion Bridge Co., Ltd., corn.(guar.) tr500 Aug. 15 Holders of rec. July 31
tr50c Nov. 15 Holders of ree. Oct.
Common (guar.)
50e Aug. 15 Holders of rec. Aug. 1
Dow Chemical Co.(guar.)
% Aug. 15 Holders of rec. Aug. 1
Preferred (glum)
75c Sept. 1 Holders of rrc. Aug. 15a
Drug, Inc. (guar.)
50e Aug. 15 Holders of rec. Aug. 3
Duplan Silk Corp.. (5.-a.)
50c Sept. 1 Holders of rec. July 31
Eastern Theatres, Ltd.. corn.(quar.) q81)4 Sept. 1 Holders of rec. Aug. 5
Electric Shareholdings Corp., pref
400 Aug. 15 Holders of rec. July 31
Employers Re-insurance Corp.(gnarl- 600 Aug. 15 Holders of rec. Aug. 5
Ewa Plantation Co. (quar.)
50e Oct. 1 Holders of rec. Sept. 15
Faultless Rubber Co., corn. (quar.)
50c July 31 Holders of rec. June 30
Federal Service Finance Corp.(guar.).
81% July 31 Holders of rec. June 30
7% preferred (guar.)
Firestone Tire & Rubber, pref. (quar.), 814 Sept. 1 Holders of rec. Aug. 15
$2.11 Aug. 18 Holders of me. Aug. 11
First Chrold Corp
Fits Simons dr Connell Dredge & Dock
124c Sept. 1 Holders of rec. Aug. 21
Co., common (guar.)
81 4 Oct. 2 Holders of rec. Sept. 15
Florshelin Shoe Co., pref. (quar.)
50c Sept. 1 Holders of rec. Aug. 15
Freeport Texas Co. common (quar.)
514 Nov. 1 Holders of rec. Oct. 13
Preferred (guar.)
814 Sept. 1 Holders of rec. Aug. 23
General Cigar Co., pref (quar.)
$144 Dec. 1 Holders of rec. Nov.24
Preferred (quar
450 Aug. 15 Holders of rec. Aug. 1
General Foods Corp.(guar.)
750 Sept. 1 Holders of rec. Aug. 10
General Union Co. 64 pref. (guar.)
40e Sept. 15 Holders of rec. Aug. 31
Corp. (quar.)
Golden Cycle
5e Aug. 31 Holders of rec. Aug. 16
Goldfield Consol. Mines (initial)
, 0
75e. Oci. 1 Holders of roe. 661 1. 2
Lottfrleci Baking Co.. Ins., el. A uitiar )
14% Oct. 2 Holders of rec. Sept. 20
Preferred (guar.)
14% ..111.2 '34 Holders or rec. Deo. '20
Preferred (guar.)
Government Gold Mines Areas. Ltd,reg 60% Aug. 17 Holders of rec. June 30
60% Sept. 1 Holders of rec. June 30
American deposits received
3% Dee. 29 Holders of roe. Dee. 27
Grace(W H I & Co 6% Prof 15.-a.)
75c Sept. 1 Holders of rec. Aug. 10
Grand Union Co.. pref. (guar.)
Great Atlantic & Pacific Tea Co.
814 Sept. I Holders of rec. Aug. 4
Common (guar.)
250 Sept. 1 Holders of rec. Aug. 4
Extra
El% Sept. 1 Holders of rec. Aug. 4
Preferred (guar.)
25e Aug. 15 Holders of roe. Aug. 5
& Dock Co.(quar.)
Great Lakes Dredge
% Aug. 15 Holders of rec. July 29
Guggenheim dr Co., 7% 1st pref. (guar.)
15e Sept. 1 Holders of rec. Aug. 15
Hale Brothers Stores, Inc.(guar.)
81% Sept.20 Holders of rec. Sept. 5
Hanna(M.A.) Co., $7 pref.(guar.)
Oct. 20 Holden, of reo. 00i. 10
$2
Hannibal Bridge Co.. Corn.(guar.)
141% Oct. I Holders of reo. Sept. 21
Harbauer Co., 7% Pref.(qual.)
14% 1-I'M Holders of rec. 1)60.21
7% preferred (guar.)
1)4% Sept. I Holders of reo. Aug. 15
Hardesty (R.). 7% Pref. (guar.)
1)4% Deo I Holders of reo Nov 15
7% preferred (quar.)
Harmony Mills of Cohoes,N.Y..pf. (11q•) $25 Aug. 15 Holders of rec. Aug. 10
75e Aug. 15 Holders of rec. Aug. 1
Times, Inc., pref. (guar.).- Hartford
250 Sept. 1 Holders of rec. Aug. 15
Helena Rubinstein, Inc.. pref.(guar.)- - Aug. 4
Hercules Powder Co.. prof. (quar.)---- 814 Aug 15 Holders of rec. July 25
75e Aug. 15 Holders of rec.
Hershey Chocolate Corp., coin. (quar.)_
El Aug. 15 Holders of rec. July 25
Convertible preference (guar.)
100 Aug. 25 Holders of reo. Aug. 18
Hibbard, Spencer. Bartlett & Co.(mo.)
Mc Sept. 29 Holders of reo. Sept. 22
Monthly
500 Sept. 1 Holders of rec. Aug. 15
Hires(Chas. E.) Co.class A corn.(qu.)
trl% Aug. 12 Holders of rec. July 28
Mines
Hollinger Consol. Gold
be Aug. 10 Holders of rec. Aug. 9
Holly 011 Co
750 Aug. 25 Holders of rec. Aug. 19
Homestake Mining Co.(monthly)
814 Sept. 1 Holders of rec. Aug. 11
•) pref irillar•)
Horn & Harden (N
250 Aug. 15 Holders of rec. July 29
Ilornel(Geo. A.)dr Co.,(guar.)
314 Aug. 15 Holders of me. July 29
6% preferred A (guar.)
Imperial Tobacco Co. of Great Britain dr
5,64% Sept. 9 Holders of rec. Aug. 16
Ireland, Ltd., common, interim
Aug. 7
Ingersoll-Rand Co., common (i uar.).-- 37)40 Sept. I Holders of rec.
22
Internat. Business Mach Corp. (guar.) $114 Oct. 11) Holders of reo. Sept. 8
$10 Aug. 15 Holders of rec. Aug.
Elevating Co
International
$141 Sept. I Holders of rec. Aug. 5
Internat. Harvester Co.. met.(q
Sept. 1 Holders of roe. Aug. 15
50e
International Shoe, pref. (monthly)
Oct. 1 Holders of roe. Sept. 15
50o
Preferred (monthly)
Nov. 1 Holders of reo. Oct. 15
500
Preferred (monthly)
Dee. 1 Holders of roe. Nov. 15
50e
Preferred (monthly)
40e Aug. 15 Holders of rec. Aug. 1
Interstate Hosiery Mills Co
Oct. 1 Holders of rec. Sept. 15
- - - 82
Intertype Corp. let pref. (5. a.)
10c Aug. 31 Holders of rec. July 31
Invest. Trust of N.Y.coll. ser. A (5.-a.).
250 Oct. 2 Holders of rec. Sept. 13
Jones dr Laughlin Steel Corp.7% pret
20e Aug. 15 Holders of ree. Aug. 10
Kaufmann Dept.Stores, corn
h834 Aug. 15 Holders of rec. Aug. 10
Preferred
51)4 Sept. 1 Holders of rec. Aug. 100
Kendall Co., pref.. series A (guar.)
250 Oct. 1 Holders of rec. Sept. 20
Klein(D.Emil)(guar.)
25e Sept. 1 Holders of rec. Aug. 10
Kroger Grocery & Baking (guar.)
81K Sept.30 Holders of rec. Sept. 20
1st preferred (guar-)
$1% Nov. 1 Holders of rec. Oct. 20
2d preferred (guar.)
14% Aug. 15 Holders of roe. Aug. 14
La Salle & Koch Co. 7% pref,(quar.)
37)40 Sept.30
Landers Frary & Clark (guar.)
37.40 Dec. 31
Quarterly
$1 Aug. 31 Holders of rec. Aug. 21
Lawton Monotype Machine Co.(quar.)
Name of Company.
Aug. 12 1933
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
50e Sept. 1 Holders of rec. Aug. 15
Lehn & Fink Products Co.. COM.(quar.)
35c Sept. 15 Holders of rec. Sept. 1
Leslie-Californla Salt Co., corn. (guar.)
Liggett & Myers Tobacco CO.
$1 Sept.
Holders of rec. Aug. 15
Common and common B ((mar.)
70c Nov
Holders of rec. Oct. 26
Lincoln National Life Ins. Co.cap. stook
10c Sept.
Holders of rec. Aug. 15
Link-Belt Co., common
14% Oct.
Holders of rec. Sept. 15
64% preferred (guar.)
Holders of rec. Aug. 12
Loblaw Groceterlas, el. A & B (quar.).. 1r20c Sept.
330 July 3 Holders of rec. July 31
Lock Joint Pipe Co.(monthly)
33e Aug. 3 Holder's of rec. Aug. 31
Monthly
34e Sept. 30 Holders of rec. Sept.30
Monthly
$2 Oct. 2 Holders of rec. Oct. 2
8% preferred (guar.)
$14 Aug. 15 Holders of rec. July 31
Loew's, Inc., 864 Preferred (quar.).
Loose Wiles Biscuit Co. pref. (qua:.). $1% Oct. I Holders of rec Sept 18a
81 )4 Sept. 1 Holders of reel Aug. 17
Lord d.r Taylor, 1st pref. (guar.)
51.14 Sept. I Holders of rec. Aug. 5
Ludlow Mfg. Associates (guar.)
2 Holders of reo. Sept 22
0.1
81 )4
Lunkenheinier 0.. pref (guar.)
(
25c Aug. 15 Holders of rec. Aug. 5
Lynch Corp., common (guar.)
25c Aug. 15 Holders ot rec. Aug. 15
MacMillan Co. (guar.)
50e Aug. 15 Holders of rec July 21
Macy (R. H.)& Co.. common (guar.).
Magnin (1.) & Co., 6% pref. (qual.)..- 14% Aug. 15 Holders of reo Aug 5
13.4% Nov. 15 Holders of roc Nov 5
6% preferred (quar.)
10e Aug. 15 Holders of rec. Aug. 1
Managed Investments, Inc.(5-a)
814 Aug. 15 Holders of rec. Aug. 10
Matson Navigation (guar.)
250 Sept. I Holders of rec. Aug. 15
May Dept. Store Co (uuar.)
MeClatchy Newspaper, 7% pref.(luer.) 434c Sept. 1 Holders of rec. Sept 1
434c Dec. 1 Holders of roe. Dee. 1
7% premed (qua:.).
McColl Frontenac Oil Co. corn. (quar.)- tr15c Sept. 15 Holders of rec. Aug. 15
u25e Sept. 1 Holders of rec Aug. 1
McIntyre Porcupine Mines, Ltd.(qu.)
uP24c Sept. 1 Holders of rec. Aug. I
Bonus
Iloiders of rec .J uly
Hol de s
u15
2
rec A ug
.
.
Extra
t S
e AT 151
31
Mercantile Stores. 7% pref. (guar.)._5c Sept. 15 Holders of tee. Aug. 15
Merland 011 Co. of Canada
1;1% Sept. 15 Holders of rec. Aug. 31
Metro-Goldwyn Pictures pref. (quar.)_
3% Sept. 15 Ilolders of rec. Aug. 24
Montreal Loan & Mtge.(quar.)
The Aug. 15 Holders of MC. Aug. 1
Moody's Investors Service, pref. (qu.)
$14 (let. I
Moore(W m.) Dry Goods Co.(gust.)81)4 1-1
-34
Quarterly
Morris 5e. dr 10o. to SI SW,7% pt.(qu.) 1)4% Oct. 1
14 % 1-2-34
7% preferred (guar.)
$1
Sept. 1 Holders of me. Aug 25
Morris Plan Ins. Soc. (guar.)
Dec. 1 Holders of ree. Nov. 24
$1
Quarterly
5.005 Sept. 1 Holders of rec. Aug. 24
Mt. Diabolo 011 Mining & Devel.(guar.)
51K Sept. I Holders of rec. Aug. 16
Muskogee Co.,6% pref. (guar.)
50e Aug. 15 Holders of rec. Aug. 8
Nashua Gummed dr Coated Paper
50e Dec. 15 Holders of me. Nov. S
Quarterly
81)4 Oct. 2 Holders of rec. Sept. 25
7% preferred (guar.)
81% Jan. 2 Holders of rec. Dee. 21
7% preferred (guar.)
% Aug. 31 Holders of me. Aug. 15a
National Biscuit Co. preferred (guar.).250 Sept. 15 Holders of rec. Aug. 31
National Bond & Share Co.(guar.)
50e Sept. 1 Holders of rec. Aug. 15
National Container Corp., pref. (guar.)
(n)
Mt. 16 Holders of rec. Oct. 2
National Distillers Products Corp.. com_
$1k", Sept. 30 Holders of rec. Sept. 15
Nationai Lead Co., common (quar.)
$13.4 Sept. 15 Holders of rec. Sept. 1
Class A preferred (guar.)
81)4 Nov. 1 Holders of rec. Oct. 20
Class B preferred (guar.)
100 Aug. 21 Holders of rec. Aug. 1
National Liability Ins
$34 Sept. 1 Holders of rec. Aug. 20
-a.)
National Linen Service, $7 pref. (s.
60e Sept. 15 Holders of rec. Aug. 31
National Sewer Pipe Co., Ltd. cl. A (qu.)
44 Aug. 18 Holders of rec. June 30
New Era Consolidated, Ltd.. ord
10c Aug. 31 Holders of rec. July 31
New York Shares Corp., col. tr.(s-a)-El% Sept. 1 Holders of rec. Aug. 16
pref.(qua:.)
Newberry (J. J.) Co..7%
Niagara Share Corp. of Md.81)4 Oct. 1 Holders of reo. Sept. 15
Class A $6 preferred (guar.)
$1 t Jan2'34 Holders of reo Dec. 15
Class A fa preferred (guar-)
Nineteen Hundred Corp.. Mass A (guar ) 50o. Aug. 15 Holders of reo Aug. 1
boo Nov. 15 Holders of reo Nov. 1
Class 4 tquar.1_
750 Sept. 1 Holders of roe. Aug. 15
Northam Warren Corp.. pref. (quar.)
75e Dec. 1 Holders of roe. Nov. 15
Preferred (guar.)
Norwalk Tire & Rubber Co., pref. (qu.) 873.4e Oct. 1 Holders of rec. Sept. 22
$1 Oct. 1 Holders of reo. Sept. 20
Norwich Pharmacal Co.(guar.)
15c Aug. 15 Holders of rec. Aug. 11
Oahu Ry. & Land (monthly)
50 Aug. 15 Holders of rec. Aug. 5
Oahu Sugar (monthly)
20e Aug. 20 Holders of rec. Aug. 10
Onomea Sugar (monthly)
50c Aug. 15 Holders of rec. July 29
Owens-Illinois Glass (guar.)
250 Aug. 15 Holders of ree. July 29
Extra
75c Aug. 21 Ilolders of rec. Aug. 10
Parker Rust-Proof Co., common (qu.)
Ponder (David) Grocery, class A (quar.) 8740 Sept. 1 Holders of rec. Aug. 19
50e Sept. 15 Holders of rec. Sept.
Penick & Ford, Ltd., Inc. corn.(quar.)_ _
Ag
50c Sept. 15 Holders of rec. Sept. 1
Extra
750 Aug. 15 Holders of ree. Aug. 5
Penman's, Ltd.. (guar.)
25e Sept. 1 Holders of rec. Aug. 15
Pillsbury Flour Mills, Inc., corn.(guar.).
Procter & Gamble Co., OutuniOn (quar.). 3740 Aug. 15 Holders of res. July 25
75c Aug. 15 Holders of rec. July 24
Pullman, Inc. (guar.)
25e Sept. 1 Holders of rec. Aug. 15
Purity Bakeries Corp., common (guar.)$1
Aug. 31 llobleni of rec.
Quaker oats, preferred (guar.). .
250 Oct. 5 Holders of rec. Oct. 2
Republic Supply Co., corn. (guar.)
25e Sept. 1 Holders of rec. Aug. 15a
Reynolds Metals Co. (guar.)
30e Aug. 15 Holders of roe. Aug. 1
Rich's, Inc., cool. (guar.)
El 44 Sept. 30 Holders of rec. Sept. 15
Preferred (guar.)
Rolland Paper Co., Ltd., pref. (guar.).- 814 Sept. 1 Holders of rec. Aug. 15
081.075 Aug. 14 Holders of rec. July 31
Royal Dutch Co., ord. shares
250 Sept. 15 Holders of roe. Seu 5
Ruud Mfg. new common (guar.)
Savannah Sugar Retg. Corp.. corn.(qu ) $14 Nov. 1 Holders of rec. Oct. 14
134% Nov. I Holders of rec. Oct. 14
Preferred (quar.)
30e Aug. 15 Holders of rec. Aug. 4
Seotten Dillon Co.(guar.)
Second Investment Corp. (R. 1.)
75c Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
oot. 211 Holders ot reo Seta au
82
Shaeffer(W A.1 Pen. pref. (guar.). 25c Aug. 15 Holders of rec. July 31
Sherwin-Williams Co
814 Sept. 1 Holders of rec. Aug. 15
Preferred, series AA (quar.)
37)4o Aug. 15 Holders of rec Aug 15
Sioux City Sticyds.. 611 uf
37140 Nov. 15 Holders of reo Nov. 15
preferred (guar )
(quar.)81,
$144 Aug. 15 Holders of rec. Aug. 1
Smith (A.0.) Corp., pref.(guar.)
814 Aug. 15 Holders of roe. July 15
Solvay Amer.Invest., pref.(guar.)
Southern Acid & Sulphur Co., me..
50o. Sept 15 Holders o rec. Sept. 10
Common (guar.)
Southern Pacific Golden Gate Co.3;44 Aug. 15 Holders of()off
1
Ati,.
Class A & (guar.)
pe :
ul y 3
l
31
6% preferred (guar.)
roe.
100 Sept. 1 Holders of rec. Aug. 15
Southern Pipe Line Co
60e Aug. 15 Holders of rec. Aug. 1
Standard Cap & Seal (attar.)
1214o Oct. 1 Holders of roe. Sept. 20
Standard Coosa-Thatcher (guar.)
7% preferred (quar.)
134% Oct. 15 Holders of rec. Oct. 15
250 Sept. 15 Holders of rec. Aug. 15
Standard 011of Calif. (guar.)
25e Sept. 20 Holders of rec. Aug. 30
Standard 011 Co. of Nebraska (quar.)....
Stanley Works,6% pref. (quar.)
37(4c Aug. 15 Holders of reo. July 31
Strawbridge & Clothier. pref. set. A(qu ) 814 Sept. 1 Holders of roe. Aug. 16
25e Sept. 15 Holders of rec. Aug. 25
Sun 011 Co.. roan. (guar.)
25e Dec. 15 Holders of roe. Nov. 25
Common (guar.)
14% Sept, 1 Holders of rec. Aug. 10
Preferred (guar.)
1)4% Dee. 1 Holders of rec. Nov. 10
Preferred (guar.)
$1 Aug. 15 Holders of rec. July I5a
Swift Internacional
Texas Gulf Producing Co., common_ _ 124% Aug. 31 Holders of rec. Aug. 11
250 Sept. 15 Holders of rec. Sept. 1
Texas Gulf Sulphur Co.(guar.)
9110 Aug. 15 Holders of rec. July 31
Thatcher Mfg. Co.. pref.(q uar.i
Tide Water 011Co.,5% pref.(quar.).. 8144 Aug. 15 Holders of roe. Aug. 3
15e Sept. 5 Holders of rec. Aug. 18
Timken Roller Bearing Co.(guar.)
30e Sept. 1 Holders of rec. Aug. 15
Union Tank Car Co.(guar.)
United Aircraft & Transport Corp.75e Oct. 1 Holders of rec. Sept. 8
Preferred (guar.)
40e Sept. 1 Holders of rec. Aug. 15
United Biscuit Co.(guar.)
50c Sept. 1 Holders of rec. Aug. lb
United Milk Crate Corp., CIA.(qual.)..
500 Dec. I Holders of rec. Nov. 15
Class A (guar.)
U.S.Pipe & Foundry Co.. corn. (guar.). 12 4o Oct 20 Holders of reo. Sept. 30
1-20-34 Holders of roe Dec. 30
12
Common (guar.)
300. Oct 20 Holders if rec. Sept, 30
1st preferred (guar.)
30e 1-20-34 fioldi.ns of reo. Dec %0
1st preferred (guar 1
25e Oct. 2 Holders of rec. Sept. 20
United States Playing Card Co.(guar.)50a Aug. 30 Holders of rec. Aug. 1
United States Steel Corp.. ore(
50c Aug. 15 Holders of roe. Aug. 7
Utica & Mohawk Cotton Mills
7140 Aug. 15 Holders of rec. Aug.
Vick Financial Corp.. corn.(8.-a.)
Financial Chronicle
Volume 137
Per
Cent.
Name of Company.
When
Payable.
Rooks Closed
Days Indust,.
1199
STATEMENT OF MEMBERS OF' THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. AUG. 5 1933.
Miss ellaneou• (Concluded).
Vulcan Detinning Co., pref.(quar.)
I Si% Oct. 20 Holders of rec. Oct. 6a
Weill (Raphael) & Co.,8% pref. (8.
$4 Sept. 1 Holders of rec. Aug. 1
-a.).
Wesson Oil & Snowdrift Co.. Inc.—
Preferred (guar.)
$1 Sept. 1 Holders of rec. Aug. 15
West Virginia Pulp & Paper Co.,pf.(qu.) 81Si Aug. 15 Holders of rec. Aug. 1
Westmoreland. Inc. (guar.)
30c Oct. 1 Holders of rec. Sept. 15
Westvaco Chlorine Prod.(quar.)
10c Sept. 1 Holders of rec. Aug. 15
Winstead Hosiery co Brum.)
SI Si Nov. 1 Hoiden' of rm. Oct. 16
Wisconsin Holding, A (guar.)
hl7M0 Sept. 15 Holders of rec. Sept. 1
Series A (guar.)
17Sio Sept.15 Holders of rec. Sept. 1
Wiser Oil(guar.)
25o Oct. 2 Holders of rect. Sept. 12
Quarterly
250 Jan2'84 Holders of rec. Dee. 12
Wolverine Tube,7% pref.(s.
-a.)
53Si Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
8134 Dec. 1 Holders of rec. Nov. 15
Woolworth (F. W.) Co.(quar.)
60c Sept. 1 Holders of rec. Aug. 10
Worcester Salt Co.,6% pref. (guar.)... 1M% Aug. 15 Holders of tee Aug. 8
Wrigley (Wm.) Jr. Co.—
Capital stock (monthly)
I 2 630-95c Sept. 1 Holders of rec. Aug. 19
Capital stock (monthly)
I 2 530-95c Oct. 2 Holders of rec. Sept.20
Capital stock (monthly)
12 630-95c Nov. 1 Holders of rec. Oct. 20
Capital stock (monthly)
I 26 30-95c Dec. 1 Holders of rec. Nov. 20
Wiatt Metal & Boiler Works (guar.).—
Oct. 1
81
Clearing House
Members.
Time
Deparits,
Average.
*Surplus and Na Demand
Undivided
Deposits.
Profits.
Average.
• Capital.
Bank of N. Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank_ _ _ _
Chemical Bk.& Tr. Co_
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Han. Bk.& Tr. Co
Corn Exch. Bk.Tr. Co
First National Bank
Irving Trust Co
$
6,000,000
20,000,000
124,000,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
$
$
9,413,500
84,482,000
31,931,700
236,770,000
55,695,500 a808,332,000
236,182,000
46,856,300
177,266,300 b835.252,000
20,297,500
207,662,000
61,112,500
474,179,000
17,535,800
175,612,000
73,105,000
317,690,000
306,109,000
62,863,100
8
9,015,000
33,038,000
161,783,000
26,957,000
62,612,000
96,985,000
53,600,000
20,526,000
32,245,000
53,459,000
Continental Bk.& Tr.Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar.dr Tr. Co__ _ _
Marine Midland Tr. Co_
New York Trust Co--._
Conal Nat.Bk.& Tr.Co.
Public Nat.Bk.dr Tr.Co
4,000,000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
12,500,000
7,000,000
8,250,000
4,546,600
25,626,000
58,704,600 c1,122,675,000
3,105,400
41,934,000
62,519,500 d467,400.000
10,521,100
26,068,000
5,272,800
42,024,000
21,694,500
187,495,000
7,732,200
44,273,000
40,315,000
4,518,800
1,758.000
99,172,000
2,624,000
66,046,000
299,000
4,238,000
17,097.000
2,266,000
29,476,000
I The New York Stock Exchange hen ruled that 'Welt will not he Quoted esdividend on this date and nut until further notice.
Tntola
1414 124 arm 724 ACI2 7nn A ARE' CIRO 0163 772 lilli IMO
The New York Curb Exchange Association Mut ruled that stock will not ne
quoted ex dividend on this date and not until further notice.
• As per official reports: National. June 30 1933; State. June 30 1933: Trust
a Transfer books not closed for ttia dividend.
companies, June 30 1933.
Correction. a Payable in stook
I Payable In common stock. g Payanie I a math. a On amount of accumulated
Includes deposits in foreign branches as follows: (a)$202,178,000;(b)858,467.000:
dividends 1 Payable in preferred stock
(c) $70,442,000; (d) $29,385,000.
i Under section 213 of the NIRA, Wrigley(Wm ), jr. Co., Is required to withhold
at source an excise tax equal to 5% of the above dividends, and stockholders, other
The New York "Times", publishes regularly each week
than domestic corporations, will therefore receive on each of the above dividend
dates 25% per share net.
m Commercial Invest Tr. pays div. on convertible preference stock, optional returns of a number of banks and trust companies which are
series of 1929, at the rate of 1-5201 1 share of common stock, or. at the option of the not members of the New
York Clearing House. The Public
holder, in cash at the rate of 51.50.
n Nat. Distillers Prod, dividend in warehouse receipts of one case of whiskey National Bank & Trust Co. and Manufacturers' Trust Co.,
held. whiskey
containing 24 pint bottles for each five shares of commor stock
withdrawn only as authorized by law and upon payment of Government taxes. having been admitted to membership in the New York
together with $4 per case for bottling and casing and 15 cents per case per month
from Oct. 1 1932 to cover storage, guarding, insurance, certain State and local taxes Clearing House Association on Dec. 11 1930, now report
and other minor costs. (Approximate charges to accrue to delivery of warehouse weekly to the Association and the returns of these two banks
receipts will be $5.95 per case.)
o Royal Dutch Co. dividend of 81.075'declared on New York shares. Unless are therefore no longer shown below. The following are
prior to July 31 1933 a ruling is received that dividend is not subJect to tax imposed
under Section 213(a) of National Industrial Recovery Act, 81.02125 will be paid: the figures for the week ended Aug. 4:
should ruling be subsequently received that dividend is not subject to tax, a later
distribution will be made to stockholders of record July 31 1933 of the amount an
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
deducted.
p Blue Ridge Corp declared a div at the rate of 1-32d of one share of the common
OF BUSINESS FOR THE WEEK ENDED FRIDAY. AUG. 4 1933.
Mock of the corporation for each share of such preference stock, or. at the option of
inch holden (providing written notice thereof Is received by the corporation on or
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
before Aug. 15 1933) at the rate of 75c per share In cash
q Electric Shareholding pays div. of 11-250th of a share of common stock, or at
the option of the holder 51 cash.
Loans,
Res. DIP, D418. Other
r In the case of non-resident' of Canada a deduction of a tax of 5% of the
N. Y. and Banks and
Gross
Disc. and
Cash.
amount of such dividend will he made.
Investments.
Elsewhere. Trust Cos, Deposits.
s American Citles Power & Light Corp., optional div. of 1-32 of 1 shares of
class B stock or at holders option, 75 cents cash.
$
$
$
Manhattan—
$
$
• Payable In Canadian funds.
93,700 1,073,900 1,798,800 17,871,000
Grace National
18,776,900
▪ Payaole it, United Mates funds.
296.406 2,855,272
73,341
505,611
Trade
2,697,797
• A unit.
ty Lees deduction for expenses ol depositary.
Brooklyn—
a Less tax.
Penntor. 7sIntlorinl
8 240 'inn
81 (810
527000
RR 000 4 R7R Mil
y A deduction has been made for expenses.
TRUST COMPANIES—AVERAGE FIGURES.
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. Fee "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
Loans,
Disc. and
Investments.
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Manhattan—
Empire
Federation
Fiduciary
Fulton
United States
$
$
$
55,374,500 .2,833,800 18,946,400
6,060,107
71.045
428,570
8,504,279
*431,575
560,697
18,775,000 *2.276,400
261,800
71,445,574 7,265,417 14,831,878
Brooklyn—
Brooklyn
Ulnae notintv
87,678,000
23 726 7112
2,629,000 16,436,000
1.460.270 5.051.014
Gross
Deposits.
s
$
2,256,100 68,903,200
457,965 5,468,140
479,289 8,453,281
113,600 16,836,700
65,645,664
183,000 91,858,00C
24.594.958
*Includes amount with Federal Reserve as follows: Empire. $1,871,100; Fiduciary, 8220.066; Fulton, 82,142,300.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the 'lose of business Aug. 9 1933, In
comparison with the previous week and the corresponding date last year:
Aug. 9 1933. Aug. 2 1933. Aug. 101932.
152,780,000
135,557,000
Resources(Concluded)—
601.706,000 466.677,000 Due from foreign banks (see
7,843,000
13,331,000 F. R. notes of other banks
Uncollected items
609,549.000 480,008,000 Bank premises
All other resources
154,232,000
83,705,000
134.956,000 213,788,000
Total resources
897,584,000
898,737,000
KASOUTC68—
Gold with Federal Reserve Agent
Gold redemption loud with U.S.Treas'y
601,706,000
7,541,000
Gold held exclusively eget. P.R. notes
609,247,000
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank
Totalgold reserves
other Cass*
Total gold reserves and other cash
Redemption fund—F. R. bank notes
Bilis discounted:
Secured by U. B. Govt. obligations.—
Other bilk, discounted
Total bills discounted
Bills bought in open market
U. S. Govern' securities:
Bonds
Treasury notes
Certificates and bills
75,462,000
74,583.000
973,046,000
973,320,000
3,067,000
3,067,000
14,611,000
31,038,000
15,612.000
32,259.000
45,649,000
47,871,000
2,316,000
2,532.000
178,897,000
272,472,000
306,622,000
180,972,000
274,950,000
309,944,000
was
Aug. 9 1933. Aug. 2 1933. Aug. 101932.
$
$
$
1,463,000
1,472,000
1,025,000
4.176,000
6,907,000
3,618,000
84,287,000
98,415,000
80,207,000
12,818,000
12,818,000
14.817.000
26,196,000
25,195,000
28,401,000
1,912,271,000 1,938,730.000 1,804,624,000
777,501,000
F. R. notes In actual circulation
640,436,000
F. It. bang notes In actual circulation__ _
. 52,382,000
I sepoeits—M em ber batik—reserve awl— 936,651,000
Government
8,605,000
Foreign bank (see note) _
10,322,000
Special deposits—Member bank
5,963,000
56.222,000
Non-member bank
787.000
38,268,000
Other deposits
21,140,000
75,043,000
852,544,000
Total deposits
Deferred availability items
13,914,000 Capital paid in
Surplus
190,274,000 All other liabilities
134,522,000
386,496,000
Total Debilities
94,490,000
983,468,000
78,980,000
58,532,000
85,058,000
13,415,000
642,856,000
52,999.000
927,815,000
22,412.000
7.792,000
6,042,000
939.000
22,888,000
597,007.000
949,734,000
3.475,000
3,123.000
26,354,000
987,888,000 932,686,000
99,204,000
76,972,000
58.E32.000
59,175,000
85,058.000
75,077,000
12,193,000
13,707,000
1,912,271,000 1,938,730,000 1,804,624,000
757,991,000 765,866,000 711,292,000 Rath,of total gold reserves & other cash•
Total U. S. Government securities .
to deposit and F. R. note liabilities
1,267,000
4,316,000
combined
1,262,000
59.9%
59.7%
54.0%
Other securities Ids moan
Contingent liability on bills purchased
for foreign correspondents
12,163,000
12,401,000
19,426,000
securities (see no(e). _ _ 807,218.000 817,536,000 824,012,000
Total bills and
notes or a bank's own F It. luta* notes
•"Other cash" does nut Include F It
NOTE.—Beglaning with the statement of Oct. 17 1925. two new Items were added in order to show separately tbe amount of balances held abroad and amounts
In addition, the caption "All other earuings lteeete." previously made up of Federal Intermediate Credit Beak debentures, was changed
due ky foreign oorrpondents.
rotal earnings Meal- to "Total bills and securities.. Toe latter germ was ajopted as More accurate description of the total
to "Other securitt 8," and ad caption."
tile provisions of Section 13 and it of toe Fedeal Reserve Act. Ocileti it was "418'1 Sr. ills OW Items Included
,
Of She discount me ieptanOes and securities *squired under
t her:In.
Financial Chronicle
1200
Aug. 12 1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.10. and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we preseDL the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The
second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 9 1933.
Aug. 9 1933. Aug. 2 1933. July 26 1933. July 19 1933. July 12 1933. July 5 1933. June 28 1933. June 21 1933. Aug. 10 1932.
3
3
5
3
$
$
3
$
3
2,756.489.000 2,747,289,000 2,736,432,000 2,772,412,000 2,785,711,000 2,767,366,000 2,809,201,000 2,758,903,000 2,018,692,000
44,068,000
39,457,000
44,317,000
44,250,000
62,173,000
43,273,000
43,643,000
38,560,000
37.729,000
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S.'Trees
Gold held exclusively agst. F. R.. notes 2,794,218,000 2,785,849,000 2.775,889,000 2.815,685,000 2,829,354.000 2,811.683,000 2,853,269,000 2,801,153,000 2,080,865,000
541,709,000 532,723,000 531,160,000 515,142,000 508,904,000 527,701,000 485,550,000 534.924,000 256,673,000
Gold settlement iund with F. R. Board
Gold and gold certificates held by banks- 241.860,000 240,938,000 241,610,000 215,052,000 207,584,000 209,708,000 204,946,000 197,131,000 342,888,000
3,577,787,000 3,559,510,000 3,548,659,000 3,545.879,000 3,545,842,000 3,549,092,000 3,543,765,000 3.533.208.000 2,680,426,000
a
a
a
a
a
a
rt
a
248,833,000 251,784,000 269,111,000 271,949,000 278,061.000 255.459,000 290,507,000 287,060,000 273,548,000
Total gold reserves
Reserves other than gold
Other cash.
3,826,620,000 3,811,294,000 3,817,770,000 3,817.828,000 3,823,903.000 3,804,551.000 3,834.272.000 3,820.268.000 2,953,974,000
Total gold reserves and other cash
a
a
a
a
a
a
a
a
Non-reserve cash
8.014,000
7,392,000
7,791,000
8,014,000
7,392.000
87,693,000
7,640,000
8.839,000
Redemption fund-F. N.. bank notes Bills discounted:
43,335,000
37.053,000
45,144,000
39,450,000
47.477,000 166,543,000
35,786,000
39,834,000
37,412,000
Secured by U. S. Govt. obligations_
118,856,000 123,708.000 124,310,000 127,343,000 128,416,000 138,468,000 145.837,000 174.579,000 285,395,000
Other bills discounted
Total bills discounted
Bills bought in open market
12.8. Government securitlee- Bonds-Treasury notes
Special Treasury certificates
Other certificates and bills
Total U. S. Government securities
Other securities
Foreign loans on gold
156,268,000
7,636,000
441.796,000
736.083,000
163,542,000
8,213,000
441,463,000
730,678,000
161,363,000
9.616,000
441.087,000
718,197,000
163,129,000
9,848,000
440,813,000
706,383,000
167.866,000
13,194,000
440,776,000
697,484,000
181,803.000
23,084,000
440,779,000
697,514,000
190,981,000
8.186,000
440,836,000
705,047,000
222,056,000
8,827,000
441,030,000
693.482.000
870.401,000
865,787,000
868.290.000
870,061,000
868,973,000
856,965,000
829.329,000
820.162,000 1,079,126,000
451,938,000
38,720,000
420.858,000
351,027.000
2,048,280,000 2,037,928.000 2,027,574,000 2,017,257,000 2,007,233,000 1,995,258,000 1.975,212,000 1,954,674,000 1,851,011,000
2.848,000
1,862,000
2,297.000
2,026,000
2,923,000
6,009,000
1,846,000
2,157,000
1,861,000
2,214,045,000 2,21 1,529.000 2,200,415,000 2,192,260,000 2,190,450,000 2,202,442.000 2,177,227.000 2,188,480,000 2,347,678,000
Total bills and securities
Gold held abroad
3,729,000
3,729,000
4,025.000
3,835,000
2,732,000
3,958,000
3,967,000
4,029,000
4,020,000
Due from foreign banks
16,411,000
17.610,000
21,471.000
15,416,000
19,095,000
13,636,000
17,014,000
17,821.000
15.822,000
Federal Reserve notes of other banks331,005,000 374,170,000 364.593,000 419,284,000 410,386,000 357,321,000 340,469,000 379,017,000 299,398,000
Uncollected items
54,312,000
54,366,000
54.370,000
54,312,000
54,369,000
58,119,000
54,367,000
54,417,000
54,452,000
Bank premises
50.193,000
52,399,000 851,435,000
50,951,000
51.163,000
48,067,000
50,183,000
50,951.000
51,384,000
All other resources
6,506,187,000 6.531.083,000 6,518.973,000 K565,931000 6,559.043.000 8.497.002,0006.484.005,000 6,525,726,000 5,723,604,000
Total resources
LIABILITIES.
2,999,245,000 3,004,605,000 83003.685,000 3,037,508,000 3,067.062,000 3,115,331,000 3,061.324,0003,090,286,000 2,843,605,000
F. P.. notes In actual circulation
126,563,000 126,632,000 6123,011,000 118,137,000 115,853,000 124,012,000 120,081,000 117,774,000
F. R. bank notes in actual circulation 239,000 2.306,366,000 2,289,811,000 2,268,728,000 2,218,912,000 2,286,207,000 2,205,302,000 2,062,455,000
Deposits-Member banks
-reserve acet- 2,375.866,000 2,319,
55,029,000 129,527.000
81.786.000
67,965,000
83,821,000
57,995,000
56.229,000
26,175,000
24,403,000
Government
20,286.000
10,088,000
15.984,000
19,833,000
15,041.000
16,207,000
18,664.000
10,402,000
30,922,000
Foreign banks
81.438,000
78,696,000
76,358.000
77,196.000
81,743,000
85,920.000
81,053,000
81,049,000
Special deposits: Member bank
18,789,000
20,641,000
19,585,000
19,314,000
22,681.000
22.130,000
22,997,000
21,341,000
Non-member bank
53,114,000
63,645,000
51,082,000
66,603,000
43,833,000
35,587,000
49,487.000
69.225,000
62,017,000
Other deposits
2,595,598,000 2,563,918.000 2,573,709,000 2.541,839,000 2,521,817,000 2,450,724,000 2,509,783,000 2,486.760,000 2,134,619,000
328,816,000 381.537,000 368,299,000 418,402,000 403,886.000 357,504,000 339.652,000 377,793,000 293,275,000
146,243,000 146,256,000 146,248,000 146,180,000 146,360,000 146,796,000 146,744,000 8147.605.000 153,582,000
278,599,000 278,599,000 278,599,000 278,599,000 278.599,000 278,599,000 278,599.000 278.599,000 259,421,000
25,422.000 825,266,000
27,822,000 826,849,000
24,036,000
29,536.000
39,102,000
25,466,000
31,123,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
6.506,187,000 6.531,083,000 .518,973,000 86,565,931000 6,559,043.000 6,497,002,000 6,484,005.000 6,525.726.000 5,723,604,000
Total liabilities
Ratio of gold reserve to deposits and
63.5%
63.6%
63.5%
63.3%
63.9%
63.4%
53.8%
63.7%
63.9%
F. R.. note liabilities co ,caned
Ratio of total reserve to deposits and
F. R. note liabilities cumbined
Ratio of total gold reserve., St other cash to
868.5%
68.8%
68.4%
68.4%
68.5%
68.4%
68.4%
59.3%
68.4%
deposit Is F.11 note liabilities combined
Contingent liability on bills purchased
37,123,000
36,021,000
36,000,000
35,694,000
36,140.000
35,761,000
36,948,000
36,885,000
59,528,000
for foreign correspondents
a
$
$
s
s
$
a
$
$
Maturity D trtbution of Bills and
snort-Term Securities
115,589,000 121,061.000 116,058,000 118,342.000 122,581.000 127,542,000 136,381,000 146,300,000 312,232,000
1-15 days bills discounted
16,677.000
12,614,000
11,906,000
33,531,000
13,149,000
13,027,000
13,839,000
14,036,000
13,580,000
16-30 days bills discounted
14,870,000
15,598,000
14,555.000
14,671,000
13,147,000
15,127,000
35.965,000
52,513,000
16,160,000
31-60 days bills discounted
15,323,000
18.468.000
23,274,000
11,782,000
15,775,000
14,100,000
20,653,000
36,979,000
9,308,000
41-90 days bills dLscounted
3,503,000
2,478,000
4,900.000
2,533,000
2,189,000
5,102,000
16,683,000
3,214,000
1,631,000
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market....
16-30 days bills bought in open market....
31-60 days bills bought in open market
61-90 days bills bought In open market
Over 90 days bills bought in open market
156,268,000
1,317,000
157,000
1,325,000
4,837,000
163,542,000
1,250,000
688,000
488,000
5,786,000
1,000
161,363,000
2,295.000
1,100,000
411,000
5,809,000
1.000
163,129.000
3,476,000
2,233,000
3,020,000
1,119,000
167,866,000
6,578.000
1,880,000
3,053,000
1,683,000
181,803,000
15,769,000
1,731,000
1,942.000
3,642.000
190,981,000
1,370,000
1,552,000
2.697,000
2,567,000
222,056,000
4.336,000
894,000
1,431,000
2,166,000
451,938,000
9,438,000
6,404,000
11,012,000
11,866,000
Total bills bought in open market.-1-15 days U. S. certificates and bills.-113-30 days U. S. certificates and bills......
31-60 days U. S. certificates and bills___
81-90 days U.S. certificates and bills_
Over 90 days certificates and bills
7,636,000
116,995,000
48,450,000
279,189,000
58.025,000
367,742,000
8,213,000
113,644,000
46,700.000
275,001,000
73,413,000
359.029,000
9.616.000
15,200.000
116,997.000
290,556,000
84.883,000
360,654.000
9,848,000
34,500,000
113,644,000
270,575,000
103,313.000
348,029,000
13,194,000
40,825,000
15,205,000
167,445,000
293,689,000
351,809,000
23,084,000
34,325,000
43.100,000
150,446,000
277,326,000
351,768.000
8,186,000
41,613,000
46,025.000
108,495,000
284,562,000
348.634.000
8,827,000
35.113,000
34,325,000
138,844,000
289,576,000
342.304,000
38,720,000
132,459,000
80,442,000
249,650,000
218,588,000
597,987,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
870,401,000
1,701,000
38,000
33,000
865,787,000
1,706,000
48,000
23,000
868,290.000
1,732.000
870,061.000
1.897,000
69,000
38,000
23,000
69,000
38,000
22,000
69.000
856,965.000
2,177.000
10.000
38,000
22,000
50,000
829,329,000
2.727,000
10.000
89,000
868,973.000
2,037,000
10,000
38,000
22,000
50,000
820.162,000 1,079,126,000
4,703,000
2,803,000
1,116,000
35,000
10,000
25,000
38,000
130,000
72,000
1,861,000
1,846,000
1.862,000
2,026,000
2,157,000
2,297,000
2,848,000
Total municipal warrants
38,000
73.000
2,923,000
6,009,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent--- 3,274,216,000 3,270,681,000 3,280,674.000 3,312,994,000 3,348.580,000 3,361,556,000 3,327.308,000 3.362,087,000 3,084,596,000
274,971,000 266,076.000 276,622.000 275,486.000 281,518,000 246.225,000 265,984.000 271,801,000 240,991,000
Held by Federal Reserve Bank
2,999,245,000 3,004,605,000 3,004.052,000 3,037,508.000 3,067,062,000 3,115,331,000 3,061,324,000 3,090.286,000 2,843,605,000
In actual circulation
Collateral Field by .4Pent as Security
for Notes Issued to Bank
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U. S. Government securities
1,517,054,000 1,515,854,000 1.514,497.000 1.513,977,000 1,519,776,000 1,518,931,000 1,523.266.000 1,528,968.000 1,019,627,000
1,239,435,000 1.231,435,000 1,221.935,000 1,258,435,000 1.265,935,000 1,248,435,000 1,285,935,000 1,227.935.000 999,065,000
98,276,000
97,295,000 105,105.000 119,420,000 115,779,000 126,141,000 434,307,000
97,207,000 100,480,000
475,700,000 477,200,000 489,200,000 485,200,000 499,200,000 505,700,000 441,200,000 504.200.000 644,100,000
3 329 306 000 3.324.969.000 3,323,908,000 3,354,907,000 3.390.016.000 3.392.486,000 3.366.180.000 3.387,244,000 3,097,099,000
"other ca5h.' 8 Revised.
•"Other cash' does not include Federal Reserve notes or a Bank's own Federal Reserve bank notes. a Now Included In
,
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE 01 BUSINESS AUG. 9 193
Two Ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. lifInneap. Kan.Ctly. Dallas. San Fran.
Total.
Federal Reserve Bank of$
s
RESOURCES.
Gold with Fed. Res. Agents
- 2,756,489,0 240,609,0
..
37,729,0 1,500,0
Gold redm.fund with u.s.Treas.
$
3
$
$
$
601,706,0 180.000,0237,770.0 124,835,0 05,550,0
7,541,0 3,755.0 4.571,0 1,281,0 2,581,0
$
$
$
$
3
3
768.682,0 121,474,0 69,296,0 106,290,0 27,014,0 183.2630
3,658,0 1,286,0 1,858,0 1,506,0 1,119,0 7,073:0
Gold held excl. agst. F.R.notes 2,794,218.0 242,109,0
Gold settlem't fund with F.R.Ed 541,709,0 24,785,0
Gold & gold ctfs. held by banks.. 241,860,0 22,318.0
609,247,0 183,755,0 242,341,0 126,116,0 98,131,0
152,780,0 13,909,0 44,543,0 17,982,0 13,934,0
135,557,0 14,847,0 4,046,0 4,937,0 3,660,0
772,340.0 122,760,0 71,154,0 107,796,0 28,133,0 190 336 0
151,615,0 28,813,0 19,669,0 29,555,0 18,132,0 25,992'0
491.0 12,611,0 5,229,0 30,746:0
746,0
6,672,0
-930.627M 152.319.0 91.314.0 149.962.0 51.494M 247 (I7A gh
.2 c-y, .10, n nun
010 Il
Q07 ca6
0212 R11 0 290 030.0 149.035.0 115.725.0
Volume 137
Financial Chronicle
1201
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) omitted.
RESOURCES (Concluded)ther cash*
Total.
Boston.
S
f
248,833,0 16,671,0
Total gold reservesdrother earth 3,826.620,0 305,883,0
edem fund-F.R. bent notes_
8,839,0
844,0
Ills discounted:
Sec. by U.S. Govt.obligations
37,412,0 1,945,0
Other bills discounted
118,856,0 4,852,0
Total bills discounted
Ills bought in open market
. S. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
156,268,0
7,636,0
6,797,0
502,0
441,796,0 22,154,0
736,083,0 45,282,0
New York.
Phila.
Cleveland. Richmond Atlanta.
$
g
$
$
75,462,0 27,190,0 23,263,0 13,073,0
5
11,555,0
973,046,0 239,701,0 314,913,0 162,108,0 127,280,0
3,067,0
387,0
581,0
169,0
14,611,0 5,158.0
31,038,0 26,388,0
Chicago.
St. Louis. Mtnneap. Kan.City. Dallas. San Fran.
$
$
30,711,0 10,547,0
S
S
4,528,0 10,183,0
I
$
7,610,0 18,040.0
961,338,0 162,866,0 95.842,0 160,145,0 59,104,0 265,114,0
98,0
2,793,0
100,0
249,0
496.0
50,0
3,176,0 2,207,0
7,840,0 11,386,0
290.0
5,361,0
1,162,0
9,643,0
505,0
1,638,0
91,0
4,111,0
286,0
4,503,0
592,0
3,829,0
45,649,0 31,546,0 11,016,0 13,593,0
2,316,0
722,0
675.0
266,0
5,651,0
239,0
10,805,0
894,0
2,143,0
198,0
4,202,0
134,0
4,789,0
198,0
4,421,0 15,656,0
197,0 1,295,0
7.389,0
8,267,0
178,897,0 29,439,0 34,155,0 10,987,0 10,430,0
272,472,0 55,072,0 72.097,0 23,199.0 22,092,0
69,034,0 14,375,0 16,725,0 13,013,0 17,135,0 25,402,0
103,516,0 29,290,0 19,384,0 24,994,0 15,062,0 53,623,0
870,401,0 50,888,0
306,622,0 61,888,0 81,024.0 26,072,0 24,824,0
Total U.S. Govt./securities_ 2,048,280,0 118,324,0
Hier securities
1,861,0
Ills discounted for, or with
(-). other F. R. banks
757,991,0 146,399,0 187,276.0 60,258,0 57,396,0
1,262,0
510,0
159,070,0 32,917,0 21,814,0 28,089,0 16,928,0 60,265,0
331,620,0 76,582,0 57,023,0 66,096,0 49.125,0 139,290.0
39,0
50,0
Total bills and securities
2,214,045,0 125,623,0
lus from foreign banks
4,020,0
307,0
ed. Res. notes of other banks.
15,822,0
331,0
r ncollecterl Items
331,005,0 36,753,0
Sank premises
54,452,0 3,280,0
II other resources.
51,384,0
750,0
807,218,0 179,177,0 198,967,0 74,117,0 63,286,0
442,0
399,0
1.463,0
157,0
141,0
4,176,0
946,0
378,0
921,0 1.180,0
84,287,0 27,446,0 31,651,0 29,368,0 9,246.0
12,818,0 3,530,0 6,929,0 3,238,0 2,422,0
26,196.0 3,998.0 2,576,0 3,801,0 4,620,0
343,369,0 78,923,0 62,298,0 71,083,0 53,743,0 156,241,0
117.0
19,0
548,0
282,0
117.0
28,0
697,0
822,0
277,0 1,762,0
942,0
3,390,0
43,552,0 13,947,0 9,013,0 18,665,0 11,409,0 15,668,0
1,747,0 3,559,0 1,792,0 4,244,0
7,608,0 3,285,0
655,0 1,413,0 2,743,0 1,450,0 1,214,0
1,968,0
Total resources
6,506,187,0 473,771,0 1,912,271,0 455,059,0 556,242,0 273,710,0 203,344,0 1.364,571,0 260,626,0 171,127,0 257,304,0 128,388,0 444,774,0
LIABILITIES.
'. It. notes In actual circulation_ 2,999,245,0 223,205,0
'.R. bank notes in seri circurn 126,563,0 11,916,0
iepoeits:
Member bank-reserve account 2,375,366,0 160,063,0
Government
24,403,0 1,387,0
Foreign bank
30,922,0 2,258,0
Special-Member bank
81,049,0 2,453,0
Non-member bank
21,341,0
Other deposits
62,017,0 4,033,0
640,436,0 235,243,0 302,534,0 135,081,0 116,190,0
52,382,0 7,608,0 9,449,0
2,130,0
757,890,0 135,785,0 90,684,0 111,163,0 33,549,0 217,485,0
31,313,0
984,0 4,718,0 4,170.0
484,0 1,409,0
936,651.0 125,923,0 149,291,0 77,176,0 56,049,0
8,605.0
201,0 3,977,0 1,677,0
800,0
10,322,0 3,248,0 3.062,0 1,206,0 1.083,0
5,963,0 9,338.0 6,444,0 4,700,0 2,518,0
787,0 1,816,0
122,0 2,494.0
164,0
55,0 5,886,0 4,698,0 2,280,0
21.140,0
417,327,0 77,527,0 53,141,0 106.564,0 60,015,0 156,139,0
1,214,0
245,0 1,347,0 2,081,0 1,657,0 1,212,0
897.0 2,165,0
897,0
711,0
4,021,0 1,052,0
301,0 5,746,0
34,800,0 4,374,0
1,650,0 2,762,0
7,391,0 6,782,0
821,0
813,0
151,0
10,765,0 3.358,0 1.155,0
735,0 7,633,0
279,0
Total deposits
1eferred availability Items
lapital paid in
urplus
.11 other liabilities
983,468,0 140,581,0 168,782,0 91,951,0 62,894,0
78,980,0 25,704,0 32,155,0 29.156,0 8,876,0
58,532,0 15,814,0 12,388,0 5,005,0 4,951,0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
13,415,0
867,0 2,640,0
901,0 2,759.0
475,518,0 93,338,0 58,817,0 112,734,0 63,605,0 173,716,0
43,438,0 15,584,0 9,191,0 18,984,0 12,764.0 17,332,0
13,188,0 4,014,0 2,872,0 4,311,0 3,741.0 10,701,0
39,497,0 10,186,0 7,019.0 8,263,0 8,719,0 19,701,0
3.727,0 1,235.0 1,135,0
865,0 1,292,0 1,669,0
Total liabilities
2,595,598,0 170,194,0
328,816,0 36,652,0
146,243,0 10,726,0
278,599,0 20,460,0
618,0
31,123,0
6,506,187,0 473,771,0 1,912,271,0 455,059,0 556,242,0 273.710,0 208,344,0 1,364,571,0 260,626,0 171,127,0 257.304,0 128,388,0 444.774,0
Memoranda.
tatio of total gold reserves and
other cash' to deposit & F. It.
note liabilities combined
59.9
68.4
66.7
63.8
77.8
71.4
71.1
iontingent liability on bills purchased for torn correspondents
12,163,0 3,898,0 3,675.0
36,835,0 2,710,0
1.448,0 1,299.0
.
"Other cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve bank notes.
77.9
71.1
64.1
71.5
60.8
67.3
4,826.0
1,262,0
854,0
1.076,0
1,076,0
2,598,1
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent al-
Total.
Boston. New York,
Two Ciphers (00) omitted.
$
S
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 3,274,216,0 246,560,0
Held by Fedi Reserve Bank. 274,971,0 23,355,0
In actual circulation
2.999,245,0 223.205,0
Uollateral held by Agent as security for notes Issued to bks:
Geld and gold certificates_,, 1,517,054,0 72,092,0
Gold fund-F.It. Board
1,239,435.0 168,517.0
Eligible paper
97,207,0 6.772,0
U. H. Government securities
475,700,0 5,000,0
TntAl onliabord
1 Ron anon 9S0 251 n
3
Phila,
$
Cleveland. Richmond Atlanta.
$
$
Chicago.
$
$
Si. Louis. IfInneap. Ran.Citp. Dallas. San Fran.
3
3
$
3
3
727,691,0 251,024,0 318,319,0 144,957,0 139,296,0
87,255.0 15,781,0 15,785,0 9,876,0 23,106,0
788,122,0 146,921,0 93,873,0 120,364,0 35,914.0 261,170,0
30,232,0 11,136.0 3,194,0 9,201,0 2,365,0 43,635,0
640,436.0 235,243,0 302,534,0 135,081,0 116,190,0
757,890,0 135.785.0 90,684,0 111,163,0 33,569,0217,485,0
523,606,0
78,100,0
27,315,0
120,000,0
97,450,0 107,270,0 49,330,0 21,550,0
82,550,0 130,500,0 75,505.0 74,000,0
13,996,0 9,300,0 7,594,0 3,627,0
60,000,0 75,000,0 15,000,0 42,000,0
439,682,0 42,774,0 30,296,0 21,490,0 19,014,0 92.500.0
329,000,0 78,700,0 39,000,0 84,800,0 8,000.0 90.763.0
4,018,0 1,226,0 2,443,0 3,030,0
3,882,0 14,004,0
20,000,0 25,000,0 23,200,0 15,000,0 5,500,0 70,000,0
740 091 A OVI fInA n 199 117A A 147 400 II 141 177 11
709 71111 n 147 74141 fl 04 030 A 124 32n n 36 396 0 267.267.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent atTwo Ciphers (00) omitted.
ederal Reserve bank notes:
Issued to F. R. Bk. (outstdg.)
Held by Fed'I Reserve Bank_
In actual circulation
sollat.pledged agst.outst. notes:
Discounted dr purchased bills_
U. B. Government securities__
Total.
$
Boston, New York.
8
5
Phila.
$
Cleveland Richmond Atlanta.
$
5
$
Chicago.
Si. Louts. Minneap. Kan.City. Dallas. Sao Fran.
$
$
$
3
$
63,841,0
11,459,0
7,733,0 11,440,0
125,0 1,991,0
2.189,0
59,0
33,418,0
2,105,0
560,0
76.0
1,458,0
49,0
995,0
11,0
8,766,0
4,048,0
4,249,0
79,0
126,563,0 11,916,0
1,409,0
984.0
4,718,0
4,170,0
5.000,0
5,000,0
52,382,0
7,608,0
9,449,0
2,130,0
31,313,0
484.0
2,523,0
172,274,0 20,000,0
64,274,0
1,611,0
8,000,0 15,000,0
266,0
3,000,0
40,000,0
368,0
5,000,0
2,000,0
1,000,0
278,0
9,000,0
174,797,0 20,000,0
Total collateral
3
148,773,0 14,124,0
22,210,0 2,208,0
64,274,0
8,000,0 16.611.0
3.266.0
40.000.0
5,368.0
2,000,0
1,000.0
9,278,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of
Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange Of drafts gold with endorsement"
and Include
all real estate mortgages and mortgage loans hold by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some
of the banks Included mortgagee in investments. Loans secured by U. S. Government obligations are no longer shown
separately, only the total ot loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U.S. obligations and those secured by commercial
Winer, only n lump total being given. The number of reporting banks formerly covered 101 leading cities, but
or moratoria early in March 1933. Publication of the weekly returns for the reduced number of cities was was reduced 10 90 cities after the declaration of bank holidays
omitted In the weeks from March 1 to May 10, but a summary
of them Is to be found in the Federal Reserve Bulletin. The figures below are stated In round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH
FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 2 1933 Ho m11110E:to of doltara)•
Federal Reserve DistrictLoans and investments-total
Loam-total
On securities
Allother
nvestments-total
U.S. Government securities
Other securities
Reserve with F. It. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Duo from banks
Due to banks
Boston. New York Phila. Cleveland. Richmond Atlanta. Chicago.
St. Louts. Afinnrap. Ran.Cliy. Dallas. San Fran.
$
$
$
$
S
$
.5
$
S
3
$
S
$
16,557
1,205
7,673
1,018
1,108
327
315
1.558
480
362
327
520
1,664
8,546
688
3,914
523
470
172
176
888
230
205
222
181
877
3,772
254
2,006
259
235
62
59
423
49
89
58
218
60
4,774
434
1,908
264
235
110
117
141
465
132
145
164
659
8,011
517
3.759
495
633
155
139
670
250
146
157
298
787
5,048
323
2,457
250
431
103
87 ' 396
146
84
190
106
470
2,963
194
1,302
245
207
47
52
104
274
62
108
51
317
1.664
95
794
72
70
28
42
322
22
30
61
38
90
178
17
45
10
15
10
34
5
6
5
11
7
13
10,475
714
5,587
556
524
141
179
286
1,180
189
366
208
545
4,533
394
1,206
305
435
133
132
161
473
129
164
127
874
43
560
276
55
29
5
49
12
16
4
10
22
39
1,118
107
106
81
54
61
51
237
55
60
114
70
122
2,560
151
1,172
145
130
59
322
54
71
86
170
68
132
21
11
9
/
o
1
Total.
Financial Chronicle
1202
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Sinanrial
Ore
Tinnintrita
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
6 Mos
12 Mos.
Including Postage$6 00
Wilted States. U. S. Poesessions and Territories
510.00
6 75
11.50
In Dominion of Canada
7.75
13.50
South and Central America. Spain, Mexico and Cuba_
Great Britain, Continental Europe (except Spain), Asia.
8.50
15.00
Australia and Africa
The following publications are also issued:
,
MONTHLY PUBLICATIONSCOMENOIDIUlle-RANK AND QUOTATION RECORD
PUBLIC UTILITY-(sIMIAMMally)
RAILWAY & INDUSTBIAL-(fOUr a year) MONTHLY EARNINGS IINCORD
STATE AND MinsiciPAL-(semi-ann.)
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
in New York funds.
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
CHICAGO Ortics-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Orricr-Edwarda & Smith. 1 Drapers' Gardens. London. E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY
President and Editor. Jacob Seibert. Business Manager. William D. Riggs:
Treas., William Dana Seibert; See., Herbert D.Seibert. Addresses of all. Office of Co
Wall Street, Friday Night, Aug. 11 1933.
-The Review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 1192:
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Sales
for
Week.
STOCKS.
Week Ending Aug. 11.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
RailroadsPar Shares. $ per share. $ per share. $ per share.$ per share.
Interboro Rapid Transit
Aug 7% June
100 5 Aug 7 5 Aug 7 5
Certificates
July
50 44 Aug 8 44 Aug 8 14 Ma 7
lot Rys of Cent Am .
100 34 Aug 8 34 Aug 8 14 Ma 4 June
Certificates
100
50 177, Aug 7 184 Aug II 44 Ap 1934 July
Preferred
10 14 Aug 7 ,14 Aug 7
34 Feb 314 July
100
Market St Ry
200 824 Aug 9 84 Aug 7 74 May 85 July
Norfolk & West pfd_100
Jan 6 June
100 44 Aug 8 434 Aug 8 1
Wabash RR pref B_100
I
Indus. & Miscell. 1
Feb
Aug 109
20 105 Aug 7 105 Aug 7 105
100
Amer Express
July
Feb 38
10 35 Aug 1C 35 Aug 10 13
Austin Nichols prior A 1
Aug 144 Aug
Beneficial Ind Loan__*, 8,200 14 Aug 10 14% Aug 10 14
_100
80 7 Aug 8 8 Aug 9 14 Jan 13 June
Burns Bros
*
60 47, Aug 9 44 Aug 7 14 Jan 854 July
class A
City Stores pref_-* 1,100 1 Aug 9 14 Aug 7
34 Ma 214 July
Certificates
20 34 Aug 9 314 Aug 9 24 June 5% July
*
Class A etfs
30 764 Aug It 77 Aug 11 63% May 80 July
Collins & Alkman pf100
Ap 54 June
20 177, Aug 7 1734 Aug 7 16
Col Fuel & Jr pref _100
Comm Cred pref (7) 25
10 23 Aug 11 234 Aug 10 184 15L 244 June
Ma 95 July
2 94 Aug 7 94 Aug 7 74
Cushm Sons pf (7%)100
• 52,10 284 Aug
Deere & Co
Devoe & Reynolds- '
50 904 Aug
100
1st preferred
50 64 Aug
•
Fifth Av Bus See
10 23 Aug
Filene's(Wm)Sons Co*
20 907, Aug
64% preferred-. 100
26,000 4 Aug
Fox Film rts
22 103 Aug
Gen Baking Co pref.__ a
80 154 Aug
a
Gen G & E cl B
10 85 Aug
Gold & Stock Teleg.100
20 92 Aug
Harbisn-W Ref pref 100
25 6,500 764 Aug
Hazel-Atlas Co
60 44 Aug
Kresge Dept Stores_ __•
10 55 Aug
Laclede Gas pref___100
100 4 Aug
Martin-Parry Corp_ __•
200 80 Aug
Omnibus Corp pref_100
110 110 Aug
Pac Tel & Tel pref _ _100
10 9 Aug
Panhandle P&R pfd 100
900 5 Aug
Penn Coal & Coke_ 50
10 504 Aug
Phoenix Hos'y pref_ 100
500 12 Aug
Pierce-Arrow Co pfd100
30 60 Aug
Revere Cop & Br pfd100
10 20 Aug
Shell Tramp & Trail..£2
124 Aug
United Amer Bosch___* 2.6
260 50 Aug
United Dyewood pfd100
301254 Aug
U S Tobacco pref. __100
60 1174 Aug
Univ Leaf Tub pref_100
•No par value.
July
7 354 Aug 10 2454 July 49
7934
5
9
81
4
994
3-4
66
Jan 93
Ma 9
Ap 30
Ap 9034
Aug 2
M 108
Ap 44
May 85
July
June
July
Aug
July
June
July
Aug
8 48
1 65
8 1
9 3714
11
10 64
11 10154
11 5.4
7
34
9 25
11 4
11 7
1 114
1
3
11 284
9 125
8 96
Mar 95
Api 85%
May 754
61
Jan, 54
Jan 81
May III
Janl 20
Feb 94
Mar 504
Apr 19
Feb 60
Mar 244
1
Mar 175,
Jan 60
Mar 1303-i
Apn1204
Aug
July
June
Jan
July
June
Aug
June
July
Aug
June
July
July
Aug
Aug
Mar
June
7 9034 Aug 7
11 74 Aug 11
10 23 Aug 10
8 9014 Aug 8
Aug 7
8
7 1054 Aug 11
7 14 Aug 7
9 85 Aug 9
7 95 Aug
7 834 Aug
8 44 Aug
9 55 Aug
11 4 Aug
10 80 Aug
8 111 Aug
11 9 Aug
7 5 Aug
9 50(4 Aug
1 13 Aug
11 60 Aug
10 20 Aug
8 174 Aug
760 Aug
91254 Aug
8 120 Aug
Julyl
Quotations for United States Treasury Certificates of
-Friday, Aug. 11.
Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Dec. 15 1933..__
Mar. 15 1934___
Sept. 15 1933_ _ _
Aug. 1 1934___
Feb. 1 1938_ _
.
Dec. 15 1936_ _
.
Apr. 15 1936._ _
34%
4%
134%
234%
234%
24%
254%
100132
100122
100922
101.9a
100,922
101"as
1012
%
Asked.
Alfaturify.
100922 June 151938...
100,
°22 May 2 1934_ _ _
June 15 1935___
iolyn Apr. 15 1937___
100,922 Aug. 1 1936___
101"a: Sept. 15 1937- - 10128,, Aug. 15 1933_
Dec. 15 1933...
Int.
Rate.
Bid.
Asked.
24%
3%
3%
3%
34%
4%
3
4%
41 %
4
1001922
1012an
103922
101uss
1021122
102"n
100
101l.n
1001722
102
103132
1012ssi
1021922
102 as
"
101l..1
U. S. Treasury Bills-Friday, Aug. 11.
Rates quoted are for discount at purchase:
Bid.
Aug. 16 1933
Aug. 23 1933
Aug. 30 1933
Sept. 6 1933
Sept. 20 1933
qpnt 27 1933
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Bid.
Asked.
0.40%
0.40%
0.40%
0.40%
0.40%
0.40%
Oct. 4 1933
Oct. 11 1933
Oct. 18 1933
Oct. 25 1933
Nov. 1 1933
Nov. 8 1933
Aug. 12 1933
Asked.
0.40%
0.40%
0.40%
0.40%
0.40%
0.40%
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
Daily Record of U. S. Bond Prices. Aug. 5. Aug. 7. Aug. 8. Aug. 9: Aug.10 Aug.11
First Liberty LoanHigh
102"as 102"as 1021931 102",, 10229a,
1022 8 102"n 102",, 102"as 10218n
.
3%% bonds of 1932-47__ILow_
102 0as 102",, 1021.32 102"as 102"as
Close
(First 34s)
153
57
Total sales in $1,000 units__
55
93
137
Converted 4% bonds of(High
1932-47 (First 4s)„ LowClose
Total sales in $1,000 units__ _
-- -1011922 1011922 101
Converted 44% bonds High
1322 1011122 101110
{
101 2.n 101 2.n 10120,2 10120n 101 22n
of 1932-47 (First 44s) Low_
1012'n 101,,a: 10120,, 101.2n 101203:
Close
33
Total sales in 61,000 units__
63
41
19
26
Second converted 4s.i% High
-------__-___
---bonds of 1932-47 (First Low_
----------___
---Second 44s)
Close
------- ----Total sales in 51,000 units _ __
---------------102"as 1022
Fourth Liberty Loan
'n 10224:: 1022
{High
% 102,1
22
10224n 1022232 102"as 102'°,, 102"aa
4Yi,% bonds of 1933-38 Low_
1021922 1021922 102/022 1021122 102"as
Close
(Fourth 44s)
54
51
Total sales in $1,000 wills__
510
63
34
1102as 110"as 110"as 110"as 110"as
Treasury
{High
1092922 1091922 110'n 110"ax 110 was
44s, 1947-52
Low_
110.as 1100n 110"ax 110"as 110"as
Close
57
36
Total sales in $1,000 units___
36
76
8
High HOL1- 106, 106..32 106,1,2 106l.n 106"3:
32
45, 1944-54
106% 106 ss 1060ht 1061,32
1.0w- DAY 106
,
106.n 106"32 10603: 106"a: 106..32
Close
4
Total sales in $1,000 units_ _ _
77
38
491
80
104"as 104"as 104"n 104",, 104"n
{High
,
104u 104l23 1041.32 104",,1042222
34s, 1946-56
104",ow_
104",, 104"as 104"as 1042,as 104"as
Close
1
5
Total sales in $1,000 units__
87
130
53
1022n 102"aa 102"as 102'n 102.as
{High
3%3, 1943-47
102.32 102233 102'n
102',,102
Low_
102 n 102'n 102'n 102% 102.n
,
Close
16
15
Total sales in $1,000 ,snits.._..
21
15
1
981422 9812n 9812,2 982 n 98"n
(High
'
3s, 1951-55
981922 98",, 981222 982232 982.32
Low_
981":2 98",, 98"sa 98",, 99'4as
Close
107
37
Total sales in 51,000 units__
26
94
136
1011
101",, 101101",,101'',, 101"as 10122n
%
(High
FMB
101
34s, 1940-43
1012,22 1012432 1012.8 10122n
Low_
101"as 101"n 101"ax 101"as 101"as
Close
10
204
Total sales in 31,000 units_..
14
2
10122n 1012.22 1012.33 10122n 10120n
(High
1012032 1012l32 101"ao 10124n 101"si
34s, 1941-43
Low_
101"aa 101.'n 101.4n 101"as 101"as
Close
306
3
Total sales in $1,000 units_ _ _
8
42
70
99" 9929
9920n
. 991922 999%2 993032
High
(High
99
34s, 1946-49
992.32 991922 991922 9911:2
Low_
99.
5a, 99.9n 99"as 99 0as 9927as
Close
Total sales in $1,000 units___
40
46
44
72
40
____
____
____ 100,8a: 1002'as
(High
____
37,s, 1941
____
-___ 1000s, 100lan
(1.0w.
____
____
[Close
__ 1002in 1002"n
,
r,,77.,,,,,. 4.1 01 nnn .....
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1st 44,s
2 4th 448
10122n to 101"aa
102213: to 1022132
Foreign Exchange:
To-day's (Friday's) actual rates for sterling exchange were 4.4834 @4.492
/,
for checks and 4.4904.4934 for cables. Commercial on banks, sight.
4.4834, 60 days. 4.48, 90 days, 4.47%, and documents for payment 60 days,
4.4834. Cotton for payment, 4.47 4.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.3055 ©
5.3134 for short. Amsterdam bankers' guilders were 54.74 @54.77.
Exchange for Paris on London, 84.55, week's range, 84.57 francs high
and 84.52 francs low.
The week's range for exchange rates follows:
Sterling. ActualChecks.
Cables.
High for the week
4.50
4.503.',
Low for the week
4.4635
4.47
Paris Bankers. Francs
High for the week
5.33 X
5.3334
Low for the week
5.28
5.283.4
Germany Bankers' Marks
High for the week
32.53
32.55
Low for the week
32.10
32.20
Amsterdam Bankers' Guilders
High for the week
55.00
55.04
Low for the week
54.40
54.45
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 1193.
A complete record of Curb Exchange transactions for the
week will be found on page 1220.
CURRENT NOTICES.
-J. D. Myer, for 14 years oasoclated with The Cleveland Trust Co,, has
been appointed Manager of the Statistical Department of Otis & Co. Mr.
Myer, in May 1919. joined the Bond Department of The Cleveland Trust
Co., serving as Assistant Manager. When this department was dissolved
early in 1932, he became Assistant Manager of the Investment Department, formerly the Securities Analysis Department.
-Porter King, formerly of King, Watkins & Co., Inc., Mobile, Ala..
recently acquired Mr. Watkins' interest in the firm and subsequently
changed the firm name to King & Co., Inc. Mr. King will continue the
same offices in the Merchants National Bank Building. Mobile. and will
operate the same type of business, specializing in Alabama, Mississippi and
Western Florida municipal bonds.
John B. Stephens, formerly associated with Mabon & Co., recently
elected to membership on the New York Produce Exchange, will represent
Elliott & Co. as their floor broker. Elliott & Co. are members of the New
York Curb Exchange acting as brokers for brokers in bonds and stocks.
-Fenner, Beane & Ungerleider announce the opening of a branch office
in Augusta, Ga., under the management of Frank X.May and T. R. Lunger;
also the removal of their Tulsa office to the National Bank of Tulsa Building
in that city.
Clinton Gilbert & Co., members of the New York Stock Exchange,have
prepared an analysis of Guaranty Trust Co. of New York.
-Hamilton D. Harvey, formerly with Paine, Webber & Co., and W. H.
Eisenhut are associated with Amott, Baker & Co., Inc.
1203
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
car FOR SALES DURING THE WEEK OF STOCKS NOT RLCORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-TER SHARE, NOT PER CENT.
Saturday
Aug. 5.
Monday
Aug. 7.
Tuesday
Aug. 8.
Wednesday
Aug. 9.
Thursday
Aug. 10.
Friday
Aug. 11.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I
On basis of llel-shwo .ats.
Lowest.
Highest
PER SHARE
Range for Prestos,
Year 1932
Lowell.
Ii Wheat
Railroads
Par $ per share g per snare $ per share $ per that.
Atoll Topeka & Santa Fe...100 344 Feb 25 8018July 7
Jan
17 4 June 94
7
/
1
4June 3
35 July 88
Jan
Preferred
100 50 Apr 3 793
9 4 May 44 Sept
3
Atlantic Coast Line RR
100 1612 Feb 25 59 July 19
8July 7
3 4 June 213 Jan
3
Baltimore A Ohlo
100
8
84 Feb 27 377
100
913 Apr 5 3934 July7
Preferred
6 June 4112 Jan
912June 353 Aug
Bangor & Aroostook
50 20 Jan 5 40 July 8
4
60 June 91 Sept
Preferred
100 68 Jan 4 103 Aug 3
/
1
4
4 July
1984 Sept
Boston & Maine
100
6 Apr 19 30 July 1
1014 Mar
100 Brooklyn & Queens Tr_No par
2 July
/
1
4
34 Mar 29
9 sJune 8
3
No par 3534 Apr 19 601
/
4July I'
2314 June 58 Mar
Preferred
200
1118 June 50 Mar
/
1
4
/
4
14,900 BkIrn Manh Tranalt__No par 211 Feb 23 4114July 12
3112 June 7838 Mar
400
$6 preferred series A_No par 63 Mar 2 8312June 13
414 July 10
is Apr
218 Aug
12 Jan 11
900 Brunswick Ter & Ry SecNo par
714 May 20 Mar
712 Apr 3 207
2July 7
25
29,500 Canadian Pacific
/
1
4
39 July 70 Feb
Caro Clinch & Ohio stud..100 504 Apr 4 7912July 19
/
1
25 June 101 Sept
2,200 Central RR of New Jersey_100 38 Apr 4 122 July 6
94 July 3118 Jan
3
81,700 Chesapeake & Ohlo
25 244 Feb 28 48 July 7
/
1
12 July
3 Aug
/
1
4
8 July 10
400 ChM & East 111 Ry Co
4 Apr 18
100
12 Apr 5
I1 May
5 Aug
100
812July 10
600
6% preferred
73 July 8
s
114 June
5 Aug
/
1
4
14 Apr 6
/
1
2,900 Chicago Great Western-100
4July 6
212May
1512 Jan
238 Apr 5 147
2,800
Preferred.
100
34 June
44 Aug
1 Apr 6 114July 19
/
1
12,400 Chic Mtlw SIP &Pao-No par
/
1
1'. May8 Aug
52,000
Preferred
100
11 Feb 28 184July 20
/
4
2 May 1411 Aug
21,100 Chicago & North Weatern_100
114 Apr 5 16 July 7
Jap
4 Dee 31
4July 6
1,500
Preferred100
2 Apr 5 343
DI May
163 Jan
8
68 74 4,300 Chicago Rook 1st APacillc_100
7
2 Apr 6 1018July 7
612 63
7
73
8
733
4
612 634
7
10
preferred
314 Dec 2711 Jan
11
9
100
312 Apr 10 1912July 7
/ 1014 1014 114 1112 1238 1114 1112 3,300
1
4
/
4
15 July 7
2 May 2412 Jan
*8
9
1014 1052 10
10
64 preferred..100
2 Apr 11
/
1
4
818 818
9
10
1.000
44June 2912 Sept
/
1
41
41
43
.3213 36
41
110 Colorado & Southern
100 154 Feb 24 51 July 13
/
1
*3213 36
36
40
*20
*20
32
8 Mar 30 Sept
26
*2612 32
4% 1st preferred
*28
32
*2612 32
100 1212 Apr 10 42g July 19
5 Mar 18 Sept
*184 28 .1812 28
*1812 28
*1812 28
4% 2d preferred
*1812 28
100 10 Mar 2 30 July 21
1,900 Conaol RR of Cuba pref_100
11 Feb 24 10 8June 12
/
4
3
1
5
/ 53
1
4
Dee 114 Jan
514 53
4
*514 512
5
512
5t4 55
5
*612 10
218 Dee 20 Aug
1014 1014 *814 10
•712 10
10 Cuba RR 6% pref
100
212 Jan 6 16 June 7
*83 10
8
7714 75
77
8,300 Delaware & Hudson
100 37 Feb 25 93 4July 7
32 July 021/4 Sept
*66
67
7512 76
/
1
4
3
6912 713
4 72
812June 45 Sept
/
1
4
31
334 3314 353
4 3
44 3614 63.400 Delaware Lack at Western_50 1714 Feb 25 46 July 6
3
0'8 311
3 33
/ 353
1
4
Jan
11 May
/
4
9
*12
1,900 Deny & RIO Or West pref...IOU
/
1
13
8
*13
133
4 1314 1412 137 1412 1414 1414
2 Feb 28 194July 19
/
4
22
22
2 May 111 Sept
2238 223
4 2214 2314 218 23
213 2184 13,100 Erie
4
100
3 Apr 4 2514July 20
/
1
4
8
/
4
*21
23
/ 22
1
4
24
24
243
4 234 243
/
1
24
241 2,000
/
4
First preferred
2's May 157 Aug
100
412 Apr 4 zti1July 5
2 May 1012 Aug
•15
193 *18
20
200
Second preferred
100
19
•15
19
194 1912 *16
21/ Apr 4 2314 July 19
Jan
Stock
518May 25
4July 7
24
/ 257k 25
1
4
15,300 Great Northern pref
100
43 Apr 6 333
8
28
2612 278 2612 28
2618 28
2 May 10 Sept
*5
/ 10
1
4
Gulf Mobile & Northern_ _100
134 Mar 31
11 12July 7
•8
10
*6
10
*7
10
*5
/ 7
1
4
181 •16
1814
*16
200
Exchange 51512 20
212 Dec 151s Sept
1834 19
Preferred. .. .
2312July 19
*1512 19
--- 100
.
212 Mar 3
8
*114 11 *114
138 *114
153 •114
Havana Elecirle Ry Co No par
4June 8
14 Oct13 Oct
/
4
14 •114
/
1
%June 3
23
15
8
1113 11
Closed
11
11
11
113
1134 12
11
1112 1,900 Hudson ds Manhattan_ _ _ .100
612July 21
19 June 13
8 May 30 4 Jan
3
4113 434 21,800 Illinois Central
4'iJune 2478 Sept
433
/
1
100
3
37
433
2 41
812 Apr 5 50 4July 20
4033 41
3833 38
5934 50
Extra
38 Sept
*46
6% pref series A
918 July
60
*50
60
100 16 Mar 31 6018July 20
*46
60 •50
60
*45
1518 June 45 Aug
58
56
*46
56
10
Leased lines
100 31 Mar 3 60 July 19
56
56
*53
5812 *51)
Holiday
412 Apr 18 34 July 19
4 May 144 Jan
*2318 28
26
28
*24
28
60
RR Sec me series A__1000
*24
28
*24
26
2 June 14 Mar
/
1
4
/
1
4
4,900 interboro Rapid Tran•t e 100
67
8 6j
678 67
41 Feb 27 1014June 19
/
4
718 81
712 8
712 8
100
8July 18
214 June 154 Sept
*18
19
1912 2012 203 201 •18
8
19
/ 1,500 Kansas City Southern
1
4
612 Feb 27 247
18 4 19
3
*2312 32
Preferred
100 sI2 Mar 31 3414July 19
5 June 2514 Sept
32
*2312 32
200
*24
31
26
261 •26
6 June 2914 Sept
1814 183
2212 2114 223 19,400 Lehigh Valley
60
8 Feb 24 273
/
1
4
4July 5
4 19
20
20
8
217
8 21
5314 54
711 May 3814 Sept
*517 5438 54
8
4,500 Louisville A NaativWe__-_100 2114 Jan 3 8712July 18
55
55
5653 5314 57
9 Sept 464 Mat
/
1
•15
24
/ *1514 24 4 *1513 24 4 *1512 2434 *18
1
4
3
Manhattan By 7% goat..10012 Mar 16 25 July 19
3
243
4
*13
4 June 20 4 Mar
133
4 134 137
15
/ 14
1
4
143
4 14
1%3
4 4,100 Mardi Ely Co mod 5% guar.100
6 Jan 3 17 July 12
8 14
3
9 Jan
Market St Hy prior pref._ 10017 Mar 3
218 Dec
73
4 *6
73
8 *6
7
/
1
4
8
8 June 9
*6
7 3 *6
7
7
/ *6
1
4
i1
/
4
11 112
/
4
114
la Jan
/ Aug
1
4
114
114 *114
138 •114
800 Minneapolis & St Loul3___100
4 Jan 23
214July 7
11
48. Sept
*212 313 *212 312 *212 4
Minn St Paul & SS Mane.100
*212 4
4 Mar 20
5 8July 8
7
12 Dec
*212 3
0412 634 *412 63
6 Sept
7% preferred
100
3 May
4
3 Apr 11
4
812July 8
4 *4
4 *412 61
/ 63
1
4
4 *412 63
100
4 Apr 10 1412July 8
5 Dec 2012 Sept
630
4% leased line cifs
7
74
712 712
714 73
4
712 812
*74 8
1138 114 1134 12
/
1
114 May 13 Sept
14
3
12
121 1214 127
/
4
8 1214 1214 7,500 M o-Kan-Texas RR.__No par 15 Jan 3 1718July 7
25
3 June 24 Sept
/
1
4
2518 26
2612 2612 28
28
29
2818 285
Preferred series A
Jan 3 3714July 7
8 3,400
Jan
*614 613
112 May 11
100
118 Apr 1
1014 July 8
612 64
2,500 Missouri Pacific
64 7
612 718
653 7
Jan
812 878
MI May 26
8
/ 918
1
4
9
10
94 1012
Cony Preferred
1514July 7
100
11 Apr I
/
4
94 9'2 10,100
/
1
*4012 46
47 47
•441 47
/
4
712 May 30 Sept
/
1
4
*4012 46
*424 48
10 Nashville Chatt & St Louis 100 13 Jan 5 57 July 7
*17
8 23
8 *17
7 Sept
2
8 23
8
14 14
/
1
/
1
11 13
/
4
8
11 14
/
4
/
1
220 Nat By,of Met 101 4% pf 100
4 Mar 16
312June 27
4 May
/ Berm
1
4
34
2
4
3d preferred
100
/ Jan 3
1
4
4
3
4
52
5
8
*4
3
4
400
11
/
4June 8
la Feb
*53
58
40
/ 42
1
4
4114 43
47
/ 44
1
4
/ 4338 4614 45
1
4
811 June 3633 Jan
.
464 100,300 New York Central
/
1
100 14 Feb 26 5812July 7
2434 2512 25
9114 Sept
2614 26
112 May
4.700 N Y Chic & St Louis Co
/
1
4
28
/ 254 263
1
4
26
30024 Jan 25 26 Aug 9
4 24
2712 2734 27
3
/ 2812 2912 5,000
1
4
29
/ 2914 30 4 2812 30
1
4
2 June 15311 Jan
Preferred series A
100
2 Apr 11
/
1
4
3414July 20
•12212 137 *125 137
8
1363 1383 *12612 142 *125 142
8
8214 May 1274 Aug
10 NY & Harlem
4June 13
50 100 Mar 31 1583
2313 2413 2412 26
/
4
26
273
4 26
28
2613 277 12,000 NY N Et & Hartford
s
6 May 311 Jan
100 1118 Feb 21 3478July 19
4112 4113 4212 4212 44
45
45 12 4512 *44
/
4
78
/ Jau
1
4
1,000
Cony preferred
111 July
45
100 18 Apr 4 58 July 6
10
/ 1138 11
1
4
12
1112 111 114 12
/
4
/
1
11
16 4 Sept
3
113
1(81
3 8 July
3
4 3,800 N Y Ontario & Western
7 8 Jan 4 15 July 7
3
14 138 •13
/
1
8 2
11 178
/
4
134
17
8
Feb
I% 2
18 Dec
1
No pa
1,100 NY Railways pref
312July 7
4 Mar 15
*238 31 1 *234 3
*2
/ 314 523
1
4
4 314
3 4 Sept
3
23
47
8Ju1y 10
14 Dec
4 23
4
100 Norfolk Southern
100
12 Apr i
161 161
16534 16534 16512 167
161 161
161 164
1,100 Norfolk & Western
100 1114 Mar 2 177 July 7
57 June 135 Sept
2414 243
4 233 257
4
8 243 273
4
5 25
/ 27
1
4
/ 2512 2718 15,000 Northern Pscifie
1
4
8
512May 253 Sept
IOU
8July 7
9 Apr 5 347
/
1
4
*312 4
3
/ 314
1
4
314 314 *314 4
*34 4
34 Sept
20 Pacific Coast
1 Mar
100
1 Jan 26
7 July 11
3624 344 364 3518 363 51,500 Pennsylvania
33
/ 343
1
4
8 33
/
1
/ 347
1
4
/
1
8 35
8
8
61*June 233 Jan
50 1334 Jan 3 4214July 7
*3
7
*4
7
*5
71
512 512 *4
100 Peoria A Eastern
7 May
ft
100
7 Feb 17
8
9 July 11
514 Sept
714
32
33
3112 313
4 3112 3112 311 317
/
4
8 30
30
1,300 Pere Marquette
Kit
3 Mar 3 37 July 13
/
1
4
IS.June 18 Aug
*30
35
*33
34
35
35
*31
35
*29
35
Prior preferred
100
100
6 Jan 3 4412July 7
312 June 26 Aug
*25
32
*27
30
*26
30
*26
30
*26
30
2t2June 24 Aug
Preferred
100
411 Fen 28 3812July 7
*21
3218 *21
30
*21
30
*21
30
*21
30
Pittsburgh A Wert Finials 100
6 Dec 2112 Aug
611 Apr 19 35 4July 7
3
*43
48
52
*49
48
513
4 50
48
/ 49
1
4
54) 2312 Apr 5 6212July 6
50
94 Jun
5214 Sept
900 Reading
*34
*3012 36
53312 36
*33
38
36
*33
Jan
36
1st preferred
Si) 25 A pr 25 38 July 12
15 July 33
*33
36
*3312 36
*34
36
33
33
*33
36
5Q 2311 Mar 31 37 July 6
200
2d preferred
15 May 38 seta
*1012 15
*1012 17
*1012 14
*1012 15
*1012 15
Rutland RR 7% prof
3 May 1412 Sept
100
6 Jan 6 1812July 3
5
5
5
53
53
8 5
/
1
4
5
/ 512 2,000 St Louis-San Francesca-100
1
4
514 514
'sMay
6
/ Jan
1
4
7 Jan 30
8
9 8July 7
3
5
5 12 6
53
4 6
514 512
5
5512 57
8 1,100
984 Jan
let preferred.
1 May
100
1 Apr 17
914July 8
*15
20
*15
20
*16
20
*16
20
15
15
100 filt Louis Southweetern
3 May 13 1 Sent
100
514 Mar 17, 22 July 14
7
*20
35
no 35 nal 35 .20 35 *20 35
Preferred
83 Dec 2013 Jan
4
100 12 June 7 263
8July 18
17
8 2
178
13
4 11
/
4
14 11
/
1
/
4
11 2
/
4
11 8,900 Seaboard Air Line
/
4
Is Jan
1 Sept
No par
14 Jan 3 3 July 7
23
8 2
/ *212 21
1
4
4 *23
4 3
23
4 23
4
23
4 23
4
600
11 Sept
/
4
Preferred
14 Jan
100
3 Mar 25
8
4 8July 7
7
2514 25
/ 25
1
4
/ 267
1
4
8 2718 287
2 273 2912 274 2918 48,100 Southern Pacific Co
8
Oh June 37311 Jan
100 1118 Feb 25 38 4July 7
3
/ 2812 2718 29
1
4
247
8 244 2638 26
24
/ 2712 291 52,000 Southern RellwaY
1
4
8
2i3 May 1812 Sept
100
4 Mat 2 31 July 19
/
1
4
38
3772 3812 37
35 4 36
3
34
34
34
381
5,700
Preferred3 July 23 4 Sept
3
100
Vs Jan 3 49 July 17
39
*34
39
534
39
*30
*34
39
35
35
100
Mobile ,k Ohio Ink tr ctfs 100
312 June 25 Feb
8 Jan 5 4014July 10
7
812 *73
714 714
4 8
7
73
4 8
7
900 Third Avenue
100
418 Feb 25 1218June 3 3 7 May 14 Mar
8
*238 3
*2
23
4
2
/ 2 4 .2
1
4
3
/ 3
1
4
*238 3
100 Twin City Rapid Trans No par
11 Dec
/
4
412 June
4June 8
112 Jan 10
43
*812 12
*818 12
*73 12
8
*818 12
10
9
40
Preferred
7 June 2412 Jan
100
578 Apr 19 15 June 8
116 11534 11412 11614 11712 120
119 122
1193 121
8
5,100 Union Pacifle
273 July 9411 Feb
8
100 8114 Apr 6 132 July 7
7112 7112 *71
7212 71
71
*7112 72
400
71
Preferred
71
40 May 711 Aug
/
4
100 58 Apr 8 7518July 12
44 5
*412 4
43
2 44
7
8
2,400 Wabash
44 43
414 Aug
418 414
712July 10
7 June
8
112 Jan 4
100
3
511 5 4
57
8 612
6
614
512 61
3,700
Preferred A
9 8July 7
7
1 June
6
Jan
100
14 Apr 6
54 511
12
/ 12
1
4
8 12
133
8 1212 131
6,900 Western Maryland
8 114 123
14 May 111 Set,'
1118 115
100
4 Feb 27 16 July 13
/
4
/
4
16
14
/ 513
1
4
*133 154 141 1414
4
100
2d preferred
100
53 Jan I'
8
1912July 7
2 May
1114 Sepi
1512 *13
•12
4612 6
*64 6
/
1
6
612
6
6 14
518 6
1,000 Western Pactfle
100
Is June
4 Aug
/
1
4
1 Apr 22
912July 3
10
104 101
9
8
/ 83
1
4
3,100
04 May
/
4
83
8 938
Preferred
11 Mar 2 16 July 8
8 Aug
/
1
4
100
9
9
$ per share $ per share $ per share $ per share 3 per share 3 per share
56
577
8 5638 593
8 584 62
61
623
4 601 63
/
4
*6412 704 66
66
65
6612 661 67
/
4
68
68
/
1
4
46
4612 46
463
4
*43
44
44
451 46
/
4
48
28
283
4 263 284 2812 3014 2914 31
4
/
1
29
301
/
4
*2818 28
28
2818 293 317
4
8 3112 3212 31
31
*3012 32
321 3214 33
/
4
33
3412 3412 *34
/ 354
1
4
/
1
10212 10212 *102 103 *10212 103
103 103 *10212 105
*20
25
*23
25
*23
25
*23
25
*23
25
8
/
1
4
6
/ •6
1
4
*6
63
*6
4 *6
6
/
1
4
6
6
*55 8 60
7
56
•5618 591
/
4
*557 5912 *557 593
8
8
8 56
3114 3212 311 32
344 33
34
33
3438
32
/
4
•78
82
7812 783 *7812 80
4
81
80
81
80
/
4
2
2
2
2
*17
8 2
17
8 14 *11 2
/
1
1553 1618 1538 1618 16
165
8 16
163
4 157 1633
8
•78 100
94
*71
94
*78 100
*71
94
*71
*65 117
*90 102
*8018 100
575 117
100 102
423 4312 43 4 4512 45
4
/ 483
1
4
4
4 45
3
4814 443 483
4
4
412 43
4 *412 4
3
/ 3
1
4
4
/
1
4
*33
4 412
/
1
4
5
5
5
5
4
4 14
5
5
5
5
5
5 18
43
8 5
5
5 12
514 5
/
1
4
514 53
13
11
11
4 1218 1213
*1112 12
/
4
111 121 1134 123
/
4
878 912
812 934
812 85
8
914 93
8
818 9
13
133
8 1318 1414 1414 1518 1418 1512 144 1512
10
124 1118 114
/
1
4 11
103
8 10
/
4
113
101 11
22
20
24
2212
20
2 22
2014 204 2112 217
Shares.
18,500
1,000
2,900
56.100
3,900
400
30
Industrial & Mlecedlaneoug
*34
*3212 39
39
*36
387
8
*3211 39
Abraham & Straus
No par
*3212 39
94 103
2
912 9
72 14,300 Adams Express
No par
214 10
8 4 94
3
8
/ 914
1
4
67
150
Preferred_
100
66
*6512 7014 *13512 66's 6612 66't 67
66
•Bid and asked prices, no sales on this day. a Optional sale. s Sold 15 days
x Ex-dividend. y Ex-rights.
1318 Feb 23
3 Feb 28
39 Apr 11
4012July 20
1314July 7
71 June 20
10 June
11 May
/
4
22 June
24 Aug
/
1
4
9 Sept
/
1
4
73 Seel
,
New York Stock Record-Continued-Page 2
1204
Aug: 12 1933
1311- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 5.
Monday
Aug. 7.
Tuesday
Aug. 8.
Wednesday
Aug. 9.
Thursday
Aug. 10.
Friday
Aug. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On basis of 100
-share lots.
Lowest.
Highest.
$ per share $ per share $ per share 5 per share $ per share $ per share Shares. Indus. & MaceII. (Con.) Far $ per share $ Per share
•16
1718 16
1618 104 1653 1714 173 .17
4
1712 1.700 Adams Mills
8 Apr 7 2133July 12
No par
7
/ 77
1
4
8
87
8 918 4,200 Addrees Mintier Corp No par
92
8
8
74 8
818 83
3
8li
518 Apr 15 1212June 19
*5
5 4 *514 6
3
53
8 58
7
57
8 614
No par
57
8 57
93
8 1,300 Advance RumelY
8July 7
13 Feb 21
4
73
4 8
77
8 77
8
773 8
55 July 21
74 8
3
113
73
4May 1
4 7 8 1,800 Affillated Products Ino_No par
7
9512 96
94
97
973 101
4
99 10214 98 10114 9,900 Air Reduction Inc
'lo par 4712 Feb 25 10314July 7
213 212 *214 213 .214 212
212 212 •21s 212
300 Air Way Eleo Appliance No par
12 Feb 28
4 May 23
231; 2438 2418 253
8 2514 2612 2518 27
2514 2738 06,600 Alaska Juneau Gold Min___10 1118 Jan 14 31 July 19
.5
6
*5
6
*5
95 July 13
6
A P W Paper Co
*5
6
*5
6
1 Jae 5
No par
47
8 518
47
8 55
8
5
34 6
814 July7
53
4 614
57
8 612 60,800 Allegheny Corp
78 Apr 4
No par
12
12
1214 15
1514 163
1712 7,800
8 1614 1718 16
Pref A with $30 warr...-100
8July 7
1 Apr 5 217
•10
1212 12
12
157 157
8
8 157 16
17
8
17
500
Pref A with $40 warr___100
118 Apr 17 21 July 7
*10
12
14
14
15 4 15 4 16
3
16
3
1512 16
Pref A without warr___100
1,100
14 Mar 30 20 July 7
2414 2414 *22
24
*23
24
23
23
.21
80 Allegheny Steel Co
24
5 Mar 30 26 July 19
No par
116 11812 117 12212 1223 127
4
4
12312 12712 1233 12514 18,000 Allied Chemical & Dye-No par 70 4 Feb 27 135 July 7
3
•121 135
12312 12313 12_*
•121
__ 12012 121
Preferred
300
100 115 Apr 21 12338July 17
17
8
1712 175 183
8 1814 1912 197 /0
Mr 1912 15,800 Allls-Chafiners Mfg---No par
8
6 Feb 27 2638July 8
*15
20
*15
20
*153 1712 *154 1714 31514 17 4
4
Alpha Portland Cement No par
,
93 Jan 10 24 July 17
4
6
6
*613 63
4
7
7
7
718 *63
4 718 1,100 Amalgam Leather Co_ _No par
914July 19
5 Feb 21
8
32
32
31
31
.32
34
31
400
31
30
30
5 Feb 23 40 July 19
7% Preferred
100
31
32
313 32
4
33
34
323 3313 3213 3212 2.800 Amerada Corp
4
1812 Mar 2 41 14July 3
No par
26
26
2614 2614 2714 2814 2814 284 2713 29
/ 3.300 Amer AgrloChem (Del) No par
1
4
714 Mar I 35 July 18
.193 2012 2013 2012 2012 2134 195 213
4
2
4 19
2012 5,300 Amerlean Bank Note
8 Mar 2 2812July 13
10
4734 473 *46
4
477 *46
8
477
8 46
*4314 46
46
Preferred
140
8June 2
50 34 Apr 7 497
1018 104 107 1158 113 127
8
/
1
4
8 12
117 12
8
13
I Jan 30 163 July 18
/ 18,000 American Beet Sugar__No par
1
4
*43
44
44
45
45
51
•47
50
4512 47
390
7% preferred
100
25 Jan 5 58 July 18
4
32
31
33
32(4 2,000 Am Brake Shoe & Fdy_No prr
*31
3212 *32
3213 3212 33
918 Mar 3 4212July 7
*103 110 0103 105
105 105
Preferred
103 103
80
103 103
100 60 Mar 28 106 Aug 1
86
83 4 85 4 84
3
3
8618 88
86
8812 853 8712 18,000 American Can
25 4913 Feb 25 9712July 13
4
130 130 *129 132
129 132
12978 12978 *12714 130
Preferred
700
102 112 Feb 27 134 July 19
25 257
8 24
27
2612 29
2814 30
2814 313 15,900 American Car & Fdy-__No par
613 Jan 23 393
4
4July 17
*40
40 40
42
4113 46
Preferred
47
2,000
4812 48
50
4July 3
100 15 Feb 28 593
107 107
8
8 *9
1013 1014 104 *93 1014 *93 1018
3
200 American Chain..
8
15 Mar 31 14 July 11
No par
8
*18
30
*19
30
*1812 2912 *2012 2912 *18
2953
312 Mar 1 3112July 18
7% Preferred
100
347
48
•46
47
47
600 American Chicle
4712 4712 4712 4712 4712
No par 34 Mar 2 5114July 7
*3
414 *3
___ Amer Colortype CO
414 *34 44 *314 414 *314 414
618June 7
10
2 Feb 24
4512 473
4 46
4814 4812 5412 52
567
5612 95,900 Am Conirn'l Alcohol Corp 20 13 Feb 27 8978July 18
8 53
*3
/ 4
1
4
33
8 338
4
45
8
418 418 *4
900 Amer Encaustle Tiling_No par
412
6 June 20
1 Jan 5
/ •818 94 *83
1
4
*818 8
/
1
4 912 *9
93
4 •9
10
Amer European See's_No par
3
37 Apr 1 13 July 3
1084 1113 1118 1112 117 123
8
4 12
123 25,100 Amer & For',, Power___No par
4
134 12
/
1
8June 12
37 Feb 27 195
8
2313 2312 *2314 233
4 25
253 *243 253 •25
4
4
4
900
26
8June 13
Preferred
714 Apr 4 447
No par
*1412 1614 14
/ 143
1
4
4 1513 153
4 1612 17
*1512 1612 1,300
2d preferred
43 Apr 4 2714June 12
4
No par
193 *19
4
*19
20
1912 19
21
2114 1,700
4 20
203
56 preferred__ .__No par
614 Apr 4 3538June 13
14
145
8 1414 143
4 143 1514 1512 1612 1612 173 10,100 Amer Hawaiian S S Co_ __10
4
4
418 Jan 5 2112July 17
*93 10
4
10
1014 103 10
4
/ 11 12 12
1
4
4 1,900 Amei Hide & Leather_Isio par
10 4 103
3
212 Mar 2 16 June 6
38
38
3912 40 3 413 4314 45
3
4
4714 45
45
2,600
Preferred
100 1312 Feb 14 5712June 13
4
4 35
343 343
3512 36
36
3 3578 3634 2.300 Amer Home Products_No par 2912 Mar 1 4212MaY 31
36 14 373
1113 123
3 117 1212 1218 13
8
12
1278
4
113 1212 16,700 American Ice
33 Feb 24 1712June 29
No par
4
•45
4918 *46
4918 4918 4918 *4612 5212 *4612 51
100
6% non-cum peel
/
4June 29
100 25 Feb 15 571
83
4 9
9
93
8
914 107
3 1014 107
973 1012 13,100 Amer Internet Corp_No par
8
414 Feb 27 1518July 3
113 112
138 13
8
13
8
113
112 15
8
15
8 13
4 2,500 AM L France &FoamiteNo par
312June 28
14 Apr 21
*618 7 4 .614 73
3
4
612 612
40
7 4 73
3
Preferred
4 •6,
8 7
114 Jan 3 12 June 28
/
1
4
100
*24
2512 26
26
8 277 297
2512 273
8
8 293 32
2
8,000 American LocomotIve_No par
57 Jan 3 3918July 3
8
.43
46
463 463
4
4 463 48
4
50
51
*51
700
55
4
100 173 Jan 3 63 July 7
1612 163
4 17
1712 1713 1814 17
8July 3
1814 17't 1714 5,000 Amer Mach & Fdry Co.No par
Preferred.
834 Feb 27 223
04
414 *4
418 *4
418
4
4
*334 4
300 Amer Mach A Metals_No par
6 June 2
1 Jan 27
165 1713 164 1712 17
8
/
1
/ 177
1
4
8 1714 1812 1714 1814 11,700 Amer Metal Co Ltd_ __No par
8July 18
34 Feb 24 235
Stock
68
68
063
*65
865
68
*65
68
6% cony preferred
*65
67 2
,
512 Jan 4 72 June 20
100
*27
284 *27
2818 284 2818 *27
29
*27
29
100 Amer New, Co Inc_ __No par 17 Jan 20 3012July 8
Exchange
117 1214 11714 123
1238 1358 1238 13
8
8 1214 1314
19,600 Amer Power & Liglii_No par
8July 13
4 Feb 27 197
.2914 33
30
30
*2913 3213 *304 33
/
1
32
*30
300
$6 preferred
2
97 Apr 5 41 18July 17
No par
Closed
2513 2512 25
25
25
25
25
25
25
800
25
$5 preferred
9 Apr 1 35 July 13
No par
137 1412 1413 1514 1513 1614 154 1612 1514 16
8
/
1
45,300 Ara Rad & Stand San'y No par
453 Feb 27 19 July 7
Extra
193 207
4
8 205 213
4 215 2314 2213 241 2214 235 81,800 American Rolling Mill
8
8
/
4
8July 11
8
25
53 Mar 2 317
4
3712 3712 37
3714 *3712 38
38
38
*3813 39
4July 13
700 American Safety Razor No par 204 Apr 6 473
Holiday
033
414 414
4 412
713 July 13
418 43
412 413 *418 43
8
4
500 American Seating v t o_No par
7 Mar 20
s
218 238
2
214
218 218
24 214
412June 20
2
24 4,100 Amer Ship & Comm_ __No par
Is Apr 8
2913 2913 *2613 2834 283 283
8
8 2612 27
4June 19
27 12 2712
50 Amer Shipbuilding Co.No par Ills Mar 3 363
327 3312 325 347
8
8
8 34
355
8 3334 363
3512 27,700 Amer Smelting St Refg_No par 1034 Feb 25 4212July 18
4 34
71
71
4 73
7213 733
73
74
76
78
1,600
78
Preferred
100 31 Jan 10 85 July 19
64
.59
6012 *6212 64
60
62 62
*63
400
64
2d preferred 6% eurn
100 2012 Jan 2 73 July 6
*4512 4612 *46
4612 4612 463
4 47
8July 7
4612 4612
900 American Swift
47
25 3213 Jan 10 483
*11014 112
112 112
112 112 *106 112 *106 112
100
Preferred
100 10218 Jan 9 112 July 25
175 183
8
8 173 103
4
4 1912 197
8 20
21
203 213 12.200 Amer Stee IFoundriee_No par
8
4
438 Feb 28 27 July 7
5
75 .75
78
*75
78
75
30
75
*75
78
Preferred
8
100 375 Mar 28 85 July 10
*40
4212 *40
4213 3912 4018 397 40
8
39 4 40
1,000 Amencen Stores
3
8July 7
No par 30 Feb 27 477
5712 5514 5712 59
55
6112 6112 63
62
6212 3.400 Amer Sugar Refining
100 2113 Jan 19 74 July 13
*110 11112 11013 11012 *110 111
110 110 *110 1113
300
4
Preferred
100 80 Jan 19 11214July 13
.1718 1814 1818 183
4 18
/ 21
1
4
19
9.900 Am Sumatra Tobacco_No par
217
8 2014 21
6 Jan 13 26 July 18
12213 1233 1234 125 1255 12812 12514 1283 126 1273 30.600 Amer Telep & Teleg
4
8
4
4
4July 13
100 8612 Apr 18 1343
85
8312 84
85
/ 8614 8818 x85
1
4
873
8 8412 8412 2,900 American Tobacco
25 49 Feb 23 904July I
8512 8612 87
885
3
8 884 90 4 x8714 00
10,600
873 88
3
Common elaS9 B
4July 7
/
1
4
25 50 Feb 25 943
.118 120
118 118 *1163 118
4
1173 1173 *1163 118
4
4
4
200
4
Preferred
100 1023 Mar I 120 July 18
*12
8
147 *127 16
8
*16
2038 1614 1614 *16
1814
100 Am Type Founders____No par
438 Apr 10 25 July 5
*25
2913 25
2914 2912 2912 253 29
297
8
29
4
230
Preferred
100 10 Apr 6 377 July 18
27
2712 273 283
4
4 2812 301s 2978 3114 2912 302 13,100 Am Water Wks & Elec.Ne par 107 Apr 7 43142uly 13
8
3
22
24
23
2312 2312 243
4 24
2512 2312 2412 5,400
912 Apr 4 357
Common Vol tr ctfs_No par
0une 12
74 .73
74 .70
.70
74
74
*74
74
747
8
let preferred
200
No par 35 Mar 24 80 June 13
113 113
4
127
4 12
8 123 133
8 133 1438 133 153 23,100 American Woolen
4
8
4
8
34 Slar 2 17 July 5
No par
4512 46
45 4 51
4913 52
3
523
8 50
8July 17
50
5512 16,600
Preferred
8
100 225 Feb 16 617
*212 23
4
212 23
4 *214 234 .214 234 .23
418June 27
300 Am Writing Paper ctfs_No Par
8 23
4
as Feb 8
73
4 73
4 *8
10
10
*84 1012 *712 1012 *85
4July 8
Preferred certificates No Par
8 9
84 Feb 17 143
*8
814
/
1
4July 10
814 814
81s
83
83
8 83
8 813
834 1,400 Amer Zino Lead & ffineit____1
8
214 Feb 28 10
*48
.51
*45
51
5434
51
100
51
543 *45
4
Preferred
*45
25 20 Feb 24 66 July 17
16
8
163
3 1614 17
8 1714 1814 17
167 177
173 67.400 Anaconda Copper Mlning_50
4
5 Feb 28 227
sJulY 19
*11
12
12
12
*11
12
12 •11
*11
300 Anaconda Wire & CableNo par
12
418 Jan 6 1512June 8
2413 2514 2514 2558 2718 243 2712 25
24
2614 9.800 Anchor Cap
8
8 Jan 20 394July 18
No par
*80
85
80 80
.8213 85
$6.50 cony preferred.No par 6213 Jan 11 90 June 18
*8212 85
8212 8212
30
*83 1112 *9
4
11
*9
10
Andes Copper Mining__No par
258 Feb 7 1412June 3
*83 10
*83 10
4
4
.2614 27
2612 2612 27
900 Archer Daniels Micild_No par
2712 273 27
4
/ 2712 2713
1
4
9 Mar 3 204July 20
/
1
4
*106 1143 *106 114 4 .106 1143 *106 11314 *106 1144
4
3
4
/
1
7% Preferred
100 95 Feb 23 115 July 18
84
84
84
86
*83
1,200 Armour & Co (Del) pref_100 41 Jan 3 90 July 15
86
86
8614 84
84
518 512
73
44,000 Armour of Illinois class A-25
4June 6
5 4 53
,
4
5 4 57
3
8
53
4 614
Vs Feb 28
53
4 6
34 312
3 8 312
3
3
53 3 4
5 July 14
Class B_ ___.
3
4
312 3
3
/ 33 22,800
1
4
/
1
4
3 Feb 20
4
25
63
643
4 6514 67
67
684 6914 72
/
1
Preferred
10,600
693 71
4
7 Feb 27 93 July 14
100
414 458
45
.8 413 *412 5
8
45
478 47
8 47
8 1,200 Arnold Constable Corp_No par
118 Jan 19
7 July 17
912June 24
120 Artloom Corp
6
5
5 4 5 4 *6
/ 54
1
4
3
6
3
718 *6
3
7
2 Mar 27
No par
2 4 23
3
4
3
3
1,400 Associated Apparel Ind No par
3
3
514June 6
8
3
3
212 27
3 Apr 17
4
4 1438 145
8
*123 133
1434 1512 1514 153
4
312 Feb 20 20 July 17
4 1514 157
8 3,100 Associated Dry Goods..
1
*50
*50
60 .50
60
60
59 4 593 *50
3
100
60
4
6% 1st preferred
100 18 Feb 23 6112July 18
47
*40
*40
*40
40
47
*411 1 4618 *4112 47
4July 17
7% 2d preferred
100 15 Jan 19 513
*2818 34
3212 *2812 34
32
40 Associated Oil
33
*2812 34
33
4
63 Mar 24 3512July 14
25
*22
26
26
2312 2312 *21
*21
26
.21
100 Atl 0 & WI BS Linee__No par
26
413 Mar 22 26 July 10
.2713 32
*2712 32
.27
*2712 32
8July 17
31
Preferred
*2712 32
412 April 337
100
4 25
2314 2418 2314 2458 2454 253
3July 7
18.500 Atleettc Refining
26
255 26
8
8
25 123 Feb 28 317
8
8 2713 3013 29
.2614 2712 273 273
31
29
1,500 Atlas Powder
29
9 Feb 14 3918July 5
No par
79
79
79
79
785 783
8
300
79
4 783 783
3
79
Preferred
8
100 60 Apr 5 8112July 3
/ 12
1
4
127
8 1314 14
10
/ 12
1
4
11
10
8,100 Atlas Tack Corp
13
/ 14
1
4
113 Feb 27 14 Aug 10
No par
6012 32,300 Auburn Autornobile
4 57
5214 5312 5412 567
/ 613
1
4
8 57
4 5718 623
No par 314 Feb28 8414July 13
614
93
8July 18
6
63
8 63
3 .6
*514 6
300 Austin Nichols
614
7 Feb 2
s
No par
*54 6
1214 11
11
1118 12
1138 84,800 Aviation Corp of Del (The)_ _5
1012 10 8 1013 11
8July 17
1512 Feb 27 163
3
10 8 1114 103 113
5
8
8 1112 12
/ his 123
1
4
313 Apr 12 1758July 7
4 1212 137 90,800 Baldwin Loco Works_No par
8
45 .41
40 40
*37
40
Preferred
500
40
46
463 50
4
913 Apr 4 60 July 18
100
8
340 Bamberger (L)& Co peel _100 6814 Feb 28 997 Aug 7
99
99
08
98
99
*96
98
98
997 *97
8
*314 312
8
714June 20
318 47
412 458
412 55
412 47
8
8 3,750 Barker Brothers
Is Jan 4
No par
20
•15Is 18
18
340
1818 1812 1812 1812 1912 .19
6 ).i % cony preferred _ ___100
518 Apr 19 2414July 18
74 818 27,500 Barnsdal Corp
/
1
/
1
4
77
8 8
/
1
4
3 Mar 2 11 July 7
74 7
718 74
7 4 853
3
5
31
31
4 3612 3718 4,400 Bayuk Cigars Inc
3112 32
35
373
32
36
314 Jan 6 5212July 13
No par
08712 90
let preferred
*8713 90
*8712 90
*8712 90
*874 90
100 27 Jan 18 100 July 10
*18
900 Beatrice Creamery
1914 18% 19
19
19
1914 1912 18
19
7 Mar 2 27 June 29
be
*8038 85
Preferred
/
1
*80 8 85 .803 8412 .803 8412 *804 8412
3
8
8
100 45 Feb 24 85 May 25
6412 *63
62
65
.62
62
*62
300 Beech-Nut Peeking Co
62
63
63
20 45 Jan 6 7012June 27
73
4 84
8
4 7,400 Belding Hemlnway Co_No par
3 93
814
312 Feb 20 1212July 6
93
8 4 913
914 94
,
*877 8918 5877 894 .877 8918 8918 8918 *89
3
200 Belgian Nat RYS part prof__ 6214 Apr 7 9112July 19
8912
s
8
•Bid and asked prices, no sales on this day. a Optional sale. x Ex-divIdend. y Ex-rights. c Cash sale.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
5 per share $ per share
12 June 3038 Mar
812 Dec 14 Sept
114 June
4 Aug
/
1
4
414 May
1612 Mar
304 July 6312 Sept
12 June
312 Sept
71 June 165 Jan
/
4
8
7 Dec
8
4 Ma.
3 May
8
353 Sept
3 May
4
814 Sept
8 Set).
8s June
34 June
8 Sept
5 May 15 Sept
4212 June 8814 Sept
9612 Apr 120 Dee
4 June 153 Sept
8
413 July 10 Jan
, Apr
4
213 Snot
4 Dec 10 Mar
12
Jan 223 Sept
4
313 June 1512 Sep.
6 May 2212 Sept
28 June 47 Feb
27 Aug
14 AM'
8
1
Apr
93 Aug
4
612 June 177 Sept
8
40 July 00 Feb
29 June 737 Mar
/
1
4
8
9313 June 129 Mar
31s June 17 Sept
15 Dec 50 Aug
11 Apr
/
4
714 Sept
7 June 26
Jan
18 June 38 Nov
2 July
814 Sept
11 May 27 Sept
3 Dec
4
5 Jan
23 Apr 15 4 Sept
4
3
2 May 15 Sept
5 May 3843 Jan
214 May 2114 Aug
3 June 33 Jan
/
1
4
3 May
612 Aug
I May
67 Sept
8
44 May 27 Sept
25 June 513 mar
8
338 Dec 211 Mar
/
4
35 Dec 68 Mar
212June 12 Sept
'l Jan
34 Aug
1 July
414 Aug
35 July
8
1514 Aug
174 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
318 June 1214 Sept
3 May 1812 Sept
133 June 12014 Mar
8
34 June
33 Sept
4
18 Apr
7 Sept
8
10 June 2518 Jan
518 May 2714 Sept
22 June 85 Jan
15 July 55 Feb
213 June 3613 Aug
4
90 Jan 106 Sept
3 May 1518 Sept
34 July 80 Feb
20 May 363 Mar
4
13 June 394 Jan
45 May 90 Aug
23 Apr 1014 Aug
4
693 July 1373 Feb
4
8
4012 June 863 Mar
4
44 June 893 Mar
4
9514 June 11812 Oct
4 June 25
Jan
1013 July 70 Jan
11 May 3412 Mar
11 May 31 Mar
26 June 75 Jan
15 May 10 Sept
8
1512 Jan 397k Sept
214 Aug
14 May
2 July
8 Aug
14 May
678 Sept
10 June 35 Aug
3 June 1938 Sept
3 Apr 15 Sept
514 May 1713 Mar
40 May 75 Sept
13 May
8
9 Sept
7 Apr 1513 Sept
85 Apr 10014 Oct
24 May 61 Aug
4
23 Sept
°s June
2 Sept
3 June
s
3' May 157 Aug
8
35 Aug
1 Slay
8
15 Dec
8
5 Sept
/
1
4
38 Juno
3 Aug
3 May 11 Sept
183 Dec 42 Sept
4
1212 Dec 35 Mar
618 July
1612 Aug
438 Dec 1214 Aug
534 Dee 1513 Jan
85 Feb 217 Sept
8
8
7 Dec 2512 Feb
4512 June 7913 Jan
37 Aug
1 July
8
284 May 1511 Jan
/
1
/
4
178 Sept
13 Feb
11 June
87 Dee
8
2 Slay 12 Aug
8 May 3718 Aug
62 July 99 Feb
14 Apr
312 Aug
7 Dec 30 Jan
3 June
/
1
4
7 Sept
2 Dec 13 Feb
30 Dec 59 Jan
1013 Nov 4312 Jan
62 Dec 95 Jan
2914 May 453 Dee
4
25 Jan
8
834 Sept
573 June 6252 1)ec
8
New York Stock Record-Continued-Page 3
tar FOR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 5.
1205
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
Monday
Aug. 7.
Tuesday
Aug. 8.
$ per share $ Per share $ per share
1518 155
8 155 1618
8
24
24
26
26
3814 3912 387 403
8
8
6614
6412 658 66
•1912 23
2114 2114
135 1418 133 1414
8
4
•18
203 *18
4
2 4
03
3812 3912 39
40
*6012 7218 *70
7218
313 323
4
8 313 325
4
8
143 1512 1512 157
4
8
*2
314 *23
4 318
9
93
4
93 1014
8
*1414 17
*1478 17
78
78
80
813
4
4512 4512 467 467
8
8
.10
11
11
113
8
*83
4 912
9
914
1214 1212 13
133
8
*59
63
8
28
3
%
*212
*838
1514
*4
718
*1218
*15
8
258
318
2912
*63
2512
112
60
Wednesday
Aug. 9.
$
share
163 1738
8
2612 273
4
4012 4212
8
6618 687
.2112 24
1434 1514
203
4
4014 43
*70
71
3214 33
16
165
8
212 23
4
1014 103
4
*147 1614
8
80
80
473 48
4
12
123
8
918 93
8
1318 135
8
per
Thursday
Aug. 10.
Friday
Aug. 11.
$ per share
1612 1712
27
28 4
,
3812 4212
8
673 697
4
2112 2112
15
153
8
•18
20
42
44
71
71
33
32
1614 1714
23
4 284
1014 11
17
*15
80 80
*47
51
1178 1214
914 93
4
133 1312
8
$ per share
1612 171g
2812 2812
3918 407
8
68
693
8
2014 213
8
145 15
8
18
18
413 43
4
*65
7318
3112 3212
18
1612
*23
4 318
1014 1058
*147 1614
8
*79
80
*477 497
8
8
117 12
8
9
97
8
13
13
*59
60
59
59
60
e3
62
,
63
4
63
4
7
634
28
*2612 29
*27
29
29
3 8 37
7
8
4
37
8
3 4 38
3
7
312 *258 312 *278 3 2 *3
,
S2
9
9
9
93
8
93
8
1512 1512 1512 1558 1612 163
8
414 *4
414
4
4
4
*6
8
*6
718 *6
8
16
*14
18
*1218 17
*1218
2
.15
8
13
4
15
8
13
4 *13
4
238 *27
8 3
27
8 3
27
8
32
,
314 314
314 35
8
33
4
293
4 3012 313
8 3112 327
8 315
8
80
_
*6018 --- *6018
2558 *61- 27
2512 1634
712 28
158
112
138
112 *138
112
Sales
for
the
Week.
Shares.
25,700
1,400
62,400
3,300
120
3,400
100
8,800
900
12,500
8,500
400
11,700
1,500
500
2,500
2,200
1,600
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
59
612
27
418
*27
8
912
16%
.4
*6
*1214
*114
238
338
3118
*6014
2812
138
612
103
8
293
4
29
*7
*2818
7014
*74
21
38
33
8
3
*75
8
3312
712
*80
3214
412
•20
20
6918
1638
487
8
10
*1812
*1214
2312
*63
4
*1512
• Bld and asked prices, no sales on this day. a Optional sale. x Ex-dlvidend. c Cash sale.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
Indus. 8c Mlacell. (Con.) Par 3 per share $ Per share $ per share $ per share
Bend!: Aviation
5
618 Feb 27 2114July 17
412May 183 Jan
4
9 Mar 2 3112July 18
Best & Co
No par
53 June 247 Feb
4
8
Bethlehem Steel Corp_No par 1018 Mar 2 4914July 7
714 June 2958 Sept
100 2514 Feb 28 82 July 3
1614 July 74
7% preferred
Jan
618 Apr 5 291:June 30
Bigelow-Sant Carpet IncNo par
612 Dec
1512 Aug
No par
312 Feb 28 1914 July 19
3 8 June 10 Aug
5
Blaw-Knox Co
658 Feb 28 21 July 18
614 June 14 Feb
Bloomingdale Brothers_No par
47 June 2214 Jan
Bohn Aluminum dr Br_No par
91:Mar 2 5412July 6
31 June 55 Nov
Bon Aral class A
No par 52 Feb 23 74 June 13
20 July 4318 Mar
Borden Co (The)
25 18 Feb 27 3712July 3
512 Feb 28 2158JulY 5
Borg Warner Corp
10
33 May 1414 Sepr
s
58 Apr 17
412JulY 5
14 Apr
Botany Cons Mills class A _ _50
114 Sept
272 June 113 Mat
Briggs Manufacturing_No par
25 Feb 24 1458July 18
8
4
714 Feb 28 183
4July 19
4 May 10% Jan
Briggs & Stratton
No par
46 June 8911 Mar
Brooklyn Union Gas__ _No par 0312 Apr 5 8812June 12
Brown Shoe Co
8July 18
23 July 36 Feb
No par 2812 Mar 3 537
Bruns-Balke-Collender_No par
134 Mar 3 1812June 26
1% July
412 Sept
112 June
Bucyrus-Erle Co
10
2 Feb 27 127eJune 20
714 Sept
212 May 10% Sept
,Preferred
4
6
23 Feb 23 1938June 20
40 7% preferred
100
59
No par
9,600 Budd (E G) Mfg
7
100
29
150 7% preferred
No par
414 2,400 Budd Wheel
Bulova Watch
No par
312
No par
912 2,900 Bullard Co
163 16.300 Burroughs Add Mach No par
4
5
No par
500 Bush Term_
100
8
100 Debenture
Bush Term 13Idgs gu pref_ _100
173
200 Butte & Superior Mining_ _10
17
8
5
23
4 1,600 Butte Copper & Zinc
No par
37
8 5,200 Butterick Co
327
No par
8 9,600 Byers Co (A M)
_ ___
Preferred
100
3,100 California Packing__ __No par
-2914
10
13
8
900 Callahan Zlno-Lead
614
612
618
638
65
2
67
8
63
8
612 5,700 Calumet & Hada Cons Cop_25
4
1012 1,000 Campbell W & C Fdy_No par
.
912 1018 1018 1014 103 1012 103
8
2812 30
2912 3012 3038 32
3014
31
34,900 Canada Dry Ginger Ale
5
28
2918 2812 2812 *28
29
900 Cannon Mills
30% 29
No par
•7
10
•8
100 Capital Adminis el A__ No pa
93
4 *9
10
9
10
2712 2712 *277 29
8
277 2818 *2818
8
30
70 Preferred'A
59
6514 6612 6614 694 70
5934
100
74
7312 49,500 Case (J I) Co
7214 7212 *7214 893 *73
*75
82
Preferredcertlflcatee_100
8
75
100
197 2012 193 21
8
2214 22
8
21
2214 11,700 Caterpillar Tractor__ ._No par
35
3614 3614 38
38
413
4 39
4038 102,600 Celanese Corp of Am__No par
312 37
8 *312 37
8 *312 37
8
312
33
8
500 Celotex Corp
No par
3
200
Certificates
No par
*212 3
*214 3
*212
*10
11
*10
10
30
Preferred
100
11
*10
11
1112
3012 31
315 3212 33
8
3412 3478
3312 2,400 Central Aguirre Asso__No par
8
838
600 Century Ribbon Mills_No par
8
8
8
73
8 78 •
3
7
*80
93 *80
*80
93
93
*80
93
Preferred
100
3212
3418 37,900 Cerro de Pasco Copper_No par
3018 3112 3114 327
8 3212 34
*478 5
478 5
434
5
5 14
5
2,500 Certain-Teed Products_No par
*20
25
*20
24
*21
25 .20
25
7% preferred
100
1934 197
8
1912 1912 1912 2018 20
20
2,700 City Ice & Fuel
No par
Stock
70
70
693 70
8
70
6918
150
Preferred
100
70
70
8
8
93 1012 123 137
1812 4,100 Checker Cab Mfg Corp
8
4
8 1412
5
Exchange
40
41
4114 445
8 44
483
8 48
503 30,900 Chesapeake Corp
8
No par
1014 1012 1012 1012 1012 11
11
5,700 Chicago Pneumat Tool_No par
11
Closed
1912 1912 *19
193
8 1918 193
4 19
1938
Cony preferred
No par
500
*12
14
*1214 14
*1214 14
*123
4
Chicago Yellow Cab._ _No par
133
4
Extra
23
2314 2212 2318 23
2412 2414
24
10
5.800 Chickasha Cotton Oil
614 614 *63
4 712
718
500 Childs Co
No par
714 714
7
Doliday
013
18
18
18
18
*1512
18
50 Chile Copper Co
18
25
8
32 8 3418 3418 37
5
4 375 3914 348.100 Chrysler Corp
8
5
373 3914 3712 393
8
134 2
178 2
178 2 I
17
8 2
No par
17
8
17
8 6,200 City Stores
*912 1112 1012 1012 *95 1112 *912 1112
5
No par
*912 111
100 Clark Equipment
*28
297
8 2838 283 *29
8
297
8 297 297 *283 30
8
8
4
200 Cluett Peabody & Co_ _No par
*9812
*9812 ___ *9812
20
Preferred
100
-- *9812 100
100 100
9412 95
96 96
4
1,600 Coca-Cola Co (The)_ _ No par
9612 -9
8
9812 983 *9712 98
*4612 465
8 4612 461 *4612 463
Class A
4 4612 4812 4612 4612
No par
900
16
16
16
1614
1614 1678 1718 18
1714 177
8 7,600 Colgate-Palmolive-Peet No par
8514 8514 *8514 88
88
*86
*86
88
*8612 88
100
100
6% preferred
1314 1312 1312 157
1558 173* 17
No par
183
8 187 1714 16,100 Collins & Alkman
8
.812 10
*9
10
.912 10
100 Colonial Beacon 011 Co_No par
*93 10
4
4
93
4 93
47
514
518
5
6
53* 53
53
4 63
8
614 13,600 Colorado Fuel & Iron_No par
53
54
54
55
5512 59
58
61
57
57
9,000 Columbian Carbon v t e No par
*22
2234 22
2212 2212 233
22
22
4 2212 225
8 2,300 Columb Plot Corp v t c..No par
1858 1918 1918 197
195 207
8
4
s 20
2112 197 205 39.400 Columbia Gas & Eleo-No par
8
75
75
753 *7538 7912
4
Preferred seriesA
753 753 .7212 7534 74
4
4
100
600
12
12
12
127
8 1212 123
1134 12
4 123 1278 3,100 Commercial Credlt----No par
4
35
35
3518 3518 36
38
*35
38
*35
Class A
3612 2.100
50
*2318 2314 *2314 24
23
2318 24
24
*23
24
Preferred B
30
25
.85
95
95
95
*85
95
*M
95
*85
95
10
634% first preferred_ _100
34
35
343 345
8
8 3414 3538 3438 3512 34
3538 14,300 Comm Invest Trust__ _No par
90
90
91
91
*8812 91
.88
9114 91
91
400
Cony preferred
No par
3138 3258 33
333
4 34
3738 3518 3858 3514 3714 385,400 Commercial Solvents No par
312 358
312 35
8
312 33*
33* 4
312 33 46,200 Commonvelth & Sou._ _No par
4
45
45
45
45
4518 46
45
4412 45
46
800
$6 preferred aerles
No par
*5
9
*5
9
*5
9
*5
9
*5
9
Conde Nast Publio'ns_No par
20
21
20
213
8 213 2238 2112 223
8
4 22
2212 9,300 Congoleum-Nairn Inc_ _No par
•1212 15
*1212 15
*1312 15
15
15
*14
15
100 Congress Cigar
No par
•10
1114
1012 11
1138 113
*1112 12
4 4,400 Consolidated Cigar
1112 13
No pa
5138 513 •48
8
55
*48
5212 50
50
50
50
150
Prior preferred
100
3
34 34
3
4
4 14 *312 414 *33
37
8 4
4 414
700 Comm]Film Indus
I
10
*912 10
10
*1018 11
1014 1014
10
10
Preferred
700
No par
x485 50% 4914 5014 50
8
4912 507 52,400 Consolidated Gm Co_ _No par
523
8 5014 52
8
9314 9312 93
9314 93
93
927 933
8
9
3,2 04
Preferred
No par
* 3,000
314 314 .318 3 4
3
314 314
314
800 Congo! Laundries Corp_No par
314
31g
3,
8
10
1018
97 103
8
4
8 1012 11
8 10% 1112 103 117
55,200 Consol 011 Corp
No par
.101 104 .101 104 *101 104 8101 10312 *102 103 2
8% preferred
100
,
17
8 2
17
8 2
13
4 2
1% 2
178 2
7,000 Consolidated Textile_No par
618 612
65
8 7
7 13 718
7
74
,
7% 3,600 Container Corp class A
738
20
3
3 18
3
3
*27
8 3
3
3 18
3
312 2,300
Class 13
No par
.1112 117
8 1112 1112 1112 1218 12
1212 12
1238 2,800 Continental Bak class A No par
218 218
218 218
218 214
Class B
2,
8 214
2,
8 2 4 3,500
,
No par
5914 60
*59
6012 6018 807
8 60
60
55914 6118
900
Preferred
100
8
61
5912 6012 60
623
4 61
6014 595 61
6212 6,300 Continental Can Inc
20
1114 1112 1118 1118 *1112 12
117 12
s
12
12
1,800 Cont'l Diamond Flbre
5
29
30
30
3012 *2812 30
2812 2812 2812 29
2,000 Continental Insurance...2.50
2
2 14
218 238
218 214
218 214
218 214 8,900 Continental Motors_ __No par
1314 13 8 1312 1418 1334 15141 1412 1512 1412 15
5
32,800 Continental Oil of Del_No par
80
807
8 7912 807
8 8038 82121 8112 8414 83
843 20,900 Corn Products Renning__25
8
13812 139
13812 13912 13814 1383 .138 13812 .138 1383
4
4
160
Preferred
100
514
512
514
5
5% .514 512
514
5381
55
8 1,700 Coty Ins
No par
31
29 4 3012 3014 3114 3012 311±1 308 32
,
315 10,300 Cream of Wheat ctfs- _No par
8
932
98
1
.9 2
3
938
.93 10 I 10
8
1012 1014 1012 1,000 Crosley Radio Corp.._ .No par
4612 4612 4978 4712 4912 453 48
443 443
4
4 45
8
4,300 Crown Cork & Seal__.,No par
4
8
4
*361* 363 .3614 363 .365 36'1 363 3634 *37
4
3712
200
$2.70 preferred
No par
518 514
51 1
53
8
53
8 6 I
6
63
8
6
6
6,100 Crown Zellerback vi o_No par
30
3018 31 I 3014 31
29
28
*27
29
2918 2,200 Crucible Steel of America-106
52
*48
52 I *48
*48
50
50
*45
*48
Preferrtd
100
50 2
,
2
2121
2
238 212
2
1% 2
214
23
8 3,000 Cuba Co(rho)
No par
614 67
638 67
638 67
8
6
612
8
s1
634
67
8
8,800 Cuban-American Sugar_ __ _10
42
*42
47 I 44
42
47
44
45
.42
45
50
Preferred
100
49
4912 51
: 48
51
53
4612 461
*5012 51
3,400 Cudahy Packing
60
2334 22
22Ii 21
*2112 24 .22
2212 20
21
1,900 Curtis Pub Co (The)_ No par
50
*49
50
50 I 5018 5118 49
51
*49
49
1,100
No par
Preferred
1
318 312
3 8 312
,
31
: 338
33
8 3%
314 312 35,100 Curtiss-Wright
6%
1
65
8 714
7381
63
4 714
612 67 12,600
612 638
8
Class A
8 153 17 I 177 18
8
8
8
*17
*145 153 *145 153
8
8
1712
800 Cutler-Hammer Ino_ _ _No par
3
8
74 8
8
S
6
73
4 73
4
752 75
77
8 77
8 1.600 Davega Stores Core
60
714
29
4 14
312
938
173
8
4
8
1712
174
3
4
333
4
-i0
15
8
718
107
8
3212
29
9
30
76
82
227
8
427
8
312
318
11
3478
8
93
35
5
247
8
2012
70
1618
4934
1118
195
8
133
4
26
7
18
PER SHARE
Rance Sines Jan. 1
On basis of 100-share lots.
y Ex-rights.
2012 Mar 31 72 June 26
35 June 80 Sept
34 Apr 15
97
8July 3
12 Apr
318 Sept
311 July
14
3 Mar 16 35 July 3
Jan
58 May
1 Feb 8
53
4July 5
412 Jan
5 June 29
7 Mar 2
s
312 Jan
Fa Apr
218 May
212 Feb 17 1314July 3
8 Sept
8July 3
614 June 1314 Aug
6% Feb 14 207
3 Dec 213 Mar
1 Apr 1
8 June 8
4
912June 1
7 Dec 65 Mar
1 Apr 3
:
1214 July 85
Jan
712 Apr 26 231 Jan 5
27
8June 2
12 July
17 Sept
8
1 Feb 10
12 Apr
12 Mar 31
414June 2
2 Sept
114 Apr 10
13 June
8
57 Sept
8
712June 13
7 May 2438 Sept
812 Feb 25 4314July 18
3514 May 69 Sept
3018 Mar 2 80 July 18
414 June 19 Sept
4Ju)y 17
734 Mar 2 343
18 June
118 Sept
14 Jan 19
214June 5
938June 2
112 May
77 Sept
8
2 Feb 7
2% June
914 Aug
2 Feb 28 1614 July 15
6 June 15 Sept
712 Feb 25 4112July 19
4
1018 June 233 Sept
14 Feb 2 3512July 18
218 Apr
912 Sept
412 Feb 24 1212July 13
19 June 32 Aug
2.518 Jan 18 3513July 13
163 June 6534 Sept
4
3012 Feb 27 10312July 17
30 May 75 Jan
41 Feb 27 86 July 19
Jan
2 293
4July 7
45s June 15
512 Mar
418 Feb 27 587
8July 3
114 June 1238 Sent
33 Jan
8
578July 3 • 7 Aug
8
12 Mar 15
214 Feb
5 Dec
8
38 Feb 4
43
8July 5
712 Mar
118 Dec
112 Jan 5 123
4July 5
73 June 2012 Sept
8
14 Jan 3 41 July 17
614 Jan
8July 19
23 June
8
2 Apr 19 115
Jan
55 Dec 85
52 Feb 27 95 June 20
578 Jan 4 427
8July 13
312 June 151t Sent
33 Feb
8
5 Dec
8
7 8July 3
3
1 Jan 9
45 Dec 1851 Aug
8
4 Mar 27 3014July 18
11
Oct 2812 Feb
718 Mar 3 25 June 29
Jan
43 8 Nov 68
,
45 Apr 7 72 July 17
1612 Aug
3018 Sept
8
712 Mar 23 207 Jan 18
4
47 June x203 Sept
8
147 Jan 3 5212July 7
8
634 Jan
1 May
123
8July 20
218 Mar 31
212 June 1214 Sent
512 Feb 28 2514June 20
14 Mar
6 Dec
618 Jan 4 2238May 31
5 June 1212 Sept
5 Mar 2 34 July 18
8 Sept
112 June
2 Feb 28 1018July 5
5 Dec 18 Sept
6 Apr 4 2112July 18
5 June 213 Sept
4
734 Mar 3 393 Aug 10
4
218 Jan
14 Feb 28
358July 7
14 July
314 July
83 Jan
4
.5 Mar 24 14'4J000 22
10 Apr 22 Mar
10 Jan 27 4112July 17
90 June 96 Feb
90 Jan 4 100 June 2
6812 Dec 120 Mar
7312 Jan 3 105 July 17
8
44 Apr 19 4712J une 1
415 July 50 Mar
1014 Dec 3112 Mar
7 Mar 30 223
8July 19
65 June 95 Mar
49 Apr 3 8658 Aug 2
23 May 107 Mar
4
8
3 Apr 4 21 July 18
9 Jan
1212 Oct
514May 10 12 Jan 4
27 July 1478 Sept
8
312 Apr 4 175
8July 7
1313 May 417 Mar
8
2318 Feb 27 71% July 3
414 May 147 Au.
8
65 Mar 27 2412July 19
8
414 June 21 Sept
9 Mar 31 2818July 19
8
40 Apr 797 Aug
59 Mar 2 83 June 12
37 June 11 Mar
8
4 Feb 27 1512July 18
113 July 28 Sept
4
18 Feb 27 38 Aug 9
8July 22
1012 June 21 Sept
18% Mar 21 243
40 June 75 Nov
70 Mar 24 95 Aug 8
8
107 June 277 Mar
s
18 Mar 3 4312July 3
5512 June $2 Nov
84 Jan 4 977 Jan 31
8
312 May 1314 Sept
9 Feb 25 57'4 July 18
518 Aug
618June 12
15 June
8
13 Apr 1
8
273 June 6812 Mar
8
21 Apr 4 6012June 7
5 May 12 Sept
3 Apr 4 11 June 13
612 June 1214 Sept
73 Jan 31 2758July 18
8
4 May
11 Sept
612 Feb 24 18 June 7
4June 7
35 Dec 2412 Jan
8
312 Apr 6 193
17 June 80 Mar
31 Apr 5 65 June 8
4
53
4May 29
1 June
53 Jan
8
13 Jan 4
23 June 1104 Mar
4
57 Mar 21 1434May 29
8
40 Apr 3 6418June 13
4
3112 June 883 Mar
a80 Apr 24 99 Jan 3
7212 June 9918 1)ec
4 Dee 107. Jan
512 Jan 10
218 Apr 17
9 Aug
6 Mar 3 153
4 June
4July 6
79 Feb 101 Sept
9512 Mar 1 105 July 14
14 Star
314July 5
15 Aug
8
14 Mar 1
38 June
21 Feb
:
1 18 Jan 10 1014July 18
14 May
118 Jan
412June 12
14 Feb 16
8 Sept
3 Mar 1
27 May
8
1814 July 11
13 Aug
8
12 Apr
12 Jan 5
312July 11
47% Mar
247 Jun
8
36 Jan 3 64 July 10
175 June 41 Mar
8
8July 17
3514 Feb 23 653
Apr
?
812 Sept
312 Feb 2' 1718July 7
6% May 2514 Aug
1012 Mar 28 3812July 7
58 May
33 Sept
4
4 June 8
1 Mar 27
93 Sept
8
35 Jun
8
47 Mar 3 1912July 7
8
243 July 553 Sept
4
8
8July 18
4538 Feb 25 857
Oct
99% June 140
11712 Mar 15 1453 Jan 21
4
732 Sept
712June 13
112 May
a2 Mar 24
1312 Jun
2012 Oct
23 Feb 25 391 July10
214 May
714 Sept
2% Mar 28 1434June 8
t77 May 237 Dee
8
1414 Feb 27 65 July 13
173 Jun
8
3012 Nov
2412 Feb 27 3812July 14
3 Aug
812July 17
1 Apr 10
1 June
6 May 2314 Jan
9 Mar 2 3712July 19
14 Dec 497 Jan
8July 19
8
16 Feb 27 603
43
8June 7
3 2 Sept
,
12 Feb 21
it J1111
3* May
37 Aug
118 Jan 16 1112May 29
8
31 Slay 26 Aug
10 Jan 9 88 June 5
:
20 May 351 Mar
:
20% Feb 21 5912June 8
7 June 31
Jan
812 Mar 3 321aune 12
30 Feb 23 66 June 12
373 Dec 86
4
Jan
7 May
8
11: Feb 23
438July 12
314 Sept
2 Mar 30
8 July 13
112 Ma
4114 Sept
414 Jan 6 21 July 14
12 Sept
312 May
73 Sept
4
8
83
4July 14
214 Oct
15 Feb 23
New York Stock Record-Continued-Page 4
1206
Aug. 12 1933
Car FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOUR-T0' -mGE PRECEDING.
HIGHIAND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday."
Aug. 5.
Monday
Aug. 7.
Tuesday
Aug.8.
Wednesday
Aug. 9.
Thursday
Aug. 10.
Friday
Aug. 11.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ Per share $ Per share 5 per share $ per share
*3
5
*3
5
*3
5
*3
*3
5
5
.13
14
14
14
14
14
133 133 •1318 133
4
4
8
*80
83
81
82
83
83 .82
843 *8212 843
4
4
3112 3112 32
3214 3212 33 8 3212 33
7
31
31
23
2314 227 23
8
23 2312 23
8 2212 23
237
*2834 297 *2838 297
8
8 2838 283
8 2812 284 283 30
8
283 304 2912 30 4 3012 32
4
32
30
30
3
313
8
*18
21
*20
20 4 20
3
204 2012 2012 20 4 20 4
3
3
133 14
8
1334 1414 143 15
8
1414
14
147
8 14
31214 143 *1214 143 *1214 143 *1212 143 '
4
4
4
4 313
143
4
*612 7 8 *612 712 *7
7
8
*63
8 812 .64 812
4514 4612 463 48,
8 474 4814 473 487
4
4
8 473 4812
4
*117*___ *1118 123
12
1314 *1112 1318 *12
13
8
'
319
21
*18
20
20
204 2114 2 3 *19 8 22 4
8
5
3
•100
.10019 _ __ *10012 - -- 100 10012 99 4 993
3
4
14
613 _612
612 612
7
7
7
7
712 74
74
7414 76
76
77
79
783 80
79 7912
4
•124 125 .124 125 *124 125 *124 125 *124 125
124 123
8
8 123 134 1318 134 13
133
4 124 13
704 73
71
69
727 76
8
744 774 737 763
8
3
*1124 1154 *114 11518 *115 11518 115 115
115 11518
3
314 38
318 312
34
3
338 44
312 3 8
7
137 137 *133 1412 *14
8
4
1412 1412 1614 15 8 16
8
7
163 1718 17
4
1818 1814 193
8 1814 194 1818 183
4
'
3
8214 85
*8214 85
85 85
87
87
*8214 8812
64
6
64 612
6
54 6
63
8
54 6'2
2 4 27
27
3
8 28
7
8
3
3
3
3 18
3
3
83
4 94
84 914
9 4 93*
94 1014
,
914 94
20 20
*20
207
8 2114 2138 2114 2238 2034 2112
•173 1912 *173 191
4
4
1812 183
4 19
19
1934 19
407 43
41
8
427
8 42
44
437 4414 4112 444
8
17
17
8 17
8 17
8
8
17
2
8 2
2
2
2
.2 4 3
3
*23
4 3
4
8
2 4 23
23
3
3
8 27
3
563 563 *5612 5714 5718 574 574 574 56
4
56
4
*121 125 *121 125 •121 125 *121 125
122 122
.73
*814 87
4 812 *712 81
8
87
812 812
8 914
29
2818 2818 28
*28
29
28
30 .28
29
32 .30
32
33
.30
4130
*31
33
*31
33
332
44 .32
43
4312 .35
431 *33
*35
4312
101 101
8
8 101 1012 104 1012 1018 103
8
1014
4 10
1014
94 9 2
10
912 10
93 10
4
,
s
912 97
412 412
412 412
412 43
8
43
8 43
8
412 43
8
*10
1112 .10
1112 10
1112 *10
1112 .10
1112
*114 212 .114 21
*114 21
*114 212 *114 24
.312 734 *312 738
3
3
*312 7 4 *312 6
*312 7
812 612
612 61
7
71
63
4 7
*612 718
*33 • 3812 *33
33 33
36'2 33
33
3612
.32
PER SHARE
Range Sines Jan. 1
I
-share los,
on baits of 190
Lowest.
,
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Shares. Indun. SC MliCell. (Con.) Par $ per share 5 ow swat S per share $ per share
Debenham Securities
112May 20
5 June 12
1 June
2 8 Dec
3
20
64 Feb 24 183
1.200 Deere & Co prof
8June 22
64 June
1514 Jan
100 48 Apr 3 9112July 10
2,300 Detroit Edison.
64 July 122
Jan
2,100 Devoe & Raynolds A._No par 10 Mar 1 337 Aug 9
8
7 May
163 Oct
4
2,600 Diamond Match
174 Feb 28 2912July 7
No par
12
Apr 194 Sept
Participating preferred. _25 264 Feb 27 31 July 19
500
204 May 263 I fee
4
29,100 Dome Mines Ltd
12 Feb 28 387
No par
8July 19
VI Jan
124 Dec
600 Dominion Stores Ltd.-No par 104 Feb 27 263
8July 18
1114 June
1812 Sapt
9,400 Douglaa Aircraft Co Um Na par 104 Feb 1 I
18,
4July 17
5 June 184 Sept
Dreaser(SR)Mfg cony A No par
63 Feb 27 18 June 12
4
5 July 23 Feb
103
Convertible class B No par
4June 2
21s Mar 1
13 Dec 1212 Feb
8
19,100 Drug Ina_
10 29 Mar 31 634June 29
23 May 67 Feb
1,600 00015111 International_Ne oar
3. 110c
18 Apr 10 143
4July 19
14 WWI
700 Duplan Silk
912 Apr 22 28 8June 30
3
No par
512 June
15 Sept
110 Duquesne Light 1st pref_100 90 May 4 10218June 13
1,
17 May 1013 Nnv
8
118 Mar 30 10 July 3
1.000 Eastern Rolling Mills_No par
I June
612 Seat
3,500 Eastman Kodak (2./ J)_No par 46 Apr 4 893
4July 14
3
3514 July 873 Jan
4
6% cum preferred
100 110 May 2 1311 Mar 20
99
Jan 125
Oct
6,300 Eaton Mfg Co
318 Mar 2 16 July 17
No par
3 June
97 &PI
8
58,000 E I du Pont de Nemours__ _20 3218 Mar 2 853
4July 17
22 July 593 Feb
4
300
6% non-voting deb
100 9712 Apr 20 117 July 7
804 June 10518 Aug
13,100 Eitingon Schlld
No par
ss Feb 4
514July 14
18 June
24 Sept
900
615% cony 1st pref---100
4 Mar 29 23 June 12
214 2s1a/
1212 Jan
18.500 Elea Auto-Lite (The)
5 10 Apr 4 2712July 13
8 June 324 Mar
30
Preferred
100 7814 Mar 29 nfil2July 18
61 June 10014 Feb
11,400 Electric Boat
1 Jan 3
8 I July 3
3
212 Jan
le June
3.800 Elea as Mus Ind Am shares...
1 Feb 14
44July 15
%June
4 Jan
16,500 Electric Power & Light No par
3
318 Feb 27 15 8June 13
234 July
16 Sept
1,400
712 Apr 4 3612June 12
Preferred
No par
103 July 64 Jan
4
614 Apr 5 323
4June 13
1,000
No par
$6 preferred
8 8 July
7
5512 Jan
21 Feb 16 54 July 10
No par
4,300 Elee Storage Battery
124 June 334 Mar
1,40C Elk Horn Coal Corp.„No par
4 June 19
Is Jan 4
4 Jan
5 Aug
4
60
t's Apr 29
8 June 7
1,300
6% Part preferred
4 Jan
1 Sept
400 Endicott-Johnson Corp._ _50 26 Feb 27 627k July18
16 July
3714 Sept
40
Preferred
100 107 Feb 17 121 Aug 1
98 May 115 Nov
1,000 Engineers Public Serv_ _No par
4 Feb 23 143
4June 12
4 June 25 Feb
$5 cony preferred_ __No par
300
1512 Apr 7 47 June 13
16 July 51
Feb
558.5 preferred
15 Apr 4 4978June 12
la July 57 Mar
No par
$6 preferred
No par 2012 Apr 19 55 June 13
25 June 613 Mar
4
1,400 Equitable Office Bldg._No par
612 Mar 27 1338July 7
1012 Dec 19 Jan
2.400 Eureka Vacuum Clean_No par
3 Apr 4 18.1July 7
2 June
714 Mar
5
7 Mar 1
8
1,000 Evans Products Co
712June 28
12 May
212 Sept
Exchange Buffet Corp.No par 10 Jan 4 1112July 19
93 Jan
4
113 Jan
4
4May 17
Fairbanks Co
238June 8
25
I Sept13 Sept
4
Preferred100
814June 13
1 June
1 Feb 23
4 Aug
700 Fairbanks Morse & C.:o_No
212 Mar 23 1114June 2
par
24 Dec
64 Aug
40
Preferred
10 Dec 473 Mar
100 10 Feb 25 42 June 3
4
Fashion Park Assoo____No par
3 June 8
3 Jan 26
8
17 Sept
'2 Jr1 8
7% preferred
3 Feb 23 11 June 2
100
112 July
7 8 Jan
7
*94 12 4 *914 12
*912 If
3II .934 fi
Federal Light & Trae
4
43 Apr 6 1412June 12
15
814 Dec 22 Jan
*5814
.581
-- *5814
_- *5814 _-Preferred
38 Apr 20 5912July 20
30 June
No par
r4 Mar
*45
65 .40 *45 -65
60 •45 -65
*45 65
Federal Min & Smelt Co__100 15 Mar 31 75 June 10
13 June 35 Sept
712 7 4 *Vs 73
738 74
3
*74 7 4 *714 712
3
4July 10
3 Mar 16 113
4
4 1,200 Federal Motor Truok_No par
1 12 May
3 8 Feb
3
*238 314
.238 314 *23
3
3
4 314 *23
100 Federal Screw Works No par
4 314
4 8July 7
7
8 Feb 27
4
'2 31ay
23 Aug
8
*33
4 4
335* 4
,
13 Feb 25
8
63
314 3 2
4June 12
312 312 '
312 312 1,000 Federal Water Serv A No par
214 Dec 103 Mar
8
*17
2612 .20
2212 2212 23
233 25
4
2212
23
500 Federated Dept Stores_No par
712 Feb 27 30 „July 18
84 June 153 Sept
4
Stock
*284 29 8 283 284 293 30
3
*29
8
4
29 4 *29
293
3
4
300 Fidel Phen Fire Inn N Y-2.50 1014 Mar 27 36 July 6
6 May 273 Jan
4
3
223 23 8 227 2438 243 263
8
8
4
8 2412 263
3
8 23 4 25 8 22,900 Firestone Tire & Rubber_ _10
3
918 Apr 4 3111 July 18
1012 June 187 Aug
8
Exchange *704 71
71
72
71
72
100 42 Mar 3 75 June 7
72
723
4 7112 713
4 1.000
Preferred series A
45 July 68 Aug
58
58
5814 60
5812 60
5912 3,300 First National Stores__No par
5814 594 68
3
43 Mar 3 70 4July 7
35 July 5412 Dec
Closed
•I4
1512 *144 1512 *14
1512 .14
1512 .13
712 Feb 7 18 July 5
Florsheim Shoe class A_No par
1512
414 Apr
10 Feb
10
*94
95
95
95
96
*95
•95
*95
99
99
6% preferred
313 July 99 Nov
100 80 Apr 19 97 Jan 10
Extra
3
'1112 1212 *1112 1314 *124 13
13
1314 *1214 13
300 Follansbee Bros
1114 Sept
2 June
212 Feb 28 19 June 7
No par
1313 *14
.1212 14
1212
1414
133 1414 14
4
14
500 Food Machinery Corp_No par
612 Apr 19 16 July 13
3 4 May
3
1014 Feb
Holiday
1512 1512 1514 153
4 1618 1718 1812 17 8 164 17
7
7.300 Foster-Wheeler
412 Feb 211 23 July 7
3 May
No par
157 Sept
8
14 8 15 4 153 167
5
3
8 1538 1712 154 1612 8,500 Foundation Co
4
8 1612 173
2 Feb 27 23 8July 17
3
I July
No par
714 Aug
2112 2112 22
22
2212 23
23
*2214 223
23
4 1.000 Fourth Nat Invent w w
133 Mar 1 2614Juue 13
8
1014 June 223 Sept
1
8
1814 1814 *1712 18
177 1818 1712 1818 1712 18
8
3,500 Fox Film class A new _No par
1712 Aug 10 1814 Aug 7
•35
38 .35
38
38
38 .38
40 Fkin Simon & Co 100 7% 0100 12 Jan 24 49 June 12
487 .38
487
8
8
15 Oct - -12 Jan
72
373 38
38
4
39
39
40
383 40
39
4
4018 7,900 Freeport Texan Co
8July 19
lers Feb 28 423
10 May 2283 Nov
10
8
•121_ ... *121
___ •121
__ •124
7
_- •125 8
6% cony preferred
100 97 Apr 19 127 June 7
*183 8 28
*183 8 28
8 28
*181 -*183 -8 25 .183 -8 25
Fuller (G Al prior pref.Aro par
9 Jan 9 31 June 13
- May 218
26
Oct
.12
147 .13
8
144 12
13)
1318 1318 13
120
13
$6 26 pref
4 Jan 19 23 June 13
3 June :12 Feb
No par
314 34
4June 28
314 34
3
12 312
7
3
43
34 3 8
33
4 3 4 1,200 Gabriel Co (The' et A_ _Vo par
1 Feb 27
14 June
312 Sept
*1312 15
*1312 15
.167 17
1412 16
163 163
8
4
4
190 Gamewerl Co (TheI _ _No par
612 Jan 20 20 June I
512 Dec
17 Jan
814 878
812 84
834 8 8
7
9
9 12
9
93
8 3,800 Gen Amer Investors. _No par
3
2 8 Feb 24 12 June 20
12 June
512 Sept
*6814 83 .6814 83 .6814 83
*6814 83 .6814 83
Preferred
26 June 71 Sept
No par 42 Feb 23 85 July 7
3312 3412 34
3578 374 9,700 Gen Amer Trans Corp___ ._5 133 Feb 2f1 434July 19
37
343
364 36
4 35
4
912 June 353 Mar
4
1714 18
173 183
4
2014 19
4 19
204 1912 1912 7,300 General Asphalt
Os Mar 3 27 July 18
No par
43 June
4
1512 Jan
147 1518 1514 1512 1512 15 8 1512 157
8
15
7
15
8 3,800 General Baking
5 1112July 21 207k July 10
1012 June
193* Mar
712 712
712 712
74 8
3
7
8
712 74 1,900 General Bronze
218 Feb 6 1012July 7
5
12 June
5 Aug
814 64
614 63
6 4 614
68s 7
,
8
*612 67
8 2,000 General Cable
1112June 9
114 Mar 31
No par
5 Sept
14 May
*12
•12
13
13
13
'12
13
14
133 133
4
4 1,800
Class 1
214 Feb 27 23 June 9
No par
1112 Sept
112 May
*2012 27 .20
27
*20
27
*20
264 27
30
200
7% cum preferred
64 Mar 30 46 June 9
MO
3.4 June 253 Sept
4
3838 3814 3814
038
3812 3812 .384 384 383 39
4
600 General Cigar (no
8June 23
No par 29 Jan 3 483
20 Jun, 3838 Mar
•107 112 *108 112 "108 112 *110 112 *110 112
7% preferred
100 90 July 28 112 Jan 25
75 June 106 Dec
22
2212 2212 2312 2312 243
4 244 26
237 2518 137,300 Genera, Electric
8
812 May
107 Apr 26 3Q14 July8
8
No par
2618 Jan
12
12
1218 12
12
12
117 117
8
12
8 12
5,300
Special
10 114 Apr 20 1214 July 24
117 Sept
103 July
8
8
35
3612 3712 18,400 G nerzi Foods
354 354 36
4 365 38
354 373
4Ju1y 18
No par 21 Feb 24 393
193 May 4012 Ma r
8
112
112
8
138
112 13
118
112
13
8
112
112 8.400 Oen I Gas & Eleo A __No par
is Apr 1
2 8June 6
7
214 Feb
3 July
8
*1214 15
*123 143
4
*1212 15
4
*1212 1412 123 13
4
1612June 6
200
34 Apr 31
Cony pref series A__No par
3 June 214 Jan
*15
15
*1412 20
15
20 .1512 20 .1412 20
50
$7 pref class A
7 Apr 20 1812June 20
No par
514 July 30 Aug
*1514 1712 .15
1712 *16
1712 *1614 1712 *1614 1712
$8 prof clans A
A Apr 6 20 June 10
No par
514 July 40 Feb
.3712 44
44
44
*373 41
*38
•38
*373 44
8
8
Gen Ital Edison Elea Corp__
018July 18
244 Jan 9 4
184 Apr 25 Mar
604 61
60
6214 6412 64
61
61
65
61
3,800 General Mail,
28 May 4812 Sept
No par 3512 Mar 3 71 June 28
.1033
8
.1033
8
_ *1034 _- •104
*1033
Preferred
4
100 9212Mar 28 104 June 6
76 July 9612 Dec
283 8 2918 283 -- 7
8 2 8 301 - -3- 3012 -9-8 31 4
3214 30 - -12 269,000 General Motors Corp
31
10 10 Feb 27 3414July 17
7 8 June 244 Jan
3
.92
9312 9312 9312 9338 93 8 9318 934 9318 9318
3
600
55 preferred
No par 6512 Mar 3 95 July 15
5614 July 874 Mar
•127 14
*127 14
*1318 14
8
8
*134 15
14
100 Gen Outdoor Adv A
14
54 Jan 9 24 June 13
No par
4 June
9 Feb
678 678
612 612
612
612
612 64
63
8 63
8 1,000
Common
212 Mar 1 101sJune 12
No par
23 Nov
8
4 Jan
1318 1318 1318 13:8 1318 1318 .13
1312 *13
50 General Printing Ink...No par
1312
34 Jan 4 17 June 10
14 Jan
212 July
*77
.77 _ _ .77
_ .._ .77
80 •77 ---- _ $6 preferred
No par 31 Mar 18 82 Aug 3
2712 June 60 Feb
5
5
5
5
518 54
2 100 Gen Public Service
.
47
4 4 -4343
3
4 4
814June 12
2 Apr 8
No par
1 May
74 Ma
3812 39
*3312 35
35
374 *38
4012 4014 4212 2.800 Gen Railway Signal. _No par 1314 Jan 3 4912July 6
84 July
.
2852 JAI)
2 s 212
2
3
218 2 2
212
,
218 212
43
214 214 17.600 Gen Realty & Utilities
8June 24
3 Feb 18
8
2'4 Sept
, May
1
4
415
16
15
1712 1712 20
1912 1912 194 1914 1,700
4.1une 26
$6 preferred._ .
512 Jan 19 223
163 Sept
6 June
4
No par
310
*117 13
*127 14
8
8
12
1314 1418 133 134
4
700 General Rafractorien_ __No par
4July 5
212 Feb 27 193
1518 Sept
14,1110e
30
*2818 38 .2812 36
30
.2812 38
.12812 38
20 Gen Steel Cantings pref No par
Ps Feb 17 394July 14
8 Mar 27 Aug
14
1412 1334 1414 12,400 Gillette Safety Razor_No par
13 8 1312 1318 1312 1338 14
3
934 Arrr 20 20, Jan 11
2414 Mar
1018 Jan
*5212 53
5118 5212 .5112 53
53
53
55
563
4
700
Cony preferred
45 June 7212 Aug
No par 474 Apr 19 75 Jan 9
48 43
3
8
5
538 4,300 Gimble Brothers
45s 4 $
4 8 5'4
5
5
5
5 12
7 8June 27
3
54 Feb 9
3
No par
3 4 Ang
4 June
24 .191, 25
.18
*20
*18
25 .18
25
25
100
Jan
514 Mar 1 33 July 7
Preferred
63 Dec 31
8
14
1512 15 4 153 163
1412 143 15
1612 4,400 Glidden Co (The)
4
4
3
4 16
4
33 Mar 2 20 July 18
3,June
No par
103 Sent
8
9112 89
89
90
.87
90
90
9112 .88
220
90
Prior preferred
Apr 76 Sept
48 Apr 22 9112 Aug 1
35
101
87
8 91
8
91s 912
3
3
914 10
9 4 104
912 9 4 12.500 Gobel (Adolf)
3 Feb 16 16 July 13
24 May
8 Aug
No par
20 8 204 203 213
3
8 213 2212 6,300 Gold DustCorpy$c___Nopar 12 Feb 27 273
4
4
4 213 223
4 2218 227
8July 18
4
11.4 May 207 Sept
4
.101 105 .101 103 *101 103 .10114 103 .101 103
56 cony preferred.-No par 100 Jan 18 105 July 21
70 July 10112 Dec
137 143
8
4 144 1512 16
163
8 16
4
123 Sept
214 May
8
1714 16
163 37.900 Goodrich Co (B F)____No par
3 Mar 2 2112July 18
40 40
4212 45
40
45
41
4512 45
45
Preferred.
2.000
7 May 3314 Sept
9 Feb 211 63 July 13
100
3412 3512 35
3814 3914 374 39 8 37
38
23.700 Goodyear The & Rubb_No par
512 May
39
5
2934 Aug
914 Feb 27 4712JUly 17
6912 69
68 6812 69
900
69
69
1st preferred
*6612 70
68
1944 June 6912 Aug
No par 2734 Mar 2 8014July 6
1014 1012 1012 11
107 117
8
1214 5,600 Gotham Silk Hose
8 1114 1214
12
714 Jan 30 4 Sept
3
7 8 Arir 4 1712June 12
No par
5
•__,_ 70 •__-70
*66
70 .6612 70 •___- 70
Preferred
7012 Oct
5014 Jai
100 41 AM' 3 73 July 3
I Apr 3
5 8July 12
389 312
3
3 4 414
1 May
378 418
3
33
8 3 8 16,400 Graham-Paige Motors
3
43 Jan
8
4
3 5 33
3
I
10 4 10 4 104 113
3
3
4 11
2 8 June
4,600 Granby Cons M Sm & Pr_ _100
3
113
127
4 12
8 1134 12
113 Sept
8
34 Mar 2 15,18.1une 13
678
678
64 67
8
714 2,800 Grand Union Co tr etfa_No par
3
67
314 June
7
94 Mar
8 712
3
3 8 Mar 2 10 8June 28
67
8 7
.3218 35
3218 32'8 3034 305 Z30
32
22 June 3514 Mar
500
Cony pref series
'
1
31 ' 30
4
No par 2212 Apr 5 3638July 3
•25
28
27
200 Granite City Steel
28
*25
614 June 17 Sept
4
234 .2518 283 .2412 2854
lila Mar 24 3Q3 July 11
No par
291 4 2914 314 313
3112 3212 1.300 Grant(W Y)
4 31
1412 May 3014 Mar
31
32
32
3
No pa- 15 4 Feb 28 3638July 7
113 1218 1212 13
4
4July 11
2,900 GI Nor Iron Ora Prop_No par
13
13
6 June
1314 123 133
8 13
8
1314 Jan
518 Feb 27 163
30'8 31
31
s
3214 3218 35
314 Apr12 Aug
324 35'z 325 3414 61,700 Great Western Sugar __No pa
7
, 6 i Jan 19 4034July 17
105 10518 •105 106
104 106
580
Preferred
8July 21
48 JUne 83 Aug
106 106
10514 106
100 7212 Jan 3 1073
24 28
3
23
4 7.500 Grigsby-Grunow
2 21
25
12 Apr24 Sept
2 25
27
4
2
8July 13
252 234
234
%Mar 3
41
No par
•Bid and asked prices, no sales on this day. a Optional sale. x Ex-dividend. g Ex-rights.
.
New York Stock Record-Continued-Page 5
1207
119" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
&Uurday
Aug. 5.
Monday
Aug. 7.
Tuesday
Aug.8.
Wednesday
Aug. 9.
Thursday
Aug. 10.
Friday
Aug. 11.
Sales
for
the
Week.
grome
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jam. 1
on basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
S per share Shares. Indus.& MIscell. (Con.) Par $ per share $ Per share 8 per share $ per share
$ Per share $ Per share 3 per share
412May 18
1 Sept
18 Mar
14 Jan 23
-No par
234 234
600 Guantanamo Sugar
*23
4 3
24 24
3
3
218 June 2118 Sent
63 Feb 27 38 July 13
4
No par
1,100 Gulf States Steel
*26 28 25 25
*2612 29
12 July 40 Oct
100 1614 Jan 16 64 June 12
Preferred
50
*48
52
*44
*44
32
4512
23 Jan
15 May
23 15 Mar 18 2512July 17
Hackensack Water
235
8
*23
24
*22
*2314 24
19 May 28 Apr
/
1
4
-25 25 Apr 8 28 Jan 12
40
*28
2814 27
7% preferred class
*27
28
2814
4 Aug
/
1
4
5 July
s
118 Feb 28
A__- par
No
91s July 6
63
4 7 4 32,200 Hahn Dept Stores
3
54 6
3
8
5 s 57
7
718 July 28 Aug
9 Apr 1 35 July 17
100
Preferred
25
27
900
28 4 29
3
/
1
4
26
26
1118 Jan
312 July
314 Feb 27 1012July 7
__10
100 Hall Printing
*512 6
6
6
/
1
4
/ 612
1
4
*6
2 June 12 Feb
9 July 14
212 Apr 5
Hamilton Watch Co_ No par
*6
7 8 *6
5
*6
78
5
7
/
1
4
20 Oct 30 Mar
100 15 Feb 11 35 July 17
*26
Preferred
*26
30
30
*26
30
14July 14
33 May 70 Jan
4512 Jan 4 83
190 Hanna(M A) Co S7 pt_No par
*82
85
8012 8012 8012 8012
18 Sept
7 May
ttts Feb 25 2512July 11
1,200 Harbison-Walk Refract_No par
184 19
20
20
19
19
13.0une 6
18 Dec
18 Apr 3
2 Sept
Hartman Corp class B-No par
4 Mar
214June 6
14 Mar 18
34 June
Clam A
No par
__
_
12 Dec
3 Aug
712June 21
5i, 4
ii2
/Mar 16
1
4
i *ii It *372 112 .534 - 14
40 Hat Corp of America cl A__1
4 ;
i
5 Aug 20 Sent
54 Apr 5 30 June 21
100
*20
*20
25
25
25
*20
23
6)4% preferred
*20
*20
25
14 June
3
12July 17
3 Bent
12
14 Feb 27
No par
*218 24 *214 24
/ 1,000 Hayes Body Corp
1
4
24 212 •214 2
24 214
50 June 811 Sept
/
4
4July 19
25 6912 Jan 16 1013
100 100
400 Helms(0 W)
10014 10014
98
100 100 *100 105
98
84 Jan
4 4 June
3
3 Mar 20 17 July 6
No par
100 Hercules Motors
*5
15
15
1412 144 1412 *10
*5
1412 *6
13 Aug 29 Sept
/
1
4
12
No par 15 Feb 27 63 July 1
2,000 Hercules Powder
42
49
42
4478 46
45
4812 4912 5312 49
100 85 Apr 5 110 July 19
7Ol1Jufle 93 Jan
$7 cum preferred
20
*107 109
10714 10714 *10712 110 *10712 110 *10712 110
4312 July 83 Mar
600 Hershey Chocolate--No Par 354 Mar 29 72 July 18
58
58
*573 60
4
/
1
4
58
57
58
58
584 57
57 June 83 Mar
3
Cony preferred
No par 64 4 Apr 5 90 July 18
400
8514
*85
877
85
8 85 4 85 4 *84
*8418 86
86
3
3
3 Dec 1212 Aug
14
34 Jan 4 1012June 20
No par
3,900 Holland Furnace
612 7
6
/ 68
1
4
6
/ 718
1
4
5
63
4 6
6
/ 74
1
4
/
1
4
8
234 Dec 103 Mar
2 Mar 2 1012June 7
/
1
4
700 Hollander & Sons (A) No par
*61 714 *64 738
/
4
4
7
73
8
7 4 73
3
718 74
100 145 Jan 16 275 June 19 110 Feb 163 Dec
1,400 Homestake Mining
215 213
230 245
225 230
230 235
23212 235
712 Nov
6 Dec
418 Apr 7 15 June 8
1215
Houdaille-Hershey CIA No par
*1014 1214 1112 1112 123 1212 *12
500
*12
13
8
412 Sept
1 May
4June 9
63
I Mar 2
Class B
No par
43
434 484 3,100
5
418 47
8
414 44
4 458
42'June 574 Jan
4May 16 5114 Jan 12
47
/ 47 '474 50
1
4
100 Household Finance part pf _ 50 433
50
/
1
4
*48
50 "48
*4712 48
8 May 2814 Sept
/
1
4
814 Mar 13 38 July 17
2611 4,400 Houston Oil of Tea tern 1303100
2312 25
273
4 25
2412 2558 2512 28
26
Its May
7
/
1
4July 7
53* Sept
11 Feb 28
/
4
Voting trust otfs new_ _ _25
438 45
3,600
5
8
5
412 43
5
/
1
4
4
5
43
4 58
3
4 3 Dec 1611 Jan
7
512 Jan 3 29 July 17
25
2412 25
*23
4,100 Howe Sound v to
231i 23
4 2412 25
2312 23
/ 243
1
4
2 8 May 113 Jan
7
8July 17
4
3 Feb 28 163
1012 lOis 1012 1112 1112 1212 115 125
8
8 115 1238 13,800 Hudson Motor Car--_No par
8
5 s Jan
3
14 MAY
7 July 13
/
1
4
152 Mar 3
10
8,200 HIM Motor Car Corp1
514 51
3
5 8 512
3
53
4 5
54 61
/
4
512 5
/
1
4
218 Sept
/Jun
1
4
238June 6
/ Mar 16
1
4
_ ____
Indian Motocycle
No par
__
-----------------------234 Nov
1 Apr
412June 21
118 April
10
Indian Relining
3
8
4 *4 _- 1
*4 4
*2314
14 * 3
3 _8
*24 31
7'sJune 40 Sept
No par 24 Apr 4 8212July 17
13,400 Lndustdal Rayon
/ 70
1
4
6214 63's 63
8
4 68
67
6912 685 713
66
/
1
1434 Apr 444 Sept
1914 Feb 27 78 July 18
No par
5,800 Ingersoll Rand
62
x57
65
/ 60
1
4
62
6312 63
57
5912 62
7
10 June 27 8 Sept
8July 7
No par 12 Feb 27 457
1,900 Inland Steel
32
393
4 3812 39
32
35
353
4 38
35
35
7 4 Bent
3
Inspiration Cons Copper_ --20
34May
912June 2
2 Feb 25
1,700
63
4 73
8 *614 7
7
7
/
1
65
8 6
/ •64 7
1
4
3 Jan
/
1
4
1 June
37
8June 8
11 Mar 29
/
4
3,300 Insuranshares Ctfs Ino_No par
234 24
*25
8 234
3
3
3
312
258 23
4
818 Sept
44 Jan 10
3 July
14
4
13 Apr 6
-1
600 Insuranshares Corp of Del
8 31
*258 3
258 258
314 314 *27
2 4 27
3
8
318 Aug
14 Apr
412July 18
No pa
38 Mar 21
700 Intercont'l Rubber
31
314 34 *3
314 314
318 318
*318 314
734 1,000 Interlake Iron
714 Sept
152 July
24 Mar 1 12 July 13
No par
7
/ 738
1
4
71/4
734 7
/
1
4
8
85
8
8
812
34 Aug
14 Apr
538July 18
/ Feb 17
1
4
No par
1,600 Internet Agrioul
358 4
33
4 3
3
34 4
3
312
31
*312 3
/
1
4
3 4 Apr 15 Aug
3
5 Jan 8 2712July 19
Prior preferred
100
900
*1814 20 '1814 20
23'2
4
1914 2012 2012 203 *19
800 lot Business Machines_No pa
524 July 117 Max
75 Feb 2R 15314July 18
/
1
4
*143 146
14918 150
/ 148 148 *142 147'2
1
4
149 149
114 May
54 Jan
278 Jan 16 1078July 7
1
1,800 Internet Carriers Ltd
814 814
4
/ 83
1
4
8
814 83
7
7
78 7 8
7
71 71
/
4
/
4
3 8 June 18
5
/ Jan
1
4
618 Mar 2 40 July 17
5,800 International Cement__No pa
304 31
32
333
4 32
3312 33
31
314 32
/
1
103 July 3418 Aug
8
13 8 Feb 28 46 July 17
5
/
1
3312 34
354 3712 354 3714 40,100 Internal Harvester----No par
3312 34
/ 3412 37
1
4
Jan
4
683 June 108
100
Preferred
100 80 Jan 5 119 July 25
118 118
*116 118 *11638 118 *1163 118 *116 118
8
/
4
2 June 111 Mar
/
1
4
7
212 Apr 4 13 8July 19
4,100 Int Hydro-El Sys ol A__No par
9
/ 10
1
4
9 4 1014
3
9
/ lO's
1
4
9
/ 10
1
4
94 9 4
3
/
1
4
4 Aug
78 June
8June 20
67
114 Jan 4
4
4
600 Int Mercantile Manne_No par
414
44 414
/ 4
1
4
/ *4
1
4
4
418 *3
311 May 1212 Sent
6114 Feb 27 22 July 19
184 1912 133,900 Int Nickel of Canada__No par
/
1
18
/ 20
1
4
191
/
1
17
/ 184 174 1918 19
1
4
50 June 86 Mar
Preferred
100 72 Jan 11 109 Aug 1
100
*104 108 *104 109
106 106 *10412 109 *10412 106
11June 12 Sept
/
4
4July 11
24 Jan 4 213
60 Internet Paper 7% prat_.IOO
15
*15
/ 20
1
4
4
16
*1512 197
8 1514 1514 *153 20
43 Aug
12 June
s
2 Apr21
10 July 10
Stock
2,700 Inter Pap & Pow 21 A_ _No par
5
/ 6
1
4
5
518
5
/ 618
1
4
53* 512
514 54
2 Aug
14 Apr I
318 312 *314 312 1,500
14 May
5 4July 10
3
Class B
No par
*234 338
3
314 338
3
14 Sept
14 Apr
14 Jan 6
4 July 11
Class C
No par
Exchange
2
/ 24
1
4
214 212 3,200
214 212
214 212
214 24
8
11 Dec 123 Sept
/
4
2 Apr 5 2212July 11
Preferred
100
14
1538 1638 1412 1512 3,800
15
4
14
1438 143 15
83 Mar
4
3 Dee
13 July 3
Int Printing Ink Corp_No par
Closed
311 Feb 28
*818 1012 *813 1012 *84 1012 *818 1012 *818 1012
Preferred
100 35 Apr 18 70 June 26 r2434 Jan 45 Nov
*62
68
*534 70
68
*62
*62
68
*62
68
94 June 2312 Feb
3
/
1
4July 5
4
1,400 International Salt
Extra
No par 133 Mar 28 27
*23
24
25
244 25 •
/
1
24
24
233 *2212 23
4
8
204 July 443 Jan
/
1
8July 17
45
46
4712 1,900 International Shoe_ __ _No par 2438 Jan 3 363
474 474 47
4514 4514 45 4 47
3
Pa July 26 Sept
934 Feb 25 59's July 17
Holiday
100
2,000 International Silver
34
40
4212 *37
34
3712 387
8 40
35
37
26 May 65 Feb
/
1
0112
100 2412 Mar 2 714 July 17
*58
7% preferred
60
61
5814 59
60
60
*58
•58
59
3
2 8May 15 4 Sept
5
4July 14
51 Feb 28 213
/
4
1414 1458 145 1518 1514 16
8
8
1514 1612 153 1614 61.000 Inter Telep & Teleg_ __No par
Jan
112May 11
8 8July 7
7
112 Mar 2
6
*5
6
6
64 1,800 Interstate Dept Stores_No par
612
54 6
3
6
6
18 June 5213 Jan
30
3
100 12 Apr 7 40 8 July 12
Preferred
31
31
3012 3012 *28
*30
31
30
30
30
7 Apr
2 Dec
13
11 Jan 24 1114July 7
/
4
No par
Intertype Corp
*73 1012 *75 1012 *73
8
4
94 *73 1012
4 9
/ *8
1
4
8
1014 Apr 2012 Aug
II Feb 27 32 July 15
1
*24
500 Island Creek Coal
27
4 2512 2512
243 243
4
4 2512 254 2412 243
1518 May 35 Feb
No par 23 Feb 27 45 July 7
500 Jewel Tea Inc
39
39
*37
38
39
39
39
39
*37
39
8
10 May 333 Sept
3
No par 1214 Mar 2 60 8July 17
43
44
465 483 27,200 Johns-Manville
8
4
4414 465
8 464 49
/ 4614 50
1
4
/
1
4
45 July 99 Jan
100 42 Apr 6 10614July 11
Preferred
*8518 94
200
92 105
*86
92
92 92
*86
90
Jan
30 July 84
20 Jones & Laugh Steel pref _100 35 Feb 1 91 July 18
*80
84
*80
84
8
8
8 807 807
*80
83
/ 807 807
1
4
8
9 Mar
14
3 May
9 8June 9
3
258 Mar 15
8
8
814 814 1,800 Kaufmann Dept Stores $12.50
8
8
8
s 8
84 x77
8
454 July 143 Sept
8 8 Feb 27 1912July 5
7
Kayser (J) & Co..
.
25
1414 1414 *1312 1412 1412 143
3,100
/ 15
1
4
1538 14
4 15
--- -_-618July 13 --7 Mar 2
8
5
4
4
414 414
414 43*
44 47
412 4
/ 6,300 Kelly-Springfield Tire
1
4
8
--- ------ ---8 Feb 28 3118June 2
21
No par
22
6% pret
*2012 23
700
*2112 23
24
24
*20
23
8 May 12 - --.... --- --2 Feb 27
KelseyHayesWheel conv.cLA I
*518 6
*5
6
"5
6
'518 6
*5
6
-- -,-4June 26 -_
63
2 Mar 27
*312 5
Class B
1
*312 5
*34 5
*3
/ 5
1
4
*31 5
/
4
111
1
4
- May -- / Feb
24
I 312 July 18
10
34 Feb 28
No par
1014 10
8
8 107 111 105 107 12,900 KeivInator Corp
10 8 1014 107
3
8
s
/
4
17 July 38 Feb
*52
62
*52
57
40 Kendall Co pt pf ear A_No par 30 Jan 10 73 July 8
57
57
60
15814 617 *58
8
4 June 1914 Sept
/
1
4
1878 1912 19
/
4
20
73 Feb 28 251July 19
8
No par
19
/ 21
1
4
/
4
2014 211 204 211 71,500 Kennecott Copper
/
4
611 Dec 1912 Jan
*17
574 Apr 6 2538July 7
20 '17
No par
100 Kimberley-Clark
*174 20 '1814 20
20
20
20
18 Apr
5 Sept
6,
June 7
*4
438 4
412
1 Apr 3
No par
412
412
/
1
4
300 Kinney Co
8
412 412 *43
8 45
3 June 19 Aug
30 July 7
*1414 227 *1418 20
8
ON Feb 14
No par
Preferred.
200
23
23
*15
23
23
23
s
63 July 19 Jan
1114 12
8July 8
1112 12
54 Mar 2 167
10
111 123
/
4
/ 20,400 Kresge (68) Co
1
4
4 1214 13
1212 12
88 May 110 Mar
*1003 102 *100 4 1017 *1003 1011 *1003 102 *1003 102
4
100 88 Apr 4 105 June 14
4
/
4
3
8
7% preferred
4
4
18 June 37 Jag
Kress (S lit & Co
*34
39
*34
No par 27 Jan 17 4414July 13
3812 '344 3812 *34
384 *3618 38s
10 May 187s Mar
3558July 11
25
2614 26
144 Fob 2
2712 7,300 Kroger (Roc & Bak___No par
264 27
/
1
8 27
2712 12718 277
4
25 May 563 Jan
3118 317
8 314 32
--__No par 2218 Mar 2 414July 17
3112 323
6,900 Lambert Co (The)
13 313 3214 31
32
4
2 May
7 s Aug
3
3 Feb 8 1012June 28
Lane Bryant
'6
*512 7
No par
*6
7
7
*6
7
*6
7
818 Sept
11 Apr
/
4
8
/ 83
1
4
4 *9
3
10
3 4 M ar 2 123* July 19
5
83
4 912
1,300 Lee Rubber & 'Fire
914 91
912 10
3 Apr 11 Aug
/
1
4
*16
18
*17
*18
18
5 Jan 5 27 June 20
/
1
4
19
200 Lehigh Portland Cement__50
18
183 184 *17
4
/
1
Jan
40 Dec 75
*75
77
75
75
100 34 Feb 9 75 June 7
*75
90
7% preferred
50
*75
90 "75
90
1 May
44 5
412 45
8
412 4i2
*412 4
/
1
4
43 Aug
4
618July 14
1 Jan 1.
412 412 2,100 Lehigh Valley Coal._No pa
,
114 July 1112 Aug
8
8
84
*712 8
8
24 Apr 10 12 June 19
812 858
812 8ls
Preferred
60
900
8
304 June 517 Sept
67
6618 68
/ 70
1
4
67
/ 68
1
4
1,860 Lehman Corp (Tbe).- _No par 3758 Feb 28 7938July 7
704 713
71
71
*2018 201
6 May 2414 Mar
2014 2014 2014 20 8 21
21
5
5 14 Feb 27 2314.1une 6
800 Lem & Fink Prod Co
205 21
8
2684 25
/ 274 2712 284 273 29's 2734 29
1
4
25
3 May
/
1
4
/
1
4Ju1y 18
/
1
9 2 Sent
3
68,900 LlbbyOwensFordOlassNopar
434 Mar 1 37
4
8
8
/
1
*90
904 904 924 945 945 *93
/
1
8214 June 654 Oct
947 •93
500 Liggett & Myers Tobacco...25 49 Feb 16 9512July 6
948
3418 May 6714 Sept
9114 923
8 93
8July 6
/ 9411 9538 95
1
4
943
4 9412 95
Series B
7,500
96
25 4914 Feb 16 973
Oct
1363 138 •137 140 *137 140 *137 140 '137 140
4
1,200
Preferred
100 121 Mar 22 140 Aug 3 100 May 132
18
177
8 18
'1734 1814 *17
1612 1712 17
14 June 21 Mar
700 Lily Tulip Cup Corp__No par 13 Apr 6 21 12May 16
177
22
8
23
23
22
/ 2514 263
1
4
*203 22
4
812 Apr 193 Aug
5,700 Lima Locomot Works__No par
4 273 293
/
1
10 Jan 17 314July 3
4
*1412 1714 "1412 174 1412 141
•145 16
8
612 June 14 Mar
*145 16
8
100 Link Belt Co
634 Apr 17 1934July 5
No par
8 334 36
9 May 22 Mar
3314 35
/
1
3112 32 8 3112 3318 3314 347
5
14,500 Liquid Carbordo
1014 Feb 25 50 July 18
No par
/ 283
1
4
275
8 27
2512 2614 26
4
3018 273 291 41,000 Loeres Incorporated_No pa
4 28
/
1
4
1314 May 37 Sept
8July 19
.02 Mar 22 323
793 *65
4
75 '65
39 July 80 Sept
75
*65
*6514 75
75
Preferred
*65
35 Apr 4 78's July 19
No pa
5 Sept
3
318
3
3
3
17 June
8
3
3
2
/ 27
1
4
8
2,600 Lott Incorporated
3
414June 8
No par
1st Feb 24
3 per share
24 2 4
3
3
26
29
47
494
*2314 24
*27
2814
6
512
*2612 2912
*614 6
/
1
4
*6
758
*26
30
8012 82
19
2014
$ per share
234 3
2912 30
50
50
*2214 24
2814
*27
612 714
2812 2938
'614 7 8
3
6
7
/
1
4
30
'26
82 82
20
/ 2012
1
4
3
31
/
4
313 3
/
1
4
3
34
3
3
*3
31s
*38
3512 3614 364 38
40
*35
3512 *3512 371
11812 11812 *117 1181 *117 11812 *117 11812 *117 11812
/
4
/
4
8 211 2214
211 2112 2218 211 223
/
4
20 8 2112 21
5
*10312 10412 10312 10312 *10312 10412 *10312 104 *10312 104
23s 21
24 24
212 212
/
1
4
28 2
3
218
218
*16
20
19 "14
/
1
4
20
*14
20
194 •14
/
1
'14
/
4
2012 211 2012 2012
2
0
/
1
8 20
19
/ 193 *204 207
1
4
4
1514 153
4
8 143 15
4
133 1418 143 15
4
*1312 14
65
*50
*50
65
65
*43
58
*42
65
*36
4
26
26 '253 26
*2512 26
26
2512 2512 *24
36
373
4
38
/ 3814 37
1
4
343
4 3412 354 35
*3312
564
544 554 55
4
/
1
8
51
5118 513 514 513 54
*378 4
4
4
4
4
4
4
412
*4
163
4
153 15
8
15
/ *15
1
4
/
1
4
8 143 144 15
144 147
/
1
/
1
4
318 3
314 34
314
*23
4 314 *3
3
3
*15
20
20
16 '15
16
16
16
20
*16
8 314
8 33
s *27
33
314 314
/
1
4
7
278 *2 8 3
278
6
6
618 618
512 53*
,
*512 614 .512 6 4
4 614
4 614 *53
614 '53
64 "5
512 512 "5
8
*1514 1612 1514 1514 *1512 1612 1612 173 5154 17
212 212
4
4 '212 23
/ *24 23
1
4
*214 278 *214 2
914 912
9
/ 912
1
4
914 912
914
9
8
/ 918
1
4
2,100
2,200
10
9,400
100
700
800
2,200
600
6.800
4,100
900
1,100
300
20
300
40
10
800
200
8,400
4 Feb 2
Long Bell Lumber A-No par
512June 19
8
Loose-wiles Biscuit
1914 Feb 27 4212Ju1y 12
26
7% 18t preferred
100 11312May 9 120 Jan 14
Lorillard (P) Co
3
No par 10 8 Feb 16 2514July 6
7% preferred
100 874 Feb 23 10518July 8
Loutslana 011
4 July 12
No pa
is Jan 5
34 Feb 24 29 July 21
Preferred
100
Louisville Gas & El A-No par 13 Apr 8 2534June 13
/
1
4
Ludlum Steel
4 Feb 2.. 2018July 11
1
Cony preferred
8
No par 143 Mar 28 60 July 18
MacAndrews & Forbes
94 Feb 16 29 July 18
10
Meek Trucks Inc
/
1
No par 1312 Feb 27 464July 7
3
'Macy (R FL Co Ina_ __No par 244 Feb 25 65 4July 7
Madbmn fio Gard v t &No par
7 June 26
11 Mar 30
/
4
Magma Copper
8July 19
51s Mar 2 195
No par
MallInson (I1 RI & Co_No par
514June 29
7 Feb 1'
8
/
1
7% preferred
3 Feb 10 264July 8
100
Menem sugar
54 July 10
3
14 Jan 4
.106
94July 19
/
1
/ Jan 6
1
4
Preferred
.10o
'Handel Bros
/
4
.1ttne 10
31
Ill Jan 3
No pa
,
512 Apr 1 23 July 18
Manhattan Sbin .. . _25
.
4 June 12
Maracaibo Oil E2pInr.N. 04.
12 Jan 18
111 Jan 9
/
4
Marine Midland Porn
51, Mar 31
In
•Bid and asked prices, no sales on this day. a Optional sale. c Cash sale. s Sold 15 days. z Ex-dividend. y Ex-rights.
28 Aug
7
/ May
1
4
8
164 July 363 Feb
96 July 118 Oct
9 May 18 Sept
/
1
4
7318 Jan 10818 Sept
Is Jan
214 July
Jan
3 Dec 18
8
84 June 233 Mar
Ili Jan 111 Sept
/
4
615 Jan 26 Sept
94 Aug 1514 Feb
/
1
4
10 June 28 Sept
17 June 6012 Jan
411 Sept
24 Jan
44 Apr 133 Sept
4
12 Jan
4 Sept
4 Aug 1018 Sept
214 Sept
la Mar
314 Sept
14 Apt
1
Dec
434 Sept
9 Aug
3'lJune
Vs Aug
3 Jun
2
fill June 143 Aug
8
New York Stock Record-Continued-Page 6
1208
Aug. 12 1933
or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
111011 AND LOWISALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug..5.
-ondent
Aug. 7.
Tuesday
Aug. 8.
Wednesday
Aug.9.
Thursday
Aug. 10.
FridaY
Aug. 11.
$ Per share $ per share $ per share $ per share $ per share $ per share
.16
1714 1612 17
1718 *16
*163 Ws *1612 17
2
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I
On basis of 100 share lots.
Lowest.
Highest.
Shares. Indus. & Miscell. (Con.) Par $ per share $ per Mars
700 Marlln-Rockwell
6 Feb 27 2014.1une 3
No par
Marmon Motor Car
14,May 5
No par
218June 6
1212 133
128 1338 1311 1483 -. 3- 114 134 147g -1,665 Marshall Field & CO. No par
414 Jan 30 18 8June 3
1
13
31
3218 3218 34
34
8
353
4 343 3512 3412 3514 5,200 Mathleson Alkali WorksNo par 14 Feb 27 383 July 17
2412 2513 2573 257
8 2512 2712 28
4
2818 273 2812 2,700 May Department Stores_ __25
934 Feb 24 32 July 5
*512 6
.513 6
614
6
6
6
6
2,300 Maytag Co
113 Apr 10
63
8
No par
812July 10
*1012 11
*1012 11
1112 1112 •105 1173 *1112 113
Preferred
313 Apr 4 137 JulY 10
8
100
4
No par
8
42
*36
*3912 42
4018 42
Prior preferred
220
4514 *45
44
48
No par 15 Apr 6 4514 Aug 10
*2618 263 *2612 263
2714
4
4
4 263 2712 2753 275 •2612
400 McCall Corp
8
No par 13 Mar 3 30 June 29
2
2 18
214
24
2
212
218
2
24 238 3,800 McCrory Stores class A No par
3g Apr 15
47
8June 8
23
•23
4 278
4 3
25
8 24
318 318 2,600
3
Class B
23
4 38
No par
114 Jan 13
,
6 Jan 3
10
10
10
1114 123 1238 *1014 12
11
10
8
Cony preferred
700
212 Mar 17 21 Jan 9
100
*418 612 *418 612 *44 612 *414 6
*44 612
McGraw-Hill Pub Co_No par
3 Apr 4
818June 12
3318 3212 333
32
8
3 3314 3418 323 3414 3214 3414 22.900 McIntyre Porcupine Mines_ _5 18 Mar 16 377
3July 19
*79
793 80 4 81
80
4
84
86
2,300 McKeesport Tin Plate_No par 4418 Jan 4 934July 18
87
84
3
85
814 87
8
8
77
812 83 15,600 McKesson & Robbins
814
8 83
8
812 914
134 Mar 2 1312July 3
4
5
18
18
18
183 1812 183 19
18
18
8
1,300
18
Cony pref series A
8
25 July 1
13
4 17
8
2
13
4 17
2 18
2
2
3
214
2
10,400 McLellan Stores
3 41' eb 23
5
4
0
F
il
No pa r
338July 11
14
*1318 14
14
14
14
14
15
15
8% cony pref ser A
150
15
218 Jan 16 22 8July 11
100
7
•184 20
20
20
21
Melville Shoe
1914 2038 21
*2114 213
700
83 Feb 27 2258July 7
4
No par
4
14
14
14
14
14
4
154 1458 153
1
2 Mar 1 20 July 19
4 143 143
4 3,500 Mengel Co (The)
*40
41
41
*42
41
47
149
43 4 437 4412 *40
8
3
preferred
re
100 22 Jan 28 57 July 18
*1418 17
*1512 17
1753 18
183 .16
18
8
1,200 Me7s%ta Machine Co
18
5
7 Feb 24 2014June 28
*1812 1912 •19
1912 •19
200 Metro-Goldwyn Plot pref__27 1312Mar 1 20,4June 7
3
1912 1912 193 *19 4 1973
4
6
612
612 612 2,100 Miami Copper
6
6
638 64
63
8 67
8
5
158 Mar 3
93
4June 2
1118 1112 407 1112 1114 12
117 1238 113 12
8
8
6,300 Mid-Continent Petrol__No par
8
334 Mar 2 16 July 7
13
133
8 1414 1414 1412 1518 144 15
133 133
4
3 Mar 2 173
4 2,200 Midland Steel Prod- ---No par
4July 7
*58
*58
65
65
69
69
65
65
*6712 71
200 8% cum 1st pref
100 26 Mar 3 70 June 9
*2012 24
*2012 24
*2012 24
Minn-Honeywell Regu_No par
*2012 234
*2012 24
13 Apr 4 38's July19
312 33
3 3 34
3
312 3 8
5
314 34
78 Feb 3
4
34 33
4 3,200 Minn Moline Pow Impl No par
5 42u1y 18
3
*163 20
4
20
24
*163 20
2018 204 .18
4
20
Preferred
200
No par
8 Feb 7 30 July 18
1412 1412 1412 1512 1612 1719 1712 18
1712 18
3.200 Mohawk Carpet Mills_No par
7 Jan 23 22 July 17
66
*64
6812 73
69
66
71
Monsanto Chem Wks_ No par 25 Mar 3 7412 Aug 10
7412 6812 7112 9,100
2058 2112 21
213
8
4 213 2314 23
4
2414 233 25 171,600 Mont Ward & Co Ino-No par
83 Feb 25 287 July 7
8
8
*47
47
47
48
477 50
8
5018 5112 50
1,300 Morrel (J) & Co
50
No par 25 Jan 6 56 July 3
1
1
1
I
118
118
1
118
114
18 Jan 9
1,
4 3,300 Mother Lode Coalltfon_No par
218June 22
34 37
8
312 37
8
34 4
3
434 July 27
33
4 4
14 Jan 3
4 418 16,900 Moto Meter Gauge&Eq No par
33
21
21
23
2112 22
2414 24
2418 4,400 Motor Products Corp. No par
2512 24
4
78 mar 1 3212July 1
914
pis
912 1014 10
94 94
87
8 5,600 Motor Wheel
8 97
104
No par
113 Mar 1
1154 July 10
64 612
63
4 7
612 612
67
8 7
7
1.300 Mullins Mfg Co
714
11: Mar 21
No par
10 July 18
3
*17
8
173 173
19
8 18
187
8 177 187 •1812 19
8
Cony preferred
80
8
5 Mar 21 25 June 9
No par
*12
1514 *12
1514 *1212 1514 •13I2 1514 *1312 1514
Munsingwear Inc_ _ __. No par
5 Mar 30 183
8June 27
814 812
812
8
812 87
813 814 6,900 Murray Corp of Amer
812 83
3
4
10
158 Feb 25 1112July 17
183 •14
.14
8
*14
Myers F & E Bros
16
1814
18 4 *14
,
1814 *14
No par
8 Jan 25 2012Ju1y 10
1812 1914 19
2118 223
20313 2012 22
4 2114 2218 28,100 Nash Motors Co
No pa
1112 Apr 12 27 July 10
6
6
618 612 3,200 National Acme
6
63
63
s 64
3
,
54 512
10
118 Feb 28
73
4July 7
*7
712 *612 74
*612 7
7
97 July18
7
73
*7
4
100 National Belles Hess pref_ ..100
14 Jan 27
5314 53 4 5414 5412 554 5412 5512 5412 5553 9,100 National Biscuit
,
53
,
10 3112 Feb 25 605
8June 28
140 140 .13814 145 •13814 145 *13814 146 *13814 146
7% cum pref
100
100 118 Mar 3 140 Aug 7
17
167 17
8
173
19,100 Nat Cash Register A _ _ _No par
1912 1814 19
3 1712 1812 18
54 Mar 2 23 July 19
5s
194 20
194 20
2018 20 4 203 215
3
8
8 2012 213 24.100 Nat Dairy Prod
8
No par 1012 Feb 27 253
4July 19
112 112
8 *112 15
112 15
8
Nat Department Stores No pa
112 112 •112 15
8
700
18 Mar 15
212June 26
•5 8
3
*512 7
8 612
8 64
53
*53
4 53
50
4 •55
Preferred
100
14 Feb 23 10 June 6
85
9412 8814 95 2 8813 923 124,000 National Distil Prod__ _No par 167 Feb 15 1247 July 17
90
874 8612 90
3
,
s
8
$2.50 preferred
40 24 Feb 8 115 June 28
4
Nat Enam & Stamping _No par
4
-;;Orz -121- *912 1214 *912 1214 ;167 -fit;
"fil:t
6 Feb 2 1614July 7
Stock
*105 119 *105 119 •110 119
119 119 •112 120
100 National Lead
100 434 Feb 23 125 July 19
125 125 •125 135 •125 130 *125 130
*125 135
Preferred A
100
10 101 Mar 1 125 July 10
Exchange *99 105
•99 105
*99 105 •100 105
•95 105
Preferred 13
100 75 Feb 23 10918July 19
143 1514 1518 15 8 1514 15 8 515
1412 15
4
5
153
7
8 9,000 National Pow cif Lt____No par
67 Apr 1
8
20'2 July 13
Closed
39
43
39 4 4012 41
45
3
46
455 16.800 National Steel Corp...No par 15 Feb 27 3518July 7
4612 45
8
1514 15 8 15 4 163
3
3
4,000 National Supply of Del
8
8 164 1814 177 1812 1712 18
50
4 Apr 6 285
8June 12
Extra
*44
49 •44
46
49
46
•44
47
20
*44
49
Preferred
100 17 Feb 23 6014June 3
458 45
418 418
8
414 414
478 512 3,500 National Surety
47
8
8 55
114May 3
1
8N Jan 6
22
Holiday
2312 2212 23
23
23
233
13.400 National Tea Co
2314
4
2412 23
No par
812 Jan 4 27 July 18
812 *7
*7
10
*7
Nelsner Bros
812 *7
812 *7
812
No par
112 Jan 16 1218June 26
_
Nevada Consol cooper.No par
4 Feb 28 113
8June 2
4
812 812
853 918
8 - 83
83 -14 _1,500 Newport Industries
,2
4
394
,
1
13 Mar 29 I13
8
4July 5
*15
1612 *15
174 1712 1712 *15
300 N Y Air Brake
163
4 1738 1712
No par
64 Apr 4 2312July 7
6 4 64 *6 4 63
,
,
712 9
8
8
620 New York Dock
818 84
83
4
412July 22 1178June 23
100
1214 1112 1112 1112 1518 14
12
1,650
Preferred
153
4 1312 14
100
64 Mar 30 22 June 23
118 114
118
114
114
114
114
14 1 4 4,500 N Y Investors Inc
114
No par
,
12 Apr 3
23
4June 12
195 2018 2014 217
8
8 2112 2212 197 2218 2018 21
8
40,000 NY Shipbidg Corp part stk_ _1
132 Jan 4 2212 Aug 9
8412 843 85
.78
8
857 857
8
85 •8214 85
3 83
7% preferred
80
100 31 Jan 9 90 June 19
100 100
10178 1017 *9712 1013 *9713 102 •9713 102
8
4
30 N Y Steam $6 pre(
No par 80 Mar 24 10172 Aug 8
•106 10614 107 107
107 107
107 109 •107 109
100
$7 let preferred
No par *9314 Apr 25 110 Jan 11
3113 313
323
8
8 323 3318 3212 333
4 32
8 313 327
4
8 9,000 Noranda Mines Ltd. No par 173 Jan 14 37 July 19
8
24
243
8 25
4 2418 247
2613 245 2614 2414 2514 37.200 North American Co._.No par 154 Apr 4 36l July 13
8
_No
42
41
41
*41
407 41
8
*39
403
4 3914 393
Preferred
700
50 32 Feb 28 46 Jan 12
54 6
3
6
61 22,700 North Amer Aviation
,
54 6 4
6
3
63
4
63
6
4
5
9 July 17
4 Feb 27
4
*693 74
*693 74
4
*694 74
74
74
74
•71
200 No Amer Edison pref_ _No par 48 Apr 19 79 July 13
8
*512 612 *512 612
612 612 *513 638 *513 63
100 North German Lloyd
5 May 18 10 June 7
•3212 37
*3212 37
*3314 37 •34
38 .34
Northwestern Telegraph...50 263 Apr 27 43 June 6
38
4
8
412 41
413 414 *418 43
412 5
412 47
8
1,800 Norwalk Tire & Rubber No par
57 July 18
14 Feb 23
113
8
4 115 13
11
123 13
1112 11
1212 13 4
4
38,700 Ohio 011 Co
,
No par
4114 Feb 27 174 July 6
4 .5
43
4 514
54 55
43
8
54
5
5 4 5 4 4,700 Oliver Farm Equip_ __ _No par
,
,
112 Feb 27
83
4July 7
20
1712 1712 •17
183
221
4 1918 20
900
2012 •16
Preferred A
314 Feb 28 30 4June 9
No par
3
2 6
514 512 •53
54 6
3
53
4 6
54 57
8 1,700 Omnibus Corp(The)vto No par
124 Mar 2
83
4July 18
*712 10
.
1,814 1018
*918 10
10
*9
10
10
200 Oppenheim Coll & Co.
212 Feb 26 15 June 2•
.No par
Orpheum Circuit
_100
13 Jan 31
8
7 June 9
If" 173 17 4 -ii -154. 177 18, W 18 ib:i6 Otis Elevator Inc pref. par 1018 Feb 27 2514July 18
1
4
No
10212 10212 104 105
104 105 *102 105 •102 110
70
Preferred
100 9312 Apr 5 106 July 19
6
58 6
3
54 6
6
3
63
6
3
54 6
3
4,900 Otis Steel
114 Mar 1
No par
(Patine 13
13
•10 8 13
3
13
13
14
14
•133 164
13
4
400
Prior preferred
24 Feb 28 213
100
4June 13
7718 787
827
79
3 79
79
77
8 78
10,900 Owens-Illinois Glass Co....25 3113 Mar 3 964July 13
80
82
25 4 26
3
25 4 2614 257 263
2512 253
8
3
4 2514 263
4 8,700 Pacific Gas & Electric
25 20 Apr 7 32 July 12
30
303 31
30 4 3012 303
3
4
5,000 Pacific Ltg Corp
8
8 303 3118 3114 32
No par 254 Mar 31 4332 Jan 11
2312 2313 2414 243
8 2338 243 *233 243
2412 247
4
4
8 1,100 Pacific allifs
6 Feb 21 29 July 5
100
*90
91
•90
92
92
*91
91
92
91
30 Paciflo Telep & Teleg
92
100 65 Mar 3 943
4July 14
512 514 49,800 Packard Motor Cur..
43
4
43
4 54
5
518 55
8
58
5
.No par
13 Mar 24
4
67
8July 14
12
12
*1014 14
14
•11
•1014 14
100 Pan-Amer Petr & Trans new_ 6
*1014 14
14 July 10
8 June
*2112 225
8 213 23 4 •215 23
8
4
23
25
23
2318 2,400 Park-Tilford Inc
,
No par
4July 13
6 Jan 2
0 323
13
4 •113 13
14 13
17
8
4 *112
4
500 Parmelee Transporta'n_No par
17
8
14
13
4 Mar 21
3 July I
*17
8 2
4 2
13
4 13
17
8
4 *13
17
8 2
17
8 1,200 Panhandle Prod & Ref _No par
as Apr 18
414June 21
17
8 2
178 2
17
8 2
2
17
8
17
8
17
8 7,200 Paramount Publlx ctfs. __ _ _10
18 Apr
212June 6
27
8 3
3
3
318
3
27
8 31
27
8 27
8 5,40 Park Utah C Al
N Jan 9
I
414 July 18
178
8
112 15
17
8
112 17
112
17
13
8
15
s
8 3,600 Pathe Exchange
No par
14 Jan 4
212July 10
712 8
8
71 4
8, 812
81
73
4
3,300
Preferred class A_ __ _No par
77
8 8
97
114 Jan 25
8July 18
4
1614 163
1634 173
8 163 1714
4
8 1612 167
8 163 17'4 4,800 Patin° Mines& Enterpr No par
53 Jan 16 221s July 17
3
47
8 5
47
8 5
54 5
55
518
8
53
54 514 11,300 Peerless Motor Car
12 Feb 16
3
918July 17
5312 53 8 533 5413 5412 553
53
4
7
53
37
8 56
3,800 Penick & Ford
No pa z2512 Feb 27 577
8July 14
4158 4214 43
4413 4312 4412 12,400 Penney (JO)
43
8 41
3
39 4 415
No par
473
1914 MAK'
8July 18
10513 1051 •105 108 *105 108 •105 108
•105 108
Preferred
100
100 90 Jan
108 Aug I
612 74
7
71
612 65
8
63
8 63
612 7 4 2,700 Penn-Dixie Cement._.No pa
4
,
912June 19
44 Jan 25
1912 20
213 •19
*19
*18
22
*16
22
20
Preferred seriee A
20
32 July 5
418 Mar
100
541
4
543 551
53
57
5.)
4
5518 563
4 2,300 People's G L & C (Chfc)_ _ _100 414 Apr 1
533 55
78 Jan 9
12
•1012 12 '11
11
12
•I112 13
12
11
400 Pet Mils
No pa
1514June 8
61: Feb
934 111
95 10
105 1118 1012 103
8
8
4 8,700 Petroleum Corp of Am_No par
9 2 93
4
,
44 Jan
15 July 3
151
15
1434 153 18,500 Phelps
145 147
1518 16
8
8 147 151
8
8
-Dodge Corp
25
44 Jan
1812July 19
31
31
32
*31
32
3112 3112
*3114 3212 31
600 Philadelphia Co 6% pref..50 25 Apr 1
36 July 7
62 .55
.55
60
57
*55
57
65
.57
60
200
No par 47 May 1
$6 preferred
62 July 8
612 67
64 63
6
6
4
63
63
8
8
8
614 65
8 6,600 Phil,& Read C & I._ No par
212 Feb 2
912July 14
125 13
8
*123 13
4
13
*123 13
1212 1212 13
4
500 Phillip Morris & Co Ltd....10
8 Feb 33 147
8June 7
14
*9
14
*11
14
*9
*9
14
*8
14
Phillips Jones Corp._ _.No par
3 Feb 8 163
4July 18
8
1212 1314 13
1212 123
144 133 1438 133 14
8
4
No par
43 Jan 4 17 s July 12
4
15,100 Phillips Petroleum
7
9
*94 104 •9
*9
107
107
8
10
8 *9
14 Mar 15 I278June 7
20 Phoenix Floodery
5
5
5
*5
.512
512 *5
5
5
512 *5
.No par
112 Apr 18 10 June 26
1,200 Pierce-Arrow class A.
118
118
118
1
1
118
14
1
14
118 2,400 Pierce 011 Corp
15
8July 12
25
14 Jan 3
9
9
912 95
912 912
912
*9
8
100
94 10
Preferred
34 Feb 27 1384 July 12
800
15
8
158 *158
178
13
17
4
8
13
134
4
13
No par
4
13
4June 21
38 Jan 23
900 Pierce Petroleum
4
23
24
24
2438 24
2418 2414 23
24
24
24
1,300 Pillsbury Flour Mills__ No par
9 4 Feb 24 267
,
8June 7
*55
60
5918 *533 574
*554 5913 *55 8 5918 *55
5
4
3
Pirelli Co of Italy Amer shares 33 2 Apr 4 60 July 10
*1512 18 •1614 19
•12
19
•12
19
19
100
19
4 Feb 25 23 July 18
100 Pittsburgh Coal of Pa
.40
45
•40
*4212 45
*44
45
•40
45
45
Preferred
100 17 Jan 25 48 July 14
• Bid and asked prices, no sales on this day. a Optional sale. s Sold 15 days. z Ex-dividend. e Cash sale. g Ex-rights.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share
53 May 133 Sept
4
4
313 Sept
13 Apr
3 July 1312 Jan
9 June 207 Mar
8
912 June 20
Jan
1 July
6 Aug
3 Apr 1012 Sept
2218 Dec 3514 Jan
10 May 21
Jan
64 Dec 16 Apr
5 Dec 19 Jan
20 Dec 62 Feb
24 May
712 Jan
13 May 213 Dec
8
28 June 6214 Feb
118 June
612 Sept
34 May 23 Feb
3 July
3
4 Mar
7 Dec 36 Mar
77 Dec 18 Jan
8
1 July
5 Aug
20 May 38 Jan
54 May 1912 Jan
14 June 2214 Jan
113 June
614 Sept
34 Apr
87 Sept
8
2 June 123 Sept
8
25 June 65 Sept
11 June 2312 Jan
%June
33 Aug
8
4 Dee 14N Aug
512 June 14 Sept
133 May 303 Mar
8
4
313 May 1612 Sept
20 May 3514 Mar
Is May
N Aug
14 Apr
114 Sept
73 June 293 Sept
8
8
2 June
64 Sept
2 June 134 Jan
5 June 2712 Sept
7 Aug 154 Sept
218 July
97 Mar
8
718 Jun
19 Feb
8 May 19N Sept
114 May
514 Sept
Is May
6 Sept
2014 July 467 Mar
8
101 May 14214 Oct
z814 Dec 1914 Sept
143 Jun
3138 Mar
14 Jun
21s Aug
114 Dec 10 Aug
13 Jun
2714 Aug
2018 May 3212 Feb
33 July
8
fils Sept
45 July 92 Jae
87 July 126 Mar
61 July 105
Jan
63 Jun
3
20 8 Sept
3
1312 Jul
334 Sept
13 Sept
3,2 Jun
1312 Ma
39, Aug
8
412 Jul
197 Aug
3
312 May 107 Aug
8
112 Apr
512 Jan
2I May1014 Sept
112 June
33
4Sept
414 June 1412 Sept
34 1)ec 10 Sept
20 Apr 30 Aug
34 Aug
12 June
138 Dec
084 Feb
20 June 57 Mar
70 May 100 Oct
90 June 10918 Mar
103 May 213 Sept
4
2
135 June 4314 Sept
2512 July s48 Sept
112 May
Vs Deo
49 July 88 Sept
24 June
8
Jan
16 June 33 Aug
84 Feb
214 Aug
5
Jan 11 Aug
12 Apr
4 Aug
213 May 1014 Aug
45 Mar
183 Jan
978 Jan
3 June
314 June 16 Sept
9 May 2213 Jan
90 May 106 Nov
114 May
914 Sept
31s May 203s Sept
12 June 4214 Nov
167 June 37 Feb
8
20 4 June 47 3 Aug
3
,
314 May 14 Aug
4
68 June 1043 Mar
514 Jan
112 July
-- - -2 Apr "6- Sept
2 Jun
4 June
114 Jan
I4 Doc
Apr
2 Sent
4 may
114 Aug
534 Feb
112 Juno
34 July
94 Sent
44 Apr
3 Juno
4
3234 Mar
16 Jun
13 May 3412 Mar
60 J,,ne 91 Mar
12 Apr
212 Aug
3 Nov8 Sept
Jan
39 July 121
6 Dec 1212 Jail
74 Sept
2'eMay
37 Julie 1138 Sept
8
18 June 41 Mar
48 JUl80 76 Sept
2 June
7 s Sent
7
7 June 13 Aug
312 Apr 12N Sept
84 Sept
2 June
2 Nov
We Aug
114 June
9 Jan
14 Jan
5 Sent
4
313 Jan
9 Aug
12May
14 Sept
913 Dec 2213 Jan
21 June 313 Mar
4
3 May
1152 Sept
17 Der 40
Jan
New York Stock Record-Continued-Page 7
1209
prFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE_ SEVEN I H PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Aug. 5.
Monday
Aug. 7.
Tuesday
Aug. 8.
Wednesday
Aug. 9.
Thursday
Aug. 10.
Friday
Aug. 11.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest,
Highest.
5 per share 5 per Share 5 Per share $ Per share S Per share $ per share Shares. Indus. & Miscell. (Con.) Par $ per share $ per share $ per share $ per share
47 Aug
2 Apr
4July 6
Its Feb 15 113
200 Pittsburgh Screw &BoltNo par
*8
812
8
8
.8
812 812
88
3
8
4
912 June 243 Sept
..
40 Pitts Steel 7% cum pref. _100 1014 Jan 6 3834May 26
37
*33
34
34
34
3618 3618 *34
34
34
*338 412 .3 8 412
12 July
678July 18
12 Feb 8
212 Aug
200 Pitts Term Coal Corp__No par
412 412 "358 512
5
412 412
4 Jan 18 2312July 20
5 Dec 1212 Mar
100
6% preferred
170
15
15
15
*15
18 .15
15
*15
16
18
612Ju1y 18
5 Dec
8
3 Feb 6
4
3114 Sept
25
600 Pittsburgh United
8 512
4
4
4
*43
8
4
5'-. *438 512 *43
14 May 44 Sept
4
100 153 Feb 27 64 July 19
Preferred
10
55
*50
*4812 52
55
*4812 52
*50
52
52
7 June 19
12 Dec
38 Apr 1
41
No par
200 Pittston Co (The)
3 Sept
*4
45
8
*418 434 *418 5
41
412 412
1212 Sept
83 Nov
8
63 Feb 24 1758July 7
4
5
4
4 9,400 Plymouth 011 CO
1014 103
1114 1218 1112 1218 113 113
4 103 11
4
hg May
1114 Apr 3 1334July 7
6% Sept
No pa
1214 125
8 1,400 Poor & Co class B
12
1014 1014
1014 1014 1012 1212 12
8 June 6
114 May
65 Sept
8
15* Mar 23
-Am Tob cl A_No par
700 Porto Ric
43
4 5
5
5
*514 512
5
5
*43
4 514
5
8May
4 May 17
23 Aug
58 Feb 27
4
Class B
No par
*214 212 *214 25
8 *212 3
*212 28 "212 2%
4J
13 July
4
4 Feb 27 403 tine 7
1712 Sept
21
22
2114 23
2314 243
4 2414 2612 2412 2634 22,000 Postal Tel dr Cable 7% pref 100
51,June 1214 Sept
7 Mar 22 22 July 6
Prairie Pipe Line
25
20
20 .16
*1518 1812 *1518 1812 *1512 20
*16
512Ju11e 8
3 June
4
4 Aug
Se Jan 21
No pa
1,800 Pressed Steel Car
314 4
312 312
5
338 338
38 38
5
338 33
8
25 June 17 Sept
8
3 Jan 27 18 Julie 7
100
Preferred
*12
13
*1114 12
*1114 127 81114 15
8
011
12
197 June 423 Jan
8
4
195 Feb 28 50 Apr 20
8
No par
7,200 Procter & Gamble
383 39
8
383 3914 3912 4014 39% 4058 3918 40
8
81 July 10312 Dec
80
5% pre!(ser of Feb 1 '29)100 97 Apr 18 10412 Jan 12
10438 10438 *10212 104
104 104 *10212 104
104 104
15 Mar
8
%May
3June 21
27
14 Jan 3
114 6,300 Producers & Refiner .2.orp.._ 50
118
'
138
114
1
1
118
118
13
8
1
93 Mar
4
1 May
3 Feb 2 13 June 21
130
50
Preferred
5
5
*218 53
4
65
8 738 *6
53
4 53
4
718
28 July 60 Mar
4614 4312 4414 13,600 Pub Ser Corp ot N J- __No par 3314 Apr 4 5718June 13
4412 4512 438 45
4 44
445 453
8
62 June 907 Sept
No par 68 Apr 18 8812 Jan 31
$5 preferred
200
79
79
79
7812 781? *76
*77
*7712 80
80
7112June 10218 Aug
8
6% preferred
100 80 Apr 4 1013 Jan 24
400
96
8 96
8
9718 *9614 9718 963 963
978 9718 *96
9212 May 114 Mar
100 917 Apr 17 11212 lan 2
7% Preferred
100
*106 1073 107 107 *104 108 *104 108 *10412 1077
4
8% preferred
100 107 Apr 25 125 Jan 9 100 July 13014 Mar
100
8
8 120 4 *1155 12012
3
*1155 12112 118 118 *11538 1203 *1155
8
4
83 June 10312 Dec
Pub ser El & Gas of 35_ No par 89127.lay 3 10312 Jan 11
*98 100
*98 100
*99 100
*96 100
*98 100
1012 June 28 Sept
812 Jan 4 9818 July7
>go par
4912 503 10,100 PullmAri Inc
4
483 50
4
49
46
463
4 4512 46% 47
612 Aug
2% June
8July 19
212 Mar 2 117
14 812 10,000 Pure 011 (The)
No par
8
8% 918
818 814
814 8%
814 83
8
50
Jan 80 Aug
100 30 Mar 3 65s July18
54
8% cony preferred
490
5412 5412 54
525* 54
5212 53
53
53
438May 157 Mar
8July 11
57 Feb 24 253
8
No par
7,900 Purity Bakeries
,
4 18 4 187
1912 1812 193
1814 1834 1818 187
8
8 187
212 May 1312 Sept
3 Feb 23 1214 July 8
83
8 9 157,600 Radio Corp of Amer_ No par
812 914
8
812
75
8 818
712 73
4
8
10 June 327 Jan
60 1314 Feb 28 40 May 31
Preferred
700
.28
30
8
*24
287
8 287 28% 3212 3238 *2914 32
8
33 May 235 Sept
8
612 Feb 28 27 July 8
Preferred B
No par
1914 2014 9,100
4
8 183 21
163 17
8
1712 1712 1712 187
534Juns 8
73 Sept
4
112 June
1 Mar 31
No par
a
338 20.800 Radlo-Kelth-Orph
3,
8 338
338
25
8 3
3
23
4 3
43 July x123 Aug
8
4July 3
5 Feb 23 183
1512 2,700 Ftaybestos Manhattan_No par
1412 1412 1412 1518 15
14
14
14
14
812 Sept
218 July
512 Feb 27 2078June 12
10
1,100 Real Silk Hosiery
*12
14
4 1334 14
8
1278 127 133
*1112 1212 12
7 June 30 Sept
Preferred
100 25 Jan 4 60 May 16
20
60
*50
60
*50
60
*50
60 "50
55 55
112 Sept
la Apr
412July 18
14 Jan 3
300 Reis (Robt)& Co
8 3
No par
*27
23
4 3
4
8 23
212 212 *25
.23
8 27
75 Sept
Cl
Dec
1s1 preferred
118 Jan 3 1812June 22
10
100
*1112 15
*115 15
8
15
15
16
*1112 16
*12
712 Aug
I May
212 Feb 23 1114July 17
1
812 87 11,800 RemIngton-Rand
818 83
8
818 83g
83
8 914
838 834
4 June 29 Aug
1s1 preferred
712 Feb 27 3712July 19
200
3112
100
3114 3114 *29
30
30
*28
31
"28
31
5 June 3112 Aug
2d preferred
90
8 Feb 27 3514 July13
100
*2814 32
32
30
303
4 32
*24
30
*2212 30
37 Sept
112 Apr
63
3June 7
9,300 Reo Motor Car
13 Feb 28
8
5
418 43
414 45*
8
43
4
8
37
8 37
8
338 37
17eJune 137 Sept
4 Feb 27 23 July 13
1718 177 25,300 Republic Steel Corp_ __No par
8
1. 8
83
17
18
1638 1714 165 1714 17
8
8
5 June 287 Sept
9 Feb 28 5412July 13
6% cony preferred
100
3,300
*40
41
40% 42
413
39
38
38
3619 37
614 Sept
1 July
400 Revere Copper & 13rass_No par
114 Jan 10 12 June 2
612 7
*6
.6
8
814 *618 814 *714 814
2 Dec 1212 Aug
214 Mar 2 25 June 2
Class A
200
No Dar
1414 16
18
*14
18
•14
•14
18
*14
22
5 8 July 11% Sept
5
6 Feb 27 21I2June 27
No par
*1712 177, 175* 18
183
8 2,100 Reynolds Metal Co
17
18
1818 188 18
3 Feb 12% Sept
4July 12
112 Feb 28 153
No par
1014 1012 1114 1112 1,100 Reynolds Spring
1012 11
10
10
11
11
4912 28,900 Reynolds (It J) Tob class 13_10 2612 Jan 3 5012July 7
2612 June 4014 Jan
8 49
475 483
8 4814 493
4 4812 495
8 49% 493
64 May 7118 June
4
Class A
10 60 Jall 5 623 Jan 21
607
8
8
607 *60
8
607 *60
.60
607 *60
8
607 *60
8
1% July
14 Jun
3 June 8
_
Richfield 011 of Calif_- _No par
_
_ ____ _
14 Feb 21
Oct
12
4 July
Ritter Dental Mfg
612 Feb 25 1634June 29
No par
.2T8 111- ;lira -14 4 *1218 li *1218 1114
71i2T8 - 2 .1
1;f1- -12
912 Aug
112 May
8.1une 8
2 Apr 8 107
5
73
4 1,000 Rossia Insurance Co
75* •7
712
8
714 73
3% 712
,
7% 7 2 •0
4
1218 Apr 233 Sept
8July 18
4
4
*303 3114 *3112 32
315* 313 *303 3112 3012 304 1.400 Royal Dutch Co (NY shares) 1758 Mar 2 363
1754 Sept
45 July
8
4July 19
618 Feb 27 293
10
8,300 St Joseph Lead
25
8 24
263
2238 23
4
2314 2313 233 2412 25
3018 July 5914 Mar
No par 28 Mar 3 62's July 17
7
5118 5212 5112 52 8 5218 5313 7,500 Safeway Stores
5018 5038 4914 51
60 May 90 Oct
67 preferred
120
100 72 Apr 5 9412July 13
92
*91
92
Stock
927 *91
8
*91
91
92
927 *91
8
69 June 99 Oct
100 80 4 Feb 1.5 10414July 25
,
7% Preferred
730
10012 10012 10018 10014 10014 1015* 101 10112 10018 101
73 Feb
8
114 July
214 Apr 3 12 July 1
1012 1,500 Savage Arms Corp__No par
8
105 *10
Exchange
*914 97
1012 10
10
93 10
8
4
12 Dec
4
Jan
58 Mar 3 1014July 11
63
4 67
3,800 Schulte Retail Stores_ ..':o par
4 7
63
7
714
618 7
63
4 7
5 Oct30 Jan
4July 12
318 Apr 25 353
Preferred
100
*217 27
8
*217 27
8
Closed
*2178 27
*217 27
8
*2178 27
18 May 42 Feb
No par 28 Jan 24 44% July 19
130 Scott Paper Co
40
*38
40
40 8 "33
3
39
40
*39
39
39
3
62 Apr 20 8 Dec
7
8 24% 2438 9,600 Seaboard 011 Co of Del_No par 15 Feb 13 33 8July 7
Extra
2218 2218 22% 23
2418 253
223 25
4
1
AD
4July 13
2'4 Jan
43
118 Feb 25
No par
100 Seagrave Corp
"23
4 4
4 4
234 23
4 *23
*23
4 312 *23
4 4
8
373 Jan
97 Jun
8
7
3818 4012 57,100 Sears. Roebuck & Co No par 1212 Feb 25 47 July 17
Holiday
4
8 373 39
35
8
3512 35, 3612 365 383
8
3 Aug
12 July
5 June 7
114 Feb 28
1
400 Second Nat Investors
3
3
314
*3
3
3
8 3
314 .27
*27
*375* 64%
3618 Aug
2114 Jun
Preferred
1 24 Feb 24 48 July 6
100
8
*
8
*373 45
8
.373 647 .373 55
43 43
1 Aug
18 May
8June 2
18 Mar 28
35
No par
178
17
8 1,700 Seneca Copper
17
2
2
2
178 2
17
8 2
53 Jan
8
112 Jun
7I2July 18
112 Feb 4
1
4
55* 53 11,900 Servel Inc,
512 57
8
514 5%
514
518
518 518
5 May 1234 Mar
53 Apr 8 1338July 8
4
No par
4 4.800 Shattuck (F 0)
4 9
918 93
93
4
9
93
4
918 914
938
83
73 Sept
4
112 July
No par
112 Feb 23 12 July 14
500 Sharon Steel Hoop
77
77
.75
8 812
81
*75
73* 8
*7
9
7 Sept
178 June
51
858June 28
212 Feb 27
No par
1,800 Sharpe & Dohme
8
55*
53
4 63
53
4 6
512 58
*512 57
8
1112 July 3014 Jan
8July 13
Cony preferred ser A_No par 2114 Mar 2 417
100
3412 3412
*3412 37
3714 *34% 37
*34
"341s 37
83 Sept
4
212 Apr
115,July 7
312 Feb 17
No par
73
4 818 16,500 Shell Union 011
812
738
75* 838
8
73
4 818
73
4
18 Slay 6514 Sept
Cony preferred
100 2812 Mar 28 61 July 7
600
51
*48
51
847
50
50
4914 4914 4914 50
23 June 133* Sept
4
43 Feb 28 31 July 19
No par
27.800 Simmons Co
2214 23
25 4 2418 2514 2418 25
3
23
237
8 24
712 Aug
47 Feb 28 123
314 Apr
8June 2
914
10
1,300 Simms Petroleum
9
9
*812 9
914
87
8 914
*812 9
212 Feb5 4 Sept
3
8June 2
97
3 Feb 20
25
*614 63
4
714 712
7
614 84
73, 7% 1,100 Skelly 01. Co
7
Jan 3312 Sept
12
Preferred
100 22 Feb 28 57121uly 20
600
*51
5512 5512
.56
56
5512 55 8 55'2 55% 551
3
33 June 193 Sept
4
Jan 3 35 July 14
7
Sloss-Sheff Steel & Iron 100
*25
28
*25
29
*25
28
*25
*25
29
29
2912 Sept
6 July
814 Feb 7 42 July 15
100
100
32
30
7% preferred
3314 *22
30
32
32
*2212 30
30
17 Dec
712 Sept
9 4July 13
3
5 Ma- 31
8
4 618 4,800 Snider Packing Corp_-No par
53
4
5% 614
514 51 2
614 63
614 612
514 May 1214 Sept
6 Mar 23 1512July 7
25
11
4
1114
4
4 113 1212 113 121* 50,400 Socony Vacuum Corp
11
8
113
4 113 123
35 June 67 Sept
*7714 85
100 Solvay Ara Invt Tr pref.. __100 58 Feb 25 92 July 3
81
81
81
*80
85
*78
*78
85
412 Apr 1834 Sept
8July 17
37
41
423
4 4014 413
4 8,600 So Porto Rico Su r_ __No par 157 Jan 12 485
3712 3712 38
3714 41
8612 May 11212 Dec
131 131 *125 131 *125 130 *125 130 *125 129
100 112 Jan 4 132 July 14
10
Preferred
4
153 June 32% Feb
2I5 223
4 2214 2238 2218 223
25 1712 Apr 7 28 Jan 11
6,700 Southern Callt Edison
8
4
4 213 2212 215 22
3 Feb
114 May
4June 10
73
114 Feb 28
•318 5
Southern Dairies cl B_.No par
*3%
5
.318 5
*318 5
*318 5
12 Jan
412 July
8July 14
4 Jan 18 117
•738 10
*712 10
Spalding (AG)& Broe_No par
.712 10
*712 10
*712 10
25 Dec 95 Jan
.40
1s1 preferred
60 .40
100 2518 Mar 28 61 June 27
60
60 .40
*40
60 .40
60
93 Mar
83 Mar
4
*1014 13
412 Feb 18 1512July 19
Spang Chaltant&Co InoNo par
*10 4 13
3
*103 13
4
4
*I03 13 .103 13
4
15 Nov 4812 Jan
*25
28
*25
Preferred
100 1712 Feb 9 50 June 13
30
30 .25
45
*25
*25
30
7
5 Sept
I May
414 45
8 June 12
8
414 4
Feb 28
5
514 5.700 Sparks Withington____No par
412 404
4
8
4
514
'2
*218 33
8 •2% 3
13 Ayr
4
1[2 July
.2%
512June 20
214
378
11 Jan 10
No par
50 Spear & Co
214 *2% 312
8 May 11 Sept
•15
1612 *15
712 Apr 10 22 July 19
1712 1812 1712 1712
600 Spencer Kellogg & Bons No par
17
17
17
57
57
218May 3
5 5 57
5
712July 18
1
8
53
4 6
53
4 618 21,100 Sperry Corp (The) v t c
618
638
18 Sept
7i Dec
*612 13
5 Jan 3 16 June 12
Spicer Mfg Co
No pur
*612 13
*7
13
.8
13
*612 13
2917 *25
•25
912 June 18 Sept
3212June 12
4
291 *25
Cony preferred A. No par 113 Mar 21
2912 *25
2912 *25
2912
483
4 912 5854 91
5 Aug
5 May
8
*834 10
1 Feb 28 133 July 18
500 Spiegel-May-Stern Co_No par
10
1012
10
10
255* 2614 263 27
83, June 17% Aug
27
2814 267 2812 267 28 204,100 Standard Brands
8
No par 13% Mar 2 3758July IS
8
•122 123 *122 123 *122 123
No par 120 July 11 124 May 4 110_ June 123 Dec
Preferred
100
123 123 *122 12312
2 Jan
oi July
6
9 June 12
1 Jun 3
512 S'z
618
55
8 6
614 65*
612 612 1.100 Stand Comm Tobacco_No par
75 June 3414 Mar
133 1412 1312 147
8
2212June 13
1514 1658 1512 1618 15,600 Standard Gas & El Co- No Par
1514 153
4
518 Mar 31
1514 16
16
1612 16
914 June 41 14 Jan
1634
8% Apr 3 2578June 13
No par
4,300
1612 17
17
178
Preferred
*40
*39
48
21 July 6212 Aug
44
"40
48
36 cum prior pret
No par 17 Apr 4 61 June 13
*40
48
*40
48
Jan
*43
.37
47
28 June 75
47
200
4712 4712 *4712 4912 *4412 4812
87 cum prior pret
No , ar 20 Apr 4 66 June 13
,
17
8
17
8 *13
4
214 Aug
17
17
8
8June 2
400 Stand Investing Corp....No par
17
178
.17
17
27
12 Mar 31
8 2
14 JUDO
•10012 101 *10058 101 *1005 101
200 Standard 011 Export pref100 9212 Max 3 102 June 8 z81 June 10012 Dec
101 101
101 101
8
3412 3512 35% 36% 3618 36% 3558 37
3414 35
1518 June 317 Sept
1912 Mar 3 4018July 12
19,400 Standard °H of Callt
No par
19
19 .19
7 Apr 1612 Aug
1912 1912 1912 *1814 '217
400 Standard 011 of Kansas____10 12% Apr 4 26I4May 311
20
8 20
347 3614 36
8
3412 35
3618 37% 3618 367 39,200 Standard 011 of New Jersey_ 25 2234 Mar 3 4115 July 131 19% Apr 373 Sept.
375
8
834 Sept
3 July
*712 10
*814 10
*812 10
4 Feb 16 1112June 14
100 Starrett Co (The) L S No par
*812 912
812 812
214 Sept
21 4
214
214
% May
214
178
17
8 *2
2
214
214
1,200 Sterling Securities el A_No par
3 8June 13
7
5 Jan 11
8
4 Sept
3 July
g
*5
512
7%June 13
113 Feb 10
Preferred
53
8 512
No par
514 514 1,000
554 57
512 512
*3288 35
*328 35
8
164
3214 3214 *3218 35
.3218 35
1312 June 26 Aug
Convertible preferred____50 20 Mar 2 3814 July 3
818 84
814 812
8
838
812 Sera
17 MaY
6,800 Stewart-Warner Corp
8% 87
8% 914
212 Feb 24 1112July 19
10
8 7,900 Stone & Webster
8
8
123
8 123 1314 125 135* 1212 125
75* Sept
1112 1214 12
45* July
No par
5% Feb 27 19'4 July13
512 53 12,500 Studebaker Corp (The) No par
212 May 1334 Sept
5% 6
53
4 6
838June 6
512 57
8
4
112 Mar 20
512 53
52112 23% 23% 253
8
25
25
8
4 247 25
140
Preferred
*2018 23
30 Nov 1047 Mar
9 Apr 3 3818June 5
100
42
42% .42
44
4312 *42
4214 43
800 Sun 011
43
243 Apr 397 Oct
4
No par 35 Feb 25 50 July 18
43
20
10112 10112 x100 100 *100 103
Preferred
68 July 92 Dec
100 89 Mar 16 103 July 26
5100 103 .100 103
2212 2212
22
600 Superheater Co (The)__No par
22
21
21
.2014 21
712 Feb 17 27 July 19
7 June 14% Sept
*2014 21
2 Sept
14 Jan
23
23
4 5,000 Superior 011
23
4 27
8
23
4 3
3
No par
204 2 4
412July 13
54 Jan 4
23
4 23
4
14
1514
14
1414 9,200 Superior Steel
1514
914 Sept
1314 1414 14
214 May
2 Feb 28 223
100
8July 13
127 13
8
11
Jan
1,500 Sweets Cool Amer (The). _50
8
8
8
8 18
812 812
812 914
912 912
1 Mar 22 10 July 19
18* July
2
.11
700 Symington Co
2
2
1 Sept
14 Mar
2
2
4 2
18 Apr 6
No par
.13
3 June 7
2
2
12 May
314
314
318 314
*313 314
3% 314
314
2% Aug
Class A
700
514July 3
li Apr 11
No par
*338
13
13
13
13
*1314 14
1,900 Telautograpti Corp_
4
133 Mar
No par
8% Feb 17
1218 123 14
6 July
163,July 7
12
4% Sept
138 Feb 28
612 6% 14,300 Tennessee Corp
6% 7
1 May
71 4 Aug 10
No par
638 714
618 63
8
53
4 618
235
8 22
4
217
914 June 18, Sept
2858July 7
1
25 10 4 Feb 2-1
225 233 17,500 Texas Cory (The)
8
8
231
21
2112
2238
21
28
29
4
2812 2912 2812 2912 12,100 Texas Gulf Sulphur_ __No par 15% Feb 20 3478July 18
267 28
12 July 263 Feb
261s 27
414
las Mar 3
43, 45*
4 Aug
112 Apr
612May 29
45* 2,900 Texas Pacific Coal &011._ 10
4% 45*
4,
4 414
418 418
812 Sept
11 18June 12
212 June
312 Mar 31
s
73* 77
73
4 704 4.200 Texas Pacific Land Trial._ _ _1
8
712 75*
8
84
,
77
8 83
• Bid and asked prices, no sales on this day. a Optional sale. z Ex-dividend.
y Ex-rights. e Cash sale.
New York Stock
1210
Kecord-Concluded-Page 8
Aug. 12 1933
3i," FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Aug. 5.
Monday
Aug. 7.
Tuesday
Aug. 8.
Wednesday
Aug. 9.
Thursday
Aug. 10.
Friday
Aug. 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share $ per share $ per share 5 per share $ per share Shares. Indus. & Memel'.(Cowl.) Par
.141 15
,
147 1512 15 8 16% 15
s
3
No par
1612 1514j 1514 4,200 Thatcher Mfg
*40
42 .40
41% *40
42
83.60 cony pre(
*40
42
42
*40
No par
93
*714 8
8
•7
8
No par
800 The Fair
8
9
8
91s
70 .50
•50
70 .50
7% preferred
*50
70
70
*50
100
70
64 64
612 7
7
712 8
73
4
No par
4 3,300 Thermold Co
712 73
*1612 1812 *10
18
.1212 1812 1812 1812 *15
1812
1
100 Third Nat Investors
1118 1118 11
11
11
*107 11
200 Thompson (J 11)
*10
.10
25
11
14N I44 1414 1414 145 1512 15
2,400 Thompson products InoNo par
1514 15
15
8
12 6
3
12,400 Thompson-Starrett Co_No par
5 4 614
5% 6
618
5
5% 6
6
*2218 2518 .224 2818 *22
83.50 cues prof
30
2818 *22
No par
*22
2818
75
818 85 10,700 Tidewater Assoo 011
8
83
8 87
8
8
8 18 84
No par
734 77
3
44
44
44
44
4514 45 4 46
Preferred
4612 4612 4712 2,600
100
*17
30
Tide Water 011
*17
30
*17
*17
*1714 35
28
35
No par
.6112 65
65
*61
*6112 6512 *6112 8512 63
100
63
Preferred
100
5% 514
514 512
10
4 2,900 Timken Detroit Axle
538 512
512 53
4
55
8 53
243 2512 25
4
2614 2614 278 2612 2814 2718 28
39,800 Timken Roller BearIng_No par
64 7
718 11,400 Transamerica Corp_ _No par
7
67
8 7
7
7 14
_ No
714
7
11
11
11
11,
4 1114 123
123
4 1214 123
4 3,900 Transue & Williams St'! No par
4 12
57
57
6,4
6
8 8,000 TrI-Continental Corp__No par
6
61
6 14
612
614 63
*70
7018 7018 *67
200
7318 70
70
6% preferred
*6418 70
70
No par
3218 3218 3214 3314 32
33
3012 3012 .31
800 Trico Products Corp
3212
No par
*31
35* 35* *314 37
4
300 Truax Traer Coal
4 *31.2 4
No par
33
4 33
78 8
712 73*
3
712 85*
8
8 12
8 7,300 Truscon Steel
10
8
83
3
3
1,000 Ulm) & Co
4 33
No par
4 *33* 4
*3 8 4
3 4 34
5
33
334 37
*28
29
*2814 29
29 14 30 4 305 313
,
8
3112 3,300 Under Elliott Fisher Co No par
4 31
39
41
4014 42
6.700 Union Bag & Pap Corp_No par
42 18 45
43
455
43
8 43
4014 413
4 41
4312 4312 457
4512 37,200 Union Carbide & Carb_No par
4414 463
4 44
8
4 8,500 Union 011 California
183* 193* 187 195* 1912 2014 1912 20
1914 193
25
173 173
1812 19
4
19
4 18
8 2,400 Union Tank Car
18
187
No par
8 1812 185
3218 333
4
36% 3418 368 338 357 177,200 United Aircraft & Tran_No par
305* 318
4 34
71
65
65
*61
.61
*64
0% pref series A.
300
6612 65
6512 65
50
2238 22 8 228 23
2218 22
22
5
2314 233* 2312 2,700 United Biscuit
100
*105 110 *105 109 *105 108% 0105 1088 107 107
30
Preferred
100
23
4
234 233 25
4
25
273 10,200 United Carbon
2512 2714 26
257
No par
9
9
95*
95*
914 97
93* 1014
9 8 98 59,900 United Corp
3
8
No par
4 35
363
343 353
Preferred
4
5,100
355* 35% 357
No par
358 3612 36
k 412
418 418 .43* 412
8 1,560 United Dyewood Corp_ ..l00
45* 412 *37
412 55
6
6% 612
65
7
8 7
612
75
718 712 4.800 United Electric Coal_ _ _No par
5514 5612 56
4,600 United Fruit
564 5634 5814 5612 5912 5612 57
No par
1912 197
19 8 20
19% 20
5
25,100 United Gas Improve_ _ _No par
1912 2012 1912 20
*9614 9712 *9612 9712 97
100
97
*9612 9712 *9612 9712
Preferred
No par
3
e23
4 312
100 United Paperboard
4 32
4 023
2
4 3,
23
,
2 *2% 3 2 •23
,
100
15
1514 1614 1614 16
600 United Piece Dye Wks_No par
*
16
8
167 167 *1512 1612
.75
*75 100
83 .75
83
*75 100 .75 100
100
61.4% preferred
412
412 412 *4
412
412 412 412
412 412 1,300 United Stores class A__No par
*5.9 100
9912
*50- _ _ *50 100
•50
Preferred Clan A_ _- No par
9912 *50
44
4314 4314 44
44
*4318 45
45
800 Universal Leaf Tobacco No par
45
45
297
2912 *21
8 23
*21
40 Universal Pictures 1s1 pfd.100
293
4 29% 29% *22
30
214 *2
2
214
.218 214
218
2
600 Universal Pipe & Rad__No par
218 *2
1512 1512 1512 157
16
1612 167 1712 1614 1714 6,600 U S Pipe & Foundry
8
20
15% 15 8 *15 4 16
3
600
3
.15 4 16
lot preferred
.1618 1612
16
,
16
No par
US Distrib Corp
•314 5
*314 5 .---5
• 14 5
3
'314 5
No par
114 .11 1
8
*111
114
114
13
158
114
400 U S Express
15* •114
100
*2312 2512 25 4 263
27
4 2612 273
8 26
3
25
2512 1,900 US Freight
No par
123 13
*1112 12% 1214 1214
1314 1314
700 US & Foreign Scour_ _ _No par
1314 1314
75
78
75
*71
*72
7412 75 .7412 75
82
400
Preferred
No par
3
45 4 45% 4612 4612 4914 48
Stock
4518 4512 45
3,300 US Gypsum
49
20
11818 11818 120 120 .118 120
120 120 *118 120
50
7% preferred
100
97
97
Exchange
100 U S Hoff Mach Corp__No par
*818 93
4 *812 934
*812 93
*812 9
72
68
673 7hz 70,400 US Industrial Alcohol_No par
4
65 * 65
74
3
61
63
63
1212 13
Closed
113 1212 1118 1214
1214 13
8
1214 1214 3,300 US Leather v t c
No par
1712 1814 19
3
173 17 4 17
8 3,000
Class A v t o
No par
185* 1938 1818 183
*75
Extra
80 '75
200
80
80
75
*75
75
75 12 7513
Prior preferred v t o
100
9
9
912
9
95* 934
95*
918 3,500 US Realty & Impt- __No par
9
9
Holiday
8 1814 1918 40,400 U S Rubber
1718 1712 175* 1812 1812 1912 1818 197
No par
8 3012 327
29
3112 325
29
31
29
1s1 preferred
6,500
3012 31
100
3 803
7412 73
77
73
793* 75
4
78
793 21,000 US Smelting Ref & Mix __SO
8 75
5412 3412 *517 5412 5412 5412 *5312 5412 54
8
5112
400
Preferred
50
3 553* 53% 555
5214 533
5118 517
79,100 U S Steel Corp
53 4
100
523* 54
95
95 8 9612 9612 98
97
,
96
993
4 97
Preferred
9814 3.000
100
85
85
86
89 89
*90
90
600 U S Tobacco
86
90
92
No par
43
47
47
8 47
45
55
5%
5
53*
5 18 6,700 Utilities Pow & Lt A_ No par
17
2
2
2
2
2
17
17
1% 2
3,600 Vadsco Sales
No par
*714 23
*714 23
*714 20 8 .714 23
.714 23
5
Preferred
100
225 233
8
8 2318 243
243* 257 22,700 Vanadium Corp of Am_No par
243 26 2 25% 27
,
8
614 7
*6
6
614 7
2,490 Van Itaalte Co Inc
618
612
6 12
7
No par
.32
*33
*30
33
35
35 .33
35
33
33
30
7% 1s1 prof stamped_ __ 100
47
3,500 Virginia-Carollna Chem No par
5
5
518
,
414 412
4 2 54
,
42 412
19
19
19
*17
*17
1812 1912 18
*18
300
18
6% preferred
100
80
60
60
*58
*58
*5812 60
7% preferred
*58
*5812 60
100
*798 80% 81
80 8 *79
81
5
80
79
70 Virginia El & Pow $6 p1110 par
79
813*
7
44
43
45
42
47 4 4712 50% 45
,
42
810 Vulcan Detinning
5012
100
*71
8% 914
9
912 3.400 Waldorf System
8 8 854
,
77
8
73
4 8,
No par
5
534 5 4
55* 1,700 Walworth Co
8
5 4 53
53
3
5511
4 57
4
512 57
No par
*13
15
15 '13
16
15
.12
Ward Baking class A.No par
*13
153* *13
5
38 38
3
314 312 1.400
8
034 312
Class B
35* 35*
355 35
No par
1,300
36
35
35
35
35
35
36
35
35
*33
Preferred
100
73
77
77
712 8 137,700 Warner Bros Pictures
712 814
6%
65* 7
5
•17
4 1,000
$3.85 cony prof
20
20
20
2012 2012 2112 *1812 203
*19
No par
*23* 212 0214 212
*3
3
1.500 Warner Qulnland
3
31 1
212 3
No par
1614
1512 8,800 Warren Bros
1518 15 8 15
1614 165
5
8 1512 163* 15
No par
25
480
25
27
25
283
2514 24% 258 25
8 25
Convertible pref. _ No par
4 1812 183
4 1812 2114 1912 20% 1912 193
174 173
4 7,600 Warren Fdy & Pipe_
No par
6
6
6
612 *512 6
612
6 13 1,800 Webster H:Lsenlohr
*6
6
No par
2
17
8
2
17
2%
8
2
218 212
212 212 1,160 Wells Fargo & Co
1
.2612 2712 27
2918 2712 29
2812 293
4 29
2912 7.500 Wesson Oil& Snowdrift No par
05714 59
Cony preferred
*5714 59
59
400
59
4 5812 5812
5814 588
No par
5712 597
8 59
8 643 6778 58,800 Western Union Telegraph_ 100
8
4
6155 6214 66% 645 687
2434 255* 2514 26
2614 2712 2614 2712 2614 2712 7,800 WestIngh'se Air Brake_No par
443
4312 46
42,200 Westinghouse El & Mfg____50
4318 45
395 405
8
8 4012 4178 42
*8712 88
30
.85
8612 8612 873 87% .8712 88
1st preferred
4
88
50
300 Weston Eleo Instruml_No par
912 912 .914 10
9
*812 9
.83
4 9
88
__
100
__ •18
*1512 17
17
Class A
17
•1512___ .18
No par
6014
110 West Penn Eleo class A.No par
6012 6014 - *6014 62
6012 - 62
*6014 62
•6012 50
72
72% *6112 72
.69
69 69
*69
Preferred
72
71
100
40
.58% 64
6% preferred
60
58% 58% 60
5918 5918 5814 5814
100
150 West Penn Power pret
110 110
110 110 *108% 110
110 110 .10812 110%
100
7 98% *98
99
*98
10
99
8% preferred
•98
99
*98
98
99
100
612 612 1,200 West Dairy Prod Cl A_ _No par
718
7
6% 7
.63
63
4 8
4 6%
*212 25*
900
212 212 0212 25
Class li v tø
212 2%
212 2%
.
No par
1,400 Westvaco Chlorine ProdNo par
*1712 18
16
16
163*
16
1618 17
1712 18
2412 24
24
1,100 Wheeling Steel Corp- No par
,
.2212 25
24 8 23
2212 221* 23
24
White Motor
"19
24 .19
24
•19
*19
24 - *20
24
50
*2812 2912 *285 2955 2854 2912 29
8
84 3018 283 28% 1,000 white Hock Min Spr ctt No par
4
1,500 White Sewing Machlne_No par
3
a312
3
212 212
3
212 212
2% 3
s5
912 .5
8
Cony preferred
*5% 9
.5
8
9
•5
No par
31 1
338 3 8
314 314 1,800 Wilcox 011 de Gas
3 Ps
31 1
5
3
*318 3 8
33
5
Vl Ilcox-RIcla Cl A eonY_No par
27
27
*26
•26
27
8
5
4
.25 4 263 *25 8 265 028
3
712 814
75
7 4 5.400 Wilson & Co Inc
,
7% 8%
4
No par
712 73
8
6% 73
183
4 18
8 9,500
Class A
1712 188
No par
147 153
163* 18
8 1514 17
57
4,000
59% 57
Preferred
565
4 56
58
100
5312 53
56
*52
*
4118 425 34.800 Woolworth (F W)Co
10
4
4018 413
8 4214 4412 4418 447 x413 438
8
28
100
5,800 Worthington P & 51
2914 27
233 2334 25
28
2512 26
277
Preferred A
"3712 45
100
*3712 45
*3712 45
*3712 45
*3712 45
Preferred B
100
38
*33
100
35
*32
35
35
35
*31
35 .33
Wright Aeronautical...No par
22
"17
22
22
017
*17
22
22
*17
*17
.4812 49
8 48% 4914 1,500 Wrigley (vra),jr wen _No par
49
4812 487
8
49
487 49
Yale & Towne Mfg Co
25
2314 018
*18
2012 *18
2314
2314 *18
2314 *18
9.700 Yellow Truck & Coach el 0.10
5
558 614
55* 6
5
5
5 12
538 57
.2812 37 .2812 37
Preferred
100
37 .3212 37 '2812 37
030
*1414 1514 .1458 1514
1512 1512 1612 1712 17% 1718 1,200 Young Spring & Wire_ _ No par
2418 2418 24% 25% 2514 27
2712 25% 2612 17,400 Youngstown Sheet & T.No par
26
214 214
900 Zenith Radio Corp -.No par
2
5
212 212
23*
212 212
212
25
57
3
4.600 Zonits Products Corp
6
512 5 8
1
5
5
5s 5 4
614
6
,
554 6 4
-
• Bid and asked prices, no sales on this day. a Optional sale. s Sold seven days. x Ex-dividend
PER SHARE
Range Since Jan. 1
On basis of 100 share tots.
y Ex-rights.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Hightail
$ per share $ Per share $ per share $ per share
5 Feb 15 2218July 19
2 Apr
10 Nov
2758 Feb II 44 July 18
22% Apr 32 Dec
288 Mar 31
1212June 1
212 Dec
8% Sept
33 Feb 28 70 July 5
38 July 85 Jan
1 Feb 28 1012July 17
7 June
8
4 Sept
10 Mar 1
2114July 18
10 May 171 Dee
,
713 Nov 1684 Mar
6N Mar 18 1512June 2
55 Jan 6 177
8July 19
23 June 10 Feb
4
12 Mar 3
912Juue 19
N June
214 Aug
12 Jan 10 30 June 19
12 June 171 Sept
318 Jan 13 10 4July 7
3
2 Apr
53* Sept
2312 Apr 6 55 July 3
20 Feb 60 Seat
914 Apr 20 16 June 5
5 June 10 Aug
45 Feb 2 68 July 6
30 Feb 62 Sept
112 Mar 22
814June 20
2 July
65 Sept
13% Feb 23 3512July 7
73* July 23 Jan
23* NIar 2
912July 13
218 Jan
718 Sept
27 Mar 21 1712July 19
214 July
81! Sept
2N Feb 27
51 Sept
83
4July 7
1I May
41 Apr 8 x75 May 16
42
Jan 72 Sept
2018 Feb 25 387
8July 17
193
8Ntay 3112 Mar
12 Apr 4
514July 15
14 May
318 Jan
2 Mar 3 12 4June 12
,
2 Apr
714 Aug
8 Jan 16
4
614June 19
12 May
3% Aug
914 Feb 24 3912July 7
75* July 243* Sept
512 Jan 13 60 July 18
512 June 115 Aug
8
193 Feb 24 517
4
8July 18
1512 May 363 Mar
8
812 Mar 2 233*July 7
5 July 153* Sept
1012 Feb 21 2284June 2
1184 June 1914 Jan
16i2 NIar 2 4678July 17
612 May 343* Sept
5112 Nfar I 68 June 18
3014 May 58 Dec
1312 Feb 24 275
8July 10
11 July 2812 Mar
92 May 2 2110 July 14
75 July 103 Mar
1014 Feb 25 30%July 17
658 June 18 Sept
1412June 13
47 NIar 31
8
312 June 14 Sept
247 Apr 1 407
8
8June 13
20 June 395* Sept
N Feb 17
67
sJune 21
721 Apr
318 Sept
NIar 31
1
8% July 14
23 July
8
67 Aug
8
2314 Jan 3 6818July 15
1014 hoe 323* Aug
14 Mar 31
25 July 13
9% Jane 22 Sept
85 May 1 100 Jan 9
70 June 99 Dec
% Jan 23
52 July 13
12 Dec
84 Aug
312 Mar 3 217
8July 19
338 June 1178 Sept
Apr 19 85 July 13
50
6412 June 9312 Jan
84 Feb 28
714July 6
% May
3 Jan
45 Mar 21 66 July 20
27 Jan 4814 Mar
5113 July 17
2112 Apr 1
11 May 31 Sept
10 Apr 24 35 June 13
1084 Dec 50 Jan
14 Apr 4
12 Apr
3s July 13
21/1 Aug
6% Mar 1
2218July 5
714 June 1818 Sept
1284 Apr 10 19 May 26
1112 June 165* Aug
2 Feb 23
6 June 13
2 June
5% Dec
3 Jan 30
8
21sJune 8
14 Jan
1 14 Sept
7 Feb 18 2958July 7
312 May 158 Sept
3% Feb 23 173
4July 8
138 June
614 Sept
3812 Max 28 84 July 19
26 June 64 Sept
18 Feb 25 5312July 8
10% June 27 Sept
10114 Jan 9 120 July 26
847 June 105 Oct
8
13* Apr 3 117
,June 8
% Apr
6 Sept
1312 Feb 28 94 July 17
1314 June 3614 Sept
238 Mar 1
17 4July 18
,
1% May
7% Sept
41 Feb 25 273
oJuly 18
314 June 16 Sept
30 Feb 23 7512 Aug 11
4414 June 7018 Sept
212 Feb 28 1412July 7
2 June 1184 Sept
2% Feb 27 25 July 18
114 June 1014 Aug
512 Feb 23 437s July 18
318 June 208 Aug
*
3
1312 Jan 3 84 4July 27
10 June 2284 Aug
31 July 457 Aug
393* Jan 4 56 June 8
1
2114 June 525 Feb
233* Mar 2 6712July 18
8
53 Mar 2 10512July 17
5112 June 113 Feb
59 Jan 9 90 Aug 10
55 June 66 Apr
17 Apr 18
8
8 ,3June 13
7
112 May 103 Jan
8
ss Jan 6
31s July 19
14 Mar
118 Sept
1518 Jan 11 245 Mar 20
12 June 20 Jan
75* Mar 2 38'4 July 19
514 May 235 Sept
15*May 5 10 July 6
2 Dec
7 Feb
147
8Nlay 11 35 June 26
8
73
5 Feb 23
8July 19
.2 Mar
255 Aug
35* Mar 2 2612July 18
318 Feb 1114 Aug
35 8 Mar 31 6312July 18
3
20 Apr 68 4 Nov
3
6514 Apr 17 853* Jan 25
60 June 90 Sept
125 Feb 25 6778June 8
7% July 347 Aug
55 NI ar 29 12 July 5
8
718 May 19 Jan
rs Apr 5
43 Aug
8 8June 27
,
% June
218 NIar 15 20 July 11
214 May 1014 Jan
58 Apr 13
S's July10
84 May
23* Jan
11% Apr 17 447
8July 11
12 May 4012 Mar
1 Feb 25
812July 11
412 Sept
12 June
414 Feb 7 22 July 10
4 June 20 Feb
58 Mar 21
47
8June 10
12May
214 Aug
212 Feb 25 223
8June 19
114 May
83 Sept
*
712 Feb 14 3558June 17
2 June 1712 Jan
5 Feb 20 2114 Aug 9
714 May
1414 Sept
1 Jan 16
8 July 8
5 May
8
2 Jan
18 Apr 11
312June 9
8
13 Sept
14 July
7 afar 3 3712July 18
818 July 20 Sept
40 Mar 3 63 July 18
4284 July 5812 Sept
17% Feb 25 7714July 18
1238 June 50 Feb
1184 Jan 3 35 8July 7
5
914 Apr 1818 Sept
193 Feb 25 5884July 14
8
155* June 43% Sept
6012 Feb 2 96 July 18
5212 June 82 Sept
3% Feb 27 1314July 8
212 Apr
914 Feb
10 Mar 31 2214July 20
13% Apr 19 Jan
30 Apr 22 73 June 14
25 May 80 Sept
Jan
37 Apr 4 778
22 June 76
gJune 14
3312 Apr 6 69'!July 14
20 June 70 Jan
Oct
92 Apr 13 110% Jan 19
80 June 111
81 Apr 3 101 Jan 11
6612 June 101% Mar
1612 Mar
212 Apr 5 11%June 12
312 Nov
8
43 Mar
I June
7 Mar 31
8
414June 12
8
3 June 125 Star
5 Mar 3 2012July 13
71 Jan 4 35 July 3
5 June 15 Sept
67 June 2714 Sept
14 Jan 25 2812July 13
113* Apr I
11 July 2812 Mar
38s July 19
12 Jan 20
214 Aug
43
4JulY 6
'4 Apr
% Apr
1% Jan 14 1012July 8
2% SW,
512June 2
2 Mar 2
814 Aug
2% May
2612July 8
15 Mar 1
1312 June 20% Star
rs Jan 3 11 June 7
I% Mar
%June
47 Sept
4 Jan 3 22 Juno 6
15
8May
19 Mar 2 7212July 15
11 June 31 Mar
2518 Apr 8 507
8July 8
22 June 455 Mar
8
' Ntar 2 397
4
,2July 7
5 May 24'
Sept
1412 June 41
14 Mar 15 51 June 7
Jan
14 Feb 28 47 June 6
12 May 31 Sept
37 Apr
6 Apr 5 24 Nf ay 27
1812 Sept
3412 Feb 28 523
4July 17
2514June 57
Jan
7 Jan 20 23 June 17
612 July
15 Sept
8
73
4July 7
13 June
218 Mar 2
7114 Sept
18 Mar 2 42 July 10
12 May 4018 Sept
312 Mar 30 1918July 19
3 June
1174 Sept
8July 18
711 Feb 28 375
4 May
27% see,
12 Feb 27
312July 18
12 May
2
Jan
4
T1Pe
,
3% Feb 2.
812July 8
0 Ma %
.74
New York Stock Exchange —Bond Record. Friday/ Weekly and Yearly
1211
Olivine and defaulted bonds
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now •'and tnterest"—except for
._
ai
17
71
,*
Range
;
Week's
Price
BONDS
Range
;
Week's
Price
:la
BONDS
,
502 4
c'Friday
Range or
N Y STOCK EXCHANGE i t
Since
F., 2
Range or
Friday
t
N. Y. STOCK EXCHANGE
.,c,„, .tug. 11.
Last Sale
Jan. 1.
Week Ended Aug. 11.
Jan. 1
al
Last Sale.
4. a. hug. 11.
11.
Week Ended Aug.
------------- — —
BUJ
Ask Low
High No Low
Utah
High No. Low
High
Ask Low
tIll
U. S. G00000Intent.
6012 13
4213 62
Dominican Rep Cust Ad 534s '42 M 8 5612 6013 5914
First Liberty Loan—
55
58
1
55
3518 59
1940 A 0 55
18t ser 530 of 1928
.41103.n
,
J D IO2'°,, Sale 102 4110V'. 395 994
334% of 1932-47
_ 55
55
11 03414 56
20 series sink fund 533s-1940 A 0
,
J D 101
__ _ 101 e421012142 ___ 101 1021,44
Cony 4% of 1932-47
3812 40
40
3713 6512
10
Dresden (City) external 78_1945 M N 54--- 39
J D 1011031 Sale 1012 10128, 179 99144 103
'31
Cony 433% of 1932-47
8
1157
8 52
93 1217
Dutch East Indies extl 133_1947 1 J 115,4 Sale 115
J D 1011442 ____ 102 June'33 ____ 101144,102
2d cony 4)2% of 1932-47
126
95
9314 130
1982 M S 12314 Sale 12314
40
-year external 6s
Fourth Liberty Loan—
9134 125,2
1953 M S __-. 119% 11812 11912 20
Mar
.n
-year ext 5335
30
A 0 1020041 Sale 102,11110210n 679 100'1441034
43.4% of 1933-38
9
119
9213 125%
Nov 1953 M N --------118
-year extl 530
30
4211014n 668 103,4.41114u
1947-1952 A 0 110113, Sale 1098
Treasury 430_
2
26
50 Sale 474
50
61
1061632 730 99.1441071444 El Salvador (Republic) 8s A.1948 J J
1944-1954 J D 1061332 Sale 108
Treasury 48
48 July'33 ____
3234 55
J J ---- 48
Certificates of deposit
,
1946-1956 M 8 1041,41 Sale 1041244104 4z 289 98,44110511n
Treasury 34r4s
4
52
4212 55
70 9741102144 Estonia (Republic of) 78.___1967 J 1 52 Sale 52
10242
1943-1947 J D 102131 Sale 102
Treasury 331s
3
78
5812 79
78
79
,
Treasury 3s. __Sept 15 1951-1955 M S 981444 Sale 98104, 981,42 276 931144 99 44 Finland (Republic) ext 8s___1945 NI S 78
5
59% 85
85
8
837
External sinking fund 78_ _1950 M 9 821s 84
Treasury 3438 June 15 1940-1943 J D 1011744 Sale 1011,42101114z 227 98 102,14,
773
19
57
78
77
78
External sink fund 630_1956 NI 5 77
101154110117u 428 961,4110211n
Treasury 340 Mar 15 1941-1943 M S 1012544 Sale
7312
734 19
54
76
7312 74
External sink fund 5338_ _1958 F A
Treasury 333a June 15 1946-1949 J D 991144 Sale 99.44 994,42 252 95444100,4n
5g
7512
7
3
557 7512
,
42100,3n 801 1001,3,1002, Finnish Mun Loan 648 A.1954 A 0 75 ---- 75
,
1941 I A 1001144 Sale 1001,
Treasury 31s
55
7518
External 830 series B._ __1954 A 0 7512 ____ 7518 Aug'33 ---30
19
2215 51
29 Sale 2812
Frankfort (City of) s f 6335_1953 M N
State & City—See note below.
13814 77 118 14118
4
4
973 973 French Republic extl 733s_ _1941 J D 13814 Sale 13712
51 N --------973 Feb'33 ____
N Y City 443e
Slay 1957
13814 38 11124 140 4
1949 J D 13814 Sale 13614
,
External 78 of 1924
German Government InterneForeign Govt. &Municipals.
354 6414
4612 732
1 18 3714
tional 35-yr 530 of 1930_1965 3 0 44 Sale 44
July'33 ____
34
Agile Nltge Bank of fis
1947 F A ____ 33
75
338
3
5 % 86,
4
8
1 % 363 German Republic exti 7s
1949 A 0 73 Sale 7214
35 July'33 __._
33
Sinking fund 6s A _ _ APr 151918 A 0
78 12 German Prov & Communal Ills
6
5
7612
Akershus (Dept) ext 5:3_ _ 1983 M N
7618 ____ 7612
334 5,
4
263 554
4
(Cons Agric Loan)630 A-1958 3 0 3314 Sale 313
8
205
5
15
Antloqula (Dept) coil 7s-A _1945 J J
1412 Sale 1412
5314
64
45
I
8851 N
5314 Sale 5314
5
141*
8 2012 Graz (Municipality)
1412 Sale 14
1945 J J
External s f 7s eer B
11914 1761 101% 1247
934
8
58 207 Gt Brit & Ire(U K of) 5335_1957 F A 1188 Sale 11814
15% 11
19452 J
14 Sale 14
External s f 7sser C
4
3 10514 121%
4
1183
F A --------1183
Registered
8
207
19
15
1412 Sale 1418
1945 J J
External of 78 set 0
8 a9814 39 672 10514
94% fund loan £ opt 1980.1990 M N a9814 Sae a973
1712
10
13
1957 A 0 13 Sale 1212
External of 7s lot ser
Greater Prague—See "Prague"
15
4
1212
1212
External sec of is 2d ser_1957 A 0 1212 14
8
237 23 July'33 ---- 1116
21
284
58 187 Greek Government e f ser 70_1984 NI N
7
13
4
External sec 8 f 75 3d ser 1957 A 0 13 Sale 113
143 237
1
4
23
23
195 23
1968 F A
Sinking fund sec (Is
83
71
19
81
Antwerp (City) external 5s_ _1958 J 0 81 Sale 80
_
20
20
20 July'33
21
17
August 1933 coupon
41
8 54
563
7512
Argentine Govt Pub Wks 85_1980 A 0 55 Sale 5318
10
71 _-78%
67
Haiti (Republic) s f 6s series A_'52 A- 0 7014 Sale 7018
Argentine Nation (Govt of)—
3314 20 02614 59
1946 A 0 33 Sale 3212
755 Hamburg (State) 65
41
5618 63
Sink funds 65 of June 1925-1959 1 0 a56 Sale 5314
23
4
80
3012 33
31
4
303
4012 75
Heidelberg (German) extl 730'50 1 J
5612 36
Exti of Os of Oct 1925._ 1959 A 0 5512 Sale 533
47
7214 12
7214
5814 55 04018 7513 Helsingfors (City) ext 6338-1960 A 0 72 Sale 7114
External of 68 series A.
1957 NI S a5412 Sale 534
3
15 4 31
4
30
a4034 7334 Hungarian Mimic Loan 730 1945 J .1 30 Sale 30
,
55 8 47
External 68 series It.
__Dec 1958 1 0 a55 Sale 53
2018 23
____ 23 June'33 --- 4038 755
Unmatured coups attached_J 1 25
564 30
Esti of 6,01 May 1926_ 1960 M N
5512 Sale 54
19
28 Sale 25
2912
29 6
External 8 t 75 (coin:)_ ...1948 J J
8 47 a4018 75
563
Externals f 6s (State Ity)_1960 51 5 5512 Sale 54
1612 1812
4014 75%
Unmatured coups attached. J --------- 1612 May'33 ---50
57
Eat'68 Sanitary Works_ _1961 F A 56% Sale 54
4018
2
40,8
24
41
19
56
7518 Hungarian Land M Dist 7)0 '61 M N 4018 Sale 4018
8
545 sale 545
Extl Os pub wks May 1927 1961 M N
8
8
2313 40,
4O's
6912
38
25
Sinking fund 730 ser B
1961 M N 4018 Sale 401
52
4812
Public Works extl 530-1982 F A 51
53
314 45
2
4112
497 92
Hungary (Kingd of) e f 730_1944 F A 4112 Sale 4112
6
73
7214
Argentine Treasury 5s .C _ _1945 51 S 724 75
7613 103,2
714 8334 Irish Free State extl of 58-1980 NI N 10212 Sale 10212 10313 80
8
835 169
Australia 30-yr bs_ _July 16 1955.3 J 8312 Sale 83
75 08514 101
97
8
724 84
Italy (Kingdom of) extl 711_ _1951 1 0 967 Sale 95
51
84
External Soot 1927__Sept 1952 M 8 8314 Sale 8314
8
3
89 4 101
3
934
93
4
Italian Cred Consortium 7s A'37 M S 933 99
8818 79
83
777
External g 4338 of 1928...1956 M N
77 Sale 77
97
82
9
92%
8512 968
1947 M 8 9114 Sale 9114
External sec s f loser B
96% 27
Austrian (Govt) 5 t 7s
1943 J D 967 Sale 9412
7 07212 9512
8512 Sale 8412
85's
5712 20 049
64, Italian Public Utility esti 78_1952 3
7
Internal sinking fund 7s 1957 J 1 5712 Sale 55
54
,
45 4 90
103
89
Japanese Govt 30-yr 8 f 6)0_1954 F A 89 Sale 8612
3334 69
3914
418 14
1945 F A
Bavaria (Free State) 6345
3734 4234
3512 81
7614 88
75 Sale 7314
Eat'sinking fund 534s_ —1965 M N
8812 10213
95% 44
Belgium 25-yr extl 630
1949 NI 5 95 Sale 933
Jugoslavia (State Mtge Bank)—
98
87
50
96
External s f 65
1955 1 1 9514 Sale 95
28
12
4
255
Secured s f g 78
947 10812
1957 A 0 2314 263 a2212
23
101
External 30-years 1 78
1955 3 D 101 Sale 99
64
34
2
31
40
34
35
9312 10712 Leipzig (Germany) s f 7s._1947 F A
41
97
Stabilization loan 78
1956 MN a96 Sale 96
494 60
8
,1
54
56
Lower Austria (Prov) 730_1950 1 0 5214 60
Bergen (Norway)—
15 0101 1353
4
127
S878 Lyons (City of) I5
65
-year 6s-1934 NI N 127 Sale 126
Extl sink funds 5e__Oct 15 1949 A 0 75
887 July'33 _ _ _
87
16 0l0114 1354
127
63
_
9034 Marseilles (City of) 15-yr 68_1934 M N 127 Sale 126
89 8 87 July'33
External sinking fund 58_1960 51 S 75
75 23
6
157
Medellin (Colombia)81,0_1954 .1 0 15 Sale 1412
2612 60
10
Berlin (Gertnany) of 630_ _ _1950 A 0 33% 3478 34
35 __4
,
2 3 61,
514 612 July'33 ---Mexican !nig Asstng 4338_.1943 NI N
241.5 57
44
35
External s f 68_ June 15 1958 3 D 33 Sale 33
Apr'30 -- __ _-_Mexico (US) extl 53 of 1899 £ '45 Q J --- - _ _ __ 26
30
15
2
_ _1945 A 0 244 26
Bogota (lily) enlist
,
26 4
,
28 4
313 -1014
8% Aug'33 _ -__
_
107
1945 --- - -- Assenting boot 1899
15
4
22
Bolivia (Republic of) extl 88_1947 M N
88.1014 Sale 1018
57
3 534
8% 57 June'33 _ -- ti
i, _-- Assenting 541 large
312 1312
21
External secured is Ulat).1958 J J
9
812
9 Sale
2
,
24 8
5
5
5 Sale
.--912
7
Assenting 48 of 1904
314 1314
Externals f 78 Wat)
9
9 Sale
1969 M S
5
5
5 June'33 ___
_
_
---Assenting 4s of 1910_ _
,
21 al014 1353
127
Bordeaux (city et) 15_3 2 68_1934 NI N 127 Sale 126
612
25e 8
I.
_- 5512 619
-___ -_Assenting loot 1910 large
8
165
12
Brazil (U S of) external 8s 1941 J D 34 Sale 34
35
214 8
8 11
55
,
5 4 Sale
,
54
Assenting 45 of 1910 small__ _ _ ._-. ,.,
158o 39
42
31
External a t 830 of 1920..1957 A 0 30 Sale 293
4
*
*
•
•
145 39
Trees Os of'13 assent(large)'33 3 1
External e f 0 WO of 1927 1957 A 0 3014 Sale 29%
3012 27
•
•
*
Small-..
22
1212 3612
78 (Central By)
29
1952 J 0 287 Sale 2712
8
90
74
8434 32
7213 Milan (City, Italy) extl 630 1952 A0 8414 Sale 84
3
Bremen (State of) exti 76._ _1935 51 S 555 Sale 54
45
8
555s 29
8412 7312 Minas Geraes (State) Brazil—
12
Brisbane (City) 8 f 58
70
6818
1957 M 8 68
70
36
12
4
3238 12
External 5 f 6338
1958 M 8 313 Sale 313
8
637 73
1958 F A 7012 Sale 681*
Sinking fund gold 58
7012 20
32
20
6
4
114 3
Ext sec 630 series A
1959 M 5 3134 Sale 313
1950 3 D
7018 7813
11
20-year a f Oa
77 Sale 77
77
12% 38
3512 18
Budapest (City) cal 8 f 68_1962 1 0 32 Sale 31%
2413 3518 Montevideo (City of) 78.-1952 3 D 35 Sale 35
7
3234
30
11
27% 11
27% Sale 27
Externals f Os series A...1959 NI N
64
37
Buenos Aires(City)630 211 19553 J 46
IS
46
4412
58
7113 814
8
8134 35
3714 5418 New So Wales (State) extl 5o1957 F A 8114 Sale 805
1
External of 6s eer C-2_ 1960 A 0 50
51
51
62
81%
71
52
815
8134 Sale 8014
Apr 1955 A
External s f Ss
340, 64
2
External s f Os set C-3_ 1960 A 0 46
50
50
53
47
8112 9712
9312 Sale 9234
95
A
1943 F
4212 Norway 20-year ext Os
16
30
Buenos Aires (Prov) extl 65_1961 M 14 36 Sale 35
30
811 98
9312 10
93% Sale 9212
1944 F A
-year external 65
20
8
Stint (Sep 1 33 coup on)101)1 M S 34 Sale 3312
2012 417
47
3.5
4
4
9212 30 a8012 965
-year external es
1952 A 0 90% Sale 903
30
External of 6345
17% 3934
1961 F A
____ 3618 Aug'33 _
30
8 22 a74l2 9414
895
1965 .1 13 8812 Sale 87
-years f 5338
40
Stud (Aug 1 '33 coup on)1981 F A
21
418
16
35
34 Sale 34
8812 64 67212 92%
External s f 55_ __Mar 15 1983 M 8 8712 Sale 8718
2318
14
211* 2012 July'33 ____
20
Bulgaria (Kingdom) s f 73_1967 1 J
7414 86
5
86
86
02112 27%
Municipal Bank extl s I 58_1967 J D 8518 87
Stabil'n if 733s.. Nov 15 1968 SIN
23 Aug'33 _
25
23
3 675
8518
854
8
_ _ 85,
Municipal Bank exti a f 55_1970 JP D 851
Calcium Dept of(Colombia)7331e46 1 J
20 Sale 18
18 11 24
21
5212
25
24
33
Sale 305s
33 8Ntlremburg (City) extl 8s_ _ _1952 F A
Canada (Dom'n of) 30-yr 45_11091 A 0 9014 Sale 898
91
79
112
91
72
35
34
67
Oriental Devel guar Os
1953 M 8 651, Sale 6514
55
9018 103
1952 M N 103 Sale 1011
. 103
149
31% 71
28
63
8
Extl deb 530
1958 N1 N 63 Sale a607
430
934 101
1936 F A 1007 Sale 100
145
101
8
91
80
4
91
88
Oslo (City) 30
86
-year 8 f 6s
1955 M N 8512 90
1954 1 J
Carlsbad (City) 8188
69
7112 75
70 July'33 ____
Cauca Val (Dept) Colom 730'46 A 0 1814 Sale 17
811 21%
9
181s
85 102 4
,
2
9913
Panama (Rep) eat' 534e
1953 3 D 9912 Sale 9912
Agric Bank (Ger) 7o_.195)) M 9 5612 Sale 553
Cent
4
39, 75
59% 119
1814 46
341p 35
19
3514
8
317
Ext.' of 5s ser A __May 15 1963 M N
_Farm Loan of 6e__July 1 1960 J
3212 87
42 2 65
.1 4034 Sale 40
4
133 21
15 Aug'33 ___
16
Farm Loan of 6s_Oct 15 1960 A 0 40 Sale 39 4
3212 6673 Pernambuco (State of) extl 78 '47 M S 15
60
41
,
1612
a3
3
1314
137 13
7512 Peru (Rep of) external 7s__ _1959 M S 13
Farm I.oan 60 ser A Apr 15 1938 A 0 4614 Sale 454
89 a38
47
312 1434
95
1014 15
8
Nat Loan extl a f 6s lot ser 1960 2 0
98 Sale
Chile (Ben)—I.:3U 5 f 7s. _ _1942 51 N
4
53 21
4
1312
4
123 Sale 124
38 1414
4
93
1034 23
Nat loan extl 8 f 69 2d aer-1961 A 0 10 Sale
External sinking fund 6s.1960 A 0 12 Sale 1112
1712
5
55
13
524 6212
2
61
61% 61
1940 A 0 61
Ext sinking fund 6a_ _Feb 1981 F A
478 1714 Poland (Rep of) gold 6e
12 Sale 1134
8 15
123
5114 73%
93
69
70
47 1714
1947 A 0 684 69
Stabilization loan of 7e
Jan 1961 J J
Ity ref ext s f 66
12 Sale 1112
1212 64
4
74,
19 a59
70
6912
1950 3 1 6915 70
External sink fund g 8s
fund 6s_ _Sept 1961 51 5 1212 Sale 12
174
Ext sinking
5
1212 15
91 30
2
26
26
27
1961 J D 25
1712 Porto Alegre (City of) 841
External elnking fund 88...1962 M 8 1214 Sale 124
5
1212
8
I
4
83 3013
2312
19
2914 2312
Extl guar sink fund 730_1966 3 J
External sinking fund 6s.1963 M N
12 Sale 1112
17
5
1212 52
7714 93
8
88
85
8618 90
Prague (Greater City) 7%,..1952 M N
Chile Mtge 111 645 June 30 1957 .1 0 13 Sale 12
714 IS
131 2 21
%
357
28
49
63%
912 2012 Prussia (Free State) eill 630 '51 51 S 34 Sale 31
i
4
183
S f 64s of 1926_ _June 30 1961 i D
184 Sale 18
2712 814
94
35
3
Apr 30 1961 A 0 125 Sale 1212
68
1962 A 0 3312 Sale 333
External a f Os
Guar a f
613 1738
9
13
8
88 101
17
99
8
987 98
Guar a I 6e
17
612 16% Queensland (State) extla f 78 1941 A 0 97
123
s
123
1212 14
1962 M N
SO
78
9
89
88% 89
89
9
-year external 68
25
912 1012
1947 F A
1960 M S
Colleen Cons !Annie 70
413 153
20
10
S
4014
3
373 714
Rhine-Main-Danube 78 A_ _ _1950 NI S 40 Sale 40
Chinese (Ilukuang Ity) 55_1951 J D 21% 24
12 r25
1
2312
23 2
34
12
3
29 14
Rio Grande do Sul extl of 88_1946 A 0 29 Sale 29
Chrletiante (Oslo) 20-yr of 658, M 8 85
90
81
_ 89
2
89
,
81 31
2912 61
External sinking fund 6s_ _1968 1 0 29 Sale 294
3312
2618 57%
i
cologne(CItYlGermanv6301950 M 8 29 I3i2 3312
31
9
387
283
External of le of 1926_ _ _ _1966 NI N
2818 30
2934 29
Colombia (Rep) 6s of '28.0ct '61 A 0 3812 Sale 3812
1612 49
48
804 3014
5
2914
4
1614 4912
63
External 81 7s munic loan_1987 1 D 2834 Sale 283
43
4212 Sale 4114
July 133coupon On—Jan 1961 3 J
2613
9
2
2134
21
22
-year of 85_1946 A 0 21
383 Rio de Janeiro 25
4
July 1 '34 coupon on_ _Jan 1961 _ __
383 Sale 37
37
27
385
634 26
51
22
External 81630
1963 F A '21 Sale 21
1818 38
6
3014
3412 30
Colombia Mtge Bank 630 of 1947 A
25
7812 9278
37
88
1952 A 0 86 Sale 85
1946 SIN
19% 3712 Rome (City) exti 830
9
3214
317 30
Sinking fund 75 of 1926
27
2 aS812 10435
102
181 3714 Rotterdam (City) extl 6,1_1984 M N 100 103 al01
4
294 37
30
30
Sinking fund 70 of 1927_1947 F A
45
32
6
39
7312 Roumania (Monopolies) 70_1959 F A a3614 Sale a3614
1952 3 D 6814 sale 68
59
19
Copenhagen (City) be
6914
,
72 3
50
11
62
1953 MN 066 Sale 65 4
1953 3 1 62 Sale 60
6612 14
693 Saarbruecken (City) Os
,
58
25-Yt arg 430
,
10 8 25
1
22
4
4
103 233 Sao Paulo(CRY)of 85_ _Mar 1952 SIN
8
18 4 227 22
I
_1957 , A
7
,
1818
17 2 Sale 17,
2
,
Cordoba (City) enlist
714 24
37
16
3712
18
External s I 630 of 1927. _1957 M N
7s_18 Sale 1714
7s_ __Nov 15 1937 M N
2484 40
7
3712
External of
,
141 3214
2
28
San Paulo (State) Ent' a f 65_1936 3 3 26 Sale 26
4018 4218 40
40 18
8
24% 58
Cordoba (Prov) Argentina 781942 .1 J
1312 27%
9
2112
External sec a f 88
213 Sale 21
1950 3 1
s
Costa Rica liteptiblic)—
MS 1918 237 20
12 all', 267
21
External a 1 lii Water L'n_1956
2712
4
3
264 _ __ 263
23% 30
is Nov 1 1932 coupon on-1951 NI In
918 2818
9
2012
1963)2 3 1834 2012 20
External a f 60
23 July'33 ___
23
14
1712 18
is May 1 1936 coupon 03.1951 _
50,4 7414
7/04 9812
26
4
Secured of 7e
91
1940 A 0 683 Sale 64
4 60
883
cubs (Reptibi)e) 51 of 1904_1944 M 8 91 Sale 8918
123 204
4
12 a7914 9314 Santa Fe (Prov Arg Rep) 73_1942 M S 2014 234 24
4
88
2414
87%
873 Sale 83
EstPr1111,1 bs of 1914 set A..1940 F A
85 sale
3913 774
Saxon Pub Wks(Germany) 7s '45 F A
4718 57
85
62
1949 F A
26
42 Sale 42
85
External loan 4 48
3
69,
32
19
Gen ref guar 6448
36
9 06312 8312
35 Sale 34
1951 M N
8014
Sinking fund 530 Jan 15 1953 3 1 a794 Sale 7812
74%
52
6914 Saxon State Mtge Inet 7s_ _ _1945 1 0 65
6812 Aug'33 -___
32
55
63
07
Public wks 534s June 30 1945 1 D 54 Sale 52
8
8
52
9
Sinking fund g 6338__Dec 1946 2 0 614 6514 6434
6412
Colombia
Cundinamarca (tient/
13% 26
35
20% 62
18
26
1818 20
4
101/1 223 Serbs Croats & Slovenes 88_1982 M N
26 Sale 2312
External e f 8348.- _ — -1959 51 N
1212 2412
945
55
External sec 70 ser B
23 Sale 197
24
8612 9914
1982 M N
9
ceechoslovakin (Rep of) 8s. _1951 A 0 9312 Sale 9312
40 a5014
12 a5014 44
85% 9/412 Shasta (Prov of) extl 75
93
2
95
93
1958 21 D r4912 Sale 49
.41tiltIng fund Hs tier It _ _1952 A 0 9318
2
304 50,
75
32
35 Sale 3412
36
9234 Silesian Landowners Assn 88_19.7 F A
8834 47
1942 1 2 873 Sale 8713
Denmark 20-year exti 68
69
84% 24
83
Solesons (City of) extl 6s.._1936 SIN 128 Sale 1277
l28ls, 15 100 141
8214 83% 8112
s
External gold 5%s... ___1955 F A
5708
45
47
52 July'33' ____
80
584 7734 Styria (Prov) external 71. _1948 F A
2
3
7 4 54
External g 4348_ Apr 15 1962 A 0 7214 733 7 34
424 42%
Unmatured coups attached__ F A
4218 May'33 __._
Deutsche lit AM part elf 69_1932
987
88
Sweden external loan 530_1954 51 N
85
97
70
60
7
9512 Sale 9312
957
Stamped exit! to Sept 1 1935 - ---- 70 Sale 6914
Accrued in Test Payable at exchange rate of 54.8865. • Look under list of Matured Bonds on page 1216.
r cash sale. a Deferred delivery. t
NOTE,—State and City Sectiritles.—Sales of State and City securltles occur very rarely on the New York Stock Exchange and usually only at long intervals, dealings in
such securities being almost entirely at private sale over the counter. Bid and Asked quotations, however, by active dealers in these securities will be round on a subsequent page under the general head of "Quotations for Unlisted Securities."
i3
New York Bond Record-Continued--Page 2
1212
r,
ta
. t.,
3
1-r
Week's
BONDS
, I." ce
Ranges?
N. Y. STOCK EXCHANGE
briaag
Last Sate.
-'7. a. Aug. 11.
Week Ended Aug. 11.
BO
Molt
AM Low
Foreign Govt. & Municipals.
Switserland Govt exti 540_1946 A 0 135 Sale 13412 13512
7514 78
Sydney (City) s 1 5)4s
75
777
8
1955 F A
Taiwan Elec Pow s f 5348_1971 1 J
6212 Sale 62
623
4
460
6012
Tokyo City 58 lean of 1912-1952 NI 5 693
External of 54s guar
697
8
1981 A 0 65 -iii7; 6912
1614 Sale 1614
Tolima (Dept of) esti 78_ _ _1947 M N
1614
8314
Trondhjem (City) 1st 5441_1957 M N
8314 Sale 8018
Upper Austria (Prov) _ _1945 1 D 51 ---- 5312 July'33
_
Externals f 64s_June 15 1957 1 D
46 Sale 46
46
713Uruguay (Republic) esti 85 1946 F A
4118 Sale 41
411
.
External of (is
30
3112 31
34
19611 IM N
External of 68_ .May 1 1964 M N
31
313 31
8
317
8
Venetian Prov Mtge Bank 7s '52 A 0 99 101 a9914 a9914
5818 Sale 5712
Vienna (City of) esti of 613-1952 M N
584
Unmatured couPons attached_ Ni N --------51 July'33
Warsaw (City) external 78_1958 F A
44
4512
42 4414
Yokohama (City) esti fle_ _ _1981 J 0 70 Sale 683
4 703
4
*"
3.1
.
3
0::,2
Range
Since
Jan. 1.
Htgh
Net. Lots
83 810212 145
8214
24
66
10
33% 6812
26
62
3
3318 73
3
8
18
4
53
61
8412
454 6212
____
1
4112 r58
10
2112 5018
1512 404
7
12
163 40%
4
2
94 100
10
55
684
____
5038 5212
15
35
50
357 74
8
19
Railroad
Ala Gt Sou 1st cons A 5&. .1943 J 0
let cons 48 ser B
1943 J D
Alb & Stem lot guar 31'4s_ _1946 A 0
Alleg & West lot gu 45
1998 A 0
Alleg Val gen guar g 4s
1942 M S
Ann Arbor lot g 4s_ __July 1995 Q J
Atch Top & S Fe
-Gen g 48_1995 A 0
A 0
Registered
Adjustment gold 48July 1995 Nov
Stamped
July 1995 M N
MN
Registered
Cony gold 4s of 1909____1955 1 D
Cone 48 of 1905
1955 1 11
Cone g 45 issue of 1910
1980 J D
1948 J D
Cony deb 44e
Rocky Mtn Div let 4g..-1985 J 1
Trans
-Con Short I. 151 4e_1958 1 1
Cal-Aria 1st & ref 4 345 A-1962 M S
Atl Knoxv & Nor 1st g 58_1946 J D
A tI & Chart A List 4348 A 1944 1 1
1st 30-year 5s aeries B1944 1 1
Atlantic City 1st cons 48_ _ _1951 1 1
All Coast Line 1st cons 4s July '52 M S
General unified 4 Sis A.- _1964 1 D
L & N coil gold 4s_ ___Oct 1952 MN
Atl & Dan let g 4s
1948 J J
1048 J 3
2d 45
1949 A 0
Ati & lad lot guar 4s
Austin & N W PA gu g 65.1941 / J
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 11.
r..,
li'. o
n.7
Z.; Z
& E Ill Ry (new co) gen 58_1951 M N
Chicago de Erie 1st gold 58_1982 M N
Chicago Great West 1st 4s...1959 NI S
Chic Ind & Louise ref 68____1947 J J
Refunding gold bs
1947 J J
Refunding 4s series C
1947 J 1
1st & gen Is series A
1966 M N
let dr gen (is series B_May 1966 J .1
Chic Ind dc Sou 50
-year 41_1956 J J
Chic L S &East 1st 44_
81969 1 D
Chi M at St P gen 48 ser A 1989 J .1
Gen g 33.s ser B___May 1989 J .1
Gen 44s ser C
May 1989 3 J
Gen 44s ser E
May 1989 3 1
Gen 434s ser F
May 1989
J
Chic Milw St P & Pac be A....1975 F A
CODY adj 5s
Jan 1 2000 A 0
Chic At No West gen g 348_1987 MN
Registered
@ F
General 4s
1987 NI N
Stpd 4s non-p Fed Inc tax '87 M N
Gen 434s stpd Fed Inc tax_1987 M N
Gen 5s stpd Fed Inc tax_1087 M N
15
-year secured g 648_19313 M 8
1st ref g 55
May 2037 J D
1st & ref 434s stpd Nlay 2037 .1 D
let & ref 41.4s ser C_ _May 2037 J D
Cone 4%s series A
1949 MN
Aug. 12 1933
Price
Friday
Aug. 11.
Week's
Range or
Last Sale.
.7
Range
Since
.....=i,
, 4
t1,
Jan. 1.
Bid
Ask Low
High No Low
High
16 Sale 16
17
67
34 20
97
99
99
99
1 a8614 9!)
47 Sale 4512
473 143
4
20
5014
42 ____ 60 July'33 ____
28
60
_ _ _ 44 May'33 ____
44
44
4946
57
55 Aug 33 _--33
57
38
40
361
. 40
28
9
48
415 Sale 415
8
8
43
17
12
54
7712 80
78 Aug'33 ____
814 7812
100 103 103 July'33 ____
944 103
7114 Sale 70%
7112 24
38
73
634 843 62
4
64
21
35
64
7414 Bale 7414
764 20
40
7712
75 Sale 75
753
4 10
40
77
78 Sale 78
79
5
38
79
53 Sale 5018
54
641
11
5912
2514 Sale 24
27 1500
314 314
59 Sale 58
59
8
34
62
47 Aug'32
48
64
6312 69
68
70
8
30
7012
69
70% 69
69
2
35
69
691- 7314 67
73
8
47
73
79
8012 77%
80
52
40
82
,2
9118 Sale 893
4
923
4 93
433 923
8
4
43
493 49
4
4934 16
15
56
4214 Sale 41
4312 96
4718
15
4118 Sale 4012
4312 117
15
48
3712 Sale 354
3812 532
412 4412
81
9412
84
90 July'33 ____
75
90
83
60
9512 823
125
4
83
89
78
12
89
89 Sale 89
65
7712
7518 7712 7712 Aug'33 ____
89
9812
6
9812 Sale 973
9812
4
2212 38
35
3614 3514
9
353
4
823 97
9614 Sale 957
4
291
97
8912 9112
--------91 July'33 ____
89
2
76
8614 89 8812
8812
8912 Sale 8814
8912 22 a7518 8912
---- ---- 85 July'33 ____
ChM R I & P Ry gen 4s_ 1988 .1 .1 6614 Sale 64
83 5 85
7
8612 19
78
84
73
8212 8212 July'33 __
Registered
J J ____ ____ 8412 Sept'32
72
801 85 805
86
2
Refunding gold 48
r83
8
4
1934 A 0 303 Sale 30
32
1.5
80 8
3
73
78
3
Secured 44s series A
79
82
79
1952 NI 5 29 Sale 29
31
100
Cony g 43411
1014 Sale 101
71 479 102
1017
8
1960 M N 2014 Sale 1812
21
117
TB
8512 Ch St L & N 0 58__June 15 1951 J D 8818 93
8512 Sale 833
8512 16
4
8818
8818
1
$9
971 -_- 9712 Aug'33 ____
8
973
8
Registered
J D ____ ____ 6418 May'32
9814 Sale 9814
3
8714 99
983
4
Gold 34s
70
____ 8512 May 32
June 15 1931 3 D
__
Fela'3I ____
100
10312
Memphis Div 1st g 4s_ _1951 J D 68 Sale 68
68
1
Chic T H & So East 1st bs__1961 .1 D 65 Sale 65
____-86 90
90 87 Aug'33 ____
75
66
14
93
9412 9312
874 96
9312
1
Ins gu be
Dec 1 1960 M S 55 Sale 547
5512 19
67
__-- 74 June'33 __-_
85
754 Chic 0n Stan 1st gu 4345 A.1963 J 1 101 Sale 10012 101
14
19 J 2 10558 Sale 1053
63
1st 58 series B
913
4
68
9014 Sale 9014
903
4 78
8 106
4
7714 Sale 7714
8212
51
7712 30
Guaranteed g 58
1944 1 D 103 Sale 1015
8 103
34
1st guar 834s series C
45
73 Sale 72
743
4
7312 41
1963 1 1 113 Sale 1127
114
41
13
1314 52
48
Chic & West Ind con 4s
48 Sale 45
1952 J .1 80 Sale 79%
80
35
42 Sale 42
1st ref 534s series A
50
1
8
42
4
3
1962 NI b 883 Sale 88 4
907
8 38
45
50
45
45
Choc Okla & Gulf cons 58...A952 M N 64
7
20
53
893 50 May'33 _- _4
7512 82
81 June'33 ____
CM H & D 2d gold 434s.... _1937 1 J 89
75
81
____ 884 July'33 ____
C St L dr C 1st g 4s_.Aug- 1938 (../ F 95 ____ 92 June'33 _-_
2
Halt & Ohio 1st g 4s_ __July 1948 A 0 92 Sale 913
924
8
74
Registered
9212 53
August 2 1936 Q F --------97
Oct'32 ____
Registered
7280 Cin Leb & Nor 1st con gu 48_1942 MN
--__ 75 May'33 ___
July 1948 Q 1 ---78
____ 83
Jan'33 ____
s
v
20
i
-year cony 44e
1933 M ,
Cin Union Term let 4 4s___202( .1 1 101 Sale 10014
101
26
Refund & gen bli series A_1995 1 D
3318 7612
713 Sale 873
4
59
1st mtge bs series B
4
72
202(1 1 1 10514 Sale 10514
1063
4 35
let gold 54;
lot mtge g 55 series C
993 148 anis 100
4
July 1948 A 0 9912 Sale 99
1957 M N 106 Sale 106
1081 4 60
Ref & gen 88 series C..- __1995 1 0 8118 Sale 77
3712 83
8134 89
Clearfield dr Mob 1st gu 58_1943 .1 .1
76
___ 72 May'33 ____
P L E & W Va Sys ref 42_ _1941 NI N
86 Sale 8512
88% 23
6112 887 Cleve Cln Chi & St L gen 48_1993 1 D 824 Sale 82%
8
83
15
Southw Div 1st 55
4
89
55
4
883
1950 1 3 873 Sale 873
4 20
General Es series II
1993 J D 664 68 86 Apr'33 ____
Tol & Cin Div 1st ref 45 A _1959 1 3 72 Sale 70
4512 72
19
Ref & impt 65 ser C
72
78
85
82 July'33 ____
1941 1 J
Ref & gen 5e series D_ _ _ _2000 M_ 8 7
343 75
4
61
70
Ref &!mut bs ser D
0 Sale 69
1963 1 .1 --------8184
82
4
62 sale 5912
Cony 448
2512 67
63
1960 r A
403
Ref & Impt 44s ser E
7112 Sale 7114
1977 I J
73
27
Bangor & Aroostook lot 5t, 1943 J J
99 100
88 100
1
99
Cairo Div lot gold 40_ _1939 1 J 90
99
95
89 June'33 __
84
1951 J i 7818 Sale 784
Con ref 48
9
85
84
Cin W & M Div let g 48_1991 I J 645 7714 75 Aug'33 ____
8
Battle Crk & Stur 1st gu 34_1989 1 0 4012 42 62 Aug'33 ____
62
82
St L Div lot coll tr g 4s
774 80
1990 NI N
774 Aug'33 _-__
Beech Creek let go g 4s___ _1938 1 1 9012 92
90 July'33 ____
80
92
SPr & Col Div lot g 4s___ _1940 NI S 93
94
76 Dec'32 ____
2d guar g 5s
92
1938 1 1 __-- 907 9212 July'33 ____
9212
8
W W Val Div 1st g 4s_ __ _1940 .1 J
7214 7912 75
75
1
BeechCrk ext let g 3Sas__ 1951 A 0 68
71
70
66 July'33 __
86
Belvidere Del eons gu 348_1943 J 3 86 ---- ---- ---- ---- 0 0 0 43 I gen cons g 88_1934 1 J 10112 Sale 10112 10112 10
Big Sandy lot 4s guar
8714 -- - Clew Lor & W con lot g 5s_ _1933 k 0 98 Sale 9512
1944 1 D 924- ___ 98112 July'33 ____
9712
96
12
Boston & Maine 1st 58 A C_1987 Ni 5 8012 83 8012
83
Cleveland & Mahon Val g Ss 1938 1 ./
53
8114 26
8718 _-__ 88 July'33 -- _
lat NI be series II
82
544 8312 Clev & Mar 181 go g 44e-1935 NI N
8114 83
1955 M N
4
824
965 ____ 97 June'33 ____
8
let g 444s ser JJ
78
78
10
Cie/ & P gen gu 434s ser B 1942 A 0 9914 ____ 98 June'33 ____
,
48
1961 A 0 77 Sale 7612
Boston & N Y Air Line 1st 4o1955 F A
65 Sale 85
5412 8812
85
8
Series B 334s
__ 86
1942 A 0 87
Jan'33 ____
Bruns & West 1st gu g 48_ _1938 1 1
_____ 843 Mar'33 _
4
4
Series A 4 34s
84% 843
1942 / J 10114
__ 10012 July'33 ____
Buff limit & Pitts gen g 58
9818
Series C 348
85
9818 10
-1937 NI S 81-99 2 98
1948 M N --------91 Aug'33 ___
99
'
Comm'44e
64
1957 M N 6014 67
Series D 349
333 8758
3
39
66
1951• A F --------83
Oct'32
Burl C R & Nor lot & coll 58_1934 A 0 5S Sale 58
Gen 44s ser A
7012
45
1
58
1977 F A --------91
Oct'32
Cleve Sho Line 1st gu 4 48_1961 4 0 8414 8812 86
8612
4
Canada sou cons g,5 A
8
1962 A 0 92
9412 94
Cleve Union Term let 534s I97, 4 0 883 Sale 883
787 97
/1
94
2
4
4
89
43
Canadian Nat guar 4413-.1954 NI S 945 9558 9358
s
8
let s f be series 13
7914 967
8 59
953
1971. 4 0 8012 8212 82%
8212
3
30
-year gold guar 445
793 9734
8
1957 1 1 944 Sale 93%
let a f guar 44s series C 1977 A 0 7312 Sale 7312
9514 62
7558 28
Guaranteed gold 434s_ _ _1988 J D
945 Sale 93 4
8
3
95
43
79 4 985 Coal River Ry lot gu 4s_ _1941 1 D 93
3
8
933 93 JUly'33 ___ _I
Guaranteed g 58
July 1989 J J 1009. Sale 993
50 a8412 10314 Cob & South ref & ext 44s-1935 VI N
8
101
904 Sale 89
913
4 48
Guaranteed g bs
Oct 1959 A 0 1007 Sale 993
8
4
101
98
84 10312
General mtge 434s ser A 1981 M N 7212 Sale 72
723
4 19
Guaranteed g 5a
197o F A 1003 Sale 10014
4
10114 32 08438 10314 Col az II V 1st ext g 48
1948 A 0 9414 9612 97 July'33 ____
Guar gold 44is- --June 15 1955 1 D 98
99
974
803 1003 Col & Tot let ext Is
4
983
4 29
4
9212 ___ 9014 June'33 ____
195t F A
Guar g 4348
9512 Sale 943
80
1956 F A
973 Conn & Nomura lily lot 48.._1943 A 0
4
4
96
70
_ _ 77 June'33 ____
Guar g 434s
Sept 1951 NI S 9558 Sale 943
4
9618 63
795 973 Consol Ry non-cony deb 4s 1954 .1 .1 74- - 55 July 33 ____
4
57, 59
4
Canadian North deb 8 1 78_1940 J 13 10612 Sale 10414
963 107
4
107
52
Non-cony deb 4s
59
1955.2 J 53
57 Aug 33 ____
25
-year of deb 84s
9412 10912
8
1948 J , 1085 Sale 10612
Non-cony deb 48
10714 59
1955 A 0 53 ____ 4612 Sept'32
10-yr gold 4 48___Feb 15 1935. .1 1005 Sale 997
9
8
Non-cone deb Is
90 1009.
1005
8 35
1958 1 J 50 - 53 Aug'33 ____
Canadian Par Ry 4% deb stock
Cuba Not Ry lot 5348
a68 Sale 6618
49 r70
134
69
1942 .1 D 3318 Sale 323
4
3418 56
Coll tr 44s
1946 NI 5 80, Sale 78'4
8312 Cuba RR lot 50
2
8012 59 4255
3418 Sale 3418
-year 5s g 1952 J J
3512
7
ea equip tr etre
1044 .1 J
953 Sale 943
8
1st ref 74s series A
8012 9718
9512 91
29 Sale 29
1936.1 D
32
4
Coll tr g Se
Dec 1 1954 J 0 854 Sale 8414
584 9012
1st lien & ref Beset B
8614 125
1936 .1 0 264 333 2912 July'33 ____
4
Collateral trust 44a
770 Sale 7618
78
1900 J 1
48
534 8012
Car Cent lot cons g 4s
Del & Hudson 1st & ref 4s 1943 MN 863 Sale 86
15
23
1949 J J
19
75
19 June'33 __
8
8712 54
Caro Clinch & 0 1st 30-yr 150_1939 1 D 100 Sale 100
be
80 10014
10014 65
193.5 A 0 97
977 98 Aug'33 ____
1st & cons g 68 ser A _Deo ID 52 1 0 948 Sale 94
96
68
95
9
Gold 534a
9.13 953 9434
4
1937 MN
8
96
12
Cart h Act let gu g Is
60
D RR & Bridge lot gu g 4s 1936 F A 95
58
1981 J 13 67
71% 60 Feb'33 ___
____ 9214 Dec'32 __
Cent Branch U P 1st g 48_1948 1 D 53 Sale 53
Den &R 0 1st cons g 48._ 1938 J .1 6314 Sale 81
24
8
57
63% 66
Central of Ga 1st g bs__Nov 1945 F A
Consol gold 440
64
32
56
6214 60
1
60
1936 J .1 6512 Sale 6412
68
13
Consol gold 58
1945 M N
4
8
20
343 Sale 33
9 4 41, Den & RU West gen 5s Aug 1955 F A
1
35
44 Sale 423
4
46
150
Re/ ar gee 54s series B 1959 A 0 1812 22
28
Ref & impt be ser B__Apr 1978 A 0 5314 Sale 5258
3
2118 July'33 __
55
86
Ref & gen be series C
1959 A 0 20 Sale 1812
4
24 273 Des M & Ft D 1st gu 4s
20
11
1935
Chatt Div pur money g 434.1951 .1 D
33
Certificates of deposit
15
__ 3212 July'33 ____
3 J
312 6
312 Aug'33 ____
Mac A Nor Div 1st g 58_1946 1 J _26-_ _ _ 49
Des Plaine8 Vol lot gen 441_1947 M S 45
35
35
35 June'33 ____
71
693 Aug'33 _
8
Mid Ga & All Div put m 56 '47. 1 29
Det & Mac 1st lien g 441
28
1
28
35
28 July'33 __
1955 J D 35
40 404 July'33 ____
Mobile Div 1st g 56
Second gold hs
1948 1 1 31
35
24
35 July'33 _
1995 1 D ____ 30
30 July'33 ____
Detroit River Tunnel 4340..1981 MN 88
90 8712
90
8
Cent New Engi lot gu 48__ _1981 1 1
7212 737 737 Aug'33 ____
8
55
7412 Dul Missabe & Nor gen 68..1941 .1 J 10318 ___ 102 June'33 ___
Cent RR & Bkg of Ga con 544.1937 M N
25
6118 6618 60 Aug'33 ____
•0 10312 Sale 10312 10312
6658 Dul & Iron Range let S&..1937
1
Central of N .1 gen g 5s___ _1987. 1 10012 1013 100
1
82 10218 Dul Sou Shore & All g 58_1937 J 1 3212 Sale 32
4
10012 14
33
8
Registered
1987 Q 1 94
983 96 2 Aug'33 ---4
,
83
9812
General 45
11
East Ry Minn Nor Div lot 4s '48 A 0 90
753 89
1987 J J 87
4
90
89
89
92% 93
93
I
Cent Par lot ref ICU g 4s
1949 1 A
,
86 Sale 86
8312 1.3812 East T Va & Ga Div lot So.1955 M N
943
87
8
131
94%
947
8 10
F A
Registered
4
783 783 Elgin Joitet & East lot g 58_1941 M N 96 - 14 98
4
7834 Jan'33
91
96
2
Through Short L lot gu 48_1954 A 0 84
El Paso & SW 1st fm
87
___ 87 Aug'33 ____ 4284
1955 A 0 6418 90 81
Feb'33 __
1950 F A
76% Sale 764
Guaranteed g 15a
7914
16
Erie & Mil 5 gu 3340 ser B 1940.1 1 90
45
80
__ _ 90 Aug'33 __
Charleston & Sav'h lot 78_1938 1 J
1940.1 .1 90
____ 90 Aug'33 ____
9858 _ ___ Ill June'31 ____ -- 7- _- Series 0343
Ches & Ohio let con g 5._.1939 M N 108 Sale 1053
82 al00.18 1 74 Erie lilt 1st cons g 4a prior_ 1996 1 J
825 Sale 8258
107
8
4
833
8 36
Registered
101 12 104
Registered
1889 M N
195483 J
-103 June'33 _
70
80
784 Aug'33 ____
General gold 434s
151 cons& gen lien g 45_1996 J J 86
8755 10458
1992 M S 10212 Sale 102
30
103
69
68
69
21
M S
Registered
Registered
9012 92
1998 1 J --------57 June'33 ____
92 May'33
Ref & Mint 434s
Penn coll trust gold 4s
4
9514 39
1993 A 0 943 Sale 9412
951 4
1951 F A 99 100
80
9912
9912
5
Ref & inlet 4344 sec B.._1905 1 J 95 Sale 9418
4
50-year cony 421 series A_1953 A 0 64 Sale 627
29
953
9514 89
64
23
Craig Valley lot 5.. May 1940 J J
Series B
90 1011
997
1953 A 0 56
8
__ 997
1
8
85
62
64
18
Potta Creek Branch 1st 46_1948 J J 100-Gen cony 4s series D
89
81
87
1953 A 0 --------40 Mar'33 ____
90
89 Aug'33 ____
It. & A Div lot con g 48.-1989 i J 973
Ref & Inapt 543 of 1927
1967 M N 63 Sale 6012
4
841 9814
1
9814
8412 157
8 - - - 9814
2d consol gold 48
Ref & impt 58 of 1930
94
90 Aug'33 ____
1989 J J 8818 9012
83
1975 A 0 823 Sale 803
4
8
64
218
Warm Spring V lot g 58_1941 M S 93 102
Eile &Jersey 1st a f 6s..
93
93
1955 J J 10018 Sale 1004 10018
93 May'33 __
8
Chic & Alton RR ref g 38_1949 A 0 533 sale 53
4
Geneasee River let s f 88._1957 .1 J 101 Sale 101
30
584
14
5414
101
2
ChM Burl & Q-Ill Div 348_1949 J 1 9014 Sale 89 4
91
Fla Cent & Pen let corm g 6. 1943 1 J
80
9014 24
3
35
45
385 Aug'33 ___.
8
Reglatered
8612 8612 Florlda East Coast lot 448_1959 J D 55
July'33 __ __
J .5.._ _ 88
8612
ug
57 60 A'33 ____
Illinois DIV114013 48
874 9812
1949.2 J 98 Sale 96%
let & ref ,Ss series A
1974 NI S 13
9814 78
1458 1212
1212 14
General 4s
957
Certificates of deposit..____ _ 78
954 22
1958 M 13 943 Sale 9.418
4
1214 Sale 12
121
19
lot & ref 44s set B
Fonda Johns & Cloy lot 4 Sas 1952 NIN
88
92
25
92
1977 F A
-92 Sale 9112
1112 Sale 1114
4
1112
lot & ref Sa ser A
(Amended) lot cone 441_1982 NI N
1971 F A 100 Sale 9912 100
43
4
7814 1004
46
44 Sale
44
3
Chicago & East III lot 88
1934 A 0 59 ..__ 573 June'33 ____
68
Fort St U D Co iota 4 40_ _1941 J J 63 ..... 87 Nov'32 ___
32
4
_.
r Cash sale. a Deferred delivery. •Look under list of Matured Bonds on page 1216.
50
7012
iii-
W1812 38
6
28
72
90
7
18- "f i
36
7314
143 6434
4
91 102
95 108
9234 10312
1033 114
8
597 80%
8612 92
50
50
85
887
8
92
9558
82
93
9812
9614
72
88
85
49
47
37
85
60
66
- -13
s
101 7
1073
4
107
72
85
885
8
82
8212
7758
89
77
80
72
78
9612
95
8014
97
98,
4
80
95
84
1017
s
100
88
99
98
86
10012
91
io ---87
8012
64
4914
8612
0712
47
851a
90
77
38
40
90
8612
773
4
93
944
77
02
92
77
6014
62
- 497
10
15
15
11
53
41
413
4
41
34
673
91
79
____
a2612
27
84
,
11
8913
99
97
__.66
6712
52
60
1
45
33
25
75
10112
90
12
34
3
6958
4014
30
9058
1034
1057
s
39
93
84
65
95 4
,
78% 97
61
72
90
90
881 90
8
6712 85
7814 7814
404 74
41
57
99
9912
3012 88
30% 67
40
40 41
,
204 6712
2012 6712
81 101
76 10014
15
385
8
344 63
3
2134
2
21
312 97i
258 8
____ _ _ __
New York Bond Record-Continued-Page 3
I
BONDS
N. Y STOCK EXCHANGE .s
.c.
Week Ended Aug. 11.
Ft W & Den C let g 510..1961
Frees Elk & Mo Val lot 68_1933
Ga Ac Ala Ry 1st cons 5s Oct 1945
°a Caro & Nor let go g 55 1929
Extended at 6% to July 1 1934
Georgia Midland lat 3s____1946
Gouv & Oswegatchle 1st 5s_1942
Or 11 & I ext let go g 4;4s-1941
Grand Trunk of Can deb 70_1940
15
-year f (ls
1936
Grays Point Term let Es_ _ 1947
Great Northern gen 7s ser A_1936
let & ref 442e series A._ 1961
Stpd (without Jly 133 coup)
General 63-45 series B
1952
General be series C
1973
General 43.4. series D
1976
General 434. series E__ _ _1977
Green Bay & West deb ctfs A.
Debentures etre B
Greenbrier fly 1st gu 4s_ __1940
Gulf Mob & Nor 1st 534. B 1950
1st mtge be series C
1950
Gulf & 8 I 1St ref & ter 5sFeb 1952
Stamped (July 1 '33 coupon oro
Hocking Val let cons g 410_1999
Housatonic Ry cons g 5s
1937
II & C 1st g 5s lot guar ..1937
Houston Belt & Term tat 58_1937
Dud & Manhat 151 6s ser A _1957
Adjustment Income 58 Feb 1957
Illinois Central 1st gold 48 1951
1s1 gold 314.
1951
Extended let gold 3;is
1951
1st gold 3s sterling
1951
Collateral trust old 4s
1952
Refunding 48
1955
Purchased lines 33.4,
1952
Collateral trust gold 48__ _1953
Refunding 5s
.1955
15
-year secured 63.4s g.1936
40-year 432s
Aug 1 1966
Cairo Bridge gold 45
1950
Litchfield Div 1st gold 381_1951
Louise Div dr Term g 334e 1953
Omaha Div 1st gold 3s__ _1951
St Louis Div & Term g 38_1951
Gold 33-4s
1951
Springfield Div 1st g 3499_1951
Western Lines let g 4s__ _1951
III Cent and Chic St L. & N 0
Joint 1st re 5. series A
1963
let & ref 43.4, series C___ _1963
Ind Bloom dr West 1st ext 4s 1940
Ind III & Iowa let g 48
1950
Ind & Louisville 1st gu 48_1956
Ind Union Ily gen 5s eer A 1965
Gen & ref be series 11
1965
lot & On Nor let 138 set. A._1952
Adjustment 6s ser A_July 1952
1st Es series 13
1956
1st g be aeries C
1956
lot Rya Cent Amer 1st bs B 1972
1st coil trust 6% g notes_1941
1st ten & ref 63.4e
1947
Iowa Central 1st gold 5s_ __ A938
Certificates of deposit
1st& ref g 42
1951
James Frank & Clear 1st 48 1959
KM A AG It 1st gu g bs
1938
Kan & NI 1st gu g 4.8
1990
K C Ft S & M Ry ref g 48 1936
Certificates of deposit
Kan City Sou 1st gold as_ _1950
Ref & Impt be
Apr 1950
Kansas City Term 1st 48_1960
Kentucky Central gold 48_1987
Kentucky & Ind Term 4348_1961
Stamped
1961
Plain
1961
Lake Erie & West 1st g 58_1937
2d gold 5.
1941
Lake Sh & Mich So g 3%a_ _1997
Registered
1997
Lehigh & N Y 1st go g 4s_ _1945
Leh Val harbor Term gu 58 1954
Leh Val N Y let gu g 4Sis1940
Lehigh Val (Pa) cons g 48_2003
Registered
General cons 4 tie
2003
General cons 58
2003
Leh V Terns fly lot gu g 5s_ _1941
LeX & East led 60-yr 5s gu_1965
Little Miami gen 4s series A_1962
Long Dock cousol g 6s
1935
Long IslandGeneral gold 48
1938
Unified gold 4s
1949
Debenture gold 5.
1934
20
-year p m deb ba
1937
Guar ref gold 4s
11149
Louisiana & Ark 1st 6.err A _1969
Louis & Jeff Ode.Co gd g 4s 1945
Louisville & Nashville
_ _1937
Unified gold 4s
1940
Registered
let refund 53.45 series A__2003
2003
let & ref 55 series II
2003
let & ref 4345 series C
Gold 6s
1941
Paducah & Mem Div 4s 1946
St Louis Div 2d gold 35.1980
Mob & Montg let g 430_1945
South Ry joint Monon 48_1952
Atl Knoxv di CM Div 4e 1965
1934
Mahon Coal RR 1st bs
Manila RR (South Lines) 4s 1939
1959
let ext 4s
Manitoba 8 W Coloniza'n be 1934
Mau GI 13 Ar N W let 33.4s_1941
1977
Men Internet let 4e asatd
Michigan Central Detroit & Bay
1940
City Air Line 411
1951
Jack Lana & Sag 33.4s
1952
let gold 344s
1979
Ref & Impt 43.4s ser C
Mid of N J let ext ba
1940
MU & Nor 1st ext 4148(1880)1934
Cons ext 4 34s,(1884
)
6111 Spar & N W let gu 48 1934
47
/Ms
Fridat;
g. 11.
Week's
Range or
Law Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 11.
Ask Late
LBOA No, Low
Bid
Nigh
9712 99
hfliw & State Line let 3 Sie_1941 J J
88
97
97 July'33
5414 90
17
8512 Sale 85
Minn dc St Louis 1st cons 56_1934
87
1934
N
CUB of deposit
518 27
1413 27
27 July'33
let & refunding gold 48__A949 MS
Ref & ext 50-yr 55 ser A.._1962 Q F
3018
18
2610
2618 July'33
Certificates of deposit
Q F
2312 50
49
35
50 July'33
M St P & SS M con g 48 Int gu '38 J J
100 Jan'31
1st cons 58
1938 J J
9314
9212 9484 9314
3
1935 J J
84
963
lot cons 5. gu as to int
53
4 106
963 106
4
10538 Sale 1033
1st dr ref 6s series A
1946 J J
10312 54
1949 MS
933 10312
4
10278 Sale 102
25
-year 5348
55
1st ref 534. ser B
96 Nov'30
1978 .1 .1
4514 V618912 68
8912 Sale 86
4 1st Chicago Term s t 4s1941 MN
4
8612 21
604 87 NlissIssippl Central 1st 5s 1949 J J
853 Sale 853
4
8612
_
66
8612 July'33
39
811u Sale 8014
1959 1
8312 Mo-Ill RR 1st 55 sec A
8118 23
4
4012 773 Mo Kan dr Tex lot gold 413_1990
D
75 Sale 75
75
2
69,
37 74 Mo-K-T RR pr lieu 5s ser A_1962 J J
4 40
683 Sale 6818
4
6912 Sale 69
6912 13
34
40-year 4s series 11
1962 1
74
32
29
30 July'33
38
Prior lien 440 ser D
1978 J J
30
3
63
4
Cum adjust 5s ser A_Jan 1967 AG
63
4
63 Sale
4
3
'4 10
8814 Aug'33 _
87
8814 8813 Mo Pad let & ref 5s ser A
1965 FA
5
66
•S
643
4
6514 67
2212 68
General 4s
1975
18
63
65
63
let & ref 5s aeries F
23
60
1977 MS
63
4212 45
45 June'33
51
lstAref5sserG
1978 MN
51
4014 June'33
Cony gold 53.4,
1949 MN
4014 4014
1900 AO
1st ref g 55 series H
4
4
1st dr ref 5s ser I
1981 FA
84 100
99,
2
99, 993 9912
4
03
95 80 June'33
Mo Pad 3d 76 ext at 4% July 1935 MN
80
75
a90321 July'33
95
8512 90% Mob & Blr prior lien g 58__ _1945 J J
J
100 June'33
78 100
8314
Small
8212 Sale 807
8214 40
72
8
let M gold 48
887
a
1945 J J
.• 1
68
52
50 Sale 50
Small
3918 593
4
Mobile & Ohio gen gold 48_ _1938 NI
7812 8814
59
___ 8814 Aug'33
Mongomery Div let g 50_1947 FA
7612 July'33
76
Ref & impt 43.4s
7612 793
4
1977 NI S
72 May'33
72
76
Sec 5% notes
72
1938 NI S
73 Mar'30
Mob & MM 1st gu gold 4s 1991 NI 5
-_
76
5
4
76 Sale 753
50
Mont C 1st Fru 6s
78
1937 J J
7712
78
12
45
763 78
8
lot guar gold bs
80
1937 .1
55 June'33
55
5618 Morris & Essex 1st gu 350_2000 JO
60 2
,
6512
5
8
655 17 4 647
40
8
Constr NI 5s ser A
-1691s
1955 MN
6
877
8
88
86
88
6218 88
Ccnstr M 4(4s ser B
1955 MN
04
42
937 Sale 9212
8
60,8 94
693 150
4
Nash Chatt & St L 4s ser A_ _1978 FA
6812 Sale 66
30
73
85
2
N Fla & S 1st gu g 58
84
5012 85
857 8412
8
1937 FA
7338 Aug'33
68
65
733 Nat Ry of Men pr lien 430 1957 J J
8
58 Apr'33
58
633
63
Assent cash war rct No. 4 on
8
6712
3
67
Guar 4s Apr '14 coupon..1977 A-59
58
6712
(5
70 - 3- 7012 Aug'33
Assent cash war rct No. Son
53
7012
71)8
74 Aug'33 ----1 82
Nat RR telex pr lien 4 3.4s Oct '26
75 _
74
75
2
75
Assent cash war rct No. 4 on
75
75
015
8 _
let consold 4s
4
8112 - -3- 853 Aug'33
853
4
91 4
88
1951 AAssent cash war rct No. 4 on
73
73
73 Sale 70
387 7412 Naugatuck RR let g 48_ __ _1954 MN
2
38
69
New England RR cons 5s 1945 J i
69
69 Sale 6712
37
Coneol guar 4s
927 80 Dec'31
8
80
19'5• J
NJ Junction RR guar let 48.1986 FA
5
84
84 Sale 84
51 July'33
43
27
5478 NO & NE let ref & bunt 434s A '52• J
48
98 Aug'33
97
85
9914 New Orleans Term 1st 45_ _ _1953 J J
N 0 Tex dr telex n-c Inc 58_1935 AO
99 July'33
97
85
99
4458 56
let ba eerles B
8
43 165- 4238
1814 5412
1954 AG
1st 68 emirs C
173 159
4
15 Sale 15
3
25
1956 FA
1st 4 ;is series D
4012 30
39 Sale 39
50
16
1956 FA
4112
1st 544s series A
8
423 41
8
16
35
4912
1954 AO
6512 15
6512 Sale 60
3314 65, N & C Bdge gen guar 4;is_ _1945 J J
2
6014 60 Aug'33
6118 NYB&MB let con g 5s 1935 AO
50
37
8
1
467
8
467
4712
25
55
N Y Cent RR cone deb 8s 1935 MN
512 9
Consol 45 series A
7 Aug'33
2
10
1998 FA
Ref & impt 434. series A2013 AO
418
3
43
8 358
1
6
Ref &'mat 58 series C_.2013 AO
Y Cent & Hud Riv M 334s 1997 .1 1
73
715 7212 71 Aug'33
GO
8
103 Nlar'31
Registered
80
1997 J J
Debenture gold 4,
75 Aug'33
87
73
-60 76
1934 MN
30
57
29
-year debenture 4s
56 Sale 5512
31% 6112
1942 J J
26
Ref & Impt 444s ser A_ _2013
4
52
52 Sale 503
32
57 2
,
Lake Shore coil gold 33.49.113 FA
6512 18 a48
94
6712
65 4 Sale 6414
,
8
77
38
Registered
7412 Sale 743
47
80
1998 FA
96
42
Mich Cent coil gold 33.0_1998 FA
83
96
95, Sale 95
4
Registered
8818
8818 58
8914 91
7414 91
1998 FA
NY Chic & St L 1st g 4s_
7812 84 Aug'311--50
1937 AO
75 June'331____
Refunding btis series A1974 AO
65
57
75
Ref 434s series C
70
- 89 Apr'30
1978 MS
3-Yr 6% gold notes
1935 AO
9214 95 91
92
N Y Connect let gu 430 A_1953
5
58
92
75
74 Aug'33
1st guar 55 series B
77
55
1953
85 Sale 847
8
85
7134 8514 N Y Erie let ext gold 4s 1947 MN
15
84
767 June'33
a
N Y Greenw L gu g 5a_19413 MN
7212 77
46
6512 68 68
68
2
7014 N Y At Harlem gold 330_2000 MN
86
89
85 Aug'33
N Y Lack & W ref 4 Hs 13_ _1973 MN
7934 90
853 Sale 853
8
8
853
8 10
597 5612 NY & Long Branch gen 40_1941 Ni
8
5518 5612 5612
5712
9
25
62
NY&NE Bost Term 4s
1939 AG
45 June'33
S
28
45
NYNHAr 11 n-c deb 4s_
1947
82- 6214 6118 Aug'33
.
3214 6412
Non-cony debenture 33'0_1947 MS
6412
6212 Sale 6212
33
7
Non-cony debenture 33.0_1954 AG
6512
98
9712
98
96
89
10
Non-cony debenture 4r,_1955 J J
9810
96 103
99 July'33
79
99
Non-cony debenture 48_1956 MN
80
9112 May'32
Cony debenture 334e
1951 J J
100 ____ 983
4 10012 17
9011 101
Cony debenture 68
1948 J J
▪ J
Registered
99 July'33
9512 99
Collateral trust 68
1940 AG
9414 ____ 94
9412 15
82
9412
Debenture 48
1957 MN
10012 101 10112 July'33
97 10112
1st & ref 444s ser of 19271967
98
99
9814
9812
90 100
5
Harlem R. & Pt Clues let 4s 1954 MN
94 Sale 9312
9478 13
76
95
51 Sale 49
52
85
20
NYO&W ref g 4sJune____1992 M
57
78
8112 8112
8112
6
70
82
General 4s
1955 ID
10314 10312 10314
10312
7
98541'10312 N Y Providence & Boston 4s 1942 AG
97 Sale 964
9714 71
8112 98
NY & Putnam 1st con gu 48_1993 AO
82 Apr'33
77
85
N Y Sus(' & West let ref 58_1937 J J
983 Sale 98
4
9834 41
6512 99
2d gold 444s
1937 FA
8712 92
91
92
20
8311 9212
General gold 58
1940 FA
8714 Sale 87
8
8714
697 90
8
Terminal let gold be
1943 MN
10114 ___ 1003 July'33
4
87 101,3 NY W Ches & B 1st ser I 434s'46 J J
65 June'33
58
Nord Ry ext sink fund 63.4. 1950 AO
70
5614 Sale 5614
11
57
43
60
Norfolk South let At ref A 55_1961 FA
92 Sale 92
92
1
82
92
Certificates of deposit
71
69 Sale 69
38
40
73
Norfolk & South let gold 56_1941 MN
9218 Sale 903
8
9218 32
75
9218 Norf & West RR ImptArext 68'34 FA
N & W Ry 1st cons g 4s___1996 AO
1003 July'33
4
9514 10114
Registered
1966 AO
4984 55
6414 July'33
a493 5414
8
DWI let lien & gen g 4s 1944 J J
45
65
61 July'33
60
52
Pocab C & C joint 48
1941 3D
87
95
8912
90
4
70
00
North Cent gen & ref S. A 1974 MS
50
60
47 Feb.33
47
•S
47
Gen & ref 43.4. ser A
1974
2 Sept'32
North Ohio let guar g 58_1945 AO
North Pacific prior lien 4s 1997 Q
9314 Aug'33
93'4 9314
Registered
Q J
79 May'26
Gen lien ry & Id g 3s_Jan 2047 Q F
8712 ____ 8812 July'33
iST
2
Registered
Jan 2047 @ F
71
85
75 June'33
61
75
Ref & Inapt 4;ie series A__2047 I
7212 76
75 Aug'33
40
75
Ref & impt 65 series B____2047 J J
71 12 July'33
50
7112
Ref & Impt 5s series C____2047
58
60
6814 July'33
68 4 70
,
Ref & inapt 5s series D..___2047 JJ
58
6012 6014
7
6012
3412 6214 Nor Ry of Calif guar g 5e___1938 AO
1 Cash sales. a Deferred delivery. 5 Look under list of Matured Bonds on page 1216.
,gz
1213
Price
Friday
Aug. 11,
Rid
7
314
3,
4
2
4114
35
50
30
18
7012
Week's
Range or
Last Sale,
Ask Low
40
8
514
7
814
Sale
36
Sale
307
8
27
Sale
8412
High No. Low
Jan'33
40
8
818
3
4
314 July'33
312 Aug'33
40
43
35
35
50
53
305
8
3112
27 Aug'33
7012
6718
90 July'33
8412 July'33
22
22
8614
87
8112
80 •
70 Aug'33
72
723
4
56
57
3512
3734
1612
19
3514
373
4
3514
3714
131.
1612
3512
38
3538
38
7112 July'33
46 June'33
75
91
4712 July'33
60
90
4612 4978 53 Aug'32
44 July'33
45
55
28 Mar'33
30
75
32 Aug'33
2714 35
14
13
1812 1312
18
18 Sale 15
7112 7512 70
753
4
8714 Aug'33
8714 94
92 July'33
82
84
7918
78
80
80
85
8512 88
8512
82
8112
7914 82
22 Sale
8614 Sale
80 Sale
683
4
723
4
57 Sale
37 Sale
18 Sale
3614 Sale
3614 Sale
15 Sale
3612 37
357 Sale
8
---212
83
74
58
66
22
2434
2414
2212
29
____
101
2
11
High
40
818
612
11
45
8
48
3912
5412
34
317
8
7012
90
85
4
12
11s
26
1
20
3
2
1
56
48
2
14
18
173
105
87
289
11
217
112
24
16
2812
912
a812
37
90
65
15
6812
59
5118
55
a3212
1812
32
8812
8714
73
7712
6512
44
2412
44
4412
24
44
4414
7312
46
60
7
18
1812
3
1512
1814
5012
46
36711
-44- - - 136
23 r72
714 37
2
14
15
21
10
414 21%
414 25
62
753
4
8714 9354
90
92
7018 805
8
677 85
8
,2
60
82
85
95
18
258
1234
3
12
85
July'33
July'28 ---258
1
July'31 __-July'33'.
80
85
312
_- 22
41
4 27
8
7112
68
100
7912 79
92
70
65
70
72
35
32
Sale 2438
29
30
2612 32
Sale 27
963 92
4
Sale 101
July'33 ---Apr'28 -July'33 -Nov 32
Mar'33
Noy'32
Nov'30
July'33
Aug'33
July'33
_
27
23
July'33 -July'33 _--_
29
30
July'33
_
10112 10
1
8314 90
9112 100
214
Range
Since
Jan, 1.
3
8618
95
11,
1
r414
&S
30
49
20
1612
163
4
163
4
17
90
98
75
35
3512
36
36
3612
92
102
46
92
5712 8418
3412 74
39
so
683 833
4
4
7712
70
60
933
4
64
8812
3412 74
60
77
68 . 71
86
87
8218
833
8
69
703
4
75
79
83
833
4
7712 June'33
91
92
85 Aug'33
687
8
71
77
77
71 July'33
78 Aug'33
69 July'33
91
91
5514
6012
5212
49
5612
61 12
96
973
8
10212 Aug'33
a88 July'33
61 July'33
8512 Aug'33
85 June'33
76 June'33
9512 July'29
70 Aug'33
65 Aug'33
68
613 60 July'33
4
67
Sale 65
Sale 6515
68
5812 56
5812
Sale 95
97
80 Nlay'33
93
96
93
Sale 5714
58
Sale 73
74
90
90
90
77
93
148
207
GO
5
23
41
1
45
44
65
44 a65
46
71
45
71
43
60
9912
57
80
80
59
95
347 05
8
45
753
8
8234 9012
83 Sale 63
643
4
59 Sale 5712
59
8312
85 Nov'32
70
75
78
78
61 Sale 61
64
30
5434 4112 June'33
45
4912 49 July'33
64
Jan'33
65
98
56 Sale 5512
5712
122
12012 Sale 116
•
•
•
•
25 Aug'33
20
28
103
101
102
9912 Sale 9918
9912
9418 Jan'33
101's Sale 10078 10112
100
100 Sale 100
98 - -- 99 June'33
91
85 Aug'32
_
4518 Sale 4518
4518
883 Sale 8812
4
893
s
85 July'33
61 Sale 60714
6134
5512 Jan'33
7812
77 Sale 77
9012
9014 Sale 8918
84
79
81
80
80
_ _ _ _ 79
80
100
9514 Oct'31
57
3
5018 67
43
60 2
,
10
2
64
2312
33
1612
64
31
983
4
8612 Sale
83 Sale
69 Sale
7812 Sale
833 Sale
4
76
82
915 Sale
8
8412 87
69 Sale
75
77
68
77
767 77
8
69
78
91 Sale
583 Sale
4
51 Sale
5914 Sale
963 Sale
4
10212 _
881s
6212 76
8512 88
865 ____
8
60
57
67
8518
5618
9512
-OA
58
7312
8712
91
107
4
55
266
104
22
13
9
22
41
52
50
18
31
21
34
3
78
29
13
84
11
7
57
88
14
12
514
87
94
86
513
4
84
8
74
69
9112
6712
583
4
67
9814
1037
8
89
65
58
85
76
65
4112
52
64
60
126 2
,
•
ft
101
87
9418
9312
8912
99
283
8
1041s
10012
9418
1017
3
100
99
17
73
745
8
48
5512
60
80
6918
5014
1E13
8912
85
82
5512
7812
9212
84
53
New York Bond Record-Continued- Page 4
1214
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 11.
13
Nu.
Weer,
Friday
Aug. 11.
Range or
Last sate.
;
g
co4
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Aug. 11.
Aug. 12 1933
Prim
Friday
Aug. 11.
Week's
Range oi
Last Sale.
4
.
g
co 4
Bid
ask Lira
High No. Low
High
High No.
July 33 --3812 5814 Southern Ry let cons g 513_1994 J J 9212 Sale 9212
944 43
8912 85 July'33 --J J
Registered
Mar'32
Bevel & gen 48 series A___1956 A 0 5912 Sale 5514
Aug'33
80
232
Bevel & gen 65
1956 A 0 7612 Sale 74
July'33 _
90
70
78
52
/
1
4
Devel & gen 654s
1956 A 0 80 Sale 79
8418 98
9612 10
82
67
2
87 80
Mem Div 1st g 58
19962 3 80
10712
3
8114 10
99 10712
69 Aug'33
67 s 72
7
St Louis Div lst g 48
4 100 10712
10712
1951 3
East Tenn reorg Uen g 58_1938 MS 91 100 80 June'33
90
52
75
90
_
Mobile &Ohio coil tr 48_1938 MS 8014 83 6012
63
20
7
73 0318 Spokane Internet let g 5s-1955 22 20 Sale 197
/
1
4
9012 90
9014
8
Pao RR of Mo let ext g 48 1938 F A 89
20
6
60 May'32
Staten Island Ry let 4/48_1943 3D
75
90
90
90 Aug'33 -___
2d extended gold 58
_
1938 J J 87
92 100 97 Mar'31
Sunbury & Lewiston jet 413-1936 .1
94
/ 96
1
4
93 July'33 _--93 93
Paducah & ills lst s f g 448_1955 J J
1167
8 91 a9612 1187
3
Paris-Orleans RR ext 5Hs_ _1968 M 5 116 Sale 112
6
36
4712 Tenn Cent let (is A or B-1947 80 5214 Sale 50
47
474
5214
Paulista Ry 1st ref s f 7e__ _1942 M
5
02 July'33
4
71
9258 Term Assn 01St L let g 4345 1939 A0 10212 _ _
925
8
Pa Ohio & Det let & ref 434s A 77 A 0 9112 9212 9212
_
Ist cons gold 5s
9534 1004
1944 FA 10212 103 03
1
103
Pennsylvania RR eons g 411-19 3 M N 10112 ____ 10018 10018
6
4
Gen refund s f g 45
2
91 100 s
/
1
4
1953 32 8812 Sale 87
8812 10
0100 al00
5
Conant gold 45
8
1948 M N 1005
10014 37
90 1001: Texarkana & Ft 51st 5I4s A 1950 P A 84 Sale 8312
84
45 sterl stpd dollar May 1 1948 M N 100 Sale 9918
2
Tex & N 0con gold 5s
61 June'33
1943 JJ
9412 105
4 47
Conaol sinking fund 4 Hs_1960 F A 10418 Sale 10312 1043
/
4
731 941 Texas & Pao let gold 58
/
4
100 Sale 993
94 4 100
3
4 10012
2000
8
General 4Hs series A
1965 .5 D 9378 Sale 937
9
2d Inc58(Mar'28cpon)Dec2000 Mar
95 Mar'29
78 10012
10012 84
3
General 58 series B
_
1968 J D 100 8 Sale 100
Gen & ref 52 series El
6812
1977 80 8818 74
53
95 1053
8
15
-year secured 6)45
69
12
1936 F A 10412 Sale 10412 105
Gen & ref 58 series C
4
1979 AO 693 Sale 884
97 Sale 9612
47
73
98
97
40
-year secured gold 56_1964 M N
70
43
703 88
Gen & ref 5s seriet D._ __ _1980 JO 68
4
843 102
8
56
8614
Deb g 4)4s
70
1971. A 0 8438 Sale 8312
19
76
83 June'33
8914 100
68
General 449 ser D
9012 Tex Par-Mo Par Ter 530 A 1964 MS 73
19131 A 0 89 Sale 8812
9618 100
Tol & Ohio Cent let an 58..1935 J
94 July'33
72
8412
1
30
Peoria & Eastern let cons 45_1940 A 0 6034 6412 6412
_ 91 June'33
Western Div 1st g 58_ __ _1935 A0 9113
1112 13
1214 31
13 16 2
Income 48
11
4
,
April 1990 Apr
General gold 58
8912 85 July'33
1935 J D 82
69
/ 90
1
4
90
4
89
Peoria & Pekin Us 1st 5Hs_ _1974 FA 89
Tol St L& W 50
8812 893 693 Aug'33 _ _
4
2834 76
4
-year g 4s.._ _1950 A
76
15
Pere Marquette let ser A 55_1958 J 2 76 Sale 73
Tol W V& 0gu 48 ser C
9818 Apr'31
1942 MS
62
28
65
62 July'33 ____
tat 45 series B
62
1956 J
80 Feb'33
90
5
28
6714
6812 Toronto Item & Buff Istg 4 1946 • D 70
1st g 43.48 series C
8
663 6714
4
1980 M S 60
8
Union Pee RR let & Id gr 43 1947 J J 1007 Sale 993
MN
4 101
1
93 101
Pieta Bait di Wash let g 45_1943 F A 10 18 10114 101
027
02
101
127
J
97
98
Registered
98 Aug'33 _
6
93 10212
102
10212
General 56 series B
1974
1st lien & ref 4s
94
June 2008 MS 924 Sale 915
81
924 101
94 Aug'33 ---General g 414s series C1977• J
8
9312 82
,
93 Sale 9212
Gold 4 34s
1967 J J
19
35 8
3
9312 20
28
13
Philippine Ry 1st 30-yr a f 45 '37 J 2 27 Sale 27
1st lien & ref 58
8 10714 22
June 2008 MS 108 017 1065
40
-year gold 413
P C C & St L gu 434s A._ 1940 A0 .1013 10214 1023
1968 3D a8712 Sale 873
8
1 a03 1023
/
1
4
4
8
8 1023
8
88
50
1944 MS 100 101 101
10218 11
94 1024 U NJ RR & Can gen 4s
Series B 4)4s guar
1942 A 0 10218 Sale 102
101
5
85 Apr'33 _ _ _ _
99 4 10214 Vendetta cons g 45 series A._1955 B A
3
Series C 434s guar
10214 18
1942 MN 102 Sale 102
Cons s 149 series /3
a9418 973
Series D 43 guar
1945 MN 9614
85 June'33
1957 MN
973 July'33
4
4
__
J J
FA
34 412 312
Vera Cruz & P amst 4 3is
/ OeV32
1
4
Series E 434s guar gold.._ _1949
8918 ____ 85
1933
312
3
Virginia Midland gen 58... _ _1936 MN
96
Series F 48 guar gold
8
1953 ID 9718 ____ 917 Dee'32_ _
96
1
85
1212 Va & Southwest 1st gu 50_2003 J 2 76
Series CI 48 guar
85
92 May'33
1957 MN
85
1
let cons 58
Series H cons guar 4s.. _ 1960 FA
1958 80 68 Sale 68
9814 July'33 ____
9814 98 4
,
6814
5
4
Series I cons guar 43413. 1903 F A 10018 103 96 May'33 ____
9118 0812 Virginian Ry 1st 55 series A.1962 MN 1003 Sale 9912 101
60
9414 Sale 9312
let mtge 4)4s series B_ __ _1962 MN
Series J cons guar 4 445. _.1964 MN 10018 1023 100
1
944 100
4
100
9414 17
General M Ets series A ....1971) 3D 995 Sale 99
8
/ 100
1
4
10
76 10018
8012 80
Gen mtge guar 5 ser B 1975 AO 9814 99
1939 MN 80
/ 99
1
4
7612 993 Wabash RR 18t gold 58
8118 35
4
9912 19
FA
J J
2d (told tie
811
93
Gen 44s series C
9212 Sale 9214
23 69
1977
3
6612
663 65 4
4
1939
93
Deb 68 aeries B registered 1939 J J
Pitts McK & Y 2d gu 6s.._.1934 J J 10014 ____ 10114 July'33 -___
984 May'29
/
1
8
995 10114
19411 A0 10014
151 oen 50
Pitts Sh & L E 1st g 58
-year g term 48_1954 • J -86" Vi" 3712 Apr 33
__ 100 Aug'33 ____ 100 102
J
Del & Chic Ext 1st 5s
let ennxol gold 58
7018 83
1943 J
76 Aug'33
78
1941
100 Mar'33 ____ 100 10012
Des Moines Div 19t g 48..1939 I
Pitts
504 5178 50
_
& Char 1st 45
1943 MN
90 Nov'32
50
2
7
.
49
46
Omaha Div 1st g 35411
& W Va let 434s ser A_1958 JO 6514 68 68 Aug'33
ao- -T97
( 8
46
8
1941 A0 48
Toledo & Chic Div g 45_1941 MS 50
1st M 4348 series 13
6512 56
1958 AG 6712 Sale 67
3
30
56
67'2
685e
5
27
lot M 4345 series C
28
30
7012 Wabash Ry ref de gen 53-45 A 1975 MS 26
68
16
1960 80 6653 70 6612
27
/ 20
1
4
26
Ref&gen 5s(Feb'32 coup)B '76 FA
Pitts Y & Ash 1st 4s ser A..1948 J D
273 26
95 95
4
95
95
5
27
18
Ref & gen 4 Hsserlea C
let gen 58 series B
1962 FA
917 ____ 90 July'32 -----------8
1978 A0 2714 Sale 2414
2714 68
AG 26
Ref & gen 58 series D
Providence Secur deb 4s.....1957 MN
28
25
1980
39
713 July'31 _ _
8
27
49
FA
50 Feb'33 _ _ _ _
Providence Term 1st 48 _ _1956 M
go Warren let ref gu g 3Hs.._ 2000 QM
'
80 June'33
Washington Cent let gold 48 1948
52 Feb'33
__
Wash Term let gu 3Ha._..1945 FA 9114 92
Reading Co Jersey ('en coil 4s '51 80 88 Sale 8612
9114
88
33
66
88
9114
1
J
let 40-year guar 46
Gen & ref 4 Hs series A._.1997
97 July'33
755 95
4
1945 FA
94 Sale 935
8
9412 69
14 Western Maryland 1st 45_1952 A0 71 Sale 7014
Gen & ref 4)48 serlee B___1997 • J
95
78
993 93 4
4
3
9414 18
94
71
83
1st & ref 5349 series A
Rensselaer & Saratoga es_ _1941 MN
825 Sale 80
8
1977 J
13
OcV30_
82
/ 62
1
4
West N Y & Pa lst g fe
Rich & Merch 1st g 45
102 Sale 02
3
840
1948 MN
1937
40 July'33 ____ -- - 102
3
General gold 4s
Richm Term Ry 1st gu 58..1952 J J
971: 991:
1943 80 90 Sale 8612
:::: 9912 June'33
90
5
•S 44 8 Sale 43 4
Western Pao let 58 ser A
Rio Grande June let gu 55_1939 JO
3
3
1946
63 80
75
85 80 July'33 --__
4912 396
West Shore let 48 guar
Rio Grande Sou 1st gold 46.1949 J
2361 • J 8312 Sale 8314
8312
1 Dee'32
114 3
4
Registered
Guar 4s (Jan 1922 coupon)'40 J J
73
79
2361 J J
212 ____ 3 July'33 ___
/ 80 July'33 _
1
4
/
1
4
1
314
Wheel & L E ref 434s ser A.1966 MS 8418 93 84 Aug'33
Rio Grande West let gold 44 1939 J J 86 Sale 8518
55
87
86
38
MS
Refunding 59 series 1.3
1st con & roll trust 4, A _ _1949 80 60
2513 644
1966
6518 Aug'33 _
887 5918
8
60
3
/
1
4
RR 1st coneol 4s
R I Ark & Louis 1+1 4 48_1934 MS 263 Sale 26
1949 MS 87 _ _ _ _ 87 Aug'33
4
Rut
-Canada 1st eu g 45
40
1942 3D 4012 42
7
19 9 J J
,
45
541 55 July'33 15
7
3 5 3 718 Wilk & East let gu g 58
1518 5 2
88 8
40
3D
Will & S F let gold 58
Rutland 1st con 444s
1938
64
86 July'33
39
1941 J J
55 July'33
563 70
8
Winston-Salem S B 1st 48_1960 J
89
92 89
8912
4
Wis Cent 50-yr let gen 4a 1949 J J 22 Sale 21
St Jos & Grand HI let 4s
70
1947• J 8914 91
90
90 July'33
22
10
Sup & Dul div & term 181 48'36 MN
St Lawr & Adr 1st g fts
64
1512 17
643
4
1996 J . 65
1512
1
75
64 June'33
1512
8
Wor & Conn East let 4345_1943 33
A
2d gold 613
1996 068 70
8514 Sept'31
70
80
70 June'33
St Louis Iron Mt & SouthernRiv & 0 Div 1st g 45--- -1933 MN
INDUSTRIALS.
*
•
•
D
Abitibi Power & Paper lat 58 1953
St L Peor & N W 1st ITU 58.1948 J
7
284 65
63 Sale 597
8
63
St 1.
-San Fran or lien 49 A _ _19511 J
3012 Abraham & Straus deb 540.1943
25 Sale 25
253
4 26
8
80 95 Sale 94
With warrants
25
21
812 30
Certificates of deposit
2418 Sale 2418
9512 30
Adams Excrete coil tr g 4s_ _1948 MS 92
10
33
Prior lien fst series it __ _1950 J
94
7
27
27
2712 2812
701
/
4
71
9
8
/ 30 4 Adriatic Elec Co extl 7s. ___1952 AO 1075 115 01094 110
1
4
3
25
27
25
27
29
9
Certificates of deposit
/
1
2
06
Con M 434s series A
611s
/we 13
23
45
/ 2912 Albany Perfor Wrap Pap 6s 1948 80 5212 57
1
4
1978 M 41 213 Sale 21
4
FA
8414 Sale 8112
Cerrits 01 aepo.sit stamped
21
59
1914 Sale 1914
614 2612 Allegany Corp coil tr 58_ ___1944
88
125
I) 575 Sale 553
Coll & cony 58
49
4
1949
2
71
71
St L S W let g 4» bond W0_1989 MN
7012 7512 70
4
60
106
Coll & cony 58
33
38 5218
1950 * 0 4112 Sale 35
52
5
28a 4o Inc bond etfs Nov_ _1989 J
48
5512 52
43
559
9178 Sale 917
6714 Allis-Chalmers Mfg deb Be 1937 MN
1st terminal & unifying 56_1952 ii 58 Sale 55
60
33
19
8
92
3
Alpine-Montan Steel 1st 75_1955 MS 46
Gen & ref g 5s ser A
19
12
56
51
54
1990 J J
54 Sale 5114
51 Aug'33
AM
Og & L Chem let gu g 48_ _ _1948 J J 49
Ohio Concocting Ry 1st 4s__1943 M S 8618
Ohio River RR 1st g 5s_ _1936 J D 88
General gold 5a
1937 A 0 91
Oregon RR & Nay corn g 48_1946 J D 95
Ore Short Line let cons g 513_19 6 J 2 106
,
Guar stpd cons 69
1946 J J 10718
Ore-Wash RR & Nay 48_ _1961 J J 90
St Paul & K C Sh L 191 449.1941 FA
St P & Duluth 1st con g 49 .1968• I)
St Paul E Or Trk Ise 4148.1947 32
St Paul Minn ds Manitoba
4s ctfa of deposit
1933
es Ws of deposit
1933
1933
4.4s ctfs of deposit
Mont ext 1st gold 4s . .1937 II;
Pacific ext gu 4s(sterling). 1940 i .
1
St Paul Un Dep 1st & ref 55 1972, l
El A & Ar Pass 1st gu g 4s_._1943 3 3
Santa Fe Pres & Plied let 56_1942 M $
Say Fla & West 1st g 68____1931 A 0
1st gold 58
1954 a 0
&Iota V de N E lstgii 45_ _19159 MN
Seaboard Air Line let g 413 11160 AG
Gold 45 stamped
19511 AG
Certife of deposit stamped. _ A 0
Adjustment 52
1949 F A
Oct
Refunding 4s
1959 80
Certificates of deposit......
si-8
18t & eons 88 series A
1945 i
CerWIcates of deposit......
vi
All & illrm 30-yr 1st g 4s 1933 i i
Seaboard All Fla 1st gli BR A 1935
A0
Certificates of deposit
Series II
1935
P A
•ertificates of depoolt__
Bo & No Ala cons gu g 5s_ _ _1936 FA
Gen cone guar 50
-year 55.1963 AD
So Pac coil 48(Cent Pee coil) 249 J D
1st 4 34s (Oregon Linea) A 1977 MS
20-year cony 56
1934 3D
Gold 4)4s
1968 M
Gold 430 with warrants 1989 MN
Gold 430
1981 MN
San Fran Term 1st 4s
1951) A0
so Pee of Cal 1st eon gu g 53 1937 MN
So Pac Coast let fal g 4s. _._I937 33
Bo Par RR 1st ref 45
1955
Stamped (Federal tex)...1965 JJ
7 Cash sales. a Deferred delivery.
Ask Low
55 55
____ 97
95
90
933 90
4
96'n 95 4
3
10612 1083
4
Sale 10718
Sale 8814
43 Sale
7514 90
45
60
44
28
40
75 June'33 ___
50 June'33 --_
1
10312 10312
8
10314
10314
1
8
1033
8 1033
5
93
93
85 July'33 _-__
8512 90
10218 Sale 1024
10214 12
1033 104
8
103 104
/
1
4
1033 104
8
35
75
723 Sale 7212
4
9812 100
9814 Aug'33 ____
1003 102 100 Aug'33 ____
8
100 ___ 100 July'33
1
9714
9714
*
•
•
15
19
/ 204 July'33 ---1
4
612 8
612
612
2
a
23
812 Sale
9
8
1112 Sale 1118
113
4 43
4 24
1012 Sale 10
103
•
•
6212 Amer Beet Slug cony deb 65_1935 FA
8012 American Chain deb 5 f 65..1933 * 0
Amer Cyanamid deb 5/3_....1942 A0
50
Am & Foreign Pow deb 55_2030 MS
1003 10312 American Ice a f deb 5s
4
1953 3D
993 10314 Amer I 0 Chem cony 5/45..1949 MN
4
1023 1033 Am Internal Corp cony 6)4s 1949• J
4
8
Amer Mach & Fdy sf 68_ _ _1939 * 0
93
75
9018 Amer Metal 534% notes._..1934 * 0
70
89 10312 Am Sm & Ft 1st 30-yr baser A '47 A0
Amer Suet Ref 5
-year 66-.1937 3J
54
8012 Am Telep & Teleg cony 45..1936 M8
30
-year coil tr 1521
1946 JO
82 100
35
-year 5 f deb fie
95 1004
1960 J J
/
1
20
-years 16 Hs
1943 MN
94 100
Cony deb 4)45
98
1939 J
90
Debenture 58
*
1985 FA
Am Type Found deb 68__ _ _1040 A0
•
23
/ Am Wet Wks & El coll tr 58.1934 AO
1
4
3
13 113
Deb g es series A
1975 MN
4
a28
70
45
85
9212
49
70
84
79
103
901 1
995
8
1043
4
10314
1083
4
1043
4
108
115
1043
4
65
96
82
Sale
1412 Am Writing Paper 1st g 68-1947 J J 47 Sale
2
23 1712 Anglo-Chilean Nitrate 78_ -1945 MN
4
88 9
5
7
Ark & Mem Bridge .t Ter 68_1964 M
18 18
4
78
___
•
Armour & Co (III) let 4345_1939• D 9114 Sale
Armour & Co of Del 5Hs_ _1943 32 88 Sale
5
3
1
9 4 Armstrong Cork cony deb 58_1940• D 924 Sale
3
/
1
5 Sale
5
Associated 011 8% it notes_1935 MS 10212 Sale
D 9612
1
1
712 Atlanta Gas I. 1st 58
4
1947
4 Sale
4
0912 10112 All Gulf & W I SS coil It 58 1959 J
Aug'33 ____
101
6118 64
___ 101
Atlantic Refining deb 5e_ ..1937 J
90
75
104 Sale
90 June'33 _-__
Baldwin Loco Works let 58..1940 MN 100 105
71
40
6514 dile" 61
6512 37
Batavia° Petr guar deb 4445.1942 3J 98 Sale
80
63
783
8 48
76 Sale 76
2
67
14 9312 Belding-Heminway 88
1936 3J 9618 98
924 93 a9212 09212
/
1
/
1
4
Bell Telep of Pa 5s series B 1948 33 10818 Bale
3814 74
18
87
8712 6512
66
lat & ref fe series C
37.4 7412
58
66
1960 AO 108 4 Sale
65 Sale 63
3
3614 721: Beneficial Indus Loan deb he 1946 MS 9618 Sale
100
88
8512 Sale 83
Berlin City Elee Co deb i44s 1951 JO 5312 Sale
4
3 4703 95
95
94 Sale 94
Deb sinking fund 6Its___ _1959 B A
9718 102
4712 Sale
____ 102 Aug'33 ____
102
Debenture es _____
_ _1955 A
Jan'30 -__ .. . ..
45 Sale
96
95
93
Berlin Elec El & Underg Otis 1956 A0 35 8 381
84
60
5
823 108
4
4
823 Sale 81
Beth Steel 1st & ref te (mar A '42 MN al007 Sale
.. .
8
9212 May'30 _._30
-year pm & impt Sf 5.2.1936 J i 994 Sale
5 Look under list of Matured Bonds on page 1216.
81
Sale 9214
Sale 453
4
Sale 70
Sale 84
Sale 78
1011 1 103
Sale 9014
Sale 98
1047 10412
8
---- 103
Sale 1063
8
Sale 1045
8
Sale 10712
Sale 115
Sale 10458
Sale 85
Sale 98
85
8012
85
34
9212
4934
71
8512
8012
10312
92
99711
10514
10314
107
105
10812
118
105
85
9853
82
8
136
32
13
20
9
52
143
10
28
64
119
124
49
207
4
61
14
Range
Since
Jan, 1.
Low
56
6812
17
20
204
40
36
80
20
18
High
1)(31s
85
843
4
85
90
8114
76
80
665
8
30
25
5518
913 10214
914 103
88
8812
69
88
60
65
8 3 100 2
57
,
4314
43
50
86
80
73
44
/5
764
/
1
75
63
95
91
85
71
80 -, (14
;
90 4 101
3
/
4
9378 sq1
078
934
/
1
a75
95
95 107 4
,
411393 a8912
4
96 101
85 85
85
85
11 5
/
4
89
98
60
85
3612 70
81 101
78
11414
43
33
85
70
271: 871;
78
62
35
50
2718 47
41
56
55 32
4
5
/ 32
1
4
4
3212
438 32
50
50
a513 52
4
87
9114
92
/ 97
1
4
63
74
52
8412
9914 103
7938 93
2012 58
67
13512
6414 80
65
84
6212 80
70
8/
1834 45
85
86
764 9012
/
1
834 2714
2118
6
9814
80
534 73
92 1104
241: 5812
251 89
:
al912 80
5
49
85
9412
112
8151
2614 85
•
704 943
/
1
4
2358 5812
72
62
64
89
661 86
/
4
/
1
4
/
1
102 1054
/
1
4
60
943
4
78 100
102 106
/
1
4
a9612 10312
100 10712
93 10712
994 10918
99 119
924 10714
85 67
744 98
891
/
4
49
61
4
22 a2114 5 /
45
47
/ 1418
1
4
2
9 Aug'33
80
85
85 Apr'33
77
92 4
3
52
904
92
714 90
873
4
8814 79
93
66
5
92
921
8
3 10112 1033
1021 103
/
4
983 9 4
4 83
983 Feb'33
4
68
35
15
61
60
4
97 1043
42
1043
104
791 104
/
4
6
102
102
,
90 4 100
14
981
98
95
83
95 July'33
26 101 111
10712 108
15 1004 11138
4 1091
1083
75
9018
79
8834
9°'
/
4
351 sosi
55
581
5314
3514 694
105
/
1
45
50
53 03414 6411
43
461
1
14 8128
387
134
3612
42
71 1024
9912 101
79 10014
993
67
9812
New York Bond Record Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 11.
Price
Friday
Aug. 11.
t3
BUZ
Bing & Bing deb 634s
1950 MS
Botany Cons Mills 634e_
1934 AO
AO
Certificates of deposit
Bowman-Bilt Hotels let 78_ _1934
MS
Strop as to pay of $435 pt red
B'way dr 7th Ave 1st cons 641_1943 J O
J O
Certificates of depostt
Brooklyn City RR let 58_ _ _1941 J J
Bklyn Edison Inc gen be A._1949 J J
Gen mtge be series E
1952 J J
Bklyn-Manh R T sec 60_ _ _ _1968 J J
N
Bklyn Oil Co & Sub con gtd be '41
1st be stamped
1941 J J
13klyn Union El 1st g Os___ A950 FA
liklyn Un Gas let cons g 58_1945 MN
N
lot lien & ref (is series A 1947
Cony deb g 5 he
1936 J J
Debenture gold te
1950 J D
1st lien & ref series B__ _1957 MN
Buff Gen El 4345 series B._1981 FA
Bush Terminal 1st 4s
1952 AO
Consul be
1955 J J
Bush Term 131dge 5e gu tax ex '30 A0
liy-Prod Coke lot 6348 A _ _ _1945 51 N
Cal0& E Corp unf & re 15s_1937 MN
Cal Pack cony deb bs
1940 J
Cal Petroleum cony deb 5 t bs '39 FA
Cony deb of g 534e
1938 MN
Camaguey Sugar ctfe of deposit
for lot 78
1942
Canada SS L lot & gen Re_ _1941 :4 0
Cent Dist Tel 1st 30-yr Os_ _1943 JO
Cent Hudson 0 & E 5s.Jan 1957 NO S
Cent Ill Elec & Gas 1st 58_ _1951 FA
Central Steel let go f 8a_ .1941 M N
Certain-teed Prod 5348 A _ .._ 1948 M
Chesap Corp cony Os May 15 '47 M
CO 0 L & coke let gu g 5s_ _1937 J J
Chicago Railways let Os stpd
FA
Aug. 1193325% part. pd
Chinn 10 deb Os_
,
_____ 1943 AO
Chile t 'nailer Co deb be
1947 J J
Cin
& E lat 13 4s A
4
1968 AO
Clearfield Bit Coal 1st 4s
1940 ii
Small series B
19411 J J
1
Colon Oil cony deb 68
1938 c ,
Colo Fuel & Ir Co gen a t 58.1943 j
;
Col Indue let & coil Os gu_ _ _1934 .„
Columbia 0& E deb Os May 1952
Debenture 55
Apr 15 1952 Debenture 5a
Jan 15 1961 J J
Columbus By P & L 1st 4 345 1957 J
Secured cony g 534s.....1942 AO
,
Week.
Range or
Lan Sale,
Range
Since
Jan. 1.
g
High No. Law
Ask Low
20 June'33
8
14
22
1812
6
1812
2
187
418
8
19 Sale
187 Sale
8
412 May'33
_
10 Aug'33
10
93 1014 10
10
4
2
76
76 Sale 76
9
107 Sale 1063
4 107
10614 Sale 10512 10614 32
9512 Sale 9414
95 2 151
,
55
59
60 May'33
56
__
50 Nov'32
843
8 27
8414 Sale 84
10978 Sale 10912 1097
8 11
105
_ 115 Aug'33
fii 158 Feb.
33
12
10212 Sale 1023
10234
8
2
Iowa )06% 106
10612
19
104 Sale 1033
104
4
44
44 Aug'33
50
9
15
16
17
14
15
42
42 Sale 393
4
6512 68
6512 Aug'33
8
1053
9114
8
943
983
0
106
Sale
953
4
Sale
105%
91
943
4
983
8
105%
9112
943
4
a9834
1
9
5
5
.5
9% 6 Aug'33
20
26
2114
2114
1067 107 10614
8
106% 15
19
1045 10512 10512 105%
8
57 Sale 5612
5712 28
2
101%
10114 Sale 10114
20
52
51
5118 52
760
10412 Sale 101
105
10318 Sale 103
8
10318
•
49
53
48 Sale 48
67
36
67 Sale 6612
9812 Sale 9812
98% 110
45
38 Apr'33
4571 -112
69 Sale 6i-37
58
3612 Sale 3318
28 Sale 24
285 144
8
74
85
85 Sale 831,
8512 Sale 85
86
10
843
833 Sale 8318
4
4 49
19
95 Sale 95
9514
103 10334 10212 10312 12
Commercial Credit a f 6s A __1934 SI N
Coll tr 5 f 534% notes_ __ _1935 J J
Comml Invest Tr deb 5348.1949 FA
Computing-Tab-Rec s f Os_ _1941 J
Conn By & L 1st & ref g 4 301951 J J
Stamped guar 434e
1951 J J
Consolidated Hydro-Elec Works
of Upper Wuertemberg 76_1956 J J
Cons Coal of bld let & ref 58_1950 J O
Consol Gas(NY)deb 54s1945 FA
Debenture 434a
1951 JD
Debenture be
1957 • J
Consumers Gas of Chic gu 551936 JO
Consumers Power lot be C 1952 MN
Container Corp lot 98
1946 J D
15
-year deb 5s with warr _1943
F A
Copenhagen Telep 58-Feb 15 1954 2 D
N
Corn Prod Reg 1st 25-yr of 5s'34
Crown Cork & Seal s f Gs__ _1947 J O
J
Crown Williamette Paper 68_1951
Crown Zellerbach deb Sow w 1940 MS
Cuban Cane Prod debt3s.._ _ _1950 J
Climb T & T lot & gen 5e_1937 2
10158 102 1015
1015
8
8
10112
10118
101
102 Sale 1013
102
4
10612
10614 10712 10614
98
98
10014 ---- 10014 July'33
Del Power & Light let 4340_1971 J
lot & ref 434.
1969 2 J
lot mortgage 4(4e
1969 1 J
Den Gas & El List A ref e f 6. 51 M N
Stamped as to Penne tax 1951 M N
Detroit Edison 5. 4er A
1941) A 0
Gen & ref 58 series 13
1955 J 1)
Gen & ref Ea series C
1902 P A
Gen & ref 434s aeries D 196i F A
Gen & ref be series F
1952 A 0
Dodge Wes cony deb 68__ _ _1940 M N
Doi(' (Jacob) Pack let 6s_ _ _1942 51 N
Donner Steel 1st ref 7s
1942 J
Duke-Price Pow lstlIsser A _1966 M N
Duquesne Light lot 4 tie A._1967 A 0
1st M g 4348 aeries 13_
.4957 M S
102 1021 10218
1
1021
9514 r.- -. 95
4
95
3
10112 Sale 10112 10218
4
9314 95
94 Aug'33
9212 94
9512 July'33
10312 Sale 10212
10312 27
102 Sale 101
102
36
8
10212
1033
103
9812 Sale 973
4
9812 64
102 Sale 10112 10212 49
9614 Sale 94%
9614 204
803 Sale 80
4
803
4 17
92 89 July'33
87
76 Sale 75 4
,
76% 54
105 Sale 1033
4
105
65
10612 Sale 10612 1063
4 18
40
37
37
24
20
20
10514 Sale 10514
'99 Sale 9814
103% 104 10314
1025 10414 103
8
10412 Sale 10414
7212 Sale 7212
56 Sale 55
7712 80
79
8
1025 103 103
9912 100
0918
853 Sale 84
8
71
70
70
•
105 1051 105
East Cuba Sug 15-yr org 73414'37 M S
Ed El 111 Bitlyn 1st cons 48._1939 J J 10218
Ed Nice (N Y) 1st cons g 58.1995 J J 11314 12
-0
El Pow Corp (Germany) 6 4..50 M S 42 Sale
1s1 sinking fund 630. _ _ .1953 A 0 43 Sale
Ernesto lireda Co lot 51 7s_ _1954
With stock purchase warrants F A
7714 ---Federal Light & Tr let be_ _ _1942 MS
let lien of 5s stamped _ __ _1942 MS
let lien Os stamped
1942 MS
30-year deb 65 series 13.. _ _1954 JO
Federated Metals a f 7e._ 1939
I)
Fiat deb s f g 7s
1940 J
Framerican Ind Day 20-yr7348'42 .1 J
Francisco Hug 1st 0 f 748_1942 MN
1
6
33
2
1
37
6
15
22
1063
8 69
9912 142
104
66
1
103
1047
2 20
3
73
57
18
8014 21
2
103
100
9
85% 27
71
6
1053
10212
113
4112
40
103
113
433
4
4314
77
18
77
69.8 71
69 Aug'33
6912 Sale 687
6912
2
731.2 74
74
74
51
.a61
a61
9814 100 98
98
9912 99% 9912
9912
99
97
99
99
50
50
52
50
4
2
43
18
18
1
4
2
2
1
1
.1943 FA
7602 _ _ _
Gannett Co deb 60 ser A.
7514 Aug'33
0118 A El of Berg Co eons g 581,01,• D 105%
- 105 July'33
Gelsenkirchen Mining 614. _ _ _1934
S 37
4312 40
4312 16
Gen Amer Investors deb be A1952 FA 8212 Sale 8212
83
12
10318 15
10212
Gen Baking deb of 534ti_ _1940 A ( 10318
Gen Cable 1st a t 5340 A _ _1947 J
68 Sale 68
68
1
8
997 100
Gen Electric deb g 334s_ _ _ .1942 A 98
10018 11
J
37
387 4114
8
Gen Elec (Germany) 76 Jan 15'45
41% 26
1940 J O 33
3812
3812
P 1' deb 6348
38
5
1948 MN
333 Sale 333
4
4
20-year a f deb 6a
3512 16
1940• A 104 10412 10412 105
Gen Petrol lot a t 58
7
1939 J
Pub Seri deb 5345
87 Sale 86
87
6
7812 Sale 7812
Ben Steel ('ast 534o with warr '49 J .1
8118 10
•
Gen Theatres Equip deb 013 1940 A (1
•
5%
618 22
6 Sale
Certificates of deposit
56%
Good ilope Steel & Ir sec 78.1945 AO 5618
5618
8
1 95 Sale 95
Goodrich (13 F)Co let 6340_1947
96
30
1945• 14 7018 Sale 67
Cony deb 65
7018 107
9012 Sale 8914
Goodyear Tire & Rubb lot 581957 MN
9012 186
85
Gotham Silk Hosiery deb 613_1936 J
89 2 86
86
,
1
•
Gould Coupler let f 6s_
1940 FA
4
Gt coal El Pow (Japan) 78..1944 A 73 Sale 713
23
73,
4
ist & gen a f 63
195 J 1 6214 6412 62
64
14
413
D 7518 Bale 75 8
OUO Stat.08 Steel deb 534a_..1942
76
6
,
r(ash sales. a Deferred del very
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 11.
z.•
1215
Price
Friday
Aug. 11.
Wee*',
Range or
Lan Sale.
cq
Range
Since
Jan. I.
BO
A sA Low
High No Low
High
Hulk
99%
4
9912 13
21
Hackensack Water let 4s___1952 J J 993
92% 993
4
37
373
4 20
2712 Hansa SS Lines 6s with warr 1939 AO 2612 39
29
61
4
60
9
2012 Harpen Mining 6s with warr_1949 J J 5912 59%8 583
7212
39
40
40 Aug'33
FA 33
4014
Havana Elec cense! g
18
5
12 Aug'33
12
4
412
_
Deb 534, series of 1926_1951 MS
314 15
•
2
11
Hoe(R)& Co let 634s ser A.1934 AO
•
32
30
32
35
10
N
1
10
17% 32
Holland-Amer Line Os (flat).1947
65
26
6512 76
73
Houston 011 sink fund 534s__1940 MN 63 Sale 63
38
5312 80
100 4 108
3
2712 64
Hudson Coal lot s f 5s ser A.1962 J D 5112 Sale 50
107
1 10138 108 4
MN 107 10712 107
100 108
Hudson Co Gas lot g ba
,
1949
8
10312 16 100% 10412
8414 96
Humble 011 & Refining 5s_ _ _1937 AO 10312 Sale 1033
107
32 100% 1077
57
60
Mina] Bell Telephone 65.__1956 3D 10612 Sale 106
a
10414 Sale 1035
8
105
20
Illinois Steel deb 4348
95 103
1940 AO
3514 Sale 35
40
27
75
87
26, 58 t
Ilseder Steel Corp mtge 6s1948 FA
947 June'33 _
MN
1013 112
4
Ind Nat Gas &()Bret 59_1936
94% 9712
4
863
4
8
10434 117% Inland Steel lot 4348
90
66
1978 AO 863 Sale 8612
8612 10
8
158 158
65
let M a t 430 tier B
90
1981 FA 8618 863 851s
6612 Sale 6412 * 6718 365
93 105
Interboro Rap Tran 1st 55..1966 J J
47
70
977 r1073
8
4
10
-year Os
•
1932 A0
26
18
26 Sale 23
9712 105'2
14
3012
Certificates of deposit
•
42
6712
10
-year cony 7% notes__ _1932 St S
115
673 Sale 673
4
4
70
5
3314
52
7314
Certificates of deposit
3
60
- 14 60 Sale 59%
19
6411 Interlake Iron 1st 58 B
32
70
1951 1V137
74% Int Agile Corp 1st & coil tr 5s
65
65 Aug'33
3812 65
Stamped extended to 1942_ _ _ MN 64
9 050
82
MN 82 Sale 81
100 1063 lot Cement cony deb 5e
4
84
1948
503 140
4
62% 9212 Internet IIydro El deb 6a...._1944 AO 50 Sale 4712
2414 59
5212 10 02911 5812
96
asl
Inter Mere Marine a f 68._ ..1941 AO 52 Sale 51
65
15
083
39
99
68
Internet Paper 5a tier A & B.1947 ▪ 2 6418 Sale 6418
4612 86
10
49
Ref a f Os series A
1955 MS 44 Sale 4218
4812 160
463 Sale 4612
4
1712 55
14 13, Int Telep & Teleg deb g 434s 1952 J J
4
5612 Sale 54%
224
58
103 27
4
2018 67
Cone deb 434e
1939 J J
52
101
5112 Sale 4912
102 108
18
Dells Os
595
4
1955 FA
8818
16
89
100 107
9238
75
Investors Equity deb Se A....1947 J D 8914 90
3
4
87%
50
75
,
80
92
Deb 55 ser B with warr_ ..1948 AO 88 4 ---- 873
AO ____
88 Aug'33
7012 102
75
92%
Without warrants
1948
26
5712
35
6312 10812 K C Pow & Lt 1st 4345 ser B.1957 J J 104% Sale 104
105
9612 105
1043
8 26
97 10538
96 1053
1st
43.424
4
1961 FA 10418 Sale 104
883
4 23
95
72
Kansas Gas & Electric 4348_1980 J I) 8812 Sale 8818
183
8 20
16
183 16
8
13% 4114
•
Karstadt (Rudolph) let 613..1943 MN
1612
15
6
25
5512
13% 183
4
Certificates of deposit
13
27
50
713 Keith (B.F,) Corp. 1st 68_ ..1946 MS 48 Sale 48
4
2912 61
58
6412
53
8
90 100
32
Kelly-Springfield Tire Os.
1942 AO 5312 58
76%
6
38
38
55
79
Kendall Co 5(4s with wart..1948 MS 76 Sale 7518
7518 797 72 July'33
6472 7212
Keystone Telep Co let 5s_ __1935 J J
a32
71
105 Aug'33
_
101 108
Kings County Ni L & P 58_1937 AO 105
3318 6818
1153 135
4
Purcbase money 6s
1997 AO 126 146 125 July'33
19% 58
8 30
741.2 Sale 7358
745
Kings County Elev let g 4s 1949 FA
6812 77 2
,
66
99 10512
893 Kings Co Lighting lot 5a
8
1954 J J 103 1041 103 A118'33 --J 105
6812 89
4
110 114%
_ 1133 July'33
First and ref 034s
1954
14 a42
95
6612 877 Kinney(BR)& Co 734% notes'36 JO 95 Sale 9412
96
8
84 0100 Kre.ge Found'n Coll tr ....1936 J D 80 Sale 78
80
9
3114 8312
9712 106
Kreuger & Toll class A etfs of dep
16 Sale 1512
lo
18 4 42
,
for sec a f g be
1959 M
97 10314
96 10110 Lackawanna Steel 1st 5s A __1950 MS 95% Sale 95
97
35
9912
75
953 104% Laclede G-L ref & ext 58_ __ _1934 AG 9414 Sale 94
4
943
4 15
7912 97 4
,
7
104 10818
48
6712
70
66 Sale 66
Coll & ref 53413 series C___1953 FA
3
6412
95 101 12
64%
48% 69
Coll & ref 534s series D___1960 FA 6414 66
912
.1
103
2% 14%
912 Sale
95 10112 Lautaro Nitrate Co Ltd 60..1954
4 52
8
95 1014 91
8
7712 9114
0114
Lehigh C & Nay of 4348 A..1954 J J
78
9114 90 Aug'33
3012 68
903
Cons sink fund 434e ser C.1954 JJ 91
4
3
74
612 3012 Lehigh Val. coal 1st &ref sf5 .'44 FR
45
75
74
7012
70
,
4512 50
2
48
48
9812 10V4
20
55
1st dr ref s 513
1954 FR
44 Aug'33
1612 45
87% 1017
1611 55
8
let & ref 5 f 5s
1964 FR
45 Aug'33
28
93 10512
22
45
50
lat & ref f be
1974 FR
755 80
1
8
57
7712
7718
97 105%
7718
Secured 6% gold notes_ 1938 ▪ J
97 107
6 1171 12612
4 125
4
8
Liggett & Myers Tobacco 78.1944 AO 1233 Sale 1233
54 102 11012
109
35
7614
be
1951 A 109 Sale 107%
851,
8512 39
48
1634 6312 Loew's Inc deb of 6s
1941 AO 8412 Sale 81%
8014
7412 00'
8
4
065
801 4 Lombard Elec 7s ser A
793
4
1952 JO 80% 83
21 610212 11812
1181
101 10412 Lorillard (P) Co deb 75
1944 AO 11812 Sale 116
37
79 100
1051
90 10512
5e
1951 A 10514 Sale 104
56
8
9414 10612
105
88
80
Louisville Gas & El(Ky)58.1952 MN 1045 Sale 104
481
4812 Sale 4814
9
42
3675.4 Lower Austria IIydro El 630 '44 P A
53
•
100 107
McCrory Stores Corp deb 53.45'41
61
4612 61
14
61 Sale 5112
Proof of claim filed by owner_
94 10211
2 21% 62
45
45
Proof of claim not filed
593 Sale 58
4
6014 101
893 99
231 6512
4
McKesson & Robbins deb 6348'50 M
9512 10218 Manatl Sugar 1st s f 734s___1942 AO
•
312 35
88 100
27 July'33
6 * 28
Certificates of deposit
1
•
•
88 1903
Stamped Oct 1931 coupon 1942 AO
4
8512 10334
3
2712
25
2712 July'33
18
Certificates of deposit
41
29
3912
17
86% 1(13
4312
40
Mantua Ity (N Y) cone g 48_1990 -AM 38
3812
8412 1031r
22% 4012
40
37
6
40
Certificates of deposit
75 r100%
2514 3012 30,4
175a 3 12
2d 48
3
2013 ..
3°14
4
9434 873
893
,
2
84 103
87% 893
7
Manila Elec RR & Lt a f 58_ _1953
82
4
70 4 9614 Mfrs Tr Co etre of partic in
3
40
1
74
66
75
85
A 1 Narnm & Son let 68_1943 J D 65
80
34
66
AO 51
67
2514 59
Marion Steam Shovel of 138_ _1947
5212 22
90
533 51
4
43
8112 Market St Ry 75 ser A _April 1940 2
7014 74
57
7014
75%
6914
18
971s 1053 Mead Corp let 68 with wary.1945 MN
65 Sale 64
30 a67
6514 32
8
AO 1143 Sale a11214 11438
96 107
9
8
87 119 4
,
Merldionale Elm' lot 7s A__ _1957
82
9412
99
94 Sale 9312
5
Metr Ed let & ref 5. ser C 1953 J J
Ist g 434e aeries I)
•
84
14
7112 90
84
80%
1968 MS 81
95 10412 bletrop Wat Sew & Dr 5413_1950 A () 75% Sale 7412
7518 92
6512 79
106 120
Met West Side El(Chic) 48...1938 A
11
19
1514 183 18 Aug'33 - - 4
68 4 Ming 51111 Mach let a f 7s__ _1956 21)
3
35
46 Aug'33 -30
674
33
68
Midvale St & 0 coll tr o f 5s 193)3 MS a983 Sale a983
8
80
99
997
75
8
8
Milw El ity & Lt 1st be B__ _1961 JO 81 Sale 80
8114 52
63
87'8
72
82
let mtge 58
62
85
13
4
81
1971 J J 803 Sale 79
Montana Power lot S. A __ 1943 J J
93
29
91 Sale 90%
60
93
63
75
Deb 6s series A
743 Sale 7214
4
45
78
743
4 10
1962 J D
65
723 Montecatini Min & Agric8
66
Deb g 75
7712
93
93 Sale 92
5 a8714 9812
1937 J J
48
6912 Montreal Tram let & ref 5a_ _1941 JJ 8912 91
8912
90
12
78'8 9312
81 100
Gen & ref of 513 series A 1955 AO
07414 July'33
59 4 07414
,
91 11103
AG
2
Gen & ref a f be iter II_ _1955
68% 74%
747 July'33
8
94 ltr2
Gen & ref a f 434e sec C..1955 AO
63 June'33
57 4 63
8
AO
101s 53
Gen & ref s f ba aer D
663
4
66% May'33
1955
Morris & Co let s f 43.4s..._1939 J J 8912 Sale 8912
78
9114
16
91
66
80
Mortgage-Bond Co 4s ser 2._1966 A0 2014 - -. 40% Dec'32
103 105
Murray Body lot 614e
94
9312 14 -69- 1934 J O 9312 Sale 91%
39
75
Mutual Fuel Gail let gu g 58_1947 • N 10234 105 10312 July'33
.
94% 1073
76
87
Mut Un Tel gtd 68 ext at 5% 1941 MN
75
9014
1
9014
9014
9114 98
97 10318
36
7512 Namm (A I) & Son__See Nitre Tr
J
96 10214 Nassau Elec gu g 45 etpd
5712 Sale 5612
51
5912
14
58
1951
2914 6212 Nat Acme lot a f Os
63
70
1
70
67
1942 J
80
70
2812 5712 Nat Dairy Prod deb 534s_...I948
77.4 99
951 1 189
95 Sale 9412
;1 943 Sale 9412
t
25
69
55% Nat Steel 101 coil Se
9512
9514 90
4
1954
101 105
Newark Consol Gas cons 58.1948 JO 10612 Sale 10612
3 10'211 107
1065
8
713 89
2
Newberry (JJ) Co 534% notes '40 A
65
as
8612 Sale 86
8612 16
47
85
New Eng Tel de Tel be A__ _ _1952 J
10918 Sale 1077
2 10918 22 lOU 111%
N 1045 Sale 104
Int g 434a series li
NI, Km:
1045
8 18
8
1961
AO 8312 Sale 8218
1
7 4 NJ Pow & Light lot 43413
,
76
95
1960
8312 16
37
5712
6518 New On Pub Serv hat be A _ _1952 AO 5712 Sale 57
4312 6412
6
62
97
First & ref 5s Series B
441, 65
58
56
42
.1955 .1 I) 56
58
a3312 75% N Y Dock lot gold 4s
45
53
63
32
1951 FA 52 Sale 52
68
3912
193. A 0 39
913
4
Serial 5% notes
26
42
417
8
4712
25
7412 87
NY Edison 1st & ref 648 A_1941 AO 11312 Sale 113
113% 39 106% 116
1st lien & ref S.series B
1944 AO 1065 Sale 106%
10712 28 10114 108%
8
3754 75
let lien dr ref 5s series C _1951
1063 Sale 106
8
10612 53 101 lino.
.
fr
31
06
Y Gam El Lt H & Pow g be 194/4; e 1103 1107 1107
8
8
8
8
3 1017 11232
1107
8
42
82
Purchase money gold 421_1949 F A 1023 Sale 102
4
1027
8 30 69314 103
*Look under list of Matured Bood8 on page 121,1.
A
New York Bond Record—Concluded—Page 6
1216
Price
Friday
Aug. 11.
BONDS
N. Y. STOCK EXCHANGE
we, is Eaded UK
0'42
/
4
N
N Y LE &W Coal & RR 51
N Y LE&W Dock dr Imp be '43 j j
N Y Rys Corp Inc 6s___Jan 1965 AM'
1965 J
Prior lien 6s series A
N Y & ItIchna Gas 151 68 A 1951 MN
/ '62
4
5A
N Y State Rye let cons 41
Certificates of deposit
MN
5
50-yr let cons 61 ser IL _1962
/
4
Certificates of deposit
NY Steam tie ser A
1947 MN
1951 MN
1st mortgage 5a
1956 MN
1st NI be
N Y Telep let & gen s f 430_1939 Si N
N Y Trap Rock let 68
1946 J
Niag Lock &0 Pow let 58 A_I955 AU
Niagara Share deb 51 - - - 1950 MN
/
43Norddeutsche Lloyd 20-yr 816847 7,1 N
Nor Amer Cem deb 6)45 A_ _1940 30 S
North Amer Co deb be
1961 FA
No Am Edison deb 58 ser A_1957 MS
Deb 51 ser B__ _Aug 15 1963 F A
/
4
8
N
Deb 58 series C.._ _Nov 15 1969
Nor Ohio Trac & Light 68 1947 MS
Nor States Pow 25-yr 5s A1941 AO
1st dr ref S-yr tie ser 13
1941 AO
North W •r let td g 41 gtd_1934 • J
/
4e
N
Norweg Hydro-El Nit51 _1957
/
48_
Ohio Public Service 73 A__1946 AO
-Se
let & ref 75 series B
1947 FA
Old Ben Coal 1st 6a
1944 P A
Ontario Power N F 1st 5s 1943 FA
Ontario Transmission 1st 58_1945 MN
Oslo Gas & El Wks extl be 1963 MS
Otis Steel 1st Si 6s ser A
1941 MS
Pacific Coast Co let g 58
I946• D
Pacific Gas dt Elgen & ref 55 A '42 J J
Pac Pub Serv
notes _ _ _1936 30 S
Pacific Tel & Tel 1st Ss_ ., 1937 j j
Ref mtge 513 series A
1952 MN
J O
Pan-Am PetCo(ot Cal)conv
Certiticat.8 of deposit
Paramount-Wway 1st 51
/
4
14_1951 JJ
Certificates of deposit
Paramount-Fam's-Lasky 88_1947 JD
Certificates of deposit
Paramount Publlx Corp 54 1950 FA
/
15
Certificates of deposit
Park-Lea let leasehold 61 1953
/
4s
Certificates of deposit
Parmelee Trans deb 13s
A 6
1944 -Pat & Passaic & El cons bs 1949 M S
Pathe Etch deb is with warr 1937 MN
Pa Co gu 31 coil V A reg I937 30 S
/
4s
Guar 31 coil trust ser B.1941 FA
/
4
8
Guar 333e trust ctts C
1942 J O
Guar 33-4s trust etre D_ _ _1944 J o
Guar 48 ser E trust ctts
1952 MN
Secured gold 41
1963 NI N
/
48
Penn-Dixie Cement let Os A 1941 NI
Pennsylvania P & List 434s 1981 AU
Peop Gas L & C 1st cons 68_1943 AO
Refunding gold 5s
1947 Si
NI
Registered
Piffle Co sec Is aeries A ____1967 J O
Phila Elec Co 1st & ref 41
/
43_1967 SIN
let & ref 45
1971 FA
Phlia dk Reading C & I ref 581973• J
Cone deb 65
1949 MS
Phillips Petrol deb 51s_ _ _ _1939 J O
/
4
Pillsbury 101r Mills 20-yr 68_1943 AO
Pirelli Co (Italy) cone 7s
1952 MN
Pocah Con Collieries let s f 55'57 J J
Port Arthur Can dr Dk fla A.1953 FA
1st m 65 series B
1953 FA
Port Gen Elec 1st 41 ser C 1960 NI
/
4s
Portland Gen Elec let 5s__ _1935 J J
Porto Rican Am 'lob cony 68 1942 J
Postal Telt% tic Cable coil 58_1953 J J
Pressed Steel Car cony g 58_1933 J J
Pub Serv El & G let & ref 41
/
48'67 J O
1st & ref 41
/
4
8
1970
A
1st & ref 4s
1971 F
Pure Oil 5 t 51 notes......1937 F A
/
4%
St 534% notes
1940 MS
Purity Bakeries a f deb 58._1938 J J
Radlo-Keith-Orpheum part paid
ctN for deb 6s & com stk 1937 MN
Debenture gold Os
1941 J D
Remington Arms 1st 5 f 6s .1937 MN
Rem Rand deb 5325 with war '47 MN
Repub I dr S 10-30-yr 5s s f 1940 AO
lief & gen 51 series A 1953 J J
/
4s
Revere Cop dr Brass 65 ser A 1948 30 S
Itheinelbe Union s f 7s
1946 j j
Rhine-Ruhr Water series 6..1953 J J
Rhine-Westphalla El Pr 78_1950 MN
Direct !Mize (3s
1952 MN
0
Cons NI 68 of 1928
1953 1 A
Con Si 65 of 1930 with ware '55 A0
Richfield 011 of Calif (Ss
1949 MN
MN
Certificates of deposit
Rime Steel 1st 5 t 7s
1955 FA
Reel)0& El gen NI 51 ser C '48 M S
/
4s
Gen mtge 41 series 0..._1977 MS
/
4s
Gen mtge Is series E
1962 MS
Roch & Pitts C & I pm 53_1946 MN
Royal Dutch 4s with warr__1945 AG
Ruhr Chemical s f (3s
1948 AO
c.1
St Joseph Lead deb 53-4s.1941 MN
St Jos ity Lt lit dr Pr 151 56_1937 M N
St L Rocky Mt & PSe stpd.1955 J
St Paul City Cable cons Is. l937 J J
Guaranteed ba
1937 ▪ J
San Antonio Pub Ben let 68 1952 • J
,
Schulco Co guar 615
1948 J J
/
4
Stamped (July 1933 coup on1
A 0
Guar s f 41 series 13__.1946 --/
4s
Stamped
8_1948 FA
Sharon Steel Hoop at 51
/
4
Sheet Pipe Lines f deb be___1952 MN
Shell Union Oils I deb 58 ___1947 MN
Deb 58 with warrants__ __1949 AO
ShInyetsu El Pow 1st 61
/
49__1952 J O
Siemens & Halske s t 75_1935 J J
Debentures f 634e
1951 51 S
Sierra & San Fran Power 56.1949 P A
Silesia Elec Corps f 634e
1946 FA
811N:tan-Am Corp coll U' 78_1941 P A
Sinclair Cons Oil 15-yr 7s
1937 MS
let lien 618 aeries B
/
4
1938 J O
Sinclair Pipe Line sf58
1942 AO
Skelly Oil deb 51
/
4e
1939 MS
Solvay Am Invest 58 set A1042 MS
South Bell Tel & Tel let at 58 '91 J J
Sweet Bell Tel let & ret 58_ _1954 FA
Southern Colo Power 85 A I947 J
Bid
70
5
58
Weere
Range Of
Lair Sale.
Rang.
Since
Jan. 1.
Ask Low
Hive Na. Low
High
8814 75 May'
_
33
75
75
578
100 June'31
412
Sale
59
8
61
5
5818
581
/
4
61
32
10412 10412
3
983
4110514
4,
4
312 Aug'33
106 107
102 8 -- -,
10112 Sale
8
1043 Sale
6212 Sale
10312 104
6514 Sale
47 Sale
25
29
773 Sale
8
8018 83
78 Sale
74 Sale
9914 10114
1013 Sale
4
105 Sale
9618 1003
4
7612 Sale
2 Aug'33
/
1
4
10612 10612
10218
10118
10118
10112
1043
8 1043
4
6212
6018
10212 104
6514
66,
4
45
48
25
26
78
75
8112
803
4
78
80 4
,
7512
73
00 4 101)4
3
1013
8
10214
1055
8
05
97
97
7513
7613
—
1
8
55
76
26
7
7
44
6
28
17
20
20
5
50
27
3
29
9878
100
96
96
22
20
1015
8
100
95
9612
80
80
33
373e
335 July'33
8
105
1053
4
75
75 18
10512 1053
4
10712 10814
11
2
9
6
13
2
20
33
4
100 Sale
96 Sale
21 Sale
101 Sale
9613 Sale
80 Sale
373 Sale
8
36
45
105 Sale
/
1
4
7518 Sale
10512 Sale
10712 Sale
•
0283 Sale
4
3713 39
33
38
2914 Sale
30 Sale
2914 Sale
30
3312
6
11
11
a29
28
6
373
11
4
r42
38 Aug'33 -2914
33
68
14
33
30
34
2914
62
35 Aug'33 _
13
14
13
13
6
30
33
30
32
5
106 1063 10434 105
4
7
80
83
85 July'33
91
95
943 July'33
4
815 July'33 ___
8
8412
8212 ____ 73 May'33
811 ---- 8112 July'33
/
4
823
4
8412 July'33
9212 Sale 9214
933
8 46
74 Sale 72
75
14
925 Sale 9214
8
93
67
11018 11014 10914
10914
1
102 Sale 10238
/
1
4
1033s
12
96
Oct'32 _ _
8518 Sale 85
86
48
105 Sale 10412 105
19
98 Sale 9612
9812 173
62
64
61
4 24
633
5912 Sale 5814
' 60
56
8712 Sale 8611
8712 65
104 Sale 104
1043
8
9
10014
101 Aug'33
66 75
7014 Aug'33
71
80
73 July'33
71
76
73 July'33'____
6318 Sale 62
6313 93
985 987 9814
8
8
99
16
4314 4514 44
4412 28
5313 Sale 4918
5434 391
•
•
10514 Sale 1043
8 1057
8 28
10412 Sale 10414
26
105
9914 Sale 983
4
9914 96
897 Sale 897
8
8
9114 18
8514 Sale 8514
8612 52
79 Sale 783
8
79
10
9818 99
9812 Sale
77 Sale
80
877
8
74 Sale
8814 Sale
39 Sale
3414 Sale
5613 Sale
3912 Sale
385 Sale
8
3814 Sale
24 Sale
48__
104 10478
90 _ _ _ _
10212 Sale
83 _
941 Sale
/
4
3913 413
8
60
Dec'32
98
98 12
78
76
8814
8814
73
75
88
88 14
39
38
3414
35
5612
55
3812
3978
385
8
40
38
39
•
24
2414
52
52
3 105
1047
897 June'33
8
103
102
571 May'33
/
4
9412
94
393
4
41
16
33
4
14
7
24
60
5
83
33
53
9
5
9
11
13
11
113 Sale 11212 11314 82
81
85
3
8
8313
833
45 Sale 45
45
1
45
51
51 July'33
52
65
6014 Aug'33
89
88
90 Aug'33
3613 41
40 July'33
4012 Aug'33
361 43
/
4
35
65
40 June'33
40
40
35
2
40
4514 525
8
7
915 Sale 91
8
92
127
90 Sale 8812
90
105
a90 Sale 8812
46
90
06218 Sale 62
22
65
7
8312 80
8312
613 Sale 6014
4
6214 41
9818
9812 99
983
4 12
7
3513
35
/ 37
1
4
35
2
40
39
3914 40
10212 56
10218 Sale 10 Us
101 Sale 10012 10114 58
103 Sale 1033
3 103 2 45
/
1
4
,
833 Sale 8312
4
86,
4 27
4
9853
984
/
1
9812 99
7
1013
105 Sale 105
39
107
10612 Sale 1053
4
2
73
73 Sale 73
Price
Week's
Friday
Range or
Aug. 11.
Last Sale.
--Bid
.4.1* Low
High
10512
Stand 011 of NJ deb 158 Dec 15'46 FA r103 Sale r103
10112
Stand 011 of N Y deb 41
/
4E4_1951 J O 10112 Sale 10114
•
Stevens Hotel 1st 68 series A_1945
383
4
Studebaker Corp 6% g notes 1942 JMS 37 Sale 3612
D
36
374 39
/
1
3712
Certificates of deposit
4
4
Syracuse Ltg Co let g 5s___1951 JD 1093 11112 1093 Aug'33
104
1044
/
1
Tenn Coal Iron & RR gen 55.1951 J J 10312 _
67
671
/
4
80
72
Tenn coop tt Chem deb 6813 1944
4
8414
Tenn Elec Pow let 6a
1947• D 83 Sale 823
/
1
9714
Texas Corp cone deb 5s
1944 AO 9718 Sale 964
5012
Third Ave Ry let ref 4s
1960 J J 5012 Sale 50
4
313
4
Ad)Inc 55 tax-ex N Y_Jan 1960 A0 313 Sale 3018
9412 92
9278
Third Ave RR 1st g be
1937 J J 93
4 10114
Tobacco Prods (N J) 61
/
48_2022 MN 10114 Sale 993
/
1
76
Toho Elec Power 1st 73_1955 MS 7514 Sale 754
Tokyo Elec Light Co Ltd
633
4
1st Os dollar series
D 6118 Sale 6118
1953
4
103 June'33
Trenton CI & El 1st g 5s
1949 MS 1053
403
3812 40
4
403
4
N
Truax-Traer Coal cony 61
/
4
5_1943
75)4 78
77
791
/
4
Trumbull Steel 1st s f 6s
1940 MN
2513 Aug'33
Twenty-third St Ry ref 5E1_1962 J J
54 July'33
60
Tyrol Hydro-Elec Pow 71s-1955 MN 50
/
4
4812 Aug'33
Guar sec 5 f 78
1952 FA
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 11.
13
.
St
Matured Bonds
r Cash sales. a Deferred delivery. z Optlonal sale, July 6, $1.000 at 3018. • Look under 1st of Matured Bonds on this page.
c3
,
51
Range
Since
Jan. 1.
No. Low
High
89 10
,1 10513
155
8814 102
48
2
2014 4614
36
45
103 110,
4
97 1041
/
4
50
76
72 100 4
,
7714 9714
36
5512
204 37
/
1
83
9412
89 102
41
79
7
413
13
37
113 24
/
1
118
08 109
35
90 1041
/
4
47
90 104
9812 106
136
387 671
8
/
4
7
/
1
944 105
74
63
130
281 60
/
4
30
68
1018 32
10212 106,
4
9
80
89
15:2 48
5
64
87
3912 833
4
6134 893
13
15
2513
57
847
8
53
/ 8312
1
4
88 10714
4712 6214
9018 1043
4
77
21
98 10612 UJIgawa Elec Power a f 78...1915 MS 77 Sale 76
3712 7712
Union Elec Lt dr Pr(M0) —
07
86
1044 36
/
1
Gen mtge gold be
AO 104 Sale 104
834 81,
/
1
2
94 104
/
1
4
/
1
Un EL & P (III) 1st g 51
23 100 105
/
4
8A 1954 J J 10312 1044 10314 104
957
20
2
Union Elev Ry (Chic) 5s_
90 105
141 20
/
4
1945 AD 20 Sale 20
10714 108 1064 108
/
1
7
Uoion 011 30-yr 6s A_Nlay 1942 P A
86 104
99 108
/
1
4
/
4
8
1st lien st55 ser C___Feb 1935 AO 1011 10112 1013 Aug'33
14
35
9812 1011
/
4
/
1
97
Deb 58 with wart__ _Apr 1945 J D 964 Sale 9812
35
9318 103
75
97
/
1
4
103
6
89 10014 United Biscuit of Am deb 8s_1942 MN 10212 103 10214
/
1
4
9512 103
67
MS 6614 Sale 65
52
84
64
43
rtDyrsugstCLo1(.11teg1)485i7t 1993543
7112
28
j j 20
20
United
20
2
94 46
/
1
14
2214
4
S Rubber 151 & ref Ss set A 1947 J J 673 Sale 66
684 93
/
1
38
23
291 75
/
4
90 July'33
United SS Co 15
MN 86 100
9914 1063
-year 6s
75
4
1937
90
8
/
1
37
/ 51! 2612 6014
1
4
607 8812 Un Steel Works Corp 61 A_1951 J O a373 Sale 364
8
/
4e
37
Sec s f 6/ series C
3712 16
1
4e
101 1073
4
1951 ID
2512 60
/
1
4
Sink fund deb 6/ ser A 1947 J J 32 Sale 3113
3212 77
10012 1083
4
1
43
51
2413 15913
8
/
4
Un Steel Works (Iliarbach)7s 1951 AO a1015 Sale 1011 102
7
1 9314 102
2912 27 July'33
25
381 Universal Pipe & Had deb 135 1936 J O 21
/
4
10
32
41
42
4013
4112 28
Unterelbe Power & Light 65.1953 A0
25 . r42
30
68'2
4
Utah Lt & Trac let & ref 58.1944 AO 6712 Sale 663
673
4
32
38
5212 76
7312 Sale 73
Utah Power & Light let 58_1944 FA
75
31
412 35
5713 79
_
100 May'33
_ 100 105
J 104
10:2 3413 Utica Elec L & P let s f g 58_19511
107
1
5
/ 35
1
4
/ Utica Gas & Elec ret & ext be 1957 J J 107 108 107
1
4
0912 1081
/
4
3512 Sale 35
URI Power dr Light 51'4s._.1047
365
8 70
D
712 35
13, 41
8
3314 Sale 3114
Deb be with warrants....1959 FA
3312 139
12
37
26
255 June'33
38
8
P A
Deb 51 without warr
a8
18
1959
144 2558
/
1
61 35
/
4
73
17
101 10614 Vanadium Corp of Am cony 58'41 AO 73 Sale 69
3434 81
4712 87
Vertlintes Sugar let ref 75_1942
11
133 10
4
1112
2
943 943
Certificates of deposit
4
4
112 1814
23
20 June'33
815 Victor Fuel let s f 5s
8
75
1953 JJ 21
1012 20
/
4
Vs Elec & Pow cony 5/ _1942 • S 1041 105 10413 105
3
73
74
95 1051
1
45_ 1 3
/
4
/
4
65 July'33
823 Va Iron Coal & Coke 1st g 55 1949 MS 561 _
8
78
471 65
/
4
/
4
/
4
33
80
841 Va Ry & Pow 1st & ref 58_ _1934 J J 1011 102 1011 102
/
4
971 103
/
4
25 Aug'33
Walworth deb 61 with ware '35 A 0 1912 33
743 95
4
/
4s
10
35
2912 21 July'33
15
AO
Without warrants
3413 753
1614 25
4
let sinking fund (Is tier A__1945 40 34 Sale 33
3414
8
70
81 43
/
4
9612
Warner Bros Pict deb 6s____1930 NI 5 4112 Sale 38
441 850
/
4
103 114
12
441
/
4
33
30 Aug'33
90 10713 Warner Co 1st 65 with warr_1944 AO 25
10
3013
/
4
30 Aug'33
Without warrants
* 0 251 28
121 40
/
4
33
Warner-Quinlan Co deb (35..1939 MS 28
30
31 12
68
1312 3814
Vi
105 Aug'33
97 1054 Warner Sugar Refin 1st 78_1941 JO 106
10211 106
/
1
Warren Bros Co deb 6s
68
MS 68 Sale 65
64
90 100
30
7514
10412 Sale 10413 10412
1 10012 106
48
744 Wash Water Powers f 5s_ _19 J
/
1
101
110
4
3212 6912 Westchester Ltg 5.9 etpd gtd_1950 JO 11018 1103 110
5 102 11012
100
8 10018 108
6718 90 4 West Penn Power ser A 5s.19841 MS 10514 - - - - 10514
3
/
1
4
1st be series E
/
1
MS 107 108 1074 108
4 1001 1091
95 107
/
4
/
4
let sec 5s series G
/
4
ID 106 1061 106
/ 1064 17
1
4
/
1
a991 101
/
4
9912 107
/
1
4
/ 10018 55
1
4
Western Electric deb
* 0 99 Sale 99
4
60
_1 3
11916
7014
81 102
Western Union coil trust 58.1938 j j 9218 9234 92
923
4 20
50
73
52
14318
4
Funding dr real est g 434s.1954) MN 7812 793 7814
7
79,4
73
71
3713 84
/
4
I5-year 61
/
1
9912 55
/
4s
111999n53161) P A 991 Sale 984
55 100
434 70 4
/
1
3
25
8414 39
ID 84 Sale 8218
-year gold 58
94 1011
361 18814
/
4
/
4
30
MS 84 Sale 811
/
4
-year 5s
843
4 69
18
52
363 3712
4
/
1
Westphalia Un El Power 85_1953
J 33 Sale 334
36
83
161 57
/
4
2313 5712
4
Wheellng Steel Corp 1st 51 1948 J J 833 Sale 83
833
4 13
/
49
52
843
4
75
* 0 74
7312
1st & ret 41 series 13___.1953
/
4s
75
97 105
16
411 75
/
4
/
1
4
45 June'33
9714 105
027
/ White Sew Mach 6s with wan '36 1 J
1
4
45
45
Without warrants
50
50 Aug'33
9014 10012
2212 50
Partle s f deb Os
4912 50 July'33
MN 45
68
/ 92
1
4
2214 50
Wickwire Spencer St'l let 78_1935
19
6312 89
49
61 11
/
4
CU dep Chase Nat Bank__ _ _
812
his 16
612
55
851
/
4
78(Nov 1927 coupon) Jan 1935
Ctf dep Chase Nat Bank_ - MN
6
/ 77
1
4
7 1414
11
3 7
7
3
Willys-Overland s f 65 A _ _1941 NI
•
•
•
WIWon & Co islet(3s A __ 1041 * 0 991 Sale 083
/
4
4
9912 28
ea
9912
803i Sale 80
58 1001s Youngstown Sheet dr Tube 58 '78 j
8212 44
52
853
4
1st rntge t bs ser 13
/
04114 78
1
1970 AU 81.4 Sale 80
82
42
5214 85
55
92
30
70
49
/ 8814
1
4
281 681
/
4
/
4
221 5713
/
4
(Negotiability Impaired by Maturity)
a42
77
31
7012
Price
30
/ 7014
1
4
MATURED BONDS.
Week's
Range
Friday
N. Y. STOCK EXCHANGE
32
70
Range or
Slurs
t Aug. 11.
•
Week Ended Aug. 11.
Lass Sale. 4,
51 Jan, 1.
_
----1913 32
SW
3713 52
Foreign Govt. & Municipals.
Ask bow
Higa
High No. Low
Mexico Treas es assent large '33• J
9613 107
2
/ 03
1
4
3
/ Ills
1
4
4 912 July'33
/
1
894 904
Small
J J
314 1012
912 July'33
96 105,
4
05713 05712
Railroad.
Bait & Ohio cony 41
98
83
1933 MS 10112 Sale 10113 10112 15
67 10112
/
4
8
Norfolk South 1st & ref 55 A_1901 FA
4
10 Sale
z333 62
213 16
9
10,8
Certificates of deposit
13 Aug'33
13
13
81 11412 St Louis Iron Mt & Southern—
ItIv & G Div 1st g 48
79
93
/ 6113
1
4
35
1933 MN 58 Sale 55
58
101
304 50
/
1
Seaboard Air Line lst g 411
11 30
/
4
26
4
30
-195 AG 1914 _
°
51
42
Gold 4e stamped
5: 2612
8
6
1950 AO 20 Sale 20
20
61
50
Refunding 4s
11 163
/
4
1112 Sale 1012
4
1959 AO
1112 11
741 92
/
4
All & Birm 30-yr 1st g 4s 1933 NI
203 Sale 183
8
4
6
31
14
21
25
50
201 50
/
4
Industrials
Abitibi Pow & Paper 1st 58_1953 J D 24 Sale 24
28
50
104 3314
2513 48
40
581 American Chain deb e f 68_ 1933 AU 81
/
4
38
8812
8
89
8812
85
16
563 Chic Itys 5s Mod 25% part pald _ FA
4
49
70
591 67
/
4
70 July'33
1 13
4
92
Cuban Cane Prod deb Os...,1950
89
J
67 Sale
8
618
6
/ 05
1
4
65
2
/ 3312
1
4
90
East Cuba•Sug 15-yr a t g73.4s'37 M 5 18
11
20
1812
20
6312 90
1
914
28
657 Gen Theatres Equip deb 68_1940 AO
8
63
4 52
6
6 Sale
/
1
4
41 20
/
4
Gould Coupler let sf6s
7313 95
17
15
14 Sale 13
1941 FA
46, 821 Hoe GO & Co 1st 634s ser A.1931 AO
121 28
4
/
4
/
4
/
4
18
2412 241 Aug'33
Interboro Rap 'Fran Os
911 102
12
/
4
3312
2714 34
1932 AO 27 Sale 24
10
tals 75
My 5912
-year 7% notes
52
70
•S 68 Sale 68
193.
/
1
4
5
4612 Mallet! Sugar lets t 744s
34
32
/
1
1942 * 0 1812 294 2418 July'33
Stinpd Oct 1931 coupon 1942 * 0 18
2
294
/
1
9014 10312
25 July'33
27
8812 102
9912 10354 Pan-Am Pet Co (Cal) cony 64'40 JO 291 32
301
29
/
4
/
1
4
3014 12
/
4
49
13
591 86, Pressed Steel Car cone g 5. .1933 I J 48 Sale 47
3514 59
/
4
4
4
87
813 30
20
9912 Radio-Keith Orpheurn 68_1911 JO 20
2413 20
21
Richfield 01101 Calif Os
99 107
25
32
24
/
1
56
4
1944 MN
2418 27
4
100 10712 Stevens Hotels series A
10
2053
25
2813
22
1945 J
23
47 Aug'33
Willys-Overland s t 6/ _ _ _1933 NI
59
35
81
794
/
1
50
1
45_
45
1
27
Aug. 12 1933
Financial Chronicle
Volume 137
1217
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Aug. 5 to Aug. 11, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
sr Price. Low. High. Shares.
--
RailroadBoston & Albany
100
Boston Elevated
100
Boston & Maine
Preferred stpd
*
CIA 1st fifd stod--.100
Class A lot pref
100
Class B 1st pref stpd_100
Class C 1st pref
100
Class I) 1st met stpd_100
Prior pref stud
100
East'n Mass St Ry Co
Common
100
1st preferred
100
Adjustment
100
Maine Central RR
100
NYN Raven& Hartford100
Norwich & Worcester pf100
Pennsylvania RR
50
594
20
46
117 117
5911 60
10
2434
17
25
17
32
45
214
7
4
10
10
2334
104
3516 33%
12
25
20
26
17
35
46
2%
7
4
10
274
104
3634
Miscellaneous
Am Continental Corp com_
.5
5
Amer Pneu Service
25
1%
1% 1%
Amer Poen Serv 1st pf_ _50
15
16
Amer Tel & Tel
100 12616 122% 128%
A moskeag Mfg Co
9
9%
10
Andes Petroleum
1 13c
10c 17c
Bigelow Sanford Carpet___
21
22
Preferred
100
60
60
Boston l'ersonal Prop Trust
12
1316
12
Brown Co6% cum pref_100
1016 11
East Gas dr Fuel Assn
Common
831 934
6% cum pref
6136
100
60
416% prior preferred 100 61
62
60
Eastern Steamship Lines__
1234
1134 1234
Preferred
100
40
40
1st preferred
100
100 101
Economy Grocery Stores.
• 2234 22
2234
Edison Mee Ilium
100 16616 164% 167
Employers Group
834 834
General Capital Corp
24
24 24
Gilchrist Corp
6%
•
634
6
Gillette Safety Razor
1334 1416
II ygrade Sylvania Limn Co 2611
2611 27
International Hydro Elm.
10% 10%
Loew's Theaters
25
516 514
Mass Utilities Assoc v t c_ 5
211
2
2
Mergenthaler LinotYPe.100
27
27
New Eng Tel & Tel_ -100
9416 97%
Pacific Mills
100 2434 23
2434
Reece Button Hole Mach10
8
8
Reece Folding Mach Co 10
116 2%
Sbawmut Assn tr Ws-•
934 10
934
Stone & Webster
•
1134 1334
Swift & Co
25 19
1734 20
Torrington Co
5
3534 3716
Union Twist Drill
5 12
12
1234
United Founders coin... _•
1%
Pie 234
U Shoe Mach Corp
25 5234 5036 53
Preferred
25
3134 3134
Waldorf System Inc
8% 9%
914
Waltham Watch Co pref100
17
17
Warren I3ros Co
• 1534 1516 1634
Warren (S D)& Co
5
1211
12
Mining
Calumet & Heels
25
Copper Range
25
Isle Royal Copper
25
Mohawk Mining
25
Nipissing Mines
5
North Butte
250
Pond Creek Pocohontas Co
Quincy Mining
25
Utah Apex Mining
5
Utah Metal & Tunnel.- I
634
9
1%
134
BondsAmoskearc Mfg Co 66.1948
Chl Jet Un Stkyds 4s_1940
P. Maas St KR Apr A 41 4W4R
,
536 6%
6
5
1%
111
8% 9
2
234
76c 820
13
13
2% 3%
11rs 134
1% 1%
60
92
RR
62
92
451
Range Since Jan. 1.
Low.
High.
56
315
Jan 121
80
5334 May 70
30
41
55
20
5
385
137
6
6
12
10
17
143
17
July
Feb
16
2934
22
29
2734
49
57
July
July
June
July
July
July
July
40
30
121
15
241
10
1,151
3
Jan
20c
10
13' Jan
Apr
4
I7c
Mar 13
5
1134 Mar 3434
May 104
78
1334 Jan 423.4
July
July
June
July
July
July
July
180
25
30
2,685
555
3,900
55
10
300
60
3
250
734
8634
1%
Sc
8
28
7
116
Feb
Feb
May
Apr
Aug
Jan
Feb
Feb
6% July
Mar
2% July
Feb 25
June
Apr 134% July
Mar
July
11
Apr 33o June
Feb 30 June
June
Feb 75
14
Mar
July
Jan
14
July
334
586
178 3534
206 54
5
495
35 2616
35 82
190 1131
273 133
5
170
135 1334
136
35
916
341
120 12
2%
85
111
5
1%
420
35 1511
229 67
611
5%
4%
30
1
110
410
634
753
534
7
578
192 22
6
75
456
11
1,409 33
12 3015
516
185
101,
916
2,265
234
4
30
Apr 12
Apr 69
Apr 69
Jan
17
Apr 42
Jan 10214
Feb 24%
Mar 183
Jan
103.1
Mar 28
Jan
7
Apr 2034
Feb2736
Apr 133.4
May
8
Apr
334
Feb 34
June 102
Mar 2934
Jan
916
May
234
io%
Jan
Feb
1934
Feb 2434
Apr 40
Mar
1234
Apr
3
Jan 5616
Jan
3234
Feb
1334
Feb 20
Feb
2234
May
13
Juni
Jul)
Der
Jul3
Julj
Jul)
Jul/
Jai
JULII
Jul:
Jun,
Jai
Jul:
Jul:
Jai
JIM
Jun,
Jul:
Jul
,
Jun,
Ass
Jul;
Jul;
Jul;
Jun
Jun
Jul
Jul
Jun
Jun
Au
Jun
Jul
I%
134
16
7
85c
20c
911
30c
31c
25e
Feb
9%
Apr
7
3
Jan
June 1334
Jan
334
Jan
116
Jan
1734
Feb416
Jan
1%
Jan
1%
Jul
Jul
Jul
Fe
Jul
Jut
Jut
Jut
Jur
Jul
27
738
348
365
80
1,900
95
505
330
2,960
$9,000
8,000
2010.
31
82
24
Feb6834 Jul
May 92
At
Jan 45
As Ic
• No par value. z Ex-dividend.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Aug. 5 to Aug. 11, 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 oom_•
Acme Steel Co cap stk_25
Adams(J D)Mfg com
*
Advanced Alum Castings.5
Allied Products cl A
*
Armour & Co cap
10
Warrants
10
Asbestos Mfg Co com-___ I
Assoc Tel CBI
•
Common
Bastian-Blessing Co com-•
•
Bendlx Aviation corn_
Bergh° , Brewing Co____1
13Inks Mfg cl A cone prof •
Borg-Warner Corp corn.10
Brown Fence & Wire
•
Class A
•
Class 11
Bruce CO (E L) corn
•
Butler Brothers
10
Central Ill PS pref
•
Cent-Ill SecurCommon
1
Convertible preferred..'
Cent l'ub tierv A
1
Central Pub Util•
Class A
V t c common
1
Cent S W URICommon
•
Prior lien preferred•
Chicago Corp
Common
•
Preferred
•
Chi
..... Flexible Shaft corn_.5
_ _
cago Mali Order coin_
Range Since Jan. 1.
Low.
High.
3416
3434
11
5
1034
1034
334
4%
50
350
100
750
300
5,250
700
750
2134
10
5
434
4
934
3%
2
Jan
Feb
Apr
Aug
May
Aug
Aug
Apr
3934
3
934
1134
514
2434
1334
434
7%
July
July
June
July
June
July
July
June
164
%
16
8%
8
1534 1734
13% 1416
3
3
14% 1734
250
800
3,000
5,150
60
6,600
11 Apr
3
Feb
634 Feb
1034 July
1
Apr
534 Feb
114
1534
2134
1816
8
2134
June
June
July
June
June
July
3
2234
4%
27%
7% 716
3
3
24
19
416 5
27%
27
50
100
4,150
1,200
160
411 Feb
1
Jan
434 Jan
13.4 Feb
1434 May
1016
414
2434
634
3334
June
May
July
Junf
Jar
4%
104
314
4
816
1334
343,4
31
11
434
10
934
334
3%
14
7
.14
7
%
36
734
,
-A
200
350
350
11 Mar
5
Feb
Si Mar
2
8
1
June
June
June
A
A
11
%
11
400
40
14 Feb
A Mar
1
Juni
Jar
750
20
1
Feb
83-4 Feb
1
Feb
1234 Apr
3% May
5
Juni
343.4 Jull
12% Julj
Chi & N W Ry corn_ _ _100
.
Chicago Yellow Cab cap_.
ri- •
Cities Service Co com--•
Coleman Lamp &St corn..*
Commonwealth Edison 100
Consumers Cc
Common
5
7% cumul pref100
Cord Corp
5
Crane CoCommon
25
De Mets Inc pref w w .. *
Dexter Co (The) com____5
Eddy Paper Corp (The)__*
Elec Household TRH Corp 5
Empire G & Fuel 6% pt 100
Fitz Simons & Connell D'k
& Dredge Co corn
*
Gen Household UM tom_•
Godchaux Sugar cl 13•
Goldblatt Bros Inc corn...'
Great Lakes Aircraft cl A_•
Great Lakes D & 13.. •
Greyhound Corp corn......'
Grigsby Grunow Co corn.'
Hall Printing common__10
Houdallle-Hershey cl B_ •
Class A
•
Illinois Brick Co cap___25
Kalamazoo Stove corn
•
Kellogg Switchboard corn 10
Kentucky URI j cum pref.*
Keystone St & Wire com_•
Kingsbury Brew Co cap_ _1
Libby McNeill & Libby
Common
10
Lindsay Light Co com 10
Lindsay Nunn Pub $2 pf_ *
Loudon Packing com
*
Lynch Corp corn
5
McGraw Elec co
corn
•
McWilliams Dredg corn...'
Marshall Field common..
•
Meadows Mfg Co
_.
Mickelberry's Food Prodcorn_Common1
Middle 1est UM new_ .. _ 5
$6 cony pref A
•
Midland United
Common
Convertible pref
•
Midland Utilities Co
6% prior lien
100
7% prior lien
100
Muskegon Motor Spec A°
Nachman SpringfIlled corn •
Natl Leather corn
10
Natl Secur Invest corn.. _1
Natl Standard corn
•
Natl Union Radio com___I
Noblitt-Sparks Ind com__•
North Amer Car corn........
North Amer Gas & El A_ _*
No Amer Lt & Pow com_•
Northwest Bancorp corn_ •
North West UM pr In p1100
Pines Winterfront com_ _5
Potter Co (The) corn_
•
Prima Co common
•
Process Corp corn
•
Public Service of Nor IDCommon
•
Common
100
6% preferred
100
7% preferred
100
Quaker Oats Co
Common
100
.
Preferred
Reliance Intl A corn
*
Reliance Mfg Co
Common
10
Sangamo Electric Co
•
Common
Seaboard Utll Shares.--•
Sears. Roebuck & Co corn •
Signode Steel Strap
Cumulative pref
30
Sivyer Steel Casting corn_•
So Cob Pow cl A corn.. __25
Southern Union Gas corn..
•
Studebaker M Out Cl A.. 5
Common
•
Sutherland Paper com_ _10
Swift international
al
15
& Co
Telephone Bond & Sh A.2..!
lot preferred
100
Thompson (J RI corn...25
Uri Carbide & Carb cap
*
Unit Ptrs & Pubs Inc pf __*
Utah Radio Prod co_ •
rn
Utll & Ind Corp
•
Convertible preferred...'
•
Vortex Cup Co corn
Wahl Co corn
•
Walgreen Co common_
•
Ward (Monte) & Co cl A •
Wayne Pump Co
Common
•
Wieboldt Stores Inc com_ •
Yates-Amer Mach pt pf_ •
Zenith Radio Corp corn •
2%
33
26
234 3
19
19
316
3
2534 27
10% 1134
4
14
39/4
8
%
5
11%
9
7
89/4
9%
1016
16
2234
1
%
2%
6
11%
5%
2816
1434
14
416
16
10
1234
3
8
63
1
%
2614
3%
35
115
1.353i
Low.
1%
6
2
6%
50
High.
Apr
Apr
Feb
May
Mar
16
July
22
May
6% May
.luly
Jan
82
)4 Apr
1
May
4)4 Jan
116 May
5
May
15% July
1,000
100
200
50
500
20
3
414
2
1%
3
11
Feb
Jan
Jan
Feb
Feb
Aug
11%
1514
8%
15
13%
11
July
Aug
July
July
June
Aug
10
1434
8
1916
14
1434
%
216
6
434
1034
6
2216
4
1936
1234
11
1034
16.4
9%
2234
1%
16
%
234
6%
5
11%
6
25
4
1974
1216
1234
1,300
4,350
200
400
3,150
750
4,650
7,700
300
300
150
10
600
100
100
50
6,20
4%
10
14
1011
14
6%
%
%
316
1
3%
316
4
%
6%
4
9%
Feb
July
Mar
Mar
Feb
Feb
May
Apr
Mar
Feb
Mar
Jan
Feb
Apr
May
Mar
July
12
2336
14%
2716
2
20
211
44
9%
611
14%
8
3716
7
25
16%
1614
May
July
July
June
June
May
May
July
July
June
June
May
June
May
Slay
July
July
5
216
211
10%
26%
4
14
13
1
5%
234
3
12
2814
4
15
1434
1
1,35
10
10
6
1,10
5
40
9,70
150
1%
1%
2
10
8
116
7
4%
A
Feb
Feb
Jan
Mar
Feb
Apr
Jan
Feb
Jan
7%
4%
6%
18
3834
6
16%
18
111
June
July
Apr
June
July
June
May
June
June
4.1/
%
850
5,000
50
2% Feb
16 Jan
16 Feb
7% June
11 May
334 May
50
50
% May
A Apr
24 June
5% June
4
16
2
2
1
13/s
may
50
20
30
100
200
200
50
300
24
250
1
253
1
!
)
100
6% 611
6%
50
34
34
4% 416
100
300
715 7%
911
10
931
5
3
3
2% 2%
5
3,00
26
2834
200
334 3%
1%
3
I%
331
16
16
10
%
9%
2%
4
1.14
5
5
1
11
10
1
Feb
Apr
Mar
Mar
Mar
Feb
May
Mar
Apr
Aug
Apr
Feb
Apr
Feb
May
Feb
Apr
3314
35
70
753i
16
16
374
40
Apr
Apr
Apr
Apr
114 3
5
5
7
7
7
731
174
134
2
2
18
18
35%
35
70
76
11434 11534
35
36
14
311
14
7
7
9-4
31
36
39
2434
18%
2
7
8
4
34
11
55
631
23%
116
7
2
1436
10%
14
44
1034
%
234
116
I%
434
7%
8
1%
17
743-4
13-4
Range Since Jan. 1.
8% 911
1516 1515
616 7
83-4 834
9% 10
11
11
334
7
34
1,200
200
7,450
10
1,100
400
%
%
10
5
5
911 1234 49,850
1
136
7
12
13
334
8
66
1%
93-4
1%
23-4
60
50
1
3
48
47
85
95
June
June
July
June
May
June
June
June
July
May
June
June
June
Feb
July
June
Ally
May
Jan
Jan
Jan
Jan
Feb183.4 June
300
6
100
950
650
5
60
7
30
8
30
4
50
11
800
16
100
54
12
634
2,85
2516
19% 11,05
2
1
1416
4
650
451
103
1
400
20
2%
114
1,000
116 . 900
4m
8%
250
450
500
194
1716 2,350
80
75
13-4
934
111
214
•
8
O
10
3
2%
25
3
29%
8
216
7%
14
12
5
3%
3414
6%
Feb 145
210 83
July
Apr 11734 Aug
230 106
136 Slay
50
494 June
100
100
100
20
Bonds
Chic City Rys54
1927 58
58
5834 32,00
Certificates of deposit_
1,00
5634 56%
Chicago Railways1st mtge 5s
1927
1,00
60% 60%
Ist mtge 58 ctfs of dep '27
59
6034 20,00
208 So La Salle St 13Idg516s
34
2,000
34
1958 34
• No par value. z Ex-d vidend.
5
Mal
3016 Jul}
8,152
500
850
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
1334
Jan
Mar
Feb
816 June
1% May
July
47
4
4
2%
16
16
%
2%
1234
Feb
May
June
Jan
May
May
May
Feb
8
9
516
15-4
2
116
7
3234
3,4
1
3%
634
20
19-4
%
54
114
4%
v
1134
4734
Feb 2434
Apr
4
Apr 14%
Mar
1534
Feb4536
Jan
Jan
234
Feb
3%
Mar
7
Feb 1034
Jan
3
Feb 2134
Feb 8334
June
July
June
May
June
June
June
June
July
June
Aug
June
Aug
Aug
June
June
June
June
July
July
July
216
14%
3%
39-4
June
June
July
July
45% Ma
Mar
42
61
61
July
July
Ma
49
48% Ma
July
67
6711 July
18% Feb
39)6 July
14 Mar
Aix
4
11 Jan
94 Mar
Toronto Stock Exchange. Record of transactions at
the Toronto Stock Exchange, Aug. 5 to Aug. 11, both inclusive, compiled from official sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Abitibi Pow & Pa com____*
preferred
100
2
(I
2
23.4
1,635
135
Range Since Jan. 1.
Low.
A Mar
1
Jan
High.
4
10
July
July
Financial Chronicle
1218
Friday
Sates
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
National Sewer Pipe A_ •
*
Orange Crush com
1st preferred
100
Page-Hershey Tubes corn.'
Photo Engravers & Elec. •
Pressed Metals com
*
Simpson's Ltd prof__ 100
Standard Steel Cons corn_•
Steel of Canada corn
•
Union Gas Co com
Walkers Hiram corn
Preferred
Weston Ltd Geo com
Preferred
•
•
•
•
100
Bank—
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
Loan and Trust—
Huron de Erie 20% paid....'
Tumult.nan.ral Trusts 100
455 44
45
4555
45
17
16
1635
17
16
60
60
5
5
634 7
635
45
45
45
144 1434
105 105
24 24
67
1555
284
54
45
1555
42
July
July
July
July
July
July
July
July
July
July
14
105
7
1
25./
481
51) 13
24
20
7
15
255
200
3
390
15 46
3
230
205 10
2 51
155
6,239
54
10
655
60
9
2,099
715
34
2
63
252 54
109 170
2
15
954
Mar
May 31
Feb 1055
Apr 454
954
Mar
Apr 15
Mar 104
Apr 14
Apr 80
Apr 114
Mar 224
Mar 60
Mar 40
Mar 3855
Apr 204
Apr 2155
Feb 154
Jan 1654
Mar 140
Jan 190
Apr 10
July
July
July
July
May
June
July
July
July
July
July
July
July
July
July
July
June
July
July
July
July
10
255
732
200
5
25
1,531
25
10
10
15
1255
8
1
6
80
14
24
8.15
14
Feb 274 July
July
Aug 14
July
4
June
July
Apr 21
Apr 1074 Ana
Feb
755 June
July
Mar
8
Mar 23.25 July
July
4
Apr
34
36
1055
104
35
3
254
20
5
65
34
Mar
755
Jan 46
Apr 214
Mar 21
Jan 60
May 17
Mar 1155
Apr 50
Mar 174
Apr 107
Feb
4
July
July
July
July
Aug
July
June
July
July
July
July
Aug
Junr
July
July
July
July
July
July
July
July
July
July
July
July
22
155
12
67
15
1834
42
11
2855
22
155
12
67
15
2055
42
14
29
100
5
5
60
115
295
5
2.990
80
14
55
5
40
8
8
6
1
1455
Apr
May
June
Apr
Apr
Apr
Mar
Jan
Feb
22
255
14
70
1635
26
52
1955
33
555
41
144
38
81
415
6
474 25,292
1554 2,024
340
44
82
20
254
4
955
1654
67
May
Mar
Mar
Mar
May
74
66
18
49
85
136
19
5
17
18
40
14
120
124
123
151
228
1234
152
Apr
Apr
Apr
Apr
Apr
Apr
Apr
159 163
1594 160
125 125
198
198 207
27555 2754 278
159 164
159
208 208
160
15
High.
Apr 40
7
Aug
Apr 118
Jan 22
Mar 19
3.85
Jan
7
Apr
Jan 21
Apr 21
Feb 3855
22
566
21
•
Dominion Stores com_
10
8
8
Easters Steel Prod con). _ -*
8
105
Easy Washing Mach com_•
255 24
255
14
1554 3,753
Ford Co of Canada A_ __ ..• 153.4
61
Goodyear T & Rub pref 100 1064 10655 10754
955
455 555
Gypsum Lime & Alabast_•
5
100
6
Hinde & Dauche Paper- •
6
International Nickel corn_' 20.00 19.10 21.10 26,162
15
2
2
2
International Utilities B--*
Kelvinator of Can corn_ •
Laura Secord Candy com_•
Loblaw Groceterlas A.......•
B
•
Loew's Thea Marcus pt 100
Maple Leaf Milling corn....'
Massey-Harris corn
•
Monarch Knitting pref_ 100
Moore Corp corn
•
A
100
Muirheads Cafeterias corn •
Low.
20
6
80
18
754
550
1
6
1055
20
Alberta Pacific Grain p1100
4
36
36
Beauharnols Power com_ •
6
10
6
Bell Telephone
100 111
121
110 11255
Brantford Cordage 1st pt 25
15
214 2135
Brazilian T L & Pr com._-• 14
14
1434 3,713
Brewers & Instillers corn..' 2.35
2.30 2.65 14,825
Brit Col Packers corn_
185
•
455 44
25
17
Preferred
1(30
17
15
Building Products A
17
17
•
Burt F N Co corn
25 34
171
334 3455
•
7
Canada Bread corn
64 7
B preferred
30
30
100
Canada Cement coin
855
8
•
8
Preferred
395/ 394
•
44 44
Can Steamship pref.._ _100
Can Wire & Cable B.-- -..* 12
12
12
Canadian Canners com_ •
9
9
Cony pref
• 1155
1154 114
78
78
1st preferred
100
Can Car & Fdry coin
955
9
•
Can Dredge & Dock corn.• 19
184 19
Can Gen Elec pref
57
57
50
Can Industrial Alcohol A_• 18
1854 20
18
B_
18
•
15
1535
Canadian Oil cons
*
1654 1754
Canadian Pacific Ry _
25 17
94 10%
Cockshutt Plow corn
•
9.4
13
Consolidated Bakeries.....' 13
134
Cons Mining & Smelting.25 1304 126 134
185 187
Consumers Gas
100
7
7
Cosmos Imperial Mills_ •
Range Since Jan. I.
15
148
15
148
175
175
185
220
280
183
215
July
July
July
July
July
July
July
168 124 May 18
Mar 167
2 138
Jai
Jai
* No par value.
Toronto Curb.—Record of transactions at the Toronto
Curb, Aug. 5 to Aug. 11, both inclusive, compiled from
official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
June
Jan
Mar
Apr
Mar
Jan
Jan
Mar
Jan
High.
5
955
19
18
40
26
9%
955
8
July
July
July
July
July
July
July
July
July
4
455
1155
1135
31
2255
5
855
6
4
555
13
12
324
225/
654
854
6
34
1,415
217
915
2,500
65
490
35
125
254
4
51
555
134
1335
14
355
14
2634
• 28
Distillers Seagram,
31
Dominion Bridge
•
3
3
Dom Motor, of Canada_ 10
20
Dufterin Pay & Cr St pf 100
15
English Elec. of Canada A •
100
Goodyear T & Rub com._• 107
8
Hamilton Bridge corn ._ _ '
4
854
35
100 35
Preferred
224
Humberstone Shoe coin_ •
30
3155
3
20
15
107
854
3.5
2254
5,663
45
340
5
50
43
65
20
5
4
1455
1
5
5
40
24
35
144
Feb 5155 July
July
Feb 33
554 July
Apr
Jan 25
July
July
Feb
19
Mar 1144 July
Apr 1155 July
July
Aug 40
Jan 2335 June
•
Bissell Co(T E)corn
Brewing Corp com
•
Preferred
•
Can Bud Breweries dom.. •
Canada Malting corn
•
Canada Vinegars corn
•
•
Canadian Wineries
Can Wire Bound Boxes A _•
Cosgrave Exp Brewery_ _10
Imperial Tobacco ord_ _ _5
Montreal L H & P Cons....'
National Grocers pref_ _100
•
Ontario Silknit corn
Power Corp of Can coin...*
Service Stations corn A_ •
Preferred
lo0
Shawinigan Water & Pow.*
Stop dr Shop corn
•
Waterloo Mfg A
•
011—
•
British American Oil
Crown Dominion 011
*
Imperial 011 Limited
•
International petroleum...'
McColl Frontenae 011 corn*
Preferred
100
North Star Oil corn
5
Preferred
5
Supertest Petroleum ord....'
Common
•
'No par value
455
114
32
5
84
lox
icx
3854
374
85
755
955
854
45
19
9
355
540
104
93
3851
5
85
25
735
525
11
75
84
10
45
40
19
- 120
9
15
354
7
264
85
4
6
24
16
955
6
135
Feb 11
Apr 42
July 100
9
June
1555
Jan
Apr11
Apr 48
Feb 2154
June 1055
Feb8
Aug
July
July
July
July
July
July
July
July
June
134
34
134
1755
124
74
134
434
14
184
13
77
2,625
105
4,211
1,288
545
105
735
154
74
104
755
544
Jan
Apr
Apr
Mar
Mar
Apr
16
634
16
2055
15
80
July
July
July
July
July
Juni
300
100
90
20
4
134
1134
113-4
Apr
Apr
Mar
Feb
5
43.5
224
19
July
July
July
Aug
955
84
19
134
455
1354
1735
124
75
18
19
255 3
24 234
19
18
19
19
Aug. 12 1933
Philadelphia Stock Fxchange.—Record of transactions
at Philadelphia Stock Exchange, Aug. 5 to Aug. 11, both
inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
• 394 3954 3954
American Stores
655 7
Bankers Securities prof_ _50
Bell Tel Co of Pa pref-_100 1144 1144 1144
634
635 755
Budd (E G) Mfg Co
•
355 4
*
Budd Wheel Co
1355 1355
Camden Fire Insurance--5
2
24
Central Airport
*
174 174
Con Tract of NJ
100
3355
10 3355 31
Fire Aasoclation
Horn & Hardart—
97
97
•
(Phlla) corn
434 44
Insurance Cool N A.._.._10
1054 104
Lehigh Coal & Navigation•
194 224
Lehigh Valley
50
155
135
Mitten Bank Sec Corp__25
255
254
25
Preferred
•
Penroad Corp V T C
50
Pennsylvania RR
Phila Elec of Pa $5 pref.. •
Phila Elec Pow prof
25
Phila Rapid Tran 7% p1_50
Phil & Rd Coal & Iron.. •
Scott Paper ser B 6% pf 100
Shreve El Dorado Pipe 1.25
Tacony-Palmyra Bridge_ •
Tonopah-Belmont Devel_ 1
1
Tonopah Mining
54)
Union Traction
United Gas Improv nom_ _•
•
Preferred
US Dairy Prod corn cl A_•
10
Victory Insur Co
354
334
1005/
3234 324
6
6
96
5
21%
4
34
4
44
19%
Bonds—
Elec & Peoples tr ctfs 4s_'45
Phil,. in,,(Psi 1st
....10641
10641
455
364
10055
324
635
655
96
534
214
51
li
755 754
1955 2055
974
97
734 754
555 534
Range Since Jan. 1.
Low.
High.
100 30
,
Feb 4755 July
855 Feb
655 July
500
75 1064 Mar 11415 Jan
55 Mar
955 July
600
55 Mar
555 July
400
Apr 144 July
200
9
700
55 Apr
254 July
43 17
Mar 22 June
Mar 38
July
300 18
10
300
100
345
100
300
82
25
54
84
%
34
May
Mar
Mar
Feb
Feb
Feb
5,700
6,000
250
700 .
150
115
5
300
10
3,400
700
134
133/
93
284
3
234
92
1
1855
'ii
54
Mar
64 July
Jan 42
July
Apr 1034 July
Apr 33
Jan
Feb
974 July
Feb
955 July
Apr 96
Aug
Jan
654 July
June 3055 Jan
Jan
4 July
Jan
Ms July
500
5,000
70
10
300
334
14
86
754
34
Mar
Mar
May
Aug
Feb
99
4555
1354
2754
155
24
124
2454
994
11
64
Jan
July
July
July
July
July
Jan
July
Jan
June
July
2054 204 81,000 15
Apr 234 June
100 1024 Mar 1104 Feb
108 108
• No par value.
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, Aug. 5 to Aug. 11, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
•
Arundel Corp
•
Black & Decker corn
Ches & Pot Tel of Balto
preferred
100
Commercial Credit corv100
6Si% 1st pret
25
7% preferred
Consol Gas EL & Power.*
6% preferred ser D__100
555% pret w leer E__100
5% preferred
100
Fidelity & Guar F Corp.10
Fidelity & Deposit
50
Finance Co of Am class A•
Finance Service pref.._ _10
Houston 011 pref
100
Mfrs Finance 1st pref _ _ _25
2
Maryland Cas Co
10
Maryland Trust Co
•
Merch dc Min Trans
New Amsterdam Cas ._ _10
Penna Water & Power..._ _"
United Porto Rican Sugar
*
COM
Union Trust Co
10
US Fidelity dc Guar.. _10
Bonds—
Baltimore City
1944
4s 2nd Water
1962
4s conduit
.
4s School house.. _1961
4s Burnt District.. _.1960
United Ry Jr El —
Income 43 (flat)
1at dia
1040
25
654
26
25
654 7
11555 11555
85
2354
6355
10655
10255
964
84
3055
455
555
86
2354
66
108
103
97
855
32
435
53.4
455
7
24
10
28
1435
55
1,039
714
Range Since Jan. 1.
Low.
High.
04 Apr
1
Feb
59 112
33
July
854 July
Apr 11654 Feb
31
2955
1455
5 70
Mar 86
40 1854 Mar 2355
102 43
Apr 70
43 1034 Apr 1104
35 97
Apr 107
81 9154 Apr 102
10
454 Mar 15
122 15
Mar 3955
2
355 June
5
534
13
4% Apr
Aug
July
June
Feb
Jan
Jan
June
July
Jan
July
5
7
3
10
2954
1435
56
973
36
425
5
120
144
82
July
Feb
June
July
July
Jan
Jan
50c 500
154 3
455
4
85
2355
65
100
29
496
9755
9734
9734
9755
123-1
974
9736
9754
9754
3100
1,200
300
300
1
1
12,000
1255 1251 5.000
24
6
154
855
194
7.
40
Mar
May
Mar
July
Jan
Apr
Mar
fic
Jan
154 Aug
154 Mar
9755
87
92
9555
74
954
5
104
3455
174
60
14 'July
3
Aug
7 June
Aug 9754 Allg
May 10155 Feb
Apr 9755 AUM
June 100
Jan
55 Apr
Si% Anr
135 Pet
14% Jun(
*No par value.
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, Aug. 5 to Aug. 11, both
inPlusive, compiled from official sales lists:
,
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High Shares.
Range Since Jan. 1.
High.
Low.
Phoenix Oil
250
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Forging Co- •
Pittsburgh Plate Glass__25
Pitts Screw & Bolt Corp_ -*
Plymouth 011 Co
5
Renner Company
*
United Engine & Fdy_ __ _.
Vanadium Alloy Steel_
•
•
Victor Brewing Co
Westinghouse Air Brake_ _•
Westinghouse El de Mfg 50
Western Public Service_ _•
Unlisted—
Gulf 011 Corp
25
-
*No par value.
19
533-4
754
534
6455
93
6%
8c
26
2
1854
155
755
10
16%
1355
74
184
8
534
531
34
155
6455
934
18
6
10
1954
154
834
2154
8
554
6
34
2
65
93-4
18
755
25
890
716
35
245
60
300
800
350
780
50
4,228
20
726
5
5
4
3
034
7
53/
54
14
14
45
3
7
2
July
July
Feb
May
Mar
Apr
Aug
Aug
May
Jan
Mar
Mar
Feb
Apr
Feb
15
July
23
July
19
July
11
July
28
9 June
834 July
854 July
534 June
54 Mar
June
67
1255 June
20 June
855 June
80
5
2455
455
324
835
1155
155
1854
20
1
25
353-4
754
80
5
27
44
3655
84
124
254
19
20
134
2755
4555
8
500
225
325
100
265
100
710
1,300
170
220
4,880
243
236
914
Sc
454
10
14
13
154
63-6
154
10
14
1
1255
1935
455
May
July
Mar
Jan
Mar
Feb
Feb
May
Feb
June
July
Jan
Feb
Mar
25c
10
40
555
39%
1151
1755
255
24
20
134
3555
584
10
50
50
1,000
2655
05
American Fruit Growers..'
•
Armstrong Cork Co
•
Blaw-Knox Co
Clark(DL)Candy Co__ _ •
Columbia Gas & Elec
•
Devonian 011
10
Duquesne Brewing com--5
Class A
5
Electric Products
•
Fort Pittsburgh Brewing--1
Koppers Gas & Coke 0_100
•
Lone Star Gas
Mesta Machine
5
Nat Fireproofing pref..50
22
141
Jan
An.
nA
June
Mar
May
July
June
July
May
June
June
Aug
June
July
July
June
61
July
011,4 I.--
Financial Chronicle
Volume 137
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Aug. 5 to Aug. 11, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Allen Industries, min.__ _•
Apex Electrical Mfg
*
City Ice de Fuel
*
Clark (Fred G)corn
10
Cleve Elec III 6% pref._100
Cleve Ry cffs deposit_ A00
Cleve Worsted Mills com_•
Corr Math) Steel—
Non-voting corn
100
Columbus Auto Parts pref *
Doe Chemical corn
•
Ferry Cap & Set Screw_ _"
Foote
-Burt corn
Gen T & R 6% prof serA100
Geometric Stamping
*
Greif Bros Cooperage el A •
Haile Bros Co
10
Higbee ist pref
100
India Tire de Rub com
*
Interlake Steamship corn.*
Korach (S) corn
Lamson Sessions
•
Medusa Cement
•
Miller Whoiesle Drug corn•
Mohawk Rubber com__ *
Preferred
los
Murray Ohio Mfg corn..."
National Carbon pref _100
National Refining pref_100
*
National Tile corn
Nestle-LeMur class A
•
Ohio Brass B
•
Preferred
100
Richn an Brothers coin_ _ _ *
Robbins&Myers v t c ser 2*
Selberling Rubber corn__ _•
Selby Shoe corn
*
Sherwin-Williams com25
AA preferred
100
Stouffer class A
•
Thompson Products Inc_ _•
Vlchek Tool
•
Weinberger Drug
*
West Res Inv Corp
6% prior preferred_ _ _100
Youngstown S de T pref 100
•No par value.
Range Since Jan. 1.
High.
Low.
3
6
1935
31
10735
45
8
3
6
2034
51
108
45
8
50
20
70
5,407
130
66
10
1
4
934
54
9534
29
4
6
Jan
7
Feb
Apr 25
Jan
15
Mar 110
Apr 4915
Jan 15
June
July
July
June
Jan
July
June
15
4
6711
4
6
80
1%
19
1034
534
%
2534
214
5%
Ill
515
5
18
4
72
4
6
80
1%
19
1034
534
34
26
234
515
18
531
5%
132
10
696
2,736
12
10
100
25
95
100
120
139
288
100
20
10
15
815
159
50
50
3
3
135
14
56
45
4634
14
5
1715
4034 3715
98
98
12
1434
4
715
83-4
135
5
0
3
134
1534
56
48
11
6
1734
4034
98
12
1534
4
714
50
16
25
50
195
90
15
702
10
750
80
435
93
40
145
405
120
215
115
30
1%
6
29
1
8
4
135
14
14
2
134
6
431
1
5
3
110
30
1
35
534
44
2214
Si
1
10
1334
70
5
634
134
7
Feb 25
4
Jan
Jan 78
5
Jan
Apr
9
Feb SO
June
4
Mar 2235
Mar 12
May
534
211
Apr
Feb 29
235
Apr
635
Feb
Feb 20
June
734
7%
Mar
May 1434
May 10
Mar 135
May 58
411
Jan
Apr
3
Jan 20
Feb 56
Apr 53
Aug
%
Mar
7
Jan 2034
Feb43
Mar 9834
12
Feb
Feb
1534
Mar
434
Feb
9
July
Aug
July
June
Jan
July
July
July
Aug
Aug
Jan
July
Apr
July
July
July
July
June
July
July
July
June
June
July
Aug
July
Aug
June
June
July
July
Aug
July
July
June
6
20
45
7034
4
26
18
iosi 1034
83.4
25
25
47
25
47
8o
170
25
Feb
3
1711 Feb
25
53
July
June
Cincinnati Stock Exchange.—Reeord of transactions
at Cincinnati Stock Exchange, Aug. 5 to Aug. 11, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Aluminum Industries_
•
Amer Laundry Mach_ _30
.
Amer Products com
•
Carey (Philip) com__ - _100
Cin Ball Crank pref
•
Cin Gas de Eleo pref._ _ _100
C N & C Lt & Trac pref 100
Cincinnati Street Ry__ _.50
On & Sub Bell Tel
50
Cin Union Stock Yds.._ _•
Cin Union Term prof __100
City Ice & Fuel
*
Col Ry Pr de L 1st pref-100
Crosley Radio A
•
Dow Drug com
•
Eagle-Picher Lead
20
Early & Daniel pref _ _100
Formica Insulation
•
Gibson Art corn
•
Gruen Watch corn
•
Preferred
100
Globe Wern pref
Kahn Part A
40
Kroger common
*
Manischewitz corn
Moores Coney A
*
Procter & Gamble new_ *
100
Pure 0116% prof
Randall A
•
U E3 Print & LIM pref. _ _50
1334
55
7914
6634
534
7034
734
17
8
40
1034
13
1934
55
235
7834
6614
514
70
20
87
20
82
10
5
715
70
17
934
.
235
5
134
1011
26
8
3
3834
40
12
10
11
1334
2434
55
23.4
8014
6634
555
7034
21
87
20
82
1034
5
7%
70
17
9%
255
53-4
135
1015
27%
S
334
40
40
12
10
105
440
574
18
150
137
10
460
59
43
10
75
2
30
25
70
5
20
10
102
138
12
20
119
20
100
140
49
10
6
Range Since Jan. I.
Low.
3
614
611
25
1
7034
6634
434
5735
1734
83
1034
82
234
134
215
70
5
7
115
5
134
10
1534
7
3
1934
20
4
334
High.
Mar
Mar
Feb
Apr
Apr
Apr
Aug
May
May
Apr
May
Mar
Aug
Mar
Apr
Feb
Aug
Jan
Apr
Mar
Apr
Aug
May
Feb
Apr
July
Max
Apr
Feb
Jan
16
19
3051
55
3%
93
73
9
7534
24
8834
25
82
15
635
83-4
70
2134
14
5
15
155
12
35
12
315
4614
48
1234
1034
June
July
July
Aug
Apr
Jan
May
May
July
July
July
June
Aug
June
July
July
Aug
June
June
June
June
Aug
June
July
June
Aug
July
June
July
July
•No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Aug. 5 to Aug. 11, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.
100
AS Aloe Co met
•
Brown Shoe com
Chicago Ry Equip com_25
.
Coca Cola Bottling corn _1
Consol Lead & Zinc A-- --•
5
Curtis Mfg cora
Hamlltn-Brn Shoe corn. 25
Internet! Shoe pref....100
Common
•
Key Boiler Equipnet corn*
20
Laclede Steel com
•
Nail Candy corn
Nlch Beasley A irpin com..5
•
Rice-Stix Dry Gds com
*
Scullin Steel pref
•
Southern Acid & Sul com.
douthwstn Bell Tel prof 100
Stir Baer & Fuller corn...
Wagner Electric pref. _ _100
Common
15
50
50
4534 4835
334 314
834 831
114
115
134
10
10
414 434
110 110
4534 4534
6
6
1814 1835
1734 1834
18
400 400
711
7
235 234
234
22
22
22
117 117
935
9
90
90
934 10
4835
Range Since Jan. 1.
Low.
High.
10 35
Apr 50
Aug
70 29
Apr 5334 July
20
May
1
434 May
105
615 May 1234 June
22 250 Mar
2
May
1
414 Apr 10
July
60
215 Feb
5
July
9 10234 Jan 11234 June
24 26
Mar 55
July
30
234 June
731 July
35
9
Jan 20
July
514 Mar 22
265
July
20 40o Aug 400 Aug
43
3
Feb 10 June
25
1
434 June
Apr
5 15
May 29
June
73 10934 Apr 11734 July
30
534 Feb 1234 June
110 75
Mar 90
Aug
30
4% Apr 1234 July
1219
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Bank of Calif N A
160
160
Bond & Share Co Ltd
434
Byron Jackson Co
435
Calamba Sugar corn
17
7% preferred
18
18
Calif Copper
14
3.4
Calif Cotton Mills corn__ _
8%
Calif Ore Plow 7% pref.__ _
78% 78%
Calif Packing Corp
2811 26
Calif Water Service pref _ ------ 73
Cal West States Life Ins VP
19%
Caterpillar Tractor
1935
Clorox Chemical Co
19%
Crown Zellerbach v t c__ -5%
6
Preferred A
33
Preferred B
32
Emporium Capwell Corp_
611
Firemans Fund Ins
5355
Food Mach Corp corn
14
Golden State Co Ltd
8%
160
414
5
17
18
Ci
10
80
28%
73
20%
22%
1935
6%
34
33%
7
5434
1414
8%,
Hale Bros Stores Inc
10
Hawaiian C & S Ltd
4535
46
Home F & M Ins Co
27
Honolulu 011 Corp Ltd__
12
Hunt Bros A corn
8
8
Hutch Sugar Plant
8
8
Jantzen Knitting Mills_ __ 6
Los Ant Gas& Elec Corp pt --9134 9131
Lyons Magnus Inc A
7%
Magnavox Co Ltd
34
Magnin de Co 6% prof
80
Merchant Cal Mach corn_ _
1%
134
Mere Amer Rity 6% pref._
76
Nat,omas Co
38
42
North Amer Oil Cons
7
7
Occidental Ins Co
19
Oliver United Filters A._- _
S%
8%
3%
3%
Pacific Gas& Elec corn_ _ _ _
25% 25%
6% 1st pref
23% 23
534% preferred
21
21
Pacific Lighting Corp corn. 30% 30%
6% Preferred
87% 8734
Pac Pub Serv non-vot corn.
134
Non-vot pref
3%
3%
Pac Tel & Tel corn
91
90
6% preferred
110
Paraffine Cos corn
23
Ry Equip & Rlty let pref._
535
Con preferred
15
Roos Bros prof
65
10
46
27
13%
8
160
440
50
420
100
6
91%
7%
%
80
1%
76
42
714
19
8%
4
26%
2335
21%
31%
87)4
1%
3%
91%
11035
24%
511
1
65
300
15
100
715
San Joaq de P 7% pr pref.
Schlesinger & Sons B F pf_
Shell Union Oil corn
Secony Vacuum Corp
Southern Pacific Co
So Pac Golden Gate A__
Standard 011 of Calif
Tidewater Ased Oil 6% pref
Common
Transamerica Corp
Transcontinental Air Trans
Union 011 Co of Calif
Union Sugar Co corn
United Aircraft
Wells Fargo Bk & U Tr
8
28%
47
8811
5
7%
11
26
1354
3415
43%
811
5
88%
5
8%
11%
29
8%
36%
47%
8%
734
19% 2011
4% 435
3234 3634
210 210
35
Range Since Jan. 1.
Low.
5 101
134
100
1
699
8
100
300 11
3,100
34
185
34
39 74
2,353
834
15 63
15 15
4,187
5%
125 13
8,843
1
734
195
7
30
225
234
125 3455
525
534
355
231
,
591
10
1,121
1,217
15
100
300
4,120
3,613
641
672
14
288
1,73
11
11
27
72
250
50
High.
Feb 160
515
Feb
Mar
634
Mar 2234
Mar 1835
Jan
1
Jan
16
May 85
Mar 3434
Apr 7335
June 31
Feb 2934
May 2111
854
Feb
Mar 4334
Mar 43
Feb
834
Mar 61
Jan
1634
Apr 1074
July
July
July
June
June
July
July
Jan
July
July
Jan
July
June
July
July
July
July
July
July
July
415 Apr 13
July
2734 Jan 4834 July
Apr 3015 July
18
834 Feb 1611 July
2
Feb
103.4 May
Apr 10
5
July
Apr
2
734 June
8354 May 9854 Jan
534 June 1134 July
15 Mar
1
June
Feb 80
Aug
60
15 Feb
214 June
Jan 76
July
60
15
Feb4954 July
334 Apr
914 July
534 May 20
July
311 Jan
1134 July
15 Feb
535 July
July
2035 Apr 32
21% Mar 2535 Jan
193.4 Mar 2334 Jan
Jan
2534 Mar 43
May 934 Jan
77
% Mar
215 June
Apr
2
6 June
Apr 9415 July
67
July
9915 Apr 111
July
814 Feb 29
314 Apr
6% July
Feb
1
35 Aug
3715 Feb 65
July
12 75
2%
45
2,025
4
x
200
2,677 1134
4%
195
4,002 20
158 24
311
500
2,846
474
25
5
1,054
915
112
114
3,030 17
50 165
May 97
June
5
Feb 1115
Feb1534
Feb 3814
Jan
834
Feb40
Apr 54%
Feb1054
Mar
934
5
Apr
Feb 2334
Mar
715
Feb 46
Apr 220
Jan
July
July
July
July
July
July
July
July
July
Apr
July
July
July
July
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, Aug. 5 to Aug. 11,
both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Alaska Juneau
Barker Bros pref
100
Barnsdall 011 A
25
Boise Chica 011A
10
Broadway Dept St pf_ _100
California Bank
25
Central Investment Co.100
Citizens Nail Bank
20
Comm Discount corn... _25
Cons 011 Corp
Douglas Aircraft Inc
Goodyear T & Rub pref100
Goodyear Akron
•
Hancock Oil corn A
25
Los Ant Gas & Elec pf.
_100
Moreland Motors pref....10
Mortgage Guarantee Co100
Pacific Amer Fire Ins Co 10
Pacific Finance Corp corn10
Pref series A
10
Series D
10
Pacific Gas & Elec corn_ _25
let preferred
25
Pacifie Lighting corn
•
6% preferred
•
Pacific Mutual Life Ins..10
Pacific Western 011 Co_ _•
Republic Petroleum Co_ _10
Seaboard Nail Bank
25
Sec First Nat Bk of L A_25
Shell Union Oil Co corn. _25
So Calif Edison corn....25
Original pref
25
7% preferred
25
6% preferred
25
534% pref
25
So Calif Gas6% pref.__ _25
Southern Pacific Co _ _ _100
Standard 011 of Calif
•
Taylor Milling Corp
*
Trans-America Corp
•
Union Bank & Tr Co__ _100
Van De Kamps corn
•
•No par value.
Range Since Jan. 1.
Low.
High.
4
4731
32%
435
26%
26
1914 19%
834
414
4
47% 47%
32%
32
434
33% 38%
1035 1135
1035 1135
1.300
50
400
300
5
350
20
800
600
300
Apr
14
515 Apr
Mar
111 Jan
4255 Apr
31% July
Apr
3
9% Mar
Jan
6
Jan
3015
19%
10%
5%
48
38
6
38%
13%
1535
July
Aug
July
July
July
Jan
July
July
July
July
1434
90%
34%
8
91%
26%
15
9034
38%
8%
92
1134
60%
34%
3%
82%
34
12
5
9%
9%
9%
25%
23%
31%
87
27
5%
235
1211
5
10%
934
951
2834
23%
31%
87
28
6
211
300
5
800
900
132
34
50
200
2,300
100
100
800
100
200
26
700
900
200
5
4
934
8%
20
21%
2534
76
19
23-4
134
Jan
Feb
Aug
Feb
Apr
Aug
Feb
Jan
Mar
Jan
Mar
Apr
Apr
Mar
Mar
Mar
Mar
Feb
18
91
42%
1215
98
11
23
534
1111
935
931
30%
2554
43
9255
3011
735
315
July
June
July
July
Jan
Aug
June
June
July
Jan
Mar
July
Jan
Jan
Feb
July
June
June
15
3635
7%
2114
35
25%
22%
20
22%
27%
34%
10%
1)%
18%
7
15
38
8
22%
36%
2535
2231
2014
23
2915
37
1014
734
2014
7
110
2.100
10
1,800
250
500
200
70
300
700
3,500
10
5,900
2,700
100
15
35
4%
1735
30
22%
19%
17%
21
1111
20
4
415
9%
7
July
Ma
Ma
Apr
May
Apr
Apr
Apr
May
Feb
Feb
Jan
Apr
Feb
Aug
27
4535
11%
2711
4034
27%
2434
2251
24%
38%
40
1014
914
23
7
Jan
Jan
July
Jan
Jan
Feb
Jan
Jan
Feb
July
July
Aug
July
July
Aug
94
9%
23%
87
27
59-4
235
88
21%
20
22%
27%
3634
10%
735
19%
7
New York Produce Exchange Securities Market.—
Following is the record of transactions at the New York
San Francisco Stock Exchange.—Record of transactions Produce Exchange Securities Market, Aug. 5 to Aug.
11,
at San Francisco Stock Exchange, Aug. 5 to Aug. 11, both both inclusive, compiled from sales lists:
inclusive, compiled from offinial sales lists:
•No par value.
Stocks—
Sales
Friday
Last Week's Range for
TVeek.
of Prices.
Sale
Par Price. Low. High Shares.
Alaska Juneau Gold Min_
Antler Calif Nat Ilk of S F._
2734
9%
2535 2754
8% 9%
3.085
1,336
Range Since Jan. 1.
Low.
1134 Jan
834 May
Stocks—
i
High.
3034 July
20
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices
Sale
Par Price. Low. High. Shares.
Abitibi Power & Paper..'
Admiralty Alaska
1
Aetna Brewing
1
1%
234
1%
10c
134
1%
10c
2%
1,200
1,000
4,100
Range Since Jan. 1.
Low.
134 Aug
Sc Mar
194 July
11195.
335 Aug
Feb
19c
3 June
Financial Chronicle
1220
Friday
Sates
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Allied Brewing
Altar Consolidated
Andes Petroleum
Arizona Corn:dock
Bagdad Copper
Beverages units
Black Hawk Cons
Brew & Dist v t c
Bulolo Gold Ltd
Chicago Gulf
Como Mines
Continental Shares
Croft Brewing
Davison Chemical
Dividend Shares
1
1
1
1
1
•
5
25c
Eagle Bird
1
El Canda units
Elizabeth Brewing
1
Equity Corp
10c
1
Fada Radio
Faiconbridge Nickel
Falstaff Brewing..
i
Fashion Park
Preferred
100
Flock Brewing
2
Fuel 011 Motors
10
Fuhrmann & Schmidt_..1
General Electronics
1
1
Granada Gold
Hamilton Mfg A
10
Hellion & Hubbell
*
1
Klidun Mining
1
Kingsbury Brewing
Kuchler Brewing
1
1
Lock Nut
Marmon Motor
•
6%
2%
5%
2
120
1.35
1.49
40c
.1%
570
234
2%
15
15
14
15c
18c
15c
1%
134
%
1.10
Range Since Jan. 1.
Low.
434
6% 3,450
134
2% 1,900
5c
1,500
17c
1.55 10,000 1.15
1,000 15c
50c
1%
234 2,800
500 40e
570
114
2% 7,900
100 15
15
14
500
3e
8c
4,000
18c
200 100
15c
1
1% 2,600
200 150
1
100 840
1.10
234 2%
734 8.%
234 234
23.4 2%
1% 2
4.10
4.10
12% 1334
13
34
34
94
1%
134 2%
3% 314
334
17c
17c
2%
3% 4
334
1.03 1.03
1214 12%
634 614
3% 3%
334
1134 12%
354
3
33ti
1*4 1%
250 28c
25c
2%
834
234
2%
2
High.
July 1114
2%
JUDO
Jan 32c
July 1.55
Jan 60c
254
Aug
July 57c
3%
July
Aug 16
1
Aug
May 200
%
Feb
214
July
2%
May
Feb 1.25
June
Aug
June
Aug
July
July
Aug
July
June
Aug
May
May
July
June
June
3% July
2% Aug
900
434 June
834 Aug
7,200
414 June
July
2
1,500
214 Aug
1% July
100
1% July
234 May
2,400
10 2.80 May 4.10 Aug
7 May 2014 May
70
1% July
Se Aug
1,200
4% July
134 Aug
500
5% June
2% July
40
100 100 Jan 28c Feb
33e July
800
234 July
4 May
2% Jan
2,100
100 1.00 Mar 1.75 Feb
July
100 12% June 13
634 Aug
53e Jan
100
July
Ma
1
5
1,500
1,000 1034 July 1714 July
334 Aug
900
3 July
1% June
1% May
200
June
4,400
34 JU1Y
Aug. 12 1933
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
114
1%
Paramount Publix
10
1
2%
Paterson Brewing
1
Petroleum Cony
%
23
Pittsburgh Brew pref___50
1%
Polymet Mfg
1
2%
2%
Railways new
1
5%
Rayon Industries A
1• 6
Richfield Oil
34
34
17%
Rossville Alcohol
5.50 20
2414
25 28
Preferred
214
Rustless Iron w i
*
%
Warrants
34
1.00
Sherritt-Gordon
1
40c
Shortwave & Television-1
114
134
Simon(Wm)Brewing---1
3
Standard Brewing
*
1.10
1
Sylvanite Gold
5,500
2
100
2%
Si 1,100
2514
190
400
2
2% 2,700
22,100
6
% 4,100
5,200
21
2,975
28
400
2%
34 4,600
1,000
1.15
300
400
11e 2,800
100
3
100
1.10
400
12
6
50
30c
7%
14%
34
1
490
40c
1%
250
34
40e
20
14
6
200
10c 26,900
38c
300
1,600
7%
25
14%
% 1,400
134
200
50c
3,600
1,100
50c
1%
700
8,000
30c
100
%
400
500
8
8
Tobacco Prod (Del). _10
1
Tinier Thompson
1
United Cigar
Preferred
100
5
New w 1
US Elec Lt & Power A_ •
Van Sweringen
1
Victor Brewing
Wayside Consolidated_500
Western Television
•
1
A
Willys-Overland
5
100
Preferred
1
Zenda Gold
BondsInternat'l Match 5s C-D'41
* No par value.
50
300
734
500
270
8
$5,000
Range Since Jan. 1.
Low.
12c
2
380
2034
1%
3-4
434
34
3%
2%
34
300
150
1%
234
95c
12
6
Sc
30c
714
14%
12c
1
28c
Si
1%
6c
Sc
High.
Mar
2% July
5 June
Aug
Apr
1% Feb
May 39 June
5
July
July
Apr
3% Jan
July
Aug
6
Aug
1 June
Jan 32
July
Jan 3134 July
Aug
334 July
Aug
% Aug
Feb 1.50 July
Apr
g June
Aug
1% Aug
July
5% May
July 1.45 June
Aug
July
Aug
Aug
Aug
Aug
Jan
Aug
June
Apr
July
Ma
Aug
Jan
634 Ap
20
614
%
414
814
14%
114
2
72c
1
71e
34
5
48c
16
June
July
June
May
July
Aug
July
June
July
June
June
June
May
June
Jan
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 (Aug. 5 1933) and ending the present Friday,(Aug. 11,1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
_
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
Week Ended Aug. 11.
Stocks-
Indus. & Miscellaneous.
Adams-Millls 7% pref__100
Air Investors WM vs e---•
warrants
50
Alabama Gt Southern
•
Allied Mills Inc
Aluminum Co common
*
Preferred
100
Aluminum Good Mfg. •
Alumlnum Ltd
Common
Amer Beverage Corp.......5
American Capital Corn-$3 preferred
•
•
American Corp corn
Amer Cyanamid•
Class B non-vot
Amer Dept Stores Corp...
Amer Founders Corp-..1
1st 7% Pref ser H
50
American Investors
1
Warrants
Amer Laundry NIachine_20
Amer Mfg
100
Am Thermos Bottle A___•
45
11
7334
73
70
234
%
45
10
6934
73
11
25
70
200
236
100
%
50
45
1134 15,200
2,700
78
73
50
100
11
Range Since Jan. 1.
Low.
60
14
54
8
3
373/
37
734
High.
Apr
Jan
Jan
Jan
Apr
Feb
Mar
Apr
June
JUDO
1 June
July
55
1134 July
9514 June
7734 July
16 June
80
asi
41
254
3734 41
234 2%
200
1,000
13
Mar
154 Mar
5334 JUDO
514 Mar
54
1531 1514
54
g
100
2,000
454 Jan
% June
1634 July
34 JUDO
1134
%
13-4
1434
494
134
12
1834
4
9,900
700
1,100
200
1,100
100
350
50
100
334
14
%
8
2
/is
634
10
4
Feb
Jan
Apr
Apr
Apr
Mar
Feb
Feb
Aug
1554
194
214
2036
6
134
1834
25
4
June
June
June
June
June
June
July
June
Aug
234 254 2,000
93'e 103.6 36.500
3
35-4 64,800
1634 1934 2,100
100
3
3
54
934
234
454
44
Feb
Aug
Aug
Mar
Mar
234
1214
41e
24
434
June
July
July
July
May
254
34
1
134
5%
33
234
2534
Apr
Apr
Jan
Apr
Apr
Mar
Feb
Feb
594
534
4
694
1894
4354
10
65
July
June
July
June
June
May
June
June
1254
134
154
134
4
234
Anchor Post Fence
•
10 103-4
Armour & Co new
34
Warrants
Armstrong Cork corp....* 1954
3
5
Art Metal Works
Assoc Eleo IndustriesAmer dap rots
81
•
23-4
Aasoe Rayon corn
Atlantic Coast Fisheries •
Atlas Plywood Corp
•
• 1494
Atlas Corp corn
•
$3 preference A
654
Warrants
Axton Fisher Tob el A.-10
414
234
4
414
1334
4031
551
56
1274
156
154
1434
434
13-4
13
1834
4
100
414
100
2%
300
4
200
414
1534 19,700
500
4134
634 6,800
25
56
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
Delsel-Wemmer-Glibert.10
Detroit Aircraft Corp.._
Detroit Gray Iron Fdy_5
Ly
Distillers Co Ltd
Distillers Corp Seagrams_•
Doehler Dle-Casting
•
•
Dow Chemical
Dublier Condenser corn __I
Duval Texas Sulphur_-__.
Easy Wash Mach el B. •
•
Eisler Electric Corp
Elea Power Assoccorn- -1
Class A
1
Electrle Shareholding
•
Common
Elgin National Watch_15
Ex-Cell-0 Air & Tool_...*
Fairchild Aviation
1
F C D Corp
•
Ferro Enamel Corp
•
1
Eiden() Brewery
Film Inspect Machine_ •
1
Fisk Rubber Corl)
$6 Preferred
100
Flintokate Co class A_
5
Ford Motor Co Ltd
Amer dep rots ord reg.£1
Ford Motor of Canal A_ •
Ford Motor of France
Amer deprcts
Foremost Dairy Prods- •
Foundation Company•
Foreign shares
Garlock Packing
•
General Alloys Co
•
General Aviation Corp-I
General Capital Corp_
•
Gen Else Ltd Am den rots •
Gen Investments Corp. _5
Jan 56 June
Warrants
125 25
50
48
Babcock & Wilcox
100
Aug
•
7
954 Aug Gen Rayon A stook
7
Baldwin Locomotive warr_
93-4 4,200
934
2,300 1854 Apr 14 June Gen Theatres Equipment
13% 14
Beneficial Indus Loan_ •
$3 cony pref&IN
•
Blue Ridge Corp154 Mar
1,700
43-4 June General Tire & Rubber__25
Common
3
1
234 3
6% preferred A
700 2114 Mar 3714 June
100
6% opt oonv pref
•
323.4 3254
•
414 July Glen Alden Coal
100
Brill Corp class B
234 236
34 Jan
•
634 Feb 1154Apr Godchaux Sugars B
•
Brill° Manufacturing....'
800
631 714
7
Aug 3934 - Aug Gold Seal Electrical
500 34
1
Bristol Myers Corp
3894 3934
5 39
Gorham Mfg corn v t o •
British Celanese Ltd434 June Grand Rapids Varntsh. _ ..•
Apr
1
354 351 1,400
354
Am dep rcts reg she
100 1254 May 1934 July Gray Telep Pay Station. •
1814 183-4
Buiova Watch $3.50 pret•
CR Alt & Pao Tea
Burco Inc
Non-vot coin stock ___•
% May
500
54 July
g
%
warrants
-7% 1st preferred
-1N
Burma Corporation
1% Feb
534 July Greyhound Corp com---•
600
2% 3
Am dep rots for reg Neje)
2%
634 June Grocery Stores Prod...25e
414 434
134 Feb
200
Butler Brothers
Guardian Investors
1
14 June
li Jan
100
34
14
34
Cable Radio Tube v 1 e_.•
294 May 3814 July Hall Lamp Co
•
Can Indust Alcohol A____. 1734 1634 1914 18,100
July Hartman Tobacco com...10
15
731 July 34
1734 2,400
Class B non-voting
•
100
1634 1614
•
534 Mar 18 may Hazeltine Corp
Carnation Co
•
July Helena Rubenstein
•
4
Feb 17
1214 2,400
11
• 12
Carrier Corp
AmericaHayden Chemical
10
Celanese Corp of
July Horn(A C)Co coin
425 27
Apr 110
9934 102
*
7% let panic pref-100
Apr 1654 JUDD HOITI Je Hardart cony_
2
300
•
8
8
Celluloid Corp corn
15
,
600
434 JO Hydro Elm, Securities_ •
23.4 Jan
Centrifugal Pipe Corp....*
35-i
394 4
Feb
654 May Hygrade Food Prod
354 49,100 22
3
5
334
Cities Service OOMMOD...•
500 1014 Mar 30 May Hygrade Sylvania
•
• 1654 1634 16%
Preferred
5 May 18 June Industrial Finance v t c.-10
200
12
12
C,,ty Auto Stamping Co •
2 June Insurance Co of No Am-10
54 Apr
500
134 134
Claude Neon Lights
1
%
100
9.6
3 May
,
4
154 June Interstate Equities Corp-1
Club Aluminum Utensil...
33 cum pre see A
Jan 1934 July
8
100
50
1754 1714 3,500
Colts' Patent Fire Arms..25
1
mar /2
July Irving Air Chute
I
Consolidated Aircraft_ _ __• 1034
9.31 1034
Consol Automatic Merch54 June Jonas & Naumburg corn...*
'as Jan
300
Common v t a
A
54
%
•
234 June Jones & Laughlin Stee1-100
air Jan
Congo! Retail Store
134 254 1,900
234
•
14 July
234 June Kleinert Rubber
•
700
1
Consol Theatres v t o. •
134
434 Feb 1514 July Kreuger Brewing
I
Cord Corp
914 1234 28,900
5 1174
100
July Lakey Foundry A Mach....'
14 Apr
4
Corroon & Reynolds
234 214
1
Lefcourt Realty pret
•
Courtlauds Ltd1034 July Lehigh Coal dg Navluution•
434 Mar
700
Amer den rcts ord __al
85-4 87-4
854
July Lerner Stores CorP254 Feb 11
Crocker Wheeler Elea_ •
834 2,200
7
Common
•
914 July
og 734
294 Jan
500
Crown Cork Internal A_ •
'mu 11
400
Apr 123-4 June Libby-Mollell & Libby.10
6
,
11
Is
2634
6834
1
2
154
735
eye
514
5
494
634
534
Range Since Jan. 1.
Low.
High.
5
34
134
1734
15
1.34
30
hi
54
June
Jan
Aug
July
July
Feb
Mar
Feb
Feb
734
Hie
134
1834
4934
5
78
I%
214
July
June
Aug
July
July
June
July
June
May
400
200
300
900
154
14
294
234
Jan
Apr
Apr
Apr
534
2
1294
1154
June
July
June
June
534 554
900
25
634 634
300
534
5
434 534 1,700
714 715
600
1214 1434 1,700
454 454 10,600
36
100
Si
514 7
6,600
37
600
40
434 534
600
234
536
114
214
334
1034
334
Si
%
18
114
Mar
May
Feb
June
Mar
June
Aug
June
Apr
Jan
Feb
934
73-4
634
034
83.4
1514
454
134
934
47
71/
June
June
July
July
July
July
July
June
July
July
June
200
736
6
Si 1,400
'if
100
134 114
1734 1834 13,900
2334 2834 48,100
336 3.14
100
6654 72
1,400
1
134
700
2
234 1,900
334
134
734
7
4
134
734
734
534 536
13
1514
5,500
2,000
254 Feb
474 Feb
634 July
1994 July
3
Mar
% May
634 July
134 May
454
35
414
234
93-4
%
9634
18
834
he
2614
734
454
Si
100
500
416
45-4
300
1134 1134
214 254
754 714
24
24
934 934
134 134
I.
g
334 334
100
1,300
600
100
200
200
1,500
600
54
234
24
1334
134
54
11
Mar
Mar
Jan
Aug
Jac
Aug
July
May
500
11 "is
92 103
1,925
8114 8134
25
18
1834 1,800
831 851
300
' "is 1. 00
,4
3
2114 263-4 12,100
65% 734 - 800
50
223-4 223-4
54
23
51
634
234
54
6
434
834
14
Feb
Apr 140
May 90
Apr 2434
Apr 15
114
Jan
Jan 263-4
71e
June
Apr 29
14234 1423.4 149
121 121
14
1i
14
13.1 134
Si
Si
16
4
54
43
233.4
6
134
58
1914
114
10
534
251 Mar
4
43-4 Atui
July
July
July
July
log July
234 July
hil July
10 June
1454
414
1034
28
June
July
July
JulY
July
Junl
Atli
Au/
J1113
270 128
Feb 18194 MN
Jar
10 118
Mar 124
6,300
54 Aug
214 May
3 Juni
10
% Jan
100
14 June
134 JUDI
614
14
514
1
16
3
2254
714
5
26%
154
41
134
23
534
034
14
634
I
16
4
2314
734
514
27%
2
4334
154
233.4
6
100
500
300
100
100
200
250
100
500
17
200
500
1,200
600
900
134
%
135
54
8
114
1754
334
234
13
%
25
54
9
434
Mar
June
Mar
Mar
Apr
June
Jan
Mar
Mar
Feb
Apr
Mar
Jan
Apr
API
73e
134
OM
I%
17
534
2514
934
9
2714
3
4551
114
2434
• 814
Juni
Jun
July
Juni
JUDI
AM
Jun,
Ju13
Jul3
Aui
Jute
Jul]
Jul:
Jull
Mc
154
58
634
18
13-4
10
93-4
300
134
80
65
200
7
7,600
20
134 1,800
100
10
log 10,000
54
19
2
15
g
3
534
Feb
Jan
Apr
July
Jan
Apr
APr
254
80
934
2354
134
1014
14
Jun
Jul
Jute
JUDI
Mal
Juli
Jun,
1154 1134
534
5
100
700
Jan 13
Jul:
4
134 Feb834 Jun,
113
Financial Chronicle
Volume 137
Stocks (Continued
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Life Savers Corp
5
Louisiana Land & Explor.•
Marlon Steam Shovel
•
Massey-Harrls Ltd
"
Mavis Bottling el A
1
May Hosiery Mills81 prof with warr
*
McCord Rod & Nlfg B
*
Mead Johnson & CO CoM_•
Merritt Chapman &Scott •
Michigan Sugar
10
Preferred
10
Midland Royalty Corp82 cony pref
*
Minn-Honey Reg pref..100
Molybdenum Corp v t c1
Montgomery Ward & CoClass A
•
Moodys Investors ServiceParticipating pref
•
NIortgage Bk of ColumbiaAmericanshares
Nat American Co
•
National Aviation
•
Nat! Belles Hess com
1
Nat Bond & Share
•
Nat Investors common___1
Warrants
National Leather com_ •
Nat Screen Service
*
Nat Service common
1
Nat Steel Car Corp Ltd. *
Nat Steel warrants
National Sugar Refining_ •
Neisner Bros 7% pret__100
Nelson (Herman) Corp__5
New York Nferchandlse*
New York ShipbuildingFounders shares
1
Niagara Share of Md 0113_6
Niles-Bement
-Pond
*
Nitrate Corp of Chile
Ctfs for ord B shares- - -Novadel-Agene Corp-- --•
Ohio Brass class B
•
011stocks Ltd corn
5
Overseas Securities
*
Pacific East Corp
1
Pan-American Airways.10
Paramount Nf°tors
•
Parke, Davis & Co
•
Parker Rust
-Proof
•
Pennroad Coro new v t 0_1
Pepperell Mfg
100
Phillip Morris Inc
10
Phoenix SecuritiesCommon
1
33 cony pref set A____10
Pierce Governor
•
Pitney-Bowes Postage
*
Meter
Pittsburgh & Lake Erle_50
Pittsburgh Plate Glass__25
l'otrero Sugar
Prentice Hall Inc
*
l'ropper McCallum Ilos__•
PrudentialInvestors
•
631
134
434
3
274
5
75
1934 2034
134 2
434
434
634 6%
1% 2
7
1634
•
Union Tobacco Co
United Carr Fastener corn •
5
United Drug
United Dry Docks
•
Untied Founders
1
United Milk Prod coin_ _ ..*
United NJ RR & Canal100
United Molasses CoAm dep rcts ord ref_ _Si
Aug
Apr
Feb
July
Jan
2234
2%
8%
1034
2%
22
6
69
434
334
734
July
May
June
July
July
Aug
July
May
July
July
July
20
1
3834
%
%
4
5
5
72
72
431 534
100
30
6,300
6
334 May
Apr72
59
431 Aug6
Feb
Aug
July
10
4634 Feb82
July
75
%
10
234
3334
214
1%
13%
11
14
1434
7
40
26
5
1634
75
24
5%
'is
1134
3
3534
2%
131
131
12
i5 s
1434
7
41
2634
5
1634
100
200
June
Feb
Feb
Jan
May
July
Feb
2534 July
134 Feb
531 Aug
14
100
34
3,000
434
9,000
3i
700 z20
100
1
6,600
%
400
31
514
300
3,50
14
100 11
600
14
1,000 2234
50
9
100
234
100 12
Jan
Apr
Jan
Feb
Feb
Apr
Feb
Apr
Mar
June
Feb
Feb
Feb
Mar
May
1%
1134
4%
39
4
234
334
12
234
1634
1454
4514
40
634
18
June
Aug
July
July
June
June
May
Aug
May
July
June
July
June
July
July
1931
1934 2034
5% 6%
117-4 12
6,500
1,200
300
1% Jan
3
Apr
434 Apr
20% Aug
June
9
1734 June
316
5334
'is 16,900
316
5335 5434 1,200
la Jan
343% Feb
31 June
5631 Aug
6
3
x
134
20
2%
1234
2034
154
2634
134
1931
731
5
474
553.4
83.1
2734
68
614
7831
454
1534
25
200
7
100
3%
3
1,600
5514 2,800
634
400
2234 2,600
6314 2,125
434 12,000
74
70
334 1,100
2234
6234
4
7234
334
1534
7
334
234
47%
6
22
5934
3%
6734
2%
134
2434
434
131
1%
2434 25
434
4
900
800
200
3
334
3
8031 8231
37
33
134 134
1731 17%
234
2
734 8%
3,300
10
1,800
1.000
100
400
1,600
214
5434
3631
134
2%
Quaker Oats com
20
• 13434 13434 135
Italiroad Shares Corp_ - _ -•
1
100
1
1
Rainbow Lurid° Prod
Class A corn
*
34
200
34
Reeves (Daniel) Inc
•
100
213.4 2131
Reliance International.._*
100
251 2%
Republic Gas common__ •
%
34
% 1,00
Reybarn Co
1%
.10
131
100
Reynolds Investing
1
•
134 1,500
Richman Brothers
•
4634 46%
100
11
11
100
Kike-KuInc
Roosevelt Field mber*
R
5
200
2
234
Bessie. International
•
34
51
100
10
St Rea,Paper corn
434 5% 5.700
534
7% preferred
4114 4134
100
10
Schenley Distillers
5 3131 2931 36% 18,900
Scoville Nlfg Co
-.)
20% 20%
100
Util Shares _ _.1
Seaboard
300
nos
31
Seeman Bros
•
35
35
100
Segal Lock & Ilardware__•
%
34
1
1,000
Selberling Rubber
1,200
531 654
•
534
Selected Industries IncCommon
1
24 234
234
500
Allotment certificates_
5734 61
350
•
Beton Leather Co
9
9
100
Shenandoah Corp83 COM, pref
25 19
18% 19
300
Sherwin Williams com__25 40% 38
4134 1,375
9531 95%
10
6% preferred AA_ _100
Singer Mfg
100
140 140
30
Amer dep rcts
2% 234
100
Southern Corp common..
•
234 214
150
234
Spanish & Gen CorpAmdeprectorordbeareal
100
74
74
stani-meyer com
•
100
7
7
"
Standard Cap & Seal
29
29
100
Standard Investing Corp
3534 cum cony pret__ •
20
20
100
1
154
600
Starrett Corporation
1%
I%
10
200
274 3
6% Prof
•
131
131
Stein Cosmetics corn
2
00
sterling Prod
10 5634 56
58
2,000
18
17
5
Stetson (John 11) com----* 17
•
100
734 735
Stroock (S) & Co
1434
14
700
• 14%
Stutz Motor Car
•
11
11
Sullivan Machinery
25
26 1834
1734 197-4 10,300
Swift & Co
15 2434 23% 26
2,600
Swift Internacional
Tastyeast Inc class A____•
Technicolor Inc corn.. •
Tobacco Products Ex port_•
Transoont Air Trans..
•
Trans Lux Pict Screen1
Common
'Fri-Continental warrants-Triplex Safety Glass_ _ _ _LI
Amer (let) rec for ord reg.
Tubize Chatillon Corp___1
1
Class A
Tung-Sol Lamp Wks....'
1934
*a
34
434
%
100
500
200
900
2,200
800
4%
14
High.
Low.
22
22
4% 434
5034 5134
3%
3
2
214
4% 534
24
2%
333
200
1,700
100
1,000
9,900
Range Since Jan. 1.
131
4
254
231
173.4
5
31
1034
234
2
1
Jan
Feb
Apr
Apr
Feb
Feb
Mar
Mar
mar
Feb
Feb
7 Mar
4
934 Feb
1 14 Apr
2
28
13
34
10
34
3
Feb
Mar
Feb
Mar
Apr
May
Feb
July
July
June
June
July
May
June
July
July
July
July
3% June
Aug
25
63-6 June
54
85
3934
231
18
4
1034
June
July
July
July
July
July
July
July
64
Star 140
151 June
% Mar
Sale,
Friday
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
United Shoe Mach com_25
Preferred
25
United Storm Corp v t c__•
US Dairy Prod cl B
•
U S Finishing com
•
U S Foil class li
I
US dr Internal! Secur __•
1st pref with wart
•
US Lines Inc pref
•
US Radiator
*
Universal Ins Co new
8
Utility Equities common..
•
Pr,ority stock
•
Utility & Indus Corp...._..•
Cony preferred
•
Vick Chemical
5
Wahl Co corn
*
Walgreen common
•
Hiram Walker Gooderham
& Worts Ltd tom
•
Cumulative pref
•
Watson (John Warren)._•
Western Auto Supply CIA *
Western Tablet & Staty_.•
Williams(R C)& Co
*
Wil-Inw Cafeterias
1
WiLson-Jones corn
•
Public Utilities-.
Alabama Power 57 pref__•
SO preferred
''
Am Cities Pow & Lt
Cony class A
25
New class B
1
Amer Commonith Power
Class A common
•
Common class B
•
AmDist Tel NJ pref, 100
Amer & Foreign Pow warr_
Amer Gas & Elec com-•
Amer L & Ti' corn
25
Am Superpower Corp com•
1st preferred
•
Preferred
Assoc Cia, & ElecNew common
1
Class A new
1
$5 preferred
•
Warrants
Assoc Telep Util eom----•
1.4
234
1734
6
31
74
31
56
8%
234
814
4%
7
1231
Feb
Apr
Apr
Feb
Aug
Feb
Apr
Feb
Mar
Feb
Feb
28
274
6
331
03
20
1031
20
12%
2454
3254
July
June
June
July
July
July
July
July
July
July
June
154 10,900
831
700
1
100
434 1,500
31 Apr
2% Feb
4 Jan
274 Jan
234
1034
134
634
July
May
June
May
234
251
1,400
100
114 Mar
34 Apr
1334 1334
14% 2034
27% 2736
3% 5%
100
4,400
200
1,000
57-4 Feb
2
Apr
831 Mar
I% Jan
1
734
1
3%
234
254
74
2634
134
1251
1234
so
90
134
74
he 1,800
x
is
6% 634
700
1%
934 1034 1,600
931
31
234 354 3,300
1% 234 12,900
X
25
131
6
6
10 199
202 202
3
334 12,600
331 June
434 July
1311
2834
4634
911
Aug
June
June
June
May
34
Feb
6%
Aug1034
Mar
334
Apr
3
Jun
6%
June 202
June
July
July
June
July
July
Aug
14 Feb
54 July
5234
1%
734
1%
43%
134
32
16%
4234
34
1234
52
3134
%
I%
434
774
131
57
134
2%
6
234
4331
1%
434
52/s
0
3134
14
I%
414
8
114
58
174
3
8
2%
44
134
4%
3034 32
2
2
1674 17
3734
1331
31
22
7
12%
3
9
3031 3134
3% 4
4
sia
34
I%
134
55%
3+1
A
2
1%
731
34
34
9
2%
23
5
166
2534 2231
49
49
5334
54
High.
700
100
1,400
July
30
131 Mils
1134 Feb
Mar
Mar
Jan
Feb
Feb
Apr
Jan
Mar
Jan
May
Aug
Apr
Apr
Feb
Apr
5531
32
2
2%
7%
1134
3%
65
1%
391
10
434
5034
3%
734
July
June
June
June
July
June
July
July
June
July
July
June
June
June
June
July
32
331 July
July
21
Feb
Feb
Jan
Jan
Apr
Mar
May
Jan
64%
1734
174
21
1034
1634
3%
9
July
July
July
Aug
July
July
July
Aug
60
30
37
Apr
3631 Apr
6534
5634
Jan
Jan
500
1,900
2534 Feb
Feb
3
3634 June
6% June
31 2,500
31
200
31
114
101 101
25
800
734 83
%
3534 32% 35
9.100
20
2,800
1814 2034
4% • 474 5% 35,000
7034 71
400
35
3534
600
134
Low.
3031
3031
%
1
%
234
3a
1734
%
1%
6
13(
25
1
134
93,600
45
300
1434
1,100
74
22
100
7
100
100
1234
3%
400
9
100
4834 49
41
38
38
Range Since Jan. 1.
200
50
1,300
100
100
200
700
400
200
200
150
300
75
300
100
700
3,300
120
400
2,200
Brazilian Tr L & P ord_--• 1334
13% 13% 2,300
Buff Niag dc East Pow__25
18
100
18
85 lot pref
400
* 773.4 7734 80
Cables & Wireless Ltd
Am dep Ms A ord sbs_.£
131
131
600
Am deo rcts B ord shs_C/
•ol
400
is
AM dep rcts pref shs_Ll
3% 334
100
Cent &I-30'watt LW•
3
Common
3
200
3%
Cent states Cleo new eere 1
2% 2%
5,900
234
Cities Serv P & L $6 pref •
12
12
50
Cleve Elec Ilium oom____•
29% 30
500
Columbia Gas & ElecCony 5% pref
100 107
1,625
100 114
Commonwealth Edison_100 65% 6334 66
3,500
Common & Southern Corp.
Warrants
iii, 11,700
910
i'io
Community \Vat Serv coin
%
%
200
Consol0E LAP Balt com •
1,000
6334 6534
Duke l'ower Co
10
75
5634 61
I% June East Gas & Fuel Assoc--.•
AD
2501 July East States Pow corn B__.
Jan
•
43.6 June ESA Util Assoc corn
Feb
Cony stock
Feb
7.4 June
Aprm (Bos)_ 100
3 June Edison El Ilium
.
mar
134 July Elec Bond & Share com....5
$5 cumul preferred_._.
Mar 5234 July
•
11
ma
Aug
36 preferred
•
3.31 July Electric Pwr & Lt
Jan
Ma
131 June Empire Dist El 6% 91_100
Mar
8% July Empire Gas dt Fuel
6% preferred
100
Mar 56 June
July
7% preferred
July 47
100
May Empire Power part stk._ •
Feb 24
Apr
134 June European Electric Corp
38% July
Claws A
Jan
10
Jan
Option warrants
134 June
734 July Florida P & L $7 pre__ •
Apr
Gen G & E $6 prof B_
•
Feb
43.4 June Gen Pub Serv $6 pret__ •
July Georgia Pow $6 pret
Mar 70
•
Apr
1434 July Gulf States CU'$5.50 pre•
Hamilton Gas COM V to-_I
May 2631 July Illinois P & L $6 pref. •
July Internet Hydro Elec-Mar 45
may 9751 July
33.50 pret new
•
Mar 175% July Internat.' Utility
Class B
e331 July
Jan
1
Jan
234 May Italian Superpower A
•
Long Island LtgAug
Common
134 July
•
Apr 14
June
7% preferred
50
Apr 2991 June
6', 11 pref
100
31
1534
134
34
74
34
25
4
51
31
14
1234
22
9%
15
26
54
131
1221
334
734
31
934
6
4
31
6
'ii
Its
8434
254
1734
12
234
52
15
114
131
3
1.1
34
Mar
54
Mar
34
May 101
Apr
1334
50
Mar
Apr
2634
Mar
94
Apr 75%
Apr 50
June
June
Aug
June
June
June
June
June
June
May
July
May
Apr
Mar
June
July
June
June
June
Feb
6
1514 June
Apr
75
354
231
1034
31
134
1734 July
2234 Jan
92 74 Jan
154 July
Isis Apr
st+ Feb31 July
2% Feb431 July
1
14
93-4
2014
68
50
Mar
434
Feb434
Slar 26
Mar 3
7
July
June
May
July
July
Apr 138
Apr 8251 Jan
14
234
7034
76
June
June
June
July
200
mar 1234
4
934
3
600
134 Mar
434
23%
550 1334 Apr 26%
534
600
134 Apr
6%
100 132% May 174 14
166
26% 78,400 10
Feb 4134
300 2234 Apr 5954
49
5534
Apr66
1,200 25
June
June
July
July
Jan
June
June
June
stz
34
4334
3834
Apr
May
Apr
Apr
16
16
50
14
14
10
14
14
10
25
50
100
694
%
18
13
55
4734
50
%
2234
734
1
18
13
55
48
50
5'
2234
24
26%
62'
2%
134
2,100
500
% Feb
14 Feb
354 June
3 June
9% 11%
70
71
57
57
3,000
130
25
10
May
59
Apr
4831 Apr
June
16
8234 Feb
74
Jan
Marconi Wind Tot Can..
234
2% 234
ls.lass UM Assoc v t c
•
2% 2%
234
Memphis Nat Gas
5
4% 431
43%
Middle West Util corn..'
7,,
?is
%
80 cony pref A w w
*
131 2
National P & L $6 pret-•
62% 6534
New England Pow Assn
$6 preferred
• 5631 .5531 57
New Eng'l'ub Serv17 prior lien pref
•
27
27
NY Steam Corp corn
•
33
33
NY TeleP 614% pref-l06 116% 116% 116%
N Y Water Serv 6% pt_100
2334 2334
Niagara lind Pow Common
16
9%
934 1034
Class A opt warrant___.
1
134
1
Class C opt warr
%
34
Nor Amer Lt &Pow com 50
434 431
8,700
10
200
5,000
200
50
%
1%
234
4
14
34
240
2634
14
1
25
2
1%
1034
7034
Nor States Pow corn A.100
38
37
Oklahoma Nat Gas pref 100
6% 6%
634
Pacific 0 & E 6% 1st pt 25 23
22% 2334
Pa Water & Power Co.__•
5334 5534
Philadelphia Co corn
•
11% 13
Puget Sound P & L
85 preferred
* 22
2036 22
1434
$6 preferred
•
13
Ry & Lt Secur com
1136 1134
• 1134
Shawinigan Wat & Pow •
1774 17%
Sou Calif Edison
05
5% °rig pref
3634 3634
73 pref ser A
7
25
2536 2534
25 a21% 021% a21%
6.7: pref ser B
534% preferred C
1934 2034
1934
760
1,200
50
50
20
125
2'
300
50
6
Mar
Apr
6
7% Apr
6% Mar
21
July
1831 June
25 June
1531 June
23-4
34
12
3
1894
4334
50
14
1834
Mar
Apr
Star
Apr
Mar
Apr
July
Jan
Apr
8
13.4
3331
15
6234
7034
50
14
3434
July
July
Jan
July
June
Jan
July
June
Jan
22
July
27
July
10 22%
100 33
25 10934
25 16
Apr
334
May
334
Feb
614
Jan
74
Apr
331
Apr7234
Apt
July
June
May
may
June
June
6234 July
Feb3231 June
Aug 45
Jan
July
Apr 119
Jan
2534 July
4,600
3,000
400
250
814
74
%
2
Mar
Apr
Feb
Apr
16% Jan
June
2
X June
June
8
900
100
2,200
300
400
2334
454
2134
39
r.5
Apr
Jan
Apr
Apr
Mar
533.4
834
2554
60
1731
July
Slay
Jan
Mar
June
180
70
25
100
12
Apr
Mar
8
534 Apr
8
Feb
28
2154
1431
20%
June
June
June
July
25
700
200
2.200
3234 June
22% Apr
1854 May
174 Star
July
37
27
Jan
245% Feb
224 Jan
Financial Chronicle
1222
ertaap
Sq.8
Last Feel's Range
for
Veete.
Public Utilities
Sale
of Prices.
(Concluded)
Par.
Low. High Shares
Southern Nat Gas corn_ •
Standard P & L corn B_ •
Preferred
Tampa Electric Co
•
Union Gas of Canada__ _•
United Corp warrants
United Gas Corp com____1
Pre non-voting
•
Option warrants
United Lt & Pow corn A__•
$6 cony lot pref
•
US Elec Pow with warr 1
Utah P & L $7 pref
I'ow & Lt new com 1
Class B vtc new
1
100
pref
Western Pow 7% pref _ _100
200
34
100
8
150
43%
200
28%
600
535
1,700
335
435 16,400
1,100
3515
135 2,900
534 4,800
24
1,000
600
1 34
100
26
2
2,700
200
434
100
16
50
80
Former Standard Oil
Subsidiaries100
Chesebrough Mfg
25
105 106%
2,700
Humble 011 & Ref
25 754 69% 76
1234 1334 2,700
Imperial 011 (Can) coutl--• 13%
300
Registered
• 12% 12% 13
Indiana Plpe Line
100
10
6
6
400
835
8
National Transit ____12.50
834
100
N Y Transit
4
4
5
100
Northern Pipe Line
5
10
5
100
Penn Men Fuel Co
1
335
335
1,300
South l'enn Oil
25 1635 164 16%
Standard 011 (Indiana)_25 z2935 27,4 30% 13,500
1,900
10
15% 17
Standard Oil (KY)
250
314 33.4
Standard 011 (Ohio) corn 25
Other Oil Stocks
1
Amer Maracaibo Co
Arkansas Nat Gas coin_ •
•
Common class A
Preferred
100
Carib Syndicate
25c
Rights
Colon Oil Corp cora
•
Columbia 011 di Gas vte..•
Consol Royalty Oil Co__ •
Coeden Oil Co
CUs of deposit
Creole Petroleum
5
l'etrolcom...•
Crown Cent
28%
• 435
435
3434
135
54
24
1%
26
135
80
134
135
635
234
135
4
6%
35
35
8
41
28
435
335
4
334
114
434
22
135
26
1%
434
16
80
1%
234
134
531
144
24
134
234
334
5%
34
1% 10,00
80
24
5,20
2
10
3
634 54,30
132 77,90
235 12,300
134' 3,100
100
2%
4
1
Range Since Jan. 1.
High.
Low.
24
16
Ng
14
134
14
13
34
2
84
135
20
135
4
5;5
74
Mar
May
Apr
Apr
Apr
Mar
Feb
Feb
Feb
Mar
API'
June
Mar
Aug
Aug
Apr
Mar
1
15%
50
32
734
634
634
45
134
934
4135
134
42
2%
435
27%
85
June
May
July
June
July
June
July
July
June
June
June
June
June
Aug
July
June
July
71
40
834
64
34
535
3
434
14
11
17
8%
1535
Apr 115
Mar 88
Mar 154
Apr
15
Feb
8
Apr 10
Feb
435
Apr
615
4
Feb
Feb
2234
3335
Mar
1932
Mar
Mar
41
June
June
July
July
Julie
May
July
June
June
July
July
July
July
134
61
2
34
ii.
4,
1
Ma
Feb
Mar
Feb
Feb
Aug
Fe
Apr34
Jan
1,700
14,000
400
14 Jan
435 May
34 Fe
5
Darby Petroleum new
Gulf Oil Corp of Penna__25
Indian Terr Ilium OilNon-vot class A
International Petroleum_'
•
Kirby Pecroletim
Leonard 011 Develop_25
•
Lone Star Gas Corp
•
Mich Gas & Oil Corp_
Middle States Petrol•
ClassA vtc
Classlivto
•
Mountain & Gulf Oil_
I
Mountain Producere
10
National Fuel Gas
•
New Bradford 011 Co_ _25
Nor European 011 corn_ •
44
4734
44 434
454 5035
200
3,900
535 July
Ma
24
335
1634
334 34
1635 17
1% 14
1413
Ills
974
9
435 44
100
2,800
400
1,700
2,200
500
134
6831
2
35
3.4
34
34
535
4.35
1535 1535
135
135
34
34
200
300
100
1,700
400
40
60
%35
J34
Jan
10
Feb
35 Jan
las
Jan
Pantepee on of Venez •
Petroleum Corp of Amer
Stock purchase warr
Producers Royalty
1
Pure Oil Co 6% pref...100
Reiter Foster 011
Richfield Oil pref
25
Root Ref pr pref new. _10
Salt Creek Prod Man. _i0
Southland Royalty Co
5
Sunray 011
5
Tenon Oil& Land Co
•
Venezuela Petrol
5
235
235 27,800
34 Mar
MiningBunker Hill& SullIvan__10
Consol Copper Mines....5
Cresson Consol 141
1
Coal Mexican alining 50c
Evans Wallower Lead corn'
Falcon lead Mines
1
Goldfield Consol Mines.10
Hollinger Consol G M
5
Hurl Bay Mis & Smelt •
Internet Mining Corp_
1
Warrants
Kerr Lake Mines
4
Kirkland Lake G M Ltd_l
Lake Shore Mines Ltd_ I
Mohawk Mining Co
_25
New Jersey 'zinc
25
Newmont alining Corp.10
NIpissing Mines_ _.
6
Ohio Copper Co
1
Pioneer Gold Minos Ltd 1
Premier Gold Mining.
.._1
Roan Antelope Copper.
St Anthony Gold Mines_l
Shattuck Denn
So Amer Gold dr Plat
5
Standard Silver Lead
1
Tech- Hughes Mines
United Verde Extension 60e
Utah Apex Mining Co_
5
Walker Mining
1
(Venden Copper Mining-I
Vs, right-Hargreaves Ltd-.•
Yukon Gold Co
5
lilt
2
534
iii
4035
1
6
74
37
1%
a,
x%
931
935
8
3
71
4135
5114
4034
235
0111
12
14
23%
314
234
*is
5%
4%
635
14
Jan
Fe
% Aali
15 j pr
444 Apr
Feb
1
n
J ii
133 Jan
133 Ma)
Apr
pr
34
34 Jan
335 May
3
Feb
34 Feb
34 Jan
6% Apr
35 Jan
34
34
9,
716
39% 4035
1
1
6
6
54 634
44 415
134
835 835
1
3.4
6,70
1,700
320
400
700
200
1,200
1.200
1,500
300
400
37
37
14 1%
Ills
pie
h
ills
35
34
35
316
34
he
835 9%
935 10%
8
8%
2% 3%
34
.34
35
%
42
39
25
900
3,700
2,100
200
1,700
8,600
1,200
7,500
1,700
2,300
100
200
3,300
1435 Jan
h• Apr
Jan
4 Jan
34 Feb
'it Apr
sla Jan
534 Jan
234 Jan
July
8
235 Aug
34 Jar
4 Jan
2534 Mar
400
834
52% 1,700
3,900
42
2% 2,700
34 4,200
120% 13,500
135 3,600
2434 1,500
35 9,900
400
3(%
400
214
tie 4,200
2,600
6
4% 2,700
300
1
500
1
h
2.900
20,10
7
15
50
Ap
8
264 Ma
1135 Mar
Jan
1
ill
Jan
3% Jun
(is Apr
7% Mar
Jan
34 Feb
Mar
ill Feb
3% Feb
134 Mar
74 Jan
Jan
'al Jan
3% Jan
Feb
84
50
3734
24
h
1034
1
2334
34
335
24
534
4
1
1
3.4
635
35
21
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. If
Bait & Ohio 5s ser F__1996 7035 68
70%
Bell Telep of Canada
994 100
1st 51 5s series A_ __1955 100
9935
lot M be series B___1957 9935 99
1960 9935 98% 0935
let al baser C
Bethlehem Steel 6s
1998 1094 1094 111
93% 94
Binghamton L H & 1'5s'46
Binning/lain Elm: 4348 1968 67% 6634 67%
Birmingham Gas 5s
1959 5334 5334 59%
424 4235
Broad River Pwr be A _1954
10535 105%
1956
Buffalo Gen Elec 5s
5s
1939 105% 10535 105%
46,000
Low.
Dallas Pow & Lt 6s A.1949
5s series C
1952
Dayton Pow & Lt be__1941 105
Del Elec Power 5 46__1959 8434
Denver Gas & Elec 519.1949
Derby Oas & Eleo be_ .1946 7055
Get City Gee 5* eer A 1947 95
5s let series B
1960 81
Detroit & Intl Bridge
6156
6
Aug 1 1952
7s etfs of dep
1952
Dixie Gulf Gas 634e 1937
With warrants
Eastern UM Assoc 54_1935
Eastern Utilities Invest
be with warrants._ .194.4 184
Edison Elec 111 (Boston)
2-year 5s
1934 10234
5% noted
1935 10234
Elec Power & Light 58.2030 48%
Empire Diet El 5......1952 59
Empire 011 & Ref 63.4. 1942 4535
ErcoleNloreill El 614s_1953
With warrants
734
Erie Lighting 5s
1967
European Elec6 Sie......1966
Without warrants
106
102
105
844
9934
7915
9435
81
514
I%
10635
102
10534
84%
100
7934
9514
8335
6
2
9015 91
96
95
32
91,000 87
67,000 85;5
31,000 87
10,000 99
12,000 85
12,000 58%
12.000 40
2,000 274
3,000 99%
4,000 101
42:
77 July
"
35
1
June
Range Since Jan. 1.
103;5 103% 2,000 94
Appalachian Power 58_1941
82
81
81
7,000 63
Deb 6s
Arkansas Pr & Lt be_ 1956 77% 77% 7934 54,000 82
Associated Elm,435s_ _1953 36
34
4034 166,000 2534
Associated Gas & El Co
1938 2234 19
22% 80,000 13
Cony deb 5348
1949 184 1814 19% 207,000 114
Cony deb 45513
21% 112,000 1334
Cony deb bs
1950 204 20
1968 20
Bob be
1914 2035 161,000 13
Cony deb 55.58
32,000 16
1977 23
2035 23
Assoc Rayon 58
44 134,000 33
41
1950 41
4235 4534 76.000 15
Assoc T & T deb 535e A '55 4235
Assoc Telep UV'546_1944 15% 1535 1634 69,000
5
21
21
2,000 11
1933
6% notes
1943
1,000 27
Atlas Plywood 5%s
50
50
Baldwin Loco Wks6345 33
6s with warr
1938 11434 106 1164 623,000 102
8214 423,000 70
Os without warm'... _1938 7534 76
5,000
Canadian Nat fly 713_1935 100% 10034 101
7.000
a75 a75
Canada Northern Pr 53 '53
82,00
Canadian Pat Ry 68 1942 1083.4 106 109
2% July Capital Administration
78% 3,00
78
535 June
Is
warr _ _1953
June Carolina Pr & Lt bs_ _.1950 7234 7234 75
39,00
4
9934 11,00
99
434 June Caterpl'iar Tractor 5s_1935
4,30
9814 100
734 July Cedar Rapids NI & P be '53
4,000
8934
89
Cent Arizona L & P 5s_1960
J y Central German Power
3835 3934 3,000
235 JU DO
1934
Part Mrs 6s
1,000
104 104
May Cent Illinois Light 53_1943
Central Ill Pub Service7.000
76
.1956 7434 74
& eeries E
72,000
let & ref 435s eer F_1967 68% 68% 71
681 ju
1L j : 5s series G
J ul
unly
1968 734 73% 7434 27,000
1981 6934 6934 7035 16,000
4158 series H
95
95
3,000
6% July Cent Maine Pow be D 1955
62
July Cent Ohio 1.t & Pow 5.s_'50 6931 6934 714 4,4100
73
3,000
69
Cent Power be ser D..1957
58
90,000
June Cent Pow & Lt 1st 58.1956 5434 53
7
19% July Cent Pub Serv 548.- _1949
234 334 4,000
June
2
warrants
115 June
1,000
2%
234
Without warrants
47
62,000
11% June Cent States Elec 5s___1948 464 46
5% July
Deb 548 Sept lb 1954
67,000
With warrants
4734 5735 48
June Cent States P dr L 53.s '63 450% 4434 46% 56,000
4
75
764 52,000
155 June Chic Dist E ec Gen 44810 76
9235 3,00
92
Deb 5358
1% July
1935
5735 58
2,00
6% June Chic Pneu Tool .5158...'42 58
5834 60% 53,000
20
Chic Rye te etre
May
1927 .59%
1% June
9,00
5415 59
% Feb Cincinnati St By 548_1952
Cities Service 58
1966 344 33% 3435 20,000
3% July
Cony deb 5s
1950 34% 34% 3515 336,00
5735 40,00
Cities Service Gas 5356 '42 5631 56
9,00
66
65
35 June Cities Serv Gas Pipe L '43 65
134 June Cities Serv P & L 515e 1952 3534 3534 363.4 80,000
19,000
MO 3634 3535 37
4935 July
534.
105 105% 26,000
14 July Cleve Elea III 1st 56..1939 105
10734 10734
1,000
234 Julie
1954
53 series A
4,000
July
1074 10734
8
Is series B
1961
9% June Commerz und Privet
634 June
1937 4935 4735 49.36 44,000
Bank 51513
14 June Commonwealth Edison
10234 10334 17,000
13% May
1953 103
let 51 bs series A
103 10334 4,000
135 June
let 141 Ss series B
1954
let 435s series C._ _1956 9734 9634 9734 34,000
06% 39,000
1,1. 151 4355 series D.1957 96% 96
96% 9735 3,000
47% July
435e series E
1960
24 June
1st M 48 series F...1981 874 8635 8735 164,00(
4 June
1962 10434 104% 104% 49,00(
5358 series GI
7914 8135 63,000
Com'wealth &Meld 54s'48 81
1 5'1 Juneu ne Community Pr & Lt be 1957 4931 4934 5135 45,00
34 Jun
SIS Juno Connecticut Light & Power
10835 10835 1,000
July
1954
534* series B
10534 10534 5,000
1'4 July
10
4 348 series C
1956
124 July
53 series D
1962 10651 10634 10634 7,000
July Conn River Pow be A 1952 1000% 903-4 10 74 73,000
11
0
102% 10314 17,00
4% July Como!0,E L dr P 4%8 35
105 10515 4,000
134 June Consol Gas(13alt City)5(3 39 105
.
4 Feb
4,00
Gen mice 414s
1954 105.4 10531 10534
July Consol OSi. E1 Lt&P (Bait
47
434s series G
5
1969 10535 1053-4 10 3-4 16,00
62 J u i y
10.4 jurl e
4156 series H
1970 ------ 10514 10515 17,00
let ref a f 46
1981 9934 9931 99% 53,000
49% July Consol Gas UM Co33,000
4
July
1st & toll as ser A __I943 4231 41% 43
14
13
5.000
Deb 8158 with warr 1943 13
%
1535 J
July Consumer')Pow 446_1968 10255 102 10235 53,000
135 June
let & ref be
1936 10174 104% 10535 43,000
66% 102,000
July Conn Oas & El 53_195)4 5134 53
27
35 June Continental 011 b4e_ _1937 100% loo l00% 52,00(
434 June Cosgrove-Meelian 63481945
1,00
735
735
8735 88
12,000
A lr
274 Jupy Crane Co 13e. _ __ Aug 1 1940 88
7535 6,000
75
Crucible Steel deb 58.1940
35
'79
78
7,000
74 July Cuban Telep 715s_ _ _ _1941
9855 9951 45,000
6
June Cudahy Pack deb 6481937
104 105
18,00(
1% June
Sinking fund 511_ _ _ _ 1946 104
1,34 June Cumber 'd Co P&L 448'56 8835 873.4 8835 8,000
Bonds
Alabama Power Co
19.000 75
Ap 1004 Jan
86% 87
1946
1st dr ref bs
Jan
8134 83
7,000 6634 Apr 97
1951
let & ref bs
95
Ap
Jan
824 824 2,000 61
1956
lot & ref 54
89% Jail
15,000 58% AP
76
75
1968 7534
lot & ref on
Apr 81% Jan
33.000 54
724 74
1967 74
let & ref 4356
Apr 99
Jan
98 122.000 80
Aluminum CO of deb be '52 9635 96
h Mar 80 June
Aluminum Ltd deb 68_1948 74
7334 7434 27,000
Amer & Com'wealths Pow
34 Apr
54 July
234 435 12,000
Conv deb 6s
1940
435
14 Julie
8
600
Jan
535s
1953
235 3
Ma
3
eS
Jan
Amer Corn Pow 5340..1953
54 5% 2,000
40
July
Am El Pow Corp deb es '67 32% 32
3334 65.000 61234 Ap
Apr 1)2
Jan
Amer (1 & El deb 5s_ _2028 82% 82% 834 54.000 69
Apr 42
July
Am Gas & Pow deb 68_1939
36% 37% 26.000 13
Apr 3715 July
11
29.000
Secured deb 58 _ _ _ .1953 3034 30% 32
7334 July
Am Pow & Lt deb fls_ _2016 63% 60% 64% 49.000 3234 AD
Am Radial deb 4 48_ 1947
Ap 10034 July
99% 99% 14,000 83
Ap
Am Roll MI11 deb bs. _ 1948 74
July
30 000 33
81
74
71
Apr 105
July
434% notes___Nov 1933 10035 98 102% 1514000 45
Ap
July
8,000 22
51
Amer Seating Cony 6s. 1936
494 50
1.000 9634 Jai 103
Aug
Amer Thread 57-5e._ 1933
102% 102%
Appalachian El Pr bs 1954' 91
4 Jan
9035 9134 66.000 714 Apr 97 1
Bonds (Continued)
-
Aug. 12 1933
High.
Apr
Apr
Apr
Apr
Mar
Mar
Mar
Mar
Mar
Apr
Feb
Mar
Apr
Mar
Feb
105
8555 Feb
90% Jan
4715 Jan
2634
264
28
27
3534
52
4735
2434
5355
53
July 116% Aug
July 82% Aug
Feb
7335 July
Feb
Apr
Mar
May
Apr
May
Feb
Apr
Mar
Feb
10035 Jan
100
Jan
100% Jan
112
June
102
Jan
80
Jan
66
July
4844 Jtil
106% Jan
10735 Jan
98
Apr 102% June
59
Mar 78
July
704 Mar 113% July
67% Apr 80
64
Apr 794
88
Mar 9934
8614 Mar 100
77% Apr 93%
July
July
Aug
Aug
Apr
36% Aug 64%
9834 June 105
Jan
Jan
52
48%
52
48
85
53%
49
42
Ap
80
July
Ap
7435 July
Ap
78
Jan
Ap
73
Jan
May 101
Jan
Ap
76
Jan
Ap
Jan
75
Apr 67
Jan
35 Jan
1% Jai
274 Ap
6 June
4% Mar
56
July
28
Apr 5655
2335 Apr 54
5815 Apr 84%
74
Apr e94
2334 Jan
65%
Mar 66%
47
4114
2415
24%
42
54
25
254
1134
102%
102
May 65
Mar 46
Mar 4535
Feb 67
Jar
7835
Apr 4334
Ap
4315
Ma el 0735
Ap 10834
Ap 110
464 Jun
July
July
Jan
Jan
July
July
June
May
May
July
June
June
June
May
Jan
Jan
131354
Jan
6913-5
92
z8335
8315
82
7434
95
57
3634
Ap
Apr
Ap
Ap
Apr
Ap
Ai)
Ap
Ap
10615
10535
102%
1014
101
9335
10654
8735
59
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
102%
97%
97h
89
994
10215
9734
Mar
May
May
May
Mar
May
Apr
110%
105%
1074
10014
104 4
10835
10734
Jan
Feb
Feb
Aug
Feb
Jan
Jan
Jail
98
Apr 106
954 May 1074 JaIl
Aug
89
Slay 100
21
4
9014
100
37
92
714
65
25
554
87
9934
72%
Jan
Apr
Apr
Ma
Apr
Ma
Jun
Apr
Ap
Ap
ate
Ma
AD
4835
16
1044
106
654
10035
11
02
8134
81
100%
105
0131
July
July
Jan
Jan
June
July
July
June
July
July
July
June
Feb
15,00 100
3,00(
9834
13,000 99
13,00
60
2,000 9635
8.00
60
1(1,000 76
23,000 68
Apr
May
Apr
Apr
Apr
May
Mar
May
10615
1034
10614
8515
102 34
83
98%
91
Jan
Feb
Jan
June
Jan
July
Jan
Jan
5,002.00
7,000
1,000
3
Mar
34 Jai
70
00
Apr
May
934 June
3 June
0434 July
9834 Jan
1,000
934
Feb
1023.4
102%
49
6335
50
20,000
49,000
81,000
24,000
90,000
094
9515
21
37
An
All
Ap
Ap
Ap
7334 all
9335 9315
7,000
2,000
63
88
Jun
7634
May 104
7434 74%
2.000
60
Ma
18% 18%
1023-6
10134
4735
58%
4535
July
Jun
Jan
Jan
Jan
Jan
July
Jan
Jan
June
28%
23
Jan
10334 Jan
10335 Jan
59
July
67
July
5835 July
78
Feb
Jan
Aug
Financial Chronicle
Volume 137
Bonds (Continued)European Mtge Inv 78C'137
Fairbanks Morse deb 58.42
Farmers Nat Mtge 7s1963
Federal Water Serv 6346'54
Finland Residential Mtge
Banks as
1961
Firestone Cot Mills 5s.'48
Firestone Tire & Rub 55'42
First Bohemian Glass 7s'57
Fisk Rubber 54s
1931
Fla Power Corp 54s.1979
Florida Power & Lt 581954
Gary El & Gas 5s ser A 1934
Gatineau Power 1st 58 1958
Deb gold Os June 15 1941
Deb 65 series B._ _1941
General Bronze 6s_ _ _ _1040
Gen Motors Accept Corp1934
5% serial notes
5% serial notes_ _1936
Gen Pub Serv 5s
1953
Gen Pub ULU 6%5 A 1956
2-yr cony 03-4s
1933
Gen Refractories 6s_ __1938
Gen Vending Corp 6s_1937
Gen W at 13 ks & El 581943
Georgia power ref bs_ _ 1967
Georgia Pow & Lt 55_ _ 1978
Gesture! deb 65
1953
Without warrants
Gillette Safety Razor be '40
Glen Alden Coal 45-1965
Glidden Co 53de
1935
Gobel (Adolf) 6%6_1935
With warrants
Grand Trunk Ry 6%s 1936
Grand Trunk West 48_1950
Great Nor l'ow 55_ _ _1935
Great Western l'ower 58' 46
Guardian Investors 55 1945
Gulf 011 of t'a be
1937
55
1947
Gulf Shiro 1%11 55_ -1958
43 series B
-Is
1961
Hackensack W ater 55_1938
5s series A
1977
hail Printing 5%s__1947
Hamburg Electric 75.1935
hamburg El & Und 5348'38
I lanna (161 A) Gs
1934
Ilood Rubber 75
1936
5345
1936
Houston Gulf Gas6345 with warr____1943
let 65
1943
How I. & P lst 4195 E 1981
let & ref 4345 ser D_ 1978
58 series A
1953
Iludson Bay I% & 3158,193.8
II ungarlati-Ital 13k 6348'63
Ilydrau Pow (Nlag Falls)
Ref & impt 5s
1951
flygrade Food Products438 series A
1949
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
3734
7134
3234
6834
92
65
64%
56
76%
633%
72
.3431
107
10%
5334
7634
61
High.
36%
70
45
32
14,000
38
7134 16,000
4534
2,000
33
53,000
23
46
24
18
Apr
A pr
Mar
Apr
3834
7234
4534
43
July
July
Aug
July
63%
8834
913i
62
554
65
6431
6934
89
92
62
554
67%
67%
38
68
71
60
37
44
48
Jan
Mar
Apr
Jan
Mar
Apr
Mar
70
8914
92%
65%
63.31
74
70%
Aug
July
July
Jan
July
July
July
56
76
66%
67
7134
59
77
6731
67
72
Mar 72
8314
Apr
Mar 7234
Mar 73
Aprz7334
Jan
July
July
July
July
19,000
24.000
25,000
2,000
1,000
16.000
126,000
23,000 35%
77,000 5931
21,000 39
6.000 39
22,000 84334
1,000 Ion% Mar 103% July
103% 103%
Mar 104% July
103% 103% 9,000 100
June
75
July
68
69
2,000 60
33 June
Mar
3331 34% 22,000 12
June
46% 7,000
46
173.4 Mar 48
July 108% Aug
104% 107% 78,000 103
May 1034 Aug
534 10% 14.000
2
53
5434 39,000 3814 Mar 60
May
Apr 904 Jan
76% 78 157,000 60
Apr7031 July
81
61
4,000 40
31%
89
45
75
69% Jan
Jun
Feb
Apr 102
Apr71% July
Apr 93% June
113,000
7,000
8,000
31,000
6,000
6,000
50,000
43.000
24,000
8,000
55
94
50
89
93
26%
92
92
50
53
Apr
Apr
Apr
Apr
Slay
Apr
Apr
Mar
Apr
Apr
103% 10334 103% 2,000
101% 101% 102% 22,000
6834 17,000
6634 66
77
7834 10.00
1,000
4834 48% 4834
101
101 101% 15,000
1,000
70
70
6134 61% 15,00
96
90%
49
62%
43
92
44
31%
Mar 10334 Aug
Apr 103% Aug
Mar 72% July
Apr 8631 Jan
Apr 7214 Jan
Jan 101% July
July
Feb 78
July
Mar 68
11,00
15.00
32,000
6,000
11,000
13,000
1,000
21%
31%
7934
78%
88
77
35%
Mar .52
Max 61
Apr 96%
Apr 933)4
May 104
Mar 120
Feb55
98
May 106
Jan
65
June
46
95
61%
92
84
84
100% 100%
68
100% 100%
103%
46
45
101% 10114
10134 101
79
77
42
5631
9334
93
102
101
112
109
5434 .543.4
57
9334
60
86%
101
69%
100%
104 '
46
10234
102
8131
7832
44
58
94
9334
102
112
.5434
July
July
Jan
Jan
Jan
July
July
60
60
5,000
100%
7534
97
6834
6434
63%
5234
1003-4
100%
7931
9734
72%
68%
6534
5431
10031
2,000
58,000
4,000
51,000
28,000
85,000
22,000
4,000
8534
33
85
52
50
4534
38
84%
May 102%
Apr8531
May 1003-4
Apr 7734
Apr74
Apr71
Apr 603.4
Mar 101
77
1,000
1,000
77
13,000
68
1,000
6334
57
62
48%
49
Apr 91
Feb
Apr 91
Jan
Apr z7834 Jan
,
May 76
Jan
80
94
1214
14
65
7334
Apr 99
Jan
May 105
Jan
Apr 4034 July
Apr 44
July
Apr 8334 Jan
Apr 9/531 Jan
77
77
6234
6334
9534
10034
30
3034
74
92%
96%
101%
3134
34
74%
9334
2,000
17,000
28.000
16,000
a334
3
434
3
7,000
10,000
80
88
8034
88
57
63
53
4334
82
88
8134
8834
58
6534
56%
47
12,000
1.000
12,000
7,00
12,000
5.000
147.000
19,000
66
58
6831 14,000
623-4 22,000
11,000
77,000
41
Apr
1)4 Jan
13, Jan
74
74
70
74%
40
21
3834
2034
Feb
Jan
Jan
July
July
June
July
July
4634 Apr
Apr
45
783.4
72
Jan
Jan
Mar 7634
Apr 8436
314%
May
May 9234
Apr83%
Slay 92
July
Jan
Jan
Jan
July
Feb
1,000
75%
8031 25,000
6,000
79
9134 18,000
5,000
80
2,000
85
63
83
6334
74
8031
75
116
67
2,900
3734
16,000 3034
50
10134 4, 0 98
00
19,000 86
101
62,000 8031
92
4,000 101
103
7,000 69
793-4
7634 4,000 65
Apt
83
71
75
753-4
8231
85
9334
91
75%
7534
84
8634
95
923-'s
Mar
55
52
Apr
Apr
70
72
Mar
77
Apr
6631 Mar
10331 7,000
10031 18,000
8634 17.000
47
5834
66
25
5631
4636
80
67
Apt 53%
May 10234
Apr101%
Mar 9634
Apr 104
Apr 8534
May 80
9034 3,000
10,000
87
20,000
77
1,000
96
82% 48,000
5,000
30
7,000
72%
18,000
69
2,000
91
10 June
614 June
91
96
90
8931
61%
6734
64
5314
7531
79
79
90
80
8434
19,000
31,000
13,000
12,000
2,000
14.000
Jan
July
Feb
July
July
Jan
Jan
July
July
July
Slay
Mar
Mar
Apr
Apr
Apr
89
85
8234
86
9334
____- _
July
July
June
Jan
Jan
June
July
Aug
Jan
Aug
3,000
49
10191 101%
101
100
91%
92
10274 102%
703-4
74
75
9334
102
69%
101
106%
50
102%
102
82
783-4
105
105
74
1935
Laclede Gas 51441
96
Larutan Gas 6.4s_ _ _1935
Lehigh Pow SeeUr 8a-2026 82% 82
Leonard Tietz 7145_1946 29% 20%
70
Lexington Utilities 55_1952 70
Libby MO:& Libby 55 '42 67
67
long Island Ltg Os_ ...1945 91
90
Loa Angeles Gas & Elec-'
54s series F
1943 103% 102
1st & gen Os
100
1961
Louisiana Pow A I4 50 1957 8634 86
Low.
48
22,000
95% 18,000
6431 80,000
93
8,000
48
9534
63%
Idaho Power 55
1947
Illinois Central RR 4345'34 79
III Northern Util 5.4. _ _1957
III Pow & I. let 68 eer A '53 70
let & ref 5345 tier B_1954 6434
1st & ref be ser C.._ 1956 64
S f deb 53443_ _ Slay 1957 5431
Independent 011&Gas 6539
Indiana Electric Corp08 series A
1947
6545 series B
1953
Is series C
1951 64
Indiana Ilydro-Elec 55 '58 63%
Indiana& 511511 Elea1st & ref 55
1955 95%
56
1957 101
Indiana Service 55.-1963 31
1st & ref 55
1950 30%
Indianapolis (1a.s Os A.1952 74
Ind'Polls I' & L bs ner A '57 93
IntercontInents Pow 651998
With warrants
Without warrants
3
Internatton al Power SecSecured 83-4s ger C_ _1955
78 seem E
1957
is series I
,
1952
International Salt 56_1951
8834
International Sec 58._1947 5734
Interstate hr & Steel 5345'46 63
Interstate l'ower be. _ _ 1957 5334
Debenture 135
1952 45
Interstate Public Servicebe series 1)
1956 66
1958 58
4346 series F
Invest Co of Am 58...1947
Without warrants
lowa-Neb L & P 55-1957 8011
1981
79
55 series It
Iowa Pow & Lt 4148._1958 9134
1957
Iowa Pub Serv 55.
Iowa Ity & Lt 534s A_ 1945
Italian Superpower of Del
Debs 65 without war '83 62
Jacksonville Gas 55___1992
Jamaica Water Sup 534655
jersey C P & L 5513...1947
1961
43. series C
28
Jones& Laughlin Steel 55'39
Kansas Gas & Elea 85_2022
1947
Kansas l'ower Is
Mamas Power de Light1955
(is series A
1957
Se series It
Kentucky Utilities Co1061
let M 55
1989
65 eeriest
[Coppers (/ 6r C deb 881947
Sint fund deb 5%5_1950
Kresge(S Si Co 5s_ _ _ _1945
Certificates ot deposit-
Range Since Jan. 1.
Apr
May
Aug
July
July
Jan
Jan
June
Jan
Feb
0531 June
SO June
7734
80
84
8734
96
93
Juno
July
Aug
July
Jan
July
Mar 8034
Jan 06
Apr 8834
June 68%
Apr 74
Mar 77
Apr 100
July
Aug
Jan
Jan
July
June
Jan
97% Apr 1037.4 Aug
9134 May 103% Jan
734 NI 41, 94% Jan
Bonds (Continued)-
1223
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Trice Low. High.
3
Louisville Gas & Elec1937 101
6s series A
1961 98
4 Sis series C
Manitoba Power 5 345 1951 40
Mansfield Mining & Smelt
7s with warrants_ _1941
5034
Mass Gus Co
Sink fund deb 5s_ _1955 85%
534s
1946
McCord Rad & Mfg
6s with warrants_ _1943
Memphis Power & I,t 55 '48 9834
Metropolitan Edison
4s series E
1971
58 series F
1962 8915
Middle Sts Petrol 045 '45
Middle West Utilities
58 etfs of deposi t_ _ _1932 13%
55 ctfs of deposit_ 1933 14
Os ctfs of deposit-1934 13%
Os ctfs of deposit_ _ _1935 14%
Milwaukee Gas 1.1 4345 '67 102
Minneap Gas Lt 4349_1950
Minn Gen Elec 5,___i934
Minn P & L 4345
1978 76
55
1955 79
10134 4,000
101
97% 98
7,000
41% 58,000
39
50
5034 11,000
Range Since Jan. 1.
High.
Low.
Mar 10234 Jan
99
Feb
8934 May 102
20
Apr 53
July
47
Apr
7,000
84% 8534
10,000
89
88
7134 Apr
Apr
75
9,000
10,000
831 Apr
81
Slay
5,000
77% 78
89% 15,000
88
2,000
48
48
Apr
68
79
Apr
27% Mar
43
a42
9834 100
13% 1334
14%
14
13% 14%
13% 14%
102 102%
5231 83%
102% 102%
7431 78
79
79
3%
13,000
3%
14,000
18,000
334
434
16,000
10,000 91
16,000 7214
5,000 100
21,000 57
2,000 66
55
9411
99
47
103
July
Jan
Jan
July
Jan
86
Jan
9714 Feb
July
60
Mar 18
Mar
18
18
Mar
18
Mar
Apr 102%
Apr 90
Mar 103%
Apr 81
Apr 87
July
July
July
July
Aug
Jan
Feb
Jan
Jan
5115815519Di Pow 5s_ _1955
65
64
Miss Pow & Lt 5s_ _ _ _1957 71% 71
72
Miss River Pow 1st 58_1951 10434 10391 101%
Missouri Pow A I,t 5%8 '55 93
94
93
Missouri Public Serv 58 '47 55
54
55
Monon West Penn Pub Ser
1st lien & ref 548 B 1953 76
7231 76
Mont-Dak Pow 5 4s__ '34
4831
48
Montreal L H & P Con
1st & ref 5s ser A ---1951 100
99% 100
1970 99% 98
9934
56 series B
Munson S S Linea He_1937
With warrants
2234
2234 20
22,000
11.000
10.000
3,000
3,000
44
Apr 73% Jan
A pr 83
Jan
50
May 1053.4 Jan
98
Apr 93
79
July
Jau
3734 Apr 65
15,000
3,000
48
27
Apr
Apr
74,000
16,000
84
82
Feb 100% July
Feb 100% July
Narragansett Elec 55 A '57 10231 102% 103
be series B
1957 102% 102% 103
Nassau & Suffolk 1.tg Os'45
99% 100
Nat Pow & Lt Os A _2020 77% 7734 7834
Deb be series IS.._2030 86% 6594 66%
Nat Public Service 58 1978
Certificates of deposit._
1634 15% 17%
National Teals
1935 9734 9734 9834
Nebraska Power 43.45_1981
101 101
Os series A
92
92
2022 92
Neisner Bros Realty 68 '48 46
46%
46
Nevada-Calif Elec 55_1958 6634 6534 66%
New Amsterdam Gas 55'48 98
99%
98
NE Gas & El Assn 55_1947 53
5331
51
Cony deb 58
1948 533.4 524 534
Cony deb 55
1950 5214 52% 5334
New Eng Pow Assn 55_1948 63
6534
83
Debenture 5%5_ _ _ _1954 65% 6431 673-4
New On Pub Serv 4345 '35 54
55
53
65 series A
1949 383-4 384 384
NY & Foreign Investing62
53
-Is with warr
62
1948
NY Penns & Ohio 4348'35
98%
98
N Y P&L Corp let 434e '87 9434 9431 95
NY State CI & E 4345_1980
78
77
1982 8834 8834 88%
5345
N Y & Westch'r Ltg 4s 2004
94%
94
Debenture 55
1954 10334 103 10334
35,000
5,000
6,000
17,000
32,000
9434 May 103%
Aprel03
96
9834 Jan 101
Mar 85
50
Mar 74
41
68,000
11,000
3,000
2,000
5,000
47,000
7,000
49.000
13,000
68,000
57,000
82,000
12,000
2,000
11%
8334
88
80
17
4731
89
37
38%
3734
35%
40
40
254
Apr 2364 Jan
Jan 98% July
May 11.1291 July
Apr 9834 Jan
Apr 50
July
Apr 76% July
Apr 10234 Jan
Apr 5934 June
Jan
Apr 60
Apr 5934 Jan
Mar 68% June
Mar 7234 June
Jan
Apr 65
Apr 494 Jan
5,000
24,000
78,000
25,000
3.000
10,000
10,000
60
58
82
88%
80
82
9834
May 7814 Mar
Apr 9831 Aug
Apr 99
Jan
Apr 9114 Jan
Apr 105
Jan
Apr 97% Jan
June 105
Feb
42,000
8
Feb
76
50
31
Niagara Falls Pow 65_1950 10734 107 108
9,000 10134 Mar 1083.4
58 series A
104% 104% 16,000 9634 Slay 108
1959
Nippon Elec Pow 63481953 66% 6634 6634
7,000 3534 Feb
6734
No American Lt & Pow
86% Apr 100
5,00
58
100 100
1934 100
Apr 94
8,000 74
94
94
5% serial notes
1935
Slay 91
1,000 68
5% serial votes .1938
91
91
4331 34,000 2134 Apr 4734
5145 series A
42
1950 42
Nor Cont HUI 53441_ -1948
34.34 3434 3,000 22
May 43
Nor Ind G & E 6s_ _ _1952 9234 9235 93
4,000 784 May 10274
Northern Indiana P ,
-E35s series C
77% 20,000 594 Apr 90%
1966 7734 75
Apr 91
58 series D
7411 7731 28,000 59
1969 76
Apr 854
10,000 54
534s series E
70% 72
1970
Apr 103%
9,000 80
Nor Ohio Pow & Lt 5 355'51 98% 98% 99
No States Pr 534% notee'40 92
91
13,000 70
92
Mar 96
Apr 9734
Refunding
_1961 9234 91% 9234 48,000 75
2,000 83)4 June 9931
North'n Texas Ut1175 1935
9831
98
4145..N'western Elect 6s___1935 884 8
8834 13,000 77% June 93
7
Feb
N'west Power Os etts 1980
4,000 11
15
15
1634
N'weetern Pub Serv be 1957
Apr 7534
70
72% 8,000 55
Ogden Gas Os
9714 9,000 85
96
1945 97
Ohio Edison lat be_-_ 1960 92
9131 9234 58,000 73
Ohlo Power 1st 58 B_ _ 1952
102 103
31,000 9034
1st & ref 41-45 aer D 1958 9734 9734 99
28,000 81
Ohio Public Service Co
1st & ref laser D.._1954 82
15,000 64
82
81
5%5 series E
15,000 70
87
84
1961 87
Okla Gas Sr Elea 55_ _ 1950 8834 87
8831 88,000 7014
65 deb series A
743-4 74% -1,000 63
1940
Okla Pow & Water 58_1048
2,000 35
55
55
Pacific Gas & El Go
1st (ls series 13
23,000 101
1941 10334 los% 109
1st & ref 58 eer C
1952 105
10434 10531 39,000 983.4
bs aeries D
1955 102% 102% 103% 7,000 9431
1st & ref 434s E--- _1957 98% 973-4 98% 62,000 86%
1st & ref 434a F._ _ .19110 97% 97% 9831 96,000 86
Pac Lighting & Pow 5s '42
2,000 103
106% 107
Pac Pow & Light 56_ _ _ 1955 623-4 613-4 54% 93,000 48
Pacific Western 011 6145'43
33 ith warrants.
76
23,000 5731
77
Palmer Corp of La 65.1938 94% 9434 943.4 6,00(
79)4
Penn Cent 1. & P4%5 1977 7434 74
747-4 29.000 60
Penn Electric 4s 1
, _1971
69% 70
7,000 01'4
Penn Ohio Ed
6s ser A withou ware '50 76
7414 76
8,000 53
Deb 534s series B _-1959 6535 65
6634 22,000 45
Penn-Ohlo P & L 53-4e 1954
Penn Power 58
1956
Penn Pub Serv Os C J997
Penn Telephone 5s C_1960
Penn X% at & Pow 55. _je4um
44s series 13
1968
Peoples GEM Lt dC Coke
92 series B
1981
68 merles C
1957
Peoples Lt & Pier 55_1979
Pbila Electric Co be_ _ 1965
Phi% Dee Pow 534a .1972
Phila Suburban Counties
Gas & F:lec
_1957
Phila Suburban Wat 55 '55
4348.-Piedmont Hydro El Co
let & ref 6)48 Cl A-1960
Piedmont & Nor 5s_ _ _1954
Pittsburgh Coal Os_ _ _ 1949
Pittsburgh Steel 65_1948
Pomerania Elec Ats
.1953
Portland Gas & Coke 65 '40
99
98% 9934
102 102%
92
92
94
95
95
95
10634 105% 10614
10034 100 1003-4
8334
10034 100
a4
10931 103%
106% 10611
22,000
12,000
7,000
1,000
25,000
29.000
81
9634
7034
75
9434
81
36%
9434
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
July
Aug
Jan
July
July
Feb
Feb
Feb
Jan
Jan
July
Jan
July
Jan
July
July
Apr 101% Feb
Apr 98
Jan
May 1043.4 Jan
Apr 9934 Jan
Mar
Apr
Apr
Mar
Mar
89% Jan
90
Jan
9164 Jan
8334 July
63
July
Mar 11234 Jan
Apr 1083.4 Jan
Slay 10534 Jan
Apr101% Jan
Mar 10164 Jan
May 10831 Feb
Apr 73
July
Apr 81
July
Apr 94% Aug
Apr 8036 Feb
Apr7414 Jan
Apr
Apr
Jan
82
754 Jan
May 10334 Feb
Mar 104
Feb
Apr100
Jan
Mar 9714 Feb
Apr108
Jan
May 101
Jan
Apr9331 Jan
84% 17,000 1343
10134 42,000 873.4 Apr106 34 Jan
9.000
5
831 APr
834 May
10934 4,00 102% Mar 110% Jan
41.000 10131 Mar 108
107
Feb
104% 103% 10434 15,000
102% 10331
2,000
71%
77
85
96
81
90
0934
9434
Jan
June
7231 25,000
7834 30,000
95
21,000
81
1,000
3734 7,000
96% 7,000
95% May 104%
95% Star 10431
65
60)4
82
6334
28
82
Jan
Jan
Jan 7634 Jan
Apr83% July
Apr 95% July
Feb 82
July
.
May 59 1 4 Jan
May 100
Jan
Financial Chronicle
1224
Bonds (Continued)
-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
Po- tomac Edison be E.1956 9034
1961 8334
435s series F
Potomac Elec Pow 58 1936 104
Power Corp(Can)4558 1359
Power Corp of NY
1942 94
6348 series A
1947 63
5358
Power Securities Corp 6s'49
American series
Procter & Gamble 435s 47 10555
Prussian Rice deb 6s__1954
Pub Serv (Nil) 434s 13 1957
Pub Eery of N J pet Ms
Pub aim of Nor Illinole1956 8335
let & ref bs
1966 8155
Ss series C
1978
434s series D
1st & ref 4555 ser E_1980
1st dr ref 455s ser F.1981
1937 100%
615s series G
1952 9534
6%sseries LI
Pub Serv of Oklahoma1961
& Berke C
1957 75%
bs series D
Pub Serv Sub 515e A_1949
Puget Sound P & L 530'49 63
1950 59
1st & ref 58 ser C
1st & ref 455s ser D_ 1950 5551
1968
Quebec Power 5s
Queens Borough G & E1952
5345 series A
1958
Ref 415s
Republic Gas
1945
68
6s Otis of deposit 1945
Rochester Cent Pow be '53
Rochester Ry & Lt 55_1954
Ruhr Gas Corp 6155-1953
Ruhr Housing 6558-12a8
1943
Ryerson & Sons 5s
Safe Harbor Wet Pr 45513'79
St Louts Gas & Coke 6847
San Antonio Pub Serv bs'58
San Joaquin L dr P1957
58 series D
1955
Sands Falls 5s A
Saxon Pub Works 89-.1937
Schulte Real Estate 65 1935
Without warrants
Scripps (li 1.1i deb 555s '43
Seattle Lighting 5s___1949
Shawinigan W & P4348'67
1068
434s series B
1970
lat 5s setlea C
1970
1st 4155 series D
Sheffield Steel 555s_ _1948
Sheridan Wyo Coal 68_1947
South Carolina Pwr 58 1957
Southeast P & L 58 _2025
Without warrants
Sou Calif Edison 58___1951
1952
Refunding Is
Refunding 5e June 1 1954
1939
Gen dt ref be
Sou Calif Gas Co 4558_1961
1952
5%s series 11
1957
1st & ref Is
Sou Calif GatsCorp 6s_1937
Southern Gas Co 6345_1935
Sou Indiana G dr El 5558'57
Sou Indiana Ity 4s_ __ _1951
Southern Natural Gas 6544
Unstamped
89%
83%
104
58
94
6335
62
10555
55
93%
11131
62
105%
60%
94
112
83% 83%
8135 83%
78
77
77
78
7555 77%
100% 10054
95% 9654
7755
76
64
64
60%
56.%
9055 91
81
94
22%
2215
2251
22
36
105%
42
35
95
8115
94
4,000
5,000
40
14
14,000
7,000
5,000
6,000
22,000
36,000
26,000
66
61
60
61
60%
80%
75%
42
7235
72%
80
72
70% 7034 71%
103% 10351 10355
10355 10355
103 103%
105% 106
106
8955 90%
101 101
101
94
94
89%, 90
99% 9934 9931
104% 103% 104%
57% 62
60
Apr 100% Jan
Jan
Apr 98
Apr 90% Jan
Apr 9155 Jan
Jan
Apr 93
Apr 107% Jan
Apr 100
Feb
11,000
3,000
20,00
64,000
19,000
46,000
5255 Apr
54
Apr
4.4,
Apr
Apr
47
4551 Apr
Mar
40
14,000
71
4,000
1,000
2255 9,00
22% 37,00
14,00
37
6,00
106
44% 27,00
1,00
35
9555 6,00
14
70
4435
73
72%
81
7215
88
45
7155
99% Feb
64
July
July
Apr 67
5,000 44
19,000 9855 May 105% Aug
Jan
10,000 4315 Apr 70
Apr 95% Feb
11,000 85
Jan
26,000 103% Apr 119
91% 92% 6,000
104 104% 7,000
36,000
38
40
14
68%
40
7055
71%
80
7055
8735
45
7155
Apr 91
Aug
May 86% July
Apr 106% Feb
July
Apr 64
8031 May
Apr
52
2,000
9,000
30,000
32,000
31,000
20,000
44,000
4,000
1,000
1,000
78
Aug
July
81
80% Jan
6734 Jan
Jan
66
Jan
63
96
July
May
87
72
8855 May 100
Jan
Jan
14
13
25
100
3315
23%
8055
100% 10151 20,000 90
7
10
955 1055 9,000
8411 83% 84% 18,000 :65
92%
High.
Low,
91
22,000 74
84% 11,000 65
10,000 102
104
3,000 28
60
94
63
76
75%
62
6255
58%
5531
Range Since Jan. 1.
Apr
Apr 2454 June
Apr 24% June
Mar 48
Jan
Mar 108% Feb
Jan
June 67
May 6031 Jan
July
Ma
96
Jan
Apr 102
Apr
1614 Jan
Slay 8455 July
7751 Slay
97% Ala
Jun
38
7
55%
30
49
50
57
48%
65
23
48
53,000 4754
18,000 94
5,000 94%
21,000 94
6,000 101
21,000 79
2,000 94
1,000 80
17,000 72
5,000 9135
8,000 98
64,000 34
Ay
Apr
Apr
Apr
Ay
Mar
Mar
Apr
Feb
AP
Ma
May
Apr
May
Feb
Apr
Slay
May
May
Jan
Apr
Apr
98
105
6755
Jan
Jan
Jan
1755
72%
54
8055
8055
87
81
88
48
7355
July
Feb
July
July
July
July
July
Aug
July
July
8255 Jan
10515 Jan
1001 Jan
105% Jan
Jan
108
Jan
95
Jan
103
99% Jan
July
91
100
Aug
10551 Jan
July
64
39
Apr
75
July
35
Mar
59
July
1,001
13,000
1,00
13,000
43,000
1,000
2.000
17,000
43.000
35,000
40,000
4%
60
52
5015
26
32
6955
35
35
2835
281
5
June
Apr
Apr
May
Mar
Apr
Mar
Mar
Apr
Apr
Apr
7
8255
82
7851
43
68%
9155
77
77
62
6034
July
Jan
Jan
Aug
May
July
Aug
July
July
June
July
1,000
45,000
1,00
63
26%
10
Apr
Apr
Apr
31,00
8,000
10,000
0,00
21,00
20,00
24,00
24,00
63,00
30%
29
9911
99
95%
59
60
9635
87
July
July
Ayr
Fe
June
Slay
Apr
AP
Ma
65
59%
103
102
190
54
8334
10555
100%
Jan
Jan
July
Aug
Feb
.,an
Jun
July
July
7,000 63 Slay
7315 74
Tennessee Elec Pow 581956
Apr
Teanessee Pub Serv 5s 1970 8255 8255 8355 10,000 70
Jan
OW
74% 3,00
74
Tern! Hydro Erec 6558 1953
46
Feb
Texas Cities Gas 5s_ _ _1948 56% 56% 5651 31,00
Apr
66
83% 84% 32,00
Texas Rice Service 58_1960 84
11% Fe
10,00
2755 29
Texas Gas Util 68___ _1945
Apr
26,000 70
85
87
Texas Power & Lt 58..1956 85
Apr
90
16,00
1937 100% 100% 101
58
4415 Apr
10,00
63% 65
Tide Water Power 58_1979 65
80% Apr
1962 94% 94% 95% 72,00
Toledo Edison bs
Apr
20
Twin City Ran Tr 6555 *62 31% 3134 32% 67,00
Jan
85,000 16
1944 3855 38% 40
Ulen Co deb fla
Union Amer Invest 5.s.._'48
z72% Slur
5,000
793.1
79
with warrants
Union Elea Lt dr Power
87% Apr
98% 9931 17,00
1957 99
43.45
Apr
1954 10335 10355 103% 8,000 97
Is series A
10451 104% 23,000 92% Apr
1967
58 series 13
Apr
96
Un Gulf Corp fat_JUly 16 102% 10155 10255 90,000
0
Ma
3,000 85
101% 102
United E'er)(N J)4
8-1949
July
8,000 67
United Elee Serv7e 1956 7634 75% 77
May
23,000 35
52
56
United Industrial 63481941 52
23,000 35% May
56
52
1945 52
1s1 ais
VA Ay
United Lt dr Pow Os..,1976 4855 47% 4951 18,000
7755 77% 7,000 5451 Mar
181 515e_
Aprli 1 1959
5551 54,000 2934 AP
53
1974 55%
deb g 6%s
53% 82,000 31% Apr
Un Lt & Ry 6ha
48
1962 50
Apr
22,000 04
82
fle series A
80%
1952 81
U S Rubber
92
92% 3,000 92 Jun
1936
3
-year 68
25,000 6051 Apr
655% serial notes __1934 08
9735 99
Fe
5,000 2955 Feb
86
• % serial notes_ _1935
87
8,000 27
77
77
634% serial notes..11936
Apr
25
29,000
72
78
634% serial note..;__1937 75
Fe
4,000 27
73
655% sprat! notes__1938 73
72
Feb
70% 7051 2,000 27
634% serial notes_ _ _1939
Feb
74% 18.000 25
70
655% serial notes...1940 72
95%
94
al%
60
90
33
92
104
69
995*
3455
43
Jan
Jan
Feb
July
J au
Aug
Jan
Jan
Jan
Jan
May
July
63
6235 6335 27,000
55
S'west Assoc Telep 5s_1961 5431 54
S'west Dairy l'rod 6348 '38
7
7
With warrants
72
76%
Southwest0& E 5r3 A.1957 76
76
76
1957 76
58 series B
71% 7311
Sou'west Lt & Pow .58_1957 73
Sou'west Nat Gas 68-1945 35% 3155 35%
So'west l'ow & Lt 6s 2022 6455 6435 64%
9135 9115
1942
Staley Mfg Co 68
66
65
Stand Gas & Elec 613-1935 66
68
1935 65.54 65
Cony 68
1951 5455 51% 55
Debenture (is
Debenture 6s_Dec 1 1966 51% 49% 52%
Standard Investing
79
79
5s without warr_ __ _1937 79
4815
Stand Pow dr Lt68.-1957 47% 46
1751 1734
Stand Telep 515s
1943 1734
Stinnes (Hugo) Corp
38
78 without warr Oct 1 '36 3651 36
35
3555
1946 35
78 without warr
Sun Oil deb 555e
1939 101% 101% 103
101% 102
1934
5% notes
Sun Pipe Line 58
1940 9931 99% 100
77
75
Super Power of 111 450.68 77
7655 78
1970
1st 4%s
105 10535
Swift <lc Co let ma f 58_1944 105
1940 100% 100 10051
6% notes
5,000
Aug
79
June
69
3255 Jan
81
July
9954
106
106
103
103
83%
66
68
60
82
65
61
83%
Jan
Feb
Jan
Feb
Jan
Feb
Jan
Jan
June
July
July
July
July
94%
99
90
81
8055
8055
83
80
June
Aug
July
July
July
July
July
July
Bonds (Concluded)
-
Aug. 12 1933
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price. Low. High.
Utah Pow dr Lt 66 A.._ 2022
4558
1944
Valspar Corp 6s
1940
9
Varnina, Water Pw 5%8.'57
Van Camp Packing 68.1948
Vs Eleo & Power bs
1956 100
Va Public Serv 535s A 1946 72
let ref be ser B
1950
1946 61
6s
63
67%
9
85
10%
99%
71
67
61
Waldorf-Astoria Corp
7s with warrants_ _1954
7s Certif cates of dep_'54
Ward Baking Os
1937
Wash Gas Light 5e
1958
Wash Water Power 60_1960
West Penn Elec 5s
2030
West Penn Pwr 42.11._1961
West Penn Traction 5s '60
West Texas Utll 55 A_1967
455
655
9755
87%
98
61
99
7635
54
Western Newspaper Union
1944
Cony deb (38
Western United Gas & Elec
1st 555s ser A
1955
N% lac Elect l'ow 55_ _1954
WLse-Slinn Lt & Pow 58'44
Wise Pow & Lt 55 E_ 1956
58 series F
1958
Wise Public Service 68_1952
YadkInt River Pow 55_ _'41
York Rys Is
1937
Foreign Government
And Municipalities
Agri*, Mtge 13k (Colombia)
1946
78
1947
7s
Baden 7s
1951
Buenos Aires (Prov)1947
755s stamped
7s
1952
1952
7e stamped
Cauca Valley 7s
1948
Cent 13k of German State &
Prey Banks 135 B___1951
68 series A
1952
Danish 5355
1955
511
1953
Danzig Port & Waterways
25
-year 6348
1952
German Cons Muni° 78.'47
Secured 68
1947
Hanover (City) 78.-1939
Hanover(Prov)6158- _ 1949
Indus Mtge lik (Finland)
1st mice coils I 7a._1944
Lima (City) Peru 6%s_'58
Maranhao 75
1958
Medellin Slunic 7s_ 1951
Mendoza 755s
1951
Mtge 13k of Chile 66..1931
NItge 13k Denmark 35_1972
Parana 7s
1958
Rio de Janeiro 8 As__.1959
Russian Govt
6158
1919
6358 certificates.-.1919
1921
515e
1921
5558 certificates
Santa Fe 7s
1945
Santiago 75
1949
75
1961
7
9755
8735
61
99
54
30
65
3,000
67% 5,000
2,1100
11
85
1,000
1035 1,000
10011 22,000
72
9,000
69
4,000
61
1,000
435
7
9755
87%
99
6355
9955
76%
57
31
10,000
11,000
1,000
21,000
20,000
10,000
12,000
5,000
63,000
Range Since Jan.].
Low.
High.
45
53
755
68
10%
89
57
64
43
Apr 6734
May 70
June 13
Jan 88
Aug 2431
May 101
May 77
Apr 71%
Apr 71
4%
235
90%
78
87
44%
93
60
3535
Aug 14914 July
Feb
10
May
Apr 97% Aug
Mar 94% Feb
Apr 102% Jan
May 71
June
May 101
Jan
May 76% Aug
Apr 67
July
9,000 al
Feb
35
July
June
June
July
May
Jan
Jan
Jan
July
June
84
85
12,000
10255
3,00
89
4,000
7955 12,00
78
3,000
93
5,000
9055 14,00
90
7,000
32
32
35
3,00
19,000
305e 32
27
2934 3,00
1755 Apr
16
Mar
26
Aug
41
July
4015 July
57% Jan
1,00
3654 3655
35
35
1,00
35
3554 12,00
34
May
2931 May
2931 May
43% July
41
July
4555 July
84
10255
8835
78
77
78
91
9055 9055
8851 885.1
12% 13
3,00
64
97
70
62%
59
81
75
78
Apr 89% Feb
Star 103
Jail
Apr 91
Feb
May 89
Jan
Slay 89% Jan
Slay 97
Jan
May 9034 Aug
Apr 92
Jan
mar
7
19% Ju:y
53%
3155
4331
3135
7634
67
55% 40,000
33
11,000
77
8,000
3,000
67
3631 May
28
June
58
Mar
57
Jan
66
55
77
69
4134
3555
3955
41% 5,000
40
3455 3754 125,000
3751 42% 200,000
37
May
26% Jun
26
May
54
Jan
62% Jan
6135 Jan
4751
3635
47% 4951 12,000
36% 23,000
36
4635 Aug
28
May
61
Mar
64% Jan
89
89
7
19
16
33
11
7151
59
4
611
1055
17
8
57%
Mar
Feb
Jan
Mar
Mar
Apr
Apr
0231
11
22
23
3951
1555
06%
5
7
Jan
Jan
16% July
22% July
2
1%
2
1%
13
4
45e
Apr
Mar
Mar
Apr
Apr
Mar
Jan
8% July
756 July
July
7% July
26
May
13% June
12% June
20
33
1255
1734
434
5%
431
20%
10%
90% 13,000
7
1,000
20
24,000
1031 6,000
33
2,000
11
1,000
72
6,000
Ily,
1235 9,000
1755 1735 20,000
5
6
4
4%
415 5%
451 5
20% 23
9% 10%
'J
9
6,000
53,000
13,000
24,000
12,000
6,000
1.000
Jan
Jan
July
July
July
July
July
July
July
June
June
• No par value. a Deferred delivery. o o 6 Certificates of deDoelt. 0008 Consolidated. rum Cumulative. cony Convertible. I See note below. m Mortgage. n Sold under the rule. a-v Non-voting stock. r Sold for cash. v t ti Voting
trust certificates.
w I When Issued.
w w With warrants.
s Ex-dividend.
w Without warrants.
z See alphabetical list below for "Deferred delivery" sales affecting the maga
for the year:
American Manufacturing. pref., Feb. 7, 30 at 4351.
Arkansas Natural Gas, corn., class A, March 15. 400 at 35.
Associated Gas & Elec. 5s 1968. registered, Mar. 29. 51,000 at 13
Beneficial Industrial Loan corn, April 19. 200 at 8.
Central States Eiectric 58 1948, April 7, 516,000 at 2734
Cities Service, corn., April 13, 100 at 134.
Commonwealth Edison Is, series A, 1953, April 24. 55,000 at 91.
Commonwealth Edison 4153, series C 1956, April 24, 52,000 at 83.
Gen. Bronze Corp. 6s, 1940' low, Apr. 10, $7,000 at 43: high, July 19. $2,000 at 74.
Indiana Electric bs, series c, 1951. Feb. 1, $7,000 at 80.
International Petroleum, Feb. 2, 200 at 855 •
Jersey Central Pow & Light 555% pref.. May 29, 25 at 53.
Lefcourt Realty Corp., pref. Aprl 4, 100 at 2%
Ludlow Mfg. Associates, July 11, 30 at 82.
Niagara-Hudson Power class B option warrants March 21. 10.
Peoples Light & Power 55. 1979, April 18. 82.00001 15.
San Antonio Public Service 5s, 1958. May 3, 51.000 at 64.
Syracuse Lighting 5358, 1954. Feb. 1, 51.000 at 10955.
Union American Investment 5s w. w. 1948, April 12, 51,000 at 72
United States Rubber 6s, 1933. May 19. $8,000 at 10055•
Valvoline Oil 7s, 1937, July 10, 51,000 at 6054.
Western Newspaper Union 6s, 1944, March 16, 51,000 at 21.
See alphabetical list below for "Under the rule" galas affecting the range tor
the year:
Associated Telephone $1.50 preferred. Feb. 9, 100 at 1954.
American Community Power 534s, 1953, June 16, 51,000 at 10.
Chicago District Electric 5148, 1953, Feb. 2. 57,000 at 9554 •
Cleveland Electric Illuminating 58 1939, June 1, 51.000 at 10754 •
Crown Central Petroleum corn., April 24, 67 at 1.
Ilygrade Food Products 6s, series 11, 1919, July 25, 81,000 at 6211 •
Narragansett Electric 55. series B, 1957, Jan. 17, 51.000 at 104.
New York & Westchester Ltg be 1954. Mar. 27, 55,000 at 10655.
Singer Mfg. Co. Am. dep. rets.. July 6, 12 at 3%.
Tennessee Pupil° Service bs. 1970. Jan. 13. 51,000 at 95ti •
U. S. Rubber Os, 1936, July 31, 82,000 at 90.
Financial Chronicle
Volume 137
1225
Quotations for Unlisted Securities-Friday Aug. 11
Port of New York Authority Bonds.
Bfd
Public Utility Bonds.
Ask
Bid
Ask
Bayonne Bridge 4s series C
J&J 3 SO
82
SS
90
1938-53
Inland Terminal 43.4s ser D
Geo. Washington Bridge
M&S 86.25 5.50
1936-60
48 series 1131936-50_ _ _ J&D 84.90 4.75 Holland Tunnel 4les series E
43.0 ser 13 1939-53__M&N b4 90 4.75
M&S 983 100
4
1933-60
Arthur Kill Bridges 4;0
series A 1933-46
M&S
U S. Insular Bonds.
Philippine Government
4s 1934
4s 1946
436s Oct 1959
4j4s July 1952
55 April 1955
be Feb 1952
556s Aug 1941
Hawaii 43s Oct 1956
Bid
Ask
97 100
88
92
94
90
94
90
94 100
94 100
101 103
99 102
Honolulu ba
US Panama 3s June 1 1961_
2s Aug 1 1936
2s Nov 1 1938
Govt of Puerto Rico
43.4s July 1958
5s July 1948
Bid
95
103
9912
9912
Ask
100
104
10012
10012
101
102
97
98
Federal Land Bank Bonds.
Bid
48 1957 optional 1937_M&N 90
4s 1958 optional 1938_M&N
90
43is 1956 opt 1936____J&J 9012
434's 1957 opt I937____J&J 9012
434e 1958 opt 1938_._M&N 9012
be 1941 optional 1931.M&N 9712
4lis 1033 opt 1932___J&D 1001.2
Ask
91
91
9112
9112
9112
9812
10114
opt 1932__M&N
opt 1933____J&J
opt 1933____J&J
opt 1935.___J&J
opt 1936____J&J
opt 1933____J&J
opt 1934____J&J
Bid
94
94
9212
9212
9212
94
94
Ask
95
95
93
,2
93
,2
931 2
95
95
Bid
436s 1942
436. 1943
43is 1953
43is 1955
434. 1956
434s 1953
434s 1954
Ask
New York State Bonds.
SW
Canal & Highway5s Jan & Niar 193310 1935 03.00
be Jan & Mar 1936 to 1945 03.40
be Jan & Mar 1946 to 1971 83.70
Ask
World War Bonus
___
43(5 April 193300 1939_
___
434s April 1940 to 1949._
___ Institution Building
45 Sept 1933 to 1940
Highway Imp 434e Sept '63 11612 11912
4s Sept 1941 to 1976
Canal Imp 43.(s Jun 1964___ 11612 11912 Highway Improvement
Can & Imp High 43is 1965_ 1111245Mar & Sept 1958 to '67
Barge C T 4 lis Jan 1945... 1051 2 ::: Canal Imp 4e J & J '60 to'67
Barge C T 4s Jan 1942 to '46
03.00
03.50
83.25
b3.40
10812 113
10812 113
10812 113
New York City Bonds.
Bid
Bid Ask
a3s May 1935
8012
8912 9012 a434e June 1974
4133.0 May 1954
S012
77 a4 see Feb 15 1978
75
a3 lie Nov 1954
8012
75
77 a43es Jan 1977
a4s Nov 1955 & 1956
8012
78
SO a434s Nov 15 1978
a4s M & N 1957 to 1959.- 7812 80 a434s March 1981
8012
a48 May 1977
8412
7812 80 a4 lie M & N 1957
045 Oct 1980
8412
7812 80 a4 lie July 1967
c4 S.113 Feb 15 1933 to 1940._ 86.75 5.75 a4 lie Dec 15 1974
8412
wilis March 1960
8412
80
8112 a43is Dec 1 1979
a43is Sept 1960
8012 82
04345 March 1062 & 1964
95,
4
8012 82 Mla Jan 25 1935
a434s April 1966
9514
8012 82 0138 Jan 25 1936
a43es April lb 1972
9514
8012 82 065 Jan 25 1937
a Interchangeable. S Basis. e Registered coupon (serial). dCoupon.
Ask
82
82
82
82
82
86
86
86
86
9612
9612
96 2
,
New York Bank Stocks.
Par
Bank of Manhattan Co_ _20 293
4
!lank of Yorktown
100 19
13ensonhurst Nati
100 25
Chase
20 287
8
Citizens Bank of Bklyn_100
City (National)
20 32Comm. Nat Bank & Tr.100 137
!
Fifth Avenue
100 1075
First National of N Y_..100 1445
Flatbush National
100 35
Fort Greene
100
Grace National hank....100
Kingsboro Nat Bank.. _ _100 18
Par Bid
25
7
313 Lafayette National
4
50 26
Nat 13ronx Bank
25 1912
3; National Exchange
8
6
307 Nat Safety Bank & Tr__ _25
95
25
Penn Exchange
b
34
100
Peoples National
147
3 1;
4
Public Nat Bank & Tr___25 --1123
.25 15
1495 Sterling Nat Bank & T.
41
Textile Bank
100 18
25 Trade hank
Washington Nat Bank_ _100
12
200
Yorkville(Nat Bank 0()_100 30
53
Ask
10
31
1812
9
80
3612
18
44
23
4
40
Trust Companies.
Par
13anca Comm Italians Tr100
13ank of New York & Tr_ 100
Bank of Sicily Trust
20
Bankers
10
Bronx County
20
Brooklyn
100
Bid
Ask
142
370 380
10
12
63 65
1014 13 4
,
117 122
Central Hanover
20 144 148
Chemical Bank & Trust_ _10 393 413
8
8
Clinton Crust
50 40
50
Colonial Trust
100 10
13
Cent Bk & Trust
10 153 167s
s
Corn Exch 13k & Trust..
.20 553 573
4
4
Par
25
20
101)
100
10
100
Bid
Ask
37
39
20
22
245 270
326 331
1912 21
1880 1980
20
Manufacturers
25
New York
Title Guarantee & Trust_20
17,2 19
99,4 10214
23
25
County_
Empire
Fulton
Guaranty
Irving Trust
Kings County
20 50
100 1655
Underwriters Trust
United States
60
1705
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
100
Boston & Albany (New York Central)
Boston & Providence (New Haven)
100
100
Canada Southern (New York Central)
Caro Ciluchfield & Ohio(L & N A CL)
100
Common 5% stamped
Chia Cleve Clock St Louis pref(NY Cent)
100
Cleveland & Pittsburgh (Pennsylvania)
50
50
Betterman stock
Delaware (Pennsylvania)
100
Georgia RR & Banking (L & N, A
Lackawanna ItR of N (t)el Lack & Western)-100
100
Michigan Central (New York Ceatral)
50
Morris & Essex (1)e) Lack & Western)
New York Lackawanna & Western(D L& W)_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N 11 & Hartford)
60
Oswego Ss Syracuse (Del Lack & Western)
Pittsburgh Bess & Lake Erie(U 8 Steel)
Preferred
100
Pittsburgh Fort Wayne & Chicago (Penn)
100
Preferred
Rensselaer & Saratoga (Delaware & Hudson) _I00
100
St Louis Bridge 1st pre((Terminal RR)
and preferred
100
Tunnel RI'. St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penne)
Valley (Delaware Lackawanna & Western)...._ 100
Vicksburg Shreveport Pacific (III Cent)
Preferred
50
Warren RR of N J (l)el Lack & Western)
West Jersey & Sea Shore (Penn)
• No oar value
4 Last reported 1nark..t.
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.
74
175
80
28
115
135
47
72
79
80
65
37
32
137
63
600
63
80
75
91
60
28
55
115
146
106
108
53
108
207
78
65
68
41
53
78
185
90
31
120
s Defaulted.
51
76
84
85
68
41
35
145
66
800
66
85
78
97
65
31
li
150
110
112
-lii
211
85
70
70
47
53
Bid I Ask
Amer S P5534. 1948_M&N 48
.52
Atlanta G L be 1947 __J&D 9512
Central Gas & Elec1st lien soil tr 5 Sis'46J&D 4412 48
let lien coil tr 6s '46_M&S 47
50,
2
Fed P S let 135 1947___J&D el912 2312
Federated Utll 5 lie '57 M&S 36
40
III Wat Ser let 5s 1952_J&J 75
78
Iowa So Util 5345 1950_J&J 5612 59
Louis light 1st be 1953_A&O 101
Bid
Newp N & Ham be '44..J&J 85
N Y Wat Ser 5s 1951_M&N
7112
Oklahoma Gas 6s 1940.. _ _ _
7412
Old Dom Pow 5e_May 16'51 6212
Parr Shoals P 5a 1952_ _AS40 60
Peoples L& P594s 1941 J&J 403
4
Roanoke W W 55 1950_J&J 6412
United Wat Gas & E Ss 1941 8112
Western P S 5 lie 1960.F&A
57
Wheeling Electric 5s 1941.., 101
Ask
89
7414
78
66
65
43
67
66---
Public Utility Stocks.
Par
Arizona Power pref____100
Assoc Gas & El orig pref__•
$6.50 preferred
•
$7 preferred
•
Atlantic City Elec $6 pref..
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 6% 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 & Elec of Bergen...100
Hudson County Gas_
100
Idaho Power 6% pref
•
7% preferred
100
Inland Pow & Lt pref_ _100
Jamaica Water Supply pf.50
Bid
Ask
_ _
30
13
4 4
3
6
3
6
943 9614
4
10012 104
2612 33
4912
61
631- 2
14
1
65
67 4
,
7712 8012
7914 8214
96
98
5412 59
147
_
443 48
4
9514 100
14712 _
74
70
80,2 83
3
bl
49
Par
Kansas City Pub Sep/ pref •
Kansas Gas & El 7% Pf 100
Kings Co Ltg 7cq pref___100
Metro Edison $7 pref B
•
•
6% preferred ser C
Mississippi P & L $6 pref..
•
Miss River Power pref....100
Nlo Public Serv pref...100
Nassau Jr Suffolk Ltg p1100
Newark Consol Gas._ _ _ 110
New Jersey Pow & Lt $6 of •
N Y & Queens E L & P pf100
Pacific Northwest P S...
6% preferred
100
Prior preferred
100
Philadelphia Co $5 pre!.
.50
Somerset Un Md Lt_
I00
South Jersey Gas & Elec _100
Tenn Elec Pow 6% pref.100
United G & E(NJ) pref 100
Wash Ry & Elec corn...100
b% preferred
100
Western Power 7% pref_100
Bid , Ask
5
81 13
4
7712 7912
92
95
71
_
62
65
-3212 36
90
94
7 4 11
,
62
65
96
9912
66
6912
100
14
113
4
10
5012 5512
78
72
147 155
43
453
4
46
49
285
851t
77
Investment Trusts.
Par
Administered Fund.......1
Amer Bankstocks Corp___•
Amer Brit & Cent $6 pref _•
Amer Business Shares
Amer Composite Tr Shares_
Amer & Continental Corp
Am Founders Corp 6% p159
7% preferred
50
Amer & General See el A__•
Class B com
•
$3 preferred
•
Amer Ineuranetocks Corp.•
Assoc Standard 011 Shares_
Bancamerica-Blair Corp.
Bancshares. Ltd
Participating shares __50c
Bankers Nat Invest'g Corp •
Banceicilla Corp
Basic Industry Shares
•
Britleta Type Invest A
1
Bullock
Central Nat Corp class A..
Claw B
Century Trust Shares
Chain & Gen Equities
•
Chartered Investors corn..•
Preferred
•
Chelsea Exchange Corp A..
Class B
Corporate Trust Shares....
Series AA
Accumulative series
Series AA mod
Series ACC mod
Crum & Foster Ins Shares
Common B..
10
100
7% preferred
Crum & Foster Ins com___•
8% preferred
Cumulative Trust Shares...
Deposited Bank She ser A_
Deposited Insur She A
Diversified Tristee Si,e 13_
Dividend Shares
Equity Trust Shame A
Fidelity Fund Inc
First()ommonstock Corp..
•
Five-year Fixed Tr Shares..
Fixed Trust Shares A
•
13
•
Fundamental Tr Shama A. _
Sharers 13
•
Fundamental Investors Inc
General investors Trust •
Guardian Invest pref w war
Gude-Winmill ('lad Corp..
•
Hum, Holding Corp
Incorporated Investors..._•
Independence Tr Shares __•
Indus & Power Security...•
V t c units
Internet Security Corp(Am)
li% preferred
100
6% preferred
100
Investment Co of America.•
7% preferred
100
Investment Fund of N J.
Investment Trust of N Y •
Ask
Bid
Ask
Par Bid
16 36 17.78 Low Priced Shares
1.19 1.34 Major Shares Corp
Mass Investors Trust
18 9220.55
44
1 61 1 76 Mohawk Investment Corp
42
37
8 412 Mutual Invest Trust "new" 1.13 1.24
4 4 53
3
4
27
13
16
National Shawmut Bank... 25
13
16
National Wide Securities Co 354 364
103 107
6
10
8
Voting trust certificates_
8
N Y Bank & Trust Shanxi__
14 2
3,
4
32
42 No Amer Bond trust ctfa_.- 8212 854
185
-2
2 12 No Amer Trust Shares
248 270
47
8 53
Series 1955
s
2 48 2 70
43
8 43
Series 1956
4
55
Northern Securities
100 45
1.29 1.54
10
14 011 Shares Inc units
812
2
4 Old Colony Inv Tr
2
•
514 614
336
com_-Old Colony Trust Asaor Sh •
1812 22
.70 .95 Pacific Southern Invest pf_ _
1312 1418
3
412
Class A
1
2
Class B
3
21
112 22,2 Petrol & Trade Corp el A.8
i-ii 17,5
Quarterly Inc Shares
173 1914 Representative Trust Shares 9 00 9.74
4
33
Royalties Management _ _
3
4
14
4
60
5
Second Internet Sec el A__•
2
Class B common
11 2
1,.
6% preferred
50 1712 21
222
Securities Corp Gen $6 Pf • 23)
2.15
1.26 1.31
Selected A er Shares Inc_ _
215
Selected American Shares. 266
2.36 2 43 Selected Cumulative She_ . 6 8S 7 25
2.36 2 43 Selected Income Shares . 3.63 4.12
Selected Man Trustees She
618 63
4
912 934
15
17 Shawmut Association ram •
78
Standard Amer Trust Shares 305 345
17 State Street Inv Corp _ _ • 64.51 69.69
15
83
Super Corp of Am Tr She A 306
2 17 2 37
4 13
AA
321
13
218 238
2 52 2 80
BB
590 6.40
3 15 3.59
5 92 6 42
8,
8
144 I 56
320 350 Supervised Shares
5 4 53
,
4
33
8 4
I 28 1.40 Trust Fund Shares
278 33
8
2 75 3 10 Trust Shares of America...
50 29 54 18 Trustee Stand Investment C 221 250
1 06 I 20
2 15 2 45
434
399
Trustee Standard Oil She A
414 47
g
883
755
_ Trustee Amer Bank She A.. 2 28
47
438 - 8
1 04 1 15
Series B
418
1.35 1 55
Trusteed N Y Bank Shares
210 230 211th Century °rig seriesI 95
43
8 5
2 80 3 20
Series B
912 13 Two-year Trust Shares
153 17 4
4
,
40
30
, 40c United Bank Trust
41e 54
18 21 19.78 United Fixed Shares ser Y..
23
s 338
2 20 2.45 United Insurance Trust
17
8 214
1418 U S & British International
13
13
1.30 1.44
Preferred......
• 10
143 15 4
4
U S Elec Lt & Pow Shares A
,
2 70 2 SO
1712 21
1.04 1 13
1712 21
Voting trust etre
41e 5
3 13n N Y Bank Trust C 3.__
1
3
2
1012 1312 Un Ins Tr She set F
2 U S Shares ser El
1
433 514
288 295
4,2 512 Universal Trust Shares_ .__
Telephone and Telegraph Stocks.
Pa
,
Cuban Telephone
1001
7% preferred
1001
Empire & Bay State Tel. ho))
Franklin Teleg $2 50 __AIN),
Int )(Tan Pelee 6% _ _100!
Lincoln Tel & rel 7% _ ___•1
Mount States Tel & Tel_100
New York Mutual Tel
Ash
1311_ 0
3,2 41
6
5
3
Pa
,
New England Tel & Tel_100
T 1015
o
Norms Bell tel yt
Pac & Atl Pelee U S 1 % .25
2412
Porto Rico Telephone. _101
70
77 Roch Telep $6 50 1st pf 11111
So & Atl Teleg Si 25 _ .25
10) 10812 Trl States Tel & Tel $e_ •
84
123
4
. Wisconsin Teiep 7% ',refill()
Biel
9512
10412
10
.1st
97 2
,
10614
1412
lull
9414 96
12
18
85
106 108
--
Sugar Stocks.
4xt
Par Bid
721, Savannah Sugar Ref
Fajardo Sugar
100 62
2
4
Haytlan Corp Amer
•
its
7% preferred
Sugar Estates Oriente pf 100
United Porto Rican
Preferred
j Es-coupon.
Ex-stoek dividends
a Ex 3 vIdend
Par
100
'I
Rid
Fa
4st
88
83
90
12 112
2
Quotations for Unlisted Securities-Friday Aug. 11-Concluded
Insurance Companies.
Chain Store Stocks.
Par Bid
Bohack (II C) corn
• 23
100 8312
7% preferred
100
I
Butler (James) coca
33
4
Preferred
100
Diamond Shoe pref
100 52
Edison Bros Stores pref _106 5412
Fan Farmer Candy Sh ill__• 20
4
Fishman(M H)Stores.....'
Preferred
100 55
Kobacker Stores pref__ _100 16
Lord & Taylor
100 100
100 781 2
1st preferred 6%
100 7812
See preferred fl%
Par Bid
100 8312
Melville Shoe pref
9
Miller (I) dr Sons pref._ _100
MockJuda&Voehringerpf 100 4212
Murphy (SC)8% pref 100 8612
1
•
Nat Shirt Shops (Del)
100 18
Preferred
85
Newberry (J J) 7% pref._ _ _
N Y Merchandise 1st p1_100 80
414
Piggly.Wiggly Corp
•
Reeves(Daniel) pref ____ 100 109
Rogers Peet Co corn_ _100 25
100 68
Schiff Co pref
_ Silver (Isaac) & Bros p1_100 13
Ask
26
92
212
814
_ _
60
24
9
70
2012
_
Ask
92
212
25
9012
___
___
72
Industrial Stocks.
Par
AskI
Par Bid
_1 Mactadden Pubilens pt. •
Alpha Portl Cement pf__100 72
100
-100 4512 4919k Merck Corp 38 pret
American Book $4
100
812 National Licorice com
(
6
Amer Dry Ice Corp
__ _ National Paper & Type_100
50 15
Bilge(E NA ) 1st pref
__ New Haven Clock pref _100
212
10
2d pref B
New Jersey Worsted pi_ _ 100
3
0
Bohn Refrigerator pf___100 15
•
Ohio Leather
Bon Ami Co 11 corn
• 30
100
Brunsw-Balke-Col pref. 100 6012 6312 Okonite Co $7 pref
•
2212 Publication Corp corn
100
Burden Iron pref
100
27 1st preferred
20
Canadian Celanese com___• 17
Riverside Silk Mills
•
Preferred
._100 90 100
•
• 16
18 Rockwood & Co
Carnation Co corn
100
. Preferred
100 85
Preferred $7
2 Rolla-Royce of America__ _•
-Chestnut & Smith com____•
412 10 Roxy Theatres unit
100 _Preferred
Common
8
212 33
Color Pictures Inc
Preferred A
•
12 1
Columbia Baking cons ____•
100
Ruberold Co
2
•
1st preferred
•
112 219 Splitdorf Beth Elec
•
ed
2d preferred
100
Congoleum-Nairn $7 of 100 10014 103 Standard Textile Pro
100
Class A
2612
Crowell Pub Co $1 com_ • 24
100
Class B
- 00 87
1
$7 preferred
_25
rh
114 Stetson (J B)Co pref
De Forest Phonoillm Corp__
Taylor Milling Corp
• 2412 26
Doehler Die Cast pref
•
4
123 163 Taylor Wharton Ir&St corn •
4
Preferred $50 par
Preferred
100
4
_
Eiseman Magneto com____•
100 __612 16 Tenn Products Corp pref _50
Preferred
Gen Fireproofing $7 pt.100 60_ . TublzeChatillon en pf...._100
634 Unexcelled Mfg. Co
•
.514 Gmton & Knight corn
Walker Dishwasher corn__ ..•
100 3012 32
Preferred
22 White Rock NIin Spring
Herring-Hall-Mary Safe.100 18
$7 1st preferred
100
3
I
100
Howe Scale
100
0
0
310 2d pref
9
6
100
Preferred
4 Woodward Iron
_
Industrial Accept corn__ •
Worcester Salt
100
2 - 29
10
-0 - -7
Preferred
100
s
43
8 63 Young (.I 9) Co com
Locomotive Flrebox Co___•
7% preferred
100
218 318
Macfadden Publle'ris com_5
Bid
11 18
9719
1712
__
-12
40
2219
11
12
7412
18
10
41
_ __
'8
---.4
31
---.
12
2
1
1514
8
112
61 1
112
58
114
Ask
1318
10019
22
15
20
27
-___
__.___
8312
135
1 13
___
_4 _
_
18'2
--50
1.,.
l's
.
53
1
33
1
--___
___
18
11
_
I
418
66
33
8
53
48
5812 61
__
8312
Bid Ask
Par
Par 812 Ask
5 1938 207
Aetna Casualty & Surety.10 5314 5514 Home
8
Aetna lire
25
8 358
10
10 3412 3612 Home Fire Security
10 105 121s
8
8
Aetna Life
10 243 265 Homestead Fire
8
25 4512 5012 Hudson Insurance
538 __ _
10
Agricultural
8
8
10 157 177 Importers & Exp. of N Y_25 123 1438
8
American Alliance
412 612 Knickerbocker
American Colony
6
612 812
r
318 418
5
American Equitable
5 1314 1614 Lincoln Fire
8
8 83 Lloyds Ins of Amer
63
17
8
78
American Home
10
5
8
25
8 45
2
818 918 Maryland Casualty
American of Newark_ _ _2 Si
25 163 193
American Re-Insurance 10 3514 3814 Mass Bonding dr Ins
4
4
8
8
American Reserve
10 113 133 Merchants Fire Assur com212 2613 3012
512 712
8
A nierican Surety
25 2338 353 Merch & Mfrs Fire Newark 5
10
utomoblle
10 2212 2112 Missouri States Life
33
8 5•8
5
318 418
244
Baltimore Amer
10
Bankers & Shippers
25 2914 3914 National Casualty
558 758
National Fire
Boston
10 4514 4714
100 454 479
National Liberty
518 618
2
Carolina
20 393 44 4
10 1512 1712 National Union Fire
4
3
New Amsterdam Cas
8
City of New York
5 1378 157
100 129 139
Connecticut General Life_10 3714 3914 New Brunswick Fire
10 1512 1712
7
17
8 3 8 New England Fire
97 1478
8
10
Consolidated Indem nity ___5
8
10 341 1 3714
8
5 117 137 New Hampshire Fire
Continental Casualty
20 143 1634
10 1218 1518 New Jersey
4
Cosmopolitan
27
8 378 New York Fire
Eagle
97 127
8
5
212
8
Exc..
12.50 4334 4834
818 918 Northern
5
10 6312 6712 North River
2.50 163 183
Federal
4
4
ridemewd;
Fire lit y Deposit of Md_20 3014 3234 Northwestern National__25 7712 8212
8
47
8 57 Pacific Fire
5
25 2912 3919
1812 Phoenix
6 17
10 555 575
Franklin Fire
8
8
•
8
67
8 87 Preferred Accident
5 127 1478
General Alliance
8
Georgia Horne
26
10 1212 1612 Providence-Washington _ _10 24
10
Glens Falls Fire
30
5 2814 3014 Rochester American
5
912 1212 St Paul Fire & Marine
Globe dr Republic
25 118 123
Globe & Rutgers Fire_ _ __25 2912 3912 Security New Haven
10 2412 2612
8
5 1738 187 Southern Fire
10 1012 1212
Great American
5 8 738 Springfield Fire& Marine_25 7912 841,
3
Great Amer Indemnity__ _ 1
8
8
Halifax Fire
8
3 8 57.'
7
10
10 137 157 Stuyvesant (new)
4
4
100 460 510
Hamilton Fire
25 323 573 Sun Life Assurance
s
8
Hanover Fire
100 437 452
..10 277 297 Travelers
4
4
Harmonia
10 153 173 U 9 Fidelity & Guar Co. .2
37
8 47s
8
4
4
4 303 323
Hartford Fire
10 453 4938 U 9 Fire
8
2 50 1958 215
Hartford Steam Boller. _ 10 5012 5312 Westchester Fire
Realty, Surety and Mortgage Companies.
Par Bid Ask
312 5
Bond & Mortgage Guar. _20
30
Em plrn tT
G uarae yltle & Guar__ .100 15
Title& mortgage. 50 80
33
- 1 531
Home Title Insurance- - -25
20
15
International Germanic Ltd
Par Bid
Ask
Lawyers Title & Guar__100
912 1112
Lawyers Mortgage
212 4
20
National Title Guaranty 100
4
2
N Y Title dr Mtge
10
13t 2%
Industrial and Railroad Bonds.
Adams Express 4s '47...11AD
American Meter 6s 1946._
Amer Tobacco 48 1951 FAA
Am Type Fdrs 6s 1937 MAN
Debenture 68 1939__MAN
Am Wire Fab 7s '42__M&S
Bear Mountain-Hudson
River Bridge 781953 A&O
Chicago Stock Yds 58_1961
Congo] Coal 4 Lis 1934 MAN
Consol Mach Tool 78..1942
Consol Tobacco 4s 1951____
Bid
63
7818
98
49
45
56
Ask
68
___
___
55
50
86
77 82
_
6512-.
2712 3212
e83 1112
4
___
94
5612 5912
EQUIL Office Bldg 5s 1952._
61612 19
Hayllan Corp 88 1938
65
60
Hoboken Ferry 5s1949
International Salt 5s_1951 8412 87
65
Journal of Comm 830_1937 55
25
Kane City Pub Perv 68 1951 23
Loew's New Brd PropJ&D 7212 76
fis 1945
Ask
Bid
_
Merchants Refrig 6s 1527.... 85
-N 0 Or No RR 5s '55_ FAA /2712 31
___
N Y & Hob Ferr 58'48 J&D 59
NY Shipbdg 515 1.940_MAN 70
.__
Piedmont & Nor Ry 59_1954 7512 78
Pierce Butler & P 8%5 1942 8112 412
Prudence Co Guar Coll
4914 511 4
5I
-4s, 1981
28
Realty Ammo Sec 6s'37_J&J e23
_
61 Broadway 5)4s '50_A&O
63
61
So Indiana Ry 4s 1951_ FAA 61-2312
Stand Text Pr 634s '42 M&S 17
Struthers Wells Titusville44
34
6)4s 1943
Tol Term RR 4 Lis'57_M&N 83
Ward Baking 1st 68.-1937 95
Witherbee Sherman 8s 1944
87
Certificates of deposit...
Woodward Iron S,1952_,45 e31
86
9712
10
3612
Chicago Bank Stocks.
Par Bid I Ask
Par Bid I Ask
100 118 11919
Amer Nat Bank & Trust_ 100 85 1 95 First National
235 1245
21 212 Harris Trust & Savings.
Central Republic
100
100 405 415
Northern Trust Co
72
Continental Ill Bk & Tr_100 71
Aeronautical Stocks.
Ask
Par Bid
Ask
Par Bid
2
5
•
Alexander Indus 8% 01.100 - - 10 Southern Air Transport...
2
•
Aviation Sec Corp (N El..'
3 Swallow Airplane
-1
United Aircraft Transport
4719 52
Preferred x warr
Central Airport
3
•
1
118
15 1
8
Kinner Airplane & Mot_ _ _1
7
8 11 1 Warner Aircraft Engine_ _•
New York Real Estate Securities Exchange
Bonds and Stocks.
Bid
Active Issues.
Active Issues.
Ask
BondsAlbany Metropolitan Corp
1938
WO
1812 21
Brisbane Indus Prop 68_1937
D'way Barclay Bldg 6s..1941
1312 1512
28
27
Bonds (Concluded)
Loews Theatre & Realty
es
1947
Marcy (The) Os 1940
Mortgage Bond(N Y)5L4s.
New Weston Hotel Annex
6s
1940
N Y Athletic Club 68_1946
Oliver Cromwell HotelCertificates
165 B'way Bldg 5
_1951
Park Central Hotel ctfs
Sis_Pennsylvania Bldg ctfs_ __ _
Prudence Co 5)4s
1961
Central Zone Bldg 65_1941 32
Cevana Apt Bldg w stk... 18
Chrysler Bldg 6s
1948 41
17
Colonial Hall Apts ctfs
Cranleigh (The) Os....1937 20
14
Crossways Apts Bldg ctfs
Drake (The) 68
1939 22
80 Fifth Ave Bldg 6s
1940 28
Equitable Office Bldg 58 '52 53
Fifth Ave & 29th St Bldg
6s
1948__
502 Park Ave Bldg ctfs____ -10
40 Wall St Bldg 65
1958 46
42d St & Lexington Ave
Bldg 6315
1945 28
Fox Theatre & Office Bldg
0343
1941 13
Fuller Bldg 5.45s
1949 40
36
__
43
___
___
18
24
32
59 Roxy Theatre a qs__ _1940
Savoy Plaza Corp 6s ctfs '45
52 79 Madlson Ave Bldg 6s '40
13 Sherry Netherland Hotel ctfs
49
10 E 40th St Bldg Os.
..1940
30 Textile Bldg 6s
1958
301 E 38th St Bldg ctfs____
17 2124-34 Bway Bldg ctfs__
43 2 Park Ave Bldg 6s
1941
Harding Court Apts ctfs__
Harriman Bldg Corp 63_1951
Hearst Brisbane Prop Os '42
Hotel Lexington 6s____1943
Certllicates
Hotel St George 59(s_ _1943
Lefcourt State Bldg 634s '43
Lincoln Bldg Certificates
_.
5;
55
19
17
31
25
41
15
5612
50
15
15
29
23
393
4
Stocks
Beaux Arts Apt Inc units___
39 Broadway Bldg Units___
City & Suburban Homes__
French (F 1) Investing____
Preferred
French (9' F) OperatorsUnits
Bid
Ask
49
47
2112 24
38
35
24
21
2412 2612
14
59
9
19
49
18
61
10
2212
51
15
12
14
17
2014
14
16
3312 - -38
--32
27
1012 13
36
39
9
1012
16
14
412 512
13
4 212
7
9
55
65
Bid
5.50
600
5 00
500
12.00
12.00
12.00
12.00
1200
500
500
500
4.00
5.00
4.50
4.25
800
4.40
12.00
5.10
5.10
7.00
7.00
6 00
4 25
AM
4.50
500
4 00
400
810
800
8 00
8.00
8.60
4.50
4.50
4 50
3.00
4.60
3
.50
300
6 00
4.00
8 00
4 50
4 SO
550
5 50
5 00
3.00
Other Over-the-Counter Securities-Friday Aug. 11
Railroad Equipments.
Short Term Securities.
Ask
Bid
Bid I Ask I
_
9234; Mag Pet 43 Feb 15 '34-'35
-is
Allis-Chal Mfg 5s May 1937 90
1013 101
8
Amer Metal 534s 1934_A&O 9012 9112i Union 011 58 1935____F&A 101--12
Amer Wat Wks 561934 A&O 9614 965s
'
1
Water Bonds.
Bid
Ask
89 Hunt'ton W let 68'54__MAS 96
1st m 58 1954 ser B_MAS 84
_
55 1962
80
82
____ Joplin W WSs'57 sec AM&S 79
Kokomo W W 55 1958.J&D 77
Mourn Con W 1st 5556 JAD 81
98 100
83
___ Monon Val W 534s '50_1&J
90
___ Richm W W 1st Ss'57..MdrN 85
90
79 St Joseph Wat 55 1941_A&O 93
77
___ South Pitts Water Co89
FAA
98
1st 55 1955
94
__
1st & ref 5580 ser A _J&J 92
94
___
1st & ref 5s '60 ser B_JA...1 92
Terre Il'te WW Os'49A JAIL 95
90
1st m 5s 1958 ser B_ _ J&D 86
90
___
7512
86
___ Texarkana W 1st 59'58 FAA
_ Wichita Wat 1st 65'49 M&S 97
87
841st m Is '58 see B_ _FAA
87
90
79
___
1st m .5s 1960 ser CIMAN 86
Bid
Alton Water 58 1956_ _Ada) 87
Ark Wat ist bs A 1956..A&0 86
Ashtabula W W 58'58_A&O 79
Atlantic Co Wat 58'58 MdcS 79
Birm WW 1st 534s A'54A&0
let m Sii 195° set 13__J&D
1st 5a 1957 series C_F&A
Butler Water 55 1957...A&O
City of Newcastle Wat 58'41
City W (Chat) 58 B '54 JAG
let 5a 1957 series C _MAN
Commonwealth Water1st Is 1958 B
F&A
let m Sri 1957 ser CF&A
Davenport W Ss 1961 JdrJ
J&J
E 9 L & lot W 58'42
1st m 65 1942 ser B__J&J
1st Sa 1960 ser D___F&A
Ask
-_
___
--81
78
83
86
87
95
--94
94
97
8712
7612
___
Ask
Bid
500 4.00 Kanawha A Michigan 65.-Atlantic, Coast Line (is
5.00 4.00 Kansas City Southern 534ii_
Equipment (ILO__
5 00 4.25 Louisville & Nashville (113.-Baltimore & Ohio 6s
Equipment 434s & 5s....... 4.75 4.25
Equipment 6 Lis
Buff Koch A Pitts equip 65
521 4.50 Minn St PASS M 434s & 5s
Canadian Pacific 4)4s A 65 6.00 5.00
Equipment 634s & 7s- -4.50 3.75 Missouri Pacific 6345
Central RR of NJ 68
4.40 3.50
Chesapeake A Ohio 60
Equipment 6s
4.40 3.50 Mobile & Oldo 5s
Equipment 6)4s
Ewpi
.... 5.
2
4.40 3.50 New York Central 43-4s dr Se
Equipment Os
Chicago A North W
West 6s..... 9.00 7.00
905 7.00
Equipment 7s
Equipment 6)4s
Chic R I dr Pac 43Is & Ss... 11.00 8.00 Norfolk & Western 43-4s..
11.00 8.00 Northern Pacific 78
Equipment 6s
.
Colorado & Southern Os__ 5.50 6.00 Pacific Fruit Express is.....
Delaware & Hudson 68
5.00 4.25 Pennsylvania RR equip Se...
Erie 434e 5s
6.30 5.50 Pittsburgh A Lake Erie Olin
6.30 5.50 Reading Co 43-4s A 58
Equipment 6s
5.00 4.00 St Louis A San Fran 58
Great Northern 65
5.00 4.00 Southern Pacific Co 4)4s....
Equipment 55
Eoulpment 78
Hocking Valley 5s
4.75 4.00
Equipment lis
4.75 4.00 Southern Sty 43-4s dr Ss
Equipment Is
Illinois Central 434s & Ss__
500 4.50
Equipment Os
5.00 4.50 Foledo A 01410 Central 68
Equipment 78 A 63-4s.... 5.00 4.50 Union Pacific 75
-
8812
• No par value. el Last reported market.
e Defaulted. s Ex-dividend.
1
Volume 137
Financial Chronicle
1227
Current Earnings—Monthly, Quarterly, Hall 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 rail
roads, public utilities,industrial concerns or any other class and character of enterprise or undertaking. It i all
Inclusive in that respect,and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes also those given in our issue of Aug. 5, July 29 and also some of those given in our issue of July 22.
The object of this index is to supplement the information contained in our "Monthly Earnings Record," which has
been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly
Earnings Record" was absolutely complete up to the date of issue, July 21, 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 July number of the"Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle"each week,furnishing a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all 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 absqlutely unique service. A further valuablefeature
is thatat the end of every return,both in the"Chronicle"and the"Monthly Earnings Record,"there is a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete annual report
of the company was published.
Issue of Chronicle
Name of Company—
When Published. Page.
Adams Royalty Co
July 22_ 687
Ainsworth mtg. Co
Aug. 5__1034
Air Reduction Co., Inc
July 29. 849
Air Way Electric Appliance Corp- Aug. 12__I230
Akron Canton & Youngstown
July 29_ 844
Alabama Great Southern
July 29_ 847
Alabama Power Co
July 29. 849
Alabama Water Service Co
Aug. 5..1034
Alaska Juneau Gold Mining Co
Aug. 12.1230
Aldred Investment Trust
Aug. 12_ _1230
Allegheny Steel Co
Aug. 5__1034
Allied International Investing Corp_Aug. 5_1034
Allis Chalmers Mfg. Co
July 29_ 850
Alton RR
Aug. 5_1031
Alton & Southern
July 22— 671
Aluminum Industries, Inc
Aug. 5__I034
Atnerada Corp
Aug. 12..1230
American Austin Car Co.,Inc
July 29_ 868
American Bank Note Co
Aug. 5__I03
American Brake Shoe & Fdry. Co
July 29__ 849
American Capital Corp
Aug. 5_1035
American Chicle Co
July 22— 673
American Cities Pr. & Lt. Corp
Aug. 5..1035
American Founders Corp
July 22._ 672
American Gas & Electric Co
July 29_ 850
American & Gen'l Securities Corp_ -July 29_- 850
American Ice Co
July 29_ 850
American Laundry Machinery Co—Aug. 5-1035
American Machine & Metals,Inc
Aug. 5__I035
American Maize Products Co
Aug. 5_1035
American Metal Co., Ltd
Aug. 5._1035
American News Co
Aug. 12_1230
American Rolling Mill Co
Aug. 5._I035
American Safety Razor Corp
Aug. 12__1230
American Steel Foundries Co
Aug. 5_-1035
American Stores Co
Aug. 5__1035
American rel. & Tel. Co
Aug. 12__1230
American Thermos Bottle Co
Aug. 12..1230
Amer. Water Wks.& Elec. Co.,Inc_July 29__ 850
American Woolen Co
Aug. 12__1230
Aug. 5._1035
Amer.Zinc Lead & Smelting Co
Anaconda Wire & Cable Co
Aug. 5_1035
Anchor Cap Corp
Aug. 5-1035
Anglo-Persian Oil Co
July 22_ 688
July 29_ 844
Ann Arbor RR
Aug. 5._1035
Artloom Corp
Aug. 5..1035
Arundel Corp
Associated Apparel Industries,Inc_ _Aug. 12__I230
Associated Breweries of Canada,Ltd July 29__ 869
Aug. 12._1239
Associated Gas & Electric Co
Aug. 5-1049
Associated Gas & Electric Corp
Associated Gas & Electric System.. Aug. 5_1035
July 29... 850
Associated Oil Co
Aug. 12 1230
Associates Investment Co
Atchison Topeka & Santa Fe RR- Aug. 5._1031
July 29._ 844
Atlanta Birmingham & Coast
Aug. 5 _1035
Atlanta Gas Light Co
Aug. 5..l031
Atlanta & West Point
Aug. 5--1031
Atlantic City
July 29._ 846
Atlantic Coast Line
Atlantic Gulf & W.Indies SS.Lines_July 29_ 850
July 22_ 673
Co
Atlantic Refining
July 29_ 850
Atlas Powder Co
July 29_- 850
Atlas Tack Corp
Aug. 5__I035
Auburn Automobile Co
Aug. 5__1035
Automatic Washer Co
July 29._ 850
Finance Co
Automobile
Aug. 12__1230
Aviation Corp. of Del
Aug. 12...1230
Baldwin Locomotive Works
July 29._ 844
Baltimore & Ohio Chic. Term
July 29-- 844
Baltimore & Ohio RR
Aug. 12_-1230
Baltimore Tube Co
July 29__ 870
Bandana Petroleum Co
July 29_- 848
Bangor & Aroostook RR
July 29— 850
Bangor Hydro-Electric Co
.July 29._ 850
Barcelona Trac. Lt. & Pr. Co., Ltd.
Aug. 12..1230
harnsdall Corp
July 29__ 850
Bastian Blessing Co
Issue of Chronicle
Isms of Chronicle
Name of Company—
When Published. Pape.
Name of Company—
When Published. Pao.
Baton Rouge Electric Co
Aug. 5__1036 Chicago & Eastern Illinois
Aug. 5__1031
Bay State Fishing Co
July 22__ 690 Chicago & Erie
July 29__ 845
Beaumont Sour Lake & Western_ _Aug. 5..1033 Chicago Great Western
Aug. 5__1031
Belding Heminway Co
Aug. 5..1036 Chicago Flexible Shaft Co
July 22__ 692
Bell Telephone Co. of Penn
Aug. 5__1036 Chicago & Illinois Midland
Aug. 5__1031
Belt Ry. of Chicago
Aug. 5_1031 Chicago Indianapolis & Louisville Aug. 5..1031
Benda: Aviation Corp
Aug. 5._1036 Chic. Milw. St. Paul & Pacific
July 29_ 845
Beneficial Industrial Loan Corp_ _Aug. 5__1036 Chicago & North Western
Aug. 5..1031
Berghoff Brewing Corp
July 22_ 673 Chicago Pneumatic Tool Co
Aug. 5__1037
Bessemer & Lake Erie
Aug. 5__1031 Chicago River & Indiana
July 29__ 855
Best & Co., Inc
Aug. 12__I230 Chicago Rock Island & Gulf
Aug. 5__1031
Bethlehem Steel Corp
July 29__ 850 Chicago Rock Island & Pacific
Aug. 5__1033
Bigelow Sanford Carpet Co
Aug. 12__1230 Chicago St. Paul Minn & Omaha_ —Aug. 5__1032
Blew Knox Co
Aug. 5__I036 Chicago Yellow Cab Co
July 22__ 674
Blue Ridge Corp
•Aug. 5._1036 Childs Co
July 29._ 851
(Sidney) Blumenthal & Co.,Inc_ _Aug. 5__1036 Chrysler Corp
Aug. 5__1037
Bon Ami Co
Aug. 5__1036 Cincinnati Advertising Products Co_Aug. 5__1038
Borg Warner Corp
Aug. 5..1036 Cinc. N.Orleans & Texas Pacific..
.July 29__ 847
Boston Elevated Ry
July 29__ 851 City Auto Stamping Co
July 22__ 692
Boston & Maine
Aug. 5__1031 City Ice & Fuel Co
July 29__ 851
Boston Revere Beach & Lynn RR
Aug. 12__I230 Clark Equipment Co
Aug. 5__1038
Bowman Biltmore Hotels Corp
Aug. 5__1036 Cleveland Electric Illuminating Co_ -Aug. 5__1038
Brazilian Trac. Lt.& Pr. Co.,Ltd.
..July 29__ 851 Clinchfield
Aug. 5__1032
Brewers & Distillers of Vancouver,
Coca-Cola Co
Aug. 5..1037
Ltd
Aug. 5__1032
July 29_ 870 Colorado & Southern
Briggs & Stratton Corp
Aug. 5._I036 Commonwealth Edison Co
Aug. 5__1038
Brooklyn Eastern District Terminal_July 29__ 844 Consolidated Cigar Co
Aug. 5__1038
Brooklyn Edison Co.,Inc
July 29_- 851 Consol. Gas Elec. Lt. & Pr. Co. of
Brooklyn Union Gas Co
July 29__ 851
Balt
Aug. 5__1038
Aug. 5-1036 Cooper Bessemer Corp
Aug. 5--1038
Brunswick-Balke-Collender Co
Bucyrus Erie Co
Aug. 5..I036 Corno Mills Co
Aug. 5__1038
Bucyrus Monaghan Co
Aug. 5__1038
Aug. 5__1036 Credit Utility Banking Corp
Budd Wheel Co
July 29— 851 Crown Cork SC Seal Co., Inc
Aug. 5__1038
(E. G.) Budd mfg. Co
July 29__ 851 Crystal Tissue Co
Aug. 5.-1038
Bullard Co
Aug. 12_1230 (D.T.) Clark Co
July 22— 693
Burlington & Rock Island
Aug. 5__1031 Cluett Peabody & Co., Inc
July 29_- 851
Bush Terminal Buildings Co
Aug. 12__1231 Coleman Lamp & Stove Co
July 22— 693
Bush Terminal Co
Aug. 12_1231 Colgate Palmolive Peet Co
Aug. 12__1231
(A. M.) Byers Co
Aug. 5__1036 Colt's Patent Fire Arms Mfg.Co
July 22— 693
California Water Service Co
Aug. 5__I037 Columbus & Greenville
July 29._ 845
Calumet & Hecla Consolidated CopColumbia Riv. Longview Eidge.Co—July 22.. 693
per Co
Aug. 5__1037 Columbus Ry. Pr. & Lt. Co
Aug. 12__1231
Cambria & Indiana
July 29_ 844 Commercial Investment Trust Corp-Aug. 12_1231
Campbell Wyant Cannon Fdry. Co_Aug. 5.j036 Commercial Solvents Corp
July 29-- 851
Canada Dry Ginger Ale, Inc
Aug. 5-1037 Commonwealth & Southern Corp—July 29__ 851
Canada Northern Power Corp
July 29__ 851 Compo Shoe Machinery Corp
Aug. 12__1231
Canadian Gen'l Investments, Ltd_ July 29— 871 Conemaugh & Black Lick
July 29_ 845
Canadian Nat'l Lines in New Ent/I'd-July 29-- 845 Connecticut Electric Service Co.—July 22__ 674
Canadian National Rya
July 29__ 848 Consolidated Automatic MerchanCanadian Pacific Lines in Maine_ _Aug. 5._1031
dising Corp
Aug. 12_1245
Canadian Pacific Lines in Vermont_Aug. 5__1031 Consolidated Coppermines Corp
July 22— 694
Canadian Pacific Ry
Aug. 5..1034 Consolidated Film Industries, Inc—July 29— 851
Canadian Vickers, Ltd
July 29_ 871 Consolidated Gas Co. of N.Y
July 29__ 852
Carman & Co., Inc
Aug. 12..1231 Consolidated Textile Corp
July 29_ 851
Carrier Corporation
Aug. 12_1244 Construction Materials Corp
July 22_ 694
(A. M.) Castle & Co
July 29_ 851 Consumers Power Co
July 29__ 851
Caterpillar Tractor Co
July 22— 674 Container Corp. of America
July 29__ 852
Celotex Co
July 22_ 674 Continental Baking Corp
July 22— 674
Central of Georgia
July 29_ 844 Continental 011 Co
July 29— 852
Central Illinois Electric & Gas Co Aug. 5__1037 Copeland Products, Inc
July 22— 694
Central Illinois Public Service Co.
..Aug. 5__1037 Corn Products Refining Co
July 22__ 674
Central Indiana Gas Co
July 29_ 862 Cosmos Imperial Mills, Ltd
July 22__ 694
Central Power Co
Aug. 5__1037 Courtaulds, Ltd
July 29-- 872
Central Power & Light Co
July 29-- 852
July 22_ 674 Crosley Radio Corp
Central RR.of New Jersey
July 29_- 872
July 29_ 845 Crown Zellerback Corp
Central States Electric Corp
July 29__ 873
Aug. 5__1037 Cunard Steamship Co., Ltd
Central Tube Co
July 29__ 852
July 29_ 871 Curtis Publishing Co
Central Vermont
July 22_ 672 Curtiss-Wright Corp
Aug. 5_-1038
Certain-teed Products Corp
Aug. 12_1231 .
Aug. 5__1037 Cushman's Sons, Inc
Chain & General Equities, Inc
July 29_ 851 Cutler Hammer,Inc
July 29_ 852
Champion Shoe Machinery Co
July 29_ 852
July 22_ 692 Deere & Co
Chansior & Lyon Stores Inc
July 22- 692 Delsel-Wemmer-Gilbert Corp
Aug. 5_-1038
Charleston Interurban RR. Co
Aug. 5._1032
Aug. 12_1231 Delaware & Hudson
Charleston & Western Carolina_ _ _ _Aug. 5--1031 Delaware Lackawanna &Western
July 29.. 845
Chesapeake & Ohio
July 22__ 695
July 22- 671 Dennison Manufacturing Co
Chester Water Service Co
Aug. 12_1231 Denver & Rio Grande Western RR _July 29__ 848
Chicago Burlington & Quincy
Aug. 5-1032
Aug. 5-1031 Denver & Salt Lake
1228
rime of Chronicle
name of CompanyWhen Published. Page.
Denver Tramway Corp
Aug. 5_1038
Derby Oil & Refining Corp
July 29_ 852
Detroit International Bridge Co
July 22- 695
Detroit & Mackinac
July 29_ 845
Detroit Street Rye
July 29_ 852
Detroit Terminal
July 29_ 845
Detroit Toledo & Ironton RR
July 29_ 845
Detroit & Toledo Shore Line
July 29_ 845
Dexter Company
July 22... 695
Di Giorgio Fruit Corp
July 22_ 695
Dodge mg.Corp
Aug. 12__1246
Dolphin Paint & Varnish Co
July 22_ 695
Dome Mines, Ltd
July 22_ 674
Dominguez Oil Fields Co
July 22_ 695
Dominion Stores, Ltd
Aug. 12_ _1231
(S. R.) Dresser mfg. Co
July 29_ 852
Duluth Missabe & Northern
Aug. 5__1032
Duluth South Shore & Atlantic
Aug. 5__1032
Duluth Winnipeg & Pacific
July 29_ 845
Dumbarton Bridge Co
July 22_ 696
(E. I.) du Pont de Nemours & Co-.-July 29__ 853
Duquesne Light Co
Aug. 12_1231
Aug. 5..1038
Eagle Picher Lead Co
Eastern Dairies, Ltd
July 29_ 874
29__ 852
Eastern Massachusetts Street Ry
July.
Eastern Rolling Mill Co
Aug. 12_1231
Aug. 12_1231
Eastern Steamship Lines, Inc
July 22_ 675
Eastern Utilities Associates
East Kootenay Power Co
Aug. 5-1038
July 29_ 874
Easy Washing Machine Co.,Ltd
Aug. 12__1231
Easy Washing Machine Corp
July 29_ 852
Edmonton Street Ry
July 29_ 875
Eddy Paper Corp
Aug. 12_1231
Electric Auto Lite Co
July 29_ 853
Electric Bond & Share Co
Electric Controller & hug. Co
Aug. 5__1039
Aug. 12_1231
Electric Products Corp
Electric Shareholding Corp
Aug. 5__1038
Elgin Joliet & Eastern
Aug. 5__1032
Aug. 5._1039
El Paso Electric Co
Engineers Public Service Co
Aug. 5__1039
English Electric Co.of Canada,Ltd-July 22-- 697
Erie RR
July 9_ 848
Erie RR. System
July 29_ 845
Eureka Vacuum Cleaner Co
Aug. 5_1039
Evans-Wallower Lead Co
Aug. 12__1247
Aug. 12__1247
Ewa Plantation Co
Ex-Cell-0 Aircraft & Tool Corp
Aug. 12__1247
July 29_ 875
Exchange Buffet Corp
Fairbanks Co
Aug. 121231
Fairbanks Morse & Co
Aug. 51039
Fall River Gas Works Co
July 22_ 675
Federal Mogul Corp
July 29_ 853
Federal Motor Truck Co
Aug. 5_-1039
Federal Screw Works
July 29_ 853
Federal Water Service Corp
July 29_ 853
July 22_ 675
Ferro Enamel Corp
July 29__ 553
(Marshall) Field & Co
Fifth Ave. Bus Securities Corp
Aug. 12.1231
Aug. 12_1232
Flintkote Co
Florida Power Corp
Aug. 5...1039
Florida East Coast
Aug. 5_1032
Follansbee Bros. Co
Aug. 5_1039
Ford Motor Co., Ltd
Aug. 5._1059
Formica Insulation Co
Aug. 5__1039
Fort Smith & Western
Aug. 5__1032
Fort Worth & Denver City
Aug. 5__1032
Fort Worth & Rio Grande
Aug. 5_1033
Freeport Texas Co
Aug. 5_1039
Galveston Wharf
Aug. 12__1229
Gannett Co., Inc
July 29__ 853
Garlock Packing Co
Aug. 5_1039
Gemmer Aug. Co
July 29_ 853
General Baking Co
July 22._ 675
General Box Corp
Aug. 5__I039
General Cable Corp
July 29__ 553
General Cigar Co., Inc
Aug. 12__1232
General Investors Trust
July 22_ 675
General Foods Corp
July 29._ 853
General Machinery Corp
July 22_ 698
General Mills. Inc
July 29_ 876
General Motors Corp
July 29._ 854
General Printing Ink Corp
July 29_ 854
General Railway Signal Co
July 29__ 854
General Refractories Co
Aug. 5_1039
Aug. 12__1232
General Steel Castings Corp
July 29__ 848
Georgia & Florida
July 29._ 853
Georgia Power Co
Georgia RR
Aug. 5__1032
July 29_ 547
Georgia Southern & Florida
Yug. 12_1248
(A. C.) Gilbert Co
Gillette Safety Razor Co
July 29._ 854
July 22_ 698
Gladding, McBean & Co
(Adolf) Gobel, Inc
July 29._ 854
(B. F.) Goodrich Co
Aug. 12..1232
Goodyear Tire & Rubber Co
Aug. 121232
Gorton-Pew Fisheries Co.. Ltd
July 22.. 698
Granby Consolidated Mining Smelting & Power Co.. Ltd
July 29._ 854
Graham Paige Motors Corp
July 29._ 854
Grand Trunk Western
July 29_ 845
Grand Union Co
Aug. 12_1232
Granite City Steel Co
July 29_ 854
Great Northern Ry
Aug. 5_1032
Green Bay & Western
Aug. 5_1032
Grigsby Grunow Co
Aug. 12.1232
Guardian Investors Corp
Aug. 5._1039
Gulf Coast Lines
July 29. 848
Gulf Colorado & Santa Fe
Aug. 5_1031
Gulf Mobile & Northern
Aug. 5_1032
Gulf & Ship Island
July 29_ 845
Gulf States Steel Co
July 22_ 675
Gulf States Utilities Co
Aug. 5__1039
Hackensack Water Co
July 29_ 854
Hagerstown Light & Heat Co. of
Washington County
July 22._ 675
(M. A.) Hanna Co
Aug. 5._1040
Havana Electric Ry. Co
July 29.. 854
Haverhill Gas Light Co
July 22_ 675
Aug. 5_1040
Hazel-Atlas Glass Co
Hearst Consoi'd Publications, Inc.
.July 29._ 877
Aug. 12__1232
Hecla Mining Co
July 29
854
Hercules Powder Co.. Inc
Aug. 12.1232
Hershey Chocolate Corp
Heywood-Wakefield Co
Aug. 5..1040
July 29__ 854
(A.) Hollander & Son,Inc
Holly Oil Co
Aug. 5._1062
.July29__ 854
Honolulu Rapid Transit Co., Ltd..
Hoskins hug. Co
Aug. 5._1040
Household Finance Corp
Aug. 12_ _1232
Houston Oil CI. of Texas
Aug. 12.1232
Howe Sound Co
July 22._ 676
Hudson & Manhattan RR
July 29._ 854
Hudson Motor Car Co
Aug. 5__1040
Illinois Bell Telephone Co
Aug. 12_1232
Illinois Central RR
July 29_ 845
Illinois Central System
July 29_ 845
Illinois Terminal
845
July 29
Illinois Water Service Co
Aug. 5__1040
Indiana Harbor Belt RR
Aug. 121229
Inland Steel Co
July 29._ 854
Insuranshares Certificates, Inc
Aug. 5_1040
Interborough Rapid Transit Co_ _ _ _Aug. 12.1233
Int'l Business Machines. Corp
July 29._ 854
Financial Chronicle
Aug. 12 1933
Issue of Chronicle
Issue of Chronicle
Name of CompanyName of CompanyWhen Published. Page
When Published. Page.
International Cement Corp
July 29__ 854 Ohio Water Service Co
Aug. 5__I042
International Great Northern_ _Aug. 5_ _1032 Oklahoma City-Ada-Atoka
July 29__ 846
Internat'l Rye,of Central America Aug. 5_ _1034 Old Ben Coal Corp
July 29._ 883
International Silver Co
July 29._ 855 The Orange & Rockland Electric Co_Aug. 12_1234
Intertype Corp
July 29__ 855 Oregon Short Line RR
July 29_ 847
Island Creek Coal Co
-Wash. RR.& Navig. Co
Aug. 5.1040 Ore.
July 29__ 847
(Byron) Jackson Co
Aug. 5__1040 Oregon Wash'ton Water Serv. Cos.
.Aug. 5__1042
Jones & Laughlin Steel Corp
29_ 855 Otis Elevator Co
July
J uly 29.. 857
Kansas City Southern
Aug. 5__1032 Otis Steel Co
July 29._ 857
Kansas Electric Power Co
July 29_ 855 Pacific Coast Co
Aug. 12_1234
Kansas Oklahoma & Gulf
July 29_ 846 Pacific Lighting Corp
July 29__ 857
Kelley Island Lime & Transport Co July 22_ 699 Pacific Mills
Aug. 12_1234
Kelsey Hayes Wheel Co
Aug. 12.1232 Pacific Southern Investors, Inc
Aug. 5_1042
Kelvinator Corp
July 29_ 855 Pacific Tel. & Tel. Co
Aug. I2__1234
Kendall Co
Aug. 12_1232 Pacific Western Oil Corp
Aug. 12__1234
5_1040 Packard Motor Car Co
Key West Electric Co
Aug.
Aug. 5__1042
Kimberly Clerk Corp
July 22- 676 Panhandle Producing & Refng. Co...Aug. 12_ _1234
G. R. Kinney Co., Inc
Aug. 12_1233 Panhandle & Santa Fe
Aug. 5__1031
(I. B.) Kleinert Rubber Co
July 22_ 700 Parker Rust Proof Co
Aug. 5_1042
Lake Superior District Power Co
Aug. 5.-1040 Parmelee Transportation Co
Aug. 5._1042
5__1032 Penick & Ford, Ltd
Lake Superior & Ishpeming
Aug.
July 22__ 678
Lake Terminal
July 29_ 846 Penmans, Ltd
July 22._ 704
Lakey Foundry & Machine Co
July 22.. 676 Penn Central Lt. & Pr. Co
Aug. 121234
Lambert Co
July 29_ 855 (J. C.) Penney Co. Inc
Aug. 51042
Lehigh Coal & Navigation Co
Aug. 5_1040 Pennsylvania Coal & Coke Corp_ July 29__ 857
Lehigh & Hudson River
July 29_ 846 Pennsylvania Gas & Elec. Corp
Aug. 121234
Lehigh & New England
July 29_ 846 Pennsylvania RR
July 29__ 846
Lehigh Valley Coal Corp
July 29_ 855 Pennsylvania RR. Regional System_July 29__ 849
Lehigh Valley RR
July 29._ 846 Pennsylvania Water & Power Co
Aug. 5_1042
Lily Tulip Cup Corp
Aug. 5.l040 Peoples Drug Stores. Inc
Aug. 12_1234
Aug. 5_1040 Peoria & Pekin Union
Link Belt Co
July 29._ 846
Loblaw Groceterias, Ltd
July 29_ 855 Pere Marquette Ry
July 29._ 849
Loew's, Inc
Aug. 12_1233 Philadelphia Co
Aug. 12__1234
Loft, Inc
July 29_ 855 Phila. Dairy Products Co., Inc
Aug. 5__1066
Long Island
Aug. 5_1033 Philadelphia Electric Co
July 29__ 857
Loose Wiles Biscuit Co
July 22__ 676 Phila.& Reading Coal & Iron Corp_ _Aug. 12_ _1234
Los Angeles & Salt Lake
July 29_ 847 Philippine Ry
Aug. 5__1034
Louisiana & Arkansas
Aug. 5__1032 Phillips Petroleum Co
July 29__ 857
Louisiana Arkansas & Texas
Aug. 5-1032 Pillsbury Flour Mills, Inc
Aug. 12__1254
Louisiana Oil Refining Co
Aug. 12__I233 The Pittsburgh lk Lake Erie RR
Aug. 12_ _1229
Louisville & Nashville
Aug. 5__1032 Pittsburgh & Shawmut
July 29__ 847
Ludlum Steel Co
Aug. 5__1040 Pittsburgh Shawmut & Northern_July 29__ 847
Aug. 12__1233 Pittsburgh Sub'ban Water Serv. Co_Aug. 12_1235
Lunkenheimer Co
Lynch Corp
July 22_ 676 Pittsburgh Terminal Coal Corp
July 29__ 857
McCall Corp
Aug. 5_1040 Pittsburgh & West Virginia
Aug. 5_1033
McCord Radiator & hug.co
Aug. 5_1040 Ponce Electric Co
Aug. 5.1042
5_1041 Pond Creek Pocahontas Co
McGraw Hill Publishing Co
Aug.
Aug. 5_1042
McIntyre Porcupine Mines. Ltd
July 22_ 676 Portland General Electric Co
July 29__ 857
Mack Trucks, Inc
Aug. 5__104l Powdrell & Alexander, Inc
July 29_ 857
Maine Central
July 29_ 848 Procter & Gamble Co
Aug. 5_1066
Mapes Consolidated Mfg.Co
Aug. 12.1233 Propper-McCallum Hosiery Co..Inc-July 22__ 704
Marion Steam Shovel Co
July 29._ 855 Prudential Investors, Inc
July 22._ 678
Market Street Ry. Co
July 29._ 855 Public Service Co.of Northern III_ Aug. 5_1042
Marlin Rockwell Corp
Aug. 12_ _1233 Public Service Co.of Oklahoma
July 29_ 857
Mathieson Alkali Works, Inc
July 22__ 677 Puget Sound Power & Light Co.. Aug. 5_1042
Mayflower Associates, Inc
July 22._ 677 (The) Pullman CO
Aug. 12.1234
Maytag Co
Aug. 12__1233 Pullman, Inc
Aug. 5__1042
Melville Shoe Co
July 29- 855 Purity Bakeries Corp
Aug. 5_1043
Meteor Motor Car Co
July 29.- 855 Quebec Power Co
July 29._ 857
Mexican Light & Power Co
July 29- 855 Radio Corporation of America
Aug. 12__1235
Mexico Tramways Co
July 29__ 855 Railway Express Agency, Inc
Aug. 5_1043
Michigan Gas & Electric Co
July 22__ 677 Rand Mines, Ltd
July 22_ 704
Middlesex & Boston St. Ry
Aug. 12_1233 Reading Co
July 29._ 847
Midland Steel Products Co
July 29__ 855 Reliance International Corp
Aug. 5_1043
Midland Valley
July 29__ 846 Reliance Management Corp
Aug. 5._1043
Milw. Elec. Ry. & Lt. Co
Aug. 5_-1040 Remington Rand,Inc
Aug. 5_1043
Reo Motor Car Co
Minneapolis Honeywell Regulator
Aug. 5__1043
Co
July 22- 677 Republic Petroleum Co., Ltd
Aug. 5__1043
Minneapolis & St. Louis RR
July 29._ 846 Republic Steel Corp
July 29__ 857
Mississippi Central
Aug. 5__I032 Revere Copper & Brass, Inc
Aug. 5_1043
Mississippi River Power Co
Aug. 5__1041 Reynolds Metals Co., Inc
Aug. 12__1235
Missouri Illinois
Aug. 5_-1032 Reynolds Spring Co
Aug. 12..1235
Missouri-Kansas-Texas
Aug. 5__1032 Richmond Fredericksb'g bc Potomac_july 29__ 847
Missouri & North Arkansas Ry
Aug. 5_ _1032 Roanoke Gas Light Co
July 22_ 678
Missouri Pacific
Aug. 5_1032 Rochester Central Power Corp
July 22.- 686
Mobile & Ohio
July 29__ 846 Rochester Gas & Electric Corp
Aug. 5__1043
Mohawk Carpet Mills, Inc
Aug. 5__1041 Koch.& Lake Ont. Water Serv.Corp Aug. 5_ _1043
Monolith Portland Cement Co
July 22_ 677 (Helena) Rubenstein, Inc
July 22_ 704
Monongahela Connecting
July 29._ 846 Rutland RR
Aug. l2.1229
Monongahela RR
Aug. 5.1032 Safeway Stores, Inc
Aug. 5_1043
Monsanto Chemical Co
July 29- 855 St. Joseph & Grand Island
July 29__ 847
Montour RR
July 22- 671 St. Joseph Lead Co
Aug. 5__1043
Moto Meter Gauge & Sept. Co
Aug. 12_1233 St. Louis Brownsville & Mexico
Aug. 5_1033
Motor Products Corp
July 22-- 677 St.Louis Rocky Mt.& Pacific Co_ _ _July 29._ 857
.
Motor Wheel Co
Aug. 5...1041 St. Louis San Francisco Ry
Aug. 5._1033
Murray Corp. of America
Aug. 12..1233 St. Louis San Francisco of Texas__ _Aug. 5__1033
Nashville Chattanooga & St. Louls_Aug. 5..1032 St. Louis Southwestern Ry. Lines_ July 29_ 849
(Conde) Nast Publications, Inc
Aug. 5.1041 St. Paul Union Stockyards Co
July 22__ 705
National Acme Co
July 29- 856 St. Regis Paper Co
July 22_ 705
National Air Transport, Inc
Aug. 12_ _1233 Salt Creek Producers Assn.,Inc
Aug. 5._1067
National Aviation Corp
Aug. 12._1233 San Antonio Uvalde & Gulf
.-Aug. 5-1033
National Candy Co
Aug. 12_1233 San Diego & Arizona
Aug. 5__1033
National Cash Register Co
Aug. 5_-1041 San Diego Canso!. Gas & Elec. Co_ Aug. 5_1043
National Dairy Products Corp
July 29-- 855 Savage Arms Corp
July 29__ 857
National Distillers Products Corp---Aug. 5 .1041 Savannah Electric & Power Co
Aug. 5__1043
National Enameling & Stamping Co_Aug. 3..1041 Schumacher Wall Board Corp
Aug. 5_1067
National Lead Co
Aug. 5_1041 Scott Paper Co
July 29__ 857
National Steel Corp..Aug. 5__1041 Scranton-Spring Brook Water SerNational Tea Co
July 22._ 677
vice Co
Aug. 12_1235
Nevada-California Electric Corp
July 29__ 856 Seaboard Air Line
July 29._ 847
Nevada Northern
Aug.5_.1032 Seaboard Oil Co. of Del
July 22._ 678
New Jersey & New York
July 29.- 845 Seattle Gas Co
July 22_ 678
New Orleans & Northeastern
July 29_ 847 Seton Leather Co
July 22_ 678
New Orleans Terminal
July 29.- 847 Sharon Steel Hoop Co
July 29._ 857
Newburgh & South Shore
July 29-- 846 Sharp & Dohme, Inc
Aug. 5.J044
New England Power Association..--Aug. 12__1233 (Frank G.) Shattuck Co
Aug. 5_1044
New Jersey Zinc Co
Aug. 12..1234 Shawmut Association
Aug. 5_1044
New Orleans Great Northern
Aug. 5__1033 Shell Pipe Line Corp
Aug. 5_ _1044
New Orleans Texas & Mexico
Aug. 5_1033 Shell Union 011 Corp
Aug. 5.1044
Newport Industries, Inc
Aug. 5._1041 Shenandoah Corp
Aug. 5_1044
Newton Steel Co
July 29.- 882 Sierra Pacific Electric Co
July 22_ 678
New York Air Brake Co
Aug. 12_1234 Simmons Boardman nig.Corp
July 29._ 857
(The) New York Central RR
Aug. 12__1229 Simmons Co
July 22_ 678
N. Y. Chicago & St. Louis RR
July 29_ 846 Simms Petroleum Co
Aug. 12_1235
New York Connecting
July 29._ 846 Skelly Oil Co
Aug. 5-1044
N.Y. Dock Co
July 29__ 856 (L. C.) Smith & Corona Typewriters,
N.Y. Edison Co
July 29_ 856
Inc
Aug. 5_1068.
N.Y. N. H.& Hartford RR
July 29._ 848 Soo Line System
July 29_ 849
New York Ontario & Western Ry-July.
29-- 848 South Bay Consolidated Water Co_Aug. 5_1044
N. Y. Shipbuilding Corp
July 29._ 856 Southern California Edison Co.,Inc July 29_ 857
New York Steam Corp
July 29._ 856 Southern Colorado Power Co
July 29_ 857
New York Susquehanna & Western July 29
Aug. 5_ _1068
846 Southern Dairies, Inc
New York Telephone Co
Aug. 5_1041 Southern Pacific
Aug. 5_1033
N. Y. Water Service Corp
Aug. 5_1033
Aug. 5._1041 Southern Pacific SS. Lines
New York Westchester & Boston Ry_July 29
Aug. 12_1235
856 Southern Public Utilities Co
Niagara Share Corp
Aug. 5...1042 Southern Ry
July 29- 847
Noma Electric Corp
July 29.. 882 Southland Royalty Co
Aug. 12-1233
Noranda Mines. Ltd
Aug. 12__1234 Southwestern Bell Telephone Co_ Aug. 5_044
Norfolk Southern
July 29._ 858
July 29.. 846 Southwestern Lt.& Pr.Co
Norfolk & Western
July 29._ 857
Aug. 5._1034 Spear & Co
North American Aviation, Inc
Aug. 5._1033
Aug. 5_1041 Spokane International
North American Car Corp
Aug. 5.1033
Aug. 5__1041 Spokane Portland & Seattle
North American Cement Corp
July 29__ 858
July 29
856 Standard Brands,Inc
North American Co
Aug. 5_1044
July 29_- 856 Standard Investing Corp
North American 011 Consolidated _Aug. 5__1043 Standard Oil Co. of Cal
Aug. 5_ _1044
Northern Alabama
July 29_ 847
July 29
847 Staten Island Rapid Transit
Northern Pacific
July 22.- 679
Aug. 5_1033 Sterling Securities Corp
Northern States Power Co., Del.
Aug. 5_1044
July 29 _ 856 Stewart Warner Corp
Northern States Power Co.(Minn.).July 29.- 856 Stone & Webster, Inc
Aug. 5-1044
Northwestern Pacific
July 22-- 706
Aug. 5._1033 Stover Mfg.& Engine Co
Northwestern Public Service Co
July 22-- 706
July 29.. 856 (B. F.) Sturtevant Co
O'Connor Moffatt & Co
Aug. 12_ -1235
July 29- 883 Sun Investing Co
Ohio Copper Co.of Utah
July 29-- 858
July 22-- 703 Sun 011 Co
Ohio Edison Co
Aug. 5-1044July 29-- 856 Superheater Co
Volume
1229
Financial Chronicle
137
Issue of Chronicle
When Published. Page.
Name of Company-
Name of Company-
Issue of Chronicle
When Published. Page.
Name of Company-
Issue of Chronicle
When Published. Page.
July 29._ 859
Sutherland Paper Co
July 29_ 858 United Aircraft & Transport Corp__Aug. I21235 Warner Quinlan Co
Aug. 5..1045
July 22__ 680 Warren Foundry & Pipe Corp
Symington Co
July 22__ 679 United Biscuit Co. of America
July 29__ 887
Aug. 12_.1236 Waterloo mfg. Co., Ltd
Tacony Palmyra Bridge Co
July 29.. 858 United Carbon Co
July 29__ 859
Aug. 12.._1236 Webster Eisenlohr, Inc
Tampa Electric Co
July 22_ 679 United Carr Fastener Corp
Aug. 5__1034
Aug. 12....1236 Western Maryland
Teck-Hughes Gold Mines, Ltd
Aug. 5-1044 United Corp.01 Del
Aug. 5__I045
Western N. Y. Water Co
Aug. 5__1071
Telautograph Corp
Aug. 5....1045 United Elastic Corp
Aug. 5. _1033
July 22__ 679 Western Pacific
Tennessee Central
July 29_ 847 United Founders Corp
Aug. 5.._1046
Aug. 5__I045 Western Public Service Co
Tennessee Electric Power Co
July 29__ 858 United Gas Improvement Co
Aug. 5.._1033
July 29_ 859 Western Ry. of Alabama
Terminal RR. Assn. of St. Louis
July 29... 847 United Milk Crate Corp
Aug. 12__I236 Western Union Telegraph Co., Inc _Aug. 5__1046
Texarkana & Fort Smith
Aug. 5__I032 United Piece Dye Works
July 29__ 859
Aug. 5_1045 Westinghouse Air Brake Co
Texas Gulf Producing Co
Aug. 5__I045 U.S.& British Int. Co., Ltd
July 29__ 859 Westinghouse Electric & mfg. Co_ July 29__ 859
Texas Mexican
5__1033 U. S. Freight Co
Aug.
Aug. 5__I046
Aug. I2__1236 West Texas Utilities Co
Texas & New Orleans
Aug. 5__I033 U. S. Gypsum Co
July 29_ 859 Westvaco Chlorine Products Corp_ Aug. 5__1046
Texas & Pacific Ry
July 29__ 848 U. S. Hoffman Machinery Corp
Aug. 5__1045 West Virginia Water Service Co_ _ _ _Aug. 5__1046
Thatcher sum Co
Aug. 12__1235 U. S. Industrial Alcohol Co
July 29__ 847
Third Avenue Ry. System
July 29.. 859 Wheeling & Lake Erie
July 29- 858 U.S. Leather Co
Aug. 5_1046
Aug. 12._1236 White Motor Co
(John R.) Thompson Co
Aug. I2._1235 U.S. Oil & Royalties Co
July 29__ 859
July 22_ 679 Wheeling Steel Corp
Thompson Products, Inc
Aug. 12_1235 U. S. Pipe & Foundry Co
Tide Water Associated Oil Co
July 29._ 858 U. S. Printing & Lithographing Co_Aug. 5__1071 White Rock Mineral Springs Co__ _ _Aug 12__1236
Aug. 12__1236
Tide Water 011 Co
Aug. 5_A045 White Sewing Machine Corp
July 29__ 859 U. S. Rubber Co
July 29__ 887
July 29_ 859 Whittall Can Co., Ltd
Timken Roller Bearing Co
July 29__ 859 U. S. Steel Corp
Aug. 5__1033
Tip Top Tailors. Ltd
Aug. 5__I045 Wichita Falls & Southern
July 22__ 706 Universal Pictures Co.,Inc
Aug. 5__1046
Toledo Peoria & Western
Aug. 5__I033 Wilcox Rich Corp
Aug. 5__I033 Utah RR
July 29.._ 887
Aug. 12_ _1236 (R. C.) Williams & Co., Inc
Toledo Terminal
July 29._ 847 Utility & Industrial Corp
Aug. 5_1046
Toronto Hamilton & Buffalo RR -- _Aug. 12._1229 Van Raalte Co., Inc
Aug. 5..1045 Wisconsin Electric Power Co
Aug. 5_ _1046
Virgianian
Transue & Williams Steel Forgings
July 29.. 847 Wisconsin Gas & Electric Co
July 29__ 860
Corp
Aug. 12__I236 Wisconsin Investment Co
Aug. 5_1045 Virginian Electric & Power Co
Aug. 5__1046
Wisconsin Michigan Power Co
July 29.. 859
Truscon Steel Co
Aug. 5_1045 Virginian Iron Coal & Coke Co
Aug. 12..1236
Aug. 12 _1236 Wisconsin Power & Light Co
20 Wacker Drive Bldg. Corp
July 22- 707 Vulcan Detinning Co
Aug. 12__1258
Twin City Rapid Transit Co
July 29_ 847 Wood Alexander & James, Ltd
July 22- 679 Wabash Ry
Aug. 5__1046
Ulen & Co
July 22_ 707 Wright Aeronautical Corp
July 29- 858 Wagner Electric Corp
July 29__ 860
Waialua Agricultural Co
July 22_ 708 (Wm.) Wrigley Jr. Co
Underwood Elliott Fisher Co
July 22.. 679
Aug. 5__1046
Sugar Co
886 Yale & Towne Mfg. Co
July 29..
Union Carbide & Carbon Corp
July 29_ 858 Wailuku
July 29__ 845
Aug. 5__I045 Yazoo & Mississippi Valley RR
Union Elec. Lt.& Pr. Co.of III
Aug. 5....1045 Waldorf System, Inc
July 29__ 860
Aug. 12__1236 Yellow Truck & Coach mfg. Co
Union Elec. Lt. & Pr. Co.(Mo.)
Aug. 5...1045 Walworth Co.. Inc
Aug. 5__I046
July 29_ 859 Youngstown Sheet & Tube Co
Union Pacific RR
Aug. 5__I048 Ward Baking Corp
July 22_ 680
July 29_ 859 Zonite Products Corp
Union RR.of Penne
July 29_ 847 Warner Bros. Pictures, Inc
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Period
Covered.
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis Sc St Louis
Southern
St Louis-Southwestern
Western Maryland
1st
1st
4th
4th
4th
4th
4th
Current
Year.
$
Previous
Year.
wk of Aug
wk of Aug
wit of July
wk of July
wk of July
wk of July
wk of July
2,862,577
2,089,000
23,400
202,054
3,040,401
446,100
420,371
2,719,571
1,993,000
15,251
145,941
2,044,788
328,196
244,367
Inc.(+) or
Dec.(-).
+143,006
+96,000
+7,449
+56,113
+911,613
+117,904
-176,004
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:
Gross morasses.
Month.
1932.
January
February
March
A prIl
May ...
June
July
August
September
October
November
December
1931.
365.522.091
336,182.295
875,617.147
369,123,100
368,417.190
369,133.884
376,314.314
363.778.572
384.385,728
362,551,904
304.829,968
288,205.766
1932.
274.890,197
231,978,621
288,880,547
267,480,682
254,378,672
245,869,626
274.976.249
266.892.520
289.633.741
267.473.938
254.382.711
245.860 615
237 402.789
251 7111.038
284 724.682
2u4.076,110
263,223.409
246.751.231
1933.
228.889,421
185,897,862
219.857,606
227,300,543
257,963,036
281,353,909
January
February
March
April
May
June
Lesarth of Road.
(+) or
Dee.(-).
90.645.842
-69.2149.775
-85.983.406
-101,649,162
114.034.479
123.273,269
138.851.525
-112.017.534
-79.661.1U
-64,475.794
-51,606.559
-42.454.535
46.000.776
46,080,759
69,022.941
-40.180,139
+3.584,364
+35,484,283
Net Earnings.
Month.
1932.
1931.
Mlles.
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
241.189
240,911
241,680
241,484
241,455
Mites.
242.366
240,943
241,974
241.992
242.163
242.527
242.221
242.217
242.143
242.024
242.027
241.950
1932.
241.991
241.467
241.489
242,160
242,143
242,333
Inc.(4-) or Dee.(-).
1932.
January
February
March
AINI1
$157
/Une
Jul/
August
September
October
November
December
January
February
March
April
May
June
1931.
Amount.
$
45,940.685
87.375.537
67,670,702
56.263,320
47,429.240
47.008.035
$
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
63,482.600
1932
45.964.987
56.187 694
.
68,356,042
56,261,840
47.416,270
$
-26.082,545
-8.702.988
-17.035,708
-22,922,358
-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
-14.727.011
-25,256,013
-3,676,793
+27,428,140
+47,429,940
-0.79
-26.21
-36.95
-6.54
+57.85
+100.87
40,126,932
62.540.800
83.092.939
98,336,295
63,966,101
57.854.695
1933.
45.603.287
41.460,593
43,100,029
52,585,047
74,844,410
94,448,669
47,018,729
Pm Coal
1933.
$86,818
15,541
-1,430
1932.
$131,989
31.781
8,354
1931.
$123,676
25,051
2,049
1930.
$105,904
19,854
4,491
529,569
127,625
7,728
937,965
335,951
197.423
773,524
215,943
77,879
719,575
170,589
22.735
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Oommis,sion:
-Month of June- -6 Mos. End. June 301932.
1932.
1933.
1933.
$538,209 $3,546,394 $3,709.707
$668,959
344,966 2.113.278 2,524,491
341,651
Railway oper. revenuesRailway oper. expenses_
Net rev.from ry. oper.
Railway tax accruals.....
Uncollect. ry. revenues..
Equipt. & jt. fac. rents_
$327.308
56,673
5
62,346
$193,242 $1,433.116 $1,185,216
255,045
280,996
41,710
148
34
8
293.459
297,171
51,409
Net ry. oper. Income_
Miscl. & non-oper. inc._
$208,283
2,222
$100,114
2,308
$854.914
17,298
$636,562
28,707
Gross income
Deduc'ns from gross inc_
$210,506
42,060
$102,423
42,656
$872,212
254,731
$665.270
257,362
$407,907
$617,481
Net income
$59,767
$168,446
Last complete annual report in Financial Chronicle June 3 '33, p. 3900
OW-
(The) New York Central RR.
(Including all leased lines).
-Month of June- -6 Mos.End. June 301932.
1933.
1932.
1933.
Railway oper. revenues _$25,025,099 $23.081,506 $130,871.662 153,151.838
Railway oper. expenses_ 16,973,640 19,007,891 96,520,035 121,832,217
Net rev,from ry. oper. $8,051,459 $4,073,615 $34,351,626 $31,319,621
Railway tax accruals..... 2,433,762 2,662,906 14,584,501 16,074.065
48,624
61.444
8,841
Uncollect. ry. revenues_
10,798
1,209,815 7,224,989 7.698,805
Equip. & it. fac. rents... 1,221,932
Net ry. oper. Income_ $4,384,964
Miscl. & non-oper. inc.... 1,725.155
$192,052 $12,493,511 $7 485.306
1.875,845 11,005,346 12,494,854
Gross Income
$6,110,120 $2,067,898 $23,498 858 919,980,161
Deduct'ns from gross inc 5.024,198 5,135,923 30,383.445 31,031.310
Net income
$1.085.922df$3,068,024df$6,884,587df11,051.148
SZF'Last complete annual report in Financial Chronicle June 3 '33, p. 3898
(The) Pittsburgh & Lake Erie RR.
-Month of June- -6 Mos. End. June 301932.
1933.
1932.
1933.
$897,754 $6.097,911 $6,276,147
Railway oper. revenues_ $1,480,397
5,777,204
Railway oper. expenses_ 1.047,703
883,387 5,237,971
Net rev.fromry.oper.
Railway tax accruals.... _
Uncollect. ry. revenues_
Equipt. & it. fac. rents x
$432,693
106,654
12
112,890
$14,366
79,759
3
121,520
3859,939
514,719
45
664.214
$498,942
529.734
13
747,951
Net ry. oper. income_
Miscl. & non-oper. Inc__
$438,917
122,801
$56,123 $1.009,389
397.775
148,862
$7/7.145
440,556
Gross income
Deduct'ns from gross inc
$561,718
144,261
*204.986 81,407,164 *1,157,702
563,706
614,724
85,899
8593,995
$792,440
Net income
$417.456
$119,086
x Credit balance.
12FLast complete annual report in Financial Chronicle May 27 '33, p. 3712
Rutland RR.
-Month of June- -6 Mos. End. June 30-1932.
1933.
1933.
1932.
Railway oper. revenues_ $.305.392
$319,220 81,1
09.161 $1,968,831
1,481,826
1,697,183
Railway oper. expenses..
266.357
270,877
Net rev,from ry.oper.
Railway tax accruals_ _
Uncollect. ry. revenues
Equipt. & it. fac. rents x
S39.035
19,902
20.915
$48,343
• 21,530
12
2.306
Net ry. oper. income..
Miscl. & non oper. Inc__
Net Earnings Monthly to Latest Dates.
Galveston Wharf
June
Gross from railway.._ _
Net from railway_
Net after rents
From Jan 1
Gross from railway.._
Net from railway__ _
Net after rents
Indiana Harbor Belt RR.
$40,048
4,346
929,186
7.164
Gross income
Deduct'ns from gross Inc
$44,394
35,431
$36,350
36,115
$127,334
119,212
191
75,025
$82,956"
35,112
$118,068
213,412
$271.647
129,591
541
18,174
9159,690
43,758
$203,448
218,962
$15,513
Net income
$8.962
$95,344
$235
x Credit balance.
lerLast complete annual report in Financial Chronicle May 13 '33, p. 3335
Toronto Hamilton & Buffalo RR. Co.
Period End.June 30-- 1933-3 Mos.-1932.
Railway oper. revenues_ $279.315
$348,390
220,243
300,835
Railway oper. expenses_
9,750
Railway tax accruals_ _ _
12,000
389
Uncollect. ry. revenues_
Cr11.332
Cr16,102
Equipt.& it.fac. rents__
1933-6 Mos.-1932.
$742,466
$554,467
450,559
652,207
19,500
24,000
389
53
Cr20.496
Cr23,279
Net ry. oper. income_
Miscl.& non-oper. inc._
$60,265
14,243
$51,657
19,188
$104,517
26,926
$89,485
42.348
Gross income
Deduct'ns from gross Inc
$74,508
91,898
$70,845
95,484
$131,442
175,627
9131,832
169,432
$17,390
$24,639
$44,185
$37,600
Net deficit
1230
Financial Chronicle
INDUSTRIAL AND MISCELLANEOUS CO'S.
Air-Way Electric Appliance Corp.
12 Weeks
3 Mos.
24 Weeks
6 Mos.
Ending
Ending
Ending
Ending
PeriodJune 17'33 June 30 '32 June 17 '33 June 30 '32
Net loss after taxes, deprec.
etc
$31,962
$181,169
$78,299
$87,365
The income account for the 24 weeks ended June 17 1933,follows: Operating Ires $62,839; depreciation $24,526: net loss $87,365.
prEast complete annual report in Financial Chronicle Mar. 25 '33, p. 2071
Alaska Juneau Gold Mining Co.
Period Ended July 31- 1933
-Month-1932.
1933-7 Mos.-1932.
Gross profit
$263,500
8260.500 $1,877,500 $1,864,500
Net profit after operat.
exp. & develop, charges
but before deprec., deVet. & Fed. taxes
111,700
104,200
723,000
657,800
OrLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1888
Aldred
6 Months Ended June 30--
Investment
Trust.
1933.
$175,575
11,488
166,186
Operating income
Expenses
Debenture interest
Loss
Loss on securities sold
1932.
$206,569
10,965
177,163
$2,099 prof$18,440
152,625
78,202
Total loss
$154,724
$59,762
10"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1377
Aug. 12 1933
American Thermos Bottle Co.
Six Months Ended June 301933.
1932.
1931.
Net profit after charges and taxes
$22,202 $13,723 $47,636
Earns, per sh. on 108,967 shs. corn. stk (no
par)
Nil
Nil
.50.07
10 Last complete annual report in Financial Chronicte May 13 '33, p. 3343
Aviation Corp. of Del.
(And Subsidiaries)
6 Months Ended June 30Profit from operating
Depreciation
1933.
1932.
$809,378 10s4574,272
753,067
718,956
1931.
$39,621
640,650
prof$56,311 $1,293,228
129,082
224,966
207.564
$601,029
339,325
pf$392,957 $1,068,262
60,228
78,799
29,129
11,672
1,389,181
$261,704
231,947
Loss
pf$321,057 $2,565,371
Proportion of profit on contr. cos.
(not consolidated)
$736,895
Loss
Other income
Profit on sale of secur
Net loss
Expenses of parent company
Extra charges and special loss
Loss on sale of flying equipment
Loss on sale of securities
7,415
Net loss
p1$321,057 $2,565,371
$729,480
For the quarter ended June 30 1933, company reports net profit of
$378465 after depreciation, expenses, loss on sale of flying equipment
andincluding profit of $194,092 on sale of securities. This net profit is
equal to 13 cents a share on 2,777.753 shares (par $5) of capital stock,
and compares with a net loss of 31,741,499 in the second quarter of 1932.
ta'Last complete annual report in Financial Chronicle April 15 '33, p. 2613
Amerada Corp.
(And Subsidiaries)
Baldwin Locomotive Works.
Period End. June 30- 1933-3 Mos.-1932. 1933-6 Mos.--1932.
Gross operating income_
$845,845 $1,540,933 $1,828,575 $2,933.555
Oper. and admin. exps.,
taxes,leases aband..&c
832.564
808,163
1,667,617
1.662.073
Operating income_ __ _
$13,281
$732,771
$160,958 $1,271,482
Other income_.._.
163,716
107.461
302.548
269.969
Total income
$176,997
$840.232
$463.506 $1.541,444
Deprec.,depl.& drill.exps
485.092
513.071 • 973,540
988,899
Net income
def$308.095
$327,166 def$510,033
$552,545
Number of shares issued
(no par)
922,075
922,075
922,075
922,075
Earnings per share
Nil
$0.35
NH
$0.60
Earns, per share on No.
of shares outstanding
with public
Nil
$0.43
Nil
$0.72
10
-Last complete annual report in Financial Chronicle April 15'33, p.2612
12 Months Ended June 30Sales
Cost and expenses
Depreciation
1933.
1932.
$7,602,394 $16,980,342
9.487,927 18,465,959
1,847,147 1,829,698
Operating loss
Other income
$3,732,680 $3,315,315
683,663
797.426
Loss
Interest
Miscellaneous charges
$3,049,017 $2,517,
889
1,102,733 1,186.
374
247,644
412,549
Loss
34,399,394 $4,116,812
Equity of minority stockholders in net profit of
Midvale Co
Cr125,411_ Dr98,050
Net loss
$4,273,983 $4,214,862
la"Last complete annual report in Financial Chronicle Jan. 28 '33, p. 653
American News Co., Inc.
(And Subsidiaries)
6 Months Ended June 30--
1933.
1932.
Baltimore Tube Co.
1931.
1930.
Net income after deprec.,
taxes, &c
$4,797 loss$345,709 $113,848
$425,443
Shares no par stock outstanding
211,348
212,683
216,000
x206,000
Earnings per share
30.02
Nil
$0.53
$2.06
x Average amount outstanding during period.
PZ'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1552
American Safety Razor Corp.
(And Subsidiaries)
Period Ended June 301933-3 2vfos.-1932. 1933-6 Mos.-1932.
Net profit after deprec., Fed.
taxes, &c
$171,729 $159,645 $317,712 $304,802
Earns, per sh. on 200,000 shs.
cap. stk. (no par)
$0.86
$0.80
$1.59
$1.52
10
-Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1552
American Telephone & Telegraph Co.
Month of June6 Mos. End, June 301933.
1932.
1933.
1932.
Operating revenues
$7,784,909 $7.340,838 $42,720,152 $47,787,515
Uncollectible oper. rev- _
97.624
107.047
615.384
631,049
Operat ng revenues
$7,687,285 $7,233.791 $42,104.768 $47,156.466
Operating expenses
5,534,195 6,690.341 34.414.815 39.242,274
Net operating revenues - $2,153,090 $543,450 $7,689,953 $7.914.192
Operating taxes
626.682
500.210 3.065,202 3.190,761
Net operating income
$1,526,408
$43,240 $4,624.751 $4,723,431
rLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1007
1931.
1930.
x $925.844 $1.793,104
749,377
750,000
134.225
Total profit
$197.701 46,810,561 41.809.446 x32,543,104
x Loss.
Capital Surplus Account June 30.
-Capital surp.us as per annual report
at Dec. 31 1932. $25,493,799, discount on additional pref, stock purchased
for retirement, less fixed assets transferred to Textile Realty Co.,$365.631,
total capital surplus at June 80, $25.859,430.
Profit and Loss Deficit Account.-Dedicit Jan. 1 1933. $7,285,421, profit
for six months ended June 30 1933.$197,701.consolidated surplus at June30,
$18,771.710.
tarLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1553
Associated Apparel Industries, Inc.
6 Months Ended May 311933.
1932.
Net loss after interest, depreciation, etc_
$94,444
$163,790
CO Last complete annual report in Financial Chronicle Feb. 18 '33, p. 1203
-
Associates Investment Co.
1933.
1932.
6 Months End. June 301931.
1930.
Earned interest & discount-- $1,147,989 $1,244.419 31.461,733 $1,444,532
666,591
698,390
Expenses
957,846
955,037
146,683
193.273
Other charges
54,261
Federal income taxes
44,943
66,871
60,796
Adjustments
cr.27,000
Net profit
Preferred stock dividends
Common stock dividends_ __
$307,454
45.500
160,000
5307,812
45.491
160,000
1137.016
45.500
230,721
$428,699
45,500
153,012
Balance
$101,954 $102,321 $160.795 $230,187
Previous surplus
4,803,248 4.601,595 4,304.213 3,712,081
Increased capital
Cr29,449
Sundry surplus adjustments.
Cr3,465
Cr4,260
Dr14,226
Uncl. div. scrip
1.756
Total surplus
$4,908,668 34,709,932 34,494,457 $3,928.043
arLast complete annual report in Financial Chronicle Feb. 8, '33. p. 1203
1933-6 Mos.-1932.
Period End. June 30- 1933-3 Mos.-1932.
Net loss after taxes, de$1,163
$53,677
$34,777
preciation, &c
$105,761
arLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1379
Barnsdall Corp.
(And Subsidiaries)
Period End. June 30Operating loss after int.
and taxes
Dept., intang. develop.
costs & lease costs-
1933-3 Mos.-1932.
1933-6 Mos.-1932.
3135,066 p13778,965
3290,344pf$1,162,547
847,430
748.782
1,544,955
1,522,488
$982,496 prof$30,183 $1,835,299
Net loss
$359,941
aPLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1710
Best & Co., Inc.
1932.
1933.
1931.
6 Mos. End. June 30
1930.
Net profit after deprec.
$180,964
$10,545 $525,464 $605,387
& Federal taxes
Earns. per sh.00 300.000
$0.01
81b3. corn. stk.(no par)
$0.58
$1.73
$1.99
Net sales for the 6 months ended June 30 1933 amounted to $5,225,972
as compared with $5,598,863 for the same period in 1932, a decrease of
6.7%.
"Last complete annual report in Financial Chronicle April 1 '33, p. 2248
Bigelow-Sanford Carpet Co., Inc.
6 Months Ended June 30Operating profit
Depreciation
Inventory price adjustments
Interest on serial notes
Other interest expense
Reserves
1933.
1932.
1931.
$251,6261o88$271,152 31,170,234
371,163
454,275
424,235
45,560
85,000
817
713
29,528
220,000
Loss
Non-operating income
American Woolen CO.
(And Subsidiaries)
6 Mos. End.June 30- 1933.
1932.
Net profit after charges- $1,015,389 42,920,261
Depreciation
552.253
539.517
Inventory adjustment_ 236,059 3,304,559
Interest on mortgage._
46,224
29,375
Note issue exp. & prem.
written off
243,244
$149,065
18,289
$991,804 p13660,288
22,318
22,120
Net loss
Preferred dividends
$130,776
$969,486 pf$682,408
81,729
81,177
$130,776 81,050,602 p13600.678
Deficit
O"Last complete annual report in Financial Chronicle Feb. 25 '83, p. 1379
Boston Revere Beach & Lynn RR.
(As reported to the Mass. Department of Public Utilities.)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 5.fos.-1932.
Rev, fare passen. cared_ 31.972.866 $2,193.817 $3,898 374 $4,373,351
10.7
10.74
10.87
Average fare (cents)--16.51
$6,575
$8.813
$21,504
Net loss
$37,723
Bullard Co.
1932.
6 Mos.End.June 301933.
loss$157,2261054207,536
Gross profit
158,674
78,570
Expenses & depredation
1931.
$98,175
242,344
1930.
$178.790
243.180
Operating loss
Other income
3235.796
3.674
$366.210
93,409
$144,169
Dr.28.563
$64,390
2.326
Total loss
Federal & other taxes__ _
3232.123
4,000
8272.801
$172,732
862,064
Net loss
Dividends paid
3236.123
$272,801
$172.732
562.064
220,800
$282,864
$172,732
Balance, deficit
$272.801
$236,123
Shares corn, stock out276.000
300,000
standing (no par)_
276,000
276,000
Nil
Nil
Nil
Earnings per share
Nil
-Balance, Dec. 31 1932, $1,114.784;
Surplus Account June 30 1933.
net losb for six months ended June 30 1933, $236,123; balance surplus June
30 1933. 3878.662. .
WLast complete annual report in Financial Chronicle Mar. 25 '33, p.2074
1231
Financial Chronicle
Volume 137
Compo Shoe Machinery Corp.
Bush Terminal Buildings Co.
Period Ended June 30 1933Gross earnings
Operating expenses
Depreciation
interest
3 Months. 6 Months.
3509.802 $1,066,340
704,143
327,541
114,655
57,351
223,450
111,725
824,092
$13,185
Net profit before Federal taxes
UPLast complete annual report in Financial Chronicle Mar. 25 '83, p. 2073
Bush Terminal Co.
(And Domestic Subsidiaries)
3 Months. 6 Months.
Period Ended June 30 1933$1,210.724 $2,513.368
t;ross earnings
1,754,914
850.896
Expenses
268,826
129,459
Depreciation
471,053
229,346
Interest on bonded debt
$18.575
$1,023
Profit before Federal taxes
IgirLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2074
and Mar. 18 33, p. 1890.
Carman & Co., Inc.
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.--1932. 1933-6 Mos.-1932.
Net income after ex$35,076
$20,175
$14,293
penses & all other chgs
$22,629
Shares class A stock out37,036
35.546
standing
37,036
35.546
$0.95
$0.57
Earns, per share
$0.39
$0.64
0
complete annual report in Financial Chronicle May 13 '33, P• 335
larLast
$231,588
170,643
24,968
50.377
Gross revenues
Expenses
Depreciation
Other deductions
$14,400
Deficit
Chester Water Service Co.
(including Wholly Owned Non.° crating Companies)
1932.
1933.
12 Months Ended June 30$510.799
$468.409
Operating revenues
123,478
138.986
Operating expenses
19,274
27,679
Maintenance
17,824
15.719
General taxes
Net earnings before provisions for Federal income
tax and retirements and replacements
Other income
$309,938
2.646
8326.310
5.365
Gross corporate income
Interest on long term debt
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
PrONision for retirements and replacements
Miscellaneous deductions
$312,584
149.496
1.421
'.287
11.427
30.998
1.906
$331,675
148,995
185
1.196
11,655
17,750
1,352
$150.542
$116,049
Net income
66.000
66.000
Dividends on preferred stock
-In order to show the financial position and results of operations
Note.
bonds of Chester
of the properties subject to the lien of the 1st mtge. gold
Water Service Co., the accounts of the Delaware Water Supply Co., a
wholly owned subsidiary, have not been consolidated herein.
M Last complete annual report in Financial Chronicle April 22'33, p. 2796
Colgate-Palmolive-Peet Co.
(And Subsidiaries)
Earningsfor 6 Months Ended June 30 1933.
$31,236,474
30.193,228
$1,043.246
115,286
Operating profit
Other income
31.158,532
4.147
38.966
350.298
Total income
Interest paid
Miscellaneous deductions (net)
Federal taxes
Cushman's Sons, Inc.
--12 Weeks Ended- -28 Weeks Ended
July 15'33. July 16'32. July 15'33. July 16'32.
Net profit after int., deprec , Federal taxes &
$404.794
3281.935
other charges
$91,294
$61.687
Earns, per. sh. on comb.
$4.64
$6.66
$1.50
$1.01
pref. stocks
rarLastcomplete annual report in Financial Chronide Mar. 18 '33, p. 1891
Period-
Dominion Stores, Ltd.
1933.
1932.
39.821,790 511.656,936
9.603,262 11.382,102
6 Months Ended June 30Sales
Costs and expenses
Gross profit
Other income
$218.528
45.466
$274,834
65.087
Total income
Depreciation
Federal taxes
$263.994
84.720
22,500
$339.921
84,786
31.900
$156,774
$223.235
Net profit
$0.55
Earns. per sh.00 282.382 shs. cap.stk.(no par)$0.79
CZPLast complete annual report in Financial Chrimtcle April 8 '33, p. 2431
Duquesne Light Co.
$496.222
Deficit
a'Last complete annual report in Financial Chronicle Mar. 4 '38, p.1554
Columbus Ry., Power & Light Co.
1931.
1930.
1932.
12 Mos.End.June 30-- 1933.
39.305.616 58.787.738 39,401.438 310.029.583
Gross revenues
3,506,293 3,482,125 3.649 039 3,963.612
Operating expenses
961,000 1,084.685 1.119,001
1,166,617
Taxes-incl. Federal
Depreciation
1.181.985 1,024.000 1,000,000 1.000.000
977.471
873.299
890.743
other deductions.. 1,311.978
Int. &
$2,138,742 32.343.143 32.794,415 33.056.227
Net income
817.164
816,409
817.162
830,813
Divs. on pref. stocks- _
$1,977,251
1932.
1933.
$23.831.342 326.609.711
8,407,716 9,187,985
Net earnings
Other income-net
$15,423.626 $17.421.726
972,109
985,279
Net earnings including other income
Rent of leased properties
-net
Interest charges
Amortization of debt discount and expense
Other charges
Appropriation for retirement reserve
316,408.906 318,393,835
181,464
178,614
3,181,074 2,969,527
150,677
167.318
721
721
2,128,777
1.906,507
Net income
Earned surplus, beginning of Period
-net
Sundry adjustment
510,974.671 312.962,669
25,165,431 23.116.354
82,684
27.358
Total surplus
Preferred dividends
Common dividends
$36,167,460 $36,161.707
1.375.000
1,375,000
9,687,726 9.621,276
Earned surplus, end of period
$25,104,734 325,165.431
10"Last complete annual report in Financial Chronicle May 13 '33, p. 3331
Eastern Rolling Mill Co.
1933-6 MM.
-1932.
Period End. June 30- 1933-3 Mos.-1932.
3211.348
540,762
Loss
$86,771
$19,383
90,538
88,737
44,228
Prov. for depreciation- 45,364
3301.886
3129.499
Net loss
$132,135
363.611
-Earned deficit Jan. 1 1933, $233,739,
Surplus Account June 30 1933.
loss for six months (as above), $129,499; extraordinary credits for period
$200, earned deficit June 1 1933. $363,038. Capital surplus Jan. 1 1933.
$185,358. Total deficit, June 30 1933, $177,680.
12EPLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1892
Eastern Steamship Lines, Inc.
-6 Mos. End. June 30-Month of June1
1932.4
1933.
1932.
1933.
3922,638 34.007,139 $4,140.120
81,032,448
Operating revenue
756,789 3,889,826 4,117.185
786,272
Operating expense
22,935
117,313
165,649
246,176
Operating income
42,900
35.775
7.342
5,357
Other income
384,842
456,265
74,595
68.511
Other expense
$98,596 def$303.177 def$319,007
$183,022
Net income
-Last complete annual repott in Financial Chronicle June 10'33, p. 4095
101
Easy Washing Machine Corp.
Earnings for 6 Months Ended June 30 1933.
Gross profit after cost of sales. &c
Other income
$3397,038
25,055
Total income
Selling, administrative & gen. caps. (incl. deprec. of $4,891)
Other charges
$422,093
462,815
21.255
Net loss
Previous surplus
3765,121
763.699
497.644
Net profit
Preferred dividends
Common dividends
Surplus avail, for corn.
stk. divs.& other requirements
$1,307,928 $1,525,981
1932.
$78,672
12 Months Ended June 30Gross earnings
Operating expenses, maintenance and taxes
Charleston Interurban RR. Co.
Earningsfor 6 Months Ended June 30 1933.
Net sales
Costa, expenses & depreciation
1933.
$124,104
6 Months Ended June 30Net income after deprec., obsolescence & taxes_ _ _
$61.977
1,279,649
$1,217.672
Balance, June 30
arLast complete annual report in Financial Chronicle July 29 '33, p. 873
Electric Auto-Lite Co.
1933-6 Mos.-1932.
Pericd End. June 30- 1933-3 Mos.-1932.
Net profit after deiprec.,
int., Fed. taxes. &c--- $245,610
$550,834
$316,012 $1.u98.514
Earns. per sh. on 889.309
sirs. corn. stk. (par $5)
$1.08
$0.19
$0.55
$0.19
129 Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1723
$2,239,818
Electric Products Corp.
Commercial Investment Trust Corp.
(And Subsidiaries)
1932.
1931.
1930.
1933.
6 Mos.End.June 30
Volume of bills and acpurchased_ - _3189,800.5873171,584,7763195.761,5943207,204,728
counts
Net income after taxes &
after all deductions for
losses, credit reserve &
3,863,814 4,467.797
2.799,582 2.947.281
contingencies
Divs. received on stock
purchased for resale to
270,886
empl. & for redempt'n
$2,799,582 $2,947,281 33.863,814 $4,738,683
Total
1,261,961
861.430
1,534,741
564,197
Divs. paid on,pref.ttocks
2,021.208 2.057,178
1,673,537
Divs, paid on corn stock 1,959,716
510.961
divs. corn. stock
Stock
3544.675 31,019.445
$64,593
$275,669
11.dance
13.859.773 12,761.049
Earned surplus Jan. 1..- 13.941,399 27,781,974 27,591,738 11.366,494
29,289,080
27,617,806
Paid-in surplus
134.542
13,395 Dr514.713
129.777
adjustments_ _ _
Surplus
Profit & loss surplus .541,964.651 $41.840,882 $40,910,858 $41.160.306
Earns. per sh. on average
amount common stock
$1.03
$1.26
$1.53
$1.12
outstanding
rirLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1009
--3 Months Ended- 6 Mos.End
PeriodJune 30'33. Mar.31'33. June 30'33.
Net income after charges
$32.437
$78,402 loss345,965
Nil
Earns, per share on 81,365 shares_ _ _ _
$0.40
$0.96
Fairbanks Co.
(And Subsidiaries)
Period End. June 30
1933-6 Mos.-1932.
- 1933-3 Mos.-1932.
Operating profit
398.379
$49.641
328,868
$46,216
146,150
Operating expenses
58,701
120.759
67.729
Depreciation, int., res.,
97,358
94,273
47,203
for Federal taxes,&c
48,285
$145.129
Net loss
$69,798
$77,036
$165,391
ta"Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1893
Fifth Avenue Bus Securities Corp.
6 Mos. End. June 30Net profit
Dividends
1933.
3186.974
189,512
1932.
$187,349
189.412
1931.
3190,534
188,990
1930.
5190.599
188,980
def$2,538 def$2,064
$1,544
$1,619
Surplus
Income account for the quarter ended June 30 1933, follows: Income
dividends and interest $95,567; expenses, taxes, &c., $3,404; net
from
income $92,164; dividends $94,706; deficit $2,542.
larLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1584
1232
Financial Chronicle
Flirttltote Co.
(And Subsidiaries)
Period End. July 15- 1933-3 Mos.-1932. 1933-6 Mos.-1932.
Net loss after taxes, deprec. & other chgs__prof$141,385
$834,036
$262,211
$307,028
IgirLast complete annual report in Financial Chronicle July 1 '33, p. 148
General Cigar Co., Inc.
(And Subsidiary)
6 Mos. End. June 30-- 1933.
1932.
1930.
1931.
Gross earnings
$2,807,174 $3,691,941 $4,629,939 $5.616,328
Expenses
2,390,980 3,166.725 3.509.456
2.048.763
Operating profit
$106,872
3758.411 $1.300.961 $1,463.214
Other income
24.794
25,910
15.428
57,153
Total income
3783.205 $1.326.871 $1,478,642 $2.164.025
Interest
131.898
80.422
105.000
Depreciation, &c
358.215
395,300
251.222
388.092
Federal taxes
90,925
71.672
104.301
190.856
Net income
$783,933
$441.058
3913.877 31.445.971
Preferred dividends
175.000
175,000
175.000
175.000
Common dis Mends
945.964
978.168
945.964
945.964
V Deficit
$207.087 sur$292.1303
$679,906
3337,031
Shs. corn. stk outst'g
489.084
472 982
472.982
472.982
Earnings per share
$1.56
$1.28
$2.59
$0.56
klo=Last complete annual report in Financial Chronicle Feb. 4 '33, p. 850
General
Steel Castings Corp.
1932.
1933.
8279.802 prof.$9.469
609.649
629,683
1931.
$157.864
579,769
$889.450
119.916
$620,214
156.750
8737.633
232.952
Loss
$769.535
Bond interest and amortization
472.176
Amortization of patents and original
expense
Provision for shrinkage in market
securities
81,238
$463.464
500.713
$504.681
572.120
6 Months Ended June 30Loss from operations
Depreciation
Loss
Other income
129,500
138,980
Net loss
31.322.948 31.103,157 31.206,301
For the quarter ended June 30 1933. net loss was $639.854 after taxes,
charges. etc comparing with net loss of 3683.094 In preceding quarter and
net less of $616,388 in the June quarter of 1932.
OrLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1726
(B. F.) Goodrich Co.
(And Subsidiaries)
1933. •
1932.
6 Months Ended June 30Net profit after deprec.. interest & Federal taxes__ x$870,577 loss$710,821
x The operating profit for the period, after deducting approximately
$650.090 of non-recurring charges, amounted to $311.659. To this was
added a profit of $2,301,798 arising from purchases of the company's bonds
and debe mires and $746.126 representing appreciation in foreign exchange
rates, giving a total of 33.361.583. From this was deducted $2,491.006
covering interest, miscellaneous corporate charges and provisions for
Federal income taz, resulting in the net profit of $870,577 as stated above,
larLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1539
Goodyear Tire & Rubber
Co.
(And Subsidiaries)
1932.
6 Mos.End June 30-- 1933.
1931.
1930.
Net sales (returns, disc.,
freights, allow & Interco. sales deducted)_ - -851,481,898 $68,953,779 $83.228.662 $110,804.582
Mfg. cost & chgs. (Incl.
deprec.), sell's. admin.
St gen. exp. & prov. for
Federal taxes
51.220,305 68.272,930 77.332.265 103.466.594
Net profits
Other income
$261.593
679.708
$680.849 $5.896.397 37,337 988
1.362.596
697.534
845.304
Total profits
$941301 32.043.445 36.593,931 $8,180,292
Int. on misc.& l'und.deb. 1,453,903
1.496.077 1.624.563
1,722.210
Proport. of discount on
funded debt and prem.
19.760
on bonds and debs__
51,477
54,133
58.107
Tot.profits for period def.3564.079
-Profits on sub.
Deduct
cos appl. to stocks not
held by co.: Current
divs. on pref stock _ _ _
173,957
Equity in undistributed
earnings
Read'. of foreign exch.
res
Cr.1.298.987
$527,609 34,915,23o $6,402,975
477.100
693.465
632.606
178,060
Bal. of profits carried
$50,504 $4.22 ,770 85.592,309
to surplus
3560.951
Earn,surplus Dec.31 _ _. 9.971.009 16.146.197 23.795.957 26,6.38,615
Total earned surplus _$10,531.960 316.196,706 328,017.728 832.230.924
Preferred dividends _-__
757.958 2.668,956 2.704.219 2,728.995
Common dividends
2.154.791
3,509.031
Earned sur. at June 30 39,774.002 313 527.750 323.158 718 $25,992,898
Shares com, stock outstanding (no par)...._ 1,493,021
1.448,027 1,435.137 1.417.360
Earns. per share on corn_ •
Nil
Nil
$1.06
$2.02
I:PLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1883
and Mar. 4 '33, P. 1558
.
• Grand Union Co.
(And Subsidiaries)
-3 Mos.--6 Mos.-July)'33 July 2'32 July 1 '33 tat/ 2'32
Periodincome after deprec. Fed.
Net
-$102 465 3204.154 8114.609 8415.171
taxes, &c
erLast complete annual report in Financial Chronicle April 1 '33, p. 2261
Aug. 12 1933
Per.End.June30
Tons mined
Pounds lead produced
Average lead price
Pounds zinc produced
Average zinc price
Ounces silver produced_
Averagesilver price..--Gross income
Operating expenses
Taxes accrued
Depreciation
Hecla Mining Co.
933-3 Mos.-1932.
1933-6 Mos.-1932.
40.237
40,303
80,580
91.619
8,068,208 8.208.550 16,970,790 18,841.201
$2.92
$4.05
$3.59
$3.13
141,355
108.798
256,848
279.565
$3.90
$2.67
33.41
$2.75
199,284
205.750
423.573
481.947
$0.36
$0.27
$0.32
$0.28
8265.267
3164.652
$462,343
$425,171
172,278
163,065
337,338
358.166
8.119
8,109
15,719
15.808
16,094
16,534
32,223
37,088
Net income
368.776 def$23,055
377,062
$14.109
Earns. per sh. on 1.000.000 shs. of(par 25 cts.)
capital stock
Nil
$0.07
30.08
$0.01
Wiest complete annual report in Financial Chronicle Mar. 18 '113, p. 1895
Hershey Chocolate Corp.
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
$1.122.955 $1,229,063 $2,442,530 $3,324,784
Operating profit
Other income
40,360
56,753
72,331
112,666
Gross income
Cash discount
Federal taxes
$1.163,315 $1,285.816 82,514.861 $33,437.450
100,201
125.880
206,427
296,402
146,178
159,491
317.410
397.224
Net income
$916.936 $1,000,445 31,991.025 $2,743.824
Convetible pref. divs_ _ _
259,568
259,568
x519.136
x530,539
Common dividends
546,487 1.092.973
1.093.974 2,184,266
Surplus
$110,881 def$352.096
$378,914
329,019
Shares common stock
728.649
outstanding(do par)
728.649
728.649
728.649
Earnings per share
$0.90
$1.01 ' ' $2.02
$2.66
x Does not include extra div. of $1 per share payable In February from
previous fiscal years' earnings.
'Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1895
rff
Household Finance Corp.
(And Subsidiaries)
1932.
1933.
6 Mos. End. June 301931.
1930.
Gross income from oper_ $6,447,133 36205,310 35.959,197 35,055.592
Operating expense
x3,797,870 3.391,611
2,988.643
2,571,664
Net inc. from oper
32.649,263 32,913,699 32,970,554 $2,483.928
Other income credits
6.199
52,521
11.536
16,371
Gross income
32,655.462 32.966.220 $2,982,090 32.500,299
Interest paid
292,683
532,973
496,376
349.975
Federal Income tax
327,034
337,447
301,635
267,006
Other charges
244,923
155,567
67,749
12,779
Minority int, in earnings
of subsidiary co
106
Net income
31.790,715 31,940.232 $2,116,330 $1,870,540
2,997,286 3,121,616
Balance Jan. 1
2,918,341
2,671.462
Other credits & charges_ Dr142.222 Dr121,720
Dr24.872
125,766
Balance before divs_ _ - $4,645.780 $4,940,129 85.009.799 $4,667,768
Partic. preference diva
453,837
445.893
349.112
337.503
Class A common divs
273,546
304,267
165,908
137,838
Class B common divs
616,640
793,032
826,787
745,676
Stock diva.; Cl. A com194.138
Class B common
1,070,738
Balance June 30
$3,309,701 $3,388,993 $3,667,992 $2,181,877
Combined clam A & B
shs. outstdg.(no par)_
592,074
607.722
553 643
554,815
Earnings per share
$2.27
$2.45
$A.01
$2.50
x Including instalment notes receivable written off as uncollectible
(net). $1,156,106.
'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1025
Houston Oil Co. of Texas.
(Including Houston Pipe Line Co.)
Period End. June 30- 1933-3 Mos.-1932. 1933-6 Mos.-1932.
Gross earnings
$973,834 31,495,897 $2,061,121 $3,119,012
Operation & general exp.
& taxes
684,627
915,092
1,393,690
1,883,828
Income from oper
$289,207
$580,805
$667,431 $1,235,184
Other income credits_
40.046
52.990
63.632
77.553
Total income
$3329,253
$633,795
$731,063 31,312,737
Abend.leases & retirem't
int., amort.& Fed. tax
304,367
367.115
652,876
617.327
Deprec. & depletion__ _ _
404.265
408.360
812,860
816,943
Net loss
3141.680
$379.379
37.14,673
3121,535
ta''Last complete annual report in Financial Chronicle Mar. 11 '33, p. 172
Illinois Bell Telephone Co.
-Month of June-6 Mos. End, June 301933.
1932.
1933.
1932.
Operating revenues
$6,197.925 $6,670,103 $36,355.673 341,852.126
Uncollectible oper. rev
47.153
57.529
398.429
417,250
Operating revenues__ -$6.150,772 36.612,574 335,938.423 $41,453,697
Operating expenses
4.286,712 4.837.056 25.834.220 3O.126780
Net oper. revenues
$1.864.060 31.775,518 310.104,203 $11,326:40
Operating taxes
808.116
823,125
5.100,063
4.646,521
Net operating income-$1,055,9448952.393 $5,457.682 16.226,854
'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1014
Kelsey-Hayes Wheel Co.
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Net loss after taxes.
charges, &c
prof$21,899 loss$373.083
3351,722 $1,029.616
Operations of company's English subsidiary, which are not included in
above 1933 figures. resulted in a net profit of $39,286 for the quarter ended
June 30 1933 and net profit of 349,544 for the 6 months ended that date,
both figures being converted at the year-end rate of 3.323 for sterling.
OrLast complete annual report in Financial Chronicle July 29 '38, p. 878
Kendall Company.
24 Weeks Ended June 17Gross profit
Grigsby Grunow Co.
• Depreciation
Subsidiaries)
(And
Current Interest paid
- Current interest received
-6Mos. Ended
-3Mos. Ended
Provision for dividends on subsidiary pref. stock
Period EndedJune 17 '33 J14716 37 '32 June 17 '31 June 30 '32
Bond interest
Net sales, less royalties_ $2,179,507 $3,254,700 x$3.690.374 36.262.152
Amortization of bond discount
Costs, exp., deprec. &
Discount on debenture bonds retired
7,224,437
amortization
2.753,910 3,562.614 4,898.566
Discount on purchase money mortgage retired
Loss on disposition' capital assets
$307,914 81,208.192
3962.285
Operating loss
$574,403
Provision for Federal and Canadian taxes
252,415
105.802
Other income charges__ _
5,455
182,805
Portion of loss of ColumNet profit
Phono.Co.,Inc.applicProvision for regular divs. on series A pref. stock
5,417
12.061
4,369
able to minority int
2,196
$309.000 31,455,190 31.056.026
Net loss, majority int_ 8755,012
O'Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1559
1933.
$701.818
288,413
1,068
Cr.10,519
40,152
124,660
13,311
Cr.33.718
Cr.3 725
.
28.568
56,985
1932.
$555,642
350.843
2.053
Cr.12,997
40.469
133.381
13.740
Cr.17,044
3196.623
100,124
317,083
99.786
3,000
25,114
Profit after regular preferred dividends
396,499 def$82,703
ri'Last complete annual report in Financial Chronicle July 8 '33, p. 324
Financial Chronicle
Volume 137
Interborough Rapid Transit Co.
-12 Mos. End. June 30-Month of June1932.
1933.
1933.
1932.
Gross-oper. revenue- --- $4.772,739 $5,172,161 359,307,082 366.320.859
Operating expenses
2,917.583 3,581.775 38,659.016 42,829.177
Net oper. revenue_ __ - $1,855,156 31.590,385 320.648.065 823.491,681
Taxes
169,142
199,154 2,162,814 2.377,443
Income from operation $1,686.013 81,391,231 318.485,251 321.114.238
Current rent deductions.
5,022.535
414,692
418,253 4,991,591
Balance
$1,271,320
Used for purchase of assets of the enterprise_
457,673
$972,977 313,493,659 316,091,702
def41,190
205.035
354.367
1233
Marlin-Rockwell Corp.
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Gross earnings
3102.218
$67,014
$188,009
3156.520
Expenses, &c
76,440
85,675
155.354
193,819
Depreciation
58.715
58.965
117.430
117,930
Loss
Other income
$32.937
26,233
31,167,580 31,028.960 $12.698,819 813,051.946
1.154,477 13,708,421 13.955,576
1.132,121
Net inc. from oper- -Non-operating income__
Balance before deducting
5% Manhattan div.
rental
Amount required for full
div. rental at 5% on
Manh. Ry. Co. modif.
guarantee stock, payable if earned
$35,458 def$125.517df$1,009.601 def$903.629
40,204
2.951
71.880
4.305
$38,410 def$121,211 def$969.397 defS831,749
231.870
231.870
2.782,450
2.782,450
Amt. by which the full
5% Manhattan div.
rent, was earned.def 3193,459
$3353.082 $3.751,847 $3.614,199
Note.
-The "subway" and "system" balances as shown herein for the
current month and for the 12 months ended June 30 1933, are limited as to
the "subway" to the amount the company is entitled to retain for such
periods. On the basis of the present accounting there are no past due
"subway" preferentials which the company may collect from future subway earnings.
"Current rent deductions" and "fixed charges" as stated herein are based
upor the outstanding securities of the company and its obligation under
leases, without attempting to state the portion of such obligation which
may be assumed by the receivers. The "fixed charges" reflect the accrual
from Sept. 1 1932 of the interest on 5% bonds pledged as collateral to 7%
notes, in lieu of Ii terest on the note obligation.
"Last complete annual report in Financial Chronicle Aug. 27 '32, p. 1489
6 Months Ended June 301932.
1933.
1931.
Net sales
$5,623,178 $5,778,891 $7.320.727
Cost and expenses
6,615.456 5,840.516 7.219,081
Interest & miscel. charges (net)_...._
97.515
90.646
153,144
Depreciation & amortization
139.167
118,237
169,047
Net loss
3201.161
$298.307
$220.545
Preferred dividends
101,104
Common an,Wends
39.925
Deficit
3298.307
3201.161
3361,574
12r
'Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2079
Loew's, Inc.
June 8 '33. June 3 '32. June 5 '31. June 6 '30.
$5,943,309 311,213,000 313,951,685 315.568,856
3,359,782 3,838,195 4,122,203 3.786,932
Net profit before sub,
pref. dividends_ _ _ _ x$2.583,527 $7,374,805 39,829,482 311.781.924
x Equivalent for the period to $1.12 per share on the common stock,
comparing with $4.37 per share in 1932 period.
larLast complete annual report in Financial Chronicle Dec. 3 '32, p. 3853
Louisiana Oil Refining Corp.
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Gross sales
32.274,001 $3,748,952 $4,334,925 $6,282,239
Loss before interest, Stc.
274,025 prof.136.409
904,681
331,667
Interest paid
65.961
87.852
167.011
120,855
Deprec., depletion, Sec-..
181,361
304.248
362.451
609,274
Net loss
$233,800 $1,434,143 $1,061.796
$543,238
larLasi complete annual report in Financial Chronicle May 27 '33, p. 3732
Lunkenheimer Co.
6 Months Ended June 301933.
1932.
Net loss after taxes, depreciation, Zzc
$196.349
$269,908
"Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1028
Mapes Consolidated Mfg. Co.
(And Subsidiaries)
1932.
6 Mos.End.June 30
1933.
Gross profit on sales_ _ _ $492.804
3469.415
Selling & genexal expense
47.884
64.405
1931.
3694.0351
44.9601
1930.
Not
stated
Net profit from oper__
Int. & miscell. income__
$428,399
8.371
8421.531
8.271
z 3649.075
7.838
3623.834
7,982
Total income
Prov. for Fed & State
income taxes
prov. for losses on adv.
to affiliated cos
Interest pa (1
Applicable to minority
interests in sub.cos_
3436.767
$429.802
$656,913
$631.817
63,434
60.259
81 708
70.305
3.457
85
966
1.901
Net income
Balance of earned surplus
at Jan. 1
3362.930
3369.458
8574,241
8559.610
625.529
722.850
561.232
348.328
Total surplus
Cash dividends paid-- - Divs. declared pay. quer.
1. to July 2 1934
Provision for market decline of security
3988.459 31.092,307 31.135.473
216.500
240,000
240.000
$907.938
210.000
2.073
4.875
379,500
$60,500
157.623
$43,726
182,072
Maytag Co. (Del.).
Period End. June 30-1933-3 Mos.-1932. 1933-6 Mos.-1932.
Net sales
31.996.195 31.427.941' 32,751.482 33.005,518
Other Income (interest)
royalties, rents, &c
43.830
101,366
58.194
101.549
Total
$2.054,399 $1,471,771 $2.852,848 33.107.067
Less manufacturing, selling & general expenses 1,761,161
1.281.211
2.552.249 2.847.970
Prov. for Fed. inc. taxes
3.600
12.500
12.500
3.600
Depreciation
129.510
74.346
64.755
148.693
Other deductions
55.366
44,597
82.377
84,617
Net profit
Balance, surplus Jan. 1-
3171.376
357.246
322,188
921.675
$331,067
Total surplus
First pref. dividends
Cum. preference divs
Reduction of sec, to
market value
876.211
254.856
3943.863
178.572
214,044
444.719
Balance. surplus
8331.067
3106.527
IZPLast complete annual report in Financial Chronicle May 6 '33, p. 3174
Moto Meter Gauge & Equipment Corp.
Period End. June 30- 1933-3 Mos.-1932.
Gross profit from sales_ $209,921
$44.760
Expenses
85.103
85,769
Depreciation
36.703
44.351
1933-6 Mos.-1932.
$282,630
395.979
167,168
180,504
73.037
88.818
387.449 loss$84.694
3.917
1.531
$42.425 lossS173.343
5.193
5.177
Profit
Int. & other expenses
391,366 loss$83,163
16,621
25,117
$47,618 loss$168.166
31.392
48.567
Net profit
$74,745 loss$108,280
$16,226 loss$216,733
Earns,per sh. on 504,521
she, cap. stk. (par $O_
Nil
Nil
$0.15
$0.03
arLast complete annual report in Financial Chronicle April 22'33, p.2808
Murray Corp. of America.
(And Subsidiaries)
6 Months Ended June 30Gross profit after deduction cost of goods sold--Other income
1933.
$317,506
79.527
1932.
392.666
87.480
Gross income
General expenses
Idle property expense & miscall. deductions
Depreciation
Interest
$397.033
410,855
75.039
305.040
83,445
$180.146
503.822
48,960
657.762
96,019
Net loss
J. W. Murray preferred dividends
$477.346 $1,126.417
7,916
Deficit
$1.134.333
For the quarter ended June 30 1933 net loss was $31,658 after taxes
and charges, comparing with net loss of $445,688 in the preceding quarter
and a net loss of $327,945 in the June quarter of 1932.
W'
Last complete annual report in Financial Chronicle April 22'33, p.2808
and April 29 '33, p. 2986.
National Air Transport, Inc.
Period End. June 30- 1933-3 Mos.-1932.
Net profit after charges
and taxes
3125,369
372,904
Earns, per sh.on 650,000
she, cap.stock
30.19
$0.11
1933-6 Mos.-1932.
3162,629
366,154
$0.25
$0.10
(And Aeronautical Industries, Inc.)
6 Months Ended June 301933.
1932.
Loss from sale of securities (net)-$448,826
8491,727
Management and corporate expense32,008
17,612
1931.
x$743,133
26.290
National Aviation Corp.
Total loss
Dividends received
Interest and discount
Other income
$480,833
900
681
$512,340
8,825
1,754
50
$769.423
25,093
3.725
2.275
Net loss for six months
Deficit from operations Jan. 1
$479.253
2,327,305
$501.710
1.842.457
$738.330
1,014,503
Deficit
-June 30
32.806.558 32.344.168 31.752.834
x Profit or loss realized on sales of securities by Aeronautical Industries,
Inc. is stated on basis of cost to that corporation.
larLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1213
National Candy Co.
(And Subsidiaries)
6 Months Ended June 301933.
1932.
Net profit after charges, deprec. & Fed. taxes_ _ _ _ $316,023 loss$44,230
Earns, per share on 192.815 shares corn. stock..___
$1.28
NU
tarLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1387
New England Power Association.
50.000
Bal. of earned surplus
3392.459
3802.307
3895.473
3697.938
at June 30
Shares of stocs outstand120,000
126,500
120.000
120,000
ing 'no par)_- ---.
$2.87
$3.07
$4.78
$4.66
Rarninge, per share
larLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2080
Middlesex 8c Boston Street Ry.
(As Reported to the Mass. Department of Public Utilities.)
1933-6 Mos.-192.
Period End. June 30- 1933-3 Mos.-1932.
Revenue fare pass. cared 2,099,723 2.306.363 4,322.834 4.893,732
9.5
9.4
9.48
9.44
Average fare (cents) - --$31,482
$12,057
Net profit
$14.805
$37.970
$41,006
91,036
Profit
Other income
(G. R.) Kinney Co., Inc.
40 Weeks Endedoperating profit
Deprec., taxes, &c
$123.740
80.014
Deficit
$132.042
$128,123
$85.515
$225,798
l'
Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2081
Bal.-city 8r company $813,647 $1,014,167 $13,288,624 $15.737,335
Payable to city under
contract No. 3
def353,933 def14.792
589.804 2.685.388
Gross inc. from oper
Fixed charges
8118.264
55,764
$6.704
78,811
Net loss
Common dividends
$77,626
36.620
Per.ETtd.June 30-=
-1933-6 Mos7--1932.
1933-3 Mos.-1932.
Generated:
Hydro, kwh
320,306,690 294.598,655 568,334,880 610,516.925
Steam kwh
102.679,010 80.427,670 187,227,610 180,807.770
Purchased:
Hydro, kwh
22,798.177 47.618.250 123.413,548 133.935.312
Steam. kwh
76.432.804 55.323,733 13j.264,152 119,194,050
Kw. peak (max. hr.)
451,900
421.600
451,900
467,300
Gross earnings
811,943,712 312,400.085 324.496.439 326.457.239
Cons, net inc. before res.
2,212,661
& diva. of N.E.P A
2,169.770 4.854.956 5.250.252
Prof. diva. of N.E.P.A_ 994,410
994,597 1,989.111
1.988.969
Cons. bal bet. res. &
com.divs.of N.E.P.A 81.218.250 31.175.172 32.865.845 33.261.282
PrLast complete annual report in Financial Chronicle Apr.29'33, p. 2966,
and April 22'33, p. 2798.
Financial Chronicle
1234
Pacific Coast Co.
New Jersey Zinc Co.
1933-6 Mos.-1932.
Period End. June 30- 1933-3 Mos.-1932.
5287.896
$733,002
x Income
200.000- NOT STATED
200.000
co.'s_
Div. from subsid.
5487.896 $1,370,380 51.078.999
$933.002
Total Income
1,963,264
981,632 1.963,264
981.632
Dividends
$884,264
$592,884
$493,736
$48.630
Deficit
1,96.3.264
1,963,264 1,963,264
Ste. cap. stock (par $25) 1,963,264
$0.55
$0.69
$0.25
$0.48
Earnings per share
x After deductions for expenses, taxes, maintenance, repairs, depreciation, depletion and contingencies.
New York Air Brake Co.
Period End.June 30-- 1933-3 Mos.-1932. 1933-6 Mos.-1932.
Net loss after charges &
$195,071
$221,535
$101,511
$95,700
depreciation
p. 1565
10 Last complete annual report in Financial Chronicle Mar. 4 '33,
Noranda Mines, Ltd.
1932.
1933.
6 Months Ended June 3030,712.154 29,529.873
Pounds of anode,produced
55.365.306 $6,203,363
Total recovfry _
Co.4 of metal production, incl. mining, customs
ore, treatment & delivery, & administration & 3,174,640 3,237.143
general expenses
294.034
243,900
Reserved for taxes
51,946.766 $2.672,186
Balance
187,562
158,036
Miscellaneous income
Est. profit, before provid.for deprec. az conting_ $2,104,803 $2,859.749
718,942
513.672
Estimated reserve for depreciation
100,000
Reserved for contingencies
$1,591,131 $2,040,807
Estimated net profit
$0.91
$0.71
Estimated net profit per share
net income is estimated at $923,169
For the quarter ended June 30 1933.
h $949,365,
share,
after taxes and charges, equal to 41 cents a1932. comparingwit
or 42 cents a share, in the June quarter of
19, p. 1899
-Last complete annual report in Financial Chronicle Mar. 18
10
(The) Orange & Rockland Electric Co.
Operating revenues
Oper. exps., incl. taxes
but excl. deprec
Depreciation
Operating income- _
Other income
Gross income
Int. on funded debt
Other interest
Amortization deductions
Other deductions
Divs. aeon on pref. stk.
Federal income taxes included in oper. exps
-12 Mos. End. June 30-Month of June1932.
1933.
$754,161
$731,d48
$8,i73
$57,402
410,912
403,165
35,020
33,150
87,710
89,691
7,386
7,563
$16,689
3,415
$15,867
2.822
$238,492
35,918
$256,239
25,942
$20.104
5.208
164
1,148
476
8,191
$18,689
5,208
219
1,148
333
7,507
$274,410
62,500
782
13,777
4,354
96,212
$282,181
62,500
1,197
12,818
4,336
77.788
3.000
2,250
Aug. 12 1933
34,550
32,615
[Including company's interest in Pacific Coast Cement Co.)
Period End. June 30-1933-3 Mos.-1932. 1933-6 Mos.-1932.
$959,598 $1,354,955
$638,711
$440.650
Gross earnings
597,924 1.035,763 1.329,635
487.969
Operating expenses
576.165 prof$25,320
$47.319 profS40,787
Net loss
rigrEast complete annual report in Financial Chronicle April 8 '33, p. 2439
Pennsylvania Gas 8c Electric Corp.
(And Subsidiary Companies)
Period End. June 30-- x1933-6Mos.--1932. x1933-12 Mos.-1932.
Total gross earns., incl.
non-oper. income (see
$2,078,380 $1,867,597 $3,964,740 $3,629,434
note)
1,656,504
1.713,938
854,401
816,793
Oper.exps.,incl. maint_ Prov.for retirements, depletion, non-produc203,358
434,844
118,281
295,234
tive well drilling, &c
Taxes, incl. Federal in225,528
135,352
81,698
118,792
come tax
Int. & other deductions
ofsub.companies:
Int., amortiz., diva.
684,649
659,603
335,545
345,106
on pref. stk. ofsubs.
100.000
Prov.for conting
deducInt. & amortiz.
tions of Pennsylvania
355.021
354.468
177,259
177,208
Gas & Elec. Corp
5450.759
3620.148
5300.414
$325,246
Net income
under wholesale gas contract.
Note.
-Includes income guaranteed
payment for which received prior to above
76,042
380.208
76,041
228,125
Periods
* Subject to independent audit for year ended Dec. 31 1933.
Peoples Drug Stores, Inc.
(And Affiliated Corporations)
1931.
1932.
1933.
6 Months Ended June 30-$7.492,015 58,185,755 $8,577,757
Net sales
135,612
128,576
116,936
Other store income
$7.608.951 $8,314,332 58.713,369
Total store income
x Cost of sales, operating expenses
7.400.646 8.086,893 8,415,420
(incl. admin. & gen. expenses)_
18,357
26.296
9,090
Other deductions, less other income._
32,551
29,166
28,886
Estimated Federal income tax
$247,041
3171,977
$170,329
Net profit
78,130
73,129
68.130
Dividends on preferred stock
61.369 Notreported.
59,693
stock
Dividends on common
$37,478
5168.911
$42,506
Balance
123.502
122.737
118,837
Shs.com.stock outstanding (no par)$1.37
$0.80
$0.86
Earnings per share
in 1932 and $132,682 in 1931.
x Includes depreciation of $154,880
charges
For the quarter ended June 30 1933, net income was $65,048 after
and taxes, equal to 27 cents a share on 118,837 common shares. comparing
with $105,281 or 59 cents a share on 119,937 common shares in preceding
quarter and 570,483 or 28 cents a share on 122,737 common shares in June
quarter of 1932.
p. 2257
OrLast complete annual report in Financial Chronicle April 1
Pacific Mills
1930.
1931.
1932.
1933.
6Mos. End. June 30Net sales- -- - - __ -_ $14 888 573 $10,210,796 $19.189,283 $20,067,781
.41
' '
e
Net oper. profit after ti
ducting cost of goods
702.863
315,588
1,223,715 1oss449,902
sold
723,356
724,580
702,748
633,447
Plant depreciation
Int., amort. of dint. on
42,428
Cr65.406
Cr44,976
Cr57,788
term notes
1,000,000
350.000
1,348.373
Inventory reserve
76,227
2.485
189,860
170,569
Other charges
$696.050 $1,139,148
prot$477,486 $2.645,907
Net deficit
larLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1032
Pacific Telephone & Telegraph Co.
-Month of June- -6 Mos. End. June 30-1932.
1933.
1932.
1933.
$
$
I
$
4.384.543 4,805,361 25,778,287 29,409,857
Operating revenues
297.000
275,465
59,500
43,992
Uncollectible oper. rev
4,745,861 25,502,822 29,112,857
Operating revenues__ _ 4,340,551
3,152,512 3.057,961 17,761,329 20,046.014
Operating expenses
1,687,900 7,741,493 9,066,843
Net oper. revenues__ 1,188,039
Rent from lease of oper.
423
423
423
71
Property
549,309 2,923,604 3.070,813
500,708
Operating taxes
687,402 1,139.014 4,818,312 5,996,453
Net operating income4 '33, p. 1547
10 Last complete annual report in Financial Chronicle Mar.
Pacific Western Oil Corp.
1932. .
1933.
6 Months Ended June 305235.400
Net loss after taxes, deplet. abandonment, &c-__ _ $172,740
in Financial Chronicle Mar. 18 '33, p. 1900
-Last complete annual report
129
Period End. June 30x Gross oper. income_ _ _
Costs, exp.. tax, &c- Depr., depl., amort.,&c.
.
.-1932
1933-6 Mos
$933,549
$756,425
926.926
816,842
156,340
141,930
Loss
Other income
$86,769
502
$17.896
49
$202,347
2,589
$149,717
Dr13,390
Loss
Interest, discount, &c_ _
$86,267
20,396
$17.847
13,678
$199,758
25,348
$163,107
16,593
$179,700
$225,106
$31,525
$106,663
Net loss
x After gasoline sales tax.
April 15 '33, p. 2625
WI-est complete annuat report in Financial Chronicle
Penn Central Light & Power Co.
(And Subsidiaries)
1933-12 Mos.-1932.
Period End. June 30- 1933-3 Mos.-1932. $4,550,866 $5.126,361
$1,116.285 $1,176,827
revenues
Operating
456,309
378,225
90,402
105,149
aintenance
1,441,668
1,278,173
324.070
301,001
Other operating exp_ _ _ _
111,466
219,795
5.370
62,176
Taxes(Incl. Fed.income)
149.451
314,849
63,791
70.463
Renewals & replacements
5693,194 52.359,825 52.967,467
5577.496
Net earnings
187,868
Dr28,342
44,433
Dr6,687
Non-operating income_ _
$737,626 $2,331,482 $3,155,334
$570,809
Gross income
1,254.512
1.265,250
316,313
316,312
Int. on long term debt_ _
119,392
121.098
33,124
21.981
Other int. & deductions_
5945.134 51,781,430
$388.190
5232.516
Net income
(And Subsidiaries)
12 Months Ended June 30
Gross earnings
Operating expenses, maintenance and taxes
1932.
1933.
$44.024,720 $51,520,913
23.214.681 26,716,036
520,814.039 524.804,877
Net earnings
1,386,532
1,519.908
Other income-net
$22,333,947 $26,191,409
Net earnings including other income
1,715.803
1,731,049
Rent of leased properties
6.679,929 6,525,918
-net
Interest charges
69,208
70,173
Contractual guarantee
369,321
387,115
Amortization of debt discount and expense
119,561
Cr64,961
Other charges
Appropriation for retirement & depletion reserve_ 6,207.772 6,440,045
Net income
Earned surplus, beginning of period
Sundry credits
$7,154,559 $11,119,864
43,543,225 43,780,513
45,014
550,697,784 $54,945,391
Total surplus
3,718,349 3,721,912
Preferred dividends
5,760,221 .7,680,254
Common dividends
9,255
debits
Sundry
$41,209,959 $43,543,225
Earned surplus, end of period
1Z"Last complete annual report in Financial Chronicle May 20 '33, p. 9527
Philadelphia & Reading Coal & Iron Corp.
(And Subsidiaries)
Earnings for 12 Months Ended June 30 1933.
other operating income
Net sales &
Cost of sales including depreciation & depletion
$32,704,644
34,823,358
Loss from operation
Other Income
$2,118,714
327,353
Loss
Interest
Other charges
Panhandle Producing & Refining Co.
(And Subsidiaries)
.-1932.
1933-3 Mos
$520,679
$421,737
469.488
436,477
69.087
72,029
Philadelphia Co.
$1.791,361
3,108,742
840,065
Net loss---------------------------------------------- $5,740,168
10 Last complete annual report in Financial Chronicle May 20 '33, p. 3552
(The) Pullman Co.
-6 Mos. Ended June 30-Month of June1932.
1932.
1933.
1933.
Sleeping Car Operations
$3,271,013 $3,314,948 $15.144,228 $19,796,006
Berth revenue
347.556
1,728.376 2,450,331
294,599
Seat revenue
424,491
65,389
49,381
321,696
Charter of cars
4,494
515
998
185
Miscellaneous revenue
1,227,103
935.014
195,155
108,528
Car mileage revenue...
601,100
295,628
167,304
115,959
-DrContract revenue
$3,607,748 53.756,743 517,834,202 $23,311,326
Total revenues
Maintenance of cars.-- 1,540,865 1,699,516 9,276,865 11,138,137
210,364
204,071
33,213
34.472
All other maintenance- 1,566,170 7,859.906 10,560,207
1,338,950
Conducting car oper
1,440,227
1.330,776
239,103
240,084
General expenses
$3,153,114 $3.539.262418,671,620 $23,348,935
Total expenses
217,481 def837,418 def37,609
454,633
Net revenue (or deficit)_
Auxiliary Operations
390,545
453.486
64,170
77,388
Total revenues
419.053
414,808
71,301
80,470
Total expenses
538,677
der$7,131 def$28,508
Net revenue (or def.)- def$3,081
1,068
210,349 def865,926
451,552
Total net rev.(or deficit)
849,751
1,138,465
186,843
132,570
Taxes accrued
$23,506 df$1,715,677d111.137,307
Oper. income (or loss) $318,981
Volume 137
Financial Chronicle
Pittsburgh Suburban Water Service Co.
12 Months Ended June 30Operating revenues
Operation
Maintenance
General taxes
1933.
$327,291
98.861
10.548
8,601
Net earns, before prov. for Fed. inc. tax and
retirements and replacements
Other income
$209.281
462
1932.
$336,651
110,995
16.214
8,589
$200,853
528
Gross corporate income
$209,743
$201,381
Interest on long term debt
95,956
93,979
Miscellaneous interest charges
195
Amortization of debt discount & expense, &c
3,454
3,029
Provision for Federal income tax
8,143
6.832
Provisions for retirements and replacements
19.000
14.250
Miscellaneous deductions
1,303
1,102
Net income
$81,691
$82,189
Dividends on preferred stock
27,499
27,500
Ca. Last complete annual report in Financial Chronicle April 15'33, p.2808
-
Radio Corporation of America.
(And Subsidiary Companies)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Gross inc. from opeens414,168,766 $15.629.961 $27,149.825 $35,952,368
Other income
128,619
326,980
369,614
589,794
Total gross income
from all sources- ---$14,297,385 $15,956,941 $27,519,439 $336,542,163
Cost of sales, general operating development,
sell. & adminis. exp__ 14.049,813 14,608.751 26,715.120 32,943,655
Interest
58.416
326.240
116,236
655,255
Depreciation
829,203
1,155,767
1,656,294
2,373,847
Amortization of patents_
150,000
150,000
300,000
300,000
Prov. for Fed. inc. taxes
50,000
Net loss
$790.048
$283,818 $1.268,212prof$219,405
Preferred A dividends
343,019
Deficit for the period_ $790,048
$283,818 $1,268.212
$123,613
Surp.at begin'g of period 9,373,020 11,487,994 9,851,184 11,327,798
Surp.at end of period.. $8.582,972 $11,204,175 $8,582,972 $11,204,176
larLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1541
Reynolds Metals Co., Inc.
(And Subsidiaries)
6 Months EndedJuly 1 '33. July 2 '32. June 27 '31. June 28 '30.
\et sales
$3,589,942 $4,141,596 $5,598,080 55,692.093
cost of sales. selling &
admin. expenses before
depreciation
2,651,363
3,190.576 4,285,833
4,491.158
I)epreciation
204,527
233,429
235,492
203,413
Operating profit
$734,052
$717,590 $1,076,753
$997,523
Other income
11,228
15,995
22,526
29.522
Total income
$745,279
3733.586 $1,099,279 $1,027,045
Interest paid
45,622
66,044
32,784
50,495
Experimental, patent expenses, &c
28,912
28.268
29,596
24,739
Miscellaneous deduction
18,656
60,707
86,939
83,152
Reserved for Federal income taxes
91,300
93.770
107,180
104,239
Net profit
Dividends paid
Dividends paid minority
Interest of subsidiaries
$573,627
381,126
$505,218
571,039
$809,520
768,353
$764,419
921,579
102
452
Surplus
$192,507 def$65.821
$41,065 def$157,612
Shares capital stock outstanding (no par)_ _ _ _
768,474
766.736
768.424
766.253
Earnings per share
$0.74
$0.66
$1.05
$0.99
la"Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1901
Reynolds Spring Co.
(And Subsidiary Companies)
Period End. June 30-1933-3 Mos -1932. 1933-6 Mos.-1932.
Sales
$652,996
8500.650 31.144.539
$899,039
Cost of sales
495.304
431.320
906.912
826.766
Gress profit on sales_ _
Other income
$157,692
3,797
$69,330
8.235
3237.627
6.569
$72.273
15,886
Gross Income
Sell.. adm.& gen.exps.
Depreciation
Interest(net)
$161.489
59,240
21,697
5.280
177.565
71.012
24,014
2.342
3244.196
119.902
43,366
9,763
P8.160
129,133
47,569
8,627
Net profit for period.._
$75,272 loss$19.802
$71,164 lossS97,170
larLast complete annual report in Financial Chronicle April 22 '33, p. 2809
Scranton-Spring Brook Water Service Co.
12 Months Ended June 30Water revenues
Gas revenues
1933.
1932.
$3,847,713 $33.998,399
1,036.251
1.110.328
Total revenues
Operating expenses
Maintenance
General taxes
Reserved for contingencies
64.883.964 $5.108.727
1,093,013
1,161.522
227,229
255,816
147.763
163,295
170.000
170,000
Net earns, before prov.for Fed.inc. tax & retirements and replacements
$3.245,959 $3,358,094
Other income
11,686
28,167
Gross corporate income
$3,257.645 $3,386,261
Interest on long term debt
1,646,098
1,628.752
Interest on gold notes
57.321
144,892
Miscellaneous interest
41,051
Amortization of debt discount and expense
11.541
45,609
Provision for Federal income tax
101,926
70,184
Provision for retirements and replacements
265,712
250.500
Miscellaneous deductions
17,633
18,746
Net inc. before pref. stock dive. & int. on special
loan due Fed. Water Service Corp., subordinated thereto
$1,116,364 $1,227,577
Dividends on preferred stock
154,547
$2,262.500 principal amount of series A bonds and 3780,000 principal
x
amount of series C bonds are held in treasury of company and pledged as
collateral for bank loans.
-The payment of interest on the special loan due Federal Water
Note.
Service Corp. is subordinated to the payment of dividends on the company's cum. pref. stocks. At June 30 1933, the cum. roref, dividends not
declared, and the subordinated interest on the special loan account not
reflected in the accompanying financial statement. were as follows:
Total at 12 Mos.End.
At
June 30'33. June 1933. June 30'32.
8669.703
8412.125
Preferred stock
$257.578
484,789
251,455
Subordinated interest
233,334
$1,154,492
Total
8663,580
$490,912
tZ"Last complete annual report in Financial Chronicle April 29 '33, p 2975
and April 22 33, p. 2799.
1235
Simms Petroleum
Co.
(And Subsidiaries)
Period End. June 30-1933-3 Mos.-1932. 1933-6 Mos.-1932.
Net production (bbls.)._
832.488
820.016
1,580.967
1.571,066
Daily net average (bbls.)
9.148
9.011
8.735
8.635
Daily refinery through
pur. (bbls.)
1,834
5.078
2.143
4.820
aGross oper. revenue
1452,048 $1,015.423
$857.478 $1.814.110
Operating expense
379.510
528,027 . 799.168
1,062.090
Gross profit
Other income credits_
$72,538
5,137
3487.396
73,759
$58,310
10,297
1752.019
83.678
Total income
Interest, lease rentals,
_ general taxes, &c
Drilling costs, &c
Deprec., depl. & aband's
377,676
$561.155
668.607
8835.697
56.721
27.167
148.193
74,298
174,992
372.124
112.769
56,530
292.605
148.584
297.326
726.944
Deficit
3154.405
$60,259
$393.296
$287,157
a After deducting coat of raw material refined.
125"Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1711
Southern Public Utilities Co.
(Including Salisbury & Spencer Railway)
Period End,April 30
1933
-Month-1932.
1933-12 Mos.-1932.
Gross income
$998,259 81,101.072 $12.508.147 $13,903,631
Oper. exps., incl. taxes_
655,042
694,005
8,398,100
9.206,519
General expense
27,218
30,624
422,159
436,541
Renewals & replace. res_
127,109
124,147
1,521.067
1,482.547
Int. on underlying divisional bonds
26.328
30.469
336,429
368,951
Int. on S. P. U. Co.5%
bonds
68.696
68,696
824,350
824,350
Surplus
$93,867
$153,131 31.006.042 31.584,723
Note.
-Earnings for the month of April 1932, and 12 months ending April
1933 and 1932, include earnings of subsidiary companies. North Carolina
Public Service Co., Caldwell Power Co., County Service Co., and Bradley
Electric Co., whose properties were acquired July 1 1932.
Southland Royalty Co.
(And Subsidiaries)
6 Mos.End. June 301933.
1932.
1931.
1930.
Net income after int.,
deprec.. deplet., Fed.
taxes, &c
loss$17,124
$117,732
394,357
$701,481
Shs. com. stk. oustanding (no par)
967,190
940,343
989.970
989,970
Earnings per share
Nil
$0.12
30.09
$0.70
rairEast complete annual report in Financial Chronicle Mar. 18 '33, p. 1902
Sun Investing
Co., Inc.
1932.
1931.
313.402
$23,218
37,961
91,346
6 Mos. End. June 30-Interest on bonds, &c___
Dividends earned__ ____
Profits from arbitrage
transactions
Stock of Radio Corp. of
America rec. as div_
1933.
$11.244
30.554
TotalIncome
Admin.& statistical serv
General expenses
Amortiz.of organiz. exp_
Taxes
$43,090
$51,363
5114.564
5,340
14,877
19,377
6.712
6,797
15.765
Net income
Preferred stock divs_ _
Loss on sales of securities
$331,038
$29,690
369,090
27,C51
179.421
81,235
profit7,592
1930.
$40,898
115,248
46,029
1,292
Net income
def$338,052
Surplus Jan. 1
def6,294
Adjust. of Fed. Income
tax reserve
Adjust, on pref. stock
dividend
32.639
dei76,341
$202.175
12,500
17.725
42,232
3129.718
127,500
93,000
15,778 loss$90.783
235,503
305,529
Cr3.271
Cr50
Surplus June 30
def$344,346 def$73.702
$241,331
$218.010
Note.
-The depreciation in the market value of securities at Juno 30 1933
5834,673 as compared with 31,826,505 Dec. 311932.
'Last complete annual report in Financial Chronicle Feb. 4 '33, p. 861
was
Thatcher Mfg. Co.
6 Months Ended June 301933.
1932.
Net profit after deprec., Fed. taxes, &c
3170.034
3185.565
The company reports for the quarter ended June 30 1933, net profit of
3123.635 after depreciation, Federal taxes. &c., equivalent to 93 cents
a share on 132,000 shares of $33.60 (no par) convertible preference stock.
This compares with $46,399, or 35 cents a share on preference stock in
the preceding quarter.
1ZPLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1392
(John R.) Thompson Co.
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Net loss after deprec..
amortiz. & taxes
$63.084prof$138.803
$291,632pror$334.236
Earns, per sh. on 300.000
abs. cap. stk. (par $5).
Nil
$0.46
Nil
$1.11
Net sales for the six months ended June 30 last, totaled
65.096,397.
comparing with $6,417,451 in first half of 1932, a decrease of $1.321,054.
or 20.5%.
rirLast complete annual report in Financial Chronicle May 20 '33, p. 3555
Thompson Products, Inc.
(And Canadian Subsidiaries)
6 Mos.End.June 301933.
1932.
1931.
1930.
Manufacturing profit...... 6660,860
$548,816
3786.873 $1,153,337
Expenses
381,427
395.761
439.531
545.757
Other deductions
49.431
42,133
60.055
Interest (net)
13,038
10.693
2.189
10.607
Depreciation
60,312
113,480
128.525
148.346
Federal tax
12.633
18,319
49.591
Net profit
$144.019 1°88313.251
8138.254
The company reports for the quarter ended June 30 1933, net $3399,036
profit of
$219.141 after taxes, interest, depreciation, &c., equivalent after dividend
requirements on 7% preferred stock to 81 cents a share on 263.160 no-par
shares of common stock. This compares with net loss of 375.122 In the
preceding quarter and net loss of $19,301 in June quarter of 1932.
121PLast complete annual report in Financial Chronicle May 6 '33, p. 3178
United Aircraft & Transport Corp.
(And Subsidiaries)
Period End. June 30- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Net income after depr.
Fed, taxes, minority,
interest, &c
$848.258
$502.861 81.280.429
044,306
Shs. com stk. outstanding (no par)
2,086.671
2,084,393
2,086.671
2.084,393
Earnings per share
$0.35
$0.15
$0.50
$0.28
ri"Last complete annual report in Financial Chronicle April 8
'33, p. 2444
Financial Chronicle
1236
United States Oil & Royalties Co., Inc.
United Carbon Co.
(And Subsidiaries)
6 Mos.End.June 301932.
1933.
Oper. prof. after deducting mfg., selling, gen.
& adminis. expenses-- $616339
Other income
$324.859 $1,186.639
171.206
43,240
Totalincome
Deprec. and depletion
Prov. for contingencies
Prov. for Fed. inc. tax
8616,339
315,608
$368,099 $1,357.845
764,616
402.387
70,000
55.000
Net profit
Balance, Jan. 1
Sund. adj. for prior yrs
8300.731
824,245
Cr8,939
8435.965
331,329
1931.
$104,636 loss$34.288
1.551.406
1.123.092
Dr6,280
Cr7,309
1930.
$468,229
1,791,141
Total surplus
$1,133,915 81.235,037 81.510,837 82,259,371
70 988
Divs. on pref. stock_ _
60.749
397,885
Common dividends
92,532
Premium on pref. stock
105.751
nought & other charges
United-Carr Fasterner Corp.
(And Subsidiary Companies)
1931.
1932.
1933.
6 Mos.End. June 30-$577,960
$413,739
$505,727
Gross profit from oper__
290,276
230,543
220,597
Commercial expenses_ _ _
39,025
41,432
63,842
Net sundry charges,..__
1930.
$555.799
321,055
20,288
$248,658
97,076
$214,455
90,703
Net income bet depr_
Depreciation
Profits applicable to
minority interests_ __ _
$221,288
93,524
1,283
1,355
2,659
4,550
Net inc. bef. int. & tax
Debenture interest
Federal, State & foreign
Income taxes
$126,480
45,371
$49.878
47,704
6148,922
55,536
$119,201
60.000
14,565
4,359
16,946
12,829
$46,371
$76,440
def$2.186
$66,545
Consolidated net inc_
12Erlast complete annual report in Financial Chronicle Mar. 25 '33, p. 2087
1933-6 Mos.-1932.
Period End. June 30- 1933-3 Mos.-1932.
x Divs.& int. received__ $2,951.618 $3,648.175 $6,438,655 $7,552,567
285,227
231,791
140,347
111.733
Interest paid
213,442
272.916
105.781
171,000
Current expenses
$2.668.885 83,402,047 85,933,948 87,053.898
3,733,024
3,733,031
1,866.523
1,866,512
2.905,746
1,452.947 2,905,892
1,452,946
1704,968 8114415,121
Deficit for period- - -- $650,573 sur$82,577
Earns. per sh. on 14.529.465 shs, corn. stk. (no
$0.23
$0.15
$0.11
$0.06
par)
x Exclusive of dividends received in stock.
WLast complete annual report in Financial Chronicle Jan. 21 '33, p. 494
and Jan. 14 '33, p. 340.
United Piece Dye Works.
1930.
1931.
1932.
6 Months Ended June 30-1933.
$936,374 $1,911,164
Net earns.after all chgs. loss$919,144 loss$783,857
Earns, per sh. on 900.000 shs. common stock
$1.85
Nil
Nil
$0.78
(no par)
-Last complete annual report in Financial Chronicle June 3 '33, p. 3923
10
United States Gypsum Co.
(Arid Subsidiaries)
1931.
1930.
1932.
1933.
6 Mos.End. June 30
$1,521,506 $1.748,641 $3,448,596 $4,151,734
Operating profit
287,589
397,867
280.757
261,536
income
Other
$1.783,042 $2,029,398 $3,846,463 $4,439,323
Total income
1,055,153
1.126,681
899,668
882,709
Depreciation & depletion
96,219
174,965
52,485
31,107
Miscellaneous deduct _ _ _
396,201
303,257
113,456
37,685
Income taxes
Net income
Preferred dividends_ _ _ _
Common dividends
$831,541
273,777
593,956
2963,789 82,241.560 $2,891.750
269,209
274.459
273.777
928,709
973,267
951,959
8261.947 sur$993,834 sur51693832
$36,192
Deficit
"Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1905
Utility & Industrial
Total income
Interest
Taxes
Registration and transfer expenses
Other expenses
Net income
Previous earned surplus
1932.
819.916
14.491
2,080
1931.
$22,233
15.201
5,741
Total income
Operating and field expense
Office expenses and salaries
General and legal expense
Taxes
$35,389
9.130
9,051
2,971
821
$36,488
11,821
9,447
2,982
249
$43,175
15.354
9.829
2,457
1,108
Net income
$13,416
$11.989
$14,427
rag Last complete annual report in Financial Chronicle Mar. 18 '33, p. 1906
Virginia Electric & Power Co.
(and Subsidiary Companies.)
Month of June- -12 Mitt. End. June 301933.
1933.
1932.
1932.
81,226,811 81,267,654 814,752,671 $16,304,570
Gross earnings
(4eration
aintmzance
Taxes
$435,515
79,852
119,448
$487,570 $5,285,882 $6,122,073
92,110
945,900
1.158,733
124,815
1,374,859
1,488.689
Net operating revenue
Inc.from other sources x
$591.995
86
$563,158 $7,146,029 $7,535,073
2,956
28.740
35,632
Balance
Interest & amortization_
$592,082
159.617
8566,114 87,174,769 $7,570,706
1,931,659
163,148
1,896,263
$402,965 $5,243,110 $5,674,442
1,800,000
1.950.000
Balance
Dividends on preferred stock
$3,443,110 $3,724,442
1,171.468
1,171,321
Balance for com.stock,divs.& surplus
$2,271,642 $2,553,121
x Interest on funds for construction purposes.
During tne last 2,3 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.
ra'Last complete annual report in Financial Chroni. le Mar. 4 '33, p. 1550
Vulcan Detinning Co.
Period End. June 30-- 1933-3 Mos.-1932. 1933--6 Mos.--1932.
8388,072
$514,720
$764.321 81.076,992
Sales
118,269 Dr.76.227
Inv. of finished products Dr.40,834
4,061
$473,885
422,756
$506,341
467,071
8688.094
625,431
81.081,053
1,007,877
$62,663
60.504
$73.176
5,745
$51,129
51,937
$39,270.
2,140
Total income
Taxes, &c
$103,066
25,152
241,410
15,274
$123,167
28,167
$78,921
22,746
Net profits
Previous surplus
877,914
1,329,653
$26,136
1.338.327
5,000
1.340.112
$56,175
1,353,193
Net income
Other income
Total surplus
Dividends paid
$1.407,567 $1.364.463 $1.435,112 $1,409.368
55.170
54.558
82.099
100,076
Profit & loss surplus_ _ $1,353.010 $1.309.293 81.353.010 $1.309.293
la'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1394
Walworth Co.
6 Months Ended June 30Loss after expenses, taxes, &c
Depreciation
Interest
1933.
$304.164
168,692
279,816
1932.
$41,132
129,223
311.073
1931.
$597,355
187,626
315,437
8752.672
$481,428 $1.100.418
Net loss
The company reports for the quarter ended June 30 1933, net loss of
$264,442 after taxes, interest, depreciation, &c., comparing with net
loss of $488,230 in preceding quarter and net loss of $263,459 in June
quarter of previous year.
larEast complete annual report in Financial Chronicle Feb. 25 '33, p. 1394
White Rock Mineral Spring Co.
1933-6 Mos.-1932.
Period End. June 30- 1933-3 MOS.-1932.
Net profit after deprec.,
$239,512
$131,801
$258,971
$422,133
Federal taxes, &c____
Earns. per sh. on 250,000
$0.43
$0.85
$1.48
shs, corn.stk.(no par)
30.83
10"Last complete annual report in Financial Chronicle April 15 '33, p. 2630
White Sewing Machine Corp.
(And Subsidiaries)
1933-6 Mos.-1932.
Period End. June 30- 1933-3 Mos.-1932.
Net loss after deprec.
$904.515
6169,196
6448,519
8329.347
and interest
larLast complete annual report in Financial Chronicle May 6 '33, p. 3180
Wisconsin Power & Light Co.
Corp.
Earnings for Six Months Ended June 30 1933.
Interest received
Cash dividends
Net profit on sale of securities
1933.
822.825
2,482
4,807
5.274
Total
Expenses, deprec., &c _ _
United Corp. (of Del.).
Net income
Preferred dividends_ _
Common dividends
6 Months Ended June 30011 earnings (less royalty payments)
011 royalties received
Miscellaneous income
Profit on sale of land & royalties-
Balance
$432,464
Reserve for retirements(accrued)
Balance
8980,634 31,235,037 81.510.837 $1.684.746
Shs. corn. stk. outstand397,885
397.885
368.885
370,127
ing (no par)
$0.99
Nil
$0.11
$0.65
Earnings per share
For the quarter ended June 30 1933, the company reports a profit of
$171.760 after depreciation and depletion, but before Federal taxes. This
compares with a profit of $42,969 in the June quarter of 1932.
-Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1569
IN
$141.763
90,530
Aug. 12 1933
$28,594
390,987
592
$420.173
79,441
7,156
3,053
23.137
$307,386
2,293,533
$2,600,919
Total earned surplus
'Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1394
(Company is a Unit in the Middle West Utilities System)
3 Months. 6 Months.
Period Ended June 30 1933$1.842.669 $3,725,597
Operating revenues
20,611
16,662
Non-operating revenues (net)
Total gross earnings
Operating expenses and taxes
Interest deductions
$1.859,331
1.169,502
482.005
$3,746,208
2,431.994
966,757
$207,824
139.590
$347,456
310,163
Net income
x Preferred stock dividends paid and accrued
$37,293
$68,233
Balance
x Exclusive of accumulated preferred dividends from Jan. 1 to June 30
$248,088 which have been suspended,
1933 amounting to
rirLast complete annual report in Financial Chronicle Apr I 15 '33, p. 2611
General, Corporate and Investment News
STEAM RAILROADS.
-Class I railroads on July 14 had 404,414 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 decrease of 49,127 cars compared with June 30. at which time there
were 453,541 surp.us freight cars.
Surplus coal cars on July 14 totaled 134.211 a decrease of 13.441 cars
below the previous period, while surplus box cars totaled 209.273,a decrease
of 33,053 cars compared with June 30.
Reports also showed 29,163 surplus stock cars, a decrease of 262 compared
with June 30, while surplus refrigerator cars totaled 10,856 a decrease of
871 for the same period.
Matters Covered in the "Chronicle" of Aug. 5; (a) Railroads merge New
'York harbor facilities. Wide economies and improved service expected from
co-operative plan. Savings In marine operations alone are estimated at
$3.000,000 a year, p. 983; (b) Monthly report of Railroad Credit Corporation. Second repayment to participating carriers to be made Aug. 15,
Will amount to $742,403. Total repaid after Aug. 15 payment will be
$3.732.174. p. 984; (e) Railroad jobs not guaranteed. Emergency trans-.
portation Act merely bars Co-ordinator from reducing personnel below
May. P. 985: (d) Co-ordinator of Railroads Eastman urges roads to speed
repairs in back-to-work drive, p. 986: (e) Rail Director adds to staff
Federal Co-ordinator gets 19 additional aides. Salaries range from $4.200
to $15.000 a year, p. 986.
Volume 137
Financial Chronicle
Arkansas Valley Interurban Ry.-Seeks Loan from
Reconstruction Finance Corporation.
The company has requested the I.
-S. C. Commission to approve a loan
of $100,000 from the R. F. C. for three years, to be secured by trustees
certificates. The loan would be used to pay current past due bills, de
linquent taxes and provide funds for necessary deferred maintenance and
for current operating expenses.
-V. 135. p. 424.
Atchison Topeka & Santa Fe Ry.-Abandonment.The I.
-S. 0. Commission on July 28 issued a certificate permitting the
company to abandon that part of its line of railroad extending from Henrietta
n a general southeasterly direction to North Lexington, about 3.11 miles.
all in Ray County, Mo.-V. 137, p. 134.
Baltimore & Ohio RR.
-To Modify Gold Clause.
The I.
-S. C. Commission has modified orders previously issued so as to
permit the company to stamp bonds it proposes to issue with a legend in
conformity with the gold clause suspension resolution of Congress. The
clause permits obligations purporting to be payable in gold to be discharged
upon payment dollar for dollar in any coin or currency which at time of
payment is legal tender for public or private debts.
Pledge of Equity with Railroad Credit Corporation.
-
The I.
-S. C. Commission on Aug. 3-authorized the company to pledge
with the Railroad Credit Corporation, as additional collateral security for
notes heretofore issued, the company's equity in certain securities pledged
or to be pledged with the Reconstruction Finance Corporation as collateral
for loans.
That part of the application of July 11 1933, which pertains to stocks
of the Buffalo, Rochester & Pittsburgh Railway and the Buffalo & Susquehanna Railroad Corp., and to certificates of beneficial interest in stocks
of the Western Maryland Ry. has been dismissed.
The report of the Commission states in part:
The applicant has received loans from the Credit Corporation aggregating $3,428.000, to evidence which it has issued promissory notes which are
secured by the applicant's distributive share in the "marshaling and distributing plan, 1931," and by the pledge of various securities. The Credit
Corporation having asked for additional security, the applicant proposes
to pledge its equity in the following securities which it has already pledged
or will pledge, pursuant to our authority or approval, with the Finance
Corporation as security for loans; Baltimore & Ohio RR.ref. & gen. mtge.
6% bonds, series B 315,000,000. series 0 $7,500,000, and series E $46.625.000; $25,000,000 capital stock of the Alton Rd.; $1,666,666 capital
stock of Monongahela try.; $5,207,600 preferred stock and $5.237,400
common stock of the Cincinnati Indianapolis & Western RR.; $5,945,000
preferred stock and $10,493,200 common stock of the Buffalo Rochester &
Pittsburgh Hy.; $3,980,600 preferred stock and $2,995.500 common stock
of the Buffalo & Susquehanna RR. Corp. and certificates of beneficial
interest in 159.050 shares of common stock, 8,000 shares of second preferred
stock, and 165,544 shares of first preferred stock of the Western Maryland
Railway.
No restrictions have been imposed upon the applicnat with respect to
the stocks of the Buffalo Rochester & Pittsburgh and the Buffalo & Sus
quehanna or with respect to the certificates of beneficial interest in stocks
of the Western Maryland. That part of the application which pertains to
such securities will be dismissed, as the applicant does not require our
authority for the pledge proposed.
-V. 137, P. 860.
Boston & Maine RR.
-Resumes Air Transport Service.
Airplane passenger service between Boston, Portland, Rockland, Waterville and Bangor was resumed by tne Boston-Maine Airways, Inc., the
aviation subsidiary of the Boston & Maine RR. and the Maine Central
RR.. effective Aug. 11, with five round trips daily between Boston and
Portland, and two round trips between Boston and Bangor, it is announced.
The new service, the announcement stated, is not a summertime line,
but is planned as a permanent all-year operation, provided the traffic
warrants.
The inaugural schedules will be maintained until Oct. 1,
When the fall and winter schedules will be announced.
-V. 137. p. 1047.
Boston Revere Beach & Lynn RR.
-Earnings.
--
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 3903.
Central of Georgia Ry.-Sued on Mortgages.
-
The Guaranty Trust Co. of New York obtained on Aug. 10 the right to
sue the company and its receiver, H. D. Pollard, on five mortgages securing
approximately $11,000,000 in bonds for which it is trustee for the bondholders. The suit in equity against the road and its receiver was then filed,
and Mr.Pollard,in compliance with another petition of the Trust company,
was appointed receiver to take charge of the properties and assets covered
by the mortgages and to hold them subject to the order of the U.S. District
Court.
The orders were signed by Federal Judge William H. Barrett at Augusta.
The Guaranty Trust Co.alleged that the road had committed default under
the mortgage contract. Judge Barrett consolidated the new cases with that
of the Alabama Fuel & Iron Co.
The new suit and the order of Judge Barrett bring the claims of the
first mortgage bondholders into the case. Heretofore the Alabama Fuel &
Iron Co. was the principal claimant. The bondholders' trustee asserts a
preferred claim for the first mortgage bondholders and asks that the income
from the properties covered by the bonds be sequestered to be applied for
their benefit and for the payment of taxes, it being alleged that the railroad
had defaulted both in the payment of interest on bonds and taxes
.-V. 136.
p.3903.
Chicago, Burlington & Quincy RR.
-To Buy Rails.
-
President Ralph Budd on Aug. 4 stated that his road was about to buy
from 3,000 to 4,000 tons of steel rails to nelp the Administration's "back-towork" pian. This purchase will involve an outlay of around $160.000.
Mr. Budd also said that since June 1 the road had put 1,100 men back to
work and that more would be added if business held at its present lova.
-Ir. 137, p. 134.
Chicago & North Western Ry.-Asks Authority to
Issue $3,862,000 Bonds.
The company asked the I.
-S. C. Commission for authority to sell and
exchange 33,862,000 gen. mtge.5% bonds incident to refinancing 17,724,000
Fremont, Elkhorn & Missouri Valley lilt. consol. mtge, bonds maturing
Oct. 1. The proceeds will be used to meet half of the maturity, and the
company has applied to the Reconstruction Finance Corporation for a
loan to take care of a 50% cash payment it plans to make on the same
-V. 137, p. 860.
maturity.
Chicago Rock Island & Pacific Ry.-Listing of Certificates of Deposit for Gen. Mtge. 4s.
The New York Stock Exchange has authorized the listing of certificates
of deposit for $61,581.000 general mortgage 4% gold bonds, due Jan. 1
1988 on official notice of issuance. Certificates of deposit are issued by
Bankers Trust Co., 16 Wall St., New York, as depositary.
Income Account for Period Jan. 1 1933 to June 30 1933.
Freight revenue
$23.811.122
Passenger revenue
2.529,329
Other revenue
2.877,370
Total operating revenue
$29,217,821
Operating expenses
23,282,041
Net operating revenue
Tax accruals
Uncollectible railway revenue
$5,935.780
2,788,759
5,569
Total operating income
Non-operating Income
$3,141,450
$1,026,640
Gross income
Equipment rents-Net
Joint facility rents-Net
Rent for leased roads
Interest
Other deductions
$4,168,090
1,108,145
548,424
77,500
7,207,990
76,619
Net deficit
$4,850.589
1237
Comparative General Balance Sheet.
May 31'33. Dec. 31'32.
May 31'33. Dec. 31'32.
Assets
$
Total investm'ts498.431,823 499,738,684 Capital stock_ A28,909,211 128,909,211
Cash
2,715,077 3,283,090 Govt. grants_ __
389,763
388,725
Special deposits_
103,090
112,429 Funded debt__ _282,748,000 283,476,000
Loans and bills
Non-negotiable
receivable_ __ _
debt to atfil.
18,954
124,363
Traffic and carcompanies__ _ 4,696,032 5,424,796
Loans and bills
serv. balances
receivable_ _ _ _
payable
516,547
492,519
17,843,700 14,125,000
Net balance rec.
Traffic and carfrom agents &
serv. balances
conductors_ _
payable
661,658
447,579
1,303,517 1,068,262
Misc, accts. rec. 1,897.242 1,747,066 Audited accts. At
wages payable 6,406,452 6,178,075
Material & supp. 5,457,568 5,982,749
Inter, and dive.
Misc.accts. pay. , 188.03
401,016
5
537,857
receivable__ _ _
604,951 Interest matured •
unpaid
95,443
Rents receivable
69,608
480,078 1,581,95S
0th. curr. assets
265,497 Funded debt ma282,400
Deferred assets_
390,691
tured unapid_
409,793
6,000
2,000
992,304 Unmatured int.
1,654,070
Unadj. debits
accrued
3,414,586 3,124,041
Unmatured rents
accrued
449,265
344,257
Other curr. lia275,817
bilities
316,928
681,564
Def. liabilities
698,316
Unadi. credits 55,916,876 53,812,223
Corporate surp_ 9,074,624 14,400,723
Total
512,781,527 514,251,537
-V. 137, p. 1047.
Total
512,781,527 514,251,537
Chicago, Milwaukee St. Paul & Pacific RR.
-Men
Returning to Work.
Approximately 2,771 men have returned to work since July 1. mainly in
the maintenance of way, maintenance of equipment and similar departments, it was announced on Aug.4.-V. 137, 13. 1047, 860.
Colorado & Southern Ry.-Abandonment of 18.54
Miles of Narrow-Gauge Line.
The I.
-S. C. Commission on July 31 issued a certificate permitting
abandonment by the Colorado & Southern Ry., and abandonmeni of operation by the Denver & Rio Grande Western Bit. of a narro v-gauge branch
line of railroad extending from Parlln northeasterly to Quartz, 18.54 miles,
all in Gunnison County, Colo.
The report of the Commission says in part:
In 1882 a predecessor of the Colorado & Southern built a narrow-gage
line from Denver to Gunnison, Colo., to furnish transportation facilities
for metalliferous and coal mines. From time to time portions of the line
were abandoned, including a segment north of Quartz. The segment
between Parlin and Gunnison was abandoned in 1911, leaving the segment
between Parlln and Quartz entirely disconnected from the remainder of
the Colorado & Southern system. The Denver & Rio Grande Western
constructed a connecting track between its line and the branch at Parlin.
a distance of approximately 2,230 feet, and operation of the branch was
taken over by that carrier. There is no written contract between the carriers.
The Denver & Rio orande Western receives the revenues and pays the
operating expenses, but no rent. The Colorado & Southern pays the taxes
on all the branch excepting that portion owned by the Denver & Rio Grande
Western.
The record shows that there has been a consistent decline in revenues
from traffic to and from the branch since 1929. At the time of the hearing
the income figures were brought down to the year 1931, and on the basis of
those figures a further trial for about a year was recommended by the
Colorado commission. The income statements for 1932 and the first three
months of 1933 show a further decline from the 1931 figures, indicating
either that there has been no increase in production or that a considerable
volume of traffic is moving by truck, or both. In view of the traffic situation
It is clear that the expenditure of the large stun necessary to place the line
In proper condition for continued operation would not be justified, and
that such operation would impose an undue burden upon inter-State commerce. Both applicants show that they are sustaining substantial _net
deficits.
-V. 136, p. 3528.
Delaware Lackawanna & Western RR., Inc.
-Fulltime Employment Resumed by Certain Classes of Employees.
President J. M. Davis, on Aug. 5 announced that effective Aug. 1, the
supervisory and clerical forces of the Lackawanna railroad had resumed
full-time employment. This affected 2,000 employees who have taken
two days of compulsory holiday each month, consequuttly the new arrangemem wit be equivalent to about 6% increase in their present pay.
The shop forces of the Lackawanna, who have been employed steadily
three days a week all during the depression, will be put upon a five-day
week, effective Sept. 1. This vet I affect 4,000 employees whose earnings
will be increased materially by the new order.
The maintenance of way forces of the company, Mr. Davis further announced, also will be put upon a five-day week. Sept. 1. Three thousand
employees will be affected in that department. The track forces have been
working a minimum of three days, in some months five days a week.
During recent months, in order to provide work five days a week for as
many as possible in that branch of service, the Lackawanna has laid 8,000
tons of new rail. To continue that policy, the company is in the market
for some 2.000 tons of additional rall.-V. 137. p. 311.
Great Northern Ry.-Listing ofExtended Manitoba Bonds.
The New York Stock Exchange has authorized the listing on official
notice of the return of such extended bonds to the holders thereof, of not
exceeding $40.963,000 St. Paul Minneapolis & Manitoba By. consolidated
mortgage gold bonds, extended to July 1 1943, with interest at the rate of
5% per annum.
-V. 137. p. 681.
Gulf Mobile & Northern RR.
-Lease of New Orleans
Great Northern Approved.
-See latter company below.
-V. 136, p. 3904.
Illinois Central RR.
-Re-employs Men.
President L. A. Downs on Aug. 4 announced that the Illinois Central
System had recalled approximately 2,700 men to work since June 1. A
majority were employed on maintenance of way and in the shops.
-V.136
p.3530.
Missouri Pacific RR.
-Freight Loadings up 19.1% in
July.
Revenue freight traffic on the Missouri Pacific RR. last month totaled
92,106 cars, an increase of 19.1% over the same month last year, according
to President L,. W. Baldwin. Both local loadings and receipts from connections registered increases, the statement said. Loadings on Missouri
Pacific rails in July numbered 60,913 cars, an increase of 7,893 cars, or
14.9%, and receipts from connections, 31,193 cars, an increase of 6.891
cars, or 28.3% over July 1932.
Principal commodities which reflected increased loading locally on the
Missouri Pacific last month were corn, cotton, lumber and other forest
products, coal and automobiles. Increases were especially heavy in
loading of corn and lumber and other forest products, there having been
1,950 cars of corn loaded in July this year, as compared with 354 cars in
July 1932. and 6,383 cars of lumber and other forest products as compared
with 2,329 cars the same month last year.
July traffic this year also increased over the preceding month, the total
being 4,992 carloads more than the number handled in June, which in
turn had shown an increase over May and over June 1932.
Texas subsidiaries of the Missouri Pacific also showed increases in July.
as compared with the same month last year. The International-Great
Northern reported 20.683 cars of revenue freight, as compared with 12.227
cars in July 1932 and the Gulf Coast Lines 12,948 cars, as compared with
11,135 cars in the same month last year.
Continued improvement in business conditions throughout the territory
served by the Missouri Pacific Lines was reported by Mr. Baldwin. Improved commodity prices have resulted in increased movement of many
raw products, he said.
1238
Financial Chronicle
"There has been a marked return to railroad transportation service in
preference to that of other modes of transportation during the last three
or four months," he said. "I believe this can be felt as a basis for a feeling
of genuine optimism by those interested in the welfare of the railroads."
Recent traffic increases have brought the total for the first seven months
of this year for the Missouri Pacific to 566.363 cars, of which 370,151 cars
were loaded locally.
Expenditures for Maintenance of Way, etc. to Total $3,100,000 in August, According to Estimates.
-
Additional expenditures for maintenance have been authorized by the
Missouri Pacific Lines, L. W. Baldwin. President and co-trustee, announced on Aug. 4. The additional expenditures were started in June and
continued through July, as well as the increased authorities for this class
of work for the month of August, Mr. Baldwin's statement said.
The August program provides for the expenditure of $440.000 more for
this purpose than was spent in August last year and an increase of $150,000
over the amount spent in July this year. The July expenditures were
$300,000 greater for maintenance than In July 1932.
The latest available payroll figures showed a total payroll Increase for
the Missouri Pacific Lines of $200,137 in June this year, compaced with
Jure last year, and an increase of $484.237 over February this year.
February was the low month in Missouri Pacific employment this year.
The maintenance of way payroll on the System lines was $56.794 greater
in June this year than last year, and the maintenance of equipment payroll
was $182,296 greater than June last year.
The total increased expenditures in July for maintenance work was
divided $130.000 for additional maintenance of way work and $170.000 of
additional expenditure on maintenance of equipment.
The August program of the Missouri Pacific involves an increase of
$50.000 for maintenance of way work over July and $150,000 over August
1932. while the maintenance of equipment program for the current month
involves an increase of $100,000 over July this year and $290,000 over
August last year.
Total expenditures for maintenance of way, structures and equipment
on Missouri Pacific System Lines in August are estimated at •$3,100,000.
divided $1,450,000 for maintenance of way and structures and $1.650,000
for maintenance of equipment.
Bonds' Agent Continued.
The trustees for the company have been authorized in an order signed
by Federal Judge Faris at St. Louis to enter into an agreement with J. P.
Morgan & Co.. continuing the contract with them as paying agents of the
bonds and equipment trust obligations of the company, paying agents shall
receive 0.25% of the amount of all payments on account of interest and
1-16th of 1% on account of principal, and the schedule of fees published
by the Corporate Fiduciaries Association of New York City shall apply
for any additional services.
Salaries of Executives Fixed by Commission.
The I -S. C. Commission has prescribed maximum salaries to be paid
trustees and counsel for the trustees who are operating the road in its
reorganization under the new voluntary bankruptcy laws. The maximum
salary for L. W. Baldwin, former President of the road and now trustee
for the property, was fixed at $36,000 a year and that of Guy A. Thompson.
another trustee, at $25,000. The salary of Edward J. White, counsel to
-V.137. p. 1048, 861.
trustees, was fixed at $18.000 a year.
-Plan Operative.
New Orleans Great Northern RR.
The plan for the reorganization of New Orleans Great Northern RR.
dated as of July 1 1932, as amended by amendment dated March 6 1933,
has been declared operative by the bondholders' committee on Aug.8 1933.
See also New Orleans & Great Northern Ry. below.
-V. 137, p. 485.
New Orleans Great Northern Ry.-Acquisition of Old
Road and Issuance of Securities Approved.
-S. C. Commission on Aug. 1 issued a certificate (a) authorizing
The I.
the acquisition by the New Orleans Great Northern Railway of the properties
formerly owned by tne New Orleans Great Northern Railroad in Hinds,
Copiah, Lawrence. Marion and Walthal counties, Miss., and Washington
and St. Tammany Parishes, La. and the terminal properties of the Gulf
'
Mobile & Northern RR. of Louisiana, at New Orleans, Orleans Parish,
La., and (b) authorizing the New Orleans Great Northern Railway to issue
not exceeding $5,367,000 of first mortgage 5% 50-year bonds, series A,
$4,124,000 of 5% income debentures and $824,800 of conunon stock.
The acquisition by the Gulf Mobile & Northern RR.of control, by lease,
of the properties of the New Orleans Great Northern Railway was also
approved and authorized.
A certificate was also issued authorizing the New Orleans Great Northern
Railroad to operate over lines and to operate terminal facilities of the
New Orleans & Northeastern RR. and the New Orleans Terminal Co. in
St. Tammany and Orleans Parishes. La.
That portion of toe application by which the New Orleans Great Northern
RR. sought authority to acquire control, by lease, of the properties of
the Gulf Mobile & Northern RR. of Louisiana, was dismissed.
The report of the Commission says in part:
On Feb. 1 1930, and on each successive interest date thereafter to 1932.
the G., M. & N. advanced money to pay interest on the railroad company's bonds(New Orleans Great Northern RE.),as that carrier was running
about six months behind with its interest payments. These advances
were subsequently repaid from earnings by the railroad company. It
met interest maturing Feb. 1 1932. by borrowing $200.000 from the Railroad
Credit Corporation upon the endorsement of its note by the G. M. & N.,
'
which is still owing, and the pledge of $108,000 of first mortgage bonds and
.
of the railroad company's and G. M. & N's distributive shares of emer'
gency charges collected under the "marshalling and distributing plan, 1931."
The note of the railroad company to the Credit Corporation, which matures
March 21 1934, was issued under the provisions of section 20a (9) of the
Inter-State Commerce Act and the G., M.& N. was authorized to assume
obligation and liability as guarantor in respect thereof by the order of
division 4. dated July 8 1932.
The railroad company did not earn operating expenses and taxes from
Feb. 1 to Aug. 11932. As It was unable to meet interest on its first mortgage bonds due on Aug. 1 1932, it defaulted. Under the provisions of its
first mortgage, after default continued for 90 days, the bondholders could
take steps to enforce their lien. The first mortgage is a lien on all the
property of the railroad company except some non-carrier properties.
The bondholders formed a protective committee which formulated a reorganization plan dated July 1 1932. which was later amended to the form submitted March 1 1933. The bondholders' committee instituted foreclosure
proceedings, and a receiver. I. B. Tigrett, was appointed on Nov. 7 1932.
Since that date the receiver has been operating the property under orders
of the U. S. District Court for the Southern District of Mississippi, which
has jurisdiction of the cause. At the time tne receiver was appointed 69%
of the bonds had been deposited.
A decree of sale was entered on May 22 1933, by the court having jurisdiction of the cause, in which the property was ordered sold to the highest
bidder in two separate parcels or as an entirety, the upset price for the
whole to be $989,760, the purchaser to assume all the receivers' assets,
all unpaid indebtedness of the receiver.
The special master's report of sale, dated June 29 1933, in the proceedings mentioned,states that the property was sold as an entirety on that
date for $989,760, the upset price, to Henry E. Barksdale and Hardy R.
McGowen. the only bidders. At the conclusion of the sale a certificate of
sale was executed to the purchasers, who reserved the right to assign,
with the approval of the court, their bid and deposit and to be released
from any obligations of the purchase upon assumption thereof by the
assignee. It appears that the bid is to he assigned to the new company,
the purchasers having acted as nominees of the bondholders' committee in
purchasing the property.
On July 1 1933, 91% of the outstanding bonds of the railroad company
had been deposited with the, bondholders' protective committee, this being
the effective date of the plan. The non-depositing bondholders have the
privilege of depositing their bonds with the bondholders' protective committee until the date of confirmation of the gale.
Under the plan now presented, the railway company has been organized
for the purpose of acquiring the properties sold and issuing new securities.
The railway company is to lease its properties to the G., M.& N. at a net
rental sufficient to pay interest on the new bonds and additional or contingent rental payable subject to the conditions of the lease. The principal
purposes of the plan are stated to be (1) to reduce fixed interest charges
on the railroad company's property: (2) to provide for joint operation of
Aug. 12 1933
the properties of the railroad company and the G., M.& N.; (3) to provide
an interest for the railroad company's bondholders in both properties, and
(4) to relieve the railroad company's bondholders of the necessity of providing the cash required to effect a reorganization.
The capital liabilities of the railroad company were:
1st mtge. 5% 50
-year gold bonds, due 1955
$8,248,000
Equipment trust certificates, due annually. Jan. 1 1933 to
490,000
Jan. 1 1941
200,000
Note to Railroad Credit Corporation, due 1934
Capital stock ($100 a share)
7,500,000
Total
Proposed Capitalization of the Railway Company.
Authorized,
$6,500,000
-year bonds
1st mtge. 5% 50
4,124.000
5% income debentures
824,800
Stock ($100 a share)
$16,438,000
To 73e Issued.
$5.367.000
4,124,000
824,800
Total
$10.315,800
The holders of each $1,000 bond of the railroad company will be entitled
to receive one new first mortgage bond for 3500, one debenture bond for
$500, and one share of stock. So many of the securities as may not be required to be exchanged for certificates of deposit for the railroad company's
bonds will be delivered to the G.. M.& N. on account of provision by it of
cash proceeds of foreclosure sale distributable to non-depositing bondholders, the G., M. & N. to be treated as having succeeded to the rights
such non-assenting railroad company's bondholders would have if they had
participated in the plan.
The equipment covered by the outstanding equipment trust certificates,
amounting to $490,000, consists of 200 gondola cars and passenger equipment. The G., M. & N. advanced g540,000 toward the purchase price of
$590.000 for tnis equipment. The railroad company repaid the G., M.& N.
350,000, leaving a balance of $490,000 due, whim is represented by the
certificates mentioned and which are held by the G.,M.& N. One certificate in the amount of $50,000, due Jan. 1 1933,is in default. The value of
the equipment is stated to represent no equity over the amount of the
outstanding certificates. The plan contemplates that the equipment will
be taken over by the G.. M.& N.and the certificates canceled, the interest
on the certificates outstanding to be charged against the receiver up to the
termination of his management in lieu of rent.
The $200,000 indebtedness of the railroad company to the Credit Corporation, evidenced by a note, is to be assumed by the G., M.& N. without
reimbursement, since no provision is made in the plan for any indebtedness
except the railroad company's bonds and current liabilities. Upon payment of the note the G. M. & N. will retain the collateral pledged by the
railroad company to secure it.
There is no provision in the plan for the holders of toe capital stock of
the railroad company and they will not be entitled to participate in the
reorganization. As the G.. M.& N.acquired 9.5.164% of this stock under
authority of the order of division 4, dated Dec. 20 1929. which it carries
on its books at $2,588,890, it is assumed tnat this item will be written off
or an adjustment made on account of the reorganization.
Upon consummation of the plan, the new company will own all the properties of every kind and description now owned by the railroad company
and by the G., M.& N.of La. Against these properties there are proposed
-year 5% bonds.
to be issued common stock, 5824.800. first mortgage 50
-year income debentures. $4,124,000. It
not exceeding $5,367,000. and 99
is proposed that $843,000 of the new bonds will be delivered in payment of
the purchase price of the property of the G., M.& N. of La, and not exceeding $400,000 of new bonds will be sold to the G., M.& N. or others to
provide funds for cash distributions to non-depositing bondholders and to
cover expenses of the reorganization, which are detailed as follows:
Cash distributed to depositing bondholders in 1932 or subsequent
thereto in accordance with Article VIII of the plan of reorganization
$101.750
Second cash distribution to bondholders upon consummation
82,480
of the plan,$10 Per bond
current collectible assets- 50,000
Estimate of excess of liabilities over
Expenses of reorganization, including court costs, trustee and
attorney for trustee expenses, expenses of bondholders'
committee and its counsel, and other expenses incident to
125,000
reorganization
Cash required for underwriting, distribution to non-depositing
bondholders (figured on basis of 10% non-depositors in upset
98,976
price)
$458,206
Total
The reorganization under consideration is being effected under the equity
jurisdiction of the court, not pursuant to the recent amendment of the
Bankruptcy Act.
Under the provisions of the plan, the G., M.& N. is to lease from the
railway company the properties to be acquired for a period of 99 years
from July 1 1933, the lease to be subject to the mortgage, at a net rental
payable 30 days before each semi-annual interest date, sufficient for, and
which shall be applicable to, the payment of interest due on each succeeding
interest payment date on all the new bonds outstanding. Such send-annual
rental payments are to be continued after maturity or retirement of the
principal of the bonds throughout the term of the lease,on the basis of an
amount equivalent to interest requirements on the now bonds which were
outstanding at the time of maturity or retirement.
The lease will also provide that the G., M.& N. shall pay as additional
rental $206,200 per year (equivalent to 5% on the income debentures)
provided that it shall not be required to make contingent rental payments
which in any calendar year would exceed an amount equivalent to onethird of the aggregate dividend disbursements (exclusive of stock dividends)
or other distribution not on account of capital, made in such year by the
G., M.& N. on its own stock of any class. Disbursements of interest or
other distributions not on account of principal are to be considered as
dividends for the purpose of the lease for any securities which may be
issued by the G., M. & N. or any successor corporation, in place of or in
exchange for its stock of any class. The obligation of the G., M. & N. to
make such contingent rental is cumulative, the limitation of $206,200 to
be increased in the next succeeding year or years to the extent that in
any year the G. M.& N.shall fail to make contingent rental payments of
that amount. '
Any contingent rental payments which become due by
reason of the payment by the G., M. & N. of a dividend upon its stock
shall be payable on or before the date of payment of such dividend. The
lessee is to pay all current charges and expenses against the leased properties.
as well as current expenses of the railway company, and is to adequately
maintain road, tracks, buildings and fixtures.
Without the approval of the G., M.& N., no additional bonds may be
issued during the term of the lease,and the new company is not to engage
in business or incur expenditures during the term of the lease. The railway
company is to authorize the issue from time to time during the term of the
lease of additional new bonds to or upon the order of the G., M. & N. for
capital improvements and additions and betterments to the leased properties
made by the G., M. & N.
The G., M.& N.and the railroad company are-included in System No.8
-Atlantic Coast Line, under the Commission's plan for the consolidation
of railroads, 159 I.
-S. C. C. 522. The G. M. & N. of La. was not in
'
existence at the time this plan was evolved. The proposed lease will be
in harmony with and in furtherance of the plan and will promote the public
interest by reason of the fact that experience has shown that it is not practicable to operate the line of the railroad company independently.
Commissioner Meyer concurring in part says:
"1 concur in everything which is approved in this report except the
ssue of the income debentures. These constitute unsound financing.
New York Central Lines.
-Adds 20.9% to Payrolls.
President F. E. Williamson on Aug. 4 announced that since June 1 the
company had increased its payrolls 20.9% by the addition of 19,341 employees, comprising 8,800 for maintenance of way. 6,616 for maintenance
of equipment and 3.925 in other departments.
"While the upturn in traffic in itself justified the increase in forces,'
said Mr. Williamson. "at the same time an earnest effort, motivated by
a desire to carry out the President's recovery policies, was made to employ
as many men as the railroad system's finances permitted. Practically all
the additional employees were recruited from men who had been furloughed
-V. 136. P. 3154.
because of the drop in traffic during the depression."
-Examiner Would Suspend
New York Central RR.
Attica Line Acquisition Order, Conditionally.-
Financial Chronicle
Volume 137
An I.
-S. C. Commisson examiner has recommended that the Commission suspend conditionally, its requirement that the New York Central
RR. acquire the lines of the Chicago Attica & Southern RR. at their commercial value as a prerequisite to final approval of the New York CentralBig Four-Michigan Central unification.
Suspension of this condition is recommended with the proviso that in lieu
of the existing agreement the Central should agree to offer to acquire the
Attica property at the price of $165,000, adjusted for any change in the
Chicago prit e of scrap after June 301933,at a future date not later than the
next declaration of dividends on its capital stock.
The suggested alternative conditions also would provide that, in event
of abandonment of the Attica before that time. the Central undertake to
reduce its local rates to Chicago on grain and grain products from Swannington and Veedersburg to 12.5 cents and 19.5 cents, respectively.
The Central represented to the Commission that it was without funds to
pay the $165.00e fixed by the Commission as the commercial value of the
Attica line and that it could be financed only through a loan from the
R. F. C.
-V. 137, p. 682.
Nord Ry. (Compagnie du Chemin de Fer du Nord),
France.-To Retire $439,000 of Bonds.
J. P. Morgan & Co., as paying agents, are notifying holders of 6%%
external sinking fund gold bonds, due Oct. 1 1950, that $439,000 principal
amount of the bonds have been drawn by lot for redemption at par on
Oct. 1 1933 out of sinking fund moneys. In connection with this operation,
the company has requested the paying agents to announce that, until
further notice, coupons maturing Oct. 1 1933, and bonds drawn for redemption on that date may be paid upon presentation and surrender at the
office of J. P. Morgan & Co. in U. S. currency at the dollar equivalent of
French francs 25.52 per dollar of face value of coupon or bond upon the
basis of their buying rate of exchange on Paris at the time of presentation.
V. 136, p. 2236.
Norfolk & Western Ry.-Obtains Tax Refund.
The company has obtained an income tax refund of $729,182 for the
years 1922, 1923. 1925 and 1926, the Internal Revenue Bureau announced
on July 24. A total of $225,644 was withheld in connection with deficiencies
for 1924. 1927 and 1928. The Bureau allowed additional deductions for
depreciation and amortization and made other allowances which reduced
the tax.
-V. 136. p. 4455.
Pennsylvania Ohio & Detroit RR.
-Abandonment.-The I.
-S. C. Commission on July 27 issued a certificate permitting
(1) the company and the Pennsylvania RR., lessee, to abandon a branch
line of railroad, known as the Montgomery branch, extending southeasterly
from a connection with its main line at Blue Ash, to Montgomery, 1.35
miles, all in Hamilton County, Ohio.
-V. 136, P. 3339.
Pennsylvania RR.
--Obituary.Vice-President Elisha Lee died in New York City on Aug.6.-V. 137, p.
861. 682.
Pere Marquette Ry.-Withdraws Application for $2,000,000 Reconstruction Finance Corporation Loan.
The company has withdrawn its request for a loan of $2,000,000 from the
Reconstruction Finance Corporation, the bulk of which was to be used to
pay taxes.
The road will not need these funds now due to arrangements with State
officials providing for the deferment for the present of the tax payments.
Increased earnings of the road also have lessened the need for the loan, it
Is said.
-V. 137. p. 861.
St. Louis, Brownsville & Mexico Ry.-Abandonment.The I.
-S. C. Commission on July 27 issued a certificate permitting the
company to abandon a branch line of railroad extending from a connection
with its main line at or near the station of Buckeye, southerly and southwesterly to Collegeport. 16.9 miles, all in Matagorda County, Tex.
-V.137.
p. 861.
Southern Pacific RR.
-Abandonment of Branch.
The L-S. C. Commission on July 31 issued a certificate permitting
(a) the Southern Pacific RR. to abandon part of its Newport branch in
Orange County, Calif., and (b) the Southern Pacific Co. to abandon operation thereof and of certain other parts of that branch in said county.
The report of the Commission says in part:
The Southern Pacific RR. and the Southern Pacific Co., on May 27
1933,jointly applied for permission (a) to abandon that part ot. the so-called
Newport branch, owned by the former and operated by the latter, as lessee,
extending from a point at or near Dyer to a point at or near Huntington
Beach, about 11.58 miles, and (b) to the Southern Pacific Co. to abandon
operation of those parts of the branch between milepost 519.414, at or
near Dyer, and milepost 520.089. at or near New Delhi, about 0.675 mile,
and between milepost 521.97, at the west end of LaBolsa yard, and milepost 524.58. at or near Huntington Beach. about 2.61 miles. all in Orange
County, Calif.
No passengers were carried on any of these parts during the past five years.
It is apparent from the record that the part of the branch fromDyer to
Huntington Beach has served the purpose for which it was constructed and
that its continued maintenance and operation would impose a burden on
inter-State commerce. As a subsidiary of the Southern Pacific Co. operates
over the other two parts of the branch under consideration, it is apparent
that operation thereover also by the Southern Pacific Co. would result in
an unjustifiable expense and duplication of rail service. The proposed
abandonments would not result in serious public inconvenience.
-V. 136,
p. 3155.
Texas & New Orleans RR.-Amends Consolidation Plea.
The company has supplemented its application to the L-S. C. Commission
asking authorization to consolidate 13 Texas and Southwestern affiliates of
the Southern Pacific under the T.& N.0. by asking approval of the merger
pursuant to the recently amended consolidation provisions of section 5 of
the Interstate Commerce Act. Section 5 was amended by the Emergency
Railroad Act.
The lines that would be consolidated under the T. & N. 0'. include the
Louisiana Western RR., Morgan's Louisiana & Texas RR.& Steamship Co..
Iberia & Vermilion RR. Franklin & Ahneviiin, Lake Charles & Northern.
'
Houston & Shreveport, Galveston Harrisburg & San Antonio, Houston &
Texas Central, Houston East & West Texas, San Antonio Ss Arkansas
-Midland, and the Gulf & West Texas.
pass, Dayton-Goose Creek, Texas
The T. & N. 0. would issue $59.646,400 ($100 par) capital stock in
exchange for the properties of the respective lines and assume their funded
-V. 137, p. 313.
and unfunded dente, liabilities and agreements.
Toronto Hamilton & Buffalo Ry.
-Earnings.For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 3340.
Virginian Ry.-New Vice-President.Carl Bucholtz, General Manager, has been made Vice-President and
-V. 136, p. 3334.
General Manager.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Aug. 5.-(a) Weekly electric output
continues at the same rate, p.932;(b) Electric output in June 1933 increased
10% over the same month last year, p. 932.
American Cities Power & Light Corp.-Balance Sheet,
June 30.1932.
1933
1932
1933.
Liabilities$
s
S
$
Assets-
a Investments___ A5,884,550 30,771,804 Sec. pureh. unde610,156
livered
297,100
759,363
Cash
231,247 Accrued Rah. incl.
327,471
Accts.receivable
taxes
64,708
65,429
62,778
reeelv.
Divs.& Int.
Res. for conting
480,500
480,500
Accts. pay.& am.
71,504
expenses
Capital
d6,944,4101311,145,337
Capital surplus_
8,744,819 c17694,555
Operating surplus_ 498,480 2,224;745
Total
17,036,814 31,677,916
Total
17,036,814 31,677,916
1239
a Market value June 30 1933 $22,465,514, against $12,580,945 June 30
1932. b Serial class A stock, par value $50, 164,737 shares convertible
optional dividend series cumulative: mass B stock (no par) 2,908,487 shares.
c Pursuant to authority granted at the special meeting of stockholders held
July 7 1932, the par value of the class A stock was reduced from $50 to $25
per share. $4,118,425 was transferred from capital to capital surplus, the
class B stock was changed from stock of no par value to stock of the par
value of $1 per share, and the number of authorized shares of class A stock
was reduced to 500,000. d Represented by 161,437 shares class A stock
(par $25) and 2,908,483 shares class B stock (par $1)
.-V. 137, p. 1048.
American Water Works & Electric Co., I nc..-Output.-->(
Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Aug. 5 1933 totaled 34,675,000
kilowatt hours, an increase of 42% over the output of 24,466,000 kilowatt
hours.for the corresponding period of 1932.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended1932.
1931.
1930.
1933.
1929.
July 15
37,280.000 25,881,000 32,774,000 33,885,000 35.899,000
July 22
37,610,000 25,653.000 32,442,000 34,042.000 36.049.000
July 29
36,946,000 25,862,000 31,191,000 33.917.000 35.978.000
Aug. 5
34.675.000 24,466,000 31,647.000 33,563,000 36,200.000
-V. 137. p. 1048. 861.
Associated Gas & Electric Co.-Plan Sustained by Court.
Supreme Court Justice Peter Schmuck on Aug. 8 handed down his decision denying an injunction against the carrying out of the plan of rearrangement of debt capitalization of the company. The injunction was
sought by Elizabeth E. Rabenold, the holder of $165,000 of the convertible
4Y% gold debentures due 1949 on behalf of herself and all other holders of
2
debentures of the company.
Toe principal grounds on which the injunction was sought were that the
issuance of the new securities under the plan would constitute a violation
of the indentures under which the debentures of the company were issued
and that the issuance of the new securities would constitute a violation of
the provisions of the New York Stock Corporation Law, whicn prohibits
a corporation from preferring creditors when the corporation is Insolvent
or in imminent danger of insolvency. In his opinion Judge Schmuck
holds that there is no violation of the indentures of the company and that
the plan will not work a preference. Judge Schmuck also finds that the
solvency of the company is beyond speculation in that its assets are at least
equal to, if not greater, than its liabilities.
The opinion states that the plan of rearrangement of debt capitalization
of the company may well work out to the benefit of the existing debenture
holders of the company and that a court should be slow in substituting its
judgment as to the proper management of a company for the judgment of
the officers and directors of the company who are more familiar with its
affairs particularly so when the effect of such interposition may result in
tremendous loss. He also points out that the court should hesitate before
it uses the implement of injunction to wreck a structure built up by considerable thought, effort and material expenditure.
The motion for injunction was argued before Judge Schmuck on July
14 1933.
A copy of the complete decision follows:
Rabenold V. Associated Gas& Electric Company Et Al.
Motion denied. Both on the law and in the exercise of discretion no
favor can be shown to this application. Appreciating the uneasiness felt
by plaintiff concerning her considerable investment in the defendant
corporation and her great solicitude therefor, yet naught is shwen to justify
any interference by way of injunction with the plan of reorganization, or
rather rearrangement of capitalization. At all times should the court be
wary in superimposing its superficial knowledge of the affairs of a business
in contradiction of the specific and detailed knowledge of those who constantly live with the corporation. Particularly so when the effect of such
interposition may result in tremendous loss.
A summary of the situation herein indubitably establishes that the proposed plan may result in enormous saving to the defendant company.
To even temporarily obstruct any such prospective benefit when the outcome of the litigation is problematical is an indefensible exercise of a power
never to be used except when Ills imperatively necessary. The contention
that the plan is a violation of section i of the trust indenture is not factually
su4137t
1 plaii does not, as the court understands it, propose to mortgage or
pledge the property of either the holding or subsidiary companies. Nor can
it be said that the plan is violative of section 15 of the Stock Corporation
Law. It will not work a preference nor can it be said that the company is
5
in Imsninent dan.ger of insolvency. As a matter of fact the plan may well
work outito thetbenefit of plaintiff and other debenture holders who determine to hold on to and retain their present deventures.
The solvency of the company is beyond speculation. Its assets are at
least equal to, if not greater than, its liabilities, and what is particularly
significant it has not defaulted on any of its obligations. As a final answer
to plaintiff's plea it would seem that plaintiff cannot maintain this action.
The indenture prescribes when and how a holder of a debenture may sue.
It clearly states that the action must be brought by the trustees when so
demanded by a certain percentage of those similarly situated.
The complaint fails to show compliance or refusal on the part of the trustee. Hesitant to use the tools and implements of injunction to wreck a
structure built up by considerable thought, effort and material expenditure
and carrying out the idea that injunction pendente lite is only to be given
when indisputably shown to be necessary to avoid present irreparable
damage, this motion is denied.
United States Court Enjoins Pennsylvania Securities Commission from Interfering with Associated Gas Plan.
Judge William H. Kirkpatrick of the U. S. District Court in Philadelphia
Aug. 9 granted a temporary injunction restraining the Pennsylvania
Securities Commission from in any way interfering with the activities of
Utility Investing Corp. in soliciting holders of deoentures of Associated
'Jas & Elerttic Co. to deposit their securities under the plan of rearrangement of capitalization of that company. Judge Kirkpatrick had previously
granted a temporary restraining order on Aug. 2 1933 pending the hearing
on the motion for a temporary. injunction which was returnable Aug. 9.
The jurisdiction of the Securities Commission was challenged on the ground
that the plan was a reorganization and, therefore, outside the jurisdiction
of the Commission.
The Pennsylvania Securities Commission on July 26 issued an order
against General Utilities Securities, Inc., a subsidiary of Associated Gas &
Electric Co. ordering it to cease and desist from further solicitation of
deposits and the present suit was thereupon instituted. The effect of the
decision is to permit the solicitation of deposits under the plan without
procuring any license from the Pennsylvania Securities Commission.
-Gas Sendout Drops.
Weekly Electric Production Up 17%
Net electric output of 52,863.842 units (kwh) is reported for the week
ended July 29. by the Associated System. This is 7,879.797 units, or 17.5%
greater than in the corresponding week of last year. On the other hand.
gas semdout of 263.500,900 cubic feet for last week was 7,963.600 cubic
feet or 2.9V less than the System's sendout in the same period of 1932.
Reports from the various operating units in the Associated System
indicate that the increased load is entirely from industrial demands, all of
which is sold at rates within the lowest brackets on the property schedules,
that announcement stated.
July Electric Output Up 16.8%.
The Associated System reports electric output, excluding sales to other
utilities. of 225,474,359 units (kw.h.) for the month of July, which is an
Increase of 16.8% above July of last year. For the year ended July 31
output of 2,536,420,237 units was still 1.8% below the previous 12 months,
despite the gains of recent months.
These gains are decidedly leveling off. June showed an increase of
15.9% over a year previous; May a gain of 11.7%, while April was off
3.2%, as compared with the same month in 1932.
Gas output for July totaled 1,172,548,100 cu. ft., a decrease of 2.6%
when compared with July of 1932. This decrease compares with that of
0.5% for the year ended July 31, during which period 16,838,832,800
en. ft. were produced indicating that current decreases in this branch of the
business are greater than for the average of the year as a whole.
1240
Financial Chronicle
Consolidated Income Account for 12 Months Ended June 30.
-DecreaseAmount. %
1932.
1933.
Total electric revenue
$64,393,508 $68,327,157 $3.933,649 5.7
664,343 5.6
Total gas revenue
11,169,940 11.834.283
Water, transportation, heat &
8.247,243 1.810.402 21.9
6, miscellaneous revenues
6,436.841
I Total operating revenues
$82.000,289 $88,908,684 $6,908,394 7.2
Operating expenses
40.076,539 42.626.550 2,550,011 5.9
6,604,914 x576,761 x8.7
Taxes
7,181,676
Prov. for retire. (renewals, re
8.750,846 1,862.979 21.2
placements) of fixed cap., &c
6,887.867
Aug. 12 1933
Delaware Electric Power Co.
-Change in Collateral.An agreement between this company and the Chase National Bank of
New York,successor trustee, has been executed as of July 1 1933,supplementary to an agreement between the Delaware Electric Power Co and the Equitable Trust Co. of New York, trustee, dated as of Jan. 1 1929, seeming
38.000.000 of debentures. 5%% series, due 1959.
The company has deposited with the trustee in accordance with the
supplemental agreement 375.000 shares of the
stock, without
nominal or par value, of the Delaware Power & Light Co., owned by it
being all of the capital stock of that company issued and outstanding,
V. 136, p. 3936.
-Earnings.
-Duquesne Light Co.
For income st.tenient for 12 months ended June 30 see "Earnings Depart
ment" on a preceding page.
-V. 137. p. 487.
Operating income
$27.854,207 $330,426,373 $2,572.166 8.4
x Increase.
-Output of Affiliates (K1 .0%).
Electric Bond & Share Co.
•
7
.
Income and Surplus Account Year Ended June 30 1933.
$27,854,207
1933.
Week Ended Aug. 3
1932'.
Balance forward-operating income
Increase.
1,693,129
American Power ez Light
78,298,000 68,117,000
Other income (net)
14.9%
Electric Power & Light
35,983,000 37,385.000
x3.7%
$29.547,337
National Power .5z Light
64,794.000 55,390,000
Gross income
16,051,895
x Decrease.
-V. 137, p. 1049, 863.
Fixed charges & other deductions
Interest of Associated Gas & Electric Co., &c.
• -.
12.438.759 •- -w Electric Public Utilities Co.-DtFtritYN 2rat7 On fixed interest debentures
273,642
Guaraity Trust Co. of New York is now paying to I olden of the 15-year
Other funded debt interest
44,943
6% secured gold bonds due June 1 1942, the distributive payment on bonds
Unfunded debt & interest bearing scrip
and defaulted coupons from the proceeds of the saie of collateral at public
Bal.for int. on junior obligs.convert,into stock at co.'s option
9 27 1933.
The protective committee for the 6% secured bonds, interest on which
(incl. other charges ranking therewith,which are subordinate
has been in default since Dec. 1 1931. bid in the collateral at public auction
to fixed int. of the co. upon funded & unfunded debt)---- $738,096
on July 27 for $142,000.
-V. 137, p. 1048.
;w c noun ati by t heacgm t e:
ecla
A.
ag 123a anorporceton with
l
anftc eiIngas o a plln d:.tedop sri e,
gidi
t
apwi il :
been
- and
-Balance Sheet June 30.
Central States Electric Corp.
of 70,000 shares of stock will be formed to acquire the securities aclifed
1932.1933.
1933.
1932*
with the trustee for the 6% bonds. Holders of each $1,000 secured 67
a
Assets$
$
bond will receive in exchange 20 shares of stock of the new company.
b Investments___c73,172,974 79,091,730 5% COI1V. debs.,
Upon completion of the plan the new company will go under a three-year
series due 1948A4,756,000 15,711,000
Cent. States Elec,
voting trusteeship, with F. W. Woodcock, L. J. Schimberg and R. W.
Optional
5S5%
Corp. stock:
Rea acting as trustees.
dabs., ser. due
661,123
7% pref.stock__ 661,123
The securities which were purchased by the committee for 3142.000 are
23,099,000 23,243,000
373,620
1954
6% pref.stock__ 373,620
25.000 shares of common stock of the Electric Public Service Co.. 1,000
765,981
307,484 Int. accr. on debs- 739,446
pf. stock_ 307,484
Cony.
shares of common stock of the Empire Southern Gas Co., 989 shares of
886,125 Sec. purchased usU. S. Treas. ctfs__ 551,248
common stock of Louisiana Ice & Utilities, Inc., and a promissory note
13,105
22,400
delivered
1,402.865 1,668,581
Cash
of the Empire Southern Gas Co. for 81.500.000 payable on demand.
93,618 Miscell. accrued
Misc. accts. rec.... '316,105
.
systeectricyl:ubiic p 84 es Co. is a unit in the Appalachian Gas Corp.
El n i.
- 137 Ut6I1iti
.
326,587
241,780
liabilities
IJnamor. discount
737,000
825,491
on debentures__ 1,875,617 2,039,555 Res, for conting
33,028,082 33,040,128
a Capital
Fifth Avenue Bus Securities Corp.
-Earnings.5,864,030 11,369,842
Surplus
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 136. p. 2797.
Department" on a preceding page.
Total
78,661,036 85,121.836
78,661,036 85,121,835
Total
t,
a 7% preferred stock, issue of 1912, cumulative (par 8100), 75,433 shs.;.....„,,, General Gas & Electric Corp.-0/crss-B-79,94-4*Lig
serial preferred stock (par $100), preferred stock 6% series, 101,240 shs.,
The class B common stock of no par value was stricken from the list of
convertiole preferred stock, optional dividend series, 15,788 shs. (15,838
Exchange on Aug. 10.-V. 137, p. 863, 314.
the New York Stock
in 1932), convertible preferred stock, optional series of 1929, 36,561 shs.
Interborough Rapid Transit Co.
-Judge Manton Is
(36,636 in 1932); common stock (no par), 10,130,648 shs. (10,130,194 in
reserve of 3751,617 in 1933 and $6,657,811 in
1932). b After deducting
Defied on I. R. T. Authority-Manhattan Ry. Refuses to
1932. c Market value June 30 1933 was 348.224.696.-V. 137, p.1049.
Charleston & Interurban RR. Co.-Ea,nings.For income statement for 6 months ended June 30 1933 see "Earnings
-V. 134. p. 3269.
Department" on a preceding page.
-Earnings.Chester Water Service Co.
For income statement for 12 months ended June 30 see "Earnings Department" on a prece, ing page.
Balance Sheet June 30.
Liabilities1933.
1932.
1932.
1933.
Assets1st mtge. 411%
Plant,prop.,equip.,
83,330,000 83,311,000
gold bonds
szc
86,023.303 86,013,432
72,398 Deferred liab. &
69,444
Invests, in affil.cos
unadjusted cred.
55,456
39,566
40,475
lInbilled revenue_
16,843 Due to Fed. Water
58,275
Cash
•
98,300
43,580
Service Corp.._
Notes & accts. rec. a 54,405
49,634
35,612 Consumers dep.&c
33,350
Mat'ls & supplies_
158,75_8
Due affil. cos
676
Due from atilt. co_
Notes & accts. pay
d4,956
b Def. charges &
5 18s
.
176,067 Accrued liabilities_ 130,543
121,026
prep'd accounts_ 161,406
247,932
275,111
Reserves
c $5.50 cum. pf.stk 1,200,000 1,200,000
760,000
c Common stock
Capital surplus_
448,665t 1,298,145
144,123
Earned surplus_ _ _
$6,441,336 56,397,500
16,441,336 $6,397,500 Total
Total
a Accounts receivable only. b Including unamortizel debt discount and
expenses and commissim on capital stock. c Represented by 12,000 shares
-V. 137, p. 135.
(no par). d Accounts payable only.
-New Trustee.Cleveland Electric Illuminating Co.
The National Bank of Cleveland has been appointed as successor trustee
to the Union Trust Co. of Cleveland for an issue of 1st mtge. gold bonds
dated April 1 1909.-V. 137, P. 1049.
Columbus Ry., Power & Light Co.-Earnings.-
For income statement for 12 months ended June 30 see "Earnings De-V. 136. p. 3341.
partment" on a preceding page.
-July Output.Commonwealth & Southern Corp.
Electric output of the Commonwealth & southern corp. system for the
month of July was 477,377,713 k.w.h. as compared with 386.093.148 k.w.h,
for July 1932, an increase of 23.64%. For the seven months ended July
31 1933 the output was 3,037,302.692 k.w.h. as compared with 2,940,573.180 k.w.h. during the corresponding Period of 1932. an increase of
3.29%. Total output for the year ended July 31 1933 was 6,167,131,279'
k.w.h. as compared with 5.267,256,584 k.w.h. for the 12 months ended
July 31 1932. a decrease of 1.90%.
Gas output of the System for July was 535.468.200 cubic feet as compared'
with 558,291.800 cubic feet in July last year a decrease of 4.09%. For
the seven months ended July 31 1933 the output was 4.401.618.000 cubic
feet as compared with 4,743,977.400 cubic feet for the corresponding
period last year a decrease of 7.22%. Total output for the year ended
July 31 1933 was 7.665,227.900 cubic feet as compared with 8.424.572,800
cubic feet for the 12 months ended July 31 1932. a decrease of 9.01%.V. 137, P. 684-
Recognize any Rulings by Him Since July 27.-
Pressing its fight to oust Judge Martin T. Manton of the U. S. Circuit
Court of Appeals from jurisdiction over the Interborough receivership,
the Manhattan Ry. served notice Aug. 7 that it would not recognize any
order or ruling In the case made by him on or after July 27 1933.
Charles Franklin, counsel for the Manhattan, announced that the notice
had been filed in the U. S. District Court and copies served upon all other
parties to the receivership proceedings.
At the same time Mr. Franklin said he had sent to the Bar Association
of the City of New York and the New York County Lawyers Association
formal requests for an Investigation' of the receivership.
With the requests he enclosed copies of the affidavits of prejudice which
Judge Manton rejected on Aug. 2. They charged him with strong personal
bias and charged also that "grave irregularities" existed in the conduct of
the receivership.
The Manhattan company's notice that no order by Judge Manton
since July 27 will be recognized as valid is based upon the contention that
the filing of the affidavit of prejudice on that date and its resubmission on
Aug. 2 terminated his power and authority in the Interborough matter
as of the earlier date. The notice relies upon Section 21 of the Judicial
Code. Mr. Franklir said that Judge Manton had no power to reject the
affidavit and was under legal obligation to step out of the case when it was
submitted.
A copy of the affidavit of prejudice has been filed by the Manhattan
company with the U. S Supreme Court in Washington. Mr. Franklin,
it is understood, is considering an application to that court for a writ of
prohibition to block further participation by Judge Manton in the proceedings.-V. 137. p. 1050.
Lexington (Ky.) Water Co.-Dividend Defer?Pd.
The directors have voted to defer the quarterly div. du@ Sept. 1 1933 on
the 7% cum. pref. stock, par $100. Regular quarterly distributions of 1"di%
had been made to and incl. June 1 last.
-V. 135, p. 2492.
Long Island Lighting Co.
-New Rates.
The New York P. S. Commission last month approved schedules of
reduced electric rates to be charged by the Long Island Lighting Co. and
the Nassau dr Suffolk Lighting Co. after Aug. 1. The new schedule will
save customers of these companies approximately 3500.000 annually, it
is estimated.
The new rate for residential service is $1 per meter per month plus energy
charges of 5Y6 cents per k w.h. for the first 50 k.w h., 5 cents per k.w.h.
for the next 150 k.w.n. and 3 cents per k.w.h. for excess use. The new
commercial rate provides for a minimum charge of $1 for the first kilowatt
or less of demand and 50 cents per kilowatt or fraction thereof for excess
demand with energy charges of 834 cents per k.w.h, for the first 30 k.w.h.
per kilowatt of demand, 7 cents per k.w.h. for the next 180 k.w.h. per
kilowatt of demand, but not more than 1.000 k.w.h., and 9 cents per k.w.h.
for excess use.
-V. 136, p. 4460. 3342, 2973; V. 135. p. 4559.
- Memphis Street Ry.-In Receivers' Hands.
The company was placed in receiNership July 21 on petition of the
Central Hanover Bank & Trust Co. of New York, trustee of a mortgage
on the company's property. E. W. Ford, V.-Pres. & Gen. Mgr. of the
company,and J. H. Townsend were named as receivers by Judge Anderson.
Walter P. Armstrong was named attorney for the re, elvers.
The receivership is expected to be short and probably will be ended
by the adoption of a reorganization plan already submitted to bondholders of the company. See plan in V. 137, p. 865
Consolidated Traction Co. of New Jersey.-Chancery
-a..--Michigan Gas & Electric Co.
-Dividends Deferred.Court Renders Estate Decision in Deposit Plan.' The directors recently decided to defer the quarterly dividends due Aug. 1
on the no par $6 cum. prior lien stock and on the 7% cum. pfrior lien stock,
In a decree entered in Chancery Court Aug, 8, Chancellor Luther A.
Campbell has advised and directed the Fidelity Union Trust Co. of Newark,
Par $100. The last regular quarterly distributions of $1.50 and $1.75 per
as substitute trustee for the estate of Bernard M. ShailleY, deceased, to
share, respectively, were made on the $6 and 7% prior lien stocks on May 1
deposit the 8210.000 in bonds of Consolidated Traction Co. due June 1
1933.-V. 137. p. 685; V. 136, p. 3533.
1933 for extension until June 1 1938, as provided under "Option A" of
Middlesex & Boston Street Ry.-Earnings.
the deposit agreement offered bondholders by P blic Service Corp. of
For income statement for 3 and 6 months ended June 30 see "Earnings
New Jersey, Public Service Co-ordinated Transport and Consolidated
Traction Co. Attorneys representing the heirs of the shamey estate have
Department" on a preceding page.
-V. 136, ri• 3161.
consented to the entry of the Chancellor's decree.
'
In his decree Chancellor Campbell says "the court having considered the 11"'"' Minnesota Northern Power Co.
-To Extend Bonds.
The Minnes ,ta Northern Power Co., Montan1-1./.. Ai Utilities Co.,
proofs submitted and being of the opinion that procedings had at this
and Gas Development 0). have outstanding $4,500,000 J hit 6% g id bonds
time, by forclosure or otherwise, to collet t the amount due on said bonds
would only work injury to the beneficiaries under said will, and that it is
(which bear the title "first mortgage 6% gold bonds") clued April 1 1930,
due April 1 1934.
for the best interest of such beneficiaries that the period of payment of
said bonds should be extended until June 1 1938."
Minnesota Northern I'ower Co. Is a holding company which owns all of
the issued and outstanding stock of the other two companies. Montana.
Under the terms of the deposit agreement Consolidated Traction bondholders are given the option of either extending the due date of the bonds
Dakota Utilities Co. operates natural gas pipe lines an.I distribution systems extending from the Baker gas field in Fallon County. Mont.. south_
for five years rom June 1 1933 until June 1 1938 in "Option A" or of
selling their bonds to Public Service Corp. of New Jersey at $650 per each
ward to the Black Hills district of South Dakota, anl from the ins field
eastwurd to Bismarck, N. 13., all of which are owned by tl.at company
$1.000 bond with accrued interest thereon at the rate of 5% from June 1
except the gas distribution systems in Bismarck and Mandan. N.
1933.
which are operated under lease. Gas Development Co. owns gas leases,
The Fidelity Union Trust Co. as trustee for the Shapley estate had
gas purchase contracts ,and other interests in gas acreage in the Baker gas
applied to the Chancery Court for advice and instruction as to which of the
field, and sells gas under contract to Montana-Dakota Utilities Co. and
two plans to accept under the Consolidated Traction Co. deposit agreeMontana-Dakota Power Co. The mortgage securing these bonds is a first
ment.-V. 137, p. 684.
Volume 137
Financial Chronicle
,. _
1241
form of supplemental indenture is attached. Bondholders may approve
lien upon substantially all of the fixed assets of Montana-Dakota Utilities
and accept the extension plan and become parties to the deposit agreement
Co.and Gas Development Co., Minnesota Northern Power CO. has pledged
by depositing their bonds with the depositary, accompanied by the approved
and deposited with the trustees all of the preferred and common stock of the
Northern Power Co.,
form of transmittal letter.
Montana-Dakota Power Co. owned by the Minnesota
The extension plan will become operative when the holders of at least
representing approximately 98% of such capital stock outstanding.
90% in principal amount of the outstanding bonds have approved it.
Under prevailing conditions, it will be impossible to refund these bonds
Company has the right to declare the plan operative at any time when it
through the usual investment channels. The companies therefore propose
has been approved by at least 75% in principal amount of the outstanding
to their bondholders the following plan for extending the maturity date of
bonds, except that any such declaration made by the company may be
the bonds:
vetoed within 10 days by any two of the following: BancNorthwest Co.,
Extension Plan,
Minneapolis; Continental Illinois, Co., Chicago, and First Wisconsin Co..
bonds
(1) Bondholders are asked to extend the maturity date of their
Milwaukee.
ten years to April 1 1944.
If the plan does not become operative before July 1 1934, it will become
on all extended bonds
(2) The companies will agree to pay interest
inoperative on that date and all deposited bonds will then be returned to
semi-annually (A. & 0.), at rate of 6% per annum from April 1 1934, to
depositors upon surrender of their deposit receipts.
April 1 1939, and at the rate of 7% per annum from April 1 1939 to April
Prepayment of Jan. 1 1934 Interest.
1 1944.
(3) Companies will agree to pay to the trustee, for the account of a sinkTo encourage the prompt deposit of bonds the company, at the time of
ing fund to be used to retire bonds, an amount equal to 55% of the consolithe deposit of bonds, will pay interest coupons due Jan. 1 1934, which
dated net earnings of Montana-Dakota Utilities Co. and Gas Development
are appurtenant to such deposited bonds.
Co. accruing subsequent to April 1 1934, remaining after deducting from
Income Account Year Ended Dec. 31 1932.
exceeding 6% of the
such consolidated net earnings such amounts (not
$1,597,201
Gross income
consolidated gross income of those two companies) as those two companies
813.693
Operating expenses, rentals and State and local taxes
shall have expended subsequent to April 1 1934,for extensions and additions
to the mortgaged property. The companies may include in this deduction
$783,507
Net income
for extensions and additions moneys loaned to Consolidated Utilities Co.
467 500
Bon interest
Bond
and expended by that company for extensions and additions to the gas
29.098
Other interest (less $6.304 charged to construction)
distribution systems in Bismarck and Mandan, N. D.. which are operated
88.753
Amortization of debt discount and expense
by Montana-Dakota Utilities Co. under lease. The companies will have
3.409
Miscellaneous deductions
the right to make sinking fund payments in bonds at their cost to the
companies. All cash payments made to the sinking fund will be applied
$194,745
Balance available for depreciation* and surplus
by the trustees to the purchase of bonds at the best prices obtainable.
* Provision for depreciation, year 1932, $153,301.51.
not to exceed their redemption price, by calling for tenders. The companies
will have the right to tender bonds to the sinking fund at not to exceed their
Balance Sheet Dec. 31 1932.
.
cost to the companies. If sufficient tenders are not received, any cash
LiabilitiesAssetsremaining will be applied to the redemption of bonds by lot.
5764,400
$10,815,345 7% pref. stock
Fixed capital
Extended bonds will be subject to redemption in whole or in part on
(4)
593,205
135,340 6% pref. stock
Cash
the first day of any month, on 60 days' notice, at 102 to and incl. Oct. 1
979.255
278,921 Common (271,849 shares)
Notes dr accounts receivable_
1935, at 101% to and including Oct. 1 1936; at 101 to and incl. Oct. 1 1937:
8,500,000
168,541 Funded debt
Materials & supplies
and thereafter at par.
30,012
24,552 U.S.Govt.ser. purch.contr_
Prepayments
(5) The Companies will agree to close the mortgage, thereby limiting
572,647
52,500 Notes payable
Misc. current assets
the bond issue to the present amount to $4,500,000.
99,824
364,402 Accounts payable
Due from parent company__
(6) The companies will each of them agree not to declare or pay any
99,161
13,804 Consumers' deposits
Miscellaneous assets
dividends upon their respective outstanding preferred or common stocks
7,842
179,499 Misc.current liabilities
Deferred debits
unless and until (a) the amount of outstanding bonds shall have oeen
59,366
Accrued liabilities
Discount & selling expense on
reduced to $3,250,000, and (b) the consolidated net operating earnings of
74,795
53,984 Miscellaneous reserves
pref. stock
Montana-Dakota Utilities Co. and Gas Development Co. for a period of
306,386
Surplus
12 consecutive months out of 15 months next preceding the date of such
declaration shall have been at least 23-i times the annual interest charge on
512,086,893
Total
$12,086,893
Total
all bonds outstanding at the date of such declaration.
Note.
-At Dec. 31 1932, dividends on preferred 7% cumulative stock
Continuance of Lien.
and preferred 6% cumulative stock were in arrears in amounts of $26,754
The lien of the indenture of mortgage dated April 1 1930 will not be disand $17.796. respectively.
-V. 130. p. 4761.
turbed by this extension plan.
-Time for Deposits
Method of Consummation of Plan.
""a'^ National Public Service Corp.
The companies and The Minnesota Loan & Trust Co., as depositary,
Extended.have entered into a deposit agreement dated July 22 1933. Bondholders•,
e protective committee representing holders of secured debentures
may approve and accept the extension plan and become parties to the dehas received deposits of about 50% of the amount outstanding and has
posit agreement by depositing their bonds with the depositary,
extended the time for deposits until Oct. 15. P. A. Russell of 100 Broadway
The extension plan will become operative when the holders of at least
-V. 137, p. 866.
is Secretary of the committee.
90% in principal amount of the outstanding bonds have approved it. The
companies have the right to declare the plan operative at any time when it
-Earnings.
New England Power Associates.
has been approved by at least 75% in principal amount of the outstanding
For income statement for 3 and 6 months ended June 30 see "Earnings
bonds, except that any such declaration made by the companies may be
-V. 136, p. 3161.
preceding page.
vetoed within 10 days by any two of the following: BancNorthwest Co.,
Department" on a
Minneapolis; First Wisconsin Co., Milwaukee, and First Securities Corp.,
-Fewer Phones Lost.
Minneapolis.
New York Telephone Co.
If the plan does not become operative before July 1 1934, it will become ' company on Aug. 4 reported a net loss of 20,402 stations during
, The
l
inoperative on that date and all deposited bonds will then be returned to
a loss of 14,736 in June and 42.953 in July 1932.
July. This compares with
depositors upon surrender of their deposit receipts.
The greater net loss by comparison with June represents a normal trend
for July, in which month the company usually disconnects temporarily
Prepayment of Interest.
large numbers of telephones for the summer months.
To encourage the prompt deposit of bonds the companies, at the time of
For the first seven months of 1933 the net loss of stations was 120,177.
the deposit of bonds, will pay interest coupons due Oct. 1 1933, which are
compared with 158,952 in the corresponding period of 1932. The company
appurtenant to such deposited bonds.
operates approximately 20% of the telephones in the Bell System throughout
If deposit receipts are outstanding on March 20 1934, the depcsitary
the country.
-V.137, p. 489, 315.
will (1) detach interest coupons due April 1 1934, from bonds then held by
the depositary. and (2) mall such interest coupons before April 1 1934,
-Regular Stock Distribution.
--- ..
t°- " North American Co.
the owners of the outstanding deposit receipts entitled to such coupons
The dieectors on Aug. 11 declared a quarterly dividend of 2% in common
of record on the books of the depositary at the close of business March
stock on the common stock, payable Oct. 2 to holders of record Sept. 5.
20 1934, at their registered addresses as shown on such books,
A like amount was paid on April 1 and On July 1 last.
Consolidated Income Account, Year Ended December 311932.
The company previously had been paying 23% each quarter in common
Gross income
$1,205,781
stock.
-V. 137, P. 867, 315.
Operating expenses, rentals and State and local taxes
549.639
Net income available for interest, depreciation, etc
Interest on joint mortgage 6% gold bonds
Interest on 10
-year 5%% Notes
Other interest (less $201 charged to construction)
Amortization of bond discount
Miscellaneous deductions
$656,141
270.000
27,948
50,298
74.907
4,396
Balance available for depreciation,* depletions and surplus _ _ $228,589
-Provision for depreciation and depletion year 1932. $197,521.
*Note.
..--v, 135, p. 466.
r fany.
,,,,,m
_
ontana-Dakota Power Co.
-To Extend Bonds
.
-Further Adjournment.
Northwestern Power Co., Ltd.
A meeting of bondholders held on Aug. 2 was adjourned until Oct. 4,
-Col. Thos. A. Vien, K.C., who acted as Chairwith no action taken. Lt.
man, informed the gathering that preliminary arrangements are now in the
process of being made for a meeting of one-man sub-committees from the
various protective groups in Northwestern Power. Winnipeg Electric and
Manitoba Power companies, in an effort to reach a satisfactory solution
to the problems facing the Manitoba utilities.
Col. Vien, a member of the Northwestern Power protective committee,
explained that representatives had just been announced for the Winnipeg
Electric and Manitoba Power bondholders, and that overtures had been
made to have one-man sub-committees appointed, who would meet with
Glyn Osier, K. C., representing the Northwestern Power bondholders.
Many weeks of negotiations, he said, would be necessary before a plan of
reorganization could be brought before the various bondholders, but that
it was hoped to have something ready for the meeting when it is reconvened
-V. 136, P. 4460.
Oct. 4. (Montreal "Gazette".)
2 l92
has outstanding $8,500,202ui
c4uts
lgermtil!e
$1l,59
10
03
prevailing c4ZItioir, k
%
b dt
will be i possible to refund these bonus through the usual invest
channels The company therefdre proposes to its bondholders a plar
extendin the maturity date of the oonds as follows:
(1) Bondholders are asked to extend the maturity date 10 years to-**
---- Pacific Northwest Public Service Co.-Plan to Exchange
Jan. 1 1944.
Preferred Stock Consummated.
(2) Company will agree to pay interest on all extended bonds, semi
Conversion of Central Public Service Corp. $4 pref. stock into pref.
annually (J. & J.) at rate of 5%% per annum from Jan. 1 1934, to Jan. 1
stock in Pacific Northwest company in accordance with arrangements
at the rate of 04% per annum from Jan. 1 1939 to Jan. 1 1944.
1939, and
effected early this year by Franklin T. Griffith, President of the latter
(3) Company will agree to pay to the trustee, for the account of a sinking_
company, was about 99% completed on July 15. Of the 157,000 shares of
fund to housed to retire bonds,an amount equal to 55% of the net earnings
Central Publlc Service pref. stock held locally, approximately 155,000
of the company accruing subsequent to Jan. 1 1934, remaining after deductshares had been transferred for approximately 90,000 shares of Pacific
jr.g from such net earnings such amounts (not exceeding 6% of the comNorthwest prior pref. and 1st pref. stock, par $100 per share. See also
income) as the company shall have expended subsequent to
pany's gross
V. 136, P. 4267.
Jan. 11934,for extensions and additions to the mortgaged property. Cornwill have the right to make sinking fund payments in bonds at their
pany
-Earnings.Penn Central Light & Power Co.
cost to the company. All cash payments made to the sinking fund will be
For incOnni statement for 3 and 12 months ended June 30 see "Earnings
applied by the trustee to the purchase of bonds at the best prices obtainable,
-V. 136, p. 3723.
Department" on a preceding page.
price, by calling for tenders. Company
not to exceed their redemption
will have the right to tender bonds to the sinking fund at not to exceed
Pittsburgh Suburban Water Service Co.-Earnings:their cost to the company. If sufficient tenders are not received, any cash
For income statement for 12 months ended June 30 see "Earnings De
remaining will be applied to the redemption of bonds by lot.
partment" on a preceding page.
(4) Extended bonds A ill be subject to redemption in whole or in part
102 to and including July 1
1933. Balance Sheet June 30.
on any interest date, on 30 days' notice, at
1935; at 101% to and incl. July 1 1936; at 101 to and incl. July 1 1937,
Liabilities
Assets1932.
1 9 2 00
8 3.
and thereafter at par.
$1, 93,5 $1, 94,5
133
9 6 .00
Funded debt
Plant prop. equip(5) Company will agree to close the mortgage, thereby limiting the bond
ment, &c
53,452,988 83,424,843 Due to Fed. Water
issue to the present amount of $8,500,000.
52,780
Service Comp.__
M
not to declare or pay any dividends upon its
(6) Company will agree
49,465
Customers' depos_
252
deposits
outstanding preferred or common stock unless and until (a) the amount
27,237 Mtscell. defer. liab.
Cash
11,903
$6,750,000, and (b) the
22,922 & unadj. credits
of outstanding bonds shall have been reduced to of 12
23,033
Unbilled revenue_
consecutive months
410
1.2t, Ug
,
net operating earnings of the company for a period
39,966 Due affiliated cos_
52,175
Notes.4 accts. rec..
3,643
20,080 Notes & accts. pay. d3,522
out of 15 months next preceding the date ofsuch declaration shall have been
Maris & supplies_
15,363
56,406
46,059
at least 2;4 times the annual interest charge on all bonds outstanding at
aDef. charges &Accrued liabilities_
149,189 Res. for retirem'ts
the date of such declaration.
Prepaid accounts 142,795
(otherdcreplacements_ 377,470
32,19353
(7) Company will agree that it will not hereafter loan any money or
36res
advance its credit to or for the account of any affiliated company
Mis Zb °Pr extens
n i. f0er
.
.
61,081
than loans to and for the benefit of subsidiary companies in which the
60,220
outstanding voting stock) unless at the time
b$5.50 cum.pf.stk. 500,000
company owns a majority of the
500,000
on stock.. 525,0001
s
of making such loan or advance the company shall be authorized to declai e
Ca° i
pl
ti
l
_
18:296
606,683
and pay dividends, and then only to the extent to which the company
Earned surplus_ _ _
117,577
may then legally declare and pay dividends.
The lien of the indenture of mortgage dated April 1 1926 will not be disTotal
$3,698,509 $3,684,237
turbed by this extension plan.
Total
$3,698,509 $3,684,237
Method of Consummation of Plan.
a Including unamortized debt discount and expense and commission on
capital stock. b Represented by 5.000 shares (no par). d Accounts payThe company and the Minnesota Loan & Trust Co. as depositary have
-V. 137. P. 137.
dated July 22 1933, to which a proposed
able only. c Represented by 5.000 shares (no par).
entered into a deposit agreement
1242
Financial Chronicle
Pennsylvania Gas & Electric Corp.-Eatnings.
For income statement for 6 and 12 months ended June 30see "Earnings
Department" on a preceding page.
-V.136, p. 3162.
Philadelphia Co.-Earnings.Fcr income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
-V. 137, p. 489. 137.
Power Corp. of Canada,Ltd. To Decrease Capital.A special general meeting of stockholders has been called for Aug. 25 to
approve a by-law reducing the capital by 312,973,375, which amount will
be used to write down securities owned by the company to approximately
market values. The change is to be made by writing down from $17,773,375 to 55.000.000 the value of 446,153 shares without par value,leaving
unchanged the pref. and panic. pref. stocks.
An earlier by-law which provided for the creation of a depreciation
reserve of $13,500,000 by reducing capital through the medium of a
distributable surplus, and which by-law was not acceptable to the Secretary
of State of Canada is to be repealed.
-Y. 136, p. 843.
Queens Borough Gas & Electric Co.
-Rates Cut.
Rate reductions which will save customers about $200,000 a year were
approved on July 26 by the New York P. S. Commission for the above
company, which serves a part of Queens. the City of Long Beach, L. I.,
and several villages In the town of Hempstead. L. I. The new schedules
became effective Aug. 1.
The new residential rate will save customers about $120.000 a year,
and the new commercial rate about $57,000. a reduction of about 8% on
bills. In addition, the company proposed to alter other rates to keep the
prices on a basis comparable with the new residential and commercial
rates. These included reductions of about $12.000 a year in some power
rates, and 37.000 a year in combined light and power rate.
The new residential rate is $1 a meter a month, plus energy charges of
514 cents per kw.h. for the first 50 kw.h., 5 cents per kw.h. for the next
150 and 3 cents per kw.h. for excess use.
The minimum charge is $1 a meter for the first three kilowatts or less
of connected load, and 50 cents a kilowatt for excess of connected load.
There is a provision forbidding the total charge from exceeding 834 cents
per kw.h. except when the minimum charge applies.
The new commercial rate to be charged by the company is 814 cents per
kw.h. for the first 30 kw.h. a kilowatt of demand, 7 cents per kw.h. for
the next 180 kw.h. a kilowatt of demand, and 4 cents per kw.h. for excess
use. The minimum charge is $1 for the first three kilowatts or less of
demand plus 50 cents a kilowatt above three kilowatts.
-V.132, P. 1223.
Radio Corporation of America.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 137, p. 1051.
...--- Republic Gas Corp.-Rtmvis--19epriT1ra.James R. Buck, chairman of the protective committee for holders of the
first lien coll. 6% convertible bonds, Series A. has announced that 56.367,000, or more than 81% of the $7,791,500 outstanding, had been deposited
und the amended reorganization plan.
e Committee announces that the Manufacturers Trust Co., trustee
under the issue, would institute a foreclosure proceeding in the near future.
This measure is necessary under the reorganization plan. See also V. 137.
.- .
p.686 i',. -.-__-id
Ad
01111
C7c.
Aug. 12 1933
copper, lead and zinc at steady prices. Silver irregular, P. 040;(h) Steel
operations hold at 57% of capacity. Production threatened by labor trouble
In coal region, says the "Iron Age." Pig iron price again increased. p. 941;
(i) Stock Exchange acts to curb speculation. Minimum margin coverage
fixed in new rules at 30% on accounts of $5,000 and 50% in case of $5,000 or
less. Weekly reports called for regarding participation in pools. Employment by members of customers' men subject to approval of Excnange.
Statement by President Whitney, p. 955; (i) Salaries raised 10% by New
York Stock Exchange. p. 957;(r) Newspaper reporters, editorial writers,
&c., exempt from 40-hour week limitation under President's NRA reemployment agreement. Con. Jolu.son says ruling may not be "final word,"
P• 974,
Air Conditioning Industries, Inc.-Opens Offices.
Executive and sales offices of this corporation are being opened at 101
Park Ave., N. Y City, in the Architect's Building, it was announced by
President Wayne D. Jordan. These offices will be the headquarters for
a national organization of dealers for the distribution of the company's
air conditioning equipment.
-V. 137, p. 868.
Air
-Way Electric Appliance Corp.
-Earnings.
For income statement for 12 and 24 weeks ended June 17 see "Earnings Department" on a preceding page.
-V. 136, p. 2976.
Alaska Juneau Gold Mining Co.-Earnings.For income statement for month and 7 months ended July 31 see "Earnngs Department" on a preceding page.
-V.137, p. 687.
i
Aldred Investment Trust.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding,page.
The balance sheet as of June 30 1933 shows total assets of $10,730,533.
Marketable securities at cost of $10,441,021, had a market value of $5.446,013. This compares with total assets on Dec. 31 1932 of 310,913,48s
Marketable securities, at cost of 510.513,476, had market value of $3,437.206 on latter date.
-V. 136, p. 3536.
Allied-Distributors,
Lower.
-
Inc.
-Investment
Trust
Average
Investment trust securities registered a further slight reaction during
the week ended Aug. 4, in sympathy with the movement of security prices
in general. The average for the common stocks of the five leading management trusts. Influenced by the leverage factor, as compiled by this corporation, stood at 16.58 as of Aug. 4. compared with 17.05 on July 28. The
low for the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 14.75 as of the close
Aug. 4, compared with 15.25 at the close on July 28. The average of the
mutual funds closed at 10.76. compared with 10.91 on July 28.-V. 137.
p. 1053. 868.
-Earnings.
Amerada Corp.
For Income statement for 3 and 6 months ended June 30, see "Earnings
-V. 136, p. 3910.
Department" on a preceding page.
American Business Shares, Inc.-Lar er Dividend.
The directors on Aug. 10 declared a dividend of 2.5 cents per share on
the capital stock, payable Sept. I to holders of record Aug. 15. This corn
pares with 2 cents per share paid on June 1 last and an initial dividend or
Scranton-Spring Brook Water Service Co.
-Earning.
3 cents per share on March 1 1933. The latter distribution covered tho
For income statement for 12 months ended June 30 see "Earnings Deperiod from inception of the trust on Oct. 1 1932.-V. 136, p. 4090.
partment" on a preceding page.
-To Manufacture Liquors
-...."'American Ice Co.
-Reduces
Balance Sheet June 30.
Bank Debt.
1fl'
1933.
1932.
33•
President Charles C. Small at a special meeting of the stockholders held
.4ssetsLiabilities- V • pr. 3
$
on Aug. 4 stated that the company now owes banks $400,000, compared
Plant,prop.,equipFunded debt
33,242.000 36,581,500
with 51,900.000 a year ago. He stated that by the end of the month the
meat, &c
56,759,710 56,648,959 Special loan fro
remainder of the loans would be paid off. The company now has about
Def. accts. receiv_ 1,648,661 1,953,182
Fed. Water Serv
$1,500,000 in cash in banks.
Unbilled revenue..
63,700
63,200
5,029,100
Corp
The stockholders approved the directors' proposal to amend the certificate
Misc. investment
Short term notes __ 881,000
of incorporation to permit the company to manufacture, deal in and
& special depos_ 469,451
230,420 Deferred liabilities
88,997
86,924
distribute beer and wines.
Cash
311,369 Due affiliated cos_
194,996
25,154 5,338,553
Mr. Small said that the company had shipped between 1.400 and 1,500
Notes & accts. rec_ 568,770
476,924 Notes & accts. pay 1,476,604
54,857
Due from allill. cos
tons of ice to New England points in the last few days He said that July 31
1,491
296,911 Accrued liabilities 1,143,710 1,038,640
was the largest Monday since July 1930, when after a protracted hot spell
Int. & diva. rec..
4,434 Reserves
4,237,293 4,710,430
Matls & supplies_ 248,513
the company sold ice to its competitors.
283,848 6E5 pref. stock_
1,207,500 1,207,500
Misc. cur?. assets_
The Boston Ice Co., a subsidiary, has contracted with the Harvard
884
c36 pref.stock_ _
5,862,500 5,882,500
Brewing Co. for distribution of its beer in metropolitan Boston, and the
aDef. charges &
dCommon stock 5,000,000
Knickerbocker Ice Co., the New York subsidiary of American Ice Co..
prepaid accounts 1,200,833 1,262,149 Capital surplus_
681,871 6,650,492
has contracted for distribution of ICreuger's beer in metropolitan New
Earned surplus
2.281,270)
-V. 137, p. 869. 139.
York, with the exception of Staten Island.
Total
61,157,010 61,531,396
Total
61,157,010 61,531,396
American Laundry Machinery Co.
-Subsidiary Formed.
a Including unamortized debt discount and expense and commission on
The Rochester Engineering & Centrifugal Corp., a new subsidiary just
capital stock. b Represented by 12,075 no par shares. c Represented
formed, with headquarters in the Rochester (N. Y.) plant of the parent
by 58,625 no par shares. d Represented by 100,000 no par shares.concern will specialize in engineering and sales of various machines and
V. 137, P. 315
.
devices for use in textile, chemical and other manufacturing plants, according to E. B. Stanley, President of the American Laundry Machinery Co.
Southern New York Ry., Inc.
-Abandonment.
-"The nucleus of this business," Mr. Stanley said yesterday, "is in the
The I.
-S. C. Commission on July 27 issued a certificate permitting the
parent company, which has for years made special centrifugals for textile
company to abandon that part of its line of railroad extending from a
and chemical plants; also dyeing machines, silk impregnators, silver burpoint in the town of Warren, about 1 mile north of the village of Jordansnishers and rug-cleaning machinery. The line will be extended and sales
ville, to the terminus of the railroad, in the village of Mohawk, 9.09 miles,
will be enlarged by a force of engineering and sales specialists"
all in Herkimer County. N. Y.
-V. 136, p. 2245.
Manufacture of machinery will be carried on at the Cincinnati and
Rochester plants of the parent company.
Southern Public Utilities Co.
-Earnings.Offficers of the new corporation are: Verner C. Kreuter, President and
For income statement for month and 12 months ended April 30 see "EarnTreasurer; Taylor Stanley, Vice-President and Secretary; R. C. Caine.
ings Department" on a preceding page.
-V. 136, p. 4087.
Sales Manager.
-V. 137, p. 1053.
Tyrol Hydro
-Electric Power Co. (Tiwag), Austria.
Inc. Earnings.American News
For income statementCo, months ended June 30 see "Earnings Defor 6
partment" on a preceding page.
-V. 138. P. 1552.
remitted to the New York Trust Co. the amount
required for paythènt of the interest due on Aug. 1 on i)7% guaranteed
dct
e
American Safety Razor Corp. Earnings.
secured mortgage sinking fund gold bonds. due 1952
compy,
company,
however, stated that it was hindered by governmental
For income statement for 3 and 6 months ended June 30 see "Earnings
however.
ee from remitting
the amount required for amortization.
Department" on a preceding page.
-V. 136, p. 3539.
Notice having been received that the interest due Aug. 1 1933, on the
7% guaranteed secured mtge. sinking fund gold bonds, due 1952, is now .-- American Steel Foundries. 50-cent Preferred Dividend.
The directors on Aug. 3 declared a dividend of 50 cents per share on the
being paid. The Committee on Securities of the New York Stock Exchange
7% cum. pref. stock, par $100, payable Sept. 30 to holders of record Sept.
on Aug.8 ruled that said bonds be quoted ex-interest 33i% on Aug. 91933;
15. A similar amount was paid on March 31 and June 30 last. Previously.
that the bonds shall continue to oe dealt in "flat" and thereafter to be a
regular quarterly payments of $1.75 per share were made on this isue.
delivery must carry the Feb. 1 1934. and subsequent coupons.
-V. 137,
-V. 137, p. 1053.
1051.
P.
-June Sales Higher.
American Stores Co.
United Corp.(of Del.).-Earnings.-Period End. June 30-- l933--4 Weeks-1932. 1933-6 Mos. --1932.
For income statement for 3 and 6 months ended June 30 see "Earnings
Sales
$8,
8
615,951 $7, 48,715 $54,357,216 $59.776,818
Department" on a preceding page.
-V. 136, p. 3346.
-V. 137, p. 1053.
United Gas Improvement Co.
-Electric Output Up.
American Thermos Bottle Co.-Earnings.
Week Ended Aug. 51933.
1932..
Increase.
For income statement for 6 months ended'June 30 see "Earnings DeElectric output(kwh.)
67,542,858 57,321,976
17.8%
partment" on a preceding page.
-V2136, p. 3348.
-V. 137. p. 867, 1051.
American Trustee Share Corp. Acquires Control of
Wisconsin Power & Light Co.
-Earnings.
Super-Corporations tf America Depositors, Inc.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
The American Trustee Share Corp., which is controlled by Brown
-V. 136, p. 3909. ,
Brothers Harriman & Co., has acquired ownership of Super-Corporations
of A un.ica Depositors, Inc., it was officially announced by the former
o Amer 9.
n
INDUSTRIAL AND MISCELLANEOUS.
-American Brass Co. has increased
American Brass Co. Increases Wages.
minimum wages for men to 40 cents an hour from 35 cents an hour. This
follows an 8% increase in wages. Chase Brass and Scovill Mfg. will make a
similar increase. "Wall Street Journal," Aug. 5, p. 3.
Matteis Covered in the "Chronicle" of Aug. 5.-(a) Strike of 3,000 dyeworkers ended after wage agreement is reached. Seven silk dyers are
accused of violating new code, p. 937; (b) Wages raised 10% by Stutz
Motor Car Co.. p. 938: (c) Saw and file manufacturing concern announces
second pay rise, p. 938; (d) Studebaker Corp. increases pay 15%, complying with code of automobile industries. p. 938; (a) Wages increased by
steel firms. p. 938; (E) Forty-hour week adopted by worsted division of
Amoskeag Mfg. Co. in accordance with new code, p. 938;(g) Fair trade in
As of Aug. 1, there were approximately 6,000,000 Super-Corporations of
America Trust Shares of various series outstanding and it was estimated
that these shares were held by approximately 35.000 shareholders.
The American Trustee Share Corp. was organized in 1924 and is one
of the oldest distributors of investment trust securities in the country.
At the present time, it is actively engaged in the distribution of the capital
stock of Supervised Shares, Inc., an investment company of the limited
management type, and of Diversified Trustee Shares, series D, a unit-type
trust.
Super-Corporations of America Depositors, Inc., in making its announcement to distributors, stated in part: "Plans are being formulated which
we believe will result in a proposal which will be more favorable than most
previous proposals offered to holders of Trust Shares as a class."
Super-Corporations of America Depositors, Inc. will maintain its corporate existence and retain its experienced personnel.
-V. 136, p. 4462.
Volume 137
Financial Chronicle
1243
Shipments in July, consolidated , amounted to n.53.000 against $950,OLO
American Woolen Co., Inc.--Earnings.-a year ago, and for the seven months'period to $4,215,000 against $7,675.000
For income statement for 6 months ended June 30 see "EarningsDepartin the like period of 1932.
ment" on a preceding page.
Unfilled orders on books on July 31 amounted to $3.564,000 against
$2.627.000 on Jan. 1 and $3.446,000 on July 31 1932. (Philadelphia "FinanConsolidated Balance Sheet, June 30.
cial Journal.")
1932.
1933.
1932.
1933.
AssetsLtabilUtes$
Earnings.
153,468
Cash in banks and
Accounts pay., &c 1,807,151
For income statement for 12 months ended June 30 see "Earnings Deon hand
3,568,873 5,200,739 Textile Realty Co.
-V. 137, 13• 1054.
partment" on a preceding page.
Cr.668
24,127
-open account_
TJ. S. securities
(market value,
Mtge. payable__ _ _ 1,150,000 1,175,000
-Earnings.
Baltimore Tube Co.
costing 1,054,907 1,095,944
30 1933,
June
Reserve for
For income statement for 3 and 6 months ended June 30 see "Earnings
$703,935)
709,916 6,376,985 7% cumul. pref'd_39.981.500 41,314,800
-V. 136, p. 3349.
Department" on a preceding page.
z Common stock__ 2,000,000 2,000,000
Accts. receivable,
less reserves__ _ _ 8,005,374 3,851,879 Capital surplus_ _25,859,430 25,493,799
Barnsdall Corp.-Earnings.
7,087,720 7,285,421
Inventories of merDeficit
For income statement for 3 and 6 months ended June 30 see "Earnings
chandise, mat Is
-V. 137, p. 1054.
Department" on a preceding page.
& supplies
23,472,945 16,928,872
Advances on & exchange acquired
'Bavarian Brewing Co. Inc., Covington Ky.-Stock
for raw material
-An issue of 695,000 shares of capital stock was
Offered.
purchases
335,715
Accr'd storage chgs
recently offered at $1.25 per share. Stock offered as a
rents, int., &e._
28,421
26,416
speculation. Underwriters: Paul W. Cleveland & Co., Inc.,
Mtge,notes reedy.
Chicago; J. Ross McCulloch, Ft. Wayne,Ind., and Alfred R.
on dwellings_ _
184,794
254,643
x Textile Realty Co:
Miller, New York. A circular shows:
Authorized and
Authorized. Outstanding.
Capttaiizationissued cap. stock
1.000.000 abs. x855,720 shs.
Capital common stock
-par value_ _ _ _
1,000
1,000
x Of this amount. 160,720 shares are now outstanding.
Fixed assets
30,179,910 31,084,508
Prep'd taxes,insurThe company was chartered in Delaware in Nov. 1932 for the purpose
ance & sundry
of acquiring properties of a business originally founded in 1866 by John
302,446
221,882
assets
Myer and William Reidlin and operated under a Kentucky charter as
Bavarian Brewing Co. Although originally established in a small way the
64,789,394 63,946.922
Total
' 64,789,394 63.946,922
Total
business gradually expanded over a period of years and was in continuous
and successful operation from its founding until the advent of prohibition
x The Textile Realty Co., a wholly owned subsidiary, holds inactive
by which time the company had developed into one of the largest and most
plants, dwellings, and miscellaneous properties, with a net book value at
widely and favorably known of the 28 breweries in the Greater Cincinnati
June 30 1933 of $6,665.075.15.
area. From 1918 to 1925 the plant was continued in operation, manufacz Represented by 400,000 no-par shares.
-V.136. p. 2976.
turing near-beer and malt extract.
Upon completion of present financing, the brewery will have a conserAnchor Cap Corp.
-Balance Sheet June 30.vatively estimated annual capacity of 200,000 barrels, according to Carl J.
1933.
1932.
.
.
Kiefer, consulting engineer.
Assets-$
$
$
$
LtabilittesThe proceeds of thisfinancing,amounting to $695,000 net to the company.
8,388,347 12,362.847
Land, buildings,
cNet worth,
shall be used for the installation of additional new equipment, erection of a
335,115
equipments,&ea 4,496,845 5,199,023 Accts. pay., &a_ _ _ 301,652
bottling house, retirement of existing obligations, reconditioning present
96,684
76,058
Pat. dic pat. rights_
1 b5,279,023 Federal taxes, &cbuildings and working capital.
Cash
917,813
431,011 Prov. for exchange
Officers are: Lester S. Deglow, Pres.; Henry W. Jenisch, Sec.-Treas.
Other assets
fluctuat'ns. Can1
Directors are' Benjamin Bramlage, Lester S. Deglow, Henry W.Jenisch,
Notes & accts. rec. 524,296
440,475 adian net current
Frank L. Michaels, John Shepard, Philip P. Sieber, Murray Voorhees, all
29,213
18,957
Inventories
1,281,560 1,269,480 assets
of Covington, Ky.
Prepd. Ins.& taxes
64,540
61,194
Investments
1,375
"-Beacon Building Trust, Inc.
-Plan Consummated.
Treasury stock_
d142,298
The plan of readjustment of March 20 1933 (V. 136. p. 4091) has now
been consummated and the securities and cash called for by the plan are
6,765,056 12.823,859
Total
8.785,058 12,823.859 Total
available for distribution among bondholders by the depositary.
a After depreciation of $2,773.564. b After amortization. e RepreAlthough the committee preferred to provide bondholders with new
sented by 31.718 no par shares of $6.50 preferred stock and 230.758 no
bonds in this adjustment, they concluded, upon the advice of counsel.
par shares of common stock. d 3.682 common shares at cost, including
that the rights of bondholders were more effectually preserved and protected
682 shares held for sale to employees and earned surplus of $913.203 inby stamping the old bonds and affixing new sheets of coupons covering
clusive of earned surplus of subsidiaries at dates of acquisition.
-V. 137.
the interest period through Aug. 1 1944, and the original bonds deposited
P• 1054.
will therefore be returned to each bondholder appropriately stamped and
with new coupons attached.
-V. 137. p. 141.
-Dividend Omitted.
- Annapolis Dairy Products Co.
The directors recently decided to defer the quarterly dividend due July 1
-Balance Sheet June 30.Belding-Heminway Co.
1932.
on the 7% cum.. pref. stock, par $100. The last regular quarterly payment
1933.
Liabilities1932.
1933.
Assetsof 1% was made on this issue on April 1 1933.-V. 1.34. p. 508.
Capital stock..„y$1,757,200 $1,507,200
x Land, buildings,
1
625.000
-_
mach.,equip.&c $885,030 $816,737 6% gold notes_ _ .._ 498,000
69,123
. Goodwill
-Earnings.1 1,053,856 Accounts payable_ 129,529
Associated Apparel Industries, Inc.
25,268
34,914
Accrued expenses_
Invest. in & adv.
For income statement for 6 months ended May 31 see "Eirnings De41,993
taxes, &c_
Accrued
163,686
attn. co.'s
partment" on a preceding page.
-V. 136, p. 1203.
470,822 Dep. on sales of
590,734
Cash
7,250
prop
N.Y.City tax rev.
Associates Investment Co.-Earnings.
Capital surplus_ _ _ 1.558,618 5,410,000
25,000
bills
For income statement for 6 months ended June 30 see "Earnings De450,000 Earned surplus_ _ _ 175,753d12.897,622
Time deposits..
partment" on a preceding page.
299,203
U. S. Gov't secur_
Comparative Balance Sheet June 30.
Notes,trade accep.
1933.
733,282
1932.
424,576
1933.
1932.
& accts. rec_
872,834
Assets1,353,539
LtabilUtesInventories
Cash
2.099,803 1,733,619 Coll, trust notes.. 7,217,500 6.751,400
Notes received (not
24,503
37,812
Notes receivable _12,216,275 11,507,628 Accounts payable _
106,688
current)
Items in transit...
63,408
53,258
242,832
232,820
338,994 Fed. Income tax
Other assets
234,666
281.206
Notes rec.-stock
Reserves
108,109
Deferred charges._ 112.477
purchased
49,314 Unearned disc, on
45,515
1.4,203,257 14,738,969
703,414
Total
notes receivable. 732,061
Accts.rec.-related
$4,203,257 $4,738,969
Total
-V. 137.
cos
48,955
54.900
2,223
2,736 Accrued taxes _
X After reserves. y Represented by 465,032 no-par shares.
.
Sundry accts. roc_
Funds withheld R
10,079
P. 1054.
246,698
Claims agst. closed
auto dealers_ _ _ _ 292.167
(J. P.) Bemberg Co.(A. G),Germany-Removedfrom List
banks
Preferred stock _ _ 1,300,000 1,300.000
41,117
Repossessed cars_ _
19,709
32,798 x Common stock _ _ 2,272,028 4.709,933
The New York Curb Exchange has removed from unlisted trading
Cash val. of life ins
5,420
Earned surplus. _ - 2,638,641
3,574
privilege. the Guaranty Trust Co. of New York. American depositary.
Office turn. & tlx _
31,031
38,547
receipts for capital bearer shares (par 100 Rm.).
Invest, in capital
stock of Assoc.
-Listing of Common
Beneficial Industrial Loan Corp.
295,000
295,000
Bldg. Co
Stock Approved.
, 91,400
Other assets
80,717
The New York Stock Exchange has authorized the listing of 2,094.859
14,857,572 14,082,927
Total
14,857,572 14,082,927 Total
shares of common stock (no par value), all of which are now outstanding.
with authority to add to the list; 405,800 shares of common stock, upon
-V. 136, p. 3166.
x Represented by 80,000 shares (no par).
official notice of issuance, upon the conversion of6% convertible debentures
...tittles Brewing Co. of Chicago.
-Declares Additional now outstanding or authorized: and 210,000 shares of common stock, upon
official notice of issuance upon the exercise of options, making the total
Dividend.
-V. 137. p. 1054.
amount applied for 2,710,659 shares.
The directors have declared an additional dividend of 25 cents per share,
- Bergen Bre
payable Aug. 19 to holders of record August 5. This will make a total of
-Stock Offered.
Inc., Maywood, N. J.
$1.75 a share in dividends paid so far this year,or $525,000 on 300.000 shares
offered 30,000 shares of capital stock
of capital stock, par $5.-V. 136. p. 160.
Automatic Washer Co.-Comparative Balance Sheet.-
at $5 per sh
circular shows:
area are offered as a speculation. A
June 30'33. Dec.31'32.
Liabilities- June 30'33. Dee.31 '32.
Assets-Outstanding.
Author
Capitaiizalion&ized.
x Capital stock - _ $983,940 $983,940
.
y Land, bldgs.
2.000 shs.
2,000 abs.
Class A stock (par $1)
$428,746 $4442,084 Res. for conting_ _
equipment
100,000 shs. 70.000 shs.
stock (par $1)
Common
'
'
1
1 Res. for taxes_ .._ _
3,600
Good-w., pats., &c
-Organized in New Jersey to operate a brewery in the village
Company.
Paid in surplus_ _ - 188.411
188,411
Deferred charges &
of Maywood, N. J.
550,747
20,812
540,521
8,190 Deficit
other assets. - -.
The plant is modern in every way and consists of brew house, mill, power
85.871
34,994
40,698 Current liabilities_
85,285
Cash
plant,artesian well, &c. When alterations and additions,already contracted
69,288
49,080
Notes & accts. rec.
for, have been completed, the plant will have an output, conservatively
192,182
157,882
Inventories
estimated at over 601,000 barrels annually.
Officers and em-It is estimated that the corporation will receive a net profit
Earnings.
3,211
7,544
picyees account.
of $3 per barrel on all beer sold in kegs and $4 to $5 per barrel when sold
23,500
23,500
in other co's_
Inv.
in bottles.
24,980
24,980
Treasury stock...
Present financing will provide for storage capacity and for repairs, alterations and additions recommended by engineers and to provide for necessary
$745,676 $753,921
Total
$745.676 $753,921
Total
additional working capital.
a Represented by 39.097 shares of preference stock and 140,100 shares
-Initial Dividend.
of common stock. y After reserve for depreciation of $254,720 in June and ‘.---- Berghoff Brewing Corp.
-V. 137, p. 1054.
$239,379 in December.
An initial quarterly dividend of 30 cents per share has been declared on
the common stock, par $1, payable Sept. 1 to holders of record Aug. 15.-Earnings, etc.Aviation Corp. of Del.
V. 137, p. 690.
For income statement for 6 months ended June 30 see "Earnings DeBest & Co , Inc.-Earnings.Partment" on a preceding page.
DeCurrent assets as of June 30 1933, totaled $11,154.945 of which $9,738,282
For income statement for 6 months ended June 30 see "Earnings Do
-V. 136. p. 2248.
partment" on a preceding page.
was in cash, Government securities or equivalent and an additional $770.704
in general market securities. Current liabilities amounted to $368.081.
-Earnings.Bigelow-Sanford Carpet Co., Inc.
i
American Airways. Inc. a subsidiary. n July carried 13.917 passengers,
For income statement for 6 months ended June 30 see "Earnings Decompared with 14,405 in June, its peak month, and 10,092 in July of last
4
492.
partment" on a preceding page.
-V. 137. 1I• 690,
year.
"The company's current business," John A. Sweetser, President, states.
-Orders Higher."fil running at a rate well in excess of last year, but directors deemed it
Baldwin Locomotive Works.
inadvisable to take any action on the preferred dividend due Aug. 1, until
Business booked by the Baldwin Locomotive Works ..ral affiliated cornthe future trend of sales and earnings can be more clearly determined."
Pants, on a cons lidated basis, amounted to $1,036,000 In July as cornNet quick assets at June 30, last, amounted to $10,106,875. Cash and
$385,000 in July 1932. For the period from Jan. 1 to July 31
Pared with
Government securities were $3,163,570, a decrease of $770.339 since Jan.
consolidated orders totaled $5,184,000 against $4,324,000 in corresponding
1. last. Inventory of manufactured goods has decreased $442,342, while
Period of 1932.
1244
Financial Chronicle
inventories of raw materials and goods in process have increased $662.268.
Notes and accounts receivable have increased $672.707.-V. 136, p. 3349.
Blayney-Murphy Co., Denver.
-Sale.
-
See Cudahy Packing Co. below.
-V. 134, p. 1960.
Blue Ridge Corp.-Balance Sheet June 30.1932.
1933.
Assets5
$
Investments
45,265,168a27,316,815
U. S. Treas. ctfs
200,625
Due from brokers_
94,740
Unlisted security_ 1,300,000
Note receivable_ 2,000,000
Divs. rec. & int.
accrued
658,442
337,409
Accts. receivable_
8,193
Cash
2,661,159
997,093
1932.
1933.
Liabilities$
$
Accounts payable,
accr. exp., &c__} 984,245 [ 53,355
158,746
Res. for conting__
Preferred stock_ d16,941,925 18 032,800
Common stock_ _ _c7,489,480 b7 489,453
e26,443,451 3 246,191
Surplus
Total
51,859,101 28,980.545
51.859,101 28,980,545
Total
a Listed securities at cost. $101,932,546; less capital surplus carried as
reserve, $76,950,730; balance, $24,981,815 (market value. $24,104.085);
unlisted security at cost, less reserve, $1,307,000; note receivable, secured
less reserve, $1,028.000. b Represented by 7,489.453 no par shares.
c Represented by shares of $1 par value. d Represented by 677.677 no
par shares. e Includes $12,166.019 of net unrealized appreciation over
revaluations as of Dec. 31 1932 or subsequent cost of investments and
notes receivable.
-V. 137. p. 1055.
Aug. 12 1933
--Central Breweries, Inc., East St. Louis, Ill.
-Stock
Offered.
-H. L. Ruppert & Co., St. Louis, in July last
offered 65,000 shares of common stock at $7.50 per share.
Stock offered as a speculation A circular shows:
apitalizationAuthorized. Outstanding.
Capital stock (par $5)
200,000 shs. 143,500 shs.
Transfer agent: Boatmen's National Bank, of St. Louts. Registrar
Mississippi Valley Trust Co., St.
History and Business.
-The Central Brewery was erected in 1902 and some
additions thereto were made in 1907 when it was acquired by the Independent Breweries Co., which operated it until prohibition. Company proposes
to actively engage in the brewing business at once. The plant will start
operation with an initial capacity (after rehabilitation and improvements
now in process) at the rate of 150,000 barrels per year and after certain
changes and minor adjustments of the storage vats are effected, a capacity
of 180,000 barrels per year will be available.
Purpose.
-The entire net proceeds of this financing, exclusive of cash
already on hand, will be expended approximately as follows: Repair buildings, $15,000; new bottling machinery, $35,000; boilers and ammonia compressors, $2 ,0 000; keg washing and filling equipment, $10,000; new stoegae
tanks. $15,000; other new machinery and rehabilitation of old machinery.
$30,000; supplies and materials, including kegs, bottles, cases, malt, rice.
hops, coal, etc., $120,000; and working capital, $158,000.
The circular also states:
"Company has received for the 78,500 shares of stock now issued, the
brewery plant, real estate, buildings, machinery, and equipment acquired
by it (subject to m rtgage of $150.000). Plus the sum of $40,000 in cash.
The estimated amount of expenses incurred or to be incurred by the company
in connection with the sale of these securities are as follows: Accounting
fees, $150; appraisal fees, $850; legal fees, $3,000; registration of securities,
$300: miscellaneous items. 3500.
"This issue has not been underwritten. The stock for which the company
s to receive $6.20 per share, is offered as a speculation."
Bond & Mtge. Guarantee Co.
-Taken Over By State
Superintendent of Insurance-Details of Plans for Rehabilitation Announced.
-See last week's "Chronicle" pages 958960:-V. 136, p. 662.
Bullard Co.
-Earnings.
•
'
- For income statement for b months ended June 30 see "Earnings De- e' ' -Central Coal & Coke Co. Off MSterThe Philadelphia Stock Exchange has removed from the list the commo
partment" on a preceding page.
and preferred stocks.
-V. 137, p. 871.
Comparative Balance Sheet-June 30.Champlain Oil Products, Ltd.-Pref. Stock Offered..4ssets1932.
1933.
yLd..bldgs.,mach.
xCommon stock _ _ $1,051,125 $1,051,125
Announcement is made by Nesbitt, Thomson & Co., Ltd.
dr equip
$1,350,517 $1,511,197 Accounts payable_
18,304
25,389
of an offering of 500,000 cumulative, participating (no par)
a Patents.
Accrued payrolls_ _
Cash
218,249
209,804
taxes, &c
23,608
19,121
preference shares. Associated with Nesbitt, Thomson & Co.
z Receivables
12,151
255,462 Earned surplus_
878,662 1,536,034
in the offering are Johnston & Ward, W. C. Pitfield & Co.,
Inventories
392,746
636,250
Prepaid expenses
6,480
10,521
Ltd., and Ernest Savard, Ltd. The offering price is $7.50
per share, to yield 8%.
Total
Total
$1,971,698 $2,631,670
$1,971,698 $2,631,670
Dividends are payable Q.
-F. and accumulate as from Aug. 1 1933 at
a In accordance with resolution of directors, patents, drawings, &c.,
were written down as of Jan. 1 1932 to nominal value of $1 by a net charge
to surplus account of $504.967.
x Represented by 276,000 no par shares. y Leas reserves for depreciation
of $2,523,939 in 1933 (32,383,619 in 1932). z Less reserve for bad debts,
&c. of $7,693 in 1933 421.779 in 1932).
-V. 136, p. 2074.
Bulolo Gold Dredging, Ltd.
--July Production.
According to Secretary Ii. it. Gould , the company produced in July
8,230 ounces of fine gold from 538,100 cubic yards of gravel handled.
Estimated working profit is given as 6.517 ounces of fine gold. Bulolo
receives the world price for its gold output -V. 137, p. 691, 493.
Burco, Inc.-Holdings in Phoenix Co. Sold.
Holdings of this company in Phoenix Securities Corp. totaling about
130.000 shares of common stock, were acquired in June last by Wallace
Groves. In addition, Mr. Groves is reported to have accumulated stock
In the open market, making him the largest shareholder in the Phoenix
company.
It was stated that the present management of Phoenix Securities is
friendly toward Mr. Groves. The latter corporation has been the center
of a controversy between a stockholders' committee, headed by A. W.
Porter and the management, which terminated last April.
-V. 134, P.
3695. 1961.
---Burma Corp., Ltd.
-Final Dividend.
A final dividend of 3% annas, plus a bonus of % annas per share, have
been declared on the American depositary receipts, free of Britian and
Indian income tax, but less a deluction for depositary expenses. Both
dividends are payable Oct. 21 to holders of record Sept. 14. An interim
distribution of 13 annas per share was made on April 20 1933.-V. 136,
p. 1379.
Bush Terminal Buildings Co.
-Earnings:
-
For income statement for 3 and 6 months ended June 30 1933 see "Earnings Department" on a preceding page.
-V. 136, p. 4464.
Bush Terminal Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 1933 see "Earnings Department" on a preceding page.
-V. 137. 13• 317.
-Resumes Shipments.
Butte Copper & Zinc Co.
Regular zinc ore shipments from the company's properties were resumed
on Aug. 2 1933, it was announced on Aug. 7.
"These snipments should amount to about 12,500 tons of zinc ore per
month," said President A. J. Seligman.
-V. 136, p. 4464.
-Canadian Vickers Ltd.
-Acquisition.--The company has acquired all manufacturing and sales rights controlled
by William Hamilton Ltd.. of Peterborough, Ont.. founders and builders
o specialixed equipment for the pulp and paper, mining and construction
industries.
-V. 137, P. 871.
Carman & Co., Inc.
-Earnings.For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a proceling page.
-V. 136, p. 3350.
Carrier Corp.(& Subs.).-Earnings.
Years Ended Dec. 311932.
1931.
Net loss for year
$396,493
$513,694
Consolidated Balance Sheet Dec. 31
AMU1931.
1932.
1932.
LiabilUies1931.
Cash
$446,012 $477,186 Accts. payable__ - $400,954 $350,275
Notes & accts. rec.
Notes payable_
- 650,000
550,000
less res
1,458,450 1,712,853 Notes reedy.(Ba3,515
Inventories
1,491,518 1,295,486 nes.for addit. cost 149,257
163,806
Value of life insur_
74,054
109,766 Accrued liabilities.
23,663
Accts. rec.-affif.
letmtge. 614%
companies
real estate bds_
128,887
278,000
Due on subscrip.
220,000
Mortgages Payable 477,900
to capital stock_
3,068 Res,for contingent
2,865
79,117
liability
Customers' notes
20,493
Other reserves
discount
153,889
123,123
Adv.against comm
Equity of non-de34,012
17,426
positing stkhldrs
32,464
Adv. to empl. and
1,494,600 1,496,100
exp. funds
216,455 7% pref.stock_ _
Inv. in cap, stock
Common stock_ _ _x3,364,877 6,362,246
of affil. cos_ _ ... 327,199
363,219 Surplus
312,779
197,766
Other Investments
40,075
5,007
Defer. receivables
91,224
79,228
Land, bldgs., mch.
& equip.
-less
deprec
2,006,586 3,204,040
Deferred charges
225.045
199,148
Exp. dr develop.
expenditures
1,539,777
Design, develop. &
research
150,000
Patents & copyrts_ 600,000
600,000
Good-will
1
1
Total
$6,906,569 $9,995,089
$6.906,569 $9,995,089
Total
x Represented by 285,252 shares, no par value in 1932 and 285.083
shares, no par value in 1931.-V. 134, p. 1585.
the rate of 60 cents per share per annum. Preference shares participate
ratably with the common shares in any distribution of dividends after the
common shares have received cumulative dividends at the rate of 40 cents
per share per annum.
It is estimated that net earnings for the current year, after full depreciation, will amount to over $600,000, or at the rate of twice the dividend
requirements of the preference shares.
Company was incorp. in Dec. 1932, under the laws of the Dominion of
Canada as an operating and holding company to engage directly and
indirectly in the refining and distribution of petroleum products. Since
that date the company has acquired all of the capital stocks and (or) the
business and properties as going concerns of the following companies with
the exception of Automobile Owners Association, Ltd., of which company
there are outstanding, in the hands of the public, 1,268 class A shares out
of a total issue of 13,768 shares: Automobile
ners Association, Ltd.;
United Auto Service, LW.; LaSalle Petroleum Refinery, Ltd.; Sylvestre
Oil Co., Ltd.; Loyal Oil & Gas, Ltd.; Excel Petroleum, Ltd.; R. Hotta
Gas, Ltd.
011 Co., Ltd.; Adanac Oil &
A small refinery is owned by the company and Is located in Montreal
East, Que.; In addition, bulk storage facilities are located at Outremont,
Pointe St. Charles, Viauville, Montreal East, Victoriaville and Quebec
City. On the Island of Montreal the company owns or operates 85 service
stations and throughout the territory served it owns, operates or supplies
474 other stations and outlets.
The company has insufficient refining capacity to supply the demands
for its products, consequently it has contracted with three large Canadian
oil companies for the purpose of its additional requirements of gasoline
and other petroleum products, upon terms which assure a substantial
margin of profit to the company. The contract is for a term of ten years
dating from Jan. 1 1933, and is renewable at the option of the company
for a further term of ten years. This contract is one of the company's
most valuable assets.
The cost of the capital shares of subsidiary companies and the properties
and businesses acquired, amounted to $4,466,326, and as at April 30 1933
consolidated working capital amounted to 3205,951.
The 150,000 no par value common shares which are junior to the preference shares represent an investment by the holders thereof of $1,600.000,
or at the rate of $10.66 2-3 per share.
Apart from some minor obligations assumed upon the purchase of various
small properties, and amounting to a total of $146,759 as at April 30 1933.
the company has no bonds or mortgage obligations outstanding.
The same management which has been responsible for the success of the
subsidiary companies will continue in active direction of their affairs. The
following constitute the board of directors: J. C. E. Trudeau, l'res. of
Automobile Owners Association, Ltd.; J. Romeo Gauvreau, Pres. of Loyal
011 & Was, Ltd.; Joseph Ella. Pres. of LaSalle Petroleum Refinery, Ltd.
A. H. Pared's, Pres. of Excel Petroleum, Ltd.; F. It. Sylvestre, n•es. of
'
Sylvestre Oil Co., Ltd.; G. A. Trenchard, V.-Pres. & Compt. Champlain
011 Products, Ltd.; P. C. Dings, Pres. of Champlain Oil Sales, Ltd.; Harry
Snyder, Pres, Champlain 011 Products, Ltd.
-V. 137, p. 871.
Chicago Corp.
-Cent Preferred Dividend.
-25
-
The directors have declared a quarterly dividend of 25 cents per share
on the $3 cum. cony. pref. stock, no par value, payable Sept. 1 to holders
of record Aug. 15. A similar amount was paid on this issue on March 1
and June 1 last.
-V. 137, p. 494.
Chrysler Corp.-July Shipments Higher,
Shipments of Plymouth, Dodge, De Soto and Chrysler passenger cars
and commercial vehicles in July were 55,119 units, nearly five times shipments in July 1932, and the greatest July business in the history of the
corporation. in June 1933 shipments were 66,393 cars and trucks. The
largest previous July was in 1925 when 42.000 units wore shipped. For
the first seven months of 1933, shipments were 272,888 units, an increase
of 74% over the like period of last year.
Foreign Shipments During First Half of 1933 Increased.
-
.w. Ledyard Mitchell, Chairman of the board of the Chrysler Export
Corp., has announced that the company's shipments of passenger and
commercial cars in the first half of 1933 represented 26% of all automobiles
Shipped abroad by member-companies of the National Automobile Chamber
of Commerce and were 141% of shipments in the same period of last year.
In June alone the corporation accounted for one-third of all shipments
made by these companies. Its total was 189% of its June shipments last
year.
Shipments by the corporation in the first half of 1933, by countries,
compare as follows with the same period of 1932: Norway, 518%; Spain,
314
Sweden, 168%; Switzerland, 1241w; United Kingdom, 194%; Japan,
127
Philippine Islands, 188%; Australia, 570%; Union of South Africa,
144% Mexico,488%; South America, 180%, and Hawaii, 103%.
De Soto Cars Sold Ahead.
-
The scheduled output for August of 3,500 De Soto cars is already sold,
according to L. G. Peed, General Sales Manager of the De Soto Motor
Corp., division of Chrysler Corp.
Sales of Plymouth and De Soto cars by De Soto dealers for the week
ended Aug. 5 were the highest in the history of the company, totaling 3.120
units, increase of 9.7%, over the previous week. Of this number 2,400
were Plymouths and 720 De Sotos, increases of 11% and 5.9% respectively,
over the preceding week. The total was more than twice the number of
cars sold at retail by De Soto dealers during the like week of last year.
Dodge Sales Up 450.6% Over 1932.
Retail sales by Dodge dealers for the week ended Aug. 5 amounted t.
5,996 cars, an increase of 450.6% over the corresponding period last year
Volume 132
Colgate-Palmolive-Peet Co.
-Expansion-Earns.
The company has acquired a 51% interest in Compania Nacional de
Perfumer's S. A., of Havana, Cuba, for a cash consideration reported to
be less than $200,000.
For income statement for 6 months ended June 30, 1933 see "Earnings
Department" on a preceding page.
Comparative Consolidated Balance Sheet.
Dec. 31
June 30
June 30
Dee. 31
1932.
1933.
Assets1933.
LiabilUies1932.
xLd.,b1dgs„mach.
6% cumul. pref.
$25,450,000 $25,455,400
& equip
stock
$23,505,926 523,884,643
Casb.
10,429,422 7,404.941 yCom. stk ___ _ 24,999,310 24,999,310
1,023,806
1,398,999
Marketable sec's 4,093,558 5,194,678 Accts. payable
1.660,097
2,207,669
Accts. receivable 9,273,551 10,186,857 Misc accruals
Inventories
14,050,993 13,367,817 Prov.for Fed.&
1,462,066
1,522,718
Deferred chgs.__ 1.238,446
other taNes
1,294,121
1,242,346
Inv. At col. advs.
Special res'v's,&c 1,258,238
to empl
926,944 Empl. pfd. stk.
1,060,770
137,362
39,748
Palmolive bldg.._ 2,936,565 3,010,850
purch. contr_
1,026,182
Good-will, pat..
Minority interest 1,167,336
I
trademks.,&e.
1 Earned surplus _ 8,605,866 8.203,636
$66.539,232 $65,270,857
Total
Total
$66,589,232 $65,270,857
x After depreciation. y Represented by 1,999,970 no-par shares.
-V. 136, p. 3542.
-An issue
Columbia Brewing Co. (Mo.).-Stock Offered.
of 60,000 shares of common stock was offered in July by
Mark C. Steinberg, McCourtney-Breckenridge & Co., and
Schenk, Richter Co., St. Louis at $7 per share. Shares are
offered as a speculation. A circular shows:
Transfer agent, Mississippi Valley Trust Co., St. Louis, Mo.
Authorized. Outstanding.
Capitalization120,000 abs. 100,000 shs.
Common stock ($5 par)
Company.
-Incorporated in Missouri June 24 1933. Has acquired the
Columbia Brewery branch of the former Independent Breweries Co.,
located at 20th and Madison Sts., St. Louis, Mo. The present financing
has provided funds to purchase the property, furnish working capital and
for rehabilitation purposes. The management plans to begin immediate
preparation for the manufacture and sale of beer under the trade mark
Brau."
Company has received $565,000 cash as a result of its sale of 100,000
shares of capital stock at $5.65 per share. The plant has been purchased
from the Independent Realty & Investment Co. for $280,000 cash, on the
understanding that the Independent Realty & Investment Co. in turn
purchase 40,000 shares of the capital stock of the Columbia Brewing Co.,
at $7 per share from the bankers. These 40,000 shares will be held by
the Independent Realty & Investment Co. for a period of three years.
After purchase of the properties there remains in the company the sum
of $285,000 cash with which to begin business.
Personnel.
-The principal officers of the company are: Hugo A. Roehler,
Chairman; J. S. McCourtney, President; Frank J. Forster. V.-Pres. &
Sales Mgr.; John E. Guntly, Sec. & Treasurer.
Columbia Pictures Corp.-Off List.
The Chicago Stock Exchange has removed from the list the votfhg trust
se
tificates representing 230,868 shares of common stock( o par)
p. 693.
continuance of Chicago transfer agent and registrar. V. 1
'
-Bat Sheet.
Commercial Credit Co., Baltimore.
Consolidated Balance Sheet June 30.
1931.
1932.
Assets1933.
Cash and due from banks
$10,817,268 $16,156,586 $22,077,423
Open accounts, notes, acceptances &
Indust. lien obligations
25,068,996 38,321,538 71,103,808
Motor lien retail time sales notes- - 28,493,997 40,696,413 67,184.546
8.382,229
Motor lien wholesale notes & accent's 7,488,927
1,347,934
97,347
Customers'liability on foreign drafts_
879,328
Sundry accounts & notes receivable
1.228,111
900,978
Repossessions in co's. possession, de470,561
223,158
prec. value
151,172
1,210.253
712.500
Commercial Credit Management Co_
590,261
6,579
Sundry securities
158,295
14,357
Sinking fund, coll, trust notes
Treasury stocks
1,957,645
452,653
186.924
354,928
Due by employees in purchase of stock
Deferred charges
1,016,830
542,528
236,517
4
Furniture & fixtures
7
4
300.000
Collateral trust notes
300.000
6,231,328
Meceivables for Credit Alliance Corp.. 3,817,910
Total assets of R.emsley, Millbourn &
1,861,440
Co. Ltd
250,000
'
Bank guaranty fund
Total
$77,788,994 115.113,634 168,388.659
Liabilities
Unsecured short term notes
$18,138,000 $40,420,000 $73,248,916
Bankers'acceptances papable,secured
1,053,000
621,410
1.701,976
3,703,023
Notes payable, secured
Total liability of liemsley, Millbourn
169,509
& Co., Ltd
5,569,000
7.121,000
7,763,500
Collateral trust notes payable
3,245,800
4,441,600
2,677,000
-year 5A % debentures
10
97,347
Conting.-liab. on foreign drafts sold_
1,347,934
Sunday accounts payable, incl. all
826.443
Federal & other taxes
1.523,502
1,326,740
Margin due customers, only when
2,889,920
4,614,329
8,371.725
receiv. are collected
Margin due specific cust. of Credit
Alliance Corp. only when receiv1,018,122
357,500
ables are collected
Margin payable in common stock of
1,187,482
1.317,932
Commercial Credit Co
2,191,856
2,738,451
Dealers' participating loss reserve__ -- 1,897,688
1,389,742
957,286
1,783,030
Reserve for possible losses
itgaerVO for adjust. invest. in Cana149,438
dian subsidiary
Reserve for undeclared cumul. divi232,065
dends on class A stock
2.225.000
Reserve for contingency
3,598,887
5,213,934
Reserve for deferred income & charges 3,114,551
Reserve for possible losses & liquidation expenses of liemsley, Mill770,673
bourn & Co., Ltd
68.288
31,794
180,250
Minority interests, subsidiaries
2,000,000
1,425,250
subsidiaries
3,000,000
Preferred stocks of
9,954,600 11,017,500 12,000,000
1st preferred stock
3,937,500
3,609,350
4,000,000
Preferred class B 8% stock
7,735,500
Class A convertible series A stock-- Y9,540,520 11,400,000 12,900,350
x12,000.000 15.315,657
Common stock
6,157.219
3,966,025
6,260.854
Earned surplus
179,960
3,695,356
Capital surplus
$77.788,994 115,113,634 168.388,659
Total
x Represented by 1,000,000 shares (no par). y Represented by shares
Of $10 par value.
-V. 137. P. 1058•
-Earnings.
Commercial Investment Trust Corp.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
1245
Financial Chronicle
and the largest week for Dodge dealers since Aug. 7 1926, according to
A. Vanderzee, General Sales Manager of Dodge Bros. Corp., a division
of the Chrysler Corp. In the preceding week this year Dodge dealers
delivered 5,633 cars.
Of these overall sales, 2,853 were Dodge passenger cars, against 2,799
in the preceding week and 2,375 were Plymouth sales made by Dodge
dealers, against 2,116. Sales of Dodge commercial cars and trucks for
the week totaled 768, against 718.-V. 137, p. 872. 1056.
Henry Ittleson, President, in his report to stockholders states that
"while during the first three months of this year the volume and net earnings were smaller than in the corresponding months of the preceding year,
the improvement which began to be shown in April has been progressive
during the months of May and June. As appears from the financial
statement and auditors' report, all determinable and known losses have
been written off, and reserves considered adequate to protect the corporation against possible future losses and unforeseen contingencies have been
set up in accordance with the corporation's usual practice. Collections
have been highly satisfactory. Past due accounts are small and outstanding
receivables are in excellent condition."
The figures on volume and profits include the volume of Universal
Credit Corp. since April 15 1933, as of which day the business was acquired
by Commercial Investment Trust Corp. from the Ford Motor Co.: also
the net profits of that corporation applicable to Commercial Investment
Trust Corp.'s majority interest therein since April 15 1933.
In regard to the retirement of the 6% and 7% first preferred stocks
the report states that "the redemption of this first preferred stock has
resulted in a substantial reduction in dividend requirements ahead of the
common stock. The serial preference stock outstanding is now the only
stock of the corporation senior to the common stock. By reason of the
retirement of stock, the acquisition of Universal Credit Corp., and the
increase in volume of business of the various operating companies, benefits
are now being derived from the low rates prevailing for borrowed money."
The report also contains a separate balance sheet of Universal Credit Corp.
Which shows current assets of $43,674,214, against current liabilities of
$25,243,993.
Consolidated Balance Sheet June 30.
1932.
1933.
1932.
1933.
Liabilities
Assets
3,694,250
Cash
13,936,272 11,751,446 7% let pref.stk.
4,523,800
6.16% Ist pf. stk.
85,742
Cashinclosed bk.
Serial pref.stock 14,046,100 16,955,200
Notes and accounts receiv_129,254,253 121,258,814 xCommon stock 16,104,800 16,636,360
829
790
Corn. stk. scrip..
Repossessed cars
Credit bal. due
at depreciated
mfrs.& selling
148,481
179,693
val.
realizable
1,165,585
Marketable sec_ 2,353,117
agt8 by factor cos., &e__ 8,275,606 6,461,570
880,459
Misc. accts. rec. 1,037,039
514% cony. deb. 18,461,000 22,399,000
Duefrom officers
Notes payable__ 31,521,232 12,662,589
dr employ, for
612,425 1,116,573 Notes pay. of
stk.pureb.,&e.
127,405
13,491
foreign cos_ _ _
747,668
Investments.. _ 2,624,776
225,601 Accts. pay.,incl.
236,243
Deferred charges
Fed'I & State
Furniture and
3,713,869
9,164,801
taxes
10
11
fixtures
1,213,348
Dealers' reserve 3,079,626
Stock purchased
513,310
417,450
Interest accrued
for sale to em514,872 Deferred income .5,369,702 4,216,893
2,047,787
ployees, drc
2,880,205
3,325,108
Reserves
Min. int. in net
worth of aftII.
623,003
companies...._
41,964,651 41,840,882
Surplus
152,367,361 137,839,511
Total
152,367,361 137,839,511
Total
x Represented by 2.013,100 shares of no par value in 1933 and 2,079,528
in 1932.-V. 137, p. 1058.
-Earnings.Compo Shoe Machinery Corp.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
The corporation specializes in the leasing of machinery used in the
company's process for cementing soles to shoe uppers.
The number of pairs manufactured with Compo equipment in the first
half of this year approximated 15,000 000, against 12,500,000 in the first
half of last year and with 12.000,000 for the full year 1931.-V. 135, p. 132.
Consolidated Automatic Merchandising Corp. (&
Subs.).-Earnings.
Years Ended Dec. 31Gross earnings
Customers commissions and ticket costs
1931.
1932.
$1,089,569 $1,421,767
566,786
440,285
Gross revenue from machine earnings
Other sales
$649,284
32,141
$854,981
39.801
Gross revenue
Collection and field costs
Service costs
Selling, general & administrative expenses
Sundry incomes
Ordinary expenses
Loss on disposal of capital assets
Provision for interest on general vending bonds_ _ _ _
Depreciation and amortization of cost
Shares of expense
$681,425
232,257
130,194
170,629
Cr6,917
49,121
107.567
201,300
681,054
$894,782
295,382
173.734
300,054
Cr31,135
133,875
159,284
201,300
725,377
25.000
$883,780 $1,088,090
Net loss for the year
Consolidated Balance Sheet, Dec. 31.
1931.
1932.
Liabilities1931,
1932.
Assets$86.546
$49,238 Notes payable____ $15,535
$81,447
Cash
60,257
25,884
3,626,757 4,431,241 Accounts payable_
Property
108,977
27,933
35,248 Accr'd liabilities__
26,314
Notes dr accts. rec_
24,625 6% gold bonds of
Securities
12,875
G. V. Corp__ _ 3,715,000 3,355,000
Due from agents dr
15,794 Int.on G. V.Corp.
9,976
employees
306,488
bonds
8,258
3,164
Misc.accts. recle_
Accounts payable
Cash on dep. with
8,227
600 (non-current) _ 600
skg.fund trustee
240,149
116,751
46,134 Def. credit items
10,689
Inventories
Res. for loss from
275,646
Investments
28,063
_
fire and
74,960
Inv.in affil. cos_ __
theft_1,781,409 2,190,763 Non-current notes
Intangible assets
108,066
payable
284,597
169,379
Def'd debit items_
2,333 Notes pay. & Int.
2,035
Cash in closed bile_
(Remington
Arms Co.)
166,338
Due to dep. of elks.
6,565
6,565
of sub. cos
Equity of min. in
cap.stock & sur24,180
12,160
plus of subs
x Preferred stock_ 4,771,545 4,804,251
2,541,355 2,536,387
Y Common stock
5,741,522 4,166,583
Deficit
$6,000,321 $7,163,792
Total
Fetal
$6,000,321 $7,163,792
x Represented by 120.798 shares no par value in 1932 and 121,627 shares
-V. 135, p. 302.
no par value in 1931. y Shares of $1 par value.
-Stock
*.
"
"Consolidated Gold Fields of New Mexico, Inc.
Offered.
-Roth & Co., Washington, D. C.,in July last offered
500,000 shares of stock (par $1). Price on application (about
$1 per share). A circular shows:
Transfer agent and registrar: Security Transfer & Registrar Co., New
York.
Capitetlization.-Authorized, 1,000,000 shares; outstanding (upon completion of this financing). 1.000,000 shares.
Directors are: Francis M. Goodwin, Pres.); Johnston B. Campbell
IV.-Pres. & Treas.), Washington, D. C. Ivan E. Goodner (Sec. & (len.
Mgr.). Los Angeles. Max Hiltscher, Wm. D. Slease, Hillsboro, N. M.
Company was formed March 30 1928, in Nevada for the purpose of producing gold, by dredging operations, in a proven field of New Mexico.
-Company or its directors (for the company) hold by deed or
Properly.
purchase contract or by mining location under the laws of the United States,
29 mining claims, approximately 380 acres of lode locations, and 470 acres
of placer ground. About 1,350 acres adjoining have been partially sampled,
and found desirable to acquire, if negotiations result in satisfactory terms.
An additional large area may be leased from the State of New Mexico on a
royalty basis•
Financial Chronicle
1246
The purpose of this offering is to supply the company with capital needed
for the completion of its development program.
Consolidated Paper Co., Monroe, Mich.-Resumes Div.
A quarterly dividend of 10 cents per share has been declared on the
common stock, par $10, payable Sept. 1 to holders of recard Aug. 21.
Quarterly distributions of like amount were made to and incl. March 1
1932: none since.
-V. 135. p. 1998.
Consolidated Paper Corp., Ltd.-Plant to Resume.
The corporation's Beige paper mill, located at Shawinigan Falls, Que..
which has been closed since June 11. will reopen for operations on Oct. 1
with three machines in operation. Approximately 200 men are now
employed getting the plant in readiness. If business continues to improve
it is hoped that the plant will be operating at full capacity around Jan. 1,
it was announced.
-V. 134, p. 1768
-Interest Payment.
Consolidated Rock Products Co.
See Union Rock Co. below.
-V. 136, p. 1722.
Consolidated Steel Corp., Ltd.-New Affiliated Co.Tower Builders Inc., Los Angeles, Calif., was incorporated recently to
fabricate steel transmission towers for high-tension electric power lines.
It is jointly owned by Consolidated Steel Corp. and Blaw-Knox & Western
Pipe Corp., both of Los Angeles. The latter firm was formed in 1932 by
Blaw-Knox Co. and Western Pipe & Steel Co. to market road and contractors' equipment on the Pacific coast. Waller Taylor, President of Consolidated Steel Corp., is President; Howard Tallerday, President of Western
Pipe & Steel Co., San Francisco, is Vice President; L. N. Slater. Vice
President of Western Pipe & Steel Co., is Secretary and Treasurer. An
award of 23,000 tons of transmission towers for Los Angeles has been made
to Tower Builders Inc., and fabrication and galvanizing will be done at the
plant of the Consolidated Steel Corp. ("Steel" of Cleveland. Aug. 7.).V. 136, p. 1891.
-Raises Wages.
Continental Can Co., Inc.
The company has advanced hourly and piece-work rates up to 15% in
all of its 37 plants in the United States, pending the approval 'by the NRA
of the code which has been prepared by the can manufacturing industry.
The pay of approximately all clerical staff and salaried employees is also
being increased 5 to 10%. These increases, it is said, will largely restore
the rates of pay prevalent in 1929.
The shorter work week is being put into effect immediately in all plants,
excepting those temporarily in the rush season of cans for the perishable
fruit and vegetable pack. Former employees of the company are being
re-employed and others added to make up for the shorter working tune.
It is estimated that about 10,000 employees will receive wage and salary
increases.
-V. 137, P. 694. 1058.
Continental Motors Corp.-Meeting Further Postponed.
The special adjourned meeting of stockholders, originally scheduled for
July 6 and postponed until Aug. 9, was again postponed until Sept. 13, as
less than two-thirds of the stock was represented.
The stockholders will vote on a proposal to change the capital stock from
no par value to $1 par value, to increase the authorized capital stork to
5,000.000 shares from 3,000,000 shares, to write down good-will from $5,908,316 to $1 by a charge against capital surplus, and to transfer the profit
and loss deficit of $3,827,017 as of April 30 1933 to capital surplus.
V. 137, p. 495, 318.
-Larger Distribution.
Cord Corp.
The directors on Aug.9 declared a dividend of 20 cents per share on the
capital stock, par $5, payable Sept. 15 to holders of record Sept. 1. An
initial dividend of 10 cents per share was paid on this issue on March 15
last.
-V. 136. P. 1206•
Cosden Oil Corp.-Registrar.-The Manufacturers Trust Co. has been appointed registrar for an issue
-V. 137, p. 144.
of $1,750.000 1st mtge. 6% serial bonds.
Credit Utility Banking Corp.-Bal. Sheet June 30 1933.
Assets
Cash
New York State bond
x Marketable securities-book
value
Notes & acceptances receiv
Furniture dr fixtures
Lfabdllies$528,309 Dividends payable
1,034 Reserve
Reserve for taxes
.50,869 Deferred income
928.411 Y Capital stock
1 Surplus
$20,625
287,722
1,
159
40,635
1,100,000
58.483
Total
$1,508,625
Total
$1,508,625
x Market value as at June 30 1933, $110.827. y Represented by 55,000
shares common B stock-no par value.
-V. 137, p. 1058.
Crown Willamette Paper Co.
-$1 Preferred Dividend.The directors have declared a dividend of $1. per share on the $7 cum.
1st pref. stock, payable Oct. 1 to holders of record Sept. 13. A similar
distribution has been made on this issue quarterly since and Incl. July 1
1931. prior to which the stock was on a regular $7 annual dividend basis.
Payment of the above dividend leaves in arrears dividends aggregating
$7.50 per share on the 1st pref. stock.
-V. 137. P. 695.
Cudahy Packing Co.
-Subsidiary Expands.
W. N. W.Blayney, President of Blayney-Murphy Co., on Aug. 3 issued
the following statement:
"Pursuant to the plan submitted to all stockholders of Blayney-Murphy
Co. more than a month ago, definite terms have been agreed upon for the
sale of the business and assets of Blayney-Murphy Co. to Mayflower
Packing Co. This step has been necessitated by the fact that economic
conditions of the past few years have resulted in a reduction of the working
capital of our company to a point where it cannot profitably continue, and
the sale was accordingly inevitable."
The Mayflower Packing
recently organized subsidiary of Cudahy
Packing Co., is capitalizedCo.,, 500.000 and it is reported that all of the
at $
capital stock is or will be owned by the Cudahy interests.
The new company will take over the local packing plant at E. 48th Ave.
and Glipen St., Denver, Colo., subject to the outstanding lien of the
Blayney-Murphy Co. 1st mtge. 6% serial gold bonds, of which there are
now $261,000 outstanding.
Approximately 91% of the holders of the outstanding Blayney-Murphy
pref. stock have approved the sale, the announcement said.
Officers of the Mayflower Packing Co. will be F. E. Wilhelm, President;
A. W. Anderson, Vice-President and Secretary, and John E. Wagner,
Treasurer, all of whom are officers of the Cudahy Packing CO. J. P.
Murphy will remain with the firm as General Manager while H. F. Blayney
will be in charge of livestock buying.
The Blayney-Murphy Co. was organized in 1904 as the Coffin Packing
& Provision Co.
-V. 136, p. 4094.
- -rDartmouth
-
Cushman's Sons, Inc -Earnings.-
For Income statement for 12 and 28 weeks ended July 15 see "Earnings
Department" on a preceding page.
-V.136, P. 3353.
Mfg. Co.-LiguitlatinTrEktriertencle.The directors recently declared a liquidating dividend of $100 per share
Ion the 5% pref. stock, payable July 5.
A liquidating dividend of $10 per share was also declared on the common
stock, par $100,
July 17 to holders of record of the same date
(See V. 136, p. 1206).-V. 136, p.4466.
(See
tyable
Deere & Co., Moline, 111.-Correction-Does Not Issue
Semi-Annual Statement.-In our issue of July 29, page 852,
under this company's name we erroneously gave a statement
of net sales and earnings for six months ending June 30 1933.
Deere & Co. does not give out interim statements of any kind
but only issues an annual report. The last report issued by
the company was for the year ended Oct. 31 1932. This was
published in our issue of Feb. 18 last, page 1192.-V. 137,
p. 145, 873.
Dividend Shares, Inc.
-Net Unrealized Appreciation.
Net unrealized appreciation after provision for Federal income and excess
profit taxes amounted to $5,222,495 during the six months ended June 30
Aug. 12 1933
1933. On the latter date total assets amounted to $23,182,262, of which
822,504.726 represented securities at cost. Total assets as of Dec. 31 1932
were 810,122,644. The market value of securities held on June 30 was
$28,812,275.
Investments of this corporation on June 30 1933 were confined to common
stocks of 42 corporations, including utilities, oils, rails, banks, insurance
companies and miscellaneous industrials. Large holdings were 40,000
General Motors, 34,000 National Dairy Products, 34,000 General Electric,
30.000 United Gas Improvement. As of July 15 1933 there were more than
32.000 stockholders of Dividend Shares, Inc.
Including the dividend declared payable to stockholders on Aug. 11933,
more than $940,000 in dividends has been paid to stockholders in the four
quarterly periods starting Nov. 1 1932.-V. 136, P. 3170.
Dodge Mfg. Corp., Mishawaka, Ind.-Earnings.-Income Account for Year Ending Dec. 31 1932.
Sales-net
Cost of goods sold
Gross profit
terest, rentals, Sic
$710,385
676,668
$33,717
6,829
Total income
Expenses of operating business, incl. cost of selling, adm., &c
40.546
318,009
Net loss before deprec., bond int. & discount & extraordinary
charges
Depreciation
Bond interest & bond discount authorized
Extraordinary charges
277,463
180,120
124,470
52.447
Loss for year
Deficit balance-Dec. 31 1931
Reserve for obsolete & slow moving inventories
Decrease in book value of in, in Mishawaka Housing Corp
.
Balance-dellcit Dec. 31 1932
$634,502
23.151
250,000
7,109
$914,764
Dome Mines, Ltd.-Value of Production.
Poiod End. July 31- 1933-Motuh-1932, 1933-7 Mos.-1932.
Output (value of)
$359,520
5311.846 $2.677,841 $2,419,034
-V. 137, p. 695.
Dominion Stores, Ltd.
-Earnings.
For income statement for 6 months ended June 17 see "Earnings Department" on a preceding page.
Comparative Balance Sheet.
AssetsJune 1733. June 3032. LiabttUtesJune 17'33. June 3032.
Land, bldgs., fist.
x Capital stock _ ...$3,119.876 $3,119,876
& motor cars___$1,489,685 51,721,328 Current liabilities_ 1,234,028 1,473,108
Current asset& ___ 3,843,672 4,080,110 Res. for future fire
losses
43,536
EmPl. invest. plan
32,475
31,119
Cash surr. value
Res.for torn exch_
48,488
life Insurance___
Res. for losses on
4,525
Good-will
1
stores to be
1
Deferred charges &
closed
8,782
accrued revenue 120.650
111,427 Earned surplus.__ 1,106,908 1,240,275
Total
Total
55,502.069 85,912.866
85.502,069 35,912,866
x Represented by 282,382 no par shares.
-V. 137, p. 873.
-New Jointly Owned Subsidiary.
Dow Chemical Co.
-
-V.137, p.319.
See Ethyl Gasoline Corp. below.
Drug, Inc.-Segregation Into Five New Units Approved.
-
The stockholders at a special meeting held on Aug. 7 approved without
any opposition the plan for reorganization of the corporation by its dissolution and the segregation of its properties into five new corporations.
Mthan7
More
0% ofthecorporation'soutstanding stock
iepresented at
the meeting. A total of 2.547,922 shares were voted in favor of the plan
and no shares were voted against it.
The plan of reorganization provides that five new corporations will be
organized under the laws of Delaware, under the names of Siterling Products,
Inc., United Drug Corp., Vick Chemical Co., Bristol-Myers Corp. and
Life Savers Corp. Stockholders of Drug, Inc. will receive shares of stock
of the five new corporations on a pro rata basis. For each 10 shares of
Drug. Inc. a stockholder will receive 5 shares of Sterling Products, 4 shares
of United Drug, 2 shares of Vick Chemical, 2 shares of Bristol Myers and
1 share of Life Savers. (For plan, see V. 137. p. 145.)
The new corporations will be under a management which will include
executives now conducting the existing units.
-V. 137. p. 898.87
Dunhill International, Inc.
-Capitalization Changed.
-
The stockholders on Aug. 7 voted to change the authorized capital stock
from 20,000 shares of pref. stock, par $100, and 200,000 shares of common
stock of no par value, to 160,000 shares of common stock, par $1 per share,
each no par shares of common stock to be exchanged for one new $1 share.
V. 137, p. 696, 497.
Eastern Rolling Mill Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136, p. 3170.
Easy Washing Machine Corp.
-Earnings.
For income statement for 6 months ended June 30 1933, see "Earnings
Department" on a preceding page.
-V. 137, P. 873.
Eaton Mfg. Co., Cleveland.
-July Shipments.Automotive parts shipments scheduled by this company for August,
show a decline of only 4% from July and reflect the absence of the usual
sharp summer recession in automobile output, according to Chairman J. 0.
Eaton. Last year, shipments in August dropped 40% below July. The
gain this year over August 1932 is 140%. The company, with 10 plants in
Ohio and Michigae, produces a wide variety of products in use on many
makes of cars.
-V.137. p. 497, 1059.
Electric Auto-Lite Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 136, P. 4277.
Department" on a preceding page.
Electric Products Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 1933.see "Earnings Department" on a preeedirg page.
-V. 134, p. 2730.
Electric Shareholdings Corp.-Bal. Sheet June 30.
19$32.
1933.
1033.
$
$
alnvestments
Liabiiliies
16,084
19,675.141 20, 9532
% ,9
1 8.50 Sees, perch. undel.
U.S. Treas. Ms__ 250,273
; Accts. payable &
Cash
51,322
794,866 1,107,775' accrued expense
Divs. receivable
5..800
101,3201bPreterred stoek__14.968.800 16,033 065
86.407
Accts. receivable._
; Common stock ___c1,604,631 d1,604,631
39,264
4,221,198 3,565,461
Surplus
Assets-
Total
20,845,952 21,258,045
20,845,952 21,258,045; Total
a Market value June 30 1933 was $20,210,109 against $11,301,095 June
30 1932. b Represented by 149,688 (160,338 In 1932) no par shares.
Shares of $1 par value. d Represented by 1,604.631 no par shwas.
-V. 137. p. 1059.
mpire Capital Corp.
-Stock Ofdered.-G. J. Springer &
Co., Inc., New York, in July offere 50,000 shares of class A
capital stock at $6.25 per share. A circular shows:
Class A stock is entitled to receive for any quarter yearly period, out or
the surplus or net profits, non-cumulative dividends at the rate of 8% Per
annum before any dividends shall be paid to holders of class II stock for
same period. After payment of preferential dividend on class A stock,class It
stock may receive non-cumulative dividends at rate of 8% per annum for the
same period. Additional dividends paid for any period shall be distributed
one-half to the class A stock, as a class, and one-half to the class B stock,
as a class. Holders of class A stock and class 13 stock have equal rights,
share for share, as to the distribution of assets upon the dissolution or
liquidation. Holders of class A stock have the right to elect one-third of
directors, but have no other voting power. Stock dividends declared are
payable to holders of each class of stock in stock of that class, unless the
number of shares of class B stock available for the purpose should be insufficient, in which event such dividends (to the extent that the class B
stock is insufficient therefor) may be paid to the holders of class B stock
in class A stock. Stockholders have no pre-emptive rights to subscribe for
additional stock or to any securities convertible into stock which may be
Issued by the corporation.
-United States Corporation Co., New York. N. Y.
Registrar.
-is a holding company. organized in New York in 1933.
Corporation.
It now holds the entire outstanding capital stock of the Empire Personal
Loan Co., Inc.(N. Y.), and plans to increase its interest in that company
from time to time as the need for more capital develops. As additional
similar companies are organized by associated interests or investments of a
favorable character in already established personal finance companies
esent themselves, the Empire capital Corp. expects to further expand its
rCapitalization-
Authorized. x Outstanding.
y$2.000.000
Class A stock (par $5)
$100,000
500,000
Class B stock (par 35)
x Prior to this initial offering.
y 20,000 shares are reserved under options delivered to G. J. Springer &
Co., Inc., and to directors, officers, and others identified with the management. These options are for an initial term of six months from July 1 1933,
but subject to renewal in the sole discretion of the corporation for one or
more successive similar periods, with a final expiration date of June 30 1936.
The options provide for the purchase of class A stock at $6.25 per share.
-Proceeds of this financing will be added to working capital.
Purpose.
Directors.
-B. A. Acker, Glenn S. Knapp and George J. springer.
-Balance Sheet June 30.Empire Title & Guarantee Co.
1932.
1933.
,
LiabilitiesAssets1933.
1932.
$21,117
Cash
$207,870 $269,046 Agency accounts__ $31,967
990,000
692,289
Bonds & lat mtge_ 1,866.009 2,158,658 Due banks
Stocks and bonds_
2,000 Interest accrued on
guar.mtges., but
Notes ree. secured
156,732
by collateral_ _
not yet payable_ 157,951
308,449
Notes receivable
Install, rec, on
94.981
1,150
guaranteed =pi
Other assets
4,200
Accts.receivable
6,629
6,661 Commissions not
913
170
Accrued interest _ _ 216,363
yet payable238,906
298,928
103,065
Reserves
1,000,000 1,000,000
Capital atock
Surplus and undi409,460
516,030
vided profits
Total
$2,396,053 $2,983,720
-V. 136. p. 666.
Total
$2,396,053 $2,983,720
Ethyl Gasoline Corp.
-New Jointly Owned Subsidiary.
The first manufacturing plant ever to be constructed on short for the
purpose of converting bromine removed from seawater into commercial
bromides is being built at Kure Beach, about 20 miles south of Wilmington.
N. C. by the Ethyl-Do v Chemical Co. This company, newly formed, is
'
owned jointly by Ethyl Gasoline Corp. and Dow Chemical Co.
The output sill be utilized entirely by the Ethyl Gasoline Corp. as a
constituent of Ethyl fluid, the anti-knock compound used in gas;oline.
In one cubic mile of seawater, it is estimated there are about 600,000.000
pounds of bromine, it large increase in the potential production of bromides
in the United States is anticipated as a result of the enterprise, affecting
not only industry and the arts but also the National defense, as bromine is
an esser Mal element of certain tear gases used in warfare.
The new plant, which will be in operation in about six months. Is being
built in units, each having a monthly capacity of 250.000 pounds of bromides.
To produce 500,000 pounds of bromine a month requires the processing of
-V.
seawater at the rate of 26,000 gallons a minute for 24 hours a day.
135. p. 3004.
Evans-Wallower Lead Co.-Earnings.-
1932.
1931.
Years Ended Dec. 31Loss on operation of zinc division
$201.321
prof $6.238
Gain on operations of Tel-State Mining division_ _ _
42,239
110.752
5.804
12,374
Miscall Income, discounts. diva.& commissions rec
Net loss
378.195
prof.$54,281
General administrative & selling expense
90.808
90.020
-down exp.zinc division, mining division &
Shut
Fostoria plant'
22.629
Other expenses, inventory losses, &c
3,807
18,818
Provision for depreciation
24,124
30.322
Provision for depletion
46,104
79.327
Charleston accounts receivable paid above reserve
Cr.14.878
and additional settlement received on sale
Cr.1.355
Net loss for the year
$109,206
$304,434
Balance Sheet Dec. 31.
Assets
1932.
1931.
1932.
Liabilities1931.
mining properties_ $847,306 $918,637 7% cum. pref.stk32,500,000 $2,500,000
Electro. sine plant 1,686,550 1,686,387 aCommon stock_ _ 615,000
615,000
Contr..licenses,&e. 245.499
4,205
245,499 Note payable_
Miscell. investm'ts
10,290
29,048
22,312
10,289 Accounts payable_
Inventories
4,883
6,199
65,933
119,769 Accrued taxes_ _ ....
Note receivable_
231
2,000 Accrued interest_
Accts. rec., less res
16,623
45.622 Note pay. on Mar.
Adv. on material
consume. def. &
bought for resale
22,694
6.984
17,000
4,300
accrued Interest
9,247
Marketable secur_
3,125
9,247 ContIng. liability_
2,419
Cash in banks &
Reserves
on hand
77.415
52.424 Pur. money oblig.
Deferred charges
28,577
14,000
moo°
1932-1939
10,623
81,845
191,051
Deficit
Total
$2,994,424 $3,104,797
Total
a 615,000 shares (no par).
-V. 13q, p. 3281.
$2,994,424 $3,104,797
Ex-Cell-0 Aircraft & Tool Corp.
--Earnings.
Calendar Years1932
1931.
Gross profit, before depreciation_ _ _ _
$371,859
$392.591
338,080
443.470
Selling, administrative & general exp_
Miscellaneous expenses (net)
11,901
16,723
Deprec. on bldgs., mach'ry & equip_ _
189,434
191.507
loss
$167,557
Net
$259.109
Dividends paid
Deficit
$167,557
$259.109
Balance Sheet, Dec. 31.
Liabilities1932.
1932.
1931.
Assets$56,863
$71,133 Bank notes payable 575,000
Cash
Pur.contract-mach
Customers' notes &
27,250
368,284 0th. notes payable
accounts recelv- 245,769
--trade
Accts. pay.
84,329
Miscel. notes & ac4,741
15,343 Accrued. payroll.
counts receivable
commissions, &c
278,281
399,141
36,014
Inventories
Land contracts &
prep'd insur., taxes
49,923
48,897
7,821
mtges. payable_
& other charges_
Long-term lndebtDal. due from offi29,992
213,669
edness
29,593
cers & employees
Deferred credit to
land contract reIncome
14,371
ceivable-inclu44,305 b Capital stock... 2,488,055
46,226
ding Interest _ _
10,599 Deficit
356,649
8,957
policies_
Life Instr.
20,012
21,308
Miscell. investm'ts
a Property, plant
& equipment. _ _ 1,641,412 1,836,298
36,939
33,899
Perishable tools_ _
Real estate acquired
expansion
for
112,540
152,001
Purposes
22,509
20,885
Patents purchased
1
1
Good-will
1930.
8488,784
435.114
34.127
173.907
$154,365
176,404
$330,769
1931.
$300,000
20,000
93.209
57,119
32,631
199,789
14,371
2.488,055
189.182
Total
$2,589,860 $3,015,992
$2,589,860 $3,015,992
Total
a After depreciation of $790,095 in 1932 and $653,971 in 1931. b Repro-V. 135, p. 825.
sented by 376,810 no par snares.
1247
Financial Chronicle
Volume 137
Ewa Plantation Co.-Earnings.1929.
1930.
1931.
1932.
Calendar YearsGross receipts from sugar
$3,405,130 $3.584,667 $3.927.450
$3,185,457
& molasses
3.2.12.868
3.0113.798
3.282.940
Cost of prod'& market'g 2,889,°52
Gross profit on sugar
3684.581
3520.869
3123.190
3495.605
& molasses
47,238
50,784
113.424
70.862
Other operating income_
.
3731- 820
$571,653
$235.614
3566.467
Total income
977
1,440
1.791
2.224
Operating charges
$730,842
$570,213
3233.822
Gross operating profit $564,243
320.754
304.107
310.559
356,255
Fin'l inc. (dive., &c.)
2,753
24.184
23,891
Prem. on sale of secur's_ Dr.14.607
$898.504 $1.054,350
3568.273
$905.891
Total income
424
911
1.489
695
Income charges
3897.593 31.053,925
3566.784
3905.196
Profit for year
117,785
72.069
53.322
141.500
Income taxes (estimated)
3936.140
3825.523
3513,461
$763.696
Net profit
900,000
600.000
600.000
x850,000
Dividends
$86.539 sur$225;523 surg36,140
def$86.304Balance, deficit
x Includes $250,000 special distribution of surplus funds.
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
$
Liabilnies$
$
Assets33,025
28,351
36,172 Payrolls
34,909
Cash
124,535
73,503
Long-term contr..
Due from agents__ 651,618
Personal & trade
Accts., notes &
33,923
25,359
accounts
105,205
97,541
other accts. rec.
394,155
504,994
277,408 Reserves
Materials & suppl_ 242,909
153,828
agents
Growing crops_.... 1,238,295 1,217,843 Due
16,000
5,050,695 6,008,120 Outstanding drafts
Investments
Common stock__ 5,000,000 5,000,000
Bldgs., mach.,eq..
4,494,190 4,605,631
x2,740,943 2,650.202 Surplus
dx
66,147 Leasehold valuat'n
69.486
Campbell est. lease
560,000
490,000
560,000 surplus
Leasehold valuat'n 490,000
10.616.397 10,921,099
Total
10,616,397 10,921,099
Total
x After reserve for depreciation of $3,438,293 in 1932 and 33.395.807
In 1931.-V. 136. p. 3728.
-July Sales.
Exchange Buffet Corp.
Sales for Month and Three Months Ended July 31.
Decrease.] 1933-3 Mos.-1932.
-Month-1932.
1933
$829,616 $1,025,139
$55,724 I
$297,013
3241,289
-V. 137, p. 875, 498.
Decrease.
$195.523
-Earnings.
Fairbanks Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V.136, p. 4467.
Department" on a preceding page.
-Comparative Balance Sheet.Federal Motor Truck Co.
June 30,'33 Jan. 1,'33
Assetsa Land, buildings,
mach'y equip_S1,193,992 $1,239,782
732,720
668,435
Cash
U.S.Gov't & other
marketable secu245,637
rities at cost_ _ _ _ 314,822
Notes, acceptances
342,149
332,387
& accts. recelv
1,380,574 1,387,884
Inventories
Cash surrender val.
26,754
26,754
in.sur. pol
Fed. Motor Truck
Co.capital stock
100,022
79,062
at cost
234,455
216.840
Other assets
54,269
37,732
Deferred charges
June 30'33. Jan. 1 '33.
LiabilUiesy Capital stock.. _ _$2,497,715 $2,497,715
160,863
Accts payable, &c 239,644
Accrued insurance
5,216
5,493
& local taxes.. _
Reserve for de24,829
24,829
ferred income_ _
Contingent reserve.
162,689
153,264
&c
1,329,653 1,512,360
Surplus
54,250,598 $4,363,672
Total
$4,250,598 $4,363,672
Total
-V.
x After depreciation. y Represented by 499,543 no-par shares.
137, p. 1059.
-Statement of Condition.
Fireman's Fund Insurance Co.
Substantial increases in the assets of all five of the Fireman's Fund Group
of insurance companies are disclosed in the semi-annual statement of condition released Aug. 1. All figures are based upon the market value of stocks
and bonds as of June 30 1933. The report is as follows:
Surplus to
Liabilities. Policyholders
Assets.
x$29,283,412 $14,610,162 $14,673,250
Fireman's Fund Insurance Co
2,228,187
2,563,431
x4,791,618
Marine Ins. Co
Home Fire &
2,445,867
877,487
3,323,354
Occidental Insurance Co
2,680,104
2.948,122
5,628,226
Fireman's Fund Indemnity Co
1,200,182
1,070,756
2,270,938
Occidental Indemnity Co
Includes stock ownership in affiliated insurance companies valued on
x
basis of capital and net surplus.
A similar statement issued for the year ending Dec. 31 1932, based on
market values at that time, gave Fireman's Fund Insurance Co. policy
Occidental
holders'surplus of $13.036,196; Home Fire & Marine,$1,977.577;32,691.849
Co., $2,207,270; Fireman's Fund Indemnity Co.,
Insurance
and Occidental Indemnity Co., 31,093.265.-V. 136, p. 1724.
-Dividend Payment.
Chrold Corp.
Of the special dividend of $2.11 per share, recently declared, payable
Aug. 18 to holders of record Aug. 111933. 11 cents will go to the Government under the new 5% dividend tax, it is announced. This will make the
payment the same as the May 18 1933 dividend of $2 per share.
The liquidating value of the outstanding stock decreased from $143.72
per share as of June 30 1933 to $136.52 per share as of July 31 1933.
Outstanding stock increased from 4,157 shares to 4,207 shares during
the same period.
As of July 31 the company was approximately 4.83% invested, the
-V. 137, p. 1059, 498.
announcement added.
(M. H.) Fishman Co., Inc.-July Sales Increased.
Decrease.
Increase. 1933-7 Mos.-1932.
1933-July-1932.
3226.045
$250,116
$24,071 I $1,268,732
31.310,553
341.821
-Earnings.
Flintkote Co.
For income statement for 3 and 6 months ended July 15 see "Earniegs
-V. 137, p. 319.
Department" on a preceding page.
-Earnings.
Flock Brewing Co., Williamsport, Pa.
Net earnings for the month of July (first month of operation), were
slightly more than $14,000. after all charges but before provision for Federal
taxes, or more than 7 cents a share on the 200,000 shares of common stock
outstanding. Company reports that shipments for the first eight days in
August were 12% in excess of the average daily rate of shipments during
the month of July.
A meeting of the directors of the company will be held on August 23.
at whicn time action will be taken on the dividend policy of the company.
V. 136. P. 3354.
-Alli-Stock Offered.
Flour City Ornamental Iron Co.
son-Williams Co. and Bigelow, Webb & Co., Inc., Minneapolis, in July offered 19,635 shares of common stock at
$5.75 per share. Proceeds will be used as working capital.
In 1893, Eugene Tetzlaff, the now acting President of the company.
formed a co-partnership in Minneapolis under the name of the Flour
City Ornamental Iron Works for the manufacture of ornamental iron,
bronze and other metal products. The partnership was dissolved in 1900
and a corporation named Flour City Ornamental Iron Co. was organized.
That corporation had a capitalization of $50,000. The articles were amended
from time to time increasing the capitalization to $500,000.
Financial Chronicle
1248
The Flour City Ornamental Iron Co., prior to June 6 1929, had the same
officers as it has to-day. It had outstanding 5,000 shares of capital stock
(par $100). A large part of this stock was owned by Eugene Tetzlaff and
the other members of his family.
In 1928, the John Polachek Co., which owned a smaller plant specializing
In the fabrication of ornamental metals located at Long Island City, New
York, together with a few other companies engaged in the same kind of
business,organized the General Bronze Corp. They acquired several plants.
On June 6 1929, the former Minneapolis stockholders of the Flour City
Ornamental Iron Co. exchanged their stock with the General Bronze Corp.
for stock of the last named company, receiving nine shares of General
Bronze stock for one share of Flour City stock. The General Bronze stock
at that time was listed on the New York Stock Exchange and was selling
for about $60.
From June6 1929 to March 27 1933,the Flour City company was operated
by the General Bronze Corp., all contracts being taken in the name of, and
all books of account being kept by, the General Bronze Corp. They owned
all of the outstanding stock.
On March 10 1933, Eugene Tetzlaff, Walter Tetzlaff, Henry J. Neils and
H. C. Baldry entered into a contract with General Bronze under the terms
of which these four individuals purchased all of the stock of the Flour City
company then owned by the General Bronze Corp., namely. 5,000 shares
(Par $500,000). On March 27, the General Bronze Corp. entered into a
contract with the Flour City company in and by the terms of which the
former company assigned and sublet to the Flour city company a number
of contracts for the erection of ornamental iron on various buildings located
throughout the United States. Since March 27 1933, the business of the
Flour City company has been entirely disassociated from the General
Bronze Corp.
After the disassociation from General Bronze, the Flour City company
amended its articles of incorporation and changed the par value of its stock
from $100 a share to $5 a share, so there is authorized and outstanding
100,000 shares at $5 a share, the same total par value as before the association with General Bronze. The four purchasers gratuitously delivered to
the Flour City company 20.000 shares of the new $5 par value stock to be
held as treasury stock and sold when the corporation desired.
Balance Sheet June 30 1933.
Assets
Liabilities,
$50,000
Current assets:
Notes payable-banks
26,346
Cash
$6,913 Accounts payable
1,641
Accounts receivable
16,326 Sub-contract liability
2,904
Deposits on plans & bids1,117 Accrued payroll
3,075
Inventories
309.868 Accrued taxes
208
Prepaid expenses
2,631 Accrued insurance
838
540,811 Due to General Bronze CorpFixed assets
160,023
Patterns, dies, &c
153,577 Sub-contract liabilities
401,825
Good-will
1 Capital stock
384,087
x Surplus, April 1 1933
299
Earned surplus
$1,031.247
$1,031.247
Total
Total
x Consisting of capital surplus arising from appreciation of fixed assets
and from donation of stock to treasury and the results of operations to
March 31 1933.
1932.
Total
562.970
1,074.709
1.174.115
Unit sales of Chevrolet. Pontiac, Oldsmobile,Buick LaSalle and Cadillac
passenger and commercial cars are included in the above figures.
x7,323,022
595,339
1,953,198
The corporation on Aug. 7 announced a 10% increase on all salaries as
of July 31. effective Aug. 1, for all General Motors salaried employees.
350,687
5,106,308
Sales of Pontiac straight eights in July were 7,651 units In excess of the
corresponding month of last year, according to R. K. White, General Sales
Manager. For the first seven months of 1933. Pontiac sales led the same
period of 1932 by 21,828 cars, he said.
'Heavy retail demand during July of tnis year brought a progressive
-day periods of the month. The second
sales increase in each of the 10
period exceeded the first 10 days by 623 units and the third period exceeded
toe first 10 days by 1,561 cars. Production continues to hold up well and
dealers' stocks of new cars still are comparatively low," Mr. White said.
V. 137, p. 876. 1061.
Freeport Texas Co.
-Balance Sheet June 30.1932.
1933.
1933.
Assets$
R.E.bldgs.,equip.,
10,297,695
&a
1,866,322
Cash
Notes& accts. rec_ 1,400.648
U.S. Govt. secur's 2,081,250
5,711,920
Inventories
1,789.069
Investments
118,129
Deferred assets
Liabilities$
3
Preferred stock__ 2,447,900
8,552,907 Common stock_ __y7,467,576
1,034,670 Accounts payable_ 552,656
892,964 Accr. royalties pay 1,556,149
36,718
Dividends payable
6,160,253 Ras. for taxes, &c_ 324,111
2,270,492 Res. for deprec__ 5,456,932
512,021 Add'i res. for tax.
& contingencies_ 927,506
3,968,735
Surplus
23,045,033 19,423,307
Total
Total
x Represented by 729,844 (no par) shares.
having a par value of $10.-V. 137, p. 1059.
584,654
3,510,099
23,045,033 19,423,307
y Represented by shares
(Robert) Gair Co., Inc.
-Adds No. of Workers.
Jobs will be made for 250 additional workers in the mills and factories
of this company and its subsidiaries, manufacturers of paperboard and
paperboard products, as a result of the company's acceptance of President
Roosevelt's blanket code it was announced by President E. Victor Donaldson. The company has 2,050 employees and announces that "during the
past 45 days it has adde 150 workers and under the new hours of labor
-V. 136. p. 4468.
eol=ta to add 250 more."
Garlock Packing Co.
-Balance Sheet June 30.1932.
1933.
Assets$745,532 $514,716
Cash
443,874
Receivables
387,516
695,217
Inventories
908,065
231,733
Deferred charges
277,334
Pref. cap. stk. of
outside company
1,000
:Land, buildings,
equipment. &c_ 1,829,121 1,902,064
1
1
Trade-marks, &c-
Aug. 12 1933
July sales of General Motors cars to dealers in the United States and
Canada. together with shipments overseas, totaled 106,918 as against
113,701 in June, and 36,872 in July a year ago.
General Motors July car sales to consumers in the United States, to
dealers in the United States and to dealers in the United States and Canada
plus overseas shipments were all larger than for any July since July 1929.
Sales to Consumers in United States.
1932.
1933.
1931.
1930.
January
47.942
50.653
61.566
74.167
February
42,280
46.855
68,976
88,742
March
47,436
48.717
101,339
123,781
April
71,599
81,573
135,663
142,004
May
85,969
63,500
122.717
131.817
June
101,827
56.987
103.303
97,318
July
87.298
32.849
85,054
80,147
August
37.230
69,876
86,426
September
34,694
51,740
75.805
October
26,941
49.042
57,757
November
12,780
34,673
41,757
December
19,992
53,588
57,989
Total
510.060
937,537
1.057,710
Sales to Dealers in United Stale*.
1933.1930.
January
72.274
65,382
76.681
February
50,212
52,539
80.373
1?0,0
March
45,098
48,383
98,943
118.081
April
74,242
69.029
132.629
132,365
May
85,980
60,270
136.778
136.169
June
99,956
46.148
100,270
87,595
July
92.546
31.096
78,723
70,716
August
24.151
62.667
76,140
September
23.545
47.895
69.901
October
5,810
21,305
22.924
November
2.405
23.716
48.155
December
44,101
68,650
68 252
Total
472,839
928,630
1,033,660
Total Sales to Dealers in United States and Canada Plus Oserseas Shipments
1932.
1933.
1931.
1930.
January
82.117
74,710
89,349
106,509
February
59.614
62,850
96.003
126,196
March
58.018
59,696
135,930
April
86,967
78.359
154,252
150.661
May
98,205
66,739
153.730
147.483
June
113,701
52,561
111.668
97.440
July
106.918
36,672
87,449
79 976
August
30.419
70.078
85,610
30.117
September
58,122
78.792
October
10,924
s.
25.975
28,253
November
5,781
29.359
57.257
53.942
December
79,529
80.008
1932.
1933.
Liabilities$35,292
Accounts payable- 846,599
20,000
20,000
Dividends payable
73,811
Accruals
71,769
17,995
13,519
Tax reserve
1,978,000 2,037,000
Funded debt
YCommon stock_ 200,000
200,000
306,749
Paid-in surplus
1,613,750 1,608,639
Earned Surplus
$3,945,480 83,990,697
Total
$3,945,480 53,990,697
Total
x Less reserve for depredation of $1,470,832 in 1933 and $1,343,107 in
1932. y Represented by 200,000 no par shares.
-V. 137, p. 1059.
General Cable Corp.
-New Piesident,&c.Dwight R. G. Palmer has been elected President, succeeding H. T.
Dyett, resigned. F. M. Potter has been elected Vice-President in charge
of sales, succeeding Mr. Palmer.
-V. 137. P. 8 6
7.
General Cigar Co., Inc.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet June 30.
Assets1932.
1933.
1932.
1933.
LiabilitiesaReal est. equip.
Pref. stock
$5 000 000 85,000,000
$4,074,676 84,400,389 c Common stk _ 5,298,410 5,298,410
&c
bCigar mach'y _ 1,606,631
1,790,760 Spec, cap. resve. 1,000,000 1,000,000
Goodwill, Pats,
Gold notes
2,465,500
1
&c
1 Divld'ds payble
647,982
70,500
75,500 Accts. pay. &
Mtgs. receivable
549,209
accrd.!tab.__
15,849,702 19,104,032
680,465
Inventories
301,772
5,900
13,500 Fed, tax reserve
323.831
Notes receivable
500,000
500,000
Accts.receivable 1,834,142 2,640,271 Insur. reserve1,024,614 4,579,628 Capital surplus_ 3,899,658 3,899,658
Cash
Unapprop s'plus 12,355,908 13,653,187
U.S.Treas.ctfs. 4,031,647
194,911
177,185
Deferred chge._
$29,574,998 $52,798,992
Total
829,574,998 832,798,992
Total
a After depreciation. b Less amortization. c Represented by 472,982
no-par shares.
-V. 137, p. 876.
General Mills, Inc.-New Managing Director.
Salaries Increased.
-
Pontiac Sales Increasec. in July.
General Motors Acceptance
June 30.-
Corp.
-Balance
Sheet
1932.
1933.
1933.
1932.
LiabilitiesAssets$
$
$
8
Capital stock_ __ 50,000,000 50,000,000
Cash In banks &
on band
29,320,871 43,378,250 Accts. payable_ 9,409,829 4,261,984
Serial gold notes 13,813,000 19,283,000
Cash with sink.
6% gold debs _ __ 1,409,000 34,553,000
fund trustee
Dealers' reposs.
for red. of 6%
37,925 less reserves__ 8,082,396 9,089,021
debentures _ _ 1,437,190
.
Notes(U.8.)_.Notes & bills rec.:
TJ El.& Can_ _154,601.388 192,906,455 Notes (Can. .4184,163,660 {89,522,000
.
Overseas
11,609,267 14,735,057
overseas) --__
14,416,812
Accts.receivable 2,383,886 6,188,773 Brokers' accept.
Auto. & equip_
419,559
359,611
dIScounted.
2,385,417
Investments.._
. 6,736,039 5,117,159 Accrued taxes__
921,144
974,803
Deferred charges 1,115,465 1,320.687 Accr. int. pay__
230,217 1,184,283
Reserves
3,349,868 3,290,865
Unearned Inc
6,632,393 7,245,710
Surplus
20,000,000 20,000,000
Undivided Prof_ 9,652,210 7,898,970
Total
207,563,717 264,103,866
Total
207,563,717 264,103,866
-V. 136, p. 1708.
--
- General Outdoor Advertising Co., Inc.-Th-Retbka_
StOck.The stockholders will vote Aug. 22 on decreasing the authorized class A
stock from 300,000 shares to 287,610 shares.
-V.1 6, p.4097.
General Steel Castings Corp.
-Earnings.
-
For income statement for six months ended June 30 soe "Earnings
Department" on a preceding page
-V. 136, P. 3171.
General Tire & Rubber Co.
-Estimated Sales, &c.
-
If its current rate of business continues this company will gross around
$16.000,000 to $18,000,000 in 1933, according to President William O'Neil.
In 1932 sales were $16,679,000.
For the six months ended May 31 the first half of its fiscal year, the
company lost money, Mr. O'Neil said. Beginning with May, however.
and continuing to the present, the company has had a monthly net profit
of around 3300,000 to $400,000, he stated.
At present the company has on hand sufficient stocks of rubber and
rubber and cotton, bought at around 3ji to 4 cents a pound for rubber and
8 cents a pound for cotton, to last it more than a year, continued Mr.
O'Neil. Current prices are about 10 cents a pound for cotton and 8 cents
a pound for rubber. These crude materials are carried at cost on the
company's books. Appreciation in their market value does not add to the
company's profits until the finished product Is sold.
-V. 136, p. 1725.
(A. C.) Gilbert Co.
-Earnings.
-
President James F. Bell on Aug. 9 announced the re-election by the
stockholders of the present board of directors. The board then re-elected
all the present officers and in addition elected Donald D. Davis to the
office of Managing Director as well as that of Vice-President.
Mr. Bell also announced the election of W. R. Barry as President of
Gold Medal Foods Inc. and of S. C. Gale as Vice-President of the same
company.
-V. 137, p. 876.
Years Ended Dec. 31Gross profit from sales
Selling and general expenses
Income charges
Provision for Federal & State income taxes
Foreign exchange adjustment
20,405
1931.
$630.467
473,789
54,930
8.281
18,616
General Motors Corp.
-General Motors Sales for July
Continue to Exceed Those of Corresponding Period in 1932.
An official statement follows:
Net income
Preferred dividends
ices$111.195
61,319
$74.851
65.731
Balance
Previous surplus
Net adjustment applicable to prior period
Surplus credit
def$172,514
801,280
Cr.35,115
7.600
$9.120
795,130
Dr.2,970
......
$6671,481
$801,280
July sales of General Motors cars to consumers In the United States
totaled 87.298 as against 10..827 in June, and 32.849 in July a year ago.
July sales of General Motors cars to dealers in the United States totaled
92,546 as against 99,956 in June, and 31.096 in July a year ago
Surplus Dec. 31
1932.
$308,888
335,161
64,517
Financial Chronicle
Volume 137
Assets
Cash
xTrade accept. &
accts. me
Due from subsid*yMerch. inventories
Cash surrender val.
life Insurance...Investments
yProperty & plant
Good-will, pats. &
trade marks_ _ -Def. chges., prepd.
Insurance, &c
Balance Sheet Dec. 31.
1932.
1931.
LiabitUies8109.837 $103,814 Accounts payable_
Dividends payable
144,598
192,462 Accr. accts., Fed.
12,273
& State taxes,
274,063
413,568
int.,
_
Notes pay. due
19,907
510,000 in 1933
17,305
63,445
107,545
and annual in795,780
742,482
stall. of $10,000
thereafter
1
1 Real est. mtge.8%
Cap. stk. & surp.:
5,928
8,845
Preference stock
Common stock_ _
Surplus
1932.
$46,586
15,270
1931.
$35,425
15,893
29,083
38,608
30,000
50,000
40,000
50.000
558,432
25,000
671,481
579,616
25,000
801,280
Total
$1,425,832 $1,585,823
$1,425,832 $1,585,823
Total
x Less reserve for bad debts of $20,832 in 1932 and $20,641 In 1931.
v After reserve for depreciation of $662,931 in 1932 (1931, $661.437).
-V. 136. p. 2433.
-''' Gipps Brewing Corp., Peoria, Ill.
-Stock Offe?ed.Phalen & Co. Inc., Chicago, Ill., and The Eugene Osborn
Co., Peoria, ill., in July offered 140,000 shares of class A
h.
common stock.
on application. Company will receive
$1.70 per share from the sale of the stock now offered. A
circular shows:
Capitalization Authorized and to Be Outstanding.
Class A stock (par $1)
140,000 shares
Class B stock (par $1)
60,000 shares
The two classes of stock are qual in every respect except that upon liquidation, the class A shares participate in distributatable assets on a basis of
two for one per share over the class B shares. Transfer agent, Trust Co.
of Chicago. Registrar, City National Bank & Trust Co. of Chicago.
Corporation.
-is taking over the operation of a plant whose history dates
back to 1848 the business was incorporated and known as Gipps
Co. With installation of the equipment company should be in a Brewing
position
to produce 100,000 barrels of beer per annum.
Pro Forma Balance Sheet (After Financing) June 26 1933.
AssetsLiabilities
Cash
$69,375 Mortgage
$40,000
Prepaid expenses
750 Class A stock
140,000
Organization expense
4,075 Class B stock
60,000
Machinery dt equipment
114,800 Surplus
98,477
Supplies & materials
40,000
Real estate
109,477
Total
-V.137.p 499.
$338,477
Total
$338,477
'
Goodman Mfg. Co.-Larger Distribution.
-
A quarterly dividend of 51) cents per share has been declared on the common stock, par $50, payaale Sept. 29 to holders of record the same date.
This compares with 45 cents per share paid on June 30 last and with 50 cents
per share paid in each of the four preceding quarters.
-V. 136. P. 3355.
(B. F.) Goodrich Co.
-Earnings.
--
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
A marked increase in demands for the company's products has made
necessary practically full capacity operaticns of the va,rious plants.
The company ccntinues in a strong financial position. Current assets of
June 30 last amounted to $50,991,509 (including $15,257.208 of cash and
government securities) and current liabilities to $8,037,306, giving a ratio
of 6.34 to 1.
The company has signed the President's re-employment agreement and is
perating all nivisions of its business in keeping with the terms thereof.V. 136. p. 4097.
V
Goodyear Tire & Rubber Co., Akron Ohio.-Pref Div.
A dividend of 50 cents per share has been declared on the $7 cum. pref.
stock, no par value, payable Oct. 2 to holders of record Sept. 1. A similar
distribution was made on this issue on April 1 and July 1 last. Previously.
the stock was on a regular $1.75 quarterly dividend basis.
To Build New Steam-Power Plant.
-
The company plans to construct a new steam-power plant at a cost of
more than $500.000. The work will get under way this month and is
expected lobe completed during November, an Akron (0.) dispatch states.
The main boiler will have a generating capacity of 300,000 pounds of
steam an hour at a pressure of 800 pounds per square inch, and will be
furnished by Babcock St Wilcox Co. at a cost of approximately $250,000
The generating unit, to cost $140,000, will be a General Electric product
and will be turbine driven.
Earnings.
For income statement for six months ended June 30 see
Department" on a preceding page.
Consolidated Balance Sheet June 30.
Assets1933.
1932,
Liabilities1933.
Plant & Prop37 1st pref. stkc$75,972,125
a$84,444,421 $92,862,624 b Common stk _ 1,663,424
ertY
Investments ___ 6,710,046 5,953,442 Capital stock of
Inventories _
30,775,289 32,191,030
subs
10,931,879
Accts. & notes
Fund debt
54,688,000
20,140,438 30,074,118 Fund debt of
ceo
Canadian bonds,
subs., &a_ __ 4,582.126
1,861,735 4,194,150 Rubber in transit
etc
8,074
B. S. Govt. sedAccts. payable 10,696,388
32,516,704 16,792,159 Accrued divid's
curities
17,262,113 20,811,418
611.344
Cash
& Interest ___
Goodwill,&c. _
1
1 Reserves
5,905,117
3,181,815 3,588,334 Capital surplus_ 22,060.084
Def'd charges
Earned surplus_ 9,774,001
"Earnings
1932.
$76,202,325
1,618.430
Greyhound Corp.
-Meeting Adjourned.
The special meeting of the stockholders, called for Aug. 8, has been
adjourned until Sept. 6. No action was taken on the capital reorganization
plan proposed by the management.
-V. 137. p. 499.
Grigsby-Grunow Co.
-July Radio Shipments.
-
According to LeRol J. Williams, Vice-President and General Manager.
the company has had another banner month in radio and refrigerator
production.
"In the month of July," said Mr. Williams, "29,777 radio receiving sets
and refrigerators were shipped from our plants. These shipments were
not equaled in any month this year except June."
Mr. Williams also pointed out "refrigerator shipments for July were
more than seven times those of July of last year. While July of 1932 was
the lowest radio month for the year, July radio shipments for this year have
been exceeded only by June
-our peak record for almost two years."
Earnings.
For income statement for 3 and 6 months ended June 7 see "Earnings
Department" on a preceding page.
Consolidated Comparative Balance Sheet.
June17'33. June30•32.
June17'33. June30'32.
AssetsLiabilities$
$
xLd ,b1dgs.,mach.,
yCapital stock_ _ __21,414,172 21,456,226
leasehlds., &c_12,387,246 14,064,674 Funded debt
2,427,900 2,678,300
Trade name, pats.
Accts. payable_
1,032,494
235,221.
& goodwill
3,215,237 3,125,000 Accrued corr.!lab_ 902,680
777,587
Cash
402,483 1,312,867 Notes payable (not
Notes & accts. rec. 1,255,957 1,696.099
120,004
current)
Inventories
1,773,704 1,683,916 Res. for cont., &a_
502,884 1,114,930
Investments
600,809
660,041 Minority interest_
51,515
67,392
Income tax claim_ 336,000
336,000 Capital surplus_ __ 908,495
751,616
Cash surr. val. Ins.
Deficit
6,996,841 3,822,108
policy
25,105
23,281
Other assets
82,719
Deferred charges
285,043
357,286
Total
20,364,303 23,259,164
Total
20,364,303 23,259,164
x After depreciation and amortization. y Represented by 2,724,037 no
par shares in 1933 (2.723,343 in 1932).-V. 137, p. 877.
Guardian Investors Corp -Balance Sheet June 30 1933.
Assets
Liabilities
Cash
$26,803 Accounts payable
$1,431
Investments
4,880,918 Accrued debenture Interest_ _ _
17,208
Special deposit
763 Reserve for conting
2,549
Dividends receivable
86 20
-year 5% gold debentures_ _ 2,065,000
Notes receivable
1,204 1st pref. stock
47,164
Accrued Interest receivable_228 2d preferred stock
63,000
Miscellaneous accts. receivable
325 Common stock
509,915
Furniture & fixtures
818 Surplus
2,205,235
Prepaid insurance
358
Total$4,911,503
$4,911,503 1 Total
-V. 137. p. 1061.
Hahn Department Stores, Inc.
-Resignation.
-
Lew Hahn, Chairman of the Board, will sever his connection with this
company on Aug. 31, the date on which his contract will expire, it is announced. Mr. Hahn stated that the contract will not be renewed.
V. 136. p. 3172.
Hart & Cooley Co., Inc. (Conn.).-Subsidiary Expands.
The Hart, Cooley, Highton Co. of New Britain, Conn., a subsidiary of
Hart & Cooley Co., Inc., has recently acquired the name, good-will, and
certain assets of the Tuttle & Bailey Mfg. Co. of Brooklyn, N. Y manufacturers of metal :grilles and registers.
The executive offices including the sales, engineering and accounting
divisions will be located in New Britain.
The corporate name of The Hart, Cooley, Highton Co. has been changed
to Tuttle & Bailey, Inc., under wlfch name the business of both companies
will be continued. The company in Brooklyn was organized in 1848.
-V. 134, p. 2631.
....Flayes Body Corp.
-Listing of Additional Stock.
-
The New York Stock Exchange has authorized the listing of 18,000
additional shares of capital stock (no par) upon official notice of issuance
upon exercise of option rights, Making the total amount applied for 496.104
shares.
The shares are to be issued upon exercise of options dated as of Feb. 1
1933 granted to certain present and former officers and employees, exercisable in equal portions prior to Aug. 15 of each of the years 1933, 1934 and
1935 at the price of $2, $4 and 36. To the extent that the respective
portions of such options are not exercised prior to the above mentioned
dates, they may be exercised subsequently, prior to Aug. 15 1935, but at
the option price effective at the time of the exercise thereof. The proceeds
of shares so disposed of will be used to provide additional working capital.
-V. 137, p. 699.
16,445,594
55,420,000
Hazel-Atlas Glass Co.-Plans Stock Repurchase.
A special meeting of tne stockholders has been called for August 22 to
vote on a plan authorizing the directors to purchase outstanding capital
stock of tne company up to 50,000 shares at not more than $60 a share,
such stock to be retired.-V. 137, p. 1062. 150.
5,078,569
315,385
11,016,395
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 3547.
606,716
4.368,508
21,867,604
13,527,750
5196.892,562 $206,467,276
Total
Total
$196,892,562 $206,467,276
a After depreciation of $78,027,079. b Represented by 1,493,021 no par
Represented by 759,721 no par shares. d Includes reserve for
shares. c
Federal taxes -V. 137. p. 149.
"`Government Gold Mining Areas (Modderfontein)
-Consolidated, Ltd.-Removed from List.Tho New York Curb Exchange has removed from unlisted trading
privileges the Guaranty Trust Co. of New York, American depositary,
receipts for registered shares (par 54).
-Export's.
-Graham-Paige Motors Corp.
Export business of the corporation during the first half of 1933 was onethird ahead of the corresponding period last year, according to R. C.
Graham. Executive Vice-President.
During the first six months of the current year the corporation shipped
-V.137, p. 877, 698.
540 units abroad as against 405 units a year ago.
-Sales Up.Grand Union Co.
-19.32.
1933-31 Wks.
-1932.
Period End. Aug. 5- 1933-5 Wks.
$2,932,953 $2,932,693 816,027,471 818.173,261
Sales
Earnings.
-
For income statement for 3 and 6 months ended July 1 see "Earnings
-V. 137, p. 499.
1)epartment" on a preceding page.
- Greeley Square Building (6th Ave. and 31st St. Corp.)
-Time for Deposits Extended to Sept. 15.
The committee for the 1st mtge.6% gold loan (Hulbert T. E. Beardsley,
Chairman) has extended to Sept. 15 the time within which certificates
dated as of Aug. 1 1925, representing shares or parts in the bond and
1249
mortgage of Sixth Avenue and Thirty-first Street Corp.. given to secure its
25
-year 6% sinking fund gold loan maturing Aug. 1 1950 may be deposited
with the committee.
The August coupon was not paid.
The Bank of the Manhattan Co..40 Wall St., New York.is depositary.
V. 137, p. 149.
Hecla Mining Co.
-Earnings.
Hershey Chocolate Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet June 30.
1933,
1932.
1933.
1932.
Assets$
$
Land, buildings,
x 54 pref. stock.... 271,351
271,351
machry..&c18,777,688 17,698,955 y Common stock__ 728,649
728,649
Cash
787,858 1,359,122 Accounts payable_ 414.788
301,531
Accts. receivable
1.103,105
796,160 Notes & loans pay_ 250.000
Prof. stk. in transit 793,392
793,392 Mtge. due Dec. 31
Inventories
6,127,583 6,617,093
1933 on prop_
150,000
Deferred charges_ _ 304,216
571,307 Accrd. Fed. taxes_ 738,445 1,002,706
Accrd.dividends__ 808,055 1,352,542
Accrd. exp., &c_
11,729
Depreciation res.. 9,466,781 8,707.515
Surplus at organiz. 2,793,597 2.793.597
Earned surplus__ _12,274,195 12,666,409
Total
27,893,841 27,836,029
Total
x Represented by 271.351 no par shares.
no par shares.
-V. 136, p. 3172.
27,893,841 27.836.029
y Represented by 728,649
Heywood-Wakefield Co.
-Comparative Balance Sheet.-
AssetsJana 30'33. Jan. 1 '33.
Cash dc temporary
cash investments $979,632 $1,189,539
Accts. receivable_ - 874,951
868,065
Notes receivable__
122,859
194,739
Inventories
1,510,628 1,557,196
Investmls
5,302
5,303
Plants & equipm't 3,862,778 4,471,887
Patls & good-will_ •
315,981
1
Deferred charges
115,368
88,722
Total
$7,471,519 $8,671,432
-V. 137, p. 1062.
LiabilitiesJune 30'33. Jan. 1 '33.
Accounts payable_ $65,187
$59,592
Accrued pay rolls,
taxes, &c
178,382
113,777
1st pref. stock_ _ _ 724,400
739,200
26 pref. stock... _ 2,232,300 2,277,400
Common stock_ _ 1.500,000 6,000,000
Surplus
2,771,251 def518,537
Total
$7,471,519 $8,671,432
1250
Financial Chronicle
Holeproof Hosiery Co., Milwaukee.-New Officers.Louis Heilbronner has been elected President, Felix Lowy has been
named Vice-President and General Manager; M. A. Freschl, W.W.Freschl
and J. B. Melick, Vice-Presidents, and H. E. Heilbronner, Secretary and
Treasurer.
In Fred H. Clausen. Chairman of the board, reported sales of the company
had increased substantially in recent weeks. Plants are running on a full
time basis, he said.
At present the company employs 1,200 workers.
While no new help
has been added recently, hours have been reduced and pay increased in
line with the provisions of the industry's code. The company has been
operating under NRA regulations since July 25, Mr. Clausen said.-V. 137,
p. 150.
----.. ---(Henry) Holt 8r Co., Inc.
"
-Dividend Deferred.
The directors have voted to defer the quarterly dividend due Sept. 1 on
the $1.80 cum. class A stock, no par value. A distribution of 15 cents
per share was made on this issue on June 1 last, as compared with 22%
cents per share each quarter from June 1 1932 to and incl. March 1 1933.
Previously the company paid regular quarterly dividends of 45 cents per
share on the class A stock.
-V. 136. p. 3173.
Home Insurance Co.-Shifts Holdings.
In the six months to June 30 last the company disposed of substantial
amounts of railroad stocks the largest block being 10,000 shares of ChesaFeike: Ohio By. Principal changes in holdings of stocks (No. of shares)
ola
&
Bought.
1,900 New Haven RR. 7% pf.
4,000 Reynolds Tobacco common B.
1,000 American Gas & Elec. common
3,000 Standard Oil of Indiana
6,800 Cons. Gas of N. Y., $5 preferred
6,000 Swift ex Co.
4,200 Pacific Gas & Elec. 6% 1st pref'd 2,000 Int. Petroleum, Canada, common
Sold.
10,000 Chesapeake & Ohio common
9,200 New York Central RR.
2,900 Public Service Elec. dr Gas $o pref. 1,000 Duquesne Light 5% preferred
1,000 Allied Chemical common
3,000 American Locomotive preferred
2,000 Du Pont common
1,000 General Baking, common
1,000 National Biscuit common
2,000 Montgomery Ward, class A
2,300 U. S. Steel Corp. preferred
2,000 U. S. Gypsum, common
3,200 Chicago Northwest. preferred
2,000 Solvay American Inv. 53i% Pref.
1,000 Chicago Great Western preferred
1,000 United Biscuit, common
6,500 Louisville dr Nashville RR.
5,000 United Fruit Co.
Comparatire Balance Sheet.
June 3033.Dec.3132.
June 3033. Dec.3132.
Assets
Liabilities
10,327,314 9,691,680 Cash capital
Cash
12,000,000:12,000,000
U.S. Govt., State,
Res. for unearned
county & municipremiums
36,907,377 38,742,215
14,873,788 16,407,709 Res.for losses__ _ _ 6,536,194 6,013,951
pal bonds
Other bonds & stks57,744,750 61.423,608 Res. for unpaid rePrems. in course of
insurance
831,533
879,157
collection
9,616,982 9,051,484 Reserve for taxes__ 625,000 1,025,000
Accrued interest
455,374
500,891 Res. for contIngles 9,860,515 19,250,000
Other
admitted
Net surplus
27,508,151 20,167,638
1,298,186
assets
954,966
Aug. 12 1933
CapitalizationAuthorized.
Issued.
Common stock (par $10)
a 200,000 she b 67.500 shs.
6% Purchase money mortgage
c $325.000
a Of the amount authorized, stockholders have pre-emptive rights to
their pro-rata portion of 100,000 shares which may be issued at any future
date. b Company received, in consideration for these 67,500 shares, $10
per share. An option has also been granted to purchase an additional 32,500
shares at a price of $10 per share on or before June 14 1934. c This purchase
money mortgage is secured by mortgage on all the company's properties:
is dated as of June 1 1933, and is payable at the option of the company
on or before Aug. 11934.
History and Business.
-A newly organized corporation, and has acquired
the property of the St. Louis Brewing Association. The latter was organized
in 1889 as a merger of 18 breweries, 17 of which were located in St. Louis,
Mo., and one in East St. Louis, Ill. The St. Louis Brewing Association
operated these properties as breweries until the advent of prohibition.
In 1918 the St. Louis Brewing Association was operating but 9 of the properties acquired in the merger, the other 9 having been dismantled. After
prohibition the St. Louis Brewing Association, for some time, sold non.
intoxicating beverage and soft drinks, these being manufactured in three
of the brewery plants, the remainder having been shut down. As the
manufacture of non-intoxicating beverages and soft drinks was found to
be unprofitable, in Dec. 1928, all operations of this character were suspended. During the period from the time of prohibition until the present,
several of the brewery properties were dismantled or put to other uses, so
that up to the time of the organization of Hyde Park Breweries Association,
Inc., the St. Louis Brewing Association owned the Hyde Park, Wainwright
and Lafayette Breweries, the Klansman Brewery which is a small plant,
the Heim Brewery in East St. Louis, which is dismantled and part of the
premises sold, and the Chouteau Avenue Brewery which had been converted
into an ice and cold storage plant and is no longer suitable for the manufacture of beer. The properties remaining which, in view of size, etc., are beet
suitable for the manufacture of beer, are the Hyde Park, Wainwright and
Lafayette Breweries which the St. Louis Brewing Association agreed to
sell to Hyde Park Breweries Association, Inc. The annual production
of these three breweries is estimated at 510,000 barrels.
Pro Forma Balance Shed as at June 16 1933.
Assets
Liabilities
Cash
$350,000 Mortgage indebtedness
$325,000
Capital assets
2,091,300 a Capital stock
675,000
Capital surplus
1,441,300
Total
$2,441,300 Total
$2,441,300
x Company has given to Stifel, Nicolaus & Co., Inc., an option to
purchase 32,500 shares at $10 each, said option to be in full force and effect
for one year from June 14 1933.
The board of directors at present comprises: Henry Nicolaus, Phil DeC.
Ball, A. V. Imbs, Elzey G. Burkham, L. Marquard Forster, W. Frank
Carter, and Boyle 0. Rodeo.
General offices of the company are located in St. Louis, Mo.
Transfer agents: Mississippi Valley Trust Co., St. Louis, and .City
National Bank & Trust Co., Chicago, Ill. Registrars: St. Louis Union
Trust Co., St. Louis, and Northern Trust Co., Chicago, Ill.
G. Farbenindustrie Aktiengesellschaft (Dye Industry Trust, Inc., of Germany).
-Removed from List.
-
94,316,394 08,030,337
Total
Total
94,316,394 98,030.337
x Par of capital reduced from $10 par to $5 par per share in June 1932.
-V. 136, p. 1209.
The New York Curb Exchange has removed from unlisted trading
the City Bank Farmers Trust Co., American doositary, receipts
for common bearer shares(par 100 R.M.).-V. 136, p. 2804; V. 135, p. 1171:
F
V. 134, p. 3104.
Home Title Insurance Co.
-Rehabilitation Plans An-See under "Current Events and Discussions" on
nounced.
a preceding page.
-V. 136, P. 334.
Hotel Canterbury, San Francisco, Calif.-Reorganization Plan.
Interstate Department Stores, Inc.-July Sales.Sales for Month and Six Months Ended July 31 (Excluding Groceries and
Leased Deapartments.)
-July
Decrease.
-1932.
1933
1933-6 Mos.-1932.
Decrease.
$1,204,500 $1,247,161
S42,661,$7,984.788 $9,175,694 $1.190,906
-V. 137, p. 500.
As of July 28 1933 the holders of approximately 96% of the outstanding
63% first mortgage gold bonds, dated Aug. 15 1922. had signified their
approval of the plan of reorganization.
The trustee's sale has now been set for Aug. 18 1933, and it is expected
that the property will be acquired by the bondholders' committee.
The plan of reorganization contemplates the acquisition of the property
by the committee and the formation of a new company which will issue
new 12
-year 6% cumulative income sinking fund bonds in an amount equal
to the face amount of the deposited bonds. Upon the consummation of
the plan of reorganization it is intended that each depositing bondholder
will receive new bonds in the same face amount as the bonds deposited by
him, together with a cash payment equal to accrued interest on the new
bonds at the rate of 6% per annum from Feb. 15 1932 to the date of the
consummation of the plan of reorganization, provided there are sufficient
funds available for that purpose. but in any event such cash payment will
be equal to interest on the new bonds at the rate of 4% per annum from
Feb. 15 1932 to the date of the consummation of the plan of reorgarization
and any deficiency between the amount paid and the total interest accrued
will accumulate.
All expenses of reorganization, trustee's sale and other requirements are
to be paid, after application thereto of any surplus earnings of the property
available to the committee, by the sale of the common stock of the new
company to the principal stockholder of the present owning corporation.
Members of the committee are: Charles C. Irwin, Chairman, M. A.
Rosenthal. J. C. Wright, Robert E. Straus and C. A. Rodegerdts. V. C.
Scully, Sec., 310 South Michigan Ave., Chicago. Depositary. American
National Bank & Trust Co. of Chicago.
Household Finance Corp.-Earnings.For income statement for 6 months ended June 30 see "Earnings
partment" on a preceding page.
Consolidated Balance Sheet, June 30.
1932.
1933.
1933.
Assets
Liabilities
Cash
5,790,847 6,665,185 Notes pay.
-banks 8,000,000
Installment notes
Notes pay -other 775,000
receivable_ _ a34,315,350 39,691,787 Empl.thrift scats_ 191,730
Other notes and
Fed.inc.tax-pay,
accts. receivable
12,845
638,278
71,830
and accrued_ _
Other receivables_
87,082
47,279 Divs. payable_ _ __ 667,325
Claims
against
Miscellaneous.
7,906
closed banks_ _ _ b92,948
Purch. mon.obits_ 930,333
Notes receiv. from
49,608
Res. for conting__
employees (class
Minority interest
B corn. stk. held
11,692
in sub. eo
80,344
as collateral)._
134,905 Panic. pref.stock_10,631,900
1.0ffice equipment 435,907
444,810 y Corn, class A stk 4,559,100
z Corn. ol. B stock.10,242,750
3,309,701
Surplus
De-
1932.
14,150,000
275,000
163,980
630,857
776,544
733
1,430,333
113,257
10,933,050
4,559,100
10,633,950
3,388,993
40,815,323 47,05.5,797
Total
Total
40,815,323 47,055,797
After depreciation of $272,579 in 1933 and $215,298 in 1932. y Represented by 182.364 no par shares. z Represented by 409.710 shares no par
value in 1933 and 425,358 shares no par value in 1932. a After deducting
reserves for losses of $1,508.-175. b After deducting reserve for losses of
5'10,000.-V. 137, p. 1062.
Houston Oil Co. of Texas.-Earnings.For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 136, p. 3173.
Department" on a preceding page.
-Sales Continue Gain.
Hudson Motor Car Co.
Sales of Hudson and Essex Terraplane cars in July reached the highest
point since July 1931, and exceeded those in June by about 10%. Chester G.
Abbott, General Sales Manager,stated on Aug. 9.-V. 137, p. 1062. 878.
Island Creek Coal Co.-Production.
Coal Output(Tons)January
February
March
April
May
June
July
August
September
October
November
December
Year's total
-V. 137. p. 500. 1063.
1933.
279,116
292,116
249,143
215,856
315,919
334,352
396,209
1932.
285,245
274.145
327,707
244,243
246,172
224,635
228,989
286,321
319,195
427,664
323,917
296,390
1931.
375,078
285,901
332,220
300,349
336,262
372.228
374,349
393,015
419,101
461,061
343,055
336,404
3.484,623
4.329,023
-Plan of Reorganization.
(The) Jeffery, Chicago.
-
The bondholders' committee has formulated and adopted a plan for the
readjustment of the financial structure of the Jeffery on nehalf of the
holders of the 6 i% first mortgage gold bonds, dated May 11927, securing
an issue of bonds in the aggregate principal amount of $275,000, of which
$252,000 are outstanding, ursubordinated and unpaid.
-story and English basement high grade, unfurnished
The Jeffery is a 7
apartment building of reinforced fireproof construction containing 79
rentable rooms which are divided into 13 apartments, 12 of 6 rooms and
3 baths, and one of 7 rooms and 3 baths. The property was formerly
operated as a co•operative apartment building, but through the efforts of
the trustee and the committee a cancellation of all the proprietary leases
has been procured, and short-term leases on favorable terms have been
negotiated with the former owners.
By reason of defaults under the first mortgage trust deed, the trustee
filed a bill to foreclose the first mortgage in the Circuit Court of Cook
County on Dec. 13 1932.
The plat of reorgarization formulated and adopted by the committee
provides that a new corporation will be organized in Illinois. If and when
acquired at foreclosure sale, title to the property will be conveyed to the
new company.
The capital stock of the new company will be issued for the benefit of the
depositing 1st mtge. bondholders at the rate of one share of capital stock for
each $500 in face amount of bonds deposited. The capital stock of the
new company thus issued for the benefit of the depositing first mortgage
bondholders will amount to 90% of the total capital stock issued.
The remaining 10% of the capital stock will be Issued for the benefit of
the stockholders of the mortgagor corporation (who are the former tenant
owners of the property) In return for the co-operation which the corporation has afforded and will afford the conunittee in the foreclosure and
the reorganization, by the voluntary surrender of the property to the
trustee, thereby avoiding a receivership with the attendant delays, expenses
and disadvantages, and by the transfer of title to the bondholders' committee for the benefit of the depositing bondholders, thereby shortening
the period required for the reorganization.
As a condition of the reorganization plan, the committee has agreed that
all claims on the deposited first mortgage bonds on account of the guaranty
of Harold C. Costello will be released upon consummation of the reorganization.
rt.II of the shares of the capital stock of the new company will be deposited
under a trust agreement. The trust will endure for a period of 10 years
but will be subject to termination prior to the expiration of this period by
action of a majority of the trustees or by instruments in writing executed
by the holders of 75% in amount of outstanding trust certificates.
The members of the committee are: George W. Rossetter, Chairman;
Jay C. McCord and Sidney H. Kahn; M. A. Rosenthal. Sec., 310 South
C ocao Chicago. Depositary, American National Bank & Trust
Michigan Ave...
fhi
-Stock Offered.
Hyde Park Breweries Association, Inc.
-Edward D.Jones & Co., St. Louis, recently offered 67,500
shares of common stock. Price at market. A circular affords
the following:
Kelsey-Hayes Wheel Co.-Earnings.
For income statement for 3 and 6 months ended June 30 see "'Earnings
Department" on a preceding page.
-V.136, p. 4100.
The 67,500 shares of common stock (par $10) have been admitted to the
list of the Chicago Curb Exchange.
Holding to its phenomenal business gains this season the corporatirm
reported that unfilled orders on band at the present time are more th,n
-Unfilled Orders, Shipments Gain.-Kelvinator Corp.
Financial Chronicle
Volume 137
five times the number on hard at the same time last year. H. W. Burritt.
Vice-President in charge of sales, said that shipments for the first nine
months of Kelvinator's fiscal year already have run more than 40% ahead
of shipments for the entire preceding year. July shipments were 330% of
shipments for the corresponding month of 1932. While some of the unusual July volume must be credited to the buying impetus furnished by
Kelvinator's coming price increase scheduled for Sept. 1. Mr. Burritt explained, it also must be taken into account that the Kelvinator Corp. at
present is engaged in the most intensive summer advertising and sales
program it ever has undertaken at this time of the year.
-V.137. p.878. 700.
Kendall Co.
-Earnings.
For income statement for 24 weeks ended June 17 see "Earnings Department" on a preceding page.
The balance sheet as of June 17 1933 shows current assets of $6,656,411.
current liabilities of $1,195,861, with a net working capital of $5,460,550
and a current ratio of 5.5 to 1. Cash amounts to $1,856,392. Net working
capital on Dec. 31 1932 was $5,649,250.-V. 137, p. 324.
Kinner Airplane & Motor Corp., Ltd.
-Officers Acquire Block of Stock.
Acquisition of a block of 117,000 shares of Kinner stock at 50 cents a
share, representing that portion of the recent offering to stockholders which
was unsubscribed, was announced on July 27 by officials of the company
in the group acquiring the stock, headed by Robert Porter, President.
Roy D. Bayly, Secretary-Treasurer, and A. G. Fickeisen, attorney for the
company. The total capitalization of the company of 399,868 shares is
now issued and subscribed.
Proceeds from the sale of the stock, it was stated, were used to pay off
past due indebtedness of the company.
Airplane sales of the company are running ahead of production, Mr.
Porter stated. He added that the company has contracts covering fifty
low-wing monoplanes. While the company in its forthcoming half
-year
statement will show a relatively small loss, it will be in a position to earn
profits if the present improvement continues, he said.
-(Los Angeles
"
Times")
.-V. 137. p.324.
(G. R.) Kinney Co. Inc.-Earnings.For income statement for'
fimonths ended June 30 see "Earnings Department" on a preceding page.
-V. 136. p. 2079.
(S. S.) Kresge Co -July Sales.
1933-July---1932
Increase.] 1933-7 Mos.-1932.
Decrease.
$9,406,816 89.042,134
8364,6821864.132.889 367,788,031 83.655.142
At the end of July the company had 676 American and 43 Canadian
Stores, or a total of 719 stores in operation, against a total of 718 at the
end of July 1932.-V. 137, P. 501.
(S. H.) Kress & Co.
-July Sales.1933-JuIv-1932.
54,928,805 84,492,248
-V. 137, p. 501.
Increased 1933-7 Mos.-1932.
Decrease.
3436,5571831,398,954 833,668,484 82.269,530
Lane Bryant, Inc.-July Sales Up.
1933
-July-----1932. Increase. I 1933-7 Mos.-1932. Decrease.
$712,598
$613,441
$99,157136,400,054 $7,124,013
$723,959
-V.137. p. 700, 501.
----=Lawyers Mortgage Co.
-Taken Over By State Supetintendent of Insurance.
-Details of Plans for Rehabilitation Announced.
-See last week's 'Chronicle", page 958-960.V. 136, p. 2080.
,
..tteaders of Industry Shares.
-Liquidating Dividend.
A liquidating dividend of $4.516 per share has been declared on the
Leaders of Industry Shares, series A.
-V.136. p. 670.
---Libby's Hotel Corp.
,
-Final Distribution.
-
Irving Trust Co., as corporate trustee, is prepared to make the final
distribution on account of the 7% first mortgage gold bonds. To receive
the payment, bonds with May 1 1929 and all subsequent coupons attached
should be presented and surrendered at its Corporate Trust Department.
1 Wall St., New York. Nov. 1 1928 coupons should also be presented to
receive distribution.
-V. 137. P. 152.
Link-Belt Co.
-Balance Sheet June 30.1933.
Assets$
Cash
2,308,148
Accts. & notes ree.1,771,878
Inventory
2,022,216
Securities
5,707,847
Inv.in affil. cos_ _ _
172,800
Accrued interest..
73,809
Items in transit_
687
xReal estate, bide,.
machinery equipment, &c
6,039,767
Deferred charges
70,232
1932.
8
2,438,971
1,722:050
2,779,910
5,934,329
172,800
85,210
4,852
1933.
1932.
Liabilitiess
$
Accounts payable_ 266,990
250,253
Dividends payable
62,096
62,106
Accident reserves_
99,911
115,650
Reserve for securities
507,538
283,059
Other reserves
251.285
84,285
Local taxes, eat.
226,172
197,223
Federal taxes, est_
36,000
Preferred stock_
3,821,300 3,821,900
8,835,027 y Common stock 10,139,213 10,254,672
88,429 Surplus
2,792,500 4,754,032
Total
18,188,984 19,859,180 Total
18,188,984 19,859,180
x After depreciation. y Represented by 679,326 shares (no par) in 1933
and 687,062 in 1932.-V. 137, p. 1063.
Loew's, Inc.
-Earnings.
For income statement for 40 weeks ended June 8 see "Earnings Department" on a preceding page.
-V. 136, p. 4101.
Loft, Inc.-Signs NRA Agreement.
-
Charles G. Guth, President of Loft Inc.. signed the President's Reemployment Agreement pending adoption a the eight Industrial Codes
applying to various departments of the Loft business.
The corporation sells through more than 300 owned and controlled
candy, restaurant and food stores and operates separate departments for
the manufacture of paper boxes, printing supplies, candy, ice cream,
bakery products, food commissaries. It has doubled the number of its
employees to approximately 5,000 men and women during the past three
years.
Mr. Guth says: "Loft has not reduced wages for employees and will
not do so. -V. 137. P. 881.
Logan Manor Apartments, Chicago, Ill.-Reorganization Plan.
The bondholders' committee has formulated and adopted a plan for
the readjustment of the financial structure of the Logan Manor Apartments
on behalf of the holders of the.outstanding 3241.500 6 % first mortgage
bonds, dated Feb. 15 1924.
The members of the committee are: George W. Rossetter, Chairman;
Jay C. McCord and Sidney H. Kahn; M. A. Rosenthal, Sec., 310 South
Michigan Ave.. Chicago. Depositary, American National Bank & Trust
Co. of Chicago.
-story unfurnished fireproof apartThe Logan Manor Apartments is a 3
ment building of brick and stone construction and contains approximately
243 rooms which are divided into 107 apartments. The building is in
fair physical condition. The latest assessed valuation was $68,558, which
is 27% of the valuation placed upon the property by the Board of Assessors.
Default was made in the payment of the semi-annual interest and annual
Principal paymorts due Feb. 15 1932.
A decree of foreclosure was entered on Sept. 1 1932 and a date will
soon be fixed for the sale of the mortgaged property, at which sale the
Property will be sold to the highest bidder.
The plan of reorganization which has been formulated and adopted by
the committee provides that a new cot poration will be organized in Illinois.
It and when acquired at foreclosure sale, title to the property will be conveyed to the new company. The committee has acquired control of the
.equity of redemption of the property for the sum of 85.000. of which $1,000
Ilan been paid, and thereby it will be possible to eliminate the 15 months'
Period of redemption allowed by the laws of Illinois and to consummate
the reorganization immediately after the foreclosure sale. The acquisition
Of the title to the property will also result in other savings to the depositing
bondholders.
1251
The new company will be authorized to issue capital stock in an amount
sufficient to permit the issuance of such stock at the rate of 1 share for each
$100 par value of first mortgage bonds deposited with the depositary.
The capitalization of the new company will consist solely of this issue of
capital stock, all of which will be issued for the benefit of the depositing
first mortg.age bondholders only.
The entire capital stock of the new company will be deposited urder a
voting trust which will endure for a period of 10 years, but will be subject
to termination prior to the expiration of this period by the action of a
majority of the trustees or by the direction in writing of the holders of
66 2-3% or more in amount of the outstanding trust certificates for capital
stock. George W. Rossetter. Jay C. McCord and Sidney H. Kahn will
serve as trustees for the holders of the trust certificates.
-V. 118. p. 1970.
Louisiana Oil Refining Corp.-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 136. p. 4101.
Department" on a preceding page.
'Luce Furniture Shops.
-Timefor Deposits Extended.
Tnn-bondlinieters' protective committee haritnnounced tirsr4R"reorganization plan w
ug. 2, hy-orden-of"-ttrer-Public-Trust_Commiesiorr-of--rov . F this reason the time for deposit has been exttos that all bondholders who have not deposited
nd
to Aug. 14 1933 o
have the opportunity to participate in the plan by depositing their
bonds with the depositary or sub-depositary for the protective committee.
7
Substantially 735 of the bondholders have aireany assentea to the plan.
Compare plan in V. 137. p. 501.
......•Mack Trucks, Inc.-Maier-X.641rd.All of the outstanding Mack Truck Real Estate, Inc. 6% secured gold
notes. series A. dated July 15 1925. have been called for payment Sept. 15
at 103 and int. at the Chase National Bank of the City of New York.
V. 137.p. 1063.
Mapes Consolidated Mfg. Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Consolidated Balance Sheet, Dec. 31.
Assets1932.
1933.
1933.
Liabiliaes1932.
x Plant & equipm't $706,734 $688,106 y Capital stock_ _ _ 5862,500 5700,000
Marketable secure. 403,331
21,996
14,115
179,517 Accounts payable_
Cash surr. val. of
Accrued expenses_
20,746
38,943
life insurance_ .._
2,475
1,875 Dividends payable 379,500
.Miscell. investm'ts
Min. int. in subs.
1
Restricted deposits
20,742
companies
16,081
In banks not fully
Provision for Fedopened
eral. State and
8,900
Inv. in & advs. to
95,424
local taxes
104,846
affiliated cos_
19,252 Earned surplus_ _ _ 392,459
802,307
Cash & call loans._ 422,635
349,539
Certificates of dep.
200,000
Accounts receiv_
91,081
95,743
Mdse. inventory
82,811
111,566
Prepaid expenses.
7,903
9,968
Pats. & licenses
67,497
20,527
Total
$1,793,369 $1,676,094
81,793,369 $1,676,093
Total
x After deducting for depreciation $581.763 in 1933 and $473,941 in
1932. y Represented by 126,500 shares of no par value in 1933 and 120,000
shares of no par value in 1932.-V. 136, p. 3732.
Lunkenheimer Co.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136, p. 1028.
Magma Copper Co.-Cuts Production Costs.
An official announcement says:
The company shipped to the refinery in the three months ended June 30
1933, blister copper from which 9,688,730 pounds of refined copper were
produced, compared with 10.020.105 pounds in the first quarter of 1933.
Cost of producing the copper was 4.81 cents a pound after crediting gold
and silver to copper and after including depredation and all other fixed
and general expenses, but not Federal taxes. This compares with cost of
5.12 cents a pound in the first quarter, making cost of the 19.708.835
pounds produced in the first six months of 1933 average 4.97 cents a pound.
In order again to assist in the reduction of the large stocks of copper
accumulated by the industry, the company is following the practice of
last year and in June discontinued production for the rest of 19:33. Operations for the non-productive period have been planned to provide sufficient
useful work to support the community in which the mines and smelter are
situated, as was done last year, and the resulting expense will of course
increase materially the cost of producing copper as given for the half year,
the company's statement points out.
During the three months ended June 30, the company sold 13,898.000
pounds of refined copper at an average net selling price of 6,511 cents a
pound. The company did not report the financial results of the secondquarter operations because of uncertainties in regard to expenses during the
inoperative period.
-V. 136. p. 4473.
Marblehead Land Co.
-Readjustment Plan.
Plans for readjustment of the first mortgage 6% sinking fund gold bonds
are being presented to bondholders in a letter mailed by the bondholders'
protective committee.
The plan calls for the granting of a 30
-month interest moratorium by the
bondholders with the omitted interest to be paid in 15 equal semi-annual
instalments commencing upon the conclusion of the moratorium.
In return for this concession, the company is to convey to the trustee
three additional parcels of Rancho Malibu Land comprising approximately
1,460 acres of land with a frontage of 1%* miles on the Pacific Ocean.
These properties are to be held by the trustee as additional security for
the bonds until postponed interest is paid.
In addition to the interest moratorium, the trust indenture is to be
modified. Modification refers primarily to the release of the property
from the lien of the mortgage. This is to make possible the release of the
land by application of outstanding bonds in lieu of payment of cash and
so as to facilitate the sale of land on the basis of current market conditions.
Company has agreed to furnish an amount which it is believed will cover
the expenses of effecting the readjustment.
The plan for readjustment, it is said, was decided upon by the committee
in preference to other possible courses of action inasmuch as the readjustment is expected to forestall the necessity of additional expenses by the
bondholders. Any other course of action under present conditions, it is
believed, would involve the expenditure of a considerable sum and would
result in heavy assessments on bondholders.
The bonds, which are outstanding in the amount of $5,800,000. are
secured mainly by approximately 7.600 acres of undeveloped Rancho
Malibu property and lots in several tracts in Los Angeles.
The letter to bondholders points out that on the basis of considerable
investigation and research, the committee is of the opinion that the interests
of the bondholders would best be served through the orderly sale of these
properties.
The development and sale of the property by the bondholders, the
committee feels, would be a costly procedure. It is believed that the
Marblehead Land Co. could more feasibly finance the property and eventually sell it and pay the bonds than could the bondholders.
In the letter mailed to bondholders, the committee asks for the deposit
of bonds under the terms of the agreement so that the readjustments can
Ste made effective, The committee has been in operation and at work on
the readjustment plan since shortly after the default of interest payments
on the issue on March 1 last.
The members of the bondholders' protective-committee include: Russell
McD. Taylor, insurance broker, Chairman; E. W. Cason, Secretare-of-the
Southern California Hotel Men's Association; Earl W. Huntley. VicePresident of-Banks, Huntley & Co.: Livingston B. ffeplinger, investment
and reorganization counsel for Bank of America N. 'I'. & S. A.; D. N.
McDonnell of Blyth & Co.. Inc. T. R. Cadwalader is Secretary of the
committee.
The moratorium, which is provided by the plan is to commence on Sept.1
1932 and to end March 1 1935. Upon the termination of this period.
interest at 6% is to again commence to accrue and the first payment will
be due on the subsequent Sept. 1 1935.
The amount of interest which is extended by the moratorium totsls
Tote amount is to be paid by the company at the rate of 1% each 15%•
semiannual period. These payments are to likewise commence on Sept. 1 1935
and are to be paid simultaneously with the coupon regularly due at that
time.
1252
Financial Chronicle
The three additional 'parcels of land which the company is to turn over
to the trustee are lots 17. 18 and 19 in the Rancho Topanga Maligu Sequit
and are said to be 364, 540 and 554 acres respectively.
-V. 136. P. 1729.
Marlin-Rockwell Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136. p. 3174.
----May Hosiery Mills, Inc.
-Increases Preferred Dividend.
The directors have declared a quarterly dividend of $1 per share on
the $4 cum. pref. stock, no par value, payable Sept. 1 to holders of
record Aug. 24. This compares with 25 cents per share paid in each
of the four preceding quarters, 50 cents per sham in December 1931 and
in March and June 1932, and regular quarterly dividends of $1 per share
from Dec. 1 1927 to and incl. Sept. 1 1931.-V. 136. P. 3732.
Maytag Co.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
Balance Sheet June 30.
1932.
1933.
1932.
1933.
$
LiabilitiesAssets$
5
dPerman't assets_ 2,919,136 3,217,385 a$6 preferred stock 5,926,300 6,000,000
285,500
bPreference stock.. 285,500
Pats.trade-marks,
1 cCommon stock__ 1,225,763 1,178,242
1
goodwill
106,526
331,067
991,971 Surplus
748,084
Cash
174,142
458,187
100.000 Accts. payable_
100,000
Certifs. of deposit_
55,476
110,829
Marketable secs_ _ 2,834,784 1,619,281 Unpaid wages. &c_
57,325
45,952
Accruals
eNotes & accounts
55,299
14,250
239,542
445,140 Fed. tax reserve
receivable
959,243 1,010,456
Inventory
91,846
99,173
Cash value ins_ 203,354
232,313
Invest. Can. sub_ _
Cum. pref, stk, in
26,180
treasury
201,165
260,727
Other assets
5,733
4,844
Deferred assets_ _ 8,397,848 7,912,513
Total
8,397,848 7,912,513
Total
a Represented by 59,263 shares of no par value (1932 60,000 shares).
b Represented by 285,500 shares of no par value. c Represented by 1,617.922 shares of no par value. d After reserve for depreciation of $1,781,096
in 1933 and $1,553,578 in 1932. e Less allowance for doubtful accounts of
$96,636 in 1933 and $97,193 in 1932.-V. 137. p. 1063.
-Balance Sheet June 30.Mohawk Carpe Mills, Inc.
1932.
1933.
1932.
1933.
$
$
Liabilities$
Assets$
36.309
98,504
864,358 Accounts payable_
1,627,461
Cash
133,443
55,483
Notes & accts. rec_ 2,005,099 1,233,868 Other taxes & am.
363,488
244,613 Res. for corning_
Treasury stock_
3,499,207 6,101,111 Capital stock._ _ _ y11,000,000:15,000,000
Inventories
424,113
37,930 Capital surplus
37,930
Investments
4,286,778 5,000,000
83,645 Surplus
Prepaid expenses_ 383,127
Property, plant &
eq., less deprec_ 8,312,054 11,967,718
Total
15,864,878 20,533,241
Total
15,864,878 20,533,241
x Represented by 600,000 no par shares. y Represented by shares of $20
-V. 137, p. 1063.
par value.
-An issue
-Stock Offered.
Montana Mines & Power Co.
or 3,500,000 shares of common stock was offered in July by
Martin Lederer Co., New York. Stock offered as a speculation. Price on application.
To be Issued.
Authorized.
Capitalization5,000,000 she. 5,000.000 she.
Common stock (Par $1)
The bankers state: "The 3,500,000 shares presently offered consist of
2.000.000 shares of trea.ury stock which we have under option from the
company and 1.500.000 shares from stockholders.
Data From Letter of J. R. Wemlinger, President, Dated July 12.
-Company was incorp. in June 1933 in Arizona, to acquire
History.
the properties of the Federal Mines & Power Co. of Seattle, Wash., which
were formerly owned by the Western Smelting & Power Co., the Cooke
Consolidated Copper Co. and the Homestake Holding Co. The mines
and claims owned are located on Henderson, Scotch Bonnet, Sheep and
Miller mountains in the New World Mining District, Park County, Mont.
-The proceeds from the sale of treasu.y stock will be used to
Purpose.
-ton selective flotation mill and eveatually
build as soon as possible a 1.000
to increase this capacity to 2,000 tons daily. Also, to carry on further
development work and build up sizeable ore reserves In anticipation of large
scale production, to provide ample working capital, and for other mining
and power purposes.
It is proposed that the $2,150,000 to be raised from the sale of treasuustock will be used as follows: Cash (fund for working capital), $800000:
cash (fund for selective flotation mill), $600,000; cash (fund for additional
development), $750,000.
Directorate is composed of J. R. Wemlinger. E. B. Cassatt, George D
Bender, H. H. Wolff and C. R. Griffith.
-July Sales.
Montgomery Ward & Co., Chicago.
Sales for Month and Six Months Ended July 31.
Decrease.
Increase.' 1933-6 Mos.-1932.
-Month-1932.
1933
$13.615.400 $11,804,281 $1,811,1191$81,782,366 $83,002,446 $1,220,080
-V.137, P. 326.
Morgan Engineering Co.-Tenders.
The Chicago Title & Trust Co. will until Sept. 1 receive bids for the sale
-years. f. gold bonds, dated Nov. 1 1921, to
to it of 1st mtge. series A 20
an amount sufficient to exhaust $82,625 at prices not exceeding 1073-i
-V. 135, p. 999.
and interest.
-Changes Credit Policies.
Morris Plan Co. of N. Y.'
Declaring that "easier credit" is the most important contribution the
Nation's banks can make to the National recovery drive, President Arthur J.
Morris, on Aug. 7, announced a drastic change in the credit policies of his
banking firm.
Effective immediately a much more liberal policy regarding the repayment of loans made between now and Oct. 1 will be put into force with the
result that borrowers on the industrial banking plan need make no payments
on the principal of their loans until three months after the date of borrowing.
"Inasmuch as most of the company's loans are for one-year terms, with
monthly payments, this means that the borrower will have three months
to capitalize on his new funds and a three months' breathing spell' before
payments start," Mr. Morris said. "The borrower then has the balance
-V.137, p.701, 1063.
of the year to retire the loan in monthly instalments."
-Earnings. Moto Meter Gauge & Equipment Corp.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 137. p. 1063.
Department" on a preceding page.
(George) Muehlebach Brewing Co. (Mo. .'-Stock Offered.-Ames, Emerich & Co., Parkinson, Potter & Ross,
Chicago, and Stern Brothers & Co., Kansas City, Mo. in
July offered 150,000 shares of cony, preference stock. Pike
at market. Stock offered as a speculation.
Aug. 12 1933
and-or redemption, and that a special reserve fund equivalent to 35% of any
balance of such net pimento shall be set aside and used for the retirement
of shares of convertible preference stock by purchase and-or redemption
and-or at the discretion of the board of directors, for increasing plant
capacity.
Outstanding.
CapitalizationAuthorized.
Convertible preference stock (no par)
150,000 she.
150,000 shs.
Common stock ($1 par)
x 450,000 shs
300,000 shs.
Mortgage indebtedness y
$150,000S150,000
x 150,000 shares common stock reserved for conversion of convertible
preference stock. y Bearing interest at 5% per annum and payable $25,000
annually untilfinal maturity on Dec. 15 1936. Interest paid to June 151933.
Data from Letter of Carl A. Muehlebach, President of the Company:
History -Company was incorporated in Missouri in 1904 to carry on
the brewing business which was originally started by Mr. George Muehlebach in 1870. Following the death of Mr. Muehlebach in 1905 the business
'
of the company was successfully carried on by his sons, Carl A. and George
E. Muehlebach, until the enactment of the Eighteenth Amendment.
Company owns in fee (subject to a mortgage of $150,000 and current
taxes not in default), the brewing property in Kansas City, Mo. Property
comprises eight buildings suitable for housing a complete brewery,including
a power plant, brew house, cellars and bottling plant. It is proposed immediately to rehabilitate and re-equip these properties so that the company
may resume the production and distribution of beer with a thoroughly
modern plant. The brewery can reasonably be expected to commence
operations within 90 days from the date of placing the firm orders for the
necessary machinery and equipment, assuming such orders are placed
simultaneously with this financing.
The brewery, when rehabilitated, should have a brewing capacity of 250,000 barrels annually and a storage capacity of 45,000 barrels, which will
permit the annual production of more than 200,000 barrels of properly
aged beer.
-The management estimates that it can sell in this
Operations and Sales.
immediate territory 200,000 barrels per annum, on which the net profit
under normal operating conditions should be at least $2.50 per barrel.
In this connection the Ford, Bacon & Davis, Inc., report points out that
the cost of shipping beer into Kansas City from St. Louis, Chicago and
Milwaukee ranges from $1.17 to $1.47 per barrel if shipped in kegs and
nearly three times as much if shipped in bottled form. In view of the foregoing estimates,annual net profits of the company,should be approximately
3500,000, which is equivalent to more than six times the annual dividend
requirements of the convertible preference stock and, assuming conversion
of all such stock, equivalent to over $1.10 per share on the then outstanding
common stock.
-Proceeds are to be used to defray the cost of rehabilitating
Purpose.
and equipping the plant, and to provide funds for adequate cash working
capital and other corporate purposes.
Directors will include Carl A. and George E. Muehlebach, Sigmund
Stern of Stern Brothers & Co., Kansas City, Marshall Forrest of Ames,
Emerich & Co., Inc., Chicago, and Thad L. Itoffman, President-of Kansas
Flour Mills Corp.
-All of the presently outstanding common stock, except
Voting Trust.
directors' qualifying shares, has been placed in a voting trust, to be administered by three voting trustees consisting of Carl A. Muelhebach, Marshall
Forrest and Sigmund Stern. The terms of the voting trust agreement
provide that it shall continue for a period of five years or until such time
as all of the convertible preference stock has been converted or retired.
whichever period shall be shorter, subject to the right of the voting trustees
to release not exceeding 75,000 shares upon conditions therein stated.
-Ames, Emerich & Co., Inc., have an option contract
Stock Option.
dated July 5 1933. to purchase the 150,000 shares of preference stock
offered herein for $900,000 and in connection with the exercising of such
option will receive from certain stockholders 75,000 shares of the C01818011
stock without additional cost to them. All sales expense, advertising,
dealers' and salesmen's commissions are to be paid by Ames, Emerich &
Co., Inc. out of their profits. Ames, Emerich & Co., Inc. have assigned a
certain interest in this option agreement to Stern Brothers & Co. of halms
City and to Parkinson, Potter & Ross of Chicago.
-Sales Up.
(G. C) Murphy Co.
---1932. Increase. I 1933-7 Mos.-1932. Increase.
-July
1933
$889,486
$410,003 I $10,568,965 $9,679,479
$1,804,118 $1,394,115
-V. 137, p. 327.
Murray Corp. of America.-Earnings.
For income statement for 6 months ended June 30 see "Earnings De-V. 137. p. 702.
partment" on a preceding page.
National Air Transport, Inc.-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
The company states that revenue miles flown for the second quarter
of 1933 aggregated 1,342.334; pounds of mall carried totaled 354,971.
and paid passengers carried were 14,903.-V. 136. p. 4284.
-Earnings.
National Aviation Corp.
For income statement for 6 months ended June 30 see "Earnings De-V. 136. p. 4102.
partment" on a preceding page.
National Belles Hess Co., Inc. Stock Option Exercised.
In a statement made to the holders of preferred stock of the company
Hirst, counsel for the protective committee
Burnsttne, Geist, Netter &
for such stockholders, announce that since the first report was made on
the progress of the receivership sponsors of a new corporation, National
Belles Hess, Inc., had purchased from the receivers 200.000 of the 300,000
shares of the new corporation held by the receivers for the old company.
The first 100.000 shares sold in this manner under a modified option realized
$150.000, the second 100.000 shares $175,000. The receivers still hold
100,000 shares, which are optioned at $275,000 until Aug. 31 1934, with
privilege of extension to April 30 1935.
The receivers have paid off the mortgage on the Kansas City real estate
which they now hold free and clear. They have optioned it to the new
company, National Belles Hess, Inc., at $800,000, a price which is increased to $960,000 after 12 years. On July 15 the receivers held assets
listed at $1.314,272, of which $189,935 was cash, which in turn was subject
to $15,865 reserves for claims, taxes and items in process ofsuit and settlement.
-V. 135, p. 3008.
-Earnings:
National Candy Co.
For income statement for 6 months ended June 30
-V. 136, P. 4284.
page.
Partment" on a preceding
see "Earnings
De-
-Comparative Balance Sheet.
National Lead Co.
June 30'33. Dec. 31 32.
June 30'33. Dec. 31 '32.
Liabilities
Assets
x Plant invest__ 39,216,973 39,565,031 7% cl. A pr.stk_ 24,367,600 24,367,600
Other investm't.y36,016,324 35,959,236 6% al. B pf.stk. 10,327,700 10,327,700
Inventories ____ 14.383,249 14,342,344 Common stock_ 30,983,100 30,983.100
.
Accts. reedy_
9,595,276 6,850,608 Empl.insur. res. 3,000.000 3 000,000
1,050,600 Fire insur. res.. 4,797,284 4,797,284
Notes receivable 1,021,041
426.664
426,664
Cash
3,923,784 4,258,334 Empl. liab. res.
Plant reserve._ 2,500,000 2,500,000
1,500,000
Promotion tea__ 1,500.000
465,978
Tax reserve....912,486
154.915
115,908
Divs. payable__
2,542,793
Accts. Payable_ 3,003,781
Notes payable._ 1,175,000
Earned surplus_ 21,047,124 20,960.119
104,156,647 102,026.153
Total
Total
104,156,647 102,026,153
Preference stock is convertible at any time, at the option of the holder,
Into common stock on a share for share basis. Transfer agent: Continental
x After depreciation and depletion of $28,929,999 in June and $28,182,496
of Chicago. Registrar: Northern Trust
in December. y Includes 35,047 shares of company's class A preferred,
Illinois National Bank & Trust CO.
CO. Preferred as to cumulative dividends at rate of 55c. per share per
26,005 shares of class B preferred and 38,346 shares of common stock,
from date of issue and as to assets at the rate of $9
annum cumulative
-V.137, p. 1064.
per share and divs. Red. at any time on 60 days' notice at $9 per share
and divs. Initial dividend payable July 1 1934. Subsequent dividends
-Cent Dividend.
-10
-----National Liberty Insurance Co.
payable semi-annually Jan. 1 and July 1.
The directors have declared a dividend of 10 cents per share on the
The articles of incorporation, 88 amended, provide that, so long as any
capital stock, par $2, payable Aug. 21 to holders of record Aug. 1. A
shares of convertible preference stock are outstanding, the net profits of
similar distribution was made on Feb. 20 last, the first payment since
the company (as defined) up to $50,000 for each calendar year, beginning
Jan. 25 1932 on which date the company paid a semi-annual dividend or
with the calendar year 1934, shall be set aside in a sinking fund and used
20 cents per share.
-V. 136, P. 1030.
shares of convertible preference stock by purchase
for the retirement of
'1\
Volume 137
Financial Chromcle
National Surety Co.
-Maine Savings Banks Committee
Recommends Deposit of Bonds with Boyce Committee.
-
The special committee for Maine savings banks holding bonds guaranteed
bu the National Surety Co., represented by Judge Feanklin it. Chesley
of Boston, has recommended and requested the deposit of these bonds
with the Boyce Bondholders' protective committee.
The special committee is composed of the following members: Fred F.
Lawrence, Treas., Maine Savings Bank, Portland, Me.; Walter A. Danforth, Treas., Bangor Savings Bank.; Harry S. Sawyer, Treas., Saco &
.Biddeford Savings Institution; Carroll H. Wentworth, Treas., Gornam
Savings Bank,and Harry M.Nelson, Executive Sec., Maine Savings Ranks
Association.
Judge Chesley will become a member of the Boyce committee and a
member of that body's executive committee. The Maine savings banks
hold approximately $2,250,000 of the bonds and its action is expected to
result in the determination by interests allied with the Special Committee
of tne Maine savings banks and holding another several million of the
bonds also to deposit their holdings with the Boyce committee. The
total holdings that could be placed with the Boyce committee as a rseult
of this would amount to about $5,000,000.
The action of the special committee for Maine savings banks was taken
after a deliberate and careful study and comparison of the Committee of
Insurance Commissioners and toe Boyce committee. Judge Chesley was
employed by this special committee representing Maine savings banks
for the purpose of making an investigation and advising the special committee and owners of these securities as to what action should be taken
to protect their interest.
C.Prevost Boyce, Chairman of the Boyce committee,said:"Judge Chesley's action in deciding to join with our Committee because he felt that the
Maine savings banks, whicn he represented, could by that action accomplish the best results for its large financial interest in the bonds guaranteed
by the National Surety Co., is, of course, gratifying. It is his deliberate
judgment,as evidenced by the fact that he will become a member of our committee and its executive body. The Judge felt that the bondholders' every
interest could best be served by a committee which limited itself to the
functions of a bondholders' committee. He felt that a committee whose
functioning involved interests other than bondholders could not bring to
bear on the problem the singleness of purpose which this committee represents. Our committee hopes that other groups of bondholders will make the
same careful study of our position. We are confident that those who
do make such a study will reach the same conclusion.'
Following the collapse of the National Surety Co., which had guaranteed
some $46,000,000 of real estate bonds and the receivership proceedings
involving the Greyling Realty Corp., its subsidiary, as well as the subsequent formation of the National Surety Corp., the Boyce committee cooperated with the Superintendent of Insurance and the trustees in the
formation of the National Realty Management Co., Inc., for the purpose
of taking over the servicing work performed by the Greyling Realty Corp.
It is expected that the servicing by and through this new independent company will effect substantial economies for the benefit of the bondholders.
The Boyce committee has been in touch with many of the trustees under
the trust indenture and has notified all of them that the committee is
ready and anxious to co-operate with them.
This body has no connection with the National Surety Co. or its new
company. The members of the committee represent organizations which
originally distributed large amounts of the real-estate bonds guaranteed
by the National Surety Co., and none of them has any relationship with the
old or the new National Surety Co., except to protect the interests of the
bondholders.
The committee has pledged itself to operate economically. The deposit
agreement contains specific safeguards and provides for determination,
In certain events, by a disinterested arbiter to be appointed by the Federal
Court, of compensation to the committee and its counsel.
In addition to Mr. Boyce, the committee js composed of the following:
James J. Minot Jr., Jackson & Curtis, Boston and New York; Virgil C.
McGorrill, State Investment Co., Portland, Me.; Mervyn H. Sterne,
Ward, Sterne & Co., Birmingham, Ala.; Eugene B. Fevre, Murphey.
Fevre & Co., Spokane, Wash.; Phil S. Dickinson, Nichols, Terry & Dickinson, Inc., Chicago, Ill.; Milton S. Trost, Stein Bros. & Boyce, Louisville.
Ky.; Hon. Franklin S. Chesley, Attorney, Boston, Mass.; Herbert K. Moss,
Kalman & Co., Inc., St. Paul, Minn.; F. L. Morrison, Conrad, Bruce &
Co., San Francisco and Los Angeles, Calif.; W. Glenn Rule, Boatmen's
National Co., St. Louis, Mo.; William K. Barclay Jr., Barclay, Moore &
Co., Philadelphia, Pa.; William H. Porter, W. H. Porter & Co.. Portland,
Me.. and George P. Hardgrove, Ferris & Hardgrove, Seattle and Spokane,
Wash., Portland, Ore.
Plans for Reorganizing Mortgage Guaranty Business Discussed.-See last week's "Chronicle," page.987.-V. 137, p.
882.
National Surety Corp.-Financial Statement.The corporation, which started business April 29, last, following the appointment of George S. Van Schaick, Superintendent of Insurance of the
State of New York, as rehabilitator of National Surety Co., reports as of
June 30, last, cash amounting to $1,027,246, an increase in two months
of$373,242. Bonds and stocks appreciated over $600,000 in two months and
are shown in the statement at market value of $5,765,533. The corporation
took over from the National Surety Co. outstanding premiums of $4,035.059. Some of the premiums have been collected and those uncollectible
have been charged off, reducing this item as of June 30 to 51,599,445. with
a reserve of $500,000 carried in the liabilities against possible further
shrinkage.
In commenting on the affairs of the corporation. Vincent Cullen, President, points out that its assets are highly liquid and that80% of its portfolio
consists of bonds. Mr. Cullen adds that during May and June the corporation had written more than $1,500,000 in net premiums and that the volume
of new and renewal business was most satisfactory. He says that loyal
agents and brokers throughout the country have been chiefly responsible
for the good showing of the corporation which has been approved by the
largest banks, railroads and financial institutions in the country.
Comparative Balance Sheet.
June 30'33. Apr.29'33
June 30'33. Apr. 29'33
Assets
Liabilities$
1.027,247
Cash
654,004 Res. for losses reBds. (market val.) 4,666,3211 5,935,972
ported
71,797
Stics.(market val.) 1,099,212I
Res, for unearned
Prem. accts, taken
premiums
1,587,408
over from Natl.
1tes, for claims.. _ - 385,279
Surety Co., 52,Res. for comm. &
327,079,1088 res.
expenses
680,646
730,813
originally estabRes.for addl overlished, 5727,634. 1,599,445
due prem.accts.. 500,000
727,634
ucpd. prem. duo
Reserve paid-in for
4,035,059
claims & other
& receivable
Prone.In course of
contingencies
4,416,743 6,305,695
collection Natl.
Capital
1.000,000 1,000,C00
Surety Corp__ - 1,171,367
Surplus
3,000,000 3,000,000
lot mtges. and real
656,662
831,323
estate
349,821
Accts. receivable
379,580
Home office bldg.- 1,000,000
1253
In connection with the statement of National Surety Corp., overin
operations since its inception on May 1 last, Vincent Cullen, i'resident.
made the following comment:
"The statement of the National Surety Corp. as presented reflects a
marked improvement in the company's condition since its inception May 1
1933. During the months of May and June, the first two months of the
company's existence, its business averaged better than $750.000 a month
and its collections approximately the same amount.
"The company has been accepted and approved by 46 States, by the
French and German governments, by the Dominion Government of Canada
and by the Federal Government and permanent licenses from all these
sources have been obtained. The new company has a highly developed
field organization, which remained 100% loyal. The future of the new
company is remarkably brilliant and it has already succeeded in a most
flattering manner. The statement reflects a very substantial liquid
condition.
-V. 136, p. 3734.
Neisner Brothers, Inc.
-July Sales.1933
-July
-1932.
$1,153,238 $1,214,032
- 137, p. 327.
V.
Decrease.1 1933-7 Mos.-1932.
$60,7941 $7,655,499 $8,043,926
Decrease.
$388,427
(J. J.) Newberry Co.
-July Sales.1933
-July-1932.
$2,934.584 $2,561,297
- 137. P. 504.
V.
Increase.
1933-7 Mos.-1932.
$373.287 $17,307,912 $16,853.022
Increase.
$454,890
New Jersey Zinc Co.
-Earnings.For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 3358.
New York Air Brake Co.
-Earnings.For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 2808.
New York Title Insurance Co.
-Succeeds New York
Title do Mortgage Co.
-See under "Current Events and Discussions" on a preceding page.
The company has acquired the entire real estate title plant and complete
title insurance organization operated by the New York Title & Mortgage
Co.for more than 30 years and will engage in the real estate title insurance
business in Greater New York, Westchester County and Long Island.
The company will deal in carefully selected first mortgages on real estate.
It will not issue any form of mortgage guaranty and will have no obligtions
other than the contingent liability under the title insurance policies which
it will issue.
Offices will be at 141 Broadway, N.Y.City;205 Montague St., Brooklyn;
161-19 Jamaica Ave., Jamaica; 162 Main St., White Plains; National Bank
Bldg., Mineola, and 451 Franklin Ave., Riverhead, L. I.
New York Title & Mortgage Co.
-Rehabilitation Plans.See under "Current Events and Discussions" on a pleceding
page.
-V. 136, p. 857.
Noranda Mines, Ltd.
-Earnings.' income statement for 6 months ended June 30 see "Earnings DepartFor
ment on a preceding page.
-V. 136, P• 3918.
.."***(Louis) Obert Brewing Co. (Mo.).-Stock Offered..
Studebaker Bond 86 Share Co., St. Louis, Mo., recently
offered 98,560 shares of cony, preference stook at $3 per
share. Stock offered as a speculation.
To be
CapitalizationAuthorized. Outstanding.
Convertible preference stock (par $3)
100,000 abs. y100.000 abs.
Common stock (par $1)
x300.000 abs. 200,000 abs.
x 100,000 shares held in treasury for conversion of preference stock on a
share for share basis. y Of the $3 per snare offering price a net amount
of $240 per share is being paid into the treasury of the company.
Data from Letter of Louis Obert. President of the Company.
Company.
-Founded in 1876 by Louis Obert, Sr., and the management
and ownership has remained in his family. Present company was incorp.
in Missouri in 1901 and, until prohibition, manufactured and sold "Tannhauser," known as one of the finest beers. Company was in continuous
and uninterrupted operation in St. Louis from 1876 to 1927 when, due to
prohibition and the limited market for non-alcoholic beverages, it was
closed down.
Appraisal of the company's ground, plant and equipment by George
Pankau shows a sound value of the company's fixed assets as a going concern, conditioned on rehabilitation (as outlined in the appraiser's report).
at $430,000. Plant will have an annual capacity of 100.000 barrels.
-Control of the company is owned by the
Management & Personnel.
management and heirs of the original founder. Louis Obert, Pres. &
Gen. Mgr.; Wm. A. Obert, V.-Pres.; Charles L. Obert, Sec.-Treas. Two
additional directors are to be elected.
Rights, Priorities & Preferences -Preference shares shall have and bear
the following preferences, priorities and character: They shall be paid
a preferential cumulative dividend of 20c. per share per annum, payable
A. & 0. 1 after 1933. In case of dissolution or liquidation, they shall
receive and be paid out of net assets, prior to the distribution or payment
of anything to common shares, the amount of $3 per share.
Convertible, share for share, into common shares as of any div. date at
election of holder, provided that written notice of such intention so to
convert be given to corporation by the holder 30 days piior to such div.date.
Callable on any div. date at $3.50 per share, plus dill.. as a whole, by lot,
or on option, provided, that notice of intention so to call be given by mail
by corporation to record holders of such shares 60 days prior to the date
of call.
-It is estimated that profits per barrel of sales during the
Earnings.
next two years will approximate $4.
Purpose.
-Net proceeds will be used for working capital, rehabilitation of
plant, and purchase and installation of additional equipment.
Pro Forma Balance Sheri June 30.1933.
Liabilities
Assets
$975
Cash
$78,299 Notes payable
1,406
Permanent assets
275,000 Accounts payable
307
Accrued liabilities
Cash to be reserved forest. cost
300.000
of rehabilitating plant & equip 155,955 Cumulative preference stock_
200,000
Common stock
6,565
Surplus
Total
$509,254
Total
$509,254
Ohmer Fare Register Co.
-Record Cash Register Sales.It is announced that Ohmer cash register sales for July were the largest
of any month in the history of the company, exceeding the July figure of
last year by 270% and showing an increase over the best previous month.
June 1933, of 30%. The rate of increase is being maintained and the
officials of the company believe that another sales record will be broken
during August. While the gains are chiefly in the sales of Ohmer cash
registers, steady improvement is noted also in the sale of all other Ohmer
products, including taximeters, fare registers and recording instruments.
Volume of business in foreign countries is keeping pace, with the progress
in domestic sales, it was stated.
-V. 137, p. 505.
11,570,076 11,835,938
Total
Total
11,570,076 11,835,938
The report gives the portfolio showing all bonds and stocks owned June
30 1933.
Bonds Owned June 30 1933.
Market Vol.
Pacific Coast Co.-Earnings.- •
Plus Aces'd
For income statement for 3 and 6 months ended June 30 see "Earnings
Interest
Par Value. Description
Department" or a preceding page.
Government
-V. 137, p. 155.
58 97
6
$851.000 Total U. S.
S879:882
75,000 Total foreign government
Pacific Mills.
-Earnings.Total State and municipal
416,734
538,000
For income statement for 6 months ended July 1 see "Earnings De1,592,015
2,334,000 Total railroad
partment" on a preceding page.
-V. 136. p. 1032.
755,785
1,002,000 Total public utility
1,107,818 Miscellaneous bonds
962 929 -,
.
"
....Pacific Mutual Life Insurance Co.-Fas Dividend.Stocks Owned June 30 1933.
Time State-wide moratorium on insurance company dividend payments
Market Vol.
and policy loans having been removed July 6, coincident with the lifting of
Description
Shares
$205,625
these restrictions, on July 7 the company paid the dividend declared on
2,300 Railroad
654,525
June 12 on the capital stock. The dividend was declared payable upon
6,200 Public utility
239,062
46,828 Miscellaneous stocks
the expiration of tne moratorium.
-V. 136. p. 1732.
1254
Financial Chronicle
Pacific Southern Investors, Inc.-Accum. Dividend.
The directors have declared a dividend of 75 cents per share on account
of accumulations on the $3 cumul. pref. stock, no par value, payable Sept. 1
to holders of record Aug. 15. This covers the disbursement due Oct. 1 1932.
A similar distribution was made on this issue on Aug. 5 1933 to cover the
July 1 1932 payment.
Accruals after the aoove payment will amount to $2.25 per share.
-V.137.
P. 884. 1065.
Pacific Western Oil Corp.
-Earnings.
-For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Current assets June 30 were $420,000 and current liabilities $652,017.
against $631,431 and $633,813 June 30 1932.-V. 136, P. 1900.
Pan American Petroleum & Transport Co.
-Tax
Refund.
An income tax credit and refund of $799,262 was awarded by the Internal
Revenue Bureau last month to this company and the following subsidiaries:
the Buena Fe Petroleum Co. and the Pan-American Petroleum Co. Deductions for amortization of the costs of vessels acquired after April 6 1917,
for toe transportation of articles or men in connection with the prosecution
of the war were allowed, as well as losses, depreciation and depletion.
A total of $14,078 was withheld for later adjustment.
-V. 136, p. 4285.
-Earnings.
Panhandle Producing & Refining Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136. P. 3735.
Peerless Motor Car Corp.
-President of Subsidiary.
Edward P. Taylor of Toronto has been elected President of the Brewing
Corp. of America, a subsidiary. Mr. Taylor also is President and General
Manager of the Brewing Corp. of Canada, which operates 10 breweries
in Canada.
The Brewing Corp. of America will spend $600,000 in equipping the
Peerless factory for the manufacture of ale, it is stated. Officials expect
to begin operations about Jan. 1.-V. 137, p.884. 505.
-Sales Continue to Gain.
(J. C.) Penney Co., Inc.
Increase.
Increased 1933-7 Mos.-1932.
1933
-July
-1932.
$13,563,614 $11.451,759 $2.111.855 $84.593.306 $80.732.001 $3,861,305
During July 1933 the company had 1,478 stores in operation, compared
with 1,468 a year ago.
-V. 137. P. 506. 1066.
-Earnings.
-Peoples Drug Stores.
For insome statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Current assets, as of June 30 1933, including $990,749 cash, amounted to
$3,605,551 and current liabilities were $939,146. This compares with
cash of $529.899, current assets of $3,255,492 and current liabilities of
$907.269 on June 30 1932.-V. 136, p. 3176.
--Pepperell Mfg. Co.
-Resumes Dividend.
The directors on Aug. 9 declared a semi-annual dividend of $3.20 per
share on the capital stock, par $100. payable Aug. 15 to holders of record
Aug.9. A quarterly distribution of $1 per share was made on May 16 1932;
none since.
The dividend just declared is before deduction ofthe5% Government tax.
V. 136. p. 1032.
-Earnings.
Philadelphia & Reading Coal & Iron Corp.
For income statement for 12 mOnths ended June 30 see "Earnings Department" on a preceding page.
-V.136, p. 3552. 3359.
Phoenix Hosiery Co.-87 -Cent Preferred Diividend.The directors have declared a dividend of 871 cents per share on the
7% cum. 1st pref. stock, par $100, payable Sept. 1 to holders of record
Aug. 15. A similar distribution was made on June 1 last, compared with
88% cents per share on March 1 1933 add 87 cents per share on Dec. 1 1932.
-V. 136, p. 3735.
Pillsbury Flour Mills, Inc.(& Subs.).-Earnings.
ar Ended June 30
ii Mos.End.
PeriodMay 31 '33.
1932.
1931.
1930.
$2.727,989 $2,568,447 $4,109,286 $4,833.458
Operating profit
454,254
547,269
731,866
1,375,363
Interest, discount, &c_ _
877,522
976,531
1,095,535
1,088,022
Deprec. & maintenance_
Federal taxes
140.000
96,000
310.000
355,375
$1,157,205
Net income
Previous surplus
8.070,302
Proceeds from insurance
219,006
policies
Reserves written back_
$829,642 $1.979.398 $2,225,198
8.906,295
8,069,680
7,217.486
100,000
$9,446,512 $9,735,937 $10,149,078 $9,442,683
Total surplus
1.098.447
1,098.445
1,373.003
466,840
Common di idends
375,000
Prov.for pur. of annuit's
Amt. written off due to
dismantling units of
1.152.370
fixed plant
Charges arising fr. reorg.
144,339
&liquidation ofsubs
Ectraord. chgs. arising
from dismant. or sale
567.189
of units of fixed plants
Balance, surplus
$7,452,301 $8,070.302 $8.906.295 $8,069,680
Earns. per sh.00 549,225
$4.05
$2.10
$1.51
$3.60
shs. corn. stk.(no par)
Consolidated Balance Sheet.
M,ay 31 '33. June 30'32
May 31 '33. June 30'32
Liabilities
Assets
10,000,000 10,000,000
15,182,019 16,959,931 Capital stock
x Fixed plant
862,307
331,259 Accounts payable. 1,112,758
y Movable plant._ 305,966
1,634,394 2,706,450 Reserve for our, of
Cash
marketgroup annuities_ 450,000
Readily
18,250 Reserve for Federal
able securities_ _ 747,288
96,000
apd State taxes_ 140,000
z Trade accts. rec. 1,284,852 1,167,842
Island Warehouse
Bill of lading drafts
Corp. bonds.._ 1,002,100 1,042,900
under collection 425,430 a 377,875
7,324,182 4,938,053 First mortgage 20,
Inventories
year 6% gold
167,165
92,226
Mlscell. accts. rec
5,729,000 5,729,000
bonds:.
Surr. value of life
*1,500 Reserve for coninsur. policies_
tingencies and
Prepaid insurance,
314,853
390,067
168,921
Insurance
131,554
Interest, &c_ _
1,333,429 1,333,429
Capital surplus_
Trade memb'ships,
85,829 Earned surplus__ _ 7,452,301 8,070,302
83,593
sundry stics:,&e_
237,016
237,016
100,847 Paid-in surplus_
Due from employ_ 136,905
467,037
423,048
Diset. on bonds_
,
1
1'
Hydraulic rights_ _
G'd-will, tr. marks,
1
1
trade names, &c
Total
27,771,458 27,760,962
27,771,458 27,760,962
Total
After deducting depreciation and maintenance of $2,761.233 of Pillsbury
Flour Mills Co., and $1,409,434 of other subsidiary companies in 1932.
y At depreciated value. z Less reserve for bad debts of $162.003 in 1933
and $156,483 in 1932. a Less reserve for possible losses of $4,297 in 1933
and $3.816 in 1932.-V. 136. p. 3176.
Pond Creek Pocahontas Co.-Coal Output.Month ofCoal mined (no. of tons)
-V. 137. P. 506. 1066.
July 1933. June 1933. July 1932.
135,574
108,815
144,382
.Quaker City Cold -Storage Co.-Reorganization Plan:
The reorganization committee announces that a plan of reorganization,
dated July 27 1933, has been adopted.• Holders of the company's first
mortgage sinking fund gold bonds, 6% series due 1951, 15 year 635%
convertible gold debenture bonds due 1941, and coupons due May and
Aug. 12 1933
Nov. 1 1931, on the first mortgage bonds, who have not already deposited
their securities with the committee are advised that they must do so on or
before Aug. 31 1933. in order to become parties to and obtain the benefits
of the plan.
Holders of certificates of deposit for first mortgage sinking fund gold
bonds, 6% series due 1951, that were issued under the deposit agreement
dated April 27 1932, who desire to accept the plan, need take no formal
action.
The reorganization committee is composed of F. M. Blodget (Spencer
Trask & Co.) New York; Wm,Fulton Kurtz (Penn. Co. for Insurances on.
Lives & Granting Annuities, Phila.); and P. Blair Lee (Brown Bros. Harriman & Co., Phila.); D.P.Beardsley is Secretary of the committee and the
Penn. Co. for Insurances on Lives and Granting Annuities, Phila., is
depositary. Counsel, Drinker. Biddle & Reath. 1429 Walnut St., Phila.
Outstanding Securities to Be Dealt with Under the Plan.
1st mtge. bonds (with all apturtenant coupons annexed, maturing on or after May 11932) principal amount
$1.857,000
Debenture bonds(with all appurtenant coupons annexed, maturing on or after May 1 1931) principal amount
1,500,000
Coupons due May 1 1931 and Nov. 1 1931 on 1st mtge. bonds,
whether attached to bonds or detached therefrom
111,420
* Rental due and unpaid, as of June 11933.on.leased warehouse
at Snyder Avenue and Delaware Avenue
231,000
* The property of the company situate upon the leased premises is
subject to distraint by the lessor under the lease for unpaid rent. This
property consists of machinery, electric equipment, &c., which the company states was acquired by it in 1927 at a total cost of $146,181. The
present depreciated value at which this property is carried on the books of
the company is $105,702. Company estimates that the present market
value of this property is not more than $50,000.
Organization and Acquisition of Properties by New Company.
-When
securities of the company to be dealt with under the plan shall have been
deposited with the committee in an amount which the committee shall deem
to be sufficient to justify it in so doing, the committee will take SUCI1 steps
as may be required to bring about a sale or transfer of all the assets of the
company, whether by foreclosure of the present mortgage, or otherwise.
If a sale is required, at such sale the committee will bid for all or any part
of the property sold, as it may deem advisable.
If the committee shall be the successful bidder at such sale, it proposes
to cause to be organized a new corporation. New company will acquire all
of the properties and assets purchased by the committee at such sale, except
the interest of the lessee under a certain lease dated Nov. 29 1926, covering
the cold storage warehouse situate at Snyder Avenue and Delaware Avenue
in Philadelphia, and all property of the company situate in said warehouse
and subject to distraint by the lessor for unpaid rent, and except such other
assets of the company, if gny, as the committee may determine it would be
inadvisable for the new company to acquire.
The new company will assume all of the obligations of the company which
shall be proved and allowed in the proceedings as valid claims, other than
those to be dealt with under the plan.
The new company will assume and pay all obligations, liabilities, costs
and expenses of the reorganization and of the committee incurred pursuant
to or in connection with the deposit agreement of April 27 1932, and the
formulation and consummation of this plan of reorganization, including the
fees and expenses of counsel and those of the depositary. The committee
will make no charge for its services, but it proposes to pay, as a part of the
expenses of reorganization, a reasonable fee to Brown Brothers Harriman
& Co., for unusual services in developing this plan of reorganization.
The committee may, if it deems it to be feasible, proceed to accomplish
this plan of reorganization without foreclosure or sale, by a recapitalization
of the present company.
-Upon consummation of the plan, the
Capitalization of New Company.
new company will have substantially the following capitalization:
Authorized.
To Be Outstanding.
$1,500,000
$1,114,200
1st mtge. 58, due 1953
25,000 els.
21.570 she.
Class A.stock
45,000 shs:
35,528.1 shs.
Class B stock
The amounts above stated to be outstanding are calculated on the
assumption that 100% of the securities of the company dealt with under
the plan are deposited for exchange for new securities under the plan,
and that all present first mortgage bondholders exercise their rights under
the plan to purchase new first mortgage bonds 'and new class B stock.
-Certain of the present
.Sctle of 1931 Coupons on First Mortgage Bonds.
first mortgage bondholders have heretofore sold at the face amount thereof
the coupons which matured May 1 1931 and Nov. 1 1931. The committee
has made arrangements with the purchaser of these coupons whereby
all first mortgage bondholders who have not already thus sold their 1931
coupons may do so upon deposit of their first mortgage bonds under this
plan. Funds for this purpose have now been deposited with the depositary
and all holders of these coupons desiring to sell the same may receive
the purchase price thereof immediately upon deposit of their first mortgage
bonds under this plan with Pennsylvania Co. for Insurances on Lives
& Granting Annuities, depositary.
The funds provided for the purchase of these coupons are not and never
have been assets of the company, and the financial status of the new company will in no way be affected by whether or not bondholders determine
to sell their coupons.
Holders of these coupons who do not desire to sell the same may receive
stock therefor as provided in the plan.
Distribution of New Securities to Depositors.
-Each holder of $1,000 1st mtge. bonds
Present First Mortgage Bonds.
deposited under the plan (with all appurtenant coupons due on and after
receive $500 of 1st mtge. bonds of new company and
May 1 1932) will
10 shares of class A stock of new company.
-Each holder of $1,000 debenture bond dePresent Debenture Bonds.
posited under plan (with all appurtenant coupons due on and after May 1
1931 attached) will receive, at option of such depositor, either 20 shares
of class A stock of new company or 20 shares of class B stock of new company, such election to be irrevocably made at the time of deposit with
the committee of such debenture bonds.
The holders of $1,350,000 of these debenture bonds have already agreed
to take class B stock.
.1931 Coupons on First Mortgage,Bonds.-Each holder of $50 of coupons
Which matured May 1 1931 and Nov. 1 1931 on the outstanding 1st mtge.
bonds of the company, provided such coupons are deposited under the
plan either attached to or separate and apart from the 1st mtge. bonds
to which they appertain will receive, at the option of such depositor.
either one share of class A stock or one share of clam B stock of the new
company, such election to be irrevocably made at the time of deposit with
the committee of such coupons.
The holders of $106.095 principal amount of such coupons have already
agreed to take class B stock.
-Philadelphia Perishable Products Terminal
Overdue Rentals under Lease.
Co. lessor of the Cold Storage Warehouse at Snyder Ave. and Delaware
Ave. will be permitted to take over all property of the company situate
in said warehouse and now subject to distraint for rent due under tht.
lease thereof to the company. For the balance of said rental claim, subject to deposit thereof with the committee, the lessor will receive 2,585.7
shares of class 13 stock of new company, being at the rate of one share of
such stock for each $70 of estimated not amount of such claim.
Subscription to Additional New First Mortgage Bonds -Each holder of
ad$1.000 1st mtge. bond of the company deposited under the plan, in also
dition to the right. to receive securities of the new company, shall
1st mtge, bonds
have the right to subscribe for and purchase $100 of new
of the new company and two shares of its class B stock, for $100 in cash
plus int., if any, on the new bonds. llolders of certificates of deposit for
present 1st mtge. bonds who desire to subscribe for and purchase new
1st mtge. bonds and class B stock must file with the depositary, on or before
Aug. 31, an agreement in writing so to do and at the same time deposit
with the depositary in cash 10% of the purchase price thereof, the balance
to be payable upon demand of the committee.. Holders of present 1st
mtge. bonds who shall hereafter deposit the same with the committee and
who desire to subscribe for new 1st mtge. bonds and class B stock must
file their agreement and make their payment at the time of deposit.
.In order to make available at least $100.000 of new money for additional
working capital for the new company and for reorganization exnenses,
the subscription to $100,000 of new 1st mtge. bonds and 2,000 shares of
class B stock, upon the above terms, has been underwritten by responsible
Parties satisfactory to the committee.
Volume 137
Financial Chronicle
Income Account for Calendar Years.
1932.
1931.
Total income
$470,935
$654,198
Operating & administrative expense_
431,916
532,760
Bad debt losses written off
102.732
8.355
Depreciation
69,664
69.485
1930.
$772,457
576,798
5,763
50,510
1255
The corporation on Jan. 1 1933 defaulted in the payment of semi-annual
Interest on its $291,000 first mortgage 6 % serial gold bonus then outstanding.
-V. 137, p. 507.
Schiff Co.
-July Sales.
1933-Jul9-1932.
$655,442
$569,261
-V. 137, p. 508.
Increase. I 1933-7 Mos.-1932. Decrease.
$86,181 1$4,962,103
Balance for bond interest
$5,053,310
$91,207
def$133,377
$43,597
$139,384
Consolidated Balance Sheet Dec. 31 1932.
Assets
'
s .." -Selected American Shares, Inc.-Initial Dividend.
Liabilities
Cash
$89,636 Notes payable
An initial semi-annual dividend of approximately 3.5 cents per share has
$25,000
Notes & accts. receivable_
153,410 Accounts payable
been declared on the common stock, par 25 cents per share, payable Sept. 15
216,290
Inventories
13,615 Accrued interest
to holders of record Aug. 31. After payment of the 5% Federal tax, the net
*471.250
Miscellaneous
3.588 Notes payable & loans rec.
dividend payable to individual stockholders will be about 3 1-3 cents a
Customers' demand coll.
discounted
share.
-V. 136. p. 1217.
205,775
loans rec.-discounted
1st mtge.sinking fund gold
or pledged
219,122
bonds
1,857,000
hawnee Stone Co., Bloomington, Ind.-Bondhold4rs'
Investments
9,462 15-yr. gold deb. bonds.._
Protective Committee Seeks to Extend Bonds.
Fixed assets (less deprec.) 3,814.244 Common stock & surplus.. 1,500,000
x160,688
Other assets
132.923
A protective committee for the 1st mtge. 634% sinking fund gold bonds.
dated March 1 1928, due March 1 1938. has been formed, consisting of
Total
$4.436,004
Total
John M.Biggins, Treas. Elgin National Watch Co., Elgin; Waiter S. Carr.
$4,436,004
* Interest on funded debt accrued but not paid. x Represented by
Pres. Locomotive Fire Box Co.. Chicago: Augustus Knight. Pres. Bartlett,
20,000 (no par) shares.
Knight & Co.. Chicago. J. C. Pearson. Secretary, Bartlett, Knight & Co.,
-V..137, p.884.
105 W.Adams St., Chicago. Depositary, Northern Trust Co., Chicago.
'-• 1
1.1.dio-Keith-Orpheum Co.
The company was a result of a merger of Central Oolitic Stone Co.
-Foreclosure.
The Chemical Bank & Trust Co., as trustee for the 6% 10-year gold' two smaller companies in 1928. Company owns in fee approximately and
203
debentures, has filed a foreclosure action in Federal Court in New York,
acres ofstone land at Bloomington,Ind.,of which 111 acres has been tested
against the corporation. The action was begun on the ground that the
by core borings. 92 acres of this according to data furnished shows an
company has failed to pay $1.118,500 due on extended notes which are-held
average depth of 45 feet of Oolitic limestone with an overburden of from
by the bank, thereby violating the terms of the mortgage agreement.
- five to six feet of soil only. while 19 acres show an average depth of 60
V. 136, p. 4474.
feet of Oolitic limestone with an overburden running considerably heavier
and containing the usual stratum of stripping stone.
Reading Iron Co.-New Vice-President.
The mill of the company located in Bloomington. Ind., on 10 acres of
William Craig Wolfe has been appointed Vice-President in charge of sales
land is equipped for manufacturing an annual output of over 500,000 cu.ft.
-V. 131, p. 3381. •
of limestone.
At the time of the issuance of the first mortgage bonds $700,000 were
'".Reliance International Corp.
the sinking fund
-Cent Pref. Dividend
.
-50
.- Issued and outstanding. By operation of at the present $127,600 have
A dividend of 50 cents per share has been declared on the cumul. pref.
been retired, leaving $572.400 outstanding
time.
stock, $3 cony, series, no par value. payable Sept. 1 to holders of record
Earnings Years Ended Dec. 31.
Aug. 21. A like amount has been paid each quarter since and incl. June 1
1932.
1931.
1932.
1930.
Net income
$20,422
$174.938
$203,163
Comparative Balance Sheet.
Depreciation and depletion
40,830
40.482
58,
June 30'33. Dec.31 '32.
Net before interest & Federal taxes loss215,768 loss20,060
June 30'33. Dec. 31'32,
144,271
Assets$
Liabilitte,sInterest on funded debt
$
37,130
8
40,561
38,380
Cash
20,517
309,355 Sundry accts. PayThe loss including interest during the years 1931 and 1932 amounted to
Accts. receivable
8,940
able
15,666
23,512
Due for sec. sold.
over $300,000. This, together with the fact that many of the receivables
4,700
7,084 Res. for taxes..
of the company, which ordinarily were considered good; proved to be
Divs. dr accrued InUnclaimed divids.
50
uncollectible. led to the inability of the company to be able to meet its
terest recelv
51,917
84,767 bPreferred stock.. 4,261,025 d4,261,025
a Invest. at cost_ _11,374,914 11,568,961 c Common stock
March 1 1933 Interest. At the time of default it was found that re876,348
865,314
ceivables in aggregate amount of $64,765 and doubtful accounts secured
Capital surplus_ _ _ 6,298,550 6,790,267
by notes to the amount of $73,635 were pledged as security to a bank loan
Total
then aggregating $65,000. While the bank loan has been since reduced
11,456,289 11,940,167
11,456,289 11,940,167
Total
It is obvious that the company cannot continue to pay interest on the first
a Market value, $8,095,302 in June and $5,306.355 in December. b Repmortgage bonds and that some adjustment is necessary.
resented by 170,441 shares of no par value. c Represented by 622.783
no par shares in June and 613.104
-V. 137. p. 1067.
in December.
The committee, in a circular, states in substance:
Believing that, if possible, a receivership should be avoided, two of the
committee, representing the ownership of a substantial amount of he
first mortgage bonds and the other representing the bankers who sold the
bonds, have agreed to serve as a committee without compensation and
are submitting to the bondholders a proposed agreement to be made with
Reynolds Spring Co.-Earnings.-the company on behalf of the bondholders, which would amend the present
For income statement for 3 and 6 months ended June 30 see "Earnings
trust indenture and, if adopted. it is hoped will give the company an opDepartment" on a preceding page.
portunity to carry on its business and avoid a receivership.
Consolidated Balance Sheet June 30 (Including Subsidiaries).
Briefly, the plan extends the maturity of the bonds to March 1 1943,
A ssets1933.
1932.
which is five years beyond the stated maturity. The bonds are to be income
Liabilities1933.
1932.
Fixed assets
81,679,843 32,497,560 Common stock &
bonds, the interest to be paid only if earned and after the working capital
Cash
27,741
24,608
surplus
has been replaced. The maximum amount of interest payable during the
x$1,525.721 $1,550,039
Accts. & notes rec_ y257,426
448,725
244,425 Funded debt
first five years is 4% and during the last five years 5% per annum. Only
450,000
Accrued int. rec
Notes & accts. pay 294,751
3% of this interest is cumulative each year.
336,967
Inventories
205,524
268,970 Taxes payable..
31,545
The first money earned by the company, will be used for improving Its
Investments
2157,
936
234,662 Accrued wages, Sic
30,231
29,127
working capital. After this has been restored to a figure which in the
Patents, good-will
. Reserve for doubtcommittee's opinion seems reasonably adequate, any earnings left over will
& development.
:1
1
ful accounts,&c.
28,088
be applied to pay bond interest, and any earnings still remaining will be
Deferred charges._
46,086
40,514 Deprec. reserve. _
760.700
applied to retire bonds. In other words, after the working capital of the
Res. for loss on Inv
107;106
company is restored, all the earnings in one form or another will go to the
Contingent 4:-. exbondholders until the bonds are entirely paid off. It seems to the com43,583
perimental exp..
49,07
mittee that if all of the money actually earned is applied for the benefit
of bondholders either by way of direct payment or by restoring the workTotal
$2,374,556 83,311,101
Total
$2,374,556 83,311,101
ing capital of the company and thereby assisting it to function more
x Represented by 148,566 no par shares, valued at $1,233,726, less
efficiently, nothing more than this can be reasonably expected.
566
shares in treasury, valued at $4,436, and surplus of $296,431.
Y Less
If, after five years of operation under this plan. the company has not
reserve for doubtful accounts. z Less reserve for loss on investments.
paid during the five years at least a total of 15% interest to the bond-V. 137, p. 1067.
holders, certain of the present stockholders have agreed to distribute
Rima Steel Corp. (Rimamurany-Salgotarjan Iron their stock, which amounts to over 50% of the capitalization of the company
pro rata to the bondholders.
-Werke Co., Ltd.).
The connnittee is receising no remuneration except reimbursement for
-Bondholders Contemplate Legal Action to
actual expenses and disbursements incurred in the administration of the
Obtain Interest Payments Due Them.
plan, and it is planned to raise part of the money necessary to put the plan
F. J. Lisman, Chairman of the bondholders' protective committee for. into effect by selling some of the company's stone to the .Acme Cut Stone
the 7% 1st mtge. sinking fund bonds, has issued a statement pointing out
Co., one of the stockholders of the Shawnee Stone Co.
that the plan of the company of paying the maturing interest on the bonds
When this plan is declared operative the depositing bondholders are to
into the National Bank of Hungary with the provision that it can only be
receive in cash 1% of the principal amount of their bonds in payment of
collected if it Is spent in Hungary. is contrary to the agreement under which
March 1 1933 coupon now in default. In other words, it is planned that
the bonds were issued. Tole agreement requires payment of interest in
each March 1 1933 toupon calling for $32.50 interest, detached from a
dollars in New York. Immediate united action on.the part of the bond$1,000 bond, will be purchased for $10.- e. 126, p. 2491.
holders Is necessary, Mr. Llsman points out, if they are not to await indefinitely for their 10%% back interest, which will be due them on Sept. 1.
Shoaf-Sink Hosiery Mill Co., Lexington, N. C.
The corporation has some property located outside of Hungary, where
Permanent Trustee Named.
the private debt moratorium applies, and the committee is of the opinion
that a lien could be enforced against this property through foreign legal
At a meeting of creditorsi and other interested persons, before W. T.
action. Bondholders are asked to deposit their bonds with the New York
Shuford, referee in bankruptcy, J. T. Jackson of Lexington, N. C., who
Trust Co., depositary, where they will receive the customary certificates
had 'previously been appointed temporary receiver of the company, was
of deposit. Application will be made, it is said, to list the certificates of
made permanent trustee. Martin and Brinkley of Lexington were chosen
deposit on the New York Stock Exchange.
-V. 136. p. 2084.
as attorneys for the trustee.
Matters in controversy were not gone into formally, as had been anRossville Alcohol & Chemical Corp.-Sale Consummaad ticipated, at this meeting. -However, the referee fixed the date for a new
hearing before him on Aug. 15. At this time it is expected that definite
H. I. Peffer, Chairman of tbe board, on Aug. 7 announced that the
decision will be reached as to what disposition will be made of the valuable
transaction through which the Commercial Solvents Corp. acquired the
plant involved in the situation.
Industrial alcohol business of the RossvIlle company was consummated on
J. T. Hedrick, nolder of second mortgage bonds under which sale was
4. The transaction had previously been approved at a meeting of
Aug.
made on June 17, tendered these for adjudication as preferred claims but
preferred and common stockholders of the Rossville company on July 18.
upon objection made on behalf of common creditors this matter was not
Following consummation of the sale, the directors of the Rossville corgone into but was left until the Aug. 15. meeting unless a satisfactory
poration set Aug.16 as the last date on which Rossville preferred stockholders
solution can be worked out sooner. Certain common creditors and premay make the proffered exchange of $10 in cash and one-half share of
ferred stockholders nad questioned the right of Mr. Hedrick to set up his
Commercial Solvents stock for each snare of Rossville preferred. The direcsecond and first mortgages as full claims to the exclusion of other creditors voted to accept all consents which have heretofore been duly filed or
tors. ("Journal of Commerce").
which shall be duly filed accompanied by preferred stock certificates on or
before Aug. 16. Rossville preferred stockholders who have not heretofore
Simmons Co.-July Sales Rise.
filed their consents and desire to exchange their pref. stock, must deliver
their pref. stock certificates and an executed consent prior to that time
July sales to the trade totaled $2,570,000, compared with $1,070,000 for
the corresponding month of 1932. Last month's sales were well ahead of
to the City Bank Farmers Trust Co., 22 William St., N. Y. City. The
notice of the company states that no consents will be accepted or acted
the rate maintained in the second quarter, when business was $6.672.669.
compared with $3.566,491 in the first quarter, and with $4,744.243 in the
-V.137. n• 705.
upon unless accompanied by the certificates of pref. stock.
three months ended June 30 1932.
156.
Officials estimate that Julyoperations were about sufficient to absorb
..an Carlos Milling Co., Ltd.-Extra Dividend.
the deficit of the first six months of 1933, amounting to $310,917. In the
first quarter of this year, the walla in the company's history, a loss of
An extra dividend of 50 cents per share has been declared on the common
approximately $812,000 was shown, exclusive of a small subsidiary comstock, par $10, in addition to the regular monthly dividend of 20 cents per
pany preferred dividend. In the second quarter of 1933 a net profit of
share, both payable Aug. 15 to holders of record Aug. I. An extra dis$512,000, after all charges, was shown. The company has 1,133,236 shares
tribution of 50 cents per share was also paid on May 15 last.
-V. 136,
of no par capital stock outstanding.
1).2809.
Operations for July, unfilled orders on hand Aug. 1 and the increase
'
".Santa Cruz Hotel Corp.-Bondholders' Protective Corn- in service stations warrant the estimate that the third quarter will go along
at least as well or better than the second quarter.
7/ittee.
Officials state there has been no alarming increase in dealers' stocks and
The committee for the 1st mtge. 6%% serial gold bonds consists of
the merchandise has been going Out largely on original orders. Dealers'
B. 8, Boone, Chairman, D. K.'Tripp, Raymond P. Gill. and Frank g.
inventories early this year were at a point where replacement needs, bringing
crows°. M. G. Jeffress, Agent for committee, 111 Sutter St., San Fran- them to anything near normal, was in itself a major task.
cisco, Calif. Depositary, Anglo California National'Bank of San Francisco.
The company has increased employees by 38% since March and is now
Committee counsel, Hyrne, Lamson & Jordan. San Franscio.
operating under the blanket code.
-V. 137, p. 706.
Reynolds Metals Co., Inc.
-Earnings.
--
For income statement for 6 months ended July 1 see "Earnings Department" on a preceding page.
-V. 137, p. 1067.
. 1256
Financial Chronicle
present condition to normal operating efficiency as a going concern and the
cost of additional buildings and equipment needed to produce 200,000
barrels annually.
Purpose.
-The 160,000 shares of cum. panic. preference stocks are being
purchased from the company at $3 per share, or a total of $480.000. Proceeds will be applied for working capital and improvements to plant, &c.
Officers and directors are: Nathaniel E.Squibb (Pres.), Harry S. Pattison
(V.-Pres. & Treas.), Robert A. Kramer (Sec.), and Warner Sayer, A. E.
Burkhardt.
The total compensation to executives for the ensuing 12 months is estimated at not in excess of $30,000.
Simms Petroleum Co.-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V. 136, p. 3177.
Department" on a preceding page.
-Earnings.
Southland Royalty Co.
For income statement for six months ended June 30 see "Earnings Department" on a preceding page.
The balance sheet as of June 30 1933, shows total assets of 55.777,536
comparing with $6,093,999 on June 30 1932. Current assets amounted to
$270.262 and current liabilities were $71,476 comparing with $521,562 and
585.910 respectively on June 30. a year ago.
-V.136, P. 3362.
-Stock Offered.-Geo. A.
Speculative Profit Shares, Inc.
Rogers & Co., Inc., New York, recently offered 1,000,000
shares of common stock at $1.25 per share. Stock is offered_
as a speculation. A circular shows:
To Be
Outstand'g.
Authorized.
Capitalization*5,000,000 shs. 1,000,000 shs.
Common stock (par 10c.) voting
* Includes 1,140,000 shares reserved for the exercise of perpetual stock
purchase warrants.
Transfer agent: Corporation Trust Co., Jersey City, N. J.
Certificates will bear non-detachable perpetual stock purchase warrants
entitling the holder to purchase, at any time, without limit, additional
shares at $2.75 per share. in the ratio of one share for each 10 shares held.
Company.
-Organized in Maryland, June 21 1933. The general character
of the business which can be transacted under the charter is to purchase or
otherwise acquire and hold for investment or for other purposes, securities
of any kind or class, rights, options, equities, property, real or personal of
any kind,futures, accounts, commodities, or anything else of value, and to
sell or otherwise dispose of same. To borrow money and to mortgage or
pledge any property, real, peronsal or any other kind of the corporation to
facilitate business conducted by it. To such extent as may be permitted
by law, the corporation may lend money, funds, securities or credit, on
demand, call or time. It may do business for cash or on margin with
banks, bankers, dealers, brokers, or others.
-The management purposes to conduct this
Policy of the Company.
company as a distinctly speculative enterprise and in no sense is it to be
investment trust or investment fund.
considered an
The management in carrying out this policy further purposes to make
purchases of securities in those companies which appear to offer the best
speculative profits.
Directors -Walter E. Lagerquist, George A. Rogers, N.Y.O. Charles
Power, Montclair, N. J., David C. Applegate. J. Alden Feirriss, 141
Broadway, N. Y. C.
Officers.-Walter E. Lagerquist, President; George A. Rogers. ViceN. Y. City.
President; David C. Applegate, Sec. &
-No amounts in fees
Treas..
Remuneration of Directors. Officrs and Employees.
and salaries have been paid to officers, directors or employees during the
past year; no fees or salaries will be paid to officers or directors during the
ensuing year. The estimated cost of salaries of employees is purely nominal,
the larger portion of this expense having been provided for in the management contract of Management Supervisors. Inc.
The only compensation to be received by officers and directors is indirect,
and through their stock interest in Management Supervisors, Inc.
-The initial offering price of the
Price Market and Liquidating Value.
first million shares will be $1.25 per share.
No offering will be made to any persons or classes of persons at any
variation in price, except to investment dealers participating in the distribution of the issue who will receive a portion of the discount allowed
the selling agents.
The charter provides that any stockholder may, on any Friday on which
the N. Y. Stock Exchange is open for a full business day apply to the
operating office of the corporation, with his stock certificates, providing,
however,that not more than 10% of the capital stock issued and outstanding
may be repurchased or liquidated in any year without the vote of threefourths of the directors of the corporation, and shall be entitled to require
the corporation, to the extent that it shall have any surplus legally available
for such purpose, and from such surplus, to purchase all or any part of
the shares then standing in his name, at such price as shall be determined
to be the liquidating value of the shares.
Liquidating value is determined as defined by the charter for such securities as are listed on the N. Y. Stock Exchange, or any other Exchange
the directors recognize as the true market place thereof, by taking the closing
sales prices, or, no sales having taken place, by an average of the closing
bid and asked prices, and in the case of unlisted securities or other property.
as determined by the directors by methods further defined in the company's
charter.
Contracts.-Operations are supervised by Management Supervisors, Inc.,
but subject to the control of its own board of directors, under an agreement
dated June 24 1933. by which various services are rendered. These services
include general executive direction and administrative supervision over all
investment and (or) speculative operations, general advice and direction
on statistics and research, corporate,financial, accounting and tax matters.
Management Supervisors, Inc. has received no compensation to date.
The agreement provides, however, that they shall receive as compensation
for their services an amount equivalent to 20% of the net cash income as
defined in the charter of the issuer.
Sales Agreement, dated July 7 1933, provides that George A. Rogers &
CO., Inc. has the exclusive distributing rights of the securities of thr issuer.
This agreement provides that the issuer shall deliver capital stock to the
selling agents as called for by the latter at the then current public offering
price, less a discount of 15%, and that at the same time there shall also
be delivered to the selling agents, without cost, perpetual stock purchase
warrants, entitling them to purchase capital stock at $2.75 per share in the
ratio of 20 shares for each 100 shares purchased. Estimated net proceeds
to be derived by the issuer from initial offering of 1,000,000 shares will be
$1,062,500.
Squibb-Pattison Breweries, Inc. (Ohio).-Stock Offered.-Kerfoot, Leggatt & C3.,• Chicago, in July offered
200,000 shares of cum. participating preference stock at
$4.25 per share. A circular shows:
Transfer agent, Northern Trust Co., Chicago. Registrar, City National
Bank & Trust Co. of Chicago.
Outstanding.
Authorized.
CapitalizationCumulative participating preference stock •
200,000 shs.
300,000 shs.
(par $1 per share)
200,000 shs
200.000 shs.
Common stock (par 50c. per share)
stock now being offered 160,000 shares are
Of the cum. partic. preference
being purchased from the company and 40.000 shares from individuals.
Under another contract with the company, Kerfoot, Leggett & Co. has
an option, running for six months, on the additional 100,000 shares of
authorized cum. panic. preference stock, in the event the company desires
to issue all or any part of such stock for plant expansion or other corporate
purposes, at $3 per share net to the company. Under an agreement with
certain holders of the company's common stock, they have agreed to assign
48,000 shares of the common stock to Kerfoot. Leggett dz Co. and associates without cash consideration, this common stock to be taken up pro
rata with the cum. partic. preference stock.
-Is successor by change of name (in January 1933) to Jackson
Company.
Brewing Co., organized in Ohio in 1889, the business having been originally
established in 1862. Prior to the adoption of the Prohibition amendment,
the company's output, sold under the trade name of "Old Cincinnati lager
beer."
It is the plan of the management to manufacture a "premium" beer,
properly aged and made from best available ingredients. Beginning in
1918 the plant was devoted to the manufacture of near beer and malt
products, but production was suspended in 1930.
The brewery is located in Cincinnati, Ohio. The plant consists of five
separate buildings of stone and brick construction, erected over a period
Of 35 years from 1875 to 1910. The buildings and equipment are being
thoroughly renovated, and will be completely rehabilitated by the use of
a portion of the proceeds of this financing. The reproductive value of the
buildings and equipment as of July 1 1933, has been appraised by Coats &
Burchard Co., appraisers and engineers, at $477,022 and the net sound
value after depreciation, as $317,876, as of the same date.
Rehabilitation and additions to plant and equipment are now in process
so as to enable the brewery to produce 200,000 barrels of beer annually.
Coats & Burchard Co. have estimated at $247,587 the cost of rehabilitating
and reconditioning the buildings and machinery and equipment from their
Aug. 12 1933
-Signs NRA Agreement.
Standard Brands, Inc.
This corporation has enrolled under President Roosevelt's re-employment agreement, it is announced.
The company has approximately 8,500 employees located in the principal
cities and towns of the United States.-i. 137. p. 1068, 885.
-Resumes Div.
Standard Steel Construction Co., Ltd.
A quarterly dividend of 75 cents per share has been declared on the $3
cum. red. class A preference stock, no par value, payable Oct. 1 to holders
of record Sept. 15. A regular quarterly payment of like amount was made
-V. 136, p. 1902.
on this issue on Jan. 1 1933; none since.
-Balance Sheet June 30.Sterling Securities Corp.
1932.
1932.
1933.
1933.
$
AssetsInvest, at cost_ __e14,891,165 14,404,680 b Cony. 1st pt.stk.13,943,250 13,943,250
880,684 5,923,125 c Preference stock_ 2,500,000 2,500,000
Cash
41,388 d Cl. A corn. stock 603,803
603,802
55,686
Divs. received, &c.
a
a
1,565 Class B com,stock
867
Prepaid expenses_
17,415
Accts. pay. Az accr.
18,865
Surplus
def.1,237,516 3,306,384
Total
15,828,402 20,370,752
15,828,402 20,370,752
Total
a Represented by 298.297 no par shares, value not stated. b Reprepar $50. c Represented by 500.000 no par shares.
sented by 278,865 shares.
d Represented by 603,802 no par shares. e Indicated market value June :30
1933. 516,299,555.-V. 137, p. 706.
-Exchange Offer Made to
------Storkline Furniture Corp.
Preferred Stockholders.
Preferred stockholders have been offered a plan of exchange for conversion of their pref. stock into common stock on a share for share bailie.
Necessary common stock for this exchange would be supplied by increasing
the common stock outstanding.
In addition, toe President, A. G. Feldman and Vice-President. M.Goldstone offer to give one share of common for each three shares of pref. stock
exchanged,from their personal holdings and upon conclusion of the exchange
agreement to give personally $1 a share for each preferred share exchanged.
Necessary common stock and marketable securities to provide the cash
consideration have been deposited with a trustee by the officers.
This offer will expire 30 days from date of the proposal, July 24, except
that the officers reserve the right to extend the period of deposit an additional 45 days. At least 80% of the outstanding preferred must be deposited to make the plan operative and the two officers reserve the right
-V. 136, p. 1218.
to withdraw the offer unless 90% Is deposited.
Studebaker Corp.-July Sales Gain.
Studebaker sales in July continued to show substantial gains over 1932,
according to a report issued on Aug. 7 by Paul G. Hoffman, President of
The Studebaker Sales Corp. of America.
"Sales of Studebaker and Rockne passenger and commercial cars during
July increased 47.5% over sales in July 1932," Mr. Hoffman said. "A.
total of 3.585 units were sold this July as against 2,430 in July of last year."
"By comparing this 47.5% gain in July against the 5.9% gaols increase
of June 1933. over June 1932, it is easy to visualize the sharp upward trend
that Studebaker-Rockne sales have taken." he said.
-'
-Reduces Working Hours.
Boosts Wages
A 15% increase in the hourly rates of all factory employees and a 10%
Increase in all salaries of $35 per week or less have been put in effect by this
corporation on Aug. 1, as a voluntary contribution to the President's
recovery program.
The payroll increase will affect approximately 5.800 plant workers and
about 1,000 salaried employees at the home office and branches throughout
the country.
Minimum rates of 40 cents per hour for men, and 35 cents per hour for
women and for boys between the ages of 16 and 21 are established. At
present, It was announced, less than 3% of the employees are below these
minimum rates. A minimum rate of $14 per Week for office employees
was also established.
The hours of factory operation will be controlled to produce an average
of not more than 35 hours per week during the remainder of this year with
a maximum of 48 hours is any one week. This regulation of hours, it was
annour cod, applies to all factory employees excepting supervisory staff
and employees engaged in the preparation, care and maintenance of plants,
machinery and facilities.
The regular hours for all office employees will be reduced from 44 to 40
-V. 137, p. 1069. 885.
hours per week.
Sun Investing
Inc.-Earnings.-
Co.,
For income statement for 6 months ended June 30 see "Earnings Depart-V.136, p. 2259.
ment" on a preceding page.
Super-Corporations of America Depositors, Inc.
Ownership Acquired by American Trustee Share Corp.-See
-V. 136, p. 1903,
latter above.
-Earnings.
Thatcher Mfg. Co.
For income statement for 6 months ended Juno 30 see "Earnings Depart-V.136. p. 3922.
ment" on a preceding page.
--Earnings.
(John R.) Thompson Co.
For income statement for 3 and 6 months ended June 30 see "Earnings
-V.136.P.3555.
Department" on a preceding page.
-Earnings.
Thompson Products, Inc.
For income statement for 6 months ended June 30 see "Earnings Depart-V. 136, p. 4477.
ment" on a preceding page.
-Stock Offered.
-Redmond & Co.
"Tither-Thompson, Inc.
New York,in July receiving subscriptions for 80,000 shares
capital stock on behalf of the corporation. Price $6 per
share.
Transfer agent, Chase National Bank of the City of New York. Registrar, Commercial National Bank & Trust Co.
Data from Letter of Jean Tillier, President of the Company.
Company.
-Organized in New York, with power among other things to
engage in the importation and sale of wines, to such extent as may be permitted by law, and through the instrumentality of Jean Miler and Henry
S. Thompson, the corporation has acquired contracts with Pommery &
Greno, the well-known Champagne house Chauvenet, the well-known
Burgundy house; Riffault & Cie., the well-known Anjou and Touraine
house, and the syndicate of Alsatian wine producers who handle the best
Alsatian wines, for sales of their products exclusively to it for distribution
in this country. Messrs. Tillier and Thompson are in negotiation for other
contracts of a similar nature.
In the event of the repeal of the 18th Amendment, it is estimated that
at least 200,000 cases of Ponunery & Greno champagne alone will be available for import during the first year.
beof225ntly
-Corporation will have an authorizedlssue pre8e.0O0
Corporate Structure.
shares of common stock (par V). There has been or will
and Henry S. Thompson,for the exclusive
Issued unto Messrs. Jean Tillier
agency contracts referred to above which they have obtained, 70.000 shares,
which 70,000 shares will be deposited in escrow and will be returned to the
corporation for cancellation if in due course the 18th Amendment shall not
be repealed, and (or), by reason of the length of time elapsing before such
repeal becomes effective, the POMMOry & Greno and (or) Chauvonet contracts should be canceled. In addition to the aforesaid. 70.000 shares of
stock, options shall be granted unto Messrs. Jean Taller and Henry g
Volume 137
Financial Chronicle
Thompson, in the aggregate, upon 15,000 shares of the authorized but unissued stock at $5 per share, which options shall run for a period of three
years.
Messrs. Tither and Thompson have heretofore sold privately for account
of the corporation 20,000 shares, under contracts which the corporation
believes to be good, at the price of $5 per share.
There shall be issued to the order of Redmond & Co. similar options
upon 15.000 shares of the authorized but unissued capital stock, at $5 per
share, good for three years, for a portion of their compensation as agent
of the corporation in this offering, in addition to which Redmond & Co.
will receive $1 per share upon the stock to be presently sold for acting as
selling agent for the corporation. The resultant capital structure is as
follows:
Issued to Messrs. Tinier and Thompson
70,000 shs.
Issued for cash at $5 per share
20,000 shs.
Reserved for exercise of the Tinier and Thompson options
15,000 shs.
Rm&ved for exercise of the Redmond & Co. options
15,000 shs.
*To be sold by the corporation under this offering at a price to
net the corporation $5 per share
80.000 shs.
Unissued and unreserved stock
25.000 shs.
Total authorized issue
225,000 shs.
* The corporation reserves the right to sell less than 80.000 shares. in
which event the capital structure would be modified to that extent.
The corporation reserves the right to issue the remaining 25,000 shares
for services in connection with distribution of its products, or for cash.
-Jean Tinier, Pres.; Henry S. Thompson, V.-Pres. and Treas.;
Officers.
J. R. Hanna, Seey.
Directors.
-Jean Miler, Henry S. Thompson, Charles S. Haight, Win.
Dewey Loucks, J. R Hanna.
Purpose.
-Offering is made for the purpose of securing funds to enable
the corporation to carry on its business.
Representation as to Earnings.
-No representation whatsoever is made as
to the earnings of this corporation, and its future success is wholly dependent
upon the repeal of the 18th Amendment. Pending such repeal, it will at
all times comply with all laws of the United States and any State in which
it operates, and its business will be limited accordingly.
-V.137, p. 706.
Transcontinental Air Transport, Inc.
-New Chairman.
J. Cheever Cowdin has been elected Chairman, filling a position which
had been vacant some time. E. R. Breach and Lamotte 'I'. Cohn have
been elected directors, increasing the board from 18 to 19 members. Mr.
Cebu succeeds Leonard Kennedy, who resigned.
-N. 134. p. 2927.
' 'Trusteed New York Bank Shares.
-Smaller Dividend.
A semi-annual dividend of 3.2 cents per share was recently declared on
these shares, payable Aug. 10 to holders of record July 31. An initial
distribution of 4.4 cents per share was made on Feb. 10 last.
-V. 136.
P 1038.
1257
Trustees
Industrial
System Service
Loan &
Corp.
Guaranty
c% Subs.
CO., Inc. Combined.
$362,285
$370,807
$8,522
, 393,570
393.570
175,717
175.717
3,039,084
3,039,084
138.378
142,731
4.353
125,883
125.883
AssetsCash
Marketable securities
Chipola Hotel bonds
Loans and discounts
Notes and accounts receivable
Due from affiliated co
Investments in affiliated cos., lees
reserve
1
Investment in Marianna Lime Products Co.,less reserve
Real estate acquired through foreclosure
1.320,100
Real estate office buildings and equipment, at cost
3.020,038
Furniture and fixtures, less reserve29,148
Leasehold improvements, less amort- ' 19,824
Constr. and oper. supplies, estimated
41,269
Deferred charges and prepaid exp
66,178
Total
Liabilities
-Accounts payable and accr. expenses
Notes payable, secured
Mortgages payable on real estate and
real estate contracts
First mtge. 63i% bonds of Trustees
Loan & Guaranty Co., Inc.,secured
by Chipola Hotel bonds
6% Gold Notes
Now outstanding
$6,947,853
Proposed to be issued in exchange
therefor
10
-year 6% gold notes estmated at
Remainder $3,947,852 to receive
class A no par stock of proposed
new company
Net Worth-To be represented by
x78,957 shares of class A and
308.078 shares of class B stock of
proposed new company
$8,731,479
$361.401
15,000
1
850,680
850,680
777
3,020,038
29,148
19,824
41,269
66,955
1,320,100
$864,333 $9,595,813
$3.278
$364,679
15,000
2,111,947
2,111.947
93,300
93,300
3,000,000
3,000.000
3,149,830
861.054
4,010,885
Total
$8,731.479
$864.333 $9.595,813
x The number of shares of class A $3 cumulative stock to be issued as
shown above is subject to change on account of (1) any difference between
the amount of new 10
-year 6
gold notes which may actually be issued
and the amount thereof ($3„000) estimated and (2) possible shares
to be issued for excess of present gold notes over the liquidating assets of
companies having such an excess.
-V. 136, p. 2443.
Trustees System Service Corp.-Reorganization Plan.
A complete program for the reorganization of the corporation and
affiliated companies, including the Industrial Loan & Guaranty Co. has
Mills.
-Decreases Capitalization.
been announced by two committees, one a noteholders' protective comThe stockholders on July 21 approved a proposal to reduce the authorized
mittee headed by Burt A. Massee, chairman, and including Hugh L.
capital of the company, 10.760 shares of the par value of $100 each, to
McWilliams and 'Walter J. McGuire, and a stockholders' protective com10,760 shares of the par value of $5 each and to transfer from capital to
mittee beaded by Carl E. Kasten, cha rman, and ncluding Georg. B.
surplus the amount of such reduction.
-V.137, p. 158.
Howard. Win. Anderson, Dr. Arthur G. Johnson and Donald J. La Flaur.
The reorganization plan contemplates putting the entire Trustees
Tuttle & Bailey Mfg. Co.
-Sale.
-System business into a single corporation, in which each stockholder would
See Hart & Cooley Co., Inc. above.
-V. 115, p. 2914.
have a voice in the management and a share in the profits. The new
company will acquire all the assets of the present companies. The only
"
stock will be common and all shares would have cumulative voting rights. --"-- Union Rock Co., Los Angeles.
-Pays March 1 Interest.
There will be an A and B stock, the A to be preferred as to dividends at
Letters have been mailed by Et ft. Rollins & Sons, Inc., to approximately
800 bondholders of the Union Rock Co. 1st mtge. 6% bonds announcing
the rate of $3 per share per annum and subject to call at $50 a share. The
toe deposit of funds with the trustee for the payment of the March 1 1933
company is not to issue any additional shares of class A for a price less than
Interest coupon.
$50 a share, nor issue any stock with rights prior to class A shares.
Properties of the Union Rock Co., now owned by Consolidated Rock
According to the plan, the priority rights of the gold note holders is
recognized by according them the greatest amount of new securities conProducts Co., have been under the operation of a management committee
for the last few months, the Rollins organization, principal underwriter of
sistent with the assets of the several companies. New 6% 10
-year notes
are to be exchanged for present gold notes to the extent of the net liquid
the bonds, states in the letter to oondholders. The committee has placed
into effect substantial operating economies and has also been aided by the
assets of each of the several companies. Any remaining balance of present
improvement in general business.
gold notes exchanged for new notes would 'De exchanged for class A stock
on a basis of one share for each $50 of par value of present notes. StockIn an accompanying letter to bondholders, F. J. Twaits. President of
holders who participate in the reorganization would receive stock in the
Consolidated Rock Products Co., explains that the principal problem of
new company on the following basis:
the company has been the retirement of the bonds maturing during the
period of depressed business. He adds that a plan for meeting the problem
(1) Shares of both common and preferred stock, having a par value, in
may be offered to holders of short maturities before the next maturity date.
all the Trustees System companies, to be exchanged for shares of class B
(Los Angeles "Times").
-V. 125, p. 2542.
stock in the new company, on a basis of one share of new class B stock for
each $50 of par value of the above present stock.
United Aircraft & Transport Corp.-Earnings, etc.
Shares of no par common stock in the Trustees System Service Corp.
(2)
For income statement for 3 and 6 months ended June 30 see "Earnings
and its subsidiaries to be exchanged for shares of class B stock in the new
Department" on a preceding page.
company, on a basis of one share of new class B stock for 10 shares of the
above stock.
W. A. Patterson has been elected President of the various divisions of
United Air Lines, subsidiary of United Aircraft & Transport Corp., suc(3) Shares of no par common stock in Industrial Loan & Guaranty Co.
ceeding Philip G. Johnson. Mr. Johnson, who was recently elected Presito be exchanged for shares of class B stock in the new company, on a basis
dent of the parent corporation, will remain head of United Air Lines.
of one share of new class B stock for each five shares of the above stock.
D. B. Colyer has been elected Vice-President of United Air Lines western
(4) Shares of preferred stock, having no par value, in any company, to
division and Thorp Hiscock as Vice-President in charge of technical develexchanged for shares of class B stock in the new company, on a basis
be
opment.
-V. 137. p. 707, 510.
of one share of new class B stock for each share of the above stock.
(5) In additon to the above proposed distribution of class B stock, if it
United Carbon Co.-Earnings.is found that any company has liquidating assets in excess of its present
For income statement for 6 months ended June 30 Fee "Earnings Degold note liability, then shares of class A stock to the extent of such excess,
partment" on a preceding page.
-V. 136. p. 4108.
to be distributed ratably to the holders of preferred and (or) common
stock in such company.
United-Carr Fasterner Corp.(& Subs.).
-Earnings.
The net result of the above will be that all present common stock holdings
For income statement for 6 months ended June 30 see "Earnings Deof the Service Corporation in subsidiaries which come into the new compartment" on a preceding page.
-V.136. 11• 3737.
pany will be cancelled. The common stock in subsidiaries not participating
in the plan will become assets of the new company. This is also true of all
'"
'"United Guaranty Corp.
-Dividend Deferred.
other inter-company holdings.
The directors have decided to defer the semi-annual dividend due Aug. 15
The plan also proposes that after the payment of 6% annual interest on
on the no par $3.50 cum. prior pref. stock. The last regular semi-annual
the new notes and $3 dividends on the class A, a reserve of not less than
payment of $1.75 per share was made on this stock on Feb. 15 1933.-V. 136,
50% of the remaining balance shall be set aside for redemption of the new
p.3737.
notes before any dividends are declared or paid on the class B stock.
Holders of the class A stock are to have the right before the time of redempUnited Piece Dye Works.
-Earnings.
tion to convert their class A shares into class II on the basis of two shares of
For income statement for 6 months ended June 30 see "Earnings DeB for one share of A.
partment" on a preceding page.
The plan is subject to the acquirement of the assets of the company,
-V. 136. p. 3923.
the deposits of sufficient gold notes and stock, and approval of the courts
and other public authorities. The committee states that it believes the
United States & British International Co., Ltd.
proposed new company would be financially sound and could operate with
Sale of Interest in Trans-Oceanic Trust, Ltd.
a substantial profit.
The holdings of the United States fit British international Co., Ltd., a
The Chicago office of the noteholders' committee is located at 120 South
La sane Street, and the stockholders' committee is at 110 South Dearborn
subsidiary of the American Founders Corp., in Trans-Oceanic Trust, Ltd..
a British investment trust, have been sold to British interests. A smaller
Street. Both committees maintain New York offices at 11 West 42nd St.
holding in Trans-Oceanic by American & General Securities Corp. was
A circular issued by the stockholders' committees further Included in the sale. rhe companies in the Founders group have been
consistently reducing their foreign holdings, it Is announced.
states:
The holdings disposed of by the Founders' subsidiaries represent approxiIn addition to more than $3,000,000 of cash and current loans assets, there
mately one-third voting interest in Trans-Oceanic Trust, Ltd.. which Is
are several millions of dollars in non-liquid assets which, in our opinion,
managed by Helbert, Wagg & Co., London.
be made into live working assets, and worthy of saving and develoPi
can
Balance Sheet May 31.
for the benefit of the security holders who will mutually select and back
up a directorate and management for the mutual good and profit of all.
Assets1933.
1932.
1932.
1933.
The gross combined earnings of all Trustees System companies, from
a Invest.(at cost)-$3,857,027 $4,202,023 d $3 pref. stock_.$l,453,000 $1,453,000
Interest, discount and fines, from April 1 to Sept. 30 1932, the last six
Cash
371,984 b Class A corn.stk. 294,358
56,988
294,358
full months of operation before receivership in October 1932, were as
Securs. sold-not
c Class B corn.stk.
30,000
30,000
follows:
delivered
1,487
14,200 5% gold debs
2,486,000 2,650,500
July.
June.
August.
September.
Accr. Inc. rec., &c_
May.
40,075
April.
30,148 Sec. purch. not rec.
21,377
17,932
$88.352
$91.122
$103,066
$89,553
Coll. notes recelv.
$92.617
17,511
133,644 Taxes
2,031
1,350
$91,490
Intermed. cred. to
Interest on debs
11,033
10,358
These earnings were derived only from the liquid loans assets, and
foreign govern
75,000
125,000
serv. fee and
averaged, for the six months period, more than $92,000 per month. The
UnamortIzed dissundry expenses
7,857
19,539
greater portion of these liquid assets are to-day available for reorganiza206,750 Surplus & undiv.
181,735
count on deb
tion and the committee estimates that the actual expense of conducting
profits
def71,713
602,585
the loans business will not exceed $25,000 monthly, leaving a substantial
net profit out of which to pay 6% interest on the notes and the preferred
Total
$4,229,825 $5,083,755
Total
$4,229,825 $5,083,755
dividend on class A stock, leaving a surplus, after reserves, for the class B
a Market value May 31 1933. $2,625,652 against $1,812,485 on May 31
stockholders.
1932. b Represented by 294,358 shares of $1 par value in 1933 and no
Assets and Liabilities as at Oct. 28 1932.
Tentative Combined Statement of
par value in 1932. c Represented by 300,000 shares of 10 cents par value
In 1933 and no par value in 1932. d Represented by 29.006 shares of no
[Showing securities of proposed new company to be issued for the net
par value.
-V.137. p. 1071.
assets of the present companies under tentative plan of reorganization.'
1258
Financial Chronicle
United States & Foreign Securities Corp.
-Pays
Dividend Accruals.
The directors on Aug. 9 declared a dividend of $4.50 per share on the $6
cum.1st pref. stock, no par value, payable Sept. 1 to holders of record
Aug. 21. With this payment, all dividends in arrears on the 1st pref.
stock will have been paid.
On Aug. 1 last the company made a distribution of $3 per share and on
June 10 1933 one of $1.50 per share on account of accumulations. See
V. 137. p. 510.
United States Gypsum Co.-Earnings.-For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
Current assets as of June 30 1933, including $13,218,665 cash and marketable securities, amounted to $19,063,660 and current liabilities were
$1.093,801. This compares with cash and marketable securities of $11.870,711, current assets of $18,205,431 and current liabilities of $769,460 on
June 30 1932.-V. 136, p. 1905.
United States Oil & Royalties Co.(Inc.).-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 136. P. 1906.
UnitedStates Rubber Co.
-Balance Sheet June 30.1933.
1932.
Assets
Plants, property,
Cash
Accts.¬es reo
(customers)_
Inventories
Sec.of controlled
companies
U.S. Rub. Plantations, &c
Other securities_
Prepaid and deferred assets
79,849,917 84,478,578
5,791,034 11,608,236
19,124,810 22,384,835
17,927,909 22,826,127
3,757,380
4,175,218
27,487,959 27,257,047
2,469,926 1,193,612
2,641,806
2,289,345
1932.
1933.
Preferred stock_ 65,109,100
a Common stock 9,439,100
Minority Dominion Rub. Co.,
338,700
Ltd. stock_ _ _
Accounts pay'le
incl. accept's
pay'le for importations of
crude rubber_ 3,797,519
Acer. int.& nab. 3,213,466
6,)5% see. notes
(current) __ 1,552,000
Funded debt__ - 71,294,298
4,306,558
Reserves
65,109,100
18,188,379
338.700
3,321,102
3,188,279
13,248,000
69,166,741
3,652,706
Total
Total
159,050,741 176,213,007
159,050,741 176,213,007
a Represented by 1.464,371 no par shares.
-V. 137, P. 1072.
United States Steel Corp.
-Unfilled Orders.
Bee under "Indications of Business Activity" on a preceding page.
V. 137, p. 886. 1072.
Vick Chemical Co.
-Personnel.
In addition to H. Smith Richardson and Lunsford Richardson, Chairman
of the board and President, respectively, the following men comprise the
company's chief operating executives: William Y.Preyer, 1st Vice-President
in charge of finances; Charles G. Yates, Vice-President in charge of plants,
purchasing and production; Allan T. Preyer, Vice-President in charge of
personnel; Henry B. Yates, Vice-President in charge of domestic sales;
Hugh D. McKay, Vice-President in charge of export sales; James F. Hoge,
Secretary and General Counsel. See Drug Inc.above and in V.137,p.145.,
V. 136, p. 1220.
Vocafilm Corp. of America.
-Sues Under Anti-Trust
Laws.•
The following is taken from the "Herald Tribune" of July 21:
"Suit for $65,953,125, triple damages under the Sherman and Clayton
anti-trust laws, was begun July 20 in U. S. Supreme Court by the Vocafllm
Corp. of America against the American Telephone & Telegraph Co.,
Western Electric Co., Inc., and Electrical Research Products, Inc., on the
ground that the three defendant companies constitute a monopoly for the
restraint of trade and that the plaintiff company, which formerly manufactured motion picture sound recording equipment, had virtually been
put out of business by the defendant companies.
"It is charged specifically in the complaint that the defendant companies,
through their association with large motion picture producing companies,
provided for the release of pictures only to exhibitors using sound production
apparatus manufactured and controlled by the defendants. The picture
companies named in the complaint included Paramount, Fox, Warner
Brothers, United Artists, Metro-Goldwyn-Mayer, Universal, Columbia
and others. It is alleged by the plaintiff that the hostile attitude of the
defendant companies caused the Vocafilm losses under a contract with the
Educational Pictures Corp. of $8,384,375, and losses totaling $13,000.000
from the distribution of film productions of current events and of productions of the Shuberts, William A. Brady and A. H. Woods. The estimated
losses were tripled, according to the law, in the suit."
Vulcan Detinning Co.-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 136. p. 3179.
Walgreen Co.-July Sales.
Increased 1933-7 Mos.-1932.
1933-Julv-1932.
Decrease.
$372,5361$25.584,212 $27,287.472 $1,703,260
e4,179,827 $3,807.291
Note.
-Above sales are exclusive of those derived from two stores located
on grounds of A Century of Progress. Exclusive of two World's Fair
stores the Walgreen Co. at the end of July had 466 stores in operation, three
more than a month earlier and the same number as a year age.
-V. 137,
p. 511.
Walworth Co.-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V.136. P. 4289.
Auto Supply Co.-Doubles Dividend -Sales.
The directors on Aug. 7 declared a quarterly dlv. of 50 cents per ...hereon
both the class A and B common stocks. payable Sept. 1 1933 to holders of
record Aug. 19 1933. This represents an increase of 25 cents over the previous payment of 25cents per share made each quarter from June 1 1932
to and. incl. June 1 1933.
Sales for Month and 7 Months Ended July 31.
Increase.
Increase. j 1933-7 Mos.-1932.
-Month-1932.
1933
3664,400
S1.518.700 $1,255,800
$262.900 I 56.718,600 36.054.200
-V. 137, p. 511.
Western Electric Co., Inc.-Raises Wages 11%.
This company has signed the President's re-employment agreement and
has granted an increase in pay of 11% applying to all hourly rated employees
and salaried employees receiving up to $.3.241e a year. The new rates date
from Aug. 1 and affect more than 15.000 men and women. The total
increase made in the company's payroll as a result of the advance will be
-V. 136, P. 4109.
$2,250,000 annually, it is stated.
Westinghouse
NIRA.
Electric & Mfg. Co.
-To
Operate Under
President F. A. Merrick has issued the following statement regarding the
company's participation in the NIRA:
"All works and offices of the Westinghouse Electric & Manufacturing Co.
and subsidiaries will, dating from Aug. 15, operate under the provisions of
NIRA which at that date becomes effective for the Electrical Manufacturing
Industry as set out in the code of the National Electrical Manufacturers'
Association approved by President Roosevelt."
Increases Price of Refrigerators.
The company has increased the price of electric refrigerators effective
at once. The advance, averaging 6.47%, ranges from $10 to $75, according to the size of the refrigerator. The lower priced new model BI43.
announced last week at $99.50, remains unchanged.
Recent increases in costs are due to the rapidly changing conditions
affecting the manufacture of refrigerators, R. C Cosgrave, Manager of the
With the price of raw materials and labor
refrigerator department, states.
substantially advanced." he explained. "it has been found necessary to
increase the retail price of the finished product to maintain a sound merchandising program and to stabilize production.
Aug. 12 1933
"Prices of some of the raw materials used in the manufacture of our
product have advanced, in many cases, as high as 100% within the past
few months."
-V. 137. p. 887.
White Rock Mineral Springs Co.
-Listing of Stock
Trust Certificates for Common Stock-Earnings.
The New York Stock Exchange has authorized the listing of stock trust
certificates extended to Nov. 1 1938. for 250,000 shares of the common
stock on official notice of issuance in exchange for present outstanding
stock trust certificates for common stock.
Earnings.
-For income statement for 3 and 6 months ended June 30
see "Earnings Department" on a preceding page.
-V. 137, p. 887.
White Sewing Machine Corp.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V.136. p. 3556.
Wood, Alexander & James, Ltd.-Earnings.
Income Account for Year Ended Jan. 31 1933.
Loss for year before providing for deprec., bond int.. &c
Provision for depreciation
Bond interest
$23.624
16.417
17.428
Net loss
Previous surplus. Jan. 31 1932
$57.469
86,271
Surplus Jan. 31 1933
$28.801
Balance Sheet Jan. 31 1933.
Assets
Ltabilitte,sCash
$94,197 Bilis and aee'ts payable
$36,946
Dominion of Canada bonds,
Bond interest payable
8,370
51§%. 1934
50,688 1st nage 6% 20
-year sinking
Bills and acc'ts receivable_ 129,438 fund bonds
279,000
Inventory
420,981 Reserve for depreciation
116,535
Fixed assets
680,419 7% 1st preference stock
650,000
Deferred charges
15,793 7% 2d sink, fund pref. stock_ _ 212,400
x Common stock
59,463
Surplus
28,801
Total
Total
$1,391,515
$1,391,51
x Represented by 6,500 shares of no par value.
-V. 133. p. 2943.
.'"*"-Woodruff & Edwards, Inc.-Off List.
The Chicago Stock Exchange has removed from the list the 500,000
shares participating class A stock (no par), because of discontinuance of
Chicago transfer agent and registrar.
-V. 134. p. 2171.
(F. W.) Woolworth Co.-July Sales.
Period End. July 31- 1933
-Month-1932.
1933-7 Mos.-1932.
Sales
$19.582,882 $18,146.191$128,486,950$136,394,336
-V. 137. p. 332..
CURRENT NOTICES.
From the Chicago "Journal of Commerce" of July 29 we take the
following:
"Misconstruction placed upon reports of the arrangement concluded
between the two prominent brokerage firms of J. S. Bache & Co. and
Ettinger & Brand yesterday elicited a statement on the matter from
Morton F. Stern, partner in Bache & Co.
"'Arrangements between Ettinger & Brand and J. S. Bache & Co.,
by which Bache & Co. is to become the exclusive correspondent of Ettinger
& Brand, have been completed,* Mr. Stern said.
"
'Under the terms of the contract Ettinger & Brand are to continue
their operations on all of the principal exchanges and through their several
offices. Just as they have in the past, and there will be no general liquidation of the Ettinger & Brand accounts. The Ettinger &.Brand accounts,
for which Bache & Co. will act as correspondents under the terms of the
agreement, will be carried on Bache's books individually rather than collectively. Ettinger & Brand will maintain contact with their customers.'
" am making this statement,' stated Mr. Stern,'to correct the entirely
'1
erroneous report that liquidation of the affairs of Ettinger & Brand was
n contemplation under its arrangements with J. S. Bache St Co.'"
-Allied-Distributors, Inc. has prepared a study of six management
investment trusts based on their June 30 1933 reports. This study supplements the previous quarterly analyses of leverage type trusts whose stocks
are listed on the New York Stock Exchange and deals with American
European Securities Co., Capital Administration Co., Ltd., General American Investors Co., Inc., General Public Service Corp., Second National
investors Corp. and Tr -Continental Corp.
Orvis Brothers & Co., New York, have ready for distribution the 22nd
edition of their "Cotton Chart." This compilation carries in a compact
manner the vital cotton statistics on the condition of the crop and ginning
reports over a period qf 10 years, and provides spaces for keeping the card
up to date during the current year, as new reports are issued.
-Announcement is made of the formation of the New York Stock Exchange firm of Clifford & Co.,for the transaction of a general bond brokerage
business, with offices at 52 Wall Street. Partners in the new firm are H. C.
Clifford, Robert H. Whiten, Member New York Stock Exchange, Forrest
McMullen, D. R. J. Arnold and George G. Hynson,
-A. C. Allyn & Co.. Inc., New York, announce that William G. Bond
has been appointed manager of their municipal bond department, and that
Alfred F. Wrase and John H. Middlecamp have become associated with
them. All three men were formerly associated with Batchelder & Co.
-James Talcott, Inc., have been appointed factors for Pfeiffer Silk Corp.
New York City, silk throwsters; for the Opechee Hosiery Co., Laconia,
N. H., manufacturers of hosiery and for the Seligman Fabrics Corp., New
York City, manufacturers of knitted novelties.
-George A. Bailey, formerly head of the Statistical Department of
West & Co., has formal the firm of Bailey & Co., 1518 Walnut St., Philadelphia, for the transaction of a general investment securities business and
to turnish a statistical and analytical service.
_Enyart, Van Camp & Fell, Inc., Chicago, announce the appointment
of Frank C. Nason as manager of their municipal bond department. Mr.
Nason formerly was connected with the First National Bank for 26 years
and was an officer of that institution.
-Williams, Bailey & Benjamin, New York, announce that Edwin G.
Clemence, formerly with Holt, Rose & Troster has become associated with
them in their trading department.
Holt, Rose & Treater, 74 Trinity Pl., New York, have prepared a
special booklet giving facts and figures on New York City bank stocks, and
other over-the-counter securities.
Albert Gautier, formerly with 13. H. Brunner & Co., has become associated with Lord, Abbett & Co.. Inc. in charge of the foreign department.
-E. W. Clark & Co., Philadelphia, announce that Harold Moyer Gilmore has become associated with them.
-Hornblower & Weeks have prepared a 14-year chart of the security
market.
Volume 137
P inancial Chronicle
1259
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 following the
editorial matter in a demartment headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Aug. 11, 1933.
COFFEE futures on the 7th inst. ended 2 to 6 points
lower on Rio contracts and 3 points lower to 4 points higher
on Santos contracts; sales were slightly under 4,000 bags.
There was some liquidation owing to the poor demand for
spot and fairly liberal Brazilian offerings. On the 8th inst.
trading continued small and the closing was irregular with
Santos unchanged to 4 points net lower and Rio unchanged
to 3 points higher. The feature of the day was the selling
of December Santos by commission houses. The trade was
buying Rio contracts. Sales were 2,000 bags of Rio and
5,000 bags of Santos. Stocks of mild coffee in the United
States as of Aug. 7 totaled 345,371 bags against 341,009
last week and 341,845 last year. Arrivals thus far in August
were 64,410 bags against deliveries of 60,048. Stocks at
New York included 188,541 bags of Colombian, of which
arrivals for the week were 43,758 and deliveries 28,400 bags.
Spot coffee was dull with Santos 4s held at 9 to 9%c.; Rio
7s, 73
,e. and Victoria 7-8s, 73o. Cost and freight offers
were fairly liberal with Santos 4s for prompt shipment,
ranging from 8.55 to 8.85c. Rio 7s were offered at 7.10e.
for August and August to December shipment, while Victoria 7-8t ranged from 6.90 to 7.05e. On the 9th inst.
futures advanced 2 to 9 points on buying induced by further
talk of inflation and the tact that futures are below a parity
with actuals. Trading was rather small with sales of 7,250
bags of Santos and 5,250 bags of Rio. Cost and freight
offerings were generally unchanged, with Santos Bourbon
3-5s here at 8.55 to 8.90c. for prompt shipment; Rio 7s,
August and August to December shipment were 7.10c.
and Victoria 7-8s, 6.90c. Spot coffee was still dull with
Santos unchanged at 9 to 93<c. On the 10th inst. futures
advanced 5 to 7 points on Santos contracts and 2 to 6 points
on Rio, on what appeared to be local and Brazilian buying.
European interests were reported to have sold. Sales were
8,000 bags of Santos and 4,500 bags of Rio. Cost and
freight offerings were moderate and prices were steadier
with Santos 48 quoted at 8.60 to 8.90c. for promptshipment,
and Rio or Victoria 7-8s for prompt shipment at 6.95e.
and for September to December shipment at 6.80c. Spot
coffee was quiet at 9 to 9%c. for Santos 4s and 73 0. for
/
Rio 7s. To-day futures ended 6 to 13 points lower. Local
trade interests were selling while European interests were
said to be buying. Final prices show a decline for the week
of 1 to 15 points.
Rio coffee prices closed as follows:
September
December
March
5.77 I May
6.00 July
6.101
6.15
6.20
Santos coffee piices closed a.0 follows:
December
March
8.17 May
8.251July
8.34
8.38
COCOA to-day ended 5 to 6 points lower in a dull market.
Sales were 53 lots. September closed at 4.75c., Oct. at
4.84c., Dec. at 5.02c., March at 5.27c. and May at 5.41c.
Final prices are unchanged from a week ago.
SUGAR futures on the 7th inst. advanced 3 to 6 points
on active covering induced by fears over the rapid spread
of the strike in Cuba and its possible effect on exports of
sugar to this country. At one time prices were 4 to 8 points
higher but liquidation appeared when the market failed to
respond fully to developments over the week-end and there
was a slight recession. Raws were quiet but steady at 3.45e.
for spots, duty paid. Refined was 4.70c. On the 8th inst.
futures declined 1 to points in a nervous market, under
liquidation principally by commission houses and European
interests. There was a disposition to await the hearings on
the sugar question of production quotas at Washington
to-morrow. The unsettled political situation in Cuba caused
considerable hesitancy. Raws were dull with Cuban shipping
tied up. Refined withdrawals fell off somehwat with prices
unchanged at 4.700. On the 9th inst. futures closed 1 to 2
points lower with sales of 10,900 tons. The market moved
within narrow range. Many were awaiting developments at
Washington to-day in connection with the hearing on the
basic agreement. The unsettled political situation in Cuba
has checked trading. Refiners were more concerned over
the possibility of restricted shipments from Cuba and there
was a good demand for late Aug. or early Sept. arrival
Puerto Ricos at the basis of 3.50c. Two lots of 10,000 bags
each of Puerto Ricos sold for Aug. 30 or Sept. 2 and Sept.
11 shipment. Refined withdrawals were rather liberal and
prices remained at 4.70c. On the 10th inst. futures advanced
3 to 5 points on buying influenced by reports that a state
of war practically existed in Cuba. Trading was light.
Raws were quiet at 3.50c. Refined was 4.70e. To-day
futures ended unchanged to 2 points lower. Washington
reports stated that stubborn resistance was offered to the
proposed marketing agreement. Trading was quiet. Final
prices are 3 to 4 points higher for the week.
Closing quotations follow:
September
December
January
1.421March
1.491May
1.501July
1.56
1.61
1.63
LARD futures on the 5th inst. ended 5 points higher on
distant deliveries but the nearby positions showed a decline
of 13 to 20 points. Support was lacking. Hog receipts
of 26,100 were considered large for the near end of the present
season. Yet hogs were 5e. higher. On the 8th inst. futures
declined 15 points under general liquidation and the weakness of outside markets. Liverpool was dull and 6d lower.
Exports were 1,031,415 lbs., to Southampton, Glasgow,
Copenhagen and Rotterdam. Yet hogs were unchanged to
10e. higher with the top $4.50. On the 7th inst. futures
closed unchanged to 5 points lower owing to bearish hog
news. Hogs closed 10 to 15e. lower with the top $4.70.
Receipts for the Western run were very heavy, being 111,400
against 86,200 on the same day last year. Exports of lard
were 395,105 lbs. to Southampton, London and Antwerp. On
the 9th inst. with grain and hogs higher lard futures rose 25
to 30 points. There was a fair demand. Liverpool however
was 6d. to 9d. lower. Exports were small, i.e. 17,835 lbs.
to Naples and Oslo. Hogs were Sc. to 10c. higher with the
top $4.60. Total receipts for the western run were 65,500
against 65,700 for the same day last year. On the 10th inst.
futures 5 to 10 points higher on buying by comission houses
stimulated by higher hog prices and the strength of grain.
Hogs were 10c. higher with the top $4.75. Exports of lard
were 100,850 lbs. to Helsingfors. To-day futures declined
8 to 12 points influenced by the weakness in other markets.
Final prices are 13 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat. Mon. Tues.
Wed. Thurs. Fri.
September
6.22
6.17
6.00
6.25
6.15
6.07
October
6.35
6.32
6.17
6.45
6.37
6.25
December
6.60
6.55
6.40
6.72
6.62
6.50
Season's High and When Made.
Season's Low and When Made.
September_ _ _8.35
July 19 1933 September_ __ _4.02
October
8.50
July 19 1933 October
4.57
December_ .. _ _8.87
July 19 1933 December...._ _6.27
Aug. 1 1933
PORK steady; mess, $20.50; family, $16.50 nominal; fat
backs, $14.50 to $15. Beef steady; mess nominal; packet
nominal; family $12.25 to $13, nominal; extra India mess,
nominal. Cut meats, steady; pickled hams, 4 to 6 lbs.,
63ic.; 6 to 8 lbs., 63'e.; 8 to 10 lbs., 53 c.; 14 to 20 lbs.,
%
113/2c.; 22 to 24 lbs., 103/Ie.; pickled bellies, 6 to 12 lbs.,
10c.; bellies, clear, dry salted, boxed, N. Y., 14 to 20 lbs.,
838c. Butter, creamery, firsts to premium marks and
/
higher score than extras, 18 to 22c. Cheese, flats, 17 to
21 Mc. Eggs, mixed colors, checks to special packs, 10
to 21e.
OILS.-Linseed was firmer, but demand was rather small.
Tank cars, 9.9c.; carlots, 10.4 to 10.5c. There was less
disposition to shade prices. The Government estimated
the flaxseed crop at 7,800,000 bushels against 9,200,000
bushels on July 1 and 20,000,000 the 1926-30 average.
Yield, per acre, was put at 4.4 bushels against 5.7 last year.
Cocoanut, Manila, Coast tanks, 3c.; tanks, N. Y., spot,
33 to 3%c. Corn,crude, tanks, f.o.b. Western mills, 53.e.
China wood, N. Y., drums, delivered, Sc.; tanks, spot,
Financial Chronicle
1260
7.4 to 7.50.; Pacific Coast, tanks, 7.2c. Olive, denatured,
spot, Greek, 72 to 73c.; Spanish, 75 to 76c.; shipment,
carlots, Greek, 72e.; Spanish, 74 to 75c. Soya bean, tank
cars. f.o.b. Western mills, 7.8 to 8c.; ears, N. Y., 9c.;
L.C.L., 9.50. Edible, olive, $1.45 to $1.60. Lard, prime,
10c.; extra strained, winter, 83/2e. Cod, Newfoundland,
nominal. Turpentine, 48),4 to 50e. Rosin, $4.9734 to
$5.45.
COTTONSEED OIL sales to-day, including switches,
5contracts. Crude S.E.,nominal. Prices closed as follows:
Spot
August
September
October
November
5.001December
5.02!January
5.15 February
3.231Marcft
5.251
5.33
5.37
5.38
5.48
-The summary and tables of prices forPETROLEUM.
merly appearing here will be found on an earlier page in
our department of "Business Indications," in the article
entitled "Petroleum and Its Products."
RUBBER futures on the 7th inst. in a very dull session
were 6 to 16 points lower. Sales were 1,960 tons. London
and Singapore markets were closed because of the banking
holiday in the United Kingdom. Dealers and local operators
were selling. The only support the market received was from
shorts. Spot prices were weaker and the demand was small.
Aug. closed at 7.29c., Sept. at 7.49e., Dec.at 8.09 to 8.10e.,
Jan. at 8.200., Mar. at 8.350., May at 8.57e., and July at
8.77c. On the 8th inst. futures were more active and prices
advanced 20 to 25 points, sales 3,430 tons. Renewed rumors
of inflation by the Administration and the late strength of
securities prompted good buying. After a two-day holiday
foreign markets opened with losses. London was down 1-16d.
to 5-32d. and Singapore was off Md. to 5-32d. Restriction
news was lacking. Spots were higher with some reporting
little doing while others said there was a fair demand. Sept.
closed at 7.70 to 7.74c., Dec.at 8.20 to 8.3043., Jan. at 8.42c.,
Mar. at 8.58 to 8.59e., and May at 8.82c. On the 9th inst.
futures again advanced but the gains were only fractional
ranging from 6 to 12 points early and from 6 to 16 points at
the close. Sales were 3,830 tons. The outside demand was
better. Dealers were good buyers. London advanced 3-32d.
to Md. and Singapore was 3-32 to Md. higher. Sept. closed
at 7.82 to 7.89c., Oct. at 8.01c., Dec. at 8.39 to 8.41c.,
Jan. at 8.48c., Mar. at 8.67 to 8.680., and May at 8.90e.
On the 10th inst. futures closed 14 to 18 points lower with
sales of 3,740 tons. Liquidation by commission houses and
professionals was influenced by the weakness of securities.
Some hedge selling was noticeable. London was unchanged
to 1-32d. lower. Singapore advanced 1-16 to 3-32d. Aug.
closed at 7.50c., Dec. at 8.250., Mar. at 8.50 to 8.54e., and
May at 8.72e. To-day futures closed 11 to 12 points lower
with sales of 469 lots. There were rumors that another
announcement on restriction was due in the near future but
this lacked confirmation. Trading was small. Final prices
show an advance, however, for the week of 7 points.
HIDES futures on the 7th inst. following a weak opening
of 15 to 40 points decline rallied and ended 18 to 25 points
lower. Trading was small, i.e. 360,000 lbs. Horsehides
were quiet. So were New York City calfskins. Spot
hides were in slightly better demand but no large sales were
reported. Sept. ended at 12.40 to 12.60e., Dec. at 12.82
to 12.85c., March at 13.05 to 13.10c. and June at 13.32c.
On the 8th inst. trading was small but prices advanced 5 to
10 points. Spot hides showed little change. There was a
fair inquiry but actual business was small. Sept. closed at
12.50 to 12.55c.; Dec. at 12.90 to 12.95c.; March at 13.10
to 13.25e. and June at 13.400. On the 9th inst. there was a
further advance of 8 to 10 points in futures. Trading was
light, sales being only 480,000 lbs. There was nothing new
in spot hides. Sept. closed at 12.60 to 12.80c., Dec. at
12.98 to 13c. March at 13.20 to 13.35e. and June at 13.500.
On the 10th inst. futures closed 8 to 15 points lower with
sales of 280,000 lbs. Spot hides were unchanged with native
2
steers 15c; butt brands and Colorados 143/e and Chicago
light native cows 14c. New York City calfskins 9-12s
2.50; 7-9s 1.95; 5-75 1.50. Sept. closed at 12.50 to 12.650.;
Dec. at 12.90 to 12.92c.; March at 13.10 to 13.20c. and June
at 12.35c. To-day futures closed unchanged to 10 points
higher with sales of 16 lots. Dec. ended at 12.95 to 13.05c.,
March at 13.20 to 13.30c., Sept. at 12.50 to 12.70e.
OCEAN FREIGHTS continued dull.
CDARTERS.-Tankers: Clean, Gull, October Plate, 10s. 6d.
-The demand for smokeless domestic fell off someCOAL.
what. New business was rather small but shipping under
contract was on a large scale. Lake Erie loadings in the
Aug. 12 1933
July 31 week totaled 1,317,000 tons against 1,292,000 tons
in the previous week. In July soft coal minings totaled
29,457,000 tons, an increase of over 4,000,000 tons for the
month and of over 11,000,000 tons compared with the year
before. Anthracite production for July stood at 3,673,000
tons loaded against 3,928,000 in June and 3,021,000 in July
1932. Beehive coke production in July was 67,200 tons
against 50,100 in June and 38,200 tons in July 1932. Bituminous production in the August 5th week was 6,975,000
tons against 7,550,000 in the preceding week and 4,465,000
tons a year ago and 6,874,000 two years ago.
SILVER futures on the 7th inst. closed 3 to 10 points
higher with sales of 2,475,000 ounces. The bar price was
unchanged at 353/8c. There was no London quotation on
account of the banking holiday. Aug. closed at 36.15e.,
Sept. at 36.20 to 36.32c., Dec. at 37.06 to 37.10c., and Mar.
at 37.83c. On the 8th inst. an advance of Mc. to 36c. for
commercial bar silver was reflected in a net gain of 5 to 22
points in futures. There was an early decline in futures of
3 to 33 points. Sales were 2,850,000 ounces. News from
Washington was to the effect that the State department
looked for no developments here in furtherance of the silver
agreement signed by eight nations in London, until the
respective countries have had an opportunity to ratify the
terms. Aug. closed at 36.20e., Sept. at 36.40c., Oct. at
36.85c., Dec. at 37.25 to 37.30c., and Mar. at 38.05e. On
the 9th inst. futures advanced 10 to 30 points after an early
decline. Trading was larger, sales being 4,350,000 ounces.
The bar price here advanced Mc. to 36Mc. while London
was unchanged at 17 15-16d. Sept. ended at 36.70e., Oct.
at 36.90c., Nov. at 37.150., Dec. at 37.40e., and Mar. at
38.15e. On the 10th inst. futures closed 17 to 30 points
lower due to selling influenced by the decline in other markets. Sales were 5,050,000 ounces. Bar silver was 36/c.
tc.
or Y higher here while London was firmer. Sept. closed
• at 36.40c., Oct. at 36.70e., Dec. at 37.23c., Jan. at 37.48e.,
and Mar. at 37.98c. To-day futures closed 3 points lower
to 5 points higher with sales of 16 lots. Bar rates were lower
both here and at London. Indications are that it will be
a long time before ratification was assured by all the countries
under the eight-power program, to aid the white metal.
Final prices are 21 to 24 points lower for the week.
COPPER was in better demand for domestic delivery and
the price was firm at 9c. Foreign demand was rather quiet
with prices 8.30 to 8.40e. c.i.f. usual ports. In London on
the 10th inst. spot standard rose is. 3d. to £36 15s.; futures
up 2s. 6d. to £37;sales 50 tons of spot and 30 tons of futures;
electrolytic spot unchanged at £41 and futures £41 10s.; at
the second session standard spot advanced to £36 17s.6d.and
futures to £37 Is. 3d.; sales 100 tons of spot and 600 tons of
futures.
TIN of late has been higher with Straits for prompt shipment quoted at 44.85c. With operations in consuming
plants maintained at a good rate many are looking for a
better demand before very long. In London on the 10th
inst. spot standard advanced 15s. to £216 5s.; futures up 15s.
to £216 5s.; Easteim c.i.f. advanced 10s. to £221 15s.; sales
200 tons of futures; at the second session standard advanced
to £216 7s. 6d.;for spot and futures sales 270 tons of futures.
LEAD was rather quiet but steady at 4.500. New York.
Smelters' stocks are expected to show a decrease in July over
8,000 tons. Refined lead stocks decreased 4,000 tons in
June and since then shipments have been rather large.
In London on the 10th inst. spot advanced is. 3d. to £12
6s. 3d.; futures up is. 3d. to £12 13s. 9d.; sales 50 tons of
spot and 250 tons of futures; at the second session spot advanced to £12 7s. 6d. and futures to £12 15s.; sales 50 tons
of spot and 500 tons of futures.
ZINC was quiet but steady at Sc. East St. Louis for
September and October shipment and 5.37c. New York.
No real activity is looking for until action is taken on the
industry's code. In London on the 10th inst. spot rose
2s. 6d. to £16 17s. 6d;futures up 3s. 9d. to £17 3s. 9d.; sales
175 tow of spot and 325 tons of futures; at the second session
,
prices were unchanged with sales of 175 tons of spot and 570
tons of futures.
STEEL operations in the first week of August fell off
somewhat as compared with the last week in July. The
average daily rate of steel ingot production in July was
128,152 tons. In the Pittsburgh district it was put at 48%,
but there has been no change in the blast furnace rate,
which continued with 23 out of 53 stacks active there. Iu
Volume 137
Financial Chronicle
1261
Chicago operations fell off 4 points to 54%. Along the higher with sales of 136 lots. Japanese cables were weaker.
central Eastern seaboard operations are about unchanged Yet the technical position was better. Sept. Oct. and Nov.
at 43 to 44% of capacity. Shipments of steel sheets, chiefly closed at $1.77 to $1.78, Dec. at $1.76, Jan. and Feb. at
for automobile makers, were large and Pittsburgh reported $1.76 to $1.77 and March at $1.76. Final prices are 1 point
more rush orders from the motor trade on previous bookings. higher for the week.
There was a noticeable slowing down of new buying.
PIG IRON sales in the New York district show a material
COTTON
falling off from the previous week. Sales were not much
Friday Night, Aug. 11 1933.
over 1,500 tons according to some as compared with estiTHE MOVEMENT OF THE CROP,as indicated by our
mated sales of slightly above 4,000 in the previous week. telegrams from the South to-night, is given below. For the
They were also below the weekly average during July of week ending this evening the total receipts have reached
about 3,500 tons. Inquiries were less numerous. The 77,524 bales, against 96,563 bales last week and 103,031
threatened tie-up of the coal fields has hurt business to bales the previous week, making the total receipts since
some extent. Prices, however, were firm, with sellers Aug. 1 1933 110,536 bales, against 110,650 bales for the
generally asking $16.50 Eastern Pennsylvania furnace base same period of 1932, showing a decrease since Aug. 1 1933
on foundry grades. Shipments out of Pennsylvania terri- of 114 bales.
tory were quite large recently. One producer is reported
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total.
to have shipped more iron in July than in any previous
month since 1929. Shipments by Chicago producers show Galveston
369
527 1,071
279
492
388 3,126
185
185
a sharp increase so far this month. For the first three Texas City
Houston
1.213 1,682 2,'47 1,449 2,194 10.772 19.457
5,402 5,658
days they were 120% larger than in the same period in July. Corpus Christi - 8,000 9.114 4,474 4.316 '.585 4.856 37.504
New Orleans_908 1.814 2,171
713 11,507
WOOL was in slightly better demand and prices were
steady. The trade is generally marking time pending the
adjustment of business to the new industrial codes. Territory
wools were in fair demand and steady. Fine staple sold on
the basis of prices quoted as the market, as well as the better
classes of halfblood. The best three-eighths sold at 72 to
730., clean basis. Fine French combing were steady at
unchanged rates. California wools of the Mendocino type
sold at 70 to 72o. clean basis. Middle and Northern County
wools of the best lines sold at 68 to 70c. and similar prices
were quoted for Southern County wools. More interest was
shown in Eastern grown fleece wools, largely medium stock,
but there was a general disposition to mark time. Many
are looking for higher prices after Labor Day. Foreign spot
wools were a little more active in some lines but business
generally was limited. Indies were in good demand owing
to the disparity of prices in favor of these wools as compared
to scoured Bs. The present differential is now around 20c.
as compared with 5 to 8c. in other years. The differential
is even greater on the better white wools. Indies are still
considered cheap. Scoured and pulled wools were quiet.
Domestic fleeces, unwashed. Ohio and Pennsylvania fine delaine, 31 to
32c.; fine clothing, 27 to 28c.; 14 blood combing, 32 to 33c.; X blood
clothing, 26 to 27c.: 34 combing5 to 36c.; X combing. 35c.; X clothing.
30 to 32c.; low X blood, 31 to Inc.32
Territory clean basis, fine staple, 76
to 79c.; fine, fine French combing, 75 to 77c.: fine, fine medium clothing.
70 to 72c.: X blood staple, 75 to 77c.; 34 blood staple, 72 to 74c.; X blood
staple. 64 to 66c; low X blood, 62 to 64c. Texas. clean basis, fine 12
months,76 to 78c.; average 12 months,75 to 76c.; fine 8 months,74 to 750.;
fall. 65 to 66c. Pulled, scoured basis, A super, 76 to
13 super, 70 to
71c.: C super 66 to 68c. Sorted, mohair, first idd. 60 78c.•.
to 65c.; second kid,
50 to 55c.; medium,32 to 38c.; low, 22 to 25c.; stained, 15 to 18e. Foreign,
Australian, clean basis, in bond, 64s combing, 50 to 53c.• 60s. 45 to 48c.
New Zealand clean basis, in bond 56-58s, 39 to 41c. Montevideo, grease
basis in bond. 58-60g, 25 to 27c.; I (56s), 26 to 250. Buenos Aires, grease
basis, in bond III (44s). 17 to 1734c. Mohair (in bond), Cape summer
kid, 28 to 32c.; Cape winter kid, 20 to 23c.
There has been comparatively little activity in the carpet
wool market the past week. There is a feeling that weavers
will name attractive prices next week and not price goods
on replacement costs, preferring to book three months' solid
business ahead at what are now low prices. Imports of
carpet wool at Boston last week were as follows: British,
34,500 lbs.; Tibet, 25,768 lbs.; Wales, 36,009 lbs., and
Canada, 20,022 lbs. all greasy; Argentine scoured, 55,598
lbs., and Argentine greasy, 266,246 lbs.
Mobile
Jacksonville
Savannah
Charleston
Lake Charles_ __ _
Wilimington_
Norfolk
Baltimore
IWALI. thin /Mr
25
26
24
911
297
265
797
____
113
344
___
498
90
__-_
122
139
____
299
'16
-
246
14
418
23
398
59
14
479
1,529
14
1,715
1.409
398
81
120
479
11 Aon IA A9n In %On 1981% 1n41 1% AAA 77.24
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year.
1933.
Receipts to
August 11.
Galveston
3.126
185
Texas City
19,457
Houston
Corpus Christi
37,504
Beaumont
11,507
New Orleans
Gulfport
Mobile
1,529
Pensacola
14
Jacksonville
Savannah
1,715
Brunswick
1,409
Charleston
398
Lake Charles---81
Wilmington
Norfolk
120
N'port News, &c.
New York
Boston
Baltimore
479
Philadelphia
Totals
Stock.
1932.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
77.524
4,708 3,048
185
430
24,298 11,473
57.112 41,774
1933.
1932.
5,095 419,944 447,593
594
11.149
10.888
14,838 1,097.989 1.006,091
60,316 194.743 136.368
18,055
16.008
17,167 682.162 893,435
15,465
9.036
2.682
5,622
7,023
19
1.881
36
2,351
59
3,321
118.505
33,205
3,345
99,671
159,583
21,161
17.053
193,712
2,238
587
81
249
428
143
231
460
566
312
289
482
33,801
40,749
15,673
22,511
97.175
48,051
7,372
43,343
1,031
570
588
110.536 75.602
142,008 203,970
18,078 '
13,582
1,000
1.000
5.389
110.650 2.952.588 3.321.774
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1933.
1932.
1931.'
1930.
1929.
1928.
Galveston_ .._ Houston
New OrleansMobile
8avannah
Brunswick
Charleston
Wilmington
Norfolk
NewportNews
All others....
38,580
42.953
14,065
64,590
50.507
586
Total this wk..
77,524
75,602
24,023
117,847
65,804
26.280
Since Aug.1..
110.576
110.650
37.009
180.585
118.326
52.656
3,126
19,457
11,507
1,529
1.715
3,048
11,473
9,036
5,622
2,351
658
3,049
2,269
3,183
621
5,518
40,210
4,211
453
2,631
3,406
4,417
3,701
386
2,904
5.494
15.543
3,378
336
205
1.409
81
120
428
231
460
48
9
121
135
4
95
118
1
364
448
25
265
The exports for the week ending this evening reach a
SILK futures on the 7th inst. in a rather quiet session de- total of 97,584 bales, of which 8,182 were to Great Britain,
clined 1 to 3c. Sales were 1,480 bales. Weak cables and 10,031 to France, 10,587 to Germany, 3,770 to Italy, 16,569
generally lower commodity markets had their effect. August to Russia, 35,924 to Japan and China, and 12,521 to other
closed at $1.76, Sept. at $1.74 to $1.76, Oct. and Nov.$1.75 destinations. In the corresponding week last year total
exports were 96,853 bales. For the season
to $1.76, Dec., Jan., Feb. and March $1.76. On the 8th exports have been 211,635 bales, against to date aggregate
154,123 bales in
futures ended at net gains of 2 to 3c. Japanese cables the same period of the previous season.
Inst.
were firmer and commission houses and importing interests
Blow are the exports for the week:
were buying. Rumors of government inflation also helped.
Exported to
August ended at $1.79, Sept. and Oct. $1.77 to $1.79, Nov.
Week Ended
Aug. 11 1933. Great
GerJapan&
$1.78, and Dec., Jan. and Feb. $1.79 and March $1.79 to
Exportsfrom
- BrUain. France. many. Italy. Russia. China. Other. Total.
$1.80. On the 9th inst. futures advanced 3 to 60. on a good Galveston
2,243
8,003 1,212 9,458
demand influenced by stronger Japanese markets and an Houston
3,228
400
27,665 7,180 38,471
1,100 5,189
1,477 7,766
in securities and grain markets. Some new buying Corpus Christi
advance
Texas City
581
805
1,388
New
1,125
3;55 uaiie 1,933 1.852 25,249
was noticed. All positions weflt over $1.80 level. August LakeOrleans__
Charles... 'aii
388
Mobile
"KZ 8,851
closed at $1.82 to $1.84, Sept. at $1.83, Oct. at $1.82 to Jacksonville__ -. 1,061 1,776 3;iii
700
700
$1.85, Dec. and Jan. $1.83 and Feb- Pensacola
1,204
$1.84, Nov. at $1.83 to
1,204
780
780
ruary and March at $1.84. On the 10th inst. futures de- Panama City.
Savannah
2,931
323 "200 3,454
1,750
1,750
clined 5 to 8 cents on general liquidation owing to weaker Charleston
Norfolk
70
70
79
Japanese cables and the late weakness in stocks. August New York
79
and Sept. closed at $1.75 to $1.78, Oct. at $1.77 to $1.79,
Total
8,182 10.031 10,587 3,770 18.569 35,924 12,521 97,584
Nov. $1.76 to $1.78 and Dec., Jan., Feb. and March $1.77 Total 1532
8,582 22,416 8,313 22,219
26,739 8,804 96,853
274 1,278
888 1,098
to $1.78. To-day futures closed 1 point lower to 2 points Total 1931
22,442 2,478 28,158
Financial Chronicle
1262
Exported to-
From
Aug.11U6.510
Aug. 11 1933. Great I
GerExports from- Britain. ,France. many.
Galveston..
Houston ____
Corp. Christi
Texas City_
New Orleans_
Lake Charles
Mobile
Jacksonville_
Pensacola...._
Panama City
Savannah......
Charleston....
Norfolk
New York_
Los Angeles_
Total
Total 1932...
6,868
I
4,894
386
1,061
3,077
6,452
4,389
561
3,046
1,937
1,776
1.204
780
3,569
1,750
720
3,477
100
____
___
____
____
___
..
Japan &
Italy. !Russia China. Other.
7,35330.224
57,141 27,291
211,635
___
40,680 17,661
36.087 5.786
154.123
53,601
24,814 21,238
43,574
20,906 26,007
18,696 30,1731
q,...1 10.11
1 0,1
Total.
17,833
9,375 4,680
___ ____
81,138
33,343 12,779
18,233 3,463 ____
70113,050
3,472
5,189
805. 1,366
55,171
,76
3 2
11,833 ..
6,472 3,89021,274
11,768
49
8,9
11,215
1,196
7,182
705
7ii-_
1,204
__ _-_
780
---7,580
200
323
____ ---3,488
1,984
234
1,445
____
725
3,706
150
79
2,690
323
2,267
1 712
A 19R
411741
- __
_
-It has never been our practice to include in the
NOTE.-Erpgrts to Canada.
virtually
above table reports of cotton shipments to Canada, the reason being that
Impossible to give
all the cotton destined to the Dominion comes overland and it is
customs
returns concerning the same from week to week, while reports from the
view,
district on the Canadian border are always very slow in coming to hand. In will
matter, we
however, of the numerous inquiries we are receiving regarding the
month of June the exports to the Dominion the present season
say that for the
season the
have been 20,078 bales. In the corresponding month of the preceding
30 1933 there were
exports were 9,978 bales. For the eleven months ended June months of 1931-32.
186.830 bales for the eleven
182,387 bales exported, as against
ID addition to above exports, our telegrams to-night also
give us the following amounts of cotton shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
Aug. 11 at
CoastOther
GerGreat
Britain. France. many. Foreign wise.
Galveston
New Orleans....
Savannah
Charleston _ - _ _
Mobile
Norfolk
Other ports
2,000
2.653
Total 1933
Total 1932_
Total 1931_
7,340
10,420
4,919
1.187
1:866
1.000
1,465
5,000 15,000
1.398
2,859
232
2;666 4,666
Leaving
Stock.
394,944
665,086
99,671
33,801
3,085 115,420
22,511
38,666 1,537,994
-
2.000 25.000
8,701 17,076
1,666
30;65o
Total.
"500
4,697 11,859 48,064 11,201 83,161 2,869,427
1,942 64,401 3,257,373
4,596 6,487 40,956
1,350 47,208 2,685,292
2,742 3.955 34,242
•Estimated.
COTTON was a pre-bureau affair up to the 8th inst., when
the Government report estimating the crop at 12,314,000
bales took the trade by surprise. The general expectation
was for a report of around 11,000,000 bales. The market
was pretty well liquidated before the report, and on the
break that followed good buying developed and further talk
of inflation acted as a cushion to prices. On the 5th inst.
prices declined 10 to 14 points in a market influenced by
pre-bureau liquidation and other selling on reports of
favorable crop progress. On the 7th inst. liquidation in advance of the Bureau, together with some
hedge selling, caused a further break of 14 to 17
points. Early prices were about $1 a bale lower. Estimates
on the condition of the crop and private forecasts of the
probable yield dominated the market. Other factors received very little or no attention. The average condition of
-year average of
private reports was 70.2% against a 10
67.9%. The average crop forecast of reports which took
the acreage reduction into consideration was 11,213,000
bales. Some of these reports allowed for a reduction of
7,500,000 to 8,600,000 biles, while others allowed 10,500,000
bales. The average guess of members of the Exchange was
10,998,000 bales. The New York Cotton Exchange Service's
preliminary figures indicated world consumption of all
kinds of cotton of 24,725,110 bales against 23,007,000 bales
during the previous season, or the largest since 1929-30. The
carryover of all kinds was put at 15,530,000 bales against
17,412,000 bales a year ago. On the 8th inst. the market
dropped about $2.75 a bale on the Government estimate of
12,314,000 bales after allowing for removal of the leased
lands, but trade and investment buying developed on the
decline and prices recovered about half of the loss. Private
reports proved valueless in preparing the trade for the Government figures, which were a complete surprise. According to the Bureau report, the crop estimate, without reduction, would be 16,561,000 bales. It stated that about
10,300,000 acres had been plowed under by agreement, representing a total production of about 4,470,000 bales. The
acreage reduction victory was offset to some extent when
the reporting board indicated that the crop condition was
74.2% of normal, or the highest condition with the exception of 1931 since 1915. Some of the liquidation during
the day was also attributed to the statement of Secretary
Wallace, indicating a belief in reduced consumption and
another large carryover. Trade interests were good buyers
on the decline. The strength of stocks and further talk of
inflation also encouraged some buying. The estimated crop,
added to Mr. Hester's carryover from last season, indicates
Aug. 12 1933
a supply of 23,653,000 bales as compared with 25,763,000
bales last season.
On the 9th inst. most of the previous day's losses were
recovered in a small market. The close was 24 to 27 points
higher. The advance was attributed to trade buying based
on the better trade outlook, rumors of possible currency
inflation very soon, and that the Government may ask for
an additional 5% reduction in the acreage, and a statement
from Secretary Wallace that the Government is preparing
to start a campaign around the middle of September for
control of next year's cotton acreage, and the general improvement in other markets. Some hedging pressure was
noticed, but it was not enough to affect the market. The
weather was better and the weekly report was generally
favorable.
On the 10th inst. prices fluctuated within a range of about
27 points and ended at a net decline of approximately $1 a
bale. Bearish influences were disappointing Liverpool
cables, favorable weather, and the failure of Washington
to confirm rumors of further acreage cuts. Bombay was
selling and there was considerable hedging pressure. Little
or no rain was reported, and the forecast predicted none
except in the Texas Panhandle, where it is needed, and in
the Atlantic States. There was a recovery of about $1.50
a bale at one time on trade buying on reports from Washington that efforts were boing made to push the sale of
1,000,000 bales of cotton to Russia and rumors of other
measures for increasing the sale of cotton and other agricultural products to Europe. Farmers are said to be withholding their crops from markets. Picking and ginning is
progressing rapidly, and offerings are expected to increase
materially in the very near future.
To-day prices declined 35 to 39 points on selling by the
South, the Far East, Liverpool and the Continent, with the
cables disappointing and generally favorable weather. The
pronounced weakness of grains and weaker securities also
helped. There was a good rally at one time on buying by
local operators and New Orleans when the New York Cotton
Exchange announced that the consumption during July was
580,000 bales against 696,000 bales in June, but comparing
with 279,000 bales in July last year. The daily rate in
July was about 27,000 bales, compared with 29,000 bales in
June and 12,400 bales in July a year ago. Final prices
show a decline for the week of 86 to 89 points. Spot cotton
ended at 9.35c. for middling, a decline of 95 points for
the week.
Staple Premiums
60% of average of
six markets quoting
or deliveries on
Aug. 17 1933.
15-16
inch.
1-inch &
longer.
.10
.10
.10
.10
.10
.09
.09
Differences between grades established
for deliveries on contract Aug. 17 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.27
.27
.27
.27
.27
.23
.21
Middling Fair
White
.63 on
Strict Good Middling_
do
.50
Good Middling
do
.39
Strict Middling
do
.27
Middling
do •
Basis
Strict Low Middling_ _ _ do
.31 off
Low Middling
do
65
*Strict Good Ordinary... do
1.07
*Good Ordinary
do
1.47
Good Middling
Extra White
.39 on
Strict Middling
do do
.27
Middling
do do
Even
Strict Low Middling
do do
.31 off
Low Middling
do do
.65
.10
.27
Good Middling
Spotted
.24 on
.10
.27
Strict Middling
do
.02 off
.09
.23
Middling
do
.32 off
*Strict Low Middling.-- do
.65
*Low Middling
do
106
.10
.23
Strict Good Middling___Yellow Tinged
02 off
.10
.23
Good Middling
do do
25 off
10
Strict Middling
.23
do do
40
*Middling
do do
.66
*Strict Low Middling.-do do
1.06
*Low Middling
do do
1.47
.09
.22
Good Middling
Light Yellow Stained-- .36 off
*Strict Middling
do
do
do __ .67
*Middling
do
do
do ....1.05
.09
.21
Good Middling
Yellow Stained
.63 off
*Strict Middling
do do
1 06
do do
*Middling
1 45
.09
.23
Good Middling
Oral
.25 off
.09
.23
Strict Middling
do
.47
*Middling
do
.72
*Good Middling
Blue Stained
.66 off
*Strict Middling
do do
1.04
*Middling
do do
1.43
*Not deliverable on future contracts.
Mid.
do
do
do
Mid.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do •
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotations for middling upland cotton in the
New York market each day for the past weak has been:
Aug. 5 to Aug. 11Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
9.90
9.60
9.85
9.65
9.30
mop
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 11 for each of the past 32 years have been as follows.
1933
1932
1931
1930
1929
1928
1927
1926
9.30c.
7.50c.
6.85c.
12.550.
17.95c.
18.90c.
19.700.
17.850.
1925
1924
1923
1922
1921
1920
1919
1918
24.05c. 1917
30.450. 1916
25.250. 1915
21.40c. 1914
13.250. 1913
39.00c. 1912
31.90c. 1911
33.20c. 1910
26.50c. 1909
14.10c. 1908
9.45c. 1907
1906
12.00c. 1905
12.300. 1901
12.400. 1903
15.70c. 1902
12.60c.
10.550.
13.40c.
10.60c.
10.75c.
10.65c.
12.75c.
9.00c.
Volume 137
Financial Chronicle
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated ir the following statement.
For the convenience of the readet, we also add columns
which show at a glance how the market fot spot and futures
closed on same days.
Spot Market
Closed.
Saturday_ _ _
Monday ___
Tuesday Wednesday_
Thursday __
Friday
Futures
Market
Closed.
Quiet, 10 pts. dec
Quiet, 15 pts. dec
Quiet,30 pts. dee__ _
Quiet. 25 pts. adv
Quiet,20 pts. dec
Quiet,35 pts. dee_
Barely steady__
Barely steady__
Very steady ___
Steady
Barely steady_.
Easy
Total East India, &c
Total American
SALES.
Spot. Contet. Total.
---------200
350
500
---------- -__
-_-..-..
--------200
350
500
1,050
1.750
Total week..
Since Aug. 1
---1.800
1,050
3.550 •
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Aug. 5.
Monday,
Aug. 7.
Tuesday, Wednesday, Thursday,
Aug.8.
Aug. 9.
Aug. 10.
Friday,
Aug. 11.
Aug.(1933)
Range _Closing _ 9.90n
9.73n
9.46s
9.70n
9.490
9.14n
Sept.
Range..
-- 9.95- 9.95
.
Closing_ 10.04n
9.87n
9.60n
9.61n
9.82n
9.26n
90.
Range... 10.16-10.26 9.99-10.25 9.48-10.09 9.79-10.04 9.75-10.00 9.40; 9.73
Closing. 10.16-10.18 9.99-10.00 9.72- 9.74 9.96- 9.75- 9.78 9.40- 9.42
Noy.
Range__
Closing. 10.27n
10.10n
9.82n
10.060
9.86n
9.50n
Dec.
Range.. 10.38-10.46 10.20-10.47 9.68-10.30 9.88-10.24 9.95-10.22 9.61- 9.93
Closing.. 10.38-10.40 10.21-10.23 9.92- 9.94 10.17-10.19 9.97-10.00 9.61- 9.63
Jan.(1934)
Range__ 10.45-10.53 10.27-10.51 9.76-10.39 9.94-10.30 10.02-10.25 9.68- 9.91
Clostng _ 10.4510.28- 9.9810.23-10.25 10.05- 9.68- 9.69
Feb.
Range..
Closing. 10.51n
10.340
10.05n
10.30n
10.11n
9.75n
Mar.
Range.. 10.58-10.66 10.41-10.69 9.83-10.52 10.11-10.45 10.12-10.40 9.82-10.11
closing.. 10.58-10.60 10.41-10.43 10.1210.38-10.40 10.18-10.20 9.82- 9.83
April
Range _ _
Closing.. 10.66n
1(1.49n
10.21n
10.47n
10.28n
9.91n
May
Range.. 10.75-10.84 10.58-10.85 10.08-10.70 10.30-10.0110.37-10.60 10.00-10.31
Closing. 10.75-10.77 10.58-10.59 10.30-10.3110.6710.3910.00June
Range..
Closing. 10.83n
10.67n
10.38n
10.64n
10.44n
10.06n
July
Range.. 10.91-11.00 10.77-10.90 10.26-10.80 10.45-10.69 10.50-10.71 10.13-10.31
Closing_ 10.91-10.94 10.77-10.47n
10.7210.50-10.13 Nominal.
Range of future prices at New York for week ending
Aug. 11 1933 and since trading began on each option:
Option for
Aug. 1933_
Sept. 1933_ 9.95
Oct. 1933_ 9.40
Nov. 1933
Dec. 1933.. 9.61
Jan. 1934_ 9.68
Feb. 1934_
Mar. 1934.... 9.82
Apr. 1934
May 1934_ 10.00
June 1934
July 1934... 10.13
Range for Week.
Range Since Beginning of Option.
Aug. 7 9.95 Aug. 7
Aug. 11 10.26 Aug. 5
Aug. 11 10.47 Aug. 7
Aug. 11 10.53 Aug. 5
Aug. 11 10.69 Aug. 7
6.00
6.07
5.93
6.50
6.30
6.35
6.62
6.84
8.91
9.47
Dee. 3 1932 10.40 June 28 1933
Dec. 8 1932 11.82 July 18 1933
Dec. 8 1932 12.00 July 18 1933
Feb. 21 1933 10.50 July 211933
Feb. 6 1933 12.20 July 18 1933
Feb. 6 1933 12.25 July 18 1933
Feb. 24 1933 8.18 April 29 1933
Mar. 28 1933 12.39 July 18 1933
May 22 1933 9.80 May 27 1933
May 26 1933 12.52 July 18 1933
Aug. 11 10.85 Aug. 7
Aug. 11 11.00 Aug. 7 10.13 Aug. 11 1933 11.78 July 27 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stock 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.
Aug. 11Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at liavre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
bales
1933.
724,000
1932.
602.000
1931.
766.000
1930.
675,000
104,000
150.000
175,000
124,000
828,000
752,000
941,000
799,000
473,000
182,000
23,000
74.000
104,000
308.000
141,000
21.000
92,000
59,000
331,000
277,000
8.000
84,000
42,000
236,000
140.000
9.000
67,000
15,000
Total Continental stocks
856,000 621.000 742,000 467,000
Total European stocks
1,684,000 1,373,000 1,683.000 1,266,000
44.000
India cotton afloat for Europe... 107,000
52,000 134,000
American cotton afloat for Europe 366,000 229,000
47,000 112,000
Egypt Brazil, Szc.,afl't for Europe 98,000
90,000 117,000 103,000
Stock in Alexandria, Egypt
292,000 485,000 572,000 469,000
801,000 782.000 628,000 832,000
Stock in Bombay, India
2,952,588 3,321,774 2,732,500 1.629,838
Stock in U. S. ports
1,151,235 1,313,467 755,510 541,959
Stock in 13. S. Interior towns
29.434
32,766
13.8. exports to-day
3.620
7,481,257 7,671.007 6,590,630 5,087.797
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
387,000 269.000 366,000 227,000
Liverpool stock
57,000
88.000
Manchester stock
63.000
42,000
783,000 568,000 648,000 343,000
Continental stock
American afloat for Europe
366,000 229,000
47,000 112.000
.M. 8. port stocks
9,952,588 3,321,774 2,732,500 1,629,838
R. S. Interior stocks
1,151,235 1,313,467 755,510 541.959
29,434
32,766
u • S. exports to-day
3,620
Total American
1263
Aug. 11East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt Brazil. &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
5.726,257 5,822,007 4,585,630 2,895.797
1933.
1932.
1931.
337.000
333,000
430,000
448,000
47,000
73,000
107,000
98,000
292,000
801,000
62.000
53,000
44.000
90.000
485,000
782.000
112,000
94,000
52,000
117,000
572,000
628,000
82,000
124,000
134.000
103,000
469,000
832,000
1930.
1,755,000 1.849,000 2,005,000 2,192,000
5,726,257 5.822,007 4,585,630 2,895.797
Total visible supply
7,481,257 7,671,007 6.590,630 5.087;797
Middling uplands, Liva-pool
5.90d.
5.51d.
3.80d.
6.89d.
Middling uplands, New York
9.30c.
7.20c.
6.95c. 11.90c.
Egypt, good Sakel, Liverpool
8.768.
8.954.
6.85d. 12.804.
Peruvian, rough good, Liverpool.
Broach, fine, Liverpool
0.02d.
5.22d.
3.304.
4.504.
Tinnevelly, good, Liverpool
5.594.
5.354.
3.764.
5.904.
Continental imports for past week have been 78,000 bales.
The above figures for 1933 show a decrease from last
week of 98,747 bales, a loss of 189,750 from 1932, an
increase of 890,627 bales over 1931, and P. gain of 2,393,460
bales over 1930.
AT THE INTERIOR TOWNS the movement,
--that is,
the zeceipts for the week and since Aug. 1, the shipments for
the week and the stocks to-right, and the same items for the
corresponding period of the pievious year, is set out in
detail below:
•
Movement to Aug. 12 1932.
Movement to Aug. 11 1933.
Towns.
Ala., BIrming'm
Eufaula
Montgomery
Selma
Ark.,BlythevIlle
Forest City
Helena
Hope
Jonesboro_
Little Rock
Newport-Pine Bluff_ _ _
Walnut Ridge
Ga., Albany_ _.
Athens
Atlanta
Augusta
Columbus._ _
Macon
Rome
La., Shreveport
Miss.Clarksdale
Columbus_
Greenwood
Jackson
Natchez
Vicksburg..._
Yazoo City...
Mo., St. Louis_
N.C.,Greensb'ro
Oklahoma
15 towns*....
S.C., Greenvlle
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham_ _ _ _
Dallas
Paris
Robstown
San Antonio_
Texarkana
Waco
Receipts.
Ship- Stocks
Receipts.
. Ship- ch.l
ments. Aug.
'stunts. Aug.
Week. Season.1 Week. 11. Week. LSeas0n. Week. 5.
2
33
58
453
81
9
20
60
5
2,253
51
914
3,128
9,542
1,114
158 16,125
5.707 2.980 92,941
23,922 16,702284,267
61
23
123
1
6
473
---419
24
30
441
1,070
650
199
12
144
498
58
159
191
22
186
191
32
635
1,545
4
135
635
1.745
4
144
91
162
481
50
322
929
136
156
1,003
101
35
158
7
6
32
154
32
161
77
6
1
350
348
54
2
244 7,027
59
387 5,119
132 1,264 33,615
45 25,115
482
489 16,486
81
9
135 10,602
20
542 20.361
1
9,409
1,866
916
585 41,101
62 ____ 7,950
419 1,347 24,541
623 2,813
24 2,214
666
30
380 45,215
1,078 4,352198,005
1,866 1,998 87,602
200 15,551
650
307 32,735
199
850 7,787
212 1,141 27,057
264 1,058 14,048
5,093
594 1,182 34,777
103
472 16,401
187 2,847
60
123 6.006
5
203 8,610
2,664 2.253
2
51
200 17,976
77
6
1
515
2,362
592
368
60
66
218
32
51
143
141
1.
295
6
71
49
32
35
1171
2
7
---7
505
248
236
400
5,558
1,178
2,249
8,830
944
2,608
2,107
11,232
2,427
11
12
241
9
1,54
1,201
4
56
13
807
248
73 10,148
601 5,916
9281 46,211
4991 39.848
333 28,786
34 14,590
206 30,160
6 8,368
71 1,343
1,184J 42,482
lO 10,403
2761 35.734
io& 4,341
371 3,174
2O 41,080
2,276152.551
1,574 88,966
20,790
403 36,810
300 9.286
937 64,729
5031 62.056
49 5.846
2,332 62,046
19,670
206 3,987
.
____ 10 018
101 14,265
631
657
8181 19,948
807 30,415
485
681 1,980 75,001
9.152 11,189275,662
257
78 1,971
32
45 4,105
12
105' 9,561
398
2741 3.349
9
1,549
313 3,905
1,666
7371 1,276
4
451 7,728
348 6,054
200
Total 5a town I 23.318 43.683 44.9481151235 13.482 21.4111 31.3881313467
* Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
decreasea during the weak 26,418 bales and are to-night
298,232 bales lass than at the same period last year. The
receipts at all the towns have been 9,836 bales more than
the same week last year.
,
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
Aug. 11ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
1933
•
Week.
2,253
Since
Aug. 1.
2.664
376
3,240
4,000
776
5.292
6,000
Total gross overland
9.869
14,732
Deduct Shipments
Overland to N. Y., Boston,dm-- 474
1,026
Between interior towns
237
429
Inland, &c., from South
5,348
7,044
Total to be deducted
6,059
8,499
Leaving total net overland *
3,810
• Including movement by rail to Canada.
6,233
-1932-Since
Week. Aug. 1
657
967
3,570
2,000
4.588
4,000
6,227
9,555
570
179
1.958
588
289
2,531
2,707
3,408
3,520
6,147
The foregoing shows the week's net overland movement
this year has been 3,810 bales, against 3,520 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 86 bales.
1933
/n Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Receipts at ports to Aug. 11
77,524
110.536
Net overland to Aug. 11
3.810
6,233
Southern consumption to Aug. 11-120.000
200.000
Total marketed
Interior stocks in excess
Caine into sight during week
Total in sight Aug. 11
201,334
*26,418
Week.
75.602
3.520
70,000
1932
Since
Aug. 1.
110.650
6,147
110,000
316.769 149,122
*40,609 *19.527
226,797
*35,238
276,160
129,595
.....
191,559
10,938
6,890
38,899
-174,916
North.spinn's's takings to Aug. 11 10,938
* Decrease.
1264
Financial Chronicle
Aug. 12 1933
Movement into sight in previous years:
Week1931--Aug.8
1930..-Aug. 7
1929--Aug. 6
Bales.
205,663
356,879
380,142
Bales.
Since Aug.1104,496 1931
201,430 1930
179,205 1929
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:
Closing Quoations for Middling Cotton on
Week Ended
"lug. U.
Galveston
New Orleans_
Mobile
Savannah
Norfolk
Montgomery..
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _
mturaety. monaay. Tuesaay. wea-aay .1 nursa y . rrisay.
9.90
10.06
9.70
9.76
9.96
9.40
9.93
9.65
9.95
9.56
9.65
9.65
9.70
9.86
9.55
9.59
9.75
9.25
9.74
9.50
9.60
9.40
9.45
9.45
9.45
9.54
9.27
9.34
9.50
9.00
9.48
9.20
9.55
9.12
9.20
9.20
9.75
9.82
9.50
9.56
9.75
9.20
9.71
9.45
9.75
9.36
9.40
9.40
9.55
9.65
9.30
9.36
9.55
9.00
9.52
9.15
9.55
9.15
9.20
9.20
9.15
9.25
895
9.02
9.20
8.65
9.01
8 80
92)
8 80
8 85
8.85
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Aug. 11 1933. Aug. 12 1932.
Feet.
Feet.
3.4
2.8
9.8
8.0
9.5
8.9
14.9
4.7
12.4
11.9
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date Aug. 7, in full below:
TEXAS.
WEST TEXAS.
Abilene (Taylor County).
-Few scattered showers during the week over
the territory have kept the cotton from going backward, but we still need
general rains and to make a full yield must have them soon. Will get a few
'bales in August but the movement will be light if we should get general
rains, on account of so much late cotton.
Floydada (Floyd County).
-We had the past week very beneficial rains
in parts that have been dry, and present conditions are very favorable for
us to make good yield in this territory. Farmers are about finished plowing
-The closing up their percent of cotton.
NEW ORLEANS CONTRACT MARKET.
Stamford
-Crop seems to be making satisfactory progress.
quotations for leading contracts in the New Orleans cotton however a (Jones County). be very beneficial. Local
good rain would
showers have done
market for the past week have been as follows:
good in spots.
NORTH TEXAS.
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
Clarksville (Red River County).
-Fields well cultivated. Plants 22 to 24
Aug. 10. Aug. 11.
Aug. 8.
Aug. 9.
Aug. 7.
Aug. 5.
inches in height. Beneficial showers over county during week causing
cotton to take new growth and developing a larger boll than we had last
Aug.(1933
)
September
Year. Plant continues to fruit abundantly. Some weevils reported but
October __ 10.16-10.17 9.96- 9.97 9.64- 9.65 9.92- 9.93 9.75- 9.76 9.35- 9.36
damage light. Cotton opening in some places. Picking will start about
November
20th of August. Farmers have all received their permits to plow up their
10.18-10.19 9.86- 9.88 10.13-10.14 9.96- 9.99 9.56- 9.58
December_ 10.39Jan.(1934) 10.47 Bid. 10.25 Bid 9.94 Bid 10.2010.07- 9.64 Bid.
cotton and if weather permits, they should be finished by the middle of
February _
next week.
March......_ 10.60 Bid. 10.38 Bid 10.11 -10.35-10.38 10.18- 9.77- 9.78
Honey Grove (Fannin County).
-The weather during past week unfavorable
April
10.77-10.79 10.57-10.27May
10.53 Bid. 10.37- 9.95- for cotton. Cloudy and showers alternating with heavy rains most of week.
June
Cotton growing fast, not putting on very much fruit. Quite a bit of cotton
10.92 Bid. 10.72 Bid. 10.42 Bid 10.68 Bid.
July
10.10 Bid.
being plowed up by farmers. No report of insects as yet but if weather
Tone
continues same as we have had past week afraid boll worms will start.
Quiet.
Steady.
Spot
Steady.
Quiet.
Quiet. Qu'tbut stY
Steady. Barely stdy Barely stdY
Quiet.
Quiet.
Steady:
Optlona
Paris (Lamar County).
-Crops beginning to need working, too much
moisture. Need warmer weather and more sunshine, plants growing and
AGRICULTURAL DEPARTMENT'S REPORT ON still fruiting, fear an infestation of boll weevils and boll worms ifshowers
COTTON ACREAGE, CONDITION AND PRODUC- continue.
Wills Point (Van Zandt County).
-The crop
-See under "Business Indications" on a preceding improve. Recent rains checked premature in this section continues to
TION.
opening, but a good rain is
page.
needed within the next two weeks. There has been comparatively very little
shedding this year. We have a healthy plant which Is still growing and
WEATHER REPORTS BY TELEGRAPH.
-Reports to putting on fruit. There is some damage from fleas and
worm is
us by telegraph this evening denote that the weather during showing up, but so far the damage has been light. It looksthe boll If we are
now as
the week has been rather favorable for cotton in most parts going to make a good crop even though the crop did get off to a late start.
of the cotton belt. Temperatures have averaged near normal
mostly and precipitation as a rule has been light to moderate.
Texas.
-There have been beneficial showers, in the northwestern portion of this State and cotton has shown improvement except in some eastern border counties, where previous
rainfalls were heavy and in the lower Rio Grande valley
where practically all cotton was destroyed by the tropical
hurricane last week.
Memphis, Tenn.
-It has been dry all week and the cotton
crop is in excellent condition.
Galveston, Tex
Amarillo, Tex
Austin. Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tax
Dallas, Tex
El Paso, Tax
Henrietta, Tex
Kerrville. Tex
Lampasas, Tex
Longview, Tax
Luling. Tax
Nacogdoches. Tex
Palestine, Tax
Paris, Tex
San Antonio, Tex
Taylor. Tex
Weatherford, Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff. Ark
Alexandria. La
Amite, La
New Orleans, La
Stu eveport, La
Columbus. Miss
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery. Ala
Jacksonvil.e, Fla
Miami, Fla
Pensacola. Fla
Tampa. Fla
Savannah, Ga
Athens, Ga
Atlanta. Ga
Augusta, Ga
Macon. Oa
Charleston. S.0
Columbia, S. C
Conway, S. C
Asheville, N. C
Charlotte. N. C
Nawbern, N. C
Raleigh. N. C
We.don, N. C
Wilmington, N. C
Memphis. Tenn
Chattanooga. Tenn
Nashville, Tenn
Rain. Rainfall.
3 days 0.20 in.
1 day 0.02 in.
1 day 0.02 in.
dry
2 days 0.05 in.
3 days 1.80 in.
1 day 0.22 in.
dry
dry
1 day 0.54 In.
dry
dry
1 day 0.68 in.
1 day ..04 in.
dry
dry
3 days 0.52 in.
2 days 0.23 in.
1 day 0.02 in.
dry
2 days 0.80 in.
2 days 0.32 in.
dry
dry
dry
2 days 0.82 in.
4 days 0.27 in.
z days 0.61 in.
2 days 0.76 in.
1 day 0.671n.
dry
dry
3 days 0.97 in.
2 days 1.66 in.
1 day 0.92 in.
2 days 1.82 in.
2 days 0.37 in.
1 day 0.04 in.
3 days 1.94 in.
4 days 1.14 in.
1 day 0.05 In.
1 day 0.74 in.
1 day 0.16 in.
1 day 0.12 in.
4 days 0.63 in.
4 days9.61 in.
1 day 0.24 in.
3 days 0.38 in.
1 day 0.55 in.
1 day 0.26 in.
1 day 0.12 in.
4 days 1.051n.
dry
In.
1 day
dry
high 88
high 100
high 96
high 102
hign 94
high 88
high 88
high 96
high 98
high 104
high 98
high 100
nigh 98
high 106
high 90
high 96
high 98
high 94
high 98
high 100
high 96
high 95
high 98
high 94
high 95
high 92
high 94
high 90
high 94
high 96
hign 102
high 92
high 92
tigh 94
high 94
high 94
high 88
nigh 88
high 94
high 96
high 99
high 92
high 98
high 96
high 94
high 98
high 96
high 88
high 92
high 95
high 90
high 91
high 90
high 92
high 92
high 92
Thermometer
low 78 mean 83
low 66 mean 83
low 72 mean 84
low 70 mean 86
low 72 mean 73
low 72 mean 80
low 76 mean 82
low 74 mean 85
low 74 mean 86
low 72 mean 88
low 64 mean 81
low 68 mean 84
low 72 mean 85
low 72 mean 89
low 70 mean 80
low 72 mean 84
low 72 mean 85
low 72 mean 85
low 70 mean 84
low 70 mean 85
low 70 mean 83
low 71 mean 83
low 72 mean 85
low 72 mean 83
low 70 mean 83
low 74 mean 83
low 64 mean 79
:ow 76 mean 83
low 75 mean 85
low 63 mean 80
low 72 moan 87
low 70 mean 81
:ow 73 mean 82
low 66 mean 80
low 70 mean 82
low 72 mean 83
low 78 mean 83
low 74 mean 81
low 74 mean 84
low 70 mean 83
low 63 mean 81
low 64 mean 78
low 70 mean 84
low 66 mean 81
low 71 mean 83
low 68 mean 83
low 65 mean 81
low 54 mean 70
low 63 mean 78
low 64 mean 80
.ow 62 mean 76
low 57 mean 74
low 67 mean 79
low 67 mean 80
low 66 mean 79
low 66 mean 79
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:
CENTRAL TEXAS.
Navasota (Grimes County).
-Cotton crop doing fairly well. Have had
good rains in many places. Some shedding. River lands generally have good
crop but lots of hill land crops not good, dry warm weather needed, picking
retarded several days. A few reports of insects.
•
EAST TEXAS.
Longview (Gregg County).
-We have had a very favorable week, moisture
about right except bottoms too wet. Plant growth good and fruiting
normally. Some complaints of weevil, however very little damage done.
The plow-up campaign began this week.
Palestine (Anderson County).
-Crop made excellent progress during past
week under very favorable weather conditions. Plant is healthy, close
jointed and is putting on heavily. Prospects are good for big yield. No
reports of Insect damage. Picking has started in territory and with favorable
weather look for the movement to start around August 12th. Clear and hot
to-day.
Tyler (Smith County).
-Entire territory has had about two inches rain
during past week, not enough however to do any damage as yet. Few
scattered reports of leaf worm,no other insects reported. All reports indicate
that crop will be from two to three weeks late. Farmers in this county
have begun to plow up one third of their crop, but our information is that
the production will be as much or more than last season.
OKLAHOMA.
Altus (Jackson County).
-Cotton in southweatern Oklahoma has shown
a nice improvement the past week. Entire territory has had from one to
three inches of rain and mostly cloudy and cool weather prevailing. No
evidence of insects of any kind and plant fruiting satisfactorily.
Frederick (Tiliman County)o-Cotton is doing well. Good rains over
practically all the county Maiday night. Is still fruiting and threw off
very little after the rain.
0. Hugo (Choctaw County).
-Weather unfavorable. rainy. Need hot dry
weather. Weevils increasing and boll worms reported In several places.
Blooming decreasing, probably have all that will be made on stalks now.
Bolls up to half grown shedded from rains.
-About 3M inches rain here past week except
Mangum (Greer County).
northwest part of county had only light shower, but, generally speaking.
conditions much improved. First rain fell Monday and by middle of week
cotton plant was looking healthy and blooming freely. Believe we have
chance now to harvest in neighborhood of last year's yield, with normally
70 days to make cotton yet. Crop from here to Oklahoma City looks very
promising except for few instances of poor stands. Believe Oklahoma has
good prospects of million bales or better.
Wynnewood (Garvin County).
-Rained five days this week. Plant growing
too fast. Some weevil complaints, however, there are plenty of grown bolls
to make fair crop if we miss the boll worm.
ARKANSAS.
-General showers through this section
Ashdown (Little River County).
entire week, also to-day as a result, plant is making rapid growth and will
have good average with the bottoms slightly too rank. The past couple of
days we hear considerable complaint of cotton shedding badly as the result
of continued rain. Weevil is appearing freely but owing to a dry June and
July are not likely to do much damage until around the middle of the month.
We certainly need dry weather now, for this weather is exactly right to
make both boll weevil and army worm serious. Farmers are plowing
pledged acreage as rapidly as weather permits, are probably 50% or 60%
done. In this section the acreage plowed up is equally as good, on an
Receipts at Ports.
1933.
May
12._ 101,074
19._ 118,296
26__ 79,657
June
2__ 88,978
9__ 86,064
16._ 72,682
23... 60,353
30._ 75,954
July
7__ 80,277
14... 82,935
21... 125,404
28..103,031
Aug.
4__ 96,563
11._ 77.524
1932. i 1931.
Stocks at Interior Towns. iReceiptsfrom Plantations
1932.
1933. 1 1932. 1 1931. 1 1933.
1931.
1
I
62,170 27,481 1,672,791 1,622,89611,091,370 64,204 20,931
37,536 20,516 1,624,351 1,588,105 1,060,746 69,856 2,74
54,9671 18,911 1,566,9591,554,722 1,037,599 22,275 21,
6,258
Nil
NU
43,245 35,716
43,046 2,326
36,501 3,473
10,929 14,242
27,035 25,367
20,902 1,521,226 1.526,18011,009,231
18,6001,478,208,1,497,91 973,071
16,977 1,442,0271,476,605 943,151
910,874
21,134 1,392,603 1,450,0
17,602 1,343,684 1,430,563 877,60
34,435 13,152 1,310,456 1,409,172
31,295 16,1701,283,311 1,388,86
31,530, 16,304 1,255,5691,361,854
62,468 40,927 1,204,9891,352,270
854,34
833,586
818,425
798,241
NU
47,049 13,044
Nil
55,790 10.987
97,662 4,520 1,143
64,451 52,884 20,743
98,638 12,986 1,177,653 1,332,994 776,015 57,227 79.362
75,602 24,023 1,151.524 1.313.467 755,510 51,10 56,075
Nil
3,518
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 69,929 bales;
in 1932 was 75,412 bales and in 1931 were 3,518 bales.
(2) That, although the receipts at the outports the past
week were 77,524 bales, the actual movement from plantations was 51,108 bales, stock at interior towns having
decreased 26,416 bales during the week. Last year receipts
from the plantations for the week were 56,075 bales and
for 1931 they were 3,518 bales.
•
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1932.
1933.
Week.
Week.
Season.
Season.
Visible supply Aug. 4
7.724.558
7,580,004
Visible supply Aug. 1
7,632,242
7,791.048
American in sight to Aug. 11_
129,595
276.160
191,559
174.916
Bombayreceipts to Aug. 10
31,000
14.000
19,000
19.000
Other India ship'ts to Aug. 10
1,000
36,000
1.000
32.000
Alexandria receipts to Aug.9.
1.000
800
1.600
200
Othersupply to Aug.9 * b_
8,000
12,000
15,000
10.000
Total supply
7,816,120 7,991,202 7,878,153 8,016.207
Deduct
7,481,257 7,481,257 7,671.007 7.671.007
Visible s pply Aug. 11
Total takings to Aug. 12 a
509,945
207,146
334,863
345,200
Of which American
392.145
268,663
172,146
267.600
Of which other
66.200
117,800
35,000
77,600
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
total embraces since Aug. 1 the total estimated consumption by
a This
Southern mills, 100,000 bales in 1933 and 110,000 bales in 1932
-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners, 109.915 bales in 1933 and 235,200 bales in 1932. of
which 192,145 bales and 157,600 bales American.
b Estimated.
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:
1933.
Aug. 10.
Receipts at
-
Week.
19.000
Bombay
Since
Aug. 1.
1932.
Week.
31.000 14,0001
For the Week.
Exports
from-
Receipts (Cantars)This week
Since Aug. 1
1931.
Since
Week. I Aug. 1.
19,000 12,0001
27,000
Since Aug. 1.
Great
Great Conti- 'Japan&
Britain. neat. China. Total. Britain.
Bombay
1933
1932
1931
Other India1933
1932
1931
7,000 25,000
1,000
4,000
32,000
1,000
4,000
8.000
Total All
1933
1932
1931
41,000
7,000 34,000
... 2,000 3,000 5,000
1,000 11,009 75,000 87,000
8,000
1,000
Since
Aug. 1.
9,0009,000
4,000
1,000 3:61
7,000 71,000 83,00(
1,000
4,000
5,000
Conti- Japan &
nent.
China.
Total.
13.00C
8,000 21.000
4,000
8,000 12.000
7,000 115,000 123,000
28,000
1,000
7,000
36.000
1,000
11,000
41,000
8,000 67,000
5,000
8,000 13,000
41,000 115,000 134,000
• According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
5,000 bales. Exportsfrom all India ports record an increase
of 36,000 bales during the week, and since Aug. 1 show an
increase of 44,000 bales.
1,000
4.000
This Since
Week. Aug. 1.
To Liverpool
To Manchester, &c
To Contin't & India
To America
2,000
3,000
6,000
1.000
2,500
4,000
8,000
1,000
1931.
5,000
8,000
Exports (Bales)
-
75.000
162.000
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
2.500 3,000 7,000
2,000
7.000
12.500 22:666 40,000
2,000 2.000 2.000 2,000
1,000
11,6456
12,000 15,500 14.000 19,000 27,000 53,000
Total exports
Note.
-A cantar is 99 lbs Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Aug 9 were
1.000 canters and the foreign shipments 12,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is active. Merchants are buying very
sparingly. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
Nil
Nil
Nil
Nil
Nil
64,258I,
30,5911
24,783
40,793
44,758
1932.
1933.
Alexandria, Egypt,
August 9.
1932.
1933.
32s Cop
Twist.
d.
May
12.
834 Lbs. Skirt- Cotton
ings, Common Mitleg 32s Cop
Uprds. Twist.
to Finest.
s. d.
93401034
93401034
9 010H
5
5
5
93401034
93401034
934010%
93401034
930010%
,
7
7
7
7
7
9H010X
9H(01014
93401034
9H010X
7
7
7
7
934@1034
9Ji(9)10%
7
7
June
-
23.
July
14.
21
2
1
1
1
d.
d.
6.19
5.96
6.07
d.
7H/0 934
7340 934
7340 934
6.37
6.12
6.18
6.18
6.38
7340
7510
7340
7340
7340
6.40
6.33
6.23
6.47
8340 9%
8 @934
7140 934
7340 934
6.25
5.90
7340 934
83401034
SX Lbs. Shill- Cotton
ings. Common Middrg
Uprds.
to Finest.
d.
d.
851
834
834
9%
934
Aug.
2
SO 0000 00000 000
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The followirg are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
SOSO S0000 000
average, as that remaining. We estimate the acreage remaining to be picked
to be about 25% less than that picked last year.
Conway (Faulkner County).
-Cotton has continued to improve past week.
Weather has been mostly cloudy with some scattered light showers. We
need sunshine for the next two or three weeks; no insects.
Little Rock (Pulaski County).
-Crops in this territory are making satisfactory progress. Recent rains have been more than sufficient and should
dry warm weather follow prospects will improve. The full acreage to be
plowed up will eventually be destroyed, but this has been temporarily
delayed by the rains.
Searcy (White County).
-The continuous rain is very detrimental to the
cotton crop in this territory. The stalks are growing too rapidly for proper
development of the fruit, and new squares that precede the cotton boll are
dropping off. With some hot dry weather we will overcome this trouble.
Week
Ende,,
1265
Financial Chronicle
Volume 137
d.
3
3
3
4.58
4.53
4.45
3
3
3
3
4
4.10
4.09
4.31
4.41
4.65
4
4
4
4
4.87
4.66
4.56
4 67
4
.5
4.69
5.51
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past weak have
reached 97,584 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
16.569
-To Leningrad-Aug.3-Norne, 16,595
NEW ORLEANS.
100
To Oslo
-Aug.4-Vasaholm, 100
1.125
To Dunkirk-Aug. 4-Vasaholm, 1,125
1,250
To Gdynia-Aug. 4-Vasaholm, 1,250
400
To Gothenburg-Aug.4-Vasaholm,400
400
-Western Queen,400
To Trieste-Aug.5
1,170
-Western IQueen, 1,170
To Venice-Aug. 5
100
-Western Queen,100
To Leghorn-Aug.5
2
To Colon-Aug.9 Abangarez,2
100
To Porto Colombia-Aug.5-Turrialba, 100
2,100
To Genoa-Aug.7-Mongioia,2.100
1.933
To Japan-Aug.8-LaPlata Mani, 1.933
-Aug.
-Eifel, 5.139
-To Bremen-Aug. 5
CORPUS CHRISTI.
5.189
8-Nar0o, 50
1,100
-Colorado Springs, 1,100
To Dunkirk-Aug.9
1.200
-Aug.9
-Colorado Springs, 1,200
To Ghent
277
-Colorado Springs, 277
To Rotterdam-Aug.9
GALVESTON.-To Havre
-Aug. 3-Nashaba, 1.372 -Aug. 8
2,137
San Francisco, 765
83
To Antwerp-Aug.3-Nashaba. 83
150
To Ghent
-Aug.3-Nashaba, 150
124
To Rotterdam-Aug.3-Nashaba, 124
6,003
To Japan-Aug 5-Tofuku Maru, 6,003
106
-San Francisco, 106
To Dunkirk Aug. 8
855
-Georgia, 855
To Gdynia
-Aug. 5
2.056
-Knoxville City. 2.056
HOUSTON.
-To India-Aug.4
200
To Oslo
-Aug.9-Vasaholm,200
..Aug. 9
-Victoria
-Clyde Bank, 8,466...
To Japan-Aug. 5
27,665
City, 19,199
-Georgia, 1.589 ....Aug. 9-Vasaholm,
To Gdynia-Aug. 7
4.061
2.472
-Georgia. 200 .tug. 9-Vasaholm,
To Copenhagen-Aug. 7
453
253
To Gothenburg
-Aug. 9-Vasaholm, 360
360
'lo Havre
-Aug.7
-San Frarcisco, 1.513
1.513
...Aug. 9
-Vasa-San Francisco. 525..
To Dunkirk-Aug. 7
1.713
holm, 888
400
To Bremen-Aug. 10-Nardo,400
To Ghent
-San Francisco.50
-Aug.7
3E
SAVANNAH.
-To Japan-Aug. 6- Sanyo Maru, 323
-Tulsa, 1.870
1,870
To Liverpool-Aug. 10
1.061
To Manchester
-Aug. 10
-Tulsa, 1.061
To Rotterdam-Aug. 9-Megna, 200
200
-Gateway City, 380
380
PANAMA CITY.
-To Lherpool-Aug. 7
400
To Manchester-Aug.7
-Gateway City,400
PENS..COLA.-To Liverpool-Aug. 8
-Gateway City, 1,004
1.004
200
To Manchester-Aug.8
-Gateway City. 200
850
MOBILE.
-To Liverpool
-July 31-Kenowis. 850
211
To Manchester-July 31-Kenowis 211
1,776
To Havre-July 31-Yaka,1,776
400
To Ghent
-July 31-Yaka, 400
To Bremen-July 31-Wacosta.3,379
3.379
To Hamburg
35
-July 31-Wacosta,35
To Rotterdam-July 31-Wacosta, 100
100
To Durban-July 31-Wacosta. 50
50
To Cape Town-July 31-Wacosta. 50
50
CHARLESTON.
-To Liverpool
-Tulsa, 1.150
1.150
-Aug.8
10.• To Manchester-Aug.8
-Tulsa,600
600
NORFOLK.
-To Manchester (7)
-City of Flint. 70
70
TEXAS CITY. To Bremen-Aug.2-Attika,805
805
To Havre
-San Francisco, 332
332
-Aug. 8
To Dunkirk-Aug. 8
-San Francisco, 229
229
LAKE CHARLES.
-To Liveipool-Aug. 3
-West Hobomac, 286_
286
To Manchester-Aug. 3
-West Hobomac, 100
100
NEW YORK.
-To Bremen-Aug.10
79
-Stuttgart. 79
-To Bremen-Aug. 8-Sundance, 700
JACKSONVILLE.
700
Total
97.584
-Current rates tor cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
Financial Chronicle
1266
High
Density.
Liverpool .25c.
Manchester.25c.
Antwerp .35e.
.25c.
Havre
Rotterdam .35e.
Genoa
.40c.
Oslo
.46c.
Stockholm .42c.
*Rate is open.
Stand,
ard.
.25c.
.25c.
.500.
.40e.
High
Density.
Trieste
.50c.
Fiume
.50c.
Barcelona .350.
•
Japan
Shanghai
*
Bombay z .40e.
.55e.
.350.
.61c.
Bremen
.57c.
Hamburg .350.
z Only small lots.
Standard.
.650.
.65e.
.50c.
•
*
.550.
.500.
.50c.
High
Density.
.75e.
Piraeus
Salonica .75a.
.500.
Venice
Copenh'gen.38c.
.400.
Naples
Leghorn .40c.
Gothenberg.42c.
Standard.
.90e.
.900.
.650.
.530.
.55e.
.55c.
.570.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the waek's sales, stocks, &c., at that port:
July 21. July 28. Aug. 4. Aug. 11.
45.000
56,000
49,000
48,000
708,000 711.000 715,000 724,000
388,000 394.000 381,000 387,000
49,000
27,000
77,000
62,000
11.000
25,000
41,000
37,000
192.000 162,000 186,000 173,000
83.000
86,000
80,000
96.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpoolfmarket for spots and futures
each day or the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday,
Tuesday, Wednesday. Thursday.
Monday,
Market, {
12:15
P.M.
Mid.IIprds
Friday.
A fair
business
doing.
Quiet.
Quiet.
6.15d.
HOLIDAY.
HOLIDAY.
Moderate
demand.
5.99d.
5.90d.
6.03d.
Futures.{
Market
opened
Quiet but Steady, Quiet but
Quiet.
7 to 9 pts. steady,3 to 5 to 7 pts. steady,9 to
decline. 4 pts. adv. advance. 10 pts. dee.
Market, I
4
P.M. I
Quiet,4
Steady,
Steady,
Quiet,
36 to 37 pts 13 pts. 1 to 2 pts. 16 to 18 pts
decline, advance, advance. decline.
Prices of futures at Liverpool for each day are given below:
Sat.
Aug. 5.
to
Aug. 11.
Mon.
Tues.
Wed.
Fri.
Thurs.
12:15 12: 1 12:1 4:0012:15 4:00112:15 4:0012:15. 4:0012:15 4:00
p. m p. m.p. m.p. m.p. m p. m.p. m.p. m.p m.p. m p. La. p. m.
d.
d.
HOLIDAY.
d.
5.91
5.95
5.99
6.02
6.05
__ __
d. d.
5.62 5.75
5.67 580
5.71 5.84
5.74 5.87
5.77 5.90
5.80.._ -
d. d.
5.75 5.79
5.80 5.83
5.84 5.87
5.87 5.91
5.90 5.94
5.93__ -
d.
5.77
5.82
5.85
5.89
5.92
5.95
__ __ 5.84__ __ .5.97_ __ 5.99
-- __ 5.90... _ 6.03. _ 6.05
0
N.,CACI
. 1 C.
C,
5.59
5.65
5.69
5.72
5.75
5.78
5.81
5.82
5.85
5.85
5.91
1
New Contract, d. d.
Oct.-(1933)__
Jan.(1934)____
March
HOLTMay
DAY.
July
October
December
January (1935)
March
May
July
BREADSTUFFS
Friday Night, August 11 1933.
FLOUR has been comparatively quiet with prices following the movement of wheat. Seminola was reduced 10c.
on the 8th inst. Later on bakers' patents, Seminola and
white family flour were advanced 10 to 20c.
WHEAT has fluctuated irregularly during the week
and the swing of prices has been less pronounced. Trading
has been comparatively light and the market was very
sensitive to operations either way. The unsettled condition of the market and the uncertainty as to what direction the proposed investigation will take has tended to
check business. North American crop advices have been
very unfavorable and the Government report on the 10th
Inst. was expected to reflect this situation. There will be
no official estimate on the Canadian crop until September.
Private estimates were around 150,000,000 to 160,000,000
bushels for the American crop and from 225,000,000 to 275,000,000 for the Canadian spring wheat crop. Despite all the
bullish news prices up to Wednesday showed a decline of
2 to 3%e. On the 10th inst. the ending was unchanged to
/ higher with trading more active. Very bullish foreign
1c.
2
crop advices, expectations of a bullish Government report
and a stronger stock market caused an increased outside
demand, particularly from Eastern interests. On the
advance, however, there was considerable profit taking and
when stocks declined buying fell off. Unfavorable reports
were received from Australia and cable advices said the
Argentine outlook was unfavorable and that there were
fears of locust infestation and damage this year. Roumania
advices stated that the crop there was nearly 50% greater
than last year, but that the quality was not suitable for
export. Argentine shipments are expected to be larger.
The Government report put the indicated yield at 499,671,000 for both spring and winter wheat which compares
with 495,681,000 the July estimate. It falls far behind
last year's production of 726,831,000 bushels. The winter
wheat production was estimated at 340,355,000 bushels
against 461,679,000 bushels last year. The spring wheat
forecast was 159,316,000 bushels against 159,915,000
bushels a month ago and 264,604,000 bushels last year.
The indicated production of durum wheat was 17,532,000
bushels against 17,576,000 a month ago and 39,968,000 last
year. The indicated production of other spring wheat was
141,784,000 bushels against 142,784,000 a month ago and
224,736,000 last year.
To-day prices fell the limit of 5 cents allowed for a single
day's fluctuations despite sensationally bullish crop reports from Government sources. Much attention was given
to reports that the Grain Exchange Code submitted was not
acceptable to Administration officials. Winnipeg and Liver-
Aug. 12 1933
pool were also lower. Final prices show a decline for the
week of 214 to 2 c.
/
1
2
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2red
112% 110 110% 112% 112% 107%
LILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
98% 98% 98% 100% 100% 953
i
September
101% 101% 100% 103% 103% 98%
December
105% 105% 105 107% 107% 102%
May
Seam's Low and When Made.
Season's High and When Made.
July 17 1933 September „..45%
Jan. 3 1933
September -120%
Apr 28 1933
July 18 1933 December--68%
December---124
94%
June 26 1933
July 18 1933 May
128%
May
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tuts. Wed. Thurs. Fri.
83% closed 80
81% 82
78%
October
85% ---- 82% 83% 83% 80%
December
89% ---- 86% 87% 88% 84%
May
INDIAN CORN showed an irregular trend during the
week and the market has been nervous and unsettled.
The weather news was mixed with rains occurring in some
sections but they were not enough to give general relief.
The Government report on the 10th inst. was expected to
be bullish. The total visible supply is now 61,218,000
bushels against 10,815,000 bushels last year. On the 10th
inst. after advancing more than 1%c. prices receded a
/
1
2
little and ended unchanged to 1 c. higher. Early strength
was attributed to buying based on general expectations of
a bullish Government report. More favorable weather,
increased country offerings and larger bookings caused
selling and the later reaction. The Canadian Government
was said to be seriously considering the lifting of the duty
on American corn because of the unfavorable feedstuffs
situation in the Western provinces.
/ to 2%c. in response to the
1
2
Today prices declined 1
1
2
weakness in wheat. Final prices are / to 1%c. lower for
the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
68% 67% 67% 68% 68% 66%
No.2 Yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHIAGO.
Sat. Mon. Tues. Wed. Tues. Fri.
September
55% 54% 53% 54% 55% 52%
59% 58% 58% 59% 59% 57%
December _
May
64% 64% 63% 64% 65
62%
Season's High and When Made. J Season's Low and When Made.
July 17 19331September _ --26%
September __ _71%
Feb. 28 1933
July 17 1933( December_ _ - _38%
December_ _ _ _77
Apr. 28 1933
May
July 17 19331May
60%
82
July 31 1933
OATS moved rather nervously during the week, and dhow
a reactionary trend. There has been rather heavy liquidation of speculative accounts. At the close on Wednesday
prices showed *a decline since last Friday of 11 to 11c.
/
2
/
2
1
2
On the 10th inst. the ending was / to 34c. higher. The
/
market was generally influenced by the action of other
grain. The Government report put the crop at 666,745,000
bushels against 698,941,000 bushels a month ago and
1,238,231,000 bushels last year.
To-day prices declined 2 to 2 c., being influenced by
/
1
2
/
1
2
the drop in wheat. Final prices are 1% to 11Ac. lower than
a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2white
52% 52
52% 53% 53% 51%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs, Fri.
September
40% 39% 40
40% 41
38H
43
December
42% 42% 43% 44
41
May
46% 45% 45% 46% 47
44
Season's Low and When Made.
Season's High and When Made
September -..49q
July 17 1933 September ___16%
Feb. 28 1933
D.ecember_ _ _ 52
July 17 1933 December_ _ _25 ti
May 22 1933
May
July 17 1933 May
56
.40A
July 3 1933
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sal. Mon. Tues. Wed. Thurs. Fri.
October
43% closed 41% 42% 43% 41%
43 closed 41% 42% 4331 41%
December
•
RYE has moved irregularly during the week, but recently
the trend has been upward. On the 10th inst. prices advanced % to 12 with Eastern interests buying. The
/
1c..
visible supply increased to 11,373,000 bushels as compared
with 8.976,000 bushels last year. To-day prices declined 3
/
1
2
to 42c., with wheat lower and selling rather general. Final
/
1
prices dhow a decline for the week of / to %c.
1
2
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Men, Tues. Wed, Thurs, Fri.
73
September
73% 72% 74% 75% 71%
December
78% 78% 77% 80% 81
7734
May
83
83% 82% 85% 86% 82
Season's High and When Made.
Season's Low and When Made.
September - _105%
July 19 1933 September _4134
Apr. 1 1933
December_ _111%
July 19 1933 December- -51
May 5 1933
May
11851
July 19 1933 May
80
July 24 1933
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues, Wed. Thurs. Fri.
58% closed 56% 5731 5834 5434
October
December
-60% closed 58% 60
60% 56%
PRICES OF BARLEY FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed,Thurs. Fri.
September
53
53
53
53
53% 53
December
57.14 57% 5731 5734 58% 57
May
62% 62% 62% 6234 63
62
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Times. Fri.
October
53% closed 51
51% 5131 4834
December
54% closed 52
52% 52% 49%
Closing quotations were as follows:
GRAIN
Wheat, New YorkOats, New York
No. 2 red, c.i.f., domestic_ _ _107%
No. 2 white
514
Manitoba No.1.f.o.b. N.Y_ 83%
. No. 3 white
50
Rye,No.2.f.o.b.bond N.Y_ 61
Corn, New YorkChicago, No. 2
7431.74%
No.2 yellow, all rail
Barley.
66
No.3 yellow,all rail
N.Y.,4734 lbs. malting_
65%
65A
Chicago, cash
38-65
Financial Chronicle
Volume 137
FLOUR.
Spring pats., high protein 37.6047.90 Rye flour patents
$5.45- $5.75
Spring patents
7.25- 7.55 Seminole, bbl.. Nos. 1-3 8.60- 9.00
Clears, first spring
7.00- 7.30 Oats goods
2.40
Soft winter straights-- 6.35- 6.80 Corn flour
1.75- 1.80
Hard winter straights.- 7.05- 7.35 Barley goods
Hard winter patents
3.50
7.35- 7.70
Coarse
Hard winter clears
6.75- 7.05
Fanny Dearl,Nos.2.48z7 4.25- 5.65
All 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
each of the last three years:
Receipts at-
Flour.
Wheat. I
Corn.
Oats.
Rye.
Barley.
bbls.1901bs bush.60 lbs. bush. 56 lbs bush. 32 tbs. bush.48lbs.bush.561bs.
Chicago
133,000
904,000 1,825,000 1,150.000
9,000 246,000
Minneapolis_
201,000
1,075,000
733,000
76,000 1,523,110
Duluth
003,000
77,000 161.000
414,000
975,000
Milwaukee......
9,000
310,000
1,000 237.000
183,000
513,000
Toledo
254,000
14,000
28,000
Detroit
45,000
5,000
24,000
13,000
24,000
Indianapolis
115,000
215,000
363,000
St. Louis _ _ _ _
91,000
507.000
266,000
1,001
387,000
47,000
Peoria
29,000
95,000
262.000
198,000
98,000
Kansas City
12,000
838,000
179,000
58.000
Omaha
614,000
185,000
157,000
St. Joseph_
86,000
91,000
18,000
Wichita
206,000
29,000
25,000
Sioux City_
11,000
6,000
'
3,000
2,000
22,000
Buffalo
1,360,000 1,137,000
45,000 250,000
Total wk.1933
Same wk.1932
Same wk.1931
274,000 7,323,000
341.000 11,287.000
442,000 19,712,000
4,952,000
3.071,000
1,407,000
5,365.000
5,471,000
3.928,000
341.611 1,818,000
284,000 1,047,000
305,000 974,000
Since Aug.11933
1932
1031____
I
274,000 7,323,000
341,600 11,287,000
5715 nen 44 lAR nnn
4,952,000
3,071,000
A S7A non
5,365,000
5,471.000
7 045 nnn
United StatesChicago
" afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
Receipts at
New York._ _
Philadelphia _
Baltimore_ _
Sorel
New Orleans *
Galveston_
Montreal _ _
Boston
Quebec
Halifax
Flour. I
Wheat.
Corn.
Oats.
Rue. I
Barley.
bbls.1981bs.lbush.60 lbs. bush. 56 lbs. bush. 32lbs bush.481bs.'bush.58Ibs
.
.
95,000
9.000
11,000
28,000
76,000
24,000
1,000
9,000
108,000
16,000
8,000
27,000
473,000
39,000
24,000
75,000
33,000
66,000
54,000 1.322,000
17,000
8,000
15,000
8,000
604,000
4,060
Total wk.1933 244,000 2,682, I,
Since Jan.1'33 9,002,000 48,011,000
102,000
3,016,000
92.000
2,664,000
Week 1932. 260,000 2.335,000
Since Jan.1'32 9,789,000 83,410,00
222,000
3,615.000
398.000
177,000 363,000
4,987.000 10.184.000 5,150.000
25.000
182,000
9,000
404,000
•Receipts do not Include grain passing through New Orleans for foreign ports
on through bIlLs of lading.
The exports from the several seaboard ports for the week
ending Saturday, Aug. 5 1933, are shown in the annexed
statement:
Exports fromNew York
Sorel
New Orleans
Galveston
Montreal
Quebec
Halifax
Wheat.
Corn.
Flour.
.0als.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
412,000
9,050
3,000
473,000
1,000
7,000
1,322,000
54,000
17,000
8,000
604,000
4,000
Total week 1933_. 2,811,000
Same week 1932._ _ _ 3,172,000
44,000
75,050
41,850
3,000
403,000
17,000
201,000
8,000
361,000
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
and Since
July 1 to--
Week
Aug. 5
1933.
Since
July 1
1933.
Wheat.
Week
Aug. 5
1933.
Barrels. Barrels.
Bushels.
United Kingdom_ 39,335
307,405 1,415,600
Continent
11,715
64,105 1,394,000
Amer.
343. & Cent.
6,000
2,000
24:000
West Indies
80,000
____
Brit. No. Am.Col.
1,000
Cother countries
_-13,625
Total 1933
Total 1932
75,050
41,850
Corn.
Since
July 1
1933.
Week
Aug. 5
1933.
Since
July 1
1933.
Bushels. Bushels.
3,498,000
5,972,000
27,000
2,000
Bushels.
17,000
11,000
1,000
472,135 2,811,000 9.510.000
339,036 3,172,000 17.344.000
18,000
199.000
44,000
The visiblesupply of grain, comprising the stocks ir
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 5, was as follows:
United StatesBoston
New York
*. afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Port Worth
Wichita
Hutchinson
St. Joseph
Kan.sas City
Omaha
Sioux City
St Louis
Indianapolis
Peoria
GRAIN STOCKS.
Wheat,
Oats,
Corn,
bush,
bush.
bush.
5,000
122,000
116,000
96,000
120,000
508,000
95,060
45.000
1,296,000
14,000
27,000
6,000
25,000
221,000
152,000
407,000
7,248.000
89,000
858,000
2,250,000
37,600
8,000
5,831,000
4,043,000 3,171,000
815,000
38,068,000 3,153,000
389.000
9,925,000 7,928,000 2,505,000
532,000
893,000
436,000
415,000
5,636,000 2,807,000
912,000
1,150,000 1,948,000
39,000
408,000
324,000
http://fraser.stlouisfed.org/
Milimmor
Federal Reserve Bank of St. Louis
Rye,
bush.
Barley,
bush.
3,000
7,000
3,000
2,000
1,000
11,000
4,000
85,000
80,000
169.000
9,000
12,000
20.000
18,000
33,000
25.000
5,000
17,000
Rye.
Barley,
bush.
bush.
3.098,000 1,387,000
1,011,000
62,000
825,000
3,618,000 7,355,000
2,192.000 1.699.000
35,000
40,000
1,059,000
786,000
Total Aug. 5 1933_ _134,674,000 61,218,000 35,975,000 11,373,000 12,298,000
Total July 29 1933_ _131,516,000 60,730,000 33.531.000 11,196,000 11,579,000
Total Aug.6 1932____171,247.000 10,815,000 14,035,000 8,976.000 2.026,000
Note.
-Bonded grain not included above: Wheat
-New York, 892,000 bushels;
New York afloat, 110,000: Buffalo, 3,146,000; Buffalo afloat, 91,000; Duluth,
182,000; Erie, 1,994,000; Canal, 321,000; total, 6,736,000 bushels, against 5,917,000
bushels in 1932.
Wheat,
Corn,
Oats.
Rye,
Barley,
Canadianbush.
bush.
bush.
bush.
bush.
Montreal & oth.seabd.pts.31,230,000
1,701,000
976,000
819,000
Ft. William & Pt. Arthur_61.827,000
2,868,000 3,355,000 2,831,000
Other Canadian
12,619,000
664.000
122,000
521,000
Total Aug. 5 1933_ _ _105,676,000
Total July 29 1933.. _105,948,000
Total Aug.6 1932.... 78,973,000
Summary
American
134,674,000 61,218,000
Canadian
105,676,000
5,233,000 4.453,000 4,171,000
5,325,000 4,404,000 4,078,000
3,791,000 4,069.000 1,467,000
35,975,000 11.373,000 12,298,000
5,233,000 4,453,000 4,171,000
Total Aug. 5 1933___ _240.350,000 61,218,000 41,208,000 15,826,000 16,469,000
Total July 29 1933-237.464,000 60,730,000 38,856,000 15,600,000 15,657,000
Total Aug.6 1932____250,220,000 10,815,000 17,826,000 13,045,000 3,493,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
erded Friday, Aug. 4, and since July 1 1933 and July 1
1932, are shown in the following:
341,000 1,818,000
284,000 1,047,000
583.000 1_7150.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 5, follow:
1267
Wheat,
Corn,
Oats.
bush,
bush,
bush,
6,838,000 18,244,000 3,646,000
559,000
852,000
369,000
1,348,000 3,744,000 1,982,000
26,229,000 2,625,000 15,439,000
15,643,000 4,743,000 6,331,000
249,600
10,000
18.000
5,671,000 10.090,000 1,239.000
397,000
56,000
185.600
141,000
148,000
Wheat.
Exports.
Week
Aug. 4
1933.
Since
July 1
1933.
Corn.
Since
July 2
1932.
Week
Aug. 4
1933.
Since
July 1
1933.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 4,204,000 18,637,000 27,233,000
5,000
24,000
Black Sea_
268.000 681,000 7,483,000
Argentina... 1,916,000 16,035,000 3,697,000 3,422,000 21,095,000
Australia ___ 2,782,000 11,430,000 10,070,000
India
0th. countr's
80,000 1,544,000 3,360.000
179,000
528,000
Total
8,982,000 47,696,000 44.568,000 4,287.000 29.130.0001
Since
July 2
1932.
Bushels,
237,000
3,316,000
35,273,000
1,122.000
39,948,000
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREALS, &c.
-The full report of the Department of
Agriculture, showing the condition of the cereal crops on
Aug. 1, as issued on the 10th inst., will be found in an earlier
part of this issue in the department entitled "Indications of
Business Activity."
GRAIN CROP PROSPECTS IN FOREIGN COUNTRIES.
-The U. S. Department of Agriculture at Washington, in giving its report on Aug. 10 of the grain crops
in the United States, also made public a report on the
prospects of grain crops in foreign countries, which will be
found complete in an earlier part of this issue, in the department entitled "Indications of Business Activity."
WEATHER REPORT FOR THE WEEK ENDED
AUG. 9.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Aug. 9, follows:
The first day of the week had unusually warm weather in the Northeast.
with maximum temperatures exceeding 100 deg. locally in the Hudson
Valley: there was a reaction to much cooler on Wednesday morning, and
thereafter pleasant weather prevailed rather generally from the Mississippi
Valley eastward. Temperatures were high in the west Gulf area during
much of the week and the latter part had abnormally warm weather in the
Southwest, centering in Kansas, with maxima ranging from 100 deg. to 104
deg. The first part of the period had rather frequent showers in most areas
east of the Rocky Mountains, but fair weather was the rule the latter part.
The table on page 3 shows that the temperature for the week, as a whole,
averaged near normal in nearly all sections of the country. The relatively
coolest weather occurred in the upper Mississippi Valley and in the Pacific
area, and the warmest in the northern Great Plains, the Southwest, and
locally In the Middle Atlantic States. A considerable north-south belt,
extending from eastern Montana and western North Dakota southward
over the Great Plains to central and western Texas, had maximum temperatures ranging from 96 deg. to 104 deg.
The taole shows also that precipitation was generous in most places from
the Ohio Valley eastward and northeastward, in the south Atlantic area,
east Gulf States, and in many north-central districts. The lower Missouri
Valley also had good rains, and helpful amounts occurred in
Northwest and some Rocky Mountain sections. There was the Pacific
very little
rain in the northern Great Plains and the west Gulf area, except in extreme
southern Texas.
The reaction to cooler weather in the Northern and Western Stata.,
together with more widely distributed and rather generous showers from
the central and upper Mississippi Valley eastward and less rain in the
central Gulf States, made a favorable crop-growing week in most localities
east of the Mississippi River. The rains were especially timely in New
England, New York. Michigan, and the Ohio Valley
but
localities of the last-named, growing crops, especiallyStates, werein some
corn,
too far
gone to be materially benefited; pastures had become very short, with
some stock on feed.
In the Atlantic area conditions were decidedly favorable as far south as
North Carolina, with this State enjoying more soil moisture than at any
time during the present season. South Carolina needs rain, and showers
would be helpful in parts of eastern Georgia, but, otherwise, with a let-up
in rainfall in Mississippi and Alabama, conditions are more favorable
than recently in the southern part of the eastern area.
Between the Mississippi River and Rocky Mountains soil moisture is still
decidedly inadequate in many places, especially in the northern and central
Great Plains, about half of Missouri, parts of Iowa, and much of
Minnesota,
but lower temperatures were favorable: this was the first relatively cool
week in the upper Mississippi Valley since corn planting time. In
the southern trans-Mississippi section, less rain in Louisiana,
recent showers in
Oklahoma and western Texas, and mostly moderate temperatures
made a
rather favorable week.
In the Rocky Mountain States beneficial rains occurred
but were largely too late for dry-farm small grain crops; during the week,
the cool
however, favored sugar beets, and the range shows improvement weather,
in many
sections. Utah is still unfavorably dry, much of Idaho needs
rain badly,
and the burning of fruit in California by last week's
high temperatures is
now more apparent.
The week was generally favorable for seasonal farm
and threshing in late western and northwestern districts work, with harvest
advancing. Showers
in parts of the Southwest and the Ohio Valley were favorable
in conditioning
the soil for preparation for fall seeding.
SMALL GRAINS.
-Threshing winter wheat and oats has been practically completed in the main producing sections, with
generally favorable
Financial Chronicle
1268
but they are
weather; in Iowa later reports show oat yields slightly better, made good
still generally disappointing. In the spring wheat region harvest
with threshing well advanced and nearing
progress in the later districts,
effect of the
completion, except in the western part: yields are showing the are produclong-continued drought, although in Montana irrigated sections somewhat
Northwest rains delayed harvest
ing satisfactorily. In the Pacific
more general
with slight local damage. Plowing for fall seeding is becoming
rains occurred.
in the Ohio Valley and parts of the Southwest since the sufficient to proby rains
CORN.—The eastern Corn Belt was favored
though in many
mote rather definite improvement in the general outlook, is irreparable,
dryness
places of the Ohio Valley damage from previous especially, the croy is
and little inrovement will result. In Illinois,
to a lim ted
decidedly variable, ranging from practically a complete failure
condition; in
amount of corn, principally in the northwest, in excellentt damage. In
general the crop in this State has suffered heavy, permanen
the Atlantic area conditions are decidedly favorable.
in most of the
In Iowa progress during the week was fair to very Food many counties;
In
State, but there was deterioration or poor development
i
unfavorable dryness
showers occurred in about one third of the State, With and a large part of
is permanently damaged
elsewhere; much early corn
the late is stunted.
limited areas, princiIn the States from Oklahoma to North Dakota, in southeastern South
and
pally northeastern Kansas, eastern Nebraska, development was poor or
sections
Dakota, progress was fair, but in otherpermanent damage has been done
further deterioration occurred. Much
as in Minnesota.
by hot, dry weather in tais group of States, as well averaged near normal
res
COTTON.—In the Southern States temperatulight to moderate in the
ion was mostly
rather generally and precipitat
much of Texas had
central and eastern portions of the Cotton Belt, while
a favorable week for the development
little or no rain; this made ratherin the south-central portion of the belt
of the cotton crop, with less rain
being especially favorable.
, and cotton shows
In Texas beneficial showers occurred in the northwest
eastern border counties where
improvement rather generally, except inlower Rio Grande Valley where
was heavy and In the
previous rainfall
destroyed by the tropical
practically all cotton remaining in the field was has been generally good
hurricane of the week. In Oklahoma progress
in
soil moisture; the first bale was marketed
since the improvement in
this State on August 8.
in the north,
States of the belt conditions were favorable considerable
In the central
though there are
and some improvement is shown in the south,
causing sappy growth at the expense of
complaints of continued wet soilweevil activity, with some shedding. In
favoring
fruit, and of dampness
, except for rather too much rain
the eastern belt the weather was favorable sections there are some comIn some northeastern localities; in southern in general, plants are fruiting
but.
plaints of shedding from insect damage.
freely ard forming bolls to more northern localities.
g resume of
The Weather Bureau furnishes the followin
the conditions in the different States:
with light rain first
Virginia.—Richmond: Temperatures near normal, ble plowing for fall
Considera
of week, and all crops improved rapidly. sweet potatoes, and melons
peanuts,
seeding. Cotton, corn, tobacco,and corn beginning to ear. Curing toexcellent; cotton putting on bolls
somewhat backward. Apples range
bacco begun. Meadows and pastures
from poor to good, but improving.
daily until Saturday and some
North Carolina—Raleigh: Showers favorable for crop growth. Late
locally heavy washing rains. Weather and meadows much improved.
corn, tobacco, sweet potatoes, pastures, rather too much rain on Coastal
Progress of cotton good in Piedmont, but
over State than any time since
Plain. Ground more thoroughly wet
spring.
Warm early in week, but rather cool latter
South Carolina.—Columbia:
again need rain. Tobacco curing
part; showers scattered and all crops and lesser crops still in good growwell advanced. Corn, sweet potatoes, planting practically finished, with
ing condition. Late corn and forage corn fodder pulling progressing.
late plantings coming to good stands; good, with bloom and bolls formCotton condition and progress continues
ing freely.
res; local showers. Progress
Georgia.—Atlanta: Seasonable temperatu sections, though considerable
well in most
of cotton generally good; fruitingin south and central and picking in south.
shedding in some areas; opening mostly good; late growing well in most
Old corn practically made and
especially in east-central; fodder
sections, though rain needed locally, late truck, cane, peanuts, minor
pulling in progress. Sweet potatoes,
where sufficient moisture.
crops, and pastures doing well
slow advance. Corn,
Florida.—Jacksonville; Cotton fair; picking being prepared for fall
rice good. Ground
potatoes, sweet potatoes, and good. Ranges good and ponds filling up.
planting. Strawberry plants
Citrus good size, but some splitting.
res and local showers.
Alabama.—Montgomery: Moderate temperatu most sections. Corn,
work in
Weather more favorable for crops and farm
, except in west
and pastures fair to good conditionrecent wet spell.
miscellaneous crops,
still affected by
where young corn, truck, and vegetables
growth and affecting
causing rank
Cotton mostly fair to good, but rains
and moderate to heavy shedding
fruiting;locally favorable for weevil activity
beginning in southeast, with first
in west and north; picking and ginning
at Troy.
bale reported
normal; light to heavy
Mississippi.—Vicksburg: Temperatures about good; condition rather
fair to fairly
showers. Progress of cotton mostly
late corn
prematurely opening in west. Progress of
poor to fair; some early
gardens, pastures, and truck fair
fair to very good. Progress of forage,
to good.
local showers, but heavy only
Louisiana.—New Orleans: Frequent
extensive weevil activity and heavy
locally. Soil kept wet which favored while condition poor to only fair;
ion of cotton,
shedding, with deteriorat
and picking starting in south.
opening beginning to northwestern counties
recently flooded. Cane made good
Late corn fair to good, except where
growth; rice beginning to head.
temperatures in most districts. Heavy
-5th;
Texas.—Houston: Near normalduring passage of tropical storm 4
rains in lower Rio Grande Valleyin northwest and scattered showers elserains
beneficial light to moderategenerally, except in eastern border counties
where. Cotton improved
and in extreme eastern Rio Grande
where too much moisture previously practically destroyed by storm, as
Valley where crop remaining in field northern portion of State. Corn
progressed to
was also citrus; picking
continue dry in some western
averaged poor to fair condition. Ranges
districts, but livestock continued good. ures near normal, but warm at
City: Temperat
and
Oklahoma.—Oklahoma
rather local in western half late
close of week. Light to heavy rains, but
of northwest. Rain too
moisture still badly needed in some localities other crops. Progress and
benefited
to help bulk of corn, but greatly
bolls and opening satisfactorily;
condition of cotton generally good; setting
to-day. Considerable plowing, except
first bale marketed in Caddo County improved in most sections.
where soil too dry or wet. Pastures
maturing very well and progress
Arkansas.—Little Rock: Early corn good; blooming freely and bolls
cotton
of late very good. Growth of shedding following wet weather. Very
es
setting rapidly; only light local
sweet potatoes, melons, cantaloup
favorable for meadows, pastures,
rains delayed
and truck.
to heavy
part
Tennessee.—Nashville: Further moderate
on of ground, but sunshine latter
cultivation of late crops and preparaticondition of corn fair to very good:
conditions. Progress and
improved
good and condition
improved. Progress of cotton very
early crop greatly
wonderful
good; forming bolls. Tobacco showed moderate; heavy rain in northgrowth.
Kentucky—Louisville: Temperatures
northern bluegrass
but several counties in otherwise improvoeast reached part of dry district, pastures deteriorating;
remain dry and crops and condition of corn very good to excellent.
region
and
tobacco
ment continues. Progress
y; too wet for cultivation of late
Tobacco being topped extensivel crops doing well.
in west. Late gardens and forage
THE DRY GOODS TRADE
1933.
New York, Friday Night, Aug. 11
as a stimulating
The cooler weather has served to act and more invigofactor in the retail business, which is more ng the launching
attendi
rated by the country-wide publicity
ons of the stores are
of the NRA campaign. August promoti
Aug. 12 1933
meeting with a fair response, reflecting in a measure the
slowly emerging rebuilding of the masses' buying power,
through steadily growing reinstatements of labor and raising of wages to the stipulated minimum levels. Reports
from numerous centers begin to stress this factor more
and more, and it is hoped that the actual opening of the fall
season will bring forth a real revival of public buying. A
pleasant surprise was furnished by the monthly figures of
the Federal Reserve Board concerning the value ofdepartment store sales for July. This disclosed an increase of 4%
over July 1932, i.e., the first monthly advance since October
1929, the month during which the depression had its inception in the crash on the security markets. The best showing
was made by the stores of the Dallas district, where the
value of sales increased 16%, while New York stores lagged
behind with an actual decline of 2%. Retailers all over the
country took steps during the week to bring their store
operations within the provisions of the temporary Code
agreed upon by six major associations in the field of distribution. Merchants, big and little, are conforming to
the Code even where conformance involves hardship as in
the case of numerous small shopkeepers where the added
expense may mean the difference between making a living
and facing a net loss.
Activity in the wholesale markets declined from recent
levels, due to large orders already placed and an increasing
degree of price uncertainty. Dry goods wholesalers continued to maintain a cautious attitude, in view of the great
differences in quotations by the mills. Retailers, on their
part, are also hesitating to place orders because they are
still doubtful as to the consumers' ability to pay the higher
prices quoted them, although jobbers are insisting that
prices quoted to retailers are still under the mill market.
Some industries have announced blanket increases of a flat
percentage on all unfilled orders, while others have named
increases based on actual added labor costs. The number
of out-of-town buyers has sharply increased, but it is still
under the figure for the corresponding period of last year.
Pending action of the dress industry on their proposed Code,
business in silk goods has been very quiet, although orders
from retailers for broad silks have come through in good
volume. Satins and ribbed silks are leading in demand,
with taffetas and moires gaining in favor. Greige goods
were firm and unchanged, while finished goods advanced
sharply. Inquiries for rayon yarn for October delivery are
being received in good quantities. None is available for
spot delivery, and only odd lots for September shipment,
although cloth brokers are reported to have been offering
yarns in fair quantities. Further immediate advances in
list prices are not looked for unless a processing tax is
imposed on rayon.
DOMESTIC COTTON GOODS.—Following a period
marked by a virtually complete cessation of business, due
to the difficulties attendant upon the inauguration of the
processing tax, the market finally regained its composure,
only to be thrown into another disturbance by the surprisingly bearish Government crop report. The result was a
further weakening of the price structure, with interest
being at a rather low ebb among important buyers. Fol-square perlowing the establishment of a price of 16c. for 80
cales by corporation printers, the leading converters advanced prices to 17c. Outing flannels were advanced to a
basis of 10%c. for the 4.50 fancies. In fine yarn staple
goods trading was light, and most mills are quoting on a
plus tax basis. Closing quotations in print cloths were as
follows: 39-inch 80's, 9% to 9%c; 39-inch 68x72's, 8c.;
38%-inch 64x80's, 6% to 7c.; 38%-inch 60x48's, 6c.
WOOLEN GOODS.—While the woolen industry as a
whole is operating close to capacity, new business is slow
and is not likely to expand until apparel manufacturers are
more certain of improvement in retail trade. A number
of mills have advanced prices on men's and women's wear
fabrics from 10c. to 27%c. a yard, but the belief is general
that these new prices will meet with considerable resistance.
The advances are wholly due to application of the wage
and machine hour provisions of the Code recently approved
by the entire industry. Several apparel chains are reported
to have advased their customers that an advance in prices
is intended to occur on Sept. 1 when $17.50 and $18.50 garments are to move above the $20 level. Women's garment
of the
factories are operating normally, with a portionDemand
Industry being threatened by labor difficulties.
off
for ready-to-wear in the wholesale markets has dropped
merand orders are confined mainly to current fashion
chandise.
ed to
FOREIGN DRY GOODS.—Seasonal dullness continumade
rize trading in linens. Efforts are now benig
characte
to stimulate the use of lightweight goods for next season's
materials,
wearing apparel, since it is felt that the heavy
evidence this past season, will hardly be adequate
much in
for real hot weather wear. Reports from abroad indicate
little interest
moderate re-ordering or suitings, but very
of handkerfor household linens with the possible exception
d
chiefs, which are reported to meet with an improvea debut fair
mand. Trading in burlap on spot goods was quiet,
Spot
volume of business was reported for afloat goods. heavyweek, while
prices declined about 5 points during the
cally lightweight futures gained 10-15 points. Domesti
6.55e.
weights are quoted at 5.25c., heavies at
Volume 137
Financial Chronicle
1269
State and City Department
MUNICIPAL BOND SALES IN JULY.
We present herewith our detailed list of the municipal
bond issues put out during the month of July, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1083
of the "Chronicle" of Aug. 5. The total for that month, as
previously reported, was $29,785,320. This figure does not
include Reconstruction Finance Corporation loans or Federal
Emergency Administration poor relief grants actually made
or committed to States and municipalities during July in the
amount of $31,045,765. The number of municipalities issuing bonds in July was 132 and the number of separate
issues 148.
Page.
Name.
Rate. Maturity. Amount.
r$20,000
721__Aberdeen. Wash
6
899.
..Albany. Vt
6
1934-1952 r27,500
721-Alleghany County, Va 5
5-10 years r50,000
721--AndersonSchoolCity,Ind.5
1935-1945 165,000
900-Arno1d S.
55,000
-D.,Pa
53( 1936-1943
1087-Ashland County, Ohio---4 y 1934-1938
20.000
42.000
721--Avon-by the-Sea, N.J__ A
1935-1955
349--Barton, Vt
4
1936-1953 r35,000
721-Beaver County,Pa
4
1934-1943 300,000
900__Bennington, Vt
43 1934-1948 r75.000
721-Benton Co. S. D. No.34,
.
Minn
2,000
1939-1948
4
30,000
900-Braddock S. D., Pa
43.4 1948-1958
1088.-Bridgeport, Conn
300.000
1934
3
721--Buhl, Minn
43
1938-1939 r50.500
150,000
721-Burlington County, N.J-6
900-Calumet County. Wis 4
1944-1946 300.000
50,000
523--Cambridge, Mass
7.500
900--Canastota, N.Y
1934-1948
523-Carroll County, Md
434 1935-1942 200,000
6,500
1088- _Carroll County, Ohio
6
900- _Cattaraugus, N. Y
7,000
1934-1947
5
350-Cerro Gordo Co., Iowa_ AM 1935-1939
27.000
14,800
523-Champaign Co., Ohio
_--- -------55,000
523__Ohenoa Twp.. Ill
534
2.000
721„Cheviot, Ohio
5 years
5
901--Clarks, Neb
5-20 years d30,000
6
90,000
722.-Clark County, Ohio
5
1934-1942
r53,000
722-Coldspring S. D., Tex
901_ Collingdale S. D.,Pa
r33.000
5
1953
901-Columbus, Ohio (2 iss.) 534 1935-1942 167,425
50,840
901...Columbus, Ohio
1935-1944
53
524__Danbury,Conn
534 1934-1948 r305,000
r32.000
351-Des Moines Co., Iowa..
25,000
901--Des Moines, Iowa
434 1934-1947
9.400
722-De Witt,Iowa
5
525- _Dover, N.J
43
1934-1951 138.000
902_ _East Orange, N.J
19,000
6
902-_East Providence, R. I.
105,000
(2 issues)
43.4
351-East Waterloo Ind.S. D.,
Iowa
1934-1936 r24,000
5
6,000
1089--Edwards County, Kan 4% 1935-1940
r30,000
722-Ellwood City S. D.,Pa_
525-Elmira, N.Y
33.t 1935-1939 200.000
722-Escanaba, Mich
1935-1940 r36,000
5
352-Fond du Lac, Wis
43( 1935-1944 200,000
50,000
902- _Frankfort, N. Y
6
1-10 irs
75,000
525_ -Freeport, N. Y
5.20 1937-1951
902-lisreeport, N. Y.(3 iss.)-5.20 1934-1953 185,000
4,582
1934-1943
1090-Garfield Heights, Ohio 5
23,000
902- _Geary Co., Kan.(2 iss.) 4% 1934-1941
525-Golden Gate Bridge &
H'way Dist., Calif---4X 1942-1971 3,000,000
1090-Greenport, N. y
12,000
5.40
14.000
723-Guernsey Co., Ohio
534 1934-1938
902-11artford Co. Met. Dist.,
Conn
33.4 1934-1973 1,000,000
526-Hempfield Twp. B. D.,
Pa
63,000
1935-1943
5
17.000
902- _Henry Co., Ohio
53.( 1934-1938
1,000.000
4
526- _Illinois(State of)
1940
r150,000
1935
5
903-Jacksonville, Fla
r40,500
353-Jersey County,Ill
5
1-5 yrs.
35,000
903-Judson S. D.,Texas
30,000
1939-1946
1090-Kalamazoo S. D.. Mich--5
1940-1948. r64,000
353- _Kalamazoo S. D.,Mich__5
526-King Co. S. D. No. 189,
15,000
Wash
2-15 yrs.
5
15,000
434 1934-1948
1090-Kittanning. Pa
25,000
724__ICnox County, Me
434 1934-1953
1934-1938
33 000
6
724-Lake County Ohio
903. Lane County School Dis1934-1941
7,500
trict No. 185 Ore
5
1934-1943
5.000
527-Liberty S.D.No.1,N.Y.5
42,000
527-_I4nden, N. J
1940-1948
5
1934-1943 242.300
1091-Logan County, Ohio. 6
8,800
1934-1938
1091-Lorain County, Ohio_ _6
18.000
33.( 1934-1939
724-Manchester. Mass
150 000
-Manitowoc County. Wis-5
724
1940-1946 r15 000
527-Mason, Mich
17,000
724-Mercersburg. Pa
M 1938-1963
d2,500
5-20 yrs.
904__Meremec S. D.No. 1, Mo6
33.4 1934-1938 300,000
527. Meriden, Conn
r267,813
904.-Meridian. Miss
1934-1943 d15.000
5
904__Meyersdale, Pa
334 1934-1946 130,000
1091-Middletown, Conn
250,000
724-Milwaukee, Wis.(2 iss.)200.000
issippl,(State of)_
40,000
43.g, 1935-1943
527__Mi2
8
-Monaca, Pa
904
1934-1938
29.000
1091_ -Monroe County, Iowa_ - _5
1934-1943 r416.000
904_ -Montgomery Co., Ohio--6
1939-1943
15.000
Twp. S. D.. Pa 5
528__Moon
1939-1943 500,000
.Nassau County, N. Y.-....5
904.
1935-1949 4,356.000
528__New Hampshire (Stateof)3
60,000
334 1946-1951
725_ _Newton, Mass
1934-1942 r17,500
528_ _Newton Falls S. D. Ohio6
43.( 1935-1940 400,000
Falls, N.Y
354_ _Niagara
1935-1946 150,000
354 _North Plainfield, N.J 6
27,000
1092__North Tarrytown, N.Y 53. 1934-1942
.Norwalk First Tax. Dist.,
528.
1935-1953 140,000
4
Conn
40 1934-1943 110,000
.
2
725_0gdensburg. N. Y
1935
750.000
2
725__Ohio (State of)
1934-1938
4,000
905. Ottawa County, Ohio.-6
4X 1943-1973 992,000
728 _Pasadena, Calif
18,000
528__Pelham Manor, N.Y___ A X 1935-1952
2,250,000
905__Philadelphia, Pa
5
60.000
5.40 1935-1950
528„Pleasantiville. N. Y
23.078
3-10 yrs.
9
6
05__Portland, Ore
Price. Basis.
100
6.00
100
5.00
100
5.00
101.19 4.80
100
5.25
100.12 4.70
100
4.50
100.53 4.69
100.53 3.89
100.44 4.18
100
100.70
100.13
100
4.25
4.45
3.62
4.25
101.47
100.15
100.45
102.21
100
100
100.01
4.34
100
100
5.50
5.00
100.13
4.97
100.17
100.10
100.10
100
4.99
5.40
5.40
5.50
100
100
101.09
100
4.50
5.00
4.10
6.00
100
4.50
100
101
5.00
4.25
100.21
100
95.05
102.50
100.45
100.35
100
100.09
3.70
5.00
5.16
5.47
5.15
5.15
5.00
4.49
100.18
100.23
1:40
5.18
4.00
6.00
5.00
4.74
100.20
3.49
100
100.15
100.55
100.04
101.49
5.00
5.19
3.90
4.98
4.66
96.33
92.80
5.49
5.90
100
100.70
102.25
100
5.00
4.39
4.25
6.00
100
101.50
99
100
100
100.51
5.00
4.63
5.13
6.00
6.00
3.10
100
100
95
100.45
4.86
4.25
6.45
3.34
100
100.13
1:66
100.02
100
100
100.08
100.31
101.82
104.83
100
100.15
100
100.03
4.74
5.00
6.00
5.49
5.45
3.23
3.10
6.00
4.20
6.00
5.24
101.40
100.11
100.10
100.19
100.72
100
100
100.08
100
4.10
4.12
2.20
5.92
4.70
4.75
5.00
5.39
6.00
3.45
Price. Basis.
Rate. Maturity. Amount.
Page,
Name.
5,000
529__Port of Newport, Ore1934-1936
45.000 100
1:66
905__Pottawattande Co., Ia--5
905__Poughkeepsie, N. Y..----,4.20 1934-1943 100.000 100.33 4.13
58,000
1944
355.._Rane, Wis
1934-1943 600,000 100.83 4.09
43
726__Ramsey Co., Minn
6.000 100
4.50
1093--Redbank Tvrp., Pa
434 1934-1948
41,100
355_Reno, Nev
300,000 100
4
4.00
726__Richmond, Va
1935-1947 105.000 100.13 3.98
4
1093__Riley County, Kan
1934-1943 152,383 100.07 4.23
529__Rome, N.Y. issues)---4
(3
2.000 100
4.25
906__Rushville Sch. City, 1nd_4$ 1-5 Yrs.
57.000 103.57 4.12
4 4 1935-1944
1093-Russell County, Kan
4
1934-1943 r60.000 100.197 3.96
906__Rutland, Vt
1934-1943 300,000 100.10 3.98
4
906__St. Paul, Minn
250.000
1935
---1093- _ St. Louis County,Minn--6
1093_ _ St. Louis County,Minn--5X 1939-1940 500.000
906-Salt Lake City S. D.,
325,000 96.70 4.25
20 yrs.
4
Utah
4.24
1936-1940 403,000 100
5
355_ -San Francisco, Calif
4.24
1940-1947 577,000 100
4
355__San Francisco, Calif
18.000 100
6.00
1934-1939
6
906__Shelby County, Ind
1934-1942 191,192
906__South Euclid, Ohio(2 is.)6
727 South Norwalk First Dis4X, 1935-1953 140,000 101.40 4.09
trict, Conn
55,000 100.43 3.69
355__Springfield Twp., Pa..
..3X 1935-1948
84.000 100.07 3.99
1934-1945
1093__Strafford County, N.11 4
727-Suffolk Co.,N.Y.(4 iss.) 4.10 1934-1953 822.000 100.19 4.07
96,607 100.08 4.07
4.10 1934-1938
907-Union, N. Y
727_ _Union City, N.J.(2 iss.)- __ 1934-1947 143,000 100
98,000 100.15 KiA
5.20 1936-1950
530-Valley Stream,N.Y
June 1935 600.000 100.02 1.99
1094-Vermont (State of)
2
43.( 1937-1943 d75,000 100.53 4.10
356.-Warren S. D., Pa
2,039,000
728-Washington (State of)__ _4%
19,000 100.30 4.87
1934-1938
530__Wayne County, Ohio__ -5
1935-1942 4r44,000
728--Will Co. S. D. No.86,111_5
10,000 100.02 4.49
728_ _Worth County, Iowa____434 1935-1944
5.50
39,000 100
530__Yates Twp., Ill
534
Total bond sales for July (132 municipalities.
k$29,785,320
covering 148separate issues)
d Subject to call in and during the earlier years and to mature in the
later years. k Not including $35.815.678 temporary loans or $31,045,765
Reconstruction Finance Corporation municipal loans. r Refunding bonds.
The following item included in our total for the month of
May should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
this elimination may be found.
Amount.
$62.000
Page.
Name.
901.. Clark County, Wash
We have also learned of the following additional sales
for previous months:
Rate.
Page.
Name.
721__Bloomfield, N.J.(2 iss.)_6
350-Ciallam Co. S. D. No.
5
200. Wash
350_-Claremont, N. H
5
351- _Columbus, Ohio
6
352-Flathead Co. S. D. No.
6
27, Mont
723__Jackson County, Iowa- 5
724__Los Angeles Go. S. D.,
Calif. (April)
904-Moravia, Iowa (May)5
-6
354--Morrow County, Ohio.
529--Spink Co. Ind. S. D. No.
---5
24, So. Dak.(May)
355„Spokane Co. S. D. No.
102. Wash
5
530-Willsboro,Pa.(May)_-
laturity.
Amount. Price. Basis.
$195,000
40,000 100
1934-1953 r100,000 100
3,911 100
1935 .
5.00
5.00
6.00
1938
1939-1942
1,000 100
16.000 100
6.00
5.00
1933-1956
1934-1938
1934-1943
155.000 100
1,000
3.816 100
6.00
5-10 years
d6,000 100
5.00
10,000 100
11.000 100
5.00
All of the above sales (except as indicated) are for June.
These additional issues will make the total sales(not including
temporary or R.F. C. loans) for that month $102,485,435.
BONDS OF U. S. POSSESSIONS IN JULY.
Amount.
Page.
Name.
-------$1.250.000
355_ _Puerto Rico (Govt. of Temporary Loan)
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JULY.
Price. Basis.
faturity. Amount.
Rate
Pane.Name
5.66
20 years$1,000,000
9 8-Alberta (Province of)__4
27.036 99.31
County, Ont-_5
1-10 yrs.
--1094__Carieton
78.000 98.31 1.86
908-Drummondsville, Que---534 1934-1943
60,000 96.28 6.27
1094--Grand Mere, Que
534 .1.-10 yrs.
5.50
23.000 100
1094-Grand Mere, Que
534 1-10 yrs.
30.176 103.88 5.00
1094-Kitchener. Ont
534 1-20 yrs.
1958
3,500.000
530-Manitoba (Province of) 534
1,000,000
1943
530__Ontario (Province of)
434
5.20
5 years 2,221,400 99
5
356-Quebec, Que
4q 25 years 10.350.000 96.31 4.49
908--Quebec (Province of)
530--St.John,N.B 434 15-40 years 171,000 95.58 4.80
3,500,000
1958
908-Saskatchewan (Prov. of)-5
728__Toronto, Oct.(11 iss.) 4$ 1-30 years 3,886,000 98.08 4.73
4
1953
1,000.000 95.93 4.81
728- _Toronto, Ont
5.50
1094__Victoria, B. C
227,000 100
5
15 years.
11.920 101.56 5.35
530.-Waterloo, Ont.(2 iss.) 534 10-20 years
Total of Canadian bonds sold during July___$27,085,532
ADDITIONAL JUNE CANADIAN BOND SALES.
Price. Basis.
Page.
Name.
Rate. Maturity. Amount.
$47,888 100.80 4.90
356-Guelph, Ont
5
1943
356- _Wentworth Co., Ont
5
1-10 years 113,605 100.22 4.95
NEWS ITEMS
Arkansas.-Special Legislative Session to Consider Changes
in Road Bond Refunding Act.
-A dispatch from Little Rock
on Aug. 4 ta the New York "Journal of Commerce," reports
as follows on legisl Won contemplated for the special
session which convenes on Aug. 14, looking toward a revision of the widely discussed Ellis Road Bond Refunding
Act:
Governor Futrell contemplates inclusion of bond legislation in the call
for a special legislative session to convene Aug. 14. and a special committee
of administration leaders meeting to-day called for a meeting next Wednesday by the committee which drafted the Ellis bond refunding bill.
It will recommend to Governor Futrell either a new refunding act or
drastic changes in the Ellis bill, under which 25
-year 3% bonds would be
offered in exchange for $146.000,000 of highway obligations, including
State full faith and credit bonds.
It was said at to-day's meeting the Ellis bill is in conflict with an Arkansas
statute requiring insurance companies to earn 334%. Should such companies be forced to accept 3% bonds, it would technically violate Arkansas
statutes.
Administration leaders hope that next Wednesday's meeting with representatives of bondholders may develop sufficiently definite recom-
1270
Financial Chronicle
memdations to permit including of this subject in the call for Aug. 14.
Despite repeated calls for deposit of bonds to be exchanged for refunding
bonds, less than 1% of the outstanding total has been deposited with the
State Refunding Board.
-AcEllis Road Bond Refunding Plan to Be Abandoned.
cording to a dispatch from Little Rock to the "Wall Street
Journal" of Aug. 11 it has been decided at the above mentioned conference to abandon completely the Ellis plan of
refunding $146,000,000 Arkansas highway, road district
and toll bridge bonds. It is stated that agreement was
reached to allow adequate road maintenance appropriations
as first claim against highway revenues. While no official
statement was made relative to provisions of the tentative
agreement being drafted, according to the newspaper report,
it was said that the plan contemplates a pro rata distribution
of current gasoline tax and motor registration revenues until
such time as the State is able to meet all obligations in full.
California.
-Legislature Adjourns.
-Governor Signs Sales
Tax Bill.-Establishing a record in this State for the length
of a session, the Legislature adjourned on July 27 after
having been in session for 111 days. On July 31 Governor
Rolph signed a bill levying a 23/2% tax on gross retail sales.
The measure became effective on Aug. 1. According to
press dispatches from the Coast on July 31 Governor Rolph
had indicated his opposition to the State income tax law, also
passed by this Legislature, although he did not directly
announce he would veto the measure. He referred to the
sales tax bill as being "the only revenue-producing measure
passed by the Legislature." An Associated Press dispatch
from Sacramento to the San Francisco "Chronicle" of July 28,
reported as follows on the results of the session:
The California Legislature, which adjourned early this morning, left a
record of new taxes estimated to yield $92,500.000 a biennium to the credit
of the State, a budget $30,000,000 short of being balanced and departments
of the State shy of appropriations they sought to make up budget shortages.
The Legislature returned to Sacramento July 17 to approve new taxes
which would provide money to meet the requirements of the Riley-Stewart
plan approved by the people at the June 27 election. This plan called for
approximately 377,000.000 to pay the cost of school support shifted from
the counties to the State.
Budget Prottern Dropped.
Several members of the Senate and Assembly started their considerations
with the conviction that they should do something about the $44,000,000 or
$50,000,000 State budget deficit. The tax sources sought were expected to
yield at least $122,000,000.
As the legislative committees and the two houses proceeded with their
deliberations they drew away from the idea of a balanced State budget.
Finally they abandoned it entirely and, swinging to the other extreme,
refused to even appropriate additional money for the Department of
Social Welfare, Bureau of Narcotics Enforcement, Bureau of Criminal
Identification and other functions of government whose budgets suffered
heavy slashes prior to the May legislative recess.
Important Action Taken.
The important steps the Legislature did take were:
1. Passage of a tax bill to impose a 23i% levy on retail sales from Aug. 1
1933, to June 301935. and a 2% tax after June 30 1935. Estimated to yield
from $75,000,000 to $80,000,000 the first biennium and $63.000.000 during
the second.
2. Passed a personal income tax bill based on a scale estimated to yield
$11,000,000 biennially.
3. Amended the inheritance tax law by lowering the exemption limit
from $50.000 to $25,000; estimated to yield $1,500,000 biennially.
4. Refused passage to a bill increasing the State beer tax of 62 cents per
barrel to $1 per barrel and taxing brandy and whisky; estimated to yield
$3.000.000 biennially.
5. Refused approval of a bill raising motor vehicle registration fees from
$3 to $4 a year; estimated to yield $4,000,000 biennially.
Reject Farm Bureau Bill.
6. Refused passage to an income tax bill sponsored by the California
Farm Bureau Federation because its rate, based on one-third of the 1932
Federal income tax was "too high" in the low brackets; estimated to yield
$15,000.000 biennially.
7 Passed a bill authorizing establishment of an authority to set up the
$160,000,000 State-wide water conservation program embracing the central
valley unit designed to transfer Sacramento river water to arid sections of the
San Joaquin Valley.
8. Refused to pass bills providing an additional appropriation of $134.738.29 for the Department of Social Welfare, $37,000 for the Bureau of
Criminal Identification. $70,000 for the Bureau of Narcotics Enforcement,
$12,698 for the Judicial Council and smaller sums for other departments.
9. Passed bills establishing a $10,000 State fund from which will be paid
$1,000 rewards for the apprehension of kidnapers and providing the death
sentence or life without parole for kidnapers convicted in cases involving
extortion and violence, the jury to decide.
10. Overrode 13 of Governor Rolph's vetoes; sustained 88 vetoes, inState Employees' Salary Reduction Bill, which was
cluding the
estimated to save all State funds a total of $5,000,000 biennially.
11. Appropriated $750.000 for additional support of district junior colleges
during the 1933-35 biennium.
12. Confirmed Governor Rolph's selection of three new Racing Commissioners.
-The following are the
Provisions of New Sales Tax.
provisions contained in the above mentioned sales tax bill,
as they were set out in a San Francisco dispatch to the
"Wall Street Journal" )f Aug. 1:
At a meeting between the California State Board of Equalization and
retail merchants, the following general schedule of tax application by which
the State's new 2%% retail sales tax can be passed on to consumers was
determined:
Tax.
Purchase Price
No tax
1 to 14 cents
1 cent
15 to 59 cents
2 cents
60 cents to $1.05
3 cents
$1.05 to $1.49
4 cents
$1.50 to 1.90
5 cents
$1.91 to $2.30
Add 1 cent
Each additional 40 cents
As to the new Act itself, the following essential facts may be set out:
1. Tax returns and payments must be made quarterly by retailers, betginning with Oct. 15, the initial period of report covered being August and
September of this year, and thereafter for three months' periods, with report
15 days after the close of the tax period.
2. Within 20 days from Aug. 1, all retailers must obtain, at a fee of $1,
a retail sales license.
3. The tax imposed,Insofar as possible, shall be collected by the retailer
from the consumer, but shall be a direct obligation upon the retailer.
4. No retailer may advertise that he will assume or absorb the retail
tax so imposed or that it will not be added to the sale price of articles sold,
Including food served in eating places.
5. Provision for delayed payments on credit sales, and exemptions on
goods returned for credit is made.
8. Fraudulent or omitted returns and tax evasion is constituted a misdemeanor subject to a fine up to $500 for each offense, in addition to which
extensive delinquency provisions apply.
Aug. 12 1933
Exemptions Listed.
The new Act applies to all tangible property that is not sold for resale,
including goods prepared for consumption on the premises, but special
exemptions are set up. These provide that the sales tax shall not apply on:
1. Gas, electricity and water, except where gas and water are sold ir
containers.
2. Gold bullion, concentrates and precipitates.
3. Material to be used on public contracts which has been contracted
before the effective date of the Act.
4. Motor vehicle fuel, except motor fuel on which tax refunds apply, in
which case refunds shall be less the 23 % sales tax.
,
5
5. Any tangible property constitutionally exempted.
Governor to Sign $170,000,000 Water Bond Bill.
-It was
announced by Governor Rolph on Aug. 2 that he would
sign on Aug. 5 a legislative bill authorizing the issuance of
revenua bonds to finance the State's $170,000,000 central
valley water project
-V. 136, p. 3571-acccrding to a
Sacramento dispatch to the Los Angelos"Times" of Aug.3.
Carteret County, N. C.
-Committee of Bond Owners
Reports on Progress.
-The Committee for Owners of Bonds
of Carteret County, Beaufort and Morehead City, N. C.,
held a meeting in Chicago July 26 1933 at which members
gave consideration to the progress being made. Since
June of 1933 the Committee has had a representative in the
county and its two principal towns working under the
supervision of the North Carolina Municipal Council
assembling facts and figures for the use of the Committee
see V. 136, p. 1746. Summary of this investigation will
shortly be available to the bondholders who have contributed
the assessment per bond used to defray the Committee's
expense.
The membership of the Committee is composed entirely
of owners of bonds and no deposit of bonds has been asked.
The co-operation of all owners of bonds of Carteret County,
Beaufort and Morehead City is invited and inquiries should
be addressed to the Secretary & Treasurer,Paul R.Matthews,
777 North Meridian St., Indianapolis, Ind.
Kansas.
-Troops Take Over State Treasury on Disclosure
.
of Municipal Bond Forgery.
-National Guardsmen were
ordered into the office of Tom Boyd, State Treasurer, on
Aug. 9 following the disclosure of wholesale municipal bond
forgeries. Governor Alf M. Landon, saying he did not
know "how far this scandal is going to reach," told State
accountants to take charge.of Treasurer Boyd's records for
a "complete and thorough investigation." Ronald Finney,
a bond broker of Topeka, was under arrest in connection
with the asserted forgery of $658,000 in bonds. Three
banks with which Finney's father, W. W.Finney and other
members of the family were connected, have been closed
for inspection. Associated Press dispatches from Topeka
on Aug. 9 reported on the matter as follows:
National Guardsmen took up sentry duty in the halls of the Kansas
Treasury to-day as State and Federal officials pressed an inquiry into the
clever forgery of at least nine issues of municipal bonds. Governor Alf M.
Landon also ordered an examination of the books of Tom Boyd, State
Treasurer.
Governor Landon said he did not know "how far this scandal is going to
reach," and other officials could only conjecture whether more than $658,000
In spurious bonds, revealed yesterday, would be uncovered.
One set of forged bonds, Governor Landon said, was in the Treasurer's
vaults, representing security for State deposits in three banks which have
been closed in connection with the investigation. Another spurious set
with a purported value of $329,000 was said to be in Chicago, supposedly
In the hands of brokers.
The original bonds-forged in duplicate-are the property of the Kansas
School Fund Commission. How or when they were copied has not been
disclosed, but officials who signed the original bonds said the forgeries were
almost perfect.
Ronald Finney, known as a bond broker and grain speculator, was under
$25,000 bond pending a hearing on Sept. 5 on a specific charge of uttering
$20,000 in forged bonds to the National Bank of Topeka, which was not
affected by the closing orders.
Questioned concerning possible loss to the State due to the forged bonds
given to Boyd, Roland Boynton. Attorney-General, said: "Ordinarily the
State Treasurer is liable on his bond for any loss sustained by the State as
a result of his wilful wrongdoing." The Attorney-General added, however,
in this instance the matter would depend on how the facts developed.
Boyd is bonded for $500,000 with the National Security Co., New York.
One of the institutions closed, the Fidelity State & Savings Bank of
Emporia, is headed by W. W. Finney. father of the broker. He said it
would not open soon. "It isn't safe to open the bank until we know for
sure," the elder Finney commented.
Brigadier-General Milton R. McLean, Adjutant-General, after a conference with the Governor, said one National Guard officer would be
stationed in the vault night and day until further orders.
To-day's developments in the case came after Boyd in an interview had
related details of a transaction through which $150,000 in forged bonds
had come into his vaults. Governor Landon said that Boyd's statement
"If true, indicates that Mr. Boyd was either a party to permitting $150,000
of State bonds to be taken by Ronald Finney to Chicago for a purely
personal transaction or was a party to sending $150,000 of forged bonds
to Chicago in the same transaction."
Boyd was quoted as saying that Finney had requested him to deposit
$150,000 of State funds in the Eureka bank and that Finney had given
him $150,000 in bonds as security. Finney then borrowed $150,000 from
the Eureka bank. Later, the Treasurer said, Finney induced Boyd to
permit him to take the $150,000 in bonds to Chicago for disposal, stating
he would pay his note at the bank and the State deposit would be returned
to the Treasurer's office. Subsequently neither the bonds nor the money
was returned, Boyd said.
Miami, Fla.-City Makes Payment as Step in New Bond
Refunding Agreement.-As the first move in carrying out
the agreement recently concluded for refunding the debt of
the above city-V. 137, p. 719-the city has paid to the
bondholders' committee certain funds which it had collected
for interest payments on its bonds, according to announcement from headquarters of the bondholders' protective
committee, 115 BroadNtray, N. Y. City. The funds so paid
will be credited pro rata to bonds deposited with the committee on or before Nov. 10 1933. In a public statement
issued on Aug. 8 the committee calls for the deposit of all
outstanding bonds of the city, regardless of the date of
maturity or purpose of issue. The committee also announces
that it now has on deposit approximately $17,750,000 out
of a total outstanding amount of approximately $30,000,000
of bonds. The committee also says:
In response to payment of funds made by the city the bondholders'
committee has withdrawn all suits which it had instituted against the city
Volume 137
Financial Chronicle
in behalf of the bondholders. These suits consisted of mandamus actions
impounding interest funds and requiring the levy of a tax for debt service
and also injuncion suits restraining the city from accepting bonds and
coln payment ofrlinqrnttaxesand special
mr.
tehepeeteeeyeteeityheemep its budget for
ensuing
year and, in accordance with the refunding agreement recently concluded,
has levied a tax for the ensuing year $1,075,414.87 for interest. This is at
the rate of 3% on the outstanding bonds. mnder the agreement the city
is to make this same levy during the fiscal year 1934-35; thereafter it is to
levy a tax sufficient to provide the full interest rate or approximately 5%.
To cover the differnce between the full rate and the 3%, which the city
promises to pay during the first two years. the city will issue certificates
of indebtedness bearing interest at the rate 0(2% per annum and maturing
in five annual instalments beginning the nignth year after their date.
Under the refunding agreement all bonus of the city are to be refunded
with bonds maturing in 30 years. These refunding bonds will be callable
at the option of the city at par and accrued interest on any interest payment
date in their numerical order.
Detailed information about the refunding plan is available at the office
of the Secretary of the committee, at the above address. Members of the
committee are: John S. Harris, Chairman; B. J. Van Ingen, Vice-Chairman;
C. T. Diehl, A. S. Huyck and Walter Shepperd. Counsel for the COMmitteo are Thomson, Wood Sr Hoffman, 120 Llroadway, N. Y. City. The
depositary is Chemical Bank Sz Trust Co.. New York. and the Secretary
is Byron W. Shimp.
Municipal Finance Conference.—Summary of Proceedings.—The following is a copy of the summary of proceedings
on the Municipal Finance Conference, held in Chicago from
July 21 to 23—V. 137, p. 1086, prepared by Chairman Louis
Brownlow at the direction of the Conference, and sent
to us under date of Aug.4 by Ruth E. Jungelas, Secretary to
the Municipal Finance Officers' Association:
The Conference accepted the reports filed by its three committees, one
of which considered the problem of municipal debts, another that of tax
delinquency, and the third that of the distribution of revenues and functions
among the several levels of government.
Only one resolution was adopted. Based upon the report of the committee on distribution of revenues and functions, the resolution read:
"We hereby recommend that the President of the United States and the
Congress create a Federal Commission to be composed of representatives
of the Federal Government, of the States, and of the local units with
appropriate technical advisors and staff, for the following purposes:
"(1) to examine the whole existing structure of taxes and revenues,
National, State and local; the extent of unnero-saly overlapping taxation:
the appropriateness of the present division of functions of government; and
"(2) to suggest such rearrangements and reasonable inter-relation of
the functions and taxes as the present day facts may demand."
After accepting the report of the committee on municipal debts. the
Conference approved in principle three recommendations with respect to
the municipal debt problem:
1. That with respect to short-term borrowing in anticipation of taxes
that every effort be made to synchronize the taxing year with the fiscal
year so as to do away with the necessity of such temporary borrowing, and
that other methods, such as installment collection of taxes, be introduced to
reduce the borrowing needs and relieve the burden on the taxpayer.
2. That legislation be sought to place self-liquidating short-term municipal obligations on more advantageous terms in dealing with the Federal
Reserve System and its member banks.
3. That with respect to long-term debt, in those relatively few cases
where no other remedy is available, legal machinery should be provided by
Federal legislation for the emergency, which will enable local political subdivisions of government under the supervision of the courts and with
adequate safeguards to arrange for the composition of their debt settlements
with the holders of their obligations.
Based upon the report of the commietee on tax delinquency. the Conferenc... recommended that the remedy for the present situation be sought by
pursuing three main lines of action:
1. By more intelligent and forceful administration of the wasting tax
laws.
2. By discouraging the trend, observable in some States, to enact leg'steflon. indiscriminate in character, to extend the time of paying taxes, and to
reduce or waive interest and penalties: practices tending to postpone payment of taxes even by those who have the funds and who otherwise would be
willing to pay promptly. Tax collection officials, however, could well
afford to enlist the assistance of public welfare agencies in determining the
necessity for adjustment in specific cases.
3. By clearer and more understandable reporting of the activities of
government and organized efforts to improve the spirit of co-operation
among the taxpayers.
It was not the purpose of the Conference to make detailed recommendations concerning methods of prccedure to carry these principles into effect,
on account of the fact that the situation is so different in the several States*
New York City.—La Guardia Agrees to Run for Mayor
on New Fusion Ticket.—Fiorello H. LaGuardia announced
on Aug. 4 his acceptance of the fusion designation as a
candidate for Mayor, and in accepting the designation he
issued a statement declaring he was "prepared to wage a
battle." He said that his first task would be the selection of a
well-balanced ticket. After that he will be ready to announce
the fusion platform. The more important Republican
county leaders, who were charged by Samuel Seabury with
having brought about the earlier selection of Gen. John F.
O'Ryan as part of a "sell-out" to Tammany by the original
fusion conference (V. 137, p. 898), indicated that they would
support Mr. LaGuardia for the nomination in the Republican
primary. Mr. Burlingham, whose harmony committee
selected Mr. LaGuardia, was expected to have his committee
meet again on Aug. 7 to assist in making up the rest of the
ticket.
Fusion Slate Completed.—The following are the other
members of the Fusion slate for the coming city election, as
selected by the Burlingham harmony committee, at meetings held on Aug. 8 and 9. For President of the Board of
Aldermen,Bernard S. Deutsch of the Bronx;for Comptroller,
W. Arthur Cunningham, who is a newcomer to public life,
a resident of Queens and Vice-President of the Textile Bank
of this city; for District Attorney of New York County,
Jacob Gould Schurman, Jr.; for President of the Borough of
Manhattan, Langdon W. Post. Two of the three city-wide
positions are held by independent Democr its. As Major
La Guardia, himself an independent Republican, remarked:
"It's a real Fusion ticket. Mr. Post is also a Democrat,
turned down by Tammany for a renomination last fall.
Mr. Schurman is a Republican."
Comptroller Berry to Retire on Sept. 16.—It was announced
by Comptroller Charles W. Berry on Aug. 10 that he would
retire on Sept. 16. He recommended that Deputy Comptroller Frank J. Prial be placed in his position until a suitable
Person is named to finish his term. The Comptroller's term
expires on Dec.311933. He was first elected to the office on
• the Walker-Berry-McKee ticket in 1925 and went into office
on Jan. 1 1926. The Comptroller refused to discuss his
1271
retirement beyond what he said in the following letter to
Mayor O'Brien:
Aug. 10 '933.
Hon. John P. O'Brien,
Mayor of the City of New York.
My Dear Mr. Mayor:
I am to-day filing my applicatior for retirement as Controller of the City
of New York to take effect Sept.'6 1933.
In order that any financial policies you may have in mind may have the
co-operation of this department, I will appoint any person you may euggest
as Deputy Controller in charge until Sept. 16 1933, when, under the law.
you have the privilege of naming some person to finish the balance of my
term.
Deputy Controller Frank J. Friel is at present filling this position and is
well qualified to do so by over 25 years' experience in the Department of
Finance.
Very respectfully yours,
CHARLES W. BERRY.
New York State —Proposed City Tax Bill Appears
Defeated Because of Vigorous Opposition.—The bitter protests
voiced by merchants an I financial interests against the
proposed levies to help New York City raise $41,000,000
in required revenues—V. 137, p. 1086—apparently dealt a
death blow to the proposed 1% city sales tax and the fourcent-a-share stock transfer tax, according to Albany diswitches on Aug. 9. It appeared that the stock transfer tax
would be definitely abandoned when Allen L. Lindley,
acting President of the New York Stock Exchange, and
80 investment house executives had given warnings that it
would drive financial business out of New York and reduce
the nation's trading mart to a place of minor importance.
Merchants and commercial interests appeared from every
borough in New York City to register their disapproval at
Albany, in an effort to kill the city sales tax plan. It was
predicted that the levy would defeat itself.
The following is the text of the Buckley relief bill, as
amended:
IN SENATE.
Extraordinary Session.
Introduced by Mr. Buckley—read twice and ordered printed, and when
printed to be committed to the Committee on Taxation and Retrenchment—Committee discharged, said bill amended, ordered reprinted as
amended, and when reprinted to be recommitted to said Committee.
AN ACT.
To relieve the people of the City of. New York from the hardship and
suffering caused by unemployment and the effects thereof on the public
health and welfare, by enabling the Municipal Assembly of the City of
New York to enact a local law imposing a license tax upon receipts from
the sale of tangible personal property for the privilege of selling such
property at retail in such city; to enable such Municipal Assembly to enact
a local law imposing a tax on transfers of stock and other corporate certificates in such city; to limit the operation of such local laws to the period
commencing Sept. 1 1933, and ending Feb. 28 1934; and to limit the use
of the revenue from such taxes to the defrayal of the cost of granting unemployment relief in such city.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. It is hereby declared that an emergency exists requiring the
enactment of the following provisions of law to relieve the people of the
City of New York from the hardship and suffering caused by unemployment and the effects thereof on the public health and welfare and to continue their application until the 28th day of February, 1934.
Sec. 2. Notwithstanding any other provision of law to the contrary, the
Municipal Assembly of the City of New York is hereby authorized and
empowered to enact a local law imposing a license tax upon every person
who shall sell tangible personal property at retail in the City of New York.
for the privilege of selling tangible personal property at retail in such
city, during the period commencing Sept. 11933. and ending Feb. 28 1934.
Such local law shall tax the same receipts from the sale of tangible personal
property in the City of New York as are subject to the tax imposed by
article 17 of the tax law and shall contain the same provisions as are contained in such article so far as they are or may be made applicable. Such
tax shall not exceed one per centum upon gross receipts of such sales and
shall be in addition to any and all other taxes.
Sec. 3. Notwithstanding any other provision of law to the contrary.
the Municipal Assembly of the City of New York is hereby authorized
and empowered to enact a local law imposing a tax upon transfers of stock
and other corporate certificates which are subject to the tax imposed by
article 12 of the tax law at rates not to exceed those imposed in such article.
Such local law shall contain the same provisions as are contained in such
article so far as they are or may be made applicable. Such tax shall be in
addition to any and all other taxes.
Sec. 4. A local law enacted hereunder shall provide that all revenues
collected pursuant to the provisions thereof shall be paid into a special
fund to be established by the Comptroller of the City of New York and
shall be used exclusively for the following purposes: (a) to defray the
annual cost of the interest on certificates of indebtedness issued in the
first instance to obtain funds necessary to provide unemployment work
and home relief, and to redeem, proportionately, such certificates of indebtedness; and, (b) as to any remaining revenue paid into such special
fund, to the defrayal of the cost of granting such relief.
Sec. 5. This Act shall take effect immediately.
Drastic Shifts in New York City Finances Asked in Legislative Bills.—Six drastic changes in the fiscal operation of
New York City were proposed on Aug. 10 by Assemblyman
Abbott Low Moffatt in bills presented to the State Legislature, according to Albany advices. Pointing out that the
present special session of the Legislature is the second within
a year called to help the city out of its financial difficulties,
the Assemblyman from Manhattan proposed:
(1) Publicity as to the city's financial condition, with weekly financial
statements. (2) That the Comptroller submit a detailed report as to the
collection of the general fund and estimate of future revenues prior to the
adoption of the budget. (3) The investment of sinking fund moneys in
securities of the City of New York if and when such securities can be
purchased below par. (4) Amortization requirements in the budget must
be computed actuarily and any surplus over the actuarial requirements be
treated as capital and used as a basis for reducing all annual amortization
requirements thereafter and cannot be employed for current operating
expenses. (5) The city budget must contain an appropriation for recurring
contingencies. (6) A reserve must be set up toward the redemption of
assessment bonds, the assessments against which are uncollectible.
It is stated that the measures would require a special
message from Governor Lehman in order to get consideration at this session.
Ohio.—Legislative Session Ends.—The ninetieth General
Assembly ended a six-month session early in the morning
on July 2, both houses having previously passed companion
measures to enable Ohio cities and counties to participate in
the National Industrial Recovery Act. While both houses
completed their work on the above date, the session did not
terminate officially until July 10. That was the date fixed
for adjournment sine die and officers of the Legislature
1272
Financial Chronicle
returned then to sign the printed and enrolled bills. Among
the legislation which earned at this session, a new taxation
program, prepared in the Senate and accepted by the House
as a substitute for Governor White's sales tax plan, is
designed to produce $30,000,000 a year for relief and public
schools. An outline of the measures passed by this Legislature was given as follows in a recent issue of the Cleveland
"Plain-Dealer".
Among the so-called liberal measures passed and approved by the
Governor were:
Legalizing of 3.2 beer.
Permitting pan -mutual betting at horse race tracks.
Providing the machinery for a State convention to ratify the Federal
amendment to the Constitution, repealing the Eighteenth Amendment.
Removing restrictions on the amount of whiskey a physician might prescribe.
Banks, building and loans, insurance companies and kindred subjects
took up considerable of the Assembly's time.
With less than two months of the session gone, the lawmakers were called
on to act and act quickly.
Calls for Action.
Michigan had declared a State-wide banking holiday and Ohio bankers
were pressing for similar action in the Buckeye domain. The Governor
refused but, when the situation became acute, he called on the Legislature
to act. It did.
In less than 24 hours after the chief executive presented his requests for
authority to place banks on a restricted withdrawal basis the banks were
confined to paying out no more than 5% of money on deposit.
Other banking bills followed in quick order.
The Assembly in a short space of time passed the following measures:
To Give the State Banking Department authority to reopen any and all
banks operating on a restricted basis.
Providing for authority to reorganize State banks with the approval of
Common Pleas Courts.
Approving the formation of a banking board to advise the State Superintendent of Banks in matters of policy.
Giving the State Superintendent of Buildings and loans and insurance
companies authority to take over organizations without first applying to
the Common Pleas Courts.
Permitted Building and Loan Department to employ additional examiners
to investigate loan companies.
Made it a criminal offense to spread false rumors about insurance companies.
Schools and taxes occupied the Assembly for six weeks of a recess period.
The committees were told what should be done with the schools and
taxation problem. But nothing tangible was done with these suggestions.
However,some tax legislation was passed and approved by the Governor.
Here are some of the more important measures affecting the taxpayers:
Permitting county commissioners to issue warrants to land owners whose
property is occupied by indigents. Warrants may be issued up to onetwelfth of the taxes on the property monthly.
Increased to 60% the number of voters necessary to approve a municipal
bond issue and 651 those voting for a county bond levy.
Knocked off delinquent tax penalty for persons who pay their taxes in
full before Aug. 1 of this year. (A provision to grant a 2% discount to
those who paid their taxes on time was defeated.)
Increased number of signatures necessary on petition for road improvements of 20 feet or more to 51% of the taxpayers in the district affected.
All Asked for Help.
The legislators not only were called to give relief to indigent persons but
the State Government and its political subdivisions also sought help.
In an effort to alleviate conditions among the poor and farmers of the
State, the Legislature adopted these bills:
Giving judges discretionary powers to suspend the foreclosure sale on
mortgages until February 1935, providing certain conditions as to payment of interest and taxes were met.
Diverted $4,000.000 from State gasoline tax fund for poor relief.
Re-enacted law to permit counties to issue bonds against real estate for
poor relief.
Permitting county and city authorities to continue diverting their share
of the gasoline tax monies for poor relief.
Authorized school boards to issue notes to pay back salaries of school
teachers.
Allowed exemptions under State garnishee law for both married and
single persons.
In the banking holiday, the State itself applied to the Assembly for relief,
and was granted authority to issue "scrip" notes.
However, this type of money was not brought into use.
Counties, too, were authorized to issue tax anticipation notes in denominations of $5, $10 and $20, redeemable within five years.
Several counties,it is understood, have started to use this type of"money"
to meet their obligations.
In all, the Assembly created eight new boards and commissions. All are
supposed to be self-sustaining except the bank advisory commission,
which does not draw a stipend.
Other commissions and boards created were:
Cosmetoligans.—To supervise hairdressers.
Barbers.—Licensing Board to regulate barber shops.
Racing Commission.—To supervise pari-mutuel betting at horse race
tracks.
Engineers and surveyors licensing board.
Milk Commission.—To regulate and control price and sale of milk.
Minimum Wage Board.—To investigate rate of pay for women and
minors in industry.
Board of Funeral Directors and Embalmers.—To examine and regulate
the practices of the profession.
Governor George -White to-day signed the emergency bill, declaring a
two-year moratorium on wage assignments and raising the exemptions in
garnishee cases.
Garnishee exemptions were raised to $30 a month for a single person and
$60 for married persons. These exemptions are free from garnishee action.
Another section of the bill allows wage earners to place in trust a portion
of wages for the payment of creditors on a pro rata basis.
Two emergency acts intended for relief of local subdivisions also received
executive approval.
One permits political subdivisions to subordinate their liens upon securities held to insure faithful performance of depository contracts so that the
collateral may be used to borrow funds from the Federal Reconstruction
Finance Corporation.
The other permits county commissioners and boards of education to
accept the bonds of other States as security for deposits of county funds
in banks.
Under existing law, only bonds of Ohio and its subdivisions are eligible
as collateral.
Bills signed by the Governor to-day include measures to:
Provide for payment of hospitals from local gasoline tax funds for the care
of indigent persons injured by motor vehicles.
Permit suits against insurance companies for collection of judgment in
damage cases where judgment has been recovered against the insured person.
Permit a retired teacher to repay the pension collected and return to
teaching.
Authorize banks, trust companies and insurance companies to invest in
Home Loan Bank bonds.
Make sundry amendments to the private corporation code.
Enable the Secretary of State and the Attorney-General to compromise
penalties payable by foreign corporations.
Include power cranes and shovel.; under motor vehicle definition,
Repeals a section permitting assessments against real estate for highways
built by joint action of the State and either county or townships.
Reduce license fees of dealers in cattle and poultry feed to $15.
Amend the Torrens Title Act.
Permit a judge or clerk of courts to administer an oath to a grand jury
witness.
Authorize the Governor to convey title of State-owned land to the Sandusky Bay Bridge Co. and Margaret Haulier.
Require bonds voted by the people and which are unissued for a period
of three years shall be void unless another vote is held.
Reduce the payment on delinquent conservancy tax from 24 to 8%
a year.
Authorize justices of peace to act in the absence of coroners in counties
of 100,000 population or less.
Aug. 12 1933
Authorize the Director of Public Works and Director of Welfare to permit
Otterbein Home to construct a well and pipe line on State land.
Permit tbe Director of Public Works and Conservation Commissioner to
adjust rentals on abandoned canal lands.
Require licensing of ice cream and frozen custard dealers by the Agriculture Department and to require a butter fat content of 10% in ice cream
and 4% in frozen custard.
Recoviified the laws relating to natural gas, oil and mineral water well
and repealing the section requiring oil well operators to pump their wells
at least once in a period of three months.
Bring terms of members of the Mahoning County Board of Elections in
conformity with terms in other counties of the State.
Bills sent to the Governor for his signature include:
Re-enacting the cigaret tax of 1 cent on every ten cigarets.
Permitting the pre-judging of qualification of bidders for State highway
contracts.
Authorizing subdivisions to retain securities put up by banks on public
deposits.
Governor White Signs 0,000,000 Appropriation Bill.—On
July 7 Governor White signed "with reluctance" the $80,000,000 biennium appropriations bill and in so doing stated
definitely that he mtends calling a special session of the
Legislature "at some future date," according to the Columbus
"State Journal" of July 8. It is said that approval of the
bill, by which the State government will be fmanced until
Jan. 1 1935, guarantees early pay checks to thousands of
State employes, many of whom have been forced to forego
two regular semi-monthly pay days because of the Legis•
lature's delay in passing the bill.
Special Legislative Session on Pfor Relief to Convene Aug.
16.—It was announced by Governor White on Aug. 2 that
the Legislature will be convened in special session on Aug. 16
for the purpose of providing additional funds for poor relief,
according to the Columbus "Ohio State Journal" of Aug. 3.
He indicated that the call, limiting the business which may
come before the session, will be amplified later to include
school financing and economies. The Governor is reported
to have said that he will recommend the enactment of new
taxes to ease the burden on real estate. It is thought that
the Governor may recommend the passage of a $12,000,000
bond issue for schools and unemployment relief, to be voted
upon at the general election on Nov. 7.
Governor Issues Order Placing State Under NRA.—According to the "Ohio State Journal" of Aug.4,an order was issued
by Governor White on the previous day placing the State
under tom NRA banner. The State governmant was to go
on the 40-hour week b Isis on Aug. 7, when approximately
11,000 State employees were to be affected. The State
departments were operating on an eight-hour schedule,
five days a week and four hours on Saturdays. The
Governor is reported to have said that he did not "contemplate that the State will increase its present personnel
because our payroll is limited by a balanced budget."
Because many salaries are definitely fixed by the general
appropriations Act and because of the balanced budget,
there will be no increases in salaries in the State government.
Most of the salaries of State employees are above the minimum prescribed by the NRA and where they are not, as in
some institutions, the maintenance allowed the employees
is ample, it was said.
Utah.—Sales Tax Increased from 4% to 2%.—Action
3
was completed in the Legislature on Aug. 2 on a measure increasing the sales tax in this State from three-fourths of 1%
to 2%, according to Associated Press dispatches from Salt
Lake City on Aug. 2. The signature of Governor Henry H.
Blood is said to be assured. The proceeds of the tax, up to
$2,000,000, are to be used to finance the State's share of the
emergency relief and public works'program, according to
report.
BOND PROPOSALS AND NEGOTIATIONS
AKRON, Summit County, Ohio.—RESOLUTION PROPOSES MORATORIUM ON DEBT PAYMENTS.—A resolution sponsored by Council
President Edward S. Rose was presented to the City Council on Aug. 1
demanding a moratorium on bond principal and interest charges until the
city is able to pay its employees. The Cleveland "Plain Dealer" of Aug. 2,
in reporting the foregoing, also said:
"Suspension of payments to depositors by 'most of the large banks'
since the bank holiday and Akron's payment in the last month of $197,000
in 'cold cash' in bond interest payments, were also mentioned in the resolution, which was referred to the Council's Finance Committee.
"A move by Councilman Robert 0. Ryder to reconsider a resolution
vetoed by Mayor C. Nelson Sparks which would include a $3.000,000
municipal light distribution system in the city's public works program
failed to receive the required three-fourths majority. Ordinances authorizing submission of a city manager charter amendment to the voters next
fall and empowering a committee to investigate minimum wage scales in
force here were vetoed."
ALABAMA, State of (P. 0. Montgomery).—PROPOSED CERTIFICATE SALE.—The State Warrant Commission is reported to have left on
Aug.8for New York and Washington to negotiate for the sale of $17,000,000
in 5% State bonds authorized by the voters on July 18, to finance the
State's floating debt. The Commission, at a meeting held on Aug. 3, decided to attempt to sell the bonds rather than exchange them for outstanding
State warrants.—v. 137. p. 899.
FUNDING PROSPECTS APPEAR DOUBTFUL.—In connection with
the above report we quote in part as follows from the New York "Herald
Tribune" of Aug. 11:
"Possibilities for the funding of an outstanding $17,000,000 warrant indebtedness of the State of Alabama through public sale of long-term bonds
of the state were surveyed in the financial district yesterday at a protracted
conference attended by Governor B. M. Miller, Attorney General Thomas
Knight, State Comptroller J. H. Hard and a group of about thirty investment banking specialists in state and city bonds. The meeting took place
in the quarters of the Chase National Bank.
"Although the bankers were sympathetic to the aims of the state officials
and considered that much progress has been made in improving the financial
condition of tee state government, it is not believed that any Alabama
bonds will reach the market in the near future, owing largely to limitations
of interest rates and other market factors.
"Alabama accumulated its floating debt of $17,000,000 over a period of
about twenty years, despite state laws prohibiting such debt in excess of
$300,000. Legal questions regarding this indebtedness and the funding of
the sum into long bonds were swept aside at the special election on July
18, when sale of a new bond Issue for funding purposes w.,e; authorized.'
ALAMEDA COUNTY (P. 0. Oakland), Calif.—BOND SALE.—The
$1,000,000 issue of relief bonds offered for sale on Aug.8—v. 137, p.
was awarded to a syndicate composed of R. H. Moulton & Co., Weeden
Volume 137
Financial Chronicle
& Co.,the Bankamerica Co., all of Los Angeles, and the American Securities
Co. of San Francisco, as 430, paying a premium of $13,059, equal to
101.305, a basis of about 4.37%. Dated .Jan. 1 1933. Due on Jan. 1
as follows: $9,000 in 1944:3177,000, 1945 to 1949. and $106,000 in 1950.
The second highest bid for the bonds was an offer of 100.73 for 455s,
tendered by Dean Witter & Co. and associates.
-BONDS
ALAMEDA (P. 0. Pocatello), Bannock County, Ida.
-At an election held recertly, the voters are reported to have
VOTED.
o 5 ag gtr,000 in fire fighting equipment bonds by a count
oy
aF7 ( rth:issv,anclof
0 9 ,g
-BONDS WITHANDERSON COUNTY (P. 0. Palestine), Tex.
-It is stated by the County Judge that the $30,000 issue of
DRAWN.
not to exceed 6% semi-ann. refunding bonds, offered for sale without
success on May 8-V. 137, p. 174
-has been withdrawn from the market.
-APPROVES LOAN.
ANN ARBOR, Washtenaw County, Mich.
The City Council recently voted to borrow $50,000 from the sinking fund
of the water department to be applied to the payment of $147.867 bond
principal and interest charges.
ARKANSAS LITY SCHOOL DISTRICT (P. 0. An ansas City),
-It is
Desha County, Ark.
-BOND REFUNDING CONTEMPLATED.
reported that an outstanding issue of $33.750 bonds will be refunded by
bonds maturing from Oct. 1
the City School Board through the issuance of
1938 to 1957. The bonds will mature without option of prior payment.
Interest payable semi-annually.
ATLANTA, Fulton County, Ga.-LOAN APPLICATION FILED.
It is reported that on Aug. 3 the city made formal application for a Federal
loan of $15,572,335 to modernize the metropolitan sewer system.
-Singer, Deane & ScribBADEN, B
-BOND SALE.
County, Pa.
ner of Pittsburgh purchased privately on July 27 as 5s, at par, the issue of
$10.000 coupon funding bonds which was scheduled for award on June 5.V. 136, p. 3386. At that time no bids were obtained. The bonds mature
$1,000 annually on July 1 from 1938 to 1947 incl.
BAINBRIDGE, COVENTRY, OXFORD, GUILFORD, AFTON,
MASONVILLE, SIDNEY, UNADILLA AND SANFORD CENTRAL
-BOND OFFERSCHOOL DISTRICT NO. 1(P.O. Bainbridge), N.Y.
-Roy A. Johnson, District Clerk, advises that the Board of EducaING.
tion will receive sealed bids at the First National Bank, Bainbridge, until
10 8- in. (Eastern standard time) on Aug. 14 for the purchase of $90,000
not to exceed 6% interest coupon or registered school bonds. Dated July 15
1933. Denoms. $1,000 or $500. Due July 15 as follows: $1,000 from 1934
to 1939 incl.: $2,000, 1940 to 1945: $3,000. 1946 to 1951; $4.000. 1952 to
1957, and $5,000 from 1958 to 1963 incl. Bidder to name a single rate for
all a the bonds, expressed in a multiple of X or 1-10th of 1%. Principal
and interest
& J.) are payable in lawful money of the United States at
the First National Bank, Bainbridge. A certified check for $1,800, payable
to the order of Ralph W. Kirby, Treasurer, must accompany each proposal.
The approving opinion of Caldwell It Raymond of New York will be furnished the successful bidder.
BALTIMORE, Md.- ADVISED OF INABILITY TO OBTAIN
FEDERAL LOAN.-Thoznas G. Young. Tax Collector, was advised on
Aug. 9, by Jesse It. Jones, Chairman of the R. F. C., that the Federal
agency has no authority to make loans to municipalities on the basis of
the terms proposed by the city. In reporting the foregoing, the Baltimore
"Sun" of the following day also said: "This prevents Mr. Young from
accepting bonds issued under the provisions of the Home Owners' Loan Act
in payment cf taxes due the city, and in turn borrow from the corporation
an amount equal to the par value of the bonds, in accordance with a plan
proposed to Mayor Jackson last week.
"Asserting that he had not lost hope of putting some such plan into effect,
Mr. Young said he would endeavor to work out one that would be acceptable to the Finance Corporation."
-BOND OFFERING.
BARNESVILLE, Belmont County, Ohio.
William M. Corbin, Village Clerk, will receive sealed bids until 12 m. on
Aug. 18 for the purchase of $29,075 6% refunding bonds. Dated Sept. 1
1933. Due as follows: $1,575 April and $1,500 Oct. 1 1935: $1,500 April
and Oct. 1 from 1936 to 1941 incl. and $2,000 April and Oct. 1 1942 and
1943. Interest is payable in A. & 0. Bids for the bonds to bear interest
at a rate other than 6%, expressed in a multiple of X of 1%. will also be
considered. A certified check for 3% of the bonds must accompany each
proposal. Details of the bonds to be refunded appeared in V. 137, p. 900.
-BOND
BEDFORD SCHOOL DISTRICT, Lawrence County, Ind.
OFFERING.
--Sealed bids addressed to the Clerk of the Board of School
Trustees will be received until 1 p. in. on Aug. 16 for the purchase of
$23,000 high school building construction bonds.
-John C.
-TEMPORARY LOAN.
BEVERLY, Essex County, Mass.
Lovett, City Treasurer, reports that a $100,000 revenue anticipation note
issue was awarded on Aug. 9 to the Beverly National Bank at 1.42%
discount basis Dated Aug.9 1933 and payable on March 15 1934. Denoms.
$25.000. $10.000 and $5,000. Legality approving by Ropes, Gray. Boyden
& Perkins of Boston.
Tax Collections.
1931 levy-$1,386,569
-Uncollected June 1 1933. $4,000 (Personal)
levy $1,448,493
1932
-Uncollected June 1 1933, 171,980
Valuation 1931. $48,522,050; 1932, $47.116,925.
-BOND OFFERBLACK HAWK COUNTY (P. 0. Waterloo), Iowa.
ING -Sealed bids will be received until 10 a. m. on Aug. 21, by Anna M.
Decker, County Treasurer, for the purchase of a $65,000 issue of funding
bonds. Denom. $1,000. Dated September 1 1933. Due as follows:
$3,000, 1936 to 1938: $6,000, 1939: $10,000, 1940 and 1941, and 1943 to
1945. No bonds mature in 1942. Interest rate will be determined at
time of making award and will be in accord witn purchaser's bid. Successful bidder must furnish the printed bonds and the legal opinion. Bonds
will be delivered to purchaser at Waterloo. A certified chock for 3% of
the bonds offered, payable to the County Treasurer, is required.
Official Financial Statement.
$67,023,684.00
1932 assessed value
16,755.921.00
Taxable value
Assessed value (moneys and credits)
10,840.134.00
502,000.00
Bonded debt: Miscellaneous funding
Primary road bonds
1,548,000.00
Population 69,146
--It is reported
BOYD, Chippewa County, Wis.-BOND ELECTION.
hat an election will be hold on Aug. 12 to vote on the proposed issuance
of $5,000 in sewage disposal p ant bonds.
-FEDERAL LOAN
CALIFORNIA, State of (P. 0. Sacramento).
-According to report approval was given by the Federal
APPROVED.
Government on Aug. 2 to a proposed $15.607,354 road project.
-BOND SALE AUTHCALIFORNIA, State of (P. 0. Sacramento).
-The State Relief Finance Committee met on Aug. 10 and authORIZED.
orized the disposition of a $6,000,000 portion of the $20,000,000 issue of
relief bonds that was voted on June 27-V. 137. p. 174. Interest rate is not
to exceed 431%. Due se.ially from 1938 to 1948. No date of sale has as
yet been selected.
CARBON COUNTY SCHOOL DISTRICT NO. 23 (P. 0. Roberts),
-It is reported that sealed bids will be re-BOND OFFERING.
Mont.
in. on
celved by 0. M. Pontine, District Clerk, until 1 p.Bonds Aug. 28, for the
are to be issued
of a $7.000 issue of 6% funding bonds.
purchase
the latter being the first
on either the serial or amortization plan, with for $700 must accompany
choice of the School Board. A certified check
the bid.
-It is reported
-BONDS VOTED.
CARLTON, Yamhill County, Ore.
an $18,500 bond issue to rebuild
that the voters recently approved count of 115 to 5. It is said that part of
money
system by a
the municipal voters
to finance the project will be sought from the Federal Government,
-MATURITY.
CARROLL COUNTY (P. 0. Carrollton), Ohio.
of
The $6,500 6% poor relief bonds purchased at par recently by the Board as
-mature on Sept. 15
-V. 137, p. 1088
Trustees of Center Township
1938 and $1,500 from 1939 to 1942 incl.
follows: $500 in
-BONDS PRIVATELY
CEDAR COUNTY (P. 0. Tipton), Iowa. the $10.000 issue of 5%
SOLD.
-It is stated by the County'Frftsurer that success on June 1funding bonds offered for sale without
_semi-ann.
V. 136, D. 4125
-Ins since been sold at private sale, at par. Dated Jan. 16
1933. Due from May 1 1936 to 1938.
1273
-CALLS
CHICAGO SCHOOL DISTRICT, Cook County, 111.
-The Board of Education has issued a call for the
$709,400 WARRANTS.
'c
Payment of $709,400 of its 1931 tax ant pat on warrants on or before
accrue.
Aug. 10, on wh'ch date interest on the obrgat ons w 11 cease tobuilding
The total includes $507,000 educational fund warrants, $193,400
fund warrants and $9,000 playground fund warrants.
-BOND SALE.--Lnuls A.
CHILLICOTHE, Ross County, Ohio.
Hibbler, City Auditor, reports that the Board of Sinking Fund Trustees
o
purchased on July 30, at par, an issue of $10,000 5% V storm sewer construction bonds. Dated July 2 1933. Denom. $400. Due $400 on Jan. 2
from 1935 to 1959, incl.
-SELLS SECURITIES TO
CINCINNATI, Hamilton County, Ohio.
-The Board of Sinking Fund Trustees on Aug. 3
SINKING FUND.
voted to purchase $194,214.79 assessment bonds and $45.000 tax anticipation notes. The bonds will be retired by funds collected from property
owners benefited by boulevard lights throughout the city.
CLARK COUNTY SCHOOL DISTRICT NO. 37 (P. 0. Vancouver),
-The $75.000 issue of coupon school bonds offered
-BOND SALE.
Wash.
-was purchased by the State of Washfor sale on Aug. 5-V. 137, p. 1088
ington, as 5s at par. Dated Aug. 15 1933. Due in from 2 to 40 years
date of issuance. There were no other bids received, according to
after
the County Treasurer.
-A syndicate
-BOND SALE.
CLEVELAND,Cuyahoga County, Ohio.
composed of Lehman Bros. and Estabrook & Co., both of New York,
McDonald-Callahan-Richards Co., Cleveland, Stranahan, Harris & Co.,
Toledo. Blyth & Co., New York, Otis St Co., Cleveland. Hannahs, Bailin &
Lee, New York, and Mitchell, Herrick & Co. of Cleveland. concluded
arrangements on Aug. 4 for the private purchase of $2,015.000 general
obligation bonds from the city's sinking funds. The total includes:
$516,000 4% aircraft landing field bonds. Due $43,000 Sept. 1 from
1940 to 1951 incl. Payable from ad valorem taxes within the
limits prescribed by law.
399.000 4%% bridge, river and harbor bonds. Due Oct. 1 as follows:
$39,000 from 1940 to 1948 incl. and $16,000 from 1949 to 1951
incl. Payable from ad valorem taxes within the limits prescribed
bylaw.
incl.
380,000 4q07 water bonds. Due $20,000 Sept. 1 from 1934 to 1952 law.
Payable from ad valorem taxes within the limits prescribed by
street opening bonds. Due $20.000 Oct. 1 from 1934 to
340,000 43%
1950 incl. Payable from unlimited ad valorem taxes.
260,000 5% %public hall bonds. Due $20.000 Nov. 1 from 1940 to 1952
• incl. Payable from ad valorem taxes within the limits prescribed
bylaw.
% water bonds. Due $20,000 Oct. 1 from 1934 to 1939 incl.
120,000
Payable from unlimited ad valorem taxes.
The taxes referred to in the above issues are to be levied on all the taxable
property in the city. Legality of the bonds is to be approved by Squire.
Sanders & Dempsey of Cleveland.
-BONDS NOT SOLD.
CLEVELAND, Cuyahoga County, Ohio.
In answer to our inquiry as to the disposition of the $6,498,000 6% coupon
or registered sewage disposal bonds offered on Aug. 9-V. 137, p. wes,
Director of Finance Ray L. Lamb states that the obligations will be sold
to the Federal Government as originally planned. The offering comprised
Issues of $4,813,000 and $1,687,000. No bids were submitted as was expected. In announcing public offering of the issues, the city stated that
such action was being taken solely to comply with the provisions of the
Uniform Bond Act of Ohio and that it intended to sell the securities to the
Federal Government in accordance with the Public Works Act. The notice
further stated that the city was "not depending upon the bond trade" to
realize on the proceeds of the issues. Banking interests, therefore, refrained
from taking any action with regard to the offering.
-ADDITIONAL INFORCOLLINGSWOOD, Camden County, N. J.
-In connection with the issue of $194,000 refunding bonds
MATION.
-we are advised by B. J. Mattern, Commismentioned in-V. 137, p. 1088
sioner of Finance, that the holders of a like amount maturing this year
are being asked to accept the refunding bonds in exchange. The new bonds
are to mature in from 3 to 5 years. Mr. Mattern adds that no bond sale
will be held.
-BONDS AUTHORIZED.
COLUMBUS, Franklin County, Ohio.
The City Council has adopted an ordinance providing for the issuance of
$35,000 4%% street lighting bonds, to be dated not later than Oct. 1 1933
and mature annually on Feb. 1 as follows: $3,000 from 1936 to 1940 incl.
and $2,000 from 1941 to 1950 incl. Principal and interest (F. & A.) payable
at the office of the agency of the City of Columbus in New York City.
-LOAN APPLICATION FILED.
DALHART, Dallam County, Tex.
It is reported that an application to the Federal Government for a loan of
buret a water plant has been made.
$491,580 to
-It is
-PROPOSED BOND SALE.
DALLAS, Dallas County, Tex.
reported that the city is negotiating with the Republic National Bank &
of Dallas, for the sale of the proposed $1.000.000 in bonds that
Trust Co.
-V. 137, P. 1089.
are to be issued to take up the existing overdraft.
-A special
-BOND ELECTION.
DAYTON, Yamhill County, Ore.
will be held on Aug. 11 according to report, to have the voters
election
Pass on the proposed issuance of $16,000 in bonds to finance the replacement of pipe lines for water.
-BOND OFFERING.
DENNISON, Tuscarawas County, Ohio.
Sealed bids addressed to Burnie Bower, Village Clerk, will be received
until 12 in. on Sept. 5 for the purchase of $13.300 5%% refunding bonds.
Dated Sept. 1 1933. Denoms. $500 and $400. Due serially on March I
for the
from 1935 to 1943 incl. Interest is payable in M. & S. Bidsmultiple bonds
of X
to bear interest at a rate other than 5%%, expressed in a
of 1%. will also be considered. A certified check for 2% of the bonds bid
for, payable to the order of the Village Treasurer, must accompany each
proposal. The bonds to be refunded are certain gene-al and special assessment Issues maturing in 1933.
-It is stated
-BONDS CALLED.
DENVER, Denver County, Colo.
that various storm sewer, improvement, surfacing, alley paving, street
paving and sidewalk bonds are called for payment, interest ceasing on
Aug. 31.
-BONDS AUTHORI7ED.-The
DES MOINES, Polk County, Iowa.
City Council is reported to have authorized the City Treasurer to issue
in street improvement bonds.
$28,759
-BOND SALE
DES MOINES COUNTY (P. 0. Burlington), Iowa.
-The $32,000 issue of refunding bonds that was purchased by
DETAILS.
-V. 137, p. 351-was sold as 5s at
the White-Phillips Co. of Davenport
par, and the bonds are due from Nov. 1 1934 to 1939.
DOVRE SCHOOL DISTRICT NO.5(P.O. Amidon), Slope County,
-It is stated that sealed bids will
N. Dak.-CERTIFICATE OFFERING.
be received until 2 p. m. on Aug. 19, by Edna Rely, District Clerk, at the
County Auditor's office, for the purchase of a $2,500 issue of certificates
of indebtedness. Interest rate is not to exceed 7%, payable semi-annually.
Denom. $250. Dated Sept. 1 1933. Due on March 1 1935. A certified
check for 5% must accompany the bid.
-In connection
-CORRECTION.
DULUTH, St. Louis County, Minn.
with the report appearing in V. 137, p. 902, of the sale of $300,000 issue of
tax anticipation certificates to local banks, we have received the following
information from D. B.Phillips, Acting City Treasurer:
"William B. Dana Co.,
"New York, N. Y.
"Dear Sirs -Relative to your inquiry of August 1 regarding the sale
of $300,000 issue of tax anticipation certificates, will advise that the City
Council, on July 24, authorized the sale of $307,500, 5% tax anticipation
certificates which become duo Dec. 311933.
"The certificates affected by this sale are now being carried as follows:
$92,500.00
"Purchased by Miller Trust fund
215,000.00
"Purchased by Permanent Improvement Fund
$307,500.00
"Local banks have agreed to purchase these certificates at par value,
however, at this writing the sale has not been made.
"Yours very truly,
"D. H. PHILLIPS. Acting Treasurer."
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 1, N. Y.
STATEMENT OF RECEIPTS AND DISBURSEMENTS -Ernest C.
Wing, President of the Board of Education, has sent us a detailed report
Financial Chronicle
1274
of the receipts and disbursements of the Treasury during the fiscal year
ended June 30 1933. Receipts during the year totaled $354,088.03 against
expenditures of $291.598.78, the balance at the close of the period being
362,489.25, according to the report. Bonds outstanding as of June 30 1933
amounted to $552,0,0.
EAST PROVIDENLE, Providence County, R. I.
-ADDITIONAL
INFORMATION.-The $105.000 bonds reported sold in V. 137, P. 902.
were purchased at par by the Sinking Fund Commission and include
$60,000 water supply and $45,000 unemployment relief issues. Coupon,
bearing interest at 434%, payable in F. & A. Bonds are dated Aug. 1 1933
and mature as follows:
$60,000 water supply bonds. Due $10,000 annually in from 1 to 5 years
and $2,000 in each of the succeeding five years.
45,000 unemployment relief bonds. Due $9,000 annually in from 1 to 5
years.
EAST RUTHERFORD, Bergen County, N. J.
-BONDS REOFFERED.
-The issue of $106,000 coupon or registered public improvement bonds, previously offered on April 4 1932, at which time no bids were
obtained-V. 135, P. 3385
-is being re-advertised for award at 8.30 P. m•
(daylight saving time) on Aug. 21. Sealed bids will be received until that
time by William E. De Nike, Borough Clerk. Bonds are dated March 1
1933. Bidder to name an interest rate of either 5. 534, 534, 5( or 6%•
Denom. $1,000. Due March 1 as follows: $7,000 from 1935 to 1945 Incl.:
$9,000 in 1946 and $10,000 in 1947 and 1948. No more bonds are to be
awarded than will produce a premium of $1,000 over $106,000. Principal
and interest (M. & S.) are payable in lawful money of the United States
at the First National Bank, East Rutherford. A certified check for 2%
of the bonds bid for, payable to the order of Nellie Carty,Borough Collector,
must accompany each proposal. The approving opinion of Clay, Dillon
& Vandewater of New York will be furnished the successful bidder.
EAU CLAIRE, Eau Claire County, Wis.-BOND SALE NEGOTIATIONS.
-It is stated by the City Clerk that the Common Council has
authorized the $250,000 issue of water supply bonds, mentioned in V. 137.
p. 176. According to report there are negotiations now being carried on
with the Federal Government for disposition of the same.
ELIZABETH, Union County, N. J.
-NOTES AUTHORI7ED.-City
Comptroller John A. Mitchell has been authorized to issue $600,000 tax
anticipation notes to mature on Dec. 31 1933.
ELMIRA, Chemung County, N. Y.
-FINANCIAL STATEMENT.
-In connection with the award on July 10 of $200,000 3,4% welfare bonds
to the Chemical Bank & Trust Co. of New York at a price of 100.21. a
basis of about 3.70%-V. 137. p. 525, the following has been issued:
Reprint of the Financial Statement of the City of Elmira, N. Y., as Reported
by the City Chamberlain as of July 1 1933.
Assessed valuation:
Real property
$49,190,676
Special franchise
2,462,753
Personal
402,500
Total (61% of actual)
Bonded debt (not including present issue):
General
School
Water
Special assessment
Total
Sinking funds
Unfunded debt
Overlapping debt:
Chemung County(70% responsible)
Maturities:
Year- 1933 (Bal. Yr.).
1934.
Principal
t32,000.00 $227.000.00
56,210.00
Interest
106,277.50
Total
Tax collections:
Year-
$88,210.00
1930.
$860,744.40
$333,277.50
$52,055,929
1,772,900
745,000
740_,
000
None
$3,257 900
None
None
$18,000
1935.
$284,000.00
96,413.75
1936.
$247,000.00
84,331.25
$380,413.75
$331,331.25
1931.
1932.
1933.
$922,999.29 $1.124,813.42 $1,078,745.31
Uncoil, end
year
54,995.76
151,324.41
69,499.00
Uncoil. July 1
4,976.78
432,748.34
1933
70,830.72
13,197.71
Budgets:
Year
Operating deficit 1930- 41111,988.01
$1,015,137.11
1930
Operating deficit 1931__ •147,909.84
1,091,904.86
1931
Operating surplus 1932.._
1,209,813.42
1932
185,708.80
Operating surplus 19331,203,645.31
1933
*All prior year deficits have been paid. City is now operating on a
-day current basis.
30
Fiscal year begins Jan. 1. Tax penalty date, July 1.
General Information.
Population, 1930 Census,47,397. Incorporated 1864. The municipality
has never defaulted in the payment of interest and principal on its bonded
indebtedness. Since Jan. 31 1932 the municipality has adopted the policy
of operating not only within its budget but within the actual cash available.
This procedure was more than successful for the year 1932. The same
procedure is being followed for the year 1933 with the same degree of
success. The municipality has not refunded any of its maturing bonded
indebtedness during ths so-called depression period. The school district
and the city limits are co-terminous. The budget year is the calendar year
although the taxes are not due and payable until July 1 of each year.
This necessitates the city borrowing to finance its current operating expenses
for the first six months. In 1932 the city borrowered $450.000 in anticipation of taxes and retired the same promptly on July 1 out of tax revenues.
In 1933 the city borrowed $500,000 which was paid promptly on July 1
out of tax revenues.
-GOVERNOR RECOMMENDS
ERIE COUNTY (P. 0. Buffalo), N. Y.
CHANGE IN TAX LA W.
-In a special message sent to the extraordinary
session of the State Legislature on Aug. 9, Governor Lehman asked that,
in accordance with the request of virtually all of the County Supervisors,
an amendment be made to the County Tax Act. The Governor stated
that during the past six years taxes on real property adjacent in the main
to the City of Buffalo, have been illegally assessed because of failure to
comply with certain technical requirements. In recommending that an
amendment be adopted, permitting the Supervisors to re-levy and re-tax
the delinquent property concerned, he said: "Therefore, pursuant to
Article IV, Section 4 of the Constitution, I recommend for your consideration the enactment of such legislation as will empower the County of Erie
to collect past due taxes for re-spreading, re-assessing and re-levying upon
taxed delinquent real estate liable therefor within the County of Erie the
taxes and special assessments which are past due and unpaid or by such
other means as will prevent the unjust evasion of taxes and make the collection of such taxes beyond question.'
ERIE SCHOOL DISTRICT, Erie County, Pa.
-PRICE PAID.
-The
issue of $198,000 coupon or registered school bonds sold privately on
July 13 to E. H. Rollins & Sons of Philadelphia-V. 137, p. 1089
-was
purchased by the hankers as 5345, at a price of 100.125, a basis of about
5.49%. Dated July 151933. Due July 15 as follows: $20,000 from 1943
to 1951 incl. and $18,000 in 1952.
FAIRFIELD,Jefferson County,Iowa.-BONDSALE The $44.174.83
.Issue of 5% semi-annual judgment bonds that was authorized on July 22V. 137, p. 1089
-was purchased at par on Aug. 1 by a local investor.
Dated Aug. 28 1933. Due on Aug. 28 1943, subject to call on 30 days'
notice. Prin. and int. (F. & A.) payable locally. Legality approved by
the City Solicitor.
FERRY COUNTY SCHOOL DISTRICT No. 30 (P. 0. Republic),
Wash.
-Scaled bids will be received until Aug. 12.
-BOND OFFERING.
according to report, by Beth Salter, County Treasurer, for the purchase
of a $3,500 issue of school bonds. Interest rate is not to exceed 6%,
payable semi-annually. Prin. and int. payable at the County Treasurers
office, at the fiscal agency of the State in New York City, or at the office
of the State Treasurer. A certified check for 5% of the bid is required.
FLINT, Genesee County, Mich.
-DETAILS OF PROPOSED REFUNDING AGREEMENT.
-Olney L. Craft, Director of Finance, under date of
Aug. 7 forwarded to us a draft of the bond refunding proposal which was
Aug. 12 1933
arawn up as of June 5 1933. The plan contemplates the refunding of
$2,045,000 bonds which are in default. includirg $1,192,000 general and
$853,000 special assessment bonds. In addition to the refunding agreement,
Mr. Craft has sent complete details regarding the particular bonds affected
by the proposal. These include the amount of the original issue and the
purpose of same, date and maturity of the bonds, rate of interest, also the
amount ot the bonds to be refunded as well as the total amount cf each
issue outstanding. The data further discloses that on June 30 1933 the
city was in default on general city bond interest in amount of $164,938.75.
Part of the information sent to us by Mr. Craft is reprinted herewith:
Classes of Bondl of the City of Flint and Sources of Revenue for Payment of
Principal and Interest, June 5 1933.
Interest
Class.
Source of Revenue.
Required
1933-34.
I. Water bonds
Water revenue
$118,657.00
II. General purpose serial
General ad valorem
(Incl. direct general obligation bonds never refunded,
but not incl. water or refunding bonds.)
III. General purpose sink. fund_ _General ad valorem
Contributed to sink.fund
IV. Special assessment
Special assessment
73,716.25
(Incl. spec, assess, general
obligation never refunded.)
V. General obligation refunding..General ad valorem levies
VI. Special assessment refunding_General ad valorem levies
VII. Delinquent special assessment bonds x
General ad valorem levies
VIII. Tax anticipation notesx _ _ _ _General ad valorem levies
x None outstanding June 5 1933.
Refunding Plan. as Contemplated June 5 1933.
Re: Refunding of Principal.
1. Principal direct and unpaid
General Purpose Serial Special Assessment
Fiscal Year.
(Class II).
(Class IV).
1931-1932
$64,000
1932-1933
366,000
$149,000
1933-1934
383,000
3E5,000
1934-1935
379.000
349,000
$1,192,000
$853.000
Total
$2,045,000
2.• Refunding of principal does not include principal maturities of
Classes I, III, and V , and VI.
3. Refunding bonds to be dated April 15 1933, to bear interest at rate
borne by present bonds (necessary adjustments of interest because of differing dates of coupon maturities on present bonds to be adjusted in funding
bonds), interest dates of new bonds to be April 15 and Oct. 15, maturity of
principal April 15 1948. Sinking fund to be established for the retirement of
principal, based on annual contributions from ad valorem taxes beginning
fiscal year July 1 1935-1936, sufficient to retire principal at maturity.
Sinking fund purchases ofsuch bonds may be made at prices less than par,
and all purchases of bonds for sinking fund shall be made only of those
bonds for which the sinking fund was created, in accordance with Act.
No. 13, Public Acts, First Extra Session 1932 (as it may be amended
Bonds to be redeemable at the option of the city at any interest date1933)•
on 90
days' notice at 100 and accrued interest, by lot. Principal and interest to
be payable at the office of the City Treasurer or the Chase National Bank,
New York. Delinquent general and special assessment taxes from past
or future levies for principal of bonds to be placed in sinking fund for bonds
or paid to city in reimbursement for advances from general fund which were
made, or are made in the future, on principal and interest. In order to meet
current maturities.
Re: Refunding of Interest.
4. Interest due and unpaid up to June 30 1933. Incl., on bonds of Class II,
shall be funded as hereir after proposed.
5. Interest due on bonds of Classes IV, V. and VI, including bonds now
outstanding and bonds which, by refunding in 1932-1933 1933-1934. and
1934-1935, will be placed in Classes V and VI, is to be paid in full in cash
at the several maturity dates. (Annual interest on Class IV during fiscal
year of 1933-1934 is $73,716.25.)
6. Such payment in cash on interest on Class IV include:, coupons and
interest due Feb. 15 and June 30. (Payments to proceed at once for coupons
past due.) Interest on Class IV,due prior to Feb. 15 1933, and now unpaid,
to be paid as dis Mends from closed banks are available on special assessment account deposits and as current and delinquent special assessments
are collected. (Amount of such interest is approximately $11,000.)
7. Funding bonds for interest to be dated variously, to consist of annual
serial maturities of principal due in two or three to 10 years from date, to
bear Interest at the rate of 3% per annum, payable semi-annually. Delinquent taxes no 7 levied or lorded in 1933-1934 or 1934-1935 for Irterest to
be reserved for maturity of principal and interest on these funding bonds.
and an annual ad valorem tax levy to be made for principal and interest
on these bonds prior to maturity in such amounts as are necessary to provide
payment. Such funding bonds are to be in registered form as to principal.
8. Prospective amounts of interest funding bonds.
For interest past due as of June 30 which is to be funded, 1932-1933
general purpose serial
$164,938.75
FORSYTH COUNTY (P. 0. Winston-Salem) N. C.
-BOND AND
NOTE ISSUANCE.
session held on July 26 the County Com-At a special
missioners are reported to have adopted an order to refund $40.000 ofschool
bonds, which mature during the fiscal year
-V. 137. p. 1090. The Commissioners are also reported to have authorized at this session the issuance
of $80,000 in bond anticipation notes to pay the $40,000 of notes as they
fall due and to pay an additional $10,000 of bond anticipation notes, which
fall due on Sept. 1.
FORT PIERCE, St. Lucie County, Fla.
-LOAN APPROVED.
-It is
stated that the Public Works Administration has approved a loan of $36,000
to this city, to meet an emergency. The loan is to be repaid at 4%.
GAASTRA. Iron County, Mich.
-BONDS NOT SOLD.-11yron
Battye, Village Clerk. reports that no bids were obtained at th offering
on Aug.4 of the $15,000 4% water bonds which were voted on July 6. Due
$1,000 annually
-V. 137. p. 525.
GARFIELD COUNTY SCHOOL DISTRICT NO. I (P. 0. Jordan),
Mont.
-It IL reported that sealed bids will be received
-BOND OFFERING.
until 8 p. m. Aug. 31, by William Taylor, District Clerk, for the purcnase
of a $4,889.47 issue of funding bonds. A certified check for $250 must
accompany the bid.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND OFFERING.
Ethel L. Thrasher, County Auditor, will receive sealed bids until 12 m.
on Aug. 28 for the purchase of $90,000 5% refunding bonds. Dated Sept. 1
1933. Denoms. $750, $500, $375 and $75. Due $5.000 on M.& S. 1 from
1935 to 1943 incl. Bonds will be issued in such other denoms. as the purchaser may desire. A certified check for $1,000 must accompany each
proposal.
GEAUGA COUNTY (P. 0. Chardon), °Mo.-BOND SALE.
-The
$19,900 coupon poor relief bonds offered on July 31-V. 137. p. 352
were awarded as 534s to Otis & Co. of Cleveland at par rolus a premium of
$36, equal to 100.18 a basis of about 5.42%. Dated July 1 1933. Due .
March 1 as follows: $3,500, 1934; $3,800, 1935; $4,000, 1936; $4.200, 1937,
and $4,400 in 1938. Bids for the issue were as follows:
BidderPremium.
Int. Rate.
Otis & Co.(purchasers)
336.00
534 0
Mitchell, Herrick & Co
41.00
o
Braun, Bosworth &Co27.00
BancOhio Securities Co
35.82
534%
GENESEE COUNTY (P. 0. Flint), Mich.
-PAYS DEFAULTED
DEBT CHARGES.
,
-County Auditor J. H. Galliver recently announced
that funds are on deposit with the county's paying agents sufficient to pay
all drainage district bonds and interest which was due April 1 and April 15
1933,• also to pay all road assessment bond principal and interest charges
which were due May 1 1933; also to pay all March 15 1933 interest charges,
Bond principal in default on that date is expected to be taken care of
shortly.
-BOND OFFERING.
GOODLAND, Sherman County Kan.
-Sealed
bids will be received until 8 p. m. on Aug. 15 by Luther Douglas, City
Clerk, for the purchase of a $34,170.19 issue of 434% semi-ann. refunding
bonds, Denom. $1,000, one for $170.19. Dated July 1 1933. Due On
July 1 as follows: $170.19 in 1935. $3,000. 1936 to 1938, 1941 to 1944. and
0
Volume 137
Financial Chronicle
1946 to 1948; $1,000 in 1939 and 1940, and $2,000 in 1945. Interest
payable J. & J. A certified check for 2% of the bid, payable to the City
Treasurer is required.
-$1,073.000 BONDS IN
GRAND RAPIDS, Kent County. Mich.
.-H. T. Stanton, City Comptroller, reports that a total of
DEFAULT
$1,073,000 bonds are in default to Aug. 1 1933 incl. including flood. street
and sewer issues. Obligations previously in default have been exchanged for
future maturity bonds from the sinking funds. Mr. Stanton adds that
no school bonds are in default. It is understood that the default on city
bonds was caused by a tie-up of debt service funds in local banks.
-A new bond refunding
NEW BOND REFUNDING PLAN OFFERED.
plan has been prepared for the Sinking Fund Commission, proposing that
all general serial bonds outstanding, except $14.500 due ir. 1961 and 1962.
be replaced by refunding bonds to mature six years later than the original
maturities, according to the Aug. 5 issue of the Michigan "Investor.'
Under the plan, it is said, these refunding bonds would be callable at any
interest date and the bonds would be retired in the order of maturity.
Term bonds would be paid without refunding, only the serials being affected
by this plan.
GRAND RAPIDS SCHOOL DISTRICT, Kent County, Mich.BONDS NOT SOLD.
-No bids were obtained at the offering on Aug. 7
of $300.000 5% coupon refunding bonds, due annually on Sept. 1 from
1934 to 1943 incl.-V. 137. p. 723.
GRANITE COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Maxville),
Mont.
-BOND OFFERING-Sealed bids will be received until 2 p. m.
on Aug. 29, according to report, by Flora H. Florey. District Clerk, for the
purchase of an issue of $1,386.11 6% funding bonds. Bonds are to be issued
on either serial or amortization plan, with the latter the first choice of the
School Board. A certified check for 2% must accbmpany the bid.
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.BONDS OFFERED FOR INVESTMENT.-Ib eIrs. Fern 5- Co. of New
York offered for public investment on Aug. 7 an issue of $300.000 534%
coupon or registered bonds at prices to yield from 4.50 to 5.20%. according
to maturity. The bonds are part of the $302.724.24 awarded to the
bankers on Aug. 3 at 100.30, a basis of about 5.47%-V. 137. p. 1090.
-BOND OFFERGUERNSEY COUNTY (P. 0. Cambridge). Ohio.
-Ralph R. Castor, County Auditor. will receive sealed bids until
ING.
10 a. m. on Aug. 22 for the purchase of $14,000 6% poor relief bonds.
Dated July 11933. Due March 1 as follows' $2,500. 1934; $2,600, 1935;
$2.800. 1936; $3,000. 1937, and $3,100 in 1938. Interest is payable in
M. & S. Bids based on an interest rate other than 6%. expressed in a
multiple of
of 1%, will also be considered. A certified check for 5% of
the bonds bid for, payable to the order of the County Auditor, must accompany each proposal.
(The above issue was reported sold on July 18 to the Provident Savings
Bank & Trust Co., Cincinnati, as 5)0,at a price of 100.23,a basis of about
5.40%-V. 137, P. 723.)
-REFUSED LOAN BY
HACKENSACK, Bergen County, N. J.
-City Manager Wilder M. Rich has advised the municipal council
BANKS.
that local banks have refused to loan the city $100,000 on tax anticipation
notes in order to provide for operating expenses pending the collection of
December 1933 taxes.
-BIDS REJECTED.
HAMMOND SCHOOL CITY,Lake County, Ind.
-The issue of $112,500 Judgment funding bonds offered at not to exceed
-was not sold, as the bids sub6% interest on July 18-V. 137, p. 176
mitted were rejected. Dated July 24 1933 and due in five years.
-It is re-BOND ELECTION.
HANCOCK, Stevens County, Minn.
ported that an election will be held on Aug. 22 in order to pass on the
1
proposed issuance of $40.000 in 43, % light plant bonds.
HARDWICK, Caledonia County, Vt.-BOND OFFERING.-Perley
A. Shattuck, Town Treasurer, will receive sealed bids until 7 p. m.(daylight
saving time) on Aug. 15 for the purchase of 335.000 5% coupon refunding
bonds. Dated Jan. 11933. Denom.$1,000. Due Jan. 1 as follows: $3,000
from 1933 to 1939 incl. and $2,000 from 1940 to 1946 incl. Principal and
interest (J. & J.) are payable at the National Shawmut Bank. Boston.
This institution will supervise the engraving of the bonds and certify as to
their genuineness. The approving opinion of Storey, Thorndike, Palmer &
Dodge of Boston will be furnished the successful bidder.
(The above issue has been offered on two previous occasions without
BUCCeSS. The last instance occurred on July 14, when no bids were submitted. Bonds were offered at that time to mature $2,500 annually from
1933 to 1946 incl.-V. 137, P. 723.)
HARRISON COUNTY (P. 0. Clarksburg), W. Va.-REPORT ON
BONDED DEBT REDUCTION.
-The following report on the reduction
in the bonded debts of the units in this county, is taken from the "Wall
Street Journal" of Aug. 5:
"Clarksburg and other political divisions of Harrison County, W. Va.,
since 1928 have reduced their total bonded debt from $2,095,000 to 51.560,500. In 1929 the total was reduced $24,600; 1930.$191,000; 1931,$132.466:
1832. 5107.500; 1933, 580.000. Retirement of $136,000 bonds on Oct. 1
s planned by Clarksburg and Clarksburg Water Board. Clarksburg
closed its fiscal year on June 30 last, with $59,000 surplus. Three of the
10 magisterial districts and four of the 13 school districts of Harrison County
have bonds outstanding."
HIGHLAND, Doniphan County, Kan.
-BOND OFFERING-Sealed
bids will be received until 8 p m. Aug. 14 by Roy A. Noll, City Clerk,
for the purchase of a $15,000 issue of 4%% refunding bonds. Denoms.
$500 and 51.000. Dated July 151933. Due on July 15 as follows: 51,000,
1938 to 1940; $1,500, 1941 to 1948, all incl. Interest payable .1. & J. 15.
A certified check for 2% of the bid is required.
HOLLAND_,COLDEN AND WALES CENTRAL SCHOOL DISTRICT
-W.L.
-BOND OFFERING.
NO. 1(P.O. Holland), Erie County, N. Y.
Kennedy, District Clerk, will receive sealed bids until 2 p. m. (eastern
Q
standard time) on Aug. 28 for the purchase of $187,0005.7' coupon or
registered school bonds. Dated July 1 1932. Denom. $1,000. Due
July 1 as follows: 52,000 from 1934 to 1941 incl.; $3,000, 1942 to 1947:
54.000, 1948 to 1953: $5,000, 1954 to 1957; $6,000, 1958 to 1961; 87,000,
1962 to 1964: 58,000. 1965 and 1966; 59.000, 1967 and 1968 and $10,000
from 1969 to 1971 incl. Bids will also be considered based on an interest
1
,
rate less than 5%, expressed in a multiple of 3 of 1%. All of the bonds
are to bear the same rate. Principal and interest (J. & J.) are payable
at the Manufacturers & Traders Trust Co., Buffalo. A certified check for
2%. payable to the order of the Board of Education, must accompany
each proposal. The approving opinion of Thomson, Wood & Hoffman of
New 'York will be furnished the successful bidder.
HUNTINGTON (P. 0. Huntington), Suffolk County, N.
-The $100,000 coupon or registered welfare bonds offered
BOND SALE.
-were awarded as 55 to Rutter & Co. of New
on Aug. 9-V. 137, p. 902
price of 100.389, a basis of about 4.92%. Dated Aug. 1 1933
York at a
and duo $10.000 on Aug. 1 from 1934 to 1943 inclusive.
.
.-CORRECTION
Calif
! HUNTINGTON PARK, Lou Angeles County,of city
hall bonds to be
-It is stated by the City Clerk that the amount
-is $95,000. not
voted on at the election on Aug. 22-V. 137. P. 902
$100,000, as originally reported.
-The
-REPORT ON OUTSTANDING DEBT.
ILLINOIS (State of).
report of John C. Martin. State Treasurer, covering receipts and disburseduring the month of July, includes the following statement of the
ments
indebtedness of the State outstanding on Aug. 1 1933:
Called bonds outstanding which have ceased to draw
Interest, viz.:
54.000
New internal improvement stock
500
New internal impt. int, stock, payable after 1878
1,000
improvement bond
One old internal
12.000
Twelve canal bonds
$17.500
143.017,000
State highway bonds
37.180.000
Soldiers' compensation bonds
7,000,000
Waterway bonds
20.000.000
Emergency relief bonds
Total bonded debt
Tax anticipation notes held by motor fuel tax fund
Tax anticipation notes held by agricultural premium fund
5207.214.500
12.450,000
140.000
5219.804,500
1275
-We are informed
-NOTE SALE.
IDAHO, State of (P. 0. Boise,.
by Myrtle P. Enking, State Treasurer, that a public sale of $500,000
Treasury notes was held on April 16 1933; no bids were
General Fund
received except that of the State Department of Public Investments (see
V. 136, p. 2830), but the sale was not carried through. Of these notes.
reports the State Treasurer, a block of $250,000 was sold on July 1 to the
Chase National Bank of New York,and $250,000 on July 17 to the Spokane
& Eastern Co. of Spokane-see V. 137, p. 902. It is stated that both
sales were made at par and accrued interest from May I.
-FEDERALLOAN APPROVED.
IOWA,State of(P.O.Des Moines).
According to a Des Moines dispatch of Aug. 10 a $10,000,000 highway
program to be financed with public works funds has been formally apBureau of Roads. It is estimated that 125
proved by the P.W.A. and themiles of paving and 125 miles of grading, bridging and draining may be
completed..
-SUED FOR BOND PAYJACKSONVILLE, Morgan County, III.
-The Bankers Life Co. of Des Moines recently filed suit against
MENTS.
the city in the Federal District Court on the basis of the alleged failure
of the municipality to apply $95,000 obtained on special assessment installments to outstanding bonds, according to the Springfield "State Journal."
which further stated:
"The Iowa firm, which set forth that it holds $145,000 in Jacksonville
special assessment bonds, asked the court for an accounting b3 the city
and for an order of payment. The firm also sought the appointment ofsome
one to take over the books pertaining to the assessments,so that collections
on due payments may be made.
"Summons issued in the case was made returnable August 16, at which
time the city will be expected to answer the proceedings. The company
said the city issued special assessment bonds Feb. 1 1930, for the construction of sewers in the south side sewer system at Jacksonville.
"The suit alleged that there was more than $95,000 on deposit in the
Ayers National Bank when it failed. Because the money was not applied
to the payments on the bonds, there was a resultant loss of more than $10,000, the suit said. The Des Moines firm contended that the failure of the
bank made the city liable as trustee."
-BOND SALE.
JEFFERSON COUNTY (P. 0. Oskaloosa), Kan.
A $33.735.45 issue of 0.1'% coupon "cash basis" funding bonds was purchased on July 24 by Alexander. McArthur & Co. of Kansas City (Mo.)
at a price of 103.82, a basis of about 4.12%. Denom. $1.000. one for
$735.45. Dated July 1 1933. Due on Aug. 1 as follows: $3,735.45 in
1935:53.000. 1936 to 1944. and $4.000 in 1945. Interest payable F. & A.
JEFFERSONVILLE FIRE DISTRICT, Sullivan County, N. Y.
BOND OFFERING.
-Charles M. Peterson, Clerk of the Board of Fire
Commissioners, will receive sealed bids until 8 p. m. on Aug. 14 for the
purchase of $4,500 5% fire department equipment bonds. Dated Aug. 1
1933. Denom.$500. Due $500 on Aug. 1from 1934 to 1942 incl. Interest
is payable in F. & A. A certified check for 5% of the bid must accompany
each proposal.
-PROPOSED BOND
JOLIET SCHOOL DISTRICT, Will County, Ill.
-At a meeting held on July 24 the School Board voted to attempt
SALE.
the sale of $217,000 bonds in order to provide for the payment of salaries
of school teachers and other employees.
JUDSON SCHOOL DISTRICT (P. 0. Longview), Gregg County,
Tex.
-We are now informed that the
---ADDITIONAL INFORMATION.
$35,000 issue of school bonds purchased by the State Department of
Education-V. 137. p. 903
-was reduced in amount to $25.000, which
will mature in 2 years, and will bear interest at 5%.
-It is
-BOND OFFERING.
KING COUNTY (P. 0. Seattle), Wash.
stated by C. F. Gage, Deputy Clerk of the Board of Commissioners, that
he will receive sealed bids until Sept. 5, for the purchase of two iesues of
bonds aggregating 81,000.000, divided as follows $500,000 funding, and
$500.000 unemployment rellPf bonds. Interest rate is not to exceed 6%,
payable semi-annually. Due in 20 years. (On Jan. 17 1933, the county
offered for sale without success $1,000,000 funding, and 5750,000 relief
bonds.
-V. 136. p. 524.).
KLINE TOWNSHIP SCHOOL DISTRICT (P. 0. Kelayres), Schuyl-The 555.000 4 % coupon school
kill County, Pa.
-BOND SALE.
-have been accepted by the
bonds offered on April 22-V. 136. p. 2464
Markle Bank & Trust Co. of Hazelton a., collateral for a loan to the District.
The bonds bear date of April 15 1933 and are to mature on April 15;as follows:
$10.000 in 1938 and $15,000 in 1943, 1948 and 1953.
-FILITTLE FALLS, Passaic County, N. J.-AUTHORI7ES RE
-The Township Committee on Aug. 7 authorized
NANCING OF NOTES.
the issuance of $25,900 temporary notes or bonds to re-financing existing
street improvement notes.
LITCLE ROCK STREET IMPROVEMENT DISTRICT NO. 508
-APPLICATION FOR RECEIVERSHIP FILED.
(P.O.Little Rock), Ark.
-Bondholders have filed a petition in the Federal District Court asking
receivership.for the above district, which as of July 31 1932. had 5478.000
bonds outstanding and a total indebtedness, including bond interest, of
5580,802, according to news dispatches from Little Rock. The district is
said to have defaulted on a July I principal and interest payment of $10,726
after meeting its Jan. 1 payments of $62,042.
LIVINGSTON INDEPENDENT SCHOOL DISTRICT (P.O. Living-An election will be held
-BOND ELECTION.
ston), Polk County, Tex.
on Aug. 12, according to report, to vote on the proposed issuance of 3100.000
in high school construction bonds.
LONG BEACH SCHOOL DISTRICT (P. 0. Los Angeles), Los
is stated by Everett W.
Angeles County, Calif.
-BOND ELECTION
Mattoon, County Counsel, that on Aug. 29 the voters will pass on the
proposed issuance of S4,930.000 in bonds, divided as follows: 41%.000.000
city school district, $1.830,000 city high school district, and 8100,000 city
junior college district bonds. (This report corrects that given in V. 137.
p. 1091, stating the election would be on Aug. 22.)
-At
-BONDS VOTED.
McCULLOCH COUNTY (P. 0. Brady), Tex.
-the voters approved the issuthe election held on July 31-V. 137. p. 527
ance of the 548.000 in road bonds.
MADERA IRRIGATION DISTRICT (P. 0. Madera), Madera
Is reported that an author-BONDS CANCELED
County, Calif.
ized bond issue of $27.800,000 has been canceled as the result of a recent
vote by the landowners of the District. The original authorization was
for 528,000.000, of which $200,000 bonds were issued. These bonds
were later redeemed. The District now has no bonded indebtedness.
-BOND OFFERMAHONING COUNTY (P. C. Youngstown), Ohio.
ING-Seth J. McNabb. Clerk of the Board of Cow ty Commissioners, will
receive sealed bids until 11 a. m. (eastern standard time) on ..ug. 2. for
the purchase of $500,000 6% refur ding bonds. Dated Sept. 15 1933. Denom. 51.000. Due Sept. 15 as follows: 155,000 from 1935 to 1938 incl. and
$.58.000 from 1939 to 1943 incl. Interest is payable on M.& S. 15. Alternate bids based on an interest rate other than 6% will be considered, subject to the requirements of Section 2293-28 of the General Code of Ohio.
A certified check for $5,000, payable to Warren A. Steele, County Treasurer,
must accompany each proposal.
MAINE (State of).
-NOTE SALE.
-Halsey. Stuart & Co., Inc.. of
New York, purchased on Aug. 7 at a price of 99.50 an issue of $800.000
discount notes. Dated Aug. 7 1933 and due on Feb. 7 1934. The notes
were re-offered on the following day to yield tI of 1%. Issued in anticipation of tax collections, the notes, in the opinion a the State AttorneyGeneral, constitute g.eneral obligations of the State, payable from unlimited
ad valorem taxes to be levied against all the taxable property therein. The
bankers are of the opinion that the notes are legal investment for savings
banks in tne States of New York, Massachusetts and Connecticut. Previous
financing by the State this year consisted of the sale on April 26 of81.000.000
4% highway and bridge bonds, due $100,000 annually from 1939 to 1948
incl., to Halsey, Stuart & Co., Inc. and associates at a price of 95.61, a
basis of about 4.53%-V. 136. p. 3016.
County, N. Y.
MAMARONECK (P.0. Mamaroneck), Westch
-George W. Burton, Town Supervisor, will receive
BOND OFFERING.
sealed bids until 4.30 p. m. (daylight saving time) on Aug. 22 for the
purchase of $508.000 coupon or registered bonds, to bear interest at not
to exceed 6%. The offering includes:
$169,000 sewer funding bonds. Dated Aug. 1 1933. Due Aug. 1 as
follows: $15.000 from 1934 to 1939 incl.; $20.000 from 1940 to
1942 incl. and 519.000 in 1943. Interest payable in F. & A.
110,000 general improvement bonds. Dated Aug. 1 1933. Due $11.000
on Aug. 1 from 1934 to 1943 incl. Interest payable in F. & A.
1276
Financial Chronicle
80,000 highway improvement bonds. Dated Sept. 1 1933. Due $4.000
on Sept. 1 from 1934 to 1953 incl. Int. is payable in M.& S.
64,000 Pine Brook impt. bonds. Dated Aug. 1 1933. Due Aug. 1 as
follows; $2,000 from 1938 to 1945 incl. and $3,000 from 1946 to
1961 incl. Interest is payable in F. & A.
60.000 series K Sewer Dist. No. 1 bonds. Dated Aug. 1 1933. Due
$2.000 on Aug. 1 from 1934 to 1963 incl. Interest is payable
in F. & A.
25,000 water distribution system bonds. Dated Sept. 1 1933. Due
$1,000 on Sept. 1 from 1934 to 1958 incl. Interest is payable
in M.& S.
Denom. $1,000. Bidder to name a single interest rate for all of the
bonds, expressed in a multiple of .1.1 or 1-10th of 1%. Principal and semiannual interest are payable in lawful money of the United States at the
National City Bank, New York. A certified check for 2% of the bonds
bid for, payable to the order of the Town. must accompany each proposal.
In the case of the issues of $169,000, $110,000 and 360,000, the legal
opinion of Hawkins, Delafield & Longfellow of New York, will be furnished;
that of Clay, Dillon at Vandewater, of New York, for the issues of $80,000
and $25,000, while Caldwell St Raymond, of New York, will certify as to
the legality of the $64,000 Pine Brook bonds.
MARION COUNTY (P. 0. Indianapolis), Ind.
-INCREASED TAX
RATE POSSIBLE.
-The tax rate for 1934 will be about 55 cents on each
$100 of taxable property, an increase of 1434 cents over the current levy.
if members of the County Council approve departmental and institutional
budgets as submitted to them, according to report.
MARSHALL, Lyon County, Minn.
-The City
-BOND ELECTION.
Clerk states that an election will be held on Sept. 12 in order to vote on the
proposed issuance of 126,000 in sewage disposal plant bonds. (This conffrms the election notice given in V. 137. p. 1091.)
MARSHALL COUNTY (P. 0. Warren), Minn.
-BOND EXCHANGE
PROPOSED.
-A $260,000 issue of 434% semi-ann. funding and refunding
bonds was offered for sale on Aug. 7 and the only old received was an
offer of par by Mr. H. W. Moody, of St. Paul, acting as agent for the
exchange of the bonds. Denom. $1,000. Dated Aug. 1 1933. Due in
from 3 to 24 years. Prin. and int. payaole at the First National Bank of
St. Paul.
MARYLAND (State of).
-$7.881.000 LONG-TERM CERTIFICATE
ISSUES SOLD.
-The two issues of4% coupon (registerable as to principal)
certificates of indebtedness aggregating 37,881.000, offered for sale on
Aug. 9-V. 137, p. 1091-were awarded to a syndicate composed of the
Chase National Bank, City Company of New York, Inc., Alex. Brown &
Sons, Baltimore, First of Boston Corp.. Salomon Bros. & Hutzler, Brown
Bros. Harriman & Co., Edward B. Smith & Co., L. F. Rothschild & Co..
F. S. Moseley & Co., Lee Higginson Corp.. First of Michigar Corp..
Eldredge & Co., Mason-Hagan. Inc., Richmond, Boatmen's National Bank,
St. Louis, Foster & Co., Inc., Hannahs, Bailin & Lee, Starkweather & Co..
Inc., Wells-Dickey Co.. Minneapolis, Schaumburg, Rebhann & Obsorne
and Owen Daly & Co. of Baltimore. This group purchased the issues as
follows:
$7.000,000 emergency relief and employment certificates of Indebtedness
were sold at a price of 105.591. a basis of about 3.24%. Due
serially on Aug. 15 as follows: 5337.000, 1934; $352.000, 1935;
5368.000. 1936; 1384.000, 1937; $402,000, 1938; $420.010, 1939;
1438.000. 1940; $458.000, 1941; $479,000. 1942; 5500.000, 1943;
5523,000. 1944, 5547.000. 1935; 1571.000. 1946; 3597,000, 1947,
and $624,000 in 1948.
881,000 general construction certificates of indebtedness were sold at
a price of 105.932, a basis of about 3.27'. Due serially on
Aug. 15 as follows: $52,.00, 1936; $54.000. 1937; $56,000.
1938; 558.000. 1939; 161.000. 1940; 564.000, 1941; $67,000.
1942; 170.000. 1943; $73,000. 1944; 576.000, 1945; $80,000,
1946; $83,000. 1947 and 587.000 in 1948.
Each issue is dated Aug. 15 1933. The successful banking group made
public offering of the certificates on Aug. 10 at prices to yield I% for the
1934 maturity; 1935. 1.90%; 1936, 2.25%; 1937, 2.60%; 1939. 2.75%;
1939, 3%, 1940, 3.10%; 1941, 3.15% and 3.20% for the maturities from
1942 to 1948 incl. The securities, in the opinion of the bankers, are legal
investment for savings banks in the States of New York and Connecticut
and eligible as security for Postal Sittings Deposits. Thomson, Wood &
Hoffman of New York, legal attorneys for the bankers, hold that the
certificates are general obligations of the State, the full faith, credit and
taxing power of which are pledged for their re-payment. The following is
an official list of the bids which were received at the sale:
BidderAnd.of Bonds. Rate Bid.
The Chase National Bank, The City Co. of New
York, Inc., Alexander Brown & Sons, The First
of Boston Corp., Salomon Brothers & Hutzler,
Edward B. Smith & Co., Brown Bros. Harriman
& Co., L. F. Rothschild & Co., F. S. Moseley St
Co., First of Michigan Corp., Hannahs, Bailin
& Lee, Eldredge & Co., Inc., Mason-Hagan,
Inc., The Boatmen's National Bank, Foster &
Co.. Ire., Lee Higginson Corp., Starkweather
& Co.. Wells-Dickey Co., Schaumburg, Reb- 557.000.000
$105,591
hann & Osborne, Owen Daly & Co
1 881,000
105.932
Alternative bid (for all or nore)
7,881.000
105.629
First National Securities Corp. First National
Bank of City of N. Y.,The Northern Trust Co.,
Stone and Webster and Blodget, Inc., Kidder,
Peabody & Co., R. W.Pressprich & Co.,Phelps.
Fenn & Co., Darby & Co., Kean, Taylor & Co.,
Mackubin, Goodrich & Co., The Philadelphia
National Co., Rutter & Co
$7,881,000
5105.299
Mercantile Trust Co., Guaranty Co. of New York,
Bankers Trust Co., New York, Baker, Watts & 157.000.000 $104.97782
Co., Stein Brothers and Boyce
1
881.000 105.2492
Halsey, Stuart & Co., Inc., Bancamerica-Blair
Corp.. Chemical Bank & Trust Co., Ladenburg,
Thalman & Co., W. C. Langley & Co., Arthur
Perry & Co., Inc., Graham. Parsons & Co.,
Wertheim & Co., Union Trust Co. of Marylar d,
Jackson & Curtis, Stranahan, Harris & Co., Ire.,
Manufacturers & Traders Trust Co., Equitable
Trust Co., Baltimore, Stifel, Nicolaus & Co.,
St. Louis, The R. F. Griggs Co.. Waterbury,
Newton. Abbe & Co., Boston, Christianson, 557,000,000 5104.6179
Mackinnon & Co
104.6179
1 881.000
MASSACHUSETTS (State of).
-LOANS FROM $30.000,000 FUND
TO BEAR ni% INTEREST.
-The State Emergency Finance Board on
Aug. 7 fixed 334% as the annual interest rate to apply on loans granted
during the r eat few months to cities and towns under the 530,000,000
municipal borrowing bill passed by the State Legislature this year. Under
the act, municipalities in the State are eligible for leans from the furd on
the basis on the excess of their public welter, expenditures for 1932 over
those of 1929.
MASSILLON Stark County,°Mo.-BOND OFFERING.-Lewls Holcomb, City Auditor, will receive sealed bids until 12 M.(eastern standard
time) on Aug. 31 for the purchase of $53,000 5% property owner's portion
impt. bonds. Dated Apr. 1 1933. Denoms.$1.000 and $500. Due Oct. 1
as follows: $5.000 from 1935 to 1938 incl. and $5,500 from 1939 to 1944 incl.
Principal and interest (A.& 0.) are payable at the State Bank, Massillon.
Bids for the bonds to bear interest at a rate other than 5%,expressed in a
multiple of/4 of 1%, will also be considered. A certified check for 3% of
the bonds bid for, payable to the order of the City Treasurer, must accompany each proposal. A certified copy of the transcript showing the legality
of the issue will be furnished the successful bidder.
-BONDS VOTED.
MEDFORD,Jackson County, Ore.
-At an election
held on July 29, the voters are reported to have approved the issuance of
3100,000 in sewage plant construction bonds. It is said that if the funds
applied for under the provisions of the NIRA are granted, the work will be
started immediately; otherwise the bonds will not be sold.
MILLARD COUNTY (P. 0. Fillmore), Utah.
-NOTE SALL. A
$55.000 issue of 7% Board of Education tax anticipation notes is reported
tohave been purchased by the Continental National Blank of Salt Lake City.
-BOND SALE POSTMINNEAPOLIS, Hennepin County, Minn.
PONED.
-We are informed by Geo. M. Link, Secretary of the Board of
Estimate and Taxation, that at a meeting of the Board held on Aug. 1
the sale scheduled for Aug. 11 of the $500,000 issue of public relief bonds
V.137,p. 1091-was postponed to Aug.17, at 11 a.m.in the Mayor's Recep-
Aug. 12 1933
tion Room. At that time the bonds will be offered and bids therefor received under the same conditions as specified in the original notice of sale.
CERTIFICATE IOFFERING -An issue of 51,000,000 tax anticipation
certificates will also be offered for sale on said date, such certificates to
be dated Aug. 15 1933, and to be payable on Nov. 15 1933. Interest rate
Is not to exceed 6%,stated in a multiple of ti of I% and the certificates
will bear a single rate per annum. The certificates will be sold subject to
the approving opinion of the attorney for the purchaser, the coat of such
opinion to be borne by the purchaser. A certificate check for 2% of the
bid, payable to C. A. Bloomquist, City Treasurer, is required.
Bonded Indebted as of July 1 1933.
Sinking fund obligations outstanding
Court house and city hall certificates
Auditorium bonds, serial
Local street and park improvement bonds
Tax anticipation certificates
$50,562,500.00
260,000.00
1,823,000.00
11,782,915.62
1,500,000.00
Gross debt as of July 1 1933
365,918,415.62
Deductions therefrom authorized by Minnesota statutes:
Accumulated sinking funds
$6,130,685.31*
Less reserves for special bonds
688,195.75*
Net
Special bonds included above:
Water works bonds
Tax anticipation certificates
Airport bonds
Auditorium bonds
Electric light plant bonds
Public market boncht_
River terminal bonds
Revolving fund bonds
Assessable portion of local impt. bonds
$5,442,489.56
53,493,000.00
1,500,000.00
487,000.00
1,823,000.00
50,000.00
21,000.00
624,000.00
1,662,000.00
9,239,662.36
$24,342,151.92
Net indebtedness balance
541.576,263.70
Maximum permissible net indebtedness
$48,580,771.30
Margin as of July 11933.for additional issues
7,004,507.60
School bonds included in sinking fund obligations
22,372,589.86
Public relief bonds included in sinking fund obligations_ _ __
3,300,000.00
•Includes $85,284.48 water works sinking fund.
MINNESOTA, State of (P. 0. St. Paul)
-REDUCTIONS IN TAX
LEVIES.
-The following table, taken from the Minneapolis "Journal" of
Aug. 6, gives the 1933 tax levies for county purposes in the counties reporting, and also the reduction shown under the levies for the same purposes
three years ago:
. Nei Cul.
1933
Net Cut
Since 1930.
Levy.
Levy.
Since 1930.
$60,023 Martin
AltkIn
8190,949
115,000
85,114
Becker
36,290 Meeker
121,000
106,000
41,562
562 Mille Lacs
Beitrami
185,000
102,500
48,021
13.531 Morrison
93,800
Benton
175,000
19,619
118,027 Mower
200,000
Blue Earth
253,000
8,255
41,226 Murray
150,000
Brown
116,300
51,185
46,025 Nieollet
138,000
Carlton
97,450
20,164
66,090 Nobles
100,000
Carver
152,200
70,416
40,521 Norman
159,000
Cass
102,000
12,285
20,293 Ottertail
125,000
Chippewa
279,000
91,828
7,786 Pipestone
133,596
Chisago
94,200
4,090
16,226 Polk
88,300
Clearwater
400,920 *178,962
20,987 Pope
121,500
Cottonwood
8,511
103,000
30,880 Redwood
90,000
Dodge
180,000
42,092
53,482 Rice
89,000
Douglas
333,000
71,204
47,988 Rock
147,000
Faribault
89,000
32,129
106,595 Roseau
174,000
Freeborn
97,600
25,312
52,528 Scott
215,000
Goodhue
138,184
32,506
39,220 Sherburne
45,000
Grant
47,050
4,411
3,012,000 *384,124 Sibley
80,171
112,500
Hennepin
12,262 Steams
Houston
110,000
285,600
211,275
161 Stevens
90,000
Hubbard
45,941
80.000
8,922 Swift
84,000
Isatiti
120,000
0,310
57,584 Todd
113,600
Jackson
145,000
46,286
8,668 Wabash&
67,000
Kanabec
162,000
44,409
42,224 Waseca
163,000
Kandlyohl
150,915
14,247
13,375 Washington
Kittson
81,000
55,908
130,000
48,626 Watonwan
118,000
Lao qui Parle
86,400
76,320
65,309 Wilkin
94,500
Lake
81,500
26,980
47,941 Winona
153,500
Le Sueur
214,000
82,042
23,608 Wright
101,250
Lincoln
170,000
59,848
65,410 Yellow Medicine_ _ _ 140,725
85,000
McLeod
74,390
19,790
60,500
Mahnon3en
•Increase.
MINNESOTA,State of(P.O.St. Paul).
-CERTIFICATEPURCHASE
AGREEMENT.
-In connection with the suit now pending on the sale of
-V. 137. p. 1091, we quote as follows
the $8,000,000 rural credit bonds
from the St. Paul "Pioneer-Press" of Aug. 2, regarding the sale of $995,000
rural credit bureau certificates of indebtedness to pay the interest on rural
credit bonds:
"The State Investment Board agreed Tuesday to purchase 5995,000 in
rural credit bureau certificates of indebtedness to meet interest payments
on outstanding rural credit bonds.
"Theodore Arens, newly named conservator of the bureau to liquidate
its affairs, requested the board to purchase the certificates. The law provides that the board may purchase the certificates or they may be placed
on the open market.
"Included in this amount of outstanding Interest due by August 10 is
the interest on $8.000.000 in rural credit bonds now under fire in a suit
brought by Senator A. J. Rockne in Ramsey county, in which the board was
restrained from exchanging for a new issue of rural credit coupon bonds.
"The board in attempting the exchange of bonds, had arranged to dispose
of the new bonds to the Carleton D. Beh Co. of Des Moines and planned
to use part of the money to lend to northern Minnesota municipalities.
"The board also voted to ask the Attorney General for a ruling as to the
status of the rural credit bond deal with the Beh company because of the
failure of the State to turn over the bonds by July 20."
RESTRAINING ORDER ISSUED ON BOND SALE.-Accorcling to
St. Paul dispatches of Aug. 5,a restraining order was issued on the previous
day by Judge Kenneth G. Brill in the Ramsey County District Court
against the sale of the above bonds, and he recommended the trial of the
aid suit. Judge Brill's order enjoins the sale of the bonds "until further
orders of the Court." It also enjoins Julius Schmahl, State Treasurer.
from surrendering possession of the bonds.
MISSISSIPPI, State of (P. 0. Jackson).
-BOND OPTION EXERCISED.
-The following report on the purchase of additional bonds through
the exercise of the option recently given to a local banking syndicate on
-V. 137, p. 904, is taken from the Now Orleans
hospital and deficit bonds
-Picayune" of Aug. 2:
"Times
"The State of Mississippi to-day was 'technically' on a cash basis, the
first time in seven years.
"Joe McMillan Deputy State Treasurer, announced that the last outstanding warrant issued against the treasury was paid to-day.
"There remains $788,000 in deficit bonds authorized which are yet to be
sold. A syndicate of banks and investment houses of New Orleans, Memphis and Mississippi cities hold an option on these unsold bonds which runs
to Aug. 15. They took $99,000 deficit bonds to-day, to bring the total
down to that figure.
"Since granted the option, 90 days ago, the syndicate has taken approximately 52,250.000 deficit bonds which made it possible to wipe out the
cash deficit.
Won't Extend Option.
"The State Bond Commission to-day formally notified the syndicate that
their option would not be extended beyond Aug. 15. Unless the syndicate
-day period sale of the bonds will
takes up the remaining $788,000 in the 15
be sought in new offerings."
al •
MISSISSIPPI, State of (P. 0. Jackson).
-DECREASE
FUND DEFICIT.
-The general fund deficit of the State decreased $1.430,095 during July, according to the monthly statement of Auditor Of State
Price. As of July 31 the deficit was listed at $255,286. It is stated that
15 months ago, the general fund deficit was approximately 314,000.000.
Volume 137
Financial Chronicle
-ADDITIONAL
MITCHELL COUNTY (P. 0. Bakersville), N. C.
-The $4,000, issue of 6% revenue anticipation notes that was
DETAILS.
-V. 137, P. 1091-was purchased by the Merchants &
. sold recently at par
Farmers Bank of Bakersville and mature on Jan. 12 1934.
-BOND OFFERING.
MONROE COUNTY (P. 0. Rochester), N. Y.
Harry J. Bareham, County Treasurer, will receive sealed bids until 11 a. m.
standard time) on Aug. 15 for the purchase of $453.000 not to
(Eastern
exceed 8% interest coupon or registered emergency ponds. Dated Aug. 10
1933. Denom, $1,000. Due Aug. 10 as follows: $40,000, 1936; $50,000.
1937; $55,000, 1938; 865.000. 1939; $75,000, 1940; 880,000, 1941: and $88.000 in 1942. Bidder to name a single rate of interest for all of the bonds,
expressed in a multiple of 3 of 17. Principal and interest (F. & A. 10)
are payable in lawful money of the United States at the Union Trust Co.,
Rochester, or at the Marine Midland Trust Co., New York, at holder's
option. A certified check for $9,000, 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.
-BOND SALE POSTPONED.
MONTANA, Str te of (P. 0. Helena).
We are informed by James J. Brett. State Treasurer, that the sale of the
anticipation bonds, previously
$1,500,J60 issue of State highuay treasury
postponed from July 27 to ...ug. 9-V. 137. p. 1091-has again been postponed to Aug. 22. Interest rate is not to exceed 5%, payable J. e .1. Due
from Dec. 31 1937 to 1939.
-The issue of
-BOND SALE.
MONTCLAIR, Essex County, N. J.
$459,000 coupon or registered Series No. 1 permanent school bonds offered
54s to B. J. Van Ingen &
on Aug. 10-V. 137. p. 904-was awarded as
Co. and M. F. Schlater & Co., Inc., both of New York, jointly, at a price
of 100.40, a basis of about 5.45%. Dated Sept. 1 1933 and due on Sept. 1.
as follows: $17,000 from 1934 to 1936 incl.; $20,000. 1937 to 1940; $22,000.
1941 to 1944, and $24,000 from 1945 to 1954 all incl. The tankers are
stated to be re-offering the obligations for • public investment at prices
to yield from 4.50 to 5.20%, according to maturity.
-BONDS DEFEATED.MONTEBELLO,Los Angeles County, Calif.
At an election held on Aug. 1, the voters are reported to have rejected a
proposal to issue $125,000 in electric light and power bonds.
-It
-BOND ELECTION.
MONTEVIDEO, Chippewa County, Minn.
is reported that a special election will be held on Aug. 24 in order to vote
on the proposed issuance of $60.000 in sewage disposal plant bonds.
MORGAN TOWNSHIP (P. 0. Otway R. D. No. 1), Scioto County,
Ohio.
-David McJunkin, Clerk of the Board of
-BOND OFFERING.
Trustees, will receive sealed bids until 12 m. on Aug. 26 for the purchase
of $900 6% township hall construction bonds. Dated Aug. 26 1933. Due
$100 on Sept. 1 from 1934 to 1942 incl. Interest is payable semi-annually.
Bids for the bonds to bear interest at a rate other than 6%, expressed
in a multiple of of 1%,will also be considered. A certified check for $50,
payable to the order of the Board of Trustees, must accompany each
proposal.
-BOND REDEMPTION RENEBRASKA, State of (P.O. Lincoln).
PORT.
-The following report on bonds paid off during July, is taken from
a Lincoln dispatch to the Omaha "Bee" of Aug. 6:
"Nebraska cities, villages, counties, school districts and other governmental sub-divisions made the overwhelming score of 20 to 1 during July
in the ratio of their bonded indebtedness paid off and canceled to new
obligations of the kind which they incurred.
"Except for two small issues of original bends promulgated by the City
of Lincoln for a total of $13,650, the record would have been entirely clear
of any addition to the total funded debt.
"On the other hand, bonds aggregating $278,155 were retired in July,
some of them before dates of maturity. Of that sum,$138,265 were school
district indebtedness and the remaining $139,890 divided among municipThree
alities, counties, precincts, and special improvement districts
batches of old bonds were refunded, but this did not either increase or
diminish the total outstanding."
County, Pa.
NEW BRIGHTON SCHOOL DISTRICT, B
BOND OFFERING.
-11 W.Douglas, District Secretary, will receive sealed
bids until 7 p.m. (Eastern standard time) on Aug. 15 for the purchase of
$57,000 44. 44, 44, or 5% coupon school bonds. Dated Sept. 1 1933.
Denom. $1,000. Due Sept. 1 as follows: 81.000 in 1934 and $2.000 from
1935 to 1962, incl.; optional at any interest paying date on or after Sept. 1
1934. Interest is payable in M.& S. The bonds, it is said, are free of all
taxes, except inheritance levies, in Pennsylvania, and are being offered
subject to approval of the Pennsylvania Department of Internal Affairs.
A certified check for $1,000, payable to the order of John D. Bruhn, Treasurer, must accompany each proposal.
NEWBURGH, Orange County, N.Y.-BOND SALE.- The $296,000
-were
coupon or registered bonds offered on Aug. 10-V. 137, p. I092
awarded as s to Salomon Bros. & Hutzler of Ne.v York at par plus a
premium of $1,906, equal to 100.644, a basis of about 3.90%. The sale
consisted of:
$165,000 general impt. bonds.
90.000 street impt. boi ds.
45.000 water box ds.
:
-..000 park !mot. bonds.
2,000 airport (rapt. bonds.
..I1 of the bonds are dated July 1 1933 and mature on July 1 as follows:
$20.000 from 1934 to 1938 ircl.:825.000. 1939 to 1942 incl.;$26.000 in 1943.
and $7,000 from 1944 to 1953 incl. The successful bidders are making
public re-offering of the bonds at prices to yield from 2 to 3.80%, according
to maturity. The following Is an official list of the bids submitted at the
sale:
Interest
Rate,
Premium.
Bidder
4
$1,906.00
Salomon Bros. & Hutzler (Purchaser)
4
Manufacturers & Traders Trust Co
1,835.20
& Co.,
Graham, Paroons & Co. and A. 0.
4%
1,243.20
jointly
Halsey, Stuart & Co. and Bancamerica-Blair Corp.,
47
1,231.36
jointly
4
1,213.60
George B. Gibbons & Co.. Inc
4
1,184.00
Phelps, Fenn & Co
2,628.48
Rutter & Co
4
2,340.00
Kean, Taylor & Co
Bacon, Stevenson & Co. and Estabrook & Co.,
44%
1,480.00
jointly
Financial Statement.
Indebtedness
Gross Debt:
$2,706.092.79
Bonds (outstanding)
Floating Debt (including Temporary
442,713.02
13.148.805.81
Bonds outstanding)
Deductions:
Water Debt_
Sinking Funds, other than for Water
Bonds
Other funds on hand to be applied to indebtedness stated above
Net Debt
Bonds to be issued
Water Bonds
Street Improvement Bonds
Airport Improvement Bonds
Park Improvement Bonds
General Improvement Bonds
Floating Debt to be funded by such bonds
Net Debt (including Bonds to be issued)
Assessed Valuations:
Real Property, including improvements
Special Franchises
$701,731.01
150,973.04
45.0a6.06
897,790.11
$2,251,015.70
$35,000.00
9,,000.00
2.000.00
4000.00
165,000.00
$296,000.00
$227,000.00
$69,000.00
$2,320,015.70
139,635,817.00
1,"69,183.0O
$41.105,000.00
Population Census of 1930-31,240.
_ NEW CUMBERLAND SCHOOL DISTRICT, Cumberland County,
-The Pennsylvania Department of Internal
-BONDS APPROVED.
Pa.
Affairs has approved of an issue of $15,000 school bonds.
1277
-REPORT ON UNPAID fUNICIPAL
NEW JERSEY (State of).
-Walter R. Darby.
-POLITICAL UNITS IN DEFAULT.
TAXES
Commissioner of Municipal Accounts, recently issued a statement concernto various municipalities in the State, and
ing the volume of taxes owing
listing the local subdivisions which were in default on either bonds or notes
on June 30 1933. These latter were reported as follows: Garfield. Fort
Lee. North Arlington, Perth Amboy, Hawthorne, Metuchen. Palisades
Park, Spring Lake, Tenafly, Union Beach, Atlantic City and Brigantine.
The Jersey "Observer" of Aug. 4 reported on Mr. Darby's findings as
follows:
"Incomplete figures obtained by Walter R. Darby from municipal
officials disclose that practically all of the municipalities in the State show
greater increases in tax delinquencies this year than in 1932 or the two
years before. Darby said that due to the fact complete details are lacking
he could not comment on the returns.
"Newark with a total tax of $14,408,370 due on June 1, has still to
collect $1,052,499 of that amount, while Jersey City with $12,212,022
due for the first half has yet to collect $5,807.271. Computation of county
returns was practically impossible, due to the fact that ten had not filed
their figures with the Auditor.
"Taxes due on June 1 in 19 of the larger municipalities as compared to
the total levy, were as follows: Asbury Park, 8782.725 tax. $496,423 due;
Atlantic City. $2,736,821 tax, $1,909,682 due; Bayonne, 83.896,484 tax,
3878,680 due; Camden, $3,166,646 tax, $1.627.593 due; East Orange,
$1,948,288 tax, $659,518 due; Elizabeth, 82,758.464 tax, $1.034,210 due:
Garfield. $679,996 tax, $312,958 due; New Brunswick, 3905,621 tax.
$.322,614 due; Orange, $831,524 tax, $316,417 due; Passaic, 81.908.592 tax,
$745,161 due; Paterson. $3.399,329 tax, $905,023 due; Rahway. $352.161
tax, $142,773 due; Belleville, $640,961 tax, $349.667 due; Bloomfield,
11,015,517 tax, $321,307 due; Irvington. $2.230.170 tax, $547,022 due;
Harrison, $455,838 tax, $124,347 due; Morristown. $391.185 tax. $132.608
due, and West Orange, $812,842 tax with $282,812 due.
"Towns listed as in default for bonds, notes or interest at June 30 were
as follows: Garfield, Fort Lee, North Arlington, Perth Amboy. Hawthorne, Metuchen, Palisades Park, Spring Lake, Tenafly. Union Beach,
Atlantic City and Brigantine.
"Municipalities which have issued scrip and the amounts are as follows:
Atlantic City. $2,088,491; Camden, 3564,105; Long Branch. $50,000:
Union
Paterson. $1,'701,000; Belleville. $245,000; Fort Lee, $25.00 • and
Beach. $12,000.
follows: Atlantic,$48.997;
"Countiei wh•ch have issued scrip are as
Camden. $354,401; Cape May,$40,841, and Middlesex, $255.000."
D. W:ley.
BOROUGH DENIES REPORT OF DEFAULT-Samuel the Borough
Chairman of the Department of Finance and Administration ofdefaulted on
municipality has
of Metuchen. on Aug. 9 denied that the
State
its bond or note indebtedness, as reported by Walter R. Darby, Mr.
Commissioner of Municipal Accounts, in the article printed above. imthat sewer
Wiley stated that an investigation of the report indicated
that
not paid
provement bonds which came due on June 30 1933 were Treasureron refor
date because they were not presented to the Borough according to Mr.
demption. Payment in full was made a few days later,
Wiley, who also stated that the correct information would be sent to the
State Commissioner. The default report, he added, is resented, because
payment had never been refused to bondholders.
-ADDITIONAL DETAILS.
NEWTON, Catawba County, N. C.
was sold recently
The $2,000 issue of 67 revenue anticipation notes that National Bank of
-was purchased by the Shuford
at par-V. 137, p. 1092
of Newton, and matures on Dec. 27 1933.
-NOTE RENETVAL.
NORTH CAROLINA, State of (P. 0. Raleigh).
Treasurer,
-It was announced on Aug. 8 by Charles M. Johnson, State New York
that $1,170,540 of the $5,852,700 of 5% State notes held by Aug. 15,
taken over by North Carolina banks at 4% on
banks is being
with the remaining $4,712.160 being renewed at 5%. also agreed to rcnew
It is also stated that the North Carolina banks have
already held
at 4%% a total of $5,154,300 in notes maturing in September, the North
by them. This action by the banks of the State will reduce to report.
annual interest bill by approximately $32,000, according
Carolina
Burke
NORTHSTAR SCHOOL DISTRICT No. 2 (P.O. Bowbells), that
-It is reported
County, N. Dak.-CERTIFICATE OFFERING. Mrs. Holger Schnitz,
bids will be received until 2 p. m.on Aug.15 by
sealed
of indebtedDistrict Clerk, for the purchase of a $3,000 issue of certificates
ness. Due in 18 months.
--David S.
-BOND OFFERING.
OAK HILL, Jackson County, Ohio.
26 for
Brown. Village Clerk, will receive sealed bids until 12 in. on Aug.
Denoms.
the purchase of $6,700 6% refunding bond-. Dated July 1 1933.1938 inc.
1 as follows: $700 from 1934 to 0. Bids
$800 and $700. Due Oct.
and $800 from 1939 to 1942 ind. In erest is payable in A. &
expressed in a
for the bonds to bear interest at a rate othe• than 6%,
check for 3% of
multiple of % of 1%, will also be considered. A certified Treasurer, must
the bonds bid for, payable to the order of the Village
special
accompany each proposal. The bonds to be refunded are certain
assessment issues already due or about to mature.
AUTHORI7ED.-The
-BONDS
OAK PARK, Cook County, III.
sale shortly of
Village Board recently passed ordinances providing for the
signed
$400,000 bonds for the "cash working fund." Under a law recently under
referendum
by Governor Horner, they may be issued without a
certain restrictions, it is said.
-REPORT ON STATEOKLAHOMA,State of(P.O. Oklahoma City).
-The following report on the State-wide election to be
WIDE ELECTION.
the proposed reduction of ad valorem
held on Aug. 15 in order to vote on
is taken from
-and two oilier taxation propositions,Aug. 9:
-V. 137. p. 899
taxes
an Oklahoma City dispatch to the "Wall Street Journal" of
15 on three questions.
"Plans have been completed fcr an election Aug.
reducing the
one being a proposed amendment to the State constitution
from 43.5 mills
maximum limit for total ad valorem taxes for any property
by the
to 27 mills. The other t.vo measures are efforts to repeal laws passedcents a
of 3
regular session of the Oklahoma legislature; one levying a tax Equalization
Board of
package on cigarettes; the other giving to the State
counties when
power to change ad valorem assessments on property in the
such property is valued at $30,000 or more.
Dur"Sinking fund levies are not included in the maximums prescribed.
receipts of
ing the past fiscal year the Oklahoma State treasury took in
* I
170.546.265, ard disbursed a total cf S65.963.081.
-OFFERING DEOLMSTED COUNTY (P. 0. Rochester), Minn.
-In connection with the offering echeduled for Aug. 15 of the
TAILS.
-we are now in137. P. 1092
$100,000 issue of pubic welfare bonds
-V.
formed that the principal and interest are payab e at the F cat National
Bank in Minneapo'is.
-PLAN REFUNDOTSEGO COUNTY (P. 0. Cooperstown), N. Y.
--Under a bill introduced in the Assembly on Aug. 2
ING BOND ISSUE.
county is empowered to issue
and referred to the Judiciary Committee, the
-year refunding bonds to provide for the payment of
up to $385.000 6% 10
obligations previously issued for State and county highway construction
purposes.
-Sealed bids addressed
-BOND OFFERING.
OTTAWA HILLS, Ohio.
to Franz S. Blue, Village Clerk, will be received until 12 m. on Aug. 28 for
the purchase of $17,500 6% refunding bonds. Dated Sept. 1 1933. Denoms.$1,000 and $500. Due Sept. 1 as follows: $2,500 in 1935 and $3,000
from 1936 to 1940 incl. Principal and interest (M. & S.) are payable at
the Village Treasurer's office. Bids for the 1Xnais to bear interest at a rate
other than 6%,expressed in a multiple of 4 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. A complete transcript
of all proceedings evidencing the legality and validity of the bonds will be
furnished the successful bidder.
-W. L. Cliff,
-BOND SALE.
PAINESVILLE, Lake County, Ohio.
City Auditor, reports that an issue of $7,816.56 5% special assessment
at. impt. bonds has been purchased at par by the Board of Sinking Fund
Trustees, Dated Aug. 1 1933. Due Oct. 1 as follows: $816.56 in 1934
and $700 from 1935 to 1944 incl.
-BONDS AUTHORIZED.
PALISADES PARK, Bergen County, N. J.
-An ordinance was recently adopted by the Mayor and Council authorizing the refinancing of $1561.000 sewe., street paving, curb and sidewalk
improvement bonds. Bonds w1.1 bear interest at 54% and provision
made in the annual budget for their retirement on June 1 as follows: $15,000
from 1934 to 1937 incl. and $16.000from 1938 to 1943 Ind. Denom.$1.000.
-BOND OPFROING.--Sealednat
PAOLA, Miami County, Kan.
will be received by Linnie G. Fuller, City Clerk, until 7.30 p. in. on Aug.
the purchase of a $12,720.95 issue of 4%% funding bonds. Dated
15 for
1278
Financial Chronicle
Aug. 1 19.33. Due on Aug. 1 as follows: $1,470.95 in 1934. and $1,250
1935 to 1943, incl. Interest payable F. ,Sr A. A certified check for 2%
of the bid is required.
PAONIA, Delta County, Colo.
-BOND SALE.
-A $25,000 issue of6%
water extension bonds is reported to have been purchased by Bosworth,
Chanute, Loughridge & Co. of Denver. Dated Aug. 15 1933. Due in
10 years. Interest payable F. & A. 15.
PENN TOWNSHIP SCHOOL DISTRILT (P. 0. Frankstown Road,
Will insburg), Allegheny County, Pa.
-The issue of
-PRICE PAID.
$20,000 5% school bonds a larded on Aug. 2 to the Peoples Bank of Unity
-V. 137. p. 1093
-was sold at a price of 102.22, a basis of about 4.53%.
Dated Aug. 1 1933 and due $2,000 on Aug. 1 from 1934 to 1943 incl. Bids
for the issue were as follows:
BidderRate Bid.
Peoples Bank of Unity (Purchaser)
102.22
Glover & MacGregor
100.80
Leach Bros
100.60
S. K. Cunt Ingham & Co
100.31
PERRY COUNTY (P.O. New Lexington), Ohio.
-BOND OFFERING.
-Alfred J. Bailey, Clerk of the Board of County Commissioners, will
receive sealed bids until 12 M. on Aug. 26 for the purchase of $11,130 6%
bridge construction bonds. Dated Sept. 1 1933. Due as follows: $2.130
April and $1,000 Oct. 1 1935 and $1,000 April and Oct. 1 from 1936 to 1939
incl. Interest is payable semi-annually. Bids based on an interest rate
other than 6%, expressed in a multiple of 4 of 1%, will also be considered.
A certified check for $500, payable to the order of the County Commissioners
must accompany each proposal.
PHILADELPHIA, Pa.
-DECREASE REGISTERED IN TAX COLLECTIONS.
-According to Assistant Receiver of Taxes Willard, tax collections from all sources during the first seven months of 1933 amounted to
$70,350,803, or $5,256,031 less than the total in the corresponding period
of 1932. The report of such receipts, made public on Aug. 3, was further
discussed in the Philadelphia "Ledger" of the following day as follows:
"Of the total city levy of $58,156,733 for the year. $33,296,744. or 57X%.
has been collected, while all but $.312.318 of the personal property levy of
$3.625.230 has been paid.
"Payment of school taxes to the end of July amounted to $17,697.432,
against 318.816,891 in the first seven months of 1932. Water rent receipts
so far this year fell behind those of the same period in 1932 by 334,569, a
total of $4.769.977 having been collected in 1933, as compared with $4,804.547 last year. Receipts from personal property taxes amounted to $3,312,911, against $3,834,578 to the end of July 1932.
"Collection of delinquent taxes-city, school and personal property
totaled $10.350,023, a loss of $1,342,615 in comparison with 1932. These
collections were as follows:
"City taxes. $6,837,988, against $7,755,134 in 1932; school, 33,418.604,
against $3,774,530 last year; and personal property, $93.431, against
3162.974.
"Mr. Willard said the loss of revenue in comparison with last year was
caused by reductions of $542,000 in the personal property levy and $3,500,002 in the city tax levy."
'Delinquent taxes, the Assistant Receiver said. 'have improved, with
a loss of only 3900,000. as compared with last year and yet there have been
10,000 more delinquent payments than last year, the taxpayer taking
advantage of the part payment plan, which we have encouraged. In fact,
we have a considerable amount of part payments on current year taxes,
which we have been accepting freely. We will issue a quarter or half bill
when requested'.
PHILADELPHIA, Pa.
-OUTSTANDING BONDS FULLY DESCRIBED.
-E.W.Clark & Co.of Philadelphia have prepared a compilation
giving complete details regarding all of the outstanding bonds of the city,
Including the date of the bonds, rate of interest, amount of each particular
Issue outstanding, the maturity of the loan and the legal attorneys who
have passed on the obligations. In this latter particular the bankers
state as follows: "The information concerning legal opinions contained
in the list has been compiled after consulting the files of various municipal
bond attorneys and dealers. Where no legal opinion is shown we can
not, however, guarantee that no opinion was ever given on that issue.
Where a legal opinion is indicated we can not guarantee that the opinion
covers the entire issue. In the case of issues sold 'over the counter,' the
legal opinion usually covers only specifically numbered bonds."
PHILADELPHIA,Pa.
-BONDS SUBSCRIBED FOR TOTAL $6,735.600.
-City Treasurer Kemp announced on Aug. 10 that a total of $6,735,600
bonds of the original 310.000.0005% issue offered without success on June 2,
has been sold over the counter. The figure includes $4,000,000 taken by
the Sinking Fund Commission, so that sales to individual investors have
amounted to $2,735,600. The entire issue of $10,000,000 is dated June 1
1933 and due June 11983; optional at par and interest after 20 years from
date, upon 60 days' notice by public advertisement. Bankers failed to bid
for the bonds at the offering on June 2.-V. 136, la• 3943.
PLYMOUTH COUNTY (P. 0. Plymouth), Mass.
-TEMPORARY
LOAN.
-The National Bank of Wareham purchased on Aug. 10 a $40.000
tax anticipation note issue at 1.12% discount basis. Due on Nov. 10 1933.
Bids submitted were as follows:
Bidder
Disct. Basis.
National Bank of Wareham (Purchaser)
1.12%
Bridgewater Trust Co
1.15
Old Colony National Bank of Plymouth
1.25
Brockton National Bank
1 34
POCATELLO, Bannock County, Ida.
-BOND DETAILS.
-The
$65.000 issue of 6% tax-anticipation bonds that was purchased at par by
the First Securities Corp. of Pocatello
-V. 137, P 726
-is more fully
described as follows: Denom. $1,000. Dated July I 1933. Due on Feb. 1
1934 Payable at the First Security Bank of Pocatello.
PORT ARTHUR, Jefferson County, Tex.
-BOND SALE.
-A $20,000 issue of sea-wall bonds is reported to have been purchased recently
by local banks. (These bonds are part of the $100,000 issue that was voted
on Oct. 11 1932.-V. 136, p. 2651).
READING, Berks County, Pa.
-BORROWS ADDITIONAL 3100.000
FROM WATER FUND.
-Due to a tax delinquency in excess of $1,100,000,
the city has been obliged to borrow an additional $100,000 from the water
bureau reserve funds to meet municipal payrolls and other current expenses.
This is said to make a total of $340,000 borrowed from the fund for general
city purposes.
RICHLAND COUNTY SCHOOL DISTRICT O.13(P.O. Fairq.ew),
Mont.
-BOND OFFERING -Sealed bids sill be received until 7:30 p. m.
on Aug. 16, by John Mohrherr, District Clerk, for the purchase of a $16,339.88 issue of funding bonds. Interest rate is not to e,ceed 6%. payable
J. & J. Dated July 1 1933. Amortization bonds will be the first choice and
serial bonds will be the second choice of the &boo] Board. If amortization
bonds are sold and issued, the or tire issue may be put into one single bond
or divided into se% eral bonds, as the Board of Trustees may determine
upon at the time of sale, both principal and intei eat to be payable in semiannual installments during a period of 10 years from the date of issue. If
serial bonds are issued and sold they will be in the amount of $350 each,
except the last bond which bill be in the amount of $589.88; the sum of
$1,750 of the said serial bonds will become due and payable on July 11934,
and a like amount on the same day each year thereafter until all of such
bonds are paid, except that the last installment will be in the amount of
$5c9.88. A certified check for $100 must accompany the bid. (This report
supplements the previous notice gis en in V. 137, P. 906)•
RITTMAN, Wayne County, Ohio.
-BONDS AUTHORIZED-An
ordinance has been passed providing for the issuance of $5,161.05 6%
village's portion improvement bonds. Dated Oct. 1 1933. One bond for
$161.05. others for 3500. Due Oct. 1 as follows: $161.05 in 1935; 3500
from 1936 to 1938. incl.: 31.000, 1939, and $500 from 1940 to 1944, incl.
ROSEBURG, Douglas County, Ore.
-BOND VOTED.
-At the election held on July 31-V. 137. p. 529
-the voters approved the issuance
of the $100,000 in trunk sewer and disposal plant bonds by a wide majority.
according to report. It is stated that the city will apply to the R. F. C.
for funds.
ROSTRAVER TOWNSHIP SCHOOL DISTRICT (P. 0. Belle
Vernon, R. F. D.), Fayette County, Pa.
-BOND OFFERING.
-A. Guy
Patterson, District Secretary, will receive sealed bids until 10 a. m. on
Aug. 15 at the °trims of Wyant & Abraham in the Safe Deposit & Trust
Bldg., Greensburg, for the purchase of 388,000 5% school bonds, divided
as follows:
Aug. 12 1933
368.000 issue "A" bonds. Due Jan. 1 as follows: $7,000 in 1938 and 1939:
98,000 from 1940 to 1942 incl., and $10,000 from 1943 to 1945 incl.
A certified check for $1,000. payable to the order of the District
Treasurer, is required. Bonds are being issued in accordance
with Section 506 of the School Code, as amended by Act No. 288.
approved June 1 1933.
20.000 issue "B" bonds. Due Jan. 1 as follows: $6,000 in 1935 and
$7,000 in 1936 and 1937. A certified check for $500, 'sayable to
the order of the District Treasurer, is required. Bonds are being
issued in accordance with Act No. 132 of the General Assembly,
approved May 18 1933.
Each issue is dated July 1 1933. Denom. $1,000. Interest is payable
in J. & J. The approving opinion of Moorhead & Knox of Pittsburgh will
be furnished the successful bidder. The bonds are being issued subject to
approval of the Pennsylvania Department of Internal Affairs.
RYE (P. 0. Port Chester) Westchester County, N. Y.
-BONDS
PUBLICLY OFFERED.
-George B. Gibbons & Co., Inc. of New York
are offering for public investment 5164,000 6% coupon or registered emergency relief bonds as follows: $40,000 due in 1934 are priced at 101.78 to
yield 4%; $40,000 of 1935 at 102.72, to yield 4.50%; $40,000 of 1936 at
103.36, to yield 4.75%: 321,000 of 1937 at 103.51, to yield 5%, while
323.000 due in 1938 are priced at 104.31, also yielding 55'. The bonds are
dated July 1 1933 and are part of the Issue of $3300,000 awarded to the
bankers on June 21 at par.
-V.136, p. 4497.
Tax Collections.
•Amount
Amount Collected
Percent Collected
Yearof Levy.
as of July! 1933. as of July! 1933.
1930
31,849,827
$1,809,706
97.83
1931
1,944,509
1,853,414
95.32
1932
2,188,203
1,992,244
91.04
1933
a1,010,231
685,008
67.81 0
* This levy includes all State, county, town and school districts taxes
levied on or within the town.
a Excludes school levy which is not due until Sept. 1933.
ST. LUCIE INLET DISTRICT, Fla.
-TAX LEVY ORDERED TO
MAKE BOND PAYMENTS.
-The State Supreme Court on Aug. 4 ordered
the above district and Port Authority to levy sufficient taxes to pay interest
and principal now due or becoming payable during the next fiscal year on a
31.000,000 bond issue. The commissioners must obey the writ, or show
cause why they should not on Aug. 15. The ruling was in a case brought
by a holder of 43 of the district's $1,000 bonds. Although the bonds are
not matured, interest past due has not been paid.
ST. PAUL, Ramsay County, Minn.
-LIST OF BIDS.
-The following
Is an official tabulation of the bids received on July 25 for the $300,000
coupon public welfare bonds that were awarded to Halsey. Stuart & Co.
of New York,as 4s, at 100.10, a basis of about 3.98%-V. 137, p.906:
BidderRate Bid.
Premium,
Halsey,Stuart & Co
4
$305.00
Salomon Bros.& Hutzler
4
215.00
First of Boston Corp.and Harold E.Wood & Co-- _ _4 4
8,231.00
Phelps, Fenn & Co.and The Milwaukee Co
451
3,000.00
Wells-Dickey Co.and Chase National Bank
2,841.00
BancNorthwest Co., Minneapolis: First National
Bank of Chicago, and Northern Trust Co.. Chi'go43.i"%
2,739.00
Blyth & Co., Inc.; Kelley, Richardson & Co., and
Piper,Jaffrey & Hopwood
431f%
2.390.10
Guaranty Co. of Now York; First National Bank of
St. Paul, and First National Bank & Trust Co.,
Minneapolis
4h'
1,761.00
Kalman & Co.; The City Co.of New York,Inc.,and
Mercantile Commerce Co
43-1%
1,170.00
Stone & Webster and Blodget. Inc. and First of
Michigan Corp
%
1,317.50
F. S. Moseley & Co. and Brown Bros. Harriman &
Co
4 %
855.00
Stranahan Harris & Co.,Inc
4 %
1,800.00
• Awarded bonds.
SALEM, Essex County, Mass.
-TEMPORARY LOAN.
-The National
Shawmut Bank of Boston and the Bank of Manhattan of New York City,
lointly, in accordance with an agreement, havemade a loan to the City of
3200.000 at 4% interest in anticipation of tax collections. The sum represents the balance of $600,000 which the bankers agreed to advance the city,
of which $400,000 was borrowed at 5%. Of the total, $300,000 is due
Nov. 7. $100.000 Nov. 17, $100,000 Dec. 5 and the balance of $100,000
on Dec. 12 1933.
SALT LAKE CITY SCHOOL DISTRICT (P. 0. Salt Lake City),
Utah.
-NOTE SALE.
-An issue of $150,000 tax anticipation notes is
reported to have been jointly purchased by the First Security Co. and
Edward L. Burton & Co.. both of Salt Lake City.
SANDUSKY, Erie County, Ohio.
-BOND OFFERING.
-C. F.
Breining, City Treasurer, will receive sealed bids until 12 m. on
for the purchase of $42,700 5% poor relief bonds. Dated Aug. Aug. 28
1 1933.
Due Feb. 1 as follows: $6,000 from 1935 to 1940 incl. and $6,700 in 1941.
Principal and interest (F. & A.) are payable at the Third National Exchange Bank, Sandusky. Bids for the bonds to bear interest at a rate
other than 5%,expressed in a multiple of
of 1%, will also be considered.
A certified check for $1,000, payable to the order of the City, must accompany each proposal.
SAN FRANCISCO (City and County), Calif.
-PROPOSED BOND
ISSUANCE.
-It is said that a recommendation for a bond issue totaling
$27,585,000, was made on July 27 by the Mayor's Citizens' Advisory Committee following a session, at which four projects, totaling $4,025,000, were
unanimously approved. The projects are said to be those which the city
will present to the Federal Government for consideration in the NIRA
program as its contribution to the nation-wide program.
SAN FRANCISCO (City and County), Calif.
-LIST OFBIDDERS.
The following is an official list of the bids received for the purchase of the
$980,000 issue of coupon or registered relief bonds that was awarded on
recently to a syndicate headed by the Bankers Trust Co. of New York as
4s and 5s at par, a basis of about 4.24%-V. 137, p. 355:
Bankamerica Co.; Blyth & Co., nc.; R. W. Pressprich & Co. by
Bankamerica Co. syndicate 'manager, by Malcolm S. Prosser,
$980.343 and acd.ued interest thereon at date of delivery, and
for all of said bonds to bear interest at the rate of
% per
annum, payable semi-annually
$980,343
Halsey, Stuart & Co., Inc.; Bacamerica-Blair Corp.; Stone &
Webster and Blodget, Inc.; Geo. B. Gibbons & Co., Inc.; Phelps,
Fenn & Co.; Dewey. Bacon dc Co., by Halsey, Stuart & Co.,
$980,250 and accrued interest thereon at date of delivery, bonds
to bear intermit coupons as follows:$410.000 par amount being 82
bonds of $1,000 denomination maturing each year from 1936 to
1940 incl. to bear interest coupons at the rate of 5%; $570,000
par amount being 82 bonds of$1,000 denom, maturing each year
from 1941 to 1946 incl., and 78 bonds maturing in 1947 to bear
interest coupons at the rate of4 %
980,250
•R. H. Mouton & Co.; Bankers
Co.; Dean Witter & Co.;
Security-First Co., by R. H. Moulton & Co..syndicate manager,
by V. E. Breeden, $980,000 and accrued interest thereon at date
of delivery, due as follows: $82,000 Sept. 1 1936 to 1939 incl., as
5% bonds; $75,000 Sept. 1 1940. as 5 bonds: $7,000 Sept. 1
1940. as 4% bonds; 582.000 Sept. 1 1941 to 1946 incl., as 4%
bonds;$78,000 Sept. 1 1947 as 4% bonds
980,000
The City Co. of New York, Inc.; Weeden & Co., by The City Co.
of New York, Inc.; W. Wayne Glover, $980,000 and accrued
interest thereon at date of delivery. The bonds shall bear
Interest at the following described rates: $482,000 par value
maturing $482,000 each year Sept. 1 1936 to 1940 incl.. and
$72,000, 1941 shall bear interest at the rate of 5%; $498,000 par
value maturing $10,000 Sept. 11941; $82,000 each yea: Sept. I
1942 to 1946 incl., and $78,000 Sept. 11947, shall bear interest
at the rate of4%
980,000
Anglo California co.; First National Bank, New York; First of
Michigan Corp.; Heller, Bruce & Co.; Darby & Co., by Anglo
California Co. per Paul L. Kelly, representative, $980,000 and
accrued interMit thereon at date of delivery. $770,000 par value
maturing $82,000 par value on Sept. 1 in each of the years 1936
to 1944 incl. and $32,000 par value maturing Sept. 1 1945, to
bear interest'at the rate of 4A 7 per annum;$210,000 par value
0
maturing: $50.000 par value, Sept. 1 1945; $82,000 par value.
Sept. 1 1946; $78,000 par value, Sept. 1 1947, to bear interest
at the rate of4% per annum
980,000
Volume 137
Financial Chronicle
Guaranty Co. of New York and the First of Boston Corp., San
Francisco, by W. A. Buxton, Asst. Manager, $980,392 and
accrued interest thereon at date of delivery at 5% per annum
for the maturities 1933 through 1941 incl., and 4% per annum
980.392
for the maturities 1942 through 1947 incl
* Successful bid.
-GOVERNOR ASKS
SCHENECTADY, Schenectady County, N. Y.
-Governor Lehman
CONSIDERATION OF BOND REFUNDING BILL.
has sent a message to both houses of the State Legislature, now in special
session, requesting consideration of a bill permitting the city to refund not
in excess of 31.100,000 bonds maturing in 1933 and 1934-V. 137. p. 1093.
SCOTT COUNTY (P. 0. Davenport), lowa.-BOND EXCHANGE.
The County Auditor reports that the $45,000 funding bonds, authorized
early in June
-V.136, p.4129
-have been exchanged for poor fund warrants
with Glaspell, Vieth & Duncan of Davenport.
SHERIDAN COUNTY SCHOOL DISTRICT NO. 50 (P. 0. Medicine
Lake), Mont.
-BOND OFFERING.
-We are informed by our Western
correspondent that sealed bids will be received until 8 p. m. on Sept. 2,
by Alice Stringer. District Clerk, for the purchase of an issue of $1,253 6%
funding bonds. Bonds will mature on either serial or amortization plan, the
latter being the first choice of the Board. A certified check for $100 must
accompany the bid.
SMITH COUNTY (P. 0. Smith Center), Kan.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Aug. 15 by Melvin Rorabaugh,
County Clerk, for the purchase of a $15,000 issue of 5% coupon funding
bonds of 1933. Denom. $500. Dated July 1 1933. Due $5.000 July 1
1936 to 1938. Prin. and int. (J. & J.) payable at the State Treasurer's
office in Topeka. A certified check for 2% of the bid, payatle to the
Chairman of the Board of County Commissioners, is required.
-PROTECTIVE
SOUTHEAST ARKANSAS LEVEE DISTRICT, Ark.
-According to Little
COMMITTEE OPPOSES REFUNDING CONTRACT.
Rock advices, the Bondholders' Protective Committee of this district
(V. 137, p. 727) will oppose the refunding contract made by the Board of
Commissioners whereby $1,800,000 of bonds would be refunded on a 50%
basis through a Federal Government loan. The committee is said to control
about 85% of the bonds outstanding.
SPENCER SCHOOL DISTRICT NO. 46 (P. 0. Kenaston) Ward
-The $1,500 issue of
County, N. Dak.-CERTIFICATES NOT SOLD.
-was not
certificates of indebtedness offered on July 18-V. 137, p. 529
sold as there were no bids received,according to the District Clerk. Interest
rate not to exceed 7%, payable semi-annually. Due in 2 years.
-BOND
STRATFORD (P. 0. Stratford), Fairfield County, Conn.
SALE.
-The $75.000 coupon public welfare bonds offered on Aug. 4-V.
-were awarded as 43.s to Putman & Co. of Hartford at a price
137, P. 727
of 100.259, a basis of about 4.43%. Dated Aug. 1 1933. Due $10,000 on
Aug. 1 from 1934 to 1940 incl. and $5,000 Feb. 1 1f/41. A bid of 1.00.046
for 4Iis was submitted by Christianson, MacKinnon & Co., while the
Bancamerica-Blair Corp. named a price of 100.15.
-BOND OFFERING.
STRUTHERS, Mahoning County, Ohio.
Albert G. Jones, City Audit° . will receive sealed bids until 12 m. or. Aug.
19 for the purchase of 24,500 6% fire alarm system extension bonds.
Dated May 15 1933. Denom. $900. Due $900 on Oct. 1 from 1934 to
1938 incl. Interest is payable in A. & 0. Bids based on an interest rate
other than 6%, expressed in a multiple of 3( of 1%, will also be considered.
A certified check for $200 must accompany each proposal.
(The above issue was previously offered on May 27 at which time no
bids were obtained
-V. 136, p. 4498.)
-BOND
SWISSVALE SCHOOL DISTRICT, Allegheny County, Pa.
SALE.
-The issue of $125,000 school bonds offered at not to exceed 5M %
interest on June 12, at which time no bids were obtained-V. 137, p. 181
has since been sold to Leach Bros. of Philadelphia as 530, at par plus a
premium of $750. equal to 100.60, a basis of about 5.18%. Dated May 1
1933 and due serially on March 1 from 1935 to 1943 incl.
TENNESSEE AND NORTH CAROLINA.
-FEDERAL LOAN APPROVED.
-President Roosevelt is reported to have signed on Aug. 3 an
order allotting $1,500,000 of public works funds for the purchase of additional land In the Great Smoky Mountain National Park in these two
States.
TEXAS, State of (P. 0. Austin).
-TAX RATE SET AT 77 CENTS.
The following report on the setting of a maximum tax rate of 77 cents per
$100 for the State, is taken from an Austin dispatch to the Dallas "News"
of ..sug. 4:
"The Automatic Tax Board has filed the State property tax rate for 1933
at the constitutional maximum of 77c. and has announced that this is only
half enough to provide what is required to meet appropriations ard deficits.
"The Forty-Third Legislature enacted a law fixing the maximum at 67c.
-35c. for schools, 25c. for the general fund and 7c. for Confederate pensions. Gm. Miriam A. Ferguson vetoed the bill.
"The 77c. rate is an increase of Sc. over the present rate which was limited
by the Legislature. It will not apply on the first $3,000 assessed valuation
of homesteads. Thirty-five carts of the rate is for school purposes, 35c. for
the general fund and 7c. for Confederate pensions.
"Under the intangible assets law the tax rate will be applied against the
capitalization of net earnings of railroads, oil pipe lines and toll bridge and
ferry companies.
The rate was fixed on total assessed valuations of $3,177,206,309, which
was 20% less than last year's valuations. The loss was due to the $3,000
homestead exemptions.'
THOMASVILLE, Thomas County, Ga.-PROPOSED FEDERAL
-The City Coundl is reported to have passed a resolution requesting
LOAN.
the Federal Government to grant a loan of $100,000 with which to build
a sewer disposal system and to enlarge the facilities of the present city
sewerage system.
TOLEDO, Lucas County, Ohio.
-BOND OFFERING.
-Carl C.
Tillman, Director et Finance. will receive sealed bids until 11 a. m. on
Aug. 28 for the purchase of 31,3 1,000 43. % coupon or registered refunding _public improvement bonds, divided as follows:
$703.000 bonds. Due Sept. 1 as follows: $70,000 from 1935 to 1941 inel.
and $71,000 from 1942 to 1944 incl.
598,000 bonds. Due Sept. 1 as follows: $58,000 in 1935 and $60,000
from 1936 to 1944 incl.
Each issue is dated Sept. 1 1933. Denom. $1,000. Principal and
Interest (M. & S.) are payable at the Chemical Bank & Trust Co.. New
York. Bids based on the bonds to bear interest at a rate other than 4%,
expressed in a multiple of M of 1%, will also be considered. A certified
check for 2%. payable to the order of the Commissioner of the Treasury,
must accompany each proposal. Bonds are being issued in accordance
with the laws of Ohio, particularly the Uniform Bond Act, the city charter
and under the provisions of Ordinance No.9729. passed by the City Council.
Previous mention of the bonds was made in V. 137. p. 1094.
UNITED STATES.
-MINNESOTA TAXPAYERS ASSOCIATION
REPORTS ON COUNTRY WIDE BOND DEFAULTS -The Minneapolis
"Journal" recently carried the following report on an address given by
s. p. McDonnell, President of the Minnesota Taxpayers Association, in
which he advocated the passage of legislation tightening the restrictions
on new bond issues in that State because of numerous defaults throughout
the country, which he attributes to the ease offloating municipal securities:
"More than 1,000 cities, villages, counties and school districts in 41
States are in default on bond payments, J. P. McDonnell, President of
the Minnesota Taxpayers Association said to-day in urging that Minnesota
again take up and consider the matter of expenditure control legislation.
"There are more than 818,000.000,000 of these securities that have been
Issued since 1931 and, while not all by any means are in default, the record
of defaults is appalling and calls attention to the fact that bond issues are
too easily made, Mr. McDonnell declared.
"On April 23 1933, three States, 193 counties, 398 municipalities, 142
school districts and 282 improvement districts had defaulted either bond
interest or principal. They have had to do this because of tax delinquency.
The situation certainly calls for thighter laws about issuing bonds and puts
it up to the people of Minnesota to demand the kind of expenditure control
legislation that was defeated in the last session of our legislature.
"Tim President of the taxpayers association declared such legislation is
to be the program of the association the next two years."
-BOND SALE DETAILS.
UTAH, State of (P. 0. Salt Lake City).
In connection With the sale of the $2,000,000 issue of 4 M % semi-ann. general
fund deficit and refunding bonds to the State Sinking Fund-V.136, p.4130
--we are now informed that the bonds were sold at par, and mature
$250,000 from April 1 1935 to 1942 incl.
1279
VALLEY COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glasgow),
Mont.
-BOND SALE.
-The 338,796.53 issue of school bonds offered for
-was purchased by the State Board of Land
sale on Aug.8-V. 137, p. 728
Commissioners, as 53.s at par, according to the District Clerk.
VALLEY COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Frazer).
-Sealed bids will be received until 7 p. m.
--=BOND OFFERING.
Mont.
on Aug. 25, by M.A. Lien, District Clerk, for the purchase of an $8,093.78
issue of 6% funding bonds. These bonds are due either on the serial or
amortization plan with the latter being the first choice of the School Board.
A certified cheek for $500 must accompany the bid.
VALLEY COUNTY SCHOOL DISTRILT NO. 9 (P. 0. Opheim),
Mont.
-The $44.584.35 issue of school bonds offered for
-BOND SALE.
sale on Aug. 8-V. 137. p. 728
-was purchased by the State Land Board,
at par.
VALLEY COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Thoeny),
-BOND OFFERING.
-Sealed bids will be received until 7 P• m•
Mont.
on Aug. 30, by Mrs. Elizabeth A. Watson, District Clerk, for the purchase
of an issue of $1,170.25 6% funding bonds. Bonds are to be issued on either
the serial or amortization plan, with the latter being the first choice of the
School Board. A certified check for 2% of the bid is required.
-BOND OFFERING.
VINTON COUNTY (P. 0. McArthur), Ohio.
George A. Knox, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on Aug. 26 for the purchase of $10,330 69' poor
relief bonds. Dated Aug. 1 1933. Due as follows: $365 March and
Sept. 1 1934 and $600 March and Sept. 1 from 1935 to 1942 incl. 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 $500. payable to the order of the County Commissioners
must accompany each proposal.
-Mr. Knox will receive sealed bids at the same time
BOND OFFERING.
for the purchase of $10,300 69' poor relief bonds. Dated Aug. 1 1933.
Denoms. $1,000, 3500 and $100. Due March 1 as follows: $1,800, 1934;
$1.900. 1935: $2,100, 1936; $2,200. 1937, and 42,300 in 1938. This issue
was previously offered on July 29 at which time no bids were obtained.
V. 137, p. 1094.
-BOND EXCHANGE.
WASCO COUNTY (P. 0. The Dalles), Ore.
It is stated by the County Clerk that the $5,000 issue of not to exceed 5%
semi-ann. refunding bonds offered for sale without success on July 22-has since been exchanged for maturing bonds. Dated
V. 137, p. 1094
Aug. 1 1933. Due $1,000 from Aug. 1 1935 to 1939 incl.
-PROPOSED BOND
WASHINGTON C. H., Fayette County, Ohio.
ISS6E.-City officials are making preparations to place before the voters
at the general election in November a proposal to issue $300.000 mortgage
bonds for the purpose of financing the acquisition of the local water company plant.
WASHINGTON COUNTY SCHOOL DISTRICT NO. 38 (P. 0.
-The $2,000 issue of 69' coupon semi-ann.
-BOND SALE.
Orenco), Ore.
-was purchased
school bonds offered for sale on June 24-V. 136. p. 4499
by the Fred Glenn Co. of Portland, at par. Dated May 1 1933. Due $500
from Dec. 1 1935 to 1938, incl. No other bids were received.
WAUSAU, Marathon County, Wis.-BOND ISSUANCE CONTEM-At a meeting of the Common Council held on Aug. 1, it is
PLATED.
reported that preliminary steps were taken for the issuance of $300,000
corporate bonds of the city.
-TO PAY COUNTY TAXES IN
WEEHAWKEN TOWNSHIP, N. J.
-At a meeting of the Township Committee on Aug. 2
INSTALLMENTS.
It was noted that payment had been made of 530.000 of the $146,915 due
In taxes to Hudson County, and that arrangements had been made to pay
the balance in monthly installments. The initial payment was made on
July 31 and the next will take place on Aug. 15. The Park Trust Co. and
the Hamilton National Bank of Weehawken have agreed to advance the
funds necessary to discharge the indebtedness, it is said.
-TEMPORARY LOAN.WELLESLEY, Norfolk County, Mass.
G. G. Perkins, Town Treasurer, reports that a $200,000 tax anticipation
Wellesley National Bank at 1.17%
loan was awarded on Aug. 7 to the
discount basis. Due in 7 5-6 months. Bids for the loan were as follows:
Discount Basis.
Bidder1.17
Wellesley National Bank (Purchaser)
1,43
Rutter & Co
1.56 0
Faxon, Gade & Co
N. Y.-CERWESTCHESTER COUNTY (P. 0. White Plains ,
-user,
-Charles M. Miller. County
ISSUE SOLD.
a
i
TIFICATEthat arrangements were made on Aug. 9 for the sale of $1.000,000 57t l
anticipation certificates to loca, banking institutions. Due Dec. I 1933.
-BOND ISSUE AGAIN
WEST HAVEN, New Haven County, Conn.
-At a special town meeting on July 31 the citizens for the second
VOTED.
time voted an issue of $50000 bonds for unemployment work relief pro-V. 137. p. 1094. The original authorization was rescinded owing
jects.
to the fact that it included the proviso that payment of the obligations be
made in gold. The current resolution omitted such a provision in accordance
with existing Federal law, prohibiting payment of contracts in gold. Of
the $50,000 issue, $40,000 is intended for highway improvements and
$10.000 for park purposes.
-BOND OFFERING.
WEST HAVEN, New Haven County, Conn.
Elmer E. Scranton, Clerk of the Board of Finance and Selectman, will receive sealed bids until 5 p. m.(standard time) on Aug. 18 for the purchase
of $50,000 not to exceed 5% interest coupon (registerable as to principal)
public improvement bonds. Dated July 1 1933. Denom. $1,000. Due
$5,000 on July 1 from 1934 to 1943 incl. Bidder to express the rate of interest
in a multiple of M of 1%. Principal and interest (J. & J.) are payable at
the First National Bank, Boston. This institution will supervise the engraving of the bonds and certify as to their genuineness. Legal opinion of
Ropes, Gray, Boyden & Perkins of Boston, will be furnished the successful
bidder.
Financial Statement-Aug. 1 1933.
Assessed valuation, 1932 (for purpose of determining 5%
$60.531,311.00
debt limit)
972,000.00
Total bonded debt of town (not including present loan)203,135.41
Sinking funds (not water)
Total bonded debt of town's school,fire and taxing districts _ - 1,952.000.00
87,871.01
Combined sinking funds of districts
Population, 1930, 25.654.
-TO ISSUE $400.000
WEST NEW YORK, Hudson County, N. J.
-James B. Corbett, Director of Revenue and Finance,
"BABY BONDS."
on Aug. 7 began affixing his signature to $400,000 worth of "baby bonds"
which are to be distributed on Aug. 25 in payment of all municipal payrolls up to Aug. 15. The obligations are to bear interest at 6% and mature
on Feb. 25 1934, with the right reserved to renew them with tax revenue
bonds to mature on Aug. 25 1936. Denoms. $25 and $10. The bonds
will ultimately be returned to the Town in payment of taxes. The total
amount of tax anticipation notes the Town can issue is $788.501.17. The
present issue of $400,000 increases the amount already outstanding to
$532,000, leaving a balance of $256,501.17 still possible of sale.
-BOND
WEST VIEW SCHOOL DISTRICT, Allegheny County, Pa.
SALE.
-The $50,000 coupon school bonds offered on Aug. id-v. 137. P.
-were awarded as 4I1s to Leach Bros. of Philadelphia at a price of
907
100.307, a basis of about 4.71%. Dated Aug. 1 1933 and due on Aug. 1
1943. A bid of 100.156 for 5s,submitted by Glover & MacGregor, Inc.. of
Pittsburgh. was the only other offer received.
-GRANT BY
WEST VIRGINIA, State of (P. 0. Charleston).
-The following
FEDERAL EMERGENCY RELIEF ADMINISTRATION.
announcement of a grant to this State was made public by the Relief
Administrator on July 20:
"Harry L. Hopkins. Federal Emergency Relief Administrator, to-day
made an additional grant of $886.192 to West Virginia for unemployment
relief.
"This allotment is a final reimbursement on the matching basis of one
Federal dollar for three of public expenditure within the State from all
sources for unemployment relief during the second quarter, this year. On
the first quarter basis, West Virginia has previously received 81.605,867.
and on the second quarter basis has previously received $1,657,162. making
$3.349.211 the total received to date. To-day's grant completes West
Virginia's allotment for the second quarter.
Financial Chronicle
1280
"Total grants to the States and Territories by the Federal Emergency
Relief Administrator now aggregate $84.679,990."
-The
WESTWOOD, Bergen County, N. 1.
-NOTES NOT SOLD.
issue of $7.017.17 6% temporary employment relief funding notes offered
on Aug.8-V.137, p. 1094-was not sold, as no bids were obtained. Dated
June 30 1933 and due on June 30 1934.
WILL COUNTY SCHOOL DISTRICT NO. 86 (P. 0. Joliet), Ill.
BOND SALE.
-C. W. McNear & Co. of Chicago have purchased an issue
of $141,000 5% funding bonds, dated July 1 1933. Denom. $1,000. Due
July 1 as follows: $50,000. 1949;$25.000, 1950;$50.000. 1951,and $16,000
In 1952. Principal and interest (J. & J.) are payable at the Continental
Illinois Bank & Trust Co., Chicago. Legality approved by Chapman &
Cutler, and Holland M. Cassidy, both of Chicago. The bonds, it is said,
are direct obligations of the District, payable from ad valorem taxes levied
against all the taxable property therein.
WISCONSIN, State of (P. 0. Madison).
-FEDERAL LOAN ASKED
TO RELEASE PUBLIC FUNDS.
-The following report is taken from a
Madison dispatch to the New York "Journal of Commerce" of Aug. 11,
regarding a proposed Federal loan of $18,000,000 to this State:
"The Wisconsin State Board of Deposits will ask a loan of $18,000.000
from the Reconstruction Finance Corporation in Washington to-morrow
through its special counsel, Attorney Samuel Becker, it was learned here
to-day.
"The loan would be used to release public funds which are tied up by
moratoriums declared on banks in which they are deposited. The State
depository bond fund was set up under the La Follette Administration in
1931 when banks were having difficulty in getting such coverage from surety
companies and the State was anxious to have public deposits out in banks.'
WORCESTER, Worcester County, Mass.
-BOND AND NOTE
OFFERING.-Hakold J. Tunison, City Treasurer and Collector of Taxes.
will receive sealed bids until 12 m. (daylight saving time) on Aug. 15 for
the purchase of $22,000 334% registered sidewalk bonds. Due July 1 as
follows: $5,000 from 1934 to 1937 incl. and $2,000 in 1938. Bonds will
be payable at the office of the City Treasurer and the registered interest
will be paid by check on the Merchants National Bank of Boston. The
iega opinion of Ropes, Gray, Boyden & Perkins of Boston wit be furnished
at the expense of the city. The oonds are free of Federal income tax and
are exempt from State and local taxation in Massachusetts.
NOTES OFFERED.
-Mr. Tunison will receive bids at the same time for
the purchase of $200,000 revenue anticipation notes, dated Aug. 16 1933
and due April 18 1934.
Debt Statement and Borrowing Capacity Aug. 8 1933.
Average valuation less abatements for 1930.
1931 and 1932
$347.251.654.00
Debt limit 234% of the same
$8,681.291.35
Total bonded debt
10.742,100.00
Exempt.
Park debt
$250,000.00
Sewer debt
80,000.00
Memorial auditorium deot_ _ _ 1,598,00.00
Water debt,(funded)
320,000.00
Water debt, (serial)
3,322.100.00
5,570.100.00
Total sinking funds
$761,509.45
Less:
Park wan fund_ _$250.000.00
Sewer .oan fund__ 80,000.00
Water loan fund- 293,856.87 $623,856.87
$85.152,000.00
$137.652.58 $5,014,347.42
Borrowing capacity within debt limit
$3,666,943.93
Total 1932 valuation, $348,767,597.
Net bonded debt on Aug. 8 1933 after deducting water debt and sinking
funds, other than water sinking funds, was 1.896% of 1932 valuation, or
$6,612,347.42.
Based on 1930 census figures of 195.311 this is a per capita debt of $33.85
and is a lower per capita debt than that of any other city in the country of
over 150,000 population.
Sinking funds exeed the debt which they are to pay by $111.509.45.
31,781,20o in bonds mature in 1933, of which $1,464.700 have been paid
to Aug. 8 1933.
Worcester has issued but $175,000 in bonds this year to Aug. 8 1933.
•
Tax Collection Report.
Real. personal, poll, old age assistance and motor vehicle taxes committed for collection for 1932 amount to $11,872,870.08 of which $10,934,192.45 or 92.10% has been collected to the close of business Aug. 8 1933.
Taxes of 1931 of all kinds outstanding at close of business Aug. 8 1933,
$31.637.74, or less tnan three tenths of one per cent.
Taxes of 1930 of ad kinds outstanding at close of business Aug. 8 1933,
$471.97, or less than one one-hundredth of one per cent.
No real estate taxes of 1931 or previous years are outstanding.
No taxes of any kind for 1929 or previous years remain unpaid.
Harold J. Tunison,
Treasurer and Collector of Taxes.
YACOLT CONSOLIDATED SCHOOL DISTRICT (P. 0. Vancouver), Clark County, Wash.
-BONDS DEFEATED.
-At an election
held on July 30, the voters are reported to have rejected by a small margin
a proposal to issue $25,000 in high school bonds.
YAKIMA COUNTY P. 0. Yakima), Wash.
-BOND OFFERING
DETAILS.
-We are now informed that the $94,000 issue of county bonds
scheduled for sale on Aug. 19-V. 137, p. 1094
-is dated Aug. 1 1933,
and matures on Aug. 1 as follows: $8,000 in 1935; $8,500, 1936; $9,000,
1937; $10,000, 1938; $10,500, 1939; $11.000, 1910: $11,500, 1941; $12,000.
1942,and $13,500 in 1943. Interest rate not to exceed 6%,Payable F.& A.
YONKERS, Westchester County, N. Y.
-BILL AMENDING CHARTER INTRODUCED.
-Under the provisions of a bill introduced in the
Assembly and referred to the Judiciary Committee, the city charter is
amended by increasing from one to three years the duration of time for which
bills or notes of the city, known as "bond notes," may be issued. The
measure was introduced by William F. Condon of Yonkers.
-BOND OFFERING.YOUNGSTOWN, Mahoninre County, Ohio.
Hugh D. Hindman, Director of Finance, will receive sealed bids until 12 m.
(Eastern standard time) on Aug. 22 for the purchase of $6,614.70 5%
judgment bonds. Dated March 15 1933. One bond for $614.70, others
for $1,000. Due Oct. 1 as follows: $2,614.70 in 1934 and $2,000 in 1935
and 1936. Bids based on an interest rate other than 5%, expressed in a
multiple of Y.; of 1%. will also be considered. A certified check for 2% of
the amount of the bid, payable to the order of the Director of Finance,
must accompany each proposal.
YPSILANTI SCHOOL DISTRILT, Warhtenaw County, Mich.
DEFAULTS ON INTEREST CHARGES.
-The District defaulted for the
first time on its obligations on Aug. 1 when it failed to meet $11,327 bond
interest charges, according to the Michigan "Investor" of Aug. 5. Payment, however, was made of interest due on a loan of $10,000 obtained
from the Ann Arbor Savings Bank. Default Is expected to occur on the
payment of a loan of $33,000 made last year by the Ypsilanti Savings Bank
against delinquent taxes, it is said.
ZANESVILLE, Muskingum County, Ohio.
-BOND OFFERING.
Henry F. Stemin, City Auditor, will receive sealed olds until 12 M. on
Aug. 30 for the purchase of $3,500 4% fire truck repair bonds. Dated
Aug. 1 1933. Denom. $350. Due $350 annually on Feb. 1 from 1935 to
1944 incl. Interest is payaole in F. & A. Bids for the bonds to bear interest
at a rate other than 4%, expressed in a multiple of yi of 1%. will also be
considered. A certified check for 1% of the bonds bid for must accompany
each proposal.
-FINANCIAL STATEZANESVILLE, Muskingum County, Ohio.
MENT.
-In connection with the proposed sale on Aug. 14 of 116.000 4%
storage facilities bonds,notice and description of which appeared in V.137,
13• 907, we have received the following data:
Financial Statement.
$56,589.890.00
Assessed value for taxation 1930
44,519,600.00
Assessed va.ue for taxation 1931 and 1932 equalized
Total bonded debt Inciud ng thL.issue
1,1 .7.810.09
Cash value of Sinking Funds for debt redemption
185.782.11
Water Works Bonds flncluded in total debt)
328,303.92
Special Assessment Bonds(Included in total debt)
168.575.09
Population 1930 Census 36,433. Tax Rate, 20.80. Regular taxes are
collected in June and December. There has never been any default in payment of any obligations. Bonds will be prepared after sale. Payment is
Aug. 12 1933
desired on delivery. Delivery made at Zanesville, Ohio. The only bank
failure in Zanesville occurred January. 1931. it was not a Municipal depository.
TAX COLLECTION REPORT
Unpaid of Prior Deks.
Unpaid of
Levy
Levied. Prior Delo.
Current Only. Current Levy.
1929.
Gen. Taxes (Corp.)_ - $300,711.35 $21,186.72 $49,711.23
$6,657.07
Spec. Assmt...(Corp.) 113,256.66 45,975.72
1930.
Gen. Taxes(Corp.)-- $333,881.63 $30.685.14 $73,919.12
$9,771.20
Spec. Assmts.(Corp.) 141,244.89 48,560.88
1931.
Gen. Taxes(Corp.).$296,055.80 $33,650.36 31.7.715.87 $20,885.37
Spec. Assmts.(Corp.) 110,691.63
56,858.02
1932.
no report
Gen. Taxes(Corp.).- $279,240.63
no report
no report
Spec. Assmts.(Corp.)
61.230.33
CANADA, Its Provinces and Municipalities
ALBERTA (Province of).
-ADDITIONAL INFORMATION.
-The
issue of $1,000,000 4% unemployment relief bonds purchased privately
during the latter part of July by A. E. Ames & Co. of Toronto and associates
-V. 137. p. 908
-was sold to the bankers at a price of 80.25, the net
intvest cost of the loan to the Province being about 5.66%. Bonds bear
date of July 15 1933 and mature on July 15 1953.
CANADA (Dominion of).
-ADDITIONAL DETAILS OF LONDON
BOND FINANCING -In connection with the issue of £15,000,000 4%
Dominion bonds disposed of in London, England, on Aug. 2 at par, as
reported in-V. 137. p 1094. we learn that the obligations bear date of
Sept. 1 1933 and mature on Sept. 1 1958. The Dominion, however, reserves
the right to redeem them at par, with three months' previous notice, on
Sept. 11953. The bonds, it is said, will be tax-free to non-Canadian holders,
but taxable to any "personal holder who resides in Canada."
-NEW FINANCING IN JULY AGGRECANADA (Dominion of).
GATED $24,554,920.-Figures compiled by the Dominion Securities Corp.
of Toronto indicate that the total of new financing in Canada during July,
including governmental and corporate borrowings, amounted to $24.554.920, as compared with 393.381,535 in June and $35,244,160 in July 1932.
It is further stated as follows:
"The total sales for the first seven months of 1933 were $154,762,194
as compared with $197,398,701 a year ago. Except for the $60,000,000
issue of 4% notes due Oct. 1 1934, which was sold in the United States
in June, all of the issues were payable in lawful money of Canada only.
of 933 f0d w9 table classified the various loans for the first seven months
7 e 0 llo i ing
h 0
classifi
32:
Dominion of Canada
Provincial
Municipal
Railways
Public utilities
Industrial and miscellaneous
1933.
$60,000,000
61.874,000
24,703,194
1,000.000
6,625,000
560,000
1932.
s101.:440:301
75,913,400
12,500,000
6,045,000
1,500.000
$197,398,701
$154,762,194
"Provincial and municipal financing is considerably lower for this year
than it was last year, due to the efforts of the provinces and municipalities
to curtail capital expenditures. When contrasted with the issue prices of
provincial and municipal bonds in 1932,several of the recent sales illustrate
clearly the great improvement in the Canadian bond market. During
July, for example, the city of Toronto sold a 4%% serial issue at prices
ranging from a 4.25 to a 4.60% basis. In March 1932 a new issue of
Toronto bonds yielded 5.70%. A similar improvement has taken place
in the provincial bond market as exemplified by the recent sale of Saskatchewan 5% bonds on a 5.80% basis, as contrasted with a previous sale of
Saskatchewan bonds in March 1932 on a 6.50% basis"
CAP DE LA MADELEINE, Que.-BOND OFFERING.Seale=l
'
s
addressed to F. Beaumier. Town Clerk, will be received until Aug. 14 for
the purchase of $336,600 6% bonds, comprising a $30.000 direct relief issue,
due on June I from 1934 to 1943 incl. and a $6,600 property purchase issue,
maturing on April 1 from 1934 to 1943 incl.
CHICOUTIMI SCHOOL COMMISSION, Que.-ORDERED TO PAY
BOND INTEREST.
-Oscar Morin. Chairman of the Quebec Municipal
Commission, announced on Aug. 4 that the School Commission had been
ordered to nay the interest on its bonds which was due on July 1 1933.
ESSEX BORDER UTILITIES COMMISSION,'Ont.-SUPERVISORY
-Ontario*Muni-J. A. Ellis Vice-Chairman of the
BOARD APPOINTED.
cipal Board, has announced the appointment of a Board of Control to supervise the affairs of the Commission, according to the Aug. 4 issue of the
"Monetary Times" of Toronto.
-The $30,176
KITCHENER, Ont.-ADDITIONAL INFORMATION.
554% bonds awarded on July 31 to Nesbitt. Thomson & Co. of Toronto at
103.88, a basis of about 5%-V. 137, p. 1094-are dated May 8 1933 and
mature serially on Dec. 15 from 1933 to 1952 incl. Coupon bonds. registerable as to principal. There are 14 bonds of $1,000 each and 20 In odd amounts.
Interest is payable in J. & D. Proceeds of the issue will be devoted to public
Improvements.
-BOND ELECTION.
NEW WESTMINSTER, B. C.
-A proposal to
Issue $50.000 10-year improvement bonds was submitted to the voters at
an election held on Aug. 8.
-REVENUES INCREASE OVER $1,000,000'
ONTARIO (Province of).
-The following appeared in the Montreal "Gazette" of Aug. 4:
"More than a $1,000.000 jump in provincial revenue for the nine months
of the fiscal year ending July 31, over the corresponding period of 1932 was
reported to
-day by Ron. E. A. Dunlop, Provincial Treasurer.
"A heavy increase in corporation, stock transfer, succession duty and
wine tax returns over the 1932 total brought the net increase to $1,326.153.37. July revenue totaled $4,926,000 with the main item of corporadon taxes being $3,783.454, as compared with $6,564,784 raised during the
entire nine months of the fiscal year.
"Stock transfer levies swelled the total for July by $120,554 as compared with $312.040 for the nine months and $93,751 collected in the
1932 nine months period. The major increase was shown in the wine
tax, when $112.197 was collected during the nine months endigg July 31
1933, as compared with $25,461 during the same period in 1932.
-ADDITIONAL MUNICIPALITIES IN
ONTARIO (Province of).
DEFAULT.
-H. C. Small. Secretary of the Ontario Municipal Board, has
announced that the municipalities of the La Salle and Windsor Roman
Catholic Schools are in default and hal e become subject to the provision
of Part VI of the Ontario Municipal Board Act, reports the "Monetary
Times" of Toronto of Aug. 4: "All actions or proceedings against the boards
are stayed and no action or other proceedirgs against the boards shall be
commenced nor shall a levy be made under a writ of execution against them
{
without leave of the Ontaeio Municipal Board."
OTTAWA ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT,
-E. C. Desormeaux, Secretary-Treasurer,
Ont.-BONDS NOT SOLD.
reports that the issue of $200,000 5% school bonds offered on Aug. 8 was
not sold. Dated Aug. 15 1933 and due in 30 years.
OWEN SOUND, Ont.-BOND SALE.
-The Dominion Securities Corp.
of Toronto recently purchased a total of $136000 bonds, divided as follows:
$52,000 5%% bonds, due June 11945. Re-offered to yield the investor 5%.
45,000 5% bonds, due March 11952. Re-offered to yield 4.95%.
39.0005% bonds.due Jan. 11951. Re-offered to yield 4.95%.
PETERBOROUGH, Ont.-BOND SALE.
-F. Adams, City Treasurer,
reports that local investors recently purchased at par a total of $17,300 06
53.% bonds, divided as follows:
$6,979.51 concrete walks bonds. Due June 30 1963.
6,180.55 concrete walks bonds. Due June 30 1953.
4,200.00 sewer bonds. Due June 30 1943.
Each issue is dated June 30 1933. Principal and interest are payable
in Peterborough.
SAINTE MADELEINE SCHOOL MUNICIPALITY, Que.-EOND
OFFERING.
-Sealed bids addressed to E. C. Loess, Secretary-Treasurer,
will be received until Aug. 29, for the purchase of $50,000 5% bonds,
redeemable Sept. 1 1943.
SCOTSTOWN,Que.-BONDS VOTED.
-The ratepayers recently voted
to issue $25,000 improvement bonds to mature in 18 years.
@FedFRASER